SOXL+9.74%
外观
2026-07-10 全球资产日报
- 数据时间：2026-07-10 10:41:48 Asia/Shanghai
- 报告类型：全球资产日报
展开市场热力、期权压力和 Crypto 盘口
美股 / ETF 热力
PSI+5.38%
MRVL+5.23%
KMEM+4.50%
FTXL+3.68%
SOXX+3.46%
COHR+3.45%
USAR+3.31%
APLD+3.12%
GFS+2.97%
DRAM+2.51%
SPCX+2.25%
GOOG-0.96%
CRCL-0.89%
NBIS-0.16%
期权压力
QQQ1.25
NVDA0.34
SPY1.20
MSFT0.84
MRVL0.63
SOXX3.58
NBIS2.44
SOXL1.89
快照对比基准：2026-07-09。本面板只展示已落盘事实，不生成操作判断。
今日要点
突发事件
- 金十 7 月 10 日 03:35（UTC+8）快讯转述温沃德海事分析称，8 日夜间至 9 日凌晨霍尔木兹海峡仅记录 5 次通行，其中只有 1 艘船驶离波斯湾，商船离湾交通接近停滞。该统计尚未由港口或官方航运数据独立确认；WTI 和 Brent 7 月 9 日结算反而分别下跌 1.96% 和 2.20%，说明航运尾部风险与当日油价方向暂未形成一致信号。
- 美联储 7 月 8 日会议纪要显示，委员全票维持 3.50%-3.75%，但对年末合意利率出现双向分歧：部分倾向低于当前区间，另一些认为应更高。纪要同时列出 4 月总 PCE 3.8%、核心 PCE 3.3%，工作人员估算 5 月总 PCE 4.1%；10 年期和 30 年期美债收益率现为 4.56% 和 5.06%，对 AI 基建、半导体和高估值云算力股的久期压力仍在。
- 多家媒体称 SK 海力士美国存托凭证以 149 美元定价、融资约 265 亿美元并获逾 7 倍认购；7 月 10 日报道称资金将投向龙仁晶圆厂和清州先进封装。7 月 6 日初步 F-1 修订文件只确认拟上市、资本开支用途、约 280 亿美元预计净募资和最多 70 亿美元非约束性基石意向；截至报告检索截止时仍未核验最终 424B4、最终配售和首笔成交。
直接新闻
MRVL的 424B7 文件登记 XConn 收购对价股中最多 146,504 股的潜在转售，登记提供出售资格，不代表股东已经卖出，也不是公司新增融资。对MRVL的短期意义主要是潜在流通盘供给，不能据此推断经营变化。GFS与 SEALSQ 于 7 月 8 日宣布后量子密码与量子计算合作，公告未量化收入、产量、客户承诺或投产时间；它扩展了GFS的技术叙事，但尚不足以进入盈利预测。APLD于 7 月 1 日披露 Polaris Forge 1 第二栋交付，第一阶段为 75MW。该材料超过日报五日文章窗口，属于交付进度背景而非 7 月 9 日新增催化；后续仍需核验租约起租、客户验收、融资成本和收入爬坡。CRCL相关的 Circle 与渣打 USDC 铸造赎回接入发布于 7 月 2 日，同样不是当日新消息；Circle 透明度页截至 7 月 6 日的七日发行 80.3 亿美元、赎回 86.7 亿美元，净减少约 6.4 亿美元，机构渠道扩展与短期净赎回需要同时看。
关联新闻
- 金十 7 月 10 日 09:31（UTC+8）快讯显示
KOSPI盘中上涨 4%，SK 海力士涨 2.6%、三星电子涨逾 5%。DRAM和KMEM都通过韩国存储股、衍生品或结构化敞口关联这条新闻；SK 海力士融资将增加 HBM 与先进封装资本开支，但真正的供给释放仍取决于设备到位、良率和客户认证。 MPMaterials 起诉 USA Rare Earth 的报道涉及商业秘密、人才流动和政府交易审查，USAR是直接涉诉公司，但相关指控尚无司法结论。该事件比稀土价格日内波动更可能改变USAR的融资、人才和项目执行风险，需要跟踪法院文件而非只看媒体标题。- SEC 7 月 7 日监管议程把加密融资、代币化证券托管和交易规则列入工作方向；CoinDesk 7 月 9 日报道称 Clarity Act 合并文本最快下周公布，但正式文本、民主党支持、60 票门槛和表决日程都未落地。该进展关联
CRCL、BTC、ETH、SOL与HYPE的美国市场结构，现阶段仍是立法预期而非生效规则。 - 协议安全方面，Bitcoin Core 31.1修复 privatebroadcast 特定路径的 IP 泄露；Ethereum 7 月 9 日协议安全文章披露 libp2p gossipsub 漏洞 CVE-2026-34219 已在 0.49.4 修复；Solana 7 月 9 日更新列出 Agave、Firedancer 等版本变化。三者都是软件与节点层面的风险修复，不能等同于全网节点已经升级，也不直接形成代币需求。
研报与重点文章
- Zacks 7 月 9 日
COHR文章称，数据中心与通信业务占其 2026 财年第三季收入 75%、同比增 41%，订单积压延伸至 2028 年、长期供货协议延伸至 2030 年，当季资本开支约 2.90 亿美元；风险是 37.56 倍远期市盈率高于行业 21.49 倍，文章评级和增长预测属于研究机构观点。对组合最大股票主线位而言，订单可见度与估值溢价必须一起跟踪。 - 晨星 7 月 8 日
NBIS研究梳理了其欧美数百兆瓦级算力布局和微软多年期 170 亿美元协议，但可访问内容没有产能明细、合同期限和收入确认方法；7 月 9 日文章又列出 Meta 最长五年、最高 270 亿美元容量合同，其中 120 亿美元为专属容量、最高 150 亿美元为额外容量，交付自 2027 年开始。合同上限不能直接当作已确认收入，扩容、融资和交付节奏才是估值兑现条件。 - CoreWeave 同业文章列出其一季度收入 20.8 亿美元、订单储备 994 亿美元，同时有 77 亿美元资本开支、负 47 亿美元自由现金流和 508 亿美元总负债，并以
NBIS调整后 EBITDA 转正作对照。它提供的是 neocloud 资本强度参照，不是NBIS自身现金流披露，不能把同业债务直接套到NBIS。 - ETF.com 7 月 9 日文章称
DRAM自 4 月 2 日上市以来净流入超过 210 亿美元、资产接近 260 亿美元，约四分之三配置 SK 海力士、三星和美光，并比较HBMX、KMEM、DISK 的差异化敞口。资金流、资产规模和权重仍需以基金官方披露复核，但文章解释了存储主题资金为何会在DRAM/KMEM之间分化。 - 7 月 9 日
MRVL估值文章列出过去十二个月市盈率约 85 倍、平均目标价 252.26 美元、2027 财年第一季收入 24.18 亿美元且同比增 27.6%，第二季收入指引约 27 亿美元。目标价和估值结论来自媒体汇总，经营数字应以公司财报为准；它的价值在于把本轮反弹与盈利兑现要求放在同一框架。
资产盘面
- 7 月 9 日半导体、存储和 AI 基建领涨，观察池 18 个标的中 14 个上涨、平均 +2.71%，
BTC、ETH、SOL同步反弹但BTC与ETH已披露 ETF 流量偏弱且长端收益率仍高，组合继续以现金和稳定币缓冲等待上述事件形成可核验结果。
投研观点
美股市场观察
| 标的 | 市场与事件事实 | 持仓影响与判断 |
|---|---|---|
COHR | 现价 328.00，较前收 +3.45%。Zacks 文章称数据中心与通信业务占 2026 财年第三季收入 75%、同比增 41%，但 37.56 倍远期市盈率高于行业 21.49 倍。 | 股票账本最大仓位，市值 已隐藏、集中度 已隐藏、未实现 已隐藏。330.72-331.00 收复后再看 336.09；327.39/325.50 失守时优先降风险。 |
MRVL | 现价 243.83，较前收 +5.23%。SEC 424B7登记出售股东潜在转售最多 146,504 股 XConn 收购对价股；登记不代表已经出售。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。244.95 是短线确认，242.20/240.05 是两级失效位。 |
NBIS | 现价 216.13，较前收 -0.16%。期权 Put/Call 成交量比 2.44、OI 比 1.75，210 put 成交量/OI 4.70；高评级文章集中讨论 neocloud 的资本开支和合同兑现。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。218.63 后看 226.81；215.13 下方转弱，211.30-211.98 失守则修复失败。 |
PSI | 现价 159.47，较前收 +5.38%。Invesco 官方价格已刷新到 7 月 9 日、持仓到 7 月 8 日；前十大以 AMAT、KLAC、MU、LRCX、AMD、NVDA 为主。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。技术快照的 160.56 需要重新站回，162.46/163.94 才是加风险确认。 |
APLD | 现价 32.42，较前收 +3.12%。Polaris Forge 1 第二栋一期已交付 75MW；矿企转 AI 数据中心的估值仍需租约、融资与交付兑现。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。32.67/33.40 收复前仍是亏损修复；32.20/31.70 是防守。 |
GFS | 现价 69.99，较前收 +2.97%。后量子合作公告没有量化收入、产量或客户承诺。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。当前贴近 69.98 支撑；70.68 后看 72.46，68.45 失守则反弹失效。 |
CRCL | 现价 63.50，较前收 -0.89%。Circle 与渣打开放机构 USDC 铸造赎回；Circle 透明度页截至 7 月 6 日显示 7 日发行 80.3 亿美元、赎回 86.7 亿美元，净减少约 6.4 亿美元。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。政策表态和产品接入支持中期观察，但 65.10/66.84 之前仍按弱势箱体；61.72 下方看 58.36。 |
USAR | 现价 19.06，较前收 +3.31%。MP 诉讼、人才短缺与政府交易审查同时存在，相关指控尚无司法结论。 | 市值 已隐藏、集中度 已隐藏、未实现 已隐藏。19.22-19.36 连续收复才完成第一段修复；19.05/18.72 是防守。 |
GOOG | 现价 355.25，较前收 -0.96%。Google Cloud 已向全部客户推出 AlphaEvolve，但未披露定价、采用率或收入贡献；高评级文章显示 AI 芯片和模型竞争继续加剧。 | 市值 已隐藏，账面约 已隐藏。355.65 后看 359.93；349.51 下方转弱。 |
观察池的板块涨幅明显强于持仓中 GOOG、CRCL、NBIS 的表现：SOXL +9.74%、SOXX +3.46%、FTXL +3.68%、DRAM +2.51%、KMEM +4.50%、VRT +1.85%，而 NVDA -0.80%、MSFT +0.21%。金十记录纳指 +1.30%、标普500 +0.81%、道指 +0.27%；韩国 KOSPI 盘中 +4%，SK 海力士和三星上涨，为 DRAM/KMEM 提供产业链背景。媒体和金十称 SK 海力士 ADS 定价 149 美元、融资约 265 亿美元，但截至 03:32Z 的 SEC/KRX 定向复核仍未看到最终 424B4 或首笔成交，报告保留为待确认事件。
ETF 分析
| ETF | 发行方/日期 | NAV/市价/溢价 | 前十大/穿透 | 期权/技术/新闻 | 结论与限制 |
|---|---|---|---|---|---|
PSI | Invesco；价格 7/9，持仓 7/8 | 151.5191 / 151.33 / -0.12%；净资产 25.49 亿美元 | AMAT 6.72%、KLAC 5.89%、MU 5.67%、LRCX 5.53%、AMD 5.50%、NVDA 5.09% | 技术快照支撑 160.56，确认 162.46/163.94；Max Pain 160，但期权样本小 | 官方数据已从 7/7 快照刷新；价格和持仓差一日。组合已有仓位，重新站回 160.56 后再提高 beta。 |
SOXX | iShares；价格/持仓 7/8，净资产 7/9 | 562.8303 / 562.03 / -0.14%；净资产 483.90 亿美元 | AMD 8.20%、MU 7.99%、NVDA 7.91%、AVGO 7.12%、INTC 5.69%、AMAT 5.19% | 当前 581.50；585.78-588.65 是确认带；Put/Call 成交量比 3.58、OI 比 1.37，Max Pain 585 | 普通半导体 ETF 中透明度最好；站稳 588.65 后再看 597.79。 |
SOXL | Direxion；价格 7/8，持仓 7/9 | 173.72 / 174.82 / +0.63%；份额 1.3265 亿；派生净资产 230.44 亿美元 | 前五大均为 ICE Semiconductor Index swap，权重 46.47%、41.68%、37.83%、35.50%、34.73%；44 行合计 346.53% | 当前 191.85，单日 +9.74%；ATM IV 1.85，Put/Call 成交量比 1.89、OI 比 1.94，Max Pain 185 | 官方日持仓已经取得。真实 exposure 是 swap 和现金管理工具，不能按普通股篮子穿透；196.87 前不追涨。 |
FTXL | First Trust；价格/持仓 7/8 | 246.23 / 246.29 / +0.02%；净资产 23.76 亿美元 | INTC 12.14%、MU 11.56%、MRVL 7.12%、QCOM 6.58%、AMD 6.49%、AVGO 6.11% | 当前 255.36；256.86/257.80 是确认，Max Pain 250；期权 OI 较小 | 更集中于 INTC/MU/MRVL。守住 254.60 时可继续观察，站上 257.80 才打开 260.43。 |
DRAM | Roundhill；价格 7/9，持仓文件 7/9 | 62.17 / 64.36 / +3.52%；份额 3.9144 亿 | T-Bill 24.98%、SK hynix 16.62%、Samsung 15.57%、货币基金 14.64%、Micron swap 13.76% | 技术快照 65.12，65.84/66.42 是压力；ATM IV 1.05，Max Pain 65；SKHY 终稿待核验 | 溢价和复合持仓结构都需要单列；韩股、T-Bill、基金与 swap 让它偏离纯存储股票篮子。 |
KMEM | Kurv；价格 7/8 | 20.7305 / 21.11 / +1.83%；份额数缺失 | 货币基金 26.06%、三笔 T-Bill 合计约 74.62%、SK hynix 21.91%、DRAM call/put 与负现金 | 技术快照 22.69；22.81/22.90 是确认；日线仅 6 根，KMEM 无可用期权到期日 | 新产品样本不足；结构化敞口和负现金使价格不能按普通股票 ETF 解读。 |
Crypto ETF/ETP 的日期冲突需要按日拆开：Farside 7 月 9 日为 BTC -9,530 万、ETH -3,680 万、SOL +40 万、HYPE 0；Followin 7 月 8 日记录 BTC -8,490 万、ETH +7,050 万、SOL -860 万、HYPE +330 万。它们不是同一交易日，且 Farside 有缺失单元格，报告不把两组数字拼成连续趋势。
美股操作建议
- 组合现有权益先按集中度排序管理。
COHR站上 331 后才保留向 336.09 扩展的进攻预算；327.39/325.50 失守时优先降低最大仓位。MRVL站上 244.95 后看 251.11，242.20/240.05 失守时降低反弹预期。 NBIS以 218.63 为确认、215.13 为第一防守、211.30-211.98 为失效区。Put/Call 与 210 put 活动强化下方风险观察，不能单独解释为主动买入保护。PSI重新站回 160.56 并收复 162.46 后，才适合作为组合半导体 beta 增量；SOXX需站稳 585.78-588.65。SOXL单日涨幅接近 10%、ATM IV 1.85，且官方持仓是 3 倍 swap 结构，当前不用于替代PSI/SOXX的中期仓位。APLD、GFS、USAR都贴近第一防守线。APLD32.20、GFS69.98、USAR19.05 失守时先保护本金；分别收复 33.40、70.68、19.36 后再评估加风险。CRCL同时面对 USDC 产品进展和净赎回、监管规则尚未落地的组合。65.10/66.84 前不加仓，61.72 下方继续降级。GOOG站上 355.65 后观察 359.93，AlphaEvolve 发布本身不替代价格确认。- 未来 24-72 小时没有查到持仓公司确认的业绩、指引、投资者日或监管决定。FOMC 纪要、长端收益率与中东航运风险仍约束估值扩张，现金无需在单日反弹后迅速转成高 beta。
Crypto 市场观察和动向
Binance USDS-M 快照显示 BTCUSDT 63,833.7、24h +3.14%、funding 0.00008088；ETHUSDT 1,767.63、+2.17%、funding 0.00004073；SOLUSDT 78.89、+1.93%、funding 0.00002662。三者价格反弹而 funding 同时为正，合约情绪没有完全降温；ETF flow 又偏弱或不完整，价格确认优先于叙事。
| 资产 | 资金、技术与协议事实 | 观察结论 |
|---|---|---|
BTC | Farside 7/9 合计 -9,530 万美元，IBIT 缺失；Bitcoin Core 31.1 修复 privatebroadcast 特定路径的 IP 泄露。支撑 63,357/63,135，压力 64,051/64,161/64,471。 | 站上 64,161 后才进入 64,471 上沿测试；63,357 下方转弱，63,135 失守则本轮修复失效。软件修复不代表全网已升级。 |
ETH | Farside 7/9 -3,680 万美元且 ETHA/ETHB 缺失；Followin 7/8 +7,050 万美元。以太坊基金会披露 libp2p gossipsub 的 CVE-2026-34219 已在 0.49.4 修复。 | 相对 BTC 强度 +1.97，但正贴近 1,775-1,787 压力。1,779/1,787 上方再看 1,807；1,764.83 与 1,753.37 连续失守则降级。 |
SOL | Farside 7/9 +40 万美元；Followin 7/8 -860 万美元。Solana 官方列出 Agave、Firedancer 等版本更新，状态页在 03:24Z 显示 All Systems Operational。 | 相对 BTC 强度 +2.26，为三者最高；79.81/80.38 才确认突破，78.58 下方转弱，77.89 失守则相对强势降级。 |
监管事实出现两条不同层级：SEC 2026 监管议程明确把加密融资、代币化证券托管和交易规则列入工作方向；CoinDesk称 Clarity Act 合并文本最快下周出现，但消息来自匿名人士，正式文本、60 票支持和表决日程都未落地。威廉姆斯称稳定币更多用于支付、不认为其抬高金融稳定风险，同时明确储备需求影响尚不清楚；这些是政策表态，不是已经生效的规则。
加密货币板块
交易：BTC / ETH / SOL
| 项目 | 私有事实 | 判断 |
|---|---|---|
| ETF/ETP flow | Farside 7/9：BTC -95.3、ETH -36.8、SOL +0.4、HYPE 0 百万美元；BTC/ETH 有缺失发行方单元格。 | 只作为滞后一日资金温度；BTC/ETH 总额沿用 Farside 来源 Total，不自行补零。 |
| 协议与运行状态 | Bitcoin Core 31.1、Ethereum CVE 修复、Solana changelog 与主网状态均已落盘。 | 这些事实改善基础设施观察，不直接改变仓位触发位。 |
风险观察
- 权益集中：
COHR单票占股票账本 已隐藏，前五大占 已隐藏。半导体、光通信、AI 算力和存储之间相关性高，单日反弹不能提供真正的分散。 - 利率与流动性：FOMC 纪要显示年末利率路径分歧；H.15 的 10 年/30 年收益率为 4.56%/5.06%。H.4.1 同时显示准备金周增 1,320 亿美元、TGA 周降 1,062 亿美元；流动性改善和长端高收益率并存。
- 地缘与能源：金十转述霍尔木兹短时仅 5 次通行、伊朗称发射 10 枚导弹；WTI 与 Brent 7 月 9 日结算分别跌 1.96% 和 2.20%。冲突声明和航运统计尚未独立验证，IEA 7 月报告在采集时仍未到官方发布时间。
- SK 海力士 ADS：媒体称 149 美元和 265 亿美元融资，官方最终 424B4、最终数量和首笔成交在检索截止时尚未验证。
DRAM/KMEM只按官方持仓和已确认日程处理。 - 数据边界：IBKR 为延迟行情；
APLD、NVDA、CRCL、GOOG、NBIS缺部分 4H bars，CRCL还缺 1H。期权缺 Greeks、GEX、IV Rank、25-delta skew、主动方向和逐笔成交。 - 文章归档共请求 163 条，158 条 ready，133 条在 5 日窗口内完成摘要与重要性评级；25 条旧文按年龄规则跳过新摘要，5 条抓取失败或低置信。Jin10、Followin 与 Web 的 partial 都保留已重试查询和缺口。
期权观察
数据概览
期权链快照约为 2026-07-10 10:41 北京时间。20 个观察标的中 19 个有指标，KMEM 无可用到期日；前端到期日集中在 7 月 17 日、约 6.9 天。公开链只提供合约快照，大额权利金为 100 乘数估算。
| 标的 | 结构事实 | 技术交叉 | 观点 |
|---|---|---|---|
SPY / QQQ | SPY Put/Call 成交量比 1.20、OI 比 3.14、Max Pain 742；QQQ 为 1.25、1.51、Max Pain 711 | SPY 751.71、QQQ 723.28 均高于 Max Pain；利率与地缘事件仍在 | 指数 put OI 偏重，可能含长期保护或价内结构；不直接写成看跌信号。 |
COHR | Put/Call 成交量比 1.17、OI 比 1.08，Max Pain 360；7/17 370 put 估算权利金约 1,645 万美元 | 当前 327.24，技术确认 330.72-336.09 | 最大持仓的保护需求值得重视；327.39/325.50 比 Max Pain 更可执行。 |
MRVL | Put/Call 成交量比 0.63、OI 比 1.16，Max Pain 220；9/18 230/250 call 进入大额列表 | 当前 243.27，确认 244.95/251.11 | call 成交与 put OI 并存；站稳 244.95 才提高反弹质量。 |
NBIS | Put/Call 成交量比 2.44、OI 比 1.75，Max Pain 220；7/17 210 put 成交量/OI 4.70 | 当前 216.20，支撑 215.13/211.30，确认 218.63 | 210-220 是技术和期权共同焦点；215.13 下方优先防守。 |
SOXX / SOXL | SOXX 成交量比 3.58、OI 比 1.37、Max Pain 585；SOXL 1.89、1.94、ATM IV 1.85、Max Pain 185 | SOXX 需 585.78-588.65；SOXL 需 196.87 | 普通 ETF 与 3 倍 swap 产品分开处理；SOXL 高 IV 只适合短周期战术。 |
MSFT | 总体 Put/Call 成交量比 0.84、OI 比 0.53，Max Pain 390；435-455 put 的成交量/OI 和估算权利金很高 | 当前 384.36，确认 385.02/388.37-389.76 | 高执行价 put 可能包含价内替代、展期或平仓，缺主动方向时不解释为单边看空。 |
NVDA | Call 成交显著占优，Put/Call 成交量比 0.34，Max Pain 200；205/210 call 活跃 | 当前 202.78，确认 203.45/205.62，防守 200.18/197.98 | 站上 203.45 后再看 205.62；call 活跃不能覆盖 4H bars 缺失。 |
PSI / DRAM | PSI 成交量比 0.16、Max Pain 160，但 OI 小；DRAM 成交量比 0.53、Max Pain 65 | PSI 162.46、DRAM 65.84 是确认 | PSI 期权样本不足；DRAM 还受 3.52% 官方溢价和复合持仓约束。 |
观点输出
- 期权最有用的交叉点集中在
COHR327-331、MRVL244.95、NBIS210-220、SOXX585-589、NVDA200-206。它们用于验证价格结构，不单独触发方向。 MSFT高执行价 put、SPCX300 put 等深度价内或远离现价的合约，可能承担股票替代、对冲、展期或平仓功能；缺逐笔成交和主动方向，报告不做方向归因。KMEM没有可用期权到期日，FTXL与PSI的期权样本也较小；这三只 ETF 的判断优先使用官方产品结构和价格确认。
技术分析
下表使用 D1 技术快照的当前值和支撑/压力；IBKR 延迟行情与缺失周期已经放在限制列。
| 标的 | 当前 | 支撑 | 压力/确认 | 判断/动作 | 限制 |
|---|---|---|---|---|---|
MRVL | 244.78 | 242.20 / 240.05 | 244.95 / 251.11 | 站稳 244.95 后看 251.11；242.20 下方转弱 | RS10/20 为负；延迟行情 |
GFS | 70.10 | 69.98 / 68.45 | 70.68 / 72.46 | 先收回 70.68；68.45 失守则反弹失败 | 合作公告无量化收入 |
APLD | 32.45 | 32.20 / 31.70 | 32.67 / 33.40 / 35.17 | 站上 33.40 才扩大修复空间 | 缺 4H；交付不等于盈利 |
USAR | 19.09 | 19.05 / 18.72 | 19.22 / 19.28 / 19.36 | 连续收复 19.36 才完成第一段修复 | 诉讼与调查未有结论 |
COHR | 328.99 | 327.39 / 325.50 | 330.72 / 331 / 336.09 | 站上 331 后看 336.09；325.50 失守则失败 | Max Pain 360 远离现价 |
CRCL | 63.01 | 61.72 / 58.36 | 65.10 / 66.84 | 收回 65.10 后再看 66.84 | 缺 1H/4H |
GOOG | 354.80 | 349.51 | 355.65 / 359.93 | 站上 355.65 后看 359.93 | 缺 4H |
NBIS | 216.13 | 215.13 / 211.30-211.98 | 218.63 / 226.81 | 218.63 上方延伸；215.13 下方转弱 | 缺 4H；put 侧偏重 |
PSI | 160.97 | 160.56 | 162.46 / 163.94 | 重新站稳 160.56 后观察 162.46 | 价格/持仓日期不同；期权样本小 |
SOXX | 583.50 | 581.31 | 585.78 / 588.65 / 597.79 | 突破 588.65 后看 597.79 | Put/Call 偏高，缺主动方向 |
SOXL | 194.20 | 193.92 / 192.12 | 196.87 / 204.55 | 196.87 前按高波动反弹 | 3 倍 swap 与现金管理结构 |
FTXL | 255.36 | 254.60 | 256.86 / 257.80 / 260.43 | 站上 257.80 后看 260.43 | 期权样本小 |
DRAM | 65.12 | 64.95 / 64.24 | 65.84 / 66.42 | 站上 65.84 后看 66.42 | T-Bill、韩股、基金和 swap |
KMEM | 22.69 | 22.36 / 22.00 | 22.81 / 22.90 | 站上 22.90 才确认短线修复 | 仅 6 根日线；无期权到期日 |
MSFT | 384.12 | 382.92 | 385.02 / 388.37 / 389.76 | 先站上 385.02，再看 388-390 | 大额 put 缺主动方向 |
NVDA | 202.33 | 200.18 / 197.98 | 202.82 / 203.45 / 205.62 | 站上 203.45 后看 205.62 | 缺 4H |
VRT | 324.96 | 324.55 / 319.56 | 329.38 / 332.35-332.65 | 站上 329.38 后看 332.65 | Put/Call 不能直接解释方向 |
SPCX | 152.25 | 150.58 | 152.73 / 152.94 / 154.88 | 站上 152.94 后看 154.88 | 仅 18 根日线 |
BTCUSDT | 63,823 | 63,357 / 63,327 / 63,135 | 64,051 / 64,161 / 64,471 | 站上 64,161 才测试 64,471；63,135 失守则失败 | BTC ETF 缺 IBIT；仅 Binance USDS-M |
ETHUSDT | 1,767.70 | 1,764.83 / 1,753.37 | 1,775.50 / 1,779 / 1,786.72 / 1,807.22 | 站上 1,779/1,787 后再看 1,807 | ETF flow 日期冲突且 Farside 缺项 |
SOLUSDT | 78.89 | 78.58 / 77.89 | 79.19 / 79.81 / 80.38 | 越过 80.38 才确认突破；77.89 失守则降级 | flow 日期不同；Farside 覆盖有限 |
重要文章与快讯
重要文章
| 重要性 | 中文标题 | 发布日期 | 来源 | 相关标的 | 评级理由 |
|---|---|---|---|---|---|
| 5/5 高 | 美国加密监管法案进入冲刺期 | 2026-07-09 | CoinDesk | BTC, CRCL, ETH, HYPE, SOL | 发布于日报前一日，覆盖多个输入标的的美国监管框架，并给出近期文本与排期节点；匿名消息和未公开草案限制了确定性。 |
| 5/5 核心标的经营材料 | 光通信订单支撑增长预期 | 2026-07-09 | Zacks | COHR, ^GSPC | 直接覆盖 COHR，且包含最新财季的业务占比、订单、利润率、资本结构与共识预测，信息密度高；需区分公司事实与 Zacks 的评级判断。 |
| 5/5 高 | 联储纪要呈现收紧分歧 | 2026-07-08 | Federal Reserve Board | BTC, ETH, QQQ, SOL, SPY | 美联储官方纪要披露利率维持与后续政策分歧，包含通胀、就业、国债收益率和AI投资等高密度事实，对跨资产日报具有直接宏观相关性。 |
| 5/5 高 | SK海力士赴美上市融资文件 | 2026-07-06 | U.S. Securities and Exchange Commission | 000660 KS, DRAM, KMEM, SKHY | 官方初步招股文件直接披露SK海力士赴美融资、潜在稀释、扩产用途和最新季度财务，时间接近当日日报且与000660 KS直接相关。 |
| 4/5 高 | SK海力士赴美融资扩产 | 2026-07-10 | AFP | 000660.KS, NVDA, ^IXIC | 大额融资、发行定价和扩产用途均为新近且可追踪的行业事实，直接涉及NVDA所处的AI存储器供应链。 |
| 4/5 高 | 高目标价的估值断层 | 2026-07-10 | TheStreet | BAC, SPCX | 新近发布且直接讨论SPCX估值、承销商目标价与技术兑现风险，事实密度较高；作者立场鲜明，证据需独立验证。 |
| 4/5 高 | 小盘股跑赢权重巨头 | 2026-07-10 | etf.com | AAPL, AMZN, GOOG, IJH, IJR, IVV, META, MSFT | 发布时间新，覆盖NVDA、MSFT、GOOG及主要风格ETF，并给出清晰的年内相对收益数据；证据仍以市场评论和回报比较为主。 |
| 4/5 中高 | 海力士美国存托凭证募资扩产 | 2026-07-10 | BeInCrypto | 000660.KS, NVDA | 发行日事件新鲜、规模大，并涉及高带宽内存与NVDA供应链；部分关键数字尚缺发行文件验证。 |
| 4/5 高 | 泰拉沃尔夫加杠杆扩建算力 | 2026-07-10 | TheStreet | BTC-USD, GOOG, WULF | 覆盖 WULF 的大额潜在融资、长期客户合同和明确产能建设计划，直接关联业务模式与负债结构；融资仍属媒体报道的未完成计划。 |
| 4/5 高 | 韩美芯片上市与业绩窗口 | 2026-07-09 | Yahoo Finance Video | 000660.KS, DAL, GOOG, MSFT, NVDA, TSM | 临近多个公司和产业链事件，直接涉及NVDA、GOOG、MSFT、TSM与DAL，并提供台积电已知月度同比基准；但尚未包含结果。 |
| 4/5 中高 | 矿企估值转向AI租赁现金流 | 2026-07-09 | TheStreet | APLD, BTC-USD, CIFR, WULF | 直接涉及 APLD，发布时间新近并提出可追踪的合同兑现框架；但核心估值结论缺少可复算的原始数据。 |
| 4/5 高 | 微软裁员补偿与业务重组 | 2026-07-09 | TheStreet | MSFT | 内容直接关联MSFT近期组织调整，包含裁员规模、补偿条款与Xbox管理层经营表述；关键财务影响仍缺乏官方量化披露。 |
| 4/5 高 | 星舰算力大单的合作约束 | 2026-07-09 | TechCrunch | SPCX | 涉及 SPCX 的大额、长期人工智能基础设施收入与客户集中度，发布时间新，且包含明确容量、金额和期限；合同细节仍待验证。 |
| 4/5 高 | 云厂自研芯片挑战英伟达 | 2026-07-09 | Quartz | AMZN, AVGO, GOOG, META, MSFT, NVDA, TSLA, TSM | 覆盖多个核心人工智能基础设施标的，并给出可核验的产品、产能、供应链与时间线事实；远期项目和公司口径降低了确定性。 |
| 4/5 高 | 芯片反弹带动美股收高 | 2026-07-09 | Barchart | $DOWI, $IUXX, $SOX, $SPX, 000660.KS, AAL, ADI, ALK | 收盘后发布，直接覆盖MRVL所属半导体板块并包含市场、利率和宏观数据，但缺乏公司专属经营事实。 |
| 4/5 高 | 美联储周度流动性账本更新 | 2026-07-09 | Federal Reserve Board | BTC, ETH, QQQ, SOL, SPY | 当日发布的美联储官方周度资产负债表，直接覆盖准备金、财政部一般账户、逆回购和证券持有等宏观流动性变量；与相关标的的联系为背景层面，缺少标的级传导证据。 |
| 4/5 高 | Circle涉稳定币返还争议 | 2026-07-09 | TheStreet | CRCL, USDC-USD | 报道新近发布，直接涉及 CRCL 的法律、合规和 USDC 治理机制，且包含具体案件金额、命令和公司答辩。 |
| 4/5 中高 | Meta六个月冲刺前沿模型 | 2026-07-09 | Investing.com | GOOG, META | 直接关联META与GOOG，且含近期模型、算力和资本开支节点；预测性较强，需与后续执行数据核对。 |
| 4/5 高 | 美债长端收益率升至4.56% | 2026-07-09 | Federal Reserve Board | BTC, ETH, QQQ, SOL, SPY | 美联储官方最新日度利率表直接覆盖跨资产估值和流动性背景，数据截至07/08；但它只提供利率事实，缺少驱动因素与标的价格验证。 |
| 4/5 高 | PayPal扩张PYUSD跨境支付 | 2026-07-09 | American Banker | CRCL, PYPL, USDC-USD, USDT-USD | 发布新近，直接关联CRCL、PYPL及美元稳定币支付竞争，并含市场规模、合作网络和潜在新发行方的具体信息。 |
| 4/5 高 | 存储与人工智能订单放大SOXL波动 | 2026-07-09 | Motley Fool | 6488.TWO, MU, NVDA, SOXL, ^IXIC | 发布新近，直接涉及SOXL、MU及人工智能基础设施供应链，金额和采购期限明确；部分内容来自转述，杠杆基金的价格传导不能替代实时核验。 |
| 4/5 中高 | SK海力士美国存托凭证启幕 | 2026-07-09 | Barrons.com | 000660.KS, DRAM, MU, SNDK, STX, WDC, ^GSPC | 07/10发生的美国上市事件与内存主题直接相关，时效性强；但原文过短，发行和认购细节未获一手资料支撑。 |
| 4/5 高 | 存储紧缺推动半导体叙事 | 2026-07-09 | Stocktwits | AMD, AVGO, META, MRVL, MU, NVDA, QCOM | 直接涉及 MRVL 所在半导体链，且提供存储供需、资本开支与行业销售数据线索；关键结论多为转述和分析师观点。 |
| 4/5 高 | CoreWeave债务与现金流压力 | 2026-07-09 | 24/7 Wall St. | CRWV, IREN, NBIS, NVDA | 包含CRWV最新季度财务与产能数据，并直接连接NBIS、IREN和NVDA的AI算力竞争；评论性来源与未经展开验证的叙事降低了证据强度。 |
金十快讯
金十汇总当日存储市场要闻
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韩国财政部官员称美元兑韩元仍与基本面不符
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KOSPI盘中上涨4%
韩国KOSPI指数盘中上涨4.00%至7596.58点；SK海力士涨2.6%，三星电子涨逾5%。
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CME工具显示7月维持利率不变概率为74.9%
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OpenAI称GPT-5.6已成为Microsoft 365 Copilot的首选模型；相关快讯另称微软将通过API向Microsoft 365客户提供该模型。
美股三大指数7月9日收涨
道琼斯指数收涨138.96点或0.27%，报52487.35点；标普500指数收涨60.90点或0.81%，报7543.61点；纳斯达克综合指数收涨336.24点或1.30%，报26206.89点。
WTI和布伦特原油7月9日收跌
纽约商品交易所8月WTI期货收于72.08美元/桶，下跌1.44美元或1.96%；9月布伦特期货收于76.30美元/桶，下跌1.72美元或2.20%。
海事分析机构称霍尔木兹海峡通航量骤降
温沃德海事分析公司称，8日夜间至9日凌晨霍尔木兹海峡仅记录5次通行，只有1艘船驶离波斯湾；报告称经海峡驶离波斯湾的商船交通基本陷入停滞。
美国货币市场基金资产升至7.953万亿美元
美国投资公司协会称，美国货币市场基金资产规模升至7.953万亿美元，创历史新高。
Meta称当前算力未过剩并考虑对外出租
Meta CEO扎克伯格称公司仍需尽可能多的计算能力，当前所有计算资源均被充分利用；公司同时考虑在部分场景将AI基础设施出租给外部企业，并评估建设云业务。
Google向全部云客户推出AlphaEvolve
Google称，向所有Google Cloud客户推出AlphaEvolve人工智能代码优化代理。
威廉姆斯称充足准备金体系可应对稳定币影响
美联储威廉姆斯称，美联储的充足准备金体系旨在灵活应对，可以应对稳定币的影响。
威廉姆斯称稳定币对准备金需求的影响尚不清楚
美联储威廉姆斯称，尚不清楚稳定币将如何影响储备需求。
威廉姆斯称不认为稳定币提高金融稳定风险
美联储威廉姆斯称，不认为稳定币会带来金融稳定性风险上升。
威廉姆斯称稳定币更多用于支付
美联储威廉姆斯称，稳定币更多是关于支付，而非价值储存。
金十汇总当日存储市场要闻
快讯正文
金十汇总称：美国商务部长敦促SK海力士、三星扩大美国存储芯片产能；SK海力士美股IPO定价149美元、融资规模265亿美元；美光计划到2035年将美国投资扩大至逾2500亿美元；集邦咨询预估第三季Server DRAM合约价季增13%-18%。
中科曙光宣布十万卡AI超集群落成投用
快讯正文
中科曙光宣布全国产十万卡AI超集群曙光8000落成投用，并启动第二套十万卡超智融合算力系统建设；公司称该节点已完成300余项应用优化，超过70个应用实现万卡规模扩展。
韩国财政部官员称美元兑韩元仍与基本面不符
快讯正文
韩国企划财政部汇率政策官员称，当前美元兑韩元汇率仍与经济基本面不符，必要时有充足空间稳定市场；预计下半年出口商美元持仓将通过外汇远期合约带来资金流入。
伊朗称使用10枚弹道导弹打击美方目标
快讯正文
伊朗媒体和伊朗伊斯兰革命卫队称，7月9日使用10枚弹道导弹打击美方在西亚的指挥控制中心及约旦阿兹拉克空军基地，并警告若美军再次发动攻击，将打击美国在地区内的其他基地。
日本财务大臣称将鼓励养老金增加本土资产投资
快讯正文
日本财务大臣片山皋月称，日本希望鼓励包括GPIF在内的养老金增加对国内金融资产的投资；相关言论后日元升至1美元兑161.63日元的日内高点。
KOSPI盘中上涨4%
快讯正文
韩国KOSPI指数盘中上涨4.00%至7596.58点；SK海力士涨2.6%，三星电子涨逾5%。
报道称三星会长计划与英伟达CEO会面
快讯正文
据韩国东亚日报，三星集团会长李在镕计划7月底在美国会晤英伟达CEO黄仁勋，预计讨论光州半导体晶圆生产工厂等大规模投资合作方案。
CME工具显示7月维持利率不变概率为74.9%
快讯正文
据CME美联储观察，7月维持利率不变概率为74.9%，累计加息25个基点概率为25.1%；到9月维持不变、累计加息25个基点和累计加息50个基点概率分别为35.7%、51.1%和13.1%。
OpenAI称GPT-5.6成为Microsoft 365 Copilot首选模型
快讯正文
OpenAI称GPT-5.6已成为Microsoft 365 Copilot的首选模型；相关快讯另称微软将通过API向Microsoft 365客户提供该模型。
美股三大指数7月9日收涨
快讯正文
道琼斯指数收涨138.96点或0.27%，报52487.35点；标普500指数收涨60.90点或0.81%，报7543.61点；纳斯达克综合指数收涨336.24点或1.30%，报26206.89点。
WTI和布伦特原油7月9日收跌
快讯正文
纽约商品交易所8月WTI期货收于72.08美元/桶，下跌1.44美元或1.96%；9月布伦特期货收于76.30美元/桶，下跌1.72美元或2.20%。
海事分析机构称霍尔木兹海峡通航量骤降
快讯正文
温沃德海事分析公司称，8日夜间至9日凌晨霍尔木兹海峡仅记录5次通行，只有1艘船驶离波斯湾；报告称经海峡驶离波斯湾的商船交通基本陷入停滞。
美国货币市场基金资产升至7.953万亿美元
快讯正文
美国投资公司协会称，美国货币市场基金资产规模升至7.953万亿美元，创历史新高。
Meta称当前算力未过剩并考虑对外出租
快讯正文
Meta CEO扎克伯格称公司仍需尽可能多的计算能力，当前所有计算资源均被充分利用；公司同时考虑在部分场景将AI基础设施出租给外部企业，并评估建设云业务。
Google向全部云客户推出AlphaEvolve
快讯正文
Google称，向所有Google Cloud客户推出AlphaEvolve人工智能代码优化代理。
威廉姆斯称充足准备金体系可应对稳定币影响
快讯正文
美联储威廉姆斯称，美联储的充足准备金体系旨在灵活应对，可以应对稳定币的影响。
威廉姆斯称稳定币对准备金需求的影响尚不清楚
快讯正文
美联储威廉姆斯称，尚不清楚稳定币将如何影响储备需求。
威廉姆斯称不认为稳定币提高金融稳定风险
快讯正文
美联储威廉姆斯称，不认为稳定币会带来金融稳定性风险上升。
威廉姆斯称稳定币更多用于支付
快讯正文
美联储威廉姆斯称，稳定币更多是关于支付，而非价值储存。
事实参考
以下为事实表、数据对照、账户细项与来源口径，默认折叠；需要核对数据时展开。
美股 / ETF / 公开文章事实
美股 / ETF / 公开行情
| 标的 | IBKR 当前价 | 较前交易日 | 盘后/收盘后 | 上一交易日收盘 | 今日常规收盘 |
|---|---|---|---|---|---|
MSFT | 384.15 | +0.21% | -0.05% | 383.34 | 384.36 |
NVDA | 202.49 | -0.80% | -0.14% | 204.12 | 202.78 |
MRVL | 243.83 | +5.23% | +0.23% | 231.71 | 243.27 |
GFS | 69.99 | +2.97% | +0.40% | 67.97 | 69.71 |
APLD | 32.42 | +3.12% | +0.40% | 31.44 | 32.29 |
USAR | 19.06 | +3.31% | +1.01% | 18.45 | 18.87 |
SOXX | 581.50 | +3.46% | -0.03% | 562.03 | 581.70 |
SOXL | 191.85 | +9.74% | -0.31% | 174.82 | 192.45 |
FTXL | 255.36 | +3.68% | +0.00% | 246.29 | 255.36 |
PSI | 159.47 | +5.38% | +0.00% | 151.33 | 159.47 |
DRAM | 63.60 | +2.51% | -1.18% | 62.04 | 64.36 |
KMEM | 22.06 | +4.50% | +1.10% | 21.11 | 21.82 |
VRT | 323.69 | +1.85% | -0.07% | 317.81 | 323.92 |
COHR | 328.00 | +3.45% | +0.23% | 317.05 | 327.24 |
CRCL | 63.50 | -0.89% | +0.78% | 64.07 | 63.01 |
SPCX | 151.63 | +2.25% | -0.35% | 148.30 | 152.16 |
GOOG | 355.25 | -0.96% | -0.28% | 358.71 | 356.24 |
NBIS | 216.13 | -0.16% | -0.03% | 216.48 | 216.20 |
美股事实与文章索引
| 标的 | IBKR 当前价 | 较前交易日 | 盘后/收盘后 | 文章数 | 数据缺口 |
|---|---|---|---|---|---|
MSFT | 384.15 | +0.21% | -0.05% | 8 篇 | - |
NVDA | 202.49 | -0.80% | -0.14% | 8 篇 | - |
MRVL | 243.83 | +5.23% | +0.23% | 8 篇 | - |
GFS | 69.99 | +2.97% | +0.40% | 8 篇 | - |
APLD | 32.42 | +3.12% | +0.40% | 8 篇 | - |
USAR | 19.06 | +3.31% | +1.01% | 8 篇 | - |
SOXX | 581.50 | +3.46% | -0.03% | 8 篇 | - |
SOXL | 191.85 | +9.74% | -0.31% | 8 篇 | - |
FTXL | 255.36 | +3.68% | +0.00% | 8 篇 | - |
PSI | 159.47 | +5.38% | +0.00% | 8 篇 | - |
DRAM | 63.60 | +2.51% | -1.18% | 8 篇 | - |
KMEM | 22.06 | +4.50% | +1.10% | 8 篇 | - |
VRT | 323.69 | +1.85% | -0.07% | 8 篇 | - |
COHR | 328.00 | +3.45% | +0.23% | 8 篇 | - |
CRCL | 63.50 | -0.89% | +0.78% | 8 篇 | - |
SPCX | 151.63 | +2.25% | -0.35% | 8 篇 | - |
GOOG | 355.25 | -0.96% | -0.28% | 8 篇 | - |
NBIS | 216.13 | -0.16% | -0.03% | 8 篇 | - |
股票文章源
| 标的 | 重要性 | 中文标题 | 原文标题 | 发布日期 | 来源 | 相关标的 | 评级理由 |
|---|---|---|---|---|---|---|---|
SOL | 3/5 网络运行状态 | Solana主网运行状态正常 | Solana Mainnet Beta current status | 2026-07-10 | Solana Status | SOL | 官方状态页对SOL运行风险有直接参考价值且接近日报时点，但只有全局正常状态，缺乏性能与历史故障细节。 |
KMEM, NVDA | 3/5 中 | 存储芯片反弹与财报前瞻 | Dow Jones Futures: Micron, Sandisk Jump As Nasdaq Tops Key Level; Delta, Taiwan Semi, SK Hynix Due | 2026-07-10 | Investor's Business Daily | 000660.KS, CDNS, CL=F, CSCO, DAL, DELL, MU, NVDA | 盘前时效较高，并涉及NVDA相关的存储器供应链，但原文事实极少且没有可核验的业绩或行情细节。 |
KMEM | 2/5 低 | 人道救援试用人工智能工具 | Humanitarians look to put the AI in aid | 2026-07-10 | AFP | - | 新闻新鲜且有具体公共部门人工智能案例，但与KMEM的直接商业和财务关联未被原文证明。 |
KMEM | 3/5 中 | 日本养老基金回流预期 | Japan encourages GPIF to boost domestic investment | 2026-07-10 | Reuters | JPY=X | 时效性高且直接涉及日元与日本利率，但缺乏政策细则和可验证的实际资金流。 |
KMEM | 3/5 中 | 扎克伯格加码人工智能 | Mark Zuckerberg says infinite money won | 2026-07-10 | TheStreet | - | 与大型科技人工智能资本开支直接相关且时间新，但主要是访谈叙事与二手转引，缺少公司经营验证。 |
KMEM | 2/5 中低 | 华润饮料加深香港布局 | CR Beverage Launches C | 2026-07-10 | PR Newswire | 2460.HK | 对2460.HK有直接公司层面关联且发布很新，但属于付费营销稿，缺少经营数据和第三方证据。 |
KMEM | 2/5 中低 | 明慧康完成五千二百万融资 | MindRank Announces $52 Million Series B Financing | 2026-07-10 | GlobeNewswire | - | 融资额和管线阶段清楚且消息新，但无公开标的映射，且临床与融资信息均主要来自公司新闻稿。 |
NVDA | 3/5 中 | 美光英伟达与帕兰提尔增长叙事 | Louis Navellier flags three top tech stocks for market growth | 2026-07-10 | TheStreet | MU, NVDA | 直接涉及NVDA与MU且信息量较高，但文章为明显偏多的观点专栏，目标价和宏观结论缺少独立证据。 |
NVDA | 4/5 高 | SK海力士赴美融资扩产 | Chip titan SK hynix raises $26.5 bn in blockbuster US listing | 2026-07-10 | AFP | 000660.KS, NVDA, ^IXIC | 大额融资、发行定价和扩产用途均为新近且可追踪的行业事实，直接涉及NVDA所处的AI存储器供应链。 |
NVDA | 3/5 中 | AMD与英伟达规模差距 | Advanced Micro Devices vs. Nvidia: What Revenue Growth Rates and Scale Reveal for Investors | 2026-07-10 | Motley Fool | AMD, NVDA | 直接比较NVDA与AMD并包含可回查的财务数据，但多数为既有披露，估值因果解释和营销内容降低了新增信息价值。 |
SPCX | 4/5 高 | 高目标价的估值断层 | Bank of America sets alarming SpaceX stock price target | 2026-07-10 | TheStreet | BAC, SPCX | 新近发布且直接讨论SPCX估值、承销商目标价与技术兑现风险，事实密度较高；作者立场鲜明，证据需独立验证。 |
NVDA | 3/5 中 | 安谋估值押注人工智能芯片扩张 | Why Arm Holdings Stock Soared 224.4% Through The First Half Of 2026 | 2026-07-10 | Motley Fool | ARM, NVDA | 时效性高且关联人工智能半导体链，但论据以公司长期预测和作者估值判断为主。 |
NVDA, SPCX | 3/5 中 | 太空探索公司静默期后研报集中发布 | SpaceX Was Just Flooded With Buy Reports Across Wall Street. Do Analysts Know Something Retail Investors Don | 2026-07-10 | Motley Fool | NVDA, SPCX | 覆盖启动时间新、直接涉及SPCX并含大量机构观点，但证据以目标价和未展开的合同叙述为主。 |
GOOG, MSFT, NVDA | 4/5 高 | 小盘股跑赢权重巨头 | Small Cap ETFs Are Beating the S 500 as the Mag 7 Stumble | 2026-07-10 | etf.com | AAPL, AMZN, GOOG, IJH, IJR, IVV, META, MSFT | 发布时间新，覆盖NVDA、MSFT、GOOG及主要风格ETF，并给出清晰的年内相对收益数据；证据仍以市场评论和回报比较为主。 |
NVDA | 4/5 中高 | 海力士美国存托凭证募资扩产 | SK Hynix Lists on Nasdaq Today at $149: What to Expect | 2026-07-10 | BeInCrypto | 000660.KS, NVDA | 发行日事件新鲜、规模大，并涉及高带宽内存与NVDA供应链；部分关键数字尚缺发行文件验证。 |
MSFT | 2/5 中低 | 维克斯合作与估值分歧 | Wix.com (WIX) Could Be 37% Undervalued On Elavon Partnership News | 2026-07-10 | Simply Wall St. | MSFT, WIX | 合作信息新，但与输入关注标的MSFT的直接财务联系很弱，核心估值数字来自单一内容平台模型，缺乏可核验经营数据。 |
SPCX | 2/5 中低 | 排除马斯克的指数基金 | Don’t want to invest in Elon Musk? Two new ETFs explicitly exclude him | 2026-07-10 | TechCrunch | SPCX | 直接涉及SPCX的指数与基金排除机制，但尚未形成可观察的资金流、规模或持仓变化，基本面信息有限。 |
GOOG | 4/5 高 | 泰拉沃尔夫加杠杆扩建算力 | Google-backed ex-Bitcoin miner reveals $3.5 billion debt raise | 2026-07-10 | TheStreet | BTC-USD, GOOG, WULF | 覆盖 WULF 的大额潜在融资、长期客户合同和明确产能建设计划，直接关联业务模式与负债结构；融资仍属媒体报道的未完成计划。 |
SPCX | 3/5 中 | 高估值下的英伟达对照 | If I Had $10,000 to Invest Today, Here | 2026-07-09 | Motley Fool | NVDA, SPCX | 直接提供SPCX收入倍数并补充NVDA算力需求数据，时效性较好；个人专栏的比较框架和预测成分较重。 |
GOOG, MSFT | 4/5 高 | 韩美芯片上市与业绩窗口 | SK Hynix | 2026-07-09 | Yahoo Finance Video | 000660.KS, DAL, GOOG, MSFT, NVDA, TSM | 临近多个公司和产业链事件，直接涉及NVDA、GOOG、MSFT、TSM与DAL，并提供台积电已知月度同比基准；但尚未包含结果。 |
APLD | 4/5 中高 | 矿企估值转向AI租赁现金流 | Analysts reveal investors are underestimating Bitcoin miners | 2026-07-09 | TheStreet | APLD, BTC-USD, CIFR, WULF | 直接涉及 APLD，发布时间新近并提出可追踪的合同兑现框架；但核心估值结论缺少可复算的原始数据。 |
GOOG | 3/5 中 | 谷歌与Meta的变现路径分野 | Alphabet vs. Meta: Which AI Stock Is the Better Buy Right Now? | 2026-07-09 | Motley Fool | GOOG, META, NVDA | 直接覆盖GOOG与META的人工智能商业化路径，发布较新，但证据以作者叙事和公司产品信息为主。 |
SPCX | 1/5 低 | 航天成长叙事转收费设施 | From Blastoff To … Boring? Why SpaceX Stock Could Lead Aerospace Industry Pivot | 2026-07-09 | Investor's Business Daily | SPCX | 与SPCX直接相关且发布新近，但原文内容严重不足，缺乏可核验事实和完整论证。 |
MSFT | 4/5 高 | 微软裁员补偿与业务重组 | Microsoft offers laid-off employees generous package | 2026-07-09 | TheStreet | MSFT | 内容直接关联MSFT近期组织调整，包含裁员规模、补偿条款与Xbox管理层经营表述；关键财务影响仍缺乏官方量化披露。 |
SPCX | 4/5 高 | 星舰算力大单的合作约束 | Elon Musk praises Mythos/Fable, promises not to ‘cut off’ Anthropic | 2026-07-09 | TechCrunch | SPCX | 涉及 SPCX 的大额、长期人工智能基础设施收入与客户集中度，发布时间新，且包含明确容量、金额和期限；合同细节仍待验证。 |
SPCX | 3/5 中 | 太空探索估值回落与云投入 | SpaceX Briefly Dropped Out of the $2 Trillion Club This Week. Here | 2026-07-09 | Motley Fool | SPCX | 包含 SPCX 上市后估值变化及 AMZN 云业务的具体数据，但核心结论是媒体作者的偏好表达，营销内容和估值证据限制较明显。 |
MSFT | 3/5 中 | 数据狗获人工智能监控溢价 | Datadog, IBD Stock Of The Day, Breaks Away From Software Pack | 2026-07-09 | Investor's Business Daily | CRM, CRWD, DDOG, MSFT, NET, PANW | 与 DDOG 及人工智能基础设施软件主题直接相关、发布时间较新，但原文信息极少，无法支撑更高优先级。 |
GOOG, MSFT | 4/5 高 | 云厂自研芯片挑战英伟达 | Nvidia owns the AI chips market. Google, Amazon, and others are coming | 2026-07-09 | Quartz | AMZN, AVGO, GOOG, META, MSFT, NVDA, TSLA, TSM | 覆盖多个核心人工智能基础设施标的，并给出可核验的产品、产能、供应链与时间线事实；远期项目和公司口径降低了确定性。 |
COHR | 2/5 公司治理快讯 | 伊奥斯更换首席法务官 | Eos Energy Names Marie Batz Martin as Chief Legal Officer | 2026-07-09 | MT Newswires | COHR, EOSE, NTAP | 人事任命发布时间新，但正文严重受限，缺少对经营、财务或相关标的传导的可验证信息。 |
MSFT | 2/5 中低 | 星巴克自研人工智能降支出 | Starbucks (SBUX) Stock Is Up, What You Need To Know | 2026-07-09 | StockStory | IBM, MSFT, SBUX | 有近期价格反应和具体成本数字，但缺乏正式合同、部署成果和供应商收入影响，跨标的研究价值有限。 |
MRVL | 2/5 中低 | 美股收涨油价回落的付费快讯 | Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions | 2026-07-09 | MT Newswires | AMAT, AMD, CL=F, INTC, MRVL, MU, ON, PEP | 收盘时点新鲜并覆盖市场风险偏好，但全文不可得，现有信息仅为标题和页面行情标签。 |
SPCX | 2/5 中低 | 芯片反弹带动纳指走强 | Stock Market Today: Nasdaq Leads Rally As Chip, AI Stocks Shine; SpaceX Halts 3-Day Drop | 2026-07-09 | Investor's Business Daily | ASML, DELL, MU, NG=F, SNDK, SPCX, ^DJI | 时效性和相关标的覆盖较好，但归档正文不足，缺少支撑盘面归因的可核验证据，日报阅读优先级有限。 |
MSFT | 3/5 中 | 美联储五项改革工作组 | Meet the leadership of the Fed | 2026-07-09 | Yahoo Finance Video | ANTH.PVT, MSFT, WMT | 宏观制度与沟通框架具有跨资产阅读价值，发布较新，但尚无正式政策决定或可量化影响。 |
MRVL | 4/5 高 | 芯片反弹带动美股收高 | Stocks Settle Higher as Chipmakers Rally and Crude Prices Fall | 2026-07-09 | Barchart | $DOWI, $IUXX, $SOX, $SPX, 000660.KS, AAL, ADI, ALK | 收盘后发布，直接覆盖MRVL所属半导体板块并包含市场、利率和宏观数据，但缺乏公司专属经营事实。 |
| - | 4/5 高 | 美联储周度流动性账本更新 | Board of Governors of the Federal Reserve System | 2026-07-09 | Federal Reserve Board | BTC, ETH, QQQ, SOL, SPY | 当日发布的美联储官方周度资产负债表，直接覆盖准备金、财政部一般账户、逆回购和证券持有等宏观流动性变量；与相关标的的联系为背景层面，缺少标的级传导证据。 |
CRCL | 4/5 高 | Circle涉稳定币返还争议 | Circle stock slips amid criminal complaint in major U.S. state | 2026-07-09 | TheStreet | CRCL, USDC-USD | 报道新近发布，直接涉及 CRCL 的法律、合规和 USDC 治理机制，且包含具体案件金额、命令和公司答辩。 |
GOOG | 4/5 中高 | Meta六个月冲刺前沿模型 | Meta set to overtake Google’s frontier AI models in six months, SemiAnalysis says | 2026-07-09 | Investing.com | GOOG, META | 直接关联META与GOOG，且含近期模型、算力和资本开支节点；预测性较强，需与后续执行数据核对。 |
| - | 4/5 高 | 美债长端收益率升至4.56% | Board of Governors of the Federal Reserve System | 2026-07-09 | Federal Reserve Board | BTC, ETH, QQQ, SOL, SPY | 美联储官方最新日度利率表直接覆盖跨资产估值和流动性背景，数据截至07/08；但它只提供利率事实，缺少驱动因素与标的价格验证。 |
VRT | 3/5 中 | Meta自研芯片提振设备链 | Why Meta’s In-House AI Chip Plans Sent Chip-Equipment Stocks Soaring | 2026-07-09 | Barrons.com | AMAT, KLAC, LITE, LRCX, META, VRT | 发布时间新，覆盖Meta自研芯片与设备链，但VRT仅为主题关联，原文缺少采购与订单证据。 |
CRCL | 4/5 高 | PayPal扩张PYUSD跨境支付 | PayPal boosts its stablecoin as banks prepare to launch a shared one | 2026-07-09 | American Banker | CRCL, PYPL, USDC-USD, USDT-USD | 发布新近，直接关联CRCL、PYPL及美元稳定币支付竞争，并含市场规模、合作网络和潜在新发行方的具体信息。 |
MRVL | 3/5 中高 | 中国进口预期推升迈威尔 | MACOM and Marvell Technology Stocks Trade Up, What You Need To Know | 2026-07-09 | StockStory | 000660.KS, BABA, MRVL, MTSI, NVDA | MRVL为直接标的且事件新近，但核心政策为二手报道，文章未提供公司层面经营证据。 |
GFS | 2/5 中低 | 量子补贴与战略资本设想 | SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund | 2026-07-09 | 24/7 Wall St. | GFS, IBM, NVDA, SAAQ.PVT | GFS 关联明确但信息主要是既有政策意向与管理层倡议，缺少最终资金文件、项目进度及公司经营数据。 |
| - | 5/5 高 | 美国加密监管法案进入冲刺期 | Newest version of crypto Clarity Act may drop as soon as next week, sources say | 2026-07-09 | CoinDesk | BTC, CRCL, ETH, HYPE, SOL | 发布于日报前一日，覆盖多个输入标的的美国监管框架，并给出近期文本与排期节点；匿名消息和未公开草案限制了确定性。 |
GOOG | 2/5 中低 | 马斯克称Anthropic暂居前列 | Musk calls rival Anthropic the current frontrunner in AI | 2026-07-09 | Investing.com | GOOG, SPCX | 时效性较高，但核心为人物表态，和GOOG、SPCX的直接经营关联弱，缺少可核验的量化新信息。 |
GOOG | 3/5 中 | Meta升级智能体模型能力 | Meta Takes Aim at Google and OpenAI | 2026-07-09 | GuruFocus.com | GOOG, META | META与GOOG直接相关，产品版本和能力指标明确且发布时间新；信息源短、以公司声明为主，证据强度有限。 |
SOXL | 4/5 高 | 存储与人工智能订单放大SOXL波动 | Direxion Daily Semiconductor Bull 3X ETF Explodes | 2026-07-09 | Motley Fool | 6488.TWO, MU, NVDA, SOXL, ^IXIC | 发布新近，直接涉及SOXL、MU及人工智能基础设施供应链，金额和采购期限明确；部分内容来自转述，杠杆基金的价格传导不能替代实时核验。 |
DRAM | 4/5 中高 | SK海力士美国存托凭证启幕 | Memory Stock Surge Sets Stage for SK Hynix | 2026-07-09 | Barrons.com | 000660.KS, DRAM, MU, SNDK, STX, WDC, ^GSPC | 07/10发生的美国上市事件与内存主题直接相关，时效性强；但原文过短，发行和认购细节未获一手资料支撑。 |
MRVL | 2/5 低 | 科技走强与油价回落 | Update: US Equities Rise Intraday in Tech-Led Advance as Oil Prices Ease | 2026-07-09 | MT Newswires | AMD, CL=F, INTC, MRVL, MU, ON, PEP, SMPL | 时效性高但正文不可得，剩余信息与更完整的市场综述重复，MRVL关联仅为标签层面。 |
MRVL | 3/5 中高 | 迈威尔光子芯片出货突破 | Tower Semiconductor (TSEM) Advances AI Data Center Connectivity With Photonics Milestone | 2026-07-09 | Insider Monkey | MRVL, TSEM | MRVL合作与出货数量直接相关，可补充光互连业务事实，但信息来自合作方与二次报道，缺少收入和订单细节。 |
MRVL | 3/5 中 | 高速互连需求与估值压力 | ALAB Rides on Strong Demand for PCIe Solution: A Sign for More Upside? | 2026-07-09 | Zacks | ALAB, CRDO, MRVL | 时效性较高且涉及 MRVL 所在高速互连竞争主题，但核心公司为 ALAB，MRVL 相关证据仅为产品背景。 |
MRVL | 2/5 中低 | Marvell并购股转售登记 | 424B7 | 2026-07-09 | U.S. Securities and Exchange Commission | MRVL | SEC原始文件新近披露且直接关联MRVL，但登记规模仅约占流通股0.017%，没有实际出售承诺或经营增量信息。 |
VRT | 3/5 中 | 泰瑞达数据中心测试需求扩张 | Teradyne Stock Rides on Strong Datacenter Growth: More Upside Ahead? | 2026-07-09 | Zacks | ADTTF, ATEYY, TER, VRT | TER经营数据与数据中心测试需求有信息量，VRT关联存在但不直接，来源带有投研机构立场。 |
COHR, MRVL | 3/5 中 | 科技股反弹下的板块分化 | Stock Market Today, July 9: AI Chip, Technology Stocks Rally, Overcoming Ceasefire Worries | 2026-07-09 | Motley Fool | COHR, GLW, LITE, MRVL, PLTR, ^DJI, ^GSPC, ^IXIC | 直接记录 MRVL、COHR 所在板块的当日行情与市场分化，但属于盘中快讯，缺少公司经营层面的新增证据。 |
MRVL | 4/5 高 | 存储紧缺推动半导体叙事 | MU, AMD, MRVL, QCOM Stocks Surge — Bernstein’s Stacy Rasgon Says AI Demand Is Exploding, Memory Capacity Is | 2026-07-09 | Stocktwits | AMD, AVGO, META, MRVL, MU, NVDA, QCOM | 直接涉及 MRVL 所在半导体链，且提供存储供需、资本开支与行业销售数据线索；关键结论多为转述和分析师观点。 |
NBIS | 4/5 高 | CoreWeave债务与现金流压力 | Down 40%, CoreWeave Is Being Left Behind By the Market | 2026-07-09 | 24/7 Wall St. | CRWV, IREN, NBIS, NVDA | 包含CRWV最新季度财务与产能数据，并直接连接NBIS、IREN和NVDA的AI算力竞争；评论性来源与未经展开验证的叙事降低了证据强度。 |
CRCL | 3/5 中 | 加密监管松绑与估值分化 | SEC pivots on crypto: Eased rules let startups win big on token launches | 2026-07-09 | Yahoo Finance Video | 000660.KS, BLSH, BTC-USD, CRCL, ETOR, KRAK.PVT | 监管方向和CRCL相关性较强且发布时间新近，但原文是观点视频，关键规则与估值数据缺少一手文件和完整计算口径。 |
VRT | 2/5 中低 | 高盛覆盖带动数据中心承包商 | Data Center Builder Spikes After Goldman Initiates Coverage At Buy Rating | 2026-07-09 | Investor's Business Daily | CIEN, FIX, GS, IESC, LII, MOD, PPG, STRL | 新闻时效高但原文极短，VRT没有正文层面的直接关联，缺乏订单和估值依据。 |
SOXX | 4/5 中高 | 半导体反弹中的估值分化 | Marvell Technology Climbs 7% on the AI Chip Recovery: Is It Overvalued Next to Broadcom and Nvidia? | 2026-07-09 | 24/7 Wall St. | 005930.KS, AVGO, MRVL, NVDA, SOXX | 直接关联SOXX且发布时间接近日报，包含主要成分相关公司的盘中表现、估值与业绩数据；盘中价格和因果叙事仍需独立核验。 |
COHR | 5/5 核心标的经营材料 | 光通信订单支撑增长预期 | Coherent Stock Soars 247% in a Year: Should Investors Ride the Rally? | 2026-07-09 | Zacks | COHR, ^GSPC | 直接覆盖 COHR，且包含最新财季的业务占比、订单、利润率、资本结构与共识预测，信息密度高；需区分公司事实与 Zacks 的评级判断。 |
NBIS | 3/5 中 | Saturn Cloud接入Nebius平台 | Is Nebius Group (NBIS) Using Saturn Cloud To Quietly Redefine Its AI Moat? | 2026-07-09 | Simply Wall St. | NBIS, NVDA | 产品整合直接涉及NBIS的差异化路径且信息新鲜，但缺少商业条款、客户采用和财务贡献数据，主要估值结论依赖模型假设。 |
ETH | 3/5 中等：机构采用背景 | 以太坊设立机构沟通平台 | Ethereum's newest nonprofit wants to become Wall Street's guide to crypto | 2026-07-09 | CoinDesk | ETH | 发布时间较新，直接涉及ETH的机构生态与以太坊基金会职责调整；但内容以创始人表述为主，缺少合作、资金和链上采用数据。 |
NBIS | 3/5 中 | CoreWeave扩容与同业竞争 | AI Demand is Exploding: Why CoreWeave is Well-Positioned to Win | 2026-07-09 | Zacks | CRWV, MSFT, NBIS | 容量、融资、估值和盈利预期对CRWV及AI云竞争有参考价值，但NBIS关联间接，且文章依赖管理层表述与Zacks自有评级。 |
VRT | 4/5 高 | 韩国AI计划映射Vertiv估值 | South Korea’s $576 Billion AI Bet Shows Why Vertiv Is More Than a Cooling Company | 2026-07-09 | 24/7 Wall St. | VRT | VRT直接相关，包含供电与液冷需求、扩产和业绩验证变量；但政策金额、归因和订单传导缺乏原始证据。 |
COHR | 1/5 弱关联背景材料 | ABM并购推动半导体服务 | ABM Stock Gains 13% in 3 Months: Here | 2026-07-09 | Zacks | ABM, COHR, ^GSPC | 文章事实密度主要服务于 ABM；COHR 只在推广式同业列表中出现，缺乏直接经营、估值或行业传导证据。 |
SOXX | 2/5 中低 | 风险偏好短暂回升 | Risk Is Back on the Menu | 2026-07-09 | Barrons.com | BTC-USD, MEME, SOXX | 发布时间接近日报，覆盖SOXX及风险资产，但正文过短且没有可复核的资金流、样本范围或事件证据。 |
NBIS | 4/5 高 | 纳指纳入后的Nebius估值 | Can Nebius Group (NBIS) Justify Its Valuation Following Nasdaq 100 Inclusion And New AI Launches? | 2026-07-09 | Simply Wall St. | META, NBIS | 直接覆盖NBIS指数纳入、近期价格表现与估值分歧，信息新鲜且与日报高度相关；模型公允价值和竞争影响缺少原始文件与量化验证。 |
GFS | 3/5 中 | 美光扩建带动晶圆供应链预期 | GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS) | 2026-07-09 | InvestorsHub | 6488.TWO, GFS, MU | 消息新近且与 GFS 供应链相关，但直接合同对象并非 GFS，实际订单传导尚未披露。 |
CRCL | 3/5 中 | 索尼进军美国稳定币信托 | Sony To Set Up U.S. Stablecoin Trust Bank | 2026-07-09 | CryptoProwl | CRCL, DX-Y.NYB, SONY, V | 对CRCL和SONY的稳定币竞争环境存在直接关联，发布时间新近；但报道篇幅短，审批状态、行业数据和产品计划缺少一手证据。 |
SOXX | 2/5 中低 | 地缘紧张下芯片股反弹 | Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Chip Stocks Rebound Despite US-Iran Tensions | 2026-07-09 | MT Newswires | AMAT, AZN, BETH, BITO, BR, EEM, EETH, EXI | 盘前时点和SOXX关联度较高，但正文不可得，核心数字、来源与地缘事件影响路径无法复核。 |
SOXX | 3/5 中 | 英伟达相对抗跌的条件 | Why NVIDIA Might Be Immune to the Semiconductor Sell-Off | 2026-07-09 | 24/7 Wall St. | NVDA, SOXX | 直接涉及NVDA与SOXX的相对表现、估值和AI资本开支风险，事实密度中等；但主要是作者判断，缺乏一手经营数据。 |
MU | 未评级 | Micron宣布最多30亿美元美国半导体供应链投资 | Micron Announces Up to $3 Billion Strategic Investment to Strengthen U.S. Semiconductor Ecosystem | 2026-07-09 | Micron Technology | DRAM, FTXL, MU, PSI, SOXX | - |
NBIS | 4/5 高 | 云算力订单考验执行力 | Jim Cramer on Nebius: “The Stock’s Been a Juggernaut” | 2026-07-09 | Insider Monkey | CRWV, META, MSFT, NBIS, NVDA | 直接覆盖 NBIS 的大额客户合同、资本背书与执行风险，发布时间新；主要证据为评论节目转述，需以公司文件核验。 |
NBIS | 2/5 中低 | 甲骨文远期盈利估值争议 | Jim Cramer Highlights Future Earnings Projections that Make Oracle Look Cheap | 2026-07-09 | Insider Monkey | CRWV, GOOG, META, MSFT, NBIS, ORCL, ORCL-PD | 内容对云算力同业比较有辅助价值，但直接标的是 ORCL，NBIS 关联间接，且核心数字为未署名分析师远期预测。 |
USAR | 4/5 高 | MP起诉稀土竞争对手 | MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring | 2026-07-09 | Simply Wall St. | MP, USAR | 直接关联 USAR 且发布时间很近，涉及潜在知识产权和人才约束；但现阶段仅有原告指控，证据未经司法审查。 |
SOL | 3/5 中 | Solana验证器与开发工具更新 | Solana Changelog: July 9, 2026 | 2026-07-09 | Solana Foundation | SOL | 近期官方工程更新直接涉及 SOL 网络的验证器与开发者基础设施，但多数事项是版本发布或开发中功能，未给出可量化的主网影响。 |
NBIS | 1/5 低 | 散户热议股盘前信息缺失 | Social Buzz: Wallstreetbets Stocks Mostly Higher Pre-Bell Thursday; Micron Technology, Sandisk to Advance | 2026-07-09 | MT Newswires | DTE, MSFT, MU, NBIS, NVDA, SNDK, SPCX, WEN | 只有受限页面的标题和零散行情字段，NBIS 无具体讨论证据，且盘前舆情信息时效短、可验证性低。 |
USAR | 4/5 高 | 稀土人才缺口拖慢供应链重建 | Rare Earth Talent Scramble Lures 86-Year-Old From Retirement | 2026-07-09 | Bloomberg | ARA.NE, ARA.TO, METC, METCB, METCI, METCZ, MP, USAR | 发布不足两日，直接解释USAR及稀土同业从政策支持到实际量产之间的人才约束，且有多组行业数据和企业事件支撑。 |
APLD | 2/5 中低 | 中盘股增长质量分化 | 1 Mid-Cap Stock on Our Watchlist and 2 We Ignore | 2026-07-09 | StockStory | APLD, CAVA, NVR | 直接涉及 APLD，但仅重述财务与估值风险，没有新增公司事实或一手证据。 |
DRAM, KMEM | 4/5 中高 | 内存ETF分化争夺主题资金 | New Memory ETFs Line Up to Challenge Runaway DRAM | 2026-07-09 | etf.com | 000660.KS, 005930.KS, DRAM, HBMX, KMEM | DRAM和KMEM直接相关，基金流量、资产、费率及持仓差异信息密集且发布时间新；主题预测和早期竞品数据仍需持续验证。 |
| - | 4/5 高优先级 | 比特币承压守住六万美元 | BTC, ETH, XRP price news: Bitcoin, ether steady, gold falls as U.S.-Iran strikes escalate | 2026-07-09 | CoinDesk | BTC, ETH, HYPE, SOL | 覆盖BTC、ETH、SOL与HYPE的近期价格和宏观冲击，直接服务加密日报；利率敏感性判断仍是媒体叙事，需数据验证。 |
CRCL | 3/5 中 | 利率敏感叙事下的圈币估值 | Circle Internet Group (CRCL) Could Be 79% Overvalued As Rate Sensitive Narrative Takes Hold | 2026-07-09 | Simply Wall St. | CRCL | 直接覆盖 CRCL 且估值差距显著，但属于单一平台的模型化观点，缺少完整参数与独立验证。 |
ETH | 4/5 高 | 可复现验证筛选智能体漏洞 | The triage is the product: running AI agents against Ethereum's protocol code | Ethereum Foundation Blog | 2026-07-09 | Ethereum Foundation Protocol Security | ETH | 官方近期披露直接关联 ETH 客户端依赖组件的已修复安全问题，并提供安全审计流程信息；缺少影响范围与量化审计结果，优先级低于直接链上或市场事件。 |
VRT | 3/5 中 | 柔佛扩产与估值溢价拉锯 | Vertiv Holdings Co (VRT) Could Be 22% Undervalued Following Its Johor AI Expansion | 2026-07-08 | Simply Wall St. | VRT | 直接覆盖 VRT 的最新扩产与估值分歧，但估值结论主要来自第三方模型，缺少订单和财务兑现证据。 |
NBIS | 3/5 中 | 晨星梳理Nebius算力布局 | Analyst Report: Nebius Group N.V. | 2026-07-08 | Morningstar Research | MSFT, NBIS | 研究机构材料直接补充 NBIS 的商业模式、产能与微软客户事实，发布时间较新；正文摘要化，缺少可复核细节和新的经营更新。 |
AMD | 3/5 中 | AMD二季度业绩披露日程 | AMD to Report Fiscal Second Quarter 2026 Financial Results | 2026-07-08 | Advanced Micro Devices | AMD, FTXL, PSI, SOXX | 确认 AMD 财报与电话会时间，对直接标的和半导体基金具有日历价值，但没有新增经营事实。 |
CRCL | 3/5 中 | 加密财库股的风险分层 | Bitmine Immersion Technologies Stock Is Down 46% This Year: Is It Time to Switch to Strategy or Circle Internet Group? | 2026-07-08 | 24/7 Wall St. | BMNR, BTC-USD, CRCL, ETH-USD, IBIT, MSTR, NVDA | 覆盖多只加密相关股票并含季度和持仓数字，但混入营销内容、预测市场与情绪材料，部分数据存在滞后。 |
SOXX | 3/5 中 | 存储股回撤后的估值分化 | Every Memory Stock Is Now in a Bear Market: Is Micron, SanDisk, or Applied Materials the Best Buy? | 2026-07-08 | 24/7 Wall St. | AMAT, MU, NVDA, SNDK, SOXX, STX, WDC | 覆盖SOXX内重要存储与设备标的，并提供回撤、财报、指引、估值和股息数字；文章的标的排序与目标价判断仍带有明显评论属性。 |
COHR | 3/5 券商观点与产能背景 | 券商上调光互连目标价 | Raymond James Maintains a Strong Buy on Coherent Corp. (COHR) | 2026-07-08 | Insider Monkey | COHR | 直接涉及 COHR 的券商目标价和产能扩张背景，但两项核心事件早于文章发布时间，且资金与评级均需回溯原始披露验证。 |
SOXX | 4/5 高 | 苹果长约强化博通连接芯片 | Broadcom Spikes 5% on Expanded Apple Chip Deal; Intel and AMD Drift Lower | 2026-07-08 | 24/7 Wall St. | AAPL, AMD, AVGO, INTC, NVDA, SOXX | 近期长期供应协议直接关联AVGO及SOXX，金额、期限和产能动作具备事实密度；来源为二次转述，需核验原始披露。 |
CRCL | 2/5 中低 | 英国牌照扩展 Coinbase 服务 | UK Authorization Strengthens Coinbase | 2026-07-08 | Zacks | COIN, CRCL | 英国授权对 COIN 有近期直接相关性，但 CRCL 关联有限，且缺少监管原始文件与商业化数据。 |
COHR | 3/5 中 | 半导体板块随大盘回落 | Chip Stocks Join in Broad Selloff | 2026-07-08 | Barrons.com | AAPL, ALAB, AVGO, COHR, CRDO, INTC, MAGS, ^IXIC | 发布时间较近并涉及 COHR 所在板块，但可用正文截断，无法支撑完整的事件归因。 |
VRT | 4/5 高 | 英伟达凯伯架构延期风险 | Nvidia Is Allegedly Delaying Its Kyber Rack-Scale Architecture by More Than 12 Months. What This Means for NVDA Stock. | 2026-07-08 | Barchart | AIB, BE, CEG, ETN, GEV, NVDA, VRT | 涉及英伟达未来机架路线图及多家 AI 基础设施相关标的，事件时效性强；但延期信息仍属媒体转述，需以公司披露验证。 |
DRAM, SOXX | 4/5 高 | 半导体指数逼近11950支撑 | The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day | 2026-07-08 | Yahoo Finance | DRAM, SOX=F, SOXX, ^SOX | 直接覆盖SOXX、DRAM与存储链，给出近期回撤幅度和明确技术位；技术阈值与市值统计口径仍需实时数据复核。 |
APLD | 3/5 中 | 鹏金方案服务业绩跃升 | Why Penguin Solutions May Be the Smartest AI Infrastructure Stock | 2026-07-08 | MarketBeat | APLD, IREN, NBIS, NVDA, PENG | 含近期业绩和指引事实，并直接构成 APLD 的同业商业模式比较；来源评论属性和横向证据不足限制其权重。 |
VRT | 3/5 中 | 威图马来西亚产能扩张 | Vertiv Expands in Malaysia to Boost AI Infrastructure: What | 2026-07-08 | Zacks | APH, VRT | 直接提供 VRT 扩产、区域增长和收入指引，适合补足经营背景；关键订单和产能信息仍缺失，来源含评级推广属性。 |
APLD | 3/5 中 | 算力转型股急跌后反弹 | TeraWulf Rises 12%, IREN Climbs 7% as AI-Infrastructure Stocks Bounce Back | 2026-07-08 | 24/7 Wall St. | AMZN, APLD, BTC-USD, CIFR, GOOG, IREN, NVDA, WULF | 覆盖 APLD 的短期板块联动、收入和租约背景，但没有新的 APLD 公司事件，且市场归因主要为评论判断。 |
GFS | 2/5 中低 | 台积电高增长与估值位置 | TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy? | 2026-07-08 | Zacks | GFS, ON, TSM, ^GSPC | 数据密度较高但研究对象是台积电，GFS 仅为估值和股价表现对照。 |
VRT | 2/5 中低 | 威图均值回归信号检验 | Vertiv Stock Just Flashed an ‘Exhaustion’ Signal. Exploit It Here for Profits. | 2026-07-08 | Barchart | VRT | 直接关联 VRT 的短期市场叙事，但仅有 20 个样本且方法披露不足，不能与公司经营事实等量齐观。 |
SOXX | 2/5 中低 | 美伊协议结束引发盘前避险 | Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday as Trump Declares US-Iran Agreement Over | 2026-07-08 | MT Newswires | AZN, BABA, BETH, BITO, CL=F, EEM, EETH, EXI | 潜在宏观风险主题与宽基资产相关，但正文被付费墙截断、证据不足且缺少SOXX直接事实。 |
GFS | 2/5 中低 | 格芯与SEALSQ签量子安全备忘录 | SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing | 2026-07-08 | MT Newswires | GFS, LAES | 合作方和主题与 GFS 直接相关，但可访问证据极少，商业影响无法评估。 |
GFS | 3/5 中 | 格芯布局后量子安全芯片 | SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies | 2026-07-08 | GlobeNewswire | GFS, LAES | 签署方公告对 GFS 技术布局具有直接性，但备忘录与新闻稿性质限制了商业影响的可验证性。 |
SOL | 3/5 中 | Solana链上转账延迟已恢复 | Coinbase Status | 2026-07-08 | Coinbase Status | SOL | 官方一手信息且直接涉及 SOL，但事故已恢复，缺少规模、根因与链上验证数据。 |
BTC | 3/5 基础设施发布 | 比特币核心客户端发布31.1 | Release Bitcoin Core 31.1 · bitcoin/bitcoin | 2026-07-08 | Bitcoin Core | BTC | 正式版本发布与BTC网络基础设施直接相关，且签名和官方分发信息明确；缺少发行说明与采用数据，阅读优先级中等。 |
CRCL | 2/5 中低 | 加密新股跌破首日开盘价 | Gemini Stock Leads Crypto IPO Losses With 89% Drop From Its Debut | 2026-07-08 | BeInCrypto | BLSH, BTGO, CRCL, ETOR, FIGR, GEMI | 为 CRCL 提供新股表现的横向参照，但缺少价格截点、基本面数据及对延期原因的原始证据。 |
USAR | 3/5 中 | 格陵兰题材重燃稀土关注 | CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions | 2026-07-08 | Stocktwits | ALOY, CRML, GLND, USAR, UUUU | 涉及USAR所在稀土主题并含有CRML和ALOY项目事实，但USAR关联间接，且核心催化来自政治表态与零售市场叙事。 |
GFS | 3/5 中 | 格芯联手推进后量子安全芯片 | SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies | 2026-07-08 | SEALSQ | GFS | 近两日发布且直接涉及 GFS 的技术合作，但仅披露研发意向，缺少合同与财务量化证据。 |
| - | 5/5 高 | 联储纪要呈现收紧分歧 | FOMC Minutes, June 16-17, 2026 | 2026-07-08 | Federal Reserve Board | BTC, ETH, QQQ, SOL, SPY | 美联储官方纪要披露利率维持与后续政策分歧，包含通胀、就业、国债收益率和AI投资等高密度事实，对跨资产日报具有直接宏观相关性。 |
| - | 3/5 监管更新 | 美国更新俄制裁豁免规则 | Issuance of Amended Russia-related General License and Frequently Asked Questions | 2026-07-08 | U.S. Department of the Treasury, OFAC | GLOBAL | 官方来源且发布时间接近日报日，但正文只披露文件发布与标题级信息，缺乏对具体资产的直接传导证据。 |
USAR | 3/5 中 | 康托尔参与稀土交易受查 | Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal | 2026-07-07 | The Wall Street Journal | USAR | USAR直接相关且涉及政府投资融资安排，但正文极短、可核验事实有限，阅读价值主要在于识别待补证的合规事件。 |
GFS | 2/5 中低 | AI眼镜平台切入光学整合 | Applied Materials (AMAT) Unveils SENZ To Speed AI Smart Glasses Development | 2026-07-07 | Simply Wall St. | AMAT, EL.PA, GFS | 与 GFS 存在直接合作线索，但缺乏量产、合同和财务证据，且报道时效已下降。 |
SOXL | 3/5 中 | 三星财报落差放大芯片杠杆回撤 | Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed | 2026-07-07 | Motley Fool | 005930.KS, NVDA, SOXL, ^IXIC | 与SOXL及美国半导体股直接相关，事件较新；但论证以盘中市场叙事为主，缺少量化验证。 |
COHR | 3/5 中 | 科希伦特盈利预期上修 | Here | 2026-07-07 | Zacks | COHR, PAYX, ^GSPC | 为 COHR 提供了量化盈利预期和历史业绩记录，但文章主体并非 COHR，且证据主要来自单一研究机构。 |
PSI | 3/5 中 | PSI上涨背后的台积电缺席 | Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor | 2026-07-07 | 24/7 Wall St. | AMD, NVDA, PSI, TSM | 提供PSI持仓结构、收益与台积电缺席这一具体暴露差异，但关键纳入规则仍属推测且申报数据滞后。 |
APLD | 3/5 中 | 算力租约信用条件待定 | TeraWulf Drops 8% Even as Analysts Raise Price Targets on $19B Anthropic Deal, IREN Falls 7%, Applied Digital Slides 6% | 2026-07-07 | 24/7 Wall St. | APLD, BTC-USD, CIFR, GOOG, IREN, NVDA, WULF, ^NDX | 直接涉及 APLD 的板块波动，并提供同业合同信用风险案例；信息已有时序滞后，对 APLD 的传导仅为间接关联。 |
DRAM | 4/5 高 | 存储芯片领跌进入熊市区间 | Micron, Samsung, SK Hynix just dragged memory stocks into a bear market | 2026-07-07 | Yahoo Finance | 000660.KS, 005930.KS, AMAT, DRAM, INTC, LRCX, MU, SNDK | 时效性较强，直接覆盖DRAM及其核心存储股，并量化了回撤扩散范围；基本面证据仍不完整。 |
USAR | 4/5 高 | USAR政府交易面临利益冲突审查 | Democrats Probe Cantor Fitzgerald Ties in USA Rare Earth Deal | 2026-07-07 | Bloomberg | USAR | 交易规模、政府10%持股和议员书面调查均直接关联USAR，且彭博社提供的可核对细节较完整；结论仍受各方未回应和未有裁决限制。 |
GFS | 3/5 中 | 格芯跑赢科技板块表现 | Are Computer and Technology Stocks Lagging GlobalFoundries (GFS) This Year? | 2026-07-07 | Zacks | AVT, GFS | 直接覆盖 GFS 的相对收益与盈利预期修正，但属于第三方评级型短文，新增基本面事实有限。 |
APLD | 3/5 中 | APLD北达科他园区启用 | Is Applied Digital’s (APLD) New 175 MW AI Campus Milestone Redefining Its Core Infrastructure Story? | 2026-07-07 | Simply Wall St. | APLD | 近期且直接关联 APLD 的投运进度，但核心财务结论依赖平台模型，独立证据有限。 |
005930 KS | 4/5 中高 | 三星二季度利润指引大幅上修 | public-disclosure-view | 2026-07-07 | Samsung Electronics Investor Relations | 005930 KS, DRAM | 三星官方披露了接近当日的销售额和营业利润区间，对直接标的与存储器产业观察信息密度较高。 |
| - | 未评级 | 英国海事贸易行动办公室JMIC第068号更新 | Update 068 to JMIC Advisory Note, 01 March–07 July 2026 | 2026-07-07 | UKMTO Joint Maritime Information Center | GLOBAL | - |
| - | 4/5 高优先级 | 伊朗石油授权撤销期限 | Issuance of Amended Iran-related General License | 2026-07-07 | U.S. Department of the Treasury, OFAC | GLOBAL | 官方制裁许可调整与能源供应、航运合规直接相关，发布较新且来源权威；但正文未提供量化执行范围。 |
CRCL | 3/5 中等优先级 | 索尼银行获美国信托预批 | 米国信託子会社設立に向けた米国通貨監督庁からの条件付き承認取得について｜プレスリリース｜ディスクロージャー｜企業情報｜ソニー銀行（ネット銀行） | 2026-07-07 | Sony Bank | CRCL, GLOBAL | 官方披露反映美国稳定币准入的新参与者，和CRCL所在赛道相关；但项目仍在附条件批准阶段，缺乏产品与规模数据。 |
| - | 4/5 加密监管方向 | 美国证监会推进加密规则 | Statement on the 2026 Regulatory Agenda | 2026-07-07 | U.S. Securities and Exchange Commission | BTC, CRCL, ETH, SOL | SEC主席的正式监管议程直接覆盖加密资产和代币化证券，时效性与相关标的关联度较高；内容仍是政策方向声明。 |
COHR | 2/5 中低 | 沃尔玛降价牵动盘后焦点 | Stocks to Watch Recap: Walmart, Strategy, easyJet, Micron | 2026-07-06 | The Wall Street Journal | BTC-USD, COHR, CRWV, DELL, INTC, IREN, MSTR, MU | 文章只提供沃尔玛盘后事实，COHR 仅为标签关联，且正文截断、发布时间相对滞后。 |
DRAM | 3/5 中 | 美国ETF周度资金罕见转流出 | Investors Pull $3.7B From ETFs in Rare Weekly Outflow | 2026-07-06 | etf.com | DRAM, LCAP, LQD, VXUS | 含有DRAM及跨资产周度资金流数据，但时间窗口短且受假期影响明显。 |
APLD | 3/5 中 | Anthropic大额租约提振算力股 | TeraWulf, Anthropic Sign $19 Billion Data Center Lease. Neocloud Stocks Soar. | 2026-07-06 | Investor's Business Daily | APLD, CRWV, HUT, IREN, RIOT, SPCX, WULF | 合同金额巨大且与 APLD 所在算力基础设施赛道相关，但原文信息密度很低，无法核验合同结构。 |
APLD | 3/5 中 | WULF转向长期算力租赁 | TeraWulf Stock Is Up 95% This Year: Here’s Why | 2026-07-06 | 24/7 Wall St. | AMZN, APLD, BTC-USD, CIFR, CRWV, GOOG, IREN, MSFT | 提供与 APLD 直接可比的算力基础设施数据，时效性尚可；合同和分析师数据主要来自评论文章。 |
GFS | 2/5 中低 | SENZ整合方案瞄准智能眼镜 | Applied Materials (AMAT) Unveils AI-Powered SENZ Platform to Accelerate Smart Glasses Development | 2026-07-06 | Insider Monkey | AMAT, EL.PA, GFS | 涉及 GFS 的直接合作关系，但内容高度概述且来源带有推广性质，缺乏商业执行数据。 |
DRAM | 3/5 中 | 韩国巨额芯片计划与存储波动 | South Korea’s $590B Chip Bet Has Semiconductor ETFs Buzzing, but Memory Cycles Have Burned Believers Before | 2026-07-06 | 24/7 Wall St. | 000660.KS, 005930.KS, DRAM, EWY, FLKR | 与DRAM及韩国存储龙头直接相关，产业事实密度较高；数值口径不一且含分析师估计和推广性内容。 |
USAR | 3/5 中 | MP高估值与扩产成本压力 | MP Materials Trades at a Premium Valuation: How to Play the Stock? | 2026-07-06 | Zacks | LYC.AX, LYSCF, LYSDY, MP, USAR, ^GSPC | 提供USAR与MP、LYSDY的稀土同业估值和经营对照，但主体是MP且发布时间较早，证据以研究机构整理为主。 |
MU | 未评级 | Micron与Ford签订长期存储器供应协议 | Micron and Ford Sign Strategic Agreement to Strengthen Long-Term Memory Supply and Industry Resilience | 2026-07-06 | Micron Technology | DRAM, F, FTXL, MU, PSI, SOXX | - |
000660 KS | 5/5 高 | SK海力士赴美上市融资文件 | Amendment No. 2 to Form F-1 | 2026-07-06 | U.S. Securities and Exchange Commission | 000660 KS, DRAM, KMEM, SKHY | 官方初步招股文件直接披露SK海力士赴美融资、潜在稀释、扩产用途和最新季度财务，时间接近当日日报且与000660 KS直接相关。 |
CRCL | 3/5 中 | Circle披露USDC储备框架 | Transparency & Stability | Circle | 2026-07-06 | Circle | BTC, CRCL, ETH, SOL, USDC | Circle官方材料直接覆盖CRCL和USDC的储备与赎回制度，发布较新；但缺少关键金额和流量数据，且为发行方自述，适合作为背景与披露框架阅读。 |
USAR | 4/5 中高 | USAR六月下跌的三重压力 | Here | 2026-07-05 | Motley Fool | USAR | 直接覆盖USAR的资本结构、供应链和诉讼风险，含可核验的注册文件数量；但文章对跌幅归因和政策影响仍主要是推断与媒体转述。 |
USAR | 3/5 中 | 美国稀土三家公司发展分层 | What Rare Earths Stock Can Best Deliver Gains From America | 2026-07-05 | Motley Fool | MP, NVDA, TMC, USAR | 直接说明USAR的项目与收购布局，但信息偏长期叙事，缺少可用于当日验证的经营、融资和监管细节。 |
| - | 4/5 高优先级 | OPEC+八月产量调整安排 | Organization of the Petroleum Exporting Countries | 2026-07-05 | OPEC | GLOBAL | 官方产量安排临近执行，直接影响全球原油供给预期与通胀链条；但缺少国别分配和实际履约数据。 |
DRAM | 未评级 | ETF Inflows Top $1 Trillion at the Halfway Point of 2026 | ETF Inflows Top $1 Trillion at the Halfway Point of 2026 | 2026-07-03 | etf.com | DRAM, GLD, IBIT, IVV, VFFSX, VFIAX, VFINX, VOO | - |
PSI | 未评级 | Top-Performing ETF Areas of 1H 2026 | Top-Performing ETF Areas of 1H 2026 | 2026-07-02 | Zacks | BWET, EWY, PSI, TCAI, UGA, ^GSPC, ^IXIC, ^RUT | 发布时间早于日报 5 天摘要窗口。 |
DRAM | 未评级 | Is the Memory Rally Still Alive After the Semiconductor Sell-Off? | Is the Memory Rally Still Alive After the Semiconductor Sell-Off? | 2026-07-02 | MarketBeat | AAPL, AMZN, DRAM, GOOG, META, MSFT, MU, NTDOF | 发布时间早于日报 5 天摘要窗口。 |
CRCL | 未评级 | 渣打银行与Circle推出USDC铸造和赎回接入 | Standard Chartered & Circle launch G-SIB integrated access to USDC | Circle | 2026-07-02 | Circle | CRCL | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Best Performing ETFs of 2026 | Best Performing ETFs of 2026 | 2026-07-01 | etf.com | AIS, BWET, DRAM, EWY, MUU, PSI, QQQ, SOXX | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing | SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing | 2026-07-01 | 24/7 Wall St. | SMH, SOXL, SOXX | 发布时间早于日报 5 天摘要窗口。 |
APLD | 未评级 | Applied Digital交付Polaris Forge 1第二栋建筑一期 | Applied Digital Delivers Second Building at Polaris Forge 1 | 2026-07-01 | Applied Digital | APLD | 发布时间早于日报 5 天摘要窗口。 |
KMEM | 未评级 | Kurv Launches the KMEM ETF: The Purest Play on Memory Production | Kurv Launches the KMEM ETF: The Purest Play on Memory Production | 2026-07-01 | Business Wire | 000660.KS, 005930.KS, CBOE, KMEM, MU | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally | Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally | 2026-07-01 | Zacks | AMD, CHPX, FTXL, INTC, MU, SHOC | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid | Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid | 2026-06-30 | 24/7 Wall St. | AMD, AVGO, INTC, NVDA, SOXL | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | FCA sets landmark crypto rules to cement the UK’s place as a global hub | FCA sets landmark crypto rules to cement the UK’s place as a global hub | 2026-06-30 | UK Financial Conduct Authority | BTC, CRCL, ETH, SOL | - |
FTXL | 未评级 | The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL | The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL | 2026-06-26 | Zacks | CHPX, FTXL, KNO, MU, MULL, MUU, NVS, QCOM | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | ETF League Tables: T.Rowe Price Adds $1.1 Billion | ETF League Tables: T.Rowe Price Adds $1.1 Billion | 2026-06-25 | etf.com | DRAM, SOXL, SOXX | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | ETF Fund Flows: Semiconductors Pop on Relatively Flat Day | ETF Fund Flows: Semiconductors Pop on Relatively Flat Day | 2026-06-25 | etf.com | DRAM, SOXL, SOXX | 发布时间早于日报 5 天摘要窗口。 |
MRVL | 未评级 | Marvell宣布季度股息安排 | Marvell Technology, Inc. Declares Quarterly Dividend Payment | 2026-06-25 | Marvell Technology | MRVL | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch | Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch | 2026-06-25 | Zacks | CHPX, FTXL, KNO, MU, MULL, MUU, SHOC | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | Yesterday’s Tech Rout Shows How Leveraged ETFs Can Destroy Wealth | Yesterday’s Tech Rout Shows How Leveraged ETFs Can Destroy Wealth | 2026-06-24 | 24/7 Wall St. | NVDA, SOXL | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | SOXL’s 23% Single-Day Collapse Exposes the Real Price of 3X Leverage | SOXL’s 23% Single-Day Collapse Exposes the Real Price of 3X Leverage | 2026-06-23 | 24/7 Wall St. | AMD, NVDA, SMH, SOXL, SOXX | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? | Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? | 2026-06-18 | Zacks | PSI | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat | Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat | 2026-06-05 | Zacks | AVGO, FTXL, SMH, SOXQ, SOXX | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Should You Invest in the Invesco Semiconductors ETF (PSI)? | Should You Invest in the Invesco Semiconductors ETF (PSI)? | 2026-06-02 | Zacks | IVZ, PSI | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? | Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? | 2026-06-02 | Zacks | FTXL | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names | The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names | 2026-05-31 | 24/7 Wall St. | INTC, LRCX, MU, NVDA, PSI, QQQ, SOXX, ^GSPC | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade | After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade | 2026-05-29 | 24/7 Wall St. | ASML.AS, FTXL, LRCX, MU, NVDA, SMH, SOXX | 发布时间早于日报 5 天摘要窗口。 |
FTXL, PSI | 未评级 | The Most-Compared ETFs Right Now — And What They Reveal | The Most-Compared ETFs Right Now — And What They Reveal | 2026-05-28 | etf.com | BIL, BOXX, CHPS, DRAM, FTXL, IVV, NLR, PSI | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Are Wall Street Analysts Bullish on KLA Corporation Stock? | Are Wall Street Analysts Bullish on KLA Corporation Stock? | 2026-05-22 | Barchart | $SPX, KLAC, PSI, ^GSPC | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? | Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? | 2026-05-19 | Zacks | FTXL | 发布时间早于日报 5 天摘要窗口。 |
Solana主网运行状态正常
重要性3/5 网络运行状态
官方状态页对SOL运行风险有直接参考价值且接近日报时点，但只有全局正常状态，缺乏性能与历史故障细节。
中文摘要
核心结论
Solana Status（Solana 状态页）在美东时间 07/09 23:24（UTC+8 07/10 11:24）显示 Solana Mainnet Beta（Solana 主网测试版命名）全部系统正常运行，状态指标为 none（无故障）。该状态快照只说明查询时没有公开中的系统事故，不能证明网络在整个时段内不存在拥堵、交易失败或应用层问题。
重要性评级
评级：3/5（网络运行状态）
状态页为官方运行状态来源，发布时间接近日报生成时点，且与 SOL 直接相关；信息粒度只有单个全局状态字段，没有性能指标、事故历史或链上数据。
关键事实
- 状态页所属项目为 Solana。
- 页面更新时间为美东时间 07/09 23:24（UTC+8 07/10 11:24）。
- 状态指标为 none（无故障）。
- 状态描述为 All Systems Operational（全部系统正常运行）。
- 抓取时间为美东时间 07/09 23:37（UTC+8 07/10 11:37），与页面更新时间相隔约 13 分钟。
作者观点与证据
这是机器可读状态接口，没有作者观点。证据是 Solana 官方状态页返回的全局指标与描述；该接口没有列出验证节点表现、吞吐量、交易确认延迟、失败率或具体服务组件状态。
与相关标的的关系
SOL 直接相关，因为主网可用性影响链上转账、去中心化金融和应用运行的基础条件。该快照没有提供网络活动或代币价格传导证据。
时效性与限制
页面更新于美东时间 07/09 23:24（UTC+8 07/10 11:24），抓取于美东时间 07/09 23:37（UTC+8 07/10 11:37）。适合作为日报时点的运行状态核验；状态页是短时快照，未覆盖更新前后的完整运行记录，也未披露性能质量。
后续跟踪
- 状态页是否新增事故、维护或性能降级记录。
- 链上交易确认延迟、失败率与费用变化。
- 主要去中心化金融和基础设施服务的可用性公告。
- Solana 官方对网络性能问题的技术说明。
英文原文
Solana Mainnet Beta current status
{"page":{"id":"rm9mn997x8jd","name":"Solana","url":"https://status.solana.com","time_zone":"Etc/UTC","updated_at":"2026-07-10T03:24:01.824Z"},"status":{"indicator":"none","description":"All Systems Operational"}}
存储芯片反弹与财报前瞻
重要性3/5 中
盘前时效较高，并涉及NVDA相关的存储器供应链，但原文事实极少且没有可核验的业绩或行情细节。
中文摘要
核心结论
文章记录美光科技（Micron，MU）与闪迪（SanDisk，SNDK）上涨、纳斯达克综合指数重返关键支撑位的盘面，焦点转向达美航空、台积电与SK海力士即将披露的信息。原文没有给出支撑位、财报预期或估值依据，无法据此确认反弹的持续性。
重要性评级
评级：3/5（中）
发布时间接近当日盘前，且涉及NVDA（英伟达）供应链中的存储芯片，但正文只有市场快讯和待公布事项，证据密度有限。
关键事实
- 美东时间 07/09 22:23（UTC+8 07/10 10:23）发布，原文称纳斯达克综合指数重返一个未披露数值的关键支撑位。
- 原文列示SNDK当时上涨7.59%，未说明对应价格、成交量或统计时点。
- 美光科技与闪迪被描述为大幅上涨，原文未提供美光科技的具体涨幅。
- 后续关注主体包括达美航空（DAL）、台积电（TSM）和SK海力士（000660.KS）。
- 输入关联标的为KMEM与NVDA，后者是人工智能（AI）算力产业链的重要图形处理器供应商。
作者观点与证据
作者以“纳斯达克重回支撑位”和存储芯片上涨作为市场修复线索，并以“是否具备可操作性”提出疑问。文章没有列出技术位、业绩数据、订单数据或分析方法，属于短时盘面叙述。
与相关标的的关系
- NVDA：SK海力士和美光科技处于高带宽存储器供应链，存储芯片价格与供给变化可影响AI服务器配套环节；本文未提供英伟达订单或采购事实。
- KMEM：文章未直接讨论该标的，相关性仅来自半导体与存储器行业背景。
时效性与限制
发布于美东时间 07/09 22:23（UTC+8 07/10 10:23），适合作为当日盘前半导体情绪线索。原文仅保留简短摘录，缺少关键支撑位定义、公司业绩细节、正式财报时间与原始行情口径。
后续跟踪
- 达美航空、台积电与SK海力士披露的业绩、指引和发布时间。
- 美光科技与闪迪的当日成交量、涨幅延续性及存储器价格数据。
- 纳斯达克综合指数对文中所称关键支撑位的实际位置与收盘表现。
英文原文
Dow Jones Futures: Micron, Sandisk Jump As Nasdaq Tops Key Level; Delta, Taiwan Semi, SK Hynix Due
Dow Jones Futures: Micron, Sandisk Jump As Nasdaq Tops Key Level; Delta, Taiwan Semi, SK Hynix Due
Dow Jones Futures: Micron, Sandisk Jump As Nasdaq Tops Key Level; Delta, Taiwan Semi, SK Hynix Due · Investor's Business Daily
ED CARSON
Fri, July 10, 2026 at 10:46 AM GMT+8 4 min read
- DAL
+2.21%
- 2330.TW
-2.03%
- 000660.KS
+1.01%
- ^IXIC
+1.30%
- SNDK
+7.59%
Micron and Sandisk soared as the Nasdaq reclaimed key support, but are they actionable? Delta, Taiwan Semi, SK Hynix loom.
Continue Reading
人道救援试用人工智能工具
重要性2/5 低
新闻新鲜且有具体公共部门人工智能案例，但与KMEM的直接商业和财务关联未被原文证明。
中文摘要
核心结论
法新社报道，联合国机构正将人工智能用于高风险救援运输、难民法律支持、灾害人口迁移识别和卫星影像损毁评估。报道强调复杂救援场景仍需人类参与决策，技术目前以试验和辅助应用为主。
重要性评级
评级：2/5（低）
文章发布较新，提供人工智能在公共部门落地的具体案例，但输入仅将 KMEM 标为关联标的，未说明其持仓、收入或业务与报道项目之间的直接联系，因此对市场日报的直接性有限。
关键事实
- 美东时间 07/09 22:19（UTC+8 07/10 10:19）发布，报道来自日内瓦“人工智能向善”峰会。
- 世界粮食计划署已在苏丹、南苏丹和乌干达使用 SHERP 两栖车辆运送援助物资，并准备测试可远程操控的人工智能辅助版本。
- 德国航空航天中心协调的 AHEAD（自主化人道紧急援助设备）项目已在德国测试，计划于2028年在乌干达开展实地试验。
- 方案是在安全区域设置集装箱式控制室，由人员操控车辆完成最危险的最后一段路程。
- 项目负责人表示，复杂环境中缺乏明确道路且可能出现拥挤人群，完全自动驾驶算法无法安全处理，必须保留人工参与。
- 联合国难民署推出面向律师与法务人员的虚拟人工智能助手，用于更快检索各国难民法律框架下的权利。
- DISHA（社会与人道行动数据洞察）与谷歌、麦肯锡等私营机构合作，利用匿名手机数据识别灾害期间的大规模人口迁移，并比较灾前灾后卫星影像评估建筑损毁。
- 报道称该峰会有200多家参展方，但未给出上述工具的部署规模、成本、准确率或采购合同。
作者观点与证据
报道基调审慎积极，引用世界粮食计划署、德国航空航天中心、联合国难民署和DISHA相关负责人的说法，展示人工智能可提升救援信息与运输效率。证据主要是机构人员陈述和项目介绍，尚无大规模实地效果、独立安全评估或成本效益数据。
与相关标的的关系
输入将 KMEM 列为关联标的，但原文没有提及该标的、其成分股或任何商业合同。该报道可作为人工智能公共部门应用的行业背景，不能据此推断 KMEM 的经营、收入或资产表现。
时效性与限制
发布时间为美东时间 07/09 22:19（UTC+8 07/10 10:19），新闻较新。关键运输项目的实地测试要到2028年，当前多为展示、试验或机构计划；数据隐私、错误信息和敏感人道数据风险被提及但未量化，归档文本仅供受控的站内私有阅读。
后续跟踪
- 乌干达2028年实地测试的安全、覆盖距离和人员风险数据。
- 世界粮食计划署和联合国难民署的正式采购、部署规模与治理规则。
- DISHA 对匿名手机数据和卫星影像的准确率、隐私与审计披露。
- 报道所涉工具是否形成可验证的商业合同或供应链需求。
英文原文
Humanitarians look to put the AI in aid
Humanitarians look to put the AI in aid
Nina LARSON
Fri, July 10, 2026 at 10:19 AM GMT+8 4 min read
The World Food Programme is using autonomous trucks to deliver aid in South Sudan, Sudan and Uganda (Rian COPE) From remote-controlled trucks delivering life-saving aid in dangerous settings to mobile phone data analysis flagging mass displacement, humanitarians are eyeing ways in which artificial intelligence can speed up and improve their operations.
There have been plenty of warnings about the dangers of AI for aid agencies, who face growing challenges of securing often extremely sensitive data and swelling misinformation about their operations and beneficiaries.
But at the AI for Good summit in Geneva this week, a handful of humanitarian-focused displays emphasised the technology's positive potential.
Parked in one corner of a vast hall at the Palexpo conference centre was a giant white SHERP vehicle, resembling a hulking Martian rover, decked out with cameras and sensors and a drone landing-pad on the roof.
Made in Ukraine, SHERPs are amphibious vehicles that can float on water, drive through swamps and flooded rivers with their giant wheels, and climb over obstacles up to one metre (3.3 feet) high.
The UN's World Food Programme is preparing to begin field-testing a version of the AI-enabled truck that can be steered remotely through the most dangerous and difficult terrain to reach people in need.
"I think this could be a game-changer," Bernhard Kowatsch, head of WFP's global accelerator and ventures innovation division, told AFP.
The technology, he said, "should allow us essentially to reach people that otherwise never would have been reachable".
- Not possible without AI -
WFP already has drivers using SHERPs to deliver aid in Sudan, South Sudan and Uganda.
But after numerous heartbreaking losses of drivers, it tasked the German Aerospace Center (DLR) to help equip the vehicles with AI and other technologies, making it possible to control them remotely through particularly dangerous terrain.
The idea is to set up a shipping container control room in a safe area, where a human can remotely control the vehicle on the last, most treacherous leg of its journey.
Tests have been conducted in Germany, and will be tried out in the field in Uganda in 2028, said Armin Wedler, who is coordinating DLR's Autonomous Humanitarian Emergency Aid Devices (AHEAD) project.
Standing next to the 2.8-metre high vehicle, he told AFP that the team had used "remote-control technologies which are based on mathematics and old-school... research", but stressed: "We would not be able to process everything without using also AI".
It would be possible to make the vehicle fully autonomous, Wedler said, but stressed that in complex humanitarian settings "we have to have a human in the loop".
Story Continues
"We're not talking about driving on clear streets with clear lanes. There are no streets," he said, also describing scenes where aid trucks are suddenly swarmed by desperately hungry people.
"There's no AI autonomous algorithms ever capable to handle that safely."
- 'Life-saving' -
Among more than 200 exhibitors at the summit -- showing off everything from humanoid robots to bionic prosthetics and emotional companions -- the other humanitarian displays were more discreet, with pamphlets detailing how AI tools are boosting and streamlining operations.
Among them, the UN refugee agency detailed a new Legal Virtual AI Assistant for lawyers and legal officers representing refugees, enabling them to swiftly determine the rights available within country-specific legal frameworks.
Rebeca Moreno Jimenez, the lead data scientist at UNHCR's Innovation Service, told AFP that building cases faster and more efficiently can be "life-saving for many refugees".
Another UN initiative called Data Insights for Social and Humanitarian Action, or DISHA, relies on partnerships with private actors such as Google and McKinsey to provide humanitarian organisations with data and AI models to speed up and improve disaster responses.
One project uses AI analysis of anonymised mobile phone data to spot mass-population movements during disasters, determining where people are fleeing, to help humanitarians better tailor their response.
Another uses AI for rapid analysis of satellite images taken before and after disasters like last month's earthquakes in Venezuela to determine building damage.
The aim is to give humanitarians "accurate information early enough to make better decisions (and) avoid going to the wrong place when there are people who need you somewhere else", DISHA product lead Andreas Kortis told AFP.
nl/rjm/phz/cms
日本养老基金回流预期
重要性3/5 中
时效性高且直接涉及日元与日本利率，但缺乏政策细则和可验证的实际资金流。
中文摘要
核心结论
日本财务大臣称将鼓励 GPIF（日本政府养老投资基金）增配日本资产，市场随即交易日元和日本国债需求改善预期；政策尚未披露资产配置目标、执行机制与时间表，短期影响主要来自预期。
重要性评级
评级：3/5（中）
路透社报道发布于美东时间 07/09 22:19（UTC+8 07/10 10:19），直接涉及日元与日本利率市场。输入关联 JPY=X（美元兑日元汇率），与 KMEM 的关联仅限东亚市场风险偏好，缺少基金具体配置数据。
关键事实
- GPIF 截至 2025 年12月底管理资产为 293.4 万亿日元，约合 1.8 万亿美元，是全球最大养老基金之一。
- 消息公布后，日元兑美元约升值 0.3% 至 161.8；10 年期 JGB（日本国债）收益率下跌 7 个基点至 2.805%，为一个月最大单日跌幅。
- 大和证券策略师称，日本养老基金约半数资产配置在海外，市场据此押注资金或向日本资产转移。
- 汇丰亚洲首席经济学家认为，资金回流可在边际上稳定日元预期，但日本利率继续调整仍是投资者重配海外资产的必要条件。
- 瑞穗证券策略师指出，尚不清楚 GPIF 将把国内资产提高多少个百分点、相应减少哪些海外资产。
- 文章将该做法与韩国政府在 2025 年12月韩元承压时要求国民年金出售美元的报道相提并论。
作者观点与证据
文章以市场人士即时反应为主体，支持“公告先改善情绪”的判断。路透社给出了汇率、收益率和 GPIF 资产规模等可核验事实；对长期日元走势及回流规模的判断均属于分析师意见，尚无正式资产配置文件佐证。
与相关标的的关系
JPY=X 直接反映日元汇率反应。KMEM 作为东亚新兴市场股票基金，可能受区域货币、利率与跨境资金情绪影响，但文章未提供其成分股、资金流或日本资产权重，相关性较弱。
时效性与限制
报道发布于美东时间 07/09 22:19（UTC+8 07/10 10:19），适合当日宏观与汇率背景引用。日本政府尚未公布强制性安排、配置比例或执行日期；汇率与债券的首日反应不能证明长期资金已回流。
后续跟踪
- 日本财政部与 GPIF 是否披露目标权重、资产类别和执行期限。
- GPIF 海外资产减持规模及日元对美元的后续表现。
- 日本国债收益率变化是否持续，并与日本央行政策预期相互验证。
- 其他日本机构投资者是否出现同步调整。
英文原文
Japan encourages GPIF to boost domestic investment
Japan encourages GPIF to boost domestic investment
FILE PHOTO: Japanese Finance Minister Satsuki Katayama poses for a photo ahead of a G7 finance ministers and central bank governors meeting in Paris, France, May 18, 2026. REUTERS/Tom Nicholson/File Photo · Reuters
Reuters
Fri, July 10, 2026 at 10:19 AM GMT+8 3 min read
- JPY=X
-0.53%
July 10 (Reuters) - Japan is seeking to encourage its Government Pension Investment Fund, the world's biggest pension fund, to boost investment in Japanese assets, Finance Minister Satsuki Katayama said on Friday.
The fund owned 293.4 trillion yen ($1.8 trillion) in assets at the end of December, so its allocation decisions carry significant weight for global markets, and the announcement sent the yen and Japanese government bonds higher.
The yen edged up about 0.3% to 161.8 per dollar. Benchmark 10-year Japanese government bond yields made their steepest drop in a month, falling seven basis points to 2.805%. [JP/][FRX/]
Here are market participants' reactions:
MASAFUMI YAMAMOTO, CHIEF CURRENCY STRATEGIST, MIZUHO SECURITIES, TOKYO:
"I think that's one of the ways to increase the demand for JGBs and also the yen.
"South Korea also came up with a plan to let the national pension fund to increase domestic assets, so I think it's a similar method. I'm just wondering why it took so long to decide this.
"I don't know how many percentage points they will try to increase the domestic assets and decrease the foreign assets ... whether or not follow-through will come in the European and New York hours, we need more details about how much percentage points the GPIF can increase in domestic assets."
FRED NEUMANN, CHIEF ASIA ECONOMIST, HSBC, HONG KONG:
"The big asset repatriation is the missing piece in Japan's reflation journey. Despite rising interest rates locally, and a buoyant equity market, Japanese investors have shown little appetite so far to reduce their sizeable overseas holding and to return funds to domestic markets.
"At the margin this could help to anchor yen expectations, but fundamentally a further adjustment in Japanese interest rates is needed to Japanese investors to fully rebalance their asset holdings.
"Japanese officials will need to exert caution: a wave of asset repatriation could also push the yen into too strong a direction if a trickle turns into a flood. A challenging calibration process lies ahead."
NORIHIRO YAMAGUCHI, LEAD JAPAN ECONOMIST, OXFORD ECONOMICS, TOKYO:
"It sounds like deja vu. Last December, as the Korean won came under depreciation pressure, the Korean government reportedly requested that the National Pension Service (NPS) to sell dollars. The timing suggests the Japanese MOF were hoping for an announcement effect on the FX market.
"While it will take time for any asset allocation changes to be implemented in reality, the announcement itself could have some impact on market sentiment. However, I doubt it will be enough to change the game given underlying fundamentals suggesting persistent yen weakness."
Story Continues
MASAHITO SUGAWARA, SENIOR STRATEGIST, DAIWA SECURITIES, TOKYO:
"Katayama's remarks helped reverse the selling trend of the Japanese government bonds and the yen.
"Now half of the assets of Japanese pension funds are invested in foreign assets. The market bet a possible shift of the asset allocation would be positive to Japanese assets."
SIM MOH SIONG, FX STRATEGIST, OCBC, SINGAPORE:
"We need to see what is changing in terms of the allocation ... from there you can work out the potential impact on the currency.
"Right now I think the market is taking it as a positive sign. Lately the yen has been weakening and the JGB market has also sold off and I guess (the government) are trying to figure out a solution to overcome this market volatility.
"I am not sure if this is a silver bullet, but it could work in helping to stabilise sentiment."
($1 = 161.8700 yen)
(Reporting by Junko Fujita in Tokyo and Rae Wee and Ankur Banerjee in Singapore. Compiled by Tom Westbrook.Editing by Shri Navaratnam)
扎克伯格加码人工智能
重要性3/5 中
与大型科技人工智能资本开支直接相关且时间新，但主要是访谈叙事与二手转引，缺少公司经营验证。
中文摘要
核心结论
扎克伯格在 Complex 访谈中称不会停止工作，并将个人投入与 Meta（脸书母公司）的人工智能重组和智能眼镜愿景联系起来。对 Meta 的可验证影响仍取决于 2026 年高额基础设施投入能否在未来数月形成业务回报。
重要性评级
评级：3/5（中）
文章发布于美东时间 07/09 22:17（UTC+8 07/10 10:17），涉及 Meta 的人工智能资本开支、组织调整与产品方向。核心表述来自创始人访谈，预算、裁员和团队规模引自其他媒体，未附公司文件或经营数据。
关键事实
- Complex 于 07/07（未给出具体时刻）播出现场访谈；扎克伯格称即使拥有充裕财富仍会持续做项目。
- 他承认长期专注于单一项目可能消耗项目和团队，并称会并行参与不同类型项目。
- 文中援引 TechCrunch 报道称，扎克伯格在 07/02（未给出具体时刻）的内部全员会议上表示，人工智能代理进展慢于预期。
- 文中称 Meta 在 2026 年人工智能基础设施投入预计为 1250 亿至1450亿美元；该数字归因于路透社。
- 公司据称在 5 月裁减全球员工约10%，并把约7000名员工转入人工智能团队；文章称其组织调整未如预期顺畅。
- 扎克伯格预期人工智能投入在未来3至6个月出现更有意义的回报，并持续推进智能眼镜与“个人超级智能”构想。
作者观点与证据
作者将创始人持续参与视为 Meta 执行大型人工智能计划的积极因素，同时承认该坚持也可能放大方向判断失误的影响。访谈原话可支持其个人态度；投入规模、人员变化和产品回报时间仍需以 Meta 财报、资本开支指引与产品数据核验。
与相关标的的关系
文章未在输入元数据列出相关股票代码，但内容直接涉及 Meta 的管理层、人工智能投入和智能眼镜产品路线。KMEM 与该公司没有文章内给出的直接业务或成分关联。
时效性与限制
文章发布于美东时间 07/09 22:17（UTC+8 07/10 10:17），可作为当日 Meta 人工智能叙事的补充材料。TheStreet 的主线是人物访谈，部分经营信息转引 TechCrunch 和路透社；没有披露人工智能收入、利润率或智能眼镜销量。
后续跟踪
- Meta 后续财报中的资本开支、折旧与人工智能收入披露。
- 人工智能代理产品的功能、用户采用和商业化进度。
- 7000名人工智能团队人员调整后的组织稳定性。
- 智能眼镜的发布节奏、合作方和销量数据。
英文原文
Mark Zuckerberg says infinite money won
Mark Zuckerberg says infinite money won't make him quit his job
Hillary Remy
Fri, July 10, 2026 at 10:17 AM GMT+8 5 min read
Mark Zuckerberg has a sprawling estate on Kauai that cost more than $300 million to assemble. He has two mansions on the property, an underground shelter, guest houses, and enough land to raise cattle. He brews his own beer. He feeds the cows macadamia nuts to bulk them up. He is experimenting with cattle genetics in pursuit of what he described as some of the highest-quality beef in the world.
He is also, by any reasonable measure, one of the wealthiest people alive. And yet, when the interviewer from Complex pointed all of that out and asked why he keeps working, the answer was not complicated. "I don't think I'm ever going to stop," Zuckerberg told Complex.
What Zuckerberg told Complex about work, money and retirement
The interview aired on July 7, conducted by Complex Chief Content Officer Noah Callahan-Bever at a live event. Callahan-Bever set up the question by describing Zuckerberg as having "infinite money" and the freedom to disappear into private life whenever he chose. Zuckerberg's answer was that the freedom does not change the impulse.
"I don't know what I'd do," he said. "That would be boring."
He said he can take a break, play video games, recharge for a few days. But eventually he feels the pull to start building something again. He told the outlet that his motivation comes down to something fairly simple: "It's just finding interesting projects to do with interesting people. It's a good life."
More Mark Zuckerberg:
- Mark Zuckerberg makes a move on a new billion-dollar market
- Mark Zuckerberg admits mistakes in leaked memo after Meta layoffs
- Mark Zuckerberg gets real with Meta stock investors
His wife Priscilla Chan has apparently asked the same question Callahan-Bever did. Zuckerberg said she has wondered why he keeps taking on enormous projects when he could just stop. He does not have a clean answer for her either.
The Hawaii ranch is partly his version of a project that has nothing to do with Meta. He described it the same way. "It's like I'm never going to stop," he said. "It doesn't matter how important the thing is."
Why Zuckerberg says he struggles with being obsessive about work
The interview was not all bravado about loving work. Zuckerberg acknowledged that the drive to build can become a problem. "I think when you work on one thing too hard, you can burn it, right? And you can burn the people," he said.
He said he tries to find balance by working on different kinds of projects at the same time, mixing what matters enormously with things that matter less. The ranch fits into that. His daughters help him plant trees and care for the animals. He described it as a way to stay engaged without putting everything into one pressure point.
Story Continues
That is a version of Zuckerberg most people do not see. The public image is the hoodie and the congressional testimony and the pivot to the metaverse. The private version, at least as he described it to Complex, is someone who genuinely does not know what he would do with free time and has stopped pretending he will ever find out.
What Zuckerberg's work ethic means for Meta and AI investors
For investors watching Meta, comments like these carry weight beyond the personal anecdote. A founder who describes work as the only thing he would choose to do is usually someone who stays deeply plugged into what the company is building. That matters at a moment when Meta is in the middle of one of its most complicated stretches.
Zuckerberg told employees at an internal town hall on July 2 that AI agents have not progressed as quickly as he expected, according to TechCrunch. He admitted the company's reorganization earlier this year, which included cutting roughly 10% of the global workforce in May, was not as clean as planned. His expectation is that the company sees more meaningful returns from its AI investment within the next three to six months.
Meta is spending between $125 billion and $145 billion on AI infrastructure in 2026, according to Reuters. The reorganization moved roughly 7,000 employees into AI-focused teams. The bet is enormous. Whether it pays off is still being determined, and Zuckerberg is clearly not planning to watch from the sidelines while it plays out.
Part of what is keeping him engaged is where he thinks computing is headedGraythen/Getty Images
Zuckerberg's vision for AI glasses and personal superintelligence
Part of what is keeping him engaged is where he thinks computing is headed. In the Complex interview, he described Meta's long-term AI vision around what he called "personal superintelligence," where AI assistants become deeply integrated into daily life through wearable devices rather than phones.
"When you interact with your phone, you're kind of interacting with this small rectangle," he told Complex. Glasses, in his view, keep you present in the world rather than pulling you out of it.
Meta has been developing AI-powered smart glasses through its partnership with Ray-Ban. Zuckerberg described glasses as a potential next major computing platform, the way smartphones replaced PCs for most everyday tasks. Whether that vision materializes on the timeline he expects is one of the central questions hanging over Meta's stock right now.
What Mark Zuckerberg's mindset means for Meta stock investors
Meta shares have recovered significantly from their 2022 lows, when Zuckerberg's bet on the metaverse rattled investor confidence and the stock lost roughly two thirds of its value in a single year. Since then, the stock has climbed back on the strength of the advertising business and the AI narrative. The founder's continued engagement has been part of the recovery story.
A CEO who describes himself as constitutionally unable to stop working is a different risk profile than one who is mentally checking out. For Meta, that has historically meant Zuckerberg pivots hard when he decides the direction needs to change, which he has done more than once. The AI reorganization is the latest version of that, and Reuters reported that even with the slower-than-expected pace, he is not changing course. He is pushing through.
Whether that persistence is reassuring or concerning depends on your read of where Meta's AI bets land. What is not in question, at least based on what he told Complex, is that he will be the one making the calls either way.
Related: Mark Zuckerberg makes a move on a new billion-dollar market
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the Employment section. Add TheStreet as a Preferred Source by clicking here.
华润饮料加深香港布局
重要性2/5 中低
对2460.HK有直接公司层面关联且发布很新，但属于付费营销稿，缺少经营数据和第三方证据。
中文摘要
核心结论
华润饮料在香港星光大道举办怡宝品牌快闪和户外广告点灯活动，展示包装水、菊花茶与无糖茶产品组合，意在强化香港本地化品牌曝光。该文为付费新闻稿，未提供销售额、渠道覆盖或消费者转化数据。
重要性评级
评级：2/5（中低）
稿件发布于美东时间 07/09 22:15（UTC+8 07/10 10:15），直接关联 2460.HK（华润饮料），但披露的是营销活动且由公司付费发布，缺少独立第三方验证和经营指标。
关键事实
- 华润饮料称于 07/04 至07/07（未给出具体时刻）在香港星光大道举行怡宝品牌点灯仪式和主题快闪活动。
- 公司展示怡宝纯净水、至本清润和佐味茶事等产品，并把组合定位为健康饮品选择。
- 新闻稿称佐味茶事使用真茶叶冲泡，主打零糖、零卡；这些产品表述来自公司宣传。
- 活动同步点亮香港户外广告牌，公司称此举用于扩大本地消费者触达和品牌认知。
- 公司回顾其于 2025 年举办的品牌展馆活动，并称已连续3年冠名赞助香港金牛篮球队。
- 文章未披露快闪活动客流、试饮转化、零售终端扩张、香港收入或市场份额。
作者观点与证据
稿件将现场人流和互动描述为品牌本地化取得进展的证据，并将健康消费趋势作为产品组合扩张理由。发布方为 PR Newswire（新闻稿发布平台），内容由公司提供；产品销量、消费者偏好和营销回报缺乏独立数据支持。
与相关标的的关系
2460.HK 直接对应华润饮料，活动反映其香港品牌建设与产品推广动作。KMEM 与该公司无文章内可验证的直接关系。
时效性与限制
稿件发布于美东时间 07/09 22:15（UTC+8 07/10 10:15），活动已于 07/07（未给出具体时刻）结束，适合作为公司市场动作记录。该内容是付费新闻稿，无法据此推断收入增速、利润率或香港市场份额变化。
后续跟踪
- 华润饮料在财报中披露的香港销售额、渠道数和营销费用。
- 无糖茶及健康饮品的新品铺货范围与零售终端反馈。
- 香港快闪活动是否转化为可披露的销售或会员数据。
- 同类饮料品牌在香港的定价和促销竞争。
英文原文
CR Beverage Launches C
This is a paid press release. Contact the press release distributor directly with any inquiries.
CR Beverage Launches C'estbon Pop-up on Hong Kong's Avenue of Stars, Showcasing Its Premium Beverage Portfolio
PR Newswire
Fri, July 10, 2026 at 10:15 AM GMT+8 4 min read
- 2460.HK +0.27%
HONG KONG, July 10, 2026 /PRNewswire/ -- From July 4-7, CR Beverage (02460.HK) held the "Starlight Shines on Hong Kong, C'estbon Brings Better Moments" C'estbon brand lighting ceremony and themed pop-up event on Hong Kong's Avenue of Stars. The ceremony was simple yet ceremonial, bringing together representatives from China Resources Group, CR Beverage, industry partners, and the media.
CR Beverage Launches C'estbon Pop-up on Hong Kong's Avenue of Stars, Showcasing Its Premium Beverage Portfolio The event featured immersive Hong Kong-themed settings, interactive experiences, and a range of premium healthy beverages, attracting large crowds of residents and tourists. Photo opportunities, beverage tastings, and visitor engagement remained busy throughout the day, allowing participants to experience the brand and its products up close. The enthusiastic response reinforced CR Beverage's warm, quality-focused brand image and marked a new stage in the company's localized development in Hong Kong.
Full Product Portfolio Debut, Expanding Healthy Beverage Options in Hong Kong
CR Beverage showcased its full lineup of premium products at the event. Alongside its well-known C'estbon purified water, the company also introduced healthy beverage brands including Zhi Ben Qing Run and Zuo Wei Cha Shi, offering consumers a wider range of healthier drink options.
C'estbon purified water has become a popular everyday choice for consumers. Backed by 40 years of expertise, it maintains high standards of safety and purity, making it suitable for a wide range of occasions, including home, commuting, outdoor activities, and social gatherings. Inspired by traditional Chinese wellness culture and regional flavors, Zhi Ben Qing Run combines classic recipes with familiar tastes. Its chrysanthemum tea offers a naturally sweet, refreshing finish without being overly rich. The mild formula is suitable for all ages and has long been enjoyed as a traditional drink for cooling, relieving dryness, and balancing rich foods. Zuo Wei Cha Shi is brewed from real tea leaves and contains zero sugar and zero calories while preserving the tea's natural aroma. Its Rock Tea delivers a smooth mineral character, Tieguanyin offers a rich orchid fragrance, and Jasmine Tea blends delicate floral notes with refreshing tea flavor. The product range reflects growing consumer demand for healthier lifestyles and provides more choices for health-conscious customers.
Over the years, CR Beverage has maintained a stringent quality management system to ensure product safety. The company has steadily expanded its presence in the local market while focusing on product quality, earning recognition from both the industry and consumers.
Story Continues
C'estbon Shining at Victoria Harbour, Presenting a New Brand Image in Hong Kong
The opening ceremony also marked the lighting of CR Beverage's outdoor billboard in Hong Kong, echoing the theme "Starlight Shines on Hong Kong, C'estbon Brings Better Moments." The campaign represents the company's latest effort to deepen its presence in the Hong Kong market and connect more closely with local consumers. Leveraging the iconic setting of Victoria Harbour, the company created an immersive themed experience that brought the brand beyond retail outlets and into the city's streets. Through a youthful image centered on purity, vitality, and warmth, CR Beverage aims to strengthen C'estbon's presence in Hong Kong, build stronger connections with local consumers, and further enhance its localized brand identity.
Deeply Engaging with Local Life, C'estbon Brings Fresh Energy to Hong Kong
In recent years, CR Beverage has continued to launch brand campaigns tailored to younger consumers and the local market, integrating its products into everyday life in Hong Kong. Its 2025 CR Beverage Colorful Brand Pavilion has combined diverse beverage experiences with Hong Kong lifestyle aesthetics, moving beyond the traditional beverage retail model to create a popular social and lifestyle destination for local residents through immersive experiences.
CR Beverage has also served as the title sponsor of the Hong Kong Bulls basketball team for three consecutive years, actively supporting local sports. The company has accompanied the team throughout its three straight National Basketball League championships while contributing to the development of Hong Kong's sports and cultural sectors with a youthful and energetic brand image.
Looking ahead, CR Beverage will continue to expand its presence in Hong Kong and serve local consumers. The company will keep pace with local consumption trends and growing demand for healthier products, further optimize its product portfolio, develop beverages that better suit Hong Kong consumers' lifestyles, integrate more deeply into everyday life in the city, and support better living through high-quality products and attentive service.
Cision View original content to download multimedia: https://www.prnewswire.com/apac/news-releases/cr-beverage-launches-cestbon-pop-up-on-hong-kongs-avenue-of-stars-showcasing-its-premium-beverage-portfolio-302822504.html
明慧康完成五千二百万融资
重要性2/5 中低
融资额和管线阶段清楚且消息新，但无公开标的映射，且临床与融资信息均主要来自公司新闻稿。
中文摘要
核心结论
临床阶段生物科技公司 MindRank 宣布完成5200万美元 B 轮融资，资金拟投入人工智能药物研发平台及其口服小分子 GLP-1（胰高血糖素样肽-1）受体激动剂 MDR-001 的临床推进。该公告未披露估值、投资方名称、资金到账安排或临床有效性数据。
重要性评级
评级：2/5（中低）
稿件发布于美东时间 07/09 22:14（UTC+8 07/10 10:14），融资金额和临床项目阶段明确，但公司未在输入中对应公开股票代码，且内容为公司付费新闻稿，适合作为行业融资与研发背景材料。
关键事实
- MindRank 于 07/09（未给出具体时刻）宣布完成5200万美元 B 轮融资，称由机构投资者和医疗健康基金领投，但未列出名称或各方金额。
- 资金计划用于 Molecule Arts Platform（分子艺术研发平台）及临床和临床前管线推进。
- 领先项目 MDR-001 是口服小分子 GLP-1 受体激动剂，已在中国进入 Phase III（三期临床）。
- 公司称 MDR-001 于2025年进入三期临床，从立项到进入三期约用4.5年。
- 公司称该项目从立项至中国三期启动的累计研发投入约2300万美元。
- MindRank 称已在中美获得3项 IND（新药临床试验申请）许可，并提名5个额外临床前开发候选项目。
作者观点与证据
公告将其人工智能原生研发平台描述为提高药物发现可预测性、规模化能力和资本效率的基础。融资额、项目阶段和许可数量均为公司自述；公告没有提供三期试验设计、受试者数据、疗效、安全性结果或监管文件。
与相关标的的关系
输入未列出该公司或其投资方的公开交易代码，KMEM 也没有文章内可验证的直接关联。对公开市场的价值主要是中国口服 GLP-1 研发和人工智能制药融资的背景信息。
时效性与限制
稿件发布于美东时间 07/09 22:14（UTC+8 07/10 10:14），融资事件具备当日新鲜度。来源为 GlobeNewswire（新闻稿发布平台），需等待投资方确认、监管登记和临床数据库更新；融资规模不能替代药物临床成功证据。
后续跟踪
- B 轮投资方、估值和资金用途的进一步披露。
- MDR-001 三期试验登记、主要终点、入组进度与结果。
- 中美3项 IND 许可对应项目及监管状态。
- 其他5个临床前候选项目的适应症和推进时间表。
英文原文
MindRank Announces $52 Million Series B Financing
This is a paid press release. Contact the press release distributor directly with any inquiries.
MindRank Announces $52 Million Series B Financing
MindRank AI Ltd.
Fri, July 10, 2026 at 10:14 AM GMT+8 2 min read
MindRank AI Ltd. Funding to advance MindRank's AI-native drug R&D engine and innovative pipeline, including MDR-001, an oral small-molecule GLP-1 receptor agonist in Phase III clinical development in China
HANGZHOU, China, July 09, 2026 (GLOBE NEWSWIRE) -- MindRank AI Ltd. ("MindRank"), a clinical-stage biotechnology company dedicated to building an AI-native engine for drug research and development, today announced the completion of a $52 million Series B financing. The round was led by a group of institutional and healthcare funds.
MindRank was founded with the ambition of reimagining how innovative medicines are discovered and developed. Its proprietary Molecule Arts Platform (MAP) integrates biology, chemistry, computation, experimental evidence and clinical learning into a unified R&D system designed to support the discovery and development of new medicines.
The financing will support the continued advancement of MAP, as well as the progression of MindRank's clinical and preclinical pipeline. The company's lead program, MDR-001, is an oral small-molecule GLP-1 receptor agonist currently in Phase III clinical development in China. The program entered Phase III in 2025 and advanced from project initiation to Phase III in approximately 4.5 years. Cumulative R&D investment from project initiation through the start of Phase III in China has been approximately US$23 million.
Beyond MDR-001, MindRank has obtained 3 IND clearances in China and the United States and has nominated 5 additional preclinical development candidates. Together, these programs demonstrate the capability of MAP across multiple stages of drug discovery and development.
"Our goal is to translate advances in computation and artificial intelligence into better medicines for patients," said Zhangming Niu, Founder and Chief Executive Officer of MindRank. "By integrating biological, chemical, computational and clinical data into a continuously learning R&D engine, MAP is designed to make drug discovery and development more predictable, scalable and capital-efficient."
About MindRank
MindRank is a clinical-stage AI-native biotechnology company developing an end-to-end platform for pharmaceutical research and development. Its proprietary Molecule Arts Platform (MAP) combines multi-agent AI systems, generative molecular design, computational biology, experimental validation and clinical learning within a unified drug discovery platform. By integrating AI across the entire R&D workflow, MindRank aims to make the discovery and development of innovative medicines faster, more scalable and more predictable.
For more information, visit www.mindrank.ai .
For BD inquiries, contact bd@mindrank.ai .
For PR inquiries, contact pr@mindrank.ai .
美光英伟达与帕兰提尔增长叙事
重要性3/5 中
直接涉及NVDA与MU且信息量较高，但文章为明显偏多的观点专栏，目标价和宏观结论缺少独立证据。
中文摘要
核心结论
作者以美光科技、英伟达和帕兰提尔的增长数据支持其对人工智能（AI）行情的强烈乐观看法，并给出英伟达年底300美元、十年内500美元的个人预期。财务数字提供了基本面背景，但目标价、宏观判断和“逢回调”立场属于作者观点，未见独立估值模型或风险情景。
重要性评级
评级：3/5（中）
文章直接覆盖NVDA和MU，引用多项营收、利润及指引数据；但来源为观点专栏，结论明显偏多，且部分数字应回溯公司正式披露核验。
关键事实
- 文章发布于美东时间 07/09 22:06（UTC+8 07/10 10:06）。
- 作者称美光科技2026财年第三季度营收为414.6亿美元，较上年同期93亿美元增长346%；每股收益为24.67美元，上年同期为1.68美元。
- 文中称美光科技将季度营收指引上调至约500亿美元，高于市场共识的432亿美元。
- 作者称英伟达最近一季营收816亿美元，同比增85%，营业利润455亿美元；营收与盈利分别高于预期3.4%和6.9%。
- 文中称英伟达下一季度营收指引为910亿美元，高于市场共识873亿美元；其股价对应2027年预期盈利的15.4倍以下。
- 作者称帕兰提尔（PLTR，政府与企业软件公司）最近一季营收16亿美元，上年同期为8.83亿美元，按文中口径同比增速84.7%，营业利润增153.8%。
- 文章将美国再工业化、能源出口、零售销售和AI生产率列为支持美国国内生产总值增长5%的理由，但未给出宏观数据来源。
作者观点与证据
作者立场高度看多美国科技股，认为美光科技的存储器涨价、英伟达的业绩超预期及帕兰提尔的政府业务扩张支持持续上涨。营收、利润和公司指引是可核验事实；英伟达价格目标、美国经济将实现5%增长及对市场环境的判断属于个人预测和宣传式表达。
与相关标的的关系
- NVDA：文章直接引用其816亿美元季度营收、910亿美元指引和估值倍数，是输入标的中关联最强的部分。
- MU：文章直接讨论存储器价格推动的收入与盈利增长，并给出500亿美元季度指引。
- PLTR：虽非输入主标的，文中把其AI软件与美国政府客户扩张列作第三项增长案例。
时效性与限制
发布于美东时间 07/09 22:06（UTC+8 07/10 10:06），所援引的财报期覆盖至2026年6月或更早，适合当日回顾已披露基本面。原文为作者专栏，含明确立场和目标价；部分同比、盈利定义及估值口径未附公司文件链接。
后续跟踪
- 美光科技500亿美元季度营收指引的实际兑现情况与存储器价格。
- 英伟达910亿美元指引、毛利率和客户资本开支变化。
- 帕兰提尔政府合同、营收增速和指引能否延续。
- 文中宏观增长假设与后续官方经济数据之间的差异。
英文原文
Louis Navellier flags three top tech stocks for market growth
Louis Navellier flags three top tech stocks for market growth
Louis Navellier flags three top tech stocks for market growth · TheStreet
Louis Navellier
Fri, July 10, 2026 at 10:06 AM GMT+8 3 min read
- MU
+4.52%
- NVDA
-0.66%
The U.S. is truly a special, entrepreneurial oasis where anyone can succeed.
The fact that one American stock, Nvidia ( NVDA ), is worth more than the French, German, and Italian stock markets combined says it all. I should add that Nvidia is also worth more than the entire British stock market.
Nvidia isn't alone in demonstrating the substantial growth associated with AI , or investors' opportunity, though. Here are three buy-the-dip stocks I'm still targeting.
Micron Technology (MU) experiences profit boom
Micron is profiting from higher memory prices. In its third quarter 2026 earnings report in June, Micron Technology's revenues surged 346% to $41.46 billion vs. $9.3 billion in the same quarter a year ago .
During the same period, the company's earnings soared 1,368.5% to $28.24 billion or $24.67 per share, compared to $1.89 billion or $1.68 per share.
Micron also raised its quarterly revenue guidance to around $50 billion, well above the consensus estimate of $43.2 billion, so the tech boom is for real.
Related: Veteran manager sends blunt take on buying the June swoon in July
Nvidia (NVDA) gets cheap as earnings surge
The stock is trading below 15.4 times forecasted 2027 earnings. Any dip in Nvidia is a screaming buy.
Looking closely at the fundamentals , in its first-quarter earnings report, Nvidia announced its revenue surged 85% to $81.6 billion, compared to $44.1 billion in the same quarter a year ago .
During the same period, the company's operating earnings surged 139.7% to $45.5 billion, or $1.87 per share, compared to $19.1 billion or 78 cents per share. The analyst community was anticipating revenue of $78.9 billion and operating earnings of $1.75 per share, so Nvidia posted a 3.4% revenue surprise and a 6.9% earnings surprise.
More importantly, the company raised its second-quarter revenue guidance to $91 billion, above the analysts' consensus estimate of $87.3 billion. I expect Nvidia to be $300 per share by the end of the year and $500 per share by the end of the decade.
Palantir (PLTR) takes a breather, but AI upside remains
Palantir Technologies is probably implementing AI better than most companies as it strives to revamp the U.S. Defense Department, the CIA, NSA and other federal agencies.
In its first quarter 2026 earnings report, its revenue continued to accelerate, running at an 84.7% annual pace, to $1.6 billion from $883 million in the same quarter a year ago . Their operating earnings are up 153.8%. They posted a 6% revenue surprise and a 13.8% earnings surprise and raised their guidance above estimates.
Story Continues
Every dip is a buying opportunity
I hope you share my enthusiasm for America. Between the onshoring, increasing energy exports, strong retail sales growth, and AI productivity gains, America cannot lose, so I expect 5% GDP growth to finally arrive. I also expect earnings growth to continue to accelerate. As a result, I have extremely high expectations for our fundamentally superior stocks and expect continued appreciation in the upcoming months.
The current economic and market environment is the best since 1999, and i t would be a shame if investors listened to naysayers like Jeremy Grantham and missed the best stock market environment in almost three decades.
We cannot stop the current technology train, so you must get on the train, invest with the billionaires, or get left behind. The naysayers cannot see the forest through the trees, so please ignore them.
Every dip in fundamentally superior stocks remains a buying opportunity for me. I'm not worried about daily gyrations, since these stocks typically bounce right back.
Related: Veteran analyst drops massive Micron valuation prediction
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
SK海力士赴美融资扩产
重要性4/5 高
大额融资、发行定价和扩产用途均为新近且可追踪的行业事实，直接涉及NVDA所处的AI存储器供应链。
中文摘要
核心结论
SK海力士以每份美国存托凭证149美元发行1.779亿份美国存托凭证（ADS，美国存托凭证），筹资265亿美元，计划投向韩国龙仁半导体园区首座晶圆厂和清州先进封装设施。该融资将扩大高带宽存储器供给与资本开支能力，对NVDA相关AI服务器存储器链条具有直接产业意义；文章未披露具体客户订单和未来产能投放节奏。
重要性评级
评级：4/5（高）
这是美东时间07/09晚间公布的大额融资与扩产事件，金额、定价、发行规模和用途较为具体，直接关联NVDA供应链及存储器行业供给。
关键事实
- 文章发布于美东时间 07/09 22:01（UTC+8 07/10 10:01）。
- SK海力士筹资265亿美元，计划当日稍后在纳斯达克（美国科技股交易市场）发行约1,800万份等值普通股的证券。
- 公司披露发行1.779亿份ADS，每份代表普通股十分之一，首次公开发行价为149美元。
- 据美国媒体，发行认购倍数超过7倍；原文未列出认购者、分配结构或正式来源文件。
- 原文称SK海力士年内在韩国股市累计上涨超过220%，其市值于5月超过1万亿美元。
- 募资用途包括韩国龙仁半导体集群首座晶圆厂及清州先进封装设施建设。
- SK海力士、三星电子与美光科技主导用于AI服务器的高带宽存储器（HBM）市场。
- 公司及三星电子参与韩国西南部总额800万亿韩元的公私合营半导体园区投资计划。
作者观点与证据
文章将发行超额认购和SK海力士盈利增长与AI存储器周期联系起来，并引述策略师称行业盈利真实、资本基础将扩大。发行价格、规模、ADS结构和项目用途属于公司披露事实；关于AI周期强度、行业地位和资金将带来竞争优势，属于分析师及作者的解释，未包含订单、产能或回报率数据。
与相关标的的关系
- NVDA：SK海力士是其先进存储器供应商之一。新增晶圆制造和先进封装投资可能影响AI服务器高带宽存储器的供给能力，但原文没有披露英伟达采购额、供货比例或合同期限。
- 000660.KS：事件直接涉及SK海力士的融资、估值和扩产计划。
- ^IXIC：公司赴纳斯达克上市增加美国市场对存储器行业的交易入口，但不能由此推断指数层面的影响。
时效性与限制
发布于美东时间 07/09 22:01（UTC+8 07/10 10:01），融资定价和募集用途具备当日时效。原文主要依赖公司声明、美国媒体转述和一名策略师评论；未提供招股文件、最终配售结果、项目投产日期及资本开支分期。
后续跟踪
- ADS发行后的最终配售、上市表现与锁定安排。
- 龙仁晶圆厂和清州封装厂的投资额、开工与量产时间。
- SK海力士高带宽存储器产能、客户结构与产品价格。
- 三星电子和美光科技的扩产计划及存储器供需变化。
英文原文
Chip titan SK hynix raises $26.5 bn in blockbuster US listing
Chip titan SK hynix raises $26.5 bn in blockbuster US listing
Jihye Shin and Claire Lee, with Katie Forster in Tokyo
Fri, July 10, 2026 at 10:01 AM GMT+8 3 min read
- 000660.KS
+1.01%
- NVDA
-0.66%
- ^IXIC
+1.30%
SK hynix has seen its profits and share price skyrocket (Jung Yeon-je) South Korean chip giant SK hynix set pricing for its mega US listing on Friday, raising $26.5 billion as it takes advantage of the AI boom in what will be one of the world's biggest ever stock sales.
The Asian semiconductor giant plans to issue the equivalent of around 18 million shares on Wall Street's tech-heavy Nasdaq index later in the day.
SK hynix, a supplier of advanced memory chips to industry behemoth Nvidia, has seen profits skyrocket thanks to the global race to build artificial intelligence data centres.
Tech stocks have tumbled in recent weeks on fears of overheated valuations -- SK hynix has soared more than 220 percent this year in Seoul -- and questions about when enormous global AI spending will reap returns.
But Friday's Nasdaq listing has enjoyed considerable interest, and was more than seven times oversubscribed, according to US media.
The amount raised did not come close to the record $75 billion raised in SpaceX's IPO last month, which made founder Elon Musk the world's first trillionaire.
But it beat out Saudi Aramco's 2019 $25.6 billion debut in the Gulf, and the $21.8 billion raised by Chinese tech firm Alibaba in its New York initial public offering.
SK hynix will list through something called American depositary shares (ADSs), which allow slices of foreign companies to be traded on US public markets.
The firm said 177.9 million depositary shares, each representing one-tenth of a usual share, had been set "at an initial public offering price of $149.00 per ADS".
- High bandwidth -
Dilin Wu, research strategist at Pepperstone, told AFP that the pricing says clearly that "the AI memory cycle is real, the earnings are real".
Wu earlier called the listing "a huge development that should broaden the capital base for the memory sector".
The offering is being led by BofA Securities, Citigroup Global Markets, Goldman Sachs (Asia) and J.P. Morgan Securities, SK hynix said.
SK hynix shares jumped 2.7 percent on Seoul's Kospi index following the announcement.
The company's market capitalisation on the Kospi soared past $1 trillion in May.
That milestone was also recently hit by domestic rival Samsung Electronics and US chipmaker Micron -- with AI thrusting the three firms into a previously exclusive club of around a dozen companies, nearly all American.
An image of an SK hynix jacket went viral in South Korea this year as a symbol of wealth and success, with parody posts depicting it as a "golden ticket" to luxury boutiques or better dating prospects.
Samsung, SK hynix and Micron dominate the global market for the advanced components known as high-bandwidth memory (HBM), used in AI servers alongside other data-crunching semiconductors.
Story Continues
As chipmakers plough resources into lucrative HBM, shortages of the less flashy memory chips in consumer electronics are pushing up prices, with Apple hiking the cost of its MacBooks and iPads.
- New chip hub -
Counterpoint Research analyst MS Hwang said SK hynix wants to triumph over Samsung in the red-hot memory chip market.
"Along with the HBM leadership it has demonstrated until recently, the company is now planning to take the lead in terms of volume as well," Hwang told AFP.
"Funds from its US listing can support such a goal."
SK hynix said Friday it plans to use the proceeds from the offering to fund construction of the first fab at a new semiconductor cluster in Yongin near Seoul, and to build an advanced packaging facility in the central city of Cheongju, among other projects.
The company, along with Samsung, is also involved in a massive public-private investment of 800 trillion won to build a new chip hub in southwest South Korea.
The AI chip boom has fuelled debate over what South Korea should do with the tax windfall, as well as workers' demands over pay packages -- with Samsung averting a strike by agreeing a deal on bonuses.
arp-sjh-cdl/kaf
AMD与英伟达规模差距
重要性3/5 中
直接比较NVDA与AMD并包含可回查的财务数据，但多数为既有披露，估值因果解释和营销内容降低了新增信息价值。
中文摘要
核心结论
文章以营收规模、增速和净利率比较AMD与英伟达，显示英伟达在AI计算与数据中心业务的收入体量和盈利能力显著领先；同时指出AMD过去12个月股价涨幅高于英伟达，市场估值预期存在差异。比较所用财报数据有一定价值，但文章把市销率与股价表现直接相连的解释较简化，且带有媒体自身的推广内容。
重要性评级
评级：3/5（中）
文章直接覆盖NVDA和AMD，列出多季度营收与最新利润率；但大部分信息是已披露数据，结论偏基础估值讨论，时效性和新增事实有限。
关键事实
- 文章发布于美东时间 07/09 21:50（UTC+8 07/10 09:50），数据截至07/07（未给出具体时刻）。
- AMD称已宣布在台湾扩大封装能力的投资超过100亿美元，并承诺在英国投入最高20亿英镑研发；截至03/28（未给出具体时刻）的季度净利率为14%。
- 英伟达正在推出Vera Rubin（新一代超级计算平台），并额外授权800亿美元股票回购；截至04/26（未给出具体时刻）的季度净利率为72%。
- AMD 2026年第一季度营收为103亿美元，文中称同比增长38%；英伟达截至04/26（未给出具体时刻）的最近财季营收为816亿美元，同比增长85%。
- 表格显示AMD季度营收从2024年第三季度的68亿美元增至2026年第一季度的103亿美元；英伟达从300亿美元增至816亿美元。
- 截至07/09（未给出具体时刻）的12个月内，文中称AMD股价上涨273%，英伟达上涨23%。
- 作者称AMD在2026年第一季度末市销率约10倍，英伟达超过20倍；文章未说明具体计算口径、流通股口径或比较日期。
作者观点与证据
作者认为营收规模、收入增速和净利率表明英伟达在高性能半导体及AI领域占优，并把AMD较高的近一年涨幅与较低市销率联系起来。季度营收和利润率可由公司财报核验；市销率解释、未来股价空间以及文末订阅推荐属于作者分析和营销内容。
与相关标的的关系
- NVDA：文章直接提供其816亿美元最新季度营收、85%同比增长、72%净利率、800亿美元回购授权及高于AMD的市销率描述。
- AMD：文章直接比较其103亿美元季度营收、14%净利率、台湾封装投资和英国研发承诺。
- 两者共同反映AI计算芯片和配套封装投入的竞争格局；原文没有给出产品份额、订单、客户或下一季完整指引。
时效性与限制
发布于美东时间 07/09 21:50（UTC+8 07/10 09:50），但核心数据截至07/07（未给出具体时刻）及更早财报期，适合作为基础比较材料。来源为Motley Fool（投资媒体）评论，文中含订阅推广；AMD海外投资、英伟达平台进展和市销率均应回查公司公告与统一估值数据。
后续跟踪
- AMD台湾封装扩产与英国研发项目的正式投资时间表和产能目标。
- 英伟达Vera Rubin平台出货、回购执行与数据中心收入变化。
- 两家公司后续季度营收、利润率、订单和估值口径。
- AI芯片需求变化对收入增速与资本开支回报的影响。
英文原文
Advanced Micro Devices vs. Nvidia: What Revenue Growth Rates and Scale Reveal for Investors
Advanced Micro Devices vs. Nvidia: What Revenue Growth Rates and Scale Reveal for Investors
Robert Izquierdo, The Motley Fool
Fri, July 10, 2026 at 9:50 AM GMT+8 4 min read
- AMD
+5.67%
- NVDA
-0.66%
Advanced Micro Devices: Steady Revenue Trajectory
Advanced Micro Devices (NASDAQ:AMD) primarily generates revenue by developing microprocessors, graphics processing units, and custom system-on-chip products for personal computers, servers, gaming consoles, and embedded systems worldwide.
It recently announced an investment of more than $10 billion to expand packaging capabilities in Taiwan alongside committing up to £2 billion for research in the United Kingdom. It reported 14% net income margin for the quarter ended March 28, 2026.
Nvidia: Rapid Revenue Expansion
Nvidia (NASDAQ:NVDA) earns most of its revenue by providing advanced graphics processors, networking hardware, and computational solutions used across personal computing, professional visualization, automotive platforms, and high-performance data centers.
While launching its Vera Rubin supercomputing platform and authorizing an additional $80 billion for share repurchases, it reported 72% net income margin for the quarter ended April 26, 2026.
Why Revenue Matters for Retail Investors
Revenue serves as a fundamental indicator of the total money a company brings in from its core operations before any expenses are deducted. This measurement gives retail investors insight into a company's overall size, market footprint, and long-term trajectory.
Quarterly Revenue for Advanced Micro Devices and Nvidia
Quarter (Period End)
Advanced Micro Devices Revenue
Nvidia Revenue
Q3 2024
$6.8 billion (period ended Sept. 2024)
$30.0 billion (period ended July 2024)
Q4 2024
$7.7 billion (period ended Dec. 2024)
$35.1 billion (period ended Oct. 2024)
Q1 2025
$7.4 billion (period ended March 2025)
$39.3 billion (period ended Jan. 2025)
Q2 2025
$7.7 billion (period ended June 2025)
$44.1 billion (period ended April 2025)
Q3 2025
$9.2 billion (period ended Sept. 2025)
$46.7 billion (period ended July 2025)
Q4 2025
$10.3 billion (period ended Dec. 2025)
$57.0 billion (period ended Oct. 2025)
Q1 2026
$10.3 billion (period ended March 2026)
$68.1 billion (period ended Jan. 2026)
Q2 2026
Not yet reported
$81.6 billion (period ended April 2026)
Data source: Company filings. Data as of July 7, 2026.
Foolish Take
The revenue gap between Nvidia and Advanced Micro Devices, and the former's consistent quarter-over-quarter sales growth, illustrate Nvidia's market dominance in high-performance semiconductor products, particularly for the artificial intelligence sector.
While AMD's first-quarter sales of $10.3 billion represented excellent 38% year-over-year growth, it pales in comparison to Nvidia's 85% year-over-year increase in its latest fiscal quarter, ended April 26. This significantly higher revenue growth rate underscores the robust demand Nvidia is experiencing for its AI solutions.
Story Continues
Despite what these revenue trends show, AMD's stock has soared a jaw-dropping 273% over the past 12 months through July 9. Nvidia's share price was up a mere 23% in that time.
The price-to-sales ratio between this pair of semiconductor giants points to the reason behind the share price disparity. Until its stock began to skyrocket, AMD's P/S ratio at the end of Q1 was around 10 while Nvidia exceeded 20. This suggests AMD's stock was a better value, leading to investors scooping up shares.
Moreover, Wall Street now has high expectations for Nvidia. Combined with investor concerns of the company's dependence on AI spending to deliver outsized result, these factors make it progressively harder for the AI chip leader to achieve spectacular share price gains.
Should you buy stock in Advanced Micro Devices right now?
Before you buy stock in Advanced Micro Devices, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Advanced Micro Devices wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,651 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,252,823 !
That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.
See the 10 stocks »
*Stock Advisor returns as of July 9, 2026.
Robert Izquierdo has positions in Advanced Micro Devices and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices and Nvidia. The Motley Fool has a disclosure policy .
Advanced Micro Devices vs. Nvidia: What Revenue Growth Rates and Scale Reveal for Investors was originally published by The Motley Fool
高目标价的估值断层
重要性4/5 高
新近发布且直接讨论SPCX估值、承销商目标价与技术兑现风险，事实密度较高；作者立场鲜明，证据需独立验证。
中文摘要
核心结论
TheStreet作者质疑美国银行对SpaceX（太空探索技术公司，代码SPCX）给出的235美元目标价：估值依赖延伸至2045年的现金流预测，而公司AI收入、星舰完全复用和轨道数据中心均存在尚未验证的技术与商业前提。
重要性评级
评级：4/5（高）
文章直接讨论SPCX刚上市后的估值分歧，列出多家机构目标价与关键技术风险；但结论带有强烈看空立场，需与公司披露和独立研究交叉核对。
关键事实
- 截至07/09（未给出具体时刻），SPCX股价约153美元，文中称其首次公开募股后的涨幅已回吐；高盛、摩根士丹利和美国银行目标价分别为205美元、300美元和235美元。
- 美国银行分析团队以基准、乐观和悲观情景的长期折现现金流估值，预测区间延至2045年；该行也是首次公开募股承销商之一。
- 公司S-1文件将总可服务市场称为28.5万亿美元，其中26.5万亿美元、约92.98%来自人工智能。
- 美国银行列出的风险包括星舰和轨道计算尚未验证、发射及卫星服务监管风险、AI建设资本开支，以及AI应用市场竞争。
- 文中援引匿名航天电子学博士和孙正义的批评：轨道数据中心面临散热、辐射、通信、运载及维护成本问题；电力成本在数据中心总成本中的占比也未必足以抵消上述代价。
- 文中援引一项轨道近距交会研究称，CRASH Clock（轨道碰撞压力指标）从2018年的164天缩短至2025年的5.5天、2026年的2.5天；该指标不预测凯斯勒综合征发生时间。
- Morningstar分析师尼古拉斯·欧文斯给出63美元估值，并将快速可复用星舰和具商业竞争力的轨道数据中心视为高不确定性前提。
作者观点与证据
作者明确看空SPCX的AI估值，将高目标价描述为泡沫信号。支撑材料包括承销商身份、远期估值期限、S-1市场规模口径、技术难点与第三方评论；其中轨道数据中心可行性、AI模型竞争和利润率的结论主要属于作者推断，未提供完整的公司经营数据或估值模型。
与相关标的的关系
SPCX是直接相关标的。文章聚焦其发射能力向Starlink（星链卫星互联网）、AI基础设施和轨道计算延展时所需兑现的条件；BAC（美国银行）仅因研究报告和承销商角色相关。
时效性与限制
发表于美东时间07/09 21:37（UTC+8 07/10 09:37），适合用作当日SPCX估值分歧素材。来源为评论性财经媒体文章，所引目标价、研究论文、泄露财务信息及外部人士观点需回查原始文件；文中未提供美国银行完整模型、SPCX最新财务报表或轨道数据中心商业化时间表。
后续跟踪
- 美国银行、高盛和摩根士丹利目标价对应的收入、利润率与资本开支假设。
- 星舰完全复用的测试进度、监管许可与商业服务兑现。
- 星链、AI算力租赁及Google、Anthropic合作的合同规模和利用率。
- 轨道数据中心的散热、通信、芯片辐射耐受与运载成本数据。
英文原文
Bank of America sets alarming SpaceX stock price target
Bank of America sets alarming SpaceX stock price target
Vuk Zdinjak
Fri, July 10, 2026 at 9:37 AM GMT+8 7 min read
- BAC
+1.63%
- SPCX
+2.63%
SpaceX (SPCX) stock is trading near $153 on July 9. All the initial gains since its IPO have been wiped out, despite the stock's inclusion in the Nasdaq-100, and a slew of high price targets coming from big Wall Street banks.
Goldman Sachs initiated the stock with a price target of $205. Morgan Stanley went even higher, setting a price target of $300. These banks were two leading underwriters for the IPO, so their having high price targets is not surprising.
In a research note shared with me, Bank of America analyst Ronald J. Epstein and his team also presented a bullish price target of $235 on SpaceX stock. Bank of America was also one of the underwriters for the IPO, so again, it was not much of a surprise.
However, what is alarming is the palpable difficulty a fairly large analyst team has had in coming up with a way to back that price target. Even more important is that, once risks to the price target are examined, the price target makes no sense and leaves a strong impression that it is nothing but peak AI bubble hype.
Readers unaware that SpaceX is an artificial intelligence company first and foremost should read its S-1 . It clearly states that the company estimates its total addressable market (TAM) at $28.5 trillion, of which $26.5 trillion, or 92.98%, is expected to come from AI.
Bank of America believes that "launch leadership enables everything else."SpaceX-Imagery/Pixabay
Bank of America believes that "launch leadership enables everything else"
The team based the price target on average long-term discounted cash flows for their base, bull, and bear cases, across different revenue and cash-generation scenarios between now and 2045.
A discounted cash flow model is usually conducted over a period of 5 to 10 years, according to Harvard Business School .
Developing a model with a period of almost 20 years is something you come up with when you have trouble making a valuation.
Price targets are generally given to be valid for the next 12 months, and even then, they are often tweaked when quarterly earnings are released or when something else changes the view of the stock.
Analysts noted SpaceX's success in converting launch and manufacturing capabilities into a business called Starlink. It seems they believe this can be done again for AI.
Epstein wrote: "The result is a powerful flywheel, where launch enables space applications, applications generate cash flow, and those cash flows support further infrastructure investment."
Bank of America flags "investment negatives" for SpaceX
Analysts noted investment negatives:
- Starship, orbital compute technologies not yet proven
- Subject to regulatory risk on launch, satellite services
- Significant investment needed to support AI buildout
- TAM hinges on a highly competitive AI applications market
Story Continues
Epstein noted that most of SpaceX's long-term opportunities depend on Starship successfully commercializing full reusability.
The problem here is that while achieving full reusability of Starship would be a fantastic engineering achievement, it is not inevitable.
If the reusability of Starship were the only investment risk, and if the company were valued as a space company rather than an AI company with space attached, the thesis would be fine.
The team acknowledged that for orbital data centers to work, remaining technical problems, such as heat dissipation, the performance of AI chips in space, and other issues, need to be solved.
This is where the thesis falls apart.
Orbital data centers are an impractical idea
A former NASA engineer/scientist with a PhD in space electronics, writing under the pseudonym Taranis , debunked the whole idea of orbital data centers in great detail.
The blog explains why power itself is one of the issues, the same power supposedly being the reason for putting them up there in the first place. In addition to thermal regulation and radiation being problems, Taranis points out that communications are also a major issue for this data center concept.
The engineer concludes that orbital data centers "would be extremely difficult to achieve, disproportionately costly in comparison with Earth-based datacenters, and offer mediocre performance at best."
SoftBank's founder, Masayoshi Son, also pushed back on the idea of orbital data centers, adding a very important observation.
The main reason for building data centers in space would be to get rid of power costs.
Son pointed out during an annual shareholder meeting for SoftBank's mobile unit that electricity expenses account for a small share of data center operating costs, compared with hardware, as reported by Bloomberg .
He added that power cost reductions would be exchanged for higher fees to transport everything into space, maintenance, and communication delays.
The orbital data centers are meant to be in low Earth orbit. The problem is that the orbit is getting way too crowded.
In a research paper published in Science Direct , titled "An orbital house of cards: Frequent satellite close conjunctions," a team of scientists tried to quantify the stress on the orbital environment.
They proposed "a new metric, CRASH Clock, that measures such stress in terms of the timescale for a possible catastrophic collision to occur if there are no satellite maneuvers or there is a severe loss in situational awareness."
According to the paper, the CRASH Clock was at 164 days in 2018. But it reached 5.5 days in 2025, and their latest update puts it at 2.5 days in 2026.
Another thing to have in mind is Kessler Syndrome , named after Donald J. Kessler, who wrote a research paper in 1978 titled: "Collision frequency of artificial satellites: The creation of a debris belt."
A simplified view of Kessler Syndrome is the idea that after a lot of stuff has been put into orbit, a single collision can trigger a chain reaction of collisions, slowly creating a debris belt. The debris belt would make low Earth orbit unusable for satellites.
It is important to note that the CRASH clock doesn't estimate when the Kessler Syndrome could occur, and that the Kessler Syndrome chain reaction would not be a quick event, but might take decades.
SpaceX's AI play is overpriced
SpaceX is renting its excess capacity to Anthropic and has recently signed a deal with Google ( GOOGL ).
While these deals might sound good for the company, they reveal a major problem it faces on the AI front. It doesn't have enough users of its AI models. A similar problem is faced by Meta ( META ).
Meta has decided to also sell its excess capacity and is launching its cloud business, reported Reuters .
With so many companies acting as hyperscalers, the negative impact on profit margins is easy to forecast.
As if the selling capacity side of business likely having low profit margins isn't enough, the software side of AI is even worse.
SpaceX lagging in the AI model race is a primary reason for the excess capacity, but it is also problematic that Chinese open-weight models are closing the gap, and GLM is gaining popularity.
As it is becoming more difficult to catch up, the question of whether such a business can be profitable remains open.
We can take a look at the frontrunner of AI models, the heart of the AI bubble, OpenAI.
Tech writer and prominent AI skeptic Ed Zitron recently published leaked audited financial statements from OpenAI, which were verified by the Financial Times . This leak revealed an increase in OpenAI's net loss, from $5.09 billion in 2024 to $38.53 billion in 2025.
To make matters worse for AI model providers, the era of "tokenmaxxing" has ended. Or, to put it simply, many companies are capping their use of AI because it is too expensive.
This has led OpenAI to consider drastically lowering its prices, according to the Wall Street Journal .
We know from the S-1 that SpaceX is burning cash thanks to AI, and the question is, why should anyone think it will become profitable?
The number of incredible achievements needed for this to happen is simply too great.
This is also what Morningstar equity analyst Nicolas Owens thinks. He is very bearish on SpaceX, and he values the stock at $63 per share.
He believes the IPO price makes sense only in the most optimistic Moonshot scenario, implying the price assumes that scenario is very likely. The Moonshot scenario requires a rapidly reusable Starship and commercially competitive orbital data centers. He concludes that this outlook is very uncertain.
Unrealistic valuations are typical bubble signals, and a strong signal has just been sent by major Wall Street banks, all giving high price targets for SpaceX.
We should end this with something that actually does make sense, and that is Reuters' report, which says an increase in sales and trading will improve U.S. Wall Street bank earnings in the second quarter. The report notes that the increase in trading is partially boosted by the SpaceX IPO.
Related: 5-star analyst sets bold SpaceX stock price target
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
安谋估值押注人工智能芯片扩张
重要性3/5 中
时效性高且关联人工智能半导体链，但论据以公司长期预测和作者估值判断为主。
中文摘要
核心结论
文章将 ARM（安谋）2026年上半年224.4%的涨幅归因于市场提前计入其中央处理器架构向人工智能数据中心扩张的预期。作者同时指出，若以管理层2031年每股收益9美元和当前334美元股价计算，远期市盈率仍超过36倍，增长目标与估值均需兑现。
重要性评级
评级：3/5（中）
文章发布时间接近当日日报，且 ARM 与 NVDA（英伟达）的人工智能供应链有关联；但核心增长数字主要来自公司远期指引，属于估值叙事，缺少当期订单、利润率和客户采购数据。
关键事实
- 文章发表于美东时间 07/09 21:32（UTC+8 07/10 09:32）。
- 标普全球市场情报数据显示，ARM 2026年上半年股价上涨224.4%。
- 截至07/09收盘，文章称 ARM 市值约3,500亿美元，为全球第40大公司。
- ARM 设计并授权中央处理器架构，苹果、Meta（元平台）和亚马逊被列为使用其架构的客户或使用者。
- 文章称 ARM 2026年收入为49.2亿美元，收入来自中央处理器设计的授权费和版税。
- 管理层预计2031年收入达到250亿美元，其中自研 AGI CPU（通用人工智能中央处理器）直接销售额约150亿美元。
- 管理层预计2031年每股收益为9美元；以文中334美元价格计算，五年后市盈率仍超过36倍。
作者观点与证据
作者看好 ARM 在人工智能基础设施中的架构授权和自研芯片机会，认为电力约束强化了高能效中央处理器的需求。支撑材料包括历史涨幅、客户案例和管理层五年预测；250亿美元收入、150亿美元芯片销售与每股收益目标均为公司预测，文中未提供订单、产能、竞争份额或独立盈利测算。
与相关标的的关系
ARM 是 NVDA 人工智能服务器生态的上游架构与计算平台相关公司。文章未提供 ARM 对英伟达收入、采购量或产品配置的直接数据，因此对 NVDA 的传导关系停留在行业背景层面。
时效性与限制
文章发表于美东时间 07/09 21:32（UTC+8 07/10 09:32），可作为当日人工智能半导体估值背景。来源为 Motley Fool（个人投资媒体），正文夹带订阅产品推广；文中关键远期财务数据未附原始财报或指引链接。
后续跟踪
- ARM 后续财报中的授权收入、版税收入和利润率。
- AGI CPU 的量产时间、客户与实际销售额。
- Meta、亚马逊等数据中心客户的 ARM 采用规模。
- 市场价格与2031年盈利目标之间的估值变化。
英文原文
Why Arm Holdings Stock Soared 224.4% Through The First Half Of 2026
Why Arm Holdings Stock Soared 224.4% Through The First Half Of 2026
Brett Schafer, The Motley Fool
Fri, July 10, 2026 at 9:32 AM GMT+8 3 min read
- ARM
+9.20%
- NVDA
-0.66%
Shares of Arm Holdings (NASDAQ: ARM) rocketed 224.4% higher in the first half of 2026, according to data from S&P Global Market Intelligence . The computer chip design and licensing firm is poised to benefit greatly from the next phase of the artificial intelligence ( AI ) boom, driving investor demand for the stock. It is now the 40th-largest company in the world by market cap, valued at $350 billion as of the close on July 9th, 2026.
Here's why Arm Holdings stock has boomed so far in 2026, and whether you should consider buying right now.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Embracing the future with AI
In the global computer chip supply chain, there is perhaps no greater gap between a company's importance and general awareness than that of Arm Holdings. It designs and licenses chip architectures for central processing units (CPUs) and has built a reputation for energy-efficient smartphone architectures, which is why Apple uses Arm for all of its internal chips.
Now, its CPU architecture is expanding rapidly into a new market: AI. Many AI infrastructure players, such as Meta Platforms and Amazon , have used Arm to design internal CPUs for data centers. It has even designed its own computer chip, the AGI CPU, an energy-efficient CPU that could arrive at the exact right moment as the power bottleneck in AI data centers grows and grows.
Arm's revenue was $4.92 billion in 2026, driven by its royalty and licensing revenue for CPU designs. By 2031, Arm projects it will generate $25 billion in revenue, driven almost entirely by the growth of its new AGI CPU. Direct sales from the chip are expected to be $15 billion five years from now.
Image source: Getty Images.
Should you buy Arm Holdings stock?
The potential for growth at Arm is salivating. It could see a 5x increase in revenue over the next five years, if management's guidance is taken at face value. Investors are anticipating this growth, which has driven up the stock so far in 2026. Arm Holdings is officially a new thematic winner for the AI boom.
That doesn't mean you need to pile into the stock today. Arm management is projecting it will generate $9 in earnings per share ( EPS ) in 2031. Compared to the current stock price of $334, that would give it a price-to-earnings ratio (P/E) of over 36 five years from now, assuming the company can achieve these aggressive growth targets. At this stock price, investors would do best to avoid buying Arm stock.
Story Continues
Should you buy stock in Arm Holdings right now?
Before you buy stock in Arm Holdings, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Arm Holdings wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,651 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,252,823 !
Now, it's worth noting Stock Advisor's total average return is 922% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 9, 2026.
Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Apple, Arm Holdings, and Meta Platforms. The Motley Fool has a disclosure policy .
Why Arm Holdings Stock Soared 224.4% Through The First Half Of 2026 was originally published by The Motley Fool
太空探索公司静默期后研报集中发布
重要性3/5 中
覆盖启动时间新、直接涉及SPCX并含大量机构观点，但证据以目标价和未展开的合同叙述为主。
中文摘要
核心结论
文章认为，SpaceX（太空探索技术公司）上市后多家券商在同日集中首次覆盖，主要由首次公开募股静默期结束所致，并非单独的信息披露事件。多数目标价落在190至300美元，观点建立在星链企业客户、人工智能基础设施合同和星舰复用降本三项增长假设上。
重要性评级
评级：3/5（中）
文章发表于美东时间 07/09 21:25（UTC+8 07/10 09:25），直接涉及 SPCX（太空探索技术公司股票代码）且列出16家机构目标价；目标价属于卖方模型意见，文章未提供估值方法、订单条款或财务报表。
关键事实
- 文章发表于美东时间 07/09 21:25（UTC+8 07/10 09:25）。
- 文中解释，首次公开募股后通常有25至40天静默期，承销商研究团队在期限结束前不得发布前瞻性研究。
- MoffettNathanson给出131美元中性评级，文中对应11%的下行空间；其余表内机构均为买入或等效评级。
- 目标价多数位于190至300美元：花旗、美银、高盛、摩根士丹利等给出200至300美元；Raymond James给出800美元，为明显离群值。
- 文章称星链正由消费宽带向政府、航空、航运和企业客户拓展。
- 文中称 SpaceX 已与 Anthropic（人工智能公司）、Google Cloud（谷歌云）和 Reflection AI（人工智能公司）签署合计820亿美元基础设施协议。
- 文章将星舰复用和发射频次提升列为降低入轨成本、扩大卫星部署与载人任务市场的潜在路径。
作者观点与证据
作者承认覆盖启动后的机构态度偏积极，但强调目标价基于收入、利润率和贴现率假设，不能视为确定结果。文章的主要证据是目标价表格和公司业务叙事；820亿美元合同未披露期限、履约条件、确认收入规则或原始公告，无法据此判断短期经营兑现。
与相关标的的关系
SPCX 为文章直接标的。NVDA 仅出现在输入关联标的中，正文没有提供英伟达与 SpaceX 的供货、算力部署或收入数据；二者关系不能从本文延伸为直接业绩影响。
时效性与限制
文章发表于美东时间 07/09 21:25（UTC+8 07/10 09:25），适合记录静默期结束后卖方覆盖启动这一时点。来源为 Motley Fool，文章含订阅服务推广；卖方目标价和合同金额均需以公司文件、承销商研报或监管披露复核。
后续跟踪
- SpaceX 后续披露的收入、现金流和资本开支数据。
- 星链企业及政府客户合同的期限、价格与履约进度。
- 星舰复用率、发射频次和单位入轨成本。
- 首次覆盖后目标价调整及实际盈利预测变化。
英文原文
SpaceX Was Just Flooded With Buy Reports Across Wall Street. Do Analysts Know Something Retail Investors Don
SpaceX Was Just Flooded With Buy Reports Across Wall Street. Do Analysts Know Something Retail Investors Don't?
Adam Spatacco, The Motley Fool
Fri, July 10, 2026 at 9:25 AM GMT+8 5 min read
- SPCX
+2.63%
- NVDA
-0.66%
This week, a wave of equity research reports from sell-side analysts was released on Space Exploration Technologies (NASDAQ: SPCX). The big takeaway is that Wall Street is overwhelmingly bullish on SpaceX stock.
With so many banks publishing their first formal reports on SpaceX and coming to the same optimistic outlook, it begs the question: Does Wall Street know something retail investors don't?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Why were so many reports for SpaceX stock published on the same day?
When a company completes its initial public offering (IPO) and its shares begin trading, a quiet period begins. This window typically lasts between 25 and 40 days after the newly public company begins trading. During the quiet period, the investment banks that underwrote the IPO are prohibited from issuing forward-looking statements, promotional material, or equity research analysis.
The rule exists to prevent the same institutions that helped price and sell the IPO stock in question from immediately hyping the deal or leaking material information that could influence market sentiment. Analysts working for the lead underwriters must remain silent because any positive research they publish too close to the offering could be viewed as an extension of the marketing effort rather than independent analysis.
Once the quiet period ends, these banks are free to initiate coverage. In the case of SpaceX, this is exactly what just happened: A cluster of reports appeared on the same day because the calendar restriction had been lifted.
Image source: Getty Images.
What does Wall Street think of SpaceX stock?
The table below summarizes the ratings and stock price targets analysts recently issued for SpaceX.
Bank Name
Rating
Price Target ($)
Implied Upside / Downside (%)
MoffettNathanson
Neutral
$131
(11%)
Wedbush
Outperform
$190
28%
Stifel
Buy
$190
28%
Citi
Buy
$200
35%
Mizuho
Outperform
$200
35%
Goldman Sachs
Buy
$205
38%
UBS
Buy
$210
42%
RBC Capital
Outperform
$225
52%
JPMorgan Chase
Overweight
$225
52%
Wells Fargo
Overweight
$230
55%
Bank of America
Buy
$235
59%
Bernstein
Outperform
$239
61%
Macquarie
Outperform
$250
69%
Deutsche Bank
Buy
$255
72%
Morgan Stanley
Overweight
$300
103%
Raymond James
Strong Buy
$800
440%
Data Source: Yahoo! Finance
Among the firms in the table, all gave Buy or Buy-equivalent ratings on SpaceX stock, except one. Unsurprisingly, longtime Tesla supporter and former Wedbush analyst Dan Ives is bullish on SpaceX. The price targets primarily range between $190 and $300, with notable outliers at Raymond James and MoffettNathanson.
Story Continues
SpaceX's bullish thesis converges on three interlocking growth drivers. First, Starlink is shifting from primarily consumer broadband toward enterprise and telecommunications customers. This could unlock higher-margin contracts with government agencies, airlines, maritime operators, and large corporations that require reliable global connectivity.
Second, SpaceX is positioned to support the acceleration of AI infrastructure buildouts by delivering additional capacity to hyperscalers. So far, SpaceX has signed $82 billion in infrastructure deals with Anthropic, Google Cloud, and Reflection AI.
Third, operational improvements in rocket reusability and launch cadence in the Starship program stand to dramatically lower costs to orbit. These efficiencies can help expand SpaceX's addressable market for both satellite deployment and crewed missions.
Taken together, these variables paint a picture of a company transitioning from a high-burn, capital-intensive launch and satellite operator into a diversified technology enabler with multidecade tailwinds.
Understanding the limits of analyst price targets
Wall Street analysts tend to have meaningful access to the C-Suite at large companies. By contrast, retail investors usually have a tough time getting past the Investor Relations department. With this in mind, many Wall Street analysts have access to information that most investors do not. However, they are strictly prohibited from issuing reports based solely on that information.
This is all to say that even if Wall Street does know certain things that most investors do not, the price targets above are still just opinions -- not guarantees. These price targets rest heavily on modeling assumptions about revenue growth, profit margins, and discount rates that can shift quickly. Blindly chasing the most optimistic targets or treating the consensus opinion as a certainty ignores the fact that the stock market tends to price in best-case scenarios before they actually materialize.
Investors who rely solely on these reports risk overlooking valuation discipline, balance-sheet risk, and the possibility that even accurate long-term narratives can produce stomach-churning short-term drawdowns. While the end of the quiet period gives investors a clearer picture of professional sentiment around SpaceX stock, these views are just one data point among many.
Should you buy stock in Space Exploration Technologies right now?
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Adam Spatacco has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy .
SpaceX Was Just Flooded With Buy Reports Across Wall Street. Do Analysts Know Something Retail Investors Don't? was originally published by The Motley Fool
小盘股跑赢权重巨头
重要性4/5 高
发布时间新，覆盖NVDA、MSFT、GOOG及主要风格ETF，并给出清晰的年内相对收益数据；证据仍以市场评论和回报比较为主。
中文摘要
核心结论
2026年截至07/09，标普500指数上涨10.9%，但“七巨头”中有5家落后于指数，给中小盘与等权重ETF（交易所交易基金）带来相对领先窗口。文章将轮动归因于权重股停滞与半导体涨幅扩散，同时没有证明该格局能够持续。
重要性评级
评级：4/5（高）
该文发表于美东时间 07/09 21:06（UTC+8 07/10 09:06），直接涉及NVDA、MSFT、GOOG及大盘ETF表现，提供了年内相对收益数据；但属于市场评论，缺少成分、估值和资金流细节。
关键事实
- 标普500指数截至07/09年内上涨10.9%。
- 苹果上涨16.5%、Alphabet（谷歌母公司）上涨14.8%，跑赢指数；英伟达、微软、亚马逊、Meta Platforms（元平台）和特斯拉落后，其中3家年内为负。
- 七巨头在2025年末约占标普500指数35%，当前约占三分之一，权重集中度仍高。
- IJH（iShares核心标普中盘ETF）年内上涨15.3%，IJR（iShares核心标普小盘ETF）上涨21.6%，均高于标普500指数。
- RSP（景顺标普500等权重ETF）上涨12.4%，相对指数领先幅度较小。
- 文章称美光、英特尔、AMD与应用材料等半导体股上涨突出，但这些股票年初在标普500中的权重较低，未能像此前七巨头上涨那样显著抬升指数。
作者观点与证据
作者认为，AI基础设施投入仍在扩张，但市场开始检验巨额AI资本开支的回报、商业模式和竞争壁垒。论据主要是指数与ETF年内回报，以及个别半导体公司的涨幅描述；文中未提供盈利预测、估值、行业订单或资金流数据，不能据此确认风格轮动的持续性。
与相关标的的关系
- NVDA（英伟达）：文章称其年内落后于部分半导体同行，反映AI产业链收益未完全由龙头权重股承接。
- MSFT（微软）与GOOG（谷歌母公司Alphabet）：两者属于七巨头，文中将其相对落后或领先表现置于权重股分化框架中；Alphabet年内上涨14.8%，微软落后指数。
- VTI（先锋全市场ETF）、IJH、IJR与RSP：提供大盘市值加权、中小盘和等权重之间的实际年内回报对照。
时效性与限制
发布时间为美东时间 07/09 21:06（UTC+8 07/10 09:06），可作为当日美股风格表现的背景材料。数据口径截至07/09，原文未列出完整成分归因、估值或后续收益数据；“AI回报受质疑”属于作者提出的观察，非经验证的盈利结论。
后续跟踪
- 七巨头相对标普500指数的收益差是否继续扩大或收敛。
- IJH、IJR、RSP与市值加权指数的相对表现及资金流。
- 半导体公司业绩、订单与资本开支是否支持涨幅扩散。
- AI资本开支对应的收入、利润率和自由现金流变化。
英文原文
Small Cap ETFs Are Beating the S 500 as the Mag 7 Stumble
Small Cap ETFs Are Beating the S 500 as the Mag 7 Stumble
Sumit Roy
Fri, July 10, 2026 at 9:06 AM GMT+8 3 min read
- ^GSPC
+0.81%
- AAPL
+0.90%
- VTI
+0.87%
- NVDA
-0.66%
- GOOGL
-0.84%
Decrease Underperformance across most of the Magnificent Seven is giving ETFs built around smaller stocks a rare chance to beat the S&P 500 this year.
Five of the seven megacaps are trailing the index in 2026. The S&P 500 is up 10.9% year to date through July 9. Apple, with a 16.5% gain, and Alphabet, up 14.8%, are ahead of it, but Nvidia, Microsoft, Amazon, Meta Platforms, and Tesla are all behind, and three of them are in the red for the year.
For most of the past few years, these stocks powered the bulk of the S&P 500's returns. They finished 2025 at roughly 35% of the S&P 500, and they sit at about a third of it today.
Their dominance is why plain exposure to the S&P 500, or to a broader fund like the Vanguard Total Stock Market ETF (VTI) , has been such a reliable bet. It also punished anyone who strayed from that setup, whether by layering on a mid- or small-cap fund like the iShares Core S&P Mid-Cap ETF (IJH) or the iShares Core S&P Small-Cap ETF (IJR) , or by trimming the largest names with something like the Invesco S&P 500 Equal Weight ETF (RSP) .
But this year, with the megacaps stalling, those same funds have found an opening. IJH is up 15.3% so far in 2026 and IJR is up 21.6%, both comfortably ahead of the index. RSP has outperformed too, though by a slimmer margin at 12.4%.
Taken together, the data shows smaller companies outrunning their larger counterparts as a group. That may come as a surprise given the magnitude of the AI boom—a boom the Magnificent Seven are spending heavily on and benefiting from.
The boom is real, but so are the questions around it. What kind of returns will the massive spending on AI generate? And how will AI reshape the long-term business models and competitive moats for the Mag-7?
The bigger winners at the stock level have been the semiconductors. There is a chip name inside the Magnificent Seven in Nvidia, but it has sharply lagged the rest of the industry this year. Broadcom, which entered 2026 in the top 10, has also trailed its semiconductor peers.
Micron Technology is the one that broke through, muscling into the top 10 on the back of a massive run tied to memory demand. Names like Intel, AMD, and Applied Materials have also soared.
But because these semis were a relatively small percentage of the S&P 500 entering the year, their surge has not lifted the index the way the Magnificent Seven's gains did in prior years.
Of course, none of this takes much away from the index itself. A double-digit first half is a strong showing in its own right, and it would take far more small-cap outperformance to undo years of large-cap dominance.
Whether that continues will likely come down to the same thing that opened the door in the first place, which is whether the Magnificent Seven keep lagging.
Permalink | © Copyright 2026 etf.com. All rights reserved
海力士美国存托凭证募资扩产
重要性4/5 中高
发行日事件新鲜、规模大，并涉及高带宽内存与NVDA供应链；部分关键数字尚缺发行文件验证。
中文摘要
核心结论
文章称 SK Hynix（SK海力士）以每份149美元发行美国存托凭证，并于07/10在纳斯达克以临时代码 SKHYV 交易，周一改用 SKHY。其拟募资约265亿美元建设晶圆厂、先进封装设施和极紫外光刻设备，叙事焦点是高带宽内存供给紧张与人工智能需求。
重要性评级
评级：4/5（中高）
这是当日发生的超大规模境外上市事件，SK海力士为英伟达高带宽内存供应链关键公司，文章提供定价、募资规模、市场份额与资本开支数字。来源为加密资产媒体，若干规模和认购数据需以发行文件核验。
关键事实
- 文章发表于美东时间 07/09 20:58（UTC+8 07/10 08:58）。
- 文中称 SK海力士美国存托凭证发行价为每份149美元，07/10在纳斯达克以 SKHYV 交易，周一切换为 SKHY。
- 公司拟通过本次发行募资约265亿美元，约合40万亿韩元。
- 文章称本次交易将成为外国公司在美国最大的股票首发，并称全球规模仅次于 SpaceX 上月750亿美元的纳斯达克首发。
- 根据文中所称美国证券申报文件，SK海力士占全球高带宽内存市场56.4%。
- 文中称高带宽内存为英伟达人工智能处理器提供配套，2026年内存价格保持高位。
- 募资用途包括韩国新晶圆厂、先进封装设施，以及至2027年底119,000亿韩元的极紫外光刻设备投资。
- 文章称簿记需求为可供发行量的7倍，并指出首尔上市股票随韩国综合股价指数波动，权重约25%。
作者观点与证据
作者将本次发行描述为人工智能内存需求推动的估值与扩产事件，并提到瑞银预期美国存托凭证相对首尔股票存在溢价。文中也引用 Futurum Group（未来集团）首席执行官 Daniel Newman 对存储器周期回落风险的提醒。149美元发行价、募资用途和市场份额具备可核验线索；最大首发、认购七倍和溢价判断未附发行文件或研究报告原件。
与相关标的的关系
000660.KS 为 SK海力士首尔上市股票，是直接关联标的；NVDA 的人工智能处理器依赖高带宽内存，文章仅说明产品供应链关系，未给出对英伟达出货、成本或收入的量化影响。
时效性与限制
文章发表于美东时间 07/09 20:58（UTC+8 07/10 08:58），事件发生日为07/10，时效性高。来源为 BeInCrypto（加密资产媒体），需核验临时代码、募资规模、发行排名、认购倍数及设备投资金额；文章未提供承销文件、监管链接或高带宽内存市场份额的计算口径。
后续跟踪
- SKHYV 与 SKHY 的实际交易安排及美国存托凭证价格。
- 发行最终募资金额、承销分配和资金到账情况。
- 新晶圆厂、先进封装与极紫外设备投资的进度。
- 高带宽内存价格、供给扩张和英伟达相关需求变化。
英文原文
SK Hynix Lists on Nasdaq Today at $149: What to Expect
SK Hynix Lists on Nasdaq Today at $149: What to Expect
Darryn Pollock
Fri, July 10, 2026 at 8:58 AM GMT+8 2 min read
- 000660.KS
+1.01%
- NVDA
-0.66%
SK Hynix priced its American depositary shares at $149 each. Trading begins today, July 10, on the Nasdaq under the temporary ticker SKHYV. The stock converts to its permanent ticker, SKHY, on Monday.
The South Korean memory chipmaker aims to raise about $26.5 billion (around 40 trillion Won) through the offering, with the funds intended to finance new factories and equipment to meet surging demand for AI chips.
Why Investors Are Watching Closely
The figure SK Hynix was initially aiming for has been reduced slightly, but even so, the sale still ranks as the largest-ever US equity debut by a foreign company. It also ranks as the world's second-largest stock sale on record after SpaceX.
SK Hynix holds 56.4% of the global high-bandwidth memory market, according to its US securities filing. These chips power Nvidia's AI processors, and surging demand for AI memory has kept prices at record highs through 2026.
The offering surpasses Alibaba's $21.8 billion New York IPO. It trails only SpaceX's Nasdaq debut last month, which raised $75 billion.
Meanwhile, in Seoul, SK Hynix's stock price has been facing volatility alongside the KOSPI where it holds a weighting of approximately 25%.
SK Hynix has seen rapid growth in the past year. Image Source: Trading View SK Hynix will spend the proceeds on a new fabrication plant and an advanced packaging facility in South Korea. The company will also invest 11.9 trillion won in new EUV lithography equipment by the end of 2027.
Micron remains SK Hynix's main US rival in memory chips. Analysts expect the Nasdaq listing to narrow the valuation gap between them, after Micron's market cap rally this year.
UBS has told clients to expect a premium. It backs an ADR premium trade ahead of today's debut.
Not everyone expects the boom to last.
"This is how memory always acts in any megacycle or supercycle... The problem is, it always crashes hard."
Daniel Newman, CEO, Futurum Group
What Comes Next for SK Hynix
SK Hynix shares should open later today. Demand ran seven times the available supply during bookbuilding, according to reports of 7x demand.
Investors will now watch whether SK Hynix holds a premium over its Seoul-listed shares. They will also watch whether the memory rally still has room to run.
Read the Original story SK Hynix Lists on Nasdaq Today at $149: What to Expect by Darryn Pollock at beincrypto.com
维克斯合作与估值分歧
重要性2/5 中低
合作信息新，但与输入关注标的MSFT的直接财务联系很弱，核心估值数字来自单一内容平台模型，缺乏可核验经营数据。
中文摘要
核心结论
WIX（维克斯建站与商家软件公司）宣布与Elavon（支付服务商）合作，连接支付、线上商店和线下销售；文章同时援引平台估值叙事，称49.24美元收盘价较78.63美元“公允价值”低37.4%。合作消息与该估值数字均未消除其年内下跌51.23%、90日下跌24.4%的经营和竞争压力。
重要性评级
评级：2/5（中低）
文章发表于美东时间 07/09 20:17（UTC+8 07/10 08:17），事件本身较新，但输入标的关联以MSFT为主，微软365 Copilot（人工智能办公助手）合作只被简略提及；37.4%的低估判断来自单一叙事模型，证据强度有限。
关键事实
- WIX与Elavon合作，目标是为小企业提供统一商业解决方案，衔接支付、线上商店和线下销售。
- 文章提到WIX另有微软365 Copilot合作，但未披露合作规模、收入分成、客户数量或上线进度。
- WIX过去90日股价回报为-24.4%，2026年初至今为-51.23%，过去一年股东总回报为-68.43%。
- 文中采用的最近收盘价为49.24美元。
- Simply Wall St最受关注的估值叙事给出78.63美元公允价值，对应37.4%的低估幅度。
- 该叙事将Base44收购和扩张、品牌认知、较高价值长期客户留存及营销效率改善列为收入与利润率支撑因素。
- 文章也列出AI竞争加剧、AI与营销成本上升可能压制利润率、用户增长和定价能力的风险。
作者观点与证据
作者倾向于将近期合作和Base44扩张视为重估基础，并使用平台内部的公允价值模型支持低估结论。该数字依赖历史数据和分析师预测，发布方明确表示其内容未必纳入最新价格敏感公告或定性信息；原文没有披露估值模型的关键假设、可比公司、现金流预测或合作带来的量化财务影响。
与相关标的的关系
- WIX：合作、股价回撤和估值叙事均直接相关。
- MSFT（微软）：相关性来自微软365 Copilot合作。原文没有提供微软收入、用户采用或财务影响数据，因此对MSFT的直接影响证据较弱。
时效性与限制
发布时间为美东时间 07/09 20:17（UTC+8 07/10 08:17），可记录为WIX近期合作与市场叙事。文章来自估值内容平台，结论带有模型和营销导向；“低估37.4%”不是已实现事实，且原文未给出Elavon合作条款和最新基本面验证。
后续跟踪
- Elavon合作的产品上线范围、商家采用率与支付交易量。
- Base44整合后的新增客户、留存率和收入贡献。
- AI与营销投入对毛利率、经营利润率和获客成本的影响。
- 微软365 Copilot合作是否披露可量化的用户或收入指标。
英文原文
Wix.com (WIX) Could Be 37% Undervalued On Elavon Partnership News
Wix.com (WIX) Could Be 37% Undervalued On Elavon Partnership News
Wix.com (WIX) Could Be 37% Undervalued On Elavon Partnership News · Simply Wall St.
Simply Wall St
Fri, July 10, 2026 at 8:17 AM GMT+8 2 min read
- WIX
+3.10%
- MSFT
+0.27%
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.
Wix.com (WIX) stock is back in focus after the company announced a partnership with Elavon to power unified commerce solutions that link payments, online stores, and in person sales for small businesses.
See our latest analysis for Wix.com.
Despite the Elavon and Microsoft 365 Copilot partnerships putting Wix.com back on investors' radar, the 90 day share price return is down 24.4% and the year to date share price return is down 51.23%, while the 1 year total shareholder return is down 68.43%. This points to pressure on both near term momentum and longer term holders.
If this kind of commerce focused story has your attention, it could be a good moment to broaden your watchlist and check out 18 top founder-led companies
So with Wix.com stock under pressure despite fresh partnerships and a recent bounce, the real fork in the road is timing: buy into the current reset, or wait to see what the valuation is really asking of you?
Most Popular Narrative: 37.4% Undervalued
Against a last close of $49.24, the most followed narrative for Wix.com pegs fair value at $78.63, putting the recent sell off in a very different light.
The acquisition and rapid scale of Base44 is opening new addressable markets beyond traditional website building, such as application and prototype development, broadening total addressable market and further diversifying revenue streams. Sustained organic brand awareness and improving retention, especially among longer term, higher value users, creates greater revenue predictability and supports expanding operating margins as marketing spend becomes more efficient.
Read the complete narrative.
Want to see what is built into that gap between price and fair value? The narrative focuses on faster earnings, steadier margins, and a very specific long term profit profile.
Result: Fair Value of $78.63 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Wix.com investors still need to weigh risks from rising AI and marketing costs pressuring margins, as well as intensifying AI powered competition that could curb user growth and pricing power.
Find out about the key risks to this Wix.com narrative.
Next Steps
If this mix of pressure and potential around Wix.com leaves you undecided, now is a good time to look at the underlying data yourself, weigh both sides, and see how the balance of 3 key rewards and 2 important warning signs fits your own view.
Story Continues
Looking for more investment ideas beyond Wix.com?
If Wix.com has sharpened your appetite for opportunity, do not stop here. Use the Simply Wall St Screener to widen your view before the next move.
- Target potential mispricings by scanning for companies trading below what their fundamentals suggest through the 44 high quality undervalued stocks .
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include WIX .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
排除马斯克的指数基金
重要性2/5 中低
直接涉及SPCX的指数与基金排除机制，但尚未形成可观察的资金流、规模或持仓变化，基本面信息有限。
中文摘要
核心结论
TechCrunch报道，Subversive Markets Lab登记两只排除马斯克关联公司的ETF（交易所交易基金），拟从纳斯达克100指数和标普500指数成分中剔除Tesla（特斯拉，代码TSLA）与SpaceX（太空探索技术公司，代码SPCX）。该事件反映围绕马斯克个人声誉的产品化资金叙事，尚无资金规模或跟踪表现数据。
重要性评级
评级：2/5（中低）
消息与SPCX直接相关，但两只基金仍处于登记阶段，文章没有披露发行日、资产规模、费率或实际申购数据，对当日基本面信息增量有限。
关键事实
- 文章发表于美东时间07/09 20:13（UTC+8 07/10 08:13）。
- Tidal Trust I登记的产品挂靠Subversive Markets Lab，名称为Nasdaq-100 Ex-Elon Enterprises ETF（纳斯达克100排除马斯克企业基金）和S&P 500 Ex-Elon Enterprises ETF（标普500排除马斯克企业基金）。
- 招募说明书所列剔除对象为TSLA与SPCX；马斯克关联的Neuralink（脑机接口公司）和The Boring Company（隧道公司）尚未上市。
- 文件表述基金可排除由马斯克创立、控制、领导或主要关联的其他公司。
- 产品拟用代码为QQNE和SPNE；文章称其未来可交易，但尚无法判断是否会获得资金流入或跑赢含马斯克公司的指数产品。
- 文中背景称SPCX已进入FTSE Russell（富时罗素）和MSCI（明晟）指数，并近期加入纳斯达克100指数，因而可通过指数基金进入普通投资者组合。
作者观点与证据
作者把产品描述为利用公众对马斯克负面情绪的基金创意，并指出其中带有戏谑营销色彩。核心证据是监管登记文件和产品说明；关于需求上升及产品表现的表述仍是推测，文章没有引用募集、持仓或资金流数据。
与相关标的的关系
SPCX被写入基金的明确排除名单，因其纳入多个主流指数而具有被动资金相关性。TSLA同为排除对象，但不在本批次输入的直接标的范围内。
时效性与限制
发表于美东时间07/09 20:13（UTC+8 07/10 08:13），可作为SPCX指数化后衍生产品动态的背景材料。文章未给出基金生效日期、最终投资组合、费率、资产管理规模或市场成交数据，不能据此衡量实际资金影响。
后续跟踪
- QQNE和SPNE的正式生效日期、费率、基准与持仓规则。
- 两只基金是否将其他马斯克关联上市公司纳入排除范围。
- SPCX在主流指数中的权重变化及相关被动资金数据。
- 基金上市后的资产规模、成交量和跟踪误差。
英文原文
Don’t want to invest in Elon Musk? Two new ETFs explicitly exclude him
Don’t want to invest in Elon Musk? Two new ETFs explicitly exclude him
SpaceX CEO Elon Musk, displayed on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026. Elon Musk's SpaceX begins trading on the Nasdaq exchange on Friday with the biggest initial public offering in history expected to make the polarizing entrepreneur the world's first trillionaire. The company priced more than 555 million shares at $135 each in a filing with the US markets regulator on Thursday, placing SpaceX in the top 10 of Wall Street's biggest companies with a valuation of just under $1.8 trillion -- ahead of Tesla, Facebook-owner Meta and Walmart. (Photo by TIMOTHY A. CLARY / AFP) | Image Credits:TIMOTHY A. CLARY / AFP / Getty Images
Kirsten Korosec
Fri, July 10, 2026 at 8:13 AM GMT+8 3 min read
- SPCX
+2.63%
In the lead up to the SpaceX IPO , there were dozens of stories about early employees and investors who stood to make millions of dollars for betting on, or working for, Elon Musk.
But thanks to Musk's work with DOGE, his public comments on X, and the infamous gesture he made at Donald Trump's inauguration that looked a lot like a Nazi salute, someone realized there was money to be made by avoiding him.
An exchanged-traded fund creator with the appropo name of Subversive Capital has found a way to tap into that negative sentiment with two new anti-Elon exchanged-traded funds.
The ETFs, which are similar to mutual funds, except they are traded like regular stocks, are legally registered by Tidal Trust I and attached to a brand called Subversive Markets Lab LLC. (Bloomberg was the first to spot the filing.)
Avoiding the world's richest person can be tricky for the average investor, who likely puts their money into mutual funds tied to indices like the S&P 500 and Nasdaq 100. SpaceX, which is in the FTSE Russell and MSCI indexes, was recently added to the Nasdaq 100. That means it's included in funds that track those indexes. Musk's other publicly traded company, Tesla, is a longtime favorite of mutual funds, especially the large cap and growth varieties.
The two newly registered ETFs , named Nasdaq-100 Ex-Elon Enterprises ETF and S&P 500 Ex-Elon Enterprises ETF, are designed to block these companies. As of the date of the prospectus, the excluded enterprises are Tesla (TSLA) and Space Exploration Technologies Corp. (SPCX), the filing states. Musk's other companies, including Neuralink and The Boring Company are not publicly traded.
It is possible that the Ex-Elon funds may exclude other companies that become closely associated with the near-trillionaire, too. The Ex-Elon funds seek "to provide capital appreciation through exposure to a broad universe of large-capitalization U.S. equity securities, while excluding the equity securities of companies that are founded, controlled, or led by Elon Musk, or with which Mr. Musk is otherwise primarily associated," so the document filed with the U.S. Securities and Exchange Commission reads.
While these are legit funds that investors will soon be able to trade, there's also more than a bit of tongue and cheek going on. Prior to the Ex-Elon funds, Subversive earned headlines for its other ETFs that promise to let regular folks "invest like the oligarchy." One of those funds holds stocks known to be traded by Democratic members of Congress and their spouses, and the other mirrors those held by the Republican side of the aisle.
Story Continues
It's too early to say if investors will pile into these Ex-Elon ETFs, which have the tickers QQNE and SPNE, or if they will perform better than funds that include Musk's companies. But they do reflect a growing appetite for ways to avoid Musk, and, given his famed hostility to traders who shorted Tesla , perhaps even annoy him a little.
泰拉沃尔夫加杠杆扩建算力
重要性4/5 高
覆盖 WULF 的大额潜在融资、长期客户合同和明确产能建设计划，直接关联业务模式与负债结构；融资仍属媒体报道的未完成计划。
中文摘要
核心结论
文章称 TeraWulf（泰拉沃尔夫，WULF）拟筹集约 35 亿美元债务，用于肯塔基州人工智能数据中心园区，并以与 Anthropic 的 20 年租约作为转型支撑。该融资将放大人工智能基础设施扩张速度，也提高债务、建设和单一大客户履约风险；融资尚未正式启动。
重要性评级
评级：4/5（高）。美东时间 07/09 20:00（UTC+8 07/10 08:00）发布，涉及 WULF 从比特币挖矿转向人工智能算力的重大融资、401 兆瓦项目和 190 亿美元合同收入。35 亿美元计划主要来自彭博社引述知情人士，条款、定价和完成情况未定。
关键事实
- 文中援引彭博社称，WULF 准备筹集约 35 亿美元债务，用于肯塔基州新数据中心园区，摩根士丹利预计牵头，融资计划在今年晚些时候启动。
- 该交易拟结合杠杆贷款与高收益债券，文中称这是公司首次进入杠杆贷款市场。
- WULF 此前于 12 月发行 13 亿美元高收益债券，并于 10 月发行 32 亿美元高收益债券；文章称其曾是首家进入高收益债市场的比特币矿企。
- 07/06，WULF 与 Anthropic 签署 Justified Data 肯塔基园区的 20 年租约，初始期限合同收入约 190 亿美元。
- 项目设计支持 401 兆瓦关键资讯科技负载，预计于 2027 年下半年投入运营。
- 文中称摩根士丹利于 07/07 重申对 WULF 的增持评级，并将目标价由 66.50 美元上调至 72 美元；当周四股价升至 23.87 美元、上涨 4.5%，年初至今上涨逾 80%。
- WULF 还出售了得州阿伯纳西 168 兆瓦数据中心 50% 权益，买方为由 Fluidstack 领衔的投资者集团。
作者观点与证据
文章把融资和 Anthropic 租约描述为矿企转向人工智能基础设施的具体化阶段。支持材料包括租期、容量、合同收入和分析师调整；35 亿美元融资仍是媒体引述知情人士的计划，未见发行文件、利率、担保、偿债安排、项目总投资或 Anthropic 合同全文。分析师评级不能证明融资可行性或项目经济性。
与相关标的的关系
WULF 是直接标的：债务融资、401 兆瓦园区和 Anthropic 20 年租约将重塑其收入来源与资产负债结构。GOOG 的关联来自文章标题所称谷歌支持背景，但正文没有提供谷歌出资、担保或本次融资参与的具体事实；BTC-USD 的关联在于 WULF 从比特币挖矿转向人工智能基础设施。
时效性与限制
文章发布于美东时间 07/09 20:00（UTC+8 07/10 08:00）。其中租约日期为 07/06、分析师调整为 07/07；35 亿美元融资预计今年晚些时候推出，尚非已完成交易。金额、容量和合同收入应以公司公告、债务募集材料和客户披露进一步核对。
后续跟踪
- 35 亿美元融资的启动、利率、期限、担保、契约和实际募集规模。
- Justified Data 项目的建设进度、401 兆瓦交付与 2027 年下半年投运安排。
- Anthropic 租约的付款条件、扩容选择权和收入确认节奏。
- WULF 资产出售所得、现有债务与人工智能项目资本开支之间的关系。
英文原文
Google-backed ex-Bitcoin miner reveals $3.5 billion debt raise
Google-backed ex-Bitcoin miner reveals $3.5 billion debt raise
Google-backed ex-Bitcoin miner reveals $3.5 billion debt raise · TheStreet
Neo
Fri, July 10, 2026 at 8:00 AM GMT+8 2 min read
- WULF +1.62%
- BTC-USD +3.14%
- GOOGL -0.84%
A former Bitcoin miner is about to make its biggest debt raise yet and the money is going straight into artificial intelligence.
TeraWulf Inc. (NASDAQ: WULF) is preparing to raise approximately $3.5 billion in debt to build a new data center campus in Kentucky, Bloomberg reported on Thursday , citing people familiar with the matter.
The raise marks the company's first entry into the leveraged loan market. Morgan Stanley is set to lead the financing, which is expected to launch later this year, according to TeraWulf Chief Financial Officer Patrick Fleury.
The transaction will combine leveraged loans with high-yield bonds. TeraWulf has raised debt this way before, the company sold $1.3 billion in high-yield bonds in December and $3.2 billion in October , becoming the first Bitcoin mining company to access the high-yield bond market.
Related: Analyst reiterates bullish call on AI stock after $19 billion deal
AI pivot
Like several other Bitcoin miners over the past year, TeraWulf has been shifting away from pure mining and toward a new business entirely, building physical infrastructure for artificial intelligence companies.
The mining hardware and data centers that once processed Bitcoin transactions are increasingly being repurposed, or built alongside new facilities, to house the computing power AI companies need. and TeraWulf shift from Bitcoin mining became concrete this week.
On July 6, TeraWulf signed a 20-year lease agreement with Anthropic PBC for its Kentucky data center campus, called Justified Data. According to a TeraWulf press release , the lease is expected to generate approximately $19 billion in contracted revenue over its initial term. The facility is designed to support 401 megawatts of critical IT load and is expected to begin operations in the second half of 2027.
The deal builds on a broader relationship, Anthropic has separately agreed to lease computing chips at two other TeraWulf data centers, Bloomberg reported last month.
What the market is saying
Wall Street has responded positively. On July 7, Morgan Stanley reiterated its Overweight rating on TeraWulf and raised its price target from $66.50 to $72, citing the Anthropic partnership as a key driver.
TeraWulf shares extended their gains on Thursday, rising 4.5% to trade at $23.87. The stock is up more than 80% year-to-date, reflecting investor enthusiasm for the company's pivot toward AI infrastructure.
To help fund its AI expansion, TeraWulf also sold its 50% stake in a 168-megawatt data center in Abernathy, Texas, to an investor group led by Fluidstack.
Story Continues
The company signaled this transition back in May, stating that AI infrastructure would increasingly drive its business going forward.
Morgan Stanley has led each of TeraWulf's previous bond offerings, and according to Fleury, many of the lenders who participated in the company's $250 million revolving credit line earlier this year are expected to also take part in the Justified Data financing.
Related: Popular AI stocks surge as MicroStrategy makes another sale
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
高估值下的英伟达对照
重要性3/5 中
直接提供SPCX收入倍数并补充NVDA算力需求数据，时效性较好；个人专栏的比较框架和预测成分较重。
中文摘要
核心结论
Motley Fool作者以估值和AI计算需求为主线，将英伟达NVIDIA（图形处理器与AI计算公司，代码NVDA）列为SPCX的对照对象：作者认为NVDA的盈利与估值数据更可量化，而SPCX当前市值对应的收入倍数很高。该比较属于作者观点，并未构成对两家公司业务风险的完整横向估值。
重要性评级
评级：3/5（中）
文章同时包含SPCX估值数据和NVDA产品、收入、需求风险信息，发布时间新近；但其为个人投资专栏，存在明显立场和推广内容，部分预测未获公司业绩验证。
关键事实
- 文章发表于美东时间07/09 19:35（UTC+8 07/10 07:35）。
- 文中称SPCX于06/12上市，开盘价150美元，随后一度升至225.64美元，写作时回到约150美元。
- 作者称SPCX市值约2万亿美元、过去12个月收入193亿美元，市销率为103倍，约为纳斯达克100指数平均水平的16倍。
- NVIDIA称Vera Rubin（新一代AI计算平台）已进入全面生产，未来数月开始商业量产交付；公司称该平台可将训练所需GPU（图形处理器）数量降低75%，并使推理令牌成本最多降低90%，均为公司口径。
- 英伟达2027财年第一季度截至04/26收入816亿美元，同比增长85%；数据中心收入752亿美元，同比增长92%。
- 文中引用分析师预期：英伟达2027和2028财年收入或达3920亿美元和5540亿美元；此为市场预测，未实现。
- 作者列出AI基础设施需求风险：Uber称其2026年AI预算四个月已用尽，瑞银调查显示60%的企业选择计算需求较低的廉价模型。
- 文中称NVDA市盈率为30.2倍，低于其10年均值61.6倍，也低于纳斯达克100指数35.2倍；2028财年预期每股收益为12.76美元，对应远期市盈率15.4倍。
作者观点与证据
作者主张NVDA相较SPCX具有更低估值与更清晰的收入支撑，证据来自收入、利润倍数、产品发布和分析师预测。Vera Rubin的性能、客户采用、收入预测及估值解释包含公司陈述或市场共识；文章结尾含订阅产品推广，不能当作独立研究报告。
与相关标的的关系
SPCX是文章比较对象，估值数字指向其上市后高收入倍数风险。NVDA虽未列入输入symbols（关联标的），但作为AI算力供应商被用于说明收入兑现、模型需求与估值差异，二者没有被原文证明存在直接经营传导。
时效性与限制
发表于美东时间07/09 19:35（UTC+8 07/10 07:35），适合补充当日SPCX估值讨论和NVDA算力需求背景。SPCX、NVDA价格和市值均为作者写作时点口径；文章未给出完整财务模型，也没有验证Vera Rubin实际出货、客户采购和长期需求假设。
后续跟踪
- SPCX收入增长、资本开支与市销率变化。
- Vera Rubin的量产交付、客户采用和对英伟达数据中心收入的影响。
- 企业AI预算、模型成本与GPU需求的实际变化。
- 英伟达后续财报对3920亿美元和5540亿美元收入预期的验证。
英文原文
If I Had $10,000 to Invest Today, Here
If I Had $10,000 to Invest Today, Here's the Trillion-Dollar Stock I'd Buy Instead of SpaceX
Anthony Di Pizio, The Motley Fool
Fri, July 10, 2026 at 7:35 AM GMT+8 6 min read
- SPCX
+2.63%
- NVDA
-0.66%
Elon Musk's space transportation, satellite internet connectivity, and artificial intelligence (AI) company, Space Exploration Technologies (NASDAQ: SPCX), went public on June 12, and opened that trading session at $150 per share. In the days that followed, the stock soared to an all-time high of $225.64, but it has since plunged back to about $150 as investors grapple with its sky-high valuation.
SpaceX has a market capitalization of $2 trillion as I write this, and with just $19.3 billion in trailing-12-month revenue, that gives it a price-to-sales (P/S) ratio of 103. That's 16 times more expensive than the average for the tech-heavy Nasdaq-100 index. As a result, I won't be surprised if SpaceX declines from here.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
If I had $10,000 to invest in one stock for my diversified portfolio, I'd definitely consider an alternative. Here's why Nvidia (NASDAQ: NVDA) might be a much better buy than SpaceX for the long term.
Image source: Nvidia.
Vera Rubin is in full production
Nvidia supplies the world's best graphics processing units ( GPUs ) for data centers, and its chips are still the main providers of parallel processing power for AI training and inference workloads. The company's dominance in that niche started in 2022 with the H100 GPU, which was built on the Hopper architecture. But in the years since, Nvidia has launched its Blackwell and Blackwell Ultra GPU architectures, the latter of which can deliver up to 50 times better performance than Hopper-based chips in certain configurations.
And the chipmaker just upped the ante again. It has ramped its newest architecture, Vera Rubin, up to full production and will begin shipping them in commercial quantities in the coming months. That new platform includes the Rubin GPU, the Vera central processing unit (CPU), copious memory, and a series of upgraded networking components, which combine to provide another big leap in AI computing performance. In fact, Nvidia says this new architecture will allow developers to train AI models with 75% fewer GPUs, while reducing inference token costs by up to 90% compared to its Blackwell processors.
Inference tokens represent the text, symbols, and images produced by an AI model in response to a query. So to simplify what the company is saying, Vera Rubin will dramatically reduce the cost of using AI software, which could fuel a surge in its adoption. It will also make AI providers like OpenAI and Anthropic more profitable, which could lead to even more demand for Nvidia's chips.
Story Continues
Vera Rubin is almost certain to be Nvidia's most successful product platform ever. According to CEO Jensen Huang, every frontier model company plans to adopt it at launch. That was not the case for Blackwell when it debuted.
Nvidia is on track for another record year
Nvidia generated $81.6 billion in revenue during its fiscal 2027 first quarter (which ended April 26), representing year-over-year growth of 85%. Its data center business accounted for $75.2 billion of that total, and it grew at an even faster rate of 92%.
Analysts estimate that Nvidia could generate $392 billion in total revenue during its fiscal 2027, and a whopping $554 billion in its fiscal 2028. If the company continues to grow at this pace, it could be bringing in as much money as Walmart -- the world's biggest retailer -- within a few years.
However, there are risks ahead. Concerns are mounting about the sustainability of the AI infrastructure boom, as shortages of GPUs and high-bandwidth memory have significantly driven up the cost of building data centers. AI software providers like Anthropic and Microsoft have implemented passive price increases this year in an effort to pass some of those additional costs to their customers -- who have not responded well to the moves.
The chief operating officer at Uber Technologies recently said it's becoming harder to justify AI spending, after his company burned through its entire 2026 AI budget in just four months. It appears he isn't alone, because a recent survey by UBS Group suggests 60% of businesses are now opting for cheaper AI models that use less computing power. That might be bad news for semiconductor demand going forward.
Buyers today are getting a great price for Nvidia stock
While there are certainly risks ahead, I would argue that Nvidia's attractive valuation makes those risks worth accepting. The stock is trading at a price-to-earnings (P/E) ratio of 30.2, which is half its 10-year average of 61.6.
It's also cheaper than the Nasdaq-100 index, which has a P/E ratio of 35.2, suggesting the chipmaker is undervalued compared to its big-tech peers.
Looking ahead, the consensus among Wall Street analysts is that Nvidia's earnings will grow to $12.76 in its fiscal 2028, giving its stock a forward P/E ratio of just 15.4.
NVDA PE Ratio data by YCharts. I'm not suggesting this will happen, but if Wall Street's fiscal 2028 estimate proves to be accurate, Nvidia stock would have to double over the next 18 months just to maintain its current P/E ratio, and quadruple to trade in line with its 10-year average P/E.
Of course, the picture will look very different if the AI industry starts buying fewer GPUs. However, I think Nvidia's valuation leaves quite a bit of room for error -- especially if we're comparing it to SpaceX, which is objectively extremely overvalued right now.
Should you buy stock in Nvidia right now?
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If I Had $10,000 to Invest Today, Here's the Trillion-Dollar Stock I'd Buy Instead of SpaceX was originally published by The Motley Fool
韩美芯片上市与业绩窗口
重要性4/5 高
临近多个公司和产业链事件，直接涉及NVDA、GOOG、MSFT、TSM与DAL，并提供台积电已知月度同比基准；但尚未包含结果。
中文摘要
核心结论
雅虎财经视频将07/10的关注点集中在SK海力士以SKHY代码登陆纳斯达克、台积电公布6月销售额及达美航空二季度业绩。这些事项为AI基础设施需求、芯片供应链和航空盈利提供短期信息窗口，但该视频是预告，未包含结果数据。
重要性评级
评级：4/5（高）
视频发表于美东时间 07/09 19:00（UTC+8 07/10 07:00），列出临近发生的SK海力士上市、台积电销售额和达美业绩，直接牵连NVDA、GOOG、MSFT、TSM与DAL；其证据属于事件日程和已知5月同比数据，尚无当日结果。
关键事实
- 视频在美东时间 07/09 19:00（UTC+8 07/10 07:00）发布，预告07/10市场关注事项。
- SK海力士计划以SKHY代码在纳斯达克上市，报道将其称为韩国芯片公司在美国市场规模最大的美国存托凭证发行。
- 视频称英伟达、谷歌和微软是SK海力士的部分AI基础设施客户。
- TSM（台积电）将公布6月销售额，市场将以此观察AI芯片需求；其5月销售额同比增长30%。
- 台积电销售更新发生在其第二季度业绩公布前。
- DAL（达美航空）将在开盘前公布第二季度业绩，市场关注高端业务能否缓冲燃油成本上升和运力削减。
- 视频还提及一项两党住房可负担性法案：若总统未签署或否决，将在周五午夜进入周六时生效；原文未给出具体时区、法案编号或条款细节。
作者观点与证据
主持人将SK海力士上市和台积电销售视为AI交易热度的观察节点，将达美业绩视为成本与高端需求的检验。支持材料主要是已排定事件和台积电5月销售同比增幅；对AI需求持续强劲、达美高端业务缓冲成本的表述仍待结果验证。
与相关标的的关系
- NVDA（英伟达）、GOOG（谷歌母公司Alphabet）与MSFT（微软）：作为SK海力士客户被提及，相关性来自AI存储和基础设施供应链，视频未量化采购额或收入贡献。
- TSM（台积电）：6月销售额将提供芯片需求的最新月度事实，5月同比增长30%是文中唯一量化前值。
- DAL（达美航空）：二季度业绩直接关系其高端业务、燃油成本和运力变化。
时效性与限制
发布时间为美东时间 07/09 19:00（UTC+8 07/10 07:00），属于紧邻事件发生前的日程性材料。原文为视频预告，未提供SKHY发行规模、台积电6月销售结果、达美财报数字或住房法案完整文本；事件结果公布后需以公司或监管披露更新。
后续跟踪
- SKHY上市后的发行文件、定价、交易表现与募资用途。
- 台积电6月销售额及其同比、环比变化。
- 达美第二季度营收、利润率、燃油成本和高端业务指标。
- SK海力士对主要客户的供货、产能与高带宽存储器需求披露。
英文原文
SK Hynix
SK Hynix's US listing, Delta earnings, housing bill: What to Watch
Yahoo Finance Video and Josh Lipton
Fri, July 10, 2026 at 7:00 AM GMT+8
- 000660.KS
+1.01%
- DAL
+2.21%
- 2330.TW
-2.03%
Asking for a Trend Host Josh Lipton previews several of the biggest stories to come tomorrow, Friday, July 10, including SK Hynix ( 000660.KS ) making its debut on the Nasdaq, Delta Air Lines ( DAL ) earnings, monthly sales results from Taiwan Semiconductor Manufacturing Co. ( TSM ), and the pending approval of Congress' housing affordability bill.
Video Transcript
00:01 Speaker A
Time now for to watch Friday, July 10th.
00:04 Speaker A
The AI trade remains in the spotlight as SK Hynix is set to list its shares in the US under the ticker SKHY. Korean chipmakers listing is reported to be the largest American depository receipt offering in market history.
00:19 Speaker A
This move comes as demand for AI infrastructure continues to surge. Some of SK Hynix's clients include AI chip heavyweight Nvidia, Google, and Microsoft.
00:30 Speaker A
Sticking with the AI trade, Taiwan Semiconductor will be in focus as that company reports June sales. Investors will be watching for signs that demand for AI chips remains strong after that company's May sales rose 30% from a year ago.
00:46 Speaker A
The update will offer another look at the strength of AI related spending ahead of TSMC's second quarter earnings report.
00:54 Speaker A
Turning to earnings, Delta Airlines gears up to report its second quarter results before the opening bell. Investors hoping growth in the premium business will continue to cushion the impact of rising fuel costs and capacity cuts stemming from those expenses.
01:09 Speaker A
And lastly, a major bipartisan housing bill that President Trump has so far refused to sign is set to become law on Friday if he does not act. The bill passed by Congress includes measures designed to improve housing affordability.
01:21 Speaker A
That legislation will become law at midnight on Friday into Saturday unless Trump vetos it.
矿企估值转向AI租赁现金流
重要性4/5 中高
直接涉及 APLD，发布时间新近并提出可追踪的合同兑现框架；但核心估值结论缺少可复算的原始数据。
中文摘要
核心结论
TheStreet 引述 Compass Point（康帕斯点）分析师观点，认为已转向人工智能数据中心的比特币矿企应按长期租约形成的租金现金流评估。APLD（应用数字）、WULF（泰拉沃尔夫）和 CIFR（赛弗数字）被指其已签合同净值与企业价值之间差距较大；该结论依赖分析师估算，仍须由项目交付、融资和新增租赁验证。
重要性评级
评级：4/5（中高）
报道发布时间接近采集时点，且 APLD 为直接相关标的；内容明确给出估值框架、同业分化和未来两年执行节点。原文没有展示租约、建设成本或企业价值的具体数值，证据强度受限。
关键事实
- 报道发布时间为美东时间 07/09 18:57（UTC+8 07/10 06:57），距美东时间 07/09 23:05（UTC+8 07/10 11:05）采集约四小时。
- Compass Point 分析师 Michael Donovan 与 Ed Engel 估算已签约人工智能租约的未来租金收入，扣除剩余建设成本后，与各公司企业价值进行比较。
- 文中称 APLD、WULF 和 CIFR 的已签约业务价值与当前估值之间存在最大差距，分析师据此认为市场对未出租人工智能容量给出的价值较低。
- CORZ（核心科学）的已有合同被文章描述为大部分已反映在估值中，后续表现更依赖新增客户签约。
- RIOT（莱奥特平台）则被描述为更多按 Corsicana 园区和更广泛项目储备定价，而非现有合同租金。
- 文章称未来两年是从宣布人工智能基础设施交易转向实际交付的阶段；设施投运、租户开始付租后，租金现金流将更清晰。
- 文中指出该类公司此前的表现受建设进度、融资需求和租赁速度影响，且矿业收入仍随加密货币价格波动。
作者观点与证据
作者采纳 Compass Point 的“数据中心房东”估值框架，把已签租约的未来收入减去未完工建设成本后与企业价值比较。该框架提供了观察合同兑现程度的路径，但原文未披露各公司的合同金额、期限、折现率、建设成本、企业价值或估值差距，因此无法从文中复算结论。文章引用 CoinDesk（二手报道）转述分析，未附原始研究报告。
与相关标的的关系
- APLD：被列为已签约业务价值与当前估值差距较大的公司之一，文章直接关联其人工智能数据中心租赁兑现能力。
- WULF、CIFR：与 APLD 同属该估值框架下的主要比较对象，重点在已签约租赁与尚未出租容量。
- BTC-USD：比特币价格仍影响矿业收入；文章强调人工智能租赁现金流可提供不同于挖矿收入的收入来源，但未量化其占比。
时效性与限制
报道发布时间为美东时间 07/09 18:57（UTC+8 07/10 06:57），采集时距发布约四小时，适合当前日报追踪人工智能数据中心矿企的估值叙事。来源为 TheStreet，核心结论来自 Compass Point 分析师和 CoinDesk 转述；没有原始模型、合同条款及项目交付数据，不能据此确认估值缺口。
后续跟踪
- APLD、WULF、CIFR 已签租约的期限、金额、客户信用质量和投运状态。
- 数据中心建设进度、资本开支、融资安排及实际租金开始确认的时间。
- CORZ 的新增客户签约，以及 RIOT Corsicana 园区的交付与租赁进展。
英文原文
Analysts reveal investors are underestimating Bitcoin miners
Analysts reveal investors are underestimating Bitcoin miners
Analysts reveal investors are underestimating Bitcoin miners · TheStreet · Shutterstock
Pooja Rajkumari
Fri, July 10, 2026 at 6:57 AM GMT+8 2 min read
- BTC-USD +3.14%
- APLD +2.70%
- WULF +1.62%
- CIFR +6.45%
Investors may be significantly underestimating the value of Bitcoin (BTC) mining companies that have pivoted toward artificial intelligence data centers.
According to Compass Point analysts Michael Donovan and Ed Engel, the Bitcoin miners should be increasingly assessed like landlords generating steady rental income from long-term AI leases.
To test that thesis, Compass Point estimated the future rental income tied to already-signed contracts, net of remaining construction costs, then compared that figure to each company's enterprise value, as per CoinDesk .
The goal was to isolate how much of a company's valuation reflects contracted business versus speculative future development that hasn't yet secured tenants.
Related: Analysts send blunt warning to Bitcoin miners
Where the market may be missing value
Bitcoin miners like Applied Digital (NASDAQ: APLD), TeraWulf (NASDAQ: WULF) and Cipher Digital (NASDAQ: CIFR) showed the largest gap between contracted business and current valuations, according to the report.
This suggests the market is assigning little value to the additional AI capacity these companies have yet to lease.
Core Scientific (NASDAQ: CORZ) and Riot Platforms (NASDAQ: RIOT) stood apart for different reasons. Core Scientific's existing contracts are largely already priced in. This means further upside depends on new customer signings.
Meanwhile, Riot is valued more on the promise of its Corsicana campus and broader pipeline than on current contracted income.
Compass Point said the next two years will mark a turning point as these companies shift from announcing AI infrastructure deals to actually delivering them.
Trending on TheStreet Roundtable
- Donald Trump breaks silence on $1B crypto earnings
- Michael Saylor reveals why Strategy sold Bitcoin and why critics are wrong
- Billionaire investor reveals key reasons behind Bitcoin's decline
As facilities come online and tenants begin paying rent, investors should get a clearer view of the recurring cash flow these sites can generate, unlike Bitcoin mining revenue, which fluctuates with crypto prices.
The former-miner-to-AI-data-center trade has already been one of the market's strongest AI-adjacent stories over the past year. However, returns have varied as investors weigh construction timelines, financing needs and the pace of leasing.
Following recent pullbacks across the group, Compass Point said the market may now be entering a phase where execution, not announcements, determines how these stocks are valued.
Related: Bernstein unveils outperform-rated miners to buy before bitcoin halving
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
谷歌与Meta的变现路径分野
重要性3/5 中
直接覆盖GOOG与META的人工智能商业化路径，发布较新，但证据以作者叙事和公司产品信息为主。
中文摘要
核心结论
Motley Fool作者在美东时间 07/09 18:32（UTC+8 07/10 06:32）认为，Alphabet（谷歌母公司，GOOG/GOOGL）较Meta（脸书和Instagram母公司，META）具备更完整的人工智能商业化链条：自研芯片、模型研发和既有分发入口可以相互衔接。该判断是作者的选股观点，未构成对模型能力或未来收入的独立验证。
重要性评级
评级：3/5（中）
文章直接涉及GOOG、META和NVDA，并围绕人工智能投入的收入转化展开；但来源为观点型投资媒体，主要证据是产品与业务结构描述，缺少收入、成本和使用量的量化对比。
关键事实
- Alphabet旗下Google在2026年I/O开发者大会推出Gemini Omni、Gemini 3.5，并将搜索业务进行25年来最大一次、围绕人工智能的改版。
- Google还发布Gemini Spark，文中称其可跨用户已连接应用执行任务；文章未提供实际用户规模、收费模式或收入数据。
- 作者列举Alphabet的自研TPU（张量处理单元）、Google DeepMind（谷歌深度思维）、搜索、Android、Chrome、YouTube和Google Cloud（谷歌云）作为纵向整合资源。
- Meta重组为Meta Superintelligence Labs（Meta超级智能实验室），并由Alexandr Wang领导；其Muse Spark被描述为具备能力和效率的新模型。
- 文中称Meta将Muse Spark转为专有模型，偏离此前主推的Llama开源模型路线；这是作者对战略调整的解读。
- 作者认为Meta的人工智能回报主要经由广告定向优化和用户停留时间提升兑现，收入链条较搜索产品中的人工智能植入更间接。
- Alphabet仍面临搜索和广告业务反垄断压力，且人工智能答案可能压缩搜索广告展示空间；Meta则拥有可持续投入人工智能的广告现金流和社交媒体分发规模。
作者观点与证据
作者明确偏向Alphabet，依据是其同时控制芯片、模型和大规模用户入口，并将此视为研发支出转化为收入的优势。文中对Meta专有化路线、利润兑现周期和执行风险的评价带有判断色彩；没有提供两家公司资本开支、推理成本、人工智能产品收入或基准测试的可比数据。末尾附带Stock Advisor（股票顾问）营销内容，与正文论证应分开阅读。
与相关标的的关系
- GOOG：文章将搜索重构、Gemini产品和TPU供应能力视为其人工智能商业化支撑，同时列出反垄断与搜索广告受侵蚀风险。
- META：广告现金流可支持高投入，广告定向和互动时长被列为主要回报路径；文中未给出该路径的增量财务贡献。
- NVDA：仅出现在文首行情列表和营销素材中，正文未分析其订单、竞争地位或财务影响。
时效性与限制
发布时间为美东时间 07/09 18:32（UTC+8 07/10 06:32），适合作为当日人工智能竞争叙事的观点材料。原文由Motley Fool发表，作者声明未持有文中股票，但媒体本身对Alphabet和Meta持仓并推荐；产品名称、能力和战略表述多来自公司侧信息，缺少第三方经营验证。
后续跟踪
- Google搜索改版后人工智能功能的用户采用、查询份额和广告变现数据。
- Alphabet的TPU供应、资本开支及Google Cloud人工智能收入披露。
- Meta的Muse Spark产品采用、广告效率改善和人工智能投入规模。
- 搜索与广告反垄断案件的裁决和补救措施。
英文原文
Alphabet vs. Meta: Which AI Stock Is the Better Buy Right Now?
Alphabet vs. Meta: Which AI Stock Is the Better Buy Right Now?
Micah Zimmerman, The Motley Fool
Fri, July 10, 2026 at 6:32 AM GMT+8 5 min read
- GOOGL
-0.84%
- META
+4.70%
- NVDA
-0.66%
Two of the most-watched names in artificial intelligence go head-to-head almost every week in investor debates. Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), the parent of Google, and Meta Platforms (NASDAQ: META), the owner of Facebook and Instagram, are both spending fortunes in pursuit of leading positions in the AI race.
Each has a strong claim. But if I had to put fresh money into one today, I would choose Alphabet, and the reason has less to do with which one's model scores higher on benchmark tests than with which one can turn its model into money.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
AI battles are won on distribution
It can be easy to get lost in the large language model (LLM) horse race. This year alone, Google unveiled Gemini Omni and Gemini 3.5 at its I/O event, while Meta Platforms launched Muse Spark, the first model from its new Superintelligence Labs.
Impressive as these are, models leapfrog each other every few months, so any LLM's lead in raw capability rarely lasts. What does last is distribution -- the ability to put your AI in front of billions of people who already use your products.
This is where the two companies diverge and where Alphabet's advantage becomes clear.
Why Alphabet owns the full AI stack
Alphabet is one of the few companies that controls every layer of the AI stack. It designs its own custom Tensor Processing Units (TPUs), so it does not have to buy every AI accelerator it requires from an outside supplier. It builds its models in its Google DeepMind division. And it owns channels that reach users at scales almost no rival can match: Search, Android, Chrome, YouTube, and Google Cloud.
That vertical integration is showing up in products. At Google I/O 2026, the company's developer and technology conference, it introduced its biggest Search redesign in 25 years, rebuilt around AI. It also debuted Gemini Spark, an agent that can act across a user's connected apps.
When you own the front door that billions of people walk through, you do not have to convince anyone to try your AI because it is already there. That reach is what converts research spending into revenue, and it's an advantage that Alphabet's rivals cannot readily copy.
Image source: Getty Images.
Meta's expensive bet on superintelligence
However, Meta Platforms is not standing still, and its advertising business remains a cash-generating machine that can fund enormous levels of AI investment. The company reorganized around Meta Superintelligence Labs and brought in Alexandr Wang to lead the unit. Its new Muse Spark model is both capable and efficient.
Story Continues
Two things give me pause. First, Meta shifted Muse Spark to a proprietary model after years of championing the open-source Llama family. That reads like a strategy that had to be reworked rather than one going to plan.
Second, Meta's AI mostly pays off for it in indirect ways. It pays off through sharper ad targeting and more time spent scrolling. Those are valuable gains, but they create a longer, less certain path from spending to profit than dropping Gemini into a search bar that already prints money.
The risks to the Alphabet thesis
No case is one-sided. Alphabet faces real antitrust pressure over how it operates its search and advertising businesses, and court-ordered remedies could reshape parts of the company. There is also a genuine risk that AI-generated answers will eat into its ability to serve up the search ads that still provide most of its profits -- and Search is the very product it is reinventing.
Meta, for its part, has a long record of turning ambitious bets into gains in engagement, and its scale across social media should not be dismissed. Any investor who believes attention is the ultimate moat has a reasonable case for buying shares of Meta.
Both stocks can win in a growing AI market, and neither would be a poor holding. For an investor deciding on where to put money today, though, Alphabet offers a rare combination: It owns the chips, the models, and the distribution, and it is already weaving AI into products people use every day.
Meta's story leans more on a costly bet paying off on schedule. The more complete and self-funding AI machine, to me, is Alphabet.
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航天成长叙事转收费设施
重要性1/5 低
与SPCX直接相关且发布新近，但原文内容严重不足，缺乏可核验事实和完整论证。
中文摘要
核心结论
Investor's Business Daily仅以简短导语提出，SPCX可能从受追捧的航天成长股转向类似收费基础设施的角色。正文未展开论证、没有给出财务数据或行业证据，因此该文只能记录一种叙事框架，不能支持关于公司商业模式变化的结论。
重要性评级
评级：1/5（低）
文章直接提及SPCX且发布时间新近，但可获取正文只有一段导语，缺少事实、来源、估值、经营数据和具体行业分析。
关键事实
- 文章发表于美东时间07/09 18:23（UTC+8 07/10 06:23）。
- 标题提出SPCX可能带动航空航天行业出现转向。
- 可获取正文仅称SPCX可能从航空航天市场宠儿转为收费运营者，并未定义收费对象、收入模式或转变条件。
- 文中显示SPCX当时涨幅为2.63%，但未给出对应价格、交易时段或数据来源。
- 原文标注阅读时长2分钟，随后仅显示继续阅读提示。
作者观点与证据
作者导语带有判断性表述，但归档文本没有提供论据、采访、公司文件、行业数据或分析过程。无法判断该观点是否来自公司战略、市场份额变化、估值分析或标题性概括。
与相关标的的关系
SPCX为唯一直接相关标的。若“收费运营者”指发射、卫星通信或其他基础设施服务，其含义可能涉及收入结构，但原文没有足够内容确认具体业务或影响路径。
时效性与限制
发表于美东时间07/09 18:23（UTC+8 07/10 06:23），时效性新，但归档正文不完整，适合保留为待补读线索。缺少原文后续内容和可核验事实，不能作为当日日报的实质证据。
后续跟踪
- 获取完整正文，确认“收费运营者”对应的具体业务与论据。
- 公司对发射、星链及其他服务收入结构的披露。
- 航空航天同业的商业模式、定价和竞争数据。
- SPCX后续财报或公开文件对业务定位的表述。
英文原文
From Blastoff To … Boring? Why SpaceX Stock Could Lead Aerospace Industry Pivot
From Blastoff To … Boring? Why SpaceX Stock Could Lead Aerospace Industry Pivot
From Blastoff To … Boring? Why SpaceX Stock Could Lead Aerospace Industry Pivot · Investor's Business Daily
MIKE JUANG
Fri, July 10, 2026 at 6:23 AM GMT+8 2 min read
- SPCX
+2.63%
SpaceX stock could go from being an aerospace darling to little more than a toll operator. Here's what that means for investors.
Continue Reading
微软裁员补偿与业务重组
重要性4/5 高
内容直接关联MSFT近期组织调整，包含裁员规模、补偿条款与Xbox管理层经营表述；关键财务影响仍缺乏官方量化披露。
中文摘要
核心结论
微软于07/06裁减约4,800个岗位，涉及Xbox和商业销售部门；美国受影响员工的补偿安排包括至少60天在职薪资、最高39周基本工资、6至12个月股权归属延续及6个月雇主支付医疗保险。文章把裁员放在微软AI基础设施投入、Xbox利润率压力和连续组织调整的背景下，但未提供裁员的量化财务节省或AI投入的因果证据。
重要性评级
评级：4/5（高）
文章发表于美东时间 07/09 18:17（UTC+8 07/10 06:17），直接关系MSFT的人力、业务结构与成本安排，且引用了补偿条款和管理层说法。来源为媒体报道，部分信息来自匿名或二手渠道，缺少公司完整披露文件。
关键事实
- 微软于07/06在Xbox和商业销售部门裁减约4,800个岗位。
- 受影响的美国员工在收到通知后至少继续留在薪资册60天。
- 初级和中级员工每工作满6个月可获得1周基本工资；首席级和总监级每满6个月获得2周，累计上限39周；高管适用另行安排。
- 文中称微软39周上限高于Salesforce的9至30周、甲骨文的26周及Meta的“16周加每服务一年2周”安排。
- 微软允许离职后继续股权归属6至12个月，具体取决于任职年限，并提供6个月雇主支付医疗保险；之后可通过COBRA（美国离职医疗保险延续机制）续保一年。
- Xbox首席执行官Asha Sharma称该业务当前“不健康”，利润率比可比平台业务低数倍；07/06约裁1,600个岗位，财年内还计划继续调整。
- 文中称微软2025年裁员逾15,000人，今年早些时候向约9,000人提供自愿离职方案。
作者观点与证据
作者强调微软补偿方案相对同业更优，并将多轮裁员、AI基础设施投入与不符合AI路线图的业务调整并置。补偿条款据称来自Fast Company查阅的文件，Xbox管理层表述来自内部备忘录；“岗位未被AI取代”是首席人力官Amy Coleman的解释，文章没有以部门成本、生产率或资本开支分配数据验证裁员与AI投入之间的关系。
与相关标的的关系
- MSFT（微软）：裁员规模、补偿成本、Xbox经营压力和商业销售组织调整均直接关联公司运营。短期补偿安排反映一次性人力成本，长期影响还取决于业务重组执行、AI基础设施投入回报和相关部门业绩。
时效性与限制
发布时间为美东时间 07/09 18:17（UTC+8 07/10 06:17），裁员行动发生于07/06，属于近期公司运营信息。原文未提供微软官方完整补偿文件、按部门的裁员明细、节省金额、重组费用、后续岗位计划或AI项目财务回报；部分同业对比来自二手媒体。
后续跟踪
- 微软后续监管文件或财报对重组费用、员工人数和成本节省的披露。
- Xbox业务的收入、利润率、内容投入和后续组织调整规模。
- 商业销售部门调整对企业软件与云业务增长的影响。
- AI基础设施资本开支、折旧压力及相关收入兑现情况。
英文原文
Microsoft offers laid-off employees generous package
Microsoft offers laid-off employees generous package
Hillary Remy
Fri, July 10, 2026 at 6:17 AM GMT+8 4 min read
- MSFT
+0.27%
Tech layoff announcements follow a predictable script. A company memo goes out. The number of jobs cut makes the headlines. Executives talk about realigning for the future.
Then the story moves on, and the people who just lost their income are left sorting through the details on their own.
Microsoft published those details this week. On July 6, the company cut roughly 4,800 jobs across Xbox and its commercial sales division.
Alongside the announcement came the specifics of what laid-off U.S. employees are being offered, and the package is more generous than what several of Microsoft's peers have provided in their own recent cuts.
Microsoft severance package: Up to 39 weeks of base pay
Severance documents reviewed by Fast Company show that affected U.S. Microsoft employees stay on payroll for at least 60 days after notification. On top of that, additional weeks of base pay come based on tenure and seniority.
Junior and mid-level staff earn one week of pay for every six months worked. Principal and director-level employees earn two weeks per six months, with the total capped at 39 weeks. Executives fall under a separate arrangement.
Salesforce's recent severance ran between nine and 30 weeks. Oracle capped at 26. Meta offered 16 weeks plus two per year of service, according to Technobezz. Microsoft's cap of 39 weeks is higher than any of those.
Stock vesting and health coverage: What else is in Microsoft's exit package
Beyond the cash, Microsoft is keeping stock vesting active for six to 12 months after employees leave, depending on how long they've been at the company.
At a place like Microsoft, equity is a big part of how people get paid. Letting vesting continue after the exit means employees keep collecting on shares they already earned rather than losing them mid-cycle.
Related: Microsoft cuts thousands as Xbox faces rude awakening
Health coverage is the other piece. Microsoft is covering six months of employer-paid insurance, with the option to continue for another year through COBRA.
For anyone who has been through a job loss in the U.S., health coverage is usually one of the first things that gets expensive fast. Six months paid takes some of that pressure off.
What Microsoft told employees about the cuts
Amy Coleman, Microsoft's Chief People Officer, sent the internal memo on July 6.
"Our business is changing because the world around it is changing," Coleman wrote, according to TechCrunch. "Companies don't get to choose whether their industry changes; they only get to choose whether they change with it."
Story Continues
She also addressed the AI question.
"The roles eliminated today are not being replaced by AI. What is true is that AI is changing how work gets done."
