Markets desk

Brief

Pack written to the site (not just chat). Paper only. Cash 000660 still PREOPEN (09:00 KST) — not a live gap.

watchlists AJ: no new Outlook (MCP not connected). NVDA follow-up Y from @alojoh 27 Aug HC deep-dive. List otherwise unchanged: MU, XPEV, META booked, AMD, ORCL wait, TSLA caution, EOSE avoid, SPCX watch. Korea: Samsung Biologics 207940 rights ~4.9%/₩3.0tn can gap at the 09:00 KST open; no 000660 DART.

news GLM-5.3 full weights still gated (HF countdown ~15h at 07:50 HKT). SCMP: Zhipu (02513) Thu +12% to HK$1,160 as Ox Alpha = GLM-5.3-Flash on 100k China chips. SK hynix Indiana HBM packaging groundbreaking (>$4bn; cleanroom Oct 2028; MP 2H29). KOSPI Thu +1.53% to 6,912.37 on NVDA, faded after BOK +25 bp to 3.0%. SK Group to sell 49% of Ulsan AI DC to KKR/PE ~$2.2bn.

X NEW: Jukan SKHY CEO memory shortage through 2030 + NAND 176L gap vs Samsung; Marvell CXL/CPO; GB200/300/VR200 chain. AJ NVDA “ripping/rerating” bullseye + XPeng ferry VLA 2.0. Citrini Jackson Hole memo published. Zephyr LRCX etchers. Home: WSJ NVDA halts AI-cloud revenue-share. Evening kept, not re-NEW. Sentiment risk-on medium. BowTied lifestyle skipped.

DART no 000660. NEW Dawonsys 068240 6-mo public bid ban (~98% sales); KR Motors 000040 13.9% CB convert; Commax 036690 ₩5.4bn Canada 40%. Last scan 16:22 KST.

funding Paper. BN SKHY 160.41 fund +0.51bp/8h; BN SKHYNIX 1231.9 fund 0 (last special −2.15bp at 07:00 HKT). HL xyz:SKHY mid 160.34 fund +0.63bp/h; xyz:SKHX mid 1232.35 fund −6.06bp/h. Basis HL−BN SKHY −5.4 bp, SKHX +3.2 bp. 8h $100k vs ~$280 RT. no new BN–HL sit that clears RT on next 08:00 HKT print.

Hynix Thu close 000660 = 1,730,000 (+2.49%) V 3.26m. For −159k / Inst −140k / Ind −336k; shorts UNKNOWN. Cash PREOPEN — not a live gap. SKHY RTH 161.61 / AH 160.32. FX Yonhap 15:30 1,380.90. ADS=0.1 → fair ~$125.28; prem RTH +29.0% / AH +28.0%. Not convert arb. Indiana groundbreaking is the tape, not a DART. Seoul paper rule did not fire Tue–Thu. Paper only.

6-month public-sector bid ban on ~98% of sales (₩255.9bn / ₩261.0bn)

What: PPS sanctioned them as an unfair contractor. Barred from national, local, and public-institution bids 4 Sep 2026–3 Mar 2027. Those customers are ₩255.9bn of ₩261.0bn sales (98%). 2025 audit was an opinion refusal, so the sales base is 2024. They may appeal.

Why down 8%+, p≈70%: this is the new-contract pipeline, not one lost customer. For a ₩97bn name that is operational. 8%+ is the floor because 98% of sales plus a thin book, printed after close so Monday is first tape. 70% not 90% because an appeal could leak a stay and the 2025 opinion-refusal already had hair on the name.

DART

53rd CB fully converted: 2.4m shares (~13.9%) at ₩2,500 / ₩6.0bn; list 11 Sep

What: Holders converted the entire ₩6.0bn 53rd private CB into 2.4m new shares at ₩2,500. That is 13.9% of the 17.3m share count. Listing 11 Sep. Zero left unconverted. Close was ₩1,481, below the ₩2,500 strike — they converted anyway. Session already +9.2%.

Why down 8%+, p≈55%: 14% new paper on a ₩26bn microcap is a float shock into list week. Bearish because supply hits a thin book, even though the strike is out of the money. 8%+ is list-week, not necessarily Monday. 55% because listing is two weeks out and today’s +9% already mixed the tape.

