2026-07-15 全球资产日报

数据时间：2026-07-15 11:53:40 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

SOXL+13.55%

较前交易日5D +6.89%Put/Call 2.53 · 大单 1

KMEM+9.50%

较前交易日5D +0.05%Put/Call N/A

DRAM+9.41%

较前交易日5D +1.06%Put/Call 0.70

PSI+6.47%

较前交易日5D +6.44%Put/Call 0.27

USAR+6.33%

较前交易日5D +2.31%Put/Call 0.29

NBIS-4.99%

较前交易日5D -0.56%Put/Call 1.87 · 大单 10

SOXX+4.67%

较前交易日5D +2.94%Put/Call 1.41 · 大单 2

NVDA+4.45%

较前交易日5D +7.55%Put/Call 1.63 · 大单 21

MRVL+4.36%

较前交易日5D -3.58%Put/Call 0.66 · 大单 1

FTXL+3.73%

较前交易日5D +2.72%Put/Call 0.58

COHR+3.50%

较前交易日5D -1.07%Put/Call 0.98

GOOG+2.03%

较前交易日5D -1.73%Put/Call 0.56 · 大单 3

CRCL+1.84%

较前交易日5D -2.96%Put/Call 0.39 · 大单 1

APLD+0.66%

较前交易日5D -7.29%Put/Call 0.36

GFS+0.09%

较前交易日5D -3.72%Put/Call 1.05

期权压力

NVDA1.63

Put/Call VolOI 0.72IV 40.05% · Max Pain 207.50 · 大单 21

QQQ1.33

Put/Call VolOI 1.38IV 21.45% · Max Pain 720.00 · 大单 21

SPY2.26

Put/Call VolOI 3.31IV 11.18% · Max Pain 752.00 · 大单 12

NBIS1.87

Put/Call VolOI 1.46IV 141.88% · Max Pain 220.00 · 大单 10

SPCX0.78

Put/Call VolOI 1.57IV 70.07% · Max Pain 150.00 · 大单 5

MSFT0.59

Put/Call VolOI 0.65IV 38.16% · Max Pain 385.00 · 大单 3

GOOG0.56

Put/Call VolOI 1.11IV 51.12% · Max Pain 360.00 · 大单 3

SOXX1.41

Put/Call VolOI 0.66IV 65.38% · Max Pain 635.00 · 大单 2

快照对比基准：2026-07-14。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｜长鑫科技 IPO

长鑫科技发行公告确认发行价为 8.66 元/股，超额配售选择权行使前预计募集总额 579.188473 亿元、净额 576.382613 亿元，7 月 16 日申购；正式上市日仍待发行人和上交所另行公告。路透援引知情人士称 7 月 27 日上市，该日期没有一手公告确认，只列为待核实日程。
招股说明书披露 2025 年营业收入 617.993 亿元、归母净利润 18.749 亿元、累计未弥补亏损 366.504 亿元；LPDDR 和 DDR 分别占主营收入 66.43% 和 31.87%。发行人依据 Omdia 数据测算，2025 年第四季度全球 DRAM 销售额份额为 7.67%、位列第四。
这次 IPO 首先确认的是融资能力，不是 HBM 商业化或国际前三厂商盈利下修。招股书同时披露工艺和毛利率仍落后于 Samsung、SK hynix 与 Micron，前五大客户占主营收入 68.08%、经销模式占 85.38%，2025 年固定资产折旧 246.803 亿元；容量、良率、成本和 HBM 产品节点仍是事件能否转为全球存储定价冲击的门槛。
组合关系限定为同业和 ETF 映射：SOXX 截至已取得的官方持仓中 MU 权重 8.03%，FTXL 为 11.63%，KMEM 对 SK hynix、MU、Samsung 的穿透合计 80.19%；DRAM 只确认前五大暴露名称。PSI 与 SOXL 本轮没有可用最新官方持仓明细。上述基金均未确认直接持有长鑫科技。

直接新闻

USAR 公司公告称 Wheat Ridge 设施利用磁体加工废屑产出氧化镝和氧化钕镨样品，并将送 LCM 认证。公告没有纯度、回收率、批次规模、成本、稳定良率和认证时间，当前只完成样品节点。
MT Newswires 标题称 Nebius 向 Reflection AI 出售逾 10 亿美元算力；归档正文受付费墙截断，双方官方渠道也未确认期限、容量、最低承诺、付款、取消权与毛利。NBIS 7 月 14 日常规时段收跌 7.80%，不能把盘后修复或合同标题写成收入确认。
美英稳定币联合声明提出 1:1 高质量流动资产支持、储备隔离与跨境合作；Circle OCC 批准公告提高制度能见度。反向材料是 Hyperliquid 分成和 OUSD 补贴竞争：Circle 的价值捕获仍取决于分销让利后的留存收入，而非稳定币规模或牌照标题本身。

关联新闻

台积电 7 月 16 日业绩会是半导体与存储主题的下一处硬验证。官方会前指引为二季度收入 390 亿至 402 亿美元、毛利率 65.5% 至 67.5%；先进封装、资本开支和客户需求比 CXMT 的融资规模更能解释海外供应链盈利。
纽约州公告确认最长一年内暂停部分 50MW 及以上新建超大规模数据中心环境许可，完整申请可不受影响。文件没有点名 APLD、NBIS 或 GOOG，先做项目、MW 与许可状态映射，不直接写成公司项目延期。
美国 6 月 CPI 环比 -0.4%、同比 +3.5%，核心环比持平、同比 +2.6%，能源环比 -5.7%。7 月 15 日 PPI 与美联储主席参议院听证尚待结果；单月能源回落没有终结通胀路径。金十时点定价显示 7 月维持利率不变概率 84.5%，该概率会随数据变化。
金十 7 月 15 日船运快讯显示封锁恢复后仍有少量油轮和散货船穿越霍尔木兹海峡，削弱“零通行”的二元叙事，却不足以证明正常化。IEA 7 月油市报告称 6 月供应增至 9880 万桶/日，仍较战前低 940 万桶/日。
金十财经日历记录中国二季度 GDP 同比 4.3%、低于 4.5% 一致预期，6 月规模以上工业增加值同比 5.3%、高于 4.7% 预期；本轮没有交叉读取国家统计局原始发布，只保留为低证据宏观分化信号。

研报与重点文章

截至 7 月 10 日的一周半导体 ETF 资金流显示 SOXX、SMH、SOXL 和 DRAM 合计流入约 117.8 亿美元；7 月 15 日韩国盘中 KOSPI +7.94%、SK hynix +12%。资金创建、杠杆 ETF 路径和亚洲盘中反弹都不能替代产能与盈利验证。
Hyperliquid 分成压力与OUSD 竞争分别指向 USDC 分销成本和 Circle 留存率。完整协议与 OUSD 实际采用率仍缺失，两篇材料只用于单位经济压力测试。

资产盘面

IBKR 延迟报价口径下，18 个美股/ETF 观察标的有 15 个上涨；DRAM、KMEM、SOXL 和 PSI 领涨，NBIS 明显落后。BTC、ETH、SOL 24 小时分别上涨 3.59%、5.29%、3.61%，但 BTC 与 ETH 仍在日线压力区下方。

组合决策

组合当日价格效应已隐藏 / 已隐藏，当前覆盖全部 9 个股票主线位，crypto 日变动仍无完整历史覆盖。股票市值已隐藏，当日价格效应已隐藏 / 已隐藏；9 个仓位数量较 7 月 14 日均未变化。
股票账本前五大占已隐藏，COHR 单票占已隐藏；AI/半导体相关持仓占股票主线约已隐藏。CXMT IPO、存储 ETF 反弹与台积电财报都提高主题敏感度，当前不新增 PSI、SOXX、SOXL、DRAM、KMEM 或 FTXL。
现金与可计入现金分区的稳定币已隐藏，其中 DeFi USDC 已隐藏。充足缓冲用于等待 CXMT 配售、台积电业绩、PPI/听证和 NBIS 合同确认，不用于在单一主题内追涨。

投研观点

Crypto 市场观察和动向

Binance USDS-M 快照显示 BTCUSDT 64,764.60、24h +3.59%、funding 0.0001；ETHUSDT 1,876.33、+5.29%、funding 0.00002737；SOLUSDT 77.74、+3.61%、funding -0.00000547。ETH 对 BTC 的 10/20/60 日相对表现均为正，但 4H RSI 偏高、1H 动能回落；BTC 尚未越过日线 MA60 压力，SOL 的 10 日相对表现仍弱。

资产	资金、技术与公开事实	观察结论
`BTC`	Farside 7/14 总流量 +2,110 万美元；BITB +350 万、ARKB +360 万、MSBT +740 万、`BTC` +660 万，IBIT、FBTC 等多格缺失。支撑 64,372-64,382，其后 63,943/63,443；压力 65,070、65,217、65,967。	65,217 前仍是短周期压力测试，日线收盘越过 65,967 才完成 MA60 修复。64,372 下方转入失效观察；缺失基金单元格不按零处理。
`ETH`	Farside 7/14 总流量为 0，ETHW、TETH、ETHE、`ETH` 明确为零，其余多格缺失。支撑 1,856、1,848、1,830；压力 1,878、1,891-1,897、1,928。	相对 `BTC` 占优，但不单独触发加仓。4H 越过 1,897 后再看 1,928；1,856 失守则回踩扩展。
`SOL`	Farside 7/14 总流量为 0，部分产品为明确零、部分为缺失。支撑 77.05-77.16、76.79、76.38；压力 77.82、78.23-78.63、78.96。	4H MA60 压力仍在；越过 78.63 后才收敛周期分歧，77.05 下方重新评估 `SOL` 风险资产规模。
HYPE	Farside 7/14 三只产品均为明确零；Followin 记录 7 月 15 日 Hyperliquid 与 SEC 加密任务小组会谈。	本轮没有 HYPE 现货、funding、OI 或账户仓位事实，不给交易动作；监管会谈缺少会议纪要。

Crypto 操作建议

已隐藏，估值已隐藏、APY 已隐藏。维持非杠杆风险，78.63 前不新增 SOL beta；77.05 下方转入风险复核。
BTC ETF 恢复小额净流入，ETH/SOL/HYPE 总额为零；规模不足以覆盖技术失效或合约成本，不作为独立加仓触发。

美股市场观察

标的	市场与事件事实	持仓影响与判断
`COHR`	延迟报价 318.14，较前收 +3.50%；常规收盘 310.77、+1.10%。4H 数据缺失，日线仍低于 MA5/10/20/60。	市值已隐藏、股票主线集中度已隐藏、未实现已隐藏。1H 越过 315.19/318.81 且日线站回 317.39 才确认修复；日线失守 304.06 时优先降低单名集中度。
`MRVL`	227.02，较前收 +4.36%；常规收盘 222.44、+2.26%。TYLSemi 融资报道提示开放芯粒竞争，短期尚无客户或流片。	市值已隐藏、集中度已隐藏、未实现已隐藏。4H 越过 224.95 且 1H 稳在 225.15 后，再看 230.15-231.78；失守 220.85-222.43 转回弱势。
`PSI`	161.50，较前收 +6.47%；常规收盘 157.90、+4.10%。本轮未重新取得发行方持仓权重。	市值已隐藏、集中度已隐藏、未实现已隐藏。4H 越过 161.56 且 1H 维持 159.00 上方，再看 164.40；跌破 155.59-156.77 时修复失效。
`NBIS`	200.00，较前收 -4.99%；常规收盘 194.09、-7.80%。逾 10 亿美元 Reflection AI 合同仅有二手标题。	市值已隐藏、集中度已隐藏、未实现已隐藏。不因合同标题加仓；日线先越过 198.10-200.30、再收复 211.46，且一手条款可量化后才升级。192.67 下方看 182.68。
`GFS`	64.00，较前收 +0.09%；常规收盘 63.39、-0.86%。7 月 16 日台积电业绩只作行业验证，不是 `GFS` 指引。	市值已隐藏、集中度已隐藏、未实现已隐藏。4H 重回 64.19 后再看日线 65.28；63.08-63.33 下方观察 61.83/60.34。
`CRCL`	64.16，较前收 +1.84%；常规收盘 63.22、+0.35%。牌照利好与储备收益分成压力并存。	市值已隐藏、集中度已隐藏、未实现已隐藏。维持 starter；1H 越过 64.31 且日线重回 64.07 才修复，61.72 下方看 59.29。
`USAR`	18.30，较前收 +6.33%；常规收盘 18.19、+5.69%。样品将送 LCM 认证，尚无规模化数据。	市值已隐藏、集中度已隐藏、未实现已隐藏。现有规模保持 starter；4H 越过 18.50、日线越过 18.90，并取得认证与单位经济后再升级。18.23 下方压力测试失败。
`GOOG`	357.79，较前收 +2.03%；常规收盘 357.33、+1.90%。纽约政策没有点名其项目，7 月 22 日财报仍是公司级验证。	市值已隐藏、集中度已隐藏、未实现已隐藏。1H/4H 越过 359.81-359.89 后再看日线 365.40；跌破 354.35-355.67 时修复失效。

观察池中 NVDA 常规收盘 +4.06%，1D/4H/1H 同向但 213.81-214.13 构成近端压力；SOXX 常规收盘 +2.58%，仍缺 4H；MSFT 常规收盘 -1.55%，SPCX -2.20%。板块反弹存在明显内部差异，NBIS、APLD、GFS 和 MSFT 没有跟随存储与芯片强度。

ETF 分析

ETF	发行方/日期	NAV / 市价 / 溢价	主要敞口	期权与技术	判断与限制
`PSI`	Invesco；官方事实 7/6	159.5347 / 159.57 / +0.02%	本轮官方 API 失败，未重新取得持仓权重	常规收盘 157.90；Put/Call 成交量比 0.27、OI 比 0.11、ATM IV 0.67、Max Pain 160；确认 161.56/164.40，失效 155.59-156.77	已隐藏；作为现有 sector bucket 管理，不把 ETF 名称当作分散化证明。
`SOXX`	iShares；NAV 7/14、持仓 7/6	NAV 568.04；官方前一日收盘 553.61；官方溢折价 +0.06%	`AMD` 8.47%、`MU` 8.03%、`NVDA` 7.34%	常规收盘 567.92；Put/Call 成交量比 1.41、OI 比 0.66、Max Pain 635；确认 572.77/578.66，失效 567.87	广泛半导体基准，流动性背景优于小型主题 ETF；仍不能降低当前主题 beta。
`SOXL`	Direxion；7/13	162.72 / 165.37 / +1.63%	3 倍日收益；持仓 CSV 本轮失败	常规收盘 176.66；Put/Call 成交量比 2.53、OI 比 2.12、ATM IV 1.89、Max Pain 200；确认 182.49/189.96，失效 176.49	路径依赖与高 IV 叠加，排除在风险降低工具和新增风险位候选之外。
`FTXL`	First Trust；7/13	241.59 / 241.61 / +0.01%	`MU` 11.63%、`INTC` 11.57%、`MRVL` 6.82%、`NVDA` 5.88%	常规收盘 248.45；Put/Call 成交量比 0.58、OI 比 0.33、Max Pain 260；确认 254.03，失效 248.52/245.75	新增会重复 `MRVL` 与存储暴露，不作为分散化工具。
`DRAM`	Roundhill；暴露名称 6/30	当前 NAV / 市价 / 溢价缺失	Micron、Samsung、SK hynix、SanDisk、Kioxia；权重缺失	常规收盘 61.23；Put/Call 成交量比 0.70、OI 比 1.24、ATM IV 0.96、Max Pain 64；确认 63.46/66.36，失效 61.16/58.20	适合观察 CXMT 和存储周期；缺 AUM、成交量与权重，不纳入可执行新增风险位。
`KMEM`	Kurv；价格 7/13、穿透 6/30	18.99 / 18.96 / -0.18%	SK hynix 41.53%、`MU` 19.85%、Samsung 18.81%，前三项合计 80.19%	当前常规收盘 20.50；无可用期权到期日；1H 确认 21.03/21.35、失效 20.59，日线仅 9 根	净资产约 4,121 万美元、集中度高、历史短，只列 watchlist。

六只 ETF 的官方事实日期不一致。CXMT 对 MU、SK hynix、Samsung 的竞争映射在 KMEM、DRAM、SOXX 与 FTXL 中最清楚，但任何一只都未确认持有本次 A 股 IPO。

美股操作建议

不增加 AI/半导体主题 gross。先等 7 月 16 日台积电实际结果，并要求 SOXX 站上 578.66、PSI 站上 161.56、MRVL 站上 225.15、NVDA 站上 214.13 中至少两项得到对应周期收盘确认。
主题失效不需要等待所有标的同时触发。COHR 日线 304.06、MRVL 220.85-222.43、PSI 155.59-156.77、GFS 63.08-63.33 中出现多项收盘失守时，优先压低整个半导体/AI 簇，而非用 SOXL 或存储 ETF 补仓。
NBIS 不按“逾 10 亿美元”标题增加权重。合同必须由双方或监管文件确认期限、容量、最低承诺、付款、取消权、毛利与收入确认；192.67 失守时先处理价格风险。
APLD 与 GOOG 的纽约州风险先做项目映射。没有公司项目、MW 和许可状态时，不因州级公告机械减仓，也不忽略政策向其他州扩散的可能。
USAR、CRCL 维持 starter。USAR 要等认证与单位经济，CRCL 要同时核验 OCC 开业条件和分成后的留存收入；两者都不以亏损幅度作为摊低成本理由。
当前缺少实时 ADV、beta、相关性、期权 Greeks 与可执行报价。风险控制优先使用减小原 gross，不构造未经定价的 SPY/QQQ 或 SOXX 对冲。

加密货币板块

交易：`BTC` / `ETH` / `SOL`

项目	私有事实	判断
ETF/ETP flow	Farside 7/14：`BTC` +21.1、`ETH` 0、`SOL` 0、HYPE 0 百万美元；`BTC`/`ETH`/`SOL` 含缺失格。	只作滞后一日资金温度；缺失与明确零保持分开。
稳定币与政策	美英框架强化 1:1 储备、隔离与跨境合作；Circle 国家信托银行获批。	USDC 制度能见度上升不等于 Circle 留存收入改善，也不消除 DeFi 协议、Monad 单链和资产合约风险。

风险观察

CXMT 事件：融资规模很大，但 HBM、产能、良率、成本与客户验证均未到位。美国国防部 1260H 名单与商务部 Entity List 不是同一制度；监管状态、设备供应与量产节奏可能改变资本开支兑现。
股票集中：美股只占总组合约已隐藏，但 AI/半导体簇占股票主线约已隐藏，COHR 单名占已隐藏。小分仓绝对规模没有消除主题与单名集中。
稳定币重叠：CRCL 股票不能与 DeFi USDC 净额抵销。监管和生态冲击可能同时影响两者，但公司盈利、稳定币兑付、协议、链和智能合约风险是不同层次。
宏观与油价：PPI、参议院听证、霍尔木兹实际吞吐、保险费和 EIA 库存仍可能反转 CPI 后的风险偏好。少量船舶通行不等于恢复正常。
数据边界：IBKR 全部为 data type 3 延迟行情；COHR、CRCL、SOXX、VRT 缺 4H，NBIS 缺 1H/4H，KMEM 无可用期权到期日。公开期权链不含 Greeks、GEX、IV Rank、主动成交方向和组合腿。

期权观察

数据概览

公开期权链覆盖 19/20 个标的，KMEM 无可用到期日。大额权利金按链快照价格乘以 100 估算，不是逐笔成交 tape，不能识别主动买卖、价差腿或 dealer 仓位。

标的	结构事实	技术交叉	观点
`SPY` / `QQQ`	`SPY` Put/Call 成交量比 2.26、OI 比 3.31、Max Pain 752；`QQQ` 为 1.33、1.38、Max Pain 720	现价 751.83 / 719.71，均接近 Max Pain	指数 put 活动偏重，但可能含长期保护和组合腿；不能直接翻译为净看空。
`SOXX` / `SOXL`	`SOXX` 成交量比 1.41、OI 比 0.66、ATM IV 0.65；`SOXL` 为 2.53、2.12、ATM IV 1.89	`SOXX` 确认 572.77/578.66；`SOXL` 确认 182.49/189.96	`SOXL` 的 put 与 IV 更高，叠加 3 倍日收益，不作风险降低工具；`SOXX` 用作行业温度。
`DRAM` / `PSI`	`DRAM` 成交量比 0.70、OI 比 1.24、ATM IV 0.96、Max Pain 64；`PSI` 为 0.27、0.11、0.67、160	`DRAM` 确认 63.46、失效 61.16；`PSI` 确认 161.56、失效 155.59	`DRAM` call 成交占优而 OI 偏 put，结构分歧；`PSI` 样本小。CXMT 事件不改变链快照的解释边界。
`NBIS`	成交量比 1.87、OI 比 1.46、ATM IV 1.42、Max Pain 220；7/24 的 170 put 成交 15,566 张	日线 192.67 支撑，198.10-200.30/211.46 压力；1H/4H 缺失	高 IV 与 put 活动匹配事件不确定性；没有 tape 时不能判定保护、投机或价差。
`COHR` / `MRVL`	`COHR` 成交量比 0.98、OI 比 1.27、ATM IV 1.06、Max Pain 350；`MRVL` 为 0.66、1.19、0.94、250	`COHR` 304-319；`MRVL` 221-232	OI 偏 put、成交较平衡或偏 call，反映结构分歧；Max Pain 与现价距离较大，不作目标价。
`USAR`	成交量比 0.29、OI 比 0.54、ATM IV 0.90、Max Pain 19；7/24 21.5 call 成交/OI 约 18.9 倍	确认 18.50/18.90，失效 18.23/17.90	call 活跃与样品公告同向，但没有主动方向和认证结果，不升级商业化结论。
`CRCL`	成交量比 0.39、OI 比 1.09、ATM IV 0.96、Max Pain 70	确认 64.31，失效 62.61/61.72	成交偏 call、OI 略偏 put；牌照与分成压力并存，期权不能替代单位经济核验。
`NVDA`	成交量比 1.63、OI 比 0.72、ATM IV 0.40、Max Pain 207.5；9/18 210 put 成交 61,990 张	208.63 支撑，214.13 压力	大额 put 活动可能是保护或组合腿；台积电业绩前以价格确认优先。
`GOOG`	成交量比 0.56、OI 比 1.11、ATM IV 0.51、Max Pain 360；7/24 375 call 成交/OI 4.35 倍	354.35-355.67 支撑，359.89/365.40 压力	财报前 call 活跃不等于方向已确认；纽约政策仍需项目映射。

观点输出

当前最明显的期权风险集中在 NBIS、SOXL、NVDA 和指数 put；最清晰的价格交叉是 NBIS 192.67-211.46、SOXX 567.87-578.66、SOXL 176.49-189.96、NVDA 208.63-214.13。
CXMT IPO 影响通过 MU、SK hynix、Samsung 与存储 ETF 映射，但期权链只提供美股/ETF快照，不能反推出 A 股申购需求或 CXMT 上市后的全球定价贡献。
缺少实时 bid/ask、Greeks、IV 期限结构、成交方向和执行成本，暂不输出具体对冲合约、数量与到期日；风险下降优先使用缩小原敞口。

技术分析

下表采用 D1 三路技术分片的触发与失效位。所有确认均要求对应周期收盘；延迟 quote 与未收盘 bar 不替代收盘事实。

标的	结构	第一支撑/失效	第一压力/确认	条件路径
`MRVL`	失效观察 / 下强上弱	220.85-222.43	224.95-225.15	再越过 230.15-231.78 才缓解日线/4H 压制；失守看 218.10。
`GFS`	失效观察 / 同向偏弱	63.08-63.33	63.90-64.19	日线再越过 65.28 才解除弱势；失守看 61.83/60.34。
`APLD`	失效观察 / 下强上弱	28.49-28.50	29.49	再越过 30.24-30.44；失守后日线下一候选 25.20。
`USAR`	压力测试 / 下强上弱	18.23-18.26	18.45-18.50	日线再越过 18.90；失守后看 17.90/17.29。
`PSI`	压力测试 / 下强上弱	155.59-156.77	159.00-161.56	下一日线候选 164.40；失守看 152.75。
`COHR`	混乱 / 缺 4H	311.72，其后 307.66-308.17	315.19-318.81	日线站回 317.39 才确认；日线失守 304.06 延续弱势。
`CRCL`	混乱 / 缺 4H	62.61 / 61.72	63.38-64.31	日线重回 64.07 才修复；61.72 下方看 59.29。
`GOOG`	压力测试 / 下强上弱	354.35-355.67	359.81-359.89	日线再越过 365.40；失守看 352.61/348.66。
`NBIS`	失效观察 / 缺 1H/4H	192.67	198.10-200.30	再收复 211.46 才确认日线修复；失守看 182.68。
`MSFT`	压力测试 / 分歧	384.26 / 380.93	388.76 / 391.56	4H 越过 391.56 后再看日线 396.79。
`NVDA`	压力测试 / 同向	208.63-208.72	213.81-214.13	越过 214.13 才完成压力突破；失守看 206.64。
`SOXX`	混乱 / 缺 4H	567.87 / 541.92	572.77 / 578.66	1H 越过 572.77 后再看 578.66-581.04。
`SOXL`	失效观察 / 下强上弱	180.27，其后 176.49	182.49 / 189.96	4H 越过 189.96 才升级；176.49 下方修复失效。
`FTXL`	回踩 / 下强上弱	248.52 / 245.75	249.67 / 254.03	4H 越过 254.03 才摆脱压力；日线失守 245.75 转弱。
`DRAM`	回踩 / 下强上弱	61.16-61.20 / 58.20	63.46 / 66.36	1H 越过 63.46 后再看 4H 66.36。
`KMEM`	混乱 / 样本不足	20.59 / 20.20	21.03 / 21.35	仅使用 1H 条件，不扩展为日线趋势。
`VRT`	混乱 / 缺 4H	300.78 / 296.80	305.28 / 307.30	日线越过 307.30 后看 311.00-313.70。
`BTCUSDT`	1D/4H 压力测试，1H 动能降温	64,372-64,382	65,070 / 65,217	日线越过 65,967 才修复 MA60；63,443 下方结构受损。
`ETHUSDT`	上强下修	1,856 / 1,848	1,878 / 1,891-1,897	再看 1,928；1,830 下方转弱。
`SOLUSDT`	下强上弱	77.05-77.16	77.82 / 78.23-78.63	越过 78.96 才收敛 4H 分歧；失守看 76.79/76.38。

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	长鑫科技科创板发行定价落地	2026-07-15	长鑫科技集团股份有限公司／上海证券报法定信息披露平台	-	当日法定发行公告同时提供发行价、询价需求、剔除结果和多口径估值，对长鑫科技及科创板半导体定价具有直接、及时且高密度的事实价值。
5/5 极高	Hyperliquid重塑USDC分成	2026-07-14	Investing.com	`COIN`, `CRCL`, `HYPE32196-USD`, `USDC-USD`	分成比例、平台余额和盈利预测调整直接改变CRCL与COIN的稳定币收入预期。
5/5 高	Circle获美国国家信托牌照	2026-07-14	Insider Monkey	`CRCL`, `USDC-USD`	属于CRCL和USDC的直接重大监管进展，主体与功能明确，虽然商业贡献仍待验证。
5/5 极高	Open USD冲击Circle收益留存	2026-07-14	Investing.com	`BLK`, `COIN`, `CRCL`, `MA`, `STRI.PVT`, `USDC-USD`	新稳定币直接冲击Circle的储备收益模型，且包含评级、盈利预测和近期续约节点。
5/5 高	Nebius扩张提速伴随资本开支激增	2026-07-14	Zacks	`CRWV`, `MSFT`, `NBIS`	直接覆盖NBIS的容量、需求、融资和资本开支，决定性数字密集，对日报优先级高。
5/5 高	资金集中涌入半导体ETF	2026-07-13	etf.com	`CL=F`, `DRAM`, `HYG`, `QQQ`, `SMH`, `SOXL`, `SOXX`, `VOO`	直接覆盖三个输入标的，基金流量数字完整且具时效性，可用于识别半导体资金集中和杠杆风险。
4/5 中高	纽约暂停大型数据中心审批	2026-07-14	New York State Governor	`APLD`, `GOOG`, `NBIS`	最新州级行政措施直接改变纽约数据中心许可与潜在成本结构，且来源权威；公司级影响尚缺项目证据，地域适用范围也限制了跨市场影响。
4/5 中高	通胀降温推动芯片反弹	2026-07-14	24/7 Wall St.	`AMD`, `AVGO`, `INTC`, `SOXX`, `^NDX`	直接覆盖SOXX并结合最新通胀数据解释板块波动，时效性强，但市场因果仍属媒体判断。
4/5 较高	稀土磁材废料实现镝钕镨分离	2026-07-14	USA Rare Earth	`USAR`	进展直接关系USAR的重稀土分离和一体化能力，且发布时间新；商业价值仍需认证与量产数据验证。
4/5 中高	台积电财报前的增长预期	2026-07-10	24/7 Wall St.	`GFS`, `INTC`, `NVDA`, `TSM`	临近台积电财报，月度收入和公司指引对半导体链有较强参考价值，并可用于观察GFS的竞争位置。
3/5 中	Nebius获逾十亿美元算力合同传闻	2026-07-14	MT Newswires	`NBIS`, `NVDA`	事件金额大且直接关联NBIS，但关键合同条款与原始来源均因付费墙缺失。

金十快讯

金十数据快讯 · 2026-07-15 11:43:22+08:00 · 000660.KS / GLOBAL / KOSPI / SK海力士 / 韩国股市

KOSPI触及7400点，SK海力士上涨

韩国KOSPI指数盘中触及7400点，日内涨7.94%；SK海力士涨12%。

金十数据快讯 · 2026-07-15 11:29:22+08:00 · GLOBAL / 原油 / 航运 / 霍尔木兹航运 / commodity

美国恢复封锁伊朗航运后仍有少数船只穿越霍尔木兹海峡

金十转述船舶追踪数据称，封锁恢复后仍有一艘受制裁伊朗原油VLCC、一艘装载沙特原油的油轮、两艘成品油轮和两艘散货船出现穿越或驶离海峡的动态。

金十数据快讯 · 2026-07-15 11:28:21+08:00 · GLOBAL / 半导体 / AI数据中心 / Physical AI / 韩国科技产业政策

韩国拟将公共增长基金扩大至200万亿韩元

韩国金融委员会计划把公共增长基金未来五年规模由150万亿韩元增至200万亿韩元；半导体、AI数据中心和Physical AI列为重点项目。

金十数据快讯 · 2026-07-15 06:10:43+08:00 · GLOBAL / 美联储政策利率 / 美债 / 美联储利率概率 / rates

CME美联储观察显示7月维持利率不变概率84.5%

金十转述CME美联储观察：7月维持利率不变概率84.5%，累计加息25个基点概率15.5%。

打开原文

KOSPI触及7400点，SK海力士上涨

标签

来源：金十数据快讯发布时间：2026-07-15 11:43:22+08:00检索：韩国股市标签：`000660.KS`, `GLOBAL`, `KOSPI`, SK海力士, 韩国股市, equity, 韩国

快讯正文

韩国KOSPI指数盘中触及7400点，日内涨7.94%；SK海力士涨12%。

打开原文

美国恢复封锁伊朗航运后仍有少数船只穿越霍尔木兹海峡

标签

来源：金十数据快讯发布时间：2026-07-15 11:29:22+08:00检索：霍尔木兹航运标签：`GLOBAL`, 原油, 航运, 霍尔木兹航运, commodity, 中东

快讯正文

打开原文

韩国拟将公共增长基金扩大至200万亿韩元

标签

来源：金十数据快讯发布时间：2026-07-15 11:28:21+08:00检索：韩国科技产业政策标签：`GLOBAL`, 半导体, AI数据中心, Physical AI, 韩国科技产业政策, cross_asset, 韩国

快讯正文

韩国金融委员会计划把公共增长基金未来五年规模由150万亿韩元增至200万亿韩元；半导体、AI数据中心和Physical AI列为重点项目。

打开原文

中电联预计2030年全国算力用电量达8000亿千瓦时

标签

来源：金十数据快讯发布时间：2026-07-15 11:27:55+08:00检索：算力用电标签：`VRT`, `APLD`, `NBIS`, `GLOBAL`, 电力, 数据中心, AI基础设施, 算力用电, cross_asset, 中国

快讯正文

中电联预计十五五时期全国算力用电量年均新增1000亿千瓦时以上，到2030年约8000亿千瓦时，占全社会用电量约6%。

打开原文

CME美联储观察显示7月维持利率不变概率84.5%

标签

来源：金十数据快讯发布时间：2026-07-15 06:10:43+08:00检索：美联储利率概率标签：`GLOBAL`, 美联储政策利率, 美债, 美联储利率概率, rates, 美国

快讯正文

金十转述CME美联储观察：7月维持利率不变概率84.5%，累计加息25个基点概率15.5%。

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`	386.51	-1.15%	+0.41%	390.99	384.93
`NVDA`	212.59	+4.45%	+0.37%	203.53	211.80
`MRVL`	227.02	+4.36%	+2.06%	217.53	222.44
`GFS`	64.00	+0.09%	+0.96%	63.94	63.39
`APLD`	29.03	+0.66%	+1.97%	28.84	28.47
`USAR`	18.30	+6.33%	+0.60%	17.21	18.19
`SOXX`	579.47	+4.67%	+2.03%	553.61	567.92
`SOXL`	187.78	+13.55%	+6.29%	165.37	176.66
`FTXL`	250.62	+3.73%	+0.87%	241.61	248.45
`PSI`	161.50	+6.47%	+2.28%	151.68	157.90
`DRAM`	62.69	+9.41%	+2.38%	57.30	61.23
`KMEM`	20.75	+9.50%	+1.22%	18.95	20.50
`VRT`	306.00	+0.04%	+0.80%	305.87	303.58
`COHR`	318.14	+3.50%	+2.37%	307.39	310.77
`CRCL`	64.16	+1.84%	+1.49%	63.00	63.22
`SPCX`	137.94	-0.86%	+1.37%	139.14	136.08
`GOOG`	357.79	+2.03%	+0.13%	350.67	357.33
`NBIS`	200.00	-4.99%	+3.04%	210.51	194.09

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`	386.51	-1.15%	+0.41%	8 篇	-
`NVDA`	212.59	+4.45%	+0.37%	8 篇	-
`MRVL`	227.02	+4.36%	+2.06%	8 篇	-
`GFS`	64.00	+0.09%	+0.96%	8 篇	-
`APLD`	29.03	+0.66%	+1.97%	8 篇	-
`USAR`	18.30	+6.33%	+0.60%	8 篇	-
`SOXX`	579.47	+4.67%	+2.03%	8 篇	-
`SOXL`	187.78	+13.55%	+6.29%	8 篇	-
`FTXL`	250.62	+3.73%	+0.87%	8 篇	-
`PSI`	161.50	+6.47%	+2.28%	8 篇	-
`DRAM`	62.69	+9.41%	+2.38%	8 篇	-
`KMEM`	20.75	+9.50%	+1.22%	8 篇	-
`VRT`	306.00	+0.04%	+0.80%	8 篇	-
`COHR`	318.14	+3.50%	+2.37%	8 篇	-
`CRCL`	64.16	+1.84%	+1.49%	8 篇	-
`SPCX`	137.94	-0.86%	+1.37%	8 篇	-
`GOOG`	357.79	+2.03%	+0.13%	8 篇	-
`NBIS`	200.00	-4.99%	+3.04%	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
`KMEM`	2/5 中低	西蒙斯银行营收增长预期回升	Simmons First National Earnings: What To Look For From SFNC	2026-07-15	StockStory	`SFNC`	临近区域银行财报，但仅提供基础共识和同业对照，且与输入标的KMEM相关度低。
`KMEM`	3/5 中	奈飞二季度营收增速面临放缓	Netflix (NFLX) Q2 Earnings: What To Expect	2026-07-15	StockStory	`NFLX`	临近奈飞业绩披露，预期数据及时，但仅属财报前共识汇总，且与输入标的KMEM关联较弱。
`KMEM`	1/5 低	Premier三家子公司完成出售	Closing of Previously Announced Restructuring Transaction in Connection with CCAA Proceedings	2026-07-15	GlobeNewswire	`PHA`, `PHA.V`	事件仅直接涉及PHA.V重组，与KMEM无可识别关系，也缺少交易对价和股东回收信息。
`KMEM`	1/5 低	阿英半决赛聚焦梅西冲冠	Argentina and England collide with World Cup final spot at stake	2026-07-15	AFP	-	属于即时体育赛况前瞻，但缺少投资标的和市场证据，与KMEM无直接关联。
`KMEM`	3/5 中	企鹅方案零息可转债重整债务	Penguin Solutions Announces Pricing of Private Offering of $650.0 Million of 0.00% Convertible Notes and Refinancing to Enhance Capital Structure	2026-07-15	Business Wire	`PENG`	融资条款翔实且直接影响PENG资本结构，但与KMEM缺乏直接关系，资料又来自公司新闻稿。
`KMEM`	5/5 高	美国通胀降温提振亚洲风险资产	Asian stocks gain on drop in US inflation rate	2026-07-15	Reuters	`DX-Y.NYB`, `IBM`	最新通胀、利率和亚洲市场数据对跨资产日报高度相关，来源质量和事实密度均较高。
`MSFT`	4/5 高	企业使用AI的知识产权代价	Microsoft CEO adds fuel to Palantir CEO’s AI warning	2026-07-15	TheStreet	`MSFT`, `PLTR`	微软首席执行官的直接表态涉及企业AI采购和数据治理，并对MSFT、PLTR竞争定位形成明确映射；商业影响仍主要由作者推断。
`NVDA`	1/5 低	AI股反弹仍受阻力约束	Dow Jones Futures: Goldman, CrowdStrike Jump, But AI Stocks Need To Do This	2026-07-15	Investor's Business Daily	`ASML`, `CL=F`, `CRWD`, `DELL`, `GS`, `IBM`, `JNJ`, `JPM`	时效性较高，但归档仅含导语，没有数字、技术点位或事件证据。
`NVDA`	2/5 中低	伯里将声誉转化为订阅收入	Michael Burry	2026-07-15	TheStreet	`NVDA`, `PLTR`, `TSLA`	属于投资意见领袖商业模式背景，和相关股票的直接研究价值较低。
`SPCX`	4/5 中高	Rocket Lab验证全栈航天模式	RKLB Stock Recovers From 6-Day Rout: CEO Calls SpaceX ‘Friendly Rival’ And Says Rocket Lab Outlasted Over 100 Competitors	2026-07-15	Stocktwits	`RKLB`, `SPCX`	直接涉及SPCX的竞争对手、发射市场份额和近期技术节点，信息及时且经营事实较丰富。
`MSFT`	4/5 中高	IBM预警企业IT预算转向	ADBE, CRM, NOW, MSFT: Software Stocks Fall After IBM Warns Clients Shifting Spending To Servers, Cybersecurity	2026-07-15	Stocktwits	`ADBE`, `CRM`, `IBM`, `MSFT`, `NOW`	最新企业预算转向信号直接影响MSFT和软件板块，但从IBM外推至整个软件行业仍需更多财报证据。
`NVDA`	4/5 高	AI支出挤压IBM短期业绩	Why IBM Stock Crashed Today	2026-07-15	Motley Fool	`IBM`, `NVDA`	具体业绩缺口和管理层客户预算观察对IBM盈利预期具有直接影响，财报前仍缺分部数据。
`NVDA`	4/5 高	存储涨价扩展AI硬件主线	Micron stock jumps as investors look beyond GPUs in AI chip trade	2026-07-15	TheStreet	`MU`, `NVDA`	价格预测、客户承诺和供应链关系均直接影响MU与NVDA，但预测集中于单一券商。
`GOOG`, `SPCX`	3/5 中	巨额股票融资考验牛市承接力	Blockbuster Stock Sales Are Threatening to Overwhelm the Bull Market	2026-07-15	The Wall Street Journal	`GOOG`, `SPCX`, `^GSPC`	涉及指数级流动性与SpaceX巨额发行，但正文严重不完整，只适合作为待核实的市场供给线索。
`SPCX`	2/5 中低	月球资源叙事连接SpaceX	Elon Musk	2026-07-15	Benzinga	`SPCX`	与SPCX月球战略有背景关联并含任务时间表，但商业化证据薄弱，正文还混入大量无关推广。
`NVDA`, `SPCX`	3/5 中	SpaceX高起点限制长期倍数	Is SpaceX Stock a Millionaire Maker? There Are 2 Things That Will Define That Answer.	2026-07-15	Motley Fool	`NVDA`, `SPCX`	SpaceX巨额发行后的估值约束与当日市场相关，但文章以假设案例为主，基本面证据不足。
`NVDA`	3/5 中	IBM预告冲击软件板块估值	Why Salesforce Stock Slumped on Tuesday	2026-07-15	Motley Fool	`CRM`, `IBM`, `NVDA`	当日软件板块轮动线索明确，但CRM自身缺乏新增基本面证据，适合作为行业支出方向观察。
-	5/5 高	长鑫科技科创板发行定价落地	长鑫科技集团股份有限公司首次公开发行股票并在科创板上市发行公告	2026-07-15	长鑫科技集团股份有限公司／上海证券报法定信息披露平台	-	当日法定发行公告同时提供发行价、询价需求、剔除结果和多口径估值，对长鑫科技及科创板半导体定价具有直接、及时且高密度的事实价值。
`NVDA`	3/5 中	网络安全警报带动Palo Alto	Why Palo Alto Networks Stock Zoomed Almost 7% Higher Today	2026-07-14	Motley Fool	`NVDA`, `PANW`	安全机构警报具有时效性并直接关联PANW需求预期，但公司收入影响尚无量化证据。
`NVDA`	4/5 中高	Robinhood链连接代币化股票	Robinhood Just Launched a New Blockchain. Here	2026-07-14	Motley Fool	`ARB11841-USD`, `ETH-USD`, `HOOD`, `NVDA`	新链的用户入口、结算架构和费用分配对HOOD、ARB与ETH均有直接意义，但采用与合规证据尚未形成。
`GOOG`, `MSFT`	4/5 中高	纽约暂停大型数据中心审批	New York Just Banned New AI Data Centers. Here	2026-07-14	Motley Fool	`AMZN`, `GOOG`, `MSFT`, `NVDA`	州级许可冻结对人工智能基础设施政策具有示范意义，但相关大型科技公司当前项目敞口有限。
`MSFT`, `NBIS`	2/5 较低	Nebius的垂直算力平台定位	Analyst Report: Nebius Group N.V.	2026-07-14	Morningstar Research	`MSFT`, `NBIS`	晨星来源具有参考价值，但现有文本仅能确认公司定位和微软合同，无法支持完整投资判断。
`CRCL`	4/5 中高	Hyperliquid重分USDC储备收益	JPMorgan cuts earnings forecasts for two major crypto companies	2026-07-14	TheStreet	`COIN`, `CRCL`, `HYPE32196-USD`, `JPM`, `USDC-USD`	USDC储备收入分配直接影响CRCL与COIN盈利模型，时效性强，但缺少预测调整幅度和一手合同文件。
`GOOG`	3/5 中等	英国搜索新规削弱谷歌数据壁垒	Should UK Search Data Portability Rules For Google Reshape Alphabet’s Competitive Moat (GOOGL) Narrative?	2026-07-14	Simply Wall St.	`GOOG`	与GOOG搜索壁垒直接相关且时效较新，但监管影响尚未量化，估值结论主要依赖平台预测模型。
`SPCX`	5/5 高	SpaceX逼近发行价压力位	SpaceX Fizzles to Close $1 Above IPO Price Weeks After Debut	2026-07-14	Bloomberg	`GS`, `JPM`, `MS`, `MS-PQ`, `PLTR`, `SKHY`, `SPCX`	直接关联SPCX，价格、估值、筹码供给及新股市场数据完整，且发布时间接近当前交易日。
`SPCX`	3/5 中	五大银行利润增至490亿美元	Bank Bonanza: Heard on the Street Recap	2026-07-14	The Wall Street Journal	`C`, `GS`, `JPM`, `SPCX`	SpaceX上市与SPCX直接相关，银行利润数字也具时效性，但文章正文严重不足，难以核验归因。
`GOOG`	3/5 中	Alphabet财报前盈利预期升温	Alphabet Inc. (GOOG) Exceeds Market Returns: Some Facts to Consider	2026-07-14	Zacks	`GOOG`, `^DJI`, `^GSPC`, `^IXIC`	临近财报且提供完整盈利共识与估值数据，但业务分析较浅。
`MSFT`	4/5 中高	微软业绩前估值与预期扫描	Microsoft (MSFT) Stock Declines While Market Improves: Some Information for Investors	2026-07-14	Zacks	`MSFT`, `^DJI`, `^GSPC`	提供MSFT财报前关键预期和估值基线，时效性强，但缺少分部经营证据。
`MSFT`	4/5 中高	微软裁员重整游戏业务	Microsoft Corporation (MSFT) to Cut 4,800 Jobs	2026-07-14	Insider Monkey	`MSFT`	事件直接影响MSFT成本结构和游戏战略，并关联大额人工智能支出，但财务影响尚未量化。
`GOOG`	3/5 中	Alphabet印度数据中心扩张	Is Alphabet Inc. (GOOGL) Among the Ray Dalio Stock Portfolio: 10 Best Stocks to Buy?	2026-07-14	Insider Monkey	`AMZN`, `GOOG`	145亿美元项目对Alphabet区域基础设施布局具有直接意义，但经营与回报信息不足。
`GOOG`, `MSFT`	5/5 极高	亚马逊拟发债融资250亿美元	Amazon.com, Inc. (AMZN) Aims to Raise $25 billion from Bond Sale	2026-07-14	Insider Monkey	`AMZN`, `DX-Y.NYB`, `GOOG`, `META`, `MSFT`	融资规模大、需求明确且直接关联亚马逊资本支出与资本结构，也会影响科技行业债券供给。
`GOOG`, `MSFT`	4/5 中高	苹果增长兑现与估值溢价	What You Actually Pay To Join The AAPL Run	2026-07-14	Trefis	`AAPL`, `AMZN`, `DELL`, `GOOG`, `HPQ`, `MSFT`	包含苹果最新增长、估值和成本指引，对大型科技股日报具有直接价值，但部分叙述和结尾带有营销属性。
`MRVL`	4/5 中高	博通AI芯片扩张压低毛利	The Real Risk Inside Broadcom Stock	2026-07-14	Trefis	`AMD`, `AVGO`, `MRVL`, `NVDA`, `QCOM`, `TXN`	毛利率和客户集中直接影响AVGO盈利质量与估值，且有管理层指引支持。
`MRVL`	3/5 中	英伟达放大组合市场波动	NVIDIA Stock Amplifies Your Market Ride	2026-07-14	Trefis	`AMD`, `AVGO`, `INTC`, `MRVL`, `NVDA`, `QCOM`, `SPGI`, `^GSPC`	对NVDA组合风险评估有参考价值，业务数据较新，但核心统计缺少方法披露。
`GOOG`	3/5 中等	DeepSeek上市筹备与算力含义	Chinese AI model developer DeepSeek preps for IPO: What to know	2026-07-14	Yahoo Finance Video	`ANTH.PVT`, `GOOG`, `META`, `NVDA`, `RACE`	IPO传闻具时效性并涉及人工智能竞争格局，但对相关上市公司的影响间接，且缺少正式申报和量化资料。
`SPCX`	2/5 中低	华尔街旺季推升大行利润	Big Banks’ Profits Surge After a Red-Hot Quarter on Wall Street	2026-07-14	The Wall Street Journal	`GS`, `JPM`, `SPCX`, `WFC`	银行财报主题有当日价值，但正文缺失严重，现阶段只能记录方向，无法支持深入比较。
`SPCX`	4/5 中高	SpaceX低成本发射与扩张风险	Jim Cramer Shares Morgan Stanley’s View Of Space Exploration Technologies Corp. (SPCX)	2026-07-14	Insider Monkey	`SPCX`, `TSLA`	直接覆盖SPCX上市后估值、成本优势和执行风险，但关键证据来自分析师与基金转述。
`VRT`	4/5 中高	液冷双雄的增长与估值差	nVent Electric vs. Vertiv: Which AI Liquid Cooling Stock Is a Better Buy in 2026?	2026-07-14	Motley Fool	`NVT`, `VRT`	财务与估值对照密集，直接关联人工智能数据中心液冷链，但多项预测和客户关系需由公司文件验证。
`DRAM`, `PSI`, `SOXX`	3/5 中	半导体牛市的供给与技术压力	How to Profit from the End of the AI Trade	2026-07-14	Barchart	`DISK`, `DRAM`, `MU`, `NVDA`, `PSI`, `SKHY`, `SMH`, `SNDK`	覆盖面广且与半导体风险相关，但观点导向强，关键供需证据和图表数据口径不足。
`COHR`	4/5 中高	Coherent光互连供需仍偏紧	JPMorgan’s View on Coherent Corp. (COHR)	2026-07-14	Insider Monkey	`COHR`, `JPM`	直接提供COHR供需与共封装光学收入窗口，事实密度较高，但仍需原始披露验证。
`MRVL`	4/5 中高	开放芯粒挑战定制AI芯片锁定模式	TYLSemi raises $43 million to create building blocks of custom AI chips	2026-07-14	Reuters	`AVGO`, `META`, `MRVL`, `QCOM`	消息直接涉及MRVL定制芯片业务的潜在替代路线，来源可靠，但初创公司尚未完成商业验证。
`GFS`	3/5 中等	台积电成熟制程酝酿提价	Wedbush Delivers an Urgent Message for TSMC Stock Investors	2026-07-14	GuruFocus.com	`GFS`, `TSEM`, `TSM`, `UMC`	直接覆盖四家晶圆代工标的并提供潜在行业价格信号，但缺少公司确认和定价细节。
`SOXL`	4/5 中高	SOXL面临资本开支与波动损耗	The 2 Pressure Points That Will Determine SOXL’s Next 12 Months	2026-07-14	24/7 Wall St.	`AMD`, `SMH`, `SOXL`	直接覆盖SOXL的杠杆结构、成分暴露与近期风险指标，对半导体日报具有较高解释价值。
`VRT`	4/5 中高	Vertiv业绩增长与高估值约束	Vertiv Is Set to Benefit as AI Moves From Hype to the Real Economy	2026-07-14	Motley Fool	`NVDA`, `VRT`	最新业绩和指引与VRT及人工智能基础设施链直接相关，高估值和合同证据缺口也清晰可见。
`CRCL`	5/5 极高	Hyperliquid重塑USDC分成	JPMorgan cuts estimates for Circle and Coinbase on Hyperliquid pressure	2026-07-14	Investing.com	`COIN`, `CRCL`, `HYPE32196-USD`, `USDC-USD`	分成比例、平台余额和盈利预测调整直接改变CRCL与COIN的稳定币收入预期。
`COHR`	3/5 中	应用光电扩建高速光模块产能	Applied Optoelectronics Bets Big on AI With Nearly 400,000-Square-Foot Texas Expansion	2026-07-14	IPO-Edge.com	`AAOI`, `ANET`, `COHR`, `GLW`, `META`	扩产规模和产品方向清晰，对光通信产业链有参考价值，但缺少订单及财务量化。
`CRCL`	4/5 中高	数字欧元进入支付机构试点	ECB Picks Revolut, Stripe, and 34 Others to Test the Digital Euro	2026-07-14	BeInCrypto	`ADYEN.AS`, `CRCL`, `DX-Y.NYB`, `EURC-USD`, `STRI.PVT`, `UCG.MI`, `USDC-USD`, `USDT-USD`	政策时效性强，直接关系CRCL、USDC和EURC在欧洲支付体系中的长期位置。
`CRCL`	5/5 高	Circle获美国国家信托牌照	Circle Internet (CRCL) Wins Final OCC Approval	2026-07-14	Insider Monkey	`CRCL`, `USDC-USD`	属于CRCL和USDC的直接重大监管进展，主体与功能明确，虽然商业贡献仍待验证。
-	未评级	中国存储芯片制造商CXMT拟通过IPO募资约86亿美元	China memory chipmaker CXMT aims to raise $8.6 billion in Asia's biggest IPO of 2026 so far	2026-07-14	Reuters（由StreetInsider转载）	-	-
`NBIS`	4/5 中高	Meta云计划扰动新云合同预期	Should Nebius and CoreWeave Investors Be Scared by Meta	2026-07-14	Motley Fool	`CRWV`, `META`, `NBIS`	Meta合同对NBIS和CRWV具有重大直接影响，但目前主要风险线索仍来自未证实报道。
`COHR`	3/5 中	POET光引擎量产兑现考验	Prediction: Poet Technologies Has 160% Upside as AI Infrastructure Demand Accelerates	2026-07-14	24/7 Wall St.	`COHR`, `LITE`, `NVDA`, `POET`	对COHR所处光通信链有同业参考价值，但文章估值依赖媒体模型和多项尚未兑现的量产假设。
`COHR`, `SOXX`	4/5 中高	德州扩产推动AI光模块行情	Applied Optoelectronics Rallies 6%, Lumentum Climbs 5% as Texas Expansion Fuels AI Optics Trade	2026-07-14	24/7 Wall St.	`AAOI`, `COHR`, `LITE`, `NVDA`, `SOXX`	扩产、订单和同业数据对人工智能光互连链条具有直接价值，但估值和执行风险较高。
`MRVL`	3/5 中	AXT积压订单受制于出口许可	AXTI Falls Below 50-Day SMA: Is It Time to Hold or Exit the Stock?	2026-07-14	Zacks	`AMKR`, `AXTI`, `LRCX`, `MRVL`	提供人工智能光通信材料供需背景，但MRVL仅是同行对照，直接相关度有限。
`APLD`, `GOOG`, `NBIS`	4/5 中高	纽约暂停大型数据中心审批	First Statewide Moratorium on New Hyperscale Data Centers Launched by Governor Kathy Hochul	2026-07-14	New York State Governor	`APLD`, `GOOG`, `NBIS`	最新州级行政措施直接改变纽约数据中心许可与潜在成本结构，且来源权威；公司级影响尚缺项目证据，地域适用范围也限制了跨市场影响。
`CRCL`	5/5 极高	Open USD冲击Circle收益留存	Mizuho downgrades Circle on competitive threat from new rival stablecoin	2026-07-14	Investing.com	`BLK`, `COIN`, `CRCL`, `MA`, `STRI.PVT`, `USDC-USD`	新稳定币直接冲击Circle的储备收益模型，且包含评级、盈利预测和近期续约节点。
`CRCL`	4/5 高	CleanSpark数据中心租约外溢	CLSK Stock Leads Gains Among Crypto Equities – Lifting Data Center-Focused Bitcoin Miners	2026-07-14	Stocktwits	`BTC-USD`, `CLSK`, `COIN`, `CRCL`, `ETH-USD`, `HIVE`, `HUT`, `KEEL`	长期租约金额大且对多家矿企的数据中心转型形成直接映射，但关键合同条款仍不完整。
`CRCL`	2/5 中低	Open USD引发Circle降级	Circle Stock Downgraded on Big Threat From New Stablecoin	2026-07-14	Barrons.com	`COIN`, `CRCL`, `DX-Y.NYB`, `MA`, `STRI.PVT`, `USDC-USD`, `V`, `^GSPC`	主题与CRCL直接相关且较新，但正文严重不完整，无法核验降级逻辑和量化影响。
`SOXX`	4/5 中高	通胀降温推动芯片反弹	AMD Rallies 5%, Intel Rises 4% as Cooling Inflation Sparks a Chip Rebound	2026-07-14	24/7 Wall St.	`AMD`, `AVGO`, `INTC`, `SOXX`, `^NDX`	直接覆盖SOXX并结合最新通胀数据解释板块波动，时效性强，但市场因果仍属媒体判断。
`MRVL`	4/5 中高	英伟达以合作生态扩大平台优势	NVIDIA	2026-07-14	Zacks	`AMD`, `AVGO`, `MRVL`, `NVDA`	MRVL与英伟达合作关系明确，文章还提供主要竞争者的量化数据，行业参考价值较高。
`CRCL`	4/5 中高	华尔街评级变动集中扫描	Apple, IBM downgraded: Wall Street	2026-07-14	The Fly	`AAPL`, `ACN`, `CRCL`, `CSGP`, `FCEL`, `FSLR`, `HAL`, `HPQ`	CRCL评级和目标价出现显著调整，风险路径明确且时效性强，但证据仅为卖方摘要。
`COHR`	2/5 中低	特灵受益于数据中心制冷需求	Here	2026-07-14	Zacks	`COHR`, `TT`, `VVX`, `^GSPC`	可作为人工智能基础设施需求旁证，但正文主体是TT，对COHR仅有附带评级信息。
`COHR`	2/5 中低	FTI咨询增长与现金流拉扯	Here	2026-07-14	Zacks	`COHR`, `FCN`, `^GSPC`	主体为FCN，COHR仅作为评级对照，难以为COHR当日日报提供充分新增证据。
`NBIS`	5/5 高	Nebius扩张提速伴随资本开支激增	Can Nebius	2026-07-14	Zacks	`CRWV`, `MSFT`, `NBIS`	直接覆盖NBIS的容量、需求、融资和资本开支，决定性数字密集，对日报优先级高。
`NBIS`	1/5 低	科技股盘前微升但原文缺失	Sector Update: Tech Stocks Edge Higher Premarket Tuesday	2026-07-14	MT Newswires	`IBM`, `NBIS`, `UMC`, `XLK`, `XSD`	虽然直接列出NBIS且时间较近，但正文严重缺失，证据不足以支持事件或板块判断。
`SOXX`	2/5 中低	沃什证词前美股盘前分化	Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Tuesday Ahead of Warsh Testimony	2026-07-14	MT Newswires	`BETH`, `BITO`, `BP`, `BTC-USD`, `EEM`, `EETH`, `EXI`, `FAS`	盘前时点较新，但正文严重缺失，对SOXX没有可核验的直接数据。
`SOXX`	3/5 中	半导体基金领跑持续性筛选	Which Hot Funds Have Staying Power?	2026-07-14	Trefis	`DIA`, `IWM`, `MTUM`, `QQQ`, `SMH`, `SOXQ`, `SOXX`, `SPMO`	可用于SOXX及半导体基金横向比较，但属于历史筛选，前瞻证据有限。
`BTC`, `ETH`, `GLOBAL`, `SOL`	5/5 高	美国六月通胀显著降温	Consumer Price Index News Release	2026-07-14	U.S. Bureau of Labor Statistics	`BTC`, `ETH`, `GLOBAL`, `SOL`	数据距日报仅一天，来自美国劳工统计局，直接影响利率、美元和全球风险资产的宏观定价，且分项证据完整。
`VRT`	4/5 中高	GE Vernova订单与电力全栈优势	Here’s Why GE Vernova Is a No-Brainer Buy Before July 22 Earnings	2026-07-14	24/7 Wall St.	`GEV`, `VRT`	临近财报且包含订单、指引和回购数据，对GEV与VRT的人工智能电力链比较有直接价值。
`NBIS`	3/5 中	Nebius获逾十亿美元算力合同传闻	Nebius Reportedly Selling Over $1 Billion Worth of Computing Power to Reflection AI	2026-07-14	MT Newswires	`NBIS`, `NVDA`	事件金额大且直接关联NBIS，但关键合同条款与原始来源均因付费墙缺失。
`USAR`	5/5 高	USAR打通稀土氧化物回收	USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility	2026-07-14	GlobeNewswire	`HRE.AX`, `USAR`	直接关系USAR的重稀土分离和一体化供应链能力，事件新、事实密度高，但商业化参数仍待验证。
`USAR`	4/5 较高	稀土磁材废料实现镝钕镨分离	USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility - Tue, 07/14/2026 - 07:00	2026-07-14	USA Rare Earth	`USAR`	进展直接关系USAR的重稀土分离和一体化能力，且发布时间新；商业价值仍需认证与量产数据验证。
`MRVL`	3/5 中	KeyBanc上调Marvell目标价	KeyBanc Adjusts PT on Marvell Technology to $400 From $385, Maintains Overweight Rating	2026-07-14	MT Newswires	`MRVL`	评级动作直接且新鲜，但付费墙使目标价上调缺乏可审查的基本面依据。
`MRVL`	3/5 中	科技股盈利叙事缺少统一估值证据	Zacks Investment Ideas feature highlights: NVIDIA	2026-07-14	Zacks	`MRVL`, `MSFT`, `MU`, `NVDA`, `SNDK`	覆盖MRVL及科技板块情绪，但对MRVL着墨有限，多个决定性论点缺少底层数据。
`MRVL`	3/5 中	存储定价分化触发芯片回吐	Marvell Technology, Vishay Intertechnology, and Allegro MicroSystems Stocks Trade Down, What You Need To Know	2026-07-14	StockStory	`ALGM`, `MRVL`, `MU`, `SKHY`, `SNDK`, `VSH`	MRVL价格波动显著，但文章缺乏公司专属证据，板块归因需要谨慎使用。
`GLOBAL`	5/5 最高	五月跨境资本流入结构分化	Treasury International Capital Data for May	2026-07-14	U.S. Department of the Treasury	`GLOBAL`	官方数据同时覆盖长期证券、短期国库券和银行流量，事实密度高，对美元流动性与全球资产需求判断具有直接价值。
`BTC`, `CRCL`, `ETH`, `SOL`, `USDC`, `USDT`	未评级	美英稳定币联合声明	U.S.-UK Joint Statement on Stablecoins	2026-07-14	U.S. Department of the Treasury and HM Treasury	`BTC`, `CRCL`, `ETH`, `SOL`, `USDC`, `USDT`	-
-	4/5 中高	欧元参考汇率与美元交叉盘	Euro foreign exchange reference rates	2026-07-14	European Central Bank	`EURUSD`, `GBPUSD`, `USDJPY`	数据新鲜、来源权威并直接覆盖主要外汇基准；参考价缺少实时性和变化背景，限制了方向判断价值。
`GLOBAL`	5/5 高	沃什勾勒美联储政策重审框架	Testimony by Chairman Warsh on the semiannual Monetary Policy Report to Congress	2026-07-14	Federal Reserve Board	`GLOBAL`	美联储主席最新官方国会证词直接披露利率立场、经济判断和五项制度审查，对全球利率、美元与权益估值均具直接影响。
`USAR`	3/5 中	美国稀土上半年暴涨后的兑现期	Here	2026-07-13	Motley Fool	`NVDA`, `USAR`, `^GSPC`	USAR事件线完整且数字密集，但以历史回顾和公司口径为主，多项关键安排尚未落地。
`VRT`	4/5 中高	维谛高增长预期遭遇估值压力	Vertiv Holdings Co. (VRT) Falls More Steeply Than Broader Market: What Investors Need to Know	2026-07-13	Zacks	`VRT`, `^DJI`, `^GSPC`	与VRT直接相关且盈利、估值数据清晰，适合评估业绩预期；经营层证据仍不完整。
`USAR`	3/5 中	废磁体循环供应链扩张	HyProMag is the Magnet Opportunity Hiding in America	2026-07-13	Exec Edge	`BMW.DE`, `CTH.V`, `CTHCF`, `LYJ.F`, `MP`, `NB`, `SIE.DE`, `USAR`	对USAR所处的美国稀土磁体产业链有比较价值，但项目数据多为公司规划，缺少正式融资和量产证据。
`DRAM`, `SOXL`, `SOXX`	5/5 高	资金集中涌入半导体ETF	Investors Buy the Semiconductor Dip in $40 Billion Flows Week	2026-07-13	etf.com	`CL=F`, `DRAM`, `HYG`, `QQQ`, `SMH`, `SOXL`, `SOXX`, `VOO`	直接覆盖三个输入标的，基金流量数字完整且具时效性，可用于识别半导体资金集中和杠杆风险。
`NBIS`	4/5 中高	谷歌TPU向新云服务商拓展	Google Takes TPUs Deeper Into Neoclouds	2026-07-13	GuruFocus.com	`AAPL`, `CRWV`, `GOOG`, `LAMD.PVT`, `NBIS`, `NVDA`	触及NBIS算力供应链和竞争结构，战略相关性高；但缺少NBIS直接合作证据及量化条款。
`APLD`	4/5 中高	两家新云算力商的电力差异	Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy?	2026-07-13	Motley Fool	`APLD`, `NVDA`, `WULF`	直接比较APLD与WULF的合同、电力和建设模式，对人工智能数据中心链条判断较有价值。
`VRT`	3/5 中	聚变第一股的技术里程碑	The First Publicly Listed Fusion Stock Just Started Trading, and It Did Not Arrive Quietly	2026-07-13	CNW Group	`GEV`, `NVDA`, `RKLB`, `SVAC`, `SVACU`, `VRT`	聚变公司上市和技术节点具备能源产业参考价值，但对VRT只有间接关联，主要证据来自付费公司宣传。
`SOXL`	4/5 中高	存储扩产担忧放大SOXL跌幅	Why Direxion Daily Semiconductor Bull 3X ETF Dropped	2026-07-13	Motley Fool	`NVDA`, `SKHY`, `SOXL`, `^IXIC`	直接解释SOXL与存储器板块急跌，并提供产能和持仓数字，但长期供给结论仍是简化推演。
`APLD`	4/5 中高	应用数字的合同与建设风险	Applied Digital: Is The $16 Billion AI Bet Worth The Risk?	2026-07-13	Trefis	`APLD`, `CLSK`, `CORZ`, `CORZZ`, `HUT`, `MARA`, `RIOT`, `ROAD`	直接覆盖APLD估值、合同、现金和建设风险，对人工智能算力基础设施研究较重要。
`VRT`	3/5 中	APLD扩张代价与VRT对照	APLD Dips 33% in a Month: Should You Hold or Fold the Stock?	2026-07-13	Zacks	`VRT`	对VRT提供了有数字支撑的同行风险对照，但文章重点是APLD，且缺少VRT新增经营事实。
`VRT`	3/5 中	VRT估值显著高于EXLS	EXLS or VRT: Which Is the Better Value Stock Right Now?	2026-07-13	Zacks	`EXLS`, `VRT`	提供VRT的清晰估值参照，但跨业务比较和指标覆盖不足限制了解释力。
`USAR`	3/5 中	阿拉斯加锑试验厂推进	Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout	2026-07-13	IPO-Edge.com	`MP`, `NVA`, `NVA-WT`, `TECK`, `UAMY`, `USAR`	关键矿产项目节点具有政策时效性，但文章短、证据单一，且与USAR不是同一产品链。
`COHR`	3/5 中	英伟达加码光通信链	These Nvidia-Backed Darlings are Great Dip-Buys, Say Pros	2026-07-13	24/7 Wall St.	`COHR`, `GLW`, `HG=F`, `LITE`, `NVDA`	直接覆盖COHR及光互连主题，时效性尚可，但以作者判断和最高目标价为主，新增经营事实较少。
`SOXX`	3/5 中	存储担忧与油价冲击芯片股	Intel, AMD, and Applied Materials Drop 4% as SK Hynix Rout and Oil Spike Hit Chip Stocks	2026-07-13	24/7 Wall St.	`AMAT`, `AMD`, `ARM`, `AVGO`, `CL=F`, `INTC`, `LRCX`, `NVDA`	提供了存储周期向设备和AI芯片股传导的框架，但数据来源和因果量化不足。
`SOXX`	3/5 中	油价与韩股下挫叠加冲击	Market Minute 7-13-26- Oil Pops, While Korean Stocks Plunge	2026-07-13	MoneyShow	`005930.KS`, `CL=F`, `DX-Y.NYB`, `META`, `SKHY`, `SOXX`, `USO`	同时提供油价、韩国芯片股和Meta资本支出线索，但关键事实多为二手转述。
`VRT`	4/5 中高	英维克与维谛的数据中心增长分化	NVT vs. VRT: Which Data Center Infrastructure Stock is a Better Buy?	2026-07-13	Zacks	`NVT`, `VRT`	直接覆盖VRT，比较数据密集，并揭示订单增长、区域风险和估值差异；结论仍受来源评级框架影响。
`COHR`	2/5 较低	Duolingo增长与推理成本拉扯	AI-Backed Growth Benefits DUOL Amid Expected Rise in Inference Costs	2026-07-13	Zacks	`COHR`, `DUOL`, `V`	经营数字具有参考价值，但公司代码混淆严重，且与输入中的COHR、V相关性较弱。
`DRAM`	4/5 中高	海力士预估冲击存储板块	Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks	2026-07-13	24/7 Wall St.	`005930.KS`, `DRAM`, `MU`, `SKHY`, `SNDK`, `STX`, `WDC`	对MU及存储产业链具有直接跨市场传导意义，但关键数字的可信度需要二次验证。
`DRAM`	2/5 较低	上半年五只特色新ETF	ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out	2026-07-13	MoneyShow	`DRAM`, `IQMM`, `LOHA`, `NASA`, `SECU`, `SPCX`	可反映主题ETF供给与投资者兴趣，但量化数据不足，对单一标的映射有限。
`GFS`	3/5 中	格芯SLATE技术进入量产准备	GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology	2026-07-12	Insider Monkey	`GFS`	GFS技术进展具有直接相关性和明确量产窗口，但距离收入兑现较远，商业验证尚缺。
`USAR`	3/5 中	稀土基金的产业链暴露差异	3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk	2026-07-12	MarketBeat	`ALB`, `ALB-PA`, `EART`, `MP`, `REMX`, `SETM`, `USAR`	提供稀土政策与ETF结构的实用背景，但时效性一般，持仓和资金数据需要发行人及官方来源复核。
`NBIS`	4/5 高	Nebius暴涨后的兑现门槛	Why Nebius Rocketed 230% in the First Half of 2026	2026-07-12	Motley Fool	`NBIS`, `NVDA`	大型合同、战略投资、财务转折和远期估值数据完整，对NBIS及NVDA算力生态具有直接参考价值。
`GFS`	3/5 中	格芯高管预设计划减持	A GlobalFoundries Insider Sold 78% of His Company Shares. Here	2026-07-11	Motley Fool	`GFS`	申报数据可靠且直接关联GFS，但交易金额较小，预设计划也限制了信号强度。
`DRAM`	未评级	ETF League Tables: Roundhill AUM Nears $34B	ETF League Tables: Roundhill AUM Nears $34B	2026-07-10	etf.com	`DRAM`	-
`PSI`	3/5 中	PSI分散承接芯片行情	AAOI Soared 251%, But PSI Quietly Doubled Your Money Too	2026-07-10	24/7 Wall St.	`AAOI`, `PSI`, `RDDT`	直接讨论PSI并提供明确回报与行业数据，但属于数日前的阶段性比较，长期证据不足。
`APLD`	3/5 中	北美数据中心项目六月扩容	Google, Amazon Increase Data-Center Capacity Plans	2026-07-10	Investor's Business Daily	`AMZN`, `APLD`, `GOOG`	项目储备增幅与云计算资本开支链直接相关，但时效稍弱且正文、统计口径均不完整。
`APLD`	4/5 中高	APLD八成合同集中于两客	APLD	2026-07-10	Zacks	`APLD`, `CRWV`, `DLR`, `DLR-PJ`, `DLR-PL`	直接揭示APLD合同客户集中度和CRWV敞口，数字具体，对收入质量判断有较高价值。
`GFS`	4/5 中高	美光押注本土存储器供应链	Micron	2026-07-10	MarketBeat	`GFS`, `MU`, `SKHY`	直接涉及美光巨额资本计划、HBM竞争和本土供应链，但距今数日且若干关键数字呈现明显核验需求。
`NBIS`	3/5 中	亚马逊GPU涨价强化Nebius替代叙事	Here’s Why Analysts Think Nebius (NBIS) Could Benefit From Amazon’s GPU Price Increase	2026-07-10	Insider Monkey	`AMZN`, `BNP.PA`, `GOOG`, `META`, `NBIS`, `SPCX`	直接关联NBIS的定价环境，但时效稍弱，潜在受益尚未获得合同或经营数据验证。
`GFS`	4/5 中高	台积电财报前的增长预期	Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why	2026-07-10	24/7 Wall St.	`GFS`, `INTC`, `NVDA`, `TSM`	临近台积电财报，月度收入和公司指引对半导体链有较强参考价值，并可用于观察GFS的竞争位置。
`APLD`	3/5 中	Meta自研芯片行情快速退潮	LRCX, APLD, KLAC: Why Chip Equipment Stocks Are Falling Premarket Today	2026-07-10	Stocktwits	`APLD`, `KLAC`, `LRCX`, `META`	Meta自研芯片和设备市场预测有行业价值，但行情已过时且标的映射存在明显疑点。
`CRCL`	未评级	Circle宣布获得设立国家信托银行的最终OCC批准	Circle Receives Final OCC Approval to Establish National Trust Bank	2026-07-10	Circle Internet Group	`CRCL`, `USDC`	-
`BZ=F`, `CL=F`	未评级	IEA 2026年7月石油市场报告	Oil Market Report — July 2026	2026-07-10	International Energy Agency	`BZ=F`, `CL=F`	-
`APLD`	未评级	Analysts reveal investors are underestimating Bitcoin miners	Analysts reveal investors are underestimating Bitcoin miners	2026-07-09	TheStreet	`APLD`, `BTC-USD`, `CIFR`, `WULF`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	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	2026-07-09	24/7 Wall St.	`GFS`, `IBM`, `NVDA`, `SAAQ.PVT`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	Direxion Daily Semiconductor Bull 3X ETF Explodes	Direxion Daily Semiconductor Bull 3X ETF Explodes	2026-07-09	Motley Fool	`6488.TWO`, `MU`, `NVDA`, `SOXL`, `^IXIC`	发布时间早于日报 5 天摘要窗口。
`DRAM`	未评级	Memory Stock Surge Sets Stage for SK Hynix's U.S. Trading Debut	Memory Stock Surge Sets Stage for SK Hynix	2026-07-09	Barrons.com	`000660.KS`, `DRAM`, `MU`, `SNDK`, `STX`, `WDC`, `^GSPC`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	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)	2026-07-09	InvestorsHub	`6488.TWO`, `GFS`, `MU`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	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	2026-07-09	Simply Wall St.	`MP`, `USAR`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	2026-07-09	Bloomberg	`ARA.NE`, `ARA.TO`, `METC`, `METCB`, `METCI`, `METCZ`, `MP`, `USAR`	发布时间早于日报 5 天摘要窗口。
`APLD`	未评级	1 Mid-Cap Stock on Our Watchlist and 2 We Ignore	1 Mid-Cap Stock on Our Watchlist and 2 We Ignore	2026-07-09	StockStory	`APLD`, `CAVA`, `NVR`	发布时间早于日报 5 天摘要窗口。
`DRAM`, `KMEM`	未评级	New Memory ETFs Line Up to Challenge Runaway DRAM	New Memory ETFs Line Up to Challenge Runaway DRAM	2026-07-09	etf.com	`000660.KS`, `005930.KS`, `DRAM`, `HBMX`, `KMEM`	发布时间早于日报 5 天摘要窗口。
`DRAM`	未评级	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	2026-07-08	Yahoo Finance	`DRAM`, `SOX=F`, `SOXX`, `^SOX`	发布时间早于日报 5 天摘要窗口。
`APLD`	未评级	Why Penguin Solutions May Be the Smartest AI Infrastructure Stock	Why Penguin Solutions May Be the Smartest AI Infrastructure Stock	2026-07-08	MarketBeat	`APLD`, `IREN`, `NBIS`, `NVDA`, `PENG`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	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?	2026-07-08	Zacks	`GFS`, `ON`, `TSM`, `^GSPC`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	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	2026-07-08	Stocktwits	`ALOY`, `CRML`, `GLND`, `USAR`, `UUUU`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed	Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed	2026-07-07	Motley Fool	`005930.KS`, `NVDA`, `SOXL`, `^IXIC`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	2026-07-07	24/7 Wall St.	`AMD`, `NVDA`, `PSI`, `TSM`	发布时间早于日报 5 天摘要窗口。
`BZ=F`, `CL=F`	未评级	EIA 2026年7月短期能源展望	U.S. Energy Information Administration - EIA - Independent Statistics and Analysis	2026-07-07	U.S. Energy Information Administration	`BZ=F`, `CL=F`	发布时间早于日报 5 天摘要窗口。
`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。
`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 第二栋楼第一阶段	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。
`GFS`	未评级	GlobalFoundries 公布 2026 年第二季度业绩会安排	GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results \| GlobalFoundries Inc.	2026-07-01	GlobalFoundries	`GFS`	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。
`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`	-
`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。
`AMAT`, `MU`	未评级	应用材料发布面向DRAM与AI先进封装的新设备	Applied Materials Introduces New Systems to Accelerate DRAM and Advanced Packaging for AI Chips \| Applied Materials	2026-06-25	Applied Materials	`AMAT`, `MU`	发布时间早于日报 5 天摘要窗口。
`AMD`, `MU`, `NVDA`	未评级	Micron公布2026财年第三季度业绩及HBM、SSD进展	Micron Technology, Inc. Reports Record Results for the Third Quarter of Fiscal 2026	2026-06-24	Micron Technology	`AMD`, `MU`, `NVDA`	-
`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。
`APLD`	未评级	Applied Digital Form 8-K dated June 16, 2026	Applied Digital Form 8-K dated June 16, 2026	2026-06-16	U.S. Securities and Exchange Commission	`APLD`	发布时间早于日报 5 天摘要窗口。
`COHR`	未评级	Coherent 签署最高 5000 万美元 CHIPS 资助意向书	Coherent Announces a CHIPS Letter of Intent for $50 Million	2026-06-16	Coherent	`COHR`	发布时间早于日报 5 天摘要窗口。
-	未评级	消息称美国暂缓将DeepSeek、CXMT等逾百家企业加入贸易黑名单	US holds off blacklisting China's DeepSeek, more than 100 firms deemed security risks, sources say	2026-06-16	Reuters（由MarketScreener转载）	-	发布时间早于日报 5 天摘要窗口。
-	未评级	关于同意长鑫科技集团股份有限公司首次公开发行股票注册的批复	政府网站年度报表	2026-06-12	中国证券监督管理委员会	-	发布时间早于日报 5 天摘要窗口。
-	未评级	美国国防部公布中国军工企业认定名单	Notice of Availability of Designation of Chinese Military Companies	2026-06-10	U.S. Department of Defense／Federal Register	-	-
`NVDA`	未评级	SK hynix与NVIDIA宣布AI工厂存储器多年技术合作	SK hynix and NVIDIA Announce Multi-year Technology Partnership to Advance Memory for AI Factories - SK hynix Newsroom	2026-06-07	SK hynix	`NVDA`	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`	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。
`MU`	未评级	长鑫科技首次公开发行股票并在科创板上市招股说明书	长鑫科技集团股份有限公司首次公开发行股票并在科创板上市招股说明书（2026年5月27日披露版本）	2026-05-27	长鑫科技集团股份有限公司／上海证券交易所	`MU`	-
`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。
`CRCL`	未评级	Circle Internet Group Form 10-Q for quarter ended March 31, 2026	crcl-20260331	2026-05-11	U.S. Securities and Exchange Commission	`CRCL`	发布时间早于日报 5 天摘要窗口。
`COHR`	未评级	Coherent Third Quarter Fiscal 2026 Investor Presentation	Coherent Third Quarter Fiscal 2026 Investor Presentation	2026-05-06	Coherent	`COHR`	-
`MRVL`	2/5 中低	Marvell近期投资者活动排期	IR Calendar	未提供发布时间	Marvell Technology	`MRVL`	官方来源可确认活动日期，但没有未来排期、会议内容或新增经营事实，对当日日报的信息增量较低。
`MRVL`	3/5 中等	迈威尔数据中心需求推高指引	Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results	未提供发布时间	Marvell Technology	`MRVL`	公司原始财报事实丰富且与MRVL直接相关，但距当日约七周，收购并表和调整后口径影响可比性。
`PSI`	未评级	台积电 2026 年第二季度业绩资料	TSMC 2026 Q2 Quarterly Results	未提供发布时间	Taiwan Semiconductor Manufacturing Company	`COHR`, `GFS`, `MRVL`, `PSI`	-
`AVGO`	4/5 较高	博通人工智能半导体收入加速	Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend \| Broadcom Inc.	未提供发布时间	Broadcom	`AVGO`	公司原始财报和人工智能收入指引对AVGO及基础设施链具有直接价值，但发布时间距当日约六周。
`NBIS`	3/5 中	Nebius扩张与融资事项索引	Nebius Newsroom	未提供发布时间	Nebius Group	`NBIS`	与NBIS直接相关且涵盖融资、客户、并购和扩建事项，但最新信息已滞后近两周，当前摘录也仅有官方标题。
-	4/5 中高	三星新一代企业级固态盘量产	Samsung Begins Mass Production of PM1763 SSD Optimized for Next-Generation AI Infrastructure	未提供发布时间	Samsung Electronics	-	公司一手量产公告提供了完整的产品性能与应用信息，对人工智能服务器存储链具有直接参考价值；缺少客户、订单及财务数据，且发布日期早于当日日报约一周。
`SOL`	1/5 低	Solana事故历史页面信息缺失	Solana Status - Incident History	未提供发布时间	Solana Status	`SOL`	页面与SOL直接相关，但事故历史正文完全缺失，没有可用于日报判断的时间、范围或恢复事实。
-	未评级	Department of Commerce Revises License Review Policy for Semiconductors Exported to China	Department of Commerce Revises License Review Policy for Semiconductors Exported to China	未提供发布时间	U.S. Bureau of Industry and Security	`AMD`, `NVDA`	-
`CRCL`	4/5 中高	USDC规模、储备与跨链覆盖	USDC \| Powering global finance. Issued by Circle.	未提供发布时间	Circle	`CRCL`, `USDC`	流通量更新至07/13，直接关联CRCL核心产品和储备规模；一手来源价值较高，但营销口径、旧增长区间和页面缺失数据需要外部核验。
-	3/5 中	铠侠押注人工智能推理存储	Kioxia Announces Growth Strategy for the AI Inference Era at Investor Day \| KIOXIA Holdings Corporation	未提供发布时间	Kioxia Holdings	-	资本开支、研发预算、产品参数和业务结构目标信息密度较高，但文章已发布一个多月，且主要是公司前瞻口径，适合作为产业链背景材料。
`QCOM`	未评级	高通公布2026财年第二季度业绩	Qualcomm Announces Second Quarter Fiscal 2026 Results	未提供发布时间	Qualcomm	`QCOM`	-
`AMD`, `NVDA`	4/5 中高	英伟达数据中心增长与利润成色	nvda-20260426	未提供发布时间	U.S. SEC / NVIDIA	`AMD`, `NVDA`	SEC季度报告提供NVDA财务、数据中心需求、客户集中度、资本配置及出口限制的一手数据；报告期与签署日距当前日报已有一定时间，时效性低于当日公告。
-	5/5 高	SK海力士赴美发行与扩产蓝图	424(B)(4)	未提供发布时间	U.S. SEC	-	SEC正式招股书直接确定SKHY发行定价、规模、募资用途和稀释水平，并披露最新季度财务、市场份额及重大风险，是当日日报中研究半导体和人工智能内存链的高优先级一手材料。

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西蒙斯银行营收增长预期回升

重要性2/5 中低

临近区域银行财报，但仅提供基础共识和同业对照，且与输入标的KMEM相关度低。

标签

标的：`KMEM`来源：StockStory发布日期：2026-07-15重要性：2/5 中低评级理由：临近区域银行财报，但仅提供基础共识和同业对照，且与输入标的KMEM相关度低。评级依据：timeliness, limited_evidence原文字数：393

中文摘要

核心结论

市场预计西蒙斯第一国民银行（Simmons First National，SFNC）本季度营收同比增长14%，高于上年同期8.3%的增幅。上季度营收超预期，但有形账面价值每股指标略低于预期。

重要性评级

评级：2/5（中低）

文章临近SFNC财报，预期数据较新；然而它与输入标的KMEM无直接联系，且缺少净息差、存款和信贷质量等银行核心指标。

关键事实

上季度营收为2.444亿美元，同比增长13.1%，高于分析师预期。
上季度EPS（每股收益）符合预期，有形账面价值每股指标略低于预期。
市场预计本季度营收同比增长14%，上年同期增幅为8.3%。
过去30天，分析师大体维持原有预测。
FB Financial二季度营收增长27.5%，低于预期0.7%；花旗营收增长14.3%，高于预期4.5%。
银行同业过去一个月平均上涨4.2%，SFNC同期也上涨4.2%。
分析师平均目标价为24.14美元，文章所列现价为22.92美元。

作者观点与证据

作者以营收共识、历史超预期记录和已披露同业业绩构建财报前预览。同行数据提供有限参照，但无法替代SFNC自身的净息差、存款成本、贷款增长和资产质量披露。

与相关标的的关系

SFNC是直接相关公司，可作为美国区域银行财报观察样本。KMEM只出现在采集线索中，文章没有建立业务或持仓关联。

时效性与限制

发布于美东时间 07/14 23:49（UTC+8 07/15 11:49）。文章属于业绩前预期材料，结果尚未得到公司财报验证。

后续跟踪

实际营收相对14%增速预期的差异
净息差与存款成本
不良贷款和拨备变化
有形账面价值每股指标

英文原文

Simmons First National Earnings: What To Look For From SFNC

Radek Strnad

Wed, July 15, 2026 at 11:49 AM GMT+8 2 min read

SFNC

-0.26%

Simmons First National Earnings: What To Look For From SFNC Regional banking company Simmons First National (NASDAQ:SFNC) will be reporting results this Thursday after market hours. Here's what you need to know.

Simmons First National beat analysts' revenue expectations last quarter, reporting revenues of $244.4 million, up 13.1% year on year. It was a slower quarter for the company, with EPS in line with analysts' estimates and a slight miss of analysts' tangible book value per share estimates.

Is Simmons First National a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members .

This quarter, the market is expecting Simmons First National's revenue to grow 14% year on year, improving from the 8.3% increase it recorded in the same quarter last year.

Simmons First National Total Revenue Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Simmons First National has a history of exceeding Wall Street's expectations.

Looking at Simmons First National's peers in the banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. FB Financial delivered year-on-year revenue growth of 27.5%, missing analysts' expectations by 0.7%, and Citigroup reported revenues up 14.3%, topping estimates by 4.5%. FB Financial traded up 2.7% following the results.

Read our full analysis of FB Financial's results here and Citigroup's results here .

There has been positive sentiment among investors in the banks segment, with share prices up 4.2% on average over the last month. Simmons First National is up 4.2% during the same time and is heading into earnings with an average analyst price target of $24.14 (compared to the current share price of $22.92).

