SK Hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally, with a 29% and 22% market share, respectively, as of 2025. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel’s NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix’s largest shareholder and currently holds 20% of the company’s shares.

Trends in the U.S. dollar, the world's dominant currency, offer clues about the confidence investors have in the U.S. economy and financial system. The greenback has been in demand since the start of the pandemic, and at the beginning of 2025 was 21% above its long-run average. But that hot-dollar trend has started to unwind a bit. Over 2025, the greenback declined 5% on a global, trade-weighted basis and in response to uncertainty caused by President Trump's trade policies, deficit spending in Washington, a recovery in the European economy, and simple value investing. In recent months, after a dollar rally linked to the onset of the war in Iran, the downward trend has re-emerged. As of late September, the U.S. dollar was down 7% from its cycle highs, reflecting concerns over the swelling federal debt as well as issues with long-term interest rates. But it is our view that the dollar is nowhere near at risk of losing its status as the global currency of choice. The dollar is about 12% (and more than one standard deviation) above its 20-year average value. It has weathered inflation scares, elections, and U.S. government shutdowns, supported by the depth of a $29 trillion market, not to mention by the Federal Reserve and the country's time-tested political/economic system of democratic capitalism. The alternative currencies have their flaws as well. We view the state of the dollar as one of the main checks and balances to the U.S.'s status as the leader of the global economy. So far, so good. We would be concerned that the country could be at risk of losing that status if the greenback were to plunge 20% in a short time as it did after the S&P downgrade of U.S. debt back in 2011. A dollar back at 2011 levels would almost certainly mean higher interest rates, a potential drag on the economy, and intense pressure on stocks.

When considering investment options based on the technical status of the stock market, it can be helpful to remember some of the best-known thoughts from leaders in the game, especially in topsy-turvy times (such as now).

Corning Inc. is the leading global supplier of precision glass for LCDs and a leader in the manufacturing and sales of optical fiber and cable. It participates in the environmental business, with a focus on emission substrates for gasoline and diesel engines. Corning is active in the Life Sciences business and also produces Gorilla Glass, the fast-growing, tough-cover glass used in smartphones and tablets.