SK Hynix's upcoming ADR listing is a test of investor appetite after the recent memory correction, says Charu Chanana, Saxo Markets chief investment strategist, in a note. Samsung Electronics fell 6.9% and SK Hynix declined 6.1% on Tuesday despite Samsung saying it expects another record quarter on robust demand. SK Hynix's ADR listing "brings a large new block of AI-linked equity supply to market just as investors are questioning whether AI infrastructure stocks have run too far," she says. Meanwhile, SK Hynix raising capital to expand capacity could potentially send memory from shortage to oversupply, the analyst says. Strong demand for SK Hynix's ADRs would indicate global investors still want more direct AI memory exposure, while weak demand would suggest AI enthusiasm is becoming more selective, she adds. (sherry.qin@wsj.com)