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奈飞二季度营收增速面临放缓

重要性3/5 中

临近奈飞业绩披露，预期数据及时，但仅属财报前共识汇总，且与输入标的KMEM关联较弱。

标签

标的：`KMEM`来源：StockStory发布日期：2026-07-15重要性：3/5 中评级理由：临近奈飞业绩披露，预期数据及时，但仅属财报前共识汇总，且与输入标的KMEM关联较弱。评级依据：timeliness, evidence_strength原文字数：322

中文摘要

核心结论

奈飞（NFLX）二季度营收同比增速预期为13.5%，低于上年同期的15.9%；过去两年多次低于华尔街营收预期，使本次业绩验证具有较高不确定性。

重要性评级

评级：3/5（中）

文章发布临近业绩窗口，数据具备时效性；但内容主要汇总市场预期，与输入标的KMEM缺少直接关系。

关键事实

上季度营收为122.5亿美元，同比增长16.2%，高于分析师预期。
上季度下一季EPS（每股收益）指引明显低于预期，全年营收指引与预期相符。
市场预计本季度营收同比增长13.5%，上年同期增幅为15.9%。
过去30天，分析师大体维持原有预测。
奈飞过去两年曾多次未达到华尔街营收预期。
过去一个月消费互联网同业股价平均上涨7.3%，奈飞同期下跌9.4%。

作者观点与证据

作者将营收增速放缓、历史预期兑现记录和相对股价表现列为财报前观察重点。文章没有提供订阅、广告、利润率或自由现金流预测，末段还夹有与奈飞无关的推广内容。

与相关标的的关系

NFLX是直接相关标的；文章可用于观察流媒体及消费互联网财报预期。KMEM仅出现在采集线索中，原文未建立业务或估值联系。

时效性与限制

发布于美东时间 07/14 23:49（UTC+8 07/15 11:49）。文章属于财报前预览，所有预测均待公司正式披露验证。

后续跟踪

实际营收与13.5%同比增速预期的差异
EPS与全年营收指引
广告业务、利润率和自由现金流数据
财报后相对消费互联网板块的表现

英文原文

Netflix (NFLX) Q2 Earnings: What To Expect

Adam Hejl

Wed, July 15, 2026 at 11:49 AM GMT+8 2 min read

NFLX

-0.41%

Streaming video giant Netflix (NASDAQ: NFLX) will be reporting earnings this Thursday after the bell. Here's what to look for.

Netflix beat analysts' revenue expectations last quarter, reporting revenues of $12.25 billion, up 16.2% year on year. It was a softer quarter for the company, with EPS guidance for next quarter missing analysts' expectations significantly and full-year revenue guidance meeting analysts' expectations.

Is Netflix a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members .

This quarter, the market is expecting Netflix's revenue to grow 13.5% year on year, slowing from the 15.9% increase it recorded in the same quarter last year.

Netflix Total Revenue Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Netflix has missed Wall Street's revenue estimates multiple times over the last two years.

With Netflix being the first among its peers to report earnings this season, we don't have anywhere else to look to get a hint at how this quarter will unfold for consumer internet stocks. However, there has been positive investor sentiment in the segment, with share prices up 7.3% on average over the last month. Netflix is down 9.4% during the same time .

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Premier三家子公司完成出售

重要性1/5 低

事件仅直接涉及PHA.V重组，与KMEM无可识别关系，也缺少交易对价和股东回收信息。

标签

标的：`KMEM`来源：GlobeNewswire发布日期：2026-07-15重要性：1/5 低评级理由：事件仅直接涉及PHA.V重组，与KMEM无可识别关系，也缺少交易对价和股东回收信息。评级依据：timeliness原文字数：641

中文摘要

核心结论

Premier Health of America在加拿大《公司债权人安排法》程序中完成三家运营子公司的出售，Polar Valley Investments成为其唯一股东，三家公司退出重组债务人范围并维持日常运营。母公司剩余资产和负债仍由法院指定监督人处理，最终方向是结束公司架构。

重要性评级

评级：1/5（低）

这是PHA.V的重组公告，与输入标的KMEM没有正文层面的联系；对跨资产日报仅具个案记录价值。

关键事实

公告发布于美东时间 07/14 23:49（UTC+8 07/15 11:49）。
加拿大皇家银行以有担保债权人身份于06/23（未给出具体时刻）启动重组程序。
法院批准的交易此前于07/03（未给出具体时刻）公告。
Polar收购Solutions Staffing、Canadian Health Care Agency及Nordik Québec的全部股权。
三家公司保留持续经营所需资产和负债，并退出重组债务人范围。
Guy D'Aoust不再担任Premier Health临时首席执行官。
FTI Consulting Canada继续处理母公司剩余资产、负债及义务。
PHA.V股票继续停牌，复牌时间由多伦多证券创业交易所决定。

作者观点与证据

公告强调三家子公司的服务连续性，但未披露交易价格、债权人回收率、母公司股东剩余价值或其他资产处置结果。持续经营表述属于公司预期，法院文件和监督人报告是更完整的证据来源。

与相关标的的关系

PHA.V是直接主体。输入标的KMEM未在正文出现，文章没有披露业务、持股或事件联系。

后续跟踪

剩余资产出售和债权人回收方案。
母公司清盘及重组程序终止时间。
交易对价与普通股股东权益处理。
交易所对PHA.V停牌状态的决定。

英文原文

Closing of Previously Announced Restructuring Transaction in Connection with CCAA Proceedings

This is a paid press release. Contact the press release distributor directly with any inquiries.

Closing of Previously Announced Restructuring Transaction in Connection with CCAA Proceedings

Premier Health of America Inc.

Wed, July 15, 2026 at 11:49 AM GMT+8 2 min read

PHA.V

0.00%

Premier Health of America Inc. MONTREAL, July 14, 2026 (GLOBE NEWSWIRE) -- PREMIER HEALTH OF AMERICA INC. (TSX-V: PHA) (" Premier Health" or the "Company" ) announces that, in connection with the restructuring proceedings initiated on June 23, 2026 by the Royal Bank of Canada (the " Applicant ") in its capacity as a secured creditor (the " CCAA Proceedings ") and the Court-approved restructuring transaction announced on July 3, 2026, Polar Valley Investments Limited (" Polar ") has successfully closed the acquisition of all of the equity interests in three affiliates of the Company, namely Solutions Staffing Inc. (" SSI "), Canadian Health Care Agency Ltd. (" CHCA ") and Premier Soin Nordik Inc. / Premier Health Nordik Inc. (" Nordik Québec ") (the " Transaction ").

As a result of the Transaction, Polar became the sole holder of the securities of SSI, CHCA and Nordik Québec. Each of SSI, CHCA and Nordik Québec retained the assets and liabilities necessary to continue the going concern operations of their respective businesses and ceased to be debtors in the CCAA Proceedings.

In connection with the closing of the Transaction, Guy D'Aoust has ceased to act as Interim Chief Executive Officer of the Company.

Clients of SSI, CHCA and Nordik Québec should expect no changes to day-to-day operations and service levels. SSI, CHCA and Nordik Québec remain focused on delivering reliable, high-quality healthcare solutions and ensuring continuity of service for the organizations and communities served.

The CCAA Proceedings remain ongoing, as FTI Consulting Canada Inc., in its capacity as Court-appointed monitor (the " Monitor "), addresses the Company's remaining assets, liabilities, and obligations, and works toward winding down the Company's corporate structure in anticipation of terminating the CCAA Proceedings.

Documents relating to the restructuring process, such as Court orders and Monitor's reports, are available on the Monitor's website at https://cfcanada.fticonsulting.com/PHA . For more comprehensive information regarding the CCAA Proceedings and the Transaction, readers are invited to consult the full text of all of these documents.

Trading in the Company's common shares on the TSX Venture Exchange (" TSXV ") has been halted. The common shares will remain halted until such date that the TSXV determines.

Forward-Looking Information

Certain statements in the preceding may constitute forward-looking statements, including the continuance of the operations of the Company and the date until which trading in the common shares will remain halted. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These factors include the inability to successfully complete the SISP for the remaining assets of the Company, operational disruptions arising from restrictions imposed during the CCAA proceedings, continued suspension of trading of the common shares, and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement. There can be no assurance that such forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.

Story Continues

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

For Further Information Please Contact:

Mr. Frédéric St-Cyr

Interim Chief Financial Officer

Premier Health of America Inc.

fstcyr@premierhealth.ca / 1 800 231 9916

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阿英半决赛聚焦梅西冲冠

重要性1/5 低

属于即时体育赛况前瞻，但缺少投资标的和市场证据，与KMEM无直接关联。

标签

标的：`KMEM`来源：AFP发布日期：2026-07-15重要性：1/5 低评级理由：属于即时体育赛况前瞻，但缺少投资标的和市场证据，与KMEM无直接关联。评级依据：timeliness, sports_background原文字数：675

中文摘要

核心结论

阿根廷与英格兰将在世界杯半决赛争夺对阵西班牙的决赛席位。阿根廷寻求成为1962年巴西之后首支卫冕球队，英格兰则冲击1966年以来首次世界杯决赛。

重要性评级

评级：1/5（低）

报道具有即时体育新闻价值，但未提供可识别的投资标的、商业合同或市场影响，对输入标的KMEM没有直接关系。

关键事实

文章发布于美东时间 07/14 23:45（UTC+8 07/15 11:45）。
39岁的Lionel Messi（利昂内尔·梅西）本届赛事已进8球，并列金靴榜首。
阿根廷此前以3比2先后击败佛得角和埃及，梅西两场均有进球。
Harry Kane（哈里·凯恩）与Jude Bellingham（裘德·贝林厄姆）合计贡献英格兰13个进球中的12个。
两队上一次正式比赛交锋是2002年世界杯。
英格兰中场Declan Rice（德克兰·赖斯）此前身体不适，主教练确认可以首发。
西班牙已淘汰法国进入决赛，决赛将在新泽西举行。

作者观点与证据

法新社把梅西卫冕、两队历史交锋和福克兰群岛主权争议作为比赛叙事背景。球队表现与进球数据属于赛事事实；政治张力主要用于解释关注度，阿根廷主帅明确将比赛限定为体育竞赛。

与相关标的的关系

正文没有公司、证券或预测市场信息，KMEM也未出现，无法建立直接标的影响路径。

后续跟踪

半决赛首发阵容与Rice身体状况。
Messi、Kane和Bellingham的进球表现。
胜方与西班牙的决赛对阵。

英文原文

Argentina and England collide with World Cup final spot at stake

AFP

Wed, July 15, 2026 at 11:45 AM GMT+8 3 min read

Argentina's Lionel Messi has scored eight goals at the 2026 World Cup (CHANDAN KHANNA) Lionel Messi's Argentina clash with England in a marquee World Cup semi-final on Wednesday, with Spain lying in wait after shattering French hopes of a third triumph.

The fixture between two of the big beasts of global football is mouthwatering enough but is given added spice by long-standing political tensions.

Lionel Scaloni's Argentina are seeking to become the first team since Brazil in 1962 to win back-to-back World Cups, which would be a staggering send-off for the incomparable Messi.

The 39-year-old, joint top of the Golden Boot standings with eight goals, inspired his team to victory in Qatar in 2022 in what was expected to be his final hurrah on football's biggest stage.

But he is back for more and has played a pivotal role in dragging his team to the semi-finals, scoring in hard-fought 3-2 victories against Cape Verde and Egypt.

Three-time champions Argentina will be taking on a different class of opponent in Atlanta compared with teams they have faced so far, even if England have only sparkled intermittently.

Thomas Tuchel's men have relied on the brilliance of Harry Kane and Jude Bellingham, who have scored 12 of England's 13 goals.

The sides will meet for the first time in a competitive match since the 2002 World Cup.

Tuchel said he did not feel extra pressure despite the historic nature of the fixture as England target a first World Cup final since they won the tournament in 1966.

"I don't feel a burden," he said. "We feel the tension and will be nervous but that is normal.

"What I like is that I feel the players are really competitive, hungry and excited to play this match."

The German added that midfielder Declan Rice, who has been struggling with illness, was fit to start.

Drama -

The history of the fixture is littered with drama.

Their most storied World Cup encounter was a 2-1 victory for Argentina in the quarter-finals in Mexico in 1986, featuring two goals from Diego Maradona -- one the infamous "Hand of God" goal and the other a dazzling solo effort.

Twelve years later David Beckham was sent off in France as Argentina won on penalties.

Matches between the teams take place against the backdrop of a lingering sovereignty dispute over the Falkland Islands, known in Spanish as the Malvinas, in the South Atlantic Ocean.

Britain sent a military taskforce in 1982 to reclaim the islands after Argentine troops invaded.

Argentina boss Lionel Scaloni has in recent days sought to take the sting out of the fixture.

"The reality is this is a football match," he said. "I am not going to mix everything up, especially regarding things that happened so long ago.

Story Continues

"It was a very sad time in our history and we can't do much about it. This is a football game, that's all."

The two teams -- both ranked by FIFA in the world's top four -- are competing for the right to face Spain in Sunday's final in New Jersey.

Luis de la Fuente's team produced a masterclass in Arlington, Texas, on Tuesday to dispatch hot-shots France, who were widely tipped to win the World Cup for a third time after their swaggering attacking displays.

But European champions Spain produced a clinical performance to ensure France manager Didier Deschamps would end his World Cup career with defeat.

Mikel Oyarzabal opened the scoring for the 2010 winners with an emphatic penalty in the first half and Pedro Porro doubled their lead in the second half.

"We started almost four years ago with an idea and we've been faithful to that idea and it's brought us here," said De la Fuente.

"These players deserve everything," he added. "Day after day they've shown their commitment, their solidarity, their generosity, their talent. They make the difficult look easy."

jw/gj

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企鹅方案零息可转债重整债务

重要性3/5 中

融资条款翔实且直接影响PENG资本结构，但与KMEM缺乏直接关系，资料又来自公司新闻稿。

标签

标的：`KMEM`来源：Business Wire发布日期：2026-07-15重要性：3/5 中评级理由：融资条款翔实且直接影响PENG资本结构，但与KMEM缺乏直接关系，资料又来自公司新闻稿。评级依据：fact_density, evidence_strength, source_bias原文字数：2424

中文摘要

核心结论

企鹅方案（Penguin Solutions，PENG）定价发行6.5亿美元、2031年到期的零息可转换优先票据，并同步置换部分2029年及2030年旧票据。交易延长债务期限并补充流动性，但旧债置换将发行约870万股普通股，后续仍存在稀释和对冲交易扰动。

重要性评级

评级：3/5（中）

公告包含完整融资条款和资金用途，对PENG资本结构有直接意义；但属于公司付费新闻稿，交割和置换仍受条件约束。

关键事实

新票据本金为6.5亿美元，初始购买方可在13天内追加购买至多1亿美元。
票据不支付常规利息，本金不增值，2031年8月1日到期，预计07/17（未给出具体时刻）完成发行。
初始转换率为每1,000美元本金8.5690股，对应转换价约116.70美元，较07/14收盘价77.80美元溢价约50%。
预计净募资6.369亿美元；追加额度全额行使时约为7.351亿美元。
约4,260万美元用于上限认购期权，2.981亿美元用于旧票据置换现金部分，1亿美元偿还信贷协议余额。
公司拟置换1.355亿美元2029年票据和1.6亿美元2030年票据，并分别支付约470万股和400万股普通股。
上限认购期权初始封顶价为175.05美元，较07/14收盘价溢价125%。

作者观点与证据

公司将交易描述为优化资本结构、延长期限并减少潜在稀释。零息条款和上限认购期权支持这一表述，但约870万股置换对价、封顶价以上的残余稀释，以及交易对手调整对冲仓位带来的价格影响仍需纳入评估。

与相关标的的关系

PENG是直接相关标的；融资影响其债务期限、现金使用、潜在股本稀释和未来财务费用。KMEM只存在于采集线索，原文未说明直接关系。

时效性与限制

发布于美东时间 07/14 23:45（UTC+8 07/15 11:45）。资料来自公司付费新闻稿，发行、置换及附加票据均可能因交割条件或公司决定而变化。

后续跟踪

07/17发行交割结果
追加1亿美元额度是否行使
旧票据置换后的剩余本金与股本变化
募资后净债务及流动性变化

英文原文

Penguin Solutions Announces Pricing of Private Offering of $650.0 Million of 0.00% Convertible Notes and Refinancing to Enhance Capital Structure

This is a paid press release. Contact the press release distributor directly with any inquiries.

Penguin Solutions Announces Pricing of Private Offering of $650.0 Million of 0.00% Convertible Notes and Refinancing to Enhance Capital Structure

Business Wire

Wed, July 15, 2026 at 11:45 AM GMT+8 12 min read

PENG

+0.76%

Enhances capital structure and extends debt maturities through opportunistic refinancing of certain existing convertible notes

Reduces potential dilution upon conversion of notes through capped call transactions

Strengthens financial flexibility

FREMONT, Calif., July 15, 2026 --( BUSINESS WIRE )--Penguin Solutions, Inc., the AI Factory Platform Company ("Penguin," "we" or the "Company") (Nasdaq: PENG), today announced the pricing of $650.0 million in aggregate principal amount of convertible senior notes due 2031 (the "Notes") to be offered and sold to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Concurrently with the offering, the Company expects to exchange a portion of certain existing convertible senior notes due 2029 and 2030. The Company has granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $100.0 million aggregate principal amount of Notes. The offering is expected to close on or about July 17, 2026, subject to customary closing conditions.

The Notes will be senior, unsecured obligations of the Company. The notes will not bear regular interest, and the principal amount of the notes will not accrete. The Notes will mature on August 1, 2031, unless earlier converted, redeemed or repurchased. Prior to May 1, 2031, the Notes will be convertible at the option of the holders only upon satisfaction of certain conditions and during certain periods. On or after May 1, 2031, the Notes will be convertible at the option of the holders at any time prior to the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash and, if applicable, shares of its common stock, based on the applicable conversion rate(s). The initial conversion rate of the Notes is 8.5690 shares of common stock per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $116.70 per share and represents a conversion premium of approximately 50% above the closing price of the Company's common stock on July 14, 2026, which was $77.80 per share). The conversion rate is subject to adjustment upon the occurrence of certain events.

The Notes will be redeemable, in whole or in part, for cash at Penguin's option at any time, and from time to time, on or after August 6, 2029, and on or before the 31st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of common stock of the Company exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date.

Story Continues

If certain corporate events that constitute a "fundamental change" (as defined in the indenture for the Notes) occur, then, subject to a limited exception, noteholders may require Penguin to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date.

Penguin estimates that the net proceeds from the offering will be approximately $636.9 million (or approximately $735.1 million if the initial purchasers fully exercise their option to purchase additional Notes), after deducting the initial purchasers' discounts and commissions and estimated offering expenses.

Penguin expects to use approximately $42.6 million of the net proceeds to fund the cost of entering into the capped call transactions described below; approximately $298.1 million of the net proceeds to pay the cash portion of the consideration for the Existing Notes (as defined below) being refinanced through concurrent exchange transactions described below; and $100.0 million of the net proceeds to repay amounts outstanding under the credit agreement, dated as of June 24, 2025, among Penguin Solutions (Cayman), Inc. and Penguin Solutions Corporation (formerly known as SMART Modular Technologies, Inc.), each a wholly owned subsidiary of Penguin, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and issuing bank and the other parties thereto (the "Credit Agreement"). Penguin intends to use the remainder of the net proceeds for general corporate purposes.

Concurrently with the offering, in separate, privately negotiated transactions with a limited number of holders of Penguin Solutions (Cayman), Inc.'s 2.00% convertible senior notes due 2029 (the "2029 Notes") and 2.00% convertible senior notes due 2030 (the "2030 Notes" and together with the 2029 Notes, the "Existing Notes"), Penguin Solutions (Cayman), Inc., as issuer of the Existing Notes, and the Company, as guarantor of the Existing Notes, expect to exchange (i) approximately $135.5 million principal amount of the 2029 Notes for aggregate consideration consisting of approximately $136.7 million in cash, which includes accrued interest on such 2029 Notes, and approximately 4.7 million shares of the Company's common stock, and (ii) $160.0 million principal amount of the 2030 Notes for aggregate consideration consisting of approximately $161.4 million in cash, which includes accrued interest on such 2030 Notes, and approximately 4.0 million shares of the Company's common stock. Following the completion of the offering, Penguin may engage in additional exchanges, or may repurchase or induce conversions, of the Existing Notes.

Holders of the Existing Notes that participate in any of these exchanges (including the concurrent exchanges described in the preceding paragraph), repurchases or induced conversions may purchase or sell shares of Penguin's common stock in the open market and/or enter into or unwind various derivative transactions to unwind any hedge positions they may have with respect to the Existing Notes or to hedge their exposure in connection with these transactions. These activities could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of Penguin's common stock and could affect the trading price of the Notes and may have resulted in a higher effective conversion price of the Notes.

If the initial purchasers exercise their option to purchase additional Notes, Penguin intends to use a portion of the net proceeds from the sale of the additional Notes to pay the cost of entering into additional capped call transactions.

In connection with the pricing of the Notes, Penguin has entered into privately negotiated capped call transactions with certain financial institutions (the "Option Counterparties"). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of shares of the Company's common stock that will initially underlie the Notes. If the initial purchasers exercise their option to purchase additional Notes, the Company expects to enter into additional capped call transactions with the Option Counterparties.

The cap price of the capped call transactions will initially be $175.05 per share of the Company's common stock, which represents a 125% premium over the closing price of the Company's common stock on July 14, 2026, and is subject to certain adjustments under the terms of the capped call transactions.

The capped call transactions are expected generally to reduce the potential dilution to holders of the Company's common stock upon any conversion of the Notes and/or offset any cash payments Penguin is required to make in excess of the principal amount of converted Notes, as the case may be, upon conversion of the Notes. If, however, the market price per share of the Company's common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.

In connection with establishing their initial hedge positions with respect to the capped call transactions, the Option Counterparties and/or their respective affiliates expect to purchase shares of the Company's common stock and/or enter into various derivative transactions with respect to the Company's common stock concurrently with, or shortly after, the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Company's common stock or the Notes at that time.

In addition, the Option Counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the Company's common stock and/or purchasing or selling the Company's common stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) following any conversion of the Notes or any repurchase of the Notes by the Company on any fundamental change repurchase date or any redemption date, (y) following any other repurchase of the Notes if the Company elects to unwind a corresponding portion of the capped call transactions in connection with such repurchase and (z) if the Company otherwise elects to unwind all or a portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of the Company's common stock or the Notes, which could affect the ability of holders to convert their Notes, and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the amount and value of the consideration that holders will receive upon conversion of their Notes. The Company does not intend, at this time, to terminate or amend the existing capped call transactions previously entered into with respect to the Existing Notes. However, the Company may, in the future, undertake to terminate or unwind all or a portion of the existing capped call transactions, whether in proportion to the amount of the respective Existing Notes repurchased by the Company in exchange, repurchase or induced conversion transactions or otherwise.

The offer and sale of the Notes and any shares of common stock issuable upon conversion of the Notes or issuable in the exchange transactions described above have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any shares of common stock issuable upon conversion of the Notes or issuable in the exchange transactions described above, nor will there be any sale of the Notes or any such shares, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute an offer to exchange or purchase or a notice of redemption with respect to the Existing Notes, and Penguin reserves the right to elect not to proceed with the exchange transactions.

About Penguin Solutions

Penguin Solutions is a leading provider of memory and AI infrastructure, powering the AI factories of the future for enterprises, sovereign AI initiatives, and neocloud providers.

Built on decades of engineering expertise at the intersection of memory and AI/HPC infrastructure, we bring together differentiated infrastructure software, advanced memory, compute systems, end-to-end services, and industry-leading partner solutions in a full-stack AI factory platform designed to help customers deploy and scale AI workloads with speed and precision.

Headquartered in Silicon Valley, California, we operate globally through our network of R&D, manufacturing, and sales locations.

Use of Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that are not historical in nature, that are predictive or that depend upon or refer to future events or conditions. These statements may include, but are not limited to, statements regarding the completion of the offering of the Notes, the expected amount and intended use of the net proceeds from the offering, including the exchange transactions for certain of the Existing Notes and repayment of certain amounts outstanding under the Credit Agreement, the effects of entering into the capped call transactions and the actions of the Option Counterparties and their respective affiliates and plans and timing for terminating or amending the existing capped call transactions. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipate," "target," "expect," "estimate," "intend," "plan," "goal," "believe," "could," and other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results or aspirations and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, including, among others, failure to realize opportunities relating to the company's growth and stakeholder value, whether the offering will be consummated, including the satisfaction of the closing conditions related to the offering, whether the capped call transactions will become effective, whether the exchange transactions will become effective and other factors and risks detailed in Penguin's filings with the U.S. Securities and Exchange Commission, including Penguin's most recent Annual Report on Form 10-K. Such risks, uncertainties and factors as outlined above and in such filings do not constitute all factors and risks that could cause actual results of Penguin to be materially different from Penguin's forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we do not undertake to update the forward-looking statements contained in this press release to reflect the impact of circumstances or events that may arise after the date that the forward-looking statements were made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260714128476/en/

Contacts

Investor Contact:

Lori Barker

Investor Relations

ir@penguinsolutions.com

PR Contact:

Maureen O'Leary

Corporate Communications

+1-602-330-6846

pr@penguinsolutions.com

打开原文

美国通胀降温提振亚洲风险资产

重要性5/5 高

最新通胀、利率和亚洲市场数据对跨资产日报高度相关，来源质量和事实密度均较高。

标签

标的：`KMEM`来源：Reuters发布日期：2026-07-15重要性：5/5 高评级理由：最新通胀、利率和亚洲市场数据对跨资产日报高度相关，来源质量和事实密度均较高。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：571

中文摘要

核心结论

美国6月通胀意外降温，压低短期加息预期并推动亚洲股市和短端美债上涨；中国二季度增长放缓及中东冲突仍构成区域风险。

重要性评级

评级：5/5（高）

路透报道覆盖通胀、利率、亚洲股市、中国增长、汇率和油价，时效性强且跨资产事实密集。

关键事实

美国6月总体消费者价格指数环比下降0.4%，为新冠疫情以来首次下降。
核心通胀年率为2.6%，低于市场预期的2.8%。
市场定价显示7月加息概率降至16%，较此前减半。
两年期美国国债收益率下降11个基点至4.19%，此前曾触及约4.3%的17个月高点。
韩国KOSPI指数上涨7%，日经指数上涨1%，日本以外亚太股指上涨2.4%。
IBM因收入指引低于预期下跌25%，显示AI（人工智能）相关股票对业绩落差高度敏感。
中国二季度经济同比增长4.3%，低于分析师预期。
布伦特原油约为每桶85.80美元，本周累计上涨近13%。

作者观点与证据

报道认为美国通胀降温是亚洲市场反弹的主要宏观背景，并引用摩根大通观点称7月加息担忧明显下降。中国需求疲弱、IBM业绩冲击和中东局势说明风险并未消失。

与相关标的的关系

美元指数和IBM为直接关联线索；通胀及两年期国债收益率变化对科技股估值和美元定价具有广泛影响。KMEM与报道没有明确的公司层联系。

时效性与限制

发布于美东时间 07/14 23:42（UTC+8 07/15 11:42）。亚洲指数和油价均为报道时点附近数据，后续可能随地缘局势及美国数据快速变化。

后续跟踪

美国7月和9月利率预期变化
两年期国债收益率能否维持回落
中国针对内需疲弱的政策回应
霍尔木兹局势与布伦特油价

英文原文

Asian stocks gain on drop in US inflation rate

By Tom Westbrook

Wed, July 15, 2026 at 11:42 AM GMT+8 3 min read

-25.21%

^GSPC

+0.38%

^KS11

+8.10%

ASML

+2.87%

By Tom Westbrook

SINGAPORE, July 15 (Reuters) - Asia's bumpy stock markets rallied on Wednesday after a surprise slowdown in U.S. inflation scaled back expectations for interest rate hikes, while oil took a breather as the U.S. scrapped ‌a plan to levy shipping through the Strait of Hormuz.

South Korea's volatile KOSPI index surged 7% ahead of the ‌next test for the AI rally with earnings due at ASML, Europe's most valuable company and the world's biggest supplier of equipment used to make AI chips.

Japan's Nikkei rose 1% and MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.4%.

Still, a 25% drop in IBM's share price overnight, after the technology company's revenue forecast missed analyst expectations, showed how stretched and skittish the market's rally in AI-related stocks has become.

Stellar profit at Wall Street banks, though, helped broader gains for the S&P 500 and Nasdaq on Tuesday which extended in Asia with U.S. futures ‌rising.

In currencies, the U.S. dollar was broadly ⁠lower except against the stubbornly weak yen.

Meanwhile, short-end bonds rallied, taking two-year Treasury yields down 11 basis points to 4.19% from Tuesday's 17-month high of nearly 4.3%.

The U.S. headline consumer price index fell 0.4% ⁠in June, its first decline since the COVID-19 pandemic, while annualised core inflation of 2.6% compared with expectations for 2.8%.

"For market bulls this is even better than Goldilocks could have imagined," J.P. Morgan analysts said in a client note.

"Inflation (is) lower with positive earnings growth. This print should remove any fears over a July rate hike and may assuage fears on September, too. This sets up the market to move ‌higher and to broaden as it does so."

Market pricing for the chance of a U.S. interest rate hike in July halved to 16%.

CHINA GROWTH MISS

China's annual economic growth slowed sharply to 4.3% in the second quarter, official data showed on Wednesday, missing analysts' expectations as weak domestic demand and the oil shock tied to war in the Middle East outweighed stronger production and exports.

A rebound in Chinese retail sales June, relatively strong nominal GDP and hopes authorities will respond were the positives for investors.

"I don't think they ‌will be worried enough to announce any big stimulus, but it is going to be targeted, since they are aware that growth is only for the tech areas whereas the broader economy is continuing to underperform," said UOB economist Woei Chen Ho.

China's yuan traded at a one-month high of 6.7635 to ‌the dollar. The euro steadied above $1.14 and the Australian dollar was hanging on to a 0.8% gain and testing $0.70.

Story Continues

Brent crude futures steadied around $85.80 a barrel, having gained almost 13% this week on a flare-up in Middle East fighting.

U.S. President Donald Trump reimposed a naval blockade of Iranian ports on Tuesday and threatened to attack power plants and bridges next week unless Iran ‌resumes negotiations to end their conflict, though he scrapped a plan for a 20% fee on shipping through Hormuz.

In the U.S., BNY, Morgan Stanley, Johnson & Johnson and Blackrock report earnings before the morning bell and United Airlines after market close.

(Reporting by Tom Westbrook; Editing by Christopher Cushing)

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企业使用AI的知识产权代价

重要性4/5 高

微软首席执行官的直接表态涉及企业AI采购和数据治理，并对MSFT、PLTR竞争定位形成明确映射；商业影响仍主要由作者推断。

标签

标的：`MSFT`来源：TheStreet发布日期：2026-07-15重要性：4/5 高评级理由：微软首席执行官的直接表态涉及企业AI采购和数据治理，并对MSFT、PLTR竞争定位形成明确映射；商业影响仍主要由作者推断。评级依据：管理层直接言论, 与MSFT和PLTR直接相关, 包含估值与行业资本支出数据, 缺少客户行为和合同验证原文字数：1042

中文摘要

核心结论

微软（MSFT）首席执行官萨提亚·纳德拉认为，企业采购AI（人工智能）服务时既支付费用，也可能交出提示词、流程和纠错记录所沉淀的机构知识。文章认为，这一担忧强化了Palantir（PLTR）以Ontology（企业数据与业务对象映射层）隔离模型和内部数据的产品叙事，但商业价值仍需合同、利润率和客户回报验证。

重要性评级

评级：4/5（高）

观点直接来自微软首席执行官，并涉及企业AI采购、数据治理及MSFT、PLTR的竞争定位；文章同时夹杂较多估值延伸和作者推断。

关键事实

纳德拉称企业为智能支付两次：一次是现金，一次是为提高模型效用而披露专有知识。
模型可能从员工提示词、代理工具调用和纠错记录中吸收机构经验。
Palantir首席执行官亚历克斯·卡普批评按token（模型计量单位）收费，并担忧模型供应商取得客户业务的“权重和超额价值”。
Palantir将Ontology定位为连接模型与企业运营的应用层，用于控制模型可访问和保留的信息。
文章称PLTR过去六个月下跌27%、年内下跌逾26%，非GAAP（非通用会计准则）预期市盈率约88倍，行业中位数约25倍。
路透社数据称亚马逊、微软、Alphabet和Meta预计2026年在数据中心及AI芯片上投入约6300亿美元，超过2023年指引的四倍。
美国银行调查显示，45%的基金经理将AI泡沫列为最大尾部风险。

作者观点与证据

作者赞同纳德拉和卡普对企业知识外流的担忧，并推断客户可能转向私有、模型无关的架构。前述管理层言论可作为需求线索；Palantir将因此获得长期收益、其他AI企业估值承压，仍属于作者推演，缺少客户留存、合同增量和数据泄露案例支持。

与相关标的的关系

MSFT面临企业客户对模型数据使用边界和定价方式的审视，也可通过安全、私有部署和治理产品承接需求。PLTR的Ontology与该问题直接相关，但高估值要求产品优势转化为持续合同、利润率和可量化客户收益。

时效性与限制

发布于美东时间 07/14 23:07（UTC+8 07/15 11:07）。文章引用管理层博客和媒体访谈，但没有提供博客日期、客户调查或合同数据，部分市场规模与估值结论来自二手资料。

后续跟踪

微软对企业提示词、纠错记录和代理活动的所有权政策
Palantir Ontology相关合同增量、续约率和客户回报
企业私有部署及模型无关架构的采购占比
大型云厂商AI资本支出与商业化收入的匹配程度

英文原文

Microsoft CEO adds fuel to Palantir CEO’s AI warning

Moz Farooque

Wed, July 15, 2026 at 11:07 AM GMT+8 5 min read

MSFT

-1.55%

PLTR

+2.83%

It turns out that Palantir ( PLTR ) CEO Alex Karp 's thunderous warning about the AI industry wasn't a one-off rant.

Over the past couple of years, the word "AI" has become like a broken record, heard at least once almost every day, often followed by a wave of anxiety.

What has happened amid all the FOMO and paranoia is that users have begun sharing virtually everything deemed "confidential" under the sun in search of answers.

Microsoft ( MSFT ) CEO Satya Nadella has now raised a strikingly similar concern in a recent blog post on Sn Scratchpad .

Businesses pay for intelligence, but for that to be useful, you need to present the AI model companies with proprietary data, workflows, and corrections that give them a competitive edge.

It's actually the reverse of what Nobel Prize-winning economist Kenneth Arrow described as the information paradox .

The buyer is essentially giving up their knowledge simply to make use of what they have purchased.

Nadella's concern is that companies ultimately pay twice, once in cash and again with institutional know-how over time.

Satya Nadella says companies may be paying for AI twice

Microsoft CEO Satya Nadella argued that the visible cost of AI might just be the beginning.

"You essentially pay for intelligence twice, once with money, and again with something even more valuable: the proprietary knowledge you must reveal to make that intelligence useful," Nadella wrote in a recent blog post.

For AI systems to perform better, there needs to be higher-quality internal context, which likely includes employee prompts, operational procedures, agentic activity, and corrections.

More Palantir:

Palantir's 2 deals answer a question investors keep asking

Michael Burry pulls back on massive Palantir short bet

Palantir flashes a warning signal Wall Street can't ignore

"Models learn 'from exhaust,' the prompts people write, the tools agents use, and especially the corrections people make when the model is wrong," Nadella said. "Every correction is distilled into institutional know-how."

Interestingly, TheStreet's top tech contributor, Vuk Zdinjak , recently covered Palantir CEO Alex Karp's explosive tirade against frontier-model providers.

"I am paying for tokens that create no value," Karp said in his most recent appearance on CNBC's "Squawk Box," describing the frustration he hears from enterprise customers. "These people are stealing the weights and alpha of my business."

Additionally, Karp also challenged the industry's basic pricing model: "If I can make you $1 billion tomorrow, wouldn't I say I'll make you $1 billion, and I want 30%? Why are they charging for tokens if it's so valuable?"

Story Continues

Nadella's version feels a lot less confrontational, but far more coherent, than Karp's. Still, the underlying warning remains the same.

Businesses are effectively renting models while donating the knowledge that makes them much more capable.

"In consuming intelligence, you are creating intelligence, and what you create should belong to you," as Nadella puts it.

Microsoft CEO Satya Nadella's enterprise AI warning echoes concerns raised by Palantir CEO Alex Karp. Stephen Brashear/Getty Images

Nadella's warning strengthens Palantir's core AI pitch

For Palantir (PLTR) stock investors, Nadella's warning is important and may have indirectly validated the problem Karp says Palantir was built to solve.

The CEO of the controversial tech firm Karp argued that enterprises should not expose their proprietary data, workflows, and operational knowledge directly to large language models outside their organizations.

Palantir's answer is Ontology , an application layer that connects models to company operations while controlling what models can access and retain.

Karp said Ontology makes AI "safe and useful and precise," preventing models from caching customer data, replicating the business, or transferring sensitive intellectual property.

He went a step further in his interview with podcaster Mathias Döpfner , saying businesses need an application layer that "protects your data from being essentially abused by large language model providers."

If customers become more wary of the data they give up, Palantir could be in line for a massive long-term windfall, but it could also create valuation risks elsewhere in the AI sector.

Palantir needs to prove Ontology can turn that strategic concern into durable contracts, expanding margins, and measurable customer returns.

It's worth mentioning that the stock is down 27% in the past six months and more than 26% year-to-date, according to Seeking Alpha data . Still, Palantir stock is changing hands at 88 times non-GAAP forward earnings , a steep premium, to say the least, compared to the sector median of around 25 times.

Nadella's warning raises the stakes for the AI trade

The interesting part is that the broader AI trade is already up against the uncomfortable question that Wall Street hasn't answered: Who will earn enough money to justify the extraordinary spending?

For perspective, Amazon, Microsoft, Alphabet, and Meta are projected to spend about $630 billion on data centers and AI chips in 2026 alone , according to Reuters , more than 4 times their 2023 guidance.

However, with recent developments, it seems the chickens are finally coming home to roost as the AI trade undergoes a shakeout.

Bank of America's latest survey found that 45% of fund managers view an AI bubble as the market's biggest tail risk, Reuters also reported. Yet investors remain heavily committed to the chip stock trade.

Moreover, several of Wall Street's most popular personalities have sounded alarms.

Ray Dalio says AI is "now in the early stages of a bubble," while Jeremy Grantham warns that "sooner or later, the bubble will burst."

"Big Short" investor Michael Burry has long been skeptical of the AI boom, calling semiconductor valuations "a pure form of overvaluation" and warning that the end may be near .

Nadella's argument adds to those vulnerabilities.

The reverse information paradox may lead customers to redirect spending toward private, model-agnostic systems, weighing on the biggest names in AI and calling their nosebleed valuations into question.

Related: Citi sends powerful sign to SpaceX investors

This story was originally published by TheStreet on Jul 15, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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AI股反弹仍受阻力约束

重要性1/5 低

时效性较高，但归档仅含导语，没有数字、技术点位或事件证据。

标签

标的：`NVDA`来源：Investor's Business Daily发布日期：2026-07-15重要性：1/5 低评级理由：时效性较高，但归档仅含导语，没有数字、技术点位或事件证据。评级依据：当日市场内容, 涉及主要股指和AI标的, 正文缺失, 无法验证技术判断原文字数：74

中文摘要

核心结论

纳斯达克指数和AI相关股票出现反弹，但文章摘要称其仍面临关键技术阻力；高盛与CrowdStrike（众击公司）同期出现显著上涨。现有归档只有导语，无法判断阻力位置、上涨幅度及驱动因素。

重要性评级

评级：1/5（低）

内容与当日市场有关，但正文缺失，无法形成可验证的行情解读。

关键事实

文章称纳斯达克指数和AI股票反弹。
导语判断相关资产仍面临关键阻力。
高盛和CrowdStrike被描述为出现较强上涨。
元数据列出ASML、DELL、IBM、NVDA、CRWD、GS及主要股指等相关标的。

作者观点与证据

“关键阻力”属于技术分析判断，归档未给出点位、成交量或图表证据。高盛和CrowdStrike的上涨也没有价格、事件或财务信息支持。

与相关标的的关系

对NVDA、ASML、DELL、IBM等AI产业链公司只有板块层面的情绪关联；CRWD和GS虽被点名，仍缺少决定性事实。

时效性与限制

发布于美东时间 07/14 22:55（UTC+8 07/15 10:55）。原文只有标题和两句导语，无法保留财务数字、技术位或市场事件细节。

后续跟踪

纳斯达克及AI板块的具体阻力位和成交量
CRWD与GS上涨对应的公司事件
NVDA、ASML和DELL能否形成板块扩散
完整原文或原始市场数据

英文原文

Dow Jones Futures: Goldman, CrowdStrike Jump, But AI Stocks Need To Do This

Dow Jones Futures: Goldman, CrowdStrike Jump, But AI Stocks Need To Do This · Investor's Business Daily

ED CARSON

Wed, July 15, 2026 at 10:55 AM GMT+8 5 min read

^IXIC

CRWD

^DJI

ASML

DELL

The Nasdaq and AI stocks rallied, but still face key resistance. Goldman and CrowdStrike make big bullish moves.

打开原文

伯里将声誉转化为订阅收入

重要性2/5 中低

属于投资意见领袖商业模式背景，和相关股票的直接研究价值较低。

标签

标的：`NVDA`来源：TheStreet发布日期：2026-07-15重要性：2/5 中低评级理由：属于投资意见领袖商业模式背景，和相关股票的直接研究价值较低。评级依据：订阅数据较新, 收入估算不可靠, 与相关ticker关联较弱, 缺少持仓披露原文字数：985

中文摘要

核心结论

文章认为，Michael Burry（迈克尔·伯里）通过Cassandra Unchained（卡珊德拉解缚）通讯把投资声誉转化为稳定订阅业务。30万订阅者包含免费用户，外界估算的逾亿美元年收入缺少付费转化率支持，不能视为实际收入。

重要性评级

评级：2/5（中低）

文章提供金融内容商业化和意见领袖影响力背景，但与NVDA、PLTR和TSLA的基本面关系较弱，也没有新增空头仓位数据。

关键事实

Burry于07/12（未给出具体时刻）称通讯订阅者达到300,044人、关注者346,680人，累计运营231天。
通讯收费为每月39美元或每年379美元。
市场流传的年收入估算包括超过1.4亿美元和约1.137亿美元两个版本。
Substack（订阅内容平台）的订阅者统计同时包含免费和付费读者，Burry没有披露付费转化率。
上述收入估算也没有扣除平台分成和支付处理费用。
通讯于2025年11月推出，首周据称吸引超过12万读者。
Burry称52%的订阅者来自美国以外，覆盖212个国家。
付费内容据称包括实时交易披露、入场价格、估值长文和历史泡沫图表。

作者观点与证据

作者主张Burry的声誉和读者群已成为可持续商业资产，订阅收入波动可能小于做空交易。订阅人数和标价有公开来源，实际收入、付费人数和利润均不可知；文章关于收入稳定性的判断没有续订率或流失率数据。

与相关标的的关系

NVDA、PLTR和TSLA仅作为Burry曾表达看空观点的对象出现。文章没有披露当前仓位规模、到期时间、成本或盈亏，因此不构成这些标的的新交易证据。

时效性与限制

文章发布于美东时间07/14 22:33（UTC+8 07/15 10:33）。订阅人数较新，但收入估算建立在不成立的全员付费假设上，且部分运营数据来自二手媒体。

后续跟踪

付费订阅人数、续订率和平台排名。
Burry依法披露的实际持仓变化。
通讯中的交易披露与后续结果。
Substack平台费用及商业模式变化。

英文原文

Michael Burry

Michael Burry's biggest moneymaker isn't a stock

Tobi Opeyemi Amure

Wed, July 15, 2026 at 10:33 AM GMT+8 4 min read

PLTR

+2.83%

NVDA

+4.06%

TSLA

+0.36%

There is a version of getting rich on Wall Street that has nothing to do with being right about a stock.

You can spend a career building a reputation and then, one day, discover the reputation itself is the position. It pays whether or not your next call works. It compounds while you sleep. It does not care what the market did today.

Michael Burry spent 20 years earning that kind of reputation. He shorted the housing market before the 2008 crash and got a Hollywood movie out of it. He called the dot-com top. He has been screaming about an artificial intelligence ( AI ) bubble for the better part of a year, shorting Nvidia ( NVDA ), Palantir ( PLTR ), Tesla ( TSLA ), and a basket of chip names along the way.

But here is the part that got my attention this week. Burry's most reliable moneymaker right now is not any of those trades. It is a newsletter.

Michael Burry's Cassandra Unchained newsletter crossed 300,000 subscribers, his most reliable moneymaker now.Bloomberg / Getty Images

What Burry's 300,000-subscriber milestone actually shows

On Sunday, July 12, 2026, Burry posted a note titled "Short & Thankful: 300." Cassandra Unchained had crossed 300,044 subscribers and 346,680 followers in 231 days, he wrote, according to his Substack .

Then the calculators came out. The publication charges $39 a month or $379 a year, and one widely shared post pegged Burry's haul at more than $140 million a year. A more careful tally landed at roughly $113.7 million, according to Stocktwits .

More Wall Street :

Wall Street's $200 billion IPO wave threatens sell-off

Goldman bans the very bets JPMorgan wants to sell

Wall Street sends strong 4-word verdict on the stock market

Here is where I have to slow you down. Both figures assume every single subscriber is paying full freight, and that is almost certainly false.

When I checked his own numbers against how Substack actually reports, the problem is obvious. The platform counts free and paid readers together, Burry has never disclosed his paid conversion rate, and neither headline figure nets out Substack's cut or payment processing, according to Stocktwits.

So the true number is unknowable from the outside, and it is a fraction of the fantasy. That does not make the story smaller. It makes it stranger.

Related: Michael Burry sends strong warning on AI development path

Why the reputation pays better than the trade

The man who made the most famous short in modern finance now earns his steadiest money by selling the thinking behind his shorts, not the shorts themselves.

Consider how differently the two income streams behave. His trades swing hard. He shorted the S&P 500 in 2023 and then watched it climb about 66 percent, according to TheStreet Pro . His current Nvidia and Palantir shorts have lurched from losing to winning and back.

Story Continues

The newsletter does none of that. It bills on the first of the month whether the market agrees with him or not.

That is the quiet lesson for anyone who follows markets. A reputation, once built, is an asset that pays rent. Even a modest paid-conversion rate on his audience would rival the management fee his old fund collected, according to Fintech Growth Insider , and it arrives with no investors, no redemptions, and no compliance department.

What paying $379 a year for Burry actually buys

For the subscriber, the pitch is access to a mind that is usually early and occasionally spectacularly right. Here is how the newsletter got to 300,000 in eight months.

Burry launched Cassandra Unchained in November 2025, days after deregistering his Scion Asset Management hedge fund with the Securities and Exchange Commission, according to Stocktwits .

More than 120,000 readers signed up in the first week, according to Fintech Growth Insider .

The list reached 300,044 subscribers and 346,680 followers by July 12, 2026, in 231 days, according to Burry's Substack .

Some 52 percent of subscribers now sit outside the United States, spread across 212 countries, according to Burry.

Cassandra Unchained ranks as the second most popular finance publication on the platform, according to Substack .

What lands in a paid inbox is not a tip sheet. Subscribers get real-time trade disclosures with entry prices, long valuation essays, and charts tracing three decades of bubbles, according to a Yahoo Finance reviewer who paid for it.

What the guru newsletter boom means for your money

Step back and the trade Burry really made comes into focus. He swapped a business built on being right for a business built on being read.

For a name with a Hollywood movie and 1.6 million followers, that is the better deal. There are no lockups, no clients to answer to, and the overhead is basically a laptop.

For you, the reader, the takeaway is sharper and a little colder. That $379 subscription buys a front-row seat to a brilliant, deeply bearish mind. It does not buy certainty.

Burry has been early for years, flat wrong for stretches, and vindicated just often enough to keep everyone paying attention. Subscribing is closer to buying a season ticket than buying an edge.

The signal worth watching is not his next price target. It is that the sharpest operators in finance have figured out the audience is the asset. The next Burry may skip the fund entirely and go straight to your inbox.

Related: Michael Burry sees something in DraftKings the market is missing

This story was originally published by TheStreet on Jul 14, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

打开原文

Rocket Lab验证全栈航天模式

重要性4/5 中高

直接涉及SPCX的竞争对手、发射市场份额和近期技术节点，信息及时且经营事实较丰富。

标签

标的：`SPCX`来源：Stocktwits发布日期：2026-07-15重要性：4/5 中高评级理由：直接涉及SPCX的竞争对手、发射市场份额和近期技术节点，信息及时且经营事实较丰富。评级依据：timeliness, technical_milestone, management_claims原文字数：819

中文摘要

核心结论

Rocket Lab首席执行官Peter Beck强调公司同时覆盖发射、卫星制造和在轨服务，并以Victus Haze任务与Neutron发动机测试证明全栈能力。SpaceX仍控制超过90%的发射市场，Rocket Lab的扩张逻辑取决于Neutron复用验证及Iridium收购整合。

重要性评级

评级：4/5（中高）

文章直接比较RKLB与SPCX，包含发动机测试、国防任务和潜在收购等近期经营节点；部分竞争表述来自管理层采访和分析师评价。

关键事实

文章发布于美东时间 07/14 22:27（UTC+8 07/15 10:27）。
RKLB在连续六个交易日下跌后反弹近3%，隔夜再涨近2%。
Beck称，超过100家公司尝试商业发射后，只有两家公司形成常态化可靠服务。
William Blair分析师称SpaceX仍占发射市场90%以上。
Rocket Lab拟以80亿美元收购Iridium Communications，以增加全球网络、频谱和经常性卫星服务收入。
Archimedes Vacuum（阿基米德真空发动机）完成全时长燃烧测试，为可复用Neutron火箭首飞做准备。
管理层争取在2026年第四季度发射Neutron，同时提示返回与复用验证难度高。
Victus Haze任务在接到通知后16小时42分钟内发射，并提前完成卫星调试和近距离操作。

作者观点与证据

文章认可Rocket Lab的垂直整合路线，证据包括发动机测试、快速响应任务和组件供应业务。关于“仅两家可靠商业发射商”的判断来自Beck，带有公司立场；80亿美元收购的融资、审批和整合细节未展开。

与相关标的的关系

RKLB是直接运营主体，SPCX代表SpaceX相关市场暴露。双方在发射合同上竞争，也可能在卫星零部件和任务执行中形成供应关系；SpaceX的市场份额优势仍显著。

后续跟踪

Neutron一级、二级静态点火及首次飞行时间。
火箭返回和复用测试结果。
Iridium收购的融资、审批与协同目标。
美国太空军后续任务订单。

英文原文

RKLB Stock Recovers From 6-Day Rout: CEO Calls SpaceX ‘Friendly Rival’ And Says Rocket Lab Outlasted Over 100 Competitors

Deepti Sri

Wed, July 15, 2026 at 10:27 AM GMT+8 4 min read

RKLB

+2.71%

SPCX

-2.20%

Beck called SpaceX a "friendly rival" and stressed Rocket Lab's rare launch credentials.

He reiterated Rocket Lab's position as an end-to-end platform spanning launch, spacecraft and orbital services.

Rocket Lab also advanced Neutron testing and recently showcased its full-stack model with the Space Force's Victus Haze mission.

Shares of Rocket Lab (RKLB) rebounded after a six-session losing streak on Tuesday as CEO Peter Beck highlighted the company as one of the few proven commercial launch providers, calling SpaceX a "friendly rival" and noting that Rocket Lab emerged from a field of more than 100 failed challengers.

RKLB stock jumped nearly 3% on Tuesday, with shares also up nearly 2% overnight.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

RKLB CEO On SpaceX Rivalry And Rocket Lab's Edge

In a recent BBC interview, Beck said commercial launch remains exceptionally difficult despite billions of dollars in investment. "Despite billions of dollars and over 100 companies trying, there has actually only been two companies to pop out the other end," with a regular and reliable launch service, he said, in a discussion that also touched on Rocket Lab's rivalry with SpaceX.

"Launch and a commercial company doing launch still remains extremely rare," Beck added. Beck called SpaceX a "friendly rival" and said space companies often compete for one contract before working together on another: "You can be competing tooth and tail for a particular contract" and later team up to deliver it, he said. Rocket Lab can also benefit when rivals win as it supplies components such as reaction wheels, star trackers and solar panels."

"We can go head to head with a traditional space prime and then lose," Beck said. "And then the next day, there's a purchase order."

Beck called Rocket Lab an end-to-end space company spanning satellites, launch and services from orbit: "We build satellites, we launch them on our rockets and we provide services from space," he said. Pointing to SpaceX's Falcon 9 and Starlink model, Beck added: "They're able to do all those things. And we're able to do those too."

William Blair analyst Louie DiPalma recently named Rocket Lab and Blue Origin among the strongest challengers to SpaceX, though he said SpaceX still holds more than 90% of the launch market.

Rocket Lab is advancing its competitive vertical integration strategy through its $8 billion acquisition of Iridium Communications, which would add a global network, spectrum, and recurring satellite service revenue.

Story Continues

RKLB Puts Full-Stack Model To Work

The company recently completed a full-duration burn of its Archimedes Vacuum engine, an important step toward the first flight of its reusable Neutron rocket. Rocket Lab said it was "critical preparation for Neutron's first flight."

Beck has told Stocktwits earlier that Rocket Lab is "pushing very hard" to launch Neutron by the fourth quarter of 2026, while cautioning that the challenge is not merely reaching orbit but proving the rocket can return and be reused. "If we just had to go up, it's super easy, we'd be in orbit by now," he previously said.

Rocket Lab also completed the U.S. Space Force's Victus Haze mission, launching 16 hours and 42 minutes after receiving notice and completing spacecraft commissioning and proximity operations ahead of schedule. The company supplied the launch vehicle, spacecraft and orbital operations under one contract, offering a practical demonstration of the integrated model Beck outlined in the interview.

How Do Retail Traders Feel About RKLB?

On Stocktwits, retail sentiment for RKLB has been 'bearish' over the past week amid 'normal' message volume.

RKLB sentiment and message volume as of July 14| Source: Stocktwits One user said , "$RKLB The Iridium deal was Genius. RKLB is now a complete Space Company. They are the HD of Space. SPB [CEO Sir Peter Beck] is a very Smart Cookie. This company executes."

Another user said , "$RKLB THE end to end space company. Next up - static fire of stages 1 and 2. Another day closer to Neutron"

RKLB stock has jumped 82% over the past year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Deepti Sri 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 .

TSLA Stock Climbs Overnight: 'SPAC King' Chamath Palihapitiya Sees 'Obvious' Logic In Tesla-SpaceX Merger

Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?

Why Did LCID, ORCL, HTZ Stocks Plunge To 52-Week Lows Today?

打开原文

IBM预警企业IT预算转向

重要性4/5 中高

最新企业预算转向信号直接影响MSFT和软件板块，但从IBM外推至整个软件行业仍需更多财报证据。

标签

标的：`MSFT`来源：Stocktwits发布日期：2026-07-15重要性：4/5 中高评级理由：最新企业预算转向信号直接影响MSFT和软件板块，但从IBM外推至整个软件行业仍需更多财报证据。评级依据：timeliness, management_commentary原文字数：667

中文摘要

核心结论

IBM初步业绩显示，客户在6月末把资本开支转向服务器、存储、内存和网络安全，导致部分大型软件相关交易未能如期完成，并引发软件股普跌。该信号来自IBM自身业务组合，能否代表整个软件即服务行业仍需等待多家公司财报验证。

重要性评级

评级：4/5（中高）

事件发生时间接近当日日报，直接涉及MSFT及大型软件公司估值情绪；IBM管理层表述具有证据价值，但跨行业外推存在限制。

关键事实

文章发布于美东时间 07/14 22:20（UTC+8 07/15 10:20）。
ServiceNow下跌5.8%，Adobe下跌4.3%，Salesforce下跌2.1%，Microsoft收跌1.6%。
IBM首席执行官Arvind Krishna称，6月最后几周客户为应对供应紧张和预期涨价，把季度资本开支转向服务器、存储及内存采购。
IBM称多笔大型交易未按预期完成，资本开支重新排序的幅度超出公司判断。
IBM预计第二季度收入172亿美元，同比增长1%；软件业务增长5%，基础设施业务下降7%。
预计毛利率下降100个基点至57.7%，IBM股价当日下跌25.2%。
IBM计划于07/22（未给出具体时刻）发布完整季度报告。
Stocktwits（投资者社交平台）显示NOW、CRM和MSFT情绪偏空，ADBE情绪极度偏空。

作者观点与证据

文章将软件股下跌与IBM的预算转移警告相连，市场价格和管理层信件提供了直接依据。IBM同时称弱点主要集中在大型机业务及相关软件栈，尚不足以确认独立软件即服务公司的需求同步恶化；社交情绪只能反映短期讨论倾向。

与相关标的的关系

MSFT、ADBE、CRM和NOW受到同一预算担忧和估值情绪冲击。IBM是信息来源和直接业绩主体；MSFT实际订单、云业务和企业续约情况仍需公司自身财报确认。

后续跟踪

IBM完整财报及未成交大型项目的后续状态。
MSFT、NOW、CRM和ADBE的订单、续约与剩余履约义务。
服务器采购是否持续挤占软件预算。
网络安全开支增加的持续时间和受益领域。

英文原文

ADBE, CRM, NOW, MSFT: Software Stocks Fall After IBM Warns Clients Shifting Spending To Servers, Cybersecurity

ADBE, CRM, NOW, MSFT: Software Stocks Fall After IBM Warns Clients Shifting Spending To Servers, Cybersecurity · Stocktwits

Yuvraj Malik

Wed, July 15, 2026 at 10:20 AM GMT+8 3 min read

-25.21%

MSFT

-1.55%

ADBE

-4.26%

-5.76%

-2.14%

NOW stock declined 5.8%, while ADBE and CRM dropped 4.3% and 2.1%, respectively.

IBM highlighted weaknesses in its software and infrastructure business, as clients shifted spending toward hardware purchases such as memory chips.

Stocktwits sentiment was 'bearish' for NOW, CRM, and MSFT, and 'extremely bearish' for ADBE, as of late Tuesday.

Shares of top software companies, including ServiceNow and Salesforce, fell on Tuesday after IBM reported preliminary quarterly results showing acute weakness in its software business and said clients were shifting spending to AI servers faster than anticipated.

ServiceNow stock declined 5.8%, while Adobe and Salesforce's shares dropped 4.3% and 2.1%, respectively. Software heavyweight Microsoft closed 1.6% lower as well. The group edged higher in overnight trading, led by Microsoft, which rose 0.4%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

IBM's Software Warning

"In the last few ⁠weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases," CEO Arvind Krishna said in a letter to investors.

"While we anticipated some supply-chain related impact in our expectations, we did not anticipate the magnitude of the capex reprioritization," Krishna said, adding that the company "faltered" and "numerous large deals" had failed to close as expected.

IBM said the weakness was largely in its mainframe business, which sells high-end enterprise computers and related software that power mission-critical workloads, including processing massive volumes of transactions for banks, governments, airlines, and retailers.

It also noted that businesses were prioritizing cybersecurity due to recent advances in AI, including the release of Anthropic's powerful Mythos technology.

IBM Stock Hammered

IBM expects second-quarter revenue to rise 1% to $17.2 billion, with 5% growth in its software business and a 7% decline in its infrastructure business. The bottom-line figures were rather concerning, with the gross profit margin expected to drop by 100 basis points to 57.7%.

IBM shares dropped a record 25.2% on Tuesday. The company will issue the full quarterly report on July 22.

The comments intensified concerns about AI-driven disruption across the software industry, fears that have been building for months and weighing on software stocks.

Names such as Adobe, Salesforce, and Intuit have been among the hardest-hit tech stocks this year, prompting investors to debate whether the selloff has gone too far.

Story Continues

Retail View On SAAS Stay Dim, Eye Q2 Reports

On Stocktwits, the retail sentiment was 'bearish' for NOW, CRM, and MSFT, and 'extremely bearish' for ADBE, as of late Tuesday.

"$ADBE $NOW $INTU Market conflating IBM's remark on softness in their hardware sales (and thus the software stack associated with that) to softness in SAAS. This is deliberate institutional 'conflation' not lazy analysis," argued a trader.

"There was less SAAS shorting and even some covering in the last couple of weeks but I'm pretty sure we will see that go up next several sessions until NOW reports next week. Could be an inflection point if positive."

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Yuvraj Malik 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 .

TSLA Stock Climbs Overnight: 'SPAC King' Chamath Palihapitiya Sees 'Obvious' Logic In Tesla-SpaceX Merger

Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?

Why Did LCID, ORCL, HTZ Stocks Plunge To 52-Week Lows Today?

打开原文

AI支出挤压IBM短期业绩

重要性4/5 高

具体业绩缺口和管理层客户预算观察对IBM盈利预期具有直接影响，财报前仍缺分部数据。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-15重要性：4/5 高评级理由：具体业绩缺口和管理层客户预算观察对IBM盈利预期具有直接影响，财报前仍缺分部数据。评级依据：公司业绩指引, 管理层直接说明, 与IBM直接相关, 等待正式财报验证原文字数：543

中文摘要

核心结论

IBM预计第二季度收入和每股收益均低于华尔街预期，管理层称客户将预算优先用于服务器、存储、内存及AI相关网络安全，延后了IBM部分软件和基础设施项目。该指引显示AI资本支出重排可能在短期挤压IBM既有业务。

重要性评级

评级：4/5（高）

公司管理层给出具体业绩指引和客户预算变化，直接关系IBM盈利预期；完整解释仍需等待财报和电话会。

关键事实

IBM预计第二季度收入同比增长约1%至172亿美元。
公司预计每股收益下降2%至2.27美元。
华尔街此前预计收入接近179亿美元、每股收益3.01美元。
首席执行官Arvind Krishna称，客户为价格上涨前锁定供应，增加服务器、存储和内存采购。
客户也优先增加针对AI威胁的网络安全支出，延后IBM其他非安全项目。
IBM第二季度业绩电话会定于美东时间 07/22 17:00（UTC+8 07/23 05:00）。

作者观点与证据

作者据管理层指引认为，市场此前将IBM视作AI受益者的预期需要重估。业绩缺口和管理层预算观察构成直接证据，但文章没有拆分软件、咨询和基础设施各部门的订单、递延收入及利润率影响。

与相关标的的关系

IBM受到客户预算优先级变化的直接影响，短期焦点是软件及基础设施需求是否只是延迟。NVDA代表客户增加AI硬件投入的一端，但文章未提供IBM预算流失直接转化为NVDA收入的证据。

时效性与限制

发布于美东时间 07/14 21:25（UTC+8 07/15 09:25）。正文属于财报前简报，未提供股价跌幅、正式财务报表或分部数据，并夹有订阅推广材料。

后续跟踪

07/22财报中的分部收入、订单和利润率
软件及基础设施项目的延迟周期
网络安全需求对IBM产品组合的贡献
管理层全年收入和自由现金流指引

英文原文

Why IBM Stock Crashed Today

Joe Tenebruso, The Motley Fool

Wed, July 15, 2026 at 9:25 AM GMT+8 2 min read

NVDA

Shares of International Business Machines (NYSE: IBM) plunged on Tuesday after the tech giant warned of a projected profit shortfall.

Image source: The Motley Fool. 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 »

IBM's clients are shifting their tech spending to AI-related investments

IBM expects its second-quarter revenue to grow by just 1% to $17.2 billion, with earnings per share down 2% to $2.27.

Both figures were below Wall Street's estimates, which had called for revenue of nearly $17.9 billion and earnings of $3.01 per share.

In a letter to shareholders, CEO Arvind Krishna said that IBM's customers were spending more on servers, storage, and memory to lock in supply before providers raised prices. As a result, they spent less on IBM's software and infrastructure offerings.

Additionally, companies prioritized cybersecurity investments to counter new artificial intelligence ( AI )-powered threats. In turn, they delayed other, non-cybersecurity deals with IBM.

"These are not excuses, but they are realities," Krishna said.

As risks rise, IBM's share price falls

Prior to today, many investors thought IBM had done enough to position itself as a beneficiary of the AI boom. Krishna's warnings, however, call those beliefs into question.

Shareholders are now forced to price in the potential disruption that AI-related spending can have on IBM's revenue streams, and its stock price is down sharply as a result.

Investors will want to tune into IBM's second-quarter earnings call on July 22 at 5 p.m. ET, during which Krishna will lay out his plan to adapt to these AI-driven trends.

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存储涨价扩展AI硬件主线

重要性4/5 高

价格预测、客户承诺和供应链关系均直接影响MU与NVDA，但预测集中于单一券商。

标签

标的：`NVDA`来源：TheStreet发布日期：2026-07-15重要性：4/5 高评级理由：价格预测、客户承诺和供应链关系均直接影响MU与NVDA，但预测集中于单一券商。评级依据：MU直接相关, 包含存储价格预测, 包含220亿美元供货承诺, 财务数字需正式披露核验原文字数：670

中文摘要

核心结论

美光科技（MU）上涨反映AI硬件需求正从GPU扩展至DRAM（动态随机存取存储器）、NAND（闪存）和HBM（高带宽内存）。KeyBanc（美国投资银行）预计供应紧张延续至2027年，但美光的收益弹性仍受典型存储周期反转风险约束。

重要性评级

评级：4/5（高）

文章提供价格预测、供货承诺和财务数据，对MU及NVDA供应链具有直接参考价值；关键预测来自单一券商和二手报道。

关键事实

美光在7月14日盘中约报980.55美元，较7月13日收盘上涨4.7%，盘中最高994.80美元。
KeyBanc将目标价升至1,750美元，较7月13日937美元收盘价隐含约87%空间。
该机构预计DRAM价格第三季度上涨15%至20%、第四季度再涨15%。
预计NAND价格第三季度上涨30%至40%、第四季度再涨15%，HBM价格次年可能超过翻倍。
KeyBanc预计内存短缺持续至2027年。
文章称美光第三财季收入414.6亿美元，前一季度238.6亿美元、上年同期93亿美元，调整后每股收益25.11美元。
路透社称美光与16家战略客户签有总额220亿美元的供货承诺，包含照付不议条款、现金押金和价格底线。
美光向英伟达AI处理器供应HBM。

作者观点与证据

作者认为长期供货承诺和涨价预测为美光提供了超越短期市场情绪的需求支撑。220亿美元合同条款提高能见度，但券商目标价、价格涨幅和短缺期限仍是预测；正文财务数字体量很大，需与公司正式财报核对。

与相关标的的关系

MU直接受存储价格、产品组合和供货合同影响。NVDA依赖HBM支持AI加速器性能，内存供给紧张可能影响其系统交付与成本，同时增加上游美光的议价能力。

时效性与限制

发布于美东时间 07/14 21:17（UTC+8 07/15 09:17）。文章汇总KeyBanc、Barron's（《巴伦周刊》）和路透社资料，缺少券商完整模型与供货合同原文，财务数字需独立核验。

后续跟踪

DRAM、NAND和HBM现货及合约价格
220亿美元供货承诺的交付和收入确认
美光产能扩张及毛利率变化
英伟达平台对HBM供给和规格的需求

英文原文

Micron stock jumps as investors look beyond GPUs in AI chip trade

Shuning Zhao

Wed, July 15, 2026 at 9:17 AM GMT+8 3 min read

NVDA

The artificial intelligence chip trade is not stopping at GPUs.

Micron Technology ( MU ) shares rose on July 14 after KeyBanc raised its price target on the memory-chip maker, citing tighter supply and higher prices for DRAM, NAND and high-bandwidth memory, or HBM.

Micron stock was recently trading at $980.55 around midday, up 4.7% from July 13's close, according to market data. The stock opened at $987.95 and traded as high as $994.80 earlier in the session.

For investors, Micron's rally put memory pricing back at the center of the AI chip trade, not just Nvidia-style GPU demand.

KeyBanc sees more upside for Micron

KeyBanc analyst John Vinh raised his Micron price target to $1,750 , Barron's reported. The new target implies about 87% upside from Micron's close of $937 on July 13.

The firm expects memory shortages to persist through 2027 , giving Micron a pricing-power argument in a market where AI demand is tightening supply. KeyBanc also forecast DRAM prices to rise 15% to 20% in the third quarter and another 15% in the fourth quarter, according to Barron's.

NAND flash prices could rise 30% to 40% in the third quarter and another 15% in the fourth quarter. HBM prices could more than double next year.

Related: Veteran analyst drops massive Micron valuation prediction

Key numbers behind the Micron call

$1,750: KeyBanc's new Micron price target

87%: implied upside from Micron's Monday close, according to Barron's

15% to 20%: KeyBanc's expected third-quarter DRAM price increase

30% to 40%: expected third-quarter NAND price increase

More than double: expected HBM price move next year

2027: year through which KeyBanc expects memory shortages to persist

Micron's AI memory case shows up in revenue and supply deals

The company reported fiscal third-quarter revenue of $41.46 billion , up from $23.86 billion in the prior quarter and $9.30 billion in the prior year. Adjusted earnings were $25.11 a share.

The year-over-year jump gives investors a concrete sign that the AI memory cycle is already flowing through Micron's results.

Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.

Reuters reported that Micron has $22 billion in memory-chip supply commitments from 16 strategic customers. The agreements include take-or-pay clauses, cash deposits, and pricing floors.

The $22 billion commitment figure gives Micron's AI memory story a demand anchor beyond daily chip-stock sentiment. Customers are committing capital to secure supply, rather than relying only on short-term memory purchases.

Story Continues

HBM is a key part of that demand because it works alongside AI processors to handle large workloads and move data quickly. Reuters reported that Micron supplies HBM for Nvidia AI processors , putting the company inside the broader AI hardware supply chain .

For investors, the read-through is straightforward: AI spending can support Micron even when the market conversation starts with GPUs.

Bloomberg / Getty Images KeyBanc's call gives Micron a stronger pricing argument inside the AI trade. The next test is whether memory shortages last long enough for DRAM, NAND and HBM strength to keep showing up in Micron's results.

The risk is still the memory cycle

The same pricing strength lifting Micron can reverse if supply catches up faster than investors expect.

Barron's reported that Micron fell 4.3% on July 13 before rebounding on July 14, a reminder of how quickly chip-stock sentiment can shift.

The current bull case depends on tight supply lasting longer than in past cycles. If DRAM, NAND or HBM pricing cools faster than expected, Micron's AI premium could face another test.

Related: Micron Technology's stock buybacks explained

This story was originally published by TheStreet on Jul 14, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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巨额股票融资考验牛市承接力

重要性3/5 中

涉及指数级流动性与SpaceX巨额发行，但正文严重不完整，只适合作为待核实的市场供给线索。

标签

标的：`GOOG`, `SPCX`来源：The Wall Street Journal发布日期：2026-07-15重要性：3/5 中评级理由：涉及指数级流动性与SpaceX巨额发行，但正文严重不完整，只适合作为待核实的市场供给线索。评级依据：timeliness, source_quality, limited_evidence原文字数：106

中文摘要

核心结论

全球大型公司集中发行股票融资，可能增加市场供给并考验持续近四年的牛市承接能力。SpaceX规模达750亿美元的公开发行，是文章列出的代表性事件。

重要性评级

评级：3/5（中）

主题涉及标普500指数流动性与新股供给，但存档正文只有导语，缺少发行日程、资金流和估值细节，无法完整检验其风险判断。

关键事实

文章称部分全球大型公司正在加快股票融资，以获取现金。
SpaceX（太空探索技术公司）的公开发行规模达到创纪录的750亿美元。
当前牛市已持续三年九个月。
标普500指数在此期间累计上涨超过一倍。
原文将大额股票供给视为可能压制牛市的因素。

作者观点与证据

《华尔街日报》把集中融资与牛市风险相联系，证据主要是SpaceX发行规模、牛市持续时间和标普500指数涨幅。现有摘录没有给出其他发行人、总供给量或投资者认购数据，因此供给是否足以改变市场趋势仍属未充分展开的判断。

与相关标的的关系

SPCX（SpaceX）对应巨额发行事件，^GSPC（标普500指数）对应广泛市场承接压力。GOOG（Alphabet谷歌母公司）仅出现在元数据中，摘录未说明其直接关系。

时效性与限制

发布于美东时间 07/14 21:00（UTC+8 07/15 09:00）。存档只保留导语并以“继续阅读”结束，无法确认全文中的其他融资案例和反方证据。

后续跟踪

SpaceX发行后的认购倍数与二级市场表现。
同期大型股票发行的总规模和排期。
标普500指数资金流及市场广度。
新股供给对大型科技股估值的影响。

英文原文

Blockbuster Stock Sales Are Threatening to Overwhelm the Bull Market

Blockbuster Stock Sales Are Threatening to Overwhelm the Bull Market · The Wall Street Journal · Michael Nagle/Bloomberg News

Gregory Zuckerman

Wed, July 15, 2026 at 9:00 AM GMT+8 5 min read

GOOG

+1.90%

SPCX

-2.20%

^GSPC

+0.38%

The rush for cash by some of the world’s largest companies is putting the long bull market at risk. SpaceX’s record $75 billion public offering. Investors have been cheering the raging bull market for years—three years and nine months, to be precise—with the S&P 500 having more than doubled during that period.

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月球资源叙事连接SpaceX

重要性2/5 中低

与SPCX月球战略有背景关联并含任务时间表，但商业化证据薄弱，正文还混入大量无关推广。

标签

标的：`SPCX`来源：Benzinga发布日期：2026-07-15重要性：2/5 中低评级理由：与SPCX月球战略有背景关联并含任务时间表，但商业化证据薄弱，正文还混入大量无关推广。评级依据：timeliness原文字数：1152

中文摘要

核心结论

SpaceX首位员工、Impulse Space创始人Tom Mueller认为，月球在近期比火星更具产业优先级，可作为太空制造、采矿和深空任务的原料基地。铜短缺及“太阳系资源近乎无限”等说法缺少储量、成本与时间表证据，当前主要是远期产业叙事。

重要性评级

评级：2/5（中低）

文章与SPCX存在人物和月球战略关联，也提到Artemis任务节点；商业化距离远，后半篇大量推广内容与主题无关。

关键事实

文章发布于美东时间 07/14 20:31（UTC+8 07/15 08:31）。
Mueller主张建立长期月球基地，并把月球资源用于轨道工业和人工智能基础设施原料供应。
他称从月球向近地轨道运输物资所需能量约为从地球表面运输的二十分之一。
Elon Musk（埃隆·马斯克）在2月表示，SpaceX已把重点转向可在10年内建设的月球“自我增长城市”，火星方案可能需要20年以上。
NASA（美国国家航空航天局）局长Jared Isaacman把月球称为深空目标的试验场。
Artemis III（阿耳忒弥斯三号任务）计划于2027年在近地轨道测试Orion（猎户座飞船）与SpaceX或Blue Origin载人着陆系统的交会对接。
Artemis IV（阿耳忒弥斯四号任务）随后计划尝试月球着陆。
原文未提供月球铜资源量、开采成本、运输基础设施资本开支或商业合同。

作者观点与证据

文章以Mueller采访、Musk此前表态和NASA任务规划连接月球资源开发叙事。任务规划属于可跟踪事实；铜即将短缺、月球采矿可解决地球供应以及10年建设城市等判断均缺少工程和经济性验证。后半部分为多个投资平台推广，不能支撑航天结论。

与相关标的的关系

SPCX与SpaceX月球着陆系统及公司战略直接相关，但Mueller目前经营Impulse Space，其观点不等同于SpaceX正式指引。文章没有披露新增SpaceX合同、收入或发射安排。

后续跟踪

Artemis III任务时间与对接测试范围。
SpaceX载人月球着陆系统的技术节点。
NASA月球基地预算和正式采购合同。
月球资源勘测、提取及运输的成本数据。

英文原文

Elon Musk

Elon Musk's First SpaceX Hire Tom Mueller Says Moon is ‘More Important Than Mars’ in Near Term For This Key Reason

Shomik Sen Bhattacharjee

Wed, July 15, 2026 at 8:31 AM GMT+8 5 min read

SPCX

-2.20%

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Tom Mueller , the first employee Elon Musk hired at SpaceX and now the founder of Impulse Space , said the Moon is more important than Mars in the near term because it could become a practical source of raw materials for off-world industry.

Mueller Makes Case For Lunar Resources

In an interview segment with Sourcery's Molly O'Shea on Sunday, Mueller said the priority should shift toward establishing a lasting lunar presence. He cited NASA Administrator Jared Isaacman , saying Isaacman "said we're going to build a base on the Moon and stay there."

SpaceX's 1st employee Tom Mueller @lrocket says the Moon is "more important than Mars" in the near term:

" @rookisaacman said we're going to build a base on the Moon and stay there."

"People are predicting we'll run out of copper in the next few years. Data centers require so… pic.twitter.com/tjPZp959Iq

— sourcery (@sourceryy) July 12, 2026

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Mueller tied the case for the Moon to rising demand for metals used in artificial intelligence infrastructure. "People are predicting we'll run out of copper in the next few years," he said. "Data centers require so much copper."

He argued that the raw materials supply chain must eventually expand beyond Earth. "We need to start getting copper from the Moon or from the asteroids," Mueller said. "There's an almost infinite supply in our solar system of material—enough to supply us for thousands of years." He added, "We just gotta get ready to go get it."

Moon Offers Near-Term Industrial Advantages

The argument reflects a more industrial view of space exploration, where the Moon is not only a scientific target but also a staging ground for construction, mining and energy-intensive computing. Mueller has made a similar case before, telling Space.com that it is roughly 20 times easier, in energy terms, to move material from the Moon to low Earth orbit than from Earth's surface.

Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time

The Moon also offers more frequent mission opportunities than Mars. Musk said in February that SpaceX had shifted focus toward building a "self-growing city" on the Moon because it could be achieved in less than 10 years, compared with more than 20 years for Mars.

Story Continues

Artemis Push Adds Space Race Urgency

The shift comes as the United States faces growing competition from China. Isaacman recently called the Moon a proving ground for deeper space goals, saying it is only "four-and-a-half days away" and that a lunar economy will eventually include asteroid mining.

NASA's next major step is Artemis III in 2027, a low-Earth-orbit mission to test Orion's docking and rendezvous with one or both commercial human landing systems from SpaceX and Blue Origin before Artemis IV attempts a lunar landing.

Image via Shutterstock/ Elena11

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SpaceX高起点限制长期倍数

重要性3/5 中

SpaceX巨额发行后的估值约束与当日市场相关，但文章以假设案例为主，基本面证据不足。

标签

标的：`NVDA`, `SPCX`来源：Motley Fool发布日期：2026-07-15重要性：3/5 中评级理由：SpaceX巨额发行后的估值约束与当日市场相关，但文章以假设案例为主，基本面证据不足。评级依据：timeliness, valuation_framework, limited_fundamentals原文字数：953

中文摘要

核心结论

SpaceX上市时的万亿美元级估值显著抬高长期财富倍增门槛。文章测算，5万美元增长至100万美元需要20倍回报，对应公司估值由约1.82万亿美元升至36.4万亿美元，能否实现取决于星链、太空数据中心等项目远超当前规模。

重要性评级

评级：3/5（中）

文章提供SpaceX发行和估值的直观倍数约束，适合评估新股预期；长期估值与项目市场空间主要是假设，缺少现金流和分部数据。

关键事实

SpaceX公开发行募集创纪录的750亿美元，初始估值1.77万亿美元。
文章撰写时公司估值约1.82万亿美元。
以5万美元初始投入增长至100万美元为例，需要20倍回报，对应SpaceX估值达到36.4万亿美元。
文章称部分华尔街分析师预计SpaceX未来15至20年估值可能接近30万亿美元，但未列出机构和模型。
Tesla（特斯拉）于2010年六月上市时估值约17亿美元，起点远低于SpaceX。
文章引用SpaceX所称2.85万亿美元最大潜在市场，增长来源包括Starlink（星链卫星互联网）、太空数据中心和发射业务。
作者认为普通投资者在未来十年内借SpaceX实现20倍回报的概率较低。

作者观点与证据

作者的倾向偏谨慎，主要依据是估值基数和复合增长所需倍数。发行规模与当前估值可以核验；30万亿美元预测、2.85万亿美元潜在市场和“百万富翁”情景缺少现金流折现、竞争格局及资本稀释分析。

与相关标的的关系

SPCX（SpaceX）是直接研究对象。TSLA用于比较上市估值起点；NVDA（英伟达）只出现在推广材料中，与结论没有直接关系。

时效性与限制

发布于美东时间 07/14 20:25（UTC+8 07/15 08:25）。文章围绕假设案例展开，没有披露SpaceX最新收入、利润、自由现金流或各业务估值。

后续跟踪

SpaceX上市后收入、利润和现金流披露。
星链用户、单户收入与卫星资本开支。
太空数据中心项目的合同和技术里程碑。
股权稀释及后续融资规模。

英文原文

Is SpaceX Stock a Millionaire Maker? There Are 2 Things That Will Define That Answer.

Stefon Walters, The Motley Fool

Wed, July 15, 2026 at 8:25 AM GMT+8 4 min read

SPCX

-2.20%

NVDA

+4.06%

There's a strong case to be made that Space Exploration Technologies (NASDAQ: SPCX), better known as SpaceX, is the most hyped initial public offering (IPO) of all time. It raised a record $75 billion during its IPO, hitting the market with an initial valuation of $1.77 trillion -- making it one of the world's most valuable companies.

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 tons of people excited about SpaceX as a company, but there are also tons of people who are only excited about the stock and how much money it could potentially make them. They see CEO Elon Musk as a visionary who made plenty of millionaires through Tesla (NASDAQ: TSLA) and wonder if SpaceX is on that same path .

Image source: Getty Images.

Two questions that may guide the answer

Two key factors will heavily influence whether or not a stock can be a millionaire maker: How much someone can initially invest and how much time they have to stay invested in the stock.

If you have $800,000 to invest in a stock, it's much easier to hit the million-dollar mark, since the investment only needs to grow 25%, compared with having $100,000 to invest and needing it to grow tenfold. The same goes for timing. If you have $100,000 to invest and 20 years on your side, the chances of hitting the million-dollar mark are much higher than if you were trying to accomplish it in five years.

So, which is most important in SpaceX's case?

The numbers don't currently work in SpaceX's favor

The average investor is much more likely to have 20 years to invest than to have hundreds of thousands to invest in a lump sum. So, for the sake of this example, we'll assume someone has $50,000 to invest in SpaceX right now (which is still a lot, to be fair), meaning their investment would need to grow by 20x to reach $1 million.

At the time of this writing, SpaceX is valued at $1.82 trillion, so increasing its value by 20x would put it at $36.4 trillion. Some Wall Street analysts have said they see SpaceX's valuation reaching the $30 trillion ballpark in the next 15 to 20 years, so it's not impossible by any means. However, it's very unlikely, in my opinion.

SpaceX's initial large valuation works against it. This isn't a situation like Tesla, whose initial valuation was $1.7 billion when it went public in June 2010. It's much easier to increase 20x in valuation to reach $34 billion from there than it is when you're starting from nearly $2 trillion.

Story Continues

A $5,000 investment in Tesla during its IPO would be worth over $1.2 million today -- with most gains coming after 2020 -- but I don't see that happening with SpaceX.

TSLA data by YCharts

SpaceX needs to deliver on ambitious projects

I do not doubt that SpaceX will eventually make some retail investors millionaires (it has already made plenty of private investors millionaires). Some people have large lump sums to invest, and others realistically have at least 30 years of investing ahead of them to take advantage of compounding growth.

However, I don't believe it will happen for the average investor anytime in the next decade or so.

SpaceX's business is solid right now, as the largest space launch company, owner of lucrative AI infrastructure, and with a flourishing Starlink business, but that's not what will make the average investor a millionaire. It's going to take delivering on very ambitious projects, such as space data centers, and growing into what SpaceX has predicted is the largest total addressable market in history ($28.5 trillion).

Of course, we can never predict how the stock market will perform, and anything is possible, but realistically, investors are better off looking elsewhere for a millionaire-maker stock. And it's likely not one that's currently valued in the trillions.

Should you buy stock in Space Exploration Technologies right now?

Before you buy stock in Space Exploration Technologies, 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 Space Exploration Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Now, it's worth noting Stock Advisor's total average return is 918% — a market-crushing outperformance compared to 209% 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 14, 2026.

Stefon Walters has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy .

Is SpaceX Stock a Millionaire Maker? There Are 2 Things That Will Define That Answer. was originally published by The Motley Fool

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IBM预告冲击软件板块估值

重要性3/5 中

当日软件板块轮动线索明确，但CRM自身缺乏新增基本面证据，适合作为行业支出方向观察。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-15重要性：3/5 中评级理由：当日软件板块轮动线索明确，但CRM自身缺乏新增基本面证据，适合作为行业支出方向观察。评级依据：timeliness, sector_readthrough, evidence_limitation原文字数：609

中文摘要

核心结论

Salesforce当日下跌超过2%，文章将其归因于IBM预告疲弱及企业技术支出向服务器、存储等硬件倾斜。该解释反映软件板块的短期估值压力，但没有提供Salesforce自身订单或业绩变化。

重要性评级

评级：3/5（中）

事件具备当日时效性并涉及软件与人工智能硬件之间的资本分配，但对CRM的归因主要来自板块联动，直接证据有限。

关键事实

Salesforce（赛富时客户关系管理软件公司）当个交易日下跌超过2%。
IBM（国际商业机器公司）发布初步季度业绩预告，收入和盈利预测均低于分析师预期。
IBM预计收入同比增长约1%至略高于170亿美元。
IBM预计非GAAP（非美国通用会计准则）净利润增长5%，每股收益为2.27美元。
IBM首席执行官Arvind Krishna称，客户技术支出正在从软件转向服务器和存储等硬件。
文章将硬件价格上涨与人工智能建设引发的供应约束联系起来，但未量化影响。

作者观点与证据

作者认为企业支出转向构成软件行业逆风，并据此对Salesforce保持谨慎。IBM的初步指引和管理层表述是主要证据；Salesforce下跌的原因没有通过公司公告、订单数据或客户调查加以验证。

与相关标的的关系

CRM（Salesforce）承受板块估值传导，IBM是触发事件的公司。NVDA（英伟达）仅代表人工智能硬件背景，原文没有提供英伟达与Salesforce业绩之间的直接数据。

时效性与限制

发布于美东时间 07/14 20:23（UTC+8 07/15 08:23）。文章依据IBM初步业绩预告解释单日行情，缺少Salesforce基本面更新，且无法区分行业资金轮动与公司特有因素。

后续跟踪

Salesforce剩余履约义务、续约率和客户预算变化。
IBM正式财报与硬件、软件业务分部表现。
企业人工智能预算在硬件与软件之间的分配。
软件板块后续是否继续同步波动。

英文原文

Why Salesforce Stock Slumped on Tuesday

Eric Volkman, The Motley Fool

Wed, July 15, 2026 at 8:23 AM GMT+8 3 min read

-2.14%

-25.21%

NVDA

+4.06%

Stock market players were clearly uninterested in pursuing a relationship with customer relationship management (CRM) software king Salesforce (NYSE: CRM) on Tuesday. The veteran company's shares slid by more than 2% that trading session, as they were swept up in a broader rout of long-standing software companies.

