SK Hynix Vs Micron

Micron has become the default “AI memory” ticker for many US investors, but we’ve been asking a different question: what happens when a Korean heavyweight like SK Hynix becomes easier to buy through a US-traded ADR, and why has it often traded at a discount in the first place? We take that curiosity and turn it into a practical investor framework: compare the businesses, compare the market structure around them, and then decide whether the price gap is a gift or a warning label.

We talk through what we know and what we still need to verify, including how “pure play” exposure differs between conglomerates and focused memory companies, and why valuation metrics like PE, price to sales, and price to book can look attractive while still hiding real risks. We also zoom out to the AI supply chain and explain why high bandwidth memory, DRAM demand, and data movement constraints matter, not just GPUs and CPUs. Then we pressure-test the optimistic narratives: can eye-popping margins persist, and are future growth assumptions creeping into fantasy territory?

A big part of the conversation is the part many investors skip: ADR mechanics. We break down sponsored versus unsponsored ADRs, why US GAAP reporting requirements can change transparency, and why an ADR does not protect you from currency risk. We also cover Korea’s market access constraints and why MSCI still treats Korea as an emerging market, which can influence liquidity, investor participation, and ultimately valuation.

If you’re considering SK Hynix vs Micron, or you simply want to understand how foreign stocks trade in US wrappers, listen along and challenge your assumptions with us. Subscribe, share this with a friend who’s chasing AI stocks, and leave a review with your take: is the discount opportunity real, or is it the market pricing in something you can’t ignore?

Straight Talk for All - Nonsense for None

Please check out our other podcasts:

https://skepticsguidetoinvesting.buzzsprout.com

Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

Transcript

Why SK Hynix Matters Now

Clem Miller 0:26

Hello and welcome everybody to Skeptic's Guide to Investing. This is Clem Miller. I'm here with Steve Davenport wearing his baseball uniform shirt. And we're here today to talk about I guess Korea is a big baseball country, , Steve, we're here to talk about SK Hynix , SK HYNIX, which is a Korean memory semiconductor company. And the reason we're talking about it today is because they just listed an ADR or they're in the process of listing an ADR in the in the US. And so we thought, you know, given that development and given the fact that it's industry, you know, the memory chip industry has been in the news lately, lots of excitement about stocks like Micron and so on, that we would talk about SK Heinex today. So so Steve, what what gets you excited about Heinex and what are some of the things that investors should be concerned about with Heinex?

Steve Davenport 1:51

Well, this kind of discussion comes out of my own, you know, desire for understanding more about this whole memory space. And so everybody seems to be agreed with that Micron is the leader. They have the best technology or some of the best technology for the AI memory chips, and so when I looked at that, I said, this can't be a one-horse town, there's got to be some other people, and everybody started pointing to Korea and Samsung and SK Heinex. And then I tried to buy those or look at buying those, and they only had locals, and so I thought it was strange that they had these huge global empires. I mean, these are the three largest memory chipmakers in the world, and they all have over 20% of market share. So I said, what is going on? Why wouldn't we have these more widely available? And then I heard SK Onex wants to issue some ADRs in the United States. So I said, okay, when they issue the ADR, you know, will it be, you know, Micron Jr. or will it be, you know, how how will it be priced and how will I look at it? And is it, you know, is it better? And so when I started looking at it, I immediately kind of went to Samsung because I'm familiar with Samsung a little bit from the past because I love their TVs. Um, but I I looked at Samsung and I felt, you know, they're about 50 or 60 percent in these memory chips, and high-nex and micron are closer to 100. So I said, if I want a memory chip reader, I think I need to, you know, have a pure player. And that's sometimes, you know, sometimes you don't have one available, but it looks like we have two available. So then I started to look and say, okay, what's the difference between micron and and highs? And micron trades at about 22 PE, and Hinex trades at about an 18.8 18.8 PE. So three points, you know, three times earnings is a little better deal than micron. And then I looked at the price to sales, and price to sales for micron was around 11, 11 and a half, and price to sales for SK Heinx was about 10. So I started to look at that, and then I also looked at Samsung, and Samsung takes it another layer down, but I think that Samsung's lower multiple may have to do with what those other chips are in their mix. So then I said, go back to the pure play and make a decision about these two names, and that's where I kind of said I think this would be a good topic for the podcast because this is you know FedEx and UPS. This is Coke and Pepsi. I mean, these two companies

