Macro Whisper

[Serenity @aleabitoreddit]

For anyone watching the 25%+ premium in $SKHY versus SK Hynix's Korean shares:

The ADRs and local shares become convertible on July 29.

Should open the door for arbitrage and likely compress the ADR premium. Maybe lifting Korean shares or pressuring US shares.

2.5% currently is the US ADR stock, so an additional 22.5% can be converted.

[Justin Trader @Justin__Trader]

$SKHY and $MU are both lower today as the memory chip selloff deepens.
Overnight, South Korea’s KOSPI dropped sharply (over 6%) with SK Hynix shares falling double digits after China’s ChangXin Memory Technologies (CXMT) advanced plans for a sizable IPO to expand DRAM capacity. That news revived investor fears of a potential supply glut just as valuations in the AI memory trade had become stretched following the massive run-up earlier this year. U.S. listed $SKHY and $MU are tracking the weakness, with semiconductors leading the downside in pre-market and early trading.
The AI-driven HBM shortage narrative remains intact into 2027, and both companies continue to benefit from sold-out capacity and elevated pricing. However, the market is now pricing in the risk that aggressive capacity additions — from SK Hynix’s own expansion funded by its recent Nasdaq listing, Micron’s new fabs, and now Chinese supply — could eventually ease the tightest conditions. Forward earnings estimates for the group are still rising, but the near-term multiple compression is real after the stocks more than doubled (in some cases tripled) in a short period.
I view the current pullback as a classic valuation reset in a still-strong secular story rather than a fundamental break. The key variables to watch remain HBM allocation, long-term supply contracts, and any signs that CXMT or other new capacity is actually ramping meaningful volume sooner than expected.

[StockNewsRoom @S_NewsRoomCOM]

$MRVL -3.2%: Marvell is getting sold off with the semis after TSMC raised capex outlook and the tape decided that stronger demand might actually be a reason to take profits. The AI trade is doing its usual thing: calling every good headline a valuation problem.

[Shay Boloor @StockSavvyShay]

South Korea is suspending new single-stock leveraged ETF listings after more than a dozen funds launched around $SKHY and Samsung.

The move comes just after the central bank raised rates to 2.75% for the first time in more than three years.

[TheBigBerbowski @TheBigBerbowski]

South Korea will temporarily halt new listings of single-stock leveraged exchange traded products to curb market volatility after a surge in popularity of funds tied to Samsung and $SKHY.

The ban will remain in place until market conditions stabilize, the Financial Services Commission said in a statement Thursday.

Authorities will also raise the minimum deposit requirement for leveraged ETFs to 30 million won ($20,300) from 10 million won effective Aug. 5.

Not a bad move. Would be better to permanently ban them, but it's something. $MU $SNDK $EWY

[Wall St Engine @wallstengine]

NEW YORK TO ENACT THE FIRST STATEWIDE DATA CENTER MORATORIUM IN THE U.S., PER NYT.

Gov. Kathy Hochul will pause approvals for new hyperscale data centers using 50MW+ of power for one year while the state studies energy, water and environmental impacts.

The order takes effect immediately, but does not affect projects that already have required permits. Hospitals, universities and back-office financial services are not expected to be impacted.

[Wall St Engine @wallstengine]

INDIA 🇮🇳 ANNOUNCES $13.3B NEW SEMICONDUCTOR MAKING PLAN

[Shay Boloor @StockSavvyShay]

New York becomes the first U.S. state to halt new hyperscale data centers using 50MW or more of power.

$NBIS, $CRWV, $IREN, $CIFR, $SHAZ, $WYFI, $WULF

[Eric Daugherty @EricLDaugh]

🚨 AWESOME! President Trump posted that a massive Japan trade and investment deal will result in +$650 BILLION IN PROFIT for the United States...

...with the trade deficit "ELIMINATED" 🔥

We love Japan! 🇺🇸🇯🇵

[Macro Whisper @FlowinBiz]

@StockSavvyShay The solution $BTQ

[Shay Boloor @StockSavvyShay]

Fed Chair Kevin Warsh warns the world is moving quickly on quantum computing and the U.S. must harden its technology.

“We’ve got enormous talent at the federal level but we have to move with it.”

$IONQ, $RGTI, $INFQ, $QBTS, $IBM, $GOOGL, $MSFT

[Coin Bureau @coinbureau]

🇰🇷BREAKING: South Korea moves to officially recognize CRYPTO as a national asset.

The proposed law will include virtual assets and intellectual property alongside government-owned land and real estate, replacing rules dating back to 1950.

[Shay Boloor @StockSavvyShay]

$TSM JUNE REVENUE JUMPED 68% YOY TO $13.8B

[Jim Cramer @jimcramer]

And SK Hynix is hostage is leveraged to ridiculous leveraged ETFs!! We are about to be devoured by a three team parlay of Hynix, Samsung and SanDisk

[Followin 华语 - 热点风向标🫡 @followin_io_zh]

刚刚消息，三星也计划赴美发行 ADR，如果成真，这可能并非存储股的新一轮利好，反而更像是这个周期开始进入“筹码重估阶段”。

海力士美国 IPO 刚刚已经给市场打了个样。

$SKHY 首日收涨12.8%，融资265亿美元，但随后韩国本股大跌。表面看是上市利好兑现，背后其实是三个问题同时出现：

-美国ADR与韩国本股重新定价
-大规模新股供给带来稀释和资金分流
-股价上涨太多后，市场开始从“利润有多高”转向“高利润还能维持多久”

