29 and in Shanghai, Shenzhen, and here in Hong Kong, you're watching the China show. I'm Yvonne Man with David English. Good morning.We are counting down to the open of markets in greater China. Our top stories today, the dollar at its lowest in almost four years. Stocks rising ahead.Also, the fed decision. President Trump says he is not concerned about the currency slide. No, I want it to be just like it's our level, which is the fair thing.You could have it. I could have it go up or go down like yo yo. UK ...

Summary of SK Hynix Conference Call Company Overview - **Company**: SK Hynix (000660.KS) - **Industry**: Memory Semiconductors Key Points Industry Trends - The memory market is transitioning towards **semi-customization**, requiring customers to negotiate and sign contracts at least a year before delivery [2][3] - The most notable product in this shift is **High Bandwidth Memory (HBM)**, with expectations that even commodity memory will become increasingly customized post-2028 due to AI adoption [2] Financial Projections - **2026 Operating Profit (OP)** is projected at **W150 trillion**, a 33% increase from previous estimates, driven by robust demand in AI capital expenditures [4] - **Target Price (TP)** raised to **W1,400,000** from **W900,000**, indicating a potential upside of **90.2%** from the current price of **W736,000** [6][10] Valuation Methodology - The valuation approach is shifting from **Price-to-Book (PBR)** to **EV/EBITDA SOTP** to better reflect the profit growth outlook for customized memory products [3] Earnings Summary - **2023 Net Profit**: -W9,206 million - **2024 Net Profit**: W19,789 million (EPS growth of **314.9%**) - **2025 Net Profit**: W42,200 million (EPS growth of **113.3%**) - **2026 Net Profit**: W114,779 million (EPS growth of **172.0%**) [5] ASP and Shipment Growth - **2026 Global DRAM/NAND Average Selling Price (ASP)** expected to grow by **120%** and **90%** YoY, respectively [4][11] - **DRAM Shipment Growth** projected at **24.4%** for 2025 and **21.0%** for 2026 [11] - **NAND Shipment Growth** expected to be **17%** in 2025 and **29%** in 2026 [11] Market Capitalization - Current market capitalization stands at **W535.81 trillion** (approximately **US$370.45 billion**) [6] Additional Insights - The shift towards semi-customization necessitates a new valuation methodology to capture the future value of the memory industry effectively [2] - The emergence of customized memory products is likened to a foundry-like business model, similar to that of TSMC [3] Conclusion - The strategic shift towards semi-customization in the memory market, combined with robust financial projections and a revised valuation methodology, positions SK Hynix favorably for future growth and investment opportunities.

Core Viewpoint - Micron Technology is experiencing significant growth driven by high demand for High Bandwidth Memory (HBM), supported by a strategic $24 billion investment in a new wafer fabrication facility in Singapore, enhancing its production capacity amidst supply constraints [1][3]. Group 1: Company Overview - Micron Technology is a leading player in the semiconductor industry, specializing in memory and storage solutions, including DRAM, NAND, and NOR memory [2][3]. - The company competes with major semiconductor firms such as Samsung and SK Hynix [2]. Group 2: Financial Performance - Micron's stock has surged, with a current price of $410.24, reflecting a 5.44% increase or $21.15 [4]. - The stock has fluctuated between a low of $399.60 and a high of $416.45 today, with the latter being its highest price over the past year [4]. - The stock's price-to-earnings (P/E) ratio is currently 11.7, indicating an attractive valuation and positioning Micron as a strong buying opportunity for 2026 [3]. Group 3: Strategic Developments - The announcement of a new wafer fabrication facility in Singapore, valued at approximately $24 billion, highlights Micron's confidence in addressing ongoing supply constraints in the semiconductor industry [3]. - This strategic investment is expected to enhance Micron's production capacity, allowing the company to capitalize on the high demand and limited supply in the market [3].

>> BLOOMBERG TECH IS LIVE FROM COAST-TO-COAST WITH CAROLINE HYDE AND ED LUDLOW. ED: COMING UP, TECH HEALTH STOCKS CLOSING ON RECORD HIGHS WITH MAG 7 EARNINGS IMMINENT. CAROLINE: AS $100 MILLION RAISED FOR NORTHWOOD.ED: AMAZON SHUTTERING ITS PHYSICAL STORES BUT DOUBLING DOWN ON DELIVERIES. WALMART, UBER, DOORDASH ALL DROP. CAROLINE: LET'S CHECK OUT MORE BROAD MOVES.THE FEDERAL RATE DECISION WEDNESDAY. A LOT FOR THE MARKET TO DIGEST, BUT THIS PUSHED HER NEAR RECORD HIGHS. I KNOW YOU ARE CHECKING IN ON INDIVID ...

