Global Memory Tech-Weekly theme 4Q earnings call takeaways,crowded Semicon Korea, stable spot price

We present five key takeaways from memory firms' 4Q earnings results: (1) low inventory turnover days (e.g., Hynix only 127 days vs 1Q23 peak of 233 days, or just 2-3 weeks vs 10+ weeks for finished memory modules); (2) strong ASP (Samsung Electronics' DRAM +40% QoQ; SK Hynix's NAND +32% QoQ); (3) aggressive capex spend (Hynix: W12tn vs W5tn/W7tn in 3Q25/4Q24); (4) good execution of HBM4 mass production/ shipment (Samsung, Hynix); and (5) bullish guidance for not only 1Q26 but also long term (memory super-c ...