DART

₩5.39bn cash for 40% of Canada newco NaviComm (17.7% of equity) + ₩3.0bn short-term debt

What: ₩5.39bn cash for 40% of NaviComm Inc., a Canada company set up 10 Aug with blank financials, related to parent Kyungdong Navien. That is 17.7% of Commax equity. Same day they raise short-term debt ₩29.2bn → ₩32.2bn for working capital. Pay-in 2 Sep. No put, not a backdoor listing. Close ₩2,885 flat, ₩126bn cap.

Why mixed 1-3%, p≈35%: headline is global distribution, but it is related-party cash into a two-week-old shell with no P&L, plus extra leverage. Not control (40%) and not a third-party operating buy. ₩5.4bn is ~4% of mcap so 1-3% not 8%+. 35% because the sign is mixed and Monday can go either way.

DART

₩36.0bn cash for 8.01% of affiliate HLB Innovation (024850) via 3rd-party; 12.1% of equity, pay 7 Sep

타법인주식취득. 에이치엘비이노베이션 2,764,127주 / ₩36.00bn. 자기자본 대비 12.09% · 자산 7.53%. 취득후 8.01%. 제3자배정 현금, 납입 7 Sep. 목적 계열사지분·기업가치. 대상 2025 매출 ₩32.3bn / NI −₩33.7bn. 내재가 ₩13,025 vs 024850 close ₩14,760. Close 067630 ₩2,645 (+0.19%) mcap ₩322.5bn vol 180k — printed 16:00 after cash close, Monday open.

DART

Cancel already-held treasury 231,974 sh (~5.30%) / book ₩11.73bn on 4 Sep

주식소각결정. 기취득 자사주 231,974주 / 발행 4,378,709주 → 5.30%. 장부 ₩11.73bn. 신규 매입 없음. 소각예정 4 Sep (변동 가능). 상법 343조① 이사회, 자본금 불변. 모회사 자회사공시 20260828800502 동일. Live ₩55,800 (+3.72%) mcap ₩244.3bn vol 8.3k — printed after cash close, Monday open.

DART

Cancel already-held treasury 275,837 sh (~6.53%) / book ₩16.69bn on 4 Sep

주식소각결정. 기취득 자사주 275,837주 / 발행 4,224,646주 → 6.53%. 장부 ₩16.69bn vs live ₩28.77bn. 신규 매입 없음. 소각예정 4 Sep. 상법 343조① 이사회, 자본금 불변. 자회사 KPX케미칼도 같은 패키지. Live ₩104,300 (+2.56%) mcap ₩440.6bn vol 5.9k — after cash close, Monday open.

DART

Cancel-purpose buyback trust ₩15.0bn (~3.6% / ~996k sh) via Kiwoom through 28 Feb 2027

자기주식취득신탁계약체결결정. ₩15.00bn / 키움증권 / 2026-08-28~2027-02-28. 목적 소각. 취득예정 996,016주 (27 Aug 종가 ₩15,060 기준). 상장 27.46m주 → ~3.63%. 시총 ~₩415bn → ~3.6% mcap. 취득전 자사주 0. 이사회 28 Aug. Printed into cash close — next open is the cleaner tape.

DART

3rd-party raise 1.51m sh / ₩3.00bn (~8.1% dil) @ ₩1,981 (−10%); 1yr lockup; new-biz WC

유상증자결정. 보통주 1,514,385주 @ ₩1,981 = ₩2,999,996,685. 증자전 18,639,195주 → 희석 ~8.12%. 제3자배정. 기준주가 ₩2,201 · 할인 10%. 운영자금(신규사업) ₩3.00bn. 납입 23 Sep · 상장예정 21 Oct. 1년 보호예수. 배정: 주건테크 / SHEEN POWER / JOY BILLION. Live ₩2,375 (+10.21%) mcap ~₩44.3bn — session already ripping so residual same-session messy vs overnight dilution reset.

DART

Parent put on Robotics CPS: 6yr IPO clock, IRR 4% base / 15% listing penalty; max exercise >10% assets

풋백옵션등계약체결결정. 원익로보틱스 CPS 13,707,750주(₩350.0bn) 전부에 대한 부모 현금 풋. 그로스솔루션1호 28 Aug 예정 + KDB 납입 전. 상장 6년(1년 연장 1회). 콜 우선(만료 후 6개월); 미행사 시 풋 IRR 4%. 상장 위약 IRR 15% vs FMV 높은 쪽; 기타 위약 IRR 10%. 최대 행사가액이 직전연도 연결자산 10% 초과. Live ₩21,550 (+6.42%) mcap ₩1.664tn — session high ₩24,700 so CPS pop already in tape.