Pure-Play Memory And Valuation Gaps

Steve Davenport 5:09

are gonna battle each other, and if you pay too much for Micron because it had an unbelievable move, I think you you you could end up regretting it. Not over the long haul if you hold it three to five years, but in the shorter term, if you need to use that money somewhere else. So I just kind of looked at it as this is interesting because my belief is given two companies are are equal, if if one is located as international and one as domestic, most investment advisors will lean towards the domestic. They know the domestic is more likely to be, you know, familiar accounting rules, familiar like regulatory rules, familiar sources of capital. Um it's it's almost like we have a bias in the US against international. And I think when I look at that, I say, is that something I can take advantage of? If I can take advantage of the market having a bias in pricing one less than the other, but the other ultimately has the same degree of talent and innovation, then you know why wouldn't I want to go for the one that costs less? And then ultimately I might have less downside and I might have you know more upside as people start to recognize the price differential. So I'm kind of leaning, it's only been public for about two days trading in the US. And one of the things about this name is it really bounces around. SK Heinex and CM Cell represent 50% of the cost speed, which is the Korean index. So SK Heinex has had 50 days so far this year where it's had a 5% move or greater. So that's a lot of volatility. And so I'm looking at this thinking, does the ADR make that volatility less? The people are attributing. Um, there are leveraged VTFs in in Korea that are used that have INEX in it, and that's why they believe there's so much volatility because of these leveraged VTFs creating a lot of the demand and also taking up some supply when they when they need to. So I look at this and say, this is a classic case of whether there might be value here, and we might be able to, you know, kind of unearth some of it and also change, you know, looking at our technology weightings and saying service, the software is a service, a software seems to be a sector or an industry that's gonna have some trouble as we go through this AI, you know, unveiling or integration. So do we lighten up on software and instead of going into the memory battles, , we go into I mean in general AI chip battles for GPUs and CPUs. Why don't we look at RAM and memory as a way to have exposure to this? And I don't know, what do you think of the overall space?

Clem Miller 8:32

Well, as you were talking, one of the things I was thinking about was I wonder if I wonder if SK Heinex and Micron occupy slightly different niches of that whole memory space. I I are you I mean, I don't know if you've dug down deep enough to be able to determine that, but just a question.

Steve Davenport 8:56

There's the the new trips called HPM that they're using for high bandwidth memory, I think. And I think they both are in that space and very competitive. I think they're both in the DRAM DRL, and I think they both are in other categories. So I looked for which one had the dominant position,

Volatility And The Korea Trading Machine

Steve Davenport 9:19

and I think it has to do with you know US companies usually depending on US suppliers, and , it looks to me like foreign companies who are developing AI technology might be more likely to use Hinex as as a choice. I don't think it's quite as simple as that, because I think that there's probably long-term relationships with some of these companies that are assembling the different chips. So I'm I'm less about trying to get down into the minutiae and just trying to see if I feel the companies are similar, which I think they are about as similar as you can get, whereas you know, why does one have a fee that's four four turns higher than you know, and 22 versus 18? And I think it's a small premi that maybe you pay to the market leader. Could be that that premi is justified based on higher margins. Um I can look into the margins and and and get a better idea of that, but each of these companies is talking about 75-80% margins on these. So it's it's kind of like when your margins get that high. Um, are they attainable? Are they, you know, can they be retained and can they be maintained? Because it's very hard to keep that up, , especially when people want to give you long-term contracts, and those long-term contracts have to offer some benefit to the people who went to them, right?

Clem Miller 11:04

Yeah. So, so Steve, I think one I take it that one mystery that you have with these guys is you know, what's the price differential? You know, where is that coming from? And and I would speculate that the price differential has to do with the mysteries of the South Korean equity market and capital restrictions that are in Korea. Um interestingly, one of the one thing that is not so well known among folks in the investment world is that Korea is considered an emerging market by MSCI, you know, who determines these things. Not because of Korea having a different GDP per capita income level development level. That's not the reason why Korea is an emerging market. It's an emerging market per MSCI because there are still some capital restrictions. Uh and and that has that precludes Korea from being an open market for you know you and I and other investors to go in and and easily buy shares in that market. Yes, institutional investors can do that, but it's hard for for those of us who who are outside of Korea to be able to do that. So ironically, you have a circ stance where like Hong Kong is considered the developed market because it's easy to invest in Hong Kong, whereas Korea and Taiwan, but for that matter, are hard to invest in, harder, I should say, to invest in, , because the they have these capital restrictions. So that's why I think there's a price difference. And you got to remember that with the with the ADRs, you know, those are structures that involve a custodial