More Microsoft:
- Microsoft may be done making Xbox cheap
- Microsoft has bad news for a key AI partner
- Microsoft reveals strange new plan for users
As TheStreet has reported, workers across Big Tech have been pushing back on that framing for months. Microsoft is spending heavily on AI infrastructure this year. The layoffs and the AI buildout are happening on the same balance sheet .
Xbox CEO Asha Sharma's memo to the gaming team was more direct.
"Our business today is not healthy," she wrote.
She cited margins running several times below comparable platform businesses and described the Xbox restructuring as the biggest in the division's history. About 1,600 roles were eliminated on July 6 with more planned through the fiscal year.
Beyond the cash, Microsoft is keeping stock vesting active for six to twelve months after employees leaveMichael/Getty Images
Microsoft layoffs and what's happening across the tech industry in 2026
This is the third significant round of cuts at Microsoft in under two years. The company eliminated more than 15,000 jobs in 2025 and offered voluntary buyouts to roughly 9,000 employees earlier this year.
Amazon, Meta, and Oracle have all made large cuts in 2026, too, each while ramping up AI spending at the same time.
Microsoft's stock has been one of the weakest performers among large tech companies this year, falling sharply in the first half. Brad Smith, Microsoft's president and vice chair, told GeekWire it comes down to basic business reality.
"Microsoft can only be a strong employer if it has a successful business," Smith said. "We have to adapt to change."
As TheStreet reported in June, Microsoft has repeatedly cut in divisions where the work doesn't fit cleanly into its AI roadmap. The China Azure layoffs, the LinkedIn reductions, Xbox now. The thread running through all of it points in the same direction.
What laid-off Microsoft employees should know about the severance offer
The 60-day payroll period is the most immediately useful part. It keeps a paycheck coming while the job search starts, which is a different situation than receiving a lump sum on the last day.
An employee in India shared on the anonymous workplace app Blind that they were offered active employment through mid-October followed by several months of severance.
"It's a decent cushion, but I'm still stressed," they wrote, according to Fast Company.
The U.S. package runs more generous, but the stress piece doesn't really change based on what the offer letter says.
One more thing worth knowing: Severance agreements come with strings. Non-disparagement clauses are standard. Some roles carry non-compete language depending on state and job level.
The payout is real. So is what gets signed away to collect it.
Related: Microsoft CEO sends another shocking message to employees
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the Employment section. Add TheStreet as a Preferred Source by clicking here.
星舰算力大单的合作约束
重要性4/5 高
涉及 SPCX 的大额、长期人工智能基础设施收入与客户集中度，发布时间新，且包含明确容量、金额和期限；合同细节仍待验证。
中文摘要
核心结论
文章聚焦马斯克对 Anthropic（人工智能模型公司）的公开表态，以及后者向 SpaceX（太空探索技术公司）采购算力后形成的合作与竞争张力。协议的高额、长期现金流和违约约束降低了突然中断服务的可行性，但托管方接近客户模型运营仍构成信息边界议题。
重要性评级
评级：4/5（高）。美东时间 07/09 17:57（UTC+8 07/10 05:57）发布，直接涉及 SPCX 的人工智能基础设施收入、客户集中度和竞争治理风险；合同金额来自文章转述，相关保障细节未见合同文本。
关键事实
- 马斯克在 07/09 的 X（社交平台）发文中称，自己此前低估了 Anthropic，并称其 Mythos/Fable（模型产品）目前领先。
- Anthropic 于 05 月签约购买 xAI 位于田纳西州孟菲斯 Colossus 1 数据中心的全部 300 兆瓦算力；xAI 已于 02 月与 SpaceX 合并。
- 文中称 Anthropic 每月支付 12.5 亿美元，合约至 2029 年 05 月，SpaceX 的 xAI 业务对应收入约 400 亿美元。
- 文中同时称，Google（谷歌）租用 SpaceX 基础设施至 2029 年 06 月，每月支付 9.2 亿美元。
- 马斯克表示不会以伤害 Anthropic 的方式切断服务；文章认为突然中断将触发合同后果，也会损害 SpaceX 的高额收入。
- 文章援引马斯克在其与 OpenAI（开放人工智能公司）诉讼中的说法，称模型蒸馏在行业中存在；Anthropic 曾于 02 月指控三家中国模型厂商对 Claude（模型产品）进行类似行为。
作者观点与证据
作者的判断偏向认为该合作短期内对 SpaceX 有利：长期租约带来可观收入，服务大型模型客户也可积累运营经验。支撑材料是金额、期限和客户关系；对托管环境是否会带来额外可见性、双方具体隔离措施及合同退出条款，文章没有提供原始协议或技术审计证据。
与相关标的的关系
SPCX 的关联直接来自 xAI 并入 SpaceX 后的算力租赁收入。300 兆瓦、每月 12.5 亿美元的 Anthropic 合约若按文中口径执行，将影响人工智能基础设施收入能见度；客户集中、履约能力和数据隔离安排也与估值叙事相关。
时效性与限制
文章发布于美东时间 07/09 17:57（UTC+8 07/10 05:57），属于当日合作关系的更新材料。关键商业条款多为媒体转述，未附合同、服务等级协议或双方完整确认；马斯克的公开承诺不能替代合同和技术控制证据。
后续跟踪
- Anthropic 300 兆瓦项目的交付进度、实际启用容量和收入确认。
- Google 与 Anthropic 两份租赁协议的客户集中度和期限安排。
- SpaceX、xAI 或 Anthropic 对数据隔离、访问权限和审计机制的正式披露。
- 合同续约、违约或基础设施可用性相关的公开文件。
英文原文
Elon Musk praises Mythos/Fable, promises not to ‘cut off’ Anthropic
Elon Musk praises Mythos/Fable, promises not to ‘cut off’ Anthropic
ANKARA, TURKIYE - MARCH 14: In this photo illustration, the logo of 'OpenAI' is displayed on a mobile phone screen in front of a computer screen displaying the photograph of Elon Musk in Ankara, Turkiye on March 14, 2024. (Photo by Muhammed Selim Korkutata/Anadolu via Getty Images) | Image Credits:Muhammed Selim Korkutata/Anadolu / Getty Images
Julie Bort
Fri, July 10, 2026 at 5:57 AM GMT+8 3 min read
- SPCX +2.63%
Should Anthropic trust Elon Musk to host its models? After users on X implied that Musk could wake up one day and simply boot the AI lab from SpaceX's servers as a way to kneecap a rival, Musk replied with glowing praise for the AI lab. He said that such a trick was "not my style."
"I was clearly wrong about Anthropic," Musk wrote on Thursday, referring to his September 2025 post on X in which he said, "Winning was never in the set of possible outcomes for Anthropic." Of course, even at that time, Anthropic could already be considered a winner; the company was reported to have the biggest AI market share with enterprises .
It seems those anti-Anthropic days are behind Musk — and not just on X. As of July 2026, Anthropic is one of SpaceX's largest customers.
To recap: Anthropic signed a deal in May to buy 300 megawatts of compute, the entire output of xAI's Colossus 1 data center near Memphis, Tennessee. (Musk's xAI merged with SpaceX in February.) Anthropic agreed to pay $1.25 billion per month through May 2029, a deal worth about $40 billion in revenue for SpaceX's xAI unit. Google, by the way, also signed a deal to rent SpaceX infrastructure through June 2029, for $920 million per month.
Musk insists that this wasn't a dangerous decision by Anthropic and that he's full of admiration for the rival.
"They are obviously currently the leader in AI. No company has released a model as good as Mythos/Fable and they will undoubtedly have Mythos 2 ready soon. And I would never cut them off in a way that hurt them badly, even as a competitor. That's not my style," he wrote.
He offered as proof of his don't-squeeze-competitors style Tesla's decision in 2014 (which was outlined in a now deleted company blog post and now housed under its patent pledge ) to not initiate patent lawsuits against anyone who, in good faith, wants to use its technology. He also noted that Tesla opened its Supercharger network and charging port design to competitors.
"SpaceX launches competing satellite systems with no increase in price or use of unfair terms. Even my worst enemies can attack me on this platform," he wrote, listing another example.
Of course, Musk is not exactly above tactics aimed at rivals, especially those with whom he has a history. He sued OpenAI, for instance .
Anthropic doesn't have to rely on Musk's sticking to his "style," though. There would certainly be contractual consequences if Musk suddenly shut down Anthropic's infrastructure. Not to mention the massive benefits for SpaceX to keep that deal intact. Not only does Anthropic pay handsomely, but also SpaceX's engineers may learn how to build for, and support, Anthropic's rapidly growing AI , just like Amazon's engineers do .
Story Continues
That proximity might have other benefits as well. During his trial against OpenAI, Musk acknowledged that AI "distilling" was real — a process in which one model maker sets up many fake accounts to send prompts to a competitor in order to learn how it works. As the New York Times reported , when a lawyer asked him if xAI had ever distilled technology from OpenAI, Musk replied: "Generally AI companies distill other AI companies."
Anthropic in February accused three Chinese model makers of doing this to Claude. Presumably, Anthropic and Google feel they have safeguards against SpaceX doing this while they are using its infrastructure. But hosting Anthropic's compute could still give SpaceX greater visibility into how the company operates than most competitors would ever have.
There appears to be nothing but upside for Musk's company in this partnership at the moment. As for tomorrow, and as the three-year contract ages, who knows?
太空探索估值回落与云投入
重要性3/5 中
包含 SPCX 上市后估值变化及 AMZN 云业务的具体数据，但核心结论是媒体作者的偏好表达，营销内容和估值证据限制较明显。
中文摘要
核心结论
文章以 SpaceX 上市后股价回落为引子，主张在市值稳居 2 万亿美元以上的公司中，Amazon（亚马逊）因 AWS（亚马逊云服务）的市场地位、客户订单和自研芯片收入而更具吸引力。该结论属于 Motley Fool（投资媒体）的作者观点，文章未提供可比估值或完整财务模型。
重要性评级
评级：3/5（中）。美东时间 07/09 17:19（UTC+8 07/10 05:19）发布，直接提及 SPCX 的上市后波动，并提供 AMZN 的资本开支与云业务数据；推荐色彩强，证据主要是作者筛选与管理层表述。
关键事实
- 文中称 SpaceX 上市不足一个月，股价本周多次低于首个交易日的 150 美元开盘价，早期高点曾超过 225 美元。
- 截至周三收盘，文章称 SpaceX 市值降至 1.97 万亿美元，暂时跌出 2 万亿美元市值行列，周四勉强回到该水平之上。
- 作者列出指数纳入可能形成资金支持、限售期届满可能增加供给，以及季度业绩披露将影响后续波动。
- 文中称 AMZN 年初至今上涨 5.3%，低于同期标普 500 指数接近两倍的涨幅，且较春季历史高位低 11%。
- AWS 在全球云计算市场的份额为 28%；亚马逊预计 2026 年投入 2,000 亿美元用于人工智能基础设施。
- 文中援引管理层称，部分未来资本开支已有客户承诺；AWS 第一季度净销售额为 375.8 亿美元，同比增长 28%，自研芯片业务年化收入超过 200 亿美元。
作者观点与证据
作者把 Amazon 列为六家大型公司中的首选，依据是 AWS 份额、客户协议、增长数据及管理层对资本回报的信心。文章也列出处理器更新可能缩短图形处理器使用周期的担忧，但没有量化 2,000 亿美元投入的回报率、自由现金流压力或各项客户承诺的合同规模；文末含 Stock Advisor（订阅投顾服务）营销内容。
与相关标的的关系
SPCX 是文章开头的直接对象，市值回落和上市后价格波动反映其短期交易结构仍在形成。AMZN 是作者的主要讨论对象，AWS 的份额、资本开支和自研芯片收入构成其云计算叙事；两者均与人工智能基础设施估值比较相关。
时效性与限制
文章发布于美东时间 07/09 17:19（UTC+8 07/10 05:19）。SpaceX 市值和股价描述对应文中所称周三、周四时点，需以最新交易数据复核；Amazon 的资本开支与收入数字来自文章及管理层口径，未附原始财报链接和完整估值比较。
后续跟踪
- SPCX 限售期、指数纳入与首份季度财报的正式时间表。
- AMZN 2026 年资本开支的实际部署、现金流和回报率披露。
- AWS 客户承诺的期限、容量与收入确认节奏。
- AWS 市场份额、自研芯片收入与竞争格局的后续数据。
英文原文
SpaceX Briefly Dropped Out of the $2 Trillion Club This Week. Here
SpaceX Briefly Dropped Out of the $2 Trillion Club This Week. Here's My Top Buy of the 6 Stocks That Are Secure Members.
Patrick Sanders, The Motley Fool
Fri, July 10, 2026 at 5:19 AM GMT+8 4 min read
- SPCX
+2.63%
The roller-coaster ride of Space Exploration Technologies (NASDAQ: SPCX) is in a valley -- and it probably won't be the last of them. Less than a month after its record-setting initial public offering, SpaceX has repeatedly traded this week at levels below the $150 share price at which it opened its first trading day. As of Wednesday's close, Elon Musk's company was no longer a member of the $2 trillion club, as its market cap had fallen to $1.97 trillion. It edged back in (barely) on Thursday, but its hold on membership is looking tenuous at best.
Investors who bought in during those first heady days when SpaceX stock surged to a peak above $225 have to be disappointed, but they shouldn't be surprised. IPO stocks are notoriously fickle, and many tend to fall after the FOMO surge fades. Expect the volatility to continue as SpaceX is added to index funds (a tailwind), lockup periods expire (a headwind), and the company starts reporting quarterly earnings.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
There are now just six companies with market caps that are comfortably above $2 trillion, and I think all of them are safer investments than SpaceX stock. But the best buy among them, in my view, has to be Amazon (NASDAQ: AMZN).
Why Amazon is a top $2 trillion company
Amazon has been having an up-and-down 2026. The stock is up only 5.3% so far this year, even as the benchmark S&P 500 (SNPINDEX: ^GSPC) has gained almost twice as much. Its shares are also down 11% from the all-time high they hit earlier this spring.
AMZN data by YCharts. Part of the problem for Amazon stock is that investors have grown nervous over the scale and cost of the hyperscaler's AI data center build-out. Amazon Web Services (AWS) has the largest market share in the global cloud computing market, at 28%. Amazon wants to keep that lead, but doing so is expensive.
Amazon has projected that it will spend a whopping $200 billion just this year on AI infrastructure, with much of that money going to AI-capable processors that have relatively short usable lifespans. GPUs may be able to operate for five or six years, but with Nvidia putting out a new architecture every year, they could reach obsolescence in two or three. Those timelines are raising many questions among investors about whether Amazon will be able to generate sufficient profits from its spending to make its investments in them worthwhile.
Story Continues
CEO Andy Jassy told analysts on the company's most recent earnings call that management is confident that its investments will pay off.
"Of the AWS capex we intend to spend in 2026, much of which will be installed in future years, we have high confidence this will be monetized well, as we already have customer commitments for a substantial portion of it, and that it will yield compelling operating margins and ROIC [returns on invested capital]," he said.
Image source: Amazon. So far this year, Amazon has announced new AWS agreements with Nvidia , Meta Platforms , OpenAI, Anthropic, Southwest Airlines , Cerebras Systems , and more. AWS net sales in the first quarter were $37.58 billion, up 28% from a year ago. Its custom chip business, which includes its Graviton, Trainium, and Nitro products -- grew by a triple-digit percentage, and its annual revenue run rate now exceeds $20 billion.
So, while Amazon is spending heavily, the company already has a dominant position in cloud computing and is expanding its revenue streams with custom chips and greater computing capacity. Its investments may be challenging for investors to stomach today, but the business opportunity it is pursuing is too enticing to pass up.
We just issued 'double down' alerts on 3 stocks — find out if Amazon made our list
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- Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $530,077 !*
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Patrick Sanders has positions in Nvidia. The Motley Fool has positions in and recommends Amazon, Meta Platforms, and Nvidia. The Motley Fool recommends Southwest Airlines. The Motley Fool has a disclosure policy .
SpaceX Briefly Dropped Out of the $2 Trillion Club This Week. Here's My Top Buy of the 6 Stocks That Are Secure Members. was originally published by The Motley Fool
数据狗获人工智能监控溢价
重要性3/5 中
与 DDOG 及人工智能基础设施软件主题直接相关、发布时间较新，但原文信息极少，无法支撑更高优先级。
中文摘要
核心结论
Investor's Business Daily 将 Datadog（云监控软件公司，DDOG）列为当日关注标的，主张其股价走强来自市场对人工智能基础设施监控需求的重估，而非普通软件板块的普遍反弹。
重要性评级
评级：3/5（中）
该文直接涉及 DDOG，并连接人工智能基础设施支出主题；但原始存档仅保留极少正文，缺少估值、订单和财务数据，证据密度有限。
关键事实
- 发布于美东时间 07/09 16:51（UTC+8 07/10 04:51），检索于美东时间 07/09 23:04（UTC+8 07/10 11:04）。
- 原文列示 DDOG 当日上涨 3.03%。
- 文中称，投资者把 Datadog 的软件视为监控人工智能基础设施的重要工具。
- 文中同时描述 SaaS（软件即服务）公司整体仍面临压力，Datadog 被写为脱离该板块表现的个案。
- 元数据关联 CRM（赛富时）、CRWD（CrowdStrike）、MSFT（微软）、NET（Cloudflare）和 PANW（Palo Alto Networks）。
作者观点与证据
作者的判断偏向于把 DDOG 的相对强势归因于人工智能基础设施监控定位。已给出的证据只有当日涨幅和简短市场叙述，未提供客户采用率、收入增速、业绩指引或同行相对估值，因果强度无法进一步验证。
与相关标的的关系
DDOG 是直接相关标的。CRM、CRWD、NET 与 PANW 同属企业软件或安全领域，可用于观察资金是否偏向人工智能基础设施、可观测性和安全软件；MSFT 与其云及人工智能基础设施生态存在间接关联。
时效性与限制
信息在 07/09 收盘后附近发布，适合列入当日软件与人工智能基础设施阅读清单。原文存档只有导语，且内容来自受访问保护的站内提取，无法核验该轮上涨是否有公司公告、合同或业绩事实支撑。
后续跟踪
- Datadog 后续财报中的收入、客户数与大型客户消费变化。
- 人工智能工作负载对监控与可观测性产品的实际使用指标。
- CRM、CRWD、NET、PANW 与 DDOG 的相对股价及估值变化。
- 公司管理层对人工智能基础设施需求和竞争格局的最新表述。
英文原文
Datadog, IBD Stock Of The Day, Breaks Away From Software Pack
Datadog, IBD Stock Of The Day, Breaks Away From Software Pack
Datadog, IBD Stock Of The Day, Breaks Away From Software Pack · Investor's Business Daily
REINHARDT KRAUSE
Fri, July 10, 2026 at 4:51 AM GMT+8 4 min read
- DDOG
+3.03%
Datadog stock has surged as investors view its software as key in monitoring AI infrastructure while SaaS companies struggle.
Continue Reading
云厂自研芯片挑战英伟达
重要性4/5 高
覆盖多个核心人工智能基础设施标的，并给出可核验的产品、产能、供应链与时间线事实；远期项目和公司口径降低了确定性。
中文摘要
核心结论
Quartz 认为，Google、Amazon、Microsoft 与 Meta 已把自研人工智能芯片投入规模化交付或生产，OpenAI 和 Tesla 仍处于较早阶段；这会分流部分训练和推理需求，但文中引用预测称 Nvidia（英伟达，NVDA）到 2030 年仍可保有 70%至75%的人工智能芯片市场。
重要性评级
评级：4/5（高）
文章覆盖 NVDA、GOOG、AMZN、MSFT、META、AVGO、TSM 与 TSLA，包含产品代际、部署进度、产能和供应链关系，且与人工智能资本开支主题直接相连。部分产能、性能和工厂规划仍主要来自公司陈述或媒体报道。
关键事实
- 发布于美东时间 07/09 16:51（UTC+8 07/10 04:51），检索于美东时间 07/09 23:04（UTC+8 07/10 11:04）。
- Bloomberg Intelligence（彭博行业研究）预计英伟达到 2030 年仍占人工智能芯片市场 70%至75%。
- Google 的 Ironwood（自研推理芯片）已进入第七代，可把 9,216 颗芯片连成集群，北美和欧洲 Google Cloud（谷歌云）客户可租用。
- Amazon 的 Trainium3（第三代训练芯片）于 2025年12月上市；文中引述安迪·贾西称，上一代 Trainium2 已无可售闲置产能，业务以季度 150%的速度增长至数十亿美元规模。
- Microsoft 于 2026年1月公布 Maia 200（推理芯片），已进入少量美国数据中心；微软称其单位美元性能较现有最快硬件高 30%，并计划服务 OpenAI 模型和 Copilot（微软人工智能助手）。
- Meta 的 MTIA 300（训练与推理加速器）已用于排序和推荐；MTIA 450 计划 2027年初推出，MTIA 500 预计随后一年推出。
- OpenAI 与 Broadcom（博通，AVGO）在 2025年10月合作建设 10吉瓦自研芯片，安装预计自 2026年下半年开始并延续至 2029年末，尚未出货。
- 文中称 Tesla 的 AI5 已于 2026年4月完成设计，目标 2027年中量产，由台积电亚利桑那厂与三星得州厂生产；SpaceX 申报的得州 Terafab 工厂计划投资 550亿美元，潜在总投资可达 1,190亿美元。
作者观点与证据
作者将各云厂自研芯片视为削弱英伟达议价能力的长期力量，证据包括产品发布、集群规模、客户可用性与制造伙伴。市场份额预测来自彭博行业研究；Amazon、Microsoft、Tesla 的性能、收入和时间表含公司管理层表述，Terafab 及 Tesla 芯片计划依赖路透社报道，均有执行与量产不确定性。
与相关标的的关系
NVDA 面临自研芯片替代与客户议价变化的长期观察点。GOOG、AMZN、MSFT、META 可通过自有芯片降低部分云端人工智能成本；AVGO 受益于 Google 和 OpenAI 的定制芯片设计合作；TSM 承接多家设计公司的制造需求；TSLA 的人工智能芯片计划仍以量产兑现为前提。
时效性与限制
信息发布于 07/09，产品和项目时间线延伸至 2029年及以后，适合用作当日人工智能基础设施的背景材料。文章未给出各方案的单位成本、真实采购规模、软件迁移成本或对英伟达收入的量化影响；多项远期项目尚未出货。
后续跟踪
- Google、Amazon、Microsoft 与 Meta 的自研芯片实际部署量和外部客户使用情况。
- OpenAI 10吉瓦项目的首批安装进度及制造来源。
- Broadcom 定制芯片收入、台积电先进制程产能和交付节奏。
- 英伟达对推理市场、自研芯片竞争及网络互连需求的最新披露。
英文原文
Nvidia owns the AI chips market. Google, Amazon, and others are coming
Nvidia owns the AI chips market. Google, Amazon, and others are coming
Nvidia owns the AI chips market. Google, Amazon, and others are coming · Quartz · I-Hwa Cheng / AFP via Getty Images
Anthony Lopopolo
Fri, July 10, 2026 at 4:51 AM GMT+8 5 min read
- NVDA -0.66%
- GOOGL -0.84%
- TSLA +3.20%
- MSFT +0.27%
- 2330.TW -2.03%
Six companies are trying to build their own AI chips and loosen Nvidia's grip on the chip market . Google and Amazon are already shipping theirs at scale. Microsoft and Meta are just now getting their own chips into production. OpenAI and Tesla are only at the design stage, lagging their competitors by years rather than months.
Each company has picked a different partner and a different timeline to close the gap. Google designs its chips with Broadcom, a chip design and networking company, and manufactures them at TSMC, the Taiwanese company that makes chips for nearly every firm on this list. Tesla is the outlier, betting on a chip plant of its own instead of a place in TSMC's line.
Nvidia's current market position gives it leverage. Bloomberg Intelligence projects the company will hold 70% to 75% of the AI chip market through 2030. That dominance is what's pushing companies to spend billions designing custom chips instead.
The companies already shipping chips
Google is seven generations deep into its custom AI chip program. The company announced its newest version, called Ironwood, earlier this year. Ironwood is built for inference — the work of running an already trained AI model — and Google can already link up to 9,216 Ironwood chips into a single cluster to run that work at scale. Any Google Cloud customer in North America and Europe can already rent access to it.
Amazon is close behind Google. Its Annapurna Labs subsidiary announced that Trainium3, the newest in its fourth generation of AI training chips, went on sale in December 2025. It's also AWS's first chip built on a more advanced manufacturing process than any of its predecessors, roughly the same scale used in today's newest phone chips. The chip also supports PyTorch, the software most developers already use to build AI models. Developers can switch to Amazon's chips without rewriting any code.
PyTorch support is turning into real revenue for Amazon. Amazon CEO Andy Jassy said in late 2025 that Trainium2, the previous generation, had no spare capacity left to sell. He said it had grown into a multibillion-dollar business at a 150% quarterly clip. Amazon's next chip, Trainium4, which packs three times the performance of its predecessor, could arrive later this year.
Microsoft is moving just as fast, and like Google, it's building for inference rather than training. It announced Maia 200, a chip built for that work, in January 2026, and the chip is already reaching a handful of U.S. data centers. Microsoft says Maia 200 runs at 30% better performance per dollar than the fastest hardware already in its fleet. The chip will power OpenAI's newest models, along with Microsoft's own AI products, such as Copilot.
Story Continues
Microsoft skips Nvidia's specialized networking hardware and connects its chips using standard Ethernet, the same kind of network already found in most data centers. A custom software layer runs on top of that network, scaling up to clusters of 6,144 chips.
Meta is taking a different path with its chip program, called MTIA, short for Meta Training and Inference Accelerator. Meta has said its early MTIA chips were built for the narrower job of ranking and recommending content. Those chips used simpler, cheaper memory instead of the faster kind found in Nvidia's chips.
The newest version, MTIA 300, is already in production for ranking and recommendation work. Meta is set to build three more generations over the next two years with the purpose of running generative AI models. The next one, MTIA 450, arrives in early 2027, doubling how fast the chip moves data in and out of memory. Its eventual successor, MTIA 500, is expected to come later next year, and pushes memory speed another 50% higher.
The companies still waiting to ship chips
OpenAI is at an earlier stage than any of these companies. It announced a partnership with Broadcom in October 2025 to build 10 gigawatts of custom AI chips, a measure of how much power the new chips will draw once installed. None of those chips has shipped yet. Installing them is set to begin in the second half of 2026 and run through the end of 2029. Unlike Google, which sells access to its chips through the cloud, OpenAI will keep every one of its chips for itself.
Tesla is behind OpenAI on chip design but ahead on one thing: it already has a real factory plan, something no other company on this list can match yet. Tesla finished the design of its AI5 inference chip in April 2026, according to Reuters . Production is planned at both TSMC's plant in Arizona and Samsung's plant in Texas.
CEO Elon Musk says the new chip delivers about five times the processing power of the current AI4 setup. He also says it matches the performance of the Nvidia H100, the chip much of the industry treats as its benchmark, on the jobs Tesla actually runs its chips for. Tesla is targeting mid-2027 for mass production. The chip itself is meant to run AI directly inside cars and Optimus, the company's humanoid robot, instead of in a data center.
The company's larger ambition sits outside the chip itself. SpaceX, Musk's other property, filed plans in May for a $55 billion chip manufacturing plant in Texas called Terafab, Reuters reported . Total investment in the plant could reach $119 billion.
The plant would use a manufacturing process licensed from Intel. Its whole purpose is to help Tesla avoid waiting in TSMC's line entirely. Every other company on this list is still standing in that line.
Broadcom doesn't need any single company to win this race, since it already gets paid whether Google's chips ship or OpenAI's do. The company reported $5.2 billion in AI-related revenue for the third quarter of its 2025 fiscal year.
Musk's chip company and his rocket company are now building the same factory for the same reason. But SpaceX has already admitted it might not pull it off. Tesla's AI5 chip may depend on TSMC and Samsung after all.
伊奥斯更换首席法务官
重要性2/5 公司治理快讯
人事任命发布时间新，但正文严重受限，缺少对经营、财务或相关标的传导的可验证信息。
中文摘要
核心结论
伊奥斯能源（EOSE）宣布任命玛丽·巴茨·马丁为首席法务官，原文仅披露该任命将于下周一生效，未提供履历、继任背景或业务影响。
重要性评级
评级：2/5（公司治理快讯）
信息发布时间较新，但正文受付费墙限制，只有一项人事事实，缺少财务、订单或经营证据。
关键事实
- MT Newswires 于美东时间 07/09 16:49（UTC+8 07/10 04:49）发布该快讯。
- 伊奥斯能源任命玛丽·巴茨·马丁担任首席法务官。
- 原文称任命于下周一生效，未给出确切日期。
- 正文在公告首段后即被付费墙截断。
作者观点与证据
文章为新闻快讯，没有提出估值或经营判断。可确认的证据仅是任命事实；职责范围、前任变动原因及其对合规、融资或诉讼事项的影响均未披露。
与相关标的的关系
EOSE 为事件主体。输入元数据同时列出 COHR（Coherent，光电元件公司）和 NTAP（NetApp，数据存储公司），原文没有说明两者与该任命存在业务或财务联系，因此不能据此建立直接影响路径。
时效性与限制
发布于美东时间 07/09 16:49（UTC+8 07/10 04:49），可作为当日公司治理动态存档。付费墙导致信息不完整，适合等待公司正式公告补足履历、生效日期及职责范围。
后续跟踪
- 公司正式公告中的履历和生效日期。
- 首席法务官职责是否涉及融资、监管或诉讼事项。
- 是否伴随董事会、高管或治理结构调整。
英文原文
Eos Energy Names Marie Batz Martin as Chief Legal Officer
PREMIUM
Eos Energy Names Marie Batz Martin as Chief Legal Officer
MT Newswires
Fri, July 10, 2026 at 4:49 AM GMT+8
- EOSE
+1.66%
- NTAP
+3.83%
- COHR
+3.21%
Eos Energy Enterprises (EOSE) has appointed Marie Batz Martin as chief legal officer, effective Mond
PREMIUM
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星巴克自研人工智能降支出
重要性2/5 中低
有近期价格反应和具体成本数字，但缺乏正式合同、部署成果和供应商收入影响，跨标的研究价值有限。
中文摘要
核心结论
StockStory 报道称，Starbucks（星巴克，SBUX）拟开发内部人工智能工具替代部分微软和 IBM 软件，以配合 20亿美元成本节省目标；市场在当日下午一度以约3.1%的涨幅回应。该事项对 SBUX 更直接，对 MSFT 与 IBM 的收入影响尚无量化披露。
重要性评级
评级：2/5（中低）
消息较新且包含明确成本目标，但属于单家公司内部软件替代计划，未披露合同金额、实施范围或供应商收入暴露，对元数据中的 MSFT 和 IBM 仅构成有限的间接关联。
关键事实
- 发布于美东时间 07/09 16:47（UTC+8 07/10 04:47），检索于美东时间 07/09 23:04（UTC+8 07/10 11:04）。
- 文中称 SBUX 在下午交易时段一度上涨 3.1%，随后报 106.96美元，较前收盘上涨约3%。
- 据 Bloomberg（彭博社）报道，星巴克正开发内部人工智能软件，用于库存追踪和维修管理。
- 该计划属于 20亿美元成本节省项目的一部分，其中预计有 4亿美元来自软件支出下降。
- 文中称企业技术部门本财年预算预计减少约3,000万美元，其中约1,000万美元来自软件支出减少。
- 部分内部软件最快可能在下一财年末落地，前提是测试结果通过。
- SBUX 年初至今上涨 27.4%，106.96美元对应其52周新高；文中回顾其 2026财年第一季度收入为95.3亿美元、同比增长8.8%，调整后每股收益0.50美元，较一致预期高13.6%，同店销售增长6.2%。
作者观点与证据
作者把股价反应与成本控制及内部人工智能工具计划联系起来，并以当日涨幅和彭博报道为主要依据。关于节省金额和部署时间，文中未给出星巴克正式文件或供应商合同细目；将当日走势视为业务长期价值变化仍需后续执行数据验证。
与相关标的的关系
SBUX 是直接相关标的，成本节省、同店销售恢复与新高价格共同构成其背景。MSFT 与 IBM 是潜在被替代的软件供应商，但文章没有披露两家公司现有合同规模、产品名称或收入占比，无法据此量化影响。
时效性与限制
该消息在 07/09 收盘后附近发布，适合作为消费公司采用内部人工智能工具的当日事实。来源以彭博报道和 StockStory 的市场解读为主，缺少公司公告、测试结果与分项目成本明细；文末含推广性链接，与报道事实无关。
后续跟踪
- 星巴克对内部软件测试、上线时间与成本节省的正式披露。
- 企业技术部门预算变化是否兑现为年度费用率改善。
- 同店销售、收入和利润率是否延续 2026财年第一季度改善。
- 微软和 IBM 是否披露与星巴克相关的软件合同或客户影响。
英文原文
Starbucks (SBUX) Stock Is Up, What You Need To Know
Starbucks (SBUX) Stock Is Up, What You Need To Know
Adam Hejl
Fri, July 10, 2026 at 4:47 AM GMT+8 2 min read
- SBUX
+2.45%
- MSFT
+0.27%
- IBM
-2.23%
Starbucks (SBUX) Stock Is Up, What You Need To Know
What Happened?
Shares of coffeehouse chain Starbucks (NASDAQ:SBUX) jumped 3.1% in the afternoon session after reports revealed it is developing in-house artificial intelligence (AI) tools to cut costs and reduce its reliance on software from vendors like Microsoft and IBM.
According to Bloomberg, the coffee chain is building its own AI-powered software to replace applications for tracking inventory and managing maintenance. The move is part of a broader effort targeting $2 billion in cost savings, including $400 million from lower software expenses.
More immediately, the company's enterprise technology division is on track to reduce its budget by approximately $30 million in the current fiscal year, with about $10 million of that coming from reduced software spending. Some of the new in-house software could be implemented by the end of the following year, pending test results.
After the initial pop, the shares cooled down to $106.96, up 3% from the previous close.
Is now the time to buy Starbucks? Access our full analysis report here, it's free .
What Is The Market Telling Us
Starbucks's shares are not very volatile and have only had 2 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 2 months ago when the stock gained 9.2% on the news that the company reported better-than-expected revenue and profit for its first quarter of 2026.
The company posted revenue of $9.53 billion, an 8.8% increase from the same period last year, while its adjusted earnings per share of $0.50 beat consensus estimates by 13.6%.
A key highlight for investors was the 6.2% growth in same-store sales, a significant turnaround from the 1% decline in the prior year's quarter. The strong performance in sales at existing locations, coupled with the overall revenue beat, signaled to investors that the business is regaining momentum.
Starbucks is up 27.4% since the beginning of the year, and at $106.96 per share, it has set a new 52-week high. Despite the year-to-date gain, investors who bought $1,000 worth of Starbucks's shares 5 years ago would now be looking at only $910.52.
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美股收涨油价回落的付费快讯
重要性2/5 中低
收盘时点新鲜并覆盖市场风险偏好，但全文不可得，现有信息仅为标题和页面行情标签。
中文摘要
核心结论
可获取内容仅显示，07/09美国股市基准指数上涨、原油价格下跌，市场交易者暂时淡化中东紧张局势。付费墙遮蔽正文，无法确认指数点位、油价变动幅度、驱动因素或文中个股信息。
重要性评级
评级：2/5（中低）
发布时间接近收盘，涉及广泛市场和 MU（美光科技）等半导体相关标的，但可见内容只有标题、摘要句和行情标签，证据密度不足以支持深入的市场归因。
关键事实
- 文章发表于美东时间 07/09 16:42（UTC+8 07/10 04:42）。
- 标题称美国股市上涨、油价下跌，交易者将注意力从中东紧张局势移开。
- 可见行情标签显示纳斯达克综合指数、标普500指数和道琼斯工业平均指数均有上涨标识。
- 可见标签中，MU（美光科技）上涨4.52%，原油期货 CL=F（原油连续合约）上涨0.44%，纳斯达克综合指数上涨1.30%，标普500指数上涨0.81%，道琼斯工业平均指数上涨0.27%。
- 输入关联标的还包括 AMD（超威半导体）、AMAT（应用材料）、INTC（英特尔）、MRVL（迈威尔科技）和 ON（安森美）；正文在付费墙前未给出这些公司的具体消息。
- 页面标示为付费内容，正文只保留“华尔街股市周四上涨”的开头。
作者观点与证据
可见摘要将市场表现与交易者对中东风险的关注度下降联系起来，但全文不可访问，无法判断是否引用经济数据、公司财报、能源供给信息或市场人士观点。该归因只能作为标题级线索保存。
与相关标的的关系
MU 的上涨标签提供直接但极有限的盘面事实。AMD、AMAT、INTC、MRVL 和 ON 仅列于关联标的，当前可见内容没有公司层面的催化、业绩或供需证据。
时效性与限制
文章发表于美东时间 07/09 16:42（UTC+8 07/10 04:42），时间接近美股收盘。MT Newswires 为新闻线索来源，但全文受订阅限制；指数和个股变动数字来自页面标签，缺少收盘点位、盘中路径、原油合约结算价及完整报道内容。
后续跟踪
- 主要指数与原油合约的正式收盘数据。
- 中东局势对能源运输和原油价格的后续事实更新。
- MU 及其他半导体股当日变动的公司级新闻或公告。
- 可访问全文后对市场归因和数据来源的复核。
英文原文
Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions
PREMIUM
Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions
MT Newswires
Fri, July 10, 2026 at 4:42 AM GMT+8 3 min read
- MU
+4.52%
- CL=F
+0.44%
- ^IXIC
+1.30%
- ^GSPC
+0.81%
- ^DJI
+0.27%
(Updates with market moves at the end of the day.) Wall Street's equity benchmarks rose Thursday
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芯片反弹带动纳指走强
重要性2/5 中低
时效性和相关标的覆盖较好，但归档正文不足，缺少支撑盘面归因的可核验证据，日报阅读优先级有限。
中文摘要
核心结论
文章将当日美股盘面概括为纳斯达克指数领涨，芯片与人工智能相关股票走强，SPCX 结束连续三日下跌。原文正文极短，能够确认的只有盘面方向和部分涨幅，无法据此建立具体驱动或持续性判断。
重要性评级
评级：2/5（中低）。美东时间 07/09 16:36（UTC+8 07/10 04:36）发布，时点较新且涉及 SPCX、MU、DELL 等相关标的；可用事实密度很低，缺少指数点位、成交、公司消息和完整行情背景。
关键事实
- Investor's Business Daily（投资者商业日报）在美东时间 07/09 16:36（UTC+8 07/10 04:36）发布盘中市场短讯。
- 标题称纳斯达克指数领涨，芯片和人工智能股票表现突出，SPCX 停止连续三日下跌。
- 摘要称道琼斯指数转涨，标普 500 指数上涨，Micron（美光，MU）与 SanDisk（闪迪，SNDK）走高。
- 文章附带行情标签：SPCX 上涨 2.63%，MU 上涨 4.52%，DELL 上涨 4.22%，道琼斯指数上涨 0.27%，天然气期货上涨 0.07%。
- 相关列表还包括 ASML（阿斯麦）、SNDK 与 SPCX，但原文没有说明这些标的各自的消息或涨跌原因。
作者观点与证据
文章采用即时市场播报口径，把芯片和人工智能板块表现与指数反弹并列描述。正文没有展开公司公告、宏观数据、资金流、成交量或分析师观点，标题中的板块归因缺乏可核验的证据链。
与相关标的的关系
SPCX 为直接相关标的，文中仅确认其结束三日下跌且标签显示上涨 2.63%。MU、DELL、SNDK 与 ASML 被放入芯片和人工智能行情语境，适合作为当日板块表现线索，不能据此推定个股基本面变化。
时效性与限制
文章发布于美东时间 07/09 16:36（UTC+8 07/10 04:36），接近美股收盘前。归档内容只有标题、摘要和行情标签，缺失全文、收盘数据与事件细节；价格标签也应与独立行情源复核。
后续跟踪
- 纳斯达克、标普 500 和道琼斯指数的正式收盘点位与成交量。
- MU、DELL、SNDK、ASML 和 SPCX 的收盘涨跌及公司公告。
- 芯片板块当日的行业新闻、分析师调整和资金流数据。
- SPCX 连续三日回落前后的成交与公开披露。
英文原文
Stock Market Today: Nasdaq Leads Rally As Chip, AI Stocks Shine; SpaceX Halts 3-Day Drop
Stock Market Today: Nasdaq Leads Rally As Chip, AI Stocks Shine; SpaceX Halts 3-Day Drop
Stock Market Today: Nasdaq Leads Rally As Chip, AI Stocks Shine; SpaceX Halts 3-Day Drop · Investor's Business Daily
DAVID SAITO-CHUNG and SCOTT LEHTONEN
Fri, July 10, 2026 at 4:36 AM GMT+8 9 min read
- SPCX
+2.63%
- ^DJI
+0.27%
- NG=F
+0.07%
- MU
+4.52%
- DELL
+4.22%
Stock Market Today: The Dow Jones index turns higher and the S&P 500 gains as Micron and Sandisk rally.
Continue Reading
美联储五项改革工作组
重要性3/5 中
宏观制度与沟通框架具有跨资产阅读价值，发布较新，但尚无正式政策决定或可量化影响。
中文摘要
核心结论
Yahoo Finance Video 报道，美联储主席 Kevin Warsh（凯文·沃什）公布五个工作组负责人，审视货币政策沟通、资产负债表、通胀框架、数据质量，以及人工智能对生产率和就业的影响。报道者预期其成果可能推动沟通与运作调整，但工作组独立于 FOMC（联邦公开市场委员会），尚无已确定的政策结论。
重要性评级
评级：3/5（中）
该信息与利率预期、资产负债表和宏观沟通框架有关，时效性较高；但视频主要是人员与任务说明，缺少政策文本、投票结果、时间表和可量化市场影响。
关键事实
- 视频发布于美东时间 07/09 16:34（UTC+8 07/10 04:34），检索于美东时间 07/09 23:04（UTC+8 07/10 11:04）。
- 五个工作组覆盖公众沟通、资产负债表、通胀框架、政策数据质量，以及人工智能对生产率和就业的影响。
- 前英格兰银行行长 Mervyn King（默文·金）负责沟通工作组。
- 前印度央行行长、芝加哥大学教授 Raj Rajan（拉古拉姆·拉詹）与前美联储理事 Jeremy Stein（杰里米·斯坦）研究资产负债表议题。
- 前沃尔玛首席执行官 Doug McMillon（道格·麦克米伦）参与提高政策数据质量的工作；视频提到劳工统计局就业数据质量受到批评。
- 人工智能工作组包括 Andreessen Horowitz（安德森·霍洛维茨）联合创始人 Marc Andreessen（马克·安德森）、微软 Xbox 负责人及一名从 Anthropic（人工智能公司）休假的斯坦福经济学教授。
- 视频称沃什倾向逐步缩减资产负债表，并已大幅缩短政策声明；报道者推测年末前可能调整点阵图，但该内容属于其分析。
作者观点与证据
报道以工作组领导人、职责和沃什公开表述为事实基础。记者认为改革会带来实质变化，理由包括政策声明缩短、前瞻指引减少及工作组覆盖范围；这属于新闻分析，不等同于美联储已作出的正式政策承诺。
与相关标的的关系
该视频没有直接讨论 MSFT、WMT 或 ANTH.PVT 的财务影响。MSFT 仅因其 Xbox 负责人参与人工智能工作组而被元数据关联；WMT 因前首席执行官参与数据工作组而间接出现。对广义风险资产的关联来自货币政策沟通和资产负债表框架，而非公司层面事件。
时效性与限制
内容发布于 07/09，适合作为宏观制度变化的当日背景。视频没有附工作组章程、完整成员名单、结论期限或 FOMC 采纳机制；采访中的点阵图与改革效果判断属于记者预期，仍待正式文件和委员会行动确认。
后续跟踪
- 美联储发布的工作组章程、成员名单、研究成果与完成期限。
- FOMC 对沟通、资产负债表和前瞻指引的正式决定。
- 点阵图、政策声明和资产负债表运行方式是否出现可观察的文本或操作变化。
- 人工智能生产率与就业研究是否进入美联储公开预测或政策讨论。
英文原文
Meet the leadership of the Fed
Meet the leadership of the Fed's new task forces
Yahoo Finance Video
Fri, July 10, 2026 at 4:34 AM GMT+8
- WMT
-0.79%
- MSFT
+0.27%
- ANTH.PVT
Federal Reserve Chairman Kevin Warsh has revealed the leadership of the US central bank's new task forces to review monetary policy and even communication on the Fed's interest rate messaging.
Yahoo Finance Senior Fed Reporter Jennifer Schonberger breaks down who the new task force leaders are.
Video Transcript
00:00 Josh
The Federal Reserve revealing the leadership and objectives of its five task forces with a goal to advance the conduct of monetary policy. Here with the details. Yahoo Finance senior reporter Jennifer Schonberger. Jen.
00:10 Jennifer Schonberger
Hey there Josh. That's right. Federal Reserve Chairman Kevin Warsh has amassed a broad range of experts from academia to business as well as former central bankers to look into how the Fed should improve how it communicates, its balance sheet, inflation framework, as well as how AI could impact productivity and jobs and how the Fed should react to that.
00:40 Jennifer Schonberger
Worse saying in a statement quote, the US economy has changed significantly over the last generation. The goal is straightforward to ensure the Fed is best position positioned to achieve our objectives in this consequential time.
00:56 Jennifer Schonberger
Now, as far as the heads of those five task forces, the communications task force, which is tasked with looking at how the Fed communicates with the public, is going to be headed by Mervyn King, who was the former governor of the Bank of England.
01:13 Jennifer Schonberger
Now, India's former Central Bank head, Raj Rajan, who's now a professor at the University of Chicago, along with former Fed governor Jeremy Stein are both going to look into the Fed's balance sheet and what changes need to be made there. Warsh has famously been in favor of shrinking that balance sheet over time.
01:34 Jennifer Schonberger
Walmart's former CEO Doug McMillan is going to be one of those tasked with looking into how to improve the quality and timeliness of the data that the Fed looks at to make its policy decisions. An example there is the Bureau of Labor Statistics has really been beaten down over the past couple of years for the quality of the data that it puts forth with those jobs reports that Fed officials really highly depend on.
02:02 Jennifer Schonberger
And lastly, as AI promises to transform our economy, Warsh has assembled a All-Star tech team including Mark Andreison, co-founder of Tech venture firm Andreison Horwitz along with uh Microsoft's Xbox CEOs uh CEO and a uh Stanford University Economics professor who's currently on leave from Anthropic. They're all going to look at how productivity and the jobs market are going to be impacted by AI and then how the Fed can best make policy based on that information. All of these people are expected to operate independently of the FOMC and really be candid and forthcoming with their findings to really help policymakers, Josh.
02:59 Josh
Jen, here's my question. Long time Fed watcher that you are. Would you bet, Jen, that on the other side of all these task forces, you're going to get something that's kind of like an academic exercise or no, get ready, we're going to see real meaningful changes in how the Fed communicates and operates.
03:32 Jennifer Schonberger
I think we're going to see meaningful changes here. I think Warsh has been very clear about that and we saw that on day one with the fact that the policy statement was massively cut. I think that and he said under no certain terms, am I giving forward guidance? He has stuck to that. We have seen a little bit of a pullback in Fed speak. That may have been because of the July 4th holiday. I'm just observing that anecdotally.
04:02 Jennifer Schonberger
It may pick up next week. I think fact it is. But I do expect that he's serious about these changes, but he wants to go slowly and he wants to make sure that he steers the ship right. He doesn't want to act rashly here. And of course, this isn't just Warsh who's making these decisions, it's the committee and these task forces maybe will come up with some findings that are a bit more academic, but how the FOMC uses that and puts them into practice, I think is really going to matter. And I think as far as communications, we could see changes in that famous dot plot, probably by the end of this year.
芯片反弹带动美股收高
重要性4/5 高
收盘后发布，直接覆盖MRVL所属半导体板块并包含市场、利率和宏观数据，但缺乏公司专属经营事实。
中文摘要
核心结论
美东时间 07/09 16:33（UTC+8 07/10 04:33）收盘时，芯片股上涨与原油回落共同推高美国股市；文章将SK海力士美国存托凭证发行获超额认购、人工智能基础设施盈利预期和油价下跌列为主要支撑。
重要性评级
评级：4/5（高）
文章发布时间接近当日收盘，覆盖MRVL（迈威尔科技）所在半导体板块、利率、能源与宏观数据，事实密度较高；但属于市场综述，未提供MRVL公司层面的新增经营信息。
关键事实
- 标普500指数上涨0.81%，道琼斯工业平均指数上涨0.27%，纳斯达克100指数上涨1.62%；9月标普和纳斯达克迷你期货分别上涨0.82%和1.63%。
- SK海力士美国存托凭证发行获逾7倍超额认购，彭博测算募资约245亿美元，为外国公司规模第二大的美国发行。
- 半导体交易所交易基金SOXX上涨逾3%；MRVL、MU（美光科技）、WDC（西部数据）和ON（安森美）均上涨逾4%，AMD（超威半导体）与LRCX（拉姆研究）上涨逾5%。
- 美国首次申领失业救济人数减少2,000人至21.5万，创6周低点，市场原预期增至21.7万；6月成屋销售环比下降2.4%至409万套，低于420万套预期。
- 彭博行业研究预计第二季度盈利增长23%，第一季度为30%；文章称人工智能基础设施股票或贡献标普500每股收益增量的近60%。
- 西得州中质原油下跌逾1%，文章将其与美伊冲突未进一步升级的市场预期联系；能源生产商和油服股走弱，航空与邮轮股上涨。
- 10年期美国国债收益率下降4个基点至4.539%；220亿美元30年期国债拍卖投标倍数为2.44，高于近10次均值2.40。
作者观点与证据
作者把芯片反弹视为大盘上行主线，并以SK海力士发行认购、半导体股涨幅、原油回落和经济数据作为支撑。第二季度盈利增长及人工智能基础设施贡献均为彭博行业研究预测，地缘冲突对油价的解释属于盘中市场叙事，尚未构成对企业盈利的直接验证。
与相关标的的关系
MRVL随半导体及人工智能基础设施板块走强，文中列示其收涨逾4%。文章未披露MRVL订单、光互连产品、客户或财务指引变化，因此其相关性主要来自板块风险偏好与行业估值环境。
时效性与限制
发布于美东时间 07/09 16:33（UTC+8 07/10 04:33），可作为07/10日报的隔夜市场背景。原文为Barchart市场评论，覆盖标的广、因果链条较多；其中盈利预测、利率定价和地缘风险影响需以后续数据及官方披露复核。
后续跟踪
- SK海力士美国存托凭证发行的最终定价、配售及资金用途。
- MRVL与半导体板块相对SOXX的后续表现及成交量。
- 美国第二季度盈利实际披露与人工智能基础设施公司指引。
- 油价、美伊局势和美国国债收益率的联动变化。
英文原文
Stocks Settle Higher as Chipmakers Rally and Crude Prices Fall
Stocks Settle Higher as Chipmakers Rally and Crude Prices Fall
Rich Asplund
Fri, July 10, 2026 at 4:33 AM GMT+8 7 min read
- 000660.KS
+1.01%
- CL=F
+0.44%
- ^GSPC
+0.81%
- ^IXIC
+1.30%
- ^DJI
+0.27%
The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.81%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.27%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.62%. September E-mini S&P futures (ESU26) rose +0.82%, and September E-mini Nasdaq futures (NQU26) rose +1.63%.
Stock indexes settled higher on Thursday, led by a rally in chipmakers, after South Korea's SK Hynix saw its American depositary receipts (ADRs) listing more than seven times oversubscribed, signaling strong investor demand. The US offering by SK Hynix would raise about $24.5 billion for the company, making it the second-largest by a foreign company, according to Bloomberg calculations. Strength in trucking and freight stocks also boosted the broader market after Citigroup upgraded the sector. In addition, the decline in crude oil prices lifted airline stocks and cruise line operators.
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- Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today!
Stocks rallied on Thursday despite an escalation of hostilities in the Middle East as the US and Iran traded attacks against each other for a second day.
Signs of strength in the US labor market are also supportive of stocks after weekly initial unemployment claims unexpectedly fell -2,000 to a 6-week low of 215,000, showing a stronger labor market than expectations of a +2,000 increase to 217,000. Conversely, Thursday's housing news was negative for stocks after Jun existing home sales unexpectedly fell -2.4% m/m to 4.09 million, weaker than expectations of an increase to 4.20 million.
The outlook for strong Q2 earnings is a bullish factor for stocks. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1's blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2.
WTI crude oil (CLQ26) gave up an early advance today and fell more than -1% on speculation that the tit-for-tat attacks between the US and Iran will not escalate any further. Crude prices initially moved higher after the US military struck Iran for a second day on Thursday, hitting about 90 Iranian targets to degrade the country's ability to attack commercial shipping in the Strait of Hormuz. Iran responded by targeting US bases in Bahrain, Kuwait, and Qatar with drones and missiles. On Wednesday, President Trump said the ceasefire with Iran is over, raising the prospect of persistent hostilities in the region that could disrupt energy supplies. The US on Tuesday also revoked the Iran oil waiver that allowed buyers to purchase and transport Iranian oil legally.
Story Continues
The markets are discounting a 24% chance of a +25 bp rate hike at the next FOMC meeting on July 28-29.
Overseas stock markets settled higher on Thursday. The Euro Stoxx 50 closed up +1.28%. China's Shanghai Composite recovered from a 1-month low and closed up +1.65%. Japan's Nikkei-225 Stock Average closed up +1.38%.
Interest Rates
September 10-year T-notes (ZNU6) on Thursday closed up +8.5 ticks, and the 10-year T-note yield fell -4.0 bp to 4.539%. T-notes moved higher on Thursday amid a decline in crude oil prices, which lowered inflation expectations and is dovish for Fed policy. T-notes added to their gains after US Jun existing home sales unexpectedly declined. T-notes pushed to their high Thursday afternoon amid strong demand for the Treasury's $22 billion auction of 30-year T-bons, which had a bid-to-cover ratio of 2.44, above the 10-auction average of 2.40.
Gains in T-notes were limited after weekly US jobless claims unexpectedly fell to a 6-week low, a sign of labor market strength that is hawkish for Fed policy. Also, Thursday's stock rally reduced safe-haven demand for T-notes.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell from a 1.5-month high of 3.118% and finished down -0.8 bp to 3.084%. The 10-year UK gilt yield fell -7.7 bp to 4.897%.
German trade news was mixed, with May exports unexpectedly rising +0.9% m/m, versus expectations of a -0.4% m/m decline. May imports fell -2.5% m/m, weaker than expectations of -0.8% m/m.
Swaps are discounting a 14% chance of a +25 bp ECB rate hike at its next policy meeting on July 23.
US Stock Movers
Chipmakers and AI infrastructure stocks rallied on Thursday, providing support to the overall market. The iShares Semiconductor ETF (SOXX) closed up more than +3%. ARM Holdings Plc (ARM) closed up more than +9%, and SanDisk (SNDK) closed up more than +8%. Also, Advanced Micro Devices (AMD) and Lam Research (LRCX) closed up more than +5%, and Western Digital (WDC), Micron Technology (MU), Marvell Technology (MRVL), and ON Semiconductor (ON) closed up more than +4%. In addition, KLA Corp (KLAC), Applied Materials (AMAT), Seagate Technology Holdings NV (STX), and Microchip Technology closed up more than +3%, and Analog Devices (ADI), NXP Semiconductors NV (NXPI), Texas Instruments (TXN), and Qualcomm (QCOM) closed up more than +2%.
Trucking companies moved higher on Thursday after Citigroup upgraded the sector. FedEx Freight Holding (FDXF) closed up more than +7%, and Old Dominion Freight Line (ODFL) and ArcBest (ARCB) closed up more than +3%. Also, Knight-Swift Transportation Holdings (KNX) and JB Hunt Transport Services (JBHT) closed up more than +2%, and CH Robinson Worldwide (CHRW), Marten Transport Ltd (MRTN), Saia Inc (SAIA), and XPO Inc (XPO) closed up more than +1%.
Airline stocks and cruise line operators settled higher on Thursday after WTI crude oil prices fell more than -1%. Norwegian Cruise Line Holdings (NCLH) closed up by more than +6%, and Alaska Air Group (ALK) closed up more than +5%. Also, Carnival (CCL) closed up more than +4%, and American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), and Royal Caribbean Cruises Ltd (RCL) closed up by more than +2%. In addition, Southwest Airlines (LUV) closed up more than +1%.
Energy producers and service providers fell on Thursday as crude oil prices declined nearly -2%. APA Corp (APA) closed down more than -5% to lead losers in the S&P 500. Also, Devon Energy (DVN), ExxonMobil Holdings (XOM), ConocoPhillips (COP), Halliburton (HAL), Diamondback Energy (FANG), and Occidental Petroleum (OXY) closed down more than +2%. In addition, Chevron (CVX) closed down more than -1%.
Cerebras Systems (CBRS) closed up more than +9% after announcing it plans to expand its European AI infrastructure to 200MW of total compute capacity by the end of 2027. Goldman Sachs downgraded the stock to sell from neutral with a price target of $19.
Ceco Environmental Corp (CECO) closed up more than +5% after JPMorgan Chase initiated coverage on the stock with a recommendation of overweight and a price target of $130.
Comfort Systems USA (FIX) closed up more than +5% after Goldman Sachs reinstated coverage of the stock with a buy recommendation and a price target of $2,159.
Granite Construction (GVA) closed down more than -12% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $139.
Paramount Skydance (PSKY) closed down more than -4% after Arete Research downgraded the stock to sell from neutral with a price target of $2.
Costco Wholesale (COST) closed down more than -4% to lead losers in the Nasdaq 100 after reporting that June total comparable sales rose 8.8%, below the consensus of 9.8%.
PepsiCo (PEP) closed down more than -3% after reporting Q2 operating profit of $4.02 billion, weaker than the consensus of $4.06 billion.
International Business Machines (IBM) closed down more than -2% after Starbucks said it was developing in-house tools with the help of artificial intelligence that could replace some software applications it buys from IBM.
Earnings Reports(7/10/2026)
Delta Air Lines Inc (DAL), Frequency Electronics Inc (FEIM), Hingham Institution For Savings (HIFS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
美联储周度流动性账本更新
重要性4/5 高
当日发布的美联储官方周度资产负债表，直接覆盖准备金、财政部一般账户、逆回购和证券持有等宏观流动性变量；与相关标的的联系为背景层面，缺少标的级传导证据。
中文摘要
核心结论
美联储 H.4.1（美联储周度资产负债表）显示，截至07/08（未给出具体时刻），准备金余额单周增加1,320.14亿美元至3.099万亿美元，财政部一般账户余额单周减少1,061.75亿美元至7,740.62亿美元。证券持有规模仍接近6.45万亿美元，抵押贷款支持证券余额较一年前减少1,900.98亿美元；这是一份流动性与资产负债表结构的官方观测，不提供风险资产价格因果结论。
重要性评级
评级：4/5（高）。发布于美东时间 07/09 16:30（UTC+8 07/10 04:30），来源为美联储官方周报，直接提供美元流动性、准备金和财政部现金余额的高质量事实，对BTC（比特币）、ETH（以太坊）、SOL（Solana 公链代币）及SPY（标普500指数交易所交易基金）、QQQ（纳斯达克100指数交易所交易基金）的宏观背景阅读价值较高。
关键事实
- 截至07/08（未给出具体时刻），储备银行信贷平均余额为6.686万亿美元，较前一周增加83.90亿美元，较上年同期增加719.34亿美元。
- 直接持有证券为6.450万亿美元，较前一周增加77.74亿美元，较上年同期增加1,011.37亿美元；其中美国国债为4.500万亿美元。
- 国库券持有额为4,964.04亿美元，单周增加71.11亿美元、同比增加3,009.86亿美元；名义国债票据和债券为3.612万亿美元，单周减少25.66亿美元。
- 抵押贷款支持证券为1.948万亿美元，单周持平、同比减少1,900.98亿美元。
- 银行在联储的准备金余额为3.099万亿美元，单周增加1,320.14亿美元，同比减少2,313.38亿美元。
- 美国财政部一般账户为7,740.62亿美元，单周减少1,061.75亿美元，同比增加4,541.73亿美元；逆回购协议余额为3,488.04亿美元，单周增加40.26亿美元、同比减少2,589.68亿美元。
作者观点与证据
文章是美联储理事会发布的统计报表，没有作者主观投资观点。证据为各联储银行日均账面项目及合并财务状况，金额单位为百万美元；表中明确提示，四舍五入可能使分项与合计不完全相加。
与相关标的的关系
对BTC、ETH、SOL的关联来自美元流动性、准备金和财政部现金余额等宏观变量；对SPY与QQQ的关联来自短端资金条件、国债供给吸收和准备金环境。报表没有披露这些资产的持仓、资金流或价格反应，不能据此单独归因市场波动。
时效性与限制
该报表发布于美东时间 07/09 16:30（UTC+8 07/10 04:30），主要观测日为07/08（未给出具体时刻）。它适合当日宏观流动性背景引用，但属于周度存量数据，未覆盖发布后发生的财政收支、公开市场操作或资产价格变化；原文提取仅供受保护的内部阅读。
后续跟踪
- 下一期准备金余额与财政部一般账户的周度变动。
- 国库券、名义国债和抵押贷款支持证券持有规模的持续变化。
- 逆回购余额与准备金之间的同步或分化。
- 同期财政部现金流、短期国债发行和风险资产实际表现。
英文原文
Board of Governors of the Federal Reserve System
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Data
Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1
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FRED
Release Date:
July 09, 2026
Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures
Wednesday
Jul 8, 2026
Week ended
Jul 8, 2026
Change from week ended
Jul 1, 2026
Jul 9, 2025
Reserve Bank credit
6,685,539
+ 8,390
+ 71,934
6,688,711
Securities held outright 1
6,450,444
+ 7,774
+ 101,137
6,453,494
U.S. Treasury securities
4,499,699
+ 7,774
+ 291,234
4,502,749
Bills 2
496,404
+ 7,111
+ 300,986
499,249
Notes and bonds, nominal 2
3,611,801
- 2,566
+ 26,550
3,611,801
Notes and bonds, inflation-indexed 2
282,634
+ 2,566
- 33,397
282,634
Inflation compensation 3
108,861
+ 664
- 2,903
109,066
Federal agency debt securities 2
2,347
0
0
2,347
Mortgage-backed securities 4
1,948,398
0
- 190,098
1,948,398
Unamortized premiums on securities held outright 5
213,963
- 298
- 22,445
213,881
Unamortized discounts on securities held outright 5
-25,748
- 93
- 2,054
-25,704
Repurchase agreements 6
1
+ 1
- 14
0
Foreign official
0
0
0
0
Others
1
+ 1
- 14
0
Loans
6,660
- 1,067
- 1,241
5,822
Primary credit
6,607
- 1,067
+ 184
5,771
Secondary credit
0
0
0
0
Seasonal credit
34
0
0
32
Paycheck Protection Program Liquidity Facility
19
0
- 1,425
19
Other credit extensions
0
0
0
0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 7
628
+ 2
- 4,557
628
Float
-274
+ 170
+ 79
-353
Central bank liquidity swaps 8
170
- 80
+ 115
170
Other Federal Reserve assets 9
39,695
+ 1,982
+ 913
40,773
Foreign currency denominated assets 10
18,965
+ 25
- 693
18,893
Gold stock
11,041
0
0
11,041
Special drawing rights certificate account
15,200
0
0
15,200
Treasury currency outstanding 11
53,256
+ 14
+ 688
53,256
Total factors supplying reserve funds
6,784,000
+ 8,428
+ 71,928
6,787,100
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1
1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures
Wednesday
Jul 8, 2026
Week ended
Jul 8, 2026
Change from week ended
Jul 1, 2026
Jul 9, 2025
Currency in circulation 11
2,474,853
+ 2,061
+ 72,367
2,474,567
Reverse repurchase agreements 12
348,804
+ 4,026
- 258,968
348,475
Foreign official and international accounts
346,054
+ 9,339
- 44,093
345,128
Others
2,750
- 5,313
- 214,875
3,347
Treasury cash holdings
344
- 22
- 93
333
Deposits with F.R. Banks, other than reserve balances
1,039,827
- 132,061
+ 490,826
1,004,306
Term deposits held by depository institutions
0
0
0
0
U.S. Treasury, General Account
774,062
- 106,175
+ 454,173
749,244
Foreign official
9,445
- 1
+ 8
9,447
Other 13
256,321
- 25,884
+ 36,646
245,616
Treasury contributions to credit facilities 14
0
0
- 2,029
0
Other liabilities and capital 15
-178,739
+ 2,411
+ 1,162
-177,959
Total factors, other than reserve balances,
absorbing reserve funds
3,685,089
- 123,586
+ 303,266
3,649,723
Reserve balances with Federal Reserve Banks
3,098,911
+ 132,014
- 231,338
3,137,377
Note: Components may not sum to totals because of rounding.
1.
Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.
Face value of the securities.
3.
Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of
the securities.
5.
Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.
Cash value of agreements.
7.
Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
8.
Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned
to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the
foreign central bank.
9.
Includes bank premises, accrued interest, and other accounts receivable.
10.
Revalued daily at current foreign currency exchange rates.
11.
Estimated.
12.
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
13.
Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.
Book value. Amount of equity investments in MS Facilities 2020 LLC.
15.
Includes the liability for earnings remittances due to the U.S. Treasury.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1
1A. Memorandum Items
Millions of dollars
Memorandum item
Averages of daily figures
Wednesday
Jul 8, 2026
Week ended
Jul 8, 2026
Change from week ended
Jul 1, 2026
Jul 9, 2025
Securities held in custody for foreign official and international accounts
2,902,215
- 9,641
- 336,190
2,880,357
Marketable U.S. Treasury securities 1
2,619,159
- 9,636
- 276,060
2,597,278
Federal agency debt and mortgage-backed securities 2
207,741
0
- 51,708
207,742
Other securities 3
75,316
- 3
- 8,421
75,336
Securities lent to dealers
43,915
+ 5,004
+ 11,464
42,070
Overnight facility 4
43,915
+ 5,004
+ 11,464
42,070
U.S. Treasury securities
43,915
+ 5,004
+ 11,464
42,070
Federal agency debt securities
0
0
0
0
Note: Components may not sum to totals because of rounding.
1.
Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2.
Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3.
Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.
Face value. Fully collateralized by U.S. Treasury securities.
H.4.1
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 8, 2026
Millions of dollars
Remaining Maturity
Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 year
to 10 years
Over 10
years
All
Loans 1
2,496
3,326
0
0
0
...
5,822
U.S. Treasury securities 2
Holdings
89,001
379,529
498,247
1,432,105
490,642
1,613,225
4,502,749
Weekly changes
+ 7,392
+ 36,147
- 33,521
+ 240
+ 52
+ 205
+ 10,514
Federal agency debt securities 3
Holdings
0
0
0
2,134
213
0
2,347
Weekly changes
0
0
0
0
0
0
0
Mortgage-backed securities 4
Holdings
0
6
74
5,395
103,845
1,839,078
1,948,398
Weekly changes
0
0
0
+ 131
+ 15,284
- 15,414
0
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program) 5
490
41
95
0
...
...
626
Repurchase agreements 6
0
0
...
...
...
...
0
Central bank liquidity swaps 7
170
0
0
0
0
0
170
Reverse repurchase agreements 6
348,475
0
...
...
...
...
348,475
Term deposits
0
0
0
...
...
...
0
Note: Components may not sum to totals because of rounding.
...Not applicable.
1.
Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.
2.
Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
3.
Face value.
4.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.
Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.
6.
Cash value of agreements.
7.
Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.
H.4.1
3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name
Wednesday
Jul 8, 2026
Mortgage-backed securities held outright 1
1,948,398
Residential mortgage-backed securities
1,940,864
Commercial mortgage-backed securities
7,534
Commitments to buy mortgage-backed securities 2
26
Commitments to sell mortgage-backed securities 2
0
Cash and cash equivalents 3
0
1.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.
Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.
3.
This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.
4. Information on Principal Accounts of Credit Facilities LLC
Millions of dollars
Credit Facilities LLC:
Wednesday Jul 8, 2026
Net portfolio holdings of
Credit Facilities LLC
Outstanding
principal
Outstanding
amount
amount of
Treasury
of loan
facility
contributions
extended to
asset
and
the LLC 1
purchases 2
other assets 3
Total
MS Facilities 2020 LLC (Main Street Lending Program)
0
43
585
628
Note: Components may not sum to totals because of rounding.
1.
Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.
2.
Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of March 31, 2026.
3.
Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.
H.4.1
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital
Eliminations from consolidation
Wednesday
Jul 8, 2026
Change since
Wednesday
Wednesday
Jul 1, 2026
Jul 9, 2025
Assets
Gold certificate account
11,037
0
0
Special drawing rights certificate account
15,200
0
0
Coin
1,368
- 4
- 69
Securities, unamortized premiums and discounts, repurchase agreements, and loans
6,647,493
+ 8,251
+ 77,852
Securities held outright 1
6,453,494
+ 10,514
+ 104,125
U.S. Treasury securities
4,502,749
+ 10,514
+ 294,223
Bills 2
499,249
+ 9,956
+ 303,831
Notes and bonds, nominal 2
3,611,801
0
+ 26,550
Notes and bonds, inflation-indexed 2
282,634
0
- 33,397
Inflation compensation 3
109,066
+ 558
- 2,760
Federal agency debt securities 2
2,347
0
0
Mortgage-backed securities 4
1,948,398
0
- 190,098
Unamortized premiums on securities held outright 5
213,881
- 269
- 22,426
Unamortized discounts on securities held outright 5
-25,704
+ 16
- 2,066
Repurchase agreements 6
0
- 1
0
Loans 7
5,822
- 2,010
- 1,782
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 8
628
0
- 4,561
Items in process of collection
(0)
48
- 67
- 12
Bank premises
655
- 8
+ 95
Central bank liquidity swaps 9
170
- 80
+ 115
Foreign currency denominated assets 10
18,893
- 130
- 688
Other assets 11
40,118
+ 3,083
+ 966
Total assets
(0)
6,735,609
+ 11,045
+ 73,697
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1
5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital
Eliminations from consolidation
Wednesday
Jul 8, 2026
Change since
Wednesday
Wednesday
Jul 1, 2026
Jul 9, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings
2,423,008
- 390
+ 71,012
Reverse repurchase agreements 12
348,475
+ 10,037
- 261,298
Deposits
(0)
4,141,683
- 1,263
+ 264,508
Term deposits held by depository institutions
0
0
0
Other deposits held by depository institutions
3,137,377
+ 60,358
- 204,622
U.S. Treasury, General Account
749,244
- 58,115
+ 438,196
Foreign official
9,447
+ 2
+ 10
Other 13
(0)
245,616
- 3,507
+ 30,925
Deferred availability cash items
(0)
401
- 415
- 45
Treasury contributions to credit facilities 14
0
0
- 2,029
Other liabilities and accrued dividends 15
-225,663
+ 3,069
- 601
Total liabilities
(0)
6,687,904
+ 11,037
+ 71,547
Capital accounts
Capital paid in
40,920
+ 8
+ 2,150
Surplus
6,785
0
0
Other capital accounts
0
0
0
Total capital
47,705
+ 8
+ 2,150
Note: Components may not sum to totals because of rounding.
1.
Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.
Face value of the securities.
3.
Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.
Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.
Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7.
Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.
8.
Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.
Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.
10.
Revalued daily at current foreign currency exchange rates.
11.
Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
12.
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.
Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.
Book value. Amount of equity investments in MS Facilities 2020 LLC.
15.
Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1
6. Statement of Condition of Each Federal Reserve Bank, July 8, 2026
Millions of dollars
Assets, liabilities, and capital
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
Dallas
San
City
Francisco
Assets
Gold certificates and special drawing rights certificates
26,237
891
8,007
818
1,240
1,901
3,698
1,737
791
452
758
2,291
3,653
Coin
1,368
43
61
168
42
188
103
240
32
61
104
116
211
Securities, unamortized premiums and discounts, repurchase agreements,
and loans 1
6,647,493
166,743
3,375,517
132,162
256,526
547,926
465,728
416,729
109,938
57,136
82,767
326,153
710,168
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program) 2
628
628
0
0
0
0
0
0
0
0
0
0
0
Central bank liquidity swaps 3
170
7
55
6
17
37
6
9
4
1
2
5
20
Foreign currency denominated
assets 4
18,893
788
6,086
623
1,920
4,144
673
1,033
473
112
249
536
2,255
Other assets 5
40,821
1,047
18,491
883
1,594
3,717
3,927
2,452
839
554
846
2,066
4,406
Interdistrict settlement account
0
+ 3,745
+ 68,326
- 11,835
- 4,736
- 38,039
- 28,310
+ 13,113
- 4,738
+ 2,910
+ 6,651
- 5,941
- 1,145
Total assets
6,735,609
173,891
3,476,543
122,825
256,603
519,873
445,825
435,313
107,338
61,226
91,377
325,226
719,568
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1
6. Statement of Condition of Each Federal Reserve Bank, July 8, 2026 (continued)
Millions of dollars
Assets, liabilities, and capital
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
Dallas
San
City
Francisco
Liabilities
Federal Reserve notes, net
2,423,008
84,266
746,010
64,629
119,290
171,805
349,049
126,929
78,271
40,697
54,307
221,754
366,001
Reverse repurchase agreements 6
348,475
8,709
177,080
6,927
13,456
28,738
24,433
21,841
5,759
2,994
4,341
17,082
37,113
Deposits
4,141,683
83,413
2,670,722
53,207
127,826
348,805
69,454
306,128
21,803
17,397
33,292
84,751
324,885
Depository institutions
3,137,377
83,402
1,842,437
53,205
127,795
347,932
69,442
131,249
21,800
17,340
33,266
84,664
324,845
U.S. Treasury, General Account
749,244
0
749,244
0
0
0
0
0
0
0
0
0
0
Foreign official
9,447
2
9,420
1
4
9
1
2
1
0
1
1
5
Other 7
245,616
9
69,622
0
27
864
11
174,878
2
57
25
86
35
Earnings remittances due to the U.S. Treasury 8
-235,052
-5,426
-136,188
-3,736
-9,850
-40,655
165
-22,918
26
-359
-1,418
91
-14,784
Treasury contributions to credit facilities 9
0
0
0
0
0
0
0
0
0
0
0
0
0
Other liabilities and accrued
dividends
9,790
993
3,548
237
373
1,109
872
750
281
211
230
369
817
Total liabilities
6,687,904
171,955
3,461,172
121,265
251,095
509,803
443,973
432,730
106,140
60,941
90,752
324,047
714,033
Capital
Capital paid in
40,920
1,653
13,186
1,336
4,818
8,582
1,610
2,212
1,029
245
536
986
4,725
Surplus
6,785
283
2,185
224
690
1,488
242
371
170
40
89
193
810
Other capital
0
0
0
0
0
0
0
0
0
0
0
0
0
Total liabilities and capital
6,735,609
173,891
3,476,543
122,825
256,603
519,873
445,825
435,313
107,338
61,226
91,377
325,226
719,568
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1
6. Statement of Condition of Each Federal Reserve Bank, July 8, 2026 (continued)
1.
Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities
lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between
the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,
amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.
2.
Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3.
Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4.
Revalued daily at current foreign currency exchange rates.
5.
Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.
6.
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7.
Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8.
The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.
9.
Book value. Amount of equity investments in MS Facilities 2020 LLC.
Note on consolidation:
On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.
The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).
H.4.1
7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral
Wednesday
Jul 8, 2026
Federal Reserve notes outstanding
2,824,935
Less: Notes held by F.R. Banks not subject to collateralization
401,927
Federal Reserve notes to be collateralized
2,423,008
Collateral held against Federal Reserve notes
2,423,008
Gold certificate account
11,037
Special drawing rights certificate account
15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2
2,396,771
Other assets pledged
0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2
6,453,494
Less: Face value of securities under reverse repurchase agreements
400,372
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged
6,053,122
Note: Components may not sum to totals because of rounding.
1.
Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2.
Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
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Last Update: July 09, 2026
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Circle涉稳定币返还争议
重要性4/5 高
报道新近发布，直接涉及 CRCL 的法律、合规和 USDC 治理机制，且包含具体案件金额、命令和公司答辩。
中文摘要
核心结论
TheStreet 报道称，威斯康星州检方针对 Circle Internet Group 的刑事投诉，聚焦其是否应依照法院命令销毁被诈骗转走的 USDC（美元稳定币）并重新发行约 38.1 万美元赔偿受害者。Circle 称其无权取得涉案钱包私钥、缺乏执行该命令的技术能力，并已在 2026年6月请求驳回案件；争议涉及稳定币发行方冻结、销毁和补偿的法律权限边界。
重要性评级
评级：4/5（高）
文章发布于美东时间 07/09 16:27（UTC+8 07/10 04:27），直接涉及 CRCL（Circle，USDC 发行方）的监管与运营边界，并披露案件金额、执法命令和公司答辩。报道主要引述投诉、国际调查记者同盟报道与公司声明，尚待法院程序和原始文件进一步确认。
关键事实
- 文章发布于美东时间 07/09 16:27（UTC+8 07/10 04:27）；CRCL 当日盘中一度下跌约 2%，低见 61.67 美元，文中截稿时为 63.78 美元。
- 国际调查记者同盟（ICIJ）于 07/08（未给出具体时刻）报道，威斯康星州检方于 04/20（未给出具体时刻）提出刑事投诉。
- 事件起于 2025年5月一名沃尔沃斯县居民遭遇“杀猪盘”诈骗，在 Crypto.com（加密资产平台）购买逾 38.1 万美元 USDC 后转入不受其控制的钱包。
- 诈骗者曾向受害人展示逾 150 万美元的虚假账户价值，并要求再支付 2.3万至 2.5 万美元以解冻。
- 2025年8月，法院令 Circle 冻结涉案 USDC；文中称 Circle 已冻结该资金，至报道时仍处于冻结状态。
- 2025年12月，法院要求 Circle 协助扣押并使涉案 USDC 失去价值，随后重新发行约 38.1 万美元 USDC 给县警长部门钱包；该流程被称为 burn and reissue（销毁并重新发行）。
- Circle 称其没有涉案私钥，无法转移资金，也拒绝销毁并重新发行；其在 2026年6月的文件中称投诉缺乏依据，并质疑州法院管辖权。
- 文中还称纽约州检方曾在 2026年1月致参议员信件中表达类似不满，认为 Circle 冻结涉案稳定币后未协助返还。
作者观点与证据
文章将案件呈现为稳定币发行方执法配合与受害者返还机制的冲突。支持材料包括州方投诉、法院命令描述、ICIJ 报道和 Circle 发言人声明；其中检方关于 Circle 经济动机的指控尚未由判决确认，Circle 对技术能力、法律授权和正当程序的回应也仍待法院审理。
与相关标的的关系
CRCL 直接面对潜在诉讼、合规流程与声誉风险，争议指向其对 USDC 的冻结、销毁和重新发行权限。USDC-USD（USDC 对美元价格）本身在文中接近持平，报道没有显示锚定失效；影响重点是发行方治理与执法协作机制。
时效性与限制
发布时间为美东时间 07/09 16:27（UTC+8 07/10 04:27），适合纳入当日日报的监管风险跟踪。报道来自 TheStreet，并转述 ICIJ、投诉与公司说法；未附完整起诉文件、法院命令原文或最新庭审进度，具体法律责任不能据此确定。
后续跟踪
- 威斯康星州案件的驳回申请、听证与裁判文件。
- Circle 对冻结、销毁和重新发行的技术及法律流程说明。
- 纽约州检方信件和联邦、州层面对稳定币返还权限的后续动作。
- USDC 储备、赎回与市场价格是否出现异常变化。
英文原文
Circle stock slips amid criminal complaint in major U.S. state
Circle stock slips amid criminal complaint in major U.S. state
Circle stock slips amid criminal complaint in major U.S. state · TheStreet · Getty Images
Anand Sinha
Fri, July 10, 2026 at 4:27 AM GMT+8 4 min read
- CRCL -1.65%
- USDC-USD -0.01%
Circle Internet Group (NYSE: CRCL), the crypto company popular for its USDC stablecoin , is facing a criminal complaint in a U.S. state for allegedly refusing to help scam victims.
The International Consortium of Investigative Journalists (ICIJ) reported on July 8 that Wisconsin state prosecutors filed a criminal complaint on Apr. 20 against the crypto company for allegedly refusing to comply with a court warrant ordering it to recover a scam victim's stolen assets.
Related: Explained: What is a stablecoin?
Wisconsin state's complaint against Circle
The entire episode dates back to May 2025 when a resident in Wisconsin's Walworth County received an unsolicited text message from a person calling themself "Lenora."
In an alleged instance of pig butchering, the Walworth County resident was led to believe that Lenora was romantically interested in him, and the individual bragged about making high profits in cryptocurrency and even encouraged the resident to invest in a website called Crypto.com.
The man purchased over $381,000 in USDC on Crypto.com and, once urged by Lenora, transferred the funds to a private wallet not controlled by him, as per the complaint.
While Lenora told the victim his investment was worth over $1.5 million, the man was later told that his account was frozen and he would have to pay an additional $23,000-$25,000 to recover his money.
That's when the man became suspicious of becoming a scam victim and reported the incident to the Wisconsin Department of Financial Institutions, Division of Securities.
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In August 2025, Detective Timothy Kuchta of the Walworth County Sheriff's Department obtained a warrant from the Walworth County Circuit Court ordering Circle to freeze the victim's USDC held in a wallet. Circle immediately notified Kuchta that it had frozen the USDC. The USDC remains frozen to this day, the complaint mentioned.
In December 2025, Walworth County Circuit Court Judge Kristine Drettwan signed a warrant requiring Circle to appear before her and ordered the company to facilitate the seizure of the victim's USDC and invalidate that USDC so that it had no value.
The warrant also ordered Circle to issue approximately $381,000 in new USDC to compensate the victim and transfer that new USDC to a digital wallet owned by the Walworth County Sheriff's Department. This procedure is known as "burn and reissue."
Story Continues
Circle told Kuchta it didn't hold the private keys necessary to transfer the victim's USDC to the Sheriff's Department. It also refused to invalidate the stolen USDC or issue new USDC to compensate the victim, the complaint said.
In a June 2026 filing, Circle called the Wisconsin complaint "meritless" and requested the court to dismiss it. The crypto firm said it didn't have the technical capability to comply with the order and that prosecutors did not engage with the company's attempt to find alternatives for compensating the victim. Circle even went on to argue the Wisconsin court did not have jurisdiction to issue the order.
A Circle spokesperson told TheStreet Roundtable , "Circle is a regulated company that complies with sanctions, law enforcement orders, and court-mandated requirements, and has a strong track record of cooperating with law enforcement agencies across the United States and internationally. Regarding seizure requests, the legal structures that would authorize stablecoin issuers to act faster—while preserving due process and property rights—do not yet fully exist."
The spokesperson added, "As Circle's Chief Strategy Officer Dante Disparte wrote in an April blog post on this topic, that is a policy gap, not a cooperation gap. Circle has filed a motion in the Walworth County, Wisconsin, proceeding, which is a matter of public record. We cannot comment further on that case or other legal proceedings."
More on Circle:
- Bitwise makes wild prediction on Circle's 2030 valuation
- Analysts split on 2025's most subscribed IPO stock
- Analyst predicts 200% upside for Circle stock despite fierce competition
New York prosecutors displeased with Circle
The ICIJ report also mentioned that New York State prosecutors had expressed their frustration with Circle over the same issue of not freezing USDC linked to bad actors in a January letter to U.S. senators.
The prosecutors alleged Circle finds it "financially preferable" to freeze stolen crypto but not return the underlying asset to law enforcement or fraud victims because it can keep collecting the interest through investment of the underlying funds.
Circe stock slips today
The Circle stock slipped as much as 2% today to hit the intraday low of $61.67 on July 9.
At press time, the stock was trading at $63.78.
Related: Analyst names Bitcoin buyer that could be bigger than Saylor
This story was originally published by TheStreet on Jul 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
Meta六个月冲刺前沿模型
重要性4/5 中高
直接关联META与GOOG，且含近期模型、算力和资本开支节点；预测性较强，需与后续执行数据核对。
中文摘要
核心结论
Investing.com转述SemiAnalysis（半分析研究机构）的判断：Meta Superintelligence（Meta超级智能团队）可能在未来六个月的前沿人工智能模型竞争中超过Google。该结论依赖Meta的专有数据、人才、算力建设和资本投入计划，属于研究机构预测，尚未由模型表现、商业收入或投产进度验证。
重要性评级
评级：4/5（中高）
文章在美东时间 07/09 16:19（UTC+8 07/10 04:19）发布，直接涉及GOOG与META，包含模型发布、数据中心、电力容量、芯片量产和资本开支等具体节点。关键数字多来自媒体转述、内部备忘录和研究机构预测，证据等级有限。
关键事实
- SemiAnalysis称，Meta通过追踪员工工作流并调配3,000名工程师，建设内部强化学习环境工厂，以形成专有训练数据管线。
- Meta于周四向开发者开放Muse Spark 1.1，定位为面向编程和智能体任务的升级模型；文章称其与Anthropic和OpenAI的付费应用程序接口模型竞争。
- 文中称Meta计划在年末前建设5个吉瓦级“Titan”数据中心集群，并借助AI-Backbone（人工智能骨干网络）跨地点扩展训练任务。
- 路透社援引内部备忘录称，Meta拟在2026年部署7吉瓦算力、2027年增至14吉瓦；这些计划未等同于已投运容量。
- 文章称Meta今年人工智能基础设施投入最高可达1,450亿美元，该金额亦来自路透社报道。
- 自研人工智能芯片Iris计划于9月投产，由Broadcom协作设计、TSMC制造；文中称其已在六周内完成缺陷测试，并有三星、闪迪和住友电工的多年供应协议。
- Meta向Scale AI投资143亿美元，并从OpenAI、Anthropic和Scale AI招募研究人才；文中将其作为人才扩张证据。
- 文中称META当日反弹后上涨约4%，GOOGL下跌约1%；该短期价格表现未能证明长期模型竞争格局。
作者观点与证据
报道的主要倾向来自SemiAnalysis：模型当前基准成绩低于开源同类产品不应单独决定评价，后续能力提升速度更重要。支撑材料包括人员数量、基础设施规划、芯片计划和资本开支，但这些数据中包含公司规划、媒体援引内部文件及机构推断；文章未呈现Muse Spark 1.1与Google模型的可复核基准、客户采用或单位算力成本。
与相关标的的关系
- META：文章集中描述其数据、人才、芯片和数据中心扩张，影响路径在于算力供给与模型能力能否转化为产品采用和盈利。
- GOOG：被置于潜在被Meta超越的一方，相关风险来自前沿模型竞争叙事；文中未提供Google同期算力、模型性能或经营数据的完整对照。
时效性与限制
发布时间为美东时间 07/09 16:19（UTC+8 07/10 04:19），涉及近期模型开放和基础设施建设计划，适合当日追踪。内容由Investing.com发布并大量转述SemiAnalysis与路透社，Meta的容量、投入和Iris量产仍取决于项目执行、供应链和电力接入；“六个月超越”是预测，不是已发生事实。
后续跟踪
- Muse Spark 1.1的第三方基准、开发者使用量和企业客户反馈。
- 7吉瓦与14吉瓦算力计划的开工、并网和实际投运进度。
- Iris芯片9月量产、良率及对外部加速器采购的影响。
- Meta资本开支、广告现金流和人工智能产品收入的后续披露。
英文原文
Meta set to overtake Google’s frontier AI models in six months, SemiAnalysis says
Meta set to overtake Google’s frontier AI models in six months, SemiAnalysis says
Luke Juricic
Fri, July 10, 2026 at 4:19 AM GMT+8 3 min read
- META +4.70%
- GOOGL -0.84%
- GOOG -0.69%
Investing.com -- Following a year of radical restructuring and aggressive capital deployment, Meta Superintelligence (MSL) is positioned to leapfrog Google in the frontier AI hierarchy within the next six months. According to a new report from boutique research firm SemiAnalysis, Mark Zuckerberg's relentless pursuit of proprietary data, elite talent, and unprecedented compute infrastructure has effectively transformed the ecosystem into a race where Google has "faded dramatically".
While competitors scramble for diminishing pools of public data, Meta has turned inward by tracking employee workflows and reallocating 3,000 engineers to build a massive, in-house reinforcement learning (RL) environment factory. SemiAnalysis notes that this internal supply chain gives MSL a highly sophisticated, proprietary data pipeline for training next-generation agents that commercial data brokers simply cannot replicate.
Further intensifying this push, Meta on Thursday released long-awaited developer access to its upgraded Muse Spark 1.1 model, pitting it directly against the paid API models of Anthropic and OpenAI. Touted as its most capable model for real-world coding and agentic tasks, Meta is pitching the upgrade as part of a broader mission to deliver "personal superintelligence" capable of executing multi-step tasks with minimal human intervention.
On the infrastructure front, SemiAnalysis projects Meta will surpass both OpenAI and Anthropic in total AI compute by year-end through the simultaneous construction of five gigawatt-scale "titan" datacenter clusters. Supported by a custom "AI-Backbone" networking architecture, this unprecedented hardware footprint allows Meta to scale complex training workloads asynchronously across locations separated by thousands of kilometers.
This aggressive hardware timeline was underscored by a Reuters report revealing that Meta plans to spend up to $145 billion on AI infrastructure this year, part of a massive global buildout. According to Reuters, citing an internal memo, the company plans to deploy 7 gigawatts of computing power in 2026 and double that capacity to 14 gigawatts in 2027.
To support this expansion and lower computing costs, Meta will begin production of its custom AI chip, code-named "Iris," in September, according to the Reuters report. Designed alongside Broadcom and manufactured by TSMC, the silicon cleared bug testing in just six weeks and is backed by multi-year supply agreements with Samsung, SanDisk, and Sumitomo Electric.
Story Continues
Meta has anchored this infrastructure with an equally aggressive talent blitz, spending billions, including a $14.3B Scale AI investment to poach top-tier researchers from OpenAI, Anthropic, and Scale AI. This elite recruiting frenzy has successfully consolidated an AI superteam with the specific expertise required to convert Meta's massive raw compute into dominant frontier capabilities.
Wall Street responded favorably to the sudden influx of infrastructure and product milestones, sending Meta Platforms Inc (NASDAQ:META) stock up 4% after it recovered from an earlier drop in the trading session. Meanwhile, Alphabet Inc Class A (NASDAQ:GOOGL) shares fell 1%, reflecting growing market anxieties regarding Google's positioning in the shifting AI landscape.
While the initial benchmark performance of Muse Spark lagged behind its open-source peers, SemiAnalysis argues that evaluating the model in isolation is "missing the forest for the trees". Ultimately, "what matters for MSL is the slope, not the intercept," and if Zuckerberg maintains his uncompromising financial resolve over the coming months, SemiAnalysis thinks Google risks being permanently relegated from the top tier of global AI hyperscalers.
Related articles
Meta set to overtake Google's frontier AI models in six months, SemiAnalysis says
5 reasons why Jefferies thinks Meta's pullback is a buying opportunity
Wolfe Research outlines eight risks that could spark stock declines in 2026
美债长端收益率升至4.56%
重要性4/5 高
美联储官方最新日度利率表直接覆盖跨资产估值和流动性背景，数据截至07/08；但它只提供利率事实，缺少驱动因素与标的价格验证。
中文摘要
核心结论
美联储 H.15（每日选定利率）07/09 发布的最新表格显示，07/08 国债收益率曲线长端继续上行：10年期、20年期和30年期名义常量期限收益率分别为4.56%、5.07%和5.06%。有效联邦基金利率维持在3.62%，短端政策利率未变，长端收益率走高扩大了期限利差。
重要性评级
评级：4/5（高）
这是美联储官方当日利率数据，直接提供跨资产估值使用的无风险利率与期限结构背景；数据截至07/08，时效性强，但仅为利率事实表，未提供收益率变动原因。
关键事实
- 该表于美东时间 07/09 16:15（UTC+8 07/10 04:15）发布，覆盖至07/08的每日利率数据。
- 有效联邦基金利率为3.62%，07/02至07/07均为3.63%。
- 3个月、6个月和1年期国库券二级市场收益率分别为3.73%、3.83%和3.88%。
- 名义常量期限国债中，2年期为4.21%，5年期为4.31%，10年期为4.56%，较07/07的4.55%上升1个基点。
- 20年期和30年期名义常量期限收益率分别为5.07%和5.06%；07/07分别为5.05%和5.05%。
- 通胀保值国债 TIPS（通胀保值国债）常量期限收益率中，5年期为2.00%，10年期为2.31%，30年期为2.86%。
- 最优惠贷款利率为6.75%，贴现窗口一级信贷利率为3.75%，两者在表内观察期未变。
作者观点与证据
文章为美国联邦储备委员会发布的官方数据表，没有主观市场观点。收益率来自美国财政部对活跃交易国债报价的常量期限插值；该口径反映场外市场收盘买方收益率，并非某一只可直接成交国债的卖方到期收益率。
与相关标的的关系
SPY（标普500指数交易型基金）与 QQQ（纳斯达克100指数交易型基金）的估值会受长期无风险利率变化影响，10年期收益率升至4.56%提供了当日贴现率背景。BTC（比特币）、ETH（以太坊）和 SOL（索拉纳）同样可能受美元流动性与实际利率环境影响，但本文未提供这些资产的价格、资金流或因果证据。
时效性与限制
发布时点为美东时间 07/09 16:15（UTC+8 07/10 04:15），利率观测截至07/08（未给出具体时刻），适合用作07/10日报的宏观事实输入。表中缺少日内变化、成交量、通胀预期拆分及政策表态，不能单独解释权益或加密资产走势；常量期限收益率也不能替代账户实际可执行报价。
后续跟踪
- 后续 H.15 数据中10年期、20年期和30年期收益率是否继续上行。
- 2年期与10年期利差及短端国库券收益率是否同步变化。
- TIPS（通胀保值国债）实际收益率与名义收益率之间的隐含通胀补偿变化。
- 联邦基金有效利率、最优惠贷款利率和贴现窗口利率是否出现调整。
英文原文
Board of Governors of the Federal Reserve System
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Selected Interest Rates (Daily) - H.15
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H.15 Selected Interest Rates
RSS
Data Download
FRED
The release is posted daily Monday through Friday at 4:15pm.
The release is not posted on holidays or in the event that the
Board is closed.
Release date: July 9, 2026
Selected Interest Rates
Yields in percent per annum
Instruments
2026
Jul
2
2026
Jul
3*
2026
Jul
6
2026
Jul
7
2026
Jul
8
Federal funds (effective) 1 2 3
3.63
3.63
3.63
3.63
3.62
Commercial Paper 3 4 5 6
Nonfinancial
1-month
3.66
n.a.
n.a.
n.a.
2-month
n.a.
n.a.
n.a.
n.a.
3-month
n.a.
n.a.
n.a.
n.a.
Financial
1-month
3.64
3.67
3.66
3.68
2-month
3.73
3.71
n.a.
n.a.
3-month
3.84
3.76
n.a.
3.80
Bank prime loan 2 3 7
6.75
6.75
6.75
6.75
6.75
Discount window primary credit 2 8
3.75
3.75
3.75
3.75
3.75
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
3.61
3.61
3.59
3.57
3-month
3.68
3.74
3.73
3.73
6-month
3.81
3.82
3.83
3.83
1-year
3.79
3.78
3.88
3.88
Treasury constant maturities
Nominal 9
1-month
3.70
3.69
3.69
3.67
3-month
3.82
3.87
3.86
3.87
6-month
3.98
3.98
3.99
3.99
1-year
3.96
3.95
4.06
4.06
2-year
4.14
4.13
4.19
4.21
3-year
4.16
4.14
4.18
4.21
5-year
4.23
4.21
4.27
4.31
7-year
4.35
4.33
4.40
4.43
10-year
4.49
4.48
4.55
4.56
20-year
4.99
4.99
5.05
5.07
30-year
4.98
4.99
5.05
5.06
Inflation indexed 10
5-year
1.99
1.94
1.99
2.00
7-year
2.11
2.08
2.14
2.14
10-year
2.26
2.24
2.30
2.31
20-year
2.60
2.59
2.65
2.66
30-year
2.79
2.79
2.84
2.86
Inflation-indexed long-term average 11
2.76
2.75
2.81
2.82
* Markets closed.
n.a. Not available.
Footnotes
1. As of March 1, 2016, the daily effective federal funds rate (EFFR) is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to March 1, 2016, the EFFR was a volume-weighted mean of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page ( www.federalreserve.gov/releases/cp/ ).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans.
8. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm . The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are available at www.federalreserve.gov/releases/h15/data.htm .
9. Yields on actively traded non-inflation-indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The historical adjustment factor can be found at home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics . Source: U.S. Treasury.
10. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information on both nominal and inflation-indexed yields may be found at home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics .
11. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.
Note: Current and historical H.15 data, along with weekly, monthly, and annual averages, are available on the Board's Data Download Program (DDP) at www.federalreserve.gov/datadownload/Choose.aspx?rel=H15 ). Weekly, monthly and annual rates are averages of business days unless otherwise noted.
Description of the Treasury Nominal and Inflation-Indexed Constant Maturity Series
Yields on Treasury nominal securities at “constant maturity” are interpolated by the U.S. Treasury from the daily yield curve for non-inflation-indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation-indexed securities at “constant maturity” are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation-indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years.
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Last Update: July 09, 2026
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Meta自研芯片提振设备链
重要性3/5 中
发布时间新，覆盖Meta自研芯片与设备链，但VRT仅为主题关联，原文缺少采购与订单证据。
中文摘要
核心结论
Barron's认为，Meta（脸书母公司，META）推进自研芯片，可能扩大晶圆制造设备需求，利好应用材料（AMAT）、泛林集团（LRCX）和科磊（KLAC）。文中未披露项目规模、采购计划或供应商订单，现有信息只能说明市场预期。
重要性评级
评级：3/5（中）
文章发布时间接近当日报告，且关联数据中心基础设施持仓线索Vertiv（VRT，数据中心电力与热管理设备商）；但原文只有简短判断，缺少订单、资本开支和公司确认。
关键事实
- 美东时间07/09 15:57（UTC+8 07/10 03:57），Barron's发表该文。
- Meta计划自研芯片，文章称此举可能带动晶圆加工设备需求。
- 文中点名AMAT、LRCX和KLAC为潜在受益设备商。
- 元数据同时关联META、AMAT、LRCX、KLAC、Lumentum（LITE）与VRT。
- 摘要抓取时为美东时间07/09 23:05（UTC+8 07/10 11:05）。
作者观点与证据
作者采取正面预期，逻辑是自研芯片仍需使用半导体制造设备。原文未给出Meta芯片的制程、产量、设备采购金额、供应链认证或管理层表述，证据主要是产业链推演。
与相关标的的关系
AMAT、LRCX和KLAC与芯片制造设备需求直接相关；META是自研项目主体。VRT未在正文中被列为项目受益方，仅因其处于人工智能（AI）数据中心基础设施主题而被关联，传导关系较弱。
时效性与限制
文章发布于美东时间07/09 15:57（UTC+8 07/10 03:57），可作为当日设备链情绪与主题线索。原文仅约3分钟阅读量，且私有抓取文本不完整，不能据此确认Meta的实际采购或收入影响。
后续跟踪
- Meta是否披露自研芯片的用途、量产节奏与资本开支。
- AMAT、LRCX、KLAC是否在财报或订单中确认相关需求。
- 自研芯片是否改变外部加速器与晶圆代工的需求结构。
英文原文
Why Meta’s In-House AI Chip Plans Sent Chip-Equipment Stocks Soaring
Why Meta’s In-House AI Chip Plans Sent Chip-Equipment Stocks Soaring
Why Meta’s In-House AI Chip Plans Sent Chip-Equipment Stocks Soaring · Barrons.com · Dreamstime
Kit Norton
Fri, July 10, 2026 at 3:57 AM GMT+8 3 min read
- META
+4.70%
- AMAT
+3.18%
- LRCX
+6.01%
- KLAC
+3.77%
- VRT
+1.92%
Meta’s decision to make its in-house chip could be a boon for Applied Materials, Lam Research, and KLA, which all make equipment that turns raw silicon wafers into microchips.
Continue Reading
PayPal扩张PYUSD跨境支付
重要性4/5 高
发布新近，直接关联CRCL、PYPL及美元稳定币支付竞争，并含市场规模、合作网络和潜在新发行方的具体信息。
中文摘要
核心结论
PayPal将PYUSD（PayPal发行的美元稳定币）接入Polygon（区块链支付网络），以扩大跨境收付和法币出金覆盖；其约28亿美元市值与USDT（泰达美元稳定币）的1,840亿美元、USDC（美元币）的730亿美元仍有显著差距。
文章认为，OpenUSD计划在今年稍晚推出并获多家银行、支付和金融科技机构支持，现有稳定币发行方的竞争将转向分发、流动性、开发者采用和商户受理，而非品牌本身。
重要性评级
评级：4/5（高）
文章在美东时间07/09 15:56（UTC+8 07/10 03:56）发布，直接涉及CRCL的USDC竞争格局及PYPL的稳定币支付扩张，且给出市场规模、网络处理量和潜在竞争联盟等具体事实。
关键事实
- PayPal于07/09宣布将PYUSD接入Polygon的Open Money Stack（开放货币技术栈）；企业可从银行卡、银行账户或交易所余额收款，跨境转移PYUSD并兑换为当地货币。
- PYUSD市值约28亿美元；原文列示USDT市值1,840亿美元、Circle发行的USDC市值730亿美元。
- Polygon称其每日结算稳定币交易量超过25亿美元，累计处理量超过2.6万亿美元；该数字为Polygon自身披露，未见独立核验。
- PayPal称今年已将PYUSD覆盖扩展至美国以外70个国家，新增Polygon旨在提高跨境支付分发能力。
- Polygon今年以合计2.5亿美元收购CoinMe和Sequence，用于支持全球稳定币支付相关能力。
- OpenUSD预计于今年稍晚推出，支持方包括BNY、Huntington Bank、U.S. Bank、American Express、Visa、Mastercard、Stripe和Coinbase；名单中未包括PayPal和Paxos。
- Javelin Strategy & Research研究主管James Wester认为，受监管银行、金融科技公司进入后，发行方将面临更大压力，但银行与非银行机构各自拥有不同的信任、生态和客户触达优势。
作者观点与证据
文章的立场是：银行系稳定币进入将加剧竞争，但不会自动取代非银行发行方。论据包括PYUSD新增网络分发、OpenUSD的支持联盟，以及Polygon和PayPal披露的覆盖与交易规模。关于OpenUSD治理能否持续、跨境监管能否支持规模化，IDC研究主管Aaron Press仅表达了不确定性，尚无运行数据验证。
与相关标的的关系
- CRCL：Circle的USDC被列为730亿美元市值的主要既有稳定币。OpenUSD若按计划落地，将增加机构支持型美元稳定币供给；文章未提供其对USDC份额或收入的量化影响。
- PYPL：PYUSD接入Polygon并扩展跨境支付场景，体现PayPal在稳定币分发和商户支付端的推进。
- USDC-USD、USDT-USD：两者被用作市场规模比较对象，文章未提供价格、储备或链上流量的新增验证数据。
时效性与限制
发布于美东时间07/09 15:56（UTC+8 07/10 03:56），可作为当日稳定币竞争和支付基础设施背景引用。原文主要基于公司与网络方表述及研究机构访谈；OpenUSD仍处于计划阶段，Polygon处理量、PYUSD跨国覆盖和未来采用率均缺少独立审计或后续运营数据。
后续跟踪
- OpenUSD的正式发行时间、治理结构、储备安排和实际发行规模。
- PYUSD在Polygon上的流通量、支付结算量与商户接入情况。
- USDC、USDT与PYUSD在跨境支付场景的份额变化和流动性指标。
- 跨境稳定币监管、合规控制与当地法币兑换渠道的进展。
英文原文
PayPal boosts its stablecoin as banks prepare to launch a shared one
PayPal boosts its stablecoin as banks prepare to launch a shared one
John Adams
Fri, July 10, 2026 at 3:56 AM GMT+8 4 min read
- PYPL +1.77%
- USDT-USD +0.01%
- CRCL -1.65%
- USDC-USD -0.01%
- Key insight : PayPal has added its PYUSD stablecoin to blockchain technology firm Polygon's payment rail.
- What's at stake : An increasing number of banks and fintechs are expressing interest in stablecoins.
- Forward look : OpenUSD, a potentially large stablecoin with lots of bank support, is scheduled to launch later this year.
As banks plot their stablecoin strategies , PayPal is looking for additional ways to make its existing PYUSD stablecoin available to more users.
PayPal on Thursday launched on Polygon, a blockchain technology company that has developed Open Money Stack, a rail to move money across borders while managing compliance and access to traditional currency. PYUSD has a market cap of about $2.8 billion, lagging Tether's USDT at $184 billion and Circle's USDC at $73 billion. The entire stablecoin market is bracing for the impact of potential bank stablecoins. A likely contender is OpenUSD, a stablecoin from Open Standard slated to launch later this year with backers including several major banks, fintechs and payment companies.
"Every stablecoin issuer is going to face more pressure as banks, fintechs and other regulated issuers enter the market," James Wester, research director for digital assets and crypto at Javelin Strategy & Research, told American Banker.
What PayPal and Polygon are looking for
The Polygon PYUSD integration enables companies to accept funds from a card, bank account or exchange balance, move PYUSD across borders and cash out into local currency.
Polygon says it settles more than $2.5 billion in stablecoin volume each day and has processed more than $2.6 trillion in total stablecoin volume. Polygon says PayPal can help boost that volume, while PayPal gains another distribution method for its stablecoin, which PayPal has expanded to 70 countries beyond the U.S. earlier this year. That increases PYUSD's ability to support cross-border payments — a key use for stablecoins and related technology.
In a release, Peter Jonas, chief revenue officer at PYUSD issuer Paxos, said adding the stablecoin to Polygon places a federally regulated dollar token on one of the most active networks for stablecoin payments.
"We're at an inflection point where digital dollars can finally move at the speed of the internet — across borders, platforms, and currencies. For this to be successful, people need to have trust in the system, the same trust people expect from PayPal. PYUSD is our contribution to that future: stable, transparent, and built to help make the global economy more open to everyone." said May Zabaneh, senior vice president and general manager of crypto for PayPal in an email.
Story Continues
Polygon earlier this year acquired cryptocurrency technology firms CoinMe and Sequence in two deals totaling $250 million, using the acquired assets to support global stablecoin payments. Polygon's strategy post-acquisition is to spot payments that are difficult to figure out or are financially challenging, and to make them simpler to execute by using stablecoins or the underlying technology."PayPal is a well-known brand, it's GENIUS Act compliant, and the desire for enterprises and businesses to use PYUSD is higher than most stablecoins," Marc Boiron, CEO of Polygon Labs, told American Banker. "It gives us another option."
A growing market
Payment experts say the introduction of OpenUSD will challenge the issuers of existing, mostly fintech-affiliated stablecoins, as well as any future bank stablecoin, to sell users on the utility of stablecoins and why they're necessary.
The big bank and payment companies supporting OpenUSD include BNY, Huntington Bank, U.S. Bank, American Express, Visa, Mastercard, Stripe and Coinbase. Adyen, Affirm, Klarna, Chime, Google, Capital One's Brex, Standard Chartered, Nuvei, Ramp, Marqeta, Shopify and Remitly are also supporters. OpenUSD's supporters' list does not include Paxos and PayPal.
The expansion of banks in the stablecoin market is not an automatic win for banks and a loss for nonbanks, Wester said.
"We are still in the early infrastructure-buildout stage," Wester said. "The market is figuring out what stablecoins are best used for and which are the ecosystems that developers and businesses will actually build around."
The pressure on coins like PYUSD is that they will need a clear reason to exist beyond simply being a branded digital dollar, according to Wester.
"The winners will be the coins with distribution, liquidity, developer adoption, merchant acceptance and real payment or settlement use cases," Wester said. "The banks will offer trust, regulatory familiarity and institutional relationships, but nonbanks can still win where they have strong ecosystems and customer access."
Some nonbank issuers, including PayPal, already have those advantages, according to Wester. "The challenge is turning that distribution into actual stablecoin usage," he said. "So I expect we will see more consolidation and pressure, but not a simple bank-versus-nonbank outcome."
The recently announced Open Standard coin has potential to disrupt both bank-issued and nonbank coins, but it's too early to say if its coalition and governance model can be sustained, according to Aaron Press, research director of Worldwide Payment Strategies at IDC.
"The biggest source of uncertainty around any of these coins is the fragmented regulatory environment," Press told American Banker. "Cross border payments are the most promising use case, but there will need to be significant changes to, and additional clarity around, regulations and controls before stablecoins can scale to a meaningful share of volume."
中国进口预期推升迈威尔
重要性3/5 中高
MRVL为直接标的且事件新近，但核心政策为二手报道，文章未提供公司层面经营证据。
中文摘要
核心结论
文章称，中国可能放宽英伟达H200人工智能处理器进口限制的报道，引发前期回调后的半导体板块反弹；MRVL当日上涨7%，但该走势主要反映行业风险偏好变化，原文没有新增公司经营披露。
重要性评级
评级：3/5（中高）
发布时间接近当日美股收盘，MRVL为直接关联标的，且提供了股价波动与行业背景；关键进口政策仍是媒体转述，文章同时夹带推广性买入表述，证据强度有限。
关键事实
- 美东时间 07/09 15:51（UTC+8 07/10 03:51）发布时，文章称半导体股在近期下跌后出现逢低承接。
- 《信息报》报道称，中国主管部门已向阿里巴巴、字节跳动和深度求索等科技公司表示，可能允许采购数量受限的英伟达H200人工智能处理器；上限低于20万颗，用于模型训练。
- 文章称SK海力士约245亿美元美国存托凭证发行获逾7倍超额认购，作为人工智能存储芯片机构需求强劲的旁证。
- MTSI（MACOM科技解决方案）上涨6.8%，MRVL上涨7%。
- 原文统计MRVL过去12个月出现41次单日涨跌幅超过5%的波动；3日前该股曾上涨4.1%。
- 文中转述瑞银将第三季度双倍数据速率内存合约价格环比涨幅预测由17%上调至32%，并预计动态随机存取存储器供应紧张至少持续至2028年第二季度。
- 文章称MRVL年初以来上涨175%，股价245.77美元，较2026年6月的52周高点316.43美元低22.3%。
作者观点与证据
作者把MRVL及MACOM上涨归因于中国进口限制可能放松、存储需求叙事和前期超跌反弹，并援引投行关于内存价格与估值的看法。中国政策许可尚未在原文中附官方文件，瑞银、花旗、美国银行和高盛的说法均为卖方或交易台观点；文末“逢低买入”及推广链接属于作者平台营销内容。
与相关标的的关系
MRVL是文章的直接标的，当日7%的涨幅与半导体板块反弹同步。若H200采购许可落实，相关人工智能算力和数据中心供应链情绪可能受益；原文未证明该政策会改变MRVL收入、订单或客户采购计划。MTSI同属受影响的半导体公司。
时效性与限制
发布于美东时间 07/09 15:51（UTC+8 07/10 03:51），适合记录当日MRVL异动及市场叙事。文章依赖二手政策报道和卖方观点，未给出中国主管部门、英伟达或MRVL的确认，也未披露盘中成交、估值口径或基本面数据。
后续跟踪
- 中国主管部门及英伟达对H200采购许可、数量和客户范围的正式披露。
- MRVL关于人工智能数据中心、光互连及定制芯片需求的业绩指引。
- 存储器合约价格、SK海力士发行结果与供应约束数据。
- MRVL股价波动、成交量及相对半导体指数表现。
英文原文
MACOM and Marvell Technology Stocks Trade Up, What You Need To Know
MACOM and Marvell Technology Stocks Trade Up, What You Need To Know
Kayode Omotosho
Fri, July 10, 2026 at 3:51 AM GMT+8 3 min read
- NVDA
-0.66%
- 000660.KS
+1.01%
- MRVL
+4.99%
- MTSI
+3.97%
- BABA
+1.98%
What Happened?
A number of stocks jumped in the afternoon session after semiconductor stocks rebounded amid dip buying following a recent selloff, as reports revealed that China may ease restrictions on advanced Nvidia AI chip imports.
Following sessions of profit-taking that dragged down the entire sector, semiconductor stocks rebounded strongly. The reversal was triggered by a report from The Information that Chinese authorities recently informed top technology companies, including Alibaba, ByteDance, and DeepSeek, that they may soon receive permission to purchase a limited quantity (capped under 200,000 units) of Nvidia's H200 AI processors for model training.
Supporting the improved outlook for chip stocks, reports revealed that SK Hynix's $24.5 billion U.S. ADR offering was oversubscribed by more than seven times, proving that institutional appetite for AI memory chips remains highly robust.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Analog Semiconductors company MACOM(NASDAQ:MTSI) jumped 6.8%.Is now the time to buy MACOM? Access our full analysis report here, it's free.
- Semiconductor Manufacturing company Marvell Technology(NASDAQ:MRVL) jumped 7%.Is now the time to buy Marvell Technology? Access our full analysis report here, it's free.
Zooming In On Marvell Technology (MRVL)
Marvell Technology's shares are extremely volatile and have had 41 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 3 days ago when the stock gained 4.1% on the news that the semiconductor sector continued to rebound from the previous week's sharp selloff amid bullish Wall Street updates.
Broadcom (AVGO) gained about 4.2% after it disclosed in an 8-K that it signed multi-year agreements with Apple through 2031 to supply custom ASIC silicon. Separately, bullish memory notes landed: UBS raised its Q3 DDR contract-pricing forecast to +32% quarter-on-quarter (from +17%) and reiterated DRAM undersupply "until at least 2Q28"; Citi added an upside catalyst watch on Micron; and BofA reiterated Buy ($1,550), arguing memory is "roughly 35-40% of cloud AI capex… yet memory stocks trade at sub-par 10x forward PE." Goldman's trading desk flagged an oversold buy-the-dip setup after momentum factors fell 24% from their peak, the largest drawdown since Q1 2023.
Story Continues
This was a sector recovery on top of a technical bounce and cheaper oil after OPEC+ lifted output. Two events reinforced it as SK Hynix's ~$28bn Nasdaq listing the previous week and Samsung's earnings later in the week kept the "memory super-cycle" story in the headlines.
Marvell Technology is up 175% since the beginning of the year, but at $245.77 per share, it is still trading 22.3% below its 52-week high of $316.43 from June 2026. Investors who bought $1,000 worth of Marvell Technology's shares 5 years ago would now be looking at an investment worth $4,312.
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量子补贴与战略资本设想
重要性2/5 中低
GFS 关联明确但信息主要是既有政策意向与管理层倡议，缺少最终资金文件、项目进度及公司经营数据。
中文摘要
核心结论
文章以 SandboxAQ 首席执行官 Jack Hidary 的主张为主线：美国可仿照挪威设立主权财富基金，长期配置量子、半导体、材料和医药等深科技。与 GFS（GlobalFoundries，晶圆代工厂）直接相关的已披露线索是美国商务部2026年5月提出的3.75亿美元量子晶圆厂激励意向，尚非已完成拨款。
重要性评级
评级：2/5（中低）
文章在当日发布并直接涉及 GFS，但主体是政策倡议和私人公司管理层观点。对 GFS 的金额来自商务部意向文件背景，未披露最终协议、拨付条件或项目进度。
关键事实
- 文章发布于美东时间 07/09 15:46（UTC+8 07/10 03:46）。
- Hidary 在7月9日接受 CNBC（美国财经电视台）采访时提出，美国应建立类似挪威政府全球养老基金的主权财富基金；文中将该基金规模表述为2万亿美元。
- SandboxAQ 获美国商务部 CHIPS（美国芯片与科学法案激励项目）5亿美元资助，用于 LQM（大型定量模型，即面向数值和物理系统推理的模型）；文章未提供获奖日期、合同文本或拨款进度。
- 作者称 LQM 可服务电池材料、药物、能源和金融服务，并引述 Hidary 估计美国经济的85%具有定量属性；该比例为其个人表述。
- 2026年5月21日，美国商务部通过9家公司的意向文件提出总额20.13亿美元激励，涵盖两家量子晶圆厂与七家量子计算公司。
- 文中称 IBM（国际商业机器公司）拟获10亿美元，用于建立量子级超导晶圆新子公司；GFS 拟获3.75亿美元，用于建设安全的美国本土量子晶圆厂。
- SandboxAQ 的 LQM 已在 Google Cloud Marketplace（谷歌云应用市场）供企业客户采购；原文未披露客户数、合同金额或收入。
作者观点与证据
作者接受 Hidary 将补贴、政府持股和主权财富基金串联为长期国家资本战略的框架。可核验的事实基础是商务部的量子激励意向和 SandboxAQ 的5亿美元奖励说法；主权财富基金的必要性、其对产业竞争力的效果及量子板块前景均为管理层与作者推断。文中对 GFS 的表述在“已获”与“拟获意向资金”之间存在口径差异，后者与正文的意向文件描述更一致。
与相关标的的关系
- GFS：3.75亿美元量子晶圆厂激励意向是最直接关联，但需以最终奖项、合同条款和项目实施为准。
- IBM：文中称其拟获10亿美元量子晶圆厂支持，作为量子制造政策的另一案例。
- SAAQ.PVT：SandboxAQ 为未上市公司，其5亿美元项目奖项和企业销售渠道构成文章主体。
- NVDA：仅出现在文中广告性选股内容与行业背景，没有可用于该公司的新增事实。
时效性与限制
文章发布于美东时间 07/09 15:46（UTC+8 07/10 03:46），可用于跟踪美国量子制造支持政策。24/7 Wall St.（财经媒体）的原文混入推广内容，且没有链接到商务部意向文件、SandboxAQ 奖项文本或谷歌云销售数据；政策倡议尚未成为政府决定。文章归档文本仅限受保护的内部阅读环境。
后续跟踪
- 美国商务部对 IBM、GFS 量子项目的最终奖项、金额和条件。
- GFS 量子晶圆厂的地点、资本开支、建设节点和客户信息。
- SandboxAQ 5亿美元项目的合同状态、技术里程碑和商业化数据。
- 美国政府是否提出主权财富基金的正式法案、预算或执行机制。
英文原文
SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund
SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund
Thomas Richmond
Fri, July 10, 2026 at 3:46 AM GMT+8 3 min read
- IBM
-2.23%
- SAAQ.PVT
- NVDA
-0.66%
- GFS
+2.56%
Quick Read
- IBM secured $1 billion and GlobalFoundries $375 million in CHIPS Act quantum foundry investments, part of $2 billion in Commerce Department incentives announced in May.
- Hidary argues America needs a sovereign wealth fund modeled on Norway's $2 trillion vehicle to strategically deploy federal capital into deep-tech sectors.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .
Artificial intelligence may be the biggest technology race in the world, but SandboxAQ CEO Jack Hidary believes the United States is still investing with the wrong playbook.
janews / Shutterstock.com Speaking on CNBC on Thursday, July 9, Hidary argued that America should treat strategic technologies the way countries like Norway manage national wealth by making long-term investments in industries that strengthen economic competitiveness. The timing of his comments was notable, coming alongside a $500 million federal award for SandboxAQ's large quantitative models (LQMs) and growing government support for quantum computing and advanced manufacturing.
Why Hidary Wants a U.S. Sovereign Wealth Fund
Hidary framed recent federal equity stakes and grants as part of a broader capital strategy, not one-off subsidies. "Many countries out there have a sovereign wealth fund. Norway has a very successful one now at $2 trillion . It's time that America really has a sovereign wealth fund to really push forward the core technologies that advance our economy," he said on CNBC.
He tied that thesis directly to domestic capacity. "This investment in SandboxAQ and in other companies... [is] really part of a larger picture of a sovereign wealth strategy that builds value for the American taxpayer , builds resiliency so that we can build semiconductors in America , so that we can build the advanced pharmaceuticals in America as well ," Hidary added.
Oslo's Government Pension Fund Global in Norway, valued at $2 trillion, functions as a long-duration equity investor funded by resource revenues. Hidary's version would deploy federal capital into deep-tech companies whose outputs, from battery chemistries to pharmaceutical candidates, feed strategic industries.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .
The $500 Million CHIPS Award and What LQMs Do
SandboxAQ announced it had won a $500 million award from the Department of Commerce's CHIPS program for its large quantitative models. LQMs sit alongside large language models in the current AI stack but are engineered to reason about numerical and physical systems rather than text. Hidary said the models can produce novel battery chemistries without relying on foreign raw-material sources, an explicit response to supply-chain concentration in critical minerals.
Story Continues
His framing of the addressable opportunity was blunt. "If you want to make a new drug for cancer, for Alzheimer's, if you want to make a new material for batteries... we just won the award from the CHIPS program of the Department of Commerce. 500 million award for our LQMs," he said. Because 85% of the U.S. economy is quantitatively based, the target market for quantitative reasoning tools stretches across pharma, energy, materials, and financial services.
SandboxAQ's models are now available on the Google Cloud Marketplace to enterprise customers. Placing LQMs inside an existing procurement channel shortens sales cycles for regulated buyers that already run workloads on Google Cloud.
Quantum Computing May Be the Next Federal Investment Wave
Hidary's sovereign-wealth argument fits alongside the Commerce Department's broader quantum push. On May 21, 2026, the department announced $2.013 billion in federal incentives under the CHIPS and Science Act through letters of intent with 9 companies, including two quantum foundries and seven quantum computing companies.
IBM ( NYSE:IBM ) was slated to receive $1 billion in planned funding to establish a new quantum foundry subsidiary for quantum-grade superconducting wafers, and GlobalFoundries ( NASDAQ:GFS ) was set for $375 million in planned funding to establish a secure, domestic quantum foundry.
Hidary flagged that program as an underappreciated catalyst. "The Department of Commerce recently announced letters of intent in a number of quantum hardware companies. I think that could be a very big positive for that sector," he said.
For readers interested in how AI power demand and infrastructure could create new opportunities, our team's Free Report: 7 Stocks Powering the AI Boom (That Aren't Chipmakers) is worth reading.
What to Watch Next
Hidary's proposal reaches well beyond SandboxAQ. His broader argument is that America should treat strategic technologies as long-term national investments rather than as isolated corporate subsidies.
The next clues will come from Washington. Additional CHIPS awards, enterprise adoption of SandboxAQ's models through Google Cloud Marketplace, and any movement toward a U.S. sovereign investment vehicle would all signal whether policymakers are embracing the capital-allocation strategy Hidary envisions.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
美国加密监管法案进入冲刺期
重要性5/5 高
发布于日报前一日，覆盖多个输入标的的美国监管框架，并给出近期文本与排期节点；匿名消息和未公开草案限制了确定性。
中文摘要
核心结论
据 CoinDesk 引述知情人士，美国参议院的 Clarity Act（数字资产市场清晰法案）合并文本最快或于下周公布，并可能在 07/20 当周进入参议院议程。法案仍未取得民主党支持，政府官员加密商业关系限制、联邦优先权以及 SEC（美国证券交易委员会）和 CFTC（美国商品期货交易委员会）人事安排均未解决，离参议院 60 票门槛仍有距离。
重要性评级
评级：5/5（高）
文章发布于日报前一日，涉及美国数字资产市场结构立法的近期文本与排期，覆盖 BTC、ETH、SOL、CRCL 和 HYPE 所处的监管环境。信息来自谈判知情人士而非正式法案，可信度受匿名来源和程序不确定性限制，但时效性与潜在影响面较高。
关键事实
- CoinDesk 称，参议院银行委员会与农业委员会的立法工作正合并为新文本，最快可能于下周发布。
- 一名知情人士称，合并稿较早期文本新增逾 70 页；报道指其更强调消费者保护。
- 民主党要求限制包括总统在内的高级政府官员维持与加密行业的商业关系；这一伦理条款尚未形成妥协，讨论过由州总检察长提起伦理违规诉讼的方案。
- 法案需取得至少 60 票才能在参议院推进；两名曾支持银行委员会版本的民主党参议员仍称，若伦理问题未获回应，未必支持最终文本。
- 报道称倡议方希望法案最早在 07/20 当周提交参议院审议；7 月余下三周及 8 月第一周构成主要程序窗口。
- 争议还包括联邦优先权，以及 SEC 和 CFTC 空缺席位的人事安排；白宫尚未签署合并文本，也未参与最近一轮谈判。
- 俄勒冈州民主党参议员 Ron Wyden 支持保留 BRCA（区块链监管确定性法案）中对非托管客户资产开发者的法律保护，DeFi（去中心化金融）行业将此视为重点。
- 即使参议院通过，众议院仍须批准参议院版本，随后还需总统签署。
作者观点与证据
报道的判断是该法案仍有一段狭窄的 2026 年立法窗口，但政治协商尚未完成。其证据来自熟悉谈判者、立法工作人员信号、Wyden 的公开信以及国会日程；新增文本、发布时间表与票数支持均未见正式草案或投票文件验证，匿名消息应与后续公布文本分开看待。
与相关标的的关系
BTC、ETH、SOL、CRCL 和 HYPE 未在报道中被逐一讨论，但都处于美国数字资产交易、稳定币、链上应用或代币市场结构的监管范围内。法案若推进，影响路径在于交易平台规则、监管归属、开发者责任与消费者保护框架；当前没有足够事实将其写成任何单一标的的确定性催化。
时效性与限制
文章发布于美东时间 07/09 15:34（UTC+8 07/10 03:34），并于美东时间 07/09 15:54（UTC+8 07/10 03:54）更新。它适合当日跟踪国会文本和跨党派支持进展；限制是文本尚未公开、关键消息依赖匿名来源、参议院与众议院程序均可能延后，且总统立场尚未落实到该合并稿。
后续跟踪
- 合并文本是否于下周正式发布，以及新增条款的完整内容。
- 伦理限制、联邦优先权及 SEC、CFTC 人事争议是否形成可公开核验的妥协。
- 民主党支持者数量是否接近参议院 60 票要求。
- 07/20 当周是否出现正式排期、委员会动作或众议院协调安排。
英文原文
Newest version of crypto Clarity Act may drop as soon as next week, sources say
Policy
Newest version of crypto Clarity Act may drop as soon as next week, sources say
After a long stretch without breakthroughs in the crypto market structure bill, insiders say a new draft may emerge in a final push for late-July action — though it still lacks bipartisan buy-in.
By Jesse Hamilton , Nikhilesh De | Edited by Aoyon Ashraf
Updated Jul 9, 2026, 7:54 p.m. Published Jul 9, 2026, 7:34 p.m.
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U.S. Capitol Building (Jesse Hamilton/CoinDesk)
Summary
Show
- Lawmakers may drop a new version of the Clarity Act as soon as next week, people following the effort told CoinDesk.
- The new version of the bill will combine the efforts from the Senate Banking and Agriculture Committees, though there are still outstanding issues to resolve, including ethics, a key ask for Senate Democrats.
- Democrats will still need to buy into the new draft, which would need 60 votes to advance out of the Senate.
The U.S. Senate legislation that would regulate the crypto industry is wobbling forward in what are likely its final days as a viable effort for 2026, and advocates expect a new draft could emerge as soon as next week for potential Senate action later in the month.
The Digital Asset Market Clarity Act has just a few weeks left to advance in the Senate before the chamber's calendar and wider congressional politics leave its chances close to zero, but those briefed on the negotiations say they've seen some headway, including a new text that's come together in the merger of the efforts from the two relevant Senate committees: Banking and Agriculture.
However, legislative staffers signaled that the effort hasn't yet secured Democratic buy-in it'll need, despite much of the latest material representing a response to their concerns.
The unified version of the Clarity Act — which is said by one person to have had more than 70 pages of text added — hasn't yet solidified a position on the major sticking point: A Democrat-demanded restriction keeping senior government officials (including the president) from maintaining business ties with the crypto sector. Without a compromise on such ethics limits, several lawmakers have said they won't vote yes on a final bill.
These talks have raised some specific ideas, such as letting state attorneys general sue for ethic violations. However, progress has slowed to a crawl, according to some familiar with the negotiation.
The merged text that may be released next week will not represent a simple combination of the two bills the respective committees voted to approve earlier this year. Both committees' members negotiated on outstanding issues — the Agriculture Committee more so, given that bill was voted out of committee on strictly partisan lines — and the updated bill is said to reflect the results of that process, putting more emphasis on consumer protections.
The bill's advocates expect it to reach the Senate floor as soon as the week of July 20, though the lawmakers have a lot of work left.
Beyond ethics, outstanding issues include federal preemption, and negotiators still need to come to a final agreement on filling the Securities and Exchange Commission and Commodity Futures Trading Commission. Earlier Thursday, the White House sent a letter to Senators John Thune and Chuck Schumer, respectively the majority and minority heads in the Senate, saying Democrats had not put forward any names for the minority roles on these commissions.
Last month, a letter from Democratic senators had criticized Trump and Majority Leader John Thune for refusing "in almost every instance to engage with Senate Democratic leadership in the normal process of identifying Democratic nominees to fill vacancies on independent agencies. Instead, the White House appears set on leaving the vast majority of these critical positions open indefinitely."
The Clarity Act will need a significant number of Democrats to get on board before it can clear the 60-vote threshold in the Senate. So far, even the two Democrats who voted to advance the Banking Committee's version warned that they may not approve the final version if it doesn't answer their outstanding concerns, including the ethics provision. The White House also hasn't signed off on the merged text, or engaged in the most recent negotiations.
But elsewhere, another sign of hope appeared in a Wednesday letter from Senator Ron Wyden to Senate leadership that the Oregon Democrat supported the way the earlier legislation handled the legal protections for developers — specifically the section of Clarity known as the Blockchain Regulatory Certainty Act, which would ensure crypto developers wouldn't be treated under federal regulations as money transmitters if they're not handling customer assets. The decentralized finance (DeFi) sector has made preserving the BRCA a top aim in the Clarity negotiations.
Though some of the crypto industry's DC insiders had begun to express private uncertainty about the Clarity Act's survival, the effort hasn't yet reached its fatal deadline for getting done before the summer congressional break and the shift of attention to the fall midterm elections.
The Senate calendar includes three remaining weeks in July and the first week of August. However, the process to advance the legislation could take a few days of that time, meaning there's scant runway left for a 2026 takeoff. And there's some concern a defense spending bill may also complicate the chamber's bandwidth.
Also, the U.S. House of Representatives would need to approve the Senate's version of Clarity before it could become law, so the process would await the action of a House that's been nearly paralyzed by Republican infighting . And it would then head to the desk of President Donald Trump for a signature to make it law, though the president has refused to sign another popular piece of legislation — the Senate's bipartisan housing bill — as he insists that Congress needs to prioritize his demands for new voting rules.
UPDATE (July 9, 2026, 19:53 UTC): Adds details of the expected Clarity Act draft.
Clarity Act Breaking News Exclusive
Latest Crypto News
- 1 New Hampshire snuffs out trailblazing state-government bitcoin bond effort 4 hours ago
- 2 Grayscale's CFO exits after 7 years with crypto asset manager 6 hours ago
- 3 With SEC fight over, Coinbase's top legal exec Grewal moves on, and others reassigned 6 hours ago
- 4 Arbitrum jumps 19% benefitting from Robinhood's $568 million onchain trading frenzy 6 hours ago
- 5 Billions flowing out of bitcoin ETFs and private credit funds suggest rising market risks 8 hours ago
- 6 AI contracts, not bitcoin, now drive miner valuations, and Cipher and TeraWulf look cheap, says analyst 11 hours ago
- 7 Ethereum's newest nonprofit wants to become Wall Street's guide to crypto 12 hours ago
- 8 Aave rolls out vaults for yield-hungry fintech investors 14 hours ago
- 9 Age verification is the surveillance nobody voted for 14 hours ago
- 10 Over $7.2 billion have migrated from LayerZero to Chainlink CCIP as Mantle joins exodus 15 hours ago
Latest Research
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
By CoinDesk Research
Jul 7, 2026
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters :
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
View Full Report
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马斯克称Anthropic暂居前列
重要性2/5 中低
时效性较高，但核心为人物表态，和GOOG、SPCX的直接经营关联弱，缺少可核验的量化新信息。
中文摘要
核心结论
埃隆·马斯克在美东时间 07/09 14:59（UTC+8 07/10 02:59）相关报道中称，Anthropic（人工智能模型开发商）“显然”是当前人工智能领先者，但未说明衡量标准。文章将该表态与Claude产品扩张、潜在首次公开募股及对OpenAI、Google和xAI的竞争并列，核心证据仍是单一人物评价和公司发展叙事。
重要性评级
评级：2/5（中低）
文章发布较新，涉及GOOG所处的人工智能竞争环境及SPCX关联人物马斯克，但没有新产品、财务、订单或监管事实可直接量化公司经营影响，且报道篇幅很短。
关键事实
- 马斯克在X（社交平台）上回应有关主流人工智能模型表现的帖子时，称Anthropic为当前领先者；他未展开说明模型、任务或评价指标。
- Anthropic以Claude模型家族与OpenAI、Google和马斯克旗下xAI竞争，文章特别提及其在软件开发者的编程使用场景中获得关注。
- 文中称Claude Opus 4.5在去年晚些时候推出后，因编程能力获得开发者和人工智能研究者认可；未提供下载量、活跃用户或收入数据。
- Claude Cowork被描述为把研究、写作和办公任务自动化能力扩展至企业和非技术用户的产品。
- Anthropic由包括首席执行官Dario Amodei在内的前OpenAI高管于2021年创立。
- 文章称Anthropic在6月秘密提交美国首次公开募股文件，并在数周前完成一轮估值约9,650亿美元的融资；该估值数字未附融资文件或独立核验。
- 文中提及Claude Code编程助手在硅谷获得采用，但未给出客户、定价或留存数据。
作者观点与证据
报道没有建立独立的模型排名框架，重点是马斯克的简短评价。文章用Claude Opus 4.5、Claude Cowork和Claude Code的产品叙事支撑Anthropic竞争力，但“领先”结论缺少统一基准测试、成本、推理速度、企业合同或收入数据；融资估值也仅按原文披露呈现。
与相关标的的关系
- GOOG：Google被列为Anthropic的竞争者，马斯克的评价可反映前沿模型竞争舆论，不能单独推导Google模型能力、云业务或广告业务变化。
- SPCX：文章关联点是马斯克本人，未披露SpaceX（太空探索技术公司）与Anthropic之间的商业合作、持股或经营影响。
时效性与限制
发布时间为美东时间 07/09 14:59（UTC+8 07/10 02:59）。该内容适合作为行业舆情和竞争背景引用；它缺少马斯克评价的具体依据，且关于产品采用、融资与首次公开募股的信息没有原始文件链接或第三方数据支撑。
后续跟踪
- Anthropic首次公开募股申请的公开进展、融资条款和估值核验。
- Claude系列在编程与企业办公场景的第三方使用及收入指标。
- 各主流模型在统一任务集上的第三方性能、价格和可靠性比较。
- Google及其他竞争者针对企业编程与智能体产品的发布和客户数据。
英文原文
Musk calls rival Anthropic the current frontrunner in AI
Musk calls rival Anthropic the current frontrunner in AI
Jaiveer Shekhawat
Fri, July 10, 2026 at 2:59 AM GMT+8 1 min read
- OAI
- SPCX +2.63%
- GOOGL -0.84%
Investing.com -- Elon Musk said on Thursday that artificial intelligence startup Anthropic is "obviously" the current leader in AI, offering rare praise for a rival as competition intensifies among the industry's biggest players.
Musk made the comment in response to a post on X discussing the performance of leading AI models. He did not elaborate on the basis for his assessment.
Anthropic has emerged as one of the leading AI developers, challenging OpenAI, Google and Musk's xAI with its Claude family of models, particularly among software developers using AI for coding.
Anthropic's rise accelerated late last year following the launch of Claude Opus 4.5, an advanced AI model widely praised for its coding capabilities. The model gained rapid adoption among software developers and AI researchers, with many in the tech community describing themselves as "Claude-pilled" as they shifted from rival AI assistants.
The company's momentum was further boosted by the rollout of Claude Cowork, which expanded its appeal beyond programmers by enabling businesses and non-technical users to automate research, writing and workplace tasks. Those product launches helped cement Anthropic's position as one of the fastest-growing AI companies and a leading challenger to OpenAI.
The company was founded in 2021 by former OpenAI executives, including Chief Executive Dario Amodei. Its Claude Code coding assistant has gained traction in Silicon Valley, helping cement Anthropic's position as one of OpenAI's strongest competitors.
Anthropic confidentially filed for a U.S. initial public offering in June, weeks after securing a funding round that valued the company at about $965 billion, setting the stage for what could become one of the largest AI listings.
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Musk calls rival Anthropic the current frontrunner in AI
Citi pushes back Fed rate cuts to May after blowout January jobs report
Wolfe Research outlines eight risks that could spark stock declines in 2026
Meta升级智能体模型能力
重要性3/5 中
META与GOOG直接相关，产品版本和能力指标明确且发布时间新；信息源短、以公司声明为主，证据强度有限。
中文摘要
核心结论
GuruFocus报道，Meta在美东时间 07/09 14:56（UTC+8 07/10 02:56）发布Muse Spark 1.1，并将其定位为面向多模态推理和智能体任务的升级模型，以加强与Google、OpenAI和Anthropic的竞争。模型能力、对标结果和定价意图主要来自Meta及马克·扎克伯格的说法，尚缺少独立测试和商业化数据。
重要性评级
评级：3/5（中）
文章直接覆盖META与GOOG，包含明确产品版本、上下文窗口和定价方向；但篇幅极短、信息主要为公司自述，未提供客户采用、收入或第三方性能证据。
关键事实
- Meta在周四推出Muse Spark 1.1，称其为重大升级，并将竞争对象指向Google、OpenAI和Anthropic。
- Meta称Muse Spark 1.1是一款面向智能体任务的多模态推理模型，在工具调用、计算机操作、编程和多模态理解方面有所提升。
- 文中称该模型支持100万词元上下文窗口，并可通过任务规划、任务分派和调用前序步骤信息来编排多智能体系统。
- 扎克伯格向彭博社表示，该模型优于Google的Gemini 3.1 Pro；文章未给出测试集、评分、提示词、成本或可复现结果。
- Meta在博客文章中将Muse Spark 1.1与OpenAI和Anthropic模型比较，具体比较材料未在原文展开。
- 扎克伯格称Meta计划采取激进定价，并以低于竞争者的价格提供产品；未披露价格表、客户类型、服务条款或毛利影响。
作者观点与证据
报道以Meta产品发布为中心，语气认可其对Google和OpenAI的竞争意图。产品能力、Gemini 3.1 Pro对标和低价计划均来自Meta或扎克伯格；文章没有引用独立评测、开发者反馈、企业客户、计算资源消耗或收入数据。页面同时出现估值工具和风险提示推广，和新闻事实无关。
与相关标的的关系
- META：Muse Spark 1.1的模型能力、定价和智能体落地将影响其人工智能产品竞争路径；文中未说明其收入模式或对广告业务的实际贡献。
- GOOG：Gemini 3.1 Pro被Meta列为性能对照对象，相关影响局限于竞争性产品主张，不能据此确认Google模型相对表现。
时效性与限制
发布时间为美东时间 07/09 14:56（UTC+8 07/10 02:56），属于近期产品发布信息，可作为当日人工智能产品动态。来源为GuruFocus，原文仅约一分钟阅读量；模型性能和低价战略未经第三方验证，且缺少发布日期以外的开发者可用性、地区覆盖与商业条款细节。
后续跟踪
- Muse Spark 1.1的公开可用范围、接口价格和服务限制。
- 独立机构对多模态、编程、工具调用和计算机操作任务的评测。
- 开发者与企业客户的采用、留存和付费数据。
- Meta与Google后续模型版本、价格和产品集成节奏。
英文原文
Meta Takes Aim at Google and OpenAI
Meta Takes Aim at Google and OpenAI
Moz Farooque ACCA
Fri, July 10, 2026 at 2:56 AM GMT+8 1 min read
- META +4.70%
- GOOGL -0.84%
This article first appeared on GuruFocus .
Meta Platforms ( NASDAQ:META ) introduced Muse Spark 1.1 on Thursday, calling the new AI model a major upgrade as Mark Zuckerberg pushes harder against Google ( NASDAQ:GOOG ), OpenAI and Anthropic.
Meta said Muse Spark 1.1 is a multimodal reasoning model built for agentic tasks, with gains in tool use, computer use, coding and multimodal understanding. The company said the model can manage a 1M-token context window and orchestrate multi-agent systems by planning tasks, delegating work and pulling information from earlier steps.
- Warning! GuruFocus has detected 2 Warning Sign with META.
- Is META fairly valued? Test your thesis with our free DCF calculator.
Zuckerberg told Bloomberg the model outperforms Google's Gemini 3.1 Pro, while Meta also compared it with OpenAI and Anthropic models in a blog post. He said Meta plans to be aggressive on pricing and undercut rivals.
存储与人工智能订单放大SOXL波动
重要性4/5 高
发布新近，直接涉及SOXL、MU及人工智能基础设施供应链，金额和采购期限明确；部分内容来自转述，杠杆基金的价格传导不能替代实时核验。
中文摘要
核心结论
文章称，美光（MU，存储芯片公司）拟投入最多30亿美元加强美国半导体供应链，并向环球晶圆提供5亿美元贷款和签署10年硅晶圆采购协议；同时转述Meta（META，社交媒体与人工智能基础设施公司）的多类供应协议。文中将这些消息与SOXL（Direxion每日半导体牛市3倍ETF）单日上涨14.1%相联系，但三倍杠杆机制会同步放大涨跌。
重要性评级
评级：4/5（高）
该文直接涉及SOXL与MU，并列出金额、期限、供应商及Meta基础设施支出规模；其中Meta协议为路透转述，SOXL涨幅和成分股传导需由正式行情与基金文件核验。文章来自Motley Fool且含推广内容。
关键事实
- 文章发表于美东时间07/09 14:29（UTC+8 07/10 02:29）。
- 文中称纳斯达克综合指数约涨1.2%，SOXL约涨14.1%。
- 美光宣布最多投资30亿美元，用于加强美国半导体供应链生态。
- 美光拟向环球晶圆提供5亿美元贷款，支持其在得州谢尔曼建设300毫米原始硅晶圆工厂。
- 美光还与环球晶圆签署10年硅晶圆采购协议。
- 文中转述路透报道：Meta与闪迪达成多年数据中心NAND闪存供应协议，并从三星采购DRAM（动态随机存取存储器）。
- 文章还称Meta采购住友电气光纤线缆、台积电的Iris人工智能芯片，博通负责芯片设计，并计划当年投入1450亿美元建设人工智能基础设施。
- 文中指出，美光、博通与台积电均为SOXL相关半导体成分股，三倍日度杠杆放大了相关股价波动。
作者观点与证据
作者将多项供应链和人工智能基础设施消息视为半导体上涨的驱动，并用指数与SOXL的当日涨幅说明杠杆放大效果。美光投资及协议细节应以公司公告确认；Meta采购清单来自路透转述；文中未提供SOXL当日净值、持仓权重或再平衡损耗数据，并含推广性内容。
与相关标的的关系
SOXL直接受其半导体成分股的日度价格变动及三倍杠杆影响。MU的资本投入和长期硅晶圆采购最具直接公司关联；NVDA（英伟达，人工智能芯片公司）仅在报价栏出现，文中没有新增订单或经营事实。META、AVGO与台积电的信息反映人工智能基础设施供应链需求。
时效性与限制
文章在采集前约9小时发布，时效性较高。它将多项消息与单日基金波动并置，不能据此确认全部涨幅的因果来源；杠杆ETF的单日收益不代表较长周期回报，且报道中的部分交易细节尚待原始披露核验。
后续跟踪
- 美光30亿美元计划的投资时间表、贷款条款与产能进展。
- 环球晶圆得州工厂的建设、客户认证和供货节奏。
- Meta、闪迪、三星、台积电和博通对供应协议的正式披露。
- SOXL成分股权重、日度杠杆再平衡与实际净值表现。
英文原文
Direxion Daily Semiconductor Bull 3X ETF Explodes
Direxion Daily Semiconductor Bull 3X ETF Explodes
Rich Smith, The Motley Fool
Fri, July 10, 2026 at 2:29 AM GMT+8 3 min read
- ^IXIC
+1.30%
- MU
+4.52%
- NVDA
-0.66%
- SOXL
+10.08%
- 6488.TWO
+9.76%
It's Thursday, 2 p.m., and do you know where the Nasdaq is?
It's up a respectable 1.2% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is up much, much more, surging past 14.1% on some billion-dollar-plus news items in semiconductors today.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
Micron boosts the market
The first news comes from Micron (NASDAQ: MU) stock, which is surging nearly 8% after announcing it's investing up to $3 billion "to strengthen the U.S. semiconductor supply chain ecosystem," including by loaning GlobalWafers Co., Ltd. $500 million to help build its 300mm raw silicon wafer manufacturing facility in Sherman, Tex., and its signing a 10-year deal to buy the wafers GlobalWafers churns out.
In related news, Reuters is reporting that Meta Platforms (NASDAQ: META) has signed a multi-year supply agreement to source NAND flash memory for its data centers from Sandisk (NASDAQ: SNDK), and is also buying DRAM from Samsung, and fiber optic cables from Sumitomo Electric, and Iris artificial intelligence chips from Taiwan Semiconductor Manufacturing (NYSE: TSM) -- with Broadcom (NASDAQ: AVGO) doing the chip design work.
It's all part of a Meta plan to spend $145 billion building out AI infrastructure this year alone.
3x the risk, 3x the gain
Think all the above might be enough to get semiconductor investors excited? Today it is, for sure. And several of the companies making headlines today -- Micron, Broadcom, and Taiwan Semiconductor Manufacturing -- are components of the Direxion Daily Semiconductor Bull 3X Shares ETF, too.
Their share price gains directly translate into upwards momentum for the ETF, and once 3x'ed... well, that's how you take a 1.2% Nasdaq gain, and parlay it into a 14.1% skyrocket for this heavily leveraged bet on semiconductor stocks.
Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?
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Story Continues
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Rich Smith has positions in Meta Platforms. The Motley Fool has positions in and recommends Broadcom, Meta Platforms, Micron Technology, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy .
Direxion Daily Semiconductor Bull 3X ETF Explodes was originally published by The Motley Fool
SK海力士美国存托凭证启幕
重要性4/5 中高
07/10发生的美国上市事件与内存主题直接相关，时效性强；但原文过短，发行和认购细节未获一手资料支撑。
中文摘要
核心结论
Barron's称，SK Hynix（SK海力士）计划于07/10在纳斯达克以 SKHY 代码开始其美国存托凭证交易，正值华尔街内存股热度上升。文章称有报道显示该发行认购超过7倍，但原文未交代报道来源、发行规模或定价。
重要性评级
评级：4/5（中高）
这是紧邻当日的新增美国市场交易标的事件，直接关联内存主题及 DRAM ETF（交易所交易基金）相关持仓；原文只有极短摘录，关键发行细节和超额认购说法仍待核验。
关键事实
- SK海力士是韩国内存芯片制造商。
- 文章称其美国存托凭证将于07/10在纳斯达克开始交易，代码为 SKHY。
- 原文将该上市置于华尔街内存股热度升温的背景下。
- 文章称部分报道显示，发行认购超过7倍。
- 文章发布时间为美东时间 07/09 14:01（UTC+8 07/10 02:01）。
- 文中列出相关内存与存储标的，包括 MU（美光）、SNDK（闪迪）、STX（希捷）、WDC（西部数据）及 DRAM（Roundhill Memory ETF）。
作者观点与证据
文章立场偏向将上市视为内存热潮的延续。可见证据仅包括拟上市时间、代码和“超过7倍认购”的二手说法；没有招股文件、承销信息、发行股数、价格区间或交易首日数据，不能据此判断实际市场需求强度。
与相关标的的关系
- DRAM：其内存主题敞口可能因 SK海力士在美国市场新增可交易凭证而获得更直接的市场参照，但文章未说明该基金是否会持有 SKHY。
- MU、SNDK、STX、WDC：同属美国市场内存或存储比较对象，文章没有披露它们与上市之间的实际业务变化。
- 000660.KS（SK海力士韩国股票）：美国存托凭证上市是其新增交易渠道，原文未提供换股比例或与韩国股票的定价关系。
时效性与限制
文章发表于美东时间 07/09 14:01（UTC+8 07/10 02:01），对应07/10预定开始交易，时效性高。文章来源只保留约1分钟阅读的摘要，信息密度有限；“超过7倍认购”需要以交易所、发行文件或承销方披露复核。
后续跟踪
- 纳斯达克首日实际开盘、成交和收盘数据。
- 发行规模、价格、美国存托凭证换股比例及承销安排。
- SKHY 与000660.KS之间的价格和流动性关系。
- 内存ETF对SKHY的潜在纳入或权重变化。
英文原文
Memory Stock Surge Sets Stage for SK Hynix
Memory Stock Surge Sets Stage for SK Hynix's U.S. Trading Debut
Memory Stock Surge Sets Stage for SK Hynix's U.S. Trading Debut · Barrons.com · Marketwatch
Barrons.com
Fri, July 10, 2026 at 2:01 AM GMT+8 1 min read
- 000660.KS
+1.10%
- SNDK
+7.59%
- ^GSPC
+0.81%
- MU
+4.52%
- DRAM
+3.74%
SK Hynix is set to begin trading on the U.S. market on Friday adding to the mounting memory hype on Wall Street. The South Korean memory chip maker will list its American depositary receipts on the Nasdaq under the ticker “SKHY.” The ADR listing is highly anticipated with some reports signaling it is more than seven times oversubscribed.
Continue Reading
科技走强与油价回落
重要性2/5 低
时效性高但正文不可得，剩余信息与更完整的市场综述重复，MRVL关联仅为标签层面。
中文摘要
核心结论
该付费快讯仅可见标题、发布时间和少量行情字段，标题称科技股带动美国股市盘中走高，油价走低；可用内容不足以确认具体驱动、市场幅度或MRVL的公司层面影响。
重要性评级
评级：2/5（低）
发布时间新近且MRVL被列为相关标的，但正文被付费墙截断，公开可核事实仅有指数、原油和美光的行情快照，不能支撑深入日报判断。
关键事实
- 文章发布于美东时间 07/09 13:46（UTC+8 07/10 01:46）。
- 标题称美国股票指数在科技股带动下盘中上涨，油价回落。
- 可见行情字段显示原油合约CL=F上涨0.44%，MU（美光科技）上涨4.52%。
- 可见指数字段为道琼斯工业平均指数上涨0.27%、标普500指数上涨0.81%、纳斯达克综合指数上涨1.30%。
- 正文只保留“美国基准股指走高”的不完整句子，其余内容要求订阅后阅读。
- MRVL被列入相关标的，但可见正文未披露其价格、业务、客户、业绩或新闻事件。
作者观点与证据
文章可见部分没有完整作者论证，只能从标题读取“科技走强、油价回落与股市上涨并存”的编辑框架。由于核心正文不可访问，无法判断其归因是否有数据、公司公告或其他一手来源支持。
与相关标的的关系
MRVL仅出现在相关标的列表。可见信息可提供半导体和科技风险偏好的弱背景，不能据此推导MRVL的独立催化因素或基本面变化。
时效性与限制
发布于美东时间 07/09 13:46（UTC+8 07/10 01:46），时效性较高。MT Newswires正文受订阅限制且被截断，文章未提供可复核的完整证据链；日报如引用，应限于标题和已显示行情字段。
后续跟踪
- 获取完整原文后核对盘中涨幅、油价变化和归因依据。
- MRVL当日价格、成交量及是否存在公司公告。
- 半导体指数与MU、AMD、INTC等相关股票的同步表现。
- 原油价格变化与科技股表现是否持续脱钩或重新联动。
英文原文
Update: US Equities Rise Intraday in Tech-Led Advance as Oil Prices Ease
PREMIUM
Update: US Equities Rise Intraday in Tech-Led Advance as Oil Prices Ease
MT Newswires
Fri, July 10, 2026 at 1:46 AM GMT+8 3 min read
- CL=F
+0.44%
- MU
+4.52%
- ^DJI
+0.27%
- ^GSPC
+0.81%
- ^IXIC
+1.30%
(Updates with latest market prices and developments.) US benchmark equity indexes were higher int
PREMIUM
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迈威尔光子芯片出货突破
重要性3/5 中高
MRVL合作与出货数量直接相关，可补充光互连业务事实，但信息来自合作方与二次报道，缺少收入和订单细节。
中文摘要
核心结论
塔半导体披露，截至06/18（未给出具体时刻），其通过与MRVL合作已向全球客户出货逾500万颗相干光子集成电路，表明双方在人工智能数据中心光互连供应链已有规模化产品交付。
重要性评级
评级：3/5（中高）
MRVL为合作方且出货数量明确，信息可补充其光互连业务线索；披露来自合作方及二次报道，未给出收入、客户、单价、订单节奏或MRVL确认，证据边界需要保留。
关键事实
- 文章发布于美东时间 07/09 13:19（UTC+8 07/10 01:19）。
- 塔半导体称，06/18（未给出具体时刻）已向其合作伙伴MRVL的全球客户出货逾500万颗相干光子集成电路。
- 光子集成电路用于相干光收发器，即通过光纤传输数据的组件；塔半导体称人工智能计算提升了数据中心网络带宽和速度需求。
- 塔半导体表示，相干光子集成电路须精确控制光的相位和偏振，制造难度高于较简单芯片。
- 双方的技术路径包括硅与其他专用材料结合、电子组件三维堆叠，以及用V型槽封装改善光在芯片中的导引。
- 塔半导体射频业务负责人埃德·普雷斯勒称，其光子制造平台需随相干光收发器需求演进。
- MRVL光学工程首席技术官拉达·纳加拉詹称，该出货里程碑体现双方合作，并计划继续开发面向大规模数据中心网络的新一代相干技术。
作者观点与证据
文章将500万颗出货解读为人工智能数据中心连接需求增长与双方合作能力的证明，主要证据来自塔半导体公告和两家公司高管表述。文中“更高上涨空间、较低下行风险”的推荐性文字没有提供估值或财务证据，属于媒体导流内容。
与相关标的的关系
MRVL是塔半导体的合作伙伴，其相干光收发器面向数据中心网络；逾500万颗光子集成电路出货提供了产品规模化交付的线索。该数据不能直接等同于MRVL确认收入、毛利、市场份额或未来订单，TSEM（塔半导体）则是制造与工艺平台提供方。
时效性与限制
发布于美东时间 07/09 13:19（UTC+8 07/10 01:19），所述出货披露日期为06/18（未给出具体时刻），属于近期但并非当日新事件。原文为Insider Monkey二次报道，关键数量源于塔半导体，未披露客户名称、交付期限、产品代际、合同金额和MRVL独立确认。
后续跟踪
- 塔半导体与MRVL对500万颗出货的产品代际、交付周期及后续扩产说明。
- MRVL关于相干光收发器、数据中心互连收入和客户需求的正式披露。
- 人工智能数据中心网络带宽需求及光互连行业订单数据。
- 双方下一代相干技术的量产时间、性能指标和客户采用进展。
英文原文
Tower Semiconductor (TSEM) Advances AI Data Center Connectivity With Photonics Milestone
Tower Semiconductor (TSEM) Advances AI Data Center Connectivity With Photonics Milestone
Neha Gupta
Fri, July 10, 2026 at 1:19 AM GMT+8 2 min read
- TSEM +4.56%
- MRVL +4.99%
Tower Semiconductor Ltd. (NASDAQ: TSEM ) is one of the top stocks to buy according to Whale Rock Capital Management . On June 18, Tower Semiconductor Ltd. (NASDAQ:TSEM) announced that it has shipped more than five million coherent photonic integrated circuits (PICs) to global customers of its partner Marvell Technology.
Tower Semiconductor (TSEM) Ships Five Million Photonic Chips Through Its Marvell Partnership These chips are used in coherent optical transceivers, which are specialized components that transmit data over fiber optic cables. According to Tower, these components are increasingly needed to link data centers as AI computing drives up demand for network bandwidth and speed. It added that coherent PICs are harder to build than simpler chip types because they must precisely control both the phase and polarization of light. Tower has been working with Marvell to push this technology forward, including combining silicon with other specialized materials, stacking electronic components in three dimensions, and using an advanced packaging method known as V-Grooves to improve how light is guided through the chip.
Dr. Ed Preisler, who leads Tower's RF Business Unit, said the company's photonics manufacturing platforms need to keep evolving alongside the requirements of coherent optical transceivers, and that Tower is proud of its partnership with Marvell in this area.
For Dr. Radha Nagarajan, Marvell's chief technology officer for optical engineering, the shipment is a milestone that proves the strength of the two companies' collaboration. Nagarajan added that Marvell intends to keep working with Tower to develop next-generation coherent technology suited to large-scale data center networks.
Tower Semiconductor Ltd. (NASDAQ:TSEM) is a specialized semiconductor foundry. It provides technology, development, and process platforms for integrated circuits, including SiPho, SiGe, CMOS image sensor, RF CMOS, mixed signal CMOS, non-imaging sensors, and integrated power management technologies.
While we acknowledge the potential of TSEM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
高速互连需求与估值压力
重要性3/5 中
时效性较高且涉及 MRVL 所在高速互连竞争主题，但核心公司为 ALAB，MRVL 相关证据仅为产品背景。
中文摘要
核心结论
文章将 Astera Labs（ALAB）的高速互连增长归因于 AI（人工智能）集群对 PCIe（高速外设互连标准）第六代产品的采用；其二季度收入指引为 3.55亿至3.65亿美元。对 MRVL（Marvell，数据中心网络芯片厂商）而言，文章提供的是高速互连需求扩张与竞争加剧的行业背景，未给出 MRVL 的新增订单或业绩证据。
重要性评级
评级：3/5（中）
文章发布时间近，且直接点名 MRVL、CRDO（Credo，高速互连厂商）作为竞争者；主体仍是 ALAB，估值和收入预测主要来自该公司的管理层及 Zacks（美国投资研究机构）口径。
关键事实
- 文章发布于美东时间 07/09 13:17（UTC+8 07/10 01:17）。
- ALAB 2026年第一季度收入为 3.08亿美元，环比增长14%，同比增长93%；PCIe第六代收入超过季度总收入的三分之一。
- 管理层称，累计已出货数百万个 PCIe 第六代端口。
- Scorpio X-Series（Scorpio X系列交换芯片）最高支持320条通道，面向大规模 AI 集群的横向扩展互连；文中称其网络内计算引擎可将集合通信性能提升一倍。
- ALAB 给出的2026年第二季度收入指引为 3.55亿至3.65亿美元，对应环比增长15%至18%；驱动项包括 PCIe第六代采用、Taurus 产品出货和 Scorpio X-Series 初期放量。
- 文中列举 MRVL 于2026年6月发布 Teralynx T100（102.4 Tbps 数据中心交换芯片），CRDO 于2026年5月完成对 DustPhotonics（硅光子公司）的收购。
- ALAB 年初至今上涨136.4%；其未来12个月市销率为36.42倍，文中行业对比值为3.89倍；2026年每股收益一致预期为2.94美元，同比增幅59.78%。
作者观点与证据
作者倾向于将 ALAB 的收入加速视为 AI 基础设施互连升级的受益结果，依据是季度收入、产品出货、管理层指引和产品规格。竞争部分只列出了 MRVL 与 CRDO 的产品和并购动作，未比较市场份额、客户重叠、价格或订单，因此不能据此推导竞争格局已发生变化。估值判断来自 Zacks 的市销率比较和价值评分，属于研究机构观点。
与相关标的的关系
- MRVL：Teralynx T100 被列为高速数据中心互连竞争产品，文章说明其处于同一需求主题，但未披露 MRVL 的销量、客户或财务影响。
- ALAB、CRDO：分别受益于 PCIe第六代与硅光互连需求的叙事；CRDO 的 DustPhotonics 收购被文章描述为扩展800G、1.6T及3.2T能力。
时效性与限制
文章发布于美东时间 07/09 13:17（UTC+8 07/10 01:17），可作为当日 AI 互连板块背景材料。原文篇幅较短，收入指引和产品进展主要为公司口径；Zacks 的评级、估值分数及一致预期不构成独立验证。文章归档文本仅限受保护的内部阅读环境。
后续跟踪
- ALAB 二季度实际收入与3.55亿至3.65亿美元指引的差异。
- PCIe第六代、800G与1.6T互连产品的客户部署和出货披露。
- MRVL 的 Teralynx T100 客户导入、订单及收入贡献。
- CRDO 收购 DustPhotonics 后的整合进度与硅光产品收入。
英文原文
ALAB Rides on Strong Demand for PCIe Solution: A Sign for More Upside?
ALAB Rides on Strong Demand for PCIe Solution: A Sign for More Upside?
Nilanshi Mukherjee
Fri, July 10, 2026 at 1:17 AM GMT+8 3 min read
- ALAB
+6.18%
Astera Labs ALAB is benefiting from surging demand for its PCIe (Peripheral Component Interconnect Express) solutions, particularly as the AI infrastructure market accelerates and hyperscalers, AI labs and sovereign entities invest heavily in next-generation data center technologies.
In the first quarter of 2026, Astera Labs delivered strong financial results, with revenues reaching $308 million, up 14% sequentially and 93% year over year. PCIe Gen 6 revenues accounted for more than one-third of the company's total revenues in the quarter, underscoring the centrality of this product line to Astera Labs' growth. Millions of PCIe Gen 6 ports have been shipped to date, demonstrating the maturity and adoption of Astera Labs' portfolio across AI fabric and signal conditioning applications.
The company's Scorpio product family, which includes both the X-Series and P-Series PCIe 6 switches, is at the forefront of this momentum. The newly launched Scorpio X-Series supports up to 320 lanes, enabling high-radix, scale-up networking for large AI clusters. These switches are purpose-built to maximize AI economics, featuring hardware-accelerated hypercast and in-network compute engines that can double collective operations performance.
ALAB is diversifying its customer base with new design wins and is well-positioned to capitalize on the industry's transition to PCIe 6, 800 gigs, and 1.6T Ethernet connectivity. Management expects continued strong revenue growth through 2026 and into 2027, driven by the proliferation of AI fabrics and the ongoing shift to higher-speed connectivity standards.
For the second quarter of 2026, ALAB expects revenues between $355 million and $365 million, implying 15% to 18% sequential growth. The outlook is driven by the continued adoption of PCIe 6 across AI platforms, rising Taurus volumes for AI scale-out connectivity and a sustained early-stage ramp-up of Scorpio X-Series products for large-scale XPU clustering.
ALAB Faces Stiff Competition
ALAB is facing stiff competition from other industry players like Marvell Technology MRVL and Credo Technology CRDO. Both Marvell Technology and Credo Technology are making strong efforts in the connectivity space.
Marvell Technology's expanding portfolio has been noteworthy. In June 2026, Marvell Technology introduced the Teralynx T100, a 102.4 Tbps AI-optimized switch silicon designed to enhance high-speed connectivity and networking efficiency in large-scale AI data centers through lower latency and reduced power consumption.
Credo Technology's expanding portfolio has been noteworthy. In May 2026, Credo Technology completed its acquisition of DustPhotonics, adding industry-leading silicon photonics technology to strengthen its optical interconnect portfolio across 800G, 1.6T and 3.2T solutions. The acquisition enhances Credo Technology's vertically integrated AI connectivity stack and is expected to be a significant growth driver in fiscal 2027, supported by increasing hyperscale AI adoption.
Story Continues
ALAB's Share Price Performance, Valuation, and Estimates
ALAB shares have surged 136.4% in the year-to-date period, outperforming the broader Zacks Computer & Technology sector's increase of 14.8%. The Zacks Internet - Software industry has decreased 8% in the same time frame.
ALAB Stock's Performance
Zacks Investment Research
Image Source: Zacks Investment Research
ALAB stock is trading at a premium, with a forward 12-month Price/Sales of 36.42X compared with the Internet - Software industry's 3.89X. ALAB has a Value Score of F.
ALAB's Valuation
Zacks Investment Research
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings is pegged at $2.94 per share, which has increased by a couple of pennies over the past 30 days. This suggests 59.78% year-over-year growth.
Astera Labs, Inc. Price and Consensus
Astera Labs, Inc. Price and Consensus Astera Labs, Inc. price-consensus-chart | Astera Labs, Inc. Quote
ALAB's Zacks Rank
Astera Labs currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Astera Labs, Inc. (ALAB) : Free Stock Analysis Report
Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report
Credo Technology Group Holding Ltd. (CRDO) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Marvell并购股转售登记
重要性2/5 中低
SEC原始文件新近披露且直接关联MRVL，但登记规模仅约占流通股0.017%，没有实际出售承诺或经营增量信息。
中文摘要
核心结论
Marvell Technology, Inc.（美满科技，MRVL）于美东时间 07/09 13:16（UTC+8 07/10 01:16）提交招股说明书补充文件，为收购 XConn Technologies Holdings, Ltd. 时向原股东发行的最多146,504股普通股办理转售登记。该文件不构成公司新增融资；公司不会取得转售所得，登记也不表示股东必然出售。
重要性评级
评级：2/5（中低）
文件发布时间新、来源为美国证券交易委员会（SEC）原始披露，并直接涉及MRVL；但登记股数仅约占7月6日流通股的0.017%，且未披露确定的出售时间或数量，日报优先级有限。
关键事实
- 此次登记依据规则424(b)(7)提交，覆盖最多146,504股MRVL普通股，面值每股0.002美元。
- 这些股份来自MRVL于02/10完成对XConn Technologies Holdings, Ltd.收购时向卖方发行的对价股份。
- 最大登记持有人为Xinchao Technology (Hong Kong) Trade and Development Co. Limited，涉及140,961股；其余持有人合计5,543股。
- 文件以07/06的875,766,423股已发行普通股为基数，146,504股约占0.017%。
- MRVL称，卖方可在交易所、场外市场、私下协商或大宗交易中转售全部、部分或不出售；出售时点、数量与价格均未确定。
- 公司不会从卖方出售取得任何收入，净所得归卖方。
- 纳斯达克（Nasdaq）披露的MRVL 07/08收盘价为231.71美元；按该价格粗略估算，登记股数对应市值约3,394万美元，实际成交价格与数量未知。
作者观点与证据
这是一份监管披露，不含媒体评论或业绩判断。文件的证据是转售登记条款、卖方持股表和并购背景；其明确提示注册不代表任何股份已经或将会出售。
与相关标的的关系
MRVL是直接相关标的。文件增加了并购对价股可转售的法律通道，但规模相对于已发行股本很小；它没有提供XConn整合进度、收入贡献、盈利影响或卖方实际减持计划。
时效性与限制
文件发布于美东时间 07/09 13:16（UTC+8 07/10 01:16），适合列为当日MRVL公司行动事实。持股信息截至07/06，价格引用截至07/08；文件未给出卖方成本、锁定安排细节、实际成交记录或后续持仓变化。
后续跟踪
- 卖方是否在后续持股披露或成交数据中出现实际减持。
- XConn并购相关股份是否还有其他登记、锁定解除或转让文件。
- MRVL后续定期报告对XConn整合、收入与费用的披露。
- 登记后MRVL流通股及主要股东持股变化。
英文原文
424B7
Filed Pursuant to Rule 424(b)(7)
Registration No. 333-285742
PROSPECTUS SUPPLEMENT
To Prospectus dated March 12, 2025
MARVELL TECHNOLOGY, INC.
146,504 Shares of Common Stock
Offered by the Selling Securityholders
The selling securityholders of Marvell Technology, Inc. (“Marvell,” “we,” “us” or the
“Company”) listed under the heading “Selling Securityholders” may offer and resell up to 146,504 shares of our common stock, par value $0.002 per share under this prospectus supplement. The common stock that may be offered by
each selling securityholder using this prospectus supplement represent shares of our common stock that we issued to such selling securityholders in connection with our acquisition of XConn Technologies Holdings, Ltd.
We will not receive any proceeds from the sale of the common stock by the selling securityholders.
Our common stock is listed on The Nasdaq Global Select Market (“Nasdaq”) under the symbol “MRVL.” On July 8,
2026, the closing price of our common stock as reported on Nasdaq was $231.71 per share.
Investing in our securities involves certain
risks. See the “ Risk Factors ” beginning on page S-2, as well as the other information contained or incorporated by reference in this prospectus supplement.
The selling securityholders may sell any or all of their shares of common stock through public or private transactions at market
prices prevailing at the time of sale, at prices related to such market prices, at varying prices determined at the time of sale, at fixed prices or at negotiated prices. The timing and amount of any sale is within the sole discretion of the
applicable selling securityholder, subject to certain restrictions. The registration of the securities covered by this prospectus supplement does not necessarily mean that any of the shares will be offered or sold by the selling securityholders. For
general information about the distribution of securities offered, please see “Plan of Distribution” in this prospectus supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if the prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is July 9, 2026.
Table of Contents
Prospectus Supplement
Page
Summary
S-1
Risk Factors
S-2
Forward-Looking Statements
S-3
Use of Proceeds
S-4
Selling Securityholders
S-5
Plan of Distribution
S-6
Legal Matters
S-9
Independent Registered Public Accounting Firm
S-9
Where You Can Find Additional Information
S-10
Incorporation By Reference
S-11
Prospectus
Page
About this Prospectus
1
Prospectus Summary
2
Where You Can Find More Information
4
Incorporation by Reference
4
Risk Factors
5
Forward-Looking Statements
5
Use of Proceeds
7
Description of Common Stock
7
Description of Debt Securities
8
Description of Warrants
25
Description of Units
27
Plan of Distribution
28
Legal Matters
29
Experts
29
S-i
SUMMARY
This summary highlights certain information about this offering and our business appearing elsewhere in this prospectus supplement or the documents
incorporated by reference herein and does not contain all of the information that you should consider before investing in our securities. The following summary is qualified in its entirety by the more detailed information included elsewhere in, or
incorporated by reference into, this prospectus supplement and the accompanying prospectus, including our consolidated financial statements and notes thereto. For a more complete understanding of this offering and our business, you should read this
entire prospectus supplement and all documents incorporated by reference herein, including the section titled “Risk Factors” herein and in each of our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q before deciding to invest in our securities.
Company Overview
We are a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless
supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip
architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the
data economy and enabling the data center and communications and other end markets.
Corporate Information
We were incorporated in Delaware on October 20, 2020 and changed our name to Marvell Technology, Inc. on April 20, 2021. Our
registered and mailing address is 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 and our telephone number there is (302) 295-4840.
We maintain a website at www.marvell.com where general information about us is available. We are not incorporating the contents of, or
information accessible through, the website into this prospectus supplement or the accompanying prospectus.
The Offering
This prospectus supplement relates to the resale of shares of common stock held by the selling securityholders identified under “Selling
Securityholders.” The shares of common stock that may be offered by each selling securityholder using this prospectus supplement represent shares of our common stock that we issued to each selling securityholder in connection with our
acquisition of XConn Technologies Holdings, Ltd. We will not receive any of the proceeds from the sale of these shares of our common stock by the selling securityholders.
S-1
RISK FACTORS
You should carefully consider, among other things, the risks described under “Risk Factors” in Item 1A of our Quarterly Report on
Form 10-Q for the quarter ended May 2, 2026, filed with the Securities and Exchange Commission (“SEC”) on May 28, 2026, and in other documents that we include or incorporate by reference
into this prospectus supplement.
S-2
FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein contain certain
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), are subject to the “safe harbor” created by those sections. These statements may contain words such as such as “anticipates,” “expects,” “intends,” “plans,”
“predicts,” “believes,” “seeks,” “estimates,” “targets,” “goals,” “could,” “would,” “will,” “may,” “can,”
“continue,” “potential,” “should,” and the negative of these terms or other comparable terminology. Forward-looking statements are predictions, projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those
implied by the forward-looking statements.
Additional factors which could cause actual results to differ materially from our expectations
include those set forth in this prospectus supplement under the heading “Risk Factors,” as well as the risks discussed in the “Risk Factors” section of our most recent Annual Report on Form
10-K and our most recent Quarterly Report on Form 10-Q, each of which is incorporated herein by reference, and in other documents that are incorporated by reference in
this prospectus supplement. These forward-looking statements speak only as of the date hereof. Unless required by law, we undertake no obligation to update any forward-looking statements.
S-3
USE OF PROCEEDS
We will not receive any of the proceeds from the sale of the common stock by the selling securityholders. The selling securityholders will
receive all of the net proceeds from this offering.
S-4
SELLING SECURITYHOLDERS
This prospectus supplement relates to the offer and sale from time to time of up to 146,504 shares of common stock by the selling
securityholders identified in the table below (the “selling securityholders”). The selling securityholders acquired these shares from us in reliance upon an exemption from registration provided by Section 4(a)(2) and/or Rule 506 of
Regulation D promulgated under the Securities Act in connection with our acquisition of XConn Technologies Holdings, Ltd. on February 10, 2026. Pursuant to the agreement and plan of reorganization (the “Merger Agreement”) and a
registration rights agreement, we agreed to register for resale the shares of our common stock issued to the selling securityholders. The term “selling securityholders” includes donees, pledgees, transferees, assignees or other
successors in interest selling securities received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer.
Beneficial ownership is determined in accordance with the rules of the SEC, and includes voting or investment power with respect to our common
stock. To our knowledge, the selling securityholders have sole voting and investment power with respect to their respective shares of common stock, unless otherwise noted below. The selling securityholders may sell some, all or none of their
respective shares of common stock offered by this prospectus supplement from time to time. We do not know how long the selling securityholders will hold their respective shares of common stock covered hereby before selling them. Other than the
Merger Agreement and the agreements contemplated thereby, we currently have no agreements, arrangements or understandings with the selling securityholders regarding the sale of any of the shares of common stock being offered hereunder.
The information in the below table (other than the percentages of our outstanding common stock beneficially owned) in respect of the selling
securityholders was furnished by or on behalf of each of the selling securityholders and is as of July 6, 2026.
Shares Beneficially Owned
Before This Offering (1)
Maximum
Number of
Shares
of
Common
Stock to be
Offered (3)
Shares Beneficially Owned
After This Offering
Selling Securityholder
Number
Percentage (2)
Number (4)
Percentage
Xinchao Technology (Hong Kong) Trade and Development Co. Limited (5)
140,961
*
140,961
—
*
All Other Selling Stockholders (6)
5,543
*
5,543
—
*
Total shares of Common Stock
146,504
*%
146,504
—
*%
(1)
Shares shown in the table above include shares held in the beneficial owner’s name or jointly with
others, or in the name of a bank, nominee or trustee for the beneficial owner’s account.
(2)
Based on 875,766,423 shares of common stock outstanding as of July 6, 2026.
(3)
Represents the number of shares of common stock being registered on behalf of each selling securityholder
pursuant to this prospectus supplement, which may be less than the total number of shares of common stock beneficially owned by such selling securityholder. The amounts set forth in this column do not include any other shares of common stock that
each selling securityholder may own beneficially or otherwise.
(4)
Assumes that the selling securityholders dispose of all of the shares of common stock covered by this
prospectus supplement and do not acquire beneficial ownership of any additional shares. The registration of these shares does not necessarily mean that the selling securityholders will sell all or any portion of the shares covered by this prospectus
supplement.
(5)
The address for Xinchao Technology (Hong Kong) Trade and Development Co. Limited is 1037 Lopez Rd. Pebble
Beach, CA 93953.
(6)
Consists of all other selling stockholders who collectively own less than 1% of our common stock.
(*)
Represents less than 1%.
S-5
PLAN OF DISTRIBUTION
The selling securityholders, which as used herein includes donees, pledgees, transferees, assignees, distributees or other successors-in-interest selling shares of our common stock received after the date of this prospectus supplement from the selling securityholders as a gift, pledge, partnership
distribution or other transfer, may, from time to time, sell any or all of the shares of common stock beneficially owned by them and offered hereby. We will not receive any of the proceeds from the sale by the selling securityholders of the shares
of common stock.
The sales may be made on one or more exchanges or in the
over-the-counter market or otherwise, at prices and at terms then prevailing or at prices related to the then current market price, or in negotiated transactions.
The selling securityholders may effect such transactions by selling the shares of common stock to or through broker-dealers. The shares of
common stock may be sold through broker-dealers by one or more of, or a combination of, the following:
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
block trades in which the broker-dealer will attempt to sell the common stock as agent but may position and
resell a portion of the block as principal to facilitate the transaction;
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
an exchange distribution in accordance with the rules of the applicable exchange;
privately negotiated transactions;
settlement of short sales;
in transactions through broker-dealers that agree with the selling securityholders to sell a specified number of
such common stock at a stipulated price per security;
through the writing or settlement of options or other hedging transactions, whether through an options exchange
or otherwise;
through the distribution of the securities by any selling securityholder to its partners, members, equityholders
or creditors;
pledges of the securities as security for any loan or obligation, including pledges to brokers or dealers who may
from time to time effect distributions of the securities;
sales in other ways not involving market makers or established trading markets, including direct sales to
institutions or individual purchasers;
a combination of any such methods of sale; or
any other method permitted pursuant to applicable law.
In addition, a selling securityholder that is an entity may elect to make a pro rata in-kind
distribution of shares of our common stock to its members, partners or securityholders pursuant to the registration statement of which this prospectus supplement forms a part by delivering a prospectus supplement. To the extent that such members,
partners or securityholders are not affiliates of ours, such members, partners or securityholders would thereby receive freely tradeable shares of our common stock pursuant to the distribution through a registration statement.
The selling securityholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus
supplement. The selling securityholders also may transfer the shares of common stock in other circumstances, in which case the transferees or other successors in interest will be the selling beneficial
S-6
owners for purposes of this prospectus supplement. Broker-dealers engaged by the selling securityholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling securityholders (or, if any broker-dealer acts as agent for the purchaser of common stock, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus
supplement, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with Financial Industry Regulatory Authority (“FINRA”) Rule 5110; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.
The selling securityholders may enter into derivative or hedging transactions with respect
to the shares or pledge the shares to secure debts and other obligations (including obligations associated with derivatives transactions). The selling securityholders may also sell common stock short and deliver these shares to close out their short
positions, or loan or pledge the securities to broker-dealers that in turn may sell these shares. The selling securityholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more
derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus supplement, which securities such broker-dealer or other financial institution may resell pursuant to this
prospectus supplement (as supplemented or amended to reflect such transaction).
The selling securityholders and any broker-dealers,
agents or derivatives or hedging counterparties that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by
such broker-dealers, agents or counterparties and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.
The selling securityholders have informed us that they do not have any agreements or understandings, directly or indirectly, with any person
to distribute the common stock. If the selling securityholders notify us that a material arrangement has been entered into with a broker-dealer or other person deemed an “underwriter” for the sale of shares through a block trade, special
offering or secondary distribution, a purchase by a broker or dealer or certain derivative or hedging transactions, we may be required to file a prospectus supplement pursuant to the applicable rules promulgated under the Securities Act.
There can be no assurance that the selling securityholders will sell any or all of the shares of common stock registered pursuant to this
prospectus supplement and the registration statement of which the accompanying prospectus forms a part.
We are required to pay
registration expenses relating to the registration of the shares of common stock covered by this prospectus supplement, other than underwriting discounts and selling commissions. We have agreed to indemnify the selling securityholders against
certain losses, claims, damages and liabilities, including liabilities under the Securities Act, or the selling securityholders may be entitled to contribution. We may be indemnified by the selling securityholders against civil liabilities,
including liabilities under the Securities Act that may arise from written information furnished to us by the selling securityholders specifically for use in this prospectus supplement.
The shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the shares may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling securityholders will be subject to
applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common stock by the selling securityholders or any other person. We will make copies
of this prospectus
S-7
supplement and the accompanying prospectus available to the selling securityholders and have informed them of the need to deliver a copy of this prospectus supplement and the accompanying
prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).
We may
restrict or suspend offers and sales or other dispositions of the shares under this prospectus supplement, at any time from and after the filing date of this prospectus supplement, subject to certain terms and conditions. In the event of such
restriction or suspension, the selling securityholders will not be able to offer or sell or otherwise dispose of the shares of common stock under this prospectus supplement.
We cannot assure you that the selling securityholders will sell all or any portion of the securities offered hereby.
All of the foregoing may affect the marketability of the securities offered hereby. This offering will terminate on the date that all
securities offered by this prospectus supplement have been sold by the selling securityholders.
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LEGAL MATTERS
The validity of the securities offered hereby will be passed upon for us by Wilson Sonsini Goodrich & Rosati, Professional
Corporation, Palo Alto, California.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The financial statements and the related financial statement schedules of Marvell Technology, Inc. as of January 31, 2026 and
February 1, 2025 and for each of the three years in the period ended January 31, 2026, incorporated in this prospectus supplement by reference to Marvell Technology, Inc.’s Annual Report on Form
10-K for the year ended January 31, 2026, and the effectiveness of Marvell Technology, Inc.’s internal control over financial reporting as of January 31, 2026, have been audited by
Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports. Such financial statements and financial statement schedules are included in reliance upon the reports of such firm given their authority as
experts in accounting and auditing.
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WHERE YOU CAN FIND ADDITIONAL INFORMATION
We file annual, quarterly and current reports, proxy statements and other information and documents with the SEC. You may read and obtain
copies of any document we file with the SEC on the SEC website located at www.sec.gov.
This prospectus supplement does not contain all of
the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information concerning us and our securities, you should read the entire registration statement, of which this
prospectus supplement forms a part, and the additional documents listed under “Incorporation by Reference” below. The registration statement has been filed electronically and may be obtained through the SEC’s website listed above.
Any statements contained in this prospectus supplement concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the registration statement or
otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference.
Information about us is also available
on our website at www.marvell.com, under the Company-Investors “-Financial Information” or “—SEC Filings” caption. This URL and the SEC’s URL above are intended to be inactive textual references only. Information
on, or accessible through, our website or the website of the SEC is not a part of this prospectus supplement.
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INCORPORATION BY REFERENCE
The SEC’s rules allow us to incorporate by reference information into this prospectus supplement. This means that we can disclose
important information to you by referring you to another document that we have filed with the SEC. Any information referred to in this way is considered part of this prospectus supplement from the date we file that document. Any reports filed by us
with the SEC after the date of this prospectus supplement and before the date that the offering of the securities by means of this prospectus supplement is terminated will automatically update and, where applicable, supersede any information
contained or incorporated by reference in this prospectus supplement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this prospectus supplement.
We specifically incorporate by reference into this prospectus supplement the following documents or information filed with the SEC (other
than, in each case, information deemed to have been furnished or not filed in accordance with the SEC rules):
our Annual Report on Form
10-K for the year ended January 31, 2026, filed with the SEC on March 11, 2026 (including the information incorporated by reference into our Annual Report on
Form 10-K for the year ended January
31, 2026 from our Definitive Proxy Statement on Schedule 14A , filed with the SEC on May 13, 2026);
our Quarterly Report on Form 10-Q for the period ended May 2,
2026 , filed with the SEC on May 28, 2026;
our Current Reports on Form 8-K filed with the SEC on February 2,
2026 , February 6, 2026 ,
February
18, 2026 , March
19, 2026 , March
19, 2026 , March
31, 2026 , April
15, 2026 , June
11, 2026 , and June 25, 2026 ;
the description of our common stock filed as Exhibit
4.12 to our Annual Report on Form 10-K for the fiscal year ended January 28, 2023; and
any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the
date of this prospectus supplement and before the termination of this offering.
You may electronically access these
documents through our website, www.marvell.com, under the “Company—Investors “—Financial Information” or “—SEC Filings” caption. We are not incorporating the contents of, or information accessible
through, the website into this prospectus supplement or the accompanying prospectus, other than in accordance with the prior sentence. You may also request a copy of these filings, at no cost, by writing to or telephoning us at the following
address:
Marvell Technology, Inc.
5488 Marvell Lane
Santa Clara,
California, 95054
Attn: Investor Relations
(408) 222-0777
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PROSPECTUS
MARVELL TECHNOLOGY, INC.
DEBT SECURITIES
COMMON
STOCK
WARRANTS
UNITS
We may issue securities from time to time in one or more offerings, in amounts, at prices and on terms determined at the time of offering.
This prospectus describes some of the general terms and conditions that may apply to these securities. We will provide the specific terms and conditions of these securities in prospectus supplements to this prospectus.
We may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous
or delayed basis, at prices and on other terms to be determined at the time of offering. We reserve the sole right to accept, and together with any agents, dealers and underwriters, reserve the right to reject, in whole or in part, any proposed
purchase of securities. If any agents, dealers or underwriters are involved in the sale of any securities, the applicable prospectus supplement will set forth their names and any applicable commissions or discounts. The net proceeds to us from the
sale of securities also will be set forth in the applicable prospectus supplement. Before you invest, you should carefully read this prospectus, any applicable prospectus supplement and information described under the headings “Where You Can
Find More Information” and “Incorporation by Reference.”
Our common stock is listed on the Nasdaq Global Select Market
under the symbol “MRVL.” Each prospectus supplement will indicate whether the securities offered thereby will be listed on any securities exchange.
Investing in our securities involves certain risks. See the “ Risk Factors ” section on page 5 of this
prospectus and the risk factors we incorporate by reference herein and, if any, in the relevant prospectus supplement.
Neither of
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is March 12, 2025.
TABLE OF CONTENTS
Page
About this Prospectus
1
Prospectus Summary
2
Where You Can Find More Information
4
Incorporation by Reference
4
Risk Factors
5
Forward-Looking Statements
5
Use of Proceeds
7
Description of Common Stock
7
Description of Debt Securities
8
Description of Warrants
25
Description of Units
27
Plan of Distribution
28
Legal Matters
29
Experts
29
i
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the “SEC”)
utilizing a “shelf” registration process. Under this shelf registration process, we may, from time to time, sell any combination of the securities described in this prospectus in one or more offerings.
This prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide a
prospectus supplement or a free writing prospectus that will contain specific information about the terms of that offering. The prospectus supplement or free writing prospectus may also add, update or change information contained in this prospectus.
You should read both this prospectus, any prospectus supplement and any free writing prospectus together with the additional information described under the heading “Where You Can Find More Information” and “Incorporation by
Reference.”
We have not authorized anyone to provide any information other than that contained or incorporated by reference in
this prospectus or in any related prospectus supplement or free writing prospectus prepared by us or on our behalf or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you. We are offering to sell securities only in jurisdictions where offers and sales are permitted. This prospectus and any applicable prospectus supplement or any related free writing prospectus do not constitute an
offer to sell or the solicitation of an offer to buy any securities other than the securities described in the applicable prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which
such offer or solicitation is unlawful. You should assume that the information appearing in this prospectus, any prospectus supplement, the documents incorporated by reference and any related free writing prospectus is accurate only as of their
respective dates. Our business, financial condition, results of operations and prospects may have changed materially since those dates.
1
PROSPECTUS SUMMARY
This summary highlights selected information that is presented in greater detail elsewhere, or incorporated by reference, in this
prospectus. It does not contain all of the information that may be important to you and your investment decision. Before investing in our securities, you should carefully read this entire prospectus, including the matters set forth in the section
titled “Risk Factors” and the financial statements and related notes and other information that we incorporate by reference herein, including our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. Unless the context indicates otherwise, references in this prospectus to “Marvell Technology, Inc.,” “we,” “our” and “us” refer,
collectively, to Marvell Technology, Inc., a Delaware corporation, and its subsidiaries taken as a whole.
Company Overview
We are a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless
supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip
architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the
data economy and enabling the data center, enterprise networking, carrier infrastructure, consumer, and automotive/industrial end markets.
Corporate
Information
We were incorporated in Delaware on October 20, 2020 under the name Maui Holdco, Inc. and changed our name to Marvell
Technology, Inc. on April 20, 2021. Our registered and mailing address is 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 and our telephone number there is (302) 295-4840.
We maintain a website at www.marvell.com where general information about us is available. We are not incorporating the contents of the website
into this prospectus.
The Securities That May Be Offered
We may offer or sell common stock, debt securities, warrants and units in one or more offerings and in any combination. Each time securities
are offered with this prospectus, we will provide a prospectus supplement that will describe the specific amounts, prices and terms of the securities being offered and the net proceeds we expect to receive from that sale.
The securities may be sold to or through underwriters, dealers or agents or directly to purchasers or as otherwise set forth in the section
titled “Plan of Distribution.” Each prospectus supplement will set forth the names of any underwriters, dealers, agents or other entities involved in the sale of securities described in that prospectus supplement and any applicable fee,
commission or discount arrangements with them.
Common Stock
We may offer shares of our common stock, par value $0.002 per share, either alone or underlying other registered securities convertible into
our common stock. Holders of our common stock are entitled to receive dividends declared by our board of directors out of funds legally available for the payment of dividends, subject to rights, if any, of preferred stockholders. Each holder of
common stock is entitled to one vote per share. The holders of common stock have no preemptive rights.
2
Debt Securities
We may offer debt securities either separately or together with, or upon the conversion or exercise of or in exchange for, other securities
described in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and
may be issued in one or more series.
The debt securities will be issued under the indenture between us and U.S. Bank Trust Company,
National Association (successor in interest to U.S. Bank National Association). We have summarized the material provisions of the debt securities and select portions of the indenture below. The indenture is qualified under the Trust Indenture Act of
1939, as amended, or the Trust Indenture Act. The indenture has been filed as an exhibit to the registration statement of which this prospectus forms a part and you should read the indenture for provisions that may be important to you. Supplemental
indentures and forms of debt securities containing the terms of the debt securities being offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated by reference from reports that we
file with the SEC, as applicable. Unless the context requires otherwise, whenever we refer to an indenture, we also are referring to any supplemental indentures or forms of debt securities that specify the terms of a particular series of debt
securities.
Warrants
We may offer warrants for the purchase of common stock or debt securities. We may offer warrants independently or together with other
securities.
Units
We may offer units comprised of one or more of the other classes of securities described in this prospectus in any combination. Each unit will
be issued so that the holder of the unit is also the holder of each security included in the unit.
3
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the
public over the Internet at the SEC’s website at www.sec.gov. Copies of certain information filed by us with the SEC are also available on our website at https://www.marvell.com/. Information accessible on or through our website is not a part
of this prospectus.
This prospectus and any prospectus supplement is part of a registration statement that we filed with the SEC and do
not contain all of the information in the registration statement. You should review the information and exhibits in the registration statement for further information on us and our consolidated subsidiaries and the securities that we are offering.
Forms of any indenture or other documents establishing the terms of the offered securities are filed as exhibits to the registration statement of which this prospectus forms a part or under cover of a Current Report on Form 8-K and incorporated in this prospectus by reference. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to
the document to which it refers. You should read the actual documents for a more complete description of the relevant matters.
INCORPORATION BY REFERENCE
The SEC allows us to incorporate by reference much of the information that we file with the SEC, which
means that we can disclose important information to you by referring you to those publicly available documents. The information that we incorporate by reference in this prospectus is considered to be part of this prospectus. Because we are
incorporating by reference future filings with the SEC, this prospectus is continually updated and those future filings may modify or supersede some of the information included or incorporated by reference in this prospectus. This means that you
must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated by reference have been modified or superseded. This prospectus incorporates by
reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (in each case, other than those documents or the portions of those documents furnished pursuant to
Items 2.02 or 7.01 of any Current Report on Form 8-K and, except as may be noted in any such Form 8-K, exhibits filed on such form that are related to such
information) after the date of the initial registration statement of which this prospectus forms a part and prior to the effectiveness of the registration statement, as well as subsequent to the effectiveness of the registration statement, until the
offering of the securities under the registration statement of which this prospectus forms a part is terminated or completed:
our Annual Report on Form 10-K for the year ended February 1,
2025, filed with the SEC on March 12, 2025 ;
the information incorporated by reference into our Annual Report on
Form 10-K for the year ended February 3, 2024 from our
Definitive Proxy Statement on Schedule 14A , filed with the SEC on May 8, 2024; and
the description of our common stock contained in the Form 8-K12B, filed
with the SEC on April 20, 2021 , including any amendment or report filed for the purpose of updating such description.
You may request a copy of these filings, at no cost, by writing or telephoning us at the following address and telephone number:
Marvell Technology, Inc.
1000 N.
West Street, Suite 1200
Wilmington, Delaware 19801
Attn: Investor Relations
(302) 295-4840
4
RISK FACTORS
Investing in our securities involves risks. The prospectus supplement applicable to each offering of our securities will contain a discussion
of the risks applicable to an investment in our securities. Before making a decision to invest in our securities, in addition to the other information contained in this prospectus and any prospectus supplement, you should carefully consider the
risks, uncertainties and assumptions discussed under “Part I—Item 1A—Risk Factors” of our most recent Annual Report on Form 10-K and in “Part II—Item 1A—Risk
Factors” in our most recent Quarterly Report on Form 10-Q filed subsequent to such Form 10-K that are incorporated herein by reference, as may be amended,
supplemented or superseded from time to time by other reports we file with the SEC in the future. See “Where You Can Find More Information.” The risks and uncertainties we have described are not the only ones we face. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations.
FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated by reference into this prospectus contain certain “forward-looking statements”
within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements provide current expectations of future events based on certain assumptions and include any
statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,”
“seeks,” “estimates,” “targets,” “goals,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,”
“should,” and the negative of these terms or other comparable terminology often identify forward-looking statements.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated in
the forward-looking statements. Factors that could cause actual results to differ materially from those predicted include, but are not limited to:
risks related to our ability to design, develop and introduce new and enhanced products, in particular in the
Artificial Intelligence Cloud and 5G markets, in a timely and effective manner, as well as our ability to anticipate and adapt to changes in technology;
risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our
major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market, and risks related to the gain or loss of design wins with our key
customers;
risks related to changes in general macroeconomic conditions such as economic slowdowns, inflation, stagflation,
high or rising interest rates, financial institution instability, and recessions;
risks related to tariffs and trade restrictions with China, Russia and other foreign nations including risks
related to the ability of our customers, particularly in jurisdictions such as China that may be subject to trade restrictions (including the need to obtain export licenses) to develop their own solutions, vertically integrate which may reduce the
need for our products, or acquire fully developed solutions from third parties;
risks related to our ability to execute on changes in strategy and realize the expected benefits from
restructuring activities;
risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as
the ability of our customers to manage inventory;
risks related to our ability to successfully integrate and to realize anticipated benefits or synergies, on a
timely basis or at all, in connection with our past, current, or any future acquisitions, divestitures, significant investments or strategic transactions;
risks related to the highly competitive nature of the end markets we serve, particularly within the semiconductor
and infrastructure industries;
5
risks related to our ability to maintain a competitive cost structure for our manufacturing, assembly, testing
and packaging processes and our reliance on third parties to produce our products;
risks related to our ability to attract, retain and motivate a highly skilled workforce, especially engineering,
managerial, sales and marketing personnel;
risks related to any current and future litigation, regulatory investigations, or contractual disputes with
customers that could result in substantial costs and a diversion of management’s attention and resources that are needed to successfully maintain and grow our business;
risks related to our ability to scale our business;
cybersecurity risks;
risks related to our debt obligations;
risks related to the extension of lead time due to supply chain disruptions, component shortages that impact the
costs and production of our products and kitting process, and constrained availability from other electronic suppliers impacting our customers’ ability to ship their products, which in turn may adversely impact our sales to those customers;
risks related to the specific conditions in the end markets we address, including seasonality and volatility in
the technology sector and semiconductor industry;
risks related to failures to qualify our products or our suppliers’ manufacturing lines;
risks related to failures to protect our intellectual property, particularly outside the United States;
risks related to the potential impact of significant events or natural disasters or the effects of climate change
(such as drought, flooding, wildfires, increased storm severity, sea level rise, and power outages), particularly in certain regions in which we operate or own buildings, such as Santa Clara, California, and where our third-party manufacturing
partners or suppliers operate, such as Taiwan and elsewhere in the Pacific Rim;
risks related to our sustainability programs;
risks related to the impact of the COVID-19 pandemic or other future
pandemics, on the global economy and on our customers, suppliers, employees and business; and
risks related to failures of our customers to agree to pay for NRE
(non-recurring engineering) costs, failure to pay enough to cover the costs we incur in connection with NREs or non-payment of previously agreed NRE costs due to us.
Forward-looking statements are not guarantees of future performance and our actual results may differ significantly
from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and our
most recent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” which is incorporated herein by reference, as well as those discussed in other documents that are incorporated by
reference in this prospectus. Unless required by law, we undertake no obligation to update publicly any forward-looking statements.
6
USE OF PROCEEDS
Except as otherwise set forth in the applicable prospectus supplement, we intend to use the net proceeds from the sales of the securities
covered by this prospectus for general corporate purposes, which may include, but are not limited to, funding for working capital, payment of dividends, capital expenditures, repurchases of our common stock, repayment of debt, and acquisitions. We
may temporarily invest funds that are not immediately needed for these purposes in short-term investments, including, but not limited to, marketable securities.
DESCRIPTION OF COMMON STOCK
The description of our common stock is incorporated by reference to Exhibit
4.12 to our Annual Report on Form 10-K for the fiscal year ended January 28, 2023, filed with the SEC on March 9, 2023.
7
DESCRIPTION OF DEBT SECURITIES
We have summarized below general terms and conditions of the debt securities that we will offer and sell pursuant to this prospectus. When we
offer to sell a particular series of debt securities, we will describe the specific terms and conditions of the series in a prospectus supplement to this prospectus. We will also indicate in the applicable prospectus supplement whether the general
terms and conditions described in this prospectus apply to the series of debt securities. The terms and conditions of the debt securities of a series may be different in one or more respects from the terms and conditions described below. If so,
those differences will be described in the applicable prospectus supplement.
We may offer debt securities either separately or together
with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to this
prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series.
The debt securities
will be issued under the indenture between us and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association). We have summarized the material provisions of the debt securities and select portions of the
indenture below. The indenture is qualified under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act. The summary is not complete and is subject to, and qualified in its entirety by reference to, all of the provisions of the
indenture applicable to a particular series of debt securities. The indenture has been filed as an exhibit to the registration statement of which this prospectus forms a part and you should read the indenture for provisions that may be important to
you. Supplemental indentures and forms of debt securities containing the terms of the debt securities being offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated by reference from
reports that we file with the SEC, as applicable. Capitalized terms used in the summary and not defined herein have the meanings specified in the indenture. Unless the context requires otherwise, whenever we refer to an indenture, we also are
referring to any supplemental indentures or forms of debt securities that specify the terms of a particular series of debt securities.
General
We may offer the debt securities from time to time in as many distinct series as we may determine. The indenture does not limit the
amount of debt securities that we may issue under that indenture. We may, without the consent of the holders of the debt securities of any series, issue additional debt securities ranking equally with, and otherwise similar in all respects to, the
debt securities of the series (except for the public offering price and the issue date) so that those additional debt securities will be consolidated and form a single series with the debt securities of the series previously offered and sold.
The debt securities of each series will be issued in fully registered form without interest coupons. We currently anticipate that the debt
securities of each series offered and sold pursuant to this prospectus will be issued as global debt securities as described under “—Book-Entry; Delivery and Form; Global Securities” and will trade in book-entry form only.
Debt securities denominated in U.S. dollars will be issued in minimum denominations of $2,000 and any integral multiple of $1,000 in excess
thereof, unless otherwise specified in the applicable prospectus supplement. If the debt securities of a series are denominated in a foreign or composite currency, the applicable prospectus supplement will specify the denomination or denominations
in which those debt securities will be issued. Unless otherwise specified in the applicable prospectus supplement, we will repay the debt securities of each series at 100% of their principal amount, together with any premium and accrued and unpaid
interest thereon at maturity, except if those debt securities have been previously redeemed or purchased and cancelled.
Unless otherwise
specified in the applicable prospectus supplement, the debt securities of each series will not be listed on any securities exchange.
8
Provisions of Indenture
The indenture provides that debt securities may be issued under it from time to time in one or more series. For each series of debt securities,
this prospectus and the applicable prospectus supplement will describe the following terms and conditions of that series of debt securities:
the title of the series;
the maximum aggregate principal amount, if any, established for debt securities of the series, provided, however,
that such amount may from time to time be increased by a board resolution;
the price or prices at which the debt securities will be sold;
the person to whom any interest on a debt security of the series will be payable, if other than the person in
whose name that debt security (or one or more predecessor debt securities) is registered at the close of business on the regular record date for such interest;
the date or dates on which the principal and premium, if any, of any debt securities of the series will be
payable or the method used to determine or extend those dates;
the rate or rates at which any debt securities of the series will bear interest, if any, or the method by which
such rate or rates shall be determined, the date or dates from which any such interest will accrue, or the method by which such date or dates shall be determined, the interest payment dates on which any such interest will be payable and the regular
record date, if any, for any such interest payable on any interest payment date, or the method by which such date or dates shall be determined, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months, the right, if any, to extend or defer interest payments and the duration of such extension or deferral;
the place or places where the principal of and any premium and interest on any debt securities of the series will
be payable, the place or places where the debt securities of such series may be presented for registration of transfer or exchange, the place or places where notices and demands to or upon us in respect of the debt securities of such series may be
made and the manner in which any payment may be made;
the period or periods within which or the date or dates on which, the price or prices at which, the currency or
currency units in which, and the terms and conditions upon which any debt securities of the series may be redeemed, in whole or in part, at our option and, if other than by a board resolution, the manner in which any election by us to redeem the
debt securities will be evidenced;
our obligation or right, if any, to redeem or purchase any debt securities of the series pursuant to any sinking
fund, amortization, special mandatory redemption or analogous provisions or at the option of the holder thereof and the period or periods within which, the price or prices at which, the currency or currency units in which, and the terms and
conditions upon which any debt securities of the series will be redeemed or purchased, in whole or in part, pursuant to such obligation;
if other than minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the
denominations in which any debt securities of the series will be issuable;
if other than the trustee, the identity of each security registrar and/or paying agent;
if the amount of principal of or premium, if any, or interest on any debt securities of the series may be
determined with reference to a financial or economic measure or index or pursuant to a formula, the manner in which such amounts will be determined;
if other than U.S. dollars, the currency, currencies or currency units in which the principal of or premium, if
any, or interest on any debt securities of the series will be payable and the manner of determining the equivalent thereof in U.S. dollars for any purpose;
if the principal of or premium, if any, or interest on any debt securities of the series is to be payable, at our
election or the election of the holder thereof, in one or more currencies or currency units other than
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that or those in which such debt securities are stated to be payable, the currency, currencies or currency units in which the principal of or premium, if any, or interest on such debt securities
as to which such election is made will be payable, the periods within which or the dates on which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount will be determined);
if the provisions of the indenture relating to satisfaction and discharge thereof shall apply to the debt
securities of that series as set forth therein, or if provisions for the satisfaction and discharge of the indenture other than as set forth therein shall apply to the debt securities of that series;
if other than the entire principal amount thereof, the portion of the principal amount of any debt securities of
the series which will be payable upon declaration of acceleration of the maturity thereof pursuant to the indenture or the method by which such portion shall be determined;
if the principal amount payable at the stated maturity of any debt securities of the series will not be
determinable as of any one or more dates prior to the stated maturity, the amount which will be deemed to be the principal amount of such debt securities as of any such date for any purpose thereunder or hereunder, including the principal amount
thereof which will be due and payable upon any maturity other than the stated maturity or which will be deemed to be outstanding as of any date prior to the stated maturity (or, in any such case, the manner in which such amount deemed to be the
principal amount will be determined);
whether and under what circumstances we will pay additional amounts on any debt securities of the series held by
a person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether we will have the option to redeem such debt securities rather than pay such additional amounts;
if other than by a board resolution, the manner in which any election by us to defease any debt securities of the
series pursuant to the indenture will be evidenced; whether any debt securities of the series other than debt securities denominated in U.S. dollars and bearing interest at a fixed rate are to be subject to the defeasance provisions of the
indenture; or, in the case of debt securities denominated in U.S. dollars and bearing interest at a fixed rate, if applicable, that the debt securities of the series, in whole or any specified part, will not be defeasible pursuant to the indenture;
if applicable, that any debt securities of the series shall be issuable in whole or in part in the form of one or
more global securities and, in such case, the respective depositaries for such global securities, the form of any legend or legends which shall be borne by any such global security in addition to or in lieu of that set forth in the indenture and any
circumstances in which any such global security may be exchanged in whole or in part for debt securities registered, and any transfer of such global security in whole or in part may be registered, in the name or names of persons other than the
depositary for such global security or a nominee thereof;
any addition to, deletion from or change in the events of default applicable to any debt securities of the series
and any change in the right of the trustee or the requisite holders of such debt securities to declare the principal amount thereof due and payable in the event of default;
any addition to, deletion from or change in the covenants applicable to debt securities of the series;
the terms of any right to convert or exchange debt securities of such series into any other securities or
property of ours or of any other corporation or person, and the additions or changes, if any, to the indenture with respect to the debt securities of such series to permit or facilitate such conversion or exchange;
whether the debt securities of the series will be guaranteed by any persons and, if so, the identity of such
persons, the terms and conditions upon which such debt securities will be guaranteed and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;
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whether the debt securities of the series will be secured by any collateral and, if so, the terms and conditions
upon which such debt securities will be secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness of us or of any guarantor;
whether the debt securities will be issued in a transaction registered under the Securities Act and any
restriction or condition on the transferability of the debt securities of such series;
the exchanges, if any, on which the debt securities may be listed; and
any other terms of the debt securities of the series (which terms will not be inconsistent with the provisions of
the indenture, except as permitted thereunder).
Interest and Interest Rates
In the applicable prospectus supplement, we will designate the debt securities of a series as being either debt securities bearing interest at
a fixed rate of interest or debt securities bearing interest at a floating rate of interest. Each debt security will begin to accrue interest from the date on which it is originally issued. Interest on each such debt security will be
payable in arrears on the interest payment dates set forth in the applicable prospectus supplement and as otherwise described below and at maturity or, if earlier, the redemption date described below. Interest will be payable to the holder of record
of the debt securities at the close of business on the record date for each interest payment date, which record dates will be specified in such prospectus supplement.
As used in the indenture, the term “business day” means, with respect to debt securities of a series, unless otherwise specified
in the applicable prospectus supplement, any day, other than a Saturday or Sunday, that is not a day on which the banking institutions are authorized or required by law or executive order to close or on which commercial banks in New York, New York
are authorized or required by law to close.
If any interest payment date, redemption date, repayment date or stated maturity of a debt
security, or any date on which a holder has the right to convert such debt security, falls on a date that is not a business day, then payment of principal and premium, if any, or interest, or the redemption price or conversion of such debt security,
will be made on the next succeeding business day at such place of payment with the same force and effect as if made on the interest payment date, redemption date or repayment date, or at the stated maturity, or on such conversion date. No interest
shall accrue for the period from and after any such interest payment date, redemption date, repayment date, stated maturity or conversion date, as the case may be, to the date of such payment.
Optional Redemption
Redemption at Our Option.
If specified in the applicable prospectus supplement, we may elect to redeem all or part of the outstanding debt securities of a series from time to time before the maturity date of the debt securities of that series. Upon such
election, we will notify the trustee of the redemption date and the principal amount of debt securities of the series to be redeemed. If less than all the debt securities of the series are to be redeemed, the particular debt securities of that
series to be redeemed will be selected by the trustee in accordance with the depositary’s procedures unless otherwise required by any applicable exchange’s or depositary’s requirements, in the case of notes represented by a global
note, or pro rata, by lot or such other method as the trustee shall determine to be fair or appropriate, in the case of notes that are not represented by a global note. If we shall so direct, debt securities registered in our name or the name of any
of our affiliates or subsidiaries shall not be included in the debt securities for redemption. The applicable prospectus supplement will specify the redemption price for the debt securities to be redeemed (or the method of calculating such price),
in each case in accordance with the terms and conditions of those debt securities.
Notice of redemption will be given to each holder of
the debt securities to be redeemed not less than 15 nor more than 60 days prior to the date set for such redemption (or within such period as otherwise specified as
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contemplated by the indenture for debt securities of a series). This notice will identify the debt securities to be redeemed and will include the following information: the redemption date; the
redemption price (or the method of calculating such price); if less than all of the outstanding debt securities of such series are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the
particular debt securities to be redeemed; that on the redemption date the redemption price will become due and payable and, if applicable, the interest thereon will cease to accrue; the place or places where such debt securities are to be
surrendered for payment of the redemption price; for any debt securities that by their terms may be converted, the terms of conversion, the date on which the right to convert the debt securities will terminate and the place or places where such debt
securities may be surrendered for conversion; that the redemption is for a sinking fund, if that is the case; and, if applicable, the CUSIP number of the debt securities to be redeemed.
By no later than 11:00 a.m. (New York City time) on the redemption date, we will deposit or cause to be deposited with the trustee or with a
paying agent (or, if we are acting as our own paying agent with respect to the debt securities being redeemed, we will segregate and hold in trust as provided in the indenture) an amount of money sufficient to pay the aggregate redemption price of,
and (except if the redemption date shall be an interest payment date or the debt securities of such series provide otherwise) accrued interest on, all of the debt securities or the part thereof to be redeemed on that date. On the redemption date,
the redemption price will become due and payable upon all of the debt securities to be redeemed, and interest, if any, on the debt securities to be redeemed will cease to accrue from and after that date. Upon surrender of any such debt securities
for redemption, we will pay those debt securities surrendered at the redemption price together, if applicable, with accrued interest to the redemption date. If the redemption date is after a regular record date and on or prior to the applicable
interest payment date, the accrued and unpaid interest shall be payable to the holder of the redeemed securities registered on the relevant regular record date.
Any debt securities to be redeemed only in part must be surrendered at the office or agency established by us for such purpose, and we will
execute, and the trustee will authenticate and deliver to a holder without service charge, new debt securities of the same series and of like tenor, of any authorized denominations as requested by that holder, in a principal amount equal to and in
exchange for the unredeemed portion of the debt securities that holder surrenders.
Repayment at Holder’s Option. If specified in the
applicable prospectus supplement, the holders of the debt securities of a series will have the option to elect repayment of those debt securities by us prior to the stated maturity of the debt securities of that series at a time or
times and subject to the conditions specified in the applicable prospectus supplement. If the holders of those debt securities have that option, the applicable prospectus supplement will specify the optional repayment date or dates on which the debt
security may be repaid and the optional repayment price, or the method by which such price will be determined. The optional repayment price is the price at which, together with accrued interest to the optional repayment date, the debt security may
be repaid at the holder’s option on each such optional repayment date.
Except as otherwise may be provided by the terms of the debt
securities, any tender of a debt security by the holder for repayment will be irrevocable unless waived by us. Any repayment option of a holder may be exercised by the holder of debt securities for less than the entire principal amount of the debt
security; provided that the principal amount of the debt security remaining outstanding after repayment will be an authorized denomination. Upon such partial repayment, the debt securities will be cancelled and new debt securities for the remaining
principal amount will be issued in the name of the holder of the repaid debt securities.
If debt securities are represented by a global
security as described under “—Book-Entry; Delivery and Form; Global Securities,” the securities depository for the global security or its nominee will be the holder of the debt security and, therefore, will be the only person that
can exercise a right to repayment. In order to ensure that the depository or its nominee will timely exercise a right to repayment relating to a particular debt security, the beneficial owner of the debt security must instruct the broker or other
direct or indirect participant in the depository through which it holds an interest in the debt security to notify the depository of its desire to exercise
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a right to repayment by the appropriate cut-off time for notifying the participant. Different firms have different
cut-off times for accepting instructions from their customers. Accordingly, you should consult the broker or other direct or indirect participant through which you hold an interest in a debt security in order
to ascertain the cut-off time by which such an instruction must be given for timely notice to be delivered to the appropriate depository.
Payment and Transfer or Exchange
Principal of and premium, if any, and interest on the debt securities of each series will be payable, and the debt securities may be exchanged
or transferred, at the office or agency maintained by us for such purpose (which initially will be the office of the trustee, U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), located at One
California Street, Suite 1000, San Francisco, CA 94111), or as otherwise set forth in the applicable prospectus supplement). Payment of principal of and premium, if any, and interest on a global security registered in the name of or held by The
Depository Trust Company, or DTC, or its nominee will be made in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such global security. If any of the debt securities is no longer represented by a
global security, payment of interest on certificated debt securities in definitive form may, at our option, be made by check mailed directly to holders at their registered addresses. See “—Book-Entry; Delivery and Form; Global
Securities.”
A holder may transfer or exchange any certificated debt securities in definitive form at the same location given in
the preceding paragraph. No service charge will be made for any registration of transfer or exchange of debt securities, but we may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in
connection therewith.
We are not required to transfer or exchange any debt security selected for redemption for a period of 15 days
before mailing of a notice of redemption of the debt security to be redeemed.
The registered holder of a debt security will be treated as
the owner of it for all purposes.
All amounts of principal of and premium, if any, or interest on the debt securities paid by us that
remain unclaimed two years after such payment was due and payable will be repaid to us, and the holders of such debt securities will thereafter look solely to us for payment.
Covenants
The indenture sets forth
limited covenants that will apply to each series of debt securities issued under the indenture, unless otherwise specified in the applicable prospectus supplement. However, these covenants do not, among other things:
limit the amount of indebtedness that may be incurred by us and our subsidiaries;
contain any covenant or other provision that is specifically intended to afford any holder of debt securities any
protection in the event of a highly leveraged transaction or similar transaction involving us or our subsidiaries; or
restrict us from paying dividends or making distributions on our capital stock or purchasing or redeeming our
capital stock.
Consolidation, Merger and Sale of Assets. The indenture provides that we may consolidate with or merge with
or into any other person, and may sell, transfer, or lease or convey all or substantially all of our properties and assets to another person; provided that the following conditions are satisfied:
(1)
we are the continuing entity, or the resulting, surviving or transferee person (the “Successor”) is
a corporation, limited liability company or other entity (if such entity is not us) organized and existing
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under the laws of the United States of America, any state thereof or the District of Columbia, Bermuda, the Cayman Islands, or any other country which is on the date of the indenture a member of
the Organization for Economic Co-operation and Development or the European Union and the Successor (if not us) will expressly assume, by supplemental indenture, all of our obligations under the debt securities
and the indenture and, for each security that by its terms provides for conversion, provide for the right to convert such security in accordance with its terms;
(2)
immediately after giving effect to such transaction, no default or event of default under the indenture has
occurred and is continuing; and
(3)
the trustee receives from us an officer’s certificate and an opinion of counsel that the transaction and
such supplemental indenture, as the case may be, complies with the applicable provisions of the indenture.
Notwithstanding the above, (A) this covenant shall not apply to the conveyance, transfer or lease of properties or assets between or
among us and our subsidiaries and (B) clauses (2) and (3) above shall not apply to (i) us consolidating with or merging into one of our subsidiaries for any purpose or (ii) any of our subsidiaries consolidating with or merging into us
for any purpose. As a result, this covenant will not prohibit us from merging into a subsidiary even if following the consummation of such merger an event of default has occurred and is continuing.
If we consolidate or merge with or into any other person or sell, transfer, lease or convey all or substantially all of our properties and
assets in accordance with the indenture, the Successor will be substituted for us in the indenture, with the same effect as if it had been an original party to the indenture. As a result, the Successor may exercise our rights and powers under the
indenture, and we will be released from all our liabilities and obligations under the indenture and under the debt securities.
Any
substitution of the Successor for us might be deemed for federal income tax purposes to be an exchange of the debt securities for “new” debt securities, resulting in recognition of gain or loss for such purposes and possibly certain
other adverse tax consequences to beneficial owners of the debt securities. Holders should consult their own tax advisors regarding the tax consequences of any such substitution.
For purposes of this covenant, “person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity.
Corporate Existence. We covenant and agree, for the benefit of the holders of debt securities, that, subject to “—Consolidation,
Merger and Sale of Assets” above, we will do or cause to be done all things necessary to preserve and keep in full force and effect our existence as a corporation or other legal entity.
Payments of Additional Amounts. If we consolidate with or merge with or into another company and the resulting, surviving or transferee company
is not organized and existing under the laws of the United States of America, any State thereof or the District of Columbia (such company or any successor thereto, the “surviving entity”), then the surviving entity will
make all payments of principal of and premium, if any, interest and any other amounts on, or in respect of, the debt securities without withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, levies,
imposts, assessments or governmental charges (including penalties, interest, additions and any other liability with respect thereto) of whatever nature (“Taxes”) imposed or levied by any jurisdiction in which the surviving entity is
considered to be a resident for Tax purposes or any political subdivision or taxing authority thereof or therein or any jurisdiction from or through which payment on the debt securities is made (a “taxing jurisdiction”), unless such
Taxes are required to be withheld or deducted by (x) the laws (or any regulations or rulings promulgated thereunder) of a taxing jurisdiction or any political subdivision or taxing authority thereof or therein or (y) an official position
regarding
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the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a
taxing authority in a taxing jurisdiction or any political subdivision thereof). If we are so required to withhold or deduct any amount for or on account of Taxes, we will, subject to certain limitations and exceptions described below, pay to the
holder of any debt security such additional amounts as may be necessary so that every net payment of principal, premium, if any, interest or any other amount made to such holder, after the withholding or deduction (including any such withholding or
deduction from such additional amounts), will not be less than the amount provided for in such debt security or in the indenture to be then due and payable.
We will not be required to pay any additional amounts for or on account of:
(1)
any Taxes of whatever nature that would not have been imposed but for the fact that such holder (a) was a
resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise has or had any present or former
connection with the relevant taxing jurisdiction other than by reason of the mere purchase, ownership or disposition of, or receipt of payment under, such debt security, (b) presented, where presentation is required, such debt security for
payment in the relevant taxing jurisdiction or any political subdivision thereof, unless such debt security could not have been presented for payment elsewhere, or (c) presented, where presentation is required, such debt security for payment
more than 30 days after the date on which the payment in respect of such debt security became due and payable or provided for, whichever is later, except to the extent that the holder would have been entitled to such additional amounts if it had
presented such debt security for payment on any day within that 30-day period;
(2)
any estate, inheritance, gift, value-added, sale, transfer, excise, personal property or similar Tax;
(3)
any Taxes that are imposed or withheld by reason of the failure by the holder or the beneficial owner of such
debt security to comply with any reasonable request by us addressed to the holder within 90 days of such request (a) to provide information concerning the nationality, residence or identity of the holder or the beneficial owner or (b) to
make any declaration or other similar claim or satisfy any information or reporting requirement, which is required or imposed by statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction or any political subdivision
thereof as a precondition to exemption from all or part of such Taxes;
(4)
any withholding or deduction imposed on or in respect of any debt securities pursuant to Sections 1471 through
1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof or intergovernmental agreements in connection therewith, and any agreements entered into
pursuant to Section 1471(b)(1) of the Code;
(5)
any Taxes that are payable otherwise than by withholding or deducting from payment of principal or premium, if
any, or interest on such debt securities; or
(6)
any combination of items (1), (2), (3), (4) and (5).
In addition, we will not pay additional amounts with respect to any payment of principal of, or premium, if any, interest or any other amounts on, any such
debt security to any holder who is a fiduciary or partnership or other than the sole beneficial owner of such debt security if such payment would be required by the laws of the relevant taxing jurisdiction (or any political subdivision or relevant
taxing authority thereof or therein) to be included in the income for Tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner to the extent such beneficiary, partner or
settlor would not have been entitled to such additional amounts had it been the holder of the debt securities.
Wherever in the indenture
or the debt securities there are mentioned, in any context: (1) the payment of principal, (2) purchase prices in connection with a purchase of a debt security, (3) interest or (4) any other amount payable on or with respect to
the debt securities, such reference shall be deemed to include payment of
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any additional amounts as described under this section to the extent that, in such context, such additional amounts are, were or would be payable in respect thereof.
We will pay any present or future stamp, court or documentary Taxes or other similar Taxes, charges or levies that arise in any taxing
jurisdiction (as defined above) from the execution, delivery, enforcement or registration of the debt securities, the indenture, or any other document or instrument required in relation thereof, and we will agree to indemnify the holders for any
such Taxes paid by such holders. The obligations described under this heading will survive any termination, defeasance or discharge of the indenture and will apply mutatis mutandis to any jurisdiction in which any successor person to us is organized
or any political subdivision or taxing authority or agency thereof or therein.
Redemption for Tax Purposes. We may redeem the debt
securities at our option, in whole but not in part, at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest and additional amounts (as described in “—Payments of Additional
Amounts”), if any, to the date fixed for redemption, at any time we receive an opinion of counsel that as a result of (1) any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or
treaties) of any taxing jurisdiction (including any political subdivision thereof or taxation authority therein affecting taxation) or (2) any change in the application or official interpretation of such laws, regulations or rulings (including,
for the avoidance of doubt, any action taken by any taxing jurisdiction, which action is applied generally or is taken with respect to us, or a decision rendered by a court of competent jurisdiction in a taxing jurisdiction whether or not such
decision was rendered with respect to us), we will be required as of the next interest payment date to pay additional amounts with respect to the debt securities as provided in “—Payments of Additional Amounts” above and such
requirement cannot be avoided by the use of reasonable measures (consistent with practices and interpretations generally followed or in effect at the time such measures could be taken) then available. If we elect to redeem the debt securities under
this provision, we will give written notice of such election at least 15 days but no more than 60 days before the redemption date to the trustee and the holders of the debt securities. Interest on the debt securities will cease to accrue as of the
date fixed for redemption unless we default in the payment of the redemption price.
Provision of Financial Information. For so long as any
debt securities are outstanding, if we are subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, we will deliver to the trustee and the holders the annual reports, quarterly reports and other documents
which we are required to file with the SEC pursuant to Section 13(a) or 15(d) or any successor provision, within 15 days after the date that we file the same with the SEC. If we are not subject to Section 13(a) or 15(d) of the Exchange Act
or any successor provision, and for so long as any debt securities are outstanding, we will deliver to the trustee and the holders the quarterly and annual financial statements that would be required to be contained in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q required to be filed with the SEC if we were subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision,
within 15 days of the filing date that would be applicable to us at that time pursuant to applicable SEC rules and regulations.
Reports and other
documents filed by us with the SEC and publicly available via the EDGAR system or on our website will be deemed to be delivered to the trustee and the holders as of the time such filing is publicly available via EDGAR or on our website for purposes
of this covenant; provided, however, that the trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed or are publicly available via EDGAR or on our website. Delivery of such
reports, information and documents to the trustee is for informational purposes only and the trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including our compliance with any of our covenants under the indenture (as to which the trustee is entitled to rely exclusively on an officer’s certificate).
Events of Default
Each of the following
events are defined in the indenture as an “event of default” (whatever the reason for such event of default and whether or not it will be voluntary or involuntary or be effected by operation of law or
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pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) with respect to the debt securities of any series, except as
set forth in the applicable prospectus supplement:
(1)
default in the payment of any installment of interest on any debt securities of such series for 30 days after
becoming due;
(2)
default in the payment of principal of or premium, if any, on any debt securities of such series when it
becomes due and payable at its stated maturity, upon optional or mandatory redemption, upon declaration or otherwise;
(3)
default in the performance, or breach, of any covenant or agreement of ours in the indenture with respect to
the debt securities of such series (other than a covenant or agreement, a default in the performance of which or a breach of which is elsewhere in the indenture specifically dealt with or that has expressly been included in the indenture solely for
the benefit of a series of debt securities other than such series), which continues for a period of 90 days after written notice to us by the trustee or to us and the trustee by the holders of at least 25% in aggregate principal amount of the
outstanding debt securities of that series; or
(4)
certain events of bankruptcy, insolvency or reorganization.
If an event of default with respect to debt securities of any series (other than an event of default relating to certain events of bankruptcy,
insolvency or reorganization of us) occurs and is continuing, the trustee by notice to us, or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of such series by notice to us and the trustee, may declare
the principal of and premium, if any, and accrued and unpaid interest on all the debt securities of such series to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will be due and payable
immediately. If an event of default relating to certain events of bankruptcy, insolvency, or reorganization of us occurs and is continuing, the principal of and premium, if any, and accrued and unpaid interest on the debt securities of such series
will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.
The
holders of not less than a majority in aggregate principal amount of the outstanding debt securities of any series may rescind a declaration of acceleration and its consequences, if we have deposited certain sums with the trustee and all events of
default with respect to the debt securities of such series, other than the non-payment of the principal or interest which have become due solely by such acceleration, have been cured or waived, as provided in
the indenture.
An event of default for a particular series of debt securities does not necessarily constitute an event of default for any
other series of debt securities issued under the indenture.
We are required to deliver to the trustee within 120 days after the end of
each fiscal year an officer’s certificate signed by our principal executive officer, principal financial officer or principal accounting officer, stating whether or not, to the best knowledge of such officer, we are in default in the
performance and observance of any of the terms, provisions and conditions of the indenture and, if we are in a default, specifying each such default and the nature and status thereof.
No holder of any debt securities of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the
indenture, or for the appointment of a receiver or trustee, or for any other remedy unless:
(1)
such holder has given the trustee prior written notice of such continuing event of default with respect to the
debt securities of such series;
(2)
the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of such
series have requested the trustee to institute proceedings in respect of such event of default in its own name as Trustee under the indenture;
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(3)
the trustee has been offered indemnity satisfactory to it against its costs, expenses and liabilities in
complying with such request;
(4)
the trustee has failed to institute proceedings 60 days after the receipt of such notice, request and offer of
indemnity; and
(5)
no direction inconsistent with such written request has been given to the trustee during such 60-day period by the holders of a majority in aggregate principal amount of the outstanding debt securities of such series.
The holders of a majority in aggregate principal amount of outstanding debt securities of a series will have the right, subject to certain
limitations, to direct the time, method and place of conducting any proceeding for any remedy available to the trustee with respect to the debt securities of that series or exercising any trust or power conferred to the trustee, and to waive certain
defaults. The indenture provides that if an event of default occurs and is continuing, the trustee will exercise such of its rights and powers under the indenture, and use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs. Subject to such provisions, the trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request of any of
the holders of the debt securities of a series unless they will have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request.
Notwithstanding the foregoing, the holder of any debt security will have the right, which is absolute and unconditional, to receive
payment of the principal of and premium, if any, and interest and additional amounts on that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement of any such payment.
Modification and Waivers
Modification
and amendments of the indenture and the debt securities of any series may be made by us and the trustee with the consent of the holders of not less than a majority in aggregate principal amount of the outstanding debt securities of that series
affected thereby; provided, however, that no such modification or amendment may, without the consent of the holder of each outstanding debt security of that series affected thereby:
change the stated maturity of the principal of, or any installment of principal of or interest on, any debt
security;
reduce the principal amount of any debt security or reduce the amount of the principal of any debt security which
would be due and payable upon a declaration of acceleration of the maturity thereof or reduce the rate of interest on any debt security (except as part of any remarketing of the debt securities of any series or any interest rate reset with respect
to the debt securities of any series, in each case in accordance with the terms of the debt securities of such series);
reduce any premium payable on the redemption of any debt security or change the date on which any debt security
may or must be redeemed;
change the coin or currency in which the principal of, premium, if any, or interest on any debt security is
payable;
impair the right of any holder to institute suit for the enforcement of any payment on or after the stated
maturity of any debt security (or, in the case of redemption, on or after the redemption date);
reduce the percentage in principal amount of the outstanding debt securities, the consent of whose holders is
required in order to take certain actions;
modify any of the provisions in the indenture regarding the waiver of past defaults and the waiver of certain
covenants by the holders of debt securities except to increase any percentage vote required or to
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provide that certain other provisions of the indenture cannot be modified or waived without the consent of the holder of each debt security affected thereby;
make any change that adversely affects the right to convert or exchange any debt security or decreases the
conversion or exchange rate or increases the conversion price of any convertible or exchangeable debt security, unless such decrease or increase is permitted by the terms of the debt securities; or
modify any of the above provisions except to increase any percentage vote required or to provide that certain
other provisions of the indenture cannot be modified or waived without the consent of the holder of each debt security affected thereby.
We and the trustee may, without the consent of any holders, modify or amend the terms of the indenture and the debt securities of any series
with respect to the following:
to add to our covenants for the benefit of holders of the debt securities of all or any series (and if such
covenants are to be for the benefit of less than all series of debt securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power conferred upon us;
to evidence the succession of another person to us, or successive successions, and the assumption by the
successor of our covenants, agreements and obligations under, the indenture pursuant to the covenant described under “—Covenants—Consolidation, Merger and Sale of Assets”;
to add any additional events of default for the benefit of holders of the debt securities of all or any series
(and if such additional events of default are to be for less than all series of debt securities, stating that such additional events of default are expressly being included solely for the benefit of such series);
to add one or more guarantees for the benefit of holders of the debt securities;
to secure the debt securities;
to add or appoint a successor or separate trustee or other agent;
to provide for the issuance of additional debt securities of any series;
to establish the form or terms of debt securities of any series as permitted by the indenture;
to comply with the rules of any applicable securities depository;
to facilitate the issuance of debt securities registered under the Securities Act and offered in exchange of any
securities issued under the indenture or in uncertificated form;
to add to, change or eliminate any of the provisions of the indenture in respect of one or more series of debt
securities; provided that any such addition, change or elimination (a) shall neither (1) apply to any debt security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision
nor (2) modify the rights of the holder of any such debt security with respect to such provision or (b) shall become effective only when there is no debt security described in clause (a)(1) outstanding;
to cure any ambiguity, mistake or omission, defect or inconsistency;
to change any other provision; provided that the change does not adversely affect the interests of the holders of
debt securities of any series in any material respect, as determined by us in good faith;
to supplement any of the provisions of the indenture to such extent as shall be necessary to permit or facilitate
the defeasance and discharge of any series of debt securities pursuant to the indenture;
provided that any such action
shall not adversely affect the interests of the holders of debt securities of such series or any other series of debt securities in any material respect;
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to comply with the rules or regulations of any securities exchange or automated quotation system on which any of
the debt securities may be listed or traded;
to conform to the description of debt securities contained in our prospectus, prospectus supplement, offering
memorandum or similar document with respect to the offering of debt securities of such series to the extent that such description was intended to be a substantially verbatim recitation of a provision in the indenture or such debt security; and
to add to, change or eliminate any of the provisions of the indenture as shall be necessary or desirable in
accordance with any amendments to the Trust Indenture Act of 1939, as amended, provided that such action does not adversely affect the rights or interests of any holder of debt securities in any material respect.
The holders of at least a majority in aggregate principal amount of the outstanding debt securities of any series may, on behalf of the
holders of all debt securities of that series, waive compliance by us with certain restrictive provisions of the indenture. The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of a series may on
behalf of the holders of all debt securities of such series waive any past default under the indenture with respect to the debt securities of that series, except a default (1) in the payment of principal or premium, if any, or interest on debt
securities of such series or (2) in respect of a covenant or provision of the indenture that cannot be modified or amended without the consent of the holder of each debt security of that series. Upon any such waiver, such default will cease to
exist, and any event of default arising therefrom will be deemed to have been cured, for every purpose of the indenture, but no such waiver will extend to any subsequent or other default or event of default or impair any rights consequent thereon.
Discharge, Defeasance and Covenant Defeasance Provisions
We may discharge certain obligations to holders of the debt securities of a series that have not already been delivered to the trustee for
cancellation and that either have become due and payable or will become due and payable within one year (or scheduled for redemption within one year) by depositing with the trustee, in trust, funds in U.S. dollars and/or U.S. government obligations,
or, in the case of debt securities denominated in a single currency other than U.S. dollars, money and/or foreign government obligations of the government that issued such currency, in an amount sufficient to pay all amounts owing pursuant to the
indenture, including the entire indebtedness including, but not limited to, the principal and premium, if any, and interest to the date of such deposit (if the debt securities have become due and payable) or to the maturity thereof or the redemption
date of the debt securities of that series, as the case may be. We may direct the trustee to invest such funds in U.S. Treasury securities with a maturity of one year or less or in a money market fund that invests solely in short-term U.S. Treasury
securities.
The indenture provides that we may elect either (1) to defease and be discharged from any and all obligations with respect to the debt
securities of a series (except for, among other things, obligations to register the transfer or exchange of the debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency with
respect to the debt securities, to hold moneys for payment in trust and certain of our obligations to the trustee) (“legal defeasance”) or (2) to be released from our obligations to comply with the covenant described under “
— Covenants—Consolidation, Merger and Sale of Assets” and certain other covenants under the indenture, and any omission to comply with such obligations will not constitute a default or an event of default with respect to the debt
securities of a series and clauses (3) and (4) under “ —Events of Default” will no longer be applied (“covenant defeasance”). Legal defeasance or covenant defeasance, as the case may be, will be conditioned
upon, among other things, the irrevocable deposit by us with the trustee, in trust, of an amount in U.S. dollars and/or U.S. government obligations, or, in the case of debt securities denominated in a single currency other than U.S. dollars, money
and/or foreign government obligations of the government that issued such currency, applicable to the debt securities of that series which through the scheduled payment of principal and interest in accordance with their terms will provide money in an
amount sufficient to pay the principal or premium, if any, and interest on the debt securities on the scheduled due dates therefor.
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If we effect legal or covenant defeasance with respect to the debt securities of any series,
the amount in U.S. dollars and/or U.S. government obligations, or, in the case of debt securities denominated in a single currency other than U.S. dollars, money and/or foreign government obligations of the government that issued such currency, on
deposit with the trustee will be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certificate delivered to the trustee, to pay amounts due on the debt securities of that series at
the time of the stated maturity but may not be sufficient to pay amounts due on the debt securities of that series at the time of the acceleration resulting from such event of default. However, we would remain liable to make payment of such amounts
due at the time of acceleration.
We will be required to deliver to the trustee an opinion of counsel that the deposit and related
defeasance will not cause the holders and beneficial owners of the debt securities of that series to recognize income, gain or loss for federal income tax purposes. If we elect legal defeasance, that opinion of counsel must be based upon a ruling
from the U.S. Internal Revenue Service or a change in law to that effect.
We may exercise our legal defeasance option notwithstanding our
prior exercise of our covenant defeasance option.
Same-Day Settlement and Payment
Unless otherwise provided in the applicable prospectus supplement, the debt securities will trade in the
same-day funds settlement system of DTC until maturity or until we issue the debt securities in certificated form. DTC will therefore require secondary market trading activity in the debt securities to settle
in immediately available funds. We can give no assurance as to the effect, if any, of settlement in immediately available funds on trading activity in the debt securities.
Book-Entry; Delivery and Form; Global Securities
Unless otherwise specified in the applicable prospectus supplement, the debt securities of each series will be issued in the form of one or
more global debt securities, in definitive, fully registered form without interest coupons, each of which we refer to as a “global security.” Each such global security will be deposited with the trustee as custodian for DTC and
registered in the name of a nominee of DTC in New York, New York for the accounts of participants in DTC.
Investors may hold their
interests in a global security directly through DTC if they are DTC participants, or indirectly through organizations that are DTC participants. Except in the limited circumstances described below, holders of debt securities represented by interests
in a global security will not be entitled to receive their debt securities in fully registered certificated form.
DTC has advised us as
follows: DTC is a limited-purpose trust company organized under New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation”
within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. DTC was created to hold securities of institutions that have accounts with
DTC (“participants”) and to facilitate the clearance and settlement of securities transactions among its participants in such securities through electronic book-entry changes in accounts of the participants, thereby eliminating the need
for physical movement of securities certificates. DTC’s participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations and certain other
organizations. Access to DTC’s book-entry system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear
through or maintain a custodial relationship with a participant, whether directly or indirectly.
Ownership of Beneficial Interests. Upon
the issuance of each global security, DTC will credit, on its book-entry registration and transfer system, the respective principal amount of the individual beneficial interests represented
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by the global security to the accounts of participants. Ownership of beneficial interests in each global security will be limited to participants or persons that may hold interests through
participants. Ownership of beneficial interests in each global security will be shown on, and the transfer of those ownership interests will be effected only through, records maintained by DTC (with respect to participants’ interests) and such
participants (with respect to the owners of beneficial interests in the global security other than participants).
So long as DTC or its
nominee is the registered holder and owner of a global security, DTC or such nominee, as the case may be, will be considered the sole legal owner of the debt security represented by the global security for all purposes under the indenture, the debt
securities and applicable law. Except as set forth below, owners of beneficial interests in a global security will not be entitled to receive certificated debt securities and will not be considered to be the owners or holders of any debt securities
represented by the global security. We understand that under existing industry practice, in the event an owner of a beneficial interest in a global security desires to take any actions that DTC, as the holder of the global security, is entitled to
take, DTC would authorize the participants to take such action, and that participants would authorize beneficial owners owning through such participants to take such action or would otherwise act upon the instructions of beneficial owners owning
through them. No beneficial owner of an interest in a global security will be able to transfer such interest except in accordance with DTC’s applicable procedures, in addition to those provided for under the indenture. Because DTC can only act
on behalf of participants, who in turn act on behalf of others, the ability of a person having a beneficial interest in a global security to pledge that interest to persons that do not participate in the DTC system, or otherwise to take actions in
respect of that interest, may be impaired by the lack of a physical certificate representing that interest.
All payments on the debt
securities represented by a global security registered in the name of and held by DTC or its nominee will be made to DTC or its nominee, as the case may be, as the registered owner and holder of the global security.
We expect that DTC or its nominee, upon receipt of any payment of principal, premium, if any, or interest in respect of a global security,
will credit participants’ accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown on the records of DTC or its nominee. We also expect that payments by
participants to owners of beneficial interests in the global security held through such participants will be governed by standing instructions and customary practices as is now the case with securities held for accounts for customers registered in
the names of nominees for such customers. These payments, however, will be the responsibility of such participants and indirect participants, and neither we, the trustee nor any paying agent will have any responsibility or liability for any aspect
of the records relating to, or payments made on account of, beneficial ownership interests in any global security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the
relationship between DTC and its participants or the relationship between such participants and the owners of beneficial interests in the global security.
Unless and until it is exchanged in whole or in part for certificated debt securities, each global security may not be transferred except as a
whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC. Transfers between participants in DTC will be effected in the ordinary way in accordance with DTC rules and will be settled in
same-day funds.
We expect that DTC will take any action permitted to be taken by a holder of debt
securities only at the direction of one or more participants to whose account the DTC interests in a global security are credited and only in respect of such portion of the aggregate principal amount of the debt securities as to which such
participant or participants has or have given such direction. However, if there is an event of default under the debt securities, DTC will exchange each global security for certificated debt securities, which it will distribute to its participants.
Although we expect that DTC will agree to the foregoing procedures in order to facilitate transfers of interests in each global security
among participants of DTC, DTC is under no obligation to perform or continue
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to perform such procedures, and such procedures may be discontinued at any time. None of we, the underwriters or the trustee will have any responsibility for the performance or nonperformance by
DTC or its participants or indirect participants of their respective obligations under the rules and procedures governing their operations.
The indenture provides that the global securities will be exchanged for debt securities in certificated form of like tenor and of an equal
principal amount, in authorized denominations in the following limited circumstances:
(1)
DTC notifies us that it is unwilling or unable to continue as depository or if DTC ceases to be eligible under
the indenture and we do not appoint a successor depository within 90 days;
(2)
we determine that the debt securities will no longer be represented by global securities and execute and
deliver to the trustee an order to such effect; or
(3)
an event of default with respect to the debt securities has occurred and is continuing.
These certificated debt securities will be registered in such name or names as DTC will instruct the trustee. It is expected that such
instructions may be based upon directions received by DTC from participants with respect to ownership of beneficial interests in global securities.
The information in this section of this prospectus concerning DTC and DTC’s book-entry system has been obtained from sources that we
believe to be reliable, but we do not take responsibility for this information.
Euroclear and Clearstream. If the depositary for a global
security is DTC, you may hold interests in the global security through Clearstream Banking, société anonyme, which we refer to as “Clearstream,” or Euroclear Bank SA/NV, as operator of the Euroclear System,
which we refer to as “Euroclear,” in each case, as a participant in DTC. Euroclear and Clearstream will hold interests, in each case, on behalf of their participants through customers’ securities accounts in the names of Euroclear
and Clearstream on the books of their respective depositaries, which in turn will hold such interests in customers’ securities in the depositaries’ names on DTC’s books.
Payments, deliveries, transfers, exchanges, notices and other matters relating to the debt securities made through Euroclear or Clearstream
must comply with the rules and procedures of those systems. Those systems could change their rules and procedures at any time. We have no control over those systems or their participants, and we take no responsibility for their activities.
Transactions between participants in Euroclear or Clearstream, on one hand, and other participants in DTC, on the other hand, would also be subject to DTC’s rules and procedures.
Investors will be able to make and receive through Euroclear and Clearstream payments, deliveries, transfers, exchanges, notices and other
transactions involving any securities held through those systems only on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United
States.
In addition, because of time-zone differences, U.S. investors who hold their interests in the debt securities through these
systems and wish on a particular day, to transfer their interests, or to receive or make a payment or delivery or exercise any other right with respect to their interests, may find that the transaction will not be effected until the next business
day in Luxembourg or Brussels, as applicable. Thus, investors who wish to exercise rights that expire on a particular day may need to act before the expiration date. In addition, investors who hold their interests through both DTC and Euroclear or
Clearstream may need to make special arrangements to finance any purchase or sales of their interests between the U.S. and European clearing systems, and those transactions may settle later than transactions within one clearing system.
Governing Law
The indenture is, and the
debt securities will be, governed by, and construed in accordance with, the laws of the State of New York.
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Regarding the Trustee
U.S. Bank Trust Company, National Association is the trustee under the indenture.
The trustee is permitted to engage in transactions, including commercial banking and other transactions, with us and our subsidiaries from
time to time; provided that if the trustee acquires any conflicting interest it must eliminate such conflict upon the occurrence of an event of default, or else resign.
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DESCRIPTION OF WARRANTS
We may issue warrants for the purchase of common stock and/or debt securities in one or more series. We may issue warrants independently or
together with the other offered by this prospectus that are offered by any prospectus supplement and may be attached to or separate from the securities offered by this prospectus. Each series of warrants will be issued under a separate warrant
agreement to be entered into between us and a warrant agent specified in the applicable prospectus supplement. The warrant agent will act solely as our agent in connection with the warrants of such series and will not assume any obligation or
relationship of agency or trust for or with any holders or beneficial owners of warrants.
The applicable prospectus supplement will
describe the following terms, where applicable, of the warrants in respect of which this prospectus is being delivered:
the title of the warrants;
the aggregate number of the warrants;
the price or prices at which the warrants will be issued;
the currencies in which the price or prices of such warrants may be payable;
the designation, aggregate principal amount, currency, number and terms of the securities purchasable upon
exercise of the warrants;
the designation aggregate principal amount, currency, number and terms of the other securities offered by this
prospectus with which the warrants are issued and the number of the warrants issued with each security offered by this prospectus;
whether the warrants are to be sold separately or with other securities as parts of units;
whether the warrants will be issued in definitive or global form or in any combination of these forms, although,
in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security included in that unit;
the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents,
transfer agents, registrars or other agents;
the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any
securities exchange;
the date, if any, on and after which the warrants and the related securities will be separately transferable;
the price or prices at which and currency or currencies in which the securities purchasable upon exercise of the
warrants may be purchased;
the date on which the right to exercise the warrants shall commence and the date on which that right shall expire
or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;
if applicable, the minimum or maximum amount of the warrants which may be exercised at any one time;
information with respect to book-entry procedures, if any;
the antidilution provisions, and other provisions for changes to or adjustment in the exercise price, of the
warrants, if any;
any redemption or call provisions;
a discussion of material U.S. federal income tax considerations; and
25
any other material terms of the warrants, including terms, procedures and limitations relating to the exchange
and exercise of the warrants.
Exercise of Warrants . Each warrant will entitle the
holder of warrants to purchase for cash the amount of debt or equity securities at the exercise price stated or determinable in the prospectus supplement for the warrants. Warrants may be exercised at any time up to the close of
business on the expiration date shown in the applicable prospectus supplement, unless otherwise specified in such prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void. Warrants may be
exercised as described in the applicable prospectus supplement. When the warrant holder makes the payment and properly completes and signs the warrant certificate at the corporate trust office of the warrant agent or any other office indicated in
the prospectus supplement, we will, as soon as possible, forward the debt or equity securities that the warrant holder has purchased. If the warrant holder exercises the warrant for less than all of the warrants represented by the warrant
certificate, we will issue a new warrant certificate for the remaining warrants.
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DESCRIPTION OF UNITS
We may issue, in one more series, units comprised of a combination of any two or more of the securities described in this prospectus or debt
obligations of third parties, including U.S. Treasury securities. The following description sets forth certain general terms and provisions of the units that we may offer pursuant to this prospectus. Each unit will be issued so that the holder of
the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security.
Units will be issued pursuant to the terms of a unit agreement, which may provide that the securities included in the unit may not be held or
transferred separately at any time or at any time before a specified date. A copy of the forms of the unit agreement and the unit certificate relating to any particular issue of units will be filed with the SEC each time we issue units, and you
should read those documents for provisions that may be important to you. For more information on how you can obtain copies of the forms of the unit agreement and the related unit certificate, see the section titled “Where You Can Find More
Information.”