DART

Sub Wonik Robotics ₩350.0bn 3rd-party CPS (KDB + Growth Solution); parent put option pending

종속 원익로보틱스 제3자배정 CPS 13,707,750주 @ ₩25,533 = ₩350.0bn. 그로스솔루션1호 + 산업은행(첨단전략산업기금). 시설 ₩183.9bn + 운영/R&D ₩86.1bn + 타법인 ₩80.0bn(미정). 납입 20 Nov (변경 가능). 부모 풋옵션 별도 공시 예정. Live ₩20,600 (+1.73%) mcap ₩1.59tn.

DART

Nantong Huadong crane-control PO ₩13.74bn (11.78% of 2025 sales) through Sep 2027

단일판매ㆍ공급계약. ELECTRICAL CONTROL SYSTEM FOR CRANE. NANTONG HUADONG HEAVY MACHINERY (중국). 확정 ₩13,743,233,010 (USD 9,956,700 @ 1,380.30). 2025 연결매출 ₩116.63bn 대비 11.78%. 기간 28 Aug 2026–15 Sep 2027. 선수금 10% TT / 선적 70% / 시운전 후 20%. 자체+외주. 3년 동종 해당. Live ₩44,950 (+1.93%) mcap ₩231.5bn — session high ₩47,400 so partial in tape.

DART

Changwon A-lot: ₩27.0bn of ₩34.5bn land sale received today; close 4 Sep

기재정정 유형자산양도(원 15 Apr 2025). A필지 창원 신촌동 71-1 42,308.9㎡. 장부 ₩59.66bn / 2024 연결자산 ₩513.40bn = 11.62%. 실거래 ₩34.50bn. 금아하이드파워. 2차 중도금 ₩27.00bn 당일 수령, 잔금 ₩0.60bn 4 Sep. 관련 B필지 71-5 실거래 ₩20.40bn 처분일 4 Sep. Live ₩2,595 mcap ₩40.5bn.

DART

GLM-5.3 FULL weights still gated into Fri 28 Aug — no overnight drop

At ~07:50 HKT Fri 28 Aug, zai-org/GLM-5.3 remains an “Upcoming release” page dated August 28, 2026 with a live countdown (~15 hours remaining when checked; ~524 waitlist). Planned artifact is still only zai-org/GLM-5.3. The 14 Aug z.ai blog still says full weights will be public “soon in two weeks” after safety hardening; no new overnight blog confirming a drop. GLM-5.3-Flash weights remain available under MIT.

Watch HF + z.ai through the Fri session. Full open weights would be the next China-AI catalyst after Flash; until the repo flips from Upcoming, treat as still gated. HK tape (02513) already repriced Flash on Thursday (see SCMP).

Hugging Face

Zhipu (Z.AI) +12% to HK$1,160 as Ox Alpha unmasked as GLM-5.3-Flash on 100k China chips

SCMP: Zhipu said GLM-5.3-Flash (stealth-tested as Ox Alpha) ran entirely on a cluster of 100,000 domestically produced chips; OpenRouter/OpenCode processed ~62 trillion tokens before the formal Wed release; OpenRouter first-3-day volume >11T tokens (platform’s biggest launch). OpenRouter Thu data: model #1 among coding systems at 10.3T tokens (~31% of weekly volume). Zhipu shares closed >12% higher at HK$1,160 on Thursday.

NEW vs prior Flash-MIT note: Thu equity reprice plus explicit domestic-silicon inference scale. China AI inference path less NVDA-dependent. Watch MiniMax/Zhipu into Fri and any NVDA-China share-loss narrative.

SCMP

SK hynix breaks ground on Indiana HBM advanced-packaging hub

Yonhap, West Lafayette 27 Aug: groundbreaking for first US next-gen HBM advanced packaging fab; investment estimated >US$4bn. Cleanroom targeted by Oct 2028; mass production of next-gen HBM from 2H 2029 with HBM4E volume from 3Q 2029; annual capacity “hundreds of thousands of wafers”; ~1,000 staff at commercial ops. Korea-made wafers ship to Indiana for packaging/test then “made-in-USA” supply to US big tech (e.g. Nvidia). CHIPS Act: up to $458m grant + $500m loans. CEO Kwak Noh-Jung, SK VCs, Amb. Kang, Ind. Gov. Braun, Sen. Todd Young attended. Company newsroom dated Seoul 28 Aug.

Structural US HBM node for the NVDA ecosystem. Long-dated (2028–29) but politically sticky — supportive for the SKHY/000660 friendshoring premium, not a same-day DART. Wafers still made in Korea.

