Markets desk

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. Samsung Biologics 207940: rights 2.27m sh (~4.9%) ~₩3.00tn + PolyPeptide ₩2.71tn amend (equity-funded). Last scan 08:56 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.

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.

SK hynix NAND productivity gap vs Samsung; 176-layer still ~50%

Korean media via Jukan: 176-layer still ~50% of Hynix NAND output in 2Q vs Samsung 236-layer >60%; cost disadvantage, fewer bits/wafer. Micron 232L 53% + 276L 33%; YMTC 232L 68%. Kioxia/Sandisk BiCS8 share tripled to 24%. Hynix NAND revenue share (incl Solidigm) 21.4% in 4Q → 16.4% in 1Q while YMTC 11.5%→16.2%. Analysts: process-transition delay, not just volume; earnings impact limited given rising NAND prices.

Tape: SKHY-relevant NAND mix. Confirms the YMTC/Samsung catch-up overlay. Bits/wafer lag is real; HBM is still the P&L. Not a 000660 DART.

tweet

GB200 vs GB300 vs VR200 value chain (Meritz)

Jukan posts a Meritz chart comparing GB200 / GB300 / VR200 suppliers across PCB, CCL, copper foil, fiberglass.

Tape: substrate/PCB-CCL bottleneck stays in the book (pairs with Zephyr ABF). Not a same-day HBM print.

tweet

Marvell: CXL at scale; memory scarcity; CPO/NPO coexist

From Marvell’s call via Jukan: CXL now deployed at scale by multiple hyperscalers; inference demand + memory scarcity expanding use; more design wins. Scale-up optics accelerated beyond ~$300m FY28 outlook incl $150m from Celestial AI CPO; CPO and NPO coexist. Surging memory prices drive fungibility across compute/networking/memory. $MRVL.

Tape: memory-scarcity confirmation from a networking/custom-silicon name. Supportive SKHY/MU; optics is a parallel attach, not a HBM cut.

tweet

Jackson Hole macro memo is out

Citrini: published this morning. “Fun read before Jackson Hole — might give you an interesting lens through which to view Warsh’s words.” QT of the standing memo tying bank liquidity regs, Bessent twist, Warsh JH theme.

Tape: the 25 Aug “stayed up writing it” card is now published. Standing Long XBI Short QQQ is NOT re-NEW’d. Macro overlay on UST/Jackson Hole, not a chip print.

tweet

SK hynix CEO: memory shortage through end-2030

Jukan (Newsis): “SK HYNIX CEO: MEMORY SHORTAGE TO PERSIST THROUGH THE END OF 2030.” Same-day as the Indiana groundbreaking. No extra numbers on the tweet.

Tape: core SKHY item. Extends the shortage narrative well past the usual 2027–28 window. Pairs with Indiana (supply response, 2028–29) rather than contradicting it. Not a DART.

tweet

AJ: NVDA “high chance of ripping/rerating.” Bullseye. HC ftw

AJ quotes the “Nvidia has a high chance of ripping/rerating” line and scores it. HC promo in the next tweet not a second card.

Tape: Confirms they are still long the NVDA/AI-infra pack after the AH dip buy. No new numbers. NVDA +8.7% overnight (HKET) is the tape.

tweet

XPeng VLA 2.0 takes a ferry; “very impressive, give it another year”

AJ QTs XPENG: all-new VLA 2.0 ferry challenge, then a pedestrian/bike NGP clip. “Very impressive. Now give it another year.” Separate 00:32 FSD-as-commodity-in-5-years QT of Avride Austin is the TSLA-fade overlay, not a second XPEV card.

Tape: continues long-XPEV / fade-TSLA autonomy-gap. Unchanged vs the 25 Aug VLA 630 card, but this is a new demo print.

tweet

LRCX will sell “sooo many etchers” in the next 12 months

QT Jack Farley: analysts expect Lam Research to grow only 19% Sep26→Sep27, too low. Zephyr: LOL, LRCX will sell so many etchers.

Tape: WFE/etch bid off memory tightness. Supportive LRCX/semicap, secondary to SKHY bits. Not a 000660 print.

tweet

Rasgon raises NVDA PT to $400

Jukan: “Our hero @Srasgon has raised his price target on Nvidia to $400.”

Tape: Street target chase after the print. Still NVDA/AI-infra, not SKHY.

tweet

Google + Nvidia ≈ 45GW of compute next year

Zephyr: between Google and Nvidia, around 45GW of compute added next year. Behind-the-meter power “goes brrrr.” 21:40 3D DRAM/node-conversion reply folded here.

Tape: SKHY-relevant. Units/GW still up even if HBM-per-GPU can fall (pairs with 13:30 ABF). Power is the other bottleneck.

tweet

Meta seeking ≥₩1tn KRW bond in Korea (KED)

KED: Meta wants a KRW-denominated issue, at least ₩1tn. First US mega-cap Big Tech KRW corporate.

