The same share of the same company traded at two prices this week, roughly a third apart, and there was nothing anyone could do about it. SK Hynix’s American depositary receipts have run as much as 51% above the Seoul-listed common stock since the July 10 Nasdaq debut, settling around a 33% premium midweek. That gap is not a signal about DRAM pricing, HBM allocation, or Nvidia’s qualification schedule. It is a plumbing failure, and the plumbing is the point.

Bloomberg reported on Tuesday that Samsung Electronics is in the early stages of exploring an offering of American depositary receipts, having held preliminary discussions with banks without reaching a decision. Sources characterised the process as a review rather than a plan — no bank mandated, no commitment made, and a real possibility that nothing comes of it.

Samsung denied it. A company spokesperson said flatly that Samsung Electronics is not reviewing the possibility of issuing American depositary receipts.