Yonhap

KOSPI +1.53% to 6,912.37 on NVDA; faded after BOK hike. Hynix +2.49%

Yonhap LEAD, Seoul 27 Aug: KOSPI closed +104.16 pts / +1.53% at 6,912.37 after opening +2.76% to 6,996.12 on the NVDA beat, then trimming on the BOK hike. Volume light: 265.5m shares / ₩22.5tn. Losers 537 vs winners 316. Retail net sold ₩1.91tn; foreigners + institutions combined net bought ₩318.2bn. Samsung Electronics +1.72% to ₩266,000; SK hynix +2.49% to ₩1,730,000. Won ₩1,380.9/USD as of 15:30, up ₩3.9. Daishin: seesaw between Nvidia and the BOK board.

First Seoul cash reprice of the NVDA print was constructive for 000660/Samsung but faded from open highs into the hike. Foreign/inst still net buyers vs heavy retail. Do not treat Fri PREOPEN as a live gap.

Yonhap

SK to sell 49% of Ulsan AI data center to KKR + Korean PE for ~$2.2bn

KED: SK Group to sign SPA selling 49% of the SK–AWS Ulsan AI DC — KKR 29%, IMM Investment + Stonebridge 20%; SK Telecom keeps 51%. ~₩3tn ($2.2bn); ~₩1.2tn via capital increase; post-deal EV up to ₩7tn. SKT/SK Broadband boards expected Thursday to approve SPA + DC spinoff. Mipo, Ulsan: ~40 MW 2027 → ~100 MW 2029; ~60k GPUs; path to 1 GW. Group still targets up to 15 GW AI DC by 2035. Rest of some KED pages paywall after the lede; this item’s body was retrieved.

De-risks SKT AI-infra capex and brings global PE into a Korea GPU build. Supportive SK-ecosystem overlay (memory pull), not a 000660 filing. Parent of SK Hynix, not the chipco itself.

KED Global

NVDA: first H200s to China, but <1% of DC sales; Q3 still assumes $0 China DC compute

SCMP: Nvidia confirmed first H200 data-centre shipments to China under US licenses after months of lockout; sales <1% of ~$89bn Q2 data-centre revenue. Prior quarter had zero China Hopper DC shipments. Q3 revenue guide $108bn ±2% still assumes no China data-centre computing revenue. Separate notes: ~$400m H200 inventory charge over the past six months as China blocked full licensed volume.

NVDA-China reopening is optically positive but numerically tiny and not in the guide. Keeps a premium on domestic China AI silicon (Zhipu 100k-chip claim) and on Korean HBM demand outside China.

SCMP

BOK hikes +25 bp to 3.0% (2nd straight); lifts 2026 growth to 3.3%

Yonhap 3rd LD: Base Rate 2.75% → 3.0% (highest since Jan 2025); first back-to-back hikes since Jan 2023. 6–1 vote (Hwang Kun-il dissented for a hold). Growth outlook raised to 3.3% for 2026 from 2.6% (2027 2.9%); CPI forecasts kept at 2.7%/2.3%. Gov. Shin: preemptive vs inflation/financial-stability risks; forward-guidance chart skewed toward another move to 3.25% over the next ~6 months. Won still “very weak” historically; a stronger won is desirable.

Chip-export strength funds a hawkish BOK even as KOSPI rallied on NVDA. Higher-for-longer KR rates and a stronger-won bias are the overlay on 000660/Samsung into the Fri open.

Yonhap

NVDA +8.7% overnight; HSI still range-bound. MiniMax +3.83%, Z.AI led

HKET invest live strip 04:02 28 Aug HKT: Nvidia +8.7% after the print, SOX +2.3% to 11,882. HSI full-week range still <400 pts. Separate 28 Aug columns (AI hardware rebound, “semiconductor prices hard to fall”) sat on the homepage; full bodies not retrieved. Thu HK close (secondary, because HKET CloudFront blocked a full crawl): Hang Seng −87.23 pts / −0.34% to 25,565.74; HSTECH −0.13% to 4,620.29. Z.AI (02513) +12.62%; MiniMax-W (00100) +3.83%.

US AI-hardware bid overnight vs a sleepy HSI. China AI listed complex diverged (Zhipu/MiniMax). Fri watch is GLM-5.3 full-weight gate plus the Seoul open, not a HSI break.