Tape: Korea credit/FX, not a chip print.

tweet

White House weighs broader chip tariffs (servers/laptops/consoles)

Politico via Jukan: tariffs may extend beyond chips to servers, laptops, consoles. One idea ties tariff-free import allowances to production.

Tape: Korea finished-goods overlay. Unclear list. Mixed-to-down KOSPI tech if it sticks.

tweet

AJ NVDA updated-outlook deep dive (HC): is now the time to buy?

AJ: new earnings path, opportunities/risks, “Is now the time to buy Nvidia?” Paywalled. HC-join instructions and 17:52 “rookie” reply not extra cards.

Tape: Still long after the AH dip. No new numbers on the public tape.

tweet

NVDA is going to break all-time highs

Citrini: funding shorts cover quickly; underweight long-onlys take longer.

Tape: Flip vs the standing 20 Aug “Long XBI Short QQQ?” one-liner. NVDA/AI-infra bid, not a QQQ-short refresh.

tweet

SEMCO leading 4Q26 MLCC OEM price hikes (TrendForce)

TrendForce: Samsung Electro-Mechanics pushing MLCC hikes for OEM/ODM from 4Q26. Start of the upcycle.

Tape: Korea passives (009150), not HBM.

tweet

CXMT high-k DRAM in mass production; 1α bottleneck cleared

CXMT applying high-k to DRAM MP, closing on Samsung/SK hynix. 15:09: biggest 1α bottleneck removed. Zephyr 21:40: depends on 3D DRAM / node conversion timeline.

Tape: SKHY-relevant China catch-up. Mixed: more commodity DRAM later vs SKHY still on HBM/advanced now. Not a 000660 DART.

tweet

AJ bought the NVDA after-hours dip (HC signal)

AJ: HC signal caught the NVDA AH dip post-print. “Excellent entry… Bullseye.” 10:29 is the HC promo on nailing the print — not a second card.

Tape: Confirms they bought sold-the-news. Still long the NVDA/AI-infra pack. Not a new ticker.

tweet

NVDA agrees to buy Hugging Face $12.9bn (The Information)

TI: Nvidia agrees to buy Hugging Face for $12.9bn. First break 08:46 “Seeks”; BI 09:26 talks >$13bn. One story.

Tape: Software/community attach, not HBM. Small vs NVDA mcap. Not a SKHY print.

tweet

MediaTek EMIB meets Google; Intel packaging rival to TSMC

QT @dnystedt / DigiTimes: MediaTek EMIB met Google tech/yield/cost/capacity. Intel EMIB a confirmed TSMC-packaging rival. MediaTek still names TSMC primary foundry.

Tape: Advanced-packaging mix. Mild TSMC CoWoS overlay. Not HBM.

tweet

ABF/PCB-CCL the 2027 bottleneck; they can cut HBM per GPU

Self-QT Dec-2025 ABF long: ABF substrates & PCB/CCL biggest constraints for 2027. NVDA or Google can reduce HBM per GPU and DRAM per server to ship more; they cannot work around ABF/PCB.

Tape: SKHY-relevant. Bottleneck rotates from HBM to substrate. HBM-per-GPU can fall — mixed 000660 bits vs still-up GPU units. Pairs with 25 Aug Ajinomoto film shortage.

tweet

NVDA FQ2 EPS $2.22 vs $2.09 Street; AJ $2.21 off one cent

NVDA FQ2 (qtr ending Jul 2026) non-GAAP EPS $2.22 vs $2.09 Street; AJ $2.21, off one cent.

Tape: Print is a clean beat. AJ already on the number; tape still sold-the-news in replies. Supportive AI-infra / HBM demand print into the Asia open.

tweet

AJ NVDA forecast error 0.5% vs Street 5.9%

AJ flags 0.5% NVDA EPS forecast error vs Street 5.9% (7.7% when AJ published).

Tape: Self-score on the beat. HC had the number. Not a new position call; raises AJ weight on the NVDA/AI-infra pack.

tweet

Street NVDA estimate revisions incoming

AJ: Street NVDA estimate revisions incoming after the beat.

Tape: Classic post-print catch-up. Watch FY28 supply-constrained +70% comments on the tape; not a new AJ buy.

tweet

Bloomberg 26 min: Underwhelmed → Bullish Outlook into 2028

Two Bloomberg mobile screenshots 26 minutes apart: 5:14 “Underwhelmed — Nvidia's Estimate-Topping Forecast Fails to Impress” vs 5:40 “Bullish Outlook — Nvidia: AI-Fueled Sales Surge to Extend Into 2028.” Same other headlines (Meta settlement, Putin, Treasuries/Warsh).

Tape: Sell-the-news then 2028 AI-sales rewrite in under half an hour. Standing Citrini Long XBI Short QQQ is NOT re-NEW’d. Mixed tape: print good, narrative unstable. Not a new pair.

tweet

Rubin $40B/GW vs Jensen $80–100B pump; total DC $60B/GW

QT Wall St Engine: NVDA rev/GW Hopper $18B, Grace Blackwell $25B, Vera Rubin $40B; total DC capex/GW $30B→$60B. Zephyr: why the $80–100B/GW pump a few weeks ago? Follow-up reply 2092735063125631176: “Huh?? Vera Rubin: $40B”.