The applicable prospectus supplement will describe the following terms, where applicable, of the units in respect of
which this prospectus is being delivered:
the designation and terms of the units and of the securities comprising the units, including whether and under
what circumstances the securities comprising the units may be held or transferred separately;
a description of the provisions for the payment, settlement, transfer or exchange of the units; and
whether the units will be issued in fully registered or global form.
The descriptions of the units and any applicable underlying security in this prospectus and in any prospectus supplement are summaries of the
material provisions of the applicable agreements and are subject to, and qualified in their entirety by reference to, the terms and provisions of the applicable agreements.
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PLAN OF DISTRIBUTION
We may offer and sell the securities described in this prospectus from time to time in one or more transactions:
to purchasers directly;
through underwriters;
through agents;
through dealers; or
through a combination of any of the foregoing methods of sale.
We will identify the specific plan of distribution, including any underwriters, dealers, agents, or direct purchasers and their compensation
in the applicable prospectus supplement.
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LEGAL MATTERS
The validity of the securities offered hereby will be passed upon for us by Wilson Sonsini Goodrich & Rosati, Professional
Corporation, Palo Alto, California. Additional legal matters may be passed on for us, or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.
EXPERTS
The financial statements of Marvell Technology, Inc. as of February 1, 2025 and February 3, 2024, and for each of the three years in
the period ended February 1, 2025, incorporated by reference in this Prospectus, and the effectiveness of Marvell Technology, Inc.’s internal control over financial reporting have been audited by Deloitte & Touche LLP, an
independent registered public accounting firm, as stated in their reports. Such financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts in accounting and auditing.
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MARVELL TECHNOLOGY, INC.
146,504 Shares of Common Stock
Offered by the Selling Securityholders
PROSPECTUS SUPPLEMENT
July 9, 2026
泰瑞达数据中心测试需求扩张
重要性3/5 中
TER经营数据与数据中心测试需求有信息量，VRT关联存在但不直接，来源带有投研机构立场。
中文摘要
核心结论
Zacks认为，泰瑞达（Teradyne，TER）的人工智能（AI）数据中心测试需求推动其一季度收入同比增长87%，并将AI相关收入占比推至近70%。文章同时提示其估值高于行业，且Vertiv（VRT，数据中心电力与热管理设备商）被列为竞争者；两者业务重叠与竞争路径未被原文充分展开。
重要性评级
评级：3/5（中）
文章提供TER的收入、产品和二季度指引，数据密度较高；对VRT的直接信息有限，且Zacks的评级与预测带有机构观点属性。
关键事实
- 美东时间07/09 13:15（UTC+8 07/10 01:15），Zacks发表该文。
- TER在2026年第一季度收入约13亿美元，同比增87%，较此前纪录高18%。
- AI相关需求占TER收入近70%，上一季度约为60%。
- 汽车与工业业务中，数据中心设备贡献46%的收入。
- 公司称高带宽存储器与动态随机存取存储器（DRAM）测试需求强劲，并推出Photon 100硅光产品和Omnyx服务器板测试产品。
- TER预计2026年第二季度收入为11.5亿至12.5亿美元。
- 年初至今TER股价上涨81.6%，文中列示科技板块上涨14.7%、电子杂项产品行业上涨53.3%。
- 文中称TER未来12个月市销率为11.01倍，行业为8.31倍；2026年每股收益一致预期为7.20美元，过去30日上调1.55%。
作者观点与证据
作者立场偏积极，依据是一季度高增速、AI收入占比上升、存储与高速互连测试产品，以及二季度收入指引。文中给出Zacks第2级评级，属于该机构的研究口径；竞争、估值消化能力和订单持续性没有独立验证。
与相关标的的关系
TER直接受益于数据中心计算、网络和存储测试需求。VRT被列入竞争者，并在2026年6月完成对ThermoKey的收购以补强散热管理能力；原文未说明VRT与TER在客户、产品或收入上的具体替代关系，因此对VRT主要是数据中心资本开支主题的侧面信息。
时效性与限制
文章发布于美东时间07/09 13:15（UTC+8 07/10 01:15），一季度数据和二季度指引仍具当期参考价值。内容来自单一投研机构，价格表现、估值和评级并不等同于公司后续业绩；私有抓取文本未附原始数据表与管理层材料。
后续跟踪
- TER二季度收入是否落在11.5亿至12.5亿美元区间。
- AI收入占比、存储测试订单和硅光产品导入进度。
- 数据中心客户的资本开支是否延续到测试设备环节。
- VRT收购ThermoKey后的散热与热管理业务整合披露。
英文原文
Teradyne Stock Rides on Strong Datacenter Growth: More Upside Ahead?
Teradyne Stock Rides on Strong Datacenter Growth: More Upside Ahead?
Nilanshi Mukherjee
Fri, July 10, 2026 at 1:15 AM GMT+8 3 min read
- TER
+3.18%
- VRT
+1.92%
- ATEYY
+5.14%
Teradyne TER is benefiting from the explosive growth in datacenter demand, particularly driven by artificial intelligence (AI) and the ongoing build-out of AI-centric infrastructure. In the first quarter of 2026, Teradyne reported revenues of approximately $1.3 billion, an 87% year-over-year increase and 18% above its previous record. This surge is directly tied to the company's strategic focus on the 'wafer to AI data center' market, where AI-related demand accounted for nearly 70% of revenues, up from about 60% in the previous quarter.
The datacenter segment, especially devices that support AI workloads, has become a major source of revenue. In the auto/industrial segment, 46% of revenues came from datacenter devices in the first quarter of 2026. This marks a significant shift from past trends.
Teradyne is also seeing robust demand for memory test solutions, especially for high-bandwidth memory and DRAM, both of which are critical for AI compute applications. The company's recent product launches, such as the Photon 100 for silicon photonics and Omnyx for server board testing, further strengthen its position in the rapidly evolving data center market. Strategic acquisitions and joint ventures, like the MultiLane Test Products partnership and the acquisition of TestInsight, further strengthen Teradyne's capabilities in high-speed I/O and design-to-test software.
Teradyne expects continued robust demand, especially as AI data center build-outs drive increased need for compute, networking and memory test solutions. For the second quarter of 2026, Teradyne expects revenues in the range of $1.15-$1.25 billion.
Teradyne Suffers From Stiff Competition
Teradyne is facing stiff competition from companies such as Advantest Corporation ATEYY and Vertiv VRT. Both Advantest and Vertiv are also expanding their footprints in the AI and data center markets.
In June 2026, Advantest and OpenLight partnered to develop silicon photonics test solutions for high-volume manufacturing, addressing growing demand for AI and high-performance computing applications. The collaboration aims to accelerate scalable production of next-generation optical interconnects for AI data centers.
In June 2026, Vertiv announced the completion of its acquisition of ThermoKey S.p.A., a move that enhances Vertiv's thermal management portfolio, expands its heat rejection and heat-exchange capabilities and strengthens its long-standing relationships with OEMs and system integrators serving data centers and other critical infrastructure markets worldwide.
Story Continues
TER's Share Price Performance, Valuation, and Estimates
Teradyne shares have surged 81.6% in the year-to-date period, outperforming the Zacks Computer & Technology sector's growth of 14.7% and the Zacks Electronics - Miscellaneous Products increase of 53.3%.
TER Stock Performance
Zacks Investment Research
Image Source: Zacks Investment Research
TER stock is trading at a premium with a forward 12-month Price/Sales of 11.01X compared with the Electronics - Miscellaneous Products industry's 8.31X. TER has a Value Score of D.
TER Valuation
Zacks Investment Research
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $7.20 per share, which has increased 1.55% over the past 30 days. This suggests 81.82% year-over-year growth.
Teradyne, Inc. Price and Consensus
Teradyne, Inc. Price and Consensus Teradyne, Inc. price-consensus-chart | Teradyne, Inc. Quote
Teradyne currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here .
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This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
科技股反弹下的板块分化
重要性3/5 中
直接记录 MRVL、COHR 所在板块的当日行情与市场分化，但属于盘中快讯，缺少公司经营层面的新增证据。
中文摘要
核心结论
文章记录美股在地缘政治不确定性下由 AI 芯片和光通信股带动上行：MRVL、GLW（Corning，光纤与材料公司）、COHR（Coherent，光通信器件公司）和 LITE（Lumentum，光电子公司）走强，而 PLTR（Palantir，企业数据软件公司）继续承压。它是单日市场表现报道，未提供公司基本面或订单层面的新证据。
重要性评级
评级：3/5（中）
报道发布接近盘中走势，直接涉及 MRVL 与 COHR，并给出主要指数和个股表现；证据主要是价格变动和媒体叙事，对公司层面的解释力有限。
关键事实
- 文章发布于美东时间 07/09 13:12（UTC+8 07/10 01:12）。
- 文中所称约中午时，原文未给出精确分钟；标普500指数上涨0.56%至7,524.39点，纳斯达克综合指数上涨0.78%至26,073.17点，道琼斯工业平均指数上涨0.24%至52,473.28点。
- MRVL 当日上涨4.99%，GLW 上涨4.54%，COHR 上涨3.21%；LITE 也被列为光通信板块上涨个股，但原文未给出其具体涨幅。
- PLTR 当日约下跌4%，年初至今跌幅扩大至29%。
- 作者将科技股上行与 AI 芯片及通信芯片需求、若干半导体分析师上调评级联系起来，但未列出评级机构、标的或具体报告。
- 原文称 SK海力士拟发行美国存托凭证的认购需求预计超过7倍，作为市场对半导体兴趣仍高的旁证，未给出发行规模和数据来源。
- 百事公司二季度销售增长6%，股价约跌3%；文章称其提及美国消费者支出走弱、油价及宏观波动，作为市场内部差异的例子。
作者观点与证据
作者认为 AI 与半导体强势暂时压过停火进程受阻带来的担忧，并援引指数、个股涨幅及拟发行认购倍数。关于“估值泡沫”和地缘政治影响的表述来自市场评论，原文没有提供估值模型、资金流或公司订单数据；文末订阅推广与新闻事实应分开阅读。
与相关标的的关系
- MRVL、COHR：两者被直接列为当日 AI 芯片或光通信上涨标的，反映同一交易日的板块情绪，未披露各自的经营催化。
- GLW、LITE：同属通信互连链条，构成光通信板块横向参照。
- PLTR：与硬件和光通信股走势分化，原文只提供股价表现，未给出下跌原因的可核验公司事实。
时效性与限制
文章发布于美东时间 07/09 13:12（UTC+8 07/10 01:12），适合保留为盘中情绪与板块表现记录。指数数据为约中午截面，不能代替收盘数据；地缘政治、分析师升级和美国存托凭证认购等说法缺少原始文件或完整来源。文章归档文本仅限受保护的内部阅读环境。
后续跟踪
- 美股收盘后的指数、MRVL 与 COHR 实际日涨跌幅。
- 半导体分析师评级调整的机构、标的和理由。
- SK海力士美国存托凭证发行的正式条款与认购结果。
- 光通信公司后续披露的订单、收入和库存数据。
英文原文
Stock Market Today, July 9: AI Chip, Technology Stocks Rally, Overcoming Ceasefire Worries
Stock Market Today, July 9: AI Chip, Technology Stocks Rally, Overcoming Ceasefire Worries
Josh Kohn-Lindquist, The Motley Fool
Fri, July 10, 2026 at 1:12 AM GMT+8 2 min read
- PLTR
-2.41%
- MRVL
+4.99%
- GLW
+4.54%
- COHR
+3.21%
- ^GSPC
+0.81%
As of roughly noon E.T., the S&P 500 (SNPINDEX:^GSPC) rose 0.56% to 7,524.39, the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 0.78% to 26,073.17, and the Dow Jones Industrial Average (DJINDICES:^DJI) added 0.24% to 52,473.28 as AI chip strength helped markets stabilize after war‑driven volatility.
Market movers
Chip and optical‑communication names, including Marvell Technology (NASDAQ:MRVL), Corning (NYSE:GLW), Coherent (NYSE:COHR), and Lumentum (NASDAQ:LITE), were among the day's notable gainers amid sector‑wide demand for communications chips. However, high-valuation AI behemoth Palantir (NASDAQ:PLTR) extended its 29% decline year-to-date, dropping about 4% so far today.
What this means for investors
Despite the U.S.-Iran ceasefire being paused for now, and the market facing a growing drumbeat of analysts saying we might be in "bubbly" territory, stocks surged higher today, buoyed by the strength of AI and semiconductor stocks. In addition to a handful of analyst upgrades of semiconductor stocks, SK Hynix' s upcoming U.S. ADR offering is estimated to be more than seven times oversubscribed, indicating that immense investor appetite remains in the space.
Elsewhere, PepsiCo (NASDAQ:PEP) unofficially kicked off earnings season this morning, delivering mixed earnings that prompted shares to dip roughly 3%. The beverages and snacks giant grew sales by 6% in the second quarter, but said it saw weaker consumer spending in the U.S. due to higher gas prices and broader macroeconomic volatility.
Whether or not the AI and technology industries are indeed in "bubbly territory" as many analysts suggest, there are a surprising number of S&P 500 stocks near their 52-week lows, so plenty of opportunities remain despite the indexes trading at or near all-time highs.
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Story Continues
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Josh Kohn-Lindquist has positions in Palantir Technologies. The Motley Fool has positions in and recommends Coherent, Corning, Lumentum, Marvell Technology, Palantir Technologies, and Workday. The Motley Fool has a disclosure policy .
Stock Market Today, July 9: AI Chip, Technology Stocks Rally, Overcoming Ceasefire Worries was originally published by The Motley Fool
存储紧缺推动半导体叙事
重要性4/5 高
直接涉及 MRVL 所在半导体链，且提供存储供需、资本开支与行业销售数据线索；关键结论多为转述和分析师观点。
中文摘要
核心结论
文章援引伯恩斯坦分析师 Stacy Rasgon 的访谈，认为 AI 需求和存储产能紧张支撑半导体板块走强；MRVL、MU（Micron，美光科技）、AMD 和 QCOM（Qualcomm，高通）均被列为当日上涨股票。文中最具体的行业数据来自 UBS（瑞银）二手引述，需等待原始报告核验。
重要性评级
评级：4/5（高）
文章发布时间近，MRVL 被直接点名，且涵盖存储供需、资本开支、销售额与产业链扩散路径。关键利润率、销售额和英伟达收入预测多为分析师或媒体转述，证据强度低于公司财报和原始行业数据。
关键事实
- 文章发布于美东时间 07/09 13:00（UTC+8 07/10 01:00）。
- 文中列示 MU 上涨4.52%，AMD 上涨5.67%，MRVL 上涨4.99%，QCOM 上涨2.44%，META（Meta，社交媒体与人工智能公司）上涨4.70%。
- Rasgon 在 CNBC（美国财经电视台）访谈中称存储产能“非常紧张”，并称存储产品毛利率高于90%；文章未提供产品类别、公司样本或计算口径。
- 美光计划将其美国投资目标从2,000亿美元上调至2,500亿美元，期限至2035年；另计划最多投入30亿美元强化美国半导体供应链，其中5亿美元投向 GlobalWafers 的得州谢尔曼300毫米硅片厂扩建。
- Rasgon 预计英伟达下一年数据中心收入可达5,000亿美元，这是分析师预测，不是公司业绩指引。
- 文中援引 Investing.com 对 UBS 数据的报道：7月存储销售额达746亿美元，环比增长近32%；NAND（闪存）销售额258亿美元、环比增41%，DRAM（动态随机存取存储器）销售额480亿美元、环比增近28%。
- UBS 的引述称 AI 需求加速及长期供货协议谈判推动存储上行周期加强；原文未附 UBS 原始月报。
- 文中列示 SOXX（iShares半导体交易所交易基金）过去12个月上涨142%，AIQ（Global X人工智能与科技交易所交易基金）上涨46%。
作者观点与证据
作者采用 Rasgon 的乐观框架：AI 需求扩大使芯片、晶圆和设备均受益，竞争增加仍可被更大的市场容量吸收。支撑材料包括当日股价、美光投资计划及经媒体转述的 UBS 存储销售数据。毛利率超过90%、英伟达5,000亿美元收入和竞争影响均属分析师意见或预测，不能当作已披露事实。
与相关标的的关系
- MRVL：作为当日上涨的半导体公司被直接点名；文章未说明其收入中存储相关业务占比，也未披露订单或客户变化。
- MU：存储产能紧张和资本开支的主要案例，文中对行业供需的论据大多围绕该公司展开。
- AMD、QCOM、NVDA、AVGO：被置于 AI 需求外溢和竞争讨论中，未提供逐家公司财务数据。
- META：其自研 AI 芯片计划被描述为预期中的竞争变量，原文没有项目时间表或采购替代规模。
时效性与限制
文章发布于美东时间 07/09 13:00（UTC+8 07/10 01:00），对当日半导体情绪与存储周期线索具有较强时效性。Stocktwits（投资者社区资讯平台）转述 CNBC、Investing.com 与 UBS 信息，存在多层转引；“7月销售额”缺少统计截止日和原始表格，时间口径需核验。文章归档文本仅限受保护的内部阅读环境。
后续跟踪
- 美光2,500亿美元美国投资计划的项目、时间表与资金来源。
- UBS 或其他原始行业数据对存储销售额、价格与库存的确认。
- 存储供应商的毛利率、产能利用率和长期供货协议披露。
- MRVL 及其他相关公司财报中关于 AI 互连、客户需求和订单的量化信息。
英文原文
MU, AMD, MRVL, QCOM Stocks Surge — Bernstein’s Stacy Rasgon Says AI Demand Is Exploding, Memory Capacity Is
MU, AMD, MRVL, QCOM Stocks Surge — Bernstein’s Stacy Rasgon Says AI Demand Is Exploding, Memory Capacity Is 'Very Tight'
MU, AMD, MRVL, QCOM Stocks Surge — Bernstein’s Stacy Rasgon Says AI Demand Is Exploding, Memory Capacity Is 'Very Tight' · Stocktwits
Rounak Jain
Fri, July 10, 2026 at 1:00 AM GMT+8 3 min read
- MU +4.52%
- AMD +5.67%
- MRVL +4.99%
- QCOM +2.44%
- META +4.70%
- Rasgon said that the gross margins on memory products are currently above 90% and that this level has never been seen before.
- He also dismissed concerns about growing competition in the semiconductor space for companies like Nvidia and Broadcom, amid reports of Meta planning to build its in-house AI chip.
- According to an Investing.com report citing data from UBS, memory sales in July hit a new monthly record of $74.6 billion, surging nearly 32% month-on-month.
Shares of Micron Technology Inc. (MU), Advanced Micro Devices Inc. (AMD), Marvell Technology Inc. (MRVL), and Qualcomm Inc. (QCOM) surged in Thursday morning's trade amid a broader rise in semiconductor and memory stocks.
During an interview with CNBC, Bernstein analyst Stacy Rasgon said that tight memory capacity and an explosion in AI demand are all adding up to the momentum in the chip sector.
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"Memory capacity is very, very tight right now. We need a lot of it," he said, while adding that Micron's decision to increase its planned investment in the U.S. to $250 billion from $200 billion through 2035 is a "great" development for the sector.
Current Level Of Gross Margins In Memory Prices 'Never Seen Before'
Rasgon said that the gross margins on memory products are currently above 90% and that this level has never been seen before.
"AI demand is just exploding… it's driving tons of demand for everything that they're making and they need the added capacity," he said, speaking about Micron's investment expansion.
Micron also announced an investment of up to $3 billion to strengthen the semiconductor supply chain in the U.S., including $500 million in GlobalWafers to expand its 300mm raw silicon wafer manufacturing facility in Sherman, Texas.
Rasgon Says Everything In AI Currently Translates To More Chips, Wafers
Rasgon added that the current state of the AI industry is translating into more chips, wafers, and AI tools.
"Semicap is currently caught up in a pretty big bid on that theme over the last year as investors start to look for this capacity to come online," he said, referring to the semiconductor capital equipment sector.
As for Meta Platforms Inc.'s (META) plans to begin manufacturing its in-house AI chip, Rasgon said that it was pretty much a given and acknowledged that there could be more competition in this segment going forward.
"The pie is getting bigger as well and getting massively bigger. I don't really worry so much about competition, who's winning or losing… in semiconductors, there's always competition," he said, while adding that it is fine as long as the pie itself is growing.
Story Continues
He believes that the market leader, Nvidia Corp. (NVDA), could bring in $500 billion in data center revenue next year.
"Everybody right now is selling pretty much everything that they can make as AI gets bigger and bigger and kind of drags everything along," he said, dismissing concerns about growing competition in the semiconductor space for companies like Nvidia and Broadcom Inc. (AVGO).
Memory Sales Hit New Monthly Sales Record
According to an Investing.com report citing data from UBS, memory sales in July hit a new monthly record of $74.6 billion, surging nearly 32% month-on-month.
Sales of NAND soared 41% in July from the previous month, reaching $25.8 billion, while DRAM sales surged nearly 28% to $48 billion, according to the report.
"Our July Memory Monthly suggests that the memory upcycle is strengthening further amid accelerating AI-driven demand and ongoing LTA negotiations," UBS said in its report.
The iShares Semiconductor ETF (SOXX) is up 142% over the past 12 months, while the Global X Artificial Intelligence & Technology ETF (AIQ) is up 46%.
Also See: Mark Zuckerberg Is Back On X After 3 Years — Here's What He Announced
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Rounak Jain has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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CoreWeave债务与现金流压力
重要性4/5 高
包含CRWV最新季度财务与产能数据，并直接连接NBIS、IREN和NVDA的AI算力竞争；评论性来源与未经展开验证的叙事降低了证据强度。
中文摘要
核心结论
24/7 Wall St.认为，CoreWeave（AI云基础设施公司，代码CRWV）的订单与收入高增尚未抵消资本开支、利息和负自由现金流压力；市场对其估值重估取决于债务执行与利润率修复。文中将其与Nebius（AI云公司，代码NBIS）和IREN（AI云与数据中心公司，代码IREN）的经营杠杆作对比。
重要性评级
评级：4/5（高）
文章含CRWV最新季度收入、订单、资本开支、负债和利润率数据，并直接关联NBIS、IREN与英伟达（NVIDIA，代码NVDA）的AI算力竞争格局；但部分表述来自作者叙事和分析师目标价。
关键事实
- 文章发布于美东时间 07/09 12:37（UTC+8 07/10 00:37）。
- CRWV过去一年股价下跌40.57%；同期NBIS上涨359.62%，IREN上涨154.62%，NVDA上涨27.74%。
- CRWV 2026年第一季度营收20.8亿美元，同比增长111.69%，收入订单储备为994亿美元。
- 该季度净亏损扩大至7.40亿美元，资本开支77亿美元，利息支出5.36亿美元，总负债508亿美元，自由现金流为负47亿美元。
- CRWV毛利率五个季度内从78%降至68%，调整后营业利润率降至1%；管理层目标是在2026年第四季度恢复至低双位数调整后营业利润率。
- 文中称NBIS 2026年第二季度调整后息税折旧摊销前利润为1.295亿美元，并给出30亿至34亿美元营收指引及约40%的调整后息税折旧摊销前利润率目标。
- IREN披露与NVDA签订五年期34亿美元合同，另有最高21亿美元的NVDA投资安排；CRWV则有NVDA 20亿美元股权投资及至2030年建设超过5吉瓦AI工厂的合作目标。
- 文中汇集的华尔街平均目标价为142.29美元，隐含53.83%上行；评级分布为24个买入、11个持有、2个卖出。
作者观点与证据
作者立场偏谨慎，认为CRWV的994亿美元订单储备需要经由融资、建设交付和利润率恢复才能获得市场认可。支撑材料包括财报数字、负债与现金流数据；证券欺诈集体诉讼指控和Reddit情绪评分属于外部叙事，文中未提供案件进展、完整情绪样本或独立核验。
与相关标的的关系
- CRWV：债务、资本开支、利息和毛利率是文中直接讨论的估值约束。
- NBIS：其正向调整后息税折旧摊销前利润和利润率目标被用作同业经营杠杆参照，相关数字需回到公司披露核实。
- IREN：NVDA合同与投资安排被用于说明算力供给竞争和客户锁定能力。
- NVDA：同时是CRWV合作方、IREN合同及投资相关方，反映其对AI基础设施生态的资本与供给影响。
时效性与限制
文章发布距日报采集不足一天，适合作为AI云基础设施竞争与CRWV财务压力的背景材料。来源为24/7 Wall St.评论文章，含推广文案；文中未提供原始财报链接、诉讼文件或目标价更新时间，且NBIS与IREN数据并非本文独立核验。
后续跟踪
- CRWV后续季度的资本开支、自由现金流、利息支出与总负债变化。
- CRWV订单储备转化为已投运容量和确认收入的节奏。
- CRWV毛利率及调整后营业利润率是否接近2026年第四季度目标。
- NBIS、IREN与NVDA披露的合同、融资和容量数据是否与文中口径一致。
英文原文
Down 40%, CoreWeave Is Being Left Behind By the Market
Down 40%, CoreWeave Is Being Left Behind By the Market
Rich Duprey
Fri, July 10, 2026 at 12:37 AM GMT+8 3 min read
- CRWV
-0.33%
- NVDA
-0.66%
- NBIS
-0.13%
- IREN
-2.99%
Quick Read
- CoreWeave (CRWV) grew revenue 111% to $2.08B but burned $4.7B in free cash flow with $50.8B in liabilities, sending shares down 40%.
- Nebius (NBIS) surged 360% and now commands a larger market cap than CoreWeave after flipping EBITDA positive and targeting 40% margins.
- Analysts set a $142 price target implying 54% upside, but CoreWeave must execute against its debt stack before the market rewards the $99B backlog.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .
The AI infrastructure trade has minted winners across the neocloud sector, but one name has been conspicuously left out. CoreWeave ( NASDAQ:CRWV ) has fallen 40.57% over the past year, even as Nebius Group ( NASDAQ:NBIS ) has surged 359.62% and IREN ( NASDAQ:IREN ) has climbed 154.62%. Even NVIDIA ( NASDAQ:NVDA ), CoreWeave's largest partner, is up 27.74% over the same stretch.
metamorworks / iStock via Getty Images
The Capital Intensity Problem
CoreWeave's Q1 2026 report showed revenue of $2.08 billion, up 111.69% year over year, and a revenue backlog of $99.4 billion. Yet the net loss widened to $740 million, capex hit $7.7 billion in a single quarter, and interest expense doubled to $536 million. Total liabilities reached $50.8 billion, and free cash flow ran to negative $4.7 billion.
CEO Michael Intrator framed the growth story on the earnings call: "We added more backlog in a single quarter than most AI cloud platforms have in their history." Gross margin, however, compressed from 78% to 68% over five quarters, and adjusted operating margin fell to 1%. Investors also noted a securities fraud class action alleging concealed data center construction delays. Reddit sentiment turned bearish (scores 35 to 42) after the report.
CRWV Earnings Explorer — 24/7 Wall St.
Peers Showing Operating Leverage
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .
Nebius flipped adjusted EBITDA positive to $129.5 million in Q2 2026, targeting a ~40% adjusted EBITDA margin for the year on $3.0B to $3.4B in revenue guidance. CEO Arkady Volozh described the strategy: "We are not simply responding to where the industry stands today; we have the knowledge and experience to build the infrastructure, tools, and capabilities for where it will be tomorrow." Nebius's market cap now exceeds CoreWeave's.
IREN, meanwhile, converted its Bitcoin footprint into an AI Cloud platform, signing a $3.40 billion five-year NVIDIA contract with up to $2.10 billion in NVIDIA investment. CEO Daniel Roberts noted, "There are no idle GPUs...all of our operational capacity is fully contracted." For readers hunting for exposure to picks-and-shovels names benefiting from the buildout, our AI Boom Suppliers research walks through the supplier layer feeding these hyperscalers.
Story Continues
Can CoreWeave Close the Gap?
NVIDIA's $2 billion equity investment and a partnership targeting 5+ GW of AI factories by 2030 remain the strongest structural anchor. Jensen Huang has called the AI factory buildout "the largest infrastructure expansion in human history." Wall Street analysts hold an average price target of $142.29, implying 53.83% upside from current levels, with 24 Buy ratings against 11 Hold and 2 Sell.
Management projects margin recovery to a low double-digit adjusted operating margin by Q4 2026 and $30 billion+ annualized run rate by 2027. Whether the market rewards that trajectory depends on execution against the debt stack rather than another backlog headline.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
加密监管松绑与估值分化
重要性3/5 中
监管方向和CRCL相关性较强且发布时间新近，但原文是观点视频，关键规则与估值数据缺少一手文件和完整计算口径。
中文摘要
核心结论
Yahoo Finance视频主持人Scott Melker称，美国证券交易委员会拟在本月提出便利加密初创企业融资的规则路径，包括最高500万美元的四年期初创豁免、12个月最高7,500万美元融资豁免，以及适用于去中心化项目的安全港安排。
该视频同时认为，加密相关上市公司在近12个月普遍大跌，资金偏向人工智能；这一估值判断主要是主持人评论，规则文本、实施日期和个股跌幅均需以监管文件及市场数据复核。
重要性评级
评级：3/5（中）
视频于美东时间07/09 12:27（UTC+8 07/10 00:27）发布，覆盖CRCL及加密资本市场监管环境，但主体是观点节目，未附美国证券交易委员会正式规则文件或完整样本数据。
关键事实
- 主持人称美国证券交易委员会可能在本月提出加密监管规则，并将其描述为降低初创企业融资和运营门槛的安排；原文未提供提案编号或监管公告链接。
- 视频所述三条路径包括：最长四年的初创企业豁免、12个月最高7,500万美元融资豁免，以及面向去中心化、去中心化金融和代币化证券项目的安全港机制。
- 主持人将该机制与美国证券交易委员会委员Hester Peirce早年提出的Safe Harbor（安全港）思路关联，但视频未说明最终规则是否采用相同法律设计。
- 节目援引其自有通讯称，过去12个月上市的Gemini、BitGo、Bullish和eToro等加密相关公司分别下跌89%、77%、71%和41%；这些跌幅没有给出统一起算日、收盘价或独立数据来源。
- 视频称Circle仍高于首次公开募股发行价约两倍，但已较高点明显回落；未提供具体高点、发行价和截至何时的价格数据。
- 主持人称Temasek将人工智能配置目标由当前6%提高至2031年的15%，并减少对加密资产的兴趣；该陈述未附Temasek原始公告。
- 节目还提到Sony Bank拟通过美国子公司发行美元稳定币，以及Swift拟与17家大型银行试点代币化数字资产结算，均为视频串联的行业案例。
作者观点与证据
Melker的主张是监管环境转向友好、基础设施采用仍在推进，但加密上市公司已遭遇估值重估，市场资金正流向人工智能。前半部分依赖其对监管议程和安全港设计的转述；后半部分混合个人通讯中的跌幅统计、个别公司案例和主持人对流动性流向的解释，证据强度低于正式监管文件、公司财报或可复算市场数据。
与相关标的的关系
- CRCL：视频将Circle列为少数仍高于首次公开募股发行价的加密上市公司，并把稳定币监管和机构采用视为行业基础设施进展；该结论未量化Circle收入、储备收益或USDC流通量影响。
- BTC-USD：节目提及比特币价格及加密行业融资环境，但未提供直接的链上、衍生品或现货数据。
- BLSH、ETOR、KRAK.PVT：视频用交易所、托管及交易平台类公司的上市后表现说明估值压力，缺乏完整样本与可验证的统一计算口径。
时效性与限制
发布于美东时间07/09 12:27（UTC+8 07/10 00:27），对当日监管叙事有参考价值。原文为主持人约21分钟的视频文字稿，含推测、修辞和自有通讯数据；美国证券交易委员会是否在本月发布提案、豁免金额与适用条件，均需等待正式议程、提案文本或公告确认。
后续跟踪
- 美国证券交易委员会正式议程、规则提案全文及征求意见期限。
- 融资豁免、安全港和去中心化认定的法律定义与适用范围。
- Circle及其他加密相关上市公司的统一区间回报、盈利能力与业务量。
- Swift、Sony及银行代币化项目是否进入真实交易或支付结算阶段。
英文原文
SEC pivots on crypto: Eased rules let startups win big on token launches
SEC pivots on crypto: Eased rules let startups win big on token launches
Yahoo Finance Video
Fri, July 10, 2026 at 12:27 AM GMT+8
- BTC-USD
+3.14%
- ETOR
-0.38%
- CRCL
-1.65%
- 000660.KS
+1.05%
- BLSH
-2.75%
Scott Melker discusses the SEC easing rules for new token launches for crypto startups, Sony building a dollar stablecoin for PlayStation, the crypto IPO class of 2025 getting wiped out, and other crypto headlines.
" The Daily Wolf with Scott Melker " airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.
Make sure to also check out Yahoo Finance's crypto hub to find the latest crypto-related news.
Video Transcript
00:00 Scott Melker
The SEC is about to make it far easier to launch a crypto startup in the United States, which is good because everybody who's launched a public company in the United States in crypto has gotten absolutely slaughtered. We're going to talk about that and everything else in the news right now on The Daily Wolf. Let's go.
00:23 Scott Melker
Good morning everybody. Welcome to The Daily Wolf on Yahoo Finance. I am your host Scott Melker, also known as The Wolf of All Streets. And as usual, we're going to spend roughly the next 15 minutes diving into all of the big stories in the news and trying to discern the signal from the noise. Today, we actually have a lot of signal. We've spent days bloviating on whether Trump is going to put us back into war, whether we're ceasing fire, what Bitcoin price will do, what will happen with Michael Saylor.
01:00 Scott Melker
None of that are the big stories that actually matter right now. The big stories that actually matter are about plumbing, infrastructure and adoption. And we've got some great news, I would say from the SEC here, which is this. US SEC to proposed crypto rule as soon as this month to ease startups fundraising. A newly updated agenda from the securities regulator shows so-called reg crypto high on its near-term list.
01:41 Scott Melker
So, we still have this continued push and pull between the legislative branch of United States government, who can't seem to get the clarity act done or give us any clear rules of the road for what we can do in this industry. But of course, we have the regulators like the CFTC and the STC plowing forward with crypto-friendly regulation and erasing everything that happened during the Gary Gensler era under the Biden administration. Now, if you remember, we had a regulation by enforcement era during that SEC.
02:26 Scott Melker
Every company in crypto was seemingly getting sued, nobody knew what they could do and we saw major capital flight and corporate flight from the United States to more friendly jurisdictions. We called it regulatory arbitrage. It's still a thing, but becoming less of one. Now, Hester Peirce, long called crypto mom, who was a commissioner at the SEC,
02:51 Scott Melker
long ago, years ago, proposed an idea called Safe Harbor. And what we're seeing now is effectively an update of the idea of Safe Harbor. Now,
03:09 Scott Melker
for those who don't know what Safe Harbor is, it was basically the idea that somebody could create an entity or a company in the United States and following a certain road map could take that company from centralized to decentralized over a certain period of time. And if they became sufficiently decentralized, then they would get all the regulatory approval that they wanted. This would allow for capital formation, for companies to try new things and for the realistic way that capital and companies are formed in crypto, which is that usually you start with some sort of entity and if you have a road map to become decentralized, you can actually get there.
03:47 Scott Melker
So they're proposing three new pathways out of the 1933 Securities Act, basically a startup startup exemption, which is up to four years where you can operate on a simple white paper disclosure and raise up to 5 million. There's a fundraising exemption of up to 75 million in 12 months and safe harbor for projects decentralizing, explicitly covering DeFi and tokenized securities. So, even though we can't get the clarity act done, the regulators are plowing forward trying to give very clear rules of the road that will last at least for the next
04:36 Scott Melker
three years as long as we have this SEC and CFTC. So this is exactly what we want to see from our regulators. These are sensible proposals that were made years ago and this will very much allow companies in the United States to participate in the industry without much fear of that same aggressive uh stance that we saw from a previous SEC. So they're rolling out the welcome mat to Americans, to foreigners, to bring their companies back and form and build things in the United States.
05:21 Scott Melker
And the next story is why that welcome mat that we're rolling out actually matters because the last group that came through the door got absolutely flattened. You can see it right here.
05:38 Scott Melker
This is from a reliable news source called The Wolf Dead newsletter, which I write every single day. I've written 1400 of these things come out at about 7:00 a.m. and you should subscribe and read it. But Bitcoin is down 50%. These crypto stocks are down 89%. You got Gemini, the Winklevoss exchange down 89%. BitGo down 77%, Bullish down 71%, eToro only down 41%, pretty good.
06:21 Scott Melker
These are all since going public in the last 12 months. So we obviously had this massive window between May 2025 and January 2026 where public markets absorbed this massive wave of crypto IPOs. This obviously came on the back of Gensler being gone and Paul Atkins being the chair of the SEC and the SEC opening its doors reasonably to all of these IPOs. Well, Circle obviously went exceptionally well. They're actually still trading relatively well even though down massively from the peak, but still at a 2X to what people paid for the IPO initially before it was listed.
07:11 Scott Melker
But all these others have gotten absolutely slaughtered. And the reason obviously is is that public markets and all of these IPOs, as I said at the time, were behaving like the alt coin markets of the past. People always said, hey, when are we going to get alt season? Where is alt season? And I would point out the whole time that alt season where you had these massive pumps up and then these massive dumps down, it was happening in public markets with crypto adjacent equities. Let's not even mention what happened with all the reverse mergers and treasury companies and all the ones that didn't have to IPO.
07:54 Scott Melker
Some of those are down over 95, 96, 97, 99 percent, meaning all the way down. Right? It's been an absolute slaughterhouse. Now, to be fair, miners have done well because they've pivoted to AI, which is a bigger part of the story that we're going to get into. So, not only have we had massive destruction by any company that's basically dependent on crypto trading, right? That's what we're talking about here.
08:33 Scott Melker
Is that most of these some way, shape or form are depending on either exchange fees, that'd be like a Gemini or a bullish. Uh, eToro's done a little bit better because they're more diversified into stocks. BitGo is the custodian for all of these, so they obviously need those assets to be there to custody them. Now, companies like Figure Markets have actually done well because they're profitable. And the ones that are profitable are down a lot less than the others, which tells you exactly what you need to know about the crypto market.
09:21 Scott Melker
People are not going to just value these like alt coins on pure FOMO and speculation in the future, much like Hyper liquid and other old coins have done well. The companies that have IPO'd are going to do well in the future if they actually make money and if they don't, we could obviously have a problem. So, listen, we also have a pipeline with Kraken, trying to get public, Grayscale, Consensus, ledger, all of these were scheduled and have now been postponed.
10:07 Scott Melker
So I don't even think that we can say that the window closed, I think it slammed with everybody's fingers in it. I mean, it's just disgusting out there in the crypto IPO world. So I think, you know, we're going to have to now, and maybe this is a good thing, maybe it's a good change and wash out. We're going to have to now value these based on what they actually do, much like we will all coins and moving forward, it'll be much easier to tell who's going to be the winners and the losers. Now, to be fair, I think these are all going to do pretty well when the market reverses.
10:48 Scott Melker
and I do think that the market will reverse. Now you're going to kind of notice a thread, it's intentional, running through all of these stories, right? The first story, obviously, is the SEC is opening the doors for more people to come. The second story is that the people who have come have gotten punched in the face. And the next story is where is that money actually going? Because if crypto IPOs are failing, who's actually succeeding?
11:32 Scott Melker
SK Hynix. I've told you about them, the Korean AI uh company that retirees were selling their insurance and savings to get into. Well, I told you the other day that they're IPOing in the United States. That IPO, which was a $28 billion US sale, 7X oversubscribed. So, it's not like the money is gone. The money didn't just leave finance, it just RSVPed to a different party and crypto wasn't on the list.
12:15 Scott Melker
We're outside like wavy at the AI people inside, like, can you get us in? Talk to the door guy. I mean, this is where the money is. There's no question. You can even look, right? Even the S&P is if you exclude AI, it's only up 3.5% this year. Right? So AI has been the entire story uh for markets in general and it's certainly where seemingly all of the liquidity is getting sucked out of that would have likely gone into crypto. And you don't have to look far
12:51 Scott Melker
for further evidence. Here comes the thread. Singapore's Temasek investment fund says Crypto's off the table, we'll focus on AI. The $400 Bitcoin wealth fund plans to expand expand AI holdings to 15% of its portfolio by 2031 from current 6%. But that's not the whole story. If you've been here before, you know that Temasek, which is Singapore's sovereign wealth fund,
13:38 Scott Melker
they were the crypto leaders. Singapore was all in on crypto, they were plowing money in and then what happens? They lost a casual $275 million of Singapore sovereign wealth fund on FTX. The scars of FTX are still haunting us years later and some of the huge institutional money that was actually deeply involved and interested in crypto in the past has completely exited the building and it probably ain't coming back.
14:15 Scott Melker
Now, to be fair, Temasek said that they are still interested in infrastructure, which is what we've been talking about, right? They're interested in the pipes, not necessarily the coins and the uh tokens and the projects that are being built, but very interested in the infrastructure and will continue looking at it. But yes, this is a $400 billion fund that was extremely involved in crypto until getting rinsed by FTX saying that their money is going right to AI,
14:58 Scott Melker
which is just going to be a massive bubble. Let's be honest, you heard it here first. Okay. So if we're talking about plumbing and we're talking about all the things that are being built regardless of what's happening with the market, we have these guys right here over in Japan. Sony Bank clears OCC hurdle for dollar stable coin. The lender's new US subsidiary connect your trust would issue a dollar pegged stable coin once it clears the regulator's financial conditions. Bank in Japan called Sony, which they're a bank, not just Sonic the Hedgehog.
15:43 Scott Melker
bank, right? Uh getting approval in the United States to potentially launch a stable coin, but interestingly, they want to do it to use in the PlayStation economy. How cool is that? Sony wants you basically buying video games with a Sony dollar. So we've gone from crypto will replace the banks to crypto will help you buy Call of Duty skins without a credit card. But honestly, that may be the more realistic revolution and a great way for people to backdoor
16:26 Scott Melker
into crypto. All of this, of course, is only possible because we had the Genius Act passed and we have rules of the road for stable coins. Remember back to the early stories, we're trying to get rules of the road for everything that's not stable coins for crypto companies in the United States. Now, listen, this is conditional. They're filing for a trust and they're joining a much larger queue to get a charter like this. I think Circle, Ripple, BitGo, Fidelity, Paxos, all got conditional OCC nods in December. I mean, I think even World Liberty financial with Trump,
17:21 Scott Melker
they've applied, but it doesn't take a genius to figure out, genius act. Realized I did that. Doesn't take a genius act to realize what's happening here is that everybody wants in on stable coins and once again on the plumbing of crypto and they are going to adopt it. And if you want proof of that, there's no bigger story than this final one. Plumbing.
18:03 Scott Melker
Swift. Yeah, Swift. That Swift. Rolls out new blockchain ledger to bring 24/7 banking to 17 global giants. HSBC, UBS, Wells Fargo, City, Perry Boss are among the 17 banks now preparing to pilot live transaction using tokenized digital assets on Swift's new blockchain payments platform. This is absolutely crazy. Swift moves money between 11,000 banks worldwide and it does it at the speed of a slug.
19:07 Scott Melker
Right? Anybody who has ever used the Swift network knows that it doesn't operate 24/7, 365 like crypto, you know, they take days off and hours off and it's uh extremely slow and we all know that anytime you try to move money through the legacy financial system, there's toll collectors in the middle and complications and problems. Well, they ain't using crypto and they ain't using stable coins, but they are using the underlying technology and building their own network. So like I said, these aren't stable coins. They're basically tokenized deposits that they will be moving from bank to bank, adopting our rails
19:51 Scott Melker
to do this better, faster and cheaper. That is the theme of the day, right? You can tell that the crypto hot ball of money has moved into AI, but under the surface, you still have the biggest institutions on the planet and the biggest networks on the planet, all adopting a better, faster and cheaper system in crypto.
20:34 Scott Melker
The question then remains how investable will that be to all of us? I probably can't capitalize on a Sony stable coin or on Swift rolling this out. But a lot of this will inevitably accrue to the decentralized and open networks that we are familiar with and the blockchains that we already use and those that gain real adoption will go up in price. That's all I've got for you today. I will see you tomorrow in the next daily Wolf.
21:26 Scott Melker
Peace.
高盛覆盖带动数据中心承包商
重要性2/5 中低
新闻时效高但原文极短，VRT没有正文层面的直接关联，缺乏订单和估值依据。
中文摘要
核心结论
Investor's Business Daily报道，高盛集团（GS）首次覆盖电气承包商Comfort Systems USA（FIX）并给予买入评级后，FIX在周四盘中一度上涨9%。这是一条分析师覆盖触发的个股行情信息，未提供数据中心订单、盈利预测或与Vertiv（VRT，数据中心电力与热管理设备商）的业务数据。
重要性评级
评级：2/5（中低）
事件发布时间新，涉及数据中心建设链，但正文极短，评级依据和目标价均未披露；VRT仅出现在关联标的列表中。
关键事实
- 美东时间07/09 12:16（UTC+8 07/10 00:16），Investor's Business Daily发表该文。
- 高盛开始覆盖FIX，并给出买入评级。
- FIX在周四交易中一度上涨9%。
- 元数据还关联CIENA（CIEN）、Sterling Infrastructure（STRL）、VRT等数据中心与基础设施标的。
- 摘要抓取时间为美东时间07/09 23:05（UTC+8 07/10 11:05）。
作者观点与证据
文章传递的核心事实是覆盖启动后FIX上涨。高盛的具体估值模型、目标价、盈利预测、客户订单和建设项目均未在抓取文本中出现，无法判断评级的证据强度。
与相关标的的关系
FIX是数据中心电气建设环节的直接主体。VRT未在正文被讨论，二者可能共同受益于数据中心建设活动，但原文没有给出项目、客户或供应关系，不能据此推导VRT经营影响。
时效性与限制
文章发布于美东时间07/09 12:16（UTC+8 07/10 00:16），适合记录当日数据中心建设链的市场反应。原文仅约2分钟阅读量，缺少高盛研报细节及独立项目证据，信息主要反映短期覆盖事件。
后续跟踪
- 高盛是否公布FIX的目标价、盈利假设与覆盖理由。
- FIX后续披露的数据中心项目、积压订单和利润率。
- 数据中心建设活动是否带来可验证的电力与热管理设备需求。
英文原文
Data Center Builder Spikes After Goldman Initiates Coverage At Buy Rating
Data Center Builder Spikes After Goldman Initiates Coverage At Buy Rating
Data Center Builder Spikes After Goldman Initiates Coverage At Buy Rating · Investor's Business Daily
PAOLO CONFINO
Fri, July 10, 2026 at 12:16 AM GMT+8 2 min read
- GS
+2.56%
- FIX
+5.73%
- CIEN
+4.85%
- STRL
+7.03%
- VRT
+1.92%
Goldman Sachs began coverage of the electrical contracting giant Comfort Systems USA. The stock jumped as much as 9% on Thursday.
Continue Reading
半导体反弹中的估值分化
重要性4/5 中高
直接关联SOXX且发布时间接近日报，包含主要成分相关公司的盘中表现、估值与业绩数据；盘中价格和因果叙事仍需独立核验。
中文摘要
核心结论
24/7 Wall St.认为，半导体板块反弹带动Marvell Technology（迈威尔科技，MRVL）盘中上涨约7%，但其85倍过去十二个月市盈率和接近252.26美元的平均目标价，使估值空间较英伟达和博通更受市场检验。文章同时以SOXX的5%涨幅说明行情具有板块性，未提供指数持仓权重或实时收盘数据。
重要性评级
评级：4/5（中高）
文章发表于美东时间 07/09 11:57（UTC+8 07/09 23:57），接近日报日期，直接关联输入标的SOXX，并列出MRVL、AVGO和NVDA的估值、业绩及板块表现；但盘中行情与分析师目标价需以当日收盘和正式财报核验。
关键事实
- 文中称MRVL在07/09盘中上涨约7%至247美元附近，SOXX上涨5%；AVGO上涨3%，NVDA下跌约1%。
- 文章将MRVL反弹置于三星初步二季度业绩、SK海力士强势和人工智能基础设施板块回升的背景下，但未量化各因素的价格影响。
- MRVL于05/27（未给出具体时刻）公布2027财年一季度收入24.18亿美元，同比增长27.6%；数据中心收入18.33亿美元，占收入76%。
- 管理层指引2027财年二季度收入27亿美元，对应同比增长35%；文章称公司与英伟达的NVLink Fusion（英伟达互连技术）合作扩大，并提及据报道的20亿美元战略投资关联和Teralynx T100交换芯片。
- MRVL过去十二个月市盈率为85倍，文中称其年初至今上涨191%，平均分析师目标价252.26美元。
- 博通2026财年二季度收入221.9亿美元，同比增长47.9%；人工智能半导体收入108亿美元，同比增长143%，三季度指引为160亿美元。
- 英伟达2027财年一季度收入816.2亿美元，同比增长85.2%；二季度指引910亿美元，过去十二个月市盈率31倍、预期市盈率22倍。
- 文章称SOXX费用率0.34%，并提示其回报受大型人工智能基础设施成分股集中影响。
作者观点与证据
作者认为MRVL的收入增长真实，但85倍过去十二个月市盈率、近期大幅上涨和接近平均目标价使估值敏感；文章将NVDA描述为增长调整后估值较低的同业。财务数字来自已公布业绩或公司指引，盘中涨跌、估值倍数和目标价具有时点性；三星业绩、合作关系和战略投资关联的因果解释未给出原始公告或完整来源。
与相关标的的关系
SOXX为直接相关标的。文章称其07/09盘中上涨5%，并指出MRVL、AVGO和NVDA均为基金持仓，因而该ETF对人工智能基础设施大型成分股的共同涨跌较敏感；原文未给出三者在SOXX中的权重，无法据此量化单一公司的贡献。
时效性与限制
发表于美东时间 07/09 11:57（UTC+8 07/09 23:57），为接近日报日的盘中评论，应与07/09收盘、SOXX净值和成分权重数据交叉核验。来源为市场评论文章，含推广文案；MRVL的“超卖反弹”、行业催化和目标价空间均属作者或市场叙事，不能替代公司公告与完整估值分析。
后续跟踪
- MRVL下一季度收入、数据中心业务和人工智能订单兑现情况。
- MRVL、AVGO与NVDA的财报指引及估值倍数变化。
- SOXX的收盘表现、前十大持仓权重与集中度。
- 三星、SK海力士及人工智能基础设施需求对供应链订单的后续披露。
英文原文
Marvell Technology Climbs 7% on the AI Chip Recovery: Is It Overvalued Next to Broadcom and Nvidia?
Marvell Technology Climbs 7% on the AI Chip Recovery: Is It Overvalued Next to Broadcom and Nvidia?
David Moadel
Thu, July 9, 2026 at 11:57 PM GMT+8 4 min read
- MRVL +4.99%
- AVGO +3.20%
- 005930.KS +4.68%
- NVDA -0.66%
- ^GSPC +0.81%
Quick Read
- MRVL's 85x trailing P/E and analyst targets near its current quote make it pricier than NVDA, which trades at just 31x despite 85% revenue growth; meanwhile, AVGO carries a trailing P/E ratio of 66x.
- The SOXX ETF surged 5%, confirming a broad sector rally, though heavy concentration in top AI-infrastructure names amplifies both gains and downside risk for ETF investors.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Shares of Marvell Technology ( NASDAQ:MRVL ) are up 7% to $247 and change in midday trading Thursday, riding a broad semiconductor rebound that's lifted the entire AI chip complex. Marvell stock came into the session bruised after a sharp multi-week pullback, setting up an oversold bounce.
Thinkstock The move stems from broad sector catalysts. Traders are responding to blowout preliminary Q2 results from Samsung, continued strength at SK Hynix, and Fundstrat's Tom Lee framing the recent selloff as a buying opportunity in AI infrastructure names.
Some of Marvell's peers are participating in the rally while others are lagging behind. Broadcom ( NASDAQ:AVGO ) stock is up 3%, but NVIDIA ( NASDAQ:NVDA ) shares are down 1% today.
A Broad Sector Rebound Powers the Move
Marvell stock had faded after its June 22, 2026 S&P 500 inclusion, unwinding some of the technical buying that drove a strong run into the event. Insider selling and valuation concerns amplified the July drawdown.
The supportive fundamental backdrop hasn't changed. Marvell has an expanded NVIDIA partnership via NVLink Fusion, a reported $2 billion strategic investment tie-up, a wave of analyst target hikes, and the recent Teralynx T100 switch launch with 102.4 Tbps of silicon aimed at AI clusters.
Marvell's AI-Driven Growth Story
Marvell's Q1 FY2027 results reported May 27, 2026 showed revenue of $2.418 billion, up 27.6% year over year (YoY), with data center revenue of $1.833 billion (76% of total). Management guided Q2 FY2027 revenue to $2.7 billion, implying 35% YoY growth.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
The company's valuation is a pressure point, though. Marvell stock trades at a trailing P/E of 85x per Yahoo Finance, the richest of the three names. That reflects both depressed trailing earnings and a stock that has run 191% year to date (YTD).
CEO Matt Murphy told investors that the company sees "exceptional AI-related bookings" and significantly raised its FY2027 and FY2028 outlook. That growth is real, but the average analyst target price of $252.26 sits near MRVL stock's current quote, which suggests that the implied upside is limited.
Story Continues
Broadcom Trades at a Growth-Justified Premium
Broadcom stock trades at a trailing P/E ratio of 66x, above the sector average but below that of Marvell. AVGO stock is up 15% YTD, well behind Marvell's move but still ahead of the market.
Broadcom's Q2 FY2026 results, reported June 3, 2026, showed revenue of $22.19 billion, up 47.9% YoY, with AI semiconductor revenue of $10.8 billion, up 143% YoY. The company's Q3 FY2026 guidance calls for AI semiconductor revenue of $16 billion, over 200% YoY growth. That scale gives Broadcom's premium some cover.
NVIDIA Screens as the Cheapest of the Trio
NVIDIA stock trades at a trailing P/E of 31x with a forward P/E of 22x. NVDA stock is up 8% YTD, lagging both peers despite $81.62 billion in Q1 FY2027 revenue (up 85.2% YoY) and Q2 guidance of $91 billion. On growth-adjusted multiples, NVIDIA stock screens as the most reasonably valued of the three AI chip leaders.
The apparent contradiction is that NVIDIA stock carries the largest market cap at $4.77 trillion but also the lowest multiple. Evidently, the earnings scale has finally caught up to the share price.
SOXX Confirms the Sector Move
The iShares Semiconductor ETF ( NASDAQ:SOXX ) is up 5% today, confirming a sector-wide rally rather than a single-name story. The ETF holds Marvell, Broadcom, and NVIDIA and carries a 0.34% expense ratio.
The concentration risk is worth noting with the SOXX ETF. The fund's top holdings dominate the returns, so this ETF behaves as an amplified play on the same AI-infrastructure trade lifting its largest components today.
What to Watch Now
Investors can watch for whether Marvell stock holds today's 7% gain into the close, given the stock's beta of 2.2 and recent volatility. A close at session highs would suggest that the oversold bounce has legs.
Discipline is crucial here, and investors should consider keeping their position sizes modest in high-beta AI names. Marvell's next fundamental catalyst is the company's Q2 FY2027 earnings, which will test whether the AI-infrastructure thesis can grow into the multiple.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Contact editorial@247wallst.com for any questions or corrections.
光通信订单支撑增长预期
重要性5/5 核心标的经营材料
直接覆盖 COHR，且包含最新财季的业务占比、订单、利润率、资本结构与共识预测，信息密度高；需区分公司事实与 Zacks 的评级判断。
中文摘要
核心结论
Zacks 认为 Coherent（COHR，光电与光通信元件公司）已受益于人工智能数据中心建设：数据中心与通信业务占其 2026 财年第三季度收入 75%，同比增长 41%，订单积压延伸至 2028 年、长期供货协议覆盖至 2030 年。文章同时承认估值处于高位，近一个月股价回落 11%。
重要性评级
评级：5/5（核心标的经营材料）
文章直接讨论 COHR，包含业务结构、订单能见度、利润率、资本开支、资产负债表及盈利预期等多项数据；但结论来自卖方研究机构，预测与评级需和公司披露交叉核验。
关键事实
- 文章发布于美东时间 07/09 11:22（UTC+8 07/09 23:22）。
- COHR 过去一年上涨 247%，同期行业上涨 8%，标普 500 指数上涨 24%；近一个月回落 11%。
- 数据中心与通信业务在 2026 财年第三季度占收入 75%，同比增长 41%。
- 订单积压延伸至 2028 年，长期供货协议覆盖至 2030 年；当季资本开支约 2.90 亿美元，同比超过一倍。
- 调整后营业利润率扩大 163 个基点，调整后净利润同比增长近 56%。
- 英伟达（NVIDIA，人工智能芯片公司）20 亿美元股权投资后，现金由上一季度约 15 亿美元增至约 30 亿美元；公司当季偿还债务 1.62 亿美元，杠杆率由 1.7 倍降至 0.5 倍。
- Zacks 共识预期 2026 财年收入 71 亿美元、同比增长 21.5%，每股收益 5.47 美元、同比增长 55%；2027 财年收入和每股收益预计分别增长 37.7% 与 52.5%。
- 文章称远期市盈率约 37.56 倍，高于行业约 21.49 倍。
作者观点与证据
作者倾向于维持长期看好，依据是订单覆盖期、产能投入、利润率改善、英伟达投资与去杠杆。收入和每股收益增速属于 Zacks 共识预测，供货协议的具体金额、取消条件和客户集中度未在原文披露；“合理支撑估值”属于作者判断。
与相关标的的关系
COHR 为直接标的，文章描述其在人工智能数据中心光互连的订单与产能逻辑。英伟达的股权投资构成 COHR 现金与战略关系的已披露背景；LITE（Lumentum，光通信元件公司）和 IPGP（IPG Photonics，激光公司）被列为同行对照，文中未提供其同期经营数据。
时效性与限制
发布于美东时间 07/09 11:22（UTC+8 07/09 23:22）。大部分基础数据指向 2026 财年第三季度，适合作为最新一轮财报后的背景材料；文章未给出对应财报发布日期、原始文件链接或估值计算口径，且 Zacks 的评级与预测带有研究机构立场。
后续跟踪
- 后续财报对数据中心与通信收入占比、增速和利润率的确认。
- 订单积压、长期供货协议的履约节奏与客户集中度。
- 资本开支、自由现金流和债务偿还是否持续匹配产能扩张。
- 远期盈利预期与估值倍数随业绩披露的变化。
英文原文
Coherent Stock Soars 247% in a Year: Should Investors Ride the Rally?
Coherent Stock Soars 247% in a Year: Should Investors Ride the Rally?
Shuvra Shankar Dey
Thu, July 9, 2026 at 11:22 PM GMT+8 6 min read
- COHR
+3.21%
- ^GSPC
+0.81%
Coherent Corp. COHR has been one of the standout performers in the technology hardware space over the past year. The stock has surged an impressive 247%, significantly outperforming the industry's 8% growth and the Zacks S&P 500 Composite's 24% advance. More recently, however, COHR has pulled back 11% over the past month, suggesting the stock may be entering a healthy correction after its remarkable run.
Zacks Investment Research Image Source: Zacks Investment Research
The recent weakness raises an important question for investors: Is this a buying opportunity, a signal to hold existing positions, or a reason to stay on the sidelines? While the valuation remains elevated, Coherent's strengthening fundamentals indicate that the company's long-term growth story remains intact.
AI Infrastructure Demand Is Reshaping COHR's Business
Coherent's transformation has been fueled by booming demand for AI infrastructure. The company's Datacenter & Communications segment has become its primary growth engine, accounting for 75% of third-quarter fiscal 2026 revenues while delivering 41% year-over-year growth.
This shift is significant because it changes the company's revenue profile. Historically, hardware manufacturers have been exposed to short product cycles and volatile demand. Today, Coherent is increasingly tied to long-duration AI infrastructure spending, providing investors with greater confidence in future earnings.
Unlike traditional semiconductor hardware cycles, AI-related investments are supported by large-scale cloud deployments and multi-year capital spending plans, making demand considerably more predictable.
Long-Term Orders Improve COHR's Revenue Visibility
One of the biggest positives for Coherent is the dramatic improvement in order visibility.
Rather than experiencing the typical cyclical increase in hardware demand, the company is witnessing a step-change in customer commitments. Record backlog levels now extend into calendar 2028, while long-term supply agreements stretch through 2030.
This level of visibility substantially lowers the risk that new manufacturing investments become underutilized during an economic slowdown.
To support this unprecedented demand, Coherent invested approximately $290 million in capital expenditures during the third quarter of fiscal 2026, more than doubling spending from the prior-year period.
Importantly, this aggressive capacity expansion is backed by contractual customer commitments rather than speculative demand forecasts.
Story Continues
Operating Leverage is Beginning to Pay Off
The surge in AI-related demand is translating directly into stronger profitability.
Higher factory utilization and improved supply chain efficiencies contributed to a 163-basis-point expansion in the adjusted operating margin during the third quarter. Meanwhile, adjusted net income climbed nearly 56% year over year, highlighting the operating leverage created by rising production volumes.
As manufacturing assets become increasingly utilized, incremental revenues are flowing through to earnings at a faster pace, improving the overall quality of Coherent's financial performance.
This combination of expanding margins and stronger earnings suggests the company is benefiting not only from higher sales but also from greater operational efficiency.
Strategic Partnerships Strengthen Financial Flexibility
Coherent has also significantly strengthened its balance sheet.
A major catalyst came from NVIDIA 's NVDA $2 billion equity investment, which increased Coherent's cash balance to roughly $3 billion during the third quarter of fiscal 2026 from approximately $1.5 billion in the previous quarter.
Beyond the financial benefits, NVIDIA's investment serves as an important strategic validation of Coherent's technology and its role within the rapidly expanding AI infrastructure ecosystem.
Management has simultaneously accelerated debt reduction. During the quarter, Coherent repaid $162 million of debt, reducing its leverage ratio to 0.5X from 1.7X in the previous quarter.
Lower leverage, higher liquidity and declining interest costs collectively provide the company with considerably greater financial flexibility as it continues investing in future growth.
Premium Valuation Appears Supported by Improving Fundamentals
Coherent currently trades at approximately 37.56 times forward earnings, nearly double the industry's 21.49 times forward earnings multiple.
Zacks Investment Research Image Source: Zacks Investment Research
At first glance, that premium valuation may appear demanding. However, investors are paying for a business that is becoming fundamentally different from the cyclical hardware manufacturer it once was. Multi-year customer commitments, record backlog, expanding margins, stronger cash generation and a healthier balance sheet are all contributing to a more predictable earnings profile.
While short-term volatility is always possible following such a strong rally, Coherent's growing exposure to AI infrastructure spending and long-term customer agreements provides a solid foundation for sustained growth over the coming years.
Coherent's Top and Bottom Line Expectations Remain Robust
Coherent's growth prospects remain compelling, supported by strong demand across AI-driven datacenter infrastructure and improving operating leverage. The Zacks Consensus Estimate projects fiscal 2026 revenues of $7.1 billion, indicating 21.5% year-over-year growth. Momentum is expected to accelerate further in fiscal 2027, with revenues forecast to increase 37.7% from the prior year.
The earnings outlook is equally impressive. The consensus estimate indicates fiscal 2026 EPS of $5.47, suggesting 55% year-over-year growth. Looking ahead, analysts expect EPS to climb another 52.5% in fiscal 2027, indicating confidence that Coherent's expanding AI-related business, improving margins and higher manufacturing utilization will continue to drive profitability.
Such robust top- and bottom-line projections reinforce the investment case that Coherent's transition toward AI infrastructure is creating a stronger, more predictable earnings profile despite the stock's premium valuation.
Peers to Watch: Lumentum and IPG Photonics
Among U.S.-listed peers, Lumentum Holdings LITE and IPG Photonics IPGP offer useful comparisons for investors evaluating Coherent. Like Coherent, both LITE and IPGP operate in optical components and photonics markets that benefit from increasing demand for high-speed data communications and advanced laser technologies. However, Coherent currently stands apart because of its unusually strong AI infrastructure exposure, record backlog extending into 2028, long-term supply agreements through 2030, and a significantly strengthened balance sheet following NVIDIA's strategic investment. These factors have helped improve earnings visibility and differentiate Coherent's growth profile within the photonics industry.
COHR Remains a Buy for Long-Term AI Investors
Coherent's remarkable rally reflects meaningful improvements in its business rather than market enthusiasm alone. The company has strengthened its revenue visibility through long-term customer commitments, expanded profitability as AI-driven demand boosts operating leverage, and reinforced its balance sheet with greater financial flexibility. Although the stock trades at a premium and could experience periodic volatility after its strong advance, its transformation into a critical supplier for AI infrastructure supports a more durable growth outlook. With robust revenue and earnings expectations, improving execution and favorable industry trends, Coherent remains an attractive buy for investors seeking long-term exposure to the expanding AI ecosystem.
COHR currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Coherent Corp. (COHR) : Free Stock Analysis Report
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IPG Photonics Corporation (IPGP) : Free Stock Analysis Report
Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Saturn Cloud接入Nebius平台
重要性3/5 中
产品整合直接涉及NBIS的差异化路径且信息新鲜，但缺少商业条款、客户采用和财务贡献数据，主要估值结论依赖模型假设。
中文摘要
核心结论
Simply Wall St.认为，Saturn Cloud（模型开发平台）上线Nebius（AI云公司，代码NBIS）市场的自助部署，可把NBIS服务延伸至模型微调、部署与安全治理环节；单一合作不足以改变其竞争判断。文章将近期风险定位为Meta（元宇宙平台公司，代码META）出售剩余算力后带来的价格与容量竞争。
重要性评级
评级：3/5（中）
合作上线与NBIS产品层能力相关，且发布时间新；但文章没有给出客户数量、合同金额、使用量或收入贡献，2029年预测和公允价值属于模型假设。
关键事实
- 文章发布于美东时间 07/09 11:11（UTC+8 07/09 23:11）。
- Saturn Cloud宣布其AI令牌工厂平台可在Nebius市场自助部署，客户可在NBIS的NVIDIA（英伟达）基础设施上使用该服务。
- 文中列出的功能包括托管微调、兼容OpenAI（开放式人工智能公司）接口和企业级安全功能。
- 作者将该集成与Nebius AI Cloud 3.6并列，后者涉及安全、治理和开发者体验升级。
- 文章认为，高层软件工作流和合规工具若获得企业规模采用，可能缓冲基础算力商品化带来的利润率压力。
- 文中采用的NBIS叙事模型预测其2029年营收245亿美元、收益8.196亿美元，要求年营收增长203.4%。
- 该模型以245.43美元为公允价值，称较当时价格有13%上行；另一组谨慎预测假设2029年营收约191亿美元，并担心高资本开支和自由现金流表现。
作者观点与证据
作者认可产品整合提升服务层级的方向，但明确认为它不足以单独改变投资叙事。证据主要是Saturn Cloud公告、产品功能描述和基于历史数据与分析师预测的估值模型；没有企业客户采用、定价、GPU使用率或收入拆分，Meta算力供给对NBIS价格竞争的影响也未量化。
与相关标的的关系
- NBIS：该合作直接扩充其AI云市场的托管模型开发与部署能力，实际影响取决于企业采用及服务收入。
- NVDA：Saturn Cloud服务部署在NBIS的NVDA基础设施上，关联主要在底层GPU算力供给，文中没有给出NVDA收入或合同变化。
时效性与限制
文章发布距日报采集不足一天，适合作为NBIS产品生态更新的补充材料。Simply Wall St.声明内容基于历史数据和分析师预测，未纳入所有最新价格敏感信息；原文也未提供合作公告原链接、商业条款和运营数据。
后续跟踪
- Saturn Cloud在Nebius市场的客户数、活跃使用量与付费转化。
- NBIS对托管微调、推理接口和安全治理服务的收入披露。
- Meta剩余算力供给对AI云价格和容量利用率的实际影响。
- NBIS资本开支、自由现金流及2029年收入预测的修订。
英文原文
Is Nebius Group (NBIS) Using Saturn Cloud To Quietly Redefine Its AI Moat?
Is Nebius Group (NBIS) Using Saturn Cloud To Quietly Redefine Its AI Moat?
Sasha Jovanovic
Thu, July 9, 2026 at 11:11 PM GMT+8 3 min read
- NBIS -0.13%
- NVDA -0.66%
- In recent days, Saturn Cloud Inc. announced that its AI token factory platform is now available for self-service deployment in the Nebius marketplace, enabling Nebius customers to deploy Saturn Cloud on Nebius's NVIDIA infrastructure with managed fine-tuning, OpenAI-compatible endpoints, and enterprise-grade security features.
- This deeper integration extends Nebius's AI Cloud ecosystem beyond raw compute into higher-value software workflows, potentially strengthening its appeal to enterprises seeking turnkey model development and deployment capabilities.
- Next, we'll examine how this expanded Saturn Cloud integration influences Nebius Group's investment narrative, particularly around differentiation in the competitive AI infrastructure market.
Explore 26 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research.
Nebius Group Investment Narrative Recap
To own Nebius, you have to believe its full stack AI cloud can stay differentiated even as hyperscalers and big customers like Meta push into the same space. The Saturn Cloud self service launch looks helpful but not thesis changing on its own, and it does little to address the biggest near term risk: intensifying price and capacity competition in AI infrastructure after Meta's move to sell excess compute.
The most relevant recent development alongside Saturn Cloud is Nebius AI Cloud 3.6, which upgraded security, governance and developer experience. Together, these moves push Nebius further up the value chain, from raw GPUs toward managed workflows and compliance ready tooling. If enterprises adopt these higher level services at scale, they could reinforce Nebius's current growth catalysts while partly offsetting margin pressure from basic compute commoditization.
Yet, despite the excitement around AI partnerships and index inclusion, investors should also be aware that...
Read the full narrative on Nebius Group (it's free!)
Nebius Group's narrative projects $24.5 billion revenue and $819.6 million earnings by 2029. This requires 203.4% yearly revenue growth and roughly a $84 million earnings increase from $735.3 million today.
Uncover how Nebius Group's forecasts yield a $245.43 fair value , a 13% upside to its current price.
Exploring Other Perspectives
NBIS 1-Year Stock Price Chart Some of the lowest analysts were already cautious, assuming revenue might need to climb toward about US$19.1 billion by 2029, and that heavy capital spending could still leave Nebius far from their preferred earnings or free cash flow profile. In light of the Saturn Cloud news, you should weigh that more pessimistic view against the more optimistic growth story and decide which scenario feels closer to your own expectations.
Story Continues
Explore 13 other fair value estimates on Nebius Group - why the stock might be worth less than half the current price!
Decide For Yourself
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
- A great starting point for your Nebius Group research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
- Our free Nebius Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Nebius Group's overall financial health at a glance.
Interested In Other Possibilities?
Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped:
- Find 44 companies with promising cash flow potential yet trading below their fair value .
- The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 16 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement.
- Uncover the next big thing with 20 elite penny stocks that balance risk and reward.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NBIS .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
以太坊设立机构沟通平台
重要性3/5 中等：机构采用背景
发布时间较新，直接涉及ETH的机构生态与以太坊基金会职责调整；但内容以创始人表述为主，缺少合作、资金和链上采用数据。
中文摘要
核心结论
Ethereum Institutional（以太坊机构合作组织）于7月初以非营利机构形式成立，计划为银行、资管机构提供中立的以太坊生态教育、需求梳理和服务方对接。文章将其定位为以太坊基金会收缩至协议治理后，机构拓展职责分散给独立组织的最新案例。
重要性评级
评级：3/5（中等：机构采用背景）
该文提供了以太坊机构化基础设施的新增组织与负责人信息，但主要依据创始人访谈和组织自身表述，尚无客户签约、资金规模或部署量数据。
关键事实
- CoinDesk（加密资产媒体）于美东时间 07/09 10:58（UTC+8 07/09 22:58）发布报道；Ethereum Institutional称其在前一周成立。
- 该组织由David Walsh、Matthew Dawson和Marius Smith领导；Walsh与Dawson曾任职于Ethereum Foundation（以太坊基金会）的企业合作团队，Smith此前在Google（谷歌）和Eigen Labs（EigenLayer开发商）任高级职务。
- Dawson称，团队过去一年已建立约500个关系，机构反馈集中在以太坊生态参与方众多、难以筛选，以及需要中立对接方。
- 组织计划协助机构评估代币化、稳定币和数字资产基础设施等用途，并把需求介绍给适合的开发团队和基础设施提供商；其声明不推广单一公司或产品。
- 以太坊基金会此前重组领导层、裁减人员并把重点收窄至协议维护；报道将企业拓展、生态发展和机构沟通描述为由独立组织承担的职责。
- EthLabs于6月启动生态支持工作；Etherealize于2025年成立，面向机构提供上链产品和服务。Ethereum Institutional称自身以教育和中立引导为主。
- Walsh援引BlackRock（贝莱德）、JPMorgan（摩根大通）和Robinhood（罗宾汉）的代币化项目，主张以太坊仍是机构区块链部署的主要平台；报道未提供这些项目在以太坊上的规模比较数据。
作者观点与证据
文章倾向于把该组织视作以太坊应对机构采用需求、分散生态职责的建设性安排。证据主要来自三位创始人的采访、其职业履历，以及贝莱德、摩根大通和罗宾汉已有代币化项目的举例；关于机构需求、竞争地位和未来采用速度，多属组织负责人判断，未附独立调查或经营数据。
与相关标的的关系
ETH（以太币）直接相关：机构教育、服务方对接和代币化项目可能降低传统金融机构进入以太坊生态的信息与协调成本。该影响停留在生态建设层面，文章没有披露该组织持有、购买或推动ETH的安排，也未给出可量化的链上需求增量。
时效性与限制
发布于美东时间 07/09 10:58（UTC+8 07/09 22:58），属于近期机构生态动态，可作为当日日报的背景材料。原文来自CoinDesk对创始人的单篇访谈，组织尚处成立初期；缺少章程、资助来源、客户名单、合作协议和项目成效，不能据此确认实际机构采用规模。
后续跟踪
- 该非营利机构的治理结构、资金来源和公开成员名单。
- 银行或资管机构是否披露正式合作、试点或部署。
- 其引介的代币化、稳定币和基础设施项目是否产生可验证的链上数据。
- 以太坊基金会与EthLabs、Etherealize等组织的职责边界是否进一步明确。
英文原文
Ethereum's newest nonprofit wants to become Wall Street's guide to crypto
Tech
Ethereum's newest nonprofit wants to become Wall Street's guide to crypto
In this week's edition of The Protocol Newsletter, we’re digging into Ethereum Institutional, a new nonprofit aimed at educating financial institutions and banks about Ethereum.
Por Margaux Nijkerk | Editado por Cheyenne Ligon
9 de jul. de 2026, 2:58 p.m. Traduzido por IA
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Summary
Show
Welcome to The Protocol, CoinDesk’s tech newsletter covering the most important stories in blockchain. I’m Margaux Nijkerk, a reporter at CoinDesk.
We’re giving you a deeper look at the biggest trends, breakthroughs and debates shaping blockchain technology each week.
This week, we’re diving into Ethereum Institutional, a new nonprofit aimed at educating financial institutions and banks about Ethereum.
Ethereum's newest nonprofit is positioning itself asWall Street’s crypto sherpa, guiding banks and asset managers through the Ethereum ecosystem at a pivotal moment for the network.
For much of the past year, the conversation around Ethereum has been dominated by questions about its future. The Ethereum Foundation has faced mounting criticism over its role in the ecosystem, and, in response, has restructured its leadership , laid off staff and narrowed its focus to stewarding the protocol. At the same time, independent organizations have begun emerging to take on responsibilities that were once housed within the foundation.
The latest is Ethereum Institutional, a nonprofit launched last week with an ambitious goal : becoming the Ethereum ecosystem's front door for banks, asset managers and other financial institutions.
Its founders say the organization will serve as a neutral guide for enterprises exploring Ethereum, helping institutions understand the ecosystem, connect with developers and infrastructure providers, and navigate the network without promoting any single company or product.
Ethereum Institutional is led by David Walsh, Matthew Dawson and Marius Smith, whose backgrounds span traditional finance, technology and crypto. Walsh and Dawson previously worked on the Ethereum Foundation's enterprise engagement team, while Smith joined after senior roles at Google and EigenLayer developer Eigen Labs.
"We've built up around 500 relationships over the course of the year, and what's consistently come back was that they appreciate having a neutral counterpart," Dawson told CoinDesk in an interview. "There's thousands of teams in the Ethereum ecosystem... the feedback sometimes has been, 'This is overwhelming.'"
The organization is designed to fill what its founders see as a missing piece in Ethereum's institutional strategy.
Unlike companies building products on Ethereum, Ethereum Institutional says it will work across the ecosystem, helping enterprises evaluate use cases such as tokenization, stablecoins and digital asset infrastructure while introducing them to the teams best suited for their needs.
"Navigating what is already a new and fairly complex technology and the decentralized ecosystem is a bit daunting," Dawson said. "Having a trusted and neutral partner that can help with that navigation... can accelerate that journey and give them confidence."
Its launch comes as Ethereum itself reaches an inflection point. The leaders steering the network are increasingly formalizing how different parts of the ecosystem are taking on responsibilities and roles. The Ethereum Foundation has made clear it intends to focus more narrowly on protocol development while encouraging independent organizations to lead areas such as business development, ecosystem growth and institutional engagement.
For Ethereum Institutional's founders, becoming an independent nonprofit rather than remaining within the foundation was a deliberate choice.
"The EF has always been quite vocal about its principle of subtraction," Dawson said, referring to the organization diving up responsibilities for the network to other organizations . "This is an example of that increasing decentralization, and the number of nodes participating in representing Ethereum."
Operating outside the foundation also gives the organization greater freedom, Walsh said.
"We feel like we have a lot more autonomy and freedom to work as an independent entity," he said. "We can get a bit more opinionated, and a bit more aggressive, in terms of being able to support these teams."
For years, the Ethereum Foundation has walked a careful line in how much influence it exerts over the ecosystem. Its mandate has largely been to coordinate protocol development and steward Ethereum’s technical roadmap, rather than act as a central authority driving business development or adoption. But as the network grew, some in the community pushed for the foundation to take on a more active role in areas like institutional outreach and ecosystem coordination, responsibilities it has increasingly chosen to decentralize instead.
Ethereum Institutional joins a growing network of organizations taking on specialized roles within Ethereum. Last month, EthLabs launched to support ecosystem development , while firms such as Etherealize, launched in 2025, have focused on bringing institutions onchain through commercial products and services.
Walsh sees Ethereum Institutional as complementary to these other firms rather than competitive. "We've taken a slightly different approach, where it's a bit more about education and a bit more neutral in terms of what solutions we want to help institutions adopt."
The founders argue that while much of the online conversation around Ethereum has focused on governance debates and competition from rival blockchains, institutional momentum has continued to build behind the scenes.
He points to recent tokenization initiatives from firms including BlackRock , JPMorgan and Robinhood as evidence that Ethereum remains the dominant platform for institutional blockchain deployments.
For Dawson, there's no contradiction between Ethereum's cypherpunk origins and Wall Street's growing interest, even as many feel like those interests may be separating.
"Those cypherpunk values translate into operational resilience for institutions," he said. "Lack of downtime and security are all things that institutions are absolutely obsessed with."
The founders don't believe Ethereum's future belongs solely to banks. Instead, they see institutional adoption as one piece of a much broader vision.
"I think of it as the internet," Walsh said. "There's room for everyone: DeFi, cross-border payments, banking the unbanked, and Wall Street."
Read more: EthLabs launches as Ethereum undergoes its biggest leadership transition in years
Ethereum News Newsletters
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Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
By CoinDesk Research
Jul 7, 2026
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Why it matters :
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CoreWeave扩容与同业竞争
重要性3/5 中
容量、融资、估值和盈利预期对CRWV及AI云竞争有参考价值，但NBIS关联间接，且文章依赖管理层表述与Zacks自有评级。
中文摘要
核心结论
Zacks认为，CoreWeave（AI云基础设施公司，代码CRWV）正借助训练、推理和智能代理工作负载需求扩充电力与融资能力，但估值高于行业且当年盈利预期近60日下调。文章也把NBIS、微软（Microsoft，代码MSFT）列为AI云竞争者，侧重行业背景而非NBIS单独事件。
重要性评级
评级：3/5（中）
文章给出CRWV合同电力、融资、估值和盈利预期变化，并涉及NBIS与MSFT；但它是券商研究宣传稿，且没有披露订单、估值倍数和预期调整的原始数据来源与日期。
关键事实
- 文章发布于美东时间 07/09 10:53（UTC+8 07/09 22:53）。
- CRWV称已签约电力超过3.5吉瓦，当季新增超过400兆瓦；已投运电力超过1吉瓦，目标在2026年末超过1.7吉瓦。
- 文中称大部分签约容量将通过长期租赁在2027年末前投运。
- 管理层列举的融资规模为本年超过200亿美元债务与股权资金。
- 文章称第一季度新增订单储备创纪录，涉及Vera Rubin、Blackwell、Hopper和Ampere等NVIDIA（英伟达）计算平台，新增业务多数支撑2027年增长目标。
- CRWV年初至今上涨25.6%，同期互联网软件行业下跌8.7%。
- CRWV市净率为8.46倍，高于互联网软件服务行业的4.67倍；其当年盈利一致预期在近60日被下调，Zacks评级为4级“卖出”。
- 文中称NBIS推出Nebius AI Cloud Aether 3.6和Nebius Echo（AI基础设施助手），并于5月签约收购Eigen AI（模型优化公司）；MSFT的Azure AI（云端人工智能平台）在多个地区扩建数据中心。
作者观点与证据
作者强调AI需求、已签约电力与融资为CRWV提供增长条件，同时保留估值偏高和盈利预期下调两项制约。证据主要是公司管理层表述、Zacks估值与盈利预期数据；文章未给出容量投运率、客户集中度、融资成本、订单储备金额和预期下调幅度。
与相关标的的关系
- CRWV：签约电力、容量投运和盈利预期是文中核心变量。
- NBIS：产品升级、基础设施助手及Eigen AI收购被列为AI云竞争动态，没有披露对NBIS收入或利润的量化影响。
- MSFT：Azure AI扩容说明大型云厂商仍在增加供给，关系到AI云服务竞争环境。
时效性与限制
文章发布距日报采集不足一天，可作为AI云容量扩张与同业供给的背景更新。Zacks文章含其自有评级和推广链接，管理层叙述及容量目标尚待公司后续披露验证；原文也未提供NBIS产品发布和收购协议的原始文件。
后续跟踪
- CRWV已签约电力向投运容量转换的进度与利用率。
- CRWV融资成本、订单储备确认收入和盈利预期修订。
- NBIS收购Eigen AI后的产品整合与商业化指标。
- MSFT及其他大型云厂商新增容量对AI云定价的影响。
英文原文
AI Demand is Exploding: Why CoreWeave is Well-Positioned to Win
AI Demand is Exploding: Why CoreWeave is Well-Positioned to Win
Zacks Equity Research
Thu, July 9, 2026 at 10:53 PM GMT+8 3 min read
- CRWV -0.33%
- MSFT +0.27%
- NBIS -0.13%
As organizations race to build and deploy increasingly sophisticated AI models, the need for massive computing power seems to compound. This growing demand has created an emerging opportunity for AI-focused cloud infrastructure providers, like CoreWeave, Inc. CRWV.
Management highlighted four key themes –rising AI demand across hyperscalers and enterprises, a broader platform supporting training, inference, agentic AI workloads, rapid infrastructure expansion with more than 3.5 GW of contracted power and stronger financing that has secured more than $20 billion in debt and equity this year. AI workloads are shifting from training to inference and enterprise production, driving deeper commitments from existing customers while attracting new enterprise clients. This momentum fueled record backlog additions in the first quarter, including initial Vera Rubin deals alongside continued deployment of Blackwell, Hopper and Ampere capacity, with most of the new business expected to support its 2027 growth targets.
CoreWeave's aggressive infrastructure expansion is a key competitive advantage. It continues to strengthen its competitive edge by rapidly converting scarce AI infrastructure into revenue-generating AI cloud capacity. CRWV surpassed 1 GW of active power in the quarter and remains on track to exceed 1.7 gigawatts by the end of 2026. During the quarter, CoreWeave added more than 400 MW of contracted power, increasing its total to over 3.5 GW, with most of the capacity expected to come online by the end of 2027 through long-term lease agreements.
With strong customer demand, strategic global expansion, innovative AI services and partnerships with leading technology companies, CoreWeave appears well-positioned to capitalize on the AI infrastructure boom.
CRWV's AI Dominance Faces Fierce Rivals
Nebius Group N.V. NBIS recently unveiled Nebius AI Cloud Aether 3.6, a wide range of enhancements focused on developer productivity, enterprise-grade security, governance and storage performance. The release also marks the debut of Nebius Echo, an AI-powered infrastructure assistant that represents NBIS' vision for agentic cloud computing. To strengthen its position in the rapidly evolving AI cloud market, NBIS inked an agreement to acquire Eigen AI, in May. By integrating Eigen AI's optimization stack into its Token Factory platform, NBIS aims to create a vertically integrated AI inference ecosystem that combines massive compute infrastructure, advanced model optimization and enterprise-ready deployment pipelines.
Story Continues
Microsoft MSFT capitalizes on AI business momentum and Copilot adoption alongside Azure cloud infrastructure expansion. The Azure AI platform continues to benefit from demand across AI and non-AI services, with customer demand exceeding available capacity. It added another GW of capacity during the quarter and remains on track to double its overall data center footprint within two years. New data center investments were announced across four continents. In May, it signed new agreements with U.S. and U.K. government partners, the Center for AI Standards and Innovation and the AI Security Institute to advance AI testing and safety evaluation frameworks.
CRWV's Price Performance and Estimates
Shares of CoreWeave have gained 25.6% year to date against the Internet Software industry's fall of 8.7%.
Zacks Investment Research
Image Source: Zacks Investment Research
In terms of Price/Book, CRWV's shares are trading at 8.46X, higher than the Internet Software Services industry's 4.67X.
Zacks Investment Research
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CRWV's earnings for the current year has been revised downward over the past 60 days.
Zacks Investment Research
Image Source: Zacks Investment Research
CRWV currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
CoreWeave Inc. (CRWV) : Free Stock Analysis Report
Microsoft Corporation (MSFT) : Free Stock Analysis Report
Nebius Group N.V. (NBIS) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
韩国AI计划映射Vertiv估值
重要性4/5 高
VRT直接相关，包含供电与液冷需求、扩产和业绩验证变量；但政策金额、归因和订单传导缺乏原始证据。
中文摘要
核心结论
24/7 Wall St.将韩国5760亿美元人工智能（AI）与半导体计划视为Vertiv（VRT，数据中心电力与热管理设备商）需求扩张的宏观映射，并称VRT在6月30日上涨9.1%、市值增加约110亿美元。文章的判断依赖全球AI基础设施支出延续，VRT未被韩国计划点名，增长能否兑现仍需由订单、积压订单转化和二季度业绩验证。
重要性评级
评级：4/5（高）
文章与VRT直接相关，涵盖机柜功率密度、供电与液冷、制造扩张和业绩验证节点，事实与作者判断均较完整。韩国计划金额、市场反应归因及部分表格数据未附原始出处，来源也带有鲜明看多叙事。
关键事实
- 美东时间07/09 10:30（UTC+8 07/09 22:30），24/7 Wall St.发表该文。
- 文章称韩国总统李在明公布5760亿美元AI与半导体计划后，VRT在6月30日上涨9.1%，市值增加约110亿美元；韩国公告未点名VRT。
- 作者称AI机柜功率需求已由约140千瓦升至接近300千瓦，600千瓦系统在开发，长期路线图包含1兆瓦机柜。
- 文中引用VRT首席产品与技术官Scott Armul在2026年5月投资者会议上的表述，认为供电、配电、储能、液冷与热管理约束上升。
- 文章称VRT覆盖中压开关设备、电池储能、不间断电源、供电和液冷等环节，面向多兆瓦AI设施。
- 公司今年在马来西亚柔佛设立新工厂，服务东南亚、北亚、澳大利亚和新西兰的电力系统、液冷与集成基础设施需求。
- 作者把订单积压视为收入可见度来源，但抓取文本未给出积压订单金额、转化率或利润率数值。
- 文中将VRT二季度业绩视为下一验证点，关注收入、订单、利润率、积压订单转化和2026年展望。
作者观点与证据
作者立场偏积极：VRT的供电和热管理产品不依赖某一种AI加速器架构，因此可覆盖政府与云服务商的多类建设项目。支撑材料包括韩国政策、机柜功率提升、VRT产品范围和柔佛扩产；5760亿美元计划的具体构成、VRT受益金额、6月30日上涨的单一归因，以及文中所称各表格的原始数据均未展示，营销性推荐内容也降低了独立性。
与相关标的的关系
VRT是本文唯一直接关联标的。若AI数据中心的机柜密度继续提升，供配电、备用电源和液冷设备的需求路径与VRT产品线相连；韩国计划没有列出VRT为供应商，不能将政策总额视作其已确认收入或订单。
时效性与限制
文章发布于美东时间07/09 10:30（UTC+8 07/09 22:30），可作为当日VRT估值叙事和基础设施瓶颈讨论的背景材料。所述6月30日市场反应已过去约一周，且文章未提供韩国政策原始文件、VRT订单数据或完整财务表，适合与公司披露及政策原文交叉核验。
后续跟踪
- VRT二季度收入、订单、利润率和积压订单转化情况。
- 韩国计划的预算结构、执行时间表与数据中心建设项目。
- 高功率机柜的实际部署速度及液冷、供电设备订单。
- 柔佛工厂的产能爬坡、客户覆盖与区域收入贡献。
英文原文
South Korea’s $576 Billion AI Bet Shows Why Vertiv Is More Than a Cooling Company
South Korea’s $576 Billion AI Bet Shows Why Vertiv Is More Than a Cooling Company
Dr. Robert Castellano
Thu, July 9, 2026 at 10:30 PM GMT+8 9 min read
- VRT +1.92%
Quick Read
- South Korea's $576 billion AI initiative sent VRT surging 9.1%, adding $11 billion in market value without a single company-specific announcement.
- AI rack power demands are surging from 140 to 300 kilowatts today, with one-megawatt racks ahead, making power infrastructure the real AI data center bottleneck.
- Vertiv's chip-agnostic position supplying power, cooling, and thermal management regardless of which AI accelerator wins captures demand across the entire global AI ecosystem.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Artificial intelligence stocks often move on earnings reports, product launches, or analyst upgrades. Vertiv Holdings ( NYSE: VRT ) did none of those things on June 30, yet its shares climbed 9.1%, adding nearly $11 billion in market value in a single trading session. The catalyst originated more than 6,000 miles away in Seoul, where the South Korean government unveiled one of the world's most ambitious semiconductor and AI infrastructure investment programs. That reaction illustrates how investors increasingly view AI infrastructure companies as global beneficiaries of AI investment, regardless of where those investments originate.
That's an unusual way for an industrial company to gain nearly $11 billion in market value, but it says a great deal about how Wall Street now views AI infrastructure. Investors are increasingly reacting not just to company-specific news, but to any development that suggests the global AI buildout will continue accelerating.
Gorodenkoff / Shutterstock.com That disconnect between where the news occurred and where investors directed their money explains much about how Wall Street is beginning to value the next phase of the AI infrastructure cycle. Increasingly, investors are reacting not simply to company-specific developments but to any indication that global AI spending will continue expanding. Vertiv has become one of the clearest beneficiaries of that trend because its products sit at the heart of virtually every modern AI data center.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
The question investors now face is whether Vertiv has become the best way to invest in the global AI infrastructure buildout, or whether its shares have become a high-beta proxy for AI enthusiasm that could swing sharply whenever sentiment changes. That distinction may determine whether June 30 marks the start of another leg higher, or just another volatile day in one of the market's fastest-growing infrastructure names.
Story Continues
The $576 Billion Catalyst: South Korea's AI Ambition
The news that ignited the rally came from South Korea, where President Lee Jae Myung announced a sweeping national initiative to strengthen the country's leadership in semiconductors and artificial intelligence.
According to Table 1, South Korea's announcement represents one of the largest government-supported AI infrastructure initiatives announced anywhere in the world. Although much of the investment will be directed toward semiconductor manufacturing, every new AI data center also requires extensive electrical distribution, power management, thermal management, and cooling infrastructure before computing hardware can be deployed. That is why investors immediately connected the announcement to companies such as Vertiv.
Vertiv was never mentioned during the announcement. It did not need to be. Every large AI data center requires electrical distribution equipment, power conversion systems, backup power, liquid cooling, thermal management, and monitoring software before a single AI accelerator is ever installed — regardless of whether the chips inside come from Nvidia, AMD, custom ASIC programs, or future architectures.
Markets make these connections long before company press releases do. Investors recognized immediately that a program of this magnitude would require far more than semiconductors—it would require the electrical and thermal infrastructure that allows AI data centers to operate.
Why Vertiv Wins Regardless of Which Chip Wins
That reality increasingly explains why investors have begun viewing Vertiv as a direct beneficiary of global AI investment rather than merely another industrial equipment company. When governments or hyperscale cloud providers announce multi-billion-dollar AI infrastructure programs, investors immediately ask which companies will supply the essential systems that make those facilities operable — and Vertiv consistently appears near the top of that list.
The June 30 rally illustrates just how tightly Vertiv's stock is now tied to AI infrastructure sentiment. The company issued no press release, offered no updated guidance, and announced no new customer wins. Investors simply interpreted Seoul's announcement as fresh confirmation that global AI infrastructure spending remains in its early stages — a read that lines up with hyperscaler capex programs in the U.S., sovereign AI strategies across Europe, the Middle East, and Asia, and gradually rising enterprise adoption of generative AI workloads.
Unlike semiconductor manufacturers, whose growth depends partly on which AI accelerator wins market share, Vertiv benefits regardless of which computing platform customers choose. That broad exposure lets the company participate across the entire AI ecosystem rather than betting on a single chip architecture.
The Real Bottleneck: Power, Not Processors
Management has been expanding Vertiv's technological reach to address one of the industry's fastest-growing challenges: delivering enough electrical power to increasingly dense AI computing environments. At Vertiv's May 2026 Investor Conference, Chief Product and Technology Officer Scott Armul laid out just how quickly rack power requirements are escalating. According to Table 2, AI computing density is increasing at an extraordinary pace. Rack power requirements that only recently averaged approximately 140 kilowatts are already approaching 300 kilowatts, with 600-kilowatt systems under development and one-megawatt racks appearing on long-term technology roadmaps. This dramatic increase explains why electrical infrastructure and thermal management are becoming the primary constraints on future AI data center expansion.
That trajectory is reshaping data center design. Historically, attention centered on processors and networking gear. Today, electrical distribution, battery storage, cooling architecture, and grid integration increasingly determine whether an AI facility can be built and run efficiently at all — the bottleneck is shifting from compute hardware to the infrastructure needed to deliver that much reliable power.
Vertiv has responded with integrated products that combine medium-voltage switchgear, battery energy storage, and uninterruptible power systems into unified platforms built for multi-megawatt AI installations — designed not just as backup equipment, but to help AI campuses act as active participants within increasingly constrained electrical grids. Industry commentary increasingly backs this integration thesis: as rack densities rise, power management, liquid cooling, and thermal control stop being separate engineering disciplines and start being one interconnected system, favoring suppliers who can deliver the whole stack rather than individual components.
Vertiv's Own Numbers: Growth With Visibility
According to Table 3, Vertiv participates across nearly every major infrastructure layer required to operate a modern AI data center. Unlike semiconductor manufacturers, whose revenues depend partly on which AI accelerator customers adopt, Vertiv benefits regardless of the processor architecture because every AI installation requires reliable power delivery, thermal management, backup power, and increasingly sophisticated liquid-cooling systems.
Demand is supported by a substantial order backlog that gives Vertiv unusually strong revenue visibility for an industrial company. While many manufacturers rely on short-term orders that swing with economic conditions, Vertiv enters each quarter with a significant share of future revenue already committed by customers.
The confidence reflected in that backlog is also evident in Vertiv's manufacturing expansion strategy. Earlier this year, the company opened a new manufacturing facility in Johor, Malaysia, its first in Southeast Asia. The facility will produce power systems, liquid-cooling equipment, and integrated infrastructure for customers across Southeast Asia, North Asia, Australia, and New Zealand. By adding manufacturing capacity well before AI infrastructure demand is expected to peak, management is signaling confidence that hyperscaler and sovereign AI investments will continue driving orders for years rather than quarters.
That confidence also shows up in capital allocation: earlier this year, Vertiv announced a new manufacturing facility in Johor, Malaysia, built to serve fast-growing demand across Southeast Asia, North Asia, Australia, and New Zealand. Expanding production capacity years ahead of anticipated demand peaks suggests management expects AI infrastructure investment to stay strong well beyond the current product cycle.
The Valuation Question: Bull Case vs. Bear Case
According to Table 4, the investment debate surrounding Vertiv is straightforward. Supporters believe the company's exceptional growth rate, expanding margins, and broad exposure to AI infrastructure justify a premium valuation. Skeptics counter that much of that future success has already been reflected in the share price, leaving little room for execution missteps should AI capital spending moderate.
The valuation debate is straightforward. Investors aren't questioning whether Vertiv is benefiting from AI infrastructure spending—they're debating how much of that future growth is already reflected in today's share price.
What to Watch: Q2 Earnings
The South Korean announcement demonstrated that AI infrastructure investment is no longer driven exclusively by U.S. hyperscale cloud providers. Governments increasingly treat artificial intelligence as strategic national infrastructure, requiring domestic investment in computing capacity, semiconductor manufacturing, and the electrical systems underneath it all. Every new sovereign AI initiative expands the addressable market for companies supplying that infrastructure — arguably more consequential for Vertiv's long-term story than any single quarter.
The next real test arrives when Vertiv reports second-quarter results later this month. Investors will be watching revenue growth, order trends, operating margins, backlog conversion, and management's outlook for the rest of 2026 — the figures that will determine whether the business keeps validating the optimism already priced into the stock.
Bottom Line
June 30 answered one question while leaving another open. It confirmed that Wall Street increasingly views Vertiv as one of the purest publicly traded beneficiaries of the global AI infrastructure buildout. What's still uncertain is whether the growth investors are now pricing in can continue long enough to justify the expectations already baked into the share price. In today's market, sentiment can move a stock 9% in a matter of hours — sustained earnings growth is what determines whether those gains hold.
One additional factor investors should keep in mind is that AI infrastructure spending is becoming increasingly global rather than concentrated in a handful of U.S. technology companies. South Korea's announcement illustrates how governments now view artificial intelligence as a strategic national asset requiring long-term investment in computing capacity, electrical infrastructure, and advanced semiconductor manufacturing. If similar initiatives continue to emerge in Europe, the Middle East, and other parts of Asia, companies such as Vertiv could benefit from multiple independent sources of demand rather than relying solely on the capital spending plans of a few hyperscale cloud providers. That broader geographic diversification could become an important driver of long-term growth, even as investors continue debating the company's premium valuation.
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Contact editorial@247wallst.com for any questions or corrections.
ABM并购推动半导体服务
重要性1/5 弱关联背景材料
文章事实密度主要服务于 ABM；COHR 只在推广式同业列表中出现，缺乏直接经营、估值或行业传导证据。
中文摘要
核心结论
Zacks 将 ABM（ABM Industries，设施服务公司）过去三个月 13.4% 的涨幅归因于销售预订增长、内生收入改善、收购 WGNSTAR 后进入半导体晶圆厂服务场景，以及自由现金流转正。该文对 COHR 的直接信息仅是评级与长期增长预期的附带提及。
重要性评级
评级：1/5（弱关联背景材料）
文章主体是 ABM，COHR 只在文末的同业推荐列表中出现，未提供 COHR 新事实或传导关系。
关键事实
- 文章发布于美东时间 07/09 10:24（UTC+8 07/09 22:24）。
- ABM 过去三个月上涨 13.4%，同期行业上涨 1.8%，标普 500 指数上涨 10.8%。
- 2026 财年上半年销售预订额达 12 亿美元。
- 第一季度内生收入同比增长 5.5%，第二季度升至 6.1%。
- ABM 于 2026 财年第二季度初完成 WGNSTAR 收购；管理层称已获得数千万美元新业务，半导体市场内生收入实现两位数增长。
- 上半年自由现金流为 7,120 万美元，去年同期为负 1.078 亿美元；期末流动比率为 1.46，行业平均为 1.13。
- 公司重申全年内生增长 3%至4%、收入增长 4%至5%的指引。
- 文末称 COHR 获 Zacks 2 级评级，并列出其长期盈利增长预期 46.8%及过去四个季度平均盈利超预期 6.2%。
作者观点与证据
作者对 ABM 的倾向建立在订单、内生收入、并购后业务与现金流数据上。关于 WGNSTAR 的协同、指引带来的市场溢价及 COHR 的评级属于 Zacks 研究口径；文中没有提供 COHR 该等增长预期的估计日期、模型假设或原始财报出处。
与相关标的的关系
ABM 为直接主体。COHR 仅作为 Zacks 列举的较高评级公司出现，附带两项历史预测指标，不能视为 COHR 的新催化或半导体服务需求证据。标普 500 指数仅用于 ABM 的相对表现比较。
时效性与限制
发布于美东时间 07/09 10:24（UTC+8 07/09 22:24）。ABM 的基本面信息可作半导体厂务服务背景，但与 COHR 的关联弱；文章含有研究机构推广与评级内容，且未提供 WGNSTAR 收购价格、客户、利润贡献或现金流构成。
后续跟踪
- ABM 后续季度的半导体市场内生收入增速。
- WGNSTAR 新业务金额与利润贡献。
- ABM 全年收入和内生增长指引的兑现情况。
- 若需研究 COHR，核验其独立财报与盈利预期来源。
英文原文
ABM Stock Gains 13% in 3 Months: Here
ABM Stock Gains 13% in 3 Months: Here's What You Should Know
Zacks Equity Research
Thu, July 9, 2026 at 10:24 PM GMT+8 3 min read
- ^GSPC
+0.81%
- ABM
+0.02%
- COHR
+3.21%
ABM ABM stock has had an impressive run over the past three months. The company's shares have ascended 13.4%, outpacing the industry's 1.8% rise and the Zacks S&P 500 Composite's 10.8% rally.
3-Month Share Price Performance
Zacks Investment Research Image Source: Zacks Investment Research
Let us delve into the factors that have contributed to the company's outperformance.
Unprecedented Sales & Organic Revenue Expansion
In the second quarter of fiscal 2026, ABM achieved a record $1.2 billion in sales bookings for the first half of the year. This indicates strong market demand for its services and the success of its customer acquisition strategies.
In the first quarter of fiscal 2026, ABM's organic revenues grew 5.5% year over year, moving up to 6.1% in the following quarter. Capitalizing on the lofty sales bookings, expectations around sustained momentum in organic revenues, which support the top line, are further solidified.
WGNSTAR Buyout Completion
ABM completed the WGNSTAR acquisition at the beginning of the second quarter of fiscal 2026. This buyout bolstered the company's presence within the semiconductor fabrication environment.
During the second-quarter fiscal 2026 earnings call, Scott Salmirs, president, CEO and director, stated that the company has landed "tens of millions of dollars in new business," hinting at the immediate benefits enjoyed from ABM's market strength, facilitated by WGNSTAR. Moreover, this buyout led to delivering high double-digit growth in organic revenues across the company's semiconductor market.
FCF Recovery Bolsters Liquidity
The company ended the second quarter of fiscal 2026 with a current ratio of 1.46. A current ratio exceeding 1 bodes well with investors as it suggests efficient coverage of short-term obligations. ABM's liquidity position is better than its peers, as evidenced by an industry average of 1.13.
Zacks Investment Research Image Source: Zacks Investment Research
ABM recorded $71.2 million in free cash flow (FCF) for the first six months of 2026 compared with the preceding year's negative FCF of $107.8 million. It marks a hefty FCF enhancement worth nearly $180 million in the first six months. As the company recovered FCF, it raised management's prospects to pay off short-term obligations, bolstering ABM's liquidity position.
Reaffirmed 2026 Outlook Raises Investors' Rapport
In the second quarter of fiscal 2026, ABM reaffirmed its full-year outlook, aiming at the top end of 3-4% organic growth and a 4-5% top-line improvement. The reaffirmed guidance indicates consistency that accumulates premium in the market. Investors gain confidence as sticking to a growth rate is a sign of a competitive moat and a resilient business model. ABM's outlook acts as a safety net that leads to an increase in stock prices.
Story Continues
Zacks Rank & Stocks to Consider
ABM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are Coherent Corp. COHR and AppLovin APP.
Coherent presently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
COHR has a long-term earnings growth expectation of 46.8%.
Coherent delivered a trailing four-quarter earnings surprise of 6.2% on average.
AppLovin currently has a Zacks Rank of 2. APP has a long-term earnings growth expectation of 38.8%.
AppLovin delivered a trailing four-quarter earnings surprise of 8.4%, on average.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ABM Industries Incorporated (ABM) : Free Stock Analysis Report
Coherent Corp. (COHR) : Free Stock Analysis Report
AppLovin Corporation (APP) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
风险偏好短暂回升
重要性2/5 中低
发布时间接近日报，覆盖SOXX及风险资产，但正文过短且没有可复核的资金流、样本范围或事件证据。
中文摘要
核心结论
巴伦周刊称，华尔街对高风险股票的回避很快结束，动量、风险和成长因子相关ETF（交易所交易基金）重新领跑。原文极短，未提供成分、资金流或持续时间证据，只能作为风险偏好回暖的弱信号。
重要性评级
评级：2/5（中低）
文章发布于美东时间 07/09 10:22（UTC+8 07/09 22:22），与SOXX（iShares半导体ETF）及BTC-USD、MEME的风险资产关联直接；但正文仅约1分钟阅读量，缺少量化支撑。
关键事实
- 巴伦周刊记录，华尔街曾短暂绕开风险较高的股票，随后该走势结束。
- 表现居前的因子ETF集中于动量、风险或成长风格。
- 页面列示SOXX上涨3.50%、MEME上涨3.83%、BTC-USD上涨3.13%。
- 原文未披露统计区间、比较基准、资金流、持仓构成或驱动事件。
- 发布时间为美东时间 07/09 10:22（UTC+8 07/09 22:22）。
作者观点与证据
文章倾向于把高风险资产的回升描述为短暂回避后的回流。可核实材料仅有页面所列三项涨幅及因子风格概述，缺少完整市场横截面和原始数据，结论证据较弱。
与相关标的的关系
SOXX的单日上涨与风险偏好叙事一致，但文章没有拆解半导体行业基本面。BTC-USD和MEME被列为相关资产，能提示跨资产风险情绪同步，无法据此确认因果关系。
时效性与限制
内容接近日报时点，适合放入盘面情绪背景。来源为巴伦周刊，但可用正文极少，且未说明涨幅对应的交易时段；不宜单独承担行业或加密资产趋势判断。
后续跟踪
- SOXX、BTC-USD与MEME后续交易日是否继续同向。
- 动量、成长和低波动因子ETF的相对收益及资金流。
- 半导体板块上涨是否由龙头盈利预期、利率变化或地缘风险缓和支持。
英文原文
Risk Is Back on the Menu
Risk Is Back on the Menu
Risk Is Back on the Menu · Barrons.com · Marketwatch
Barrons.com
Thu, July 9, 2026 at 10:22 PM GMT+8 1 min read
- SOXX
+3.50%
- MEME
+3.83%
- BTC-USD
+3.13%
Wall Street took a detour from riskier stocks that didn't last long. The top performing ETFs focused on stocks with particular qualities, or factors, were all centered on either momentum, risk, or growth.
Continue Reading
纳指纳入后的Nebius估值
重要性4/5 高
直接覆盖NBIS指数纳入、近期价格表现与估值分歧，信息新鲜且与日报高度相关；模型公允价值和竞争影响缺少原始文件与量化验证。
中文摘要
核心结论
Simply Wall St.认为，Nebius（AI云公司，代码NBIS）纳入纳斯达克100指数与新AI产品发布提升了市场关注度，但其高增长预期已反映在较高估值中。文中给出的245.43美元公允价值和11.8%低估判断，与75.4倍市盈率及资本开支压力形成分歧。
重要性评级
评级：4/5（高）
该文直接涉及NBIS的指数纳入、近期股价表现和估值参数，发布时间新，适合日报追踪；不过公允价值属于叙事模型，未提供纳入日期、产品收入或完整估值模型。
关键事实
- 文章发布于美东时间 07/09 10:14（UTC+8 07/09 22:14）。
- NBIS已被纳入纳斯达克100指数，文章认为这通常会吸引跟踪指数的资金。
- 文中称NBIS年初至今上涨140.67%，近90日上涨58.79%，期间伴随波动；没有给出对应起止日期和复权口径。
- 文章使用的最近收盘价为216.48美元，最受关注的叙事模型公允价值为245.43美元，得出11.8%低估判断。
- NBIS当前市盈率为75.4倍，高于美国软件行业28.9倍、同业37.9倍及文中所谓71倍合理比率。
- 作者指出，多年AI合同、数据中心建设和资本需求可能压缩利润率；开源技术扩散和AI云市场竞争也可能带来定价压力。
- Meta（元宇宙平台公司，代码META）的竞争被列为近期背景，原文未量化其对NBIS客户、价格或算力利用率的影响。
作者观点与证据
文章将纳指纳入和产品发布视为支持关注度的事件，同时以市盈率、资本开支和竞争风险质疑估值留出的容错空间。11.8%低估、公允价值和71倍合理市盈率均来自Simply Wall St.的叙事框架；原文未公开完整预测参数、纳指纳入生效时间或实际资金流数据。
与相关标的的关系
- NBIS：指数纳入、股价涨幅和估值倍数均直接相关，后续需观察增长兑现与利润率。
- META：文中仅将其列为新增竞争背景，未提供可归因的业务或财务影响。
时效性与限制
文章发布距日报采集不足一天，适合记录NBIS指数纳入后的估值争议。来源声明其分析基于历史数据和分析师预测，可能未纳入最新价格敏感信息；文章也没有给出纳斯达克指数调整公告、收盘价来源、估值模型明细或Meta竞争的量化证据。
后续跟踪
- 纳斯达克100纳入的生效日、被动资金流和交易量变化。
- NBIS新AI产品的客户采用、收入与毛利率披露。
- NBIS市盈率变化与营收、利润和自由现金流兑现情况。
- Meta及其他云服务商的供给、价格与企业客户竞争数据。
英文原文
Can Nebius Group (NBIS) Justify Its Valuation Following Nasdaq 100 Inclusion And New AI Launches?
Can Nebius Group (NBIS) Justify Its Valuation Following Nasdaq 100 Inclusion And New AI Launches?
Simply Wall St
Thu, July 9, 2026 at 10:14 PM GMT+8 3 min read
- NBIS
-0.13%
- META
+4.70%
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
Nebius Group (NasdaqGS:NBIS) has been added to the Nasdaq-100, a shift that often draws in index-linked capital, just as the company rolls out new AI offerings and faces fresh competition from Meta Platforms.
See our latest analysis for Nebius Group.
The recent index inclusion and AI product launches come after a volatile stretch, with Nebius Group's share price up 140.67% year to date and 58.79% over 90 days. Over 1 year, the total shareholder return is very large, suggesting strong but choppy momentum as investors reassess growth prospects and competitive risks.
If Nebius's AI story has your attention, it can be useful to see what else is moving in the space by reviewing 52 AI infrastructure stocks
Nebius Group is now in the Nasdaq-100 after a sharp run and a pullback on Meta related headlines. The question is whether to accept today's price or hold out for a cleaner entry as volatility settles into fundamentals.
Most Popular Narrative: 11.8% Undervalued
With Nebius Group last closing at $216.48 against a most followed narrative fair value of $245.43, the gap centers on aggressive AI infrastructure and earnings assumptions.
The current valuation assumes Nebius Group can sustain hyper growth in AI compute infrastructure, but market-wide demand for AI and machine learning clouds is attracting intense competition and accelerating adoption of open-source technologies, which could drive pricing pressure and erode margins over the next several years, directly impacting long-term profitability and gross margins.
Read the complete narrative.
Want to see what justifies that higher fair value? The narrative focuses on rapid revenue expansion, shrinking margins, and a rich future earnings multiple that rivals premium software leaders.
Result: Fair Value of $245.43 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Nebius Group's premium P/E assumptions and heavy capital needs, from multi year AI contracts to data center buildouts, could pressure margins and challenge the underpriced narrative.
Find out about the key risks to this Nebius Group narrative.
Another View on Nebius Group's Valuation
The fair value narrative suggests Nebius Group is 11.8% undervalued, but the current P/E of 75.4x tells a tougher story. That is higher than the US Software industry at 28.9x, above peers at 37.9x, and above a fair ratio of 71x, which points to valuation risk if sentiment cools.
Story Continues
Before leaning on any one method, it is worth stress testing whether those premium multiples feel justified for your own time horizon and risk tolerance, or whether they leave less room for error if growth or AI enthusiasm slows.
See what the numbers say about this price — find out in our valuation breakdown.
NasdaqGS:NBIS P/E Ratio as at Jul 2026
Next Steps
If this Nebius Group story feels finely balanced between risk and opportunity, take a closer look at the data now and shape your own view with 2 key rewards and 3 important warning signs .
Looking for more investment ideas beyond Nebius Group?
If Nebius Group has sharpened your appetite for opportunities, do not stop here. Widen your search with focused screeners that surface stocks aligned with your own priorities.
- Target potential mispricing and hunt for companies that combine quality with room to rerate by scanning 44 high quality undervalued stocks .
- Strengthen your income stream and focus on reliability by reviewing 9 dividend fortresses that aim to keep distributions flowing.
- Dial down risk and prioritize resilience by filtering for 72 resilient stocks with low risk scores before the crowd turns its attention to them.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NBIS .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
美光扩建带动晶圆供应链预期
重要性3/5 中
消息新近且与 GFS 供应链相关，但直接合同对象并非 GFS，实际订单传导尚未披露。
中文摘要
核心结论
文章将 GFS（格芯）股价上涨与美光扩大美国半导体供应链投资联系起来，传导路径是美光向环球晶圆提供融资并签订长期供货安排，而环球晶圆已与 GFS 存在长期合作。GFS 未被美光公告直接点名，受益仍属于供应链关联预期。
重要性评级
评级：3/5（中）
消息发布时间接近日报，涉及 GFS 关联供应链；但核心交易由美光与环球晶圆达成，GFS 的订单、产能或财务影响尚无披露。
关键事实
- InvestorsHub 于美东时间 07/09 09:57（UTC+8 07/09 21:57）发布文章。
- 文中称 GFS 当日上涨 6%；页面行情栏显示 GFS 为 +2.56%，两处涨幅口径不一致。
- 美光计划最高投入 30 亿美元强化美国半导体供应链，并向环球晶圆提供 5 亿美元战略融资。
- 美光与环球晶圆拟签订 10 年供货协议，锁定 300 毫米硅片产能；环球晶圆正在得州谢尔曼建设工厂。
- 环球晶圆称其是“美国芯片法案计划”参与方中唯一可在美国生产先进 300 毫米原生硅片的供应商。
- 双方拟议协议仍需最终文件、监管批准及惯常交割条件。
作者观点与证据
文章倾向于把美国本土化投资视为 GFS 的积极背景，证据是环球晶圆与 GFS 已有长期战略合作和多年供货协议。美光公告没有列出 GFS，文章未提供新增订单、产能分配、收入金额或合作条款，因此该关联尚未形成可量化影响。
与相关标的的关系
- GFS（格芯）：与环球晶圆的既有合作构成间接关联，尚无其获得美光项目订单的披露。
- MU（美光）：融资和长期硅片供货安排的直接发起方，材料供应保障与其存储产品扩产计划直接相关。
- 6488.TWO（环球晶圆）：5 亿美元融资、谢尔曼工厂和拟议 10 年协议的直接承接方。
时效性与限制
文章发布于美东时间 07/09 09:57（UTC+8 07/09 21:57），可作为当天供应链背景材料。原文为二次报道，且 GFS 受益推断未获公告直接确认；页面行情与正文涨幅也存在差异。
后续跟踪
- 美光与环球晶圆是否完成最终协议及监管审批。
- 谢尔曼 300 毫米硅片工厂的建设、投产和客户认证进度。
- GFS 是否披露与该项目相关的材料供应、产能或订单变化。
- 美光对美国本土制造材料采购规模的后续说明。
英文原文
GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)
GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)
Fiona Craig
Thu, July 9, 2026 at 9:57 PM GMT+8 2 min read
- MU
+4.52%
- GFS
+2.56%
- 6488.TWO
+9.76%
Semiconductor ©PickPik
Micron Investment Boosts Confidence in U.S. Chip Manufacturing
GlobalFoundries Inc. (NASDAQ:GFS) shares climbed 6% after Micron Technology Inc. (NASDAQ:MU) unveiled plans to invest up to $3 billion to strengthen the U.S. semiconductor supply chain.
As part of the initiative, Micron will provide $500 million in strategic financing to GlobalWafers Co., Ltd. to support construction of its 300mm silicon wafer manufacturing facility in Sherman, Texas. The companies also intend to enter into a 10-year supply agreement that will secure long-term access to wafer production capacity for Micron.
Existing Partnership Supports Positive Sentiment
Although GlobalFoundries was not directly referenced in Micron's announcement, investors responded positively because GlobalWafers has an established long-term strategic partnership and multi-year supply agreement with GlobalFoundries.
That relationship positions GlobalFoundries to benefit from continued investment in domestic semiconductor manufacturing as the U.S. expands its chip production capabilities.
Micron's broader investment strategy is designed to strengthen the availability of critical manufacturing materials while supporting rising demand for advanced memory and storage products driven by artificial intelligence and other data-intensive technologies.
"Securing a reliable supply of critical input materials is essential to supporting Micron's long-term growth and technology roadmap," said Ben Tessone, senior vice president and chief procurement officer at Micron Technology.
Long-Term Collaboration Continues to Expand
GlobalWafers said the latest agreement builds on an already well-established relationship between the two companies.
"Micron has long been an important partner of GlobalWafers, and we are honored to further deepen our strategic collaboration and jointly support the stable supply of critical materials for the semiconductor industry," said Doris Hsu, Chairperson and CEO of GlobalWafers.
GlobalWafers is currently the only supplier participating in the CHIPS for America Program capable of producing advanced 300mm raw silicon wafers within the United States.
The proposed agreement remains subject to definitive documentation, customary regulatory approvals and standard closing conditions. The companies also plan to explore joint development of next-generation wafer technologies and future semiconductor manufacturing processes.
Global Foundries stock price
Micron Technology stock price
索尼进军美国稳定币信托
重要性3/5 中
对CRCL和SONY的稳定币竞争环境存在直接关联，发布时间新近；但报道篇幅短，审批状态、行业数据和产品计划缺少一手证据。
中文摘要
核心结论
CryptoProwl称，Sony已获准设立美国全国性信托银行子公司，用于支持美元稳定币发行；该子公司拟设于纽约市，由Sony Bank全资持有并注资4,000万美元。
文章把Sony的动作置于稳定币发行竞争扩大和美国监管框架推进的背景中。由于原文未列出批准机构、牌照文件或生效条件，该项监管状态需要以官方记录核实。
重要性评级
评级：3/5（中）
文章于美东时间07/09 09:38（UTC+8 07/09 21:38）发布，涉及CRCL所处的美国稳定币发行与信托银行竞争环境，但篇幅很短，核心审批事实和市场数据均未给出原始文件。
关键事实
- 文章称Sony将通过现有网上银行业务设立美国全国性信托银行子公司，办公地为纽约市。
- Sony Bank将持有该子公司100%股权，并投入4,000万美元资本。
- 原文称该结构用于支持发行以美元计价的稳定币，并计划用于电子游戏和动漫支付。
- Visa披露的数据显示，2026年6月稳定币交易量达到1.79万亿美元纪录；文章未说明统计口径、是否剔除机器人交易或结算重复计算。
- 文章称Paxos和Circle Internet Group（CRCL）也已获得与稳定币相关的美国联邦信托银行结构监管批准，但未列出批准日期、机构或条件。
- 原文将监管背景归于GENIUS Act（美国稳定币与数字资产联邦框架法案），未说明具体条款与Sony申请之间的法律关系。
- 文章称SONY年内下跌18%，报21.15美元；未提供价格截至日期和数据来源。
作者观点与证据
文章倾向于把Sony的计划视为稳定币使用增长带来的发行竞争升级。支持材料包括4,000万美元资本、纽约实体安排和Visa的1.79万亿美元交易量数据，但这些信息多为简短转述；关于“已获批准”、Circle和Paxos的同类监管状态，以及Sony稳定币的实际推出时间，缺乏监管文件、公司公告或产品细节。
与相关标的的关系
- CRCL：文章将Circle列为已建立或获批稳定币信托银行结构的发行方。Sony若推进美元稳定币，可能扩大面向消费支付和内容生态的竞争供给；原文未披露对USDC流通量、费用或客户的直接影响。
- SONY：其拟将稳定币用于游戏和动漫支付，显示公司可能把数字美元嵌入既有内容与支付生态；尚未披露产品名称、用户范围或上线日期。
- V：Visa的稳定币交易量数据被用作行业增长背景，不能据此推导Visa的业务收入或Sony项目的交易需求。
时效性与限制
发布于美东时间07/09 09:38（UTC+8 07/09 21:38），可作为稳定币竞争线索引用。来源为短篇CryptoProwl报道，未附监管批准文件、Sony公告或Visa数据方法论；该报道与同批关于Sony监管进度的其他叙述可能存在口径差异，需优先核对监管机构和Sony Bank的一手披露。
后续跟踪
- Sony美国信托银行子公司的批准机构、牌照状态、生效条件和资本金到位情况。
- Sony美元稳定币的发行主体、储备管理、合规安排和上线时间。
- Sony在游戏、动漫支付场景的试点范围、商户接入与实际交易量。
- Circle、Paxos及其他发行方在美国信托银行和稳定币监管框架下的后续披露。
英文原文
Sony To Set Up U.S. Stablecoin Trust Bank
Sony To Set Up U.S. Stablecoin Trust Bank
CryptoProwl
Thu, July 9, 2026 at 9:38 PM GMT+8 1 min read
- 6758.T -1.73%
- V +0.19%
- DX-Y.NYB -0.29%
- CRCL -1.65%
- SONY -1.04%
Japanese technology giant Sony (NYSE: $SONY) has received approval to establish a U.S. national trust bank subsidiary to support the issuance of dollar-denominated stablecoins.
The new trust bank will be run out for Sony's existing online bank unit and based in New York City. It will be capitalized with $40 million U.S. and Sony Bank will own 100% of the subsidiary.
The move comes as stablecoin usage grows around the world. Stablecoin transaction volume hit a record $1.79 trillion U.S. in June of this year, according to data from Visa (NYSE: $V).
More From Cryptoprowl:
- Ripple, The Company Behind XRP, Is Valued At $50 Billion
- Eightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares Surge
- Blockchain Projects Decline 75% As Developers Shift To A.I.
- Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance
- New York Stock Exchange Invests $600 Million In Polymarket
Stablecoins are cryptocurrencies whose value is pegged to an underlying asset, typically the U.S. dollar.
The rapid growth has led to an increase in competition for stablecoin issuance.
Several other companies have received U.S. regulatory approval to establish federal trust bank structures tied to stablecoins, including Paxos and Circle Internet Group (NYSE: $CRCL).
Sony has said that it plans to eventually issue its own stablecoin for use in video games and anime payments.
U.S. regulators have been moving ahead with stablecoin regulations under the GENIUS Act, which establishes a federal framework for stablecoins and other digital assets.
SONY stock has declined 18% this year to trade at $21.15 U.S. per share.
地缘紧张下芯片股反弹
重要性2/5 中低
盘前时点和SOXX关联度较高，但正文不可得，核心数字、来源与地缘事件影响路径无法复核。
中文摘要
核心结论
MT Newswires报道，美伊紧张局势下，盘前股指期货走势分化，芯片股反弹并带动部分ETF走高。存档正文被付费墙截断，无法确认其指数、行业和个股数据链，新闻价值主要来自及时的盘前市场状态。
重要性评级
评级：2/5（中低）
文章发布于美东时间 07/09 09:12（UTC+8 07/09 21:12），覆盖SOXX（iShares半导体ETF）及大量美股、商品和加密相关ETF；盘前信息新鲜，但可访问正文只有开头和页面报价。
关键事实
- 标题称盘前交易中ETF走高、股指期货涨跌不一，芯片股在美伊紧张局势下反弹。
- 可见正文称SPY（标普500交易所交易基金）上涨0.3%。
- 页面列示QQQ上涨1.66%、SPY上涨0.85%、标普500指数上涨0.81%、道琼斯工业平均指数上涨0.27%、纳斯达克综合指数上涨1.30%。
- 输入关联标的包括SOXX、AMAT（应用材料）、GLD（黄金ETF）、USO（原油ETF）及BITO（比特币期货ETF）等。
- 正文随后被订阅提示替代，未提供芯片反弹的个股、成交量、新闻来源或完整市场数据。
作者观点与证据
标题将芯片股反弹与美伊紧张并置，但可见内容没有给出两者之间的因果证据。已见数据来自页面行情和一项SPY盘前变动，完整报道无法审阅。
与相关标的的关系
SOXX、AMAT及科技ETF直接处于报道范围，适合提示半导体盘前相对强弱。GLD、USO和BITO等关联标的表明报道覆盖避险、能源和加密市场，但正文缺失，不能判断各板块的具体表现。
时效性与限制
发布时间为美东时间 07/09 09:12（UTC+8 07/09 21:12），属于盘前快讯，时效很强且盘中会迅速过期。付费墙使关键事实无法核验，页面列示涨幅与可见正文的SPY涨幅也存在口径差异。
后续跟踪
- SOXX及AMAT在常规交易时段的开收盘表现和成交量。
- 美伊局势是否带动原油、黄金与股指波动扩大。
- 盘前指数涨跌是否在开盘后延续。
英文原文
Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Chip Stocks Rebound Despite US-Iran Tensions
PREMIUM
Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Chip Stocks Rebound Despite US-Iran Tensions
MT Newswires
Thu, July 9, 2026 at 9:12 PM GMT+8 4 min read
- QQQ
+1.66%
- SPY
+0.85%
- ^GSPC
+0.81%
- ^DJI
+0.27%
- ^IXIC
+1.30%
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3%, and the actively tra
PREMIUM
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英伟达相对抗跌的条件
重要性3/5 中
直接涉及NVDA与SOXX的相对表现、估值和AI资本开支风险，事实密度中等；但主要是作者判断，缺乏一手经营数据。
中文摘要
核心结论
24/7 Wall St.认为，SOXX（iShares半导体ETF）一周下跌逾8%期间，NVDA（英伟达）约上涨6%，其31倍过去十二个月市盈率低于SOXX约40倍，因而具备相对抗跌基础。作者同时把超大规模云厂商冻结AI（人工智能）资本开支列为关键反转风险；该判断仍属于评论文章，尚未有新增订单或资本开支数据验证。
重要性评级
评级：3/5（中）
文章发布于美东时间 07/09 09:08（UTC+8 07/09 21:08），直接讨论NVDA与SOXX的分化，并给出估值和资本开支风险路径；来源为观点型媒体，部分数字及对产品周期的预期需要以公司披露复核。
关键事实
- 作者称，过去一周SOXX下跌逾8%，周三反弹3.6%，NVDA同期上涨近6%。
- NVDA的过去十二个月市盈率约31倍，SOXX约40倍。
- 文中将CUDA（英伟达软件开发平台）和NVLink（高速互连技术）视为英伟达区别于纯硬件同业的壁垒。
- 作者预期Vera Rubin（英伟达下一代人工智能平台）带来后续盈利增长，但未提供对应收入、出货或订单预测。
- 文中称NVDA过去六个月相对火热半导体股、纳斯达克100指数、标普500指数及可口可乐表现滞后；未给出完整收益率序列。
- 作者设定的下行触发点是任一超大规模云厂商表示削减或冻结AI资本开支。
- 发布时间为美东时间 07/09 09:08（UTC+8 07/09 21:08）。
作者观点与证据
作者倾向于把NVDA视为半导体波动中的相对防御标的，依据是近期相对收益、较低的相对市盈率和软件生态。资本开支冻结风险属于情景推演；文章未引用云厂商最新预算、英伟达订单数据或管理层表述，不能视为已发生事件。
与相关标的的关系
NVDA是文章的直接对象，SOXX提供行业比较基准。若云厂商AI资本开支预期改变，影响会经GPU（图形处理器）需求、数据中心收入预期及估值传导至NVDA，并可能扩大SOXX内部的相对表现分化。
时效性与限制
文章接近日报时点，适合记录半导体回调中的相对强弱叙事。它是作者评论，含推广链接；市盈率、阶段涨跌和Vera Rubin增长预期均应与公司财报、市场一致预期和行业数据交叉验证。
后续跟踪
- 超大规模云厂商对AI资本开支、数据中心建设和投资回报的最新表述。
- 英伟达数据中心收入、供应约束及Vera Rubin量产进度。
- NVDA相对SOXX的收益差、估值差和成交量变化。
- 同业存储、设备与逻辑芯片公司的订单及库存信号。
英文原文
Why NVIDIA Might Be Immune to the Semiconductor Sell-Off
Why NVIDIA Might Be Immune to the Semiconductor Sell-Off
Joey Frenette
Thu, July 9, 2026 at 9:08 PM GMT+8 5 min read
- NVDA
-0.66%
- SOXX
+3.50%
Quick Read
- While the semiconductor ETF dropped 8% in a week, Nvidia gained 6%, trading more like a Magnificent Seven member than a typical chip stock.
- Nvidia's 31x trailing P/E offers a meaningful valuation cushion against the semiconductor ETF's 40x, with Vera Rubin earnings growth still ahead.
- A single hyperscaler signaling a CapEx freeze could shatter Nvidia's resilience and trigger a panic-driven rotation away from AI stocks.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
It's been an unforgiving past week for the iShares Semiconductor ETF ( NASDAQ:SOXX ), down just over 8%, even with the 3.6% bounce on Wednesday. Meanwhile, shares of Nvidia ( NASDAQ:NVDA ) are up close to 6%, a stark contrast to the action we've seen in the semis of late.
In many ways, it feels like Nvidia trades more like a member of the Magnificent Seven than like just another semiconductor firm. Given its wide economic moat and opportunities that go far beyond chips, perhaps Nvidia deserves to rally on the up days for the semis while being mostly spared from the pain when the semis implode.
wellesenterprises / iStock Since the start of the year, Nvidia hasn't really traded closely with the hotter iShares Semiconductor ETF. With the GPU giant missing the boat on the way up, perhaps it should come as no surprise to see the firm being spared from the latest wave of selling that hit the semiconductor scene so suddenly.
Nvidia's been surprisingly resilient amid the latest round of semi volatility
While it's far too soon to tell if Nvidia is immune to the semiconductor sell-off, something I mentioned in passing in a prior piece covering the AI chip giant, I do think that the company is behaving more like a defensive play on the chip scene.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
And once momentum does reverse course, I do view Nvidia as a firm that could outperform by losing less ground than its more cyclical peers that lack that software moat. Whether we're talking about the CUDA lock-in or other profoundly powerful tools that enable new technological trends (think NVQLink), it's clear that Nvidia is just a cut above many of the far-hotter DRAM or NAND makers.
Beyond its more magnificent attributes that go above the hardware layer, and its many partnerships with some of the best forces across the AI scene, Nvidia has arguably already paid its dues in the past six months, with shares dragging their feet not only relative to the red-hot semis, but the Nasdaq 100, the S&P 500, and even Coca-Cola ( NYSE:KO ), which posted is up 20% year to date.
Story Continues
Will Nvidia's resilience continue if the semi sell-off gets really bad?
Just because Nvidia shares have been incredibly resilient thus far doesn't mean they can't suddenly fall in sympathy with the rest of the semi scene. But, unlike most other pricier semi plays, Nvidia has that lower valuation that it can fall back on.
The stock trades at just north of 31.0 times trailing price-to-earnings (P/E) while the iShares Semiconductor ETF goes for a closer to 40.0 times trailing P/E.
I don't think it makes a lot of sense for Nvidia to go for a discount when it's arguably the most dominant company in the semi waters, with a visionary leader in Jensen Huang whose leadership deserves to go for a big, fat premium to the industry, at least in my view.
With that lower valuation cushion and lots of earnings-growth fuel as the "Vera Rubin boom" arrives, I do think Nvidia might be the only semi stock to "safely" reach for at a time like this, when investors fear higher rates and a peaking out of the hyper-cylical chip plays.
The bear case is still quite scary for Nvidia shareholders
Where Nvidia's relative resilience could collapse, though, is if hyperscalers hint at tying future CapEx to the ROIs that flow in.
Indeed, you don't even need a hyperscaler to step up to the podium to announce that CapEx is coming down or staying at a ceiling for the semis, including Nvidia, to enter a vicious, panic-driven sell-off. I have no idea when or if the hyperscalers will start getting serious about monetization.
When the Fed started raising rates back in 2022, much of big tech looked to layoffs in what was a year of efficiency after overhiring in the years prior. Could the same happen to AI, especially now that they've cut costs elsewhere to keep their AI CapEx in a competitive spot? Time will tell.
Either way, a CapEx freeze from one hyperscaler, I think, might be enough to cause a panic and perhaps a violent rotation away from AI and towards less-CapEx-intensive businesses outside of tech. Over the long run, I expect CapEx to shoot higher.
But does that mean one "freeze" year is off the table? In my view, one AI winter might be the healthiest thing for the AI revolution from a long-term perspective.
The bottom line
So, in short, Nvidia looks immune this past week, and while it could continue to be a better chip stock to own amid volatility, I think all bets are off should a hyperscaler stop raising the bar on CapEx.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Contact editorial@247wallst.com for any questions or corrections.
Micron宣布最多30亿美元美国半导体供应链投资
重要性未评级
中文摘要
- Micron计划投入最多30亿美元，用于美国半导体供应链和关键制造材料保障。
- 其中包括向GlobalWafers提供5亿美元战略融资，支持得州Sherman的300mm原始硅晶圆工厂。
- Micron与GlobalWafers计划签订十年供应协议。
英文原文
Micron Announces Up to $3 Billion Strategic Investment to Strengthen U.S. Semiconductor Ecosystem
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云算力订单考验执行力
重要性4/5 高
直接覆盖 NBIS 的大额客户合同、资本背书与执行风险，发布时间新；主要证据为评论节目转述，需以公司文件核验。
中文摘要
核心结论
Jim Cramer将 NBIS（Nebius，人工智能云基础设施商）列为新型云算力供应商中的高增长案例：其与 Meta（元平台）签订最长五年、总额最高270亿美元的容量协议，收入扩张预期强，但股价年内已涨逾150%，后续兑现取决于交付与执行。
重要性评级
评级：4/5（高）
文章直接涉及 NBIS，并给出 Meta 合同金额、NVIDIA（英伟达）持股和收入增长预期等可核查线索；Cramer 的评价属于媒体观点，不能替代公司披露。
关键事实
- 文章发布于美东时间 07/09 08:19（UTC+8 07/09 20:19）。
- Cramer称英伟达3月对 Nebius 投资20亿美元。
- Meta 与 Nebius 签署最长五年的协议，总额最高270亿美元。
- 合同包含120亿美元专属容量，以及最高150亿美元额外容量；交付从2027年开始。
- Microsoft（微软）被列为 Nebius 的重要客户。
- 文中称 NBIS 年初至今上涨逾150%，部分估值指标已变贵。
- Nebius 提供基于 GPU（图形处理器）的云平台和模型开发工具。
作者观点与证据
文章转述 Cramer 对新型云算力需求的乐观看法，并将合同规模、英伟达投资和客户名单作为支持。他同时把“执行”列为最大问题；文末导向其他人工智能股票的推广链接，带有营销成分。
与相关标的的关系
NBIS 是直接标的。Meta、微软和英伟达分别对应需求方、客户与资本背书，合同交付节奏会影响市场对 Nebius 收入增长可见度的判断；CRWV（CoreWeave）被作为收入增长比较对象。
时效性与限制
发布于07/09，适合纳入当日日报的 NBIS 资料卡。文章未提供合同签署日期、累计已交付容量、利润率或管理层原始文件；270亿美元为最高合同金额，不能直接视为已确认收入。
后续跟踪
- Meta 专属及额外容量的实际启用规模。
- 2027年起的交付进度与收入确认。
- Nebius 的数据中心扩容、资本开支与融资安排。
- 微软及其他大客户的续约或新增订单披露。
英文原文
Jim Cramer on Nebius: “The Stock’s Been a Juggernaut”
Jim Cramer on Nebius: “The Stock’s Been a Juggernaut”
Syeda Seirut Javed
Thu, July 9, 2026 at 8:19 PM GMT+8 2 min read
- NBIS
-0.13%
- META
+4.70%
- NVDA
-0.66%
- CRWV
-0.33%
- MSFT
+0.27%
Nebius Group N.V. (NASDAQ: NBIS ) was among Jim Cramer's stock calls on Mad Money, as he highlighted the AI opportunities in neoclouds . Cramer highlighted the company's deals with the mega-cap companies, as he commented:
Next up is Nebius. It also has the Jensen Huang seal of approval, as NVIDIA took a $2 billion stake in this March. Its revenue's also set to ramp even more aggressively than CoreWeave's. Nebius… Meta signed… a five-year deal worth up to $27 billion, including $12 billion of dedicated capacity and up to $15 billion of additional capacity with delivery starting in 2027. It also has Microsoft as a major customer… The stock's been a juggernaut, too, up more than 150% year to date. While it's gotten a bit more expensive on some metrics, the growth is incredible, and the biggest question now remains execution.
Photo by Yiorgos Ntrahas on Unsplash
Nebius Group N.V. (NASDAQ:NBIS) provides AI-focused infrastructure, including GPU-based cloud platforms and tools that support the development of advanced models. A caller asked for Cramer's advice on the stock during the June 9 episode, and he responded:
Okay, until this market turned ugly, Nebius was one of my favorite stocks. Now, I gotta pull back because the facts of this entire market have changed. It's no longer got the right coloration to be able to speculate on Nebius. Let that… come down, and then we'll take a look. Let it come down.
While we acknowledge the potential of NBIS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
甲骨文远期盈利估值争议
重要性2/5 中低
内容对云算力同业比较有辅助价值，但直接标的是 ORCL，NBIS 关联间接，且核心数字为未署名分析师远期预测。
中文摘要
核心结论
文章转述 Jim Cramer 对 ORCL（甲骨文）的远期盈利判断：若分析师预计的2029年每股盈利超过15美元、2030年接近20美元能够实现，按2030年盈利计算的估值约为7倍；这些数字是分析师预测，兑现依赖云算力供给、融资能力和客户合同。
重要性评级
评级：2/5（中低）
文章主体是甲骨文，NBIS 仅被放入新型云算力公司比较框架；远期盈利数字有阅读价值，但没有新的公司披露或订单事实。
关键事实
- 文章发布于美东时间 07/09 08:19（UTC+8 07/09 20:19）。
- Cramer将甲骨文、CRWV（CoreWeave）和 NBIS 并列为新人工智能时代的云算力供应商。
- 文中称甲骨文是该组公司中市值最大的企业之一，并具备筹集大额资本的能力。
- David Faber 转述部分分析师预测：甲骨文2029年每股盈利或超过15美元，2030年或接近20美元。
- 以2030年预测盈利计算，文中估计甲骨文交易价格略高于约7倍远期市盈率。
- Cramer提到算力短缺可能促使甲骨文签署高溢价客户合同，但未给出已达成交易。
- 文中称甲骨文股价已低于去年9月披露 OpenAI（开放人工智能公司）大型合作时的水平。
作者观点与证据
文章以 Cramer 的节目发言为主，倾向强调甲骨文在融资和规模上的优势。远期每股盈利、估值倍数及潜在客户合作均未附分析师模型、公司指引或合同原件，证据层级有限。
与相关标的的关系
ORCL 是直接讨论对象。NBIS、CRWV 与甲骨文处于同一云算力竞争与客户争夺框架，甲骨文的融资规模和订单进展可作为同业供给、资本开支和定价环境的背景参考；对 NBIS 没有新增直接经营事实。
时效性与限制
发布于07/09，可作为云算力估值讨论的补充材料。文章缺少预测机构名称、模型假设、订单金额和利润率数据，且观点基于电视节目转述；不宜将潜在合作写成既定事件。
后续跟踪
- 甲骨文对云基础设施收入、积压订单及资本开支的正式更新。
- 2029年至2030年每股盈利预测的来源与变动。
- 云算力客户合同的期限、容量和收入确认节奏。
- NBIS、CRWV 与甲骨文的融资成本及新增产能。
英文原文
Jim Cramer Highlights Future Earnings Projections that Make Oracle Look Cheap
Jim Cramer Highlights Future Earnings Projections that Make Oracle Look Cheap
Syeda Seirut Javed
Thu, July 9, 2026 at 8:19 PM GMT+8 2 min read
- ORCL
+2.65%
- META
+4.70%
- GOOGL
-0.84%
- MSFT
+0.27%
- CRWV
-0.33%
Oracle Corporation (NYSE: ORCL ) was among Jim Cramer's stock calls on Mad Money, as he highlighted the AI opportunities in neoclouds . Cramer highlighted the future valuation of the company according to some analysts, as he said:
The business is now getting crowded, which is why tonight I want to explain the differences between the major neocloud outfits. You hear about them all the time; let's learn about them. The first bucket is the major players. We can skip over the old guard hyperscalers: AWS, Google, Microsoft, because we're already familiar with them. I mentioned that Meta Platforms is wisely using its spend to go well beyond that current usage. I regard that as found money. So let's go straight to the new AI age hyperscalers like Oracle, like CoreWeave, like Nebius, and maybe a few other private companies.
Now, we know Oracle's been getting killed lately, but it has the biggest market cap in this group. It's one of the only companies that can raise the type of capital needed to capitalize on this new type of market for premium short-term AI scale rentals. It's a very expensive proposition. As my colleague David Faber said this morning on Squawk on the Street, some analysts are expecting Oracle can earn more than $15 per share in 2029, nearly $20 per share in 2030. Now, if the company can hit those numbers, that means it's now trading at just over seven times 2030 earnings. Jeez, that's cheap… My head picked up when I heard those numbers.
Now, maybe founder and chairman Larry Ellison can take advantage of the compute shortage and sign a premium deal with Anthropic like Elon Musk did, sending his stock soaring. Even though Oracle stock is now back below where it was when we learned about its massive OpenAI deal last September, it's tough to bet against these guys. Big opportunity, but Oracle also has the most to lose in terms of market cap even after the hideous decline.
Photo by Adam Nowakowski on Unsplash
Oracle Corporation (NYSE:ORCL) provides cloud and on-premises software, databases, and IT infrastructure to help businesses manage operations.
While we acknowledge the potential of ORCL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
MP起诉稀土竞争对手
重要性4/5 高
直接关联 USAR 且发布时间很近，涉及潜在知识产权和人才约束；但现阶段仅有原告指控，证据未经司法审查。
中文摘要
核心结论
MP Materials（MP，美国稀土与磁材公司）起诉 USA Rare Earth（USAR，美国稀土公司），指控对方窃取专有磁体技术并违法招揽关键工程师。文章把诉讼置于中国扩大出口管制、美国本土稀土供应链竞争加剧的背景中；对 USAR 而言，案件结果、潜在禁令和人才获取可能影响其磁材业务推进，但原文未提供诉状或回应。
重要性评级
评级：4/5（高）。这是美东时间07/09发布、直接涉及输入标的 USAR 的竞争与法律事件，也涉及技术、人才和供应链定位；目前证据主要为诉讼指控，尚未经历司法审查。
关键事实
- 美东时间 07/09 08:13（UTC+8 07/09 20:13）发布；文章称 MP 已对 USAR 提起诉讼。
- MP 指控 USAR 窃取专有磁体技术，并称对方违法招揽其关键工程师。
- 文章将争议与中国扩大出口管制联系在同一行业背景下，但未说明出口管制与本案之间存在直接因果关系。
- 文中称 MP 股价约53.0美元，过去一年回报76.5%，三年回报107.8%，五年回报51.3%；这些为历史市场表现。
- 作者认为诉讼可能使 MP 的知识产权、工程人才保留、客户谈判与美国供应链定位受到更多关注。
- 文中提到美国国防部和 Apple（苹果公司）相关合同是 MP 既有叙事的一部分，但没有披露其合同条款或本案对合同的实际影响。
- 作者列出的待观察事项包括得州法院的禁令、和解或裁定，以及竞争对手招聘、合作活动和政府资助或合同条款变化。
作者观点与证据
作者倾向将案件描述为 MP 从采矿走向高附加值磁体制造时的技术护城河检验，并认为人才竞争会增加执行风险。已陈述的事实仅包括 MP 提起诉讼及两项指控；技术泄露是否成立、USAR 的招募行为是否违法、损害规模和任何政策后果均尚无法院结论或 USAR 回应。
与相关标的的关系
USAR 是被诉方，案件可能影响其技术取得、工程团队、法律成本和项目节奏。MP 是原告，若其主张获得支持，可能影响其磁体技术的竞争位置；案件结果尚不能据此推断两家公司收入、订单或估值的确定变化。
时效性与限制
文章发布于美东时间 07/09 08:13（UTC+8 07/09 20:13），截至07/10具有很强时效性。来源为 Simply Wall St（投资数据与估值平台）评论，未附诉状案号、法院文件、USAR 回应或独立技术证据；所有关于商业影响的描述均需等待法律程序和公司披露验证。
后续跟踪
- 得州法院立案信息、诉状全文、临时禁令申请及裁定。
- USAR 对技术与招聘指控的正式回应。
- 双方披露的工程人员变动、磁体项目进度与法律费用。
- 中国出口管制执行细则及美国政府对本土稀土项目的资助、采购或合同变化。
英文原文
MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring
MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring
Bailey Pemberton
Thu, July 9, 2026 at 8:13 PM GMT+8 4 min read
- MP
-2.43%
- USAR
+2.28%
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- MP Materials (NYSE:MP) has filed a lawsuit against USA Rare Earth, accusing the company of stealing proprietary magnet technology.
- The complaint also alleges illegal recruitment of key MP Materials engineers, intensifying competition for scarce technical talent.
- The dispute unfolds as China expands export controls affecting U.S. rare earth companies, including MP Materials.
For investors watching MP Materials, the legal action comes at a time when the stock trades around $53.0 and has delivered a 76.5% return over the past year. Over a 3-year period the stock is up 107.8%, while over 5 years it is up 51.3%. This performance highlights how closely the company is tied to interest in rare earth supply chains.
Looking ahead, the lawsuit and China's export controls put extra attention on MP Materials' technology, intellectual property, and ability to retain specialized engineers. Readers may want to track any court findings, potential settlements, and policy developments, as these could influence how the company positions itself in the rare earth magnet segment and broader U.S. supply chain efforts.
Stay updated on the most important news stories for MP Materials by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on MP Materials.
NYSE:MP Earnings & Revenue Growth as at Jul 2026 We've flagged 1 risk for MP Materials. See which could impact your investment.
The lawsuit puts MP Materials' core magnet technology and talent retention at the center of its investment story. By accusing USA Rare Earth of stealing process know how that took years and substantial capital to develop, MP Materials is signaling how important proprietary intellectual property is to its move from mining into higher margin magnet manufacturing. The case also shines a light on fierce competition for engineers as U.S. rare earth projects backed by government funding expand. For investors, this legal action sits alongside China's export controls as another factor that could influence MP Materials' partnerships, contract terms, and long term bargaining power with customers that want secure domestic supply.
How This Fits Into The MP Materials Narrative
- If MP Materials succeeds in protecting its magnet technology, that would support the narrative that it can build a defensible position in value added manufacturing backed by long duration offtake deals.
- The dispute highlights technology and execution risk for its magnet expansion, which could challenge assumptions that downstream projects ramp smoothly and at planned economics.
- The lawsuit and talent squeeze introduce legal and human capital factors that are not fully addressed in the focus on contracts with the Department of Defense and Apple.
Story Continues
Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for MP Materials to help decide what it's worth to you.
The Risks and Rewards Investors Should Consider
- ⚠️ Legal costs, management distraction, and potential disclosure of sensitive information during litigation could weigh on MP Materials' execution of new magnet projects.
- ⚠️ China's export controls, combined with insider selling and a high reported P/E, underline that expectations around MP Materials carry valuation and policy risk.
- 🎁 A successful defense of proprietary technology could strengthen MP Materials' position when negotiating long term supply agreements with customers such as automakers and electronics producers.
- 🎁 Government backed rare earth initiatives and public private partnerships may create a supportive backdrop for companies that can prove ownership and control of their technology.
What To Watch Going Forward
Investors in MP Materials may want to follow key milestones in the Texas court case, including any injunctions, settlements, or findings about trade secrets, as these could shape how unique the company's magnet capabilities really are. It is also worth watching whether rivals such as USA Rare Earth, Lynas, and major diversified miners adjust their hiring or partnership activity in response to the dispute. Finally, tracking how China's export controls are implemented, and whether U.S. government agencies adjust funding or contract terms for MP Materials, will help clarify how the company's competitive position in the rare earth supply chain evolves.
To ensure you're always in the loop on how the latest news impacts the investment narrative for MP Materials, head to the community page for MP Materials to never miss an update on the top community narratives.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include MP .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Solana验证器与开发工具更新
重要性3/5 中
近期官方工程更新直接涉及 SOL 网络的验证器与开发者基础设施，但多数事项是版本发布或开发中功能，未给出可量化的主网影响。
中文摘要
核心结论
Solana 基金会更新显示，Agave（Solana 主验证器客户端）、Firedancer（高性能验证器客户端）及多项开发基础设施在版本发布、快照、签名验证、网络包处理和远程调用能力上持续推进。新增的可选成功执行费提案聚焦验证器激励，仍处于 Solana 改进文档讨论阶段，尚非已实施的网络规则。
重要性评级
评级：3/5（中）
该更新由 Solana 基金会发布，直接覆盖 SOL（Solana 原生代币）所依赖的验证器客户端和开发工具，且发布时间新近。内容为工程周报，缺少主网性能数据、采用率、治理表决结果和经济影响测算。
关键事实
- 发布于美东时间 07/09 08:05（UTC+8 07/09 20:05），发布方为 Solana 基金会。
- Agave 发布 v4.2.0-beta.0 与 v4.1.1；Firedancer 发布主网版 v0.1005.40100；Superbank、Solana Go 与 LiteSVM（轻量级 Solana 虚拟机）也发布新版本或候选版本。
- 一项 SIMD（Solana 改进文档）讨论提出：对成功执行的交易设置可选费用，以激励验证器将交易成功打包进区块。
- Agave 为银行阶段快照加入 Wincode 序列化，并继续优化 SigVerify（交易去重与签名验证阶段）。
- 网络层正研究更快丢弃无效数据包；XDP（内核高速数据包处理机制）服务将通过 QUIC（快速 UDP 网络传输协议）数据报接收包，这会增加乱序与去重处理需求。
- Superbank 推进 getEpochSchedule（纪元计划查询）支持，并可能实现 getTransfersForAddress（地址转账查询）；Cloudbreak 增加 simulateTransaction（交易模拟）支持，以扩展 RPC（远程过程调用）规范覆盖。
- LiteSVM 正实现 getProgramAccounts（程序账户查询）测试接口，帮助开发者验证程序派生账户的创建结果。
作者观点与证据
文章以发布标签、开发拉取请求和功能说明展示工程进展，立场偏向建设进度汇报。可核实事实主要是版本号、正在进行的实现工作和提案主题；关于交易更快进入区块、部署修复更快或开发体验改善的表述属于预期效果，文中未提供压测结果、故障率、主网采用率或费用提案的治理支持度。
与相关标的的关系
SOL 的关联来自验证器性能、网络处理、RPC 覆盖和开发者工具完善，这些事项影响 Solana 网络的可用性与应用开发基础。可选成功执行费提案若进入治理和实施，才可能改变验证器激励与交易成本结构；当前文章未提供生效时间或经济参数。
时效性与限制
发布时间为美东时间 07/09 08:05（UTC+8 07/09 20:05），适合作为近期协议工程动态引用。来源为 Solana 基金会，缺少独立性能测试与第三方验证；部分项目为测试版、候选版或正在开发的功能，不能等同于主网已全面部署。
后续跟踪
- Agave 与 Firedancer 新版本的主网采用率、稳定性和性能测量。
- 可选成功执行费 SIMD 的文本、治理进度、费用参数与是否获得实施。
- RPC 2.0 新方法在服务商中的实际支持范围与兼容性。
- 快照、签名验证和数据包处理改动后的节点资源消耗与网络表现。
英文原文
Solana Changelog: July 9, 2026
Back to News
Developers July 9, 2026 by Solana Foundation
Solana Changelog: July 9, 2026
Agave, Firedancer, Superbank, Solana Go, and LiteSVM all published new versions this week. Engineering work also continued across validator clients, RPC 2.0 coverage, language clients, and testing frameworks.
Releases
Several Solana engineering projects shipped new release tags, including beta and release-candidate versions for core infrastructure and developer tooling.
- Agave published v4.2.0-beta.0 and v4.1.1 .
- Firedancer published Mainnet v0.1005.40100 .
- Superbank published v0.5.0 .
- Solana Go published v2.0.0-rc .
- LiteSVM published v0.13.1 .
SIMD discussion
A new Solana Improvement Documents (SIMDs) discussion proposes adding optional fees for successful transaction execution. The proposal comes from @cavemanloverboy and focuses on validator incentives.
- The proposed optional fees for successful transaction execution would incentivize validators to ensure transactions are added to blocks successfully, aligning network economics around packing transactions into blocks.
Validator client work
Validator client work continued across Agave and Firedancer, with changes focused on snapshotting, signature verification, packet handling, and compilation speed.
- Agave added Wincode serialization for banking stage snapshots . Solana’s current consensus algorithm keeps copies of several chain histories called forks; when one reaches the right height, validators restart with the new root and purge the other histories. Agave snapshots the state of all accounts, called the Banking Stage, when forks reset the root, and this change makes mapping the bank snapshot to system memory more predictable and faster.
- Agave continued work to optimize SigVerify , the stage that deduplicates transactions and verifies transaction signatures. Performance improvements here can help transactions get into blocks faster.
- Agave is working to drop packets faster in XDP . Services using XDP will receive packets through QUIC datagrams rather than QUIC streams, which can arrive out of order and require more deduplication; dropping invalid packets from the networking receive queue faster leaves more time for validator logic.
- Firedancer is working to speed up service compilation . Faster compilation affects developer experience, CI builds and tests, and how quickly a service can be redeployed after a downtime fix.
RPC 2.0 coverage
RPC 2.0 work expanded coverage of the Solana HTTP RPC spec across Superbank and Cloudbreak. These changes target methods RPC providers need to support.
- Superbank has live work to implement getEpochSchedule through two pull requests: Superbank PR #39 and Superbank PR #36 . The work improves coverage of the Solana HTTP RPC spec .
- Superbank may soon implement getTransfersForAddress , a relatively new method pioneered by Helius. Transfers are generally harder to support than getTransactionsForAddress because they include SOL transfers, token transfers, deduplication of SOL and wrapped SOL, and other cases.
- Cloudbreak is adding support for the simulateTransaction RPC method , improving coverage of the Solana HTTP RPC spec .
Language clients and testing tools
Developer-facing libraries and test frameworks also saw new work, including React hooks in Kit and program account testing support in LiteSVM.
- Kit added transaction planning and sending hooks in @solana/react . The hooks let web developers bundle transaction planning and sending into React hooks instead of writing raw Kit functions, enabling more dynamic component behavior based on transaction planning and sending state.
- LiteSVM is implementing an interface to the getProgramAccounts method . The feature would let programs test whether a program-derived account was successfully created in the test harness, helping developers catch wrong seeds or unexpected addresses.
Community notes
Several builders and community contributors shared new proposals, tools, podcasts, and profiling work.
- @sns proposed adding .sol as a top-level domain to ICANN in an SNS post on X .
- @soundsonacid added a new profiling feature for the seashell test harness in a post on X .
- @catmcgee is hosting a new podcast called The Privacy Show, shared by Solana on X .
- @ChainflowSol created a tracker for the lowest validator version qualifying for SFDP in a post on X .
- @jkdotsol created a new disk profiler powered by eBPF in a post on X .
- @OkohEbina and @a_ix_d posted a new Devs at a Bar podcast with @shek_dev in a post on X .
- @inspiration_gx created an eBPF program that tracks uprobe events in Solana’s proof-of-history service in a post on X .
Follow Solana developer updates
For weekly Solana engineering updates, follow @solana_devs on X.
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散户热议股盘前信息缺失
重要性1/5 低
只有受限页面的标题和零散行情字段，NBIS 无具体讨论证据，且盘前舆情信息时效短、可验证性低。
中文摘要
核心结论
这是一则付费墙截断的盘前社交热度快讯。可见内容仅称 Reddit（社交论坛）Wallstreetbets（散户讨论区）热议股票在周四盘前多数上涨，并显示 MU（美光科技）、SNDK（闪迪）和 NBIS 等代码；正文、排名、成交与讨论数据均不可见。
重要性评级
评级：1/5（低）
NBIS 出现在可见代码列表中，但没有热度排名、讨论内容、价格时点或可验证的市场数据；付费墙使其难以支持日报判断。
关键事实
- 文章发布于美东时间 07/09 06:34（UTC+8 07/09 18:34）。
- 可见标题称 Wallstreetbets 讨论度较高的股票在周四盘前多数上涨。
- 可见列表包含 MU、SNDK、NBIS、SPCX（太空探索技术公司相关证券）、NVDA（英伟达）、MSFT（微软）、DTE（德希电力）和 WEN（温迪汉堡）。
- 页面展示的当日变动包括 MU上涨4.52%、SNDK上涨7.59%、NBIS下跌0.13%、NVDA下跌0.66%。
- 原文在第一句后即要求订阅，未披露讨论量、排名、样本区间或盘前价格来源。
作者观点与证据
可访问部分没有作者分析，只有“多数上涨”的概述。可见百分比可能是页面行情字段，无法确认对应常规时段或盘前时段，不能据此推断散户资金流向。
与相关标的的关系
NBIS 仅作为列表中的一只股票出现，没有具体讨论内容或排名。MU、SNDK 与 NVDA 可反映半导体和存储相关散户关注背景，但文章未提供足以建立板块传导关系的证据。
时效性与限制
发布于07/09，盘前信息具有短时效。正文受订阅限制，缺少核心数据和来源方法；该条可保留为低置信度舆情线索，不适合承担事实判断。
后续跟踪
- 可访问的原始热度排名与讨论量。
- NBIS 在讨论区的具体议题和时间范围。
- 盘前与常规交易时段价格、成交量的区分。
- 独立行情或社交数据源对热度变化的验证。
英文原文
Social Buzz: Wallstreetbets Stocks Mostly Higher Pre-Bell Thursday; Micron Technology, Sandisk to Advance
PREMIUM
Social Buzz: Wallstreetbets Stocks Mostly Higher Pre-Bell Thursday; Micron Technology, Sandisk to Advance
MT Newswires
Thu, July 9, 2026 at 6:34 PM GMT+8 1 min read
- MU
+4.52%
- SNDK
+7.59%
- NBIS
-0.13%
- SPCX
+2.63%
- NVDA
-0.66%
The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly higher hours before T
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稀土人才缺口拖慢供应链重建
重要性4/5 高
发布不足两日，直接解释USAR及稀土同业从政策支持到实际量产之间的人才约束，且有多组行业数据和企业事件支撑。
中文摘要
核心结论
彭博社将美国稀土供应链重建的主要瓶颈指向分离、冶金与磁材制造人才，而非矿石资源本身。USAR（美国稀土公司）、MP（MP Materials稀土矿企）等企业即使获得资金或原料，也仍需面对经验工程师稀缺、培训周期长和工艺爬坡风险。
重要性评级
评级：4/5（高）
文章发表于美东时间 07/09 06:00（UTC+8 07/09 18:00），直接涉及USAR及其同业的产能兑现约束；彭博社提供了诉讼、教育和就业数据，能补足政策与项目公告之外的执行证据。
关键事实
- 美国过去一年投入数十亿美元重建本土稀土供应链，但稀土分离厂需要多阶段萃取、化学工程和冶金经验，建设与投产周期很长。
- 中国覆盖采矿至磁材的供应链，并成为稀土专业人才的主要雇主；文章称美国相关经验在数十年产业外包后显著流失。
- MP于5月起诉USAR，称其招募一名高级工程师和另外7名员工，并涉及稀土加工与磁材制造的专有信息；Ramaco也对一名前员工转至USAR后的研究资料问题提起诉讼。上述均为企业主张，文中未给出法院裁决。
- 美国去年约有285名采矿专业毕业生，约为中国的十五分之一；获认证采矿院校约12所，较20世纪80年代初减少逾半。
- 美国约22.1万名矿业劳动力中，超过一半预计在2029年前退休；怀俄明大学仅二十余名学生专攻稀土。
- 2025年石油工程师平均起薪为104,051美元，采矿工程师为79,823美元，薪酬差距削弱稀土行业吸引新人能力。
- USAR今年早些时候收购法国Carester SAS（稀土分离技术与咨询公司）12.5%股权，文章将其解读为同时获取技术与稀缺资深专家资源。
作者观点与证据
作者认为西方供应链短板已从资源获取延伸至工艺人才和组织能力。证据包括毕业生数量、退休人口、工资差、企业招聘纠纷及公司高管访谈；对项目具体延迟幅度、各公司实际良率和量产时间，原文没有可核验数据。
与相关标的的关系
USAR直接相关：其磁材和加工链扩张需要稀缺工程团队，且文章提及其与MP、Ramaco有关的人才与知识产权纠纷。MP、Energy Fuels（能源燃料公司）和Aclara（阿克拉拉资源公司）同样面临工艺人才供给不足，行业项目公告不能单独证明可按期商业化。
时效性与限制
发布时间为美东时间 07/09 06:00（UTC+8 07/09 18:00），适合作为当日供应链执行风险材料。报道主要依赖行业人士、教育数据和公司纠纷，未披露各企业招聘规模、工厂进度或诉讼结果；文章所述价格涨跌也不能证明人才问题已被市场充分定价。
后续跟踪
- MP与USAR、Ramaco相关诉讼的进展及公开裁决。
- USAR与Carester合作后可披露的团队、工艺和产线里程碑。
- 美国稀土专业招生、毕业生数量与劳动力退休数据是否改善。
- 各公司分离和磁材设施的试运行、良率及商业化时间表。
英文原文
Rare Earth Talent Scramble Lures 86-Year-Old From Retirement
Rare Earth Talent Scramble Lures 86-Year-Old From Retirement
Jacob Lorinc
Thu, July 9, 2026 at 6:00 PM GMT+8 6 min read
- USAR
+2.28%
- METCZ
+0.04%
- MP
-2.43%
- ARA.TO
+1.54%
(Bloomberg) -- Jack Lifton first retired from the mining industry more than a quarter century ago. These days, at 86, he's busier than ever.
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The engineer-turned-consultant is one of the few Americans with experience processing rare earth elements, a business the US once led before it was outsourced to China. Over the past year, amid escalating trade tensions between Washington and Beijing, the Trump administration has poured billions of dollars into rebuilding domestic supply chains. That's made Lifton a coveted repository of knowledge for mining firms racing to build plants capable of refining the niche metals essential for consumer electronics, electric vehicles and military-grade weapons.
Rare earth plants are complicated and expensive to build, especially in the US where permitting timelines are far longer than mining-friendly countries in Asia and South America. But perhaps the biggest challenge is finding talent to run the facilities. Even if Western companies secure enough raw materials to reduce reliance on China — which dominates every stage of the supply chain, from mining to magnets — chemical engineers and metallurgists experienced in rare earths have nearly gone extinct in America.
"When companies ask me where to find them, I say, 'Start with the cemeteries, then check assisted care,'" said Lifton, whose clients include Energy Fuels Inc., one of the US's most ambitious rare earth firms. "Anyone in the US with experience is either dead or, like me, very old."
The work is extraordinarily specialized. Lifton, who lives in Michigan, advises miners on complex metallurgy: how to isolate soft, silvery rare earths used in high-performance magnets, and where to source the technology needed to prepare them at commercial scale. Unlike commodities such as gold or copper, rare earths require an intricate refining process the US has scarcely performed in decades. Separating the 17 elements can involve dozens of extraction stages and expertise taught at only a handful of universities or acquired through years in industry. Much of that know-how has migrated to China, now the world's primary employer of specialists.
Some US companies are partnering with universities to recruit students in engineering, metallurgy and chemistry. Others are poaching employees from rivals. At one company in France, a key team of engineers are in their 80s and, like Lifton, have been lured from retirement to help troubleshoot mineral processing plants.
Story Continues
The race for talent spilled into court in May, when MP Materials Corp., owner of the US's only operating rare earth mine, sued USA Rare Earth Inc., accusing the rival of orchestrating a hiring raid by recruiting a senior engineer and seven other employees along with proprietary information related to rare earth processing and magnet manufacturing. Ramaco Resources Inc., another aspiring US producer, separately sued a former employee now working at USA Rare Earth, alleging he shared Ramaco's proprietary research with USA Rare Earth.
This kind of competition has made companies especially protective of their engineers. "We know some of our guys have been approached about jobs," said Ross Bhappu, the chief executive officer of Energy Fuels, which relies on workers with a background in uranium processing to help expand its rare earth facility in Utah. "It's a scary proposition. There are just not a lot of people who study rare earth chemistry."
The US produces about one-fifteenth as many mining graduates as China, a figure that has declined sharply over the past decade to roughly 285 last year. Today, the country has only about a dozen accredited mining schools, less than half as many as in the early 1980s. And more than half of America's mining workforce — about 221,000 people — is expected to retire by 2029.
The federal government is trying to rebuild the pipeline. The Department of Energy is funding workforce-development programs through Ames National Laboratory's Critical Materials Innovation Hub. Universities including Virginia Tech and the University of Wyoming also have initiatives to train mining engineers, metallurgists and rare earth specialists.
At the University of Wyoming's School of Energy Resources, just over two dozen students at the university currently specialize in rare earths, according to executive director Scott Quillinan. While interest in the sector is growing, most engineering graduates still gravitate toward oil and gas or industrial chemicals, where pay and career prospects are stronger, he said. Entry-level petroleum engineers earned an average of $104,051 in 2025, according to the National Association of Colleges & Employers, compared with $79,823 for mining engineers.
"Copper and gold are profitable, whereas industries for rare earths are not ready to make the amount of money that would bring in these other specialists," Quillinan said. "So there's an economic hurdle we have to overcome."
Even finding instructors is challenging. "The teachers aren't there to teach these skills, so we're teaching the teachers," he added. "It's been difficult."
One of the few recent graduates to venture into mining is Neil Hogan, a 24-year-old chemical engineer who graduated from Pennsylvania State University this year. Hogan was the only person in his class to enter the rare earth industry, recently joining Aclara Resources Inc. to help the Brazilian company develop a processing plant in Louisiana, which will produce refined forms of terbium and dysprosium.
For Hogan, the appeal wasn't financial; he wanted to help rebuild a Western rare earth supply chain, and contribute to an industry still taking shape. "I hardly knew how to pronounce half of the minerals when I started," he said. "But I always wanted to work somewhere that was more like a startup."
Closing the gap with China will likely take years. Over decades, Beijing built infrastructure the US allowed to disappear: universities training specialists in rare earths, research institutes developing new processing techniques, and engineers moving between separation plants and magnet factories, building expertise across the entire supply chain.
Ramon Barua, Aclara's chief executive officer, said the shortage of experienced workers has forced the company to rely heavily on recent graduates with no prior experience in rare earths.
"Does this guarantee that it will work on day one? Not necessarily," he said. "But we have to work with the best tools we have at this point."
Other firms are recruiting from the opposite end of the career ladder. French consulting and technology company Carester SAS leans on veteran specialists, some of them octogenarians, to design separation facilities and advise clients. Earlier this year, USA Rare Earth acquired a 12.5% stake in the company, gaining access not just to its technology but to some of the industry's scarcest expertise.
Few people understand what's been lost better than Lifton. He started his career in the 1960s as a chemical engineer in Michigan, separating europium for America's first generation of color televisions. By the time he retired in 1999, much of the country's rare earth industry had disappeared entirely.
"We're looking at years and years of development problems for these companies," said Lifton. "They all say, 'Oh, don't worry, we'll be in production next quarter.' But that's not happening without the talent."
--With assistance from Nectar Gan.
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中盘股增长质量分化
重要性2/5 中低
直接涉及 APLD，但仅重述财务与估值风险，没有新增公司事实或一手证据。
中文摘要
核心结论
StockStory 将 APLD（Applied Digital，人工智能与区块链算力数据中心运营商）列为回避对象，理由是现金流和流动性压力；将 CAVA（地中海快餐连锁企业）列为关注对象，理由是门店扩张、同店销售和收入预期仍较强。文章属于筛选型评论，未提供新的公司公告或独立调研证据。
重要性评级
评级：2/5（中低）
与 APLD 直接相关，但核心内容是作者对估值和财务质量的既有判断，事实密度有限，适合作为风险背景而非当日新增事件。
关键事实
- 文章发表于美东时间 07/09 04:29（UTC+8 07/09 16:29）。
- APLD 市值被列为 118.5 亿美元，作者援引其 3.555 亿美元收入规模，认为尚未形成大型同行的规模经济。
- 作者指出 APLD 自由现金流为负，且流动性状况可能带来额外股权融资与股东稀释压力。
- 文中给出的 APLD 股价为 31.44 美元、预期企业价值倍数为 40.7 倍预期 EBITDA（息税折旧摊销前利润）。
- NVR（美国住宅建商与按揭公司）过去两年每股收益年均下降 7.5%，同期收入持平；文中以此评价其盈利质量承压。
- CAVA 过去两年平均同店销售增速为 9.8%，文章引用其未来一年收入预期增速 23.8%，同时给出 114 倍预期市盈率。
作者观点与证据
作者明确建议回避 NVR 和 APLD、关注 CAVA。对 APLD 的论据集中于收入基数、负自由现金流、流动性和估值；这些指标可提示资本开支型数据中心业务的融资约束，但原文未披露现金余额、债务到期结构、客户合同或现金流预测，无法单独验证稀释风险的规模与时间。
与相关标的的关系
- APLD：文章直接涉及该公司，将负自由现金流和潜在融资列为主要风险，但没有新增订单、业绩或融资事实。
- CAVA、NVR：仅为同一篇筛选文章中的比较对象，与 APLD 的经营链条没有直接关联。
时效性与限制
发布时间为美东时间 07/09 04:29（UTC+8 07/09 16:29），时效性较近。来源为 StockStory 的选股内容，带有导流性质；价格、估值和财务数字需与公司披露及实时市场数据交叉核验。
后续跟踪
- APLD 后续季度的经营现金流、资本开支和自由现金流变化。
- 公司现金、债务期限及任何股权融资披露。
- 已签约数据中心容量、客户信用质量与投产节奏。
- 同类人工智能基础设施企业的估值与融资条件。
英文原文
1 Mid-Cap Stock on Our Watchlist and 2 We Ignore
1 Mid-Cap Stock on Our Watchlist and 2 We Ignore
Radek Strnad
Thu, July 9, 2026 at 4:29 PM GMT+8 3 min read
- NVR
- CAVA
- APLD
1 Mid-Cap Stock on Our Watchlist and 2 We Ignore Mid-cap stocks have the best odds of scaling into $100 billion corporations thanks to their tested business models and large addressable markets. But the many opportunities in front of them attract significant competition, spanning from industry behemoths with seemingly infinite resources to small, nimble players with chips on their shoulders.
Luckily for you, our mission at StockStory is to help you make money and avoid losses by sorting the winners from the losers. That said, here is one mid-cap stock with huge upside potential and two best left ignored.
Two Mid-Cap Stocks to Sell:
NVR (NVR)
Market Cap: $17.49 billion
Known for its unique land acquisition strategy, NVR (NYSE:NVR) is a respected homebuilder and mortgage company in the United States.
Why Should You Dump NVR?
- Sales stagnated over the last two years and signal the need for new growth strategies
- Earnings per share fell by 7.5% annually over the last two years while its revenue was flat, showing each sale was less profitable
- Shrinking returns on capital suggest that increasing competition is eating into the company's profitability
At $6,432 per share, NVR trades at 17.9x forward P/E. Read our free research report to see why you should think twice about including NVR in your portfolio, it's free .
Applied Digital (APLD)
Market Cap: $11.85 billion
Pivoting from its origins in cryptocurrency mining to become a key player in the AI infrastructure boom, Applied Digital (NASDAQ:APLD) designs and operates specialized data centers that provide high-performance computing infrastructure for artificial intelligence and blockchain applications.
Why Are We Wary of APLD?
- Smaller revenue base of $355.5 million means it hasn't achieved the economies of scale that some industry juggernauts enjoy (but also enables it to grow faster if it executes properly)
- Negative free cash flow raises questions about the return timeline for its investments
- Unfavorable liquidity position could lead to additional equity financing that dilutes shareholders
Applied Digital is trading at $31.44 per share, or 40.7x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why APLD doesn't pass our bar .
One Mid-Cap Stock to Watch:
CAVA (CAVA)
Market Cap: $10.28 billion
Starting from a single Washington, D.C. location, CAVA (NYSE:CAVA) operates a fast-casual restaurant chain offering customizable Mediterranean-inspired dishes.
Why Is CAVA Interesting?
- Fast expansion of new restaurants to reach markets with few or no locations is justified by its same-store sales growth
- Average same-store sales growth of 9.8% over the past two years indicates its restaurants are resonating with diners
- Expected revenue growth of 23.8% for the next year suggests its market share will rise
Story Continues
CAVA's stock price of $67.89 implies a valuation ratio of 114x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it's free .
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ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies.
Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE .
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today .
内存ETF分化争夺主题资金
重要性4/5 中高
DRAM和KMEM直接相关，基金流量、资产、费率及持仓差异信息密集且发布时间新；主题预测和早期竞品数据仍需持续验证。
中文摘要
核心结论
文章称，DRAM（Roundhill Memory ETF）自04/02上市以来，在约三个月内吸引超过210亿美元净流入、资产接近260亿美元，份额价格接近三倍。新基金没有以低费率竞争，而是分别扩大至半导体设备链、集中押注SK海力士，或转向NAND（闪存）存储；差异决定其对HBM（高带宽内存）、内存价格周期和半导体资本开支的敏感度。
重要性评级
评级：4/5（中高）
DRAM与KMEM直接相关，文章提供流量、资产、费率、上市日期和持仓结构，且发表于07/09；新基金规模与若干主题判断仍处早期，部分需求逻辑属于发行方预测。
关键事实
- DRAM于04/02上市，文章称截至07/09累计净流入超过210亿美元、资产接近260亿美元，份额价格接近三倍，并称其为纪录上增长最快的ETF。
- DRAM费率0.65%，约四分之三配置于SK海力士、三星电子和美光三家HBM主要生产商，其余包括闪迪、希捷、西部数据和铠侠等。
- HBMX（Tuttle集中内存栈ETF）于06/02上市，费率0.95%；其持有美光约9%、闪迪约5%，另持有应用材料近8%、ASML（阿斯麦）6%、拉姆研究6%。
- KMEM（Kurv内存精选ETF）于07/01上市，费率0.65%；SK海力士约42%、美光约20%、三星约19%。
- DISK（Tema内存ETF）于06/30上市，费率0.75%；铠侠约17%、闪迪16%、三星约9%、SK海力士约8%、美光约5%，明显偏向NAND。
- 文章称三只竞争产品各自自上市以来吸引约3000万美元；HBMX约有一个月募集期，DISK与KMEM仅约一周。
- Tema首席投资官Yuri Khodjamirian认为，超大规模云厂商今年内存占物料成本约30%，未来一两年可能接近一半；该数字和将更多上下文卸载到闪存的判断属于发行方观点。
作者观点与证据
作者认为，DRAM的巨大流入为竞品创造了空间，但竞品通过暴露差异而非降费争夺资金：HBMX混入设备股，KMEM加大SK海力士集中度，DISK偏向NAND。基金上市日期、费率和部分权重构成主要事实基础；“NAND将受益于智能体人工智能上下文卸载”和云厂商物料成本占比是Tema的预测，历史上NAND价格波动与利润压缩风险亦被作者提示。
与相关标的的关系
- DRAM：直接标的，集中持有三家HBM生产商，主题纯度和资金流是文章主轴。
- KMEM：直接标的，以约42%的SK海力士权重形成更高单一公司集中度。
- HBMX：通过设备商持仓增加对总体半导体资本开支的敏感性，内存纯度低于DRAM。
- 000660.KS（SK海力士）与005930.KS（三星电子）：均为DRAM和KMEM的主要风险来源；SK海力士在KMEM中的权重尤其高。
时效性与限制
文章发表于美东时间 07/09 01:34（UTC+8 07/09 13:34）。来源为ETF.com，基金结构信息较适合主题比较；但DRAM的“最快增长”结论、约3000万美元早期流量和具体权重需要以基金官网、申报文件及净值日期复核，DISK的NAND需求路径仍是预测。
后续跟踪
- DRAM、HBMX、KMEM与DISK的每日净流入、资产规模和实际权重。
- HBM、DRAM与NAND现货价格及产能分配。
- SK海力士、三星和美光的内存业务指引。
- 超大规模云厂商资本开支与存储需求数据。
英文原文
New Memory ETFs Line Up to Challenge Runaway DRAM
New Memory ETFs Line Up to Challenge Runaway DRAM
Sumit Roy
Thu, July 9, 2026 at 1:34 PM GMT+8 6 min read
- 000660.KS
+1.10%
- KMEM
+3.36%
- HBMX
+5.15%
- DRAM
+3.74%
- 005930.KS
+4.31%
The Roundhill Memory ETF (DRAM) is one of the most successful fund launches of all time. Since coming to market on April 2, it has pulled in more than $21 billion of net inflows while its share price has nearly tripled, pushing assets close to $26 billion.
All of that happened in roughly three months, which makes DRAM the fastest-growing ETF on record.
The timing could not have been better. DRAM launched just as memory stocks were going vertical, driven by one of the sharpest supply/demand imbalances the industry has ever seen.
Before DRAM, it wasn't easy for U.S. investors to play the memory theme. Two of the biggest names in the space, SK Hynix and Samsung, do not trade on U.S. exchanges (the former is set to list ADRs on the Nasdaq this Friday), so investors who wanted the exposure were buying South Korea funds like the iShares MSCI South Korea ETF (EWY) , which included the memory giants along with a host of unrelated stocks.
DRAM gave them a pure-play alternative aimed squarely at memory.
But given the enormous inflows DRAM has seen, it was only a matter of time before other issuers tried to peel off a piece for themselves. Three have shown up so far, but interestingly, none is competing on price.
DRAM charges 0.65%, and the newcomers run from a matching 0.65% up to 0.95%. Instead, each is trying to stake out a different slice of the memory theme.
What These Funds Own
It helps to understand the memory industry before comparing the funds. Memory chips come in two broad flavors. DRAM (the type of memory, not the ETF) is the fast, volatile working memory that loses its contents the moment the power goes off, and high-bandwidth memory, or HBM, is a premium version of it, built by stacking DRAM chips vertically and wiring them together so data can move at very high speeds.
HBM is the component that sits right next to the GPUs in an AI server, and it is the biggest bottleneck in the current build-out.
NAND flash is the other category, the non-volatile storage that holds data whether the power is on or not, and the stuff inside solid-state drives.
The big three, SK Hynix, Samsung and Micron, dominate DRAM and HBM. They make NAND too, and Samsung is in fact the biggest NAND producer, but their profits come mostly from the DRAM and HBM side right now.
Kioxia and SanDisk are the pure NAND plays, with no DRAM or HBM businesses of their own.
DRAM, the ETF, focuses on, well, DRAM. SK Hynix, Samsung and Micron—the three companies that dominate HBM—each make up roughly a quarter of the portfolio, about three-quarters of the fund between them, with SanDisk, Seagate, Western Digital, Kioxia and a handful of others filling out the rest.
Story Continues
HBMX Reaches Beyond the Chipmakers
The first challenger to DRAM was the Tuttle Capital Concentrated Memory Stack ETF (HBMX) , which launched June 2 and charges 0.95%. Tuttle casts a wider net, targeting the whole "memory semiconductor ecosystem," which means not just the chipmakers but the companies that supply the equipment, materials and services used to build memory.
Micron sits around 9% and SanDisk around 5%, but the fund also holds Applied Materials near 8%, ASML at 6% and Lam Research at 6%. Those equipment makers do supply the memory manufacturers, but they also sell to logic customers like TSMC, so their fortunes track overall semiconductor capex rather than memory specifically.
That makes HBMX less of a pure memory bet and more of a memory-plus-semicap play.
KMEM Tilts Hard Toward SK Hynix
The Kurv Memory Select ETF (KMEM) went the other way. It launched July 1, matches DRAM's 0.65% fee, and doubles down on the big three. SK Hynix alone is about 42% of the portfolio, with Micron near 20% and Samsung around 19%.
So like DRAM, roughly three-quarters of the fund sits in the HBM trio, only with a much heavier tilt toward SK Hynix, which holds the largest share of the HBM market and, in Kurv's telling, trades cheaper than its peers.
It is almost an attempt to out-DRAM DRAM. If you are more bullish on SK Hynix in particular, this is one way to express it.
DISK Bets on Flash Instead
The Tema Memory ETF (DISK) , which launched June 30 at 0.75%, is the one doing something genuinely interesting. It stays inside the memory theme but deliberately leans away from HBM.
Its top holdings are Kioxia at about 17% and SanDisk at 16%, with Samsung around 9%, SK Hynix near 8% and Micron further down the list at 5%.
Kioxia and SanDisk are storage and NAND-flash names rather than HBM producers, so DISK is effectively betting on the parts of the memory market that the HBM-heavy funds underweight.
Of the three, it is the most differentiated from DRAM while still being unmistakably a memory fund.
Tema's Case
DISK's tilt is a deliberate call on where memory demand is heading, and Tema's chief investment officer, Yuri Khodjamirian, laid out the case for overweighting NAND in an interview with ETF.com.
On the demand side, memory is eating up a growing share of what hyperscalers spend, by the firm's estimate somewhere around 30% of the bill of materials this year and potentially closer to half within a year or two.
DRAM is the expensive part of that bill, and as agentic AI widens context windows, with agents spinning up other agents and each one needing to hold its own instructions in working memory, keeping all of it in DRAM and HBM starts to get prohibitively expensive.
Tema's bet is that data centers increasingly offload some of that context onto cheaper flash, which plays straight to the NAND names.
Meanwhile, on the supply side, because DRAM and HBM carry much fatter margins right now, the manufacturers that make both are steering fab capacity toward them and away from NAND, which tightens the flash market and pushes prices up.
Of course, there is a risk to this bet. DRAM and HBM are where the fattest margins and the clearest AI demand sit today, so leaning away from them means tilting toward a more commodity-like and more cyclical corner of memory.
NAND has historically been more volatile on pricing and quicker to see its margins compress when the cycle turns, and the context-offload thesis is a forecast rather than a fact.
If HBM demand keeps surging and the shift toward flash arrives slowly, DISK's NAND overweight could cause it to lag the HBM-heavy funds.
Early Traction
The flows for the three DRAM ETF competitors have so far been modest, but it's early days. Each of the three has taken in somewhere around $30 million since launch.
For HBMX, which has had roughly a month to gather assets, that isn't much to write home about. For DISK and KMEM, both barely a week old, it is a solid start.
The more important question for investors is whether they are worth owning. I won't make an investment call here, but to me, DISK appears the most differentiated versus DRAM.
The ETF gives you memory without the massive overweight in the HBM names, which is smart product positioning on the part of Tema, but also potentially compelling for investors who are bullish on NAND.
HBMX is the one I would question. Reaching into equipment makers and the broader ecosystem waters down the very thing that made DRAM a phenomenon—a clean and concentrated bet on memory.
Permalink | © Copyright 2026 etf.com. All rights reserved
比特币承压守住六万美元
重要性4/5 高优先级
覆盖BTC、ETH、SOL与HYPE的近期价格和宏观冲击，直接服务加密日报；利率敏感性判断仍是媒体叙事，需数据验证。
中文摘要
核心结论
CoinDesk将近期中东冲突下比特币的较小跌幅解读为市场开始按利率事件而非加密货币特有风险定价：BTC（比特币）在原文时点报62,009美元，24小时跌1.2%，但一周仍涨1.6%。作者把6万美元视为后续检验位；这属于市场叙事，单日价格表现不足以证明比特币已稳定转为利率敏感资产。
重要性评级
评级：4/5（高优先级）
文章直接覆盖BTC、ETH（以太币）、SOL（Solana公链代币）和HYPE（Hyperliquid平台代币），并给出冲突、油价、债券收益率与加密资产同步变化的具体数据。发布时间近，但来源为市场媒体，关于资产定价机制的结论主要来自作者解读和交易员观察。
关键事实
- 文章发布于美东时间07/09 00:57（UTC+8 07/09 12:57），更新于美东时间07/09 07:18（UTC+8 07/09 19:18）。
- 原文称美国对伊朗再度发动打击后，布伦特原油连续第三日上涨1%，至每桶78.80美元。
- 金价连续第四日下跌，约为每盎司4,060美元；美国两年期国债收益率接近2026年高位。
- BTC报62,009美元，24小时跌1.2%，过去七日涨1.6%。
- ETH报1,730美元，日跌1.2%、七日涨5.7%；SOL报77.25美元，日跌1.8%、七日跌1.7%。
- XRP报1.09美元、日跌0.7%；HYPE日跌1.2%，过去七日涨5.9%。
- 原文称货币市场将下一次美联储加息预期由12月提前至10月。
- 恐惧与贪婪指数升至27，脱离此前持续40天的极度恐惧区间，但自11月以来未稳定高于50。
作者观点与证据
作者认为战争冲击正经由通胀和利率预期影响加密市场，BTC对霍尔木兹相关消息的反应较此前减弱，并可能较原油或黄金更贴近短端国债收益率。支撑材料是当日跨资产价格、连续多轮冲突下的反应描述与情绪指数；原文未提供收益率相关系数、完整事件样本、链上资金流或衍生品仓位数据，因此该定价关系仍待验证。
与相关标的的关系
BTC直接处于文章中心，6万美元被作者列为价格观察位。ETH、SOL和HYPE均有明确价格数据，可用于比较主流加密资产在同一宏观冲击中的相对表现。文中没有公司基本面、代币持仓结构或交易所资金流证据，不能延伸为个别项目的基本面结论。
时效性与限制
发布时间为美东时间07/09 00:57（UTC+8 07/09 12:57），检索时间为美东时间07/09 23:05（UTC+8 07/10 11:05）。该文适合当前日报的加密市场与宏观联动栏目；价格为报道时点快照，且页面尾部的其他新闻和研究推荐不构成本篇正文证据。
后续跟踪
- BTC在后续中东局势变化与利率重估中的价格反应及成交量。
- 美国两年期国债收益率、原油和黄金与BTC的同步性是否持续。
- 现货及衍生品资金流、未平仓合约和清算数据。
- 恐惧与贪婪指数能否持续回到50以上。
英文原文
BTC, ETH, XRP price news: Bitcoin, ether steady, gold falls as U.S.-Iran strikes escalate
Markets
Bitcoin, ether steady, gold slides as U.S.-Iran tensions escalate again
Oil climbed for a third day and gold fell for a fourth while bitcoin is up 1.6% on the week.
By Shaurya Malwa
Updated Jul 9, 2026, 7:18 a.m. Published Jul 9, 2026, 4:57 a.m.
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Summary
Show
- Bitcoin is holding above $62,000 and showing muted reactions to Middle East tensions, even as oil rises, gold falls and bond yields climb.
- Markets are increasingly treating war-related shocks as interest-rate events, with bitcoin now tracking front-end Treasury yields more closely than traditional hedges like crude or gold.
- Traders see $60,000 as the key level: holding it through further escalation would support the idea of a rotation from gold into bitcoin as a rates-sensitive asset, while a sharp break lower would suggest the recent calm was temporary.
Bitcoin held above $62,000 on Thursday while the assets that are supposed to absorb a war premium moved in opposite directions.
Brent crude climbed 1% to $78.80 a barrel, a third consecutive session of gains, after the U.S. military completed another round of strikes against Iran and both sides raised the prospect of closing the Strait of Hormuz.
Gold extended its slide to a fourth day at around $4,060 an ounce. Government bonds in Japan, Australia and New Zealand fell, extending Wednesday's global selloff, with two-year Treasury yields pushing toward their 2026 high.
Bitcoin traded at $62,009, down 1.2% over 24 hours and up 1.6% on the week. Ether was at $1,730, also off 1.2% on the day but up 5.7% over seven sessions. Solana was the laggard at $77.25, shedding 1.8% and 1.7% on the week. XRP slipped 0.7% to $1.09, TRON added 4% over seven days, and hyperliquid's HYPE gained 5.9% on the week despite a 1.2% daily dip.
The escalation reignited inflation concerns and pulled forward rate expectations.
Money markets on Wednesday moved their bet on the next Fed increase to October from December, a shift that lands on a market already carrying elevated valuations after this year's rally in artificial intelligence shares. Higher rates are what dragged gold lower, since a non-yielding metal loses appeal when cash pays more.
The same logic should be crushing bitcoin, but isn't. An oil shock, a bond selloff, and a hawkish repricing of the Fed produced a 1.2% daily move in an asset that used to shed 5% on a single Hormuz headline. The pattern has held across every leg of this conflict since February, with each successive escalation extracting a smaller reaction than the one before it.
What that leaves is a market that has stopped pricing Middle East risk as a crypto-specific event and started pricing it as a rates event, which is why bitcoin is tracking the front end of the curve more closely than it is tracking crude.
Sentiment supports the view. The Fear and Greed index has climbed to 27, pulling out of the extreme fear zone it occupied for 40 straight days. That is an exit from panic rather than a move into conviction, and the gauge has not sustained a print above 50 since November.
Traders are watching $60,000 as the level that decides the next leg. Bitcoin has clawed back from multi-month lows to hold a range that survived a rate repricing, a war escalation, and a bond selloff in the same week.
If bitcoin absorbs another Hormuz escalation without breaking $60,000 while gold keeps sliding, the rotation out of the traditional hedge is real and bitcoin is being repriced as a rates asset rather than a risk one. However, a sharper slide through $60,000 on the same news would mean the shrinking reactions were a function of a quiet tape, not a structural change in how the market reads this war.
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By CoinDesk Research
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Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters :
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
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Crypto CD20 $1,742.09 CD20 up 2.62 percent 2.62% BTC $63,884.61 BTC up 3.18 percent 3.18% ETH $1,768.68 ETH up 2.30 percent 2.30% XRP $1.10 XRP up 1.74 percent 1.74% SOL $78.81 SOL up 1.98 percent 1.98%
利率敏感叙事下的圈币估值
重要性3/5 中
直接覆盖 CRCL 且估值差距显著，但属于单一平台的模型化观点，缺少完整参数与独立验证。
中文摘要
核心结论
Simply Wall St. 将 Circle Internet Group（Circle，稳定币 USDC 发行方，CRCL）从加密概念股重新界定为利率敏感的金融基础设施公司，并给出每股 35.82 美元的估值，较其 64.07 美元收盘价低 78.9%。该判断依赖增长、利润率和未来估值倍数假设，不能视为市场共识或已验证的目标价。
重要性评级
评级：3/5（中）
文章直接涉及 CRCL，且发布于美东时间 07/08 22:12（UTC+8 07/09 10:12）；但核心估值来自单一叙事模型，原文没有提供完整预测参数或独立验证。
关键事实
- CRCL 于 06/27 被移出多个 Russell（罗素）成长型指数，文章认为这可能改变部分机构投资者的配置路径。
- 原文列示 CRCL 近 7 日上涨 3.42%，近 30 日下跌 22.37%，近一年总股东回报下跌 68.07%。
- Simply Wall St. 最受关注的估值叙事给出 35.82 美元公允价值，对应 78.9% 高估判断；文中收盘价为 64.07 美元。
- 销售额倍数方面，CRCL 为 5.6 倍，低于同业平均的 9 倍，高于美国软件行业的 3.5 倍和该模型的 3.7 倍“合理倍数”。
- 文中将 USDC（美元稳定币）采用速度放缓、短期利率下行压低储备收入，列为该叙事面临的主要压力。
作者观点与证据
作者倾向于认为市场正以利率敏感型金融基础设施公司的框架评估 Circle，而非单纯跟随加密资产反弹。证据主要是历史股价回报、指数调整和平台估值模型；35.82 美元的结论取决于未完整披露的增长、利润率与终端倍数假设，原文也声明其分析可能未纳入最新价格敏感公告。
与相关标的的关系
- CRCL：储备资产收益对利率变化的敏感性、USDC 规模和指数纳入状态，直接关联其收入预期与估值框架。
- 加密与区块链相关股票：文章仅提示可比较同类股票表现，未提供具体同业基本面数据。
时效性与限制
文章发布于美东时间 07/08 22:12（UTC+8 07/09 10:12），接近当日日报，但所列近一年回报和估值比较属于阶段性截面。来源为 Simply Wall St. 的历史数据与分析师预测模型，未披露完整现金流、利率路径和 USDC 增长预测，适合作为估值分歧材料。
后续跟踪
- USDC 流通量及其增长速度。
- 短期利率与 Circle 储备收入的变动。
- CRCL 是否重新进入或继续退出主要指数。
- 公司业绩中收入、利润率及管理层指引与估值假设的差异。
英文原文
Circle Internet Group (CRCL) Could Be 79% Overvalued As Rate Sensitive Narrative Takes Hold
Circle Internet Group (CRCL) Could Be 79% Overvalued As Rate Sensitive Narrative Takes Hold
Simply Wall St
Thu, July 9, 2026 at 10:12 AM GMT+8 3 min read
- CRCL
-1.65%
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
Circle Internet Group (CRCL) has been under close watch after a series of index removals on 27 June, when the stock was dropped from multiple Russell growth benchmarks and this reshaped how some institutional investors may gain exposure.
See our latest analysis for Circle Internet Group.
The recent Russell index removals add to a choppy stretch for Circle Internet Group, with a 7 day share price return of 3.42%, a 30 day share price return down 22.37% and a 1 year total shareholder return down 68.07%. This suggests that momentum has been fading despite occasional sharp rebounds tied to crypto sentiment and stablecoin headlines.
If you want to see how other crypto and blockchain related stocks are reacting to similar themes, it could be worth scanning the 19 cryptocurrency and blockchain stocks
After this sharp reset in Circle Internet Group, the key question is whether most of the easy upside has already played out in the post listing hype, or if today's valuation still leaves meaningful room ahead.
Most Popular Narrative: 78.9% Overvalued
Circle Internet Group closed at $64.07, while the most followed narrative on the stock suggests a fair value of $35.82. This sets up a wide valuation gap to unpack.
The recent recovery in CRCL's share price may not represent a typical crypto rebound. Instead, it reflects the market gradually reframing Circle as a rate-sensitive financial infrastructure company.
Read the complete narrative.
Want to see how this view turns into numbers for Circle Internet Group? The narrative leans on strong top line expansion, improving profitability, and a future earnings multiple more often associated with established software platforms. Curious which specific growth and margin assumptions pull the fair value well below today's share price?
Result: Fair Value of $35.82 (OVERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Circle Internet Group's narrative could be pressured if USDC adoption slows materially or if lower short term rates significantly reduce reserve income and earnings visibility.
Find out about the key risks to this Circle Internet Group narrative.
Another View on Circle Internet Group's Valuation
While the user narrative points to Circle Internet Group as 78.9% overvalued at a fair value of $35.82, the market based P/S picture is more mixed. CRCL trades at 5.6x sales, below a peer average of 9x, yet above both the US Software industry at 3.5x and the fair ratio of 3.7x. That gap suggests investors face a trade off between relative strength versus peers and the risk that the P/S multiple drifts closer to the fair ratio over time. Which reference point matters more to you?
Story Continues
See what the numbers say about this price — find out in our valuation breakdown.
NYSE:CRCL P/S Ratio as at Jul 2026
Next Steps
Given the split signals around Circle Internet Group, do you feel the market is being too cautious or too optimistic? Act quickly, review the underlying data, and weigh both sides of the story by checking the 1 key reward and 1 important warning sign
Looking for more investment ideas beyond Circle Internet Group?
Do not stop with Circle Internet Group. Broaden your watchlist with fresh ideas that fit different goals, and give yourself more options when conditions change.
- Target income first by scanning reliable payers through the 9 dividend fortresses that focus on stronger yields.
- Hunt for quality at a discount using the 44 high quality undervalued stocks that surfaces companies with solid fundamentals priced below their estimated worth.
- Protect your downside by reviewing the 72 resilient stocks with low risk scores that highlights businesses with more resilient financial and risk profiles.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include CRCL .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
可复现验证筛选智能体漏洞
重要性4/5 高
官方近期披露直接关联 ETH 客户端依赖组件的已修复安全问题，并提供安全审计流程信息；缺少影响范围与量化审计结果，优先级低于直接链上或市场事件。
中文摘要
核心结论
以太坊基金会协议安全团队认为，AI（人工智能）智能体扩大代码审计搜索范围后，安全工作的主要瓶颈转向候选漏洞的独立复现、可达性验证、去重与人工裁决。文章以已披露的 libp2p gossipsub（点对点消息传播组件）远程触发宕机漏洞为实例，强调可在真实代码上运行的复现材料才可计入有效发现。
重要性评级
评级：4/5（高）
文章由以太坊基金会协议安全团队发布，直接涉及 ETH（以太坊）依赖的共识客户端网络层安全，并披露了一个已修复漏洞。内容偏方法论，未披露该团队的命中率、覆盖范围或尚未公开问题的细节。
关键事实
- 发布于美东时间 07/08 20:00（UTC+8 07/09 08:00），作者为 Nikos Baxevanis，所属以太坊基金会协议安全团队。
- 团队称，协调运行的智能体已发现真实漏洞；公开案例是 libp2p gossipsub 的远程触发宕机问题，编号为 CVE-2026-34219（通用漏洞披露编号）。
- 每个候选项须写明可攻击的组件与入口、不变量、破坏机制、可观察成功条件、可在真实代码运行的复现材料及去重键。
- 验证至少覆盖两项：正常配置下真实攻击者能否到达，以及攻击成本与网络损失之间的关系。
- 文章列出常见误报：仅在调试构建中崩溃、依赖真实输入无法构造的内部状态、形式化证明的命题过弱或恒真。
- 作者援引 Anthropic 的属性测试智能体案例：约一千份候选报告经排序和专家复核后，最高层级结果约有 86% 经得起检验；该数字并非以太坊团队自身数据。
- 对跨多步状态序列才出现的问题，文章主张智能体用于提出测试序列，再由有状态测试框架执行验证。
作者观点与证据
作者将智能体定位为搜索工具，拒绝将其输出直接视作漏洞结论；最终发现需由独立验证、已知问题清单和人工披露判断支持。证据包括已公开的 CVE-2026-34219、候选复现规则，以及对 Anthropic、Cloudflare 公开实践的引用。文章未给出以太坊各客户端的审计对象、样本量、漏洞严重度或修复前后影响，方法有效性的外推范围有限。
与相关标的的关系
ETH 的关系来自以太坊共识客户端依赖的点对点网络组件及协议安全流程。已披露漏洞已修复，文章没有提供链上状态、客户端采用率、节点受影响规模或对 ETH 价格的直接证据；其价值主要是协议安全治理与审计能力的事实更新。
时效性与限制
发布时间为美东时间 07/08 20:00（UTC+8 07/09 08:00），属于近期官方技术说明，适合用作协议安全流程背景。来源为项目方安全团队，案例与方法选择带有官方叙事视角；具体工具配置会快速变化，文中也明确未公布自身命中率。
后续跟踪
- CVE-2026-34219 的受影响版本、修复版本与各以太坊客户端的依赖情况。
- 以太坊基金会后续针对单个客户端发布的审计细节与披露规则。
- 真实代码复现、独立验证和去重流程是否形成可审计的公开记录。
- 智能体审计对跨步骤状态漏洞与正式验证覆盖缺口的实际补充效果。
英文原文
The triage is the product: running AI agents against Ethereum's protocol code | Ethereum Foundation Blog
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The triage is the product: running AI agents against Ethereum's protocol code
Posted by Nikos Baxevanis on July 9, 2026
Research & Development
Notes from the Ethereum Foundation's Protocol Security team on running coordinated AI agents against real protocol code, including how we organize the work, what holds up under scrutiny, and what client teams and security researchers can take from it. This post stands on its own; later posts will go deeper on individual clients.
What we've been running, and what surprised us
On the Ethereum Foundation's Protocol Security team, we've been running coordinated AI agents against the kinds of systems the network depends on, like systems software, cryptographic code, and contracts that have to be right. The agents found real bugs. One is now public: a remotely-triggerable panic in libp2p's gossipsub, a core part of the peer-to-peer layer Ethereum consensus clients run on, fixed and disclosed as CVE-2026-34219 with credit to the team.
Agents finding bugs wasn't the surprise. The surprise was how little of the work went into finding them, and how much went into telling the real bugs from the ones that just looked real.
This post is for client teams and security researchers who want to do the same thing. It covers how we organize the agents, the bar a candidate has to clear before it counts as a finding, and the habits that keep the results trustworthy.
Teams elsewhere are converging on the same recipe. Anthropic's Frontier Red Team built an agent that writes property-based tests and found real bugs across the Python ecosystem . Cloudflare ran a frontier model through a security-research harness against their own systems. Everyone lands on the same loop: point a capable model at a codebase, let it search, and triage what comes back. So the real question is how to do this without drowning in confident-sounding noise.
One caveat up front: tooling for agent-driven audits moves fast, and any specific setup is out of date in a few weeks. So this post is deliberately about the methods, which are persistent, rather than the tooling. Disclosure is its own topic and will probably be its own post.
An agent is a search tool, not an oracle
An agent pointed at a codebase is a search tool, a lot like a fuzzer. The difference is what comes back. A fuzzer hands you a crash and a stack trace. An agent hands you a lot more, including a write-up (call chain, impact claim, suggested severity) and the artifacts to back it, like a proof-of-concept you can run against the real code.
All of that makes the result easy to read and easy to trust, the running proof-of-concept most of all. So don't count how many candidates an agent produces. Count how many turn out to be real.
How the work is organized
We run many agents in parallel against one target. They coordinate through the repository itself, with shared state in version control and no central process handing out work. An agent writes down a claim where the others can see it, does the work, and commits.
We got this approach from Anthropic's writeup on building a C compiler with a fleet of agents , which coordinates the same way. There's no central coordinator to build or maintain, and less that can go wrong.
The roles are generated by the work that's discovered:
- Recon turns an attack surface into concrete, testable hypotheses. Not "audit the decoder" but "this field is trusted past this point; here's the property it should keep, the way it might break, and the proof that would settle it."
- Hunting takes one hypothesis, traces the code path, and tries to build a reproducer.
- Gap-filling looks at what was accepted and what was rejected, writes the next batch of hypotheses, and tracks coverage so the agents don't keep going over the same ground.
- Validation re-checks each candidate independently, removes duplicates, and decides.
We didn't invent this pipeline. Cloudflare describes the same stages, recon, parallel hunting, independent validation, deduplication, reporting, and their writeup helped shape ours.
Here's what a candidate looks like before it counts as a finding:
target: component and entry point an attacker can actually reach
invariant: the property that must hold
mechanism: the specific way it might be made to break
success: observable proof: a panic, a stall, an accepted-invalid input
reproducer: a self-contained artifact that runs against the real code
dedup: a key, so two agents don't chase the same thing
The schema is there for a reason. It forces a specific, testable claim and a clear definition of done. An agent that has to write down an observable proof can't fall back on "this looks risky."
Reproducible or it didn't happen
One rule matters more than any other. A candidate isn't a finding until there's a self-contained artifact that reproduces the failure against the real code, and that runs for someone who didn't write it.
The reproducer doesn't read the write-up, and it doesn't care how confident the model sounded. It either runs or it doesn't.
Most of its value is in the false positives it catches. Three of them come up over and over, and each one is the agent getting a pass for the wrong reason:
- A panic that only happens in a debug build. Compile and run it the way the software actually ships, and the value just wraps around. Nothing crashes. It looks like a crash, but it isn't one.
- A reproducer that builds some internal value by hand, one no real input could ever produce, because every path an attacker controls rejects it earlier. The bug only "reproduces" against a function that nothing reachable calls that way.
- In formal-verification work, a proof that goes through but doesn't mean what you wanted. The statement is trivially true regardless of what the code does, or it's weaker than the property you meant to capture. The verifier is satisfied, but the theorem doesn't constrain the behavior you actually cared about.
None of this is new. It's the same thing as a test that passes because it doesn't actually check anything. What's new is the volume. An agent writes the useless version as fast as the real one, and just as confidently. So the check has to be automatic. You can't count on the agent to catch itself.
Signal-to-noise is most of the work
Most candidates are wrong, duplicate, or out of scope. That's not a problem with the method; that's how it works. The goal is to reject the wrong ones fast and back the real ones with proof that's hard to argue with.
Every candidate that survives gets two independent checks. Can a real attacker actually reach it in a normal configuration? And what does it cost the attacker to pull off, compared to what it costs the network if it works? A bug that any single peer can trigger is very different from one that needs special access or a huge amount of resources.
Everything gets checked against a running list of what's already known, fixed, or rejected. Without that, the agents keep rediscovering the same closed issue and reporting it again and again.
Acceptance rates vary a lot from target to target, and that variation is useful on its own. Run this against mature, heavily audited code and almost nothing survives, which is still worth knowing. "We looked hard and found nothing" is a real result. Run it against less-explored code, or against formally verified code, where a machine-checked proof covers a model and the deployed bytecode is only assumed to match it, and more gets through.
We're not the only ones who found that the triage is the hard part. Cloudflare's main takeaway was that a narrow scope beats broad scanning. Anthropic's property-based-testing agent generated something like a thousand candidate reports, then used ranking and expert review to get down to a top tier that held up about 86 percent of the time. The generation was the easy part. I'm not going to publish our own numbers here; tied to a specific target, they'd say more about the target than about the method.
What the agents are good at, and where they mislead
There's hype in both directions, so here's a plain list of what the agents do well and where they mislead.
Good at Misleading at
Reading the spec and the code together Call chains that look reachable but aren't
Stating and checking a real invariant Gaming the success check (a pass for the wrong reason).
Drafting a reproducer from a one-line idea Inflating severity to match how dramatic the write-up sounds
Suggesting a root cause before you've looked Bugs that span a sequence of valid steps
The split isn't even steady from one task to the next. Stanislav Fort, testing a range of models on real vulnerabilities, calls this a jagged frontier , or a model that recovers a full exploit chain on one codebase can fail basic data-flow tracing on another. You can't assume one good result means the next will hold up, which is another reason every candidate gets checked on its own.
The last row is the important one. A single agent session is good at one-shot reasoning and bad at bugs that span a sequence of steps, where each step is valid and only the order is wrong. For those, the agent isn't the search tool. Its job is to suggest which sequences are worth running through a stateful test harness . Used that way, it works well. Used as a replacement for the harness, it misses the most expensive bugs there are, the ones that only show up across a sequence.
Keeping it honest
A few habits do most of the work of making agent findings trustworthy, and none of them are complicated.
- Provenance on every artifact: what produced it, with what context, against which revision. A finding should be something you can re-run months later.
- Determinism where it counts: one environment, one way to build and run, so "reproduces" means the same thing on every machine, not just the one where it was found.
- Norms, not scripts: tell agents what matters, the invariants and the bar for a real finding, instead of a numbered procedure. Over-scripted agents break the same way over-specified tests do, they keep following the steps after the steps stop making sense. A study of repository context files found the same thing: the extra requirements lowered task success and raised cost by over 20%, and the authors recommend keeping context to the minimal requirements.
- A person makes the final call: agents suggest. They don't decide what's real, what's a duplicate of a known issue, or what gets disclosed and when.
The bottleneck moved
AI didn't replace the security researcher. It moved the work. The time that used to go into coming up with and chasing down hypotheses now goes into judging them at scale, including building the oracle, running the triage, keeping the list of known issues, and handling disclosure.
The bottleneck didn't go away. It moved from finding bugs to trusting the results, which is a better place for it, because that's where human judgment actually matters. But it's still a bottleneck, and ignoring that is how you end up shipping a wrong "it's fine."
The practices that make this work aren't new. Reproducible failures, real oracles, and careful triage are the same practices that turned fuzzing from a research topic into standard practice over the last fifteen years. The tools are new. The practices aren't.
How fast the tools keep changing is an open question. Nicholas Carlini, careful and once a skeptic himself, argues the exponential case is worth taking seriously , even while he keeps wide error bars on it. If the generation side climbs that fast, the judgment side has to climb with it, or the gap between what gets produced and what actually gets verified only widens.
For the systems Ethereum depends on, that's the part that matters. Agents let us cover far more ground than we could by hand. In exchange, they ask for more careful judgment, across a much bigger pile of confident-sounding claims. That's a trade worth making, as long as you remember that the judgment is the real product.
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柔佛扩产与估值溢价拉锯
重要性3/5 中
直接覆盖 VRT 的最新扩产与估值分歧，但估值结论主要来自第三方模型，缺少订单和财务兑现证据。
中文摘要
核心结论
Simply Wall St. 将 Vertiv（威图，数据中心电力与热管理设备商）在马来西亚柔佛的新制造基地视为承接亚洲 AI（人工智能）高密度算力需求的产能动作，并按其现金流假设得出每股 408.64 美元的估值。文章同时显示，VRT 已处于高估值和高涨幅区间，扩产的需求兑现、超大规模云厂商资本开支及液冷竞争将决定该估值叙事能否成立。
重要性评级
评级：3/5（中）
文章直接涉及 VRT 且发布时间较近，提供了产能、积压订单和估值数字；408.64 美元公允价值来自平台模型及用户叙事，缺少公司新增订单、投产时间和盈利贡献的独立验证。
关键事实
- 文章发布于美东时间 07/08 19:11（UTC+8 07/09 07:11）。
- VRT 在马来西亚柔佛启用大型制造基地，目标是服务亚洲 AI 与高密度计算基础设施需求。
- 文中称 VRT 股价约为 317.81 美元，近 1 日、30 日和年初至今回报分别为 4.00%、5.74% 和 80.97%，过去一年总股东回报为 147.84%。
- 平台最受关注的估值叙事给出每股 408.64 美元公允价值，较 317.81 美元高 22.2%；其折现率假设为 9.38%。
- 文中援引 VRT 约 150 亿美元积压订单，并将液冷、服务业务和与客户的协同开发列为增长依据。
- 同期市盈率为 78.3 倍，高于美国电气行业的 37.8 倍、同业的 38.1 倍及文中所谓 65.1 倍合理水平。
作者观点与证据
作者倾向认为市场价格尚未完全反映 AI 基础设施长期需求和柔佛扩产的价值。主要证据是历史股价回报、积压订单以及平台建立的现金流模型；模型参数、收入路径和利润率假设并未在正文完整披露。文中也承认，超大规模云厂商数据中心支出放缓或液冷、电力系统竞争对手拿到更多项目，都可能削弱该叙事。
与相关标的的关系
- VRT：柔佛工厂强化其亚洲制造、工程、物流和部署能力，潜在影响液冷及电力模块的交付能力；现有高市盈率意味着业绩偏差的市场敏感度可能较高。
时效性与限制
文章发布于美东时间 07/08 19:11（UTC+8 07/09 07:11），可作为 VRT 近期扩产和估值分歧的背景材料。来源是估值平台内容，包含推广性筛选器链接；未提供新工厂资本开支、产能规模、客户订单或管理层指引更新，不能单独证明目标估值。
后续跟踪
- 柔佛工厂的投产节奏、产能规模和订单覆盖情况。
- VRT 对亚太收入、利润率和交付周期的后续披露。
- 超大规模云厂商资本开支及液冷项目竞争格局。
- 积压订单转化、估值倍数与盈利预期变化。
英文原文
Vertiv Holdings Co (VRT) Could Be 22% Undervalued Following Its Johor AI Expansion
Vertiv Holdings Co (VRT) Could Be 22% Undervalued Following Its Johor AI Expansion
Simply Wall St
Thu, July 9, 2026 at 7:11 AM GMT+8 3 min read
- VRT +1.92%
Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide.
Vertiv Holdings Co (VRT) stock is back in focus after the company opened a major manufacturing facility in Johor, Malaysia. The new site targets rising AI and high-density computing infrastructure demand across Asia.
See our latest analysis for Vertiv Holdings Co.
Vertiv's share price momentum has been strong, with a 1-day share price return of 4.00%, a 30-day share price return of 5.74%, and an 80.97% year to date share price return. The 1-year total shareholder return stands at 147.84%, pointing to powerful longer term momentum behind the AI infrastructure story, with recent index changes and the Johor expansion keeping the stock in focus.
If Vertiv's AI driven run has caught your attention, it can be useful to see what else is moving in this theme and scan the 52 AI infrastructure stocks .
Vertiv stock now trades around $317.81 after a strong AI fueled run and a fresh push into Johor. The core question is whether the recent move already prices in that growth or still leaves meaningful upside on the table.
Most Popular Narrative: 22.2% Undervalued
Vertiv Holdings Co is trading at $317.81, while the most followed narrative pegs fair value closer to $408.64. This frames the recent AI run in a different light.
Vertiv is not a bet on AI. Rather, it is a bet on the infrastructure AI cannot exist without. As GPU density climbs and liquid cooling shifts from emerging technology to industry standard, Vertiv's co-engineering relationships, expanding services business, and $15 billion backlog position it as the defining 'picks-and-shovels' play of the data centre era. The stock will never look cheap, but for a business supplying something the world has already decided it cannot do without, that is exactly what you would expect.
Read the complete narrative.
Want to see what is behind that fair value call? The narrative leans on compound revenue expansion, rising margins, and a profit profile more typical of mature software leaders.
According to pdixit1, the narrative and fair value are built from detailed assumptions on Vertiv's cash flows, growth and risk profile. This uses a discount rate of 9.38% and a profit margin framework that leads to an estimated fair value of $408.64 per share. See our AI narrative and valuation for Vertiv Holdings Co .
Result: Fair Value of $408.64 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
Story Continues
However, Vertiv's story can be knocked off course if hyperscaler data centre spending slows, or if rivals in liquid cooling and power systems win more of the upcoming projects.
Find out about the key risks to this Vertiv Holdings Co narrative.
Another View on Vertiv Holdings Co's Valuation
The first narrative treats Vertiv Holdings Co as undervalued using a detailed cash flow and fair value framework. Looking at the simple P/E ratio tells a very different story, with the stock at 78.3x earnings versus 37.8x for the US Electrical industry, 38.1x peers, and a fair ratio of 65.1x.
This gap suggests the market already prices Vertiv at a premium to both its sector and where the fair ratio sits. This raises the risk that any disappointment could hit the share price harder than lower rated stocks. The key question is whether you see this as justified quality or valuation stretch that leaves little room for error.
See what the numbers say about this price — find out in our valuation breakdown.
NYSE:VRT P/E Ratio as at Jul 2026
Next Steps
If this mix of optimism and caution around Vertiv Holdings Co feels familiar, move quickly to review the key data and pressure test your own view, then see how that stacks up against the 3 key rewards
Looking for more investment ideas beyond Vertiv Holdings Co?
If Vertiv Holdings Co has sharpened your focus on AI infrastructure, do not stop here. Use the screener to surface other opportunities that could fit your portfolio.
- Target resilient balance sheets by scanning companies in the solid balance sheet and fundamentals stocks screener (47 results) for those pairing financial strength with consistent fundamentals.
- Hunt for mispriced opportunities by reviewing the 44 high quality undervalued stocks that may offer quality at more measured valuations.
- Strengthen your income stream by checking the 9 dividend fortresses that combine higher yields with a focus on durability.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include VRT .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
晨星梳理Nebius算力布局
重要性3/5 中
研究机构材料直接补充 NBIS 的商业模式、产能与微软客户事实，发布时间较新；正文摘要化，缺少可复核细节和新的经营更新。
中文摘要
核心结论
Morningstar Research（晨星研究）将 NBIS（Nebius，人工智能与高性能计算云服务商）描述为垂直整合的云基础设施提供商：公司在欧美自行设计和运营数据中心及服务器，容量为数百兆瓦级；微软自2025年9月起以多年期、170亿美元收入协议成为主要客户。
重要性评级
评级：3/5（中）
文章直接覆盖 NBIS 的业务结构、区域产能和微软客户关系，来源为研究机构；可访问正文很短，未提供估值、盈利预测、合同执行或方法细节。
关键事实
- 文章发布于美东时间 07/08 19:04（UTC+8 07/09 07:04）。
- Nebius 聚焦人工智能和高性能计算云服务，并自行设计及运营数据中心和服务器。
- 文中称其数据中心分布在欧洲和美国，合计容量为数百兆瓦级。
- Nebius 源自俄罗斯科技企业 Yandex（俄罗斯互联网公司）的业务拆分。
- 文中将该拆分与俄乌战争后针对俄罗斯的制裁背景相连。
- 2025年9月，微软依据多年期协议成为 Nebius 的主要客户。
- 文中称该微软协议对应170亿美元收入。
作者观点与证据
文章呈现晨星研究的公司概览，重点放在垂直整合运营模式、地理布局和客户合同。可见文本没有列出数据中心位置、容量明细、合同期限、收入确认条件或晨星估值结论，170亿美元仍需与公司披露交叉核验。
与相关标的的关系
NBIS 是直接标的。微软作为主要客户，其云算力需求和合同执行是 Nebius 收入可见度的重要外部变量；制裁背景涉及公司历史沿革，未构成当日新增事件。
时效性与限制
发布于07/08，距离当日日报较近，但主要内容是公司背景与既有合同。原文仅提供摘要式段落，缺少完整研究报告和原始资料链接；适合补充业务底图，不足以单独支撑业绩或估值结论。
后续跟踪
- 微软170亿美元协议的合同期限、履约进度与收入确认。
- 欧美数据中心的具体位置、已投运容量及扩建计划。
- 自建服务器和数据中心对资本开支、毛利率及融资需求的影响。
- 监管与制裁背景对公司治理、资产和客户关系的后续披露。
英文原文
Analyst Report: Nebius Group N.V.
Analyst Report: Nebius Group N.V.
Analyst Report: Nebius Group N.V. · Morningstar Research
Morningstar Research
Thu, July 9, 2026 at 7:04 AM GMT+8
- NBIS
-0.13%
- MSFT
+0.27%
Nebius is a vertically integrated cloud provider focusing on AI and high-performance computing. It is a carve-out of the previous Russian tech firm Yandex, following the Russian sanctions since the Ukraine-Russia war. Nebius designs and operates its own data centers and servers across Europe and the US, with a total capacity of several hundred megawatts. In September 2025, Microsoft became a major Nebius client under a multiyear $17 billion revenue agreement to provide computing capacity.
Continue Reading
AMD二季度业绩披露日程
重要性3/5 中
确认 AMD 财报与电话会时间，对直接标的和半导体基金具有日历价值，但没有新增经营事实。
中文摘要
核心结论
AMD（超威半导体，AMD）宣布将于美东时间 08/04 16:00（UTC+8 08/05 04:00）公布 2026 财年第二季度业绩，并于美东时间 08/04 17:00（UTC+8 08/05 05:00）召开业绩电话会。这是一则明确的财报日程公告，没有提供收入、利润、指引或业务运营新数据。
重要性评级
评级：3/5（中）
AMD 为直接相关标的，财报日期是后续信息密度较高的日历节点；本篇本身只确认日程，发布时间距财报仍近一个月，事实增量有限。
关键事实
- AMD 于美东时间 07/08 16:15（UTC+8 07/09 04:15）发布公告。
- 公司将于美东时间 08/04 16:00（UTC+8 08/05 04:00）美股收盘后发布 2026 财年第二季度业绩。
- 管理层电话会定于美东时间 08/04 17:00（UTC+8 08/05 05:00）。
- 投资者可通过 AMD 投资者关系网站收听电话会网络直播。
- 公司还列出三场金融业活动：08/11 的 KeyBanc 技术领导力论坛、09/08 的花旗全球 TMT（科技、媒体与通信）会议及09/11的高盛 Communacopia 科技会议。
- 公告只重述 AMD 在高性能与人工智能计算、云端基础设施、嵌入式、人工智能个人电脑和游戏领域的业务定位。
作者观点与证据
该公告来自 AMD 投资者关系部门，目的在于公布业绩和投资者活动安排，没有表达对季度业绩的方向性判断。业绩发布时间与电话会安排属于公司可核实日程；业务描述为公司自述，不能替代财报中的收入、利润率、产品出货或经营指引数据。
与相关标的的关系
AMD 是直接相关标的，FTXL、PSI 和 SOXX 等半导体相关交易所交易基金也会在 AMD 披露业绩时获得新的公司经营信息。本文尚未提供足以判断这些标的基本面变化的数据。
时效性与限制
公告发布于美东时间 07/08 16:15（UTC+8 07/09 04:15），检索于美东时间 07/09 23:05（UTC+8 07/10 11:05）。可作为当日日历与后续阅读索引；原始文本仅供受保护的站内报告阅读，且未含财务预告、管理层问答或第三方分析。
后续跟踪
- 08/04 财报中的收入、毛利率、每股收益和业绩指引。
- 数据中心、人工智能加速器、客户端和游戏业务的分部表现。
- 管理层对人工智能计算需求、供应、产品节奏和竞争环境的表述。
- 08/11、09/08与09/11活动中是否出现新增经营数据。
英文原文
AMD to Report Fiscal Second Quarter 2026 Financial Results
AMD to Report Fiscal Second Quarter 2026 Financial Results
July 08, 2026 4:15 pm EDT
Download as PDF
SANTA CLARA, Calif., July 08, 2026 (GLOBE NEWSWIRE) -- AMD (NASDAQ: AMD) announced today that it will report fiscal second quarter 2026 financial results on Tuesday, Aug. 4, 2026, after the market close. Management will conduct a conference call to discuss these results at 5:00 p.m. ET / 2:00 p.m. PT. Interested parties are invited to listen to the webcast of the conference call via the AMD Investor Relations website ir.amd.com .
AMD also announced it will participate in the following events for the financial community:
- KeyBanc’s Technology Leadership Forum on Tuesday, Aug. 11, 2026
- Citi’s 2026 Global TMT Conference on Tuesday, Sept. 8, 2026
- Goldman Sachs Communacopia + Technology Conference on Friday, Sept. 11, 2026.
Webcasts of the presentations can be accessed on AMD’s Investor Relations website ir.amd.com .
About AMD
AMD (NASDAQ: AMD) drives innovation in high-performance and AI computing to solve the world’s most important challenges. Today, AMD technology powers billions of experiences across cloud and AI infrastructure, embedded systems, AI PCs and gaming. With a broad portfolio of AI-optimized CPUs, GPUs, networking and software, AMD delivers full-stack AI solutions that provide the performance and scalability needed for a new era of intelligent computing. Learn more at www.amd.com .
AMD, the AMD Arrow logo and the combination thereof are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.
Contact
Carolyn Guss
AMD Communications
corporate.pressinquiry@amd.com
Liz Stine
AMD Investor Relations
investor.relations@amd.com
Source: Advanced Micro Devices, Inc.
Released July 8, 2026
加密财库股的风险分层
重要性3/5 中
覆盖多只加密相关股票并含季度和持仓数字，但混入营销内容、预测市场与情绪材料，部分数据存在滞后。
中文摘要
核心结论
24/7 Wall St. 将 Bitmine Immersion Technologies（以太坊财库公司，BMNR）、Strategy（比特币财库公司，MSTR）和 Circle（USDC 发行方，CRCL）按底层资产敞口与经营属性分层：BMNR 的以太坊净值压力最大，MSTR 对比特币波动最敏感，CRCL 被描述为具备运营收入的稳定币业务。文中包含分析师评级、预测市场和社交媒体叙事，不能将其视为一致的基本面结论。
重要性评级
评级：3/5（中）
文章覆盖 CRCL、BMNR、MSTR、IBIT（iShares 比特币信托）等多个加密相关标的，且发布于美东时间 07/08 15:44（UTC+8 07/09 03:44）。部分关键数据有具体数字，但文章含推广内容，并混合了预测市场概率、Reddit（社交平台）情绪和分析师目标价。
关键事实
- 原文称 BMNR 年初至今下跌 46%，当日价格为 14.73 美元；MSTR 年初至今下跌 38%，当日为 94.87 美元；CRCL 年初至今下跌 20%，当日为 64.22 美元。
- 文中称比特币年初至今下跌 29%，以太坊下跌 41%；BMNR 持有逾 373 万枚以太坊，因此其净资产价值受以太坊回撤影响。
- BMNR 报告 FY2025 净利润 3.2816 亿美元，原文归因于此前年度的代币收益，未给出本财年完整业绩。
- 原文称 MSTR 截至 05/03 持有 818,334 枚比特币；其 2026 年第一季度净亏损 125.4 亿美元，其中未实现比特币亏损为 144.6 亿美元。
- Circle 2026 年第一季度每股收益为 0.21 美元，高于 0.1771 美元一致预期 19%；收入同比增长 20% 至 6.9413 亿美元；USDC 流通量为 770 亿美元，占美元稳定币市场 28%。
- 文中列示 CRCL 分析师目标价为 137 美元、13 个买入、11 个持有、1 个卖出评级；这些预期并非公司业绩事实。
- Polymarket（预测市场）给出 MSTR 年末达到 100 万枚比特币的概率为 13%，以及 07/07 至 07/13 公布购币的概率为 24%。
作者观点与证据
作者将 BMNR 描述为表现最弱的高投机性标的，将 MSTR 描述为高贝塔比特币敞口，并把 CRCL 称为经营基础较强的稳定币业务。其支撑包括资产持仓、股价表现和 Circle 季度数据；目标价、巴克莱评级、Polymarket 概率及 Reddit 情绪属于外部预期或叙事，证据层级低于公司披露的财务与持仓数据。
与相关标的的关系
- BMNR：以太坊价格与逾 373 万枚以太坊持仓直接影响其财库净值。
- MSTR：比特币持仓规模、未实现损益和后续资产活动更新直接影响其财库叙事。
- CRCL：季度收入、每股收益和 USDC 流通量反映运营业务与稳定币采用进展。
- IBIT、ETHA（iShares 以太坊信托）：文章将其列为追踪底层资产的交易所交易基金，未提供基金规模、费用或资金流数据。
时效性与限制
文章发布于美东时间 07/08 15:44（UTC+8 07/09 03:44），其中 MSTR 持仓截至 05/03，存在时间滞后。24/7 Wall St. 文中带有推广链接，且未给出 BMNR 持仓估值、MSTR 资产负债表或 CRCL 盈利持续性的完整计算，部分结论为作者判断。
后续跟踪
- 比特币、以太坊价格与三家公司财库资产价值的同步变化。
- BMNR 的以太坊持仓数量及融资、负债披露。
- MSTR 的后续比特币活动及季度未实现损益。
- Circle 的 USDC 流通量、收入和利润率是否延续第一季度表现。
英文原文
Bitmine Immersion Technologies Stock Is Down 46% This Year: Is It Time to Switch to Strategy or Circle Internet Group?
Bitmine Immersion Technologies Stock Is Down 46% This Year: Is It Time to Switch to Strategy or Circle Internet Group?
David Moadel
Thu, July 9, 2026 at 3:44 AM GMT+8 4 min read
- BMNR -1.14%
- CRCL -1.65%
- MSTR +0.02%
- NVDA -0.66%
- IBIT +1.65%
Quick Read
- BMNR holders are dealing with the deepest losses at -46% year-to-date while CRCL is holding up best (relatively speaking) at -20%, driven by a 19% Q1 EPS beat and strong stablecoin growth; meanwhile, MSTR stock is down 38% in 2026 so far.
- The IBIT and ETHA ETFs offer lower single-stock risk exposure to Bitcoin and Ethereum for investors wary of leveraged treasury proxies like MSTR.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Circle Internet Group didn't make the cut. Grab the names FREE today .
The crypto-linked equities are having another rough session midday Wednesday, and the year-to-date scoreboard tells a clear story about which treasury strategy has held up best. Bitmine Immersion Technologies ( NYSE:BMNR ) is down 46% year to date (YTD) and down slightly today at $14.73, extending a brutal stretch for the Ethereum (CRYPTO:ETH) treasury proxy.
Andrey Gorgots / Shutterstock.com The Ethereum-treasury proxy is lagging both of its higher-profile peers. Strategy ( NASDAQ:MSTR ), the Bitcoin (CRYPTO:BTC) treasury pioneer formerly known as MicroStrategy, is down 38% YTD and off 3% today to $94.87. Circle Internet Group ( NYSE:CRCL ), the USDC (CRYPTO:USDC) stablecoin issuer, is down 20% YTD and off 1% today to $64.22.
With Bitcoin down 29% YTD and Ethereum down 41% YTD, the question for shareholders of Bitmine Immersion Technologies is whether to rotate.
Why Bitmine Immersion Technologies Stock Keeps Sliding
Bitmine Immersion Technologies runs an Ethereum treasury strategy, and the pain reflects Ethereum's steeper drawdown versus BTC. The company holds more than 3.73 million ETH, so the 40% ETH decline has hit net asset value hard.
Bitmine Immersion Technologies posted FY2025 net income of $328.16 million on the back of prior-year token gains, but the current fiscal year looks very different. Chairman Thomas Lee has publicly called for a V-shaped crypto recovery, though BMNR shares haven't confirmed the thesis yet.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Circle Internet Group didn't make the cut. Grab the names FREE today .
The Case for Strategy
Strategy holds 818,334 BTC as of May 3, making MSTR stock effectively a leveraged Bitcoin bet. Barclays initiated coverage with an Overweight rating and a $130 price target, and consensus targets sit at $321 with a rating mix of 1 Strong Buy, 12 Buy, and 1 Hold.
The bear case is real. Strategy's Q1 2026 results delivered a $12.54 billion net loss driven by a $14.46 billion unrealized loss on BTC holdings, and Polymarket traders assign only a 13% probability that Strategy reaches 1 million BTC by year-end. Reddit sentiment has flipped bearish as retail digests headlines that "Strategy just sold $216 million in Bitcoin to pay dividends and the model is showing its limits." With a beta near 3.5, MSTR stock is the highest-potential-upside, highest-volatility choice.
Story Continues
The Case for Circle Internet Group
Circle Internet Group is the operating business in this group. The company's Q1 2026 EPS of $0.21 beat the $0.1771 consensus by 19%, revenue rose 20% year over year (YoY) to $694.13 million, and USDC in circulation reached $77 billion, or 28% of the U.S. dollar stablecoin market.
CEO Jeremy Allaire stated that Circle is "building trusted infrastructure for AI-native economic activity and a more programmable internet financial system." Analysts see 116% upside to a $137 target for CRCL stock, with 13 Buy, 11 Hold, and 1 Sell ratings. The Barclays team framed its coverage launch by stating that "after a broad sector reset, stock selection and identifying durable franchises positioned for long-term growth matters," a description that fits Circle stock.
The Verdict and What to Watch
Bitmine Immersion Technologies looks like the speculative laggard in this trio, tethered to the weakest of the two major cryptos. Rotation candidates split according to these stocks' risk-appetite profiles. MSTR stock offers aggressive Bitcoin-leveraged upside with a Barclays Overweight rating, while CRCL stock offers the most fundamentally grounded, durable-franchise exposure with positive forward earnings.
Investors uncomfortable with single-stock treasury risk can watch spot crypto ETFs including the iShares Bitcoin Trust ( NASDAQ:IBIT ) and the iShares Ethereum Trust ( NASDAQ:ETHA ) as lower-single-stock-risk paths to the same underlying assets. These vehicles track highly volatile assets, so position sizing still matters.
Given betas that swing violently with crypto prices, investors should consider keeping their position sizes modest across all three names. The next catalyst worth watching is Strategy's next Bitcoin activity update this week, since Polymarket assigns a 24% probability of a purchase announcement between July 7 and July 13.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Circle Internet Group didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
存储股回撤后的估值分化
重要性3/5 中
覆盖SOXX内重要存储与设备标的，并提供回撤、财报、指引、估值和股息数字；文章的标的排序与目标价判断仍带有明显评论属性。
中文摘要
核心结论
24/7 Wall St.将美光、闪迪和应用材料的回撤置于存储行业熊市框架，并主张美光在远期估值和增长上占优，应用材料在分红、业务分散度和周期风险上更稳健。文章所用业绩与目标价数字较多，但结论服务于作者的标的偏好，且各公司业务属性并不完全可比。
重要性评级
评级：3/5（中）
文章发布于美东时间 07/08 14:55（UTC+8 07/09 02:55），覆盖MU（美光）、AMAT（应用材料）、SNDK（闪迪）及SOXX（iShares半导体ETF），包含回撤、估值、业绩指引和股息数据；数字需以财报和市场实时价格复核。
关键事实
- 文中援引Carson Group首席市场策略师Ryan Detrick数据：从近期高点计，MU下跌22%，AMAT下跌23%，WDC（西部数据）下跌28%，STX（希捷）下跌24%。
- 作者同时称年初至今MU上涨228%、AMAT上涨115%、SNDK上涨606%，说明高位回撤发生在此前大幅上涨之后。
- 美光远期市盈率约6倍，远期每股收益约64.91美元，文中共识目标价为1,486美元，对应当时股价940.77美元。
- 美光2026财年第三季度营收414.6亿美元，同比增长346%；非通用会计准则每股收益25.11美元，较预期高24%；第四季度指引中点为营收500亿美元、每股收益约31美元。
- 闪迪2026财年第三季度营收59.5亿美元，同比增长251%，下季营收指引为77.5亿至82.5亿美元；其过去十二个月市盈率为负146倍、远期市盈率约27倍，文中目标价为1,930.50美元。
- 应用材料2026财年第二季度营收79.1亿美元，同比增长11%；文中称其远期市盈率约38倍、目标价586.63美元，当时股价574.22美元。
- 应用材料季度股息0.53美元，本年上调15%，连续九年提高股息；美光季度股息0.15美元，本财年早些时候上调30%；闪迪未派息。
- 闪迪自2025年2月从西部数据分拆后独立运营，独立经营历史较短。
作者观点与证据
作者把美光定位为低估值高增长的存储受益者，把应用材料定位为业务更分散、适合重视股息和波动控制的半导体设备公司，并对闪迪的估值与独立经营记录更谨慎。回撤、财报和股息数据提供了事实基础；目标价、估值优劣及适配人群属于作者判断，且设备公司与存储制造商的估值可比性有限。
与相关标的的关系
MU、SNDK、WDC和STX反映存储价格周期与高贝塔风险，AMAT通过逻辑、存储和先进封装设备需求间接受影响。SOXX同时持有美光和应用材料，文章提示指数内部在存储周期、设备订单和股息特征上的差异。
时效性与限制
发布时间为美东时间 07/08 14:55（UTC+8 07/09 02:55），距日报约一天，财报数据的有效性高于目标价和即时股价。文章含推广内容，未给出存储现货价格、库存、供给扩张、订单取消或各项估值的计算口径，不能单独确认熊市标签。
后续跟踪
- 美光和闪迪下一季营收、毛利率及高带宽内存出货兑现情况。
- 存储现货与合约价格、库存周转和产能扩张节奏。
- 应用材料订单、先进封装和存储设备需求的变化。
- MU、SNDK、AMAT相对SOXX的回撤、估值和盈利预期修正。
英文原文
Every Memory Stock Is Now in a Bear Market: Is Micron, SanDisk, or Applied Materials the Best Buy?
Every Memory Stock Is Now in a Bear Market: Is Micron, SanDisk, or Applied Materials the Best Buy?
David Moadel
Thu, July 9, 2026 at 2:55 AM GMT+8 4 min read
- MU
+4.52%
- AMAT
+3.18%
- SNDK
+7.59%
- WDC
+5.04%
- STX
+3.50%
Quick Read
- Micron (MU) wins on valuation and growth, trading at 6x forward earnings with a $1,486 analyst target after a 22% pullback.
- Western Digital (WDC) and Seagate (STX) are also down 28% and 24% from recent highs, confirming a sector-wide memory bear market.
- Applied Materials (AMAT) suits long-term portfolios with nine straight years of dividend increases and less memory-cycle exposure than Micron or SanDisk.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today .
The memory-chip complex has sold off hard from recent peaks. In light of this, investors are asking which of Micron Technology ( NASDAQ:MU ), SanDisk ( NASDAQ:SNDK ), or Applied Materials ( NASDAQ:AMAT ) they should actually own after the drawdown.
luchschenF / Shutterstock.com According to Carson Group chief market strategist Ryan Detrick, from recent highs Micron stock is down 22%, Applied Materials stock is down 23%, Western Digital ( NASDAQ:WDC ) stock is down 28%, and Seagate Technology ( NASDAQ:STX ) stock is down 24%. Year to date (YTD), Micron stock is up 228%, Applied Materials 115%, and SanDisk stock has ripped 606%, according to Yahoo Finance.
The bear-market label obscures the fact that all three remain parabolic gainers. Portfolio holding should reflect durable earnings, income, and a track record; that framing changes the answer.
Valuation: Micron Wins
Micron stock trades at a forward P/E ratio of 6x on forward EPS of about $64.91, with a consensus analyst target of $1,486. That's the cheapest forward multiple in the group and the largest implied upside relative to today's $940.77 print.
Applied Materials stock carries a forward P/E ratio of 38x on forward EPS of about $12.37, with an analyst target of $586.63, barely above the recent $574.22 price. Meanwhile, SanDisk stock shows negative trailing earnings (P/E ratio of -146x), a forward P/E ratio of 27x, and a target of $1,930.50 after that 606% run.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today .
On forward earnings and analyst upside, Micron is unambiguously the best value. AMAT stock is priced for perfection; SNDK stock is priced on faith.
Growth Trajectory: Micron Wins Again
Micron delivered fiscal Q3 2026 revenue of $41.46 billion, up 346% year over year (YoY), and non-GAAP EPS of $25.11, beating estimates by 24%. Management guided Q4 FY2026 revenue to $50 billion at the midpoint with non-GAAP EPS near $31.
Story Continues
Turning to SanDisk, the company posted fiscal Q3 2026 revenue of $5.95 billion, up 251% YoY, and guided next-quarter revenue of $7.75 billion to $8.25 billion. Applied Materials grew Q2 FY2026 revenue only 11% YoY to $7.91 billion, though CEO Gary Dickerson stated the equipment business could "grow more than 30 percent in calendar 2026."
SanDisk's growth rate is explosive, but the base is tiny relative to Micron's scale and its standalone track record is short. Micron combines massive HBM/DRAM revenue with breakneck growth. Applied Materials' growth is real but modest by comparison.
Income, Risk, and Track Record: Applied Materials Wins
Applied Materials pays a $0.53 quarterly dividend, raised 15% this year, marking nine consecutive years of dividend increases. In contrast, Micron pays a token $0.15 quarterly dividend, hiked 30% earlier in fiscal 2026. SanDisk pays nothing and has authorized only a buyback program.
Applied Materials also runs a diversified semiconductor-equipment franchise across logic, DRAM, and advanced packaging, less commoditized than pure memory. Micron and SanDisk are cyclical commodity memory names, and SanDisk has only been a standalone company since spinning off from Western Digital in February 2025. On track record and volatility, AMAT is the clear retirement-grade name.
The Verdict
For a retirement-focused portfolio, Applied Materials wins. Its dividend growth streak, diversified equipment business, and lower cyclicality make AMAT stock the appropriate core semiconductor holding for income-oriented retirees who care about capital preservation as much as capital appreciation.
Micron wins the value and growth arguments handily and belongs in the portfolio of a retiree willing to accept memory cyclicality for AI upside; a forward P/E of 6x and a $1,486 consensus price target are hard to ignore. SanDisk stock, despite its post-spin momentum, isn't a retirement holding: no dividend, no standalone history, negative trailing earnings, and the richest valuation after a 606% run.
For sector exposure without single-stock risk, the iShares Semiconductor ETF ( NASDAQ:SOXX ) holds both Micron and Applied Materials, though it carries meaningful top-holding concentration. All three of these names are high-beta and post-parabolic, so retirees should keep their position sizes modest and treat any add on weakness as a starter position.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
券商上调光互连目标价
重要性3/5 券商观点与产能背景
直接涉及 COHR 的券商目标价和产能扩张背景，但两项核心事件早于文章发布时间，且资金与评级均需回溯原始披露验证。
中文摘要
核心结论
Raymond James 于 06/02 将 Coherent（COHR，光电与光通信元件公司）目标价由 371 美元上调至 435 美元并维持强烈买入评级，理由是其人工智能数据中心互连产品组合与知识产权。文章还提及公司 06/16 与美国商务部签署意向书，拟获得最高 5,000 万美元《芯片法案》资金扩建得州磷化铟产线。
重要性评级
评级：3/5（券商观点与产能背景）
COHR 为直接标的，且包含目标价调整和产能扩张事实；目标价已是 06/02 的旧信息，资金支持仍为意向书，文章未提供订单、收入或估值模型。
关键事实
- 文章发布于美东时间 07/08 14:49（UTC+8 07/09 02:49）。
- Raymond James 于 06/02（未给出具体时刻）将 COHR 目标价由 371 美元调至 435 美元，并维持强烈买入评级。
- 该机构认为 COHR 在人工智能数据中心互连架构中定位较好，收发器与非收发器销售均有上行空间。
- COHR 于 06/16（未给出具体时刻）称，已与美国商务部就最高 5,000 万美元《芯片法案》资金签署意向书。
- 拟扩建得州谢尔曼的 6 英寸磷化铟半导体工厂，目标为厂房面积翻倍、晶圆产能增至四倍，并创造逾 1,000 个岗位，其中逾 550 个为制造、工程与技术岗位。
作者观点与证据
文章转述 Raymond James 的评级与目标价，支撑材料是其对光学技术组合、知识产权和人工智能互连需求的判断。扩产与资金意向书为公司披露事实，但资金最终金额、审批条件、建设成本、投产时间及需求兑现情况均未给出；文章末尾关于其他人工智能股票的导流内容不构成 COHR 证据。
与相关标的的关系
COHR 为直接标的。扩充磷化铟产能可服务光通信与人工智能数据中心所需的光电组件，文章未披露客户、合同规模或对收入和利润的量化影响。
时效性与限制
发布于美东时间 07/08 14:49（UTC+8 07/09 02:49），但核心评级行动发生在 06/02，资金意向书发生在 06/16，均非当日新增事件。来源为二次转述，适合记录券商立场与项目背景，需以 Raymond James 原报告、商务部文件及公司公告核验。
后续跟踪
- 《芯片法案》资金的正式授予金额与条件。
- 谢尔曼工厂扩建的资本开支、开工与投产节点。
- 磷化铟晶圆产能利用率、订单和客户披露。
- 券商目标价及盈利预测是否随公司业绩更新。
英文原文
Raymond James Maintains a Strong Buy on Coherent Corp. (COHR)
Raymond James Maintains a Strong Buy on Coherent Corp. (COHR)
Fatima Gulzar
Thu, July 9, 2026 at 2:49 AM GMT+8 2 min read
- COHR
Coherent Corp. (NYSE:COHR) is one of the 15 Best Stocks to Buy for the Second Half of 2026 .
On June 2, Raymond James raised its price target on Coherent Corp. (NYSE:COHR) to $435 from $371. The firm maintained a "Strong Buy" rating on the stock. In a note, the firm stated the company is in a great position across artificial intelligence data center interconnect architectures. The firm said Coherent's broad optical technology portfolio and intellectual property remain underappreciated, with more upside possible from both transceiver and non-transceiver sales.
Earlier, on 16 June, Coherent Corp. (NYSE:COHR) announced it had signed a letter of intent with the US Department of Commerce for up to $50 million in CHIPS Act funding to expand its 6-inch indium phosphide semiconductor facility in Sherman, Texas. The corporation disclosed that the project will double manufacturing space, quadruple wafer production capacity, and create more than 1,000 jobs. It includes over 550 direct manufacturing, engineering, and technical roles.
Morgan Stanley Keeps Overweight Rating on CrowdStrike (CRWD) Image by drobotdean on Freepik
CEO Jim Anderson said, "AI is transforming our world." He said the investment will expand US production of critical AI technologies and strengthen American manufacturing leadership.
Coherent Corp. (NYSE:COHR) produces, refines, manufactures, and markets engineered materials, optoelectronic components and devices, and lasers for the industrial, communications, electronics, and instrumentation markets. It works through networking, materials, and laser areas.