AI Memory Demand And Margin Reality

Clem Miller 13:09

bank buying the local shares and then issuing these receipts called ADRs. So there's still underlying local shares. And so some of that some of that issue with regard to market access still passes on, I would say, through the format of that ADR to an individual, right? So it's not like we use shorthand like okay, SK Heinex is listing in the United States. We use shorthand like that, but in reality, the mechanics are more difficult, and it's through a , you know, it's through a custodian who issues receipts against those shares.

Steve Davenport 13:58

So one thing I wondered, Clem, is is is about the accounting treatment. And one of them, Micron has about a 10 times price to book, and Inex has about an eight times. And so I'm looking at that saying, okay, is it there's a difference in price to book, and there's a difference in price to sales, but that price to book difference, I mean I I ass e when we do ADRs, we put the the information in the accounting into a US dollar-based balance sheet and income statement. Is that true, or do you take the n bers exactly as they are in the foreign currency and just make the conversion based on you know the currency at the particular time?

Clem Miller 14:54

Well, it's it's okay, so no matter what okay. You got a couple of different points there, so let me dissect dissect those. First of all, let's take exchange rate, put that aside for a moment. Let's just talk about financial statements themselves. So if you if you have so there's two different kinds of adrons, there are sponsored ADRs, , and then there are unsponsored ADRs. And unsponsored ADRs, those are the things you see that are like Y and F and pink sheets. You know, they have Y on the back of the ticker, F on the back of the ticker. These things are unsponsored, which means that somebody else other than SK Heinex is sponsoring those, right? And you see, I mean, you have those for Samsung, you have those for a lot of companies that don't have sponsored ADRs. Uh, but with those stocks, there is no requirement. Since it's not sponsored by the company, there's no requirement for putting out a a US gap financial statement. There's no requirement, okay? Uh because they're not they're not listed on an air on a stock exchange. They're basically traded over the counter. If you become a sponsored ADR, if you have a sponsored ADR, which means the company's you know is the one that is promoting this, right? Which I understand SK Heinex is in the process of doing, right? Trying to create a sponsored ADR. If there is going to be a sponsored ADR, then they have to have a US GAAP financial statement. Uh that's a requirement in order to be listed on a stock, right? It's a U.S. stock exchange, it's a requirement to have U.S. GAAP financial

Korea’s Market Access Discount

Clem Miller 16:54

statement. They might have the local financial statements as well, but they have to have a U.S. financial statement too. Now, , you know, even when, you know, not to, you know, a lot of people will say, I mean, now I'm gonna get a little bit into the off the beaten track here. No, no, no, no, no, no. I was gonna say, I just wanted to make it clear that that that US GAAP financial statements, while they might be better than a lot of countries' financial statements, are not necessarily considered the gold standard, right? You've got IFRS financial statements too, which are considered, you know, international financial reporting standards, which are are also considered very good in many countries. I don't know whether Korea is one of those countries that even has IFRS. Maybe it is. Uh, but you know, IFRS is is pretty you know, it's pretty trustworthy as well, in addition to to US GAAP. Now you raised another question, which is about exchange rates. So that's that's a completely separate question from the financial statement question. Um and and with regard to exchange rates, when it comes to like when you're investing in an ADR, okay, there's essentially a pass-through mechanism. One of the mistakes that people make, investors, analysts often make when they think about foreign stocks and ADRs, is they think that just because an ADR is traded in the United States, that there's some kind of protection against currency risk. That's a mistake that a lot of people make. And I mean, I've seen that in the past so many times, people thinking, oh, well, I'm investing in a US dollar asset. Well, not really. You're investing in a receipt against a foreign currency asset. So you're taking you're taking foreign exchange risk. If the South Korean currency all of a sudden pl mets against the dollar, that's going to hit that, you know, you're not protected against that if you're invested in in a South in an ADR of a South Korean stock because there's just going to be a pass-through of that currency devaluation.

Steve Davenport 19:40

Yeah, I mean, I I think that this is probably more than the average investor needs to hear about this, but I thought it was an interesting situation. And I think that you know, there SK Heinex has for a while traded at a discount to Micron in terms. And the question is that discount must be based on something. It's not usually free lunches out there for us all to grab and take advantage of, you know, some arbitrage between these two huge companies. If there was, I gotta think there's one or two hedge funds out there who would be trying to squeeze that back so that they could retain that advantage.