Tape: Does not re-NEW last night’s Rubin rack $32B/GW card. Intensity still up (memory is why) but Jensen’s $80–100B was the high print; $40B NVDA-rev / $60B total is the call-number. Mixed vs prior hype, still bullish vs Hopper.

tweet

Astra — OpenAI “Persistent” reasoning effort

QT AiBattle: Codex GitHub spotted a new reasoning effort “Persistent” — “Continue working until put to sleep.” Zephyr one-word: Astra.

Tape: OpenAI long-running agent SKU watch (Astra). MSFT/OpenAI product cadence, not a China-lab print. Secondary to NVDA/HBM for the desk.

tweet

NVHBM / NVLink Fusion — “I like this”

QT NVIDIA AI Infra: NVLink Fusion expansion with NVHBM — next-gen HBM, memory controller in the 3D stack. Amazon Annapurna Labs first, with AWS custom silicon.

Tape: Custom HBM is the SKHY/Samsung tell. Pairs with Jukan’s NVHBM spec post. AWS as first attach is a second buyer besides NVDA GPU. Supportive 000660/HBM.

tweet

Custom NVHBM: +30% BW vs HBM4E (SKHY trademark)

QT same NVHBM/NVLink Fusion note. Specs vs HBM4E: +30% BW, −15% HBM power, +25% XPU die area. Reply tape: SKHY filed NVHBM trademark KR Jul 31 2025 / US Aug 8 2025; NVDA $279bn supply commits (from $119bn), primarily memory.

Tape: Core SKHY item. Custom stack + controller-in-HBM is a Hynix-shaped spec; trademark is not proof of sole-source. Widens qualified HBM attach (AWS/Annapurna) rather than cutting SKHY out.

tweet

Jensen: ROIC <1y on $50B data centers

QT P Equity Research / Jensen: “I heard the other day that return on investment capital is now less than a year. We're talking about $50 billion data centers.”

Tape: Demand/ROIC still the bull case vs capex-per-GW sticker shock. Supports risk-on AI infra; not a SKHY-specific print.

tweet

Kioxia ¥1tn ($6.27bn) third NAND fab, Iwate

Nikkei: Kioxia ¥1tn ($6.27bn) third NAND fab, Iwate. Production start after 2029 per reply. Same-minute link-card 2092752550663700635 not a second story.

Tape: NAND supply response, same overlay as last night’s YMTC IPO/crown tape. 2029 start is not near-term bits; still the SKHY/Samsung/WDC/SNDK overhang if the cycle stays tight into 27–28. Do not re-NEW YMTC.

tweet

DeepSeek 10x rev, 2nd round at RMB 500bn, infra RMB 11bn

The Information: Jan–Jul rev RMB 475m ($70.7m) ~10x FY2025; loss RMB 935m → 715m. GM 44.6%, API 82.9%. ARR $400–500m. V4-Pro API peak $0.87 → $3.96 (still << Kimi K3 / Opus 5). Jun RMB 50bn round; now another RMB 50bn + Shanghai IPO next year. Zephyr: that infra line is ~50k Hoppers.

Tape: China frontier-lab capex is real. Supportive NVDA/HBM. Pricing war vs Kimi/Claude still on.

tweet

GLM dropping soon

QT Techmeme: Z.ai Ox Alpha GLM. GLM-5.3 weights still the Fri 28 Aug watch.

Tape: Zhipu / China open-weight cadence.

tweet

YMTC IPO “over 2T RMB”; SNDK is $220B

Street Rmb200–300bn price / >Rmb1T post. Zephyr: higher share + China semis premium. Pairs with afternoon FT 2027 NAND crown. Also: YMTC+CXMT “over $200B combined rev at 80% GM in 2027” (Naura bid).

Tape: NAND overhang for SKHY/Samsung/WDC. China semicap bid.

tweet

Rubin NVL72 rack ~$8M → $32B per GW

230–250kW. Capex-per-GW still rising (memory is why). Home: BofA NVDA FQ2 3–4% beat/raise; watch off-balance-sheet multi-year commitments.

Tape: intensity, not a demand cut. NVDA week.

tweet

META 560 → 598, sold. Settlement is the bid

Reentered 8 days ago, averaged $560, sold $598 (HC). Gary Black sold the bottom. Home: ~$17B/10y state-AG kids settlement, $META +4% pre-mkt, verdict-risk off.

Tape: AJ booked it. Settlement bid is the tape; not a new long.

tweet

LiAuto GM: China auto “mayhem,” H1 2026 takes the cake

Wrong powertrain too long. “This is not sustainable.”

