AI Summary
5 min readMichaels Stages a Crafty Comeback & Americans Don’t Read Anymore
The Palm Beach Airport officially changed its name to President Donald J. Trump International yesterday, making it the first airport named after a sitting US president and sending its code from PBI to DJT. That bit of trivia opened a Friday episode of Morning Brew Daily that covered a South Korean chipmaker's historic US listing, a sagging Manhattan office tower, a rare private equity retail success story, and a sobering look at America's reading habits.
SK Hynix Lands on Wall Street
The second-largest IPO in US history arrived today as SK Hynix, a South Korean memory chipmaker, began trading on the Nasdaq after raising $26.5 billion. That beats Alibaba as the largest foreign listing in US history and follows only SpaceX's debut earlier this year.
SK Hynix is one of just three companies that produce the high-bandwidth memory chips essential to AI models, alongside South Korean rival Samsung and Idaho's Micron. All three have hit $1 trillion valuations this year. SK Hynix's annual revenue nearly tripled between 2023 and 2025, and this year it's expected to triple again to $235 billion. On the South Korean stock market, its shares have risen 700% over the past year.
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What you'll learn
- 1 (00:50) **Airport Code Trivia & Hosts' Travel Plans** - Neil shares a rabbit hole on airports named after presidents, triggered by Palm Beach Airport's name change to DJT. Toby and Neil announce they are heading to Scotland for a trip, with guest hosts filling in next week.
- 2 (02:58) **SK Hynix's Record-Breaking US IPO** - The South Korean memory chipmaker goes public on the Nasdaq, raising $26.5 billion in the largest foreign listing in US history.
- 3 (07:57) **Manhattan Office-to-Residential Conversion Hits a Snag** - The former Pfizer HQ, set to become the largest such conversion in US history, suffered a construction sag, raising concerns about the viability of similar projects.
- 4 (12:18) **Stock of the Week: Michaels** - The crafts retailer is thriving under private equity ownership (Apollo), with sales and profits jumping double digits and bonds rebounding from 34 cents to nearly 100 cents on the dollar.
- 5 (16:34) **Dog of the Week: Reading** - The Atlantic's "post-literate" manifesto argues Americans are abandoning books and deep reading for short-form digital content.
- 6 (23:53) **Hasbro's Play-Doh for Adults** - The toy company launches "Blooms," a floral-arrangement putty set aimed at screen-weary millennials, following Lego's successful adult-targeting playbook.
- 7 (25:37) **Anthropic's Claude "Reflect" Feature** - A Spotify Wrapped-style recap of your AI usage, showing common topics, tasks, and usage patterns.
+ Full timestamped outline available in the app
Show Notes
#886: SK Hynix is slated to begin public trading on the Nasdaq as a company that has seen its stock pop more than sevenfold in due to the AI memory chip crunch. The NYC Midtown building partial-collapse scare has given pause to investors who thought it was supposed to be a boom-time for the office-to-residential revolution. Stock of the Week: Arts & crafts store Michaels is seeing success under private equity owner Apollo thanks to the demise of its competitors. Dog of the Week: Reading literacy in the US is sadly low. Finally, Claude launches its own version of “Wrapped.”
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