Clem Miller 20:22

I think it's I think it's very difficult. I think I think a good chunk of that has must have something to do with with the country and its its market access situation. So I think a good part of it has must have to do something with that. Um I know that you know, just you know, just to give you another example of where country plays a role, when you know, historically, historically, European stocks, , many European stocks have traded at a discount to US stocks. And I don't mean, I mean, clearly at an index level they do because there's so much higher valued technology stocks in the U.S. index. But I'm not talking about that. I'm talking on an individual stock-by-stock basis. Many U.S. stocks trade at a premi to European stocks. And the reason for that is because the rules on European stocks, the market access in Europe, all of those things make stocks in Europe a little bit less valuable than US stocks. So my my point, not much, but a little bit, right? So my point there being that you can't just look at, like you can't look at at Pfizer and Glaxo, Glaxo being UK, right? Can't look at Pfizer and Glax Glaxo and say that one that one is I don't, I'm pulling these n bers out of a hat right now. I don't have them in front of me, that Pfizer is is 20 PE and Glaxo is 15 PE, and therefore we should buy Glaxo because it's five you know it's five PE underneath the the the 20. You can't do that because there are differences among as I said, and in accounting treatment and currencies and and you know God knows what about pipelines. The pipelines can be hugely different. I mean oh yeah, I mean comp company by company as well, right? Right.

Steve Davenport 22:32

But I guess even if you just kinda get the issue out there so that people understand more about it and can make a more informed. Decision. I think that some people like the underdog, right? Some people like the idea of any kind of a discount I get. I'm willing to take it because I think that you know I see the company that's getting all the attention micron, and I believe that the media, the the culture tends to over-reward some companies and under-reward others.

Clem Miller 23:10

So you're an Avis guy.

Steve Davenport 23:12

Yeah, it's it's hurts and avis, it's Coke and Pepsi, and you know, and then all of a sudden you drink a Dr. Pepper, and then you're completely confused because you were supposed to be like Coke or Pepsi. I like Dr. Pepper. I like Dr. Pepper, and I'm not even in the South. You're not supposed to like Dr. Pepper, you're supposed to like Coke or Pepsi. That's the those are the big brands. Everybody knows that cl . So, anyway, I think it's , you know, my understanding of these different things are that yes, you can have differences, and and I'm trying to differentiate in your points about whether something has an F or a Y and whether it's unsponsored and it doesn't need, you know, the newest ETF does have n bers and they seem very similar to the n bers for the local.

Clem Miller 24:08

So I wonder whether, you know, the ADR and the local look to have the same PE and the same price to book in the same well, they are they're going to have them because they're all based on the local n bers.

Steve Davenport 24:26

Okay. At this point, at this point, yeah, I'm just saying if the local n bers are in a different accounting standard, they should be different. H ? They then should be different. Yeah, they should be different. Yeah, , and so I think it's one of those things that you know you try to, you know, keep learning as an investor, and the more you learn about these things, the more you realize hey, there might be something interesting here to take advantage of.

Clem Miller 24:55

Yeah, I think that the you know, I think what what's happening

Sponsored ADRs And US GAAP Rules

Clem Miller 25:00

here with with SK Heinex is that they're in the process of of getting sponsored. Right now they're unsponsored, and they're getting in the process of being sponsored. And so we're in this kind of like hazy middle period, and I'm not sure where this will end up. I wouldn't bet the store on SK Heinex, let me put it that way.

Steve Davenport 25:27

No, I'm simply trying to determine if I had to make a choice, Clem, and I said to you, Clem, we gotta add a memory trip, memory semiconductor company to the to our portfolio, which one should we add? And you could say, well, I like Micron because Micron's the leader. And I could say, Clem, I I like Micron as much as the next guy, but I'm I'm not looking for leadership points, I'm looking for actual value points in terms of you know, does it justify XPE or does it not? And that's where you know we could say, well, we don't know because we don't understand fully the accounting tree, you know, we don't fully understand the technology, and then leave it at that. But I'm I'm trying to ask the question because if I get an answer that you know is gonna give me more information and help me, then maybe I will take a chance on SK IX. We we we've owned Macaro Libre in Brazil for a long time because it's the Amazon of Brazil. Now, I don't know if it's exactly the Amazon of Brazil. Does it have the same margins as it has no we we make generalizations about companies and it sounds like a simple story then to to pass on to others? But is it is it the right story? Are we doing the right things or are we just making generalizations to rationalize complexity so that we don't have to deal with the complexity?