Tape: LI-specific plus China auto price war overlay on XPEV/LI vs TSLA.

tweet

NVDA asks HBM4 12-high → 8-high; Samsung/SKHY mix shift

Zdnet Korea via Jukan: Nvidia asked suppliers to change primary HBM4 config from 12-high to 8-high (thermal on Rubin, 12-high yield loss). HBM4E likely 8-high-centric for Rubin Ultra. Source: not a demand downgrade — system-level config.

Tape: mix shift, not demand cut. 8-high eases yield, lowers per-unit DRAM content. Watch bits vs ASP. SKHY/MU/NVDA chain.

tweet

YMTC planning 5 new fabs long term

QT of Jukan’s YMTC post. Thread reply: 3–5yr fab time makes 2027 crown aggressive and a price war likely. Zephyr did not push back.

Tape: structural NAND oversupply risk 2027+. Negative Samsung/SKHY NAND mix; positive China semicap.

tweet

YMTC aims for global NAND crown by end-2027

FT: overtake Samsung and SK Hynix. Shanghai IPO last week to raise Rmb33bn ($5bn) for fabs/R&D. Jukan: “faster than I expected.” Distinct from this morning’s YMTC/CXMT ex-China item.

Tape: medium-term NAND pricing risk for SKHY, Samsung, WDC/SNDK.

tweet

Dylan Patel: OpenAI profitable in Q3

Dwarkesh clip: Codex / 5.6. Top reply: “on a non-GAAP basis.”

Tape: AI-capex sustainability bid if it sticks. Supportive NVDA/AVGO/memory.

tweet

Jalapeño: design moat erodes, manufacturing remains

Barrier to chip design is collapsing. Manufacturing is the remaining moat — until robots. Who benefits as the design moat erodes.

Tape: rotation thesis — long TSMC / HBM / ABF-packaging; fade pure design premium (NVDA, ARM, AMD).

tweet

Labs co-design silicon faster than Nvidia/AMD

Because they have cutting-edge internal models. QT: GPT-Astra helped develop Jalapeño; Codex+GPT-Astra for kernels. Background: Jalapeño claimed better perf/$ and perf/W than Vera Rubin NVL72, Samsung HBM4.

Tape: custom-ASIC share-gain vs merchant GPU. Negative-at-the-margin NVDA/AMD into earnings week.

tweet

YMTC/CXMT pushing memory outside China

DigiTimes: raising the share of memory shipped ex-China. YMTC selling NAND to third-party module makers for enterprise drives. Apple evaluating CXMT/YMTC; possible US green light around Sept Trump–Xi.

Tape: China memory finding indirect NA cloud routes. Medium-term NAND/DRAM overhang — MU, 000660, Samsung.

tweet

Jalapeño chip in nine months

“It's amazing that they managed to develop the chip in just nine months.”

Tape: design-cycle compression is the shock, not the spec sheet. NVDA moat-narrowing.

tweet

Jalapeño-bullish-Cerebras argument — Jukan doesn’t buy it

Flags the idea that Jalapeño forces Meta/AWS to adopt Cerebras more aggressively. Not his view.

Tape: watch CBRS chatter and META/AMZN accelerator capex. Not a bid.

tweet

Ajinomoto ABF film shortage — AI/high-end first, 2Q26 full

Meritz channel checks: Ajinomoto tells customers of acute ABF film shortage, prioritizing AI/high-end. 2Q26 ABF lines already at full utilization.

Tape: AI-server substrate bottleneck. Positive ABF/substrate names; risk to non-AI package supply.

tweet

CXMT seen as key LPDDR6 supplier for Xiaomi Xring O3

Chinese media: CXMT expected to be a key LPDDR6 supplier for Xiaomi’s Xring O3.

Tape: CXMT moving up the LPDDR stack. Medium-term mobile-DRAM pricing risk for Samsung/SKHY.

tweet

XPeng VLA 630: gap is nowhere near 4–5 years

QT of @thinkercar on XPeng 2nd-gen VLA 630 upgrade. “Not a one horse race.”

Tape: continues the long-XPEV / fade-TSLA autonomy-gap trade.

tweet

Cybertruck +6–7% after volume collapse

Standard & Premium hike, framed as loss-per-unit repair. AJ: TSLA sells Cybertrucks at ~cost.

Tape: TSLA demand-side negative. Pricing is margin defense, not strength.

tweet

Qwen 3.8 Flash Next tomorrow — Qwen 4 architecture

125B params + 51B N-gram, 6B active. Releasing tomorrow.

Tape: China open-weight cadence. Supports BABA / Alibaba-ecosystem AI.

tweet

Blackwell getting killed at higher interactivity

Caveat: labs don’t serve users at 100+ tps/user.

Tape: mild NVDA-bear datapoint vs inference-ASIC narrative into earnings week.

tweet

Macro memo: bank liquidity regs, Bessent twist, Warsh Jackson Hole

Stayed up writing it. Not published yet. Joke Bessent post skipped.

Tape: SLR / duration-supply tease. Long XBI Short QQQ standing unchanged. No PCE print on the timeline.

tweet

US asked Seoul to build memory fabs in the US

Per local Korean media (Chosun): the U.S. government asked the South Korean government to build memory fabs in the U.S. and ensure stable memory supply.