Softness in software

This general bearishness can't be blamed directly on Salesforce. Rather, it can be tracked to the latest news from software titan International Business Machines . That company issued a preliminary quarterly earnings report Tuesday morning; both it and its shareholders probably now wish it hadn't.

Image source: Getty Images. That's because IBM's projections for revenue and profitability indicate both relatively weak growth and a pair of misses of analyst estimates. For the record, it's expecting only a 1% year-over-year bump in revenue to slightly over $17 billion, and a 5% rise in net income not under generally accepted accounting principles (GAAP) to $2.27 per share.

What made this really sting and helped ignite that software segment rout was IBM CEO Arvind Krishna's reasoning for the weaker-than-expected figures. Krishna spoke of notable shifts among clients in their technology spending, from software to hardware items such as servers and storage.

That's hardly surprising, given the anticipated price increases due to supply constraints "thanks" to the intense build-out of artificial intelligence (AI) technology.

A potentially strong headwind

While this is understandable, it isn't very comforting to investors in software stocks -- even those who have demonstrated long-term strength, like Salesforce. As bearish for the segment as it is, Krishna's take on the current customer trend feels accurate and realistic.

As it's hard to predict when those looming price increases might subside -- or even if they do, in the most extreme case -- I'd tread lightly around software stocks these days. I've always liked Salesforce as a business, but the trend just isn't its friend at the moment.

Should you buy stock in Salesforce right now?

Before you buy stock in Salesforce, 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 Salesforce wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Story Continues

See the 10 stocks »

*Stock Advisor returns as of July 14, 2026.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends International Business Machines and Salesforce. The Motley Fool has a disclosure policy .

Why Salesforce Stock Slumped on Tuesday was originally published by The Motley Fool

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长鑫科技科创板发行定价落地

重要性5/5 高

当日法定发行公告同时提供发行价、询价需求、剔除结果和多口径估值，对长鑫科技及科创板半导体定价具有直接、及时且高密度的事实价值。

标签

来源：长鑫科技集团股份有限公司／上海证券报法定信息披露平台发布日期：2026-07-15重要性：5/5 高评级理由：当日法定发行公告同时提供发行价、询价需求、剔除结果和多口径估值，对长鑫科技及科创板半导体定价具有直接、及时且高密度的事实价值。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：432

中文摘要

核心结论

长鑫科技科创板首次公开发行价格确定为8.66元/股，网下询价需求旺盛，剔除无效及最高报价后申购倍数仍达464.61倍。发行估值按2025年度不同利润和股本口径计算差异较大，扣除非经常性损益后的发行后市盈率为108.95倍，估值及后续配售结果是本次发行的主要观察点。

重要性评级

评级：5/5（高）

公告发布于07/15（未给出具体时刻），属于当日法定发行文件，包含发行价、代码、询价分布、申购倍数和估值等决定性数据。其对中国存储芯片产业融资及科创板半导体估值具有较高阅读优先级。

关键事实

长鑫科技首次公开发行已通过上交所上市审核委员会审议，并获中国证监会注册，批文为证监许可〔2026〕1344号；股票代码为688825，网上申购代码为787825。
本次发行采用战略配售、网下询价配售和网上定价发行相结合的方式，中金公司和中信建投担任联席保荐人及联席主承销商，另有国泰海通、国元证券、华泰联合和招商证券参与承销。
初步询价在美东时间 07/12 21:30（UTC+8 07/13 09:30）至美东时间 07/13 03:00（UTC+8 07/13 15:00）进行，共收到333家网下投资者管理的11,537个配售对象报价，报价区间为7.26元至65.19元/股，拟申购总量为128,606,220万股。
资格核查后，28家投资者管理的55个配售对象被认定为无效报价，对应拟申购量488,300万股；有效范围剩余331家投资者、11,482个配售对象。
高价剔除规则以3%为上限。主承销商剔除高于8.90元/股的全部报价，并按数量、时间和系统顺序处理8.90元/股报价；其中一个排序节点为美东时间 07/13 02:46（UTC+8 07/13 14:46）。
高价剔除涉及515个配售对象、3,823,140万股，占有效申报总量的2.9841%。完成无效及高价剔除后，剩余293家投资者、10,967个配售对象，拟申购总量为124,294,780万股。
剔除后的网下整体申购倍数为战略配售回拨前网下初始发行规模的464.61倍；最终发行价为8.66元/股，低于“四数孰低值”8.8486元/股。
发行价对应的市盈率区间为98.06倍至313.56倍：按扣除非经常性损益后利润计算，发行前、发行后及超额配售选择权全额行使后的市盈率分别为98.06倍、108.95倍和110.59倍；发行前市净率为9.18倍。

作者观点与证据

该文件是发行人与承销机构发布的法定发行公告，重点在披露询价、剔除、定价和估值口径，没有独立作者评论。464.61倍申购倍数反映网下申报需求强度，但申购量不等同于最终获配或上市后持续需求。估值数字来自经审计的2025年度利润及不同股本假设，利润口径和超额配售选择权会显著改变市盈率。

与相关标的的关系

公告直接关联长鑫科技688825及中国动态随机存取存储器产业，也可作为科创板半导体新股定价和机构询价热度的观察样本。输入未列出其他相关股票代码，文件也未提供对存储芯片同行、设备商或材料商的订单影响，产业链外溢关系仍需结合招股意向书与供应商披露核验。

时效性与限制

公告发布于07/15（未给出具体时刻），系统检索时间为美东时间 07/15 00:32（UTC+8 07/15 12:32），属于当日信息。当前归档正文截至报纸第13版并注明“下转14版”，未包含公告后续页，因此发行股数、募集资金规模、战略配售名单、网上网下发行数量、申购日程及回拨安排可能不完整；完整发行条款应以交易所公告全文为准。

后续跟踪

第14版及上交所完整公告中的发行规模、募集资金、战略配售和回拨安排。
网上与网下最终申购、配售比例及超额配售选择权执行情况。
688825上市公告、流通股本、首日成交和后续价格发现。
招股意向书披露的产能、产品结构、客户集中度、盈利质量和存储行业周期。

英文原文

长鑫科技集团股份有限公司首次公开发行股票并在科创板上市发行公告

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长鑫科技集团股份有限公司

首次公开发行股票并在科创板上市发行公告

2026-07-15

来源：上海证券报

重要提示

长鑫科技集团股份有限公司（以下简称“长鑫科技”、“发行人”或“公司”）根据中国证券监督管理委员会（以下简称“中国证监会”、“证监会”）颁布的《证券发行与承销管理办法》（证监会令〔第228号〕）（以下简称“《管理办法》”）、《首次公开发行股票注册管理办法》（证监会令〔第205号〕），上海证券交易所（以下简称“上交所”）颁布的《上海证券交易所首次公开发行证券发行与承销业务实施细则（2025年修订）》（上证发〔2025〕46号）（以下简称“《实施细则》”）、《上海市场首次公开发行股票网上发行实施细则（2025年3月修订）》（上证发〔2025〕43号）（以下简称“《网上发行实施细则》”）、《上海市场首次公开发行股票网下发行实施细则（2024年修订）》（上证发〔2024〕112号）（以下简称“《网下发行实施细则》”），中国证券业协会颁布的《首次公开发行证券承销业务规则》（中证协发〔2023〕18号）以及《首次公开发行证券网下投资者管理规则》（以下简称“《网下投资者管理规则》”）（中证协发〔2025〕57号）和《首次公开发行证券网下投资者分类评价和管理指引》（中证协发〔2024〕277号）等相关规定，以及上交所有关股票发行上市规则和最新操作指引等有关规定，组织实施本次首次公开发行股票并在科创板上市。

中国国际金融股份有限公司（以下简称“中金公司”）、中信建投证券股份有限公司（以下简称“中信建投”）担任本次发行的联席保荐人（联席主承销商）（中金公司及中信建投以下合称“联席保荐人（联席主承销商）”），国泰海通证券股份有限公司（以下简称“国泰海通”）、国元证券股份有限公司（以下简称“国元证券”）、华泰联合证券有限责任公司（以下简称“华泰联合”）、招商证券股份有限公司（以下简称“招商证券”）担任本次发行的联席主承销商（中金公司、中信建投、国泰海通、国元证券、华泰联合、招商证券以下合称为“联席主承销商”）。

本次发行采用向参与战略配售的投资者定向配售（以下简称“战略配售”）、网下向符合条件的投资者询价配售（以下简称“网下发行”）与网上向持有上海市场非限售A股股份和非限售存托凭证市值的社会公众投资者定价发行（以下简称“网上发行”）相结合的方式进行。本次发行的战略配售、初步询价及网上、网下发行由联席主承销商负责组织实施。本次发行的战略配售在联席保荐人（联席主承销商）处进行，初步询价和网下申购均通过上交所互联网交易平台（IPO网下询价申购）（以下简称“互联网交易平台”）进行，网上发行通过上交所交易系统进行。请投资者认真阅读本公告。关于初步询价和网下发行电子化的详细内容，请查阅上交所网站（www.sse.com.cn）公布的《网下发行实施细则》等相关规定。

投资者可通过以下网址（http://www.sse.com.cn/disclosure/listedinfo/listing/、http://www.sse.com.cn/ipo/home/）查阅公告全文。

■

发行人和联席主承销商郑重提示广大投资者注意投资风险，理性投资，认真阅读本公告及同日刊登在上交所网站（www.sse.com.cn）的《长鑫科技集团股份有限公司首次公开发行股票并在科创板上市投资风险特别公告》（以下简称“《投资风险特别公告》”）。

本公告仅对股票发行事宜扼要说明，不构成投资建议。投资者欲了解本次发行的详细情况，请仔细阅读2026年7月9日（T-5日）刊登在上交所网站（www.sse.com.cn）的《长鑫科技集团股份有限公司首次公开发行股票并在科创板上市招股意向书》（以下简称“《招股意向书》”）。发行人和联席主承销商在此提请投资者特别关注《招股意向书》中“重大事项提示”和“风险因素”章节，充分了解发行人的各项风险因素，自行判断其经营状况及投资价值，并审慎做出投资决策。发行人受政治、经济、行业及经营管理水平的影响，经营状况可能会发生变化，由此可能导致的投资风险由投资者自行承担。

本次发行股票的上市事宜将另行公告。

一、初步询价结果及定价

长鑫科技集团股份有限公司首次公开发行人民币普通股（A股）并在科创板上市（以下简称“本次发行”）的申请已经上海证券交易所上市审核委员会审议通过，并已经中国证监会同意注册（证监许可〔2026〕1344号）。发行人股票简称为“长鑫科技”，扩位简称为“长鑫科技”，股票代码为“688825”，该代码同时用于本次发行的初步询价及网下申购，本次发行网上申购代码为“787825”。

本次发行采用战略配售、网下发行和网上发行相结合的方式进行。

（一）初步询价情况

1、总体申报情况

本次发行的初步询价期间为2026年7月13日（T-3日）9:30-15:00。截至2026年7月13日（T-3日）15:00，联席主承销商通过上交所业务管理系统平台（发行承销业务）（以下简称“业务管理系统平台”）共收到333家网下投资者管理的11,537个配售对象的初步询价报价信息，报价区间为7.26元/股-65.19元/股，拟申购数量总和为128,606,220万股。配售对象的具体报价情况请见本公告“附表：投资者报价信息统计表”。

2、投资者核查情况

根据2026年7月9日（T-5日）刊登的《长鑫科技集团股份有限公司首次公开发行股票并在科创板上市发行安排及初步询价公告》（以下简称“《发行安排及初步询价公告》”）公布的参与初步询价的网下投资者条件，经联席主承销商核查，有3家网下投资者管理的5个配售对象未按要求提供审核材料或提供材料但未通过联席主承销商资格审核；27家网下投资者管理的50个配售对象属于禁止配售范围。以上28家网下投资者管理的共计55个配售对象的报价已被确定为无效报价予以剔除，对应拟申购数量总和为488,300万股。具体参见附表“投资者报价信息统计表”中被标注为“无效报价”的部分。

剔除以上无效报价后，其余331家网下投资者管理的11,482个配售对象全部符合《发行安排及初步询价公告》规定的网下投资者的条件，报价区间为7.26元/股-65.19元/股，对应拟申购数量总和为128,117,920万股。

（二）剔除最高报价情况

1、剔除情况

发行人和联席主承销商依据剔除上述无效报价后的询价结果，对所有符合条件的配售对象的报价按照拟申购价格由高到低、同一拟申购价格按配售对象的拟申购数量由小到大、同一拟申购价格同一拟申购数量按申报时间（申购时间以互联网交易平台记录为准）由后至先、同一拟申购价格同一拟申购数量同一申购时间按业务管理系统平台自动生成的配售对象顺序从后到前的顺序排序，剔除报价最高部分的配售对象的报价，剔除的拟申购量不超过符合条件的所有网下投资者拟申购总量的3%。根据2024年6月19日发布的《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》《上交所有关负责人就在科创板试点调整适用新股定价高价剔除比例答记者问》，本次发行执行3%的最高报价剔除比例。当拟剔除的最高申报价格部分中的最低价格与确定的发行价格相同时，对该价格上的申报可不再剔除。剔除部分不得参与网下及网上申购。

经发行人和联席主承销商协商一致，将拟申购价格高于8.90元/股（不含8.90元/股）的配售对象全部剔除；拟申购价格为8.90元/股的配售对象中，申购数量低于23,000万股（不含23,000万股）的配售对象全部剔除；拟申购价格为8.90元/股，申购数量为23,000万股的，且申购时间均为2026年7月13日14:46:23:135的配售对象，按业务管理系统平台自动生成的配售对象从后到前的顺序，剔除23个配售对象。以上共计剔除515个配售对象，对应剔除的拟申购总量为3,823,140万股，约占本次初步询价剔除无效报价后申报总量128,117,920万股的2.9841%。

剔除部分不得参与网下及网上申购。具体剔除情况请见“附表：投资者报价信息统计表”中备注为“高价剔除”的部分。

2、剔除后的整体报价情况

剔除无效报价和最高报价后，参与初步询价的投资者为293家，配售对象为10,967个，全部符合《发行安排及初步询价公告》规定的网下投资者的参与条件。本次发行剔除无效报价和最高报价后剩余报价拟申购总量为124,294,780万股，网下整体申购倍数为战略配售回拨前网下初始发行规模的464.61倍。

剔除无效报价和最高报价后，网下投资者详细报价情况，具体包括投资者名称、配售对象信息、申购价格及对应的拟申购数量等资料请见“附表：投资者报价信息统计表”。

剔除无效报价和最高报价后网下投资者剩余报价信息如下：

■

（三）发行价格的确定

在剔除无效报价以及最高报价部分后，发行人与联席主承销商根据网下发行询价报价情况，综合评估公司合理投资价值、可比公司二级市场估值水平、所属行业二级市场估值水平等方面，充分考虑网下投资者有效申购倍数、市场情况、募集资金需求及承销风险等因素，协商确定本次发行价格为8.66元/股。本次确定的发行价格未超出四数孰低值8.8486元/股。相关情况详见2026年7月15日（T-1日）刊登的《投资风险特别公告》。

本次发行价格对应的市盈率为：

（1）278.03倍（每股收益按照2025年度经会计师事务所依据中国会计准则审计的扣除非经常性损益前归属于母公司股东净利润除以本次发行前总股本计算）；

（2）308.92倍（每股收益按照2025年度经会计师事务所依据中国会计准则审计的扣除非经常性损益前归属于母公司股东净利润除以本次发行后总股本（超额配售选择权行使前）计算）；

（3）313.56倍（每股收益按照2025年度经会计师事务所依据中国会计准则审计的扣除非经常性损益前归属于母公司股东净利润除以本次发行后总股本（假设超额配售选择权全额行使后）计算）；

（4）98.06倍（每股收益按照2025年度经会计师事务所依据中国会计准则审计的扣除非经常性损益后归属于母公司股东净利润除以本次发行前总股本计算）；

（5）108.95倍（每股收益按照2025年度经会计师事务所依据中国会计准则审计的扣除非经常性损益后归属于母公司股东净利润除以本次发行后总股本（超额配售选择权行使前）计算）；

（6）110.59倍（每股收益按照2025年度经会计师事务所依据中国会计准则审计的扣除非经常性损益后归属于母公司股东净利润除以本次发行后总股本（假设超额配售选择权全额行使后）计算）。

本次发行价格对应的市净率为：

（1）9.18倍（每股净资产按照2025年度经会计师事务所依据中国会计准则审计归属于母公司股东的净资产除以本次发行前总股数计算）；

联席保荐人（联席主承销商）：中国国际金融股份有限公司

联席保荐人（联席主承销商）：中信建投证券股份有限公司

联席主承销商：国泰海通证券股份有限公司

联席主承销商：国元证券股份有限公司

联席主承销商：华泰联合证券有限责任公司

联席主承销商：招商证券股份有限公司

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打开原文

网络安全警报带动Palo Alto

重要性3/5 中

安全机构警报具有时效性并直接关联PANW需求预期，但公司收入影响尚无量化证据。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-14重要性：3/5 中评级理由：安全机构警报具有时效性并直接关联PANW需求预期，但公司收入影响尚无量化证据。评级依据：官方安全警报, 直接关联PANW, 单日行情反应, 缺少订单数据原文字数：659

中文摘要

核心结论

Palo Alto Networks（帕洛阿尔托网络，PANW）单日上涨近7%，文章将其与多国安全机构针对俄罗斯网络威胁的警报及科技资金轮动联系起来。安全警报是真实需求背景，涨幅归因和未来收入增量仍缺少公司订单或预算数据支持。

重要性评级

评级：3/5（中）

事件对PANW具有直接情绪和需求关联，但与NVDA仅存在科技板块轮动层面的间接关系，且文章没有新增公司财务数据。

关键事实

PANW在07/14交易日上涨6.84%。
CISA（美国网络安全和基础设施安全局）、NSA（美国国家安全局）、FBI（美国联邦调查局）及国际伙伴联合发布网络安全警告。
警告称俄罗斯网络威胁行为者正攻击全球关键基础设施中的脆弱网络设备。
涉及行业包括通信、国防工业、能源、金融服务、政府和医疗卫生。
机构建议加强身份验证、数据加密及可疑活动监控。
IBM初步季度更新显示，第二季度收入和非GAAP净利润将明显低于分析师平均预期。
IBM首席执行官称客户优先投入服务器和存储器等硬件，文章据此推测配套网络安全支出也会增加。

作者观点与证据

作者认为政府警报与资金从传统软件转向硬件和网络安全共同推动PANW上涨。机构警报和PANW涨幅可核查；IBM资本开支评论到PANW收入增长之间缺少订单、合同或渠道数据，属于推演。

与相关标的的关系

PANW是直接受关注的网络安全公司。NVDA只通过人工智能硬件资金轮动和新增算力的安全需求间接关联，正文没有英伟达公司层面的新增事实。

时效性与限制

文章发布于美东时间07/14 19:59（UTC+8 07/15 07:59）。政府警报没有量化PANW可获得的新增收入，单日股价反应也可能包含同期科技板块因素。

后续跟踪

PANW新增订单、剩余履约义务和安全平台收入。
关键基础设施客户的安全预算变化。
俄罗斯网络活动的后续技术通报。
网络安全板块相对传统软件的资金流。

英文原文

Why Palo Alto Networks Stock Zoomed Almost 7% Higher Today

Eric Volkman, The Motley Fool

Wed, July 15, 2026 at 7:59 AM GMT+8 3 min read

PANW

+6.84%

NVDA

+4.06%

Tuesday's stock trading session was marked by a notable shift, as tech investors sold legacy software companies and moved into next-generation hardware makers and cybersecurity titles.

That, plus a new cybersecurity warning from top-level government agencies, greatly benefited cybersecurity segment mainstay Palo Alto Networks (NASDAQ: PANW). The company's equity rose by nearly 7% that day.

A stark warning

That warning was issued by a clutch of federal government security organizations led by the Cybersecurity and Infrastructure Security Agency (CISA), and including the National Security Agency (NSA) and the Federal Bureau of Investigation (FBI). These were joined by international counterparts.

Image source: Getty Images. The agencies cautioned that "Russian cyber threat actors are targeting vulnerable networking devices in critical infrastructure sectors globally, especially communications, defense industrial base, energy, financial services, government services and facilities, and healthcare and public health."

Among other measures, the agencies recommended that businesses and other organizations implement stronger authentication and data encryption measures and monitor suspicious activity.

Compounding that was the preliminary quarterly earnings update from software giant International Business Machines . The company revealed that its second-quarter revenue and net income not under generally accepted accounting principles (GAAP) would come in notably below the average analyst estimates.

What sent investors running to other segments of the tech sector was remarks from IBM CEO Arvind Krishna. He said IBM was seeing clients prioritize capital spending on hardware items such as servers and memory. It logically follows that if such a shift is occurring, a ramp-up in cybersecurity spend is also necessary to protect those new goods.

Shock to the system

Since Palo Alto Networks is a prominent company in the cybersecurity sphere, it's sure to be a go-to for many clients aiming to beef up the protection of their networks, systems, and equipment.

The danger of sudden, sharply increased spending on segments like cybersecurity is that it often corrects shortly thereafter. Palo Alto Networks is an effective and respected operator in the space, but I'd caution that any potential sales spike could lead to weak year-over-year comparisons in subsequent quarters.

Story Continues

Should you buy stock in Palo Alto Networks right now?

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends International Business Machines. The Motley Fool recommends Palo Alto Networks. The Motley Fool has a disclosure policy .

Why Palo Alto Networks Stock Zoomed Almost 7% Higher Today was originally published by The Motley Fool

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Robinhood链连接代币化股票

重要性4/5 中高

新链的用户入口、结算架构和费用分配对HOOD、ARB与ETH均有直接意义，但采用与合规证据尚未形成。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-14重要性：4/5 中高评级理由：新链的用户入口、结算架构和费用分配对HOOD、ARB与ETH均有直接意义，但采用与合规证据尚未形成。评级依据：timeliness, product_launch, evidence_gap原文字数：781

中文摘要

核心结论

Robinhood Chain把代币化美股、以太坊结算和人工智能代理交易纳入同一平台，潜在价值首先体现在Robinhood的用户入口与Arbitrum费用回流。实际影响仍取决于监管许可、用户采用和链上活动规模。

重要性评级

评级：4/5（中高）

事件直接关联HOOD、以太坊和Arbitrum，并给出用户规模与费用分配机制；文章对生态价值的推断偏乐观，缺少交易量和监管细节。

关键事实

Robinhood于07/01（未给出具体时刻）推出Robinhood Chain（二层区块链网络）。
该网络基于Arbitrum技术并向Ethereum（以太坊）结算。
Robinhood称其2,800万用户可在120多个国家全天候交易代币化美国股票。
Robinhood将网络称为“人工智能原生”，把自动化软件代理列为重要用户群。
Robinhood Chain净协议费的10%将回流Arbitrum生态，其中8%进入代币持有人治理的资金库。
Robinhood在五月末开放人工智能代理进行股票交易，并计划扩展到加密资产、期权和期货。
以太坊可获得批量结算产生的交易费，但文章判断其金额和代币价值关联较弱。

作者观点与证据

作者认为Robinhood的既有用户群构成分发优势，费用回流为Arbitrum活动与生态价值建立联系。网络发布、技术架构和费率属于具体事实；“重大催化”及其他公链策略获得验证属于作者推断，尚无真实采用数据支持。

与相关标的的关系

HOOD（Robinhood零售经纪与金融科技平台）可通过交易与网络活动扩大业务边界；ARB（Arbitrum代币）对应费用回流；ETH（以太坊）承接结算。NVDA（英伟达）仅出现在推广内容中，与该事件没有直接经营关系。

时效性与限制

发布于美东时间 07/14 19:47（UTC+8 07/15 07:47），所述网络于07/01（未给出具体时刻）上线。文章未说明代币化股票的法律权利、覆盖司法辖区、实际交易量和代理交易风控要求。

后续跟踪

Robinhood Chain用户数、交易量和协议费。
代币化股票的监管许可与资产权利结构。
Arbitrum资金库实际收到的费用。
人工智能代理交易的开放范围和风险控制。

英文原文

Robinhood Just Launched a New Blockchain. Here

Robinhood Just Launched a New Blockchain. Here's Why Investors Should Care.

Alex Carchidi, The Motley Fool

Wed, July 15, 2026 at 7:47 AM GMT+8 3 min read

HOOD

+3.27%

NVDA

+4.06%

ARB11841-USD

+0.45%

ETH-USD

+5.06%

On July 1, Robinhood Markets (NASDAQ: HOOD) launched the Robinhood Chain, a Layer-2 (L2) network of Ethereum (CRYPTO: ETH) that allows its 28 million users to trade tokenized shares of U.S. stocks on a 24/7 basis in more than 120 countries.

Robinhood calls the network "AI-native," meaning autonomous software agents are a key user group. Here's why that's a very interesting development given the state of play in the crypto sector right now.

Image source: Getty Images.

The financial plumbing is crypto-forward

Robinhood's chain settles to Ethereum, but it's built on technology from Arbitrum (CRYPTO: ARB). Borrowing Arbitrum's tech spared Robinhood the work of building an entire product stack from zero, and it will also help that network financially.

Ten percent of the net protocol fees incurred on the Robinhood Chain will be routed back to the Arbitrum ecosystem, with 8% going to the tokenholder-controlled treasury. That's the first real bridge between on-chain activity and the value of Arbitrum, so it probably means that there's some upside in store, and potentially a lot. It's one of the more meaningful catalysts the coin has ever had.

Importantly, Ethereum will also get a limited amount of upside from the arrangement, as transaction fees will be incurred by whatever bundled transactions Robinhood and Arbitrum send back to it -- but, because the gas fees it charges are minimal, and only weakly linked to the value of Ether, holders probably shouldn't get too excited.

This chain has big plans for agents

Robinhood opened its stock trading platform to AI agents in late May. Crypto, options, and futures are next. Extending the same agent framework to Robinhood Chain's tokenized equities would close the loop, creating the possibility of agents transacting in the largest and most liquid financial assets without human help.

Robinhood thus argues that a meaningful slice of the next generation of financial apps will run on blockchains, with tokenized equities among the first assets agents touch. Robinhood's captive audience is an economic moat that competing chains can't easily route around, even if they offer lower fees or faster transaction turnaround. Plus, if Robinhood makes AI trading agents easy to deploy from its platform, it'll have an even bigger advantage, assuming consumers take to them.

Story Continues

If Robinhood's experiments with AI agents and tokenized assets on its new chain end up being successful, it'll be a green flag for other chains that are trying to be good places for both AI agents and tokenized stock trading. Solana and Ethereum might thus have their near-term strategies somewhat validated.

But if that happens, the bigger takeaway will be that there's a new juggernaut of a competitor in the crypto space .

And, given Robinhood's success in becoming a massive player in the retail investor brokerage segment, it could very well exert a powerful influence in crypto, too.

Should you buy stock in Robinhood Markets right now?

Before you buy stock in Robinhood Markets, 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 Robinhood Markets 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.

See the 10 stocks »

*Stock Advisor returns as of July 14, 2026.

Alex Carchidi has positions in Ethereum and Solana. The Motley Fool has positions in and recommends Ethereum and Solana. The Motley Fool has a disclosure policy .

Robinhood Just Launched a New Blockchain. Here's Why Investors Should Care. was originally published by The Motley Fool

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纽约暂停大型数据中心审批

重要性4/5 中高

州级许可冻结对人工智能基础设施政策具有示范意义，但相关大型科技公司当前项目敞口有限。

标签

标的：`GOOG`, `MSFT`来源：Motley Fool发布日期：2026-07-14重要性：4/5 中高评级理由：州级许可冻结对人工智能基础设施政策具有示范意义，但相关大型科技公司当前项目敞口有限。评级依据：监管事件时效性强, 关联多家大型科技公司, 电力与许可约束, 当前直接项目影响有限原文字数：956

中文摘要

核心结论

纽约州行政令暂停新的大型数据中心许可，适用于用电50兆瓦及以上项目，最长持续一年。大型云厂商在纽约没有主要计划项目，短期直接影响有限；若其他州采用类似限制，人工智能算力建设将面临更高的电力、许可和建设成本。

重要性评级

评级：4/5（中高）

这是人工智能基础设施监管的重要州级事件，对MSFT、AMZN、GOOG和NVDA的影响目前以政策扩散风险为主。

关键事实

纽约州州长Kathy Hochul于07/14（未给出具体时刻）签署行政令，暂停50兆瓦及以上新建大型数据中心项目最多一年。
州环境保护部门将停止发放相关自由裁量许可；已认定申请完整的项目仍继续处理。
州政府将编制通用环境影响报告，评估能源需求、用水和空气质量，预计最长耗时一年。
州长计划推动取消大型数据中心销售税减免，并研究由项目方承担电网升级费用的基金。
州议会6月已通过门槛更低的20兆瓦禁令，州长尚未决定签署或否决。
纽约居民电价过去六年上涨近68%，美国能源部将其列为住宅电价第四高的州。
纽约有超过12吉瓦大型用电负荷等待并网。
Siena民调显示46%受访者支持一年暂停，21%反对；另有14个州在2026年提出过相关限制。

作者观点与证据

作者认为Alphabet、Amazon和Microsoft因纽约州内没有重大计划项目，眼前影响较小；较弱的运营商更容易受到许可延误和融资成本冲击。关于其他州跟进的判断有立法清单和民调支持，但尚未形成全国性政策。

与相关标的的关系

GOOG、AMZN和MSFT的直接项目风险有限，NVDA则通过数据中心建设速度和加速器需求受到间接影响。文章还提到CoreWeave等资本结构较弱的算力运营商可能更敏感，但没有提供具体纽约项目清单。

时效性与限制

文章发布于美东时间07/14 19:10（UTC+8 07/15 07:10）。行政令全文、受影响项目名单和50兆瓦门槛的计算口径未附于正文；各州提案中多数尚未通过。

后续跟踪

纽约通用环境影响报告与最终标准。
20兆瓦州议会法案的签署决定。
其他州限制措施的通过情况。
大型云厂商项目迁移和并网成本。

英文原文

New York Just Banned New AI Data Centers. Here

New York Just Banned New AI Data Centers. Here's What It Means for Microsoft, Amazon, and Google.

Johnny Rice, The Motley Fool

Wed, July 15, 2026 at 7:10 AM GMT+8 4 min read

NVDA

+4.06%

MSFT

-1.55%

AMZN

+0.07%

GOOG

+1.90%

New York Governor Kathy Hochul signed an executive order Tuesday pausing new large-scale data center construction for up to a year -- the first building freeze by any U.S. state. The order applies to facilities that would use 50 megawatts of power or more.

In a statement, the governor said that "data center development threatens to hike up utility bills, deplete our natural resources, and create uncertainty for New Yorkers" and that it was her "responsibility to take action and lead."

What the executive order does

Under the executive order, New York's Department of Environmental Conservation will stop issuing discretionary permits for large data centers. Applications already deemed complete will still be processed.

The state will draft a Generic Environmental Impact Statement (GEIS) covering how these facilities affect energy demand, water, and air quality, a process expected to take up to a year. The moratorium will lift once the standards are final.

Image Source: Getty Images

Hochul also said she will pursue legislation repealing the sales-tax exemptions large data centers currently enjoy in New York, and directed regulators to weigh a fund requiring data centers to help cover grid upgrades.

New York's legislature actually passed its own one-year data-center ban in June, but at a lower threshold -- 20 megawatts -- which would cover far more projects. Hochul hasn't determined if she will sign or veto it. Her office called the bill "complicated."

Why New York is pumping the brakes

Residential electricity rates in New York have jumped close to 68% over the past six years. The U.S. Department of Energy (DOE) ranks New York as the 4th most expensive state for residential power.

New York has more than 12 gigawatts of power waiting to be connected to large-scale users like AI data centers. For scale: a single gigawatt is roughly enough electricity to run 750,000 homes.

A recent poll from Siena Research showed public support for a one-year moratorium at 46% of New Yorkers, with just 21% opposed.

Other states are watching closely

Though New York is the first, it's far from the only state considering some sort of restriction or outright ban on new data centers. Fourteen other states have floated their own limits this year alone. The table below shows the current legislative picture.

Story Continues

State

Bill

Status

Delaware

SB 353

Introduced

Georgia

HB 1059

Introduced

Maine

LD 307

Vetoed

Maryland

HB 120

Failed

Michigan

HB 5594 / HB 5595

Introduced

Minnesota

HB 4888 / SB 4298

Failed

New Hampshire

HB 1265

Failed

New York

AB 10141 / SB 9144

Passed Legislature

Oklahoma

SB 1488

Failed

Pennsylvania

SB 1359 / HB 2533

Introduced

South Carolina

H 5526

Introduced

South Dakota

SB 232

Failed

Vermont

S 205

Introduced

Virginia

HB 1515

Continued

Wisconsin

SB 1061 / AB 1099

Failed

Source: National Conference of State Legislatures

What this means for investors

The order itself is unlikely to affect the big hyperscalers like Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon , and Microsoft directly -- none of them have major planned projects in the state and are building elsewhere in the U.S.

But other states are watching to see whether Hochul takes political heat for this. Right now, the polling suggests she won't. If more states follow suit -- states where the major hyperscalers are planning projects -- this could throw a serious wrench in things.

There are already major constraints on building AI compute capacity -- sufficient power is getting harder to come by, for one -- and any additional regulatory or legal hurdles could tip the precarious math underpinning some of these projects in the wrong direction.

At the end of the day, I wouldn't be too concerned yet when it comes to the Alphabets and Amazons of the world . I would be for smaller operators in less secure financial positions, like CoreWeave .

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New York Just Banned New AI Data Centers. Here's What It Means for Microsoft, Amazon, and Google. was originally published by The Motley Fool

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Nebius的垂直算力平台定位

重要性2/5 较低

晨星来源具有参考价值，但现有文本仅能确认公司定位和微软合同，无法支持完整投资判断。

标签

标的：`MSFT`, `NBIS`来源：Morningstar Research发布日期：2026-07-14重要性：2/5 较低评级理由：晨星来源具有参考价值，但现有文本仅能确认公司定位和微软合同，无法支持完整投资判断。评级依据：晨星研究来源, NBIS与MSFT直接相关, 包含170亿美元合同, 归档正文缺失原文字数：107

中文摘要

核心结论

Morningstar（晨星研究）将Nebius（NBIS）描述为专注AI和高性能计算的垂直整合云服务商，拥有欧洲及美国的数据中心和自研服务器能力。微软（MSFT）在2025年签署的170亿美元多年算力协议，是其客户与收入能见度的重要支柱。

重要性评级

评级：2/5（较低）

来源质量较高且提供公司定位及关键合同，但归档仅有报告导语，缺少估值、财务预测和风险分析。

关键事实

Nebius由原俄罗斯科技公司Yandex在俄乌战争相关制裁后分拆形成。
公司专注AI和高性能计算云服务。
公司自行设计并运营数据中心及服务器。
其欧洲和美国设施总容量为数百兆瓦。
2025年9月，微软通过一份多年期、170亿美元收入协议成为主要客户。

作者观点与证据

归档内容主要是公司事实介绍，没有呈现晨星的估值结论、竞争判断或财务模型。垂直整合是否带来成本优势，现有文本未提供利用率、单位经济性或同业比较。

与相关标的的关系

NBIS直接受数据中心建设、算力利用率和微软合同执行影响；MSFT是重要客户，合同也反映其外部采购AI算力的需求。客户集中度可能较高，但正文没有披露比例。

时效性与限制

发布于美东时间 07/14 18:48（UTC+8 07/15 06:48）。原始归档只有摘要，无法判断170亿美元协议的收入确认、成本承担和终止条款。

后续跟踪

微软合同的交付和收入确认进度
数据中心容量、利用率和扩建计划
客户集中度及新增客户
完整晨星估值与风险分析

英文原文

Analyst Report: Nebius Group N.V.

Analyst Report: Nebius Group N.V. · Morningstar Research

Javier Correonero

Wed, July 15, 2026 at 6:48 AM GMT+8

NBIS

-7.80%

MSFT

-1.55%

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.

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Hyperliquid重分USDC储备收益

重要性4/5 中高

USDC储备收入分配直接影响CRCL与COIN盈利模型，时效性强，但缺少预测调整幅度和一手合同文件。

标签

标的：`CRCL`来源：TheStreet发布日期：2026-07-14重要性：4/5 中高评级理由：USDC储备收入分配直接影响CRCL与COIN盈利模型，时效性强，但缺少预测调整幅度和一手合同文件。评级依据：timeliness, evidence_caveat原文字数：461

中文摘要

核心结论

摩根大通因Hyperliquid上的USDC储备收益重新分配，下调Circle与Coinbase盈利预测。新安排使Coinbase取得相关储备收入后将90%支付给Hyperliquid，削弱Circle与Coinbase原有的收益共享结构。

重要性评级

评级：4/5（中高）

事件直接涉及CRCL、COIN和USDC经济模型，数字与合同路径明确；盈利下调幅度和估值影响未披露，且主要信息来自媒体转述摩根大通观点。

关键事实

摩根大通于07/14（未给出具体时刻）下调Circle Internet Group与Coinbase Global的盈利预测。
Circle是USDC（美元稳定币）发行方，Coinbase是主要分销伙伴，并分享储备资产收益。
Coinbase于05/14（未给出具体时刻）宣布在Hyperliquid去中心化交易平台上支持USDC，担任AQA（对齐报价资产）的官方资金部署方。
摩根大通估计Hyperliquid持有约60亿美元USDC，约占流通量8%。
新安排下，Coinbase将Hyperliquid上的USDC列为平台内资产，取得储备收入后向Hyperliquid支付90%。
摩根大通估计，此前Coinbase与Circle大致平分相关收入。
该行同时把加密市场走弱纳入下调原因，并预计较高利率将在2027年前支撑USDC储备收入。

作者观点与证据

报道转述摩根大通将新协议形容为Circle与Coinbase之间的竞争困境。60亿美元余额、8%流通占比和90%支付比例构成主要依据，但文章没有提供更新后的每股收益数字或协议原文。

与相关标的的关系

CRCL（Circle稳定币发行商）和COIN（Coinbase加密资产平台）面临直接盈利分配变化；USDC-USD对应储备规模。JPM（摩根大通）是预测发布方，Hyperliquid代币仅属平台生态背景。

时效性与限制

发布于美东时间 07/14 18:24（UTC+8 07/15 06:24）。报道未披露盈利预测下调幅度、储备资产收益率假设或双方会计确认方式。

后续跟踪

Circle与Coinbase更新后的盈利预测和披露口径。
Hyperliquid上的USDC余额及市场份额。
储备收入分配条款的正式文件。
利率变化对USDC储备收益的影响。

英文原文

JPMorgan cuts earnings forecasts for two major crypto companies

JPMorgan cuts earnings forecasts for two major crypto companies · TheStreet

Anand Sinha

Wed, July 15, 2026 at 6:24 AM GMT+8 2 min read

+2.50%

COIN

+2.62%

CRCL

+0.35%

USDC-USD

-0.01%

HYPE32196-USD

+5.65%

JPMorgan Chase (NYSE: JPM) trimmed its earnings forecasts for Circle Internet Group (NYSE: CRCL) and Coinbase Global (Nasdaq: COIN) on July 14.

Both Circle and Coinbase are two of the world's biggest crypto companies. While the former is best known for its USDC stablecoin , the latter is the largest crypto trading exchange in the United States.

Related: Coinbase CEO proposes surprising fix to $60B remittance fees

Hyperliquid deal forces JPMorgan to lower forecasts

Coinbase and Circle share a years-long relationship as both jointly built the USDC stablecoin ecosystem. Although Circle is now the sole issuer of USDC, Coinbase remains its largest distribution partner and shares heavily in the economics of the stablecoin reserves.

On May 14, Coinbase announced that it is expanding its support for USDC on Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset (AQA).

q Hyperliquid is a decentralized exchange offering high-leverage perpetuals trading of cryptocurrencies, commodities, and tokenized stocks. It has become very popular, attracting a large number of high-frequency and speculative crypto traders.

Traders come to Hyperliquid to speculate on commodities, equities, and private-company valuations through blockchain-based markets.

Coinbase said the integration solidifies USDC's role as the preferred stablecoin underlying onchain capital markets on Hyperliquid.

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But the deal forced JPMorgan to lower its earnings forecasts for both Circle and Coinbase.

As per the bank, the deal created a "prisoner's dilemma" which drives Circle and Coinbase to compete with each other when promoting USDC distribution.

JPMorgan estimated that Hyperliquid holds around $6 billion of USDC, or nearly 8% of the circulating supply.

Under the new deal, Coinbase will classify USDC on Hyperliquid as "on-platform," collect the income generated by reserves, and pay 90% of it to Hyperliquid. Earlier, Coinbase split nearly all of the revenue evenly with Circle, the bank estimated.

JPMorgan lowered its earnings estimates for both Circle and Coinbase due to the Hyperliquid agreement and dwindling crypto markets. However, the bank expects higher interest rates to boost support for USDC revenue through 2027.

Related: Analysts remain split on Circle amid rising competition

This story was originally published by TheStreet on Jul 14, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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英国搜索新规削弱谷歌数据壁垒

重要性3/5 中等

与GOOG搜索壁垒直接相关且时效较新，但监管影响尚未量化，估值结论主要依赖平台预测模型。

标签

标的：`GOOG`来源：Simply Wall St.发布日期：2026-07-14重要性：3/5 中等评级理由：与GOOG搜索壁垒直接相关且时效较新，但监管影响尚未量化，估值结论主要依赖平台预测模型。评级依据：美东时间07/14发布，时效较新, 直接涉及GOOG核心搜索业务, 监管要求具有官方事件基础, 估值与长期预测来自第三方模型, 缺少合规成本和收入影响测算原文字数：776

中文摘要

核心结论

英国搜索排名透明度和数据可携带要求开始触及 Alphabet 的搜索数据优势，但近期业绩敏感项仍是人工智能搜索变现速度与高额基础设施投入对利润率的影响。文章认为，监管约束在资本承诺持续增加时会放大估值分歧。

重要性评级

评级：3/5（中等）

文章与 GOOG 的竞争壁垒和监管风险直接相关，发布时间较新；主要估值数字来自 Simply Wall St. 模型和分析师预测，事实增量有限。

关键事实

英国 CMA（竞争与市场管理局）本月对谷歌搜索提出新的行为要求，涉及排名透明度、非歧视原则和用户搜索数据可携带性。
英国用户预计可在三至六个月内把搜索数据转移给获授权第三方。
文章认为，竞争服务可利用用户导出的谷歌搜索数据开发产品，从数据积累环节削弱搜索壁垒。
Alphabet 正扩大人工智能基础设施 CapEx（资本开支），资金投向数据中心、Google Cloud（谷歌云）、搜索和 YouTube（视频平台）的新广告形式。
Simply Wall St. 模型预计 Alphabet 2029 年收入为 7,011 亿美元、盈利为 2,218 亿美元，对应收入年增速 18.4%。
该模型要求盈利较当前约 1,602 亿美元增加约 616 亿美元，并给出 427.89 美元公允价值及约 19%上行空间。
较谨慎的分析师情景假设收入年增速约 10.5%，利润率降至约 32.8%；平台同时展示低至现价下方 36%的其他估值。

作者观点与证据

文章倾向于把英国规则视为搜索护城河的新增压力，同时仍把人工智能搜索变现和资本开支回报列为近期主导变量。监管要求属于事件事实；2029 年收入、盈利和公允价值均为平台模型结果，不能视为公司指引或市场共识。

与相关标的的关系

GOOG（Alphabet 谷歌母公司）直接承受搜索排名和数据使用规则变化。数据可携带若促进替代搜索产品，可能影响搜索广告份额与数据优势；实际财务影响取决于执行细则、第三方采用率及用户迁移行为。

时效性与限制

文章发布于美东时间 07/14 18:14（UTC+8 07/15 06:14）。原文没有提供监管决定全文、合规成本或量化收入影响，且平台声明其分析可能未纳入最新价格敏感公告。

后续跟踪

CMA 最终执行细则和三至六个月实施进度
获授权第三方的数据访问范围与采用率
人工智能搜索广告变现和搜索份额
Alphabet 资本开支、云业务积压订单与利润率

英文原文

Should UK Search Data Portability Rules For Google Reshape Alphabet’s Competitive Moat (GOOGL) Narrative?

Sasha Jovanovic

Wed, July 15, 2026 at 6:14 AM GMT+8 3 min read

GOOG

+1.90%

GOOG

+1.90%

Earlier this month, the UK Competition and Markets Authority imposed new conduct requirements on Google's search business, ordering more transparent, non-discriminatory ranking practices and legally mandating data portability so UK users can move their search data to authorised third parties within three to six months.

By forcing clearer ranking criteria and user-controlled data sharing, UK regulators are directly challenging Google's search moat and opening the door for rival services built on exported Google search data.

We'll now examine how this push for fairer ranking and user data portability could influence Alphabet's previously balanced investment narrative.

This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality .

Alphabet Investment Narrative Recap

To own Alphabet, you need to believe that heavy AI and cloud investment will keep reinforcing its search, ads, and YouTube engines while funding massive data center buildouts. The UK CMA's new rules on fair ranking and data portability challenge aspects of Google's search advantage, but the most immediate swing factors still look like AI-driven Search monetization and whether record capital spending pressures margins more than expected.

This UK action lands just as Alphabet is sharply increasing AI infrastructure CapEx, supported by large fundraises and external TPU sales. That spending is meant to support Google Cloud's rapidly growing AI backlog and new ad formats in Search and YouTube, but it also makes legal and regulatory outcomes more important, because any constraint on using search data or ranking results could matter more when so much capital is already committed.

Yet beneath this upbeat story of AI and cloud growth, the UK ruling hints at regulatory risks to Alphabet's core search economics that investors should be aware of...

Read the full narrative on Alphabet (it's free!)

Alphabet's narrative projects $701.1 billion revenue and $221.8 billion earnings by 2029. This requires 18.4% yearly revenue growth and about a $61.6 billion earnings increase from $160.2 billion today.

Uncover how Alphabet's forecasts yield a $427.89 fair value , a 19% upside to its current price.

Exploring Other Perspectives

GOOGL 1-Year Stock Price Chart Some of the lowest ranked analysts were already cautious, assuming revenue grows only about 10.5% a year and margins fall toward 32.8%. When you add the UK's tougher stance on search data and ranking, their view highlights how much more worried some people are about regulation than the consensus, and why it can be worth comparing several opinions before you decide what you think.

Story Continues

Explore 96 other fair value estimates on Alphabet - why the stock might be worth 36% less than the current price!

The Verdict Is Yours

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

A great starting point for your Alphabet research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Our free Alphabet research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Alphabet's overall financial health at a glance.

Ready For A Different Approach?

Opportunities like this don't last. These are today's most promising picks. Check them out now:

The future of work is here. Discover the 32 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.

Outshine the giants: these 16 early-stage AI stocks could fund your retirement .

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 GOOGL .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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SpaceX逼近发行价压力位

重要性5/5 高

直接关联SPCX，价格、估值、筹码供给及新股市场数据完整，且发布时间接近当前交易日。

标签

标的：`SPCX`来源：Bloomberg发布日期：2026-07-14重要性：5/5 高评级理由：直接关联SPCX，价格、估值、筹码供给及新股市场数据完整，且发布时间接近当前交易日。评级依据：timeliness, evidence_strength, fact_density, source_quality原文字数：827

中文摘要

核心结论

SpaceX（SPCX）连续三日下跌后收于136.08美元，仅比135美元首次公开募股价格高1美元；上市后高点以来已回撤约三分之一，市值减少近8,500亿美元。高估值和未来限售股释放构成持续供给压力。

重要性评级

评级：5/5（高）

报道直接覆盖SPCX，结合价格、估值、指数纳入、分析师观点和新股样本，事实密度与来源质量较高。

关键事实

07/14股价下跌2.2%，收于136.08美元，距离135美元发行价仅1美元。
股价已跌破首日收盘价160.95美元，并较上市后高点下跌约三分之一。
市值从高点减少近8,500亿美元。
预期市销率超过30倍，在纳斯达克100指数成分股中居高位，仅略低于Palantir（PLTR）。
公司一周前通过快速纳入规则进入纳斯达克100指数。
超过80%的覆盖分析师给出相当于买入的评级，平均目标价236.25美元，较07/14收盘价高逾70%。
对30宗大型科技首次公开募股的研究显示，上市首年最大跌幅平均为55%。
截至07/13，2026年美国传统首次公开募股加权平均回报为5.3%。

作者观点与证据

报道呈现两条相反叙事：空方强调30倍以上市销率和未来限售股分批释放，部分观察者则认为发行价附近可能吸引此前未获配售的需求。分析师目标价与当前价格差距很大，但上市时间短，长期经营数据尚不足。

与相关标的的关系

SPCX是直接标的；摩根士丹利、摩根大通和高盛参与启动研究覆盖，PLTR提供高估值参照，SK Hynix则是同期大型上市案例。

时效性与限制

发布于美东时间 07/14 18:05（UTC+8 07/15 06:05）。文章反映上市数周后的短期交易结构，限售股释放规模与日期未量化。

后续跟踪

股价能否守住135美元发行价
限售股分批释放的规模与节奏
指数基金被动配置后的增量需求
收入增速与30倍以上市销率的匹配度

英文原文

SpaceX Fizzles to Close $1 Above IPO Price Weeks After Debut

Carmen Reinicke and Bailey Lipschultz

Wed, July 15, 2026 at 6:05 AM GMT+8 3 min read

SPCX

-2.20%

+9.00%

SKHY

+27.29%

PLTR

+2.83%

+2.98%

(Bloomberg) -- Three days of losses have brought SpaceX shares to the brink of falling below their initial public offering price, a key level that traders and investors watch to assess the health of new issues.

五大银行利润增至490亿美元

重要性3/5 中

SpaceX上市与SPCX直接相关，银行利润数字也具时效性，但文章正文严重不足，难以核验归因。

标签

标的：`SPCX`来源：The Wall Street Journal发布日期：2026-07-14重要性：3/5 中评级理由：SpaceX上市与SPCX直接相关，银行利润数字也具时效性，但文章正文严重不足，难以核验归因。评级依据：timeliness原文字数：86

中文摘要

核心结论

《华尔街日报》简讯称，美国五家大型银行合计利润增长39%，超过490亿美元，主要受风险偏好上升、华尔街费用收入、SpaceX首次公开募股和人工智能热潮推动。原文只有一段摘要，缺少银行分项、比较基期和费用构成。

重要性评级

评级：3/5（中）

利润合计和SpaceX上市对SPCX有直接主题关联，但正文被截断，无法独立核验各银行贡献及具体因果。

关键事实

文章发布于美东时间 07/14 18:01（UTC+8 07/15 06:01）。
报道覆盖美国五家大型贷款机构，其中点名JPMorgan Chase和Goldman Sachs。
五家银行合计利润超过490亿美元，同比增长39%。
摘要把利润增长与风险偏好环境、华尔街费用、SpaceX首次公开募股及人工智能热潮联系起来。
行情标签包括GS、C、JPM和SPCX，但原文未提供逐家公司业绩数据。

作者观点与证据

文章将资本市场活动复苏视为银行利润增长的重要驱动，但现有归档仅保留导语，没有收入分项、承销费用、交易收入或管理层解释。SpaceX首次公开募股的贡献规模也未量化。

与相关标的的关系

SPCX与SpaceX首次公开募股直接相关，银行可能通过承销和交易活动获得费用。JPM、GS和C为银行板块观察对象，但简讯没有列明各自承担的角色或收益。

时效性与限制

信息时间接近当日日报，但正文不完整，39%增幅和超过490亿美元的合计值缺少分项表支持。

后续跟踪

五家银行各自利润和投资银行收入。
SpaceX上市承销费用及参与机构名单。
人工智能融资活动对费用收入的实际贡献。
风险偏好变化对后续交易收入的影响。

英文原文

Bank Bonanza: Heard on the Street Recap

Bank Bonanza: Heard on the Street Recap · The Wall Street Journal · Marketwatch

Heard Editors

Wed, July 15, 2026 at 6:01 AM GMT+8

+9.00%

-5.29%

+2.50%

SPCX

-2.20%

Five of the nation’s largest lenders—including JPMorgan Chase and Goldman Sachs—reported a 39% jump in combined earnings to over $49 billion, driven by surging Wall Street fees from a widespread “risk-on” environment, the recent SpaceX IPO, and the AI boom.

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Alphabet财报前盈利预期升温

重要性3/5 中

临近财报且提供完整盈利共识与估值数据，但业务分析较浅。

标签

标的：`GOOG`来源：Zacks发布日期：2026-07-14重要性：3/5 中评级理由：临近财报且提供完整盈利共识与估值数据，但业务分析较浅。评级依据：GOOG直接相关, 包含7月22日财报节点, 盈利共识数据完整, 缺少分部经营分析原文字数：611

中文摘要

核心结论

Alphabet（GOOG）在7月14日收于357.33美元，单日上涨1.9%，跑赢主要指数。市场焦点转向7月22日财报，Zacks预计季度每股收益和收入均同比增长约24%，但当前估值高于行业平均。

重要性评级

评级：3/5（中）

财报日期、盈利共识和估值数据对GOOG具有直接参考价值；文章主要复述行情和Zacks评级体系，缺少业务分部变化。

关键事实

GOOG收于357.33美元，较前一交易日上涨1.9%。
同日标普500指数上涨0.38%，道琼斯工业平均指数上涨0.02%，纳斯达克指数上涨0.9%。
此前一个月GOOG下跌4.48%；科技板块下跌1.5%，标普500上涨1.27%。
Alphabet计划于7月22日公布业绩，原文未给出具体时刻。
市场预计季度每股收益2.86美元，同比增长23.81%；收入1,012.2亿美元，同比增长23.86%。
全年共识为每股收益14.32美元、收入4,236.3亿美元，分别同比增长32.47%和23.54%。
过去一个月每股收益共识上调0.14%，Zacks评级为第1级“强力买入”。
预期市盈率24.49倍，高于行业平均17.41倍；PEG（市盈增长比率）为1.5，行业平均1.6。

作者观点与证据

文章依据盈利预测修订和Zacks量化评级表达积极倾向。共识预测、估值和相对涨跌均为可量化证据，但Zacks历史回报宣传与当前Alphabet基本面没有直接证明关系。

与相关标的的关系

GOOG将直接受7月22日财报、广告、云服务及AI投入表现影响。标普500、道指和纳指只用于衡量当日相对表现，不能解释公司上涨原因。

时效性与限制

发布于美东时间 07/14 17:45（UTC+8 07/15 05:45）。文章没有分析Google Cloud（谷歌云）、搜索广告、资本支出或监管风险，且财报仅给出日期，未提供具体时刻。

后续跟踪

7月22日收入和每股收益相对共识的差异
谷歌云与搜索广告增速
AI资本支出及折旧压力
财报前后的分析师预测修订

英文原文

Alphabet Inc. (GOOG) Exceeds Market Returns: Some Facts to Consider

Alphabet Inc. (GOOG) Exceeds Market Returns: Some Facts to Consider · Zacks

Zacks Equity Research

Wed, July 15, 2026 at 5:45 AM GMT+8 3 min read

GOOG

+1.90%

^GSPC

+0.38%

^DJI

+0.02%

^IXIC

+0.90%

GOOG

+1.90%

In the latest trading session, Alphabet Inc. (GOOG) closed at $357.33, marking a +1.9% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.38%. Elsewhere, the Dow saw an upswing of 0.02%, while the tech-heavy Nasdaq appreciated by 0.9%.

Heading into today, shares of the company had lost 4.48% over the past month, lagging the Computer and Technology sector's loss of 1.5% and the S&P 500's gain of 1.27%.

Investors will be eagerly watching for the performance of Alphabet Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 22, 2026. The company is expected to report EPS of $2.86, up 23.81% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $101.22 billion, indicating a 23.86% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $14.32 per share and revenue of $423.63 billion, which would represent changes of +32.47% and +23.54%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Alphabet Inc. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.14% rise in the Zacks Consensus EPS estimate. Alphabet Inc. currently has a Zacks Rank of #1 (Strong Buy).

From a valuation perspective, Alphabet Inc. is currently exchanging hands at a Forward P/E ratio of 24.49. This represents a premium compared to its industry average Forward P/E of 17.41.

We can also see that GOOG currently has a PEG ratio of 1.5. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Internet - Services was holding an average PEG ratio of 1.6 at yesterday's closing price.

Story Continues

The Internet - Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 94, placing it within the top 39% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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

Alphabet Inc. (GOOG) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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微软业绩前估值与预期扫描

重要性4/5 中高

提供MSFT财报前关键预期和估值基线，时效性强，但缺少分部经营证据。

标签

标的：`MSFT`来源：Zacks发布日期：2026-07-14重要性：4/5 中高评级理由：提供MSFT财报前关键预期和估值基线，时效性强，但缺少分部经营证据。评级依据：直接关联MSFT, 业绩日期与一致预期明确, 缺少公司专属催化和分部预测原文字数：590

中文摘要

核心结论

微软在大盘上涨时下跌1.55%，市场关注07/29（未给出具体时刻）业绩。Zacks一致预期显示季度收入与每股收益仍保持双位数增长，但未来市盈率20.27倍，高于行业16.31倍，业绩兑现质量将决定估值支撑。

重要性评级

评级：4/5（中高）

文章直接提供MSFT业绩日期、市场一致预期和估值，可作为财报前基线。内容主要是价格与Zacks模型摘要，没有新增公司披露或业务分部预测。

关键事实

MSFT最新收盘价为384.93美元，当日下跌1.55%；同期标普500指数上涨0.38%，道琼斯指数上涨0.02%，纳斯达克指数上涨0.9%。
过去一个月MSFT下跌2.19%，计算机与科技板块下跌1.5%，标普500指数上涨1.27%。
公司计划于07/29（未给出具体时刻）公布业绩。
市场预计季度每股收益为4.21美元，同比增长15.34%；收入874.4亿美元，同比增长14.39%。
全年每股收益一致预期为17.33美元，同比增长27.05%；收入3292.6亿美元，同比增长16.87%。
过去30天每股收益一致预期上调0.02%。
MSFT未来市盈率为20.27倍，高于行业16.31倍；市盈增长比率为1.19，行业均值为1.24。
Zacks给予MSFT第3级“持有”评级，软件行业排名第103位，位于约250个行业的前42%。

作者观点与证据

作者把近期价格表现、盈利预期修正和估值作为财报前观察框架。季度及全年数字均为市场一致预期，Zacks排名属于该机构的量化模型；文章没有覆盖Azure（微软云服务）、人工智能资本支出、商业预订或利润率等关键分部变量。

与相关标的的关系

MSFT是直接标的。标普500、道琼斯和纳斯达克仅用于衡量相对表现，不能解释微软当日下跌原因。

时效性与限制

文章发布于美东时间 07/14 17:45（UTC+8 07/15 05:45），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。文中未提供公司专属下跌催化，估值和一致预期会在财报前继续变化。

后续跟踪

07/29（未给出具体时刻）业绩与874.4亿美元收入预期的差异。
Azure增长、人工智能需求和商业预订。
资本支出、折旧及云业务利润率。
财报前后每股收益预期修正和估值变化。

英文原文

Microsoft (MSFT) Stock Declines While Market Improves: Some Information for Investors

Microsoft (MSFT) Stock Declines While Market Improves: Some Information for Investors · Zacks

Zacks Equity Research

Wed, July 15, 2026 at 5:45 AM GMT+8 3 min read

MSFT

-1.55%

^GSPC

+0.38%

^DJI

+0.02%

In the latest trading session, Microsoft (MSFT) closed at $384.93, marking a -1.55% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.38% for the day. Meanwhile, the Dow experienced a rise of 0.02%, and the technology-dominated Nasdaq saw an increase of 0.9%.

The stock of software maker has fallen by 2.19% in the past month, lagging the Computer and Technology sector's loss of 1.5% and the S&P 500's gain of 1.27%.

Analysts and investors alike will be keeping a close eye on the performance of Microsoft in its upcoming earnings disclosure. The company's earnings report is set to go public on July 29, 2026. The company is expected to report EPS of $4.21, up 15.34% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $87.44 billion, indicating a 14.39% upward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $17.33 per share and a revenue of $329.26 billion, signifying shifts of +27.05% and +16.87%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Microsoft. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% higher. Microsoft presently features a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Microsoft has a Forward P/E ratio of 20.27 right now. This denotes a premium relative to the industry average Forward P/E of 16.31.

It is also worth noting that MSFT currently has a PEG ratio of 1.19. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Computer - Software industry held an average PEG ratio of 1.24.

Story Continues

The Computer - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 103, positioning it in the top 42% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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

Microsoft Corporation (MSFT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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微软裁员重整游戏业务

重要性4/5 中高

事件直接影响MSFT成本结构和游戏战略，并关联大额人工智能支出，但财务影响尚未量化。

标签

标的：`MSFT`来源：Insider Monkey发布日期：2026-07-14重要性：4/5 中高评级理由：事件直接影响MSFT成本结构和游戏战略，并关联大额人工智能支出，但财务影响尚未量化。评级依据：直接关联MSFT, 裁员规模与业务分布明确, 资本支出口径和财务影响待核实原文字数：323

中文摘要

核心结论

微软计划裁减4800个岗位，约占全球员工2.1%，其中Xbox游戏业务涉及3200人，并可能剥离最多五家工作室。公司将此解释为业务组合调整，并称被裁岗位不会由人工智能直接替代；外部分析师认为节省资源可能支持高额人工智能基础设施投入。

重要性评级

评级：4/5（中高）

裁员规模、业务分布和2026年资本支出预测均与MSFT直接相关。核心事件来自路透社转述，文章未提供微软正式文件、一次性费用或利润率影响测算。

关键事实

07/06（未给出具体时刻），路透社报道称微软将裁减4800个岗位，约占全球员工2.1%。
Xbox业务涉及约3200个岗位，并可能剥离最多五家游戏工作室。
调整发生在微软多年投入游戏业务并完成动视暴雪收购之后。
公司正扩大跨平台游戏发行，降低对主机独占内容的依赖。
首席人事官Amy Coleman表示，被取消的岗位不会由人工智能直接替代，同时承认人工智能正在改变工作方式。
Equisights Research将此解读为业务组合再分配和运营纪律。
D.A. Davidson分析师认为微软通过减少人员为人工智能投资腾挪资金并维持利润率。
路透社称微软预计2026年支出1900亿美元，主要用于人工智能基础设施。

作者观点与证据

裁员人数和业务调整引用路透社，资源转向人工智能和维持利润率属于外部分析师解释。1900亿美元支出的定义、是否包含全部资本开支及分项结构未在文章中展开。

与相关标的的关系

MSFT是唯一直接标的。裁员影响Xbox成本、游戏工作室组合和跨平台战略；对云计算与人工智能业务的影响主要体现在资本配置，尚未形成量化盈利贡献。

时效性与限制

文章发布于美东时间 07/14 17:44（UTC+8 07/15 05:44），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32），基础新闻发生于07/06（未给出具体时刻）。文章为Insider Monkey二次整理并包含其他股票推广，应以微软公告及路透社原文复核。

后续跟踪

裁员的一次性费用及年度成本节省规模。
最终剥离的游戏工作室数量和交易条件。
Xbox跨平台发行对收入、订阅和利润率的影响。
1900亿美元支出的口径及人工智能基础设施回报。

英文原文

Microsoft Corporation (MSFT) to Cut 4,800 Jobs

Fatima Gulzar

Wed, July 15, 2026 at 5:44 AM GMT+8 2 min read

MSFT

-1.55%

We recently published Ray Dalio Stock Portfolio: 10 Best Stocks to Buy . Microsoft Corporation (NASDAQ:MSFT) is one of Ray Dalio's best stocks to buy.

On July 6, Reuters reported that Microsoft Corporation (NASDAQ:MSFT) said it will cut 4,800 jobs, or about 2.1% of its global workforce. It is restructuring its Xbox business with 3,200 gaming-related layoffs and the divestment of up to five studios.

Reuters said the move follows years of heavy investment in gaming, including the Activision Blizzard acquisition. The tech giant moves toward distributing games across more platforms instead of relying on console exclusives.

Chief People Officer Amy Coleman told employees, "The roles eliminated today are not being replaced by AI," and that "AI is changing how work gets done."

Is Microsoft (MSFT) The Best NASDAQ 100 Stock to Buy Other Than SpaceX? Copyright: rawpixel / 123RF Stock Photo

Equisights Research CEO Parth Talsania said the cuts reflected portfolio reallocation and operating discipline rather than a new catalyst for the stock . On the other hand, D.A. Davidson Managing Director Gil Luria said Microsoft Corporation (NASDAQ:MSFT) has reduced headcount to fund AI investments while maintaining margins.

Reuters said the company projected $190 billion in 2026 spending, mainly due to AI infrastructure.

Microsoft Corporation (NASDAQ:MSFT) creates and supports software, services, devices, and solutions. Its business is divided into productivity and business processes, intelligent cloud, and more personal computing segments.

Stocks& Bonds

While we acknowledge the potential of MSFT 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 .

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Alphabet印度数据中心扩张

重要性3/5 中

145亿美元项目对Alphabet区域基础设施布局具有直接意义，但经营与回报信息不足。

标签

标的：`GOOG`来源：Insider Monkey发布日期：2026-07-14重要性：3/5 中评级理由：145亿美元项目对Alphabet区域基础设施布局具有直接意义，但经营与回报信息不足。评级依据：GOOG直接相关, UNCTAD宏观数据, 包含145亿美元项目, 缺少建设与财务细节原文字数：304

中文摘要

核心结论

联合国贸易和发展会议数据显示，Alphabet（GOOGL）在印度安得拉邦的145亿美元数据中心项目，是印度2025年外国直接投资增长44%至390亿美元的重要大型项目。投资增长集中于少数数字基础设施项目，制造业绿地投资反而明显收缩。

重要性评级

评级：3/5（中）

大型数据中心投资直接关系Alphabet的AI与云基础设施布局，也提供印度资本流向背景；文章篇幅短，且标题中的达利欧持仓信息没有规模或申报日期支持。

关键事实

彭博社7月8日援引UNCTAD（联合国贸易和发展会议）数据报道Alphabet在安得拉邦建设145亿美元数据中心。
印度2025年外国直接投资增长44%至390亿美元。
Hynfra另有40亿美元绿色氢能项目。
已宣布绿地投资下降约33%至740亿美元。
制造业投资由上年约650亿美元降至270亿美元。
服务业绿地投资超过制造业，数字基础设施是主要方向。
亚马逊在报道所称“上月”追加承诺130亿美元印度投资，涵盖AI和云基础设施。
UNCTAD提示关税不确定性、供应链重整和全球投资情绪偏弱继续压制新承诺。

作者观点与证据

文章借UNCTAD数据说明Alphabet项目对印度外国直接投资增长贡献显著，并强调增长集中度。结尾关于其他AI股票上行空间的表述属于推广内容，没有提供估值或经营证据；标题所称“达利欧投资组合”也没有列出持仓规模。

与相关标的的关系

GOOG/GOOGL通过数据中心扩张增加印度云计算和AI基础设施能力，未来影响取决于建设节奏、利用率和当地需求。AMZN同样追加印度AI及云投资，构成区域资本支出对照。

时效性与限制

发布于美东时间 07/14 17:44（UTC+8 07/15 05:44），关键投资数据源于7月8日彭博社对UNCTAD的转述。文章没有项目投产时间、融资结构、能源需求或财务回报数据。

后续跟踪

安得拉邦数据中心审批、建设和投产进度
Alphabet印度资本支出及云收入
亚马逊130亿美元追加投资的执行情况
印度绿地投资和制造业投资是否企稳

英文原文

Is Alphabet Inc. (GOOGL) Among the Ray Dalio Stock Portfolio: 10 Best Stocks to Buy?

Fatima Gulzar

Wed, July 15, 2026 at 5:44 AM GMT+8 1 min read

GOOG

+1.90%

AMZN

+0.07%

GOOG

+1.90%

Alphabet Inc. (NASDAQ:GOOGL) is among the Ray Dalio Stock Portfolio .

On July 8, Bloomberg, citing UN Trade and Development (UNCTAD), reported that Alphabet Inc. (NASDAQ:GOOGL)'s $14.5 billion data center project in Andhra Pradesh helped grow India's foreign direct investment by 44% to $39 billion in 2025.

The agency said the increase also shows Hynfra's $4 billion green hydrogen investment. It also reported that a small number of large projects, rather than broad-based corporate spending, caused the growth.

Photo by Firmbee.com on Unsplash

UNCTAD also disclosed that announced greenfield investment fell about 33% to $74 billion, with manufacturing investment dropping to $27 billion from about $65 billion a year earlier as companies reduced project sizes. Services outpaced manufacturing in greenfield investment as businesses expanded digital infrastructure, while financial services attracted renewed activity. UNCTAD revealed that Amazon committed an additional $13 billion last month for planned investments in India. It includes AI and cloud infrastructure. The agency warned that tariff uncertainty, supply-chain realignment, and weaker global investment sentiment are still dragging down new commitments.

Alphabet Inc. (NASDAQ:GOOGL) is a holding firm that invests in software, healthcare, transportation, and other technology. It works in Google Services, Google Cloud, and Other Bets segments.

While we acknowledge the potential of GOOGL 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 .

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亚马逊拟发债融资250亿美元

重要性5/5 极高

融资规模大、需求明确且直接关联亚马逊资本支出与资本结构，也会影响科技行业债券供给。

标签

标的：`GOOG`, `MSFT`来源：Insider Monkey发布日期：2026-07-14重要性：5/5 极高评级理由：融资规模大、需求明确且直接关联亚马逊资本支出与资本结构，也会影响科技行业债券供给。评级依据：250亿美元债券发行, 620亿美元峰值需求, AMZN直接相关, 最终定价尚未披露原文字数：328

中文摘要

核心结论

亚马逊（AMZN）计划通过美元债券发行筹集250亿美元，资金将用于一般公司用途、未来资本支出及偿还到期债务。620亿美元峰值认购需求和八档期限结构显示融资需求获得较强承接，也反映大型科技公司正更多借助债务支持AI基础设施支出。

重要性评级

评级：5/5（极高）

250亿美元融资规模、债券需求和用途均直接影响亚马逊资本结构，并对MSFT、GOOG和META的AI融资环境形成同业参照。

关键事实

路透社7月7日报道，亚马逊计划发行250亿美元美元债券。
彭博社称订单需求峰值达到620亿美元。
债券分为八档固定及浮动利率票据，到期年份覆盖2029年至2066年。
公司称资金用于一般公司用途，包括未来资本支出和偿还即将到期的债务。
Barclays（巴克莱）、高盛、摩根大通和摩根士丹利担任联席簿记管理人。
报道称Alphabet、微软和Meta预计当年AI支出合计超过7000亿美元。
Meta此前完成250亿美元投资级债券发行，2025年10月还曾发行300亿美元。
亚马逊3月曾在一笔超额认购债券发行中筹集370亿美元。

作者观点与证据

文章认为此次发行延续大型科技企业以债务支持AI资本支出的趋势。发行规模、期限和资金用途构成直接证据，但没有提供票息、发行利差、信用评级或资本支出项目拆分。正文关于“Alphabet近期宣布850亿美元股权发行”的说法异常，需由公司公告或监管文件核验。

与相关标的的关系

AMZN的利息负担、债务期限和AI基础设施回报将直接影响自由现金流。MSFT、GOOG和META作为资本支出及融资对照，可能共同影响投资级债券供给和科技行业信用利差。

时效性与限制

发布于美东时间 07/14 17:44（UTC+8 07/15 05:44），主要事件发生于7月7日。文章未提供最终定价结果，且若干同业融资与支出数字需要原始披露确认。

后续跟踪

债券最终票息、发行利差和评级
250亿美元资金的资本支出分配
亚马逊全年AI及云基础设施投入
债务增加对利息费用和自由现金流的影响

英文原文

Amazon.com, Inc. (AMZN) Aims to Raise $25 billion from Bond Sale

Fatima Gulzar

Wed, July 15, 2026 at 5:44 AM GMT+8 2 min read

AMZN

+0.07%

GOOG

+1.90%

DX-Y.NYB

-0.11%

MSFT

-1.55%

META

+0.66%

Amazon.com, Inc. (NASDAQ:AMZN) is among the Ray Dalio Stock Portfolio .

On July 7, Reuters reported that Amazon.com, Inc. (NASDAQ:AMZN) said it plans to raise $25 billion through a US dollar bond sale. It will extend Big Tech's focus toward debt financing as companies are increasing AI infrastructure spending.

Reuters said the firms, Alphabet, Microsoft, and Meta, are expected to spend more than $700 billion on AI this year. Bloomberg News said demand for Amazon.com, Inc. (NASDAQ:AMZN)'s offering peaked at $62 billion. The company structured the sale across eight tranches of fixed and floating-rate notes with maturities ranging from 2029 to 2066.

Amazon.com, Inc. (AMZN) Aims to Raise $25 billion from Bond Sale Ttatty / Shutterstock.com

An Amazon spokesperson said the proceeds will be used for general corporate purposes, including future capital expenditures and repayment of upcoming debt maturities. The tech giant also named Barclays, Goldman Sachs, JP Morgan, and Morgan Stanley as joint book-running managers.

Reuters noted Alphabet recently announced an $85 billion equity sale, while Meta completed $25 billion of investment-grade bonds earlier this year after a $30 billion offering in October.

Amazon previously targeted $37 billion in an oversubscribed bond sale in March.

Amazon.com, Inc. (NASDAQ:AMZN) is a globally recognized technology firm that provides online retail shopping operations. It functions in North America, International, and Amazon Web Services segments.

While we acknowledge the potential of AMZN 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 .

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苹果增长兑现与估值溢价

重要性4/5 中高

包含苹果最新增长、估值和成本指引，对大型科技股日报具有直接价值，但部分叙述和结尾带有营销属性。

标签

标的：`GOOG`, `MSFT`来源：Trefis发布日期：2026-07-14重要性：4/5 中高评级理由：包含苹果最新增长、估值和成本指引，对大型科技股日报具有直接价值，但部分叙述和结尾带有营销属性。评级依据：timeliness, fact_density, evidence_strength原文字数：638

中文摘要

核心结论

苹果的上涨得到收入、利润率和 iPhone 需求支撑，但38倍市盈率已经计入较高增长预期。六月季度收入增速及存储器成本对利润率的影响，是检验当前估值的两项直接指标。

重要性评级

评级：4/5（中高）

文章提供苹果最新经营指标、管理层指引和估值对照，与大型科技股估值及供应链成本直接相关；来源带有产品推广内容，判断需与公司财报核对。

关键事实

苹果股价过去一年上涨50%，约为317美元，接近52周高点，趋势强度位于美国大型公司前19%。
过去十二个月营业利润率为33%，高于标普500指数18.4%的中位数；收入增长12.8%，也高于7.5%的市场中位数。
三月季度收入达到1,112亿美元，同比增长17%；iPhone（苹果智能手机）收入增长22%。
苹果市盈率为38.0倍，标普500指数中位数为24.5倍；市销率为10.3倍，超过市场中位数三倍。
管理层预计六月季度收入同比增长14%至17%。
公司预计下一季度存储器成本显著上升，并称六月以后影响还会扩大。

作者观点与证据

作者认为苹果的行情具有经营基础，同时强调市场已经为质量支付显著溢价。收入、利润率和管理层指引属于可核验事实；“上涨空间仍存”的判断依赖需求持续超过成本增幅，文末税务与筛选工具内容带有营销属性。

与相关标的的关系

AAPL（苹果）是直接研究对象。AMZN（亚马逊）、GOOG（Alphabet谷歌母公司）和MSFT（微软）仅构成大型科技估值背景，原文没有提供这些公司的经营比较。

时效性与限制

发布于美东时间 07/14 17:31（UTC+8 07/15 05:31）。文中没有给出存储器成本的金额影响，也未拆分产品与服务业务对六月季度指引的贡献。

后续跟踪

六月季度收入能否落在14%至17%的指引区间。
存储器成本变化及毛利率、营业利润率表现。
iPhone 17系列销量与服务收入增速。
市盈率相对盈利预期的变化。

英文原文

What You Actually Pay To Join The AAPL Run

Trefis Team

Wed, July 15, 2026 at 5:31 AM GMT+8 3 min read

AAPL

-0.77%

AMZN

+0.07%

-0.57%

GOOG

+1.90%

MSFT

-1.55%

Photo by kreatikar on Pixabay The technology giant is on a historic run fueled by real business strength, but every investor eyeing the stock today must ask if the ticket price already accounts for the victory lap.

Apple (AAPL) designs and sells some of the world's most recognizable consumer electronics and services. The market has taken notice, bidding the stock up 50% over the past year to trade around $317 a share, near its 52-week high. This is a classic momentum story, with the stock's trend strength ranking in the top 19% of large U.S. companies. The open question for any would-be buyer is whether this is momentum with fuel left in the tank or momentum that is already fully priced.

Is This Run Fueled by More Than Hype?

This is not a speculative rally. The stock's powerful run is backed by a real business engine of exceptional quality. Apple's operating margin over the last twelve months stands at 33%, far outpacing the 18.4% median for the S&P 500. Its revenue grew 12.8% over the same period, again beating the market median of 7.5%.

This performance is anchored in overwhelming product demand. The company just posted a record March quarter, with revenue hitting $111.2 billion, up 17% from a year ago. The driver was the iPhone, which saw revenue grow 22% year-over-year. Management calls the iPhone 17 family the "most popular lineup in our history when looking at the launch through the March quarter." This is a business firing on all cylinders.

The Market Is Already Charging A Premium For Quality.

The price of admission for this kind of performance is steep. Apple trades at a price-to-earnings multiple of 38.0, a significant premium to the S&P 500 median of 24.5. Its price-to-sales multiple of 10.3 is more than triple the market median. The market sees the quality and is charging for it, which naturally leads to questions about potential vulnerabilities. A recent analysis, for instance, considers the real risk inside Apple stock .

The most immediate business risk comes from the supply chain. Management was clear on its latest earnings call that it expects "significantly higher memory costs" in the coming quarter. More pointedly, they warned that beyond June, they "believe memory costs will drive an increasing impact on our business." This is the honest catch: a direct threat to the elite profitability that underpins the stock's premium valuation. For investors who prefer the broader theme without the single-company risk, a broad technology ETF like VGT offers an alternative.

What Will Settle the Debate Over Apple's Next Move?

Story Continues

The tension is clear. Can solid demand outrun rising costs? For now, the company believes it can. Management has guided for total company revenue in the June quarter to grow by 14% to 17% year-over-year. That specific range is the number to watch. It represents the company's confidence in its ability to keep the engine pulling, even as the track gets steeper. How Apple performs against that guidance will tell investors whether there is still room to run.

For more runs powered by rising forecasts rather than pure sentiment, our Guidance Momentum screen surfaces exactly those setups, daily.

Winners Have A Way Of Taking Over Portfolios

A quality stock in a real uptrend is exactly the kind of position that quietly grows into most of your wealth - and the same momentum that built the gain can reverse it. Trimming the winner the usual way hands a chunk of those gains to the IRS. There is a way to lock in the gains and diversify without the tax hit .

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博通AI芯片扩张压低毛利

重要性4/5 中高

毛利率和客户集中直接影响AVGO盈利质量与估值，且有管理层指引支持。

标签

标的：`MRVL`来源：Trefis发布日期：2026-07-14重要性：4/5 中高评级理由：毛利率和客户集中直接影响AVGO盈利质量与估值，且有管理层指引支持。评级依据：直接关联AVGO, 毛利率指引明确, 客户集中风险, 竞争影响尚未量化原文字数：818

中文摘要

核心结论

博通（AVGO）的定制人工智能芯片收入快速扩大，但该业务毛利率低于传统软件，收入结构变化正压低合并毛利率。与此同时，人工智能半导体收入依赖六家核心客户，客户分散采购可能放大增长和估值波动。

重要性评级

评级：4/5（中高）

文章抓住AVGO利润结构和客户集中两项关键变量，并引用管理层指引；部分远期收入数字和竞争威胁仍需回查正式披露。

关键事实

期权市场隐含波动率位于过去一年区间的第92百分位。
管理层预计第三季度合并毛利率降至约74%。
首席财务官称TPU（张量处理器）等定制芯片占比上升，将持续对整体毛利率形成压力。
公司当前通过成本控制维持营业利润率稳定。
人工智能业务依赖六家核心客户。
文章称2026年人工智能半导体收入预测为560亿美元，远期可能超过1,000亿美元。
媒体报道联发科可能争取谷歌相关业务；博通首席执行官也预计谷歌会寻求供应来源多样化。
AVGO过去一年曾出现29%的峰谷跌幅。

作者观点与证据

作者认为，低毛利定制芯片占比提高和客户集中度上升，可能削弱支撑博通溢价估值的历史财务特征。毛利率指引和管理层表态构成直接证据；联发科竞争及谷歌采购变化尚未量化。

与相关标的的关系

AVGO是直接研究对象。MRVL、AMD、NVDA、QCOM和TXN属于芯片竞争或估值比较组，但正文只具体提及联发科与谷歌潜在采购多元化，未给出这些相关ticker的订单份额。

时效性与限制

文章发布于美东时间07/14 17:22（UTC+8 07/15 05:22）。原文没有列出六家客户身份、单一客户收入占比、定制芯片实际毛利率或1,000亿美元目标的时间范围。

后续跟踪

第三季度实际毛利率与产品组合。
六家核心客户的订单和采购份额。
谷歌是否引入第二供应商。
人工智能半导体收入增长与营业利润率。

英文原文

The Real Risk Inside Broadcom Stock

Trefis Team

Wed, July 15, 2026 at 5:22 AM GMT+8 4 min read

AVGO

+1.32%

+2.57%

+2.34%

MRVL

+2.26%

QCOM

-3.20%

Photo by deeznutz1 on Pixabay The company's historic AI boom is undeniable, but it's also reshaping the business in ways that could challenge its premium valuation.

If you hold Broadcom (AVGO) stock, you've been rewarded for betting on one of the biggest players in the AI buildout. The growth has been substantial. But behind the large numbers, the very nature of Broadcom's business is changing, and that shift carries the biggest risks to the stock today. The options market is certainly seeing something, pricing in an unusually large potential move with implied volatility in the 92nd percentile of its trailing one-year range.

This isn't about whether AI is real; it's about the specific price Broadcom is paying for its dominance and what that means for its financial profile. For a deeper look into this, it's worth considering what the market is really expecting from the stock's future performance.

The AI Boom Is Diluting Profitability

For years, investors prized Broadcom for its fortress-like margins. That story is getting more complicated. The company's fastest-growing segment, custom AI silicon, is less profitable than its legacy software business. As this new engine roars to life, it's mechanically pulling down the company's overall profitability.

You don't have to guess at this. Management has been direct about it. For Q3, the company expects consolidated gross margin to fall to approximately 74%. The reason, according to the CFO, is that custom chips like TPUs are a growing part of the mix, and as they "continue to accelerate, there will be pressure overall on margins." For now, the company is holding its operating margin stable through cost control. But the pressure on gross margin is real and growing, chipping away at the high profitability that has long justified the stock's premium valuation .

A Handful of Customers Hold The Keys

The second major risk is two sides of the same coin: customer concentration. Broadcom's strong AI trajectory is built on deep partnerships with just "6 core customers." This focus is a source of strength, but it's also a significant vulnerability. The company's forecast to hit $56 billion in AI semiconductor revenue in 2026 and in excess of $100 billion depends almost entirely on these few relationships.

This isn't a theoretical concern. A recent news report highlighted a potential threat from a competitor, MediaTek, for work with Google. While Broadcom has a long-term agreement with Google, the CEO acknowledged on the latest earnings call that he expects the cloud giant will want "some diversity of sources." If even one of these key partners pulls back or meaningfully diversifies its spending, it could create a hole in Broadcom's growth story that would be difficult to fill quickly. The stock has shown it can decline sharply, with a peak-to-trough drop of -29% over the past year, and this kind of customer-specific news is exactly the type of catalyst that could test it again.

Story Continues

Broadcom is successfully navigating a significant transition, but the result is a business that is more concentrated and, at the gross margin line, less profitable than its historical profile. The key risk is whether its noted operating discipline can hold the line if that gross margin pressure continues to build.

How Much Hidden Risk Are You Already Holding?

A threat like this is a reminder that every stock you own carries risk you cannot always see coming, and the options market puts a number on exactly that uncertainty: the expected move it prices in for the year ahead. Our Expected Move screen shows which S&P 500 names carry the widest priced-in swings, so you can see whether the rest of your portfolio is sitting on risk you have not accounted for. And if you would rather not carry this one name's risk alone, a semiconductor ETF like SOXQ spreads it across the whole group.

What Is The Safer Way To Own A Risk Like This?

A real risk in one stock is a good reminder that you never have to carry it alone. Owning a single name means absorbing its full drawdown if the risk plays out; owning a diversified, quality-screened basket means a bad surprise in one place is cushioned by everything else. The goal is not to predict which stock stumbles; it is to make sure no single stumble matters too much.

That is the whole idea behind the Trefis High Quality (HQ) Portfolio . It weighs the full picture of quality across thousands of names, holds the 30 strongest, and re-balances them with discipline so one bad outcome cannot undo the rest. It has a track record of outpacing a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000.

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英伟达放大组合市场波动

重要性3/5 中

对NVDA组合风险评估有参考价值，业务数据较新，但核心统计缺少方法披露。

标签

标的：`MRVL`来源：Trefis发布日期：2026-07-14重要性：3/5 中评级理由：对NVDA组合风险评估有参考价值，业务数据较新，但核心统计缺少方法披露。评级依据：直接关联NVDA, 组合相关性视角, 管理层业务数据, 模型方法不透明原文字数：845

中文摘要

核心结论

文章把英伟达（NVDA）描述为高增长、高相关性和高下行弹性的市场放大器：过去五年回报突出，但持有它不能自然降低宽基市场风险。投资价值仍取决于新平台量产、客户需求和中国数据中心收入缺口。

重要性评级

评级：3/5（中）

文章提供组合风险视角和若干历史统计，但主要是Trefis自有模型分析，缺少计算方法、样本区间细节和独立验证。

关键事实

文章发布前一周，标普500指数下跌0.3%，英伟达上涨4.1%。
过去五年，英伟达与标普500的相关系数为0.7，同期年化回报为58%。
过去一年，在标普500上涨日，英伟达平均捕捉约175%的涨幅；在指数下跌日，平均承受约191%的跌幅。
最近一次业绩电话会中，管理层称总收入同比增长85%，Blackwell（新一代人工智能加速平台）实现公司历史最快产品爬坡。
公司认为Vera CPU（Vera中央处理器）对应约2,000亿美元TAM（潜在市场总规模）。
文章称中国数据中心收入目前为零。
下一代Vera Rubin平台计划于第三季度开始量产。

作者观点与证据

作者认为NVDA的独特业务并未转化为低市场相关性，风险调整应同时考虑相关系数和下跌日弹性。收入增速和产品路线图来自管理层口径；相关性、涨跌捕捉率和组合结论来自Trefis分析，原文未披露完整方法。

与相关标的的关系

NVDA是直接研究对象。AMD、AVGO、MRVL、QCOM和INTC属于半导体比较组，但正文未逐家公司分析；标普500指数用于衡量市场重叠风险。文章提到半导体ETF（交易所交易基金）SMH可提供行业层面的分散暴露，未比较其具体持仓结构。

时效性与限制

文章发布于美东时间07/14 17:11（UTC+8 07/15 05:11）。统计区间使用“过去一年”和“过去五年”的滚动口径，未给出起止日期、数据频率或股息处理方式。

后续跟踪

Vera Rubin第三季度量产进度。
Blackwell收入与毛利率变化。
中国数据中心收入恢复条件。
NVDA相对标普500的下跌弹性。

英文原文

NVIDIA Stock Amplifies Your Market Ride

Trefis Team

Wed, July 15, 2026 at 5:11 AM GMT+8 4 min read

NVDA

+4.06%

+2.57%

MRVL

+2.26%

QCOM

-3.20%

SPGI

+0.24%

Photo by manseok_Kim on Pixabay The chipmaker's recent strength is tempting, but its long-term behavior tends to magnify the market's moves, not counter them.