While we acknowledge the potential of COHR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
苹果长约强化博通连接芯片
重要性4/5 高
近期长期供应协议直接关联AVGO及SOXX，金额、期限和产能动作具备事实密度；来源为二次转述，需核验原始披露。
中文摘要
核心结论
文章称，苹果（AAPL，消费电子公司）与博通（AVGO，通信与定制芯片公司）把合作扩展至2031年、金额逾300亿美元，覆盖定制无线连接技术及逾150亿颗美国制造芯片；该消息带动博通当日上涨约5%。英特尔（INTC）与超微半导体（AMD）同步小幅走低，文章将分化归因于博通特有消息。
重要性评级
评级：4/5（高）
苹果—博通长期供应关系直接涉及半导体指数基金SOXX（iShares半导体ETF）成分股，且合同金额、期限和产能动作具体。金额与合同细节来自文章转述，尚未见苹果或博通原始公告核验。
关键事实
- 文章发表于美东时间07/08 14:15（UTC+8 07/09 02:15）。
- 据文中说法，苹果与博通的扩展芯片协议价值超过300亿美元，延续至2031年。
- 合作内容包括定制无线连接技术，以及合作期内生产逾150亿颗美国制造芯片。
- 博通预计通过扩建科罗拉多设施提高产能。
- 文中称消息公布后，AVGO上涨约5%至390美元。
- 文中同期报价显示，INTC约跌2%至108美元，AMD约跌1%至513美元。
- 文章把英特尔与AMD的回落描述为缺乏明确负面公司消息下的相对弱势。
作者观点与证据
作者认为市场将资金集中于博通的公司特定利好，并据当日相对涨跌说明这不是全行业同步转弱。该判断主要建立在单日价格表现和合同描述上；文内夹有订阅推广内容，未提供合同条款、收入确认节奏、产能投资金额或双方公告链接。
与相关标的的关系
AVGO获得最直接的订单与产能叙事支持。AAPL体现其供应链承诺；SOXX可能受博通权重股表现影响。AMD、INTC与NVDA（英伟达，人工智能芯片公司）未获文中新增订单事实，文章仅将其列作同业价格对照。
时效性与限制
文章距日报采集时间美东时间07/09 23:05（UTC+8 07/10 11:05）约33小时，可作为近期公司事件引用。来源为24/7 Wall St.转述，且原文含推广段落；合同金额、芯片数量、产能扩张和盘中价格需以公司文件及正式行情复核。
后续跟踪
- 苹果或博通是否披露协议范围、收入确认与排他性。
- 科罗拉多扩产的资本开支、投产时间和产能规模。
- 无线连接芯片在苹果产品中的份额变化。
- AVGO在SOXX中的权重影响及同业订单更新。
英文原文
Broadcom Spikes 5% on Expanded Apple Chip Deal; Intel and AMD Drift Lower
Broadcom Spikes 5% on Expanded Apple Chip Deal; Intel and AMD Drift Lower
David Moadel
Thu, July 9, 2026 at 2:15 AM GMT+8 4 min read
- AVGO
+3.20%
- INTC
+2.09%
- AMD
+5.67%
- AAPL
+0.90%
- NVDA
-0.66%
Quick Read
- Apple's $30 billion chip agreement with Broadcom through 2031 drove AVGO stock up 5%, while Intel and AMD drifted modestly lower on no specific negative news.
- The deal covers custom wireless connectivity technology and more than 15 billion U.S.-made chips, expanding Broadcom's Colorado manufacturing capacity.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Broadcom didn't make the cut. Grab the names FREE today .
Broadcom ( NASDAQ:AVGO ) stock is outperforming the semiconductor sector today, climbing 5% to $390 after Apple announced an expanded multiyear chip agreement with the company. Meanwhile, Intel ( NASDAQ:INTC ) stock is down 2% to $108, while Advanced Micro Devices ( NASDAQ:AMD ) stock is lower by 1% to $513.
Thinkstock The contrasting moves suggest that investors are rewarding Broadcom for a company-specific catalyst rather than broadly rotating away from semiconductor stocks. Intel stock and Advanced Micro Devices stock are posting relatively modest declines, indicating today's trading is more about Broadcom's positive news than widespread weakness across the chip industry.
Apple 's ( NASDAQ:AAPL ) announcement also reinforces the growing importance of custom silicon as technology companies continue investing in next-generation hardware. At the same time, Intel, Broadcom, and Advanced Micro Devices each occupy different positions within the semiconductor ecosystem, making today's divergence less surprising than it may first appear.
Apple's Expanded Deal Gives Broadcom a Lift
Broadcom stock gained momentum after Apple announced an expanded chip agreement reportedly worth more than $30 billion through 2031. The agreement calls for Broadcom to design and manufacture custom wireless connectivity technologies while producing more than 15 billion U.S.-made chips over the life of the partnership.
Apple's commitment also includes plans that support expanded semiconductor manufacturing in the United States. Broadcom is expected to increase production capacity through an expansion of its Colorado facilities, reinforcing its long-term relationship with one of its largest customers.
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For Broadcom, the announcement strengthens an already important revenue stream while highlighting the company's expertise in custom chip design. Investors appear to view the agreement as another indication that Broadcom remains well positioned to benefit from continued demand for specialized semiconductor solutions.
Story Continues
Intel and AMD Face a Quieter Trading Session
Intel stock and Advanced Micro Devices stock are drifting lower today despite the absence of significant company-specific negative news. Their relatively modest declines suggest investors are concentrating more on Broadcom's positive catalyst than on changing expectations for the broader semiconductor industry.
Intel continues executing its long-term manufacturing and foundry strategy while seeking to strengthen its competitive position across multiple chip markets. Advanced Micro Devices remains focused on expanding its presence in artificial intelligence accelerators, data center processors, and high-performance computing.
However, a strong catalyst for one semiconductor company doesn't necessarily translate into immediate gains for its peers. Investors often direct fresh capital toward the company generating the day's biggest headline while leaving other industry leaders little changed.
Different Strengths Across the Semiconductor Industry
Although Broadcom, Intel, and Advanced Micro Devices all operate within the semiconductor industry, they address different customer needs and competitive markets. Broadcom derives significant business from networking, connectivity, and custom silicon, while Intel and Advanced Micro Devices compete more directly in processor markets.
That distinction helps explain why Apple's announcement had such a pronounced impact on Broadcom stock. The agreement reinforces one of Broadcom's core businesses rather than reshaping the competitive landscape for Intel or Advanced Micro Devices.
The broader outlook for semiconductor companies also continues to be supported by investment in artificial intelligence infrastructure and cloud computing. Those long-term trends may benefit multiple chipmakers even if individual stocks respond differently to company-specific developments.
What to Watch Next
Investors can watch for whether Broadcom continues building on today's momentum as additional details about the Apple agreement emerge. Traders might also take note if Intel stock and Advanced Micro Devices stock begin recovering as attention shifts back toward company fundamentals and the broader artificial intelligence investment cycle.
The bulls can point to Broadcom's strengthened relationship with Apple and the semiconductor industry's favorable long-term demand outlook. On the other hand, the bears can point to elevated expectations across many technology stocks and the possibility that investors become more selective after a strong rally.
For now, today's trading action illustrates how a single corporate announcement can produce sharply different outcomes within the same industry. Investors should consider keeping their position sizes measured while monitoring whether strong operational execution continues supporting long-term opportunities across the semiconductor sector. Also, if you're seeking a more diversified approach to semiconductor-sector investing, you might consider an ETF like the iShares Semiconductor ETF ( NASDAQ:SOXX ).
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Contact editorial@247wallst.com for any questions or corrections.
英国牌照扩展 Coinbase 服务
重要性2/5 中低
英国授权对 COIN 有近期直接相关性，但 CRCL 关联有限，且缺少监管原始文件与商业化数据。
中文摘要
核心结论
Zacks 报道 Coinbase Global（Coinbase，加密资产交易平台，COIN）获得在英国提供投资服务的授权，合资格用户可交易衍生品和股票，并与加密资产服务并列。文章把该授权视为全球合规扩张的一环，但没有说明牌照具体范围、批准文件或业务收入影响。
重要性评级
评级：2/5（中低）
文章发布于美东时间 07/08 13:13（UTC+8 07/09 01:13），对 COIN 的英国业务有直接信息；CRCL 仅在同业比较段落中出现，且正文没有提供 Circle 的新披露。
关键事实
- Coinbase 获得英国投资服务授权，原文称合资格用户可交易衍生品和股票，并使用加密资产服务。
- 英国金融行为监管局 FCA（英国金融监管机构）数据称，近 700 万英国成年人持有加密资产；约 25% 未持有者表示，在监管框架明确时更可能投资。
- 原文称英国全面加密资产监管预计于 2027 年 10 月生效。
- Coinbase 在英国的产品范围被列为加密交易、衍生品、股票、稳定币支付、储蓄和借贷，并计划纳入代币化现实世界资产。
- 文中称此次授权是 Coinbase 进入英国以来最大的一次产品扩展，并提及其已在欧洲、亚太、中东和拉丁美洲取得多项许可。
- COIN 年初至今下跌 30.3%，市盈率为 51.72 倍，高于行业平均的 9.6 倍。
- Zacks 一致预期在过去 30 日未调整 COIN 2026 年第二季度每股收益和全年每股收益；2027 年每股收益预期下调，2026 年收入与收益预期同比下降、2027 年预期增长。
作者观点与证据
作者倾向于把英国授权解读为 Coinbase 向综合型、受监管数字资产平台扩展的支持因素。支持材料包括 FCA 采用率数据、监管生效预期和产品范围；关于全球增长、客户扩张及未来代币化业务的表述主要为战略叙事，未提供牌照文件、客户数、交易量或收入预测。
与相关标的的关系
- COIN：英国投资服务授权直接扩展其可提供的产品范围，后续影响取决于客户准入、监管执行和商业化数据。
- CRCL：文章仅称 Circle 在欧洲、亚洲和拉丁美洲扩张可加强其受监管市场覆盖，没有披露新的 USDC 数据、牌照或财务事实，关联较弱。
时效性与限制
文章发布于美东时间 07/08 13:13（UTC+8 07/09 01:13），授权消息具备近期性；英国全面加密监管仍指向 2027 年 10 月。来源为 Zacks 的投资研究文章，未链接 FCA 批准文件，也没有区分获准产品的具体客户资格、地域限制或收入贡献。
后续跟踪
- FCA 对 Coinbase 授权的正式范围和生效条件。
- 英国衍生品、股票与加密产品的客户准入及使用数据。
- 2027 年 10 月监管框架落地的时间表与实施细则。
- Coinbase 国际业务收入、交易量和合规成本披露。
英文原文
UK Authorization Strengthens Coinbase
UK Authorization Strengthens Coinbase's Global Growth Strategy?
Tanuka De
Thu, July 9, 2026 at 1:13 AM GMT+8 3 min read
- COIN -0.58%
- HOOD +1.39%
- CRCL -1.65%
Coinbase Global COIN recently secured authorization to offer investment services in the United Kingdom, enabling eligible users to trade derivatives and equities alongside cryptocurrencies. The approval marks another milestone in Coinbase's effort to build a comprehensive, globally regulated digital asset platform. As regulatory clarity improves across major markets, the company is strengthening its position as one of the few crypto-native firms capable of serving both institutional and retail clients within established regulatory frameworks.
The United Kingdom is a strategically important market, given its deep capital markets and leadership in fintech adoption. According to the Financial Conduct Authority (FCA), nearly 7 million UK adults already own crypto assets, while about 25% of non-owners say they would be more likely to invest under a clear regulatory framework. With the UK's comprehensive crypto regulations expected to take effect in October 2027, Coinbase is well-positioned to benefit from rising adoption. Its UK product suite now spans crypto trading, derivatives, equities, stablecoin payments, savings, borrowing, with tokenized real-world assets planned for the future.
The authorization also supports Coinbase's broader international expansion strategy. The company has steadily secured licenses across Europe, Asia-Pacific, the Middle East and Latin America, reducing reliance on the U.S. market while broadening its global customer base. Management described the approval as the largest expansion of Coinbase's UK offering since entering the market. More broadly, Coinbase is transforming from a crypto exchange into an "everything exchange," aiming to provide a unified platform for cryptocurrencies, derivatives, tokenized assets, stablecoins and, eventually, additional traditional financial products as regulations evolve.
What About COIN's Peers?
Circle Internet Group 's CRCL international expansion strengthened its position as a global fintech powerhouse. By expanding its footprint across Europe, Asia and Latin America, Circle has gained stronger access to regulated digital markets. By accelerating global USDC adoption, Circle positions itself for sustained growth and leadership in the rapidly evolving digital financial ecosystem.
Robinhood Markets ' HOOD international expansion enables it to tap into rising global retail investing demand. By establishing operations in the United Kingdom and Asia, Robinhood broadens revenue streams and reduces reliance on U.S. markets. With strategic acquisitions and regional hubs, Robinhood is well-positioned for sustained growth and a stronger presence in the global fintech landscape.
Story Continues
COIN's Price Performance
Shares of COIN have lost 30.3% in the year-to-date period, underperforming the industry.
Zacks Investment Research
Image Source: Zacks Investment Research
COIN's Expensive Valuation
COIN trades at a price-to-earnings ratio of 51.72, significantly above the industry average of 9.6.
Zacks Investment Research
Image Source: Zacks Investment Research
Estimate Movement for COIN
The Zacks Consensus Estimate for COIN's second-quarter 2026 earnings per share (EPS) witnessed no movement in the last 30 days. While the consensus estimate for full-year 2026 EPS has witnessed no movement in the last 30 days, the same for 2027 has moved south in the same time frame.
Zacks Investment Research
Image Source: Zacks Investment Research
The consensus estimate for COIN's 2026 revenues and earnings indicates year-over-year decreases. Nonetheless, the consensus estimate for 2027 revenues and earnings indicates an increase.
COIN stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report
Circle Internet Group, Inc. (CRCL) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
半导体板块随大盘回落
重要性3/5 中
发布时间较近并涉及 COHR 所在板块，但可用正文截断，无法支撑完整的事件归因。
中文摘要
核心结论
巴伦周刊称，半导体股在盘中早些时候上涨后转跌，近期跌势延续；费城半导体指数与大盘同步走弱。原文只保留了开头片段，未披露完整触发因素及个股跌幅。
重要性评级
评级：3/5（中）
文章发布时间接近当前日报，且覆盖 COHR（Coherent，光通信与材料企业）所在半导体板块；但正文截断，证据不足以解释板块下跌的完整原因。
关键事实
- 文章发布于美东时间 07/08 12:12（UTC+8 07/09 00:12）。
- 文中称半导体股盘初上涨后回落，并延续此前跌势。
- PHLX 半导体指数（费城半导体指数）当时下跌 0.1%。
- 文中将板块回落置于更广泛市场抛售背景下，但原句在“美国”之后截断。
- 页面行情标签显示 AVGO（博通）、AAPL（苹果）、CRDO（科希伦特）等相关股票此前涨幅，但该标签与正文描述的即时涨跌口径可能不一致。
作者观点与证据
文章将半导体回落描述为大盘抛售的一部分。可核实证据仅包括指数下跌 0.1%与盘中由涨转跌的陈述；导致抛售的宏观或政策因素未在可用正文中完整呈现。
与相关标的的关系
COHR 的直接关联来自半导体板块归类，文章没有提供其公司新闻、业绩、订单或单独价格表现。AVGO、AAPL、CRDO、INTC（英特尔）和 ^SOX（费城半导体指数）可用于观察板块是否出现广泛同步波动。
时效性与限制
发布时间为美东时间 07/08 12:12（UTC+8 07/09 00:12），可作为 07/08 美股盘中风险情绪的背景材料。原文提取不完整、标题与行情标签存在口径不清之处，不能据此确认下跌原因或个股影响幅度。
后续跟踪
- 费城半导体指数与纳斯达克指数的后续相对表现。
- COHR、AVGO、CRDO 与 INT C 的当日收盘及成交量。
- 文中未完整显示的宏观或政策触发因素。
- 后续完整报道对板块资金流与跌幅范围的补充。
英文原文
Chip Stocks Join in Broad Selloff
Chip Stocks Join in Broad Selloff
Chip Stocks Join in Broad Selloff · Barrons.com · Marketwatch
Barrons.com
Thu, July 9, 2026 at 12:12 AM GMT+8
- ^SOX
+3.06%
- AVGO
+3.20%
- AAPL
+0.90%
- CRDO
+2.69%
- MAGS
+1.47%
Chip stocks fell, reversing gains seen earlier in the session and extending recent losses. The PHLX Semiconductor Index is down 0.1%, falling alongside the broader market sell-off fueled by a reignited U.
Continue Reading
英伟达凯伯架构延期风险
重要性4/5 高
涉及英伟达未来机架路线图及多家 AI 基础设施相关标的，事件时效性强；但延期信息仍属媒体转述，需以公司披露验证。
中文摘要
核心结论
Barchart 援引报道称，NVIDIA（英伟达，AI 加速计算平台供应商）的 Kyber（凯伯）机架级架构或延期超过 12 个月至 2028 年，问题集中在高速连接中板制造及光学组件限制。文章认为现有平台销售、数据中心收入和 Rubin（鲁宾）产品路线图可缓冲短期影响，但该判断仍需等待公司对时间表及产品交付的正式披露。
重要性评级
评级：4/5（高）
该报道涉及 AI 基础设施路线图的潜在延后，并关联 NVDA、VRT、GEV、ETN、CEG 等算力、电力和冷却链标的。事件源头为媒体转述，英伟达已反驳时间表担忧，未见独立技术或订单证据。
关键事实
- 文章发布于美东时间 07/08 11:50（UTC+8 07/08 23:50）。
- 报道称 Kyber 机架级架构可能推迟逾 12 个月，目标推出时间由原计划延至 2028 年。
- 文中将延误归因于 Kyber NVL144（144 路 GPU 机架系统）内高速连接中板的制造问题，并提到光学组件限制及 NVL72x2（双 72 路配置）方案被取消的报道。
- 英伟达表示其更广泛的 AI 芯片路线图仍按计划推进。
- 2027 财年第一季度，英伟达收入为 816 亿美元，同比增长 85%；数据中心收入为 752 亿美元，同比增长 92%；按美国通用会计准则 GAAP（美国通用会计准则）口径毛利率为 74.9%。
- 公司预计 2027 财年第二季度收入约 910 亿美元，上下浮动 2%，GAAP 毛利率约 74.9%至 75.0%。
- 文中列示英伟达过去一年上涨 24.1%、年初至今上涨 6.4%，远期市盈率为 22.49 倍，低于文中所列行业均值 24.77 倍。
- 文章称英伟达下一次财报日期为 08/26（未给出具体时刻），并援引 49 名分析师的强烈买入共识及 301.92 美元平均目标价。
作者观点与证据
作者倾向认为延期不会明显伤及英伟达近期收入和利润，理由是当前产品销售强劲、数据中心收入增长和生态系统已围绕高密度机架建设配套。该结论将媒体报道、公司业绩、分析师评级并置；Kyber 的准确上市节点、技术问题严重程度、客户部署计划和替代设计状态均未获文中独立证实。
与相关标的的关系
- NVDA：Kyber 延后可能影响 2028 年及更远期的大规模机架部署节奏，近期业绩仍主要由在售平台支撑。
- VRT、GEV、ETN、BE、CEG：文章将这些公司列为数据中心电力、冷却或能源配套受益方；若机架部署时间表变化，相关项目交付节奏可能受影响，正文未提供各公司的订单敞口。
- AIB：被列为转向数据中心主题的较小参与者，未提供与 Kyber 的直接商业关系。
时效性与限制
文章发布于美东时间 07/08 11:50（UTC+8 07/08 23:50），适合作为近期 AI 基础设施供应链风险线索。标题和正文均使用“报道称”，缺少原始报道链接、英伟达正式产品时间表及客户采购数据；文末的分析师评级和目标价属于卖方观点。
后续跟踪
- 英伟达对 Kyber、Rubin 与机架系统交付时间表的正式说明。
- 中板制造、光学组件供应和替代架构的技术进展。
- 08/26（未给出具体时刻）财报中的数据中心指引和机架产品评论。
- 电力、冷却及能源供应商对高密度数据中心订单与交期的披露。
英文原文
Nvidia Is Allegedly Delaying Its Kyber Rack-Scale Architecture by More Than 12 Months. What This Means for NVDA Stock.
Nvidia Is Allegedly Delaying Its Kyber Rack-Scale Architecture by More Than 12 Months. What This Means for NVDA Stock.
Ebube Jones
Wed, July 8, 2026 at 11:50 PM GMT+8 5 min read
- NVDA -0.66%
- AIB +3.39%
- VRT +1.92%
- GEV +0.40%
- ETN +1.57%
AI infrastructure demand is picking up fast as companies race to get more computing power. Data centers are already pushing power systems to their limits, which is why there is growing attention on energy and cooling providers like Vertiv Holdings Co. (VRT), GE Vernova (GEV), Eaton Corporation plc (ETN), Bloom Energy Corporation (BE), and Constellation Energy Corporation (CEG).
Even smaller players are shifting focus, like Blockchain Digital Infrastructure Ltd., which is rebranding to AIB Data Centers (AIB) to lean into the trend. All of this points to a clear need for more advanced, high-density systems that can handle performance while keeping power and cooling in check.
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Nvidia Corporation (NVDA) is still at the center of it all, supplying the GPUs and platforms behind most of this buildout. Its Kyber rack-scale system is meant to play a big role in future AI training and high-performance computing.
However, reports say Nvidia will delay its Kyber rack-scale architecture by more than 12 months, pushing it out to 2028. Even with that news, NVDA shares were still slightly up as of Monday morning.
So what does this delay really mean for Nvidia's growth and where the stock could go next?
Investors Shrug Off the Delay
Nvidia designs the chips and systems behind much of today's AI growth, from data centers to edge devices. So when reports came out that its Kyber rack-scale architecture is being pushed to 2028, you might expect the stock to drop. But that did not happen.
Shares were slightly up Monday morning, adding to a solid run that has seen Nvidia gain 24.1% over the past year and 6.4% so far this year.
www.barchart.com Part of that steady reaction comes down to valuation. Nvidia trades at a forward price-to-earnings of 22.49 times, which is actually below the sector average of 24.77 times, meaning investors are not overpaying for a company that is still growing much faster than most of its peers.
The financials help explain why investors are staying confident. In Q1 fiscal 2027, Nvidia reported record revenue of $81.6 billion, up 85% year-over-year (YOY). Data center revenue alone reached $75.2 billion, rising 92%. Margins stayed strong too, with gross margins at 74.9% on a GAAP basis and 75.0% non-GAAP. Earnings came in at $2.39 per share GAAP and $1.87 non-GAAP.
Story Continues
Looking ahead, the company expects Q2 revenue of about $91.0 billion, plus or minus 2%. Gross margins are expected to stay around 74.9% to 75.0%, while operating expenses are projected at about $8.5 billion GAAP and $8.3 billion non-GAAP.
Why the Delay May Not Hurt
The holdup comes down to manufacturing issues with the complex circuit board midplane that handles high-speed connections inside Nvidia's Kyber NVL144 rack-scale system. That problem caused a delay of more than 12 months, pushing the target launch to 2028. Some reports also say an alternative NVL72x2 design was scrapped and larger setups are being held back by optical component limits. Nvidia has pushed back on those timeline worries, saying its broader AI chip roadmap is still on schedule.
The delay probably will not sting much. Nvidia is still putting up huge numbers from its current products, and the AI infrastructure buildout is not slowing down. Partners have already built out supporting tech like 800V HVDC power systems and compact PSU designs made specifically for Kyber's liquid-cooled, blade-rack setup. Demand for existing high-density racks is still strong as hyperscalers keep pouring money into data centers and power infrastructure.
Importantly, timing matters most. Near-term sales and profits should not take much of a hit since older platforms are still selling well. Further out, the delay might give rivals a small window in large-scale deployments, but Nvidia's massive ecosystem, the progress on its Rubin platform, and its strong grip on AI factories mean it still has a lot of room to grow.
Analysts Still Back Nvidia
Nvidia reports earnings next on August 26. For the current quarter ending July 2026, analysts see earnings coming in at $2.01 per share, more than double last year's $0.99, which points to 103% growth. For the full fiscal year 2027, estimates sit at $8.69, marking a 90.2% jump from the prior year.
In June, Morgan Stanley kept its "Overweight" rating on Nvidia and held a $288 price target, calling it its top pick in the processor space. The firm pointed to Nvidia's leading position across several product areas as a key reason it still sees strong value.
Around the same time, Truist Securities also maintained its "Buy" rating and $307 target after the company introduced new AI-focused products, showing continued confidence in its long-term growth story.
Across the board, 49 analysts have a "Strong Buy" consensus. Their average price target is $301.92, implying 53% upside from current levels.
www.barchart.com
www.barchart.com
Conclusion
Nvidia's Kyber delay is a headline worth watching, but it does little to dent the company's near-term momentum. With record revenue, massive earnings growth, and strong analyst support, the stock's resilience makes complete sense. The bigger picture is that AI infrastructure spending is still accelerating, and Nvidia remains the dominant supplier powering that buildout. As long as the Rubin platform stays on track and data center demand holds firm, shares look more likely to grind higher toward that consensus price target than to stall out over a 2028 architecture shift.
On the date of publication, Ebube Jones did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
半导体指数逼近11950支撑
重要性4/5 高
直接覆盖SOXX、DRAM与存储链，给出近期回撤幅度和明确技术位；技术阈值与市值统计口径仍需实时数据复核。
中文摘要
核心结论
文章把费城半导体指数^SOX（费城半导体指数）的约11,950点与SOXX（iShares半导体ETF）的约535美元列为收盘支撑位：守住则可视为回测，跌破后文章推演^SOX可能向11,000点靠拢。自06/22高点以来，近60只半导体股票的市值据称减少约2.1万亿美元，中位跌幅21%，存储板块承压最重。
重要性评级
评级：4/5（高）
该文直接覆盖SOXX与DRAM（Roundhill记忆芯片ETF），给出明确价格区间和跨行业回撤数据，适合日报追踪半导体风险状态。价格位属于技术分析，未提供计算方法、成交量或更长周期验证。
关键事实
- 文章发表于美东时间07/08 11:50（UTC+8 07/08 23:50）。
- ^SOX测试约12,000点区域；作者以11,950点作为收盘支撑线。
- 文中给出的SOXX对应水平约为535美元。
- 作者设想，若支撑维持，^SOX可望向13,000点、其后14,000点；若失守，可能下探约11,000点。
- 自06/22收盘高点起，雅虎近60只股票的半导体篮子市值据称减少约2.1万亿美元，中位跌幅21%。
- DRAM已较收盘高点回落逾20%；文中称^SOX的熊市阈值约11,700点。
- 文中称三星电子与SK海力士隔夜各跌约6%，三星与美光（MU，存储芯片公司）较高点均跌逾25%，SK海力士跌约30%。
- 文章称SK海力士计划于周五在纳斯达克上市约280亿美元美国存托凭证，路透报道该发行获强劲超额认购。
作者观点与证据
作者以支撑与阻力框架判断本轮下跌是回调还是破位，证据包括指数点位、半导体篮子市值、存储股跌幅和美国存托凭证认购情况。11,950点、535美元以及后续目标位是作者的图表判断，不是公司经营事实；“强劲超额认购”来自路透转述，文中未列发行文件。
与相关标的的关系
SOXX与DRAM直接对应文中技术位和存储压力。^SOX反映半导体板块广度；MU受存储价格表现映射。文章未提供SOXX成分股权重变化或个别公司的新增基本面资料。
时效性与限制
文章发布后至采集时间美东时间07/09 23:05（UTC+8 07/10 11:05）约35小时，适合保留为近期技术与情绪背景。文中价格位可能已被后续交易改变，指数篮子构成和市值损失的计算口径未展开，不能替代实时行情与公司数据。
后续跟踪
- ^SOX是否在收盘时维持11,950点上方。
- SOXX是否维持535美元附近。
- DRAM与MU、三星、SK海力士的后续跌幅及存储价格信息。
- SK海力士美国存托凭证发行定价、认购和上市后成交表现。
英文原文
The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day
The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day
Jared Blikre
Wed, July 8, 2026 at 11:50 PM GMT+8 2 min read
- SOX=F
+2.96%
- SOXX
+3.50%
- DRAM
+3.74%
- ^SOX
+3.06%
Chip stocks are trying to bounce after a $2 trillion sell-off pushed the group back to the line between a pullback and a breakdown.
The PHLX Semiconductor Index ( ^SOX ) is testing the same 12,000-ish area that briefly stopped the group in May, triggering a classic chart setup. An old ceiling can become a new floor, but only if buyers defend it when prices come back down. Buyers successfully defended the area one month ago.
For SOX, the line bulls need to hold is roughly 11,950 on a closing basis. For the iShares Semiconductor ETF ( SOXX ), the matching level is around 535.
Hold those levels, and the bounce could easily extend toward 13,000 on SOX, with 14,000 the bigger wall above that. Lose them, and the chart starts pointing lower fast — potentially an elevator ride down another 1,000 points toward 11,000.
The selling pressure behind the test is real.
Since June 22, the closing peak for SOX, the Roundhill Memory ETF ( DRAM ), and many chip stocks, Yahoo Finance's nearly 60-stock semiconductor basket has lost roughly $2.1 trillion in market value, with a median decline of 21%.
DRAM has already entered bear market territory — down over 20% close to close — but SOX's corresponding level is a bit lower, around 11,700.
Memory remains the loudest stress point. Samsung ( 005930.KS ) and SK Hynix ( 000660.KS ) both fell another 6% overnight to a six-week low. Samsung is now down more than 25% from its peak — as is Micron ( MU ) in the US — while SK Hynix is down 30%.
That turns SK Hynix's planned Nasdaq debut Friday into a live sentiment check for the AI memory trade.
The company's roughly $28 billion ADR offering will make its shares directly available to US investors for the first time. The offering is strongly oversubscribed , Reuters reported, signaling institutional appetite even as the trade is selling off.
For chip bulls, the job is simple. Hold roughly 11,950 on SOX and 535 on SOXX, and the sell-off can still look like a retest. Close below, and the elevator opens toward 11,000.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
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鹏金方案服务业绩跃升
重要性3/5 中
含近期业绩和指引事实，并直接构成 APLD 的同业商业模式比较；来源评论属性和横向证据不足限制其权重。
中文摘要
核心结论
MarketBeat 认为 PENG（Penguin Solutions，高性能计算系统与服务提供商）以工程、硬件、软件及运维服务切入人工智能基础设施，资本投入风险低于持有大量图形处理器和数据中心资产的 APLD、IREN 与 NBIS。文章以 PENG 的财年第三季度业绩上修支撑这一观点，但结论带有明显看多和估值合理化倾向。
重要性评级
评级：3/5（中）
文章为 APLD 提供了同业商业模式比较，且含有 PENG 的最新业绩与指引数据；但主要证据来自评论文章，未给出 APLD 与 PENG 的统一口径资本开支、合同与现金流比较。
关键事实
- 文章发表于美东时间 07/08 11:25（UTC+8 07/08 23:25）。
- PENG 披露财年 2026 年第三季度收入 4.79 亿美元，同比接近增长 48%，比文中所称市场预期高逾 5,500 万美元。
- 文中称其集成内存业务同比增长逾一倍，并将其描述为缓解高性能计算集群内存瓶颈的业务。
- 作者称调整后经营利润同比增长 67%，高于收入增速；但未列出绝对利润额与调整项目。
- 公司将全年收入增长指引上调至 22%，较前一季度提高 1,000 个基点；调整后毛利率目标提高 50 个基点，调整后每股收益指引提高 0.45 美元。
- 文中称应收账款增至逾 7 亿美元、存货同比逾一倍、长期债务下降、股东权益提高近 11.5%。
- 文章援引 10 名分析师的“适度买入”共识，称机构持股超过 97%，过去 12 个月买入与卖出活动约为 3 比 1；这些数据未附原始持仓和交易记录。
- 作者称 PENG 自 4 月以来上涨逾 200%，约为 35 倍收益估值，并列出 60 美元与 75 美元的技术价位。
作者观点与证据
作者把 PENG 描述为人工智能基础设施的“服务型使能者”，认为其不大量自持图形处理器和数据中心，因此风险低于 APLD、IREN、NBIS。支撑材料包括季度收入、指引、利润率和资产负债表变化；风险讨论主要限于高估值。关于更低风险、机构买盘支撑和价格路径的表述属于作者判断，缺少横向资本结构、客户集中度、合同取消条款和应收账款质量证据。
与相关标的的关系
- APLD：被用作资产密集型人工智能算力基础设施运营商的对比对象，文章暗示其自持算力和数据中心带来更高资本与执行风险。
- IREN、NBIS：与 APLD 一同被纳入资产密集模式的比较组。
- NVDA（英伟达，图形处理器供应商）：仅作为人工智能算力需求和行业业绩参照出现。
- PENG：文章的直接主体，业绩与指引是文中最具时效性的事实。
时效性与限制
发布时间为美东时间 07/08 11:25（UTC+8 07/08 23:25）。该文适合作为人工智能基础设施商业模式比较材料；来源为 MarketBeat 评论，带有选股推广内容，季度数字、分析师共识及机构活动应回查公司财报、电话会材料和持仓文件。
后续跟踪
- PENG 全年 22% 收入增长及毛利率指引的后续兑现情况。
- 应收账款、存货增长与经营现金流之间的匹配度。
- APLD 与 PENG 在资本开支、债务、客户合同和服务收入占比上的可比口径数据。
- 人工智能数据中心客户对设备、集成和运维服务的订单持续性。
英文原文
Why Penguin Solutions May Be the Smartest AI Infrastructure Stock
Why Penguin Solutions May Be the Smartest AI Infrastructure Stock
Penguin Solutions logo overlaid on a data center hallway lined with server racks.
Thomas Hughes, MarketBeat
Wed, July 8, 2026 at 11:25 PM GMT+8 5 min read
- PENG +3.72%
- IREN -2.99%
- APLD +2.70%
- NBIS -0.13%
- NVDA -0.66%
Key Points
- Interested in Penguin Solutions, Inc.? Here are five stocks we like better.
- Penguin Solutions reported fiscal Q3 2026 revenue of $479 million, up nearly 48% year-over-year and well above consensus estimates, driven largely by AI demand.
- The company raised full-year guidance significantly, including a 22% revenue growth target and improved adjusted gross margin and earnings per share forecasts.
- Analysts and institutional investors remain bullish, with a Moderate Buy consensus, rising price targets, and shares up more than 200% since April despite high valuation concerns.
While not technically a pure-play GPU-as-a-Service or neocloud operator, Penguin Solutions (NASDAQ: PENG) is essentially in the same business as Nebius (NASDAQ: NBIS), Iren (NASDAQ: IREN), and Applied Digital (NASDAQ: APLD), but with far less risk.
What it does is enable businesses, enterprises, governments, and hyperscalers to access AI-capable, high-performance computing (HPC) capacity, along with the software and services to run it.
→ SK Hynix's Nasdaq Listing Could Reset the AI Memory Trade
The difference is that Nebius, Iren, and Applied Digital take on significant risk by owning GPUs, data centers, and the infrastructure to operate them, while Penguin Solutions doesn't. It is the true enabler, focusing on clients with the capacity to build their own HPC systems and providing them with the engineering, hardware, software, and services to make it all work. This includes long-term contracts for data center operation and maintenance, which is the real story in AI. While the data center buildout gets the headlines today, it will be day-to-day operations and maintenance that drive revenue and cash flow in the long term.
Penguin Solutions Earnings Results Signal Game-Changing Shift
Penguin Solutions' Q3 fiscal 2026 results and guidance were so hot, underpinned by AI demand, as to be comparable to NVIDIA's (NASDAQ: NVDA), relatively speaking. Revenue grew by nearly 48% year-over-year to $479 million, more than $55 million above MarketBeat's reported consensus estimates and about 1,360 basis points better than expected. Strength was driven by AI, with Integrated Memory more than doubling year over year (YOY). Integrated Memory is critical to Penguin Solutions' business, as it helps unblock the memory bottleneck by enabling HPC datacenters to pool memory across clusters, improving latency and efficiency.
→ 2 Short Squeezes for Summer Speculation: What the Bears Are Getting Wrong
Margin was another critical factor in this equation. Long criticized for its profitability metrics, the company appears to be turning a corner. While gross margins were compressed, internal improvements and revenue leverage aided operating margin expansion, allowing top-line strength to carry through. Highlights include record-setting GAAP and adjusted operating income, with adjusted operating income up by 67% compared to the 48% top-line advance. Looking ahead, the strength is expected to continue, as reflected in the guidance.
Story Continues
The guidance was as eye-popping as the revenue, with full-year revenue now expected to grow by 22%, a 1,000 bps improvement from the prior quarter. Within that, the adjusted gross margin target was improved by 50 bps, and adjusted earnings per share (EPS) by 45 cents or 2,040 bps, and all may be cautious. There is clear momentum in the data center industry, and Penguin Solutions has emerged as a top-tier service provider. With this in play, investors should expect results to remain strong for the foreseeable future.
→ How TeraWulf's Anthropic Deal Booted Up a $19B AI Empire
Penguin's fiscal Q3 strength is also seen in its balance sheet. While cash is down year-to-date, the drawdown is minimal; the company is well-capitalized, and metrics, including receivables, inventory, and equity, reflect strength. Receivables more than doubled to over $700 million, more than offsetting the cash decline, while inventory also more than doubled and long-term debt declined. The impact on equity was substantial, increasing by nearly 11.5%.
Penguin Solutions Q3 Results Affirm Analysts' Support: Price Targets Rise
Penguin Solutions' fiscal Q3 results affirmed the bullish posture analysts had displayed ahead of the release, prompting some to lift their price targets again following the report. Commentary focused on the massive top-line beat and margin improvements, which directly refute the critics.
The takeaway is that 10 analysts rate this stock as a Moderate Buy, there is a 70% Buy-side bias, and the price targets are rising. The consensus price target lags price action, but this is not a concern, as it rose by 40% on a trailing 3-month basis as of early July, with high-end targets forecasting fresh all-time highs.
Institutional activity is also bullish, with them owning more than 97% of the shares and aggressively buying at a $3-to-$1 pace over the trailing 12 months. They provide solid support and limit downside risk, setting the stage for retail investors to drive shares higher. The likely outcome is that institutions continue to underpin support in future quarters while improving visibility leads retail money into the market.
The chart action is robust. PENG shares have rallied strongly since April, rising by more than 200%. Price action has pulled back from its peak, but MACD convergences suggest this rally is far from over. Convergences, a sign of strength, exist across multiple time frames, including monthly, weekly, and daily chart action, a convergence in its own right, suggesting new highs are likely. The critical support and resistance targets are near $60 and $75; a move below $60 is unexpected, while a move above $70 is more likely. The biggest risk is the valuation, which is high at approximately 35x earnings. However, the fiscal Q3 results affirm a healthy growth outlook, putting this stock at value levels within a few years.
The article " Why Penguin Solutions May Be the Smartest AI Infrastructure Stock " was originally published by MarketBeat.
View MarketBeat's top stocks for July 2026 .
威图马来西亚产能扩张
重要性3/5 中
直接提供 VRT 扩产、区域增长和收入指引，适合补足经营背景；关键订单和产能信息仍缺失，来源含评级推广属性。
中文摘要
核心结论
Zacks 认为 Vertiv（威图，数据中心电力与热管理设备商）在马来西亚柔佛扩建制造与服务能力，有助于把 AI（人工智能）数据中心需求转化为亚太交付能力。文章列出区域增长和第二季度收入指引，同时提示 VRT 已有显著涨幅及较高账面市值比，增长预期需要由订单、产能利用率和利润率兑现支撑。
重要性评级
评级：3/5（中）
文章直接覆盖 VRT 的柔佛扩产、区域增长和收入区间，事实密度较高；内容带有 Zacks 评级与推荐导向，且未提供新厂的具体投资额、产能及客户合同。
关键事实
- 文章发布于美东时间 07/08 10:34（UTC+8 07/08 22:34）。
- VRT 在马来西亚柔佛启用制造基地，覆盖电力、液冷及预制电力模块，并配备全规模测试能力。
- 文章称该基地将强化亚太地区的制造、工程、物流和部署能力，服务东南亚、北亚、澳大利亚及新西兰客户。
- 2026 年第一季度，美洲有机销售增长 44%，亚太有机销售增长 12%。
- 公司对 2026 年的预期为：美洲有机增长高 30%区间，亚太增长中 20%区间，欧洲、中东和非洲 EMEA（欧洲、中东和非洲）下半年恢复增长。
- VRT 对 2026 年第二季度收入的预期为 32.5 亿至 34.5 亿美元。
- 文中称 VRT 年初至今上涨 94.4%，同期科技板块上涨 14.7%，计算机信息技术服务行业下跌 23.3%。
- VRT 过去 12 个月账面市值比为 27.65 倍，高于板块的 10.63 倍；2026 年每股收益一致预期为 6.38 美元，近 30 日上调 3.73%，较 2025 年增长 51.90%。
作者观点与证据
作者倾向正面评价柔佛扩产，认为液冷与预制电力模块的本地化生产将缩短部署响应并提升供应链韧性。支撑材料为区域有机增长、收入指引和盈利预测；关于竞争格局的描述主要是行业叙事，未量化 VRT 与 Super Micro Computer（超微电脑）或 Amphenol（安费诺）的订单份额差异。Zacks 的排名和买入标签属于其自身评级体系。
与相关标的的关系
- VRT：新厂直接关系到亚太 AI 数据中心项目的供货和服务覆盖，收入贡献仍待后续财务披露确认。
- APH：文章将安费诺的高速连接业务列为 AI 数据中心投资受益方向；2026 年第一季度其信息技术与数据通信业务约占销售额 41%，有机增长 81%，并未说明与 VRT 新厂存在直接交易关系。
时效性与限制
文章发布于美东时间 07/08 10:34（UTC+8 07/08 22:34），可作为 VRT 亚洲扩产和经营预期的近期背景。资料未披露新工厂资本开支、设计产能、投产爬坡、客户名单或订单金额；估值倍数和盈利一致预期会随市场价格及分析师预测变化。
后续跟踪
- 柔佛基地的产能、投产阶段和客户项目交付。
- 亚太地区有机销售增长及第二季度收入实际结果。
- 液冷、预制电力模块的订单与毛利率变化。
- VRT、超微电脑和安费诺在 AI 数据中心供应链中的竞争数据。
英文原文
Vertiv Expands in Malaysia to Boost AI Infrastructure: What
Vertiv Expands in Malaysia to Boost AI Infrastructure: What's Ahead?
Zacks Equity Research
Wed, July 8, 2026 at 10:34 PM GMT+8 3 min read
- VRT +1.92%
- APH +2.54%
Vertiv VRT is benefiting from the accelerating global demand for artificial intelligence (AI) infrastructure and its expansion in Malaysia is a strategic move to capture growth in the Asia-Pacific (APAC) region. In the first quarter of 2026, Vertiv reported robust organic sales growth across multiple regions, with the Americas leading at 44% organic growth and APAC up 12%. In 2026, the company expects high-30s organic growth in the Americas, mid-20s in APAC and a return to growth in EMEA in the second half of the year.
The expansion in Malaysia is part of VRT's broader strategy to increase its manufacturing and service footprint across APAC. The company recently opened a new manufacturing facility in Johor, Malaysia, expanding its production capacity to meet rising demand for AI and high-density computing infrastructure across Asia. The site strengthens Vertiv's regional manufacturing, engineering, logistics and deployment capabilities while enhancing supply-chain resilience.
It will manufacture advanced power, cooling and integrated infrastructure solutions, including liquid cooling systems and prefabricated power modules, supported by full-scale testing. The expansion is expected to accelerate the deployment of AI-ready data centers, reduce implementation risks and improve customer responsiveness across Southeast Asia, North Asia, Australia and New Zealand.
This expansion is part of a larger strategy at Vertiv to increase manufacturing capacity to meet rising demand in AI infrastructure. Its strong portfolio will continue to benefit the company's top-line growth. For the second quarter of 2026, revenues are expected to be between $3.25 billion and $3.45 billion, reflecting confidence in sustained AI infrastructure spending.
VRT Faces Stiff Competition
Vertiv faces intense competition from Super Micro Computer SMCI and Amphenol APH. Both Super Micro Computer and Amphenol are expanding their AI infrastructure portfolios.
Super Micro Computer continues to broaden its AI infrastructure offerings through collaborations with AMD, Arm and NVIDIA. The company has introduced new rack-scale AI platforms and data center building blocks designed to accelerate the deployment of large-scale AI and agentic AI workloads, intensifying competition in AI-ready infrastructure.
Amphenol is also benefiting from rising AI infrastructure investments. In the first quarter of 2026, IT datacom accounted for approximately 41% of sales and grew 81% organically year over year, driven by accelerating investments in AI data centers and strong demand for high-speed connectivity and interconnect solutions.
Story Continues
Vertiv's Share Price Performance, Valuation & Estimates
VRT's shares have surged 94.4% in the year-to-date (YTD) period compared with the broader Zacks Computer & Technology sector's 14.7% growth. The Zacks Computers - IT Services industry declined 23.3% in the same time frame.
VRT's YTD Stock Performance
Zacks Investment Research
Image Source: Zacks Investment Research
Vertiv stock is trading at a premium, with a trailing 12-month Price/Book of 27.65X compared with the sector's 10.63X. VRT has a Value Score of D.
VRT Valuation
Zacks Investment Research
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings is pegged at $6.38 per share, which has increased 3.73% over the past 30 days. This indicates a 51.90% increase from the reported figure of 2025.
Vertiv Holdings Co. Price and Consensus
Vertiv Holdings Co. Price and Consensus Vertiv Holdings Co. price-consensus-chart | Vertiv Holdings Co. Quote
Vertiv currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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Vertiv Holdings Co. (VRT) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
算力转型股急跌后反弹
重要性3/5 中
覆盖 APLD 的短期板块联动、收入和租约背景，但没有新的 APLD 公司事件，且市场归因主要为评论判断。
中文摘要
核心结论
24/7 Wall St. 将 WULF、IREN、APLD 与 CIFR 在 07/08 的反弹归因于高贝塔风险偏好回升，而非新的公司特定消息；文中同时强调这些由比特币挖矿转向人工智能算力租赁的企业，具备长期合同与电力容量叙事，也面临亏损、融资和大幅波动风险。对 APLD 而言，报道提供的是板块行情与同业合同背景，未披露新的 APLD 催化。
重要性评级
评级：3/5（中）
文章直接覆盖 APLD 所在人工智能基础设施板块，列出近期业绩、租约和同业波动数据；但反弹原因是作者对市场盘面的解释，且部分合同和估值叙述需回查原始披露。
关键事实
- 文章发表于美东时间 07/08 10:27（UTC+8 07/08 22:27）。
- 文中盘中数据显示 WULF 上涨 12% 至 22.67 美元，IREN 上涨 7% 至 42.55 美元，APLD 上涨 3% 至 31.53 美元，CIFR 上涨 5% 至 21.45 美元。
- 作者称前一交易日 WULF 下跌 8%、IREN 下跌 7%、APLD 下跌 6%，并表示当日反弹没有新的公司特定催化。
- WULF 此前披露与 Anthropic（人工智能公司）的 20 年期、约 190 亿美元数据中心租约；文中称其 2026 财年第一季度高性能计算租赁收入为 2,102 万美元，占总收入逾 60%。
- 文中称 WULF 已完成 10 亿美元股权融资，并称其与 Core42、Fluidstack、Alphabet 旗下 Google（谷歌）等客户的已签约收入超过 130 亿美元。
- IREN 的人工智能云合同被描述为五年期、价值 34 亿美元，并附带随图形处理器基础设施扩张而归属的最高 21 亿美元英伟达投资。
- APLD 近期披露 2026 财年第三季度收入 1.2664 亿美元，同比增长 139%；文中称其在 Polaris Forge 2 签署 15 年期、200 兆瓦、投资级超大规模云服务商租约。
- 文中称 WULF 2026 财年第一季度每股亏损 1.01 美元，其中包括 2.1632 亿美元非现金认股权证重估费用；IREN 2026 财年第三季度净亏损 2.478 亿美元。
作者观点与证据
作者认为板块受制于电力容量稀缺和超大规模云服务商资本开支，长期租约可能提高收入可见度。支撑事实包括 WULF、IREN、APLD、CIFR 的合同、容量和业绩数据；“反弹没有新催化”及风险偏好驱动属于盘面解释，文章没有提供成交、期权流或机构资金数据来验证。对合同价值、租户信用与未来收入的叙述也未展示原始合同条款。
与相关标的的关系
- APLD：直接披露文中所述收入同比增速、200 兆瓦长期租约和当日股价表现，属于同业板块观察材料。
- WULF、IREN、CIFR：与 APLD 同属由矿业资产转向人工智能算力租赁的可比组，价格联动可能反映板块风险偏好。
- BTC-USD（比特币美元价格）：文中称过去 24 小时接近持平，用以支持当日波动主要来自权益市场的说法。
- NVDA、AMZN、GOOG：作为人工智能算力需求、云客户或合同相关方出现，未构成对 APLD 的直接新增事实。
时效性与限制
发布时间为美东时间 07/08 10:27（UTC+8 07/08 22:27），反映单日盘中价格，时效窗口短。来源为 24/7 Wall St. 市场评论，包含推广段落；股价、合同金额、容量、财务数字和客户关系应以公司公告、财报及交易所数据核验。
后续跟踪
- APLD 的 Polaris Forge 2 租约对手方、投产安排与合同收入确认条件。
- WULF、IREN、APLD、CIFR 的相对成交量、波动和板块相关性。
- 各公司已签约容量向可运营容量及现金收入的转化。
- 后续超大规模云服务商资本开支、客户信用和融资披露。
英文原文
TeraWulf Rises 12%, IREN Climbs 7% as AI-Infrastructure Stocks Bounce Back
TeraWulf Rises 12%, IREN Climbs 7% as AI-Infrastructure Stocks Bounce Back
David Moadel
Wed, July 8, 2026 at 10:27 PM GMT+8 4 min read
- AMZN
+1.40%
- APLD
+2.70%
- BTC-USD
+3.14%
- GOOG
-0.69%
- IREN
-2.99%
Quick Read
- TeraWulf (WULF) leads a sector-wide rebound with a 12% gain, anchored by a 20-year, $19 billion Anthropic data-center lease and 99% year-to-date returns.
- Cipher Mining (CIFR) rides the bounce with 700 MW of contracted HPC capacity and anchor leases with Google and AWS targeting October energization.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Iren didn't make the cut. Grab the names FREE today .
Shares of TeraWulf ( NASDAQ:WULF ) are up 12% to $22.67 in mid-morning trading, leading a broad rebound across AI-infrastructure names that were hammered on Tuesday. IREN ( NASDAQ:IREN ) stock is up 7% to $42.55, while peers Applied Digital ( NASDAQ:APLD ) and Cipher Mining ( NASDAQ:CIFR ) are up 3% to $31.53 and up 5% to $21.45, respectively.
DC Studio / Shutterstock.com Today's move mirrors yesterday's decline, when TeraWulf shares dropped 8%, IREN slid 7%, and Applied Digital fell 6%. There's no fresh company-specific catalyst driving the bounce. Instead, the group is riding a broader risk-on tape, with beaten-down Chinese tech and other high-beta names also rebounding.
All four are former Bitcoin (CRYPTO:BTC) miners repurposing power and data-center capacity for AI compute leasing. That pivot has made them among the most volatile names in the market, and today's snap-back is a reminder of how quickly sentiment can flip in the neocloud cohort.
TeraWulf Leads the Rebound
TeraWulf stock is the standout mover today. The underlying bull story remains its previously announced 20-year, roughly $19 billion Anthropic AI data-center lease, disclosed earlier this week. That contract anchors a long-tail revenue stream tied directly to AI compute demand.
Beyond Anthropic, TeraWulf continues to scale its high-performance computing (HPC) platform. TeraWulf's HPC lease revenue hit $21.02 million in Q1 FY2026, more than 60% of total revenue, and the company recently closed a $1 billion equity raise to fund its Hawesville, Kentucky campus. Moreover, the company's total contracted revenue exceeds $13 billion across anchor tenants including Core42, Fluidstack, and Alphabet 's ( NASDAQ:GOOGL ) Google.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Iren didn't make the cut. Grab the names FREE today .
Despite this week's whipsaw, TeraWulf shares are up 99% year to date (YTD), making WULF one of the strongest performers in the group. The consensus analyst target price of $36.32 sits well above current levels, and Wall Street ratings skew heavily positive with five strong buys and 12 buys.
Story Continues
IREN, Applied Digital and Cipher Mining Ride Along
IREN stock is bouncing without any discrete headline. The company's landmark five-year, $3.4 billion AI Cloud contract with NVIDIA ( NASDAQ:NVDA ), paired with up to $2.1 billion in NVIDIA investment vesting as GPU infrastructure scales, remains the centerpiece of its AI Cloud pivot. IREN shares are up 12% YTD despite a rough June.
Applied Digital shares are grinding higher after a bruising week. The company recently reported Q3 FY2026 revenue of $126.64 million, up 139% year over year (YoY), and signed a 15-year lease with an investment-grade hyperscaler for 200 MW at Polaris Forge 2. Applied Digital stock is up 25% YTD.
Cipher Mining stock is extending a strong 2026, with the rebranded Cipher Digital holding 700 MW of contracted HPC capacity plus anchor leases with Fluidstack/Google and Amazon 's ( NASDAQ:AMZN ) AWS targeting October 2026 energization. Cipher Mining shares are up 39% YTD, and Needham recently raised its price target to $25.
Bull Case vs. Bear Case
The bull case for the AI-infrastructure cohort is straightforward. Hyperscaler capex is running at eye-watering rates, power is the binding constraint, and these companies control gigawatts of contracted capacity. Multi-year leases with credit-enhanced anchor tenants transform historically cyclical Bitcoin miners into utility-like AI landlords.
The bear case is equally important, however. These are pre-profit, highly volatile names that can swing sharply in both directions. TeraWulf reported an EPS loss of -$1.01 in Q1 FY2026, weighed by a $216.32 million non-cash warrant revaluation charge, and IREN posted a Q3 FY2026 net loss of $247.8 million. This week's action, an 8% drop followed by an 11% bounce, tells the story on volatility.
What to Watch
Today's rebound needs to hold into the close to confirm the reversal thesis. Investors can watch how AI-adjacent names trade alongside the broader risk-on tape, and whether analyst follow-through emerges on TeraWulf's Anthropic lease. For those building exposure to the neocloud theme, position sizing should stay modest given the volatility profile these stocks have shown all year.
Traders may keep TeraWulf, IREN, Applied Digital, and Cipher Mining shares active through the afternoon. A close near session highs would set up a constructive tone heading into the next batch of hyperscaler capex updates.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Iren didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
台积电高增长与估值位置
重要性2/5 中低
数据密度较高但研究对象是台积电，GFS 仅为估值和股价表现对照。
中文摘要
核心结论
Zacks 认为台积电的人工智能需求、先进制程扩产和上修后的盈利预期支撑其表现；该文同时以 GFS 的较高远期市盈率作同业对照。文章主要是估值与业绩回顾，缺少 GFS 新的经营事实。
重要性评级
评级：2/5（中低）
文章发表于 07/08，财务数据较完整，但核心标的是 TSM（台积电），GFS 仅出现在一年股价表现及估值比较中，且结论来自券商研究机构的评级口径。
关键事实
- Zacks 于美东时间 07/08 10:01（UTC+8 07/08 22:01）发布文章。
- 文中称台积电过去 12 个月上涨 90.4%，同期 Zacks 计算机与科技板块上涨 37.2%、标普 500 指数上涨 24.9%；GFS 和 ON（安森美）均上涨 58.9%。
- 台积电 05 月合并营收为 4,169.8 亿新台币，环比增长 1.5%、同比增长 30.1%；2026 年前五个月营收 1.96 万亿新台币，同比增长 30%。
- 其 2026 年第一季度营收为 359 亿美元，环比增长 6.4%；毛利率环比提高 390 个基点至 66.2%，营业利润率提高 410 个基点至 58.1%。
- 公司预计 2026 年第二季度营收为 390 亿至 402 亿美元，中点环比增长 10%、同比增长 32%；毛利率为 65.5%至 67.5%。
- 管理层维持 2026 年美元营收增长超过 30%的预期，资本开支将接近此前 520 亿至 560 亿美元区间上限；2 纳米量产初期预计令全年毛利率减少 2 至 3 个百分点。
- 文中列示 TSM 未来 12 个月市盈率为 25.84 倍，GFS 为 38.63 倍，ON 为 24.35 倍。
作者观点与证据
作者给出对 TSM 的积极评级，依据包括营收增长、毛利率、产能利用率、资本开支和分析师盈利预测上修。该判断同时依赖 Zacks 的共识估计与技术均线描述，未讨论需求转弱、地缘风险、扩产执行或竞争造成的反向情景。
与相关标的的关系
- TSM（台积电）：文章的直接研究对象，先进制程、人工智能需求和资本开支为主要论据。
- GFS（格芯）：作为同业回报率及估值参照，文中未提供其新的营收、订单或制程进展。
- ON（安森美）：与 GFS 一同被用于同业表现和市盈率比较。
时效性与限制
文章发布于美东时间 07/08 10:01（UTC+8 07/08 22:01）。营收和指引为可核对的公司数据，但文章来自 Zacks，含其“买入”评级和共识预测；GFS 相关内容属于横向比较，不能替代其自身基本面更新。
后续跟踪
- 台积电第二季度实际营收、毛利率与指引的差异。
- 2 纳米量产爬坡对毛利率和客户需求的实际影响。
- 资本开支是否落在 520 亿至 560 亿美元区间上端。
- GFS 与 ON 后续财报中的估值、订单和利润率变化。
英文原文
TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?
TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?
Moumi Mondal
Wed, July 8, 2026 at 10:01 PM GMT+8 5 min read
- 2330.TW
-2.03%
- ^GSPC
+0.81%
- TSM
-0.00%
- GFS
+2.56%
- ON
+4.35%
The global semiconductor foundry market is attracting growing investor interest, driven by advancements in artificial intelligence (AI), machine learning, 5G and the Internet of Things (IoT). Foundries continue to heavily invest in research and development to offer advanced process nodes, helping meet demand for these high-tech applications. According to Fortune Business Insights, the market is projected to witness a CAGR of 3.4% through 2026-2034, expanding from $175.1 billion in 2025. Taiwan Semiconductor Manufacturing Company TSM, or TSMC, dominates this space with more than 70% market share.
Over the past year, the stock has surged 90.4%, outperforming the Zacks Computer and Technology sector's 37.2% gain and the S&P 500 composite's 24.9% return. TSMC also outpaced peers GlobalFoundries GFS and ON Semiconductor ON, or onsemi, both of which gained 58.9% over the same period.
TSM Stock's 12-month Performance
Zacks Investment Research
Image Source: Zacks Investment Research
Based on its last closing price, TSM stock is trading above its 50-day and 200-day simple moving averages (SMAs), signaling sustained bullish momentum.
TSM Technical Indicator
Zacks Investment Research
Image Source: Zacks Investment Research
Tailwinds Supporting TSMC
TSMC reported May 2026 consolidated net revenues of NT$416.98 billion (New Taiwan Dollars), up 1.5% from April 2026 and 30.1% from May 2025. For the first five months of 2026, consolidated revenues totaled NT$1.96 trillion, marking a 30% increase compared with the same period last year.
Robust AI-related demand underpins the company's growth outlook. Management stated that the shift from generative AI and the query mode to agentic AI and command and action mode is driving higher token consumption and increasing the need for computation, supporting demand for leading-edge silicon. TSMC continues to see a strong signal and positive outlook from its customers as well as cloud service providers, maintaining a high level of conviction in the multiyear AI megatrend.
Performance-wise, first-quarter 2026 revenues increased 6.4% sequentially to $35.9 billion, slightly ahead of the company's guidance. Gross margin expanded by 390 basis points (bps) sequentially to 66.2%, driven by cost improvement efforts, a higher overall capacity utilization rate and a more favorable foreign exchange rate. Operating margin improved 410 bps sequentially to 58.1% due to operating leverage.
TSMC's 2-nanometer (N2) and A16 technologies continue to lead the industry in addressing the demand for energy-efficient computing, with almost all the innovators working with TSMC. N2 is ramping up successfully in multiple phases at both the company's Hsinchu and Kaohsiung sites, led by strong demand from both smartphone and High-Performance Computing ("HPC") AI applications.
Story Continues
At the same time, the company is stepping up its capital expenditure to expand its global 3-nanometer capacity. The expansion spans Taiwan, Arizona and Japan, alongside 5-nanometer tool conversions and capacity optimization across N7, N5 and N3 nodes. TSMC's A14 technology development is also on track, for which it is seeing a high level of customer interest and engagement from both smartphone and HPC applications.
TSMC's Near-Term Financial Outlook
TSMC remains confident that full-year 2026 revenues will grow by more than 30% in U.S. dollar terms, reflecting the strength of its differentiated technology and broad customer base.
For the second quarter, the company expects revenues between $39 billion and $40.2 billion, representing 10% sequential growth and 32% year-over-year growth at the midpoint. Based on an exchange rate assumption of $1 to 31.7 New Taiwan Dollars, the second-quarter gross margin is projected at 65.5%-67.5% and operating margin at 56.5%-58.5%. Management noted that the initial ramp-up of its 2-nanometer technology will dilute gross margin by 2%-3% for the year.
TSMC also expects capital expenditures to trend toward the high end of its previously announced $52-$56 billion range as it expands capacity to support customer demand. Despite the elevated spending, management reiterated its focus on delivering profitable growth for shareholders.
TSM Stock's Estimate Trend
At present, the Zacks Consensus Estimate expects TSMC's earnings per share (EPS) to grow 44.1% to $15.35 in 2026, followed by another 27% increase to $19.50 in 2027. Analyst estimates for both years have moved higher over the past three months. The company's revenues are expected to grow 32.3% in 2026 and another 26.6% in 2027.
Zacks Investment Research
Image Source: Zacks Investment Research
How Valuation Metrics Look for TSMC
Based on the forward 12-month Price/Earnings (P/E), TSM trades at 25.84X, slightly above its median of 24.33X and the 24.98X sector average. In contrast, GFS trades at a P/E of 38.63X, while ON sits with 24.35X.
TSM's One-Year P/E
Zacks Investment Research
Image Source: Zacks Investment Research
Conclusion
TSMC benefits from strong demand for its leading-edge process technologies. The performance of its key profitability metrics is supported by cost improvement efforts and a high-capacity utilization rate. The higher level of capital spending reflects management's confidence in delivering profitable growth to shareholders and also capturing long-term growth opportunities. At the same time, TSMC remains well-positioned to continue capitalizing on the strong industry tailwinds.
The stock has significantly outperformed the sector and other peers over the past 12 months. From a valuation standpoint, TSM is trading close to both its historical median and sector average. Backed by positive earnings estimate revisions, the stock appears to be an attractive investment opportunity.
TSM carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) : Free Stock Analysis Report
ON Semiconductor Corporation (ON) : Free Stock Analysis Report
GlobalFoundries Inc. (GFS) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
威图均值回归信号检验
重要性2/5 中低
直接关联 VRT 的短期市场叙事，但仅有 20 个样本且方法披露不足，不能与公司经营事实等量齐观。
中文摘要
核心结论
Barchart 作者以 VRT 近 10 周仅有 3 周上涨、近 5 个交易日下跌逾 4%为条件，提出一个名为 3-7-D 的“耗竭”信号，并称历史上该信号后的 10 周收益分布优于随机持有基线。该结论建立在自 2019 年以来仅 20 个滚动样本之上，属于技术统计假设，缺乏基本面、样本稳健性和样本外验证。
重要性评级
评级：2/5（中低）
文章直接涉及 VRT 且使用了可核对的历史样本和价格区间，但信号定义不完整、样本数很小，并附带具体期权结构推介；对当日日报可作为情绪和技术叙事线索，证据权重有限。
关键事实
- 文章发布于美东时间 07/08 09:53（UTC+8 07/08 21:53）。
- 作者称 VRT 年初至今上涨接近 89%，但近 5 个交易日下跌逾 4%，近 10 周仅有 3 周上涨。
- 文中以 07/07（未给出具体时刻）收盘价 305.58 美元作为起点，称自 2019 年以来出现过 20 次滚动的 3-7-D 信号。
- 按作者回测，信号出现后未来 10 周的价格分布区间为 300 至 380 美元，概率密度峰值约为 351 美元。
- 文章给出的随机持有比较区间为 290 至 347 美元，概率密度峰值约为 324 美元；两者峰值差为 8.33%。
- 作者称该信号后未来 10 周上涨概率为 75%，随机基线为 55.5%，信号样本的中位终值约为 355 美元。
- 文中提及 Barchart 技术意见指标对 VRT 给出 48%买入读数，但作者称其重点在均值回归框架。
作者观点与证据
作者倾向认为近期回落后的 VRT 存在正向均值回归倾向，并以条件样本和随机基线的差异支撑论点。作者也明确承认该前提具有争议：样本量低，不能假设市场环境恒定，信号是否具有预测能力未获证明。文中后段包含具体期权结构和收益计算，属于作者策略推介，不能作为该统计结论的独立验证。
与相关标的的关系
- VRT：文章完全围绕 VRT 的短期价格行为和历史条件分布，未提供公司订单、财报、行业需求或经营变化来解释价格路径。
时效性与限制
文章发布于美东时间 07/08 09:53（UTC+8 07/08 21:53），反映的是当时的短期技术叙事，随着后续价格变化会很快失效。3-7-D 的精确定义、完整样本、回测成本、幸存者偏差、数据处理方法和样本外检验均未披露；20 个样本不足以支持稳定预测。
后续跟踪
- VRT 后续价格是否仍符合文中所述条件样本区间。
- 3-7-D 信号的定义、历史全样本和样本外回测结果。
- VRT 基本面信息与市场价格变化是否出现同步证据。
- 市场波动率和成交结构对短期技术信号的影响。
英文原文
Vertiv Stock Just Flashed an ‘Exhaustion’ Signal. Exploit It Here for Profits.
Vertiv Stock Just Flashed an ‘Exhaustion’ Signal. Exploit It Here for Profits.
Josh Enomoto
Wed, July 8, 2026 at 9:53 PM GMT+8 5 min read
- VRT
+1.92%
Futures Options Swaps by Pavel Ignatov via Shutterstock Nobody likes to pay full price for anything if they can avoid it and Vertiv (VRT) just might offer a compelling discount. No, I don't think the green flag is being dropped by the fundamentals. And while the Barchart Technical Opinion indicator coincidentally rates VRT stock as a 48% Buy, I'm more focused on how market psychology may impact the mechanical gyrations of price discovery.
Basically, my presupposition centers on mean reversion. Specifically, human beings tend to react more or less uniformly to persistent losses. Given the reactive nature of the equities market, an intrepid speculator can get ahead of a potential contrarian rebound, thus scalping relatively quick profits.
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More to the point, retail traders and systematic momentum chasers do not have infinite risk tolerance. If someone bought VRT stock on a breakout, it's possible that their pain threshold can be reached within the next several weeks. The same could be said about traders selling VRT during an extended breakdown. At some point, the weak hands of the market will be systematically shaken out through trailing stop-losses, margin call liquidations and pure psychological capitulation.
Let's stop here for a moment because the above framework isn't really controversial; I'd go so far as to say that's probably what most of us believe. Again, we're really just saying that there's a limit as to how much people will buy and there's a limit as to how much people will sell before a contrarian move materializes.
I'm not making the argument that the contrarian move represents a permanent paradigm shift — I have no way of knowing that. What I am suggesting is that we can measure the median response of a mean reversion tied to a specific signal.
With a distinct exhaustion signal flashing right now, the question I have is: what kind of response is statistically likely from VRT stock?
Laying Out the Syllogism for VRT Stock
While VRT stock is an extremely strong performer on a year-to-date basis (having gained almost 89%), it has more recently encountered some underperformance. In the last five sessions, for example, shares are down more than 4%. On a quantitative basis, in the last 10 weeks, the security has printed only three up weeks, leading to an overall downward slope.
Story Continues
Using data going back to January 2019, we may identify 20 such occurrences (on a rolling basis) of this 3-7-D sequence. Over the next 10 weeks, the median distribution of outcomes for VRT stock typically lands between $300 and $380, with probability density peaking near $351 (assuming a starting price of $305.58, Tuesday's close).
Why is this significant? Under the aforementioned condition, the distribution of outcomes shifts positively relative to the random baseline. If I were to buy VRT stock at random and hold it for 10 weeks, I would expect a forward distribution between $290 and $347, with probability density peaking near $324. We're talking about an 8.33% difference when comparing peak probability zones.
As a syllogism, this is how the logic would work:
- If P (i.e. the 3-7-D signal) flashes, then Q (tends to outperform random baseline by about 8%).
- P occurred (VRT stock just flashed the signal).
- Therefore, Q (VRT stock has a greater tendency to outperform).
Of course, while the above syllogism may be logically clean, it doesn't necessarily mean that what I assert is valid. To be intellectually honest, the premise — that the aforementioned signal has predictive power — would raise significant debate, particularly due to the low sample size and the inability to assume the uniformity of nature.
My counterargument is that a proposed edge in the market is never about offering a guarantee; it is simply a state where the conditional probability of a specific outcome is meaningfully higher than the unconditioned baseline.
In other words, of all the times we have seen the 3-7-D signal materialize in the modern period (since January 2019), the chance that VRT stock moves higher over the next 10 weeks can be calculated as 75%, whereas for the random baseline, it's 55.5%. Further, encompassing all 10-week outcomes from the signal, the median end price is about $355.
Why Does This Matter?
After reading the above data, you might be thinking, so what? Well, here's why it matters. Based on a week-by-week projection, the seventh week's projected median end price is about $352. Therefore, one possible idea to consider is the 340/350 bull call spread expiring Aug. 21.
It's not just about the plausible idea that VRT stock can rise through the second-leg strike at expiration, which would generate a maximum payout of nearly 130%. Rather, it's also the breakeven price of $344.35. Right now, the market assigns a probability of profit of 33.4%, which is reflective of how many standard deviations the target threshold is from the current spot price, assuming a log-normal distribution of outcomes.
However, my contention is that stock market returns do not necessarily follow a log-normal distribution, especially following a period of prolonged downturn (risk concentration). As I demonstrated earlier, under such conditions, VRT stock tends to mean revert positively.
That's not to say that I'm certain that I'm right and that Black-Scholes-derived models are wrong. What it does mean, though, is that traders may be assigning a lower probability to VRT stock than the empirical facts have previously justified. So long as the overriding sentiment regime stays largely consistent, there is a greater probability that VRT will mean revert higher in the near term.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
美伊协议结束引发盘前避险
重要性2/5 中低
潜在宏观风险主题与宽基资产相关，但正文被付费墙截断、证据不足且缺少SOXX直接事实。
中文摘要
核心结论
文章标题称特朗普宣布美伊协议结束，盘前股票指数基金和股指期货走低；可读取正文仅保留SPY（标普500指数基金）下跌0.5%的残句及若干报价，无法确认事件细节、市场传导或SOXX（iShares半导体ETF）的实际表现。
重要性评级
评级：2/5（中低）
地缘政治标题可能影响广泛风险资产，但原文受付费墙限制，正文信息严重不完整，且发布时间已距采集约两天。该条仅适合作为待核实线索。
关键事实
- 文章发表于美东时间07/08 09:04（UTC+8 07/08 21:04）。
- 标题将盘前股票指数基金和股指期货下行与特朗普所称美伊协议结束并列。
- 可见正文残句称，SPY盘前下跌0.5%。
- 页面可见报价栏列有QQQ（纳斯达克100指数基金）、SPY及主要美股指数，但未提供完整叙述。
- SOXX被列入相关标的，正文没有给出其价格、行业消息或因果解释。
- MT Newswires全文需要订阅，抓取内容显示为付费墙提示。
作者观点与证据
文章可见部分不足以辨别作者是否主张地缘事件导致市场走弱，也没有可核查的外交声明、期货时间戳、能源价格或避险资产数据。标题提供主题线索，不能单独构成事件归因证据。
与相关标的的关系
SOXX仅出现在相关标的列表，未有半导体专属事实。SPY、QQQ（纳斯达克100指数基金）、原油和贵金属相关基金可能受风险偏好变化影响，但这一影响路径在原文可见部分未被展开。
时效性与限制
文章发布后至采集时间美东时间07/09 23:05（UTC+8 07/10 11:05）约38小时。付费墙使正文截断，且标题中的外交事件缺少独立来源和完整时间线；不适合用作当前日报的确定性市场归因。
后续跟踪
- 美国、伊朗及可信新闻机构对协议状态的原始表述。
- 相关时段股指期货、原油和黄金的完整价格数据。
- SPY与QQQ盘前跌幅是否延续至常规交易时段。
- SOXX当日实际价格表现及是否存在行业独立消息。
英文原文
Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday as Trump Declares US-Iran Agreement Over
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Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday as Trump Declares US-Iran Agreement Over
MT Newswires
Wed, July 8, 2026 at 9:04 PM GMT+8 4 min read
- QQQ
+1.66%
- ^GSPC
+0.81%
- ^DJI
+0.27%
- ^IXIC
+1.30%
- SPY
+0.85%
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively t
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格芯与SEALSQ签量子安全备忘录
重要性2/5 中低
合作方和主题与 GFS 直接相关，但可访问证据极少，商业影响无法评估。
中文摘要
核心结论
MT Newswires 披露 SEALSQ 与 GFS 已签署合作备忘录，主题为后量子密码和量子计算。可访问原文只保留这一项事实，未提供合作范围、商业金额、产品节点或实施安排。
重要性评级
评级：2/5（中低）
消息与 GFS 直接相关且发布时间较近，但正文受付费墙限制，证据不足以判断合作的商业实质、收入贡献或执行阶段。
关键事实
- MT Newswires 于美东时间 07/08 08:55（UTC+8 07/08 20:55）发布消息。
- 已见正文称 SEALSQ（LAES，安全芯片与后量子技术公司）和 GFS（格芯）表示已签署谅解备忘录。
- 标题将合作主题表述为后量子密码与量子计算。
- 页面行情栏显示 LAES 为 +1.06%，GFS 为 +2.56%；原文没有说明价格变动原因。
- 完整文章需付费订阅，当前可访问正文在“签署备忘录”后即中断。
作者观点与证据
可访问内容为简短新闻提示，没有展开作者分析。签署备忘录是唯一可验证的实质信息，不能从标题推定产品量产、客户订单、收入规模或技术成熟度。
与相关标的的关系
- GFS（格芯）：备忘录签署方，可能涉及其安全芯片和量子相关技术布局，但原文未说明具体责任。
- LAES（SEALSQ）：另一签署方，标题将其与后量子密码、量子计算技术联系起来。
时效性与限制
文章发布于美东时间 07/08 08:55（UTC+8 07/08 20:55），可记录为近期公司合作线索。付费墙使原文细节缺失；页面行情不能证明该合作驱动股价，需以公司正式公告核对。
后续跟踪
- 两家公司是否发布完整合作公告或技术范围说明。
- 是否出现具体产品、制程、客户、开发时间表或商业条款。
- GFS 对量子技术业务及安全芯片知识产权的后续披露。
- SEALSQ 对备忘录约束力和预期收入的说明。
英文原文
SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing
PREMIUM
SEALSQ, GlobalFoundries Collaborate on Post-Quantum Cryptography, Quantum Computing
MT Newswires
Wed, July 8, 2026 at 8:55 PM GMT+8 1 min read
- LAES +1.06%
- GFS +2.56%
SEALSQ (LAES) and GlobalFoundries (GFS) said Wednesday they signed a memorandum of understanding to
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格芯布局后量子安全芯片
重要性3/5 中
签署方公告对 GFS 技术布局具有直接性，但备忘录与新闻稿性质限制了商业影响的可验证性。
中文摘要
核心结论
SEALSQ 与 GFS 签署战略谅解备忘录，拟共同开发后量子密码知识产权、安全芯粒架构和低温互补金属氧化物半导体技术，面向未来量子计算系统。该公告描述的是联合开发意向，未披露订单、收入、量产节点或具约束力的商业合同。
重要性评级
评级：3/5（中）
公告由签署方发布，直接涉及 GFS 的安全和量子技术布局，信息较前述付费新闻完整；但其为付费新闻稿，且大量表述属于前瞻规划，证据强度受限。
关键事实
- GlobeNewswire 于美东时间 07/08 08:00（UTC+8 07/08 20:00）发布 SEALSQ 的付费新闻稿。
- SEALSQ 与 GFS 签署战略谅解备忘录，共同开发安全半导体平台、后量子密码和基于半导体的量子计算技术。
- 双方计划与 MIPS（GFS 旗下公司）共同开发预认证的后量子密码安全知识产权硬宏，以及芯粒硬件安全模块组件，目标应用包括硬件安全模块和安全隔离环境。
- 合作还包括面向联合客户和合作伙伴设计低温运行的专用集成电路，依托 GFS 的美国制造能力。
- 公告称项目将服务欧洲与美国的主权供应链、可追溯生产和安全芯片目标。
- SEALSQ 首席执行官 Carlos Moreira 与 GFS 量子技术解决方案副总裁 Nicholas Sergeant 均将合作描述为量子时代基础设施布局。
- 新闻稿含前瞻性声明，列明客户集中度、市场需求、半导体行业状况等风险可能使实际结果与预期产生重大差异。
作者观点与证据
新闻稿立场积极，把 GFS 的工艺及制造能力与 SEALSQ 的硬件安全、后量子密码能力视为互补。可确认的事实是双方签署备忘录及列出的研究方向；关于产业化、可扩展性、客户采用和未来商业回报均是公司预期，尚无第三方验证或财务数据。
与相关标的的关系
- GFS（格芯）：合作直接覆盖其知识产权生态、低温半导体设计、美国制造能力和量子技术解决方案业务。
- LAES（SEALSQ）：提供安全半导体、后量子密码及量子技术相关能力，是公告的发布方和共同开发方。
时效性与限制
公告发布于美东时间 07/08 08:00（UTC+8 07/08 20:00），适合列为近期技术合作事实。来源是 SEALSQ 付费新闻稿，缺少独立验证；谅解备忘录是否具有约束力、研发周期、投入金额、客户和收入影响均未披露。
后续跟踪
- 双方是否披露正式开发协议、知识产权授权或商业合同。
- 预认证安全模块和低温专用集成电路的产品验证与客户导入进度。
- GFS 量子技术解决方案业务的产能、合作伙伴和收入披露。
- SEALSQ 后续监管文件中对合作风险、客户集中度和项目投入的更新。
英文原文
SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies
This is a paid press release. Contact the press release distributor directly with any inquiries.
SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies
SEALSQ
Wed, July 8, 2026 at 8:00 PM GMT+8 5 min read
- LAES +1.06%
- GFS +2.56%
SEALSQ Geneva, Switzerland, July 08, 2026 (GLOBE NEWSWIRE) --
SEALSQ Corp (Nasdaq: LAES) ("SEALSQ") and GlobalFoundries (Nasdaq: GFS) (GF) today announced a strategic Memorandum of Understanding (MoU) to co-develop across secure semiconductor platforms, Post-Quantum Cryptography (PQC) and emerging semiconductor-based quantum computing technologies. The partnership leverages GF's process technology leadership and manufacturing capabilities alongside SEALSQ's expertise in hardware-based certified security, PQC-ready silicon solutions and ongoing investments in quantum technologies.
Semiconductor CMOS technology has powered the digital revolution for decades by enabling continuous transistor scaling, higher integration density, and cost-effective mass production. It is now emerging as a key enabler of the quantum era, allowing quantum processors to be built on proven high-volume semiconductor manufacturing platforms that deliver the scalability, reliability, and cost efficiency required for widespread industrial adoption.
The collaboration will focus on developing Post-Quantum Cryptography (PQC) security IP, secure chiplet architectures, and a CryoCMOS ecosystem to support future quantum computing systems, advancing three strategic areas:
- Expanding GF's IP Ecosystem with Certified PQC Security Building Blocks
In partnership with MIPS, a GF company, the companies will co-develop pre-certified PQC security IP (hard macro) blocks and Chiplet Hardware Security Module (CHSM) components, targeting applications including Hardware Security Modules (HSMs) and Secure Enclaves.
- Advancing Cryogenic CMOS for Quantum Computing
Building on GF's recently announced Quantum Technology Solutions business and SEALSQ's ongoing ambitions in quantum ASIC design, the companies will collaborate on the design and development of cryoelectronic ASICs operating at ultra-low temperatures for joint clients and partners, leveraging GF's U.S. manufacturing capabilities and footprint.
- Aligned with Sovereign and Trusted Supply Chain Objectives
The partnership is designed to support European and U.S. sovereign supply chain priorities. Both companies share a commitment to trusted, traceable, and secure semiconductor production.
"A shared long-term vision between GF and SEALSQ is that semiconductors, cybersecurity, Post-Quantum Cryptography, and quantum computing are converging into a single technology ecosystem," said Carlos Moreira, CEO of SEALSQ . "GlobalFoundries is one of the world's leading semiconductor manufacturers, and its growing commitment to security and quantum technologies perfectly complements SEALSQ's expertise in secure semiconductors, PQC, and our investments across the quantum ecosystem. This partnership is a natural fit and a powerful validation of our shared vision. Together, we have the opportunity to help shape the secure and scalable technology platforms that will power the quantum era."
Story Continues
"This partnership is about building the foundation for the quantum era: trusted digital infrastructure secured by Post-Quantum Cryptography and the semiconductor technologies that will enable future quantum computing systems," said Nicholas Sergeant, vice president of Quantum Technology Solutions at GF . "SEALSQ's secure-semiconductor and Post-Quantum Cryptography expertise complements GF's differentiated technology portfolio and expanding quantum capabilities. Together, we are uniquely positioned to give customers and partners the technologies needed to secure and enable the quantum future."
The initiative builds on GF's long-standing investments in quantum technologies and complements its new Quantum Technology Solutions business alongside SEALSQ's investments in quantum computing, reinforcing the critical role of semiconductors in enabling scalable and commercially viable quantum systems.
About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.
SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.
For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com .
About GF
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF's talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
SEALSQ Corp.
Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@sealsq.com
SEALSQ Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lena.cati@theeequitygroup.com
Solana链上转账延迟已恢复
重要性3/5 中
官方一手信息且直接涉及 SOL，但事故已恢复，缺少规模、根因与链上验证数据。
中文摘要
核心结论
Coinbase（加密资产交易平台）披露，其面向 Solana（索拉纳区块链）的充提曾出现延迟，买卖及法币出入金未受影响；该事件已于美东时间 07/08 14:41（UTC+8 07/09 02:41）标记为解决。对 SOL 的含义限于该平台链上通道的短时可用性风险，原文没有提供链上故障原因或受影响规模。
重要性评级
评级：3/5（中）
事件距日报仅约两日，且直接涉及 SOL 的平台充提体验；Coinbase 状态页属于一手运营披露，但已恢复、缺少量化影响，阅读优先级低于未解决的系统性风险。
关键事实
- Coinbase 于美东时间 07/08 03:40（UTC+8 07/08 15:40）开始调查 Solana 网络发送与接收延迟，涵盖法币入金工具的访客结账。
- 平台称加密资产买卖及法币充值、提现未受影响，并称用户资金安全。
- 美东时间 07/08 12:46（UTC+8 07/09 00:46）平台称已实施修复并开始监控。
- 美东时间 07/08 14:28（UTC+8 07/09 02:28）接收已恢复正常，发送仍有延迟。
- 美东时间 07/08 14:41（UTC+8 07/09 02:41）事件状态更新为已解决。
- 页面抓取时，Coinbase 网站、移动端、交易服务及 Solana 数字货币组件均显示运行正常。
作者观点与证据
这是一则 Coinbase 官方状态页运营通报，没有作者的市场判断。证据是平台按调查、识别、修复、监控和解决顺序发布的状态记录；“资金安全”和“买卖未受影响”均为平台自述，未附交易笔数、延迟时长分布或链上根因报告。
与相关标的的关系
SOL 直接关联于 Coinbase 上 Solana 网络的充提通道。通道恢复降低了该单一平台的即时操作摩擦，但不能据此推断 Solana 全网吞吐、链上稳定性或 SOL 价格表现。
时效性与限制
文章发布时间为美东时间 07/08 06:40（UTC+8 07/08 18:40），页面于美东时间 07/09 23:05（UTC+8 07/10 11:05）抓取。事件已解决，适合作为近期平台基础设施记录；原始页面为状态聚合页，混有其他网络事故，且未披露受影响用户、资产金额、根因和第三方验证。
后续跟踪
- Coinbase 是否发布 Solana 延迟的根因或影响范围说明。
- Solana 网络及其他大型交易平台是否出现同期充提异常。
- 该平台 Solana 发送与接收状态是否再次转为降级。
- 链上拥堵、确认时间和交易失败率是否有可验证的同步变化。
英文原文
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Delayed Sends and Receives - DYDX
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Investigating - We are aware that some users may be experiencing delayed sends and receives on the dYdX network. Buys, Sells, and Fiat withdrawals/deposits remain unaffected. We are working on this issue and will provide updates as the situation changes. Rest assured your funds are safe.
Jul 08 , 2026 - 05:52 PDT
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Degraded Performance
Partial Outage
Major Outage
Maintenance
Past Incidents
Jul 9 , 2026
Site Performance - Prediction Markets Trading
Resolved -
Prediction Markets trading has been restored on web and mobile. We apologize for any inconvenience. Your funds are safe.
Jul 9 , 03:49 PDT
Investigating -
We are aware that customers may be unable to place trades on Prediction Markets on web and mobile at this time. Our team is investigating this issue and will provide an update. Your funds are safe.
Jul 9 , 03:30 PDT
Jul 8 , 2026
Delayed Sends and Receives - Solana
Resolved -
This incident has been resolved.
Jul 8 , 14:41 PDT
Update -
Receives on the Solana network are now processing normally. Sends are continuing to experience delays. Our team continues to work on this issue and will provide an update shortly. Your funds are safe.
Jul 8 , 14:28 PDT
Monitoring -
A fix has been implemented and we are monitoring the results.
Jul 8 , 12:46 PDT
Investigating -
We are aware that some users may be experiencing delayed sends and receives on the Solana network, including Onramp guest checkout.
Buys, Sells, and Fiat withdrawals/deposits remain unaffected. We are working on this issue and will provide updates as the situation changes. Rest assured your funds are safe.
Jul 8 , 11:37 PDT
Monitoring -
A fix has been implemented and we are monitoring the results.
Jul 8 , 09:36 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jul 8 , 09:36 PDT
Update -
We are continuing to investigate this issue.
Jul 8 , 08:21 PDT
Update -
We are continuing to investigate this issue.
Jul 8 , 08:19 PDT
Investigating -
We are aware that some users may be experiencing delayed sends and receives on the Solana network, including Onramp guest checkout.
Buys, Sells, and Fiat withdrawals/deposits remain unaffected. We are working on this issue and will provide updates as the situation changes. Rest assured your funds are safe.
Jul 8 , 03:40 PDT
XLM - Delayed Sends and Receives
Resolved -
This incident has been resolved.
Jul 8 , 13:16 PDT
Monitoring -
A fix has been implemented and we are monitoring the results.
Jul 8 , 12:58 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jul 8 , 12:58 PDT
Investigating -
We are aware that some users may be experiencing delayed sends and receives for Stellar (XLM). Buys, Sells, and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly. Rest assured, your funds are safe.
Jul 8 , 12:28 PDT
Jul 7 , 2026
Delayed Receives - Base Network
Resolved -
This incident has been resolved.
Jul 7 , 09:34 PDT
Monitoring -
A fix has been implemented and we are monitoring the results.
Jul 7 , 09:34 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jul 2 , 16:44 PDT
Investigating -
We are aware that users may be experiencing delayed receives on Base Network. Sends, Buys, Sells, and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly. Rest assured, your funds are safe.
Jul 2 , 16:44 PDT
Jul 6 , 2026
No incidents reported.
Jul 5 , 2026
Scheduled Bank Maintenance - India (INR)
Completed -
The scheduled maintenance has been completed.
Jul 5 , 15:30 PDT
In progress -
Scheduled maintenance is currently in progress. We will provide updates as necessary.
Jul 5 , 11:30 PDT
Update -
We will be undergoing scheduled maintenance during this time.
Jul 4 , 04:47 PDT
Update -
We will be undergoing scheduled maintenance during this time.
Jul 4 , 03:02 PDT
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INR deposits and withdrawals via bank transfer will be temporarily unavailable on July 5 from 12:00 AM to 4:00 AM IST due to scheduled bank maintenance. Crypto trading is not impacted.
Jul 4 , 03:02 PDT
Jul 4 , 2026
Degraded Performance - ALEO Send Transactions
Resolved -
This incident has been resolved.
Jul 4 , 20:42 PDT
Monitoring -
A fix has been implemented and we are monitoring the results.
Jul 4 , 11:16 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jul 4 , 11:16 PDT
Investigating -
Some users may be unable to send ALEO at this time. Receives, Buys, Sells, and Fiat withdrawals/deposits remain unaffected. We're working on this issue and will provide updates as soon as possible. Your funds are safe.
Jul 4 , 09:04 PDT
Jul 3 , 2026
No incidents reported.
Jul 2 , 2026
Degraded Performance - Ethereum Network Asset Recovery
Resolved -
This incident has been resolved.
Jul 2 , 16:47 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jul 2 , 16:47 PDT
Investigating -
Some users may experience degraded performance when attempting to use Asset Recovery for transactions on the Ethereum network. Our team is investigating this issue and will provide an update shortly. Your funds are safe.
Jul 1 , 15:55 PDT
Delayed Receives - Base Network
Resolved -
This incident has been resolved.
Jul 2 , 16:38 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jul 2 , 16:38 PDT
Investigating -
We are aware that users may be experiencing delayed receives on Base Network. Sends, Buys, Sells, and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly. Rest assured, your funds are safe.
Jul 1 , 22:39 PDT
Jul 1 , 2026
Jun 30 , 2026
No incidents reported.
Jun 29 , 2026
No incidents reported.
Jun 28 , 2026
Degraded Performance - Asset Recovery
Resolved -
This issue has been resolved. Asset Recovery transactions are now processing normally. Thank you for your patience.
Jun 28 , 03:50 PDT
Investigating -
We are aware that some users may be experiencing latency or degraded performance when performing Asset Recovery. Our team is investigating this issue and will provide an update shortly. Your funds are safe.
Jun 27 , 18:16 PDT
Jun 27 , 2026
Jun 26 , 2026
No incidents reported.
Jun 25 , 2026
Delayed Sends/Receives/Transactions - Base Network
Resolved -
This incident has been resolved.
Jun 25 , 13:47 PDT
Monitoring -
A fix has been implemented and we are monitoring the results.
Jun 25 , 10:49 PDT
Identified -
The issue has been identified and a fix is being implemented.
Jun 25 , 09:56 PDT
Investigating -
Some users may experience delays in transactions on Base network due to a Base network outage related to block production. Buys, Sells, and Fiat withdrawals/deposits are not affected. Your funds are safe.
Jun 25 , 09:23 PDT
← Incident History
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比特币核心客户端发布31.1
重要性3/5 基础设施发布
正式版本发布与BTC网络基础设施直接相关，且签名和官方分发信息明确；缺少发行说明与采用数据，阅读优先级中等。
中文摘要
核心结论
Bitcoin Core（比特币核心客户端）31.1 已于美东时间 07/08 05:14（UTC+8 07/08 17:14）发布。发布页要求用户通过 bitcoincore.org 提供的确定性生成并签名的下载链接获取软件，而非使用 GitHub 页面上的链接；输入材料未包含 31.1 的功能、修复项或安全影响说明。
重要性评级
评级：3/5（基础设施发布）
这是 BTC（比特币）核心客户端的正式版本发布，来源可验证且与网络基础设施直接相关；当前材料只包含发布页摘要，没有发行说明，无法评估升级紧迫性或协议层影响。
关键事实
- 版本为 Bitcoin Core 31.1，标签为 v31.1。
- 发布时点为美东时间 07/08 05:14（UTC+8 07/08 17:14）。
- 页面显示发布者为 fanquake。
- 该版本及关联提交带有已验证的 GPG（加密签名）签名信息。
- 官方下载地址指向 bitcoincore.org/bin/bitcoin-core-31.1/。
- 发布页要求通过官方链接下载，称该链接产物可确定性生成并已签名。
- 发行说明位于 Bitcoin Core 代码库的 release-notes-31.1.md；正文未提取其内容。
作者观点与证据
发布页没有市场观点，主要提供版本可用性、签名验证与下载渠道说明。可验证证据包括版本标签、发布者、签名状态及官方链接；功能变更和漏洞修复需以完整发行说明为准。
与相关标的的关系
BTC 直接相关，因为 Bitcoin Core 是比特币网络的主要全节点客户端之一。该发布本身不提供链上采用率、矿工升级率、网络性能或价格影响数据。
时效性与限制
版本于美东时间 07/08 05:14（UTC+8 07/08 17:14）发布，抓取时间为美东时间 07/09 23:37（UTC+8 07/10 11:37）。适合纳入近期基础设施动态；GitHub 页面提取包含加载错误，且缺少完整发行说明，不能据此判断兼容性、安全修复或升级覆盖率。
后续跟踪
- 31.1 发行说明中的功能变更与安全修复。
- 节点运营者和主要基础设施服务商的升级采用情况。
- 是否出现兼容性、性能或共识相关问题公告。
- 官方后续补丁版本与安全通告。
英文原文
Release Bitcoin Core 31.1 · bitcoin/bitcoin
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fanquake
released this
08 Jul 09:14
Immutable
release. Only release title and notes can be modified.
v31.1
This tag was signed with the committer’s verified signature .
fanquake
fanquake
GPG key ID: 2EEB9F5CC09526C1
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Learn about vigilant mode .
9be056a
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Reproducibility Matters
GPG key ID: 9B79B45691DB4173
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Learn about vigilant mode .
Bitcoin Core version 31.1 is now available from:
https://bitcoincore.org/bin/bitcoin-core-31.1/
For the release notes please see the git repository:
https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-31.1.md
Do not use the links provided by GitHub. Use the above download links instead, as they are guaranteed to be generated deterministically and signed.
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加密新股跌破首日开盘价
重要性2/5 中低
为 CRCL 提供新股表现的横向参照，但缺少价格截点、基本面数据及对延期原因的原始证据。
中文摘要
核心结论
BeInCrypto 统计，自 2025 年中以来的主要加密公司上市股票均低于首日开盘成交价；Gemini（加密交易平台，GEMI）较首日开盘价跌约 89%，Circle（USDC 发行方，CRCL）跌约 6%。若以首次公开募股发行价比较，CRCL 仍高约 110%，说明“首日开盘价”与“发行价”两种参照口径得出不同结论。
重要性评级
评级：2/5（中低）
文章发布于美东时间 07/08 04:29（UTC+8 07/08 16:29），直接给出 CRCL 与多只加密新股的相对表现，但属于价格回顾，未提供截至日期、数据方法或公司经营新信息。
关键事实
- GEMI 在 2025 年 09 月上市首日开盘为 37 美元，文中现价约 4.19 美元，较开盘价下跌约 89%。
- BitGo（数字资产托管公司，BTGO）在 2026 年 01 月首笔成交价为 22.43 美元，文中称其较该价格低约 77%。
- Bullish（加密资产交易平台，BLSH）较 90 美元开盘价低约 71%；eToro（多资产交易平台，ETOR）较 69.69 美元开盘价低约 42%。
- Figure（金融科技公司，FIGR）较 36 美元首日开盘价低约 14%；CRCL 较 69 美元开盘价低约 6%。
- 按发行价比较，CRCL 较 31 美元发行价高约 110%，FIGR 较 25 美元发行价高约 24%，其余四家公司低于发行价。
- 文中称加密市场自 2025 年第四季度开始下跌，相关股票同步走弱；这一归因未提供指数、价格序列或统计检验。
- Kraken 母公司 Payward 于 2026 年 03 月暂停上市，Grayscale 推迟发行准备且可能在 2026 年第四季度前不重启；Consensys 与 Ledger 也被称延后计划。
作者观点与证据
作者认为加密市场下行拖累新上市加密公司的表现，并压制后续首次公开募股窗口。文章的主要证据是首日成交价和发行价的横向比较；关于行业整体下跌导致延期的因果关系是叙事性判断，未列出公司声明、承销安排或完整市场数据。
与相关标的的关系
- CRCL：较 69 美元首日开盘价低约 6%，但较 31 美元发行价高约 110%；两个基准反映不同持有期与定价口径。
- GEMI、BTGO、BLSH、ETOR、FIGR：文章将其列为加密新股表现比较样本，未提供收入、盈利、流通股本或锁定期等基本面资料。
- 计划上市公司：Payward、Grayscale、Consensys 与 Ledger 的延后情况，指向一级市场窗口变化，但未披露确切重启日期。
时效性与限制
文章发布于美东时间 07/08 04:29（UTC+8 07/08 16:29）。价格均以“约”表述，未给出数据截点和来源，且首日开盘价可能与发行价、盘中高点和当前交易价产生不同回报比较。文章适合用于观察加密新股的市场情绪与估值口径分歧，不足以单独判断公司经营趋势。
后续跟踪
- 各加密新股相对发行价、首日开盘价和行业指数的持续表现。
- CRCL 的二级市场价格与 31 美元发行价之间的变动。
- Payward、Grayscale、Consensys 与 Ledger 的正式上市时间表。
- 加密资产价格、交易量和新股融资窗口是否出现同步改善。
英文原文
Gemini Stock Leads Crypto IPO Losses With 89% Drop From Its Debut
Gemini Stock Leads Crypto IPO Losses With 89% Drop From Its Debut
Kamina Bashir
Wed, July 8, 2026 at 4:29 PM GMT+8 2 min read
- GEMI +0.71%
- BTGO +5.01%
- ETOR -0.38%
- CRCL -1.65%
- BLSH -2.75%
Photo by BeInCrypto Recent crypto IPO stocks are all trading below their debut-day prices, with Circle (CRCL) down about 6% and Gemini (GEMI) down 89%.
The pattern spans every major crypto listing since mid-2025. Their slide tracks a broad market downturn that began in October.
Gemini, BitGo, Bullish Shares Sink Over 70% From Their Opening Trades
The data outlines how steep the losses run across the six major names. Gemini (GEMI) opened at $37 on its September 2025 debut and now trades near $4.19. That marks a drop of about 89%.
BitGo (BTGO) sits about 77% below its $22.43 first trade in January 2026. Bullish (BLSH) has fallen roughly 71% from its $90 open.
eToro (ETOR) trades near $41, down about 42% from its $69.69 open. Figure (FIGR) is off about 14% from its $36 debut, and Circle is down about 6% from its $69 open.
Follow us on X to get the latest news as it happens
Chart Comparing Crypto IPO Returns From Opening Price Versus IPO Offer Price. Source: BeInCrypto The picture changes measured from IPO offer prices. Circle sits around 110% above its $31 offer, and Figure is about 24% above its $25 price. The other four remain below their offer levels.
The drawdown is not entirely surprising. The crypto market has fallen sharply since the fourth quarter of 2025, and the trajectory has stayed broadly downward this year. Crypto-linked stocks have weakened alongside it.
Weak Performance Freezes the IPO Pipeline
The market's weakness has stalled the next wave of crypto listings. Several firms that planned 2026 debuts have pushed back their timelines.
Kraken's parent, Payward, paused its listing in March 2026. Grayscale has also delayed its offering preparations and may not restart before the fourth quarter of 2026. Consensys and Ledger have also postponed their plans.
Whether the window reopens depends on where crypto prices settle in the coming months.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
https://youtu.be/p-03ycjzFSk
Read the Original story Gemini Stock Leads Crypto IPO Losses With 89% Drop From Its Debut by Kamina Bashir at beincrypto.com
格陵兰题材重燃稀土关注
重要性3/5 中
涉及USAR所在稀土主题并含有CRML和ALOY项目事实，但USAR关联间接，且核心催化来自政治表态与零售市场叙事。
中文摘要
核心结论
Stocktwits将特朗普重提美国控制格陵兰的言论，与稀土及北极能源股的短线关注度联系起来。文章最具实质的信息是CRML（Critical Metals关键金属公司）对Tanbreez稀土项目的92.5%权益、ALOY（REalloys稀土材料公司）的承购与军方加工项目；政治表态本身尚未构成资源开发或许可变化。
重要性评级
评级：3/5（中）
文章发表于美东时间 07/08 01:06（UTC+8 07/08 13:06），涉及USAR及多个稀土相关代码，但来源包含零售情绪和政治叙事。项目权益、钻探和协议值得阅读，格陵兰控制权的推演证据有限。
关键事实
- 文中称特朗普在安卡拉北约峰会期间重申美国应控制格陵兰，理由包括国家安全、地理位置和资源；未披露由此产生的正式政策、协议或许可动作。
- CRML持有格陵兰南部Tanbreez稀土项目92.5%权益；该项目被描述为全球最大的未开发稀土矿床之一。
- CRML于6月启动10,000米钻探计划，并购入可容纳最多300名工人的破冰能力船舶Ocean Endeavour，用于推进项目开发。
- ALOY已签订长期协议，购买Tanbreez一期产出的15%；文中称美国陆军周二选定其在俄亥俄州Euclid军事基地建设并运营商业化关键矿物加工与金属化设施。
- USAR正建设美国一体化磁材供应链，UUUU（Energy Fuels能源燃料公司）继续扩张国内稀土加工能力；文中未给出这两家公司因格陵兰议题新增的合同或资金。
- 中国约占全球稀土产量70%，并处理约90%的加工与精炼；这是文章用于说明替代供应链吸引力的行业背景。
- 文中称ALOY、CRML和USAR年初至今上涨26%至50%，GLND和UUUU分别下跌79%和11%；原文未给出统一的起止日期和价格来源。
作者观点与证据
作者倾向于把地缘政治关注与稀土、北极能源股票讨论联系起来。可核对的基础包括项目权益、钻探计划、承购协议和军方项目；零售社区情绪、用户发言以及对格陵兰政策走向的判断属于叙事材料，不能替代政府或公司正式文件。
与相关标的的关系
USAR的直接关系较弱：文章只将其列为美国磁材供应链建设者，并未披露其在格陵兰的资产、合同或政策受益。CRML与Tanbreez项目的关联最直接，ALOY通过一期15%承购协议连接该项目；UUUU受益路径是美国本土加工能力建设。
时效性与限制
发布时间为美东时间 07/08 01:06（UTC+8 07/08 13:06），距日报已有两日，适合补充稀土主题背景。文章来源为市场资讯与社交平台内容，未附政府文件、项目经济性、许可状态或独立资源评估；政治言论和隔夜涨幅不足以确认持续影响。
后续跟踪
- 格陵兰、美国和丹麦方面是否出现正式外交、许可或资源合作文件。
- Tanbreez钻探结果、资源量更新、许可与融资进度。
- ALOY承购协议的期限、定价、交付条件及军方项目合同细节。
- USAR、UUUU和CRML披露的加工能力、客户与商业化节点。
英文原文
CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions
CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions
CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions · Stocktwits
Shivani Kumaresan
Wed, July 8, 2026 at 1:06 PM GMT+8 4 min read
- USAR
+2.28%
- CRML
+0.24%
- ALOY
+0.62%
- EFR.TO
+2.64%
- GLND
+1.85%
- Trump renewed his call for the U.S. to take control of Greenland, saying the Arctic island is vital to national security.
- The island's Tanbreez project is among the world's largest undeveloped rare earth deposits.
- Critical Metals gained attention for its 92.5% stake in Greenland's Tanbreez project.
Shares of Critical Metals Corp. (CRML), REalloys (ALOY), Energy Fuels (UUUU), USA Rare Earth (USAR) and Greenland Energy Company (GLND), companies tied to critical minerals and Arctic energy, advanced after President Donald Trump renewed calls for the United States to take control of Greenland during the NATO summit in Ankara.
The remarks renewed investor focus on Greenland's importance as Washington seeks to secure supplies of rare earths and other critical minerals used in defense, AI infrastructure, electric vehicles and advanced manufacturing.
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Critical Metals, REalloys, Energy Fuels, USA Rare Earth and Greenland Energy stocks gained between 0.4% and 2%, overnight, ahead of Wednesday.
Why Trump Is Talking About Greenland Again
Trump renewed his push for the U.S. to take control of Greenland, arguing the Arctic island is essential to American national security because of its location and vast natural resources.
Speaking during a bilateral meeting with Turkish President Recep Tayyip Erdoğan, Trump said Greenland should be under U.S. control rather than Denmark's, reviving a proposal he first introduced in 2019.
He also said Greenland is surrounded by Chinese and Russian vessels, reinforcing his view that Washington should control the territory.
U.S. Rare Earth Supply Chain: Why Greenland Matters
Investors turned their focus on the diplomatic dispute's implications for companies involved in rare earth mining, mineral processing and Arctic energy exploration.
Greenland is home to huge deposits of rare earth minerals, along with oil and natural gas resources. These materials are increasingly important for manufacturing electric vehicles, renewable energy systems, advanced electronics and military equipment.
Among Greenland's best-known mining assets is the Tanbreez project, regarded as one of the world's largest undeveloped rare earth deposits. The renewed political attention also comes as the Pentagon works to reduce reliance on Chinese mineral supply chains before upcoming procurement deadlines.
China is the world's leading supplier of rare earth minerals, producing about 70% of global output and handling around 90% of the world's rare earth processing and refining.
Story Continues
Tanbreez Project: Why Critical Metals Is At Center Of The Greenland Trade
Critical Metals stock attracted attention because the company holds a 92.5% stake in the Tanbreez rare earth project in southern Greenland.
The company is working to build an alternative supply chain outside China by shipping minerals directly to processing facilities in North America and Europe. In June, Critical Metals began a 10,000-meter drilling program at the site to support mine planning. It also bought the Ocean Endeavour, an ice-capable vessel that can house up to 300 workers, as it prepares to advance the project toward commercial production.
On Stocktwits, retail sentiment around the stock turned to 'neutral' from 'bearish' territory the previous day.
ALOY's Importance In Processing Crtical Metals
REalloys stock also remained in focus as it plays an important role in processing rare earth minerals into materials used in defense and other advanced industries.
The company has secured a long-term agreement to purchase 15% of the first-phase output from Critical Metals' Tanbreez rare earth project in southern Greenland. On Tuesday, the U.S. Army selected REalloys to build and operate the first commercial critical minerals processing and metallization facility on a U.S. military base in Euclid, Ohio.
Meanwhile, Energy Fuels continues expanding its domestic rare earth processing capabilities, and USA Rare Earth is building an integrated U.S. magnet manufacturing supply chain.
Greenland Energy's Arctic Oil Ambitions
Greenland Energy focuses on exploring oil and gas resources in Greenland. The company holds exclusive exploration rights to about 2 million acres in the Jameson Land Basin in eastern Greenland, an area that independent studies estimate could contain up to 13 billion barrels of recoverable oil.
After going public through a SPAC merger in March, GLND partnered with Halliburton Co. (HAL) to support drilling operations planned for later this year.
What Are Retail Traders Saying
On Stocktwits, retail traders discussed upside potential for rare earth stocks after Trump's speech.
A user said , "$CRML $CRMX I'm biting at these lows… renewed Greenland talks should keep coming… due for an inevitable move higher."
Another user said , "The Greenlandic government would have to be out of its mind not to quickly grant $GLND Greenland Energy the oil exploration permit in Greenland. Trump would exploit it as proof of the need to seize Greenland without discussion."
So far this year, ALOY, CRML and USAR stocks have gained between 26% and 50%, while GLND and UUUU are down 79% and 11%, respectively.
Also See: Why Did CRNX, D, BCRX Stocks Surge To 52-Week Highs Today?
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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格芯联手推进后量子安全芯片
重要性3/5 中
近两日发布且直接涉及 GFS 的技术合作，但仅披露研发意向，缺少合同与财务量化证据。
中文摘要
核心结论
SEALSQ 于 07/08（未给出具体时刻）宣布与 GlobalFoundries（格芯，GFS）签署战略谅解备忘录，计划共同开发后量子密码、芯粒安全架构及低温 CMOS（互补金属氧化物半导体）量子计算技术。该信息确认双方的合作意向与技术方向，尚未披露订单、客户、收入、量产计划或投入规模。
重要性评级
评级：3/5（中）
该消息直接关联 GFS，且发布于近两日；但证据为合作方新闻稿，事实主要停留在研发框架和长期愿景，缺少可量化经营影响。
关键事实
- SEALSQ（LAES）与 GFS 宣布在安全半导体平台、后量子密码和半导体量子计算领域合作。
- 双方计划与 MIPS（格芯旗下公司）共同开发预认证后量子密码安全知识产权模块及芯粒硬件安全模块。
- 目标应用包括 HSM（硬件安全模块）和安全隔离区。
- 合作还覆盖面向超低温运行的低温电子 ASIC（专用集成电路）设计与开发，服务联合客户及合作伙伴。
- 新闻稿称该项目将利用格芯美国制造能力，并呼应美国与欧洲的可信、可追溯半导体供应链目标。
- 格芯此前已宣布 Quantum Technology Solutions（量子技术解决方案）业务；本次合作被定位为该业务的补充。
作者观点与证据
新闻稿由 SEALSQ 发布，管理层将合作描述为安全半导体、网络安全、后量子密码与量子计算融合的验证。可核实事实是双方签署谅解备忘录及列出的研发方向；关于市场机会、客户采用和商业化规模均属公司前瞻性表述，原文也提示实际结果可能与预期存在重大差异。
与相关标的的关系
GFS 是直接相关标的。合作涉及其工艺、制造能力、MIPS 生态及量子技术解决方案业务，提供安全芯片和低温计算研发线索；现阶段没有披露对 GFS 营收、产能利用率、毛利率或客户合同的影响。
时效性与限制
发布时间为 07/08（未给出具体时刻），检索时间为美东时间 07/09 23:05（UTC+8 07/10 11:05）。可作为当日半导体安全与量子技术动态引用，但来源为合作方自发新闻稿，且原始文本仅供受保护的站内报告阅读；缺少第三方验证、合同条款与财务数据。
后续跟踪
- 双方是否披露联合客户、试制节点或量产时间表。
- 后量子密码模块、芯粒安全模块的认证进度与适用工艺。
- GFS 量子技术解决方案业务的订单、合作伙伴及收入披露。
- 美国和欧洲可信供应链项目是否带来具体资助或采购合同。
英文原文
SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies
Investors News Releases >
SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies
Geneva, Switzerland, July 08, 2026 (GLOBE NEWSWIRE) --
SEALSQ Corp (Nasdaq: LAES) ("SEALSQ") and GlobalFoundries (Nasdaq: GFS) (GF) today announced a strategic Memorandum of Understanding (MoU) to co-develop across secure semiconductor platforms, Post-Quantum Cryptography (PQC) and emerging semiconductor-based quantum computing technologies. The partnership leverages GF's process technology leadership and manufacturing capabilities alongside SEALSQ's expertise in hardware-based certified security, PQC-ready silicon solutions and ongoing investments in quantum technologies.
Semiconductor CMOS technology has powered the digital revolution for decades by enabling continuous transistor scaling, higher integration density, and cost-effective mass production. It is now emerging as a key enabler of the quantum era, allowing quantum processors to be built on proven high-volume semiconductor manufacturing platforms that deliver the scalability, reliability, and cost efficiency required for widespread industrial adoption.
The collaboration will focus on developing Post-Quantum Cryptography (PQC) security IP, secure chiplet architectures, and a CryoCMOS ecosystem to support future quantum computing systems, advancing three strategic areas:
- Expanding GF's IP Ecosystem with Certified PQC Security Building Blocks
In partnership with MIPS, a GF company, the companies will co-develop pre-certified PQC security IP (hard macro) blocks and Chiplet Hardware Security Module (CHSM) components, targeting applications including Hardware Security Modules (HSMs) and Secure Enclaves.
- Advancing Cryogenic CMOS for Quantum Computing
Building on GF's recently announced Quantum Technology Solutions business and SEALSQ's ongoing ambitions in quantum ASIC design, the companies will collaborate on the design and development of cryoelectronic ASICs operating at ultra-low temperatures for joint clients and partners, leveraging GF’s U.S. manufacturing capabilities and footprint.
- Aligned with Sovereign and Trusted Supply Chain Objectives
The partnership is designed to support European and U.S. sovereign supply chain priorities. Both companies share a commitment to trusted, traceable, and secure semiconductor production.
“A shared long-term vision between GF and SEALSQ is that semiconductors, cybersecurity, Post-Quantum Cryptography, and quantum computing are converging into a single technology ecosystem,” said Carlos Moreira, CEO of SEALSQ . “GlobalFoundries is one of the world’s leading semiconductor manufacturers, and its growing commitment to security and quantum technologies perfectly complements SEALSQ’s expertise in secure semiconductors, PQC, and our investments across the quantum ecosystem. This partnership is a natural fit and a powerful validation of our shared vision. Together, we have the opportunity to help shape the secure and scalable technology platforms that will power the quantum era.”
“This partnership is about building the foundation for the quantum era: trusted digital infrastructure secured by Post-Quantum Cryptography and the semiconductor technologies that will enable future quantum computing systems,” said Nicholas Sergeant, vice president of Quantum Technology Solutions at GF . “SEALSQ's secure-semiconductor and Post-Quantum Cryptography expertise complements GF's differentiated technology portfolio and expanding quantum capabilities. Together, we are uniquely positioned to give customers and partners the technologies needed to secure and enable the quantum future.”
The initiative builds on GF’s long-standing investments in quantum technologies and complements its new Quantum Technology Solutions business alongside SEALSQ’s investments in quantum computing, reinforcing the critical role of semiconductors in enabling scalable and commercially viable quantum systems.
About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.
SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.
For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com .
About GF
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF's talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
SEALSQ Corp.
Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@sealsq.com
SEALSQ Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lena.cati@theeequitygroup.com
Authored by SEALSQ
联储纪要呈现收紧分歧
重要性5/5 高
美联储官方纪要披露利率维持与后续政策分歧，包含通胀、就业、国债收益率和AI投资等高密度事实，对跨资产日报具有直接宏观相关性。
中文摘要
核心结论
6月联邦公开市场委员会（FOMC）全票维持联邦基金利率目标区间在3.50%—3.75%，但纪要显示成员对年末合意利率存在双向分歧：许多人认为应处于或略低于当前区间，另有许多人认为应高于当前区间。通胀高于2%目标、劳动市场稳定、人工智能（AI）投资持续推高需求，共同压缩了短期宽松预期。
重要性评级
评级：5/5（高）
这是美联储官方会议纪要，发布时间为07/08（未给出具体时刻），直接提供利率路径、通胀风险与资产定价背景；关联SPY、QQQ及BTC、ETH、SOL等风险资产的折现率和流动性环境。
关键事实
- 委员会全票将联邦基金利率目标区间维持在3.50%—3.75%，并重申维持充裕准备金政策。
- 工作人员称，4月个人消费支出物价指数（PCE）同比为3.8%，核心PCE为3.3%；按消费者与生产者价格数据估算，5月总PCE升至4.1%，核心PCE约3.4%。
- 5月失业率为4.3%；截至5月的三个月，非农就业保持稳健，平均时薪过去12个月增长3.4%。
- 会议认为关税传导、中东冲突引发的能源与投入成本、霍尔木兹海峡供应扰动，以及AI基础设施投资，均在抬升价格压力。
- 自4月会议以来，10年期美国国债收益率约升20个基点；冲突开始以来累计约升50个基点。同期标普500指数上涨近6%，科技板块与盈利预期、AI乐观情绪领涨。
- 与会者认为短期通胀风险仍偏上行；少数成员称已有加息理由，但仍支持本次按兵不动。
- 多数成员不愿在会后声明中重复暗示未来倾向宽松的表述；委员会计划设立5个独立工作组研究货币政策运作议题。
作者观点与证据
这是美联储理事会发布的官方会议纪要，记录工作人员评估和参会成员讨论，不是单一作者评论。文件将政策分歧建立在已公布的通胀、就业、收益率及投资数据上；成员对关税、地缘冲突和AI投资将如何影响未来通胀与生产率的判断，仍属情景分析，未构成对后续利率决定的承诺。
与相关标的的关系
- SPY、QQQ：利率维持高位、部分成员讨论进一步收紧，会影响权益估值折现率；纪要同时确认企业盈利和AI资本开支仍支撑科技股表现。
- BTC、ETH、SOL：文章未讨论加密资产，但美元、国债收益率、风险偏好及未来政策利率路径是其外部宏观定价变量。
时效性与限制
纪要发布于07/08（未给出具体时刻），对应06/16—06/17会议，适合用于当日日报的政策背景。会议后新增的通胀、就业、油价和地缘政治信息未被纳入；纪要反映集体讨论与条件性情景，无法据此确定下一次会议的具体决议。
后续跟踪
- 后续PCE、消费者价格与核心服务通胀是否回落。
- 劳动市场、工资增速和就业申请数据是否改变成员对双重使命风险的判断。
- 能源价格、霍尔木兹海峡供应扰动及关税传导的持续时间。
- AI资本开支、生产率和电力需求对增长与通胀的净影响。
英文原文
FOMC Minutes, June 16-17, 2026
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FOMC Minutes
Minutes of the Federal Open Market Committee
June 16 –1 7, 2026
A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors on Tuesday, June 16, 2026, at 10:00 a.m. and continued on Wednesday, June 17, 2026, at 9:00 a.m. 1
Developments in Financial Markets and Open Market Operations
The manager turned first to an overview of market developments during the intermeeting period. Asset prices were affected by a number of factors, including developments related to the conflict in the Middle East, continued solid real economic data, higher inflation data, and ongoing investment in artificial intelligence (AI). Optimism around a near-term resolution of the conflict in the Middle East and the announcement of a memorandum of understanding between the U.S. and Iran pushed the oil futures curve and near-term inflation compensation materially lower relative to levels from the time of the April FOMC meeting. Expected policy rates, Treasury yields, the U.S. dollar, and domestic equity prices all rose.
Regarding monetary policy expectations, the manager observed that market participants and respondents to the Open Market Desk Survey of Market Expectations (Desk survey) generally expected no change in the target range of the federal funds rate at the June FOMC meeting. Market- and survey-based measures of expected policy rates moved higher over the intermeeting period. In the Desk survey, the median of the modal paths of the federal funds rate implied no changes in the target range through the beginning of 2027 and one rate cut in the second quarter of next year. Market pricing suggested that one rate hike was priced for mid-2027, but the manager noted that these measures were likely boosted, in part, by term premiums.
The manager then discussed inflation expectations. He noted that optimism around the Iran conflict pushed market-based measures of expected inflation significantly lower over the period, leaving near-term inflation expectations only moderately higher than they were before the onset of the conflict. Longer-term inflation expectations remained well anchored near the Committee's 2 percent longer-run inflation objective.
Turning to Treasury markets, the manager noted that the nominal 10-year Treasury yield had increased around 20 basis points since the April FOMC meeting and about 50 basis points since the start of the conflict in the Middle East. The manager commented that the ownership composition of Treasury securities has shifted somewhat over the past several years from relatively price-insensitive official-sector holders to more price-sensitive private investors, which could have implications for the term premium component of yields.
The manager next described developments in equity markets. The S&P 500 index increased by nearly 6 percent over the intermeeting period, led by the technology sector. Higher earnings expectations accounted for a large portion of the overall increase, particularly in the technology sector. Initial public offering activity in the U.S. appeared set to accelerate this year, with the proceeds expected to help fund ongoing investments in AI infrastructure.
In discussing credit markets, the manager noted that private credit markets continued to receive attention over the intermeeting period. Gross inflows to business development companies slowed notably in the second quarter, and available data suggested that net inflows were likely to become more negative amid an acceleration in investor redemption requests.
With regard to international developments, the manager noted that over the intermeeting period the increase in the two-year Treasury yield was larger than increases in sovereign yields of similar maturity in other advanced economies, as market-based expectations for the path of the domestic policy rate moved upward. The increases in two-year sovereign yields since the start of the conflict in the Middle East were now similar across many advanced foreign economies (AFEs). Consistent with the widening interest rate gap over the intermeeting period, the foreign exchange value of the U.S. dollar had modestly appreciated.
The manager observed that money market conditions were generally stable, although conditions softened notably early in the intermeeting period before they partially rebounded. In particular, repurchase agreement (repo) rates dropped to 15 basis points below the interest rate on reserve balances in mid-May. Consistent with that drop, the effective federal funds rate declined 2 basis points, the first such change since November. There was modest take-up of the Federal Reserve's overnight reverse repurchase agreement operations on days when repo rates were especially low, confirming that those operations were effective in firming the floor under money market rates. Regarding the decline in repo rates early in the period, the manager noted several likely driving factors: Reserves increased following the seasonal low around the April tax date as the Treasury General Account dropped, reserve management purchases added reserves and reduced the bill supply available to the public, U.S. global systemically important banks likely increased intermediation capacity in response to regulatory changes earlier in the year, the demand for repo financing on the part of levered investors declined, and seasonal increases in cash investments of government-sponsored enterprises coincided with the lowest rates seen over the intermeeting period. The manager noted that, these developments notwithstanding, the level of reserves in the system appeared to remain within a range consistent with an ample supply.
By unanimous vote, the Committee ratified the Desk's domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System's account during the intermeeting period.
Staff Review of the Economic Situation
The information available at the time of the meeting indicated that inflation remained elevated and had moved higher, partly reflecting the effects of energy and other supply shocks. Labor market conditions remained stable, and real gross domestic product (GDP) continued to expand at a solid pace.
Total consumer price inflation—as measured by the 12-month change in the price index for personal consumption expenditures (PCE)—was 3.8 percent in April. Core PCE price inflation, which excludes changes in consumer energy prices and many consumer food prices, was 3.3 percent. Both total and core inflation were higher than their levels a year earlier, a development that the staff attributed to a variety of factors, including the pass-through of past tariff increases, higher energy and input costs stemming from the conflict in the Middle East, and the surge in demand related to the AI buildout. Core goods price inflation had risen relative to a year earlier, which the staff judged as largely reflecting the effects of tariffs and AI-related price pressures. Core services price inflation had been relatively stable over that period, as a gradual decline in the housing services component was about offset by a modest step-up in the core nonhousing services component. Based on data from the consumer and producer price indexes, the staff estimated that total PCE price inflation rose to 4.1 percent in May, boosted by an increase in consumer energy prices, and core PCE price inflation was estimated to be 3.4 percent.
The unemployment rate was 4.3 percent in May and had changed little, on balance, since the middle of the previous year. Nonfarm payroll employment rose at a solid pace in the three months through May. The 12-month change in the employment cost index for private-sector workers was 3.4 percent through March, the same as its year-earlier pace. Average hourly earnings increased 3.4 percent over the 12 months ending in May, 0.5 percentage point lower than a year earlier.
Available indicators suggested that real GDP growth continued at a solid pace in the second quarter. Real private domestic final purchases—which comprises PCE and private fixed investment and which often provides a better signal of underlying economic momentum than does real GDP—appeared to have picked up in the second quarter and was rising faster than GDP. Real consumer spending had been solid, and the AI buildout continued to boost real investment spending on data centers, high-tech equipment, and software. Data for April showed continued strength in both imports and exports of high-tech goods and a jump in energy exports.
Economic growth abroad stepped down in the first quarter of 2026, with weakness in Canada, the euro area, and Mexico. By contrast, output growth in several high-income Asian economies remained robust, as their exports of high-tech goods continued to surge, driven by the AI buildout. Recent indicators suggested that the conflict in the Middle East was weighing on foreign economic activity because of higher energy costs and weaker consumer and business confidence, particularly in lower-income Asian economies and in Europe.
Foreign headline inflation had increased significantly since the start of the conflict in the Middle East, with a sharp rise in retail energy and producer prices across Europe and much of Asia. Some central banks, including the European Central Bank, responded to higher inflation by raising their policy rates. More broadly, most foreign central banks emphasized the risks of higher inflation leading to second-round effects and the need to mitigate these risks, despite prospects of weaker output growth, and signaled either policy rate hikes or a slower pace of easing going forward.
Staff Review of the Financial Situation
Over the intermeeting period, the market-implied expected path of the federal funds rate and nominal Treasury yields moved higher as stronger-than-expected economic data reinforced expectations that economic activity would remain resilient. The market-implied path of the policy rate over the latter half of this year increased during the intermeeting period, and related measures of uncertainty about the path of policy rose, partly reflecting a higher term premium. The rise in nominal Treasury yields, most notable at shorter maturities, reflected higher real rates. Short-term market-based measures of inflation compensation declined significantly but stayed at a slightly elevated level. Market-based measures of longer-term inflation compensation and survey-based measures of inflation expectations remained well anchored.
Broad equity price indexes increased notably, boosted by robust corporate earnings and further investor optimism surrounding AI implications for corporate profitability, despite the headwind of higher yields. Consistent with improved risk sentiment, the VIX—a forward-looking measure of near-term equity market volatility—declined slightly to below the median of its historical distribution, while corporate bond spreads narrowed somewhat.
Foreign financial market movements were largely driven by news of the increased prospects for a reopening of the Strait of Hormuz and then the announcement near the end of the intermeeting period that an agreement had been reached. Market-based policy expectations and near-term inflation compensation measures declined in most major AFEs. Nonetheless, market pricing still indicated at least one additional policy rate hike both in the euro area and in the U.K. over the remainder of this year. The broad dollar index rose as differentials between short-term interest rates in the U.S. and the AFEs widened. Strong corporate earnings and continued investor optimism related to AI contributed to increases in foreign equity prices.
Conditions in U.S. short-term funding markets remained stable. Aggregate bank reserves moved up following the previous period's tax receipt–driven decline. Money market rates ended the period slightly lower, on net, amid continued low bill supply.
Financing conditions in domestic credit markets remained generally accommodative for larger businesses and municipalities but somewhat restrictive for many small businesses and households. Borrowing costs continued to be elevated, and interest rates increased somewhat over the intermeeting period in some sectors, primarily reflecting increases in Treasury yields.
Credit continued to be generally available to most businesses, households, and municipalities. Bank lending continued to expand, and issuance of corporate bonds remained solid, partly driven by the financing needs of AI-related investments. Issuance in the leveraged loan market had picked up to a robust pace, while signals pointed to a continued slowdown in the private credit market. By contrast, credit conditions remained somewhat tight for small businesses and household borrowers with lower credit scores. Issuance of municipal bonds remained strong.
Staff Economic Outlook
The staff's inflation forecast for this year and the next was higher than the one prepared for the April meeting, reflecting incoming data, higher energy prices and other input costs due to the conflict in the Middle East, and the effects of the AI buildout on consumer prices. Total inflation was projected to slow over the second half of this year from its recent pace, as retail gasoline prices were expected to decline, although core inflation was forecast to change little over the rest of the year. Inflation was projected to step down next year, as some of the factors lifting inflation this year—such as tariffs—were expected to wane, and then move down further to about 2 percent in 2028.
The staff's outlook for real GDP growth was a bit lower than the one prepared for the previous meeting, mostly reflecting incoming data. Real GDP was forecast to expand at about the same pace as potential this year and to slightly outpace potential over the next two years, buttressed by persistently strong productivity growth, continued gains in AI-related capital spending, and supportive financial conditions. The unemployment rate was expected to remain close to the staff's estimate of its longer-run rate this year and next before edging slightly below it in 2028.
The staff continued to view the uncertainty around their forecast as elevated, importantly because of uncertainty about the conflict in the Middle East and about the potential economic effects of AI investment and adoption. On balance, risks to the forecasts for employment and real GDP growth were seen as tilted somewhat to the downside. Risks to the inflation projection were seen as more skewed to the upside. With inflation having run significantly above 2 percent over the past five years and in light of some emergent price pressures that appeared unrelated to tariffs or energy prices, the staff continued to view the possibility that inflation would be more persistent than projected as a salient risk.
Participants' Views on Current Conditions and the Economic Outlook
In conjunction with this FOMC meeting, almost all participants submitted their projections of the most likely outcomes for real GDP growth, the unemployment rate, and inflation for each year from 2026 through 2028 and over the longer run. The projections were based on participants' individual assessments of appropriate monetary policy, including their projections of the federal funds rate. Almost all participants also provided their individual assessments of the level of uncertainty and the balance of risks associated with their projections. The Summary of Economic Projections was released to the public following the conclusion of the meeting.
Participants generally noted that inflation had increased further and remained well above the Committee's 2 percent longer-run objective. They observed that both core and total inflation had moved higher and generally attributed these increases to the lingering effects of tariffs, supply chain disruptions related to the closure of the Strait of Hormuz, and strength in demand for some goods and services stemming from robust AI-related investment. Several participants commented that price pressures had become more broad based, with a large share of goods and services—including transportation, airfares, petrochemical products, and agricultural inputs—experiencing substantial increases. Several participants remarked that services price inflation excluding housing had declined little and remained high.
The majority of participants commented that most measures of medium- and longer-term inflation expectations remained at levels consistent with the Committee's 2 percent objective. Participants noted the importance of stable longer-term inflation expectations and emphasized the Committee's role in keeping those expectations anchored at levels consistent with 2 percent inflation.
Participants anticipated that inflation would remain elevated in the near term and then begin to decline as the effects of tariffs and energy price increases wane and other supply disruptions related to the closure of the Strait of Hormuz diminish. Participants judged that the risks to the inflation outlook were still tilted to the upside. Many participants noted that elevated commodity prices and supply disruptions could persist longer than currently anticipated. Several participants reported that their business contacts were facing notable cost pressures. Some participants observed that the sharp rise in input costs reported in business surveys raised concerns about the potential for higher energy and commodity costs to pass through more broadly to final goods prices. Several participants noted, however, that firms in their Districts reported that they had been cautious about increasing prices, citing concerns that higher prices could reduce demand or their market shares. Many participants noted that ongoing strong demand for AI infrastructure would likely sustain upward pressure on prices for technology products and electricity. Most participants remarked that growth in economic activity that exceeded that of potential output, owing in part to strong AI business investment, could contribute to more persistent inflationary pressures. Some participants remarked that productivity gains associated with AI adoption would eventually reduce production costs and increase aggregate supply, which should put downward pressure on inflation, though they noted this effect would likely take time to materialize. Several participants noted that the deceleration in housing services prices was likely to continue to be a source of disinflationary pressure. The majority of participants highlighted the possibility that, after several years of inflation above 2 percent, continued elevated inflation rates could begin to affect inflation expectations and wage- and price-setting decisions. Participants emphasized that considerable uncertainty surrounded their inflation outlook and stressed the importance of closely monitoring inflation developments and inflation expectations.
With regard to the labor market, participants generally observed that the unemployment rate had remained relatively stable over the past year at a level near participants' estimates of its longer-run level. Participants generally remarked that payroll employment gains had strengthened this year and appeared roughly consistent with underlying labor force growth. Several participants observed that other labor market indicators, such as job openings, initial unemployment insurance claims, and layoffs had remained stable in recent months and that such data pointed to a balanced labor market. Several participants noted, however, that declines in the job-finding rate and certain survey measures of job availability reflected a labor market with relatively low dynamism. Many participants remarked that the labor market was not currently a source of inflationary pressures, or that nominal wage growth remained consistent with inflation moving toward 2 percent.
Participants generally expected labor market conditions to remain stable in the near term, with the unemployment rate staying close to current levels. Some participants remarked that their concerns earlier this year about labor market deterioration had eased with recent data, and several participants noted that the solid payroll employment data in recent months could signal increased labor market momentum. Several participants cited, however, the possibility that uncertainty related to geopolitical developments or the broader economic outlook could lead firms to reduce hiring or begin implementing layoffs. Some participants commented on the possibility that AI could, over time, affect employment prospects for some classes of workers.
Participants generally observed that economic activity had continued to expand at a solid pace, despite elevated uncertainty, supported by strong business investment and resilient consumer spending. Participants generally noted that the strength in business investment remained concentrated in AI-related expenditures, which showed no signs of slowing, as companies continued to announce capital expenditure plans that exceeded earlier expectations. Some participants suggested that those investments would likely increase the growth of productivity and of potential output in the coming years. These participants remarked, however, that considerable uncertainty remained regarding both the timing and magnitude of potential productivity gains, which were expected to lag the ongoing boost of AI adoption on demand. Some participants noted that broad financial conditions were supporting demand. These participants pointed specifically to high equity prices and noted that those prices had been driven by strong corporate earnings and optimism about AI. With respect to household spending, most participants observed that stock market gains and federal income tax refunds sent earlier this year had provided support to consumer spending, particularly among higher-income households. They noted, however, that lower-income households were increasingly relying on credit to maintain spending and continued to face disproportionate pressures from elevated gasoline and grocery prices.
Participants generally expected solid real GDP growth to continue throughout the remainder of the year and pointed to several factors likely to support continued expansion, including ongoing AI-related investment, household spending, and fiscal policy. Participants generally acknowledged that while the economy had demonstrated resilience to date, uncertainty surrounding the economic outlook remained elevated, partly due to the conflict in the Middle East.
In their consideration of monetary policy at this meeting, all participants supported maintaining the current target range for the federal funds rate. Participants generally noted that recent indicators suggested that economic activity had been expanding at a solid pace and that labor market conditions had appeared stable. Participants observed that inflation was elevated relative to the Committee's 2 percent longer-run objective, in part reflecting price increases from supply shocks in certain sectors, including energy. Participants generally assessed that information received over the intermeeting period suggested that upside risks to price stability remained elevated while downside risks to achieving maximum employment had moderated a bit. A few participants commented that, in light of these developments, there was a case for raising the target range for the federal funds rate, but those participants indicated that they supported maintaining the current target range at this meeting. Several participants remarked that they did not see the current policy stance as restrictive, while a few other participants commented that they saw the current policy stance as slightly restrictive.
With regard to the outlook for monetary policy, amid high assessed uncertainty, various participants discussed a range of scenarios for the evolution of the economy and for future monetary policy actions. Most participants remarked on scenarios in which inflationary pressures would dissipate and inflation would soon begin to return to 2 percent. In such scenarios, almost all of these participants noted that it would likely be appropriate to maintain or eventually lower the target range for the federal funds rate. Most participants, however, also pointed to scenarios in which, in the context of stable labor market conditions, inflation would remain elevated due to strong AI-related demand, the conflict in the Middle East, or the effects of tariffs. In such scenarios, almost all of these participants indicated that some policy firming would likely be warranted to return inflation to 2 percent. Regarding participants' individual assessments of appropriate monetary policy under what each participant judged to be the most likely scenario for the economy, many participants indicated that the appropriate level of the federal funds rate would be within or slightly below the current target range at the end of this year. Many other participants, however, assessed that the appropriate level of the federal funds rate would be above the current target range at the end of this year. Participants noted that their future policy actions would depend on incoming information.
A number of participants noted that it was an opportune time to consider significant changes to the FOMC's postmeeting statement. A majority of participants remarked that they saw advantages in shortening the statement. Most participants emphasized that they preferred not to repeat the language in the previous postmeeting statement that had suggested an easing bias regarding the likely direction of the Committee's future interest rate decisions. Various participants discussed how the public could perceive the changes to the postmeeting statement. Some participants commented that they welcomed the opportunity to review the Committee's communications tools and practices.
The Chairman described plans to establish five independent task forces to examine issues related to the broad conduct of monetary policy.
Committee Policy Actions
In support of the Committee's dual-mandate goals, all members agreed to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent and to reaffirm the FOMC's policy of maintaining ample reserves in the banking system. Members also agreed that the statement would not repeat the language that had suggested an easing bias regarding the likely direction of the Committee's future interest rate decisions. Members noted that there had been little change in the unemployment rate and solid growth in economic activity, but that inflation remained elevated relative to the Committee's 2 percent goal. Against this backdrop, members concurred that the postmeeting statement would convey the Committee's commitment to achieving its dual-mandate goals and emphasize that the Committee will deliver price stability.
At the conclusion of the discussion, the Committee voted to direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account (SOMA) in accordance with the following domestic policy directive, for release at 2:00 p.m.:
"Effective June 18, 2026, the Federal Open Market Committee directs the Desk to:
- Undertake open market operations as necessary to maintain the federal funds rate in a target range of 3-1/2 to 3-3/4 percent.
- Conduct standing overnight repurchase agreement operations at a rate of 3.75 percent.
- Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.5 percent and with a per-counterparty limit of $160 billion per day.
- When appropriate, increase the SOMA holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves.
- Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve's holdings of agency securities into Treasury bills."
The vote also encompassed approval of the statement below for release at 2:00 p.m.:
"The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability."
Voting for this action : Kevin Warsh, John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Beth M. Hammack, Philip N. Jefferson, Neel Kashkari, Lorie K. Logan, Anna Paulson, Jerome H. Powell, and Christopher J. Waller.
Voting against this action: None .
Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 3.65 percent, effective June 18, 2026. The Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.75 percent.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, July 28–29, 2026. The meeting adjourned at 10:30 a.m. on June 17, 2026.
Notation Vote
By notation vote completed on May 19, 2026, the Committee unanimously approved the minutes of the Committee meeting held on April 28–29, 2026.
Attendance
Kevin Warsh, Chairman
John C. Williams, Vice Chair
Michael S. Barr
Michelle W. Bowman
Lisa D. Cook
Beth M. Hammack
Philip N. Jefferson
Neel Kashkari
Lorie K. Logan
Anna Paulson
Jerome H. Powell
Christopher J. Waller
Thomas I. Barkin, Mary C. Daly, Austan D. Goolsbee, Sushmita Shukla, and Cheryl L. Venable, Alternate Members of the Committee
Susan M. Collins, Alberto G. Musalem, and Jeffrey R. Schmid, Presidents of the Federal Reserve Banks of Boston, St. Louis, and Kansas City, respectively
Joshua Gallin, Secretary
Matthew M. Luecke, Deputy Secretary
Michelle A. Smith, Assistant Secretary
Mark E. Van Der Weide, General Counsel
Richard Ostrander, Deputy General Counsel
Trevor A. Reeve, Economist
Stacey Tevlin, Economist
Beth Anne Wilson, Economist
Stephanie R. Aaronson, Shaghil Ahmed, Brian M. Doyle, Eric M. Engen, Michael T. Kiley, Elizabeth Klee, Edward S. Knotek II, Karel Mertens, Andrea Raffo, and Donald Keith Sill, Associate Economists
Roberto Perli, Manager, System Open Market Account
Julie Ann Remache, Deputy Manager, System Open Market Account
Jose Acosta, Senior System Engineer II, Division of Information Technology, Board
Isaiah C. Ahn, Information Management Analyst, Division of Monetary Affairs, Board
Alyssa Arute, 2 Assistant Director, Division of Reserve Bank Operations and Payment Systems, Board
Gadi Barlevy, Executive Vice President, Federal Reserve Bank of Chicago
William F. Bassett, Senior Associate Director, Division of Financial Stability, Board
Kimberly N. Bayard, Section Chief, Division of Research and Statistics, Board
Michele Cavallo, Special Adviser to the Board, Division of Board Members, Board
Lisa Chung, 2 Head of Domestic and International Markets, Federal Reserve Bank of New York
Andrew Cohen, 3 Special Adviser to the Board, Division of Board Members, Board
Francisco Covas, Deputy Director, Division of Supervision and Regulation, Board
Ryan A. Decker, Special Adviser to the Board, Division of Board Members, Board
Cynthia L. Doniger, 4 Principal Economist, Division of Monetary Affairs, Board
Burcu Duygan-Bump, Deputy Director, Division of Research and Statistics, Board
Eric C. Engstrom, Special Adviser to the Chairman, Division of Board Members, Board
Giovanni Favara, Associate Director, Division of Monetary Affairs, Board
Laura J. Feiveson, 4 Special Adviser to the Board, Division of Board Members, Board
Andrew Figura, Senior Associate Director, Division of Research and Statistics, Board
Jenn Gallagher, Assistant to the Board, Division of Board Members, Board
Carlos Garriga, Senior Vice President, Federal Reserve Bank of St. Louis
Joseph W. Gruber, Executive Vice President, Federal Reserve Bank of Kansas City
Daniel L. Heil, Assistant to the Chairman (Special Projects), Division of Board Members, Board
Erik Heitfield, Deputy Associate Director, Division of Research and Statistics, Board
Valerie S. Hinojosa, Assistant Director, Division of Monetary Affairs, Board
Jane E. Ihrig, Special Adviser to the Board, Division of Board Members, Board
Margaret M. Jacobson, Senior Economist, Division of Monetary Affairs, Board
Benjamin K. Johannsen, Deputy Associate Director, Division of Monetary Affairs, Board
Anna R. Kovner, Executive Vice President, Federal Reserve Bank of Richmond
Spencer D. Krane, Senior Vice President, Federal Reserve Bank of Chicago
Sylvain Leduc, Executive Vice President and Director of Economic Research, Federal Reserve Bank of San Francisco
Andreas Lehnert, Director, Division of Financial Stability, Board
Paul Lengermann, Deputy Associate Director, Division of Research and Statistics, Board
Eric LeSueur, 2 Policy and Market Analysis Advisor, Federal Reserve Bank of New York
Logan T. Lewis, Assistant Director, Division of International Finance, Board
Laura Lipscomb, Special Adviser to the Board, Division of Board Members, Board
Francesca Loria, Principal Economist, Division of Monetary Affairs, Board
Byron Lutz, Deputy Associate Director, Division of Research and Statistics, Board
Jonathan P. McCarthy, Economic Research Advisor, Federal Reserve Bank of New York
John P. McConnell, Assistant to the Chairman (Speechwriting), Division of Board Members, Board
Benjamin W. McDonough, Secretary of the Board, Office of the Secretary, Board
David Newville, Director, Division of Consumer and Community Affairs, Board
Anna Nordstrom, Head of Markets, Federal Reserve Bank of New York
Alyssa T. O'Connor, Special Adviser to the Board, Division of Board Members, Board
Karen A. Pennell, First Vice President, Federal Reserve Bank of Boston
Eugenio P. Pinto, Special Adviser to the Board, Division of Board Members, Board
Odelle Quisumbing, 2 Assistant to the Secretary, Office of the Secretary, Board
Nellisha D. Ramdass, Deputy Director, Division of Monetary Affairs, Board
Romina D. Ruprecht, Senior Economist, Division of Monetary Affairs, Board
Zeynep Senyuz, Special Adviser to the Board, Division of Board Members, Board
Hiroatsu Tanaka, Principal Economist, Division of Monetary Affairs, Board
Mary H. Tian, Group Manager, Division of Monetary Affairs, Board
Jeffrey D. Walker, 2 Senior Associate Director, Division of Reserve Bank Operations and Payment Systems, Board
Jonathan Willis, Vice President, Federal Reserve Bank of Atlanta
Paul Winfree, Assistant to the Chairman (Special Projects), Division of Board Members, Board
Emre Yoldas, Deputy Associate Director, Division of International Finance, Board
Egon Zakrajšek, Executive Vice President, Federal Reserve Bank of Boston
_______________________
Joshua Gallin
Secretary
1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes; the Board of Governors of the Federal Reserve System is referenced as the "Board" in these minutes. Return to text
2. Attended through the discussion of developments in financial markets and open market operations. Return to text
3. Attended Wednesday's session only. Return to text
4. Attended Tuesday's session only. Return to text
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Last Update:
July 08, 2026
美国更新俄制裁豁免规则
重要性3/5 监管更新
官方来源且发布时间接近日报日，但正文只披露文件发布与标题级信息，缺乏对具体资产的直接传导证据。
中文摘要
核心结论
美国财政部海外资产控制办公室 OFAC（美国财政部海外资产控制办公室）于 07/08（未给出具体时刻）发布修订后的俄罗斯相关通用许可证 13R，并同步更新常见问答 999 与 1118。已披露材料只说明该许可证授权处理受第 14024 号行政令第 4 号指令限制的部分行政事务，未提供适用主体、交易范围或市场影响细节。
重要性评级
评级：3/5（监管更新）
这是美国官方发布的近期制裁合规文件，适合全球宏观与跨境风险背景阅读；原文篇幅很短，无法据此判断对具体公司、商品或金融机构的实际影响。
关键事实
- 发布机构为 OFAC（美国财政部海外资产控制办公室），发布日期为 07/08（未给出具体时刻）。
- 文件名称为俄罗斯相关通用许可证 13R。
- 13R 的标题指向第 14024 号行政令第 4 号指令所禁止的部分行政交易。
- OFAC 同时修订俄罗斯相关常见问答 999 和 1118。
- 已提取正文未列出许可期限、适用交易对手、豁免金额或执行案例。
作者观点与证据
这是监管机构公告，没有作者的市场立场。证据仅来自 OFAC 对许可证名称、授权主题及关联问答修订的正式说明；许可证全文与问答具体修订内容未包含在输入材料中。
与相关标的的关系
相关标的标记为 GLOBAL（全球市场）。该事项可能影响受美国制裁合规约束的跨境结算、行政处理和俄罗斯相关业务，但输入材料没有建立与任何上市公司、加密资产或行业价格的直接联系。
时效性与限制
文件发布于 07/08（未给出具体时刻），抓取时间为美东时间 07/09 23:37（UTC+8 07/10 11:37）。适合记录监管状态变化；缺少许可证全文、FAQ 修订前后文本和受影响实体清单，不能延伸为具体经济后果。
后续跟踪
- 13R 全文中的授权范围、期限与条件。
- FAQ 999 和 1118 的修订差异。
- OFAC 后续制裁名单或执法公告。
- 受制裁合规影响较大的跨境金融与大宗商品业务披露。
英文原文
Issuance of Amended Russia-related General License and Frequently Asked Questions
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Issuance of Amended Russia-related General License and Frequently Asked Questions
Release Date
07/08/2026
Recent Actions Body
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 13R , "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024."
Additionally, OFAC is amending two associated, Russia-related Frequently Asked Questions, FAQs 999 and 1118 .
康托尔参与稀土交易受查
重要性3/5 中
USAR直接相关且涉及政府投资融资安排，但正文极短、可核验事实有限，阅读价值主要在于识别待补证的合规事件。
中文摘要
核心结论
《华尔街日报》报道称，民主党议员调查商务部长卢特尼克可能与Cantor Fitzgerald（康托尔·菲茨杰拉德金融服务公司）参与USAR私募融资安排的关联。现有归档正文仅确认该机构曾协助USAR筹集与美国政府投资有关的私募资金，无法据此判断是否存在利益冲突或违法行为。
重要性评级
评级：3/5（中）
文章发表于美东时间 07/07 17:46（UTC+8 07/08 05:46），直接涉及USAR及其政府投资融资链条；但归档正文只有一句事实描述，缺少议员函件、交易条款和各方回应，证据不完整。
关键事实
- 报道主题为民主党议员调查卢特尼克与Cantor Fitzgerald可能存在的交易关联。
- 归档正文称，该金融服务机构此前由商务部长卢特尼克领导。
- 归档正文称，该机构协助USAR筹集与美国政府投资有关的私募资金。
- 输入元数据将USAR列为唯一相关标的。
- 原文未披露私募融资金额、具体日期、康托尔·菲茨杰拉德的职责范围、调查函件内容或公司回应。
作者观点与证据
原文可见部分仅陈述调查主题和融资关联，没有展示作者的完整论证。调查本身属于待核实的监管与政治风险线索，不能替代对利益冲突、违规行为或交易结果的事实认定。
与相关标的的关系
USAR直接相关：报道所述私募融资与美国政府投资有关。由于正文未披露融资条款、政府投资结构或调查进展，当前只能确认其处于政治与合规审查话题中。
时效性与限制
发布时间为美东时间 07/07 17:46（UTC+8 07/08 05:46），距日报约两日。归档内容明显不完整，无法核验调查范围、消息来源和相关方答复；引用时应保留“可能关联”和“调查中”的限定。
后续跟踪
- 议员公开信、调查请求和文件提交期限。
- USAR、商务部与康托尔·菲茨杰拉德的正式回应。
- 与政府投资有关的私募融资金额、费用和交易角色披露。
- 是否出现监管调查、听证会或新的事实材料。
英文原文
Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal
Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal
Democratic Lawmakers Probe Lutnick’s Possible Ties to Cantor Fitzgerald Deal · The Wall Street Journal · Jonathan Ernst/Reuters
Ben Glickman
Wed, July 8, 2026 at 5:46 AM GMT+8 2 min read
- USAR
+2.28%
The firm, previously led by the commerce secretary, helped USA Rare Earth raise private funds in connection with the U.S. government’s investment.
Continue Reading
AI眼镜平台切入光学整合
重要性2/5 中低
与 GFS 存在直接合作线索，但缺乏量产、合同和财务证据，且报道时效已下降。
中文摘要
核心结论
应用材料 AMAT（半导体设备与材料工程公司）推出 SENZ（环境视觉整合平台），把波导、光引擎、视力矫正和电子调光整合进智能眼镜参考方案。文章将其视为 AMAT 拓展人工智能硬件相关市场的尝试；近期收入贡献、客户导入和量产规模尚未披露。
重要性评级
评级：2/5（中低）
信息涉及相关标的 GFS（格芯）与 AMAT，但新闻源主要复述产品发布和叙事性分析，缺少订单、收入及量产数据；对当日日报可作产业链背景补充。
关键事实
- AMAT 于美东时间 07/07 15:20（UTC+8 07/08 03:20）发布相关报道，文中称其已推出 SENZ 平台。
- 平台集成波导光学、光引擎、视力矫正及电子调光，目标是减少智能眼镜开发中多供应链协同的工程摩擦。
- AMAT 与 GFS（格芯）合作推进大规模波导制造，并与 Qualcomm Technologies（高通技术公司）及 EssilorLuxottica（依视路陆逊梯卡）合作推动智能光学系统商业化。
- 文章称 AMAT 股价为 592.79 美元，并列出年初至今上涨 120.5%、过去一年上涨 213.0%、过去一个月上涨 30.9%、过去一周下跌 14.7%；未说明这些回报数据的精确截点和计算方法。
- 文中将 SENZ 与 AMAT 近期的动态随机存取存储器及先进封装设备发布并列，指向其在晶圆厂设备以外寻找人工智能需求。
作者观点与证据
作者认为，预整合架构和多方合作有机会缩短智能眼镜项目开发周期，并使 AMAT 进入光学与显示环节。支撑材料主要是产品功能介绍、合作方名单和历史股价回报；没有提供客户采购承诺、试点规模、定价、产能或财务指引。文章末尾也声明内容基于历史数据和分析师预测，不构成投资建议。
与相关标的的关系
- GFS：格芯被列为大规模波导制造合作方，若合作进入量产，可能增加其在智能光学供应链的曝光度；现阶段没有合同金额、产能分配或收入确认信息。
- AMAT：产品发布反映其向智能光学和可穿戴设备延伸的研发与合作布局，能否影响收入结构取决于设计导入和后续订单。
- EL.PA：依视路陆逊梯卡参与商业化合作，但文章未披露具体产品计划或销售安排。
时效性与限制
报道发布时间为美东时间 07/07 15:20（UTC+8 07/08 03:20），截至美东时间 07/09 23:05（UTC+8 07/10 11:05）采集时已超过两日。适合引用为产品与合作事实；来源为 Simply Wall St，正文含平台推广和估值叙事，且未附原始公告链接、商业条款或财务数据。
后续跟踪
- GFS、Qualcomm Technologies 与 EssilorLuxottica 是否披露试点、设计导入或量产时间表。
- AMAT 财报和电话会是否单列 SENZ、智能光学相关订单或研发投入。
- 智能眼镜客户是否公布采用该参考设计的产品与出货计划。
英文原文
Applied Materials (AMAT) Unveils SENZ To Speed AI Smart Glasses Development
Applied Materials (AMAT) Unveils SENZ To Speed AI Smart Glasses Development
Bailey Pemberton
Wed, July 8, 2026 at 3:20 AM GMT+8 4 min read
- AMAT +3.18%
- GFS +2.56%
- EL.PA +1.36%
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.
- Applied Materials (NasdaqGS:AMAT) has introduced its SENZ integrated ambient visual platform for AI-powered smart glasses.
- The company is working with GlobalFoundries, Qualcomm Technologies, and EssilorLuxottica to help move intelligent optical systems toward broader commercialization.
- The platform combines waveguide optics, light engines, vision correction, and electronic dimming into a single integrated system.
Applied Materials enters this new product launch with its stock at $592.79 and very large 3 year and 5 year returns relative to the starting point. The company has also seen returns of 120.5% year to date and 213.0% over the past year, with a move of 30.9% over the past month and a decline of 14.7% over the past week.
For investors tracking NasdaqGS:AMAT, SENZ reflects an effort to participate more directly in AI-enabled wearables and smart optics alongside its core semiconductor equipment business. The collaborations around smart glasses and intelligent optics could influence how Applied Materials is involved in consumer and industrial devices that rely on integrated optics and computing.
Stay updated on the most important news stories for Applied Materials by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Applied Materials.
NasdaqGS:AMAT Earnings & Revenue Growth as at Jul 2026 📰 Beyond the headline: 1 risk and 4 things going right for Applied Materials that every investor should see.
For Applied Materials, SENZ pushes the company further along the AI hardware stack by targeting the optics and display layer of AI-powered wearables rather than just the chips inside data centers. By bundling waveguides, light engines, vision correction, and dimming in one platform, Applied Materials is trying to remove integration pain points that have slowed smart-glasses projects in the past. The partnerships with GlobalFoundries, Qualcomm Technologies, and EssilorLuxottica also signal that Applied Materials is not trying to build a consumer product itself, but instead position as an enabling supplier to both chipmakers and eyewear brands. For you as an investor, this sits alongside the recent DRAM and advanced-packaging tool launches, showing Applied Materials looking for AI-related demand in several adjacent markets, not only wafer fab equipment. The near term financial impact of SENZ is unclear, but the move may help diversify Applied Materials' AI exposure beyond a single category of equipment orders.
Story Continues
How This Fits Into The Applied Materials Narrative
- The SENZ platform aligns with the narrative that Applied Materials is working closely with customers at major technology transitions, in this case extending collaboration from fabs and packaging into AI-powered wearables that rely on integrated optics.
- By stepping closer to end-user devices like smart glasses, Applied Materials adds another area where execution, customer adoption timing, and R&D payback need to line up, which could complicate the simple AI wafer fab supercycle story highlighted in the narrative.
- The current narrative focuses heavily on fabs, advanced packaging, and regional manufacturing incentives, while SENZ introduces a consumer and industrial optics angle that may not be fully reflected in how investors think about Applied Materials' long-term revenue mix.
Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Applied Materials to help decide what it's worth to you.
The Risks and Rewards Investors Should Consider
- ⚠️ Smart-glasses and AR devices have a mixed commercial history, so SENZ exposes Applied Materials to a product category where demand visibility and volume ramps have been uncertain in previous cycles.
- ⚠️ Expanding into intelligent optical systems adds another front for competition from display, optics, and consumer-device suppliers, which comes on top of the existing risks analysts already highlight around customer concentration and geopolitical tension.
- 🎁 If SENZ shortens development timelines and simplifies supply chains, Applied Materials could become a preferred supplier for brands and chipmakers trying to bring AI-powered wearables to market more efficiently.
- 🎁 The collaborations with GlobalFoundries, Qualcomm Technologies, and EssilorLuxottica indicate Applied Materials is plugged into key parts of the AI and wearables ecosystem, which can help it spot opportunities earlier and potentially win follow-on business in chips, packaging, and services.
What To Watch Going Forward
After this SENZ launch, investors may want to watch for design wins or pilot programs with major consumer or enterprise smart-glasses projects, any commentary from Qualcomm Technologies and GlobalFoundries on how SENZ affects their roadmaps, and whether EssilorLuxottica references the platform in its own product plans. It is also worth tracking how often SENZ and intelligent optical systems show up in Applied Materials' earnings calls alongside its DRAM and advanced-packaging tools, because that can help you judge whether this becomes a meaningful part of the broader AI opportunity or remains a smaller, complementary effort.
To ensure you're always in the loop on how the latest news impacts the investment narrative for Applied Materials, head to the community page for Applied Materials to never miss an update on the top community narratives.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AMAT .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
三星财报落差放大芯片杠杆回撤
重要性3/5 中
与SOXL及美国半导体股直接相关，事件较新；但论证以盘中市场叙事为主，缺少量化验证。
中文摘要
核心结论
文章将 SOXL（Direxion每日半导体牛市3倍ETF）的单日大跌归因于三星电子财报后引发的半导体风险重估：三星业绩强劲，却未达到市场已抬高的预期，股价下跌7%，连带英伟达、美光和英特尔等 SOXL 重仓股走弱；3倍日内杠杆将板块跌幅放大为约14%的损失。
重要性评级
评级：3/5（中）
SOXL 直接相关，且事件发生在07/07交易时段；但文章主要是盘中叙事，未给出 SOXL 成分股同步跌幅、资金流或完整持仓权重证据。
关键事实
- 美东时间 07/07 13:45（UTC+8 07/08 01:45），纳斯达克综合指数下跌0.65%，文章称 SOXL 当日下午下跌14%。
- 三星电子披露2026年第二季度业绩后，销售额环比增长28%、同比超过一倍，营业利润升至584亿美元。
- 尽管业绩超过分析师预测，三星股价当日下跌7%；作者将落差描述为市场预期高于已披露业绩。
- 文中提到内存价格仍在上涨，三星利润继续增长。
- 三星不是 SOXL 成分股；作者称市场情绪随后波及该基金前十大持仓中的英伟达、Micron（美光）和 Intel（英特尔）。
- SOXL 的目标是放大半导体股票日内价格波动约3倍，因此同一方向的下跌会被显著放大。
作者观点与证据
作者的叙事是：三星未能满足投资者的更高预期，触发获利了结并扩散至美国半导体股。支持材料为三星业绩、三星当日跌幅、纳斯达克与 SOXL 的盘中表现；文章没有提供三星与 SOXL 成分股之间的成交、持仓变动或量化因果证据，因果链应视为市场解读。
与相关标的的关系
- SOXL：直接标的，日内3倍杠杆使半导体板块回撤被放大。
- NVDA（英伟达）：文中列为 SOXL 前十大持仓之一，属于情绪扩散涉及的美国芯片股。
- 005930.KS（三星电子）：虽不在 SOXL 内，财报与股价反应构成文章讨论的起点。
时效性与限制
文章发表于美东时间 07/07 14:23（UTC+8 07/08 02:23），距07/10日报已有两日以上。原文来自 Motley Fool（投资媒体），含推广内容；业绩金额、盘中价格和成分股影响需以公司披露、基金文件与市场数据复核。
后续跟踪
- 三星后续业绩指引及内存价格数据。
- 英伟达、美光、英特尔在该事件后的实际价格与成交表现。
- SOXL 单日杠杆结果与其底层指数跌幅的偏离程度。
- 半导体板块对高预期财报的连续反应。
英文原文
Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed
Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed
Rich Smith, The Motley Fool
Wed, July 8, 2026 at 2:23 AM GMT+8 3 min read
- ^IXIC
+1.30%
- 005930.KS
+4.50%
- SOXL
+10.08%
- NVDA
-0.66%
It's Tuesday, 1:45 p.m., and do you know where the Nasdaq is?
It's down 0.65% -- but that's not a patch on the damage being done today to the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL), which crashed 14% this afternoon.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
And Samsung is to blame.
Image source: Getty Images.
Korea sends the semi market South
South Korean technology giant Samsung reported Q2 2026 earnings last night. Sales climbed 28% sequentially and more than doubled year over year. Operating profit surged many times over, to $58.4 billion.
And yet Samsung stock sold off 7% today. Why?
Korea's semiconductor giant beat analyst forecasts, but in a quirk of this artificial intelligence-fueled stock market, Samsung failed to beat investor expectations, which were for even higher numbers. This triggered a "buy the rumor, sell the news" phenomenon, with investors selling Samsung despite its good news, including confirmation that computer memory prices are still rising and that its profits are continuing to climb.
3x the risk, 3x the pain
So how did this affect the Direxion Daily Semiconductor Bull 3X ETF? Well, the first thing you need to know is that Samsung isn't a component of this ETF, so logically, Samsung's 7% price decline shouldn't have affected it much at all.
And yet it did.
Worries over Samsung's failure to wow the market sparked a sell-off among other semiconductor stocks that are components of the ETF -- names like Nvidia (NASDAQ: NVDA), Micron (NASDAQ: MU), and Intel (NASDAQ: INTC), all of which are among the ETF's top 10 holdings.
Worse, Direxion's strategy of magnifying stock price movements 3x meant the Daily Semiconductor Bull 3X ETF suffered far greater losses than its components.
And that's how a 7% sell-off in one stock in Korea created a 14% loss here in the U.S. of A.
Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?
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Story Continues
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $409,970 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,200,223 !
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy .
Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed was originally published by The Motley Fool
科希伦特盈利预期上修
重要性3/5 中
为 COHR 提供了量化盈利预期和历史业绩记录，但文章主体并非 COHR，且证据主要来自单一研究机构。
中文摘要
核心结论
扎克斯在讨论 PAYX（Paychex，薪酬与人力资源服务商）时，将 COHR（Coherent，光通信与材料企业）列为其评级更高的关注标的：其预计 2026、2027 财年盈利分别增长 55%和 51.04%，过去四季均超预期，平均超预期幅度 6.20%。这些数字来自研究机构预测与历史业绩统计，尚非公司新披露。
重要性评级
评级：3/5（中）
文章对 COHR 给出明确的盈利增长预期和连续超预期记录，但它的主体是 PAYX，COHR 内容为文末延伸推荐，且来源具有评级产品的营销属性。
关键事实
- 文章发布于美东时间 07/07 13:34（UTC+8 07/08 01:34）。
- PAYX 过去三个月上涨 17.2%，同期行业上涨 5.7%，标普 500 指数上涨 10.6%。
- PAYX 预计 2027 财年第一季度盈利同比增长 9.02%；2027、2028 财年盈利预计增长 8.17%和 6.6%，收入预计增长 5.4%和 5.6%。
- PAYX 的小企业就业指数在 2026年6月连续第四个月上升，达到 2025年8月以来最高；时薪增速低于 3%。
- PAYX 推出 WISE AI（智能工作流平台），文章称其工作流中已有逾 500 项人工智能能力与代理。
- COHR 获扎克斯评级（Zacks Rank）1级；文章预计其 2026、2027 财年盈利增长 55%和 51.04%。
- COHR 过去四个季度均超过一致预期，平均超预期幅度 6.20%。
- 文中同时提示 PAYX 面临同业竞争和数据安全风险，并提及其 2024年3月曾发生个人信息未授权披露事件。
作者观点与证据
作者对 PAYX 维持正面立场，依据为就业指数改善、人工智能产品扩展与盈利预测；对 COHR 的正面表述主要依托扎克斯内部评级、增长预测和过去四季业绩惊喜记录。未来盈利增速属于预测，人工智能能力数量也来自公司或研究机构叙述，需与财报及订单数据交叉验证。
与相关标的的关系
COHR 是本文对当日日报最直接的相关标的，信息集中于预测盈利增长和历史超预期记录。PAYX 是正文主角，与 COHR 没有业务联动证据；^GSPC（标普500指数）仅提供市场比较基准。
时效性与限制
发布时间为美东时间 07/07 13:34（UTC+8 07/08 01:34）。文章没有披露 COHR 预测的估值假设、收入拆分、客户订单或预测修订日期；扎克斯的评级和推荐语带有研究产品导流内容，不能替代公司披露。
后续跟踪
- COHR 下一次财报对收入、利润率与盈利指引的确认。
- 市场一致预期是否同步上修 2026、2027 财年盈利。
- 过去四季超预期后股价与估值变化。
- 光通信与材料业务的订单、客户需求和产能信息。
英文原文
Here
Here's Why You Should Retain Paychex Stock in Your Portfolio
Zacks Equity Research
Wed, July 8, 2026 at 1:34 AM GMT+8 3 min read
- PAYX
-0.30%
- ^GSPC
+0.81%
- COHR
+3.21%
Shares of Paychex, Inc. PAYX had a decent run over the past three months. The stock has risen 17.2% compared with the industry's 5.7% growth. The Zacks S&P 500 composite has gained 10.6% during the said time frame.
Zacks Investment Research
Image Source: Zacks Investment Research
The company's first-quarter fiscal 2027 earnings are expected to increase 9.02% year over year. PAYX's fiscal 2027 and 2028 earnings are projected to rise 8.17% and 6.6%, respectively. Revenues are expected to grow 5.4% in fiscal 2027 and 5.6% in fiscal 2028.
Factors That Bode Well for PAYX
Paychex Small Business Employment Watch highlights improving hiring momentum among U.S. businesses with fewer than 50 employees, as its jobs index rises for the fourth consecutive month in June 2026 to reach its highest level since August 2025. Broad-based job gains, led by the West region and the leisure and hospitality sector, signal strengthening labor demand, while hourly earnings growth below 3% suggests that wage pressures remain relatively contained.
The company's recognition by Newsweek as one of America's Most Trustworthy Companies and one of America's Greatest Workplaces underscores its strong reputation among customers, investors and employees. These honors, combined with the improving hiring momentum highlighted in the June Paychex Small Business Employment Watch, reinforce Paychex's position as a leading human capital management provider. The company's continued focus on ethical business practices, workplace culture and employee engagement further strengthens its standing as a trusted partner for U.S. businesses.
PAYX's launch of the WISE AI platform marks a significant step in expanding its human capital management capabilities through agentic artificial intelligence (AI). By embedding context-aware intelligence, autonomous AI agents, personalized assistants and expert advisory services across its Paychex Flex, Paycor and SurePayroll platforms, the company aims to automate routine HR tasks, improve workforce productivity and deliver more proactive, data-driven support for businesses of all sizes.
The company currently has more than 500 AI-powered capabilities and agents across its workflows, driving higher productivity and smarter outcomes. These generative AI tools help clients and HR professionals manage wage laws, compliance obligations, payroll processing and employee benefits decisions more efficiently.
PAYX: Risks to Watch
Paychex operates in a highly competitive human capital management industry, where it competes with both large, established firms and specialized providers, requiring continuous innovation while balancing cost efficiency, growth and profitability. At the same time, the company manages significant volumes of sensitive employee, customer and client personal and financial data, making it vulnerable to cybersecurity threats. The March 2024 data breach, which resulted in the unauthorized disclosure of personal information, highlights these risks. Similar incidents could undermine customer trust and weigh on investor sentiment.
Story Continues
Zacks Rank & Stocks to Consider
PAYX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors' consideration are Dave Inc. DAVE and Coherent Corp. COHR.
Dave currently sports a Zacks Rank of #1. The company has an expected earnings growth rate of 26.02% and 26% for 2026 and 2027, respectively.
DAVE has an encouraging earnings surprise history as it has surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 45.78%.
Coherent sports a Zacks Rank of #1. COHR has an expected earnings growth rate of 55% and 51.04% for fiscal 2026 and fiscal 2027, respectively.
The company has an encouraging earnings surprise history as it has topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average earnings surprise of 6.20%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Paychex, Inc. (PAYX) : Free Stock Analysis Report
Dave Inc. (DAVE) : Free Stock Analysis Report
Coherent Corp. (COHR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
PSI上涨背后的台积电缺席
重要性3/5 中
提供PSI持仓结构、收益与台积电缺席这一具体暴露差异，但关键纳入规则仍属推测且申报数据滞后。
中文摘要
核心结论
文章指出，PSI（Invesco半导体ETF）在2026年初至07/06上涨102.37%，持仓覆盖美国芯片设计、设备、内存与模拟公司，却没有台积电。作者推测其美国导向指数规则排除了以美国存托凭证交易的台湾发行人，使该基金对先进制程供给的敞口只能经客户和设备商间接体现。
重要性评级
评级：3/5（中）
PSI、TSM、NVDA、AMD 均有直接关联，且基金持仓与业绩数据较具体；但台积电被排除的原因是作者推测，未援引指数方法文件确认。
关键事实
- PSI 从2025/12/31至2026/07/06上涨102.37%，过去一年上涨158.54%，过去一个月上涨10.04%，此前一周下跌10.34%。
- 截至2026/04/30的 NPORT（美国基金持仓申报）显示，PSI 净资产约19.95亿美元、共33个头寸，其中30个为股票、3个为短期现金工具。
- 文章列示最大权重为 MaxLinear 7.98%、AMD 6.26%、Texas Instruments（德州仪器）4.97%、Broadcom（博通）4.84%、Micron（美光）4.67%。
- KLA 约4.39%、Lam Research（拉姆研究）3.99%、Applied Materials（应用材料）3.94%；NVDA（英伟达）权重3.91%。
- 该申报文件未列台积电；文章推测，美国导向指数将台湾台积电的美国存托凭证排除在可选范围外。
- 作者援引台积电首席执行官魏哲家指引：2026年全年营收增长超过30%；最近一季营收同比增长35.1%。文中称 TSM 年初至今上涨49.42%，过去一年上涨94.49%，市值2.34万亿美元。
作者观点与证据
作者认为，PSI 通过持有设计、设备和内存公司而跑赢台积电美国存托凭证，但也放弃了对先进代工定价权的直接暴露。持仓与收益数据来自基金申报和市场数据；“指数排除台积电”的具体规则没有被正式文件证实，且文中未展示与其他半导体基金的完整对照。
与相关标的的关系
- PSI：文章的直接研究对象，收益与风险主要来自美国设计、设备、内存和模拟芯片公司。
- TSM（台积电）：未被持有，先进制程供给影响只能通过 PSI 所持客户与设备商间接传导。
- AMD、NVDA：均为 PSI 持仓，分别占6.26%和3.91%，代表基金对美国芯片设计环节的敞口。
时效性与限制
文章发表于美东时间 07/07 13:20（UTC+8 07/08 01:20）。来源为24/7 Wall St.，正文夹有券商推广；权重基于04/30申报，不能替代07月实际持仓，费用率与正式基准表述在作者可得资料中也未披露。
后续跟踪
- PSI 指数方法与台积电美国存托凭证的纳入资格。
- 后续基金申报中的权重和净资产变化。
- 台积电收入指引与美国设计、设备公司业绩之间的差异。
- PSI 相对含台积电半导体基金的收益和回撤。
英文原文
Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor
Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor
Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor · 24/7 Wall St.
Michael Williams
Wed, July 8, 2026 at 1:20 AM GMT+8 5 min read
- 2330.TW
-2.03%
- NVDA
-0.66%
- AMD
+5.67%
- TSM
-0.00%
- PSI
+5.38%
Quick Read
- PSI has doubled in 2026 by owning chip designers like AMD and MaxLinear rather than their manufacturer, Taiwan Semiconductor.
- TSMC's ADR status bars it from PSI's US-focused index despite a $2.34 trillion market cap and a 49% gain in 2026.
- Nvidia holds just a 3.91% weight in PSI, spreading AI-driven gains across memory, analog, and equipment names rather than one mega-cap.
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The Invesco Semiconductors ETF ( NYSEARCA:PSI ) has roughly doubled this year, gaining 102.37% from December 31, 2025 through July 6, 2026. The surprise: the fund carries the word "semiconductors" in its name yet holds zero shares of Taiwan Semiconductor Manufacturing ( NYSE:TSM ), the world's largest dedicated independent (pure-play) semiconductor foundry and the company that actually fabricates chips for Nvidia, AMD, and Apple.
PSI owns the chip designers, but it does not own their manufacturer.
What PSI Is
PSI is an Invesco-issued ETF listed on NYSE Arca that tracks a US-focused semiconductor index. As of the fund's April 30, 2026 NPORT filing, net assets stood at roughly $1.995 billion across 33 positions. Expense ratio and formal benchmark language are not disclosed in the most recent prospectus data available.
What is clear is the shape of the portfolio: 30 equity positions plus three short-term cash vehicles, spanning chip design, wafer fabrication equipment, memory, analog, and packaging.
Why It's Up
The fund's run tracks the AI infrastructure buildout, and its top holdings are the direct beneficiaries. The largest position is MaxLinear at 7.98% of net assets, followed by Advanced Micro Devices at 6.26%, Texas Instruments at 4.97%, Broadcom at 4.84%, and Micron Technology at 4.67%.
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The semiconductor capital equipment names round out the top tier: KLA at 4.39%, Lam Research at 3.99%, and Applied Materials at 3.94%. Nvidia sits at 3.91%, a relatively modest weight given its dominance in AI accelerators. That flat-ish weighting has been an asset in 2026, spreading gains across memory, analog, and equipment names rather than concentrating them in a single mega-cap.
Over the past year, PSI is up 158.54%. Over the past month it added 10.04%. The trailing week has been rougher, with the fund down 10.34% as the sector cooled from recent highs.
Story Continues
The TSMC Absence
Taiwan Semiconductor is not in the portfolio. The April 30, 2026 NPORT-P filing lists all 33 positions, and TSM appears in none of them. The likely reason is index construction: PSI's underlying index screens toward US-domiciled operating companies, and Taiwan-based TSMC trades in the US only as an ADR, placing it outside that universe. Israel-domiciled Tower Semiconductor and Camtek show up in the fund, so the screen is not purely US-listed, but foreign ADRs of Taiwan-based issuers appear to be excluded.
The gap matters because TSMC is the counterparty behind the fund's biggest holdings. CEO C.C. Wei has guided to over 30% full-year 2026 revenue growth, and quarterly revenue grew 35.1% year over year in the most recent report. TSM itself is up 49.42% year to date and 94.49% over the past year, with a market cap of $2.34 trillion.
What The Exclusion Means
Broader semiconductor funds that include foreign issuers do hold TSMC, often as a top-three weight. PSI's US tilt has produced a stronger 2026 return than TSM's own ADR, largely because MaxLinear, AMD, and the wafer-equipment complex have run harder than the foundry stock. It also means PSI carries more concentrated exposure to US design cyclicals and equipment makers, and less exposure to the manufacturing bottleneck that ultimately gates the whole industry. If leading-edge foundry pricing power reasserts itself, PSI will feel it only indirectly through its equipment suppliers.
Retirement-focused investors weighing PSI should look past the year-to-date headline. The fund has doubled in six months and given back double digits in a single week. Past performance does not guarantee future results, and this is not investment advice.
The Takeaway
PSI is a concentrated bet on the US semiconductor ecosystem: designers, equipment, memory, and analog. It has delivered outsized 2026 returns by owning the customers of TSMC rather than TSMC itself. Whether that trade continues depends on whether US-listed chip names can keep outrunning the foundry that supplies them.
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Contact editorial@247wallst.com for any questions or corrections.
算力租约信用条件待定
重要性3/5 中
直接涉及 APLD 的板块波动，并提供同业合同信用风险案例；信息已有时序滞后，对 APLD 的传导仅为间接关联。
中文摘要
核心结论
24/7 Wall St. 报道 WULF 的 Anthropic 大型数据中心租约虽带动分析师上调目标价，却因投资级信用支持尚未最终确定而引发股价回落；IREN、APLD、CIFR 同步走弱。文章把 APLD 的下跌放在高波动、融资和执行风险突出的人工智能基础设施板块中，但没有报告 APLD 的新增基本面变化。
重要性评级
评级：3/5（中）
该文直接记录 APLD 与同业在 07/07 的下跌，并给出 WULF 合同信用条件这一板块风险案例；对 APLD 的传导关系为同业情绪，不能替代公司自身披露。
关键事实
- 文章发表于美东时间 07/07 12:54（UTC+8 07/08 00:54）。
- 文中称 WULF 盘中下跌 8% 至 20.41 美元，IREN 下跌 7% 至 40.97 美元，APLD 下跌 6% 至 31.56 美元，CIFR 下跌 4% 至 20.85 美元；同期纳斯达克 100 指数盘中下跌 1.5%。
- Rosenblatt 将 WULF 目标价由 27 美元上调至 30 美元，Needham 由 28 美元上调至 33 美元；KBW 维持 33 美元的跑赢大盘评级，Bernstein 维持 36 美元的跑赢大盘评级。
- WULF 与 Anthropic 的租约期限为 20 年、金额约 190 亿美元，覆盖肯塔基州 Hawesville 的 Justified Data 园区净 401 兆瓦，交付计划自 2027 年下半年开始，预计 2028 年初满负荷。
- 文中称该租约含两次各五年的续约选择权，并使 WULF 面向 Anthropic、Core42 和 Alphabet 旗下 Fluidstack 的人工智能订单簿达到 270 亿美元。
- 作者援引 KBW 的说法称，租约的投资级信用支持尚未定稿，取决于 Anthropic 约四个月内对硬件供应商的选择。
- WULF 同意以分期付款方式，将 Abernathy 合资项目 50.1% 股权出售给 Fluidstack 牵头的集团，交易金额为 5.3 亿美元。
- 文中称 APLD 年初至今仍上涨 29%，并将其与 IREN、CIFR 一并归为由比特币挖矿转向人工智能基础设施的高波动、尚未稳定盈利企业。
作者观点与证据
作者把卖压解释为“利好兑现”叠加风险偏好下降，并将未落定的信用支持、资产出售和短期缺乏催化列为 WULF 的主要悬念。租约金额、容量、交付时间和分析师目标价构成可核验事实；对 APLD 的影响主要建立在同业价格共振上，原文没有给出 APLD 客户、现金流、融资或合同条款的新信息。
与相关标的的关系
- APLD：文中记录其下跌 6% 至 31.56 美元，并将其归入矿业转人工智能算力基础设施的同业组；影响路径是板块情绪与风险偏好。
- WULF：文章的直接主体，其租约信用支持是否最终落实是最具体的后续事实变量。
- IREN、CIFR：与 APLD 同步下跌，反映该组别的高相关性，但不证明经营基本面相同。
- BTC-USD：文中称过去 24 小时涨幅不足 1%、报 63,845 美元，用以支持股价压力主要来自权益市场的说法。
- GOOG、NVDA：分别作为 Fluidstack 背后的 Alphabet 关联方及 IREN 合同/投资相关方出现，未报告对 APLD 的直接新增影响。
时效性与限制
发布时间为美东时间 07/07 12:54（UTC+8 07/08 00:54），属于 07/07 单日盘中报道，后续反弹已由同批次较新文章覆盖。来源为 24/7 Wall St.，带有市场评论和推广内容；合同信用支持、订单簿、股权出售及目标价应回查公司公告和券商原始报告。
后续跟踪
- Anthropic 的硬件供应商决定及 WULF 信用支持文件的最终状态。
- WULF 租约的交付节点、客户信用支持和收入确认条件。
- APLD 自身的订单、融资、现金流与建设进度，避免用同业行情替代公司事实。
- 人工智能基础设施同业对权益市场风险偏好的敏感度。
英文原文
TeraWulf Drops 8% Even as Analysts Raise Price Targets on $19B Anthropic Deal, IREN Falls 7%, Applied Digital Slides 6%
TeraWulf Drops 8% Even as Analysts Raise Price Targets on $19B Anthropic Deal, IREN Falls 7%, Applied Digital Slides 6%
David Moadel
Wed, July 8, 2026 at 12:54 AM GMT+8 4 min read
- CIFR
+6.45%
- APLD
+2.70%
- ^NDX
+1.62%
- IREN
-2.99%
- GOOG
-0.69%
Quick Read
- WULF fell 8% and IREN dropped 7% despite analysts lifting their TeraWulf stock price targets, as unfinalized credit support on the $19B Anthropic lease triggered selling.
- CIFR fell 4% in sympathy, while TeraWulf's AI orderbook hit $27 billion across multiple clients, including Google-backed Fluidstack and Anthropic.
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Shares of TeraWulf ( NASDAQ:WULF ) are down 8% to $20.41 in Tuesday's midday session, reversing yesterday's rally on the Anthropic mega-deal. The drop lands in a broad AI-infrastructure pullback, with the NASDAQ 100 down 1.5% intraday.
FellowNeko / Shutterstock.com The move gives back most of the July 6 pop but leaves TeraWulf stock still up 78% year to date (YTD). Peer names are trading in sympathy: IREN ( NASDAQ:IREN ) is down 7% to $40.97, Applied Digital ( NASDAQ:APLD ) is off 6% to $31.56, and Cipher Mining ( NASDAQ:CIFR ) is down 4% to $20.85.
Analyst Target Hikes Meet Sell-the-News
The irony of today's action is that multiple Wall Street desks raised targets on TeraWulf even as the stock fell. Rosenblatt lifted its target to $30 from $27 (Buy), Needham moved to $33 from $28 (Buy), KBW held Outperform at $33, and Bernstein reiterated Outperform at $36. The consensus analyst target price sits at $36.
The catalyst was TeraWulf's 20-year, $19 billion Anthropic data-center lease covering 401 megawatts net at the Justified Data campus in Hawesville, Kentucky, with two five-year renewal options and phased delivery starting in the second half of 2027, reaching full capacity by early 2028. The deal pushes TeraWulf's total AI orderbook to $27 billion across three clients (Anthropic, Core42, and Alphabet ( NASDAQ:GOOGL )-backed Fluidstack).
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So, why the selloff? KBW flagged that the investment-grade credit support for the lease isn't yet finalized (it hinges on Anthropic's choice of hardware vendor, expected within about four months), alongside the Abernathy stake sale and a perceived lack of near-term catalysts. TeraWulf also agreed to sell its 50.1% stake in the Abernathy joint venture to a Fluidstack-led group for $530 million in staged installments. Those overhangs, combined with a risk-off tape, gave traders reason to fade the rally.
AI-Miner Selloff Driven by Equity Risk-Off
Today's pain is an equity risk-off move. Bitcoin (CRYPTO:BTC) is essentially flat over the past 24 hours, up less than 1% to $63,845. The pressure is equity-driven, hitting the same AI-tech complex that dragged on chips, memory, and space names.
Story Continues
IREN, Applied Digital, and Cipher Mining are all Bitcoin miners pivoting into AI infrastructure, and each has its own hyperscaler contract book. IREN carries an $81 analyst target price, while Applied Digital shares still sit up 29% YTD and Cipher Mining shares are up 42% YTD. These are volatile, largely pre-profit names, and one session doesn't rewrite the long-term thesis around hyperscaler capex and power-constrained compute.
For investors weighing the group, the bull case rests on the analyst target hikes, TeraWulf's $19 billion Anthropic lease, and the broader validation of the miner-to-AI pivot. The bear case is the unfinalized credit support, execution risk into 2028, and betas well above the market. Modest position sizing fits the volatility profile here.
What to Watch
Traders can watch for whether WULF stock holds above $20 into the close, and whether IREN, APLD, and CIFR follow. The next concrete catalyst may be Anthropic's hardware-vendor decision, which could unlock the investment-grade credit wrap on the lease.
Beyond the WULF-specific setup, the price action in IREN, APLD, and CIFR will tell investors whether today is a coordinated group pullback or a name-specific reaction to TeraWulf's contract terms. Watch relative volume in the peers and any follow-on analyst notes on IREN, Applied Digital, and/or Cipher Mining.
Longer term, the miner-to-AI pivot thesis hinges on whether these operators can convert contracted megawatts into investment-grade cash flows. With hyperscaler capex running near $700 billion annually and power the binding constraint, the group retains structural tailwinds. Still, sessions like today are a reminder that execution risk and financing overhangs still matter alongside the headline contract wins.
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Contact editorial@247wallst.com for any questions or corrections.
存储芯片领跌进入熊市区间
重要性4/5 高
时效性较强，直接覆盖DRAM及其核心存储股，并量化了回撤扩散范围；基本面证据仍不完整。
中文摘要
核心结论
雅虎财经将美光、三星电子、SK海力士与 DRAM（Roundhill 存储芯片交易所交易基金）自近期收盘高点回落逾20%描述为存储芯片板块进入熊市区间。文章认为，卖压已从个别存储股扩散至半导体产业链，市场对人工智能存储供给紧张的耐心正在下降。
重要性评级
评级：4/5（高）
文章发布时间接近当前日报，直接覆盖 DRAM 及其核心持仓、半导体设备链和即将进行的 SK 海力士美国上市；但“熊市”判断主要依据价格回撤，缺少估值、订单与资金流的完整验证。
关键事实
- 美东时间 07/07 11:45（UTC+8 07/07 23:45）发布；美光（MU）、三星电子（005930.KS）、SK海力士（000660.KS）和 DRAM 均较近期收盘高点下跌超过20%。
- 作者称三星电子预估营业利润为590亿美元、销售额为1,130亿美元，但市场未因这一业绩预估转强。
- 按文中以盘中价格计算的口径，6月25日以来半导体股票篮子市值减少约1.5万亿美元；美光减少近3,500亿美元。
- 闪迪（SNDK）、英特尔（INTC）、应用材料（AMAT）和泛林集团（LRCX）各自市值减少超过1,000亿美元。
- 文中称25只半导体股票自6月25日以来下跌至少20%，包括西部数据、希捷、泰瑞达、安森美与格罗方德。
- 费城半导体指数（SOX）相对周一收盘仍需再跌约9%才达到同一回撤阈值。
- SK海力士计划于周五进行美国上市，文章将其视为市场情绪的后续检验点。
作者观点与证据
作者的立场偏谨慎，重点是领涨存储股回撤的持续时间和扩散范围。市值变化、回撤幅度和三星业绩预估构成主要证据；“市场耐心下降”与上市检验的含义属于作者解读，文中未提供订单、价格、库存或机构资金流数据加以交叉验证。
与相关标的的关系
DRAM 对SK海力士、三星电子和美光的存储芯片敞口较直接，文章所述回撤直接对应其主题风险。MU、SNDK、INTC、AMAT、LRCX 反映存储、设备和更广泛半导体链条的同步压力；SOX 尚未进入同等回撤区间，显示压力目前在存储主线更集中。
时效性与限制
发布时间为美东时间 07/07 11:45（UTC+8 07/07 23:45），适合用作当日存储芯片情绪与价格回撤的新闻输入。原文使用短期盘中市值估算，未列出完整成分股、估值与基本面数据；归档文本仅供受控的站内私有阅读。
后续跟踪
- SK海力士美国上市的定价、认购与首日交易表现。
- DRAM、MU、005930.KS 与 000660.KS 相对近期高点的回撤是否继续扩大。
- 半导体设备股与 SOX 的回撤是否追上存储股。
- HBM（高带宽存储）订单、报价、库存与资本开支的后续披露。
英文原文
Micron, Samsung, SK Hynix just dragged memory stocks into a bear market
Micron, Samsung, SK Hynix just dragged memory stocks into a bear market
Jared Blikre
Tue, July 7, 2026 at 11:45 PM GMT+8 2 min read
- MU
+4.52%
- 005930.KS
+4.31%
- 000660.KS
+1.05%
- DRAM
+3.74%
- SNDK
+7.59%
The AI memory trade finally cracked.
Micron ( MU ), Samsung ( 005930.KS ), SK Hynix ( 000660.KS ), and the Roundhill Memory ETF ( DRAM ) are all down more than 20% from recent closing highs, turning one of 2026's hottest trades into a bear market just as Samsung's record profit failed to impress investors.
Samsung did not miss on earnings. Its estimates for operating profit of $59 billion and sales of $113 billion were monster numbers, which is what makes the sell-off more telling.
The damage is no longer contained to a few memory names.
Semiconductor stocks in Yahoo Finance's basket have lost roughly $1.5 trillion in market value since June 25, based on Tuesday's intraday prices. Micron alone is down nearly $350 billion over that stretch. Sandisk ( SNDK ), Intel ( INTC ), Applied Materials ( AMAT ), and Lam Research ( LRCX ) have each lost more than $100 billion.
Semiconductors heat map — since June 25, 2026 (7 trading days) · Yahoo Finance The sell-off has also broadened. Twenty-five semiconductor names in the group are down at least 20% since June 25, including Western Digital ( WDC ), Seagate ( STX ), Teradyne ( TER ), ON Semiconductor ( ON ), and GlobalFoundries ( GFS ).
The bigger chip basket is not there yet. The PHLX Semiconductor Index ( ^SOX ) would need to fall another 9% from Monday's close to enter a bear market, making the memory stock break the sharper stress point for now.
The difference this time is follow-through. Earlier memory and chip stock dips since the late-March market low were bought quickly. This one has gone further, lasted longer, and pushed the leaders through the bear-market line.
That does not mean the AI memory trade is dead. The group is still sitting on a median gain of nearly 60% since late March and has added nearly $5 trillion in market value over that stretch.
But it does mean the bar has changed.
Friday's planned SK Hynix US listing now arrives as a test of sentiment, not just a victory lap. It echoes the question around SpaceX fever testing the chip trade — whether a hot-theme listing validates the boom or marks the moment investors start wondering how much good news is already priced in.
The memory shortage may still be real. The market's patience is not.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
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USAR政府交易面临利益冲突审查
重要性4/5 高
交易规模、政府10%持股和议员书面调查均直接关联USAR，且彭博社提供的可核对细节较完整；结论仍受各方未回应和未有裁决限制。
中文摘要
核心结论
彭博社报道称，民主党议员质询USAR与商务部达成的16亿美元资金和贷款安排，是否使曾由商务部长霍华德·卢特尼克领导的Cantor Fitzgerald（康托尔·菲茨杰拉德金融服务公司）及其家人受益。该事件已形成具体的议员调查和书面质询，但原文未给出任何机构对利益冲突或违法的认定。
重要性评级
评级：4/5（高）
文章发表于美东时间 07/07 11:13（UTC+8 07/07 23:13），直接涉及USAR的政府资金、10%政府持股和融资中介安排。报道给出交易规模、议员联名信和被要求披露的事项，事实密度高于同批短讯。
关键事实
- 民主党议员调查USAR涉及的16亿美元资金与贷款交易，质疑该安排是否让康托尔·菲茨杰拉德受益。
- 该公司此前由商务部长霍华德·卢特尼克领导，现由其两名成年儿子经营；原文称该机构在交易中担任配售代理。
- 参议员伊丽莎白·沃伦等人在7月6日致康托尔·菲茨杰拉德董事长布兰登·卢特尼克的信中，要求披露与商务部代表的会面及其他事项。
- 交易最初于1月公布，商务部向总部位于俄克拉何马州斯蒂尔沃特的USAR提供资金和贷款，特朗普政府同意取得该公司10%直接股权。
- 联名信称该安排引发联邦利益冲突和贿赂法风险问题；这是议员的指控和调查理由，并非司法或监管结论。
- 原文称USAR在获得1月政府支持后，收购巴西稀土矿，并取得英国和法国加工业务的股权或所有权。
- 截至报道发布，康托尔·菲茨杰拉德、商务部和USAR均未立即回应置评请求。
作者观点与证据
报道将焦点放在政府投资、配售代理角色与部长既往职业关联的潜在冲突。证据主要是议员信件、已公布交易条款和公司后续收购；关于部长是否参与促成交易、家族是否实际获益及是否触法，仍缺少回复、调查材料或裁决。
与相关标的的关系
USAR直接相关：政府资金、贷款和10%直接持股构成其资本与扩张安排的一部分，议员要求公司首席执行官芭芭拉·汉普顿回应。事件影响路径在于融资与政府关系的信息披露和审查，不涉及已确认的经营许可、资产归属或项目停摆。
时效性与限制
发布时间为美东时间 07/07 11:13（UTC+8 07/07 23:13），距日报约两日。该文适合记录具体审查事件，但来源是议员质询和公开交易背景；未获得三方即时回应，也没有监管机构启动执法或法院结论的证据。
后续跟踪
- 康托尔·菲茨杰拉德、商务部和USAR对议员信件的回应。
- 16亿美元资金和贷款的拨付条件、配售费用及10%持股协议披露。
- 国会调查是否进入听证、文件调取或跨党派审查阶段。
- USAR巴西矿山及英法加工资产收购的融资来源和整合进度。
英文原文
Democrats Probe Cantor Fitzgerald Ties in USA Rare Earth Deal
Democrats Probe Cantor Fitzgerald Ties in USA Rare Earth Deal
Ari Natter
Tue, July 7, 2026 at 11:13 PM GMT+8 2 min read
- USAR
+2.28%
(Bloomberg) -- Democratic lawmakers are investigating whether a $1.6 billion deal involving critical minerals company USA Rare Earth Inc. created a conflict of interest by benefiting Cantor Fitzgerald, the financial services firm formerly led by Commerce Secretary Howard Lutnick.
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The deal, which was finalized last month, likely benefited two of Lutnick's adult sons, who now operate the firm, which acted as a placement agent for the deal, according to the letter, which was sent to Cantor Fitzgerald Chairman Brandon Lutnick.
"It is imperative your company provide complete transparency about the substantive conflict of interest concerns raised by the circumstances of this investment," the letter said, which was dated July 6 and led by Senator Elizabeth Warren, a Massachusetts Democrat. "Secretary Lutnick appears to have played a part in facilitating USAR's deal with Commerce."
Under terms of the deal first announced in January, the Commerce Department offered funding and loans to the Stillwater, Oklahoma-based company and the Trump administration agreed to take a direct 10% stake in the organization, according to the letter.
The lawmakers added the terms of the deal "raise serious questions about Secretary Lutnick's exposure to federal conflicts of interest and bribery laws."
USA Rare Earth has transformed from a relatively small player in the Western critical minerals industry into a multibillion-dollar acquirer. Little more than a year ago, its market value resembled that of junior exploration companies. After appointing a new chief executive and meeting with Lutnick and other Trump administration officials, it secured a government pledge in January. Since then, it has bought a rare earth mine in Brazil and acquired stakes in, or outright ownership of, processing businesses in the UK and France.
The letter, which was also signed by Democrats Senator Ron Wyden of Oregon, Senator Chris Van Hollen of Maryland and California Representative Zoe Lofgren, seeks details about meetings Cantor Fitzgerald may have had with Commerce Department representatives and other matters. The lawmakers also sent a letter to USA Rare Earth's Chief Executive Officer Barbara Humpton.
Story Continues
Cantor Fitzgerald and the Commerce Department and USA Rare Earths didn't immediately respond to a request for comment.
--With assistance from Joe Deaux.
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格芯跑赢科技板块表现
重要性3/5 中
直接覆盖 GFS 的相对收益与盈利预期修正，但属于第三方评级型短文，新增基本面事实有限。
中文摘要
核心结论
Zacks 报道称，GFS（格芯）年初至今上涨约 97.3%，高于计算机与科技板块约 16.6%的平均涨幅，也高于半导体行业约 46%的涨幅。文章的正面立场主要建立在 Zacks 排名和分析师盈利预期上修，未提供格芯经营数据或估值依据。
重要性评级
评级：3/5（中）
GFS 是输入标的，回报表现和全年盈利预期修正具备直接相关性；但内容是短篇排名模型解读，证据集中于第三方评级与汇总收益数据，缺少公司层面的新增事实。
关键事实
- 报道发布时间为美东时间 07/07 09:40（UTC+8 07/07 21:40）。
- Zacks 将 GFS 归入覆盖 613 家公司的计算机与科技组，并称该组在其行业排序中位列第一。
- GFS 获 Zacks Rank（扎克斯股票评级）1 级，即“强力买入”评级；该模型强调盈利预期及其修正。
- 文中称，GFS 全年每股收益一致预期在过去一个季度上调 0.8%。
- GFS 年初至今回报约为 97.3%，计算机与科技组平均为 16.6%。
- GFS 所属半导体行业覆盖 50 家公司，文中列出的行业年初至今涨幅约为 46%，行业排名为第 41 位。
- 文中还比较 AVT（安富利），称其年初至今上涨 71.5%，当年每股收益预期在过去三个月上调 11.7%，并获 2 级评级。
作者观点与证据
作者以 Zacks 的行业排名、个股评级、盈利预期修正和年初至今股价表现，支持 GFS 相对强势的判断。Zacks 评级是其专有选股模型，文章没有列出一致预期的绝对值、分析师数量、产能利用率、晶圆代工订单或公司管理层指引，因此不能单独证明盈利改善的幅度和持续性。
与相关标的的关系
- GFS：文章直接提供其相对科技板块和半导体行业的年初至今表现，以及全年每股收益预期上调 0.8%的数据。
- AVT：安富利被作为同属科技领域的相对表现比较对象，并非格芯业务链条证据。
时效性与限制
报道发布时间为美东时间 07/07 09:40（UTC+8 07/07 21:40），截至美东时间 07/09 23:05（UTC+8 07/10 11:05）采集时约两日半。可用于记录市场表现与评级变化；Zacks 同时推广其付费或下载报告，评级与收益数据需要结合独立行情、公司财报和一致预期来源复核。
后续跟踪
- GFS 后续财报对收入、毛利率、订单和产能利用率的披露。
- 分析师全年每股收益预期是否继续上修，以及覆盖人数是否变化。
- GFS 相对半导体行业的表现是否在新的业绩和报价数据中延续。
英文原文
Are Computer and Technology Stocks Lagging GlobalFoundries (GFS) This Year?
Are Computer and Technology Stocks Lagging GlobalFoundries (GFS) This Year?
Are Computer and Technology Stocks Lagging GlobalFoundries (GFS) This Year? · Zacks
Zacks Equity Research
Tue, July 7, 2026 at 9:40 PM GMT+8 2 min read
- GFS
For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. GlobalFoundries Inc. (GFS) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
GlobalFoundries Inc. is a member of our Computer and Technology group, which includes 613 different companies and currently sits at #1 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. GlobalFoundries Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for GFS' full-year earnings has moved 0.8% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, GFS has gained about 97.3% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 16.6% on average. This means that GlobalFoundries Inc. is outperforming the sector as a whole this year.
Avnet (AVT) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 71.5%.
The consensus estimate for Avnet's current year EPS has increased 11.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, GlobalFoundries Inc. belongs to the Electronics - Semiconductors industry, which includes 50 individual stocks and currently sits at #41 in the Zacks Industry Rank. Stocks in this group have gained about 46% so far this year, so GFS is performing better this group in terms of year-to-date returns.
On the other hand, Avnet belongs to the Electronics - Parts Distribution industry. This 4-stock industry is currently ranked #23. The industry has moved +50.4% year to date.
Investors interested in the Computer and Technology sector may want to keep a close eye on GlobalFoundries Inc. and Avnet as they attempt to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).
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APLD北达科他园区启用
重要性3/5 中
近期且直接关联 APLD 的投运进度，但核心财务结论依赖平台模型，独立证据有限。
中文摘要
核心结论
Applied Digital（APLD，人工智能数据中心运营商）在北达科他州 Polaris Forge 1 园区的第二栋楼一期达到可服务状态，新增75兆瓦人工智能容量，使该已出租园区投运容量达到175兆瓦，合同信息技术负载目标为400兆瓦。文章将此视为把 CoreWeave（云计算服务商）长期租约转成经常性收入的执行节点，但融资、客户集中和建设进度仍决定兑现质量。
重要性评级
评级：3/5（中）。该进展直接涉及 APLD 且发布时间较近，但文章主要引用公司里程碑与平台自身估值模型，缺少租约现金流、实际利用率和融资条款的独立核验。
关键事实
- 美东时间 07/07 00:40（UTC+8 07/07 12:40）发布，称 Polaris Forge 1 第二栋楼一期已达到可服务状态。
- 此次增加75兆瓦运营中的人工智能容量，园区已投运容量升至175兆瓦。
- 该园区已被全部出租，合同信息技术负载目标为400兆瓦，容量将分阶段随客户部署上线。
- 文章称现有租约客户为 CoreWeave（云计算服务商），收入兑现仍取决于实际投运与客户部署节奏。
- APLD 的 G 轮优先股融资承诺额据称由15.90亿美元增至20亿美元，并有新增债务融资支持园区建设。
- 文章所列平台预测为2029年收入24亿美元、收益1.17亿美元；实现该预测需年收入增长96.1%，并使当前负1.198亿美元收益改善2.368亿美元。
- 文中提及悲观分析师情景仍假设约95%的年收入增长，但到2029年可能持续无盈利。
作者观点与证据
作者倾向认为175兆瓦投运为人工智能基础设施转型提供正面执行证据，并把融资扩容视为后续建设资金来源。论据来自公司投运里程碑、租约描述和 Simply Wall St（投资数据与估值平台）的预测模型；24亿美元收入、73.36美元公允价值及119%上行空间均属模型输出，未附独立审计现金流、债务成本或客户付款资料。
与相关标的的关系
APLD 直接受益于已签容量能否按期转为运营收入；175兆瓦仅占400兆瓦合同信息技术负载的一部分。融资承诺提高建设资金可得性，也可能带来优先股稀释、杠杆和持续亏损压力。
时效性与限制
文章发布于美东时间 07/07 00:40（UTC+8 07/07 12:40），截至07/10仍属近期园区执行信息。原文为概览型评论，明确表示可能未纳入最新价格敏感公告；关键租约、融资和预测数字需要以公司披露及融资文件交叉确认。
后续跟踪
- Polaris Forge 1 向400兆瓦合同负载推进时的分阶段投运容量与客户上线进度。
- CoreWeave 租约对应的收入确认、利用率和回款披露。
- 20亿美元优先股融资承诺的实际提取、定价和稀释条款。
- 各园区资本开支、债务成本及净亏损变化。
英文原文
Is Applied Digital’s (APLD) New 175 MW AI Campus Milestone Redefining Its Core Infrastructure Story?
Is Applied Digital’s (APLD) New 175 MW AI Campus Milestone Redefining Its Core Infrastructure Story?
Sasha Jovanovic
Tue, July 7, 2026 at 12:40 PM GMT+8 3 min read
- APLD +2.70%
- Applied Digital Corporation recently reached Ready for Service for Phase 1 of Building 2 at its Polaris Forge 1 campus in Ellendale, North Dakota, adding 75 MW of operational AI capacity and bringing the fully leased site's live capacity to 175 MW toward a contracted 400 MW IT load.
- This milestone underlines Applied Digital's move deeper into large-scale AI infrastructure, with long-term, hyperscaler-backed capacity coming online in phases that align with customer deployment timelines.
- We'll now examine how bringing 175 MW of live capacity online at Polaris Forge 1 affects Applied Digital's broader investment narrative.
The future of work is here. Discover the 29 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.
Applied Digital Investment Narrative Recap
To own Applied Digital, you need to believe its pivot to long-term, hyperscaler-backed AI data centers can eventually offset current losses and heavy financing needs. Bringing 175 MW live at Polaris Forge 1 is a positive step toward converting contracted CoreWeave leases into recurring revenue, but it does not remove the near term risks around balance sheet strain, project execution across multiple campuses, and customer concentration in just a few large AI tenants.
The most directly connected development is Applied Digital's expanded Series G preferred equity facility, lifting commitments from US$1,590,000,000 to US$2,000,000,000. That extra capital capacity sits alongside new debt facilities and underpins the ongoing buildout at Polaris Forge 1 and other AI campuses, making it central to the near term catalyst of turning large signed leases into cash flows, while also heightening the risk of shareholder dilution and sustained net losses if utilization lags expectations.
Yet behind the growth story, investors should also be aware of how rising leverage and ongoing capital needs could...
Read the full narrative on Applied Digital (it's free!)
Applied Digital's narrative projects $2.4 billion revenue and $117.0 million earnings by 2029. This requires 96.1% yearly revenue growth and a $236.8 million earnings increase from -$119.8 million today.
Uncover how Applied Digital's forecasts yield a $73.36 fair value , a 119% upside to its current price.
Exploring Other Perspectives
APLD 1-Year Stock Price Chart Before this update, the most pessimistic analysts were assuming very rapid revenue growth of about 95 percent a year but still no profits by 2029, highlighting how sharply opinions diverge on whether Applied Digital's large leases and heavy debt load will strengthen cash flow resilience or leave the business more exposed as new AI capacity comes online.
Story Continues
Explore 12 other fair value estimates on Applied Digital - why the stock might be worth over 2x more than the current price!
Form Your Own Verdict
Don't just follow the ticker - dig into the data and build a conviction that's truly your own.
- A great starting point for your Applied Digital research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.
- Our free Applied Digital research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Applied Digital's overall financial health at a glance.
Want Some Alternatives?
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- We've uncovered the 8 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them.
- The latest GPUs need a type of rare earth metal called Neodymium and there are only 31 companies in the world exploring or producing it . Find the list for free.
- AI is about to change healthcare. These 40 stocks are working on everything from early diagnostics to drug discovery . The best part - they are all under $10b in market cap - there's still time to get in early.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include APLD .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
三星二季度利润指引大幅上修
重要性4/5 中高
三星官方披露了接近当日的销售额和营业利润区间，对直接标的与存储器产业观察信息密度较高。
中文摘要
核心结论
三星电子于 07/07（未给出具体时刻）发布 2026 年第二季度业绩预告：合并销售额约171万亿韩元，合并营业利润约89.4万亿韩元。该预告为审计完成前的管理层估计，直接为 DRAM（动态随机存取存储器）产业需求和 005930 KS 的业绩预期提供高时效数据点，但原文没有分业务、产品价格、出货量或同比环比数据。
重要性评级
评级：4/5（中高）
该信息来自三星电子投资者关系页面，发布时间接近当日日报，且给出销售额和营业利润区间。三星是存储器产业重要主体，数据对 DRAM 相关观察具有直接参考价值；正式审计和完整业绩尚未披露。
关键事实
- 三星电子于 07/07 公布 2026 年第二季度业绩预告。
- 合并销售额预估约171万亿韩元，对应区间170万亿至172万亿韩元。
- 合并营业利润预估约89.4万亿韩元，对应区间89.3万亿至89.5万亿韩元。
- 公司说明，韩国披露规则不允许以区间形式直接提供业绩估计，页面所列单一数值为估计区间的中位数。
- 预告基于 K-IFRS（韩国国际财务报告准则）口径。
- 数据发布时，公司总部、子公司与关联公司的财务业绩外部审计尚未完成。
作者观点与证据
文章是三星电子投资者关系披露，核心是向投资者提供审计前的业绩估计，未就业绩驱动因素作出解释。销售额、营业利润及区间是公司正式披露的事实；公司同时明确提示，经济环境、金融市场、汇率、竞争和法规变化等因素可能使最终业绩与前瞻性陈述存在重大差异。
与相关标的的关系
005930 KS 为直接相关标的。DRAM 作为相关行业线索，可从三星的预告中获得存储器龙头整体盈利数据点；原文未拆分半导体、存储器、移动、显示或代工业务，无法将利润变化直接归因于 DRAM，也不能据此推断其他存储器公司的经营结果。
时效性与限制
发布时间为 07/07（未给出具体时刻），检索时间为美东时间 07/09 23:05（UTC+8 07/10 11:05）。该信息适合当日业绩日历和存储器板块事实引用；原始文本仅供受保护的站内报告阅读，且为审计前预告，缺少分部财务、同比环比基数、现金流及完整风险披露细节。
后续跟踪
- 三星正式二季度财报的分部收入、营业利润和审计后调整。
- 半导体与存储器分部对整体营业利润的贡献。
- DRAM、HBM（高带宽内存）及 NAND（闪存）价格、出货和库存数据。
- 管理层对下半年需求、汇率、资本开支与竞争环境的说明。
英文原文
public-disclosure-view
2Q 2026 Pre-Earnings Guidance
Jul 07. 2026
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Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD), on July 7, 2026, announced its earnings guidance for the second quarter of 2026.
∙ Consolidated sales: Approximately 171 trillion Korean won
∙ Consolidated operating profit: Approximately 89.4 trillion Korean won
The above estimates are based on K-IFRS. Please note that Korean disclosure regulations do not allow earnings estimates to be offered as a range. To comply with such regulations, the above figures represent the median of the estimate ranges provided below.
∙ Sales: 170 trillion to 172 trillion Korean won
∙ Operating profit: 89.3 trillion to 89.5 trillion Korean won
※ The above information is provided for the convenience of our investors before the external audit on the financial results of our headquarters, subsidiaries and affiliates is completed. The statements contained herein include statements of future expectations and other forward-looking statements that are based on management’s current views, expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Samsung Electronics Co., Ltd’s (“ SEC ”) core businesses and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events, (iii) currency exchange rates, (iv) changing levels of competition, (v) changes in laws and regulations, (vi) general competitive factors, in each case on a local, regional, national and/or global basis. The matters discussed herein may also be affected by risks and uncertainties described from time to time in SEC’s filings with the Korea Stock Exchange (KRX), FSS (Korea), and Samsung Website. Further information about risks and uncertainties affecting Samsung Electronics Co., Ltd. is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on https://www.samsung.com/global/ir. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of SEC may vary materially from those described in the relevant forward-looking statement, and all such statements are subject to certain risks and uncertainties that could cause our actual results to be materially different from those expressed herein. The company assumes no obligation to update any forward-looking statement.
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英国海事贸易行动办公室JMIC第068号更新
重要性未评级
中文摘要
- JMIC记录7月7日三起油轮袭击，一艘LNG油轮和一艘VLCC遭击，另一艘油轮受轻微结构损伤。
- 后两起事件没有报告人员伤亡；第三起事件没有报告环境影响。
- 商业船舶继续使用阿曼南部走廊及伊朗控制的北部航路。
- JMIC将区域威胁等级列为SEVERE。
英文原文
Update 068 to JMIC Advisory Note, 01 March–07 July 2026
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伊朗石油授权撤销期限
重要性4/5 高优先级
官方制裁许可调整与能源供应、航运合规直接相关，发布较新且来源权威；但正文未提供量化执行范围。
中文摘要
核心结论
美国财政部海外资产控制办公室（OFAC）在07/07（未给出具体时刻）撤销伊朗相关通用许可证X，并以许可证X1取代，处理6月21日授权下伊朗原产原油、石化产品和成品油的生产、交付与销售之撤销及退出安排。该公告是正式监管动作，但未披露退出期限、适用主体或对实际原油流量的量化影响。
重要性评级
评级：4/5（高优先级）
伊朗石油相关授权直接关联制裁执行、原油供应与航运合规边界，且发布日距日报较近。来源为OFAC官方公告，事实权威性高，但正文很短，无法单凭此文判断供应冲击规模。
关键事实
- OFAC于07/07（未给出具体时刻）发布修订后的伊朗相关通用许可证。
- 原通用许可证X发布于06/21，已于07/07起被完全替代。
- 新许可证名称为伊朗相关通用许可证X1（General License X1，伊朗石油业务授权的修订版本）。
- 文件涉及伊朗原产原油、石化产品及石油产品的生产、交付和销售。
- 公告将该措施定义为撤销6月21日授权并安排退出。
- 原文未列出受影响企业、交易量、执行截止日、豁免条件或处罚案例。
作者观点与证据
这是一则监管机构公告，没有记者或分析师的市场判断。其可确认的证据是OFAC明确写明旧许可证被撤销并由X1全面取代；有关出口减少、油价影响或地缘政治后果均未在原文量化。
与相关标的的关系
该文标记为GLOBAL（全球市场）。影响路径首先落在伊朗原油及石化贸易的合规可行性，再传导至原油现货、航运、炼化与依赖相关货源的地区市场；文章未点名上市公司或基金，不能据此建立个别证券影响判断。
时效性与限制
发布日期为07/07（未给出具体时刻），检索时间为美东时间07/09 23:05（UTC+8 07/10 11:05）。适合列入当前日报的政策与能源风险事实栏；需结合许可证X1全文、制裁清单、实际装运数据和各方执行口径确认影响范围。
后续跟踪
- 许可证X1的完整条款、退出期限与豁免范围。
- OFAC后续执法公告及受影响实体名单。
- 伊朗原油装船量、霍尔木兹海峡通行和保险成本变化。
- 主要进口方、航运商与炼化企业的合规声明。
英文原文
Issuance of Amended Iran-related General License
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Issuance of Amended Iran-related General License
Release Date
07/07/2026
Recent Actions Body
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is revoking Iran-related General License X and issuing Iran-related General License X1 , for the "Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian Origin." Effective July 7, 2026, General License X, dated June 21, 2026, is replaced and superseded in its entirety by this General License X1.
索尼银行获美国信托预批
重要性3/5 中等优先级
官方披露反映美国稳定币准入的新参与者，和CRCL所在赛道相关；但项目仍在附条件批准阶段，缺乏产品与规模数据。
中文摘要
核心结论
索尼银行披露，其拟设美国国民信托银行已获得美国货币监理署OCC（美国货币监理署）的附条件批准，目标业务包括美元稳定币的发行与管理，并拟在取得日美所需许可后为2027年开业做准备。该批准不等于已获准开业或已承诺发行稳定币，且拟设机构不从事吸收存款、放贷或支付等传统银行业务。
重要性评级
评级：3/5（中等优先级）
这是稳定币发行机构进入美国监管框架的官方进展，与CRCL（Circle Internet Group，稳定币发行商）所在赛道存在竞争格局关联。公告距日报较近且来自公司一手披露，但没有发行规模、产品名称、资本安排、客户计划或最终获批时间。
关键事实
- 索尼银行于07/07（未给出具体时刻）披露取得OCC对设立美国国民信托银行的附条件批准。
- 拟设子公司计划在美国开展美元稳定币的发行、管理等业务。
- 索尼银行表示，项目仍以取得美国和日本监管机构所需许可为前提。
- 公司正为2027年开业准备，但未承诺具体开业日期。
- 公告明确，该许可不代表稳定币发行或业务启动已获保证。
- 拟设国民信托银行不经营吸收存款、贷款或支付等传统银行业务。
- 索尼银行称该布局也旨在从金融层面支持索尼集团在美国的业务发展，并服务创作者与粉丝社群。
作者观点与证据
这是索尼银行的公司新闻稿，立场是将附条件批准呈现为美国数字金融业务准备工作的里程碑。可确认的证据是OCC附条件批准和公司披露的业务方向；关于未来规模、商业化速度、监管最终结果及市场份额，公告没有提供可核验数据。
与相关标的的关系
CRCL与美元稳定币发行和美国监管准入直接处于同一行业链条。索尼银行项目若完成后续许可并落地，可能增加合规稳定币供给与企业合作的潜在竞争；原文未提及Circle、CRCL、合作关系、产品互操作性或发行规模，因此关联为行业层面，尚无公司层面的已披露影响。
时效性与限制
发布日期为07/07（未给出具体时刻），检索时间为美东时间07/09 23:05（UTC+8 07/10 11:05）。适合当前日报的稳定币监管与竞争格局跟踪；附条件批准仍处在审批流程中，需等待OCC最终许可、日美监管批准和产品发布文件。
后续跟踪
- OCC后续最终许可、附加条件与开业审批进度。
- 日本监管许可及索尼银行披露的合规架构。
- 稳定币名称、储备资产、赎回机制和发行规模。
- 索尼集团生态内的首批应用场景与外部合作方。
英文原文
米国信託子会社設立に向けた米国通貨監督庁からの条件付き承認取得について｜プレスリリース｜ディスクロージャー｜企業情報｜ソニー銀行（ネット銀行）
企業情報
プレスリリース
米国信託子会社設立に向けた米国通貨監督庁からの条件付き承認取得について
2026年7月7日
ソニー銀行株式会社
ソニー銀行株式会社（代表取締役社長：南 啓二／本社：東京都千代田区／以下 ソニー銀行）は、米国通貨監督庁（Office of the Comptroller of the Currency、以下 OCC）より、米国における信託子会社（National Trust Bank）設立に係るライセンスの条件付き承認を得ましたので、お知らせします。
本件は、ソニー銀行が米国において検討している米ドル建ステーブルコインの発行・管理などの事業に関するもので、日米当局からの所要の許認可を前提として、2027年の開業に向けた準備を進めてまいります。
ソニー銀行は、ソニーグループ各社の米国での事業展開を金融面から支援し、デジタル時代にふさわしい体験の創造を通じたクリエイターとファンダムコミュニティへの貢献を目指します。
本件に関して開示すべき事項が生じた場合には、速やかにお知らせします。
当社が申請するNational Trust Bankに係るライセンスは、米国におけるステーブルコイン発行・運営などの事業を目的としており、 預金・貸出・決済業務などのいわゆる銀行業を営むものではありません。また、条件付き承認（Preliminary Conditional Approval）は、OCC所定の審査プロセスです。現時点において、事業の開始時期やステーブルコインの発行を確約するものではありません。
以上
プレスリリース
美国证监会推进加密规则
重要性4/5 加密监管方向
SEC主席的正式监管议程直接覆盖加密资产和代币化证券，时效性与相关标的关联度较高；内容仍是政策方向声明。
中文摘要
核心结论
美国证券交易委员会 SEC（美国证券交易委员会）主席 Paul S. Atkins 于 07/07（未给出具体时刻）表示，2026 年监管议程将推动加密资产融资、代币化证券链上托管与交易的规则清晰化，并保留投资者保护与执法框架。声明反映委员会政策方向，未列出规则草案文本、表决时间表或适用于 BTC、ETH、SOL、CRCL 的具体安排。
重要性评级
评级：4/5（加密监管方向）
SEC 主席的正式声明直接涉及加密资产与代币化证券的美国监管环境，且与 BTC、ETH、SOL 和 CRCL 的政策背景相关；它是方向性表态，尚不足以证明某项规则已落地。
关键事实
- 声明日期为 07/07（未给出具体时刻），发布者为 SEC 主席 Paul S. Atkins。
- 议程提出让更多加密产品在美国境内开展，并为加密资产融资建立更清晰的规则。
- 声明提及代币化证券的链上托管与交易便利化。
- SEC 表示将保留投资者保护措施，并继续追查违法参与者。
- 议程还涉及首次公开募股 IPO（首次公开募股）信息披露改革，以降低合规负担并促进融资。
- 私募市场部分拟提高散户参与便利度，同时设置保护措施。
作者观点与证据
Atkins 将该议程描述为兼顾创新、资本形成与投资者保护的监管路线。支撑材料是主席正式声明；文中没有规则编号、征求意见稿、投票结果、预算安排或市场参与者执行数据。
与相关标的的关系
BTC、ETH、SOL 的相关性来自美国加密资产融资、托管和交易规则环境；CRCL（Circle Internet Group）与稳定币及链上金融基础设施政策环境存在间接关联。输入材料没有说明任何标的将获得许可、豁免或直接监管待遇。
时效性与限制
声明发布于 07/07（未给出具体时刻），抓取时间为美东时间 07/09 23:37（UTC+8 07/10 11:37）。适合用于监管方向更新；正式规则仍需查看联邦公报、SEC 规则提案和后续执法文件，主席表态不能替代这些材料。
后续跟踪
- SEC 后续公布的规则提案与征求意见期限。
- 代币化证券托管、交易和融资规则的具体定义。
- 加密市场参与者获得注册或豁免的进展。
- 相关执法案件与投资者保护要求的更新。
英文原文
Statement on the 2026 Regulatory Agenda
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Statement
#
Statement on the 2026 Regulatory Agenda
Paul S. Atkins, Chairman
Washington D.C.
July 7, 2026
The 2026 Regulatory Agenda reflects the robust rulemaking we are pursuing under my chairmanship. Now that we are just over one year into my tenure, we have made significant progress in returning the agency to its core mission of protecting investors; facilitating capital formation; and maintaining fair, orderly, and efficient markets – a charge that will guide the Commission as we continue to enact this important agenda.
This Commission recognizes the importance of advancing our regulatory framework to reflect the realities of today’s operating environment – embracing innovation and new technology. To deliver on President Trump’s goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets, and providing clarity as to how market participants can custody and facilitate trading of tokenized securities onchain. All while ensuring strong investor protection guardrails are in place and continuing to pursue bad actors who violate the law.
I have also consistently highlighted the importance of reversing the decline of public companies and revitalizing our public markets to Make IPOs Great Again. This agenda includes a number of proposals critical to realizing that mission by transforming our disclosure regime. Every IPO is an invitation to workers and savers to participate in the prosperity of the next generation of American enterprise. When fewer companies go public, fewer investors receive that invitation. Guided by materiality, the proposed reforms aim to reduce compliance burdens and further facilitate capital formation in our public markets, while maintaining critical investor protections.
Lastly, as it relates to the private markets, this agenda reflects our key priority to ensure a regulatory framework that is transparent, accessible, and remains safeguarded. Exposure to the full dynamism of our markets – both public and private – should not be reserved for wealthy insiders. Our agenda includes a proposal to better facilitate retail investor participation in private markets while preserving their protection with appropriate safeguards.
Having just celebrated the 250th year of our Republic, we have a mandate to preserve the promise of our capital markets for the next quarter millennium, and we intend to fulfill it. Anchored to the mission that Congress set for the agency, we will ensure that the next chapter of financial leadership is written in the U.S., and that our capital markets continue to lead the world – in their depth, their dynamism, and their unrivaled ability to transform ingenuity into prosperity.
Last Reviewed or Updated: July 7, 2026
沃尔玛降价牵动盘后焦点
重要性2/5 中低
文章只提供沃尔玛盘后事实，COHR 仅为标签关联，且正文截断、发布时间相对滞后。
中文摘要
核心结论
华尔街日报的盘后观察称，特朗普发文表示沃尔玛将大幅降价，其中碎牛肉价格降幅接近 15%，沃尔玛股价随后在盘后小幅走低。文章标题同时列出 Strategy、Micron 等公司，但可用正文仅保留沃尔玛片段，无法确认其他标的的具体消息。
重要性评级
评级：2/5（中低）
内容发布时间已有数日，且 COHR（Coherent，光通信与材料企业）仅出现在关联标签中；原文长度很短并被截断，缺少与 COHR 或半导体基本面的直接信息。
关键事实
- 文章发布于美东时间 07/06 17:52（UTC+8 07/07 05:52）。
- 标题涵盖 WMT（沃尔玛）、MSTR（Strategy，比特币储备公司）、easyJet（易捷航空）与 MU（美光科技）。
- 可用正文称特朗普发文表示沃尔玛将“大幅”降价。
- 文中唯一披露的具体降价项目为碎牛肉，降幅接近 15%。
- 沃尔玛股价在盘后小幅走低。
- 页面标签列出 BTC-USD（比特币美元价格）、MSTR、WULF（泰伦能源）、DELL（戴尔）等，但没有保留对应的正文事实。
作者观点与证据
这是一则盘后股票观察汇总，正文以特朗普发文和沃尔玛盘后股价反应作为依据。标题中的其他公司未在可用正文展开，不能把标题列名视为这些公司的已证实催化因素。
与相关标的的关系
COHR 仅存在于关联 ticker 列表，正文没有提及其业务、价格、财报或行业消息。MU 与 INTC（英特尔）在相关列表中可反映半导体关注范围，但原文没有给出它们的具体事实；BTC-USD 与 MSTR 的关联也未被正文展开。
时效性与限制
发布时间为美东时间 07/06 17:52（UTC+8 07/07 05:52），相对当前日报已有滞后。文章只有约一分钟阅读长度，提取内容在 easyJet 条目处截断，覆盖范围与标题不匹配，适合保留为零售价格竞争的背景线索。
后续跟踪
- 沃尔玛对降价范围、持续时间和毛利率影响的正式披露。
- 特朗普发文后市场对零售通胀与必选消费行业的反应。
- Strategy、Micron 及其他标题标的的完整原文或独立报道。
- COHR 与半导体板块是否出现可验证的独立消息。
英文原文
Stocks to Watch Recap: Walmart, Strategy, easyJet, Micron
Stocks to Watch Recap: Walmart, Strategy, easyJet, Micron
Stocks to Watch Recap: Walmart, Strategy, easyJet, Micron · The Wall Street Journal · Enrique Calvo/Reuters
The Wall Street Journal
Tue, July 7, 2026 at 5:52 AM GMT+8 1 min read
- WMT
-0.79%
- BTC-USD
+3.14%
- MSTR
+0.02%
- WULF
+1.62%
- DELL
+4.22%
🔎 Walmart (WMT): The retailer's shares were slightly lower afterhours following a post by President Trump saying Walmart was lowering prices "by a lot," including a nearly 15% cut on ground beef. ↗️ easyJet (UK:EZJ): The budget U.
Continue Reading
美国ETF周度资金罕见转流出
重要性3/5 中
含有DRAM及跨资产周度资金流数据，但时间窗口短且受假期影响明显。
中文摘要
核心结论
ETF.com 报道，截至7月3日当周，美国上市 ETF（交易所交易基金）净流出37亿美元，为2026年持续流入背景下的少见周度转弱。资金从美国股票、货币和商品基金流出，同时流向美国固定收益和国际股票基金。
重要性评级
评级：3/5（中）
文章提供跨资产资金流的量化快照，并直接提到 DRAM 获得较大流入；但样本是独立的一周，且适逢美国独立日缩短交易周，不能单独代表趋势反转。
关键事实
- 美东时间 07/06 17:00（UTC+8 07/07 05:00）发布，统计截至7月3日当周的美国上市 ETF 资金流。
- 全市场 ETF 净流出37.50亿美元，占15.75万亿美元资产管理规模的约0.02%。
- 美国股票 ETF 净流出265.89亿美元；货币 ETF 流出12.45亿美元，商品 ETF 流出9.04亿美元。
- 美国固定收益 ETF 净流入152.71亿美元，国际股票 ETF 净流入61.62亿美元，国际固定收益 ETF 净流入22.24亿美元。
- 文章称2026年前六个月 ETF 累计流入已超过1万亿美元。
- DRAM 净流入约17.88亿美元，资产管理规模环比增加7.27%；文中正文将其描述为超过20亿美元，表格口径为17.88亿美元。
- LQD（iShares投资级公司债交易所交易基金）净流入29.45亿美元，VXUS（先锋全市场国际股票交易所交易基金）净流入15.40亿美元。
- IWD、SPY、IWF 和 VONG 分别出现80.48亿、73.78亿、66.35亿和49.59亿美元净赎回。
作者观点与证据
作者将该周定义为罕见流出，并强调美国股票基金的赎回压力。证据是按资产类别和单只基金列示的净申购赎回表；关于流出是否具有趋势意义，原文未提供多周比较、投资者类型或价格表现拆分。
与相关标的的关系
DRAM 位列当周净流入靠前的基金，资金流与该主题基金的市场关注度直接相关。LQD 和 VXUS 展示固定收益与国际股票承接资金的方向，但与DRAM的业务关联仅限于跨资产资金配置背景。
时效性与限制
发布时间为美东时间 07/06 17:00（UTC+8 07/07 05:00），数据截至7月3日，适合作为周度资金流记录。美国独立日缩短交易周可能压低活动量；原文声明瞬时市场数据可能由交易所后续修订，归档文本仅供受控的站内私有阅读。
后续跟踪
- 美国股票 ETF 流出是否在后续完整交易周延续。
- DRAM 的后续净申购赎回、资产规模与持仓变动。
- 固定收益和国际股票 ETF 的净流入是否持续。
- 流入流出数据是否出现交易所修订。
英文原文
Investors Pull $3.7B From ETFs in Rare Weekly Outflow
Investors Pull $3.7B From ETFs in Rare Weekly Outflow
Sumit Roy
Tue, July 7, 2026 at 5:00 AM GMT+8 3 min read
- LQD
+0.04%
etf.com Investors pulled $3.7 billion out of U.S.-listed ETFs during the week ending Friday, July 3, a rare outflow in a year when inflows have been relentless. The holiday-shortened schedule around the Fourth of July muted overall activity, but the reversal still stands out.
ETF inflows crossed $1 trillion in just six months this year, keeping 2026 on track for a record.
U.S. equity ETFs took the brunt of the selling last week, shedding $26.6 billion. Currency ETFs lost $1.2 billion, commodities gave back $904 million, and inverse ETFs dropped $485 million.
Fixed income and international stocks softened the blow. U.S. fixed income ETFs pulled in $15.2 billion, while international equity ETFs added $6.2 billion.
Among individual funds, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) was near the top with $2.9 billion, followed by the Roundhill Memory ETF (DRAM) with more than $2 billion.
The Vanguard Total International Stock ETF (VXUS) took in $1.5 billion and the Principal Capital Appreciation Select ETF (LCAP) added $1.4 billion, both landing in the top 10.
For a full list of the top inflows and outflows from last week, see the tables below.
Top 10 Creations (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change<
VOO
Vanguard S&P 500 ETF
10,689.78
981,121.63
1.09
LQD
iShares iBoxx $ Investment Grade Corporate Bond ETF
2,945.12
34,747.71
8.48
SPYM
SPDR Portfolio S&P 500 ETF
2,446.13
155,427.02
1.57
RSP
Invesco S&P 500 Equal Weight ETF
2,042.59
95,208.35
2.15
DRAM
Roundhill Memory ETF
1,788.33
24,585.10
7.27
VXUS
Vanguard Total International Stock ETF
1,539.80
154,333.71
1.00
BND
Vanguard Total Bond Market ETF
1,536.28
160,046.88
0.96
LCAP
Principal Capital Appreciation Select ETF
1,442.61
1,826.91
78.96
VTI
Vanguard Total Stock Market ETF
1,435.19
662,274.02
0.22
QQQ
Invesco QQQ Trust Series I
1,378.71
488,908.11
0.28
Top 10 Redemptions (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change
IWD
iShares Russell 1000 Value ETF
-8,047.54
80,526.20
-9.99
SPY
SPDR S&P 500 ETF Trust
-7,378.16
782,107.94
-0.94
IWF
iShares Russell 1000 Growth ETF
-6,635.07
126,953.50
-5.23
VONG
Vanguard Russell 1000 Growth ETF
-4,958.58
44,464.91
-11.15
IWR
iShares Russell Midcap ETF
-3,951.09
56,893.28
-6.94
VONV
Vanguard Russell 1000 Value ETF
-3,790.36
20,046.78
-18.91
IVV
iShares Core S&P 500 ETF
-2,752.33
885,425.91
-0.31
VTWO
Vanguard Russell 2000 ETF
-2,557.16
17,846.32
-14.33
PVAL
Putnam Focused Large Cap Value ETF
-2,106.28
12,000.54
-17.55
IYW
iShares U.S. Technology ETF
-1,959.23
25,012.52
-7.83
ETF Weekly Flows By Asset Class
Net Flows ($, mm)
AUM ($, mm)
% of AUM
Alternatives
1,224.00
141,594.19
0.86%
Asset Allocation
279.67
42,215.92
0.66%
Commodities E T Fs
-903.95
308,589.33
-0.29%
Currency
-1,244.95
90,489.08
-1.38%
International Equity
6,162.25
2,817,483.41
0.22%
International Fixed Income
2,223.97
436,200.01
0.51%
Inverse
-484.57
13,170.04
-3.68%
Leveraged
311.61
197,814.42
0.16%
Us Equity
-26,588.88
9,557,031.28
-0.28%
Us Fixed Income
15,271.27
2,141,075.61
0.71%
Total:
-3,749.59
15,745,663.29
-0.02%
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
Permalink | © Copyright 2026 etf.com. All rights reserved
Anthropic大额租约提振算力股
重要性3/5 中
合同金额巨大且与 APLD 所在算力基础设施赛道相关，但原文信息密度很低，无法核验合同结构。
中文摘要
核心结论
Investor's Business Daily（《投资者商业日报》）报道，TeraWulf（WULF，数据中心与比特币矿企）与 Anthropic（人工智能公司）签署190亿美元数据中心租约，消息推动此前一周走弱的“新云”算力股反弹。该文正文极短，未说明租期、容量、建设条件或合同收入确认方式。
重要性评级
评级：3/5（中）。190亿美元合同金额对人工智能算力基础设施板块具高度新闻价值，并关联 APLD 同业估值，但原文仅两段，缺乏合同原始披露和细节支撑。
关键事实
- 美东时间 07/06 16:03（UTC+8 07/07 04:03）发布，报道 WULF 与 Anthropic 签署价值190亿美元的数据中心租约。
- 报道称消息公布前，“新云”算力股在此前一周已承受卖压。
- WULF 当日涨幅超过15%。
- 文章列示 WULF、CoreWeave（CRWV，云计算服务商）、Riot Platforms（RIOT，比特币矿企）、SPCX、Hut 8（HUT，比特币矿企）等相关股票，但未给出完整板块涨跌数据。
- 输入关联标的包括 APLD；原文没有披露 APLD 参与该租约或获得订单。
作者观点与证据
报道将板块上涨归因于该租约消息，直接证据仅为合同金额、WULF 涨幅超过15%及市场反应描述。原文没有提供合同文本、Anthropic 的确认、项目地点、供电容量或融资安排，因此“新云”板块的持续影响仍属新闻叙事。
与相关标的的关系
WULF 为合同直接相关方。APLD 未被表述为合同参与者，但作为人工智能数据中心同业，其估值情绪可能受到大型长期租约的行业可比性影响；该路径缺少公司层面的订单或财务证据。
时效性与限制
文章发布于美东时间 07/06 16:03（UTC+8 07/07 04:03），距07/10已有数日，仍可作为本周行业事件背景。原始内容仅约两段，无法验证190亿美元的合同结构、履约条件、客户信用支持及其他股票涨幅。
后续跟踪
- WULF 与 Anthropic 对租约期限、容量、项目地点和条件的正式披露。
- 合同收入的确认节奏、建设资金来源与客户信用安排。
- APLD 及其他同业是否披露新增租约、容量投运或融资变化。
- 相关公司在消息后的成交量、价格表现及后续公告。
英文原文
TeraWulf, Anthropic Sign $19 Billion Data Center Lease. Neocloud Stocks Soar.
TeraWulf, Anthropic Sign $19 Billion Data Center Lease. Neocloud Stocks Soar.
TeraWulf, Anthropic Sign $19 Billion Data Center Lease. Neocloud Stocks Soar. · Investor's Business Daily
PAOLO CONFINO
Tue, July 7, 2026 at 4:03 AM GMT+8 2 min read
- WULF
+1.62%
- CRWV
-0.33%
- RIOT
+1.99%
- SPCX
+2.63%
- HUT
+0.10%
News of the deal lifted neocloud stocks, which had taken a beating over the past week. Terawulf spiked more than 15%.
Continue Reading
WULF转向长期算力租赁
重要性3/5 中
提供与 APLD 直接可比的算力基础设施数据，时效性尚可；合同和分析师数据主要来自评论文章。
中文摘要
核心结论
文章认为 TeraWulf（WULF，数据中心与比特币矿企）与 Anthropic（人工智能公司）的20年期、约190亿美元租约，连同出售得州合资权益，将其收入叙事由比特币挖矿转向长期人工智能算力基础设施。对 APLD 的直接信息是，其200兆瓦超大规模云客户租约及 Polaris Forge 2 建设被列为同业转型案例；文章没有披露 APLD 新订单。
重要性评级
评级：3/5（中）。文章提供 WULF 同业的合同、容量和收入结构数据，并直接提到 APLD 的200兆瓦项目与年初至今37%涨幅；不过来源为评论文章，部分合同与预测说法未附原始文件。
关键事实
- 美东时间 07/06 15:11（UTC+8 07/07 03:11）发布；文中称 WULF 当日涨4%，年初至今涨95%，报22.10美元。
- 文中称 WULF 与 Anthropic 达成20年租约，预计产生约190亿美元合同收入；肯塔基州 Hawesville 园区设计支持约401兆瓦关键信息技术负载。
- 初始容量预计2027年下半年上线，全部容量目标为2028年初完成。
- WULF 同意向 Fluidstack（人工智能云服务商）主导的投资者集团出售得州 Abernathy 合资项目50.1%权益，文章称其约4.5亿美元投资将以溢价变现。
- WULF 2026年第一季度高性能计算租赁收入为2,102万美元，超过总收入60%；数字资产挖矿收入为1,299万美元，已签平台合同收入在新租约前超过130亿美元。
- 文中称 APLD 年初至今涨37%，报33.51美元，拥有支撑 Polaris Forge 2 的200兆瓦超大规模云客户租约，季度收入同比增长139%。
- 文中列示 Cipher Mining（CIFR，比特币矿企）年初至今涨44%，IREN（人工智能云与比特币矿企）涨15%；并称 IREN 具有34亿美元五年期人工智能云合同及媒体报道的97亿美元 Microsoft（微软）协议。
- 文章称 WULF 分析师一致目标价为36美元，且其贝塔系数为4；这些均为市场指标或分析师数据。
作者观点与证据
作者将 WULF 的重新定价建立在长期合同收入、401兆瓦园区容量、租赁收入占比和资产出售四项事实之上，并认为接网电力仍是该行业扩张约束。20年合同、客户信用、2028年前满负荷投运及合同收入均未附合同文本；36美元目标价、评级数量和97亿美元 Microsoft 协议属于分析师或媒体口径。
与相关标的的关系
APLD 被列入由矿业资产转向人工智能数据中心的同业比较，文章称其200兆瓦租约与 Polaris Forge 2 建设构成同类估值参照。WULF 的190亿美元合同不直接流向 APLD，但大型客户长期锁定容量可能影响市场对同业租约质量、接网电力和建设融资的评估。
时效性与限制
文章发布于美东时间 07/06 15:11（UTC+8 07/07 03:11），截至07/10为本周行业材料。其内容含促销文案和分析师数据，未提供合同、资产出售或季度财务的原始链接；部分“预期”“目标”数据尚未发生。
后续跟踪
- WULF 肯塔基园区的开工、供电、2027年下半年初始投运与2028年初满负荷节点。
- Anthropic 租约的正式文件、信用支持和收入确认安排。
- Abernathy 合资权益出售的交割价格与现金用途。
- APLD Polaris Forge 2 的200兆瓦项目建设、租约执行与收入披露。
英文原文
TeraWulf Stock Is Up 95% This Year: Here’s Why
TeraWulf Stock Is Up 95% This Year: Here’s Why
David Moadel
Tue, July 7, 2026 at 3:11 AM GMT+8 4 min read
- WULF
+1.62%
- BTC-USD
+3.14%
- NVDA
-0.66%
- APLD
+2.70%
- CRWV
-0.33%
Quick Read
- A 20-year Anthropic lease worth ~$19 billion transforms WULF from a Bitcoin miner into a long-duration AI compute-infrastructure landlord.
- WULF's 95% year-to-date gain dwarfs peers CIFR (+44%) and APLD (+37%) as AI infrastructure deals reshape how bitcoin miners are valued.
- Analysts hold a $36 consensus price target on WULF, but a beta of 4 and Anthropic capacity not arriving until 2028 keep timing risk elevated.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Terawulf didn't make the cut. Grab the names FREE today .
Shares of TeraWulf ( NASDAQ:WULF ) extended a powerful rally on Monday afternoon, separating the stock from its bitcoin-mining peers by a wide margin. WULF stock is up 4% today and up 95% year to date to $22.10, marking its most sustained rerating since going public.
aricancaner / Shutterstock.com The catalyst is a landmark 20-year lease with Anthropic, the private AI lab behind the Claude chatbot. Under the agreement, TeraWulf expects to generate about $19 billion in contracted revenue by building a purpose-built AI campus at its Justified Data site in Hawesville, Kentucky.
TeraWulf also agreed to sell its 50.1% stake in the Abernathy Texas joint venture with partner Fluidstack to a Fluidstack-led investor group, monetizing a roughly $450 million investment at a premium. Together, the two moves reframe TeraWulf from a Bitcoin (CRYPTO:BTC) proxy into a long-duration compute-infrastructure landlord.
Anthropic Anchors a New Revenue Base
The Kentucky campus is engineered to support about 401 megawatts of critical IT load, with initial capacity expected online in the second half of 2027 and full capacity by early 2028. TeraWulf expects the lease to be supported by an investment-grade credit rating, a rare bar in the mining-turned-AI cohort.
TeraWulf CEO Paul Prager has been building toward this narrative for quarters. On the most recent earnings call, he stated, "We are building a power-advantaged platform that we believe is increasingly differentiated in a market constrained by access to power." The Anthropic deal converts that pitch into a decades-long contracted cash-flow stream.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Terawulf didn't make the cut. Grab the names FREE today .
TeraWulf's Q1 2026 results already showed the shift in real time. HPC lease revenue reached $21.02 million, over 60% of total revenue, while digital-asset mining slid to $12.99 million. Total platform contracted revenue already exceeds $13 billion before the new Anthropic agreement is layered in.
Story Continues
The company's platform is targeting 250 to 500 megawatts of new critical IT capacity annually across sites in New York, Texas, Kentucky, and Maryland. That pipeline gives TeraWulf a runway to keep signing anchor tenants without leaning on bitcoin economics.
AI-Pivot Miners Compared
TeraWulf's outperformance stands out sharply against peers pursuing the same transition. Cipher Mining ( NASDAQ:CIFR ) shares are up 44% year to date to $21.37, aided by 700 MW of contracted HPC capacity and leases tied to Fluidstack, Alphabet 's ( NASDAQ:GOOGL ) Google, and Amazon ( NASDAQ:AMZN ) Web Services.
Applied Digital ( NASDAQ:APLD ) shares are up 37% year to date to $33.51, with a 200 MW hyperscaler lease anchoring its Polaris Forge 2 campus. Quarterly revenue rose 139% year over year (YoY) as the CoreWeave ( NASDAQ:CRWV ) build-out continues to ramp.
IREN ( NASDAQ:IREN ) shares are up 15% year to date to $43.59, the group laggard despite a $3.4 billion, five-year AI cloud contract with NVIDIA ( NASDAQ:NVDA ) and a reported $9.7 billion Microsoft ( NASDAQ:MSFT ) agreement. Access to grid-connected power remains the binding sector constraint, and each of these names is being re-rated as an AI landlord rather than a hash-rate story.
What to Watch Next
The bull case for TeraWulf stock is now concrete: a $19 billion contracted revenue stream, investment-grade credit backing, and visible operating momentum at Lake Mariner and Kentucky. The bear case is timing and volatility. Full Anthropic capacity isn't expected until early 2028, and WULF stock carries a beta of 4, meaning sentiment swings can dominate short-term price action.
Analysts currently carry a consensus price target of $36 on WULF shares, well above current levels, with five strong-buy and eight buy ratings and no sells or holds recorded. A single mega-deal doesn't remove construction, permitting, or financing risk, so investors leaning into the story should size their positions modestly and expect sharp drawdowns along the way.
Watch for whether TeraWulf converts the Anthropic announcement into visible construction milestones at Hawesville through the second half of 2026, and whether the Abernathy monetization closes on the terms described. The next quarterly earnings print, together with any formal credit-rating action tied to the Anthropic lease, may set the tone for TeraWulf shares into year-end.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Terawulf didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
SENZ整合方案瞄准智能眼镜
重要性2/5 中低
涉及 GFS 的直接合作关系，但内容高度概述且来源带有推广性质，缺乏商业执行数据。
中文摘要
核心结论
Insider Monkey 复述 AMAT 于 06/17 发布 SENZ 平台，以整合光学和显示组件来加快人工智能智能眼镜开发。GFS 是其波导规模化制造合作方之一；文章未给出合作合同、产品客户、出货量或财务影响，且与同期其他 SENZ 报道高度重叠。
重要性评级
评级：2/5（中低）
内容涉及 GFS、AMAT 和 EL.PA 的合作网络，但发布时间较早、篇幅短且大量篇幅用于推广其他人工智能股票观点；可作为交叉印证的背景材料，阅读优先级有限。
关键事实
- 报道发布时间为美东时间 07/06 14:24（UTC+8 07/07 02:24）。
- 文中称 AMAT 于 06/17 推出 SENZ 环境视觉整合平台，用于加速人工智能智能眼镜开发。
- SENZ 将波导光学、光引擎、视力矫正及电子调光组合为一套系统，文章称其意在减少分散供应链带来的工程瓶颈。
- GFS 被列为大规模波导制造合作方；Qualcomm Technologies 负责人工智能集成合作，EssilorLuxottica 参与智能光学系统商业化推进。
- 文章称平台提供协同优化架构和参考设计，供品牌合作方开发高性能增强现实显示产品。
- AMAT 被介绍为半导体、显示和相关产业提供设备、软件与服务的材料工程公司。
作者观点与证据
作者将 SENZ 描述为解决智能眼镜可规模化、高性能硬件需求的方案，依据是平台功能与合作方名单。文中同时主张部分其他人工智能股票具有更高上行空间和较低下行风险，但没有给出比较模型、估值数据或可验证证据；该主张不构成对 AMAT 或 GFS 的事实结论。
与相关标的的关系
- GFS：作为波导制造合作方，与 SENZ 的供应链关系直接相关；尚无订单规模、制造节点或收入分配披露。
- AMAT：平台发布体现其把材料工程能力延伸到智能眼镜的参考设计与整合环节。
- EL.PA：依视路陆逊梯卡被列为商业化合作方，但文章未披露具体产品、渠道或销售时间。
时效性与限制
报道发布时间为美东时间 07/06 14:24（UTC+8 07/07 02:24），截至美东时间 07/09 23:05（UTC+8 07/10 11:05）采集时已超过三日。适合用来核对发布与合作名单；来源为 Insider Monkey，文本简短并包含导流式股票推荐，未链接公司公告，也没有独立经营或财务证据。
后续跟踪
- AMAT 是否披露客户试用、设计导入或商业化里程碑。
- GFS 是否公布波导制造的技术规格、产能或客户项目。
- 合作各方是否在财报、产品发布或监管文件中确认相关安排。
英文原文
Applied Materials (AMAT) Unveils AI-Powered SENZ Platform to Accelerate Smart Glasses Development
Applied Materials (AMAT) Unveils AI-Powered SENZ Platform to Accelerate Smart Glasses Development
Maham Fatima
Tue, July 7, 2026 at 2:24 AM GMT+8 2 min read
- AMAT +3.18%
- GFS +2.56%
- EL.PA +1.36%
Applied Materials Inc. (NASDAQ: AMAT ) is one of the top 10 hidden AI stocks to buy . On June 17, Applied Materials unveiled SENZ, an integrated ambient visual platform designed to accelerate the development of AI-powered smart glasses. By combining waveguide optics, light engines, vision correction, and electronic dimming into a single cohesive system, the platform eliminates the engineering bottlenecks typically caused by fragmented supply chains.