Clem Miller 27:11

Yeah.

Steve Davenport 27:11

What are you? Are you a good rationalizer or are you which would you rather do? Have a nice short statement or have a long answer that would show that you're more knowledgeable. Well, I think I told you that Inex was was the might the might the Korean version of Micron, and you did and everything's the same except the ones in Korea and ones in the US in terms of headquarters, would you buy Hynex or a four multiple more P You You mean like to gain, I mean, because it's four or lower?

Clem Miller 27:53

Um can I tell you, I just I this is where it gets tough, right?

Steve Davenport 28:04

If you have if I had an easy question, I'd answer it myself.

Clem Miller 28:08

If you have a long story, right? If you have a long explanation, then there's a greater likelihood that you're like more wedded to the, I think, you know, more wedded to it, right? If you have a long one. If you have a short explanation, that tell that tells me that you're able to distill the information and come to a conclusion pretty fast. So I like the short, I prefer the short explanation, but even more so, I want that short explanation to be s marized with n bers as well. So I was looking at the short ratio for micron, and it's 3.68%, which is not low, right? It's not, it's you know, it's it's it's not great, okay. The short ratio for micron. Now others in the tech industry have also gone up recently, making them I I would say more more vulnerable, , these ratios. Um I think I saw with I was looking at Merc, you mentioned Mercado Libre, even though that's Argentine-based Latin American company, it does have a short ratio. Uh it does have a short interest, and it's 1.86. So if you want to compare that to to micron, so 1.86 versus 3.68, I don't think there's one yet. Um there should not be one left on yet on SK Heinex because usually those short ratios come out every two weeks.

Steve Davenport 29:45

Okay, but well this this analyst that I'm looking at, their report says that it's it has been the Korean Titan and it wants to be the global Titan for memory. Yeah. So they're investing in you know one C DRAM, and they're saying their yield is higher at 80 percent. I think that this this space is interesting. I think this space is going to be because I think about problems. When an AI bot is trying to solve a problem, it needs to store certain information as it solves the problem. And so the chips processing are great, but they're producing data and they need to pick that data somewhere to make the solution of the problem quicker and and more more varied, right? Right.

Clem Miller 30:35

So I I think that I mean, I've been reading and reading about AI as a use issue, right? You know, using AI. Uh you know, I've read that you got to be very careful, right? Uh, because you can't give it too much information because it starts to forget information after a while. So you have to be a little bit more bite-sized, so to speak. Okay.

Steve Davenport 31:01

Maybe you just need to add some memory to your computer because you're using a 1975, you know, TRS80. You you probably need to update calling. That's what my why some of your questions might not get answered. Have you got a have you have you bought your computer in the century?

Clem Miller 31:22

Uh yeah, yeah. I got a I got a decent computer here. My son helped me get it. So I've got a decent I got a decent computer. I just I just even cleaned it up yesterday. It was getting a little mucky. So all right.

Steve Davenport 31:39

Yeah, I mean, I I think it's an interesting time, Clem, and and I don't know if the US will be the controller of AI and the leader in AI, but I think we need to look at the possibility of all these other companies potentially you know being real competitors to the US. And is it is it that they're a real competitor because our capital markets are better? Maybe. Maybe the capital markets make micron more efficient and more effective and how they use capital and how they generate. Um, I think that our market is big enough. Um, and I think about Korea and the fact that Hynex and Samsung represent 50% of the index, that tells me that they probably have outgrown. I'm just surprised that Samsung doesn't have an ADR, right? That doesn't make sense to me because if Mike, you know, if if Hynex is big enough to get a $26 billion ADR, isn't Samsung big enough to get a $10 billion ADR?

Clem Miller 32:45

There there that brings us to another issue, Steve. And I know we should we should get off this call pretty soon, but brings us to another issue, which is ownership. I don't know. Did you have you looked into whether Heinx is has majority owner or anything like that? Uh family I know family ownership is family ownership is very big in Korea. Okay. Okay. And I know that there was an issue a few years ago. I don't recall all the exact details, but I know it was enough to say I don't want to touch Samsung. Um there was an issue with Samsung where involving corruption,

Currency Risk Is Still Real

Clem Miller 33:30

you know, serious corruption involving involving its head, the head of God. And I think it tied in with politicians and it was a very big thing in in Korea. I don't again, I don't recall the details, but it was enough to say to me, I don't know, I don't know, I don't know about Samsung, and maybe I don't even know.