In a week when the S&P 500 slid 0.3%, NVIDIA (NVDA) managed to climb 4.1%, standing out as a pocket of strength in an otherwise weak market. This kind of divergence is exactly what catches an investor's eye.

The instinct here is powerful and simple: pile into the winner. When everything else is flat or falling, the urge to chase the one stock that's working can feel like the only smart move.

But the question that actually builds or breaks your wealth isn't about where this stock will be next week. It's about what owning it does to your entire portfolio. How much of its return is a genuinely different story, and how much is just a louder version of the market you already own through an index fund?

More Echo Than Counterpoint

For all its unique technology, NVIDIA's stock price doesn't move in a vacuum. Over the last five years, it has shown a high correlation to the S&P 500, with a reading of 0.7. A score of 1.0 would mean it moves in perfect lockstep with the index, so at 0.7, a large share of its performance overlaps with the broad market exposure you likely already have. It leans you further into the market's general direction rather than adding something truly new.

This isn't just an academic number; you feel it in the swings . Over the past year, on days the S&P 500 rose, NVIDIA captured about 175% of the market's gain. But on days the market fell, it absorbed about 191% of the loss. It tends to fall harder than it rises, relative to the market, making it a shock amplifier for your portfolio, not a shock absorber.

The Engine Behind the Swings

That volatility is rooted in a business running at a rapid pace. On its latest earnings call, management reported that total revenue was up 85% year over year, calling the ramp of its new Blackwell platform the "fastest product ramp in our company's history." This is the source of its powerful, market-beating annualized return of 58% over the past five years.

But the stakes are constantly rising. The company is now expanding into a new field with its Vera CPU, which it believes opens a "brand new $200 billion TAM for NVIDIA." This high-stakes expansion comes with immense execution risk, and it's happening while the company navigates a complete lack of data center revenue from China, a significant market it is now planning without.

So, what should you do? The easy move is to chase the recent 4.1% pop. The disciplined move is to understand what you're buying. NVIDIA offers the potential for exceptional returns, but it's a high-octane holding that largely follows the market's script, just with the volume turned way up. You own it knowing it will likely amplify your portfolio's moves, especially on the way down. The key business signal to watch now is the production ramp of its next-generation VeraRubin platform, which is slated to begin in the third quarter. Its success will be a crucial test of whether this historic growth can be sustained.

Story Continues

Zoom out from NVIDIA for a second, because the deeper question is not this one stock but your whole portfolio. Real steadiness comes from owning names that do not all sink at once when the market turns, and the prize is the ones that manage it while still earning their keep. Our correlation rankings are built for exactly that search: they rank S&P 500 stocks by how loosely each tracks the market alongside its one-year return, so you can spot the names that cushion you against market swings without costing you performance. And if it is exposure to semiconductors as a whole you want rather than this one name, a semiconductor ETF like SMH covers that single sector. Going broader than any one sector, to a quality-first mix across the whole market, is where the portfolio below comes in.

Where Does NVIDIA Fit In Your Portfolio?

Knowing how one stock behaves is the easy part. The hard part is the decision it leads to: how much of it to hold and what to pair it with so a single name's swings never come to dominate your results. That answer depends on everything else you own, which is the calculation most investors never actually run.

The Trefis High Quality (HQ) Portfolio runs it for you, weighing how each holding behaves alongside the others rather than on its own, inside a disciplined 30-stock core that is re-balanced as the picture changes and judged on far more than any single signal. It has outpaced a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000.

打开原文

DeepSeek上市筹备与算力含义

重要性3/5 中等

IPO传闻具时效性并涉及人工智能竞争格局，但对相关上市公司的影响间接，且缺少正式申报和量化资料。

标签

标的：`GOOG`来源：Yahoo Finance Video发布日期：2026-07-14重要性：3/5 中等评级理由：IPO传闻具时效性并涉及人工智能竞争格局，但对相关上市公司的影响间接，且缺少正式申报和量化资料。评级依据：美东时间07/14发布, 彭博社提供IPO传闻来源, 关联NVDA及大型模型平台竞争, 没有官方确认或申报文件, 缺少估值、融资规模和性能成本数据原文字数：656

中文摘要

核心结论

彭博社消息称 DeepSeek（深度求索）可能在 2026 年内或 2027 年申请 IPO（首次公开募股），并计划在上市前继续进行私募融资。Yahoo Finance（雅虎财经）评论认为，DeepSeek 的开放模型扩大了低成本人工智能应用选择，但前沿模型的训练和运行仍需要高性能处理器。

重要性评级

评级：3/5（中等）

上市筹备传闻时效较新，对人工智能模型竞争格局有参考价值；对 NVDA、GOOG、META 和 Anthropic 的影响属于间接行业映射，视频没有披露融资额、估值、上市地点或正式文件。

关键事实

彭博社报道称，DeepSeek 正为 IPO 做准备，最早可能在 2026 年内提交申请，也可能延至 2027 年。
公司据称希望在 IPO 前从私募市场筹集更多资金。
DeepSeek 因 R1 模型及较低训练成本受到关注，其模型采用开放方式供开发者使用。
视频评论指出，较低训练成本曾引发市场对英伟达算力需求的担忧，但更大、更复杂的前沿模型仍依赖高性能芯片完成训练和推理。
开放模型的吸引力来自较低使用成本，开发者可据需求选择 DeepSeek，而无需购买 Anthropic、OpenAI 或 Google 的高价闭源模型服务。
评论将高价前沿模型与满足一般需求的开放模型区分开来，但没有提供性能评测、成本数据或市场份额。

作者观点与证据

视频编辑认为，DeepSeek 提供了具竞争力的开放模型选择，同时否定了低成本训练会迅速消除高端算力需求的推断。IPO 时间来自彭博社报道；模型能力、成本和芯片需求部分主要是编辑口头分析，缺少招股文件和可复核指标。

与相关标的的关系

NVDA（英伟达）关联高性能训练与推理芯片需求；GOOG（Alphabet）和 META（Meta Platforms）关联开放与闭源模型竞争；ANTH.PVT（Anthropic 私营公司）关联付费前沿模型服务。文章列出的 RACE 与主题缺少清晰业务路径。

时效性与限制

视频发布于美东时间 07/14 16:57（UTC+8 07/15 04:57）。报道使用“可能”表述，未提供监管申报、承销安排、估值、融资规模或 DeepSeek 官方确认。

后续跟踪

DeepSeek 的正式融资或上市申报
拟上市地点、估值和募集资金用途
R1 后续模型的训练与推理成本
开放模型采用率及高端加速器需求

英文原文

Chinese AI model developer DeepSeek preps for IPO: What to know

Yahoo Finance Video

Wed, July 15, 2026 at 4:57 AM GMT+8

NVDA

+4.06%

ANTH.PVT

RACE.MI

-1.05%

GOOGL

+1.99%

META

+0.66%

Chinese large language model (LLM) developer DeepSeek is reportedly preparing for an IPO later this year or in 2027. Yahoo Finance Technology Editor Dan Howley outlines what we know so far.

Video Transcript

00:00 Speaker A

Bloomberg reporting Deep Seek is preparing for an IPO. They say may file as soon as this year, seeking to raise more funds in the private market ahead of that IPO. Maybe take a step back. First, just remind people, um all the excitement about Deep Seek. What is Deep Seek and why has it become such a big deal?

00:20 Speaker B

Yeah, I mean, Deep Seek is an open source uh AI model, right? They have different models in and of themselves, but uh they are the company is is deep seek. It was uh came out uh was it last year, the year before uh and knocked everyone's socks off, right? with their R1 model. Basically saying, uh we were able to train this on uh low powered uh uh AI chips uh and we have, you know, this great kind of uh capability.

00:58 Speaker B

Everybody said, oh god, we don't need Nvidia chips anymore. Uh abandoned ship. this is it. the AI, you know, kind of boom is over. Everyone can do this on on cheaper devices. Turns out not so much, right? Uh while the the cost of training may be lower or maybe going down uh for certain models, the larger models, you know, these these big frontier models, they still need a lot of heavy duty hardware to actually train. And then to run as well. That's, you know, the older models, it'll be easier to run them, but as as the models increase in size, increase in complexity, they still need high power processors to run. So that's basically the the kind of long and short of how we got to Deep Seek.

01:54 Speaker B

The the bigger thing here though is that because it's open source, a lot of uh developers have said, well, we don't got to pay that much to use this. So why don't we just use it, right? Instead of going with Anthropic or open AI and, you know, not for nothing, but uh Deep Seek has powerful models. It's not, you know, Mythos like, you know, uh Anthropic's, you know, super high-end AI that can, you know, hack into different pieces of software, but it is a good AI algorithm and an AI model. And so

02:35 Speaker B

there's a lot of developers around the world that look at that and say, well, why wouldn't we just use that? And so that's the draw there. And there's this uh dichotomy in uh AI right now between the closed models, those those mythosis, uh those Claudes and the the chaTBTs, uh sorry, GPT, you know, uh 5.4, uh 5.5, uh you look at Google and Gemini uh three, you know, those are closed models, uh and then as well as uh Meta's new muse uh Spark, I believe 1.1 is their their most recent model.

03:13 Speaker B

Uh and then these open source models. And the the idea is, okay, well, these are the frontier models, these are, you know, maybe not necessarily uh Spark 1.1, but you look at the the mythos and and you look at the the GPT 5.5, those are the the frontier, right? You're going to have to pay a lot of money to get access to that and you're going to get great performance for whatever your needs are. But maybe if you don't need the absolute best, if you don't need a Ferrari, why not get a Camry?

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华尔街旺季推升大行利润

重要性2/5 中低

银行财报主题有当日价值，但正文缺失严重，现阶段只能记录方向，无法支持深入比较。

标签

标的：`SPCX`来源：The Wall Street Journal发布日期：2026-07-14重要性：2/5 中低评级理由：银行财报主题有当日价值，但正文缺失严重，现阶段只能记录方向，无法支持深入比较。评级依据：timeliness, source_quality, limited_evidence, sector_relevance原文字数：79

中文摘要

核心结论

大型银行在华尔街业务活跃的季度实现利润跃升，摩根大通首席执行官Jamie Dimon称经营条件接近理想水平。现有摘录没有披露各银行收入、利润或业务分部数据。

重要性评级

评级：2/5（中低）

来源质量较高且事件新鲜，但存档仅有一句导语，无法评估盈利增长的规模、可持续性及银行间差异。

关键事实

报道主题为大型银行利润在华尔街业务火热的季度明显增长。
摩根大通报告利润大幅上升。
摩根大通首席执行官Jamie Dimon表示，当前条件接近“理想状态”。
元数据关联JPM（摩根大通）、GS（高盛）和WFC（富国银行）。
摘录没有给出净利润、每股收益、投行业务收入或交易业务收入。

作者观点与证据

《华尔街日报》以摩根大通利润增长和管理层评价刻画银行业旺季，但现有材料不足以判断利润来自交易、投行、利息收入还是信用成本变化。

与相关标的的关系

JPM、GS与WFC均为直接相关银行标的，但摘录只明确提到摩根大通。SPCX（SpaceX）出现在元数据中，可能涉及资本市场活动，现有正文没有建立联系。

时效性与限制

发布于美东时间 07/14 16:51（UTC+8 07/15 04:51）。正文在“继续阅读”处截断，无法核验标题所称的大行整体表现。

后续跟踪

各银行投行和交易收入增速。
净利息收入与信用损失准备。
SpaceX等大型发行对承销收入的贡献。
管理层对后续资本市场活动的指引。

英文原文

Big Banks’ Profits Surge After a Red-Hot Quarter on Wall Street

Big Banks’ Profits Surge After a Red-Hot Quarter on Wall Street · The Wall Street Journal · Timothy Mulcare for WSJ

Gina Heeb

Wed, July 15, 2026 at 4:51 AM GMT+8 3 min read

+2.50%

SPCX

-2.20%

+9.00%

-2.71%

Jamie Dimon said conditions were nearly “as good as it gets” after JPMorgan reported a big jump in profit.

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SpaceX低成本发射与扩张风险

重要性4/5 中高

直接覆盖SPCX上市后估值、成本优势和执行风险，但关键证据来自分析师与基金转述。

标签

标的：`SPCX`来源：Insider Monkey发布日期：2026-07-14重要性：4/5 中高评级理由：直接覆盖SPCX上市后估值、成本优势和执行风险，但关键证据来自分析师与基金转述。评级依据：直接关联SPCX, 上市后信息时效较强, 缺少公司财务与成本原始数据原文字数：446

中文摘要

核心结论

摩根士丹利分析师Adam Jonas认为SpaceX（SPCX）的单位入轨成本约为竞争者的二十分之一，Starlink（星链卫星互联网）是主要现金流来源。公司上市首月后股价较首日收盘低9.7%，市场关注企业技术优势与股票估值之间的落差。

重要性评级

评级：4/5（中高）

文章直接关联SPCX，包含发射成本、现金流来源和下一代火箭执行风险。核心数字来自分析师访谈和基金投资者信，缺少公司财务报表及独立成本验证。

关键事实

SPCX在上月首次公开募股后，股价较首日收盘下跌9.7%。
投行强制静默期结束后，多家机构开始发布覆盖意见。
Adam Jonas称SpaceX每公斤入轨成本约为竞争者的二十分之一。
Jonas称Starlink是公司的主要现金流生成业务。
Jim Cramer表示其积极看法受到Jonas影响，同时转述Jonas对公司本身的偏好高于股票估值。
ClearBridge 2026年第二季度投资者信强调可重复使用火箭、垂直整合和Starlink协同，并提到轨道数据中心计算构想。
ClearBridge认为后续关键问题是下一代大型运载火箭的规模化执行。

作者观点与证据

文章综合电视评论、卖方访谈和基金投资者信，整体认可SpaceX的技术领先。二十分之一成本、轨道数据中心及地面计算扩张仍是外部机构表述，文中没有发射成本口径、资本支出、收入或自由现金流数据。

与相关标的的关系

SPCX是直接标的。TSLA仅因Jonas长期覆盖特斯拉及其市场声誉被提及，文章没有披露SpaceX与TSLA的新业务或财务联系。

时效性与限制

文章发布于美东时间 07/14 16:36（UTC+8 07/15 04:36），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。内容为Insider Monkey二次整理，并夹带其他股票推广；成本优势和现金流结构未引用审计数据。

后续跟踪

SpaceX首次公开募股后的正式财务披露和估值指标。
Starlink收入、利润率和自由现金流贡献。
下一代大型运载火箭的测试、发射频率与单位成本。
轨道数据中心计划的技术里程碑和资本需求。

英文原文

Jim Cramer Shares Morgan Stanley’s View Of Space Exploration Technologies Corp. (SPCX)

Ramish Cheema

Wed, July 15, 2026 at 4:36 AM GMT+8 2 min read

SPCX

-2.20%

TSLA

+0.36%

We recently published Jim Cramer Discussed These 22 Stocks Including A Hidden Oil & Energy Play . Space Exploration Technologies Corp. (NASDAQ:SPCX) is one of the stocks discussed by Jim Cramer.

Space Exploration Technologies Corp. (NASDAQ:SPCX)'s shares have struggled since their IPO last month, as they are down by 9.7% over their day one close. With the mandatory quiet period for investment banks having expired, several of them have discussed the firm since the IPO. One recent coverage came from Morgan Stanley's Adam Jonas, who is also one of Tesla's biggest supporters. In a recent interview with CNBC, Jonas outlined that Space Exploration Technologies Corp. (NASDAQ:SPCX)'s launch business offered 20 times lower cost-per-kilogram to orbit than its competitors. The analyst added that the firm's Starlink satellite internet constellation was its primary cash flow generating business. In this appearance, Cramer briefly commented on Jonas and his impact on shaping his views on Space Exploration Technologies Corp. (NASDAQ:SPCX):

"I am too [positive], because of Jonas. . .he likes SpaceX the company more than he likes SpaceX the stock."

ClearBridge Large Cap Growth Strategy discussed Space Exploration Technologies Corp. (NASDAQ:SPCX) in its Q2 2026 investor letter :

"Our participation in the Space Exploration Technologies Corp. (NASDAQ:SPCX) IPO also keeps the portfolio in step with a risk-on benchmark. A diversified aerospace and communications company, SpaceX competes in several large addressable markets with a significant technology lead versus peers. Its core competitive advantage is its proven ability to reuse rockets, which materially lowers the cost of delivering payloads into orbit. This capability is supported by the company's vertically integrated approach to rocket design, manufacturing and launch operations. By combining SpaceX's operations with Starlink, the dominant satellite Internet provider, the company plans to extend this playbook into AI infrastructure scaling orbital data center compute. SpaceX also has demonstrated the ability to lower the cost of scaling data center compute terrestrially through innovative techniques like onsite battery power generation. Moving forward, key questions are around execution as SpaceX scales its next generation of large payload rockets, enabling the company to unlock multiple new end markets."

While we acknowledge the potential of SPCX 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 .

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液冷双雄的增长与估值差

重要性4/5 中高

财务与估值对照密集，直接关联人工智能数据中心液冷链，但多项预测和客户关系需由公司文件验证。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-07-14重要性：4/5 中高评级理由：财务与估值对照密集，直接关联人工智能数据中心液冷链，但多项预测和客户关系需由公司文件验证。评级依据：fact_density, evidence_caveat原文字数：1140

中文摘要

核心结论

nVent Electric与Vertiv均受益于人工智能数据中心液冷需求；文章更看好Vertiv的收入和利润增长，同时承认其估值、客户集中度及固定价格合同风险更高。

重要性评级

评级：4/5（中高）

文章对两家液冷基础设施公司提供财务、积压订单、估值和风险对照，可用于观察人工智能资本开支传导，但2026年预测值及客户描述仍需公司披露确认。

关键事实

nVent 2025财年收入接近39亿美元，同比增长约30%；净利润由2024年的3.318亿美元升至7.102亿美元。
nVent债务权益比约0.5倍，自由现金流4.275亿美元；最大客户约占2025年末合并销售额11%。
Vertiv 2025财年收入约102亿美元，增长近28%；净利润超过13亿美元，上年约4.96亿美元。
Vertiv 2025年末积压订单约150亿美元，债务权益比约0.9倍，自由现金流近19亿美元。
nVent与Vertiv的预期市盈率分别为35倍和49倍，市销率分别为6倍和11倍。
文章预计Vertiv 2026年收入增长36%至139亿美元；nVent收入增长28%至50亿美元，但净利润受原材料成本影响下降12%至6.24亿美元。
nVent约三分之一销售额与人工智能数据中心相关，积压合同约26亿美元。

作者观点与证据

作者以Vertiv更快的预期收入和净利润增长支持偏好，同时列出nVent较低杠杆和估值。预测数据来自文章整理，估值来自Financial Modeling Prep（金融数据服务商），可能与其他数据源不同；文末含订阅推广。

与相关标的的关系

NVT（nVent电气设备公司）和VRT（Vertiv数据中心电力与冷却设备公司）是直接比较对象。NVDA（英伟达）、MSFT（微软）与AMZN（亚马逊）构成客户或基础设施需求线索，但文章未披露各自贡献金额。

时效性与限制

发布于美东时间 07/14 16:29（UTC+8 07/15 04:29）。客户合同、2026年预测和所谓行业基准缺少统一口径，且文章没有给出液冷业务的独立利润率。

后续跟踪

两家公司积压订单转化速度与取消率。
液冷收入占比及项目利润率。
nVent原材料成本对全年净利润的影响。
Vertiv客户集中度和固定价格合同执行情况。

英文原文

nVent Electric vs. Vertiv: Which AI Liquid Cooling Stock Is a Better Buy in 2026?

Brendan Coffey, The Motley Fool

Wed, July 15, 2026 at 4:29 AM GMT+8 5 min read

+2.38%

-0.75%

The race to build AI infrastructure has turned electrical equipment providers into the bedrock of the digital age. Investors are now deciding between nVent Electric (NYSE:NVT) and Vertiv Holdings (NYSE:VRT) to power their portfolios.

While both companies specialize in protecting and cooling critical systems, they operate at different scales. nVent focuses on connecting and protecting sensitive equipment across diverse industries, while Vertiv provides the full stack of digital infrastructure for hyperscale data centers.

The case for nVent Electric

nVent Electric designs and manufactures electrical solutions that connect and protect sensitive equipment in data centers, utilities, and commercial buildings. The company is a key player among industrial stocks through its focus on liquid cooling and protective enclosures for high-demand AI environments. Note that its largest customer accounted for roughly 11% of consolidated net sales in late 2025, and such customer concentration adds a layer of risk to the business.

In FY 2025, revenue reached nearly $3.9 billion, representing growth of approximately 30% compared to the previous year. Net income for the same period was $710.2 million, a significant increase from the $331.8 million reported in 2024. This growth reflects the company's successful pivot toward data center infrastructure and its move away from older business lines like thermal management.

As of its December 2025 balance sheet, the debt-to-equity ratio was roughly 0.5x. This metric compares total debt to the value of shareholder equity, indicating a relatively conservative use of debt. Free cash flow, or cash from operations minus capital expenditures, was $427.5 million for the fiscal year.

The case for Vertiv Holdings

Vertiv provides critical power and cooling infrastructure for data centers, communication networks, and industrial environments. The company serves massive tech giants such as Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN), who require specialized infrastructure for high-performance computing. At the end of 2025, Vertiv reported a backlog of roughly $15 billion, highlighting the sustained demand for its AI-optimized power and cooling solutions.

In FY 2025, revenue grew by close to 28% to reach approximately $10.2 billion. Net income for the period was more than $1.3 billion, up from approximately $496 million in the prior fiscal year. This expansion is primarily driven by the massive capital expenditure cycles of hyperscale and cloud providers building out new data center capacity.

Story Continues

According to its December 2025 balance sheet, Vertiv had a debt-to-equity ratio of roughly 0.9x. Free cash flow for the year was nearly $1.9 billion, providing significant capital to reinvest into research and development for next-generation cooling technologies.

Risk profile comparison

nVent Electric faces risks related to global economic cycles and industrial capital spending, which can cause revenue to fluctuate. The company also competes in a crowded market against rivals like Eaton Corp (NYSE:ETN), where pricing pressure can impact net margin. Furthermore, its global operations are exposed to tariff volatility and potential supply chain disruptions that could harm financial performance if not managed effectively.

Vertiv carries risk due to its high customer concentration, as a large portion of its revenue depends on a few hyperscale and neocloud providers. If these major customers shift their technology priorities or reduce capital spending, Vertiv could face significant pricing pressure. Additionally, the company operates under long-term, fixed-price contracts, in which inaccurate cost estimates or project delays can lead to penalties and lower operating margins.

Valuation comparison

Vertiv trades at a higher valuation than nVent Electric, reflecting its larger market share in hyperscale data center cooling and higher expected growth in future earnings estimates.

Metric

nVent Electric

Vertiv

Sector Benchmark

Forward P/E

35.0x

49.0x

242.8x

P/S ratio

6.0x

11.0x

Sector benchmark uses the SPDR XLI sector ETF.

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Vertiv has been a specialist in computer cooling systems since World War Two, and it also offers complementary products for mission-critical technological infrastructure, such as uninterruptible power supplies. The AI-driven data center boom presents a long-term opportunity for Vertiv, especially for its liquid cooling systems. Liquid cooling is better for quickly removing heat from high-powered chipsets. Vertiv believes one-third of the total addressable market for data center cooling will eventually use liquid solutions (technically, some air-cooling and heat-dissipation systems will always be needed to work in tandem with liquid systems).

For 2026, Vertiv revenue should rise 36% to $13.9 billion with a commensurate rise in net income as AI data center demand powers the business.

Similarly, for nVent, AI datacenter demand has been a supercycle for the business. The company has a backlog of some $2.6 billion in contracts with giants like Nvidia Corp (NASDAQ:NVDA) . Close to one-third of nVent's sales last year were tied to AI data centers, a figure that will probably rise in 2026. That should boost revenue to $5 billion, up 28% over 2025. But higher raw material costs are crimping the bottom line at nVent this year, and mean net income will decline 12%, to $624 million.

Both nVent and Vertiv have pole positions in the liquid cooling market for AI applications, but the superior sales and net income growth of Vertiv make it the pick for investors looking to profit off the trend in 2026.

Should you buy stock in nVent Electric right now?

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Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Eaton Plc, Microsoft, Nvidia, and Vertiv. The Motley Fool has a disclosure policy .

nVent Electric vs. Vertiv: Which AI Liquid Cooling Stock Is a Better Buy in 2026? was originally published by The Motley Fool

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半导体牛市的供给与技术压力

重要性3/5 中

覆盖面广且与半导体风险相关，但观点导向强，关键供需证据和图表数据口径不足。

标签

标的：`DRAM`, `PSI`, `SOXX`来源：Barchart发布日期：2026-07-14重要性：3/5 中评级理由：覆盖面广且与半导体风险相关，但观点导向强，关键供需证据和图表数据口径不足。评级依据：timeliness, sector_relevance, technical_signal, source_bias原文字数：1045

中文摘要

核心结论

作者判断人工智能与半导体行情正在减速，理由包括行业集中融资扩产、潜在芯片供给增加及SOXX技术指标转弱。该结论主要来自周期类比和图表判断，尚未获得库存、价格或盈利下调数据确认。

重要性评级

评级：3/5（中）

文章覆盖SOXX、SMH、MU、NVDA及存储器ETF，能提供风险叙事和技术观察点；标题与正文带有明显做空产品推广倾向，证据强度一般。

关键事实

作者称半导体企业通过大规模售股融资建设工厂，未来新增供给可能压低芯片价格和利润率。
SOXX（iShares半导体ETF）过去三年曾出现两次约30%至35%的回撤。
文章称SOXX的20日移动平均线已转弱，50日移动平均线接近转弱，PPO（百分比价格振荡指标）位于零轴附近。
SOXS（Direxion每日三倍做空半导体ETF）提供SOXX反向三倍日内暴露，波动和路径风险很高。
SMH（VanEck半导体ETF）采用市值加权，英伟达权重突出；SOXX前四大持仓约占资产三分之一。
PSI（Invesco半导体ETF）持有30只股票；DRAM和DISK两只ETF集中于存储器产业。
DISK较集中于SanDisk（闪迪）、铠侠和SK海力士；DRAM较侧重三星、美光和SK海力士。

作者观点与证据

作者对半导体周期持看空倾向，使用扩产逻辑、历史回撤和技术指标支持观点。文章未给出产能投放时间、库存周转、平均售价或盈利预测变化，且大量篇幅讨论反向ETF和个股做空工具，立场偏向风险交易叙事。

与相关标的的关系

SOXX、SMH和PSI反映半导体行业不同权重结构；SOXS放大反向日内表现。NVDA（英伟达）、MU（美光）、SNDK（闪迪）及SKHY（SK海力士）决定相关ETF暴露差异。

时效性与限制

发布于美东时间 07/14 15:53（UTC+8 07/15 03:53）。技术图表数值和所称大型售股事件未在文本中完整列明；反向杠杆ETF的长期表现受每日重置影响。

后续跟踪

芯片库存、平均售价和新增产能投放。
半导体公司盈利预测修订。
SOXX的20日与50日均线及市场广度。
各半导体ETF持仓集中度变化。

英文原文

How to Profit from the End of the AI Trade

Rob Isbitts

Wed, July 15, 2026 at 3:53 AM GMT+8 5 min read

When a massive stock market boom starts to slow down, it rarely crashes overnight.

What I am seeing now is not a crash, but the signs that a slow down is starting to take hold. Given the outsized weightings of artificial intelligence and semiconductor stocks in the benchmark indexes, the broader market is only as good as the AI trade.

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How good, exactly, that AI trade is now is up for debate.

Why Are AI Stocks Falling?

To make money from a market slowdown, you first need to understand why booms end. It is rarely because the technology fails. Instead, it is usually because the market gets completely flooded with too much supply, of chips in this case.

When the top chip companies start raising tens of billions of dollars by selling massive amounts of new stock to the public, it's a sign. When company insiders use their ultra-high stock prices to gather cash and build massive new factories, they openly tell us a supply glut is coming.

Once those factories open, chip prices will drop, and the massive profit margins that Wall Street fell in love with will shrink. That's how the bear case could play out.

Who's Buying the Dips Here?

This is often when big Wall Street players quietly start selling their shares to lock in profits, while regular investors keep buying the daily dips. If you think the massive AI tech boom is finally running out of steam, you don't just have to sit there and watch your portfolio take a hit. You can actively prepare for the slowdown that is very much underway. The only question is whether it is a "pause that refreshes" or the start of a plunge that besets semiconductors.

This chart shows the past three years for the iShares Semiconductor ETF (SOXX), the biggest semiconductor ETF. I've marked with arrows the last pair of 30%-35% declines.

I've also marked on the right a rough price range where SOXX would have to go for us to again be talking about a one-third decline. With the percentage price oscillator (PPO) indicator at bottom perched just on top of the zero line, the 20-day moving average having rolled over, and the 50-day moving average about to follow it, I would not bet against a much steeper dive here. Albeit with the obligatory giant bounces along the way.

Story Continues

www.barchart.com Like I said, you don't have to just sit there and take it. There are inverse ETFs on SOXX, like the Direxion Daily Semiconductor Bear 3X Shares ETF (SOXS), which I've shown in this table below, alongside four semiconductor industry ETFs. Now, SOXS is a 3x inverse ETF, so you have to be very careful.

www.barchart.com But the list of ways to "short" semis has burst wide open this year. Not only can we try to profit from the stock prices declining across the board in that industry, we can do so at the stock-specific level.

Are All Semiconductor ETFs the Same?

There's overlap across several of the top semiconductor ETFs given the concentration in the chip industry. Here's a quick survey of some of these funds' top holdings. I show this not only so you can understand what's in them, but also as a "hit list" for considering being stock-specific, as a bull or bear, as this trade plays out.

SOXX is very crowded at the top, with about one-third of its assets in the four names I circled here. Still, there's some spread to another 10-15 names that each have some individual impact.

www.barchart.com This is the VanEck Semiconductor ETF (SMH), the original ETF in this market segment. It is purely capitalization-weighted, so Nvidia (NVDA) stands tall at the top. There's a lot of overlap between SMH and SOXX, as you can see.

www.barchart.com The same can be said about the Invesco Semiconductors ETF (PSI), except that its creator limited the ETF to 30 stocks. It is far from equal-weighted, but it is fairly diverse.

www.barchart.com We can get more granular via ETFs like the Roundhill Memory ETF (DRAM) and the Tema Memory ETF (DISK). DISK leans heavily on just Sandisk (SNDK), Kioxia, and SK Hynix (SKHY).

DRAM holds a much smaller allocation to SNDK, with focus on Samsung, Micron (MU), and SKHY.

To me, analyzing these holdings helps me figure out where it makes sense to short via inverse single stock ETFs. But for those looking for a quick and dirty solution with some leverage, SOXS is the most liquid choice.

www.barchart.com And that's a chart with some massive upside potential. Albeit with big risk attached. Not only due to the possibility that chip stocks do not fall further out of favor, but because inverse ETFs like this one, especially with three times leverage, can work against you quickly. Watch out if you consider this route.

The Bottom Line on the Semiconductor Trade

This is not a "go big or go home" type of trade. It is based in large part on the natural cyclicality of markets. And the simple belief that markets of today get hyper-overvalued. That sets them up for subsequent big drops.

Rob Isbitts is a semi-retired CIO, former fiduciary investment advisor, and Barchart columnist. Check out his other work at ETFYourself.com (featuring the Fresh Charts weekly trading post), and ROAR.PiTrade.com, helping investors to better-manage their own portfolios.

On the date of publication, Rob Isbitts 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

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Coherent光互连供需仍偏紧

重要性4/5 中高

直接提供COHR供需与共封装光学收入窗口，事实密度较高，但仍需原始披露验证。

标签

标的：`COHR`来源：Insider Monkey发布日期：2026-07-14重要性：4/5 中高评级理由：直接提供COHR供需与共封装光学收入窗口，事实密度较高，但仍需原始披露验证。评级依据：直接关联COHR, 包含产品商业化时间表, 主要依据卖方和管理层转述原文字数：327

中文摘要

核心结论

摩根大通称Coherent（相干公司，COHR）的数据通信产品需求继续超过供应，综合定价保持健康，共封装光学技术预计从2026年下半年开始产生显著收入，并在2027年下半年随客户扩容进一步增长。

重要性评级

评级：4/5（中高）

文章直接涉及COHR的供需、定价和新技术收入时间表，适合跟踪人工智能数据中心光互连。信息来自管理层会谈后的卖方转述，缺少订单金额、产能利用率和客户名称。

关键事实

06/22（未给出具体时刻），摩根大通在与COHR管理层会谈后重申增持评级。
管理层称数据通信产品综合定价健康，需求持续超过供应，技术采用周期仍较紧凑。
摩根大通称共封装光学技术按计划推进，预计2026年下半年开始产生显著收入。
该机构预计客户全面扩容后，相关收入在2027年下半年进一步增长，并认为进度可能提前。
06/02（未给出具体时刻），Raymond James将COHR目标价从371美元上调至435美元，维持“强力买入”评级。
Raymond James认为COHR覆盖多种人工智能数据中心互连架构，光学技术组合和知识产权的价值尚未被充分反映。

作者观点与证据

供需、定价及产品进度来自管理层向摩根大通提供的信息；目标价和商业化节奏属于卖方预测。文章没有给出共封装光学客户、认证状态、产品毛利率或收入基数，也未披露会议原始记录。

与相关标的的关系

COHR是直接标的，受益路径包括光收发器、非收发器光学产品及共封装光学。JPM仅代表发布研究观点的摩根大通，文中没有涉及该银行自身经营影响。

时效性与限制

文章发布于美东时间 07/14 14:54（UTC+8 07/15 02:54），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32），但基础会谈发生于06/22（未给出具体时刻）。Insider Monkey的二次摘要包含其他股票推广，需以机构研报和公司披露复核。

后续跟踪

共封装光学客户认证和首批量产收入。
数据通信产品的订单、交期和产能扩张。
供需偏紧对价格与毛利率的实际贡献。
2026年下半年及2027年下半年的收入兑现节奏。

英文原文

JPMorgan’s View on Coherent Corp. (COHR)

Fatima Gulzar

Wed, July 15, 2026 at 2:54 AM GMT+8 2 min read

+2.50%

COHR

+1.10%

Coherent Corp. (NYSE:COHR) is among the Best AI Stocks .

On June 22, JPMorgan reiterated its Overweight rating after hosting meetings with Coherent Corp. (NYSE:COHR) management. The firm reported that the company described aggregate datacom pricing as healthy, with demand continuing to outpace supply and adoption cycles remaining compressed.

JPMorgan reported that the company's management is on track with rolling out its new "co-packaged optics" technology. The firm still expects to start making significant money from this technology in the second half of 2026 as customers begin using it on a larger scale. Revenue is expected to grow even further in the second half of 2027 as customers fully expand their systems. The firm also mentioned that this timeline might move faster than expected.

JPMorgan's View on Coherent Corp. (COHR) Pixabay/Public Domain

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.

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 .

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开放芯粒挑战定制AI芯片锁定模式

重要性4/5 中高

消息直接涉及MRVL定制芯片业务的潜在替代路线，来源可靠，但初创公司尚未完成商业验证。

标签

标的：`MRVL`来源：Reuters发布日期：2026-07-14重要性：4/5 中高评级理由：消息直接涉及MRVL定制芯片业务的潜在替代路线，来源可靠，但初创公司尚未完成商业验证。评级依据：competitive_relevance, source_quality原文字数：298

中文摘要

核心结论

初创公司TYLSemi融资4,300万美元，计划基于开放行业标准提供定制AI（人工智能）芯片所需的芯粒，让客户组合不同供应商技术。该模式试图削弱博通和迈威尔（MRVL）专有高速互连技术形成的供应商锁定。

重要性评级

评级：4/5（中高）

路透报道直接触及MRVL定制芯片业务的竞争结构，融资金额、创始团队和技术路线明确；公司仍处早期阶段，尚无产品和客户验证。

关键事实

TYLSemi完成4,300万美元早期融资，由Matter Venture Partners领投。
Viola Ventures、GHOVC和Egis Technology参与融资。
创始人Mohit Gupta和Sunil Bhardwaj来自被高通收购的AlphaWave。
公司成立时间距高通收购AlphaWave不足一年。
产品方向是基于开放标准的芯粒，客户可与其他供应商技术组合封装为完整芯片。
博通和迈威尔均拥有用于芯片高速通信的专有技术，客户通常需与其合作开发定制芯片。
公司还获得全球半导体及AI基础设施企业的战略投资，但未公布投资者名称。

作者观点与证据

创始人认为标准化有利于行业进步，并批评专有锁定模式。融资和团队背景已明确，开放芯粒能否达到性能、良率、成本及软件兼容要求尚无实证。

与相关标的的关系

MRVL和博通是被直接点名的既有定制芯片与互连供应商。TYLSemi若成功商业化，可能增加开放式替代方案；其当前规模尚不足以证明对两家公司收入形成影响。

时效性与限制

发布于美东时间 07/14 14:54（UTC+8 07/15 02:54）。报道未披露估值、产品时间表、客户名称、流片进度或收入。

后续跟踪

首款芯粒规格和流片时间
客户及战略投资者身份
与开放互连和封装标准的兼容性
性能、良率和总体成本验证

英文原文

TYLSemi raises $43 million to create building blocks of custom AI chips

Illustration shows computer motherboard and chip · Reuters

Stephen Nellis

Wed, July 15, 2026 at 2:54 AM GMT+8 1 min read

AVGO

+1.32%

QCOM

-3.20%

META

+0.66%

MRVL

+2.26%

By Stephen Nellis

SAN FRANCISCO, July 14 (Reuters) - TYLSemi, a startup founded by executives from recent Qualcomm acquisition AlphaWave, on ‌Tuesday said it has raised $43 million in early ‌funding to help companies build their own AI chips.

The market for such AI chips is booming, with major companies such as Meta Platforms working with Broadcom and others to develop custom semiconductors. Broadcom and its rival Marvell Technology both have proprietary technology for making chips ‌talk to each ⁠other at high speed, and the only way to access that technology is to work with ⁠them to develop a custom chip.

TYLSemi co-founders Mohit Gupta and Sunil Bhardwaj, who kicked off their company less than a year after Qualcomm's purchase of AlphaWave, want to take a different approach by ‌supplying pieces of custom AI chips called "chiplets" based on open industry standards. TYLSemi's customers will then be able to mix and match those with technologies from other providers for packaging into a final chip.

"I feel progress happens with standardization," Gupta ‌told Reuters. "Whenever you do proprietary lock-in, it's a short-term game. Yes, you can squeeze (customers) given your position and whatnot, but it's not healthy for ‌the market."

Matter Venture Partners led the funding round, with participation from Viola Ventures, GHOVC and Egis Technology. TYLSemi said it had also secured a strategic investment from "leading companies across ‌the global semiconductor and AI infrastructure ecosystem" but did not name the investors.

(Reporting by Stephen Nellis in San Francisco; Editing by Chizu Nomiyama)

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台积电成熟制程酝酿提价

重要性3/5 中等

直接覆盖四家晶圆代工标的并提供潜在行业价格信号，但缺少公司确认和定价细节。

标签

标的：`GFS`来源：GuruFocus.com发布日期：2026-07-14重要性：3/5 中等评级理由：直接覆盖四家晶圆代工标的并提供潜在行业价格信号，但缺少公司确认和定价细节。评级依据：美东时间07/14发布, 直接关联TSM、UMC、GFS、TSEM, 潜在提价时点明确至2027年初, 来源为Wedbush报告的媒体转述, 缺少涨幅、客户范围和公司确认原文字数：226

中文摘要

核心结论

Wedbush 称台积电可能自 2027 年初提高成熟制程代工价格，若最终落实，将是公司三年多来首次调整该类价格。该消息可作为成熟制程供需改善的早期线索，也可能改善联电、格芯和高塔半导体的行业定价环境。

重要性评级

评级：3/5（中等）

消息直接关联 TSM、UMC、GFS 和 TSEM，但目前属于机构报告转述，最终价格将在 2026 年稍晚决定，尚无公司公告、涨幅或客户范围。

关键事实

Wedbush 报告称，台积电可能从 2027 年初开始提高成熟制程制造价格。
若实施，这将是台积电三年多来首次调整成熟制程价格。
最终定价决定预计在 2026 年稍晚作出。
Wedbush 将潜在提价解读为成熟制程晶圆代工环境改善及传统芯片需求趋于健康的信号。
报告认为 UMC（联华电子）、GFS（格芯）和 TSEM（高塔半导体）也可能受益于行业价格走强。
台积电同时受益于人工智能和先进制程需求，市场仍在等待后续财报提供定价与需求信息。

作者观点与证据

文章采用 Wedbush 的积极行业解读，把台积电潜在提价与成熟制程景气改善相连。现有证据仅是券商报告的二手转述，没有列出节点、涨价幅度、产能利用率、客户反馈或台积电确认。

与相关标的的关系

TSM（台积电）是潜在提价主体，定价变化可能影响成熟制程收入与产品组合。UMC、GFS 和 TSEM 是相关晶圆代工企业，行业提价可能影响其议价环境，但文章没有证明这些公司会同步调价或获得新增订单。

时效性与限制

文章发布于美东时间 07/14 14:40（UTC+8 07/15 02:40）。篇幅仅约一分钟阅读量，关键消息仍待公司说明或后续财报验证。

后续跟踪

台积电对成熟制程定价的正式说明
提价幅度、适用节点和客户范围
成熟制程产能利用率与交付周期
UMC、GFS、TSEM 的价格和毛利率指引

英文原文

Wedbush Delivers an Urgent Message for TSMC Stock Investors

Nauman Khan

Wed, July 15, 2026 at 2:40 AM GMT+8 1 min read

-0.28%

-0.86%

+1.62%

-0.28%

TSEM

+11.24%

This article first appeared on GuruFocus .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) is in focus after a Wedbush report indicated the chipmaker may raise prices for mature-node manufacturing processes beginning in early 2027.

The reported increase would mark the company's first adjustment to mature-node pricing in more than three years, with final pricing decisions expected later this year.

Warning! GuruFocus has detected 6 Warning Signs with ORCL.

Is TSM fairly valued? Test your thesis with our free DCF calculator.

Wedbush said the development could signal improving conditions across the mature-node foundry market. The firm noted that any pricing increase by Taiwan Semiconductor may support stronger industry pricing trends and reflect healthier demand dynamics for legacy chip production.

Wedbush added that other foundry companies, including United Microelectronics ( NYSE:UMC ), GlobalFoundries ( NASDAQ:GFS ) and Tower Semiconductor (TSEM), could also benefit if industry pricing strengthens.

The update comes as Taiwan Semiconductor continues to benefit from robust demand tied to artificial intelligence and advanced semiconductor manufacturing. Investors are also closely watching the company ahead of upcoming earnings results for further insight into pricing trends and market conditions.

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SOXL面临资本开支与波动损耗

重要性4/5 中高

直接覆盖SOXL的杠杆结构、成分暴露与近期风险指标，对半导体日报具有较高解释价值。

标签

标的：`SOXL`来源：24/7 Wall St.发布日期：2026-07-14重要性：4/5 中高评级理由：直接覆盖SOXL的杠杆结构、成分暴露与近期风险指标，对半导体日报具有较高解释价值。评级依据：timeliness, fact_density原文字数：945

中文摘要

核心结论

SOXL未来一年的两项压力来自超大规模云服务商人工智能资本开支能否持续，以及三倍日内杠杆在震荡市场中的复利损耗。文章列出的期权比率和已实现波动率显示市场正在提高秋季防护。

重要性评级

评级：4/5（中高）

文章直接解释SOXL的结构风险并提供持仓、期权和宏观观察点；部分情景推演和期权数据没有注明完整来源，不能视为确定预测。

关键事实

SOXL（Direxion每日三倍做多半导体ETF）年内上涨近293%，最近一个月回撤约30%，并在07/07（未给出具体时刻）单日下跌16%。
基金净资产169亿美元；AMD、博通、美光、英伟达和英特尔权重分别约4.56%、4.51%、4.33%、3.89%和3.57%。
衍生品约占净资产39.6%，现金和短期工具约占30.3%，基金每日重置杠杆。
2026年第一季度全球半导体收入约2,990亿美元，同比增长约79%；台湾晶圆代工收入预计全年增长约31%。
全期权链看跌/看涨比为2.05，11月20日到期合约为22.68，12月到期合约为15.22。
文章称20日年化已实现波动率持续超过60%时，复利损耗通常会压过方向收益。
关键外部观察点包括微软、Meta、亚马逊和Alphabet在七月末至八月初披露的资本开支指引，以及九月美联储点阵图。

作者观点与证据

作者认为资本开支下修与高波动震荡可能同时压制SOXL。每日重置机制和基金资产结构属于可验证事实；“两家云服务商下调指引便会引发快速重估”等表述属于情景判断，文中没有给出概率模型。

与相关标的的关系

SOXL是直接对象；AMD、NVDA（英伟达）等持仓决定基金方向暴露。SMH（VanEck半导体ETF）提供无日内杠杆的行业表现参照，不代表风险等同。

时效性与限制

发布于美东时间 07/14 14:08（UTC+8 07/15 02:08）。文章未标明期权数据截点和数据商，广告内容较多；三倍日内目标无法直接外推为年度三倍收益。

后续跟踪

四家超大规模云服务商的2027年资本开支指引。
SOXL滚动20日已实现波动率。
主要半导体成分股隐含波动率。
看跌/看涨比及基金资产规模变化。

英文原文

The 2 Pressure Points That Will Determine SOXL’s Next 12 Months

Michael Williams

Wed, July 15, 2026 at 2:08 AM GMT+8 5 min read

SOXL

+6.83%

+2.51%

+2.57%

Quick Read

SOXL surged 293% year to date but has shed roughly 30% in the last month, including a brutal 16% single-day drop on July 7.

Investors avoiding SOXL's daily reset penalty can access the same chip names through the unleveraged SMH ETF instead, which includes AMD among its holdings.

A November put/call ratio of 22.68 signals options desks are hedging hard into fall, where 60%-plus realized volatility typically overwhelms SOXL's directional gains.

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The Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) just handed investors a brutal reminder of how leverage cuts both ways. After ripping nearly 293% higher year to date, SOXL has given back roughly 30% in the last month alone, including a 16% single-day drop on July 7. For anyone still holding SOXL after this run, the next 12 months will hinge on two very specific pressure points that every SOXL holder needs to watch.

Thongden Studio / Shutterstock.com

The Fund and Its Current Position

SOXL delivers three times the daily performance of the ICE Semiconductors Index, using swaps and futures to amplify a basket that runs from foundries and fabless designers to equipment makers. The current fund holds $16.9 billion in net assets, with AMD (4.56%), Broadcom (4.51%), Micron (4.33%), NVIDIA (3.89%), and Intel (3.57%) anchoring the top of the book. Derivatives account for roughly 39.6% of net assets, with cash and short-term instruments backing the swaps at about 30.3%. That structure is why SOXL resets every single day, and why holding it for a year is a fundamentally different bet than holding the underlying chip stocks.

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The Macro Factor: AI Capex Durability and Fed Policy

The single biggest external variable for SOXL over the next 12 months is whether the AI infrastructure buildout keeps pulling semiconductor demand forward. Worldwide semiconductor revenue hit roughly $299 billion in Q1 2026, up about 79% year over year, and Taiwan's foundry revenue alone is expected to grow roughly 31% in 2026. That backdrop has powered SOXL's run. Vanguard's 2026 outlook flags the risk directly, noting that AI scalers' earnings track records will come under renewed scrutiny as they embark on unprecedented AI capital investment, with the Fed's neutral rate estimated near 3.5%, limiting room for aggressive cuts.

Story Continues

What to watch: the hyperscaler capex guidance updates from Microsoft, Meta, Amazon, and Alphabet during Q2 2026 earnings calls in late July and early August, and the September Fed dot plot. If any two of the four hyperscalers trim 2027 AI capex guidance, expect NVIDIA and Broadcom, the two names driving SOXL's largest swap exposures, to reprice quickly. The CME FedWatch tool and the BEA's monthly durable goods orders (semiconductor shipments line) are the highest-frequency reads. In the 2018 to 2019 memory downturn, the SOX index fell roughly 35% peak to trough as capex guidance rolled over. SOXL would translate that into something closer to a wipeout.

The Fund-Specific Factor: Volatility Decay in a Choppy Tape

Leverage decay is the mechanic most SOXL holders underestimate. The fund resets daily, so a 5% down day followed by a 5% up day leaves the underlying flat but SOXL down. With the VIX at just over 17 and up sharply in the last three sessions, and the put/call ratio at 2.05 across the full options chain, the market is bracing for exactly the two-sided chop that eats leveraged funds alive. Individual expirations tell an even louder story: the November 20 expiry shows a put/call ratio of 22.68, with December at 15.22. Options desks are hedging into the fall.

Watch AMD and NVIDIA implied volatility on the CBOE, and track SOXL's rolling 20-day realized volatility. Anything sustained above 60% annualized is where compounding drag typically overwhelms directional gains. For investors who want semiconductor exposure without the decay tax, the unleveraged VanEck Semiconductor ETF ( NYSEARCA:SMH ) captures the same names without the daily reset penalty.

The Close

The single macro signal is hyperscaler AI capex guidance on the late-July earnings calls. If the top four trim 2027 spending, SOXL's swap book reprices violently. The single fund-specific signal is realized volatility: if the SOX index chops sideways at 40%-plus vol for a quarter, SOXL will bleed even in a flat market, regardless of what chip fundamentals do.

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Vertiv业绩增长与高估值约束

重要性4/5 中高

最新业绩和指引与VRT及人工智能基础设施链直接相关，高估值和合同证据缺口也清晰可见。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-07-14重要性：4/5 中高评级理由：最新业绩和指引与VRT及人工智能基础设施链直接相关，高估值和合同证据缺口也清晰可见。评级依据：timeliness, earnings_evidence, valuation_relevance原文字数：1007

中文摘要

核心结论

Vertiv的电力和冷却设备已从人工智能数据中心扩建中获得收入与盈利增长，但约80倍市盈率要求高增速持续兑现。公司与英伟达的工程合作提供技术背书，尚未披露与主要云服务商的大额合同。

重要性评级

评级：4/5（中高）

文章包含最新季度业绩、全年指引和同业估值对照，直接关联VRT与人工智能基础设施链；行业规模预测及长期乐观判断证据较弱。

关键事实

Vertiv股价过去五年上涨1,070%，过去52周上涨约150%，自2020年借助SPAC（特殊目的收购公司）上市以来上涨超过3,000%。
2026年第一季度收入同比增长30%至26.5亿美元。
调整后稀释每股收益增长83%至1.17美元。
管理层将2026年收入指引上调至135亿至140亿美元，调整后每股收益指引为6.30至6.40美元。
Vertiv市盈率约80倍；英伟达约32倍，Meta约24倍，微软约23倍，亚马逊和Alphabet均低于30倍。
公司已与Nvidia（英伟达）合作开发电力和液冷架构，但未公开披露与亚马逊云服务、微软、谷歌或Meta的大型合同。
文章引用人工智能行业到2034年达到2万亿美元的预测，未交代预测机构和测算方法。

作者观点与证据

作者认为超大规模云服务商资本开支将继续流向电力和冷却设施，并以Vertiv的季度增长和指引上调作为依据。80倍市盈率与未披露客户合同构成主要约束；文末股票推荐历史属于营销材料。

与相关标的的关系

VRT（Vertiv数据中心电力与冷却设备公司）是直接对象；NVDA（英伟达）是工程合作方。微软、Meta、亚马逊和Alphabet的资本开支决定行业需求，但原文没有证明Vertiv获得其具体订单。

时效性与限制

发布于美东时间 07/14 14:00（UTC+8 07/15 02:00）。文章未提供订单转化、液冷收入占比和自由现金流数据，2034年市场预测缺少来源。

后续跟踪

2026年收入与每股收益指引兑现程度。
积压订单、订单增速和项目利润率。
英伟达联合架构的商业部署进展。
超大规模云服务商资本开支变化。

英文原文

Vertiv Is Set to Benefit as AI Moves From Hype to the Real Economy

Rick Orford, The Motley Fool

Wed, July 15, 2026 at 2:00 AM GMT+8 5 min read

-0.75%

NVDA

+4.06%

Vertiv (NYSE: VRT) is getting renewed investor attention as artificial intelligence spending shifts from hype to real-world build-outs. That's because every new data center uses huge amounts of electricity and produces huge amounts of heat.

Without reliable power supplies, robust backup systems, and advanced cooling, the world's most powerful AI chips are basically expensive paperweights. Vertiv sells power and cooling gear that data centers can't run without. That helps explain the 1,070% surge in Vertiv's stock over the past five years as investors chased the infrastructure side of the AI story.

The question for investors today, though, is whether the fundamentals can support more upside from here.

Image source: Getty Images.

The data center boom is already showing up in Vertiv's numbers

In the first quarter of 2026, Vertiv's revenue increased 30% year over year to $2.65 billion. Adjusted diluted earnings per share (EPS) jumped 83% to $1.17.

Management also raised its 2026 guidance, projecting revenue of $13.5 billion to $14 billion for the year, and adjusted EPS of $6.30 to $6.40.

Step back a bit further, and the trend is hard to miss. Over the last three years, Vertiv's revenue and net income have improved significantly. Together, it suggests Vertiv's push into AI-related data center demand is already translating into results. That's impressive for a company that has only been public for six years.

So what could keep the momentum going?

Artificial intelligence could reach $2 trillion by 2034

Vertiv's biggest catalyst is its position serving the AI build-out. There are forecasts that the artificial intelligence industry will grow to a value of $2 trillion by 2034. It's hard to imagine that happening without a lot more data centers.

That's where the spending wave comes in. The four major hyperscalers -- Microsoft , Meta Platforms , Amazon , and Alphabet -- have all been vocal about their plans to increase capital expenditures tied to AI and infrastructure. Some portion of that money will inevitably flow into the less-glamorous parts of the stack, like power, cooling, and the hardware needed to keep data centers running reliably.

Vertiv hasn't publicly disclosed major contracts with AWS, Microsoft, Google, or Meta. Still, it has announced an engineering partnership with Nvidia to develop power and liquid-cooling architectures that hyperscalers may use when deploying next-generation AI systems. That kind of partnership can provide a company with enhanced credibility and help open doors to additional deals over time.

Story Continues

Its P/E of 80 could be a cause for concern

The catch is that Vertiv's stock has moved much faster than most "normal" valuation models would expect.

Shares are up about 150% over the last 52 weeks and more than 3,000% since it went public in 2020 via a reverse merger with a special purpose acquisition company (SPAC). The stock also trades at roughly 80 times earnings. At today's price, investors are paying about $80 for every $1 of profit the company generates.

On a traditional basis, that's a steep premium. It's also not unique in the AI trade, where investors are often willing to pay up now for growth they expect to show up later.

Even so, Vertiv's valuation stands out compared with some of the biggest names in tech. Nvidia trades around 32 times earnings, Meta around 24, Microsoft around 23, and Amazon and Alphabet are both below 30.

Does that mean investors should avoid Vertiv simply because the price-to-earnings ratio is high? Not necessarily. Such a premium could be justified if growth remains strong and demand for data center infrastructure continues to accelerate. If AI spending is still in its early innings and hyperscalers continue to build out capacity, Vertiv's business could grow enough to match today's optimistic valuation.

Is Vertiv a buy?

For long-term investors with a higher tolerance for volatility, Vertiv could be a compelling buy. The stock isn't cheap, but the company's leadership in power and cooling, plus AI's shift from hype to real-world infrastructure spending, gives the thesis room to keep working.

If the "real economy" phase of AI is just getting started, Vertiv may remain one of the clearer ways to ride it, even if the path is bumpy.

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Rick Orford has positions in Alphabet, Amazon, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Vertiv. The Motley Fool has a disclosure policy .

Vertiv Is Set to Benefit as AI Moves From Hype to the Real Economy was originally published by The Motley Fool

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Hyperliquid重塑USDC分成

重要性5/5 极高

分成比例、平台余额和盈利预测调整直接改变CRCL与COIN的稳定币收入预期。

标签

标的：`CRCL`来源：Investing.com发布日期：2026-07-14重要性：5/5 极高评级理由：分成比例、平台余额和盈利预测调整直接改变CRCL与COIN的稳定币收入预期。评级依据：CRCL和COIN直接相关, 90%返还比例明确, 60亿美元平台余额, 影响将在2026年下半年体现原文字数：405

中文摘要

核心结论

摩根大通下调Circle（CRCL）与Coinbase（COIN）预测，原因是Hyperliquid上的USDC（美元稳定币）分成安排将大部分储备收益返还平台。该机制扩大USDC分发，却压缩Circle和Coinbase的单位收益，主要影响预计在2026年下半年体现。

重要性评级

评级：5/5（极高）

报道给出平台余额、收益分配和盈利预测调整，直接触及CRCL、COIN稳定币经济模型及Hyperliquid竞争格局，时效性强。

关键事实

Circle与Coinbase于5月14日宣布与Hyperliquid合作，扩大USDC使用。
Hyperliquid同时运营Layer-1（第一层区块链）和现货、衍生品去中心化交易平台。
6月11日起，USDC成为Hyperliquid的首选稳定币。
Coinbase把Hyperliquid上的USDC归类为“平台内”余额，取得相关储备收益后，将其中90%返还Hyperliquid。
摩根大通估计，截至报道所称周日，Hyperliquid持有约60亿美元USDC，占总供应量约8%。
该行维持Circle第二季度GAAP（通用会计准则）每股收益0.16美元预测，将Coinbase调整后摊薄每股收益预测降至负0.01美元。
摩根大通预计完整影响将在2026年下半年纳入业绩。
第二季度加密市场总市值下降13%，现货日均交易量环比下降24%，DeFi（去中心化金融）总锁仓价值下降23%。

作者观点与证据

摩根大通把新分成机制描述为可能促使Coinbase与Circle争夺USDC分发收益的“囚徒困境”。90%返还比例和60亿美元余额提供量化基础，但报道没有列出完整协议、Circle承担的具体份额或双方各自收入敏感度。

与相关标的的关系

CRCL的储备收益留存率面临直接压力；COIN虽然取得平台内收益，仍需大比例返还Hyperliquid。HYPE与Hyperliquid生态受益于分发补贴，USDC供应量可能继续增长，但增长未必等比例转化为Circle利润。

时效性与限制

发布于美东时间 07/14 13:49（UTC+8 07/15 01:49）。摩根大通分析为二手转述，60亿美元余额的统计日期只写作“周日”，未给出具体日期；10月加息25个基点属于该行预测。

后续跟踪

Hyperliquid上的USDC余额与市场份额
Circle和Coinbase披露的储备收益及分发成本
2026年下半年每股收益变化
USDC合作协议的完整分成条款

英文原文

JPMorgan cuts estimates for Circle and Coinbase on Hyperliquid pressure

Vlad Schepkov

Wed, July 15, 2026 at 1:49 AM GMT+8 2 min read

HYPE32196-USD

+5.65%

USDC-USD

-0.01%

COIN

+2.62%

CRCL

+0.35%

Investing.com -- JPMorgan Chase & Co. lowered its financial estimates for Circle Internet Group Inc. and Coinbase Global Inc. on Tuesday, citing pressure on their stablecoin business from a new partnership arrangement with crypto exchange Hyperliquid.

The bank said the revised agreement changes how income from Circle's USDC, the second-largest stablecoin globally, gets divided among distribution partners. JPMorgan said the arrangement creates near-term revenue challenges for both companies.

Analysts described the situation as a "prisoner's dilemma" that may push Coinbase and Circle to compete against each other when promoting USDC distribution.

On May 14, Circle and Coinbase announced a partnership with Hyperliquid to expand USDC adoption. Hyperliquid operates as both a Layer-1 blockchain and a decentralized exchange for spot and derivatives trading. The offshore platform has gained popularity for perpetual futures trading products tied to cryptocurrency tokens and real-world assets.

As of June 11, USDC became the preferred stablecoin on Hyperliquid. Under the new structure, Coinbase will classify any USDC on Hyperliquid as "on-platform," earning all associated reserve income but paying 90% of the float back to Hyperliquid. JPMorgan estimates Hyperliquid held about $6.0 billion of USDC, representing roughly 8% of total USDC supply, as of Sunday.

JPMorgan maintained its second-quarter GAAP earnings per share estimate for Circle at $0.16 but lowered its adjusted diluted EPS forecast for Coinbase to negative $0.01. The bank said the full impact of the Hyperliquid relationship will not appear in second-quarter results but will be incorporated in the second half of 2026.

The bank also reduced estimates based on weak cryptocurrency market conditions. Total crypto market capitalization fell 13% during the quarter, spot trading average daily volume declined 24% quarter-over-quarter, and decentralized finance total value locked dropped 23%.

JPMorgan said it expects longer-term USDC-related earnings to rise through 2027 on higher interest rate expectations. The bank now projects a 25 basis point rate increase at the October 2026 meeting.

Shares of Circle are down about 25% year-to-date, while Coinbase is up 2% in the same period.

JPMorgan cuts estimates for Circle and Coinbase on Hyperliquid pressure

Citi pushes back Fed rate cuts to May after blowout January jobs report

Morgan Stanley CIO survey: Why AI hype isn't boosting 2026 IT budgets

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应用光电扩建高速光模块产能

重要性3/5 中

扩产规模和产品方向清晰，对光通信产业链有参考价值，但缺少订单及财务量化。

标签

标的：`COHR`来源：IPO-Edge.com发布日期：2026-07-14重要性：3/5 中评级理由：扩产规模和产品方向清晰，对光通信产业链有参考价值，但缺少订单及财务量化。评级依据：sector_relevance, fact_density, limited_evidence原文字数：216

中文摘要

核心结论

应用光电（Applied Optoelectronics，AAOI）在得州Pearland启动两处相邻设施建设，计划增加近40万平方英尺制造面积，用于扩大800G和1.6T光收发模块产能。

重要性评级

评级：3/5（中）

扩产规模明确，并直接指向AI（人工智能）和云基础设施光互连需求；但文章未披露投资额、投产时间、客户订单或收入贡献。

关键事实

两处新设施位于得州Pearland，新增制造面积接近40万平方英尺。
扩产产品为800G和1.6T光收发模块。
光收发模块用于数据中心设备间的高速、长距离光纤通信。
公司将新设施定位为支持长期增长及提升AI和云基础设施供应能力的项目。
报道列出的相关公司包括Arista Networks（ANET）、康宁（GLW）、Meta（META）和Coherent（COHR）。

作者观点与证据

文章依据公司管理层表态，将扩产解释为AI基础设施需求增长的体现。已确认事实只有建设地点、面积和产品方向，尚无资本开支、合同、产能利用率或回报周期数据。

与相关标的的关系

AAOI是事件主体；COHR、GLW和ANET处于相邻光通信与数据中心产业链，可能受同一需求周期影响，但原文没有披露它们参与该项目。

时效性与限制

发布于美东时间 07/14 12:48（UTC+8 07/15 00:48）。报道篇幅较短，主要引用公司口径，缺少项目执行和财务细节。

后续跟踪

项目资本开支和投产日期
800G及1.6T新增产能规模
客户认证和订单覆盖情况
新设施对收入、毛利率和现金流的影响

英文原文

Applied Optoelectronics Bets Big on AI With Nearly 400,000-Square-Foot Texas Expansion

IPO Edge

Wed, July 15, 2026 at 12:48 AM GMT+8 1 min read

AAOI

+12.13%

ANET

+0.78%

+2.47%

META

+0.66%

COHR

+1.10%

By Karen Roman

Optical and HFC networking provider Applied Optoelectronics, Inc. (Nasdaq: AAOI) said it started constructing two adjacent properties in Pearland, Texas, to add nearly 400,000 square feet of manufacturing capacity.

The company aims to increase production of its 800G and 1.6T optical transceivers with these new properties, representing a main component of AI infrastructures that lets network devices communicate over fiber optics and enable fast, long-distance data transmission, it stated.

HyProMag is the Magnet Opportunity Hiding in America's Scrap Heap

"As we continue to grow and expand our Houston-area footprint, Pearland offers us access to a strong workforce, excellent infrastructure, and room to scale our operations," said Dr. Stefan Murry, Applied Optoelectronics CFO and Chief Strategy Officer."These facilities will be instrumental in supporting our long-term growth strategy, enabling us to expand production of advanced optical transceivers and strengthen AOI's position as a key supplier to the AI and cloud infrastructure markets."

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数字欧元进入支付机构试点

重要性4/5 中高

政策时效性强，直接关系CRCL、USDC和EURC在欧洲支付体系中的长期位置。

标签

标的：`CRCL`来源：BeInCrypto发布日期：2026-07-14重要性：4/5 中高评级理由：政策时效性强，直接关系CRCL、USDC和EURC在欧洲支付体系中的长期位置。评级依据：欧洲央行试点新进展, 直接关联稳定币, 参与机构名单明确, 商业影响时间较远原文字数：609

中文摘要

核心结论

欧洲中央银行选出36家支付机构参与数字欧元测试，试点计划于2027年下半年启动并持续12个月。该项目反映欧洲对支付主权和美元稳定币占优的政策回应，但文章把两者描述为直接竞争，部分属于作者基于官员表态作出的解释。

重要性评级

评级：4/5（中高）

试点名单和时间表具有监管与支付行业意义，并直接关联Circle、USDC及EURC；正式发行仍可能延至2029年，短期业务影响有限。

关键事实

ECB（欧洲中央银行）于07/14（未给出具体时刻）公布36家试点机构，申请者超过50家。
名单包括德意志银行、意大利联合信贷银行、Revolut、Stripe、Adyen、SumUp和Worldline。
试点计划于2027年下半年开始，持续12个月，覆盖个人转账、实体商店和电子商务支付。
测试横跨欧洲中央银行和19家欧元区中央银行；测试版数字欧元不具备法定货币地位。
CoinGecko数据显示，稳定币市场规模约3,060亿美元，USDT（泰达币）和USDC（美元币）合计占84%。
Circle发行的EURC（欧元稳定币）流通规模约4.24亿美元，文章称其比USDT小400倍以上。
欧洲议会于07/09（未给出具体时刻）以416票赞成、169票反对批准最终谈判，立法谈判目标是在2026年内完成，潜在发行时间为2029年。

作者观点与证据

文章把数字欧元定位为对美元稳定币扩张的回应，证据包括拉加德关于货币主权和银行存款风险的公开立场，以及美元稳定币的市场份额。ECB公告本身主要强调技术测试和用户体验，没有直接点名稳定币竞争。

与相关标的的关系

CRCL及其USDC、EURC面对欧洲公共数字货币和MiCA（欧盟加密资产市场法规）的双重制度变化。USDT因Tether未取得相关授权，已被Revolut在欧洲下架。Stripe、Adyen、Worldline和UniCredit属于试点参与方，可能获得产品测试经验。

时效性与限制

文章发布于美东时间07/14 12:47（UTC+8 07/15 00:47）。试点最早到2027年下半年才开始，消费者当前无法使用；法律谈判、持有上限、商业银行分工及最终发行决定仍未确定。

后续跟踪

2026年内数字欧元立法谈判结果。
试点技术标准、持有上限和隐私安排。
EURC与USDC在欧洲的流通规模。
参与支付机构的产品和结算方案。

英文原文

ECB Picks Revolut, Stripe, and 34 Others to Test the Digital Euro

Lockridge Okoth

Wed, July 15, 2026 at 12:47 AM GMT+8 3 min read

USDC-USD

-0.01%

STRI.PVT

EURC-USD

+0.45%

USDT-USD

+0.03%

CRCL

+0.35%

Digital euro pilot pits the ECB against dollar stablecoins. Photo by BeInCrypto The European Central Bank (ECB) has enlisted 36 payment firms to test the digital euro, its answer to the dollar stablecoins spreading through European payments. The central bank named the pilot group on Tuesday, July 14.

Deutsche Bank, UniCredit, and Revolut lead a roster that also includes US-based Stripe and European processors Adyen, SumUp, and Worldline.

A Digital Euro Pilot Built to Counter Dollar Stablecoins

Brussels frames the project as monetary sovereignty. ECB President Christine Lagarde has rejected euro stablecoin proposals, arguing a public digital currency should fill the role instead. The central bank has also warned about deposit risks from expanding private euro tokens.

The mismatch is stark. Dollar-pegged tokens account for nearly all of the $306 billion stablecoin market, per CoinGecko data. Tether (USDT) and USD Coin (USDC) alone hold a combined 84%. Circle's EURC, the largest euro-pegged token, circulates about $424 million, over 400 times smaller than USDT.

Top Stablecoins By Market Cap. Source: Coingecko Notably, Tuesday's announcement avoids naming stablecoins, framing the pilot around testing and user experience. The confrontation reading comes from Lagarde and other officials, who cast the project as protection for Europe's monetary autonomy. The roster itself carries some irony, with US-based Stripe testing Europe's independence project.

MiCA has already redrawn the field. Revolut, one of the 36, recently moved to delist USDT in Europe after Tether skipped authorization. The MiCA transition period ended this month, closing the EU market to unlicensed platforms.

What the 36 Firms Will Test From 2027

The pilot begins in the second half of 2027 and runs for 12 months. More than 50 firms applied for the 36 slots. According to the pilot framework, participants will test a beta digital euro in person-to-person, in-store, and e-commerce payments.

The exercise spans the ECB and 19 euro-area central banks. The beta currency will mirror the final product technically but will carry no legal tender status.

ECB Selects 36 Payment Firms, Including Deutsche Bank and Revolut, for Digital Euro Pilot

"Staff at participating central banks will have the opportunity to make beta digital euro payments from person to person (both online and offline) and from person to business (both at the physical point of sale, including Software Point of Sale, and via e-commerce, including mobile payments)," The ECB confirmed this in its Tuesday statement.

The politics moved first. Parliament approved final negotiations in a 416-169 vote on July 9, and talks with member states and the Commission opened Monday.

Story Continues

Negotiators led by Spanish MEP Fernando Navarrete aim to finish the law this year. That would keep potential issuance on track for 2029.

For consumers, nothing changes before 2027. If the project reaches issuance, Europeans would hold central bank money in digital form, spendable in shops and online like cash.

After five years of study, the pilot will show whether public digital money can match the convenience that made dollar stablecoins the default.

Critics still argue the EU's digital euro plan could hand advantages to US firms. The 169 votes against suggest the fight is not over.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights .

https://www.youtube.com/watch?v=jOzU3fuFk48&t=3s

Read the Original story ECB Picks Revolut, Stripe, and 34 Others to Test the Digital Euro by Lockridge Okoth at beincrypto.com

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Circle获美国国家信托牌照

重要性5/5 高

属于CRCL和USDC的直接重大监管进展，主体与功能明确，虽然商业贡献仍待验证。

标签

标的：`CRCL`来源：Insider Monkey发布日期：2026-07-14重要性：5/5 高评级理由：属于CRCL和USDC的直接重大监管进展，主体与功能明确，虽然商业贡献仍待验证。评级依据：直接关联CRCL与USDC, 监管事件可由公司公告验证, 收入和开业节奏尚未量化原文字数：393

中文摘要

核心结论

Circle获得OCC（美国货币监理署）最终批准，可设立受联邦直接监管的国家信托银行Circle National Trust。牌照扩大数字资产托管和USDC储备管理权限，近期收入贡献预计有限，中长期价值取决于机构客户采用和实际收费能力。

重要性评级

评级：5/5（高）

这是CRCL及USDC的直接监管进展，主体包括公司与OCC，事件可由公司公告交叉验证。文章夹带分析师评级及推广内容，对收入前景的论述仍属预测。

关键事实

07/10（未给出具体时刻），Circle获得OCC最终批准；此前已于2025年12月取得有条件批准。
获批机构的法定名称为First National Digital Currency Bank, N.A.，运营名称为Circle National Trust。
牌照覆盖受联邦监管的受托数字资产托管、机构直接托管及USDC储备管理。
公司表示，银行开业后将先为Circle及关联方提供受托数字资产托管，未来可能向有限数量的机构客户开放。
Clear Street称近期收入贡献很小，但认为牌照可能形成长期新收入来源；该机构维持买入评级和157美元目标价。
Clear Street称CRCL盘中一度上涨约7%，但原文未提供对应具体时刻。
07/08（未给出具体时刻），US Tiger分析师将CRCL由持有上调至买入，目标价100美元。

作者观点与证据

监管批准和牌照功能属于可验证事实。Clear Street关于估值修复、新收入来源及竞争担忧被过度计价的说法属于分析师判断；文章没有量化托管资产规模、费率、开业时间或合规成本。

与相关标的的关系

CRCL直接获得新的联邦监管经营载体，USDC储备管理的制度安排也随之改变。对USDC-USD的潜在影响集中在储备治理和机构信任，短期流通量或收益变化尚无数据支持。

时效性与限制

文章发布于美东时间 07/14 12:09（UTC+8 07/15 00:09），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。文章为Insider Monkey二次整理，且包含其他股票推广；银行实际开业仍需后续运营准备。

后续跟踪

Circle National Trust的正式开业日期与最终业务范围。
OCC附加条件、资本要求和持续监管安排。
机构托管客户数量、托管资产和收费水平。
USDC储备管理结构及披露方式的变化。

英文原文

Circle Internet (CRCL) Wins Final OCC Approval

Jeff Lewis

Wed, July 15, 2026 at 12:09 AM GMT+8 2 min read

CRCL

+0.35%

USDC-USD

-0.01%

Circle Internet Group (NYSE:CRCL) is one of the 10 Best Growth Stocks With Highest Upside Potential .

On July 10, 2026, Clear Street analyst Owen Lau noted that Circle Internet Group (NYSE:CRCL) received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank that will operate as Circle National Trust. Lau said the approval follows conditional approval in December 2025 and places Circle National Trust under direct federal oversight by the OCC.

Clear Street said the license offers at least three new functions for Circle, including federally regulated fiduciary digital-asset custody, direct institutional custody, and USDC Reserve management. Lau called the approval another milestone for Circle and the industry in offering traditional services previously reserved for large banks. While the immediate revenue contribution is minimal, Clear Street said the stock was up about 7% in midday trading, reflecting a prior overshoot to the downside due to OUSD competition and the potential to capture a new revenue stream longer term. Clear Street has a Buy rating and a $157 price target on the shares.

Circle Internet (CRCL) Wins Final OCC Approval Also on July 10, Circle Internet Group announced that it received OCC approval to establish First National Digital Currency Bank, N.A., a national trust bank that will operate under the name Circle National Trust. The company said the bank will offer fiduciary digital asset custody services for Circle and its affiliates upon opening and may eventually offer digital asset custody services to a limited number of institutional customers. On July 8, US Tiger analyst Bo Pei upgraded Circle Internet to Buy from Hold with a $100 price target, saying stablecoin competition concerns have been "over-discounted."

Circle Internet Group (NYSE:CRCL) operates as a platform, network, and market infrastructure for stablecoin and blockchain applications.

While we acknowledge the potential of CRCL 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 .

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中国存储芯片制造商CXMT拟通过IPO募资约86亿美元

重要性未评级

标签

来源：Reuters（由StreetInsider转载）发布日期：2026-07-14重要性：未评级

中文摘要

Reuters根据发行文件报道，超额配售前融资规模约579亿元，发行价格为每股8.66元。
Reuters援引两名知情人士称计划于7月27日在上交所上市；CXMT和上交所未立即回应其置评请求。
Reuters称最终融资规模约为原295亿元募资需求的两倍。

英文原文

China memory chipmaker CXMT aims to raise $8.6 billion in Asia's biggest IPO of 2026 so far

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

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Meta云计划扰动新云合同预期

重要性4/5 中高

Meta合同对NBIS和CRWV具有重大直接影响，但目前主要风险线索仍来自未证实报道。

标签

标的：`NBIS`来源：Motley Fool发布日期：2026-07-14重要性：4/5 中高评级理由：Meta合同对NBIS和CRWV具有重大直接影响，但目前主要风险线索仍来自未证实报道。评级依据：客户集中风险, 合同金额重大, 直接关联NBIS与CRWV, 战略变化尚未证实原文字数：961

中文摘要

核心结论

Meta筹备自有云计算服务的报道引发Nebius（NBIS）和CoreWeave（CRWV）客户需求担忧，因为两家公司均依赖Meta的大额长期合同。作者认为人工智能算力仍处供给紧张阶段，现有合同未必受损，但风险已从产能不足扩展到客户自建与外租之间的配置变化。

重要性评级

评级：4/5（中高）

Meta是两家新云公司的重要客户，合同金额大，潜在战略变化具有直接影响；云服务计划本身仍来自媒体报道，合同风险尚未被公司证实。

关键事实

文章称CRWV较2026年高点下跌35%，NBIS较高点下跌近25%。
Meta是四家大型人工智能超大规模企业中唯一没有对外云计算平台的公司。
扎克伯格在6月初表示，Meta当时没有闲置算力；近期报道则称公司正采取步骤建立云服务。
NBIS与Meta签订五年、120亿美元专用算力协议，并包含再租赁150亿美元尚未上线集群容量的可能性。
CRWV于上一年与Meta签署约140亿美元合同。
Meta签约外部算力的原始目的，是尽快扩充人工智能训练和推理资源。
作者认为Meta的个人超级智能模型和人工智能眼镜若扩大使用，可能消耗已签约容量。

作者观点与证据

作者承认Meta自有云计划提高NBIS和CRWV的不确定性，但倾向认为算力供给紧张会支撑合同需求，即使Meta退出，也可能找到其他客户。后半部分属于作者判断，原文没有合同终止条款、替代客户询价或产能区域匹配数据。

与相关标的的关系

NBIS和CRWV直接面临Meta客户集中与合同执行风险；META可能借对外出租闲置算力改善资本开支回报。三者的影响方向取决于Meta究竟拥有短期闲置容量，还是准备建设独立的长期云业务。

时效性与限制

文章发布于美东时间07/14 10:40（UTC+8 07/14 22:40）。Meta云计划未见正文引用正式公告，且没有证据表明现有NBIS或CRWV合同已经修改或取消。

后续跟踪

Meta是否正式发布云服务及上线时间。
NBIS和CRWV合同中的退出与最低采购条款。
两家公司客户集中度和新增客户。
Meta自建容量、闲置率及资本开支。

英文原文

Should Nebius and CoreWeave Investors Be Scared by Meta

Should Nebius and CoreWeave Investors Be Scared by Meta's Latest Plans?

Keithen Drury, The Motley Fool

Tue, July 14, 2026 at 10:40 PM GMT+8 4 min read

META

+0.66%

CRWV

-4.05%

NBIS

-7.80%

Neocloud companies CoreWeave (NASDAQ: CRWV) and Nebius (NASDAQ: NBIS) each have major deals with Meta Platforms (NASDAQ: META). While the social media giant is still building out its own data center footprint, it has also secured leases with CoreWeave and Nebius to gain access to additional computing power in the meantime. It's doing this to give itself the best shot at developing an artificial intelligence model that can rival those produced by the other AI hyperscalers.

However, recent news suggests that Meta's approach could be changing, and that possibility ignited a sell-off in Nebius and CoreWeave's stocks. CoreWeave is now down by 35% from its 2026 high, and Nebius is down by nearly 25%. So, what caused these stocks to crater? Word that Meta plans to launch its own cloud computing service.

Image source: Getty Images.

The worrisome reason Meta is launching a cloud platform

Of the big four AI hyperscalers, Meta Platforms is the only one without a cloud computing platform . The basics of the cloud business are straightforward: Owners build out excess computing capacity and then rent that computing power to various clients. That business model has become even more vital during the AI boom. Few companies have the resources necessary to build AI data centers, as they're incredibly expensive.

The market has been fairly patient with the big three cloud computing providers' build-out plans because investors can see how those investments will directly translate into revenue growth. However, Meta has been using all of its computing capacity on internal efforts that don't produce returns on investment that are as easily measurable. Because of this, the market has always been more skeptical about Meta's enormous capex budgets.

Creating a cloud computing business has never been a top priority for CEO Mark Zuckerberg, and he stated that the company would consider forming one only if it had excess computing capacity that it wasn't using for internal needs. As of early June, he claimed Meta did not have that spare capacity. However, recent reports allege that Meta is taking steps to form a cloud computing business, which could transform how the market views the stock.

But it also raises questions about the future of Nebius and CoreWeave.

Story Continues

Does Meta need the neoclouds' computing capacity anymore?

Earlier this year, Nebius announced a five-year partnership under which it will provide $12 billion in dedicated capacity to Meta Platforms. The deal also included the possibility of it leasing another $15 billion in computing capacity from clusters that Nebius has not yet brought online. That's a huge deal for a company of Nebius' size, and it was a big reason why the stock has rallied this year. CoreWeave signed a similar $14 billion deal with Meta last year.

The reason Meta inked those deals was to gain access to as much computing capacity as possible, as quickly as possible. If it concludes that it actually has too much computing capacity, but decides that it doesn't want to build a cloud computing business, then Meta could cut ties with these two neoclouds and potentially regain the resources it needs for its AI demands. However, I doubt that will happen.

The reality is that AI computing capacity is supply-constrained right now, and having the right to more of it is a bigger advantage. Plus, if Meta's personal superintelligence AI model eventually becomes a hit and is tied into its AI glasses, the company could need a lot of the AI computing power it has already contracted for. Just because Meta has more computing capacity than it needs right now doesn't mean it won't need all of it in the future.

Because of that, I think CoreWeave and Nebius are still OK investments; they're just a little less safe than they were a few months ago. These two are booming cloud businesses, and even if Meta backs out of its deals with them, they will likely be able to find customers who do want that computing capacity.

Should you buy stock in CoreWeave right now?

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Keithen Drury has positions in Meta Platforms and Nebius Group. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy .

Should Nebius and CoreWeave Investors Be Scared by Meta's Latest Plans? was originally published by The Motley Fool

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POET光引擎量产兑现考验

重要性3/5 中

对COHR所处光通信链有同业参考价值，但文章估值依赖媒体模型和多项尚未兑现的量产假设。

标签

标的：`COHR`来源：24/7 Wall St.发布日期：2026-07-14重要性：3/5 中评级理由：对COHR所处光通信链有同业参考价值，但文章估值依赖媒体模型和多项尚未兑现的量产假设。评级依据：timeliness, speculative_valuation, execution_risk原文字数：845

中文摘要

核心结论

文章给予POET 22.23美元目标价，较8.46美元参考价高162.86%，估值前提是Lumilens订单扩张和马来西亚光引擎按期量产。POET收入基数极小，诉讼、内部控制缺陷和订单取消使预测具有较高执行风险。

重要性评级

评级：3/5（中）

POET的量产计划可作为COHR和LITE光通信需求的同业观察，但目标价来自媒体自建模型，只有50%置信度，证据质量有限。

关键事实

文章发布于美东时间 07/14 10:30（UTC+8 07/14 22:30）。
POET参考股价8.46美元，52周高点20.81美元；文章目标价22.23美元。
2026财年第一季度收入50.34万美元，同比增长201.9%，每股亏损0.08美元。
Lumilens协议含5000万美元初始采购订单，五年潜在规模超过5亿美元。
管理层指引2026年出货超过3万台光引擎，并在第二季度推进光源量产、第三季度推进800G产品。
公司约有4.3亿美元现金，累计亏损约2.91亿美元。
2024年审计识别出内部控制重大缺陷，公司还面临多起证券集体诉讼。
Citadel披露约5.1%至5.9%持股，Jane Street披露6.8%持股。

作者观点与证据

作者认为小收入基数、Lumilens订单和800G市场增长可能推动估值重定价，并给出2026年至2030年的逐年目标价。模型依赖订单转化、量产按期和治理问题缓解，缺少订单履约节奏、毛利率和客户验收证据，长期价格路径属于高度假设性预测。

与相关标的的关系

POET是直接分析对象。COHR和LITE是已具数十亿美元收入规模的光通信同业，文章将其作为商业化能力参照；NVDA代表人工智能基础设施需求。对COHR的影响主要是行业需求和竞争格局观察。

后续跟踪

3万台年度出货目标及马来西亚量产节奏。
Lumilens初始订单的收入确认和毛利率。
证券诉讼与美国重新注册进度。
现金消耗、稀释融资及内部控制整改。

英文原文

Prediction: Poet Technologies Has 160% Upside as AI Infrastructure Demand Accelerates

Vandita Jadeja

Tue, July 14, 2026 at 10:30 PM GMT+8 4 min read

POET

+10.13%

NVDA

+4.06%

LITE

+6.07%

COHR

+1.10%

Quick Read

POET earns a BUY rating with a $22.23 price target, which is 163% above current levels, driven by a Lumilens deal that could scale to $500M.

Lumentum and Coherent's billion-dollar revenues dwarf POET's $1.46B market cap, quantifying the execution gap but also the re-rating potential if shipments ramp.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Poet Technologies didn't make the cut. Grab the names FREE today .

POET Technologies ( NASDAQ:POET ) trades at $8.46, well off its 52-week high of $20.81. Our 24/7 Wall St. price target for POET is $22.23, implying 162.86% upside over the next 12 months.

Frame Stock Footage / Shutterstock.com We rate the stock a buy, with a 50% confidence level. Confidence is deliberately moderate: this is a pre-revenue photonics story with a big TAM, real customer wins, and equally real governance and execution risks.

24/7 Wall St. Price Target Summary

Metric

Value

Current Price

$8.46

24/7 Wall St. Price Target

$22.23

Upside

162.86%

Recommendation

BUY

Confidence Level

50%

From a May Blowoff to a Litigation-Driven Reset

POET is up 26.38% year to date, but shares are down 10.61% in the past week and 36.15% in the past month after peaking near $20 in May.

Q1 FY26 revenue rose 201.9% year over year to $503,389, beating estimates by 44.66%, though EPS came in at -$0.08, missing expectations. The bigger story was the Lumilens supply agreement with an initial $50 million purchase order and potential to scale beyond $500 million over five years.