Tape: onshore capex/cost risk for Samsung/Hynix after Monday’s dump; supply-security bid for US memory/equipment. Not a DART print.

tweet

Samsung + SK Hynix step up NAND capex in China

Samsung converting local lines to latest NAND; Hynix adding ~30k wpm H2'26–2027 (zdnet.co.kr).

Tape: NAND capex upcycle; supply risk 2027 NAND pricing. Mildly negative memory-price bulls, positive equipment; SKHY China NAND mix.

tweet

XPeng left for dead: −71% vs market while launching humanoids + global FSD

Deep dive at ajinvestmentresearch.com (+ paid HC follow-up). AJ rotating anti-TSLA / pro-China-EV into a long XPEV thesis.

Tape: dir-up XPEV / mixed vs TSLA. Earlier 20:22 HKT XPeng GM vs TSLA is before cutoff — not a NEW card.

tweet

GROQ 3 LPX in Full Production LFG

QT Wall St Engine: NVDA Groq 3 LPX low-latency inference extending Vera Rubin NVL72 in full production.

Tape: bullish NVDA inference; supports +15% accelerator hike.

tweet

#SamsungFoundry QT of Groq 3 LPX

Groq 3 LPX maybe Samsung Foundry — a foundry offset to Samsung −8.7%.

Tape: 005930 foundry color, not a bits print. Paired with Zephyr Groq 3 LPX full-production QT.

tweet

“What happened? Has another one of Leopold's funds blown up?”

AI-fund blow-up chatter. No ticker named in the post.

Tape: mixed. Overlay on NVDA week / AI-hardware bid, not a SKHY print.

tweet

Xiaomi bonding 50μm→1.4μm — “who is actually stacking this chip??”

“Extremely similar to Huawei's Logic Folding.” Advanced packaging / China stacking. Just before the 21:30 HKT cutoff; not on last evening strip (that had the 15:52 HKT TSMC-fab question).

Tape: China stacking color. Not a SKHY print.

tweet

Long XBI Short QQQ?

No new public post overnight. Exact standing text unchanged. Pin is the 2022 $SIVB short.

Tape: long biotech vs mega-cap tech. Unchanged vs the AI-hardware bid / NVDA week.

tweet

TSLA Cybercab: “none of which has been priced in, right?”

Evening still-live. Sarcastic fade of a bull arguing EV/FSD/Megapack/Semi ramps are real. Treats the Cybercab event as already in the price.

Tape: leftover, not NEW. Still fading TSLA into the event; AM add is the long-XPEV leg above.

tweet

Morning NEW pass. Cutoff newer than 21:45 HKT 27 Aug. Home on. Evening NEW kept, not re-NEW.

• NEW: Jukan SKHY CEO memory shortage through 2030; NAND 176L gap vs Samsung; Marvell CXL/CPO; GB200/300/VR200 chain.
• NEW: AJ NVDA ripping/rerating + XPeng ferry VLA 2.0. Citrini Jackson Hole memo published. Zephyr LRCX etchers.
• Home: FirstSquawk/WSJ “Nvidia halts revenue-sharing agreements with AI cloud providers.” Trump/NVDA record-sales clip. Culture-war skipped.
• Evening kept: AJ NVDA HC deep-dive; Citrini ATH; Zephyr 45GW; Jukan Rasgon/Meta KRW/tariffs/SEMCO/CXMT. BowTied lifestyle skipped.

Overall: risk-on, confidence medium (NVDA +8.7% US, SKHY CEO shortage-to-2030, Seoul chips +1.5%; BOK hike and NAND-gap are the fade). JSON: x-feed.json

Amendment: PolyPeptide (CHF CDMO) ₩2.71tn buy now funded by rights issue, not cash+debt

기재정정 of 20 Jul 타법인양수. PolyPeptide Group AG max 33,016,411 sh (~100%) at CHF 44.31 → ₩2,706.2bn (24.5% assets / 36.3% equity). Settlement target 30 Nov. Funding: 정정전 보유+차입 → 정정후 유상증자 등 (cash fallback). Draupnir 55.65% tendered; min ~66.7% FD.

DART

Rights issue 2.27m sh (~4.9%) at planned ₩1,322k → ~₩3.00tn; ₩2.71tn for 타법인 증권 취득 + ₩295bn facilities

주주배정후 실권주 일반공모. 2,270,000주 / 증자전 46,290,951 (~4.90%). 예정가 ₩1,322,000 (확정 4 Nov) → ≈₩3.001tn. 시설 ₩294.8bn + 타법인 증권 취득 ₩2,706.2bn. 할인 15%. 신주인수권 양도·상장. 기준일 6 Oct, 청약 9–10 Nov, 납입 17 Nov, 상장 30 Nov. 이사회 28 Aug. 공매도 제한 31 Aug–4 Nov. 27 Aug 종가 ₩1,594,000.

