Summary of Conference Call Records Industry Overview - **Market Performance**: - KOSPI increased by 0.07% to 5301.7 points with a trading volume of $15.7 billion - KOSDAQ decreased by 1.10% to 1115.2 points with a trading volume of $8.2 billion - Local institutions were the main net buyers, while foreign investors also showed slight net inflows [1][1] Key Points and Arguments - **Sector Rotation**: - There was a noticeable shift of funds from the transportation equipment sector to the technology sector - Foreign investors moved $266 million into technology while withdrawing the same amount from transportation equipment - Local institutions invested $111 million in technology and withdrew $93 million from transportation equipment [1][1] - **Semiconductor Sector**: - Stocks like SEC (005930) and SK Hynix (000660) experienced volatility and closed lower - Reports indicated that Micron failed to supply HBM4 chips to Nvidia after not passing qualification, impacting stock performance - Both foreign and local institutions turned net buyers of SEC and SK Hynix, with increases of $21.1 million and $49 million respectively, while retail investors sold off [2][2] - **Automotive Sector**: - The automotive sector saw an increase of 2.1%, with notable performances from HMC (005380) at +0.5% and KIA (000270) at +0.6% - HMC's stock was buoyed by positive news regarding its supply of 50,000 Ioniq 5 autonomous vehicles to Waymo and potential collaboration with NVIDIA on autonomous driving technology - Despite this, foreign investors continued to sell off HMC, with a net sell of $157 million, while retail investors were net buyers at $134 million [3][3] - **Financial Sector**: - The financial sector rose by 3.2%, outperforming other sectors - KBFG (105560) announced a larger special dividend and a buyback plan of 1.2 trillion KRW, which supported positive sentiment in the sector - Local institutions were net buyers, while foreign investors turned net sellers [4][4] - **Retail Sector**: - The retail sector saw significant gains, with SHINSEGAE (004170) up 6.1% and LOTTE (023530) up 14.9% - Growth in this sector was driven by port logistics and distribution services, which expanded their networks and contributed to market sentiment ahead of the Lunar New Year [5][5] Additional Important Insights - **Currency Impact**: - The Korean won depreciated by 14 basis points against the US dollar, reaching 1,459.8 [2][2] - **Market Sentiment**: - Overall market sentiment appeared to be influenced by optimistic expectations regarding shareholder returns announced during bank earnings calls [4][4]

Summary of J.P. Morgan's Long-Term NAND Market Dynamics Industry Overview - The report focuses on the **NAND Flash Memory** sector within the **semiconductors** industry, highlighting its evolution, current innovations, and future outlook [3][10][11]. Key Insights Long-Term Market Dynamics - The **Total Addressable Market (TAM)** for NAND is expected to grow at a **CAGR of 34%** over the next three years, driven by a **20% CAGR in bit demand** and a **low-teens percentage increase in ASP** [3][18]. - Historical trends show that NAND bit demand growth has decelerated due to maturing end markets like smartphones and PCs, but the introduction of **eSSD** has shifted growth dynamics [3][14][17]. Demand Drivers - **eSSD** demand is projected to grow significantly, with a **CAGR of 49%** from 2025 to 2028, driven by AI applications and data center needs [3][17]. - As of 2024, **SSDs account for 54%** of NAND bit demand, while smartphones represent approximately **30%** [17][90]. Pricing and Revenue Trends - NAND revenue per Kwfpm is forecasted to increase from **US$55k in 2025** to **US$102k by 2027** [3]. - The ASP for NAND has historically been under pressure but is expected to rise due to strategic production cuts and strong demand from AI-driven data centers [3][40]. Comparison with DRAM - NAND is viewed as less attractive compared to DRAM due to market fragmentation and lower exposure to AI applications. However, the **AI NAND TAM** is expected to reach **US$70 billion** by 2028, compared to **US$220 billion** for AI DRAM [3][37]. - The capital intensity for NAND is projected to average **16%** from 2025 to 2027, compared to **26%** for DRAM, indicating stricter capex discipline among NAND suppliers [3][37]. Technology and Capacity Trends - The transition to **3D NAND technology** has allowed for increased storage capacity without a proportional rise in cost, supporting ASPs [39]. - The industry is experiencing a **capacity shrink** due to technology migration, which may impact future production capabilities [4][39]. Additional Insights - The NAND industry has not seen the same level of consolidation as DRAM due to its diverse applications and technological differentiation, allowing smaller players to thrive [87][88]. - The report emphasizes the importance of **AI** in shaping future demand, with AI memory expected to account for nearly half of the global memory TAM by 2027, growing at an **80% CAGR** during 2024-2027 [59][60]. Conclusion - The NAND Flash Memory market is poised for significant growth driven by technological advancements, particularly in eSSD applications and AI integration. The competitive landscape remains dynamic, with opportunities for both established and emerging players in the sector.