Sentiment deteriorated on multiple class action filings tied to PFIC tax disclosures and the cancellation of Celestial AI purchase orders. Offsetting that, Citadel disclosed a 5.1% to 5.9% stake and Jane Street a 6.8% stake, signaling institutional conviction into the drawdown.

The Case for $22 and Beyond

The bull case rests on manufacturing conversion. Management guided to shipping more than 30,000 optical engines in 2026, with high-volume light source production in Q2 and 800G engines in Q3 from Malaysia.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Poet Technologies didn't make the cut. Grab the names FREE today .

CEO Suresh Venkatesan called the Lumilens deal "an important commercial milestone... establishing the framework for what we believe could become a substantial long-term supplier relationship supporting frontier AI infrastructure."

With approximately $430 million in cash, POET is funded to execute. Exposure to a $9.8 billion 800G transceiver market by 2032 at 22.8% CAGR gives the bull scenario oxygen. Our bull case one-year target is $22.89.

Story Continues

What Could Go Wrong

POET carries an accumulated deficit of roughly $291 million and a material weakness in internal controls identified in the 2024 audit. Multiple securities class actions have been filed.

Bulls counter that Q4 FY25's $42.67 million net loss was driven largely by a $30.69 million non-cash warrant fair value adjustment, a non-operating item, and the planned U.S. redomiciliation eliminates the PFIC overhang. Still, our bear case target of $16.61 assumes ramp slippage and lingering legal drag.

How POET Compares to Lumentum and Coherent

Lumentum ( NASDAQ:LITE ) is a direct optical peer and the go-to benchmark for commercial scale. Lumentum operates at meaningful commercial scale with multibillion-dollar annual revenue and positive non-GAAP EPS. Its market cap sits near $60 billion versus POET at $1.46 billion. That gap is exactly the bull thesis on POET and the execution mountain the target implies.

Coherent ( NYSE:COHR ) offers a valuation contrast. Coherent generates multibillion-dollar quarterly revenue, has secured a significant strategic investment from NVIDIA, and joined the S&P 500. Its scaled cash flow makes POET's pre-revenue multiple look demanding. Against these two, our $22.23 target looks reasonable given POET's small base and optionality on the Lumilens ramp.

POET Price Prediction 2026-2030

The 24/7 Wall St. price target for POET is $22.23, a buy rating at 50% confidence. The tipping factor is the H2 2026 Malaysia ramp: if 800G engines and light source shipments land on schedule, re-rating is likely. The setup favors accumulation on weakness if Q2 shows shipments tracking toward the 30,000-unit target. Caution is warranted if class actions escalate or redomiciliation slips.

Our model projects POET could trade if execution holds:

Year

24/7 Wall St. Price Target

2026

$22.23

2027

$34.00

2028

$52.00

2029

$78.00

2030

$125.44

These projections assume POET converts its pipeline into recurring revenue and clears its governance overhang. Significant upside could come from a full Lumilens $500 million ramp; downside would follow ramp delays or dilutive capital raises.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Poet Technologies didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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德州扩产推动AI光模块行情

重要性4/5 中高

扩产、订单和同业数据对人工智能光互连链条具有直接价值，但估值和执行风险较高。

标签

标的：`COHR`, `SOXX`来源：24/7 Wall St.发布日期：2026-07-14重要性：4/5 中高评级理由：扩产、订单和同业数据对人工智能光互连链条具有直接价值，但估值和执行风险较高。评级依据：直接扩产事件, 关联AAOI与COHR, 产业链数据丰富, 投产细节缺失原文字数：970

中文摘要

核心结论

Applied Optoelectronics（应用光电，AAOI）在得州启动近40万平方英尺的新园区，扩充800G和1.6T光收发器产能，带动Lumentum（相干光通信公司，LITE）和Coherent（高端材料与光子公司，COHR）同步上涨。AAOI拥有较快收入增长，但估值、客户集中和产能爬坡风险已经较高。

重要性评级

评级：4/5（中高）

扩产项目和同业订单数据直接反映人工智能数据中心光互连需求，对COHR、SOXX及相关光模块标的具有较强产业链价值。

关键事实

美东时间07/14 10:30（UTC+8 07/14 22:30）发布时，AAOI上涨约6%至119.10美元，LITE涨5%至806.81美元，COHR涨1%至310.11美元。
AAOI在得州Pearland园区破土动工，新增近40万平方英尺产能，面向800G和1.6T光收发器。
AAOI第一季度收入1.5114亿美元，同比增长51%；数据中心收入由3,205万美元增至8,140万美元以上。
公司第二季度收入指引为1.80亿至1.98亿美元，并预计第三季度环比增长进一步加快。
第一季度末，AAOI的800G光收发器月产能接近10万只。
LITE最近季度收入8.084亿美元，同比增长90%，非GAAP（非美国通用会计准则）营业利润率环比提高700个基点至32%。
LITE光路交换器积压订单超过4亿美元，并取得数亿美元规模的共封装光学订单，计划2027年上半年交付。
COHR最近季度收入18.1亿美元，同比增长20.5%；英伟达对其投资20亿美元，公司正在得州扩大InP（磷化铟）晶圆产能。

作者观点与证据

作者把AAOI扩产视为光模块板块的直接催化，LITE和COHR的上涨则属于同主题联动。公司收入、产能和订单提供基本面支撑；文章同时含荐股推广，并将盘中涨幅与扩产消息直接关联，缺少成交和资金流证据。

与相关标的的关系

AAOI是消息主体；LITE和COHR通过800G、1.6T、共封装光学及磷化铟产能受益于同一需求。NVDA通过对COHR投资建立直接联系。SOXX只能作为宽口径半导体代理，光学器件在基金中的权重有限。

时效性与限制

AAOI年内涨幅被列为221%，预期市盈率84倍、贝塔3.69；这些估值和行情数据应按最新价格更新。园区投产时间、资本开支、客户承诺和良率未披露。

后续跟踪

Pearland园区投产、良率和月产能。
AAOI第二、第三季度收入兑现情况。
LITE共封装光学订单交付。
COHR磷化铟扩产与英伟达合作进展。

英文原文

Applied Optoelectronics Rallies 6%, Lumentum Climbs 5% as Texas Expansion Fuels AI Optics Trade

David Moadel

Tue, July 14, 2026 at 10:30 PM GMT+8 5 min read

AAOI

+12.13%

COHR

+1.10%

NVDA

+4.06%

LITE

+6.07%

SOXX

+2.58%

Quick Read

Applied Optoelectronics surged 6% after breaking ground on a 400,000 sq. ft. Texas transceiver campus, dragging Lumentum up 5% in sympathy.

NVIDIA's $2 billion investment in Coherent and its Texas indium phosphide ramp give the AI-optics trade a second anchor beyond AAOI.

AAOI is up 221% YTD with an 84x forward P/E and beta of 3.69, yet analysts still set their target at $151, which remains above Tuesday's share price.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today .

Shares of Applied Optoelectronics ( NASDAQ:AAOI ) jumped 6% to $119.10 in early trading Tuesday, rebounding from a rough Monday session on fresh news of a major Texas manufacturing expansion. Shares of Lumentum ( NASDAQ:LITE ) also climbed as the AI optics trade caught a fresh bid while Coherent ( NYSE:COHR ) stock rose slightly.

luchschenF / Shutterstock.com Lumentum stock added 5% to $806.81, while Coherent stock moved 1% higher to $310.11. The broader tape is helping somewhat: a cooler-than-expected June Consumer Price Index (CPI) reading pushed the NASDAQ 100 higher and reopened risk appetite in high-beta AI hardware names.

Applied Optoelectronics is the ticker with the actual news. Lumentum and Coherent are moving in sympathy, riding the same 800G and 1.6T transceiver demand story from hyperscalers building out AI data centers.

Texas Expansion Fuels the AI Optics Trade

Applied Optoelectronics broke ground on its Pearland, Texas campus, adding nearly 400,000 square feet of manufacturing capacity dedicated to 800G and 1.6T optical transceivers. Those parts are core plumbing for AI data-center networking, connecting graphics processing units (GPUs) at speeds copper interconnects can't reach.

CFO and Chief Strategy Officer Stefan Murry framed the build-out as supporting long-term growth and strengthening Applied Optoelectronics' position as a key supplier to AI and cloud infrastructure markets. The company had already nearly doubled its Houston-area footprint through real estate acquisitions and leases earlier this year, so Pearland extends a plan already in motion.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today .

The context matters here. On the company's Q1 2026 report filed May 7, Applied Optoelectronics posted revenue of $151.14 million, up 51% year over year (YoY), with data-center revenue of $81.4 million more than doubling from $32.05 million. Applied Optoelectronics CEO Thompson Lin said the company is "well positioned to become the premier high-volume U.S. producer of AI-focused data center transceivers and optics."

Story Continues

The company's Q2 2026 revenue is guided to $180 million to $198 million, with significantly larger sequential growth expected in Q3 as new capacity comes online. Applied Optoelectronics exited Q1 with capacity of nearly 100,000 units of 800G transceivers per month.

Peers Ride the Sympathy Bid

Lumentum has no company-specific catalyst today, but the read-through is direct. Lumentum's Q3 FY2026 revenue hit a record $808.4 million, up 90% YoY, and non-GAAP operating margin expanded 700 basis points sequentially to 32%. CEO Michael Hurlston flagged co-packaged optics (CPO) and optical circuit switches (OCS) as the next legs of growth.

Lumentum's OCS backlog is above $400 million, and the company booked a multi-hundred-million-dollar CPO order deliverable in first half calendar 2027. The company's Q4 FY2026 guidance calls for revenue of $960 million to $1.01 billion.

Coherent is similarly moving on the theme rather than its own news. The company posted Q3 FY2026 revenue of $1.81 billion, up 20.5% YoY, and is scaling indium phosphide (InP) wafer production in Texas. NVIDIA 's ( NASDAQ:NVDA ) $2 billion investment in Coherent and its recent S&P 500 inclusion give it a similar AI-optics profile.

The Bull and Bear Cases on AAOI Stock

The bull case for Applied Optoelectronics stock is straightforward. Hyperscaler demand for 800G and 1.6T optics is accelerating, and Pearland gives the company real U.S. capacity to sell into it. The consensus analyst target price sits at $151.30, above today's level.

The bear case is equally clean, though. AAOI stock is up 221% year to date (YTD), with a forward P/E ratio of 84x and a beta of 3.69. Customer concentration and execution risk on the 800G ramp mean investors should consider keeping their position sizes modest.

For context on the wider theme, our team broke down the setup in 7 Stocks Powering the AI Boom. Lumentum shares are up 108% YTD and Coherent shares are up 67% YTD, so today is a sharp bounce inside of a volatile uptrend.

What to Watch Next

While you might not find a pure-play optics or photonics ETF, there's a broad proxy in the iShares Semiconductor ETF ( NASDAQ:SOXX ). However, optics is only a small slice of the fund, and concentration risk in the top chip names shouldn't be dismissed.

Traders can watch for whether AAOI stock holds above $115 into the close and starts building a base after the recent drawdown. Lumentum's Q4 FY2026 print is the next scheduled catalyst on the calendar for the peer group.

Coherent's Texas InP ramp and NVIDIA partnership give the sector a second anchor beyond Applied Optoelectronics. Market watchers may want to size their positions carefully given the volatility that has defined all three names this quarter.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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AXT积压订单受制于出口许可

重要性3/5 中

提供人工智能光通信材料供需背景，但MRVL仅是同行对照，直接相关度有限。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-14重要性：3/5 中评级理由：提供人工智能光通信材料供需背景，但MRVL仅是同行对照，直接相关度有限。评级依据：关联光互连供应链, 包含积压订单与扩产数据, 对MRVL缺少新增经营事实原文字数：974

中文摘要

核心结论

AXT（AXTI）拥有超过1亿美元的磷化铟积压订单，并计划连续扩产以承接人工智能光通信需求；出口许可延迟、现金流压力和18.44倍未来市销率构成近期约束。文章将技术面走弱与长期需求并列，最终维持Zacks第3级“持有”评级。

重要性评级

评级：3/5（中）

文章对MRVL的直接信息较少，但AXTI的磷化铟产能和光模块需求可提供光互连供应链背景。关键经营数据来自公司管理层和Zacks整理，出口许可进展缺少监管文件佐证。

关键事实

AXTI股价为50.46美元，低于50日简单移动平均线94.53美元；过去三个月下跌19.8%。
同期半导体行业上涨21.8%，计算机与科技板块上涨12.3%；AMKR、LRCX和MRVL分别上涨10.6%、24.3%和60.9%。
2026年第一季度磷化铟积压订单超过1亿美元，为公司历史最高。
管理层预计未来三至五年磷化铟衬底市场可能扩大四至六倍。
AXT计划2026年将磷化铟产能翻倍，2027年借助专用工厂再次翻倍，并在2028年继续扩产。
公司预计2026年第二季度录得历史最高磷化铟收入季度，但收入确认仍受出口许可时点影响。
AXTI未来十二个月市销率为18.44倍，高于行业9.33倍，也高于AMKR的2.06倍、LRCX的13.41倍和MRVL的13.76倍。

作者观点与证据

作者认为订单积压、六英寸磷化铟技术、垂直整合和人工智能光通信需求支撑长期增长，同时承认技术面、许可和估值压力。四至六倍市场扩张及客户需求可见度主要引用管理层口径，尚未由实际出货和收入验证。

与相关标的的关系

MRVL、LRCX和AMKR主要作为三个月股价及估值对照。AXT处于人工智能数据中心光通信材料环节，其扩产和许可进展可映射行业供需，但文章没有提供MRVL订单、客户或盈利预测的新信息。

时效性与限制

文章发布于美东时间 07/14 10:07（UTC+8 07/14 22:07），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。50日均线和股价数据变化较快，且文中50.46美元股价与元数据所示当日上涨14.09%需要结合具体行情时点核对。

后续跟踪

磷化铟出口许可证的批准时间和可出货金额。
2026年第二季度磷化铟收入能否兑现管理层预期。
2026至2028年扩产所需资本支出及现金流。
MRVL等光互连企业的需求预测与库存变化。

英文原文

AXTI Falls Below 50-Day SMA: Is It Time to Hold or Exit the Stock?

Subhasish Mukherjee

Tue, July 14, 2026 at 10:07 PM GMT+8 5 min read

AXTI

+14.09%

AMKR

+6.27%

MRVL

+2.26%

LRCX

+4.90%

AXT, Inc. AXTI has fallen below its 50-day simple moving average (SMA). This SMA is a widely used technical indicator that helps forecast future price trends, identify potential support and resistance levels, and generate clear buy or sell signals. The stock is currently trading at $50.46, well below its 50-day SMA of $94.53; this reflects a bearish trend and growing investor concern regarding short-term execution, despite favorable long-term industry trends.

The recent weakness is primarily caused by uncertainty surrounding export permits for indium phosphide (InP) shipments, which continues to delay revenue recognition despite record customer backlog and strong AI-driven demand. In addition, the company's aggressive capacity expansion requires significant capital spending, which may pressure near-term cash flow before these investments begin contributing meaningfully to earnings.

AXTI 50-Day SMA

Zacks Investment Research

Image Source: Zacks Investment Research

Reflecting these headwinds, AXTI shares have declined 19.8% over the past three months, underperforming the Zacks Electronics – Semiconductors industry's 21.8% gain and the broader Computer and Technology sector's 12.3% rise. AXTI has also lagged key peers such as Amkor Technology AMKR, Lam Research LRCX and Marvell Technology MRVL, whose shares have gained 10.6%, 24.3% and 60.9%, respectively, over the same period.

AXTI Three-Month Price Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Given that AXTI is trading below its 50-day SMA and lagging behind industry peers such as Amkor Technology, Lam Research and Marvell Technology, investors might question whether this recent weakness signals deeper fundamental challenges or merely reflects temporary performance headwinds. Since technical weaknesses alone rarely provide a full picture of the overall situation, a closer look at AXTI's long-term growth drivers and valuation can help determine whether the recent pullback signals a warning or a prospect for long-term investors. Let us dig deep to find out.

AXTI's Optical Communications Push Drives Future Growth

AXTI's long-term growth opportunity is increasingly tied to the rapid expansion of optical communications infrastructure required for AI data centers. Management expects the optical components market to drive a four to six times increase in the Indium Phosphide (InP) substrate market over the next three to five years, fueled by both AI scale-out and scale-up architectures. To capitalize on this opportunity, AXT plans to double its InP capacity in 2026, double it again in 2027 with a dedicated production facility and continue expanding in 2028.

AXT is reinforcing its competitive moat through investments in 6-inch InP technology, proprietary crystal-growth capabilities and its vertically integrated raw-material supply chain, enabling the company to scale production efficiently as demand rises. Its materials are already used by multiple U.S. hyperscalers, with AI-driven optical networking demand expanding across both the United States and China. Alongside deepening relationships with Tier-1 optical component manufacturers and AI infrastructure customers, these capabilities position AXT to gain market share in the rapidly expanding optical communications ecosystem, providing a solid foundation for sustainable growth.

Story Continues

Record Backlog Provides Long-Term Revenue Visibility for AXTI

AXT is benefiting from a record Indium Phosphide (InP) backlog, enhancing revenue visibility as AI infrastructure investments accelerate. During the first quarter of 2026, the InP backlog surpassed $100 million, the highest in the company's history, supported by record customer forecasts and increasing order commitments. Customers are providing longer-term demand visibility and working closely with AXT in a supply-constrained environment, reflecting confidence in the company's manufacturing capabilities and strategic importance within the optical communications supply chain.

The strong backlog also underpins AXT's aggressive capacity expansion strategy. The company expects its largest-ever InP revenue quarter in the second quarter of 2026, driven primarily by AI-related demand for silicon photonics, optical transceivers and high-speed photodetectors. Management noted that discussions with major customers have progressed toward long-term supply agreements. Although export permit timing remains a near-term variable, the combination of a record backlog, expanding customer engagement and multi-year capacity investments strengthens confidence.

AXTI's High Valuation Shows Opportunity

AXTI stock is overvalued at present, as suggested by its Value Score of F, and a forward 12-month price-to-sales (P/S) ratio of 18.44X, significantly above the industry average of 9.33X.

The stock is also trading at a higher price compared with its industry and closest peers, Amkor Technology, Lam Research and Marvell Technology, which have forward P/S multiples of 2.06X, 13.41X and 13.76X, respectively. AXTI stock's high valuation is well supported by its expectations of massive AI-driven growth and the potential for multi-year growth in optical communications infrastructure, driven primarily by the increasing adoption of high-speed optical transceivers and silicon photonics, as well as the emergence of co-packaged optics (CPO), which creates more room to grow.

AXTI Stock's Valuation

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion: Hold Position Remains Justified

Despite near-term technical weakness and export-related delays, AXT's record InP backlog, expanding optical communications opportunity and multi-year capacity expansion reinforce its long-term growth outlook. While the stock commands a premium valuation, it reflects the company's expanding market opportunity and future growth potential. Given the balanced risk-reward profile, retaining the stock remains justified rather than exiting the position.

AXT stock currently has 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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This article originally published on Zacks Investment Research (zacks.com).

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纽约暂停大型数据中心审批

重要性4/5 中高

最新州级行政措施直接改变纽约数据中心许可与潜在成本结构，且来源权威；公司级影响尚缺项目证据，地域适用范围也限制了跨市场影响。

标签

标的：`APLD`, `GOOG`, `NBIS`来源：New York State Governor发布日期：2026-07-14重要性：4/5 中高评级理由：最新州级行政措施直接改变纽约数据中心许可与潜在成本结构，且来源权威；公司级影响尚缺项目证据，地域适用范围也限制了跨市场影响。评级依据：timeliness, primary_source, policy_uncertainty原文字数：1633

中文摘要

核心结论

纽约州州长凯西·霍楚尔签署行政令，在最长一年内暂停新建超大规模数据中心的部分州级环境许可，以制定统一环境标准、能源成本分担机制和社区投资规则。政策可能提高纽约州数据中心的审批时间、供电责任、基础设施投入和税务成本，但已被认定材料完整的许可申请不受此次暂停影响。

重要性评级

评级：4/5（中高）

政策于美东时间 07/14 10:02（UTC+8 07/14 22:02）发布，属于州政府一手材料，并直接触及AI（人工智能）基础设施的许可、供电和税收条件。其影响具有明显地域边界，相关公司在纽约州的具体项目敞口仍需单独核实。

关键事实

行政令建立美国首个州级新建超大规模数据中心暂停机制，期限最长一年。
暂停期间，纽约州环境保护厅不会签发尚未被认定申请材料完整的酌情许可。
公共服务厅将编制GEIS（通用环境影响声明），评估数据中心对能源需求、用水、水质和空气质量的影响；标准完成后，符合州和地方规定的项目可继续推进。
既有Energize NY（纽约能源强化审议程序）拟要求数据中心支付更高能源成本或自行提供能源。
帝国州发展公司须在60天内发布CIF（社区投资框架），覆盖地方基础设施、托育、直接资金支持、工会参与、当地招聘、学徒制度和劳动力培训。
公共服务厅还将研究纽约电网加速基金，可能要求开发商出资升级老化电网、支持清洁能源并承担投机性大负荷带来的成本。
霍楚尔将推动立法，取消全州大型数据中心的销售税豁免。

作者观点与证据

州政府将政策定位为保护电费用户、环境、电网和社区的监管框架，并把快速增长的数据中心需求视为能源和水资源压力来源。行政令、许可暂停、60天社区框架期限属于已公布措施；电网基金、专用清洁发电要求和取消销售税豁免仍处于研究或立法阶段。材料来自州长办公室，政策理由和预期社区收益主要反映政府立场，未提供项目级成本测算或电价影响量化。

与相关标的的关系

元数据关联APLD（Applied Digital，数据中心运营商）、GOOG（Alphabet旗下谷歌）和NBIS（Nebius Group，AI基础设施公司）。若这些公司在纽约州规划或参与尚未完成许可的超大规模数据中心，审批周期、供电方案、社区投入和税负可能受到影响；原文没有列出任何公司或具体项目，无法确认实际敞口。政策也为美国其他州的数据中心成本分担规则提供观察样本。

时效性与限制

文章发布于美东时间 07/14 10:02（UTC+8 07/14 22:02），抓取于美东时间 07/15 00:33（UTC+8 07/15 12:33）。行政令与已完成申请的判断标准、拟取消税收优惠的法案文本以及各公司的纽约州项目状态尚未在文中披露。

后续跟踪

GEIS环境标准的完成时间及对能源、用水和排放的具体要求。
60天内公布的社区投资公式和适用项目门槛。
电网加速基金、专用清洁电源要求及销售税豁免取消的立法进展。
APLD、GOOG和NBIS是否披露受影响的纽约州项目或资本开支变化。

英文原文

First Statewide Moratorium on New Hyperscale Data Centers Launched by Governor Kathy Hochul

Open USD冲击Circle收益留存

重要性5/5 极高

新稳定币直接冲击Circle的储备收益模型，且包含评级、盈利预测和近期续约节点。

标签

标的：`CRCL`来源：Investing.com发布日期：2026-07-14重要性：5/5 极高评级理由：新稳定币直接冲击Circle的储备收益模型，且包含评级、盈利预测和近期续约节点。评级依据：CRCL直接相关, 商业模式冲击明确, 盈利预测下调幅度大, 8月存在协议续约节点原文字数：438

中文摘要

核心结论

瑞穗证券认为Open USD（开放式美元稳定币，OUSD）把近乎全部储备收益传给分销商，将冲击Circle依靠留存国债收益获利的模式。该机构将CRCL评级降至“跑输大盘”，并显著下调2027年EBITDA预测。

重要性评级

评级：5/5（极高）

文章量化了新竞争机制对Circle成本、利润和估值的影响，并指出8月Coinbase分销协议续约这一近期节点。

关键事实

瑞穗将Circle评级由“中性”降至“跑输大盘”，目标价由85美元降至50美元。
Open Standard于6月30日推出OUSD，联盟获得万事达卡、Stripe、Coinbase和贝莱德等140多家机构支持。
OUSD仅保留少量管理费，把近乎全部储备收益传给分销商。
Circle目前取得USDC全部储备收入，在向Coinbase、Binance等伙伴分成后，综合留存比例约38%。
Circle与最大分销商Coinbase的收入分成协议预计8月续约。
瑞穗把Circle 2027财年分销与交易成本占收入假设由64%上调至73%。
2027年调整后EBITDA预测由10.93亿美元下调至6.99亿美元，比华尔街9.41亿美元共识低约25%。
该机构预计2027年USDC平均流通量约1260亿美元、储备收入约50.58亿美元，并采用约17倍EBITDA估值，低于可比公司的约20倍。

作者观点与证据

瑞穗的判断建立在OUSD收益直通模式、联盟分销能力及Coinbase续约议价上。产品结构和联盟成员是明确事实，但OUSD的实际发行量、用户采用率与监管状态尚未得到经营数据验证；2027年利润和估值均为分析师模型。

与相关标的的关系

CRCL面临储备收益留存率下降和分销成本上升。COIN可能借支持OUSD增强续约议价能力，也可能获得新的分销收益。BLK与MA属于OUSD支持方，但文章未量化其经济权益；USDC的发行增长与Circle盈利增长可能出现分化。

时效性与限制

发布于美东时间 07/14 09:49（UTC+8 07/14 21:49）。OUSD在6月30日推出，经营历史很短；GENIUS Act（美国稳定币监管法案）合规性被描述为“可能”，尚非确定结论。

后续跟踪

OUSD发行量、分销渠道和储备收益政策
Circle与Coinbase 8月协议续约结果
Circle分销成本率和USDC收益留存率
OUSD的监管合规状态

英文原文

Mizuho downgrades Circle on competitive threat from new rival stablecoin

Vahid Karaahmetovic

Tue, July 14, 2026 at 9:49 PM GMT+8 2 min read

CRCL

+0.35%

USDC-USD

-0.01%

+0.06%

STRI.PVT

COIN

+2.62%

Investing.com -- Mizuho Securities downgraded Circle Internet Group, the issuer of the USDC stablecoin, to Underperform from Neutral and trimmed its price target to $50 from $85, flagging competitive threats from a newly launched rival stablecoin that could undercut Circle's core revenue model.

The key catalyst behind the move is the launch of Open USD (OUSD), a dollar-pegged stablecoin unveiled June 30 by Open Standard, an independent, consortium-governed entity backed by more than 140 firms including Mastercard, Stripe, Coinbase and BlackRock.

Mizuho analyst Dan Dolev said Open-USD's "pass-through model to distributors," combined with its scale and likely compliance with the GENIUS Act, "could fundamentally alter CRCL's business model, which relies on retaining a large portion of the treasury yield to drive revenues."

Under Circle's current structure, USDC operates on the so-called float-capture model, with Circle collecting 100% of reserve income and retaining a blended roughly 38% after revenue-sharing with distribution partners including Coinbase and Binance. Open-USD inverts that approach, keeping only a small management fee for itself while routing "nearly all reserve income" to its distribution partners, on the premise that issuance alone is not a meaningful revenue driver.

Dolev also flagged Circle's revenue-sharing agreement with Coinbase, its largest distributor, which is expected to renew in August. He said Coinbase's potential endorsement of Open-USD "could boost its leverage" in that renegotiation.

As a result, Mizuho raised its assumption for Circle's distribution and transaction costs in fiscal 2027 to 73% of revenue from 64%, cutting its 2027 adjusted EBITDA estimate to $699 million from $1.093 billion previously, a figure the firm said is roughly 25% below Wall Street consensus of $941 million.

While Mizuho now expects higher interest rates in 2027 than in its prior model, "this is not enough to offset potential pricing compression, which we believe could weigh on medium-term profitability," Dolev wrote.

On valuation, the analyst modeled average USDC in circulation reaching approximately $126 billion in 2027, implying reserve income of about $5.058 billion. While Circle's peer group — Visa, Mastercard, Coinbase and Robinhood — trades at an average of roughly 20x EBITDA, Mizuho applied a multiple of about 17x, a three-turn discount to peers, citing USDC's slowing market-cap growth and increasing stablecoin competition.

Mizuho downgrades Circle on competitive threat from new rival stablecoin

This sector is 'poised for a big, beautiful year': Truist

Morgan Stanley CIO survey: Why AI hype isn't boosting 2026 IT budgets

打开原文

CleanSpark数据中心租约外溢

重要性4/5 高

长期租约金额大且对多家矿企的数据中心转型形成直接映射，但关键合同条款仍不完整。

标签

标的：`CRCL`来源：Stocktwits发布日期：2026-07-14重要性：4/5 高评级理由：长期租约金额大且对多家矿企的数据中心转型形成直接映射，但关键合同条款仍不完整。评级依据：66亿美元合同收入预期, CLSK直接相关, 同业股价出现同步反应, 交易对手和项目经济性缺失原文字数：610

中文摘要

核心结论

CleanSpark（CLSK）宣布一项20年基础设施租约，初始期限预计产生约66亿美元合同收入，推动其股价及多家向数据中心转型的比特币矿企上涨。当天比特币价格基本持平，显示该轮股价反应主要围绕数据中心合同，而非加密资产普涨。

重要性评级

评级：4/5（高）

66亿美元长期合同直接改变CLSK收入结构预期，并对RIOT、MARA、HUT和HIVE等矿企形成同业映射；交易对手身份和项目经济性尚未披露完整。

关键事实

CLSK盘前一度上涨20%，开盘后涨幅收窄至约10%。
公司与一家科技企业就佐治亚州Sandersville园区签署20年租约，并附带两次各五年的续期选择权。
初始期限预计形成约66亿美元合同收入。
已签署意向书使CleanSpark整个得州资产组合对该租户进入排他期。
RIOT、MARA和Keel Infrastructure约上涨3%，HUT与HIVE约上涨2%。
比特币约报63,700美元，过去24小时基本持平；以太坊同期表现较强。
市场同时等待修订版CLARITY Act（美国加密市场结构法案）草案，报道预计其将在7月20日当周提交参议院讨论。

作者观点与证据

文章把矿企上涨归因于CLSK租约及数据中心业务重估，价格时间关系和同行同步上涨提供一定支持。合同收入并不等于利润或已锁定现金流，且正文只称交易对手为“科技企业”；零售情绪数据来自Stocktwits（投资者社交平台），代表性有限。

与相关标的的关系

CLSK获得直接合同收入预期；RIOT、MARA、HUT、HIVE和KEEL的关联来自其电力、土地与数据中心资产可能承接高性能计算需求。COIN和CRCL当天主要受监管预期影响，与租约关系较弱；BTC、ETH价格表现用于区分股票催化与币价因素。

时效性与限制

发布于美东时间 07/14 09:47（UTC+8 07/14 21:47）。租户身份、建设支出、租金支付节奏、履约担保和项目利润率均未披露，得州资产仍处于意向书排他阶段。

后续跟踪

租户身份及最终合同文件
项目资本支出、供电规模和交付日期
66亿美元收入的确认节奏与利润率
修订版CLARITY法案文本及参议院进程

英文原文

CLSK Stock Leads Gains Among Crypto Equities – Lifting Data Center-Focused Bitcoin Miners

Prabhjote Gill

Tue, July 14, 2026 at 9:47 PM GMT+8 3 min read

BTC-USD

+3.29%

CLSK

+8.82%

ETH-USD

+5.06%

CRCL

+0.35%

KEEL

+2.98%

The announcement lifted other Bitcoin mining companies with growing data center infrastructure businesses, including Keel Infrastructure, Riot Platforms, Mara Holdings, Hut 8, and HIVE Digital.

Bitcoin traded largely unchanged while Ethereum outperformed major cryptocurrencies during Tuesday morning's session.

Coinbase and Circle traded mixed, with investors turning their attention to the expected release of a revised CLARITY Act draft later this week.

Shares of Cleanspark (CLSK) led gains among crypto equities on Tuesday morning, pushing other Bitcoin (BTC) miners that are pivoting towards data center infrastructure higher as well.

CLSK's stock rose as much as 20% in pre-market trade, and trimmed gains to around 10% after market open, and was among the top-trending tickers on Stocktwits at the time of writing. Retail sentiment around the company on the platform rose to 'bullish' from 'bearish' over the past day, and chatter jumped to 'high' from 'normal' levels.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

CLSK stock retail sentiment on July 14 as of 9:40 a.m. ET | Source: Stocktwits

CleanSpark Surges On $6.6 billion Infrastructure Lease

The company announced it had entered into a 20-year infrastructure lease agreement, with two five-year extension options, directly with a technology company at its Sandersville, Georgia, campus.

CleanSpark added that the lease is expected to generate approximately $6.6 billion of contracted revenue over the initial term. "Pursuant to the executed letter of intent, CleanSpark's entire Texas portfolio is now under exclusivity with the tenant," it said.

Data Center-Focused Bitcoin Miners Move Higher

Other data infrastructure companies known for their prowess in Bitcoin mining, like Keel Infrastructure (KEEL), Riot Platforms (RIOT), and Mara Holdings (MARA), also rose in morning trade by about 3% each. Hut 8 (HUT) and HIVE Digital (HIVE) each climbed by around 2%.

Bitcoin's price traded flat over the last 24 hours at around $63,700, underperforming the leading altcoin, Ethereum (ETH), which led gains among cryptocurrencies on Tuesday morning. The largest corporate Bitcoin treasury, Strategy (MSTR), saw its shares jump by over 3% in morning trade while Ethereum treasury Bitmine Immersion Technologies (BMNR) rose nearly over 7%.

Crypto-Linked Equities Await CLARITY Act Catalyst

The performance of other crypto-linked equities was mixed. While shares of Coinbase (COIN) rose in morning trade, Circle (CRCL) edged lower, with both awaiting the CLARITY Act as their next catalyst after the Senate resumed on Monday. According to TD Cowen, a fresh draft of CLARITY will be released this week and is likely to be tabled in the Senate for discussion during the week of July 20. COIN's stock edged around 1% higher, while CRCL's stock dipped fell over 3% in early-morning trade.

Story Continues

Read also: RCAT Stock Falls To Near Two-Month Low, But Retail Bets Iran Conflict Could Boost Military Drone Demand

For updates and corrections, email newsroom[at]stocktwits[dot]com

Prabhjote Gill 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 .

TSLA Stock Climbs Overnight: 'SPAC King' Chamath Palihapitiya Sees 'Obvious' Logic In Tesla-SpaceX Merger

Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?

Why Did LCID, ORCL, HTZ Stocks Plunge To 52-Week Lows Today?

打开原文

Open USD引发Circle降级

重要性2/5 中低

主题与CRCL直接相关且较新，但正文严重不完整，无法核验降级逻辑和量化影响。

标签

标的：`CRCL`来源：Barrons.com发布日期：2026-07-14重要性：2/5 中低评级理由：主题与CRCL直接相关且较新，但正文严重不完整，无法核验降级逻辑和量化影响。评级依据：直接关联CRCL, 分析师降级事件, 正文信息缺失, 缺少量化证据原文字数：67

中文摘要

核心结论

瑞穗因新稳定币Open USD带来的竞争威胁下调Circle（CRCL）评级。现有正文只有标题级信息，无法判断降级幅度、目标价、Open USD的发行方、分发渠道或对USDC收入的量化影响。

重要性评级

评级：2/5（中低）

事件直接关联CRCL和USDC，但全文信息极少，缺少支撑评级变化所需的分析细节。

关键事实

Barron's（巴伦周刊）称瑞穗下调数字支付公司Circle的评级。
下调理由被概括为竞争对手稳定币Open USD的威胁。
文章关联CRCL、USDC、COIN、Visa、Mastercard和Stripe等支付与加密资产标的。
正文没有提供原评级、新评级、目标价、分析师姓名或发布日期之外的研究报告内容。

作者观点与证据

可确认的只有瑞穗采取评级下调动作及其概括性理由。由于正文被截断为“继续阅读”，竞争路径、收入敏感度及证据均不可见，不能据此补充更具体的公司判断。

与相关标的的关系

CRCL及USDC是直接对象。COIN可能通过USDC经济安排受到间接影响；Visa、Mastercard和Stripe仅出现在相关标的元数据中，正文没有说明影响路径。

时效性与限制

文章发布于美东时间07/14 09:45（UTC+8 07/14 21:45）。归档正文仅约一分钟阅读量且核心内容缺失，证据完整性低。

后续跟踪

瑞穗完整研报中的评级和目标价。
Open USD的发行主体、储备机制和分发伙伴。
USDC流通量及Circle储备收入变化。
Coinbase与Circle的经济分成影响。

英文原文

Circle Stock Downgraded on Big Threat From New Stablecoin

Circle Stock Downgraded on Big Threat From New Stablecoin · Barrons.com · NYSE

George Glover

Tue, July 14, 2026 at 9:45 PM GMT+8 1 min read

CRCL

+0.35%

USDC-USD

-0.01%

DX-Y.NYB

-0.12%

-0.48%

STRI.PVT

Mizuho downgrades the digital payments company, citing the threat posed by rival stablecoin Open USD.

打开原文

通胀降温推动芯片反弹

重要性4/5 中高

直接覆盖SOXX并结合最新通胀数据解释板块波动，时效性强，但市场因果仍属媒体判断。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-14重要性：4/5 中高评级理由：直接覆盖SOXX并结合最新通胀数据解释板块波动，时效性强，但市场因果仍属媒体判断。评级依据：timeliness, macro_data, attribution_uncertainty原文字数：936

中文摘要

核心结论

文章把AMD、Intel及SOXX的反弹归因于6月通胀低于预期带来的利率敏感型资产重估，并明确指出当日缺少AMD特定公司消息。宏观推动的反弹能否延续，仍取决于后续通胀数据和AMD在08/04（未给出具体时刻）的财报兑现。

重要性评级

评级：4/5（中高）

SOXX是输入直接标的，通胀数据、板块价格和财报预期均具当日时效性；文章对市场因果的判断仍属于媒体解释。

关键事实

文章发布于美东时间 07/14 09:42（UTC+8 07/14 21:42）。
文章记录AMD早盘上涨5%至560.66美元，Intel上涨约4%，Broadcom上涨约1%。
SOXX上涨约4%至573.51美元，纳斯达克100指数上涨1.06%。
6月CPI（消费者价格指数）环比下降0.4%，预期下降0.2%；同比3.5%，预期3.8%。
核心CPI环比持平、同比2.6%，低于2.9%的预期。
AMD年内上涨约150%，市盈率约185倍；文章称近期89笔内部人交易以卖出为主。
AMD第一季度收入102.5亿美元，同比增长37.9%。
市场预计AMD第二季度每股收益1.60美元、收入112.8亿美元，计划于08/04（未给出具体时刻）盘后公布。

作者观点与证据

作者认为通胀降温重新打开较宽松利率环境的可能性，高估值芯片股因此率先反弹。价格和通胀数据支持同期共振，但“通胀导致反弹”仍是事件归因；AMD高估值及内部人卖出被用来提示波动风险。

与相关标的的关系

SOXX直接反映芯片板块走势，AMD、Intel和Broadcom是主要成分及行情驱动来源。文章称此次上涨是板块轮动，未披露SOXX层面的资金流数据。

后续跟踪

后续通胀和利率预期变化。
AMD第二季度收入、利润及数据中心指引。
SOXX反弹的成交量和成分股广度。
高估值芯片股对宏观数据的敏感度。

英文原文

AMD Rallies 5%, Intel Rises 4% as Cooling Inflation Sparks a Chip Rebound

David Moadel

Tue, July 14, 2026 at 9:42 PM GMT+8 5 min read

+2.57%

INTC

+4.50%

SOXX

+2.58%

AVGO

+1.32%

^NDX

+1.10%

Quick Read

AMD jumped 5% and Intel rose 4% after June core CPI printed flat, crushing the 2.9% forecast and igniting a broad chip-sector rally.

SOXX rallied 4%, but AMD's next real test is August 4 earnings, where Wall Street expects $1.60 EPS on $11.28 billion in revenue.

AMD trades at 185x earnings with heavy insider selling, making any AI-trade reversal a fast and painful correction risk.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Shares of Advanced Micro Devices ( NASDAQ:AMD ) are up 5% to $560.66 in early Tuesday trading, rebounding sharply after Monday's selloff. Intel ( NASDAQ:INTC ) stock is climbing in tandem, while Broadcom ( NASDAQ:AVGO ) stock is trading higher as well.

24/7 WallSt The bounce arrives with the NASDAQ 100 up 1.06% as a cooler-than-expected June inflation print is pulling risk assets higher. AMD stock, Intel stock, and Broadcom stock are three closely watched names inside a sector that took a beating on Monday.

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is up 4% to $573.51 this morning after a sharp Monday decline. The ETF is concentrated in a handful of large chip names (not leveraged), so investors should size their positions accordingly.

Cooling Inflation Fuels a Risk-On Bounce

The trigger is the June Consumer Price Index (CPI) report. Headline consumer prices fell 0.4% month over month against a forecast of -0.2%, and annual inflation eased to 3.5% versus a 3.8% forecast.

Core CPI came in even softer, flat at 0% month over month and 2.6% year over year against a 2.9% forecast, helped largely by easing energy prices. That combination reopens the door to a friendlier rate backdrop, and high-multiple chip names react first.

The move reflects broad sector rotation rather than any AMD-specific news. Traders are cycling back into semiconductors after Monday's sharp drawdown, with AMD stock and Intel stock leading because they carry the highest beta in the group.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Story Continues

The AMD Debate: Breakout to $600 or Correction Risk?

AMD is the day's focal point because it sits at the center of a live bull-versus-bear argument. AMD stock is up 150% year to date, a run driven by AI accelerator demand and a string of analyst price-target hikes. The bulls may argue that the next stop is $600 as data-center GPU orders keep expanding.

The bear case leans on the company's valuation. AMD trades at a P/E ratio of 185x, and 89 recent insider transactions have skewed toward selling. If the AI trade unwinds, a stock this rich can correct fast.

CEO Lisa Su set the growth tone last quarter, stating, "We delivered an outstanding first quarter, driven by accelerating demand for AI infrastructure, with Data Center now the primary driver of our revenue and earnings growth." AMD's Q1 2026 revenue landed at $10.25 billion, up 37.9% year over year, with Q2 guidance implying continued acceleration.

Peers Follow the Move

Intel stock is riding the same tape, with INTC up 4% to $106.99 on turnaround momentum. Yet, Intel stock came in hot, down 15.61% over the prior week, so today's snap-back is partly mechanical.

Broadcom stock is participating but with less amplitude, up 1% to $388.23 and trading closer to fair value on forward multiples. CEO Hock Tan flagged that "Broadcom achieved record revenue, operating profit and free cash flow in Q2 driven by accelerating growth in AI semiconductor revenue," keeping the AI-infrastructure thesis intact across the group.

What to Watch

The next AMD stock catalyst is scheduled. AMD reports Q2 2026 earnings on August 4 after the market close, with consensus at $1.60 EPS on $11.28 billion in revenue. That print will decide whether the $600 debate becomes a serious conversation or a warning sign.

For today, investors can watch for whether AMD stock holds its opening gains into the close and whether SOXX finishes above its 20-day range. A cautious approach makes sense here. The move is real, the catalyst is macro, and volatility in AI names cuts both ways.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

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英伟达以合作生态扩大平台优势

重要性4/5 中高

MRVL与英伟达合作关系明确，文章还提供主要竞争者的量化数据，行业参考价值较高。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-14重要性：4/5 中高评级理由：MRVL与英伟达合作关系明确，文章还提供主要竞争者的量化数据，行业参考价值较高。评级依据：sector_relevance, fact_density, evidence_strength原文字数：763

中文摘要

核心结论

英伟达（NVDA）通过云计算、网络、汽车、通信和软件合作扩大AI（人工智能）平台覆盖。高速增长和较低的相对估值支持文章的积极判断，但竞争对手AMD与博通也在加快数据中心和定制芯片布局。

重要性评级

评级：4/5（中高）

文章提供英伟达、AMD和博通的收入增长数据，并直接提及迈威尔（MRVL）合作，适合观察AI半导体生态竞争。

关键事实

英伟达2027财年一季度营收同比增长85%至816亿美元，数据中心营收增长92%至752亿美元。
管理层预计第二季度营收约910亿美元。
英伟达与谷歌云扩大合作，部署基于Vera Rubin架构的AI实例，并在Blackwell系统上支持高级模型。
英伟达通过NVLink Fusion（芯片互连技术）与迈威尔合作开发定制AI基础设施。
与Coherent、康宁和Lumentum的合作聚焦下一代数据中心光网络。
AMD一季度数据中心收入同比增长57%至57.8亿美元。
博通2026财年二季度AI半导体收入增长143%至108亿美元。
英伟达预期市盈率为19.32倍，低于科技板块24.78倍；2027财年营收共识为3,855亿美元，同比增长78.5%。

作者观点与证据

作者认为芯片、网络、软件和合作伙伴组成的平台能够提高客户切换成本，财务数据为这一判断提供支持。文章来自Zacks，竞争优势与估值判断仍需结合公司披露和独立行业数据验证。

与相关标的的关系

MRVL通过NVLink Fusion直接进入英伟达定制基础设施生态；AMD和博通是竞争参照。英伟达扩大合作既可为MRVL带来互连机会，也可能强化英伟达的平台控制力。

时效性与限制

发布于美东时间 07/14 09:41（UTC+8 07/14 21:41）。文中多项收入为已披露季度数据，但长期护城河和收入共识属于分析判断与预测。

后续跟踪

NVLink Fusion相关产品与客户落地
Vera Rubin和Blackwell部署节奏
英伟达软件生态的付费转化
AMD与博通AI收入增长持续性

英文原文

NVIDIA

NVIDIA's AI Partnerships Expand: Can This Keep NVDA Ahead of Rivals?

Anirudha Bhagat

Tue, July 14, 2026 at 9:41 PM GMT+8 4 min read

NVDA

+4.06%

+2.57%

AVGO

+1.32%

NVIDIA Corporation NVDA continues to widen its competitive advantage by building strategic partnerships across cloud computing, networking, automotive and telecommunications. Rather than relying only on hardware sales, the company is creating an AI ecosystem that combines chips, networking, software and services. This integrated strategy could help NVIDIA stay ahead as competition in AI infrastructure intensifies.

The strength of these partnerships is reflected in NVIDIA's financial performance. In the first quarter of fiscal 2027, revenues surged 85% year over year to a record $81.6 billion, while Data Center revenues jumped 92% to $75.2 billion. Management also expects second-quarter revenues of about $91 billion, signaling continued strong demand for its AI platforms.

NVIDIA has expanded its partnership with Google Cloud to deploy Vera Rubin-powered AI instances and support advanced AI models on Blackwell systems. It has also teamed up with Marvell through NVLink Fusion technology to accelerate custom AI infrastructure. Partnerships with Coherent, Corning and Lumentum aim to improve optical networking for next-generation AI data centers, while collaborations with Hyundai, Kia and Uber strengthen NVIDIA's presence in autonomous driving.

Another advantage is NVIDIA's growing software ecosystem. Open-source platforms such as Dynamo, Agent Toolkit and Nemotron encourage developers and enterprises to build AI applications on NVIDIA hardware, making it harder for customers to switch to competing platforms.

Although rivals like Advanced Micro Devices, Inc. AMD and Broadcom Inc. AVGO are investing aggressively in AI, NVIDIA's broad partner network and integrated platform create a strong competitive moat. As enterprise AI adoption accelerates, these partnerships should help the company maintain its technology leadership and support long-term revenue growth. The Zacks Consensus Estimate for fiscal 2027 revenues is currently pegged at $385.5 billion, indicating a robust year-over-year increase of 78.5%.

NVIDIA's Rivals Are Also Expanding Their AI Ecosystems

While NVIDIA has built the industry's broadest AI partner network, Advanced Micro Devices and Broadcom are also deepening collaborations to strengthen their AI businesses.

Advanced Micro Devices is expanding partnerships with major cloud providers, enterprise customers and AI software developers to accelerate adoption of its Instinct GPUs and EPYC processors. In the first quarter of 2026, AMD's Data Center segment revenues surged 57% year over year to $5.78 billion, driven by strong demand for AI accelerators and server CPUs. Advanced Micro Devices has also strengthened its open-source ROCm software platform to attract developers and improve compatibility with leading AI models. These efforts are helping AMD narrow the gap with NVIDIA in enterprise AI deployments.

Story Continues

Broadcom is taking a different approach by partnering closely with hyperscale cloud companies to develop custom AI accelerators and high-speed networking solutions. In its latest reported financial results for the second quarter of fiscal 2026, AI semiconductor revenues climbed 143% year over year to $10.8 billion. Broadcom's Ethernet networking products and custom AI chips are becoming increasingly important as cloud providers build large AI clusters.

Although both companies are making solid progress, NVIDIA still benefits from a broader ecosystem that spans chips, networking, software and AI frameworks. This integrated platform continues to give it a competitive edge as AI adoption expands across industries.

NVIDIA's Price Performance, Valuation and Estimates

Shares of NVIDIA have risen around 9.2% year to date, underperforming the Zacks Computer and Technology sector's gain of 17%.

NVIDIA YTD Price Return Performance

Zacks Investment Research

Image Source: Zacks Investment Research

From a valuation standpoint, NVDA trades at a forward price-to-earnings ratio of 19.32, below the sector's average of 24.78.

NVIDIA Forward 12-Month P/E Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NVIDIA's fiscal 2027 and 2028 earnings implies a year-over-year increase of approximately 91% and 35%, respectively. Estimates for fiscal 2027 have been revised upward over the past seven days, while estimates for fiscal 2028 have been raised over the past 30 days.

Zacks Investment Research

Image Source: Zacks Investment Research

NVIDIA 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

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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华尔街评级变动集中扫描

重要性4/5 中高

CRCL评级和目标价出现显著调整，风险路径明确且时效性强，但证据仅为卖方摘要。

标签

标的：`CRCL`来源：The Fly发布日期：2026-07-14重要性：4/5 中高评级理由：CRCL评级和目标价出现显著调整，风险路径明确且时效性强，但证据仅为卖方摘要。评级依据：直接关联CRCL, 评级与目标价显著变化, 缺少底层模型和原始数据原文字数：770

中文摘要

核心结论

The Fly汇总多家机构在07/14发布的评级调整，其中与输入标的CRCL最相关的是瑞穗将Circle从中性降至跑输大盘，并把目标价由85美元降至50美元。其理由是Open-USD（开放式美元稳定币方案）的收益传导模式和超过140家合作伙伴可能压缩Circle依赖储备收益留存的商业模式。

重要性评级

评级：4/5（中高）

CRCL评级与目标价均大幅下调，且指出稳定币分销经济模型这一具体风险。文章属于分析师观点汇编，没有展示瑞穗模型、市场份额假设或Open-USD原始经营数据。

关键事实

瑞穗将CRCL评级由中性下调至跑输大盘，目标价从85美元降至50美元。
KeyBanc将苹果（AAPL）降至低配，目标价250美元，理由包括iPhone产量可能放缓、美国换机需求偏弱及补贴模式变化。
汇丰将IBM降至减持，目标价由231美元降至191美元。
瑞银将FuelCell（FCEL）升至买入，目标价由22美元提高至27美元，对应文中所称42%潜在涨幅。
Evercore ISI首次覆盖SpaceX（SPCX），给予跑赢大盘评级和230美元目标价。
Truist首次覆盖First Solar（FSLR），给予持有评级和249美元目标价，并称美国税收抵免对2026年息税折旧摊销前利润率贡献43个百分点，相关支持到2030年降至75%、2033年归零。

作者观点与证据

文章自身不建立统一观点，只汇总卖方机构结论。CRCL部分的决定性信息是瑞穗评级和目标价调整，商业模式风险仍是分析师推演；缺少Circle储备收益率、分销成本、USDC份额及Open-USD实际发行规模验证。

与相关标的的关系

CRCL是最直接相关标的，评级下调指向稳定币竞争和储备收益分配。AAPL、IBM、FCEL、SPCX等评级变化可作为市场风格和行业背景，不能据此推导CRCL经营变化。

时效性与限制

文章发布于美东时间 07/14 09:36（UTC+8 07/14 21:36），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。内容为多家卖方观点的简短摘要，目标价方法、预测期和利益冲突信息均未展开。

后续跟踪

Circle对Open-USD竞争及分销收益安排的回应。
USDC流通量、市场份额和储备收入留存比例。
瑞穗50美元目标价所依据的收入与估值假设。
其他机构是否跟随调整CRCL盈利预测。

英文原文

Apple, IBM downgraded: Wall Street

Apple, IBM downgraded: Wall Street's top analyst calls

The Fly

Tue, July 14, 2026 at 9:36 PM GMT+8 4 min read

INTU

-2.53%

IONQ

+1.05%

-2.86%

-11.98%

+3.51%

Apple, IBM downgraded: Wall Street's top analyst calls The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

UBS upgraded FuelCell (FCEL) to Buy from Neutral with a price target of $27, up from $22, implying 42% upside from current levels. The firm sees "multiple positive drivers" for FuelCell, including the company's recent deal with Fit Energy and collaboration with Siemens for product development.

Piper Sandler upgraded Halliburton (HAL) to Overweight from Neutral with a price target of $43, up from $40. The firm likes the entry point with the stock down over 20% from the mid-May highs.

Wells Fargo upgraded Red Rock Resorts (RRR) to Overweight from Equal Weight with a price target of $75, up from $55. The shares are positioned to "break out" on easy compares and accelerating growth, the analyst tells investors in a research note.

TD Cowen upgraded Newmont (NEM) to Buy from Hold with a price target of $127, down from $129. The stock's recent pullback creates a "compelling entry point," the analyst says.

Stephens upgraded Wesco (WCC) to Overweight from Equal Weight with a price target of $400, up from $350. Wesco has pulled back about 10% from the highs through this summer, notes the analyst, who sees this offering investors an entry point as the firm views achieving the company's long-term mid-to-high single digit sales growth target as "increasingly likely."

Top 5 Downgrades:

KeyBanc downgraded Apple (AAPL) to Underweight from Sector Weight with a $250 price target. The firm expects iPhone builds to slow amid price increases, "weak" U.S. upgrades, and changing device subsidy models.

HSBC downgraded IBM (IBM) to Reduce from Hold with a price target of $191, down from $231. For $287.56, investors can buy 1.19 shares of IonQ (IONQ) , 1.22 shares of SAP (SAP) , 0.16 shares of Accenture (ACN) , and 0.95 shares of HP (HPQ) and create a "synthetic IBM" to replicate IBM's subsector exposure in software, consulting, hardware and quantum computing, the analyst tells investors.

Mizuho downgraded Circle Internet (CRCL) to Underperform from Neutral with a price target of $50, down from $85. The firm believes that Open-USD's pass-through model to distributors and large scale with over 140 partners could fundamentally alter the company's business model, which relies on retaining a large portion of the treasury yield to drive revenues.

Baird downgraded CoStar Group (CSGP) to Neutral from Outperform with a price target of $34, down from $48. The departure of the CFO without a guidance reiteration further reduces confidence in CoStar's near-term outlook, the analyst tells investors in a research note.

KeyBanc downgraded Skyworks (SWKS) to Sector Weight from Overweight without a price target. The firm believes the company's new content gains are likely to be offset by a contracting smartphone market.

Story Continues

Top 5 Initiations:

Evercore ISI initiated coverage of SpaceX (SPCX) with an Outperform rating and $230 price target. While acknowledging that the feasibility of certain ambitions and timelines can be debated, the firm adds "we don't think there's a debate that this is an extraordinary company on a real path to reshaping the future of humanity."

BofA downgraded O-I Glass (OI) to Underperform from Buy with a price target of $11, down from $13. While the stocks in the group have risen 5%-10% since May, demand remains "lackluster" and volumes "weak," outside of beverage cans and selected specialty markets, the analyst tells investors.

Truist initiated coverage of First Solar (FSLR) with a Hold rating and $249 price target. The company benefits from U.S. regulations today, including ITC and PTC credits for domestic content, as well as 45x credits that contribute 43 points to 2026 EBITDA margins, but phase out to 75% in 2030 and 0% by 2033, the analyst tells investors in a research note.

BMO Capital initiated coverage of RXO Inc. (RXO) with an Outperform rating and $35 price target. The firm sees a path to $600M of EBITDA this cycle for RXO, saying truckload market tightness is back near prior-cycle peak levels.

Piper Sandler assumed coverage of Intuit (INTU) with an Underweight rating and $250 price target. The company reported a "subpar" earnings report and guided down TurboTax, the firm says.

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特灵受益于数据中心制冷需求

重要性2/5 中低

可作为人工智能基础设施需求旁证，但正文主体是TT，对COHR仅有附带评级信息。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-14重要性：2/5 中低评级理由：可作为人工智能基础设施需求旁证，但正文主体是TT，对COHR仅有附带评级信息。评级依据：数据中心制冷需求背景, COHR直接信息有限, 正文与输入标的错位原文字数：707

中文摘要

核心结论

Trane Technologies（特灵科技，TT）的商业暖通空调和数据中心模块化制冷需求保持强劲，Stellar Energy Americas整合增加近10亿美元积压订单。COHR只作为评级更高的科技服务标的被提及，文章未提供其业务新事实。

重要性评级

评级：2/5（中低）

TT的订单和制冷数据可补充人工智能基础设施背景，但与COHR的直接联系有限。文章包含多项公司与一致预期数据，仍以Zacks推荐框架为主。

关键事实

TT过去三个月上涨3.8%，同期行业上涨6.6%，标普500指数上涨7.8%。
公司2026年第二季度盈利预计同比增长9.5%；2026年和2027年全年盈利预计分别增长13.6%和13.9%。
2026年和2027年收入预计分别增长9%和8.4%。
2026年第一季度企业有机订单同比增长24%，美洲商业暖通空调订单约增长40%。
2026年2月完成的Stellar Energy Americas整合为积压订单增加近10亿美元。
TT第一季度流动比率为1.1，上一季度为1.09。
Zacks称COHR长期盈利增长预期为46.8%，过去四个季度三次超预期、一次符合预期，平均超预期6.2%。

作者观点与证据

作者看重节能暖通空调、人工智能数据中心制冷和股东回报，同时指出大宗商品价格、竞争和技术投入可能压缩利润率。订单数据来自公司披露；COHR的高增长预期未提供底层模型。

与相关标的的关系

COHR与TT没有文中披露的直接业务关系，仅共同出现在Zacks股票筛选段落。TT的数据中心制冷需求可作为人工智能基础设施资本开支的旁证，不能直接推导COHR光通信收入。

时效性与限制

文章发布于美东时间 07/14 09:36（UTC+8 07/14 21:36），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。输入元数据标记COHR，正文主角为TT，摘要使用时需要区分公司归属。

后续跟踪

TT数据中心制冷订单的收入转化和利润率。
Stellar Energy Americas整合后的项目交付进度。
COHR盈利预测修正及光通信订单变化。
人工智能基础设施支出在制冷与光互连环节的同步程度。

英文原文

Here

Here's Why You Should Retain TT Stock in Your Portfolio Now

Zacks Equity Research

Tue, July 14, 2026 at 9:36 PM GMT+8 3 min read

+0.76%

^GSPC

+0.38%

-0.16%

COHR

+1.10%

Shares of Trane Technologies plc TT have had a decent run over the past three months. The stock has risen 3.8% compared with the industry's 6.6% growth. The Zacks S&P 500 composite rose 7.8% during the said time frame.

TT has a Growth Score of B. This style score condenses key financial metrics to reflect a fair sense of the quality and sustainability of its growth.

The company's second-quarter 2026 earnings are expected to increase 9.5% year over year. Earnings for 2026 and 2027 are projected to rise 13.6% and 13.9% year over year, respectively. Revenues are expected to increase 9% in 2026 and 8.4% in 2027.

Factors That Bode Well for TT

Trane Technologies benefits from robust demand for its customer-centric solutions, especially commercial HVAC. Rising global energy demand and the need for high-performance buildings support strong long-term growth for the company. TT is driving growth by catering to this demand with its energy-efficient HVAC systems, smart controls and sustainable climate solutions. TT reported that enterprise organic bookings growth was 24% year over year in the first quarter of 2026. Commercial HVAC bookings in the Americas rose approximately 40% year over year during the same period.

Trane Technologies plc Revenue (TTM)

Trane Technologies plc Revenue (TTM) Trane Technologies plc revenue-ttm | Trane Technologies plc Quote

The company is also driving growth from rising data center demand as clients build out specialized cooling and infrastructure to power the rapid growth of artificial intelligence (AI) and cloud computing. During the latest quarterly earnings conference, management stated that the February 2026 integration of Stellar Energy Americas, Inc. boosted the backlog by nearly $1 billion and solidified Trane Technologies' market leadership in the rapidly expanding modular cooling sector.

The company has demonstrated a strong commitment to its shareholders through consistent dividend payments and share repurchases, despite the fluctuations in its cash position. TT paid dividends of $683.7 million, $757.5 million and $837.3 million, while repurchasing shares worth $669.3 million, $1.3 billion and $1.5 billion in 2023, 2024 and 2025, respectively. This consistency underscores its dedication to creating long-term value for investors.

TT had a current ratio (a measure of liquidity) of 1.1 in the first quarter of 2026, which improved marginally from the preceding quarter's 1.09 due to an increase in cash reserves. A current ratio above 1 enables the company to pay off short-term obligations efficiently.

Story Continues

Key Risks to Watch

Trane Technologies relies on its supply chain for essential commodities, mainly steel and non-ferrous metals. Thus, rising commodity prices, such as steel costs, can inflate expenses, squeeze profit margins and erode revenues and cash flow.

Global technology service providers operate in a fiercely competitive landscape. TT faces stiff competition in the HVAC market from firms such as Honeywell International, Siemens and Carrier. This competition fuels innovation across the industry while driving pricing pressures. Ongoing technology investments increase the challenge of maintaining profitability while competing for growth.

Trane Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Stocks to Consider

A couple of better-ranked stocks in the Technology Services industry are Coherent Corp. COHR and V2X, Inc. VVX.

Coherent Corp. sports a Zacks Rank #1 at present. It has a long-term earnings growth expectation of 46.8%. COHR's earnings beat estimates in three of the last four reported quarters and matched once, with an average surprise of 6.2%.

V2X, Inc. also flaunts a Zacks Rank of 1 at present. It has a long-term earnings growth expectation of 20.4%. VVX delivered a trailing four-quarter earnings surprise of 22.8%, on average.

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Coherent Corp. (COHR) : Free Stock Analysis Report

V2X, Inc. (VVX) : Free Stock Analysis Report

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FTI咨询增长与现金流拉扯

重要性2/5 中低

主体为FCN，COHR仅作为评级对照，难以为COHR当日日报提供充分新增证据。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-14重要性：2/5 中低评级理由：主体为FCN，COHR仅作为评级对照，难以为COHR当日日报提供充分新增证据。评级依据：COHR仅为附带比较, FCN财务数据较完整, 元数据与正文主体存在偏差原文字数：806

中文摘要

核心结论

FTI Consulting（FTI咨询，FCN）依靠业务多元化、国际收入和充足流动性维持增长，但2025年经营现金流、自由现金流及盈利受到明显压力。COHR仅作为Zacks评级更高的备选标的出现，文章没有提供其经营更新。

重要性评级

评级：2/5（中低）

FCN数据较丰富，却与输入标的COHR关系较弱。COHR仅有长期盈利增长预期和历史盈利超预期统计，信息多为Zacks筛选口径。

关键事实

FCN过去一年下跌1.2%，同期所属行业下跌42.3%，标普500指数上涨26.3%。
2026年收入一致预期为40亿美元，同比增长6.2%；2027年预期为43亿美元，同比增长7.3%。
2026年每股收益预期为9.10美元，同比增长3.1%；2027年为11.29美元，同比增长24.1%。
FCN在2026年第一季度收入9.833亿美元，同比增长9.5%，并维持全年39.4亿至41亿美元收入指引。
第一季度流动比率为2.3，现金1.98亿美元，无短期债务。
2025年经营现金流由3.951亿美元降至1.521亿美元，自由现金流由3.602亿美元降至9360万美元。
2025年运营费用同比增长14.5%，净利润减少920万美元或3.3%。
Zacks称COHR长期盈利增长预期为46.8%，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FCN采取平衡立场，支持因素包括收入增长、流动性和回购，风险证据来自现金流及费用数据。COHR信息仅用于评级排序，没有解释46.8%增长预期的期限、计算方法或驱动因素。

与相关标的的关系

COHR被列为Zacks第1级“强力买入”标的，而FCN为第3级“持有”。这种关系来自评级比较，并无业务、供应链或客户层面的直接联系。

时效性与限制

文章发布于美东时间 07/14 09:31（UTC+8 07/14 21:31），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。标题和正文主体是FCN，输入元数据却标记COHR，需防止将FCN事实误归于COHR。

后续跟踪

COHR盈利增长预期的预测期和上修幅度。
COHR订单、光通信需求和利润率数据。
FCN经营现金流能否从2025年低位恢复。
FCN费用增速与2027年盈利增长预期的匹配情况。

英文原文

Here

Here's Why Investors Should Hold FCN in Their Portfolios Now

Zacks Equity Research

Tue, July 14, 2026 at 9:31 PM GMT+8 4 min read

COHR

+1.10%

-1.41%

CNDT

+0.65%

FTI Consulting, Inc. FCN shares have slipped 1.2% in the past year. While the shares have experienced a slight dip, the industry has plummeted 42.3%. The Zacks S&P 500 Composite has rallied 26.3% over the same period.

The Zacks Consensus Estimate for 2026 revenues is pegged at $4 billion. The figure is expected to increase 6.2% year over year. For 2027, the consensus estimate is pinned at $4.3 billion, suggesting a 7.3% rise from the preceding year's actual.

For EPS, the consensus mark for 2026 is pegged at $9.1, indicating a 3.1% year-over-year rally. The Zacks Consensus Estimate for 2027 EPS is set at $11.29. The figure is expected to grow 24.1% from the preceding year's actual.

Factors That Augur Well for FCN's Success

Diversification & International Operations Aid Top Line: FCN's diversification mitigates the impacts of macroeconomic headwinds, crises, events and changes in a particular practice, industry, or country. In 2025, the company generated 37% of its revenues from international operations. The recent performance paints a growth picture, wherein FCN generated $983.3 million in revenues in the first quarter of 2026, up 9.5% year over year. Management is optimistic and banking on the growth trajectory, reaffirming its 2026 revenue guidance of $3.94-$4.10 billion.

Robust Liquidity Position: The company ended 2025 with a current ratio of 1.56, a figure that bodes well with investors as it highlights FCN's ability to pay off short-term obligations with ease. The company held this performance as it recorded a current ratio of 2.3 during the first quarter of 2026, outpacing the industry average of 1.15. FCN's liquidity relies on its strong balance sheet position that ended the first quarter of 2026 with a cash chest of $198 million against no current debt.

Zacks Investment Research Image Source: Zacks Investment Research

Shareholder-Friendly Actions: In 2023, 2024 and 2025, the company repurchased shares worth $21 million, $10.2 million and $858.7 million, respectively. This initiative instills investor confidence. We expect investors to have been flattered by FCN repurchasing 787,098 shares during the first quarter of 2026 for $126.8 million. The company's bottom line moved up to $1.9 from the year-ago quarter's $1.74 despite lower net income, highlighting the success of its buyback strategy that supported per-share value.

Risks Faced by FTI Consulting

Cash Flow Contraction: FCN experienced substantial turbulence in cash flow flexibility during 2025. The company ended 2025 with an operating cash flow of $152.1 million, down from the preceding year's $395.1 million due to higher forgivable loan issuances, compensation and income tax payments. This drag in the operational cash flow led to a decline in the free cash flow to $93.6 million in 2025 from the preceding year's $360.2 million.

Story Continues

On a similar note, the company reported a severe cash depletion during 2025, as evidenced by a 59.9% year-over-year drag in cash and cash equivalents.

Bottom-Line Shoulders Cost Pressure: During 2025, FCN experienced a 14.5% year-over-year jump in operating expenses, demonstrating an acceleration from a 7.7% year-over-year increase in 2024. This substantial rise has been primarily caused by $54.7 million year-over-year growth in direct costs of revenues and special charges of $25.3 million in 2025, exceeding growth of three times from the preceding year. This rising cost structure left an imprint on the company's profitability, as net income declined by $9.2 million or 3.3%, year over year in 2025.

Nil Dividend: FCN has never declared a dividend and currently does not have any plan to pay out cash dividends on common stock. Therefore, the only way for investors to gain is price appreciation, which is not a guaranteed phenomenon. Hence, investors seeking income are expected to refrain from investing in this stock.

FCN's Zacks Rank & Stocks to Consider

The company has a Zacks Rank #3 (Hold) at present.

Some better-ranked stocks from the broader Zacks Business Services sector are Coherent Corp. COHR and Conduent CNDT, currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Coherent Corp has a long-term earnings growth expectation of 46.8%. Coherent Corp delivered a trailing four-quarter earnings surprise of 6.2%, on average.

Conduent has a long-term earnings growth expectation of 8%. Conduent delivered a trailing four-quarter earnings surprise of 4%, on average.

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FTI Consulting, Inc. (FCN) : Free Stock Analysis Report

Coherent Corp. (COHR) : Free Stock Analysis Report

Conduent Inc. (CNDT) : Free Stock Analysis Report

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Zacks Investment Research

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Nebius扩张提速伴随资本开支激增

重要性5/5 高

直接覆盖NBIS的容量、需求、融资和资本开支，决定性数字密集，对日报优先级高。

标签

标的：`NBIS`来源：Zacks发布日期：2026-07-14重要性：5/5 高评级理由：直接覆盖NBIS的容量、需求、融资和资本开支，决定性数字密集，对日报优先级高。评级依据：timeliness, fact_density, portfolio_relevance, evidence_strength原文字数：728

中文摘要

核心结论

Nebius（NBIS）正通过扩充电力容量、完善全栈产品、拓展客户和融资四条路径建设AI（人工智能）云平台。需求和资金储备强劲，但2026年资本开支指引升至200亿至250亿美元，项目回报需到2027年开始验证。

重要性评级

评级：5/5（高）

文章直接覆盖NBIS，并集中提供电力、资本开支、融资、现金、需求管线和估值数据，对判断扩张强度与执行风险有较高价值。

关键事实

合同电力容量从2025年底超过2吉瓦增至2026年一季度超过3.5吉瓦，2026年目标至少4吉瓦。
宾夕法尼亚州新站点最高支持1.2吉瓦，为公司在美国第二个自有吉瓦级园区。
超过75%的合同电力来自自有基础设施。
一季度销售管线环比增长3.5倍，新部署容量已全部获得客户承诺。
公司将2026年资本开支指引上调至200亿至250亿美元，相关容量预计2027年上半年开始产生收入。
2026年已融资超过60亿美元，其中可转债超过40亿美元，英伟达股权投资20亿美元。
期末现金超过90亿美元。
股价年初至今上涨151.5%，市净率7.36倍，高于行业3.97倍。

作者观点与证据

作者认可四项扩张支柱，并以容量、销售管线和融资数据支持增长叙事。最大检验点是巨额资本开支能否按期转化为收入；Zacks第3级评级也显示估值和执行风险尚未消除。

与相关标的的关系

NBIS为直接标的；CoreWeave（CRWV）在电力容量、融资和平台扩张方面构成可比对象，微软（MSFT）则代表业务更分散、资金实力更强的云平台。

时效性与限制

发布于美东时间 07/14 09:17（UTC+8 07/14 21:17）。销售管线、客户承诺和2027年收入时间表主要来自公司口径，文章未披露客户集中度、合同期限和项目回报率。

后续跟踪

4吉瓦年度目标的签约与通电进度
200亿至250亿美元资本开支的季度执行
2027年上半年新增容量的收入转化
客户集中度、合同期限和融资成本

英文原文

Can Nebius

Can Nebius' Four-Pronged Strategy Create the Next AI Hyperscaler?

Shreya Majumder

Tue, July 14, 2026 at 9:17 PM GMT+8 3 min read

NBIS

-7.80%

CRWV

-4.05%

MSFT

-1.55%

Nebius Group N.V. NBIS is building an AI-native hyperscaler by executing across four strategic dimensions. It is expanding its capacity and scale, enhancing its products and functionality, growing its customer base and demand, and strengthening its capital position.

On the capacity front, Nebius is rapidly expanding its AI infrastructure. After increasing contracted power from more than 2 GW at the end of 2025 to over 3.5 GW in the first quarter of 2026, the company now targets at least 4 GW this year. It also announced a new Pennsylvania site that will support up to 1.2 GW of power, marking its second company-owned GW-scale AI campus in the United States.

Nebius is expanding beyond AI compute to build a fully integrated AI platform. With more than 75% of its contracted power now coming from company-owned infrastructure, it is strengthening its full-stack offering across the AI lifecycle, including bare-metal, multi-tenant cloud, inference and agentic AI services. The launch of Aether 3.6, along with the acquisitions of Tavily, Eigen AI, and Clarifai, further enhances its platform, particularly its AI inference optimization capabilities. Demand is the third growth pillar, led by its full-stack AI platform, which serves a diverse customer base across industries. First-quarter pipeline generation reached a record, growing 3.5x sequentially, while demand continues to outpace available GPU capacity, with new deployments fully committed.

To meet this strong demand and existing customer commitments, Nebius raised its 2026 capex guidance to $20-$25 billion, accelerating capacity that is expected to begin generating revenue in the first half of 2027. Capital is the fourth pillar of Nebius' growth strategy. To fund its rapid expansion of AI infrastructure, it raised more than $6 billion this year, including over $4 billion through convertible notes and $2 billion from NVIDIA's equity investment. As a result, Nebius ended the period with a cash balance exceeding $9 billion, providing ample financial flexibility to support its long-term growth plans.

Inside the Playbooks of NBIS' Cut-Throat Competitors

CoreWeave, Inc. CRWV, like NBIS, 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, with most of the new business expected to support its 2027 growth targets.

Story Continues

Microsoft MSFT capitalizes on AI business momentum and Copilot adoption alongside Azure cloud infrastructure expansion. Its AI capabilities are translating into tangible commercial success, with Microsoft Copilot now deployed across more than 20 million paid Microsoft 365 Copilot seats and growing adoption across productivity, coding and security applications. MSFT's business model spans multiple high-growth segments that collectively reduce concentration risk while providing numerous expansion vectors. Moreover, financial strength enables simultaneous investment in growth initiatives and substantial shareholder value return, with the company distributing $10.2 billion through dividends and share repurchases in the fiscal third quarter.

NBIS Price Performance, Valuation and Estimates

Shares of Nebius have gained 151.5% year to date compared with the Internet – Software and Services industry's growth of 15.2%.

Zacks Investment Research

Image Source: Zacks Investment Research

In terms of price/book, NBIS' shares are trading at 7.36X, higher than the Internet Software Services industry's 3.97X.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NBIS' earnings for 2026 has been revised significantly upward over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

NBIS 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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Nebius Group N.V. (NBIS) : Free Stock Analysis Report

Microsoft Corporation (MSFT) : Free Stock Analysis Report

CoreWeave Inc. (CRWV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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科技股盘前微升但原文缺失

重要性1/5 低

虽然直接列出NBIS且时间较近，但正文严重缺失，证据不足以支持事件或板块判断。

标签

标的：`NBIS`来源：MT Newswires发布日期：2026-07-14重要性：1/5 低评级理由：虽然直接列出NBIS且时间较近，但正文严重缺失，证据不足以支持事件或板块判断。评级依据：timeliness, insufficient_evidence原文字数：82

中文摘要

核心结论

MT Newswires称科技股在07/14盘前小幅走高，但存档正文被付费墙截断，无法确认板块涨幅、个股驱动或NBIS相关事件。

重要性评级

评级：1/5（低）

消息时效较近，也列出NBIS等相关代码，但决定性正文、数据和事件解释均不可见。

关键事实

标题称科技股在周二盘前小幅上涨。
可见代码包括IBM、NBIS、UMC、XLK和XSD。
存档显示的行情标签分别包括IBM下跌25.21%、NBIS下跌7.80%、UMC上涨1.62%和XLK上涨1.29%。
正文仅保留一句未完成的板块描述，后续内容要求订阅。

作者观点与证据

现有文本没有完整观点，也无法判断所列涨跌幅对应的准确时间和市场阶段。标题只能支持“盘前科技板块略升”这一有限事实。

与相关标的的关系

NBIS为输入中的直接标的，IBM、UMC及科技类基金提供板块参照；原文没有说明NBIS异动原因。

时效性与限制

发布于美东时间 07/14 09:08（UTC+8 07/14 21:08）。付费墙造成正文严重缺失，行情标签也缺少统一观测时间。

后续跟踪

完整板块涨幅和成分股表现
NBIS盘前异动的公司或行业原因
IBM、半导体股与科技基金的分化

英文原文

Sector Update: Tech Stocks Edge Higher Premarket Tuesday

PREMIUM

Sector Update: Tech Stocks Edge Higher Premarket Tuesday

MT Newswires

Tue, July 14, 2026 at 9:08 PM GMT+8 1 min read

-25.21%

+1.29%

NBIS

-7.80%

+1.62%

Technology stocks were edging higher premarket Tuesday, with the State Street Technology Select Sect

PREMIUM

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沃什证词前美股盘前分化

重要性2/5 中低

盘前时点较新，但正文严重缺失，对SOXX没有可核验的直接数据。

标签

标的：`SOXX`来源：MT Newswires发布日期：2026-07-14重要性：2/5 中低评级理由：盘前时点较新，但正文严重缺失，对SOXX没有可核验的直接数据。评级依据：盘前行情时效较短, 与SOXX名义相关, 付费墙导致证据不完整原文字数：93

中文摘要

核心结论

盘前摘要显示SPY（标普500交易所交易基金）上涨0.3%，股指期货表现分化，市场等待沃什证词。原文被付费墙截断，无法确认SOXX（费城半导体交易所交易基金）及其他板块的完整变动和事件背景。

重要性评级

评级：2/5（中低）

发布时间接近当日盘前，对市场时点有一定价值；可见正文不足，无法核验标题涵盖的多数资产，也不能形成可靠的半导体板块判断。

关键事实

文章发布于美东时间 07/14 09:04（UTC+8 07/14 21:04）。
可见正文称SPY盘前上涨0.3%。
标题称ETF（交易所交易基金）走高、股指期货分化，市场等待沃什证词。
元数据关联SOXX、QQQ、SPY、黄金、原油、比特币及多个行业ETF，但截断正文未逐项给出报价。
文章需要银级或金级订阅才能阅读全文。

作者观点与证据

可见内容属于盘前行情快照，没有充分展开作者观点。除SPY涨幅外，其他市场描述主要来自标题和元数据，证据完整度偏低。

与相关标的的关系

SOXX是输入标的，但可见正文未披露其涨跌幅或成分股驱动。该文只能作为盘前市场背景，无法支持对SOXX的独立判断。

时效性与限制

文章检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。盘前价格在正式开盘后已失去即时性，付费墙使文章正文和数据口径无法完整核验。

后续跟踪

沃什证词的正式文本及利率政策表述。
SOXX、QQQ和SPY当日开盘后及收盘表现。
半导体成分股对SOXX变动的贡献。
利率、美元和长端国债收益率对成长股的同步影响。

英文原文

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Tuesday Ahead of Warsh Testimony

PREMIUM

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Tuesday Ahead of Warsh Testimony

MT Newswires

Tue, July 14, 2026 at 9:04 PM GMT+8 4 min read

+1.12%

+0.36%

^GSPC

+0.38%

^DJI

+0.02%

^IXIC

+0.90%

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3%, and the actively tra

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半导体基金领跑持续性筛选

重要性3/5 中

可用于SOXX及半导体基金横向比较，但属于历史筛选，前瞻证据有限。

标签

标的：`SOXX`来源：Trefis发布日期：2026-07-14重要性：3/5 中评级理由：可用于SOXX及半导体基金横向比较，但属于历史筛选，前瞻证据有限。评级依据：直接关联SOXX与同类基金, 量化比较清晰, 高贝塔风险突出, 方法披露不完整原文字数：716

中文摘要

核心结论

Trefis从131只美国股票基金中筛出13只在过去一年和过去三年均位于同类前四分之一的产品，半导体ETF（交易所交易基金）占据前三名。历史持续性较强，但高贝塔和部分基金估值溢价仍构成显著风险。

重要性评级

评级：3/5（中）

筛选结果对SOXX、SMH及同类基金比较有用，但样本定义、同类分组、收益截止日和费用处理没有完整披露。

关键事实

131只美国股票基金中只有13只同时通过一年和三年同类前四分之一筛选。
SMH三年回报292%、一年回报113%，管理资产736亿美元，夏普比率1.35，贝塔1.61。
SOXQ三年回报248%、一年回报128%，管理资产26亿美元，贝塔1.60。
SOXX三年回报239%、一年回报137%，管理资产476亿美元，贝塔1.60。
SPMO三年回报184%、一年回报38%，夏普比率1.56，贝塔1.00。
MTUM三年回报126%、一年回报37%，贝塔0.93。
文章估算SMH过去三年相对标普500的年化阿尔法为11.1%。
SOXQ持仓整体市盈率37.82倍，比自身历史常态高27%；SMH估值比自身历史均值低4%。

作者观点与证据

作者主张同时观察一年和三年同类排名，以减少追逐短期热点的风险。表格支持“持续性”筛选，但仍属于回看历史表现；没有检验行业周期、持仓重叠、幸存者偏差和未来回报预测能力。

与相关标的的关系

SOXX、SMH和SOXQ直接反映半导体行业高收益与高波动特征。SPMO和MTUM提供跨行业动量比较，SPY、QQQ、DIA和IWM可作为不同市场基准，但正文没有逐一分析这些基准。

时效性与限制

文章发布于美东时间07/14 08:44（UTC+8 07/14 20:44）。回报表没有标明具体截止日期，且三年期结果高度受半导体行情影响，不能直接外推未来表现。

后续跟踪

各基金最新持仓集中度和估值。
半导体基金相对动量基金的回撤差异。
费用率、换手率及跟踪误差。
一年与三年前四分之一排名的稳定性。

英文原文

Which Hot Funds Have Staying Power?

Trefis Team

Tue, July 14, 2026 at 8:44 PM GMT+8 3 min read

+2.51%

MTUM

+1.63%

+0.04%

SOXQ

+2.63%

+0.36%

Photo by ArtsyBee on Pixabay A hot year is easy to find, but very few funds can sustain top-quartile performance over the long haul.

A three-year return of +292% is the kind of performance that gets noticed, but it raises a crucial question for your money. Is that run a flash in the pan, or a sign of something more durable? This analysis isolates the rare funds that landed in the top quartile of their peers for both the last year and the last three years, a test of persistence most funds fail.

Here Are The Persistent Few

Out of 131 US-focused equity funds, only 13 passed this demanding two-part test. The VanEck Semiconductor ETF (SMH) leads this pack, proving its recent strength is built on a longer-term foundation of high performance. The table below shows the top five qualifiers from this select group, ranked by their three-year return.

Ticker

Fund

AUM

1Y Return

3Y Return

Sharpe

Beta

SMH

VanEck Semiconductor ETF

$73.6B

+113%

+292%

1.35

1.61

SOXQ

Invesco PHLX Semiconductor ETF

$2.6B

+128%

+248%

1.19

1.60

SOXX

iShares Semiconductor ETF

$47.6B

+137%

+239%

1.17

1.60

SPMO

Invesco S&P 500 Momentum ETF

$22.0B

+38%

+184%

1.56

1.00

MTUM

iShares MSCI USA Momentum Factor ETF

$27.4B

+37%

+126%

1.18

0.93

Of the 13 funds that qualify, the table shows the top five by 3-year return.

SMH Delivered Market-Beating Returns

The VanEck Semiconductor ETF (SMH) has generated a 3-year alpha of +11.1% per year against the S&P 500, meaning its returns have significantly outpaced the market even after accounting for its risk. That risk is notable; with a beta of 1.61, the fund swings much more sharply than the broader market. For holders, this has been a rewarding trade-off, turning higher volatility into higher return .

SOXQ Carries A Higher Price Tag

The Invesco PHLX Semiconductor ETF (SOXQ) also cleared the bar, but it presents a different picture on valuation. Its holdings trade at an aggregate 37.82 times earnings, a figure that is 27% above its own historical norm. This suggests you are paying a premium for its recent performance, a stark contrast to SMH, whose valuation sits 4% below its own historical average.

The Catch Before You Chase

Before chasing the returns of a fund like the Invesco PHLX Semiconductor ETF (SOXQ), note that its valuation is 27% above its own historical norm. That premium price for its underlying stocks is a key factor to weigh against its strong performance history. Considering a fund's history before acting on a recent move is a useful discipline across any sector. The value of this analysis is not to find the next hot streak, but to add a layer of diligence. If you are tempted by any fund's recent run, first check whether it also sits in the 3-year top quartile; if it only has the hot year, you are likely buying the streak, not the durable fund.

Story Continues

Want To Run A Different Screen?

This is one screen among many, tuned to a single question. If what you care about is a different angle - momentum in a sector, income without the decay, skill without the leverage - the same underlying data answers those too, and it can score any fund you already hold on the exact measures above.

Our ETF Valuation and Performance Scorecard puts every one of these measures - alpha, beta, Sharpe ratio, valuation versus its own history, cost, and concentration - side by side for every major US equity ETF. Run this exact check on any fund you own; it takes seconds, and the result is often not what the fund's marketing suggests.

The Fund Diversifies. Does The Rest Of Your Wealth?

A fund like this spreads risk by design - which makes it easy to forget the single stock sitting outside it that has quietly grown into a large share of your net worth. That one position is the real exposure, and selling it to diversify hands a slice of the gains to the IRS. There is a way to cap its downside and unwind it tax-efficiently .