DART

제31기 cash dividend ₩8,900/sh (81.4% of ₩11,030 close); KRX limit-exceed

총액 ₩359.56bn. 1주당 ₩8,900 vs 26 Aug 종가 ₩11,030 (시가배당률 81.4%, 가격제한폭 초과). 기준일 31 Aug. 주총 6 Nov, 지급 주총 후 1개월 이내. 제31기 1 Jun–31 Aug (3개월). 예정액, 감사·주총에서 변경 가능.

DART

Samsung Memory Wafer Tester PO ₩162.2bn (59.5% of 2025 sales) through Jun 2027

삼성전자 메모리 웨이퍼 테스터. ₩162.15bn (VAT 제외) vs 2025 연결 ₩272.63bn (59.48%). 26 Aug 2026–30 Jun 2027. 선수금 무. 납품 90% / SET UP 10%. 자체생산. 3년 동종 해당.

DART

Gochang offshore wind turbines ₩99.3bn (247% of 2025 sales); halt 13:57 +30m

동촌풍력발전. ₩99.29bn vs 2025 연결 ₩40.27bn (246.57%). 26 Aug 2026–18 Jun 2030. 선급 10% / NTP 20% / 기성 60% / 준공 10%. POSCO E&C 분담이행, 당사 터빈분. 정지 13:57 30분.

DART 계약 DART 정지

Mobis NA prismatic REEV pack line US$15.25m (12.35% of 2025 sales) through Apr 2027

각형 REEV 배터리 조립라인. ₩21.12bn / US$15.25m @ 1,384.60. 2025 연결매출 ₩171.0bn 대비 12.35%. 27 Aug 2026–30 Apr 2027 FOB. 선수금 20% / 납품 40% / 설치 30% / 검수 10%. 자체생산.

DART

14CB holders pass: drop put, add collateral, staged buyback/cancel (court still needed)

엔켐 14CB (KR6348371EB6). Put 삭제 + 담보 + 단계적 매입·소각·만기 할증. 법원 인가 전. 원공시에 잔액 ₩ 없음.

DART

Yongin Cluster HVAC+fire (SK Ecoplant) ₩33.5bn → ₩45.1bn (45% of 2023 sales)

원공시 19 Mar 2025 정정. +₩11.66bn. 2023 연결매출 대비 33.43% → 45.07%. 13 Mar 2025–30 Jun 2027. 선수금 무.

DART

US ESS X-ray inspect PO US$3.58m (12.85% of 2025 sales) through 2027

ESS용 2차전지 검사장비. ₩4.96bn / US$3.58m @ 1,384.60. 2025 연결매출 ₩38.57bn 대비 12.85%. 27 Aug 2026–31 Dec 2027. 선수금 0%. 상대방 비공개.

DART

Alliance Memory PO US$8.95m (23.1% of 2025 sales), 100% prepaid, NC

메모리 공급. ₩12.39bn / US$8.95m @ 1,384.60. 2025 개별매출 ₩53.62bn 대비 23.1%. 27 Aug–30 Nov. 선수금 100%, 취소불가. 팹리스 외주. 3년 동종계약 해당.

DART

₩2bn Samsung trust done; cancel 627,546 shares (2.1%) on 7 Sep

삼성증권 신탁 ₩2.0bn 취득완료 해지. 자기주식 627,546주(발행 29,676,475의 2.1%) 전량 소각 7 Sep. 장부가 ₩2.0bn. 자본금 불변.

DART 소각 DART 신탁해지

Hankyung JP-broker rumor: reviewing a deal, not with Toss, nothing signed

한경 ‘미래에셋ㆍ토스, 日 증권사 인수’. Mirae: reviewing a Japan broker independently of Toss; nothing confirmed. Re-file by 23 Sep or when set.

DART

Phase 1 GB-5001A (donepezil LAI) vs Aricept — no SAE, SS by dose 3–4, Cav ~ oral 5mg

140mg IM q4w ×4. Multi-dose n=10 (8/2). ADR 12.50% (1/8); no SAE/death/dropout. Cmax,ss 24.93 / Cav,ss 20.32 vs oral 5mg Cav 22.65, Cmax 32.08. 70–280mg judged safe. CSR draft 26 Aug. Follow-on trials.

DART

KHNP Hanul NPP water-treatment O&M — ₩33.10bn, 7.82% of sales

한국수력원자력, 한울본부 수처리설비 운전·경상정비. ₩33.10bn ex-VAT vs 2025 cons. sales ₩423.4bn. 1 Sep 2026–31 Aug 2029. Same-type work last 3 years (자율공시). 3-year spread, partly in the run-rate.

DART

Two 3rd-party raises ~₩6.0bn, ~43% of common, −10%

Pair: (1) 제3자배정 to 김승준, 2.31m sh @ ₩1,301, ₩3.00bn, 1-year lockup. (2) 소액공모 2.53m sh @ ₩1,188 planned, ₩3.00bn. Both 운영자금, 납입 3 Sep. Current ordinary 11.20m → +4.83m (~43%).

