Michaels Stages a Crafty Comeback & Americans Don’t Read Anymore
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Are you sucking wind from trying to keep up with AI and its impact? Take a breather and tune in to The Intelligence Shift, Morning Brew's new podcast with PwC. It bridges the gap between big picture AI concepts and what it actually means in practice. Host Dan Priest is joined by expert guests to discuss AI's role in sports, music, HR, and more. Listen to The Intelligence Shift wherever you get your podcasts.
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, did private equity save Michaels?
Then is America entering its post-literate age? It's Friday, July 10th. Let's ride. Let's ride.
If you're like me and obsessed with memorizing airport codes, I've got an important update to share. Yesterday, Palm Beach Airport officially changed its name to President Donald J. Trump International, which makes it the first airport to be named after a sitting U.S. president. And therefore, the airport code will change from PBI to DJT. And this sent me down a rabbit hole of other airports named after presidents. There are at least eight, according to a Sporkle quiz I did this morning. You've got the big ones, Kennedy in New York, Bush in Houston, Reagan in D.C., but also Gerald Ford in Grand Rapids, Michigan, Clinton National Airport in Little Rock, Eisenhower in Wichita, Abraham Lincoln in Springfield, Illinois, and Theodore Roosevelt Regional Airport in Dickinson, North Dakota.
I think I got five out of eight.
That was the most Neil scene ever this morning. I walk in and you're knee-deep in a sparkle naming airports after presidents. Yes. Speaking of airports, Neil and I are going to be heading to one today after the show. From there, we're hopping across the pond to Scotland with some friends on a trip to visit St. Andrews. Some golf will be played, some haggis and cull and skink will be consumed, and the trip extends until Wednesday of next week, meaning both myself and Neil will be out at the same time. But fear not, the show will go on. You'll be in the capable hands of some of our colleagues, including Sixth Man of the Year Kyle Hagee, who will bring you your daily dose of news. Now a word from our sponsor, Ultra Running.
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Earlier this year, SpaceX went public in the biggest IPO of all time. Today, number two arrives. It's a lot less familiar to Americans, but it's at the center of the AI boom that's taking over the economy. Meet SK Hynix, a South Korean memory chip maker that's going public on the NASDAQ today. It raised $26.5 billion, beating out Alibaba as the largest foreign listing in U.S. history. You've heard us talk about memory a lot recently, and for good reason. There's a massive shortage that's driving up prices for everything from Nintendo Switches to Apple laptops. AI giants have been gobbling up all the memory chips to run their models, driving memory costs to record highs and starving the rest of the industry of much-needed hardware.
It's been an absolute windfall for anyone who makes memory, and there aren't that many. Just three companies produce the kind of high bandwidth memory that's so trendy in AI. SK Hynix, South Korean rival Samsung, and Idaho's Micron. Each of these companies has hit a $1 trillion valuation this year thanks to surging demand for their chips. SK Hynix's financials are certainly enviable. Annual revenue nearly tripled between 2023 and 2025. Then this year alone, it's expected to triple again to $235 billion.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–13:17
2
What big tech IPO is debuting on the Nasdaq and why does SK Hynix matter to the AI boom?
13:17–15:23
3
How has the AI-driven memory chip shortage transformed SK Hynix's revenues and valuation?
15:23–19:30
4
Why is SK Hynix listing in the U.S. and how could it narrow the valuation gap with Micron?
19:30–29:38
Speakers
3 identifiedMore from Morning Brew Daily
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