HKET

SKHYUSDT vs SKHYNIX/10 premium + BN funding

Share-equivalent hedge is 10 SKHY per 1 SKHYNIX. Dollar hedge leaves leftover Hynix beta. Indiana is packaging, not a convert-arb print.

28 Aug 07:50 HKT. BN SKHY 160.41 fund +0.51bp/8h; BN SKHYNIX 1231.9 fund 0 (last special −2.15bp at 07:00 HKT). HL xyz:SKHY mid 160.34 fund +0.63bp/h (~+5.0 bp/8h); xyz:SKHX mid 1232.35 fund −6.06bp/h (~−48.5 bp/8h). Basis HL−BN SKHY −5.4 bp, SKHX +3.2 bp. Next 08:00 HKT. 8h $100k vs ~$280 RT taker. ADS-scale 8h prints (~$5) do not clear RT. HL SKHX hourly negative is large on paper (~$48.5/8h if it held) but hourly rates mean-revert — no new BN–HL sit that clears RT on the next print.

Seoul paper rule did not fire Tue–Thu (Thu KRX +2.49%, prem +29.0%; both legs fail). Cash 000660 opens 09:00 KST — not live yet. Paper only.

Ticker	Follow	Note
NVDA	Y	NEW follow-up. AJ HC 27 Aug deep-dive: updated outlook, “is now the time to buy?” Public tape has no new numbers. FQ2 EPS $2.22 vs $2.09 still the print. AJ bought the AH dip 27 Aug.
MU	Y	Cheapest PEG in 22 Aug AJ article. China-memory export (YMTC/CXMT) still the overlay. CXMT high-k DRAM MP in the 27 eve tape.
XPEV	Y	AJ $12.20 / long-XPEV deep dive + VLA 630. LiAuto GM crush is the China-auto overlay, not a new XPEV print.
META	booked	AJ sold 598 26 eve. KED: Meta sounding out ≥₩1tn KRW bond in Korea for AI spend — credit/FX, not a new long.
AMD	Y	Corridor entries after the dump. Jalapeño still a merchant-GPU headwind.
ORCL	Y	Wait, don’t chase.
PLTR / AAPL	N	Expensive growth. Unchanged.
EOSE	avoid	AJ red flags
TSLA	caution	Cybertruck +6–7% after volume collapse; sells at ~cost. Unchanged.
SPCX	watch	AJ follow-up unchanged.

Source @alojoh 22 Aug extract + 26 eve META/LI + 27 Aug NVDA print/HC. Outlook MCP not connected this run — no new overnight mail.

Thu 27 Aug: KOSPI +1.53% to 6,912.37 (Yonhap). Opened 6,996.12 then faded after BOK +25 bp to 3.00%. Retail −₩1.91tn; foreign+inst +₩318.2bn combined. 000660 1,730,000 (+2.49%) V 3.26m; For −159k / Inst −140k / Ind −336k; shorts UNKNOWN. Samsung +1.72% to ₩266,000. FX ₩1,380.9/USD. Official daily MDC shorts still missing.

SK hynix Indiana HBM packaging groundbreaking (Yonhap, filed 28 Aug KST). SK Group to sell 49% of Ulsan AI DC to KKR/IMM/Stonebridge ~$2.2bn (KED) — parent/SKT, not 000660. KED: Meta exploring ≥₩1tn KRW bond (lede only; rest paywalled). Samsung Biologics 207940 rights ~₩3.0tn is the 09:00 KST gap keep. Union wage-reject still in the older tape.

Wed 26: KOSPI +0.97% to 6,808.21 on buybacks. Tue 25: +0.68% / foreigners −₩3.82trn. Mon 24: KOSPI −3.12%, Samsung −8.7% on ₩90–110tn return. Last week 17–21 Aug: Liberation Day Mon; Wed crash then Thu bounce after ₩40조 buyback/cancel.

TrendForce: Vera Rubin ASP ~2× GB300; GB300+VR stack ~$710bn next year

TrendForce via Jukan: Vera Rubin ASP expected at ~2× GB300. Combined production value of GB300, VR200, and VR300 next year projected at ~$710bn.

Tape: AI-GPU ASP/unit step-up. Supportive HBM/SKHY bit demand even if HBM-per-GPU mix shifts. Street size print, not a DART.

tweet

CXMT 1H26: RMB150bn rev (+873%), RMB77.6bn profit swing

CXMT 1H26 revenue RMB150.31bn (+873% YoY). Net profit RMB77.61bn vs a RMB2.33bn loss in 1H25 (1Q alone RMB33.01bn). Zephyr QT: revenue still +60–90% in H2 2026.