The solution enables brand partners to use a co-optimized architecture and reference designs to bring high-performance AR displays to market with greater design flexibility. Applied Materials established strategic collaborations with GlobalFoundries for large-scale waveguide fabrication, Qualcomm Technologies for AI-powered integration, and EssilorLuxottica to advance the commercialization of intelligent optical systems.
Cisco (CSCO) Partners With College Board to Launch AP Cybersecurity Course This platform uses Applied Materials Inc.'s (NASDAQ:AMAT) manufacturing expertise to address the industry's need for scalable, high-performance hardware. By offering a complete, pre-integrated system, SENZ aims to streamline production complexity and provide a path for manufacturers to deliver more advanced, user-centric smart eyewear.
Applied Materials Inc. (NASDAQ:AMAT) is a materials engineering solutions company that provides equipment, software, and services to the semiconductor, display, and related industries. The company provides the essential semiconductor manufacturing equipment and materials engineering required to build the high-performance chips that power AI hardware.
While we acknowledge the potential of AMAT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
韩国巨额芯片计划与存储波动
重要性3/5 中
与DRAM及韩国存储龙头直接相关，产业事实密度较高；数值口径不一且含分析师估计和推广性内容。
中文摘要
核心结论
24/7华尔街认为，韩国多年期芯片与人工智能投资计划强化了三星电子和SK海力士在 HBM（高带宽存储）供应链的长期地位，但无法缓解眼前的 HBM 供给紧张。文章同时提示，DRAM 的高集中度和短期大幅波动使该主题基金对存储周期变化敏感。
重要性评级
评级：3/5（中）
文章直接覆盖 DRAM、韩国存储双寡头及韩国股票 ETF，但多数投资额、产能影响和基金资料来自报道汇编、分析师估算或需后续核验的口径，且发布时间早于当日日报。
关键事实
- 美东时间 07/06 11:00（UTC+8 07/06 23:00）发布，文章称SK海力士与三星电子合计约占全球 HBM 供应的90%，其中SK海力士约60%、三星电子约30%；美光约10%。
- 韩国政府及产业计划规模在标题中为5,900亿美元，正文称总额超过5,760亿美元；三星电子、SK海力士及供应商承诺约800万亿韩元，约合5,180亿美元。
- SK海力士计划到2029年为新的 NAND（闪存）工厂投入约80万亿韩元，并为清州封装厂投入约20万亿韩元，目标在2027年底前完成。
- 文中称由SK集团、GS集团和Naver组成的联盟计划至2029年投入约550万亿韩元，建设8.4吉瓦人工智能数据中心容量。
- 摩根大通分析师Jay Kwon估计，该计划可使当前 DRAM 月晶圆开工能力约翻倍；这是分析师估计，非已实现产能。
- DRAM 于2026年4月2日上市，文中称其自4月以来上涨166%，随后五个交易日下跌约16%；EWY 下跌约7%，FLKR 下跌约11.9%。
- 文章称SK海力士寻求通过美国存托凭证在纳斯达克上市，融资约290亿美元；该事项需以公司正式文件核验。
- 文中列出的 DRAM 约20只持仓包括SK海力士、三星电子、美光、铠侠、闪迪、西部数据和希捷，权重可能变化。
作者观点与证据
作者对长期韩国存储扩产持正面态度，同时强调短期 HBM 缺口、人工智能资本开支担忧和高波动风险。支撑材料包括产业投资计划、公司支出表述、基金近期涨跌和分析师产能估计；正文多次提示细项报道不一致，且夹带推广性文案，证据质量参差不齐。
与相关标的的关系
DRAM 对SK海力士、三星电子和美光的集中配置使其与韩国 HBM 供应格局直接相关。EWY（iShares韩国交易所交易基金）和 FLKR（富兰克林韩国交易所交易基金）持有两家韩国公司，但覆盖范围更广；000660.KS 与005930.KS 是计划和产能建设的直接主体。
时效性与限制
发布时间为美东时间 07/06 11:00（UTC+8 07/06 23:00），可作为韩国存储产业政策与基金敞口的背景材料。标题与正文的总投资额不同，基金资产、回报、持仓和上市融资信息均需按最新基金文件或公司公告复核；归档文本仅供受控的站内私有阅读。
后续跟踪
- 韩国政府、三星电子与SK海力士对投资总额、时间表和项目地点的正式披露。
- HBM、DRAM 与 NAND 的供需、报价和新增产能投放进度。
- DRAM 的持仓权重、资产规模与净申购赎回变化。
- SK海力士美国上市相关的正式申报文件与融资条款。
英文原文
South Korea’s $590B Chip Bet Has Semiconductor ETFs Buzzing, but Memory Cycles Have Burned Believers Before
South Korea’s $590B Chip Bet Has Semiconductor ETFs Buzzing, but Memory Cycles Have Burned Believers Before
John Seetoo
Mon, July 6, 2026 at 11:00 PM GMT+8 7 min read
- 000660.KS +1.10%
- 005930.KS +4.50%
- FLKR +0.67%
- EWY +1.11%
Quick Read
- SK Hynix and Samsung control roughly 90% of global HBM supply, giving EWY and FLKR outsized exposure to AI's most critical memory bottleneck.
- DRAM surged 166% since April but plunged 16% in five days after Michael Burry shorted AI names, then rebounded 8% on Anthropic-Samsung chip talks.
- South Korea's $576B chip plan could double DRAM wafer capacity but does nothing to relieve the near-term HBM shortage strangling AI development.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
While a justifiable amount of A.I. attention has been devoted to faster and more powerful semiconductor processing chips, the High Bandwidth Memory (HBM) part of the equation is less sexy, but no less important. Without HBM, A.I. has insufficient memory to operate properly — and this has been one of the major bottlenecks to A.I. development. Although Micron Technology (NASDAQ: MU) is the leading US player in memory chips, its global HBM share is only around 10%. The majority of the HBM arena is solidly in Korean hands: SK Hynix's market share is estimated at close to 60%, and Samsung has roughly 30%. The dearth of HBM supply is a primary reason why ETFs holding large allocations of Micron, Samsung, and SK Hynix have done so well in the past year.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
FOTOGRIN / Shutterstock.com This is why a recent announcement from the South Korean government, reported in the Korea Economic Daily, has the industry excited, but wary: President Lee Jae Myung unveiled a sweeping AI and semiconductor push worth more than $576 billion over several years, aimed at cementing Korea's leadership in memory and AI. At its core, Samsung and SK Hynix committed roughly 800 trillion won (about $518 billion), together with suppliers, to build new chip fabrication sites in the country's southwest. Roundhill Memory ETF ( CBOE: DRAM ) is the only pure-play ETF to watch for the near- and long-term impact of this announcement from an industry purview. Other ETFs that contain these Korean HBM companies include iShares MSCI South Korea ETF ( NYSE Arca: EWY ) and Franklin FTSE South Korea ETF ( NYSE Arca: FLKR ) .
A High Bandwidth Memory 5-Year Plan
Advanced Micro Devices High Bandwidth Memory chips' superior memory capacity and speed is crucial for A.I. operation; the shortage of HBM supply has been one of the biggest bottleneck obstacles to faster A.I. development and implementation.
Because HBM is built by stacking DRAM, the plan's memory component is fundamentally a DRAM- and packaging-capacity story, though it also spans NAND, AI data centers, and workforce development. The expansion project includes the following highlights:
Story Continues
- SK Hynix CEO Kwak Noh-jung said the company would spend roughly 80 trillion won on a new fab for NAND memory production by 2029, plus about 20 trillion won for a chip-packaging plant in Cheongju by late 2027.
- Samsung committed a large multi-year semiconductor investment in Korea, with reported components including a major expansion of the Yongin fab cluster and existing fabs, a new manufacturing hub in the Gwangju/South Jeolla region, and an HBM back-end packaging line in the Cheonan/Onyang area. (The precise sub-totals reported across outlets vary, so treat any single breakdown with caution.)
- A supply-chain hub and advanced packaging cluster for HBM stack production is slated for the Chungcheong area near Seoul, at roughly 81 trillion won.
- A consortium including SK Group, GS Group, and Naver plans about 550 trillion won toward 8.4 gigawatts of AI data-center capacity by 2029. Naver's own long-term target is on the order of 1 gigawatt and 25 trillion won in AI-factory revenue by 2030.
JP Morgan analyst Jay Kwon estimates that the initiative could roughly double current DRAM WSPM (wafer starts per month) capacity, with the bulk of spending going to front-end wafer equipment, a smaller share to infrastructure, and the remainder to back-end packaging.
The chip initiative is part of a broader A.I. imperative from the South Korean government. Framed as a "Mega Investment Era," the broader plan also incorporates a multi-year program for R&D and workforce training, development of domestic robotics as a next A.I. spinoff, and sovereign Korean A.I. data centers — with the Ministry of Trade, Industry and Resources (MOTIR) coordinating support to cut red tape.
Roundhill Memory ETF
Gumbariya / Shutterstock.com In just three months since its launch in April, DRAM is up +166%, clearly delineating the huge demand and price escalation for High Bandwidth Memory chips.
Since launching on April 2, 2026, DRAM has posted triple-digit gains on a concentrated portfolio of roughly 20 stocks. It holds sizable positions in SK Hynix, Samsung, and Micron, and has no true rival in dedicated memory-chip coverage. Because the fund is only a few months old, it does not yet have a full 52-week trading history. Investors should confirm the latest figures against the fund's current fact sheet, but as of this writing its profile is roughly:
Net Assets
~$10 billion
Since-inception Return
triple digits
Avg. Daily Volume
35.7 million shrs
Expense Ratio
0.65%
NAV
$60.83
of holdings
~20
Top holdings (verify against the latest fact sheet, as weights shift):
- SK Hynix
- Samsung Electronics
- Micron Technology
- Kioxia Holdings
- SanDisk
- Western Digital
- Seagate Technology
- GigaDevice Semiconductor
- Nanya Technology
- Winbond Electronics
EWY and FLKR each hold roughly 20–32% combined in SK Hynix and Samsung, but both are broad Korean-equity ETFs rather than memory-chip funds per se. Investors seeking general exposure to those stocks — with other objectives in mind — may still wish to consider them.
Great News - But….?
Kim Min-Hee-Pool / Getty Images A look inside one of SK Hynix's many factories. - this one from Incheon., South Korea.
The overall takeaway from industry watchers was that the announcement is good news for the longer term, but will do little to address the current HBM shortage, which is hampering A.I. development in the near term. Memory-hungry consumer electronics makers are already contending with tighter DRAM supply and rising prices, and there is no visible near-term relief to the supply chokepoint.
The market reaction has been a roller-coaster, for several reasons:
- SK Hynix filed for a first-time U.S. listing on the Nasdaq (via American depositary shares), seeking around $29 billion — one of the largest such offerings on record. Separately, and driven largely by HBM demand, SK Hynix recently overtook Samsung to become Korea's most valuable listed company.
- Meta Platforms signaled plans that raised concerns about excess AI compute capacity. Combined with Michael "Big Short" Burry's warning that Korea's massive chip spending marks the "beginning of the end" of the AI rally — he disclosed short positions against several AI-linked names — a sell-off in Samsung (about -9%) and SK Hynix (about -15%) followed.
- Both stocks rebounded (roughly +8%) shortly after, buoyed by reports that Anthropic is in talks with Samsung to manufacture a custom A.I. chip.
- Despite the gyrations, overall sentiment on DRAM remained "very bullish" according to Stocktwits.
Over the most recent five trading days, DRAM fell about -16%, while EWY was down about -7% and FLKR about -11.9%. For an investor who wants to go all in on memory and HBM, DRAM is the most direct vehicle. For investors who prefer broad exposure to SK Hynix and Samsung — betting that their other technology and capital-markets developments, plus Korean industrial and cultural strength (K-pop and K-drama, Hyundai, and others), will cushion electronics-sector volatility — EWY and FLKR may be more suitable.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Contact editorial@247wallst.com for any questions or corrections.
MP高估值与扩产成本压力
重要性3/5 中
提供USAR与MP、LYSDY的稀土同业估值和经营对照，但主体是MP且发布时间较早，证据以研究机构整理为主。
中文摘要
核心结论
Zacks认为，MP Materials（MP稀土材料公司）虽受益于美国本土稀土及磁体供应链建设，2026年一季度收入和产量均有增长，但15.20倍未来12个月市销率、持续经营亏损、启动成本上升及盈利预测下修，使其估值承受较大验证压力。
重要性评级
评级：3/5（中）
文章直接涉及相关标的USAR及其主要同业MP、LYSDY，给出可比估值和经营数据；发表于美东时间 07/06 10:10（UTC+8 07/06 22:10），距日报日期已有数日，且结论主要是券商研究机构观点。
关键事实
- MP未来12个月市销率为15.20倍，文中行业均值为1.49倍；USAR为39.51倍，Lynas Rare Earths（莱纳斯稀土，LYSDY）为10.22倍。
- MP过去六个月下跌14.7%，同期行业上涨8.5%，基础材料板块上涨3.8%，标普500指数上涨8%；LYSDY和USAR分别上涨19.6%与11.4%。
- 2026年一季度MP总收入9060万美元，同比增长49%；其中包含美国战争部价格保护协议确认的4230万美元收入。
- 材料业务收入7220万美元，同比增长30%；磁体业务收入2100万美元，上年同期为520万美元。
- 销售成本增长52%，销售、一般及管理费用增长39.2%，启动成本增长503%，先进项目及开发费用增长302%；经营亏损为2400万美元，已连续第11个季度经营亏损。
- 一季度钕镨产量917公吨，同比增长63%；稀土氧化物精矿产量12,983公吨，同比增长6%。
- 文中列示的2026年每股盈利一致预期为0.16美元、2027年为1.06美元，但两年预期在过去90日均被下调。
- 公司正扩建Independence工厂并建设10X磁体设施；文章称其投产后，整体钕铁硼磁体年产能目标约10,000公吨。
作者观点与证据
作者认可MP的垂直整合、产能扩张和本土供应链定位，但将高市销率、成本爬升、连续经营亏损与预期下修列为估值风险。数据主要来自公司季度业绩和Zacks估值比较；对长期需求、产能贡献和估值是否合理的判断属于研究机构分析，未提供完整估值模型或订单验证。
与相关标的的关系
USAR是输入标的。文章将USAR的39.51倍市销率与MP、LYSDY并列，显示其市场定价高于MP；但文章主体是MP，未提供USAR收入、现金消耗或项目进度的同期核验，USAR关联主要来自行业估值对照。
时效性与限制
发表于美东时间 07/06 10:10（UTC+8 07/06 22:10），可作为稀土同业估值与产能背景，非07/10的新增公司披露。原文为Zacks署名分析，带有评级与推广链接；价格保护协议的会计性质、未来磁体产能投放节奏及盈利预期下修原因未在文中完整展开。
后续跟踪
- MP后续季度的钕镨价格、销量、单位成本与启动成本变化。
- 10X设施和重稀土分离项目的投产节点与实际产能。
- MP及USAR的估值倍数是否由收入、现金流和订单进展支撑。
- 分析师对2026年至2027年盈利预期的后续调整。
英文原文
MP Materials Trades at a Premium Valuation: How to Play the Stock?
MP Materials Trades at a Premium Valuation: How to Play the Stock?
Madhurima Das
Mon, July 6, 2026 at 10:10 PM GMT+8 5 min read
- MP
-2.43%
- LYC.AX
-1.04%
- ^GSPC
+0.81%
- USAR
+2.28%
- LYSDY
-1.34%
MP Materials MP is trading at a forward 12-month price/sales multiple of 15.20X, well above the industry average of 1.49X. The stock also carries a Value Score of F, suggesting it is expensive at current levels.
Zacks Investment Research
Image Source: Zacks Investment Research
Among rare earth peers, USA Rare Earth, Inc. USAR trades at a steeper 39.51X, while Lynas Rare Earths Limited LYSDY appears relatively more reasonably valued at 10.22X.
MP Materials Stock Trails Industry Performance
MP Materials shares have declined 14.7% over the past six months, significantly lagging the industry's 8.5% growth. The Zacks Basic Materials sector gained 3.8% while the S&P 500 rose 8%. Over this period, Lynas Rare Earths and USA Rare Earth have gained 19.6% and 11.4%, respectively.
MP's 6-Month Performance Against Industry, Sector, S&P 500 & Peers
Zacks Investment Research
Image Source: Zacks Investment Research
MP Materials continues to trade at a substantial premium even as its shares have lagged the industry. Examining its latest financial results, operational execution, growth catalysts and key challenges can help assess whether that premium remains justified.
MP Delivered Revenue Growth in Q1, Costs Remain Elevated
MP Materials generated first-quarter 2026 total revenues of $90.6 million, up 49% year over year. The company also recognized $42.3 million in income related to a price protection agreement (PPA) with the Department of War (DoW).
Revenues from the Materials segment increased 30% year over year to $72.2 million, on stronger NdPr pricing and sales. The Magnetics segment contributed $21 million in revenues, reflecting increased production of magnetic precursor products. In the year-ago quarter, the segment generated $5.2 million in revenues from its first metal deliveries.
Cost of sales climbed 52% due to higher sales volumes while selling, general and administrative expenses rose 39.2% due to increased personnel costs. Start-up costs surged 503%, reflecting the ramp-up of start-up activities related to magnet production and chlor-alkali facilities. Advanced projects and development expenses spiked 302% due to higher costs incurred for legal, consulting and advisory services to support growth initiatives.
Due to the surge in costs, MP Materials reported an operating loss of $24 million in the quarter compared with the year-ago operating loss of $34.8 million. This was the 11th consecutive quarter of operating loss for the company, reflecting ongoing margin pressure as it continues transitioning toward higher-value separated rare earth products. The company posted adjusted earnings of three cents per share against the year-ago quarter's loss of 12 cents.
Story Continues
Producing separated rare earth products and magnetic materials involves significantly higher costs than concentrate production, due to additional processing requirements, chemical inputs, labor and maintenance. Cost of sales is, thus, expected to trend higher, reflecting increased sales of NdPr oxide and metal, along with added costs associated with magnetic precursor products. Start-up costs are also likely to increase further in the coming quarters.
MP Materials Scales Production Across Operations
MP Materials reported record production of 917 metric tons of NdPr during the first quarter, up 63% year over year, driven by continued expansion of separated rare earth production. The company also achieved a record 12,983 metric tons of rare earth oxide (REO) concentrate production, representing a 6% increase from the prior-year period, supported by improved recoveries and operational efficiencies. At the same time, production of magnetic precursor products continues to ramp up at the Independence facility.
MP's Earnings Estimates Trend Lower Reflecting Caution
The Zacks Consensus Estimate for MP Materials' 2026 earnings stands at 16 cents per share, reflecting a turnaround from the projected loss of 24 cents in 2025. The 2027 estimate is currently pegged at $1.06 per share, implying growth of 562.5%.
Zacks Investment Research
Image Source: Zacks Investment Research
Earnings estimates for both 2026 and 2027 have been revised downward over the past 90 days.
Zacks Investment Research
Image Source: Zacks Investment Research
MP Materials Advances Capacity Expansion
The company is expanding operations at its Independence facility and has begun construction of the 10X magnetics facility. Commissioning activities for scaled heavy rare earth separation are also expected to begin soon at Mountain Pass. 10X will significantly expand MP's fully integrated U.S. rare-earth magnetics manufacturing platform, which already encompasses mining and refining, metallization and alloying, sintering, finished magnet production and closed loop recycling. Once operational, the new campus is expected to contribute to the company's total production capacity of approximately 10,000 metric tons of NdFeB rare-earth magnets per year, advancing the nation's ability to produce these strategic components domestically.
Our Final Take on MP Stock
MP Materials remains well-positioned to benefit from the growing demand for domestically produced rare earth materials and magnets, supported by its integrated business model, expanding production capabilities and significant long-term capacity investments. These strengths make the company an attractive long-term holding for existing shareholders.
However, prospective investors may prefer to wait for a more attractive entry point given the stock's premium valuation, rising operating and start-up costs, and recent downward revisions to earnings estimates. MP currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
MP Materials Corp. (MP) : Free Stock Analysis Report
Lynas Rare Earths Limited - Sponsored ADR (LYSDY) : Free Stock Analysis Report
USA Rare Earth Inc. (USAR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Micron与Ford签订长期存储器供应协议
重要性未评级
中文摘要
- Micron与Ford签订长期战略客户协议，为Ford下一代汽车生产提供存储器和存储产品供应保障。
- Micron称正扩大关键汽车存储产品产出，并把Manassas工厂先进DRAM扩产列为制造投入之一。
英文原文
Micron and Ford Sign Strategic Agreement to Strengthen Long-Term Memory Supply and Industry Resilience
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SK海力士赴美上市融资文件
重要性5/5 高
官方初步招股文件直接披露SK海力士赴美融资、潜在稀释、扩产用途和最新季度财务，时间接近当日日报且与000660 KS直接相关。
中文摘要
核心结论
SK海力士向美国证券交易委员会提交第2次修订的F-1注册声明，计划发行1,779万股普通股所代表的美国存托凭证，募资净额估计约280亿美元，用于一般公司用途及资本开支。文件以2026年一季度收入52576亿韩元、期间利润40346亿韩元，以及HBM收入份额56.4%的数据支撑其AI存储扩产叙事；发行价格、实际募资和基石投资者认购仍未确定。
重要性评级
评级：5/5（高）
这是美东时间07/06 06:19（UTC+8 07/06 18:19）提交的美国上市融资文件，直接涉及000660 KS（SK海力士韩国交易所代码）新增股本、资本开支与美国存托凭证SKHY（拟上市代码）。证券监管机构原始文件、财务数据和发行条款的证据强度高。
关键事实
- SK海力士拟发行1,779万股普通股所代表的美国存托凭证；每份ADS（美国存托凭证）对应十分之一股普通股，拟在纳斯达克以SKHY代码上市。
- 董事会于06/24（未给出具体时刻）决议本次最多新发1,779万股，约为决议日已发行712,702,365股普通股的2.50%；满额发行后普通股预计增至728,865,500股。
- 公司预计发行净募资约280亿美元，拟用于一般公司用途，包括资本开支；发行价格仍将由公司与承销商根据韩国主板股价和市场条件协商确定。
- 基石投资者表达最多合计70亿美元的认购意向，但该意向不具约束力，可能少于、超过或完全不认购。
- 2026年一季度收入为52576亿韩元，较2025年一季度17639亿韩元增长198.1%；期间利润为40346亿韩元，较同期8108亿韩元增长397.6%。
- 一季度DRAM（动态随机存取存储器）收入40659亿韩元，同比增189.7%；NAND闪存收入11574亿韩元，同比增258.5%，公司将增长归因于售价和销量上升。
- 据文件引用的IDC数据，SK海力士2026年一季度全球DRAM收入份额29.1%、HBM（高带宽存储器）收入份额56.4%、NAND收入份额18.5%。
- 清州M15X晶圆厂已于2026年一季度投片；龙仁首座厂一期洁净室预计2027年一季度启用，印第安纳先进封装厂首个洁净室目标于2028年下半年完成。
作者观点与证据
该文为美国证券交易委员会披露的发行注册文件，没有新闻作者立场。发行人将AI基础设施对HBM、服务器DRAM和企业级固态硬盘的需求视为增长依据，并引用IDC与Gartner的市场份额和预测；这些行业预测及公司对需求、售价和扩产节奏的表述属于发行人口径，不能替代后续实际订单、产能利用率和定价数据。
与相关标的的关系
- 000660 KS：直接面对约2.50%的潜在新增普通股发行、美国上市融资及扩产资金安排。
- SKHY：拟在纳斯达克上市的美国存托凭证，发行生效、定价、配售及交割安排将决定其实际流通起点。
- DRAM、KMEM、SKHY：文件提供HBM、DRAM、NAND定价、产能和市场份额事实，可作为存储器产业链研究输入；不构成这些标的业绩或估值的独立证明。
时效性与限制
文件提交时间为美东时间07/06 06:19（UTC+8 07/06 18:19），于美东时间07/09 23:05（UTC+8 07/10 11:05）获取，适合纳入当日融资与存储器供给跟踪。F-1仍为修订后的初步招股文件，发行价格、发行完成时间、实际售股数量、最终净募资和基石认购均未落定；原文由私有站点提取，仅供受保护环境内阅读。
后续跟踪
- 美国证券交易委员会对注册声明的生效状态、最终招股书和定价文件。
- 实际发行股数、发行价、净募资及70亿美元基石认购意向的落实情况。
- M15X投产爬坡、龙仁和印第安纳项目的建设节点与资本开支。
- HBM、服务器DRAM和企业级固态硬盘的实际售价、销量及客户需求数据。
英文原文
Amendment No. 2 to Form F-1
Table of Contents
As filed with the Securities and Exchange Commission on July 6, 2026
Registration No. 333-296987
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 2
to
FORM F-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SK hynix Inc.
(Exact Name of Registrant as
Specified in its Charter)
The Republic of Korea
3674
98-0389479
(State or Other Jurisdiction
of Incorporation or Organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification No.)
2091, Gyeongchung-daero
Bubal-eup, Icheon-si
Gyeonggi-do 17336, Korea
+82 (31) 5185-4114
(Address, including Zip
Code, and Telephone Number, including Area Code, of Registrant’s Principal Executive Offices)
SK hynix America Inc.
3101 North 1st Street
San Jose, California 95134
United
States of America
+1 (408) 232-8000
(Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)
Copies to:
Jinduk Han, Esq.
Insoo Park, Esq.
Cleary Gottlieb
Steen & Hamilton LLP
19F, Ferrum Tower
19, Eulji-ro 5-gil, Jung-gu
Seoul 04539,
Korea
+82-2-6353-8000
Adam Fleisher, Esq.
Shuangjun Wang, Esq.
Cleary Gottlieb
Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
+1 (212) 225-2000
Dong Chul Kim, Esq.
Iksoo Kim, Esq.
Paul Hastings LLP
33/F W Tower, Mirae Asset CENTER1
26, Eulji-ro 5-gil, Jung-gu
Seoul 04539, Korea
+82-2-6321-3800
Gil Savir, Esq.
Ryan S. Brewer, Esq.
Brandon J. Bortner,
Esq.
Paul Hastings LLP
200 Park
Avenue
New York, New York 10166
+1
(212) 318-6080
Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the
following box. ☐
If this Form is filed to register additional securities for an offering pursuant to
Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The term “new or revised financial accounting standard” refers to any update issued by the
Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
The Registrant hereby amends this registration statement on such date or dates as may be necessary
to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the U.S. Securities Act of 1933, as
amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
Table of Contents
The information in this preliminary prospectus is not complete and may be changed. We
may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED JULY 6, 2026
PRELIMINARY PROSPECTUS
17,790,000 Common Shares
Represented by
American Depositary Shares
SK hynix Inc.
(a corporation organized under the laws of the Republic of Korea)
This is a public offering of American Depositary Shares, or “ADSs,” representing common shares of SK hynix Inc., organized under the laws of
the Republic of Korea, or “Korea.” We are offering 177,900,000 ADSs. Each ADS represents one-tenth of a share of our common stock, par value
W 5,000 per share, or “common share.”
Our common shares are listed on the KRX KOSPI Market of the Korea Exchange (the “KRX KOSPI Market”) under the identification code
“000660.” On July 3, 2026, the last reported sales price of our common shares on the KRX KOSPI Market, our principal trading market, was
W 2,425,000 per common share (equivalent to approximately US$1,581.41 per common share or US$158.14 per ADS, based on the exchange rate
of W 1,533.44 per US$1.00, the noon buying rate in effect on June 26, 2026 as quoted by the Federal Reserve Bank of New York in the
United States). The initial public offering price of the ADSs will be determined through negotiations between us and the underwriters and will be based on the last reported trading price of such common shares prior to the pricing of the ADSs as
well as prevailing market conditions and other factors described in “Underwriting” beginning on page 177 of this prospectus, subject to certain restrictions under Korean law in the event the initial public offering price is
determined at a discount from the trading price of our common shares on the KRX KOSPI Market (see “Korean Foreign Exchange Controls and Securities Regulations — Pricing of Newly Issued Shares”). Prior to this offering, there has
been no public market for our ADSs. We have applied to list the ADSs on the Nasdaq Global Select Market (the “Nasdaq”) under the symbol “SKHY.”
Baillie Gifford Overseas Limited, acting on behalf of a number of its and its affiliates’ clients, investment funds managed by Coatue Management,
L.L.C., and Situational Awareness Partners LP (in alphabetical order) (collectively, the “Cornerstone Investors”) have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of
the ADSs offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase,
any of the Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. The underwriters will receive the same
underwriting discount on any ADSs purchased by the Cornerstone Investors as they will from the other ADSs sold to the public in this offering.
Neither the U.S. Securities and Exchange Commission, or the “Commission” or the “SEC,” nor any state securities commission
has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Investing in the ADSs involves significant risks. See “ Risk Factors ” beginning on page 18 of this
prospectus before making an investment decision regarding the ADSs.
Per ADS
Total
Public offering price
US$
US$
Underwriting discount and commissions (1)
US$
US$
Proceeds, before expenses, to us
US$
US$
(1)
See “Underwriting” for a description of the compensation payable to the underwriters.
The underwriters expect to deliver the ADSs against payment in New York on or about , 2026, which will be the
third business day following the pricing of the ADSs. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in one business day,
unless the parties to any such trade expressly agree otherwise. Accordingly, any purchasers who wish to trade the ADSs prior to the delivery of the ADSs hereunder (i) will be required to specify alternate settlement arrangements at the time of any
such trade to prevent a failed settlement and (ii) should consult their own advisors with respect to conducting such trade.
(in alphabetical order)
Global Coordinators
BofA Securities
Citigroup
Goldman Sachs
J.P. Morgan
Cantor
Mizuho
Needham & Company
RBC Capital Markets
Rosenblatt
Stifel
Wedbush Securities
William Blair
Wolfe | Nomura Alliance
The date of this prospectus is , 2026
Table of Contents
Table of Contents
Table of Contents
Table of Contents
TABLE OF CONTENTS
Page
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
1
GLOSSARY OF TERMS
4
SUMMARY
7
THE OFFERING
11
SUMMARY FINANCIAL AND OTHER INFORMATION
14
RISK FACTORS
18
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
50
USE OF PROCEEDS
52
DIVIDENDS AND DIVIDEND POLICY
53
MARKET PRICE INFORMATION
55
EXCHANGE RATES
56
CAPITALIZATION
57
DILUTION
59
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
61
INDUSTRY OVERVIEW
88
BUSINESS
95
MANAGEMENT
116
PRINCIPAL SHAREHOLDERS
129
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
130
DESCRIPTION OF ARTICLES OF INCORPORATION AND CAPITAL STOCK
132
DESCRIPTION OF AMERICAN DEPOSITARY SHARES
139
SHARES AND AMERICAN DEPOSITARY SHARES ELIGIBLE FOR FUTURE SALE
152
KOREAN FOREIGN EXCHANGE CONTROLS AND SECURITIES REGULATIONS
154
THE KOREAN SECURITIES MARKET
162
CERTAIN TAX CONSIDERATIONS
168
UNDERWRITING
177
EXPENSES OF THE OFFERING
192
LEGAL MATTERS
193
EXPERTS
193
ENFORCEABILITY OF CIVIL LIABILITIES
193
WHERE YOU CAN FIND MORE INFORMATION
194
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
F-1
None of us, the underwriters nor any of our or their respective agents have authorized anyone to give any information or make any representation about
this offering that is different from, or in addition to that contained in the prospectus, the related registration statement, any free writing prospectus prepared by or on our behalf or which we may refer to you. None of us, the underwriters nor any
of our or their respective agents will have or take responsibility and can provide no assurance as to the reliability of any other information that others may give you. You should assume that the information appearing in this prospectus is accurate
only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of the ADSs. Our business, financial condition, results of operations and prospects may have changed since the date on the
front cover of this prospectus.
i
Table of Contents
Through and including , 2026 (the 25th day after the date of
this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when acting
as an underwriter and with respect to an unsold allotment or subscription.
Notice to Investors Outside the United States . None of us,
the underwriters nor any of our or their respective agents are offering or seeking offers to purchase the ADSs in any jurisdiction where such offers or sales are not permitted. None of us, the underwriters nor any of our or their respective agents
have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus in connection with this offering in any jurisdiction, other than the United States, where action for that purpose is
required. Persons outside the United States who come into possession of this prospectus or any such free writing prospectus must inform themselves about, and observe any restrictions relating to, this offering of the ADSs, and the distribution of
this prospectus and any such free writing prospectus outside the United States.
Notice to Investors in Korea . The ADSs will not be
offered, sold, or delivered in Korea or to, or for the account or benefit of any investors in Korea, at the time of their issuance. However, pursuant to the laws of Korea, we have filed with the Financial Services Commission of Korea (the
“FSC”) a separate securities registration statement in the Korean language for the benefit of Korean investors who may purchase common shares that are converted from ADSs in the secondary market after the completion of the offering
described in this prospectus (“post-IPO Korean investors”). Certain information in such filing is applicable only to the post-IPO Korean investors and
therefore is not included in this prospectus. The information contained in such filing does not and will not form a part of this prospectus. Accordingly, you must not rely on any information in such filing.
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PRESENTATION OF FINANCIAL AND OTHER INFORMATION
Certain Definitions
Unless the context otherwise requires,
references in this prospectus to “SK hynix,” the “Company,” “we,” “our,” “us” or similar terms are to SK hynix Inc., together with our consolidated subsidiaries; references to the
“Issuer” are to SK hynix Inc., the company whose ADSs are being offered by this prospectus, and not to any of our subsidiaries.
References to “ADSs” are to American Depositary Shares, each representing one-tenth of a common share, except where the context
requires otherwise.
See “Glossary of Terms” for certain defined terms used in this prospectus.
In addition, references to the “Government” are references to the government of Korea. References to the “United States” or the
“U.S.” are to the United States of America.
In this prospectus, references to “Won” or “ W ” are to the currency of Korea and references to “U.S. dollars” or “US$” are to the currency of the United States of
America, references to “Euro” are to the currency of the European Union, references to “Chinese Yuan” are to the currency of the People’s Republic of China, and references to “Japanese Yen” are to the
currency of Japan. This prospectus contains a translation of certain Won amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that the Won amounts
actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Unless otherwise specified, all conversions of U.S. dollars into Won have been made at the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States. For a
discussion of historical information regarding the rate of exchange between Won and the U.S. dollar, see “Exchange Rates.” No representation is made that the Won or U.S. dollar amounts referred to in this prospectus could have been or
could be converted into U.S. dollars or Won, as the case may be, at any particular rate or at all.
Accounting terms have the definitions set forth
under International Financial Reporting Standards (“IFRS”) Accounting Standards, as issued by the International Accounting Standards Board (“IASB”).
All financial information, descriptions and other information regarding us are, unless indicated otherwise, given on a consolidated basis.
Financial Statements Presentation
This prospectus includes
our consolidated audited financial statements as of and for the years ended December 31, 2025, 2024 and 2023, together with the notes thereto (the “Audited Financial Statements”), and unaudited condensed consolidated interim
financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, together with the notes thereto (the “Interim Financial Statements”).
Our Audited Financial Statements were prepared in accordance with the IFRS Accounting Standards as issued by the IASB. Our Interim Financial Statements
were prepared in accordance with IAS 34 Interim Financial Reporting.
Cautionary Note Regarding Non-IFRS Financial
Measures
We present certain non-IFRS financial measures in this prospectus, which are not recognized
under IFRS Accounting Standards. A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the
most comparable IFRS measure.
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Non-IFRS financial measures do not have standardized meanings
and may not be directly comparable to similarly-titled measures adopted by other companies. The non-IFRS financial measures presented in this prospectus are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The
non-IFRS measures presented in this prospectus have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in
accordance with IFRS Accounting Standards. Additionally, our calculations of non-IFRS financial measures may be different from the calculations used by other companies, including our competitors, and
therefore, our measures may not be comparable to those of other companies.
Specifically, we present Adjusted EBITDA. For a reconciliation of these non-IFRS measures to the most directly comparable IFRS financial measures, see “Summary Financial and Other Information—Non-IFRS Financial Information.”
Our management believes that disclosure of Adjusted EBITDA can provide useful supplemental information to investors and financial analysts in their review of our core results of operations and financial condition. Adjusted EBITDA is provided to
enhance investors’ overall understanding of our current financial performance and prospects for the future. Specifically, we believe that Adjusted EBITDA provides useful information to both management and investors by excluding certain
expenses, gains and losses, as the case may be, that may not be indicative of our core results of operations and business outlook.
Non-IFRS financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools. They should not be considered in isolation or as a substitute for
analysis of our results of operations as reported under IFRS Accounting Standards. Non-IFRS financial measures, including the non-IFRS financial measures presented in
this prospectus, are not measurements of our performance or liquidity under IFRS Accounting Standards and should not be considered as an alternative to operating income or net profit or any other performance measures derived in accordance with IFRS
Accounting Standards, or as an alternative to cash flow from operating, investing or financing activities.
Rounding
Certain figures (including percentage amounts) included in this prospectus have been rounded for ease of presentation. Percentage figures and totals
included in this prospectus have, in some cases, been calculated on the basis of such figures prior to rounding. For this reason, certain percentage and total amounts in this prospectus may vary from those obtained by performing the same
calculations using the figures in our Audited Financial Statements and Interim Financial Statements and figures shown as total in certain tables may not be an exact arithmetic aggregate of the other figures in the table.
Market and Industry Data
Market data and other statistical
information used in this prospectus is based on data collected by and available from Gartner, Inc. (“Gartner”) and International Data Corporation (“IDC”), among other sources. The Gartner content described herein (the
“Gartner Content”) represents research opinions or viewpoints published as part of a syndicated subscription service by Gartner, and is not a representation of fact. The Gartner Content speaks as of its original publication date (and not
as of the date of this prospectus), and the opinions expressed in the Gartner Content are subject to change without notice.
Certain data is
also based on our estimates, which are derived from our review of internal surveys as well as independent sources. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy
or completeness.
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Similarly, internal company surveys, industry forecasts and market research, which we believe to be
reliable based upon management’s knowledge of the industry, have not been verified by any independent sources. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not know what
assumptions were used in preparing the industry forecasts cited. See “Cautionary Note Regarding Forward-Looking Statements.”
Industry
publications, governmental publications and other market sources, including those referred to above, generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of
such information is not guaranteed. We have no reason to believe any of this information or these reports are inaccurate in any material respect and believe and act as if they are reliable. Neither we, the underwriters nor our or their respective
agents have independently verified them and they are subject to change based on various factors, including those discussed in the section entitled “Risk Factors.” Estimates of market and industry data are based on statistical models, key
assumptions and limited data sampling, and actual market and industry data may differ significantly from estimated industry data. In addition, the data that we compile internally, and our estimates have not been verified by an independent source.
Information derived from management’s knowledge and our experience is presented on a reasonable, good faith basis. Except as disclosed in this prospectus, none of the publications, reports or other published industry sources referred to in
this prospectus were commissioned by us or prepared at our request. Except as disclosed in this prospectus, we have not sought or obtained the consent of any of these sources to include such market data in this prospectus.
Trademarks and Trade Names
We own or have rights to
trademarks, service marks and trade names that we use in connection with the operation of our business, including our corporate name, logos and website names. Other trademarks, service marks and trade names appearing in this prospectus are the
property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this prospectus are listed without the ® and TM symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names.
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GLOSSARY OF TERMS
Artificial Intelligence (“AI”)
Mechanical systems and related technologies designed to perform functions similar to human intelligence.
AI Accelerators
Providers of high-performance semiconductors designed to efficiently process large-scale AI computing workloads.
Application-Specific Integrated Circuit (“ASIC”)
An integrated circuit designed for a specific purpose, as distinguished from general-purpose integrated circuits.
Bit
The smallest unit of information stored in memory, denoted by the lowercase letter “b,” represented by a single digit in binary notation (0 or 1).
Byte
The basic unit for representing information, denoted by the uppercase letter “B,” formed by grouping 8 bits together.
Central Processing Unit (“CPU”)
The primary processing component of a computer, responsible for processing data, performing calculations and executing logical instructions.
Complementary Metal Oxide Semiconductor (“CMOS”) Image Sensor (“CIS”)
A sensor that converts the color and intensity of light into electrical signals and transmits them to a processing device. CIS is used in digital devices, including smartphones and tablets.
Compute Express Link (“CXL”) Memory Module (“CMM”)
A memory module that supports high-speed data transfer and memory sharing between computing system components such as CPUs and GPUs, and provides system memory expansion capabilities.
Custom HBM
An HBM product that integrates certain functions of GPUs and ASICs into the HBM base die, configured to reflect customer requirements.
Double Data Rate (“DDR”)
A type of DRAM memory interface that transfers data on both the rising and falling edges of the clock signal.
Dynamic Random Access Memory (“DRAM”)
Random access memory (“RAM”) is computer memory that can be read and changed, and is used to store data temporarily. DRAM is a type of RAM that must be refreshed regularly, as stored data dissipates over time.
Embedded Multi-Media Card (“eMMC”)
A memory semiconductor for storage, integrated into mobile devices for data processing.
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Enterprise Solid State Drive (“eSSD”)
An enterprise-grade solid state drive used in servers and data centers.
Extreme Ultraviolet (“EUV”) lithography
A semiconductor manufacturing technique that uses extreme ultraviolet light to create intricate patterns on silicon wafers.
Graphics DDR (“GDDR”)
A type of DDR memory specifically designed for GPUs, providing higher bandwidth and optimized performance for rendering and graphics-intensive applications.
Graphics Processing Unit (“GPU”)
A processor optimized for parallel computation, originally developed for graphics, and now widely used for high-performance computing tasks.
Hard Disk Drive (“HDD”)
A data storage device that stores data on rotating platters coated with magnetic material.
Hi
Number of vertically stacked DRAM dies within a single memory package.
High Bandwidth Flash (“HBF”)
Similar to HBM, which stacks DRAM dies, HBF is a product made by vertically stacking multiple NAND flash dies.
High-Bandwidth Memory (“HBM”)
A high-performance memory product that vertically interconnects multiple DRAM chips and increases data processing speed relative to traditional DRAM products.
Internet-of-Things (“IoT”)
A network of physical objects embedded with sensors, software, and technology to exchange data with other devices and systems over the Internet.
Key-Value (“KV”) Cache
A mechanism that stores and reuses previously computed key and value vectors, preserving context from earlier inputs to reduce redundant calculations and improve processing efficiency.
Large Language Model (“LLM”)
AI systems trained on large amounts of text data to understand and generate text based on the context provided.
Low-Power Double Data Rate (“LPDDR”) DRAM
A mobile DRAM designed for low-power operation. The standard includes the prefix “LP,” which stands for “low power.”
Mass Reflow-Molded Underfill (“MR-MUF”)
A process in which a liquid protective material is injected between the spaces of stacked chips before hardening to protect the circuits. MR-MUF offers more efficient heat dissipation compared to the
method of laying film material between each chip.
Multi-Chip Package (“MCP”)
A semiconductor package that combines two or more semiconductor dies within a single package.
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Multiplexed Rank Dual In-line Memory Module (“MRDIMM”)
A DRAM module with enhanced data transfer speed achieved by simultaneously operating two ranks — the basic operating units of the module.
Nanometer (“nm”)
A unit used to measure semiconductor circuit width, equal to one billionth of a meter.
Not-AND (“NAND”) Flash Memory
A non-volatile memory that does not require power to retain data. NAND flash memory is classified based on how many data bits can be stored in one cell, the smallest unit of storage, and is categorized as
single-level cell, multi-level cell, triple-level cell, quad-level cell or penta-level cell.
Processing-in-Memory
(“PIM”)
A memory technology that integrates computational capabilities into memory, addressing data movement bottlenecks in AI and big data processing.
Registered Dual In-Line Memory Module (“RDIMM”)
A DRAM module for servers and workstations that includes a register or buffer chip to relay address and command signals between the memory controller and DRAM chips in a memory module.
Server DRAM
High-performance, high-capacity and reliable memory modules specifically designed for enterprise data centers, servers and high-performance computing systems.
Small Outline Compression Attached Memory Module (“SOCAMM”)
A low-power DRAM-based memory module designed for AI servers, featuring a smaller form factor and greater power efficiency compared to conventional server memory modules.
Solid State Drive (“SSD”)
A storage device that uses memory semiconductors to store data.
Through-Silicon Via (“TSV”) Packaging Technology
A packaging technology that connects vertically stacked chips by forming microscopic holes through the silicon and linking the layers with vertical electrodes.
Universal Flash Storage (“UFS”)
A type of flash memory that can simultaneously read and write data. Due to its low power consumption, high performance and reliability, UFS is widely used in mobile devices.
Wafer Input
A process in which semiconductor wafers are undergoing the various stages of fabrication but have not yet completed all manufacturing steps required to become finished products.
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SUMMARY
This summary highlights selected information contained elsewhere in this prospectus. This summary may not contain all the information that may be
important to you in making your investment decision regarding the ADSs. Before you decide to invest in the ADSs, we urge you to read this entire prospectus carefully, including our Audited Financial Statements and Interim Financial Statements,
together with the notes thereto, included elsewhere in this prospectus and the information set forth under “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations.”
Overview
We are one of the
world’s largest memory semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1%
in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the
second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC. Our memory products can be used in virtually all electronic devices, including graphics cards,
personal computers (“PCs”), data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic Inc. (“SK hynix system
ic”) and SK keyfoundry Inc. (“SK keyfoundry”), our wholly-owned subsidiaries.
We sell a wide variety of DRAM and NAND flash
memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with
advanced specifications, particularly those requiring higher density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other
advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast
data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing.
We have focused our sales and marketing activities in recent years on expanding our base of long-term strategic customers. We believe that our expertise
and know-how in producing advanced memory semiconductors, strong long-term relationships with our key customers and state-of-the-art global production facilities in key strategic locations provide us with sustainable competitive advantages that will continue to differentiate us from our competitors and enable us to
take advantage of attractive growth opportunities. We believe that we are a global leader in the HBM market with advanced production know-how and development of specific configurations that meet our
customers’ demands. Our customers seek HBM suppliers with whom they can better align their own product development efforts and their strict quality standards often require HBM manufacturers to comply with rigorous testing and approval
processes. We believe that our strengths in HBM, server DRAM and eSSD enable us to mitigate the risks associated with the cyclicality of the memory semiconductor market.
We own and operate wafer fabrication facilities (“fabs”) in Icheon and Cheongju, Korea and Wuxi and Dalian, China. We also own and operate
assembly and testing facilities for back-end processing of
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our products in Icheon and Cheongju, Korea and Chongqing, China. As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we
periodically phase out the operations of our older fabs or upgrade them to implement more advanced processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new
extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs such as HBM. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually
ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and
development facilities. We began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are currently constructing an advanced packaging
plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced packaging plant in Indiana, United States, and expect to commence operations in
the second half of 2028.
In order to maintain our technological leadership, as well as to access new markets for our products, we engage in
strategic initiatives, including making investments and acquisitions, from time to time. In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel Corporation (“Intel”) (the “Intel NAND Business
Acquisition”), including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition,
we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025. We created a subsidiary in the United States to operate the acquired business under the brand name “Solidigm.” We also selectively acquire
minority equity positions in other industry players to further strengthen our business relationships and acquire complementary businesses that we believe can further strengthen our leading position in the industry. See “Business —
Investments and Acquisitions.”
Our revenue was
W 52,576 billion (US$34,510 million) in the first quarter of 2026 and
W 17,639 billion in the first quarter of 2025, and
W 97,147 billion in 2025 (US$63,765 million),
W 66,193 billion in 2024 and
W 32,766 billion in 2023. We recorded profit for the period of
W 40,346 billion (US$26,482 million) in the first quarter of 2026 and W 8,108 billion in the first quarter of 2025, and profit for the year of
W 42,948 billion (US$28,190 million) in 2025 and
W 19,797 billion in 2024 and loss for the year of
W 9,138 billion in 2023. We had total assets of
W 222,829 billion (US$146,261 million) and total equity of
W 164,380 billion (US$107,896 million) as of March 31, 2026, and total assets of W 176,108 billion (US$115,594 million) and total equity of W 120,667 billion
(US$79,204 million) as of December 31, 2025.
Our Competitive Strengths
Critical role in the AI era with unrivaled expertise in the HBM segment
Comprehensive DRAM portfolio beyond HBM that is optimized for AI infrastructure buildout
Expertise in eSSD memory solutions that are ideally suited for evolution of AI server architecture
Global leadership in DRAM and NAND flash memory to capitalize on favorable market upcycle
Visionary research and development and best-in-class production execution
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Strong customer and partner relationships driving collaborative innovation
Solid financial profile that enables capacity for continued strategic investments
Our Strategy
Solidifying technological leadership and memory innovation
Strengthening customer and partner relationships and developing customized HBM products
Pursuing production capacity expansion in Korea to address growing demand
Investing in U.S.-based advanced packaging facility to support AI memory demand
Expanding our role beyond that of a memory semiconductor producer in the AI era
Focusing on financial management to provide sustainable shareholder returns
Summary Risk Factors
The memory semiconductor industry is subject to cyclical fluctuations, including recurring periods of oversupply, which may
result in volatility in our operating results, which in turn may adversely affect our financial position and cash flows.
The memory semiconductor industry is highly competitive and our failure to successfully compete would adversely affect our
business.
Our future long-term growth depends to a significant extent on our ability to increase production capacity.
Our revenue and profitability may decline if we are unable to obtain adequate supplies of raw materials, purified water,
electricity and equipment in a timely manner and at reasonable prices.
The complexity of memory semiconductor production makes us highly susceptible to potential manufacturing issues.
Our long-term profitability depends on our ability to respond to rapid technological changes in the manufacturing process
in a timely and cost-effective manner.
Requirements of the customers in the information and technology industry and the consumer electronics industry are
continually and rapidly evolving, and our success depends on our ability to anticipate and respond to these changes and trends.
If demand for our products exceeds our available supply, the necessity of allocating our finite supply among customers may
adversely impact customer relationships, and we may accordingly face heightened political, legal and regulatory scrutiny.
A slowdown in demand for our products from AI infrastructure investment could adversely affect our results of operations.
We sell a substantial portion of our products to a select group of key customers in the United States and China, and any
significant decrease in their order levels will negatively affect our business.
Impositions of anti-dumping duties, safeguard duties, countervailing duties, quotas or tariffs may have an adverse impact
on our export sales.
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Fluctuations in exchange rates may have a material adverse effect on our financial condition and results of operations.
Our investments and acquisitions may not be successful, which may adversely affect our competitive position and impair our
ability to achieve our business objectives.
We may be unable to adequately protect our intellectual property rights or successfully defend against third-party
infringement claims, which could impair our operations and competitiveness and harm our business and future prospects.
Products that do not meet customer specifications, contain or are perceived to contain defects or are otherwise
incompatible with their intended uses could impose significant costs on us.
Breaches of our security systems or products, systems failures, interruptions, delays in service, catastrophic events and
resulting interruptions in the availability of our systems or those of our customers, suppliers or business partners could expose us to losses.
We may be adversely impacted by uncertainties and outcomes associated with the use and evolution of AI.
Sanctions against us and other memory semiconductor producers for allegedly anti-competitive practices may have a direct or
indirect material adverse impact on our operations.
Work stoppages and other labor-related issues may adversely affect our operations.
If economic conditions in Korea deteriorate, our current business and future growth could be materially and adversely
affected.
Escalations in tensions with North Korea could have an adverse effect on us and the market value of our common shares and
the ADSs.
If you surrender your ADSs in order to withdraw the underlying common shares, you may not be allowed to deposit the common
shares again to obtain ADSs.
We may amend the deposit agreement without your consent and for any reason and, if you disagree with our amendments, your
choices will be limited to selling the ADSs or surrendering the ADSs for cancelation and withdrawing the underlying common shares.
Fluctuations in the exchange rate between the Won and the U.S. dollar may have a material adverse effect on the value of
the ADSs or the common shares in U.S. dollar terms.
As a foreign private issuer, we are not subject to certain corporate governance rules applicable to U.S. listed companies.
Our Contact Information
Our principal
executive offices are located at 2091, Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do 17336, Korea. Our telephone number is
+82 (31) 5185-4114, and our website is www.skhynix.com. Information on or connected to our website is not part of this prospectus.
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THE OFFERING
Issuer
SK hynix Inc.
The offering
We are offering 17,790,000 common shares represented by ADSs. On June 24, 2026, our board of directors resolved that the maximum number of new common shares to be issued in connection with this offering is 17,790,000 shares, representing
approximately 2.50% of our total issued common shares of 712,702,365 shares as of the date of such resolution. The maximum offering size was determined taking into account the requirement under the Monopoly Regulation and Fair Trade Act that SK
square Co., Ltd. (“SK square”), our largest shareholder, maintain ownership of at least 20% of our issued common shares. See “Korean Foreign Exchange Controls and Securities Regulations — Holding Company Regulations”
and “Principal Shareholders.”
Underwriters
BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, Cantor Fitzgerald & Co., Mizuho Securities USA LLC, Needham & Company, LLC, Nomura Securities International, Inc., RBC Capital
Markets, LLC, Rosenblatt Securities Inc., Stifel, Nicolaus & Company, Incorporated, Wedbush Securities Inc., William Blair & Company, L.L.C. and WR Securities, LLC.
Shares outstanding after the offering
Immediately after the offering, we will have an aggregate of 728,865,500 common shares, including common shares represented by ADSs (assuming the placement of all common shares represented by ADSs offered) outstanding.
ADSs
Each ADS represents one-tenth of a common share. The depositary will hold the common shares underlying the ADSs through its custodian. You will have rights as provided in the deposit agreement among us, Citibank, N.A., and the registered
holders, indirect holders and beneficial owners from time to time of ADSs issued thereunder (the “deposit agreement”).
If we declare dividends on our common shares, the depositary will pay you the cash dividends and other distributions it receives on our common shares after deducting its fees and expenses in accordance with the terms
set forth in the deposit agreement.
You may surrender your ADSs to the depositary for cancelation in exchange for the underlying common shares. The depositary will charge you fees for any cancelation.
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We may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs after an amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.
To better understand the terms of the ADSs, you should carefully read the “Description of American Depositary Shares” section of this prospectus. You should also read the deposit agreement, which is filed as
an exhibit to the registration statement that includes this prospectus.
Depositary
Citibank, N.A.
Use of proceeds
We estimate that the net proceeds that we will receive in the offering will be approximately US$28.0 billion from our issuance and sale of 17,790,000 common shares represented by ADSs in the offering after deducting the estimated underwriting
discount and commissions and estimated offering expenses payable by us. We intend to use the net proceeds we receive from this offering for general corporate purposes, including capital expenditures. See “Use of Proceeds.”
Indications of interest
The Cornerstone Investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of the ADSs offered in this offering at the initial public offering price and on the same terms and conditions as
the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase, any of the Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the
underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. The underwriters will receive the same underwriting discount on any ADSs purchased by the Cornerstone Investors as they will from the other ADSs sold to
the public in this offering.
Listing
We have applied to list the ADSs on the Nasdaq under the symbol “SKHY.” Our common shares are listed on the “KRX KOSPI Market under the identification code “000660.”
Voting rights of ADSs
Holders of ADSs may instruct the depositary to vote the number of deposited common shares their ADSs represent. See “Description of American Depositary Shares — Voting of the Underlying Shares of Common Stock.”
Each common share will have one vote. Common shares may be voted as each holder thereof deems appropriate. See “Description of Articles of Incorporation and Capital Stock — Voting Rights.”
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Dividends
Dividends on the common shares are subject to approval at a general meeting of our shareholders (in the case of annual dividends) or a resolution of the board of directors (the “Board”) (in the case of quarterly
dividends).
Taxation
For a discussion of certain material U.S. federal and Korean tax considerations relating to an investment in the ADSs, see “Certain Tax Considerations.”
Lock-up agreement
We and certain of our affiliates may agree with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of any ADSs, common shares or similar securities for a period of 90 days after the date of this
prospectus. See “Shares Eligible for Future Sale” and “Underwriting” for more information.
Risk factors
See “Risk Factors” beginning on page 18 and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in the ADSs.
Payment and settlement
The underwriters expect to deliver the ADSs against payment therefor through the facilities of the Depository Trust Company (“DTC”) on , 2026, which will be the third business day following the
pricing of the ADSs. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, any purchasers who wish
to trade the ADSs prior to the delivery of the ADSs hereunder (i) will be required to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and (ii) should consult their own advisors with respect to
conducting such trade.
Unless otherwise indicated, the number of common shares that will be issued and outstanding immediately after
this offering:
is based upon 711,075,500 common shares outstanding as of the date of this prospectus; and
excludes 1,626,865 common shares held by us as treasury shares, including 138,685 common shares deliverable upon the
exercise of stock options (as described in “Management — Compensation — Stock Options”), outstanding as of the date of this prospectus.
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SUMMARY FINANCIAL AND OTHER INFORMATION
The following tables set forth, for the periods and as of the dates indicated, our summary financial and operating data. The financial information
presented in this prospectus has been derived from our Audited Financial Statements and Interim Financial Statements, together with the notes thereto, prepared in accordance with IFRS Accounting Standards as issued by the IASB or IAS 34 Interim
Financial Reporting , as applicable, and included elsewhere in this prospectus. IFRS Accounting Standards as issued by the IASB differ in certain significant respects from accounting principles generally accepted in the United States. The Interim
Financial Statements have been prepared on a basis consistent with our Annual Financial Statements included in this prospectus and reflect, in the opinion of management, all adjustments of a normal, recurring nature that are necessary for a fair
statement of the financial information contained in those financial statements. Historical results of operations for the periods presented below are not necessarily indicative of the results to be expected for any future period and our results for
any interim period are not necessarily indicative of the results that may be expected for any full fiscal year.
The summary historical financial
data should be read in conjunction with “ Presentation of Financial and Other Information ,” “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” and our Audited Financial
Statements and Interim Financial Statements, included elsewhere in this prospectus.
Consolidated Statements of Comprehensive Income (Loss) Data
For the Three Months Ended
March 31,
For the Year Ended December 31,
2026 (1)
2026
2025
2025 (1)
2025
2024
2023
(In billions of Won and millions of US$)
Revenue
US$
34,510
W
52,576
W
17,639
US$
63,765
W
97,147
W
66,193
W
32,766
Cost of sales
7,153
10,897
7,537
25,242
38,456
34,365
33,299
Gross profit (loss)
27,358
41,679
10,102
38,524
58,691
31,828
(533
)
Selling and administrative expenses
1,062
1,618
1,190
3,294
5,019
3,924
3,446
Research and development expenses
1,609
2,451
1,472
4,244
6,466
4,436
3,751
Finance income
11,196
17,056
2,687
10,747
16,373
4,855
2,262
Finance expenses
1,985
3,023
765
8,208
12,505
5,708
6,093
Share of profit (loss) of equity-accounted investees
(18
)
(27
)
(41
)
(371
)
(565
)
(38
)
15
Other income
10
15
79
219
333
1,477
624
Other expenses
10
15
102
248
378
167
735
Profit (loss) before income tax
33,880
51,617
9,299
33,125
50,466
23,885
(11,658
)
Income tax expense (benefit)
7,398
11,271
1,191
4,934
7,518
4,088
(2,520
)
Profit (loss) for the period
US$
26,482
W
40,346
W
8,108
US$
28,190
W
42,948
W
19,797
W
(9,138
)
(1)
For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
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Consolidated Statements of Financial Position Data
As of March 31,
As of December 31,
2026 (1)
2026
2025 (1)
2025
2024
2023
(In billions of Won and millions of US$)
Assets
Current assets:
Cash and cash equivalents
US$
13,894
W
21,167
US$
9,796
W
14,924
W
11,205
W
7,587
Short-term financial instruments
11,959
18,220
9,636
14,680
2,382
473
Short-term investment assets
9,808
14,943
3,504
5,339
569
861
Trade receivables, net
22,191
33,808
11,946
18,199
13,019
6,600
Inventories, net
10,485
15,974
9,379
14,289
13,314
13,481
Other current assets
1,572
2,394
1,331
2,027
1,790
1,466
Total current assets
69,909
106,506
45,591
69,458
42,279
30,468
Non-current assets:
Investments in associates and joint ventures
890
1,356
867
1,321
1,941
1,367
Long-term investment assets
13,559
20,658
9,548
14,547
4,041
4,106
Loans and other receivables, net
278
424
276
420
444
475
Property, plant and equipment, net
53,858
82,052
50,871
77,503
60,157
52,705
Right-of-use assets,
net
1,545
2,354
1,534
2,336
2,487
2,695
Intangible assets, net
2,659
4,051
2,658
4,049
4,019
3,835
Deferred tax assets
1,202
1,832
2,403
3,660
2,812
2,989
Other non-current assets
2,360
3,596
1,846
2,812
1,675
1,690
Total non-current assets
76,352
116,323
70,003
106,650
77,576
69,862
Total assets
146,261
222,829
115,594
176,108
119,855
100,330
Liabilities
Current liabilities:
Trade payables
1,836
2,798
1,870
2,848
2,277
1,846
Other payables
5,187
7,903
4,223
6,434
6,967
3,293
Other non-trade payables
4,027
6,135
4,124
6,283
3,984
1,689
Borrowings
3,867
5,891
5,357
8,162
5,252
9,857
Other financial liabilities
1,049
1,598
3,225
4,914
1,742
1,479
Current tax liabilities
9,570
14,580
4,610
7,024
3,084
44
Lease liabilities
345
526
359
547
588
631
Other current liabilities
834
1,270
766
1,167
1,071
2,169
Total current liabilities
26,715
40,701
24,535
37,379
24,965
21,008
Non-current liabilities:
Long-term other payables
250
381
246
375
477
3,144
Other non-trade payables
14
21
13
20
52
97
Borrowings
8,813
13,427
9,246
14,086
17,431
19,611
Deferred tax liabilities
187
285
163
248
218
114
Lease liabilities
1,305
1,988
1,288
1,963
2,180
2,398
Other non-current liabilities
1,081
1,646
899
1,370
616
455
Total non-current liabilities
11,650
17,748
11,856
18,062
20,974
25,819
Total liabilities
38,365
58,449
36,390
55,441
45,940
46,826
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As of March 31,
As of December 31,
2026 (1)
2026
2025 (1)
2025
2024
2023
(In billions of Won and millions of US$)
Equity
Equity attributable to owners of the parent company:
Capital stock
US$
2,401
W
3,658
US$
2,401
W
3,658
W
3,658
W
3,658
Capital surplus
5,586
8,510
5,877
8,954
4,487
4,373
Other equity
(242
)
(368
)
(885
)
(1,349
)
(2,192
)
(2,269
)
Accumulated other comprehensive income
2,458
3,745
1,757
2,677
2,532
1,014
Retained earnings
97,635
148,746
69,955
106,577
65,418
46,729
107,838
164,291
79,105
120,516
73,903
53,504
Non-controlling interests
58
89
99
151
12
(1
)
Total equity
107,896
164,380
79,204
120,667
73,916
53,504
Total liabilities and equity
US$
146,261
W
222,829
US$
115,594
W
176,108
W
119,855
W
100,330
(1)
For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
Consolidated Statements of Cash Flows Data
For the Three Months Ended March 31,
For the Year Ended December 31,
2026 (1)
2026
2025
2025 (1)
2025
2024
2023
(In billions of Won and millions of US$)
Capital expenditures (2)
US$
5,026
W
7,657
W
6,284
US$
18,063
W
27,519
W
15,946
W
8,325
Net cash provided by operating activities
17,283
26,330
9,024
35,033
53,373
29,796
4,278
Net cash used in investing activities
(11,575
)
(17,635
)
(8,218
)
(31,542
)
(48,054
)
(18,005
)
(7,335
)
Net cash provided by (used in) financing activities
(1,937
)
(2,951
)
509
(948
)
(1,445
)
(8,704
)
5,697
Net increase in cash and cash equivalents
4,098
6,243
1,353
2,441
3,719
3,618
2,610
(1)
For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
(2)
Capital expenditures represent cash outflows for acquisition of property, plant and equipment and are included in net cash
used in investing activities.
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Non-IFRS Financial Information
A reconciliation of our profit (loss) for the period to Adjusted EBITDA is as follows:
For the Three Months Ended March 31,
For the Year Ended December 31,
2026 (1)
2026
2025
2025 (1)
2025
2024
2023
(In billions of Won and millions of US$)
Profit (loss) for the period
US$
26,482
W
40,346
W
8,108
US$
28,190
W
42,948
W
19,797
W
(9,138
)
ADD: Income tax expense (benefit)
7,398
11,271
1,191
4,934
7,518
4,088
(2,520
)
SUBTRACT: Finance income
11,196
17,056
2,687
10,747
16,373
4,855
2,262
ADD: Finance expenses
1,985
3,023
765
8,208
12,505
5,708
6,093
SUBTRACT: Share of profit (loss) of equity-accounted investees
(18
)
(27
)
(41
)
(371
)
(565
)
(38
)
15
SUBTRACT: Other income (2)
10
15
79
219
333
1,477
624
ADD: Other expenses (3)
10
15
102
248
378
167
735
ADD: Depreciation and amortization (4)
2,446
3,726
3,334
9,117
13,890
12,545
13,619
Adjusted EBITDA (5)
US$
27,132
W
41,336
W
10,774
US$
40,102
W
61,096
W
36,012
W
5,889
(1)
For convenience, Won amounts are expressed in U.S. dollars at the rate of W 1,523.5 to US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
(2)
For a breakdown of our other income for the first quarter of 2026 and the first quarter of 2025, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — First Quarter of 2026 Compared to First Quarter of 2025 — Other Income.” For a breakdown of our
other income for 2025 and 2024, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations – 2025 Compared to 2024 — Other Income.” For a breakdown of our
other income for 2024 and 2023, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations – 2024 Compared to 2023 — Other Income.”
(3)
For a breakdown of our other expenses for the first quarter of 2026 and the first quarter of 2025, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — First Quarter of 2026 Compared to First Quarter of 2025 — Other Expenses.” For a breakdown of our
other expenses for 2025 and 2024, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — 2025 Compared to 2024 — Other Expenses.” For a breakdown of
our other expenses for 2024 and 2023, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — 2024 Compared to 2023 — Other Expenses.”
(4)
“Depreciation and amortization” consist of (i) depreciation of property, plant and equipment,
(ii) depreciation of investment property, (iii) depreciation of right-of-use assets and (iv) amortization.
(5)
“Adjusted EBITDA” is not a measure defined under IFRS Accounting Standards and should not be construed as an
alternative to operating profit (loss), cash flows from operating activities or profit for the period; however, Adjusted EBITDA is a widely used financial indicator of a company’s ability to incur and service debt. Adjusted EBITDA should not
be considered in isolation or construed as an alternative to cash flows, profit for the period or any other measure of performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating,
investing or financing activities. Adjusted EBITDA is presented in this prospectus because we believe that Adjusted EBITDA enhance investors’ overall understanding of our current financial performance and prospects for the future. Our Adjusted
EBITDA presented in this prospectus may not be comparable to similarly titled measures presented by other companies. Investors should not compare our Adjusted EBITDA to the Adjusted EBITDA presented by other companies because not all companies use
the same definition of Adjusted EBITDA.
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RISK FACTORS
An investment in the ADSs involves significant risks. Before you decide to invest in the ADSs, you should carefully consider all of the information
set forth in this prospectus, including the risks described below. In the event that any of these risks occurs, our business, financial condition, results of operations, cash flows and prospects may be materially adversely affected and, as a result,
the value of the ADSs may decline and you may lose all or part of your investment. Additional risks and uncertainties not currently known to us, or that we currently believe to be immaterial, may have a material adverse effect on us in the future.
When determining whether to invest, you should also refer to the other information contained in this prospectus, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
and our Audited Financial Statements and Interim Financial Statements, together with the notes thereto. You should also carefully review the cautionary statements referred to under “Cautionary Note Regarding Forward-Looking Statements.”
Our actual results could differ materially and adversely from those anticipated in this prospectus.
Risks Relating to Our Business and Industry
The memory semiconductor industry is subject to cyclical fluctuations, including recurring periods of oversupply, which may result in volatility in
our operating results, which in turn may adversely affect our financial position and cash flows.
Our DRAM products accounted for 77.3% of
our total sales in the first quarter of 2026 and 77.1% in 2025 and our NAND flash memory products accounted for 22.0% of our total sales in the first quarter of 2026 and 21.3% in 2025. Accordingly, our business is affected by market conditions in
the highly cyclical memory semiconductor industry. The industry’s cyclical demand cycles are due, in large part, to fluctuations in demand for the end products that use memory semiconductors. The largest end product industries that use memory
semiconductors are the information and technology industry and the consumer electronics industry, which are sensitive to general macroeconomic conditions impacting the global economy. Uncertainties in the global economy have increased in recent
years, with global financial and capital markets experiencing substantial volatility. A prolonged period of high interest rates may negatively impact the demand for our products. Such uncertainties have been caused by, and continue to be exacerbated
by, among other things, deterioration in economic and trade relations between major economies (particularly between the United States and China), the outbreak of the Russia-Ukraine war in February 2022 and the military conflicts between Iran and
other countries, including the United States and Israel, that have destabilized the global energy sector, the slowdown of economic growth in China and other major emerging market economies, adverse economic and political conditions in Europe and
Latin America, continuing geopolitical and social instability in North Korea and various parts of the Middle East and impositions of tariffs and other trade protective measures around the world. Any future deterioration in global economic conditions
may result in a decline in demand for our memory semiconductors.
The long lead times for new facilities to become operational have in some cases
resulted in significant increases in the industry’s production capacity coinciding with weakening demand, resulting in global oversupply of products and declining prices. Demand growth expectations in the end markets that use memory
semiconductors have typically been accompanied by increased capital investment by manufacturers. In addition, semiconductor manufacturers worldwide have migrated to finer line-width processes and advanced stacking technologies, which have increased
the number of bits produced per wafer. These capital investments and the adoption of new technologies may result in increases in the supply of memory semiconductors that are not matched by commensurate growth in demand in the end markets for such
products. From time to time, the memory semiconductor industry has experienced significant and sometimes prolonged periods of oversupply and weak prices.
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As a result of such fluctuations in global demand and increases in the manufacturing capacity
available to produce memory semiconductors, our results of operations may be volatile from period to period. Following a period of strong global demand for memory semiconductors in 2021 and the first half of 2022, the global prices of memory
products meaningfully decreased starting in the third quarter of 2022, reflecting weakening demand and a general oversupply in the market, which in turn negatively impacted our results of operations. As a result, in 2023, we recorded loss for the
year of W 9,138 billion. However, in recent years, global demand for DRAMs, particularly for HBMs designed to meet the greater
data-processing speed requirements of graphics applications that incorporate deep learning and AI technologies, and NAND flash memory products rebounded strongly, and we recorded profit for the period of W 40,346 billion in the first quarter of 2026 and W 8,108 billion in the first quarter of
2025, and profit for the year of W 42,948 billion in 2025 and
W 19,797 billion in 2024.
Actual or
anticipated deterioration in market conditions may result in a decline in demand for our products that may have a negative impact on the prices at which they can be sold. In such a case, we will likely face pressure to reduce prices and may need to
rationalize our production capacity and reduce fixed costs. In general, our ability to significantly reduce expenditures for production facilities and research and development during an industry downturn is limited because of the need to maintain
our competitive position. If we are unable to reduce our expenses sufficiently to offset reductions in prices and sales volume, our margins will deteriorate and our business, financial condition and results of operations may be materially and
adversely affected.
The memory semiconductor industry is highly competitive and our failure to successfully compete would adversely affect
our business.
We operate in an intensely competitive market, which has been characterized by the erosion of selling prices, frequent product
enhancements from changes in technology and relatively short product life cycles. During the past decade, the memory semiconductor industry has experienced consolidation as well as the formation of strategic alliances. Our major competitors in the
DRAM market include Samsung Electronics Co., Ltd. (“Samsung Electronics”), Micron Technology, Inc. (“Micron Technology”) and ChangXin Memory Technologies (“CXMT”). Our major competitors in the NAND flash memory
market include Samsung Electronics, KIOXIA Holdings Corporation (“Kioxia” and formerly Toshiba Memory Corporation), Micron Technology and Sandisk Corporation (“Sandisk”).
The competitiveness of our principal product lines are based on the following factors:
pricing;
manufacturing costs, yields and product availability;
product performance, quality and reliability;
successful and timely development of new products and manufacturing processes;
ability to tailor products to specific designs required by customers;
ability to deliver products in large volumes on a timely basis;
ability to meet changes in customer demand;
marketing and distribution capability;
customer service, including technical support; and
brand recognition and financial strength.
Entry into the memory semiconductor industry requires substantial capital expenditures and significant technological and manufacturing expertise.
Although we believe that our production capabilities, experience and technological expertise provide “time to market” and economies of scale
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advantages, we face increasing competition from emerging companies that may significantly expand the scale of their operations, as well as from potential repositioning and expansion by storage
solution companies and customers that may develop memory solutions in-house. In addition, in recent years, various industrialized countries have taken measures to promote the development and expansion of
high-technology industries, which may intensify the competitive landscape of the semiconductor industry. For example, in August 2022, the U.S. Government enacted the CHIPS Act, which provides federal aid to promote emerging industries in the United
States, including measures to strengthen the United States’ domestic semiconductor manufacturing capabilities. Such efforts may incentivize U.S. semiconductor companies to invest in the expansion of their production capabilities. As part of
its efforts to promote a robust semiconductor supply chain, the U.S. Government has also initiated the Chip 4 Alliance, a new U.S.-Asian semiconductor partnership among the United States, Korea, Japan and Taiwan. In recent years, such an alliance
has led China to take measures to more actively develop its semiconductor manufacturing capabilities, which may further intensify competition in the global semiconductor industry.
Some of our existing and new competitors may have greater financial, marketing, technical or other resources than us. Greater resources may allow such
competitors to respond to changes in market demand more quickly and produce, market and distribute advanced products, as well as withstand downturns in the memory semiconductor markets in which we compete. There is no assurance that we will be able
to continue to compete successfully, and our failure to do so could have a material adverse effect on our business, financial condition and results of operations.
Our future long-term growth depends to a significant extent on our ability to increase production capacity.
Our future long-term growth will be dependent on our ability to continue to expand our production capacity and total output beyond current
levels. As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we periodically phase out the operations of our older fabs or upgrade them to new fabs that implement more advanced
processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our
production capacity of next-generation DRAMs such as HBM. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have
also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and development facilities. We began construction of our first fab at the Yongin complex in February 2025 with the
phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are currently constructing an advanced packaging plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December
2024, we also announced plans to build an advanced packaging plant in Indiana, United States, and expect to commence operations in the second half of 2028. See “Business — Our Strategy — 3. Pursuing Production Capacity
Expansion in Korea to Address Growing Demand” for a discussion of our production capacity expansion strategy.
Our ability to expand and
successfully operate additional production facilities and increase output is subject to significant risks and uncertainties, including:
our ability to secure adequate purchase orders from customers to maintain optimal production capacity;
our ability to raise sufficient funds to build and operate new production facilities, including securing adequate working
capital for labor costs and the purchase of raw materials and other supplies;
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delays and cost overruns associated with the build-out of additional facilities due
to factors, many of which may be beyond our control, such as delays in government approvals, problems with equipment vendors or raw material suppliers and equipment malfunctions and breakdowns; and
diversion of significant management attention and other resources.
Our cash outflows for acquisitions of property, plant and equipment amounted to
W 7,657 billion in the first quarter of 2026 and
W 6,284 billion in the first quarter of 2025, and
W 27,519 billion in 2025,
W 15,946 billion in 2024 and
W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. We periodically adjust our
capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor industry and general global economic conditions. We may delay or not implement some of our announced capital expenditure
plans based on our assessment of such market conditions. If we are unable to expand our production capacity and ramp up our operations within our anticipated timeframe and budgeted costs, we may not be able to meet customer demand and pursue
additional economies of scale and growth, which could have a material adverse effect on our business, financial condition and results of operations.
Our revenue and profitability may decline if we are unable to obtain adequate supplies of raw materials, purified water, electricity and equipment
in a timely manner and at reasonable prices.
We require timely and adequate supplies of raw materials, purified water, electricity and
equipment in order to manufacture our products. We source most of our raw materials, including wafers, from suppliers in Korea, Japan and the United States. We are not dependent on any one supplier for a substantial portion of our raw
material requirements for fabrication and packaging, and we believe that we generally have access to alternative sources of supply for our principal raw materials. However, from time to time, we and other semiconductor manufacturers have experienced
shortages and increases in lead times for the delivery of raw materials, which in turn have resulted in interruptions in production and delivery of products from time to time. In particular, the manufacture of advanced memory products such as HBM is
more complex and resource-intensive than traditional DRAM products and requires greater wafer input and specialized materials and components used in advanced packaging processes. As demand for HBM products increases, we may experience supply
constraints, extended lead times or price increases with respect to such materials or components. In addition, the suppliers of certain advanced packaging materials and components may be more limited than those for traditional memory products, which
could increase supply chain risks. To minimize the risk of significant interruptions to supplies of our principal raw materials, we have entered into multi-year supply agreements with our key material suppliers and plan to enter into similar
agreements with other major suppliers, as well as diversify the geographic location of key international suppliers and increase sourcing from suppliers in Korea.
Like other memory semiconductor manufacturers, we also depend on a limited number of manufacturers in the Netherlands, the United States and Japan for
our key equipment. We generally seek to obtain testing equipment with similar functionality from various vendors. However, our purchases of high-end equipment have historically been limited to several
manufacturers. In periods of high market demand, the lead times from order to delivery of such equipment can be over one year. We seek to manage this process through the early reservation of appropriate delivery slots and constant
communication with our equipment suppliers. However, unavailability of equipment, delays in delivery of key equipment or failure of equipment to meet our specifications could delay implementation of our expansion plans and impair our ability to
deliver products to our customers in a timely manner.
It is possible that any of our key supplier relationships could be interrupted or terminated
due to events beyond our control, including international supply disruptions caused by geopolitical issues,
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natural disasters or severe health pandemics such as COVID-19. For example, in October 2022, the Bureau of Industry and Security of the U.S. Department of
Commerce (the “BIS”) announced export controls to restrict China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. As part of such measures, the BIS added
certain semiconductor manufacturing equipment and related items to the Commerce Control List as well as new license requirements for items destined to semiconductor fabrication facilities in China that fabricate certain advanced semiconductors. In
October 2022, we received permission from the BIS that enables us to supply our China-based manufacturing facilities with the equipment and items needed for one year without meeting additional licensing requirements. In October 2023, we were
designated as a Validated End-User (“VEU”) by the BIS, thereby obtaining a general authorization for supplying our China-based manufacturing facilities with necessary equipment and items, subject
to certain restrictions, without having to seek multiple individual licenses. On August 29, 2025, the BIS announced that our designation as a VEU would be revoked effective December 31, 2025. In lieu of the VEU framework, the BIS
implemented an annual approval mechanism under which we are required to submit yearly plans detailing our anticipated needs for U.S.-origin equipment. In December 2025, the BIS granted us an annual license for 2026, allowing approved U.S.-origin
equipment to be shipped to our facilities in China and removing the burden of obtaining case-by-case export licenses during such year. Failure to obtain the
required licenses in a timely manner may materially impact our manufacturing operations in China, which in turn may have a material adverse effect on our business, financial condition and results of operations.
There can be no assurance that we will be able to secure sufficient supplies of the relevant raw materials that meet our quality standards from
alternative suppliers in a timely manner and at reasonable prices to satisfy our long-term needs. Furthermore, in the event that trade restrictions are imposed in the future by foreign governments in countries where our key suppliers are located,
our failure to mitigate the impact of such restrictions could materially and adversely affect our operations. If we are unable to obtain adequate amounts of key raw materials, purified water, electricity and equipment that meet our quality standards
in a timely manner and at a reasonable cost, the production of our products could be disrupted, which would negatively impact our business, financial condition and results of operations.
The complexity of memory semiconductor production makes us highly susceptible to potential manufacturing issues.
Manufacturing memory semiconductors is a highly complex and precise process, requiring production in a tightly controlled, clean environment. Even very
small impurities in raw materials, flaws in the wafer fabrication process, defects in the masks used to print circuits on a wafer or other factors can cause a substantial percentage of wafers to be rejected or numerous chips on each wafer to be
nonfunctional. We may experience problems in achieving an acceptable yield rate in the manufacture of chips and memory module products, and the likelihood of facing such difficulties is higher in connection with the transition to new manufacturing
methods. From time to time, we have experienced minor disruptions in our manufacturing process as a result of temporary power outages. We may also experience manufacturing problems in our assembly and test operations as a result of the introduction
of new packaging materials. In addition, as technological advances in semiconductors become more rapid, manufacturing activities become more complex and prone to problems. Disruption of operations may also occur due to fire, flood or other natural
disasters or calamities, the effects of climate change (such as sea level rise, drought, flooding, wildfires, increased average temperatures and increased storm severity), human error, or acts of terrorism or war. Any interruption of wafer
fabrication at any of our facilities resulting in the failure to achieve acceptable manufacturing yields or inability to meet our customers’ requirements would adversely affect our business, financial condition and results of operations.
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Our long-term profitability depends on our ability to respond to rapid technological changes in
the manufacturing process in a timely and cost-effective manner.
The average selling prices of memory semiconductors have declined in
general and are expected to continually decline with time irrespective of industry-wide cyclical fluctuations and seasonality, as a result of, among other factors, technological advancements and cost reductions in the memory semiconductor
manufacturing process. We may be able to take advantage of temporary higher selling prices typically associated with the launch of new products or the emergence of external factors that increase demand, but such prices will likely decline over time,
and in certain cases, very rapidly. If the average per-bit selling price for DRAM and NAND flash memory products that we produce decreases faster than the pace at which we are able to reduce our per-bit manufacturing costs, our gross margins would decrease. Accordingly, our ability to respond to rapid technological changes in the manufacturing process and achieve higher manufacturing yields in a timely and
cost-effective manner is critical to our long-term profitability.
Due to the competitive nature of the memory semiconductor market, manufacturers
are continually seeking to optimize their production methods. For example, we continue to invest in enhancing TSV interconnection technology that links upper and lower chips with an electrode that vertically passes through the base logic chip and
DRAM chips, which is critical in the development of our next-generation of HBMs. In addition, we continue to invest in enhancing our NAND stacking technology, which enables NAND flash memory cells to be stacked vertically in multiple layers,
and have been transitioning the mass production of our NAND flash memory products from utilizing 176 layer technology to 238 and 321 layer technologies. If we do not anticipate enhancements in manufacturing technology and fail to adopt new
process technologies in a timely and cost-effective manner, we may not be able to produce products that meet our customers’ demands at competitive prices. Although new technologies typically yield more chips per wafer once ramp-up has been successfully completed, yields are typically low during the initial stage of transition where new technologies are applied to existing manufacturing processes. There is no guarantee that we will not
experience material delays in connection with future migrations to new technologies. If we are unable to respond to rapid technological changes in the manufacturing process in a timely and cost-effective manner, we may lose market share, which in
turn could have a material adverse effect on our business, financial condition and results of operations.
Requirements of the customers in
the information and technology industry and the consumer electronics industry are continually and rapidly evolving, and our success depends on our ability to anticipate and respond to these changes and trends.
Memory semiconductors are becoming increasingly diversified in terms of specifications, with customers demanding solutions that are optimized for their
particular needs to manufacture specific electronic devices, including PCs, servers, graphics cards, mobile devices such as smartphones and tablets, and other consumer electronics products. In addition, technologies that impact demand for memory
semiconductors are continually and rapidly evolving. For example, in March 2026, Google unveiled TurboQuant, advanced and theoretically grounded quantization algorithms that potentially enable massive compression for LLMs and vector search engines,
which may allow high-performance GPUs to process significantly more data with the same amount of physical memory.
We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that respond to the latest
changes and trends, and are optimized for use in specific applications. In particular, we have substantially increased our sales of DRAMs in HBM configurations in recent years. HBMs are advanced memory semiconductors designed to deliver fast data
transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing. Our continued success will depend on our ability to respond quickly to evolving customer requirements
and industry standards in our target markets and to offer our customers a variety of products with reliable quality and advanced features.
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If our products do not keep pace with evolving industry standards, we could be required to invest
significant resources to redesign our products to ensure compatibility with relevant standards. If we are slow to anticipate changing trends and respond to such changes in a timely manner, we could miss opportunities to capture potential customers,
and we could lose our existing customers. In order for us to respond effectively to these and other market trends, we need to dedicate significant resources to product design, research and development and marketing. There can be no assurance that we
will have sufficient financial resources to fund all of the required research to develop technical innovations and meet changing industry standards. If we are unable to invest sufficient resources to satisfy the diversifying memory needs of our
customers, or if we do so in an inefficient or untimely manner, we may lose market share, which in turn could have a material adverse effect on our business, financial condition and results of operations.
If demand for our products exceeds our available supply, the necessity of allocating our finite supply among customers may
adversely impact customer relationships, and we may accordingly face heightened political , legal and regulatory scrutiny.
Demand for memory semiconductors is driven by diverse and rapidly evolving end markets, including AI and data center infrastructure, consumer
electronics, automotive, telecommunications, medical devices and industrial applications. Periods in which aggregate demand for our products materially exceeds our available manufacturing capacity may require us to make allocation decisions among
customers, product lines and end markets. In recent quarters, demand for our products has exceeded our available supply. Customers whose supply requirements are not sufficiently met may seek alternative sources, redesign products to use competing
technologies or reduce their reliance on our products, which could adversely impact our customer relationships, competitive position and market share. See “— Our future long-term growth depends to a significant extent on our ability to
increase production capacity.”
In addition, when supply constraints result in significant price increases or sustained shortages affecting
broad segments of the economy, our customers, industry coalitions, trade associations and other stakeholders may seek to draw the attention of legislators, regulators and other government officials to perceived imbalances in the supply of memory
semiconductors. Such advocacy has occurred and may continue or intensify. Political, legal and regulatory scrutiny of our industry’s supply-and-demand dynamics, pricing practices or capacity-investment decisions could lead to government
inquiries, civil litigations, increased regulatory oversight, new or modified conditions on government incentives or subsidies, or legislative or executive actions that could affect how we manufacture, price, allocate or distribute our products. For
example, on June 25, 2026, indirect purchasers of conventional DRAM filed a putative antitrust class action suit in the U.S. District Court for the Northern District of California alleging violations of various federal and state antitrust and
related business practice laws. See “Business — Litigation and Regulatory Proceedings.” The technology industry is subject to intense media, political and regulatory scrutiny, which exposes companies to investigations, legal and
regulatory actions, and penalties and sanctions. Any of the foregoing risks, individually or in the aggregate, could have a material adverse effect on our business, financial condition and results of operations.
A slowdown in demand for our products from AI infrastructure investment could adversely affect our results of operations.
Recent growth in our revenue and profitability has been driven in significant part by strong demand for our memory products, including HBM and server
DRAM products, from the expansion of AI infrastructure, such as AI accelerators and data centers. Demand for AI infrastructure has been driven in large part by significant capital expenditures by hyperscale cloud service providers and other large
technology companies. If such customers reduce, delay or reprioritize their capital expenditures, including as a result of macroeconomic conditions, changes in business priorities, concerns regarding returns on investment or a sudden correction
following a period of elevated spending, demand for AI infrastructure and related components could slow down materially, which in turn would decrease the demand for our products.
In addition, customers may place orders in anticipation of future demand or supply constraints, which may result in periods of excess channel or
customer inventory, inventory corrections, order
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cancellations, order delays or reduced purchasing activity. To the extent that current industry demand reflects inventory accumulation, actual end-market demand for our products may be lower than
current order trends suggest.
Furthermore, technological developments may reduce the demand for, or alter the specifications required of, our
products. For example, emerging technologies, architectures or efficiency improvements, including technologies intended to reduce memory usage, bandwidth requirements or computing resource consumption in AI workloads, may decrease demand for
high-performance memory products such as HBM and server DRAM products. If the adoption, utilization or commercialization of AI technologies does not continue to develop as expected, or if technological changes reduce the volume of memory required
for AI infrastructure, capital expenditures on the buildout and expansion of AI infrastructure may slow or decline. Any such slowdown or decline could adversely affect the demand for our products and materially adversely affect our business,
financial condition and results of operations.
We sell a substantial portion of our products to a select group of key customers in the United
States and China, and any significant decrease in their order levels will negatively affect our business.
A substantial portion of our sales
is attributable to a limited number of customers located in the United States and China. Our two largest customers represented 14.8% and 12.4%, respectively, of our total revenue in the first quarter of 2026 and our largest customer represented
23.9% of our total revenue in 2025. See note 4 of the notes to the Interim Financial Statements and note 4 of the notes to the Audited Financial Statements, respectively. We cannot provide any assurance that our key customers will continue to place
orders with us in the future at the same levels as in prior periods, or at all. The supply arrangements for our products are designed to take into consideration our ongoing partnerships with key customers. Specific quantities and pricing are
typically determined through mutual agreement at the time of purchase, taking into account market conditions and demand. Key customers may reduce quantities purchased, delay or cancel purchase orders or elect to terminate their business relationship
with us at any time for a number of reasons, including industry consolidation through mergers and acquisitions. Because much of our costs and operating expenses are relatively fixed, termination of business relationships with key customers or
significant reductions in sales to any key customers would have a material adverse effect on our business, financial condition and results of operations.
In recent years, we have relied on sales to customers in the United States and China, and prolonged tensions in economic and trade relations between the
two countries may have a material adverse effect on demand for our products from key customers in such countries. Revenue of sales subsidiaries located in the United States accounted for 64.7% of our revenue in the first quarter of 2026 and 68.8% in
2025, while revenue of sales subsidiaries located in China accounted for 24.3% of our revenue in the first quarter of 2026 and 19.7% in 2025. Ongoing tensions between the United States and China and tariffs and other trade restrictions imposed by
them on each other, including restrictions and penalties imposed by their respective governmental agencies such as the BIS, may lead to a decrease in the volume of products manufactured by our key customers located in such countries, which in turn
could decrease demand for our memory semiconductors used as components in their products. In addition, we may be prohibited from selling products to certain of our key customers as a result of the ongoing trade tensions. For example, in August 2020,
the BIS published a final rule that further tightened restrictions under the Export Administration Regulations on Huawei Technologies Co., Ltd. (“Huawei”) and its affiliates designated on the Entity List administered by the BIS. Under
the final rule, any item produced based on the relevant categories of U.S.-origin technology or software in any meaningful way may no longer be provided to Huawei for use by it or for use in any Huawei product without obtaining a license. Sales of
any such items without obtaining the proper
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license would result in a violation of U.S. law. Starting in September 2020, we have suspended sale of our products to Huawei and its affiliates designated on the Entity List administered by
the BIS. In May 2025, the BIS also issued guidance alerting the semiconductor industry that the use of semiconductors manufactured by Chinese companies risks violating U.S. export controls and may subject companies to BIS enforcement action.
In addition, in August 2022, the U.S. Government enacted the CHIPS Act, which provides federal aid to promote emerging industries in the United States,
including measures to strengthen its domestic semiconductor manufacturing capabilities. Such efforts may incentivize U.S. semiconductor companies to invest in the expansion of their production capabilities, which in turn may reduce our sales in the
United States. In February 2023, the U.S. Government announced the requirements for the federal subsidies to be granted under the CHIPS Act, including (i) a ban on certain new, high-tech investments in China or other “countries of
concern” for at least a decade, (ii) provision of affordable child care for the workers, (iii) limitation of stock buybacks, (iv) sharing of certain excess profits with the U.S. Government and (v) the submission of certain
information regarding management and technology. Both U.S. and non-U.S. semiconductor companies that choose to invest in the United States and meet such terms are eligible for the federal subsidies. In
September 2023, the U.S. Government released the final rules on the guardrails applicable to such federal subsidy program. The final rules prohibit recipients of the federal subsidy from materially expanding their semiconductor manufacturing
capacities in foreign countries of concern for 10 years and restrict them from certain joint research or technology licensing efforts with foreign entities of concern. In December 2024, we announced plans to build an advanced packaging plant in
Indiana, United States, and expect to commence operations in the second half of 2028. Under the CHIPS Act, upon meeting certain project milestones, we may receive federal subsidies of up to US$458 million and loans of up to US$570 million
from the U.S. Department of Commerce in connection with the Indiana complex. In March 2025, U.S. President Donald J. Trump (the “U.S. President”) signed an executive order establishing the United States Investment Accelerator, an office
within the U.S. Department of Commerce that is responsible for administering and overseeing the implementation of the programs under the CHIPS Act. Although we believe that our investment to construct an advanced packaging plant in Indiana,
United States currently meets the requirements of the CHIPS Act, there can be no assurance that the CHIPS Act will not be further amended or terminated, or that our Indiana investment will continue to satisfy such requirements.
As part of its efforts to promote a robust semiconductor supply chain, the U.S. Government also initiated the Chip 4 Alliance, a new U.S.-Asian
semiconductor partnership among the United States, Korea, Japan and Taiwan. Such an alliance has led China to take measures to more actively develop its semiconductor manufacturing capabilities, which in turn has reduced the percentage of our sales
in China in recent years. See “ — The memory semiconductor industry is highly competitive and our failure to successfully compete would adversely affect our business.”
In response to the above measures adopted by the United States, the Cyberspace Administration of China announced in May 2023 that Micron Technology had
failed a security review and banned China’s critical information infrastructure operators from purchasing products from Micron Technology. We are unable to predict the duration of tensions in economic and trade relations between the two
countries, and prolonged trade restrictions could have a material adverse effect on our business, financial condition and results of operations.
Impositions of anti-dumping duties, safeguard duties, countervailing duties, quotas or tariffs may have an
adverse impact on our export sales.
We sell substantially all of our products outside Korea. We continue to carefully monitor developments
with respect to trade remedy policies, including anti-dumping duties, safeguard duties,
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countervailing duties, quotas or tariffs, in all major markets in which we sell our products and seek to mitigate the related risks by adjusting supply and export arrangements as necessary and
entering into trade agreements and, where necessary, vigorously defend our rights. However, there can be no assurance that the trade agreements between Korea and its major trading partners will not be amended or that anti-dumping duties, safeguard
duties, countervailing duties, quotas or tariffs will not be imposed on our sales of products outside Korea in the future. The occurrence of any such events, including those described below, may have a material adverse impact on our business,
financial condition and results of operations.
In April 2025, under the International Emergency Economic Powers Act of 1977 (the
“IEEPA”), the U.S. President imposed a universal “reciprocal” tariff which applies to all imports from all of the trading partners (including those with free trade agreements with the United States), with a base rate of 10%,
subject to certain exceptions including semiconductors. In addition, the U.S. President imposed higher rates on imports from certain enumerated countries on a
country-by-country basis (including Korea at 15%), subject to certain exceptions including semiconductors, which implementation became effective on August 7,
2025. In February 2026, the United States Supreme Court ruled that the U.S. President has no peacetime authority to impose such tariffs under the IEEPA and that the power to impose such tariffs must come from a clear congressional grant to the U.S.
President. In response, on the same day the decision was published, the U.S. President issued a Proclamation “Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems,” imposing a 10% temporary import
surcharge on imports from all U.S. trading partners under section 122 of the Trade Act of 1974, which rate was subsequently increased to 15%. Such “Section 122” tariff, which remains subject to certain exceptions including
semiconductors, took effect on February 24, 2026, and remains in effect for 150 days. No assurance can be provided that such tariffs will not be extended or that similar tariffs will not be imposed on different grounds.
In addition to the tariff discussed above, in August 2025 and January 2026, the U.S. government threatened to impose a tariff of 100% on all imports of
semiconductors, subject to certain exceptions for businesses that make a commitment to build semiconductor facilities and invest in the United States. The imposition of any such tariffs may have a material adverse effect on our sales of
semiconductor products in the United States as well as on our downstream customers that produce finished products using our products in countries subject to such tariffs and export those products to the United States. The increases in costs and
prices due to the imposition of any such tariffs may reduce consumer demand for such products in the United States, which may in turn adversely affect the demand for our products.
Historically, tariffs have led to increased trade and political tensions. In response to the recent tariffs imposed by the U.S. government, various
countries have implemented, or have announced plans to implement, retaliatory tariffs on goods produced in the United States. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange and other
economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. If further tariffs are imposed on a broader range of our or our
customers’ exports, or if further retaliatory trade measures are taken by impacted foreign countries in response to additional tariffs, we or our customers may be required to adjust their prices or incur additional expenses, which may have a
material adverse impact on our business, financial condition and results of operations.
Fluctuations in exchange rates may have a material
adverse effect on our financial condition and results of operations.
There has been considerable volatility in exchange rates in recent
years, including exchange rates between the Won and the U.S. dollar. To the extent that we incur costs in one currency and make
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sales in another, our profit margins may be affected by changes in the exchange rates between the two currencies. In particular, our investments in manufacturing facilities in China have
increased the proportion of our expenses that are incurred in Chinese Yuan, while our sales in China are denominated in U.S. dollars. Accordingly, an unhedged increase in the value of the Chinese Yuan would increase our construction and
manufacturing costs and adversely impact our profitability. Changes in exchange rates can also affect the Won value of sales proceeds and operating and non-operating costs that are denominated in foreign
currencies. We are unable to increase the prices of our products to adjust fully for the negative effects of exchange rate movements because prices in the memory semiconductor industry are dictated by worldwide supply and demand. In addition,
exchange rate fluctuations can affect the Won value of our equity investments and monetary assets and liabilities denominated in foreign currencies. See “Exchange Rates.”
Appreciation of the Won may materially and adversely affect our results of operations because, among other things, it reduces the Won value of our
export sales, which are primarily denominated in U.S. dollars, and causes our export products to be less competitive by raising their prices in U.S. dollar terms. On the other hand, depreciation of the Won would create foreign exchange translation
losses and increase the amount, in Won terms, of interest and principal of our foreign currency-denominated debt, as well as increase in Won terms the cost of raw materials and equipment that we purchase from overseas sources. Under our current
operating and capital structure, appreciation of the Won generally has a net negative impact on our operating income. Although the impact of exchange rate fluctuations has in the past been partially mitigated by hedging strategies, we cannot
provide any assurance that we will be able to effectively manage such risks, and our results of operations have historically been affected by exchange rate fluctuations. Volatility in currency exchange rates may lead to losses, which could have a
material adverse effect on our financial condition and results of operations.
We may not be able to realize the anticipated benefits of our
acquisitions, which could harm our business, financial condition and results of operations.
Our success will depend, in part, on our ability
to expand our product offerings, and grow our business in response to changing technologies, consumer demands and competitive pressures. In some circumstances, we may determine to do so through the acquisition of complementary businesses and
technologies rather than through internal development. For example, in October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory
and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025. We created a subsidiary in
the United States to operate the acquired business under the brand name “Solidigm.” The Chinese State Administration for Market Regulation granted a conditional business combination approval for such acquisition with certain
conditions, including the obligation to maintain a reasonable pricing policy and production level and support the entry of third-party competitors in the Chinese eSSD market for five years from December 2021. Given our current outlook for sustained
strong demand for NAND flash memory products throughout 2026, we expect the obligation to maintain a reasonable pricing policy will limit our ability to significantly increase the price of our NAND flash memory products sold in China in 2026. We may
apply for a waiver of such conditions after expiration of the five-year period, and the Chinese State Administration for Market Regulation would then determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD
market at that time, among others. See “Business — Investments and Acquisitions.” In addition, as part of our efforts to expand our foundry business and 8-inch foundry capacity, we
acquired SK keyfoundry (formerly, the foundry division of Magnachip Semiconductor) in August 2022 for W 576 billion.
The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not be able to successfully complete our
identified acquisitions. In addition, there is no
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guarantee that we will be able to realize the anticipated benefits of our acquisitions. We have limited experience acquiring other businesses, and our ability to acquire and integrate other
companies and assets, particularly large or complex companies, products or technologies, in a successful manner remains subject to uncertainty.
The
risks we face in connection with acquisitions also include:
diversion of management time and focus from operating our business to addressing acquisition and integration challenges;
challenges associated with the integration of product development and sales and marketing functions of the acquired
business;
challenges associated with the retention of key employees from the acquired business;
cultural and operational challenges associated with integrating employees from the acquired business into us;
challenges associated with the integration of the acquired business’s accounting, management information, human
resources and other administrative systems;
the need to implement or improve controls, procedures and policies at a business that prior to the acquisition may have
lacked effective controls, procedures and policies;
liability for activities of the acquired business before the acquisition, including intellectual property infringement
claims;
unanticipated impairment of goodwill; and
litigation or other claims in connection with the acquired company, including claims from terminated employees, customers,
former shareholders or other third parties.
Our failure to address these risks or other problems encountered in connection with
our past or future acquisitions could result in our failure to realize the anticipated benefits of these acquisitions, cause us to incur unanticipated liabilities, or could otherwise harm our business generally. Future acquisitions could also result
in dilutive issuances of our equity securities or the incurrence of debt, contingent liabilities, amortization expenses or incremental operating expenses.
Our investments and acquisitions may not be successful, which may adversely affect our competitive position and impair our ability to achieve our
business objectives.
We continually seek out opportunities to further our strategic objectives, including by making investments and
acquisitions, to further solidify our market position as a leading semiconductor company in the world. Such strategic initiatives have increased in response to the growing diversity and complexity of memory semiconductors and applications, demand
for technological enhancements and increasing costs associated with keeping pace with industry developments. We believe that such strategic initiatives will not only assist in maintaining and growing our presence in existing markets but also provide
us with a cost-effective means of accessing new markets, products and technologies.
From time to time, we have acquired minority equity stakes in
other industry players to further strengthen our business relationships and may do so again in the future. For example, in June 2018, we participated as a member of a consortium led by Bain Capital (the “Bain Consortium”) in its purchase
of a stake in Kioxia from Toshiba Corporation. As a member of the Bain Consortium, we invested W 2,637 billion for an indirect
limited partnership interest in BCPE Pangea Intermediate Holdings Cayman, L.P. (“SPC 1”), which in turn holds an equity interest in Kioxia. In addition, we invested
W 1,279 billion to acquire a convertible bond issued by a second special purpose company, BCPE Pangea Cayman2 Limited (“SPC 2”),
which is convertible into an approximately 15.0% equity interest in SPC 2. SPC 2 in turn holds an equity interest in Kioxia. As of March 31, 2026, the book value of our investment in SPC 1 was W 6,616 billion, and
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the book value of our investment in the convertible bond issued by SPC 2 was
W 13,609 billion, which are accounted for as financial assets measured at fair value through profit or loss. In June 2026, SPC 1
completed the sale of all of its remaining equity interest in Kioxia.
Strategic initiatives involve a number of risks, including potential
disagreements with consortium partners and diversion of management attention. Our consortium partners may have economic or business interests that are inconsistent with ours, take actions contrary to agreed policies or objectives, undergo a change
of control, experience financial and other difficulties or be unable or unwilling to fulfill their obligations. Our failure to address such risks or other problems encountered in connection with our past or future investments could cause us to fail
to realize the anticipated benefits of such investments, cause us to incur unanticipated liabilities, or could otherwise harm our business relationships and reputation. In addition, our investments may become subject to unanticipated impairment
losses (or losses for financial assets measured at fair value through profit or loss) if the value of the invested assets declines. Any such developments could have a material adverse effect on our business, financial condition and results of
operations.
We may not be able to successfully execute our diversification strategy.
As part of our overall strategy, we have been striving to diversify our business to areas other than DRAM and NAND flash memory semiconductors in recent
years, and some of our diversification efforts may not succeed. As part of our efforts to expand our foundry business and 8-inch foundry capacity, we acquired SK keyfoundry in August 2022 for W 576 billion. In addition, from time to time, we have expanded our product portfolio into
non-memory semiconductors, including CISs that are used to perform the role of electronic film in digital photographing devices such as smartphones, tablets, PC laptops and surveillance cameras. In March 2025,
we decided to integrate our CIS business unit into our AI memory operations as part of our strategy to strengthen our competitiveness.
The
success of our diversification strategy will depend, in part, on our ability to realize the growth opportunities and anticipated synergies among our diversified businesses, which in turn will be subject to numerous factors, including the recruitment
of qualified personnel and establishment of new business relationships, as well as expansion of existing relationships with various customers and suppliers, procurement of necessary technology and know-how and
access to investment capital at a reasonable cost. Our failure to successfully execute our diversification strategy may adversely affect our business, financial condition and results of operations.
We may be unable to adequately protect our intellectual property rights or successfully defend against third-party infringement claims, which
could impair our operations and competitiveness and harm our business and future prospects.
We develop and acquire significant intellectual
property and own the related intellectual property rights around the world that support our products, research and development, and other activities and assets. As of March 31, 2026, on a standalone basis, we owned 4,823 patents, 130 trademarks,
18 copyrights and seven design rights in Korea and 16,680 patents, 263 trademarks, one copyright and four design rights outside Korea. Because of the fast pace of innovation and product development, our products are often obsolete before
the patents related to them expire, and in some cases our products may be obsolete before the patents are granted. While our intellectual property rights are important to our success, our business as a whole is not significantly dependent on any
single patent, copyright or other intellectual property right. Our ability to compete successfully also depends on our ability to operate without infringing the proprietary rights of others. The memory semiconductor industry is characterized by
frequent disputes and litigation regarding patent and other intellectual property rights. As is typical in the industry, we have from time to time received communications from third parties asserting their patents against our products and alleging
our infringement of their intellectual property rights. We expect to
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receive similar communications in the future. For example, on February 17, 2026, as supplemented on February 25, 2026 and March 16, 2026, MonolithIC 3D Inc. of Allen, Texas
(“MonolithIC”) filed a complaint with the United States International Trade Commission (“ITC”) naming us and Kioxia as respondents, alleging among others that certain of our DRAM and NAND flash memory products infringe seven
patents owned by MonolithIC. The complaint requested that the ITC institute an investigation pursuant to Section 337 of the Tariff Act of 1930 and issue a limited exclusion order and cease and desist orders. On March 26, 2026, the ITC
announced its decision to institute an investigation. Subsequently, the ITC set August 30, 2027 as the target date for the completion of the investigation. In addition, on May 11, 2026, as supplemented on May 28, 2026 and June 1, 2026,
MonolithIC filed a second complaint with the ITC naming us and Kioxia as respondents, alleging among others that certain of our DRAM and NAND flash memory products infringe an additional five patents owned by MonolithIC and seeking relief similar to
those sought in the above-described initial complaint. On June 10, 2026, the ITC announced its decision to institute an investigation. The target date for the completion of the second investigation has not been set by the ITC. The
investigations are ongoing, and we are currently unable to predict their outcomes.
In the event that any third party is adjudicated to have a valid
intellectual property claim against us, we may be required to:
refrain from selling the affected products in certain markets;
make royalty payments or pay significant monetary damages, which may exceed our reserves for such matters;
seek to develop non-infringing technologies, which may be costly or time-consuming
or may not be feasible; and
seek to acquire licenses to the infringed technology, which may not be available on commercially reasonable terms, if at
all.
Any of the foregoing, as well as our inability to adequately protect our intellectual property rights, could have a material
adverse effect on our business, financial condition and results of operations.
We rely on technology provided by third parties, and
our business may suffer if we are unable to renew our licensing arrangements with them.
We have entered into technology license and
cross-license agreements with third parties that give those parties the right to use patents and other technologies developed by us, as well as provide us with the right to use patents and other technologies developed by them. We anticipate that we
will continue to enter into various licensing and cross-licensing arrangements in the future, which may increase our payments of licensing fees and royalties. If we are unable to enter into or renew technology licensing arrangements on acceptable
terms, we may lose the legal right to use certain of the technologies we employ in manufacturing our products, which may prevent us from manufacturing and selling key products. In addition, we could be disadvantaged if our competitors obtain
licenses for important technologies on more favorable terms than us. In the future, we may also need to obtain additional licenses for new or existing technologies. Our failure to secure or renew license agreements on acceptable terms may materially
and adversely affect our business, financial condition and results of operations.
Products that do not meet customer specifications, contain
or are perceived to contain defects or are otherwise incompatible with their intended uses could impose significant costs on us.
The design
and production processes for our products, including DRAMs and HBMs, are highly complex. We may produce products that do not meet customer specifications, contain or are perceived to contain defects or are otherwise incompatible with their intended
uses. Under our general terms and conditions of sale and in accordance with industry practice, we provide a multi-year warranty that is
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usually limited to repair or replacement of defective items or return of, or a credit with respect to, amounts paid for such items. From time to time, we may provide more extensive warranty
coverage to certain customers. We may incur substantial costs in remedying defects in our products, which could include material inventory write-downs. Moreover, if actual or perceived problems with nonconforming, defective or incompatible products
occur after we have shipped our products, we may not only have liability for providing replacements or otherwise compensating customers but also suffer damage to our relationship with important customers or to our reputation, which could have a
material adverse effect on our business, financial condition and results of operations.
Breaches of our security systems or
products, systems failures, interruptions, delays in service, catastrophic events and resulting interruptions in the availability of our systems or those of our customers, suppliers or business partners could expose us to losses.
We maintain a system of controls over the physical security of our facilities. We also manage and store various proprietary information and confidential
data relating to our operations. In addition, we process, store and transmit data relating to our customers, suppliers and employees, including sensitive personal information. Unauthorized persons, employees, former employees, nation states or other
parties may gain access to our facilities or technology infrastructure and systems through fraudulent means and may steal trade secrets or other proprietary information, compromise confidential information, create system disruptions or have other
impacts. This risk is exacerbated as competitors for talent, particularly engineering talent, attempt to hire our employees. Through cyberattacks on technology infrastructure and systems, unauthorized parties may obtain access to our computer
systems, networks and data, including cloud-based platforms. Our technology infrastructure and systems and those of our suppliers, vendors, service providers, cloud solution providers and partners have in the past experienced, and may in the future
experience, such attacks, which could materially impact our operations.
Cyberattacks can include ransomware, denial-of-service attacks, zero-day
attacks, supply chain attacks, “phishing” and other forms of social engineering, exploitation of open source software vulnerabilities, and other malicious software programs or other attacks, as well as intentional or unintentional acts
by employees or other insiders with access privileges. The emergence and maturation of AI capabilities may also lead to new or more sophisticated methods of attack. Globally, cyberattacks are increasing in number and the attackers are increasingly
organized and well-financed, or supported by state actors, and are developing increasingly sophisticated systems to not only attack, but also to evade detection. In addition, geopolitical tensions or conflicts may create a heightened risk of
cyberattacks.
Breaches of our physical security, including break-ins, sabotage or vandalism, attacks on our technology infrastructure and systems,
security breaches or incidents, or attacks on our customers, suppliers, or business partners who maintain or otherwise process confidential or sensitive information regarding us and our customers and suppliers, could result in damage to, or loss,
disruption, or unavailability of data or systems, or inappropriate disclosure, destruction or loss of confidential or sensitive information. In addition, our systems and those of our third-party vendors may experience service interruptions, data
loss or compromise and outages, for other reasons, including human error, pandemics, fires, other natural disasters, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks and other
geopolitical unrest, computer viruses, ransomware, and other malicious software, changes in social, political, or regulatory conditions or in laws and policies, or other changes or events. Any such event, or the perception it has occurred, may
result in significant losses and damage our reputation with customers and suppliers and may expose us to claims, demands and litigation.
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Products and the systems and applications that incorporate or otherwise utilize our products are also
targets for cyberattacks. While some of our products contain encryption, security algorithms or features designed to help protect third-party content, user-generated data stored on our products, or the functionality of our products as intended,
systems and applications that utilize these products could be compromised, breached or circumvented by motivated attackers. In addition, our products contain sophisticated hardware, firmware and software (some of which is provided by third parties)
that may contain weaknesses or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of our products or be potentially exploited by such attackers. If systems or
applications that utilize our products experience a cyberattack, our products are attacked, or our suppliers, third-party service providers, cloud solution providers or sub-processors are attacked, this could harm our business by requiring us to
employ additional resources to remediate the errors or defects, and could expose us to litigation, claims and harm to our reputation.
We cannot be
certain that any applicable insurance coverage we maintain will be adequate or otherwise protect us with respect to claims, expenses, fines, penalties, business loss, data loss, litigation, regulatory actions or other impacts arising from security
breaches or incidents, or that such coverage will continue to be available on acceptable terms or at all. Any of the foregoing security risks could have a material adverse effect on our business, financial condition and results of operations.
New and evolving laws and regulations relating to cybersecurity, data privacy, digital products and AI impose requirements for information
confidentiality, integrity, availability, personal and proprietary data collection, storage, use, sharing, deletion and AI systems to be appropriately transparent, fair, secure, responsibly deployed and accountable. Along with these laws and
regulations, standards and market expectations could cause us to incur additional direct costs for compliance, as well as increased indirect costs resulting from our customers’, suppliers’ or partners’ reluctance to share
information or solutions due to actual or perceived inadequate controls. Compliance with, or our failure, or the failure of our third-party sales channel partners or agents, to comply with, laws, regulations or industry standards could have a
material adverse effect on our business, financial condition and results of operations.
We may be adversely impacted by uncertainties and
outcomes associated with the use and evolution of AI.
We are increasingly incorporating AI capabilities into the development of technologies
and our business operations. AI technology is complex and rapidly evolving, and may expose us to significant competitive, legal, regulatory and other risks. The implementation of AI can be costly and there is no guarantee that our use of AI will
enhance our technologies, benefit our business operations, or produce products and services that are preferred by our customers. AI will continue to increase or change the competitive environment in our markets. Our competitors may be more
successful in their AI strategy or they may have access to greater AI resources or technology and develop superior products and services.
AI
algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient or biased information, which can cause errors in outputs. The use of AI in the development of our products and services could also cause loss of
intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy and cybersecurity. AI is also the subject of an evolving set of legal requirements and regulations, and we may be
subject to new and conflicting laws and regulations. Any of these matters may give rise to legal liability, damage our reputation and may have a material adverse impact on our business, financial condition and results of operations.
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Sanctions against us and other memory semiconductor producers for allegedly anti-competitive
practices may have a direct or indirect material adverse impact on our operations.
From time to time, we may become subject to
investigations by government authorities as well as legal proceedings related to alleged involvement in anti-competitive practices. In the past, we and other DRAM manufacturers were investigated by the Antitrust Division of the U.S. Department of
Justice, and class action lawsuits have been filed against us and other DRAM manufacturers in various federal district courts and state courts alleging violations of U.S. antitrust laws, unfair competition laws and other related laws. Generally,
such class action cases are filed on behalf of classes of individuals and entities who purchased DRAM directly or indirectly from the various DRAM suppliers. The “indirect purchaser” plaintiffs include purchasers of consumer products,
such as computers, in which DRAM is a component, and other purchasers that did not purchase DRAM directly from a manufacturer. Any sanctions imposed against us, or adverse outcomes from legal proceedings, for allegedly anti-competitive practices
could result in liability to us, damage to our reputation, loss of experienced personnel or other consequences, any of which may have a material adverse effect on our business, financial condition and results of operations.
Severe health epidemics (such as the global COVID-19 pandemic and any possible occurrences of other types
of widespread infectious diseases) could materially and adversely affect our business, results of operations or financial condition.
If
severe health epidemics were to occur in the future in any area where any of our assets, suppliers or customers are located, our business, results of operations or financial condition could be adversely affected. For example, COVID-19, an infectious disease caused by severe acute respiratory syndrome coronavirus 2, was declared a “pandemic” by the World Health Organization in March 2020. The global outbreak of COVID-19 led to global economic and financial disruptions and adversely affected our business operations. Risks associated with COVID-19 or other types of widespread
infectious diseases include:
disruption in the normal operations of our business resulting from contraction of infectious diseases by our employees,
which may necessitate our employees to be quarantined and/or our manufacturing facilities or offices to be temporarily shut down;
fluctuations of the Won against major foreign currencies (see “— Fluctuations in exchange rates may result in
foreign exchange losses”);
an increase in unemployment among, and/or decrease in disposable income of, consumers who purchase the products
manufactured by our customers and a decline in overall consumer confidence and spending levels, which in turn may decrease demand for our products;
disruption in the normal operations of the businesses of our customers, which in turn may decrease demand for our products;
disruption in the supply of raw materials, components and equipment from our suppliers and vendors;
disruption in the delivery of our products to our customers;
unstable global and Korean financial markets, which may adversely affect our ability to meet our funding needs on a timely
and cost-effective basis; and
decreases in the fair value of our investments in companies that may be adversely affected by the pandemic.
In the event that a future recurrence of COVID-19 or an occurrence of other types of
widespread infectious diseases cannot be effectively and timely contained, our business, financial condition and results of operations may be materially and adversely affected.
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We may be unable to operate our business successfully if we are unable to retain and recruit
qualified personnel.
Our success depends to a significant extent on the continued services of our senior management and research and
development, engineering and other specialized personnel, and on our ability to continue to attract, retain and motivate such key employees. Generally, our employees are not bound by employment or
non-competition agreements and competition within the memory semiconductor industry for highly qualified employees is intense. There can be no assurance that we will not experience difficulty in recruiting and
retaining qualified employees. Our business could suffer if we lose the services of any of our key personnel and cannot adequately replace them in a timely manner.
Work stoppages and other labor-related issues may adversely affect our operations.
As of March 31, 2026, we had collective bargaining agreements with three labor unions, the two largest of which represented a total of 15,684
employees. Our latest collective bargaining agreements with such labor unions came into effect in April 2024 for a two-year term. We also engage in wage negotiations each year, which are retroactively
applied for that year. In addition, we operate a profit-sharing incentive program linked to our operating results, which utilizes 10% of our operating profit as determined under the Korean International Financial Reporting Standards
(“K-IFRS”).
We have not experienced a strike or other material work stoppage in recent years. However, there can be no assurance that
our relationship with our employees will not deteriorate in the future and any labor unrest, work stoppages or strikes could prevent our production facilities from continuing normal operations, which in turn may have a material adverse effect on our
business, financial condition and results of operations.
We are subject to strict environmental, health and safety regulations, and we may
become subject to penalties or restrictions that could cause our operations to be interrupted or result in significant compliance expenses.
We have manufacturing facilities in Korea and China. Our operations involve the use of chemicals and generate chemical waste, wastewater and other
industrial waste at various stages in the manufacturing process, and we are subject to a variety of environmental, health and safety laws and regulations of local or national governments relating to the use, storage, discharge and disposal of such
chemical by-products and waste substances. We are also subject to restrictions on using certain raw materials in our manufacturing process in fabs located in certain locations. We have installed various types
of anti-pollution equipment, consistent with industry standards, for the treatment of chemical waste and equipment for the recycling of treated water and other industrial waste at our various facilities. Our ESG Management Committee, chaired by our
Chief Executive Officer, serves as the core executive-level decision-making body for our environmental, social and governance (“ESG”) management policies. Key matters discussed by such committee are reported upward to the Sustainable
Management Committee under the Board, which provides company-wide oversight and final endorsement of ESG strategy, targets and performance. For a description of our Sustainable Management Committee, see “Management — Committees of the
Board — Sustainable Management Committee.”
Furthermore, heightened global awareness and international and national commitments to
reduce greenhouse gas emissions and counteract climate change (including increased activism by non-governmental and political organizations campaigning against fossil fuel extractions) may lead to increased costs for us, our customers and
our suppliers. Investor preferences and sentiments are also influenced by ESG considerations including climate change and the transition to a lower carbon economy. Changes in such preferences and sentiment, including increased scrutiny from market
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participants, environmental organizations or the press, as well as compliance with such new and more stringent environmental obligations relating to greenhouse gas emissions may require
additional capital expenditures or modifications in operating practices, as well as additional reporting obligations.
We cannot provide assurance
that environmental, health and safety claims will not be brought against us or that local or national governments will not take steps toward adopting more stringent standards. Sourcing of raw materials could also present reputational risks if our
direct or indirect suppliers are found to be in violation of environmental, health and safety regulations, or of ethical or human rights regulations or standards. Any failure on our part to comply with any present or future environmental, health and
safety regulations could result in the assessment of damages or clean-up costs or the imposition of fines or other penalties against us, a suspension of production, cessation of operations or relocation of
manufacturing facilities to different locations. In addition, new environmental, health and safety regulations could require us to acquire costly equipment or to incur other significant compliance expenses that may materially and negatively affect
our business, financial condition and results of operations.
We are subject to safety regulations, and our operations could expose us to
substantial liabilities.
The Serious Accident Punishment Act of Korea (the “SAPA”) imposes criminal liability on individuals and
entities responsible for “serious accidents.” Under the SAPA, the term “serious accident” encompasses not only accidents at industrial sites, such as factories or construction sites, but also “public” disasters
caused by defects in the design, manufacture, installation and management of products, product ingredients or public facilities or transportation. The SAPA imposes criminal liability against (i) business owners or executives (as defined by the law)
who fail to ensure the safety of their business operations and (ii) businesses or institutions that fail their supervisory duties. In case of willful misconduct or gross negligence, the SAPA also imposes punitive damages of up to five times the
actual damages. Our operational activities involve inherent risks that may result in accidents involving serious injury or loss of life, environmental damage or property damage. Even though we plan to prioritize on-site safety management by engaging
in communications with different stakeholders and investing more in safe environments, there is no guarantee that there will not be accidents due to our inherent operating risks. Although we have analyzed the potential impacts of the SAPA on us and
aligned our policies, internal regulations and manuals in preparation for the implementation of the SAPA, there is no guarantee that the SAPA would not adversely affect our business, financial condition and results of operations.
Under the SAPA, businesses may avoid punishment if it is found that they duly performed their duties to ensure the safety and health of the participants
in their business operations. However, we cannot assure you that, despite all precautionary and preventative measures undertaken by us, these measures will prove to be fully effective at all times or that an incident that could cause harm to our
reputation and operation will not happen in the future, including due to factors beyond our control.
Related party transactions that we
engage in are subject to scrutiny by the Korea Fair Trade Commission and the Korean tax authorities.
Our business relationships and
transactions with our subsidiaries, affiliates and other related parties are subject to ongoing scrutiny by the Korea Fair Trade Commission as to, among other things, whether such relationships and transactions constitute undue financial support
among companies of the same business group. We engage in various transactions with our subsidiaries and affiliates on an arm’s-length basis. See “Certain Relationships and Related Party
Transactions.” We are also subject to fair trade regulations limiting guarantees of debt and cross-shareholdings among member companies of the SK Group. In addition, our material business transactions
with our subsidiaries,
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affiliates and other related parties, including member companies of the SK Group, are subject to approval by the Board pursuant to the Korean Commercial Code (the “KCC”) and the
Monopoly Regulation and Fair Trade Act and are subject to public disclosure requirements under the Monopoly Regulation and Fair Trade Act. Any future determinations by the Korea Fair Trade Commission that we have engaged in transactions that violate
applicable fair trade laws and regulations may result in fines or other punitive measures and may have a material adverse effect on our reputation and our business.
In addition, under Korean tax law, there is an inherent risk that our transactions with our subsidiaries, affiliates or any other person or company that
is related to us may be challenged by the Korean tax authorities if such transactions are viewed as having been made on terms that were not on an arm’s-length basis. If the Korean tax authorities
determine that any of our transactions with related parties was not on an arm’s-length basis, we would not be permitted to deduct the amount equivalent to such undue financial support as expenses, which
may have adverse tax consequences for us.
We may pursue spin-offs or initial public offerings of, or selling portions of our interests in,
our subsidiaries, which could dilute our ownership interest and reduce the benefits we receive from those subsidiaries.
We may, from time to
time, explore the possibility of spinning off or conducting an initial public offering of, or selling portions of our interests in, one or more of our subsidiaries. If a subsidiary were to conduct a public offering or issue additional equity
securities to third parties after a spin-off, or if we were to dispose of a portion of our ownership interest in such subsidiary, our ownership interest in that subsidiary could be diluted. As a result, our share of that subsidiary’s future
earnings and cash flows may decrease, and we may have reduced control over its operations and strategic decisions. In addition, investors may attribute a portion of the value of such subsidiary directly to its publicly traded securities rather than
to our common shares and the ADSs, which could adversely affect the market price of such securities.
In March 2026, the Government announced its
intention to introduce regulations during the first half of 2026 that would, in principle, prohibit or restrict new listings of subsidiaries of listed Korean companies, subject to certain exceptions that have not yet been identified. If such
regulations are adopted, our ability to pursue listings of our subsidiaries and raise proceeds may become significantly limited.
Risks Relating to Korea
If economic conditions in Korea deteriorate, our current business and future growth could be materially and adversely affected.
We are incorporated in Korea and a significant portion of our assets are located in Korea. As a result, we are subject to political,
economic, legal and regulatory risks specific to Korea, and our performance and successful execution of our operational strategies are dependent on the overall Korean economy. The economic indicators in Korea in recent years have shown mixed signs
of growth and uncertainty, and future growth of the Korean economy is subject to many factors beyond our control, including developments in the global economy.
Following a period of deterioration due to the debilitating effects of the COVID-19 pandemic on the Korean
economy as well as on the economies of Korea’s major trading partners in 2020, the overall Korean economy showed signs of recovery in 2021. However, adverse conditions and volatility in the worldwide financial markets, fluctuations in oil and
commodity prices, supply chain disruptions and the increasing weakness of the global economy, as well as significant fluctuations in policy interest rates globally (including Korea), have contributed to the uncertainty of global economic prospects
in recent years and have adversely affected, and may continue to adversely affect, the Korean economy. The value of the Won relative to major foreign currencies, in particular the U.S. dollar, has fluctuated
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significantly and, as a result of uncertain global and Korean economic, social and political conditions, there has been significant volatility in the stock prices of Korean companies recently.
Future declines in the Korea Composite Stock Price Index (the “KOSPI”), and large amounts of sales of Korean securities by foreign investors and subsequent repatriation of the proceeds of such sales may adversely affect the value of the
Won, the foreign currency reserves held by financial institutions in Korea, and the ability of Korean companies to raise capital. Any future deterioration of the Korean or global economy could adversely affect our business, financial condition and
results of operations and the market price of our common shares and the ADSs.
Other developments that could have an adverse impact on Korea’s
economy include:
declines in consumer confidence and a slowdown in consumer spending, including as a result of higher levels of market
interest rates;
the imposition of significant tariffs on the Republic’s exports by any of the Republic’s major export markets,
including the United States, as well as any countermeasures or policy responses adopted by the Government;
shortages of imported raw materials, natural resources, rare earth minerals or component parts due to disruptions to the
global supply chain;
rising inflationary pressures leading to increases in costs of goods and services and a decrease in purchasing power;
hostilities or political or social tensions involving countries in the Middle East (including those resulting from the
military conflicts between Iran and other countries, including the United States and Israel) and Northern Africa and any material disruption in the global supply of oil or sudden increase in the price of oil;
hostilities or political or social tensions involving Russia (including the Russia-Ukraine war and the ensuing actions
against Russia) and any resulting adverse effects on the global supply of oil and other natural resources or the global financial markets;
adverse conditions or developments in the economies of countries and regions that are important export markets for Korea,
such as China, the United States, Europe and Japan, or in emerging market economies in Asia or elsewhere, including as a result of the deterioration of economic and trade relations among such countries or impositions of significant tariffs by any
such country and increased uncertainties in the global financial markets and industry;
adverse changes or volatility in foreign currency reserve levels, interest rates, inflation rates, commodity prices
(including oil prices), exchange rates (including fluctuations of the U.S. dollar, Euro or Japanese Yen exchange rates or revaluation of the Chinese Yuan) or stock markets;
political uncertainty or increasing strife among or within political parties in Korea following the declaration of martial
law by former President Yoon Suk-yeol in December 2024 that led to his impeachment and subsequent removal in April 2025 and the election of Mr. Lee Jae-myung as
President in June 2025;
interest rate fluctuations as well as perceived or actual changes in policy rates, or other monetary and fiscal policies
set forth, by the U.S. Federal Reserve, Korea and other central banks;
the occurrence of severe health epidemics in Korea or other parts of the world;
a deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including
deterioration resulting from territorial or trade disputes or disagreements in foreign policy;
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the economic impact of any pending or future free trade agreements or of any changes to existing free trade agreements;
increased sovereign default risks in select countries and the resulting adverse effects on the global financial markets;
a deterioration in the financial condition or performance of small- and
medium-sized enterprises and other companies in Korea;
investigations of large Korean business groups and their senior management for possible misconduct;
a continuing rise in the level of household debt and increasing delinquencies and credit defaults by retail and small- and medium-sized enterprise borrowers in Korea;
social and labor unrest;
substantial changes in the market prices of Korean real estate;
a substantial decrease in tax revenues and a substantial increase in the Government’s expenditures for fiscal
stimulus measures, unemployment compensation and other economic and social programs, which, together, would likely lead to a national budget deficit as well as an increase in the Government’s debt;
financial problems or lack of progress in the restructuring of Korean business groups, other large troubled companies,
their suppliers or the financial sector;
loss of investor confidence arising from corporate accounting irregularities or corporate governance issues concerning
certain Korean companies;
increases in social expenditures to support an aging population in Korea or decreases in economic productivity due to the
declining population size in Korea;
a continued decrease in the population and birthrates in Korea;
geopolitical uncertainty and the risk of further attacks by terrorist groups around the world;
natural or man-made disasters that have a significant adverse economic or other
impact on Korea or its major trading partners; and
an increase in the level of tensions or an outbreak of hostilities between North Korea and Korea or the United States.
Escalations in tensions with North Korea could have an adverse effect on us and the market value of our common shares and
the ADSs.
Relations between Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between
Korea and North Korea has fluctuated and may increase abruptly as a result of current and future events. In particular, there have been heightened security concerns in recent years stemming from North Korea’s nuclear weapon, ballistic missile
and satellite programs as well as its hostile military actions against Korea.
North Korea renounced its obligations under the Nuclear Non-Proliferation Treaty in January 2003 and has conducted six rounds of nuclear tests since October 2006, including claimed detonations of hydrogen bombs and warheads that can be mounted on ballistic missiles. Over
the years, North Korea has continued to conduct a series of missile tests, including missiles launched from submarines and intercontinental ballistic missiles that it claims can reach the United States mainland. North Korea has increased the
frequency of such activities since the beginning of 2022, firing numerous ballistic missiles, including intercontinental ballistic missiles, and in November 2023, successfully launched its
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first spy satellite. In response, the Government has repeatedly condemned North Korea’s provocations and flagrant violations of relevant United Nations Security Council resolutions. Over
the years, the United Nations Security Council has passed a series of resolutions condemning North Korea’s actions and significantly expanding the scope of sanctions applicable to North Korea as did the United States and the European Union.
North Korea’s economy also faces severe challenges, which may further aggravate social and political pressures within North Korea. Although
bilateral summit meetings between Korea and North Korea were held in April, May and September 2018 and between North Korea and the United States in June 2018, February 2019 and June 2019, there can be no assurance that the level of tensions
affecting the Korean peninsula will not escalate in the future. Any increase in tensions, which may occur, for example, if North Korea experiences a leadership crisis, high-level contacts between Korea and North Korea or between the United States
and North Korea break down or military hostilities occur, could have a material adverse effect on the Korean economy and on our business, financial condition and results of operations and the market value of our common shares and the ADSs.
There are special risks involved with investing in securities of Korean companies.
As we are a Korean company and operate in a business and cultural environment that is different from that of other countries, there are risks associated
with investing in our securities that are not typical for investments in securities of companies in other jurisdictions.
Under the Foreign Exchange
Transactions Act of Korea and the decree, rules and regulations promulgated thereunder, if the Government deems that certain emergency circumstances, including sudden fluctuations in interest rates or exchange rates, extreme difficulty in
stabilizing the balance of payments or substantial disturbance in the Korean financial and capital markets, are likely to occur, it may impose any necessary restriction such as requiring Korean or foreign investors to obtain prior approval from the
Minister of Finance and Economy for the acquisition of Korean securities or for the repatriation of interest, dividends or sales proceeds arising from Korean securities or other types of capital transactions. Moreover, if the Government deems it
necessary on account of war, armed conflict, natural disaster or grave and sudden changes in domestic or foreign economic circumstances or similar events or circumstances, the Minister of Finance and Economy may temporarily suspend performance under
any or all foreign exchange transactions, in whole or in part, to which the Foreign Exchange Transaction Laws apply (including suspension of payment and receipt of foreign exchange) or impose an obligation to deposit or sell any means of payment to
the Bank of Korea, the Foreign Exchange Equalization Fund of Korea, or certain other governmental agencies or financial institutions. In making an investment decision, investors must rely upon their own examination of us, the terms of the offering
and the financial and other information contained in this prospectus.
Risks Relating to the ADSs and the Offering
The trading prices for our common shares and the ADSs may fluctuate significantly after the offering.
Volatility in the market price of our common shares and the ADSs may prevent investors from selling their securities at or above the price that they paid
for them. The market price and market liquidity of our common shares and the ADSs may be adversely affected by a number of factors, including, but not limited to, the extent of investor interest in us, the attractiveness of our common shares and the
ADSs in comparison to other equity securities (for instance, shares issued by a company with a longer operating history in our industry), our financial performance and general market conditions. Certain additional factors that could negatively
affect, or result in fluctuations in, the price of our common shares and the ADSs include:
actual or anticipated variations in our results of operations;
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potential differences between our actual financial and results of operations and those expected by investors;
investors’ perceptions of our prospects and the prospects of our sector;
new laws or regulations or new interpretations of laws and regulations, including tax guidelines, applicable to the
semiconductor sector, our common shares and/or the ADSs;
general economic trends and risks in the United States, Asian or global economies or financial markets, including those
resulting from war, incidents of terrorism or responses to such events;
changes in our operations or earnings estimates or publication of research reports about us or the semiconductor industry;
market conditions affecting the Korean, Asian or global economy or in Korea or Asia specifically;
significant volatility in the market price and trading volume of securities of companies in the semiconductor sector, which
are not necessarily related to the operating performance of these companies;
additions to or departures from our management team;
completing (or failing to complete) additional acquisitions or investments;
speculation in the press or investment community;
changes in the credit ratings or outlook assigned to Asian countries, particularly Korea, and entities in the semiconductor
sector;
political conditions or events in Korea, the United States and other countries; and
enactment of legislation or other regulatory developments that adversely affect us or our industry.
The Cornerstone Investors have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of the ADSs
offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase, any of the
Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. If any of the Cornerstone Investors are allocated a
portion or all of, or more than, the ADSs in which they have indicated an interest in purchasing in this offering, their election to purchase any such ADSs could reduce the available public float for our ADSs.
If securities or industry analysts do not publish research reports about our business, or publish negative reports about our business, the prices
or trading volumes of our common shares and the ADSs could decline.
The trading market for our common shares and the ADSs will depend in
part on the research and reports that securities or industry analysts publish about us, our business, our market or our competitors. If no securities or industry analysts covers us, the trading price for our common shares and the ADSs may be
negatively impacted. If one or more of the analysts who covers us downgrades us or releases negative publicity about our common shares and ADSs, our share price would likely decline. If one or more of these analysts ceases to cover us or fails to
regularly publish reports on us, interest in our common shares and the ADSs may decrease, which may cause our share price or trading volume to decline.
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As a foreign private issuer, we will have different disclosure and other requirements than U.S.
domestic registrants.
As a foreign private issuer, we are subject to different disclosure and other requirements than domestic U.S.
registrants. For example, as a foreign private issuer, in the United States, we are not subject to the same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly
reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants
under Section 14 of the Exchange Act or the short-swing profit rules applicable to domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we intend to rely on exemptions from certain U.S. rules which will permit us to
follow Korean legal requirements rather than certain of the requirements that are applicable to U.S. domestic registrants.
Furthermore,
foreign private issuers are required to file their annual report on Form 20-F within four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file
their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), aimed at preventing issuers from making selective disclosures of material information. As a result of the above, even though we are required to file reports on Form 6-K
disclosing the information which we have made or are required to make public pursuant to Korean law, or are required to distribute to shareholders generally, and that is material to us, you may not receive information of the same type or amount that
is required to be disclosed to shareholders of a U.S. company.
We cannot predict if investors will find our common shares or the ADSs less
attractive because we will rely on these exemptions. If some investors find our common shares and the ADSs less attractive as a result, there may be a less active trading market for our common shares and the ADSs and our share price may be more
volatile.
An active trading market for our ADSs may not develop or be sustained.
Prior to the completion of this offering, there has been no public market for our ADSs. Although we have applied to list our ADSs on the Nasdaq under the
symbol “SKHY,” an active trading market for our ADSs may never develop or be sustained following this offering. If an active trading market does not develop or is not sustained, you may have difficulty selling your ADSs at an attractive
price, or at all. An inactive market may also impair our ability to raise capital by selling our ADSs and our ability to acquire other companies, products or technologies by using our ADSs as consideration.
If you purchase our ADSs in this offering, you will experience substantial and immediate dilution.
If you purchase ADSs in this offering, you will experience immediate dilution of US$139.96 per ADS in the net tangible book value of your ADSs after
giving effect to the offering at the assumed initial public offering price of US$158.14 per ADS (based on the last reported trading price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus and 708,297,021
common shares outstanding as of March 31, 2026), because the price that you pay will be substantially greater than the net tangible book value per ADS that you acquire. For a further description of the dilution that you will experience immediately
after this offering, see “Dilution.”
ADS holders may be unable to exercise voting rights with respect to the common shares
underlying the ADSs at our shareholders’ meetings.
As a holder of ADSs, under Korean law you are not treated as one of our
shareholders and will not have the ability to exercise shareholder rights. Instead, the depositary is treated as our shareholder
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under Korean law, and your rights as an ADS holder are governed by the deposit agreement. As a holder of ADSs, you will not have direct shareholder rights and may exercise voting rights with
respect to the shares represented by the ADSs only in accordance with the deposit agreement relating to the ADSs. There are no provisions under Korean law or under our articles of incorporation that limit the exercise by ADS holders of their voting
rights through the depositary with respect to the underlying common shares. However, there are practical limitations on the ability of ADS holders to exercise their voting rights due to the additional procedural steps involved in communicating with
these holders. ADS holders may be unable to exercise voting rights with respect to the common shares underlying the ADSs as a result of these practical limitations. Except as described in this prospectus, holders of our ADSs will not be able to
exercise voting rights attaching to the common shares.
Substantial sales of our common shares or the ADSs after the offering could
cause the price of our common shares or the ADSs to decrease.
The market price of our common shares and the ADSs may decline as a result of
sales of a large number of common shares and the ADSs in the market after this offering or the perception that these sales may occur. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity
securities in the future at a time and at a price that we deem appropriate.
Our shareholders or entities controlled by them or their permitted
transferees will be able to sell their shares in the public market from time to time without registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC, as well as
any other regulation (including anti-trust rules) that may apply. If any of shareholders, the affiliated entities controlled by them or their respective permitted transferees were to sell a large number of their shares, the market price of our
common shares and the ADSs may decline significantly. In addition, the perception in the public markets that sales by them might occur may also adversely affect the market price of our common shares and the ADSs.
You may not receive distributions on the common shares represented by the ADSs or any value for them if it is illegal or impractical to make them
available to holders of ADSs.
The depositary has agreed to pay to you the cash dividends or other distributions it or the custodian receives
on the ADSs after deducting its fees and expenses. You will receive these distributions in proportion to the number of common shares your ADSs represent. However, in accordance with the limitations set forth in the deposit agreement, it may be
unlawful or not feasible to make a distribution available to holders of ADSs. We have no obligation to take any other action to permit the distribution of the ADSs, common shares, rights or anything else to holders of the ADSs. This means that you
may not receive the distributions we make on the ADSs or any value from them if it is unlawful or not feasible to make them available to you. These restrictions may have an adverse effect on the value of your ADSs.
Holders of ADSs may be subject to limitations on transfer of their ADSs.
ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems
expedient in connection with the performance of its duties and in emergencies, and on weekends and public holidays. The depositary may close its books from time to time for a number of reasons, including in connection with corporate events such as a
rights offering, during which time the depositary needs to maintain an exact number of ADS holders on its books for a specified period. In addition, the depositary may refuse to deliver, transfer, or register transfers of ADSs generally when our
books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for
any other reason.
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If you surrender your ADSs in order to withdraw the underlying common shares, you may not be
allowed to deposit the common shares again to obtain ADSs.
Under the deposit agreement, holders of our common shares may deposit those
shares with the depositary’s custodian in Korea and obtain ADSs, and holders of ADSs may surrender ADSs to the depositary and receive our common shares. However, under the terms of the deposit agreement, the depositary is required to obtain
our prior consent to any such deposit if, after giving effect to such deposit, the total number of our common shares represented by ADSs exceeds the limits imposed by applicable laws and regulations or our articles of incorporation, or otherwise
exceeds a specified maximum that we may establish from time to time, subject to adjustment under certain circumstances. In addition, the depositary or the custodian may not accept deposits of our common shares for issuance of ADSs under
certain circumstances, including if it has been determined by us that we should block the deposit to prevent a violation of applicable Korean laws and regulations or our articles of incorporation, or if any securities registration statement or
other filing that we may be required to make with any governmental authority in Korea in connection with such deposit is not made by us. It is possible that we may not give such consent or make such securities registration statement or other filing.
Accordingly, if you surrender ADSs and withdraw the underlying common shares, you may not be allowed to deposit the common shares again to
obtain ADSs. See “Korean Foreign Exchange Controls and Securities Regulations — Government Review of Issuances of ADSs.”
You may not be able to exercise preemptive rights for additional common shares and may suffer dilution of your equity interest in us.
The KCC and our articles of incorporation require us, with some exceptions, to offer shareholders the right to subscribe for new shares in proportion to
their existing ownership percentage whenever new shares are issued. Such subscription rights will not apply to this offering. If we offer a right to subscribe for additional new common shares or any other rights of similar nature, the depositary,
after consultation with us, may make the rights available to you or use reasonable efforts to dispose of the rights on your behalf and make the net proceeds available to you. The depositary, however, is not required to make available to you any
rights to purchase any additional common shares unless it deems that doing so is lawful and feasible and:
a registration statement filed by us under the Securities Act is in effect with respect to those shares; or
the offering and sale of those shares is exempt from, or is not subject to, the registration requirements of the Securities
Act.
The offering of ADSs and the underlying common shares in connection with this offering are being registered pursuant to the
Registration Statement on Form F-1 of which this prospectus forms a part and the issuance of the ADSs by the depositary is being concurrently registered on Form F-6. Following completion of this offering, we are under no obligation to file any
registration statement with respect to any ADSs. If a registration statement is required for you to exercise preemptive rights but is not filed by us, you may not be able to exercise your preemptive rights for additional common shares. As a result,
you may suffer dilution of your equity interest in us.
We may amend the deposit agreement without your consent and for any reason
and, if you disagree with our amendments, your choices will be limited to selling the ADSs or surrendering the ADSs for cancelation and withdrawing the underlying common shares.
We may agree with the depositary to amend the deposit agreement without your consent and for any reason. If an amendment increases fees to be charged to
ADS holders or prejudices a substantial existing
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right of ADS holders, it will not become effective until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by
continuing to hold your ADSs, to have agreed to the amendment and to be bound by the amended deposit agreement. If you do not agree with an amendment to the deposit agreement, your choices will be limited to selling the ADSs or surrendering the ADSs
for cancelation and withdrawing the underlying common shares. No assurance can be given that a sale of ADSs could be made at a price satisfactory to you in such circumstances.
Holders of ADSs will not be able to exercise dissenter’s rights unless they have surrendered the ADSs for cancelation, and withdrawn the
underlying common shares and become our direct shareholders.
In some limited circumstances, including the transfer of the whole or any
significant part of our business and our merger or consolidation with another company, dissenting shareholders have the right to require us to purchase their shares under Korean law. A holder of ADSs will not be able to exercise dissenter’s
rights unless such holder has surrendered the ADSs for cancelation, and withdrawn the underlying common shares and become our direct shareholder. See “Description of Articles of Incorporation and Capital Stock — Rights of Dissenting
Shareholders.”
Fluctuations in the exchange rate between the Won and the U.S. dollar may have a material adverse effect on the
value of the ADSs or the common shares in U.S. dollar terms.
Cash dividends, if any, in respect of the common shares represented by the ADSs
will be paid to the depositary in Won and then converted by the depositary into U.S. dollars, subject to certain conditions. Accordingly, fluctuations in the exchange rate between the Won and the U.S. dollar will affect, among other things, the
amounts a holder will receive from the depositary in respect of dividends, the U.S. dollar value of the proceeds that a holder would receive upon sale in Korea of the common shares obtained upon surrender of the ADSs and the secondary market price
of the ADSs.
Our common shares are traded on the KRX KOSPI Market and our ADSs will trade on the Nasdaq, which may result in price variations
and adversely affect the liquidity and value of the ADSs.
Our common shares are traded on the KRX KOSPI Market and our ADSs will trade on
the Nasdaq. Trading in our ADSs or common shares on these markets takes place in different currencies (U.S. dollars on the Nasdaq and Korean Won on the KRX KOSPI Market), at different times (resulting from different time zones, different
trading days and different public holidays in the United States and Korea) and among a different investor base. The trading prices of our common shares and our ADSs on these two markets may differ due to these and other factors. Any
decrease in the price of our common shares on the KRX KOSPI Market could cause a decrease in the trading price of our ADSs on the Nasdaq. Investors could seek to sell or buy our common shares or ADSs to take advantage of any price differences
between the markets through a practice referred to as arbitrage. Any arbitrage activity could create unexpected volatility in both our common share prices on the KRX KOSPI Market and the ADSs on the Nasdaq. In addition, holders of ADSs cannot
immediately surrender their ADSs and withdraw the underlying common shares for trading on the KRX KOSPI Market without effecting necessary procedures with the depositary. This could result in time delays and additional cost for holders of ADSs.
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We will be required to assess our internal control over financial reporting on an annual basis
and any future adverse findings from such assessment could result in a loss of investor confidence in our financial reports, and significant expenses to remediate any internal control deficiencies and could ultimately have an adverse effect on the
market price of the ADSs.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, beginning with the second annual report we file
with the SEC, our management will be required to report on the effectiveness of our internal control over financial reporting. The rules governing the standards that must be met for management to assess our internal control over financial
reporting are complex and require significant documentation, testing and possible remediation. We are currently in the process of reviewing, documenting and testing our internal control over financial reporting, and can provide no assurance that
from time to time we will not identify concerns that could require remediation. We may encounter problems or delays in completing the implementation of any changes necessary to make a favorable assessment of our internal control over financial
reporting. In connection with the attestation process by our independent registered public accounting firm, we may encounter problems or delays in completing the implementation of any requested improvements and receiving a favorable attestation. In
addition, if we fail to maintain the adequacy of our internal control over financial reporting we will not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404
which may have an adverse effect on us.
The requirements of being a public company may strain our resources, divert management’s
attention and affect our ability to attract and retain qualified board members.
Following the completion of the offering, we will be
required to comply with various regulatory and reporting requirements, including those required by the SEC, in addition to our existing reporting requirements by the Korea Exchange. Complying with these reporting and regulatory requirements will be
time consuming, resulting in increased costs to us or other adverse consequences. As a public company, we will be subject to the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act, as well as to the Financial
Investment Services and Capital Markets Act (the “FSCMA”) and Korea Exchange public disclosure rules. These requirements may place a strain on our systems and resources. The Exchange Act applicable to us requires that we file annual and
current reports with respect to our business and financial condition. Likewise, the FSCMA and Korea Exchange public disclosure rules require that we make annual, semi-annual and quarterly filings and that we comply with disclosure obligations
including current reports. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting. To maintain and improve the effectiveness of our disclosure controls and
procedures, we will need to commit significant resources, hire additional staff and provide additional management oversight. We will be implementing additional procedures and processes for the purpose of addressing the standards and requirements
applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on our business, results of operations and financial condition.
As a foreign private issuer, we are not subject to certain corporate governance rules applicable to U.S. listed companies.
We rely on a provision in the Nasdaq corporate governance listing standards that allows us to follow Korean law with regard to certain aspects of
corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the Nasdaq. For example, we are exempt from
Nasdaq regulations that require a listed U.S. company, among other things, to:
have a majority of the board of directors consist of independent directors;
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require non-management directors to meet on a regular basis without management
present;
have an independent compensation committee;
have an independent nominating committee; and
seek shareholder approval for the implementation of certain equity compensation plans and issuances of common shares.
As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. See
“Management — Foreign Private Issuer Status.” While our Audit Committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies
listed on the Nasdaq, because we are a foreign private issuer, our Audit Committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three
members and to affirmatively determine that all members are “independent,” using more stringent criteria than those applicable to us as a foreign private issuer.
We will have broad discretion in the use of the net proceeds to us from this offering.
The Board and management will retain broad discretion in the application, and timing of application, of the net proceeds to us from the offering. See
“Use of Proceeds.” You may not agree with how we use such net proceeds. There can be no assurance regarding the results and the effectiveness of our use of such net proceeds.
In making your investment decision, you should not rely on information in public media that is published by third parties. You should rely only on
statements made in this prospectus in determining whether to purchase our shares.
You should carefully evaluate all of the information in
this prospectus. We have in the past received, and may continue to receive, a high degree of media coverage, including coverage that is not directly attributable to statements made by our officers or employees, that incorrectly reports on statements
made by our officers or employees, or that is misleading as a result of omitting information provided by us, our officers, or employees. You should rely only on the information contained in this prospectus (or in a related free writing prospectus)
in determining whether to purchase our common shares or ADSs.
We may be subject to securities class actions, which may harm our
business and operating results.
Companies that have experienced volatility in the market price of their stock have been subject to
securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and damages and divert management’s attention from other business concerns,
which could seriously harm our business, results of operations, financial condition or cash flows.
We may also be called on to defend ourselves
against lawsuits relating to our business operations. Some of these claims may seek significant damage amounts due to the nature of our business. Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of
any such proceedings. A future unfavorable outcome in a legal proceeding could have an adverse impact on our business, financial condition, and results of operations. In addition, current and future litigation, regardless of its merits, could result
in substantial legal fees, settlement or judgment costs, and a diversion of management’s attention and resources that are needed to successfully run our business.
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It may be difficult to enforce civil liabilities against us or our directors or officers.
We are a corporation organized under the laws of Korea. A majority of our directors and officers and certain other persons named in this
prospectus reside in Korea, and a significant portion of the assets of the directors and officers and certain other persons named in this prospectus and a substantial majority of our assets are located in Korea. As a result, it may not be possible
for investors to effect service of process within the United States upon us or such persons or to enforce against any of them in the United States court judgments obtained in U.S. courts, including judgments predicated upon the civil liability
provisions of the securities laws of the United States or any State or territory within the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement of judgments of U.S. courts, of
civil liabilities predicated on the securities laws of the United States or any State or territory within the United States. See “Enforceability of Civil Liabilities.”
ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.
The deposit agreement provides that, to the fullest extent permitted by law, holders and
beneficial owners of ADSs, including those holders and owners who acquire ADSs in secondary transactions, irrevocably waive the right to a jury trial in any suit, action or proceeding against us or the depositary directly or indirectly arising out
of, based on or relating in any way to, our shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other
theory), including any suit, action, claim or proceeding under the U.S. federal securities laws. As the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that the waiver would likely
continue to apply to ADS holders or beneficial owners who withdraw the common shares from the ADS facility with respect to claims arising before the cancellation of the ADSs and the withdrawal of the common shares, and the waiver would likely not
apply to ADS holders or beneficial owners who subsequently withdraw the common shares represented by ADSs from the ADS facility with respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the
applicability of the jury trial waiver to ADS holders or beneficial owners who withdraw the common shares represented by the ADSs from the ADS facility.
If we or the depositary opposed a demand for jury trial relying on the above-mentioned jury trial waiver, it is up to the court to determine whether
such waiver was enforceable considering the facts and circumstances of that case in accordance with the applicable state and federal law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under
the terms of the deposit agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court or by the United States Supreme Court.
Nonetheless, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce a contractual
pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect
to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before acquiring the ADSs and becoming subject to the terms of the deposit agreement.
If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit
agreement or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits
against us and/or the depositary as well as increasing the costs associated with bringing a claim. If a lawsuit is
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brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different
civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge
or justice hearing such claims, and the venue of the hearing.
No condition, stipulation or provision of the deposit agreement or ADSs serves as a
waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements within the meaning of U.S. federal securities laws. You can identify these statements because they
are not limited to historical fact or they use words such as “outlook,” “may,” “will,” “should,” “could,” “would,” “believe,” “anticipate,”
“plan,” “expect,” “estimate,” “forecast,” “confident,” “opportunities,” “goal,” “prospect,” “positioned,” “intend,”
“committed,” “continue,” “future,” “guidance,” “years ahead,” “looking ahead,” “going forward,” “focused on,” “will likely result,”
“can,” “project,” “accelerate,” “schedule,” “on track,” “seek,” “ensure,” “potential,” “pipeline,” “objective,” “focused
on,” “predict,” “look to,” “likely to,” “scheduled to,” or “subject to” and similar expressions that concern our strategy, plans, intentions, initiatives, or beliefs about future
occurrences or results.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date on which they are made. There is no assurance that the expected events, trends or results will actually occur and we and the underwriters undertake no obligation to update publicly or revise any forward-looking statements and estimates whether
as a result of new information, future events or otherwise.
Forward-looking statements include, but are not limited to, statements regarding our
current belief or expectations as of the date of this prospectus and estimates on future events and trends that affect or may affect our business, financial condition, results of operations, liquidity, prospects and the trading price of our common
shares or the ADSs, including our growth plan and pipeline of new projects. Although such forward-looking statements are based on assumptions and information currently available to us, which we believe to be reasonable, none of the forward-looking
statements, whether expressed or implied, are indicative of or guarantee future results. Given such limitations, you should not make any investment decision on the basis of the forward-looking statements contained in this prospectus.
All forward-looking statements are subject to risks, uncertainties and other factors (including, without limitation, those described under “Risk
Factors”) that may cause our actual results to differ materially from those which we expected. Key factors that could cause actual results to differ materially from the expectations expressed in or implied by such forward-looking statements,
include, but are not limited to:
general economic, business and political conditions;
trends in the global semiconductor industry;
market conditions and business outlook for our products;
fluctuations in prices of raw materials;
adverse trends in regulatory, legislative and judicial developments;
changes in interest rates and currency exchange rates;
factors affecting future profitability;
seasonality;
our leverage and our ability to meet our debt obligations;
conditions in the Korean and the global financial markets;
occurrences of widespread infectious diseases such as COVID-19; and
additional matters identified in “Risk Factors.”
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We caution you that the foregoing list of significant factors may not contain all of the material
factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this prospectus may not in fact occur. Many of these risks are beyond our ability to
control or predict. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this prospectus.
We caution you that the important factors referenced above may not contain all of the factors that are important to you. We cannot assure you that we
will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. We undertake no obligation, and specifically disclaim
any duty, to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as may be required by law. As a result of these risks and uncertainties, we caution you not to place undue reliance on any
forward-looking statements included in this prospectus or that may be made elsewhere from time to time by, or on behalf of, us.
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USE OF PROCEEDS
We estimate that the net proceeds from our issuance and sale of 17,790,000 common shares represented by ADSs in the offering will be approximately
US$28.0 billion, after deducting the estimated underwriting discount and commissions and estimated offering expenses payable by us, and based on the last reported trading price of our common shares on the KRX KOSPI Market as set forth on the cover
page of this prospectus.
Each US$1.00 increase (decrease) in the assumed public offering price of US$158.14 per ADS would increase (decrease) the
net proceeds to us from the offering by approximately US$177.0 million, assuming the number of common shares represented by ADSs offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the
estimated underwriting discount and commissions and estimated offering expenses payable by us. Each increase (decrease) of 1,000,000 in the number of ADSs we are offering would increase (decrease) the net proceeds to us from the offering, after
deducting the estimated underwriting discount and commissions and estimated offering expenses payable by us, by approximately US$157.3 million, assuming the assumed public offering price stays the same.
We intend to use the net proceeds we receive from this offering for (i) capital expenditures of W 45.5 trillion related to the construction of our production facilities in Korea as indicated below and (ii) our acquisition of EUV scanners, which we expect will cost approximately W 11.9 trillion and receive delivery by December 2027. We expect to fund the amounts required to complete the construction and acquisitions in excess
of the net proceeds from this offering using cash flows from our operating activities, borrowings under current and future credit facilities and debt securities and other funding resources.
Project
Targeted
Completion
Date of Planned
Investments
Total
Expected
Cost of
Project (1)
Previously
Invested
Amount (2)
Additional Planned Investment Amount (1)
Total
2026
2027
2028
2029
2030
(In trillions of Won)
Fab 1 at the Yongin complex, Korea (3)
End of 2030
W
31.0
W
4.4
W
26.6
W
7.4
W
10.1
W
6.6
W
2.5
W
0.0
P&T7 (advanced packing plant) in Cheongju,
Korea (4)
End of 2030
19.0
0.1
18.9
0.5
2.1
2.7
5.8
7.8
Total
W
50.0
W
4.5
W
45.5
W
7.9
W
12.2
W
9.3
W
8.3
W
7.8
(1)
Estimates only and are subject to change depending on prevailing market conditions, changes in construction process
specifications, exchange rates and other factors.
(2)
As of May 31, 2026.
(3)
Not including installation of equipment.
(4)
Including installation of equipment.
We periodically adjust our capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor
industry and general global economic conditions. We may adjust our use of proceeds based on our assessment of such market conditions.
Pending our
use of the net proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in interest-earning instruments.
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DIVIDENDS AND DIVIDEND POLICY
We declare dividends annually at the annual general meeting of shareholders, which is generally held within three months after the end of the fiscal
year. For the purpose of determining the shareholders who are entitled to annual dividends, we may set a record date with at least two weeks’ prior public notice by a resolution of the Board. We may distribute annual dividends in cash, in
shares or in other forms. However, a dividend of shares must be distributed at par value. Dividends in shares may not exceed one-half of the annual dividend. Our obligation to pay dividend expires if no claim
to dividend is made for five years from the payment date.
Under the KCC, we may pay an annual dividend only out of the excess of our net assets, on
a non-consolidated basis, over the sum of (1) our stated capital, (2) the total amount of our capital surplus reserve and earned surplus reserve accumulated up to the end of the relevant dividend
period, (3) the earned surplus reserve to be set aside for the annual dividends and (4) the increase in our net asset value resulting from the evaluation of our assets and liabilities that has not been offset against unrealized losses. We
may not pay an annual dividend unless we have set aside as earned surplus reserve an amount equal to at least 10.0% of the cash portion of the annual dividend or until we have accumulated an earned surplus reserve of not less than one-half of our stated capital. We may not use our legal reserve to pay cash dividends but may transfer amounts from our legal reserve to capital stock or use our legal reserve to reduce an accumulated deficit.
In addition, the FSCMA and our articles of incorporation (pursuant to an amendment approved at the annual general meeting of our shareholders on March
30, 2022) provide that, in addition to annual dividends, we may pay quarterly dividends. Unlike annual dividends, the decision to pay quarterly dividends can be made by a resolution of the Board and is not subject to shareholder approval. For the
purpose of determining the shareholders who are entitled to quarterly dividends, we may set a record date with at least two weeks’ prior public notice by a resolution of the Board. The Board’s resolution to declare quarterly dividends
needs to take place within 45 days of March 31, June 30 or September 30 of the relevant fiscal year. Any quarterly dividends must be paid in cash. No assurance can be given as to the amount of future dividends on our common shares or
that any such dividends will be declared. See “Description of Articles of Incorporation and Capital Stock —Dividends.”
Under the FSCMA, the total amount of quarterly dividends payable in a fiscal year may not be more than the net assets on the non-consolidated balance sheet of the immediately preceding fiscal year, after deducting (1) our capital in the immediately preceding fiscal year, (2) the aggregate amount of our capital surplus reserves
and earned surplus reserves accumulated up to the immediately preceding fiscal year, (3) the amount of earnings for dividend payments confirmed at the general shareholders’ meeting with respect to the immediately preceding fiscal year and
(4) the amount of earned surplus reserve that should be set aside for the current fiscal year following the quarterly dividend payment. In addition, no quarterly dividends can be paid if there is a concern over our net assets on a non-consolidated basis at the end of the current fiscal year falling short of the aggregate sum of (1) our stated capital, (2) the total amount of our capital surplus reserve and earned surplus reserve
accumulated up to the end of the current fiscal year, (3) the earned surplus reserve to be set aside for the annual dividends with respect to the current fiscal year and (4) the increase in our net asset value resulting from the evaluation
of our assets and liabilities that has not been offset against unrealized losses.
Our obligation to pay annual or quarterly dividends expires if no
claims to such dividends are made for a period of five years from the payment date.
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The following table sets forth the quarterly and annual dividend per share and the aggregate total
amount of dividends paid, as well as the number of outstanding shares entitled to dividends, with respect to the quarter ended March 31, 2026 and the years ended December 31, 2023, 2024 and 2025. The annual dividend was paid in the immediately
following year, and the quarterly dividends were paid in the same year.
Dividend Type
Dividend
per Share
(In Won)
Total Amount
of Dividends
(In billions
of Won)
Number of
Shares Entitled
to Dividend
Quarterly dividend (for the period ended March 31, 2023)
W
300
W
206
688,059,197
Quarterly dividend (for the period ended June 30, 2023)
300
206
688,090,311
Quarterly dividend (for the period ended September 30, 2023)
300
206
688,116,189
Annual dividend (for the year ended December 31, 2023)
300
206
688,138,649
Quarterly dividend (for the period ended March 31, 2024)
300
207
688,614,914
Quarterly dividend (for the period ended June 30, 2024)
300
207
688,617,645
Quarterly dividend (for the period ended September 30, 2024)
300
207
689,038,731
Annual dividend (for the year ended December 31, 2024)
1,304
900
690,344,530
Quarterly dividend (for the period ended March 31, 2025)
375
259
690,412,123
Quarterly dividend (for the period ended June 30, 2025)
375
259
690,455,268
Quarterly dividend (for the period ended September 30, 2025)
375
263
701,684,263
Annual dividend (for the year ended December 31, 2025)
1,875
1,328
708,113,147
Quarterly dividend (for the period ended March 31, 2026)
375
267
711,073,295
We distribute dividends to our shareholders in proportion to the number of shares owned by each shareholder.
In November 2024, the Board approved our shareholder return policy for the fiscal years 2025 through 2027. Such policy contemplated that we would pay an
aggregate dividend amount of W 1,500 per share with respect to each fiscal year in four equal quarterly installments of W 375 per quarter. We may contemplate providing additional shareholder return if we expect to generate a material amount of excess cash flow.
If we pay any dividends on our common shares, we will pay those dividends which are payable in respect of the common shares underlying our ADSs to the
depositary, as the registered holder of such common shares, and the depositary then will pay such amounts to our ADS holders in proportion to the common shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit
agreement, including the fees and expenses payable thereunder. Cash dividends on our common shares, if any, will be paid in U.S. dollars. See “Description of American Depositary Shares.”
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MARKET PRICE INFORMATION
Our common shares are listed on the KRX KOSPI Market under the identification code “000660.” Our common shares are also listed on the
Luxembourg Stock Exchange under the symbol “HYNSE” in the form of global depositary receipts evidencing global depositary shares, with each global depositary share representing one common share.
The table below sets forth, for the periods indicated, the high and low closing prices and the average daily volume of trading activity on the KRX KOSPI
Market for our common shares.
KRX KOSPI Market
Closing Price Per
Common Stock
Average Daily
Trading Volume
High
Low
(in Won)
(in thousands of
shares)
2021
148,500
91,500
4,131
2022
133,000
75,000
3,311
2023
141,500
75,600
3,432
First Quarter
94,900
75,600
2,903
Second Quarter
119,500
83,800
4,127
Third Quarter
128,000
110,300
3,258
Fourth Quarter
141,500
115,400
3,453
2024
241,000
131,000
4,363
First Quarter
183,000
131,000
3,943
Second Quarter
237,500
170,600
3,757
Third Quarter
241,000
152,800
5,810
Fourth Quarter
201,000
158,800
3,909
2025
651,000
164,800
3,765
First Quarter
225,500
171,200
3,967
Second Quarter
293,000
164,800
3,675
Third Quarter
361,000
245,000
3,338
Fourth Quarter
651,000
360,000
4,130
2026 (through July 3)
2,919,000
677,000
5,008
First Quarter
1,099,000
677,000
4,680
Second Quarter
2,919,000
830,000
5,245
Third Quarter (through July 3)
2,560,000
2,187,000
6,649
July (through July 3)
2,560,000
2,187,000
6,649
Source: KRX
KOSPI Market
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EXCHANGE RATES
The tables below set forth, for the periods and dates indicated, information concerning the noon buying rate for Won, expressed in Won per one U.S.
dollar. The “noon buying rate” is the rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York. We do not intend to imply that the Won or U.S. dollar
amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Won, as the case may be, at any particular rate, or at all. On June 26, 2026, the noon buying rate was W 1,533.4 to US$1.00.
Won per U.S. dollar (noon buying rate)
Low
High
Average (1)
Period-End
2021
1,081.6
1,198.7
1,144.9
1,188.6
2022
1,187.0
1,440.5
1,291.8
1,260.2
2023
1,220.3
1,362.9
1,306.8
1,291.0
2024
1,300.5
1,477.9
1,363.4
1,477.9
2025
1,353.5
1,481.5
1,421.4
1,444.6
2026 (through June 26)
1,427.1
1,556.0
1,482.3
1,533.4
January
1,433.8
1,478.3
1,455.5
1,444.5
February
1,427.1
1,463.1
1,447.3
1,439.8
March
1,439.8
1,523.5
1,490.5
1,523.5
April
1,461.7
1,511.3
1,483.8
1,477.9
May
1,447.0
1,517.3
1,488.4
1,504.0
June (through June 26)
1,508.1
1,556.0
1,527.8
1,533.4
Source: Federal
Reserve Bank of New York
(1)
The average rate for each period is calculated as the average of the noon buying rates on each business day during the
relevant period (or portion thereof).
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CAPITALIZATION
The table below sets forth the current portion of our long-term debt and our capitalization as of March 31, 2026, as follows:
on a historical basis; and
as adjusted, to reflect the estimated net proceeds from the issuance and sale of the ADSs by us in the offering at the
public offering price of US$158.14 per ADS (based on the last reported trading price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus), and after deducting the estimated underwriting discount and
commissions and estimated offering expenses payable by us. Our total capitalization may be different in the event that we do not allocate the net proceeds of this offering as described under “Use of Proceeds.”
You should read this table in conjunction with “Presentation of Financial and Other Information” “Use of Proceeds,”
“Summary Financial and Other Information,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Audited Financial Statements and Interim Financial Statements, together with the
notes thereto, in each case included elsewhere in this prospectus. The current portion of our long-term debt and our capitalization following the closing of the offering (including the use of proceeds therefrom) will be adjusted based on the actual
offering price and other terms of this offering determined at pricing.
As of March 31, 2026
Actual
As Adjusted (1)
(In billions of Won)
Current portion of long-term debt:
Current portion of long-term borrowings
W
1,716
W
1,716
Current portion of debentures (2)
1,652
1,652
Total current portion of long-term debt
3,369
3,369
Long-term debt:
Borrowings
13,427
13,427
Total long-term debt
13,427
13,427
Equity:
Equity attributable to owners of the parent company
Capital stock
3,658
3,747
Capital surplus
8,510
51,038
Other equity
(368
)
(368
)
Accumulated other comprehensive income
3,745
3,745
Retained earnings
148,746
148,746
Total equity attributable to owners of the parent company
164,291
206,908
Non-controlling interest
89
89
Total equity
164,380
206,997
Total capitalization
W
177,807
W
220,424
(1)
As adjusted to reflect the estimated net proceeds from the issuance and sale of 17,790,000 common shares represented by
ADSs by us in the offering at the public offering price of US$158.14 per ADS (based on the last reported trading price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus), and after deducting the estimated
underwriting discount and commissions and estimated offering expenses payable by us, which amount is converted into Won at the exchange rate of
W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
(2)
Includes the carrying value of our exchangeable bonds due 2030. On April 28, 2026, we exercised our option to redeem the
entire balance of such exchangeable bonds remaining outstanding as of the end of May 18, 2026, and we completed such redemption on May 28, 2026. See Notes 14 and 32(2) of the notes to the Interim Financial Statements for further information.
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An increase or reduction of US$1.00 in the assumed public offering price of US$158.14 per ADS
(based on the last reported trading price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus) would, after the completion of the offering, increases (decreases) the value of (1) our total equity and
(2) our total capitalization by US$177.0 million (or W 269.7 billion based on the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States),
assuming that the number of ADSs offered in this prospectus, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discount and commissions and estimated offering expenses payable by us.
An increase (decrease) of 1,000,000 ADSs sold in the offering by us would increase (decrease) the value of (1) our total equity and our
(2) total capitalization by US$157.3 million (or W 239.7 billion based on the exchange rate of
W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United
States), assuming a public offering price of US$158.14 per ADS (based on the last reported trading price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus), and after deducting the estimated underwriting
discount and commissions payable by us.
Except as set forth herein, there has been no other material change to our capitalization since March
31, 2026.
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DILUTION
As of March 31, 2026, our outstanding capital stock (not including treasury shares) consisted of 708,297,021 common shares. If you invest in
our ADSs in the offering, your ownership interest will be diluted to the extent of the difference between the offering price per ADS and the net book value per ADS upon the completion of the offering. Dilution results from the fact that the per-ADS offering price of ADS in the offering could be substantially in excess of the actual book value per ADS. As of March 31, 2026, we had a net tangible book value of W 158,497 billion or US$146.88 per common share or US$14.69 per ADS, based on the exchange rate of
W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
Net tangible book value per common share represents the amount of our total tangible assets of W 216,946 billion (total assets less intangible
assets and deferred tax assets) less total liabilities of W 58,449 billion, divided by the total number of our common shares outstanding as of
March 31, 2026.
Dilution of Shareholders’ Interest After the Offering
After giving effect to the sale of the ADSs offered by us in the offering at the offering price of US$158.14 per ADS (based on the last reported trading
price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus) and, after deducting the estimated underwriting discount and commissions and estimated offering expenses payable by us, our net tangible book value
estimated as of March 31, 2026 would have been US$132,008 million, based on the exchange rate of W 1,523.5 per US$1.00, the noon buying rate
in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States, representing US$181.81 per common share and US$18.18 per ADS. This represents an immediate increase in net tangible book value of
US$34.93 per common share and US$3.49 per ADS to existing shareholders, and an immediate dilution in tangible book value of US$1,399.60 per common share and US$139.96 per ADS to purchasers of ADSs in the offering. Dilution for this
purpose represents the difference between the price per common share paid by these purchasers and net tangible book value per common share immediately after the completion of the offering.
The following table shows the dilution to investors purchasing our ADSs in the offering:
US$ per
Common
Share
US$ per ADS
Assumed offering price per common share/ADS
1,581.41
158.14
Net tangible book value per common share/ADS as of March 31, 2026
146.88
14.69
Increase in net tangible book value per common share/ADS after the offering attributable to existing
shareholders
34.93
3.49
Net tangible book value per common share/ADS after the offering
181.81
18.18
Dilution per common share/ADS to investors (1)
1,399.60
139.96
(1)
Dilution for this purpose represents the difference between the price per common share/ADS paid by the investors in the
offering and the shareholders’ equity value per common share/ADS immediately after the completion of the offering.
A
US$1.00 increase (decrease) in the assumed public offering price of US$158.14 per ADS would increase (decrease) our net tangible book value after the offering by US$177 million, the net tangible book value per common share and per ADS
after the offering by US$0.24 per common share and US$0.02 per ADS, and increase (decrease) the dilution in the net book value per common share and per ADS to investors in the offering by US$9.76 per common share and US$0.98 per ADS,
assuming the number of ADSs offered under the international offering, as set forth on the cover page of this prospectus, remains the same, after deducting the estimated underwriting discount and commissions and estimated offering expenses payable by
us.
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The following table presents, as of March 31, 2026, the number of common shares purchased or
to be purchased from us, the total consideration paid to us or to be paid to us (which includes net proceeds received from the issuance of our common shares) and the average price paid or to be paid to us per common share, in each case by our
directors, other members of our senior management and their respective affiliates during the last five years and by investors participating in this offering at the initial public offering price of US$158.14 per ADS, based on the last reported
trading price of our common shares on the KRX KOSPI Market as set forth on the cover page of this prospectus, after deducting estimated underwriting discount and commissions and estimated offering expenses payable by us:
Common shares purchased
Total consideration
Average price
per common
share (1)
Number
Percent
Amount (1)
(in millions)
Percent
Directors, senior management and affiliates
262,804
1.5
%
US$
42
0.1
%
US$
158.23
New investors
17,790,000
98.5
28,133
99.9
1,581.41
Total
18,052,804
100.0
%
US$
28,175
100.0
%
US$
1,560.69
(1)
Converted into U.S. dollars at the exchange rate of W 1,523.5 per US$1.00, the noon buying rate in effect on March 31, 2026 as quoted by the Federal Reserve Bank of New York in the United States.
A US$1.00 increase (decrease) in the assumed public offering price of US$158.14 per ADS would increase (decrease) total consideration paid by new
investors by US$178 million, assuming the number of ADSs offered under the international offering, as set forth on the cover page of this prospectus, remains the same, after deducting the estimated underwriting discount and commissions and
estimated offering expenses payable by us.
The discussion and tables above also assume no exercise of any outstanding stock options. As of March
31, 2026, there were 149,423 shares of our common stock deliverable upon exercise of outstanding stock options. See “Management — Compensation — Stock Options.” To the extent that any of these options are exercised,
there will be further dilution to new investors.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
This section contains forward-looking statements that involve risks and uncertainties. Our actual results and the
timing of events may differ significantly from those expressed or implied in these forward-looking statements for several reasons, including those described under “Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors.”
The following analysis and discussion of our financial condition and results of operations should be read in conjunction
with our Audited Financial Statements and Interim Financial Statements included elsewhere in this prospectus, as well as the information set forth under “Presentation of Financial and Other Information” and “Summary Financial and
Other Information.”
Overview
We are one of
the world’s largest memory semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of
29.1% in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were
the second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC. Our memory products can be used in virtually all electronic devices, including graphics cards,
PCs, data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries.
We sell a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored
to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with advanced specifications, particularly those requiring higher density, faster data-processing speed and lower
power consumption. We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially
increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing.
Factors Affecting Our Results of Operations and Financial Condition
Our results of operations and financial condition, including our operating profit and corresponding changes in our operating profit as a percentage of
total revenue (or operating profit margin), have been and will continue to be materially affected by a number of factors and developments, some of which are outside of our control, including:
cyclical nature, volatility and seasonality of the semiconductor industry;
fluctuation in exchange rates of major foreign currencies;
the level of, and returns on, our capital expenditures and production capacity expansion;
changes in our product mix reflecting rapidly evolving customer preferences and advancements in technology;
the level of, and returns on, our investment in our research and development activities; and
our ability to pursue additional operational cost savings.
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Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry
Our business is affected by market conditions in the highly cyclical memory semiconductor industry. The industry’s cyclical demand cycles are due,
in large part, to fluctuations in demand for the end products that use memory semiconductors. The largest end product industries that use memory semiconductors are the information and technology industry and the consumer electronics industry, which
are sensitive to general macroeconomic conditions impacting the global economy. Uncertainties in the global economy have increased in recent years, with global financial and capital markets experiencing substantial volatility. Such uncertainties
have been caused by, and continue to be exacerbated by, among other things, deterioration in economic and trade relations between major economies (particularly between the United States and China), the outbreak of the Russia-Ukraine war in February
2022 and the military conflicts between Iran and other countries, including the United States and Israel, that have destabilized the global energy sector, the slowdown of economic growth in China and other major emerging market economies, adverse
economic and political conditions in Europe and Latin America, continuing geopolitical and social instability in North Korea and various parts of the Middle East and impositions of tariffs and other trade protective measures around the world. Actual
or anticipated improvement or deterioration in economic conditions in any of our major markets may affect customer confidence and spending, resulting in a corresponding fluctuation in consumption of end products that may impact the level of demand
for our products and prices at which they can be sold.
The following table presents changes in our bit sales volumes and average selling prices (in
U.S. dollars) of our DRAMs for each quarter, compared to the immediately preceding quarter, for the periods indicated.
1Q 2023
2Q 2023
3Q 2023
4Q 2023
1Q 2024
2Q 2024
3Q 2024
4Q 2024
1Q 2025
2Q 2025
3Q 2025
4Q 2025
1Q 2026
DRAM Bit
Sales
Volume
Around 20% Decrease
Mid-30% Increase
Around 20% Increase
Low-single% Increase
Mid-teen% Decrease
Low-20% Increase
Slight Decrease
Mid-single% Increase
High-single% Decrease
Mid-20% Increase
High-single% Increase
Low-single% Increase
Flat
DRAM Average
Selling Price
High-teen% Decrease
High-single% Increase
Around 10% Increase
High-teen% Increase
Over 20% Increase
Mid-teen% Increase
Mid-teen% Increase
Around 10% Increase
Flat
Low-single% Increase
Mid-single% Increase
Mid-20% Increase
Mid-60% Increase
The following table presents changes in our bit sales volumes and average selling prices (in U.S. dollars) of our NAND
flash memory products for each quarter, compared to the immediately preceding quarter, for the periods indicated.
1Q 2023
2Q 2023
3Q 2023
4Q 2023
1Q 2024
2Q 2024
3Q 2024
4Q 2024
1Q 2025
2Q 2025
3Q 2025
4Q 2025
1Q 2026
NAND Flash Bit
Sales Volume
Mid-teen% Decrease
Around 50% Increase
Mid-single% Increase
Low-single% Decrease
Flat
Low-single% Decrease
Mid-teen% Decrease
Mid-single% Decrease
High-teen% Decrease
Over 70% Increase
Mid-single% Decrease
Around 10% Increase
Around 10% Decrease
NAND Flash
Average
Selling
Price
Around 10% Decrease
Around 10% Decrease
Slight Decrease
Over 40% Increase
Over 30% Increase
Mid-high-teen% Increase
Mid-teen% Increase
Mid-single% Decrease
Around 20% Decrease
High-single% Decrease
Low-teen% Increase
Low 30% Increase
Mid 70% Increase
The long lead times for new facilities to become operational have in some cases resulted in significant increases in the
industry’s production capacity coinciding with weakening demand, resulting in global oversupply of products and declining prices. Demand growth expectations in the end markets that use memory semiconductors have typically been accompanied by
increased capital investment by manufacturers. In addition, semiconductor manufacturers worldwide have migrated to finer line-width processes and advanced stacking technologies, which have increased the number of bits produced per wafer. These
capital investments and the adoption of new technologies may result in increases in the supply of memory semiconductors that are not matched by commensurate growth in demand in the end markets for such products. From time to time, the memory
semiconductor industry has experienced significant and sometimes prolonged periods of oversupply and weak prices. As a result of such fluctuations in global demand and in the manufacturing capacity available to produce memory semiconductors, our
results of operations may be volatile from period to period.
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Our business is also subject to seasonal variations in demand. Historically, demand for our products
has been lowest in the first quarter and gradually increases in each subsequent quarter, reaching its highest level in the fourth quarter.
Fluctuation in Exchange Rates of Major Foreign Currencies
Our consolidated financial statements are prepared based on the local currency-denominated financial results, assets and liabilities and cash flows of us
and our subsidiaries around the world, which are then translated into Won. There has been considerable volatility in exchange rates in recent years, including exchange rates between the Won and the U.S. dollar. To the extent that we incur costs in
one currency and make sales in another, our profit margins may be affected by changes in the exchange rates between the two currencies. In particular, our investments in manufacturing facilities in China have increased the proportion of our expenses
that are incurred in Chinese Yuan, while our sales in China are denominated in U.S. dollars. Accordingly, an unhedged increase in the value of the Chinese Yuan would increase our construction and manufacturing costs and adversely impact our
profitability. Changes in exchange rates can also affect the Won value of sales proceeds and operating and non-operating costs that are denominated in foreign currencies. We are unable to increase the prices
of our products to adjust fully for the negative effects of exchange rate movements because prices in the memory semiconductor industry are dictated by worldwide supply and demand. In addition, exchange rate fluctuations can affect the Won value of
our equity investments and monetary assets and liabilities denominated in foreign currencies. See “Exchange Rates” and “Risk Factors — Fluctuations in exchange rates may have a material adverse effect on our financial
condition and results of operations.”
Appreciation of the Won may materially and adversely affect our results of operations because, among
other things, it reduces the Won value of our export sales, which are primarily denominated in U.S. dollars, and causes our export products to be less competitive by raising their prices in U.S. dollar terms. On the other hand, depreciation of the
Won would create foreign exchange translation losses and increase the amount, in Won terms, of interest and principal of our foreign currency-denominated debt, as well as increase in Won terms the cost of raw materials and equipment that we purchase
from overseas sources. Under our current operating and capital structure, appreciation of the Won generally has a net negative impact on our operating income. Although the impact of exchange rate fluctuations has in the past been partially mitigated
by hedging strategies, our results of operations have historically been affected by exchange rate fluctuations. See “ — Market Risks — Foreign Exchange Risk” for a sensitivity analysis on our foreign currency exposure from
foreign exchange rate change against the Won.
Level of Our Capital Expenditures and Production Capacity Expansion
We make substantial capital expenditures annually to support our business goals and objectives, and we plan to continue to invest in enhancing and
expanding our production facilities and upgrading our equipment and manufacturing processes. We operate in an especially capital-intensive industry that requires continual investments in capacity expansion, equipment upgrades and migration to
advanced technologies and manufacturing processes. Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657
billion in the first quarter of 2026 and W 6,284 billion in the first quarter of 2025, and W 27,519 billion in 2025, W 15,946 billion in 2024 and W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. In addition to regular maintenance
and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs such as HBM. We
began wafer input at the M15X in the first quarter of 2026 and expect to gradually ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated
industrial complex in Yongin, Korea for our next generation of fabs and research and development
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facilities. We began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are
currently constructing an advanced packaging plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced packaging plant in Indiana, United
States, and expect to commence operations in the second half of 2028.
We plan to continue to invest in enhancing and expanding our production
facilities and upgrading our equipment and manufacturing processes in order to increase our production capacity, achieve additional economies of scale and enable production of new products. We expect that increases in production capacity will enable
us to lower our per-unit manufacturing costs. In addition, we expect that our continued efforts to enhance the efficiency and technical capacities of each successive fab we build will also have a significant
effect on our financial condition and results of operations. We periodically adjust our capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor industry and general global economic
conditions. We may delay or not implement some of our announced capital expenditure plans based on our assessment of such market conditions. Production capacity expansion would increase depreciation and amortization expenses and financing costs
related to capital expenditures. The level of our capital expenditures, as well as the returns we are able to achieve on our capital expenditure investments, will affect our financial condition and results of operations.
Changes in Our Product Mix
Our
operating results are significantly impacted by our ability to anticipate and respond to emerging customer preferences and demands. To improve our operating results, we must continually improve our existing products and develop new products. We sell
a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We believe that we are one of the world’s
leading companies in developing DRAMs with advanced specifications, particularly those requiring higher density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other
advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast
data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing. We seek to strengthen our relationships with leading manufacturers of GPUs, AI accelerators and
high-performance computing to more effectively meet their needs for HBMs. We believe that our strengths in HBM, server DRAM and eSSD enable us to mitigate the risks associated with the cyclicality of the memory semiconductor market.
As part of our efforts to further strengthen our product portfolio, we acquired the NAND flash memory and storage business of Intel. See “Business
— Investments and Acquisitions.” We have also been striving to diversify our business to areas other than DRAM and NAND flash memory semiconductors in recent years. We have expanded our product portfolio into non-memory semiconductors, such as by engaging in the foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries. From time to time, we adjust our manufacturing facilities in order
to execute changes in our product mix. Changes in our product mix will affect our financial condition and results of operations.
Investment
Levels in Research and Development Activities
We compete in highly competitive global markets characterized by rapidly changing
technologies, evolving industry standards and continual improvements in manufacturing processes and product
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performance features, which results in short product lifecycles, frequent introduction of new products and price erosion of existing products. We believe that continued and timely development of
new technologies and products and enhancements to existing products and manufacturing processes are critical to maintaining and improving our competitive position. Accordingly, we have made, and expect to continue to make, significant investments in
research and development activities. We incurred expenditures on research and development of W 2,550 billion in the first quarter of 2026 and W 1,515 billion in the first quarter of 2025, and
W 6,733 billion in 2025,
W 4,854 billion in 2024 and
W 4,101 billion in 2023. Of such amounts, we capitalized development costs of W 99 billion in the first quarter of 2026 and W 43 billion in the first quarter of 2025,
and W 267 billion in 2025,
W 418 billion in 2024 and
W 351 billion in 2023 as intangible assets. The amounts that we spend on our research and development activities, as well as the returns we
are able to achieve on such investments through the successful development and deployment of next-generation technologies and products, will affect our financial condition and results of operations.
Our Ability to Pursue Additional Operational Cost Savings
The average selling prices of our DRAM and NAND flash memory products have generally been impacted by global market supply and demand dynamics. The
market for our products is highly competitive, and we face intense global competition. Our competitors have in the past used aggressive pricing and marketing strategies in order to maintain or gain market share. Accordingly, the success of our
business depends, in part, on our ability to continually reduce our manufacturing costs and operating expenses. We continually engage in various cost-saving and other expense reduction initiatives intended to reduce costs and increase productivity,
including initiatives aimed at refining our manufacturing processes to increase production yields and reduce production cycle time. Our results of operations and profitability will continue to be affected by our ability to improve our productivity
and enhance the cost efficiency of our operations.
Critical Accounting Policies
The preparation of our financial statements requires us to make difficult, complex and subjective judgments in making the appropriate estimates and
assumptions that affect the amounts reported in our financial statements. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, terms of existing contracts, our
observation of trends in the relevant industry, information provided by our customers and information available from other outside sources, as appropriate. While we believe that our estimates and judgments are reasonable under the circumstances in
which they were made, there can be no assurance that our judgments will prove to be correct or that actual results reported in future periods will not differ from our expectations reflected in our accounting treatment of certain items. See Note 3 of
the notes to the Audited Financial Statements for our critical accounting estimates and assumptions.
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Results of Operations – First Quarter of 2026 Compared to First Quarter of 2025
The following table presents selected income statement data and changes therein for the first quarter of 2026 and the first quarter of 2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
Revenue
W
52,576
W
17,639
W
34,937
198.1
%
Cost of sales
10,897
7,537
3,360
44.6
Gross profit
41,679
10,102
31,577
312.6
Selling and administrative expenses
1,618
1,190
428
36.0
Research and development expenses
2,451
1,472
980
66.6
Finance income
17,056
2,687
14,369
534.7
Finance expenses
3,023
765
2,259
295.4
Share of loss of equity-accounted investees
(27
)
(41
)
14
(34.9
)
Other income
15
79
(64
)
(81.0
)
Other expenses
15
102
(87
)
(85.7
)
Profit before income tax
51,617
9,299
42,318
455.1
Income tax expense
11,271
1,191
10,080
846.3
Profit for the period
W
40,346
W
8,108
W
32,238
397.6
%
Revenue
The following table presents a breakdown of our revenue by principal product category and changes therein for the first quarter of 2026 and the first
quarter of 2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
DRAM
W
40,659
W
14,037
W
26,622
189.7
%
NAND flash
11,574
3,229
8,345
258.5
Other products (1)
343
373
(30
)
(8.0
)
Total revenue
W
52,576
W
17,639
W
34,937
198.1
%
(1)
Includes revenue from sales of foundry products, lease income and revenue from certain domestic subsidiaries.
Our revenue increased by 198.1%, or
W 34,937 billion, to W 52,576 billion in
the first quarter of 2026 from W 17,639 billion in the first quarter of 2025, primarily due to increases in revenue from DRAM and NAND flash
sales. Specifically:
Revenue from DRAM sales increased by 189.7%, or
W 26,622 billion, to W 40,659 billion in
the first quarter of 2026 from W 14,037 billion in the first quarter of 2025, primarily due to (i) an increase in the average selling price of
such products and (ii) an increase in their sales volume. The average selling price of DRAMs on a U.S. dollar basis increased significantly in the first quarter of 2026 compared to the first quarter of 2025 reflecting an acceleration in global
demand for DRAMs, particularly for advanced server DRAMs that are used to support the data processing and storage requirements of AI accelerators and data centers. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor
Industry.” Our overall DRAM bit sales volume increased in the first quarter of 2026 compared to the first quarter of 2025 reflecting increases in demand for DRAMs and HBMs. See “— Cyclical Nature, Volatility and Seasonality of the
Semiconductor Industry.”
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Revenue from NAND flash sales increased by 258.5%, or W 8,345 billion, to W 11,574 billion in the first quarter of 2026 from W 3,229 billion in the first quarter of 2025, primarily due to (i) an increase in the average selling price of such products and (ii) an increase in
their sales volume. The average selling price of NAND flash memory products on a U.S. dollar basis increased significantly in the first quarter of 2026 compared to the first quarter of 2025 reflecting a strong increase in global demand across all
our major NAND flash memory product categories, particularly high-density, high-performance eSSDs. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” Our overall NAND flash bit sales volume increased
in the first quarter of 2026 compared to the first quarter of 2025 reflecting such increases in demand. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.”
Revenue from our other products decreased by 8.0%, or W 30 billion, to W 343 billion in the first quarter of 2026 from W 373 billion in the first quarter of 2025, primarily reflecting a decrease in revenue from sales of CISs.
Cost of Sales and Gross Profit
Our
cost of sales increased by 44.6%, or W 3,360 billion, to
W 10,897 billion in the first quarter of 2026 from
W 7,537 billion in the first quarter of 2025, primarily due to increases in (i) salaries, employee benefits and others,
(ii) expenses related to raw materials, supplies and consumables and (iii) depreciation and amortization expenses. Salaries, employee benefits and others increased primarily due to a significant increase in accrued bonuses under our
profit-sharing incentive program, reflecting an improvement in our operating results in the first quarter of 2026 compared to the first quarter of 2025. See “Business — Employees” for a discussion of our profit-sharing incentive
program. Our expenses related to raw materials, supplies and consumables increased to W 3,048 billion in the first quarter of 2026 from W 2,525 billion in the first quarter of 2025 primarily due to increases in our sales volumes of DRAM and NAND flash memory products. Our
depreciation and amortization expenses increased primarily due to an increase in our investments in property, plant and equipment that increased depreciation of certain assets in the first quarter of 2026.
Our gross profit increased by 312.6%, or
W 31,577 billion, to
W 41,679 billion in the first quarter of 2026 from
W 10,102 billion in the first quarter of 2025. Our gross profit margin increased to 79.3% in the first quarter of 2026 from 57.3% in the
first quarter of 2025, primarily due to an increase in revenue reflecting a strong increase in demand for memory semiconductor products and their average selling prices, which outpaced an increase in cost of sales as described above.
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Selling and Administrative Expenses
The following table presents a breakdown of our selling and administrative expenses and changes therein for the first quarter of 2026 and the first
quarter of 2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
Selling and administrative expenses:
Salaries
W
844
W
438
W
407
92.9
%
Defined benefit plan
13
13
(0
)
(2.2
)
Employee benefits
91
65
26
39.5
Commission
177
193
(16
)
(8.2
)
Depreciation
71
76
(5
)
(6.3
)
Amortization
118
135
(17
)
(12.4
)
Freight and custody charges
17
13
4
28.2
Taxes and dues
43
29
14
48.9
Advertising
26
15
11
74.8
Supplies
39
22
17
75.3
Sales promotion expenses
114
101
13
13.3
Quality control cost
(43
)
(4
)
(39
)
1,076.0
Training
28
27
2
6.6
Others
78
67
11
17.2
Total
W
1,618
W
1,190
W
428
36.0
%
Our selling and administrative expenses increased by 36.0%, or W 428 billion, to W 1,618 billion in the first quarter of 2026 from W 1,190 billion in the first quarter of 2025, primarily due to increases in salaries and employee benefits. Specifically:
Salaries increased by 92.9%, or
W 407 billion, to W 844 billion
in the first quarter of 2026 from W 438 billion in the first quarter of 2025, primarily due to a significant increase in accrued bonuses
under our profit-sharing incentive program, reflecting an improvement in our operating results in the first quarter of 2026 compared to the first quarter of 2025. See “Business — Employees” for a discussion of our profit-sharing
incentive program.
Employee benefits increased by 39.5%, or
W 26 billion, to W 91 billion
in the first quarter of 2026 from W 65 billion in the first quarter of 2025, primarily due to increases in our contribution to the employee
welfare fund and health insurance-related payments.
Our selling and administrative expenses as a percentage of total revenue
decreased to 3.1% in the first quarter of 2026 from 6.7% in the first quarter of 2025.
Research and Development Expenses
The following table presents a breakdown of our research and development expenses and changes therein for the first quarter of 2026 and the first quarter
of 2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
Research and development expenses:
Expenditure on research and development
W
2,550
W
1,515
W
1,035
68.3
%
Development cost capitalized
(99
)
(43
)
(56
)
128.4
Total
W
2,451
W
1,472
W
980
66.6
%
Our expenditure on research and development, after adjusting for capitalized development cost, increased by 66.6%, or W 980 billion, to W 2,451 billion in
the first quarter of 2026 from W 1,472 billion in
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the first quarter of 2025, primarily reflecting an increase in labor expenses of our research and development personnel and an increase in our AI-related
research and development activities.
Our research and development expenses as a percentage of total revenue decreased to 4.7% in the first quarter
of 2026 from 8.3% in the first quarter of 2025.
Finance Income and Expenses
The following table presents a breakdown of our finance income and expenses and changes therein for the first quarter of 2026 and the first quarter of
2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
Interest income
W
189
W
106
W
83
78.1
%
Dividend income
3,952
4
3,948
96,116.8
Foreign exchange differences
2,931
629
2,302
366.3
Gain on valuation of financial instruments
9,942
1,900
8,042
423.3
Others
43
48
(6
)
(11.5
)
Total finance income
17,056
2,687
14,369
534.7
Interest expenses
167
258
(91
)
(35.2
)
Foreign exchange differences
1,358
507
851
167.8
Loss on derivatives
1,499
—
1,499
N.A.
(1)
Others
—
0
(0
)
(100.0
)
Total finance expenses
W
3,023
W
765
W
2,259
295.4
%
(1)
N.A. means not applicable.
Our gain on valuation of financial instruments increased by 423.3%, or
W 8,042 billion, to
W 9,942 billion in the first quarter of 2026 from
W 1,900 billion in the first quarter of 2025, which related primarily to our stake in Kioxia. The market value of Kioxia increased
significantly in the first quarter of 2026, reflecting an increase in global demand for memory semiconductor products.
Our dividend income
increased significantly by W 3,948 billion to
W 3,952 billion in the first quarter of 2026 from
W 4 billion in the first quarter of 2025, which related primarily to dividend payments from Kioxia.
Our net gain on foreign exchange differences increased by
W 1,452 billion, to
W 1,573 billion in the first quarter of 2026 from
W 122 billion in the first quarter of 2025, as the Won appreciated against the U.S. dollar during the first quarter of 2025 but depreciated
during the first quarter of 2026. In terms of the noon buying rate, the Won appreciated against the U.S. dollar to W 1,474.4 to US$1.00 as of
March 31, 2025 from W 1,477.9 to US$1.00 as of December 31, 2024, but depreciated to W 1,523.5 to US$1.00 as of
March 31, 2026 from W 1,444.6 to US$1.00 as of December 31, 2025. The noon buying rate, which was W 1,477.9 to US$1.00 as of December 31, 2024, appreciated during the first quarter of 2025 to an average of W 1,452.0 to US$1.00. However, during the first quarter of 2026, the noon buying rate, which was W 1,444.6 to US$1.00 as of December 31, 2025, depreciated to an average of W 1,465.6
to US$1.00.
We recognized net loss on derivatives of
W 1,499 billion in the first quarter of 2026 compared to no such loss in the first quarter of 2025. Such change was primarily driven by
settlement losses on exchange rights related to our then outstanding exchangeable bonds which were classified as financial liabilities at fair value through profit or loss, required to be recorded under IFRS Accounting Standards as issued by the
IASB, reflecting an increase in our share price relative to the share price as of December 31, 2025. Such net loss on derivatives does not impact our cash flows. On April 28, 2026, we exercised our option to
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redeem the entire balance of such exchangeable bonds remaining outstanding as of the end of May 18, 2026, and we completed such redemption on May 28, 2026. See Notes 14 and 32(2) of the
Notes to the Interim Financial Statements for further information.
Share of Loss of Equity-accounted Investees
In the first quarter of 2026, we recorded share of loss of equity-accounted investees of W 27 billion primarily due to our share of loss of W 30 billion from SK hynix
system ic (Wuxi) Co., Ltd., which was partially offset by our share of gain of W 3 billion from HITECH Semiconductor (Wuxi) Co., Ltd.
(“HITECH Semiconductor”).
In the first quarter of 2025, we recorded share of loss of equity-accounted investees of W 41 billion primarily due to our share of losses of
W 27 billion from SK hynix system ic (Wuxi) Co., Ltd. and
W 13 billion from SK South East Asia Investment Pte. Ltd.
Other Income
The following table
presents a breakdown of our other income and changes therein for the first quarter of 2026 and the first quarter of 2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
Gain on disposal of property, plant and equipment
W
10
W
45
W
(35
)
(77.5
)
Others
5
34
(29
)
(85.5
)
Total other income
W
15
W
79
W
(64
)
(81.0
)%
Our other income decreased by 81.0%, or
W 64 billion, to W 15 billion
in the first quarter of 2026 from W 79 billion in the first quarter of 2025, primarily due to a decrease in gain on disposal of property,
plant and equipment by 77.5%, or W 35 billion, to
W 10 billion in the first quarter of 2026 from
W 45 billion in the first quarter of 2025. Such decrease related primarily to a decrease in disposal of idle equipment.
Other Expenses
The following table
presents a breakdown of our other expenses and changes therein for the first quarter of 2026 and the first quarter of 2025.
Changes
For the Three Months Ended
March 31,
First Quarter of 2026 versus
First Quarter of 2025
2026
2025
Amount
%
(In billions of Won, except for percentages)
Donation
W
3
W
4
W
(1
)
(29.4
)%
Loss on impairment of property, plant and equipment
0
0
(0
)
(82.9
)
Loss on disposal of property, plant and equipment
7
2
5
285.1
Loss on disposal of intangible assets
1
1
0
88.2
Depreciation expenses on assets not in use
3
12
(8
)
(71.5
)
Others
0
84
(83
)
(99.8
)
Total other expenses
W
15
W
102
W
(87
)
(85.7
)%
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Our other expenses decreased by 85.7%, or W 87 billion, to W 15 billion in the first quarter of 2026 from W 102 billion in the first quarter of 2025, primarily due to a decrease in other expenses. In the first quarter of 2025, we recognized other
expenses of W 84 billion, which primarily related to costs incurred in connection with the settlement of consideration payable for the
second closing of the Intel NAND Business Acquisition in March 2025.
Income Tax Expense
Our income tax expense increased by 846.3%, or
W 10,080 billion, to
W 11,271 billion in the first quarter of 2026 from
W 1,191 billion in the first quarter of 2025, primarily due to an increase in our profit before income tax by 455.1%, or W 42,318 billion, to W 51,617 billion
in the first quarter of 2026 from W 9,299 billion in the first quarter of 2025. Our effective tax rate increased to 21.8% in the first
quarter of 2026 from 12.8% in the first quarter of 2025. In the first quarter of 2025, we recorded lower effective tax rate primarily due to tax credits related to our capital expenditures.
Profit for the Period
Primarily due
to the factors described above, our profit for the year increased by 397.6%, or W 32,238 billion, to
W 40,346 billion in the first quarter of 2026 from
W 8,108 billion in the first quarter of 2025. Our net profit margin increased to 76.7% in the first quarter of 2026 from 46.0% in the first
quarter of 2025.
Results of Operations – 2025 Compared to 2024
The following table presents selected income statement data and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
Revenue
W
97,147
W
66,193
W
30,954
46.8
%
Cost of sales
38,456
34,365
4,091
11.9
Gross profit
58,691
31,828
26,863
84.4
Selling and administrative expenses
5,019
3,924
1,094
27.9
Research and development expenses
6,466
4,436
2,029
45.7
Finance income
16,373
4,855
11,518
237.2
Finance expenses
12,505
5,708
6,797
119.1
Share of loss of equity-accounted investees
(565
)
(38
)
(526
)
1,376.1
Other income
333
1,477
(1,143
)
(77.4
)
Other expenses
378
167
211
125.8
Profit before income tax
50,466
23,886
26,580
111.3
Income tax expense
7,518
4,088
3,429
83.9
Profit for the year
W
42,948
W
19,797
W
23,151
116.9
%
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Revenue
The following table presents a breakdown of our revenue by principal product category and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
DRAM
W
74,904
W
44,732
W
30,172
67.5
%
NAND flash
20,690
19,274
1,416
7.3
Other products (1)
1,552
2,187
(635
)
(29.0
)
Total revenue
W
97,147
W
66,193
W
30,954
46.8
%
(1)
Includes revenue from sales of CISs and foundry products, lease income and consolidated revenue from certain domestic
subsidiaries.
Our revenue increased by 46.8%, or
W 30,954 billion, to W 97,147 billion in
2025 from W 66,193 billion in 2024, primarily due to increases in revenue from DRAM and NAND flash sales. Specifically:
Revenue from DRAM sales increased by 67.5%, or
W 30,172 billion, to W 74,904 billion in
2025 from W 44,732 billion in 2024, primarily due to (i) an increase in the average selling price of such products, (ii) an increase in their
sales volume and (iii) depreciation of the average value of the Won against the U.S. dollar in 2025 compared to 2024 that contributed to an increase in our revenue from such products in Won terms. The average selling price of DRAMs on a U.S. dollar
basis increased significantly in 2025 compared to 2024 reflecting a general increase in global demand for DRAMs, particularly for premium products such as HBMs designed to meet faster data-processing speed requirements of graphics applications that
incorporate deep learning and AI technologies as well as advanced server DRAMs that are used to support the data processing and storage requirements of AI accelerators and data centers. See “— Cyclical Nature, Volatility and Seasonality
of the Semiconductor Industry.” Our overall DRAM bit sales volume increased significantly in 2025 compared to 2024 in response to such increase in demand for DRAMs. See “— Cyclical Nature, Volatility and Seasonality of the
Semiconductor Industry.” The noon buying rate depreciated to an average of W 1,421.4 to US$1.00 in 2025 compared to an average of W 1,363.4 to US$1.00 in 2024. The noon buying rate was
W 1,291.0 to US$1.00 as of December 31, 2023.
Revenue from NAND flash sales increased by 7.3%, or
W 1,416 billion, to W 20,690 billion in
2025 from to W 19,274 billion in 2024, primarily due to (i) an increase in their sales volume and (ii) depreciation of the average value of the
Won against the U.S. dollar in 2025 compared to 2024 as discussed above, the impact of which was partially offset by a decrease in the average selling price of such products. Our overall NAND flash bit sales volume increased significantly in 2025
compared to 2024 reflecting an increase in global demand for high-density, high-performance eSSDs in the second half of 2025. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” On the other hand, the
average selling price of NAND flash memory products on a U.S. dollar basis decreased significantly in 2025 compared to 2024. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” Despite a recovery in
demand centered on eSSDs in the second half of 2025, the annual blended selling price of NAND flash memory products declined due to sluggish market conditions in the first half of 2025 and a reduction in the overall proportion of high-value NAND
flash memory solutions within NAND flash sales in 2025 compared to 2024.
Revenue from our other products decreased by 29.0%, or W 635 billion, to W 1,552 billion in 2025 from W 2,187 billion in 2024, primarily reflecting a decrease in revenue from sales of CISs.
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Cost of Sales and Gross Profit
Our cost of sales increased by 11.9%, or
W 4,091 billion, to W 38,456 billion
in 2025 from W 34,365 billion in 2024, primarily due to increases in (i) salaries, employee benefits and others, (ii) expenses related to raw
materials, supplies and consumables and (iii) depreciation and amortization expenses. Salaries, employee benefits and others increased primarily due to a significant increase in accrued bonuses under our profit-sharing incentive program, reflecting
an improvement in our operating results in 2025 compared to 2024. See “Business — Employees” for a discussion of our profit-sharing incentive program. Our expenses related to raw materials, supplies and consumables increased to W 12,097 billion in 2025 from W 10,575 billion
in 2024 primarily due to increases in our sales volumes of DRAM and NAND flash memory products. Our depreciation and amortization expenses increased primarily due to commencement of depreciation of completed plants following an increase in our
investments in property, plant and equipment in recent years.
Our gross profit increased by 84.4%, or W 26,863 billion, to W 58,691 billion in 2025 from W 31,828 billion in 2024. Our gross profit margin increased to 60.4% in 2025 from 48.1% in 2024, primarily due to an increase in revenue reflecting a
strong increase in demand for memory semiconductor products and the average selling price of DRAMs, which outpaced an increase in cost of sales as described above.
Selling and Administrative Expenses
The following table presents a breakdown of our selling and administrative expenses and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
Selling and administrative expenses:
Salaries
W
1,859
W
1,258
W
602
47.8
%
Defined benefit plan
47
41
6
14.0
Employee benefits
279
235
45
19.0
Commission
787
774
13
1.7
Depreciation
295
303
(7
)
(2.4
)
Amortization
484
257
227
88.2
Freight and custody charges
63
54
8
15.5
Taxes and dues
138
101
37
36.2
Advertising
148
123
25
19.8
Supplies
125
112
12
11.0
Sales promotion expenses
299
216
82
38.0
Quality control cost
(4
)
48
(53
)
N.A.
(1)
Training
96
74
22
30.3
Others
404
327
76
23.3
Total
W
5,019
W
3,924
W
1,094
27.9
%
(1)
N.A. means not applicable.
Our selling and administrative expenses increased by 27.9%, or
W 1,094 billion, to W 5,019 billion
in 2025 from W 3,924 billion in 2024, primarily due to increases in salaries, amortization and sales promotion expenses. Specifically:
Salaries increased by 47.8%, or
W 602 billion, to W 1,859 billion in
2025 from W 1,258 billion in 2024, primarily due to a significant increase in accrued bonuses under our profit-sharing incentive program,
reflecting an improvement in our operating results in 2025 compared to 2024.
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Amortization increased by 88.2%, or
W 227 billion, to W 484 billion in
2025 from W 257 billion in 2024, primarily due to commencement of amortization of development costs related to our 321 layers technology.
Sales promotion expenses increased by 38.0%, or
W 82 billion, to W 299 billion in
2025 from W 216 billion in 2024, primarily due to an increase in the distribution of promotional samples.
Our selling and administrative expenses as a percentage of total revenue decreased to 5.2% in 2025 from 5.9% in 2024.
Research and Development Expenses
The
following table presents a breakdown of our research and development expenses and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
Research and development expenses:
Expenditure on research and development
W
6,733
W
4,854
W
1,878
38.7
%
Development cost capitalized
(267
)
(418
)
151
(36.1
)
Total
W
6,466
W
4,436
W
2,029
45.7
%
Our expenditure on research and development, after adjusting for capitalized development cost, increased by 45.7%, or W 2,029 billion, to W 6,466 billion in
2025 from W 4,436 billion in 2024, primarily reflecting an increase in labor expenses of our research and development personnel and an increase
in our AI-related research and development activities.
Our research and development expenses as a percentage of total revenue remained unchanged at
6.7% in 2025 and 2024.
Finance Income and Expenses
The following table presents a breakdown of our finance income and expenses and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
Interest income
W
494
W
345
W
150
43.4
%
Dividend income
941
29
911
3,109.3
Foreign exchange differences
2,738
4,221
(1,483
)
(35.1
)
Gain on valuation of financial instruments
12,012
89
11,923
13,358.4
Gain on disposal of financial instruments
188
162
26
16.0
Gain on derivatives
0
9
(8
)
(95.5
)
Total finance income
16,373
4,855
11,518
237.2
Interest expenses
924
1,345
(422
)
(31.3
)
Foreign exchange differences
3,186
3,952
(766
)
(19.4
)
Loss on valuation of financial instruments
28
294
(266
)
(90.5
)
Loss on derivatives
8,366
103
8,263
8,004.3
Others
1
14
(13
)
(93.0
)
Total finance expenses
W
12,505
W
5,708
W
6,797
119.1
%
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Table of Contents
Our gain on valuation of financial instruments increased significantly by W 11,923 billion, to W 12,012 billion in
2025 from W 89 billion in 2024, which related primarily to our stake in Kioxia. Following Kioxia’s initial public offering in December
2024, the market value of Kioxia increased significantly during 2025.
Our net loss on derivatives increased significantly by W 8,271 billion to W 8,366 billion in
2025 from W 95 billion in 2024. Such increase was primarily driven by valuation and settlement losses on exchange rights related to our then
outstanding exchangeable bonds which were classified as financial liabilities at fair value through profit or loss, required to be recorded under IFRS Accounting Standards as issued by the IASB, reflecting an increase in our share price relative to
the share price as of December 31, 2024. Such net loss on derivatives does not impact our cash flows. On April 28, 2026, we exercised our option to redeem the entire balance of such exchangeable bonds remaining outstanding as of the end of
May 18, 2026, and we completed such redemption on May 28, 2026. See Notes 16 and 35(5) of the Notes to the Annual Financial Statements for further information.
Dividend income increased significantly by W 911
billion to W 941 billion in 2025 from
W 29 billion in 2024, primarily due to dividend income from our stake in Kioxia.
Interest expenses decreased by 31.3%, or W 422
billion, to W 924 billion in 2025 from
W 1,345 billion in 2024, primarily reflecting a decrease in our borrowings as well as a general decrease in interest rates in 2025 compared
to 2024.
Interest income increased by 43.4%, or
W 150 billion, to W 494 billion in 2025
from W 345 billion in 2024, primarily reflecting an increase in our interest-earning financial assets, which impact was partially offset by
a general decrease in interest rates in 2025 compared to 2024.
We recognized net loss on foreign exchange differences of W 448 billion in 2025 compared to net gain on foreign exchange differences of
W 269 billion in 2024, as the Won depreciated against the U.S. dollar at year-end in 2024 but appreciated at year-end in 2025. In terms of the
noon buying rate, the Won appreciated against the U.S. dollar to W 1,444.6 to US$1.00 as of December 31, 2025 from W 1,477.9 to US$1.00 as of December 31, 2024. However, the Won depreciated against the U.S. dollar to W 1,477.9 to US$1.00 as of December 31, 2024 from W 1,291.0 to US$1.00 as of
December 31, 2023. The noon buying rate depreciated to an average of W 1,421.4 to US$1.00 in 2025 compared to an average of W 1,363.4 to US$1.00 in 2024. The noon buying rate was
W 1,291.0 to US$1.00 as of December 31, 2023.
Share of Loss of Equity-accounted Investees
In 2025, we recorded share of loss of equity-accounted investees of
W 565 billion primarily due to
(i) W 471 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SK hynix
system ic (Wuxi) Co., Ltd. and (ii) our share of losses of W 133 billion from SK hynix system ic (Wuxi) Co., Ltd.
In 2024, we recorded share of loss of equity-accounted investees of
W 38 billion primarily due to (i) our share of losses of
W 35 billion from SK hynix system ic (Wuxi) Co., Ltd. and
W 13 billion from SiFive, Inc. and (ii)
W 25 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SiFive Inc., the aggregate
impact of which was partially offset by our share of gain of W 18 billion from HITECH Semiconductor (Wuxi) Co., Ltd. (“HITECH
Semiconductor”).
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Table of Contents
Other Income
The following table presents a breakdown of our other income and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
Reversal on impairment of intangible assets
W
0
W
0
W
(0
)
(41.2
)
Gain on disposal of property, plant and equipment
98
70
28
39.4
Gain on disposal of non-current assets held for sale
29
1,317
(1,287
)
(97.8
)
Gain on disposal of subsidiaries
0
36
(36
)
(99.2
)
Others
206
54
152
281.1
Total other income
W
333
W
1,477
W
(1,143
)
(77.4
)%
Our other income decreased by 77.4%, or
W 1,143 billion, to W 333 billion in
2025 from W 1,477 billion in 2024, primarily due to a decrease in gain on disposal of non-current assets held for sale by 97.8%, or W 1,287 billion, to W 29 billion in 2025 from W 1,317 billion in 2024. In 2025, we recognized such gain primarily from our disposal of interest in Sky High Memory Limited. In 2024, we recognized
such gain primarily from our disposal of SK hynix system ic (Wuxi) Co., Ltd.
Other Expenses
The following table presents a breakdown of our other expenses and changes therein for 2025 and 2024.
Changes
For the Year Ended December 31,
2025 versus 2024
2025
2024
Amount
%
(In billions of Won, except for percentages)
Donation
W
85
W
83
W
2
2.3
%
Loss on impairment of property, plant and equipment
45
—
45
N.A.
(1)
Loss on disposal of property, plant and equipment
44
18
26
147.7
Loss on impairment of intangible assets
38
0
38
13,448.8
Loss on disposal of intangible assets
39
9
29
312.8
Depreciation expenses on assets not in use
40
37
4
10.1
Others
87
20
67
327.4
Total other expenses
W
378
W
167
W
211
125.8
%
(1)
N.A. means not applicable.
Our other expenses increased by 125.8%, or
W 211 billion, to W 378 billion in
2025 from W 167 billion in 2024, primarily due to an increase in other expenses, recognition of loss on impairment of property, plant and
equipment in 2025 compared to no such loss in 2024 and an increase in loss on impairment of intangible assets. Specifically:
Our other expenses increased by 327.4%, or
W 67 billion, to W 87 billion in 2025
from W 20 billion in 2024, primarily due to costs incurred in connection with the settlement of consideration payable for the second closing
of the Intel NAND Business Acquisition in March 2025.
In 2025, we recognized loss on impairment of property, plant and equipment of W 45 billion related to the demolition of a building.
In 2025, we recognized loss on impairment of intangible assets of W 38 billion related to our decision to integrate our CIS business unit into our AI memory operations.
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Table of Contents
Income Tax Expense
Our income tax expense increased by 83.9%, or
W 3,429 billion, to W 7,518 billion
in 2025 from W 4,088 billion in 2024, primarily due to an increase in our profit before income tax by 111.3%, or W 26,580 billion, to W 50,466 billion in 2025
from W 23,885 billion in 2024. Our effective tax rate decreased to 14.9% in 2025 from 17.1% in 2024, primarily due to an increase in tax credits
related to our capital expenditures. See Note 29 of the notes to the Audited Financial Statements.
Profit for the Year
Primarily due to the factors described above, our profit for the year increased by 116.9%, or W 23,151 billion, to W 42,948 billion in 2025 from W 19,797 billion in 2024. Our net profit margin increased to 44.2% in 2025 from 29.9% in 2024.
Results of Operations – 2024 Compared to 2023
The
following table presents selected income statement data and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
Revenue
W
66,193
W
32,766
W
33,427
102.0
%
Cost of sales
34,365
33,299
1,066
3.2
Gross profit (loss)
31,828
(533
)
32,362
N.A.
(1)
Selling and administrative expenses
3,924
3,446
478
13.9
Research and development expenses
4,436
3,751
686
18.3
Finance income
4,855
2,262
2,593
114.7
Finance expenses
5,708
6,093
(385
)
(6.3
)
Share of profit (loss) of equity-accounted investees
(38
)
15
(53
)
N.A.
(1)
Other income
1,477
624
853
136.7
Other expenses
167
735
(568
)
(77.2
)
Profit (loss) before income tax
23,885
(11,658
)
35,543
N.A.
(1)
Income tax expense (benefit)
4,088
(2,520
)
6,609
N.A.
(1)
Profit (loss) for the year
W
19,797
W
(9,138
)
W
28,934
N.A.
(1)
(1)
N.A. means not applicable.
Revenue
The following table presents a
breakdown of our revenue by principal product category and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
DRAM
W
44,732
W
20,769
W
23,963
115.4
%
NAND flash
19,274
9,653
9,621
99.7
Other products (1)
2,187
2,344
(157
)
(6.7
)
Total revenue
W
66,193
W
32,766
W
33,427
102.0
%
(1)
Includes revenue from sales of CISs and foundry products, lease income and consolidated revenue from certain domestic
subsidiaries.
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Table of Contents
Our revenue increased by 102.0%, or W 33,427 billion, to W 66,193 billion in 2024 from W 32,766 billion in 2023, primarily due to increases in revenue from DRAM and NAND flash sales. Specifically:
Revenue from DRAM sales significantly increased by 115.4%, or W 23,963 billion, to W 44,732 billion in 2024 from W 20,769 billion in 2023, primarily due to (i) an increase in the average selling price of such products, (ii) an increase in their
sales volume and (iii) depreciation of the average value of the Won against the U.S. dollar in 2024 compared to 2023 that contributed to an increase in our revenue from such products in Won terms. The average selling price of DRAMs on a U.S.
dollar basis increased significantly in 2024 compared to 2023 reflecting a general increase in global demand for DRAMs, particularly for premium products such as HBMs designed to meet faster data-processing speed requirements of graphics
applications that incorporate deep learning and AI technologies. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” Our overall DRAM bit sales volume increased significantly in 2024 compared to 2023
in response to such increase in demand for DRAMs. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” The noon buying rate depreciated to an average of W 1,363.4 to US$1.00 in 2024 compared to an average of W 1,306.8 to US$1.00 in 2023. The
noon buying rate was W 1,260.2 to US$1.00 as of December 31, 2022.
Revenue from NAND flash sales increased by 99.7%, or
W 9,621 billion, to
W 19,274 billion in 2024 from
W 9,653 billion in 2023, primarily due to (i) an increase in the average selling price of such products and (ii) depreciation of
the average value of the Won against the U.S. dollar in 2024 compared to 2023 as discussed above. The average selling price of NAND flash memory products on a U.S. dollar basis increased significantly in 2024 compared to 2023 reflecting an increase
in global demand for high-density, high-performance eSSDs and an improved supply-demand balance in the overall NAND flash memory market. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.” The
increase in our overall NAND flash bit sales volume in 2024 compared to 2023 was marginal. See “— Cyclical Nature, Volatility and Seasonality of the Semiconductor Industry.”
Revenue from our other products decreased by 6.7%, or W 157 billion, to W 2,187 billion in 2024 from W 2,344 billion in 2023, primarily reflecting a decrease in revenue from sales of CISs.
Cost of Sales and Gross Profit (Loss)
Our cost of sales increased by 3.2%, or
W 1,066 billion, to
W 34,365 billion in 2024 from
W 33,299 billion in 2023, primarily due to increases in (i) salaries, employee benefits and others and (ii) expenses related to
raw materials, supplies and consumables, the aggregate impact of which was partially offset by a decrease in depreciation and amortization expenses. Salaries, employee benefits and others increased primarily due to an increase in our accrued
payments under employee profit-sharing arrangements. Our expenses related to raw materials, supplies and consumables increased to
W 10,575 billion in 2024 from
W 9,547 billion in 2023 primarily due to increases in our sales volumes of DRAM and NAND flash memory products. Our depreciation and
amortization expenses decreased, primarily reflecting completion of depreciation and amortization of certain assets in 2023.
We recorded gross
profit of W 31,828 billion in 2024 compared to gross loss of
W 533 billion in 2023. We recorded gross profit margin of 48.1% in 2024 compared to gross loss margin of 1.6% in 2023, primarily due to an
increase in revenue reflecting a strong increase in demand for memory semiconductor products and their average selling prices, which outpaced an increase in cost of sales as described above.
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Table of Contents
Selling and Administrative Expenses
The following table presents a breakdown of our selling and administrative expenses and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
Selling and administrative expenses:
Salaries
W
1,258
W
829
W
429
51.7
%
Defined benefit plan
41
36
6
16.6
Employee benefits
235
221
14
6.3
Commission
774
769
4
0.6
Depreciation
303
304
(2
)
(0.5
)
Amortization
257
283
(26
)
(9.1
)
Freight and custody charges
54
54
1
1.5
Taxes and dues
101
86
15
17.9
Advertising
123
84
40
47.7
Supplies
112
121
(8
)
(6.9
)
Sales promotion expenses
216
118
99
83.7
Quality control cost
48
147
(98
)
(66.9
)
Training
74
79
(5
)
(6.6
)
Others
327
317
10
3.2
Total
W
3,924
W
3,446
W
478
13.9
%
Our selling and administrative expenses increased by 13.9%, or W 478 billion, to W 3,924 billion in 2024 from W 3,446 billion in 2023, primarily due to increases in salaries and sales promotion expenses, which were partially offset by a decrease in quality
control cost. Specifically:
Salaries increased by 51.7%, or
W 429 billion, to
W 1,258 billion in 2024 from
W 829 billion in 2023, primarily due to an increase in our accrued payments under employee profit-sharing arrangements.
Sales promotion expenses increased by 83.7%, or
W 99 billion, to W 216 billion
in 2024 from W 118 billion in 2023, primarily due to an increase in the distribution of promotional samples.
Quality control cost decreased by 66.9%, or
W 98 billion, to W 48 billion
in 2024 from W 147 billion in 2023, primarily reflecting the base effect of warranty provisions recognized in 2023 for anticipated costs
related to quality issues of certain products, including cash compensation and product replacements.
Our selling and
administrative expenses as a percentage of total revenue decreased to 5.9% in 2024 from 10.5% in 2023.
Research and Development Expenses
The following table presents a breakdown of our research and development expenses and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
Research and development expenses:
Expenditure on research and development
W
4,854
W
4,101
W
753
18.4
%
Development cost capitalized
(418
)
(351
)
(67
)
19.2
Total
W
4,436
W
3,751
W
686
18.3
%
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Our expenditure on research and development, after adjusting for capitalized development cost,
increased by 18.3%, or W 686 billion, to
W 4,436 billion in 2024 from
W 3,751 billion in 2023, primarily reflecting an increase in labor expenses of our research and development personnel and an increase in our
AI-related research and development activities.
Our research and development expenses as a percentage of total revenue decreased to 6.7% in 2024
from 11.4% in 2023.
Finance Income and Expenses
The following table presents a breakdown of our finance income and expenses and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
Interest income
W
345
W
216
W
128
59.3
%
Dividend income
29
13
16
118.9
Foreign exchange differences
4,221
1,904
2,317
121.7
Gain on valuation of financial instruments
89
30
59
193.5
Gain on disposal of financial instruments
162
84
78
92.4
Gain on derivatives
9
14
(5
)
(37.1
)
Total finance income
4,855
2,262
2,593
114.7
Interest expenses
1,345
1,468
(123
)
(8.4
)
Foreign exchange differences
3,952
2,222
1,730
77.8
Loss on valuation of financial instruments
294
1,488
(1,195
)
(80.3
)
Loss on derivatives
103
914
(811
)
(88.7
)
Others
14
0
14
N.M.
(1)
Total finance expenses
W
5,708
W
6,093
W
(385
)
(6.3
)%
(1)
N.M. means not meaningful.
Our loss on valuation of financial instruments decreased by 80.3%, or
W 1,195 billion, to W 294 billion in 2024
from W 1,488 billion in 2023. Such fluctuation in valuation of financial instruments related primarily to our stake in Kioxia.
Our net loss on derivatives, which primarily related to our then outstanding exchangeable bonds, decreased by 89.5%, or W 806 billion, to W 95 billion in 2024 from W 900 billion in 2023. Such decrease was primarily attributable to the relatively smaller increase in our share price during 2024 as compared to the
increase in 2023.
We recognized net gain on foreign exchange differences of
W 269 billion in 2024 compared to net loss on foreign exchange differences of W 319 billion in 2023, as the Won depreciated against the U.S. dollar at year-end in 2023 and further depreciated (to a much greater extent) at year-end in 2024. In terms of the noon buying rate, the Won depreciated against the U.S. dollar to W 1,477.9 to
US$1.00 as of December 31, 2024 from W 1,291.0 to US$1.00 as of December 31, 2023. The Won depreciated against the U.S. dollar to W 1,291.0 to US$1.00 as of December 31, 2023 from
W 1,260.2 to US$1.00 as of December 31, 2022. The noon buying rate depreciated to an average of W 1,363.4 to US$1.00 in 2024 compared to an average of W 1,306.8 to US$1.00 in 2023. The
noon buying rate was W 1,260.2 to US$1.00 as of December 31, 2022.
Interest income increased by 59.3%, or
W 128 billion, to W 345 billion
in 2024 from W 216 billion in 2023, primarily reflecting an increase in our interest-earning financial assets, which impact was partially
offset by a general decrease in interest rates in 2024 compared to 2023.
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Interest expenses decreased by 8.4%, or W 123 billion, to W 1,345 billion in 2024 from W 1,468 billion in 2023, primarily reflecting a decrease in our borrowings as well as a general decrease in interest rates in 2024 compared to
2023.
Share of Profit (Loss) of Equity-accounted Investees
In 2024, we recorded share of loss of equity-accounted investees of
W 38 billion primarily due to (i) our share of losses of
W 35 billion from SK hynix system ic (Wuxi) Co., Ltd. and
W 13 billion from SiFive, Inc. and (ii)
W 25 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SiFive Inc., the
aggregate impact of which was partially offset by our share of gain of W 18 billion from HITECH Semiconductor.
In 2023, we recorded share of profit of equity-accounted investees of
W 15 billion primarily due to our share of gains of
W 17 billion from HITECH Semiconductor and
W 12 billion from SK China Company Limited, the aggregate impact of which was partially offset by our share of loss of W 11 billion from SiFive, Inc.
Other
Income
The following table presents a breakdown of our other income and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
Reversal on impairment of intangible assets
W
0
W
324
W
(324
)
(100.0
)%
Gain on disposal of property, plant and equipment
70
250
(180
)
(71.9
)
Gain on disposal of non-current assets held for sale
1,317
—
1,317
N.A.
(1)
Gain on disposal of subsidiaries
36
—
36
N.A.
(1)
Others
54
50
4
7.1
Total other income
W
1,477
W
624
W
853
136.7
%
(1)
N.A. means not applicable.
Our other income increased by 136.7%, or
W 853 billion, to
W 1,477 billion in 2024 from
W 624 billion in 2023, primarily due to gain on disposal of non-current assets held for sale in 2024
compared to no such gain in 2023, which was partially offset by decreases in reversal on impairment of intangible assets and gain on disposal of property, plant and equipment. Specifically:
We recognized gain on disposal of non-current assets held for sale of W 1,317 billion in 2024 compared to no such gain in 2023. In 2024, we recognized such gain primarily from our disposal of SK hynix system ic
(Wuxi) Co., Ltd.
Our reversal on impairment of intangible assets decreased by 100.0%, or W 324 billion, to W 0.034 billion in 2024 from W 324 billion in 2023. In 2023, such reversal on impairment related primarily to the recovery of the intangible assets of the Solidigm business.
Our gain on disposal of property, plant and equipment decreased by 71.9%, or W 180 billion, to W 70 billion in 2024 from W 250 billion in 2023. In 2024, such gain on disposal of property, plant and equipment related primarily to sales of idle equipment. In 2023, such
gain on disposal of property, plant and equipment related primarily to sales of real estate.
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Other Expenses
The following table presents a breakdown of our other expenses and changes therein for 2024 and 2023.
Changes
For the Year Ended December 31,
2024 versus 2023
2024
2023
Amount
%
(In billions of Won, except for percentages)
Donation
W
83
W
65
W
18
27.2
%
Loss on impairment of property, plant and equipment
—
166
(166
)
(100.0
)
Loss on disposal of property, plant and equipment
18
74
(57
)
(76.2
)
Loss on impairment of intangible assets
0
167
(167
)
(99.8
)
Loss on disposal of intangible assets
9
16
(6
)
(40.2
)
Depreciation expenses on assets not in use
37
55
(18
)
(32.6
)
Others
20
193
(172
)
(89.4
)
Total other expenses
W
167
W
735
W
(568
)
(77.2
)%
Our other expenses decreased by 77.2%, or
W 568 billion, to W 167 billion
in 2024 from W 735 billion in 2023, primarily due to a decrease in loss on impairment of intangible assets and no recognition of loss on
impairment of property, plant and equipment in 2024 compared to recognition of such loss in 2023. Specifically:
Our loss on impairment of intangible assets decreased by 99.8%, or W 167 billion, to W 0.3 billion in 2024 from W 167 billion in 2023. In 2023, such loss on impairment related primarily to capitalized development costs.
We recognized no loss on impairment of property, plant and equipment in 2024 compared to W 166 billion in 2023. In 2023, such loss on impairment related to idle equipment of the Solidigm business.
Income Tax Expense (Benefit)
We
recorded income tax expense of W 4,088 billion in 2024 compared to income tax benefit of W 2,520 billion in 2023, primarily due to our recognition of profit before income tax of
W 23,885 billion in 2024 compared to loss before income tax of
W 11,658 billion in 2023. Our effective tax rate in 2024, which was 17.1%, was lower than the statutory tax rate primarily due to tax
credits related to our capital expenditures. Our effective tax rate in 2023, which was 21.6%, was lower than the statutory tax rate, reflecting unrecognized deferred tax assets related to tax loss carryfowards. See Note 29 of the notes to the
Audited Financial Statements.
Profit (Loss) for the Year
Primarily due to the factors described above, we recorded profit for the year of
W 19,797 billion in 2024 compared to loss for the year of
W 9,138 billion in 2023. We recorded net profit margin of 29.9% in 2024 compared to net loss margin of 27.9% in 2023.
Liquidity and Capital Resources
Capital Resources and
Requirements
We have traditionally met our working capital and other capital requirements principally from cash provided by operating
activities, while raising the remainder of our requirements primarily through long-term and short-term borrowings. We expect that these sources will continue to be our principal sources of cash in the future. From time to time, we may also generate
cash through sale of our holdings in short-term investment assets.
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Our principal cash requirements or uses have historically been:
capital expenditures for property, plant and equipment;
cash required for our operations, including purchases of raw materials, supplies and consumables, research and development
expenses, payroll costs and commissions;
investments and acquisitions, including those in connection with pursuing strategic relationships;
interest and principal payments on our short-term and long-term borrowings;
payments of cash dividends to our shareholders; and
acquisition of treasury shares.
We make substantial capital expenditures annually to support our business goals and objectives, and we plan to continue to invest in enhancing and
expanding our production facilities and upgrading our equipment and manufacturing processes. We operate in an especially capital-intensive industry that requires continual investments in capacity expansion, equipment upgrades and migration to
advanced technologies and manufacturing processes. Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657
billion in the first quarter of 2026 and W 6,284 billion in the first quarter of 2025, and W 27,519 billion in 2025, W 15,946 billion in 2024 and W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. We periodically adjust our capital
expenditure plans on an ongoing basis subject to market demand for our products, the production outlook of the global memory semiconductor industry as well as general global economic conditions. We may delay or not implement some of our announced
capital expenditure plans based on our assessment of such market conditions.
Payments of contractual obligations and commitments will also require
considerable capital resources. In the ordinary course of our business, we routinely enter into commercial commitments for various aspects of our operations, including long-term purchase agreements for raw materials as well as provision of
guarantees for indebtedness of our related parties and others. For our contingent liabilities, see Note 29 of the notes to the Interim Financial Statements.
The following sets forth the contractual maturities of financial liabilities as of December 31, 2025.
Payments Due by Period
Less
than
1 year
1 to 2
years
2 to 5
years
More than
5 years
Total
(In billions of Won)
Borrowings (1)
W
7,979
W
4,846
W
8,676
W
3,272
W
24,773
Lease liabilities
577
426
1,069
944
3,016
Trade payables
2,848
—
—
—
2,848
Other payables
6,437
135
158
166
6,896
Other non-trade payables
1,225
10
10
0
1,245
Other financial liabilities
146
1
0
—
146
Total
W
19,211
W
5,418
W
9,913
W
4,383
W
38,925
(1)
Including payments of interest under terms and conditions of borrowing contracts as of December 31, 2025.
From time to time, we may make significant investments and acquisitions, including those in connection with pursuing strategic
relationships. For example, as described in “Business — Investments and Acquisitions,” we participated as a member of the Bain Consortium in its purchase of a stake in Kioxia from Toshiba Corporation in June 2018. As of
March 31, 2026, the book value of our investment in SPC 1 was W 6,616 billion, and the book value of our investment in the convertible bond
issued by SPC 2 was W 13,609 billion, which are accounted for as financial assets measured at fair value through profit or loss. In
June 2026, SPC 1 completed the sale of all of its remaining equity interest in Kioxia.
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In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including
the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in
December 2021 and US$2.2 billion in March 2025. We created a subsidiary in the United States to operate the acquired business under the brand name “Solidigm.” See “Business — Investments and Acquisitions.”
Cash Flow
The following table
sets forth our cash flows for the periods indicated.
For the Three Months Ended
March 31,
For the Year Ended December 31,
2026
2025
2025
2024
2023
(In billions of Won)
Net cash provided by operating activities
W
26,330
W
9,024
W
53,373
W
29,796
W
4,278
Net cash used in investing activities
(17,635
)
(8,218
)
(48,054
)
(18,005
)
(7,335
)
Net cash provided by (used in) financing activities
(2,951
)
509
(1,445
)
(8,704
)
5,697
Effects of exchange rate changes on cash and cash equivalents
499
39
(155
)
530
(30
)
Net increase in cash and cash equivalents
6,243
1,353
3,719
3,618
2,610
Cash and cash equivalents at the beginning of the period
14,924
11,205
11,205
7,587
4,977
Cash and cash equivalents at the end of the period
21,167
12,558
14,924
11,205
7,587
Cash Flows from Operating Activities
Our net cash provided by operating activities significantly increased to
W 26,330 billion in the first quarter of 2026 from
W 9,024 billion in the first quarter of 2025, primarily reflecting a significant increase in gross cash flow from our sales activities as
discussed in “— Results of Operations — First Quarter of 2026 Compared to First Quarter of 2025 — Revenue.”
Our net
cash provided by operating activities significantly increased to W 53,373 billion in 2025 from W 29,796 billion in 2024, primarily reflecting a significant increase in gross cash flow from our sales activities as discussed in “— Results of Operations — 2025 Compared to
2024 — Revenue.”
Our net cash provided by operating activities significantly increased to W 29,796 billion in 2024 from W 4,278 billion in 2023, primarily reflecting a
significant increase in gross cash flow from our sales activities as discussed in “— Results of Operations — 2024 Compared to 2023 — Revenue.”
Cash Flows from Investing Activities
Our net cash used in investing activities increased to
W 17,635 billion in the first quarter of 2026 from
W 8,218 billion in the first quarter of 2025. This increase was primarily attributable to a net increase in short-term investment assets to W 9,505 billion in the first quarter of 2026 from
W 80 billion in the first quarter of 2025. In addition, our cash used in increase in other financial assets increased to W 3,500 billion in the first quarter of 2026 from
W 1 billion in the first quarter of 2025. Such increases were offset in part by a decrease in our cash outflow from business combination. We did
not record such cash outflow in the first quarter of 2026 compared to W 3,063 billion in the first quarter of 2025, which was primarily related
to the settlement of consideration payable for the second closing of the Intel NAND Business Acquisition in March 2025.
Our net cash used in
investing activities increased to W 48,054 billion in 2025 from
W 18,005 billion in 2024. This increase was primarily attributable to an increase in cash outflow related to acquisitions
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of property, plant and equipment to W 27,519 billion in 2025 from W 15,946 billion in 2024, primarily reflecting expanded capital expenditures to increase our production capacity. In addition, we recorded an increase
in net cash used in acquisition of short-term financial instruments to W 12,291 billion in 2025 from W 1,872 billion in 2024, primarily reflecting higher cash holdings. We also recorded net increase in short-term investment assets of W 4,553 billion in 2025 compared to net decrease in short-term investment assets of W 457
billion in 2024.
Our net cash used in investing activities increased to
W 18,005 billion in 2024 from
W 7,335 billion in 2023. This increase was primarily attributable to an increase in cash outflow related to acquisitions of property, plant
and equipment to W 15,946 billion in 2024 from
W 8,325 billion in 2023, primarily reflecting expanded capital expenditures to increase our production capacity. In addition, we recorded an
increase in net cash used in acquisition of short-term financial instruments to W 1,872 billion in 2024 from W 60 billion in 2023, primarily reflecting higher cash holdings. Such impact was partially offset by a decrease in cash proceeds from disposal of
property, plant and equipment to W 47 billion in 2024 from
W 1,540 billion in 2023.
Cash
Flows from Financing Activities
We recorded net cash used in financing activities of W 2,951 billion in the first quarter of 2026 compared to net cash provided by financing activities of
W 509 billion in the first quarter of 2025. Such change was primarily attributable to net repayments of borrowings, after adjusting for proceeds
from borrowings, of W 2,754 billion in the first quarter of 2026 compared to net proceeds from borrowings, after adjusting for repayment of
borrowings, of W 645 billion in the first quarter of 2025.
Our net cash used in financing activities decreased to
W 1,445 billion in 2025 from W 8,704
billion in 2024. Such change was primarily attributable to net proceeds from borrowings, after adjusting for repayment of borrowings, of W 768
billion in 2025 compared to net repayment of borrowings, after adjusting for repayment of borrowings, of W 7,376 billion in 2024. Such impact was
partially offset by an increase in dividends paid to W 1,681 billion in 2025 from W 826 billion in 2024.
We recorded net cash used in financing activities of W 8,704 billion in 2024 compared to net cash provided by financing activities of W 5,697 billion in 2023. Such change was primarily attributable to net repayment of borrowings, after adjusting for repayment of borrowings, of W 7,376 billion in 2024 compared to net proceeds from borrowings, after adjusting for repayment of borrowings, of
W 6,969 billion in 2023.
Liquidity
We had a working capital
surplus (defined as current assets net of current liabilities) of W 65,806 billion as of March 31, 2026, W 32,079 billion as of December 31, 2025,
W 17,313 billion as of December 31, 2024 and
W 9,460 billion as of December 31, 2023. We manage our liquidity risk to maintain adequate net working capital by constantly managing
projected cash flows. We also aim to mitigate liquidity risk by contracting with financial institutions with respect to bank overdrafts, cash pooling and banking facility agreements for efficient management of funds. We believe that cash from our
operations, current and future financing arrangements (including short-term and long-term borrowing facilities and issuances of debentures) and cash and cash equivalents are likely to be sufficient to satisfy our operating cash requirements, capital
expenditure needs and debt service requirements for the next 12 months and beyond such period.
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We strive to maintain a sound capital structure, and we monitor capital on the basis of our liabilities-to-equity ratio and net borrowing ratio. The following table sets forth our liabilities-to-equity ratio and net borrowing ratio as of the dates indicated:
As of
March 31,
2026
As of December 31,
2025
2024
2023
(In billions of Won, except for percentages)
Total liabilities
W
58,449
W
55,441
W
45,940
W
46,826
Total equity
164,380
120,667
73,916
53,504
Cash and cash equivalents, short-term financial instruments and short-term investment assets
54,330
34,942
14,156
8,921
Total borrowings
19,318
22,248
22,684
29,469
Liabilities-to-equity ratio (1)
35.56
%
45.95
%
62.15
%
87.52
%
Net borrowing ratio (2)
—
—
11.54
%
38.40
%
(1)
Ratio of total liabilities divided by total equity.
(2)
Ratio of (i) total borrowings minus cash and cash equivalents, short-term financial instruments and short-term
investment assets divided by (ii) total equity. Net borrowing ratios as of March 31, 2026 and December 31, 2025 are not disclosed because the ratios are negative as of such dates.
We believe that we have various options to meet our financing needs, including short-term and long-term borrowing facilities and issuances of
debentures. However, our ability to continue to obtain debt financing at a reasonable cost will depend on several factors, some of which may be outside our control, including general economic conditions, the liquidity of the Korean and international
capital markets and commercial banking markets and the Government’s policies regarding Won and foreign currency borrowings. These policies can affect our ability to borrow and gain access to domestic and foreign capital markets and commercial
banking markets or restrict the use of proceeds of any financing, and can require us to incur indebtedness from other sources that entail higher interest rates or shorter maturities.
Market Risks
Market risk is the risk of loss related to
adverse changes in market prices, including (i) foreign exchange risk, (ii) interest rate risk and (iii) price risk associated with our investments in equity and debt securities. Our overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on our financial performance. Risk management is carried out by our corporate finance division in accordance with policies approved by the Board. Our corporate
finance division identifies, evaluates and hedges financial risks in close cooperation with our operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign
exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments and investment of excess liquidity.
Foreign Exchange Risk
We operate
internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar, Chinese Yuan, Euro and Japanese Yen. Our foreign exchange risk primarily arises from future commercial
transactions, recognized assets and liabilities in foreign currencies and net investments in foreign operations. From time to time, we also use derivative instruments to partially hedge our foreign exchange risk. In the past, we have selectively
entered into fixed-to-fixed cross-currency swaps and floating-to-fixed cross-currency
interest rate swaps to partially hedge foreign exchange risk relating to bonds and borrowings.
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As of March 31, 2026, the effect on our profit before income tax as a result of strengthening or
weakening of the foreign currencies by 10% is as follows:
If strengthened by 10%
If weakened by 10%
(In billions of Won)
U.S. dollar
W
2,954
W
(2,954
)
Japanese Yen
409
(409
)
Chinese Yuan
(23
)
23
Euro
(52
)
52
Interest Rate Risk
Interest rate risk is defined as the risk that the interest expenses arising from borrowings will fluctuate because of changes in future market interest
rates. We are exposed to interest rate risk on our existing floating rate borrowings and on additional debt financings that we may periodically undertake for various reasons, including capital expenditures and refinancing of our existing borrowings.
A rise in interest rates will increase the cost of our existing variable rate borrowings.
As of March 31, 2026, if interest rates on borrowings
were 100 basis points higher/lower with all other variables held constant, profit before income tax for the one-year period would have been
W 11 billion lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings (except for floating rate
borrowings amounting to W 163 billion under
floating-to-fixed cross-currency interest rate swap agreements and
W 317 billion under an interest rate swap agreement) and interest income on floating rate financial assets.
Security Price Risk
Our investment
portfolio consists of direct and indirect investments in listed and non-listed equity securities as well as debt securities. Such securities are exposed to security price risk. As of March 31, 2026, the book
value of our short-term investment assets was W 14,943 billion. As of such date, the book value of our long-term investment assets was W 20,658 billion, which included assets related to our participation as a member of the Bain Consortium in its purchase of a stake in Kioxia from
Toshiba Corporation in June 2018. As of March 31, 2026, the book value of our investment in SPC 1 was W 6,616 billion, and the book value
of our investment in the convertible bond issued by SPC 2 was W 13,609 billion, which are accounted for as financial assets measured at fair
value through profit or loss. In June 2026, SPC 1 completed the sale of all of its remaining equity interest in Kioxia.
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INDUSTRY OVERVIEW
The proliferation of AI, from advanced LLMs and generative and agentic AI applications to autonomous systems and intelligent edge devices, is
driving a significant transformation across many industries. This AI-driven transformation is having a profound influence on the semiconductor market, where demand for specialized processing and memory
solutions is creating an inflection point for the semiconductor market’s growth. Consequently, the semiconductor market is expanding into an even larger, more foundational, and integral component of the global economy.
At the very core of this expansion of the semiconductor market lies the memory semiconductor market as a key segment of the industry. This crucial
segment is currently in the early stages of a period of increased demand, as it directly addresses the immense data processing and storage requirements of AI. This structural shift in demand is not only influencing the growth trajectory of the
memory semiconductor market but also reinforcing its importance within the technology ecosystem.
A. Key Segments
The memory semiconductor market is primarily composed of two principal product categories, DRAM and NAND flash memory, with HBM and eSSD emerging as key
high-value sub-segments.
DRAM
Traditional DRAM: DRAM is a type of volatile memory that stores data for the short term, providing the rapid
data access required for processors to execute tasks. It is widely used in computing devices, with primary applications in servers, mobile devices and personal computers.
HBM: HBM is a specialized, high-performance category of DRAM designed to address the immense data
processing needs of AI accelerators. It involves vertically stacking multiple DRAM dies and connecting them through TSV packaging technology to achieve significantly higher memory bandwidth than traditional DRAM. Due to its complexity and critical
role in AI performance, HBM commanded a significant price premium of more than five times that of traditional DRAM on a per-gigabyte basis in 2025, according to Gartner.
NAND Flash Memory
NAND : NAND is a type of non-volatile memory that retains data even when
power is turned off, used for long-term data storage. Its primary applications include consumer-grade SSDs for personal computers and tablets, and embedded storage for mobile devices and other consumer electronics products, where cost-effectiveness
and density are key considerations.
eSSD : eSSD is a NAND flash-based solid-state storage device designed for enterprise and data center environments
that require reliable, high-capacity data storage and processing capabilities. It is characterized by advanced error correction, power loss protection and robust controllers to ensure data integrity and consistent performance under continuous, heavy
workloads.