DART

License-in Opakalim (BHV-7000) — USD 795m headline, USD 400m upfront

Exclusive worldwide from Biohaven Ireland. Max ₩1.10tn (USD 795m). Upfront USD 400m (350 at HSR close + 50 +1y, non-refundable). Milestones max USD 395m. = 156% of 2025 cons. sales. SKBP pays ongoing RISE2/3 trials. Conditional on HSR.

DART

Small-scale absorption of SKIET — 1 : 0.1174540, no premium

SKI absorbs listed sub SK아이이테크놀로지. Price SKI 125,862 / SKIET 14,783. Issues 4.48m sh, ₩564bn (~2.6%). SK stake 52.09% → 50.74%. SKIET is the disappearing name; formula take-under vs 24 Aug close 15,310.

DART

SPA terminate confirmed — ₩3.4bn deposit stays with sellers

New rcp vs the AM keep. 구정모 외 6인 2.80m sh SPA terminated 25 Aug on 2nd installment default. 계약금+중도금 ₩3.4bn stays with sellers, not the company.

DART

CNC VTL to TEI Turkey — ₩7.80bn, 25.5% of sales

Aero/defense engine parts. USD 5.65m, 25 Aug 2026–24 Apr 2027. Repeat customer. 35/50/15 T/T.

DART

AI OS Runway + solutions — ₩2.35bn, 20.51% of sales

Domestic, counterparty withheld to 2029. 18 Aug 2026–31 Dec 2027; 선급 ₩0.3bn. Also closes the Jul/Aug 조회공시.

DART

Hungary prismatic auto notching dies — ₩4.80bn, 16.74% of sales

Counterparty withheld. 25 Aug 2026–31 Oct 2027. Repeat customer. 20/70/10.

DART

KRW 10bn private CB — 140% conversion, no refix floor

시설자금. 0% coupon, maturity 2031-09-03. Conversion ₩5,106; 1.96m sh = 5.10%. Put 30m; issuer call 50% from 12m. 납입 3 Sep. Subscriber unnamed.

DART

EGM passed 10-for-1 capital reduction (90%)

무상감자 결손보전. 59.6m → 5.96m sh. Halt 9 Sep–6 Oct; new listing 7 Oct.

DART

₩9.66bn into 100% US sub (Maryland campus)

USD 7.0m, 15.3% of parent equity. Sub 2025 sales ₩60m, NP −₩930m. 납입 8 Sep.

DART

2026 CEO Investor Day — OP margin 9+%, TPR wording

2030 horizon. TSR → Total Payout Ratio. Mega-cap target, not a gap print. Pre-announced 소각 skipped.

DART

Preferred bidder — 35MW Shinan solar EPC+O&M, ≥5% of sales

Amount not fixed. Two contracts to follow. Preferred bidder only.

DART

Dongseo Power Dangjin #6 overhaul — ₩15.7bn, 6.22% of sales

자율공시. 한국동서발전 당진 6호기 A급 보일러 계획예방정비. KRW 15.666bn, 6.22% of 2025 consol. sales (₩252bn). 31 Aug–16 Nov. Repeat counterparty, signed 25 Aug, no advance. Last 11,900 pre-open, mcap ~₩179bn → contract ~8.7% of mcap.

DART

Control-change SPA terminated — 2nd installment unpaid

구정모 외 6인 25.82% @ ₩8,000 (₩22.4bn) SPA auto-terminates after ₩7.0bn 2nd installment missed 25 Aug. Buyer had already swapped to 리앤고파트너스. ₩3.4bn already paid is forfeit to sellers, not the company. Last 4,410 already ~45% below deal. Illiquid; 8–20% tail if gap-and-go.

DART

Exclusive license for GPC-100 (Burixafor) — ₩6.5bn cash, big milestones

Buys exclusive license from GPCRT for GPC-100 (CXCR4 antagonist) + combo method. Cash ₩0.5bn due 26 Aug + ₩6.0bn due 24 Nov (₩6.5bn). Last FY sales ₩16.90bn → cash is ~38% of sales. Conditional on regulator OK; can terminate on R&D halt or approval fail. Milestones to originator GPC-R: MM NDA ₩30bn, SCD NDA ₩20bn, AML NDA ₩20bn, plus sales-tier fees; running royalty 10% of net sales.

DART

Board opinion on SJ Partners 2nd tender — take-private / delist path

SJ Partners (One-Hundred Partners 100%) 2nd tender 10 Aug–2 Sep for remaining 5,742,701 sh after buying 9,742,319 on 7 Aug. 1st tender 29 Jun–5 Aug targeted 15,485,020 sh (36.15% of 42.84m, ex largest holder Kim Young-chan + treasury). Holders: Kim Won-il 43.37%, Kim Young-chan 10.65%, SJ Partners 22.74% (76.76% combined), treasury ~9.8%. Goal: 100% sub then delist.

