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. 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.

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.

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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.

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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.

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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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OpenAI × Jony Ive consumer device “soonish”

QT Alex Heath: first consumer device with Jony Ive will sit on a table; table/pocket/wearable form factors in play.

Tape: OAI hardware narrative. Edge/device silicon longer-dated; not a same-day HBM print.

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MRVL −11%; AJ warned into print and nailed EPS $0.94

AJ: “Bullseye! Marvell is down 11%. We warned investors 11 hours ago that the stock was unattractive going into earnings.” Follow-up: estimated $0.94, Marvell reported $0.94 (0% error vs Street). HC promo + member P&L flex folded here.

Tape: AJ short/avoid scored. Fades the morning Marvell CXL/memory-scarcity card on the stock tape even if the product narrative holds.

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AI Semiconductor Endgame 2026 (III) — must-read QT

Jukan flags an essay on next ARR growth after coding, the AI infra bubble, open vs closed economics, and why the AI semi buildout lasts longer than the internet buildout.

Tape: framing piece, not a ticker print. Supports long-cycle AI-semi / HBM demand.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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#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.

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“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.

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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.

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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.

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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.

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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

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

Buyback+cancel 488,095 KDR (~3.75%) / ₩4.1bn; open-market 31 Aug–28 Nov

자기주식취득결정. KDR 488,095주 / ₩4.10bn (27 Aug 종가 ₩8,400 기준). 2026-08-31~11-28 코스닥 장내. 목적 매입·소각 주주환원. 위탁 교보증권. 취득전 자사주 1,333,460 (10.24%). 1일 실효한도 9,253 KDR. 이사회 28 Aug. Live ~₩9,610 (+14.4%) on thin volume — partial in tape.

DART

Jinjeop 4 district apartment construction ₩281.7bn (20.3% of 2025 sales); 36m from start

공사수주 진접4지구 공동주택. 진접도시개발. ₩281.70bn (VAT 별도) vs 2025 연결 ₩1,387.60bn (20.30%). 남양주 진접읍 금곡리. 실착공일부터 36개월. 선급 무 / 기성불. B2–29F 아파트·근린. 인허가·진행 시 기간·금액 변동 가능. 수주일 28 Aug.

DART

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