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B.
Market Size and Growth: An AI-Driven Semiconductor Upcycle
The following graph provides information regarding the size of the global semiconductor market by product category for the
periods indicated.
Global Semiconductor Market Size
(In billions of U.S. dollars)
Source: Gartner, Forecast: Semiconductors and Electronics, Worldwide (4Q22 update for 2020A and 2021A figures, 4Q23 update for
2022A figures, 2023-2029, 4Q25 update for 2023A figures and 2024-2030, 1Q26 update for 2024A–2027E figures), R. Rajput et al., March 26, 2026.
Note:
“A” means actual and “E” means estimate forecast.
The semiconductor market is experiencing significant growth momentum,
driven by the proliferation of AI. According to Gartner, total semiconductor revenues are forecast to reach US$1.32 trillion in 2026 and are projected to grow at a compounded annual growth rate (“CAGR”) of 38.9% from 2025 to 2027,
reaching US$1.56 trillion in 2027.
The memory semiconductor segment is central to this growth. According to Gartner, the overall memory
semiconductor market is projected to increase from US$216 billion in 2025 to US$633 billion in 2026, representing year-over-year growth of 192.7%, and to grow at a CAGR of 86.0% from 2025 to reach approximately US$748 billion in 2027.
This expansion is expected to be driven primarily by the rapid growth of the HBM segment, an important component supporting AI computing and storage demand, along with strong increases in the average selling prices of DRAM and NAND products.
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The following graph provides information regarding the size of the global memory semiconductor market
by product category for the periods indicated.
Global Memory Semiconductor Market Size
(In billions of U.S. dollars)
Source: Gartner, Forecast: DRAM Market Statistics, Supply and Demand, Worldwide (2020-2027, 4Q23 update for 2020A and 2021A
figures, 2022-2029, 4Q25 update for 2022A figures and 2023-2030, 1Q26 update for 2023A–2027E figures), S. Pant, March 26, 2026, Gartner, Forecast: NAND Flash Market Statistics, Supply and Demand, Worldwide (2023-2030, 1Q26 update for
2020A-2027E figures), J. Unsworth, April 9, 2026, and Gartner, Forecast: Semiconductors and Electronics, Worldwide (4Q22 update for 2020A and 2021A figures, 4Q23 update for 2022A figures, 2023-2029, 4Q25 update for 2023A figures and
2024-2030, 1Q26 update for 2024A-2027E figures), R. Rajput et al., March 26, 2026.
(1)
HBM figures are available from 2022 onwards.
(2)
Includes emerging memory (phase-change memory, conductive bridge RAM, magnetoresistive RAM, etc.) and other memory (static
RAM, pseudostatic RAM, Not-OR (“NOR”) flash memory, etc.).
(3)
Includes HBM, server DRAM and eSSD (enterprise server and storage SSDs).
Note: “A” means actual and “E” means estimate forecast.
According to Gartner, overall DRAM revenues are forecast to grow at a CAGR of 67.3% from US$143 billion in 2025 to US$401 billion in 2027, while HBM
revenues are forecast to increase from US$33 billion in 2025 to US$86 billion in 2027, representing a CAGR of 60.5%.
According to
Gartner, NAND revenues are forecast to grow at a CAGR of 123.7% from US$68 billion in 2025 to US$341 billion in 2027.
Driven by AI-related demand, the memory industry is experiencing a significant shift from consumer to enterprise applications. An increasing number of AI servers are designed and deployed using a tiered memory architecture in
which HBM is positioned adjacent to GPUs and comprises the highest bandwidth memory, server DRAM is positioned adjacent to CPUs and comprises the working memory layer supporting task orchestration and eSSD is positioned at the bottom of the stack
and provides persistent, high capacity storage. This tiered architecture reinforces the structural interdependence of these three memory categories. As AI server configurations scale in complexity, the demand for each tier grows in tandem. HBM,
server DRAM and eSSD have therefore benefited from the expansion of AI server deployments and the increase in required memory and storage content
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per server node. According to Gartner, the enterprise segment’s contribution to the overall memory semiconductor market increased from 26.5% in 2020 to 43.1% in 2025 and is projected to
reach 51.9% in 2027. This growing demand from enterprise customers, supported by long-term AI and cloud infrastructure investments, is expected to provide a more resilient demand base and mitigate the historical cyclicality of the memory
semiconductor market.
C.
Key Trends and Growth Drivers
1.
Traditional DRAM: A Structural Supply Constraint
In recent periods, major memory semiconductor producers have allocated their limited cleanroom space and capital
expenditure to the production of HBM, given its robust demand and the significantly higher complexity and wafer intensity of its manufacturing process compared to traditional DRAM. In addition, expanding data processing and storage demand from AI
accelerators and data centers is driving increasing demand not only for HBM but also for traditional DRAM products such as server DDR5 and RDIMM. In particular, as agentic AI and AI inference proliferate, CPU-orchestrated workloads, including
scheduling, data preprocessing and memory management, are expanding, which has accelerated the demand for high-capacity server DRAM. This significant increase in demand for HBM and server DRAM has significantly constrained the supply of PC, mobile
and consumer DRAM for the traditional DRAM market as semiconductor producers seek to allocate their manufacturing capacity.
As a result, the traditional DRAM market has been experiencing a significant price recovery since the third quarter of
2025, driven by (i) structural undersupply arising from the industry-wide reallocation of production capacity to HBM, (ii) increase in demand for server DRAMs and (iii) growing demand from PC and smartphone manufacturers driven by
rising on-device AI adoption. According to Gartner, traditional DRAM’s average selling price increased by 45.2% year-over-year in the fourth quarter of 2025 and is forecast to increase 136.4% and 198.1% year-over-year in the first quarter of
2026 and the second quarter of 2026, respectively, with the favorable pricing environment being expected to continue throughout 2026.
2.
HBM: The Epicenter of AI Growth
The rapid growth in the size and complexity of AI models has created what is often referred to as a “memory
wall,” where the performance of AI accelerators is limited not by their processing power, but by the speed at which data can be fed to them. HBM directly addresses such bottleneck by providing a wide data interface and bandwidth that are
significantly higher than traditional DRAM, making it an important component for high-performance AI systems. Demand for HBM is therefore closely tied to the robust growth of the AI market.
Relative to traditional memory products, HBM has demonstrated strong pricing resilience, reflecting its important role in
AI infrastructure. Supported by sustained demand from AI accelerators and a highly complex and capacity-limited supply chain, HBM has maintained double-digit year-over-year average selling price growth throughout 2024 and 2025, according to Gartner,
and this robust pricing trend is expected to continue over the next several quarters.
3.
NAND: Foundation for Pervasive Data Storage and AI Infrastructure
NAND flash memory is essential for long-term data storage across various digital ecosystems. With SSD’s multiple
advantages over HDD, adoption rates of SSD are
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increasing for personal computing and mobile devices. As SSD utilizes flash memory technology, it enables faster boot times, quicker application loading and improved system responsiveness
compared to HDD. In addition, SSD operates without moving mechanical parts, which makes it more durable and reliable as it is less prone to damage from impact, especially for portable devices. SSD also allows for longer battery life in mobile
devices as it consumes less power than HDD.
The AI infrastructure build-out, driven by the rapid expansion of AI inference
workloads, is fueling the need for scalable, low-latency memory storage solutions across AI data centers, and driving an increase in demand for high-capacity, high-performance eSSD. The increased demand for eSSD in AI servers has been driven by
existing requirements for data staging, model checkpointing and high-speed access to large datasets and the expanding compute workloads required by agentic AI. We believe this demand will continue to grow as eSSD emerges as a critical throughput
storage layer for AI operations.
Favorable strong demand, primarily driven by robust and long-term demand for eSSDs from AI data centers, reflects NAND
flash memory’s important role across various digital ecosystems in the AI era. This demand has contributed to strong price recovery beginning in the fourth quarter of 2025. According to Gartner, NAND flash memory’s average selling price
is expected to increase year-over-year by 111.1% and 243.8% in the first quarter of 2026 and the second quarter of 2026, respectively, and more than 250% in each of the third and fourth quarters of 2026.
D.
Competitive Landscape
The memory semiconductor market is highly consolidated, with distinct competitive dynamics in each key segment.
DRAM
The following graph provides
market share information of the global DRAM market for the periods indicated.
Global DRAM Market Shares by Revenue (1)
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Source: IDC, Worldwide Memory Market Shares (4Q25 update for 2021A-2025A figures), S. Kim, March 9, 2026, and
IDC, Worldwide DRAM Demand and Supply (1Q26-4Q27 and 2026-2030 update for 1Q26A figures), S. Kim, May 27, 2026.
(1)
Includes HBM.
Note:
“A” means actual.
The following graph provides market share information of the global HBM market for the periods indicated.
Global HBM Market Shares by Revenue
Source: IDC, Worldwide DRAM Demand and Supply (4Q25-4Q26 and 2026-2030 update for 2024A figures and 1Q26-4Q27 and 2026-2030
update for 2025A and 1Q26A figures), S. Kim, May 27, 2026.
Note: “A” means actual.
The overall DRAM market is largely concentrated among three players, collectively accounting for more than 90% of market share by revenue in the first
quarter of 2026, according to IDC. Leveraging our strengths in high-value products such as HBM, SK hynix ranked as the second largest DRAM supplier globally in the first quarter of 2026 with a 29.1% market share by revenue, according to IDC. Other
major players include Samsung Electronics and Micron Technology, according to IDC.
As the first company to mass-produce multiple generations of HBM
products, including HBM3 and HBM3E, SK hynix is a leading player in the HBM market, with a 56.4% market share by revenue in the first quarter of 2026, according to IDC.
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NAND Flash Memory
The following graph provides market share information of the global NAND flash memory market for the periods indicated.
Global NAND Flash Memory Market Shares by Revenue (1)
Source: IDC, Worldwide Memory Market Shares (4Q25 update for 2021A-2025A figures), S. Kim, March 9, 2026, and IDC,
Worldwide NAND Flash Demand and Supply (1Q26 4Q27 and 2026-2030 update for 1Q26A figures), S. Kim, June 2, 2026.
(1)
SK hynix figures include Solidigm. Sandisk figures prior to 2025 are those of Western Digital.
Note: “A” means actual.
The NAND flash memory market
includes a slightly larger number of players with five companies accounting for more than 90% of market share by revenue in the first quarter of 2026, according to IDC. As the second-largest supplier in the overall NAND flash memory market, with an
18.5% market share by revenue in the first quarter of 2026, according to IDC, our key strength lies in eSSD, an important sub-segment in the AI era.
High Barriers to Entry
The memory
semiconductor industry is highlighted by significant barriers to entry, which helps to solidify established players’ competitive positioning against new market entrants:
◾
Technological Complexity : The production of memory semiconductor products requires highly integrated and
multifaceted capabilities across stable supply chain management, design, fabrication and packaging processes. While continual development in advanced node technologies and sophisticated packaging solutions achieve stable manufacturing yields as well
as scalability for mass production, they also require significant technical expertise and resources that only few players in the market possess.
◾
Intense Capital Requirements : The industry is capital-intensive, particularly with respect to the construction and
equipping of a new, advanced semiconductor fabrication plant. A high level of sustained capital expenditure is feasible only for a small number of large, well-capitalized global players with the ability to generate returns on that investment.
According to Gartner, the total global semiconductor capital spending in 2026 is projected to be US$237 billion, of which the top 20 spenders account for US$208 billion, representing 87.6% of total expenditures.
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BUSINESS
Overview
We are one of the world’s largest memory
semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1% in the first quarter of
2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the second largest supplier of
NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC. Our memory products can be used in virtually all electronic devices, including graphics cards, PCs, data center servers,
mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries.
We sell a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored
to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with advanced specifications, particularly those requiring higher
density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that are optimized for our customers’ specific
applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially useful in high-performance
applications such as GPUs, AI and high-performance computing.
We have focused our sales and marketing activities in recent years on expanding our
base of long-term strategic customers. We believe that our expertise and know-how in producing advanced memory semiconductors, strong long-term relationships with our key customers and state-of-the-art global production facilities in key strategic locations provide us with sustainable competitive advantages that will
continue to differentiate us from our competitors and enable us to take advantage of attractive growth opportunities. We believe that we are a global leader in the HBM market with advanced production know-how
and development of specific configurations that meet our customers’ demands. Our customers seek HBM suppliers with whom they can better align their own product development efforts and their strict quality standards often require HBM
manufacturers to comply with rigorous testing and approval processes. We believe that our strengths in HBM, server DRAM and eSSD enable us to mitigate the risks associated with the cyclicality of the memory semiconductor market.
We own and operate wafer fabs in Icheon and Cheongju, Korea and Wuxi and Dalian, China. We also own and operate assembly and testing facilities for back-end processing of our products in Icheon and Cheongju, Korea and Chongqing, China. As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we
periodically phase out the operations of our older fabs or upgrade them to implement more advanced processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new
extension fab called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs such as HBM. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually
ramp up our production volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and
development facilities. We began construction of our first fab at the Yongin complex in February 2025 with the
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phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We are currently constructing an advanced packaging plant called “P&T7” in Cheongju and
expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced packaging plant in Indiana, United States, and expect to commence operations in the second half of 2028.
In order to maintain our technological leadership, as well as to access new markets for our products, we engage in strategic initiatives, including
making investments and acquisitions, from time to time. In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and
SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025. We created a subsidiary in the
United States to operate the acquired business under the brand name “Solidigm.” We also selectively acquire minority equity positions in other industry players to further strengthen our business relationships and acquire complementary
businesses that we believe can further strengthen our leading position in the industry. See “Business — Investments and Acquisitions.”
Our revenue was W 52,576 billion in the first
quarter of 2026 and W 17,639 billion in the first quarter of 2025, and
W 97,147 billion in 2025,
W 66,193 billion in 2024 and
W 32,766 billion in 2023. We recorded profit for the period of
W 40,346 billion in the first quarter of 2026 and
W 8,108 billion in the first quarter of 2025, and profit for the year of
W 42,948 billion in 2025 and
W 19,797 billion in 2024 and loss for the year of
W 9,138 billion in 2023. We had total assets of
W 222,829 billion and total equity of
W 164,380 billion as of March 31, 2026, and total assets of
W 176,108 billion and total equity of
W 120,667 billion as of December 31, 2025.
Our
Competitive Strengths
We are a leading player in the global memory semiconductor industry serving as a supplier of advanced DRAM and NAND flash
memory solutions optimized for a broad range of applications and customers. Our competitive strengths are underpinned by technological leadership in high-value products, including HBMs, server DRAMs and eSSDs, supporting AI infrastructure through
the development of foundational memory solutions, complemented by a strong presence in traditional DRAM and NAND flash memory semiconductor markets. Our competitive strengths also include our research and development activities, operational
capabilities, close collaboration with customers and a solid financial profile that enable sustained strategic investments to further strength our competitiveness.
1.
Critical Role in the AI Era with Unrivaled Expertise in the HBM Segment
We play a critical role in the AI era, particularly through our leadership in the HBM segment. HBMs are critical because
they act as the high-speed data backbone for AI processors, mitigating the “memory wall” that occurs when powerful GPUs outpace the speed of traditional memory. According to IDC, we held a 56.4% market share of the HBM segment by revenue
in the first quarter of 2026.
We are a technological innovator in the HBM segment. We were the first to develop HBMs using TSV packaging technology, and
we commercialized HBM3E in 2024 and developed the next-generation HBM4 in 2025, further strengthening our technological capabilities in the HBM segment.
Beyond technological innovation, our competitive edge in the HBM segment lies with our robust mass production capabilities
and demonstrated track record, which are key factors prioritized by our customers. We invest in efficient state-of-the-art
fabrication facilities and
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advanced packaging lines, which enable us to support our production volumes while meeting our customers’ stringent product quality requirements. Our extensive experience in handling diverse
customer needs and satisfying complex qualification processes further supports our position as a trusted HBM supplier.
2.
Comprehensive DRAM Portfolio Beyond HBM that is Optimized for AI Infrastructure Buildout
Beyond HBM, we provide DRAM products such as advanced server DRAMs that are used to support the data processing of AI
accelerators and data centers.
Our product portfolio includes advanced DDR5/LPDDR5-based modules such as RDIMM and SOCAMM2 that are specifically designed
for high capacity and bandwidth needs of AI accelerators and data centers. As AI server architectures evolve, the role of CPUs within these systems is expanding. Expanded CPU utilization requires higher server DRAM demand per node, as larger and
faster DRAM capacity is needed to support the throughput and working memory of CPU-orchestrated AI workloads. Our DRAMs with higher capacity and bandwidth are used to provide the data processing required by CPUs in AI servers, and complement our
HBMs by offering a balanced solution for memory capacity, bandwidth and cost-effectiveness across a wide range of AI computing environments.
3.
Expertise in eSSD Memory Solutions that are Ideally Suited for Evolution of AI Server Architecture
With the evolution of AI server architecture, notably KV cache offloading from system memory to SSD, eSSDs are playing an
increasingly active and important role in large scale build-out of AI inference infrastructure, where eSSD is no longer a storage peripheral but an active participant in the memory subsystem. We believe that
demand for eSSD will further increase to address the workloads related to generative and agentic AI and foundation model inferencing, making the eSSD segment an attractive opportunity for future growth.
Leveraging our advanced NAND scaling capabilities, including the next-generation vertical cell architectures that support
higher density and performance at a lower cost per bit, as well as our expertise in controller integration and firmware optimization, we provide reliable and scalable eSSD solutions for cloud and hyperscale data centers, which form the backbone
of AI inference infrastructure. Following our October 2020 agreement to acquire Intel’s NAND flash memory and storage business, we have further strengthened our capabilities in the high-end eSSD market.
4.
Global Leadership in DRAM and NAND Flash Memory to Capitalize on Favorable Market Upcycle
We maintain a significant market presence in the global DRAM and NAND flash memory semiconductor markets. Our core memory
product lines form a substantial and stable revenue base, and our products are used across a range of computing and storage applications in various markets.
According to IDC, we ranked as the second-largest player in the global DRAM market in the first quarter of 2026 with a
29.1% market share by revenue. This market leading position is supported by our HBM offerings for AI accelerators as well as our comprehensive portfolio of traditional DRAM products, including DDR5, LPDDR5T/5X and GDDR7, that serve a diverse range
of markets including mobile, PC, server and graphics. We believe that our production expertise is critical to our success. For example, we obtained the industry’s first 1c DRAM
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production technology, the sixth generation of the 10nm-class production process that delivers improvements in operating speed, power efficiency and cost competitiveness of our DRAMs.
According to IDC, we ranked as the second-largest player in the global NAND flash memory semiconductor market in the first
quarter of 2026, with an 18.5% market share by revenue. Our strong market position is supported by our ongoing technological innovations, including our transition from utilizing 176 layer technology to 238 and 321 layer technologies for
higher-density NAND flash memory products with more competitive cost structures.
5.
Visionary Research and Development and
Best-in-Class Production Execution
Our leading position in the global memory semiconductor market and technology, HBM in particular, reflects our long-term
investment in research and development. Recognizing the potential of HBM to overcome the performance barriers of memory semiconductors, we began the development of core technologies used in HBM production such as TSV packaging technology and MR-MUF, which enable high density die stacking by overcoming key challenges including thermal management and warpage while supporting high-volume, high-yield manufacturing.
Our expenditure on research and development activities, after adjusting for capitalized development cost, was W 2,451 billion in the first quarter of 2026 and
W 1,472 billion in the first quarter of 2025, and
W 6,466 billion in 2025,
W 4,436 billion in 2024 and
W 3,751 billion in 2023. In recent years, we have focused our research and development activities on the development of our next-generation
memory products such as HBM4/4E and AI-optimized products. Our commitment has led to multiple technology milestones, including the industry’s first HBM and next-generation HBM4 developments, the
world’s fastest advanced LPDDR5T mobile DRAM, and the industry’s leading 321 layers technology. We also integrate our technology roadmap with leading semiconductor and cloud service providers to anticipate market needs in the AI era.
An important factor in our production operations is our highly efficient and capable workforce, particularly our
engineering and research and development teams. Our significant investment in research and development is matched by our commitment to attracting and retaining engineering talent. These highly skilled professionals are responsible for the ongoing
development of memory technology, from fundamental research to process development and product design. We maintain active research and development personnel in strategic locations such as Korea and the United States, to foster collaboration, align
roadmaps with ecosystem partners, and ensure that we sustain our technological advancements and operational best practices in the rapidly evolving semiconductor industry.
We maintain a proven track record of operational excellence across yield, cycle time, cost management and production ramp-up. We believe that our fab operations in Korea (Icheon and Cheongju) and China (Dalian and Wuxi) are among the most advanced in the industry, and we have continually demonstrated our ability to transition
across process nodes with minimal disruption and strong gross margin recovery during upcycles.
6.
Strong Customer and Partner Relationships Driving Collaborative Innovation
Our business focuses on the development and supply of competitive memory solutions. This focus on memory products positions
us as a dedicated, non-competing technology partner to our customers. Our focused business model has enabled us to build an extensive global customer base, consisting of the world’s leading technology
companies, and relationships with partners across the semiconductor supply chain.
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We actively engage with our customers and partners from the earliest stages of product conceptualization and design,
ensuring our memory solutions are designed to meet the evolving requirements in the AI era. These collaborations position us as a long-term key supplier in the memory value chain as deep customization and integration lead to substantial switching
costs, which serve as a strong barrier to entry.
7.
Solid Financial Profile that Enables Capacity for Continued Strategic Investments
Supported by an efficient cost structure and disciplined capital expenditure management, we have maintained financial
discipline and investment-grade credit metrics in recent years. With a strong semiconductor recovery cycle underway, we have benefited from operating leverage as average selling prices improve and our product mix shifts toward higher value-added
products such as HBM and eSSD, resulting in revenue of W 97 trillion, revenue growth of 46.8% year-over-year and Adjusted EBITDA margin
(calculated by dividing Adjusted EBITDA by revenue) and net margin (calculated by dividing profit by revenue) of 62.9% and 44.2% in 2025, respectively. In the first quarter of 2026, we recorded revenue of W 53 trillion, revenue growth of 198.1% compared to the first quarter of 2025 and Adjusted EBITDA margin and net margin of 78.6% and 76.7%, respectively.
Our balance sheet resilience is supported by prudent leverage, diversified funding sources and a strong liquidity position.
As of March 31, 2026, we held W 54 trillion in cash and cash equivalents including short-term financial instruments and short-term investment
assets. In addition, our liabilities-to-equity ratio (ratio of total liabilities divided by total equity) decreased from 87.5% as of December 31, 2023 to 35.6% as of March 31, 2026.
As the semiconductor industry is highly capital-intensive, our robust financial fundamentals provide sufficient capacity
and flexibility to continually re-invest in cutting-edge technology and manufacturing infrastructure, thereby sustaining our technological leadership and competitive edge in the long term.
Our Strategy
We are committed to
expanding our position in high-value memory solutions, scaling our global manufacturing capacity and developing new technologies that are aligned with increasing demand related to AI and next-generation computing. In the past, memory semiconductor
companies provided commodity components. However, in the AI era, memory semiconductors are playing a critical role in optimizing the performance of AI and next-generation computing, and our vision is to cooperate closely with our customers and
partners to better understand and address their needs, proactively participate in designing the landscape of the AI ecosystem, and become a “Full Stack AI Memory Creator.” Our vision is supported by robust financial management,
disciplined capital investments and continuous innovation across the memory value chain, positioning us to play a leading role in the global AI infrastructure buildout while fostering sustainable shareholder returns.
1.
Solidifying Technological Leadership and Memory Innovation
We aim to solidify our strong market position and technological capabilities across multiple memory product segments. This
involves advancing our technology roadmap in alignment with the evolving needs of AI and high-performance computing, where memory architectures are facing increasing pressure to deliver higher bandwidth, better power efficiency and more modular
integration.
We strive to strengthen our technological leadership in the HBM segment to further solidify our market leading
position. HBM is a highly complex product that requires implementation of advanced production processes such as TSV packaging technology and compliance with rigorous testing and approval processes required by our
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customers. Leveraging our proven track record of development and mass production of successful products such as HBM3E, we have established a differentiated technological edge. We aim to
further enhance our ability to satisfy our customers’ testing and approval processes and seamlessly translate them to efficient mass production. We also strive to enhance our advanced packaging technologies to widen our technological gap
in the HBM segment and develop our next-generation of HBM products, while further strengthening our production and cost competitiveness.
Leveraging our technological leadership, we are expanding our DRAM offerings beyond traditional DRAMs to include AI-optimized DRAM solutions under the “AI-D” architecture framework, comprising (i) AI-D O (Optimization) for low-energy use while delivering high performance such as MRDIMM and SoCAMM2, (ii) AI-D B (Breakthrough) for high density and flexible memory allocation such as CMM and LPDDR6
PIM and (iii) AI-D E (Expansion) for specialized DRAMs for specific use beyond data centers, such as robotics, mobility and industrial automation. We believe our specialized solutions are better suited to
meet emerging demands in AI inference, edge computing and memory disaggregation, supporting more power-efficient and flexible system designs at a time when memory performance is becoming an increasingly important differentiator in AI workloads.
As AI workloads continue to grow in scale and complexity, the role of NAND flash memory is evolving. To address this, we
are enhancing our NAND portfolio with a focus on performance, density and system-level integration. As part of this effort, we are accelerating our transition to 321-layers technology and development of
next-generation eSSDs with industry-leading capacity of 245TB that are tailored to the needs of large scale data centers. Additionally, we are advancing a roadmap of AI-optimized NAND solutions under the “AI-N” architecture framework, comprising (i) AI-N P (Performance) for high-speed, low-latency response, (ii) AI-N B (Bandwidth) leveraging HBF technology for advanced parallelism and stacking and (iii) AI-N D (Density) enabling high-capacity storage in a compact form
factor. These solutions are designed to support a wide range of AI use cases, from data pre-processing and model training to retrieval-augmented generation and multi-modal inference.
To further grow our role as a visionary leader and critical co-developer of the AI
ecosystem, we are establishing global research centers in the United States, China and Japan. They will further provide valuable insights into evolving computing system architecture and strengthen collaboration with global technology companies. This
initiative significantly enhances our ability to not only anticipate future requirements of memory semiconductors but also to actively shape the next generation of AI-optimized memory solutions.
2.
Strengthening Customer and Partner Relationships and Developing Customized HBM Products
We are proactively preparing for future demands by strengthening our customer relationships, better understanding their
needs and developing custom HBM solutions. In June 2026, we announced a technology partnership with NVIDIA Corporation (“NVIDIA”) to advance next-generation memory aligned with NVIDIA’s AI infrastructure roadmap, which also
includes the supply of memory semiconductors. The two companies expect to collaborate on memory technology for NVIDIA’s platforms such as Vera Rubin AI supercomputers, Vera CPUs, RTX Spark-owered PCs and Jetson Thor robotic computing
platforms. We expect to integrate NVIDIA’s software stack, including CUDA-X, PhysicsNeMo and Omniverse, to accelerate semiconductor design, simulate manufacturing processes and develop digital twins for autonomous fab operations. To further
solidify our HBM leadership, we are strengthening customer relationships through dedicated personnel that cover specific key customers and work closely with them to better understand their specific needs. We plan to provide
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comprehensive support during various development phases of the customers’ end products and proactively offer them solutions through differentiated technological capabilities while
maintaining cost competitiveness. Concurrently, we are strategically pursuing customer diversification beyond traditional AI accelerator providers, including leading cloud service providers to broaden our market presence.
We are investing in the development of HBM4E and future generations of DRAMs, focusing on critical technologies such as
custom base die integration and advanced stacking techniques. These innovations enable customized HBM solutions that are designed to improve performance for our customers’ specific architecture and workload requirements. These efforts, pursued
in close collaboration with key AI ecosystem partners, are strategically aimed at addressing evolving AI market demands that are shifting from general-purpose performance to inference efficiency and cost optimization, thereby ensuring that our HBM
solutions continue to support advancements in performance of AI accelerators.
3.
Pursuing Production Capacity Expansion in Korea to Address Growing Demand
To meet the rising demand for advanced memory driven by AI training, inference and
cloud-scale workloads, we are executing capacity expansion plans over the next decade. Subject to market demand for our products, the production outlook of the global memory semiconductor industry and general
global economic conditions, we are targeting to double our wafer production capacity within the next five years and continue to expand our capacity beyond such period. We currently expect to invest approximately W 600 trillion for the Yongin complex (which includes the acquisition of land, construction of four fabs, purchase and installation of equipment and
ancillary expenses), with target completion of the first cleanroom of the fourth fab by 2033. Other than W 31 trillion approved for
the construction of the first fab (not including purchase and installation of equipment), the remainder of such investment plan remains subject to further internal determination and approval by our board of directors.
On June 29, 2026, we also announced preliminary plans to invest (i) approximately W 100 trillion for the Cheongju complex, which includes
W 80 trillion for the construction of a new NAND flash memory fab (including installation of equipment and ancillary expenses) on land we
currently own with a target opening date of the cleanroom in the first half of 2029, as well as W 20 trillion for the enhancements of advanced
packaging facilities, including construction of the P&T7 advanced packing plant with a target opening date of the cleanroom by the end of 2027 and installation of equipment following such construction and (ii) approximately W 400 trillion for our next-generation complex to be located in the Southwestern region of Korea, with the target opening date subject to further
consideration. The estimated long-term investment amount relating to the Southwestern region includes the acquisition of land, construction of a multi-fab cluster, purchase and installation of equipment and ancillary expenses. Our investment plans
announced on June 29, 2026 remain subject to further internal determination, discussion with the Government and approval by our board of directors. We may delay or not implement some of our capital expenditure plans based on our ongoing assessment
of market conditions. We believe that our efforts to better understand the needs of our customers will enable us to optimally adjust our capital expenditure plans on a timely basis and more effectively respond to changes in market conditions.
Our current capacity expansion projects in Korea include:
Yongin Semiconductor Cluster: We are currently constructing a multi-fab
cluster in Yongin, Korea. The first fab will consist of six cleanrooms, and we are currently planning to sequentially construct three additional fabs, subject to evolving market conditions of the memory semiconductor industry. We began construction
of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027.
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Cheongju M15 X : M15X is a next-generation extension fab in
Cheongju, Korea that is dedicated primarily to the production of HBM and high-performance DRAM products. It incorporates EUV lithography and advanced cleanroom automation, serving as a blueprint for future fabs. This site anchors our near-term
ability to meet rapidly increasing HBM demand. We began wafer input in the first quarter of 2026 and expect to gradually ramp up our production volume.
Cheongju P&T7 Fab: We are currently constructing an advanced packaging plant in Cheongju, Korea primarily for
packaging AI memory products. We expect to complete construction by the end of 2027.
We maintain a disciplined capital allocation policy, targeting a capex-to-sales ratio in the mid-30% range based on a rolling three-year average. This approach is intended to preserve financial flexibility while supporting our
long-term technology leadership.
4.
Investing in U.S.-Based Advanced Packaging Facility to Support AI Memory Demand
As part of our strategy to establish a local manufacturing presence in our largest market, we are investing approximately W 5,900 billion to construct our first U.S. production facility in West Lafayette, Indiana. The facility will focus on the advanced packaging of
HBMs for use in AI accelerators, and we are targeting completion of the first cleanroom in the second half of 2028.
The Indiana site will also house research and development and reliability evaluation centers, enabling closer collaboration
with North American customers including large cloud service providers, AI chipmakers and system original equipment manufacturers (“OEMs”).
This investment enhances geographic diversification of our production facilities and enables us to benefit from federal
subsidies and loans from the U.S. Department of Commerce under the CHIPS Act. We believe that it also enhances joint activities with our key customers in the United States for customized memory solutions, including reduction of product development
lead time and acceleration of commercialization.
5.
Expanding Our Role Beyond that of a Memory Semiconductor Producer in the AI Era
To capitalize on the growing opportunities in the AI era, we established a dedicated entity in the United States for making
strategic investments in AI innovators. Established in March 2026, the entity will proactively identify investment opportunities in companies with cutting-edge AI capabilities, with the goal of accelerating
discovery of innovative AI solutions.
We plan to commit US$10 billion to the new entity with the funds to be deployed by 2030 on a capital-call basis as
suitable investment opportunities are identified. Our initial focus will be on securing AI architecture and software technologies, with plans to gradually expand investments across the AI ecosystem.
6.
Focusing on Financial Management to Provide Sustainable Shareholder Returns
We will continue to focus on strengthening our balance sheet and optimizing cash flows to ensure financial resilience
across market cycles. We plan to pursue prudent working capital management and implement disciplined investment strategies that are strategically aligned with our long-term objectives to balance growth with profitability.
We are committed to our shareholder return policy, under which we evaluate dividends and share repurchase programs in light
of our financial performance, market conditions and long-term strategic investment needs. We seek to maintain an appropriate balance between investing in innovations and production capacity expansions for future growth in alignment with our
strategic objectives against returning value to our shareholders.
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As part of our efforts to enhance shareholder returns, we retired 15.3 million treasury shares in February 2026, which
represent all of our treasury shares other than those reserved for employee compensation and conversion of outstanding exchangeable bonds. We also increased our dividend payments for 2025 to W 3,000 per share compared to W 2,204 per share for 2024. On April 22, 2026, we declared
a dividend of W 375 per share for the first quarter of 2026 in line with that for the first quarter of 2025. We will continue to monitor our
earnings and cash flow trends while exploring measures such as dividend payments and share buybacks to further enhance shareholder returns, including in the remainder of 2026.
History
In 1983, our predecessor, Hyundai Electronics
Industries Co., Ltd. (“Hyundai Electronics Industries”), entered the memory semiconductor industry with the construction of its first fab in Icheon, Korea. In December 1996, Hyundai Electronics Industries became a public company through
an initial public offering and listing of its common shares on the KRX KOSPI Market. In May 1999, Hyundai Electronics Industries acquired the memory semiconductor business of the LG Group, and such business was subsequently merged into Hyundai
Electronics Industries.
In response to a substantial decline in global DRAM prices as a result of worldwide oversupply, Hyundai Electronics
Industries underwent a corporate restructuring starting in 2001, including divestment of non-core businesses and a restructuring of its debt through debt cancellations, extensions of maturities and reductions
of interest rates as well as a debt-to-equity swap with its creditors. In March 2001, Hyundai Electronics Industries changed its name to Hynix Semiconductor Inc.
(“Hynix Semiconductor”), and the Korea Fair Trade Commission approved its disaffiliation from the former Hyundai Group in August 2001. In February 2012, the former creditors of Hynix Semiconductor sold their remaining interest in us to
SK Telecom Co., Ltd. (“SK Telecom”). Hynix Semiconductor changed its name to SK hynix Inc. in March 2012. As of March 31, 2026, SK square, which was demerged from SK Telecom in 2021, held a 20.5% interest in us.
Products and Applications
We sell a wide variety of DRAM and
NAND flash memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We also conduct our foundry business through SK hynix system ic and SK
keyfoundry, our wholly-owned subsidiaries. We acquired SK keyfoundry in August 2022.
The following table sets forth our revenue by
principal product category and the related percentage data for the periods indicated.
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
Revenue
%
Revenue
%
Revenue
%
Revenue
%
Revenue
%
(In billions of Won, except for percentages)
DRAM
W
40,659
77.3
%
W
14,037
79.6
%
W
74,904
77.1
%
W
44,732
67.6
%
W
20,769
63.4
%
NAND Flash
11,574
22.0
3,229
18.3
20,690
21.3
19,274
29.1
9,653
29.5
Other Products
343
0.7
373
2.1
1,552
1.6
2,187
3.3
2,344
7.2
Total
W
52,576
100.0
%
W
17,639
100.0
%
W
97,147
100.0
%
W
66,193
100.0
%
W
32,766
100.0
%
DRAMs
DRAMs are a type of random access memory semiconductor and are the highest density and lowest cost per bit memory component generally available for
high-speed digital data storage and retrieval. Sales of DRAMs accounted for 77.3% of our total revenue in the first quarter of 2026 and
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79.6% in the first quarter of 2025, and 77.1% in 2025, 67.6% in 2024 and 63.4% in 2023. We offer a wide range of traditional DRAMs as well as advanced DRAMs for applications with higher
performance requirements. Our advanced DRAMs are primarily used in servers, graphics, mobile, PC and other consumer electronics applications.
Server Memory. Data centers that provide cloud computing services utilize our high-density DRAM memory modules that are
specifically designed for servers. Demand for such products is driven by the growing popularity of analytics applications based on AI and machine learning technologies that require sophisticated big data cloud computing, as well as the build-out of 5G mobile infrastructure utilizing edge computing paradigms that bring computation and data storage closer to the location where they are needed to improve response time and save bandwidth. Our
representative server memory module products are offered in densities ranging from 16 gigabyte (“GB”) to 256 GB in DDR4 and DDR5 configurations.
Graphics Memory. In recent years, the increasing popularity of AI has substantially increased demand for
high-end GPUs that utilize advanced graphic memory products using HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially
useful in high-performance applications such as GPUs, AI and high-performance computing. Unlike traditional DRAM, HBM connects multiple vertically stacked memory chips through TSV packaging technology. Typically, HBMs are placed very close to the
processors, allowing a wide data pathway and shorter communication distance. Our representative advanced HBM configuration graphics memory products include HBM3E (generation 3 extension) 8Hi and HBM3E 12Hi.
The increasing popularity of high-resolution online games and 4K and 8K video content streaming and production of online media content and cinematic 3D
motion graphics have also contributed to a steady increase in demand for traditional graphics memory products that are primarily used in GPUs and other graphics cards. Our representative traditional graphics memory products are offered in densities
ranging from 8 gigabit (“Gb”) to 16 Gb in GDDR6 or GDDR7 configurations.
Mobile Memory. Our mobile memory
products are designed to have low-power and high-bandwidth features that are optimized for use in mobile devices such as smartphones and tablets. Although growth in the global sales volume of smartphones has
decreased in the past decade, we believe that increases in memory density per device will continue to contribute to growth in demand for mobile memory products. Our representative mobile memory products are offered in densities ranging from 4 GB to
12 GB in an LPDDR4X configuration, 8 GB to 18 GB in an LPDDR5 configuration and 16GB in LPDDR5T and LPDDR5X configurations that provide faster data-processing speed while consuming less power. We expect the demand for high-density and
high performance mobile memory products to increase in the future, driven by an increase in demand for mobile phones with on-device AI capabilities that we believe will play an increasingly important role as a hub for personal AI applications.
PC Memory. We offer traditional DRAMs that are primarily used in the PC industry. Our representative memory module products are
offered in densities ranging from 4 GB to 32 GB in a DDR4 configuration to 8 GB to 32 GB in a DDR5 configuration that offer higher performance, lower power consumption and better resiliency compared to DDR4. In the past, the introduction of
new or updated Windows operating systems has resulted in the upgrade of PCs, which in turn has increased the demand for traditional DRAMs. We expect the demand for high-density and high performance PC memory products to increase in the future,
driven by an increase in usage of AI applications in work and home PCs.
Consumer Memory. We also offer traditional DRAMs for
use in various consumer electronics devices. We design our consumer memory products to meet the specific requirements of our customers and offer a full lineup of standardized to highly advanced products in various specifications.
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We believe that increasing demand across robotics, mobility and industrial automation will contribute to the continued growth in demand for consumer memory products.
NAND Flash Memory
NAND flash memory
is a non-volatile memory device, which retains memory content even when power is turned off. Sales of NAND flash memory products accounted for 22.0% of our total revenue in the first quarter of 2026 and 18.3%
in the first quarter of 2025, and 21.3% in 2025, 29.1% in 2024 and 29.5% in 2023. In the past, we sold NAND flash memory products principally for use in portable devices with storage needs, such as USB drives and digital still cameras. In more
recent years, the increasing popularity of more advanced smartphones and tablets with multimedia functions as well as increases in consumption of high-resolution content have contributed to growth in demand for NAND flash memory products. In
addition, NAND flash memory-based SSDs, which provide faster and more reliable data access and consume less power compared to hard disk drives, have replaced hard disk drives as the main storage device for laptops and servers. Enterprise use of SSDs
is expected to increase further as cloud computing services offered by data centers and IoT applications with higher storage requirements and real-time data-processing needs continue to evolve.
We manufacture our NAND flash memory products primarily in triple-level cell and quad-level cell formats. In order to more effectively respond to
evolving market trends, we continue to invest in enhancements to our NAND stacking technology, which enables NAND flash memory cells to be stacked vertically in multiple layers, and have been transitioning the mass production of our NAND flash
memory products from utilizing 176 layer technology to 238 and 321 layer technologies. We offer a wide range of NAND flash memory products in various application formats, including eSSD, consumer SSD, UFS, eMMC and MCP. In the SSD market, our
representative SSD products for enterprise customers are offered in densities ranging from 480 GB to 122 TB, and our representative SSD products for retail customers are offered in densities ranging from 128 GB to 2 TB.
In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in
Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March
2025. With the Intel NAND Business Acquisition, we believe that we have enhanced the competitiveness of our storage solution (including eSSDs) capabilities in the rapidly growing NAND flash memory market. We created a subsidiary in the United States
to operate the acquired business under the brand name “Solidigm.” Solidigm utilizes its industry-leading NAND SSD and quad-level cell NAND flash memory technology and manufacturing capability to offer a portfolio of advanced NAND flash
memory solutions, particularly high-end eSSDs.
Other Products and Services
We operate our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries. Our foundry business primarily produces non-memory semiconductors hat have been designed by our customers. As part of our efforts to expand our foundry business and 8-inch foundry capacity, we acquired SK keyfoundry
in August 2022 for W 576 billion.
In
March 2025, we decided to integrate our CIS business unit into our AI memory operations as part of our strategy to strengthen our competitiveness.
Customers, Sales and Marketing
We have a global customer
base consisting of leading manufacturers and OEMs of consumer electronics products, AI accelerators, communications equipment, PCs, servers and workstations. Our
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two largest customers represented 14.8% and 12.4%, respectively, of our total revenue in the first quarter of 2026 and our largest customer represented 23.9% of our total revenue in 2025. See
note 4 of the notes to the Interim Financial Statements and note 4 of the notes to the Audited Financial Statements, respectively. In addition to establishing a strong long-term customer base, we actively seek to expand our customer base by
targeting emerging markets.
The following table sets forth our revenue by region based on the location of sales entities and the related percentage
data for the periods indicated.
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
Revenue
%
Revenue
%
Revenue
%
Revenue
%
Revenue
%
(In billions of Won, except for percentages)
United States
W
33,999
64.7
%
W
12,795
72.5
%
W
66,885
68.8
%
W
41,961
63.4
%
W
15,390
47.0
%
China
12,797
24.3
2,694
15.3
19,136
19.7
15,534
23.5
10,110
30.9
Asia (1)
4,473
8.5
1,258
7.1
7,216
7.4
5,381
8.1
4,297
13.1
Europe
1,128
2.1
449
2.5
1,977
2.0
1,413
2.1
935
2.9
Korea
179
0.3
443
2.5
1,932
2.0
1,904
2.9
2,034
6.2
Total
W
52,576
100.0
%
W
17,639
100.0
%
W
97,147
100.0
%
W
66,193
100.0
%
W
32,766
100.0
%
(1)
Other than China and Korea.
Sales outside of Korea are primarily conducted through our overseas sales subsidiaries, including those located in the United States, Europe, China,
Japan, India, Taiwan, Singapore and Hong Kong. Our sales subsidiaries typically sell directly to our customers. We also rely on semiconductor product distributors depending on the characteristics of the customer base and geographic location. Such
distributors typically carry a wide variety of different products, including our products and those of our competitors, in inventory for onward sale to their customers. Our sales subsidiaries have significantly reduced their dependence on
distributors, relying more on their internal sales and marketing teams to sell directly to our end customers.
In line with the increase in
segmentation within the DRAM market and the growth of applications that require tailored memory solutions, we have focused our sales and marketing activities on expanding our long-term customer base who look to us as their preferred supplier of
advanced memory products. We believe having a diversified portfolio of long-term customers makes us less susceptible to variations in demand in different market segments, especially in the traditional DRAM market. Our customers look for reliability,
scale and timely delivery, and we believe that our close relationships with our strategic customers enable us to anticipate market trends and evolving customer product needs more effectively. The supply arrangements for our products are designed to
take into consideration our ongoing partnerships with key customers. Specific quantities and pricing are typically determined through mutual agreement at the time of purchase, taking into account market conditions and demand.
We manage our accounts receivable and credit exposure to customers by establishing credit limits for each customer in accordance with our internal
credit guidelines. We maintain three general categories of customer accounts:
Strategic accounts for global OEMs: Our chief financial officer conducts a comprehensive review of all strategic account
customers at least once each year. Our chief financial officer has discretion to adjust credit limits for all strategic account customers, including downgrades.
Core accounts for leading OEMs: Core accounts are monitored, and credit limits adjusted, by the respective core account
managers at our headquarters who report directly to our chief financial officer at least once each year.
Local accounts for smaller-scale OEMs and distributors: Local accounts are required to pay in cash and customers are
typically unable to obtain credit in excess of the value of the collateral provided, typically a letter of credit.
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We consider each customer’s current and potential contribution to our overall sales, industry
leadership and product technology as well as other quantitative and qualitative criteria to determine individual credit limits. We also take certain measures, such as factoring arrangements and procurement of insurance for trade receivables, to
protect us from excessive exposure to credit risks. We have not experienced any material problems relating to customer payments in recent years.
Product
Warranty
Despite our quality control efforts, we may ship products that do not fully comply with customer specifications, contain defects or are
otherwise incompatible with their intended uses. Under our general terms and conditions of sale and in accordance with industry practice, we provide a multi-year warranty that is usually limited to repair or replacement of defective items or return
of, or a credit with respect to, amounts paid for such items. From time to time, we may provide more extensive warranty coverage to certain customers.
Investments and Acquisitions
We continually seek out
opportunities to further our strategic objectives, including by making investments and acquisitions, to further solidify our market position as a leading semiconductor company in the world. Such strategic initiatives have increased in response to
the growing diversity and complexity of memory semiconductors and applications, demand for technological enhancements and increasing costs associated with keeping pace with industry developments. We believe that such strategic initiatives will not
only assist in maintaining and growing our presence in existing markets but also provide us with a cost-effective means of accessing new markets, products and technologies.
From time to time, we have acquired minority equity stakes in other industry players to further strengthen our business relationships and may do
so again in the future. For example, in June 2018, we participated as a member of the Bain Consortium in its purchase of a stake in Kioxia from Toshiba Corporation. As a member of the Bain Consortium, we invested W 2,637 billion for an indirect limited partnership interest in SPC 1, which in turn holds an equity interest in Kioxia. In addition, we invested W 1,279 billion to acquire a convertible bond issued by a second special purpose company, SPC 2, which is convertible into an approximately 15.0%
equity interest in SPC 2. SPC 2 in turn holds an equity interest in Kioxia. As of March 31, 2026, the book value of our investment in SPC 1 was
W 6,616 billion, and the book value of our investment in the convertible bond issued by SPC 2 was W 13,609 billion, which are accounted for as financial assets measured at fair value through profit or loss. In June 2026, SPC 1 completed the sale of all of its remaining equity interest
in Kioxia.
We may also pursue acquisitions of complementary businesses and technologies rather than internally develop similar businesses or
technologies.
Intel NAND Business Acquisition
In October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in
Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March
2025. The Chinese State Administration for Market Regulation granted a conditional business combination approval for such acquisition with certain conditions, including the obligation to maintain a reasonable pricing policy and production level and
support the entry of third-party competitors in the Chinese eSSD market for five years from December 2021. Given our current outlook for sustained strong demand for NAND flash memory products throughout 2026, we expect the obligation to maintain a
reasonable pricing policy will limit our ability to significantly increase the price of our NAND
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flash memory products sold in China in 2026. We may apply for a waiver of such conditions after expiration of the five-year period, and the Chinese State Administration for Market Regulation
would then determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD market at that time, among others.
We
believe that the Intel NAND Business Acquisition has enhanced the competitiveness of our storage solution (including eSSDs) capabilities in the rapidly growing NAND flash memory market. We created a subsidiary in the United States to operate the
acquired business under the brand name “Solidigm.” Solidigm utilizes its industry-leading NAND SSD and quad-level cell NAND flash memory technology and manufacturing capability to offer a portfolio of advanced NAND flash memory
solutions, particularly high-end eSSDs.
SK keyfoundry Acquisition
As part of our efforts to expand our foundry business and 8-inch foundry capacity, we acquired SK keyfoundry in August 2022 for W 576 billion.
Competition
We operate in an intensely competitive market, which has been characterized by the erosion of selling prices, frequent product enhancements from changes
in technology and relatively short product life cycles. During the past decade, the memory semiconductor industry has experienced consolidation as well as the formation of strategic alliances. Our major competitors in the DRAM market include Samsung
Electronics, Micron Technology and CXMT. Our major competitors in the NAND flash memory market include Samsung Electronics, Kioxia, Micron Technology and Sandisk.
The competitiveness of our principal product lines are based on the following factors:
pricing;
manufacturing costs, yields and product availability;
product performance, quality and reliability;
successful and timely development of new products and manufacturing processes;
ability to tailor products to specific designs required by customers;
ability to deliver products in large volumes on a timely basis;
ability to meet changes in customer demand;
marketing and distribution capability;
customer service, including technical support; and
brand recognition and financial strength.
Entry into the memory semiconductor industry requires substantial capital expenditures and significant technological and manufacturing expertise.
Although we believe that our production capabilities, experience and technological expertise provide “time to market” and economies of scale advantages, we face increasing competition from emerging companies that may significantly expand
the scale of their operations, as well as from potential repositioning and expansion by storage solution companies and customers that may develop memory solutions in-house. In addition, in recent years,
various industrialized countries have taken measures to promote the development and expansion of high-technology industries, which may intensify the competitive landscape of the semiconductor industry. For example, in August 2022, the U.S.
Government enacted the CHIPS Act, which provides
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federal aid to promote emerging industries in the United States, including measures to strengthen the United States’ domestic semiconductor manufacturing capabilities. Such efforts may
incentivize U.S. semiconductor companies to invest in the expansion of their production capabilities. As part of its efforts to promote a robust semiconductor supply chain, the U.S. Government has also initiated the Chip 4 Alliance, a new U.S.-Asian
semiconductor partnership among the United States, Korea, Japan and Taiwan. In recent years, such an alliance has led China to take measures to more actively develop its semiconductor manufacturing capabilities, which may further intensify
competition in the global semiconductor industry.
Equipment and Suppliers
Like other memory semiconductor manufacturers, we also depend on a limited number of manufacturers in the Netherlands, the United States and Japan for
our key equipment. The principal pieces of equipment we use to manufacture our semiconductors include steppers, scanners, tracks, etchers, furnaces, wet stations, implanters, chemical vapor deposition equipment, metrology inspection equipment and
chemical mechanical planarization equipment. We also seek to maintain equipment with the ability to test a variety of different memory semiconductors. In addition to specialized testing equipment, we maintain a variety of other types of equipment
which are also used in the testing process, such as automated handlers and probers (with special handlers for wafer probing), reformers and PC workstations for use in software development.
We generally seek to obtain testing equipment with similar functionality from various vendors. However, our purchases of
high-end equipment have historically been limited to several manufacturers. In periods of high market demand, the lead times from order to delivery of such equipment can be over one year. We seek to manage
this process through the early reservation of appropriate delivery slots and constant communication with our equipment suppliers.
Raw Materials and Supplies
The raw materials used in our semiconductor fabrication process include polished silicon wafers, chemicals, metals such as titanium and
aluminum, gases and subsidiary materials. Wafers are the most significant raw material in terms of cost, representing approximately 10% of our cost of sales in recent years. The other principal raw materials used in the assembly of our products
include substrates, gold wire, wafer backside lamination tape and printed circuit boards. We source most of our raw materials, including wafers, from suppliers in Korea, Japan and the United States. In addition, our manufacturing processes
also require a significant amount of electricity and purified water. In order to obtain reliable electricity and water supplies, we maintain back-up power and water storage facilities.
We are not dependent on any one supplier for a substantial portion of our raw material requirements for fabrication and packaging, and we believe that
we generally have access to alternative sources of supply for our principal raw materials. However, from time to time, we and other semiconductor manufacturers have experienced shortages and increases in lead times for the delivery of raw materials,
which in turn have resulted in interruptions in production and delivery of products from time to time. To minimize the risk of significant interruptions to supplies of our principal raw materials, we have entered into multi-year supply agreements
with our key material suppliers and plan to enter into similar agreements with other major suppliers, as well as diversify the geographic location of key international suppliers and increase sourcing from suppliers in Korea.
Our purchasing strategy prioritizes the capability of a supplier to meet our development and production requirements. Our principal raw material
suppliers are selected primarily based on the technical requirements established by our engineers, quality control staff and purchase staff. Our purchases are generally planned at the end of the year based on the
non-binding forecasts provided by
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our customers. To improve material quality, we have also undertaken regular information exchange and joint research and product development with strategic suppliers of raw materials.
Manufacturing
Manufacturing Processes
The manufacturing process for DRAMs involves etching a hole into the substrate. The front-end production of a
semiconductor begins with the mask-making process, in which each layer of the pattern of the circuit is duplicated on a photographic negative, known as a mask, by an electron beam generator. Next, raw silicon wafers are oxidized and modified to form
transistors, and semiconductor materials are applied to the wafer in multiple layers through a series of patterning, etching, deposition and implantation processes. Each of these processes is conducted in a highly controlled, clean environment. Dust
particles, equipment errors, minute impurities in materials or defects in photo masks cause wafers to be discarded or chips to be non-functional.
The back-end production process involves inspection of individual semiconductors, called “chips” or
“dies.” Chips that fail this test are either scrapped or repaired by laser trimming. A wafer is then cut into individual dies. Good chips are connected to a conductive lead frame through wire bonding and the bonded semiconductors are
then encapsulated using a plastic mold compound or a ceramic casing. These packaged semiconductors are fully tested for functionality and reliability using specialized testing equipment. DRAMs in HBM configurations are manufactured by stacking
multiple memory chips vertically and connected using TSV packaging technology.
The manufacturing process for NAND flash memory products is
substantially similar to that of DRAMs, but does not include the capacitor manufacturing step. Consequently, NAND flash memory production, as compared to that for DRAMs, results in increased efficiency in utilizing fab space, reduced yield risk and
reduced turn-around time.
Due to the competitive nature of the memory semiconductor market, manufacturers are continually seeking the most optimal
production methods. The five most important determinants of competitive advantage in production are:
Yield . Yield means the
percentage of “good dies” per wafer. Manufacturing processes and quality control need to be optimized to generate maximum yield.
Line W idth/ L ayer . Line width is the minimum feature size or distance
between two features (lines) on a chip. Transitioning to finer line-widths is important in order to increase the number of dies per wafer and eventually reduce cost per bit. Leading manufacturers are currently manufacturing using 1a, 1b and 1c nm
class technology for DRAMs and 176/238/321 layers technology for NAND flash memory products. Different manufacturers define line width differently and there may be slight variations in feature size for any given line-width process technology.
Wafer Size. The number of chips produced depends on the technology used and the size of the wafer. Typically, semiconductor
manufacturers, including us, manufacture using wafers with a diameter of 12 inches.
Density . Density is measured by the number
of memory cells per chip. For a given wafer size, assuming the same process technology, doubling the density doubles the area used on the wafer and the price received upon selling the chip. The assembly and final testing costs remain the same.
Cycle Time. Semiconductor manufacturing is composed of several hundred wafer processing steps. As more advanced technology such as finer
line width is adopted, additional manufacturing process steps are required, which results in lengthened cycle time. Controlling the level of cycle time is becoming more critical in order to maintain competitiveness.
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Manufacturing Facilities
We own and operate fabs located in Icheon and Cheongju, Korea and Wuxi and Dalian, China. The Icheon facility is located approximately 80 kilometers from
Seoul. The Cheongju facility is located approximately 140 km from Seoul. The Wuxi facility is located approximately 140 kilometers from Shanghai. The Dalian facility, which was purchased from Intel in December 2021, is located in the
third-most populous city of Northeast China on the southern tip of the Liaodong peninsula.
The following table sets forth information regarding our
fabs as of March 31, 2026:
Fab
Product Category
Commencement of Operations
Icheon, Korea
M10
DRAM
Second quarter of 2005
M14
DRAM
Third quarter of 2015
M16
DRAM
First quarter of 2021
Cheongju, Korea
M11
NAND flash
Second quarter of 2008
M12
NAND flash
Second quarter of 2012
M15
NAND flash
Fourth quarter of 2018
Wuxi, China
C2
DRAM
Third quarter of 2006
C2F
DRAM
Second quarter of 2019
Dalian, China
Dalian
NAND
Purchased from Intel in December 2021 (1)
(1)
For a discussion of the Intel NAND Business Acquisition, see “Business — Investments and Acquisitions —
Intel NAND Business Acquisition.”
Our fabs operate at full utilization, 365 days a year, 24 hours a day on a three-shift,
eight hours per shift basis, providing capacity to support expected growth while maintaining operational flexibility. Maintenance at each facility is performed concurrently with production. Our fabs are staffed with engineers, technicians and other
employees whose duty is to monitor design and production processes to ensure high quality. These employees include line inspectors who work with members of the production staff to conduct examination, testing and fine-tuning of products during the
production process. Quality control personnel are involved from initial design to production. We may periodically adjust our production capacity based on market demand for our products, the production outlook of the global memory semiconductor
industry as well as general global economic conditions.
We also own and operate assembly and testing facilities for
back-end processing of our products in Icheon and Cheongju, Korea and Chongqing, China. We also utilize a factory operated by HITECH Semiconductor in Wuxi, China, a joint venture company established by us and
Wuxi Taiji Industry Co., Ltd. (“Wuxi Taiji Industry”). As of March 31, 2026, we held a 45.0% interest in HITECH Semiconductor.
As part of our efforts to reduce unit manufacturing costs, improve manufacturing yields and enhance our profitability, we periodically phase out the
operations of our older fabs or upgrade them to new fabs that implement more advanced processing technologies. In addition to regular maintenance and enhancement of existing fabs, in October 2025, we opened the cleanroom of a new extension fab
called “M15X” in Cheongju, which we plan to utilize to further increase our production capacity of next-generation DRAMs. We began wafer input at the M15X in the first quarter of 2026 and expect to gradually ramp up our production
volume. As part of our efforts to ensure our long-term competitiveness, we have also announced initiatives to construct an integrated industrial complex in Yongin, Korea for our next generation of fabs and research and development facilities. We
began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027. We plan to finance the construction of the Yongin complex primarily through cash
generated from our operating activities. We are currently constructing
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an advanced packaging plant called “P&T7” in Cheongju and expect to complete construction by the end of 2027. In December 2024, we also announced plans to build an advanced
packaging plant in Indiana, United States, and expect to commence operations in the second half of 2028. Under the CHIPS Act, upon meeting certain project milestones, we may receive federal subsidies of up to US$458 million and loans of up to
US$570 million from the U.S. Department of Commerce in connection with the Indiana complex. We plan to finance the remaining costs related to construction of the Indiana complex primarily through cash generated from our operating activities.
Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657 billion in the first quarter of 2026 and W 6,284 billion in the first quarter of
2025, and W 27,519 billion in 2025,
W 15,946 billion in 2024 and
W 8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025. We periodically adjust
our capital expenditure plans based on market demand for our products, the production outlook of the global memory semiconductor industry and general global economic conditions. We may delay or not implement some of our announced capital expenditure
plans based on our assessment of such market conditions.
The following table summarizes our planned major capital expenditures projects as of
March 31, 2026:
Project
Expected
Cleanroom
Open Date (1)
Total Expected
Cost of Project
(In billions of Won)
Phase 1 of fab 1 at the Yongin complex, Korea
First quarter of 2027
W
9,412
(2)
Phases 2 to 6 of fab 1 at the Yongin complex, Korea
End of 2030
21,608
(2)
P&T7 (advanced packing plant) in Cheongju, Korea
End of 2027
19,000
(3)
Advanced packaging plant in Indiana, United States
Second half of 2028
5,900
(3)
(1)
Not including installation of equipment.
(2)
Fab construction costs only and not including equipment and ancillary costs.
(3)
Including equipment and ancillary costs.
Research and Development
We compete in an industry
characterized by rapid technological changes. Our research and development activities focus on maintaining technological leadership in advanced memory solutions through continual investment in next-generation semiconductor technologies and product
development aligned with the growth of AI and other high-performance computing markets. Accordingly, we have made, and expect to continue to make, significant investments in our research and development activities. Our main research and development
facilities are located in Icheon, Korea and we engage in various research and development activities, including in the areas of advanced process development, circuit and layout design, enhancement of manufacturing processes, process integration,
photo mask design and development, physical and electrical analysis and simulation and modeling. We incurred expenditures on research and development of
W 2,550 billion in the first quarter of 2026 and
W 1,515 billion in the first quarter of 2025, and
W 6,733 billion in 2025,
W 4,854 billion in 2024 and
W 4,101 billion in 2023. Of such amounts, we capitalized development costs of W 99 billion in the first quarter of 2026 and W 43 billion in the first quarter of 2025,
and W 267 billion in 2025,
W 418 billion in 2024 and
W 351 billion in 2023 as intangible assets.
We have entered into a number of licensing and cross-licensing agreements with other manufacturers pursuant to which we obtain access to advanced
technologies for incorporation into our own manufacturing processes. See “— Patents and Licensed Technologies.”
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Patents and Licensed Technologies
Both our ability to develop our own technologies as well as our access, through licenses or other arrangements, to technologies of other leading
international companies are important to our ability to design and manufacture competitive products. Our success depends in part on our ability to obtain patents, licenses and other intellectual property rights relating to our products. As of
March 31, 2026, on a standalone basis, we owned 4,823 patents, 130 trademarks, 18 copyrights and seven design rights in Korea and 16,680 patents, 263 trademarks, one copyright and four design rights outside Korea. Our patents are related
primarily to semiconductors and semiconductor manufacturing processes.
We also license a number of patented technologies and processes from third
parties under cross-licensing, technical assistance and other agreements. These agreements generally grant us a non-exclusive license to manufacture products in return for payment of royalties or a
cross-license to manufacture and sell certain products both in Korea and overseas during a fixed but usually renewable term. We consider our technical assistance and licensing agreements to be important to our business and believe that we will be
able to negotiate additional licenses as needed and renew existing agreements on commercially reasonable terms that will not adversely affect our ability to use the related technology.
Environmental Matters
Our manufacturing operations use and
generate a variety of chemicals and gases, and we are subject to certain regulations relating to the use, storage, discharge and disposal of such chemicals and gases and other emissions and waste. We are vigorous in our efforts to engage in
environmentally responsible management of, and to protect the environment from damage resulting from, our operations. We believe that our levels of pollution control are higher than those mandated by Korean and Chinese government standards. We
employ licensed environmental specialists for various environmental areas, including air quality, water quality and toxic materials. We also operate a comprehensive environmental management system to eliminate or minimize the possible negative
effects of our manufacturing processes on the environment and employees. We educate and train our employees in environmental issues and the proper handling of hazardous substances and requires adherence to corporate guidelines on environmental
protection measures.
Our ESG Management Committee, chaired by our Chief Executive Officer, serves as the core executive-level decision-making body
for our ESG management policies. Key matters discussed by such committee are reported upward to the Sustainable Management Committee under the Board, which provides company-wide oversight and final endorsement of ESG strategy, targets and
performance.
We undergo periodic internal reviews as well as inspection by external inspectors in accordance with ISO 14001 standards to monitor
the operation and maintenance of our environmental management system. In order to continue certification, we are required to meet annual requirements in environmental policy, compliance, planning, management, structure and responsibility, training,
communication, document control, operational control, emergency preparedness and response, record keeping and management review.
We also undergo
periodic internal reviews as well as inspection by external inspectors in accordance with ISO 45001 standards to monitor the operation and maintenance of our occupational health and safety management systems.
Insurance
We maintain property insurance policies with
reputable insurance companies covering our equipment, manufacturing facilities, research and development facilities and inventory. These
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insurance policies cover losses due to fire, earthquake, flood and other natural disasters. We also maintain liability and casualty insurance policies that cover various incidents, including
work-related injuries to employees, product liability, environmental pollution liability and director and officer liability. We consider our insurance coverage to be consistent with market practice in the Korean semiconductor industry.
Employees
As of March 31, 2026, we, on a stand-alone
basis, had 35,929 full-time employees, and, on a consolidated basis, had 47,639 full-time employees, including 35,321 in Korea, 11,333 in China and 591 in the United States. As of March 31, 2026, we, on a stand-alone basis, had 94
temporary employees and consultants. Our success depends to a significant extent upon our ability to attract, retain and motivate qualified employees. Such employees, particularly engineers, production managers and technicians in the memory
semiconductor industry, are in high demand, and we devote significant resources to identifying, hiring, training, successfully integrating and retaining these employees. We seek to leverage the SK Group’s brand-recognition to attract top-tier talent from both Korea and outside Korea and strive to maintain an entrepreneurial, productive and innovation-focused culture.
We grant annual increases in basic wages and pays periodic bonuses. We also provide benefits such as medical insurance, employment insurance and
workers’ compensation to our employees as well as providing fringe benefits including housing loans, periodic health checkups and the provision of childcare and recreational facilities. In addition, as of March 31, 2026, we had
collective bargaining agreements with three labor unions, the two largest of which represented a total of 15,684 employees. Our latest collective bargaining agreements with such labor unions came into effect in April 2024 for a two-year term. We also engage in wage negotiations each year, which are retroactively applied for that year. In addition, we operate a profit-sharing incentive program linked to our operating results, which utilizes
10% of our operating profit as determined under K-IFRS. We have not experienced a strike or other material work stoppage in recent years. We generally consider our relations with our employees to be good.
Our full-time employees in Korea, including executive officers as well as non-executive employees, are subject
to a pension insurance system pursuant to the National Pension Act of Korea, under which we make monthly contributions to the pension accounts of the employees, and upon retirement, such employees are paid from their pension accounts. In
accordance with the National Pension Act of Korea, we contribute an amount equal to 4.75% of an employee’s standard monthly wages, and each employee contributes 4.75% of his or her standard monthly wages into his or her personal pension
account, as of the date of this prospectus. Such rates, however, are scheduled to gradually increase to 6.5% by 2033. We also operate defined benefit and defined contribution retirement pension plans for our employees. For further information
regarding our obligations under our retirement pension plans, see Note 17 of the notes to the Interim Financial Statements.
Litigation and Regulatory
Proceedings
We are subject to a number of claims and are a party to a number of legal and regulatory proceedings, including those that are
incidental to the normal course of our business.
ITC Investigation in the United States
On February 17, 2026, as supplemented on February 25, 2026 and March 16, 2026, MonolithIC filed a complaint with the ITC naming us and Kioxia as
respondents, alleging among others that certain of our DRAM and NAND flash memory products infringe seven patents owned by MonolithIC. The complaint requested that the ITC institute an investigation pursuant to Section 337 of the Tariff Act of
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1930 and issue a limited exclusion order and cease and desist orders. On March 26, 2026, the ITC announced its decision to institute an investigation. Subsequently, the ITC set August 30, 2027 as
the target date for the completion of the investigation. In addition, on May 11, 2026, as supplemented on May 28, 2026 and June 1, 2026, MonolithIC filed a second complaint with the ITC naming us and Kioxia as respondents, alleging among others
that certain of our DRAM and NAND flash memory products infringe an additional five patents owned by MonolithIC and seeking relief similar to those sought in the above-described initial complaint. On June 10,
2026, the ITC announced its decision to institute an investigation. The target date for the completion of the second investigation has not been set by the ITC. The investigations are ongoing, and we are currently unable to predict their outcomes.
Litigation Related to the Construction of our Indiana Facility
In June 2025, three residents of West Lafayette, Indiana filed lawsuits in the Tippecanoe County Circuit Court seeking to void a re-zoning ordinance
adopted by the West Lafayette City Council. The ordinance re-zoned certain areas from residential to industrial use to facilitate the construction of our advanced packaging plant in Indiana, United States. See “— Manufacturing —
Manufacturing Facilities” for a discussion of our plan to build such plant. The plaintiffs allege, among other things, that the re-zoning ordinance lacks a rational basis, was procedurally deficient and violated open door laws. We and the
other defendants have moved for summary judgment, contending that the plaintiffs lack standing, among others. In May 2026, the court denied the defendants’ motion for summary judgment on the standing issue without prejudice, leaving the matter
to be addressed at trial. The plaintiffs have also moved for summary judgment on certain issues and have sought a preliminary injunction to halt construction of the facility. Additional hearings on the outstanding motions are scheduled through the
fall of 2026, and a bench trial on the merits has been scheduled for December 2026. The litigation is ongoing, and we are currently unable to predict its outcome.
Antitrust Litigation in the United States
On June 25, 2026, a putative antitrust class action suit was filed in the U.S. District Court for the Northern District of California. The case was
brought by indirect purchasers of conventional DRAM products against SK hynix Inc., SK hynix America Inc. and two other memory semiconductor manufacturers alleging that the defendants conspired to restrict the supply of and inflate prices for
conventional DRAM beginning in approximately October 2022, through coordinated production cuts, capacity shifts toward HBM production, product-line exits and other allegedly coordinated conduct. Plaintiffs seek injunctive relief and monetary damages
under various federal and state antitrust and related business practice laws. While we intend to defend this suit vigorously, the case is in its initial stages, and as such, we are unable to reasonably evaluate the outcome of the action or estimate
the potential loss or range of loss, if any.
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MANAGEMENT
Board of Directors
The Board has ultimate responsibility
for the management of our business affairs. We are required to have six or more directors but the number of directors may not exceed ten directors, and independent directors must constitute a majority of the total number of directors in accordance
with our articles of incorporation. All directors are required to be elected by an affirmative vote of a majority of shares present at the general meeting of shareholders, provided that such affirmative votes may not be less than one-fourth of the total issued shares. In the election or removal of any Audit Committee member, shareholders who own voting shares in excess of 3% of the total voting shares may not exercise their voting rights
with respect to such excess shares under the KCC. The term of office of a director will expire upon the close of the third ordinary general meeting of shareholders to be convened after his or her inauguration.
Independent directors are non-standing directors elected from among those persons who do not have a special
relationship with us that would interfere with the exercise of their independent judgment. The Independent Director Candidate Nomination Committee recommends the candidates for independent directors to the general meeting of shareholders. Our
articles of incorporation require that candidates for independent directors have professional knowledge or experience in management, economy, law or relevant technologies and satisfy the eligibility requirements under the KCC and other relevant laws
and regulations. Pursuant to the KCC, as amended on July 22, 2025, with effect from July 23, 2026, a listed company is required to appoint independent directors (i.e., independent directors who perform their duties independently from
executive directors and other inside directors) in a number equal to at least one-third of the total number of directors. In addition, independent directors must satisfy qualification requirements that are
more stringent than those applicable to independent directors and will be disqualified from office if they no longer meet such requirements. A listed company must appoint independent directors through an independent director nominating committee
composed of a majority of independent directors. Pursuant to the Addenda to the amended KCC, independent directors appointed under the KCC prior to the amendment will be deemed independent directors under the amended KCC; provided, however, that a
listed company must comply with the qualification requirements applicable to independent directors under the amended KCC within one year from the effective date of the amendment. We intend to comply with the foregoing requirements prior to the
effective date of the amended provisions.
Executive directors are our directors who also serve as our executive officers, and they also comprise
the senior management, or the key personnel who manage us.
The representative director is a director elected by an affirmative vote of a majority
of the directors present at a meeting of the Board where a majority of directors in office are present and is empowered to make decisions regarding our day-to-day
business as our chief executive officer. Nohjung Kwak serves as our representative director.
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Directors and Senior Management
Directors
The table below sets forth
information regarding our directors as of the date of this prospectus. The business address of each of our directors and senior management is at our registered office at 2091, Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do 17336, Korea.
Name
Position
Age
First Elected
End of
Current Term
Nohjung Kwak
Executive director, Chief Executive Officer and President
61
March 2022
March 2028
Seon Yong Cha
Executive director, President and Head of Research and Development
59
March 2026
March 2029
Yong Ho Jang
Non-executive director
62
March 2024
March 2027
Jung Kyu Kim
Non-executive director
50
March 2026
March 2029
Deog Kyoon Jeong
Independent director
68
March 2023
March 2029
Zeong Won Kim
Independent director
58
March 2023
March 2029
Donghoon Yang
Independent director
68
March 2024
March 2027
Hyun Chul Sohn
Independent director
65
March 2024
March 2027
Seung Beom Koh
Chairperson of the Board; Independent director
64
March 2026
March 2029
Gahng Gook Choi
Independent director
57
March 2026
March 2029
Brief descriptions of the experience of each member of the Board are set forth below:
Mr. Nohjung Kwak was appointed to the Board on March 30, 2022. He currently serves as our President and Chief Executive Officer. Mr. Kwak has
an undergraduate degree in 1989, a master’s degree in 1991 and a Ph.D. in 1994 from Korea University. He also serves as the Chairman of the Semiconductor Committee at the SUPEX Council at the SK Group. He previously served as the President of
our Manufacturing and Technology Division and the Head of Technology and Development of our Cheongju fab.
Mr. Seon Yong Cha was appointed to
the Board on March 25, 2026. He currently serves as our President and Head of Research and Development. Mr. Cha has an undergraduate degree in 1991, a master’s degree in 1995 and a Ph.D. in 2000 in Electrical Engineering from Korea
Advanced Institute of Science & Technology. He previously served as the Head of our DRAM Development Team.
Mr. Yong Ho Jang was appointed
to the Board on March 27, 2024. He currently serves as our Non-executive Director. Mr. Jang has an undergraduate degree in 1989 from Seoul National University. He is currently the President and Chief Executive Officer of SK Inc. He previously
served as the President and Chief Executive Officer of SK siltron Co., Ltd.
Mr. Jung Kyu Kim was appointed to the Board on March 25, 2026. He
currently serves as our Non-executive Director. Mr. Kim has an undergraduate degree in 2002 from Korea University and a Master of Business Administration degree in 2017 from the University of Pennsylvania. He is currently the Chief Executive
Officer of SK square. He previously served as Head of the Secretariat at SK Inc., Head of the Strategy Support Team at the SUPEX Council at the SK Group and Team Leader of the U.S. branch of SK Planet.
Mr. Deog Kyoon Jeong was appointed to the Board on March 29, 2023. He currently serves as our independent director. Mr. Jeong has an
undergraduate degree in 1981 and a master’s degree in 1984 from Seoul National University, and a Ph.D. in 1989 from the University of California, Berkeley. He is currently an Emeritus Professor of Electrical and Computer Engineering at Seoul
National University. He previously served as a Professor of Electrical and Computer Engineering at Seoul National University and the Chair of the Inter-University Semiconductor Research Center at Seoul National University.
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Ms. Zeong Won Kim was appointed to the Board on March 29, 2023. She currently serves as our
independent director. Ms. Kim has an undergraduate degree in 1991 from Ewha Womans University and a Master of Business Administration degree in 2003 from the University of Chicago. She previously served as Managing Director at Citibank,
and the Deputy Head of the Financial Planning Group at Citibank Korea.
Mr. Donghoon Yang was appointed to the Board on March 27, 2024. He
currently serves as our independent director. Mr. Yang has an undergraduate degree in 1982 and a Ph.D. in 1996 from Sungkyunkwan University, a master’s degree from the University of Iowa in 1990 and a Ph.D. in 1999 from Syracuse
University. He is currently a Professor Emeritus of Accounting at Dongguk University. He previously served as a Distinguished Professor at the Korean Accounting Association and Samil PricewaterhouseCoopers.
Mr. Hyun Chul Sohn was appointed to the Board on March 27, 2024. He currently serves as our independent director. Mr. Sohn has an
undergraduate degree in 1984 and a master’s degree in 1986 from Seoul National University, and a Ph.D. in 1993 from the University of California, Berkeley. He is currently a Professor of Materials Science and Engineering at Yonsei University.
He previously served as a semiconductor researcher at SK hynix.
Mr. Seung Beom Koh was appointed to the Board on March 25, 2026. He currently
serves as our independent director. Mr. Koh has an undergraduate degree in 1985 and a master’s degree in 1988 from Seoul National University, and a Ph.D. in 1995 from American University. He is currently a Senior Advisor at Bae, Kim & Lee
LLC. He previously served as Chairman of the FSC.
Mr. Gahng Gook Choi was appointed to the Board on March 25, 2026. He currently serves as our
independent director. Mr. Choi has a Bachelor of Laws degree in 1996 from Seoul National University, a Master of Laws degree in 1998 from Yale University and a Master of Laws in Taxation degree in 2001 from New York University. He is currently a
Senior Advisor at Gaon Law Group. He previously served as a Managing Director at Ernst & Young and a Partner at PricewaterhouseCoopers.
Senior Management (Other than Directors)
The table below sets forth information regarding our senior management, other than our directors, as of the date of this prospectus. The business address
of each of our directors and senior management is at our registered office at 2091, Gyeongchung-daero, Bubal-eup, Icheon-si,
Gyeonggi-do 17336, Korea.
Name
Position
Age
Responsibility and Division
Tae Won Chey
Chairman
65
Visionary Stewardship
Ju Seon Kim
President
59
Head of AI Infra
Hyunjong Song
President
60
Head of Corporate Center
Sung Jin Yeum
President
53
Head of Communication
Hyun Ahn
President
58
Head of Development
Sangrak Lee
Vice President
58
Head of Global Sales
Jong Hwan Kim
Vice President
53
Head of DRAM Development
Woo Pyo Jeong
Vice President
58
Head of NAND Development
Chun Sung Kim
Vice President
52
Head of Solution Development
Byoungki Lee
Vice President
54
Head of Global Production
Jaesoon Kwon
Vice President
56
Head of Manufacturing and Technology
Woojin Choi
Vice President
54
Head of Package and Test
Choonhwan Kim
Vice President
59
Head of Global Infra
Donggyu Kim
Vice President
53
Head of Corporate Strategy and Planning
Woo Hyun Kim
Vice President
59
Head of Finance and Chief Financial Officer
Youjong Kang
Vice President
55
Head of Procurement
Jin Soo Kang
Vice President
58
Head of Growth Strategy
Bogun Jin
Vice President
51
Head of Corporate Culture
Jung San Choi
Vice President
59
Head of Global Quality and Reliability Assurance
Seungyong Doh
Vice President
53
Head of Digital Transformation
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Name
Position
Age
Responsibility and Division
Sunggon Jin
Vice President
57
Head of Infra Tech. Center
Dong Hui Son
Vice President
55
Principal Accounting Officer
Hyung Mo Yang
Vice President
51
Head of Financial Management
Seonghwan Park
Vice President
57
Head of Investor Relations
Brief descriptions of the experience of each senior management are set forth below:
Mr. Tae Won Chey currently serves as our Chairman, providing guidance with respect to our long-term vision. He also serves as the Chairman of the SK
Group, Representative Director and Chairman of SK Inc., and Chairman of SK Telecom and the Korea Chamber of Commerce and Industry.
Mr. Ju Seon Kim
currently serves as our President and Head of AI Infra, overseeing global market and marketing strategies. Mr. Kim previously served as our Head of Global Sales and Marketing.
Mr. Hyunjong Song currently serves as our President and Head of Corporate Center. Mr. Song previously served as Chief Strategy Officer at SK Telecom
Co., Ltd.
Mr. Sung Jin Yeum currently serves as our President and Head of Communication, leading corporate communication and corporate relations.
He previously served as Head of the Business Support Office at the Korea Chamber of Commerce and Industry.
Mr. Hyun Ahn currently serves as our
President and Head of Development, overseeing the overall development of memory and storage products. Mr. Ahn previously served as our Head of Solution Development.
Mr. Sangrak Lee currently serves as our Vice President and Head of Global Sales, managing global sales and customer relationships. Mr. Lee previously
served as our Head of the Americas Region.
Mr. Jong Hwan Kim currently serves as our Vice President and Head of DRAM Development, managing DRAM
product and technology development. Mr. Kim previously served as our Head of Research and Development Technology Development.
Mr. Woo Pyo Jeong
currently serves as our Vice President and Head of NAND Development, overseeing NAND product and technology development. Mr. Jeong previously served as our Head of NAND Design and previously held NAND design positions at Intel Corporation.
Mr. Chun Sung Kim currently serves as our Vice President and Head of Solution Development, managing solution product and technology development. Mr. Kim
previously served as our Head of eSSD Product Development.
Mr. Byoungki Lee currently serves as our Vice President and Head of Global Production,
overseeing global production operations including the Yongin Cluster. Mr. Lee previously served as our Head of Manufacturing and Technology and was responsible for the Cheongju fab and the M15X project.
Mr. Jaesoon Kwon currently serves as our Vice President and Head of Manufacturing and Technology, leading process technology and manufacturing
innovation. Mr. Kwon previously served as our Head of Manufacturing and Technology and was responsible for Wuxi production technology.
Mr. Woojin
Choi currently serves as our Vice President and Head of Package and Test. Mr. Choi previously served as an officer of Package and Test.
Mr.
Choonhwan Kim currently serves as our Vice President and Head of Global Infra, managing infrastructure and manufacturing facilities of the Indiana fab project. He previously served as our Head of the Icheon fab and the Cheongju fab, respectively,
and was responsible for the research and development process.
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Mr. Donggyu Kim currently serves as our Vice President and Head of Corporate Strategy and Planning,
managing our mid-to-long-term growth strategies and business portfolios. He previously served as our Head of Corporate Strategy and was responsible for business analysis.
Mr. Woo Hyun Kim currently serves as our Vice President and Head of Finance and Chief Financial Officer, overseeing the finance function including
treasury, accounting and investor relations. He previously served as Head of Corporate Center at SK Broadband Co., Ltd. and Head of Strategy and Planning Group at SK Telecom Co., Ltd.
Mr. Youjong Kang currently serves as our Vice President and Head of Procurement, managing global procurement and supply chain strategies. He previously
served as our Head of Fab Raw Material Procurement and was responsible for the Japan region in AI Infra Global Sales and Marketing.
Mr. Jin Soo
Kang currently serves as our Vice President and Head of Growth Strategy, overseeing new business models and product planning. He previously served as Chief Operating Officer of Solidigm.
Mr. Bogun Jin currently serves as our Vice President and Head of Corporate Culture, leading talent and organization strategies. He previously served as
our Head of Human Relations.
Mr. Jung San Choi currently serves as our Vice President and Head of Global Quality and Reliability Assurance. He
previously served as our Head of Mobile Quality Assurance.
Mr. Seungyong Doh currently serves as our Vice President and Head of Digital
Transformation. He previously served as our Head of the Digital Transformation Project Management Office.
Mr. Sunggon Jin currently serves as our
Vice President and Head of Infra Tech. Center. He previously served as our Head of Thin Film Technology.
Mr. Dong Hui Son currently serves as our
Vice President and Principal Accounting Officer. Mr. Son previously served as our Head of Finance and Business Administration.
Mr. Hyung Mo
Yang currently serves as our Vice President and Head of Financial Management. Mr. Yang previously served as our Head of Accounting Management.
Mr.
Seonghwan Park currently serves as our Vice President and Head of Investor Relations. Mr. Park has consistently held Investor Relations positions.
Committees of the Board
We currently have five committees
that serve under the Board:
Audit Committee;
Independent Director Candidate Nomination Committee;
Sustainability Committee; and
Human Resources and Compensation Committee.
The Board may establish other committees if it deems them necessary. The Board appoints each member of these committees, except for members of the Audit
Committee.
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Audit Committee
Under Korean law and our articles of incorporation, we are required to have an Audit Committee consisting of three or more directors, at least two-thirds of whom must be independent directors. Members of the Audit Committee are elected by our shareholders at the general meeting of shareholders. The term of office of each member of the Audit Committee shall
be coterminous with such member’s term of office as a director.
Our Audit Committee is responsible for reviewing our business affairs and
accounts and monitoring the various matters carried out by the Board. The Audit Committee also has the right to request the Board to convene an extraordinary general meeting of shareholders by presenting a written statement to the Board that sets
forth the agenda of the meeting and grounds for convening the meeting. We are required to appoint independent auditors selected by our Audit Committee and to report such appointments to our shareholders at the general meeting of shareholders or to
notify the shareholders as of the latest record date of such appointment in writing or by electronic mail or by disclosure on our website.
Currently, our Audit Committee consists of four directors: Seung Beom Koh, Gahng Gook Choi, Zeong Won Kim and Donghoon Yang. The chairperson of the
committee is Donghoon Yang. The Board has determined that Donghoon Yang is an “audit committee financial expert” as defined under the applicable rules of the SEC.
Meetings of the Audit Committee consist of regular meetings, which are held on a quarterly basis, and special meetings, which may be convened from time
to time as necessary. Resolutions of the Audit Committee require the attendance of a majority of its members and the affirmative vote of a majority of the members present. Any member who has a special interest in a matter to be resolved shall not be
entitled to exercise voting rights with respect to such matter.
Independent Director Candidate Nomination Committee
Our Independent Director Candidate Nomination Committee is responsible for reviewing and recommending candidates for independent directors for election
at the general meeting of shareholders. Members of the Independent Director Candidate Nomination Committee are appointed and removed by the Board. The Committee shall consist of two or more directors, at least
one-half of whom must be independent directors. The term of office of each member of the Committee shall be coterminous with such member’s term of office as a director.
Currently, our Independent Director Candidate Nomination Committee consists of three members: Seung Beom Koh, Donghoon Yang and Deog Kyoon Jeong. The
chairperson of the committee is Deog Kyoon Jeong.
Meetings of the Independent Director Candidate Nomination Committee consist of regular
meetings and special meetings. Regular meetings shall be held on, or within seven days prior to, the date of the Board’s resolution to convene the annual general meeting of shareholders. Special meetings may be convened from time to time as
necessary. Resolutions of the Independent Director Candidate Nomination Committee require the attendance of a majority of the total number of members and the affirmative vote of a majority of the total number of members.
Sustainable Management Committee
Our
Sustainable Management Committee is responsible for: (i) reviewing our compliance management systems and activities, including matters relating to antitrust, anti-corruption, safety, health and environment (“SHE”), and
subcontracting; and (ii) reviewing matters relating to sustainable management, including (a) sustainable management and social value creation strategies and performance, (b) major corporate social responsibility activities, and
(c) our ESG status and related response measures.
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Members of the Sustainable Management Committee are appointed and removed by the Board. The
chairperson of the Committee is elected by the Board or by the Committee. The Committee shall consist of two or more directors, at least one-half of whom must be independent directors. The term of office of
each member of the Committee shall be coterminous with such member’s term of office as a director. Currently, the Sustainability Committee consists of five members: Seon Yong Cha, Jung Kyu Kim, Zeong Won Kim, Gahng Gook Choi and Hyun Chul
Sohn. The chairperson of the committee is Zeong Won Kim.
Meetings of the Sustainable Management Committee are generally held on a quarterly basis,
but may be convened from time to time as necessary. Resolutions of the Sustainable Management Committee require the attendance of a majority of the total number of members and the affirmative vote of a majority of the total number of members.
Human Resources and Compensation Committee
Our Human Resources and Compensation Committee is responsible for reviewing and resolving matters related to compensation of our management. Members of
the Human Resources and Compensation Committee are appointed and removed by the Board. The chairperson of the Committee is elected by the Board or by the Committee. The Committee shall consist of two or more directors, at least one-half of whom must be independent directors. The term of office of each member of the Committee shall be coterminous with such member’s term of office as a director. Currently, the Human Resources and
Compensation Committee consists of four members: Yong Ho Jang, Hyun Chul Sohn, Deog Kyoon Jeong and Zeong Won Kim. The chairperson of the committee is Deog Kyoon Jeong.
Regular meetings of the Human Resources and Compensation Committee are held prior to the annual general meeting of shareholders convened following the
end of each fiscal year. Special meetings may be convened from time to time as necessary. Resolutions of the Human Resources and Compensation Committee require the attendance of a majority of its members and the affirmative vote of a majority of the
members present.
Compensation
The aggregate
compensation, consisting of salaries, defined benefit plan benefits and share-based payments, to our directors, including directors who also held executive officer positions with us, was approximately W 7 billion in 2025, W 4 billion in 2024 and W 7 billion in 2023.
The
compensation of our directors who received total annual compensation exceeding W 500 million in 2025 was as follows:
Name
Position
Composition of Total Compensation
Total
Compensation
Salary
Bonus
Gain from
Stock
Options
Exercised
Other
Earned
Income
Severance
(in millions of Won)
Nohjung Kwak
Chief Executive Officer and President
W
1,540
W
2,695
—
W
4
—
W
4,239
(1)
Hyun Ahn
President
W
750
W
1,214
—
W
88
—
W
2,052
(1)
(1)
Does not include stock options. See “— Stock Options” below.
(2)
Does not include stock options. See “— Stock Options” below.
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The maximum amount of the aggregate remuneration for our directors is determined by shareholder
resolution. The aggregate of the remuneration paid and in-kind benefits granted to our executive officers (excluding all executive directors, who also serve as our executive officers) during the year ended
December 31, 2025 totaled approximately W 183 billion.
The compensation of the five individuals who received the highest compensation among those who received total annual compensation exceeding W 500 million in 2025 was as follows:
Name
Position
Composition of Total Compensation
Total
Compensation
Salary
Bonus
Gain from
Stock
Options
Exercised
Other
Earned
Income
Severance
(in millions of Won)
Jung-Ho Park
Management Advisor
W
1,840
W
7,770
—
—
—
W
9,610
Tae Won Chey
Chairman
3,500
1,250
—
—
—
4,750
Nohjung Kwak
Chief Executive Officer and President
1,540
2,695
—
4
—
4,239
(1)
Ju Seon Kim
President
825
2,005
—
—
—
2,830
(2)
Dong-Sub Kim
Management Advisor
660
1,400
648
22
—
2,730
(3)
(1)
Does not include stock options. See “— Stock Options” below.
(2)
Does not include stock options. See “— Stock Options” below.
(3)
Does not include stock options. See “— Stock Options” below.
We operate two short-term performance-based bonus plans. The “Target Incentive” plan rewards employees for their individual performance
against established key performance indicators, with final payouts also reflecting the company’s overall performance. The “Value Incentive” plan is linked to our broader financial results, such as operating profit, and is designed
to reflect overall corporate performance and value creation.
As of the date of this prospectus, there were no outstanding transactions other than
in the ordinary course of business undertaken by us in which our directors or executive officers were interested parties. As of the date of this prospectus, there were no loans granted by us to any of our directors and executive officers.
Equity-based Compensation
Stock Options
We believe that the use of stock options is an important element of our strategy to maintain a highly motivated management team and to align the
interests of senior management with those of our shareholders. Under Korean law, subject to certain exceptions, we may by special resolution of the shareholders grant stock options to our officers and employees who have contributed or are expected
to contribute to our management and technical innovation, up to an aggregate of 15% of the total number of our then-issued shares. Stock options to officers and employees other than directors may also be granted pursuant to a resolution of the Board
in an amount not exceeding the upper limit provided in the applicable laws, which is within 10% of our total number of then-issued shares. In such case, we are required to obtain the approval for the granting of stock options by the first general
meeting of the shareholders that is convened after such granting of stock options.
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The following table summarizes the exercisable stock options granted to our current and former
directors and executive officers as of the date of this prospectus:
Recipient
Position
Grant date (1)
Exercise period
Exercise price
(per share)
Number of
shares deliverable
From
To
Nohjung Kwak
Chief Executive Officer
March 20, 2020
March 21, 2023
March 20, 2027
86,548
5,199
Hyun Ahn
Head of Development
March 20, 2020
March 21, 2023
March 20, 2027
86,548
5,199
March 30, 2022
March 31, 2024
March 30, 2027
124,220
7,683
Dong-Sub Kim
Former Head of Communication and External Affairs
March 20, 2020
March 21, 2023
March 20, 2027
86,548
7,799
March 30, 2022
March 31, 2024
March 30, 2027
124,220
9,507
Seong-Han Kim
Vice President, Corporate Culture
March 30, 2022
March 31, 2024
March 30, 2027
124,220
4,610
Young-Sik Kim
Former Head of Production
March 30, 2022
March 31, 2024
March 30, 2027
124,220
5,185
Woo Hyun Kim
Head of Finance and Chief Financial Officer
March 30, 2022
March 31, 2024
March 30, 2027
124,220
4,610
Youn-Wook Kim
Former Vice President, Communication and External Affairs
March 30, 2022
March 31, 2024
March 30, 2027
124,220
5,278
Jong Hwan Kim
Head of DRAM Development
March 30, 2022
March 31, 2024
March 30, 2027
124,220
3,977
Ju Seon Kim
Head of AI Infra
March 30, 2022
March 31, 2024
March 30, 2027
124,220
4,610
Choonhwan Kim
Head of Global Infra
March 30, 2022
March 31, 2024
March 30, 2027
124,220
4,148
Jong-won Noh
Former Head of America Business Task Force
March 20, 2020
March 21, 2023
March 20, 2027
86,548
5,199
March 30, 2022
March 31, 2024
March 30, 2027
124,220
11,525
Kyoung Park
Vice President, AI Infra
March 30, 2022
March 31, 2024
March 30, 2027
124,220
4,148
Jung-Sik Park
Former Head of Quality and Reliability Assurance
March 20, 2020
March 21, 2023
March 20, 2027
86,548
3,466
Hyunjong Song
Head of Corporate Center
March 30, 2022
March 31, 2024
March 30, 2027
124,220
6,199
Sang-Kyu Shin
Vice President, Corporate Culture
March 30, 2022
March 31, 2024
March 30, 2027
124,220
5,185
Kang-Wook Lee
Vice President, Package and Test
March 30, 2022
March 31, 2024
March 30, 2027
124,220
2,535
Byoungki Lee
Head of Global Production
March 30, 2022
March 31, 2024
March 30, 2027
124,220
3,073
Sangrak Lee
Head of Global Sales
March 30, 2022
March 31, 2024
March 30, 2027
124,220
4,610
Sang-Hwa Lee
Former Vice President, Manufacturing and Technology
March 30, 2022
March 31, 2024
March 30, 2027
124,220
2,300
Joo-Hwan Cho
Vice President, DRAM Development
March 30, 2022
March 31, 2024
March 30, 2027
124,220
3,073
Il-Sup Jin
Former Vice President, Research and Development
March 30, 2022
March 31, 2024
March 30, 2027
124,220
1,500
Seon Yong Cha
Executive Director, President and Head of Research and Development
March 20, 2020
March 21, 2023
March 20, 2027
86,548
5,199
March 30, 2022
March 31, 2024
March 30, 2027
124,220
7,683
Joon Choi
Vice President, AI Infra
March 30, 2022
March 31, 2024
March 30, 2027
124,220
5,185
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Stock Grant Program
Pursuant to applicable resolutions of the Board, we have been granting portions of our employees’ performance-based remuneration and independent
directors’ remuneration in the form of shares using our treasury shares. In 2026, 2025 and 2023, we also operated the “Shareholder Participation Program,” under which we granted treasury shares equal to a portion of a participating
employee’s bonus.
In 2026 to date, we have granted a total of 410,807 treasury shares to 12,064 executive officers and employees, and 265
treasury shares to six independent directors, in multiple rounds.
In 2025, we granted a total of 1,436,442 treasury shares to 49,566 executive
officers and employees, and 1,568 treasury shares to five independent directors, in multiple rounds.
In 2024, we granted a total of 477,069
treasury shares to 31,752 executive officers and employees, and 1,927 treasury shares to six independent directors, in multiple rounds.
In 2023, we
granted a total of 484,197 treasury shares to 5,605 executive officers and employees, and 3,412 treasury shares to seven independent directors, in multiple rounds.
Stock Appreciation Rights (“SARs”) Program
Since 2023, we have been granting SARs to certain of our executive officers and employees. Each SAR corresponds to a virtual number of shares, with
the cash difference between the grant price and the market price payable one year from the grant date. The rights are subject to a service-based vesting condition requiring the participant to be in active employment at the time of payout. SARs are
scheduled to be settled in two separate installments. In 2026 to date, we have not granted any SARs to our executive officers and employees. In 2025, we granted a total of 9,779 SARs to 252 executive officers and employees. In 2024, we
granted a total of 11,785 SARs to 257 executive officers and employees. In 2023, we granted a total of 22,633 SARs to 252 executive officers and employees.
Performance Shared Unit (“PSU”) Program
Since 2023, pursuant to applicable resolutions of our Human Resources and Compensation Committee, we have been granting PSUs to certain of our executive
officers and employees. Each year, we grant a number of PSUs corresponding to a fixed percentage of the grantee’s annual salary, with grantees able to elect either an annual or quarterly grant calculation cycle. After a three-year vesting
period, the PSUs settle in cash or our common shares based on the achievement of performance targets tied to our absolute share price appreciation, as adjusted for our relative share price performance against the KOSPI 200 Index. In the case of
exceptional performance, grantees may receive additional shares of up to 100% of the number of shares initially subject to the PSU award. If the grantee’s employment with us is terminated within two years of January 1 of the year the PSUs
were granted, the PSUs are forfeited. In each of 2026 to date and 2025, we did not grant any PSUs to our executive officers and employees. In 2024, we granted a total of 129,162 PSUs to 259 executive officers and employees. In 2023, we
granted a total of 218,166 PSUs to 234 executive officers and employees.
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Share Ownership
The following table sets forth the share ownership by our directors and senior management as of the date of this prospectus:
Name
Position
Number of
Shares Owned
Percentage
of Total
Shares
Outstanding
Special
Voting
Rights
Stock
Options
Directors:
Nohjung Kwak
Executive Director, Chief Executive Officer and President
14,312
*
None
5,199
Seon Yong Cha
Executive Director, President and Head of Research and Development
6,834
*
None
12,882
Yong Ho Jang
Non-executive Director
—
*
None
—
Jung Kyu Kim
Non-executive Director
—
*
None
—
Deog Kyoon Jeong
Independent Director
1,028
*
None
—
Zeong Won Kim
Independent Director
1,028
*
None
—
Donghoon Yang
Independent Director
612
*
None
—
Hyun Chul Sohn
Independent Director
612
*
None
—
Seung Beom Koh
Independent Director
65
*
None
—
Gahng Gook Choi
Independent Director
40
*
None
—
Senior Management:
Tae Won Chey
Chairman
—
*
None
—
Ju Seon Kim
Head of AI Infra
2,881
*
None
4,610
Hyunjong Song
Head of Corporate Center
2,315
*
None
6,199
Sung Jin Yeum
Head of Communication
—
*
None
—
Hyun Ahn
Head of Development
8,319
*
None
12,882
Sangrak Lee
Head of Global Sales
2,101
*
None
4,610
Jong Hwan Kim
Head of DRAM Development
1,868
*
None
3,977
Woo Pyo Jeong
Head of NAND Development
512
*
None
—
Chun Sung Kim
Head of Solution Development
1,695
*
None
—
Byoungki Lee
Head of Global Production
3,773
*
None
3,073
Jaesoon Kwon
Head of Manufacturing and Technology
1,273
*
None
—
Woojin Choi
Head of Package and Test
2,215
*
None
—
Choonhwan Kim
Head of Global Infra
3,148
*
None
4,148
Donggyu Kim
Head of Corporate Strategy and Planning
1,315
*
None
—
Woo Hyun Kim
Head of Finance and Chief Financial Officer
3,042
*
None
4,610
Youjong Kang
Head of Procurement
1,163
*
None
—
Jin Soo Kang
Head of Growth Strategy
1,263
*
None
—
Bogun Jin
Head of Corporate Culture
1,254
*
None
—
Jung San Choi
Head of Global Quality and Reliability Assurance
180
*
None
—
Seungyong Doh
Head of Digital Transformation
1,505
*
None
—
Sunggon Jin
Head of Infra Tech. Center
679
*
None
—
Dong Hui Son
Principal Accounting Officer
232
*
None
—
Hyung Mo Yang
Head of Financial Management
1,583
*
None
—
Seonghwan Park
Head of Investor Relations
711
*
None
—
Total
67,558
*
62,190
*
Less than 1%.
See “— Compensation” for information regarding the exercisable stock options granted to our directors and executive officers.
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Code of Ethics
We have a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer, senior accounting officers and employees. We also have an
internal control and disclosure policy designed to promote full, fair, accurate, timely and understandable disclosure in all of our reports and publicly filed documents. A copy of our code of ethics is available on our website at www.skhynix.com. If
we amend the provisions of our code of ethics that apply to our Chief Executive Officer, Chief Financial Officer and persons performing similar functions, or if we grant any waiver of such provisions, we will disclose such amendment or waiver on our
website. We intend to disclose any amendments to or waivers of our code of ethics on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq.
Foreign Private Issuer Status
The Nasdaq listing rules
include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance
standards of the Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the Korean corporate governance practices we do follow in lieu of the relevant Nasdaq
corporate governance standard. The following is a summary of the significant differences between the Nasdaq’s corporate governance standards and those that we follow under Korean law.
Nasdaq Corporate Governance Standards
Our Corporate Governance Practice
Director Independence
Nasdaq Stock Market Listing Rules 5605(b)(1) and (2) require that a majority of the board of directors must be comprised of
independent directors and that independent directors must have regularly scheduled meetings at which only independent directors are present.
Of the ten members of the Board, six are independent directors. Several business days prior to the meeting of the board of directors, our independent directors meet separately from the full Board.
Executive Session
Nasdaq Stock Market Listing Rule 5605(b)(2) requires that independent directors must have regularly scheduled meetings at which
only independent directors are present.
We operate an independent directors’ committee comprised solely of independent directors, and such committee generally holds meetings once every month. In addition, our Audit Committee, which is comprised solely of four
independent directors, generally holds meetings once every month.
Compensation Committee and Independent Director Nomination Committee
Nasdaq Stock Market Listing Rule 5605(d) requires that compensation of executive officers must be determined by, or recommended
to, the board of directors for determination, either by a majority of the independent directors, or a compensation committee comprised solely of independent directors. The compensation committee must have a charter that addresses the
responsibilities of the committee and reassess the adequacy of the charter on an annual basis. Nasdaq Stock Market Listing Rule 5605(e) requires that director nominees be selected, or recommended for selection, either by a majority of the
independent directors or a nomination committee comprised solely of independent directors.
We maintain a Human Resources and Compensation Committee comprised of one non-independent director and three independent directors, and an Independent Director Candidate Nomination Committee comprised solely of three independent
directors.
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Nasdaq Corporate Governance Standards
Our Corporate Governance Practice
Audit Committee
Nasdaq Stock Market Listing Rule 5605(c) requires that listed companies must have an audit committee that is comprised of at least
three directors and satisfies the independence and other requirements of Rule 10A-3 under the Exchange Act. All members must be independent. The audit committee must have a charter that addresses the
responsibilities of the committee and reassess the adequacy of the charter on an annual basis.
We currently maintain an audit committee comprised solely of four independent directors who meet the applicable independence criteria set forth under Rule 10A-3 of the Exchange Act.
Shareholder Approval of Equity Compensation Plan
Nasdaq Stock Market Listing Rule 5635(c) requires shareholder approval prior to the issuance of securities when a stock option or
purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants, subject to certain
exceptions.
We currently have four equity compensation plans or programs: a stock option program, a stock grant program, a SARs program and a PSU program. See “Management — Equity-based Compensation.” We manage such
compensation plans and programs in compliance with applicable laws, provided that, under certain circumstances, the grant of equity compensation or matters relating to the foregoing equity compensation programs are not subject to shareholders’
approval under Korean law.
Shareholder Approval of Equity Offerings
Nasdaq Stock Market Listing Rule 5635(d) requires shareholder approval prior to issuing or selling securities (or securities
convertible into or exercisable for common stock) that equal 20% or more of the issuer’s outstanding common stock or voting power prior to such issuance or sale.
Pursuant to the KCC and the FSCMA, our shareholders are generally entitled to preemptive rights with respect to the issuance of new shares. Exceptions include public offerings as prescribed in the FSCMA and allotments to third
parties in cases necessary for the achievement of a business purpose, such as the introduction of new technology and the improvement of our financial condition.
Charters
Nasdaq Stock Market Listing Rules 5605(c)(1), (d)(1) and (e)(2) require that each of the audit committee, compensation committee
and the independent director nomination committee must have a formal written charter.
Each of our Audit Committee, Human Resources and Compensation Committee and the Independent Director Candidate Nomination Committee has adopted a formal written charter, and such charters are available on our website at
www.skhynix.com.
Code of Business Conduct and Ethics
Each company shall adopt a code of conduct applicable to all directors, officers and employees, which shall be publicly available.
Any waivers of the code for directors or executive officers must be approved by the board or a board committee.
We have a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer, senior accounting officers and employees, and such code is also available on our website at www.skhynix.com .
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PRINCIPAL SHAREHOLDERS
The following table sets forth certain information relating to our shareholder composition as of the date of this prospectus (except as set forth
below), which is the most recent practicable date as to which we have information available.
Shareholder
Number of Common Shares
Ownership Percentage
SK square (1)
146,100,000
20.50
%
National Pension Service (2)
57,439,774
8.06
Capital Research and Management Company (3)
25,149,374
3.53
BlackRock Inc. (4)
36,407,157
5.11
Others (5)
445,979,195
62.58
Treasury shares (6)
1,626,865
0.23
Total issued common shares
712,702,365
100.00
%
(1)
SK square is a member company of the SK Group, as determined by the Korea Fair Trade Commission. Founded in the early
1950s as a textile manufacturer, the SK Group has evolved into a major business group with interests in various industries including energy, chemical, telecommunications, information and technology, construction, engineering, trading and leisure.
Each year, the Korea Fair Trade Commission identifies major business groups in Korea that are subject to regulation by such commission. See “Risk Factors — Related party transactions that we engage in are subject to scrutiny by the Korea
Fair Trade Commission and the Korean tax authorities.” The Korea Fair Trade Commission has determined the SK Group to be a major business group and Mr. Tae Won Chey as the person controlling the SK Group.
As of March 31, 2026, Mr. Chey held 17.90% of SK Inc., the holding company of the SK Group, which is listed on the KRX KOSPI Market. Mr. Chey serves as a
representative director and chairman of SK Inc. As of March 31, 2026, SK Inc. held 32.14% of SK square, which is also listed on the KRX KOSPI Market, and SK square held 20.50% of us. The Chief Executive Officer of SK square, Mr. Jung Kyu Kim, serves
as our non-executive director. Pursuant to the Monopoly Regulation and Fair Trade Act, SK square is required to maintain ownership of at least 20% of our issued shares. See “Korean Foreign Exchange Controls and Securities Regulations —
Holding Company Regulations.” The Korea Fair Trade Commission has determined us to be a member company of the SK Group, as it has deemed that the above affiliates of the SK Group exercise controlling influence over us.
(2)
Information as of December 31, 2025.
(3)
Information as of May 29, 2026.
(4)
Information as of February 10, 2026.
(5)
Information as of June 29, 2026.
(6)
Information as of June 29, 2026.
Except as described above, no other person or entity known by us to be acting in concert, directly or indirectly, jointly or severally, owned 5% or more
of our issued common shares or exercised control or could exercise control over us as of the date of this prospectus.
As of July 3, 2026,
696,690,159 common shares representing 98.0% of our outstanding capital stock (not including treasury shares) were publicly traded on the KRX KOSPI Market. As of such date, 14,385,341 common shares representing 2.0% of our outstanding capital stock
(not including treasury shares) were also listed on the Luxembourg Stock Exchange under the symbol “HYNSE” in the form of global depositary receipts evidencing global depositary shares, with each global depositary share representing one
common share.
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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
From time to time, we have issued guarantees in favor of affiliated and related companies, and we have also engaged in various transactions with our
related parties. We believe that we have conducted our transactions with related parties as we would in comparable arm’s-length transactions with a
non-related party, on a basis substantially as favorable to us as would be obtainable in such transactions. In addition, some of our directors, corporate auditors and executive officers concurrently serve in
senior positions at certain of our affiliates with which we have ordinary course business agreements and engage in ordinary course business transactions. See “Management.”
Under the KCC, in the event we enter into a transaction with any of our directors, major shareholders or certain related parties of such directors or
major shareholders, (i) material terms about the transaction shall be disclosed to the Board and (ii) the transaction must be approved by the Board (by the affirmative vote of two-thirds or more of
the directors).
In addition, in the event that we enter into any of the following transactions with our specially-related parties such as our
affiliates where the transaction value (in case of the fourth item below, the aggregate amount incurred over a fiscal quarter) exceeds
(i) W 10 billion or (ii) 5% of the greater of our total equity or paid-in capital or, if
less than W 500 million, W 500 million,
we are required to (i) obtain approval from the Board and (ii) disclose such transaction pursuant to the Monopoly Regulation and Fair Trade Act.
providing funds for or dealing with provisional payments or loan payments;
providing or dealing with securities such as stocks or corporate bonds;
providing or dealing with assets such as real estate or intangible assets; and
providing services or products for or dealing with certain affiliates which satisfy the requirements under the Enforcement
Decree of the Monopoly Regulation and Fair Trade Act, as a counterpart or on behalf of such affiliate.
A summary of our material
transactions with our related parties from January 1, 2023 and up to the date of this prospectus is set forth below.
Transactions with SK ecoplant Co.,
Ltd.
Our transactions with SK ecoplant Co., Ltd. (“SK ecoplant” and formerly SK Engineering & Construction Co., Ltd.)
consist primarily of SK ecoplant’s construction of facilities and our acquisition of such assets. SK ecoplant is a subsidiary of SK Inc. and a leading construction company in Korea. Our acquisition of assets from SK ecoplant amounted to W 986 billion in the first quarter of 2026 and
W 292 billion in the first quarter of 2025, and
W 4,708 billion in 2025,
W 1,068 billion in 2024 and
W 465 billion in 2023.
Transactions with ESSENCORE
Limited
Our transactions with ESSENCORE Limited (“ESSENCORE”) consist primarily of sales of our NAND flash memory products.
ESSENCORE is a subsidiary of SK Inc. Operating revenues and others received from ESSENCORE amounted to W 1,550 billion in the first quarter of
2026 and W 347 billion in the first quarter of 2025, and
W 2,726 billion in 2025,
W 644 billion in 2024 and
W 754 billion in 2023.
Transactions with HITECH
Semiconductor
Our transactions with HITECH Semiconductor consist primarily of provision by HITECH Semiconductor of back-end processing services for our products. HITECH Semiconductor is a provider
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of integrated circuit packaging and testing services for semiconductors and was established in November 2009 as a joint venture between us and Wuxi Taiji Industry. As of March 31, 2026, we
held a 45.0% interest in HITECH Semiconductor. Operating expenses and others paid to HITECH Semiconductor amounted to W 217 billion in the first
quarter of 2026 and W 178 billion in the first quarter of 2025, and
W 789 billion in 2025, W 697 billion
in 2024 and W 712 billion in 2023.
Transactions
with Clean Industrial REIT Co., Ltd.
Our transactions with Clean Industrial REIT Co., Ltd., a subsidiary of SK REIT Co., Ltd., consist primarily
of our sale of our wastewater management facility located in Icheon, Korea, to Clean Industrial REIT Co., Ltd. in September 2023 for
W 1,120 billion and the following leaseback of the facility. SK REIT Co., Ltd. principally engages in the real estate investment trusts
business.
Transactions with PRISM Energy International Pte. Ltd.
Our transactions with PRISM Energy International Pte. Ltd., a subsidiary of SK E&S Co., Ltd., consist primarily of sales by PRISM Energy
International Pte. Ltd. of liquified natural gas. Operating expenses and others paid to PRISM Energy International Pte. Ltd. amounted to W 173
billion in the first quarter of 2026 and W 818 billion in 2025.
There are no outstanding loans made by us to or for the benefit of any of our related parties, except that we have provided a payment guarantee for RMB
701 million to Wuxi Xinfa Group Co., Ltd. for the benefit of Hystars Semiconductor (Wuxi) Co., Ltd., our joint venture. For further information relating to our transactions with related parties, see Note 31 of the notes to the Audited Financial
Statements and Note 28 of the notes to the Interim Financial Statements.
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DESCRIPTION OF ARTICLES OF INCORPORATION AND CAPITAL STOCK
This section provides information relating to our capital stock, including brief summaries of material provisions of our articles of incorporation, the
FSCMA, the KCC and related laws of Korea, all as currently in effect. The following summaries are subject to, and are qualified in their entirety by reference to, our articles of incorporation and the applicable provisions of the FSCMA and the KCC.
We have filed a copy of our articles of incorporation as an exhibit to our Form F-1.
General
The name of our company is SK hynix Inc. We are registered under the laws of Korea under the commercial registry number of 134411-0001387. As specified
in Article 2 of our articles of incorporation, our corporate purpose is to engage in the manufacture and sale of semiconductor devices and related businesses. To achieve this purpose, we are engaged in the following business activities:
manufacture and sale of semiconductor devices;
manufacture, assembly and sale of machinery, apparatus and equipment utilizing the characteristics of electronic motion
through semiconductor devices and other similar products, and the manufacture, assembly and sale of parts and materials used therein;
development and leasing of software for computer utilization;
manufacture, sale, leasing and provision of related services for electronic and electrical equipment, telecommunications
machinery and apparatus, and components thereof;
manufacture of machinery parts and molds;
technical research and provision of services on a contract basis;
leasing of electronic and electrical machinery and apparatus;
manufacture, sale, leasing and provision of services for equipment related to special communications (including satellite
communications) and broadcasting;
information services;
publishing;
trading;
sale and leasing of real estate;
power generation;
construction;
manufacture of electron tubes;
warehousing;
operation of parking facilities;
satellite communications business;
leasing of telecommunications line facilities;
electronic commerce and internet-related business;
any business incidental or related to the foregoing items, and investments therein; and
lifelong education and operation of lifelong education facilities.
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Currently, our authorized capital stock consists of 9,000,000,000 shares. Each share has a par
value of W 5,000. We are authorized to issue registered common shares and registered class shares (together, the “shares”). The class
shares may consist of non-voting dividend-preference shares, convertible shares, redeemable shares or shares combining all or any portion of the foregoing features. We may issue each of non-voting dividend-preference shares, convertible shares and redeemable shares in a number up to 25% of the total number of our issued Shares. As of July 3, 2026, 712,702,365 common shares were issued, and no
class shares were issued.
Board of Directors
Meetings of the Board may be convened by the chairperson of the Board elected by the Board, or by another director as otherwise determined by the Board.
When convening a meeting, notice must be given to each director in writing or orally no later than the day before the meeting date; provided, however, that if all directors consent, a meeting may be held at any time without such notice.
Resolutions of the Board must be adopted in the presence of a majority of the directors then in office and by the affirmative vote of a majority of the
directors present. Notwithstanding the foregoing, matters relating to the prohibition on usurpation of corporate opportunities and self-dealing, as prescribed under the KCC, require the affirmative vote of at least
two-thirds of the directors then in office. Any director who has a special interest in a resolution cannot exercise voting rights with respect to such resolution.
Directors are elected at general meetings of shareholders. The election of directors requires the affirmative vote of a majority of the voting rights of
the shareholders present, with a quorum of at least one-fourth of the total number of issued shares. At the annual general meeting of shareholders held in March 2026, our articles of incorporation were amended
to remove the provision excluding cumulative voting for the election of directors. As a result, cumulative voting under the KCC now applies to director elections. Specifically, when two or more directors are to be appointed at a general meeting of
shareholders, shareholders holding at least 1% of the total issued shares (excluding non-voting shares) may request the use of cumulative voting.
The term of office of each director expires at the close of the third annual general meeting of shareholders convened after such director’s
appointment.
Dividends
We distribute dividends to our
shareholders in proportion to the number of shares owned by each shareholder. Our common shares represented by the ADSs have the same dividend rights as other outstanding common shares. For a detailed discussion of our dividend policy, see
“Dividends and Dividend Policy.”
Distribution of Free Shares
In addition to paying dividends in shares out of our retained or current earnings, we may also distribute to our shareholders an amount transferred from
our capital surplus or earned surplus reserve to our stated capital in the form of free shares. We must distribute such free shares to all of our shareholders in proportion to their existing shareholdings.
Issuance of Additional Shares
We may issue new shares in the
following manners: (i) by granting existing shareholders the opportunity to subscribe for new shares in proportion to the number of shares they hold; (ii) within a
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limit not exceeding 30% of the total number of our issued shares, by granting specific persons (including existing shareholders) the opportunity to subscribe for new shares, when necessary to
achieve our managerial purposes, such as the introduction of new technology or improvement of our financial structure; and (iii) within a limit not exceeding 30% of the total number of our issued shares, by granting an unspecified number of
persons (including existing shareholders) the opportunity to subscribe for new shares and allocating such new shares to the subscribers accordingly.
Issuances pursuant to item (ii) above include, without limitation: (1) issuances of new shares in connection with the issuance of depositary
receipts pursuant to the FSCMA; (2) issuances of new shares to domestic or foreign financial institutions, affiliated entities, strategic investors or foreign investors for financing, technology introduction or other managerial needs;
(3) issuances of new shares in consideration for contributions in kind; and (4) issuances of new shares to persons prescribed by the Presidential Decree of the FSCMA where necessary for our managerial purposes.
In the case of issuances pursuant to item (iii) above, the Board must, by resolution, allocate the new shares by one of the following methods:
(1) allocating new shares to an unspecified number of subscribers without classifying the types of persons afforded the opportunity to subscribe; (2) allocating new shares to members of our employee stock ownership association in
accordance with applicable laws and regulations, and granting an opportunity to subscribe for the remaining unsubscribed shares to an unspecified number of persons; (3) granting shareholders a preemptive right to subscribe for new shares and,
if any shares remain unsubscribed, granting an opportunity to an unspecified number of persons to be allocated such shares; or (4) granting an opportunity to subscribe for new shares to a specified category of persons based on reasonable
standards prescribed by applicable laws and regulations, such as demand forecasts prepared by an investment dealer or investment broker acting as underwriter or placement agent.
The type and number of shares to be issued, the issue price, and other terms and conditions of issuance must be determined by a resolution of the Board.
In the case of allocations under items (ii) or (iii) above, we must, no later than two weeks prior to the payment date, notify or publicly announce to shareholders the class and number of the new shares, the issue price and payment date, and
the method of subscription for the new shares; provided that such notice or public announcement may be substituted by filing a material event report with the FSC and the Korea Exchange.
The subscription rights described in this section will not apply to this offering.
Stock Options
We may, pursuant to a special resolution
of the general meeting of shareholders, which must be adopted by the affirmative vote of at least two-thirds of the voting rights of the shareholders present and must also represent at least one-third of the affirmative vote of the total number of voting shares then issued, grant stock options to our officers or employees who have contributed or may contribute to our incorporation, management, overseas
business or technological innovation, within a limit not exceeding 15% of the total number of our issued shares; provided that within a limit not exceeding 10% of the total number of our issued shares, the Board may resolve to grant stock options,
in which case such grant must be approved at the first general meeting of shareholders convened after the grant.
The number of officers and
employees to whom stock options may be granted cannot exceed 30% of the officers and employees in service, and the number of shares underlying stock options granted to any single officer or employee cannot exceed 1% of the total number of our issued
shares.
Stock options may be exercised during the period beginning on a date no earlier than the second anniversary of the resolution approving
their grant and ending no later than the fifth anniversary of the
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exercise commencement date specified in such resolution. The exercise price of stock options must be at least: (i) where newly issued shares are delivered upon exercise, the greater of the
fair market value of the relevant shares as of the grant date or W 5,000 (par value); and (ii) in all other cases, the fair market value as
of the grant date. Shares to be delivered upon exercise of stock options must be either common shares or class shares, as determined at the time of the resolution approving the grant of the stock options.
We may cancel the grant of stock options by a resolution of the Board if: (i) after the grant, the relevant officer or employee voluntarily resigns
or retires; (ii) the relevant officer or employee, through intent or negligence, causes material damage to us; or (iii) any other cancelation event specified in the applicable stock option grant agreement occurs.
General Meeting of Shareholders
We convene annual general
meetings of shareholders within three months after the end of each fiscal year, and extraordinary general meetings of shareholders from time to time as necessary pursuant to resolutions of the Board. General meetings of shareholders are convened in
Icheon, where our principal executive offices are located, or within Seoul.
When convening a general meeting of shareholders, we notify each
shareholder in writing or by electronic document of the date, time, place and agenda of the meeting at least two weeks prior to the meeting date; provided that, in lieu of such written or electronic notice to shareholders who own not more than 1% of
the total number of issued voting shares, we may give notice by public announcement published at least twice in the Korea Economic Daily and Maeil Business Newspaper, or by public notice through the electronic disclosure system operated by the
Financial Supervisory Service (the “FSS”) or the Korea Exchange.
According to the KCC, when we convene a general meeting of
shareholders for the election of directors or auditors, we must include in the notice or public announcement the candidate’s name, resume, nominator, the candidate’s relationship with the largest shareholder, the details of any
transactions between the candidate and us during the most recent three years, whether the candidate has been subject to a delinquency disposition under the National Tax Collection Act of Korea or the Local Tax Collection Act of Korea during the last
five years as of the date of the general meeting of shareholders, whether the company where the candidate served as an executive officer has been subject to rehabilitation or bankruptcy proceedings under the Debtor Rehabilitation and Bankruptcy Act
of Korea as of the date of the general meeting of shareholders, and whether the candidate has any grounds for disqualification as an independent director or auditor, including statutory or regulatory employment restrictions, and we may elect only
from among candidates who have been so notified or publicly announced.
Voting Rights
Holders of our common shares are entitled to one vote for each common share, except that voting rights of common shares held by us (including treasury
shares and shares held by bank trust funds controlled by us), or by a corporate shareholder in which we own more than 10.0% equity interest, either directly or indirectly, may not be exercised.
Resolutions of a general meeting of shareholders must be adopted by the affirmative vote of a majority of the voting rights of the shareholders present,
and such affirmative votes must also represent at least one-fourth of the total number of voting shares then issued. However, under the KCC and our articles of incorporation, the following matters, among
others, require approval by the special resolution (which must be adopted by the affirmative vote of at least two-thirds of the voting rights of
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the shareholders present and must also represent at least one-third of the affirmative vote of the total number of voting shares then issued) of the
general meeting of shareholders:
amending our articles of incorporation;
removing a director;
granting stock options;
transferring the whole or any significant part of our business;
effecting our acquisition of all of the business of any other company or a part of the business of any other company having
a material effect on our business;
reducing our capital;
effecting any dissolution, merger or consolidation of us; or
issuing any new shares at a price lower than their par value.
A shareholder may exercise voting rights by proxy, and the proxy must submit a document evidencing its authority before the opening of the general
meeting of shareholders.
A shareholder holding two or more votes may exercise such voting rights separately without aggregating them, provided that
the shareholder notifies us in writing of its intention and the reasons therefore at least three days prior to the meeting date. We may refuse a request for split voting; provided, however, that we may not refuse such request where the shareholder
holds shares in trust or otherwise holds shares for the account of another person.
Holders of ADRs may exercise their voting rights through the
depositary, an agent of which is the record holder of the underlying common shares. Subject to the provisions of the deposit agreement, ADR holders are entitled to instruct the depositary how to vote our common shares underlying their ADSs.
Rights of Dissenting Shareholders
Under the FSCMA, in some
limited circumstances, including the transfer of all or a significant part of our business and our merger or consolidation with another company (with certain exceptions), dissenting shareholders (including holders
of non-voting shares) have the right to require us to purchase their shares. In order for a dissenting shareholder to be entitled to such right, the shares must have been acquired before the relevant
resolution of the Board was disclosed to the public or the legal action resulting in the acquisition of the shares must have been taken no later than the date immediately following the date on which the resolution was disclosed. To exercise this
right, dissenting shareholders must (i) submit to us a written notice of their intention to dissent prior to the general meeting of shareholders and (ii) request, in writing, that we purchase their shares within 20 days after the relevant
resolution is passed at the meeting, which request must specify the class and number of such shares. We are obliged to purchase the shares of such dissenting shareholders within one month after the expiration of
the 20-day period. Holders of ADSs will not be able to exercise dissenter’s rights unless they have withdrawn the underlying common shares and become our direct shareholders.
The purchase price for the shares is required to be determined through negotiation between the dissenting shareholders and us. If we cannot agree on a
price through negotiation, the purchase price will be the average of (1) the weighted average of the daily share prices on the KRX KOSPI Market for the two-month period before the date of the adoption of
the relevant board resolution, (2) the weighted average of the daily share price on the KRX KOSPI Market for the one month period before the date of the adoption of the relevant resolution and (3) the weighted average of the daily share
price on the
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KRX KOSPI Market for the one week period before the date of the adoption of the relevant resolution. However, a court may determine the purchase price if we or dissenting shareholders do not
accept the purchase price. If either we or the dissenting shareholders object to the purchase price determined in the manner described above, either party may petition the court to determine the purchase price.
Registry of Shareholders and Record Dates
Our transfer
agent, KEB Hana Bank, maintains the register of our shareholders at its office at Euljiro 35, Jung-gu, Seoul, Korea. The transfer agent records and registers transfers of shares onto the register of
shareholders.
The record date for annual dividends is determined by the Board with at least two weeks’ prior public notice. For the purpose
of determining shareholders entitled to any other rights pertaining to the shares, we may, with at least two weeks’ prior public notice, set a record date and/or close the registry of shareholders for not more than three months. The trading of
shares and the electronic transfer of our shares may continue while the registry of shareholders is closed.
Annual Report
At least one week before the annual general meeting of shareholders, we must make our business report and audited consolidated Korean IFRS financial
statements available for inspection at our principal office and at all of our branch offices. In addition, copies of business reports, the audited consolidated Korean IFRS financial statements and any resolutions adopted at the general meeting of
shareholders will be available to our shareholders.
We must file with the FSC and the Korea Exchange (1) an annual report within 90 days
after the end of our fiscal year, (2) a mid-year report within 45 days after the end of the first six months of our fiscal year and (3) quarterly reports within 45 days after the
end of the third month and the ninth month of our fiscal year. Copies of these reports are or will be available for public inspection at the FSC and the Korea Exchange.
Transfer of Shares
Under the KCC and the Act on Electronic
Registration of Stocks, Bonds, etc., the transfer of shares is effected by registration on the electronic registration ledger. However, to assert shareholders’ rights against us, the transferee must have his or her name and address registered
on our registry of shareholders, maintained by our transfer agent. A non-Korean shareholder may file a specimen signature in place of a seal, unless he is a citizen of a country with a sealing system similar
to that of Korea. In addition, a non-resident shareholder must appoint an agent authorized to receive notices on his or her behalf in Korea and file a mailing address in Korea. The above requirements do not
apply to the holders of ADSs. The Electronic Registration Act also provides that, with respect to the transfer of electronically registered shares, the effect of transfer will occur upon the completion of the electronic registration of such
transfer, and therefore, no entry of change will be required.
Under current Korean regulations, the Korea Securities Depository, foreign exchange
banks (including domestic branches of foreign banks), financial investment companies with a dealing, brokerage or collective investment license and internationally recognized custodians may act as agents and provide related services for foreign
shareholders. Certain foreign exchange controls and securities regulations apply to the transfer of shares by non-residents or non-Korean citizens.
See “Korean Foreign Exchange Controls and Securities Regulations.”
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Acquisition of Shares by Us
We may acquire our own shares with the approval of the general meeting of shareholders, either through market purchases on a stock exchange or by
acquiring shares on uniform terms pro rata to the number of shares held by each shareholder (which does not apply to redeemable shares). However, the aggregate acquisition price must not exceed the amount obtained by subtracting the following from
the net assets shown on the balance sheet for the immediately preceding fiscal year: (i) the amount of stated capital; (ii) the aggregate amount of capital reserve and earned surplus reserve accumulated through that fiscal year;
(iii) the amount of earned surplus reserve to be appropriated for that fiscal year; and (iv) unrealized gains.
We may resell or transfer
any shares acquired by us to a third party pursuant to an approval by the Board. Corporate entities in which we own a 50.0% or more equity interest may not acquire our common shares, except in the following cases: (i) in connection with a share-for-share exchange, a share transfer, a merger involving us, or the acquisition of all of another company’s business; or (ii) when necessary to achieve the
purpose of exercising our rights.
Liquidation Rights
In
the event of our liquidation, assets remaining after payment of all debts, liquidation expenses and taxes will be distributed among shareholders in proportion to their shareholdings. Holders
of non-voting dividend-preference shares have no preference in liquidation.
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DESCRIPTION OF AMERICAN DEPOSITARY SHARES
Citibank, N.A. has agreed to act as the depositary for the ADSs. Citibank, N.A.’s depositary offices are located at 388 Greenwich Street, New
York, New York 10013. ADSs represent ownership interests in securities that are on deposit with the depositary. ADSs may be represented by certificates that are commonly known as “American Depositary Receipts” or
“ADRs.” The depositary typically appoints a custodian to safekeep the securities on deposit. In this case, the custodian is Korea Securities Depository, located at BIFC, 40, Munhyeongeumyung-ro, Nam-gu, Busan 48400, Korea.
We have appointed Citibank, N.A. as depositary pursuant to a deposit agreement. A copy of the deposit agreement is on file with the SEC under cover of a
Registration Statement on Form F-6. You may obtain a copy of the deposit agreement from the SEC’s website (www.sec.gov). Please refer to Registration Number 333-297185 when retrieving such copy.
We are providing you with a summary description of the material terms of the ADSs and of your material rights as an owner of ADSs. Please remember that
summaries by their nature lack the precision of the information summarized and that the rights and obligations of an owner of ADSs will be determined by reference to the terms of the deposit agreement and not by this summary. We urge you to review
the deposit agreement in its entirety. The portions of this summary description that are italicized describe matters that may be relevant to the ownership of ADSs but that may not be contained in the deposit agreement.
Each ADS represents the right to receive, and to exercise the beneficial ownership interests in, one-tenth of a common share that is on deposit with the
depositary and/or custodian. An ADS also represents the right to receive, and to exercise the beneficial interests in, any other property received by the depositary or the custodian on behalf of the owner of the ADS but that has not been distributed
to the owners of ADSs because of legal restrictions or practical considerations. We and the depositary may agree to change the ADS-to-common share ratio by amending the deposit agreement. This amendment may
give rise to, or change, the depositary fees payable by ADS owners. The custodian, the depositary and their respective nominees will hold all deposited property for the benefit of the holders and beneficial owners of ADSs. The deposited property
does not constitute the proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in the deposited property will, under the terms of the deposit agreement, be vested in the beneficial owners of the ADSs. The
depositary, the custodian and their respective nominees will be the record holders of the deposited property represented by the ADSs for the benefit of the holders and beneficial owners of the corresponding ADSs. A beneficial owner of ADSs
may or may not be the holder of ADSs. Beneficial owners of ADSs will be able to receive, and to exercise beneficial ownership interests in, the deposited property only through the registered holders of the ADSs, the registered holders of the ADSs
(on behalf of the applicable ADS owners) only through the depositary, and the depositary (on behalf of the owners of the corresponding ADSs) directly, or indirectly, through the custodian or their respective nominees, in each case upon the terms of
the deposit agreement.
If you become an owner of ADSs, you will become a party to the deposit agreement and therefore will
be bound to its terms and to the terms of any ADR that represents your ADSs. The deposit agreement and the ADR specify our rights and obligations as well as your rights and obligations as an owner of ADSs and those of the depositary. As an ADS
holder, you appoint the depositary to act on your behalf in certain circumstances. The deposit agreement and the ADRs are governed by New York law. However, our obligations to the holders of common shares will continue to be governed by the laws of
Korea, which may be different from the laws of the United States.
In addition, applicable laws and regulations may require you to satisfy reporting
requirements and obtain regulatory approvals in certain circumstances. You are solely responsible for complying with such reporting requirements and obtaining such approvals. Neither the depositary, the custodian, us or
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any of their or our respective agents or affiliates shall be required to take any actions whatsoever on your behalf to satisfy such reporting requirements or obtain such regulatory approvals
under applicable laws and regulations.
As an owner of ADSs, we will not treat you as one of our shareholders and you will not have direct
shareholder rights. The depositary will hold on your behalf the shareholder rights attached to the common shares underlying your ADSs. As an owner of ADSs you will be able to exercise the shareholders rights for the common shares represented by your
ADSs through the depositary only to the extent contemplated in the deposit agreement. To exercise any shareholder rights not contemplated in the deposit agreement you will, as an ADS owner, need to arrange for the cancelation of your ADSs and become
a direct shareholder.
The manner in which you own the ADSs (e.g., in a brokerage account vs. as registered holder, or as holder of certificated
vs. uncertificated ADSs) may affect your rights and obligations, and the manner in which, and the extent to which, the depositary’s services are made available to you. As an owner of ADSs, you may hold your ADSs either by means of an ADR
registered in your name, through a brokerage or safekeeping account, or through an account established by the depositary in your name reflecting the registration of uncertificated ADSs directly on the books of the depositary (commonly referred to as
the “direct registration system” or “DRS”). The direct registration system reflects the uncertificated (book-entry) registration of ownership of ADSs by the depositary. Under the direct registration system, ownership of ADSs
is evidenced by periodic statements issued by the depositary to the holders of the ADSs. The direct registration system includes automated transfers between the depositary and DTC, the central book-entry clearing and settlement system for equity
securities in the United States. If you decide to hold your ADSs through your brokerage or safekeeping account, you must rely on the procedures of your broker or bank to assert your rights as an ADS owner. Banks and brokers typically hold securities
such as the ADSs through clearing and settlement systems such as DTC. The procedures of such clearing and settlement systems may limit your ability to exercise your rights as an owner of ADSs. Please consult with your broker or bank if you have any
questions concerning these limitations and procedures. All ADSs held through DTC will be registered in the name of a nominee of DTC. This summary description assumes you have opted to own the ADSs directly by means of an ADS registered in your name
and, as such, we will refer to you as the “holder.” When we refer to “you,” we assume the reader owns ADSs and will own ADSs at the relevant time.
The registration of the common shares in the name of the depositary or the custodian shall, to the maximum extent permitted by applicable law, vest in
the depositary or the custodian the record ownership in the applicable common shares, with the beneficial ownership rights and interests in such common shares being at all times vested with the beneficial owners of the ADSs representing the common
shares. The depositary or the custodian shall at all times be entitled to exercise the beneficial ownership rights in all deposited property, in each case only on behalf of the holders and beneficial owners of the ADSs representing the deposited
property.
Dividends and Distributions
As a holder of
ADSs, you generally have the right to receive the distributions we make on the securities deposited with the custodian. Your receipt of these distributions may be limited, however, by practical considerations and legal limitations. Holders of ADSs
will receive such distributions under the terms of the deposit agreement in proportion to the number of ADSs held as of the specified record date, after deduction of the applicable fees, taxes and expenses.
Distributions of Cash
Whenever we make a cash distribution
for the securities on deposit with the custodian, we will deposit the funds with the custodian. Upon receipt of confirmation of the deposit of the requisite funds,
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the depositary will arrange for the funds received in a currency other than U.S. dollars to be converted into U.S. dollars and for the distribution of the U.S. dollars to the holders, subject to
the laws and regulations of Korea.
The conversion into U.S. dollars will take place only if practicable and if the U.S. dollars are transferable to
the United States. The depositary will apply the same method for distributing the proceeds of the sale of any property (such as undistributed rights) held by the custodian in respect of securities on deposit.
The distribution of cash will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit
agreement. The depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable holders and beneficial owners of ADSs until the distribution
can be effected or the funds that the depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States.
Distributions of Shares
Whenever we make a free distribution
of common shares for the securities on deposit with the custodian, we will deposit the applicable number of common shares with the custodian. Upon receipt of confirmation of such deposit, the depositary will either distribute to holders new
ADSs representing the common shares deposited or modify the ADS-to-common share ratio, in which case each ADS you hold will represent rights and interests in the additional common shares so deposited.
Only whole new ADSs will be distributed. Fractional entitlements will be sold and the proceeds of such sale will be distributed as in the case of a cash distribution.
The distribution of new ADSs or the modification of the ADS-to-common share ratio upon a distribution of common
shares will be made net of the fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In order to pay such taxes or governmental charges, the depositary may sell all or a portion of the new common
shares so distributed.
No such distribution of new ADSs will be made if it would violate a law ( e.g. , the U.S. securities laws) or if it is
not operationally practicable. If the depositary does not distribute new ADSs as described above, it may sell the common shares received upon the terms described in the deposit agreement and will distribute the proceeds of the sale as in the case of
a distribution of cash.
Distributions of Rights
Whenever we intend to distribute rights to subscribe for additional common shares, we will give prior notice to the depositary and we will assist the
depositary in determining whether it is lawful and reasonably practicable to distribute rights to subscribe for additional ADSs to holders.
The
depositary will establish procedures to distribute rights to subscribe for additional ADSs to holders and to enable such holders to exercise such rights if it is lawful and reasonably practicable to make the rights available to holders of ADSs, and
if we provide to the depositary all of the documentation contemplated in the deposit agreement (such as opinions to address the lawfulness of the transaction). You may have to pay fees, expenses, taxes and other governmental charges to subscribe for
the new ADSs upon the exercise of your rights. The depositary is not obligated to establish procedures to facilitate the distribution and exercise by holders of rights to subscribe for new common shares other than in the form of ADSs.
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The depositary will not distribute the rights to you if:
We do not timely request that the rights be distributed to you or we request that the rights not be distributed to you;
We fail to deliver reasonably satisfactory documents to the depositary; or
It is not lawful or reasonably practicable to distribute the rights.
The depositary will sell the rights that are not exercised or not distributed if such sale is lawful and reasonably practicable. The proceeds of such
sale will be distributed to holders as in the case of a cash distribution. If the depositary is unable to sell the rights, it will allow the rights to lapse.
Elective Distributions
Whenever we intend to distribute a
dividend payable at the election of shareholders either in cash or in additional shares, we will give prior notice thereof to the depositary and will indicate whether we wish the elective distribution to be made available to you. In such case, we
will assist the depositary in determining whether such distribution is lawful and reasonably practicable.
The depositary will make the election
available to you only if it is reasonably practicable and if we have provided all of the documentation contemplated in the deposit agreement. In such case, the depositary will establish procedures to enable you to elect to receive either cash or
additional ADSs, in each case as described in the deposit agreement.
If the election is not made available to you, you will receive either cash or
additional ADSs, depending on what a shareholder in Korea would receive upon failing to make an election, as more fully described in the deposit agreement.
Other Distributions
Whenever we intend to distribute
property other than cash, common shares or rights to subscribe for additional common shares, we will notify the depositary in advance and will indicate whether we wish such distribution to be made to you. If so, we will assist the depositary in
determining whether such distribution to holders is lawful and reasonably practicable.
If it is reasonably practicable to distribute such property
to you and if we provide to the depositary all of the documentation contemplated in the deposit agreement, the depositary will distribute the property to the holders in a manner it deems practicable.
The distribution will be made net of fees, expenses, taxes and governmental charges payable by holders under the terms of the deposit agreement. In
order to pay such taxes and governmental charges, the depositary may sell all or a portion of the property received.
The depositary will not
distribute the property to you and will sell the property if:
we do not request that the property be distributed to you or if we request that the property not be distributed to you; or
we do not deliver reasonably satisfactory documents to the depositary; or
the depositary determines that all or a portion of the distribution to you is not reasonably practicable.
The proceeds of such a sale will be distributed to holders as in the case of a cash distribution.
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Redemption
Whenever we decide to redeem any of the securities on deposit with the custodian, we will notify the depositary in advance. If it is practicable and if
we provide to the depositary all of the documentation contemplated in the deposit agreement, the depositary will provide notice of the redemption to the holders.
The custodian will be instructed to surrender the common shares being redeemed against payment of the applicable redemption price. The depositary will
convert into U.S. dollars upon the terms of the deposit agreement the redemption funds received in a currency other than U.S. dollars and will establish procedures to enable holders to receive the net proceeds from the redemption upon surrender of
their ADSs to the depositary. You may have to pay fees, expenses, taxes and other governmental charges upon the redemption of your ADSs. If less than all ADSs are being redeemed, the ADSs to be retired will be selected by lot or on a pro rata
basis, as the depositary may determine upon consultation with us.
Changes Affecting Common Shares
The common shares held on deposit for your ADSs may change from time to time. For example, there may be a change in nominal or par value, split-up, cancelation, consolidation or any other reclassification of such common shares or a recapitalization, reorganization, merger, consolidation or sale of our assets.
If any such change were to occur, your ADSs would, to the extent permitted by law and the deposit agreement, represent the right to receive the property
received or exchanged in respect of the common shares held on deposit. The depositary may in such circumstances deliver new ADSs to you, amend the deposit agreement, the ADRs and the applicable Registration Statement(s) on Form F-6, call for the exchange of your existing ADSs for new ADSs and take any other actions that the depositary, in consultation with us, considers appropriate to reflect as to the ADSs the change affecting the common
shares. If the depositary may not lawfully distribute such property to you, the depositary may sell such property and distribute the net proceeds to you as in the case of a cash distribution.
Issuance of ADSs upon Deposit of Common Shares
Upon
completion of this offering, the common shares being offered pursuant to this prospectus will be deposited by us with the custodian. Upon receipt of confirmation of such deposit, the depositary will issue ADSs to the underwriters named in this
prospectus. After the completion of this offering, the common shares that are being offered for sale pursuant to this prospectus will be deposited by us with the custodian. Upon receipt of confirmation of such deposit, the depositary will issue ADSs
to the underwriters named in the prospectus.
After the closing of this offering, the depositary may create ADSs on your behalf if you or your
broker deposit common shares with the custodian. The depositary will deliver these ADSs to the person you indicate only after you pay any applicable issuance fees and any charges and taxes payable for the transfer of the common shares to the
custodian. Your ability to deposit common shares and receive ADSs may be limited by legal considerations in the United States and Korea applicable at the time of deposit. In addition, under the terms of the deposit agreement, the depositary is
required to obtain our prior consent to any such deposit if, after giving effect to such deposit, the total number of our common shares represented by ADSs exceeds the limits imposed by applicable laws and regulations or our articles of
incorporation, or otherwise exceeds a specified maximum that we may establish from time to time, subject to adjustment under certain circumstances. See “Risk Factors — If you surrender your ADSs in order to withdraw the underlying common
shares, you may not be allowed to deposit the common shares again to obtain ADSs.”
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The issuance of ADSs may be delayed until the depositary or the custodian receives confirmation that
all required approvals have been given and that the common shares have been duly transferred to the custodian. The depositary will only issue ADSs in whole numbers.
When you make a deposit of common shares, you will be responsible for transferring good and valid title to the depositary. As such, you will be deemed
to represent and warrant that:
the common shares are duly authorized, validly issued, fully paid, non-assessable
and legally obtained;
all preemptive (and similar) rights, if any, with respect to such common shares have been validly waived or exercised;
you are duly authorized to deposit the common shares;
the common shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage,
pledge or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, “restricted securities” (as defined in the deposit agreement);
you have obtained all necessary approvals from any applicable governmental agency in Korea, made all applicable filings
with any such governmental agency, and otherwise complied with all applicable laws of Korea and the rules and regulations of any such governmental agency to make such deposit; and
the common shares presented for deposit have not been stripped of, or limited from, any rights or entitlements.
If any of the representations or warranties are incorrect in any way, we and the depositary may, at your cost and expense, take
any and all actions necessary to correct the consequences of the misrepresentations.
Transfer, Combination and Split Up of ADRs
As an ADR holder, you will be entitled to transfer, combine or split up your ADRs and the ADSs evidenced thereby. For transfers of ADRs, you will have to
surrender the ADRs to be transferred to the depositary and also must:
ensure that the surrendered ADR is properly endorsed or otherwise in proper form for transfer;
provide such proof of identity and genuineness of signatures as the depositary deems appropriate;
provide any transfer stamps required by the State of New York or the United States; and
pay all applicable fees, charges, expenses, taxes and other government charges payable by ADR holders pursuant to the terms
of the deposit agreement, upon the transfer of ADRs.
To have your ADRs either combined or split up, you must surrender the ADRs
in question to the depositary with your request to have them combined or split up, and you must pay all applicable fees, charges and expenses payable by ADR holders, pursuant to the terms of the deposit agreement, upon a combination or split up of
ADRs.
Withdrawal of Common Shares Upon cancelation of ADSs
As a holder, you will be entitled to present your ADSs to the depositary for cancelation and then receive the corresponding number of underlying common
shares at the custodian’s offices. Your ability
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to withdraw the common shares held in respect of the ADSs may be limited by legal considerations in the United States and Korea applicable at the time of withdrawal. In order to withdraw the
common shares represented by your ADSs, you will be required to pay to the depositary the fees for cancelation of ADSs and any charges and taxes payable upon the transfer of the common shares. You assume the risk for delivery of all funds and
securities upon withdrawal. Once canceled, the ADSs will not have any rights under the deposit agreement.
If you hold ADSs registered in your name,
the depositary may ask you to provide proof of identity and genuineness of any signature and such other documents as the depositary may deem appropriate before it will cancel your ADSs. The withdrawal of the common shares represented by your ADSs
may be delayed until the depositary receives satisfactory evidence of compliance with all applicable laws and regulations. Please keep in mind that the depositary will only accept ADSs for cancelation that represent a whole number of securities on
deposit.
You will have the right to withdraw the securities represented by your ADSs at any time except as a result of:
temporary delays that may arise because (i) the transfer books for the common shares or ADSs are closed, or
(ii) common shares are immobilized on account of a shareholders’ meeting or a payment of dividends;
obligations to pay fees, taxes and similar charges; or
restrictions imposed because of laws or regulations applicable to ADSs or the withdrawal of securities on deposit.
The deposit agreement may not be modified to impair your right to withdraw the securities represented by your ADSs except to
comply with mandatory provisions of law.
Voting Rights
As a holder, you generally have the right under the deposit agreement to instruct the depositary to exercise the voting rights for the common shares
represented by your ADSs. The voting rights of holders of common shares are described in “Description of Articles of Incorporation and Capital Stock — Voting Rights.”
At our request, the depositary will distribute to you any notice of shareholders’ meeting received from us together with information explaining
how to instruct the depositary to exercise the voting rights of the securities represented by ADSs. In lieu of distributing such materials, the depositary may, with our written consent, distribute to holders of ADSs instructions on how to retrieve
such materials upon request.
If the depositary timely receives voting instructions from a holder of ADSs, it will endeavor to vote the securities
(in person or by proxy) represented by the holder’s ADSs in accordance with such voting instructions.
Securities for which no voting
instructions have been received will not be voted (except as otherwise contemplated in the deposit agreement). Please note that the ability of the depositary to carry out voting instructions may be limited by practical and legal limitations
and the terms of the securities on deposit. We cannot assure you that you will receive voting materials in time to enable you to return voting instructions to the depositary in a timely manner.
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Fees and Charges
As an ADS holder, you will be required to pay the following fees (some of which may be cumulative) under the terms of the deposit agreement:
Service
Fees
Issuance of ADSs (e.g., an issuance upon a deposit of common shares, upon a change in the ADS(s)-to-common share ratio, ADS conversions, or for any other reason), excluding ADS issuances as a result of distributions of common shares
Up to US$5.00 per 100 ADSs (or fraction thereof) issued
Cancelation of ADSs (e.g., a cancelation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-common share ratio, ADS conversions,
upon termination of the deposit agreement, or for any other reason)
Up to US$5.00 per 100 ADSs (or fraction thereof) canceled
Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)
Up to US$5.00 per 100 ADSs (or fraction thereof) held
Distribution of ADSs pursuant to (i) share dividends or other free share distributions, or (ii) an exercise of rights to purchase additional ADSs
Up to US$5.00 per 100 ADSs (or fraction thereof) held
Distribution of financial instruments, including, without limitation, securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares and contingent value rights)
Up to US$5.00 per 100 ADSs (or fraction thereof) held
ADS Services
Up to US$5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the depositary
Registration of ADS transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason)
Up to US$5.00 per 100 ADSs (or fraction thereof) transferred
Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the deposit agreement) into freely
transferable ADSs, and vice versa or conversion of ADSs for unsponsored American Depositary Shares (e.g., upon termination of the deposit agreement)).
Up to US$5.00 per 100 ADSs (or fraction thereof) converted
As an ADS holder, you will also be responsible to pay certain charges (some of which may be cumulative) such as:
taxes (including applicable interest and penalties) and other governmental charges;
the registration fees as may from time to time be in effect for the registration of common shares on the share register and
applicable to transfers of common shares to or from the name of the custodian, the depositary or any nominees upon the making of deposits and withdrawals, respectively;
certain cable, telex and facsimile transmission and delivery expenses;
the fees, expenses, spreads, taxes and other charges of the depositary and/or service providers (which may be a division,
branch or affiliate of the depositary) in the conversion of foreign currency;
the reasonable and customary out-of-pocket
expenses incurred by the depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to common shares, ADSs and ADRs;
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the fees, charges, costs and expenses incurred by the depositary, the custodian or any nominee in connection with the ADR
program; and
the amounts payable to the depositary by any party to the deposit agreement pursuant to any ancillary agreement to the
deposit agreement in respect of the ADR program, the ADSs and the ADRs.
ADS fees and charges for (i) the issuance of ADSs
and (ii) the cancelation of ADSs are charged to the person for whom the ADSs are issued (in the case of ADS issuances) and to the person for whom ADSs are canceled (in the case of ADS cancellations). In the case of ADSs issued by the depositary
into DTC, the ADS issuance and cancelation fees and charges may be deducted from distributions made through DTC, and may be charged to the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs being canceled,
as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the
time. ADS fees and charges in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from
the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, holders as of the ADS record date will be invoiced for the amount of the ADS fees and charges and such ADS fees and charges may be
deducted from distributions made to holders of ADSs. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC
participants in accordance with the procedures and practices prescribed by DTC and the DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold ADSs. In the case of (i) registration of
ADS transfers, the ADS transfer fee will be payable by the ADS holder whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series (which may entail the
cancelation, issuance and transfer of ADSs and the conversion of ADSs from one series to another series), the applicable ADS issuance, cancelation, transfer and conversion fees will be payable by the holder whose ADSs are converted or by the person
to whom the converted ADSs are delivered.
In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit
agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder. Certain of the depositary fees and charges (such as the ADS services fee) may
become payable shortly after the closing of the ADS offering. Note that the fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior notice of such changes. The depositary
may reimburse us for certain expenses incurred by us in respect of the ADR program, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary agree from
time to time. Any failure by us to timely pay any fees, charges and reimbursements of the depositary for which we are responsible pursuant to the deposit agreement, or any ancillary agreement between us and the depositary, may suspend the obligation
of the depositary to provide the services contemplated in the deposit agreement at our expense (including services being made available to you), and the depositary shall have no obligation to provide any such services made available at our expense
(including services being made available to you) unless and until we have made payment in full.
Amendments and Termination
We may agree with the depositary to modify the deposit agreement at any time without your consent. We undertake to give holders 30 days’ prior
notice of any modifications that would materially
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prejudice any of their substantial rights under the deposit agreement. We will not consider to be materially prejudicial to your substantial rights any modifications or supplements that are
reasonably necessary for the ADSs to be registered under the Securities Act or to be eligible for book-entry settlement, in each case without imposing or increasing the fees and charges you are required to pay. In addition, we may not be able to
provide you with prior notice of any modifications or supplements that are required to accommodate compliance with applicable provisions of law.
You will be bound by the modifications to the deposit agreement if you continue to hold your ADSs after the modifications to the deposit agreement
become effective. The deposit agreement cannot be amended to prevent you from withdrawing the common shares represented by your ADSs (except as permitted by law).
We have the right to direct the depositary to terminate the deposit agreement. Similarly, the depositary may in certain circumstances on its own
initiative terminate the deposit agreement. In either case, the depositary must give notice to the holders at least 30 days before termination. Until termination, your rights under the deposit agreement will be unaffected.
After termination, the depositary will continue to collect distributions received (but will not distribute any such property until you request
the cancelation of your ADSs) and may sell the securities held on deposit. After the sale, the depositary will hold the proceeds from such sale and any other funds then held for the holders of ADSs in a
non-interest bearing account. At that point, the depositary will have no further obligations to holders other than to account for the funds then held for the holders of ADSs still outstanding (after deduction
of applicable fees, taxes and expenses).
In connection with any termination of the deposit agreement, the depositary may make available to owners
of ADSs a means to withdraw the common shares represented by ADSs and to direct the depositary of such common shares into an unsponsored American depositary share program established by the depositary. The ability to receive unsponsored American
depositary shares upon termination of the deposit agreement would be subject to limitations of the laws of Korea, satisfaction of certain U.S. regulatory requirements applicable to the creation of unsponsored American depositary shares and the
payment of applicable depositary fees.
Books of Depositary
The depositary will maintain ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but
solely for the purpose of communicating with other holders in the interest of business matters relating to the ADSs and the deposit agreement.
The
depositary will maintain in New York facilities to record and process the issuance, cancelation, combination, split-up and transfer of ADSs. These facilities may be closed from time to time, to the extent not
prohibited by law.
Limitations on Obligations and Liabilities
The deposit agreement limits our obligations and the depositary’s obligations to you. Please note the following:
We and the depositary are obligated only to take the actions specifically stated in the deposit agreement without
negligence or bad faith.
We and the depositary disclaim any liability for any failure to carry out voting instructions, for any manner in which a
vote is cast or for the effect of any vote, provided any such action or omission is in good faith and in accordance with the terms of the deposit agreement.
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We and the depositary disclaim any liability for any failure to determine the lawfulness or practicality of any action, for
the investment risks associated with investing in common shares, for any tax consequences that result from the ownership of ADSs, common shares or deposited property, for the credit-worthiness of any third party or for allowing any rights to lapse
under the terms of the deposit agreement. The depositary disclaims any liability for the content of any document forwarded to you on our behalf or for the accuracy of any translation of such a document, for the validity or worth of the common
shares, for any financial transaction entered into by any person in respect of the ADSs or any deposited property, for any transaction involving the ADSs or deposited property, for the timeliness of any of our notices or for our failure to give
notice.
We and the depositary disclaim any liability for any action or failure to act by any holder of ADSs relating to such
holder’s obligation under any laws of Korea or regulation relating to foreign investment in Korea in respect to a withdrawal or sale of shares, including without limitation, any failure to comply with a requirement to register such investment
prior to such withdrawal or any failure to report foreign exchange transactions.
We and the depositary will not be obligated to perform any act that is inconsistent with the terms of the deposit
agreement.
We and the depositary disclaim any liability if we or the depositary are prevented or forbidden from or subject to any
civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement, by reason of any provision, present or future of any law or regulation, or by reason of present
or future provision of any provision of our articles of incorporation, or any provision of or governing the securities on deposit, or by reason of any act of God or war or other circumstances beyond our control.
We and the depositary disclaim any liability by reason of any exercise of, or failure to exercise, any discretion provided
for in the deposit agreement or in our articles of incorporation or in any provisions of or governing the securities on deposit.
We and the depositary further disclaim any liability for any action or inaction in reliance on the advice or information
received from legal counsel, accountants, any person presenting common shares for deposit, any holder of ADSs or authorized representatives thereof, or any other person believed by either of us in good faith to be competent to give such advice or
information.
We and the depositary also disclaim liability for the inability by a holder to benefit from any distribution, offering,
right or other benefit that is made available to holders of common shares but is not, under the terms of the deposit agreement, made available to you.
We and the depositary may rely without any liability upon any written notice, request or other document believed to be
genuine and to have been signed or presented by the proper parties.
We and the depositary also disclaim liability for any consequential or punitive damages for any breach of the terms of the
deposit agreement.
No disclaimer of any Securities Act liability is intended by any provision of the deposit agreement.
Nothing in the deposit agreement gives rise to a partnership or joint venture, or establishes a fiduciary relationship,
among us, the depositary and you as ADS holder.
Nothing in the deposit agreement precludes Citibank, N.A. (or its affiliates) from engaging in transactions in which
parties adverse to us or the ADS owners have interests, and nothing in the deposit agreement obligates Citibank, N.A. to disclose those transactions, or any information obtained in the course of those transactions, to us or to the ADS owners, or to
account for any payment received as part of those transactions.
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As the above limitations relate to our obligations and the depositary’s obligations to you
under the deposit agreement, we believe that, as a matter of construction of the deposit agreement, such limitations would likely continue to apply to ADS holders who withdraw the common shares from the ADS facility with respect to obligations or
liabilities incurred under the deposit agreement before the cancelation of the ADSs and the withdrawal of the common shares, and such limitations would most likely not apply to ADS holders who withdraw the common shares from the ADS facility with
respect to obligations or liabilities incurred after the cancelation of the ADSs and the withdrawal of the common shares and not under the deposit agreement.
In any event, you will not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary’s compliance with
U.S. federal securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the depositary’s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.
Taxes
You will be responsible for the taxes and other
governmental charges payable on the ADSs and the securities represented by the ADSs. We, the depositary and the custodian may deduct from any distribution the taxes and governmental charges payable by holders and may sell any and all property on
deposit to pay the taxes and governmental charges payable by holders. You will be liable for any deficiency if the sale proceeds do not cover the taxes that are due.
The depositary may refuse to issue ADSs, to deliver, transfer, split and combine ADRs or to release securities on deposit until all taxes and charges
are paid by the applicable holder. The depositary and the custodian may take reasonable administrative actions to obtain tax refunds and reduced tax withholding for any distributions on your behalf. However, you may be required to provide to the
depositary and to the custodian proof of taxpayer status and residence and such other information as the depositary and the custodian may require to fulfill legal obligations. You are required to indemnify us, the depositary and the custodian for
any claims with respect to taxes based on any tax benefit obtained for you.
Foreign Currency Conversion
The depositary will arrange for the conversion of all foreign currency received into U.S. dollars if such conversion is practical, and it will distribute
the U.S. dollars in accordance with the terms of the deposit agreement. You may have to pay fees and expenses incurred in converting foreign currency, such as fees and expenses incurred in complying with currency exchange controls and other
governmental requirements.
If the conversion of foreign currency is not practical or lawful, or if any required approvals are denied or not
obtainable at a reasonable cost or within a reasonable period, the depositary may take the following actions in its discretion:
Convert the foreign currency to the extent practical and lawful and distribute the U.S. dollars to the holders for whom the
conversion and distribution is lawful and practical.
Distribute the foreign currency to holders for whom the distribution is lawful and practical.
Hold the foreign currency (without liability for interest) for the applicable holders.
Governing Law/Waiver of Jury Trial
The deposit agreement,
the ADRs and the ADSs will be interpreted in accordance with the laws of the State of New York. The rights of holders of common shares (including common shares represented by ADSs) are governed by the laws of Korea.
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AS A PARTY TO THE DEPOSIT AGREEMENT, YOU IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, YOUR RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF THE DEPOSIT AGREEMENT, THE ADSs OR THE ADRs AGAINST US AND/OR THE DEPOSITARY.
The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have
against us or the depositary arising out of or relating to our common shares, the ADSs or the deposit agreement, including any claim under U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the
court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law. However, you will not be deemed by agreeing to the terms of the deposit agreement to have waived our or the
depositary’s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.
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SHARES AND AMERICAN DEPOSITARY SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this offering, we will have 728,865,500 outstanding common shares (including 17,790,000 common shares represented by 177,900,000
ADSs issued in this offering) and 1,626,865 treasury shares. All ADSs sold in this offering will be freely transferable by persons other than our “affiliates” as that term is defined in Rule 144 under the Securities Act as currently in
effect, or “Rule 144,” without restriction or further registration under the Securities Act. All outstanding shares prior to this offering are “restricted securities” as that term is defined in Rule 144 because they were
issued in a transaction or series of transactions not involving a public offering in the United States. Restricted securities, in the form of ADSs or otherwise, may be sold only if they are the subject of an effective registration statement under
the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rule 144 or 701 promulgated under the Securities Act, which rules are summarized below. Restricted
shares of our common stock may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act, or “Regulation S.” Previously
outstanding shares of our common stock are eligible for trading on the KRX KOSPI Market. This prospectus may not be used in connection with any resale of our ADSs acquired in this offering by our affiliates.
Sales of substantial amounts of our shares or ADSs in the public market could adversely affect their prevailing market prices. Prior to this offering,
there has been no public market for shares of our ADSs, and while we have applied to list our ADSs on Nasdaq, we cannot assure you that a regular trading market will develop.
Rule 144
In general, under Rule 144, a person who has
beneficially owned our common shares that are restricted shares for at least six months would be entitled to sell such securities, provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time
during the 90 days preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned our common shares that are restricted shares for at
least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three month period only a number of
securities that does not exceed the greater of either of the following:
1% of the number of our common shares then outstanding; or
the average weekly trading volume of our common shares represented by ADSs on the Nasdaq during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale;
provided, in each case, that we are subject to the Exchange Act periodic
reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of
Rule 144 to the extent applicable.
Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the
Securities Act. In general, this means that our common shares may be sold in some other manner outside the United States without requiring registration in the United States. Previously outstanding shares of our common stock are eligible for trading
on the KRX KOSPI Market.
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Lock-up Agreements
We and certain of our affiliates may agree with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of any ADSs,
common shares or similar securities for a period of 90 days after the date of this prospectus. See “Underwriting” for more information.
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KOREAN FOREIGN EXCHANGE CONTROLS AND SECURITIES REGULATIONS
General
The Foreign Exchange Transactions Act of Korea and
the Presidential Decree and regulations under that Act and Decree, collectively referred to as the “Foreign Exchange Transaction Laws,” regulate investments in Korean securities
by non-residents and issuances of securities outside Korea by Korean companies. Non-residents may invest in Korean securities pursuant to the Foreign
Exchange Transaction Laws. The FSC has also adopted, pursuant to its authority under the FSCMA, regulations that restrict investments by foreigners in Korean securities and regulate issuances of securities outside Korea by Korean companies.
Subject to certain limitations, the Ministry of Finance and Economy has the authority to take the following actions under the Foreign Exchange
Transaction Laws:
if the Government deems it necessary on account of war, armed conflict, natural disaster or grave and sudden and
significant changes in domestic or foreign economic circumstances or similar events or circumstances, the Ministry of Finance and Economy may (i) temporarily suspend payment, receipt or performance under any or all foreign exchange
transactions, in whole or in part, to which the Foreign Exchange Transaction Laws apply (including suspension of payment and receipt of foreign exchange), (ii) impose an obligation to deposit, safe-keep or sell precious metal or any means of payment
to the Bank of Korea, a foreign exchange equalization fund or certain other governmental agencies or financial companies, or (iii) require resident creditors to collect and recover debts owed by
non-resident debtors and to send such amounts to the creditors’ accounts in Korea; and
if the Government concludes that the international balance of payments and international financial markets are experiencing
or are likely to experience significant disruption or that the movement of capital between Korea and other countries is likely to adversely affect its currency policies, exchange rate policies or other macroeconomic policies, the Ministry of Finance
and Economy may take action to require any person who intends to effect a capital transaction to obtain permission or to require any person who effects a capital transaction to deposit a portion of the means of payment acquired in such transaction
with the Bank of Korea, a foreign exchange equalization fund or certain other governmental agencies or financial companies.
Such
authority of the Ministry of Finance and Economy would not, however, be applicable to foreign investments made pursuant to the Foreign Investment Promotion Act of Korea.
Holding Company Regulations
Under the Monopoly Regulation and Fair Trade Act, a company that qualifies as a holding company is required, among other restrictions, to satisfy minimum
equity ownership requirements with respect to its subsidiaries. The applicable minimum ownership thresholds differ before and after the effective date of the amendments to the Monopoly Regulation and Fair Trade Act that took effect on December 30,
2021. Under the current rules, a holding company is generally required to hold at least 30% of the issued voting shares of a listed subsidiary and at least 50% of the issued voting shares of an unlisted subsidiary. However, pursuant to the
transitional provisions, if a holding company was newly established or converted into a holding company prior to December 30, 2021, the prior minimum ownership thresholds (20% for listed subsidiaries and 40% for unlisted subsidiaries) continue to
apply to the subsidiaries held by such holding company prior to December 30, 2021. SK square, our largest shareholder, converted into a holding company prior to December 30, 2021 and, accordingly, is subject to the 20% minimum ownership threshold
with respect to a listed subsidiary (including us) that it held prior to December 30, 2021, and is required to maintain ownership of at least 20% of our issued shares.
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Pricing of Newly Issued Shares
Article 5-18 ( Determination of the Issue Price for Paid-in Capital Increases ) of the Regulation on the Issuance and Disclosure, Etc. of Securities
of Korea generally applies where a listed company conducts a paid-in capital increase through a third-party allotment. If the offering price is determined at a discount from the trading price, the discount rate is to be determined against a base
price, which is generally the volume-weighted arithmetic average of the share price (i.e., a price calculated by dividing the total value of such shares traded on the Korea Exchange during the relevant period by the total volume of such shares
traded during such period) during the period from the third trading day to the fifth trading day prior to the subscription date, which will be the closing date for this offering. The discount rate is generally required to be set within 10% for a
third-party allotment under the above regulation. Based on the position of the FSS, our issuance of new shares to the depositary for purposes of the offering is viewed as a third-party allotment, and therefore, the initial public offering price is
subject to the above restrictions on the discount rate, which could constrain the pricing flexibility of the offering.
Government Review of Issuances of ADSs
Under the FSCMA, its Presidential Decree and the FSC regulations promulgated thereunder, where an issuer makes solicitation of an offer to
subscribe for the securities to be newly issued by it to 50 or more investors (aggregated with the number of the investors who have received the solicitation of an offer to purchase or subscribe for the securities of the same class within six months
prior to the commencement date of the solicitation of an offer to subscribe for the securities to be newly issued, but excluding certain professional investors and the issuer-related persons specified in the Presidential Decree of the FSCMA), such
solicitation would constitute an “offering,” and the issuer would be required to file a securities registration statement with the FSC. In addition, even if the number of the investors who received the solicitation as calculated above is
fewer than 50, such solicitation would nevertheless be deemed an “offering” and the issuer would be required to file a securities registration statement with the FSC if:
in the case where the securities in question are issued in Korea, there has been a prior offering or sale of the securities
of the same class; or
in the case where the securities in question are issued outside Korea, such securities may be transferred to Korean
residents within one year from the issuance date thereof.
In order for us to issue the common shares to the depositary for
issuing the ADSs, we are required to file a securities registration statement with the FSC and such securities registration statement must become effective in accordance with the FSCMA, its Presidential Decree and the FSC regulations promulgated
thereunder, because such issuance of our common shares would be deemed an “offering” in Korea even if there is no solicitation of an offer to subscribe for such common shares or ADSs in Korea or to the residents of Korea, as discussed
above. Accordingly, we have filed a Korean-language securities registration statement with the FSC separately from this prospectus. However, the ADSs will not be offered, sold, or delivered in Korea or to, or for the account of or benefit of any
investors in Korea, at the time of their issuance.
Under the Foreign Exchange Transaction Laws, in order for the depositary to issue ADSs
based on the Common Shares newly issued and deposited by us in connection with this offering in excess of US$50 million, we are required to file a securities issuance report with the Ministry of Finance and Economy via our designated foreign
exchange bank with respect to the issuance of the ADSs prior to such issuance; provided that such US$50 million threshold amount would be reduced by the aggregate principal amount of any foreign currency loans borrowed from non-residents, and any foreign currency denominated securities issued outside Korea or to non-residents in Korea on a private placement
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basis, each during the one-year period immediately preceding the filing date of such report. The Ministry of Finance and Economy may at
its discretion direct us to take necessary measures to avoid exchange rate fluctuation in connection with its acceptance of the securities issuance report for the issuance of the ADSs. We are required to submit the report on the results of the
issuance of the ADSs without delay after the net subscription money for the ADSs is paid to us.
Under the Foreign Exchange Transaction Laws, if
the securities are to be listed in a manner that involves the movement of securities between the Korea Exchange and an overseas stock exchange, a securities issuance report is required to be filed with the Ministry of Finance and Economy only once
at the time of the initial listing, and the person who has filed the securities issuance report as described above is required to submit a post-transaction report to the Ministry of Finance and Economy by the end of the month immediately following
the month in which either any movement of securities between the Korea Exchange and the applicable overseas stock exchange or any change in the number of the total issued securities occurs.
Under the Presidential Decree of FSCMA and the FSC regulations promulgated thereunder, the depositary is required to obtain our prior consent for any
proposed deposit of our issued common shares if the number of shares to be deposited in such proposed deposit exceeds the number of common shares initially deposited by us for the issuance of ADSs (including deposits in connection with the initial
and all subsequent issuances of ADSs by us or with our consent and stock dividends or other distributions related to the ADSs).
In addition to
such restrictions under Korean laws and regulations, there are also restrictions on the deposits of our common shares for issuance of ADSs. Therefore, a holder of ADRs who surrenders ADRs and withdraws shares may not be permitted subsequently
to deposit those shares and obtain ADRs.
Reporting Requirements for Holders of Substantial Interests
Under the FSCMA, any person whose direct or beneficial ownership of the shares with voting rights, equity-related
debt securities, including convertible bonds, bonds with warrants, exchangeable bonds, certificates representing the rights to subscribe for common shares, derivatives-linked securities and depositary receipts
representing the aforementioned securities, which we refer to collectively as “equity securities,” of a listed company in Korea, together with the equity securities directly or beneficially owned and held by certain related persons or by
any person acting in concert with the person, accounts for 5% or more of the total outstanding equity securities (including treasury shares) of such listed company is required to report the status and purpose (in terms of whether the purpose of the
shareholding is to participate in the management of the issuer) of the holdings, the major terms and conditions of the agreements relating to the equity securities and other matters prescribed by the Presidential Decree under the FSCMA to the FSC
and the Korea Exchange within five business days after reaching the 5% ownership interest.
As mentioned above, the 5% threshold relates to not only
ownership, but also holdings of equity securities. The concept of “holding” includes (i) any equity securities that are owned for the shareholder’s own account, regardless of the title (i.e., a nominee or other person holding
legal title on behalf of the underlying shareholder), (ii) claims for delivery of equity securities that are held in accordance with provisions of law or contract (i.e., legal or contractual rights to acquire equity securities), (iii) voting rights
(including rights to instruct the exercise of voting rights) of equity securities held in accordance with provisions of law or contract, including money trusts or collateral contracts (e.g., security agreements where the entity that has the
collateral holds the voting right), (iv) the power to decide on acquisitions or dispositions of equity securities held in accordance with provisions of laws or contracts, including money trusts or collateral contracts, (v) the right to
unilaterally complete the
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purchase and sale contract of the equity securities and become the purchaser to the contract (i.e., a legal right to acquire the equity securities if the contract conditions are within the
potential shareholder’s control), (vi) contractual rights such as call options pursuant to derivatives in which the underlying assets are equity securities and (vii) stock options in which the holder of such options becomes the owner of
the underlying equity shares when the options are exercised.
In addition, (A) any change in the number of the owned equity securities that is
1% or more of the total outstanding equity securities subsequent to the report or (B) any change in (i) the purpose of the shareholding or ownership of the equity securities, (ii) the major terms and conditions of the agreements
relating to the equity securities owned (such as trust agreements and collateral agreements) to the extent the number of relevant equity securities is 1% or more of the total outstanding equity securities or (iii) the type of the ownership
(direct ownership or holdings) to the extent the number of relevant equity securities is equal to or exceeds 1% of the total outstanding equity securities, subsequent to the report, must be reported to the FSC and the Korea Exchange, provided that
clause (B)(ii) is not applicable to holders who have invested for a simple investment purpose only (exercising only the rights guaranteed by applicable law regardless of the number of shares they hold) and clause (B)(iii) is only applicable to
shareholders whose investment purpose is to participate in the management of the company. Changes set forth in clauses (A) and (B) above must be reported within five business days from the date of such change (or by the tenth day of
the month following the month in which the change described in (A) above occurs, in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the FSCMA) with a simple investment purpose or by
the tenth day from the date of such change in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the FSCMA) whose intent is neither a simple investment nor management participation).
Notwithstanding the foregoing, certain professional investors prescribed by the Presidential Decree of the FSCMA may report the 5% ownership status and
the changes described in (A) above to the FSC and the Korea Exchange by the tenth day of the month immediately following the end of the quarter in which such 5% ownership interest is reached or the change occurs.
When filing a report to the FSC and the Korea Exchange in accordance with the reporting requirements described above, a copy of such report must also be
sent to the issuer.
Violation of these reporting requirements may subject a person to sanctions, such as prohibition on the exercise of voting
rights with respect to the equity securities for which the reporting requirement was violated, or fines and/or imprisonment. Furthermore, the FSC may order the disposal of the equity securities for which the reporting requirement was violated or may
impose a monetary penalty.
A person reporting to the FSC and the Korea Exchange that its purpose of holding the equity securities of the relevant
listed company in Korea is to participate in the management of such company is prohibited from acquiring additional equity securities of such company and exercising its voting rights, in each case during the period commencing from the date on which
the event triggering the reporting requirement occurs and ending on the fifth day from the date on which the report is made.
In addition to the
reporting requirements described above, any person whose direct or beneficial ownership of our common shares (including in the form of ADSs) accounts for 10.0% or more of the total issued shares with voting rights (a “major
shareholder”), other than certain exempted persons as listed under the Presidential Decree of the FSCMA, must report the status of his or her shareholding (including our shares (whether with voting rights or not) as well as any securities
convertible into or exchangeable for, or any warrants, rights or options to purchase or subscribe for, such shares, which we refer to collectively as “specific securities”) to the Securities and Futures Commission, a specialized
decision-making body within the FSC focusing on capital markets oversight, and the Korea Exchange
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within five business days after such person becomes a major shareholder. In addition, any change in the ownership interest subsequent to the report must be reported to the Securities and Futures
Commission and the Korea Exchange by the fifth business day of any changes in such person’s ownership level in our specific securities. Violations of these reporting requirements may subject such person to criminal sanctions, such as fines or
imprisonment.
If a director, executive officer or a major shareholder (other than certain exempted persons as listed under the Presidential
Decree of the FSCMA) intends to buy, sell or otherwise trade our specific securities, certain reporting obligations may arise. Such person must report, among others, the purpose of the trade, the expected trading price, trading volume and trading
period (which shall be not more than 30 days), which we refer to collectively as “trading plan,” to the Securities and Futures Commission and the Korea Exchange prior to the expected trading date, if the expected trading volume or amount
of our specific securities when aggregated with such person’s total trading volume or amount of our specific securities over the past six months (i) represents at least 1% of the total number of our issued specific securities or
(ii) is at least W 5 billion. Flexibility of up to 30% of the expected trading amount (equal to the expected trading price multiplied
by the expected trading volume as set out in the trading plan) is permitted to accommodate the market situation at the time of the transaction.
The Presidential Decree of the FSCMA also exempts certain types of trades from the aforementioned reporting obligations. Such trades include acquisition
of certain securities by inheritance or stock dividend and acquisition through exercise of the exchange rights under exchangeable bonds.
Restrictions Applicable
to ADSs
No Korean governmental approval is necessary for the sale and purchase of ADSs in the secondary market outside Korea or for the
withdrawal of shares underlying ADSs and the delivery of shares in Korea in connection with the withdrawal. The acquisition of the shares by a foreigner must be reported by the foreigner or his or her standing proxy (as described in “—
Restrictions Applicable to Shares” below) in Korea immediately to the Governor (the “Governor”) of the FSS.
Persons who have
acquired shares as a result of the withdrawal of shares underlying the ADSs may exercise their voting rights and preemptive rights for new shares, participate in free distributions and receive dividends on shares without any further governmental
approval.
In addition, we are required to file a securities registration statement with the FSC and such securities registration statement has to
become effective pursuant to the FSCMA in order for us to issue shares represented by ADSs.
Restrictions Applicable to Shares
As a result of amendments to the Foreign Exchange Transaction Laws and the FSC regulations adopted in connection with the stock market opening from
January 1992, which we refer to collectively as the “Investment Rules,” foreigners may invest, with limited exceptions and subject to certain procedural requirements, in shares of all Korean companies listed on the KRX KOSPI Market
or the KRX KOSDAQ Market unless prohibited by specific laws. Foreign investors may trade shares listed on the KRX KOSPI Market or the KRX KOSDAQ Market only through the KRX KOSPI Market or the KRX KOSDAQ Market, except in limited circumstances,
including, among others, the following:
odd-lot trading of shares;
acquisition of shares by exercise of warrants, conversion rights or exchange rights under bonds with warrants, convertible
bonds or exchangeable bonds, or withdrawal rights under depositary receipts issued outside of Korea by a listed company in Korea;
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acquisition of shares as a result of inheritance, donation, bequest or exercise of shareholders’ rights, including
preemptive rights or rights to participate in free distributions and receive dividends;
over-the-counter transactions between
foreigners of shares of a public service corporation for which the upper limit on aggregate ownership by foreigners as explained below, has been reached or exceeded;
shares acquired by way of foreign direct investment and/or the disposal of such shares by the investor;
disposal of shares pursuant to the exercise of appraisal rights of dissenting shareholders;
acquisition or disposal of shares in connection with a tender offer;
acquisition of shares by a foreign depositary in connection with the issuance of depositary receipts;
acquisition and disposal of shares through an overseas stock exchange market if such shares are simultaneously listed on
the KRX KOSPI Market or the KRX KOSDAQ Market and such overseas stock exchange; and
arm’s-length transactions between foreigners, if all of such foreigners
belong to the investment group managed by the same person.
Odd-lot trading of shares
outside the KRX KOSPI Market or the KRX KOSDAQ Market must involve an investment dealer licensed in Korea as the other party. Foreign investors are prohibited from engaging in margin transactions by borrowing shares from investment brokers or
investment dealers with respect to shares that are subject to a foreign ownership limit.
Prior to an amendment to the Presidential Decree of FSCMA
to abolish the foreign investors’ registration requirement which came into effect on December 14, 2023, the Investment Rules required a foreign investor who wished to invest in or dispose of shares on the KRX KOSPI Market or the KRX
KOSDAQ Market (including shares being issued or sold for initial listing on the KRX KOSPI Market or the KRX KOSDAQ Market) to register its identity with the FSS prior to making any such investment or disposal unless it has previously registered.
However, pursuant to the above-described amendment to the Presidential Decree of the FSCMA, foreign investors are now able to open investment accounts at securities firms without having to go through a prior registration process with the FSS.
Foreign corporate entities can use their legal entity identifiers, and foreign individuals can use their passport numbers, to open investment accounts. Foreign investors that already have obtained investment registration certificates can continue to
use their investor registration number so that potential inconvenience caused by changing the system may be minimized.
Under the previous laws and
regulations, foreign investors could only trade listed securities on the Korea Exchange, and over-the-counter transactions were permitted only for certain exceptional
circumstances. Over-the-counter transactions of foreign investors involving listed securities had been limited in practice because a prior review and approval had to be
obtained from financial supervisory authorities for such transactions with the exception of certain specific types of transactions that can be reported on an ex-post basis (e.g., foreign direct investment,
exercise of appraisal rights of dissenting shareholders, exercise of stock options, inheritance/gift, exercise of the rights associated with convertible bonds, bonds with warrants and repurchase agreements).
However, following the above-described amendment to the Presidential Decree of FSCMA and the abolition of the registration system for foreign investors
that came into effect on December 14, 2023, such regulatory changes have significantly expanded the scope of over-the-counter transactions eligible for ex-post reporting to cover those transactions that do not require a close review and are
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highly demanded by market participants. Specifically, ex-post reporting is permitted for the following types of over-the-counter transactions: (i) acquisition and disposition of shares resulting from spin-offs and mergers of a foreign entity, (ii) acquisition and disposition of securities resulting from
dividends in kind paid by a foreign entity, (iii) over-the-counter transfer of securities between foreigners where there is no change in the beneficial owner and
(iv) acquisition and disposition of shares resulting from in-kind delivery following the liquidation of a foreign fund.
A foreign investor may appoint a standing proxy among the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign
banks), investment dealers, investment brokers and collective investment companies (collectively, “financial investment firms”), including domestic branches of foreign financial investment firms, and internationally recognized custodians
which will act as a standing proxy to exercise shareholders’ rights or perform any matters related to the foregoing activities if the foreign investor does not perform these activities itself. Generally, a foreign investor may not permit any
person, other than its standing proxy, to exercise rights relating to its shares or perform any tasks related thereto on its behalf. However, a foreign investor may be exempted from complying with these standing proxy rules with the approval of the
Governor of the FSS in cases deemed inevitable by reason of conflict between the laws of Korea and those of the home country of the foreign investor.
Shares of a listed company in Korea owned by a foreign investor must be electronically registered by an eligible custodian. Only foreign exchange banks
(including domestic branches of foreign banks), financial investment firms (including domestic branches of foreign financial investment firms), the Korea Securities Depository and internationally recognized custodians are eligible to act as a
custodian of shares for a foreign investor. The custodian of a foreign investor must deposit such foreign investor’s shares with the Korea Securities Depository. However, a foreign investor may be exempted from complying with this deposit
requirement when such shares are electronically registered pursuant to applicable laws.
Under the Investment Rules, with certain exceptions,
foreign investors may own shares of a Korean company without being subject to any foreign investment ceiling. As one such exception, no person may hold for its own account shares issued by a designated public service corporation in excess of certain
ceilings, regardless of the legal ownership of such shares. However, as of the date of this prospectus, we are not such a designated public service corporation.
Furthermore, in the case of investments amounting to
W 100 million or more, (i) an investment by a foreign investor in 10% or more of the outstanding shares with voting rights of a Korean
company or (ii) an acquisition of the right by a foreign investor holding shares of a Korean company to dispatch or appoint directors or officers of such company constitutes a foreign direct investment for purposes of the Foreign Investment
Promotion Act of Korea. Generally, under the Foreign Investment Promotion Act of Korea, a foreign direct investment must be reported to a foreign exchange bank or Korea Trade-Investment Promotion Agency
designated by the Ministry of Trade, Industry and Energy prior to such investment (within 60 days after the date of such investment, if the investment is made by acquiring outstanding shares of a Korean company listed on the Korea Exchange).
The acquisition of shares of a Korean company by a foreign investor may also be subject to certain foreign or other shareholding restrictions in the event that the restrictions are prescribed in a specific law that regulates the business of the
Korean company. Changes in ownership of shares of a Korean company by a foreign direct investor, as well as changes in certain aspects of the foreign direct investment (including change in the foreign direct investor’s name, address or
business), are subject to reporting requirements.
Under the Foreign Exchange Transaction Laws, a foreign investor who wishes to trade shares
without obtaining separate governmental approvals or submitting separate reports to the Government
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must designate a foreign exchange bank and open a foreign currency account and a Won account with the bank exclusively for stock investments. No approval is required for remittance of foreign
currency funds into Korea or for deposit of foreign currency funds in the foreign currency account. Foreign currency funds may be transferred from the foreign currency account to a Won account opened with an investment dealer or an investment broker
at the time the foreign investor is required to place a deposit for, or settle the purchase price of, a stock purchase transaction to an investment dealer or investment broker’s Won account. Funds in the foreign currency account may be
remitted abroad without any governmental approval.
Dividends on shares of Korean companies are paid in Won. No governmental approval is required
for foreign investors to receive dividends on, or the Won proceeds of the sale of, any shares to be paid, received and retained in Korea. Dividends paid on, and the Won proceeds of the sale of, any shares held by a
non-resident of Korea may be deposited either in a Won account with the investor’s investment dealer or investment broker or its Won account with the foreign exchange bank. Funds in the investor’s
Won account may be transferred to its foreign currency account or withdrawn for local living expenses, provided that any withdrawal of local living expenses in excess of a certain amount must be reported to the Governor of the FSS by the foreign
exchange bank at which the Won account is maintained. Funds in the Won account in Korea may also be used for future investment in shares or for payment of the subscription price of new shares acquired through the exercise of preemptive rights.
Investment dealers and investment brokers are allowed to open foreign currency accounts with foreign exchange banks exclusively for accommodating
foreign investors’ stock investments in Korea. Through these accounts, investment dealers and investment brokers may enter into foreign exchange transactions on a limited basis, such as conversion of foreign currency funds and Won funds,
either as a counterparty to or on behalf of foreign investors, without the investors having to open their own accounts with foreign exchange banks.
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THE KOREAN SECURITIES MARKET
The Korea Exchange
On January 27, 2005, the Korea
Exchange was established pursuant to the Korea Securities and Futures Exchange Act by consolidating the Korea Stock Exchange, the Korea Futures Exchange, the KOSDAQ Stock Market, Inc., or the KOSDAQ, and the KOSDAQ Committee of the Korea Securities
Dealers Association, which had formerly managed the KOSDAQ. On July 1, 2013, the Korea Exchange launched the Korea New Exchange (KONEX, a new securities exchange market that focuses on small- and medium-sized enterprises). There are four different markets operated by the Korea Exchange: the KRX KOSPI Market, the KRX KOSDAQ Market, the KONEX Market and the KRX Derivatives Market. The Korea Exchange has three
trading floors located in Seoul, one for the KRX KOSPI Market, one for the KRX KOSDAQ Market and one for the KONEX Market, and one trading floor in Busan for the KRX Derivatives Market. The Korea Exchange is a stock corporation (“ jusik
hoesa ” in Korean), the shares of which are held by (i) investment brokers and investment dealers that were formerly members of the Korea Futures Exchange or the Korea Stock Exchange and (ii) the stockholders of the KOSDAQ.
Currently, the Korea Exchange is the only stock exchange in Korea and is operated by membership, having as its members most of the Korean investment brokers and investment dealers and some Korean branches of foreign investment brokers and investment
dealers.
According to data published by the Korea Exchange, as of July 3, 2026, the aggregate market value of equity securities listed on the
KRX KOSPI Market was approximately W 6,617 trillion, and the average daily trading volume of equity securities in 2026 (through July 3)
was approximately 795 million shares with an average daily transaction value of W 36,551 billion.
The Korea Exchange has the power in some circumstances to suspend trading in the shares of a specific company or to
de-list a security pursuant to the Regulation on Listing on the Korea Exchange. The Korea Exchange also restricts share price movements. All listed companies are required to file accounting reports annually, semi-annually and quarterly and to release immediately certain information that may affect trading in a security.
The Korea Exchange publishes the KOSPI every ten seconds, which is an index of all equity securities listed on the KRX KOSPI Market. On January 1,
1983, the method of computing KOSPI was changed from the Dow Jones method to the aggregate value method. In the new method, the market capitalizations of all listed companies are aggregated, subject to certain adjustments, and this aggregate is
expressed as a percentage of the aggregate market capitalization of all listed companies as of the base date, January 4, 1980.
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Movements in KOSPI are set out in the following table:
Opening
High
Low
Closing
1984
115.25
142.46
115.25
142.46
1985
139.53
163.37
131.40
163.37
1986
161.40
279.67
153.85
272.61
1987
264.82
525.11
264.82
525.11
1988
532.04
922.56
527.89
907.20
1989
919.61
1,007.77
844.75
909.72
1990
908.59
928.82
566.27
696.11
1991
679.75
763.10
586.51
610.92
1992
624.23
691.48
459.07
678.44
1993
697.41
874.10
605.93
866.18
1994
879.32
1,138.75
855.37
1,027.37
1995
1,013.57
1,016.77
847.09
882.94
1996
888.85
986.84
651.22
651.22
1997
653.79
792.29
350.68
376.31
1998
385.49
579.86
280.00
562.46
1999
587.57
1,028.07
498.42
1,028.07
2000
1,059.04
1,059.04
500.60
504.62
2001
520.95
704.50
468.76
693.70
2002
724.95
937.61
584.04
627.55
2003
635.17
822.16
515.24
810.71
2004
821.26
936.06
719.59
895.92
2005
893.71
1,379.37
870.84
1,379.37
2006
1,389.27
1,464.70
1,203.86
1,434.46
2007
1,435.26
2,064.85
1,355.79
1,897.13
2008
1,853.45
1,888.88
938.75
1,124.47
2009
1,157.40
1,723.17
992.69
1,682.77
2010
1,696.14
2,052.97
1,548.78
2,051.00
2011
2,070.08
2,228.96
1,652.71
1,825.74
2012
1,826.37
2,049.28
1,769.31
1,997.05
2013
2,031.10
2,059.58
1,780.63
2,011.34
2014
1,967.19
2,082.61
1,886.85
1,915.59
2015
1,926.44
2,173.41
1,829.81
1,961.31
2016
1,918.76
2,068.72
1,835.28
2,026.46
2017
2,026.16
2,557.97
2,026.16
2,467.49
2018
2,479.65
2,598.19
1,996.05
2,041.04
2019
2,010.00
2,248.63
1,909.71
2,197.67
2020
2,175.17
2,873.47
1,457.64
2,873.47
2021
2,944.45
3,305.21
2,839.01
2,977.65
2022
2,988.77
2,989.24
2,155.49
2,236.40
2023
2,225.67
2,667.07
2,218.68
2,655.28
2024
2,669.81
2,891.35
2,360.58
2,399.49
2025
2,398.94
4,221.87
2,293.70
4,214.17
2026 (through July 3)
4,309.63
9,114.55
4,309.63
8,088.34
Source:
The Korea Exchange
Shares are quoted “ex-dividend” on the trading day immediately preceding
the last trading day of the relevant company’s accounting period. Since the calendar year is the accounting period for the majority of listed companies, this may account for the drop in KOSPI between the closing price of the second trading day
preceding the last trading day of one calendar year and the opening price of the trading day immediately preceding the last trading day of such calendar year.
The Ministry of Justice of Korea has recently issued an official ruling to the effect that (i) a record date for determining shareholders entitled
to exercise of their voting rights at the general meeting of shareholders for declaration of dividends and (ii) a record date for determining the shareholders entitled to payment of dividends so declared may be separately set. Based on the
foregoing official ruling, the Government has recommended the listed companies to set the record date for determining
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the shareholders entitled to payment of dividends after the date of the general meeting of shareholders by resolution of their board of directors so that the investors may invest in the shares of
the listed companies after checking whether the dividend is declared and the amount of dividend so declared. As a result of the recommendation of the Government, many listed companies amended their articles of incorporation which previously provided
the shareholders shown at the register of shareholders as of the end of the fiscal year are entitled to both (i) exercise of their voting rights at the general meeting of shareholders for declaration of dividends and (ii) payment of
dividends so declared. The above change from past practice is also expected to affect the “ex-dividend” practice in the Korean securities markets including the KRX KOSPI Market.
With certain exceptions, principally to take account of a share being quoted “ex-dividend” and “ex-rights,” permitted upward and downward movements in share prices of any category of shares on any trading day are limited under the rules of the Korea Exchange to 30% of the previous trading
day’s closing price of the shares, rounded down as set out below:
Previous trading day’s closing price (Won)
Rounded down to (Won)
Less than 2,000
1
2,000 to less than 5,000
5
5,000 to less than 20,000
10
20,000 to less than 50,000
50
50,000 to less than 200,000
100
200,000 to less than 500,000
500
500,000 or more
1,000
As a consequence, if a particular closing price is the same as the price set by the fluctuation limit, the closing price
may not reflect the price at which persons would have been prepared, or would be prepared to continue, if so permitted, to buy and sell shares. Orders are executed on an auction system with priority rules to deal with competing bids and offers.
Due to deregulation of restrictions on brokerage commission rates, the brokerage commission rate on equity securities transactions may be determined by
the parties, subject to commission schedules being filed with the Korea Exchange by the investment brokers and the investment dealers. In addition, a securities transaction tax (including agricultural and fishery special surtax thereon) of 0.20% of
the sales price will generally be imposed on the transfer of shares or certain securities representing rights to subscribe for shares on the Korea Exchange. See “Certain Tax Considerations — Material Korean Tax Considerations.”
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The number of companies listed on the KRX KOSPI Market, the corresponding total market capitalization
at the end of the periods indicated and the average daily trading volume for those periods are set forth in the following table:
Market capitalization on the
last day of each period
Average daily trading volume, value
Year
Number of listed
companies
(Billions of Won)
Thousands of shares
(Millions of Won)
1984
336
5,149
14,847
10,642
1985
342
6,570
18,925
12,315
1986
355
11,994
31,755
32,870
1987
389
26,172
20,353
70,185
1988
502
64,544
10,367
198,364
1989
626
95,477
11,757
280,967
1990
669
79,020
10,866
183,692
1991
686
73,118
14,022
214,263
1992
688
84,712
24,028
308,246
1993
693
112,665
35,130
574,048
1994
699
151,217
36,862
776,257
1995
721
141,151
26,130
487,762
1996
760
117,370
26,571
486,834
1997
776
70,989
41,525
555,759
1998
748
137,799
97,716
660,429
1999
725
349,504
278,551
3,481,620
2000
704
188,042
306,163
2,602,211
2001
689
255,850
473,241
1,997,420
2002
683
258,681
857,245
3,041,598
2003
684
355,363
542,010
2,216,636
2004
683
412,588
372,895
2,232,108
2005
702
655,075
467,629
3,157,662
2006
731
704,588
279,096
3,435,180
2007
745
951,900
363,732
5,539,588
2008
763
592,635
355,205
5,189,643
2009
770
887,935
485,657
5,795,426
2010
777
1,141,885
380,859
5,619,768
2011
791
1,041,999
353,759
6,863,146
2012
784
1,154,294
486,480
4,823,643
2013
777
1,185,974
328,325
3,993,422
2014
773
1,119,253
278,082
3,983,580
2015
770
1,242,832
455,256
5,351,734
2016
779
1,308,440
376,772
4,523,044
2017
774
1,605,821
340,457
5,325,760
2018
788
1,343,972
397,972
6,548,622
2019
799
1,475,909
470,723
4,989,807
2020
795
1,980,543
895,256
12,200,417
2021
824
2,203,367
844,811
13,400,335
2022
826
1,767,235
595,197
9,008,398
2023
839
2,126,373
538,210
9,602,689
2024
848
1,963,329
486,868
10,741,556
2025
847
3,477,840
445,035
12,400,178
2026 (through July 3)
835
6,617,011
794,963
36,551,362
Source:
The Korea Exchange
The Korean securities markets are principally regulated by the FSC under the regulations set forth in the FSCMA. In
August 2007, the National Assembly of Korea enacted the FSCMA. The FSCMA, which came into effect on February 4, 2009, comprehensively regulates the Korean capital markets, the financial investment businesses (including collective
investment businesses and trust businesses) and financial investment products (such as securities and derivatives). The FSCMA imposes, among others, restrictions on insider trading and price manipulation, requires specified information to be made
available by listed companies to investors and establishes rules regarding margin trading, proxy
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solicitation, takeover bids, acquisition of treasury shares and reporting requirements for shareholders holding substantial interests. The FSCMA regulates the operation and monitoring of the
securities and derivatives markets.
Protection of Customer’s Interest in Case of Insolvency of Investment Brokers or Investment Dealers
Under Korean law, the relationship between a customer and an investment broker or an investment dealer in connection with a securities sell or buy order
is deemed to be a consignment and the securities acquired by a consignment agent (i.e., the investment broker or the investment dealer) through such sell or buy order are regarded as belonging to the customer insofar as the customer and the
consignment agent’s creditors are concerned. Therefore, in the event of a bankruptcy or reorganization procedure involving an investment broker or an investment dealer, the customer of the investment broker or the investment dealer is entitled
to claim the securities acquired by the investment broker or the investment dealer for the customer’s account.
Under the FSCMA, the Korea
Exchange is obliged to indemnify any loss or damage incurred by a counterparty as a result of a breach by members of the KRX KOSPI Market or the KRX KOSDAQ Market. If an investment broker or an investment dealer that is a member of the KRX KOSPI
Market or the KRX KOSDAQ Market breaches its obligation in connection with a buy order, the Korea Exchange is obliged to pay the purchase price on behalf of the breaching member. Therefore, the customer can acquire the securities subject to the buy
order that it has placed with the breaching member.
When a customer places a buy order with a non-member
company and the non-member company places a buy order with a member company, the customer has the legal right to the securities received by the non-member company from
the member company because the purchased securities are regarded as belonging to the customer insofar as the customer and the non-member company’s creditors are concerned.
As cash deposited with an investment broker or an investment dealer is regarded as belonging to the investment broker or investment dealer, which is
liable to return the same at the request of its customer, the customer cannot take back deposited cash from the investment broker or the investment dealer if a bankruptcy or rehabilitation procedure is instituted in respect of the investment broker
or the investment dealer and, therefore, can suffer a loss or damage as a result. However, the Depositor Protection Act provides that the Korea Deposit Insurance Corporation will, upon the request of an investor, pay the investor up to W 100 million of cash deposited with an investment broker or an investment dealer in case of the investment broker or the investment
dealer’s bankruptcy, liquidation, cancelation of investment broker or investment dealer license or other insolvency events. Investment brokers and investment dealers pay premiums to the Korea Deposit Insurance Corporation for this insurance.
Pursuant to the FSCMA, investment brokers or investment dealers are required to deposit cash received from its customers at the Korea Securities Finance Corporation, a special entity established pursuant to the FSCMA.
Set-off or attachment of any such cash deposits by investment brokers or investment dealers is prohibited.
Clearance and
Settlement
The settlement of trades on the Korea Exchange is required to be handled by a settlement agency of the Korea Exchange. The Korea
Securities Depository is the institution commissioned by the Korea Exchange to handle all such settlement of trades.
The settlement of trades on
the Korea Exchange takes place through a clearance and settlement procedure. The Korea Exchange has adopted the multilateral netting system and carries out the
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clearance of the trades by netting the sales and purchases of each Korea Securities Depository participant. The Korea Exchange is required to provide the daily net settlement results of the
trades to the Korea Securities Depository by 6 p.m. on the business day immediately prior to the settlement date. The Korea Securities Depository then handles settlement of the securities and the funds based on the information received from the
Korea Exchange. The securities are settled through book-entry changes in the accounts of Korea Securities Depository participants and the funds are settled by transfer to accounts at a bank designated by the
Korea Securities Depository. Settlement of trades is generally required to take place on the third trading day following the day of the sale and purchase contract (with the day of the sale and purchase contract being the first trading day).
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CERTAIN TAX CONSIDERATIONS
U.S. Federal Income Tax Considerations
The following is a
summary of material U.S. federal income tax considerations that are likely to be relevant to the purchase, ownership and disposition of our common shares or ADSs by a U.S. Holder (as defined below).
This summary is based on provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and regulations, rulings and judicial
interpretations thereof, in force as of the date hereof, and the United States – Republic of Korea Income Tax Convention dated January 1, 1980 (the “Treaty”). Those authorities may be changed at any time, perhaps
retroactively, so as to result in U.S. federal income tax consequences different from those summarized below.
This summary is not a comprehensive
discussion of all of the tax considerations that may be relevant to a particular investor’s decision to purchase, hold or dispose of common shares or ADSs. In particular, this summary is directed only to U.S. Holders that hold common shares or
ADSs as capital assets and does not address particular tax consequences that may be applicable to U.S. Holders who may be subject to special tax rules, such as banks, brokers or dealers in securities or currencies, traders in securities electing to
mark to market, financial institutions, life insurance companies, tax-exempt entities, regulated investment companies, entities or arrangements that are treated as partnerships for U.S. federal income tax
purposes (or partners therein), holders that own or are treated as owning 10% or more of our stock by vote or value, persons holding common shares or ADSs as part of a hedging or conversion transaction or a straddle, or persons whose functional
currency is not the U.S. dollar. Moreover, this summary does not address state, local or foreign taxes, the U.S. federal estate and gift taxes, or the Medicare contribution tax applicable to net investment income of certain non-corporate U.S. Holders, or alternative minimum tax consequences of acquiring, holding or disposing of common shares or ADSs.
For purposes of this summary, a “U.S. Holder” is a beneficial owner of common shares or ADSs that is a citizen or resident of the United
States or a U.S. domestic corporation or that otherwise is subject to U.S. federal income taxation on a net income basis in respect of such common shares or ADSs.
You should consult your own tax advisors about the consequences of the acquisition, ownership, and disposition of the common shares or ADSs,
including the relevance to your particular situation of the considerations discussed below and any consequences arising under foreign, state, local or other tax laws.
ADSs
In general, if you are a U.S.
Holder of ADSs, you will be treated, for U.S. federal income tax purposes, as the beneficial owner of the underlying common shares that are represented by those ADSs. References to “shares” below in this subsection apply to both common
shares and ADSs, unless the context indicates otherwise.
Taxation of Dividends
Subject to the discussion below under “— Passive Foreign Investment Company Status,” the gross amount of any distribution of cash or
property with respect to our shares (including any amount withheld in respect of Korean taxes) that is paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) will generally be includible in
your taxable income as ordinary dividend income and will not be eligible for the dividends-received deduction allowed to corporations under the Code.
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We do not expect to maintain calculations of our earnings and profits in accordance with U.S. federal
income tax principles. You therefore should expect that distributions generally will be treated as dividends for U.S. federal income tax purposes.
Dividends paid in a currency other than U.S. dollars generally will be includible in your income in a U.S. dollar amount calculated by reference to the
exchange rate in effect on the day you receive the dividends, in the case of common shares, or the date the depositary receives the dividends, in the case of shares represented by ADSs. Any gain or loss on a subsequent sale, conversion or other
disposition of such non-U.S. currency generally will be treated as ordinary income or loss and generally will be income or loss from sources within the United States.
The U.S. dollar amount of dividends received by an individual with respect to the shares will be subject to taxation at a preferential rate if the
dividends are “qualified dividends.” Subject to certain exceptions for short-term positions, dividends paid on the shares will be treated as qualified dividends if:
the shares are readily tradable on an established securities market in the United States or we are eligible for the
benefits of a comprehensive tax treaty with the United States that the U.S. Treasury determines is satisfactory for purposes of this provision and that includes an exchange of information program; and
we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend
is paid, a passive foreign investment company (a “PFIC”).
The ADSs will be listed on the Nasdaq, and will qualify as
readily tradable on an established securities market in the United States so long as they are so listed. In addition, the U.S. Treasury has determined that the Treaty meets the requirements for reduced rates of taxation, and we believe we are
eligible for the benefits of the Treaty. As discussed in more detail below under “— Passive Foreign Investment Company Status,” based on our financial statements and our current expectations regarding the value and nature of our
assets, the sources and nature of our income, and relevant market and shareholder data, we do not expect to become a PFIC for our current taxable year or in the foreseeable future. Holders should consult their own tax advisors regarding the
availability of the reduced dividend tax rate in light of their own particular circumstances.
Subject to generally applicable limitations and
conditions, Korean withholding tax imposed on dividends paid at the appropriate rate applicable to you may be eligible for a credit against your U.S. federal income tax liability. These generally applicable limitations and conditions include
requirements adopted by the U.S. Internal Revenue Service (“IRS”) in regulations promulgated in December 2021, and any Korean tax will need to satisfy these requirements in order to be eligible to be a creditable tax for a U.S. Holder.
In the case of a U.S. Holder that consistently elects to apply a modified version of these rules under temporary guidance, and complies with specific requirements set forth in such guidance, the Korean tax on dividends will be treated as meeting the
requirements and therefore as a creditable tax. In the case of all other U.S. Holders, the application of these requirements to the Korean tax on dividends is uncertain and we have not determined whether these requirements are met. If the Korean tax
is not a creditable tax for you or you do not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, you may be able to deduct the Korean tax in computing your taxable income for U.S. federal
income tax purposes. Dividends will constitute income from sources without the United States and, if such withholding tax is a creditable tax for a U.S. Holder that elects to claim foreign tax credits, generally will constitute “passive
category income” for foreign tax credit purposes.
The availability and calculation of foreign tax credits and deductions for foreign taxes
depend on a U.S. Holder’s particular circumstances and involve the application of complex rules to those
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circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary
guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. U.S. Holders should consult their own tax advisors regarding the application of these rules to their particular circumstances.
Any Korean securities transaction tax or agricultural and fishery special surtax that you pay will not be creditable for foreign tax credit purposes.
Taxation of Dispositions of Shares
Subject to the discussion below under “— Passive Foreign Investment Company Status ,” upon a sale, exchange or other taxable
disposition of the shares, you will realize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized on the disposition and your adjusted tax basis in the shares, as determined in U.S.
dollars as discussed below. Such gain or loss will be capital gain or loss, and will generally be long-term capital gain or loss if the shares have been held for more than one year. Long-term capital gain realized by a U.S. Holder that is an
individual generally is subject to taxation at a preferential rate. The deductibility of capital losses is subject to limitations.
If you sell or
otherwise dispose of our shares in exchange for currency other than U.S. dollars, the amount realized generally will be the U.S. dollar value of the currency received at the spot rate in effect on the date of sale or other disposition (or, if the
shares are traded on an established securities market at such time, in the case of cash basis and electing accrual basis U.S. holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the
spot exchange rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot exchange rates in effect on the date of the sale or other
disposition and the settlement date. You will generally have a tax basis in the currency received equal to the U.S. dollar value of the currency received at the spot rate in effect on the settlement date. Any currency gain or loss realized on the
settlement date or the subsequent sale, conversion or other disposition of the non-U.S. currency received for a different U.S. dollar amount generally will be U.S.-source ordinary income or loss, and will not
be eligible for the reduced tax rate applicable to long-term capital gains. If you are an accrual basis U.S. Holder that makes the election described in the first sentence of this paragraph, it must be applied consistently from year to year and
cannot be revoked without the consent of the IRS. U.S. Holders should consult their own tax advisors regarding the treatment of any foreign currency gain or loss realized with respect to any currency received in a sale or other disposition of the
shares.
Gain, if any, realized by a U.S. Holder on the sale or other disposition of the common shares or ADSs generally will be treated as U.S.
source income for U.S. foreign tax credit purposes. A U.S. Holder that is eligible for, and properly elects, the benefits of the Treaty, will generally not be subject to Korean withholding tax on capital gains. If you are not eligible for benefits
under the Treaty and are therefore subject to Korean withholding tax on capital gains, you generally will not be entitled to credit any Korean tax imposed on the sale or other disposition of the shares against your U.S. federal income tax liability,
except in the case of a U.S. Holder that consistently elects to apply a modified version of the U.S. foreign tax credit rules that is permitted under temporary guidance and complies with the specific requirements set forth in such guidance.
Consequently, even if the withholding tax qualifies as a creditable tax, a U.S. Holder may not be able to credit the tax against its U.S. federal income tax liability unless such credit can be applied (subject to generally applicable conditions and
limitations) against tax due on other income treated as derived from foreign sources. If the Korean tax is not a creditable tax, the tax would reduce the amount realized on the sale or other disposition of the shares even if the U.S. Holder has
elected to claim a foreign tax credit for other taxes in the same year.
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The availability and calculation of foreign tax credits and deductions for foreign taxes depend on a
U.S. Holder’s particular circumstances and involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the
December 2021 regulations and that the temporary guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. U.S. Holders should consult their own tax advisors regarding the application of these
rules to their particular circumstances.
Deposits and withdrawals of our common shares by U.S. Holders in exchange for our ADSs will not result in
the realization of gain or loss for U.S. federal income tax purposes.
Passive Foreign Investment Company Status
Special U.S. tax rules apply to investors in companies that are considered to be PFICs. We will be classified as a PFIC in a particular taxable year if,
after applying certain look-through rules, either
75 percent or more of our gross income for the taxable year is passive income; or
the average percentage of the value of our assets that produce or are held for the production of passive income is at least
50 percent.
For this purpose, passive income generally includes dividends, interest, gains from certain commodities
transactions, rents, royalties and the excess of gains over losses from the disposition of assets that produce passive income. Cash is generally considered a passive asset for these purposes. Goodwill is an active asset under the PFIC rules to the
extent attributable to activities that produce active income.
Based on our financial statements and our expectations about the nature and amount of
our income, assets and activities, and the market value of our equity, we do not expect to be a PFIC in our current taxable year. However, the determination whether we are a PFIC must be made annually after the close of each taxable year and based
on the facts and circumstances at that time, and therefore is subject to change. Because we will hold a substantial amount of cash following this offering, we may be or become a PFIC for any taxable year if the value of our goodwill and other
intangible assets that we believe should be treated as active assets are determined by reference to our market capitalization and our market capitalization fluctuates or declines considerably after this offering. Accordingly, there can be no
assurance that we will not be a PFIC for any year in which a U.S. Holder holds our shares.
If we are a PFIC for any taxable year and any entity in
which we own or are deemed to own equity interests is also a PFIC (a “Lower-tier PFIC”), a U.S. Holder will be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and will be subject to U.S. federal
income tax according to the rules described in the next paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) dispositions of shares of the Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly,
even though the U.S. Holder will not receive any proceeds of those distributions or dispositions.
If we are classified as a PFIC, and a U.S. Holder
does not make a mark-to-market election as described below, the U.S. Holder will be subject to a special tax at ordinary income tax rates on “excess
distributions” (generally, any distributions that a U.S. Holder receives in a taxable year that are greater than 125 percent of the average annual distributions that such holder has received in the preceding three taxable years, or the
U.S. Holder’s holding period, if shorter), and gain that the U.S. Holder recognizes on the sale of the holder’s shares. Under these rules (a) the excess distribution or gain will be allocated ratably over the U.S. Holder’s
holding period, (b) the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we are a PFIC will be
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taxed as ordinary income, and (c) the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for
that year, and an interest charge for the deemed deferral benefit will be imposed with respect to the resulting tax attributable to each such other taxable year. If we are a PFIC for any taxable year during which a U.S. Holder owns our shares, we
will generally continue to be treated as a PFIC with respect to the U.S. Holder for all succeeding years during which the holder owns the shares, even if we cease to meet the threshold requirements for PFIC status, unless the holder makes a timely
“deemed sale” election, in which case any gain on the deemed sale will be taxed under the PFIC rules described above.
U.S. Holders may
be able to mitigate some of the unfavorable rules described in the preceding paragraph by electing to mark the shares they own to market, provided the shares are considered “marketable.” The shares will be marketable if they are
regularly traded on certain qualifying U.S. stock exchanges, including the Nasdaq, or on a foreign stock exchange that meets certain requirements. If a U.S. Holder makes this
mark-to-market election, the holder will be required in any year in which we are a PFIC to include as ordinary income the excess of the fair market value of the
holder’s shares at the end of the holder’s taxable year over the holder’s basis in those shares. If at the end of a U.S. Holder’s taxable year, the holder’s basis in the shares exceeds their fair market value, the U.S.
Holder will be entitled to deduct the excess as an ordinary loss, but only to the extent of the holder’s net mark-to-market gains from previous years. A U.S.
Holder’s adjusted tax basis in the shares will be adjusted to reflect any income or loss recognized under these rules. In addition, any gain a U.S. Holder recognizes upon the sale of the holder’s shares will be taxed as ordinary income
in the year of sale and any loss will be treated as an ordinary loss to the extent of the holder’s net mark-to-market gains from previous years. Once made, the
election cannot be revoked without the consent of the IRS unless the shares cease to be marketable. A mark-to-market election cannot be made with respect to any
Lower-tier PFIC unless the shares of such Lower-tier PFIC are themselves “marketable.” As a result, if a U.S. Holder makes a mark-to-market election with
respect to the shares they own, the holder could nevertheless be subject to the PFIC rules described in the preceding paragraph with respect to the holder’s indirect interest in any Lower-tier PFIC. Prospective investors should consult their
own tax adviser regarding the availability and advisability of making a mark-to-market election in their particular circumstances if we are a PFIC for any taxable year.
If we are a PFIC (or treated as a PFIC with respect to a U.S. Holder) for any taxable year in which we pay a dividend or the preceding taxable
year, the favorable tax rate described above with respect to dividends paid to certain non-corporate U.S. Holders will not apply.
A U.S. Holder that owns an equity interest in a PFIC generally must annually file IRS Form 8621, and may be required to file other IRS forms. A failure
to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of the holder’s taxable years for which such form is required to be filed. As a result, the taxable years with respect to
which a U.S. Holder fails to file the form may remain open to assessment by the IRS indefinitely, until the form is filed.
Prospective investors
should consult their own tax advisor regarding the potential application of the PFIC rules to an investment in our shares.
Foreign Financial
Asset Reporting.
Individual U.S. Holders that own “specified foreign financial assets” with an aggregate value in excess of
US$50,000 on the last day of the taxable year or US$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets.
“Specified foreign financial assets” include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S.
issuer that
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are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this
reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on objective criteria. U.S. Holders who fail to report the required information could
be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. Prospective investors are encouraged to consult with their own tax advisors regarding the possible application
of these rules, including the application of the rules to their particular circumstances.
Backup Withholding and Information Reporting
Dividends paid to, and proceeds from a sale or other disposition by, a holder that is a “United States person” (as defined in
the Code) in respect of the shares generally may be subject to the information reporting requirements of the Code and may be subject to backup withholding unless the holder provides an accurate taxpayer identification number and makes any other
required certification or otherwise establishes an exemption. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a holder will be allowed as a refund or credit against the holder’s U.S. federal
income tax liability, provided the required information is furnished to the IRS in a timely manner.
A holder that is not a “United States
person” may be required to comply with certification and identification procedures in order to establish its exemption from information reporting and backup withholding.
Material Korean Tax Considerations
The following is a
summary of the principal Korean tax consequences to owners of the common shares or ADSs, as the case may be, who are non-resident individuals or non-Korean corporations
without a permanent establishment in Korea to which the relevant income is attributable or with which the relevant income is effectively connected (“Non-resident Holders”). The statements regarding
Korean tax laws set forth below are based on the laws in force and as interpreted by the Korean taxation authorities as of the date hereof. This summary is not exhaustive of all possible tax considerations which may apply to a particular investor
and potential investors are advised to satisfy themselves as to the overall tax consequences of the acquisition, ownership and disposition of the common shares or ADSs, including specifically the tax consequences under Korean law, the laws of the
jurisdiction of which they are resident, and any tax treaty between Korea and their country of residence, by consulting their own tax advisors.
Tax on Dividends
Dividends on the
common shares or ADSs paid (whether in cash or in shares) to a Non-resident Holder will be subject to Korean withholding taxes at the rate of 22.0% (including local income tax) or such lower rate as is
applicable under a treaty between Korea and such Non-resident Holder’s country of tax residence. Free distributions of shares representing a capitalization of certain capital surplus reserves may be
subject to Korean withholding taxes.
The tax is withheld by the payer of the dividend. While it is the payer that is required to withhold the tax,
Korean law generally entitles the person who was subject to the withholding of Korean tax to recover from the Government any part of the Korean tax withheld upon providing evidence that it was entitled to have tax withheld at a lower rate if certain
conditions are met.
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Tax on Capital Gains
As a general rule, capital gains earned by a Non-resident Holder upon transfer of the common shares or ADSs are
subject to Korean withholding tax at the lower of (1) 11.0% (including local income tax) of the gross proceeds realized or (2) 22.0% (including local income tax) of the net realized gains (subject to the production of satisfactory evidence of the
acquisition costs and certain direct transaction costs), unless exempt from Korean income taxation under the effective Korean tax treaty with the Non-resident Holder’s country of tax residence.
However, a Non-resident Holder will not be subject to Korean income taxation on capital gains realized upon the
sale of the common shares through the KRX KOSPI Market if the Non-resident Holder (1) has no permanent establishment in Korea and (2) did not or has not owned (together with any shares owned by any
entity with certain special relationship with such Non-resident Holder) 25.0% or more of the total issued shares of us at any time during the calendar year in which the sale occurs and during the five calendar
years prior to the calendar year in which the sale occurs.
It should be noted that capital gains earned by a
Non-resident Holder (regardless of whether such Non-resident Holder has a permanent establishment in Korea) from a transfer of ADSs outside Korea will generally be
exempt from Korean income taxation, provided that the ADSs are deemed to have been issued overseas. If and when an owner of the underlying common shares transfers the ADSs following the conversion of the underlying shares for ADSs, such person will
not be exempt from Korean income taxation.
Inheritance Tax and Gift Tax
Korean inheritance tax is imposed upon (1) all assets (wherever located) of the deceased if at the time of his death he was a tax resident of Korea
and (2) all property located in Korea which passes on death (irrespective of the domicile of the deceased). Gift tax is imposed in similar circumstances to the above. The taxes are imposed if the value of the relevant property is above a
certain limit and vary depending on the value of the property and the identity of the parties involved.
Under Korean inheritance and gift tax laws,
securities issued by a Korean corporation are deemed to be located in Korea irrespective of where they are physically located or by whom they are owned.
Securities Transaction Tax
Securities
transaction tax is imposed on the transfer of shares issued by a Korean corporation or the right to subscribe for such shares generally at the rate of 0.35% of the sales price. In the case of the transfer of shares listed on the KRX KOSPI Market
(such as our common shares), the securities transaction tax is imposed generally at the rate of (1) 0.20% of the sales price of such shares (including agricultural and fishery special surtax thereon) if traded on the KRX KOSPI Market or
(2) subject to certain exceptions, 0.35% of the sales price of such shares if traded outside the KRX KOSPI Market.
Securities transaction tax
or the agricultural and fishery special surtax is not applicable if the shares or rights to subscribe for shares are listed on a designated foreign stock exchange (e.g., the New York Stock Exchange or the Nasdaq Stock Market).
Securities transaction tax, if applicable, must be paid by the transferor of the shares or rights, in principle. When the transfer is effected through a
securities settlement company, such settlement company is generally required to withhold and pay (to the tax authority) the tax, and when such transfer is made through a financial investment company with a brokerage license only, such company is
required to withhold and pay the tax. Where the transfer is effected by a Non-resident Holder without
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a permanent establishment in Korea, other than through a securities settlement company or a financial investment company with a brokerage license, the transferee is required to withhold the
securities transaction tax. Failure to do so will result in the imposition of penalties equal to the sum of (1) between 10.0% to 60.0% of the tax amount due, depending on the nature of the improper reporting, and (2) 8.03% per annum on the
tax amount due for the default period.
Tax Treaties
Currently, Korea has income tax treaties with a number of countries, inter alia, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany,
Italy, Japan, Luxembourg, Ireland, the Netherlands, New Zealand, Norway, Singapore, Sweden, Switzerland, the United Kingdom and the United States under which the rate of withholding tax on dividend and interest is reduced, generally to between 5.0%
and 16.5% (including local income tax), and the tax on capital gains derived by a Non-resident Holder from the transfer of securities issued by a Korean company is often eliminated.
Each Non-resident Holder of common shares should inquire for itself whether it is entitled to the benefits of a
tax treaty with Korea. It is the responsibility of the party claiming the benefits of a tax treaty in respect of interest, dividend, capital gains or “other income” to submit to us (or our agent), the purchaser or the financial
investment company with a brokerage license, as the case may be, prior to or at the time of payment, such evidence of tax residence of the party claiming the treaty benefit as the Korean tax authorities may require in support of its claim for treaty
protection. In the absence of sufficient proof, we (or our agent), the purchaser or the financial investment company with a brokerage license, as the case may be, must withhold tax at the normal rates.
Furthermore, in order for a Non-resident Holder to obtain the benefits of tax exemption on certain Korean source
income (e.g., capital gains) under an applicable tax treaty, Korean tax law requires such Non-resident Holder (or its agent) to submit to the payer of such Korean source income an application for a tax
exemption along with the documents evidencing the beneficial owner of such Korean source income, including a certificate of tax residency of such Non-resident Holder issued by a competent authority of the Non-resident Holder’s country of tax residence, subject to certain exceptions. If a Non-resident Holder is seeking such tax exemption for an amount that is W 1 billion or more (including where the aggregate amount exempted within one year from the last day of the month in which the payment was made is
W 1 billion or more), Non-resident Holder will additionally be required to submit (i) the names
and addresses of all of the members of the board of directors, (ii) the identities and shareholding percentages of all of the shareholders (provided that if there are more than 100 shareholders, the
Non-resident Holder may instead provide a statement showing the total number of shareholders and the aggregate investment amount from each country) and (iii) financial statements (including the documents
attached to the financial statements), tax returns, or audit reports for the three most recent years submitted to the tax authorities of the Non-resident Holder’s country of residence (or, if the entity
has been in existence for less than three years, such documents since incorporation). These documents must generally be submitted along with a Korean translation, unless the Korean tax authority approves the submission of the original documents in
English. The payer of such Korean source income, in turn, is required to submit such application to the relevant district tax office by the ninth day of the month following the date of the first payment of such income. However, this treaty-based
filing requirement does not apply where the capital gains from the transfer of the common shares or ADSs are exempt from Korean taxation under Korean tax law, as described under “— Tax on Capital Gains” above.
For a Non-resident Holder to obtain the benefits of treaty-reduced tax rates on certain Korean source income
(e.g., dividend) under an applicable tax treaty, Korean tax law requires such Non-resident Holder (or its agents) to submit to the payer of such Korean source income an application for entitlement to reduced
tax rates along with the documents proving the beneficial owner of such
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Korean source income including a certificate of tax residency of such Non-resident Holder issued by a competent authority of the Non-resident Holder’s country of tax residence prior to receipt of such Korean source income. The payer of such Korean source income, in turn, is required to submit such application to the relevant district
tax office by the end of February of the year following the year in which the relevant income payment date falls. However, an owner of ADSs who is a Non-resident Holder is not required to submit such
application, if the Korean source income on the ADSs is paid through an account opened at the Korea Securities Depository to a foreign depository.
Subject to certain exceptions, where the Korean source income is paid to an overseas investment vehicle (which is not the beneficial owner of such
income) (“OIV”), a beneficial owner claiming the benefit of an applicable tax treaty with respect to the Korean source income must submit an application for a tax exemption or application for entitlement to reduced tax rates to such OIV,
which must submit an OIV report and a schedule of beneficial owners together with the applications collected from each beneficial owner to the withholding agent prior to the payment date of such Korean source income. Effective from January 1,
2022, an OIV is deemed to be a beneficial owner of the Korean source income if (i) under the applicable tax treaty, the OIV bears tax liabilities in the country in which it is established or the OIV is deemed to be the beneficial owner of the
Korean source income, and (ii) the Korean source income is eligible for the treaty benefits under the tax treaty. The benefits under a tax treaty between Korea and the country of such OIV’s residence will apply with respect to the
relevant income paid to such OIV, subject to certain application requirements as prescribed by the Corporate Income Tax Law or Individual Income Tax Law.
At present, Korea has not entered into any tax treaty relating to inheritance or gift tax.
THE ABOVE SUMMARY IS NOT INTENDED TO BE A COMPLETE ANALYSIS OF ALL TAX CONSEQUENCES RELATING TO THE OWNERSHIP OR DISPOSITION OF THE ADSs. HOLDERS ARE
ENCOURAGED TO CONSULT THEIR TAX ADVISORS CONCERNING THE TAX CONSEQUENCES ARISING IN EACH PARTICULAR CASE.
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UNDERWRITING
In alphabetical order, each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC
(collectively, the “Global Coordinators”) is acting as the global coordinator of the offering and as representative of the underwriters. Subject to the terms and conditions set forth in an underwriting agreement among us and the
underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of common shares represented by ADSs set forth opposite its name below.
Underwriter
Number
of ADSs
BofA Securities, Inc.
Citigroup Global Markets Inc.
Goldman Sachs (Asia) L.L.C.
J.P. Morgan Securities LLC
Cantor Fitzgerald & Co.
Mizuho Securities USA LLC
Needham & Company, LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
Rosenblatt Securities Inc.
Stifel, Nicolaus & Company, Incorporated
Wedbush Securities Inc.
William Blair & Company, L.L.C.
WR Securities, LLC
Total
177,900,000
“Wolfe | Nomura Alliance” is the marketing name used by Wolfe Research Securities and Nomura
Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described
herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.
Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of
the common shares represented by ADSs sold under the underwriting agreement if any of these common shares represented by ADSs are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the
non-defaulting underwriters may be increased or the underwriting agreement may be terminated.
We have agreed to indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.
The underwriters are offering the common shares represented by ADSs, subject to prior sale, when, as and if issued to and accepted by them, subject to
approval of legal matters by their counsel, including the validity of the common shares and ADSs, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer’s certificates and legal
opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.
Sales of
any common shares represented by ADSs made outside of the United States may be made by affiliates of the underwriters.
The underwriters expect
to deliver the ADSs against payment in New York on or about , 2026, which will be the third business day following the pricing of the ADSs. Under Rule 15c6-1 under the
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Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, any purchasers who
wish to trade the ADSs prior to the delivery of the ADSs hereunder (i) will be required to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and (ii) should consult their own advisors with respect
to conducting such trade.
Commissions
Each
representative has advised us that the underwriters propose initially to offer the common shares represented by ADSs to the public at the public offering price set forth on the cover page of this prospectus and to dealers at that price subject to a
concession or commission not in excess of US$ per ADS. After the initial offering, the public offering price, fee or any other term of the offering may be changed.
The following table shows the public offering price, underwriting discount and commissions, and proceeds, before expenses, to us.
Per ADS
Total
Public offering price
US$
US$
Underwriting discount and commissions
US$
US$
Proceeds, before expenses, to us
US$
US$
The expenses of the offering, not including the underwriting commissions, are estimated at US$19,469,456 and are
payable by us. We have agreed to reimburse the underwriters for expenses relating to clearance of this offering with the Financial Industry Regulatory Authority in an amount not to exceed US$225,000. The underwriters have agreed to reimburse us for
certain expenses relating to the offering, including printing expenses, in an amount not to exceed US$700,000.
No Over-Allotment Option
We will not grant the underwriters any over-allotment option to purchase additional ADSs from us due to restrictions
under Korean law.
No Sales of Similar Securities
During
a period of 90 days from the date of this prospectus (the “restricted period”), we will not, without the prior written consent of the Global Coordinators, offer, sell, contract to sell, pledge, or otherwise dispose of, (or enter into any
transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by us or any of our affiliates or any person in
privity with us or any affiliate of our affiliates) directly or indirectly, including the filing (or participation in the filing) of a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any common shares, ADSs or any securities convertible into, or exercisable, or exchangeable for, common shares or ADSs (collectively, the “lock-up securities”), or publicly announce an intention to effect any such transaction.
The
restrictions described above shall not apply to (A) the ADSs offered and sold hereunder, (B) common shares (including in the form of ADSs) issued, sold, transferred or otherwise disposed of pursuant to any employee stock option plan, stock
ownership plan, dividend reinvestment plan or equity-based compensation plan, or (C) common shares issued upon the conversion of securities or the exercise of warrants outstanding as of the date of this prospectus.
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In addition, certain of our affiliates (the
“lock-up parties”) may agree that, subject to certain exceptions, during the restricted period, they will not directly or indirectly, without the prior written consent of the Global Coordinators,
(i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, lend or otherwise transfer or dispose of any lock-up securities, owned now or acquired later by such lock-up party or for which such lock-up party later acquires the power of
disposition, (ii) request or demand that we file or make a confidential submission of a registration statement related to any lock-up securities, (iii) enter into any swap or any other agreement that
transfers, in whole or in part, the economic consequence of ownership of lock-up securities, whether any such swap or transaction is to be settled by delivery of common shares or ADSs or other securities, in
cash or otherwise, or (iv) publicly disclose the intention to do any of the actions described in clauses (i), (ii) and/or (iii) above.
Nasdaq Listing
We have applied to list the ADSs on the Nasdaq under the symbol “SKHY.” In order to meet the requirements for listing on that
exchange, the underwriters have undertaken to sell a minimum number of ADSs to a minimum number of beneficial owners as required by that exchange.
Before this offering, there has been no public market for the ADSs. The initial public offering price will be determined through negotiations between us
and each representative by reference to the last reported trading price of our common shares on the KRX KOSPI Market prior to the pricing date, subject to certain restrictions under Korean law in the event the initial public offering price is
determined at a discount from the trading price of our common shares on the KRX KOSPI Market (see “Korean Foreign Exchange Controls and Securities Regulations — Pricing of Newly Issued Shares”). On July 3, 2026, the last
reported trading price of our common shares on the KRX KOSPI Market was W 2,425,000 per common share (equivalent to approximately US$1,581.41 per
common share or US$158.14 per ADS, based on the exchange rate of W 1,533.44 per US$1.00, the noon buying rate in effect on June 26, 2026 as
quoted by the Federal Reserve Bank of New York in the United States). In addition to prevailing market conditions and the closing price of the common shares on the last KRX KOSPI Market trading date prior to the pricing date, the factors to be
considered in determining the initial public offering price are:
the valuation multiples of publicly traded companies that each representative believes to be comparable to us;
our financial information;
the history of, and the prospects for, our company and the industry in which we compete;
an assessment of our management, its past and present operations, and the prospects for, and timing of, our future
revenues;
the present state of our development;
the general condition of the securities markets at the time of this offering;
the information set forth in this prospectus and otherwise available to each representative;
the recent market prices of, and demand for, publicly traded common stock of generally comparable companies;
certain restrictions under Korean law; and
other factors deemed relevant by the underwriters and us.
In addition, the initial offering price is subject to requirements under Article 5-18 (Determination of the Issue Price for Paid-in Capital Increases)
of the Regulation on the Issuance and Disclosure, Etc. of Securities of Korea, which applies where a listed company conducts a paid-in capital increase through
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a third-party allotment. If the offering price is determined at a discount from the trading price, the discount rate is to be determined against a base price, which is generally the
volume-weighted arithmetic average of the share price (i.e., a price calculated by dividing the total value of such shares traded on the Korea Exchange during the relevant period by the total volume of such shares traded during such period) during
the period from the third trading day to the fifth trading day prior to the subscription date, which will be the closing date for this offering. The discount rate is generally required to be set within 10% for a third-party allotment under the above
regulation. Based on the position of the FSS, our issuance of new shares to the depositary for purposes of the offering is viewed as a third-party allotment, and therefore, the initial public offering price is subject to the above restrictions on
the discount rate, which could constrain the pricing flexibility of the offering.
An active trading market for the ADSs may not develop. It is also
possible that after the offering the ADSs will not trade in the public market at or above the initial public offering price.
Price Stabilization, Short
Positions and Penalty Bids
Until the distribution of the common shares represented by ADSs is completed, SEC rules may limit underwriters and
selling group members from bidding for and purchasing the common shares represented by ADSs. However, each representative may engage in transactions that stabilize the price of our common shares represented by ADSs, such as bids or purchases to peg,
fix or maintain that price.
In connection with the offering, the underwriters may purchase and sell our common shares represented by ADSs in the
open market. These transactions may include short sales, purchases on the open market to cover positions created by short sales and stabilizing transactions. Short sales involve the sale by the underwriters of a greater number of common shares
represented by ADSs than they are required to purchase in the offering. Because we will not grant the underwriters any over-allotment option to purchase additional ADSs from us, the underwriters must close out any short position by purchasing common
shares represented by ADSs in the open market. Stabilizing transactions consist of various bids for or purchases of common shares represented by ADSs by the underwriters in the open market prior to the completion of the offering.
The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting
commissions received by it because each representative has repurchased common shares represented by ADSs sold by or for the account of such underwriter in stabilizing or short covering transactions.
Similar to other purchase transactions, the underwriters’ purchases to cover the syndicate short sales may have the effect of raising or
maintaining the market price of the common shares represented by ADSs or preventing or retarding a decline in the market price of the common shares represented by ADSs. As a result, the price of common shares represented by ADSs may be higher than
the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the Nasdaq, in the over-the-counter market or otherwise.
Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions
described above may have on the price of our common shares or ADSs. In addition, neither we nor any of the underwriters make any representation that each representative will engage in these transactions or that these transactions, once commenced,
will not be discontinued without notice.
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Electronic Distribution
In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, a prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters
may agree to allocate a number of common shares or ADSs to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by each representative to underwriters and selling group
members that may make Internet distributions on the same basis as other allocations.
Other Relationships
The underwriters and their affiliates are full service financial institutions engaged in various activities, which may include sales and trading,
commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services.
Some of the underwriters and their affiliates have engaged in, and may in the future engage in, a variety of these services in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary
fees and commissions for these transactions. For example, Citibank, N.A. has agreed to act as the depositary for the ADSs and will receive customary fees for services provided as the depositary. In addition, from time to time, certain of the
underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the
future.
In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities
may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial
instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.
Indications of Interest
Baillie Gifford Overseas Limited, acting on behalf of a number of its and its affiliates’ clients, investment funds managed by Coatue
Management, L.L.C., and Situational Awareness Partners LP (in alphabetical order), collectively comprising the Cornerstone Investors, have, severally and not jointly, indicated an interest in purchasing up to an aggregate of US$7 billion of the ADSs
offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering. Because these indications of interest are not binding agreements or commitments to purchase, any of the
Cornerstone Investors may determine to purchase more, fewer, or no ADSs in this offering, or the underwriters may determine to sell more, fewer, or no ADSs to any of the Cornerstone Investors. The underwriters will receive the same underwriting
discount on any ADSs purchased by the Cornerstone Investors as they will from the other ADSs sold to the public in this offering.
Selling Restrictions
No action may be taken in any jurisdiction other than the United States that would permit a public offering of the ADSs or the possession,
circulation or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the ADSs may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or
advertisements in connection with the ADSs may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or
jurisdiction.
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Australia
No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and
Investments Commission, or ASIC, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport
to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.
Any
offer in Australia of the ADSs may only be made to persons, or the Exempt Investors, who are “sophisticated investors” (within the meaning of section 708(8) of the Corporations Act), “professional investor” (within the
meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the ADSs without disclosure to investors under Chapter 6D of the
Corporations Act.
The ADSs applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months
after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or
where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring ADSs must observe such Australian on-sale restrictions.
This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any
particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives
and circumstances, and, if necessary, seek expert advice on those matters.
Bahamas
The ADSs may not be offered or sold in The Bahamas via a public offer. ADSs may not be offered or sold or otherwise disposed of in any way to any
person(s) deemed “resident” for exchange control purposes by the Central Bank of The Bahamas.
Bermuda
The ADSs may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the
sale of securities in Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under
applicable Bermuda legislation.
Brazil
The offer and sale of the ADSs have not been and will not be registered with the Brazilian Securities Commission ( Comissão de Valores
Mobiliários , or “CVM”) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated July 13, 2022, as amended, or unauthorized distribution
under Brazilian laws and regulations. The ADSs will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian professional investors (as defined by the
applicable CVM regulation), who may only acquire the ADSs through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these
ADSs on regulated securities markets in Brazil is prohibited.
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British Virgin Islands
The ADSs are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf
of the issuer. The ADSs may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) (“BVI Companies”), but only where the offer will be made to, and received by, the relevant BVI
Company entirely outside of the British Virgin Islands.
Canada
The securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.
Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this
prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.
Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts, or NI 33-105, the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.
Cayman Islands
This prospectus
is not intended to constitute a public offer of the ADSs or common shares, whether by way of sale or subscription, in the Cayman Islands. No offer or invitation may be made to the public in the Cayman Islands to subscribe for or purchase the common
shares or any ADS. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any ADSs or common shares in the Cayman Islands.
Chile
These ADSs are privately
offered in Chile pursuant to the provisions of Law 18,045, the security market law of, and Norma De Carácter General No. 336 (“Rule 336”), dated June 27, 2012, issued by the Superintendencia De Valores Y
Seguros De Chile (“SVS”), the securities regulator of Chile, to resident qualified investors that are listed in Rule 336 and further defined in Rule 216 of June 12, 2008 issued by the SVS.
Pursuant to Rule 336 the following information is provided in Chile to prospective resident investors in the offered securities:
1. The initiation of the offer in Chile is July 6, 2026.
2. The offer is subject to NCG 336 of June 27, 2012 issued by the Superintendencia De Valores Y Seguros De Chile (superintendency of securities and
insurance of Chile)
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3. The offer refers to securities that are not registered in the Registro De Valores (securities
registry) or the Registro De Valores Extranjeros (foreign securities registry) of the SVS and therefore:
a. The securities are not subject to the
oversight of the SVS; and
b. The issuer thereof is not subject to reporting obligation with respect to itself or the offered securities.
4. The securities may not be publicly offered in Chile unless and until they are registered in the securities registry of the SVS.
Dubai International Finance Center
This document relates to an Exempt Offer, as defined in the Offered Securities Rules module of the DFSA Rulebook, or the OSR, in accordance with the
Offered Securities Rules of the Dubai Financial Services Authority. This document is intended for distribution only to persons, as defined in the OSR, of a type specified in those rules. It must not be delivered to, or relied on by, any other
person. The Dubai Financial Services Authority has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The Dubai Financial Services Authority has not approved this document nor taken steps to verify the
information set out in it, and has no responsibility for it. The ADSs to which this document relates may be illiquid and/or subject to restrictions on their resale.
Prospective purchasers of the ADSs offered should conduct their own due diligence on the ADSs. If you do not understand the contents of this document
you should consult an authorized financial adviser.
European Economic Area and the United Kingdom
In relation to the EU Prospectus Regulation (EU) 2017/1129 repealing Directive (2003/71/EC) (as amended, the “Prospectus Regulation”), as
implemented by the member states of the European Economic Area (each, a “Relevant State”), an offer to the public of any ADSs which are the subject of the offering contemplated by this prospectus may not be made in that Relevant State
unless the prospectus has been approved by the competent authority in such Relevant State or, where appropriate, approved by the competent authority of another Relevant State and notified to the competent authority in that Relevant State, all in
accordance with the Prospectus Regulation, except that an offer to the public in that Relevant State of any ADSs may be made at any time under the following exemptions under the Prospectus Regulation, as implemented in that Relevant State:
to “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation;
by the underwriters to fewer than 150 natural or legal persons (other than “qualified investors” as defined in
the Prospectus Regulation) subject to obtaining the prior consent of the underwriters for any such offer; or
in any other circumstances falling within Article 1(4) of the Prospectus Regulation,
provided that no such offer of ADSs shall result in a requirement for the publication by us or the underwriters of a prospectus pursuant to Article 3 of the
Prospectus Regulation, to supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or to file an Annex IX document with the competent authority of that Relevant State and make such document available to the public pursuant to
Article 1(4) of the Prospectus Regulation.
Any person making or intending to make any offer of ADSs within the EEA should only do so in
circumstances in which no obligation arises for us or any of the underwriters to produce a prospectus for such offer or to file an Annex IX document with the relevant competent authority and make such document available to the public. Neither we nor
the underwriters have authorized, nor do they authorize, the making of any offer of ADSs through any financial intermediary, other than offers made by the underwriters which constitute the final offering of ADSs contemplated in this prospectus.
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For the purposes of this provision, and your representation below, the expression an “offer of
ADSs to the public” in relation to any ADSs in any Relevant State means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and any ADSs to be offered, so as to enable an
investor to decide to purchase or subscribe for any ADSs, as the same may be varied in that Relevant State by any measure implementing the Prospectus Regulation in that Relevant State. This definition also applies to the placing of securities
through financial intermediaries.
Each person in a Relevant State who receives any communication in respect of, or who acquires any ADSs under, the
offer of ADSs contemplated by this prospectus will be deemed to have represented, warranted and agreed to and with us and each underwriter that:
it is a “qualified investor” within the meaning of Article 2(e) of the Prospectus Regulation or the law in
that Relevant State implementing such provision (unless otherwise expressly disclosed to us and/or the relevant underwriter in writing); and
in the case of any ADSs acquired by it as a financial intermediary, as that term is used in Article 5(1) of the
Prospectus Regulation, (i) the ADSs acquired by it in the offering have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant State other than “qualified
investors” (within the meaning of the law in that Relevant State implementing Article 2(e) of the Prospectus Regulation or the law in that Relevant State implementing such provision), or in circumstances in which the prior consent of the
underwriters has been given to the offer or resale; or (ii) where ADSs have been acquired by it on behalf of persons in any Relevant State other than qualified investors, the offer of those ADSs to it is not treated under the Prospectus
Regulation as having been made to such persons.
No ADSs have been offered in the United Kingdom, except that an offer to the
public of any ADSs may be made in the United Kingdom at any time:
to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;
to fewer than 150 persons (other than qualified investors as defined in Paragraph 15 of Schedule 1 of the POATR), subject
to obtaining the prior consent of underwriters for any such offer; or
in any other circumstances falling within Part I of Schedule 1 of the POATR.
For the purposes of this provision, the expression an “offer to the public” in relation to the ADSs in the United Kingdom means the
communication in any form and by any means of sufficient information on the terms of the offer and any ADS to be offered so as to enable an investor to decide to buy or subscribe for any ADSs and the expression “POATR” means the Public
Offers and Admissions to Trading Regulations 2024.
In addition, in the United Kingdom, this document is being distributed only to, and is directed
only at, and any offer subsequently made may only be directed at persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the “Order”), (ii) who are high-net-worth entities falling within Article 49(2)(a) to (d) of the Order, and
(iii) any other persons to whom it may otherwise lawfully be communicated pursuant to the Order (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on in the United
Kingdom by persons who are not relevant persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged in with, relevant persons. Any person in the United Kingdom who is
not a relevant person should not act or rely on this prospectus or any of its contents.
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Hong Kong
The ADSs may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within
the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong
Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of
Hong Kong), and no advertisement, invitation or document relating to the ADSs may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of
which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to ADSs which are or are intended to be disposed of only to persons outside Hong Kong or only to
“professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.
Indonesia
This prospectus does not,
and is not intended to, constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. This prospectus may not be distributed in the Republic of Indonesia and the ADSs may not be offered or sold in the Republic of
Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesia residents, in a manner which constitutes a public offering under the laws of the Republic of Indonesia.
Israel
In the State of Israel, the
ADSs offered hereby may not be offered to any person or entity other than the following:
a fund for joint investments in trust (i.e., mutual fund), as such term is defined in the Law for Joint Investments in
Trust, 5754-1994, or a management company of such a fund;
a provident fund as defined in Section 47(a)(2) of the Income Tax Ordinance of the State of Israel, or a management
company of such a fund;
an insurer, as defined in the Law for Oversight of Insurance Transactions, 5741-1981, a banking entity or satellite entity,
as such terms are defined in the Banking Law (Licensing), 5741-1981, other than a joint services company, acting for their own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;
a company that is licensed as a portfolio manager, as such term is defined in Section 8(b) of the Law for the
Regulation of Investment Advisors and Portfolio Managers, 5755-1995, acting on its own account or for the account of investors of the type listed in Section 15A(b) of the Securities Law 1968;
a company that is licensed as an investment advisor, as such term is defined in Section 7(c) of the Law for the
Regulation of Investment Advisors and Portfolio Managers, 5755-1995, acting on its own account;
a company that is a member of the Tel Aviv Stock Exchange, acting on its own account or for the account of investors of the
type listed in Section 15A(b) of the Securities Law 1968;
an underwriter fulfilling the conditions of Section 56(c) of the Securities Law, 5728-1968;
a venture capital fund (defined as an entity primarily involved in investments in companies which, at the time of
investment, (i) are primarily engaged in research and development or manufacture of new technological products or processes and (ii) involve above-average risk);
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an entity primarily engaged in capital markets activities in which all of the equity owners meet one or more of the above
criteria; and
an entity, other than an entity formed for the purpose of purchasing the ADSs in this offering, in which the shareholders
equity (including pursuant to foreign accounting rules, international accounting regulations and U.S. generally accepted accounting rules, as defined in the Securities Law Regulations (Preparation of Annual Financial Statements), 1993) is in excess
of NIS 250 million.
Any offeree of the ADSs offered hereby in the State of Israel shall be required to submit written
confirmation that it falls within the scope of one of the above criteria. This prospectus will not be distributed or directed to investors in the State of Israel who do not fall within one of the above criteria.
Japan
No registration pursuant to
Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended), or the FIEL, has been made or will be made with respect to the solicitation of the application for the acquisition of the ADSs.
Accordingly, the ADSs have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or
to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for
re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration
requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.
Korea
The ADSs are not being offered or sold and may not be offered or sold to persons located in or who are resident of Korea in this offering, and the
registration statement of which this prospectus forms a part may not be circulated or distributed, directly or indirectly, in Korea. Persons located in or who are resident of Korea will not be permitted to acquire, directly or indirectly, the ADSs
in this offering.
Kuwait
Unless
all necessary approvals from the Kuwait Ministry of Commerce and Industry required by Law No. 31/1990 “Regulating the Negotiation of Securities and Establishment of Investment Funds,” its Executive Regulations and the various
Ministerial Orders issued pursuant thereto or in connection therewith, have been given in relation to the marketing and sale of the ADSs, these may not be marketed, offered for sale, nor sold in the State of Kuwait. Neither this prospectus
(including any related document), nor any of the information contained therein is intended to lead to the conclusion of any contract of whatsoever nature within Kuwait.
Malaysia
No prospectus or other
offering material or document in connection with the offer and sale of the ADSs has been or will be registered with the Securities Commission of Malaysia (“Commission”) for the Commission’s approval pursuant to the Capital Markets
and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the ADSs may not be circulated or distributed, nor may the ADSs be offered or
sold, or be made the subject of an invitation for subscription or purchase, whether directly or
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indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires the
ADSs, as principal, if the offer is on terms that the ADSs may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or
total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding
RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per
annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets
exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as
defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the ADSs is made by
a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the
purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.
