Markets desk

Morning report — Wed 28 Oct 2026 ~07:55 HKT / 08:55 KST (research/paper)

Research/paper only. No live orders or recommendations. KRX opens 09:00 KST (08:00 HKT); pack written pre-open. Age cut: news Tue 27 + Wed 28; DART ≥ Tue 27 Oct 15:40 KST. Do not treat Yahoo prev-close as a Wednesday gap — Tue official close is last cash.

today Wed pre-open = SK hynix Q3 IR day (09:00 KST TODAY). Tue cash: KOSPI 5,638.34 (+3.09%), Samsung ₩222,000 (+4.23%), SK hynix ₩1,341,000 (+5.18%); Yonhap FX 15:30 1,323.7. HK Tue: HSI 23,041.32 (−0.73%), HSTECH 3,800.43 (−1.48%); Zhipu HK$550.50 (~+8.9%), MiniMax HK$172.20 (~−1.1%). SKHY Tue RTH $145.36; same-session prem ~+43.5%. NVDA Tue $217.94. NEW DART 000660 KEEP: Q3 prelim Rev ₩104.62T / OP ₩83.33T (OPM 80%) + FY26 SH returns ~₩100T + DPS ₩20,000 + formal board buyback ₩20.008tn (rcp 20261028000014 @08:47) + 14 CSP LTAs — filed ~08:28–08:47 KST.

watchlists US AJ: NEW rows 0. Standing Y: AVGO, MU, MRVL, NVDA (HC), XPEV, META, AMD. Wait ORCL; Caution TSLA, NIO (TSLA Caution strongly reinforced — Q3 op collapse / peak-sale timing / SpaceX bailout-vehicle); Watch SPCX (bailout-vehicle reinforced); Avoid EOSE, EOS; N PLTR, AAPL, RIVN, SNDK. Korea attractive: EMPTY (Finance MCP needsAuth). Hardcore unread_protected. Outlook no new AJ memo since Mon app-teaser.

asia news 7 items (a 3 / b 4 / c 0). Zhipu +8.9% / MiniMax −1.1%; KOSPI +3.09% chip rebound; HSI/HSTECH soft; NVDA firm; Alibaba injunction colour.

X Priority authors via X MCP: n_new=27 since Wed aft ~13:47 HKT. Sentiment mixed / medium (shifted from aft up): Zephyr CXMT HBM GM-reframe + Nagare DRAM MIXED; AJ HC SK hynix UP; BTC security + BTB labor/AI MIXED. Home available; hardcore readable.

DART 3 keeps after age cut (floor Tue 15:40 KST; pruned Mobile Appliance 15:38 + LG Innotek 15:34 as pre-cut): SK hynix 000660 UP 3-8%; Woojin Ntec 457550 UP 3-8%; PI Advanced Materials 178920 MIXED 1-3%. 000660 filing YES — Q3 prelim + dividend/SH-return + formal buyback (rcp 20261028800036 / 00040 / 00045 / 00048 / 20261028000014). Mid-session ~09:43 KST scan quiet (OTHER/KONEX/ELS dropped; AhnLab/NI Steel earlier).

funding BN vs HL (~07:42 HKT; next BN 08:00 HKT): BTC -2.20 / ETH -1.14 / SOL -1.97; SKHY +10.52 bp, SKHYNIX/SKHX +36.81 bp. Paper only.

HYROX Warsaw HYROX: OPEN since Wed 14 Oct (PL saleStatus=onSale; PRO MEN Friday active @ 600 PLN; last_pinged_id pl-page-onsale-2026-10-14). Outlook Wed morning: no new Warsaw OPEN/sold-out/wave. ping_needed=false.