打开原文

美国六月通胀显著降温

重要性5/5 高

数据距日报仅一天，来自美国劳工统计局，直接影响利率、美元和全球风险资产的宏观定价，且分项证据完整。

标签

标的：`BTC`, `ETH`, `GLOBAL`, `SOL`来源：U.S. Bureau of Labor Statistics发布日期：2026-07-14重要性：5/5 高评级理由：数据距日报仅一天，来自美国劳工统计局，直接影响利率、美元和全球风险资产的宏观定价，且分项证据完整。评级依据：发布时间距日报仅一天，时效性高, 美国劳工统计局官方一手数据，来源质量高, 总指数、核心指数、能源、住房和食品分项事实密集, 与BTC、ETH、SOL及全球资产的利率和流动性环境直接相关, 资产价格反应与政策含义未由原文验证原文字数：20978

中文摘要

核心结论

美国2026年6月通胀环比明显降温：CPI-U（城市消费者价格指数）经季节调整下降0.4%，核心指数环比持平。降幅主要来自能源价格回落；住房与食品仍上涨，因此单月总指数下降不能单独证明各类价格压力已经同步消退。

重要性评级

评级：5/5（高）

这是美东时间 07/14 08:30（UTC+8 07/14 20:30）发布的美国官方通胀数据，距日报日期仅一天，直接影响利率、美元与全球风险资产的定价讨论。报告同时提供总指数、核心指数及主要分项，证据强度和事实密度均高。

关键事实

6月CPI-U经季节调整环比下降0.4%，5月为上涨0.5%；这是2020年4月下降0.8%以来最大的单月降幅。
总指数同比上涨3.5%，低于5月的4.2%；核心指数同比上涨2.6%，低于5月的2.9%。
核心指数6月环比持平，5月为上涨0.2%。住房指数上涨0.1%，为2021年1月以来最小单月涨幅；业主等价租金上涨0.2%，主要居所租金上涨0.1%。
能源指数环比下降5.7%，汽油下降9.7%，电力下降1.0%；能源同比仍上涨15.7%，其中汽油同比上涨26.7%。
食品指数环比上涨0.2%、同比上涨3.0%；家庭食品与外出就餐均环比上涨0.2%，鸡蛋环比上涨4.3%。
汽车保险环比下降2.0%，通信下降1.5%，服装下降0.6%，二手车和卡车下降0.2%；娱乐价格环比上涨0.5%。
未经季节调整的CPI-U同比上涨3.5%，指数水平为333.952；链式城市消费者价格指数同比上涨3.4%，最近10至12个月数据可能修订。
7月消费者价格指数定于美东时间 08/12 08:30（UTC+8 08/12 20:30）发布。

作者观点与证据

美国劳工统计局发布的是统计结果，没有提供货币政策或资产价格判断。数据支持“6月总体与核心通胀环比降温”的描述，但总指数下降高度依赖能源回落；能源同比涨幅、食品上涨和部分服务价格仍显示结构分化。CPI基于零售价格样本，并非全部价格的完整普查；官方给出的总指数单月变动标准误约为0.04个百分点。

与相关标的的关系

BTC（比特币）、ETH（以太坊）和SOL（Solana区块链代币）与本报告的联系来自美国通胀对利率预期、美元和市场流动性定价的影响。原文没有提供这些资产在数据发布后的价格表现，也没有给出美联储政策回应，因而只能作为宏观定价输入，不能据此确定具体币种的方向或幅度。GLOBAL（全球资产）关联度较高，因为美国通胀会进入债券收益率、汇率和跨资产风险偏好的评估。

时效性与限制

报告于美东时间 07/15 00:33（UTC+8 07/15 12:33）完成抓取。CPI-U和工资收入者消费者价格指数发布时视为最终值，但季节调整序列可在五年内修订；链式指数还会经历季度修订。单月数据也容易受到能源等波动分项影响，需要结合后续月份、就业与工资数据观察持续性。

后续跟踪

7月总指数与核心指数的环比变化，以及6月降温能否延续。
住房、业主等价租金和外出就餐等服务分项的变化速度。
能源环比降幅与同比高增之间的收敛路径。
数据发布后的美债收益率、美元和主要加密资产价格反应，以及美联储公开表态。

英文原文

Consumer Price Index News Release

Economic News Release

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CPI

Consumer Price Index

CPI Homepage

CPI Overview

CPI FAQs

Contact CPI

Consumer Price Index News Release

Transmission of material in this release is embargoed until

8:30 a.m. (ET) Tuesday, July 14, 2026 USDL-26-1191

Technical information: (202) 691-7000 cpi_info@bls.gov www.bls.gov/cpi

Media contact: (202) 691-5902 * PressOffice@bls.gov

CONSUMER PRICE INDEX - JUNE 2026

The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June

after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported today. This decline in the all items

index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all

items index increased 3.5 percent before seasonal adjustment.

The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent

in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting

increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the

month, as did the index for food at home and the index for food away from home.

The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include

motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for

recreation, household furnishings and operations, and personal care were among the major indexes that increased in

June.

The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending

May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over

the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index

increased 3.0 percent over the last year.

Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average

Seasonally adjusted changes from preceding month

Un-

adjusted

12-mos.

ended

Jun. 2026

Dec.

2025

Jan.

2026

Feb.

2026

Mar.

2026

Apr.

2026

May

2026

Jun.

2026

All items

0.3

0.2

0.3

0.9

0.6

0.5

-0.4

3.5

Food

0.7

0.2

0.4

0.0

0.5

0.2

3.0

Food at home

0.6

0.2

0.4

-0.2

0.7

0.1

0.2

2.7

Food away from home ( 1 )

0.7

0.1

0.3

0.2

0.3

0.2

3.4

Energy

0.3

-1.5

0.6

10.9

3.8

3.9

-5.7

15.7

Energy commodities

-0.3

-3.3

1.1

21.3

5.6

6.7

-9.5

27.1

Gasoline (all types)

-0.3

-3.2

0.8

21.2

5.4

7.0

-9.7

26.7

Fuel oil

-0.8

-5.7

11.1

30.7

5.8

3.8

-9.2

42.9

Energy services

1.0

0.2

0.4

1.6

0.4

-0.7

3.9

Electricity

0.2

-0.1

-0.7

0.8

2.1

0.6

-1.0

4.0

Utility (piped) gas service

3.7

1.0

3.1

-0.9

-0.1

-0.5

0.5

3.0

All items less food and energy

0.2

0.3

0.2

0.4

0.2

0.0

2.6

Commodities less food and energy commodities

0.0

0.1

0.0

-0.1

0.8

New vehicles

0.0

0.1

0.0

0.1

-0.2

-0.3

0.0

0.5

Used cars and trucks

-0.9

-1.8

-0.4

0.0

0.1

-0.2

-1.8

Apparel

0.3

1.3

1.0

0.6

0.3

-0.6

3.9

Medical care commodities ( 1 )

0.3

-0.1

0.0

-1.0

-0.4

-0.7

-0.2

-2.1

Services less energy services

0.3

0.4

0.3

0.2

0.5

0.3

0.0

3.2

Shelter

0.4

0.2

0.3

0.6

0.3

0.1

3.3

Transportation services

0.4

1.4

0.2

0.6

0.3

-0.6

-0.3

3.4

Medical care services

0.4

0.3

0.6

0.0

0.5

-0.1

2.9

Footnotes

(1) Not seasonally adjusted.

Food

The food index rose 0.2 percent in June, as it did in May. The index for food at home also increased 0.2 percent over

the month. Four of the six major grocery store food group indexes increased in June. The meats, poultry, fish, and

eggs index increased 0.6 percent over the month as the eggs index rose 4.3 percent. The index for other food at home

increased 0.5 percent in June, and the index for dairy and related products rose 1.2 percent. The cereals and bakery

products index increased 0.3 percent over the month.

In contrast, the index for nonalcoholic beverages fell 1.5 percent in June as the index for coffee declined 2.0 percent.

The fruits and vegetables index decreased 0.2 percent over the month.

The food away from home index rose 0.2 percent in June. The index for full service meals rose 0.4 percent, and the

index for limited service meals rose 0.1 percent over the month.

The index for food at home rose 2.7 percent over the 12 months ending in June. The fruits and vegetables index rose 5.3

percent over the last 12 months. The index for other food at home increased 2.4 percent, and the index for meats,

poultry, fish, and eggs rose 2.6 percent over the year. The nonalcoholic beverages index increased 2.9 percent over the

12 months ending in June, and the cereals and bakery products index rose 2.4 percent over the same period. The index

for dairy and related products rose 0.4 percent over the year.

The food away from home index rose 3.4 percent over the last year. The index for full service meals rose 3.7 percent,

and the index for limited service meals rose 3.1 percent over the 12 months ending in June.

Energy

The index for energy decreased 5.7 percent in June, the largest 1-month decline since April 2020. The gasoline index

decreased 9.7 percent over the month. (Before seasonal adjustment, gasoline prices also decreased 9.7 percent in June.)

The index for electricity fell 1.0 percent in June. Conversely, the index for natural gas increased 0.5 percent over

the same period.

The index for energy increased 15.7 percent over the past 12 months due in large part to the index for gasoline rising

26.7 percent over the same period. The electricity index increased 4.0 percent over the 12 months ending in June, and

the natural gas index rose 3.0 percent.

All items less food and energy

The index for all items less food and energy was unchanged in June after rising 0.2 percent in May. The shelter index

increased 0.1 percent over the month, the smallest 1-month change reported for that index since January 2021. The

index for owners' equivalent rent rose 0.2 percent in June, and the index for rent increased 0.1 percent. The lodging

away from home index fell 2.3 percent over the month.

The motor vehicle insurance index declined 2.0 percent in June after falling 1.7 percent in May. The index for

communication fell 1.5 percent over the month, and the index for apparel declined 0.6 percent. The used cars and

trucks index fell 0.2 percent in June.

The medical care index decreased 0.1 percent in June after rising 0.3 percent in May. The index for physicians'

services decreased 0.2 percent over the month, and the index for prescription drugs declined 0.1 percent. Conversely,

the hospital services index increased 0.1 percent in June.

The index for recreation increased 0.5 percent over the month after rising 0.3 percent in May. The household furnishings

and operations index rose 0.2 percent in June as did the personal care index. The index for new vehicles was unchanged

in June after declining 0.3 percent in May.

The index for all items less food and energy rose 2.6 percent over the past 12 months. The shelter index increased 3.3

percent over the last year. Other indexes with notable increases over the last year include airline fares (+26.5

percent), medical care (+2.0 percent), recreation (+2.8 percent), and household furnishings and operations (+2.5

percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5 percent over the last 12 months to an index

level of 333.952 (1982-84=100). For the month, the index decreased 0.3 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12

months to an index level of 327.075 (1982-84=100). For the month, the index decreased 0.5 percent prior to seasonal

adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.4 percent over the last 12 months. For

the month, the index decreased 0.3 percent on a not seasonally adjusted basis. Please note that the indexes for the

past 10 to 12 months are subject to revision.

_______________

The Consumer Price Index news release for July 2026 is scheduled to be published on Wednesday, August 12, 2026, at

8:30 a.m. (ET).

Technical Note

Brief Explanation of the CPI

The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects

spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers.

The all urban consumer group represents over 90 percent of the total U.S. population. It is based on the expenditures

of almost all residents of urban or metropolitan areas, including professionals, the self-employed, the poor, the

unemployed, and retired people, as well as urban wage earners and clerical workers. Not included in the CPI are the

spending patterns of people living in rural nonmetropolitan areas, farming families, people in the Armed Forces, and

those in institutions, such as prisons and mental hospitals. Consumer inflation for all urban consumers is measured by

two indexes, namely, the Consumer Price Index for All Urban Consumers (CPI-U) and the Chained Consumer Price Index for

All Urban Consumers (C-CPI-U).

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is based on the expenditures of households

included in the CPI-U definition that meet two requirements: more than one-half of the household's income must come

from clerical or wage occupations, and at least one of the household's earners must have been employed for at least 37

weeks during the previous 12 months. The CPI-W population represents approximately 30 percent of the total U.S.

population and is a subset of the CPI-U population.

The CPIs are based on prices of food, clothing, shelter, fuels, transportation, doctors' and dentists' services, drugs,

and other goods and services that people buy for day-to-day living. Prices are collected each month in 75 urban areas

across the country from about 6,000 housing units and approximately 22,000 retail establishments (department stores,

supermarkets, hospitals, and other types of stores and service establishments). All taxes directly associated with the

purchase and use of items are included in the index. Prices of fuels and a few other items are obtained every month in

all 75 locations. Prices of most other commodities and services are collected every month in the three largest

geographic areas and every other month in other areas. Prices of most goods and services are obtained by personal

visit, telephone call, web, or app collection by the Bureau's trained representatives.

In calculating the index, price changes for the various items in each location are aggregated using weights, which

represent their importance in the spending of the appropriate population group. Local data are then combined to obtain

a U.S. city average. For the CPI-U and CPI-W, separate indexes are also published by size of city, by region of the

country, for cross-classifications of regions and population-size classes, and for 23 selected local areas. Area

indexes do not measure differences in the level of prices among cities; they only measure the average change in prices

for each area since the base period. For the C-CPI-U, data are issued only at the national level. The CPI-U and CPI-W

are considered final when released, but the C-CPI-U is issued in preliminary form and subject to three subsequent

quarterly revisions.

The index measures price change from a designed reference date. For most of the CPI-U and the CPI-W, the reference base

is 1982-84 equals 100. The reference base for the C-CPI-U is December 1999 equals 100. An increase of 7 percent from

the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the

price of a base period market basket of goods and services rising from $100 to $107.

Sampling Error in the CPI

The CPI is a statistical estimate that is subject to sampling error because it is based upon a sample of retail prices

and not the complete universe of all prices. BLS calculates and publishes estimates of the 1-month, 2-month, 6-month,

and 12-month percent change standard errors annually for the CPI-U. These standard error estimates can be used to

construct confidence intervals for hypothesis testing. For example, the estimated standard error of the 1-month percent

change is 0.04 percent for the U.S. all items CPI. This means that if we repeatedly sample from the universe of all

retail prices using the same methodology, and estimate a percentage change for each sample, then 95 percent of these

estimates will be within 0.08 percent of the 1-month percentage change based on all retail prices. For example, for a

1-month change of 0.2 percent in the all items CPI-U, we are 95 percent confident that the actual percent change based

on all retail prices would fall between 0.12 and 0.28 percent. For the latest data, including information on how to use

the estimates of standard error, see www.bls.gov/cpi/tables/variance-estimates/home.htm.

Calculating Index Changes

Movements of the indexes from 1 month to another are usually expressed as percent changes rather than changes in index

points, because index point changes are affected by the level of the index in relation to its base period, while

percent changes are not. The following table shows an example of using index values to calculate percent changes:

Item A Item B Item C

Year I 112.500 225.000 110.000

Year II 121.500 243.000 128.000

Change in index points 9.000 18.000 18.000

Percent change 9.0/112.500 x 100 = 8.0 18.0/225.000 x 100 = 8.0 18.0/110.000 x 100 = 16.4

Use of Seasonally Adjusted and Unadjusted Data

The Consumer Price Index (CPI) program produces both unadjusted and seasonally adjusted data. Seasonally adjusted data

are computed using seasonal factors derived by the X-13ARIMA-SEATS seasonal adjustment method. These factors are

updated each February, and the new factors are used to revise the previous 5 years of seasonally adjusted data. The

factors are available at www.bls.gov/web/cpi/cpi-seasonal-factors.xlsx. For more information on data revision

scheduling, please see the Seasonal Adjustment questions and answers page at

www.bls.gov/cpi/seasonal-adjustment/questions-and-answers.htm and the Timeline of Seasonal Adjustment Methodological

Changes at www.bls.gov/cpi/seasonal-adjustment/timeline-seasonal-adjustment-methodology-changes.htm.

How to Use Seasonally Adjusted and Unadjusted Data

For analyzing short-term price trends in the economy, seasonally adjusted changes are usually preferred since they

eliminate the effect of changes that normally occur at the same time and in about the same magnitude every year-such as

price movements resulting from weather events, production cycles, model changeovers, holidays, and sales. This allows

data users to focus on changes that are not typical for the time of year.

The unadjusted data are of primary interest to consumers concerned about the prices they actually pay. Unadjusted data

are also used extensively for escalation purposes. Many collective bargaining contract agreements and pension plans,

for example, tie compensation changes to the Consumer Price Index before adjustment for seasonal variation. BLS advises

against the use of seasonally adjusted data in escalation agreements because seasonally adjusted series are revised

annually for five years.

Intervention Analysis

The Bureau of Labor Statistics uses intervention analysis seasonal adjustment (IASA) for some CPI series. Sometimes

extreme values or sharp movements can distort the underlying seasonal pattern of price change. Intervention analysis

seasonal adjustment is a process by which the distortions caused by such unusual events are estimated and removed from

the data prior to calculation of seasonal factors. The resulting seasonal factors, which more accurately represent the

seasonal pattern, are then applied to the unadjusted data.

For example, this procedure was used for the motor fuel series to offset the effects of the 2009 return to normal

pricing after the worldwide economic downturn in 2008. Retaining this outlier data during seasonal factor calculation

would distort the computation of the seasonal portion of the time series data for motor fuel, so it was estimated and

removed from the data prior to seasonal adjustment. Following that, seasonal factors were calculated based on this

"prior adjusted" data. These seasonal factors represent a clearer picture of the seasonal pattern in the data. The last

step is for motor fuel seasonal factors to be applied to the unadjusted data.

For the seasonal factors introduced for January 2026, BLS adjusted 57 series using intervention analysis seasonal

adjustment, including selected food and beverage items, motor fuels and vehicles.

Revision of Seasonally Adjusted Indexes

Seasonally adjusted data, including the U.S. city average all items index levels, are subject to revision for up to 5

years after their original release. Every year, economists in the CPI calculate new seasonal factors for seasonally

adjusted series and apply them to the last 5 years of data. Seasonally adjusted indexes beyond the last 5 years of

data are considered to be final and not subject to revision. For January 2026, revised seasonal factors and seasonally

adjusted indexes for 2021 to 2025 were calculated and published. For series which are directly adjusted using the

Census X-13ARIMA-SEATS seasonal adjustment software, the seasonal factors for 2025 will be applied to data for 2026 to

produce the seasonally adjusted 2026 indexes. Series which are indirectly seasonally adjusted by summing seasonally

adjusted component series have seasonal factors which are derived and are therefore not available in advance.

Determining Seasonal Status

Each year the seasonal status of every series is reevaluated based upon certain statistical criteria. Using these

criteria, BLS economists determine whether a series should change its status from "not seasonally adjusted" to

"seasonally adjusted", or vice versa. If any of the 81 components of the U.S. city average all items index change

their seasonal adjustment status from seasonally adjusted to not seasonally adjusted, not seasonally adjusted data

will be used in the aggregation of the dependent series for the last 5 years, but the seasonally adjusted indexes

before that period will not be changed. For 2026, 36 of the 81 components of the U.S. city average all items index are

not seasonally adjusted.

Contact Information

For additional information about the CPI visit www.bls.gov/cpi or contact the CPI Information and Analysis Section at

202-691-7000 or cpi_info@bls.gov.

For additional information on seasonal adjustment in the CPI visit www.bls.gov/cpi/seasonal-adjustment/home.htm

If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay

services.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Unadjusted indexes

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025

May

2026

Jun.

2026

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items

100.000

322.561

335.123

333.952

3.5

-0.3

0.6

0.5

-0.4

Food

13.447

339.498

349.032

349.731

3.0

0.2

0.5

0.2

Food at home

8.188

313.028

321.047

321.631

2.7

0.2

0.7

0.1

0.2

Cereals and bakery products

1.016

360.040

367.300

368.800

2.4

0.4

0.1

0.4

0.3

Meats, poultry, fish, and eggs

1.943

342.058

349.340

350.974

2.6

0.5

1.3

-0.2

0.6

Dairy and related products ( 1 )

0.731

270.626

268.523

271.683

0.4

1.2

0.8

-0.6

1.2

Fruits and vegetables

1.288

351.414

372.644

370.090

5.3

-0.7

1.8

0.2

-0.2

Nonalcoholic beverages and beverage materials

0.993

229.103

239.443

235.793

2.9

-1.5

1.1

0.6

-1.5

Other food at home

2.217

277.737

282.209

284.373

2.4

0.8

-0.4

0.0

0.5

Food away from home ( 1 )

5.260

382.750

394.728

395.633

3.4

0.2

0.3

0.2

Energy

7.791

284.307

346.042

328.950

15.7

-4.9

3.8

3.9

-5.7

Energy commodities

4.551

289.326

406.301

367.630

27.1

-9.5

5.6

6.7

-9.5

Fuel oil

0.116

339.767

534.873

485.387

42.9

-9.3

5.8

3.8

-9.2

Motor fuel

4.377

283.750

399.294

360.912

27.2

-9.6

5.7

6.8

-9.6

Gasoline (all types)

4.250

282.914

396.961

358.518

26.7

-9.7

5.4

7.0

-9.7

Energy services

3.240

291.093

297.898

302.347

3.9

1.5

1.6

0.4

-0.7

Electricity

2.505

299.728

307.226

311.818

4.0

1.5

2.1

0.6

-1.0

Utility (piped) gas service

0.735

259.734

263.682

267.609

3.0

1.5

-0.1

-0.5

0.5

All items less food and energy

78.762

328.364

336.846

336.882

2.6

0.0

0.4

0.2

0.0

Commodities less food and energy commodities

18.737

166.655

167.785

168.019

0.8

0.1

0.0

-0.1

Apparel

2.457

130.844

137.510

135.917

3.9

-1.2

0.6

0.3

-0.6

New vehicles

3.734

178.443

179.155

179.338

0.5

0.1

-0.2

-0.3

0.0

Used cars and trucks

2.629

186.671

180.554

183.360

-1.8

1.6

0.0

0.1

-0.2

Medical care commodities ( 1 )

1.409

417.575

409.628

408.974

-2.1

-0.2

-0.4

-0.7

-0.2

Alcoholic beverages ( 1 )

0.820

294.883

300.726

300.824

2.0

0.0

0.3

0.1

0.0

Tobacco and smoking products ( 1 )( 2 )

0.447

103.335

110.801

110.045

6.5

-0.7

0.5

1.0

-0.7

Services less energy services

60.025

431.800

445.580

445.448

3.2

0.0

0.5

0.3

0.0

Shelter

35.149

415.455

428.677

429.062

3.3

0.1

0.6

0.3

0.1

Rent of primary residence

7.680

434.594

446.380

446.945

2.8

0.1

0.5

0.4

0.1

Owners' equivalent rent of residences ( 3 )

25.700

427.470

440.357

441.365

3.3

0.2

0.5

0.3

0.2

Medical care services

6.821

633.659

652.587

652.152

2.9

-0.1

0.0

0.5

-0.1

Physicians' services ( 1 )

1.658

428.398

439.715

438.626

2.4

-0.2

0.6

0.0

-0.2

Hospital services ( 1 )( 4 )

2.145

435.037

456.655

457.320

5.1

0.1

-0.3

0.7

0.1

Transportation services

6.377

447.222

465.945

462.494

3.4

-0.7

0.3

-0.6

-0.3

Motor vehicle maintenance and repair ( 1 )

1.034

427.256

452.383

457.313

7.0

1.1

-0.2

0.8

1.1

Motor vehicle insurance

2.617

895.281

877.278

858.481

-4.1

-2.1

0.1

-1.7

-2.0

Airline fares

1.107

255.852

329.824

323.758

26.5

-1.8

2.8

2.7

0.2

Footnotes

(1) Not seasonally adjusted.

(2) Indexes on a December 2024=100 base.

(3) Indexes on a December 1982=100 base.

(4) Indexes on a December 1996=100 base.

Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by detailed expenditure category, June 2026

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items

100.000

3.5

-0.3

0.6

0.5

-0.4

Food

13.447

3.0

0.2

0.5

0.2

Food at home

8.188

2.7

0.2

0.7

0.1

0.2

Cereals and bakery products

1.016

2.4

0.4

0.1

0.4

0.3

Cereals and cereal products

0.306

2.4

1.0

0.7

-0.6

0.7

Flour and prepared flour mixes

0.037

-1.3

-0.1

-1.3

2.6

-1.1

Breakfast cereal ( 1 )

0.131

2.3

0.8

0.0

-0.5

0.8

Rice, pasta, cornmeal

0.137

3.2

1.5

1.3

-1.2

1.6

Rice ( 1 )( 2 )( 3 )

4.1

0.6

-0.4

-1.1

0.6

Bakery products ( 1 )

0.709

2.5

0.1

-0.3

0.9

0.1

Bread ( 1 )( 2 )

0.171

3.9

0.5

0.9

-0.7

0.5

White bread ( 1 )( 3 )

3.9

0.9

1.1

-0.9

0.9

Bread other than white ( 1 )( 3 )

4.3

0.0

0.8

-0.4

0.0

Fresh biscuits, rolls, muffins ( 1 )( 2 )

0.117

1.4

-1.2

-2.8

4.7

-1.2

Cakes, cupcakes, and cookies ( 1 )

0.207

3.5

-0.6

0.6

-0.4

-0.6

Cookies ( 1 )( 3 )

5.1

-1.0

0.5

0.4

-1.0

Fresh cakes and cupcakes ( 1 )( 3 )

1.1

-0.9

0.0

-1.0

-0.9

Other bakery products

0.215

1.8

1.2

-0.7

1.0

1.2

Fresh sweetrolls, coffeecakes, doughnuts ( 1 )( 3 )

2.2

2.0

0.7

-2.8

2.0

Crackers, bread, and cracker products ( 3 )

3.1

3.3

-2.3

0.8

3.2

Frozen and refrigerated bakery products, pies, tarts, turnovers ( 3 )

-1.2

0.7

-0.4

2.0

-0.1

Meats, poultry, fish, and eggs

1.943

2.6

0.5

1.3

-0.2

0.6

Meats, poultry, and fish

1.831

5.7

0.5

1.2

-0.4

0.4

Meats

1.158

7.4

1.0

1.8

-1.1

0.9

Beef and veal

0.629

11.8

1.4

2.7

-1.6

1.2

Uncooked ground beef

0.234

12.4

1.8

2.7

-1.3

1.3

Uncooked beef roasts ( 2 )

0.086

13.8

1.3

5.8

-3.6

1.7

Uncooked beef steaks ( 2 )

0.236

11.4

1.0

1.5

-1.9

0.5

Uncooked other beef and veal ( 1 )( 2 )

0.073

10.0

1.8

2.7

-0.2

1.8

Pork

0.337

2.4

0.1

0.6

0.3

-0.3

Bacon, breakfast sausage, and related products ( 2 )

0.131

-0.9

-1.0

0.3

0.0

-1.4

Bacon and related products ( 3 )

-1.5

0.2

0.1

-1.8

Breakfast sausage and related products ( 2 )( 3 )

1.1

0.4

0.2

0.8

0.0

Ham

0.067

5.6

0.8

0.3

2.0

0.0

Ham, excluding canned ( 3 )

5.5

0.9

0.1

1.8

0.6

Pork chops ( 1 )

0.045

5.6

1.8

2.5

1.2

1.8

Other pork including roasts, steaks, and ribs ( 1 )( 2 )

0.094

2.6

0.2

1.2

-0.2

0.2

Other meats

0.192

2.9

1.4

1.2

-1.8

1.9

Frankfurters ( 3 )

7.2

7.7

5.8

-3.0

6.7

Lunchmeats ( 1 )( 2 )( 3 )

1.8

0.3

1.4

-1.5

0.3

Poultry

0.357

-0.1

-0.6

-0.9

0.6

-1.0

Chicken ( 2 )

0.280

-2.3

-0.5

-1.1

-0.1

-0.8

Fresh whole chicken ( 3 )

-2.3

0.2

-1.5

-0.3

-0.6

Fresh and frozen chicken parts ( 3 )

-2.2

-0.8

-0.9

0.3

-1.1

Other uncooked poultry including turkey ( 2 )

0.077

8.6

-0.7

0.1

2.4

-0.3

Fish and seafood ( 1 )

0.316

6.3

0.1

1.5

1.2

0.1

Fresh fish and seafood ( 1 )( 2 )

0.169

6.2

-0.5

0.8

1.8

-0.5

Processed fish and seafood ( 2 )

0.147

6.7

0.8

1.4

-0.8

1.1

Shelf stable fish and seafood ( 1 )( 3 )

6.6

1.4

2.5

0.2

1.4

Frozen fish and seafood ( 3 )

8.8

0.6

2.3

-1.6

0.2

Eggs

0.113

-27.9

-0.8

1.5

4.0

4.3

Dairy and related products ( 1 )

0.731

0.4

1.2

0.8

-0.6

1.2

Milk ( 1 )( 2 )

0.191

6.6

2.0

1.6

2.2

2.0

Fresh whole milk ( 1 )( 3 )

9.0

3.3

2.9

2.5

3.3

Fresh milk other than whole ( 1 )( 2 )( 3 )

5.5

1.4

1.2

2.2

1.4

Cheese and related products ( 1 )

0.242

-3.6

2.8

1.2

-2.9

2.8

Ice cream and related products

0.109

-1.3

-1.1

0.0

-2.1

Other dairy and related products ( 2 )

0.189

0.5

-0.3

0.2

-0.3

0.1

Fruits and vegetables

1.288

5.3

-0.7

1.8

0.2

-0.2

Fresh fruits and vegetables

1.024

5.7

-1.1

2.3

0.3

-0.5

Fresh fruits

0.528

2.0

-0.9

0.8

0.1

0.4

Apples

0.076

7.1

2.8

1.2

2.4

1.8

Bananas ( 1 )

0.057

1.0

1.3

0.2

-1.8

1.3

Citrus fruits ( 2 )

0.079

6.3

1.6

1.9

-0.2

3.4

Oranges, including tangerines ( 3 )

0.8

2.9

0.6

-0.4

1.7

Other fresh fruits ( 2 )

0.316

-0.2

-2.9

0.5

0.8

0.7

Fresh vegetables

0.496

9.9

-1.2

3.9

0.5

-1.4

Potatoes

0.066

1.4

3.4

1.9

2.5

2.2

Lettuce

0.047

32.1

5.4

-4.8

16.4

6.5

Tomatoes

0.073

19.5

-7.7

15.1

-6.1

-10.0

Other fresh vegetables

0.309

6.4

-1.6

2.9

-0.3

-1.6

Processed fruits and vegetables ( 2 )

0.264

3.2

0.7

0.2

-0.2

0.6

Canned fruits and vegetables ( 2 )

0.100

5.0

0.6

0.0

0.3

Canned fruits ( 1 )( 2 )( 3 )

7.9

1.3

-0.1

0.5

1.3

Canned vegetables ( 2 )( 3 )

3.5

0.3

0.2

0.4

-0.2

Frozen fruits and vegetables ( 2 )

0.084

2.4

1.5

0.0

-0.9

1.5

Frozen vegetables ( 3 )

1.9

1.8

0.0

-2.1

2.1

Other processed fruits and vegetables including dried ( 2 )

0.080

2.0

0.1

0.9

-0.7

0.5

Dried beans, peas, and lentils ( 1 )( 2 )( 3 )

0.6

0.7

1.1

0.1

0.7

Nonalcoholic beverages and beverage materials

0.993

2.9

-1.5

1.1

0.6

-1.5

Juices and nonalcoholic drinks ( 2 )

0.670

0.9

-1.3

1.0

0.3

-1.2

Carbonated drinks

0.326

1.9

-0.7

0.8

0.4

-0.7

Frozen noncarbonated juices and drinks ( 1 )( 2 )

0.004

5.5

0.1

1.2

0.0

0.1

Nonfrozen noncarbonated juices and drinks ( 2 )

0.340

0.0

-1.9

0.9

0.3

-1.7

Beverage materials including coffee and tea ( 2 )

0.323

7.6

-2.0

1.3

1.1

-2.0

Coffee

0.227

12.9

-1.8

2.0

0.6

-2.0

Roasted coffee ( 3 )

12.2

-2.0

2.4

0.7

-2.1

Instant coffee ( 1 )( 3 )

15.9

-1.8

0.7

0.4

-1.8

Other beverage materials including tea ( 1 )( 2 )

0.096

-0.3

-2.3

0.4

2.1

-2.3

Other food at home

2.217

2.4

0.8

-0.4

0.0

0.5

Sugar and sweets

0.325

6.9

1.0

-1.1

1.4

0.6

Sugar and sugar substitutes

0.032

-1.1

-0.6

1.6

-0.1

-0.7

Candy and chewing gum ( 2 )

0.239

9.6

1.7

-1.7

2.1

0.9

Other sweets ( 1 )( 2 )

0.055

1.1

-0.8

-1.0

0.4

-0.8

Fats and oils

0.215

-2.0

1.5

-0.7

-2.4

1.5

Butter and margarine ( 2 )

0.062

-6.9

-0.2

1.2

-2.2

-0.2

Butter ( 3 )

-8.7

-1.5

2.8

-2.1

-1.4

Margarine ( 3 )

-4.1

2.6

-3.2

-2.3

1.8

Salad dressing ( 1 )( 2 )

0.048

-0.2

3.4

-2.8

-4.9

3.4

Other fats and oils including peanut butter ( 2 )

0.105

-0.8

1.6

-1.2

-1.0

1.4

Peanut butter ( 1 )( 2 )( 3 )

-0.8

1.9

-1.2

-2.2

1.9

Other foods

1.677

2.1

0.6

-0.3

0.1

0.3

Soups

0.088

1.8

0.5

1.0

-0.1

Frozen and freeze dried prepared foods

0.290

-0.2

1.8

-0.1

-1.0

1.6

Snacks

0.363

1.3

0.2

0.4

-0.3

0.1

Spices, seasonings, condiments, sauces

0.317

2.8

0.4

0.8

0.0

0.5

Salt and other seasonings and spices ( 2 )( 3 )

4.7

2.1

1.8

-0.6

2.0

Olives, pickles, relishes ( 2 )( 3 )

0.3

-0.5

-1.4

0.2

-1.6

Sauces and gravies ( 2 )( 3 )

1.7

-0.9

0.1

0.7

-0.8

Other condiments ( 3 )

4.7

-2.8

1.8

5.5

-3.0

Baby food and formula ( 1 )( 2 )

0.051

-0.1

1.8

-1.2

1.6

1.8

Other miscellaneous foods ( 1 )( 2 )

0.568

4.3

0.3

-0.9

0.3

Prepared salads ( 3 )( 4 )

1.1

-0.2

3.2

0.4

-0.8

Food away from home ( 1 )

5.260

3.4

0.2

0.3

0.2

Full service meals and snacks ( 1 )( 2 )

2.329

3.7

0.4

0.1

0.3

0.4

Limited service meals and snacks ( 1 )( 2 )

2.634

3.1

0.1

0.4

0.3

0.1

Food at employee sites and schools ( 1 )( 2 )

0.063

1.9

0.9

0.2

0.0

0.9

Food at elementary and secondary schools ( 1 )( 3 )( 5 )

Food from vending machines and mobile vendors ( 1 )( 2 )

0.052

2.3

-0.1

0.1

0.4

-0.1

Other food away from home ( 2 )

0.182

4.4

0.3

-0.1

0.1

-0.1

Energy

7.791

15.7

-4.9

3.8

3.9

-5.7

Energy commodities

4.551

27.1

-9.5

5.6

6.7

-9.5

Fuel oil and other fuels

0.173

23.4

-7.1

4.3

3.3

-6.6

Fuel oil

0.116

42.9

-9.3

5.8

3.8

-9.2

Propane, kerosene, and firewood ( 6 )

0.057

-1.6

-2.8

1.7

2.5

-1.5

Motor fuel

4.377

27.2

-9.6

5.7

6.8

-9.6

Gasoline (all types)

4.250

26.7

-9.7

5.4

7.0

-9.7

Gasoline, unleaded regular ( 3 )

27.3

-10.1

5.6

7.4

-10.1

Gasoline, unleaded midgrade ( 3 )( 7 )

25.1

-8.4

5.1

6.2

-8.4

Gasoline, unleaded premium ( 3 )

23.8

-7.4

4.5

5.5

-7.3

Other motor fuels ( 1 )( 2 )

0.128

44.5

-7.2

17.0

0.8

-7.2

Energy services

3.240

3.9

1.5

1.6

0.4

-0.7

Electricity

2.505

4.0

1.5

2.1

0.6

-1.0

Utility (piped) gas service

0.735

3.0

1.5

-0.1

-0.5

0.5

All items less food and energy

78.762

2.6

0.0

0.4

0.2

0.0

Commodities less food and energy commodities

18.737

0.8

0.1

0.0

-0.1

Household furnishings and supplies ( 8 )

3.316

1.3

0.0

-0.5

-0.2

-0.1

Window and floor coverings and other linens ( 2 )

0.232

-1.9

0.1

-1.7

-0.7

-0.2

Floor coverings ( 1 )( 2 )

0.067

0.4

-0.3

-2.2

-1.3

-0.3

Window coverings ( 1 )( 2 )

0.044

5.7

2.6

0.9

-1.6

2.6

Other linens ( 2 )

0.121

-6.0

-0.5

-2.5

-0.9

-0.7

Furniture and bedding ( 1 )

0.848

1.4

0.5

-0.3

-0.7

0.5

Bedroom furniture ( 1 )

0.292

0.3

-0.5

0.8

-1.1

-0.5

Living room, kitchen, and dining room furniture ( 1 )( 2 )

0.424

2.6

1.5

-0.4

-0.5

1.5

Other furniture ( 2 )

0.128

0.1

-0.4

-1.5

-1.3

-0.8

Appliances ( 2 )

0.197

-2.7

-0.7

-0.4

0.5

-1.5

Major appliances ( 2 )

0.065

-4.3

-0.4

0.1

2.1

-0.8

Laundry equipment ( 1 )( 3 )

-0.2

1.3

1.5

5.6

1.3

Other appliances ( 2 )

0.129

-1.7

-0.8

-0.2

-0.3

-1.7

Other household equipment and furnishings ( 2 )

0.543

0.4

-0.3

0.3

-0.7

-0.4

Clocks, lamps, and decorator items ( 1 )

0.311

-5.2

-1.2

0.0

-2.1

-1.2

Indoor plants and flowers ( 9 )

0.116

5.5

0.8

-0.6

0.2

0.5

Dishes and flatware ( 1 )( 2 )

0.045

13.8

0.5

1.6

-1.9

0.5

Nonelectric cookware and tableware ( 2 )

0.070

12.1

1.7

1.1

0.8

0.7

Tools, hardware, outdoor equipment and supplies ( 1 )( 2 )

0.671

2.9

-0.6

-0.8

-0.6

Tools, hardware and supplies ( 2 )

0.208

4.9

0.7

-1.1

0.2

1.2

Outdoor equipment and supplies ( 1 )( 2 )

0.287

1.5

-1.6

-0.7

-1.0

-1.6

Housekeeping supplies ( 1 )

0.825

2.4

0.3

-0.1

0.5

0.3

Household cleaning products ( 1 )( 2 )

0.298

2.9

1.1

-0.7

1.1

Household paper products ( 1 )( 2 )

0.171

-0.5

-1.1

1.2

-0.3

-1.1

Miscellaneous household products ( 1 )( 2 )

0.356

3.4

0.4

-0.2

0.4

Apparel

2.457

3.9

-1.2

0.6

0.3

-0.6

Men's and boys' apparel

0.609

1.9

-1.0

0.4

-0.1

Men's apparel

0.489

2.2

-1.1

0.1

0.4

0.1

Men's suits, sport coats, and outerwear

0.099

-2.7

-0.5

-2.0

1.2

0.3

Men's underwear, nightwear, swimwear, and accessories

0.134

5.8

0.3

1.1

-0.5

1.2

Men's shirts and sweaters ( 2 )

0.132

2.1

-2.8

3.7

-1.1

-1.0

Men's pants and shorts

0.121

2.0

-1.3

-2.0

1.3

0.3

Boys' apparel

0.120

0.8

-0.9

0.4

-0.6

-0.2

Women's and girls' apparel

0.976

3.8

-1.1

0.1

-0.5

0.0

Women's apparel

0.827

3.5

-1.0

0.0

-0.6

0.0

Women's outerwear

0.067

0.1

-2.1

2.2

-2.9

-2.1

Women's dresses

0.111

0.3

-1.1

-3.3

-3.2

0.0

Women's suits and separates ( 2 )

0.389

5.0

-1.4

-0.2

0.1

0.9

Women's underwear, nightwear, swimwear, and accessories ( 2 )

0.244

4.0

0.0

0.4

0.8

0.5

Girls' apparel

0.149

5.8

-1.8

0.8

0.2

-0.2

Footwear

0.592

4.1

-0.5

1.4

0.6

-0.3

Men's footwear

0.191

3.4

0.1

1.6

-0.2

0.1

Boys' and girls' footwear ( 1 )

0.125

4.7

0.7

0.4

-0.1

0.7

Women's footwear

0.276

4.3

-1.5

1.4

1.3

-1.0

Infants' and toddlers' apparel

0.099

2.0

-1.8

-1.3

1.0

-1.4

Jewelry and watches ( 6 )

0.181

12.4

-3.7

3.1

2.9

-5.2

Watches ( 1 )( 6 )

0.035

5.9

-1.0

0.1

-1.2

-1.0

Jewelry ( 6 )

0.146

14.1

-4.4

3.7

-6.0

Transportation commodities less motor fuel ( 8 )

6.772

-0.3

0.7

-0.1

New vehicles

3.734

0.5

0.1

-0.2

-0.3

0.0

New cars ( 3 )

1.1

0.0

-0.2

-0.1

-0.2

New trucks ( 3 )( 10 )

0.4

0.1

-0.2

-0.3

0.0

Used cars and trucks

2.629

-1.8

1.6

0.0

0.1

-0.2

Motor vehicle parts and equipment ( 1 )

0.336

1.7

0.2

-0.2

-0.7

0.2

Tires ( 1 )

0.282

1.5

0.1

-0.2

-0.8

0.1

Vehicle accessories other than tires ( 1 )( 2 )

0.054

3.1

1.0

-0.1

-0.3

1.0

Vehicle parts and equipment other than tires ( 1 )( 3 )

4.4

1.2

0.0

-0.3

1.2

Motor oil, coolant, and fluids ( 1 )( 3 )

-1.0

1.3

Medical care commodities ( 1 )

1.409

-2.1

-0.2

-0.4

-0.7

-0.2

Medicinal drugs ( 1 )( 8 )

1.277

-2.3

0.0

-0.3

-0.8

0.0

Prescription drugs ( 1 )

0.917

-2.5

-0.1

0.0

-0.9

-0.1

Nonprescription drugs ( 8 )

0.361

-1.7

0.1

-1.6

-0.8

0.1

Medical equipment and supplies ( 1 )( 8 )

0.132

0.0

-1.4

-0.9

0.0

-1.4

Recreation commodities ( 8 )

1.890

2.9

1.0

0.1

-0.1

0.9

Video and audio products ( 8 )

0.255

1.9

1.1

0.3

-0.6

0.7

Televisions ( 11 )

0.103

-2.2

1.3

1.2

-1.5

0.1

GE Vernova订单与电力全栈优势

重要性4/5 中高

临近财报且包含订单、指引和回购数据，对GEV与VRT的人工智能电力链比较有直接价值。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-14重要性：4/5 中高评级理由：临近财报且包含订单、指引和回购数据，对GEV与VRT的人工智能电力链比较有直接价值。评级依据：财报时点临近, 直接关联GEV与VRT, 订单和指引数据密集, 预测市场证据需审慎原文字数：595

中文摘要

核心结论

文章认为，GE Vernova（通用电气维诺瓦，GEV）的发电、电网和核电业务覆盖人工智能电力基础设施多个环节，订单规模和业务广度均高于 Vertiv（维谛技术，VRT）。07/22 财报将检验积压订单能否继续转化为收入与利润率。

重要性评级

评级：4/5（中高）

文章提供了财报前的订单、指引和资本回报数据，但对业绩超预期的判断部分依赖预测市场和作者推断。

关键事实

2026 年第一季度订单为 183 亿美元，有机订单增长 71%，积压订单达到 1,630 亿美元。
电气化业务单季取得 24 亿美元数据中心设备订单，超过 2025 年全年。
公司把 2026 年收入指引上调至 445亿至455亿美元，自由现金流指引为65亿至75亿美元。
2028年目标为560亿美元收入、20%的 EBITDA（息税折旧摊销前利润）率，累计自由现金流至少240亿美元。
第一季度以平均每股720美元回购13亿美元股票；回购授权增至100亿美元，季度股息翻倍至每股0.50美元。
Vertiv截至2025年第四季度的积压订单约150亿美元，业务集中于数据中心供电和冷却。

作者观点与证据

作者明显偏向GEV，依据是订单增长、长期积压订单、上调后的财务指引和较低价格完成的回购。Polymarket（预测市场）给出的二季度订单超过180亿美元概率为85.5%、超过200亿美元概率为65.5%，只能反映参与者预期，不能替代公司披露。

与相关标的的关系

GEV直接受益于燃气轮机、输电设备、变压器和数据中心配电需求。VRT面对相同的数据中心资本开支周期，但产品范围和积压订单规模较窄；文章未比较两者估值、利润率和订单质量。

时效性与限制

文章发布于美东时间07/14 08:00（UTC+8 07/14 20:00），关键观察日为07/22（未给出具体时刻）。来源带有荐股和订阅推广倾向，部分价格口径在正文中分别写为1,055美元、1,081美元，存在内部不一致。

后续跟踪

07/22公布的订单、收入和自由现金流。
1,630亿美元积压订单的交付节奏与取消率。
燃气轮机新订单价格和电气化业务利润率。
GEV与VRT的数据中心订单增速差异。

英文原文

Here’s Why GE Vernova Is a No-Brainer Buy Before July 22 Earnings

Joel South

Tue, July 14, 2026 at 8:00 PM GMT+8 3 min read

+2.25%

-0.75%

Quick Read

GEV heads into July 22 earnings with a $163 billion backlog and 71% organic order growth, with prediction markets pricing 85% odds of another beat.

VRT's $15 billion backlog and single data-center focus make it 10 times smaller and narrower than GEV across generation, grid, and nuclear services.

Management repurchased $1.3 billion in stock at a $720 average, well below today's $1,081, signaling strong conviction ahead of the July 22 report.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

GE Vernova ( NYSE:GEV ) heads into its July 22 earnings report as the only U.S.-listed company selling into every layer of the AI power stack at once, and the order book is signaling a beat that Vertiv structurally cannot match. The setup is already visible in the filings: order growth of 71% organic, a raised guide across every line and a backlog so large it now functions as a multi-year revenue annuity.

24/7 Wall St. Start with the order book. Q1 2026 orders hit $18.3 billion, and total backlog climbed to $163 billion. Electrification alone booked $2.4 billion in data center equipment orders in a single quarter, more than all of 2025. Polymarket traders currently give 85.5% odds that Q2 orders exceed $18 billion and 65.5% odds they exceed $20 billion. That is a market already pricing in another blockbuster report.

GEV Price Target — 24/7 Wall St. Second, management raised 2026 guidance to $44.5 billion to $45.5 billion in revenue and $6.5 billion to $7.5 billion in free cash flow, with a 2028 target of $56 billion in revenue at a 20% EBITDA margin and cumulative free cash flow of at least $24 billion. New gas turbine bids are pricing 10 to 20 points higher than Q4 2025 orders. That is pricing power, backlog visibility, and margin expansion arriving together.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Third, capital return is real. The dividend doubled to 50 cents per share, buyback authorization was raised to $10 billion and Q1 repurchases totaled $1.3 billion at an average price of $720. Shares now trade near $1,055, meaning management bought aggressively below the current tape.

Why Not Just Buy Vertiv?

Vertiv Holdings ( NYSE:VRT ) is the obvious comparable, and the head-to-head is not close. Vertiv sits at a $126.5 billion market cap with a $15 billion backlog as of Q4 2025. GE Vernova's backlog is more than ten times larger and spans gas turbines, HVDC systems, transformers, switchgear, and nuclear services, not just data center power and cooling.

Story Continues

Vertiv is a single-vertical bet on hyperscaler capex cycles. GE Vernova sells the generation, the grid, and the on-site electrification into that same buildout, plus utilities, LNG projects, and sovereign nuclear programs. If you want the AI-power thesis without hyperscaler concentration risk, this is the cleaner expression, and it is worth reviewing 7 Stocks Powering the AI Boom (That Aren't Chipmakers) for the broader map.

The July 22 open is the next catalyst to watch.

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.

打开原文

Nebius获逾十亿美元算力合同传闻

重要性3/5 中

事件金额大且直接关联NBIS，但关键合同条款与原始来源均因付费墙缺失。

标签

标的：`NBIS`来源：MT Newswires发布日期：2026-07-14重要性：3/5 中评级理由：事件金额大且直接关联NBIS，但关键合同条款与原始来源均因付费墙缺失。评级依据：timeliness, insufficient_evidence原文字数：83

中文摘要

核心结论

MT Newswires称Nebius（NBIS）已同意向Reflection AI出售价值超过10亿美元的算力。若得到完整合同或双方公告确认，该交易将为NBIS需求与收入能见度提供重要证据。

重要性评级

评级：3/5（中）

金额大且直接关联NBIS，但存档正文被付费墙截断，合同期限、交付容量、收入确认和交易状态均无法核验。

关键事实

可见标题称Nebius将向Reflection AI出售超过10亿美元算力。
可见正文使用“已同意”表述，但句子在关键条款前被截断。
报道列出的相关代码为NBIS和英伟达（NVDA）。
存档没有保留合同期限、算力类型、部署地点、付款安排或开始日期。

作者观点与证据

现有材料只支持存在一则超过10亿美元算力协议的报道，无法判断其为正式合同、框架协议、承诺金额或最高合同价值。缺少双方原始公告与完整正文。

与相关标的的关系

NBIS是交易服务提供方，相关性直接；NVDA可能通过GPU（图形处理器）供应链间接受益，但现有文本没有说明具体硬件配置。

时效性与限制

发布于美东时间 07/14 07:30（UTC+8 07/14 19:30）。付费墙导致决定性条款缺失，消息需要公司公告或Reflection AI披露交叉验证。

后续跟踪

双方正式公告及合同性质
交付容量、地点和时间表
合同收入确认节奏
使用的芯片型号及供应商

英文原文

Nebius Reportedly Selling Over $1 Billion Worth of Computing Power to Reflection AI

PREMIUM

Nebius Reportedly Selling Over $1 Billion Worth of Computing Power to Reflection AI

MT Newswires

Tue, July 14, 2026 at 7:30 PM GMT+8

NBIS

-7.80%

NVDA

+4.06%

Nebius Group (NBIS) has agreed to sell computing power to Reflection AI for over $1 billion in a dea

PREMIUM

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打开原文

USAR打通稀土氧化物回收

重要性5/5 高

直接关系USAR的重稀土分离和一体化供应链能力，事件新、事实密度高，但商业化参数仍待验证。

标签

标的：`USAR`来源：GlobeNewswire发布日期：2026-07-14重要性：5/5 高评级理由：直接关系USAR的重稀土分离和一体化供应链能力，事件新、事实密度高，但商业化参数仍待验证。评级依据：timeliness, technical_milestone原文字数：1787

中文摘要

核心结论

USA Rare Earth在科罗拉多州Wheat Ridge设施利用磁体加工废屑产出商业级氧化镝和氧化钕镨样品，验证了重稀土分离与内部废料循环流程。样品仍需客户资格认证，商业规模产能、成本和稳定良率尚未披露。

重要性评级

评级：5/5（高）

这是USAR直接发布的最新技术节点，涉及重稀土分离、磁体回收和一体化供应链，对标的基本面相关度高；证据仍属公司公告和样品阶段。

关键事实

公告发布于美东时间 07/14 07:00（UTC+8 07/14 19:00）。
Wheat Ridge湿法冶金设施从钕铁硼磁体加工废屑中分离出商业级氧化镝和氧化钕镨样品。
废屑来自公司位于俄克拉何马州Stillwater的磁体制造设施。
公司预计磁体废屑未来可满足最多30%的磁性稀土氧化物原料需求。
样品计划送往英国子公司Less Common Metals进行认证，并转化为稀土金属及铸带材料。
Wheat Ridge设施全天候运行，并采集实时工艺数据，用于规划中的商业分离工厂设计。
后续试验还将处理Round Top项目和Serra Verde的Pela Ema矿山原料。
氧化镝可增强磁体在高温环境下的矫顽力，当前全球供应高度集中于中国。

作者观点与证据

公司把此次结果定义为亚洲以外少数重稀土分离能力之一，并据此强调从矿山、分离、金属合金到磁体制造的一体化路线。已确认的事实是产出商业级样品；未来30%原料贡献、商业工厂建设以及收购协同均属于预测。

与相关标的的关系

USAR是直接受影响标的，进展连接Stillwater磁体厂、英国LCM和未来商业分离设施。HRE.AX仅作为行情关联代码出现，正文没有披露双方合作。

时效性与限制

稿件由公司发布并经付费新闻稿渠道分发，未提供样品纯度数值、批次规模、单位成本、连续运行良率或第三方检测报告。

后续跟踪

LCM资格认证结果与具体纯度标准。
连续批次的良率、成本和处理规模。
商业分离设施的资本开支与建设进度。
Round Top及Pela Ema原料试验结果。

英文原文

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

This is a paid press release. Contact the press release distributor directly with any inquiries.

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

USA Rare Earth, Inc.

Tue, July 14, 2026 at 7:00 PM GMT+8 9 min read

USAR

+5.69%

HRE.AX

+2.50%

USARW

USA Rare Earth, Inc. Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company's feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company's magnet manufacturing facilities in the United States

WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."

USA Rare Earth's successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company's mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company's Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company's feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals ("LCM"), USA Rare Earth's subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company's magnet manufacturing facilities in the United States.

Story Continues

Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.

Today's production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company's value chain, closing the loop between the Company's downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company's Round Top project and from Serra Verde's Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company's future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company's ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company's plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company's global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "project," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company's expectations, including without limitation: the Company's ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company's ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company's Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company's limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company's stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company's stock price; the Company's ability to satisfy project milestones and other conditions to disbursement under the Company's financing arrangement with the Department of Commerce ("DOC") on the anticipated timeline or at all; the Company's dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company's operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company's financing arrangements; the impact of the DOC's equity interest in the Company on the Company's ability to pursue strategic transactions and on the Company's relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company's Stillwater facility and other facilities; the Company's ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company's products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company's competitors or state actors or the overall competitive environment; the Company's ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company's corporate structure due to restrictions contained in the Company's financing agreements; the Company's ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company's neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company's ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company's ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

ir@usare.com

Media Contact

Collected Strategies

USAR-CS@collectedstrategies.com

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稀土磁材废料实现镝钕镨分离

重要性4/5 较高

进展直接关系USAR的重稀土分离和一体化能力，且发布时间新；商业价值仍需认证与量产数据验证。

标签

标的：`USAR`来源：USA Rare Earth发布日期：2026-07-14重要性：4/5 较高评级理由：进展直接关系USAR的重稀土分离和一体化能力，且发布时间新；商业价值仍需认证与量产数据验证。评级依据：公司投资者关系公告原始来源, 美东时间07/14发布, 直接关联USAR关键技术能力, 披露废料最高30%原料占比目标, 缺少纯度、回收率、成本和产量数据, 尚处样品认证与放大前阶段原文字数：1800

中文摘要

核心结论

USA Rare Earth 在科罗拉多州 Wheat Ridge（惠特里奇）示范设施使用磁体加工废料，产出公司称达到商业级的氧化镝和氧化钕镨样品。这验证了稀土磁材废料回收流程，并为美国、英国之间的分离、金属化和磁体制造链提供样品级技术节点。

重要性评级

评级：4/5（较高）

公告与 USAR 的重稀土分离能力和一体化供应链直接相关，发布时间较新；成果仍处于样品、验证和客户资格认证阶段，尚无纯度、回收率、产量或商业收入数据。

关键事实

公司于美东时间 07/14 07:00（UTC+8 07/14 19:00）宣布，在 Wheat Ridge 湿法冶金设施产出商业级 Dy（镝）氧化物和 NdPr（钕镨）氧化物样品。
原料为 NdFeB（钕铁硼）磁体加工过程中产生的细碎废料，来源于公司位于俄克拉何马州 Stillwater（斯蒂尔沃特）的磁体制造设施。
公司预计磁材废料未来最多可满足磁性稀土氧化物原料需求的 30%。
样品计划送往英国子公司 LCM（Less Common Metals，稀土金属及合金生产商）进行资格认证，并转化为稀土金属和甩带合金。
LCM 产出预计将供应公司在美国的磁体制造设施，形成废料、氧化物、金属与磁体之间的回收链路。
镝可提高钕铁硼磁体在高温条件下的矫顽力，应用涉及航空航天、国防、电动车、机器人和工业电机。
Wheat Ridge 示范设施全天运行，并通过实时监测数据支持计划中的商业分离设施工程设计。
后续试验计划处理 Round Top（圆顶山项目）和 Serra Verde（塞拉维尔德）Pela Ema 矿的原料，并在未来数周产出更多稀土及关键矿物氧化物。

作者观点与证据

公司将此次样品生产描述为亚洲以外重稀土分离能力的重要里程碑，并据此强调西方供应链价值。已确认事实限于公司公告中的示范设施样品；“商业级”“少数西方生产者”和未来 30%原料占比均缺少独立检测报告、规格表或量产数据支持。

与相关标的的关系

USAR（USA Rare Earth 美国稀土与磁体材料公司）直接关联该技术进展。若样品通过 LCM 认证并实现稳定放大，可连接其分离、金属合金和美国磁体制造资产；Round Top 开发、Serra Verde 交易、商业设施融资与投产仍是独立执行条件。

时效性与限制

公告来自公司投资者关系渠道，存在明显的企业宣传立场。原文未披露样品纯度、批次规模、回收率、单位成本、客户订单、认证周期或商业设施资本需求。

后续跟踪

LCM 样品认证结果和产品规格
镝、钕镨的纯度、回收率与批次规模
磁材废料占原料需求30%目标的验证
商业分离设施融资、建设和投产进度

英文原文

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility - Tue, 07/14/2026 - 07:00

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Release Details

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

Jul 14, 2026

PDF Version

Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company’s feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company’s magnet manufacturing facilities in the United States

USA Rare Earth’s successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company’s mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company’s Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals (“LCM”), USA Rare Earth’s subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company’s magnet manufacturing facilities in the United States.

Today’s production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company’s value chain, closing the loop between the Company’s downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company’s Round Top project and from Serra Verde’s Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company’s future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company’s ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company’s plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company’s global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company’s expectations, including without limitation: the Company’s ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company’s ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company’s Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company’s limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company’s stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company’s stock price; the Company’s ability to satisfy project milestones and other conditions to disbursement under the Company’s financing arrangement with the Department of Commerce (“DOC”) on the anticipated timeline or at all; the Company’s dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company’s operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company’s financing arrangements; the impact of the DOC’s equity interest in the Company on the Company’s ability to pursue strategic transactions and on the Company’s relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company’s Stillwater facility and other facilities; the Company’s ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company’s products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; the Company’s ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company’s corporate structure due to restrictions contained in the Company’s financing agreements; the Company’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company’s neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company’s ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company’s ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

ir@usare.com

Media Contact

Collected Strategies

USAR-CS@collectedstrategies.com

EMAIL ALERTS

Stay updated with company developments.

General: info@usare.com Investors: ir@usare.com 813-867-6155

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KeyBanc上调Marvell目标价

重要性3/5 中

评级动作直接且新鲜，但付费墙使目标价上调缺乏可审查的基本面依据。

标签

标的：`MRVL`来源：MT Newswires发布日期：2026-07-14重要性：3/5 中评级理由：评级动作直接且新鲜，但付费墙使目标价上调缺乏可审查的基本面依据。评级依据：直接关联MRVL, 目标价与评级明确, 付费墙导致论据缺失原文字数：78

中文摘要

核心结论

KeyBanc维持Marvell Technology（迈威尔科技，MRVL）增持评级，并把目标价从385美元提高至400美元。免费可见正文没有披露上调依据，无法判断盈利预测、估值倍数或业务假设发生了何种变化。

重要性评级

评级：3/5（中）

评级和目标价调整与MRVL直接相关且发布时间较新；付费墙截断了分析内容，证据强度明显低于完整研报或公司披露。

关键事实

KeyBanc将MRVL目标价由385美元提高至400美元，增幅约3.9%。
KeyBanc维持增持评级。
MT Newswires可见片段称，MRVL的市场平均评级为买入。
可见片段给出的市场平均目标价为262.57美元，显著低于KeyBanc的400美元。
文章发布于美东时间 07/14 06:01（UTC+8 07/14 18:01）。
完整正文需要银级或金级订阅。

作者观点与证据

可确认的信息只有KeyBanc评级与目标价动作，以及一项市场平均目标价。文章未展示KeyBanc对人工智能定制芯片、光互连、收入、利润率或每股收益的预测，无法评估400美元目标价的假设质量。

与相关标的的关系

MRVL是唯一直接标的。目标价上调体现单家卖方观点变化，不代表公司当日发布了经营更新。

时效性与限制

文章检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。付费墙导致研究逻辑、预测期和估值方法缺失；市场平均目标价的样本数量及更新时间也未说明。

后续跟踪

KeyBanc完整研报中的盈利预测和估值方法。
MRVL人工智能芯片及光互连收入指引。
其他机构是否同步上调目标价和盈利预测。
400美元目标价与市场平均262.57美元之间的假设差异。

英文原文

KeyBanc Adjusts PT on Marvell Technology to $400 From $385, Maintains Overweight Rating

PREMIUM

KeyBanc Adjusts PT on Marvell Technology to $400 From $385, Maintains Overweight Rating

MT Newswires

Tue, July 14, 2026 at 6:01 PM GMT+8

MRVL

+2.26%

Marvell Technology (MRVL) has an average rating of buy and mean price target of $262.57, according t

PREMIUM

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科技股盈利叙事缺少统一估值证据

重要性3/5 中

覆盖MRVL及科技板块情绪，但对MRVL着墨有限，多个决定性论点缺少底层数据。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-14重要性：3/5 中评级理由：覆盖MRVL及科技板块情绪，但对MRVL着墨有限，多个决定性论点缺少底层数据。评级依据：background_context, limited_evidence, source_bias原文字数：805

中文摘要

核心结论

Zacks认为2026年科技股反弹获得利润增长、内部人买入和较低估值支撑，并点名英伟达、微软、美光、闪迪和迈威尔。文章给出少量方向性论据，但关键估值和内部人交易数据缺少具体口径。

重要性评级

评级：3/5（中）

文章关联MRVL及多只大型科技股，适合作为市场叙事样本；其证据多为概括性陈述，且带有明显产品推广属性。

关键事实

作者将2026年初美股在中东冲突后快速修复，与2025年关税冲击后的V形反弹进行类比。
文章称过去六个月科技公司内部人买入股数创历史纪录，但未提供样本、金额或数据来源。
作者称科技板块预期市盈率低于十年均值，处于一年多低位，但没有列出具体倍数。
文章称英伟达PEG（市盈率相对盈利增长比率）处于十年低位，微软估值接近多年低位。
文中预计美光本年度利润将超过此前二十年利润总和。
作者称闪迪与迈威尔正在实现创纪录利润，但未列出对应金额或同比增幅。
文末展示的策略历史收益来自每月调仓、零交易成本的假设组合，并非实际账户回报。

作者观点与证据

作者明确看好科技板块，依据是反弹形态、季节性、内部人买入、估值和利润增长。文章未展示支持多项判断的底层表格，且将历史形态用于未来走势判断，证据强度有限。

与相关标的的关系

MRVL是输入中的直接标的，但文章只以“创纪录利润”简略提及；NVDA、MSFT、MU和SNDK用于组成科技板块叙事，没有逐家公司展开基本面比较。

时效性与限制

发布于美东时间 07/14 03:16（UTC+8 07/14 15:16）。多项关键结论缺少数值、样本定义和可核验来源，文末含Zacks策略推广。

后续跟踪

MRVL实际利润、收入和订单增长
科技公司内部人净买入金额及覆盖样本
科技板块预期市盈率的具体历史分位
美光、闪迪和英伟达盈利兑现情况

英文原文

Zacks Investment Ideas feature highlights: NVIDIA

Zacks Investment Ideas feature highlights: NVIDIA's, Microsoft, Micron, SanDisk and Marvell

Zacks Investment Ideas feature highlights: NVIDIA's, Microsoft, Micron, SanDisk and Marvell · Zacks

Zacks Equity Research

Tue, July 14, 2026 at 3:16 PM GMT+8 4 min read

NVDA

+4.06%

MSFT

-1.55%

MRVL

+2.26%

+4.92%

SNDK

+5.01%

For Immediate Release

Chicago, IL – July 14, 2026 – Today, Zacks Investment Ideas feature highlights NVIDIA's NVDA, Microsoft MSFT, Micron MU, SanDisk SNDK and Marvell MRVL.

Tech View: Record Profits, Insider Buying & Cheap Valuations

V-Shaped Bottom 2.0?

Thus far, 2026 is shaping up eerily similarly to 2025. In 2025, U.S. equity markets suffered a swift and violent correction after President Trump unveiled his 'Liberation Day' blanket tariff policy. However, after a brief multi-week correction, equities began to price in the tariff news, climb the proverbial wall of worry, and create a V-shaped recovery. Earlier this year, the same price action occurred after the U.S. bombed Iran. Stocks corrected and recovered swiftly in a V-shaped fashion.

The Trump Seasonality is Repeating

History doesn't always repeat itself, but it does tend to rhyme. As you can see from the seasonality chart below, the Trump Presidency Cycle suggests that the S&P 500 Index corrects early in the year, bottoms in spring, and runs into year-end. Once again, stocks are following the pattern closely.

Tech Insider Buying Surges to Record High

Although executives may sell their stock for any number of reasons, they buy only for one: they believe it will appreciate in price. For investors, it's worth noting when executives have skin in the game and deploy their own personal funds to purchase stock in the open market. Over the past six months, tech stock insiders have bought more shares than ever in history.

Tech Valuations Remain Cheap

While tech stocks have appreciated nicely over the past several months, their valuations remain extremely reasonable. The forward P/E ratio for the tech sector is below the 10-year average and at levels not seen in over a year.

Meanwhile, despite NVIDIA's massive multi-year move, its price-to-earnings growth ratio is at decade lows. Other big tech giants such as Microsoft also trade at valuations that are hovering near multi-year lows.

Tech Stocks Producing Juicy Profits

A key differentiator between the late 1990s and today is that stock moves are driven by real fundamentals. For instance, Micron is expected to generate more profit this year than it generated over the previous two decades combined!

Other AI-related companies, such as SanDisk and Marvell are also reporting record profits.

Bottom Line

Backed by historic corporate profits, insider buying, and bargain valuations, tech stocks are proving that the 2026 rally is built on rock-solid fundamentals, not hot air.

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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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Microsoft Corporation (MSFT) : Free Stock Analysis Report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Sandisk Corporation (SNDK) : Free Stock Analysis Report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

存储定价分化触发芯片回吐

重要性3/5 中

MRVL价格波动显著，但文章缺乏公司专属证据，板块归因需要谨慎使用。

标签

标的：`MRVL`来源：StockStory发布日期：2026-07-14重要性：3/5 中评级理由：MRVL价格波动显著，但文章缺乏公司专属证据，板块归因需要谨慎使用。评级依据：MRVL出现显著波动, 存储定价数据具体, 公司专属证据不足原文字数：779

中文摘要

核心结论

芯片股在上半年强势上涨后出现获利回吐，中东紧张局势和SK海力士盈利预测下调加剧波动。文章把MRVL下跌8%纳入板块性调整，但主要证据集中在存储芯片合同价与现货价分化，未给出MRVL自身基本面变化。

重要性评级

评级：3/5（中）

MRVL出现显著单日波动，行业风险偏好变化具有时效价值；对MRVL的归因主要来自板块联动，文章没有公司专属公告或订单证据。

关键事实

文章称MRVL下跌8%，Vishay Intertechnology下跌7%，Allegro MicroSystems下跌8.4%。
SK海力士在此前纳斯达克上市后，韩国市场股价下跌超过5%。
韩国券商KIS把SK海力士第二季度营业利润预测降至60.4万亿韩元，比65万亿韩元市场一致预期低约8%。
文章称高带宽内存采用多年固定价格合同，使SK海力士未能充分分享现货市场30%至50%的价格上涨。
标准动态随机存取存储器和闪存更多受现货价格影响，高带宽内存合同结构限制近期定价弹性。
中东局势升级及有关美国对伊朗采取军事行动的报道推高油价，促使市场转向防御。
此前瑞银已把第三季度双倍数据速率内存合同价格涨幅预测从环比17%上调至32%，并预计供应不足至少持续到2028年第二季度。

作者观点与证据

作者将下跌归因于获利回吐、存储盈利预期调整及地缘风险。SK海力士合同结构可解释存储股波动，对MRVL、VSH和ALGM的传导属于行业情绪推断；原文没有证明这些公司的收入直接受同一合同机制影响。

与相关标的的关系

MRVL是直接价格波动标的，但没有公司专属消息。MU、SanDisk及SK海力士与存储周期关系更直接；VSH和ALGM的下跌也被归入广泛半导体风险收缩。

时效性与限制

文章发布于美东时间 07/13 21:18（UTC+8 07/14 09:18），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。元数据另显示MRVL上涨2.26%，可能对应不同交易时点，文中8%跌幅需结合具体盘中区间复核。

后续跟踪

MRVL后续股价能否与存储板块脱钩。
SK海力士正式业绩与高带宽内存合同定价披露。
MRVL人工智能及光互连业务的订单和盈利预测。
中东局势、油价与半导体风险溢价的联动。

英文原文

Marvell Technology, Vishay Intertechnology, and Allegro MicroSystems Stocks Trade Down, What You Need To Know

Anthony Lee

Tue, July 14, 2026 at 9:18 AM GMT+8 4 min read

SKHYV

0.00%

MRVL

+2.26%

+4.92%

SNDK

+5.01%

-0.48%

What Happened?

A number of stocks fell in the afternoon session after investors took profits following the chip sector's strong rally in the first half of the year as Middle East tensions escalated. SK Hynix shares fell over 5% in South Korea following its strong Nasdaq debut the previous week.

The selloff dragged down memory peers like Micron Technology and SanDisk. Adding to the weakness for memory stocks, a South Korean brokerage lowered its second-quarter earnings forecast for SK Hynix. Brokerage firm KIS projected SK Hynix's second-quarter operating profit at 60.4 trillion won, roughly 8% below the 65 trillion won market consensus.

The expected miss stems from the company's heavy reliance on long-term contracts for its premium High Bandwidth Memory (HBM) chips, a structure that effectively locked the manufacturer out of recent 30% to 50% price surges in the broader spot market.It is natural to assume that selling more premium AI chips would immediately expand profit margins. However, HBM economics work differently than standard memory. Because these advanced chips require massive upfront capital, they are typically sold through multi-year agreements that fix the price. Standard DRAM and NAND chips, by contrast, trade on the spot market where prices move freely.

Consequently, SK Hynix's heavy exposure to premium, fixed-price contracts placed a near-term ceiling on its pricing power even as broader market prices spiked. This revelation triggered a reassessment across a memory sector priced for perfection, accelerating profit-taking among investors who were already questioning the durability of AI capital spending.Adding to the defensive positioning, renewed tensions in the Middle East, including reports of US military action against Iran, pushed oil higher and encouraged a shift toward safer assets.

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:

Semiconductor Manufacturing company Marvell Technology(NASDAQ:MRVL) fell 8%.Is now the time to buy Marvell Technology? Access our full analysis report here, it's free.

Analog Semiconductors company Vishay Intertechnology(NYSE:VSH) fell 7%.Is now the time to buy Vishay Intertechnology? Access our full analysis report here, it's free.

Processors and Graphics Chips company Allegro MicroSystems(NASDAQ:ALGM) fell 8.4%.Is now the time to buy Allegro MicroSystems? Access our full analysis report here, it's free.

Story Continues

Zooming In On Allegro MicroSystems (ALGM)

Allegro MicroSystems's shares are extremely volatile and have had 37 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 7 days ago when the stock gained 11% 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.

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.

Allegro MicroSystems is up 87.2% since the beginning of the year, but at $50.38 per share, it is still trading 12.2% below its 52-week high of $57.38 from July 2026. Investors who bought $1,000 worth of Allegro MicroSystems's shares 5 years ago would now be looking at an investment worth $1,845.

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打开原文

五月跨境资本流入结构分化

重要性5/5 最高

官方数据同时覆盖长期证券、短期国库券和银行流量，事实密度高，对美元流动性与全球资产需求判断具有直接价值。

标签

标的：`GLOBAL`来源：U.S. Department of the Treasury发布日期：2026-07-14重要性：5/5 最高评级理由：官方数据同时覆盖长期证券、短期国库券和银行流量，事实密度高，对美元流动性与全球资产需求判断具有直接价值。评级依据：美国财政部官方来源, 覆盖2026年5月完整跨境资金结构, 包含美债、股票、公司债和银行流量, 金额与投资者类型拆分充分, 存在发布时间滞后和托管地归属限制原文字数：1257

中文摘要

核心结论

美国 2026 年 5 月 TIC（国际资本流动）数据显示，跨境资金净流入 1,322 亿美元，长期证券净买入强劲，但短期国库券、其他短期美元证券和银行负债均出现流出。私人资金净流入抵消了官方机构净流出，资金期限和投资者类型明显分化。

重要性评级

评级：5/5（最高）

这是美国财政部发布的官方跨境资金数据，覆盖美债、股票、公司债及银行流动，对美元流动性和美国资产需求判断具有直接宏观价值。

关键事实

5 月 TIC 总净流入为 1,322 亿美元，其中外国私人资金净流入 1,720 亿美元，外国官方机构净流出 399 亿美元。
外国投资者净买入 2,628 亿美元长期美国证券：私人投资者买入 2,468 亿美元，官方机构买入 161 亿美元。
长期美国证券中，国债票据与债券净买入 536 亿美元，机构债 237 亿美元，公司债 487 亿美元，股票 1,208 亿美元。
美国居民净买入 301 亿美元外国长期证券，其中外国债券 214 亿美元、外国股票 88 亿美元。
计入股票互换等调整后，长期证券总体外国净买入为 2,327 亿美元，高于 4 月的 1,048 亿美元。
外国投资者减持 435 亿美元美国国库券；全部美元短期证券及其他托管负债减少 306 亿美元。
银行自身对外国居民的美元净负债减少 700 亿美元。
下一期 2026 年 6 月数据计划于 08/17（未给出具体时刻）发布。

作者观点与证据

财政部公告只陈述统计结果，不提供市场方向判断。数据表明长期美国资产吸引了大量私人资本，同时短期国库券和银行负债收缩；该差异可用于观察资金期限偏好，无法单独证明利率、汇率或风险偏好的因果关系。

与相关标的的关系

该资料标记为 GLOBAL（全球宏观），直接关联美国国债、美元融资条件和美国股票跨境需求。长期美债净买入与国库券减持方向相反，需要分期限解读，不能用总流入掩盖内部结构。

时效性与限制

公告发布于 07/14（未给出具体时刻），统计期为 2026 年 5 月，存在约一个半月滞后。TIC 主要依据托管地归属，第三国托管和跨境资产管理会造成最终持有人识别偏差；数据也不含美国商务部统计的直接投资流量。

后续跟踪

08/17发布的6月TIC数据
私人和官方机构美债需求差异
国库券减持及银行美元负债变化
长期证券净流入能否持续

英文原文

Treasury International Capital Data for May

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Press Releases

Treasury International Capital Data for May

July 14, 2026

WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2026. The next release, which will report on data for June 2026, is scheduled for August 17, 2026.

The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $132.2 billion. Of this, net foreign private inflows were $172.0 billion, and net foreign official outflows were $39.9 billion.

Foreign residents increased their holdings of long-term U.S. securities in May; their net purchases were $262.8 billion. Net purchases by private foreign investors were $246.8 billion, and net purchases by foreign official institutions were $16.1 billion.

U.S. residents increased their holdings of long-term foreign securities, with net purchases of $30.1 billion.

After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign purchases of long-term securities are estimated to have been $232.7 billion in May.

Foreign residents decreased their holdings of U.S. Treasury bills by $43.5 billion. Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased by $30.6 billion.

Banks’ own net dollar-denominated liabilities to foreign residents decreased by $70.0 billion.

Complete data are available on the Treasury website here .

###

About TIC Data

The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data. These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of U.S. securities with complete accuracy. For example, if a U.S. Treasury security purchased by a foreign resident is held in a custodial account in a third country, the true ownership of the security will not be reflected in the data. The custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers who invest on behalf of residents of other countries. In addition, foreign countries may hold dollars and other U.S. assets that are not captured in the TIC data. For these reasons, it is difficult to draw precise conclusions from TIC data about changes in the foreign holdings of U.S. financial assets by individual countries.

TIC Release for July

TIC Monthly Reports on Cross-Border Financial Flows

(Billions of dollars, not seasonally adjusted)

12 Months Through

2024 2025 May-25 May-26 Feb Mar Apr May

Foreigners' Acquisitions of Long-Term Securities

1 Gross U.S. Sales of Domestic U.S. Securities 70193.6 89205.3 78886.6 100811.6 9077.4 10805.5 9144.7 9524.6

2 Gross U.S. Purchases of Domestic U.S. Securities 69008.8 87586.1 77501.7 99039.7 8976.5 10709.6 8937.3 9261.8

3 Domestic Securities, net U.S. sales (line 1 less line 2) /1 1184.9 1619.2 1384.9 1771.9 100.9 95.9 207.4 262.8

4 Private, net /2 1190.3 1602.3 1532.1 1666.0 129.6 110.8 165.8 246.8

5 Treasury Bonds & Notes, net 516.6 456.7 556.6 324.4 27.9 51.5 34.4 53.6

6 Gov't Agency Bonds, net 127.2 110.3 126.8 161.3 20.7 -4.9 27.7 23.7

7 Corporate Bonds, net 264.3 349.2 268.7 399.8 47.9 67.3 18.1 48.7

8 Equities, net 282.2 686.1 580.0 780.5 33.1 -3.1 85.6 120.8

9 Official, net /3 -5.5 16.8 -147.2 105.8 -28.7 -14.9 41.6 16.1

10 Treasury Bonds & Notes, net -26.8 -28.3 -88.8 -34.0 -25.3 -37.9 16.1 3.0

11 Gov't Agency Bonds, net -44.2 -54.1 -53.4 -32.4 0.4 0.6 -1.1 -4.6

12 Corporate Bonds, net 40.2 43.2 31.4 49.0 6.1 9.5 2.6 3.8

13 Equities, net 25.3 56.1 -36.5 123.3 -9.8 12.9 24.0 13.8

14 Gross U.S. Sales of Foreign Securities 18304.9 23183.7 20297.9 27641.6 2434.2 3064.3 2589.6 2793.5

15 Gross U.S. Purchases of Foreign Securities 18713.7 23506.0 20571.4 28087.4 2478.9 3080.0 2692.2 2823.6

16 Foreign Securities, net U.S. sales (line 14 less line 15) /4 -408.8 -322.3 -273.6 -445.8 -44.7 -15.7 -102.6 -30.1

17 Foreign Bonds, net -260.3 -214.8 -159.1 -292.4 -25.3 -21.1 -37.1 -21.4

18 Foreign Equities, net -148.5 -107.4 -114.4 -153.5 -19.4 5.4 -65.5 -8.8

19 Net Long-Term Securities Transactions (lines 3 and 16): 776.1 1296.9 1111.3 1326.0 56.2 80.2 104.8 232.7

20 Other Acquisitions of Long-Term Securities, net /5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

21 Net Foreign Acquisition of Long-Term Securities

(lines 19 and 20): 776.1 1296.9 1111.3 1326.0 56.2 80.2 104.8 232.7

22 Increase in Foreign Holdings of Dollar-Denominated Short-Term

U.S. Securities and Other Custody Liabilities: /6 196.5 199.0 374.4 118.4 87.2 1.3 2.6 -30.6

23 U.S. Treasury Bills 222.3 144.6 333.3 52.6 91.8 -12.6 -20.0 -43.5

24 Private, net 165.3 63.0 190.5 53.9 46.4 -3.0 -33.6 17.6

25 Official, net 57.0 81.6 142.7 -1.4 45.4 -9.6 13.6 -61.0

26 Other Negotiable Instruments

and Selected Other Liabilities: /7 -25.8 54.4 41.2 65.8 -4.6 13.9 22.6 12.9

27 Private, net -27.8 60.6 40.8 72.4 -5.6 14.9 22.4 12.8

28 Official, net 1.9 -6.2 0.4 -6.6 1.0 -1.0 0.2 0.2

29 Change in Banks' Own Net Dollar-Denominated Liabilities 243.0 -103.6 294.8 -229.9 33.8 66.3 -30.7 -70.0

30 Monthly Net Dollar-Denominated Portfolio Inflows (lines 21, 22, and 29) /8 /9 1215.5 1392.4 1780.6 1214.5 177.2 147.8 76.6 132.2

of which

31 Private, net 1084.3 1353.6 1751.3 1144.6 164.1 159.3 27.0 172.0

32 Official, net 131.2 38.7 29.3 69.9 13.1 -11.6 49.6 -39.9

/1 Net U.S. sales = Net foreign purchases of U.S. securities (+).

/2 Includes international and regional organizations.

/3 The reported division of net U.S. sales of long-term securities between net sales to foreign official institutions and net sales

to other foreign investors is subject to a "transaction bias" described in Frequently Asked Questions 7 and 10.a.4 on the TIC website.

/4 Net transactions in foreign securities by U.S. residents. Foreign purchases of foreign securities = U.S. sales of foreign securities to foreigners.

Thus negative entries indicate net U.S. purchases of foreign securities, or an outflow of capital from the United States; positive entries

indicate net U.S. sales of foreign securities.

/5 Minus estimated unrecorded principal repayments to foreigners on domestic corporate and agency asset-backed securities (zero after Jan. 2023) +

estimated foreign acquisitions of U.S. equity through stock swaps - estimated U.S. acquisitions of foreign equity through stock swaps +

increase in nonmarketable Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.

/6 These are primarily data on monthly changes in banks' and broker/dealers' custody liabilities. Data on custody claims are collected

quarterly and published in the TIC website.

/7 "Selected Other Liabilities" are primarily the foreign liabilities of U.S. customers that are managed by U.S. banks or broker/dealers.

/8 TIC data cover most components of international financial flows, but do not include data on direct investment flows, which are collected

and published by the Department of Commerce's Bureau of Economic Analysis. In addition to the monthly data summarized here, the

TIC collects quarterly data on some banking and nonbanking assets and liabilities. Frequently Asked Question 1 on the TIC website

describes the scope of TIC data collection.

9/ Series break at February 2023 for lines 1-21 and the dependent lines 30-32; see TIC press releases of March 15 and April 15, 2023.

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美英稳定币联合声明

重要性未评级

标签

标的：`BTC`, `CRCL`, `ETH`, `SOL`, `USDC`, `USDT`来源：U.S. Department of the Treasury and HM Treasury发布日期：2026-07-14重要性：未评级

中文摘要

美英联合声明拟支持稳定币用于跨境支付、结算和资本市场交易。
声明称作为货币提供的稳定币应至少按一比一由高质量流动资产充分支持。
声明提出稳定币储备应与发行人自有资金隔离，并支持及时赎回和清晰披露持有人法律权利。
两国拟探索让一国发行的稳定币进入另一国市场的明确路径。

英文原文

U.S.-UK Joint Statement on Stablecoins

本地取得的是 PDF 或二进制响应，未在页面内展开原文；请使用上方“打开原文”核查。

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欧元参考汇率与美元交叉盘

重要性4/5 中高

数据新鲜、来源权威并直接覆盖主要外汇基准；参考价缺少实时性和变化背景，限制了方向判断价值。

标签

来源：European Central Bank发布日期：2026-07-14重要性：4/5 中高评级理由：数据新鲜、来源权威并直接覆盖主要外汇基准；参考价缺少实时性和变化背景，限制了方向判断价值。评级依据：high_timeliness原文字数：662

中文摘要

核心结论

欧洲中央银行07/14参考汇率显示，1欧元兑1.1405美元、185.01日元和0.85215英镑，为EURUSD（欧元兑美元）、GBPUSD（英镑兑美元）和USDJPY（美元兑日元）的同日官方参考基准。欧洲中央银行明确说明，这些汇率仅供信息使用，不宜直接作为交易执行价格。

重要性评级

评级：4/5（中高）

数据发布于07/14（未给出具体时刻），时效接近当日日报，来源为欧洲中央银行，覆盖主要货币和多项跨资产估值基准。其证据质量高，但属于每日协调参考价，缺少日内变动、历史比较和可执行报价。

关键事实

07/14（未给出具体时刻），1欧元兑1.1405美元。
同日1欧元兑185.01日元、0.85215英镑和0.9257瑞士法郎。
1欧元兑7.7327人民币、8.9387港元、1.6095加元和1.6428澳元。
参考汇率通常在每个工作日美东时间 11:00（UTC+8 07/14 23:00）左右更新，欧洲中央银行系统结算休息日除外。
汇率基于欧洲各中央银行通常于美东时间 09:10（UTC+8 07/14 21:10）左右进行的每日协调程序。
欧洲中央银行声明，参考汇率只供信息使用，不建议用于交易结算。
因EURRUB（欧元兑俄罗斯卢布）市场交易状况不足以形成有代表性的价格，欧洲中央银行自2022年03/01（未给出具体时刻）后暂停发布该参考汇率。

作者观点与证据

该页面属于官方统计发布，没有市场方向判断。各币种汇率来自欧洲中央银行每日协调程序，适合核对估值基准和货币间相对水平；页面没有报价区间、成交量、波动率或政策归因，无法单独解释汇率形成原因。

与相关标的的关系

EURUSD可直接读取为1.1405。GBPUSD和USDJPY需要由欧元基准交叉换算，因此会受到两个参考汇率及换算误差影响；页面没有直接发布这两个美元交叉盘。汇率水平还会影响美元计价资产、欧洲企业换算收入和日元融资成本的观察，但当前材料不含公司层面的敏感度数据。

时效性与限制

发布日期为07/14（未给出具体时刻），检索时间为美东时间 07/15 00:33（UTC+8 07/15 12:33）。原文用中欧时间描述常规发布时间；上述美东时间和UTC+8时间按其明示时区换算。参考价并非实时行情，不能反映发布后的隔夜或盘中变化。

后续跟踪

EURUSD、GBPUSD和USDJPY相对07/14参考值的变动
欧洲中央银行与主要央行的政策利差变化
欧元、日元和英镑的日内波动率与流动性
EURRUB参考汇率暂停状态是否调整

英文原文

Euro foreign exchange reference rates

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Euro foreign exchange reference rates

The reference rates are usually updated at around 16:00 CET every working day, except on TARGET closing days .

They are based on the daily concertation procedure between central banks across Europe, which normally takes place around 14:10 CET. The reference rates are published for information purposes only. Using the rates for transaction purposes is strongly discouraged.

14 July 2026

All currencies quoted against the euro (base currency)

Currency

Spot

Chart

USD

US dollar

1.1405

JPY

Japanese yen

185.01

CZK

Czech koruna

24.284

DKK

Danish krone

7.4753

GBP

Pound sterling

0.85215

HUF

Hungarian forint

361.33

PLN

Polish zloty

4.3383

RON

Romanian leu

5.2487

SEK

Swedish krona

11.0360

CHF

Swiss franc

0.9257

ISK

Icelandic krona

143.20

NOK

Norwegian krone

11.0770

TRY

Turkish lira

53.6464

AUD

Australian dollar

1.6428

BRL

Brazilian real

5.8431

CAD

Canadian dollar

1.6095

CNY

Chinese yuan renminbi

7.7327

HKD

Hong Kong dollar

8.9387

IDR

Indonesian rupiah

20597.94

ILS

Israeli shekel

3.4373

INR

Indian rupee

109.7215

KRW

South Korean won

1705.61

MXN

Mexican peso

19.9587

MYR

Malaysian ringgit

4.6510

NZD

New Zealand dollar

1.9662

PHP

Philippine peso

70.362

SGD

Singapore dollar

1.4743

THB

Thai baht

38.235

ZAR

South African rand

18.7748

Owing to current trading activity in the EUR/RUB market, the European Central Bank (ECB) is not in a position to set a reference rate that is representative of prevailing market conditions. The ECB has therefore decided to suspend its publication of a euro reference rate for the Russian rouble until further notice. The ECB last published a EUR/RUB reference rate on 1 March 2022.

