Markets desk

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.

SKHYUSDT vs SKHYNIX/10 premium + BN funding

Share-equivalent hedge is 10 SKHY per 1 SKHYNIX. Dollar hedge leaves leftover Hynix beta.

Taker 19 bp RT. Do not flip every window. HIP-3 may be thinner than 1.5 bp slip.

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.

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.

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.

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Feynman 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.

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Samsung 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.

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EMIB 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.

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NAND 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.

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Robotaxi $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.

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3D 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.

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US “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.

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36y: 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.

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Long 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.

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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

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