Ticker	Follow	Note
AVGO	Y	Standing Y. Unchanged.
MU	Y	Standing Y. Unchanged. Paper only.
NVDA	Y (HC)	Standing HC. Tue $217.94. No sleeve change.
MRVL	Y	Standing Y. Unchanged. Outlook trade-alert app-teaser only (hardcore unread_protected).
XPEV	Y	Standing Y. Unchanged.
META	Y	Standing Y. Unchanged. Prior Meta Post Q3 standing.
AMD	Y	Standing Y. Unchanged.
ORCL	Wait	Wait sleeve. Unchanged.
TSLA	Caution	Caution strongly reinforced overnight: AJ Q3 op profit collapse / peak-sale timing / SpaceX bailout-vehicle (Twitter→xAI→SpaceX / Tesla→SpaceX). No Avoid upgrade on public X. Hardcore unread_protected.
NIO	Caution	Unchanged.
SPCX	Watch	Watch reinforced — SpaceX as bailout vehicle colour. Paper only.
EOSE	Avoid	Avoid (standing with EOS).
EOS	Avoid	Avoid standing (Mon 3y-low colour).
PLTR	N	N.
AAPL	N	N.
RIVN	N	N.
SNDK	N	N.

Paper only. Hardcore unread_protected (no computerUse). AJ portal not accessed.

KRX cash opens Wed 28 Oct 09:00 KST / 08:00 HKT = SK hynix Q3 IR. Attractive list: EMPTY (Finance MCP needsAuth — no invented Markets promotion; 000660 on Hynix desk only; DART keeps stay on DART board).

Tue 27: KOSPI 5,638.34 (+3.09%) (Yonhap EN). 005930 ₩222,000 (+4.23%); 000660 ₩1,341,000 (+5.18%). Foreign net sell ~₩70.5bn on Hynix while inst bought (Naver FO ~48.6%).

DART KEEP×3 in Wed age window (000660 / Woojin / PI; Mobile+LG Innotek age-pruned). Samsung Q3 IR still Thu 29 Oct.

Zhipu 2513.HK +8.90% to HK$550.50 — China AI name rebounds on HK

Yahoo official Tue close: Zhipu (2513.HK) HK$550.50 (vs Mon 505.50 ≈ +8.9%; Yahoo chartPreviousClose 484.80 on some pulls). Strong HK China-AI bounce while HSTECH soft.

Implication: a-rank China AI / HK: Zhipu leads China-AI rebound into Wed — idiosyncratic vs Seoul memory IR day.

finance.yahoo.com/quote/2513.HK/

MiniMax-W 0100.HK −1.09% to HK$172.20 — soft after Mon −7.2%

Yahoo official Tue close: MiniMax-W (0100.HK) HK$172.20 (vs Mon 174.10 ≈ −1.1%). Continues post-IPO fade while Zhipu rebounds — split China-AI tape.

Implication: a-rank China AI / HK: MiniMax still soft vs Zhipu bounce — split a-rank optics into Wed.

finance.yahoo.com/quote/0100.HK/

Alibaba wins preliminary injunction colour vs US Pentagon contracting block — SCMP page reachable

SCMP Tue-window page reachable on fetch (title parse thin; not full paywall body). Wire colour: Alibaba secured preliminary injunction relief against a US DoD contracting restriction — China Big-Tech legal/policy optics, not a Seoul cash print.

Implication: a-rank China AI/tech adjacency: soft constructive Alibaba legal relief colour; idiosyncratic vs KRX memory IR.

www.scmp.com/news/us/article/3372356/alibaba-wins-preliminary-injunction

KOSPI +3.09% to 5,638.34 — chip rebound ahead of Hynix Wed IR

Yonhap EN / Yahoo: KOSPI Tue 5,638.34 (+3.09% vs Mon 5,469.47). Won 1,323.7 /USD at 15:30. Chip-led bounce into SK hynix Wed / Samsung Thu earnings week.