分组1 - Tech health stocks are nearing record highs with significant earnings expected from major companies [1][10] - Amazon is closing its physical stores while increasing focus on delivery services, impacting competitors like Walmart, Uber, and DoorDash [16][18] - A $6 billion partnership between Meta and Corning aims to enhance fiber-optic cable support for Meta's data centers, resulting in a 17% stock increase for Meta [2][4] 分组2 - Micron is investing $24 billion over ten years in Singapore to address memory supply shortages, particularly for AI applications [4][5] - SK Hynix is experiencing stock gains due to anticipated benefits from a U.S. free trade agreement and Microsoft's AI chip initiatives [3][6] - The memory market is tightening, affecting smartphone and PC manufacturers as they adapt to increased demand for flash memory [5][12] 分组3 - Northwood has raised $100 million in funding to enhance satellite capabilities, indicating strong demand for its phased array antennas [45][48] - The company has secured a $49 million contract with the U.S. Space Force, demonstrating its operational capabilities [49][50] - Northwood plans to expand its global presence with 18 new sites across five continents [56] 分组4 - Anthropic has released a new version of its Claude chatbot, which can perform actions on computers, potentially impacting white-collar jobs [34][36] - The AI landscape is shifting towards specialized intelligence, with significant investments expected in this area [60][62] - Companies like Harvey are focusing on specialized AI applications, indicating a trend towards niche expertise in the AI sector [62][68]

In a rare occurrence in their long and intertwined histories, Samsung and SK Hynix are set to report earnings on the same day, the latest salvo in their high-stakes race in AI memory chips https://t.co/TEdPlJGIDT ...

Core Viewpoint - Micron's stock surged over 6% following the announcement of a $24 billion expansion plan for a new advanced wafer fabrication facility in Singapore, indicating strong investor confidence in the company's future prospects and pricing power in the memory chip market [1][1]. Group 1: Expansion Plan - The new facility will add approximately 700,000 square feet of cleanroom space dedicated to NAND flash memory production, with manufacturing expected to commence in the second half of 2028 [1][1]. - The expansion is a response to ongoing global memory shortages driven by increasing demand for artificial intelligence, reinforcing the belief that supply constraints will persist through the decade [1][1]. - The project is supported by the Singapore government, highlighting its strategic importance for advanced manufacturing and job creation [1][1]. Group 2: Market Outlook - Analysts predict that memory prices will remain firm through 2027 due to current supply tightness, which is expected to support Micron's margins in the interim [1][1]. - Rosenblatt analyst Kevin Cassidy maintains a price target of $500, forecasting that Micron will earn $36 per share in fiscal 2027, indicating strong pricing power [1][1]. - Mizuho raised its target to $480, projecting a 330% year-over-year increase in annualized NAND prices in 2026, followed by a further 50% increase in 2027, driven by AI server demand [1][1]. Group 3: Financial Performance - Micron reported $13.64 billion in revenue for its fiscal first quarter of 2026, reflecting a 56.6% increase from the previous year, reinforcing the positive outlook for the company [1][1]. - The memory market is described as "desperate for supply," with hyperscalers and data-center operators effectively sold out of high-bandwidth memory (HBM) through 2026 [1][1].

President Donald Trump escalated trade pressure on South Korea by raising tariffs to 25%, a move that risks tightening one of the most fragile corners of global supply chains: memory chips.In a statement posted Tuesday, Trump said South Korea's legislature failed to approve a trade agreement reached on July 30, 2025, and reaffirmed during his October visit to the country."Our Trade Deals are very important to America," Trump wrote.Trump said South Korea's National Assembly has not enacted the agreement, pro ...

Core Insights - U.S. President Donald Trump has threatened to increase tariffs on South Korean imports from 15% to 25%, citing the South Korean National Assembly's failure to ratify a "Historic Trade Agreement" [1][2] Impact on Industries and Companies - The proposed tariff hike targets key sectors of the South Korean economy, specifically automobiles, pharmaceuticals, and lumber, along with other "reciprocal" goods [5] - The automotive industry, which constitutes 27% of South Korea's exports to the U.S., will be significantly impacted, with Hyundai Motor Co. and Kia Corp. being the most exposed [6][7] - Major pharmaceutical companies like Samsung Biologics and Celltrion are also at risk, as their direct exports of biosimilars could be affected by the tariffs [8] - South Korean semiconductor manufacturers, including Samsung Electronics and SK Hynix, are on alert due to the broader "reciprocal" tariff policy, although the impact may be limited [9] Long-Term Outlook for South Korean ETFs - Despite immediate volatility, the long-term outlook for South Korean ETFs is supported by the South Korean government's efforts to address tariff threats through diplomacy and proposed legislation for a $350 billion investment in the U.S. [10][11] - South Korea's diversified export base and strong balance sheets of leading conglomerates provide a more constructive view for the future [12] - The restoration of the 15% tariff cap is anticipated once the National Assembly clarifies the investment timeline, presenting a potential recovery opportunity for investors [13] ETFs to Watch - **iShares MSCI South Korea ETF (EWY)**: Net assets of $11.24 billion, top holdings include Samsung Electronics (26.48%), SK Hynix (18.37%), and Hyundai Motors (3.11%), with a 116.1% increase over the past year [14][15] - **Franklin FTSE South Korea ETF (FLKR)**: Net assets of $316.2 million, top holdings include Samsung Electronics (20.26%), SK Hynix (18.75%), and Hyundai Motors (3.13%), with a 106.5% increase over the past year [16] - **Matthews Korea Active ETF (MKOR)**: Active fund with net assets of $85.9 million, top holdings include Samsung Electronics (24.9%), SK Square (4.6%), and SK Hynix (4.4%), with an 87.5% increase over the past year [17][18]

Key Points Micron stock has soared since September as a shortage of memory chips is driving up prices. The stock still looks cheap at a forward P/E of just 12. It just broke ground on what will be the biggest semiconductor manufacturing facility in the U.S. 10 stocks we like better than Micron Technology › Micron (NASDAQ: MU) has been one of the biggest winners of the artificial intelligence (AI) boom, and it was nearly the top-performing stock on the S&P 500 last year, finishing up 239% as you ca ...