Mexico
The ADSs have not been and
will not be registered with the Mexican National Securities Registry (Registro Nacional de Valores, or the RNV) maintained by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or the CNBV), and
therefore, may not be offered or sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico; however, the ADSs may only be offered and sold in Mexico on a private placement basis to investors that qualify as institutional
or qualified investors pursuant to the private placement exemption set forth in Article 8 of the Mexican Securities Market Law (Ley del Mercado de Valores) and regulations thereunder. The information contained in this prospectus is solely our
responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor, who may acquire the ADSs from time to time, must rely
on their own examination of the Company and the terms of this offering, including the merits and risks involved.
Monaco
The ADSs may not be offered or sold, directly or indirectly, to the public in Monaco other than by a Monaco Bank or a duly authorized Monegasque
intermediary acting as a professional institutional investor which has such knowledge and experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in us. Consequently, this prospectus and its
contents may only be communicated to (i) banks, and (ii) portfolio management companies duly licensed by the “Commission de Contrôle des Activités Financières” by virtue of Law n° 1.338, of
September 7, 2007, and authorized under Law n° 1.144 of July 26, 1991. Such regulated intermediaries may in turn communicate this prospectus to potential investors under their own liability.
New Zealand
This document has not
been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMA Act”). The ADSs may only be
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offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:
is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act;
meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;
is large within the meaning of clause 39 of Schedule 1 of the FMC Act;
is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or
is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.
People’s Republic of China
This
prospectus may not be circulated or distributed in the PRC and the ADSs may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of
the PRC except pursuant to applicable laws and regulations of the PRC. This paragraph does not apply to Taiwan and the special administrative regions of Hong Kong and Macau.
Qatar
In the State of Qatar, the
offer contained herein is made on an exclusive basis to the specifically intended recipient thereof, upon that person’s request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of
securities to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar Central Bank or the Qatar
Financial Center Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in Qatar on a need to know basis for the purpose of evaluating the contained
offer. Any distribution of this prospectus by the recipient to third parties in Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.
Saudi Arabia
This prospectus may not
be distributed in the Kingdom except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness
of this prospectus, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the securities offered hereby should conduct their own due diligence
on the accuracy of the information relating to the securities. If you do not understand the contents of this prospectus you should consult an authorized financial adviser.
Singapore
This prospectus has not
been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the ADSs may not be
circulated or distributed, nor may the ADSs be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under
Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified
in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
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Where the ADSs are subscribed or purchased under Section 275 of the SFA by a relevant person
which is:
a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which
is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of
the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the ADSs pursuant to an offer made under Section 275 of the SFA, except:
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising
from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
where no consideration is or will be given for the transfer;
where the transfer is by operation of law;
as specified in Section 276(7) of the SFA; or
as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures)
Regulations 2005 of Singapore.
South Africa
Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in the South African
Companies Act, No. 71 of 2008 (as amended or re-enacted) (the “South African Companies Act”) is being made in connection with the issue of the ADSs in South Africa. Accordingly, this document
does not, nor is it intended to, constitute a “registered prospectus” (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed
with, the South African Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The ADSs are not offered, and the offer shall not be transferred, sold, renounced or delivered, in South Africa or to a person
with an address in South Africa, unless one or other of the following exemptions stipulated in section 96 (1) applies:
Section 96
(1) (a) the offer, transfer, sale, renunciation or delivery is to:
(i) persons whose ordinary business, or part of whose ordinary
business, is to deal in securities, as principal or agent;
(ii) the South African Public Investment Corporation;
(iii) persons or entities regulated by the Reserve Bank of South Africa;
(iv) authorized financial service providers under South African law;
(v) financial institutions recognized as such under South African law;
(vi) a wholly-owned subsidiary of any person or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorized portfolio
manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law);
(vii)
any combination of the person in (i) to (vi); or
Section 96 (1) (b) the total contemplated acquisition cost of the securities,
for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may
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be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act.
Information made available in this prospectus should not be considered as “advice” as defined in the South African Financial Advisory and
Intermediary Services Act, 2002.
Switzerland
The ADSs may not be offered or sold to any investors in Switzerland other than on a non-public basis. This
prospectus does not constitute a prospectus within the meaning of Article 652a and Art. 1156 of the Swiss Code of Obligations (Schweizerisches Obligationenrecht). Neither this offering nor the ADSs have been or will be approved by any Swiss
regulatory authority.
Taiwan
The
ADSs have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in
circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing or approval of the Financial Supervisory Commission of Taiwan. No person or
entity in Taiwan has been authorized to offer or sell the ADSs in Taiwan through a public offering or in such an offering that require registration, filing or approval of the Financial Supervisory Commission of Taiwan except pursuant to the
applicable laws and regulations of Taiwan and the competent authority’s ruling thereunder.
Thailand
This prospectus does not, and is not intended to, constitute a public offering in Thailand. The ADSs may not be offered or sold to persons in Thailand,
unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or under circumstances which do not constitute an offer for sale of the shares to the public for the purposes of the Securities and
Exchange Act of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission of Thailand.
United Arab
Emirates
The ADSs have not been offered or sold, and will not be offered or sold, directly or indirectly, in the United Arab Emirates,
except: (1) in compliance with all applicable laws and regulations of the United Arab Emirates; and (2) through persons or corporate entities authorized and licensed to provide investment advice and/or engage in brokerage activity and/or
trade in respect of foreign securities in the United Arab Emirates. The information contained in this prospectus does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal
Law No. 8 of 1984 (as amended)) or otherwise and is not intended to be a public offer and is addressed only to persons who are sophisticated investors.
Vietnam
This offering of ADSs has not
been and will not be registered with the State Securities Commission of Vietnam under the Law on Securities of Vietnam and its guiding decrees and circulars. The ADSs will not be offered or sold in Vietnam through a public offering and will not be
offered or sold to Vietnamese persons other than those who are licensed to invest in offshore securities under the Law on Investment of Vietnam.
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EXPENSES OF THE OFFERING
We estimate that our expenses in connection with this offering, other than underwriting discount and commissions, will be as follows:
Amount (US$)
Expenses:
SEC registration fee
4,169,606
Nasdaq listing fee
325,000
FINRA filing fee
224,850
Legal fees and expenses
4,500,000
Accounting fees and expenses
4,750,000
Miscellaneous costs
5,500,000
Total
19,469,456
All amounts in the table are estimates except the SEC registration fee, the Nasdaq listing fee and the FINRA
filing fee. The underwriters have agreed to bear certain expenses in connection with this offering, including printing expenses.
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LEGAL MATTERS
Certain matters of U.S. federal and New York State law will be passed upon for us by Cleary Gottlieb Steen & Hamilton LLP, and for the
underwriters by Paul Hastings LLP. Certain matters of Korean law will be passed upon for us by Shin & Kim LLC and for the underwriters by Kim & Chang.
EXPERTS
The
Audited Financial Statements have been included herein and in the registration statement in reliance upon the report of KPMG Samjong Accounting Corp., independent registered public accounting firm, appearing elsewhere herein, and upon the authority
of said firm as experts in accounting and auditing.
The registered business address of KPMG Samjong Accounting Corp. is 27th Floor, Gangnam Finance
Center, 152 Teheran-ro, Gangnam-gu, Seoul, 06236, Korea.
ENFORCEABILITY OF CIVIL LIABILITIES
We are a corporation organized under the laws of Korea. A majority of our directors and officers and
certain other persons named in this prospectus reside in Korea, and a significant portion of the assets of the directors and officers and certain other persons named in this prospectus and a substantial majority of our assets are located in Korea.
As a result, it may not be possible for investors to effect service of process within the United States upon us or such persons or to enforce against any of them in the United States court judgments obtained in U.S. courts, including judgments
predicated upon the civil liability provisions of the securities laws of the United States or any State or territory within the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement
of judgments of U.S. courts, of civil liabilities predicated on the securities laws of the United States or any State or territory within the United States.
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WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-1 (including amendments and exhibits to the
registration statement) under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration
statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the
copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. Each statement regarding a contract, agreement or other document is qualified
in its entirety by reference to the actual document.
Upon completion of this offering, we will be subject to the informational requirements of the
Exchange Act that are applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an internet website at http://www.sec.gov, from which you can electronically access the registration statement and its materials.
As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy
statements, and our executive officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to
file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we are required to file with the SEC within four months after the end of each
fiscal year (which is currently four months from December 31, the end of our fiscal year), or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements,
which will be examined and reported on with an opinion expressed by an independent public accounting firm.
As a foreign private issuer, we are also
exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. We are, however, still subject to the
anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 of the Exchange Act. Since many of the disclosure obligations required of us as a foreign private issuer are different than those required
by U.S. domestic reporting companies, our shareholders, potential shareholders and the investing public in general should not expect to receive information about us in the same amount and at the same time as information is received from, or provided
by, U.S. domestic reporting companies.
We also maintain an investor website at www.skhynix.com. Our website and the information contained
therein or connected thereto will not be deemed to be incorporated into the prospectus or the registration statement of which this prospectus forms a part, and you should not rely on any such information in making your decision whether to purchase
the ADSs.
We will send the depositary a copy of all notices of shareholders’ meetings and other reports, communications and information
that are made generally available to shareholders. The depositary has agreed to mail to all shareholders a notice containing the information (or a summary of the information) contained in any notice of a meeting of our shareholders received by the
depositary and will make available to all shareholders such notices and all such other reports and communications received by the depositary.
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You may request a copy of our SEC filings, at no cost, by contacting us at the number or address
specified below.
SK hynix Inc. Investor Relations
SK U-Tower, 9, Seongnam-daero 343 beon-gil,
Bundang-gu,
Seongnam-si,
Gyeonggi-do 13558, Korea
+82 (31) 5185-4114
ir@skhynix.com
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INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Pages
Audited Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
F-2
Consolidated Statements of Financial Position
F-4
Consolidated Statements of Comprehensive Income (Loss)
F-6
Consolidated Statements of Changes in Equity
F-7
Consolidated Statements of Cash Flows
F-10
Notes to the Consolidated Financial Statements
F-11
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements of Financial Position
F-89
Condensed Consolidated Interim Statements of Comprehensive Income
F-91
Condensed Consolidated Interim Statements of Changes in Equity
F-92
Condensed Consolidated Interim Statements of Cash Flows
F-94
Notes to the Condensed Consolidated Interim Financial Statements
F-95
F-1
Table of Contents
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
SK hynix Inc.:
Opinion on the Consolidated Financial Statements
We have audited the
accompanying consolidated statements of financial position of SK hynix Inc. and subsidiaries (the “Group”) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income (loss), changes in equity, and
cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) Accounting Standards, as issued by the International Accounting Standards Board.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Group’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a
matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the
consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken
as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Timing of commencement of depreciation for machinery
As discussed in Note 2
(11) and Note 12 to the consolidated financial statements, as of December 31, 2025, the Group’s machinery (presented in property, plant and equipment) amounted to
W 39,560,170 million. During the year ended December 31, 2025, the Group commenced depreciation of machinery amounting to W 17,618,705 million. The Group begins depreciating machinery when the asset is ready for its intended use.
F-2
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We identified the timing of commencement of depreciation for machinery as a critical audit matter. Evaluating the
commencement of depreciation required subjective auditor judgment, as the nature of supporting documentation varies depending on the type of machinery. This included determining, for each type of machinery, the nature and extent of audit evidence
obtained on when machinery is ready for its intended use.
The following are the primary procedures we performed to address this critical audit matter. We applied
auditor judgment to determine the nature and extent of procedures to be performed for each type of machinery.
We evaluated the design and tested the operating effectiveness of certain internal controls related to the process of
machinery (including Construction In Progress, or CIP) management, including the controls over determination of when machinery is ready for its intended use.
We evaluated the timing of when the machinery was ready for its intended use, for a sample of machinery which were ready
for its intended use during the year, by inspecting supporting evidence, including internal inspection reports and installation completion documents.
For a sample of CIP projects that exceeded their expected completion dates as of year-end, we inspected relevant supporting
documentation to assess the appropriateness of whether the assets were ready for intended use as of the year-end.
We evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the
appropriateness of the nature and extent of such evidence.
/s/ KPMG Samjong Accounting Corp.
KPMG Samjong Accounting Corp.
We have served as the Group’s auditor since
2022.
Seoul, Korea
May 7, 2026
F-3
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SK hynix Inc. and Subsidiaries
Consolidated Statements of Financial Position
December 31, 2025 and 2024
(In millions of Korean won)
Notes
2025
2024
Assets
Current assets
Cash and cash equivalents
5,6
W
14,923,766
W
11,205,117
Short-term financial instruments
5,6,7
14,679,719
2,382,010
Short-term investment assets
5,6
5,338,768
569,236
Trade receivables, net
5,6,8,31
18,199,078
13,019,006
Loans and other receivables, net
5,6,8,31
386,343
293,061
Other financial assets
5,6,7,21
195,259
45,309
Inventories, net
9
14,289,390
13,313,937
Current tax assets
67,715
57,467
Other current assets
10
1,378,035
1,393,744
69,458,073
42,278,887
Non-current assets
Investments in associates and joint ventures
11
1,320,927
1,940,663
Long-term investment assets
5,6
14,547,099
4,041,276
Loans and other receivables, net
5,6,8,31
420,036
444,286
Other financial assets
5,6,7,21
1,114,462
346,749
Property, plant and equipment, net
12,32
77,502,704
60,157,474
Right-of-use assets,
net
13,31
2,336,457
2,486,871
Intangible assets, net
14
4,049,402
4,018,847
Investment property, net
188
200
Deferred tax assets
20,29
3,660,493
2,811,559
Employee benefit assets
19
1,552,888
1,154,255
Other non-current assets
10
144,930
174,142
106,649,586
77,576,322
Total assets
W
176,107,659
W
119,855,209
See accompanying notes to the consolidated financial statements.
F-4
Table of Contents
SK hynix Inc. and Subsidiaries
Consolidated Statements of Financial Position, Continued
December 31,
2025 and 2024
(In millions of Korean won)
Notes
2025
2024
Liabilities
Current liabilities
Trade payables
5,6,31
W
2,848,455
W
2,277,347
Other payables
5,6,31,32
6,434,144
6,967,013
Other non-trade payables
5,6,15,31
6,283,111
3,983,543
Borrowings
5,6,16,31,32
8,161,757
5,252,238
Other financial liabilities
5,6,21,31
4,913,879
1,741,587
Provisions
18
228,937
270,235
Current tax liabilities
7,023,813
3,083,950
Lease liabilities
5,6,13,31
547,296
588,355
Other current liabilities
17
937,607
801,176
37,378,999
24,965,444
Non-current liabilities
Long-term other payables
5,6
375,141
477,027
Other non-trade payables
5,6,15,31
19,970
51,897
Borrowings
5,6,16,32
14,086,148
17,431,495
Other financial liabilities
5,6,21
2,487
5,909
Defined benefit liabilities, net
19
66,144
68,090
Deferred tax liabilities
20
248,395
217,852
Lease liabilities
5,6,13,31
1,962,647
2,180,021
Other non-current liabilities
17
1,300,977
541,770
18,061,909
20,974,061
Total liabilities
55,440,908
45,939,505
Equity
Equity attributable to owners of the Parent Company
Capital stock
22
3,657,652
3,657,652
Capital surplus
22
8,953,714
4,487,123
Other equity
22,34
(1,348,598
)
(2,191,549
)
Accumulated other comprehensive income
22
2,676,862
2,532,107
Retained earnings
23
106,576,548
65,418,061
Total equity attributable to owners of the Parent Company
120,516,178
73,903,394
Non-controlling interests
150,573
12,310
Total equity
120,666,751
73,915,704
Total liabilities and equity
W
176,107,659
W
119,855,209
See accompanying notes to the consolidated financial statements.
F-5
Table of Contents
SK hynix Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
Years ended December 31, 2025, 2024 and 2023
(In millions of Korean won, except per share information)
Notes
2025
2024
2023
Revenue
4,24,31
W
97,146,675
W
66,192,960
W
32,765,719
Cost of sales
26,31
38,455,885
34,364,814
33,299,167
Gross profit (loss)
58,690,790
31,828,146
(533,448
)
Selling and administrative expenses
25,26
5,018,834
3,924,486
3,446,158
Research and development expenses
25,26
6,465,637
4,436,341
3,750,707
Finance income
5,27
16,373,480
4,855,082
2,261,801
Finance expenses
5,27
12,504,998
5,707,997
6,093,167
Share of profit (loss) of equity-accounted investees
11
(564,553
)
(38,245
)
15,061
Other income
28
333,277
1,476,579
623,867
Other expenses
28
377,973
167,388
735,065
Profit (loss) before income tax
50,465,552
23,885,350
(11,657,816
)
Income tax expense (benefits)
29
7,517,650
4,088,448
(2,520,269
)
Profit (loss) for the year
W
42,947,902
W
19,796,902
W
(9,137,547
)
Other comprehensive income (loss)
Item that will never be reclassified to profit or loss:
Remeasurements of defined benefit liability, net of tax
19
(79,633
)
(273,610
)
(17,944
)
Items that are or may be reclassified to profit or loss:
Foreign operations – foreign currency translation differences, net of tax
173,701
1,374,587
132,561
Gain (loss) on valuation of derivatives, net of tax
21
2,118
637
(22,414
)
Equity-accounted investees – share of other comprehensive income (loss), net of tax
11
(26,740
)
145,906
7,848
Other comprehensive income for the year, net of tax
69,446
1,247,520
100,051
Total comprehensive income (loss) for the year
W
43,017,348
W
21,044,422
W
(9,037,496
)
Profit (loss) attributable to:
Owners of the Parent Company
W
42,919,287
W
19,788,681
W
(9,112,428
)
Non-controlling interests
28,615
8,221
(25,119
)
Total comprehensive income (loss) attributable to:
Owners of the Parent Company
W
42,984,408
W
21,033,123
W
(9,014,999
)
Non-controlling interests
32,940
11,299
(22,497
)
Earnings (loss) per share
30
Basic earnings (loss) per share (in won)
W
62,044
W
28,732
W
(13,244
)
Diluted earnings (loss) per share (in won)
W
60,378
W
28,419
W
(13,244
)
See accompanying notes to the consolidated financial statements
F-6
Table of Contents
SK hynix Inc. and Subsidiaries
Consolidated Statements of Changes in Equity
Years ended December 31, 2025, 2024 and 2023
(In millions of Korean won)
Attributable to owners of the Parent Company
Notes
Capital
stock
Capital
surplus
Other
equity
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
Non-
controlling
interests
Total equity
Balance at January 1, 2023
W
3,657,652
W
4,336,170
W
(2,311,409
)
W
898,682
W
56,685,260
W
63,266,355
W
24,187
W
63,290,542
Comprehensive income (loss):
Loss for the year
—
—
—
—
(9,112,428
)
(9,112,428
)
(25,119
)
(9,137,547
)
Other comprehensive income (loss)
Remeasurements of defined benefit liability, net of tax
19
—
—
—
—
(17,944
)
(17,944
)
—
(17,944
)
Other comprehensive income of associate, net of tax
11
—
—
—
7,848
—
7,848
—
7,848
Gain (Loss) on valuation of derivatives, net of tax
21
—
—
—
(22,414
)
—
(22,414
)
—
(22,414
)
Foreign currency translation differences for foreign operations, net of tax
—
—
—
129,939
—
129,939
2,622
132,561
Total comprehensive income (loss) for the year
—
—
—
115,373
(9,130,372
)
(9,014,999
)
(22,497
)
(9,037,496
)
Transactions with owners of the Parent Company:
Dividends paid
23
—
—
—
—
(825,575
)
(825,575
)
—
(825,575
)
Disposal of treasury shares
22
—
13,566
27,798
—
—
41,364
—
41,364
Share-based payment transactions
34
—
25,291
14,317
—
—
39,608
4,530
44,138
Issue of shares of subsidiaries and changes in ownership in the subsidiaries
—
(2,468
)
—
—
—
(2,468
)
(6,753
)
(9,221
)
Total transactions with owners of the Parent Company
—
36,389
42,115
—
(825,575
)
(747,071
)
(2,223
)
(749,294
)
Balance at December 31, 2023
W
3,657,652
W
4,372,559
W
(2,269,294
)
W
1,014,055
W
46,729,313
W
53,504,285
W
(533
)
W
53,503,752
See accompanying notes to the consolidated
financial statements.
F-7
Table of Contents
SK hynix Inc. and Subsidiaries
Consolidated Statements of Changes in Equity
Years ended December 31,
2025, 2024 and 2023, Continued
(In millions of Korean won)
Attributable to owners of the Parent Company
Notes
Capital
stock
Capital
surplus
Other
equity
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
Non-
controlling
interests
Total equity
Balance at January 1, 2024
W
3,657,652
W
4,372,559
W
(2,269,294
)
W
1,014,055
W
46,729,313
W
53,504,285
W
(533
)
W
53,503,752
Comprehensive income (loss):
Profit for the year
—
—
—
—
19,788,681
19,788,681
8,221
19,796,902
Other comprehensive income (loss)
Remeasurements of defined benefit liabilities, net of tax
19
—
—
—
—
(273,610
)
(273,610
)
—
(273,610
)
Other comprehensive income of associate, net of tax
11
—
—
—
145,906
—
145,906
—
145,906
Gain on valuation of derivatives, net of tax
21
—
—
—
637
—
637
—
637
Foreign currency translation differences for foreign operations, net of tax
—
—
—
1,371,509
—
1,371,509
3,078
1,374,587
Total comprehensive income for the year
—
—
—
1,518,052
19,515,071
21,033,123
11,299
21,044,422
Transactions with owners of the Parent Company:
Dividends paid
23
—
—
—
—
(826,323
)
(826,323
)
—
(826,323
)
Disposal of treasury shares
22
—
75,995
51,313
—
—
127,308
—
127,308
Share-based payment transactions
34
—
38,569
26,432
—
—
65,001
(4,488
)
60,513
Issue of shares of subsidiaries and changes in ownership in the subsidiaries
—
—
—
—
—
—
6,032
6,032
Total transactions with owners of the Parent Company
—
114,564
77,745
—
(826,323
)
(634,014
)
1,544
(632,470
)
Balance at December 31, 2024
W
3,657,652
W
4,487,123
W
(2,191,549
)
W
2,532,107
W
65,418,061
W
73,903,394
W
12,310
W
73,915,704
See accompanying notes to the consolidated
financial statements.
F-8
Table of Contents
SK hynix Inc. and Subsidiaries
Consolidated Statements of Changes in Equity
Years ended December 31,
2025, 2024 and 2023, Continued
(In millions of Korean won)
Attributable to owners of the Parent Company
Notes
Capital
stock
Capital
surplus
Other
equity
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
Non-
controlling
interests
Total equity
Balance at January 1, 2025
W
3,657,652
W
4,487,123
W
(2,191,549
)
W
2,532,107
W
65,418,061
W
73,903,394
W
12,310
W
73,915,704
Comprehensive income (loss):
Profit for the year
—
—
—
—
42,919,286
42,919,286
28,616
42,947,902
Other comprehensive income (loss)
Remeasurements of defined benefit liabilities, net of tax
19
—
—
—
—
(79,633
)
(79,633
)
—
(79,633
)
Other comprehensive loss of associate, net of tax
11
—
—
—
(26,740
)
—
(26,740
)
—
(26,740
)
Gain on valuation of derivatives, net of tax
21
—
—
—
2,118
—
2,118
—
2,118
Foreign currency translation differences for foreign operations, net of tax
—
—
—
169,377
—
169,377
4,324
173,701
Total comprehensive income for the year
—
—
—
144,755
42,839,653
42,984,408
32,940
43,017,348
Transactions with owners of the Parent Company:
Changes in ownership in subsidiaries
—
73,008
—
—
—
73,008
—
73,008
Dividends paid
23
—
—
—
—
(1,681,166
)
(1,681,166
)
—
(1,681,166
)
Disposal of treasury shares
22
—
4,313,106
714,992
—
—
5,028,098
—
5,028,098
Changes in consolidation scope
—
—
—
—
—
—
446
446
Share-based payment transactions
20,34
—
80,477
127,959
—
—
208,436
104,877
313,313
Total transactions with owners of the Parent Company
—
4,466,591
842,951
—
(1,681,166
)
3,628,376
105,323
3,733,699
Balance at December 31, 2025
W
3,657,652
W
8,953,714
W
(1,348,598
)
W
2,676,862
W
106,576,548
W
120,516,178
W
150,573
W
120,666,751
See accompanying notes to the consolidated financial statements.
F-9
Table of Contents
SK hynix Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years ended
December 31, 2025, 2024 and 2023
(In millions of Korean won)
Note
2025
2024
2023
Cash flows from operating activities
Cash generated from operating activities
33
W
58,904,432
W
31,250,846
W
6,688,866
Interest received
337,982
322,960
198,872
Interest paid
(938,849
)
(1,276,564
)
(1,261,540
)
Dividends received
960,716
50,731
35,935
Income tax paid
(5,891,155
)
(552,088
)
(1,383,942
)
Net cash provided by operating activities
53,373,126
29,795,885
4,278,191
Cash flows from investing activities
Decrease in short-term financial instruments
6,513,772
1,499,026
1,409,187
Increase in short-term financial instruments
(18,804,330
)
(3,370,863
)
(1,469,396
)
Decrease (increase) in short-term investment assets, net
(4,552,604
)
457,163
199,912
Collection of loans and other receivables
32,880
38,222
47,564
Increase in loans and other receivables
(178,331
)
(47,704
)
(251,498
)
Proceeds from disposal of long-term investment assets
1,233,030
2,373
18,279
Acquisitions of long-term investment assets
(33,956
)
(19,460
)
(30,537
)
Decrease in other financial assets
115,091
57
577
Increase in other financial assets
(1,105,649
)
(109,646
)
(5,358
)
Proceeds from disposal of property, plant and equipment
144,828
47,126
1,539,825
Acquisitions of property, plant and equipment
(27,518,924
)
(15,945,534
)
(8,325,138
)
Proceeds from disposal of intangible assets
2,142
19,703
484
Acquisitions of intangible assets
(1,060,419
)
(717,106
)
(454,710
)
Proceeds from disposal of investments in associates
16,875
22,510
8,847
Acquisitions of investments in associates
(9,000
)
(25,859
)
(22,765
)
Proceeds from disposal of assets held for sale
85,216
145,355
—
Cash outflow from business combination
32
(3,079,783
)
—
—
Receipt of government grants
144,911
—
—
Net cash used in investing activities
(48,054,251
)
(18,004,637
)
(7,334,727
)
Cash flows from financing activities
Proceeds from borrowings
33
8,183,735
8,717,964
20,657,967
Repayment of borrowings
33
(7,416,131
)
(16,093,621
)
(13,689,433
)
Payment of lease liabilities
33
(596,465
)
(601,821
)
(461,466
)
Dividends paid
(1,681,166
)
(826,323
)
(825,575
)
Exercise stock-options
—
—
53
Issue of shares by subsidiaries and changes in ownership in subsidiaries
—
6,032
(9,220
)
Proceeds from disposal of treasury shares
65,035
93,829
24,519
Net cash provided by (used in) financing activities
(1,444,992
)
(8,703,940
)
5,696,845
Effects of exchange rate changes on cash and cash equivalents
(155,234
)
530,480
(29,987
)
Net increase in cash and cash equivalents
3,718,649
3,617,788
2,610,322
Cash and cash equivalents at the beginning of the year
11,205,117
7,587,329
4,977,007
Cash and cash equivalents at the end of the year
W
14,923,766
W
11,205,117
W
7,587,329
See accompanying notes to the consolidated financial statements.
F-10
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31, 2025, 2024 and 2023
1. General Information
(1)
General information about SK hynix Inc. (the “Parent Company”) and its subsidiaries (collectively the
“Group”) is as follows:
The Parent Company manufactures, distributes, and sells semiconductor products. The Parent Company was
established on October 15, 1949 and its shares have been listed on the Korea Exchange since 1996. The Parent Company’s headquarter is located at 2091 Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do, South Korea, and the Group has
manufacturing facilities in Icheon-si and Cheongju-si, South Korea, and Wuxi, Chongqing and Dalian, China.
As of
December 31, 2025 and 2024, the shareholders of the Parent Company are as follows:
Shareholder
Number of shares
Percentage
of ownership
(%)
2025
2024
2025
2024
SK Square Co., Ltd.
146,100,000
146,100,000
20.07
20.07
Other investors
555,591,520
542,938,731
76.32
74.58
Treasury shares 1
26,310,845
38,963,634
3.61
5.35
728,002,365
728,002,365
100.00
100.00
1
Treasury shares include 8,932,547 shares deposited with the Korea Securities Depository due to the issuance of
exchangeable bonds. Excluding these, the number of treasury shares is 17,378,298 (equivalent to 2.39% of ownership interest) as of December 31, 2025.
The Parent Company’s common shares and depositary receipts (DRs) are listed on the Stock Market of Korea Exchange and the Luxembourg Stock Exchange, respectively.
F-11
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
1. General Information,
Continued
(2)
Details of the Group’s consolidated subsidiaries as of December 31, 2025 and 2024 are as follows:
Ownership
(%)
Company
Controlling company
Location
Business
2025
2024
SK hyeng Inc.
SK hynix Inc.
Korea
Construction and service
100
100
SK hystec Inc.
SK hynix Inc.
Korea
Business support and service
100
100
Happymore Inc.
SK hynix Inc.
Korea
Semiconductor apparel manufacturing, baking and services
100
100
SK hynix system ic Inc.
SK hynix Inc.
Korea
Semiconductor research and development and business support
100
100
HappyNarae Co., Ltd.
SK hynix Inc.
Korea
Industrial material supply
100
100
SK Keyfoundry Inc.
SK hynix Inc.
Korea
Semiconductor sales, manufacturing and others
100
100
SK hynix America Inc.
SK hynix Inc.
U.S.A
Semiconductor sales
100
100
SK hynix Deutschland GmbH
SK hynix Inc.
Germany
Semiconductor sales
100
100
SK hynix Asia Pte. Ltd.
SK hynix Inc.
Singapore
Semiconductor sales
100
100
SK hynix Semiconductor Hong Kong Ltd.
SK hynix Inc.
Hong Kong
Semiconductor sales
100
100
SK hynix U.K. Ltd.
SK hynix Inc.
U.K.
Semiconductor sales
100
100
SK hynix Semiconductor Taiwan Inc.
SK hynix Inc.
Taiwan
Semiconductor sales
100
100
SK hynix Japan Inc.
SK hynix Inc.
Japan
Semiconductor sales
100
100
SK hynix (Wuxi) Semiconductor Sales Ltd.
SK hynix Inc.
China
Semiconductor sales
100
100
SK hynix Semiconductor (China) Ltd.
SK hynix Inc.
China
Semiconductor manufacturing
100
100
SK hynix memory solutions Taiwan Ltd.
SK hynix Inc.
Taiwan
Semiconductor research and development
100
100
SK APTECH Ltd.
SK hynix Inc.
Hong Kong
Overseas investment
100
100
SK hynix Ventures Hong Kong Ltd.
SK hynix Inc.
Hong Kong
Overseas investment
100
100
Gauss Labs Inc. 1
SK hynix Inc.
U.S.A
Information and Communications Industry
97.38
98.17
SK hynix NAND Product Solutions Corp. 1
SK hynix Inc.
U.S.A
Semiconductor sales, research and development and others
97.48
98.49
SK hynix Semiconductor (Dalian) Co., Ltd.
SK hynix Inc.
China
Semiconductor manufacturing
100
100
SK hynix memory solutions Poland sp. z o.o.
SK hynix Inc.
Poland
Semiconductor research and development
100
100
SK Keyfoundry America Inc.
SK Keyfoundry Inc.
U.S.A
Semiconductor sales
100
100
SK Keyfoundry Shanghai Co., Ltd.
SK Keyfoundry Inc.
China
Semiconductor sales
100
100
SK Powertech 2
SK Keyfoundry Inc.
Korea
Semiconductor manufacturing
99.42
—
SkyHigh Memory Limited 3
SK hynix system ic Inc.
Hong Kong
Semiconductor manufacturing and sales
—
60.00
SUZHOU HAPPYNARAE Co., Ltd.
HappyNarae Co., Ltd.
China
Overseas industrial material supply
100
100
HappyNarae America LLC
HappyNarae Co., Ltd.
U.S.A
Overseas industrial material supply
100
100
F-12
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
1. General Information,
Continued
(2)
Details of the Group’s consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, Continued:
Ownership
(%)
Company
Controlling company
Location
Business
2025
2024
HappyNarae Hungary Kft 4
HappyNarae Co., Ltd.
Hungary
Overseas industrial material supply
100
100
SK hynix Semiconductor (Chongqing) Ltd.
SK APTECH Ltd.
China
Semiconductor manufacturing
100
100
SK hynix (Wuxi) Education Service Development Co., Ltd.
SK hynix (Wuxi) Education Technology Co., Ltd.
China
Overseas education
100
100
SK hynix (Wuxi) Industry Development Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Foreign hospital construction
100
100
SK hynix Happiness (Wuxi) Hospital Management Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Foreign hospital operation
70
70
SK hynix cleaning (Wuxi) Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Building maintenance and others
100
100
SK hynix (Wuxi) Education Technology Co., Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Overseas education
100
100
SK hynix Semiconductor West Lafayette LLC
SK hynix America Inc.
U.S.A
Semiconductor manufacturing
100
100
SK hynix memory solutions America Inc. 5
SK hynix America Inc.
U.S.A
Semiconductor research and development
100
98.49
SK hynix Semiconductor India Private Ltd.
SK hynix Asia Pte. Ltd.
India
Semiconductor sales
100
100
SK hynix NAND Product Solutions Taiwan Co.,
Ltd. 1
SK hynix NAND Product Solutions Corp.
Taiwan
Semiconductor research and development and sales
97.48
98.49
SK hynix NAND Product Solutions Canada Ltd. 1
SK hynix NAND Product Solutions Corp.
Canada
Semiconductor research and development
97.48
98.49
SK hynix NAND Product Solutions Mexico,
S. DE R.L. DE
C.V. 1
SK hynix NAND Product Solutions Corp.
Mexico
Semiconductor research and development
97.48
98.49
SK hynix NAND Product Solutions UK Limited 1
SK hynix NAND Product Solutions Corp.
U.K.
Semiconductor sales
97.48
98.49
SK hynix NAND Product Solutions Israel Ltd. 1
SK hynix NAND Product Solutions Corp.
Israel
Semiconductor sales
97.48
98.49
SK hynix NAND Product Solutions Japan G.K. 6
SK hynix NAND Product Solutions Corp.
Japan
Semiconductor sales
—
98.49
SK hynix NAND Product Solutions International
LLC 1
SK hynix NAND Product Solutions Corp.
U.S.A
Semiconductor sales
97.48
98.49
SK hynix NAND Product Solutions Asia Pacific
LLC 1
SK hynix NAND Product Solutions Corp.
U.S.A
Semiconductor sales
97.48
98.49
SK hynix NAND Product Solutions Singapore Pte.
Ltd. 1
SK hynix NAND Product Solutions Corp.
Singapore
Semiconductor sales
97.48
98.49
SK hynix NAND Product Solutions Malaysia Sdn.
Bhd. 1
SK hynix NAND Product Solutions Corp.
Malaysia
Semiconductor sales
97.48
98.49
SK HYNIX NAND PRODUCT SOLUTIONS POLAND sp.
z o.o. 1
SK hynix NAND Product Solutions Corp.
Poland
Semiconductor research and development
97.48
98.49
SK hynix NAND Product Solutions (Beijing) Co.,
Ltd. 1
SK hynix NAND Product Solutions Corp.
China
Semiconductor sales
97.48
98.49
SK Hynix NAND Product Solutions (Shanghai) Co.,
Ltd. 1
SK hynix NAND Product Solutions Corp.
China
Semiconductor research and development
97.48
98.49
Intel NDTM US LLC. 7
SK hynix NAND Product Solutions Corp.
U.S.A
Semiconductor research and development
97.48
—
SK hynix (Wuxi) Investment Ltd.
SK hynix Semiconductor (China) Ltd.
China
Overseas investment
100
100
SK hynix semiconductor storage technology (Dalian) Co.,
Ltd. 7,8
SK hynix Semiconductor (Dalian) Co., Ltd.
China
Semiconductor manufacturing support
100
—
SkyHigh Memory China Limited 3
SkyHigh Memory Limited
China
Semiconductor sales
—
60
F-13
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
1. General Information,
Continued
(2)
Details of the Group’s consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, Continued:
Ownership
(%)
Company
Controlling company
Location
Business
2025
2024
SkyHigh Memory Limited Japan 3
SkyHigh Memory Limited
Japan
Semiconductor sales
—
60
CHONGQING HAPPYNARAE Co., Ltd.
SUZHOU HAPPYNARAE Co., Ltd.
China
Overseas industrial material supply
100
100
MMT (Money Market Trust)
—
Korea
Money Market Trust
100
100
1
The Group’s ownership interest decreased due to exercise of stock options by the employees of SK hynix NAND Product
solutions Corp. and its subsidiaries during the year ended December 31, 2025.
2
SK Powertech was included as a consolidated subsidiary through acquisition during the year ended December 31, 2025.
3
SkyHigh Memory Limited and its subsidiaries, SkyHigh Memory China Limited and SkyHigh Memory Limited Japan, were excluded
from the Group’s consolidated subsidiaries upon disposal the year ended December 31, 2025.
4
Liquidation is in progress as of December 31, 2025.
5
SK hynix NAND Product Solutions Corp. transferred its shares to SK hynix America Inc. during the year ended December 31,
2025.
6
Liquidation was completed during the year ended December 31, 2025.
7
Intel holds the legal ownership of these entities as of December 31, 2024. However, the Group consolidated these
entities since the initial closing of the acquisition when management determined that it obtained control over these entities as it has the power to direct the relevant activities of these entities and is exposed to, or has rights to, variable
returns. The Group acquired legal ownership through the 2nd Closing of Intel NAND business acquisition during the year ended December 31, 2025.
8
The entity changed its name from Intel Semiconductor Storage Technology (Dalian) Ltd. to SK hynix semiconductor storage
technology (Dalian) Co., Ltd. during the year ended December 31, 2025.
F-14
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
1. General
Information, Continued
(3)
Changes in the Group’s consolidated subsidiaries for the year ended December 31, 2025 are as follows:
Type
Company
Reason
Addition
SK Powertech
Acquisition
Derecognition
SK hynix NAND Product Solutions Japan G.K.
Liquidation
Derecognition
SkyHigh Memory Limited
Divestment
Derecognition
SkyHigh Memory China Limited
Divestment
Derecognition
SkyHigh Memory Limited Japan
Divestment
(4) The Group’s subsidiaries do not have material non-controlling interests as of
December 31, 2025 and December 31, 2024.
2. Material Accounting Policies
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) Accounting Standards, as
issued by the International Accounting Standards Board (“IASB”).
These consolidated financial statements were authorized for issue by management in
connection with the filing with the U.S. Securities Exchange Commission on May 7, 2026.
(1) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of
financial position:
derivative financial instruments are measured at fair value
financial instruments at fair value through profit or loss are measured at fair value
financial instruments at fair value through other comprehensive income are measured at fair value
assets or liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit
obligations less the fair value of plan assets (Employee benefit assets)
liabilities for cash-settled share-based compensations are measured at fair value
(2) Functional and presentation currency
Financial statements of entities within
the Group are presented in functional currency and the currency of the primary economic environment in which each entity operates. Consolidated financial statements of the Group are presented in Korean won, which is the Parent Company’s
functional and presentation currency.
The material accounting policies applied in preparation of these consolidated financial statements are set out below. These
accounting policies have been consistently applied to all the years presented, unless otherwise stated.
F-15
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(3) Operating Segments
The
Group’s CODM is the board of directors, who do not receive and therefore do not review discrete financial information for any component of the Group. Accordingly, no operating segment information is included in these consolidated financial
statements. Entity wide disclosures of geographic, product and customer information are provided in notes 4 and 24.
(4) Consolidation
(a) Non-controlling interests
Non-controlling interests are measured at their
proportionate share of the acquiree’s identifiable net assets at the date of acquisition, and the Group shall also attribute total comprehensive income to the owners of the parent and to the non-controlling interests even if this results in
the non-controlling interests having a deficit balance.
(b) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated
financial statements. The Group’s share of unrealized gain incurred from transactions with equity-accounted investees are eliminated and unrealized loss are eliminated using the same basis if there are no evidence of asset impairments.
(c) Business combinations under common control
The assets and liabilities acquired
in the combination of entities or business under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and
carrying amounts of net assets acquired is added to or deducted from capital surplus.
(5) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant
risk of changes in their fair value and are used by the Group in the management of its short-term commitments.
(6) Inventories
The cost of inventories is based on the weighted average method (except for goods in-transit that is based on the specific identification method), and includes
expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing inventories to their existing location and condition. In the case of manufactured inventories and work-in-process, cost includes
an appropriate share of production overheads based on the actual capacity of production facilities. However, the normal capacity is used for the allocation of fixed production overheads if the actual level of production is lower than the normal
capacity.
Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and
F-16
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(6) Inventories, Continued
selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories shall be recognized as an expense in the period the write-down or loss occurs.
The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, shall be recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.
(7) Trade Receivables
Trade receivables are initially recognized at the transaction
price if they do not contain a significant financing component. If a significant financing component exists, the receivables are initially recognized at fair value. The trade receivables are subsequently measured by subtracting the loss allowance
from the amortized cost applied with the effective interest method.
(8) Non-derivative financial assets
(a) Initial recognition and measurement
Trade and other receivables, and debt
investment are initially recognized when they are originated. Other financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instruments.
(b) Classification and subsequent measurements
In assessing whether the contractual
cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of
contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:
contingent events that would change the amount or timing of cash flows;
terms that may adjust the contractual coupon rate, including variable-rate features;
prepayment and extension features; and
terms that limit the Group’s claim to cash flows from specified assets.
(9) Derivative financial instruments
(a) Hedge accounting
The Group enters into a fixed-to-fixed cross currency swap contract and a floating-to-fixed cross currency interest rate swap contract to hedge interest rate risk and
currency risk.
On initial designation of the hedge, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including
the risk management objectives and strategy in undertaking the hedge transaction. In addition, the document includes hedging instruments; hedged items; initial commencement date of those hedge relationship; fair value of hedged items based on
hedged risk during the subsequent period; and the method of valuation on hedging instruments offsetting changes in cash flow.
F-17
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(9) Derivative financial instruments, Continued
(b) Embedded Derivative
Embedded
derivative is accounted separately and separated from the host contract if the host contract is not a financial asset and meets certain requirements.
(10)
Impairment of financial assets
(a) Recognition of impairment on financial assets
The Group recognizes loss allowances for expected credit losses (ECLs) on:
financial assets measured at amortized costs; and
IFRS 15 contract assets.
The Group measures impairment losses at an amount equal to lifetime ECLs except for the below assets, which are measured at 12-month ECLs.
credit risk of debt instruments is low at the end of reporting date
credit risk has not increased significantly since the initial recognition of debt investment (lifetime ECL: ECL that
resulted from all possible default events over the expected life of a financial instrument)
The Group adopted an accounting policy to recognize
loss allowances at an amount equal to lifetime expected credit losses for trade receivables and contract assets.
(b) Credit-impaired financial instrument
A debt instrument carried at amortized cost and fair value through other comprehensive income (FVOCI) is assessed at the end of each reporting period to determine
whether there is objective evidence that it is impaired. A financial asset is credit- impaired when one or more events that have a detrimental impact on the estimated future cash flows of that asset have occurred.
(c) Presentation of credit loss allowance on financial position
Loss allowances for
financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.
(11) Property, plant and equipment
The Group begins depreciation when an asset is available for its intended use. For production machinery, this assessment considers asset specific facts and
circumstances, including completion of installation and setup, successful testing, and readiness to operate on a standalone or integrated basis.
Property, plant
and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed.
F-18
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(11) Property, plant and equipment, Continued
The estimated useful lives of the Group’s property, plant and equipment are as follows:
Estimated
Useful
lives (years)
Buildings
10 - 50
Structures
10 - 20
Machinery
5 - 15
Vehicles
5 - 10
Other
5 - 10
(12) Intangible assets
Amortization of intangible
assets is calculated on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. The residual value of intangible assets is zero. However, certain intangible assets are determined as
having indefinite useful lives and not amortized as there is no foreseeable limit to the period over which the assets are expected to be available for use.
Estimated
Useful
lives (years)
Industrial rights
5 - 10
Development costs
2
Other intangible assets
4 - 20
As of December 31, 2025, the Group has entered into a number of patent license agreements related to the design and production of
its products. Royalties under this contract are paid in the form of either of lump-sum royalty or running royalty, and the payment amount of the lump-sum royalty is recognized as intangible assets and amortized in a straight-line manner according to
the patent license period.
(13) Government grants
(a) Grants related to assets
Government grants for which the primary condition is that the Group purchases, constructs or otherwise acquires non-current assets are deducted from the cost of the
asset. The grant is recognized in profit or loss over the useful lives of depreciable assets as deduction to depreciation expense.
(b) Grants related to income
Government grants which are intended to compensate the Group for expenses incurred are recognized in profit or loss as deduction of the related expenses.
(14) Impairment of non-financial assets
The carrying amounts of the Group’s
non-financial assets, other than assets arising from employee benefits, inventories, and deferred tax assets, are reviewed at the end of the reporting period to
F-19
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(14) Impairment of non-financial assets, Continued
determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and intangible assets that have indefinite
useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable amount to their carrying amount.
The Group estimates the recoverable amount of an individual asset; however, if it is impossible to measure the individual recoverable amount of an asset, the Group
estimates the recoverable amount of cash-generating unit (“CGU”). The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The value in use is estimated by applying a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU for which estimated future cash flows have not been adjusted, to the estimated future cash flows expected to be generated by
the asset or CGU.
(15) Leases
(a) As a lessee
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The Group generally uses its incremental
borrowing rate as the discount rate.
The Group has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets and
short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
At inception or
on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. However, for certain agreements, the Group
has elected practical expedient not to separate non-lease components and account for the lease and non-lease components as a single lease component.
The Group
separately presents right-of-use assets that do not meet the definition of investment property in the statement of financial position.
(16) Non-derivative
financial liabilities
The Group classifies non-derivative financial liabilities into financial liabilities at fair value through profit or loss or other financial
liabilities in accordance with the substance of the contractual arrangement and the definitions of financial liabilities. The Group recognizes financial liabilities in the consolidated statement of financial position when the Group becomes a party
to the contractual provisions of the financial liability.
F-20
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(17) Employee benefits
(a)
Retirement benefits: defined benefit plans
As of the end of reporting period, defined benefits liabilities relating to defined benefit plans are recognized as
present value of defined benefit obligations, net of fair value of plan assets.
The calculation is performed annually by an independent actuary using the projected
unit credit method. When the fair value of plan assets exceeds the present value of the defined benefit obligation, the Group recognizes an asset, to the extent of the present value of any economic benefits available in the form of refunds from the
plan or reduction in the future contributions to the plan.
(18) Foreign currencies
(a) Foreign operations
If the presentation currency of the Group is different from a
foreign operation’s functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods:
The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated to presentation currency
at exchange rates at the end of reporting period. The income and expenses of foreign operations are translated to functional currency at average exchange rates. Foreign currency differences are recognized in other comprehensive income.
(19) Revenue from contracts with customers
Revenue is recognized when the customer
obtains control of that asset, which is typically upon delivery or shipment depending on the terms of the contract.
When the good is defective, the customer is
granted the right to return the defective goods in exchange for a functioning product or cash.
Revenue is measured at the amount of consideration for the sale of
goods, reflecting the expected amount of return estimated through historical information. The Group’s right to recover products from customers and refund liability is recognized.
Refund liability is initially measured at the former carrying amount of the product less any expected costs to recover those products. Refund liability is included in
contract liabilities (See note 17) and right to recover products from customers is included in contract assets (See note 10). The Group reviews its estimate of expected returns at the end of each reporting period and updates the amounts of the asset
and liabilities accordingly.
(20) Income taxes
Income tax expense comprises
current and deferred tax. Current and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
F-21
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(20) Income taxes, Continued
(a) Deferred tax
The Group
recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates and joint ventures except to the extent that the Group is able to control the timing of the reversal of the temporary
difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes deferred tax assets for all deductible temporary differences including unused tax loss and tax credit to the extent that it
is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
(21) New and amended standards or interpretations adopted by the Group
The Group
has applied the following new and revised IFRS Accounting Standards that are effective from January 1, 2025.
(a) Amendments
to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ and IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ – ‘Lack
of Exchangeability’
When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall
disclose related information. The amendments do not have a significant impact on the financial statements.
(22) New and amended standards or interpretations not
yet adopted by the Group
The following new accounting standards and interpretations have been published that are not mandatory for December 31, 2025 reporting
periods and have not been early adopted by the Group.
(a) Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments:
Disclosures’
Disclosure requirements have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments
should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. Management does not expect the amendments to have a significant impact on the consolidated financial statements.
Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some
financial liabilities settled through an electronic cash transfer system.
Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and
interest (SPPI) criterion.
Add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial
instruments if the timing or amount of contractual cash flow changes due to amendment of contract term.
Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
F-22
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(22) New and amended standards or interpretations not yet adopted by the Group, Continued
(b) Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7
‘Financial Instruments: Disclosures’—Contracts Referencing Nature-dependent Electricity
Contracts referencing nature-dependent electricity are
defined contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that
‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption.
In addition, the amendments modify hedge
accounting requirements by allowing an entity to designate as the hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure
requirements.
The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. Management does
not expect the amendments to have a significant impact on the consolidated financial statements.
(c) Annual Improvements to IFRS - Volume 11
IFRS Annual Improvements Volume 11 should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. Management does not
expect the amendments to have a significant impact on the consolidated financial statements.
IFRS 1 First-time Adoption of IFRS: Application of hedge accounting when IFRS is first adopted
IFRS 7 Financial Instruments: Disclosures: Gain or loss on disposals, Practical application guidance
IFRS 9 Financial Instruments: Accounting for a lease termination and determining the transaction price
IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’
IAS 7 Statement of Cash Flows: Cost Method
(d) New Standard: IFRS 18 Presentation and Disclosure in Financial Statements
IFRS
18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements and includes new requirements aimed at enhancing comparability of financial performance between similar entities and providing more relevant
information to users. While the amendments do not affect the recognition or measurement of items in the financial statements, they are expected to have an extensive impact on presentation and disclosure, including the income statement and the
disclosure of management-defined performance measures.
The standard should be applied for annual periods beginning on or after January 1, 2027, and earlier
application is permitted. In accordance with the retrospective application requirements, comparative information for all comparative periods presented shall be restated under IFRS 18.
F-23
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(22) New and amended standards or interpretations not yet adopted by the Group, Continued
(d) New Standard: IFRS 18 Presentation and Disclosure in Financial Statements, Continued
Management is in the process of evaluating the impact of applying the new standard on the Group’s consolidated
financial statements. Based on a preliminary assessment, the following potential effects have been identified.
Adoption of the standard is not expected to have an
impact on the Group’s net profit or loss; however, it will require revenues and expenses in the income statements to be classified into new categories, which is expected to have an impact on the calculation and presentation of operating profit
(loss). Based on a preliminary assessment conducted by the Group, the following items have been identified as potentially affecting operating profit (loss).
“Operating profit” will be a subtotal required to be presented in the income statement.
Exchange differences currently presented in ‘Finance Income and Expenses’ may need to be presented separately
in the new categories, and certain foreign exchange gains and losses may be presented in operating profit.
The standard specifies detailed requirements for the categorization of gains and losses on derivative instruments. Such
gains and losses should be presented in the same category as the income and expenses affected by the risks the derivative instruments are used to manage. Currently, the Group presents these gains and losses within finance income and costs.
Consequently, there may be changes to the classification of these items in the income statement.
Applying the concept of ‘a useful
structured summary’ and the enhanced principles of aggregation and disaggregation may result in changes to the line items presented in the primary financial statements. In addition, goodwill must be presented separately on the
statement of financial position; therefore, the Group will present goodwill and other intangible assets as separate line items.
The requirements for disclosing
material information remain unchanged; therefore, the Group does not expect significant changes to the information currently disclosed in the Notes. However, as a result of the principles of aggregation and disaggregation, the way information is
grouped may change. In addition, significant new disclosures will be required for the following matters.
Management-defined performance measure
A breakdown of line items classified by function within the operating category of the income statement into their nature
(required only for specified nature expenses)
Reconciliation of differences for each line item in the income statement between the amounts previously presented under IAS
1 and the restated amounts by applying IFRS 18 for the comparative period immediately preceding the period in which this standard is first applied.
There is a change in the presentation of interest received and interest paid in the statement of cash flows. Interest paid will be presented as cash flows from
financing activities, and interest received as cash flows from investing activities, resulting in a change from the current presentation of cash flows from operating activities.
F-24
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
2.
Material Accounting Policies, Continued
(22) New and amended standards or interpretations not yet adopted by the Group, Continued
(e) IFRS 19 Subsidiaries without Public Accountability: Disclosures
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure
requirements. This standard does not have a significant impact on the financial statements.
3. Critical Accounting Estimates and Assumptions
The preparation of financial statements requires the Group to make estimates and assumptions concerning the future. Management also needs to exercise judgement in
applying the Group’s accounting policies. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. As the resulting accounting estimates will, by definition, seldom equal the related actual results, it can contain a significant risk of causing a material adjustment.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below. Additional information of significant judgement and assumptions of certain items are included in relevant notes.
(1) Fair value of
financial instruments
In principle, the fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The
Group makes judgments on the selection and assumptions of various evaluation techniques based on relevant market conditions as of the end of the reporting period (see note 6).
(2) Net defined benefit liabilities
The present value of the net defined benefit
liability is affected by various factors determined by the actuarial method, especially changes in the discount rate (see note 19).
(3) Inventories
Estimating the net realizable value of inventories is based on the most reliable evidence available as of the measurement date for the amount expected to be realized
from inventories. In addition, if the Group confirms the circumstances in which an event exists at the end of the reporting period, it shall estimate the change in price or cost directly related to the event.
(4) Development cost
The recoverable amounts of development cost have been
determined based on value-in-use.
F-25
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
4. Operating Segment and Entity-wide Information
The Group has a single reportable segment that is engaged in the manufacture and sale of semiconductor products. The Chief Operating Decision Maker of the Group reviews
the operational results of the semiconductor business with the reporting information which is prepared in the same manner with that used by management during the establishment of the Group’s business strategy.
(1) The Group’s non-current assets (excluding financial assets, loans and other receivables, investment in associates and joint
ventures and deferred tax assets etc.) information by region based on the location of the Parent Company and its subsidiaries as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Korea
W
74,293,530
W
54,926,692
China
10,533,204
12,415,083
Asia(other than China)
15,424
19,044
U.S.A.
738,739
627,323
Europe
5,672
3,647
W
85,586,569
W
67,991,789
(2) For the year ended December 31, 2025, revenue of W 23,260,076 million (2024: W 10,902,817 million), or 23.9% (2024: 16.5%) of the
Group’s revenue, is derived from an external customer A. For the year ended December 31, 2023, no revenue derived from a single customer reached over 10% of the Group’s revenue.
(3) Entity-wide revenue information by region is disclosed in note 24 (3).
5. Carrying Amounts of Financial Instruments by Categories
(1) Carrying amounts of financial assets by categories as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31, 2025
Financial
assets at fair
value through
profit or loss
Financial
assets at fair
value through
other
comprehensive
income or loss
Financial
assets at
amortized cost
Others
Total
Cash and cash equivalents
W
—
W
—
W
14,923,766
W
—
W
14,923,766
Short-term financial instruments
222,500
—
14,457,219
—
14,679,719
Short-term investment assets
5,338,768
—
—
—
5,338,768
Trade receivables 1
—
1,256,429
16,942,649
—
18,199,078
Loans and other receivables
—
—
806,379
—
806,379
Other financial assets
62
—
1,113,792
195,867
1,309,721
Long-term investment assets
14,547,099
—
—
—
14,547,099
W
20,108,429
W
1,256,429
W
48,243,805
W
195,867
W
69,804,530
F-26
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
5.
Carrying Amounts of Financial Instruments by Categories, Continued
(1) Carrying amounts of financial assets by categories as of
December 31, 2025 and 2024 are as follows, Continued:
(In millions of Korean won)
December 31, 2024
Financial
assets at fair
value through
profit or loss
Financial
assets at fair
value through
other
comprehensive
income or loss
Financial
assets at
amortized cost
Others
Total
Cash and cash equivalents
W
—
W
—
W
11,205,117
W
—
W
11,205,117
Short-term financial instruments
222,500
—
2,159,510
—
2,382,010
Short-term investment assets
569,236
—
—
—
569,236
Trade receivables 1
—
672,860
12,346,146
—
13,019,006
Loans and other receivables
—
—
737,347
—
737,347
Other financial assets
8,692
—
122,940
260,426
392,058
Long-term investment assets
4,041,276
—
—
—
4,041,276
W
4,841,704
W
672,860
W
26,571,060
W
260,426
W
32,346,050
1
The Group transferred certain portion of trade receivables, which are from specific customers, and derecognized the trade
receivables from the consolidated financial statements when all the risks and rewards are substantially transferred. Accordingly, the Group recognized gain or loss on disposal of trade receivables.
(2) Carrying amounts of financial liabilities by categories as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31, 2025
Financial
liabilities at fair
value through
profit or loss
Financial
liabilities at
amortized cost
Others
Total
Trade payables
W
—
W
2,848,455
W
—
W
2,848,455
Other payables
—
6,809,285
—
6,809,285
Other non-trade payables 1
—
1,541,016
—
1,541,016
Borrowings 2
—
22,247,905
—
22,247,905
Lease liabilities
—
2,509,943
—
2,509,943
Other financial liabilities
4,911,955
1,585
2,826
4,916,366
W
4,911,955
W
35,958,189
W
2,826
W
40,872,970
1
Among other non-trade payables, employee benefits liabilities that correspond to the Group’s obligations under the
employee benefit plan were excluded because they were not subject to disclosure of financial instruments.
F-27
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
5.
Carrying Amounts of Financial Instruments by Categories, Continued
(2) Carrying amounts of financial liabilities by categories
as of December 31, 2025 and 2024 are as follows, Continued:
2
The Group participated in supplier financing arrangements under letters of credit, where financial institutions pay the
Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of December 31, 2025.
(In millions of Korean won)
December 31, 2024
Financial
liabilities at fair
value through
profit or loss
Financial
liabilities at
amortized cost
Others
Total
Trade payables
W
—
W
2,277,347
W
—
W
2,277,347
Other payables 1
—
7,444,040
—
7,444,040
Other non-trade payables 2
—
1,387,034
—
1,387,034
Borrowings 3
—
22,683,733
—
22,683,733
Lease liabilities
—
2,768,376
—
2,768,376
Other financial liabilities
1,738,962
2,100
6,434
1,747,496
W
1,738,962
W
36,562,630
W
6,434
W
38,308,026
1
The Group participated in supplier financing arrangements through corporate purchase card agreements with certain
financial institutions to pay income taxes, electricity bills and others. Under these arrangements, the Group pays the card issuer the settlement amount on the credit extension period end date. There were no unpaid amounts in trade payables under
the supplier financing arrangements as of December 31, 2024.
2
Among other non-trade payables, employee benefits liabilities that correspond to the Group’s obligations under the
employee benefit plan were excluded because they were not subject to disclosure of financial instruments.
3
The Group participated in supplier financing arrangements under letters of credit, where financial institutions pay the
Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of December 31, 2024.
(3) Details of gain and loss on financial assets and liabilities by category for the years ended
December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Financial assets at amortized cost
Interest income
W
493,112
W
343,674
W
215,234
Foreign exchange differences
(607,440
)
2,962,818
267,611
Loss on disposal
(5
)
(3,680
)
(15,663
)
Reversal of (Loss on) impairment
(428
)
1,433
(8,518
)
(114,761
)
3,304,245
458,664
Financial assets at fair value through profit or loss
Dividend income
940,739
29,313
13,392
Interest income
1,215
1,140
1,195
Gain on disposal
187,469
150,287
84,217
Gain (Loss) on valuation
11,984,285
(195,773
)
(1,457,915
)
Gain on transaction
329
—
—
Foreign exchange differences
(115,479
)
205,716
(245,564
)
12,998,558
190,683
(1,604,675
)
F-28
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
5.
Carrying Amounts of Financial Instruments by Categories, Continued
(3) Details of gain and loss on financial assets and
liabilities by category for the years ended December 31, 2025, 2024 and 2023 are as follows, Continued:
(In millions of Korean won)
2025
2024
2023
Financial liabilities at amortized cost
Interest expenses
(923,703
)
(1,345,239
)
(1,468,273
)
Foreign exchange differences
220,266
(2,691,682
)
(392,040
)
Loss on transaction
(555
)
(1,913
)
—
(703,992
)
(4,038,834
)
(1,860,313
)
Financial liabilities at fair value through profit or loss
Loss on valuation
(4,163,304
)
(79,495
)
(855,216
)
Loss on transaction
(4,202,673
)
(20,344
)
(58,985
)
Foreign exchange differences
28,080
(212,444
)
14,771
(8,337,897
)
(312,283
)
(899,430
)
Others
Gain (Loss) on transaction
—
(3,391
)
13,819
W
3,841,908
W
(859,580
)
W
(3,891,935
)
6. Financial Risk Management
(1) Financial
risk management
The Group’s activities are exposed to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price
risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance.
Risk management is carried out by the Parent Company’s corporate finance division in accordance with policies approved by the board of directors. The Parent
Company’s corporate finance division identifies, evaluates, and hedges financial risks in close cooperation with the Group’s operating units. The board of directors provides written principles for overall risk management, as well as
written policies covering specific areas, such as foreign exchange risk, interest rate risk, and credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.
(a) Market risk
(i) Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar, Euro,
Chinese yuan and Japanese yen. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities in foreign currencies, and net investments in foreign operations.
F-29
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(1) Financial risk management, Continued
(a) Market risk, Continued
(i) Foreign exchange risk, Continued
Monetary foreign currency assets and liabilities as of December 31, 2025 are as follows:
(In millions of Korean won and millions of foreign currencies)
Assets
Liabilities
Foreign
currencies
Korean won
equivalent
Foreign
currencies
Korean won
equivalent
USD
23,074
W
33,108,951
15,528
W
22,280,863
JPY
904
8,295
116,044
1,064,852
CNY
1,748
357,939
2,734
559,886
EUR
25
42,240
149
251,626
Also, as described in note 21, the Group entered into a fixed-to-fixed cross currency swap and a floating-to-fixed cross currency
interest rate swap to hedge foreign currency rate risk relating to bonds and borrowings denominated in foreign currencies
When the exchange rate of the functional
currency for each foreign currency fluctuates by 10% as of December 31, 2025, the impact of the change in the exchange rate on profit before income tax expenses is as follows:
(In millions of Korean won)
If
increased
by 10%
If
decreased
by 10%
USD
W
1,210,371
W
(1,210,371
)
JPY
(105,656
)
105,656
CNY
(20,195
)
20,195
EUR
(20,939
)
20,939
(ii) Interest rate risk
Interest rate risk of the
Group is defined as the risk that the interest expenses arising from borrowings will fluctuate due to changes in future market interest rate. The interest rate risk mainly arises through floating rate borrowings and is partially offset by interests
received from floating rate financial assets.
The Group is managing cash flow interest rate risk using floating-to-fixed cross currency interest rate swaps. These
interest rate swaps have an economic effect of converting floating interest borrowings into fixed interest borrowings. Generally, the Group borrows at a floating interest rate and then swaps at a fixed rate. Under the swap agreement, the Group will
settle the difference between fixed interest costs and the floating interest costs calculated according to the principal agreed upon for each counterparty and specific period (mainly quarterly).
The Group is partially exposed to the risk of changing net interest costs due to changes in interest rates as of December 31, 2025. The Group has signed a currency
interest rate swap contract on floating interest rate borrowings in foreign currency amount to W 199,451 million and an interest rate swap
contract on floating interest rate borrowings in local currency of W 348,800 million. Therefore, the
F-30
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(1) Financial risk management, Continued
(a) Market risk, Continued
(ii) Interest rate risk, Continued
changes in interest costs subject to fluctuation of interest rates do not have an impact on the profit before income tax for the year ended December 31, 2025.
As of December 31, 2025, if interest rates on borrowings and financial assets had been 100 basis points higher/lower with all other variables held constant, profit
before income tax would have been W 41,875 million (2024:
W 49,875 million) lower/higher over the next year, mainly as a result of higher/lower net interest costs on floating-rate borrowings and interest
income on floating-rate financial assets.
(iii) Price risk
The Group invests
in equity and debt securities resulted from its business needs and the purpose of liquidity management. The Group’s equity and debt securities are exposed to price risk as of December 31, 2025.
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails to meet its contractual obligations and arises mainly from operating and investing activities. In order to manage credit risk, the Group periodically evaluates the creditworthiness of each
customer or counterparty through the analysis of its financial information, historical transaction records and other factors, based on which the Group establishes credit limits for each customer or counterparty.
(i) Trade and other receivables
For each new customer, the Group individually
analyzes its creditworthiness before standard payment and delivery terms and conditions are offered. In addition, the Group is continuously managing trade and other receivables by reevaluating the customer’s creditworthiness and securing
collaterals in order to limit its credit risk exposure.
The Group reviews at the end of each reporting period whether trade and other receivables are impaired and
enters into credit insurance contracts to manage credit risk exposure from oversea customers. The extent of the Group’s exposure to credit risk as of December 31, 2025 is equal to the carrying amount of trade and other receivables.
(ii) Other financial assets
Credit risk also arises from other financial assets
such as cash and cash equivalents, short-term financial instruments, short-term investment assets, and short-term and long-term loans mainly due to the bankruptcy of each counterparty to those financial assets. The maximum exposure to credit risk as
of December 31, 2025 is the carrying amount of those financial assets. The Group deposits cash and cash equivalents, short-term financial instruments, and others in several financial institutions, and
F-31
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(1) Financial risk management, Continued
(b) Credit risk, Continued
(ii) Other financial assets, Continued
transacts only with banks and financial institutions with high credit ratings. Accordingly, management does not expect any significant loss from non-performance by the counterparties.
(c) Liquidity risk
Liquidity risk is defined as the risk that the Group is unable
to meet its short-term payment obligations on time due to deterioration of its business performance or inability to access financing. The Group forecasts its cash flow and liquidity status and sets action plans on a regular basis to manage liquidity
risk proactively.
The Group invests surplus cash in interest-bearing current accounts, time deposits, and demand deposits choosing instruments with appropriate
maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.
The contractual maturity of financial liabilities
held by the Group as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31, 2025
Less than
1 year
1 - 2 years
2 - 5
years
More than
5 years
Total
Borrowings 1
W
7,978,826
4,845,560
8,676,290
3,272,460
W
24,773,136
Lease liabilities
576,548
426,197
1,068,681
944,492
3,015,918
Trade payables
2,848,455
—
—
—
2,848,455
Other payables
6,436,829
134,985
157,957
166,236
6,896,007
Other non-trade payables
1,224,871
10,378
9,698
162
1,245,109
Other financial liabilities
145,648
724
113
—
146,485
W
19,211,177
5,417,844
9,912,739
4,383,350
W
38,925,110
1
The cash flow includes payment of interest under terms and conditions of borrowing.
(In millions of Korean won)
December 31, 2024
Less than
1 year
1 - 2 years
2 - 5 years
More than
5 years
Total
Borrowings 1
W
3,844,805
6,732,584
11,218,578
4,246,482
W
26,042,449
Lease liabilities
602,620
461,676
1,063,224
1,128,611
3,256,131
Trade payables
2,277,347
—
—
—
2,277,347
Other payables
6,983,374
186,336
179,794
217,925
7,567,429
Other non-trade payables
1,086,615
12,440
41,166
165
1,140,386
Other financial liabilities
151,855
2,515
1,604
—
155,974
W
14,946,616
7,395,551
12,504,366
5,593,183
W
40,439,716
1
The cash flow includes payment of interest under terms and conditions of borrowing.
F-32
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(1) Financial risk management, Continued
(c) Liquidity risk, Continued
The table above analyzes the Group’s financial liabilities into relevant maturity groups based on the remaining
period at the statement of financial position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
(2) Capital management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends to shareholders, procure and repay borrowings, issue new shares, or
sell assets.
The debt-to-equity ratio and net borrowing ratio as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Total liabilities (A)
W
55,440,908
W
45,939,505
Total equity (B)
120,666,751
73,915,704
Cash and cash equivalents, and others 1 (C)
34,942,253
14,156,363
Total borrowings (D)
22,247,905
22,683,733
Debt-to-equity ratio (A/B)
45.95
%
62.15
%
Net borrowing ratio 2 (D-C)/B
-
11.54
%
1
Total amount of cash and cash equivalents, short-term financial instruments and short-term investment assets.
2
Net borrowing ratio is not disclosed because the ratio is negative as of December 31, 2025.
Under major borrowing contracts, the Group is obliged to comply with a certain level of debt ratio and Loan-To-Value ratio. The Group has complied with all of these
conditions as of December 31, 2025.
(3) Fair value
Fair values are
categorized into different levels in a fair value hierarchy based on the inputs used in valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the
measurement date.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
F-33
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(3) Fair value, Continued
(a)
The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,
including their levels in the fair value hierarchy, as of December 31, 2025 and 2024:
(In millions of Korean won)
December 31, 2025
Carrying
amounts
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value
Short-term financial instruments
W
222,500
W
—
W
—
W
222,500
W
222,500
Short-term investment assets
5,338,768
—
5,338,768
—
5,338,768
Trade receivables 1
1,256,429
—
1,256,429
—
1,256,429
Long-term investment assets
14,547,099
—
—
14,547,099
14,547,099
Other financial assets
195,929
—
195,929
—
195,929
21,560,725
—
6,791,126
14,769,599
21,560,725
Financial assets not measured at fair value
Cash and cash equivalents 2
14,923,766
—
—
—
—
Short-term financial instruments 2
14,457,219
—
—
—
—
Trade receivables 2
16,942,649
—
—
—
—
Loans and other receivables 2
806,379
—
—
—
—
Other financial assets 2
1,113,792
—
—
—
—
48,243,805
—
—
—
—
Total financial asset
W
69,804,530
W
—
W
6,791,126
W
14,769,599
W
21,560,725
Financial liabilities measured at fair value
Other financial liabilities
W
4,914,781
W
—
W
4,914,781
W
—
W
4,914,781
Financial liabilities not measured at fair value
Trade payables 2
2,848,455
—
—
—
—
Other payables 2
6,809,285
—
—
—
—
Other non-trade payables 2
1,541,016
—
—
—
—
Borrowings
22,247,905
—
22,449,184
—
22,449,184
Lease liabilities 2
2,509,943
—
—
—
—
Other financial liabilities 2
1,585
—
—
—
—
35,958,189
—
22,449,184
—
22,449,184
Total financial liabilities
W
40,872,970
W
—
W
27,363,965
W
—
W
27,363,965
1
The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.
Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.
2
The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a
reasonable approximation of fair values.
F-34
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(3) Fair value, Continued
(a)
The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,
including their levels in the fair value hierarchy, as of December 31, 2025 and 2024, Continued:
(In millions of Korean won)
December 31, 2024
Carrying
amounts
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value
Short-term financial instruments
W
222,500
W
—
W
—
W
222,500
W
222,500
Short-term investment assets
569,236
—
569,236
—
569,236
Trade receivables 1
672,860
—
672,860
—
672,860
Long-term investment assets
4,041,276
—
—
4,041,276
4,041,276
Other financial assets
269,118
—
269,118
—
269,118
5,774,990
—
1,511,214
4,263,776
5,774,990
Financial assets not measured at fair value
Cash and cash equivalents 2
11,205,117
—
—
—
—
Short-term financial instruments 2
2,159,510
—
—
—
—
Trade receivables 2
12,346,146
—
—
—
—
Loans and other receivables 2
737,347
—
—
—
—
Other financial assets 2
122,940
—
—
—
—
26,571,060
—
—
—
—
Total financial asset
W
32,346,050
W
—
W
1,511,214
W
4,263,776
W
5,774,990
Financial liabilities measured at fair value
Other financial liabilities
W
1,745,396
W
—
W
1,745,396
W
—
W
1,745,396
Financial liabilities not measured at fair value
Trade payables 2
2,277,347
—
—
—
—
Other payables 2
7,444,040
—
—
—
—
Other non-trade payables 2
1,387,034
—
—
—
—
Borrowings
22,683,733
—
22,604,615
—
22,604,615
Lease liabilities 2
2,768,376
—
—
—
—
Other financial liabilities 2
2,100
—
—
—
—
36,562,630
—
22,604,615
—
22,604,615
Total financial liabilities
W
38,308,026
W
—
W
24,350,011
W
—
W
24,350,011
1
The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.
Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.
2
The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a
reasonable approximation of fair values.
F-35
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(3) Fair value, Continued
(b) Valuation Techniques
The
valuation techniques of recurring and non-recurring fair value measurements and quoted prices classified as level 2 or level 3 are as follows:
(In millions of Korean won)
Fair value
Level
Valuation Techniques
Financial assets at fair value through profit or loss:
Short-term investment assets
W
5,338,768
2
Present value technique
Short-term financial instruments
222,500
3
Present value technique
Long-term investment assets
14,547,099
3
Present value technique and others
Financial assets at fair value through other comprehensive income:
Trade receivables
W
1,256,429
2
Present value technique
Others:
Other financial assets
W
195,929
2
Present value technique
Financial liabilities at fair value through profit or loss:
Embedded derivative liabilities
W
4,911,955
2
Binominal model and others
Others:
Other financial liabilities
W
2,826
2
Present value technique
Long-term investments assets measured at level 3 in the fair value hierarchy include investments in special purpose companies of BCPE
Pangea Intermediate Holdings Cayman, L.P. (“SPC1”) amounting to W 7,405,240 million and BCPE Pangea Cayman2 Limited
(“SPC2”) amounting to W 6,746,627 million in connection with the acquisition of KIOXIA Holdings Corporation
(“KIOXIA”)(formerly, Toshiba Memory Corporation). The fair value of the long-term investments is measured based on the equity value of the underlying asset, KIOXIA.
The fair value of equity investment in SPC1 is measured using an option pricing model allocating the estimated fair value of KIOXIA equity between investors based on
distribution priority pursuant to the underlying investment arrangement together with consideration of expected SPC1 liquidation.
The fair value of debt investment
in SPC2 convertible bonds is measured based on the estimated KIOXIA’s equity value and SPC2’s equity ownership in KIOXIA (14.30%).
F-36
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
6.
Financial Risk Management, Continued
(3) Fair value, Continued
(b)
Valuation Techniques, Continued
The valuation techniques and key inputs used in valuation of the equity investment in SPC1 and investment in SPC2
convertible bonds are as follows:
(In millions of Korean won)
Fair value
Valuation Techniques
Inputs of
level 3 financial asset
Input
Range
Equity investment in SPC1
W
7,405,240
Option-pricing method
Expected expiration(years)
0.21
Liquidity discount
8.95
%
Volatility
48.48
%
Risk free rate
0.60
%
SPC2 convertible bonds
W
6,746,627
Adjusted net asset method
Liquidity discount
8.95
%
Among the level 3 inputs, a decrease in liquidity discount, which is a key assumption, will result in a higher fair value of the equity
investment in SPC1, while any change in volatility and risk-free rate may have either positive or negative impact on the fair value of the investment in SPC1. In addition, when the liquidity discount decreases it will result in higher fair value of
the investment in SPC2 convertible bonds.
Any positive or negative changes in these significant unobservable inputs will have a direct impact on the fair value of
investments in SPC1 and SPC2, respectively. As these inputs are significant and unobservable, the equity investment in SPC1 and the SPC2 convertible bonds are classified within Level 3 of the fair value hierarchy. Accordingly, changes in key
valuation inputs may have a significant impact on the fair values of these investments.
The sensitivity analysis results of the effect of changes in the input
variables of each long-term investment classified as Level 3 on fair value are as follows:
(In millions of Korean won)
Positive
fluctuation
Negative
fluctuation
Equity investment in SPC1 1
W
79,428
W
(79,428
)
SPC2 convertible bonds 1
74,114
(74,114
)
1
Fair value fluctuations were calculated by increasing or decreasing the liquidity discount, which is major unobservable
input, by 1.0% points.
(c)
There was no transfer between fair value hierarchy levels during the year ended December 31, 2025 and changes in
financial assets classified as level 3 fair value measurements during the year ended December 31, 2025 are as follows:
(In millions of Korean won)
Beginning
Balance
Acquisition
Disposals
Gain on
Valuation
Foreign
Exchange
Difference
Ending
Balance
Financial assets:
Short-term financial instruments
W
222,500
—
—
—
—
W
222,500
Long-term investment assets
W
4,041,276
28,143
(1,206,875
)
11,938,050
(253,495
)
W
14,547,099
F-37
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
7. Restricted Financial Instruments
Details of restricted financial instruments as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December
31, 2025
December 31,
2024
Short-term financial instruments:
Restricted for supporting small businesses
W 222,500
W
222,500
Pledged for consumption tax
5,506
5,619
Others
324
256
228,330
228,375
Other financial assets:
Escrow account
—
110,391
Bank overdrafts guarantee deposit
13
11
Others
2,822
1,807
2,835
112,209
W 231,165
W
340,584
8. Trade Receivables and Loans and Other Receivables
(1) Details of loans and other receivables as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December
31, 2025
December 31,
2024
Current:
Other receivables
W
89,511
W
215,385
Accrued income
156,266
27,519
Short-term loans
117,592
13,462
Short-term guarantee and other deposits
22,974
36,695
386,343
293,061
Non-current:
Long-term other receivables
74,024
95,122
Long-term loans
189,262
193,487
Guarantee deposits
156,488
155,409
Others
262
268
420,036
444,286
W
806,379
W
737,347
F-38
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
8. Trade
Receivables and Loans and Other Receivables, Continued
(2)
Trade receivables and loans and other receivables, net of provision for impairment, as of December 31, 2025 and 2024
are as follows:
(In millions of Korean won)
December 31, 2025
Gross
amount
Provision for
impairment
Carrying
amount
Trade receivables
W
18,201,785
W
(2,707
)
W
18,199,078
Current loans and other receivables
386,419
(76
)
386,343
Non-current loans and other receivables
420,972
(936
)
420,036
W
19,009,176
W
(3,719
)
W
19,005,457
(In millions of Korean won)
December 31, 2024
Gross
amount
Provision for
impairment
Carrying
amount
Trade receivables
W
13,020,351
W
(1,345
)
W
13,019,006
Current loans and other receivables
293,155
(94
)
293,061
Non-current loans and other receivables
445,227
(941
)
444,286
W
13,758,733
W
(2,380
)
W
13,756,353
(3) Details of provision for impairment
Changes in
the provision for impairment of trade receivables for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
Beginning balance
W 1,345
W
9,717
Bad debt expense
3,782
46
Reversal
(345
)
(1,327
)
Write-off
(2,076
)
(7,070
)
Foreign exchange difference
1
(21
)
Ending balance
W 2,707
W
1,345
Changes in the provision for impairment of current loans and other receivables for the years ended December 31, 2025 and 2024 are
as follows:
(In millions of Korean won)
2025
2024
Beginning balance
W
94
W
39
Bad debt expense
821
94
Reversal
(94
)
—
Write-off
(745
)
(39
)
Ending balance
W
76
W
94
F-39
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended
December 31, 2025, 2024 and 2023
8. Trade
Receivables and Loans and Other Receivables, Continued
(3) Details of provision for impairment, Continued
Changes in the provision for impairment of non-current loans and other receivables for the years ended
December 31, 2025 and 2024 are as follows
(In millions of Korean won)
2025
2024
Beginning balance
W
941
W
913
Bad debt expense
10
8
Reversal
7
(101
)
Foreign exchange difference
(22
)
121
Ending balance
W
936
W
941
(4)
The aging analysis of trade receivables and loans and other receivables as of December 31, 2025 and 2024 are as
follows:
(In millions of Korean won)
December 31, 2025
Not impaired
Overdue
Not past
due
Less than
3 months
Over 3
months
and less than
6 months
Over
6 months
Impaired
Total
Trade receivables
W
18,199,078
—
—
—
2,707
W
18,201,785
Current loans and other receivables
386,343
—
—
—
76
386,419
Non-current loans and other receivables
420,036
—
—
—
936
420,972
W
19,005,457
—
—
—
3,719
W
19,009,176
(In millions of Korean won)
December 31, 2024
Not impaired
Overdue
Not past
due
Less than
3 months
Over 3
months
and less than
6 months
Over
6 months
Impaired
Total
Trade receivables
W
13,019,006
—
—
—
1,345
W
13,020,351
Current loans and other receivables
293,061
—
—
—
94
293,155
Non-current loans and other receivables
444,286
—
—
—
941
445,227
W
13,756,353
—
—
—
2,380
W
13,758,733
F-40
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
9. Inventories
(1) Details
of inventories as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31, 2025
Acquisition
cost
Inventory valuation
allowance
Carrying
amount
Merchandise
W
5,564
W
(261
)
W
5,303
Finished goods
2,616,635
(209,670
)
2,406,965
Work-in-process
9,290,708
(83,271
)
9,207,437
Raw materials
1,507,058
(17,745
)
1,489,313
Supplies
1,086,570
(183,958
)
902,612
Goods in transit
277,760
—
277,760
W
14,784,295
W
(494,905
)
W
14,289,390
(In millions of Korean won)
December 31, 2024
Acquisition
cost
Inventory valuation
allowance
Carrying
amount
Merchandise
W
33,492
W
(26,717
)
W
6,775
Finished goods
3,138,975
(624,692
)
2,514,283
Work-in-process
8,952,952
(330,187
)
8,622,765
Raw materials
1,521,521
(60,495
)
1,461,026
Supplies
700,846
(114,547
)
586,299
Goods in transit
122,789
—
122,789
W
14,470,575
W
(1,156,638
)
W
13,313,937
(2)
The amount of the inventories recognized as cost of sales for the years ended December 31, 2025, 2024 and 2023 are
as follows:
(In millions of Korean won)
2025
2024
2023
Inventories recognized as cost of sales
W
39,117,310
W
35,634,490
W
32,206,255
(3)
The changes in inventory valuation allowance during the years ended December 31, 2025 and 2024 are as follows:
(In millions of won)
2025
2024
Beginning balance
W
1,156,637
W
2,426,602
Charged to cost of sales
112,906
98,592
Utilization upon sales
(774,638
)
(1,368,557
)
Ending balance
W
494,905
W
1,156,637
There were no significant reversals of inventory write-downs recognized during 2025 and 2024.
F-41
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
10. Other Current and Non-current Assets
Details of other current and non-current assets as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Current:
Advance payments
W
73,312
W
62,928
Prepaid expenses
291,529
247,166
Value added tax refundable
876,429
937,926
Contract assets
125,240
123,894
Others
11,525
21,830
1,378,035
1,393,744
Non-current:
Long-term advance payments
79,810
113,564
Long-term prepaid expenses
33,778
25,997
Others
31,342
34,581
144,930
174,142
W
1,522,965
W
1,567,886
11. Investments in Associates and Joint Ventures
(1) General information of investments in associates and joint ventures is as follows:
Type
Investee
Location
Business
Associates
SK China Company Limited 1
China
Consulting and investment
SK South East Asia Investment Pte. Ltd.
Singapore
Consulting and investment
SiFive, Inc. 2
U.S.A
Design and manufacture of semiconductor
Wuxi xinfa IC industry park., Ltd.
China
Developing science-technological park
Others
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd. 3
China
Manufacture of semiconductor parts
SK hynix system ic (Wuxi) Co., Ltd. 4, 5
China
Foundry factory construction
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor 3 , 7
Korea
Investment
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor 3 , 6
Korea
Investment
Others
1
Management of the Group is able to exercise significant influence over the entity by participating the Board of Directors.
Accordingly, the investment has been classified as an associate.
2
The Group is able to exercise significant influence through its right to appoint a director to the Board of Directors of
investee. Accordingly, the investment has been classified as an associate.
3
It has been classified to a joint venture as it is stated in the agreement that unanimous vote is required for relevant
activities.
4
Net asset share amount and carrying amount of SK hynix system ic (Wuxi) Co., Ltd. were prepared based on the consolidated
financial statements including Hystars Semiconductor (Wuxi) Co., Ltd.
5
The Group disposed 49.9% of its shares of SK hynix system ic (Wuxi) Co., Ltd. and lost control over SK hynix system ic
(Wuxi) Co., Ltd. based on the agreement that major decisions of SK hynix system ic (Wuxi) Co., Ltd. require the approval of more than two-thirds of the shareholders during the year ended December 31,
2024. The fair value of remaining shares has been recognized as an investment in a joint venture. The Group’s ownership decreased due to a capital increase by issuing new shares to a third party during the year ended December 31, 2025. Due to
accumulated losses, an impairment loss of W 470,869 million was recognized during the year ended December 31, 2025 for the difference
between the recoverable amount and the carrying amount.
6
The principal amount of
W 2,700 million was collected during the year ended December 31, 2025.
7
The principal amount of
W 1,909 million was collected during the year ended December 31, 2025.
F-42
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
11. Investments in
Associates and Joint Ventures, Continued
(2) Details of investments in associates and joint ventures as of December 31,
2025 and 2024 are as follows:
(In millions of Korean won)
December 31, 2025
December 31, 2024
Investee
Ownership
(%)
Net asset
value
Carrying
amount
Ownership
(%)
Carrying
amount
Associates:
SK China Company Limited
11.87
W
410,963
W
463,560
11.87
W
456,471
SK South East Asia Investment Pte. Ltd.
20.00
370,671
370,671
20.00
401,843
SiFive, Inc.
6.84
9,651
9,175
6.81
18,311
Wuxi xinfa IC industry park., Ltd.
30.00
46,990
46,990
30.00
44,895
Others
152,863
160,957
131,978
Joint ventures:
HITECH Semiconductor (Wuxi) Co., Ltd.
45.00
150,937
152,015
45.00
157,255
SK hynix system ic (Wuxi) Co., Ltd.
49.79
(13,564
)
78,548
50.10
688,702
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
33.33
9,039
9,039
33.33
11,237
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor
37.50
19,574
19,574
37.50
22,459
Others
10,398
10,398
7,512
W
1,167,522
W
1,320,927
W
1,940,663
(3) Changes in investments in associates and joint ventures for the years ended December 31, 2025
and 2024 are as follows:
(In millions of Korean won)
2025
Beginning
balance
Acquis-
ition
Share of
profit
(loss)
Other
equity
movement
Dividend
Recovery
of
principal
Impairment
loss
Ending
balance
SK China Company Limited
W
456,471
W
—
W 4,005
W 3,084
W —
W —
W —
W
463,560
SK South East Asia Investment Pte. Ltd.
401,843
—
(10,281
)
(20,891
)
—
—
—
370,671
SiFive, Inc.
18,311
—
(9,854
)
718
—
—
—
9,175
Wuxi xinfa IC industry park., Ltd.
44,895
—
1,155
940
—
—
—
46,990
HITECH Semiconductor (Wuxi) Co., Ltd.
157,255
—
17,673
(4,441
)
(18,472
)
—
—
152,015
SK hynix system ic (Wuxi) Co., Ltd. 1
688,702
—
(133,296
)
(5,989
)
—
—
(470,869
)
78,548
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
11,237
—
469
(167
)
(591
)
(1,909
)
—
9,039
Specialized Investment-type Private Equity Investment Trust For Win-win System Semiconductor
22,459
—
(185
)
—
—
(2,700
)
—
19,574
Others
139,490
9,000
36,769
6
(1,505
)
(12,266
)
(139
)
171,355
W
1,940,663
W
9,000
W (93,545)
W (26,740)
W (20,568)
W (16,875)
W (471,008)
W
1,320,927
1
During the year ended December 31, 2025, an impairment loss of W 470,869 million was recognized as actual operating performance during the year materially underperformed the business plan used in prior impairment assessments, resulting in accumulated
losses and a recoverable amount below the carrying amount.
F-43
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
11. Investments in
Associates and Joint Ventures, Continued
(3) Changes in investments in associates and joint ventures for the years ended
December 31, 2025 and 2024 are as follows, Continued:
(In millions of Korean won)
2024
Beginning
balance
Acquisi-
tion
Share of
profit
(loss)
Other
equity
move-
ment
Dividend
Recovery
of
principal
Impair-
ment loss
Transfer
Ending
balance
SK China Company Limited
W
408,230
W
—
W
4,609
W
43,632
W
—
W
—
W
—
W
—
W
456,471
SK South East Asia Investment Pte. Ltd.
351,923
—
4,093
45,827
—
—
—
—
401,843
SiFive, Inc. 1
53,277
—
(12,694
)
2,466
—
—
(24,738
)
—
18,311
Wuxi xinfa IC industry park., Ltd.
42,458
—
(2,215
)
4,652
—
—
—
—
44,895
HITECH Semiconductor (Wuxi) Co., Ltd.
137,655
—
17,603
19,172
(17,175
)
—
—
—
157,255
SK hynix system ic (Wuxi) Co., Ltd. 2
—
483,721
(35,348
)
(5,646
)
—
—
—
245,975
688,702
Hystars Semiconductor (Wuxi) Co., Ltd. 2
220,373
—
832
24,770
—
—
—
(245,975
)
—
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
19,283
—
3,520
(66
)
(3,107
)
(8,393
)
—
—
11,237
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor
29,779
—
37
143
—
(7,500
)
—
—
22,459
Others
104,370
25,859
6,056
10,956
(1,135
)
(6,616
)
—
—
139,490
W
1,367,348
W
509,580
W
(13,507
)
W
145,906
W
(21,417
)
W
(22,509
)
W
(24,738
)
W
—
W
1,940,663
1
Due to SiFive, Inc.’s continued accumulation of losses, the Group recognized
W 24,738 million, the difference between the book value and recoverable amount, as a loss related to investments in associates.
2
As Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd. during
the year ended December 31, 2024, the book value of Hystars Semiconductor (Wuxi) Co., Ltd. was transferred with the book value of SK hynix system ic (Wuxi) Co., Ltd.
F-44
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
11. Investments in
Associates and Joint Ventures, Continued
(4) Major associates and joint ventures’ summarized financial information as of
December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31, 2025
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
SK China Company Limited
W
1,787,188
W
2,120,977
W
151,370
W
293,452
SK South East Asia Investment Pte. Ltd.
1,021,847
983,307
58,110
36,458
HITECH Semiconductor (Wuxi) Co., Ltd.
298,955
277,560
182,138
58,962
SK hynix system ic (Wuxi) Co., Ltd.
210,511
1,233,265
962,673
520,468
(In millions of Korean won)
December 31, 2024
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
SK China Company Limited
W
1,621,534
W
2,168,615
W
111,297
W
299,593
SK South East Asia Investment Pte. Ltd.
1,197,435
2,268,114
613,999
14,918
HITECH Semiconductor (Wuxi) Co., Ltd.
272,861
306,426
69,219
163,986
SK hynix system ic (Wuxi) Co., Ltd. 1
456,634
1,361,701
1,011,649
585,647
1
Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the
year ended December 31, 2024.
(5) Major associates and joint ventures summarized financial information for
the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Revenue
Net profit
(loss)
Revenue
Net profit
(loss)
Revenue
Net profit
(loss)
SK China Company Limited
W
68,074
W
42,472
W
15,111
W
38,846
W
34,798
W
102,711
SK South East Asia Investment Pte. Ltd.
97,960
10,656
133,764
20,467
266,728
(43,317
)
Magnus Private Investment Co., Ltd. 1
—
—
—
—
—
(2,721
)
HITECH Semiconductor (Wuxi) Co., Ltd.
779,854
39,469
688,331
37,292
—
35,718
SK hynix system ic (Wuxi) Co., Ltd. 2
348,182
(265,822
)
45,996
(57,481
)
702,074
—
Hystars Semiconductor (Wuxi) Co., Ltd. 2
—
—
55,620
1,660
—
1,659
1
Liquidation was completed during the year ended December 31, 2023.
2
Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the
year ended December 31, 2024.
F-45
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
12. Property, Plant and Equipment
(1) Changes in property, plant and equipment for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
Land
Buildings
Structures
Machinery
Vehicles
Others
Construction-
in-progress
Total
Beginning balance Changes during 2025
W
1,205,857
10,474,146
3,207,904
33,674,111
25,914
462,318
11,107,224
W
60,157,474
Acquisitions
16,317
627,479
327,158
11,867,710
379
318,128
17,015,647
30,172,818
Impairment
—
(45,120
)
—
—
—
(37
)
—
(45,157
)
Disposals
(1,171
)
(12,729
)
(7,469
)
(29,847
)
(455
)
(8,709
)
(31,036
)
(91,416
)
Depreciation
—
(471,753
)
(247,033
)
(11,718,575
)
(2,657
)
(223,498
)
—
(12,663,516
)
Transfers
466,389
(281,589
)
315,928
5,750,995
57
85,083
(6,329,203
)
7,660
Foreign exchange differences and others
(1,465
)
(42,343
)
9,202
(21,790
)
(3
)
1,239
(18,895
)
(74,055
)
Reclassified as assets held for sale
—
—
(2
)
(1,091
)
—
(1,270
)
—
(2,363
)
Business combination
—
—
1,777
38,657
—
817
8
41,259
Ending balance
W
1,685,927
10,248,091
3,607,465
39,560,170
23,235
634,071
21,743,745
W
77,502,704
Acquisition cost
W
1,685,927
13,544,821
5,322,428
139,232,683
46,864
3,034,803
21,769,815
W
184,637,341
Accumulated depreciation
—
(3,209,393
)
(1,694,511
)
(99,343,367
)
(23,629
)
(2,399,992
)
—
(106,670,892
)
Accumulated impairment
—
(68,346
)
(15,339
)
(299,800
)
—
(16
)
(26,070
)
(409,571
)
Government grants
—
(18,991
)
(5,113
)
(29,346
)
—
(724
)
—
(54,174
)
W
1,685,927
10,248,091
3,607,465
39,560,170
23,235
634,071
21,743,745
W
77,502,704
(In millions of Korean won)
2024
Land
Buildings
Structures
Machinery
Vehicles
Others
Construction-
in-progress
Total
Beginning balance
W
1,207,988
10,341,242
3,080,243
31,471,525
31,044
554,024
6,018,787
W
52,704,853
Changes during 2024
Acquisitions
66
156,877
292,362
9,990,891
526
152,395
7,362,704
17,955,821
Impairment
—
—
—
21
—
(12
)
—
9
Disposals
—
(24
)
(1,858
)
(21,042
)
(2,557
)
(1,729
)
(4,840
)
(32,050
)
Depreciation
—
(505,552
)
(227,972
)
(10,553,687
)
(3,144
)
(245,280
)
—
(11,535,635
)
Transfers
(9,735
)
121,201
49,237
2,327,386
—
3,786
(2,490,804
)
(1,071
)
Foreign exchange differences and others
7,538
360,402
98,560
841,568
45
12,722
221,541
1,542,376
Reclassified as assets held for sale
—
—
(82,668
)
(382,551
)
—
(13,588
)
(164
)
(478,971
)
Ending balance
W
1,205,857
10,474,146
3,207,904
33,674,111
25,914
462,318
11,107,224
W
60,157,474
Acquisition cost
W
1,205,857
13,771,703
4,615,743
123,124,358
47,115
2,664,488
11,175,488
W
156,604,752
Accumulated depreciation
—
(3,256,494
)
(1,389,621
)
(89,123,068
)
(21,200
)
(2,201,560
)
—
(95,991,943
)
Accumulated impairment
—
(23,226
)
(15,339
)
(261,984
)
—
(13
)
(68,264
)
(368,826
)
Government grants
—
(17,837
)
(2,879
)
(65,195
)
(1
)
(597
)
—
(86,509
)
W
1,205,857
10,474,146
3,207,904
33,674,111
25,914
462,318
11,107,224
W
60,157,474
F-46
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
12. Property, Plant and
Equipment, Continued
(2) Details of depreciation expense allocation for the years ended December 31, 2025,
2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Cost of sales
W
11,839,495
W
10,696,150
W
11,810,720
Selling and administrative expenses
242,739
249,368
250,180
Research and development expenses and others
581,282
590,117
669,550
W
12,663,516
W
11,535,635
W
12,730,450
(3) Certain property, plant and equipment are pledged as collaterals for borrowings of the Group as of
December 31, 2025 (See note 32).
(4) The Group capitalized borrowing costs amounting to W 249,760 million (2024: W 202,995 million
and 2023: W 136,622 million) on qualifying assets during the year ended December 31, 2025. Borrowing costs were calculated using a
capitalization rate of 3.91% (2024: 6.32% and 2023: 4.34%) for the year ended December 31, 2025.
(5) The Group provides certain
property, plant, and equipment as operating leases. Rental income from the property, plant and equipment during the year ended December 31, 2025 are
W 29,144 million (2024:
W 23,811 million and 2023: W 28,403
million).
13. Leases
(1) Leases as lessee
(a) Changes in right-of-use assets for the years ended December 31, 2025 and 2024
are as follows:
(In millions of Korean won)
2025
Properties
Structures
Machinery
Vehicles
Others
Total
Beginning balance
W
412,296
1,513,255
540,219
19,821
1,280
W
2,486,871
Increase
61,141
111,711
75,928
13,576
27,742
290,098
Termination
(3,005
)
—
—
(2,410
)
—
(5,415
)
Depreciation
(75,121
)
(152,098
)
(185,859
)
(13,726
)
(8,979
)
(435,783
)
Foreign exchange difference
(2,448
)
4,324
—
36
1
1,913
Reclassified as assets held for sale
(1,227
)
—
—
—
—
(1,227
)
Ending balance
W
391,636
1,477,192
430,288
17,297
20,044
W
2,336,457
Acquisition cost
W
648,293
2,169,989
673,504
36,689
27,775
W
3,556,250
Accumulated depreciation
(223,209
)
(692,797
)
(243,216
)
(19,392
)
(7,731
)
(1,186,345
)
Government grants
(33,448
)
—
—
—
—
(33,448
)
W
391,636
1,477,192
430,288
17,297
20,044
W
2,336,457
F-47
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
13. Leases, Continued
(1) Leases as lessee, Continued
(a) Changes in right-of-use assets for the years ended December 31, 2025 and 2024 are as follows, Continued:
(In millions of Korean won)
2024
Properties
Structures
Machinery
Vehicles
Others
Total
Beginning balance
W
419,162
1,523,997
709,973
23,551
18,161
W
2,694,844
Increase
43,827
204,843
51,627
13,534
(195
)
313,636
Termination
(6,142
)
—
—
(4,171
)
—
(10,313
)
Depreciation
(74,900
)
(152,250
)
(193,853
)
(13,170
)
(15,516
)
(449,689
)
Foreign exchange difference
33,045
41,827
1,073
317
403
76,665
Reclassified as assets held for sale
(2,696
)
(105,162
)
(28,601
)
(240
)
(1,573
)
(138,272
)
Ending balance
W
412,296
1,513,255
540,219
19,821
1,280
W
2,486,871
Acquisition cost
W
606,918
2,048,948
802,452
34,245
22,647
W
3,515,210
Accumulated depreciation
(160,786
)
(535,693
)
(262,233
)
(14,424
)
(21,367
)
(994,503
)
Government grants
(33,836
)
—
—
—
—
(33,836
)
W
412,296
1,513,255
540,219
19,821
1,280
W
2,486,871
(b) Changes in lease liabilities for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
Beginning balance
W
2,768,376
W
3,029,874
Acquisition
290,133
266,528
Termination
(5,361
)
(13,971
)
Interest expenses
97,843
105,238
Payments
(648,765
)
(635,953
)
Foreign exchange difference
8,954
161,165
Reclassified as liabilities held for sale
(1,237
)
(144,505
)
Ending balance
W
2,509,943
W
2,768,376
(c) The details of the minimum lease payment to be paid in the future for each period in connection
with lease liabilities, present value and current/non-current classification of lease liabilities as of December 31, 2025 are as follows:
(In millions of Korean won)
2025
Less than one year
W
576,548
One to five years
1,494,878
More than five years
944,492
Total lease liabilities undiscounted as of December 31, 2025
3,015,918
Present value of lease liabilities recognized as of December 31, 2025
2,509,943
Current lease liabilities
547,296
Non-current lease liabilities
1,962,647
F-48
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
13. Leases, Continued
(1) Leases as lessee, Continued
(d) The amounts recognized in profit or loss in relation to right-of-use assets and lease liabilities for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
Depreciation of right-to-use
assets
W
435,783
W
449,689
Interest expenses of lease liabilities
97,843
105,238
Expenses relating to short-term leases or to leases of low-value
assets
7,906
7,997
The total cash outflow from leases is
W 656,671 million (2024:
W 643,950 million).
14. Intangible Assets
(1) Changes in intangible assets for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
Goodwill
Industrial
property
rights
Development
costs
Others
Total
Beginning balance
W
848,828
90,464
713,642
2,365,913
W
4,018,847
Changes during 2025
Internal development
—
—
266,890
—
266,890
External acquisition
—
2,012
—
689,777
691,789
Business combination
—
3
—
1,409
1,412
Disposals
(32,596
)
(856
)
—
(6,316
)
(39,768
)
Amortization
—
(17,442
)
(348,757
)
(464,620
)
(830,819
)
Impairment
—
—
—
(38,053
)
(38,053
)
Transfers
—
21,966
—
(29,718
)
(7,752
)
Reclassified as assets held for sale
—
—
—
(287
)
(287
)
Others
(8,709
)
(6
)
—
(4,142
)
(12,857
)
Ending balance
W
807,523
96,141
631,775
2,513,963
W
4,049,402
Acquisition cost
W
1,830,625
242,212
5,213,157
5,773,909
W
13,059,903
Accumulated amortization and impairment
(1,023,102
)
(146,071
)
(4,581,382
)
(3,259,946
)
(9,010,501
)
W
807,523
96,141
631,775
2,513,963
W
4,049,402
F-49
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
14. Intangible Assets,
Continued
(1) Changes in intangible assets for the years ended December 31, 2025 and 2024 are as follows, Continued:
(In millions of Korean won)
2024
Goodwill
Industrial
property
rights
Development
costs
Others
Total
Beginning balance
W
803,348
92,096
410,667
2,528,456
W
3,834,567
Changes during 2024
Internal development
—
—
417,724
—
417,724
External acquisition
—
1,581
—
327,530
329,111
Disposals
—
(9,092
)
—
(8,592
)
(17,684
)
Amortization
—
(17,421
)
(114,749
)
(464,030
)
(596,200
)
Impairment
—
—
—
(216
)
(216
)
Transfers
—
23,271
—
(32,483
)
(9,212
)
Reclassified as assets held for sale
—
—
—
(29,094
)
(29,094
)
Others
45,480
29
—
44,342
89,851
Ending balance
W
848,828
90,464
713,642
2,365,913
W
4,018,847
Acquisition cost
W
1,896,957
227,202
4,946,266
5,319,455
W
12,389,880
Accumulated amortization and impairment
(1,048,129
)
(136,738
)
(4,232,624
)
(2,953,542
)
(8,371,033
)
W
848,828
90,464
713,642
2,365,913
W
4,018,847
(2) Details of amortization expense allocation for the years ended December 31, 2025, 2024 and
2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Cost of sales
W
321,740
W
311,226
W
234,001
Selling and administrative expenses
483,516
256,853
282,685
Research and development expenses and other
25,563
28,121
35,855
W
830,819
W
596,200
W
552,541
(3) Goodwill impairment tests
The Group
allocates goodwill to identified CGUs, and the details of goodwill for each CGU as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
SK hynix CGU (*)
W
807,523
W
848,328
(*)
The SK hynix CGU is comprised of non-current assets of the Group excluding those
of Solidigm.
The Group performs goodwill impairment tests annually. For the purpose of impairment tests, goodwill is allocated to the relevant
CGU. The recoverable amount of the SK hynix CGU as of December 31, 2025 and 2024 was determined considering the fair value less costs to sell, which was determined based on the amount using the current stock price as of December 31, 2025
and 2024. No impairment loss of goodwill was recognized since the recoverable amount is higher than the carrying value of the CGU as of December 31, 2025 and 2024.
F-50
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
14. Intangible Assets,
Continued
(4) Among costs associated with development activities, W 266,890 million (2024: W 417,724 million
and 2023: W 350,550 million) that met capitalization criteria, were capitalized as development cost for the year ended December 31, 2025. In
addition, costs associated with research activities and other development expenditures that did not meet the criteria in the amount of
W 6,465,637 million (2024:
W 4,436,341 million and 2023:
W 3,750,706 million) were recognized as expenses for the year ended December 31, 2025.
The Group assesses whether there’s any indication for impairment of development costs at the end of the reporting period, and no impairment loss was recognized for
development projects during the years ended December 31, 2025 and 2024 as there are no development projects of which the recoverable value is less than the book value.
15. Other Payables
Details of other payables as of December 31, 2025
and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Current:
Accrued expenses
W
6,277,237
W
3,977,166
Deposits payable
5,874
6,377
6,283,111
3,983,543
Non-current:
Long-term accrued expenses
8,400
40,584
Deposits payable
11,570
11,313
19,970
51,897
W
6,303,081
W
4,035,440
16. Borrowings
(1) Details of borrowings as
of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Current:
Short-term borrowings
W
2,395,797
W
1,283,488
Current portion of long-term borrowings
1,470,301
1,143,258
Current portion of debentures 1
4,295,659
2,825,492
8,161,757
5,252,238
Non-current:
Long-term borrowings
2,879,750
5,022,069
Debentures
11,206,398
12,409,426
14,086,148
17,431,495
W
22,247,905
W
22,683,733
1
The carrying amount includes exchangeable bond issued by the Group during the year ended December 31, 2023. The
maturity date of the exchangeable bond is in 2030, but the Group has classified the exchangeable bond as current borrowings
F-51
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
16. Borrowings, Continued
(1) Details of borrowings as of December 31, 2025 and 2024 are as follows, Continued:
due to the possibility of exercising conversion rights by the bondholders. During the year ended December 31, 2025, exchangeable bonds equivalent to USD 926,400,000 were
exchanged for 11,206,742 shares upon exercise of exchange rights by the bondholders. On a cumulative basis, exchangeable bonds equivalent to USD 961,600,000 have been exchanged for 11,627,828 shares. The conditions of issuance are as follows:
Type of bond Issue amount
Foreign exchangeable bond
USD 1,700,000,000
Outstanding balance of bonds issued 1
USD 738,400,000
Interest rate
Coupon Rate
1.75%
Yield Rate
1.75%
Maturity Date
April 11, 2030
Redemption measures
1) Redemption upon maturity: redemption of the remaining amounts for which conversion rights or early redemption has not been exercised upon maturity date
2) Early redemption: Redemption by the Call Option of the Issuer or redemption by the Put Option of Bondholders
Details of conversion
right
Conversion Rate
100.00% of the principal amount
Conversion price
W 108,811 per share
Subject of Conversion
Ordinary shares of the SK hynix Inc. (currently held as treasury shares)
Conversion period
May 22, 2023 - April 1, 2030
Adjustment to Conversion Price
Adjustment of the Conversion Price in certain circumstances, including but not limited to:
Bonus issue, subdivision, consolidation, reclassification, rights issues of options or warrants
over shares, share dividends, capital distribution, modification of rights of conversion, issues at less than Current Market Price, etc.
Put Option of Bondholders
The fourth anniversary from the transaction date (April 11, 2027)
In the case of a change of control of the Parent company
In the case of the Shares of the Parent company ceases to be listed or admitted to trading or are suspended for trading for a period equal to or exceeding 20 consecutive Trading Days
Call Option of the Issuer
On or after April 25, 2028, in the case of the closing price of the Shares for any 20 trading days in a period of 30 consecutive trading days is at least 130% of the prevailing Conversion Price
In the case of the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up Call)
In the case of the Issuer becomes obliged to pay any additional amounts, as a result of changes relating to tax laws in Korea.
1
The number of exchangeable shares was 20,126,911 upon initial issuance, but due to the exercise of conversion rights and
adjustments in the conversion price, the number of exchangeable shares has been changed to 8,932,547 as of December 31, 2025.
F-52
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
16. Borrowings, Continued
(2) Details of borrowings as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
Financial institutions
Maturity date
Interest rate
per annum in
2025 (%)
2025
2024
Short-term borrowings:
Commercial Paper
Shinhan Bank
2026.09
3.7~4.0
W
300,000
W
300,000
General borrowings
Nonghyup Bank and others
2026.01~2026.12
1.4~6.3
2,095,797
983,488
2,395,797
1,283,488
Long-term borrowings:
Funds for equipment
MUFG and others
2026.01~2030.12
1.0~7.7
3,473,363
5,076,594
General borrowings
The Export-Import Bank of Korea and others
2026.12~2027.12
2.9~4.5
883,200
1,104,402
4,356,563
6,180,996
Less: Current portion
(1,470,301
)
(1,143,258
)
Less: Discounts on borrowings
(6,512
)
(15,669
)
W
2,879,750
W
5,022,069
F-53
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
16. Borrowings, Continued
(3) Details of debentures as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
Maturity
date
Interest rate per
annum in 2025 (%)
December 31,
2025
December 31,
2024
Unsecured notes in local currency:
Unsecured corporate bonds 219-2nd
2025.08.27
2.67
W
—
W
90,000
Unsecured corporate bonds 220-3rd
2026.05.09
2.17
120,000
120,000
Unsecured corporate bonds 220-4th
2029.05.09
2.54
250,000
250,000
Unsecured corporate bonds 221-2nd
2025.02.14
1.72
—
360,000
Unsecured corporate bonds 221-3rd
2027.02.14
1.93
130,000
130,000
Unsecured corporate bonds 221-4th
2030.02.14
2.21
230,000
230,000
Unsecured corporate bonds 222-1st
2030.11.10
2.33
70,000
70,000
Unsecured corporate bonds 222-2nd
2035.11.10
2.73
100,000
100,000
Unsecured corporate bonds 223-2nd
2026.04.13
1.89
360,000
360,000
Unsecured corporate bonds 223-3rd
2028.04.13
2.11
80,000
80,000
Unsecured corporate bonds 223-4th
2031.04.13
2.48
190,000
190,000
Unsecured corporate bonds 224-1st
2026.02.13
3.83
430,000
430,000
Unsecured corporate bonds 224-2nd
2028.02.14
4.27
780,000
780,000
Unsecured corporate bonds 224-3rd
2030.02.14
4.52
100,000
100,000
Unsecured corporate bonds 224-4th
2033.02.14
4.90
80,000
80,000
Unsecured corporate bonds 225-1st
2027.04.08
3.63
350,000
350,000
Unsecured corporate bonds 225-2nd
2029.04.08
3.72
300,000
300,000
Unsecured corporate bonds 225-3rd
2031.04.08
3.84
100,000
100,000
Unsecured corporate bonds 226-1st
2028.01.20
2.98
440,000
—
Unsecured corporate bonds 226-2nd
2030.01.20
3.03
190,000
—
Unsecured corporate bonds 226-3rd
2032.01.20
3.09
70,000
—
4,370,000
4,120,000
Unsecured notes in foreign currency:
Unsecured global bonds 10-2nd
2026.01.19
1.50
1,434,900
1,470,000
Unsecured global bonds 10-3rd
2031.01.19
2.38
1,434,900
1,470,000
Unsecured global bonds 11-1st
2026.01.17
6.25
1,076,175
1,102,500
Unsecured global bonds 11-2nd
2028.01.17
6.38
1,434,900
1,470,000
Unsecured global bonds 11-3rd
2033.01.17
6.50
1,076,175
1,102,500
Unsecured global bonds 12th
2025.11.17
5.89
—
441,000
Unsecured global bonds 14-1st
2027.01.16
5.50
717,450
735,000
Unsecured global bonds 14-2nd
2029.01.16
5.50
1,434,900
1,470,000
Unsecured global bonds 15-1st
2028.09.11
4.25
860,940
—
Unsecured global bonds 15-2nd
2030.09.11
4.38
860,940
—
10,331,280
9,261,000
Foreign exchangeable bond:
Unsecured global bonds 13th
2030.04.11
1.75
1,059,530
2,447,256
1,059,530
2,447,256
15,760,810
15,828,256
Less: Discounts on debentures
(258,753
)
(593,338
)
Less: Current portion
(4,295,659
)
(2,825,492
)
W
11,206,398
W
12,409,426
F-54
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
17. Other Current and Non-current Liabilities
Details of other current and non-current liabilities as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Current
Advance receipts
W
59,298
W
40,161
Unearned income
6,499
3,730
Withholdings
318,105
157,970
Contract liabilities 1
474,185
543,477
Others
79,520
55,838
937,607
801,176
Non-current
Other long-term employee benefits
1,300,847
302,141
Others
130
239,629
1,300,977
541,770
W
2,238,584
W
1,342,946
1
Contract liabilities include advance receipts from customers and return liabilities, and the advance receipts from
customers at the beginning of 2024 were recognized as revenue during the year ended December 31, 2024.
18. Provisions
(1) Changes in provisions for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
Beginning
Balance
Increase
Utilization
Reversal
Ending
Balance
Warranty
W
263,001
W
—
W
(6,206
)
W
(34,044
)
W
222,751
Emission allowances
5,407
—
—
(1,048
)
4,359
Restoration
1,827
—
—
—
1,827
W
270,235
W
—
W
(6,206
)
W
(35,092
)
W
228,937
(In millions of Korean won)
2024
Beginning
Balance
Increase
Utilization
Reversal
Ending
Balance
Purchase commitments
W
29,656
W
—
W
—
W
(29,656
)
W
—
Warranty
256,402
18,155
(11,556
)
—
263,001
Emission allowances
234
7,414
(2,241
)
—
5,407
Restoration
1,827
—
—
—
1,827
W
288,119
W
25,569
W
(13,797
)
W
(29,656
)
W
270,235
(2) Provisions for warranty
The Group estimates the
expected warranty costs based on historical results and records provisions for warranty. Regarding the durability issue of certain products sold in the prior years, the Group separately estimated and recorded warranty provisions for the amount
expected to be paid for product replacement and other customer supporting activities.
F-55
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
18. Provisions, Continued
(3) Provision for emission allowances
The Group recognizes estimated future payment for the number of emission certificates required to settle the Group’s obligation exceeding the actual number of
certificates on hand as emission allowances according to the Act on Allocation and Trading of Greenhouse Gas Emission Permits.
(a) Details of the allocated amount
of emission permits are as follows:
(In ten thousand tons CO2-eq)
The third compliance period
(2021 - 2025)
2021
2022
2023
2024
2025
Total
Allocated emission permits
548
524
504
577
554
2,707
(b) Changes in the emission permits rights for the year ended December 31, 2025 are as follows:
(In ten thousand tons CO2-eq)
2024
Beginning balance
19
Allocated
577
Submission
(524
)
Carryforwards
(58
)
Disposal
(14
)
Ending balance
—
(c) The estimated net volume of emission made by the Group is 6.23 million tons as of December 31, 2025.
19. Defined Benefit Liabilities (Assets)
Under the defined benefit plan, the
Group pays employee benefits to retired employees in the form of a lump sum based on their salaries and years of service at the time of their retirement. Accordingly, the Group is exposed to a variety of actuarial assumption risks such as risk
associated with expected years of service, interest risk, and market (investment) risk.
(1) Details of defined benefit liabilities(assets) as of December 31,
2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Present value of defined benefit obligations
W
3,447,188
W
3,125,802
Fair value of plan assets
(4,933,932
)
(4,211,967
)
Net defined benefit liabilities(assets)
W
(1,486,744
)
W
(1,086,165
)
Defined benefit liabilities
W
66,144
W
68,090
Employee benefit assets 1
W
1,552,888
W
1,154,255
1
The Parent Company and certain subsidiaries’ fair value of plan assets in excess of the present value of defined
benefit obligations, presented as employee benefit assets, amounted to W 1,552,888 million and W 1,154,255 million as of December 31, 2025 and 2024, respectively.
F-56
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
19. Defined Benefit
Liabilities (Assets), Continued
(2) Principal actuarial assumptions as of December 31, 2025 and 2024 are as follows:
December 31,
2025 (%)
December 31,
2024 (%)
Discount rate for defined benefit obligations
4.08 ~ 5.64
3.46 ~ 5.07
Expected rate of salary increase
3.00 ~ 6.04
3.50 ~ 6.84
(3)
Weighted average durations of defined benefit obligations as of December 31, 2025 and 2024 are 10.96 years and 11.57
years, respectively.
(4)
Changes in defined benefit obligations for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
Beginning balance
W
3,125,802
W
2,511,541
Current service cost
293,157
244,640
Past service cost
(5,404
)
2,965
Interest expense
153,278
144,914
Transfer from associates
(7,355
)
3,069
Remeasurements:
73,063
343,386
Demographic assumption
4,910
33,869
Financial assumption
(119,948
)
238,461
Adjustment based on experience
188,101
71,056
Benefits paid
(185,615
)
(125,654
)
Others
262
941
Ending balance
W
3,447,188
W
3,125,802
(5)
Changes in plan assets for the years ended December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
Beginning balance
W
4,211,967
W
3,851,623
Contributions
736,528
269,436
Interest income
208,769
223,602
Transfer from associates
(4,983
)
2,672
Benefits paid
(183,803
)
(108,727
)
Remeasurements
(33,700
)
(26,751
)
Others
(846
)
112
Ending balance
W
4,933,932
W
4,211,967
F-57
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
19. Defined Benefit
Liabilities (Assets), Continued
(6)
The amounts recognized in profit or loss for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Current service cost
W
293,157
W
244,640
W
229,788
Past service cost
(5,404
)
2,965
4,323
Net interest income
(55,491
)
(78,688
)
(82,141
)
W
232,262
W
168,917
W
151,970
(7)
The amounts in which defined benefit plan related expenses are included for the years ended December 31, 2025, 2024
and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Cost of sales
W
129,160
W
83,640
W
76,187
Selling and administrative expenses
47,250
41,440
35,537
Research and development expenses and other
55,852
43,837
40,246
W
232,262
W
168,917
W
151,970
(8)
Details of plan assets as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
2025
2024
Deposits
W
4,825,314
W
4,210,840
Others
108,618
1,127
W
4,933,932
W
4,211,967
Actual return on plan assets for the years ended December 31, 2025, 2024 and 2023 amounted to W 175,069 million, W 196,851 million and W 190,641 million, respectively.
(9)
As of December 31, 2025, the Group funded defined benefit obligations through insurance plans with Mirae Asset Life
Insurance Co., Ltd. and other insurance companies. The Group’s reasonable estimation of contribution to the plan assets for the year ending December 31, 2026 is
W 848,730 million under the assumption that the Group maintains the defined benefit plan.
F-58
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
19. Defined Benefit
Liabilities (Assets), Continued
(10)
The sensitivity analysis of the defined benefit obligations as of December 31, 2025 to changes in the principal
assumptions is as follows:
(In millions of Korean won)
Effects on defined
benefit obligation
Increase
of rate
Decrease
of rate
Discount rate (if changed by 1% point)
W
(331,254
)
W
388,314
Expected salary increase rate (if changed by 1% point)
394,054
(341,465
)
The sensitivity analysis above was calculated under the assumption that other assumptions were constant. The sensitivity of defined
benefit liabilities to changes in major actuarial assumptions was calculated using the same predictive unit approach used to calculate defined benefit liabilities recognized in the statement of financial position.
(11)
In addition to defined benefit plans, the Group also operates defined contribution plans. Contributions to defined
contribution plans amounting to W 19,637 million (2024:
W 13,350 million and 2023: W 9,903)
were recognized as cost for the year ended December 31, 2025.
20. Deferred Income Tax
(1)
Changes in deferred income tax assets and liabilities for the years ended December 31, 2025 and 2024 without taking
into consideration the offsetting of balances within the same tax authority, are as follows:
(In millions of Korean won)
2025
Beginning
Profit
or loss
Equity
Foreign
exchange
differences
Ending
Inventories, net
W
332,496
(60,848
)
—
(99
)
W
271,549
Property, plant and equipment, net
219,328
250,083
—
11,162
480,573
Defined benefits liabilities, net
(309,437
)
(99,030
)
28,071
953
(379,443
)
Short-term and long-term investment assets and others
4,620
(2,900,523
)
—
—
(2,895,903
)
Employee benefits
121,216
276,813
—
(2,693
)
395,336
Provisions
(25,112)
(35,279
)
—
4,314
(56,077
)
Other assets and other liabilities
61,364
15,512
—
142
77,018
Accrued expenses
258,083
(69,847
)
—
—
188,236
Other financial liabilities
335,912
978,914
(809
)
(32
)
1,313,985
Others
90,378
(5,452
)
—
(56,601
)
28,325
Deferred tax assets for temporary differences, net
1,088,848
(1,649,657
)
27,262
(42,854
)
(576,401
)
Tax loss carryforwards recognized
42,781
(906
)
—
(113
)
41,762
Tax credit carryforwards recognized and others
1,462,078
2,353,881
—
9
3,815,968
Equity-settled share-based payments
—
18,069
112,700
—
130,769
Deferred tax assets recognized, net
W
2,593,707
721,387
139,962
(42,958
)
W
3,412,098
F-59
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
20. Deferred Income Tax,
Continued
(1)
Changes in deferred income tax assets and liabilities for the years ended December 31, 2025 and 2024 without taking
into consideration the offsetting of balances within the same tax authority, are as follows, Continued:
(In millions of Korean won)
2024
Beginning
Profit
or loss
Equity
Foreign
exchange
differences
Ending
Inventories, net
W
598,419
(266,611
)
—
688
W
332,496
Property, plant and equipment, net
104,570
53,737
—
61,021
219,328
Defined benefits liabilities, net
(358,931
)
(46,932
)
96,418
8
(309,437
)
Short-term and long-term investment assets and others
92,238
(87,618
)
—
—
4,620
Employee benefits
90,834
30,382
—
—
121,216
Provisions
5,173
(28,523
)
—
(1,762
)
(25,112
)
Other assets and other liabilities
26,162
35,902
—
(700
)
61,364
Accrued expenses
115,618
142,465
—
—
258,083
Other financial liabilities
258,670
77,024
(779
)
997
335,912
Others
36,325
26,995
—
27,058
90,378
Deferred tax assets for temporary differences, net
969,078
(63,179
)
95,639
87,310
1,088,848
Tax loss carryforwards recognized
1,270,086
(1,228,632
)
—
1,327
42,781
Tax credit carryforwards recognized and others
635,912
825,481
—
685
1,462,078
Deferred tax assets recognized, net
W
2,875,076
(466,330
)
95,639
89,322
W
2,593,707
(2)
As of December 31, 2025 and 2024, the temporary differences and others, for which no deferred tax assets
(liabilities) were recognized are as follows:
(In millions of Korean won)
December 31, 2025
December 31, 2024
Investments in subsidiaries, associates, and joint ventures and others:
Deductible temporary differences
W
10,861,746
W
11,642,857
Taxable temporary differences
(4,276,726
)
(2,427,114
)
Other deductible temporary differences
3,633,879
3,800,846
10,218,899
13,016,589
Tax losses and others 1
W
3,488,375
W
4,712,492
1
As of December 31, 2025 and 2024, the amount and maturity of tax loss carryforwards and tax credit carryforwards that
are not recognized as deferred tax assets are as follows:
(In millions of Korean won)
December 31, 2025
December 31, 2024
Amount
Maturity
Amount
Maturity
Tax losses
W
847,567
2026~2030
W
678,443
2025~2030
8,093
2031~2036
9,095
2031~2036
417,707
2037~2045
432,927
2037~2043
2,100,709
—
3,479,716
—
Tax credits
6,121
2026~2030
4,688
2025~2030
8,716
2031~2039
3,003
2031~2034
51,012
2042~2044
65,350
2042~2044
48,450
—
39,270
—
F-60
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
20. Deferred Income Tax,
Continued
(3)
Details of period when the deferred income tax assets (liabilities) are expected to be recovered (settled) as of
December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Deferred income tax assets to be recovered after more than 12 months
W
6,165,228
W
2,973,435
Deferred income tax assets to be recovered within 12 months
2,594,722
2,096,919
Deferred income tax assets recognized
8,759,950
5,070,354
Deferred income tax liabilities to be settled after more than 12 months
(5,307,021
)
(2,472,027
)
Deferred income tax liabilities to be settled within 12 months
(40,831
)
(4,620
)
Deferred income tax liabilities recognized
W
(5,347,852
)
W
(2,476,647
)
Net income deferred tax assets recognized
W
3,412,098
W
2,593,707
21. Derivative Financial Instruments
(1)
Currency and interest rate swap
(a)
Details of derivative financial instruments applying cash flow hedge accounting as of December 31, 2025 are as
follows:
(In millions of Korean won and thousands of foreign currencies)
Hedged items
Hedging instruments
Borrowing
date
Financial instrument
Hedged risk
Type of contract
Financial
institution
Contract
period
2019.10.02
Foreign currency denominated borrowing for equipment with floating rate
(Par value: USD 125,000)
Foreign currency risk and interest rate risk
Floating-to-fixed
cross currency interest rate swap
Korea Development Bank
2019.10.02 ~
2026.10.02
2025.10.02
Foreign currency denominated borrowing for equipment with floating rate (Par value: USD 14,000)
Foreign currency risk and interest rate risk
Floating-to-fixed cross currency interest rate swap
Shinhan Bank
2025.10.02 ~
2029.10.02
2023.01.17
Foreign currency denominated bond with fixed rate
(Par value: USD 750,000)
Foreign currency risk
Fixed-to-fixed
cross currency swap
Kookmin Bank and others
2023.01.17 ~
2026.01.17
2023.04.04
Borrowing for equipment with floating rate
(Par value: KRW 100,000)
Interest rate risk
Interest rate swap
Woori Bank
2023.04.04 ~
2028.04.04
2024.03.07
Borrowing for equipment with floating rate
(Par value: KRW 248,800)
Interest rate risk
Interest rate swap
Shinhan Bank
2024.03.07 ~
2027.10.18
F-61
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
21. Derivative Financial
Instruments, Continued
(b)
The fair value of derivative financial assets and derivative financial liabilities held by the Group are presented in
other financial assets and other financial liabilities in the consolidated financial statements of financial position as of December 31, 2025, and the details are as follows:
(In millions of Korean won and thousands of foreign currencies)
Type of contract
Hedged items
Cash flow
hedge
Fair value
Fixed-to-fixed cross
currency swap
Foreign currency denominated bond with fixed rate
(Par value: USD 750,000)
W
162,969
W
162,969
Floating-to-fixed cross
currency interest rate swap
Foreign currency denominated borrowing for equipment with floating rate
(Par value: USD
139,000)
32,898
32,898
Derivative financial assets
W
195,867
Interest rate swap
Borrowing for equipment with floating rate
(Par value: KRW 348,800)
W
2,826
W
2,826
Derivative financial liabilities
W
2,826
As of December 31, 2025, changes of fair value of the derivative are recognized in other comprehensive income or loss as all of
designated hedging instruments are all effective against risks. And reclassified from other comprehensive income to profit and loss is amounting to
W 11,254 million (2024:
W 249,435 million and 2023:
W 123,197 million) for the year ended December 31, 2025.
(2) Embedded Derivatives
The details of the embedded derivatives held by the Group
presented in other financial liabilities in the consolidated financial statements of financial position as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
Derivative financial liabilities
December 31,
2025
December 31,
2024
Fair value
Embedded Derivatives 1
W
4,911,677
W
1,738,962
W
4,911,677
1
Embedded derivatives are conversion right, call option, and put options granted on exchangeable bonds issued by the Group
on April 11, 2023 (see note 16).
(3) Option Contract
The Group had a call option to purchase shares of Skyhigh Memory Ltd., held by Cypress at book value through a contract with Cypress, a
non-controlling shareholder as of December 31, 2024. Due to the exercise of the call option, there are no call options as of December 31, 2025.
(In millions of Korean won)
Derivative financial assets
December 31,
2025
December 31,
2024
Fair value
Call options
W
—
W
8,692
W
—
F-62
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
21. Derivative Financial
Instruments, Continued
(4) Currency Forward Contracts
The
Group enters into currency forward contracts to minimize accounting profits and losses arising from the remeasurement of monetary assets and liabilities denominated in foreign currencies other than USD, but hedge accounting is not applied. The
details of the derivatives related to currency forward contracts held by the Group presented in other financial assets and other financial liabilities in the consolidated financial statements of financial position as of December 31, 2025 and 2024
are as follows:
(In millions of Korean won)
December 31, 2025
December 31, 2024
Assets
Liabilities
Assets
Liabilities
Current derivatives:
Currency forwards
W
62
W
277
W
—
W
—
22. Capital Stock, Capital Surplus, Other Equity and Accumulated Other Comprehensive Income
(1)
The Parent Company has 9,000,000,000 authorized shares and the face value per share is W 5,000 as of December 31, 2025. The number of shares issued, common stock, capital surplus and other equity as of December 31, 2025 and
2024, are as follows:
(In millions of Korean won and shares)
December 31,
2025
December 31,
2024
Issued shares 1
728,002,365
728,002,365
Capital stock:
Common stock
W
3,657,652
W
3,657,652
Capital surplus:
Additional paid-in capital
W
3,625,797
W
3,625,797
Others 2
5,327,917
861,326
W
8,953,714
W
4,487,123
Other equity:
Acquisition cost of treasury shares 2
W
(1,499,954
)
W
(2,221,277
)
Share options
64,018
48,760
Others
87,338
(19,032
)
W
(1,348,598
)
W
(2,191,549
)
Accumulated other comprehensive income:
Equity-accounted investees – share of other comprehensive income
W
252,064
W
278,804
Foreign operations – foreign currency
translation differences
2,416,253
2,246,876
Gain on valuation of derivatives
8,545
6,427
W
2,676,862
W
2,532,107
Number of treasury shares:
Number of treasury shares 2
26,310,845
38,963,634
1
The number of issued shares decreased due to share retirement from the past.
2
The Group disposed 12,652,789 treasury shares during 2025, and recognized gains on disposal of treasury shares of W 4,313,106 million.
F-63
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
22. Capital Stock, Capital
Surplus, Other Equity and Accumulated Other Comprehensive Income, Continued
(2)
The number of outstanding shares, which deducted treasury shares held by the Parent Company from listed issued shares, as
of December 31, 2025 and 2024, are as follows:
(In shares)
December 31, 2025
Listed
Shares
Treasury
Shares
Outstanding
Shares
The number of issued shares
728,002,365
26,310,845
701,691,520
(In shares)
December 31, 2024
Listed
Shares
Treasury
Shares
Outstanding
Shares
The number of issued shares
728,002,365
38,963,634
689,038,731
23. Retained Earnings and Dividends
(1)
Retained earnings as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
December 31,
2025
December 31,
2024
Legal reserve 1
W
845,040
W
693,015
Discretionary reserve 2
235,507
235,507
Unappropriated retained earnings 3
105,496,001
64,489,539
W
106,576,548
W
65,418,061
1
The Commercial Code of the Republic of Korea requires the Parent Company to appropriate for each financial period, as a
legal reserve, an amount equal to a minimum of 10% of cash dividends paid until such reserve equals 50% of its issued capital stock. The reserve is not available for cash dividends payment but may be transferred to capital stock or used to reduce
accumulated deficit.
2
Discretionary reserve is the reserve for technology development.
3
Dividends amounting to
W 900,209 million, which were approved at shareholders’ meeting held on March 27, 2025,
W 258,905 million, which were approved at board of directors’ meeting held on April 23, 2025, W 258,921 million, which were approved at board of directors’ meeting held on July 23, 2025, and W 263,132 million, which were approved at board of directors’ meeting held on October 29, 2025 were distributed as of December 31,
2025.
(2)
Dividends
(a)
Details of dividends for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won and in thousands of shares)
2025
2024
2023
Type of dividends
Cash Dividends
Cash Dividends
Cash Dividends
Outstanding ordinary shares
708,077
690,345
688,139
Par value (in won)
W
5,000
W
5,000
W
5,000
Dividend rate
60.00
%
44.08
%
24.00
%
Total dividends
W
2,108,601
W
1,520,090
W
825,721
F-64
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
23. Retained Earnings and
Dividends, Continued
(2)
Dividends, Continued
(b)
Dividend payout ratio for the years ended December 31, 2025, 2024 and 2023 is as follows:
(In millions of Korean won)
2025
2024
2023
Dividends
W
2,108,601
W
1,520,090
W
825,721
Profit attributable to owners of the Parent Company
42,919,287
19,788,681
(9,112,428
)
Dividend payout ratio 1
4.91
%
7.68
%
—
1
As the dividend payout ratio was calculated as negative (-) due to loss attributable to owners of the Parent Company for
the year ended December 31, 2023, it is not stated.
(c)
Dividend yield ratio for the years ended December 31, 2025, 2024 and 2023 is as follows:
(In Korean won)
2025
2024
2023
Dividends per share
W
3,000
W
2,204
W
1,200
Closing stock price
651,000
173,900
141,500
Dividend yield ratio
0.46
%
1.27
%
0.85
%
24. Revenue
(1)
Details of the Group’s revenue for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Sale of goods and other products
W
97,024,278
W
66,100,890
W
32,680,033
Providing services
122,397
92,070
85,686
W
97,146,675
W
66,192,960
W
32,765,719
(2)
Details of the Group’s revenue by product and service types for the years ended December 31, 2025, 2024 and
2023 are as follows:
(In millions of Korean won)
2025
2024
2023
DRAM
W
74,904,134
W
44,731,664
W
20,768,662
NAND Flash
20,690,084
19,274,112
9,653,061
Others
1,552,457
2,187,184
2,343,996
W
97,146,675
W
66,192,960
W
32,765,719
F-65
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
24. Revenue, Continued
(3)
The Group’s revenue information by region based on the location of selling entities for the years ended
December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Korea
W
1,932,342
W
1,904,112
W
2,033,857
U.S.A.
66,885,115
41,961,072
15,390,229
China
19,136,237
15,533,563
10,110,084
Asia (other than China)
7,215,598
5,381,439
4,296,937
Europe
1,977,383
1,412,774
934,612
W
97,146,675
W
66,192,960
W
32,765,719
(4)
Details of the Group’s revenue by the timing of revenue recognition during the years ended December 31, 2025,
2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Performance obligations satisfied at a point in time
W
97,024,278
W
66,100,890
W
32,680,033
Performance obligations satisfied over time
122,397
92,070
85,686
W
97,146,675
W
66,192,960
W
32,765,719
25. Selling and Administrative Expenses and Research and Development Expenses
(1)
Selling and administrative expenses for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Selling and administrative expenses:
Salaries
W
1,859,324
W
1,257,824
W
829,260
Defined benefit plan
47,250
41,440
35,537
Employee benefits
279,156
234,562
220,675
Commission
786,867
773,853
769,489
Depreciation
295,423
302,775
304,389
Amortization
483,516
256,853
282,685
Freight and custody charges
62,890
54,473
53,680
Taxes and dues
137,546
100,974
85,672
Advertising
147,962
123,462
83,575
Supplies
124,620
112,233
120,607
Sales promotion expenses
298,690
216,473
117,811
Quality control costs
(4,265
)
48,465
146,604
Training
96,104
73,775
78,984
Others
403,751
327,324
317,190
W
5,018,834
W
3,924,486
W
3,446,158
F-66
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
25. Selling and
Administrative Expenses and Research and Development Expenses, Continued
(2)
Research and development expenses for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Research and development expenses:
Expenditure on research and development
W
6,732,527
W
4,854,065
W
4,101,257
Development cost capitalized
(266,890
)
(417,724
)
(350,550
)
W
6,465,637
W
4,436,341
W
3,750,707
26. Expenses by Nature
Nature of expenses
for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Changes in finished goods,
work-in-process, and others
W
(475,883
)
W
19,983
W
1,769,061
Raw materials, supplies and consumables
12,097,207
10,574,809
9,547,151
Salaries, employee benefits and others
12,176,694
8,215,773
5,406,915
Depreciation and amortization
13,889,639
12,544,767
13,619,161
Commission
4,068,126
3,536,261
3,133,975
Utilities
3,053,958
2,817,646
2,563,624
Repair
2,937,517
2,366,654
1,763,270
Outsourcing
2,192,002
1,865,024
1,496,271
Others
397,872
1,240,758
1,534,757
Transfer: capitalized development cost and others
(396,776
)
(456,034
)
(338,153
)
Total 1
W
49,940,356
W
42,725,641
W
40,496,032
1
Total expenses consist of cost of sales, selling and administrative expenses and research and development expenses.
F-67
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
27. Finance Income and Expenses
Finance income and expenses for the years ended December 31, 2025, 2024, and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Finance Income:
Interest income
W
494,327
W
344,814
W
216,429
Dividend income
940,739
29,313
13,392
Foreign exchange differences 1
2,738,019
4,220,985
1,903,535
Gain on valuation of financial instruments
12,012,137
89,254
30,406
Gain on disposal of financial instruments
187,868
162,023
84,220
Gain on derivatives
390
8,693
13,819
16,373,480
4,855,082
2,261,801
2025
2024
2023
Finance Expenses:
Interest expense
W
923,703
W
1,345,239
W
1,468,273
Foreign exchange differences 2
3,186,451
3,952,159
2,222,368
Loss on valuation of financial instruments
27,913
293,719
1,488,321
Loss on derivatives
8,365,976
103,229
914,201
Others
955
13,651
4
12,504,998
5,707,997
6,093,167
Net finance income (expenses)
W
3,868,482
W
(852,915
)
W
(3,831,366
)
1
The foreign exchange differences gain from long-term investment assets amounting to W 0 million (2024: W 94,839 million and
2023: W 1,069 million) are included for the year ended December 31, 2025.
2
The foreign exchange differences loss from long-term investment assets amounting to W 247,087 million (2024: W 0 million and 2023: W 224,756 million) are included for the year ended December 31, 2025.
28. Other Income and Expenses
(1)
Other income for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Reversal on impairment of intangible assets
W
20
W
34
W
323,772
Gain on disposal of property, plant and equipment
97,688
70,082
249,647
Gain on disposal of non-current assets held for sale
29,456
1,316,592
—
Gain on disposal of subsidiaries
295
35,861
—
Others
205,818
54,010
50,448
W
333,277
W
1,476,579
W
623,867
F-68
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
28. Other Income and
Expenses, Continued
(2)
Other expenses for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Donation
W
84,884
W
82,954
W
65,234
Loss on impairment of property, plant and equipment
45,157
—
165,704
Loss on disposal of property, plant and equipment
43,813
17,686
74,222
Loss on impairment of intangible assets
38,072
281
167,079
Loss on disposal of intangible assets
38,663
9,366
15,663
Depreciation expenses on assets not in use
40,491
36,769
54,515
Others
86,893
20,332
192,648
W
377,973
W
167,388
W
735,065
29. Income Tax Expense (Benefit)
(1)
Income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Current tax:
Current tax on profits for the year
W
8,262,910
W
3,736,506
W
321,949
Adjustments for income tax expense attributable to prior year, but recognized in current year
(23,873
)
(115,414
)
(253,962
)
Pillar 2 tax
—
1,026
—
8,239,037
3,622,118
67,987
Deferred tax:
Changes in net deferred tax assets, tax loss carryforwards and others
(721,387
)
466,330
(2,588,256
)
Income tax expense (benefit)
W
7,517,650
W
4,088,448
W
(2,520,269
)
(2)
The relationship between income tax expense (benefit) and accounting profit for the years ended December 31, 2025,
2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Profit (loss) before income tax
W
50,465,552
W
23,885,350
W
(11,657,816
)
Tax calculated at domestic tax rates applicable to profits in the respective countries
13,738,957
6,009,019
(2,731,494
)
Tax effects of:
Tax-exempt income
(977,567
)
(103,356
)
(55,316
)
Non-deductible expenses
516,293
212,291
91,091
Change in unrecognized deferred tax assets
(259,556
)
63,865
976,261
Tax credits
(5,262,773
)
(1,868,839
)
(585,050
)
Adjustments for income tax expense attributable to prior year, but recognized in current year
(23,873
)
(115,414
)
(253,962
)
Others
(213,831
)
(109,118
)
38,201
Income tax expense (benefit)
W
7,517,650
W
4,088,448
W
(2,520,269
)
F-69
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
29. Income Tax Expense
(Benefit), Continued
(3)
Income taxes recognized in other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023
are as follows:
(In millions of Korean won)
2025
2024
2023
Remeasurements of defined benefit liabilities
W
28,071
W
96,418
W
5,200
Loss(gain) on valuation of derivatives
(809
)
(779
)
7,991
Gain on disposal of treasury shares
(1,547,092
)
(27,259
)
(4,866
)
Equity-settled share-based payment
112,700
—
—
W
(1,407,130
)
W
68,380
W
8,325
(4)
Impact of introduction of the International Tax Reform—Pillar Two Model Rules
Under the International Tax Reform(Pillar Two Model Rules) legislation, the Group is liable to pay a top-up tax for the
difference between their GloBE effective tax rate per jurisdiction of the Parent Company and its subsidiaries, and the 15% minimum rate from 2024.
Based on the
relevant detailed regulations, all companies within the consolidated entity have a GloBE effective tax rate of higher than 15% in the relevant country, and there is no Pillar 2 income tax expense is recognized for the year ended December 31,
2025 (2024: W 1,026 million).
30. Earnings (loss)
per Share
Basic earnings (loss) per share is calculated by dividing the profit (loss) attributable to ordinary shareholders of the Parent Company by the
weighted average number of outstanding ordinary shares for the years ended December 31, 2025, 2024 and 2023.
(1)
Basic earnings (loss) per share for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of won, except for shares
and per share information)
2025
2024
2023
Profit (loss) attributable to ordinary shareholders of the Parent Company
W
42,919,287
W
19,788,681
W
(9,112,428
)
Weighted average number of outstanding ordinary
shares 1
691,755,200
688,730,603
688,051,238
Basic earnings (loss) per share (in Korean won)
W
62,044
W
28,732
W
(13,244
)
1
Weighted average number of outstanding ordinary shares is calculated as follows:
(In shares)
2025
2024
2023
Issued ordinary shares
728,002,365
728,002,365
728,002,365
Acquisition of treasury shares
(36,247,165
)
(39,271,762
)
(39,951,127
)
Weighted average number of outstanding ordinary shares
691,755,200
688,730,603
688,051,238
F-70
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
30. Earnings (loss) per
Share, Continued
(2)
Diluted earnings (loss) per share for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of Korean won, except for
shares and per share information)
2025
2024
2023
Profit (loss) attributable to ordinary shareholders of the Parent Company
W
42,919,287
W
19,788,681
W
(9,112,428
)
Adjustment:
Changes in profit (loss) attributable to ordinary shareholders of the Parent Company due to the exercise of
Restricted Stock Units (RSUs) related to subsidiaries
(21,231
)
(29,846
)
—
Interest expense(After-tax)
83,069
82,364
—
Loss (Gain) on foreign currency translation(After-tax)
(36,415
)
331,349
—
Diluted profit (loss) attributable to ordinary shareholders of the Parent Company
42,944,710
20,172,548
(9,112,428
)
Weighted average number of diluted outstanding ordinary
shares 1
711,266,733
709,834,641
688,051,238
Diluted earnings (loss) per share (in Korean won)
W
60,378
W
28,419
W
(13,244
)
1
Weighted average number of diluted outstanding ordinary shares is calculated as follows:
(In shares)
2025
2024
2023
Weighted average number of outstanding ordinary shares
691,755,200
688,730,603
688,051,238
Share options
912,230
957,919
—
Exchangeable bond
18,599,303
20,146,119
—
Weighted average number of diluted outstanding ordinary shares 1
711,266,733
709,834,641
688,051,238
1
There was a potential dilutive effect of 20,126,911 shares due to the issuance of exchangeable bonds, but it was not
considered when calculating diluted earnings (loss) per share due to the antidilution during the year ended December 31, 2023.
F-71
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with Related Parties and Others
(1)
Details of related parties as of December 31, 2025 are as follows:
Type
Name of related parties
Associates
Stratio, Inc., SK China Company Limited, Gemini Partners Pte. Ltd., TCL Fund,
SK South East Asia Investment Pte. Ltd.,
Hushan Xinju (Chengdu) Venture Investment
Center (Smartsource),
Prume Social Farm, Co., Ltd., Wuxi xinfa IC industry park., Ltd.,
Mirae Asset Committee Semiconductor No.1 Startup Venture Private Equity Investment Co., Ltd.,
L&S (No.10) Early Stage III Investment Association,
SiFive Inc., YD-SK-KDB Social Value,
Ningbo Zhongxin Venture Capital Partnership (Limited Partnership),
Jiangsu KVTS Semiconductor science and
Technology Co., Ltd., SAPEON Inc.,
SK Japan Inc., SK Americas, Inc.
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd., SK hynix system ic (Wuxi) Co., Ltd., and its subsidiaries,
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,
Specialized Investment-type Private Equity Investment Trust For Win-win System
Semiconductor,
Semiconductor Ecosystem Fund
Other related parties
SK Square Co., Ltd., which has significant influence over the Group, and its subsidiaries,
SK Holdings Co., Ltd., which has control over SK Square Co., Ltd., and its subsidiaries
(2)
Significant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows:
(In millions of
Korean won)
For the year ended December 31, 2025
Company
Sales and
others
Purchase
and others
Asset
acquisition
Associates
SK China Company Limited
W
13
W
11,041
W
—
Prume Social Farm, Co., Ltd.
—
70
—
SK Japan Inc. (formerly, SK telecom Japan Inc.)
11
3,251
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
14,053
789,250
225,459
SK hynix system ic (Wuxi) Co., Ltd.
8,672
—
—
SK hynix system ic Wuxi solutions Inc.
19,013
271
—
Wuxi xinfa IC industry park., Ltd
—
101
—
Other related parties
SK Telecom Co., Ltd.
62,791
56,253
12,177
SK Holdings Co., Ltd.1
23,589
369,430
337,143
ESSENCORE Limited
2,726,387
—
—
SK Ecoplant Co., Ltd.
57,967
215
4,707,561
SK Energy Co., Ltd.
47,921
132,546
—
SK Networks Co., Ltd.
4,287
5,155
249
SK enpulse Co., Ltd.
807
28,977
—
Chungcheong energy service Co., Ltd.
164
45,877
71
SK Specialty Co., Ltd.
1,017
26,810
—
SK Siltron Co., Ltd.
39,232
502,707
—
SK Airplus Inc. (formerly, SK Materials Airplus Inc.)
5,283
110,780
75,832
Techdream Co., Ltd.
—
148,938
—
SK Tri Chem Co., Ltd.
889
147,021
—
SK Shieldus Co., Ltd.
893
116,142
32,067
SK Innovation Co., Ltd.
6,796
86,171
—
SK Square Co., Ltd.
75
—
—
SK REIT Co., Ltd.
—
6,025
284
Clean Industrial REIT Co., Ltd.
—
27,318
1,903
FSK L&S Co., Ltd.
70
40,293
2,898
PRISM Energy International Pte. Ltd.
—
818,419
—
Others
142,907
313,515
97,867
W
3,162,837
W
3,786,576
W
5,493,511
1
Royalty expense for the use of the SK brand for the year ended December 31, 2025 is included .
F-72
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(2)
Significant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows,
Continued:
(In millions of Korean won)
Company
For the year ended December 31, 2024
Sales
and others
Purchase
and others
Asset
acquisition
Associates
SK China Company Limited
W
3
W
11,964
W
—
Prume Social Farm, Co., Ltd.
—
101
—
SK Japan Inc. (formerly, SK telecom Japan Inc.)
—
3,496
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
11,307
697,217
26,445
SK hynix system ic (Wuxi) Co., Ltd. 1
2,271
—
—
SK hynix system ic Wuxi solutions
Inc. 2
4,505
—
—
Hystars Semiconductor (Wuxi) Co.,
Ltd. 3
—
11,725
40,415
Other related parties
SK Telecom Co., Ltd.
111,225
51,816
5,474
SK Holdings Co., Ltd. 4
19,611
281,501
100,051
ESSENCORE Limited
643,886
—
—
SK Ecoplant Co., Ltd.
29,913
5
1,067,550
SK Energy Co., Ltd.
45,687
100,100
—
SK Networks Co., Ltd.
7,045
4,756
1,477
SK enpulse Co., Ltd. (formerly, SKC Solmics Co., Ltd.)
405
62,439
1,496
Chungcheong energy service Co., Ltd.
43
46,805
61
SK Specialty Co., Ltd. (formerly, SK Materials Co., Ltd.)
5,173
109,967
—
SK Siltron Co., Ltd.
37,248
440,230
—
SK Airplus Inc. (formerly, SK Materials Airplus Inc.)
811
104,504
145,563
Techdream Co., Ltd.
—
113,651
—
SK Tri Chem Co., Ltd.
1,079
151,943
—
SK Shieldus Co., Ltd.
833
106,561
19,998
SK Innovation Co., Ltd.
10,650
57,720
78
SK Square Co., Ltd.
50
—
—
SK REIT Co., Ltd.
—
6,833
11,165
Clean Industrial REIT Co., Ltd.
—
29,300
8,985
FSK L&S Co., Ltd.
73
48,337
4,198
SK E&S Co., Ltd.
111
27,263
1,455
SK LNG Trading Pte., Ltd.
—
591,128
37,826
Others
182,052
277,656
257,649
W
1,113,981
W
3,337,018
W
1,729,886
1
Including transactions only after classification as a joint venture.
2
Subsidiary of SK hynix system ic (Wuxi) Co., Ltd., which was incorporated as a joint venture during the year ended
December 31, 2024.
3
Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the
year ended December 31, 2024.
4
Royalty expense for the use of the SK brand for the year ended December 31, 2024 is included .
F-73
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(2)
Significant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows,
Continued:
(In millions of Korean won)
Company
For the year ended December 31, 2023
Sales
and others
Purchase
and others
Asset
acquisition
Associates
SK China Company Limited
W
38
W
13,505
W
—
Prume Social Farm, Co., Ltd.
—
112
—
SK telecom Japan Inc.
—
84
2,496
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
6,109
711,627
82,994
Hystars Semiconductor (Wuxi) Co., Ltd.
46
15,639
38,637
Other related parties
SK Telecom Co., Ltd.
110,932
51,803
6,281
SK Holdings Co., Ltd. 1
19,679
282,827
39,704
ESSENCORE Limited
754,144
—
—
SK Ecoplant Co., Ltd.
33,791
176
464,685
SK Energy Co., Ltd.
63,220
140,614
18,700
SK Networks Co., Ltd.
7,030
5,282
974
SK enpulse Co., Ltd. (formerly, SKC Solmics Co., Ltd.)
1,021
131,140
97
Chungcheong energy service Co., Ltd.
17
54,931
5
SK Specialty Co., Ltd. (formerly, SK Materials Co., Ltd.)
5,081
134,057
—
SK Siltron Co., Ltd.
36,555
416,726
—
SK Airplus Inc. (formerly, SK Materials Airplus Inc.)
458
64,089
88,105
Techdream Co., Ltd.
—
122,486
—
SK Tri Chem Co., Ltd.
893
142,710
—
SK Shieldus Co., Ltd.
3,701
99,021
13,699
SK Innovation Co., Ltd.
18,202
72,414
35
SK Square Co., Ltd.
106
—
—
SK REIT Co., Ltd.
—
7,183
—
Clean Industrial REIT Co., Ltd 2
1,120,315
7,938
495,320
FSK L&S Co., Ltd.
63
44,174
2,199
SK E&S Co., Ltd.
198
15,849
1,951
SK LNG Trading Pte., Ltd.
—
214,582
14,143
Others
258,573
225,155
165,650
W
2,440,172
W
2,974,124
W
1,435,675
1
Royalty expense for the use of the SK brand for the year ended December 31, 2023 is included.
2
Sales and others to Clean Industrial REIT Co., Ltd for the year ended December 31, 2023 include proceeds from asset
disposal that amount to W 1,120,315 million.
The above related party transactions include transactions executed based on agreements executed in the course of the Group’s business activities such as purchase
or construction of property, plant and equipment, procurements of steam, gas and raw materials, and system developments and maintenance services.
F-74
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(3)
The balances from significant transactions as of December 31, 2025 and 2024 are as follows:
(In millions of Korean won)
Company
December 31, 2025
Trade
receivables
and others
Other
payables
and others
Associates
SK China Company Limited
W
5
W
9,372
Prume Social Farm, Co., Ltd.
—
8
SK Japan Inc. (formerly, SK telecom Japan Inc.)
620
3,242
TCL Fund
7,809
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
664
374,408
SK hynix system ic (Wuxi) Co., Ltd.
261,110
—
SK hynix system ic Wuxi solutions Inc.
1,814
156
Hystars Semiconductor (Wuxi) Co., Ltd.
—
46,410
Other related parties
SK Telecom Co., Ltd.
845
23,483
SK Holdings Co., Ltd.
2,322
328,169
ESSENCORE Limited
1,012,569
—
SK Ecoplant Co., Ltd.
11,819
2,792,416
SK Energy Co., Ltd.
2,781
25,495
SK Networks Co., Ltd.
90
2,659
SK enpulse Co., Ltd.
—
705
Chungcheong energy service Co., Ltd.
7
6,330
SK Siltron Co., Ltd.
107,300
44,478
SK Airplus Inc. (formerly, SK Materials Airplus Inc.)
326
698,786
Techdream Co., Ltd.
—
4,918
SK Tri Chem Co., Ltd.
117
12,267
SK Shieldus Co., Ltd.
79
18,026
SK Innovation Co., Ltd.
917
4,142
SK Square Co., Ltd.
198
—
SK REIT Co., Ltd.
17,330
140,571
Clean Industrial REIT Co., Ltd
—
524,661
FSK L&S Co., Ltd.
4
5,382
PRISM Energy International Pte. Ltd.
—
215,472
Others
31,688
173,308
W
1,460,414
W
5,454,864
F-75
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(3)
The balances from significant transactions as of December 31, 2025 and 2024 are as follows, Continued:
(In millions of Korean won)
Company
December 31, 2024
Trade
receivables
and others
Other
payables
and others
Associates
SK China Company Limited
W
—
W
13,101
Prume Social Farm, Co., Ltd.
—
5
SK Japan Inc. (formerly, SK telecom Japan Inc.)
640
2,670
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
457
401,028
SK hynix system ic (Wuxi) Co., Ltd.
129,832
—
SK hynix system ic Wuxi solutions Inc. 1
14,448
—
Hystars Semiconductor (Wuxi) Co., Ltd. 2, 3
—
195,422
Other related parties
SK Telecom Co., Ltd.
14,851
17,334
SK Holdings Co., Ltd.
2,270
171,624
ESSENCORE Limited
113,691
—
SK Ecoplant Co., Ltd.
5,917
719,843
SK Energy Co., Ltd.
3,836
26,851
SK Networks Co., Ltd.
204
5,744
SK enpulse Co., Ltd. (formerly, SKC Solmics Co., Ltd.)
46
14,861
Chungcheong energy service Co., Ltd.
7
6,997
SK Specialty Co., Ltd. (formerly, SK Materials Co., Ltd.)
619
10,165
SK Siltron Co., Ltd.
142,071
49,192
SK Airplus Inc. (formerly, SK Materials Airplus Inc.)
134
648,325
Techdream Co., Ltd.
—
2,629
SK Tri Chem Co., Ltd.
174
13,143
SK Shieldus Co., Ltd.
74
15,426
SK Innovation Co., Ltd.
1,382
3,468
SK Square Co., Ltd.
166
—
SK REIT Co., Ltd.
17,330
157,728
Clean Industrial REIT Co., Ltd
—
570,704
FSK L&S Co., Ltd.
11
5,416
SK LNG Trading Pte., Ltd.
—
87,931
Others
34,390
137,565
W
482,550
W
3,277,172
1
Subsidiary of SK hynix system ic (Wuxi) Co., Ltd., which was incorporated as a joint venture during the year ended
December 31, 2024.
2
Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the
year ended December 31, 2024.
3
Other payables and others include
W 163,897 million of borrowings.
F-76
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(4) Key management compensation
The Group considers registered directors who have authority and responsibility for planning, directing and controlling the activities of the Group as key management. The
compensation paid to key management for employee services for the years ended December 31, 2025 and 2024 is as follows:
(In millions of Korean won)
Details
2025
2024
2023
Salaries
W
8,458
W
7,410
W
6,469
Defined benefit plan related expenses
815
907
468
Share-based payments
9,436
2,733
10,847
W
18,709
W
11,050
W
17,784
(5)
The significant transactions between the Group and the companies that are in the same conglomerate group according to
‘ Fair Trade Law’ for the years ended December 31, 2025, 2024 and 2023 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .
(In millions of Korean won)
2025
Name of entity
Sales
and others
Purchase
and others
Asset
acquisition
SK Chemicals Co., Ltd.
W
8,523
W
—
W
—
SK Bioscience Co., Ltd.
1,726
136
—
UNA Digital Inc.
—
4,886
—
SMCore. Inc
630
1,777
4,331
Korea Nexlene Company
5,381
—
—
Others
2,006
—
—
W
18,266
W
6,799
W
4,331
(In millions of Korean won)
2024
Name of entity
Sales
and others
Purchase
and others
Asset
acquisition
SK Chemicals Co., Ltd.
W
7,891
W
—
W
—
SK Bioscience Co., Ltd.
1,972
5
—
UNA Digital Inc.(formerly, ANTS Co., Ltd.)
6
13,556
—
SMCore. Inc
111
1,151
2,912
Korea Nexlene Company
5,007
—
—
Others
1,975
—
—
W
16,962
W
14,712
W
2,912
F-77
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(5)
The significant transactions between the Group and the companies that are in the same conglomerate group according to
‘ Fair Trade Law’ for the years ended December 31, 2025, 2024 and 2023 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures ., Continued
(In millions of Korean won)
2023
Name of entity
Sales
and others
Purchase
and others
Asset
acquisition
SK Chemicals Co., Ltd.
W
7,726
W
822
W
—
SK Bioscience Co., Ltd.
2,341
248
—
UNA Digital Inc.(formerly, ANTS Co., Ltd.)
6
10,989
—
SM Core Co., Ltd.
12
2,635
3,985
Korea Nexlene Company
4,665
—
—
Others
1,914
—
—
W
16,664
W
14,694
W
3,985
(6)
The balances of significant transactions between the Group and the companies that are in the same conglomerate group
designated by ‘ Fair Trade Law’ as of December 31, 2025 and 2024 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .
(In millions of Korean won)
December 31, 2025
Name of entity
Trade receivables
and others
Other payables
and others
SK Chemicals Co., Ltd.
W
707
W
—
SK Bioscience Co., Ltd.
245
—
SMCore. Inc
18
5,637
Korea Nexlene Company
122
—
Others
178
—
W
1,270
W
5,637
(In millions of Korean won)
December 31, 2024
Name of entity
Trade receivables
and others
Other payables
and others
SK Chemicals Co., Ltd.
W
717
W
—
SK Bioscience Co., Ltd.
195
—
UNA Digital Inc.(formerly, ANTS Co., Ltd.)
—
187
SMCore. Inc
3
2,710
Korea Nexlene Company
277
—
Others
443
3
W
1,635
W
2,900
F-78
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(7)
The right-of-use assets and lease
liabilities recognized regarding the lease agreements with HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the year ended December 31, 2025 increased by W 8,947 million (2024: W 68,623 million
increased) and increased by W 8,947 million(2024:
W 68,996 million increased), respectively, and lease payments to HITECH Semiconductor (Wuxi) Co., Ltd., and Hystars Semiconductor(Wuxi) Co.,
Ltd., a joint venture for the year ended December 31, 2025 amount to W 66,235 million (2024: W 84,155 million). The right-of-use assets and lease liabilities recognized regarding the lease agreements with
other related parties including SK Airplus Inc. (formerly, SK Materials Airplus Inc.) for the year ended December 31, 2025, increased by
W 110,681 million(2024:
W 174,063 million increased) and increased by
W 110,681 million (2024:
W 174,063 million increased), respectively, and lease payments to the other related parties including SK Airplus Inc. (formerly, SK
Materials Airplus Inc.) for the year ended December 31, 2025 amount to W 174,716 million (2024: W 166,381 million).
(8)
The Group provides a payment guarantee amounting to RMB 701 million to Wuxi Xinfa Group Co., Ltd. on behalf of
Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture.
(9)
The establishment of the subsidiary is explained in Note 1, and the acquisitions and additional investments of associates
are explained in Note 11.
(10)
Financial transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as
follows :
(In millions of Korean won)
Company
For the year ended December 31, 2025
Dividend
received
Dividend
paid
Joint ventures
Hystars Semiconductor (Wuxi) Co., Ltd.
W
18,472
W
—
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,
591
—
Other related parties
SK Square Co., Ltd.
—
354,877
W
19,063
W
354,877
(In millions of Korean won)
Company
For the year ended December 31, 2024
Proceeds from
borrowings
Dividend
received
Dividend
paid
Associates
Mirae Asset Committee Semiconductor No.1 Startup Venture Private Equity Investment
Co., Ltd.
W
—
W
94
W
—
Joint ventures
Hystars Semiconductor (Wuxi) Co., Ltd.
120,084
—
—
HITECH Semiconductor (Wuxi) Co.,
Ltd. 1
—
17,064
—
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
—
3,107
—
Other related parties
SK Square Co., Ltd.
—
—
175,320
W
120,084
W
20,265
W
175,320
1
Hystars Semiconductor (Wuxi) Co., Ltd. was incorporated as a subsidiary of SK hynix system ic (Wuxi) Co., Ltd., during the
year ended December 31, 2024.
F-79
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
31. Transactions with
Related Parties and Others, Continued
(10)
Financial transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are as follows,
Continued:
(In millions of Korean won)
Company
For the year ended December 31, 2023
Dividend
received
Dividend
paid
Joint venture
HITECH Semiconductor (Wuxi) Co., Ltd.
W
15,863
W
—
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,
153
—
Associate
Magnus Private Investment Co., Ltd.
262
—
Other related parties
SK Square Co., Ltd.
—
175,320
W
16,278
W
175,320
32. Commitments and Contingencies
(1)
Significant pending litigations and claims of the Group as of December 31, 2025 are as follows:
(a)
The antitrust investigation in China
The State Administration for Market Regulation of China initiated to investigate the violation of the antitrust law regarding major DRAM companies’ sales in China
in May 2018. The pending case currently is under investigation. As of December 31, 2025, the Group cannot predict the outcome of this investigation.
(b)
Other patent infringement claims and litigation
In addition to the above litigations, as of December 31, 2025, the Group is involved in various legal claims and litigation. In connection with those legal claims and
litigation for which no provision was recognized, management does not believe the Group has a present obligation, nor is it expected any of these claims or litigation will have a significant impact on the Group’s financial position or
operating results in the event an outflow of resources is ultimately necessary.
(2)
Back-end process service contract with HITECH Semiconductor (Wuxi) Co., Ltd.
(HITECH)
The Group has entered into an agreement with HITECH to be provided with back-end process service
by HITECH. The conditions of the service provided include package, package test, modules and others. According to the agreement, the Group has paid a certain level of guaranteed margin to HITECH as the Group has priority to use HITECH’s
equipment.
F-80
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
32. Commitments and
Contingencies, Continued
(3)
Assets provided as collateral
Details of assets provided as collateral as of December 31, 2025 are as follows:
(In millions of Korean won and millions of foreign currencies)
Book value
Pledged amount
Category
Amount
Currency
Amount
in USD
Amount
in KRW
Remark
Land and buildings
W
26,261
KRW
—
14,854
Borrowings
for
equipment
and others
Machinery
1,036,725
USD
600
860,940
KRW
—
1,480,000
USD
600
860,940
W
1,062,986
KRW
—
1,494,854
(In millions of Korean won and millions of foreign currencies)
Book value
Collateral liabilities amount
Category
Amount
Currency
Amount
in USD
Amount
in KRW
Remark
Land and buildings
W
26,261
KRW
—
1,393
Borrowings
for
equipment
and others
Machinery
1,036,725
USD
125
179,363
KRW
—
1,000,000
USD
125
179,363
W
1,062,986
KRW
—
1,001,393
(4)
Financing agreements
Details of credit lines with financial institutions as of December 31, 2025 are as follows:
(In millions of Korean won and millions of foreign currencies)
Financial
Institution
Commitment
Currency
Amount
The Parent Company
Hana Bank and others
Import finance and others including usance
USD
330
Comprehensive limit contract for import and export including usance
USD
1,690
Overdrafts with banks
KRW
20,000
Accounts receivable factoring contracts which have no right to recourse
KRW
30,000
SK hynix Semiconductor (China) Ltd.
Agricultural Bank of China and others
Import finance and others including usance
RMB
USD
950
490
SK hynix America Inc. and other sales entities
Citibank and others
Accounts receivable factoring contracts which have no right to recourse
USD
837
Domestic subsidiaries
Hana Bank and others
Import finance and others
KRW
29,500
Import finance and others including usance
USD
15
F-81
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
32. Commitments and
Contingencies, Continued
(5)
The Group’s commitments in relation to future capital expenditures on property, plant and equipment that
have not been recognized as of December 31, 2025 are W 6,667,863 million (as of December 31, 2024: W 8,837,748 million).
(6)
Investment in KIOXIA Holdings Corporation (“KIOXIA”)
In regard to the Group’s interests in KIOXIA through the investments in BCPE Pangea Intermediate Holdings Cayman, L.P. and BCPE Pangea Cayman2 Limited, the equity
interests in KIOXIA that the Group may hold, directly or indirectly, are limited to a certain percentage for a specified period following the acquisition. In addition, during the same restricted period, the Group is also prohibited from appointing
directors to KIOXIA and as a result, is unable to exercise significant influence over KIOXIA’s operations and management.
(7) Acquisition of the Intel NAND
business
The Group entered into a master purchase agreement with Intel Corporation (“Intel”) to acquire the entire NAND business of Intel excluding the
Optane division of Non-Volatile Memory Solutions Group during the year ended December 31, 2020. The business was transferred in two separate processes through overseas subsidiaries, with a total
transaction amount of USD 8,844 million. The Group paid KRW 7,843,437 million (USD 6,609 million) at the first deal closing, and the remaining KRW 3,079,783 million (USD 2,235 million) was paid in March 2025.
In the process of obtaining a conditional business combination approval for the Intel NAND business acquisition from the Chinese competition authority (Chinese State
Administration for Market Regulation) in connection with the first closing of the Intel NAND business completed during the year ended December 31, 2021, the Group was imposed with certain conditions, mainly including the obligation to maintain
a reasonable pricing policy, increase production and to support the entry of third-party competitors into the Chinese eSSD market. These obligations apply for a five-year period from December 2021. After the end of this period, the Group may apply
for a waiver of the conditions, and the Chinese State Administration for Market Regulation will determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD market at that time.
(8)
The Group entered into supplier finance arrangements. In accordance with the arrangements, when the finance providers pay
the payables related to the Group’s trade and other payables to the suppliers, the Group pays the finance providers on the payment due date. In order for the finance providers to pay the payable, the Group had to have received the goods or
services and approved the invoices.
If suppliers choose early collection of payment, the finance providers pay the amount before the payment due
date. The Group settles the trade and other payables with the finance providers on the payment due date. All trade and other payables subject to the supplier finance arrangements are included in trade and other payables in the Group’s
consolidated statement of financial position. As of December 31, 2025, the amount paid to suppliers under the supplier finance arrangements is KRW 1,743,555 million. Meanwhile, the Group’s trade and other payables arising from supplier
finance arrangements are operating payables from ordinary purchase transactions; accordingly, changes in these balances are primarily driven by operating cash flows, and non-cash movements are not significant.
F-82
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
33. Cash Flows
(1)
Reconciliations between profit for the years and cash generated from operations for the years ended December 31,
2025, 2024 and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Profit (Loss) for the year Adjustment
W
42,947,902
W
19,796,902
W
(9,137,547
)
Income tax expense (benefit)
7,517,650
4,088,448
(2,520,269
)
Interest expense
923,703
1,345,239
1,468,273
Interest income
(494,327
)
(344,814
)
(216,429
)
Depreciation
13,099,311
11,985,337
12,730,450
Amortization
830,819
596,200
552,541
Defined benefit plan
231,904
170,659
152,374
Loss on foreign currency translation
946,742
2,244,407
906,120
Gain on foreign currency translation
(437,292
)
(1,892,306
)
(573,884
)
Gain on disposal of financial instruments
(187,868
)
(162,023
)
(84,220
)
Loss on disposal of property, plant and equipment
43,813
17,686
74,222
Gain on disposal of property, plant and equipment
(97,688
)
(70,082
)
(249,647
)
Share of loss
93,545
13,507
(15,061
)
Loss on impairment of intangible assets
38,072
281
167,079
Gain on valuation of financial instruments
(12,011,484
)
(89,254
)
(30,406
)
Loss on valuation of financial instruments
27,260
293,719
1,488,321
Loss on derivatives
8,365,586
94,538
900,383
Dividend income
(940,739
)
(29,313
)
(13,392
)
Loss on impairment of investments in associates
471,006
24,738
—
Share-based payments
414,114
104,110
28,793
Gain on disposal of non-current assets held for sale
(29,456
)
(1,316,592
)
—
Others, net
32,836
(20,722
)
267,377
Changes in operating assets and liabilities
Increase in trade receivables
(5,584,225
)
(5,098,005
)
(1,406,188
)
Decrease (increase) in inventories
(1,059,484
)
166,722
2,288,020
Decrease (increase) in other assets
31,776
(370,258
)
113,317
Decrease in loans and other receivables
188,989
13,717
(20,307
)
Increase in trade payables
863,996
274,980
(168,095
)
Increase (decrease) in other payables
116,326
(1,378,294
)
251,297
Increase in other non-trade payables
2,336,757
2,228,576
(1,454,172
)
Increase (decrease) in provisions
(40,021
)
5,397
8,622
Increase (decrease) in other liabilities
1,009,154
(1,160,573
)
1,436,514
Payment of defined benefit liabilities
(7,717
)
(12,645
)
(5,048
)
Contributions to plan assets
(736,528
)
(269,436
)
(250,173
)
Cash generated from operations
W
58,904,432
W
31,250,846
W
6,688,866
F-83
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
33. Cash Flows, Continued
(2)
Details of significant transactions without inflows and outflows of cash for the years ended December 31, 2025, 2024
and 2023 are as follows:
(In millions of Korean won)
2025
2024
2023
Increase in other payables related to property, plant and equipment
W
2,456,765
W
1,807,294
W
—
Excluded from subsidiaries and transferred to investments in joint ventures
—
483,721
—
Decrease in derivative liabilities and exchangeable bonds due to the exercise of exchange rights
2,077,966
65,732
—
Decrease in borrowings related to sale and leaseback contract
—
—
(342,070
)
(3)
Changes in liabilities arising from financing activities during the years ended December 31, 2025 and 2024 are as
follows:
(In millions of Korean won)
2025
Borrowings
Lease
liabilities
Total
Beginning balance
W
22,683,733
W
2,768,376
W
25,452,109
Cash flows from financing activities
- Proceeds from borrowings
8,183,735
—
8,183,735
- Repayment of borrowings
(7,416,131
)
—
(7,416,131
)
- Payment of lease liabilities
—
(596,465
)
(596,465
)
Increase of lease liabilities
—
290,133
290,133
Foreign currency differences and others
(1,310,749
)
3,592
(1,307,157
)
Present value discount (interest expense)
107,317
97,843
205,160
Interest paid
—
(52,300
)
(52,300
)
Reclassified as liabilities held for sale
—
(1,236
)
(1,236
)
Ending balance
W
22,247,905
W
2,509,943
W
24,757,848
(In millions of Korean won)
2024
Borrowings
Lease
liabilities
Total
Beginning balance
W
29,468,632
W
3,029,874
W
32,498,506
Cash flows from financing activities
- Proceeds from borrowings
8,717,964
—
8,717,964
- Repayment of borrowings
(16,093,620
)
—
(16,093,620
)
- Payment of lease liabilities
—
(601,821
)
(601,821
)
Increase of lease liabilities
—
266,528
266,528
Foreign currency differences and others
1,703,320
147,194
1,850,514
Present value discount (interest expense)
108,592
105,238
213,830
Interest paid
—
(34,132
)
(34,132
)
Reclassified as liabilities held for sale
(1,221,155
)
(144,505
)
(1,365,660
)
Ending balance
W
22,683,733
W
2,768,376
W
25,452,109
F-84
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
33. Cash Flows, Continued
(4)
The Group presented the inflow and outflow of cash from short-term investment assets, etc. which are frequently traded
and have a large total amount and mature in a short period of time, as net increases and decreases.
34. Share-based Payment
(1)
Details of the granted share-based payment
(a)
The Parent Company accounts for share-based payment, with options granted to employees to choose either cash-settled or
equity-settled share-based payment, in accordance with the substance of transactions and the details of the share options as of December 31, 2025 are as follows:
(In shares)
Total numbers of
share option granted
Forfeited or
Canceled
Exercised
Outstanding at
December 31, 2025
10 th 1
54,020
10,764
10,504
32,752
12 th
1
6,469
—
3,469
3,000
13 th
1
75,163
29,851
23,657
21,655
14 th
1
195,460
59,167
19,622
116,671
331,112
99,782
57,252
174,078
Grant date
Service Period for Vesting
Exercisable Period
Exercise price
(in Korean won)
10 th 1
March 20, 2020
March 20, 2020 - March 20, 2023
March 21, 2023 - March 20, 2027
W
84,730
12 th
1
March 30, 2021
March 30, 2021 - March 30, 2023
March 31, 2023 - March 30, 2026
136,060
13 th
1
March 30, 2021
March 30, 2021 - March 30, 2023
March 31, 2023 - March 30, 2026
136,060
14 th 1
March 30, 2022
March 30, 2022 - March 30, 2024
March 31, 2024 - March 30, 2027
121,610
1
During the year ended December 31, 2025, the share options were exercised with cash settlement.
(b)
Details of equity-settled share-based payment granted by the Group are as follows:
1-1 st
1-2 nd
2 nd
3 rd
Grant date
2022-03-17
2022-04-27
2023-06-28
2024-04-30
Types of shares
to be
issued
Registered common shares
Registered common shares
Registered common shares
Registered common shares
Grant method
Reissue of treasury shares
Reissue of treasury shares
Reissue of treasury shares
Reissue of treasury shares
Number of shares
Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3
Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3
Initial grant size * (Adjustment ratio + increase rate of stock price increase rate of
KOSPI200) 2,3
Initial grant size * (Adjustment ratio + increase rate of stock price increase rate of
KOSPI200) 2
Base stock price
W 124,000
W 108,500
W 79,975
W 135,975
Exercisable period
March 17, 2025
~ March 17, 2029 4
April 27, 2025
~ April 27, 2029
January 1, 2026 lump sum payment
January 1, 2027 lump sum payment
Service period for vesting
2 years’ service from the grant date
2 years’ service from the grant date
3 years’ service from January 1, 2023 5
3 years’ service from January 1, 2024 5
F-85
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
34. Share-based Payment,
Continued
(1)
Details of the granted share-based payment, Continued
(b)
Details of equity-settled share-based payment granted by the Group are as follows, Continued:
1
TSR (Total shareholder return) is calculated as “(Stock price on exercise notification date—Base stock price +
company’s total dividends per share from grant date to exercise notification date)/base stock price”, and the adjustment ratio considers the Group’s TSR compared to the TSR of its industry peers.
2
The adjustment ratio considers increase rate of stock price, and the maximum adjusted shares is 2 times of initial grant
shares. If the increase rate of stock price rises by 100% or higher and exceeds the increase rate of KOSPI200 by 50% points, additional shares equal to the initial grant will be paid.
3
Some of the 1-1 and 1-2 share-based
payments were canceled and a replacement amount was granted in the 2nd share-based payment.
4
A portion of the stock options was exercised and settled during the year ended December 31, 2025.
5
When employed for more than 2 years but less than 3 years, the granted amount is adjusted in proportion to the period of
service.
(c)
In addition to above share options granted by the Parent Company, restricted stock units (RSUs) for the Parent
Company’s subsidiary, SK hynix NAND product Solutions Corp., are also granted to the subsidiary and its employees.
(In shares)
Grant cycle
Total numbers of
share option granted
Forfeited or
Canceled
Exercised
Quarterly
173,451,396
50,576,962
42,623,861
(2)
Details of liabilities recognized for stock appreciation rights as of December 31, 2025 are as follows:
(In millions of Korean won)
December 31,
2025
Stock appreciation rights liabilities 1
W
71,423
1
As of December 31, 2025, the intrinsic value of the vested salary for the above stock appreciation right
liabilities is W 93,007 million.
(3)
Measurement of fair value
(a)
The compensation cost is calculated by applying a binomial option-pricing model in estimating the fair value of the
option as of December 31, 2025. The inputs used are as follows:
10 th
12 th
13 th
14 th
Share price (Closing stock price on valuation date, in Korean won)
W
530,000
W
530,000
W
530,000
W
530,000
Expected volatility
46.40
%
46.40
%
46.40
%
46.40
%
Estimated fair value of share option (in Korean won)
W
445,270
W
393,940
W
393,940
W
408,492
Dividend yield ratio
0.42
%
0.42
%
0.42
%
0.42
%
Risk free ratio
2.70
%
2.47
%
2.47
%
2.71
%
F-86
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
34. Share-based Payment,
Continued
(3)
Measurement of fair value, Continued
(b)
The compensation cost regarding the equity-settled share-based payment granted by the Group is calculated by applying a
binomial option-pricing model in estimating the fair value of the option. The inputs used to measure the fair value of the share-based payment as of the grant date are as follows.
1-1 st
1-2 nd
2 nd
3 rd
Expected volatility
33.92
%
34.22
%
34.81
%
36.85
%
Per-share fair value of the option(in Korean won)
W
52,729
W
42,064
W
155,443
W
224,203
Dividend yield ratio 1
—
—
1.50
%
1.10
%
Risk-free interest rate (Government bonds yield)
2.65
%
3.19
%
3.60
%
3.53
%
1
Payout ratio was not taken into consideration as it was assumed that the stock price decline due to dividends would be
compensated as the dividend amount until the exercise period is added in the calculation of 1-1st and 1-2nd TSR.
(4)
The compensation expense for the year ended December 31, 2025 is W 215,713 million (2024: W 118,867 million and
2023: W 75,395 million).
35. Subsequent Event
(1)
On January 28, 2026, SK hynix NAND Product Solutions Corp., a subsidiary, resolved at the board of directors’
meeting to transfer its business to a newly formed entity, Solidigm Inc. as part of a restructuring of its business structure. On March 1, 2026, SK hynix NAND Product Solutions Corp. transferred to Solidigm Inc. its business relating to the
sale and research and development of Nand Flash Memory and SSD, including all related assets, contracts, rights and personnel, as well as the assets and liabilities contracted between the transferee and the transferor under their agreement.
Accordingly, SK hynix NAND Product Solutions Corp. acquired from Solidigm Inc. shares issued by Solidigm inc. equivalent in value to the transfer consideration.
(2)
On January 28, 2026, the Parent Company resolved at the board of directors’ meeting to cancel its treasury shares,
and canceled all 15,300,000 treasury shares previously acquired on February 9, 2026. As a result of this cancelation, the total number of issued ordinary shares decreased from 728,002,365 shares before the cancelation to 712,702,365 shares upon
completion of the cancelation, while the amount in capital stock remains the same.
(3)
Subsequent to December 31, 2025 and through the date of authorization for issuance of the accompanying financial
statements, the Group disposed of 8,150,835 shares of treasury shares in connection with the exercise of exchange rights on exchangeable bonds, share-based compensation settlement related to long-term incentive plans, and the grant of treasury
shares to employees for enterprise value-linked compensation, resulting in a gain on disposal of treasury shares of W5,293,476 million, which was recognized in equity.
(4)
The board of the Directors of the Group resolved to merge SK hynix Semiconductor (Dalian) Co., Ltd. with its subsidiary,
SK hynix semiconductor storage technology (Dalian) Co., Ltd. on April 22, 2026. Following this resolution, the two companies entered into a merger agreement, and the effective date of the merger is July 1, 2026.
F-87
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Consolidated Financial Statement
Years ended December 31,
2025, 2024 and 2023
35. Subsequent Event,
Continued
(5)
On April 28, 2026, the Group decided to acquire, prior to maturity, the entire outstanding balance of its foreign
exchangeable bonds through the exercise of an early redemption option. The details of the transaction are as follows:
Bonds to be acquired
Foreign exchangeable bond
(Issue date: April 11, 2023)
Issue amount
USD 1,700,000,000
Amount to be acquired
USD 100,800,000
Event for early redemption
Exercise of the issuer’s early redemption option (Call Option)
- In the case of the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up Call)
Number of shares exchangeable
1,219,445 shares
Expected payment date
May 28, 2026
F-88
Table of Contents
SK hynix Inc. and Subsidiaries
Condensed Consolidated Interim Statements of Financial Position
March 31, 2026 and December 31, 2025 (Unaudited)
(In millions of Korean won)
Notes
March 31,
2026
December 31,
2025
Assets
Current assets
Cash and cash equivalents
5,6
W
21,166,904
W
14,923,766
Short-term financial instruments
5,6
18,220,075
14,679,719
Short-term investment assets
5,6
14,942,782
5,338,768
Trade receivables, net
5,6,7,28
33,807,843
18,199,078
Loans and other receivables, net
5,6,7,28
476,602
386,343
Other financial assets
5,6,18
31,771
195,259
Inventories, net
8
15,974,133
14,289,390
Current tax assets
20,643
67,715
Other current assets
9
1,865,363
1,378,035
106,506,116
69,458,073
Non-current assets
Investments in associates and joint ventures
10
1,356,327
1,320,927
Long-term investment assets
5,6
20,657,583
14,547,099
Loans and other receivables, net
5,6,7,28
424,097
420,036
Other financial assets
5,6,18
2,014,761
1,114,462
Property, plant and equipment, net
11,29
82,051,924
77,502,704
Right-of-use assets,
net
12,28
2,353,676
2,336,457
Intangible assets, net
13
4,050,617
4,049,402
Investment property, net
185
188
Deferred tax assets
1,832,432
3,660,493
Employee benefit assets
17
1,441,600
1,552,888
Other non-current assets
9
139,426
144,930
116,322,628
106,649,586
Total assets
W
222,828,744
W
176,107,659
See accompanying notes to the condensed consolidated interim financial statements.
F-89
Table of Contents
SK hynix Inc. and Subsidiaries
Condensed Consolidated Interim Statements of Financial Position, Continued
March 31, 2026 and December 31, 2025 (Unaudited)
(In millions of Korean won)
Notes
March 31,
2026
December 31,
2025
Liabilities
Current liabilities
Trade payables
5,6,28
W
2,797,840
W
2,848,455
Other payables
5,6,20,28
7,902,601
6,434,144
Other non-trade payables
5,6,28
6,134,993
6,283,111
Borrowings
5,6,14,29
5,890,940
8,161,757
Other financial liabilities
5,6,18
1,597,938
4,913,879
Provisions
16
180,107
228,937
Current tax liabilities
14,579,682
7,023,813
Lease liabilities
5,6,12,28
526,303
547,296
Other current liabilities
15
1,090,126
937,607
40,700,530
37,378,999
Non-current liabilities
Long-term other payables
5,6
381,019
375,141
Other non-trade payables
5,6
20,910
19,970
Borrowings
5,6,14,29
13,426,725
14,086,148
Other financial liabilities
5,6,18
977
2,487
Defined benefit liabilities, net
17
69,192
66,144
Deferred tax liabilities
285,024
248,395
Lease liabilities
5,6,12,28
1,988,448
1,962,647
Other non-current liabilities
15
1,576,120
1,300,977
17,748,415
18,061,909
Total liabilities
58,448,945
55,440,908
Equity
Equity attributable to owners of the Parent Company
Capital stock
19
3,657,652
3,657,652
Capital surplus
19
8,510,283
8,953,714
Other equity
19,31
(368,427
)
(1,348,598
)
Accumulated other comprehensive income
19
3,745,189
2,676,862
Retained earnings
20
148,746,385
106,576,548
Total equity attributable to owners of the Parent Company
164,291,082
120,516,178
Non-controlling interests
88,717
150,573
Total equity
164,379,799
120,666,751
Total liabilities and equity
W
222,828,744
W
176,107,659
See accompanying notes to the condensed consolidated interim financial statements.
F-90
Table of Contents
SK hynix Inc. and Subsidiaries
Condensed Consolidated Interim Statements of Comprehensive Income
Three-month periods ended March 31, 2026 and 2025 (Unaudited)
(In millions of Korean won, except per share information)
Notes
2026
2025
Revenue
4,21,28
W
52,576,287
W
17,639,141
Cost of sales
23,28
10,896,873
7,537,150
Gross profit
41,679,414
10,101,991
Selling and administrative expenses
22,23,28
1,617,671
1,189,730
Research and development expenses
22,23,28
2,451,460
1,471,757
Finance income
24
17,056,350
2,687,359
Finance expenses
24
3,023,483
764,604
Share of loss of equity-accounted investees
10
(26,778
)
(41,109
)
Other income
25,28
15,023
78,943
Other expenses
25,28
14,537
101,864
Profit before income tax
51,616,858
9,299,229
Income tax expense
26
11,270,949
1,191,034
Profit for the period
W
40,345,909
W
8,108,195
Other comprehensive income (loss)
Item that will never be reclassified to profit or loss:
Remeasurements of defined benefit liability, net of tax
17
(44,025
)
(3,060
)
Items that are or may be reclassified to profit or loss:
Foreign operations – foreign currency translation differences, net of tax
1,009,383
35,791
Loss on valuation of derivatives, net of tax
18
(7,940
)
(11,276
)
Equity-accounted investees – share of other comprehensive income (loss), net of tax
10
66,868
(13,724
)
Other comprehensive income for the period, net of tax
1,024,286
7,731
Total comprehensive income for the period
W
41,370,195
W
8,115,926
Profit attributable to:
Owners of the Parent Company
W
40,330,176
W
8,107,081
Non-controlling interests
15,733
1,114
Total comprehensive income attributable to:
Owners of the Parent Company
W
41,354,478
W
8,114,054
Non-controlling interests
15,717
1,872
Earnings per share
27
Basic earnings per share (in Korean won)
W
57,175
W
11,756
Diluted earnings per share (in Korean won)
W
56,670
W
11,411
See accompanying notes to the condensed consolidated interim financial statements.
F-91
Table of Contents
SK hynix Inc. and Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity
Three-month periods ended March 31, 2026 and 2025 (Unaudited)
(In millions of Korean won)
Attributable to owners of the Parent Company
Notes
Capital
stock
Capital
surplus
Other
equity
Accumulated
other
comprehensive
income
Retained
earnings
Total
Non-
controlling
interests
Total equity
Balance at January 1, 2025
W
3,657,652
W
4,487,123
W
(2,191,549
)
W
2,532,107
W
65,418,061
W
73,903,394
W
12,310
W
73,915,704
Comprehensive income :
Profit for the period
—
—
—
—
8,107,081
8,107,081
1,114
8,108,195
Other comprehensive income
Remeasurements of defined benefit liability, net of tax
17
—
—
—
—
(3,060
)
(3,060
)
—
(3,060
)
Other comprehensive income of associate, net of tax
10
—
—
—
(13,724
)
—
(13,724
)
—
(13,724
)
Loss on valuation of derivatives, net of tax
18
—
—
—
(11,276
)
—
(11,276
)
—
(11,276
)
Foreign currency translation differences for foreign operations, net of tax
—
—
—
35,033
—
35,033
758
35,791
Total comprehensive income for the period
—
—
—
10,033
8,104,021
8,114,054
1,872
8,115,926
Transactions with owners of the Parent Company:
Changes in ownership to the subsidiaries
—
73,265
—
—
—
73,265
—
73,265
Dividends paid
—
—
—
—
(900,209
)
(900,209
)
—
(900,209
)
Disposal of treasury shares
19
—
144,616
74,442
—
—
219,058
—
219,058
Share-based payment transactions
31
—
10,031
4,418
—
—
14,449
560
15,009
Total transactions with owners of the Parent Company
—
227,912
78,860
—
(900,209
)
(593,437
)
560
(592,877
)
Balance at March 31, 2025
W
3,657,652
W
4,715,035
W
(2,112,689
)
W
2,542,140
W
72,621,873
W
81,424,011
W
14,742
W
81,438,753
See accompanying notes to the condensed consolidated interim financial statements.
F-92
Table of Contents
SK hynix Inc. and Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity, Continued
Three-month periods ended March 31, 2026 and 2025 (Unaudited)
(In millions of Korean won)
Attributable to owners of the Parent Company
Notes
Capital
stock
Capital
surplus
Other
equity
Accumulated
other
comprehensive
income
Retained
earnings
Total
Non-
controlling
interests
Total equity
Balance at January 1, 2026
W
3,657,652
W
8,953,714
W
(1,348,598
)
W
2,676,862
W
106,576,548
W
120,516,178
W
150,573
W
120,666,751
Comprehensive income (loss):
Profit for the period
—
—
—
—
40,330,176
40,330,176
15,733
40,345,909
Other comprehensive income (loss)
Remeasurements of defined benefit liability, net of tax
17
—
—
—
—
(44,025
)
(44,025
)
—
(44,025
)
Other comprehensive loss of associate, net of tax
10
—
—
—
66,868
—
66,868
—
66,868
Loss on valuation of derivatives, net of tax
18
—
—
—
(7,940
)
—
(7,940
)
—
(7,940
)
Foreign currency translation differences for foreign operations, net of tax
—
—
—
1,009,399
—
1,009,399
(16
)
1,009,383
Total comprehensive income for the period
—
—
—
1,068,327
40,286,151
41,354,478
15,717
41,370,195
Transactions with owners of the Parent Company:
Changes in ownership in subsidiary
—
(338,118
)
—
—
—
(338,118
)
(87,671
)
(425,789
)
Dividends paid
20
—
—
—
—
(1,327,712
)
(1,327,712
)
—
(1,327,712
)
Transfer of capital surplus to retained earnings
19
—
(4,083,635
)
—
—
4,083,635
—
—
—
Disposal of treasury shares
19
—
3,984,135
132,497
—
—
4,116,632
—
4,116,632
Cancelation of treasury shares
19
—
—
872,237
—
(872,237
)
—
—
—
Share-based payment transactions
31
—
(5,813
)
(24,563
)
—
—
(30,376
)
10,098
(20,278
)
Total transactions with owners of the Parent Company
—
(443,431
)
980,171
—
1,883,686
2,420,426
(77,573
)
2,342,853
Balance at March 31, 2026
W
3,657,652
W
8,510,283
W
(368,427
)
W
3,745,189
W
148,746,385
W
164,291,082
W
88,717
W
164,379,799
See accompanying notes to the condensed consolidated interim financial statements.
F-93
Table of Contents
SK hynix Inc. and Subsidiaries
Condensed Consolidated Interim Statements of Cash Flows
Three-month periods ended March 31, 2026 and 2025 (Unaudited)
(In millions of Korean won)
Notes
2026
2025
Cash flows from operating activities
Cash generated from operating activities
30
W
25,880,207
W
10,653,945
Interest received
140,490
106,269
Interest paid
(355,197
)
(319,264
)
Dividends received
3,952,793
4,107
Income tax paid
(3,288,174
)
(1,421,386
)
Net cash provided by operating activities
26,330,119
9,023,671
Cash flows from investing activities
Decrease in short-term financial instruments
5,708,347
2,485,281
Increase in short-term financial instruments
(6,610,597
)
(1,152,741
)
Increase in short-term investment assets, net
(9,504,554
)
(80,607
)
Decrease in other financial assets
1,308
498
Increase in other financial assets
(3,500,000
)
(1,172
)
Collection of loans and other receivables
4,950
13,063
Increase in loans and other receivables
(6,508
)
(12,787
)
Proceeds from disposal of long-term investment assets
4,123,908
6,241
Acquisitions of long-term investment assets
(14,120
)
(6,033
)
Proceeds from disposal of property, plant and equipment
14,693
46,010
Acquisitions of property, plant and equipment
(7,657,403
)
(6,284,222
)
Acquisitions of intangible assets
(207,963
)
(170,465
)
Proceeds from disposal of investments in associates
3,518
3,581
Acquisitions of investments in associates
—
(2,100
)
Cash outflow from business combination
—
(3,063,035
)
Receipt of government grants
9,522
—
Net cash used in investing activities
(17,634,899
)
(8,218,488
)
Cash flows from financing activities
Proceeds from borrowings
1,006,250
2,111,363
Repayments of borrowings
(3,760,030
)
(1,466,432
)
Repayments of lease liabilities
(147,792
)
(151,657
)
Proceeds from disposal of treasury shares
7,775
15,620
Changes in ownership in subsidiary
(57,682
)
—
Net cash provided by (used in) financing activities
(2,951,479
)
508,894
Effects of exchange rate changes on cash and cash equivalents
499,397
38,875
Net increase in cash and cash equivalents
6,243,138
1,352,952
Cash and cash equivalents at the beginning of the period
14,923,766
11,205,117
Cash and cash equivalents at the end of the period
W
21,166,904
W
12,558,069
See accompanying notes to the condensed consolidated interim financial statements.
F-94
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
1. General Information
(1)
General information about SK hynix Inc. (the “Parent Company”) and its subsidiaries (collectively the
“Group”) is as follows:
The Parent Company manufactures, distributes and sells semiconductor products. The Parent Company was
established on October 15, 1949 and its shares have been listed on the Korea Exchange since 1996. The Parent Company’s headquarter is located at 2091 Gyeongchung-daero, Bubal-eup, Icheon-si, Gyeonggi-do, South Korea, and the Group has manufacturing facilities in Icheon-si and
Cheongju-si, South Korea, and Wuxi, Chongqing and Dalian, China.
As of March 31, 2026 and December 31, 2025, the
shareholders of the Parent Company are as follows:
Shareholder
Number of shares
Percentage
of ownership (%)
March 31,
2026
December 31,
2025
March 31,
2026
December 31,
2025
SK Square Co., Ltd.
146,100,000
146,100,000
20.50
20.07
Other investors
562,197,021
555,591,520
78.88
76.32
Treasury shares 1
4,405,344
26,310,845
0.62
3.61
712,702,365
728,002,365
100.00
100.00
1
Treasury shares include 2,753,353 shares deposited with the Korea Securities Depository due to the issuance of
exchangeable bonds. Excluding these, the number of treasury shares is 1,651,991 (equivalent to 0.23% of ownership interest) as of March 31, 2026.
The Parent Company’s common shares and depositary receipts (DRs) are listed on the Stock Market of Korea Exchange and the Luxembourg Stock Exchange, respectively.
F-95
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
1. General Information, Continued
(2)
Details of the Group’s consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as
follows:
Ownership (%)
Company
Controlling company
Location
Business
2026
2025
SK hyeng Inc.
SK hynix Inc.
Korea
Construction and service
100
100
SK hystec Inc.
SK hynix Inc.
Korea
Business support and service
100
100
Happymore Inc.
SK hynix Inc.
Korea
Semiconductor apparel manufacturing, baking and services
100
100
SK hynix system ic Inc.
SK hynix Inc.
Korea
Semiconductor research and development and business support
100
100
HappyNarae Co., Ltd.
SK hynix Inc.
Korea
Industrial material supply
100
100
SK Keyfoundry Inc.
SK hynix Inc.
Korea
Semiconductor sales, manufacturing and others
100
100
SK hynix America Inc.
SK hynix Inc.
U.S.A
Semiconductor sales
100
100
SK hynix Deutschland GmbH
SK hynix Inc.
Germany
Semiconductor sales
100
100
SK hynix Asia Pte. Ltd.
SK hynix Inc.
Singapore
Semiconductor sales
100
100
SK hynix Semiconductor Hong Kong Ltd.
SK hynix Inc.
Hong Kong
Semiconductor sales
100
100
SK hynix U.K. Ltd.
SK hynix Inc.
U.K.
Semiconductor sales
100
100
SK hynix Semiconductor Taiwan Inc.
SK hynix Inc.
Taiwan
Semiconductor sales
100
100
SK hynix Japan Inc.
SK hynix Inc.
Japan
Semiconductor sales
100
100
SK hynix (Wuxi) Semiconductor Sales Ltd.
SK hynix Inc.
China
Semiconductor sales
100
100
SK hynix Semiconductor (China) Ltd.
SK hynix Inc.
China
Semiconductor manufacturing
100
100
SK hynix memory solutions Taiwan Ltd.
SK hynix Inc.
Taiwan
Semiconductor research and development
100
100
SK APTECH Ltd.
SK hynix Inc.
Hong Kong
Overseas investment
100
100
SK hynix Ventures Hong Kong Ltd.
SK hynix Inc.
Hong Kong
Overseas investment
100
100
Gauss Labs Inc.
SK hynix Inc.
U.S.A
Information and Communications Industry
97.38
97.38
SK hynix NAND Product Solutions Corp. 2,4
SK hynix Inc.
U.S.A
Semiconductor sales, research and development and others
100
97.48
SK hynix Semiconductor (Dalian) Co., Ltd.
SK hynix Inc.
China
Semiconductor manufacturing
100
100
SK hynix memory solutions Poland sp. z o.o.
SK hynix Inc.
Poland
Semiconductor research and development
100
100
SK Keyfoundry America Inc.
SK Keyfoundry Inc.
U.S.A
Semiconductor sales
100
100
SK Keyfoundry Shanghai Co., Ltd.
SK Keyfoundry Inc.
China
Semiconductor sales
100
100
SK Powertech
SK Keyfoundry Inc.
Korea
Semiconductor manufacturing
99.42
99.42
SUZHOU HAPPYNARAE Co., Ltd.
HappyNarae Co., Ltd.
China
Overseas industrial material supply
100
100
HappyNarae America LLC 1
HappyNarae Co., Ltd.
U.S.A
Overseas industrial material supply
100.00
100.00
HappyNarae Hungary Kft 1
HappyNarae Co., Ltd.
Hungary
Overseas industrial material supply
100.00
100.00
SK hynix Semiconductor (Chongqing) Ltd.
SK APTECH Ltd.
China
Semiconductor manufacturing
100.00
100.00
SK hynix (Wuxi) Education Service Development Co., Ltd.
SK hynix (Wuxi) Education Technology Co., Ltd.
China
Overseas education
100.00
100.00
F-96
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
1. General Information, Continued
(2)
Details of the Group’s consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as
follows, Continued:
Ownership (%)
Company
Controlling company
Location
Business
2026
2025
SK hynix (Wuxi) Industry Development Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Foreign hospital construction
100.00
100.00
SK hynix Happiness (Wuxi) Hospital Management Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Foreign hospital operation
70.00
70.00
SK hynix cleaning (Wuxi) Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Building maintenance and others
100.00
100.00
SK hynix (Wuxi) Education Technology Co., Ltd.
SK hynix (Wuxi) Investment Ltd.
China
Overseas education
100.00
100.00
SK hynix Semiconductor West Lafayette LLC
SK hynix America Inc.
U.S.A
Semiconductor manufacturing
100.00
100.00
SK hynix memory solutions America Inc.
SK hynix America Inc.
U.S.A
Semiconductor research and development
100.00
100.00
SK hynix Semiconductor India Private Ltd.
SK hynix Asia Pte. Ltd.
India
Semiconductor sales
100.00
100.00
Solidigm Inc. 3,4
SK hynix NAND Product Solutions Corp.
U.S.A
Semiconductor sales, research and development and others
100.00
—
SK hynix NAND Product Solutions Taiwan Co.,
Ltd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Taiwan
Semiconductor research and development and sales
100.00
97.48
SK hynix NAND Product Solutions Canada Ltd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Canada
Semiconductor research and development
100.00
97.48
SK hynix NAND Product Solutions Mexico, S. DE R.L. DE
C.V. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Mexico
Semiconductor research and development
100.00
97.48
SK hynix NAND Product Solutions UK Limited 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
U.K.
Semiconductor sales
100.00
97.48
SK hynix NAND Product Solutions Israel Ltd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Israel
Semiconductor sales
100.00
97.48
SK hynix NAND Product Solutions International
LLC 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
U.S.A
Semiconductor sales
100.00
97.48
SK hynix NAND Product Solutions Asia Pacific
LLC 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
U.S.A
Semiconductor sales
100.00
97.48
SK hynix NAND Product Solutions Singapore Pte.
Ltd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Singapore
Semiconductor sales
100.00
97.48
SK hynix NAND Product Solutions Malaysia Sdn.
Bhd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Malaysia
Semiconductor sales
100.00
97.48
SK HYNIX NAND PRODUCT SOLUTIONS POLAND sp. z
o.o. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
Poland
Semiconductor research and development
100.00
97.48
SK hynix NAND Product Solutions (Beijing) Co.,
Ltd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
China
Semiconductor sales
100.00
97.48
SK Hynix NAND Product Solutions (Shanghai) Co.,
Ltd. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
China
Semiconductor research and development
100.00
97.48
F-97
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
1. General Information, Continued
(2)
Details of the Group’s consolidated subsidiaries as of March 31, 2026 and December 31, 2025 are as
follows, Continued:
Ownership (%)
Company
Controlling company
Location
Business
2026
2025
Intel NDTM US LLC. 2
SK hynix NAND Product Solutions Corp. and Solidigm
Inc. 5
U.S.A
Semiconductor research and development
100.00
97.48
SK hynix (Wuxi) Investment Ltd.
SK hynix Semiconductor (China) Ltd.
China
Overseas investment
100.00
100.00
SK hynix semiconductor storage technology (Dalian) Co., Ltd.
SK hynix Semiconductor (Dalian) Co., Ltd.
China
Semiconductor manufacturing support
100.00
100.00
CHONGQING HAPPYNARAE Co., Ltd.
SUZHOU HAPPYNARAE Co., Ltd.
China
Overseas industrial material supply
100.00
100.00
MMT (Money Market Trust)
—
Korea
Money Market Trust
100.00
100.00
1
Liquidation is in progress as of March 31, 2026.
2
The ownership interest increased due to the acquisition of non-controlling
interests during the three-month period ended March 31, 2026.
3
The entity was newly established as a subsidiary of SK Hynix NAND Product Solutions Corp. during the three-month period
ended March 31, 2026.
4
As part of the business reorganization of SK hynix NAND Product Solutions Corp., the NAND flash memory and SSD sales and
research and development, including related assets, contracts, rights, employees, and the associated assets and liabilities previously held by SK hynix NAND Product Solutions Corp., were transferred to Solidigm Inc. during the three-month period
ended March 31, 2026.
5
Certain subsidiaries have been transferred to Solidigm Inc. as of March 31, 2026, and the transfer of the remaining
related subsidiaries to Solidigm Inc. is expected to be completed by December 31, 2026.
F-98
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
1. General Information, Continued
(3)
Changes in the Group’s consolidated subsidiaries for the period ended March 31, 2026 are as follows:
Type
Company
Reason
Addition
Solidigm Inc.
Establishment
(4) The Group’s subsidiaries do not have material
non-controlling interests as of March 31, 2026 and December 31, 2025.
2. Material Accounting Policies
These accompanying condensed consolidated interim financial statements were authorized for issue by management in connection with the filing with the U.S. Securities
Exchange Commission on May 22, 2026.
2.1 Basis of Preparation
The
Group’s condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting .
2.1.1 New and
amended standards or interpretations adopted by the Group
The Group has applied the following new and amended IFRS Accounting Standards or interpretations that are
effective from January 1, 2026.
(a) Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures
Disclosure requirements have been amended to include the followings in response to recent questions arising in practice. The amendments did not have a significant impact
on the consolidated interim financial statements.
Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some
financial liabilities settled through an electronic cash transfer system.
Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and
interest (SPPI) criterion.
Add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of financial
instruments if the timing or amount of contractual cash flow changes due to amendment of contract term.
Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
F-99
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
2. Material Accounting Policies, Continued
2.1.1 New and amended standards or interpretations adopted by the Group, Continued
(b) Annual Improvements to IFRS - Volume 11
The amendments did not have a significant impact on the consolidated interim financial statements.
IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter
IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition and implementation guidance
IFRS 9 Financial Instruments: Derecognition of lease liabilities and definition of transaction price
IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’
IAS 7 Statement of Cash Flows: Cost Method
(c) Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity
Contracts referencing nature-dependent electricity are defined contracts that expose an entity to variability in the underlying amount of electricity because the source
of electricity generation depends on uncontrollable natural conditions (for example, the weather). The amendments clarify that ‘contracts to buy or sell such electricity’ are assessed for eligibility under the own-use exemption.
In addition, the amendments modify hedge accounting requirements by allowing an entity to designate as the
hedged item a variable nominal amount of forecast electricity transactions that reflect the nature-dependent variability of electricity and introduce additional disclosure requirements. The amendments did not have a significant impact on the
consolidated interim financial statements.
2.1.2 New and amended standards or interpretations not yet adopted by the Group
The following new accounting standards and interpretations have been published that are not mandatory for March 31, 2026 reporting periods and have not been early
adopted by the Group.
(a) New Standard: IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements and includes new requirements aimed at enhancing
comparability of financial performance between similar entities and providing more relevant information to users. While the amendments do not affect the recognition or measurement of items in the financial statements, they are expected to have an
extensive impact on presentation and disclosure, including the income statement and the disclosure of management-defined performance measures.
The standard should
be applied for annual periods beginning on or after January 1, 2027, and earlier application is permitted. In accordance with the retrospective application requirements, comparative information for all comparative periods presented shall be
restated under IFRS 18.
Management is in the process of evaluating the impact of applying the new standard on the Group’s consolidated financial statements.
F-100
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
2. Material Accounting Policies, Continued
2.1.2 New and amended standards or interpretations not yet adopted by the Group, Continued
(b) IFRS 19 Subsidiaries without Public Accountability: Disclosures
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure
requirements. This standard does not have a significant impact on the financial statements.
2.2 Accounting Policies
Material accounting policies and measurement method used in the preparation of the consolidated interim financial statements are consistent with those of the
consolidated financial statements as of and for the year ended December 31, 2025, except for the changes due to the application of amendments and enactments of new standards described in Note 2.1.1 and as described below.
2.2.1 Income tax expense
Income tax expense for the interim period is recognized
based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual effective income tax rate is applied to the pre-tax
income for the interim period.
The Group is subject to the Global Minimum Tax (Pillar Two). The Group has not recognized additional income tax expenses in relation
to Pillar Two during the three-month period ended March 31, 2026 and applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
3. Critical Accounting Estimates and Assumptions
The Group makes estimates
and assumptions concerning the future. The estimates and assumptions are continuously assessed, considering historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
These resulting accounting estimates may differ from the actual results.
Critical accounting estimates and assumptions made in the preparation of these
consolidated interim financial statements are consistent with those applied in the preparation of the consolidated financial statements as of and for the year ended December 31, 2025, except for the estimates used to determine the income tax
expense.
4. Operating Segment and Entity-wide Information
The Group has
a single reportable segment that is engaged in the manufacture and sale of semiconductor products. The Chief Operating Decision Maker of the Group reviews the operational results of the semiconductor business with the reporting information which is
prepared in the same manner with that used by management during the establishment of the Group’s business strategy.
F-101
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
4. Operating Segment and Entity-wide
Information, Continued
(1) The Group’s non-current assets
(excluding financial assets, loans and other receivables, investment in associates and joint ventures and deferred tax assets etc.) information by region based on the location of the Parent Company and its subsidiaries as of March 31, 2026 and
December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Korea
W
78,295,807
W
74,293,530
China
10,903,323
10,533,204
Asia (other than China)
15,049
15,424
U.S.A.
817,705
738,739
Europe
5,544
5,672
W
90,037,428
W
85,586,569
(2) For the three-month period ended March 31, 2026, revenues of W 7,780,590 million and
W 6,536,458 million, or 14.80% and 12.43% of the Group’s revenue, were derived from external Customers A and B, respectively. For the
three-month period ended March 31, 2025, revenue of W 4,786,233 million, or 27.13% of the Group’s revenue, is derived from an
external Customer A.
(3) Entity-wide revenue information by region is disclosed in note 21 (3).
5. Carrying Amounts of Financial Instruments by Categories
(1) Carrying amounts of financial assets by categories as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
Financial
assets at fair
value through
profit or loss
Financial
assets at fair
value through
other
comprehensive
income or loss
Financial
assets at
amortized cost
Others
Total
Cash and cash equivalents
W
—
W
—
W
21,166,904
W
—
W
21,166,904
Short-term financial instruments
222,500
—
17,997,575
—
18,220,075
Short-term investment assets
14,942,782
—
—
—
14,942,782
Trade receivables 1
—
1,363,090
32,444,753
—
33,807,843
Loans and other receivables
—
—
900,699
—
900,699
Other financial assets
194
—
2,012,721
33,617
2,046,532
Long-term investment assets
20,657,583
—
—
—
20,657,583
W
35,823,059
W
1,363,090
W
74,522,652
W
33,617
W
111,742,418
1
The Group transferred certain portion of trade receivables, which are from specific customers, and derecognized the trade
receivables from the consolidated financial statements when all the risks and rewards are substantially transferred. Accordingly, the Group recognized gain or loss on disposal of trade receivables.
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Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
5. Carrying Amounts of Financial Instruments by
Categories, Continued
(1) Carrying amounts of financial assets by categories as of March 31, 2026 and December 31,
2025 are as follows, Continued:
(In millions of Korean won)
December 31, 2025
Financial
assets at fair
value through
profit or loss
Financial
assets at fair
value through
other
comprehensive
income or loss
Financial
assets at
amortized cost
Others
Total
Cash and cash equivalents
W
—
W
—
W
14,923,766
W
—
W
14,923,766
Short-term financial instruments
222,500
—
14,457,219
—
14,679,719
Short-term investment assets
5,338,768
—
—
—
5,338,768
Trade receivables 1
—
1,256,429
16,942,649
—
18,199,078
Loans and other receivables
—
—
806,379
—
806,379
Other financial assets
62
—
1,113,792
195,867
1,309,721
Long-term investment assets
14,547,099
—
—
—
14,547,099
W
20,108,429
W
1,256,429
W
48,243,805
W
195,867
W
69,804,530
1
The Group transferred certain portion of trade receivables, which are from specific customers, and derecognized the trade
receivables from the consolidated financial statements when all the risks and rewards are substantially transferred. Accordingly, the Group recognized gain or loss on disposal of trade receivables.
(2) Carrying amounts of financial liabilities by categories as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
Financial
liabilities at fair
value through
profit or loss
Financial
liabilities at
amortized cost
Others
Total
Trade payables
W
—
W
2,797,840
W
—
W
2,797,840
Other payables
—
8,283,620
—
8,283,620
Other non-trade
payables 1
—
1,964,954
—
1,964,954
Borrowings 2
—
19,317,665
—
19,317,665
Lease liabilities
—
2,514,751
—
2,514,751
Other financial liabilities
1,596,942
1,557
416
1,598,915
W
1,596,942
W
34,880,387
W
416
W
36,477,745
1
Among other non-trade payables, employee benefits liabilities that correspond to
the Group’s obligations under the employee benefit plan were excluded because they were not subject to disclosure of financial instruments.
2
The Group participated in supplier-financing arrangements under letters of credit, where financial institutions pay the
Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of March 31, 2026.
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Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
5. Carrying Amounts of Financial Instruments by
Categories, Continued
(2) Carrying amounts of financial liabilities by categories as of March 31, 2026 and
December 31, 2025 are as follows, Continued:
(In millions of Korean won)
December 31, 2025
Financial
liabilities at fair
value through
profit or loss
Financial
liabilities at
amortized cost
Others
Total
Trade payables
W
—
W
2,848,455
W
—
W
2,848,455
Other payables
—
6,809,285
—
6,809,285
Other non-trade
payables 1
—
1,541,016
—
1,541,016
Borrowings 2
—
22,247,905
—
22,247,905
Lease liabilities
—
2,509,943
—
2,509,943
Other financial liabilities
4,911,955
1,585
2,826
4,916,366
W
4,911,955
W
35,958,189
W
2,826
W
40,872,970
1
Among other non-trade payables, employee benefits liabilities that correspond to
the Group’s obligations under the employee benefit plan were excluded because they were not subject to disclosure of financial instruments.
2
The Group participated in supplier-financing arrangements under letters of credit, where financial institutions pay the
Group’s obligations to suppliers within a certain limit, and the Group subsequently repays the financial institutions. There were no short-term borrowings under the supplier financing arrangements as of December 31, 2025.
6. Financial Risk Management
(1) Financial risk
management
The Group’s activities are exposed to a variety of financial risks, including market risk (foreign exchange risk, interest rate risk and price
risk), credit risk and liquidity risk. The consolidated interim financial statements do not include all the financial risk management policies and disclosures required for the consolidated annual financial statements; accordingly, reference should
be made to see the consolidated annual financial statements for a comprehensive discussion of the Group’s financial risk management policies and disclosures. There have been no significant changes in Group’s risk management organization
or risk management policies subsequent to December 31, 2025.
(a) Market risk
(i) Foreign exchange risk
The Group operates internationally and is exposed to
foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar, Euro, Chinese Yuan and Japanese Yen. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities in
foreign currencies, and net investments in foreign operations.
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SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
6. Financial Risk Management, Continued
(1) Financial risk management, Continued
(a) Market risk, Continued
(i) Foreign exchange risk, Continued
Monetary foreign currency assets and liabilities as of March 31, 2026 are as follows:
(In millions of Korean won and millions of foreign currencies)
Assets
Liabilities
Foreign
currencies
Korean won
equivalent
Foreign
currencies
Korean won
equivalent
USD
34,202
W
51,761,447
14,793
W
22,387,699
JPY
561,976
5,320,393
129,782
1,228,687
CNY
1,866
408,174
2,924
639,523
EUR
15
25,947
313
542,168
Also, as described in note 18, the Group entered into a
fixed-to-fixed cross currency swap and a floating-to-fixed cross currency interest rate
swap to hedge foreign currency rate risk relating to bonds and borrowings denominated in foreign currencies.
When the exchange rate of the functional currency for
each foreign currency fluctuates by 10% as of March 31, 2026, the impact of the change in the exchange rate on profit before income tax expenses is as follows:
(In millions of Korean won)
If
increased
by 10%
If
decreased
by 10%
USD
W
2,953,682
W
(2,953,682
)
JPY
409,171
(409,171
)
CNY
(23,135
)
23,135
EUR
(51,622
)
51,622
(ii) Interest rate risk
Interest rate risk of the
Group is defined as the risk that the interest expenses arising from borrowings will fluctuate due to changes in future market interest rate. The interest rate risk mainly arises through floating rate borrowings and is partially offset by interests
received from floating rate financial assets.
The Group is managing cash flow interest rate risk using floating-to-fixed cross currency interest rate swaps. These interest rate swaps have an economic effect of converting floating interest borrowings into fixed interest borrowings. Generally, the Group borrows
at a floating interest rate and then swaps at a fixed rate. Under the swap agreement, the Group will settle the difference between fixed interest costs and the floating interest costs calculated according to the principal agreed upon for each
counterparty and specific period (mainly quarterly).
The Group is partially exposed to the risk of changing net interest costs due to changes in interest rates as
of March 31, 2026. The Group has signed a currency interest rate swap contract on floating interest rate borrowings in foreign currency amount to
W 163,069 million and an interest rate swap contract on floating interest rate borrowings in local currency of W 317,400 million. Therefore, the
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Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
6. Financial Risk Management, Continued
(1) Financial risk management, Continued
(a) Market risk, Continued
(ii) Interest rate risk, Continued
changes in interest costs subject to fluctuation of interest rates do not have an impact on the profit before income tax for the three-month period ended March 31, 2026.
As of March 31, 2026, if interest rates on borrowings and financial assets had been 100 basis points higher/lower with all other variables held constant, profit
before income tax would have been W 10,792 million (2025: W 13,750 million) lower/higher over the next year, mainly as a result of higher/lower net interest costs on floating-rate borrowings and interest income on floating-rate financial
assets.
(iii) Price risk
The Group invests in equity and debt securities
resulted from its business needs and the purpose of liquidity management. The Group’s equity and debt securities are exposed to price risk as of March 31, 2026.
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails to meet its contractual obligations and arises mainly from operating and investing activities. In order to manage credit risk, the Group periodically evaluates the creditworthiness of each
customer or counterparty through the analysis of its financial information, historical transaction records and other factors, based on which the Group establishes credit limits for each customer or counterparty.
(i) Trade and other receivables
For each new customer, the Group individually
analyzes its creditworthiness before standard payment and delivery terms and conditions are offered. In addition, the Group is continuously managing trade and other receivables by reevaluating the customer’s creditworthiness and securing
collaterals in order to limit its credit risk exposure.
The Group reviews at the end of each reporting period whether trade and other receivables are impaired and
enters into credit insurance contracts to manage credit risk exposure from oversea customers. The extent of the Group’s exposure to credit risk as of March 31, 2026 is equal to the carrying amount of trade and other receivables.
(ii) Other financial assets
Credit risk also arises from other financial assets
such as cash and cash equivalents, short-term financial instruments, short-term investment assets, and short-term and long-term loans mainly due to the bankruptcy of each counterparty to those financial assets. The maximum exposure to credit risk as
of March 31, 2026 is the carrying amount of those financial assets. The Group deposits cash and cash
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SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
6. Financial Risk Management, Continued
(1) Financial risk management, Continued
(b) Credit risk, Continued
(ii) Other financial assets, Continued
equivalents, short-term financial instruments and others in several financial institutions, and transacts only with banks and financial institutions with high credit ratings. Accordingly,
management does not expect any significant loss from non-performance by the counterparties.
(c) Liquidity risk
Liquidity risk is defined as the risk that the Group is unable to meet its short-term payment obligations on time due to deterioration of its business performance or
inability to access financing. The Group forecasts its cash flow and liquidity status and sets action plans on a regular basis to manage liquidity risk proactively.
The Group invests surplus cash in interest-bearing current accounts, time deposits, and demand deposits choosing instruments with appropriate maturities or sufficient
liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.
(2) Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders
and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends to shareholders, procure and repay borrowings, issue new shares, and sell assets.
The debt-to-equity ratio and net borrowing ratio as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Total liabilities (A)
W
58,448,945
W
55,440,908
Total equity (B)
164,379,799
120,666,751
Cash and cash equivalents, and others 1 (C)
54,329,761
34,942,253
Total borrowings (D)
19,317,665
22,247,905
Debt-to-equity ratio
(A/B)
35.56
%
45.95
%
Net borrowing ratio 2
(D-C)/B
—
—
1
Total amount of cash and cash equivalents, short-term financial instruments and short-term investment assets.
2
Net borrowing ratio is not disclosed because the ratio is negative.
Under major borrowing contracts, the Group is obliged to comply with a certain level of debt ratio and
Loan-To-Value ratio. The Group has complied with all of these conditions as of March 31, 2026.
F-107
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
6. Financial Risk Management, Continued
(3) Fair value
Fair values are
categorized into different levels in a fair value hierarchy based on the inputs used in valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at
the measurement date.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
(a)
The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,
including their levels in the fair value hierarchy, as of March 31, 2026 and December 31, 2025:
(In millions of Korean won)
March 31, 2026
Carrying
amounts
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value
Short-term financial instruments
W
222,500
W
—
W
—
W
222,500
W
222,500
Short-term investment assets
14,942,782
—
14,942,782
—
14,942,782
Trade receivables 1
1,363,090
—
1,363,090
—
1,363,090
Long-term investment assets
20,657,583
—
—
20,657,583
20,657,583
Other financial assets
33,811
—
33,811
—
33,811
37,219,766
—
16,339,683
20,880,083
37,219,766
Financial assets not measured at fair value
Cash and cash equivalents 2
21,166,904
—
—
—
—
Short-term financial instruments 2
17,997,575
—
—
—
—
Trade receivables 2
32,444,753
—
—
—
—
Loans and other receivables 2
900,699
—
—
—
—
Other financial assets 2
2,012,721
—
—
—
—
74,522,652
—
—
—
—
Total financial asset
W
111,742,418
W
—
W
16,339,683
W
20,880,083
W
37,219,766
Financial liabilities measured at fair value
Other financial liabilities
W
1,597,358
W
—
W
1,597,358
W
—
W
1,597,358
Financial liabilities not measured at fair value
Trade payables 2
2,797,840
—
—
—
—
Other payables 2
8,283,620
—
—
—
—
Other non-trade
payables 2
1,964,954
—
—
—
—
Borrowings
19,317,665
—
19,350,642
—
19,350,642
Lease liabilities 2
2,514,751
—
—
—
—
Other financial liabilities 2
1,557
—
—
—
—
34,880,387
—
19,350,642
—
19,350,642
Total financial liabilities
W
36,477,745
W
—
W
20,948,000
W
—
W
20,948,000
F-108
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
6. Financial Risk Management, Continued
(3) Fair value, Continued
(a)
The following table presents the Group’s carrying amounts and fair values of financial instruments by categories,
including their levels in the fair value hierarchy, as of March 31, 2026 and December 31, 2025, Continued:
1
The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.
Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.
2
The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a
reasonable approximation of fair values.
(In millions of Korean won)
December 31, 2025
Carrying
amounts
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value
Short-term financial instruments
W
222,500
W
—
W
—
W
222,500
W
222,500
Short-term investment assets
5,338,768
—
5,338,768
—
5,338,768
Trade receivables 1
1,256,429
—
1,256,429
—
1,256,429
Long-term investment assets
14,547,099
—
—
14,547,099
14,547,099
Other financial assets
195,929
—
195,929
—
195,929
21,560,725
—
6,791,126
14,769,599
21,560,725
Financial assets not measured at fair value
Cash and cash equivalents 2
14,923,766
—
—
—
—
Short-term financial instruments 2
14,457,219
—
—
—
—
Trade receivables 2
16,942,649
—
—
—
—
Loans and other receivables 2
806,379
—
—
—
—
Other financial assets 2
1,113,792
—
—
—
—
48,243,805
—
—
—
—
Total financial asset
W
69,804,530
W
—
W
6,791,126
W
14,769,599
W
21,560,725
Financial liabilities measured at fair value
Other financial liabilities
W
4,914,781
W
—
W
4,914,781
W
—
W
4,914,781
Financial liabilities not measured at fair value
Trade payables 2
W
2,848,455
W
—
W
—
W
—
W
—
Other payables 2
6,809,285
—
—
—
—
Other non-trade
payables 2
1,541,016
—
—
—
—
Borrowings
22,247,905
—
22,449,184
—
22,449,184
Lease liabilities 2
2,509,943
—
—
—
—
Other financial liabilities 2
1,585
—
—
—
—
35,958,189
—
22,449,184
—
22,449,184
Total financial liabilities
W
40,872,970
W
—
W
27,363,965
W
—
W
27,363,965
1
The Group transferred some of the trade receivables and substantially transferred the risks and rewards to the customer.
Accordingly, the Group derecognized trade receivables from the consolidated financial statement on the date of assets transfer and recognized gain or loss on disposal of trade receivables.
2
The Group did not present fair values of financial assets and liabilities of which carrying amounts are considered to be a
reasonable approximation of fair values.
F-109
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SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
6. Financial Risk Management, Continued
(3) Fair value, Continued
(b) Valuation Techniques
The
valuation techniques used to measure financial instruments with fair value level 2 and level 3 are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2025.
(c)
There was no transfer between fair value hierarchy levels for the three-month period ended March 31, 2026 and
changes in financial assets classified as level 3 fair value measurements during the three-month period ended March 31, 2026 are as follows:
(In millions of Korean won)
Beginning
Balance
Acquisition
Disposals
Gain on
Valuation
Foreign
Exchange
Difference
Ending
Balance
Financial assets:
Short-term financial instruments
W
222,500
—
—
—
—
W
222,500
Long-term investment assets
W
14,547,099
W
14,120
W
(4,120,220
)
W
9,881,310
W
335,274
W
20,657,583
7. Trade Receivables and Loans and Other Receivables
(1) Details of loans and other receivables as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Current
Other receivables
W
120,932
W
89,511
Accrued income
205,060
156,266
Short-term loans
124,682
117,592
Short-term guarantee and other deposits
25,928
22,974
476,602
386,343
Non-current
Long-term other receivables
79,937
74,024
Long-term loans
186,388
189,262
Guarantee deposits
157,496
156,488
Others
276
262
424,097
420,036
W
900,699
W
806,379
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Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
7. Trade Receivables and Loans and Other
Receivables, Continued
(2)
Trade receivables and loans and other receivables, net of provision for impairment, as of March 31, 2026 and
December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
Gross
amount
Provision for
impairment
Carrying
amount
Trade receivables
W
33,810,734
W
(2,891
)
W
33,807,843
Current loans and other receivables
476,678
(76
)
476,602
Non-current loans and other receivables
425,083
(986
)
424,097
W
34,712,495
W
(3,953
)
W
34,708,542
(In millions of Korean won)
December 31, 2025
Gross
amount
Provision for
impairment
Carrying
amount
Trade receivables
W
18,201,785
W
(2,707
)
W
18,199,078
Current loans and other receivables
386,419
(76
)
386,343
Non-current loans and other receivables
420,972
(936
)
420,036
W
19,009,176
W
(3,719
)
W
19,005,457
8. Inventories
Details of inventories as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
Acquisition
cost
Inventory
valuation
allowance
Carrying
amount
Merchandise
W
4,547
W
(292
)
W
4,255
Finished goods
3,233,195
(163,107
)
3,070,088
Work-in-process
9,666,848
(38,925
)
9,627,923
Raw materials
1,962,505
(15,524
)
1,946,981
Supplies
1,293,783
(193,866
)
1,099,917
Goods in transit
224,969
—
224,969
W
16,385,847
W
(411,714
)
W
15,974,133
(In millions of Korean won)
December 31, 2025
Acquisition
cost
Inventory
valuation
allowance
Carrying
amount
Merchandise
W
5,564
W
(261
)
W
5,303
Finished goods
2,616,635
(209,670
)
2,406,965
Work-in-process
9,290,708
(83,271
)
9,207,437
Raw materials
1,507,058
(17,745
)
1,489,313
Supplies
1,086,570
(183,958
)
902,612
Goods in transit
277,760
—
277,760
W
14,784,295
W
(494,905
)
W
14,289,390
F-111
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
9. Other Current and Non-current Assets
Details of other current and non-current assets as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Current
Advance payments
W
71,503
W
73,312
Prepaid expenses
367,544
291,529
Value added tax refundable
947,397
876,429
Contract assets
77,038
125,240
Others
401,881
11,525
1,865,363
1,378,035
Non-current
Long-term advance payments
71,623
79,810
Long-term prepaid expenses
32,731
33,778
Others
35,072
31,342
139,426
144,930
W
2,004,789
W
1,522,965
10. Investments in Associates and Joint Ventures
(1) General information of investments in associates and joint ventures is as follows:
Type
Investee
Location
Business
Associates
SK China Company Limited 1
China
Consulting and investment
SK South East Asia Investment Pte. Ltd.
Singapore
Consulting and investment
SiFive, Inc. 2
U.S.A
Design and manufacture of semiconductor
Wuxi xinfa IC industry park., Ltd.
China
Developing science-technological park
Others
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd. 3
China
Manufacture of semiconductor parts
SK hynix system ic (Wuxi) Co., Ltd. 4, 5
China
Foundry factory construction
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor 3
Korea
Investment
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor 3
Korea
Investment
Others
1
Management of the Group is able to exercise significant influence over the entity by participating the Board of Directors.
Accordingly, the investment has been classified as an associate.
2
The Group is able to exercise significant influence through its right to appoint a director to the Board of Directors of
investee. Accordingly, the investment has been classified as an associate.
3
It has been classified to a joint venture as it is stated in the agreement that unanimous vote is required for relevant
activities.
4
Net asset share amount and carrying amount of SK hynix system ic (Wuxi) Co., Ltd. were prepared based on the consolidated
financial statements including Hystars Semiconductor (Wuxi) Co., Ltd.
5
As major decisions require the approval of more than two-thirds of the
shareholders, the entity has been classified as an investment in a joint venture.
F-112
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
10. Investments in Associates and Joint
Ventures, Continued
(2) Details of investments in associates and joint ventures as of March 31, 2026
and December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
December 31, 2025
Investee
Ownership
(%)
Net asset
value
Carrying
amount
Ownership
(%)
Carrying
amount
Associates:
SK China Company Limited
11.87
W
435,304
W
487,901
11.87
W
463,560
SK South East Asia Investment Pte. Ltd.
20.00
388,951
388,951
20.00
370,671
SiFive, Inc.
6.84
10,179
9,703
6.84
9,175
Wuxi xinfa IC industry park., Ltd.
30.00
50,368
50,368
30.00
46,990
Others
155,433
163,571
160,957
Joint ventures:
HITECH Semiconductor (Wuxi) Co., Ltd.
45.00
166,669
163,062
45.00
152,015
SK hynix system ic (Wuxi) Co., Ltd.
49.79
(45,618
)
55,662
49.79
78,548
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
33.33
6,936
6,936
33.33
9,039
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor
37.50
19,522
19,522
37.50
19,574
Others
10,650
10,651
10,398
W
1,198,394
W
1,356,327
W
1,320,927
(3) Changes in investments in associates and joint ventures for the three-month periods ended
March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
Beginning
balance
Acquisition
Share of
profit
(loss)
Other
equity
movement
Dividend
Recovery
of principal
Ending
balance
SK China Company Limited
W
463,560
W
—
W
1,780
W
22,561
W
—
W
—
W
487,901
SK South East Asia Investment Pte. Ltd.
370,671
—
(1,858
)
20,138
—
—
388,951
SiFive, Inc.
9,175
—
—
528
—
—
9,703
Wuxi xinfa IC industry park., Ltd.
46,990
—
165
3,212
—
—
50,367
HITECH Semiconductor (Wuxi) Co., Ltd.
152,015
—
2,551
8,496
—
—
163,062
SK hynix system ic (Wuxi) Co., Ltd.
78,548
—
(30,121
)
7,233
—
—
55,660
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
9,039
—
(49
)
(53
)
(430
)
(1,570
)
6,937
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor
19,574
—
(52
)
—
—
—
19,522
Others
171,355
—
806
4,753
(741
)
(1,949
)
174,224
W
1,320,927
W
—
W
(26,778
)
W
66,868
W
(1,171
)
W
(3,519
)
W
1,356,327
F-113
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
10. Investments in Associates and Joint
Ventures, Continued
(3) Changes in investments in associates and joint ventures for the three-month periods ended
March 31, 2026 and 2025 are as follows, Continued:
(In millions of Korean won)
2025
Beginning
balance
Acquisition
Share of
profit
(loss)
Other
equity
movement
Dividend
Recovery
of principal
Ending
balance
SK China Company Limited
W
456,471
W
—
W
188
W
(15,470
)
W
—
W
—
W
441,189
SK South East Asia Investment Pte. Ltd.
401,843
—
(12,500
)
1,263
—
—
390,606
SiFive, Inc.
18,311
—
(2,340
)
(221
)
—
—
15,750
Wuxi xinfa IC industry park., Ltd.
44,895
—
1,201
167
—
—
46,263
HITECH Semiconductor (Wuxi) Co., Ltd.
157,255
—
754
(309
)
—
—
157,700
SK hynix system ic (Wuxi) Co., Ltd.
688,702
—
(27,139
)
(124
)
—
—
661,439
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor
11,237
—
(971
)
921
—
—
11,187
Specialized Investment-type Private Equity Investment Trust For
Win-win System Semiconductor
22,459
—
(26
)
—
—
—
22,433
Others
139,490
2,100
(277
)
49
—
(3,581
)
137,781
W
1,940,663
W
2,100
W
(41,110
)
W
(13,724
)
W
—
W
(3,581
)
W
1,884,348
(4) Major associates and joint ventures’ summarized financial information as of March 31,
2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
SK China Company Limited
W
2,271,763
W
1,687,604
W
90,026
W
340,484
SK South East Asia Investment Pte. Ltd.
1,077,750
1,037,101
61,289
38,453
HITECH Semiconductor (Wuxi) Co., Ltd.
286,026
278,058
188,722
7,706
SK hynix system ic (Wuxi) Co., Ltd.
490,597
1,272,474
1,314,267
541,211
(In millions of Korean won)
December 31, 2025
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
SK China Company Limited
W
1,787,188
W
2,120,977
W
151,370
W
293,452
SK South East Asia Investment Pte. Ltd.
1,021,847
983,307
58,110
36,458
HITECH Semiconductor (Wuxi) Co., Ltd.
298,955
277,560
182,138
58,962
SK hynix system ic (Wuxi) Co., Ltd.
210,511
1,233,265
962,673
520,468
F-114
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
10. Investments in Associates and Joint
Ventures, Continued
(5) Major associates and joint ventures’ summarized financial information for
the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Revenue
Net profit
(loss)
Revenue
Net profit
(loss)
SK China Company Limited
W
18,531
W
9,795
W
16,094
W
1,586
SK South East Asia Investment Pte. Ltd.
100,917
10,978
355,697
(62,500
)
HITECH Semiconductor (Wuxi) Co., Ltd.
216,147
16,081
174,973
8,880
SK hynix system ic (Wuxi) Co., Ltd.
74,238
(60,497
)
80,374
(61,995
)
11. Property, Plant and Equipment
(1)
Changes in property, plant and equipment for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Beginning balance
W
77,502,704
W
60,157,474
Acquisition
7,347,767
5,883,723
Disposal and retirement
(8,357
)
(6,829
)
Depreciation
(3,415,412
)
(3,014,780
)
Transfers
6,433
2,780
Foreign exchange difference, etc.
618,789
(7,068
)
Ending balance
W
82,051,924
W
63,015,300
(2) Certain machineries are pledged as collaterals for borrowings of the Group as of March 31,
2026 (see note 29).
12. Leases
(1) Changes in right-of-use assets for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Beginning balance
W
2,336,457
W
2,486,871
Acquisition
86,497
23,891
Termination
(1,672
)
(1,806
)
Depreciation
(103,087
)
(109,286
)
Foreign exchange difference
35,481
771
Ending balance
W
2,353,676
W
2,400,441
F-115
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
12. Leases, Continued
(2) Changes in lease liabilities for the three-month periods ended March 31, 2026
and 2025 are as follows:
(In millions of Korean won)
2026
2025
Beginning balance
W
2,509,943
W
2,768,376
Acquisition
86,409
23,891
Termination
(1,614
)
(1,660
)
Interest expenses
24,365
24,424
Payments
(162,606
)
(163,637
)
Foreign exchange difference
58,254
(1,299
)
Ending balance
W
2,514,751
W
2,650,095
13. Intangible Assets
Changes in intangible
assets for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Beginning balance
W
4,049,402
W
4,018,847
Acquisition
184,745
170,465
Disposal and retirement
(990
)
(526
)
Amortization
(210,566
)
(221,434
)
Transfers
(6,378
)
(2,867
)
Others 1
34,404
(1,785
)
Ending balance
W
4,050,617
W
3,962,700
1
Others include increase/decrease due to foreign exchange difference.
14. Borrowings
Details of borrowings as of March 31, 2026 and
December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Current
Short-term borrowings
W
2,522,307
W
2,395,797
Current portion of long-term borrowings
1,716,223
1,470,301
Current portion of debentures 1
1,652,410
4,295,659
5,890,940
8,161,757
Non-current
Long-term borrowings
2,675,856
2,879,750
Debentures
10,750,869
11,206,398
13,426,725
14,086,148
W
19,317,665
W
22,247,905
F-116
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
14. Borrowings, Continued
Details of borrowings as of March 31, 2026 and December 31, 2025 are as follows, Continued:
1
The carrying amount includes exchangeable bond issued by the Parent Company during the year ended December 31, 2023.
The maturity date of the exchangeable bond is in 2030, but the Group has classified the exchangeable bond as current borrowings due to the possibility of exercising conversion rights by the bondholders. During the three-month period ended
March 31, 2026, exchangeable bonds equivalent to USD 510,800,000 were exchanged for 6,179,194 shares upon exercise of exchange rights by the bondholders. On a cumulative basis, exchangeable bonds equivalent to USD 1,472,400,000 have been
exchanged for 17,807,022 shares. The conditions of issuance are as follows:
Type of bond
Issue amount
Foreign exchangeable bond
USD 1,700,000,000
Outstanding balance of bonds issued 1
USD 227,600,000
Interest rate
Coupon Rate
1.75%
Yield Rate
1.75%
Maturity Date
April 11, 2030
Redemption measures
1) Redemption upon maturity: redemption of the remaining amounts for which conversion rights or early redemption has not been exercised upon maturity date
2) Early redemption: Redemption by the Call Option of the Issuer or redemption by the Put Option of Bondholders
Details of conversion
right
Conversion Rate
100.00% of the principal amount
Conversion price
W 108,811 per share
Subject of Conversion
Ordinary shares of the SK hynix Inc. (currently held as treasury shares)
Conversion period
May 22, 2023 - April 1, 2030
Adjustment to Conversion Price
Adjustment of the Conversion Price in certain circumstances, including but not limited to:
Bonus issue, subdivision, consolidation, reclassification, rights issues of options or warrants
over shares, share dividends, capital distribution, modification of rights of conversion, issues at less than Current Market Price, etc.
Put Option of Bondholders
The fourth anniversary from the transaction date (April 11, 2027)
In the case of a change of control of the Parent Company
In the case of the Shares of the Parent company ceases to be listed or admitted to trading or are suspended for trading for a period equal to or exceeding 20 consecutive Trading Days
Call Option of the Issuer
On or after April 25, 2028, in the case of the closing price of the Shares for any 20 trading days in a period of 30 consecutive trading days is at least 130% of the prevailing Conversion Price
In the case of the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up Call)
In the case of the Issuer becomes obliged to pay any additional amounts, as a result of changes relating to tax laws in Korea.
1
The number of exchangeable shares was 20,126,911 upon initial issuance, but due to the exercise of conversion rights and
adjustments in the conversion price, the number of exchangeable shares has been changed to 2,753,353 as of March 31, 2026.
F-117
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
15. Other Current and Non-current Liabilities
Details of other current and non-current liabilities as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Current
Advance receipts
W
121,245
W
59,298
Unearned income
4,350
6,499
Withholdings
386,075
318,105
Contract liabilities
483,957
474,185
Others
94,499
79,520
1,090,126
937,607
Non-current
Other long-term employee benefits
1,575,988
1,300,847
Others
132
130
1,576,120
1,300,977
W
2,666,246
W
2,238,584
16. Provisions
(1) Changes in provisions for
the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
Beginning
Balance
Utilization
Reversal
Ending
Balance
Warranty
W
222,751
W
(594
)
W
(44,015
)
W
178,142
Emission allowances
4,359
—
(4,221
)
138
Restoration costs
1,827
—
—
1,827
W
228,937
W
(594
)
W
(48,236
)
W
180,107
(In millions of Korean won)
2025
Beginning
Balance
Utilization
Reversal
Ending
Balance
Warranty
W
263,001
W
(688
)
W
(27,537
)
W
234,776
Emission allowances
5,407
—
(2,146
)
3,261
Restoration costs
1,827
—
—
1,827
W
270,235
W
(688
)
W
(29,683
)
W
239,864
(2) Provisions for warranty
The Group estimates the
expected warranty costs based on historical results and records provisions for warranty. Regarding the durability issue of certain products sold in the prior years, the Group separately estimated and recorded warranty provisions for the amount
expected to be paid for product replacement and other customer supporting activities.
F-118
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
16. Provisions, Continued
(3) Provision for emission allowances
The Group recognizes estimated future payment for the number of emission certificates required to settle the Group’s obligation exceeding the actual number of
certificates on hand as emission allowances according to the Act on Allocation and Trading of Greenhouse Gas Emission Permits.
(a) Details of the allocated amount
of emission permits and the estimated amount of emission as of March 31, 2026 are as follows:
(In ten thousand tons CO2-eq)
March 31, 2026
Allocated emission permits
664
(b) Changes in the emission permits rights for the three-month period ended March 31, 2026 are as follows:
(In ten thousand tons CO2-eq)
2025
Beginning balance
58
Allocated
547
Submission
(41
)
Carryforwards
(8
)
Disposal
(2
)
Ending balance
554
17. Defined Benefit Liabilities (Assets)
(1)
Details of defined benefit liabilities (assets) as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Present value of defined benefit obligations
W
3,382,411
W
3,447,188
Fair value of plan assets
(4,754,819
)
(4,933,932
)
Net defined benefit liabilities (assets)
W
(1,372,408
)
W
(1,486,744
)
Defined benefit liabilities
W
69,192
W
66,144
Employee benefit assets 1
W
1,441,600
W
1,552,888
1
The Parent Company and certain subsidiaries’ fair value of plan assets in excess of the present value of defined
benefit obligations, presented as employee benefit assets, amounted to W 1,441,600 million and W 1,552,888 million as of March 31, 2026 and December 31, 2025, respectively.
F-119
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
17. Defined Benefit Liabilities (Assets),
Continued
(2)
Changes in present value of defined benefit obligations for the three-month periods ended March 31, 2026 and 2025
are as follows:
(In millions of Korean won)
2026
2025
Beginning balance
W
3,447,188
W
3,125,802
Current service cost
75,573
72,829
Interest expense
44,958
38,319
Transfer from associates
3,944
1,862
Benefits paid
(189,433
)
(114,439
)
Others
181
1,172
Ending balance
W
3,382,411
W
3,125,545
(3)
Changes in fair value of plan assets for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Beginning balance
W
4,933,932
W
4,211,967
Contributions
839
—
Interest income
65,796
52,252
Transfer from associates
3,421
2,405
Benefits paid
(205,446
)
(137,965
)
Remeasurements
(44,025
)
(1,969
)
Others
302
(781
)
Ending balance
W
4,754,819
W
4,125,909
(4)
The amounts recognized in profit or loss for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Current service cost
W
75,573
W
72,829
Net interest income
(20,838
)
(13,933
)
W
54,735
W
58,896
(5)
Contributions to defined contribution plans amounting to W 7,624 million (2025: W 3,250 million) were recognized as
cost for the three-month period ended March 31, 2026.
F-120
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
18. Derivative Financial Instruments
(1)
Currency and interest rate swap
(a)
Details of derivative financial instruments applying cash flow hedge accounting as of March 31, 2026 are as follows:
(In millions of Korean won and thousands of foreign currencies)
Hedged items
Hedging instruments
Borrowing
date
Financial instrument
Hedged risk
Type of
contract
Financial
institution
Contract
period
2019.10.02
Foreign currency denominated borrowing for equipment with floating rate (Par value: USD 93,750)
Foreign currency risk and interest rate risk
Floating-to-fixed cross
currency interest rate swap
Korea Development Bank
2019.10.02 ~
2026.10.02
2025.10.02
Foreign currency denominated borrowing for equipment with floating rate (Par value: USD 14,000)
Foreign currency risk and interest rate risk
Floating-to-fixed cross
currency interest rate swap
Shinhan Bank
2025.10.02 ~
2029.10.02
2023.04.04
Borrowing for equipment with floating rate (Par value: KRW 100,000)
Interest rate risk
Interest rate swap
Woori Bank
2023.04.04 ~
2028.04.04
2024.03.07
Borrowing for equipment with floating rate (Par value: KRW 217,400)
Interest rate risk
Interest rate swap
Shinhan Bank
2024.03.07 ~
2027.10.18
(b)
The fair value of derivative financial assets and derivative financial liabilities held by the Group are presented in
other financial assets and other financial liabilities in the consolidated financial statements of financial position as of March 31, 2026 and the details are as follows:
(In millions of Korean won and thousands of foreign currencies)
Type of contract
Hedged items
Cash flow
hedge
Fair value
Floating-to-fixed cross
currency interest rate swap
Foreign currency denominated borrowing for equipment with floating rate (Par value: USD
107,750)
W
33,357
W
33,357
Interest rate swap
Borrowing for equipment with floating rate (Par value: KRW 100,000)
147
147
Interest rate swap
Borrowing for equipment with floating rate (Par value: KRW 217,400)
113
113
Derivative financial assets
W
33,617
Interest rate swap
Borrowing for equipment with floating rate
(Par value: KRW 217,400)
W
416
W
416
Derivative financial liabilities
W
416
As of March 31, 2026, changes of fair value of the derivative are recognized in other comprehensive income or loss as all of
designated hedging instruments are all effective against risks.
F-121
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
18. Derivative Financial Instruments, Continued
(2) Embedded Derivatives
The details of the embedded derivatives held by the Group presented in other financial liabilities in the consolidated financial statements of financial position as of
March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
Derivative financial liabilities
March 31,
2026
December 31,
2025
Embedded Derivatives 1
W
1,596,771
W
4,911,677
1
Embedded derivatives are conversion right, call option, and put options granted on exchangeable bonds issued by the Group
on April 11, 2023 (See note 14).