Implication: Core b-rank: Tue risk-on Seoul into TODAY Hynix Q3 IR 09:00 KST. Paper only.

en.yna.co.kr/view/AEN20261027007651320

Samsung ₩222,000 (+4.23%) / SK hynix ₩1,341,000 (+5.18%) — cash rebound into IR

Yonhap/Yahoo Tue official: Samsung ₩222,000 (+4.23% vs Mon 213,000); SK hynix ₩1,341,000 (+66,000 / +5.18% vs Mon 1,275,000; range 1,336,000–1,381,000). Do NOT invent Wed gap from Yahoo prev-close — Tue ₩1,341,000 is last cash.

Implication: Chip beta hard UP Tue into TODAY Hynix IR. Hynix desk: Tue ₩1,341,000 last cash. Paper only.

en.yna.co.kr/view/AEN20261027007651320

HSI −0.73% to 23,041.32; HSTECH −1.48% to 3,800.43

Xinhua / Yahoo: Hang Seng Tue 23,041.32 (−0.73%). Hang Seng TECH 3,800.43 (−1.48% vs Mon 3,857.53). Soft HK while Seoul chip-bounced.

Implication: b-rank: HK soft vs Seoul UP — Asia tone split into Wed KR IR open.

english.news.cn/20261027/3c98af56429643789debf42d889c5eb2/c.html

NVDA Tue RTH $217.94 (+0.68%) — US AI beta firm overnight into Wed Asia

Yahoo Tue RTH: NVDA $217.94 (vs Mon ~$216; Yahoo chartPreviousClose 216.47). Soft constructive US AI beta into Wed Hynix IR.

Implication: b-rank NVDA-China/AI adjacency: firm US chip overnight vs TODAY Seoul IR. Paper only.

finance.yahoo.com/quote/NVDA/

Sources: public X MCP get_users_posts on @alojoh @citrini @zephyr_z9 @jukan05 @BowTiedBull (NEW window after afternoon pack ~13:47 HKT) Home/Following via signed-in @levturtle browser. @alojohhardcore readable via @levturtle.

HC: We added SK Hynix #alert. Buy in Korea 000660.KS or US ADR SKHY. (no limit price on post)

Implication: ALERT — UP HC colour. Soft; no portal.

x.com/alojohhardcore/status/2115408675150115071

HC: Market agrees with our assessment (so far).

Implication: UP HC colour. Soft; no portal.

x.com/alojohhardcore/status/2115439913923485903

HC: SK hynix post-Q3 memo on the portal; tools to revise earnings up.

Implication: UP HC colour. Soft; no portal.

x.com/alojohhardcore/status/2115424518730928430

HC: Q3 SK hynix OP margin 79.7% vs Tesla 1.0%; SK hynix OP >100x Tesla, valued ~0.5x.

Implication: UP HC colour. Soft; no portal.

x.com/alojohhardcore/status/2115396787317899558

HC: Read-across to Micron and SNDK ultra strong.

Implication: UP HC colour. Soft; no portal.

x.com/alojohhardcore/status/2115394243690676226

HC: Xpeng decline tracking the Chinese auto market.

Implication: DOWN HC colour. Soft; no portal.

x.com/alojohhardcore/status/2115381909186592967

Zephyr: CXMT HBM3 cost ~$2/Gb vs big-3 ~$0.6; selling $5–7/Gb → GM 60–71% even at ~20% yield (DRAM GM 85%). First HBM MP — low start yields natural; expects 50–70% by Q2 via Hanmi/Disco/ACMR bonders/TSV (not litho bottleneck). Ideal MP was Q2'27 but Chinese XPU launches Q4'26/Q1'27 force supply now. QT kyleichan 20% yield economics doubt.

Implication: MIXED China HBM economics — GM-positive reframes afternoon yield/perf-lag bear; soft constructive CXMT path, soft pressure on 000660 quality-lead monopoly narrative. Paper only.

x.com/zephyr_z9/status/2115435615965839642

BowTiedBull: Sudden loss of status/identity coming for many — second income critical; dangerous to assume careers don't change. QT blueprintsmb22 on Ivy→IB/consulting→MBA→HF/PE cohort stuck 3–4y jobless with high burn; AI likely pulls this earlier.