Steve Davenport 33:51

But then you went and you bought Alibaba.

Clem Miller 33:57

You know my opinion on investing in China.

Steve Davenport 34:00

All right. Um no, I think it's a good this has been a good discussion, and I appreciate your input. And I think we'll probably have to come back to this at some point. And maybe we should do a general thing on AD hours we like and 80 hours we don't like.

Clem Miller 34:17

Or even even ADR mechanics. I think that's that's something that I mean honestly, a lot of people just don't understand ADR mechanics. Uh they think they're buying basically a U.S. stock, and they're not.

Steve Davenport 34:37

All right. Um I'm saying 52 percent is foreign ownership of of foreign ownership.

Clem Miller 34:46

What about does it have anything about person individual or family ownership?

Steve Davenport 34:51

As domestic individual at 10, domestic institutions at eight, sk square, which is the major shareholder at 20 percent. Um, and then foreign adds up to so I guess I'd say this SK Square probably is you know, maybe they were the person that had the ownership of SK and it merged with Pinance, which came out of Hyundai, and they they still held on to their SK piece.

Clem Miller 35:26

Yeah, and there could there could be like A shares or we don't know. I mean it it's worth the I'm going I am going I have to believe that there's some level of control by somebody. Um I think we that's the nature of of some of these countries. Uh you've got you know some controlling private interests.

Steve Davenport 35:55

Yeah. No, I think it's I think we've covered a lot of ground, and we probably got some more ground to cover. And I hope our listeners have enjoyed it. Um in terms of what investors should do, I I think we all should do some more work. Probably we don't have an answer right now. I think I'm leaning towards SK Heinex. Clem is leaning towards staying away from the whole space. What else do you think you know you want our investors to know, Clem?

Clem Miller 36:26

No, I I would just say that you know, since you mentioned staying away from the space, I think right now is a very uncertain time. We've had over a month of a flat or you know volatile market. That's hasn't been going up anymore. It sort of stopped going up in early June. And , you know, I'm I'm a bit I'm sort of in kind of capital preservation mode for the most part right now. Um you know, I've got I've got some investments in some stocks, but I've kind of pulled out of the tech sector a good chunk of the tech sector, including Micron. I used to have a lot of Micron. Um now I don't. Um I had some sandic sand disc, I I sold that off. So, you know, I think I I lost a little bit on those towards the end before I sold them off. Uh and then I said, , I'm not going to

Governance Concerns And Who Controls Shares

Clem Miller 37:35

ride this down, right? And so I converted to to cash. So I'm being I'm very being very cautious right now. My my my position is very a lot of cash, , very conservative right now, and looking for opportunities where you've got like you know, as I always say, lower short interest, lower forward peg. Uh, and you know increasingly I look at sharp ratios too. Although, you know, sharp can lead you in the direction of these super high flyers. And and so you gotta be careful about that too. It's almost like high sharp ratio if the sharp ratio is too high, that's dangerous. It's almost like you need a you know a Goldilocks sharp ratio.

Steve Davenport 38:32

Yeah, I mean, I think the question is, can they maintain that growth rate for an extended period of time? And any growth, anytime you use future growth rate, you ask, you have to ask, is this supernormal growth? Is this normal growth? Is this you know somewhere in between? And if you're using a n ber that's a supernormal growth rate, it's gonna tell you probably something that really isn't true because that n ber will be very hard to maintain.

Clem Miller 38:59

So yeah, this this micron PE ratio of what did you you looked at and said 0.14? That's obviously insane, okay? That that that that's yeah, 0.14 was a peg.

Steve Davenport 39:16

I mean, it's totally unrealistic. It's ass ing some pretty good n bers in the future, Clem. I think you're gonna you're gonna get on board if you want to stay, you know, on this podcast. So can't be too you can't be too skeptical about everything, Clem. You can only be this much skeptical. So all right, everybody. Thanks for listening and have a great weekend. And we hope you enjoy what we're doing and you'll give us some feedback, and we enjoy being here for you. Thanks. Thanks, everybody.