DART

Delisting clock: 56 days below ₩20bn mkt cap, 0 days above

Management-issue since 5 Jun (30-day mkt-cap miss). After 90 trading days must have 10 consecutive days ≥₩20bn or 30 days cumulative. As of 25 Aug close: 56 days elapsed, 56 days under ₩20bn, 0 days over. At 61 days under, the 30-day-over test is mathematically dead and delist process starts.

DART

Delisting clock: 10 more days under ₩20bn can force delist

Management-issue since 3 Jul. Needs 45 consecutive days ≥₩20bn within 90 trading days. 36 days elapsed, 0 consecutive days over. If mkt cap stays under ₩20bn for 10 more consecutive days, delisting can proceed.

DART

Unfaithful-disclosure pre-notice — late CEO-change filing

Type: disclosure failure. Event 27 Mar, filed 30 Jul, pre-notice 25 Aug. Decision deadline 17 Sep. Trailing 1-year penalty points 0.0. If designated and this case ≥8 pts, 1-day halt; ≥10 trailing can trigger substantive review.

DART

Management-issue warning — close under ₩1,000 for 25 sessions

KOSDAQ rule: close <₩1,000 for 30 consecutive sessions → management issue. As of 25 Aug, 25 sessions under. Five more sessions from 26 Aug and it can be designated.

DART

Control change: ₩13bn 3rd-party to a 1-month-old shell

Siwon Innotech (₩990m equity, no sales) becomes largest holder 15 Sep. Plus ₩8bn CB (18% if converted) and a ₩4.5bn old-CB buyback.

DART

Unfaithful-disclosure warning — paid-in date slipped 6+ months

Pre-notice, decision 16 Sep. Zero points on the clock, so halt is not the base case. Tiny name still gaps on these.

DART

Buys 90% of Future Hitech (semi test gear) for ₩34bn

11% of assets, 13% of equity. Kids-book publisher walking into semiconductor equipment. FTC filing required.

DART

Humanoid-robot reducers — ₩1.92bn, 27% of FY sales

Unnamed Korean OEM, through Apr 2028. No down payment. Tiny reducer name; 27% of sales is the gap.

DART

Ansan plant ₩55.5bn, 57% of equity

Eye-drop/solid-dose building + warehouse through Sep 2029. Includes the Nov 2025 ₩9.5bn. Capacity up, cash out mostly in 2027.

DART

Ammonia cargo to PHILPHOS — ₩3.71bn, 29% of FY sales

USD 2.68m, T/T, through 27 Dec. Spot trade, not production. Tiny name; 29% of sales is the gap.

DART

LGD Vietnam OLED laminator — ₩5.8bn, 18% of FY sales

USD 4.15m, 90% down, through Nov 2027. Small tool name; 18% of sales is the gap.

DART

MOBIS NA HEV inverter — ₩20bn, 11.8% of FY sales

USD 14.6m, FOB, through 15 Apr 2027. Straight equipment print.

DART

Rehab abolished — no plan filed

Court (2025회합196) ended rehab 20 Aug, confirmed today. Next is likely bankruptcy. Tiny name, may already be halted.

DART

Genentech takes HM17321 — $190m up front, $2.31bn headline

LA-UCN2 agonist, worldwide ex-Korea. Milestones $2.12bn + royalties. Cash is the $190m; the rest is binary. Parent filed the same notice.

DART

Expo 2027 Montenegro — ₩73bn, 43.5% of FY sales

EUR 45m pavilion job through Dec 2027. Huge vs a ~₩70bn name. Collection/execution risk, but the % is the gap.

DART

AI NPU ASIC — ₩18.2bn, 15% of FY sales

Signed 12 Mar, disclosed now. Mix $8.7m + ₩5.4bn. Delayed, so some of it may be in the price.

DART

FY swing to ₩7.4bn profit vs a loss

Sales +6.7% to ₩178bn, OP +27% to ₩8.4bn. Unaudited. Triggered the 30% P&L-change rule.

DART

Daesan NCC shutdown story: not confirmed, plan was rejected

Creditors rejected a ~₩1.2tn restructuring plan 23 Feb. Still looking at NCC cuts. Firm answer in 6 months.

DART

US Big Tech DC substation — ₩231bn, 4.65% of FY sales

Via LS ELECTRIC AMERICA. Signed 8 Jun, amount locked 21 Aug, through 30 Jan 2027. Same print at parent LS — count once.

DART

Old job marked up: ₩143bn → ₩193bn (12.3% of sales)

Correction, not a new award. End date slipped to 30 Apr 2027. Small-cap construction; +₩50bn can still print. Holdings 060980 is the same filing.

DART

Supply contract KRW 21bn — 14.9% of last FY sales

Hoffman Construction (US, Idaho), PFC abatement gear, USD 15.1m, 21 Aug 2026–30 Jul 2027. Large vs 141bn FY sales. Not a rumor; DART during the cash session.

DART

CTP51 Keytruda biosimilar — Korea product-license application

Application, not approval. Small positive if the street was not already counting a KR filing; not a rerating on its own.

DART