Implication: MIXED/caution labor + AI displacement colour for high-burn professional class. Soft macro/AI; not a ticker call.

x.com/BowTiedBull/status/2115433892262113662

AJ: Deep dive into SK hynix for HC members (@SKhynix) — paywalled post-IR coverage after epic 3Q print / LTA / buyback tape.

Implication: UP 000660 continued HC coverage post-IR — soft constructive memory colour; public X is teaser only (no portal).

x.com/alojoh/status/2115424985338765622

AJ: Saylor's 'no reason to own BTC because AI can hack a crypto app ≈ no reason to speak English because AI can hack messaging' is a bad analogy — English doesn't depend on messaging-app security; Bitcoin's thesis depends heavily on secure ownership/transfer.

Implication: MIXED/caution BTC — security-dependency rebuttal to Saylor AI-hack dismissiveness. Soft crypto; paper only.

x.com/alojoh/status/2115419280040751113

Zephyr QT DrFrederickChen: Capacitor thickness now DRAM scaling limiter; Nagare Labs capacitorless DRAM via 3D-NAND-like foundry BEOL without EUV — DRAM makers have a chance if periphery doesn't fit with logic.

Implication: MIXED DRAM scaling / foundry-BEOL tech colour — long-dated process optionality; soft memory/foundry sleeve, not near-term print.

x.com/zephyr_z9/status/2115367545805144223

Home: SK hynix +11% after Q3 OP +632% YoY, record ~80% OPM; higher HBM prices in 2027, pricing/volumes set with majors.

Implication: UP — home tape colour. Soft single-name.

x.com/wallstengine/status/2115437657224630777

Home: Fed day: expects hawkish pause (hold) and groundwork for a December hike; +50bp total hikes in 2026.

Implication: CAUTION — home tape colour. Soft single-name.

x.com/KobeissiLetter/status/2115424565086093615

Home: Bank of Canada hikes 25bp.

Implication: CAUTION — home tape colour. Soft single-name.

x.com/gurgavin/status/2115440136485994974

Home: BoC warns further hikes may be needed.

Implication: CAUTION — home tape colour. Soft single-name.

x.com/FirstSquawk/status/2115440298067390524

Home: SK hynix to return ~$75bn to shareholders this year after >7× quarterly profit jump.

Implication: UP — home tape colour. Soft single-name.

x.com/Reuters/status/2115401345926857214

Home: Futures up as hynix-fueled memory mania revives the AI trade ahead of the Fed; oil jumps.

Implication: UP — home tape colour. Soft single-name.

x.com/zerohedge/status/2115416576438518030

Home: Alphabet leading Mag7 premarket on report OpenAI intends to buy AI chips from Google; NVDA +0.8%.

Implication: MIXED — home tape colour. Soft single-name.

x.com/zerohedge/status/2115415265957560615

Home: Jensen Huang: software optimization can 2–3× model speed on existing GPUs and doubles the revenues.

Implication: UP — home tape colour. Soft single-name.

x.com/wallstengine/status/2115413873348280709

Home: European gas hits €100, first time since the 2022 energy crisis.

Implication: UP — home tape colour. Soft single-name.

x.com/FirstSquawk/status/2115437504421913074

Home: Oil higher on reports of possible US strikes on Iran after midterms.

Implication: UP — home tape colour. Soft single-name.

x.com/Reuters/status/2115424622577345007

Home: UK Budget: extra tax on property and savings income; additional rate to 49p.

Implication: CAUTION — home tape colour. Soft single-name.

x.com/FT/status/2115439063549317202

Home: Lloyds +4.2%, Barclays +3.7%, NatWest +2.4% as UK bank tax less than feared.

Implication: UP — home tape colour. Soft single-name.

x.com/FT/status/2115434689934569894

Home: 33 US companies object to OKX/ICE tokenized stocks (IBM, Dell, Intel, AMD, Oracle, Alphabet, MSFT, JPM, AVGO…).