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Latest reference rates

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Download a PDF with the exchange rates of a specific day

Time series

CSV (.zip)

XML

XML (last 90 days only)

XML (SDMX-ML)

To import CSV files into your spreadsheet, choose a setting that uses a dot "." as decimal separator (such as UK or US format).

Related information

Framework for the euro foreign exchange reference rates

ECB introduces changes to euro foreign exchange reference rates, 7 December 2015

ECB Data Portal

###

Time series for bilateral exchange rates

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沃什勾勒美联储政策重审框架

重要性5/5 高

美联储主席最新官方国会证词直接披露利率立场、经济判断和五项制度审查，对全球利率、美元与权益估值均具直接影响。

标签

标的：`GLOBAL`来源：Federal Reserve Board发布日期：2026-07-14重要性：5/5 高评级理由：美联储主席最新官方国会证词直接披露利率立场、经济判断和五项制度审查，对全球利率、美元与权益估值均具直接影响。评级依据：timeliness, primary_source, fact_density原文字数：1524

中文摘要

核心结论

美联储主席凯文·沃什重申压低持续性通胀的优先级，认为经济仍稳健、劳动力市场 broadly stable（整体稳定），并将联邦基金利率目标区间维持在3.50%—3.75%。他同时启动五项政策审查，覆盖沟通、资产负债表、数据、生产率与就业、通胀框架，显示新任主席准备系统调整美联储的决策工具和制度安排。

重要性评级

评级：5/5（高）

这是07/14（未给出具体时刻）发布的主席国会证词，直接提供当前政策立场、经济判断及制度改革方向，来源为美联储官方文件，对利率和全球跨资产定价具有较高阅读优先级。

关键事实

6月会议将联邦基金利率目标区间维持在3.50%—3.75%。
沃什表示，美联储不会容忍通胀持续处于高位，并将恢复价格稳定列为明确任务。
美联储判断经济活动保持稳健扩张：消费增速温和，制造业产出年内稳步上升，住房部门继续落后。
截至第一季度的一年内，设备投资增长约8%；其中高科技支出按四个季度计算增长近25%。
数据中心建设以及AI（人工智能）设备和软件需求被列为商业投资加速的重要来源。
劳动力市场被描述为整体稳定：就业创造与劳动力增长基本同步，失业率处于低位且过去一年变化不大，裁员较少，名义工资稳健增长。
五个工作组将分别审查政策沟通、充足准备金制度及资产构成、新数据与统计方法、通用技术对生产率和就业的影响、通胀驱动因素与政策框架。

作者观点与证据

证词呈现出明确的抗通胀立场，同时承认AI投资可能提高生产能力，也可能改变通胀与就业关系。利率区间、设备投资和高科技支出属于可核验事实；关于AI长期经济收益、技术变革规模和未来政策框架的判断仍处于评估阶段，五个工作组尚未公布结论或实施方案。

与相关标的的关系

文章对应GLOBAL（全球跨资产）线索。政策利率、资产负债表制度和通胀框架可能影响美债收益率、美元、全球权益估值与流动性预期；高科技投资近25%的增速也为数据中心、半导体和AI基础设施需求提供宏观背景。证词未给出下一次利率调整的时间或方向。

时效性与限制

证词发布于07/14（未给出具体时刻），抓取于美东时间 07/15 00:33（UTC+8 07/15 12:33）。材料属于主席政策陈述，经济描述未附完整数据表，五项审查也没有时间表，不能据此推定具体政策变化已经确定。

后续跟踪

后续通胀、就业和住房数据是否改变“稳健扩张、劳动力市场稳定”的判断。
五个工作组的报告时间、政策选项及正式决策程序。
充足准备金制度和资产持有结构审查对资产负债表路径的影响。
AI相关投资能否转化为可测量的生产率提升。

英文原文

Testimony by Chairman Warsh on the semiannual Monetary Policy Report to Congress

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Testimony

Testimony

PDF

July 14, 2026

Semiannual Monetary Policy Report to the Congress

Chairman Kevin Warsh

Before the Committee on Financial Services, U.S. House of Representatives

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Chairman Hill, Ranking Member Waters, and other members of the Committee—good morning.

It's a privilege to join you. At my first appearance before this panel, I am particularly honored to represent my superb colleagues throughout the Federal Reserve System.

In submitting the Board's Monetary Policy Report , I think of a long line of central bank chiefs who came before Congress in keeping with the Federal Reserve Act. I think also of earlier efforts, going back to the time of the Framers, to create a central bank that would endure and serve the nation's founding principles.

One of the large figures in the Federal Reserve's history is Alan Greenspan, who passed away last month after a century of life. By my count, my friend appeared before Congress more than two hundred times, displaying his agile mind and his distinctive way with words. We at the Fed recall the Chairman's strong and steady hand in a period of rapid economic change. And we honor his memory.

As a country, we just marked our 250th year. And when Americans count our blessings, we can include an economy predicated on the brilliance of our constitutional design and system of ordered liberty—an economy without equal in all it's done for human flourishing.

Some forms of Fed communications are discretionary, but not this one—and for good reason. It is a prudent and wisely conceived obligation, designed to keep the Fed accountable, responsible, and faithful to its congressional mandate of full employment and price stability. These obligations are of a piece with the Fed's rightful independence in the conduct of monetary policy.

Today we are at a hinge point in history. It's up to all of us to meet this moment. The task of this generation of policymakers—and of individuals throughout the private sector—is to ensure the American economy excels far into the future.

The Fed's number one objective is to get monetary policy right—or as near to it as we possibly can. That is our clear and constant aim, the star we steer by. And if we get policy right—and we will—the inflation surge of the last five years will be a thing of the past.

A month ago, I chaired my first meeting of the Federal Open Market Committee. My colleagues and I recognize that high inflation has been an undue burden on American households and businesses. While monthly price fluctuations are inevitable—especially in an unsettled world—underlying inflation over longer time horizons is determined largely by monetary policy.

The members of our Committee have no tolerance for persistently elevated inflation. And we share a resolute commitment to restoring price stability. This was the focus of our June meeting, at which we decided to hold the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.

Naturally, our work at the Fed demands a proper reading on economic conditions. As you see in our Monetary Policy Report , economic activity is expanding at a solid pace, showing resilience in the face of recent developments. Household consumption growth is moderate. Manufacturing output has moved up steadily this year. The housing sector, however, gives a different picture and continues to lag.

The most striking feature of the economy right now is business investment. The rapid pace—which appears to be accelerating—reflects, in large part, the construction of data centers and the immense demand for the AI-related equipment and software that fill them. Investment in equipment overall increased about 8 percent for the year ending in the first quarter. Within that category, high-tech spending logged an especially impressive growth rate of nearly 25 percent on a four-quarter basis. We don't know the extent to which the economy will benefit from the AI buildout. Yet it seems inevitable that what is now called "AI investment" will soon be called just "investment." Even so, new opportunities for the economy introduce new challenges for policymakers. We at the Fed are monitoring the implications for inflation and the labor market.

That brings me to the supply side, where productivity growth has been strong, predating gains from AI adoption. America's labor market appears broadly stable. Job creation has kept pace with the workforce. The unemployment rate is low and has changed little over the past year. We're seeing relatively few layoffs, only slight variance in the rate of job vacancies, and solid growth in nominal wages.

I came to my new position as a believer in the best traditions of the Federal Reserve. The performance of our nation's central bank depends on a commitment to excellence, professionalism, and integrity. Humility about what we know—and the courage to revisit our prior views—are also hallmarks of a great institution like ours. All of these standards define the culture of the Fed, and it's my responsibility to uphold them.

I am heartened by the welcome I've received and by the encouragement of my colleagues in considering how best to advance the conduct of policy. We have a duty to point the institution forward—to take a fresh look at current practices to make sure we are serving our objectives.

And we are going about it systematically. I have appointed a task force in each of five areas that are central to the broad conduct of monetary policy. We have engaged some of the very best minds, from inside and outside the economics profession. They are supported by specialists from the Fed's expert staff. The task forces have been given a straightforward charge: Start with first principles, ask hard questions, examine current practices, consider alternatives, and, ultimately, propose next steps for policymaker consideration. The purpose here is to equip the Fed to make better decisions in monetary policy and to put these years of high inflation behind us.

The first task force will assess the form and function of Fed communications. It will ask: What is the efficacy, and what are the risks, of how we currently deliberate and convey our policy choices?

The second task force will review the Fed's balance sheet policies, including the ample-reserves regime and the composition of asset holdings. It will ask: What are the advantages and disadvantages of that regime, and what are the alternatives?

The third task force will evaluate new data sources and consider methodological changes to improve the information upon which we rely. It will ask: How do we ensure that policymakers are receiving accurate, relevant, contemporaneous, actionable data on the state of our economy?

Our task force on productivity and jobs will survey the pace, reach, and impact of new general-purpose technologies. We've experienced technological advances all our lives. But given the scale of investment—and potential changes in the method and speed of innovation—we might be seeing changes of a different order. The task force will survey the landscape and ask: What do these changes mean for America's productive capacity and for American workers? And what are the implications for the Fed in pursuit of our employment and inflation mandates?

Finally, the task force on inflation frameworks will examine the drivers of inflation and weigh a range of ideas for delivering price stability. This group will ask: Do our models and our thinking provide an empirically robust view of prices and outputs in our dynamic economy? Can we do better?

We are starting a new chapter at the Federal Reserve at a consequential time for our nation. It's been a privilege to return to the Fed and to work again with so many talented and dedicated people I'm fortunate to call my colleagues.

I can report to you that we intend to be fit for purpose and focused on the future. We are the Federal Reserve, and we are as determined as ever to fulfill the mission that Congress has given us.

Thank you, and I welcome your questions.

美国稀土上半年暴涨后的兑现期

重要性3/5 中

USAR事件线完整且数字密集，但以历史回顾和公司口径为主，多项关键安排尚未落地。

标签

标的：`USAR`来源：Motley Fool发布日期：2026-07-13重要性：3/5 中评级理由：USAR事件线完整且数字密集，但以历史回顾和公司口径为主，多项关键安排尚未落地。评级依据：fact_density, background_value, execution_risk原文字数：850

中文摘要

核心结论

USA Rare Earth上半年上涨81.3%，主要由政府资金、私人融资、产能进展和收购计划推动；六月底后股价已回落超过20%，后续表现取决于商业化、交易整合与资金条件能否兑现。

重要性评级

评级：3/5（中）

文章集中梳理USAR上半年事件，对稀土主题有直接价值，但多数事实来自公司公告，项目仍处于建设或协议阶段，且发布时间较当日日报早一天以上。

关键事实

USAR（USA Rare Earth美国稀土公司）2025年上涨3.7%，同期标普500指数上涨16.4%；2026年上半年上涨81.3%。
公司宣布与法国政府合作建设金属及合金设施，管理层预计2026年末开始运营，消息推动一月股价上涨超过88%。
公司选择Fluor（福陆工程公司）协助德州Round Top稀土项目的最终可行性研究。
与美国商务部的非约束性意向书及美国能源部合作合计涉及约16亿美元联邦资金，另获Inflection Point提供15亿美元私人资金。
Roth Capital于01/26（未给出具体时刻）将目标价从25美元上调至35美元；Benchmark于01/27（未给出具体时刻）将目标价从15美元上调至45美元。
公司英国子公司在四月产出商业级钇，并以约28亿美元协议收购Serra Verde Group。
管理层预计Serra Verde到2027年末实现5.5亿至6.5亿美元年化息税折旧摊销前利润。
截至文章撰写时，股价自06/30（未给出具体时刻）以来下跌超过20%。

作者观点与证据

作者把上涨归因于融资、政策支持、生产里程碑和分析师上调目标价。资金协议中的非约束性部分、管理层盈利预测及尚未完成的收购都存在执行不确定性；股价涨幅来自标普全球市场财智数据。

与相关标的的关系

USAR是直接标的。NVDA（英伟达）只出现在元数据和推广内容中，正文未建立经营联系；^GSPC（标普500指数）仅用于收益率比较。

时效性与限制

发布于美东时间 07/13 17:53（UTC+8 07/14 05:53）。文章回顾上半年事件，部分项目和融资尚未形成收入或现金流。

后续跟踪

Round Top最终可行性研究结果与建设时间表。
法国设施能否按期商业运营。
Serra Verde收购审批、融资及整合进度。
联邦与私人资金的约束条件和实际到账金额。

英文原文

Here

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026

Scott Levine, The Motley Fool

Tue, July 14, 2026 at 5:53 AM GMT+8 4 min read

USAR

+5.69%

^GSPC

+0.38%

NVDA

+4.06%

Underperforming the S&P 500 , shares of USA Rare Earth (NASDAQ: USAR) inched 3.7% higher in 2025, while the index rose 16.4%. The first half of 2026, however, featured a very different story. According to data provided by S&P Global Market Intelligence , shares of USA Rare Earth soared 81.3% through the first six months of 2026.

With analysts consistently providing bullish outlooks on the stock and the rare-earth company reporting progress toward commencing commercial operations, investors found sufficient cause to click the buy button over the past several months.

Image source: Getty Images.

Digging into the sources of this mining stock's rise

It didn't take long after the ball dropped before investors started bidding USA Rare Earth stock higher. Shares rose more than 88% in January after the company announced a partnership with the French government to develop a metal and alloy production facility in France that management expects to commence operations in late 2026.

Reporting progress toward the start of domestic operations, USA Rare Earth announced in late January that it had selected Fluor to assist with its Definitive Feasibility Study for the company's cornerstone Round Top Rare Earth Project in Texas. Plus, the company announced that it had signed a non-binding Letter of Intent with the U.S. Department of Commerce and entered into a collaboration with the U.S. Department of Energy, totaling about $1.6 billion in federal funding. In addition, the company announced $1.5 billion in private funding provided by Inflection Point.

Analysts also espoused a more bullish outlook on USA Rare Earth stock in the early part of the new year. On Jan. 26, Roth Capital hiked its price target to $35 from $25, and the following day, Benchmark boosted its price target to 45 from $15.

Despite a strong start to the year, shares dipped in February and March. But the decline didn't persist. In April, USA Rare Earth stock headed higher after the company reported that its subsidiary had poured commercial-grade yttrium (a rare-earth metal) at its facility in the United Kingdom. The company lauded the achievement, characterizing it as a milestone that sets it apart as one of the few companies to do so outside China.

Another catalyst for the stock's rise in April was the company's announcement that it had entered into a definitive agreement to acquire Serra Verde Group, a large-scale producer of all four magnetic rare-earths, including the valuable heavy rare-earth dysprosium, terbium, and yttrium, for about $2.8 billion. According to USA Rare Earth management, the acquisition will de-risk the company as Serra Verde is expected to achieve annualized run rate earnings before interest, taxes, depreciation, and amortization of $550-$650 million by the end of 2027.

Story Continues

How are things looking in the second half of the year?

Despite the strong performance in the first half of 2026, the second half of the year hasn't provided much for investors to celebrate, with shares sinking more than 20% as of this writing since June 30. For a speculative stock such as USA Rare Earth, the volatility is to be expected. Thus, those with lower risk tolerances who are interested in growth stocks that provide rare-earth exposure will be more interested in a rare-earth ETF .

Should you buy stock in USA Rare Earth right now?

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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026 was originally published by The Motley Fool

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维谛高增长预期遭遇估值压力

重要性4/5 中高

与VRT直接相关且盈利、估值数据清晰，适合评估业绩预期；经营层证据仍不完整。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：4/5 中高评级理由：与VRT直接相关且盈利、估值数据清晰，适合评估业绩预期；经营层证据仍不完整。评级依据：fact_density, timeliness, source_bias原文字数：596

中文摘要

核心结论

维谛技术（VRT）单日下跌4.07%，但未来季度和全年仍对应较高盈利增长预期。49.99倍预期市盈率显著高于行业13.18倍，使业绩兑现要求维持在高位。

重要性评级

评级：4/5（中高）

文章直接覆盖VRT，并提供短期价格、盈利共识和估值数据；部分论证依赖Zacks自有排名及历史营销业绩。

关键事实

VRT最近一个交易日收于305.87美元，下跌4.07%；同期标普500指数下跌0.79%，道琼斯指数下跌0.26%，纳斯达克指数下跌1.55%。
过去一个月VRT上涨5.28%，高于科技板块3.44%和标普500指数4.28%的涨幅。
下一季度每股收益共识为1.43美元，同比增长50.53%。
下一季度营收共识为33.8亿美元，同比增长28.07%。
全年每股收益和营收共识分别为6.38美元、137.5亿美元，同比增长51.9%和34.44%。
过去一个月每股收益共识上调0.26%。
预期市盈率为49.99倍，行业均值为13.18倍；PEG（市盈率相对盈利增长比率）为1.38，行业均值为1.01。

作者观点与证据

作者以盈利预测上调和Zacks第2级评级支撑积极判断，同时列出明显估值溢价。文中对价格表现着墨较多，没有提供订单、积压、利润率或自由现金流等经营证据。

与相关标的的关系

VRT为直接标的；标普500和道琼斯指数仅用于比较当日及月度表现。

时效性与限制

发布于美东时间 07/13 17:45（UTC+8 07/14 05:45）。盈利预测属于分析师共识，尚待下一次财报验证；Zacks排名具有来源自身的方法偏向。

后续跟踪

下一季度营收和每股收益兑现度
分析师预测继续上调或转向下调
订单积压及利润率变化
估值溢价相对增长预期的变化

英文原文

Vertiv Holdings Co. (VRT) Falls More Steeply Than Broader Market: What Investors Need to Know

Vertiv Holdings Co. (VRT) Falls More Steeply Than Broader Market: What Investors Need to Know · Zacks

Zacks Equity Research

Tue, July 14, 2026 at 5:45 AM GMT+8 3 min read

-0.75%

Vertiv Holdings Co. (VRT) ended the recent trading session at $305.87, demonstrating a -4.07% change from the preceding day's closing price. This change lagged the S&P 500's 0.79% loss on the day. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw a decrease of 1.55%.

The company's shares have seen an increase of 5.28% over the last month, surpassing the Computer and Technology sector's gain of 3.44% and the S&P 500's gain of 4.28%.

Investors will be eagerly watching for the performance of Vertiv Holdings Co. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.43, reflecting a 50.53% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $3.38 billion, indicating a 28.07% upward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $6.38 per share and a revenue of $13.75 billion, signifying shifts of +51.9% and +34.44%, respectively, from the last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Vertiv Holdings Co. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.26% upward. Right now, Vertiv Holdings Co. possesses a Zacks Rank of #2 (Buy).

Looking at valuation, Vertiv Holdings Co. is presently trading at a Forward P/E ratio of 49.99. This indicates a premium in contrast to its industry's Forward P/E of 13.18.

It's also important to note that VRT currently trades at a PEG ratio of 1.38. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. VRT's industry had an average PEG ratio of 1.01 as of yesterday's close.

Story Continues

The Computers - IT Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 83, putting it in the top 34% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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废磁体循环供应链扩张

重要性3/5 中

对USAR所处的美国稀土磁体产业链有比较价值，但项目数据多为公司规划，缺少正式融资和量产证据。

标签

标的：`USAR`来源：Exec Edge发布日期：2026-07-13重要性：3/5 中评级理由：对USAR所处的美国稀土磁体产业链有比较价值，但项目数据多为公司规划，缺少正式融资和量产证据。评级依据：timeliness, sector_relevance, company_estimates, execution_risk原文字数：878

中文摘要

核心结论

HyProMag USA拟用废旧磁体回收技术建设美国稀土永磁体供应链，规划以达拉斯工厂为起点扩展至10个枢纽。项目价值仍取决于融资落地、废料来源、客户认证及量产合同，文中超过20亿美元的估值为公司预测。

重要性评级

评级：3/5（中）

文章提供美国稀土磁体回收路线和项目参数，对USAR及相关稀土企业有行业比较价值；来源偏倡导，关键估值与产能尚未验证。

关键事实

文章发布于美东时间 07/13 17:43（UTC+8 07/14 05:43）。
HyProMag USA是与CoTec Holdings合作的合资企业，计划从硬盘、电机、医疗设备及工业废料回收钕铁硼磁体。
技术源自伯明翰大学，开发历时15年，累计研发投入超过1亿美元。
公司称短流程回收较传统生产节能88%、减排85%。
达拉斯工厂规划年产约750吨再生烧结磁体，并配套合金产品。
美国进出口银行已就最高9200万美元融资出具意向函，意向函不等于正式放款。
公司规划10个枢纽，首批地点包括得克萨斯、南卡罗来纳和内华达。
公司估计前三座工厂税后净现值至少20亿美元；CoTec市值约1.15亿美元，并探索HyProMag USA潜在首次公开募股。

作者观点与证据

作者认为回收路线可避开采矿许可和矿价波动，并借助中国主导的供应缺口形成美国本土制造平台。论据包括能耗数据、融资意向、规划产能以及BMW（宝马）、Siemens（西门子）等客户线索，但缺少工厂资本开支、合同金额、认证进度和独立技术验证。

与相关标的的关系

CoTec及未来可能上市的HyProMag USA是直接主体。USAR、MP、NioCorp和其他稀土企业属于供应链同业，文章未披露HyProMag与USAR之间的交易或合作。

后续跟踪

9200万美元融资能否转为约束性协议。
达拉斯工厂建设、投产及750吨产能爬坡。
废料供应和客户合同的数量、期限与价格。
潜在首次公开募股的结构和CoTec权益比例。

英文原文

HyProMag is the Magnet Opportunity Hiding in America

HyProMag is the Magnet Opportunity Hiding in America's Scrap Heap

Exec Edge

Tue, July 14, 2026 at 5:43 AM GMT+8 4 min read

CTHCF

-9.26%

LYJ.F

+0.62%

+2.61%

USAR

+5.69%

+12.79%

-HyProMag USA, a JV with CoTec Holdings Corp. (OTC: CTHCF), is building a U.S. rare-earth magnet supply chain through recycling instead of mining

-Rare-earth magnets likely a scarce strategic asset in a market dominated by China

-Real upside is creating a scalable national magnet manufacturing platform with 10 planned hubs starting in Texas, South Carolina and Nevada

-Texas plant already securing feedstock and signing customer contracts including BMW, Siemens and others

-Positioned to benefit from growing demand in AI, robotics, EVs, aerospace and defense

-HyProMag sees over $2 billion in after-tax net present value (NPV) for first three plants

-CoTec Holdings, with a market cap around $115 million, could see significant appreciation via key catalyst: a potential IPO of HyProMag USA

By Jarrett Banks

For years, the West's answer to China's dominance in rare earths has been straightforward: find more mines. HyProMag USA, a joint venture with CoTec Holdings Corp. (OTC: CTHCF), is making a different bet.

Instead of spending billions extracting fresh ore, the company wants to mine yesterday's technology–hard drives, electric motors, medical equipment and industrial scrap–for the permanent magnets that power everything from electric vehicles and robots to missile systems and data centers.

It's an idea whose timing may finally be right. Permanent magnets have quietly become one of the most strategically important components in the global economy. They account for only a tiny fraction of the cost of an electric vehicle or industrial robot, yet without them, production stops.

China still dominates nearly every stage of the supply chain, from refining rare earths to manufacturing finished magnets, leaving Western manufacturers increasingly exposed to geopolitical risk. That has transformed magnet production from an industrial niche into a national-security priority.

Enter HyProMag, which believes recycling can become part of the solution. Using patented hydrogen-processing technology developed at the University of Birmingham, the company says it can recover high-value neodymium-iron-boron magnet material from end-of-life products while using significantly less energy than conventional production.

More importantly, it isn't trying to prove the science anymore – it spent the time and money to get the process camera ready. The company's technology was developed over 15 years with more than $100 million in R&D investment, delivering magnet-to-magnet short-loop recycling that uses 88% less energy and reduces carbon emissions by 85% compared to conventional methods.

Story Continues

Now, the technology is ready to roll out. The company's planned Dallas facility is designed to become the hub of a national recycling network, supported by collection centers located around the country.

HyProMag Reactor Management projects annual production of roughly 750 metric tons of recycled sintered magnets, along with additional alloy products. If achieved, that would make it one of the few meaningful domestic sources of rare-earth magnets outside the traditional mining model.

Investors should pay attention to the milestones that actually create value: financing, feedstock agreements, customer qualification and long-term supply contracts.

Encouragingly, those pieces are beginning to come together. The U.S. Export-Import Bank has issued a letter of interest for up to $92 million in financing under its Make More in America initiative, underscoring the strategic importance Washington places on rebuilding domestic supply chains. Government support alone won't guarantee success, but it can lower financing costs and provide credibility with commercial customers.

The broader backdrop is just as compelling as the project itself. Demand for permanent magnets is poised to expand well beyond electric vehicles. Industrial automation, humanoid robotics, AI data-center cooling systems, aerospace applications and defense modernization all require high-performance magnets. Even modest growth across these sectors could tighten a market that is already structurally dependent on Chinese production.

That creates an unusual investment proposition. Most rare-earth companies are effectively commodity stories, exposed to volatile prices, permitting delays and mining risk. HyProMag USA is attempting to position itself further downstream, where intellectual property, manufacturing know-how and customer relationships may ultimately prove more valuable than simply owning mineral reserves.

HyProMag nvestors often spend years searching for companies positioned ahead of structural shifts rather than reacting to them after the fact. The re-shoring of critical mineral supply chains appears to be one of those shifts. HyProMag USA isn't simply trying to recycle magnets. It's attempting to build an entirely new domestic supply chain around them.

There's a catalyst ahead that could reward investors in JV parent CoTec Holdings. HyproMag is exploring a potential IPO, which would effectively look like a spin off and create a new publicly-traded stock. Based on forecast prices, the first three plants alone have an after-tax net-present value (NPV) of at least $2 billion, according to the company. Assuming CoTec owns roughly 50% of the economics, there's a billion dollars in value for investors in CoTec, whose market cap is only around $115 million.

Investors may eventually view the company's greatest competitive advantage not as its recycling technology, but as its ability to supply one of the world's most strategically scarce industrial products from inside the U.S. Investors who notice the opportunity early may find CoTec shares downright magnetic.

Contact:

Exec Edge

Editor@Executives-Edge.com

Click HERE to follow us on LinkedIn

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资金集中涌入半导体ETF

重要性5/5 高

直接覆盖三个输入标的，基金流量数字完整且具时效性，可用于识别半导体资金集中和杠杆风险。

标签

标的：`DRAM`, `SOXL`, `SOXX`来源：etf.com发布日期：2026-07-13重要性：5/5 高评级理由：直接覆盖三个输入标的，基金流量数字完整且具时效性，可用于识别半导体资金集中和杠杆风险。评级依据：timeliness原文字数：619

中文摘要

核心结论

截至07/10（未给出具体时刻）的一周，美国上市ETF净流入近400亿美元，半导体产品获得最集中的资金流入：SOXX、SMH、SOXL和DRAM合计吸收约117.8亿美元。资金数据说明投资者在第三季度初回调中增加芯片敞口，但单周申购无法证明后续价格方向。

重要性评级

评级：5/5（高）

文章直接覆盖DRAM、SOXL和SOXX，并提供基金级净流量及资产规模数据，适合判断当周资金拥挤度和风险偏好。

关键事实

文章发布于美东时间 07/13 17:00（UTC+8 07/14 05:00）。
截至07/10（未给出具体时刻）的一周，美国上市ETF净流入399.68亿美元，年内累计超过1.1万亿美元。
美国固定收益ETF净流入123.85亿美元，国际股票流入105.19亿美元，美国股票流入102.53亿美元。
SOXX净流入52.68亿美元，相当于其476.34亿美元资产规模的11.06%。
SMH流入24.95亿美元，SOXL流入23.94亿美元，DRAM流入16.64亿美元。
SOXL单周流入相当于资产规模的9.45%，DRAM为7.11%。
QQQ净流出79.85亿美元，SPY净流出52.97亿美元，HYG净流出7.72亿美元。
同期标普500指数上涨约1%，债券收益率因油价和通胀担忧升至5月以来高位。

作者观点与证据

作者据单周资金流判断，部分投资者把半导体ETF第三季度初回调视为增加敞口的机会。基金申购数据由etf.com汇总，事实密度较高；数据可能随后修订，也无法区分长期配置、套利申购和短期杠杆交易。

与相关标的的关系

SOXX、SOXL和DRAM均为直接资金流主体，SMH提供同类基金参照。SOXL带有每日三倍杠杆，其资金流含义和路径风险与非杠杆SOXX不同；QQQ的大额赎回显示科技主题内部存在明显分化。

后续跟踪

半导体ETF后续数周净流入能否持续。
SOXL和DRAM资产增幅对应的杠杆及集中度风险。
QQQ赎回是否转化为芯片子行业轮动。
资金流与基金成交、折溢价及价格表现的匹配度。

英文原文

Investors Buy the Semiconductor Dip in $40 Billion Flows Week

Sumit Roy

Tue, July 14, 2026 at 5:00 AM GMT+8 4 min read

^GSPC

+0.38%

CL=F

+0.69%

+0.38%

+2.51%

ETF Investing Tools Investors added almost $40 billion to U.S.-listed ETFs during the week ending Friday, July 10, pushing year-to-date inflows above $1.1 trillion.

Markets edged higher over the week, with the S&P 500 up around 1% but still sitting marginally below its June all-time high. Bond yields climbed to their highest level since May as a rise in oil prices reignited inflation concerns.

By category, U.S. fixed income ETFs led inflows at $12.4 billion, followed by international equity ETFs at $10.5 billion and U.S. equity at $10.3 billion. Inverse ETFs shed $306 million and commodity ETFs lost $168 million.

Among individual funds, the iShares Semiconductor ETF (SOXX) led with $5.3 billion in inflows, followed by the Vanguard S&P 500 ETF (VOO) at $4.4 billion.

SOXX's rival, the VanEck Semiconductor ETF (SMH) , took the No. 3 spot with $2.5 billion, while the Direxion Daily Semiconductor Bull 3X Shares (SOXL) was next with $2.4 billion and the Roundhill Memory ETF (DRAM) , a more specialized fund holding semiconductor names, picked up $1.7 billion.

After a massive run in Q2, semiconductor ETFs are pulling back to start Q3, but based on these inflows, some investors are treating the dip as a buying opportunity.

On the outflows side of the ledger, the Invesco QQQ Trust (QQQ) led with $8 billion in redemptions, and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $772 million.

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<

SOXX

iShares Semiconductor ETF

5,267.71

47,633.94

11.06

VOO

Vanguard S&P 500 ETF

4,396.15

985,576.97

0.45

SMH

VanEck Semiconductor ETF

2,494.63

73,195.16

3.41

SOXL

Direxion Daily Semiconductor Bull 3x Shares

2,394.00

25,319.98

9.45

IWM

iShares Russell 2000 ETF

2,125.43

83,752.91

2.54

DRAM

Roundhill Memory ETF

1,664.32

23,418.72

7.11

SPYM

SPDR Portfolio S&P 500 ETF

1,596.13

157,027.98

1.02

SGOV

iShares 0-3 Month Treasury Bond ETF

1,366.17

97,660.71

1.40

EFV

iShares MSCI EAFE Value ETF

1,308.43

25,924.80

5.05

LQD

iShares iBoxx $ Investment Grade Corporate Bond ETF

1,078.83

35,600.96

3.03

Top 10 Redemptions (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

QQQ

Invesco QQQ Trust Series I

-7,984.66

479,563.55

-1.66

SPY

SPDR S&P 500 ETF Trust

-5,296.45

776,864.47

-0.68

IVV

iShares Core S&P 500 ETF

-2,182.74

890,540.65

-0.25

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

-772.44

16,745.10

-4.61

IQMM

ProShares GENIUS Money Market ETF

-680.23

19,840.02

-3.43

VUG

Vanguard Growth ETF

-495.51

222,066.06

-0.22

VLUE

iShares MSCI USA Value Factor ETF

-435.05

9,765.36

-4.46

SCZ

iShares MSCI EAFE Small-Cap ETF

-432.26

13,694.99

-3.16

FXI

iShares China Large-Cap ETF

-369.84

4,397.95

-8.41

KRE

SPDR S&P Regional Banking ETF

-328.77

4,752.97

-6.92

Story Continues

ETF Weekly Flows By Asset Class

Net Flows ($, mm)

AUM ($, mm)

% of AUM

Alternatives

855.62

142,485.84

0.60%

Asset Allocation

146.70

42,297.16

0.35%

Commodities E T Fs

-167.50

312,385.10

-0.05%

Currency

460.40

95,399.74

0.48%

International Equity

10,518.68

2,827,399.07

0.37%

International Fixed Income

3,528.34

438,387.78

0.80%

Inverse

-306.24

12,900.49

-2.37%

Leveraged

2,295.16

193,139.13

1.19%

Us Equity

10,252.73

9,561,005.42

0.11%

Us Fixed Income

12,384.51

2,142,632.26

0.58%

Total:

39,968.40

15,768,031.98

0.25%

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.

打开原文

谷歌TPU向新云服务商拓展

重要性4/5 中高

触及NBIS算力供应链和竞争结构，战略相关性高；但缺少NBIS直接合作证据及量化条款。

标签

标的：`NBIS`来源：GuruFocus.com发布日期：2026-07-13重要性：4/5 中高评级理由：触及NBIS算力供应链和竞争结构，战略相关性高；但缺少NBIS直接合作证据及量化条款。评级依据：competitive_relevance, timeliness, limited_evidence原文字数：198

中文摘要

核心结论

谷歌正尝试将TPU（张量处理器）推向新型云服务商，以扩大自研AI（人工智能）芯片的外部使用。英伟达在CoreWeave、Nebius和Lambda中的既有关系，使谷歌面临明显分销阻力。

重要性评级

评级：4/5（中高）

文章直接涉及NBIS所在的新型云市场，并揭示TPU与GPU（图形处理器）在算力供给端的竞争，但内容主要转述The Information，细节有限。

关键事实

谷歌多数TPU仍用于自有数据中心，并通过谷歌云向外部客户提供算力。
已披露TPU客户包括Anthropic、Meta和苹果。
英伟达与CoreWeave、Nebius和Lambda已有紧密合作关系。
Nscale据报道表示，其现有集群和客户讨论仍集中于GPU容量。
谷歌正与Blackstone合作建设基于TPU的新型云平台，预计下一年开始向AI实验室、金融机构和高性能计算客户出租算力。
文章认为规模较小的新型云服务商可能为谷歌提供较容易的进入路径。

作者观点与证据

作者判断谷歌希望借外部云服务商扩大TPU分销，但现有证据主要来自媒体转述和少量客户案例。文章未说明NBIS是否正在评估或采购TPU。

与相关标的的关系

NBIS和CRWV是英伟达GPU生态中的新型云服务商，谷歌的TPU扩张可能改变其硬件选择与供应商议价结构；当前没有NBIS合作协议这一直接事实。

时效性与限制

发布于美东时间 07/13 15:27（UTC+8 07/14 03:27）。报道未披露TPU价格、部署数量、性能比较或合作合同金额。

后续跟踪

新型云服务商采用TPU的实际合同
Blackstone合作平台的上线时间和容量
NBIS硬件组合是否扩展至非英伟达芯片
TPU与GPU在价格、性能和软件兼容性上的差异

英文原文

Google Takes TPUs Deeper Into Neoclouds

Moz Farooque ACCA

Tue, July 14, 2026 at 3:27 AM GMT+8 1 min read

GOOG

+1.90%

This article first appeared on GuruFocus .

Alphabet ( NASDAQ:GOOGL ) is trying to sell Google's tensor processing units to neocloud providers, pushing deeper into a market dominated by Nvidia's GPUs, according to The Information.

The challenge is distribution. Nvidia ( NASDAQ:NVDA ) already has close ties with major neoclouds including CoreWeave ( NASDAQ:CRWV ), Nebius ( NASDAQ:NBIS ) and Lambda. Nscale, another fast-growing provider, reportedly told Google that its active clusters and customer discussions remain focused on GPU capacity.

Is GOOGL fairly valued? Test your thesis with our free DCF calculator.

Google designs TPUs specifically for artificial intelligence workloads and uses most of them inside its own data centers. The chips already support customers including Anthropic, Meta Platforms( NASDAQ:META ) and Apple ( NASDAQ:AAPL ), while Google Cloud sells access to them through its infrastructure platform.

Smaller neoclouds may offer a clearer opening. Google is also working with Blackstone on a TPU-based neocloud that is expected to begin renting computing capacity to AI labs, financial firms and high-performance computing customers next year.

打开原文

两家新云算力商的电力差异

重要性4/5 中高

直接比较APLD与WULF的合同、电力和建设模式，对人工智能数据中心链条判断较有价值。

标签

标的：`APLD`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：直接比较APLD与WULF的合同、电力和建设模式，对人工智能数据中心链条判断较有价值。评级依据：直接关联APLD与WULF, 合同和容量数据密集, 建设周期清晰, 资本成本信息缺失原文字数：1109

中文摘要

核心结论

Applied Digital（应用数字，APLD）拥有更大的项目管线和已签约负载，TeraWulf（WULF）则以自有现场发电换取长期电力成本与供应控制。两者的合同金额都依赖多年建设和分批投产，签约规模不能直接等同于近期收入。

重要性评级

评级：4/5（中高）

文章对APLD和WULF的管线、合同负载、电力模式及建设周期进行了直接比较，数据密度较高；盈利判断仍大量采用管理层目标。

关键事实

TeraWulf与Anthropic（人工智能模型公司）签订20年、190亿美元合同，覆盖401兆瓦关键IT（信息技术）负载，预计2028年初全部上线。
APLD披露3吉瓦在推进项目，WULF项目组合为2.3吉瓦。
WULF已签约关键IT负载923兆瓦，其中Anthropic约占近一半；公司目标为每年新增250至500兆瓦签约量。
WULF以85%的合同净营业收入率为目标，并在数据中心配置现场发电和计算硬件。
APLD已签约负载1.41吉瓦，主要依靠长期公用事业购电协议，客户自行提供芯片和服务器。
APLD与一家未具名、投资级美国超大规模客户签订15年照付不议租约，覆盖210兆瓦，基础合同约52亿美元。
若续约选择全部执行，该APLD合同30年总价值可达127亿美元。

作者观点与证据

作者认为APLD在项目规模和近期建设速度上领先，WULF在长期电力控制方面占优。合同和管线数据可量化，但作者偏好自有发电的判断没有用资本成本、停机率、燃料成本或项目回报率进行验证。

与相关标的的关系

APLD与WULF均直接承接人工智能算力租赁需求。NVDA通过加速器需求间接受益，但正文没有给出芯片采购量。两家公司对单笔大合同较敏感，WULF的签约负载曾因Anthropic一单由522兆瓦升至923兆瓦。

时效性与限制

文章发布于美东时间07/13 15:11（UTC+8 07/14 03:11）。项目管线、合同价值和目标利润率主要来自公司披露，未提供建设成本、融资稀释、客户退出条款和并网审批细节。

后续跟踪

401兆瓦Anthropic项目的分期交付。
APLD的210兆瓦项目建设和融资进度。
两家公司单位兆瓦资本开支与现金回收期。
电力自持和长期购电模式的实际成本差异。

英文原文

Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy?

Marc Guberti, The Motley Fool

Tue, July 14, 2026 at 3:11 AM GMT+8 5 min read

WULF

-7.08%

NVDA

+4.06%

APLD

-1.28%

Access to sufficient computing power has become a major constraint for artificial intelligence systems. This explains why hyperscalers are not just rushing to build their own data centers, but also sealing long-term deals for more compute with neocloud companies like Applied Digital (NASDAQ: APLD) and TeraWulf (NASDAQ: WULF).

TeraWulf made the news recently for the 20-year, $19 billion deal it just inked with Anthropic. That agreement covers 401 megawatts of critical IT load, which will become available in waves. The full 401 megawatts should be online by early 2028.

That announcement earned TeraWulf a price target adjustment from Morgan Stanley 's analyst, who bumped it to a Street-high $72. That implies that the stock will more than triple from current levels in the next 12 months. It isn't just good news for TeraWulf. It points to broader tailwinds that will also lift Applied Digital.

Image source: Getty Images.

Understanding gigawatt pipelines

When a deal like the Anthropic one is announced, it doesn't translate into immediate revenue. Neocloud companies are investing heavily into building AI data centers and have multiple construction projects underway. That's why the full 401 megawatts that the AI giant is contracting for won't be available until early 2028.

Applied Digital touted in an investor presentation that it has 3 gigawatts of active pipeline projects, while TeraWulf only has 2.3 gigawatts in its portfolio. Securing more gigawatts of electricity to power future data centers increases a company's earnings potential, so Applied Digital has the edge in that regard.

However, anytime a company adds a new data center site, it isn't small. Those sites often have hundreds of megawatts. TeraWulf or Applied Digital can suddenly come out with an announcement saying that they got another AI data center site, which can either close or expand the gap by a meaningful margin. When it comes to the quantity of gigawatts, Applied Digital is currently ahead, and that gives them a higher ceiling.

TeraWulf owns its power

Although TeraWulf has fewer AI data centers, it does have an edge over Applied Digital when it comes to power. TeraWulf makes it a point to own its power, while Applied Digital signs long-term electricity supply agreements with utility companies.

Story Continues

Applied Digital's approach is cheaper right now and lets it complete AI data centers sooner. It also requires its customers to bring their own AI chips and servers, while TeraWulf provides computing hardware in its facilities. These differences make it easier for Applied Digital to realize more revenue at a faster rate, but its business model also makes it dependent on the electric grid. Requiring customers to bring their own hardware also lowers how much Applied Digital can charge for each megawatt of critical IT load.

An overstrained electric grid can cause issues, and when Applied Digital renegotiates utility leases when they expire, the company may have to pay much higher prices. That scenario is especially possible as a growing number of AI data centers will be competing for the same power supply.

TeraWulf develops on-site power generation assets at its data centers. This strategy means it takes a little longer for its data centers to be completed, but it also ensures that TeraWulf won't have to rely on the power grid. It incurs higher costs now for more control over future costs and power availability. In the long run, it is much better to own power generation capacity than to lease it.

The contracts with hyperscalers

TeraWulf has 923 megawatts of critical IT load contracted to clients. Anthropic makes up almost half of that total. TeraWulf is aiming to support 250 megawatts to 500 megawatts of additional critical IT load signings per year, which could result in meaningful net operating income growth once the sites are fully developed.

TeraWulf is targeting an 85% net operating income margin on contracts, showing that profits can scale quickly as well.

Applied Digital has 1.41 gigawatts of contracted critical IT load. Once again, Applied Digital has a slight edge, but a single announcement from either of these companies can meaningfully close or expand the gap. For instance, TeraWulf's contracted critical IT load jumped from 522 megawatts to 923 megawatts on a single Anthropic deal.

Applied Digital also signs long-term deals with tech giants. The company recently secured a 15-year take-or-pay lease with an unnamed, high investment-grade hyperscaler that is based in the U.S.

The deal covers 210 megawatts of critical IT load for approximately $5.2 billion over 15 years. The contract's value can reach $12.7 billion if all renewable options are exercised over a 30-year term.

Applied Digital has an edge when it comes to total gigawatts and contracted critical IT load. However, a single deal from TeraWulf could close these gaps. The main advantage of TeraWulf is that it owns its power, which could matter a lot in the years ahead.

Should you buy stock in TeraWulf right now?

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Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy? was originally published by The Motley Fool

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聚变第一股的技术里程碑

重要性3/5 中

聚变公司上市和技术节点具备能源产业参考价值，但对VRT只有间接关联，主要证据来自付费公司宣传。

标签

标的：`VRT`来源：CNW Group发布日期：2026-07-13重要性：3/5 中评级理由：聚变公司上市和技术节点具备能源产业参考价值，但对VRT只有间接关联，主要证据来自付费公司宣传。评级依据：timeliness, source_conflict, technical_milestone原文字数：1813

中文摘要

核心结论

General Fusion完成与Spring Valley Acquisition Corp. III的业务合并，以GFUZ登陆纳斯达克，并计划用约1.5亿美元现金推进至2028年的技术节点。上市叙事依赖磁化靶聚变的持续验证，现阶段仍是未产生商业收入、关键结果等待同行评审的高风险研发项目。

重要性评级

评级：3/5（中）

首家上市聚变公司的进展有能源基础设施参考价值，但与输入标的VRT仅属数据中心用电需求的间接联系，且文章为付费推广稿。

关键事实

文章发布于美东时间 07/13 12:46（UTC+8 07/14 00:46）。
GFUZ上市时约有1.5亿美元现金，拟支持Lawson计划推进至2028年的若干技术节点。
公司称过去20多年完成超过20万次等离子体实验，并运行LM26大型演示装置。
LM26报告电子温度约840万摄氏度，即0.72 keV（千电子伏特），距离1 keV阶段目标仍有差距，后续还需达到10 keV及Lawson判据。
公司已与意大利可再生能源企业Renexia签署聚变部署框架协议。
VRT第一季度净销售额26.5亿美元，同比增长30%；该数据仅用于说明人工智能数据中心的电力和冷却需求。

作者观点与证据

文章把长期实验记录、LM26升温结果、意大利框架协议和上市融资视为商业可信度来源。技术数据主要来自公司披露，结果虽称已提交同行评审，但尚不能证明净能量增益或商业发电可行性；发布方获得推广报酬，立场明显偏积极。

与相关标的的关系

GFUZ是直接事件主体。VRT、GEV和NVDA只用于构建人工智能算力推升电力需求的行业叙事；RKLB用于说明资本市场对长期前沿技术的估值方式，均不存在文中披露的直接业务影响。

后续跟踪

LM26同行评审结果及1 keV、10 keV节点。
2028年前现金消耗和追加融资需求。
Renexia框架协议能否形成选址、采购或建设合同。
美国证券交易委员会披露的合并条款与稀释情况。

英文原文

The First Publicly Listed Fusion Stock Just Started Trading, and It Did Not Arrive Quietly

This is a paid press release. Contact the press release distributor directly with any inquiries.

The First Publicly Listed Fusion Stock Just Started Trading, and It Did Not Arrive Quietly

CNW Group

Tue, July 14, 2026 at 12:46 AM GMT+8 9 min read

GFUZ

+25.09%

RKLB

+2.71%

+2.25%

NVDA

+4.06%

SVACW

0.00%

General Fusion opens on the Nasdaq under GFUZ, backed by more than 200,000 plasma experiments, a TIME's World Number One GreenTech Company ranking, and a framework deal to deploy fusion power in Italy

Issued on behalf of General Fusion Inc.

VANCOUVER, BC, July 13, 2026 /PRNewswire/ -- Equity Insider News Commentary — General Fusion Group Ltd. (NASDAQ: GFUZ) has begun trading on the Nasdaq under the ticker symbol GFUZ following the completion of its business combination with Spring Valley Acquisition Corp. III. This debut makes General Fusion, by the company's account, the first publicly listed fusion company. It arrives with more substance behind it than the typical pre-revenue listing[1]. Built for Our World sets out the broader vision behind the company.

Equity Insider General Fusion is entering the public markets with approximately US$150 million in cash, inclusive of net transaction proceeds from the private placement and trust capital. This capital is expected to fund General Fusion's Lawson program through several key technical milestones, which the Company aims to complete in 2028, with the goal of demonstrating and de-risking Magnetized Target Fusion ("MTF") technology in a commercially relevant way.

Key Takeaways

General Fusion is now trading on the Nasdaq under GFUZ after completing its business combination with Spring Valley Acquisition Corp. III.

The company reports more than 200,000 plasma experiments conducted over two decades, culminating in its LM26 demonstration machine, which recently showed compressional plasma heating.

General Fusion was ranked first on TIME's list of the World's Top GreenTech Companies of 2026 and has signed a framework agreement to advance fusion deployment in Italy.

General Fusion's Chief Executive Officer, Greg Twinney, has framed the listing as the start of a new chapter built on a long operating history rather than a standing start. The company points to more than twenty years of real-world testing, dozens of testbeds and prototypes, and more than 200,000 plasma experiments as the foundation for its current work[1]. This is General Fusion offers a closer look at that operating history.

That work has converged on Lawson Machine 26 (LM26), the company's large-scale MTFdemonstration machine operating at its Vancouver facility. General Fusion recently reported meaningful plasma heating to electron temperatures of approximately 8.4 million degrees Celsius (roughly 0.72 keV), driven by the compression of a plasma with a lithium liner. The company describes these results, which have been submitted for peer review and are publicly available, as significant progress toward the key 1 keV electron temperature milestone and a validating indicator for its practical approach to fusion[1].

Story Continues

Recognition, Governance, and a Path to Deployment

Beyond the technical results, General Fusion has been accumulating the kind of external validation that public-market investors tend to weigh. The company was ranked first on TIME's list of the World's Top GreenTech Companies of 2026, a recognition of its leadership in fusion energy that landed shortly before its market debut[1].

The company has also strengthened its board of directors by adding experienced governance from the power and energy-transition sectors. In addition, General Fusion has taken concrete steps toward commercial deployment. General Fusion and Renexia S.p.A., a Toto Group company specializing in renewable energy, announced a framework agreement to advance the commercial deployment of General Fusion's fusion energy technology in Italy. This agreement represents an early signal that the company is thinking about where fusion power might actually be sited and sold[1]. The Path to Commercialization details how the company plans to move from demonstration to deployment.

A Market That Has Learned to Underwrite the Long Game

General Fusion joins the public markets at a time when investors have grown more comfortable valuing companies based on the strength of their pipelines, partnerships, and technical milestones rather than near-term earnings. The companies powering, supplying, and paralleling the AI-driven energy buildout offer a useful frame of reference.

NVIDIA (NASDAQ: NVDA) sits at the source of the demand story. Its AI accelerators are driving a new generation of data centers that draw many times more power than their predecessors, putting fresh urgency behind every credible path to abundant clean energy[2]. Vertiv Holdings (NYSE: VRT) supplies the power and cooling infrastructure those facilities depend on, reporting first-quarter 2026 net sales of US$2.65 billion, up 30% year over year on strong data-center demand[3]. GE Vernova (NYSE: GEV) builds the generation and grid equipment behind the buildout, booking US$2.4 billion in data-center equipment orders in its Electrification segment in the first quarter of 2026, more than in all of the prior year[4]. And Rocket Lab (NASDAQ: RKLB), which itself came public through a SPAC business combination, shows how the market has learned to underwrite frontier technology through long development arcs, converting years of technical milestones into record quarterly revenue of just over US$200 million and a contracted backlog above US$2.2 billion while its next-generation Neutron rocket is still in development[5].

None of these companies is a fusion pure-play, and their inclusion here is illustrative rather than comparative in any financial sense. But they help explain why a company like General Fusion can list on the Nasdaq before generating commercial revenue: the market is increasingly willing to price the option value of technologies that, if they work, could reshape the energy system.

For now, General Fusion's task is to keep converting laboratory milestones into public-market credibility. The company has been explicit that meaningful technical hurdles remain, including reaching the 1 keV and 10 keV heating milestones and ultimately achieving the Lawson criterion. With GFUZ now trading, investors can track that progress in real time.

Media Contact

Equity Insider

Info@equity-insider.com

Company Contact

General Fusion Investor Relations: investors@generalfusion.com

North America toll-free voicemail: +1 (833) 717-1519 | Outside North America: +1 (236) 253-6968

General Fusion Media Relations: media@generalfusion.com | 1-866-904-0995

Sources

[1] General Fusion Group Ltd. - Begins Trading on Nasdaq Under GFUZ (company primary release), syndicated via GlobeNewswire; includes references to LM26 compressional heating results and TIME GreenTech ranking

[2] Bloomberg, How AI Firms Are Redesigning Data Centers to Meet Energy Demand, June 1, 2026 (comparative market context)

[3] Vertiv (VRT) first-quarter 2026 results coverage: net sales of US$2.65 billion, up 30% year over year on data-center demand

[4] GE Vernova First Quarter 2026 Financial Results (company release), April 22, 2026

[5] Rocket Lab First Quarter 2026 Financial Results (company release), May 7, 2026

DISCLAIMER

Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.

This article is being distributed by Equity Insider on behalf of Market Equities Limited ("Market Equities"). Market Equities has been paid a fee by Creative Direct Marketing Group ("CDMG") for General Fusion advertising and digital media services. CDMG has been retained by General Fusion, pursuant to a services agreement, to provide various marketing and advertising services for an aggregate fee. This article was prepared and published pursuant to that services agreement. Market Equities does not currently own any shares of General Fusion Group Ltd. but reserves the right to buy or sell, and may buy or sell, shares of General Fusion Group Ltd. at any time commencing immediately and on an ongoing basis, without further notice.

This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because a conflict of interest exists due to the compensation described above, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect to receive further compensation as part of an ongoing digital media effort to increase visibility for the company, and no further notice will be given, but let this disclaimer serve as notice that all material disseminated by Market Equities has been reviewed and approved for distribution on behalf of General Fusion Group Ltd. by CDMG; this is a paid advertisement.

Forward-Looking Statements. This publication may contain forward-looking statements within the meaning of applicable securities laws, including statements regarding expected technical milestones, commercialization timelines, business plans, and future performance. Forward-looking statements can often be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," or the negative of such terms, or other comparable terminology. These statements are based on current expectations, estimates, and projections and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, but are not limited to, risks related to the development and commercialization of fusion technology, the ability to achieve technical milestones, regulatory approvals, market acceptance, competition, and general economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Neither the company nor any other party undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers should conduct their own due diligence before making any investment decisions.

This disclaimer, together with your access to and use of this content, shall be governed by and construed in accordance with the laws of Ireland.

Cautionary Note Regarding Technical Results and Forward-Looking Statements: References to plasma heating results, electron temperatures, and technical milestones are based on General Fusion's own disclosures, including results the company has stated are submitted for peer review. Such results are preliminary in nature and do not guarantee the achievement of subsequent milestones, including the 1 keV or 10 keV heating targets or the Lawson criterion. Commercialization of fusion energy remains subject to substantial scientific, engineering, regulatory, and financial risk.

Cautionary Note Regarding the Business Combination. This article references a business combination among General Fusion Group Ltd. (NASDAQ: GFUZ), Spring Valley Acquisition Corp. III (NASDAQ: SVAC), and General Fusion Inc. Investors should review General Fusion's and Spring Valley's filings with the U.S. Securities and Exchange Commission, including the Current Report on Form 8-K and related materials available at www.sec.gov, for complete information regarding the transaction, associated risks, and the resulting company's securities.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/the-first-publicly-listed-fusion-stock-just-started-trading-and-it-did-not-arrive-quietly-302823991.html

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存储扩产担忧放大SOXL跌幅

重要性4/5 中高

直接解释SOXL与存储器板块急跌，并提供产能和持仓数字，但长期供给结论仍是简化推演。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：直接解释SOXL与存储器板块急跌，并提供产能和持仓数字，但长期供给结论仍是简化推演。评级依据：evidence_limitation原文字数：641

中文摘要

核心结论

SK海力士计划扩建存储器产能，引发市场对未来供给增加和价格下行的担忧；Micron、Intel与Marvell下跌后，SOXL的三倍日内杠杆进一步放大损失。

重要性评级

评级：4/5（中高）

文章将存储器供给预期与SOXL单日波动直接连接，涉及多个半导体标的；对2030年供需平衡的推断较粗略，没有纳入需求增长和项目爬坡速度。

关键事实

报道所述周一中午，纳斯达克指数下跌1%，SOXL下跌11.6%。
SK Hynix（SK海力士）通过纳斯达克股票发行募集265亿美元。
公司管理层称2027年将出现严重存储器短缺，并预计高利润延续至2030年。
SK海力士计划到2030年将DRAM（动态随机存取存储器）产量翻倍。
文章称SK海力士拥有约29%的DRAM市场份额，以及超过50%的HBM（高带宽存储器）市场份额。
当日Micron（美光）下跌4%、Intel（英特尔）下跌5%、Marvell（迈威尔科技）下跌6%。
三家公司合计约占SOXL持仓16%。

作者观点与证据

作者认为大规模扩产可能压低DRAM价格并损害较小生产商利润，由此解释存储器股与SOXL下跌。募资、产能计划和基金持仓构成证据；供给过剩结论未结合2030年前人工智能存储需求、良率或投产节奏测算。

与相关标的的关系

SOXL直接承受成分股下跌与三倍杠杆放大；MU（美光）、INTC（英特尔）和MRVL（迈威尔科技）是当日主要拖累。SKHY（SK海力士）扩产计划构成行业供给变量，NVDA（英伟达）在正文中的直接影响未展开。

时效性与限制

发布于美东时间 07/13 12:45（UTC+8 07/14 00:45）。文中“周一中午”的具体分钟未给出，因此未补造时刻；报道属于单日行情解释，长期供需仍需产能与需求数据验证。

后续跟踪

SK海力士新产能的建设与爬坡进度。
DRAM及HBM现货、合约价格。
美光等厂商的资本开支与库存。
SOXL成分权重和日内波动。

英文原文

Why Direxion Daily Semiconductor Bull 3X ETF Dropped

Rich Smith, The Motley Fool

Tue, July 14, 2026 at 12:45 AM GMT+8 3 min read

SKHY

+27.29%

^IXIC

+0.90%

NVDA

+4.06%

SOXL

+6.83%

It's 12 noon on Monday -- do you know where the Nasdaq is?

It's down 1% at the moment -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, tumbling 11.6% as investors worry over how long the bull run in computer memory stocks can last.

Image source: Getty Images.

SK Hynix excites the market -- then scares it

Memory giant SK Hynix (NASDAQ: SKHY) just raised $26.5 billion from a Nasdaq stock sale. On the day the listing went live, SK's CEO boasted his company will enjoy windfall profits from servicing "the worst-ever supply shortage" of computer memory in 2027 and will continue enjoying high profits through 2030. This news drove SK stock up 14% Friday.

Now SK's dropping, and dragging other computer memory makers with it. Why?

Well, it seems SK is building new factories that will double its DRAM production by 2030. SK is already the second-largest provider of DRAM (with a 29% market share) and the largest producer of high-bandwidth memory (HBM, with a market share of 50%+). If it doubles production, this could short-circuit DRAM prices and hurt profits at smaller producers such as Micron (NASDAQ: MU).

3x the risk, 3x the gain

What does this have to do with the Direxion Daily Semiconductor Bull 3X Shares ETF? Well, like all ETFs, SOXL is made up of individual stocks that go up and down -- and at 3x leverage, when these stocks go down a little (or a lot), the Direxion SOXL ETF goes down even more.

Today's semiconductor losers include Micron, down 4%; Intel (NASDAQ: INTC), down 5%; and Marvell (NASDAQ: MRVL), down 6%. Combined, these three stocks make up 16% of SOXL's holdings.

When these stocks go down -- whatever the news -- it makes sense the SOXL ETF would go down even more .

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, 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 Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Story Continues

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Marvell Technology, and Micron Technology. The Motley Fool has a disclosure policy .

Why Direxion Daily Semiconductor Bull 3X ETF Dropped was originally published by The Motley Fool

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应用数字的合同与建设风险

重要性4/5 中高

直接覆盖APLD估值、合同、现金和建设风险，对人工智能算力基础设施研究较重要。

标签

标的：`APLD`来源：Trefis发布日期：2026-07-13重要性：4/5 中高评级理由：直接覆盖APLD估值、合同、现金和建设风险，对人工智能算力基础设施研究较重要。评级依据：直接关联APLD, 合同与融资数据密集, 盈利和波动风险明确, 合同兑现周期较长原文字数：863

中文摘要

核心结论

Applied Digital（应用数字，APLD）拥有约160亿美元长期租赁合同和外部融资支持，但公司仍未盈利，当前估值要求项目建设、签约和投产按计划推进。收入增长、现金储备与合同规模提供支撑，高资本开支、监管变化和历史深度回撤构成主要约束。

重要性评级

评级：4/5（中高）

文章集中呈现APLD的估值、合同、融资和波动数据，对评估人工智能数据中心建设风险具有直接价值。

关键事实

APLD过去一年上涨228%，当时股价较52周高点低约37%。
市销率为32倍，显著高于标普500的3.3倍；过去三年收入年均增长118%。
公司营业利润率为负23%，标普500对比口径为正18.4%。
最近季度HPC（高性能计算）托管业务收入7,100万美元。
公司已取得约160亿美元合同租赁收入，并在推介约1吉瓦的四个新开发地点。
季末现金及等价物21亿美元；Macquarie Asset Management（麦格理资产管理）为未来项目提供最多41亿美元优先股融资渠道。
债务约占市值31%，高于文章所列市场平均20%。
期权市场隐含预期波动率为95；文章列示公司在2022年、2020年和2008年冲击期分别最大下跌83%、68%和92%。

作者观点与证据

作者把APLD定义为处于重资产建设期的人工智能基础设施商，判断关键在于执行能力。合同、现金和融资安排来自公司口径；历史危机回撤与当前公司的可比性有限，尤其公司业务结构可能已经变化。

与相关标的的关系

APLD是直接研究对象。CLSK、CORZ、HUT、MARA和RIOT等由加密挖矿向高性能计算转型的企业可作为融资和电力资源比较组，正文没有提供逐项数据。ROAD与文章论证的关联未被说明。

时效性与限制

文章发布于美东时间07/13 12:25（UTC+8 07/14 00:25）。160亿美元为多年合同收入，不能视为当前已实现收入；原文未列建设支出、合同取消条款、客户集中度和股份稀释规模。

后续跟踪

新租约签署及合同客户集中度。
项目完工、通电和收入确认进度。
自由现金流、债务和优先股融资使用情况。
地方税制及许可变化。

英文原文

Applied Digital: Is The $16 Billion AI Bet Worth The Risk?

Trefis Team

Tue, July 14, 2026 at 12:25 AM GMT+8 4 min read

APLD

-1.28%

CLSK

+8.82%

RIOT

0.00%

CORZ

-2.73%

CORZZ

+0.70%

Photo by Buffik on Pixabay The company is building the infrastructure for the AI boom with billions in contracted revenue, but you're buying into a costly construction project long before the profits arrive.

Applied Digital (APLD) is not a software company riding the artificial intelligence wave; it's one of the companies pouring the concrete. It designs, builds, and operates the large, power-hungry data centers that AI models require. After a striking 228% run-up over the past year, the stock now trades about 37% below its 52-week high, raising a direct question for anyone looking at the opportunity today. Are you buying into the early stages of a dominant infrastructure provider for the AI age, or are you taking on the considerable risks of a company still in the middle of its expensive, complex build-out?

How Expensive Is It?

On the surface, Applied Digital's valuation is a study in contrasts. The stock trades at a price-to-sales ratio of 32.0, a steep figure that dwarfs the S&P 500's multiple of 3.3. That's the kind of premium the market typically pays for extreme growth, and APLD has it: its revenue has grown at a 118% average annual rate over the last three years. But look at profitability, and the picture flips. The company is not yet profitable, with an operating margin of -23% compared to the market's positive 18.4%. It's also burning through cash to fund its expansion, so a price-to-free-cash-flow multiple isn't meaningful. In short, you are paying a high price for today's sales in the belief that the company's large construction pipeline will eventually generate significant profits. The current losses are the cost of that future.

What Does That Price Buy, And Can It Fund Its Plans?

What you get for that price is a direct stake in the AI infrastructure build-out. The engine here is the HPC hosting business , which builds and leases specialized data centers. This segment generated $71 million of revenue in the most recent quarter. More importantly, the company has already secured approximately $16 billion in contracted lease revenue , providing a long-term view of potential income. Management sees demand from its "hyperscalers" clients as aggressive as they've ever seen it and is actively marketing four new development sites totaling roughly 1 gigawatt of power capacity. The critical question is whether it can fund this ambition. The company is burning cash, but it ended the last quarter with $2.1 billion in cash and equivalents. It has also arranged significant financing, including access to $4.1 billion in preferred equity from Macquarie Asset Management for future projects. While its debt load of 31% of its market value is higher than the market average of 20%, the company appears to have a clear financing model in place for its current construction.

Story Continues

When Markets Turn, And How This Stock Behaves

A look at history shows that holding this stock requires a strong stomach. During the 2022 inflation shock, APLD stock fell 83%, a far deeper drop than the S&P 500's 25% decline. It was a similar story during the 2020 pandemic, when the stock fell 68% versus the market's 34% drop. And in the 2008 global financial crisis, it plunged 92% while the S&P 500 fell 57%. In each case, the stock did eventually recover to its prior peak, but the drawdowns are severe. This is a high-beta stock that amplifies market downturns. The options market currently implies an expected volatility of 95, which, while lower than its recent past, still signals that traders are braced for significant price swings.

Where That Leaves You

The decision on Applied Digital hinges on your view of execution. The case for buying is that you are getting in on the ground floor of a tangible, long-term growth story fueled by the AI revolution. The company is building real assets backed by billions in contracts with major customers, and the financing for its current projects appears to be secured. If management delivers on its construction timeline, the earnings power could be immense.

The reason for caution is that you are buying a promise before it's fully delivered. The company is unprofitable, and large-scale development carries major execution and regulatory risks, highlighted by its decision to withdraw a planned project in South Dakota following changes to local tax laws. The key thing to watch is the pace of new lease signings and construction progress. Success here would validate the growth story, while further delays could test investor patience.

Buy Or Fear, It Is Still One Stock

Whether the call here is greed or fear, the bigger exposure is the same: how much of your future rides on this single name. A position that has grown too large turns one bad stretch into real, lasting damage - and selling to cut it back hands a chunk to the IRS. There is a way to protect the position and diversify out tax-efficiently .

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APLD扩张代价与VRT对照

重要性3/5 中

对VRT提供了有数字支撑的同行风险对照，但文章重点是APLD，且缺少VRT新增经营事实。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：对VRT提供了有数字支撑的同行风险对照，但文章重点是APLD，且缺少VRT新增经营事实。评级依据：与VRT存在直接同行比较, 包含资本结构、合同和估值数据, 来源带有评级推广属性原文字数：886

中文摘要

核心结论

文章认为，Applied Digital（APLD）的人工智能数据中心合同储备支持长期收入增长，但资本负担、客户集中和高估值使盈利兑现面临较大不确定性。Vertiv（VRT）拥有更成熟的液冷能力和更分散的客户结构，是文中衡量APLD执行风险的直接参照。

重要性评级

评级：3/5（中）

与VRT存在直接行业比较，数据密度较高；主要判断来自Zacks估值框架和作者分析，缺少合同交付进度、租户信用指标及VRT最新经营数据。

关键事实

APLD过去一个月下跌33%，同期Zacks金融板块上涨2.3%，金融杂项服务行业下跌4.6%。
2026财年第三季度收入同比增长139%至1.266亿美元，归属普通股股东的每股净亏损为0.36美元。
Zacks一致预期为2026财年每股亏损0.70美元，上年亏损0.80美元。
APLD债务接近27亿美元，现金约21亿美元；Polaris Forge 2已配置21.5亿美元高级担保票据，并获得麦格理资产管理公司最高41亿美元优先股融资额度。
五个AI Factory（人工智能数据中心园区）由三家租户支撑，合同租赁收入约360亿美元，其中约70%由投资级超大规模云服务商支持。
APLD未来十二个月市销率为12.66倍，高于行业2.8倍、板块8.97倍、IREN的4.58倍及VRT的7.75倍。

作者观点与证据

作者维持明显审慎立场，并引用Zacks第5级“强力卖出”评级。支撑材料包括亏损、杠杆、估值倍数和客户数量；对自有液冷方案执行能力的担忧属于同行比较判断，原文没有提供能效、故障率或部署成本等工程指标。

与相关标的的关系

VRT是文中的主要对照公司。APLD正在建设自有液冷基础设施，而VRT已在该领域形成规模；VRT的客户覆盖也较广，因此APLD项目延误不等同于VRT基本面恶化。文章对VRT的直接新增事实有限。

时效性与限制

文章发布于美东时间 07/13 12:23（UTC+8 07/14 00:23），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。文中估值倍数和股价区间可能随市场变化，且Zacks内容带有评级产品推广属性。

后续跟踪

Polaris Forge 1与Polaris Forge 2在2027财年的投产及收入确认进度。
APLD债务、现金消耗和后续融资条件。
三家租户的合同执行、信用质量与集中度变化。
APLD液冷设施与VRT方案的能效、可靠性和单位成本差异。

英文原文

APLD Dips 33% in a Month: Should You Hold or Fold the Stock?

Kashvi Chandgothia

Tue, July 14, 2026 at 12:23 AM GMT+8 4 min read

-0.75%

Applied Digital APLD shares have plunged 33% over the past month, significantly underperforming the Zacks Finance sector, which has gained 2.3% and the Zacks Finance Miscellaneous Services industry, which has declined 4.6% over the same period.

The weakness comes as APLD continues to pursue an aggressive artificial intelligence data center expansion strategy that requires substantial capital investment. While long-term hyperscale agreements and capacity additions support its long-term growth outlook, elevated valuation, customer concentration and execution risks continue to weigh on the investment thesis. Let's dig deeper to determine whether APLD stock deserves a place in investors' portfolios at current levels.

APLD Price Performance

Zacks Investment Research

Image Source: Zacks Investment Research

APLD's Aggressive Capital Spending Could Delay Profitability

APLD continues to pursue an aggressive multi-campus buildout that requires capital deployment well ahead of revenue recognition. Between Polaris Forge 1, Polaris Forge 2 and the newly broken ground Delta Forge 1 campus, APLD has layered on $2.15 billion in senior secured notes for Polaris Forge 2 and secured access to $4.1 billion in preferred equity from Macquarie Asset Management tied to future hyperscaler leases, alongside CoreWeave 's CRWV tenant fit-out obligations at Polaris Forge 1. Part of that spending funds proprietary liquid cooling infrastructure, an area where Vertiv Holdings VRT has spent years building scale, while APLD is still proving out its own approach, adding execution risk on top of an already heavy capital burden as more campuses come online.

This is already showing up on the income statement. In the third quarter of fiscal 2026, revenues grew 139% year over year to $126.6 million, yet net loss attributable to common stockholders came in at 36 cents per share, reflecting how far construction and financing costs continue to outpace earnings generation. The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 70 cents per share, improved from 80 cents a year ago, indicating a gradual path toward profitability rather than a rapid turnaround.

With debt near $2.7 billion against $2.1 billion in cash, APLD will likely require continued disciplined execution as Polaris Forge 1 and Polaris Forge 2 ramp through fiscal 2027 before earnings improve meaningfully.

Applied Digital Corporation Price and Consensus

Applied Digital Corporation Price and Consensus Applied Digital Corporation price-consensus-chart | Applied Digital Corporation Quote

Customer Concentration Remains a Risk for APLD's Stock

Story Continues

APLD's growth story continues to depend on a limited number of counterparties. Total contracted lease revenues have climbed to approximately $36 billion across five AI Factory campuses with just three tenants supporting the platform. CoreWeave anchors Polaris Forge 1, one investment-grade hyperscaler has signed at Polaris Forge 2, while a second investment-grade hyperscaler has now signed three separate leases across Delta Forge 1, Polaris Forge 3 and Delta Forge 2. Approximately 70% of contracted revenue is now backed by investment-grade hyperscalers, improving APLD's overall credit profile. However, revenue visibility remains closely tied to the expansion plans and financial strength of only a handful of customers.

APLD's close peer, IREN Limited IREN, also faces customer concentration, with its Microsoft partnership expected to account for a substantial portion of its fiscal 2026 AI Cloud revenue alongside a separate multibillion-dollar agreement with Nvidia. By comparison, Vertiv Holdings serves a broad base of hyperscale and enterprise customers, reducing its reliance on any single client. For APLD, any slowdown in infrastructure spending by CoreWeave or its investment-grade hyperscale partner could materially affect future lease growth, making customer concentration an important investment risk despite its expanding backlog.

APLD Trades at Premium Valuations

APLD trades at a forward 12-month price-to-sales (P/S) multiple of 12.66X, well above the industry average of 2.8X and the broader sector average of 8.97X. Against direct peers, IREN Limited trades at 4.58X and Vertiv Holdings at 7.75X, both meaningfully below APLD's multiple despite longer operating histories and broader customer bases. APLD's premium looks difficult to justify given its ongoing net losses, elevated leverage and dependence on just three hyperscale tenants across five AI Factory campuses still under construction.

APLD's P/S F12M Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion

APLD's near-term outlook remains challenged by heavy capital spending, elevated leverage and dependence on just three hyperscale tenants across five AI Factory campuses still under construction. Despite continued triple-digit revenue growth, persistent net losses and a stretched valuation relative to both industry and sector averages, along with premium multiples versus peers like IREN Limited and Vertiv Holdings, make the stock look unattractive at current levels.

Given these trends, APLD's Zacks Rank #5 (Strong Sell) appears well justified, and investors should stay away from the stock for now.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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Applied Digital Corporation (APLD) : Free Stock Analysis Report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

IREN Limited (IREN) : Free Stock Analysis Report

CoreWeave Inc. (CRWV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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VRT估值显著高于EXLS

重要性3/5 中

提供VRT的清晰估值参照，但跨业务比较和指标覆盖不足限制了解释力。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：3/5 中评级理由：提供VRT的清晰估值参照，但跨业务比较和指标覆盖不足限制了解释力。评级依据：直接关联VRT, 估值数据具体, 比较对象业务差异较大原文字数：468

中文摘要

核心结论

Zacks在同为第2级“买入”评级的EXLS与VRT之间，更偏好EXLS的估值。VRT的未来市盈率和市净率明显较高，反映市场对其增长给予更高溢价，也降低了其在传统价值筛选中的得分。

重要性评级

评级：3/5（中）

文章直接关联VRT，并给出多项同口径估值数据；比较对象EXLS与VRT业务驱动差异较大，单纯倍数比较难以覆盖增长质量、资本结构和周期位置。

关键事实

EXLS与VRT均获得Zacks第2级“买入”评级，代表盈利预期修正趋势较强。
EXLS未来市盈率为12.18倍，VRT为49.99倍。
EXLS市盈增长比率为0.92，VRT为1.38。
EXLS市净率为5.36倍，VRT为28.85倍。
Zacks给予EXLS价值风格评分A，给予VRT评分D。
文章据此认定EXLS在当前时点具备更强的传统价值属性。

作者观点与证据

作者采用Zacks Rank（盈利预期修正评级）和Style Scores（风格评分）框架，证据主要是市盈率、市盈增长比率和市净率。该框架能说明估值差异，未比较两家公司收入增速、利润率、自由现金流或人工智能数据中心敞口。

与相关标的的关系

VRT是直接比较对象。文章表明其估值溢价远高于EXLS，但没有论证溢价是否由数据中心供电与散热需求、订单增长或盈利上修充分支撑。

时效性与限制

文章发布于美东时间 07/13 11:40（UTC+8 07/13 23:40），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。估值随股价和预期变化；EXLS属于信息技术服务，VRT主要提供关键数字基础设施，业务差异削弱横向倍数的解释力。

后续跟踪

VRT盈利预测上修能否消化49.99倍未来市盈率。
数据中心订单、积压订单和利润率变化。
VRT自由现金流与估值溢价的匹配程度。
与同类电力及散热基础设施公司的估值比较。

英文原文

EXLS or VRT: Which Is the Better Value Stock Right Now?

EXLS or VRT: Which Is the Better Value Stock Right Now? · Zacks

Zacks Equity Research

Mon, July 13, 2026 at 11:40 PM GMT+8 2 min read

EXLS

-4.11%

-0.75%

Investors interested in Computers - IT Services stocks are likely familiar with ExlService Holdings (EXLS) and Vertiv Holdings Co. (VRT). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Both ExlService Holdings and Vertiv Holdings Co. have a Zacks Rank of #2 (Buy) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

EXLS currently has a forward P/E ratio of 12.18, while VRT has a forward P/E of 49.99. We also note that EXLS has a PEG ratio of 0.92. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. VRT currently has a PEG ratio of 1.38.

Another notable valuation metric for EXLS is its P/B ratio of 5.36. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, VRT has a P/B of 28.85.

These are just a few of the metrics contributing to EXLS's Value grade of A and VRT's Value grade of D.

Both EXLS and VRT are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that EXLS is the superior value option right now.

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ExlService Holdings, Inc. (EXLS) : Free Stock Analysis Report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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阿拉斯加锑试验厂推进

重要性3/5 中

关键矿产项目节点具有政策时效性，但文章短、证据单一，且与USAR不是同一产品链。

标签

标的：`USAR`来源：IPO-Edge.com发布日期：2026-07-13重要性：3/5 中评级理由：关键矿产项目节点具有政策时效性，但文章短、证据单一，且与USAR不是同一产品链。评级依据：timeliness, company_disclosure原文字数：191

中文摘要

核心结论

Nova Minerals已完成阿拉斯加锑试验加工厂的工程设计，称项目资金已经落实，并计划在本季度开工。该节点支持美国国防级锑供应链建设，但文章没有披露产能、预算、投产日期或产品承购安排。

重要性评级

评级：3/5（中）

事件及时且涉及美国关键矿产本土化，不过直接主体为NVA，与输入标的USAR仅有政策和供应链层面的关联，原文信息量有限。

关键事实

文章发布于美东时间 07/13 11:39（UTC+8 07/13 23:39）。
Nova Minerals称已完成一座全额融资锑试验加工厂的工程与设计。
工厂位于阿拉斯加，设计目标是达到美国国防部门的军用级质量要求。
公司预计在2026年第三季度开始施工。
首席执行官Christopher Gerteisen称项目进度领先计划，下一步为矿石开采和加工厂建设。
原文未提供设计处理量、预计回收率、资本开支或商业生产时间表。

作者观点与证据

文章将设计完成视为加快美国本土锑生产的第一步，证据仅来自Nova Minerals公告和管理层表述。缺少政府验收、第三方工程报告与客户合同，尚无法据此评估军用级产品认证或经济性。

与相关标的的关系

NVA是直接主体；USAR、MP和UAMY处于美国关键矿产主题下，但锑与稀土磁体的产品链不同。文章没有披露Nova与USAR之间的业务关系。

后续跟踪

本季度能否按计划开工。
试验厂处理量、回收率和产品纯度。
军用级规格验证及政府采购资格。
从试验规模扩至商业规模所需资金。

英文原文

Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout

IPO Edge

Mon, July 13, 2026 at 11:39 PM GMT+8 1 min read

NVA.AX

+2.65%

UAMY

+8.04%

+3.32%

NVA-WT

-3.64%

+2.61%

By Karen Roman

Nova Minerals Corp. (NYSE: NVA) said it completed the engineering and design for a fully-funded antimony pilot processing plant in Alaska, the first step in fast-tracking domestic production that will enable future expansion and scalable processing for regional and global projects.

The plant is engineered to meet U.S. Department of War military-grade quality specifications, with construction expected to start this quarter, the company stated.

Defense AI Heats Up: BigBear.ai Lands First European Validation for AI-Powered Airport Screening

"We continue to make rapid progress on the antimony project and remain ahead of schedule, with another major milestone now completed," said Mr. Christopher Gerteisen, Nova Minerals CEO. "Ore extraction and construction of the process plant are next steps as we continue progressing toward near-term antimony production."

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英伟达加码光通信链

重要性3/5 中

直接覆盖COHR及光互连主题，时效性尚可，但以作者判断和最高目标价为主，新增经营事实较少。

标签

标的：`COHR`来源：24/7 Wall St.发布日期：2026-07-13重要性：3/5 中评级理由：直接覆盖COHR及光互连主题，时效性尚可，但以作者判断和最高目标价为主，新增经营事实较少。评级依据：timeliness, sector_theme原文字数：898

中文摘要

核心结论

文章认为人工智能数据中心从铜互连转向光互连，将持续支撑Coherent、Lumentum和Corning的需求，并以英伟达的产业投资强化这一判断。主要证据是分析师目标价和行业瓶颈叙事，缺少新增订单、收入指引或估值参数。

重要性评级

评级：3/5（中）

COHR是直接相关标的，光互连主题与人工智能基础设施关联清晰；文章偏评论性质，事实增量和证据强度一般。

关键事实

文章发布于美东时间 07/13 10:38（UTC+8 07/13 22:38）。
作者把数据中心“铜墙”带来的传输限制视为光子技术需求来源。
文中列出的三家光通信企业为Coherent、Lumentum和Corning。
所引华尔街最高目标价为COHR 465美元、LITE 1300美元、GLW 270美元，分别对应约44%、62%和42%的潜在涨幅。
作者称英伟达过去一年进行了多项光通信相关投资，但原文未列明交易规模、持股比例或新增合同。
文章承认三家公司在回调后估值仍然较高，利率上升可能压制估值。

作者观点与证据

作者明显看多光互连产业，以英伟达投资方向和最高分析师目标价支撑判断。最高目标价只代表预测区间上沿，无法替代一致预期；原文还夹有与主题无关的付费推广内容，降低研究纯度。

与相关标的的关系

COHR、LITE和GLW是文章直接讨论的光通信公司，NVDA承担需求方和产业投资者角色。铜价期货代码仅随行情标签出现，正文没有形成铜价与公司盈利的量化关系。

后续跟踪

三家公司人工智能光通信订单与积压订单变化。
800G及更高速产品的出货和毛利率。
英伟达投资对应的产品合作与采购规模。
估值对利率和资本开支预期变化的敏感度。

英文原文

These Nvidia-Backed Darlings are Great Dip-Buys, Say Pros

Joey Frenette

Mon, July 13, 2026 at 10:38 PM GMT+8 4 min read

NVDA

HG=F

COHR

LITE

Quick Read

Jensen Huang's bets on optical connectivity signal that photonics may solve AI infrastructure's critical "copper wall" bottleneck, giving early movers a decisive edge.

Wall Street analysts set Street-high targets implying 44% upside for COHR and 42% for GLW, undeterred by recent market volatility.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Nvidia ( NASDAQ:NVDA ), along with the broader semi scene, is bouncing back again. It's right back in the $5 trillion club again, but whether the GPU giant is ready to make a run for new highs remains the $6 trillion question. Indeed, it feels too early in the AI race to call a peak in the "picks and shovels" plays, especially with more huge earnings results up ahead.

As Nvidia collides with greater competition, with hyperscalers looking to innovate on custom silicon while hoping to take some of the heat away from GPUs, I do think that the firms Nvidia set its sights on are becoming increasingly exciting areas to put new money to work.

asharkyu / Shutterstock.com

Will the AI race be won at the speed of light?

While other investors look for the "next Nvidia" or "next DRAM" for a shot at quick, outsized gains, I think it pays more attention to look at what Nvidia's top boss, Jensen Huang, is investing in. Of course, Nvidia has made so many deals in the past year, and as circular (or dismissible if you're an AI skeptic who thinks semis are in a bubble) as they might seem, I do think that it's hard to bet against the firms that Jensen Huang has been betting on.

Indeed, the optical connectivity plays may very well represent the next major chokepoint of the AI revolution. Arguably, it already is, as firms look to move into photonics, leaving copper and the so-called "copper wall" behind.

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In my view, the "copper wall" might be one of the bigger hurdles that gets in the way of the top racers sprinting down that AI racetrack. And it's the firms that are able to get aboard the leap faster than the rest of the pack that I think will gain a considerable edge in that road to superintelligence, where the second or third place finishers might not be all too happy with the returns on investment.

Story Continues

The Big Three optical connectivity darlings

In any case, Coherent ( NASDAQ:COHR ), Lumentum ( NADSAQ:LITE ), and Corning ( NYSE:GLW ) have really picked up traction in recent years, but with the latest pullback in the names, I think there could be an opportunity for dip-buyers to consider nibbling into a position now that some of the froth has been taken right off the top.

On the surface, each name still looks wildly expensive, even after the latest plunge into a bear market. Despite the recent market jitters, Wall Street pros still seem to be pounding the table.

With Street-high targets of $465 on Coherent (44% gain from here), $1,300 on Lumentum (62% gain), and $270 on Corning shares (42% gain), it's clear that analysts aren't all too rattled by the market's recent action.

The wind remains at the back of these optical connectivity plays, and as long as AI demand stays robust while buildouts keep moving forward, Nvidia's big optical connectivity bets might be significant winning bets that, once again, Jensen Huang's firm spotted early in the game.

Of course, time will tell how the Nvidia-backed darlings fare, especially once rates increase, but, for the most part, I wouldn't want to bet against the rise of the photonics plays. Whether you choose to bet on the glass fiber with Corning, optical transceivers with Coherent, or optical switches with Lumentum, I do think that each firm could keep rising in the market cap ranks from here, even with the latest setback.

Meet America's Newest $1b Unicorn (Sponsor)

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Contact editorial@247wallst.com for any questions or corrections.

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存储担忧与油价冲击芯片股

重要性3/5 中

提供了存储周期向设备和AI芯片股传导的框架，但数据来源和因果量化不足。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-13重要性：3/5 中评级理由：提供了存储周期向设备和AI芯片股传导的框架，但数据来源和因果量化不足。评级依据：覆盖多只半导体标的, 含存储与油价跨资产线索, 依赖盘中行情和券商预测, 部分数字需要核验原文字数：935

中文摘要

核心结论

文章将英特尔（INTC）、AMD和应用材料（AMAT）下跌约4%归因于SK海力士盈利预测不及预期、存储周期担忧及油价上涨。半导体板块此前涨幅巨大，单日回撤也包含高估值和获利回吐因素。

重要性评级

评级：3/5（中）

文章覆盖存储、设备、能源成本和宏观风险的跨市场传导，但主要依赖券商预测、盘中价格和Polymarket（预测市场）概率，事实可靠性参差。

关键事实

报道称INTC、AMD和AMAT盘中均下跌约4%，SOXX（半导体交易所交易基金）下跌4%，Lam Research（泛林集团）下跌5%。
韩国券商KIS对SK海力士第二季度利润的预测低于市场共识8%，理由包括HBM4（第四代高带宽内存）出货缓慢。
报道称SK海力士下跌15%，韩国综合股价指数下跌9%并短暂停牌。
WTI（西德克萨斯中质原油）上涨3.64%至每桶74.01美元，文章将其与霍尔木兹海峡附近冲突联系。
泛林集团韩国收入为13.4亿美元，显示其对韩国存储客户的直接敞口。
英特尔第一季度收入同比增长7%至135.8亿美元，数据中心与AI业务增长22%。
报道时英特尔年内涨182%、AMD涨147%、应用材料涨126%。

作者观点与证据

作者认为存储盈利预期下修、能源成本和高估值共同触发调整。股价同步变化支持板块情绪传导，但油价对半导体利润率的即时影响没有量化；预测市场给出的英特尔业绩胜出概率也不是基本面证据。

与相关标的的关系

AMAT和LRCX通过存储设备客户形成较直接关联；AMD、NVDA、AVGO和INTC更多承受AI硬件板块风险偏好变化。SOXX集中持有相关公司，可反映板块共振，但不能区分各公司的订单和产品周期。

时效性与限制

发布于美东时间 07/13 10:22（UTC+8 07/13 22:22）。文章含推广内容，部分价格与年度涨幅异常高，且没有附原始券商报告或公司公告，需以交易所行情和正式业绩资料核验。

后续跟踪

SK海力士HBM4出货和正式利润数据
WTI能否稳定及能源成本传导幅度
AMAT、LRCX的存储设备订单
英特尔第二季度数据中心收入和利润率

英文原文

Intel, AMD, and Applied Materials Drop 4% as SK Hynix Rout and Oil Spike Hit Chip Stocks

David Moadel

Mon, July 13, 2026 at 10:22 PM GMT+8 5 min read

INTC

+4.50%

+2.57%

AMAT

+3.53%

POLA.PVT

SKHY

+27.29%

Quick Read

Intel, AMD, and Applied Materials shares fell 4% after SK Hynix's profit estimate missed consensus by 8%, triggering a 15% plunge and a brief KOSPI trading halt.