所以海力士ADR可以是这轮回调的导火索之一，但不是根本原因。真正的问题是：存储公司的业绩还在创纪录，股价却已经不再奖励好消息。三星二季度利润大超预期后，股价依然下跌6.9%，这说明预期已经跑到了基本面前面。
如果三星也来美国上市，影响会比海力士更复杂。

短期看，三星可以��得更大的美国投资者池，缩小“韩国折价”，甚至吸引一批此前只能通过 $MU 交易存储周期的资金。三星自己的估值可能受益。

但对整个板块未必是好事。

美国市场原来只有 $MU 这个大型存储代理，海力士上市后，MU的“美股稀缺溢价”已经被分走；如果三星再进来，美国投资者将同时拥有三星、海力士和美光三个选择。资金不会凭空增加，只会在三家公司之间重新分配。

更关键的是发行结构。

如果只是把存量股票转换成ADR，影响主要是流动性和估值重构；如果三星像海力士一样发行大量新股融资，那市场面对的就是两种供给同时增加：

一边是股票供给，一边是未来存储产能供给。

对存储股来说，这通常不是最��服的组合。尤其当三星和海力士都选择在股价暴涨、利润创纪录时融资，市场很容易把它理解成：管理层正在利用高估值，为下一轮扩产提前筹钱。

这里判断是，三星ADR消息短期可能刺激三星反弹，但会继续压制存储板块整体估值，$MU 和 $SKHY 都可能面临资金分流。只有当市场确认三星不进行大规模稀释，同时新增产能不会破坏2027年的供需格局，这件事才会从“筹码利空”转化为真正的估值利好。

过去一年，市场交易的是AI内存的稀缺。

接下来市场要回答的是：当三大存储厂都能赴美融资、同时加速扩产之后，这份稀缺还能剩下多少？

[Jukan ✈️OCP 2026 @jukan05]

SK hynix Accelerates Construction of Yongin “Y1” Fab, Begins Equipment Orders

SK hynix has begun full-scale preparations for the construction of its new memory production base in Yongin. The company is understood to have recently started placing orders with key suppliers for advanced DRAM manufacturing equipment. The initial investment under discussion is for production capacity of approximately 20,000 wafers per month.

According to semiconductor and equipment industry sources on July 14, SK hynix is currently placing equipment orders for its Yongin Y1 fab.

Pilot Production Line to Be Established in February Next Year as Equipment Suppliers Step Up Preparations

Y1 is the first fab at the large-scale semiconductor cluster that SK hynix is developing in Wonsam-myeon, Cheoin-gu, Yongin, Gyeonggi Province.

The first fab will consist of two structural buildings and six cleanrooms. Construction is currently underway on the first cleanroom, or Phase 1. SK hynix had originally planned to open Y1 Phase 1 in May next year, but has decided to bring the schedule forward slightly to February.

In line with the revised timeline, SK hynix is understood to have begun placing orders with several key suppliers for equipment to be installed at Y1 Phase 1. The company plans to begin establishing a pilot production, or “one-pass,” line in February next year. Full-scale equipment installation aimed at expanding production capacity to approximately 20,000 wafers per month is expected to follow immediately in March or April.

The targeted product is sixth-generation 10-nanometer-class, or 1c, DRAM. 1c DRAM is the most advanced generation of DRAM currently in commercial production and is used in high-value-added DDR and LPDDR products for AI applications.

SK hynix also plans to use 1c DRAM in seventh-generation high-bandwidth memory, HBM4E, which could enter full-scale commercialization as early as next year.

Companies that have not yet received equipment orders are also accelerating their preparations. This is because SK hynix is moving forward the schedule for negotiating equipment sales prices ahead of the installations.

“SK hynix normally conducted sales price negotiations toward the end of the year, but it has decided to begin the process from the start of the third quarter,” an official from the semiconductor equipment industry said. “This is preliminary work intended to bring equipment into Y1 Phase 1 as quickly as possible.”

Meanwhile, SK hynix is reportedly formulating a strategy to accelerate the development of the large-scale Yongin semiconductor cluster in response to current semiconductor supply and demand conditions.

The Yongin semiconductor cluster, which will involve a total investment of KRW 600 trillion, will consist of four fabs. The completion of the fourth fab had originally been targeted for 2045, but the company has brought the timeline forward by 12 years to 2033.

Another equipment industry official said, “SK hynix is expected to begin constructing the cleanrooms for Y1 Phases 2 and 3 in the second half of this year. Overall, the fab construction schedule is extremely tight.”

[Eric Daugherty @EricLDaugh]

🚨 WOW! President Trump announces HE'S DONE with Iran, the attacks are back on, missiles are being launched and America will CONTROL the Strait of Hormuz

"They wired differently, and we're NOT going to put up with it. We are just going forward, we're attacking them tonight, and we're taking out all of their capability for anything having to do with the strait, and I think in the end, we will end up just controlling the whole thing, and what they're doing is being very foolish!"

"Very stupid, and they've treated people horribly, they've killed 52,000 protesters so far that we can determine."

[Shay Boloor @StockSavvyShay]

The 2x leveraged SK Hynix ETF $SKHX begins trading tomorrow 😳

[unusual_whales @unusual_whales]

TRADERS WATCH OUT FOR THIS COMING TOMORROW MORNING

The Leveraged and Inverse single stock ETFs on SK Hynix $SKHY stock will begin trading tomorrow at 4AM ET ... here are the tickers to watch out for:

$SKHX - 2x Long SK Hynix ETF
$SKHZ - 1x Short SK Hynix ETF