Implication: CAUTION — home tape colour. Soft single-name.

x.com/WatcherGuru/status/2115424078438035909

Home: Amphenol Q3 sales $10.2bn vs $9.5bn est, organic +37%, new 3-year $4bn buyback.

Implication: UP — home tape colour. Soft single-name.

x.com/FirstSquawk/status/2115414002654384152

Home: Vertiv VRT Q3 adj EPS $2.21 vs $1.83, sales $4.313bn vs $3.760bn; FY guide raised.

Implication: UP — home tape colour. Soft single-name.

x.com/TrendSpider/status/2115410497323348091

Home: The AI bubble already popped — in China.

Implication: CAUTION — home tape colour. Soft single-name.

x.com/FT/status/2115338773953183874

PRIOR (Wed aft): Zephyr: CXMT's "HBM3E" (more like better HBM3) runs at 8 Gbps vs standard HBM3 6.4 / HBM3E 9.2 — quoting Jukan CXMT RTRS.

Implication: MIXED CXMT HBM naming/perf gap — confirms Jukan lag colour vs Hynix HBM3E. Soft 000660 quality lead; soft China HBM sleeve.

x.com/zephyr_z9/status/2115310161330163932

PRIOR (Wed aft): Jukan RTRS: CXMT plans small-scale HBM3E production within ~2 months; current yield ~20%; test performance closer to SK hynix prior-gen HBM3, short of Hynix HBM3E.

Implication: MIXED China HBM catch-up optics — production near-term but yield/perf lag vs 000660 HBM3E. Soft constructive Hynix quality lead; paper only.

x.com/jukan05/status/2115307540494098601

PRIOR (Wed aft): AJ: In July correctly predicted SK Hynix would massively beat; estimates were 15% above consensus (claims 1,100+ investor-channel confirm).

Implication: UP AJ track-record / 000660 beat confirmation colour post-IR — reinforces morning beat tape. Soft single-name; paper only.

x.com/alojoh/status/2115304865144397961

PRIOR (Wed aft): AJ: "Epic numbers, as we predicted" — quote-RT SK hynix official 3Q26 record Rev >₩100T (server DDR5 + DC SSD + HBM4; LTAs >50% of 2027–28 capacity).

Implication: UP 000660 post-print confirmation — aligns morning DART/IR beat + LTA colour. Soft constructive memory. Paper only.

x.com/alojoh/status/2115301237109227697

PRIOR (Wed aft): Jukan: SEMCO (009150) prelim — Rev ₩3.7633T (−1% vs cons); OP ₩691.0bn (+8% vs cons ₩642bn); NI ₩468.7bn (−11% vs cons). Mcap ~₩98.3T.

Implication: UP 009150 OP beat vs cons (Rev/NI soft) — matches DART KEEP colour; live already chased AM. Soft don't-chase if extended. Paper only.

x.com/jukan05/status/2115277408781897729

PRIOR (Wed aft): Zephyr: One main reason Nvidia pushes NVHBM is Jensen doesn't want Hynix/Micron base-die mess to repeat — wants to derisk the base die.

Implication: MIXED NVDA NVHBM / HBM supply-chain derisk — soft HBM vendor concentration colour vs 000660. Paper only.

x.com/zephyr_z9/status/2115260986634682496

PRIOR (Wed aft): Zephyr: Minimax and Kimi depend a lot on Western-market revenue to survive; Qwen, ByteDance, DeepSeek, Zhipu don't.

Implication: MIXED China OSS / lab funding divergence — soft a-rank AI adjacency; not Korea cash. Paper only.

x.com/zephyr_z9/status/2115254647955054768

PRIOR (Wed aft): Jukan IR colour: SK hynix — despite HBM spec downgrade, demand remains strong; customer-requested volumes currently exceed 2× what they can supply.

Implication: UP 000660 scarcity — demand>2× supply into IR day. Reinforces morning demand>supply through 2030. Soft constructive. Paper only.

x.com/jukan05/status/2115248034619818027