Topic
DRAM, NAND, SSDs, hard disk drives and high-bandwidth memory, and the small group of producers that supply them.
SK hynix accounted for 12 trillion won of the 20.3 trillion won that foreign investors sold net on the KOSPI between Sept. 1 and Oct. 2. With Samsung Electronics included, two memory makers carried about 85% of it, leaving little foreign selling for the rest of the market.
Reality
Kwak Noh-jung told a Santa Clara forum that new production bases will defend SK hynix's memory lead. The four named sites add to 1,105.4 trillion won. Indiana's fab is 5.4 trillion of that, and Japan is still under consideration.
Reality
Micron's gross margins, which the note puts near 85-86%, leave under 15 points of possible expansion. The valuation that follows from that ceiling is $840.24 a share, about 17% below a market price the note does not print.
Reality
The KOSPI closed at 6,909.91 on the 11th, back below 7,000 but still up 3.33% for the week, and the memory names that led the advance fell again in New York on a day Brent dropped 2.81%.
Reality
The KOSPI closed above 7,000 for the first time in 33 sessions on the 9th and gave the level back within two days, with Brent above $100 a barrel and the US 10-year at 4.97% ahead of next week's FOMC.
Reality
Roundhill's DRAM fund has reached $27.44bn in under five months with 25.42% in one chipmaker. That is roughly $6.97bn of single-name risk wrapped in a theme.
Reality