Tape: China DRAM catch-up is real P&L now. Mixed/negative medium-term for SKHY/Samsung commodity DRAM; HBM remains the SKHY moat. Folded Zephyr 19:58 QT + source reply.

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Galaxy Z Fold 8 ramp hits DDI crunch at UMC 22nm

Korean media via Jukan: Samsung ramping Fold 8 on strong demand, but DDI supply is tight — UMC 22nm for the Fold 8 DDIs is fully utilized; Samsung asked for “super” priority. Also tapping next-year development volume.

Tape: handset demand + foundry/DDI bottleneck. Mild Samsung overlay; not a HBM/000660 print. Folded zdnet source reply.

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AJ MRVL post-Q2 memo out; −8%+; “is now the time to buy?”

AJ published the Marvell updated-outlook deep dive. Share down >8%. Assesses new earnings path, risks, and whether to buy. Notes NVDA and Alphabet invested. HC-only numbers.

Tape: follow-up to the morning −11% / nailed-$0.94 avoid print. Public tape has the question, not the answer — do not treat as a fresh short.

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[Exclusive] Samsung early lead in Nvidia NVHBM after HBM4

Jukan exclusive: Samsung Electronics poised as a key supplier for Nvidia’s customized HBM (“NVHBM”) after HBM4. NVDA pursuing a new AI-memory strategy for next-gen platforms.

Tape: core SKHY risk. Morning NVHBM/NVLink Fusion had AWS/Annapurna first; this puts Samsung in the early lead. Negative for 000660 sole-source narrative — watch share split. Not a DART.

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Japan MOF July MLCC exports: vol +20%, price −1% mom

Zephyr one-word QT of Japan MOF July trade stats: average MLCC export price −1% mom, volume +20%, value +19%. “Murata...”

Tape: volume upcycle with soft ASP. Pairs with 27 Aug SEMCO 4Q26 hike card — volume confirms, price not yet. Mild 009150/Murata overlay.

tweet

Panasonic hikes CCL prices on copper foil / glass fiber

Jukan: Panasonic raising copper-clad laminate prices on rising copper foil and glass fiber costs.

Tape: CCL/PCB cost pass-through. Supportive packaging-materials; pairs with morning Meritz GB200/300 CCL chain.

tweet

DIGITIMES: wire-bonding bottleneck into 2027

DIGITIMES via Jukan: AI server growth is stressing not only advanced packaging but traditional packaging too. Wire-bonding equipment tightening; IC design faces a 2027 bottleneck as demand outstrips TSMC advanced packaging and classic bond tools.

Tape: packaging capacity risk beyond CoWoS. Equipment bid; SKHY-adjacent OSAT/packaging overlay. Folded the second DIGITIMES link tweet.

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Micron Taiwan strike support hits 80% (prelim)

QT dnystedt: support for a Micron Taiwan strike over bonus pay hit 80% in a preliminary survey. Parallel to Samsung May, when a last-minute deal averted a walkout. Jukan: “Taiwanese people, rise up!!”

Tape: MU labor risk in Taiwan. Watch deal vs walkout. Mild memory-supply overlay, not a SKHY DART.

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Anthropic may want a training chip

Jukan one-liner: “It sounds like Anthropic may be interested in developing a training chip.”

Tape: custom-silicon rumor only. Longer-term NVDA attach risk if real; near-term noise.

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21:30 HKT US-hours NEW pass. Cutoff newer than 13:45 HKT. Home on. Afternoon/morning cards kept, not re-NEW.

• NEW: Jukan TrendForce Rubin ASP ~2× GB300 / GB300+VR stack ~$710bn next year — AI-GPU/HBM demand bid.
• NEW: CXMT 1H profit bomb (RMB77.6bn; Zephyr H2 +60–90%) + Samsung early lead on Nvidia NVHBM — SKHY competitive pressure.
• NEW: AJ MRVL post-Q2 memo (−8%, “buy?”); Fold 8 DDI/UMC crunch; Zephyr Murata/MLCC Japan MOF July (vol +20%, price −1%).
• Home: WSJ AI capex holding the global economy; Reuters Iran oil $140 risk. Citrini/BowTied none market.
• Afternoon kept: Panasonic CCL, wire-bond 2027, MU Taiwan strike, AJ MRVL −11%/nailed $0.94.

Overall: mixed, confidence medium (Rubin/$710bn still bid AI-infra; CXMT + Samsung NVHBM are the SKHY overlays). JSON: x-feed.json