(3) Currency Forward Contracts
The Group enters into currency forward contracts to minimize accounting profits and losses arising from the remeasurement of monetary assets and liabilities denominated
in foreign currencies other than USD, but hedge accounting is not applied. The details of the derivatives related to currency forward contracts held by the Group presented in other financial assets and other financial liabilities in the consolidated
financial statements of financial position as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31, 2026
December 31, 2025
Assets
Liabilities
Assets
Liabilities
Current derivatives:
Currency forwards
W
194
W
171
W
62
W
277
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Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
19. Capital Stock, Capital Surplus, Other Equity and Accumulated Other Comprehensive Income
(1)
The Parent Company has 9,000,000,000 authorized shares and the face value per share is W 5,000 as of March 31, 2026. The number of shares issued, common stock, capital surplus and other equity as of March 31, 2026 and
December 31, 2025, are as follows:
(In millions of Korean won and shares)
March 31,
2026
December 31,
2025
Issued shares 1
712,702,365
728,002,365
Capital stock:
Common stock
W
3,657,652
W
3,657,652
Capital surplus:
Additional paid-in capital 2
W
21,406
W
3,625,797
Others 2,3
8,488,877
5,327,917
W
8,510,283
W
8,953,714
Other equity:
Acquisition cost of treasury shares 3,4
W
(251,144
)
W
(1,499,954
)
Share options
39,456
64,018
Others
(156,739
)
87,338
W
(368,427
)
W
(1,348,598
)
Accumulated other comprehensive income:
Equity-accounted investees – share of other
comprehensive income
W
318,932
W
252,064
Foreign operations – foreign currency
translation differences
3,425,652
2,416,253
Gain on valuation of derivatives
605
8,545
W
3,745,189
W
2,676,862
Number of treasury shares:
Number of treasury shares 3,4
4,405,344
26,310,845
1
The number of issued shares decreased due to share retirement during the three-month period ended March 31, 2026 and
in prior periods.
2
During the three-month period ended March 31, 2026, the Parent Company resolved at the annual general meeting of
shareholders held on March 25, 2026, to increase distributable retained earnings by transferring capital surplus to retained earnings. As a result, share premium of
W 3,604,391 million and capital reduction surplus of
W 479,244 million were transferred to retained earnings.
3
The Group disposed 6,605,501 treasury shares during the three-month period ended March 31, 2026, and recognized gains
on disposal of treasury shares of W 3,984,135 million.
4
The Group canceled 15,300,000 treasury shares during the three-month period ended March 31, 2026.
(2)
The number of outstanding shares, which deducted treasury shares held by the Parent Company from listed issued shares, as
of March 31, 2026 and December 31, 2025, are as follows:
(In shares)
March 31, 2026
Listed
Shares
Treasury
Shares
Outstanding
Shares
The number of issued shares
712,702,365
4,405,344
708,297,021
(In shares)
December 31, 2025
Listed
Shares
Treasury
Shares
Outstanding
Shares
The number of issued shares
728,002,365
26,310,845
701,691,520
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Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
20. Retained Earnings
Retained
earnings as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
March 31,
2026
December 31,
2025
Legal reserve 1
W
1,055,907
W
845,040
Discretionary reserve 2
235,507
235,507
Unappropriated retained earnings 3,4
147,454,971
105,496,001
W
148,746,385
W
106,576,548
1
The Commercial Code of the Republic of Korea requires the Parent Company to appropriate for each financial period, as a
legal reserve, an amount equal to a minimum of 10% of cash dividends paid until such reserve equals 50% of its issued capital stock. The reserve is not available for cash dividends payment but may be transferred to capital stock or used to reduce
accumulated deficit.
2
Discretionary reserve is the reserve for technology development.
3
For the three-month period ended March 31, 2026, the Group resolved at the annual general meeting of shareholders
held on March 25, 2026, to increase distributable retained earnings by transferring capital surplus to retained earnings. As a result, share premium of
W 3,604,391 million and capital reduction surplus of
W 479,244 million were transferred to retained earnings.
4
Dividends amounting to
W 1,327,712 million were approved at shareholders’ meeting held on March 25, 2026, and dividends payables are recorded as other payables as
of March 31, 2026.
21. Revenue
(1)
Details of the Group’s revenue for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Sale of goods and other products
W
52,545,397
W
17,608,044
Providing services
30,890
31,097
W
52,576,287
W
17,639,141
(2)
Details of the Group’s revenue by product and service types for the three-month periods ended March 31, 2026
and 2025 are as follows:
(In millions of Korean won)
2026
2025
DRAM
W
40,658,636
W
14,036,870
NAND Flash
11,574,235
3,228,835
Other
343,416
373,436
W
52,576,287
W
17,639,141
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Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
21. Revenue, Continued
(3)
Details of the Group’s revenue information by region based on the location of selling entities for the three-month
periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Korea
W
178,767
W
442,620
U.S.A.
33,999,158
12,794,533
China
12,796,578
2,694,352
Asia (other than China)
4,473,287
1,258,292
Europe
1,128,497
449,344
W
52,576,287
W
17,639,141
(4)
Details of the Group’s revenue by the timing of revenue recognition during the three-month periods ended
March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Performance obligations satisfied at a point in time
W
52,545,397
W
17,608,044
Performance obligations satisfied over time
30,890
31,097
W
52,576,287
W
17,639,141
22. Selling and Administrative Expenses and Research and Development Expenses
(1)
Selling and administrative expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Selling and administrative expenses:
Salaries
W
844,451
W
437,819
Defined benefit plan
12,571
12,851
Employee benefits
91,285
65,449
Commission
177,124
192,976
Depreciation
70,764
75,503
Amortization
118,251
135,054
Freight and custody charges
17,099
13,340
Taxes and dues
43,089
28,932
Advertising
26,079
14,923
Supplies
39,383
22,468
Sales promotion expenses
113,945
100,577
Quality control cost
(43,101
)
(3,665
)
Training
28,426
26,667
Others
78,305
66,836
W
1,617,671
W
1,189,730
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Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
22. Selling and Administrative Expenses and
Research and Development Expenses, Continued
(2)
Research and development expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Research and development expenses:
Expenditure on research and development
W
2,550,475
W
1,515,106
Development cost capitalized
(99,015
)
(43,349
)
W
2,451,460
W
1,471,757
23. Expenses by Nature
Nature of expenses
for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Changes in finished goods,
work-in-process and others
W
(1,082,560
)
W
(1,169,659
)
Raw materials, supplies and consumables
3,048,463
2,524,598
Salaries, employee benefit and others
5,517,273
2,732,918
Depreciation and amortization
3,725,765
3,333,928
Commission
1,214,072
1,016,503
Utilities
796,765
783,882
Repair
775,625
673,142
Outsourcing
659,180
408,631
Others
459,188
(36,862
)
Transfer: capitalized development cost and others
(147,767
)
(68,444
)
Total 1
W
14,966,004
W
10,198,637
1
Total expenses consist of cost of sales, selling and administrative expenses and research and development expenses.
F-126
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
24. Finance Income and Expenses
Finance income and expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Finance Income:
Interest income
W
188,779
W
105,996
Dividend income
3,951,622
4,107
Foreign exchange differences 1
2,931,119
628,626
Gain on valuation of financial instruments
9,941,549
1,899,719
Others
43,281
48,911
17,056,350
2,687,359
Finance Expenses:
Interest expense
166,943
257,510
Foreign exchange differences 1
1,357,748
507,068
Loss on derivatives
1,498,792
—
Others
—
26
3,023,483
764,604
Net finance income (expenses)
W
14,032,867
W
1,922,755
1
The foreign exchange differences gain from long-term investment assets amounting to W 425,901 million (2025: The foreign exchange differences gain
W 169,533 million) are included for the three-month period ended March 31, 2026.
25. Other Income and Expenses
(1)
Other income for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Gain on disposal of property, plant and equipment
W
10,085
W
44,908
Others
4,938
34,035
W
15,023
W
78,943
(2)
Other expenses for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Donation
W
3,082
W
4,368
Loss on impairment of property, plant and equipment
6
35
Loss on disposal of property, plant and equipment
7,013
1,821
Loss on disposal of intangible assets
990
526
Depreciation of idle property, plant and equipment
3,301
11,575
Others
145
83,539
W
14,537
W
101,864
F-127
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
26. Income Tax Expense
Income tax expense is recognized based on management’s best estimate of the average annual effective income tax rate expected for the full financial year
multiplied by the pre-tax income of the interim reporting period. Income tax expense includes current tax expense adjustments related to prior period.
27. Earnings per Share
Basic earnings per share is calculated by dividing
the profit attributable to ordinary shareholders of the Parent Company by the weighted average number of outstanding ordinary shares during the three-month period.
(1)
Basic earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won, except for shares and per
share information)
2026
2025
Profit attributable to ordinary shareholders of the Parent Company
W
40,330,176
W
8,107,081
Weighted average number of outstanding ordinary
shares 1
705,383,456
689,640,407
Basic earnings per share (in Korean won)
W
57,175
W
11,756
1
Weighted average number of outstanding ordinary shares is calculated as follows:
(In shares)
2026
2025
Issued ordinary shares
719,332,365
728,002,365
Acquisition of treasury shares
(13,948,909
)
(38,361,958
)
Weighted average number of outstanding ordinary shares
705,383,456
689,640,407
(2)
Diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won, except for shares and per
share information)
2026
2025
Profit attributable to ordinary shareholders of the Parent Company
W
40,330,176
W
8,107,081
Adjustment :
Changes in profit attributable to ordinary shareholders of the Parent Company due to the exercise of
Restricted Stock Units (RSUs) by subsidiaries’ employees
(79,703
)
(4,909
)
Interest expense (After-tax)
4,795
23,113
Loss (Gain) on foreign currency translation (After-tax)
70,859
(13,646
)
Diluted profit attributable to ordinary shareholders of the Parent Company
40,326,127
8,111,639
Weighted average number of diluted outstanding common
shares 1
711,592,641
710,834,107
Diluted earnings per share (in Korean won)
W
56,670
W
11,411
F-128
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
27. Earnings per Share, Continued
(2)
Diluted earnings per share for the three-month periods ended March 31, 2026 and 2025 are as follows, Continued:
1
Weighted average number of diluted outstanding ordinary shares is calculated as follows:
(In shares)
2026
2025
Weighted average number of outstanding ordinary shares
705,383,456
689,640,407
Share options
707,266
1,054,411
Exchangeable bond
5,501,919
20,139,289
Weighted average number of diluted outstanding ordinary shares
711,592,641
710,834,107
28. Transactions with Related Parties and Others
(1)
Details of related parties as of March 31, 2026 are as follows:
Type
Name of related parties
Associates
Stratio, Inc., SK China Company Limited, Gemini Partners Pte. Ltd., TCL Fund,
SK South East Asia Investment Pte. Ltd.,
Hushan Xinju (Chengdu) Venture Investment
Center (Smartsource),
Prume Social Farm, Co., Ltd., Wuxi xinfa IC industry park., Ltd.,
Mirae Asset Committee Semiconductor No.1 Startup Venture Private Equity Investment Co., Ltd.,
L&S (No.10) Early Stage III Investment Association,
SiFive, Inc., YD-SK-KDB Social Value,
Ningbo Zhongxin Venture Capital Partnership (Limited Partnership),
Jiangsu KVTS
Semiconductor science and Technology Co., Ltd.,
SAPEON Inc., SK Japan Inc., SK Americas, Inc.
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.,
SK hynix system ic (Wuxi) Co.,
Ltd., and its subsidiaries,
Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,
Specialized Investment-type Private Equity Investment Trust For Win-win System Semiconductor,
Semiconductor Ecosystem Fund
Other related parties
SK Square Co., Ltd., which has significant influence over the Group, and its subsidiaries,
SK Holdings Co., Ltd., which has control over SK Square Co., Ltd., and its subsidiaries
F-129
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
28. Transactions with Related Parties and
Others, Continued
(2)
Significant transactions with related parties for the three-month periods ended March 31, 2026 and 2025 are as
follows:
(In millions of Korean won)
2026
Company
Sales and
others
Purchase
and others
Asset
acquisition
Associates
SK China Company Limited
W
9
W
2,838
W
—
SK Japan Inc.
—
445
—
Wuxi xinfa IC industry park., Ltd.
—
32
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
478
216,662
5,438
SK hynix system ic (Wuxi) Co., Ltd.
3,442
—
—
SK hynix system ic Wuxi solutions Inc.
4,071
3,645
—
Other related parties
SK Telecom Co., Ltd.
1,968
15,777
2,481
SK Holdings Co., Ltd. 1
5,326
129,115
2,390
ESSENCORE Limited
1,550,318
—
—
SK Ecoplant Co., Ltd.
19,176
—
986,370
SK Energy Co., Ltd.
9,561
36,850
—
SK Networks Co., Ltd.
298
1,536
—
Chungcheong energy service Co., Ltd.
25
18,169
—
SK Siltron Co., Ltd.
10,076
122,086
—
SK Airplus Inc.
1,841
1,863
—
Techdream Co., Ltd.
—
32,547
—
SK Tri Chem Co., Ltd.
204
42,908
—
SK Aircore Co., Ltd.
139
33,756
—
SK Shieldus Co., Ltd.
200
37,276
565
SK Innovation Co., Ltd.
1,296
22,557
40
SK Square Co., Ltd.
12
—
—
SK REIT Co., Ltd.
—
1,243
—
Clean Industrial REIT Co., Ltd.
—
6,255
—
FSK L&S Co., Ltd.
16
12,674
1,336
PRISM Energy International Pte. Ltd.
—
172,799
—
Others
26,274
84,676
1,860
W
1,634,730
W
995,709
W
1,000,480
1
Royalty expense for the use of the SK brand for the three-month period ended March 31, 2026 is included.
F-130
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
28. Transactions with Related Parties and
Others, Continued
(2)
Significant transactions with related parties for the three-month periods ended March 31, 2026 and 2025 are as
follows, Continued:
(In millions of Korean won)
Company
2025
Sales
and others
Purchase
and others
Asset
acquisition
Associates
SK China Company Limited
W
6
W
3,232
W
—
Prume Social Farm, Co., Ltd.
—
18
—
SK Japan Inc.
—
922
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
4,878
178,096
6,967
SK hynix system ic (Wuxi) Co., Ltd.
2,576
—
—
Other related parties
SystemIC Solution
5,019
—
—
Hystars Semiconductor (Wuxi) Co., Ltd.
—
20,560
—
SK Telecom Co., Ltd.
1,569
13,185
—
SK Holdings Co., Ltd. 1
5,049
70,999
779
ESSENCORE Limited
346,692
—
—
SK Ecoplant Co., Ltd.
11,414
—
291,863
SK Energy Co., Ltd.
4,503
57,935
—
SK Networks Co., Ltd.
1,520
1,272
32
SK enpulse Co., Ltd
792
13,678
—
Chungcheong energy service Co., Ltd.
3
19,215
—
SK Specialty Co., Ltd.
1,017
26,810
—
SK Siltron Co., Ltd.
10,820
122,608
—
SK Airplus Inc.
88
25,771
—
Techdream Co., Ltd.
—
30,632
—
SK Tri Chem Co., Ltd.
265
34,598
—
SK Shieldus Co., Ltd.
199
30,230
812
SK Innovation Co., Ltd.
1,491
24,322
—
SK Square Co., Ltd.
26
—
—
SK REIT Co., Ltd.
—
1,399
—
Clean Industrial REIT Co., Ltd.
—
6,815
—
FSK L&S Co., Ltd.
24
10,511
960
SK LNG Trading Pte., Ltd.
—
246,882
—
Others
29,903
57,504
989
W
427,854
W
997,194
W
302,402
1
Royalty expense for the use of the SK brand for the three-month period ended March 31, 2025 is included.
F-131
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
28. Transactions with Related Parties and
Others, Continued
(3)
The balances from significant transactions as of March 31, 2026 and December 31, 2025 are as follows:
(In millions of Korean won)
Company
March 31, 2026
Trade receivables
and others
Other payables
and others
Associates
SK China Company Limited
W
—
W
2,946
SK Japan Inc.
639
2,000
Wuxi xinfa IC industry park., Ltd
—
11
TCL Fund
8,341
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
391
392,470
SK hynix system ic (Wuxi) Co., Ltd.
275,816
653
SystemIC Solution
1,336
54
Hystars Semiconductor (Wuxi) Co., Ltd.
—
49,569
Other related parties
SK Telecom Co., Ltd.
937
16,782
SK Holdings Co., Ltd.
2,750
255,292
ESSENCORE Limited
558,582
—
SK Ecoplant Co., Ltd.
12,739
1,786,225
SK Energy Co., Ltd.
7,716
20,483
SK Networks Co., Ltd.
164
1,534
Chungcheong energy service Co., Ltd.
26
5,099
SK Siltron Co., Ltd.
99,599
71,339
SK Airplus Inc.
1,137
140,031
Techdream Co., Ltd.
—
4,494
SK Tri Chem Co., Ltd.
199
10,470
SK Aircore Co., Ltd.
63
369,285
SK Shieldus Co., Ltd.
75
14,462
SK Innovation Co., Ltd.
819
3,680
SK REIT Co., Ltd.
17,330
136,035
Clean Industrial REIT Co., Ltd.
—
511,912
FSK L&S Co., Ltd.
8
3,778
PRISM Energy International Pte. Ltd.
—
111,404
Others
38,144
160,589
W
1,026,811
W
4,070,597
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SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
28. Transactions with Related Parties and
Others, Continued
(3)
The balances from significant transactions as of March 31, 2026 and December 31, 2025 are as follows,
Continued:
(In millions of Korean won)
Company
December 31, 2025
Trade
receivables
and others
Other
payables
and others
Associates
SK China Company Limited
W
5
W
9,372
Prume Social Farm, Co., Ltd.
—
8
SK Japan Inc.
620
3,242
TCL Fund
7,809
—
Joint ventures
HITECH Semiconductor (Wuxi) Co., Ltd.
664
374,408
SK hynix system ic (Wuxi) Co., Ltd.
261,110
—
SK hynix system ic Wuxi solutions Inc.
1,814
156
Hystars Semiconductor (Wuxi) Co., Ltd.
—
46,410
Other related parties
SK Telecom Co., Ltd.
845
23,483
SK Holdings Co., Ltd.
2,322
328,169
ESSENCORE Limited
1,012,569
—
SK Ecoplant Co., Ltd.
11,819
2,792,416
SK Energy Co., Ltd.
2,781
25,495
SK Networks Co., Ltd.
90
2,659
SK enpulse Co., Ltd.
—
705
Chungcheong energy service Co., Ltd.
7
6,330
SK Siltron Co., Ltd.
107,300
44,478
SK Airplus Inc.
326
698,786
Techdream Co., Ltd.
—
4,918
SK Tri Chem Co., Ltd.
117
12,267
SK Shieldus Co., Ltd.
79
18,026
SK Innovation Co., Ltd.
917
4,142
SK Square Co., Ltd.
198
—
SK REIT Co., Ltd.
17,330
140,571
Clean Industrial REIT Co., Ltd
—
524,661
FSK L&S Co., Ltd.
4
5,382
PRISM Energy International Pte. Ltd.
—
215,472
Others
31,688
173,308
W
1,460,414
W
5,454,864
(4) Key management compensation
The Group considers
registered directors of the Parent Company who have authority and responsibility for planning, directing and controlling the activities of the Group as key management. The compensation paid to key management for employee services for the three-month
periods ended March 31, 2026 and 2025 are as follows:
(In millions of Korean won)
Details
2026
2025
Salaries
W
4,991
W
3,741
Defined benefit plan related expenses
257
204
Share-based payments
29
244
W
5,277
W
4,189
F-133
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
28. Transactions with Related Parties and
Others, Continued
(5)
The significant transactions between the Group and the companies that are in the same conglomerate group according to
‘ Fair Trade Law’ for the three-month periods ended March 31, 2026 and 2025 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .
(In millions of Korean won)
2026
Name of entity
Sales
and others
Purchase
and others
Asset
acquisition
SK Chemicals Co., Ltd.
W
2,547
W
—
W
—
SK Bioscience Co., Ltd.
617
—
—
SMCore.Inc
30
568
2,817
Korea Nexlene Company
954
—
—
Others
338
15
—
W
4,486
W
583
W
2,817
(In millions of Korean won)
2025
Name of entity
Sales
and others
Purchase
and others
SK Chemicals Co., Ltd.
W
2,162
W
—
SK Bioscience Co., Ltd.
297
—
SMCore.Inc
173
382
Korea Nexlene Company
1,435
—
Others
333
W
—
W
4,400
W
382
(6)
The balances of significant transactions between the Group and the companies that are in the same conglomerate group
designated by ‘ Fair Trade Law’ as of March 31, 2026 and December 31, 2025 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures .
(In millions of Korean won)
March 31, 2026
Name of entity
Trade receivables
and others
Other payables
and others
SK Chemicals Co., Ltd.
W
1,021
W
—
SK Bioscience Co., Ltd.
276
—
SMCore.Inc
28
5,674
Korea Nexlene Company
436
—
Others
260
—
W
2,021
W
5,674
F-134
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
28. Transactions with Related Parties and
Others, Continued
(6)
The balances of significant transactions between the Group and the companies that are in the same conglomerate group
designated by ‘ Fair Trade Law’ as of March 31, 2026 and December 31, 2025 are as follows. These entities are not related parties according to IAS 24 Related Party Disclosures ., Continued
(In millions of Korean won)
December 31, 2025
Name of entity
Trade receivables
and others
Other payables
and others
SK Chemicals Co., Ltd.
W
707
W
—
SK Bioscience Co., Ltd.
245
—
SMCore.Inc
18
5,637
Korea Nexlene Company
122
—
Others
178
—
W
1,270
W
5,637
(7) The right-of-use
assets and lease liabilities recognized regarding the lease agreements with HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the three-month period ended March 31, 2026 amount to W 5,438 million (2025:
W 6,967 million) and
W 5,438 million (2025: W 6,967
million), respectively, and lease payments to HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the three-month period ended March 31, 2026 amount to W 14,107 million (2025: W 18,400 million). The right-of-use assets and lease liabilities recognized regarding the lease agreements with other related parties including SK Broadband Co., Ltd. for the three-month period ended March 31, 2026 increased
by W 1,013 million (2025:
W 32 million increased) and increased by
W 1,013 million (2025:
W 32 million increased), respectively, and lease payments to the other related parties including SK Aircore Co., Ltd. for the three-month
period ended March 31, 2026 amount to W 45,552 million (2025:
W 41,525 million).
(8) As
of March 31, 2026, the Group provides a payment guarantee amounting to KRW 153,396 million (RMB 701 million) to Wuxi Xinfa Group Co., Ltd. on behalf of Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture.
(9) The establishment of the subsidiary is explained in Note 1, and the acquisitions and additional investments of associates are
explained in Note 10.
(10) Financial transactions with related parties for the three-month periods ended March 31, 2026 and 2025
are as follows :
(In millions of Korean won)
2026
Company
Dividend
Paid
Other related parties
SK Square Co., Ltd.
W
273,938
(In millions of Korean won)
2025
Company
Dividend
Paid
Other related parties
SK Square Co., Ltd.
W
190,514
F-135
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
29. Commitments and Contingencies
(1)
As of March 31, 2026, the Group is involved in various legal claims and litigation. In connection with those legal
claims and litigation for which no provision was recognized, management does not believe the Group has a present obligation, nor is it expected any of these claims or litigation will have a significant impact on the Group’s financial position
or operating results in the event an outflow of resources is ultimately necessary.
(2)
Back-end process service contract with HITECH Semiconductor (Wuxi) Co., Ltd.
(“HITECH”)
The Group has entered into an agreement with HITECH to be provided with back-end
process service by HITECH. The conditions of the service provided include package, package test, modules and others. According to the agreement, the Group has paid a certain level of guaranteed margin to HITECH as the Group has priority to use
HITECH’s equipment.
(3)
Assets provided as collateral
Details of assets provided as collateral as of March 31, 2026 are as follows:
(In millions of Korean won and millions of foreign currencies)
Book value
Pledged amount
Category
Amount
Currency
Amount
in USD
Amount
in KRW
Remark
Land and buildings
W
25,902
KRW
—
14,854
Borrowings for
equipment
and others
Machinery
USD
600
908,040
920,751
KRW
—
1,480,000
USD
600
908,040
W
946,653
KRW
—
1,494,854
(In millions of Korean won and millions of foreign currencies)
Book value
Collateral liabilities amount
Category
Amount
Currency
Amount
in USD
Amount
in KRW
Remark
Land and buildings
W
25,902
KRW
—
1,175
Borrowings for
equipment
and others
Machinery
USD
94
141,881
920,751
KRW
—
1,000,000
USD
94
141,881
W
946,653
KRW
—
1,001,175
F-136
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
29. Commitments and Contingencies, Continued
(4)
Financing agreements
Details of credit lines with financial institutions as of March 31, 2026 are as follows:
(In millions of Korean won and millions of foreign currencies)
Financial
Institution
Commitment
Currency
Amount
The Parent Company
Hana Bank and others
Import finance and others including usance
USD
330
Comprehensive limit contract for import and export including usance
USD
1,690
Overdrafts with banks
KRW
20,000
Accounts receivable factoring contracts which have no right to recourse
KRW
30,000
Supplier finance arrangement
KRW
2,360,000
SK hynix Semiconductor (China) Ltd.
Agricultural Bank of China
and others
Import finance and others including usance
RMB
950
USD
490
SK hynix America Inc.
and other sales subsidiaries
Citibank and others
Accounts receivable factoring contracts which have no right to recourse
USD
837
Domestic subsidiaries
Hana Bank and others
Supplier finance arrangement
KRW
42,720
Import finance and others including usance
USD
15
(5)
The Group’s commitments in relation to future capital expenditures on property, plant and equipment that
have not been recognized as of March 31, 2026 are W 30,921,877 million (as of December 31, 2025 W 6,667,863 million).
(6)
Investment in KIOXIA Holdings Corporation (“KIOXIA”)
In regard to the Group’s interests in KIOXIA through the investments in BCPE Pangea Intermediate Holdings Cayman, L.P. and BCPE Pangea Cayman2 Limited, the equity
interests in KIOXIA that the Group may hold, directly or indirectly, are limited to a certain percentage for a specified period following the acquisition. In addition, during the same restricted period, the Group is also prohibited from appointing
directors to KIOXIA and as a result, is unable to exercise significant influence over KIOXIA’s operations and management.
(7)
Acquisition of the Intel NAND business
In the process of obtaining a conditional business combination approval for the Intel NAND business acquisition from the Chinese competition authority (Chinese State
Administration for Market Regulation) in connection with the first closing of the Intel NAND business completed during the year ended December 31, 2021, the Group was imposed with certain conditions, mainly including the obligation to maintain
a reasonable pricing policy, increase production and to support the entry of third-party competitors into the Chinese eSSD market. These obligations apply for a five-year period from December 2021. After the end of this period, the Group may apply
for a waiver of the conditions, and the Chinese State Administration for Market Regulation will determine whether to approve the waiver based on the competitive landscape of the Chinese eSSD market at that time.
F-137
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
29. Commitments and Contingencies, Continued
(8)
The Group entered into supplier finance arrangements. In accordance with the arrangements, when the finance providers pay
the payables related to the Group’s trade and other payables to the suppliers, the Group pays the finance providers on the payment due date. In order for the finance providers pay the receivable, the Group had to have received the goods or
services and approved the invoices.
If suppliers choose early collection of payment, the finance providers pay the amount before the payment due
date. The Group settles the trade and other payables with the finance providers on the payment due date. All trade and other payables subject to the supplier finance arrangements are included in trade and other payables in the Group’s
consolidated statement of financial position. As of March 31, 2026, the amount paid to suppliers under the supplier finance arrangements is KRW 887,956 million. Meanwhile, the Group’s trade and other payables arising from supplier
finance arrangements are operating payables from ordinary purchase transactions; accordingly, changes in these balances are primarily driven by operating cash flows, and non-cash movements are not significant.
30. Consolidated Interim Statements of Cash Flows
(1)
Reconciliations between profit and cash generated from operations for the three-month periods ended March 31, 2026
and 2025 are as follows:
(In millions of Korean won)
2026
2025
Profit for the period
W
40,345,909
W
8,108,195
Adjustment
Income tax expense
11,270,949
1,191,034
Interest expense
166,943
257,510
Interest income
(188,779
)
(105,996
)
Depreciation
3,518,501
3,124,069
Amortization
210,566
221,434
Defined benefit plan
54,735
58,896
Loss on foreign currency translation
829,259
112,969
Gain on foreign currency translation
(1,708,435
)
(365,083
)
Gain on disposal of financial instruments
(42,910
)
(40,417
)
Gain on disposal of property, plant and equipment
(10,085
)
(44,908
)
Share of loss
26,778
41,110
Gain on valuation of financial instruments
(9,941,549
)
(1,899,719
)
Loss (gain) on derivatives
1,498,421
(8,494
)
Dividend income
(3,951,622
)
(4,107
)
Share-based payments
21,001
200,238
Others
45,218
(2,956
)
Changes in operating assets and liabilities
Decrease (increase) in trade receivables
(13,177,522
)
2,426,173
Decrease in loans and other receivables
337,528
190,977
Increase in inventories
(1,435,500
)
(1,235,634
)
Decrease (increase) in other assets
(330,937
)
76,733
Decrease in trade payables
(1,628,282
)
(370,455
)
Increase (decrease) in other payables
20,779
(67,393
)
Decrease in other non-trade payables
(804,406
)
(1,096,433
)
Decrease in provisions
(45,884
)
(27,878
)
Increase (decrease) in other liabilities
798,759
(88,429
)
Payment of defined benefit liabilities
1,611
2,509
Contributions to plan assets
(839
)
—
Cash generated from operating activities
W
25,880,207
W
10,653,945
F-138
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
30. Consolidated Interim Statements of Cash
Flows, Continued
(2)
Details of significant transactions without inflows and outflows of cash for the three-month periods ended March 31,
2026 and 2025 are as follows:
(In millions of Korean won)
2026
2025
Increase in other payables related to dividends
W
1,327,712
W
900,209
Decrease in derivative liabilities and exchangeable bonds due to the exercise of exchange rights
4,004,607
—
(3)
The Group presented the inflow and outflow of cash from short-term investment assets, etc. which are frequently traded
and have a large total amount and mature in a short period of time, as net increases and decreases.
31. Share-based Payment
(1)
Details of the granted share-based payment
(a)
The Parent Company accounts for share-based payment, with options granted to employees to choose either cash-settled or
equity-settled share-based payment, in accordance with the substance of transactions and the details of the share options as of March 31, 2026 are as follows:
(In shares)
Total numbers of
share option granted
Forfeited or
Cancelled
Exercised
Outstanding at
March 31, 2026
10 th
54,020
10,764
10,504
32,752
12 th 1
6,469
—
6,469
—
13 th 2
75,163
29,851
45,312
—
14 th
195,460
59,167
19,622
116,671
331,112
99,782
81,907
149,423
Grant date
Service Period for Vesting
Exercisable Period
Exercise price
(in Korean won)
10 th
March 20, 2020
March 20, 2020 - March 20, 2023
March 21, 2023 - March 20, 2027
W
84,730
12 th 1
March 30, 2021
March 30, 2021 - March 30, 2023
March 31, 2023 - March 30, 2026
136,060
13 th
2
March 30, 2021
March 30, 2021 - March 30, 2023
March 31, 2023 - March 30, 2026
136,060
14 th
March 30, 2022
March 30, 2022 - March 30, 2024
March 31, 2024 - March 30, 2027
121,610
1
During the three-month period ended March 31, 2026, the share options were exercised as equity-settled share-based
payment.
2
During the three-month period ended March 31, 2026, the share options were exercised as equity-settled and
cash-settled share-based payment.
F-139
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
31. Share-based Payment, Continued
(1)
Details of the granted share-based payment, Continued
(b)
Details of equity-settled share-based payment granted by the Parent Company are as follows:
1-1 st
1-2 nd
2 nd
3 rd
Grant date
2022-03-17
2022-04-27
2023-06-28
2024-04-30
Types of shares to be issued
Registered common shares
Registered common shares
Registered common shares
Registered common shares
Grant method
Reissue of treasury shares
Reissue of treasury shares
Reissue of treasury shares
Reissue of treasury shares
Number of shares
Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3
Initial grant size TSR Adjustment ratio / Stock price on exercise date 1,3
Initial grant size * (Adjustment ratio + increase rate of stock price – increase rate of KOSPI200) 2,3
Initial grant size * (Adjustment ratio + increase rate of stock price – increase rate of KOSPI200) 2
Base stock price (in Korean won)
W 124,000
W 108,500
W 79,975
W 135,975
Exercisable period
March 17, 2025
~ March 17, 2029 4
April 27, 2025
~ April 27, 2029
January 1, 2026
lump sum payment 5
January 1, 2027 lump sum payment
Service period for vesting
2 years’ service from
the grant date
2 years’ service from
the grant date
3 years’ service from January 1, 2023 6
3 years’ service from January 1, 2024 6
1
TSR (Total shareholder return) is calculated as “(Stock price on exercise notification date—Base stock price +
company’s total dividends per share from grant date to exercise notification date)/base stock price”, and the adjustment ratio considers the Group’s TSR compared to the TSR of its industry peers.
2
The adjustment ratio considers increase rate of stock price, and the maximum adjusted shares is 2 times of initial grant
shares. If the increase rate of stock price rises by 100% or higher and exceeds the increase rate of KOSPI200 by 50% points, additional shares equal to the initial grant will be paid.
3
Some of the 1-1st and 1-2nd share-based
payments were cancelled and a replacement amount was granted in the 2nd share-based payment.
4
A portion of the stock options was exercised and settled during the year ended December 31, 2025.
5
As of March 31, 2026, a portion of the shares remains unpaid.
6
When employed for more than 2 years but less than 3 years, the granted amount is adjusted in proportion to the period of
service.
(c)
In addition to above share options granted by the Parent Company, restricted stock units (RSUs) for the Parent
Company’s subsidiary, SK hynix NAND product Solutions Corp., were also granted to the subsidiary and its employees. However, during the three-month period ended March 31, 2026, the business and assets/liabilities of SK hynix NAND Product
Solutions Corp. were transferred to Solidigm Inc. The current status of the Restricted Stock Units (RSUs) of Solidigm Inc. is as follows:
(In shares)
Grant cycle
Total numbers of
share option granted
Forfeited or
Cancelled
Exercised
Quarterly
173,275,440
56,163,149
46,994,195
F-140
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
31. Share-based Payment, Continued
(2)
Details of liabilities recognized for stock appreciation rights as of March 31, 2026 are as follows:
(In millions of Korean won)
March 31,
2026
Stock appreciation rights liabilities
W
71,423
(3)
Measurement of fair value
(a)
The compensation cost is calculated by applying a binomial option-pricing model in estimating the fair value of the
option as of March 31, 2026. The inputs used are as follows:
10 th
12 th
13 th
14 th
Share price (Closing stock price on valuation date, in Korean won)
W
530,000
W
530,000
W
530,000
W
530,000
Expected volatility
46.40
%
46.40
%
46.40
%
46.40
%
Estimated fair value of share option
(in Korean won)
W
445,270
W
393,940
W
393,940
W
408,492
Dividend yield ratio
0.42
%
0.42
%
0.42
%
0.42
%
Risk free ratio
2.70
%
2.47
%
2.47
%
2.71
%
(b)
The compensation cost regarding the equity-settled share-based payment granted by the Parent Company is calculated by
applying a binomial option-pricing model in estimating the fair value of the option. The inputs used to measure the fair value of the share-based payment as of the grant date are as follows.
1-1 st
1-2 nd
2 nd
3 rd
Expected volatility
33.92
%
34.22
%
34.81
%
36.85
%
Per-share fair value of the option (in Korean won)
W
52,729
W
42,064
W
155,443
W
224,203
Dividend yield ratio 1
—
—
1.50
%
1.10
%
Risk-free interest rate (Government bonds yield)
2.65
%
3.19
%
3.60
%
3.53
%
1
Payout ratio was not taken into consideration as it was assumed that the stock price decline due to dividends would be
compensated as the dividend amount until the exercise period is added in the calculation of 1-1st and 1-2nd TSR.
(4)
The compensation expense for the three-month period ended March 31, 2026 is
W 20,274 million (2025: W 17,982
million).
32. Subsequent Event
(1)
On April 22, 2026, the Board of Directors of the Parent Company resolved to merge SK hynix Semiconductor (Dalian)
Co., Ltd. with its subsidiary, SK hynix semiconductor storage technology (Dalian) Co., Ltd. Following this resolution, the two companies entered into a merger agreement, and the effective date of the merger is expected to be July 1, 2026.
F-141
Table of Contents
SK hynix Inc. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2026 and 2025 and December 31, 2025 (Unaudited)
32. Subsequent Event, Continued
(2)
On April 28, 2026, the Parent Company decided to early redeem the entire outstanding balance of its foreign
exchangeable bonds by delivering treasury shares to the bondholders. The details of the transaction are as follows:
Bonds to be redeemed
Foreign exchangeable bond
(Issue date: April 11,
2023)
Issue amount
USD 1,700,000,000
Amount to be redeemed
USD 100,800,000
Event for early redemption
Exercise of the issuer’s early redemption option (Call Option)
- In the event that the aggregate principal amount of the Bonds outstanding is less than 10% of the aggregate principal amount originally issued (Clean Up
Call)
Number of shares exchangeable
1,219,445 shares
Expected redemption date
May 28, 2026
F-142
Table of Contents
Table of Contents
17,790,000 Common Shares
Represented by American Depositary Shares
PROSPECTUS
, 2026
BofA Securities
Citigroup
Goldman Sachs
J.P. Morgan
Cantor
Mizuho
Needham & Company
RBC Capital Markets
Rosenblatt
Stifel
Wedbush Securities
William Blair
Wolfe | Nomura Alliance
Through and including , 2026 (the 25th day after the date of this
prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when acting as an
underwriter and with respect to an unsold allotment or subscription.
Table of Contents
PART II.
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 6.
Indemnification of Directors and Officers.
Under Article 400 of the KCC, (i) a director may be absolved from liability under Article 399 of
the KCC by consent of all shareholders, and (ii) a company may, in accordance with its articles of incorporation, absolve a director of liability under Article 399 in an amount exceeding six times (in the case
of independent directors, three times) the director’s remuneration (including bonuses and any profit arising from the exercise of stock options) for the 12 months prior to the date of the act or misconduct by the director; provided
that no director may be absolved if the loss or damage incurred is the result of, among other things, intentional misconduct or gross negligence. Our articles of incorporation provide that we shall indemnify a director or former director for all
litigation expenses, losses, damages and liability suffered in connection with performing his or her duties, except for expenses, losses, damages and liability caused by the director’s intentional act or gross negligence, or any other
indemnity that is prohibited by law.
Our directors and executive officers are insured against liability relating to the performance of
their duties under a directors’ and officers’ insurance policy. The policy provides coverage of up to W 100 billion in the
aggregate for all insured persons, with respect to each incident triggering liability, subject to certain exemptions.
In addition, pursuant
to the underwriting agreement, the underwriters will agree to indemnify us and our directors and executive officers for certain liabilities arising under the Securities Act.
Item 7. Recent Sales of Unregistered Securities.
The
following table sets forth the date of sale and title and amount of securities sold within the last three years that were not registered under the Securities Act. We believe that each of such issuances was exempt from registration under the
Securities Act.
Date of Issuance
Title
Securities Act
Registration
Exemption
Offering
Price
Underwriters and Other
Purchasers
Purchase
Discounts
and
Underwriters’
Commissions
(Percentage)
(In billions of Won
and millions of
US$)
January 16, 2024
US$500,000,000 5.500% Notes due 2027
Rule 144A / Regulation S
99.894
BNP Paribas, Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, The Korea Development Bank, Mizuho Securities Asia
Limited, MUFG Securities Asia Limited
US$
2.5
January 16, 2024
US$1,000,000,000 5.500% Notes due 2029
Rule 144A / Regulation S
99.548
BNP Paribas, Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, The Korea Development Bank, Mizuho Securities Asia
Limited, MUFG Securities Asia Limited
US$
5.0
April 8, 2024
W 350,000,000,000 3.63% Notes due April 8, 2027
Regulation S
100.000
SK Securities Co., Ltd., KB Securities Co., Ltd., Shinhan Securities Co., Ltd.
W
1.1
II-1
Table of Contents
Date of Issuance
Title
Securities Act
Registration
Exemption
Offering
Price
Underwriters and Other
Purchasers
Purchase
Discounts
and
Underwriters’
Commissions
(Percentage)
(In billions of Won
and millions of
US$)
April 8, 2024
W 300,000,000,000 3.72% Notes due April 8, 2029
Regulation S
100.000
SK Securities Co., Ltd., KB Securities Co., Ltd., Shinhan Securities Co., Ltd.
W
0.9
April 8, 2024
W 100,000,000,000 3.84% Notes due April 8, 2031
Regulation S
100.000
SK Securities Co., Ltd., KB Securities Co., Ltd., Shinhan Securities Co., Ltd.
W
0.3
January 20, 2025
W 440,000,000,000 2.98% Notes due January 20, 2028
Regulation S
100.000
SK Securities Co., Ltd., NH Investment & Securities Co., Ltd., Korea Investment & Securities Co., Ltd.
W
1.3
January 20, 2025
W 190,000,000,000 3.03% Notes due January 20, 2030
Regulation S
100.000
SK Securities Co., Ltd., NH Investment & Securities Co., Ltd., Korea Investment & Securities Co., Ltd.
W
0.6
January 20, 2025
W 70,000,000,000 3.09% Notes due January 20, 2032
Regulation S
100.000
SK Securities Co., Ltd., NH Investment & Securities Co., Ltd., Korea Investment & Securities Co., Ltd.
W
0.2
September 11, 2025
US$600,000,000 4.250% Notes due 2028
Rule 144A / Regulation S
99.905
Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities Asia Limited, Morgan Stanley & Co. International plc, MUFG
Securities Asia Limited
US$3.0
September 11, 2025
US$600,000,000 4.375% Notes due 2030
Rule 144A / Regulation S
99.632
Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities Asia Limited, Morgan Stanley & Co. International plc, MUFG
Securities Asia Limited
US$3.0
II-2
Table of Contents
Item 8. Exhibits and Financial Statement Schedules.
a.
The following documents are filed as part of this prospectus:
1.1
Form of underwriting agreement.
3.1**
English translation of articles of incorporation of SK hynix Inc.
4.1
Form of deposit agreement among SK hynix Inc.,
Citibank, N.A. and the ADS holders (incorporated by reference to our registration statement on Form F-6 (File No. 333-297185) filed with the SEC on July 1, 2026).
5.1**
Opinion of Shin & Kim LLC, Korean counsel of the registrant, as to the validity of the common shares underlying the ADSs.
21.1**
List of subsidiaries of the registrant.
23.1
Consent of KPMG Samjong Accounting Corp.
23.2**
Consent of Shin & Kim LLC (included in Exhibit 5.1).
24.1**
Power of attorney (included on signature page to the registration statement).
107
Filing fee table.
**
Previously filed.
b.
Financial Statement Schedules:
All schedules have been omitted because they are not required, are not applicable or the required information is otherwise set forth in the consolidated
financial statements or related notes thereto.
Item 9. Undertakings
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such
denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes
that:
1.
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of
this registration statement as of the time it was declared effective.
2.
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
II-3
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
Icheon-si, Gyeonggi-do, Korea, on July 6, 2026.
SK hynix Inc.
By:
/s/ Nohjung Kwak
Name:
Nohjung Kwak
Title:
Chief Executive Officer and President
II-4
Table of Contents
Pursuant to the requirements of the Securities Act, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.
Signature
Title
Date
*
Chief Executive Officer and President, Executive Director
July 6, 2026
Name: Nohjung Kwak
(principal executive officer)
*
Chief Financial Officer
July 6, 2026
Name: Woo Hyun Kim
(principal financial officer)
*
Principal Accounting Officer
July 6, 2026
Name: Dong Hui Son
*
Executive Director
July 6, 2026
Name: Seon Yong Cha
*
Non-executive Director
July 6, 2026
Name: Yong Ho Jang
*
Non-executive Director
July 6, 2026
Name: Jung Kyu Kim
*
Independent Director
July 6, 2026
Name: Deog Kyoon Jeong
*
Independent Director
July 6, 2026
Name: Zeong Won Kim
*
Independent Director
July 6, 2026
Name: Donghoon Yang
*
Independent Director
July 6, 2026
Name: Hyun Chul Sohn
*
Independent Director
July 6, 2026
Name: Seung Beom Koh
*
Independent Director
July 6, 2026
Name: Gahng Gook Choi
*By:
/s/ Hyung Mo Yang
Name:
Hyung Mo Yang
Title:
Attorney-in-fact
II-5
Table of Contents
SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of SK hynix Inc., has signed this
registration statement or amendment thereto in San Jose, California on July 6, 2026.
SK hynix America Inc.
Authorized U.S.
Representative
By:
/s/ Jeong Hwan Oh
Name:
Jeong Hwan Oh
Title:
Chief Financial Officer
II-6
Circle披露USDC储备框架
重要性3/5 中
Circle官方材料直接覆盖CRCL和USDC的储备与赎回制度，发布较新；但缺少关键金额和流量数据，且为发行方自述，适合作为背景与披露框架阅读。
中文摘要
核心结论
Circle于07/06（未给出具体时刻）重申，USDC（美元稳定币）可按1:1兑换美元，EURC（欧元稳定币）可按1:1兑换欧元；其储备由高流动性现金及现金等价物构成，并与公司营运资金隔离。
重要性评级
评级：3/5（中）
该材料来自Circle官方透明度页面，直接涉及CRCL及USDC的储备、赎回和披露机制；但页面抓取文本未包含当日流通量、储备金额与铸造赎回变动等关键数值，信息以公司自述为主。
关键事实
- Circle称USDC与EURC均可分别按1:1兑换美元和欧元。
- 截至07/06（未给出具体时刻），页面列示储备构成类别，包括其他银行存款、系统重要性金融机构存款、隔夜美国国债逆回购及三个月以内美国国债。
- Circle称USDC的大部分储备存放于Circle Reserve Fund（Circle储备基金，代码USDXX）；该基金为贝莱德管理、依据美国证券交易委员会规则注册的2a-7政府货币市场基金。
- 其余储备主要为存放在少数大型银行的现金；Circle称储备以支持压力情景下的及时流动性为目标。
- Circle称自2018年起发布储备资产报告，并在2021年和2022年提交过美国证券交易委员会文件。
- 页面称USDC储备每周披露，并附带铸造与销毁流量；四大会计师事务所按美国注册会计师协会鉴证标准每月确认储备价值高于流通USDC。
- Deloitte & Touche LLP（德勤）自2022财年起担任Circle独立审计师；此前Grant Thornton LLP（致同）自2015年起担任审计师。
- Circle称，在截至2023/10/12的12个月内，USDC铸造与赎回连接银行体系和区块链的资金规模超过2,770亿美元。
作者观点与证据
页面以“完全储备、可随时赎回、定期第三方鉴证”为稳定性论证主线。可核查的支撑包括储备资产类别、USDXX基金安排、每周披露与月度鉴证机制；关于极端压力下流动性、银行网络韧性和稳定性的表述属于发行方口径，仍需结合具体储备明细、审计报告和实际赎回数据验证。
与相关标的的关系
- CRCL：Circle的储备透明度、赎回能力和披露制度直接关联其稳定币业务信誉与监管叙事。
- USDC：储备资产期限、银行存款分布、铸造赎回规模及第三方鉴证，是评估其兑付与流动性条件的基础事实。
- BTC、ETH、SOL：三者被列为相关标的，但原文未提供这些资产与USDC之间的具体资金流、交易量或价格影响证据。
时效性与限制
页面数据口径为07/06（未给出具体时刻），于美东时间07/09 23:37（UTC+8 07/10 11:37）采集，适合作为储备制度与披露框架的背景材料。抓取文本中未显示流通量、总储备、各类资产金额及7日、30日、365日铸造赎回数据，无法据此判断最新储备规模或资金净流向；来源为Circle自营页面，存在发行方表述偏向。
后续跟踪
- Circle后续每周储备明细中的流通USDC、总储备及资产分项金额。
- 7日、30日和365日的USDC铸造、赎回与流通量净变化。
- USDXX持仓、期限结构及隔夜逆回购占比的变化。
- 月度鉴证报告、审计意见与监管披露的更新。
英文原文
Transparency & Stability | Circle
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Transparency & Stability
Transparency & stability
USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always.
Reserves composition
As of Jul 06, 2026
USDC
EURC
Balances
In circulation
###
Total Reserves
###
Reserves
Other Bank Deposits 1
Deposits at Systemically Important Institutions 2
Overnight Reverse Treasury Repo 3
<3-Month Treasuries 3
Issuance & redemption
7 Day Change
Issued
###
Redeemed
###
change in circulation
30 Day Change
Issued
###
Redeemed
###
change in circulation
365 Day Change
Issued
###
Redeemed
###
change in circulation
- Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).
- Deposits at SIIs, held as reserves for the benefit of USDC holders.
- Treasuries and overnight reverse repurchase agreements (Overnight Reverse Treasury Repo) held as reserves for the benefit of USDC holders may be held by the Issuer in custodial accounts, as part of a separately managed account, or within the Circle Reserve Fund, a 2a-7 money market fund managed by BlackRock. Further information on the Circle Reserve Fund (USDXX) and its holdings may be found on BlackRock’s website .
Balances
In circulation
###
Total Reserves 1
###
Reserves
Other Bank Deposits 1
Deposits at Systemically Important Institutions 2
Issuance & redemption
7 Day Change
Issued
###
Redeemed
###
change in circulation
30 Day Change
Issued
###
Redeemed
###
change in circulation
365 Day Change
Issued
###
Redeemed
###
change in circulation
- Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).
- Deposits at SIIs, held as reserves for the benefit of USDC holders.
Stability you can trust
USDC and EURC are fully backed by highly liquid fiat reserves held separately from Circle’s operating funds at leading financial institutions for the benefit of our stablecoin holders. As part of our strong commitment to transparency, we’ve issued reports on all reserve assets since 2018, along with SEC filings in 2021 and 2022.
Monthly assurance and transparency
USDC reserve holdings are fully disclosed on a weekly basis, along with associated mint/burn flows. Additionally, a Big Four accounting firm provides monthly third-party assurance that the value of USDC reserves are greater than the amount of USDC in circulation. The reports are prepared according to attestation standards set out by the American Institute of Certified Public Accountants (AICPA).
USDC
EURC
2026
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
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DEC
2025
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
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MAY
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JUN
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JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
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NOV
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DEC
2024
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
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JUN
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JUL
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AUG
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SEPT
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2023
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JAN
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FEB
MAR
MAR
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APR
MAY
MAY
JUN
JUN
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JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
DEC
DEC
2022
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
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NOV
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DEC
2021
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JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
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JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
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NOV
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DEC
2020
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
DEC
DEC
2019
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
DEC
DEC
2018
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
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DEC
2026
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
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NOV
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DEC
2025
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
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NOV
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DEC
2024
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
DEC
DEC
2023
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
DEC
DEC
2022
JAN
JAN
FEB
FEB
MAR
MAR
APR
APR
MAY
MAY
JUN
JUN
JUL
JUL
AUG
AUG
SEPT
SEPT
OCT
OCT
NOV
NOV
DEC
DEC
How we manage USDC
Fully backed, always redeemable 1:1 for US dollars
USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.
The majority of the USDC reserve is held in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund.
The Circle Reserve Fund can contain cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks. These are commonly used assets in money market funds because of their liquidity and stability. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock .
The remainder of the reserve is held in cash, mostly among a handful of the world's largest banks with the highest capital, liquidity and supervisory requirements in the world.
The reserve is designed to provide holders with ready liquidity, even under extremely stressed conditions.
Banking infrastructure and fiat capacity
Deep connectivity to the banking system is critical to maintaining price stability, ensuring timely redemption, and mitigating operating risks.
During the 12 months ending on October 12, 2023, Circle bridged more than $277 billion between the banking system and blockchains through minting and redeeming USDC.
We are continually strengthening our global banking infrastructure to facilitate local creation and redemption of our stablecoins, and to ensure USDC stability.
Independently audited
Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal 2022. Prior to Deloitte, Grant Thornton LLP served as Circle’s independent auditor from 2015.
USAR六月下跌的三重压力
重要性4/5 中高
直接覆盖USAR的资本结构、供应链和诉讼风险，含可核验的注册文件数量；但文章对跌幅归因和政策影响仍主要是推断与媒体转述。
中文摘要
核心结论
Motley Fool将USAR六月23%的股价下跌归因于三项已披露或报道的风险：大规模转售登记带来的潜在供给压力、中国限制名单引发的供应链不确定性，以及MP针对USAR的技术纠纷诉讼。文章同时强调，这些因素不改变其美国本土稀土供应链定位，但项目建设、融资和执行风险仍高。
重要性评级
评级：4/5（中高）
文章直接针对输入标的USAR，包含明确的美国证券交易委员会文件规模、政策限制和诉讼线索；发表于美东时间 07/05 08:36（UTC+8 07/05 20:36），事件发生在六月，需以最新监管文件和诉讼记录复核。
关键事实
- 据标普全球市场情报数据，USAR股价在六月下跌23%。
- 公司于06/05（未给出具体时刻）向美国证券交易委员会提交S-3/A注册声明，覆盖最多93,822,662股潜在转售股份，约占稀释后已发行普通股35.2%。
- 文中说明该登记涉及通过企业合并、优先股及认股权证转换、购股协议和私募股权投资取得的股份，部分成本低于当时股价。
- 作者称该文件属常规法定登记，并不等于持有人已实际卖出；大额潜在可售股份仍可能形成市场供给预期。
- 文中称中国在六月下旬将USAR和MP列入限制获取中国技术的企业名单；两家公司虽未直接向中国采购或销售，但终端产品中的中国部件可能受影响。
- 文中援引彭博报道，MP起诉USAR，指控其通过前雇员获取专有技术；原文未提供诉状内容、案号或法院进展。
- USAR需为磁体生产建设融资，并计划于2028年开发Round Top矿山；这是作者用于说明融资与执行压力的背景。
作者观点与证据
作者把六月跌幅置于潜在股份供给、出口管制和诉讼三条风险线下，并认为USAR的国内稀土供应链角色仍可能获得政府和投资者关注。S-3/A文件是较强的可核验事实；中国限制范围和诉讼指控经媒体转述，文章未附原始政策文件、诉状或实际供应链影响量化。
与相关标的的关系
USAR为直接相关标的。潜在转售登记涉及其资本结构和市场供给预期，中国技术限制与磁体产能建设相关，MP诉讼则涉及技术与法律风险；MP也因同一限制名单而具同业关联。
时效性与限制
发表于美东时间 07/05 08:36（UTC+8 07/05 20:36），聚焦六月事件，适合用作USAR近期风险线索，不能替代对06/05登记文件、出口管制公告及诉讼文书的实时核验。该文将23%月度跌幅拆分为三项可能因素，三者对价格波动的实际权重未获量化证明。
后续跟踪
- S-3/A所涉股份的锁定期、实际转售申报与流通股变化。
- 中国限制措施的正式文本、适用技术范围及供应链替代进度。
- MP诉讼的立案信息、诉求、答辩与临时裁决。
- Round Top项目融资、建设里程碑和磁体业务推进情况。
英文原文
Here
Here's Why Shares in USA Rare Earth Slumped 23% in June
Lee Samaha, The Motley Fool
Sun, July 5, 2026 at 8:36 PM GMT+8 3 min read
- USAR
+2.28%
Shares in USA Rare Earth (NASDAQ: USAR) fell by 23% in June, according to data from S&P Global Market Intelligence . There are probably three unrelated reasons for the stock's decline this month. The first relates to a filing with the Securities and Exchange Commission (SEC) that might concern investors worried about a potential flood of selling by investors who had acquired their stock at lower levels. The second concerns the blacklisting of the company as part of China's export controls, and the third is a legal matter.
An overhang of shares for sale?
On June 5th, the company filed an S-3/A registration statement with the SEC covering the potential resale of 93,822,662 shares, representing 35.2% of the company's issued and outstanding common stock on a diluted basis.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The selling stockholders include shares acquired at much lower prices than the current stock price via business combinations, the conversion of preferred stock and warrants , share purchase agreements, and private investment in public equity (PIPE) transactions.
It's important to stress that there's nothing unusual about the filing, and the company was legally obligated to file it. Still, the potential overhang of shares for sale in such a large amount is bound to cause investor concern, particularly for a company that clearly needs investment to build magnet production and ultimately develop the Round Top mine in 2028.
China blacklists USA Rare Earth
Toward late June, China added USA Rare Earth and its peer MP Materials to its list of companies with restricted access to Chinese technology. While neither company buys or sells directly from China, the export restrictions also cover Chinese components used in final products that could be sold to USA Rare Earth and MP Materials. Consequently, they may need to reassess their supply chains, which could affect both companies at a time when they are looking to ramp up magnet production and acquire rare-earth processing technology.
MP Materials lawsuit against USA Rare Earth
Finally, MP Materials is taking legal action against USA Rare Earth, alleging that "USA Rare Earth Inc. stole its proprietary technology through a former employee," according to a Bloomberg report . While lawsuits are, unfortunately, not uncommon among peers in the U.S, the legal challenge is a distraction in the future.
Story Continues
Image source: Getty Images.
Where next for USA Rare Earth
The events in June highlight that, as exciting as the company's long-term prospects are, there's still a long way to go, with plenty of execution risk ahead, the potential for further shareholder dilution, and the risk of concerted selling pressure taking its toll on the stock.
That said, the company is one of the solutions to the challenge of securing a domestic supply of rare earth materials and magnets, and while that remains the case, it's likely to find favor among the government and investors.
Should you buy stock in USA Rare Earth right now?
Before you buy stock in USA Rare Earth, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and USA Rare Earth wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $418,761 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,195,804 !
That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.
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*Stock Advisor returns as of July 5, 2026.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MP Materials. The Motley Fool has a disclosure policy .
Here's Why Shares in USA Rare Earth Slumped 23% in June was originally published by The Motley Fool
美国稀土三家公司发展分层
重要性3/5 中
直接说明USAR的项目与收购布局，但信息偏长期叙事，缺少可用于当日验证的经营、融资和监管细节。
中文摘要
核心结论
Motley Fool以美国供应链重建为背景，将MP、USAR和The Metals Company（海底金属公司，TMC）按项目成熟度分层：MP已有加州矿山和加工设施，USAR仍在建设得州Round Top矿山并依赖融资和收购整合，TMC则受制于深海采矿审批与建设难度。文章的重点是风险与发展阶段比较，未给出三家公司近期订单、现金流或估值的完整验证。
重要性评级
评级：3/5（中）
文章直接涉及USAR并提供其项目阶段和业务布局背景，但属于长期主题型评论，发表于美东时间 07/04 23:35（UTC+8 07/05 11:35），缺少具体财务、订单和监管文件细节。
关键事实
- 文章将稀土供应集中于中国、稀土用于手机、汽车和国防设备，作为美国寻找替代供应来源的背景。
- MP在加州运营稀土矿山，并拥有加工设施；文中称其2026年一季度实现调整后盈利。
- USAR正在得州建设Round Top矿山，文中称项目尚需数年完成，公司目前未盈利。
- 作者称USAR通过收购加速业务布局，已拥有美国和欧洲材料加工敞口，并近期收购南美一座在运营的稀土矿山。
- 文中将USAR的收购整合、矿山建设资金需求和未盈利状态列为较保守资金面对的主要不确定因素。
- TMC计划建设海底矿山，仍需监管批准；文章认为获批后仍面对高资本投入与工程执行难度。
- 文中把三家公司均定义为处于业务建设早期的企业，认为其风险水平不同而非成熟的稳定经营主体。
作者观点与证据
作者倾向于用项目成熟度衡量风险：MP最靠前，USAR居中，TMC风险最高。论据为矿山、加工能力、盈利状态、收购和审批进展；“最适合何种风险偏好”的表述是评论观点，未提供现金余额、资本开支、资源储量、收购条款或许可时间表。
与相关标的的关系
USAR为直接相关标的。文章将其定位为从矿山建设阶段向加工和跨区域资源布局延伸的公司，并指出Round Top建设、持续融资、收购整合与盈利缺口是其主要事实线索；MP和TMC提供同业成熟度对照。
时效性与限制
发表于美东时间 07/04 23:35（UTC+8 07/05 11:35），适合作为USAR长期项目阶段的背景材料，不能视为07/10新增催化。文章未列出Round Top具体建设时间表、资金来源、南美矿山交易细节或TMC审批状态的原始文件，且含面向订阅服务的推广内容。
后续跟踪
- Round Top矿山的许可、建设节点、资本开支与融资披露。
- USAR收购资产的整合进度、产量和加工能力贡献。
- USAR收入、现金消耗、亏损及外部融资条件的变化。
- 美国稀土供应链政策和同业项目的实际投产进度。
英文原文
What Rare Earths Stock Can Best Deliver Gains From America
What Rare Earths Stock Can Best Deliver Gains From America's Reshoring Boom?
Reuben Gregg Brewer, The Motley Fool
Sun, July 5, 2026 at 11:35 AM GMT+8 5 min read
- MP
-2.43%
- USAR
+2.28%
- TMC
+3.23%
- NVDA
-0.66%
Every investment you make requires you to balance risk against reward. That can be a difficult process, and it is highly individual. Still, there are usually different ways to play the same investment idea. Rare-earth metals provide an interesting example.
Here's why rare-earth metals are such an interesting investment opportunity. And why some investors will prefer MP Materials (NYSE: MP) over USA Rare Earth (NASDAQ: USAR). And only a select few will favor TMC The Metals Company (NASDAQ: TMC).
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
An untenable situation exists in rare-earth metals
Most rare-earth metals come from China . China has proven it is willing to use access to rare-earth metals as a geopolitical bargaining chip. On the surface, that is a problem, but this situation gets even more difficult to defend when you understand the importance of rare-earth metals.
Rare-earth metals are used in everything from cellphones to automobiles. The last time China got stingy with rare-earth metals, a range of car companies warned that production could be compromised. Electric vehicles would likely be the hardest-hit segment of the auto market if rare-earth metal supplies were limited, given their electric motors, but the materials are used throughout the car-making process.
However, there's another wrinkle here: rare-earth metals are also widely used in the defense industry. That includes everything from electrical devices to vehicles to missile defense systems. A sovereign nation simply can't allow another country to control its access to rare-earth metals. This is why the United States and many other countries are looking for alternative sources of rare-earth metals. MP Materials, USA Rare Earth, and The Metals Company are all positioning themselves to help solve this problem.
Different stages of development
MP Materials, USA Rare Earth, and The Metals Company are all start-up businesses. So they aren't likely to be good options for risk-averse investors. That said, they are all at different stages of their development. Thus, they are likely to interest different types of investors.
MP Materials is probably the furthest along as a business. It operates a rare-earth metals mine in California. And it has the processing facilities to turn those metals into usable products. Moreover, it posted an adjusted profit in the first quarter of 2026. The company appears to be on the verge of becoming sustainably profitable.
Story Continues
USA Rare Earth is still building a mine in Texas. That's going to cost a lot of money, and it won't be completed for a couple of years. The company isn't currently profitable and likely won't be for a bit longer. That said, USA Rare Earth has made aggressive use of acquisitions to get its business up and running. It has material processing exposure in the U.S. and Europe, and recently acquired an operating rare-earth metals mine in South America. The company appears to be making good progress in its business, but its acquisition focus and lack of profits will likely turn off more conservative investors.
The riskiest choice, and perhaps the one with the most growth potential, is The Metals Company. The game plan is for the company to build an undersea mine. It is still seeking the regulatory approvals needed to get started. And even after it does get the green light, building a mine under the ocean is going to be even more difficult and expensive than building one on land. This is a very high-risk investment, and it will likely continue to bleed red ink for a long time to come. Only the most aggressive investors should consider The Metals Company.
You need to take a long-term investment approach
MP Materials, USA Rare Earth, and The Metals Company are best looked at as long-term investments. Although MP Materials is probably the furthest along, they are all at the very start of building their businesses. That is why there could be a huge opportunity for each company to serve the rare-earth metals needs of companies building production facilities in the U.S. market. And why the risk of investing in these three rare-earth metals stocks is high. If you decide to buy any of them, or all of them, go in with a long-term view.
Should you buy stock in USA Rare Earth right now?
Before you buy stock in USA Rare Earth, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and USA Rare Earth wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $418,761 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,195,804 !
Now, it's worth noting Stock Advisor's total average return is 918% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 4, 2026.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MP Materials. The Motley Fool has a disclosure policy .
What Rare Earths Stock Can Best Deliver Gains From America's Reshoring Boom? was originally published by The Motley Fool
OPEC+八月产量调整安排
重要性4/5 高优先级
官方产量安排临近执行，直接影响全球原油供给预期与通胀链条；但缺少国别分配和实际履约数据。
中文摘要
核心结论
沙特、俄罗斯、伊拉克、科威特、哈萨克斯坦、阿尔及利亚和阿曼决定在2026年8月实施18.8万桶/日的产量调整，并保留加快、暂停或逆转退出自愿调整的灵活性。公告强调稳定市场与补偿超产，未给出各国产量分配表、执行基线或需求预测。
重要性评级
评级：4/5（高优先级）
七个OPEC+（石油输出国组织及合作产油国机制）成员的集体安排直接影响原油供给预期，且8月即将执行。信息来自组织官方发布，但其表述以政策意图为主，实际履约与市场供需仍需独立验证。
关键事实
- 七国于07/05（未给出具体时刻）以线上会议审查全球市场状况与前景。
- 参与方为沙特、俄罗斯、伊拉克、科威特、哈萨克斯坦、阿尔及利亚和阿曼。
- 七国决定自2026年8月起实施18.8万桶/日的产量调整。
- 该安排对应七国此前于2023年4月宣布的额外自愿调整。
- 公告称相关自愿调整可随市场情况分阶段部分或全部恢复。
- 七国保留提高、暂停或逆转退出安排的灵活性，也可逆转2023年11月实施的既有自愿调整。
- 各方承诺补偿自2024年1月以来的超产，并由JMMC（联合部长级监督委员会）监测执行情况。
- 七国计划于08/02（未给出具体时刻）再次会面，并维持月度评估机制。
作者观点与证据
这是OPEC官方声明，立场是通过审慎、灵活的供给管理支持市场稳定。文中可核实的是成员国、调整规模、执行月份和会议安排；对于需求前景、油价方向、各国补偿进度及实际闲置产能，原文没有独立数据。
与相关标的的关系
该文标记为GLOBAL（全球市场）。原油供给预期可传导至布伦特和美国原油基准、能源生产商、炼化利润、航运燃料成本及通胀预期；文章未提供个别公司或ETF（交易所交易基金）的持仓与盈利敏感度。
时效性与限制
发布日期为07/05（未给出具体时刻），检索时间为美东时间07/09 23:05（UTC+8 07/10 11:05）。8月执行前仍具日报参考价值，但该文没有附带原文提及的调整表，也未披露国别配额、实际产量和补偿量。
后续跟踪
- 七国8月的国别调整表与实际出口、产量数据。
- 超产补偿计划及JMMC后续合规评估。
- 08/02会议对供给路径的更新。
- 全球库存、炼厂开工和需求数据是否支持官方稳定市场的判断。
英文原文
Organization of the Petroleum Exporting Countries
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Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability
The seven OPEC+ countries, which previously announced
additional voluntary adjustments in April and November 2023, namely Saudi
Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5
July 2026, to review global market conditions and outlook.
In their collective commitment to support oil market
stability, the seven participating countries decided to implement a production
adjustment of 188 thousand barrels per day from the additional voluntary
adjustments announced in April 2023. This adjustment will be implemented in August
2026 as detailed in the table below. The additional voluntary adjustments
announced in April 2023 may be returned in part or in full subject to evolving
market conditions and in a gradual manner. The countries will continue to
closely monitor and assess market conditions, and in their continuous efforts
to support market stability, they reaffirmed the importance of adopting a
cautious approach and retaining full flexibility to increase, pause or reverse
the phase out of the voluntary production adjustments, including reversing the
previously implemented voluntary adjustments announced in November 2023.
The seven OPEC+ countries also noted that this measure will
provide an opportunity for the participating countries to accelerate their
compensation. The seven countries reiterated their collective commitment to
achieve full conformity with the Declaration of Cooperation, including the
additional voluntary production adjustments that will be monitored by the Joint
Ministerial Monitoring Committee (JMMC). They also confirmed their intention to
fully compensate for any overproduced volume since January 2024.
The seven OPEC+ countries will hold monthly meetings to
review market conditions, conformity, and compensation. The seven countries
will meet on 2 August 2026.
ETF Inflows Top $1 Trillion at the Halfway Point of 2026
重要性未评级
中文摘要
本地未取得可读全文：HTTP 404。可使用上方“打开原文”核查。
英文原文
ETF Inflows Top $1 Trillion at the Halfway Point of 2026
本地未取得可读全文：HTTP 404。可使用上方“打开原文”核查。
Top-Performing ETF Areas of 1H 2026
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。
英文原文
Top-Performing ETF Areas of 1H 2026
Top-Performing ETF Areas of 1H 2026
Sanghamitra Saha
July 2, 2026 4 min read
- ^GSPC
- ^IXIC
- UGA
- BWET
- PSI
U.S. stocks just capped a strong first half of 2026 and a robust second quarter as semiconductor shares powered the market rally. The strength in semiconductors provided a major boost to the broader market and reinforced investor confidence in the ongoing AI-driven growth story.
Major Indexes Deliver Strong First-Half Returns
The Dow Jones advanced 8.9% during the first six months of the year, marking its best first-half performance since 2021, when it gained 12.7%. The S&P 500 rose 9.6%, while the Nasdaq outperformed with a gain of more than 12%.
Small-cap stocks also enjoyed a standout period. The Russell 2000 jumped nearly 22%, recording its strongest first-half performance since 1991, as quoted on CNBC.
Volatile Start Gives Way to a Strong Recovery
The first half of the year was marked by significant volatility. Markets reached record highs despite sharp fluctuations in energy prices caused by the Iran conflict and ongoing concerns about whether AI-related spending could remain sustainable.
Inside the Iran War
Following large-scale U.S.-Israel strikes on Iranian military infrastructure in February 2026, the United States and Iran engaged in months of warfare. The conflict severely disrupted global oil routes when Iran moved to block the Strait of Hormuz.
However, by mid-2026, the two nations signaled a ceasefire, bringing active hostilities to a halt and moving toward an extended period of Pakistan-mediated negotiations.
AI Bubble Concerns Doing Rounds
The AI trade has been a winning market theme, but the gains have been relatively narrow, increasing portfolio concentration risk and leaving investors more exposed to drawdowns and volatility in the technology sector.
As per a CNBC article, in June, approximately $2.3 trillion was wiped off the combined market value of the Mag 7 as investors grew increasingly concerned about the sustainability of massive AI infrastructure spending and whether the expected returns would justify the significant capital outlays.
Upbeat Earnings: Key Positive of 1H 2026
Solid corporate earnings remained the key market driver. Total S&P 500 earnings are expected to increase by 23.7% in the June quarter of 2026 from the same period last year, with revenues expected to rise 11.4% year over year.
Note that investor sentiment improved considerably during the second quarter as worries surrounding the AI trade subsided and geopolitical tensions appeared to be moving toward resolution.
The S&P 500 and Nasdaq gained 14.9% and 21.4%, respectively, in Q2, delivering their strongest quarterly performances since the second quarter of 2020. The Dow climbed 12.9%, its best quarter since the final three months of 2022, as quoted on the same CNBC article.
Story Continues
Fed Stays Put, Hints at Hawkish Path Ahead
The Federal Reserve left interest rates unchanged in June for the fourth straight policy meeting, keeping the benchmark federal funds rate in the 3.50%-3.75% range. This meeting was also the first under the new Fed Chair Kevin Warsh.
While the Fed kept rates on hold, its latest projections suggest that policymakers are leaning toward keeping borrowing costs higher for longer. Several officials signaled rate hikes later this year, as quoted on Yahoo Finance.
Alphabet Joins Dow Jones
Alphabet GOOGL officially entered the Dow Jones Industrial Average, earning one of Wall Street's most recognizable blue-chip distinctions in June-end.The addition marks a major milestone for the Dow Jones index, shifting its focus away from traditional telecommunications toward artificial intelligence and other key tech areas (read: Alphabet Joins Dow Jones: ETF Likely to Benefit).
Winning ETF Areas in Focus
Against this backdrop, below we highlight a few winning ETF areas of this year.
Shipping
Breakwave Tanker Shipping ETF BWET – Up 670.2% YTD
The Middle East conflict and the closure of the Strait of Hormuz have disrupted key shipping routes, driving a sharp surge in freight rates. This has strengthened the investment case for BWET.
Semiconductor
Invesco Semiconductors ETF PSI – Up 121.2%
The rise of AI, cloud computing, big data, data centers, the Internet of Things, 5G expansion, smartphone upgrades, and new gadgets has been fueling demand for chips and other semiconductor products.
South Korea
iShares MSCI South Korea ETF EWY – Up 90.8%
South Korean stocks have seen an unprecedented rally in 2026. Driven by the global artificial intelligence boom and heavy international demand for memory chips, the tech-heavy EWY has rallied.
Utilities
Tortoise AI Infrastructure ETF TCAI – Up 77.7%
In 2026, the AI infrastructure market has grown far beyond foundational chipmakers to encompass memory, networking, power management, and physical data center construction.
Gasoline
United States Gasoline Fund LP UGA – Up 68.8%
The fund's price surged in 2026 due to supply shocks linked to Middle East hostilities, particularly the U.S.-Iran conflict in late winter, which sent wholesale gasoline futures sharply higher. This was further augmented by the start of the summer driving season.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Invesco Semiconductors ETF (PSI): ETF Research Reports
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
iShares MSCI South Korea ETF (EWY): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Is the Memory Rally Still Alive After the Semiconductor Sell-Off?
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。
英文原文
Is the Memory Rally Still Alive After the Semiconductor Sell-Off?
Is the Memory Rally Still Alive After the Semiconductor Sell-Off?
Jessica Mitacek, MarketBeat
July 2, 2026 5 min read
- MU
+4.52%
- DRAM
+3.74%
- AAPL
+0.90%
- NTDOY
+0.74%
- DRAM
NASDAQ
Key Points
- Interested in Roundhill Memory ETF? Here are five stocks we like better.
- The recent semiconductor selloff appears to be a valuation correction rather than a breakdown in long-term demand.
- Micron Technology's market cap grew to approximately $1.2 trillion, with massive year-over-year earnings growth in Q3 FY2026.
- The Roundhill Memory ETF has gained over 130% since its April 2 launch.
Investors are creatures of habit. They are influenced by behavioral finance, and their decisions are often driven by psychological factors, emotions, and cognitive biases. The result: choices that, in hindsight, could be regrettable.
That subjective decision-making was on full display last week, as the fear-driven semiconductor sell-off wiped out $2.7 trillion in market cap from some of the biggest winners over the past year.
→ SK Hynix's Nasdaq Listing Could Reset the AI Memory Trade
But what we have learned is that those fears—warranted or not—have manifested before. And time and time again, the sellers are left on the sidelines as the tech sector bounces back.
The reality is that despite a series of all-time highs for the major indices, triple-digit gains for AI-leveraged stocks, and a concerning pattern of circular financing, the structural rally in memory chip makers remains intact.
→ 2 Short Squeezes for Summer Speculation: What the Bears Are Getting Wrong
Why Chip Stocks Sold Off Despite Strong AI Demand
Market contrarians have been on the lookout for the next bubble ever since the last one burst. But the ongoing AI-fueled bull market is not the same as the dot-com crash, which was notable for unsustainable valuations, untenable burn rates, and prioritizing growth over profitability.
Rather, the so-called AI bubble has proven to be multi-faceted and constantly evolving. And like any run-up in price, the latest pullback in chip stocks was less a symptom of an overextended market than it was a component of a healthy market cycle.
→ How TeraWulf's Anthropic Deal Booted Up a $19B AI Empire
Still, jittery investors dumped shares over concerns about rising hardware input costs, debt spending, and ballooning CapEx.
Apple (NASDAQ: AAPL), for instance, recently announced price hikes for Macs and iPads, directly attributing those increases to the memory chip shortage.
Gaming hardware is feeling the pressure as well. Microsoft (NASDAQ: MSFT) increased its XBOX console prices, and Nintendo (OTCMKTS: NTDOY) showed similar strain with a Switch 2 price increase set to take effect Sept. 1.
CapEx is another concern. A perceived rift between hyperscalers' consumption and memory suppliers' production has surfaced, with investors concerned about potential return-on-investment shortfalls.
Story Continues
Collectively, four of the biggest hyperscalers—Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Meta Platforms (NASDAQ: META), and Microsoft—are on track to reach more than $700 billion in CapEx this year. But Wall Street isn't convinced that that spending spree will materialize in earnings.
Analysts question whether that funding will result in near-term, high-margin revenue, given that those companies aren't just paying for more hardware; they are paying vastly inflated prices. For example, during its Q3 FY2026 earnings call, Microsoft's CFO Amy Hood disclosed that $25 billion of its projected $190 billion CapEx is being driven by component inflation rather than new capacity.
Still, even with trillions wiped out from memory chip market caps in June, the PHLX Semiconductor Index remains up more than 11% over the past month, nearly 99% year to date, and 157% over the past year. With the shortage forecast to last at least through 2028 while enjoying a compound annual growth rate of 11.6% through 2030, the recent pullback has proven to be a valuation correction rather than a breakdown in long-term demand.
The Proof in the Pudding for Micron and the Roundhill Memory ETF
In the first half of 2025, Micron Technology (NASDAQ: MU) was a little-known name. In Q1 FY2025, its market cap stood at just over $108 billion. Today, the company's market cap is approximately $1.2 trillion, making it the 12th largest U.S.-listed company.
Micron has gained over 200% year-to-date and over 750% over the past 52 weeks. The company hasn't missed on earnings since Q2 FY2023, and the company's year-over-year earnings growth in Q3 FY2026 was over 1,358%.
Still, the stock carries a consensus Buy rating, a 12-month price target of more than 20% from current prices, and Micron announced gross margins of nearly 85% and earnings per share of $25.11 when it reported Q3 results on June 24.
Importantly, during its earnings call, the company said it signed 16 strategic customer agreements covering data center, consumer, auto, and other markets, which it believes will transform its business model, showing that demand isn't being driven solely by hyperscalers.
Meanwhile, one thematic exchange-traded fund (ETF) continues to prove June's panic-sellers wrong.
Less than two weeks after making its debut, MarketBeat profiled the Roundhill Memory ETF (BATS: DRAM).
The ETF was designed explicitly to provide targeted exposure to the memory chip industry.
Since its launch on April 2, the fund has gained over 130% despite the recent and sizable sell-off.
For context, over the same period, Alphabet—the best Magnificent Seven performer—gained less than 21%, underscoring the raw growth potential of memory chip makers, the ETFs that track them, and the individual and semiconductor stocks that are in their baskets.
DRAM holds Micron, SK Hynix (which recently filed for its NASDAQ IPO), and Samsung (OTCMKTS: SSNLF), which together are three of the newest members of the trillion market cap club. Icing the cake, the ETF also owns Sandisk (NASDAQ: SNDK), Western Digital (NASDAQ: WDC), and Seagate Technology (NASDAQ: STX).
The article " Is the Memory Rally Still Alive After the Semiconductor Sell-Off? " was originally published by MarketBeat.
View MarketBeat's top stocks for July 2026 .
渣打银行与Circle推出USDC铸造和赎回接入
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中文摘要
- 渣打银行与Circle推出面向合资格机构客户的USDC铸造和赎回接入服务。
- 客户可通过一次开户和服务流程使用该能力，无需直接开立Circle账户。
- 初始服务由渣打银行DIFC业务提供。
英文原文
Standard Chartered & Circle launch G-SIB integrated access to USDC | Circle
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Standard Chartered and Circle launch first G-SIB-led integrated access to USDC minting and redemption
July 2, 2026
Standard Chartered and Circle launch first G-SIB-led integrated access to USDC minting and redemption
Company
USDC
Eligible institutional clients can access USDC through a single onboarding and service experience, without needing direct Circle accounts
Dubai, United Arab Emirates — July 2, 2026 — Standard Chartered today announced the launch of its capability enabling institutional clients to access USDC minting and redemption, developed in partnership with Circle Internet Group, Inc. (Circle) (NYSE: CRCL), the issuer of USDC 1 through its regulated entities.
The launch makes Standard Chartered the first Global Systemically Important Bank (G-SIB) licensed to offer institutional clients access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.
The capability enables institutions to move value across traditional and digital financial ecosystems with greater speed and transparency by connecting fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution. It supports institutional use cases such as on-chain settlement, treasury, and liquidity management, while providing the infrastructure to support payment-related use cases in the future.
By embedding USDC access directly within Standard Chartered’s institutional offering, Standard Chartered will bring together banking, custody, and digital asset services within one integrated offering and that is delivered through the risk management, compliance and governance standards expected of a leading international financial institution.
Initially available to eligible clients through Standard Chartered’s DIFC operations, the capability reinforces the UAE’s position as a leading hub for regulated digital asset activity and represents the first phase of Standard Chartered’s broader global stablecoin proposition. The Bank intends to expand the capability into additional markets, subject to regulatory approvals and market readiness.
The announcement reflects growing demand from financial institutions and corporations for regulated stablecoin infrastructure that can support a range of financial activities, including payments, treasury management, settlement, liquidity management and participation in digital asset markets.
Roberto Hoornweg, Chief Executive Officer, Corporate and Investment Banking , Standard Chartered said: “Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets. With this launch, we are extending those standards into a rapidly evolving segment of the financial system. Ultimately, this is about enabling broader institutional participation in digital asset markets through the frameworks, controls and regulatory oversight that have long supported confidence in global financial markets.”
Kash Razzaghi, Chief Commercial Officer, Circle , said: “Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets. By integrating Circle’s regulated stablecoin infrastructure into Standard Chartered’s global banking platform, we are helping institutions access new opportunities to use USDC across payments, settlement and treasury operations while maintaining the compliance, governance and risk management standards they expect.”
For further information please contact:
Khaled Abdulla, CFA®
Head of Communications
UAE, Middle East & Pakistan
Corporate and Investment Bank
Standard Chartered
M: +971 55 655 7553
T: +971 4 508 3155
About Standard Chartered
We are a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
About Circle
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
1 USDC is issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations here .
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Best Performing ETFs of 2026
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英文原文
Best Performing ETFs of 2026
Best Performing ETFs of 2026
Sumit Roy
July 2, 2026 6 min read
- VOO
+0.79%
- QQQ
+1.66%
With one half of 2026 in the books, the year is shaping up to be another good one for stocks.
Through the first six months, the Vanguard S&P 500 ETF (VOO) gained 10.2%, while the Invesco QQQ Trust (QQQ) doubled that with a 20.2% return.
As usual, though, plenty of ETFs did far better than that, and that's what we'll look at here.
A pair of funds ran up more than 900% on the year, and it took a gain north of 535% just to crack the overall top 10. The top of the board is dominated by leveraged products, with only a single nonleveraged fund making the cut.
But even if you strip the leveraged funds out, the bar is still high. A fund needed a roughly a 100% gain to land in the nonleveraged top 10.
Below we'll take a look at both sides, the nonleveraged winners and the leveraged ones.
A Tanker Fund Leads the Way
On the nonleveraged side, the Breakwave Tanker Shipping ETF (BWET) sits on top with a 684% gain. I've written about this fund a few times this year. BWET holds crude oil tanker freight futures, contracts tied to the rate for hauling oil by sea, with most of the portfolio tracking very large crude carriers traveling from the Persian Gulf to Asia.
When the Strait of Hormuz effectively closed earlier this year and tankers were pushed onto longer routes, freight rates went vertical and BWET went with them.
Oil prices themselves have since come back down as the strait reopened, but tanker futures have held up far better, because the crossing is still fragile, the backlog of stranded ships is only slowly clearing, and war risk premiums remain elevated.
It's worth remembering that BWET is a trading vehicle rather than a buy-and-hold investment, as freight rates have historically been mean reverting.
Then It's Semiconductors, All the Way Down
Outside of BWET, every other fund in the nonleveraged top 10 traces back to the AI infrastructure and semiconductor boom. That includes the Invesco Semiconductors ETF (PSI) , up 138%, and the VistaShares Artificial Intelligence Supercycle ETF (AIS) , up 124%.
I've written about AIS before. What makes it stand out is that it's an AI fund beating most of the straight semiconductor ETFs while holding a broader basket than chips alone (though it still leans heavily on semiconductor names).
The well-known iShares Semiconductor ETF (SOXX) also made the list at 113%, as did the iShares MSCI South Korea ETF (EWY) at 106%. EWY's gain came courtesy of its outsized weightings in SK Hynix and Samsung, two of the biggest winners from the super spike in memory prices.
Investors leaned on EWY as a memory proxy for a good stretch this year, until the Roundhill Memory ETF (DRAM) launched and stole its thunder. Incidentally, DRAM returned 166% from its April 2 launch through June 30, but it's not included on our list since it wasn't trading at the start of the year.
Story Continues
Outside the Top 10
The pattern continues past the top 10: Semiconductor ETFs keep turning up well down the list, alongside broader AI funds that are themselves stuffed with chip names, plus the occasional Korea or Taiwan fund that's essentially a de facto semiconductor play.
You have to go all the way to number 17 to hit something a little different: the ProShares Nanotechnology ETF (TINY) .
TINY tracks the Solactive Nanotechnology Index, but—surprise—its top holdings include a number of semiconductor equipment stocks, names like Applied Materials, Lam Research, and ASML.
A few other names further down are worth calling out. The Nomura Focused Emerging Markets Equity ETF (EMEQ) gained 77%, roughly three times the return of the broader iShares Core MSCI Emerging Markets ETF (IEMG) .
But once again, the performance is being powered by semiconductors. EMEQ holds about a third of its portfolio in TSMC, SK Hynix, and Samsung.
Other ETFs worth mentioning: the KraneShares SSE STAR Market 50 Index ETF (KSTR) , up 72%; the iShares MSCI Taiwan ETF (EWT) , up 71%; the State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) , up 71%; the Global X Hydrogen ETF (HYDR) , up 67%; and the United States Gasoline Fund (UGA) , up 66%.
The Full List
Just as the nonleveraged list of best performing ETFs is dominated by AI stocks, so too is the all-encompassing list.
The overall top 10 is almost entirely 2x long bets on single AI stocks. The Direxion Daily MU Bull 2X Shares (MUU) leads at 959%, followed by the Direxion Daily INTC Bull 2X Shares (LINT) at 842% and the GraniteShares 2x Long DELL Daily ETF (DLLL) at 772%, and on down the line.
Impressively, BWET managed to break into this list too with its 684%, the lone nonleveraged fund keeping pace with a field of geared single-stock products.
The only other fund in the top 10 that isn't a single-stock bet is the Direxion Daily Semiconductor Bull 3X Shares (SOXL) , up 537%. It tracks an index rather than one stock, but its triple leverage, grandfathered in from an earlier regulatory era, let it hang with the 2x single-stock crowd.
For the full list of the top-performing ETFs of the first half of 2026, see the tables below.
Best Performing ETFs of 2026 (excluding leverage/single stock ETFs)
Name
Ticker
YTD Return
Breakwave Tanker Shipping ETF
BWET
683.84%
Invesco Semiconductors ETF
PSI
138.09%
VistaShares Artificial Intelligence Supercycle ETF
AIS
124.37%
First Trust Nasdaq Semiconductor ETF
FTXL
120.38%
Xtrackers Semiconductor Select Equity ETF
CHPS
118.74%
iShares Semiconductor ETF
SOXX
113.00%
iShares MSCI South Korea ETF
EWY
105.80%
YieldMax Target 12 Semiconductor Option Income ETF
SOXY
101.84%
Invesco PHLX Semiconductor ETF
SOXQ
101.45%
Franklin FTSE South Korea ETF
FLKR
101.26%
YieldMax Semiconductor Portfolio Option Income ETF
CHPY
95.36%
Global X AI Semiconductor & Quantum ETF
CHPX
94.58%
State Street SPDR S&P Semiconductor ETF
XSD
94.11%
Tortoise AI Infrastructure ETF
TCAI
88.98%
Matthews Korea Active ETF
MKOR
87.31%
VanEck Semiconductor ETF
SMH
82.30%
ProShares Nanotechnology ETF
TINY
80.27%
Invesco Exchange-Traded Fund Trust Invesco Dorsey Wright Technology Momentum ETF
PTF
78.53%
State Street Galaxy Transformative Tech Accelerators ETF
TEKX
78.51%
Strive US Semiconductor ETF
SHOC
78.25%
Best Performing ETFs of 2026 (all U.S.-listed ETFs)
Name
Ticker
YTD Return (NAV)
Direxion Daily MU Bull 2X ETF
MUU
959.13%
GraniteShares 2x Long MU Daily ETF
MULL
927.48%
Direxion Daily Intc Bull 2X ETF
LINT
842.84%
GraniteShares 2x Long INTC Daily ETF
INTW
840.82%
GraniteShares 2x Long DELL Daily ETF
DLLL
771.63%
GraniteShares 2x Long MRVL Daily ETF
MVLL
701.19%
Breakwave Tanker Shipping ETF
BWET
683.84%
Leverage Shares 2X Long ARM Daily ETF
ARMG
593.29%
Direxion Daily Semiconductor Bull 3X ETF
SOXL
536.58%
Tradr 2X Long BE Daily ETF
BEX
535.25%
GraniteShares 2x Long NBIS Daily ETF
NBIL
531.70%
Tradr 2X Long NBIS Daily ETF
NEBX
524.46%
Leverage Shares 2X Long BE Daily ETF
BEG
518.96%
Leverage Shares 2X Long NBIS Daily ETF
NBIG
516.86%
Direxion Daily AMD Bull 2X ETF
AMUU
435.95%
Graniteshares 2x Long AMD Daily ETF
AMDL
432.43%
Leverage Shares 2X Long AMD Daily ETF
AMDG
429.37%
Tradr 2X Long LRCX Daily ETF
LRCU
396.41%
Tradr 2X Long ALAB Daily ETF
LABX
382.11%
Leverage Shares 2X Long KLAC Daily ETF
KLAG
368.94%
Permalink | © Copyright 2026 etf.com. All rights reserved
SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing
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SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing
SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing
Michael Williams
July 2, 2026 4 min read
- SOXL
+10.08%
- SMH
+2.48%
- SOXX
+3.50%
Quick Read
- SOXL dropped 16% in one session while its index fell just 6%, and embedded swap financing costs quietly erode NAV every trading day.
- SOXX and SMH track the same semiconductor basket without daily resets or swap financing, charging just 0.34% annually with no volatility decay.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
On July 1, 2026, holders of Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) watched the fund drop 16.38% in a single session, from $266.71 to $223.01. The underlying semiconductor basket, tracked by the iShares Semiconductor ETF, fell 5.68% the same day. That gap, roughly triple the index move, is the product you bought: a daily 3x leveraged bet on semis.
24/7 Wall St.
What You're Actually Paying
SOXL is a daily 3x leveraged fund. The fund runs a derivatives book with $7.9 billion in notional swap and futures exposure, roughly 46.6% of net assets, to deliver that daily multiple on roughly $16.95 billion in net assets. Those swaps are not free. Counterparties charge financing spreads over short rates, and those costs come out of your NAV every day, whether the fund rises or falls.
The management fee itself is not disclosed in the most recent NPORT filing, but the swap financing embedded in the structure is the larger cost. By contrast, iShares Semiconductor ETF ( NASDAQ:SOXX ), which tracks the same index unlevered, carries a net expense ratio of 0.34%, or about $34 per year per $10,000 invested. SOXL holders pay that fee equivalent several times over once financing on the swap book is included.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
The Part the Factsheet Doesn't Highlight
Leverage decay is the real hidden tax. A 3x daily reset fund does not deliver 3x the index return over any period longer than one day. It compounds daily, which means volatility eats returns even when the index finishes flat. The VIX averaged 18.09 over the past 12 months and spiked to 31.05 on March 27, 2026, with sustained readings in the 25 to 31 range from March 6 through the end of the month. Every one of those choppy days quietly compounded losses that never show up on a fee line.
You can see the drag in the long numbers. Over ten years, SOXL returned 16,172.67% and SOXX returned 2,182.74%. Triple the unlevered return would be far higher than what SOXL actually delivered. Over five years, SOXL gained 545.48% against SOXX at 346.78%. That is less than 2x the index over a period when SOXL charged you 3x the risk.
Story Continues
There is a concentration cost too. The top ten holdings, names like AMD at 4.56%, Broadcom at 4.51%, Micron at 4.33%, and NVIDIA at 3.89%, overlap almost perfectly with SOXX. You are renting the same basket as SOXX, with a financing bill attached.
The Cheaper Mirror
SOXX gives you the same semiconductor index at 0.34%, with no daily reset, no swap financing, and no volatility decay. VanEck Semiconductor ETF ( NASDAQ:SMH ) is another unlevered option with similar exposure at a low fee. The trade-off is obvious: you give up the 3x upside in a straight-line rally like the 534.57% YTD 2026 run in SOXL versus 113% in SOXX. You also give up the 16% single-day drops that reset your compounding base.
What This Means for You
Reddit's r/investing has been circulating a thread titled "What is your worst investing mistake? I've made one" where SOXL comes up as a cautionary example, drawing nearly 400 upvotes and over 470 comments by June 22, 2026. SOXL can clearly rally. The question worth asking is whether you understand that the fund is engineered for a single trading day, and whether the swap financing, daily reset, and volatility drag are costs you consciously chose to pay.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Contact editorial@247wallst.com for any questions or corrections.
Applied Digital交付Polaris Forge 1第二栋建筑一期
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中文摘要
- Polaris Forge 1第二栋建筑一期达到Ready for Service状态，交付75MW运行中的AI容量。
- 公司称园区已投运容量增至175MW。
- 园区已全部出租，完全建成后合同关键IT负载为400MW。
英文原文
Applied Digital Delivers Second Building at Polaris Forge 1
Applied Digital Delivers Second Building at Polaris Forge 1
July 01, 2026 1:00pm EDT
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On-time delivery of Building 2 Phase 1 reinforces Applied Digital’s repeatable model for turning power into operational AI capacity
DALLAS, July 01, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity to its customer on schedule and bringing total live capacity at the campus to 175 MW.
The delivery marks the next major milestone in the continued buildout of Polaris Forge 1, Applied Digital’s fully leased AI Factory Campus designed to support high-density artificial intelligence and high-performance computing workloads. At full build out, Polaris Forge 1 is contracted to deliver 400 MW of critical IT load under long-term lease agreements.
“Delivering this phase on time underscores the strength of our execution model,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Polaris Forge 1 continues to demonstrate the depth of our team and the discipline it takes to bring critical AI infrastructure capacity online for our customers. Achieving this milestone required intense coordination across the field, construction, engineering, operations, procurement, development, and corporate teams, and I’m proud of the entire Applied Digital organization for delivering as planned. With 175 MW now live at the campus, Polaris Forge 1 demonstrates the repeatable model we are scaling across our AI Factory footprint.”
This latest achievement follows Applied Digital’s on-time completion of the first 100 MW building at Polaris Forge 1 and further demonstrates the Company’s ability to bring critical IT capacity online in alignment with customer deployment timelines. With 175 MW now live, Polaris Forge 1 continues to demonstrate Applied Digital’s ability to execute across multiple phases of a large-scale AI infrastructure deployment.
Applied Digital’s execution approach is built around what the Company refers to as its AI Factory franchise model: a repeatable framework that replicates a core team of design, construction, and operations professionals across each campus, supported by centralized expertise and dedicated site-level execution teams.
“Polaris Forge 1 continues to validate the repeatable model we are building across our AI Factory platform,” Cummins continued. “We are not just securing power; we are turning it into live, operational AI capacity. That is the hard part, and it is where Applied Digital continues to differentiate itself.”
As demand for large-scale AI infrastructure continues to grow, customers are placing increasing importance on execution certainty and speed to market. Applied Digital’s on-time delivery of another major phase at Polaris Forge 1 reinforces the Company’s ability to bring complex infrastructure online in alignment with customer timelines.
Polaris Forge 1 is located in Ellendale, North Dakota, where Applied Digital has operated since 2021 and built long-standing relationships with local leaders, partners, and community stakeholders. As the campus continues to expand, the Company remains focused on responsible development, local partnership, and creating long-term value in the communities where it builds.
About Applied Digital
Applied Digital (Nasdaq: APLD), named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , on the company’s website ( www.applieddigital.com ) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.
Media Contact
JSA (Jaymie Scotto & Associates)
(856) 264-7827
jsa_applied@jsa.net
Investor Relations Contacts
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
APLD@gateway-grp.com
Source: Applied Digital Corporation
Released July 1, 2026
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Kurv Launches the KMEM ETF: The Purest Play on Memory Production
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Kurv Launches the KMEM ETF: The Purest Play on Memory Production
This is a paid press release. Contact the press release distributor directly with any inquiries.
Kurv Launches the KMEM ETF: The Purest Play on Memory Production
KMEM: Top 3 Holdings with Look-Through
Business Wire
July 1, 2026 3 min read
- CBOE
+1.08%
- 000660.KS
+1.05%
- 005930.KS
+4.31%
- MU
+4.52%
New fund provides a more focused and selective approach to gaining exposure to the supply/demand imbalance inherent in the ongoing AI build-out.
SAN FRANCISCO, July 01, 2026 --( BUSINESS WIRE )--Kurv Investment Management, an asset manager bringing an institutional approach to active ETFs, today announced the launch of the Kurv Memory Select ETF (CBOE BZX: KMEM ).
KMEM is designed to offer investors targeted exposure to the companies dominating memory chip production, including the current "Big Three" memory manufacturers - SK hynix, Samsung, and Micron Technology - as well as additional companies playing a major role in this space.
"AI infrastructure is only as powerful as the memory behind it and as demand for faster processing and larger models accelerates, memory chips are becoming the backbone of the AI economy," said Howard Chan, Founder and Chief Executive Officer of Kurv Investment Management. "At the same time, that demand is outpacing the supply, creating a supply/demand imbalance that could present an interesting opportunity for investors looking at the AI and AI-adjacent components of their equity portfolios."
"Names that are merely ancillary to this theme could in fact become hindrances to performance as the current leaders consolidate their positions and upstarts work to obtain market share," added Chan. "That makes it essential to have a pure play strategy when looking at memory. This is exactly what we've designed with KMEM and why we are so excited to be bringing this fund to market at this pivotal time."
"Despite the recent run up in price, we believe the bottleneck in the sector will continue for at least the next 3-4 years," said Chan. "KMEM tends to focus on names like SK hynix, where valuation is still cheaper compared to its competitors."
KMEM is actively managed and seeks to provide highly targeted exposure to domestic and international companies that design, manufacture and distribute a range of different memory chips, including Dynamic Random Access Memory (DRAM), Static Random Access Memory (SRAM), Random Access Memory (RAM), Flash Memory and other emerging memory types.
"The ongoing AI build-out stalls if the production of memory chips, and further innovation in memory, doesn't keep pace," continued Chan. "Forget the 'picks and shovels' of the AI trade, these are the mines themselves from which all of the advancements inherent in AI are waiting to be extracted."
For more information about KMEM, visit https://www.kurvinvest.com/etf/kmem#Exposure
Story Continues
About Kurv Investment Management
Kurv Investment Management is a tax-aware, option-based investment manager founded by a team of highly experienced professionals from industry-leading firms. Kurv Investment Management removes costly and complicated barriers to entry and streamlines management and reporting to serve its mission to provide access to high-caliber portfolio tools and investment options previously reserved for only the largest institutional investors.
Important Information:
An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-833-955-KURV (5878) or visit KurvInvest.com . Read the prospectus carefully before investing.
Investing in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. The Fund is new with a limited operating history.
Fund Objective: The fund seeks to maximize total return.
Fund Risks: The Fund seeks to primarily invest under normal circumstances in companies, domestic or foreign, that design, manufacture, and distribute memory chips (memory chip activities) ("Memory Companies"). Memory chips are semiconductor devices designed for the temporary or permanent storage and retrieval of data in computer systems.
The Kurv Memory Select ETF is distributed by Foreside Fund Services LLC, Member FINRA/SIPC. Foreside Fund Services LLC is not affiliated with Kurv Investment Management.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260701217846/en/
Contacts
Media Contact:
Chris Sullivan
Craft & Capital
chris@craftandcapital.com
Client Solutions Contact:
clientsolutions@kurvinvest.com
Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally
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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally
Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally
Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally · Zacks
Aparajita Dutta
July 1, 2026 5 min read
- MU
- AMD
- INTC
- FTXL
- SHOC
Micron Technology MU delivered a historic rally in the second quarter of 2026, with its shares surging over 240% and adding approximately $920 billion to its market capitalization. As the broader semiconductor industry is experiencing an absolute renaissance, ignited by the global artificial intelligence (AI) boom, other chip giants, particularly Advanced Micro Devices AMD and Intel INTC, also contributed significantly to the industry's rally.
Micron's extraordinary performance was complemented by Intel's 216% jump, which added $480 billion to its market cap, while AMD's shares climbed 186% to add $615 billion in market value. Together, this rally contributed to a combined $2 trillion increase in market value for these three chipmakers alone (as cited in CNBC).
While such gains might tempt investors to add individual names like Micron or AMD to their portfolios, those concerned about chasing stocks at all-time highs may find a more balanced approach through semiconductor exchange-traded funds (ETFs) that hold these chip giants in their top positions, allowing them to benefit from the broader industry rally.
But before adding one or all of these ETFs to their portfolio, prudent investors may want to investigate the factors that drove this unprecedented growth, particularly Micron's, and understand why semiconductor ETFs offer a compelling strategy to capture the industry's potential.
Catalysts Behind Micron's Historic Q2 Surge
Micron's exceptional performance was driven by skyrocketing memory prices fueled by insatiable chip demand coming from accelerating AI infrastructure build-out worldwide. This helped this chipmaker top a $1 trillion market value for the first time in late May 2026, as its shares popped 19% in a single trading session.
MU's memory rally is further highlighted by its latest reported quarterly results, where its revenues more than quadrupled year over year. This upside in its top line was primarily driven by robust AI-led memory demand, with its data center revenues exceeding $25 billion, reflecting an annualized run rate of more than $100 billion.
Its gross margins jumped dramatically from 39% to an eye-popping 84.9%, thanks to higher pricing. Consequently, the memory chipmaker delivered record adjusted earnings growth of over 1,200% on a year-over-year basis.
No doubt, such strong quarterly results caused MU's stock price to jump 15% in after-hours trading following the earnings announcement.
Investor confidence in MU's long-term viability was further cemented by its latest partnership with AI leader Anthropic to supply next-generation infrastructure. With memory chip supply expected to remain tight past 2027, this deal locks in years of predictable, high-margin revenues for Micron and adds impetus to its share price appreciation.
Story Continues
A Booming Semiconductor Market & the Case for ETFs
The AI boom has transformed the semiconductor landscape, with investors widening their focus beyond chip giants like NVIDIA NVDA to include the entire ecosystem of "AI enablers". As a result, companies that design the processors, interconnects, and interfaces needed to support and leverage high-speed memory technologies such as High Bandwidth Memory ("HBM") are also experiencing strong share price appreciation, boosting the entire semiconductor industry.
For instance, Marvell Technology MRVL, which specializes in custom silicon and complex network data infrastructure, climbed approximately 201% in the second quarter.
The semiconductor industry is projected to maintain a massive multi-year growth trajectory, supported by constrained supply lines and unrelenting hyperscaler data center spending.
Timing entries into individual chip stocks can be challenging for investors, while also exposing them to the risks associated with concentrated single-stock investments. Specialized semiconductor ETFs can offer diversified exposure to the entire semiconductor value chain, enabling investors to capture upside from multiple segments, including memory makers like Micron, CPU manufacturers such as Intel and AMD, and networking specialists like Marvell.
ETFs to Buy
Considering the aforementioned discussion, one may consider adding the following semiconductor ETFs to their portfolios:
Strive U.S. Semiconductor ETF SHOC
This fund, with net assets worth $269 million, offers exposure to U.S.-listed semiconductor stocks. NVDA holds the first position in this fund, with 17.26% weightage, while MU holds the second spot with 13.81% weightage. AMD holds the sixth position in this fund, with 5% weightage, while INTC holds the ninth spot with 4.53% weightage. MRVL holds the 10th position with 4.13% weightage.
SHOC has rallied 77.7% year to date. The fund charges 40 basis points (bps) as fees.
Global X AI Semiconductor & Quantum ETF CHPX
This fund, with net assets worth $256.2 million, offers exposure to 38 companies that are positioned to benefit from the growth and advancement of the artificial intelligence (AI) semiconductor and quantum computing ecosystems. MU holds the first position in this fund, with 13.65% weightage, while AMD holds the sixth spot with 4.97% weightage. MRVL holds the seventh position in this fund, with 4.88% weightage, while INTC holds the ninth spot with 4.66% weightage.
CHPX has surged 95% year to date. The fund charges 50 bps as fees.
First Trust NASDAQ Semiconductor ETF FTXL
This fund, with net assets worth $2.75 billion, offers exposure to 34 U.S. semiconductor companies. INTC holds the first position in this fund, with 13.02% weightage, while MU holds the second spot with 12.52% weightage. MRVL holds the third position in this fund, with 7.67% weightage, while AMD holds the fourth spot with 6.08% weightage.
FTXL has jumped 120% year to date. The fund charges 60 bps as fees.
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Intel Corporation (INTC) : Free Stock Analysis Report
Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report
Micron Technology, Inc. (MU) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid
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Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid
Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid
David Moadel
July 1, 2026 4 min read
- AMD
+5.67%
- INTC
+2.09%
- SOXL
+10.08%
- AVGO
+3.20%
- NVDA
-0.66%
Quick Read
- Intel (INTC) and Advanced Micro Devices (AMD) shares each jumped 7% Tuesday, extending year-to-date gains of 277% and 163% as AI infrastructure spending powers broad semiconductor demand.
- AMD now trades at 172x earnings and Intel's analyst consensus target of $96 sits well below current prices, flagging stretched valuations despite the rally.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .
Chip stocks are catching a strong risk-on bid at midday Tuesday, with mega-cap semiconductors leading the broader tape higher. Intel ( NASDAQ:INTC ) stock is up 7% to $140.56, while Advanced Micro Devices ( NASDAQ:AMD ) stock is up 7% to $577.13.
Thinkstock The leveraged sector proxy is moving even harder. Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) shares are up 11% to $263.09, amplifying the broader chip group's gain in a textbook session for the 3x daily product.
The move builds on a long stretch of leadership for AI infrastructure names. AMD stock is up 163% year to date and, astoundingly, Intel stock is up 277% over the same time frame.
Risk-On Bid Lifts the Chip Group
Today's rally looks like a broad sector move rather than a stock-specific event for either Advanced Micro Devices or Intel. The bid appears broadly sector-wide, with AMD and Intel rising alongside peers rather than on company-specific news.
The backdrop remains the AI infrastructure spending narrative that has powered semiconductors all year. AMD's most recent quarter showed Data Center revenue of $5.8 billion, up 57% year over year, with CEO Lisa Su telling investors customer engagement around the MI450 Series and Helios was "strengthening, with leading customer forecasts exceeding our initial expectations."
Intel's own Q1 2026 report showed Data Center and AI revenue up 22% year over year to $5.05 billion, with CEO Lip-Bu Tan flagging Intel Xeon 6 as the host CPU for NVIDIA ( NASDAQ:NVDA ) DGX Rubin NVL8 systems. That ecosystem positioning continues to support sentiment.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .
SOXL Amplifies the Sector Move
SOXL offers broad leveraged exposure to the chip group. The Direxion Daily Semiconductor Bull 3X Shares is a leveraged ETF that seeks 300% of the daily performance of a broad semiconductor index whose constituents include NVIDIA, Advanced Micro Devices, Broadcom ( NASDAQ:AVGO ), and Intel. Top holdings as of the latest filing included Advanced Micro Devices at 4.56%, Broadcom at 4.51%, and Intel at 3.57%.
Story Continues
Because of the 3x daily reset, a strong up day for the chip group produces an outsized move in the ETF. That mechanic explains why a mid-single-digit advance in the underlying index translates into a double-digit pop for SOXL shares.
Investors can treat the product accordingly. Importantly, leveraged ETFs are designed for single-day tactical exposure.
They amplify both gains and losses, and due to daily compounding and volatility decay, they can underperform the underlying index over longer holding periods. SOXL is a high-risk instrument intended for short-term use, with daily compounding making it ill-suited for buy-and-hold portfolios.
Context: Big Runs, Big Volatility
Today's move comes off a soft prior week. Over the past year, AMD stock is up 298% and Intel stock is up 522%. SOXL shares are up 16% over the past month, even after a sharp pullback into late June.
Retail sentiment is reflecting the bounce. Reddit chatter on Advanced Micro Devices stock flipped from bearish readings of 28 to 43 in late June to bullish prints of 64 to 74 heading into this week. The composite sentiment read on AMD now sits at 60.68, bullish with medium confidence.
The valuation backdrop remains demanding, though. AMD trades at a P/E ratio of 172x, and the analyst consensus target on Intel of $96.07 sits well below the current share price.
What to Watch
The first question is whether today's gains hold into the close, or whether momentum traders fade the move after the SOXL spike. Volume and tape action through the afternoon will tell that story.
Beyond today, investors can watch for any incremental analyst notes on AI capex and the next round of hyperscaler commentary. With AMD's Q2 2026 guidance of $11.2 billion in revenue already on the table, the next scheduled earnings cycle is the more durable catalyst. In any case, position sizing should stay modest given how far these names have run.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
FCA sets landmark crypto rules to cement the UK’s place as a global hub
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- FCA规则覆盖交易平台、中介、托管、稳定币发行和质押安排机构，并要求资本、压力测试和市场诚信控制。
- 授权申请窗口为2026-09-30至2027-02-28，强制制度定于2027-10-25生效。
英文原文
FCA sets landmark crypto rules to cement the UK’s place as a global hub
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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL
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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL
The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL
Zacks Equity Research
June 26, 2026 5 min read
- MU
+4.52%
- NOVN.SW
-1.27%
- QCOM
+2.44%
- MUU
+8.76%
- CHPX
+3.18%
For Immediate Release
Chicago, IL – June 26, 2026 – Zacks.com announces the list of stocks and featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology MU, Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL.
Here are highlights from Friday's Analyst Blog:
Top Research Reports for JPMorgan, Novartis & Qualcomm
On June 24, 2026, Micron Technology delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.
Record Quarter Crushes Expectations
Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.
Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.
Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.
AI Demand Keeps Memory Markets Tight
The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.
Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.
Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.
Sturdy Margins
Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.
The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.
Data Center Business Leads the Charge
Story Continues
All four business segments delivered explosive growth, with data centers standing out as the primary driver.
Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.
AI Customers Are Securing Supply, Not Just Buying Chips
The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.
Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.
As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.
ETFs in Focus
Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF and GraniteShares 2x Long MU Daily ETF , these are risky bets.
AXS Knowledge Leaders ETF , iShares MSCI USA Value Factor ETF , Strive U.S. Semiconductor ETF , Global X AI Semiconductor & Quantum ETF and First Trust Nasdaq Semiconductor ETF has considerable weight in MU shares.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Micron Technology, Inc. (MU) : Free Stock Analysis Report
iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
ETF League Tables: T.Rowe Price Adds $1.1 Billion
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ETF League Tables: T.Rowe Price Adds $1.1 Billion
ETF League Tables: T.Rowe Price Adds $1.1 Billion
ETF.com Staff
June 26, 2026 49 min read
- DRAM
+3.74%
Hero image 760x520 green (Table below reflects daily flows on June 25, 2026 and asset totals as of that date.)
ETF Brand League Table
Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.
Brand
AUM ($, mm)
Net Flows ($, mm)
% of AUM
YTD 2026 Net Flows($,M)
iShares
4,499,393.04
14,430.35
0.32%
281,491.24
Vanguard
4,447,866.79
-16,856.56
-0.38%
269,945.44
SPDR
1,882,106.35
-256.00
-0.01%
23,314.74
Invesco
960,771.25
1,514.03
0.16%
51,397.33
Schwab
576,563.81
94.84
0.02%
31,704.19
JPMorgan
321,564.96
123.11
0.04%
35,824.76
Dimensional
295,004.32
756.03
0.26%
25,598.28
First Trust
219,881.22
308.44
0.14%
16,629.11
Fidelity
170,041.64
415.33
0.24%
16,093.18
VanEck
161,311.74
-1,741.81
-1.08%
8,921.00
Tradr
158,153.77
1,053.82
0.67%
45,482.85
Capital Group
148,335.60
601.68
0.41%
32,666.13
Avantis
136,992.88
598.38
0.44%
26,310.19
ProShares
122,856.72
226.50
0.18%
5,948.13
WisdomTree
98,536.03
-94.23
-0.10%
3,415.43
Global X
95,376.34
-28.91
-0.03%
12,204.06
Direxion
75,665.30
572.40
0.76%
-14,979.57
Goldman Sachs
63,368.13
99.28
0.16%
7,000.69
PIMCO
56,598.06
44.50
0.08%
10,077.16
FT Vest
55,072.36
493.83
0.90%
5,138.19
Franklin
46,480.49
245.01
0.53%
8,074.31
Janus Henderson
43,805.87
14.65
0.03%
4,991.39
Pacer
39,818.19
49.57
0.12%
-920.19
Innovator
35,538.05
803.60
2.26%
3,762.72
PGIM
33,660.14
-438.41
-1.30%
10,404.12
Roundhill
32,821.45
972.08
2.96%
18,227.46
Xtrackers
31,614.71
10.93
0.03%
811.25
T. Rowe Price
29,150.85
1,107.47
3.80%
6,857.99
Neos
29,138.50
122.13
0.42%
11,614.08
FlexShares
26,084.39
1.19
0.00%
1,111.00
VictoryShares
22,745.59
30.69
0.13%
2,619.49
AB Funds
19,603.40
54.54
0.28%
4,663.77
Amplify
18,989.01
29.44
0.16%
1,696.78
abrdn
18,907.66
-21.30
-0.11%
-935.65
Nuveen
17,947.42
8.17
0.05%
1,605.32
BNY Mellon
17,896.27
0.00
0.00%
1,260.05
Alpha Architect
16,267.37
-12.66
-0.08%
3,465.01
ARK
15,495.09
-39.28
-0.25%
-957.02
Grayscale
15,079.87
-11.36
-0.08%
-1,481.12
John Hancock
14,937.42
14.62
0.10%
5,129.43
GraniteShares
13,902.87
-629.29
-4.53%
1,182.30
Simplify
13,898.90
1.53
0.01%
2,150.67
Columbia
12,745.35
40.63
0.32%
1,174.44
Defiance
12,685.84
130.83
1.03%
4,318.71
Alerian
12,614.59
21.91
0.17%
658.26
Putnam
12,222.12
26.90
0.22%
4,202.68
Eaton Vance
11,652.35
42.36
0.36%
3,205.44
Principal
10,446.79
2.80
0.03%
1,218.47
YieldMax
9,484.86
35.59
0.38%
1,233.77
US Benchmark Series
9,138.09
-11.94
-0.13%
1,055.19
ALPS
8,678.49
11.38
0.13%
549.96
KraneShares
8,216.11
-23.28
-0.28%
607.72
Hartford
7,844.60
21.18
0.27%
1,191.67
BondBloxx
7,825.93
10.07
0.13%
1,967.67
REX Microsectors
7,706.24
0.00
0.00%
333.96
New York Life Investments
7,576.94
13.08
0.17%
1,096.97
SEI
7,248.33
1.35
0.02%
897.33
Harbor
7,156.03
-5.05
-0.07%
1,573.65
TCW
7,136.97
3.40
0.05%
1,385.40
American Century
6,385.58
-15.76
-0.25%
568.69
Aptus
5,702.74
2.27
0.04%
404.00
Allianz
5,672.90
0.84
0.01%
11,895.80
GMO
5,562.93
8.51
0.15%
1,627.92
Sprott
5,305.23
-14.93
-0.28%
1,185.42
Virtus
5,286.78
10.43
0.20%
526.05
Akre
5,231.36
-30.10
-0.58%
-2,849.27
Morgan Stanley
4,948.10
8.92
0.18%
452.04
Fundstrat
4,833.95
-2.50
-0.05%
268.35
ActivePassive
4,758.75
56.60
1.19%
305.72
Bitwise
4,652.32
0.14
0.00%
376.79
Bahl & Gaynor
4,485.79
-18.50
-0.41%
1,711.26
Main Funds
4,471.36
0.87
0.02%
342.33
Tema
4,386.37
-137.88
-3.14%
2,915.61
Cambria
4,359.39
0.00
0.00%
198.92
Invesco DB
4,231.57
-47.75
-1.13%
792.41
Eagle
4,161.37
7.51
0.18%
751.01
US Commodity Funds
4,152.39
-50.20
-1.21%
791.17
SP Funds
4,008.56
18.95
0.47%
1,005.91
iM
4,006.63
-3.82
-0.10%
1,778.18
Neuberger Berman
3,780.10
-9.08
-0.24%
909.11
Freedom
3,713.48
7.17
0.19%
777.62
First Eagle
3,399.13
8.38
0.25%
1,980.96
Calamos
3,325.55
11.59
0.35%
1,782.52
Inspire
3,274.37
0.00
0.00%
439.35
Angel Oak
3,109.13
1.46
0.05%
865.21
MFS
3,005.06
-1.97
-0.07%
1,409.54
Thrivent
2,974.05
1.00
0.03%
107.56
DoubleLine
2,846.91
0.00
0.00%
555.74
Strive
2,823.55
-0.88
-0.03%
185.27
Bridgeway
2,769.10
-22.07
-0.80%
136.78
Federated Hermes
2,725.44
1.61
0.06%
956.08
Bluemonte
2,725.04
1.81
0.07%
455.14
Motley Fool
2,641.84
0.00
0.00%
-93.35
Brown Advisory
2,636.85
1.50
0.06%
229.59
Leverage Shares
2,628.61
81.42
3.10%
7,814.18
2,509.31
-10.31
-0.41%
416.82
Davis
2,486.65
-15.43
-0.62%
274.33
ROBO Global
2,480.89
22.94
0.92%
463.42
T-Rex
2,396.16
58.41
2.44%
2,279.77
Volatility Shares
2,312.96
-8.37
-0.36%
945.48
Horizon
2,179.06
-20.89
-0.96%
213.03
BlackRock
2,136.88
0.00
0.00%
-78.23
ERShares
2,092.30
-20.57
-0.98%
663.15
Rockefeller Capital Management
2,058.06
2.54
0.12%
116.63
VistaShares
1,973.64
59.89
3.03%
858.85
Distillate
1,970.03
0.00
0.00%
-36.19
Lazard
1,922.03
13.91
0.72%
878.55
Tortoise
1,892.89
3.47
0.18%
136.28
Portfolio Building Block
1,887.60
0.00
0.00%
1,824.40
Horizons
1,840.86
96.85
5.26%
428.91
Touchstone
1,799.00
1.82
0.10%
588.38
AdvisorShares
1,748.03
-0.90
-0.05%
38.68
Vident
1,649.25
0.00
0.00%
-10.55
Calvert
1,582.68
8.36
0.53%
185.58
Alger
1,490.07
7.95
0.53%
516.73
TrueShares
1,477.71
0.74
0.05%
385.27
Meridian
1,437.76
1.29
0.09%
39.74
iPath
1,419.57
-28.45
-2.00%
-16.74
Return Stacked
1,390.80
5.15
0.37%
211.59
HCM
1,380.46
0.00
0.00%
-1.96
Sapient
1,355.79
-25.88
-1.91%
-5.33
Kovitz
1,341.63
0.00
0.00%
19.23
Allspring
1,331.96
0.00
0.00%
84.10
Timothy
1,321.61
0.00
0.00%
109.38
Sterling Capital
1,305.05
-0.01
0.00%
744.13
CCM
1,251.55
0.91
0.07%
-12.40
Wahed
1,239.52
55.91
4.51%
189.17
Burney
1,236.95
1.72
0.14%
55.07
ETRACS
1,223.07
0.00
0.00%
276.84
Congress
1,171.78
0.00
0.00%
-5.53
Select
1,162.44
-5.45
-0.47%
176.29
Oakmark
1,149.27
-14.78
-1.29%
173.52
Natixis
1,141.88
0.42
0.04%
277.17
US Global
1,125.58
0.00
0.00%
30.70
Macquarie
1,116.39
9.70
0.87%
274.88
Monarch
1,099.99
0.00
0.00%
167.69
Oneascent
1,089.72
2.91
0.27%
170.13
USCF Advisers
1,088.56
0.00
0.00%
233.47
REX
1,078.94
0.00
0.00%
154.89
Cohen & Steers
1,069.58
0.00
0.00%
472.82
Summit Global Investments
1,029.93
0.47
0.05%
86.35
American Beacon
1,021.30
0.00
0.00%
496.22
Panagram
993.38
0.00
0.00%
-46.98
CoRe
992.07
0.00
0.00%
109.36
BBH
989.82
-3.64
-0.37%
-25.40
Northern Trust
963.53
0.00
0.00%
51.43
Gotham
949.46
0.00
0.00%
35.55
Brandes
946.49
4.21
0.45%
67.60
AAM
938.07
3.03
0.32%
94.99
Range
909.16
0.09
0.01%
97.82
Strategas
909.02
9.30
1.02%
371.35
3Edge
867.69
4.70
0.54%
204.32
Castellan
866.86
27.39
3.16%
63.68
Baron
822.71
-6.54
-0.80%
377.29
SMI Funds
819.07
0.00
0.00%
42.53
Procure
815.60
-1.20
-0.15%
688.33
Teucrium
815.36
-4.57
-0.56%
570.09
Scharf
809.75
0.00
0.00%
-43.54
CoinShares
805.76
0.00
0.00%
39.17
Zacks
796.54
0.02
0.00%
168.16
Twin Oak
794.11
0.00
0.00%
37.20
InfraCap
793.01
0.00
0.00%
122.13
Bushido
792.31
-98.90
-12.48%
82.83
Thornburg
780.37
6.85
0.88%
332.31
Strategy Shares
770.97
-1.04
-0.13%
-48.81
Longview
758.07
0.00
0.00%
50.18
SoFi
754.47
0.00
0.00%
39.16
Russell Investments
748.11
2.50
0.33%
163.33
The Brinsmere Funds
741.25
0.29
0.04%
-19.40
Convergence
715.07
3.41
0.48%
348.20
Swan
701.62
0.00
0.00%
55.23
Opus Capital Management
687.63
0.00
0.00%
-25.19
Day Hagan
679.49
0.00
0.00%
-51.08
Tidal ETFs
667.77
0.00
0.00%
-7.50
RPAR
651.87
0.00
0.00%
-2.35
Barclays
641.73
0.00
0.00%
17.98
Nicholas
637.92
3.92
0.61%
212.47
Matthews
634.40
0.00
0.00%
88.08
LSV
631.24
0.16
0.03%
3.23
Overlay Shares
625.91
3.20
0.51%
159.54
Counterpoint
624.81
6.10
0.98%
181.95
NPF
622.56
0.00
0.00%
0.17
Brookstone
606.11
0.00
0.00%
-23.99
Corgi
596.59
42.27
7.09%
581.07
ClearBridge
584.60
-0.02
0.00%
33.93
Applied Finance
574.38
0.00
0.00%
154.87
Elm
571.45
-99.22
-17.36%
36.87
Arlington
566.80
0.00
0.00%
14.84
TappAlpha
564.25
1.85
0.33%
323.85
GQG Partners
563.42
3.05
0.54%
210.91
Parametric
560.35
2.90
0.52%
112.86
FundX
545.27
0.00
0.00%
47.64
FPA
543.96
4.86
0.89%
226.78
FCF Advisors
535.28
0.00
0.00%
-336.48
Anfield
533.59
-77.67
-14.56%
-15.63
Voya
528.18
-21.09
-3.99%
196.19
Vert
526.54
0.02
0.00%
27.78
Max
514.05
0.00
0.00%
3.76
Eventide
503.95
1.87
0.37%
129.65
Kensington
500.13
0.77
0.15%
153.11
Adaptive
497.27
0.00
0.00%
9.65
Astoria
495.97
2.55
0.51%
96.02
Kurv
482.50
1.28
0.26%
267.72
PlanRock
480.99
-2.64
-0.55%
70.35
F/m
472.19
1.75
0.37%
246.68
AXS Investments
466.43
-4.53
-0.97%
70.57
Beyond
455.24
0.00
0.00%
91.59
REX Shares
449.79
4.63
1.03%
273.89
Myriad Capital
445.47
0.00
0.00%
6.52
Saba
424.11
0.00
0.00%
20.38
Equable
416.18
0.00
0.00%
66.55
Toews
414.24
0.00
0.00%
0.67
Tweedy, Browne Co.
410.30
0.00
0.00%
165.61
Palmer Square
405.96
0.52
0.13%
211.48
EA Series Trust
395.76
1.73
0.44%
86.65
Wisdom
384.70
0.00
0.00%
18.69
Westwood
384.63
3.40
0.88%
146.61
ClearShares
384.52
0.00
0.00%
-8.44
Pacific Funds
370.06
0.00
0.00%
238.65
Aberdeen
362.73
0.00
0.00%
83.73
Subversive
356.38
1.10
0.31%
-2.90
Segall Bryant & Hamill
354.08
0.00
0.00%
17.44
Themes
349.61
3.90
1.12%
122.76
Hedgeye
339.12
-1.90
-0.56%
211.46
ROC
333.57
-2.38
-0.71%
-16.57
Canary
325.86
0.00
0.00%
99.95
Optimize
317.02
0.00
0.00%
21.15
CastleArk
311.88
0.01
0.00%
-9.53
Transamerica
310.27
0.00
0.00%
267.79
NestYield
300.65
0.00
0.00%
54.16
Adasina
297.97
0.00
0.00%
6.27
Northern Funds
297.51
0.00
0.00%
163.93
Frontier
295.80
0.01
0.00%
4.05
Faith Investor Services
293.49
0.00
0.00%
82.32
MarketDesk
292.92
4.61
1.57%
156.64
Essential 40
289.44
0.00
0.00%
67.43
Quadratic
283.91
0.01
0.00%
-178.02
Fairlead
283.81
0.00
0.00%
0.98
Mango
281.58
10.80
3.84%
1,291.48
Nomura
280.85
-1.62
-0.58%
220.13
AGF
280.44
0.00
0.00%
64.60
Amplius
276.14
0.00
0.00%
5.04
Tuttle Capital
269.90
3.54
1.31%
2,701.58
Bancreek
269.66
0.00
0.00%
64.97
THOR
268.24
0.99
0.37%
12.36
Oak Funds
267.51
0.00
0.00%
3.05
Rareview Funds
264.00
0.00
0.00%
43.43
JLens
258.96
0.00
0.00%
35.72
Little Harbor Advisors
256.13
0.00
0.00%
3.42
Spear
252.22
0.00
0.00%
38.49
21Shares
248.65
0.36
0.14%
40.67
SRH
248.43
-1.47
-0.59%
-1.52
Leuthold
246.26
1.15
0.47%
103.46
EMQQ
245.59
-1.55
-0.63%
-26.72
Cabana
243.46
0.00
0.00%
-61.49
Regan
239.93
0.00
0.00%
55.18
State Street
236.74
32.43
13.70%
74.43
Weitz
225.11
0.00
0.00%
92.16
Hilton
222.27
0.00
0.00%
-15.68
CresAlta
221.81
-6.71
-3.02%
1.39
LeaderShares
218.26
0.00
0.00%
-99.05
Pathfinder
216.39
0.22
0.10%
215.62
Pabrai
214.55
0.00
0.00%
88.11
Hashdex
213.20
0.00
0.00%
126.45
DB
212.56
0.00
0.00%
-30.59
Madison
208.01
0.00
0.00%
-17.64
Gadsden
207.91
0.00
0.00%
13.35
Towle
201.95
0.00
0.00%
88.34
Dana
197.77
1.19
0.60%
20.56
Guggenheim
194.70
2.50
1.28%
12.50
Renaissance
192.47
0.00
0.00%
12.32
BeeHive
192.24
0.00
0.00%
1.42
Unlimited
191.63
0.00
0.00%
100.04
Argent
190.77
0.00
0.00%
15.70
Adaptiv
186.86
0.00
0.00%
5.80
Obra
185.12
0.00
0.00%
113.73
McElhenny Sheffield
184.76
0.00
0.00%
28.93
Alexis
181.84
0.00
0.00%
15.22
Polen
181.15
0.00
0.00%
-145.89
Parnassus Investments
178.61
0.00
0.00%
63.71
OPAL
175.12
0.00
0.00%
40.76
Ballast
174.06
0.00
0.00%
3.45
Gabelli
173.06
-3.76
-2.17%
58.90
Rayliant
171.74
-0.46
-0.27%
-36.31
Pictet
171.12
0.79
0.46%
94.11
Tremblant
170.72
0.00
0.00%
5.16
DWS
167.20
0.00
0.00%
33.15
Liberty One
165.96
0.00
0.00%
76.06
SoundWatch Capital
164.06
0.00
0.00%
-4.06
RiverFront
163.46
0.00
0.00%
-19.35
Praxis
160.73
1.83
1.14%
15.65
Shelton Capital
151.07
0.00
0.00%
87.60
ACV
150.60
0.00
0.00%
2.57
SWP
150.60
0.00
0.00%
8.42
ETC
149.43
0.00
0.00%
-3.30
Hull
149.36
0.00
0.00%
10.32
DFA
146.87
2.95
2.01%
126.82
Emerald
146.73
0.33
0.23%
13.20
The Future Fund
142.99
0.00
0.00%
7.70
Absolute
141.64
0.00
0.00%
14.38
Raymond James
140.94
0.00
0.00%
72.24
WBI Shares
139.16
0.00
0.00%
-13.75
River1
138.33
0.00
0.00%
19.03
Hoya
138.23
0.00
0.00%
3.40
Genter Capital
136.64
0.21
0.15%
454.51
Conductor Fund
129.19
0.00
0.00%
1.03
Euclidean
128.83
-11.45
-8.89%
-19.82
Impact Shares
128.71
0.01
0.01%
-13.64
Relative Sentiment
127.57
0.00
0.00%
51.37
Donoghue Forlines
126.19
0.00
0.00%
63.84
Reckoner
125.99
0.00
0.00%
69.94
PLUS
125.18
-1.27
-1.02%
76.58
Texas Capital
121.99
0.00
0.00%
4.79
Founder
121.60
3.41
2.80%
110.81
REX-Osprey
121.16
0.00
0.00%
-35.63
MC
118.13
0.00
0.00%
0.59
Impax
117.20
1.80
1.53%
-411.83
Altshares
116.86
-0.02
-0.01%
3.49
First Manhattan
116.84
0.00
0.00%
0.69
Q3
114.63
0.00
0.00%
45.05
Clough
114.23
2.01
1.76%
13.68
Keating
113.12
0.64
0.56%
3.75
Logan
112.57
0.00
0.00%
2.62
Academy
111.95
0.00
0.00%
25.43
Sparkline
111.60
0.00
0.00%
20.56
Siren
111.13
0.00
0.00%
-9.06
STF
109.60
0.00
0.00%
-10.62
SmartETFs
106.99
0.00
0.00%
17.99
Avos
105.62
0.00
0.00%
3.40
Mohr Funds
104.40
0.00
0.00%
1.84
Indexperts
103.46
0.00
0.00%
-0.15
AOT
101.94
0.00
0.00%
1.81
Miller
101.17
0.00
0.00%
11.46
ARS
99.29
0.00
0.00%
1.80
Sophus
97.13
1.57
1.61%
99.13
Pinnacle
96.18
0.00
0.00%
29.68
Hennessy
95.32
0.00
0.00%
-8.48
Arin
94.34
0.00
0.00%
2.78
IDX
91.25
0.00
0.00%
8.93
Sovereign's
89.91
0.00
0.00%
-8.35
Matrix
89.75
0.00
0.00%
-2.69
Diamond Hill
89.65
0.00
0.00%
29.52
Jensen
88.06
0.00
0.00%
-31.33
Acuitas
87.45
0.00
0.00%
77.68
Smart
87.05
-4.57
-5.24%
674.41
Affinity
85.27
0.00
0.00%
15.90
ArrowShares
84.54
0.00
0.00%
4.35
Ocean Park
83.03
0.00
0.00%
33.19
Stone Ridge
82.46
0.00
0.00%
3.14
BrandywineGLOBAL
81.60
0.00
0.00%
-58.09
WealthTrust
80.82
0.00
0.00%
12.65
aberdeen
79.05
0.00
0.00%
-14.36
North Square
78.00
0.76
0.98%
20.82
M.D. Sass
77.08
0.00
0.00%
6.49
Pzena
74.77
0.00
0.00%
38.30
SonicShares
74.17
0.00
0.00%
15.96
Carbon Collective
73.42
0.00
0.00%
7.03
Fitzgerald
72.57
0.00
0.00%
75.69
BufferLABS
71.20
0.00
0.00%
4.95
Moonvest
70.49
0.00
0.00%
41.03
Discipline Funds
70.38
1.01
1.43%
8.71
Anydrus
68.66
0.00
0.00%
8.24
Sound Income Strategies
68.11
0.00
0.00%
-2.93
Aztlan
67.82
0.00
0.00%
2.68
FM
67.45
0.00
0.00%
0.47
Symmetry Panoramic
66.77
0.01
0.02%
7.22
Performance Trust
66.17
0.00
0.00%
30.90
Cambiar Funds
66.16
0.01
0.02%
0.65
PMV
65.38
0.00
0.00%
11.48
Golden Eagle
65.27
0.00
0.00%
49.00
RAM
64.45
0.01
0.02%
6.50
Breakwave
63.84
1.22
1.92%
-29.02
WarCap
62.87
0.00
0.00%
13.42
Suncoast
61.14
0.00
0.00%
8.01
Even Herd
60.60
0.00
0.00%
-3.14
Peak
60.02
0.00
0.00%
5.03
Warren
59.81
0.00
0.00%
14.64
Osprey
58.83
0.00
0.00%
-50.78
North Shore
57.84
-0.57
-0.98%
-0.81
Man
57.39
0.00
0.00%
3.06
LOGIQ
56.57
0.00
0.00%
0.05
Ritholtz
54.44
0.00
0.00%
7.18
UVA
53.74
0.00
0.00%
2.20
Cullen
53.72
0.00
-0.01%
11.19
NETL
52.95
0.00
0.00%
5.85
Nelson
52.51
0.00
0.00%
6.23
QRAFT
51.56
0.00
0.00%
-0.69
PL
51.06
0.00
0.00%
9.73
RiverNorth
50.55
0.00
0.00%
5.15
Franklin Templeton
50.49
0.00
0.00%
0.00
Sarmaya Partners
50.30
0.00
0.00%
31.00
UBS
48.83
0.00
0.00%
0.00
Tuttle
46.94
0.00
0.00%
7.25
Mairs & Power
46.81
0.00
0.00%
10.78
Crossmark
45.09
-0.30
-0.67%
7.05
Alternative Access
45.03
0.01
0.01%
2.51
Worth Charting
44.25
0.00
0.00%
43.31
India
44.21
0.02
0.05%
-3.31
TimesSquare
44.21
0.00
0.00%
39.89
Bridges
43.36
0.00
0.00%
-3.05
Variant Perception
43.22
0.00
0.00%
5.01
Dakota
42.04
0.00
0.00%
-0.01
Goose Hollow
41.03
0.00
0.00%
-0.70
Formidable
40.81
0.00
0.00%
-1.37
Morgan Dempsey
40.14
0.00
0.00%
2.46
Cultivar
38.73
0.28
0.73%
2.02
Stacked
38.57
0.53
1.37%
-31.06
Concourse
38.28
-1.35
-3.54%
1.44
Man GLG
37.81
0.00
0.00%
1.63
Peerless
37.45
0.00
0.00%
11.08
RAFI Indices
37.37
0.00
0.00%
-2.14
CRM
37.35
0.10
0.26%
41.83
Chesapeake
37.14
0.00
0.00%
37.23
Guru
35.76
0.00
0.00%
-0.98
Tactical Funds
35.73
0.22
0.61%
1.33
ZEGA
34.82
0.00
0.00%
-1.16
Grizzle
34.80
0.00
0.00%
13.02
ChinaAMC
34.30
1.90
5.54%
18.42
Bastion
33.35
0.00
0.00%
2.74
ADRhedged
32.51
-0.02
-0.07%
7.93
Advent
32.06
0.00
0.00%
3.76
Acquirers Fund
32.00
0.00
0.00%
-2.84
The Nightview
31.00
0.00
0.00%
1.50
Point Bridge Capital
30.33
0.00
0.00%
-2.77
OTG
27.98
0.00
0.00%
4.28
Core Alternative
26.93
0.00
0.00%
-9.90
MUFG
25.11
0.00
0.00%
0.94
Intelligent Investor
23.34
0.00
0.00%
-0.85
NovaTide
21.45
0.00
0.00%
7.58
Manzil
21.43
0.00
0.00%
18.19
Wedbush
21.37
0.00
0.00%
19.12
Draco
21.24
0.00
0.00%
-2.75
Brendan Wood
20.85
0.00
0.00%
0.00
DGA
20.18
0.00
0.00%
-0.01
AMG Funds
20.06
0.00
0.00%
9.52
FMQQ
19.29
-0.01
-0.06%
-2.84
Altrius
19.09
0.00
0.00%
3.34
Defender
18.97
0.00
0.00%
19.04
GGM
18.88
0.00
0.00%
0.76
StockSnips
18.60
0.00
0.00%
-0.94
Leatherback
17.38
0.00
0.00%
-5.25
Atlas
17.15
0.00
0.00%
-0.26
Rainwater
17.14
0.00
0.00%
-1.96
Yorkville
17.06
0.00
0.00%
14.29
Pareto
16.63
0.00
0.00%
2.11
CrossingBridge Funds
15.88
4.76
30.00%
-6.80
Humilis
15.85
-1.49
-9.38%
16.08
DAC
15.13
0.00
0.00%
2.58
Clockwise Capital
14.43
0.00
0.00%
3.19
Archer Funds
13.35
0.26
1.92%
9.60
MKAM
12.99
0.00
0.00%
0.61
Free Market
12.91
0.00
0.00%
-6.14
CLS
12.50
0.00
0.00%
8.71
Truth Social
12.32
0.00
0.00%
9.33
Regents Park
12.18
-42.62
-350.00%
-39.04
Vegashares
11.96
2.36
19.73%
12.20
Build
11.92
0.00
0.00%
0.64
Alpha
11.53
-0.99
-8.57%
-0.01
Ionic
11.38
0.00
0.00%
0.97
WEBs
11.20
0.00
0.00%
7.44
Arimathea
10.97
0.00
0.00%
11.02
iMGP
10.43
0.00
0.00%
0.67
MRBL
10.26
0.00
0.00%
3.84
FINQ
10.22
0.00
0.00%
9.77
SanJac Alpha
9.99
0.00
0.00%
4.78
Billionaires
9.94
0.00
0.00%
9.93
FolioBeyond
9.91
0.00
0.00%
0.00
Armada ETF Advisors
9.74
0.00
0.00%
-1.70
Oasis
9.59
0.00
0.00%
1.94
ETFB
9.48
0.00
0.00%
1.00
Hypatia Capital
9.31
0.00
0.00%
1.38
Coastal
9.21
0.00
0.00%
2.85
Vontobel
9.11
0.00
0.01%
-0.01
Fundsmith
7.72
0.00
0.00%
2.79
GSR
7.71
0.00
0.00%
8.44
Onefund
7.23
0.00
0.00%
-0.75
X-Square
7.19
0.00
0.00%
2.57
Armor
7.04
0.00
0.00%
6.78
Prospera Funds
6.94
0.30
4.35%
4.92
WHITEWOLF
6.87
0.00
0.00%
0.47
Mason Capital
6.73
0.00
0.00%
0.30
ATAC
5.82
0.00
0.00%
-0.39
Templeton
5.79
0.00
0.00%
0.00
Income STKd
5.78
0.46
7.95%
9.21
Reverb ETF
5.70
0.00
0.00%
0.00
Honeytree
5.51
0.00
0.00%
-2.70
USCF
5.14
0.00
0.00%
-1.51
Ned Davis Research
4.46
0.00
0.00%
2.26
Kingsbarn
4.39
0.00
0.00%
-0.66
AllianceBernstein
4.20
0.00
0.00%
0.00
Wilmington Funds
3.43
0.00
0.00%
5.92
Abacus
3.29
0.00
0.00%
0.20
Arrow Funds
3.16
0.00
0.00%
-0.02
Horizon Kinetics
2.81
0.00
0.00%
2.66
Hotchkis & Wiley
2.70
0.00
0.00%
0.01
Fidelity Advisor
2.49
0.00
0.00%
0.00
Langar
2.37
0.00
0.00%
-0.95
CoreValues Alpha
2.35
0.00
0.00%
0.83
Ruk
2.14
0.00
0.00%
2.11
Aura
1.97
0.00
0.00%
2.06
Milliman
1.96
0.00
0.00%
1.51
Opportunistic
1.81
0.00
0.00%
-4.94
COtwo
1.80
0.00
0.00%
0.00
Cyber Hornet
1.47
0.00
0.00%
1.57
Climate Global
1.33
0.00
0.00%
0.90
Guinness Atkinson
1.03
0.00
0.00%
0.00
xETFs
0.84
0.00
0.00%
0.00
Fortuna
0.69
0.00
0.00%
0.00
TradersAI
0.68
0.00
0.00%
0.00
CORE16
0.64
0.00
0.00%
-0.44
L&G
0.47
0.00
0.00%
0.48
Deutsche X-trackers
0.15
0.00
0.00%
0.00
Stance
0.00
0.00
0.00%
0.00
Baillie Gifford Funds
0.00
0.00
0.00%
0.00
Harrison Street
0.00
0.00
0.00%
0.00
Amana
0.00
0.00
0.00%
0.00
Story Continues
ETF Issuer League Table
Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.
Issuer
AUM ($, mm)
Net Flows ($, mm)
% of AUM
YTD 2026 Net Flows($,M)
BlackRock, Inc.
4,501,529.91
14,430.35
0.32%
281,413.00
Vanguard
4,447,741.31
-16,855.94
-0.38%
269,902.52
State Street
1,719,590.23
362.11
0.02%
27,166.47
Invesco
965,002.82
1,466.27
0.15%
52,189.74
Charles Schwab
574,316.20
94.84
0.02%
30,968.89
JPMorgan Chase
321,564.96
123.11
0.04%
35,824.76
Dimensional
295,151.19
758.97
0.26%
25,725.10
First Trust
273,773.19
784.86
0.29%
20,762.07
Fidelity
170,044.14
415.33
0.24%
16,093.18
World Gold Council
162,752.86
-585.68
-0.36%
-3,777.30
VanEck
161,311.74
-1,741.81
-1.08%
8,921.00
AXS Investments
158,636.13
1,049.30
0.66%
45,568.60
The Capital Group Companies
148,335.60
601.68
0.41%
32,666.13
American Century Investments
143,378.47
582.62
0.41%
26,878.88
ProShare Advisors LLC
122,856.72
226.50
0.18%
5,948.13
WisdomTree
96,683.18
-102.38
-0.11%
2,415.06
Mirae Asset Global Investments Co., Ltd.
95,157.53
-34.44
-0.04%
12,108.32
Rafferty Asset Management
75,665.30
572.40
0.76%
-14,979.57
Goldman Sachs
63,663.83
102.15
0.16%
7,297.57
Allianz
62,270.96
45.35
0.07%
21,972.96
Franklin Templeton
47,358.91
244.99
0.52%
8,186.63
Janus Henderson
43,805.87
14.65
0.03%
4,991.39
Pacer Advisors
39,818.19
49.57
0.12%
-920.19
Alpha Architect
35,536.62
-119.69
-0.34%
5,582.26
Innovator
35,170.47
800.73
2.28%
3,452.41
Prudential
33,660.14
-438.41
-1.30%
10,404.12
Deutsche Bank AG
31,994.61
10.93
0.03%
813.82
Roundhill Investments
30,683.77
962.40
3.14%
17,804.83
T. Rowe Price Group, Inc.
29,150.85
1,107.47
3.80%
6,857.99
Neos Investments LLC
29,138.50
122.13
0.42%
11,614.08
Northern Trust
26,491.86
1.19
0.00%
1,325.95
Victory Capital
22,745.59
30.69
0.13%
2,619.49
SS&C
21,443.54
33.29
0.16%
1,176.28
Toroso Investments Topco LLC
20,063.26
180.61
0.90%
6,835.53
Abrdn Plc
19,402.67
-21.30
-0.11%
-842.84
Tidal Investments LLC
19,021.27
21.74
0.11%
2,706.45
Amplify Investments
18,989.01
29.44
0.16%
1,696.78
Morgan Stanley
18,743.49
62.55
0.33%
3,955.92
TIAA Board of Governors
17,932.06
8.17
0.05%
1,605.32
BNY Mellon
17,896.27
0.00
0.00%
1,260.05
ARK Investment Management LP
15,490.65
-39.28
-0.25%
-1,001.65
Manulife
14,937.42
14.62
0.10%
5,129.43
GraniteShares
13,902.87
-629.29
-4.53%
1,182.30
Simplify
13,898.90
1.53
0.01%
2,150.67
Equitable
13,200.43
48.27
0.37%
2,586.59
Ameriprise Financial
12,745.35
40.63
0.32%
1,174.44
Power Corporation of Canada
12,181.62
26.90
0.22%
4,190.08
Exchange Traded Concepts
10,583.17
20.39
0.19%
1,238.35
Principal
10,446.79
2.80
0.03%
1,218.47
1251 Capital Group Inc.
9,573.09
-10.69
-0.11%
1,169.81
Digital Currency Group, Inc.
8,799.78
-1.29
-0.01%
-1,883.64
CICC
8,500.02
-23.27
-0.27%
429.69
BMO
8,220.29
0.00
0.00%
337.72
SEI Investments
7,879.57
1.51
0.02%
900.55
Bondbloxx Investment Management Corp.
7,825.93
10.07
0.13%
1,967.67
New York Life
7,576.94
13.08
0.17%
1,096.97
The Hartford
7,543.43
21.18
0.28%
1,135.81
Defiance ETFs
7,534.34
1.18
0.02%
1,291.40
ORIX
7,156.03
-5.05
-0.07%
1,573.65
The TCW Group, Inc.
6,926.14
3.40
0.05%
1,384.26
Grayscale Investments LLC
6,112.77
-10.27
-0.17%
464.91
Virtus Investment Partners
5,841.85
10.43
0.18%
535.60
AllianceBernstein LP
5,726.49
6.27
0.11%
2,081.35
Grantham, Mayo, Van Otterloo & Co. LLC
5,562.93
8.51
0.15%
1,627.92
Aptus Capital Advisors
5,500.76
1.45
0.03%
130.11
Sprott
5,305.23
-14.93
-0.28%
1,185.42
Marygold
5,232.82
-50.20
-0.96%
1,016.01
Akre Capital Management LLC
5,231.36
-30.10
-0.58%
-2,849.27
Envestnet
4,758.75
56.60
1.19%
305.72
Bahl & Gaynor, Inc.
4,485.79
-18.50
-0.41%
1,711.26
Main Management
4,471.36
0.87
0.02%
342.33
Dawn Global Topco Ltd.
4,386.37
-137.88
-3.14%
2,915.61
Bitwise Asset Management, Inc.
4,201.47
0.14
0.00%
401.78
Eagle Capital Management LLC
4,161.37
7.51
0.18%
751.01
Eurazeo SA
4,051.23
-3.82
-0.09%
1,624.43
Sun Life Financial, Inc.
3,943.13
1.06
0.03%
1,504.53
Tuttle Capital Management LLC
3,901.92
56.50
1.45%
5,162.93
Cambria Investment Management LP
3,789.44
0.00
0.00%
223.06
Neuberger Berman
3,780.10
-9.08
-0.24%
909.11
BCP CC Holdings LP
3,393.77
8.38
0.25%
1,978.08
Calamos Family Partners, Inc.
3,325.55
11.59
0.35%
1,782.52
Inspire Impact Group LLC
3,274.37
0.00
0.00%
439.35
Angel Oak Cos. LLC
3,079.52
1.46
0.05%
854.27
Themes ETF
3,012.38
85.42
2.84%
7,975.97
Thrivent Financial for Lutherans
2,974.05
1.00
0.03%
107.56
Doubleline ETF Holdings LP
2,846.91
0.00
0.00%
555.74
Federated Hermes, Inc.
2,725.44
1.61
0.06%
956.08
The Motley Fool
2,641.84
0.00
0.00%
-93.35
Brown Advisory Management LLC
2,636.85
1.50
0.06%
229.59
Acp Horizon Holdings LP
2,492.70
96.85
3.89%
639.96
Davis Advisers
2,486.65
-15.43
-0.62%
274.33
Groupe BPCE
2,291.15
-14.36
-0.63%
450.69
The Charles Schwab Corp.
2,247.60
0.00
0.00%
735.30
Focus Financial Partners, Inc
2,099.70
0.00
0.00%
69.41
Capital Impact Advisors
2,092.30
-20.57
-0.98%
663.15
Barclays
2,061.30
-28.45
-1.38%
1.24
Volatility Shares LLC
1,978.45
-9.79
-0.50%
754.88
Distillate Capital
1,970.03
0.00
0.00%
-36.19
Lazard, Inc.
1,922.03
13.91
0.72%
878.55
Tortoise
1,892.89
3.47
0.18%
136.28
WisdomTree, Inc.
1,852.85
8.15
0.44%
1,000.37
Western & Southern Mutual Holding Co.
1,799.00
1.82
0.10%
588.38
AdvisorShares
1,748.03
-0.90
-0.05%
38.68
MM VAM LLC
1,652.07
0.00
0.00%
-10.56
Horizon Kinetics
1,504.47
-20.89
-1.39%
0.77
Alger
1,490.07
7.95
0.53%
516.73
Allspring Group Holdings LLC
1,331.96
0.00
0.00%
84.10
Timothy Plan
1,321.61
0.00
0.00%
109.38
Howard Capital Management Inc.
1,306.57
0.00
0.00%
-2.25
UBS
1,271.90
0.00
0.00%
276.84
Wahed
1,239.52
55.91
4.51%
189.17
Lagan Holding Co. Trust
1,171.78
0.00
0.00%
-5.53
US Global Investors
1,125.58
0.00
0.00%
30.70
TrueMark Group
1,117.55
0.00
0.00%
71.84
First Trust Advisors LP
1,114.58
17.41
1.56%
942.25
Kingsview Partners LLC
1,099.99
0.00
0.00%
167.69
Delaware Management Company Inc
1,099.92
8.08
0.73%
572.19
Oneascent Holdings LLC
1,089.72
2.91
0.27%
170.13
Aptus Holdings LLC
1,074.36
0.82
0.08%
277.63
Wedbush Fund Advisers LLC
1,071.44
0.00
0.00%
-48.38
Cohen & Steers, Inc. (New York)
1,069.58
0.00
0.00%
472.82
Twin Oak Holdings LP
1,061.62
0.00
0.00%
40.25
Summit Global LLC
1,029.93
0.47
0.05%
86.35
NZC Capital LLC
993.38
0.00
0.00%
-46.98
Brown Brothers Harriman
989.82
-3.64
-0.37%
-25.40
Resolute Investment Managers, Inc.
952.36
0.00
0.00%
504.47
Brandes Worldwide Holdings
946.49
4.21
0.45%
67.60
Baird Financial Group Inc.
909.02
9.30
1.02%
371.35
CI Financial
899.35
0.00
0.00%
65.08
3EDGE Asset Management LP
867.69
4.70
0.54%
204.32
Northern Trust Corp.
853.58
0.00
0.00%
0.41
Baron Capital Group
822.71
-6.54
-0.80%
377.29
ProcureAM
815.60
-1.20
-0.15%
688.33
Scharf Investments LLC
809.75
0.00
0.00%
-43.54
Coinshares International Ltd.
805.76
0.00
0.00%
39.17
Zacks
796.54
0.02
0.00%
168.16
Thornburg Investment Management
780.37
6.85
0.88%
332.31
REX Shares LLC
778.61
0.00
0.00%
136.44
Rational Advisors Inc.
770.97
-1.04
-0.13%
-48.81
Russell Investments Group Ltd.
748.11
2.50
0.33%
163.33
Estate Counselors LLC
741.25
0.29
0.04%
-19.40
Convergence Investment Partners, LLC
715.07
3.41
0.48%
348.20
Swan Global Investments
701.62
0.00
0.00%
55.23
AB Holding
680.68
0.00
0.00%
-4.17
The Burney Co.
661.54
0.00
0.00%
30.75
Affiliated Managers Group
653.17
0.00
0.00%
278.73
Day Hagan Asset Management
642.25
0.00
0.00%
-46.93
Matthews International Capital Management
634.40
0.00
0.00%
88.08
Teucrium
633.55
-5.15
-0.81%
437.11
Anfield Group
631.03
-120.29
-19.06%
-38.77
FCF Advisors
626.95
0.00
0.00%
-287.34
Liquid Strategies
625.91
3.20
0.51%
159.54
Counterpoint Mutual Funds LLC
624.81
6.10
0.98%
181.95
Norris, Perne & French LLP
622.56
0.00
0.00%
0.17
Corgi Insurance Services, Inc.
614.77
42.27
6.88%
599.09
AmeriLife
606.11
0.00
0.00%
-23.99
3Fourteen & SMI Advisory Services LLC
586.19
0.00
0.00%
45.88
Sterling Capital Management LLC
583.60
0.00
0.00%
102.67
Applied Finance Group
574.38
0.00
0.00%
154.87
Cygnet Capital LLC
571.45
-99.22
-17.36%
36.87
Killir Kapital Management LLC
571.01
10.80
1.89%
1,358.91
Arlington Capital Ltd.
566.80
0.00
0.00%
14.84
Tapp Finance, Inc.
564.25
1.85
0.33%
323.85
GQG Partners Inc
563.42
3.05
0.54%
210.91
Truemark Group LLC
546.42
0.74
0.14%
356.26
First Pacific Advisors LP
543.96
4.86
0.89%
226.78
Hedgeye Risk Management LLC
533.16
-1.90
-0.36%
331.95
Vert Asset Management LLC
526.54
0.02
0.00%
27.78
Rex Advisers LLC
516.71
2.64
0.51%
87.65
Eventide Asset Management, LLC
503.95
1.87
0.37%
129.65
Kensington Asset Management LLC
500.13
0.77
0.15%
153.11
Adaptive Investments
497.27
0.00
0.00%
9.65
Guardian Capital Group Ltd.
495.30
-0.01
0.00%
445.42
PlanRock Wealth Management LLC
480.99
-2.64
-0.55%
70.35
Myriad Asset Management Advisors LLC
445.47
0.00
0.00%
6.52
TFG Parent Holdings LLC
430.65
37.30
8.66%
491.16
RDJ Associates LLC
416.18
0.00
0.00%
66.55
Toews Corp.
414.24
0.00
0.00%
0.67
Palmer Square Holdings LLC
405.96
0.52
0.13%
211.48
ShariaPortfolio, Inc.
397.65
3.54
0.89%
150.54
Spend Life Wisely Co., Inc.
384.70
0.00
0.00%
18.69
Westwood Holdings Group, Inc.
384.63
3.40
0.88%
146.61
ClearShares LLC
384.52
0.00
0.00%
-8.44
Pacific Investments Ltd.
370.06
0.00
0.00%
238.65
Rex Financial LLC
361.07
1.99
0.55%
175.31
Corpus Partners LLC
334.51
1.43
0.43%
190.60
Running Oak Capital LLC
333.57
-2.38
-0.71%
-16.57
Canary Capital Group, Inc.
325.86
0.00
0.00%
99.95
CastleArk Management LLC
311.88
0.01
0.00%
-9.53
Voya Financial, Inc.
310.55
0.00
0.00%
200.43
Aegon
310.27
0.00
0.00%
267.79
The Hartford Insurance Group, Inc.
301.16
0.00
0.00%
55.85
Faith Investor Services LLC
293.49
0.00
0.00%
82.32
Frontier Asset Management LLC
292.98
0.01
0.00%
4.05
Macquarie Group Ltd
291.02
0.00
0.00%
-78.42
Cary Street Partners Financial LLC /VA/
283.81
0.00
0.00%
0.98
AGF
280.44
0.00
0.00%
64.60
Optimize Financial Inc.
273.91
0.00
0.00%
8.19
Kurv Investment, Inc.
267.91
0.68
0.25%
204.56
Neil Azous Revocable Trust
264.00
0.00
0.00%
43.43
Little Harbor Advisors
256.13
0.00
0.00%
3.42
Spear Advisors LLC
252.22
0.00
0.00%
38.49
Paralel Technologies LLC
248.43
-1.47
-0.59%
-1.52
The Leuthold Group LLC
246.26
1.15
0.47%
103.46
Regan Capital, LLC
239.93
0.00
0.00%
55.18
Infrastructure Capital Advisors LLC
237.94
0.00
0.00%
112.59
Marathon Partners LLC
232.88
0.00
0.00%
-3.35
Weitz Investment Management, Inc.
225.11
0.00
0.00%
92.16
AMG National Corp.
221.81
-6.71
-3.02%
1.39
Redwood
218.26
0.00
0.00%
-99.05
Graff Capital
216.39
0.22
0.10%
215.62
Kurv Investment Management LLC
214.58
0.60
0.28%
63.17
Dhandho Holdings LP
214.55
0.00
0.00%
88.11
Clipper Holding LP
210.83
0.00
0.00%
1.14
Thor Trading Advisors LLC
208.36
0.00
0.00%
4.50
Madison Investment Holdings, Inc.
208.01
0.00
0.00%
-17.64
Rayliant
206.03
1.44
0.70%
-17.88
Sterling Fund Management LLC
200.85
0.00
0.00%
191.67
Hashdex Ltd.
200.49
0.00
0.00%
122.22
Teucrium Trading LLC
197.80
0.58
0.29%
156.49
Guggenheim Capital LLC
194.70
2.50
1.28%
12.50
Renaissance Capital
192.47
0.00
0.00%
12.32
Mcivy Co. LLC
190.38
0.21
0.11%
456.72
Client First Investment Management LLC
186.86
0.00
0.00%
5.80
F/m Investments LLC
183.92
0.83
0.45%
145.26
Beyond Investing
182.87
0.00
0.00%
4.66
Alexis Investment Partners LLC
181.84
0.00
0.00%
15.22
Obra Capital, Inc.
180.03
0.00
0.00%
113.73
Inverdale Capital Management LLC
174.06
0.00
0.00%
3.45
GAMCO Investors, Inc.
173.06
-3.76
-2.17%
58.90
Belpointe
172.23
0.00
0.00%
24.20
Pictet & Partners
171.12
0.79
0.46%
94.11
Tremblant Capital
170.72
0.00
0.00%
5.16
Grayscale Operating LLC
167.32
0.20
0.12%
-62.39
818, Inc.
165.96
0.00
0.00%
76.06
Soundwatch Capital LLC
164.06
0.00
0.00%
-4.06
Everence Holdings Inc.
158.90
0.00
0.00%
13.83
Unlimited Funds, Inc.
152.77
0.00
0.00%
87.08
Shelton Capital Management
151.07
0.00
0.00%
87.60
Amun Holdings Ltd.
150.95
0.00
0.00%
-46.93
Ridgeline Research LLC
150.60
0.00
0.00%
2.57
SWP Investment Management LLC
150.60
0.00
0.00%
8.42
Hull Investments LLC
149.36
0.00
0.00%
10.32
Polen Capital Management LLC
146.98
0.00
0.00%
8.52
Astoria Portfolio Advisors LLC
146.86
-0.71
-0.48%
23.37
Future Fund Advisors
142.99
0.00
0.00%
7.70
Absolute Investment Advisers LLC
141.64
0.00
0.00%
14.38
Raymond James Financial
140.94
0.00
0.00%
72.24
WBI
139.16
0.00
0.00%
-13.75
Sound Capital Solutions LLC
138.33
0.00
0.00%
19.03
Pettee Investors
138.23
0.00
0.00%
3.40
Peakshares LLC
130.26
0.00
0.00%
17.86
IronHorse Holdings
129.19
0.00
0.00%
1.03
Wellington Management Group LLP
125.48
-0.62
-0.50%
42.93
Texas Capital Bancshares, Inc.
121.99
0.00
0.00%
4.79
Impax Asset Management Group
117.20
1.80
1.53%
-411.83
Water Island Capital
116.86
-0.02
-0.01%
3.49
First Manhattan Co.
116.84
0.00
0.00%
0.69
Q3 Asset Management Corp.
114.63
0.00
0.00%
45.05
Clough Capital Partners LLC
114.23
2.01
1.76%
13.68
Logan Capital Management Inc.
112.57
0.00
0.00%
2.62
SRN Advisors
111.13
0.00
0.00%
-9.06
Stf Management LP
109.60
0.00
0.00%
-10.62
Guinness Atkinson Asset Management
108.01
0.00
0.00%
17.99
Avos Capital Management, LLC
105.62
0.00
0.00%
3.40
Community Capital Management, Inc.
105.18
0.91
0.87%
-7.13
Retireful LLC
104.40
0.00
0.00%
1.84
Indexperts LLC
103.46
0.00
0.00%
-0.15
Corgi Strategies LLC
99.52
3.41
3.42%
89.76
Artemis Corp.
99.29
0.00
0.00%
1.80
Hennessy Advisors
95.32
0.00
0.00%
-8.48
Man Group Plc (Jersey)
95.20
0.00
0.00%
4.69
IDX Advisors LLC
91.25
0.00
0.00%
8.93
Sparkline Capital LP
91.16
0.00
0.00%
16.65
Sovereign's Capital Management LLC
89.91
0.00
0.00%
-8.35
Diamond Hill Investment Group
89.65
0.00
0.00%
29.52
Miller Value Partners LLC
88.70
0.00
0.00%
0.29
Jensen Investment Management, Inc.
88.06
0.00
0.00%
-31.33
Arrow Funds
87.70
0.00
0.00%
4.33
Acuitas Investments LLC
87.45
0.00
0.00%
77.68
Ocean Park Asset Management LLC
83.03
0.00
0.00%
33.19
Stone Ridge Holdings Group LP
82.46
0.00
0.00%
3.14
WealthTrust Asset Management LLC
80.82
0.00
0.00%
12.65
Argent Capital Management
80.42
0.00
0.00%
13.45
Falconx Holdings Ltd.
80.38
0.36
0.45%
63.77
NSI Holdings, Inc.
78.00
0.76
0.98%
20.82
Brookmont Capital Management LLC
77.14
0.00
0.00%
41.79
M. D. Sass LLC
77.08
0.00
0.00%
6.49
Pzena Investment Management LP
74.77
0.00
0.00%
38.30
Argent Holdings, Inc.
73.89
0.00
0.00%
0.29
Milliman, Inc.
73.84
0.00
0.00%
14.93
Impact Shares
73.78
0.00
0.00%
-0.05
Moonvest LLC
70.49
0.00
0.00%
41.03
Core Alternative Capital
70.04
0.00
0.00%
3.06
Sammons Enterprises, Inc.
68.93
0.00
0.00%
-8.25
FMC Group Holdings LP
67.45
0.00
0.00%
0.47
Symmetry Partners, LLC
66.77
0.01
0.02%
7.22
Public Trust Advisors LLC
66.17
0.00
0.00%
30.90
Cambiar Holdings
66.16
0.01
0.02%
0.65
Grace Partners of Dupage LP
65.81
0.00
0.00%
62.97
PMV Capital LLC
65.38
0.00
0.00%
11.48
Golden Eagle Asset Management Co., Ltd.
65.27
0.00
0.00%
49.00
Reflection Asset Management, LLC
64.45
0.01
0.02%
6.50
ETFMG
63.84
1.22
1.92%
-29.02
Warren Capital Management, Inc.
62.87
0.00
0.00%
13.42
Suncoast Equity Management LLC
61.14
0.00
0.00%
8.01
Redbird Capital Partners Alternative Holdings LLC
60.86
0.00
0.00%
59.93
Thor Analytics LLC
59.88
0.99
1.65%
7.86
Osprey Funds LLC
58.83
0.00
0.00%
-50.78
Split Rock Private Trading & Wealth Management LLC
57.84
-0.57
-0.98%
-0.81
Cullen Capital Management LLC
53.72
0.00
-0.01%
11.19
Sarmaya Partners LLC
50.30
0.00
0.00%
31.00
Mairs & Power, Inc.
46.81
0.00
0.00%
10.78
AG Financial Services Group
45.09
-0.30
-0.67%
7.05
Alternative Access Funds LLC
45.03
0.01
0.01%
2.51
Worth Charting Group LLC
44.25
0.00
0.00%
43.31
Dakota Wealth Management LLC
42.04
0.00
0.00%
-0.01
Bancreek Capital Management LP
41.07
0.00
0.00%
27.65
Goose Hollow Capital Management LLC
41.03
0.00
0.00%
-0.70
Formidable Asset Management
40.81
0.00
0.00%
-1.37
RiverNorth Holdings Co.
39.42
0.00
0.00%
3.09
Cultivar Capital, Inc.
38.73
0.28
0.73%
2.02
Concourse Capital Advisors LLC
38.28
-1.35
-3.54%
1.44
Donald L. Hagan LLC
37.25
0.00
0.00%
-4.15
Reckoner Capital Management LLC
35.12
0.00
0.00%
7.51
Donoghue Forlines LLC
34.52
0.00
0.00%
14.70
Power Financial Corp.
33.79
0.00
0.00%
11.27
Precidian Investments LLC
32.51
-0.02
-0.07%
7.93
Advent Capital Management LLC
32.06
0.00
0.00%
3.76
Acquirers Funds
32.00
0.00
0.00%
-2.84
Nightview Capital LLC
31.00
0.00
0.00%
1.50
Point Bridge Capital
30.33
0.00
0.00%
-2.77
Redbird Capital Partners LP
30.01
0.00
0.00%
2.51
Brookfield Asset Management Ltd.
29.61
0.00
0.00%
10.94
Yorkville America LLC
29.38
0.00
0.00%
23.62
S.C.M. Edge, LLC
28.44
0.00
0.00%
14.52
Msc Group SA
27.98
0.00
0.00%
4.28
Carbon Collective Investing LLC
25.78
0.00
0.00%
3.02
Horizon Kinetics Holding Corp.
25.56
0.00
0.00%
3.86
Le Mouvement des caisses Desjardins
25.30
0.00
0.00%
4.38
Mitsubishi UFJ Financial Group Inc.
25.11
0.00
0.00%
0.94
Dvx Ventures LLC
21.82
0.00
0.00%
3.36
Manzil Mortgage Services, Inc.
21.43
0.00
0.00%
18.19
Wedbush Family Partners LLC
21.37
0.00
0.00%
19.12
Sound Capital Holdings LLC
21.12
0.00
0.00%
21.15
Grant/GrossMendelsohn LLC
18.88
0.00
0.00%
0.76
Atlas Capital Team, Inc.
17.15
0.00
0.00%
-0.26
Cohanzick Management
15.88
4.76
30.00%
-6.80
Nuveen Securities LLC
15.35
0.00
0.00%
0.00
Clockwise Capital LLC
14.43
0.00
0.00%
3.19
Nicholas Wealth LLC
14.43
1.05
7.30%
16.56
Archer Investment Corp.
13.35
0.26
1.92%
9.60
SS&C Technologies Holdings, Inc.
13.00
0.00
0.00%
12.59
WEBs Investments, Inc.
12.61
0.00
0.00%
6.17
Wellesley Asset Management, Inc.
12.47
0.00
0.00%
11.18
Build Asset Management LLC
11.92
0.00
0.00%
0.64
Arimathea Corp.
10.97
0.00
0.00%
11.02
Dana Investment Advisors, Inc.
10.66
0.00
0.00%
8.83
Saracen Energy Advisors LP
9.99
0.00
0.00%
4.78
LionShares LLC
9.80
-9.74
-99.41%
3.21
Vega Financial Group, LLC
9.67
1.21
12.56%
9.75
Hypatia Capital Group LLC
9.31
0.00
0.00%
1.38
Vontobel Holding AG
9.11
0.00
0.01%
-0.01
CYBER HORNET ETFs LLC
8.70
0.00
0.00%
0.82
Defiance Group Holdings LLC
8.35
0.00
0.00%
7.52
The Eighth Wonder Foundation
7.72
0.00
0.00%
2.79
Framework Digital Advisors LLC
7.71
0.00
0.00%
8.44
X-Square Capital
7.19
0.00
0.00%
2.57
Prospera Funds, Inc.
6.94
0.30
4.35%
4.92
6.90
0.00
0.00%
-0.11
Albert D. Mason, Inc.
6.73
0.00
0.00%
0.30
Nomura Holdings
6.31
0.00
0.00%
1.25
Distribution Cognizant LLC
5.70
0.00
0.00%
0.00
First Eagle Investment Management LLC
5.36
0.00
0.00%
2.88
Reverence Capital Partners LLC
5.09
0.00
0.00%
0.00
Founder ETFs LLC
4.94
0.00
0.00%
4.10
Epiris Managers LLP
4.46
0.00
0.00%
2.26
ARK Invest LLC
4.44
0.00
0.00%
44.63
Kingsbarn Capital Management LLC
4.39
0.00
0.00%
-0.66
Abacus Life, Inc.
3.29
0.00
0.00%
0.20
The BAD Investment Company
3.20
0.00
0.00%
2.80
HWCap Holdings LLC
2.70
0.00
0.00%
0.01
Langar Investment Management LLC
2.37
0.00
0.00%
-0.95
AOT Invest LLC
2.17
0.00
0.00%
0.90
Everence Association, Inc.
1.83
1.83
100.00%
1.83
Hexis Capital Management Ltd.
1.52
0.00
0.00%
1.52
21Shares AG
1.33
0.00
0.00%
0.32
Fortuna Funds LLC
0.69
0.00
0.00%
0.00
Baillie Gifford & Co.
0.00
0.00
0.00%
0.00
Colliers International Group, Inc.
0.00
0.00
0.00%
0.00
ONEFUND LLC
0.00
0.00
0.00%
0.00
Saturna Capital Corp.
0.00
0.00
0.00%
0.00
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
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ETF Fund Flows: Semiconductors Pop on Relatively Flat Day
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英文原文
ETF Fund Flows: Semiconductors Pop on Relatively Flat Day
ETF Fund Flows: Semiconductors Pop on Relatively Flat Day
ETF.com Staff
June 26, 2026 2 min read
- SOXX
+3.50%
- DRAM
+3.74%
- SOXL
+10.08%
etf.com Top 10 Creations (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change
IVV
iShares Core S&P 500 ETF
14,262.66
856,312.50
1.67%
SPY
SPDR S&P 500 ETF Trust
3,081.45
772,110.12
0.40%
QQQ
Invesco QQQ Trust Series I
999.36
481,582.71
0.21%
SOXX
iShares Semiconductor ETF
935.25
43,594.53
2.15%
DRAM
Roundhill Memory ETF
881.11
23,362.81
3.77%
SPYM
SPDR Portfolio S&P 500 ETF
738.28
149,021.30
0.50%
SOXL
Direxion Daily Semiconductor Bull 3x Shares
642.43
26,465.69
2.43%
AVLV
Avantis U.S. Large Cap Value ETF
530.20
15,166.98
3.50%
QQQM
Invesco NASDAQ 100 ETF
505.50
98,263.12
0.51%
DFUS
Dimensional U.S. Equity Market ETF
327.88
20,579.96
1.59%
Top 10 Redemptions (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change
VOO
Vanguard S&P 500 ETF
-12,887.49
975,475.86
-1.32%
SMH
VanEck Semiconductor ETF
-1,615.56
71,794.30
-2.25%
VO
Vanguard Mid-Cap ETF
-1,573.09
104,926.67
-1.50%
IWM
iShares Russell 2000 ETF
-1,093.10
81,406.41
-1.34%
VB
Vanguard Small-Cap ETF
-942.54
79,569.16
-1.18%
NVDL
GraniteShares 2x Long NVDA Daily ETF
-768.13
4,044.15
-18.99%
VTV
Vanguard Value ETF
-727.04
185,444.44
-0.39%
DIA
SPDR Dow Jones Industrial Average ETF Trust
-619.93
43,029.68
-1.44%
GLD
SPDR Gold Shares
-569.32
134,700.88
-0.42%
VBK
Vanguard Small-Cap Growth ETF
-474.91
23,805.33
-1.99%
ETF Daily Flows By Asset Class
Net Flows ($, mm)
AUM ($, mm)
% of AUM
Alternatives
1,360.14
140,927.69
0.97%
Asset Allocation
105.57
41,927.25
0.25%
Commodities E T Fs
-978.21
316,970.45
-0.31%
Currency
-194.05
95,790.02
-0.20%
International Equity
-245.32
2,811,378.26
-0.01%
International Fixed Income
967.25
433,911.75
0.22%
Inverse
-69.04
14,505.74
-0.48%
Leveraged
1,117.64
194,689.13
0.57%
Us Equity
1,882.28
9,379,411.11
0.02%
Us Fixed Income
979.32
2,127,567.88
0.05%
Total:
4,925.58
15,557,079.28
0.03%
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
Permalink | © Copyright 2026 etf.com. All rights reserved
Marvell宣布季度股息安排
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- Marvell宣布每股普通股派发0.06美元季度股息。
- 股权登记日为2026-07-10，支付日为2026-07-30。
英文原文
Marvell Technology, Inc. Declares Quarterly Dividend Payment
Marvell Technology, Inc. Declares Quarterly Dividend Payment
June 25, 2026
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Marvell Technology, Inc. (NASDAQ: MRVL), today announced a quarterly dividend of $0.06 per share of common stock, including preferred stock on an as converted to common stock basis, payable on July 30, 2026 to stockholders of record as of July 10, 2026.
About Marvell
To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 30 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud and carrier architectures transform—for the better.
Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260625543988/en/
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com
Source: Marvell Technology, Inc.
Released June 25, 2026
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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch
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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch
Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch
Sanghamitra Saha
June 26, 2026 3 min read
- MU
+4.52%
- FTXL
+3.68%
- CHPX
+3.18%
- KNO
+0.84%
- MUU
+8.76%
On June 24, 2026, Micron Technology MU delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.
Record Quarter Crushes Expectations
Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.
Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.
Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.
AI Demand Keeps Memory Markets Tight
The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.
Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.
Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.
Sturdy Margins
Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.
The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.
Data Center Business Leads the Charge
All four business segments delivered explosive growth, with data centers standing out as the primary driver.
Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.
AI Customers Are Securing Supply, Not Just Buying Chips
The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.
Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.
Story Continues
As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.
ETFs in Focus
Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, these are risky bets.
AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL has considerable weight in MU shares.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Micron Technology, Inc. (MU) : Free Stock Analysis Report
iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Yesterday’s Tech Rout Shows How Leveraged ETFs Can Destroy Wealth
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Yesterday’s Tech Rout Shows How Leveraged ETFs Can Destroy Wealth
Yesterday’s Tech Rout Shows How Leveraged ETFs Can Destroy Wealth
Rich Duprey
June 24, 2026 5 min read
- SOXL
+10.08%
- NVDA
-0.66%
Quick Read
- Total U.S. leveraged ETF assets have surged to a record $198 billion, up 55% in months, as investors chase amplified tech and semiconductor gains.
- When semiconductors dropped 7.9% in yesterday's rout, the 3x leveraged SOXL collapsed 23%, requiring nearly a 30% gain just to break even.
- Leveraged ETFs reset daily using derivatives and borrowed money, making long-term holding a wealth-destroying strategy during prolonged volatility or downturns.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
The stock market has rewarded risk-taking for much of the past three years. Artificial intelligence spending continues to fuel demand for technology stocks, semiconductor companies have generated outsized gains, and investors have increasingly looked for ways to amplify their returns. That search for bigger profits has fueled a surge in leveraged exchange-traded funds (ETFs).
bowie15 from Getty Images As long as markets move higher, leveraged ETFs can look like a shortcut to wealth. Yesterday's technology sell-off offered a reminder that they can also accelerate losses just as quickly. The lesson for investors is simple: leverage works both ways.
Leveraged ETFs Are Growing at a Record Pace
According to a recent Reuters report, leveraged single-stock ETFs now account for roughly 8% of total U.S. exchange trading volume. The growth has been rapid, with 275 leveraged single-stock ETFs launching since January 2025 alone.
Investors have piled into products designed to magnify returns from some of the market's hottest sectors.
According to the Financial Times using data from S&P Capital IQ, assets under management in several popular leveraged funds have surged since April:
ETF
Strategy
Assets Under Management
ProShares UltraPro QQQ 3x Shares ( NASDAQ:TQQQ )
3x Nasdaq-100
~$40 billion
Direxion Daily Semiconductor Bull 3X ETF ( NASDAQ:SOXL )
3x Semiconductor Sector
~$34 billion
ProShares Ultra QQQ 2x Shares ( NASDAQ:QLD )
2x Nasdaq-100
~$15 billion
The growth has been remarkable. Assets in SOXL have more than tripled since April, while TQQQ's assets have nearly doubled. QLD added approximately $7 billion in assets during the same period, representing growth of 88%.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
As a result, total U.S. leveraged ETF assets have climbed to a record $198 billion, up 55% in just a few months. Investor leverage is reaching record levels at precisely the time market valuations remain elevated and volatility is increasing.
Story Continues
24/7 Wall St.
Leveraged ETFs promise triple the gains but deliver triple the pain—just ask the investors who watched a single day wipe out 23% of their holdings. © 24/7 Wall St.
How Leveraged ETFs Actually Work
A leveraged ETF seeks to deliver a multiple of an index's daily return. A 2x fund attempts to produce twice the daily gain or loss of its benchmark. A 3x fund aims for three times the daily move.
If the Nasdaq-100 rises 1% in a single day, TQQQ seeks to gain approximately 3%. If the index falls 1%, the fund aims to lose about 3%. The key word is "daily."
Leveraged ETFs reset and rebalance every trading day. They use derivatives, swaps, futures contracts, and borrowed money to maintain their target exposure. That daily rebalancing means long-term returns often diverge from what investors expect. In volatile markets, gains and losses compound in ways that can erode performance even if the underlying index eventually recovers.
That's why fund prospectuses consistently describe these products as trading vehicles rather than long-term investments.
Yesterday's Sell-Off Shows the Danger
The risks became clear during yesterday's market decline. As tech stocks were routed, the Dow Jones Industrial Average finished roughly flat, while the S&P 500 declined 1.4%. Even the tech-heavy Nasdaq-100 only fell 2.2%.
Yet the damage was much worse in semiconductors. The PHLX Semiconductor Index dropped 7.9% as technology stocks sold off around the world. For holders of SOXL, though, the losses were magnified dramatically. The fund plunged more than 23% in a single session because it seeks to deliver three times the daily performance of semiconductor stocks.
That is leverage in action. A 7.9% decline is painful enough. A 23% loss requires a subsequent gain of nearly 30% just to break even.
Sure, leveraged ETFs can generate eye-popping returns during powerful bull markets. That is exactly why investors continue pouring money into them. But markets do not move in straight lines forever. Extended downturns, bear markets, or prolonged volatility can wreak havoc on leveraged products. Multiple consecutive declines can rapidly shrink portfolio values and make recovery increasingly difficult.
Key Takeaway
In short, leveraged ETFs are designed for traders, not investors. Products such as TQQQ, SOXL, and QLD can be effective tools for short-term market bets, but their daily rebalancing and amplified exposure make them poor candidates for buy-and-hold portfolios. Yesterday's technology sell-off provided a textbook example of why.
Regardless of how bullish investors remain on artificial intelligence, semiconductors, or technology stocks, leverage magnifies losses just as efficiently as gains. The recent explosion in leveraged ETF assets suggests many investors are focusing on the upside while overlooking the downside.
In the end, smart investors should remember that successful long-term investing is usually about compounding returns steadily over time, not tripling every market move and hoping volatility stays friendly.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
SOXL’s 23% Single-Day Collapse Exposes the Real Price of 3X Leverage
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SOXL’s 23% Single-Day Collapse Exposes the Real Price of 3X Leverage
SOXL’s 23% Single-Day Collapse Exposes the Real Price of 3X Leverage
Michael Williams
June 24, 2026 4 min read
- SOXL
+10.08%
- SMH
+2.48%
- AMD
+5.67%
- NVDA
-0.66%
- SOXX
+3.50%
Quick Read
- On June 23, 2026, SOXL plunged 23% in a single session, a drop roughly triple the 8% loss absorbed by non-leveraged semiconductor ETFs that day.
- SOXL's 479% five-year return barely topped SMH's 404%, proving 3X daily leverage fails to compensate for its higher fees and volatility decay.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .
On June 23, 2026, SOXL fell 23.06% in a single session. The same day, iShares Semiconductor ETF ( NASDAQ:SOXX ) fell 7.88% and VanEck Semiconductor ETF ( NASDAQ:SMH ) fell 7.01%. That gap is the product you bought. The marketing calls it "3X daily." Your brokerage statement calls it a $2,300 hole per $10,000.
24/7 Wall St.
What you are actually paying
Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) is a leveraged ETF engineered to deliver 300% of the daily performance of the ICE Semiconductor Index. Per the Direxion prospectus, the fund carries an expense ratio in the ballpark of 0.75%. On a $10,000 position, that quietly skims roughly $75 a year off the top, before a single trade.
The mainstream alternatives charge a fraction of that. SOXX runs at a 0.34% net expense ratio, or about $34 per $10,000 per year. SMH runs at 0.35%, or $35. Hold for 20 years and the fee gap alone, before any market move, drains thousands from a leveraged holder relative to the cheaper sibling. The fact sheet shows you the ratio. It does not show you the compounding.
The part the factsheet does not highlight
The expense ratio is the visible cost. Volatility decay is the silent one. Because SOXL resets every day, a chop pattern of up 10% then down 10% leaves the underlying flat but the 3X fund down.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .
The five-year record proves the warning. SOXL returned 478.93% over the past five years. SMH returned 403.72% over the identical window. Three times the daily exposure produced barely a fraction more total return, with vastly larger drawdowns along the way. SOXX returned 327.11% in the same five years. The leverage premium that drew you in largely evaporated in the path.
Concentration is the second silent cost. SMH's top ten holdings include AMD at 10.33%, Broadcom at 9.57%, Micron at 9.39%, Taiwan Semiconductor at 8.75%, and NVIDIA at 8.40%. SOXL tracks the same handful of names with daily-reset swaps layered on top. You are paying triple fees for nearly identical exposure plus a built-in headwind whenever the chip sector gets choppy. Reddit's r/investing forum has logged 17 of 19 recent observations at a bearish sentiment score of 22, with SOXL mentions clustering in a thread titled "What is your worst investing mistake?"
Story Continues
The cheaper mirror
For straight semiconductor beta, SOXX and SMH deliver the same chip names at roughly 0.34% to 0.35%. The trade-off is straightforward: you give up the leveraged upside on rallies (SOXL ran 973.05% over the past year versus 167.62% for SOXX) in exchange for stripping out the daily reset, the leverage financing baked into the swap contracts, and the 23% single-day air pockets. If you genuinely want 3X exposure for one or two trading days, SOXL is built for that. If you intend to hold longer, the math has worked against you.
What this means for you
SOXL can spike, as shown by a 449.23% year-to-date gain through June 23. The real question is whether the fee, the daily reset, and the symmetric downside still favor you on day 30, day 300, or day 3,000. Pull up your own holding period, compare it to SMH over the same window, and decide whether the leverage paid for itself, or quietly charged you for the privilege.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?
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Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? · Zacks
Zacks Equity Research
June 18, 2026 3 min read
- PSI
+5.38%
Designed to provide broad exposure to the Technology ETFs category of the market, the Invesco Semiconductors ETF (PSI) is a smart beta exchange traded fund launched on 06/23/2005.
What Are Smart Beta ETFs?
The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.
Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.
This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.
Fund Sponsor & Index
Managed by Invesco, PSI has amassed assets over $2.86 billion, making it one of the larger ETFs in the Technology ETFs. Before fees and expenses, this particular fund seeks to match the performance of the Dynamic Semiconductor Intellidex Index.
The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
Cost & Other Expenses
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.
It's 12-month trailing dividend yield comes in at 0.04%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.
Story Continues
Taking into account individual holdings, Kla Corp (KLAC) accounts for about 5.28% of the fund's total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).
The top 10 holdings account for about 46.23% of total assets under management.
Performance and Risk
So far this year, PSI has added roughly 112.38%, and is up roughly 199.15% in the last one year (as of 06/18/2026). During this past 52-week period, the fund has traded between $56.20 and $175.60.
The fund has a beta of 1.80 and standard deviation of 38.81% for the trailing three-year period, which makes PSI a high risk choice in this particular space. With about 32 holdings, it has more concentrated exposure than peers .
Alternatives
Invesco Semiconductors ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $44.06 billion in assets, VanEck Semiconductor ETF has $72.67 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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Invesco Semiconductors ETF (PSI): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat
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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat
Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat
Aparajita Dutta
June 5, 2026 4 min read
- AVGO
+3.20%
- SOXQ
+3.05%
- SOXX
+3.50%
- SMH
+2.48%
- FTXL
+3.68%
Shares of Broadcom Inc. AVGO plunged nearly 13% on June 4, 2026, despite the company announcing upbeat second-quarter fiscal 2026 results. The tech giant's infrastructure software revenues totaled $7.18 billion and grew 9% year over year, but fell short of analysts' expectations of $7.32 billion (as cited in CNBC). This shortfall may have weighed on investor sentiment and was reflected in the chipmaker's decline in the latest trading session.
This may encourage investors seeking exposure to AVGO to consider buying on the dip, particularly as the company's AI semiconductor revenues are expected to exceed $100 billion in fiscal 2027.
However, single-stock investing inherently exposes your portfolio to concentrated corporate vulnerabilities. In the case of AVGO, the explosive growth of its custom AI application-specific integrated circuit (ASIC) business comes with a distinct catch: lower profit margins. Notably, the company's fiscal second-quarter gross margin suffered a loss of 230 basis points year over year, primarily owing to its semiconductor business.
This margin pressure, compounded by slowing growth in the highly profitable infrastructure software segment that missed Wall Street expectations, threatens the cash-generating engine that supports Broadcom's capital-intensive AI strategy.
For investors looking to capitalize on AVGO's better-than-expected revenue growth from its AI business without being fully exposed to the company-specific challenges, a more prudent strategy would be to invest in semiconductor exchange-traded funds (ETFs) with significant exposure to this chipmaker. This approach should help mitigate risks from customer concentration, such as Broadcom's reliance on a handful of hyperscale clients, or geopolitical factors like recent government scrutiny of its customer Anthropic.
But before diving straight into these ETFs, let us review AVGO's overall performance in the fiscal second quarter.
A Brief Analysis of AVGO's Q2 Results
Broadcom's second-quarter fiscal 2026 adjusted earnings per share surpassed the Zacks Consensus Estimate by 1.7%, while its revenues beat the consensus mark by a whisker.
Its AI revenues more than doubled on a year-over-year basis.
AVGO ended the fiscal second quarter with an inventory of $3.4 billion as it continued to secure components to support strong AI demand.
Its Semiconductor Solutions segment registered record revenues worth $15 billion, which reflected a 79% year-on-year growth driven by AI.
AVGO expects to generate infrastructure software revenues of approximately $8.9 billion in the fiscal third quarter, suggesting an improvement of 31% year over year.
Story Continues
The company expects its AI revenues to triple in the fiscal third quarter to $16 billion, falling short of Wall Street's consensus forecast of approximately $17.2 billion.
However, AVGO expects its quarterly gross margin to shrink to 74%.
As Broadcom seeks to deliver high-performance compute capacity at the lowest possible cost and power consumption for leading AI frontier labs, including Anthropic and OpenAI, it is developing the AI XPV platform with Apollo, Blackstone and other major investors with the aim to deploy more than 20 gigawatts of compute capacity by 2028.
Broadcom-Heavy ETFs to Buy
Invesco PHLX Semiconductor ETF SOXQ
This fund, with a market value worth $2.63 billion, offers exposure to the 31 largest U.S.-listed securities of companies engaged in the semiconductor business. Of these, AVGO holds the fourth spot, with a 7.76% share of the fund.
SOXQ has surged 92.3% year to date. The fund charges 19 basis points (bps) as fees and sports a Zacks ETF Rank #1 (Strong Buy). It traded at a good volume of 4.79 million shares in the last trading session.
VanEck Semiconductor ETF SMH
This fund, with net assets worth $71.71 billion, provides exposure to 26 companies involved in semiconductor production and equipment. Of these, AVGO holds the sixth spot, with a 6.44% share of the fund.
SMH has soared 74.3% year to date. The fund charges 35 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 10.40 million shares in the last trading session.
iShares Semiconductor ETF SOXX
This fund, with net assets worth $40.47 billion, offers exposure to 30 U.S. companies that design, manufacture, and distribute semiconductors. Of these, AVGO holds the fourth spot, with a 6.11% share of the fund.
SOXX has skyrocketed 100.1% year to date. The fund charges 34 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 11.41 million shares in the last trading session.
First Trust NASDAQ Semiconductor ETF FTXL
This fund, with net assets worth $2.66 billion, provides exposure to 34 U.S. semiconductor companies. Of these, AVGO holds the fifth spot, with a 5.94% share of the fund.
FTXL has skyrocketed 110.8% year to date. The fund charges 60 bps as fees and sports a Zacks ETF Rank 1. It traded at a volume of 0.21 million shares in the last trading session.
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Broadcom Inc. (AVGO) : Free Stock Analysis Report
VanEck Semiconductor ETF (SMH): ETF Research Reports
iShares Semiconductor ETF (SOXX): ETF Research Reports
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Invesco PHLX Semiconductor ETF (SOXQ): ETF Research Reports
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Should You Invest in the Invesco Semiconductors ETF (PSI)?
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Should You Invest in the Invesco Semiconductors ETF (PSI)?
Should You Invest in the Invesco Semiconductors ETF (PSI)?
Should You Invest in the Invesco Semiconductors ETF (PSI)? · Zacks
Zacks Equity Research
June 2, 2026 3 min read
- PSI
- IVZ
Launched on June 23, 2005, the Invesco Semiconductors ETF (PSI) is a passively managed exchange traded fund designed to provide a broad exposure to the Technology - Semiconductors segment of the equity market.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 1, placing it in top 6%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $2.54 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.
The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
Costs
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.05%.
Sector Exposure and Top Holdings
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.
Looking at individual holdings, Kla Corp (KLAC) accounts for about 5.28% of total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).
The top 10 holdings account for about 46.23% of total assets under management.
Performance and Risk
The ETF has added about 94.82% and is up about 201.85% so far this year and in the past one year (as of 06/02/2026), respectively. PSI has traded between $53.08 and $161.63 during this last 52-week period.
Story Continues
The ETF has a beta of 1.78 and standard deviation of 37.59% for the trailing three-year period, making it a high risk choice in the space. With about 32 holdings, it has more concentrated exposure than peers.
Alternatives
Invesco Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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Invesco Semiconductors ETF (PSI): ETF Research Reports
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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?
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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?
Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?
Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? · Zacks
Zacks Equity Research
June 2, 2026 3 min read
- FTXL
A smart beta exchange traded fund, the First Trust NASDAQ Semiconductor ETF (FTXL) debuted on 09/20/2016, and offers broad exposure to the Technology ETFs category of the market.
What Are Smart Beta ETFs?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.
There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.
While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.
Fund Sponsor & Index
FTXL is managed by First Trust Advisors, and this fund has amassed over $2.5 billion, which makes it one of the larger ETFs in the Technology ETFs. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.
The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.
Cost & Other Expenses
When considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.
Operating expenses on an annual basis are 0.60% for this ETF, which makes it on par with most peer products in the space.
FTXL's 12-month trailing dividend yield is 0.13%.
Sector Exposure and Top Holdings
ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.
When you look at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of the fund's total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).
Story Continues
Its top 10 holdings account for approximately 60.46% of FTXL's total assets under management.
Performance and Risk
Year-to-date, the First Trust NASDAQ Semiconductor ETF return is roughly 100.06% so far, and was up about 215.43% over the last 12 months (as of 06/02/2026). FTXL has traded between $86.19 $262.95 in this past 52-week period.
The ETF has a beta of 1.69 and standard deviation of 35.67% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers .
Alternatives
First Trust NASDAQ Semiconductor ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names
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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names
The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names
Austin Smith
June 1, 2026 8 min read
- NVDA
-0.66%
- ^GSPC
+0.81%
- MU
+4.52%
- LRCX
+6.01%
- INTC
+2.09%
Quick Read
- Invesco Semiconductors ETF (PSI) gained 104.96% from Dec 31, 2025 to May 26, 2026, dramatically outperforming the S&P 500's 10.07% and iShares Semiconductor ETF's 89.42% due to its equal-weight structure holding 3.86% in Nvidia instead of the typical megacap concentration, with top holdings in Micron Technology (MU), Lam Research (LRCX), and Intel (INTC) that benefited from surging memory chip pricing and semiconductor capital equipment spending.
- PSI's exceptional 2026 performance reflected the broadening of AI capital spending beyond megacap GPU designers to memory makers and equipment suppliers, a structural tailwind that is already largely priced in at current valuations, making future gains dependent on sustained memory pricing strength and hyperscaler capex momentum.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .
A $10,000 position in Invesco Semiconductors ETF ( NASDAQ:PSI ) on the last trading day of 2025 was worth ~$20,496 by the close on May 26, 2026, and that is the kind of arithmetic that ruins dinner parties. Your brother-in-law at Goldman is up 10.07% in the S&P 500. Your friend who only buys the Nasdaq 100 through Invesco QQQ Trust ( NASDAQ:QQQ ) is up 18.88%. The hedge fund manager at the end of the table, the one who keeps mentioning his Sharpe ratio, is somewhere in between. And the cheapest, most boring sleeve of a semiconductor ETF that almost nobody at those tables holds is up 104.96% in not quite five months.
That is the headline. The mechanism is the more interesting part, and so is the question of whether a reader who shows up to the chart in late May 2026 is buying the same setup or a much more expensive version of it.
The Arithmetic, On A Specific Day, In Plain Dollars
PSI opened 2026 at an adjusted price of $78.86 on the December 31, 2025 close. It traded at $161.63 on the May 26, 2026 close, including a 5.13% single-session move on the way there. So $10,000 became ~$20,496, or roughly a double in ~100 trading days. That is total return on an adjusted basis. The figure does not require a cherry-picked entry inside the window, because the window starts on the calendar year boundary. It is the boring, defensible version of the headline.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .
Stretch the lens out and the picture is louder. PSI is up 217.23% over the trailing year, 298.59% over five years, and 1,793.3% over ten. The Motley Fool ran the numbers in late 2025 and noted that $100 invested ten years ago was worth ~$920 today, an 820% total return versus the S&P 500's 233%. None of this is leverage. PSI is a plain, unlevered, fully invested basket.
Story Continues
The benchmark comparison is what gives the 2026 number its edge. iShares Semiconductor ETF ( NASDAQ:SOXX ), the cap-weighted competitor most institutions actually own, is up 89.42% year to date. That is an enormous number on its own. PSI still has ~15 percentage points on it. Against the S&P 500 the gap is closer to 95 percentage points. There are not many active equity funds in the world that are going to print that kind of relative number in 2026, which is the reason the title of the article uses the phrase it uses.
Why PSI And Not One Of The Famous Semi ETFs
The mechanism here is mostly one structural choice. PSI equal-weights ~30 semiconductor companies tracked through the Dynamic Semiconductor Intellidex Index. Cap-weighted funds like SOXX and the VanEck Semiconductor ETF lean hard on the largest two or three names, which in practice means a very large slug of the two biggest megacap chip designers does most of the work. PSI carries only 3.86% in NVIDIA, which sounds like a handicap until you notice what 2026 has actually rewarded.
Memory chips and semiconductor capital equipment. Those are the two pockets the equal weight forces you into, and they are the two pockets that PineBridge and others spent the late-2025 outlook season flagging. PineBridge's 2026 equity piece called out a rebound in memory and continued investments in advanced logic, with wafer fabrication equipment spending expected to rise on the back of those two threads. PSI's top weights have sat on Micron Technology, Lam Research, and Intel, which is to say, the memory cycle and the "pick and shovel" toolmakers. When those two pockets run, an equal-weight semis ETF outruns a cap-weighted one because the cap-weighted one is mostly concentrated in the single largest GPU designer.
The second piece of the mechanism is the AI capex story finally broadening out from the obvious winners. JPMorgan's 2026 outlook framed it directly, with tech sectors accounting for 36% of S&P 500 earnings and 56% of the index's capital spending growth over the last 12 months. That spending is not staying inside the megacap GPU designer. It is flowing to the people who build the memory, the etch tools, the deposition tools, the test equipment, and the specialty foundries. PSI's TradingView writeup in late April flagged a 182.6% surge from its 52-week low, attributing the run to the AI boom and the domestic chip production push. A Tower Semiconductor holding inside the basket was up 444% on a 12-month basis on the strength of defense radar and supply-chain reshoring work.
So the engine is identifiable. Equal weight plus a sector tailwind that rewards the second and third tier of names more than the megacap. The expense ratio is 0.56%, AUM is ~$1.29 billion, and the beta is 1.58. None of those numbers are unusual for the category. The performance came from holdings.
What A Reader Buying In Late May 2026 Is Actually Buying
This is the part the dinner-party victory lap leaves out. PSI rose 13% in the past week and 19.85% in the past month. SOXX rose 14.77% in the past week. Anything moving that fast is pricing in a lot of forward good news before the news lands. Morningstar's 2026 outlook tracks its Global Next Generation AI Index against fair value and notes the index sits above fair value, having ranged from 74% to 114% of fair value since 2023. An Intellectia AI valuation note from early April put PSI itself in the "fair" zone based on forward P/S ratio versus its 5-year average, with the caveat that the level "seems unsustainable despite strong revenue growth." That was 47 dollars ago on the chart.
The conditions that produced the run are mostly still in place. Wafer fab equipment spending is still expected to grow. Memory pricing has not rolled. The reshoring story still has years of capex behind it. PineBridge's view of ~25% annual growth in datacenter equipment for the next four to five years, anchored to electrical infrastructure constraints, is the kind of structural call that has held up across multiple outlook cycles. The setup is intact. It is also a lot more expensive than it was on January 2.
Three indicators are worth watching from here, all of them observable without a Bloomberg terminal. First, the memory pricing tape, because contract DRAM and NAND pricing from the largest US memory maker is what makes the largest single weight in PSI move. Second, the quarterly capex guidance from the hyperscalers and from TSMC, because that capex is the order book for the major wafer fab equipment toolmakers. Third, the Philadelphia Semiconductor Index, which is what SOXX is built around, because if SOXX rolls, PSI is going to roll harder given its higher beta. Vanguard's 2026 piece flagged that AI investment's outsized contribution to economic growth represents the key risk factor in 2026, which is a polite way of saying that if AI capex blinks, semis blink first.
The honest read is that PSI's 2026 was earned, and that the mechanism is identifiable and largely structural. The fund did exactly what it was built to do during a regime that happened to suit it. That is the durable part. The part that will not repeat on the same scale is the starting price. You can still own the mechanism. You cannot still own the entry. Watch memory pricing and watch hyperscaler capex, because that is where the next leg, up or down, is going to show up first.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .
After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade
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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade
After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade
David Beren
May 29, 2026 6 min read
- SMH
+2.48%
- ASML.AS
+4.83%
- LRCX
+6.01%
- SOXX
+3.50%
- FTXL
+3.68%
Quick Read
- iShares Semiconductor ETF (SOXX) tracks 30 U.S.-listed chip stocks with a 0.34% expense ratio and returned 87% year-to-date by capturing broad supplier exposure to the AI capex cycle; VanEck Semiconductor ETF (SMH) concentrates on 25 names including Taiwan Semi (9%), ASML, and Lam Research with 4% Netherlands and 9% Taiwan exposure, returning 65% year-to-date; First Trust Nasdaq Semiconductor ETF (FTXL) uses factor-weighted screening to emphasize semicap equipment and memory stocks including Micron and Credo, returning 99% year-to-date at a 0.60% fee with $1.48B in assets.
- Hyperscaler AI capital spending projected near 25% annual growth through 2030 is distributing dollars across the semiconductor supply chain from chip designers to foundries to lithography equipment makers, and each ETF captures different layers of this structural shift.
- The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .
After three years of hyperscaler capital spending feeding through to chip designers, foundry capacity, and lithography backlogs, the semiconductor ETF complex has separated into distinct buckets. iShares Semiconductor ETF ( NASDAQ:SOXX ), VanEck Semiconductor ETF ( NASDAQ:SMH ), and First Trust Nasdaq Semiconductor ETF ( NASDAQ:FTXL ) are the three broad U.S.-listed vehicles that capture the trade in clean, liquid form. They differ in construction, and that difference has produced a wide spread in performance during the current cycle.
Goldman Sachs Asset Management's 2026 outlook frames the backdrop bluntly: the AI capex boom is "driving business and investment activity" while the rest of the U.S. economy softens. PineBridge and MetLife describe datacenter equipment growth as "essentially locked in for the next four to five years" with annual growth near 25%. That is the structural setup behind the three funds below.
SOXX: The Largest, Broadest Way to Own the Cycle
SOXX tracks the NYSE Semiconductor Index, a modified market-cap weighted basket of 30 U.S.-listed chip names. The investment logic is straightforward: AI capex is a flow of dollars moving from a small group of hyperscalers to a wide set of suppliers, and SOXX owns enough of that supplier base to capture the cycle without making a single-name bet. The fund's expense ratio runs at 0.34%, with the fact sheet referenced as of March 2026.
The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .
Story Continues
The modified weighting matters, as a pure cap weighting would allow NVIDIA to dominate to a degree that resembles holding a single stock. The cap on top names spreads exposure into equipment makers and analog franchises that benefit from the same capex wave through a different mechanism. On the positive side, SOXX is up roughly 87% year-to-date and 180% over the trailing year, mirroring the trajectory of hyperscaler order books since the deepseek-driven reset early last year.
The trade-off: SOXX is U.S.-listed only, so there is no direct exposure to ASML or TSMC. However, investors who view the lithography and foundry layers as the truest bottleneck in the AI buildout will find that exclusion meaningful.
SMH: Concentrated Exposure to the Choke Points
SMH tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index and holds 25 names. The fund carries $6.3 billion in net assets with an expense ratio of 0.35%. The point of owning SMH rather than SOXX is the willingness to let the largest, most capacity-constrained companies drive returns.
The top holdings as of May 27, 2026, are NVIDIA at 16%, Taiwan Semi at 9%, Intel at 8%, Advanced Micro Devices at 7%, and Broadcom at 7%. Micron sits at 6%. Equipment names, including ASML, Lam Research, and Applied Materials, make up around 12% of the fund. Geographically, about 4% sits in the Netherlands and 9% in Taiwan, reflecting exposure to the foundry and lithography links of the chain that SOXX skips.
As it stands, SMH returned 65% year-to-date and 152% over one year, lagging SOXX in 2026, but the lag tracks the way capital has rotated within the cycle. Memory and equipment names have outrun the largest cap-weighted incumbents over the past several months, and SMH's heavier top-5 concentration has worked against it during that rotation. As Eric Jhonsa put it on a recent podcast, "demand keeps staying ahead of supply" , which has favored capacity providers over the design layer.
The trade-off is concentration: a bad quarter from AMD or Broadcom moves SMH in a way it would not move SOXX, and international tickers add a second layer of geopolitical sensitivity around Taiwan and export controls.
FTXL: The Smart-Beta Outsider That Has Quietly Led the Group
FTXL represents our value play here. This fund tracks Nasdaq's unique AlphaDEX index, which ranks chip stocks by growth, value, and momentum metrics and then groups them into tier-weighted buckets. Its structural management fee sits right at 0.60%, marking it the costliest option among these choices. According to its latest official regulatory filing, the product managed roughly $1.48 billion in total investor assets as of the close of March.
That construction is what makes FTXL relevant to the AI capex theme rather than a generic diversified bet. The factor screen pulls in semicap equipment, memory, and connectivity names at weightings that the cap-weighted indexes underemphasize. As of March 31, 2026, top positions included NVIDIA at 8%, Intel at 8%, Broadcom at 8%, Qualcomm at 8%, and Micron at 7%. The portfolio extends to 34 holdings, including KLA, Marvell, ON Semiconductor, Astera Labs, and Credo, names that benefit from datacenter interconnect and advanced packaging spend.
The performance has been a surprise to the group. FTXL returned 99% year-to-date and 219% over the trailing 12 months. Memory rebound, semicap order strength, and recovery in second-tier analog names have all rewarded the factor tilt. That outperformance does not annualize cleanly into a thesis, and the fund's smaller AUM and 0.60% fee are real costs.
The tradeoff: factor methodologies rebalance on a schedule, which can mean trimming winners that the cap-weighted indexes keep riding. FTXL also concentrates on roughly the same names as SOXX and SMH at the top, so the diversification benefit is structural rather than dramatic.
Choosing Between the Three
The decision rests on which part of the AI capex chain an investor wants exposure to. SOXX is the default broad vehicle, leaning toward U.S.-listed designers and integrated manufacturers, and the largest pool of capital. SMH provides direct exposure to the foundry and lithography sectors through TSMC and ASML, with a concentration that cuts both ways. FTXL leans into semicap equipment, memory, and emerging interconnect names through a factor screen, with a higher fee and a smaller asset base, but a 2026 return profile that has run ahead of the two larger funds.
NVIDIA's own framing, that AI capex grows "3x to 4x" by the end of the decade, sets a long runway. Each of these three funds expresses a different view on which part of that spending compounds fastest.
The analyst who called NVIDIA in 2010 just named his top 10 AI stocks
This analyst's 2025 picks are up 106% on average. He just named his top 10 stocks to buy in 2026. Get them here FREE .
The Most-Compared ETFs Right Now — And What They Reveal
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The Most-Compared ETFs Right Now — And What They Reveal
The Most-Compared ETFs Right Now — And What They Reveal
ETF.com Staff
May 29, 2026 6 min read
- QQQ
+1.66%
- SOXL
+10.08%
balance Every month, tens of thousands of investors come to ETF.com not to read about ETFs—but to compare them head to head. The ETF Comparison Tool lets users stack any two (or three) funds side by side across costs, performance, holdings, and flows. Over the last 28 days, 96,861 users ran a pure ticker-vs-ticker comparison on our tool. What they searched tells a story about where investor attention—and anxiety—is right now.
Semiconductors Are the Runaway #1 Theme
Nothing comes close. The single most-searched matchup on the entire site is SMH vs. SOXX , with 2,478 active users—more than double the next most popular pair. Semiconductor ETFs dominate the top of the list in a way no other category does.
The matchup map is deep: SMH vs. QQQ (1,153 users), SMH vs. SOXQ (896), SOXQ vs. SOXX (708), QQQ vs. SOXX (367), SOXL vs. SOXX (367), SMH vs. CHPS (193), DRAM vs. SMH (151). When you add up every comparison that includes a semiconductor ETF, it's the most-trafficked category on the tool by a wide margin—likely north of 9,000 users in the period.
The debate isn't just VanEck vs. iShares. Investors are drilling down: broad semis vs. leveraged semis, pure-play chip designers vs. the full supply chain, large-cap leaders vs. smaller names in PSI and FTXL . The semiconductor trade is alive, contested, and highly researched.
The Growth ETF Wars
The second biggest storyline is a four-way fight between SCHG , VUG , QQQM , and QQQ . Investors are trying to figure out which growth ETF deserves the core slot in their portfolio—and they're not finding an obvious answer.
SCHG vs. QQQM drew 917 users. QQQM vs. VGT pulled 809. QQQ vs. VUG got 743. VUG vs. QQQM attracted 717. SCHG vs. VUG : 620. VUG vs. VGT : 587. QQQ vs. VGT : 581. The three-way matchup VUG vs. QQQM vs. SCHG added another 459.
What's notable is how often SCHG appears. Schwab's large-cap growth fund has quietly become a serious challenger to QQQ for cost-conscious investors, and the comparison traffic reflects that. SCHG 's 0.04% expense ratio versus QQQ 's 0.20% is a conversation that 2,000+ users a month are actively having.
Core Portfolio Fundamentals Still Drive Volume
Amid all the thematic excitement, the bread-and-butter comparisons remain extremely popular. QQQ vs. SPY (771 users), VTI vs. VOO (706), IVV vs. VOO (587), QQQ vs. VOO (583), SPY vs. IVV (566)—these are the "which foundational ETF should I own" questions that never go out of style.
The QQQ vs. QQQM comparison (629 users) deserves special mention. These are essentially the same index at different price points, but investors are clearly still working through whether the switch makes sense for their situation. At this volume, it's one of the most practically useful comparisons on the tool.
Story Continues
Nuclear Energy: The Sleeper Hit
One of the more surprising findings in the data is how actively investors are researching uranium and nuclear ETFs. URA vs. NLR drew 459 users—more than many mainstream equity matchups. NLR vs. URNM pulled 355. URA vs. URNM : 291. URNM vs. URA : 168. NLR vs. URA : 143. URNJ vs. URNM : 80.
That's a niche category generating well over 1,500 comparison sessions. For a theme most investors couldn't have named three years ago, nuclear is getting serious due diligence. The nuances matter to this crowd: physical uranium vs. uranium miners, pure-play vs. diversified nuclear, large producers vs. junior miners.
Momentum Has a Moment
SPMO —Invesco's S&P 500 Momentum ETF—appears in six different matchups across the top of the data. VOO vs. SPMO (570), QQQ vs. SPMO (569), QQQM vs. SPMO (538), VGT vs. SPMO (288), SPY vs. RSP (567). Investors are stress-testing momentum against their core holdings, asking whether chasing factor performance makes sense at this point in the cycle.
The RSP comparison is a related tell: equal-weight vs. cap-weight (567 users) is a question that resurfaces whenever concentration risk is on investors' minds. When the top 10 names in the S&P 500 account for a record share of the index, the equal-weight alternative starts looking interesting—at least interesting enough to compare.
AI and Robotics: Still Being Figured Out
The AI ETF category is generating real comparison traffic, but the matchups suggest investors are still sorting out which funds belong in which bucket. AIQ vs. BOTZ: 512 users. BOTZ vs. ARKQ: 330. BOTZ vs. ROBO: 253. BOTZ vs. AIQ: 185. AIQ vs. CHAT: 267. IRBO vs. BOTZ: 131.
BOTZ shows up as the reference point—the ETF everyone else gets compared to. But the high volume across multiple AI/robotics pairs suggests this is a category where investors haven't landed on a consensus pick. That's an opportunity for editorial clarity.
Defense Goes Mainstream
Defense ETF comparisons spiked in ways consistent with investors responding to geopolitical headlines. XAR vs. PPA: 253 users. XAR vs. ITA: 196. SHLD vs. ITA: 185. PPA vs. ITA: 133. These aren't abstract research queries—they read like investors actively deciding where to put new money in a sector they've recently decided to own.
Space ETFs show up nearby: UFO vs. ARKX (352), NASA vs. UFO (111), UFO vs. ROKT (68). The overlap with defense themes—several space ETFs hold significant aerospace and defense names—suggests some investors are treating the two categories as adjacent bets.
Cash and Short-Duration Bonds: Not Going Anywhere
Despite rate cut expectations, investors are still actively comparing their cash-parking options. TBIL vs. SGOV : 384 users. SGOV vs. BIL : 319. VBIL vs. SGOV : 296. BOXX vs. SGOV : 139. BIL vs. SGOV : 79.
The BOXX comparison is notable—it signals that some investors are now aware of the more exotic cash-management structures and are doing genuine due diligence on them. The T-bill ETF category has matured from a novelty into a crowded, actively-researched space.
What the Data Tells Us
Taken together, the comparison traffic over the last 28 days paints a picture of an investor base that is engaged, specific, and often ahead of the mainstream narrative. Semiconductors are being researched at a depth that goes well beyond "I want chip exposure." Growth ETFs are being evaluated on cost and construction, not just performance. Nuclear energy has graduated from talking point to portfolio consideration.
The comparison tool is, in a sense, a live map of investor decision-making—not what people bought, but what they were thinking about buying. Right now, they're thinking hard about chips, growth factors, nuclear power, and momentum. We'll keep tracking it.
Find other ETF Comparisons using ETF.com's ETF Comparison Tool
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Are Wall Street Analysts Bullish on KLA Corporation Stock?
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英文原文
Are Wall Street Analysts Bullish on KLA Corporation Stock?
Are Wall Street Analysts Bullish on KLA Corporation Stock?
Kritika Sarmah
May 22, 2026 2 min read
- KLAC
+3.77%
- ^GSPC
+0.81%
KLA Corp_ website and logo-by T_Schneider via Shutterstock With a market cap of $239 billion, KLA Corporation (KLAC) is a leading semiconductor equipment and process control company that provides advanced inspection, metrology, and yield-management systems used in the manufacturing of integrated circuits and semiconductor devices. Headquartered in Milpitas, California, KLA plays a critical role in the global semiconductor supply chain by helping chipmakers detect manufacturing defects, improve yields, and enhance production efficiency.
Shares of KLAC have outperformed the broader market considerably over the past 52 weeks. KLAC stock has increased 136.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 27.4%. Moreover, shares of KLAC are up 51.6% on a YTD basis, outpacing $SPX's 8.8% rise.
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In addition, KLAC has trailed Invesco Semiconductors ETF's (PSI) 189.4% rise over the past 52 weeks and 91.1% return in 2026.
www.barchart.com KLAC stock has delivered strong returns over the past year, driven by rising demand for advanced semiconductor manufacturing equipment amid the ongoing AI and high-performance computing boom. Investors have grown increasingly optimistic about KLA's critical role in semiconductor process control, inspection, and metrology, which are becoming increasingly essential as chip complexity increases and manufacturers transition to advanced nodes.
For the fiscal year ending in June 2026, analysts expect KLAC's EPS to rise 11.4% year-over-year to $37.06. The company's earnings surprise history is impressive. It beat the consensus estimates in each of the last four quarters.
Among the 28 analysts covering the stock, the consensus rating is a "Moderate Buy." That's based on 15 "Strong Buy" ratings, three "Moderate Buys," and 10 "Holds."
www.barchart.com The current consensus is bearish than three months ago, when it had 16 "Strong Buy" suggestions.
On May 1, Citigroup analyst Atif Malik reiterated a "Buy" rating on KLAC and raised the firm's price target to $2,064 from $1,800, underscoring Citi's growing confidence in KLA's long-term growth prospects and continued strength in semiconductor equipment demand.
Story Continues
KLAC's mean price target of $1,890.54 indicates a premium of 2.6% from the current market prices. While the Street-high target of $2,100 suggests a robust 14% upside potential.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?
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英文原文
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? · Zacks
Zacks Equity Research
May 19, 2026 3 min read
- FTXL
+3.68%
Looking for broad exposure to the Technology - Semiconductors segment of the equity market? You should consider the First Trust NASDAQ Semiconductor ETF (FTXL), a passively managed exchange traded fund launched on September 20, 2016.
Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
Index Details
The fund is sponsored by First Trust Advisors. It has amassed assets over $2.19 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.
The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.
Costs
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.6%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.15%.
Sector Exposure and Top Holdings
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.
Looking at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).
The top 10 holdings account for about 60.46% of total assets under management.
Performance and Risk
The ETF return is roughly 77.34% so far this year and was up about 169.1% in the last one year (as of 05/19/2026). In that past 52-week period, it has traded between $81.51 and $248.97.
The ETF has a beta of 1.69 and standard deviation of 35.66% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers.
Story Continues
Alternatives
First Trust NASDAQ Semiconductor ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FTXL is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $32.51 billion in assets, VanEck Semiconductor ETF has $60.42 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
美股事实摘要
- 报价事实：上涨 14 / 下跌 4 / 震荡 0；广度 77.78%；平均较前交易日 +2.71%。
- 公开新闻/财报讨论覆盖：18 / 18 个标的；新闻条目 144 条。
公开数据对照
| 标的 | IBKR 当前价 | K线收盘 | K线来源 | 差异 | 5D | 20D | K线行数 |
|---|---|---|---|---|---|---|---|
MSFT | 384.15 | 384.36 | Yahoo Finance chart API | -0.05% | +0.02% | -4.72% | 123 |
NVDA | 202.49 | 202.78 | Yahoo Finance chart API | -0.14% | +2.63% | -2.60% | 123 |
MRVL | 243.83 | 243.27 | Yahoo Finance chart API | +0.23% | -10.58% | -8.85% | 123 |
GFS | 69.99 | 69.71 | Yahoo Finance chart API | +0.40% | -9.74% | -7.37% | 123 |
APLD | 32.42 | 32.29 | Yahoo Finance chart API | +0.40% | -9.09% | -22.95% | 123 |
USAR | 19.06 | 18.87 | Yahoo Finance chart API | +1.01% | -5.56% | -9.71% | 123 |
SOXX | 581.50 | 581.70 | Yahoo Finance chart API | -0.03% | -3.00% | +3.48% | 123 |
SOXL | 191.85 | 192.45 | Yahoo Finance chart API | -0.31% | -11.54% | -4.58% | 123 |
FTXL | 255.36 | 255.36 | Yahoo Finance chart API | -0.00% | -4.28% | +0.87% | 123 |
PSI | 159.47 | 159.47 | Yahoo Finance chart API | -0.00% | -8.57% | +4.96% | 123 |
DRAM | 63.60 | 64.36 | Yahoo Finance chart API | -1.18% | -2.28% | +7.52% | 67 |
KMEM | 22.06 | 21.82 | Yahoo Finance chart API | +1.10% | -5.62% | N/A | 6 |
VRT | 323.69 | 323.92 | Yahoo Finance chart API | -0.07% | +4.01% | +11.88% | 123 |
COHR | 328.00 | 327.24 | Yahoo Finance chart API | +0.23% | -11.23% | -8.06% | 123 |
CRCL | 63.50 | 63.01 | Yahoo Finance chart API | +0.78% | +1.71% | -22.31% | 123 |
SPCX | 151.63 | 152.16 | Yahoo Finance chart API | -0.35% | -3.41% | N/A | 18 |
GOOG | 355.25 | 356.24 | Yahoo Finance chart API | -0.28% | -0.46% | -1.67% | 123 |
NBIS | 216.13 | 216.20 | Yahoo Finance chart API | -0.03% | -5.66% | -1.78% | 123 |
期权链事实
观察标的：MSFT, NVDA, MRVL, GFS, APLD, USAR, SOXX, SOXL, FTXL, PSI, DRAM, KMEM, VRT, COHR, CRCL, SPCX, GOOG, SPY, QQQ, NBIS
来源：Yahoo Finance 公开期权链
覆盖：19 / 20 个观察标的。
| 标的 | ATM IV | Put/Call Vol | Put/Call OI | Max Pain | 最大OI | 期限结构 | Vol/OI异常 | 大单数 | 新闻数 |
|---|---|---|---|---|---|---|---|---|---|
MSFT | 33.88% | 0.84 | 0.53 | 390.00 | C 475.00 (45,234) / P 380.00 (16,892) | 7D 33.88% / 28D 44.70% / 70D 38.50% / 98D 37.85% | 8 | 5 | |
NVDA | 38.64% | 0.34 | 0.73 | 200.00 | C 190.00 (106,525) / P 180.00 (79,438) | 7D 38.64% / 28D 40.07% / 70D 42.92% / 98D 42.47% | 3 | 5 | |
MRVL | 94.77% | 0.63 | 1.16 | 220.00 | C 270.00 (13,075) / P 75.00 (11,268) | 7D 94.77% / 28D 93.85% / 70D 98.60% / 98D 95.20% | 1 | 5 | |
GFS | 76.95% | 1.80 | 0.58 | 60.00 | C 100.00 (12,656) / P 60.00 (4,169) | 7D 76.95% / 42D 81.81% / 98D 77.17% / 189D 76.44% | 1 | 0 | 5 |
APLD | 96.92% | 0.32 | 0.51 | 35.00 | C 60.00 (15,376) / P 28.00 (9,246) | 7D 96.92% / 28D 111.08% / 70D 104.54% / 98D 108.08% | 1 | 0 | 5 |
USAR | 88.18% | 0.74 | 0.54 | 21.00 | C 22.00 (13,486) / P 25.00 (9,128) | 7D 88.18% / 28D 93.55% / 42D 92.87% / 70D 92.48% | 0 | 0 | 5 |
SOXX | 61.28% | 3.58 | 1.37 | 585.00 | C 670.00 (15,103) / P 480.00 (11,476) | 7D 61.28% / 28D 65.17% / 70D 61.19% / 98D 59.55% | 3 | 5 | |
SOXL | 185.22% | 1.89 | 1.94 | 185.00 | C 270.00 (4,870) / P 100.00 (6,729) | 7D 185.22% / 28D 188.16% / 70D 176.21% / 133D 169.00% | 4 | 5 | |
FTXL | 32.62% | 0.67 | 0.33 | 250.00 | C 300.00 (376) / P 280.00 (68) | 7D 32.62% / 42D 65.59% / 70D 0.00% / 161D 60.78% | 0 | 0 | 5 |
PSI | 61.28% | 0.16 | 0.10 | 160.00 | C 205.00 (1,150) / P 130.00 (40) | 7D 61.28% / 42D 58.15% / 133D 56.54% / 224D 58.70% | 0 | 0 | 5 |
DRAM | 105.23% | 0.53 | 0.81 | 65.00 | C 75.00 (35,150) / P 55.00 (32,967) | 7D 105.23% / 28D 103.71% / 70D 99.07% / 98D 95.75% | 3 | 0 | 5 |
VRT | 81.55% | 2.08 | 1.51 | 320.00 | C 320.00 (2,283) / P 230.00 (8,387) | 7D 81.55% / 28D 83.92% / 70D 77.18% / 98D 75.36% | 0 | 5 | |
COHR | 102.53% | 1.17 | 1.08 | 360.00 | C 470.00 (2,650) / P 280.00 (4,552) | 7D 102.53% / 28D 102.17% / 70D 104.10% / 98D 101.60% | 2 | 5 | |
CRCL | 81.91% | 0.60 | 0.90 | 76.00 | C 110.00 (6,820) / P 35.00 (7,784) | 7D 81.91% / 28D 90.76% / 70D 88.87% / 98D 87.60% | 3 | 5 | |
SPCX | 66.98% | 0.79 | 0.82 | 165.00 | C 450.00 (206,298) / P 150.00 (46,131) | 7D 66.98% / 28D 86.62% / 70D 82.88% / 98D 79.12% | 5 | 5 | |
GOOG | 32.53% | 0.38 | 0.92 | 350.00 | C 400.00 (17,307) / P 330.00 (26,250) | 7D 32.53% / 28D 41.83% / 70D 36.71% / 98D 35.50% | 3 | 5 | |
SPY | 10.94% | 1.20 | 3.14 | 742.00 | C 760.00 (52,166) / P 530.00 (206,007) | 7D 10.94% / 28D 13.16% / 52D 14.15% / 98D 15.51% | 8 | 0 | |
QQQ | 22.17% | 1.25 | 1.51 | 711.00 | C 800.00 (45,318) / P 675.00 (46,233) | 7D 22.17% / 28D 24.30% / 52D 24.35% / 98D 25.01% | 8 | 0 | |
NBIS | 129.72% | 2.44 | 1.75 | 220.00 | C 220.00 (22,754) / P 170.00 (26,749) | 7D 129.72% / 28D 133.11% / 70D 129.19% / 133D 124.96% | 2 | 5 |
大单 / 异常成交历史
大单成交历史来自每日/每次期权链快照的高成交合约记录，不是逐笔成交 tape。 当前显示：本次快照 Top 80。
| 观察时间 | 标的 | 合约 | 方向 | Strike | 到期 | Volume | OI | IV | Vol/OI | 估算权利金 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00450000 | put | 450.00 | 2026-07-17 | 8,461 | 915 | 69.46% | 9.25 | $55,419,550 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00748000 | call | 748.00 | 2026-07-17 | 42,227 | 3,659 | 12.88% | 11.54 | $32,240,315 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00435000 | put | 435.00 | 2026-07-17 | 5,903 | 1,041 | 59.01% | 5.67 | $29,869,180 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00750000 | call | 750.00 | 2026-07-17 | 39,452 | 46,170 | 12.07% | 0.85 | $24,539,144 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00010000 | call | 10.00 | 2026-09-18 | 1,133 | 1,464 | 251.56% | 0.77 | $21,847,072 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00730000 | call | 730.00 | 2026-07-17 | 9,246 | 31,177 | 18.23% | 0.30 | $21,312,030 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ261016C00720000 | call | 720.00 | 2026-10-16 | 4,072 | 1,116 | 28.12% | 3.65 | $17,631,760 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00775000 | put | 775.00 | 2026-07-17 | 3,430 | 2,003 | 33.96% | 1.71 | $17,602,760 |
| 2026-07-10 02:41:48.181Z | COHR | COHR260717P00370000 | put | 370.00 | 2026-07-17 | 3,382 | 3,569 | 100.16% | 0.95 | $16,453,430 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918P00200000 | put | 200.00 | 2026-09-18 | 11,044 | 40,105 | 41.40% | 0.28 | $14,550,470 |
| 2026-07-10 02:41:48.181Z | SPCX | SPCX260717P00300000 | put | 300.00 | 2026-07-17 | 959 | 983 | 253.76% | 0.98 | $14,284,305 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00445000 | put | 445.00 | 2026-07-17 | 2,242 | 295 | 50.29% | 7.60 | $13,659,385 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00205000 | call | 205.00 | 2026-07-17 | 37,898 | 29,267 | 38.84% | 1.29 | $13,643,280 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00200000 | call | 200.00 | 2026-07-17 | 18,199 | 90,846 | 40.21% | 0.20 | $11,283,380 |
| 2026-07-10 02:41:48.181Z | SOXX | SOXX260717P00585000 | put | 585.00 | 2026-07-17 | 5,016 | 5,135 | 60.27% | 0.98 | $11,260,920 |
| 2026-07-10 02:41:48.181Z | NBIS | NBIS260717P00210000 | put | 210.00 | 2026-07-17 | 8,199 | 1,746 | 129.61% | 4.70 | $10,966,163 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00360000 | call | 360.00 | 2026-07-17 | 300 | 301 | 200.29% | 1.00 | $10,912,500 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717P00750000 | put | 750.00 | 2026-07-17 | 26,193 | 53,856 | 10.75% | 0.49 | $10,333,139 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00205000 | call | 205.00 | 2026-09-18 | 6,899 | 17,460 | 44.91% | 0.40 | $10,279,510 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00440000 | put | 440.00 | 2026-07-17 | 1,790 | 186 | 63.01% | 9.62 | $9,965,825 |
| 2026-07-10 02:41:48.181Z | MRVL | MRVL260918C00230000 | call | 230.00 | 2026-09-18 | 2,062 | 1,245 | 99.96% | 1.66 | $9,949,150 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00455000 | put | 455.00 | 2026-07-17 | 1,406 | 171 | 73.14% | 8.22 | $9,919,330 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00210000 | call | 210.00 | 2026-07-17 | 50,532 | 59,985 | 38.31% | 0.84 | $9,575,814 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717P00210000 | put | 210.00 | 2026-07-17 | 10,216 | 26,724 | 37.92% | 0.38 | $9,168,860 |
| 2026-07-10 02:41:48.181Z | MRVL | MRVL260918C00250000 | call | 250.00 | 2026-09-18 | 2,283 | 4,103 | 100.44% | 0.56 | $9,120,585 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00745000 | call | 745.00 | 2026-07-17 | 9,170 | 28,056 | 13.49% | 0.33 | $9,032,450 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00430000 | put | 430.00 | 2026-07-17 | 1,948 | 593 | 55.93% | 3.28 | $8,892,620 |
| 2026-07-10 02:41:48.181Z | CRCL | CRCL260717P00130000 | put | 130.00 | 2026-07-17 | 1,321 | 1,000 | 310.94% | 1.32 | $8,774,743 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00207500 | call | 207.50 | 2026-07-17 | 32,126 | 8,466 | 38.42% | 3.79 | $8,513,390 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00470000 | put | 470.00 | 2026-07-17 | 956 | 104 | 83.76% | 9.19 | $8,176,190 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717P00780000 | put | 780.00 | 2026-07-17 | 2,852 | 410 | 22.60% | 6.96 | $8,143,886 |
| 2026-07-10 02:41:48.181Z | SOXX | SOXX260717C00470000 | call | 470.00 | 2026-07-17 | 700 | 696 | 105.29% | 1.01 | $8,043,000 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00720000 | call | 720.00 | 2026-07-17 | 6,509 | 14,368 | 24.32% | 0.45 | $7,735,947 |
| 2026-07-10 02:41:48.181Z | CRCL | CRCL260918P00140000 | put | 140.00 | 2026-09-18 | 1,001 | 1,228 | 116.36% | 0.82 | $7,655,147 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00720000 | put | 720.00 | 2026-07-17 | 10,065 | 22,063 | 21.63% | 0.46 | $7,649,400 |
| 2026-07-10 02:41:48.181Z | CRCL | CRCL260717P00140000 | put | 140.00 | 2026-07-17 | 1,000 | 0 | 333.40% | N/A | $7,637,500 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00751000 | call | 751.00 | 2026-07-17 | 13,217 | 4,835 | 11.82% | 2.73 | $7,394,912 |
| 2026-07-10 02:41:48.181Z | SPCX | SPCX260918P00140000 | put | 140.00 | 2026-09-18 | 4,584 | 17,631 | 83.92% | 0.26 | $7,288,560 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00202500 | call | 202.50 | 2026-07-17 | 14,991 | 11,156 | 39.34% | 1.34 | $7,195,680 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00190000 | call | 190.00 | 2026-07-17 | 5,103 | 26,501 | 44.75% | 0.19 | $7,054,897 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00210000 | call | 210.00 | 2026-09-18 | 5,522 | 55,516 | 44.42% | 0.10 | $6,985,330 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00710000 | put | 710.00 | 2026-07-17 | 14,795 | 32,047 | 23.54% | 0.46 | $6,909,265 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00724000 | call | 724.00 | 2026-07-17 | 6,902 | 2,008 | 23.11% | 3.44 | $6,525,841 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00200000 | call | 200.00 | 2026-09-18 | 3,498 | 47,322 | 45.43% | 0.07 | $6,077,775 |
| 2026-07-10 02:41:48.181Z | NBIS | NBIS260918P00185000 | put | 185.00 | 2026-09-18 | 1,940 | 645 | 128.92% | 3.01 | $5,999,450 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00725000 | call | 725.00 | 2026-07-17 | 6,543 | 13,386 | 22.90% | 0.49 | $5,826,542 |
| 2026-07-10 02:41:48.181Z | SPCX | SPCX260717C00150000 | call | 150.00 | 2026-07-17 | 7,920 | 5,327 | 66.80% | 1.49 | $5,623,200 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717P00770000 | put | 770.00 | 2026-07-17 | 2,995 | 542 | 15.44% | 5.53 | $5,557,223 |
| 2026-07-10 02:41:48.181Z | SOXL | SOXL260717P00200000 | put | 200.00 | 2026-07-17 | 2,196 | 4,169 | 183.40% | 0.53 | $5,528,430 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00722000 | call | 722.00 | 2026-07-17 | 5,115 | 1,237 | 23.56% | 4.14 | $5,450,033 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00235000 | call | 235.00 | 2026-09-18 | 10,047 | 16,755 | 43.48% | 0.60 | $5,224,440 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717P00200000 | put | 200.00 | 2026-07-17 | 15,440 | 45,849 | 38.31% | 0.34 | $5,056,600 |
| 2026-07-10 02:41:48.181Z | SOXL | SOXL260717C00170000 | call | 170.00 | 2026-07-17 | 1,442 | 1,832 | 200.44% | 0.79 | $4,964,085 |
| 2026-07-10 02:41:48.181Z | GOOG | GOOG260807C00350000 | call | 350.00 | 2026-08-07 | 2,494 | 126 | 42.45% | 19.79 | $4,925,650 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00755000 | call | 755.00 | 2026-07-17 | 14,355 | 18,420 | 10.92% | 0.78 | $4,851,990 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00215000 | call | 215.00 | 2026-09-18 | 4,382 | 13,351 | 44.10% | 0.33 | $4,688,740 |
| 2026-07-10 02:41:48.181Z | MSFT | MSFT260717P00460000 | put | 460.00 | 2026-07-17 | 615 | 59 | 76.76% | 10.42 | $4,617,112 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00715000 | put | 715.00 | 2026-07-17 | 7,678 | 21,726 | 22.65% | 0.35 | $4,587,605 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260831P00740000 | put | 740.00 | 2026-08-31 | 4,376 | 4,508 | 13.58% | 0.97 | $4,472,272 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00711000 | put | 711.00 | 2026-07-17 | 8,945 | 8,742 | 23.49% | 1.02 | $4,409,885 |
| 2026-07-10 02:41:48.181Z | SOXX | SOXX260918P00630000 | put | 630.00 | 2026-09-18 | 502 | 167 | 56.65% | 3.01 | $4,387,480 |
| 2026-07-10 02:41:48.181Z | VRT | VRT260807C00235000 | call | 235.00 | 2026-08-07 | 474 | 465 | 90.30% | 1.02 | $4,378,575 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00740000 | call | 740.00 | 2026-07-17 | 16,110 | 20,896 | 20.04% | 0.77 | $4,373,865 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260831P00900000 | put | 900.00 | 2026-08-31 | 247 | 0 | 32.18% | N/A | $4,356,957 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260717C00215000 | call | 215.00 | 2026-07-17 | 45,848 | 40,524 | 38.48% | 1.13 | $4,240,940 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00555000 | call | 555.00 | 2026-07-17 | 250 | 256 | 92.63% | 0.98 | $4,229,125 |
| 2026-07-10 02:41:48.181Z | SOXL | SOXL260717C00180000 | call | 180.00 | 2026-07-17 | 1,466 | 2,048 | 194.38% | 0.72 | $4,119,460 |
| 2026-07-10 02:41:48.181Z | MRVL | MRVL260717C00060000 | call | 60.00 | 2026-07-17 | 224 | 261 | 526.37% | 0.86 | $4,100,880 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00718000 | call | 718.00 | 2026-07-17 | 3,008 | 1,622 | 25.32% | 1.85 | $3,999,136 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00715000 | call | 715.00 | 2026-07-17 | 2,552 | 5,809 | 25.84% | 0.44 | $3,912,216 |
| 2026-07-10 02:41:48.181Z | NBIS | NBIS260717P00400000 | put | 400.00 | 2026-07-17 | 212 | 106 | 159.77% | 2.00 | $3,898,680 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00722000 | put | 722.00 | 2026-07-17 | 4,558 | 1,129 | 21.20% | 4.04 | $3,808,209 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00700000 | put | 700.00 | 2026-07-17 | 12,993 | 44,203 | 25.72% | 0.29 | $3,767,970 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260807C00205000 | call | 205.00 | 2026-08-07 | 4,441 | 2,113 | 41.32% | 2.10 | $3,686,030 |
| 2026-07-10 02:41:48.181Z | NVDA | NVDA260918C00195000 | call | 195.00 | 2026-09-18 | 1,808 | 84,580 | 45.97% | 0.02 | $3,638,600 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717C00719000 | call | 719.00 | 2026-07-17 | 2,865 | 804 | 25.49% | 3.56 | $3,638,550 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ261016P00845000 | put | 845.00 | 2026-10-16 | 292 | 0 | 18.03% | N/A | $3,544,150 |
| 2026-07-10 02:41:48.181Z | SPY | SPY260717C00740000 | call | 740.00 | 2026-07-17 | 2,530 | 17,013 | 14.94% | 0.15 | $3,533,145 |
| 2026-07-10 02:41:48.181Z | MRVL | MRVL261016P00240000 | put | 240.00 | 2026-10-16 | 765 | 1,128 | 93.17% | 0.68 | $3,419,550 |
| 2026-07-10 02:41:48.181Z | QQQ | QQQ260717P00765000 | put | 765.00 | 2026-07-17 | 800 | 0 | 29.14% | N/A | $3,305,600 |
技术指标事实
| 标的 | 类型 | Benchmark | 最新价 | Strength | 1H 支撑 / 压力 | 4H 支撑 / 压力 | 1D 支撑 / 压力 | 数据限制 |
|---|---|---|---|---|---|---|---|---|
MSFT | 美股/ETF | SPY | 384.1200 | -2.60 | 382.9209 (-0.31%；摆动低点/MA20/布林中轨) / 388.3713 (+1.11%；布林上轨/摆动高点/摆动低点) | 380.3028 (-0.99%；摆动高点/MA60/布林下轨) / 385.0218 (+0.23%；MA10/摆动低点/摆动高点) | 380.7665 (-0.93%；MA10/MA20/布林中轨) / 385.8770 (+0.39%；摆动高点/MA5) | - |
NVDA | 美股/ETF | SPY | 202.3300 | -2.18 | 200.1839 (-1.06%；摆动高点/摆动低点/布林下轨) / 202.8158 (+0.24%；MA10/MA5/MA20) | - / - | 201.1597 (-0.80%；摆动高点/MA20/布林中轨) / 203.4500 (+0.33%；摆动低点) | 4H 少于 60 根K线；4H 无可用K线 |
MRVL | 美股/ETF | SPY | 244.7800 | 4.59 | 242.0852 (-1.10%；摆动低点/MA20/布林中轨) / 244.9540 (+0.07%；MA5/MA10) | 242.2005 (-1.05%；MA20/布林中轨/摆动低点) / 251.1100 (+2.59%；摆动低点/摆动高点) | 240.0480 (-1.32%；MA5) / 244.0000 (+0.30%；摆动低点) | - |
GFS | 美股/ETF | SPY | 70.1000 | -5.90 | 69.6566 (-0.63%；摆动高点/摆动低点/MA20) / 70.6805 (+0.83%；MA10/摆动高点) | 69.9760 (-0.18%；MA5) / 72.4600 (+3.37%；摆动高点) | 68.4540 (-1.80%；MA5) / 69.7600 (+0.07%；摆动低点) | - |
APLD | 美股/ETF | SPY | 32.4500 | -18.80 | 32.2397 (-0.65%；摆动低点/MA60/摆动高点) / 32.6658 (+0.66%；MA10/摆动低点) | - / - | 32.2000 (-0.28%；MA5) / 35.1700 (+8.92%；MA10) | 4H 少于 60 根K线；4H 无可用K线 |
USAR | 美股/ETF | SPY | 19.0900 | -10.16 | 18.9735 (-0.61%；MA20/布林中轨/MA5) / 19.2204 (+0.68%；摆动低点/摆动高点/布林上轨) | 19.0500 (-0.21%；摆动低点) / 19.2800 (+1.00%；摆动高点) | 18.7200 (-0.79%；MA5) / 19.3600 (+2.60%；摆动低点) | - |
SOXX | 美股/ETF | SPY | 583.5000 | 5.21 | 580.9950 (-0.43%；摆动低点/摆动高点/MA20) / 585.7780 (+0.39%；MA10) | 581.3100 (-0.38%；MA5) / 588.6450 (+0.88%；摆动低点) | 570.1250 (-1.99%；MA5/摆动低点) / 586.5800 (+0.84%；摆动高点/摆动低点) | - |
SOXL | 美股/ETF | SPY | 194.2000 | 14.55 | 193.9207 (-0.14%；MA5/摆动低点) / 196.8657 (+1.37%；MA10/摆动高点) | 192.1210 (-1.07%；MA5/摆动低点) / 204.5500 (+5.33%；摆动高点) | 191.7950 (-0.34%；摆动高点/摆动低点) / 210.4480 (+9.35%；MA10/摆动低点) | - |
FTXL | 美股/ETF | SPY | 255.3600 | 2.26 | 254.5985 (-0.30%；摆动高点/摆动低点/MA20) / 256.8580 (+0.59%；MA10) | 254.5280 (-0.33%；MA5/摆动低点) / 257.8000 (+0.96%；摆动高点) | 254.5600 (-0.31%；摆动低点) / 262.9730 (+2.98%；MA10/摆动低点) | - |
PSI | 美股/ETF | SPY | 160.9700 | 3.28 | 160.5610 (-0.25%；摆动高点/MA10) / 162.4600 (+0.93%；摆动低点) | 160.4400 (-0.33%；摆动低点) / 163.9367 (+1.84%；摆动低点/摆动高点) | 155.7570 (-2.33%；MA5/摆动高点) / 163.2300 (+2.36%；摆动低点) | - |
DRAM | 美股/ETF | SPY | 65.1200 | 12.87 | 64.9540 (-0.25%；MA5/MA10) / 65.8440 (+1.11%；摆动高点) | 64.2420 (-1.35%；MA5) / 66.4175 (+1.99%；摆动高点/摆动低点/布林上轨) | 62.4760 (-2.93%；MA5) / 67.2050 (+4.42%；摆动低点/MA10) | - |
KMEM | 美股/ETF | SPY | 22.6900 | N/A | 22.3577 (-1.46%；摆动低点/MA10/MA5) / 22.8117 (+0.54%；布林上轨/摆动高点) | 22.0040 (-3.02%；MA5) / 22.9000 (+0.93%；摆动高点) | 21.3000 (-2.38%；MA5) / 27.2500 (+24.89%；区间极值) | 4H 少于 60 根K线；1D 少于 60 根K线 |
VRT | 美股/ETF | SPY | 324.9600 | 2.58 | 324.0426 (-0.28%；摆动低点/MA20/布林中轨) / 329.3800 (+1.36%；摆动高点) | 324.5540 (-0.12%；MA5) / 329.3800 (+1.36%；摆动高点) | 322.2638 (-0.51%；MA60) / 329.8400 (+1.83%；摆动高点) | - |
COHR | 美股/ETF | SPY | 328.9900 | -13.25 | 327.3870 (-0.49%；摆动低点/MA20/布林中轨) / 330.7167 (+0.52%；摆动高点/摆动低点) | 327.2728 (-0.52%；摆动低点/MA20/布林中轨) / 331.0000 (+0.61%；摆动低点) | 325.4960 (-0.53%；MA5) / 336.0900 (+2.70%；摆动低点) | - |
CRCL | 美股/ETF | SPY | 63.0100 | -23.30 | - / - | - / - | 61.7150 (-2.06%；区间极值/摆动低点) / 65.1000 (+3.32%；MA5) | 1H 少于 60 根K线；1H 无可用K线；4H 少于 60 根K线；4H 无可用K线 |
SPCX | 美股/ETF | SPY | 152.2500 | N/A | 150.4303 (-1.20%；摆动低点/摆动高点/MA20) / 152.7277 (+0.31%；MA10/摆动高点/MA5) | 150.5760 (-1.10%；MA10/摆动低点/MA5) / 152.9400 (+0.45%；摆动高点) | 148.5100 (-2.40%；摆动低点) / 154.4700 (+1.52%；MA5) | 1D 少于 60 根K线 |
GOOG | 美股/ETF | SPY | 354.8000 | -0.33 | 349.5070 (-1.49%；摆动低点/区间极值/布林下轨) / 355.6484 (+0.24%；MA10/摆动低点/MA20) | - / - | 354.9393 (-0.37%；MA10/摆动低点/MA20) / 359.9300 (+1.04%；MA5) | 4H 少于 60 根K线；4H 无可用K线 |
NBIS | 美股/ETF | SPY | 216.1300 | -4.70 | 215.1250 (-0.47%；摆动低点/MA5) / 218.6294 (+1.16%；MA10/MA20/布林中轨) | - / - | 211.3020 (-2.27%；MA5) / 226.8100 (+4.91%；摆动高点) | 4H 少于 60 根K线；4H 无可用K线 |
BTCUSDT | Crypto | BTCUSDT | 63,823.0000 | 0.00 | 63,357.0924 (-0.73%；MA20/布林中轨/摆动低点) / 64,051.0500 (+0.36%；摆动高点) | 63,134.6050 (-1.08%；摆动高点/MA20/布林中轨) / 64,160.7697 (+0.53%；摆动高点/布林上轨) | 63,326.8600 (-0.78%；MA5) / 64,470.9500 (+1.02%；摆动高点) | 自身为基准 |
ETHUSDT | Crypto | BTCUSDT | 1,767.7000 | 1.97 | 1,753.4560 (-0.81%；摆动低点/摆动高点/MA20) / 1,786.7200 (+1.08%；摆动高点) | 1,753.3711 (-0.81%；MA10/摆动低点/MA5) / 1,775.5000 (+0.44%；摆动高点) | 1,764.8300 (-0.16%；MA5) / 1,779.0000 (+0.64%；摆动高点) | - |
SOLUSDT | Crypto | BTCUSDT | 78.8900 | 2.26 | 78.5807 (-0.39%；MA60/摆动高点/MA5) / 80.3767 (+1.88%；摆动低点) | 77.8945 (-1.27%；MA10/MA5) / 79.1896 (+0.37%；摆动高点/MA20/布林中轨) | 76.9752 (-2.43%；MA60) / 79.8060 (+1.16%；MA5/摆动低点/MA10) | - |