Industry Developments - DTCC initiates limited onchain Treasury test on Canton Network following SEC approval [1]

@vladtenev @FranciscoMemor @jerallaire @siamakmasnavi 🔥 Most Influential: @SECPaulSAtkinsUnder Atkins’ leadership, the U.S. Securities and Exchange Commission (SEC) has undergone a near-complete reversal of the way it regulates crypto.@nikhileshde writes:https://t.co/uUIfe4tL9n ...

The Morning Minute (12.17)Powered by @yeet⏰Top News:-Crypto majors mostly chop on day; BTC at $87,000-Visa expanded its stablecoin settlement to U.S. banks, leveraging Solana-FDIC greenlights proposal showing how U.S. banks can issue their own stables-Rainbow Wallet announces TGE for Feb 5, 2026 along with airdrop-Cantor Fitzgerald calls for $200B+ price target on HYPE in new report🌎 Macro Crypto and Memes-Crypto majors were mostly flat; BTC -0.3% at $87,000; ETH -1% at $2,930, BNB -1% at $858, SOL even at ...

SEC CLOSES FOUR-YEAR INVESTIGATION INTO AAVE- The U.S. Securities and Exchange Commission has formally closed its investigation into the @Aave Protocol without recommending enforcement action.- The decision ends nearly four years of regulatory uncertainty around one of decentralized finance’s largest lending platforms.- Aave founder and CEO Stani Kulechov disclosed the outcome publicly, confirming that the matter has concluded at the staff level.BACKGROUND OF THE PROBE- The investigation began around late 2 ...

According to crypto journalist Kate Irwin, SEC sued crypto venture firm Shima Capital and its founder Yida Gao three weeks ago, alleging they carried out a scheme to defraud investors. Internal emails show that Gao has told founders of portfolio companies he plans to step down and begin winding down the fund. Founded in 2021, Shima Capital manages about $ 200 million in assets and has invested in projects including Berachain, Monad, and Pudgy Penguins. https://t.co/p3CZ88CNeo ...

Trump Is 'Open' to Democrats at SEC, CFTC in Glint of Hope for Senate Crypto Bill► https://t.co/kVb23nj0bp https://t.co/kVb23nj0bp ...

RT Gareth Jenkinson (@gazza_jenks)The 🇺🇸 @SECGov held a roundtable on financial surveillance and privacy yesterday.What does it mean for crypto and privacy protocols?We've got @kkirkbos from @StarkWareLtd to tell us what went down!Join me & @rkbaggs on @Cointelegraph 👇https://t.co/8lZ52is6Te ...

All right, welcome back to Worldwide Exchange. As we close on the 6 a. m.hour, a check of a few big stories that we're following this morning. The US says it collected more than $200 billion in tariffs this [music] year, according to new data from Customs and Border Protection. The figure comes as a [music] Supreme Court weighs the legality of those duties.President Trump's filing a $10 billion defamation lawsuit against the BBC. The president [music] is accusing the British broadcaster of producing a false ...