Morning report stub
Weekday 7:30 HKT. First live fill is Monday. Until then this is the last-month research pack.
Priority book: SKHYNIXUSDT ↔ xyz:SKHX · ADR pair is a monitor · majors only if this book is dead.
SK Hynix map
Korea line
000660 / SKHYNIX / xyz:SKHX
KRX cash · BN tradfi perp · HL HIP-3. Last month BN funding sum +3.40%, HL +2.02% (23 Jul–22 Aug UTC). Sit short rich perp / long other leg paid ~$1.4k on $80k after one RT.
ADR line
SKHY / xyz:SKHY
1 ADS = 0.1 share. BN vs SKHYNIX/10 premium median +34.7% last month (min 20%, max 43%). Funding almost flat. Do not mix scales with SKHX.
SKHYUSDT vs SKHYNIX/10 premium + BN funding
Share-equivalent hedge is 10 SKHY per 1 SKHYNIX. Dollar hedge leaves leftover Hynix beta.
BN vs HL (Korea pair)
Taker 19 bp RT. Do not flip every window. HIP-3 may be thinner than 1.5 bp slip.
US / AJ
| Ticker | Follow | Note |
|---|---|---|
| MU | Y | Cheapest PEG in 22 Aug AJ article |
| XPEV | Y | AJ $12.20 / ~$11B call 21 Aug |
| META / AMD | Y | Corridor entries after the dump |
| ORCL | Y | Wait, don’t chase |
| PLTR / AAPL | N | Expensive growth |
| EOSE | avoid | AJ red flags |
Source @alojoh subscriber article 22 Aug 2026. Weekend recap, not intraweek.
Korea / KRX
Last week 17–21 Aug: Mon Liberation Day (KRX shut). Wed 000660 −9.75% then Thu +12.7% after ₩40조 buyback/cancel. Foreigners net sold the week (Yonhap/KRX). Official daily MDC still missing. KIND + DART + data.krx flows/shorts stay on the morning report.
X · priority
Five handles only · logged-in Chrome CDP :9224 · 24 Aug 2026 07:43 HKT. Cutoff: newer than 23 Aug 22:22 HKT. Pins/lifestyle skipped.
HBM4E 16 Gbps on Samsung slide
PHY IO in B-die chart: HBM4E marked 16 Gbps. DQ count steps ~1024→2048 from HBM4; HBM5 DQ speed ~24 Gbps on the same chart.
Tape: 000660 / 005930 / MU HBM mix; NVDA rack BW still HBM-bound.
tweetFeynman Ultra ~100 TB/s via 16× HBM5
Quote of the HBM4E slide. Math: 6.4 TB/s per HBM5 stack × 16 = 102.4 TB/s.
Tape: NVDA next-gen still stack-count/speed; SKHY/Samsung/MU.
tweetSamsung roast of Micron HBM4 base die
Laugh-only quote of Irrational Analysis: Samsung presenter saying Micron’s DRAM-process HBM4 base die is a bad idea.
Tape: MU custom logic-die path contested. Not a SKHY negative.
tweetEMIB named on SK hynix 2.5D/HBM slide
Slide lists EMIB next to CoWoS-S/R/L; stress chart CoWoS-S vs CoWoS-L on HBM/interposer.
Tape: SKHY on Intel-style EMIB vs TSMC CoWoS. Packaging yield/stress, not a bits print.
tweetNAND names weak despite ~7× price-up
Objective Analysis slide “Most of Growth is from Pricing”: branded DRAM spot ~7.1×, NAND ~6.9× from mid-2025. Caption is why NAND stocks have been weak. Slide is price, not volume.
Tape: SNDK / MU NAND lag vs HBM/DRAM.
tweetRobotaxi $100k revenue/vehicle ignores cost
Reply to Kalshi (not on Posts tab). Cybercab needs a lot of paid miles; several quarters to cash-flow positive. No new public subscriber article.
Tape: fades TSLA robotaxi-revenue headlines vs yesterday’s Citizens IRR clip.
tweet3D DRAM PDN “will be a nightmare”
Quote of Raptor 3D-DRAM vs HBM4 hype (F2F TSMC N4 logic, claims 100+ TB/s but 32 GB vs HBM4 192 GB): logic-on-memory power delivery is the blocker.
Tape: 3D DRAM not a near-term HBM killer. Softly defensive SKHY/MU/Samsung HBM.
tweetUS “less democratic” on AI to catch China
Lunch color, not a ticker print. Counterpart looked at him like he was crazy.
Tape: geo/industrial-policy color on the AI race.
tweet36y: 4× on $1M = $4M
Reply doubling down on yesterday’s 30y homes/S&P post. Quote of ~4% inflation, COL doubles every 18y. Lifestyle $200k-burn reply skipped.
Tape: long-duration SPX/housing. No SKHY call.
tweetLong XBI Short QQQ?
No new public post since last run. Exact standing text unchanged. Pin is the 2022 $SIVB short.
Tape: long biotech vs mega-cap tech. Still fights the HBM/NVDA-hike tape.
tweetX · tape sentiment
Home (For you + Following) scraped from logged-in box Chrome. Culture-war / lifestyle skipped. Custom TSLA list was stale 2025 posts — unused.
- @wallstengine: Hugging Face exploring $13B+ sale (Business Insider; no deal yet). AI M&A, not a model-lab print.
- @EliteOptions2: Nasdaq 6 straight red days; getting interested long. Wednesday Core PCE + NVDA earnings same day.
- @based16z: most volatile/reflexive assets; weekly OTM calls should be selling sub-50 vol. Tactical vol, not a ticker.
- @AMD: planning AI infrastructure for 2027 — start with the workload. Promo, mildly AMD.
- WSJ Opinion still on For you (pre-cutoff): AI bubble may deflate, not burst; transformation slower than sold.
- Kalshi $100k robotaxi revenue/vehicle is the parent of the AJ reply — counted under @alojoh.
- Citrini: none new. Standing exact text “Long XBI Short QQQ?”
- Priority new tape: HBM4E 16 Gbps / Feynman 100 TB/s / SKHY EMIB vs NAND lag + TSLA unit-econ fade.
Overall: mixed. Lean = HBM roadmap risk-on, NAND/TSLA robotaxi cautious, Nasdaq 6 red into Wed PCE+NVDA. JSON: x-feed.json
MOBIS NA HEV inverter — ₩20bn, 11.8% of FY sales
USD 14.6m, FOB, through 15 Apr 2027. Straight equipment print.
DARTRehab abolished — no plan filed
Court (2025회합196) ended rehab 20 Aug, confirmed today. Next is likely bankruptcy. Tiny name, may already be halted.
DARTDART · material KR
Live after 23 Aug 2026 22:17 KST · KOSPI/KOSDAQ · last scan 24 Aug 2026 15:35 KST
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.
DARTMOBIS NA HEV inverter — ₩20bn, 11.8% of FY sales
USD 14.6m, FOB, through 15 Apr 2027. Straight equipment print.
DARTRehab abolished — no plan filed
Court (2025회합196) ended rehab 20 Aug, confirmed today. Next is likely bankruptcy. Tiny name, may already be halted.
DARTGenentech 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.
DARTExpo 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.
DARTAI 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.
DARTFY 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.
DARTDaesan 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.
DARTUS 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.
DARTOld 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.
DARTSupply 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.
DARTCTP51 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