Lam Research dropped 5% and the SOXX ETF fell 4% as U.S.-Iran fighting over the Strait of Hormuz spiked WTI crude oil to $74, amplifying pressure on chip margins.

Intel's Q2 2026 earnings, due this month, could reset the memory-versus-AI-compute debate for the sector, with Polymarket pricing a 67% chance of a beat.

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Shares of Intel ( NASDAQ:INTC ) are down 4% to $104.97 in Monday morning trading, while Advanced Micro Devices ( NASDAQ:AMD ) stock is off 4% to $533.58 and Applied Materials ( NASDAQ:AMAT ) shares are down 4% to $581. The selling started at the open and leveled out into mid-morning.

Thinkstock The move caps a blistering run for the chip complex. Intel stock is up 182% year to date (YTD), AMD shares are up 147%, and Applied Materials shares have gained 126%. With the NASDAQ 100 down 1.28% on the session, the broader tech tape has weakened alongside semis, amplifying the profit-taking impulse.

Memory Rout and Oil Spike Hit Chip Complex

The immediate trigger came from Asia. South Korean brokerage KIS published a Q2 2026 profit estimate for SK Hynix that landed 8% below consensus, citing slow HBM4 shipments and heavy reliance on high-bandwidth memory. SK Hynix shares fell 15% on the Korean exchange, dragging Samsung and the KOSPI, which slid 9% and triggered a brief trading halt.

The read-through was swift. Applied Materials, which counts SK Hynix as a key HBM and DRAM equipment customer, absorbed the biggest hit in the group. NVIDIA ( NASDAQ:NVDA ) stock and Broadcom ( NASDAQ:AVGO ) stock each declined 2% as memory-cycle worries rippled across the AI hardware complex.

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Adding to the pressure, renewed U.S.-Iran fighting over the Strait of Hormuz sent crude sharply higher. WTI crude oil is up 3.64% over the past 24 hours to $74.01 a barrel, which is a concern as rising energy costs pressure semiconductor margins and stoke broader macro risk-off flows.

Story Continues

Sector Proxy and Equipment Names Under Pressure

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is down 4% to $555.93, mirroring the sector drawdown. The fund is concentrated in the exact names caught in today's selloff, so its beta to memory and AI-hardware sentiment is elevated. It does not use leverage, but concentration risk is meaningful.

Lam Research ( NASDAQ:LRCX ) stock, another equipment maker with heavy memory exposure, is down 5% to $332.95. Lam's South Korea revenue of $1.34 billion underscores the direct SK Hynix read-through for the picks-and-shovels equipment group.

Bull and Bear Case on Intel

For Intel as the primary mover, the bull case rests on an AI-driven chip cycle that has already delivered. Intel's Q1 2026 revenue rose 7% year over year (YoY) to $13.58 billion, and the Data Center and AI segment grew 22% YoY under CEO Lip-Bu Tan. Polymarket contracts assign a 67% probability to Intel topping its next quarterly report.

The bear case is what Monday is pricing in. Memory-cycle risk flagged by the SK Hynix estimate, oil-driven macro pressure, and rich valuations after Intel's 361% one-year gain all argue for caution. Investors should consider keeping their position sizes modest given the daily volatility on names that have tripled or more from year-ago levels.

What to Watch

Watch for whether WTI crude oil stabilizes below $75 and whether SK Hynix finds a floor overnight in Seoul. Any further escalation around the Strait of Hormuz could keep the risk premium in oil elevated, extending pressure on the chip complex.

The next catalyst is earnings. Intel's Q2 2026 earnings report is due later this month, and Polymarket contracts on the release expire July 23. That report may reset the memory-versus-AI-compute debate for the whole group, and investors can watch it closely for margin and Data Center guidance.

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Contact editorial@247wallst.com for any questions or corrections.

打开原文

油价与韩股下挫叠加冲击

重要性3/5 中

同时提供油价、韩国芯片股和Meta资本支出线索，但关键事实多为二手转述。

标签

标的：`SOXX`来源：MoneyShow发布日期：2026-07-13重要性：3/5 中评级理由：同时提供油价、韩国芯片股和Meta资本支出线索，但关键事实多为二手转述。评级依据：跨资产关联较强, 含外资流量和油价数字, 涉及META大型资本支出, 缺少原始公告原文字数：376

中文摘要

核心结论

报道将油价上涨、韩国芯片股下挫和Meta数据中心预算扩张并列为市场焦点。霍尔木兹海峡附近冲突推动WTI一度升破75美元；韩国市场遭外资抛售，而Meta路易斯安那州数据中心项目估算成本增至逾2500亿美元。

重要性评级

评级：3/5（中）

跨资产信息密度较高，涉及能源、半导体和AI资本支出，但多个重大数字来自媒体转述，缺少原始公告和项目口径说明。

关键事实

报道称美国与伊朗周末在霍尔木兹海峡附近互相打击，WTI原油期货一度超过每桶75美元。
油价年内上涨约28%，仍低于4月高点。
SK海力士和三星电子带动韩国股市下跌。
外资周一在韩国综合股价指数卖出1.7万亿韩元，约合11亿美元。
报道称SK海力士过去一个月下跌20.2%，三星下跌25%。
SK海力士此前出售265亿美元美国存托凭证，报道将其称为外国公司规模最大的美国股票发行。
Meta将路易斯安那州4,000英亩数据中心项目估算增加400亿美元，总计划支出超过2500亿美元，预计提供至少5吉瓦算力。
Meta另有30多个设施处于开发管线。

作者观点与证据

文章认为中东冲突增加能源与风险资产压力，并转述分析师对韩国本地股份与美国存托凭证之间资金迁移的猜测。外资流量和价格数据提供背景，但资金迁移解释尚无持仓或申购数据验证；Meta项目金额也未说明是否包含全生命周期成本。

与相关标的的关系

WTI和USO（美国原油基金）直接反映油价变化；SK海力士、三星及SOXX承受韩国市场和存储板块压力。META的关联来自大规模AI基础设施资本投入，其财务影响取决于项目节奏、融资和算力商业化。

时效性与限制

发布于美东时间 07/13 10:20（UTC+8 07/13 22:20）。文章为简短市场综述，军事事件、美国存托凭证发行及Meta项目预算均需原始来源复核。

后续跟踪

霍尔木兹海峡局势和WTI价格
韩国市场外资流向及存储股表现
SK海力士美国存托凭证与本地股份的资金分流
Meta项目资本支出、建设进度和算力利用计划

英文原文

Market Minute 7-13-26- Oil Pops, While Korean Stocks Plunge

MoneyShow

Mon, July 13, 2026 at 10:20 PM GMT+8 2 min read

CL=F

+0.69%

SKHY

+27.29%

005930.KS

+7.99%

DX-Y.NYB

-0.12%

Crude oil prices are on the move higher again, putting pressure on equities and precious metals. Treasuries are also modestly lower, while the dollar is flat.

Tensions flared again in the Middle East over the weekend, with the US and Iran trading strikes near the Strait of Hormuz. US attacks on air-defense systems, radar sites, and missile and drone launch facilities were reportedly the fiercest in several weeks. US WTI oil futures traded above $75 a barrel before easing back a bit. Prices are up about 28% year-to-date, but well off their April highs.

To get more articles and podcasts from MoneyShow, subscribe to our Top Pros' Top Picks newsletter here .)

SK Hynix, Samsung (South Korean Shares, 1-Month % Change)

chart Source: TradingView

South Korean stocks cascaded lower in overnight trading, led by chipmakers like SK Hynix Inc. ( SKHY ) and Samsung Electronics Co. The former semiconductor giant just sold $26.5 billion in US-traded American Depository Receipts on Friday, the largest-ever sale of US stock by a foreign company.

Some analysts speculated foreign investors were pivoting out of SK's Korean shares into its US ADRs. Bloomberg data showed 1.7 trillion Korean won (or about $1.1 billion) of selling on the country's Kospi index by foreign investors Monday. SK stock is now down 20.2% in the last month, while Samsung stock is off 25%.

Finally, the bill for AI-related infrastructure just keeps growing. Meta Platforms Inc. ( META ) is constructing an enormous data center facility in rural Louisiana – and just hiked its project estimate by an additional $40 billion.

See also: ETHA: An Ethereum ETF to Buy as Market Acceptance Grows

All told, CEO Mark Zuckerberg now plans to spend more than $250 billion on the 4,000-acre campus. It will provide at least five gigawatts of computing power. Plus, it's just one of more than 30 facilities in Meta's development pipeline.

英维克与维谛的数据中心增长分化

重要性4/5 中高

直接覆盖VRT，比较数据密集，并揭示订单增长、区域风险和估值差异；结论仍受来源评级框架影响。

标签

标的：`VRT`来源：Zacks发布日期：2026-07-13重要性：4/5 中高评级理由：直接覆盖VRT，比较数据密集，并揭示订单增长、区域风险和估值差异；结论仍受来源评级框架影响。评级依据：fact_density, evidence_strength, source_bias原文字数：1122

中文摘要

核心结论

英维克电气（nVent Electric，NVT）与维谛技术（Vertiv，VRT）都受益于AI（人工智能）数据中心扩建。文章基于订单、积压和估值偏向NVT，同时指出VRT在欧洲、中东和非洲地区的收入疲弱。

重要性评级

评级：4/5（中高）

文章直接覆盖VRT，并提供两家公司订单、产能、盈利预期和估值的可比数据；结论带有Zacks评级体系的机构偏好。

关键事实

NVT一季度有机销售增长34%，基础设施销售同比增长近80%。
NVT有机订单增长约40%，积压订单达到创纪录的26亿美元，多数延伸至2027年。
新产品为NVT一季度销售增速贡献超过20个百分点。
VRT一季度欧洲、中东和非洲有机收入同比下降29%，管理层预计2026年下半年改善。
NVT的2026年、2027年每股收益共识分别为4.56美元和5.64美元；VRT分别为6.38美元和8.55美元。
年初至今NVT和VRT分别上涨57.6%和96.8%。
NVT与VRT预期市销率分别为4.83倍和7.75倍。

作者观点与证据

作者认为NVT的订单扩张、26亿美元积压和较低市销率形成相对优势。VRT的AI基础设施需求和产品组合仍强，但区域收入下滑增加短期兑现风险。结论部分依赖Zacks自有排名，未给出两家公司利润率、现金流和资本开支的完整对照。

与相关标的的关系

VRT是输入中的直接标的，NVT是可比公司。液冷、电力管理和机房基础设施需求会影响两者收入，但各自业务范围、区域结构和估值基数存在差异。

时效性与限制

发布于美东时间 07/13 10:11（UTC+8 07/13 22:11）。数据主要来自2026年一季度业绩和分析师共识，未纳入下一次财报的实际结果。

后续跟踪

NVT积压订单向收入转化的速度
VRT欧洲、中东和非洲订单恢复情况
两家公司新增产能的投产节奏
液冷与下一代供电产品的收入贡献

英文原文

NVT vs. VRT: Which Data Center Infrastructure Stock is a Better Buy?

Om Jaiswal

Mon, July 13, 2026 at 10:11 PM GMT+8 5 min read

-0.75%

+2.38%

nVent Electric NVT and Vertiv VRT are major players in the data center market, particularly in the rapidly growing area of AI data center infrastructure and liquid cooling solutions. While nVent Electric mainly sells electrical enclosures, connections and protection products used across industrial, commercial and infrastructure markets, including data centers, Vertiv focuses on power and cooling infrastructure for data centers.

Both NVT and VRT are positioned to benefit from long-term infrastructure and data-center investment trends. However, from an investment point of view, one stock offers a more favorable outlook than the other right now. Let's break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.

The Case for nVent Electric Stock

nVent Electric is benefiting from strong demand for data center infrastructure, which is becoming a major driver of its revenue growth. In the first quarter of 2026, the company reported organic sales growth of 34%, with infrastructure sales rising nearly 80% year over year. Management said data centers were the biggest contributor to growth, helping the company deliver record sales, orders and backlog.

The company is seeing demand across both gray-space and white-space data center applications. In the gray space, growth was driven by engineered buildings, enclosures and power connections. In the white space, liquid cooling, power distribution units and cable management solutions performed well. Management noted that growth was broad-based across the portfolio and supported by demand from hyperscalers, neocloud providers, multitenant operators and distribution partners.

nVent Electric's order trends also remain strong. Organic orders increased about 40% in the first quarter, largely driven by AI data center projects. Backlog reached a record $2.6 billion, rising in the low double digits sequentially. The company stated that most of its backlog extends beyond 12 months and into 2027, providing visibility into future revenues. In the first quarter, new products added more than 20 percentage points to sales growth, with many of those products tied to data center applications.

To support demand, nVent Electric is increasing capacity across its operations, which should help the company generate more revenue once fully ramped up. The company recently opened its new Blaine, MN, facility and expects production to ramp up through 2026. It is also investing in additional capacity for liquid cooling and other data center products. Overall, the above-mentioned factors show that data center demand is likely to remain an important revenue growth driver for the company.

Story Continues

The Case for Vertiv Stock

Vertiv continues to benefit from strong spending on AI data centers. During the first-quarter 2026 earnings call, management stated that customers are moving ahead with larger AI projects and demand remains strong across its key markets. The company's pipeline continues to grow, and orders are expected to increase in 2026. The Americas remained the strongest market, while demand remains healthy across India, the rest of Asia and China. Management stated that the AI infrastructure build-out is still in its early stages, which should support demand over the long term.

To meet this demand, Vertiv is increasing investments across its business. The company is expanding manufacturing capacity for power management, cooling products, infrastructure solutions and IT systems. During the first quarter, Vertiv completed the acquisition of PurgeRite, which strengthens its liquid cooling services. Further, VRT is also adding more engineers, increasing service capacity and expanding testing facilities. These investments should support higher customer demand and increase production capacity.

Vertiv is also expanding its product portfolio to address changing AI data center requirements. The company said customers are increasingly adopting integrated solutions such as OneCore and SmartRun, which combine power, cooling and infrastructure into a single system to speed up deployment. Management expects demand for liquid cooling and next-generation power technologies, including 800-volt architecture, to increase as AI workloads become more power-intensive.

However, EMEA remained Vertiv's weakest region in the first quarter. Organic revenues in the EMEA region fell 29% year over year because the company received fewer orders in the second and third quarters of 2025. Management expects sales to improve in the second half of 2026 as order activity and customer demand recover. If orders remain weak or projects are delayed, EMEA's recovery could take longer than expected and could weigh on Vertiv's overall growth.

How Do Earnings Estimates Compare for NVT & VRT?

The Zacks Consensus Estimate for NVT's 2026 and 2027 EPS is pegged at $4.56 and $5.64, respectively. The estimates for 2026 and 2027 have been revised upward by a penny and 7 cents, respectively, over the past 30 days.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for VRT's fiscal 2026 and 2027 EPS is pinned at $6.38 and $8.55, respectively. The estimates for fiscal 2026 and 2027 have both been revised upward by 2 cents over the past 30 days.

Zacks Investment Research

Image Source: Zacks Investment Research

NVT vs. VRT: Price Performance and Valuation

Year to date, shares of nVent Electric and Vertiv have surged 57.6% and 96.8%, respectively.

NVT vs. VRT: YTD Price Return Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Currently, nVent Electric is trading at a forward sales multiple of 4.83X, lower than Vertiv's forward sales multiple of 7.75X. VRT does seem pricey compared with NVT. In contrast, NVT's reasonable valuation makes it more attractive for investors looking for value and stability.

NVT vs. VRT: Forward 12-Month P/S Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion: NVT Has an Edge Over VRT

Both nVent Electric and Vertic are benefiting from higher spending on AI data centers and infrastructure. However, VRT's near-term prospects suffer from weaker demand in the EMEA region, where the recovery depends on stronger order activity in the second half of 2026.

In contrast, nVent Electric is experiencing strong demand for data center infrastructure, which is helping drive strong orders and a growing backlog. Further, NVT's reasonable valuation offers some downside protection as well, making the stock an attractive buy.

Currently, nVent Electric sports a Zacks Rank #1 (Strong Buy), giving a clear edge over Vertiv, which carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank 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

nVent Electric PLC (NVT) : Free Stock Analysis Report

Vertiv Holdings Co. (VRT) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

Duolingo增长与推理成本拉扯

重要性2/5 较低

经营数字具有参考价值，但公司代码混淆严重，且与输入中的COHR、V相关性较弱。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-13重要性：2/5 较低评级理由：经营数字具有参考价值，但公司代码混淆严重，且与输入中的COHR、V相关性较弱。评级依据：包含用户与财务数据, 涉及AI推理成本, 股票代码存在系统性错误, 与输入标的映射较弱原文字数：645

中文摘要

核心结论

文章称Duolingo依靠用户增长、A/B测试（对照实验）和AI功能扩展收入，同时预计更广泛的模型推理使用将在2026年压低毛利率。增长重心偏向用户规模，广告和付费分层的变现效果可能在2026年后逐步显现。

重要性评级

评级：2/5（较低）

经营数据较丰富，但正文多次把Duolingo股票代码误写为DOCU，并与输入标的COHR、V关联薄弱，严重降低可用性。

关键事实

第一季度每股收益0.89美元，高于0.79美元共识12.7%。
收入同比增长27%至2.92亿美元，高于2.885亿美元共识1.2%。
第一季度日活跃用户5,650万、月活跃用户1.378亿；正文称年末付费订阅用户1,250万，但时间口径不清。
国际象棋产品上线不足一年，日活跃用户接近700万。
公司计划2026年保持广告负载不变，通过直接交易和更高质量广告主提高单次广告收益。
2026年调整后EBITDA（息税折旧摊销前利润）率目标为25.7%。
管理层预计2026年日活跃用户同比增长约20%，全年预订额12.8亿美元、收入12.1亿美元。
AI功能覆盖扩大将提高总推理开支，预计年中利润率承压、下半年回升。
文中称公司计划授权最高4亿美元股份回购，但股票代码标注存在明显错误。

作者观点与证据

作者认为用户规模、实验体系和新学科为后续变现提供空间，同时提示价格测试可能使每用户收入与收入结构波动。财务与用户数据提供支撑，但全文存在Duolingo、DocuSign及代码DOCU混淆，评级推荐部分也带有Zacks（投资研究机构）的营销属性。

与相关标的的关系

文章经营分析实际指向Duolingo，输入相关代码DUOL才是直接标的。COHR和V仅出现在Zacks推荐名单中，与Duolingo经营没有直接传导关系；正文使用DOCU的多处内容不宜直接映射至DocuSign。

时效性与限制

发布于美东时间 07/13 09:41（UTC+8 07/13 21:41）。股票代码及公司身份错误贯穿正文，付费用户时间点也不明确，所有关键财务数据应以Duolingo正式披露核验。

后续跟踪

Duolingo正式财报中的收入、用户和利润率
AI推理成本占收入比例
数学与国际象棋产品的留存和付费转化
价格及订阅层级测试对每用户收入的影响

英文原文

AI-Backed Growth Benefits DUOL Amid Expected Rise in Inference Costs

Zacks Equity Research

Mon, July 13, 2026 at 9:41 PM GMT+8 3 min read

-0.48%

DOCU

-0.98%

COHR

+1.10%

Duolingo, Inc. DOCU delivered first-quarter 2026 earnings of 89 cents per share, beating the Zacks Consensus Estimate of 79 cents by 12.7%. Revenues rose 27.0% year over year to $292 million and topped the consensus estimate of $288.5 million by 1.2%.

How Is Duolingo Faring?

By the first quarter of 2026, Duolingo reached 56.5 million daily active users (DAU) and 137.8 million monthly active users, with 12.5 million paid subscribers at the year-end, driven by thousands of A/B tests run by an experimentation engine and multiplying AI features.

Management aims at broadening access to AI-powered learning in 2026 as inference costs decline, while ensuring stable ad load to lower friction. Although the 2026 outlook prioritizes user growth over monetization, the combination of large-scale engagement, disciplined testing and a richer feature set creates multiple avenues to reaccelerate monetization beyond 2026.

Duolingo expanded new subjects alongside languages through 2025 and into early 2026. Chess amassed nearly 7 million daily active users less than a year post-launch, and management targets Duolingo Math to become a leading tutor app in 2026 with a parent-paid, supplemental positioning. The plan to introduce more AI experiences is expected to support the top line.

Duolingo, Inc. Revenue (TTM)

Duolingo, Inc. Revenue (TTM) Duolingo, Inc. revenue-ttm | Duolingo, Inc. Quote

Management will hold ad load flat in 2026 to support free-user growth while targeting to push yield via more direct deals, higher-quality brand advertisers and language-in-learning targeting. This plan preserves engagement while working to move revenues per ad up without adding friction.

DOCU anticipates a share repurchase authorization of up to $400 million in 2026, signaling balance sheet flexibility. Despite a planned investment year, the 2026 outlook targets an adjusted EBITDA margin of 25.7%, with the first quarter of 2026 being the highest-margin quarter.

Meanwhile, DOCU witnessed a decline in DAU growth rate through 2025 and expects 20% year-over-year growth throughout 2026. Bookings growth is guided to $1.28 billion and revenues are anticipated to be $1.21 billion in 2026, with top-line growth expected to slow after the first quarter of 2026 and stabilize in the second half.

With AI features shared with a far greater portion of the user base, management expects a lower gross margin in 2026 due to increasing inference costs. The EBITDA margin cadence reflects this, with margins lowering mid-year before kicking back up in the second half. Even as unit costs fall, scaling AI-rich learning increases near-term costs and compresses margins.

Story Continues

We expect uncertainty as A/B testing on pricing and tiering in 2026 grows. While the strategy appears sound, this experimentation may create volatility in average revenue per user and revenue mix, especially as results take time to emerge.

Zacks Rank & Stocks to Consider

Duolingo currently has a Zacks Rank #3 (Hold).

Better-ranked stocks in the broader Zacks Business Services sector include Coherent Corp. COHR, presently flaunting a Zacks Rank #1 (Strong Buy), and Visa V, with a Zacks Rank of 2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

Coherent Corp has a long-term earnings growth expectation of 46.8%. Coherent Corp delivered a trailing four-quarter earnings surprise of 6.2%, on average.

Visa has a long-term earnings growth expectation of 14.3%. Visa delivered a trailing four-quarter earnings surprise of 3.2%, on average.

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Docusign Inc. (DOCU) : Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

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海力士预估冲击存储板块

重要性4/5 中高

对MU及存储产业链具有直接跨市场传导意义，但关键数字的可信度需要二次验证。

标签

标的：`DRAM`来源：24/7 Wall St.发布日期：2026-07-13重要性：4/5 中高评级理由：对MU及存储产业链具有直接跨市场传导意义，但关键数字的可信度需要二次验证。评级依据：直接关联存储产业链, 跨市场价格传导, 基金持仓集中度高, 部分数据存在异常原文字数：1081

中文摘要

核心结论

韩国券商KIS对SK海力士2026年第二季度利润的估计低于市场共识8%，引发高带宽存储器出货和定价担忧，并传导至美光、闪迪、西部数据及存储主题基金。文章列举的多项财务和价格数字异常突出，需要用公司公告和行情数据复核。

重要性评级

评级：4/5（中高）

事件直接影响存储器产业链和DRAM（动态随机存取存储器）主题基金，但原文混合券商预测、预测市场、社交情绪和推广内容，证据质量不均。

关键事实

KIS将SK海力士二季度利润估计定在低于市场共识8%的水平，理由包括HBM4（第四代高带宽存储器）出货慢于预期及合约集中。
文章称SK海力士在亚洲市场下跌15%，三星电子同步走弱，韩国综合股价指数下跌9%并暂停交易20分钟。
美东时间07/13 09:35（UTC+8 07/13 21:35）发布时，文章称美光、闪迪和西部数据盘初各跌约6%，希捷跌4%。
Roundhill Memory ETF（存储器交易所交易基金，DRAM）下跌9%；三星、SK海力士和美光合计占其净资产73%。
截至前一交易日收盘，文中列示美光、闪迪和西部数据年内分别上涨243%、707%和238%。
文章称美光最近季度收入415亿美元、同比增长346%，毛利率85%；这些极端数字应回查正式财报。
文中还引用Polymarket预测概率和Reddit散户情绪，均属于市场情绪指标。

作者观点与证据

作者把下跌解释为高位获利回吐叠加HBM4周期降温担忧。KIS利润估计和板块价格反应支持短期冲击路径；对美国—伊朗消息、人工智能资本回报争论以及“超级周期降温”的归因缺少充分验证。

与相关标的的关系

MU与SK海力士在DRAM和高带宽存储器领域直接竞争；SNDK、WDC和STX通过存储需求及板块风险偏好受到传导。DRAM基金因前三大持仓占73%，对韩国市场波动高度敏感。005930.KS对应三星电子，也处在同一价格周期。

时效性与限制

事件发生在07/13盘中，距07/15采集已有一个交易日以上。原文的股价、收入和盈利数字与常见量级差异很大，且夹杂付费推广，不能在未核验时视为正式公司口径。

后续跟踪

SK海力士正式业绩及HBM4出货指引。
美光对高带宽存储器价格和长期协议的说明。
DRAM基金持仓集中度及韩国市场波动。
闪迪、西部数据和希捷的库存与毛利率。

英文原文

Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks

David Moadel

Mon, July 13, 2026 at 9:35 PM GMT+8 5 min read

+4.92%

SKHY

+27.29%

SNDK

+5.01%

+1.40%

005930.KS

+7.98%

Quick Read

After SK Hynix plunged 15% on an 8%-below-consensus profit estimate, Micron, SanDisk, and Western Digital each dropped 6% Monday despite year-to-date gains exceeding 200%.

The Roundhill Memory ETF (DRAM) fell 9%, with Samsung, SK Hynix, and Micron serving as its top three holdings and representing 73% of net assets, amplifying Korean losses.

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Memory and storage stocks are selling off sharply Monday morning as a weak second-quarter profit estimate for South Korea's SK Hynix rattled the AI memory trade. Micron Technology ( NASDAQ:MU ) stock, SanDisk ( NASDAQ:SNDK ) shares, and Western Digital ( NASDAQ:WDC ) stock were each down 6% a few minutes after the day's session started.

Thinkstock The moves come after historic runs. Micron stock was up 243% year to date (YTD) through Friday's close, SanDisk shares had climbed 707%, and Western Digital stock was higher by 238%. Today's 5% pullback trims only a small slice of those gains.

Renewed U.S.-Iran headlines and the ongoing debate about the payoff on AI capital spending sit in the background of these stock declines. However, specific events surrounding SK Hynix are hitting memory/storage stocks particularly hard.

Weak SK Hynix Estimate Triggers a Memory Reset

The trigger came from Seoul. South Korean brokerage KIS published a Q2 2026 profit estimate for SK Hynix 8% below consensus, citing slower-than-expected HBM4 (high-bandwidth memory) shipments and heavy reliance on HBM contracts. That call cut into the core bull thesis for the entire memory complex.

SK Hynix stock fell 15% in Asia, its largest single-day drop ever, a stunning reversal from its strong U.S. NASDAQ debut on Friday. Samsung slid alongside it and the KOSPI dropped 9%, triggering a 20-minute trading halt. U.S.-listed SK Hynix shares were set to open sharply lower after Friday's debut.

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Story Continues

U.S. memory names sold in sympathy. SK Hynix is Micron's most direct competitor in DRAM and high-bandwidth memory, so any signal that HBM4 shipments are slipping raises questions about pricing power across the group. The reaction reads as profit-taking plus a scare that the memory super-cycle's momentum may be cooling.

Peers and the Memory ETF Feel the Ripple

Seagate Technology ( NASDAQ:STX ) stock is down 4% to $869 this morning after a YTD run of 231% through Friday's close of $910.34. The hard-disk maker trades on similar AI storage tailwinds as Western Digital, and both are moving in tandem with the DRAM and NAND names. Seagate stock also carries a beta of 2.07, so its swings have tended to run larger than the broader tape in both directions.

The Roundhill Memory ETF ( NYSEARCA:DRAM ) is taking a bigger hit than the U.S. constituents, with the ETF down 9% to $57.52. That reflects concentration: the top three holdings, Samsung Electronics, SK Hynix, and Micron, account for 73% of net assets, and the Korean names are leading the losses. The ETF is a narrow, non-leveraged thematic fund, and today's move highlights its single-region concentration risk.

Sell-side conviction hasn't evaporated, though. Citi recently reaffirmed a Buy on Western Digital with an $800 target, well above Friday's close. That constructive analyst view is being overshadowed by sector-wide selling this morning.

What to Watch Now

The bull case for Micron rests on durable AI-driven memory demand. Micron's recent Q3 FY2026 results showed revenue of $41.5 billion, up 346% year over year (YoY), with non-GAAP EPS of $25.11 and gross margin expanding to 85%. CEO Sanjay Mehrotra guided Q4 FY2026 revenue to $50 billion, plus or minus $1 billion, citing multi-year Strategic Customer Agreements and HBM4 already in high-volume shipments. The bear case is memory cyclicality, the HBM4 shipment and pricing concern flagged for SK Hynix, and rich valuations after a massive run. Investors should consider keeping their position sizes modest given the volatility.

SanDisk's own Q3 FY2026 report was similarly outsized. Revenue jumped 251% YoY to $5.9 billion, non-GAAP EPS came in at $23.41, and management guided Q4 revenue between $7.75 billion and $8.25 billion. The company also cleared $650 million in debt to reach a zero-debt balance sheet, giving it flexibility to weather any near-term memory pricing wobble.

Prediction market participants are leaning cautious near term. Polymarket odds place the highest conviction on Micron trading in the $930 to $960 range this week, with a 0.865 probability that shares finish today lower. Upside conviction above $1,020 drops sharply.

Still, Reddit sentiment tells a more bullish story. Aggregate sentiment on Micron scored 66 (bullish) as of Monday morning, and SanDisk sentiment on WallStreetBets held between 58 and 75 through the initial selloff, indicating retail dip-buyers stayed engaged. Traders can watch for whether the $920 level holds on Micron stock and whether the DRAM ETF stabilizes once U.S.-listed SK Hynix shares find a level after their delayed open, and could look for any updated commentary from Korean analysts later this week.

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上半年五只特色新ETF

重要性2/5 较低

可反映主题ETF供给与投资者兴趣，但量化数据不足，对单一标的映射有限。

标签

标的：`DRAM`来源：MoneyShow发布日期：2026-07-13重要性：2/5 较低评级理由：可反映主题ETF供给与投资者兴趣，但量化数据不足，对单一标的映射有限。评级依据：覆盖2026年上半年新基金, 包含五只特色ETF, 缺少资金流和持仓数据, 主要属于产品趋势背景原文字数：373

中文摘要

核心结论

美国2026年上半年新上市728只ETF（交易所交易基金），CFRA从资产增长和产品创新角度选出DRAM、NASA、IQMM、LOHA与SECU五只代表产品。名单显示资金继续追逐存储芯片、航天、货币市场和证券化收益等细分主题，但持续需求仍待观察。

重要性评级

评级：2/5（较低）

文章可用于观察ETF发行趋势和主题包装方向，但没有提供多数基金的资产规模、费率、持仓或资金流数据。

关键事实

2026年上半年美国共有728只新ETF上市。
CFRA（美国独立研究机构）按快速吸收资产或产品创新筛选五只基金。
Roundhill Memory ETF（存储芯片主题基金，DRAM）因HBM行业敞口和回报表现被列为代表产品。
Tema Space Innovators ETF（航天创新基金，NASA）的资产增长受到SpaceX相关兴趣推动。
ProShares GENIUS Money Market ETF（货币市场基金，IQMM）的早期资产增长部分来自其他ProShares基金配置。
Roundhill HALO ETF（主题基金，LOHA）与iShares Securitized Income Active ETF（证券化收益主动基金，SECU）资产尚未超过10亿美元。
CFRA认为相关产品反映管理人快速响应投资者情绪和加密监管变化。

作者观点与证据

CFRA把差异化和投资者兴趣视为产品成功指标。DRAM、NASA与IQMM的资金吸引力得到定性描述，但正文没有列出资产净值、净申购、费率或相对收益，难以比较真实商业表现。

与相关标的的关系

DRAM为存储与HBM产业提供主题敞口；NASA与SpaceX相关预期相连；IQMM、LOHA和SECU分别映射货币市场及收益型产品需求。文章未提供底层持仓，无法判断单一股票的实际权重。

时效性与限制

发布于美东时间 07/13 01:01（UTC+8 07/13 13:01），统计范围为2026年上半年。名单由CFRA主观筛选，且缺少统一量化排名。

后续跟踪

五只基金的资产规模和净申购
费率、流动性及底层持仓集中度
DRAM与NASA主题需求能否持续
IQMM资产增长中内部配置的占比

英文原文

ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out

MoneyShow

Mon, July 13, 2026 at 1:01 PM GMT+8 1 min read

SPCX

-2.20%

There were 728 new ETFs listed in the US in the first half of 2026, and CFRA has identified five of them as notable launches. We screened the new launches and identified those that have rapidly gathered assets or innovated in growing ETF categories, notes Aniket Ullal , VP, ETF Data & Analytics at CFRA Research .

These products are representative of the rapid and continuing creativity and experimentation in the US ETF ecosystem. The Roundhill Memory ETF ( DRAM ) has been the standout launch of H1 2026 due to its differentiated exposure to the HBM industry and strong return performance.

DRAM chart Source: CFRA

To get more articles and podcasts from MoneyShow, subscribe to our Top Pros' Top Picks newsletter here .)

Other launches with success in gathering assets include the Tema Space Innovators ETF ( NASA ), driven by interest in Space Exploration Technologies Corp. ( SPCX ), and the ProShares GENIUS Money Market ETF ( IQMM ), which jumpstarted its asset growth via allocations from other ProShares ETFs.

Our list also includes the Roundhill HALO ETF ( LOHA ) and iShares Securitized Income Active ETF ( SECU ). Both have yet to cross $1 billion in assets, but are innovating in categories of growing investor interest.

CFRA identified these recent launches as notable because they are differentiated and reflect high investor interest in their respective categories. The launch of these products indicates that ETF managers are innovating by closely monitoring investor sentiment (e.g., SPCX, memory chips) and regulatory changes (e.g., crypto regulation) and then quickly bringing products to market.

See also: ETHA: An Ethereum ETF to Buy as Market Acceptance Grows

Going forward, market participants should monitor how each of these products and segments grows, and whether investor demand is sustained. The success of these products will be a litmus test of sustained investor appetite for specialized thematic exposure in the ETF wrapper.

格芯SLATE技术进入量产准备

重要性3/5 中

GFS技术进展具有直接相关性和明确量产窗口，但距离收入兑现较远，商业验证尚缺。

标签

标的：`GFS`来源：Insider Monkey发布日期：2026-07-12重要性：3/5 中评级理由：GFS技术进展具有直接相关性和明确量产窗口，但距离收入兑现较远，商业验证尚缺。评级依据：直接关联GFS, 技术指标与量产窗口明确, 缺少客户和经济性数据原文字数：312

中文摘要

核心结论

GlobalFoundries（格芯，GFS）的SLATE晶圆对晶圆键合技术已在9SW射频绝缘体上硅平台达到生产准备状态，目标是把射频前端芯片面积最多缩小45%。该技术计划到2027年下半年才扩大至批量生产，近期财务贡献仍缺少量化依据。

重要性评级

评级：3/5（中）

技术节点、制造地点、面积缩减幅度和量产窗口明确，对GFS具有直接关系。文章为二次整理，未提供客户验证、良率、成本或已签订单。

关键事实

格芯于06/23（未给出具体时刻）宣布SLATE晶圆对晶圆键合技术达到生产准备状态。
技术部署于9SW射频绝缘体上硅平台，在新加坡300毫米工厂制造。
公司预计2027年下半年扩大至批量生产。
SLATE可在垂直结构中堆叠和整合大尺寸场效应晶体管，芯片面积最多减少45%。
目标应用包括5G移动设备中的天线调谐器和放大器。
集成式工艺设计套件已经开放，可供客户开展下一代移动及无线应用原型设计。

作者观点与证据

生产准备、面积缩减和量产计划来自公司公告。文章将其描述为更紧凑、更节能的蜂窝射频前端方案，但没有披露功耗测试、良率、单位成本、客户流片或竞争技术对比。

与相关标的的关系

GFS是技术制造方，SLATE可能提升其射频与先进封装平台的产品差异化。实际收入影响取决于客户设计导入、认证周期和2027年量产爬坡。

时效性与限制

文章发布于美东时间 07/12 12:32（UTC+8 07/13 00:32），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32），但所述公司公告发生于06/23（未给出具体时刻）。文章末尾含夸张的其他股票推广，不能作为GFS回报预期证据。

后续跟踪

首批客户流片、认证和量产订单。
2027年下半年量产爬坡及良率。
45%面积缩减在不同射频器件上的实际表现。
SLATE带来的晶圆价格、毛利率和资本支出变化。

英文原文

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology

Maham Fatima

Mon, July 13, 2026 at 12:32 AM GMT+8 2 min read

-0.86%

GlobalFoundries Inc. (NASDAQ: GFS ) is one of the best up and coming stocks to invest in right now . On June 23, GlobalFoundries announced the production readiness of its SLATE wafer-to-wafer bonding technology on its 9SW radio-frequency silicon-on-insulator platform. Manufactured at the company's 300mm facility in Singapore, this 3D integration solution is expected to ramp to volume production by the second half of 2027.

The SLATE technology allows designers to stack and integrate large-size field-effect transistors in vertical architectures, reducing die size by up to 45%. This capability helps decrease the total design area for radio-frequency components, such as antenna tuners and amplifiers, in space-constrained 5G mobile devices.

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

By combining the 9SW platform with advanced 3D packaging, GlobalFoundries Inc. (NASDAQ:GFS) aims to support the development of more compact and power-efficient cellular front-ends. An integrated process design kit is currently available to help designers begin prototyping for next-generation mobile and wireless applications.

GlobalFoundries Inc. (NASDAQ:GFS) is a leading multinational semiconductor manufacturer operating as a pure-play foundry, producing chips designed by other companies.

While we acknowledge the risk and potential of GFS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GFS and that has 10,000% upside potential, check out our report about the cheapest AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

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稀土基金的产业链暴露差异

重要性3/5 中

提供稀土政策与ETF结构的实用背景，但时效性一般，持仓和资金数据需要发行人及官方来源复核。

标签

标的：`USAR`来源：MarketBeat发布日期：2026-07-12重要性：3/5 中评级理由：提供稀土政策与ETF结构的实用背景，但时效性一般，持仓和资金数据需要发行人及官方来源复核。评级依据：background_value, fact_density, moderate_freshness原文字数：1118

中文摘要

核心结论

美国稀土政策支持集中于精炼、分离和磁体制造环节，REMX、EART与SETM提供三种不同范围的产业链暴露。三只基金过去一年涨幅较大，费用、规模和持仓范围差异会影响主题纯度与波动。

重要性评级

评级：3/5（中）

文章适合作为稀土产业和ETF结构背景，包含政策资金及基金规模数据；发布时间较早，部分政府持股、资金名称和收益数据需以官方文件与基金资料核对。

关键事实

稀土包含17种金属元素，应用于国防、人工智能、半导体、数据中心、电气化和清洁能源。
文章认为中国优势来自长期建设精炼、分离、化工和磁体制造能力，主要瓶颈位于中游加工。
美国国防部于2025年七月投入4亿美元购买MP Materials优先股，支持精炼扩张和第二座磁体工厂。
USA Rare Earth在2026年初获得可使用约16亿美元资金的合作安排；文章称政府还取得1,610万股，潜在持股比例为12%至25%。
Vulcan Elements与ReElement Technologies获得6.2亿美元贷款及5,000万美元联邦激励。
REMX（VanEck稀土与战略金属ETF）持有38家公司，资产管理规模24亿美元，费率0.58%，Albemarle权重约7.2%；过去12个月上涨超过91%。
EART（Global X稀土与关键材料ETF）持有50多家公司，规模约4,000万美元，费率0.59%；过去12个月上涨超过60%。
SETM（Sprott关键材料ETF）持有约125至170家公司，规模约5.6亿美元，费率0.65%；过去12个月上涨74%，近三个月下跌超过14%。

作者观点与证据

作者认为中游加工能力和政策融资构成长周期机会，并用ETF分散单一项目风险。基金规模、费率和持仓数可由发行人资料验证；政策交易细节、股价区间与“机会”判断来自媒体整理，文末含股票推广。

与相关标的的关系

REMX对稀土与战略金属链的集中度较高，EART侧重支持电动车、储能、机器人和雷达的材料企业，SETM还包含较多铀及其他关键金属。MP、USAR和ALB（雅保）是相关成分或政策受益公司。

时效性与限制

发布于美东时间 07/12 11:45（UTC+8 07/12 23:45）。基金持仓、规模和收益率会变化，文章没有提供数据截点、地区分布或中国资产权重。

后续跟踪

三只ETF最新持仓、资金流与折溢价。
美国精炼和磁体项目的实际投产进度。
联邦资金拨付及政府股权变化。
中国出口管制和稀土价格。

英文原文

3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk

Aerial view of an open-pit mine with terraced rock walls, mining equipment, and an adjacent processing plant.

Chris Markoch, MarketBeat

Sun, July 12, 2026 at 11:45 PM GMT+8 5 min read

+2.61%

USAR

+5.69%

ALB-PA

+1.04%

REMX

+3.76%

EART

+3.67%

Key Points

Interested in VanEck Rare Earth and Strategic Metals ETF? Here are five stocks we like better.

China's rare-earth dominance stems from decades of investment in refining and processing infrastructure rather than superior mineral deposits.

The Trump administration is funding U.S. companies like MP Materials, USA Rare Earth, Vulcan Elements, and ReElement Technologies to rebuild domestic refining capacity.

Investors seeking diversified exposure to this long-term theme can consider ETFs such as REMX, EART, and SETM, which hold dozens of related companies.

It's not hard to see why investing in rare-earth metals is a long-term investment theme. Rare-earth metals are 17 metallic elements with unusual magnetic, optical, and conductive properties that make them indispensable to modern technology, including:

Defense and national security

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Artificial intelligence, semiconductors, and data centers

Electrification and clean energy

→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts

The rare-earth story is frequently positioned as one of scarcity, but that isn't the case. Many countries have abundant rare-earth deposits, including the United States, Australia, Canada, Brazil, and India.

China's dominance in rare-earths stems from decades of developing its midstream processing industry, rather than just controlling the largest deposits. Beginning in the 1980s, China invested heavily in refining, separation technology, chemical engineering capacity, and magnet manufacturing—areas that other countries avoided because of cost, environmental complexity, and long development timelines.

→ This Dividend ETF Choice Could Shape Your Income Strategy Through 2026

Rare-earth refining is chemically intensive and produces radioactive byproducts, and China's willingness to subsidize the industry and manage the environmental burden allowed it to scale rapidly while competitors fell behind. This is where today's investment opportunities exist.

Why Rare-Earth Refining Is the Real Investment Opportunity

The bottleneck in rare-earth is in the refining process. This was a conscious choice that was made by China (to invest in refining) and many other countries, including the United States, which chose not to invest in refining.

The Trump administration is accelerating domestic rare‑earth development through targeted industrial policy, including federal funding, strategic partnerships, and streamlined permitting for critical‑mineral projects. Rather than broad deregulation, the focus has been on removing specific bottlenecks that historically made U.S. refining uneconomic—such as long environmental review timelines and limited federal support for midstream processing.

Story Continues

These policy shifts are designed to help companies begin refining rare-earth elements inside the United States for the first time in decades. As a result, several U.S. companies are now receiving federal support to build refining, separation, and magnet‑manufacturing capacity—marking the first major rebuild of the domestic rare‑earth supply chain in more than 30 years.

MP Materials (NYSE: MP): The Pentagon became the company's largest shareholder after buying $400 million in preferred stock in July 2025. The investment supports the company's expansion of rare-earth processing and the construction of a second magnet manufacturing plant.

USA Rare Earth (NASDAQ: USAR): The Trump administration announced a partnership in early 2026 that gives the company access to $1.6 billion in funding. The deal also issued 16.1 million shares to the Department of War, which could increase the government's stake to between 12% and 25%, depending on warrant exercise.

Vulcan Elements & ReElement Technologies: The Department of War issued these rare-earth startups a $620 million loan and $50 million in federal incentives. The investment is to help the companies scale their magnet and ore processing capacity.

This is where some investors may believe the opportunity carries too much risk. After all, there are no guarantees in this sector, and the real payoff is likely years away. However, for patient investors with a long-term outlook, that's an ideal argument for investing in an exchange-traded fund (ETF) that includes dozens of holdings in the sector. This provides exposure to the entire supply chain without overreliance on one or two companies.

REMX: A Diversified ETF for Rare-Earth Investing

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA: REMX) tracks an index of global companies that mine, refine, or recycle rare-earth and strategic metals.

The fund is an ideal option for investors looking for a direct proxy for the current export-control backdrop,

REMX is a weighted average market cap fund with 38 holdings. Albemarle (NYSE: ALB) holds the most weight in the fund at around 7.2%. The fund has $2.4 billion of assets under management (AUM) with a net expense ratio of 0.58%.

REMX is up over 91% in the last 12 months. But a sharp sell-off that started in May has pushed the stock price into the middle of its 52-week range, which may create a solid entry point for investors.

EART ETF Targets the Companies Powering Future Technologies

The Global X Rare Earth & Critical Materials ETF (NASDAQ: EART) is a more targeted play on the rare-earth theme.

The fund targets companies that produce rare-earth components and other raw or composite materials that are essential to expanding the development of critical technologies such as electric vehicles (EVs), energy storage, robotics, and radar systems.

The fund has over 50 holdings that are weighted according to their Free Float Market Capitalization. The fund currently has around $40 million of AUM with a net expense ratio of 0.59%.

EART is up over 60% in the last 12 months. Like the REMX, the fund has been in a downtrend since mid-May, giving investors a similar opportunistic setup.

SETM ETF Provides Diversified Critical Materials Exposure

In contrast to the EART, which takes a narrower focus on the rare-earth sector, the Sprott Critical Materials ETF (NASDAQ: SETM) takes a broader view and includes a focus on several critical metals that are essential to the modern industrial economy.

For example, in percentage terms, uranium companies have the most exposure in the fund.

With its focus on a wider range of metals, the fund has at any given time between 125 and 170 holdings, which provides significant diversification. The fund has close to $560 million of AUM and a net expense ratio of 0.65%.

SETM is up 74% in the last 12 months. But like the broader sector, the fund is down over 14% in the last three months.

The article " 3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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Nebius暴涨后的兑现门槛

重要性4/5 高

大型合同、战略投资、财务转折和远期估值数据完整，对NBIS及NVDA算力生态具有直接参考价值。

标签

标的：`NBIS`来源：Motley Fool发布日期：2026-07-12重要性：4/5 高评级理由：大型合同、战略投资、财务转折和远期估值数据完整，对NBIS及NVDA算力生态具有直接参考价值。评级依据：NBIS直接相关, 包含270亿美元合同与20亿美元投资, 提供收入和EBITDA数据, 远期预测依赖较强原文字数：976

中文摘要

核心结论

Nebius（NBIS）2026年上半年上涨229.9%，文章将涨幅归因于大型算力合同、英伟达（NVDA）投资、收入高速增长及旧款GPU（图形处理器）租赁价格坚挺。当前估值已提前计入2027年收入大幅扩张，供给建设、客户集中和算力需求持续性构成主要验证条件。

重要性评级

评级：4/5（高）

文章集中提供合同、融资、业绩和估值数据，可用于评估AI新型云服务商的扩张路径；来源带有选股营销倾向，部分因果关系属于作者判断。

关键事实

标普全球市场财智数据显示，NBIS在2026年上半年上涨229.9%。
公司1月获选建设以色列国家超级计算机。
3月取得Meta一份270亿美元、为期五年且自2027年开始的计算服务合同。
英伟达同意投资20亿美元，并协助Nebius在2030年前部署5吉瓦英伟达架构算力。
第一季度收入同比增长684%；调整后EBITDA（息税折旧摊销前利润）由亏损5400万美元转为盈利1.30亿美元。
SemiAnalysis（半导体研究机构）称，3月旧款H100算力租赁价格较前一年10月上涨约40%。
NBIS估值约为2026年预期收入的16.4倍、2027年平均预期收入的5倍；后者隐含次年收入增长超过两倍。

作者观点与证据

作者认为大型客户合同和英伟达支持降低了基础设施扩张的不确定性，旧款GPU租价上涨也延长了资产经济寿命。英伟达投资促成Meta扩单、客户获取更容易等关系没有直接证据；估值判断高度依赖分析师远期收入预测。

与相关标的的关系

NBIS直接受益于AI算力供需紧张，但其资本密集模式要求设备利用率、融资能力和合同利润率同步改善。NVDA既是投资方也是核心设备供应商，Nebius扩容可增加其架构部署量，同时形成较高供应商依赖。

时效性与限制

发布于美东时间 07/12 08:40（UTC+8 07/12 20:40），回顾2026年上半年表现。文章未拆解270亿美元合同的收入确认、资本投入、融资条件和客户集中度，且包含订阅推广内容。

后续跟踪

Meta合同的收入确认、资本支出和利润率
5吉瓦部署进度及融资来源
H100及新一代GPU的租赁价格和利用率
2027年收入增速能否达到估值隐含水平

英文原文

Why Nebius Rocketed 230% in the First Half of 2026

Billy Duberstein, The Motley Fool

Sun, July 12, 2026 at 8:40 PM GMT+8 4 min read

NBIS

-7.80%

NVDA

+4.06%

Shares of European AI neocloud Nebius Group N.V. (NASDAQ: NBIS) rallied 229.9% in the first half of 2026, according to data from S&P Global Market Intelligence .

It was a stellar first half of the year for most hardware and semiconductor stocks involved with artificial intelligence build-out. However, Nebius outperformed all of the other AI "neoclouds" due to its strong execution, large contract wins, and new AI-related acquisitions.

Oh, and the investment by Nvidia (NASDAQ: NVDA) in the company didn't hurt either.

Nebius lands big contracts, impressing Wall Street

Nebius has transformed into an AI neocloud over the past few years. Given that we are in the relatively early stages of the AI era, these stocks tend to react to large contract wins, as such deals help "de-risk" their current infrastructure build-out .

Nebius landed a few such deals during the first half. In January, the company was selected by the Israel Innovation Authority to build out the country's national supercomputer. Israel is perhaps the most technologically advanced place in the world outside of Silicon Valley and China. Hence, Nebius's winning the contract through a competitive bidding process is a strong endorsement.

Nebius also won a monster $27 billion, multi-year contract from Meta Platforms (NASDAQ: META) in March. Meta was already a Nebius customer, although on a much smaller scale. However, the five-year compute deal beginning in 2027 is significantly larger, and the news helped catapult Nebius' shares higher.

Nebius also received accolades on the investment side, as Nvidia (NASDAQ: NVDA) agreed to invest $2 billion into the company. As part of the deal, Nebius will gain early access to the latest Nvidia architectures, and Nvidia will help Nebius deploy five gigawatts of Nvidia-based capacity by 2030.

Nvidia had already invested the same amount on similar terms in Nebius rival CoreWeave (NASDAQ: CRWV) in January, so Nebius "evened the score" in a sense by landing this deal. Furthermore, Nvidia's backing seemed to increase the probability that Nvidia would help Nebius find customers and raise capital. The expanded Meta Platforms deal actually occurred just after the Nvidia announcement, so the Nvidia commitment to Nebius may have been a catalyst.

Story Continues

These big deals paved the way for Nebius's blowout earnings report in mid-May. In its first quarter, revenue surged 684% year over year, trouncing expectations. At the same time, the company's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) flipped from a $54 million loss to a $130 million profit.

Not only did the quarter's results impress, but CEO Arkady Volozh also noted that demand for compute was still vastly outstripping supply, suggesting strong results ahead. That dovetails with research firm SemiAnalysis's April data, which showed older Nvidia H100 rental pricing had increased by some 40% in March compared with October.

A major fear for neocloud companies like Nebius is that older GPUs will depreciate and lose value as newer chips enter the market. So, the fact that older GPUs' rental prices were not only not decreasing but actually increasing is a strong sign that older GPUs hold their value. A longer useful life for each Nvidia chip thereby increases the value Nebius and other neoclouds will reap from their massive current investments, and therefore the value of their stocks.

Image source: Getty Images.

Nebius looks frothy, but not on 2027 estimates

After its first-half run, Nebius trades at a frothy-looking 16.4 times this year's average revenue estimate; however, that price-to-sales ratio compresses to just five times the average 2027 revenue estimate for the company, and just three times the most optimistic analysts' estimate.

That's actually a very reasonable valuation, although it implies a more-than-tripling of revenue next year, even in the average estimate. Therefore, investors need to hope Nebius's revenue trajectory continues on its hockey-stick like path, and that it can sell its compute profitably. Recent results and GPU rental pricing appear encouraging on that front; however, if the AI demand story changes in any material way, Nebius' current high valuation could cause the stock to experience a significant pullback.

Should you buy stock in Nebius Group right now?

Before you buy stock in Nebius Group, 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 Nebius Group 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.

See the 10 stocks »

*Stock Advisor returns as of July 12, 2026.

Billy Duberstein and/or his clients have positions in Meta Platforms. The Motley Fool has positions in and recommends Meta Platforms and Nvidia. The Motley Fool has a disclosure policy .

Why Nebius Rocketed 230% in the First Half of 2026 was originally published by The Motley Fool

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格芯高管预设计划减持

重要性3/5 中

申报数据可靠且直接关联GFS，但交易金额较小，预设计划也限制了信号强度。

标签

标的：`GFS`来源：Motley Fool发布日期：2026-07-11重要性：3/5 中评级理由：申报数据可靠且直接关联GFS，但交易金额较小，预设计划也限制了信号强度。评级依据：SEC申报支持, 直接关联GFS, 预设交易计划, 基本面解释力有限原文字数：834

中文摘要

核心结论

GlobalFoundries（格芯，GFS）首席战略官Michael James Hogan通过预先设立的Rule 10b5-1（美国证券交易委员会预设交易计划）处置了78%的直接持股。减持比例显著，但交易安排削弱了其作为临时看空信号的解释力。

重要性评级

评级：3/5（中）

SEC（美国证券交易委员会）Form 4（内部人持股变动申报）提供了可靠的交易事实，但单名高管的小额预设交易不足以解释公司基本面变化。

关键事实

Hogan在07/08和07/09（均未给出具体时刻）出售2,700股并赠与100股。
出售均价为66.83美元，交易金额187,124美元。
交易后直接持有795股；按07/09收盘价69.71美元计算，价值55,419.45美元。
直接持股数量下降78%，交易依据Rule 10b5-1计划执行。
截至07/09，公司股价过去一年上涨70%，但低于05/26创下的52周高点92.55美元。
第一季度收入16亿美元，同比增长3%；毛利率由上年同期22.4%升至27.6%。
文中列示过去十二个月收入68亿美元、净利润7.78亿美元，市值382亿美元。

作者观点与证据

作者认为减持发生在股价大幅上涨并从高位回落的背景下，情绪上偏负面；同时承认预设交易具有非临时决策属性。关于股价回落源于获利了结和半导体板块轮动的说法缺少独立资金流或管理层证据。

与相关标的的关系

交易直接关联GFS，但金额相对382亿美元市值很小。更有基本面意义的变量是收入增速、毛利率扩张和专业制程需求，内部人交易只构成治理与情绪补充信息。

时效性与限制

文章发布于美东时间07/10 21:13（UTC+8 07/11 09:13），距本批次采集约四天。原文包含订阅推广，且没有披露计划设立日期、剩余间接持股或高管总经济敞口。

后续跟踪

后续Form 4申报及10b5-1计划细节。
专业制程订单与产能利用率。
毛利率改善能否延续。
管理层整体持股和薪酬结构。

英文原文

A GlobalFoundries Insider Sold 78% of His Company Shares. Here

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.

Robert Izquierdo, The Motley Fool

Sat, July 11, 2026 at 9:13 AM GMT+8 4 min read

-0.86%

Michael James Hogan, Chief Strategy Officer of Globalfoundries Inc. (NASDAQ:GFS), reported the disposition of 2,800 ordinary shares on July 8, 2026 and July 9, 2026, according to a recent SEC Form 4 filing .

Transaction summary

Metric

Value

Transaction value

$187,124

Shares sold

2,700

Shares gifted

100

Post-transaction shares (directly held)

795

Post-transaction value

$55,419.45

Transaction value based on SEC Form 4 weighted average sale price ($66.83); post-transaction value based on July 09, 2026 market close ($69.71).

Key questions

How has the insider's direct equity position changed following this activity?

Michael James Hogan reduced the direct holding of ordinary shares by 78%, retaining a post-transaction balance of 795 shares which represent the residual direct interest in the firm's equity.

In what market context did this disposition occur?

The activity occurred following a period in which Globalfoundries shares delivered a 70% one-year return as of the July 9, 2026 market close, with the insider selling shares at $66.83 per share.

What was the nature of these transactions?

The dispositions were performed under a Rule 10b5-1 plan. This indicates that the sale of 2,700 shares and the gift of 100 shares were pre-arranged, with the execution parameters established prior to the transaction dates to provide for systematic liquidity.

Company Overview

Metric

Value

Share Price (as of market close 2026-07-09)

$69.71

Market Capitalization

$38.2 billion

Revenue (TTM)

$6.8 billion

Net Income (TTM)

$778.0 million

Company Snapshot

GlobalFoundries Inc. operates as a global semiconductor foundry specializing in the design and manufacturing of integrated circuits, including microprocessors, mobile application processors, baseband and network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems for a broad range of consumer and industrial electronic applications.

The company generates revenue through a foundry business model, providing semiconductor manufacturing services to fabless design companies and original equipment manufacturers that require advanced chip production capabilities without maintaining their own fabrication facilities.

GlobalFoundries serves a diverse customer base spanning telecommunications, automotive, industrial, consumer electronics, and computing sectors, with particular strength in serving mid-range and specialized semiconductor applications across global markets.

GlobalFoundries Inc. operates as one of the world's leading independent semiconductor foundries with a global manufacturing footprint and approximately 13,000 employees. The company has demonstrated strong financial performance with TTM revenue of $6.8 billion and net income of $778.0 million, reflecting robust demand for specialized semiconductor manufacturing services.

Story Continues

GlobalFoundries' competitive positioning is anchored by its advanced manufacturing capabilities, diversified customer base, and strategic focus on high-value semiconductor segments that support critical infrastructure and emerging technologies.

What this transaction means for investors

The sale of GlobalFoundries stock by Chief Strategy Officer Michael Hogan came at a time when shares experienced a substantial fall from the 52-week high of $92.55 reached on May 26. The price drop was due to investors cashing in after a strong run up in the second quarter, and a broader sell-off across the semiconductor sector.

Amidst this backdrop, it's not comforting for investors to see Hogan adding his dispositions to the fray, especially since it depleted nearly 80% of his holdings. Still, the transactions were pre-arranged as part of his Rule 10b5-1 plan, indicating they were non-discretionary in nature. Consequently, it seems Hogan's sales happened to coincide with Wall Street's rotation away from semiconductor stocks.

GlobalFoundries had a solid first quarter with sales of $1.6 billion, up 3% year over year, and excellent margin expansion as its gross margin rose to 27.6% compared to 22.4% in the previous year.

Should you buy stock in GlobalFoundries right now?

Before you buy stock in GlobalFoundries, 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 GlobalFoundries 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 $407,004 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,244,599 !

Now, it's worth noting Stock Advisor's total average return is 924% — a market-crushing outperformance compared to 210% 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 10, 2026.

Robert Izquierdo has positions in GlobalFoundries. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy .

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction. was originally published by The Motley Fool

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ETF League Tables: Roundhill AUM Nears $34B

重要性未评级

标签

标的：`DRAM`来源：etf.com发布日期：2026-07-10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 League Tables: Roundhill AUM Nears $34B

本地未取得可读全文：HTTP 404。可使用上方“打开原文”核查。

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PSI分散承接芯片行情

重要性3/5 中

直接讨论PSI并提供明确回报与行业数据，但属于数日前的阶段性比较，长期证据不足。

标签

标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-10重要性：3/5 中评级理由：直接讨论PSI并提供明确回报与行业数据，但属于数日前的阶段性比较，长期证据不足。评级依据：quantitative_comparison, moderate_freshness原文字数：1005

中文摘要

核心结论

文章用PSI与AAOI的年内表现比较，说明半导体行业篮子也承接了人工智能资本开支行情：截至07/09（未给出具体时刻），PSI上涨102.24%，AAOI上涨250.57%。分散持仓降低单一公司风险，但该比较只覆盖约半年强势行情，不能代表长期风险收益。

重要性评级

评级：3/5（中）

PSI是输入直接标的，回报和行业数据较具体；文章以投资教育和情绪叙事为主，且发布时间距当日日报已有数日。

关键事实

文章发布于美东时间 07/10 14:17（UTC+8 07/11 02:17）。
2025年12月31日至2026年07/09（均未给出具体时刻），PSI回报102.24%，1万美元对应约20220美元。
同期AAOI上涨250.57%，但最近一个月下跌24.97%。
PSI是跟踪美国上市半导体公司的ETF（交易所交易基金），费用率约0.56%。
AAOI第一季度数据中心收入8140万美元，同比超过翻倍，并完成向一家大型云计算客户首次批量交付800G产品。
全球半导体第一季度收入2985亿美元，同比增长79.2%；美国芯片销售同比增长83.1%。
AAOI贝塔系数为3.687，52周价格区间18.50至233.67美元。

作者观点与证据

作者主张通过行业基金获取人工智能基础设施主题，可降低选错单一公司和时点的风险。PSI与AAOI回报数据支持阶段性比较，但AAOI波动和社交媒体情绪只说明个股风险，无法证明PSI未来仍能维持同期回报。

与相关标的的关系

PSI是直接分析对象，AAOI用作高波动光模块个股对照。RDDT仅因Reddit（社交讨论平台）情绪数据被提及，不构成业务影响。

后续跟踪

PSI成分权重和集中度变化。
半导体销售增速与云厂商资本开支。
800G及1.6T光模块出货。
行业回撤阶段PSI与高贝塔个股的波动差异。

英文原文

AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

Michael Williams

Sat, July 11, 2026 at 2:17 AM GMT+8 5 min read

AAOI

+12.13%

RDDT

+1.16%

+4.10%

Quick Read

AAOI surged 250% year-to-date, but PSI, a semiconductor ETF riding the same AI wave, delivered 102%, nearly doubling a $10,000 stake.

AAOI dropped 25% in a single month while Reddit sentiment crashed from bullish to bearish in 72 hours, the part nobody screenshots.

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You saw the chart. Applied Optoelectronics ( NASDAQ:AAOI ) went vertical this year, and your feed will not shut up about it. The screenshots, the rocket emojis, the "full port" posts. And you didn't buy a single share.

Quality Stock Arts / Shutterstock.com The optical transceiver maker is up 250.57% year to date, riding the AI datacenter buildout that needs faster and faster fiber to move data between GPUs. That is the kind of return that ruins your week when you missed it.

Here is the twist: you didn't miss it. Not really.

The Number That Kills the FOMO

Over the same window, from December 31, 2025 through July 9, 2026, the Invesco Semiconductors ETF ( NYSEARCA:PSI ) returned 102.24%. A $10,000 stake at the start of the year sat at roughly $20,220 on July 9.

That is a serious return. A chip basket that more than doubled in a little over six months while you slept, worked, and refreshed your brokerage app in peace.

PSI is a basket of U.S.-listed semiconductor names, an index-tracking fund from Invesco that spreads exposure across the sector for an expense ratio of roughly 0.56%. You paid a rounding error to own the theme.

Are You Ready To Retire, Or Years Behind?

Same Wave, Different Surfboard

The force that lifted Applied Optoelectronics is the broader AI capex wave: hyperscalers pouring money into datacenters, GPUs needing high-speed interconnects, and optical transceivers stepping up from 400G to 800G and 1.6 Tb products. AAOI's Q1 2026 datacenter revenue more than doubled year over year to $81.4 million, and CEO Thompson Lin said the company "completed our first volume shipment of our 800G products to one of our large hyperscale customers in Q1."

Story Continues

That same demand is why global semiconductor revenue hit $298.5 billion in Q1 2026, up 79.2% year over year, and why U.S. chip sales jumped 83.1% versus the prior year. The rising tide is real, and it lifted the whole sector, not just one Texas transceiver shop.

PSI's job is to own that tide as a basket. You don't have to know which company wins the 800G qualification race or which fab lands the next hyperscale contract. You just need exposure to the fact that hyperscalers are spending, and chips get bought either way. If you want a broader read on which names are riding this cycle, our team's 7 Stocks Powering the AI Boom report walks through the ecosystem in depth.

The Part Nobody Screenshots

Yes, AAOI holders made more. A lot more. 250.57% beats 102.24%, and it is not close.

Now the other side. AAOI has a beta of 3.687, a 52-week range of $18.50 to $233.67, and a habit of missing earnings estimates even when revenue is exploding. Q3 2025 saw 82.1% revenue growth alongside a wide EPS miss. Q1 2026 revenue grew 51.4% and the stock still missed the consensus loss estimate.

And in the past month alone, AAOI is down 24.97%. Reddit's r/wallstreetbets flipped from "ALL IN ON AAOI" posts on July 4 to a "Bottleneck bros are moving to Robotics" thread with 102 upvotes by July 7. Sentiment scores fell from 94 to 22 inside 72 hours. That is single-stock life. You get the top and the trapdoor in the same package.

PSI spreads that exposure across a basket of chip names. Any one blowup gets diluted. You give up the euphoric top of the trade. You also skip the part where a Reddit post empties the room.

Process Over Prediction

Chasing hot tickers is stock-picking with extra regret attached. You have to be right about the company, right about the timing, and lucky about the exit. Owning the theme through a diversified fund gets you most of the move with a fraction of the white-knuckle moments.

You didn't need to pick AAOI to profit from AI optics. You needed to be exposed to semiconductors while the AI capex cycle was running, and PSI was one straightforward way to do that. The stock-pickers who nailed AAOI deserve the win. The investor who owned the basket got most of the move without ever needing to be a hero.

Next time a ticker takes over your timeline, the useful question to ask is "what is the underlying driver, and do I already own it in some form?" Answer that clearly and the FOMO gets a lot quieter.

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Contact editorial@247wallst.com for any questions or corrections.

打开原文

北美数据中心项目六月扩容

重要性3/5 中

项目储备增幅与云计算资本开支链直接相关，但时效稍弱且正文、统计口径均不完整。

标签

标的：`APLD`来源：Investor's Business Daily发布日期：2026-07-10重要性：3/5 中评级理由：项目储备增幅与云计算资本开支链直接相关，但时效稍弱且正文、统计口径均不完整。评级依据：theme_relevance, moderate_freshness, limited_evidence原文字数：65

中文摘要

核心结论

北美数据中心项目储备在六月环比增长4%，主要由超大规模云服务商推动，显示Google与Amazon仍在提高容量计划。现有摘录没有披露项目金额、地点或投产时间。

重要性评级

评级：3/5（中）

该数据直接关联GOOG、AMZN和数据中心基础设施需求，但发布时间距当日日报约四天，且存档只有导语。

关键事实

北美数据中心项目储备六月较五月增长4%。
增长主要由超大规模云服务商推动。
标题明确指向Google（谷歌）与Amazon（亚马逊）提高数据中心容量计划。
元数据关联APLD（Applied Digital数据中心运营商）。
摘录未给出新增容量、资本开支或项目投产日期。

作者观点与证据

《投资者商业日报》用项目储备环比增幅说明数据中心建设仍在扩张。4%的月度变化是唯一量化证据，无法据此判断订单最终落地率或各公司的具体贡献。

与相关标的的关系

GOOG与AMZN对应云计算资本开支；APLD可能通过托管或基础设施需求受影响，但文章摘录没有说明其获得合同。

时效性与限制

发布于美东时间 07/10 13:48（UTC+8 07/11 01:48）。材料缺少全文、统计机构、样本范围和项目阶段定义。

后续跟踪

Google与Amazon季度资本开支指引。
北美项目储备转化为开工和投产的比例。
电力接入、土地和设备交付周期。
APLD新增合同及融资安排。

英文原文

Google, Amazon Increase Data-Center Capacity Plans

Google, Amazon Increase Data-Center Capacity Plans · Investor's Business Daily

PATRICK SEITZ

Sat, July 11, 2026 at 1:48 AM GMT+8 2 min read

GOOGL

+1.99%

AMZN

+0.07%

APLD

-1.28%

GOOG

+1.90%

The project pipeline for data centers in North America increased by 4% in June from May, with hyperscalers driving the growth.

打开原文

APLD八成合同集中于两客

重要性4/5 中高

直接揭示APLD合同客户集中度和CRWV敞口，数字具体，对收入质量判断有较高价值。

标签

标的：`APLD`来源：Zacks发布日期：2026-07-10重要性：4/5 中高评级理由：直接揭示APLD合同客户集中度和CRWV敞口，数字具体，对收入质量判断有较高价值。评级依据：直接关联APLD与CRWV, 披露客户级合同金额, 缺少合同条款和现金流时序原文字数：622

中文摘要

核心结论

APLD约86%的合同租赁收入来自两家超大规模云服务商，2027至2028年的园区投产、收入确认和信用风险高度集中。约360亿美元合同储备提升了可见度，也放大了单一客户调整资本开支或延迟部署造成的影响。

重要性评级

评级：4/5（中高）

文章与APLD、CoreWeave（CRWV）及Digital Realty（DLR）直接相关，并给出客户级合同金额拆分。数据源主要为Zacks二次整理，缺少合同期限、退出条款和项目建设里程碑。

关键事实

APLD合同租赁收入约360亿美元，其中一家超大规模云服务商对应Delta Forge 1、Polaris Forge 3和Delta Forge 2，金额接近200亿美元。
CoreWeave通过Polaris Forge 1对应约110亿美元，Polaris Forge 2的第三家客户对应约50亿美元。
前两大客户合计贡献接近86%的合同收入。
多个园区计划在2027年和2028年投入运营，执行风险涉及建设、容量部署及客户信用状况。
APLD年初至今上涨31.7%，同期Zacks金融板块上涨4.6%，金融杂项服务行业下跌12.5%。
APLD未来十二个月市销率为13.14倍，高于板块的8.97倍；2026财年一致预期为每股亏损0.70美元，上年亏损0.80美元。

作者观点与证据

作者认为客户集中将持续约束增长质量，并以合同金额分布、有限租户数量和园区投产周期作为依据。对未来收入波动的判断合理依赖客户集中事实，但原文没有披露合同是否具备最低付款义务、信用增级或终止赔偿安排。

与相关标的的关系

APLD和CRWV具有直接合同关系，CRWV对应约110亿美元租约。DLR及Equinix被用作客户结构更分散的同行参照；文章没有提供DLR-PJ、DLR-PL等优先股的新增专属信息。

时效性与限制

文章发布于美东时间 07/10 12:05（UTC+8 07/11 00:05），检索于美东时间 07/15 00:32（UTC+8 07/15 12:32）。股价表现和估值倍数具有时点性，合同收入属于长期名义金额，不能直接视为当前收入或现金流。

后续跟踪

两大客户对应园区的建设、通电和租赁起始日期。
合同中的最低付款、解约及信用保护条款。
新签租户能否降低前两大客户收入占比。
2026至2028年的资本支出、融资成本与收入确认节奏。

英文原文

APLD

APLD's Customer Concentration Remains High: Will it Limit Growth?

Zacks Equity Research

Sat, July 11, 2026 at 12:05 AM GMT+8 3 min read

APLD

DLR-PJ

DLR-PL

CRWV

Applied Digital APLD continues to expand its artificial intelligence data center platform aggressively, but its persistently high customer concentration remains an important investment risk. Although the company has built a sizable portfolio of long-term hyperscale leases, future revenue generation remains heavily dependent on a limited number of counterparties, tying growth closely to the investment priorities and financial health of a few large customers.

The exposure remains substantial. Applied Digital has approximately $36 billion in contracted lease revenues, with nearly $20 billion associated with one hyperscaler across Delta Forge 1, Polaris Forge 3 and Delta Forge 2. CoreWeave represents another $11 billion through Polaris Forge 1, while a third hyperscaler at Polaris Forge 2 accounts for the remaining $5 billion. Consequently, nearly 86% of the company's contracted revenues are derived from just two customers, highlighting the limited diversification of its revenue pipeline.

This dependence increases execution risk as multiple AI data center campuses are scheduled to become operational through 2027 and 2028. Any delay in capacity deployments, moderation in AI infrastructure investments or deterioration in the credit profile of these key tenants could materially affect future revenue generation. While Applied Digital continues to expand its development pipeline, much of the incremental contracted capacity remains tied to existing hyperscale relationships instead of materially broadening its customer mix.

With the bulk of contracted revenues still resting on just two hyperscalers and little evidence of a broader tenant base taking shape, APLD's customer concentration is likely to remain a defining constraint on the sustainability of its growth trajectory.

APLD Faces Stiff Competition

Applied Digital faces intense competition from Equinix EQIX and Digital Realty Trust DLR, both of which operate with significantly more diversified customer portfolios.

Equinix generates revenues from a broad base of enterprise, cloud and network customers across global markets, while Digital Realty Trust serves a balanced mix of hyperscalers, enterprises and colocation customers. In comparison, Applied Digital remains heavily reliant on a limited number of hyperscale tenants for the bulk of its contracted lease revenues.

Unlike Equinix and Digital Realty Trust, Applied Digital's elevated customer concentration increases its exposure to customer-specific investment decisions and execution risks, potentially making its long-term revenue stream more volatile.

Story Continues

APLD's Share Price Performance, Valuation & Estimates

Applied Digital shares have returned 31.7% year to date, while the broader Zacks Finance sector has appreciated 4.6% and the Zacks Financial-Miscellaneous Services industry has plunged 12.5%.

APLD Stock's Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Applied Digital stock is trading at a forward 12-month price/sales of 13.14X compared with the broader sector's 8.97X. APLD has a Value Score of F.

APLD's Valuation

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 70 cents per share. Applied Digital reported a loss of 80 cents per share in the previous year.

Applied Digital Corporation Price and Consensus

Applied Digital Corporation Price and Consensus Applied Digital Corporation price-consensus-chart | Applied Digital Corporation Quote

APLD currently carries a Zacks Rank #5 (Strong 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

Applied Digital Corporation (APLD) : Free Stock Analysis Report

Equinix, Inc. (EQIX) : Free Stock Analysis Report

Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

美光押注本土存储器供应链

重要性4/5 中高

直接涉及美光巨额资本计划、HBM竞争和本土供应链，但距今数日且若干关键数字呈现明显核验需求。

标签

标的：`GFS`来源：MarketBeat发布日期：2026-07-10重要性：4/5 中高评级理由：直接涉及美光巨额资本计划、HBM竞争和本土供应链，但距今数日且若干关键数字呈现明显核验需求。评级依据：strategic_capex, fact_density原文字数：1120

中文摘要

核心结论

美光加快2,500亿美元美国制造计划，并通过十年硅片供应协议强化本土供应链。文章认为HBM4良率提升和人工智能存储需求可能改善其竞争位置，但若全行业同步扩产，长期供给与资本回报仍需验证。

重要性评级

评级：4/5（中高）

资本开支、供应协议、良率和竞争格局与MU直接相关，事实密度较高；文章包含异常估值和期权数据，且多项竞争判断缺少一手来源。

关键事实

Micron（美光科技）加快2,500亿美元美国晶圆制造承诺，纽约州Clay大型晶圆厂提前一个季度开始施工。
公司将30亿美元用于美国本土采购，其中包括向GlobalWafers（环球晶圆）提供5亿美元战略融资。
双方签订十年美国本土硅片供应协议，以支持纽约州和爱达荷州工厂。
文章称SK Hynix（SK海力士）占全球HBM（高带宽存储器）市场57%，并计划通过280亿美元纳斯达克发行支持扩产。
管理层评论显示，美光HBM4（第四代高带宽存储器）的缺陷降低和良率爬坡快于预期。
文章称美光收入同比增长345.8%，GlobalFoundries（格芯）增长3.1%；格芯34%收入来自智能移动设备。
美光每股收益25.11美元，高于一致预期3.72美元；净利润率55.91%，债务权益比0.05。
文章列出美光往绩市盈率22倍、预期市盈率14倍，并称出现2026年八月到期、执行价1,100和1,150美元的价外看涨期权扫单。

作者观点与证据

作者看好美光本土供应链和HBM4良率提升，认为其相对海外竞争者具有地缘安全优势。已宣布的资本计划和供应协议具有事实基础；345.8%收入增长、极高期权执行价及“机构提前布局”的解释存在异常，需由财报和期权逐笔数据复核。

与相关标的的关系

MU（美光）是直接对象；SKHY（SK海力士）是HBM竞争者；GFS（格芯）可能受美国硅片供应链扩张外溢影响，但业务结构与美光差异较大。

时效性与限制

发布于美东时间 07/10 11:10（UTC+8 07/10 23:10），距当日日报约五天。文中对南海运输、良率领先和期权资金属性的判断缺少完整来源。

后续跟踪

纽约州与爱达荷州工厂建设预算和进度。
HBM4良率、认证与量产时间。
环球晶圆美国工厂产能及供货比例。
美光资本开支、自由现金流与新增产能回报。

英文原文

Micron

Micron's $250 Billion Bet Could Reshape the AI Memory Race

Jeffrey Neal Johnson, MarketBeat

Fri, July 10, 2026 at 11:10 PM GMT+8 6 min read

+4.92%

SKHY

+27.29%

financials

options

NASDAQ

Key Points

Interested in Micron Technology, Inc.? Here are five stocks we like better.

Micron Technology accelerated its $250 billion domestic fabrication buildout, including a 10-year silicon supply deal with GlobalWafers to secure U.S.-based chip manufacturing.

Micron is reportedly ramping HBM4 yields faster than expected, challenging SK Hynix's 57% market share ahead of its rival's $28 billion Nasdaq listing.

Micron posted 345.8% year-over-year revenue growth and strong margins, while options traders reportedly targeted call strikes of $1,100 and $1,150 for August 2026.

Micron Technology (NASDAQ: MU) just accelerated a $250 billion domestic fabrication commitment, pouring concrete a full quarter ahead of schedule at its new Clay, New York mega-fab.

This capital deployment moves beyond standard capacity expansion. It represents the creation of a closed-loop U.S. manufacturing ecosystem that actively derisks the memory supercycle and insulates domestic production from volatility in the Taiwan Strait.

→ The SK Hynix IPO and 2027's AI Memory Squeeze

When capital expenditures reach a quarter-trillion dollars, the market takes notice. Understanding how this localized supply chain dominance impacts Micron's forward valuation and competitive positioning is critical for investors navigating the semiconductor sector.

Securing the Raw Silicon Foundation in Texas

Building a semiconductor fabrication plant requires years of planning, billions in capital, and a highly synchronized supply chain. Micron is tackling supply chain vulnerabilities head-on by allocating $3 billion to domestic sourcing initiatives.

→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts

The most pivotal piece of this allocation is a $500 million strategic financing agreement with GlobalWafers to secure raw silicon capacity at a new Texas facility. Raw silicon wafers are the foundational canvas of chipmaking. By locking in a 10-year domestic supply agreement, Micron ensures its New York and Idaho fabs will have the critical materials needed to operate without relying on trans-Pacific shipping routes. This localized infrastructure solidifies long-term dominance in the supply chain.

As enterprise companies and governments continue to demand secure AI infrastructure, a fully U.S.-based memory pipeline increasingly commands a definitive geopolitical safety premium.

→ This Dividend ETF Choice Could Shape Your Income Strategy Through 2026

Out-Executing SK Hynix on the HBM4 Battlefield

To understand current valuation dynamics, investors need to examine the architecture of a modern AI data center. Graphics processing units starve without High-Bandwidth Memory (HBM) feeding them information at lightning speed.

Story Continues

South Korean competitor SK Hynix currently dominates the HBM space with a 57% global market share. On July 10, SK Hynix expects to launch a formidable $28 billion Nasdaq listing to fund its own capacity expansion. While the capital raise is substantial, SK Hynix operates with a structural vulnerability. The company relies heavily on packaging and testing facilities located in regions exposed to friction in the South China Sea. If geopolitical tensions rise, their supply chain grinds to a halt.

Micron is moving aggressively to capture market share from SK Hynix and other competitors by out-executing its rivals on the manufacturing floor. Recent management commentary indicates Micron is achieving faster-than-expected defect reduction and yield ramps in its upcoming HBM4 architecture.

In semiconductor manufacturing, yield dictates everything. Yield measures the percentage of usable, defect-free chips that come off a silicon wafer. Higher yields equal fatter net margins and faster time-to-market. Micron's ability to scale domestic HBM4 yields directly threatens SK Hynix's market share, offering cloud service providers a more reliable, technologically superior product free from international shipping chokepoints.

Separating the Halo Effect From Pure-Play Alpha

When capital flows into a localized sector, neighboring businesses often catch a draft. Critically, GlobalWafers does not supply Micron alone—the same raw silicon feeds much of the domestic foundry base, including GlobalFoundries (NASDAQ: GFS), which has maintained a multi-year strategic partnership with GlobalWafers since 2021.

That shared pipeline is why GlobalFoundries experienced an immediate intraday price expansion as markets reacted to Micron's capital deployment. As Micron's capital derisks the broader domestic silicon ecosystem, foundries drawing from that same raw material pipeline stand to benefit from increased stability.

However, investors evaluating the sector should separate a sympathetic halo effect from pure-play AI infrastructure growth. A closer look at the fundamentals reveals a stark contrast in revenue quality between the two companies. GlobalFoundries operates as a pure-play contract manufacturer but relies heavily on legacy consumer electronics.

Smart mobile devices currently account for 34% of GlobalFoundries' revenue mix. While Micron posted a 345.8% year-over-year revenue growth driven by sold-out AI memory capacity, GlobalFoundries managed a modest 3.1% increase.

Forward projections point to EBITDA margin compression for GlobalFoundries, burdened by cyclical drag from the handset market. Trading at a steep forward price-to-earnings (P/E) ratio of 50.3 compared to a trailing P/E of 50.0, GlobalFoundries lacks the unhedged data center exposure that drives structural valuation breakouts.

Smart Money Front-Runs the Forward Multiple

Institutional money always leaves footprints, and the derivatives market suggests a significant bullish sentiment shift for Micron. Recent options data reveals aggressive out-of-the-money call sweeps targeting the $1,100 and $1,150 strikes expiring in August 2026. This highly targeted derivatives positioning suggests smart money is front-running a valuation re-rating ahead of the SK Hynix liquidity event.

The fundamentals support this institutional accumulation. Micron's trailing P/E ratio currently sits at 22, but its forward P/E compresses dramatically to 14. Those forward multiples signal anticipated earnings growth, heavily supported by recent quarterly performance. Micron just reported earnings per share of $25.11, beating consensus estimates by $3.72. Operating with net margins of 55.91% and a virtually nonexistent debt-to-equity ratio of 0.05, Micron's balance sheet is uniquely positioned to absorb the $250 billion expansion without destructive shareholder dilution.

Building Your Portfolio Around the Reshoring Trade

Semiconductors are no longer just technology products; they are critical sovereign assets. By aggressively reshoring its manufacturing footprint, Micron has recognized the vulnerability of its globalized memory supply chain and deployed a quarter-trillion-dollar solution.

As SK Hynix attempts to absorb $28 billion in capital to defend its incumbent status, the market is actively recalculating risk. Micron's accelerating HBM4 yields and domestic moat render offshore memory operators structurally vulnerable.

Investors looking to capitalize on this U.S. infrastructure buildout might consider adding Micron to their watchlists. As the AI memory supercycle continues to tighten global capacity and supply, companies that command physical supply chain security are uniquely positioned to dictate market pricing and capture dominant market share.

The article " Micron's $250 Billion Bet Could Reshape the AI Memory Race " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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亚马逊GPU涨价强化Nebius替代叙事

重要性3/5 中

直接关联NBIS的定价环境，但时效稍弱，潜在受益尚未获得合同或经营数据验证。

标签

标的：`NBIS`来源：Insider Monkey发布日期：2026-07-10重要性：3/5 中评级理由：直接关联NBIS的定价环境，但时效稍弱，潜在受益尚未获得合同或经营数据验证。评级依据：competitive_relevance, stale_context, limited_evidence原文字数：381

中文摘要

核心结论

法国巴黎银行分析师认为，亚马逊GPU（图形处理器）预留服务提价20%有利于Nebius（NBIS）争取寻求低成本方案的企业客户。分析师仍给予中性评级，原因之一是文章称NBIS年内已上涨超过345%。

重要性评级

评级：3/5（中）

文章直接讨论NBIS定价环境和竞争位置，但发布时间早于本批次多篇材料，且主要依赖单一分析师判断与二手转述。

关键事实

法国巴黎银行分析师Stefan Slowinski于07/02（未给出具体时刻）受到文中引用，并给予NBIS中性评级。
文章称NBIS当年累计上涨超过345%。
亚马逊据称将GPU预留服务价格提高20%。
分析师认为计算需求仍强，并引用SpaceX与谷歌、Anthropic的近期基础设施交易作为依据。
分析师称Nebius的AI（人工智能）云技术栈适合支持企业微调开源模型，可作为高价前沿模型的低成本替代。
Meta进入云计算市场被列为分析师关注NBIS的背景之一。

作者观点与证据

文章转述分析师观点：行业提价可能提高Nebius的相对价格吸引力，同时高涨幅限制估值空间。亚马逊提价向NBIS客户转化的幅度、客户赢单和利润率改善均未提供数据证明。

与相关标的的关系

NBIS为直接标的，亚马逊、谷歌、Meta和SpaceX构成需求与竞争背景。原文没有给出Nebius与这些主体新增合同的直接证据。

时效性与限制

发布于美东时间 07/10 09:54（UTC+8 07/10 21:54），较07/15日报观察时点已有数日。文章标题强调潜在受益，正文仍保留分析师中性评级，且夹有其他股票推广。

后续跟踪

亚马逊20%提价的适用产品和期限
Nebius实际价格与客户获取变化
开源模型客户的算力使用增长
NBIS估值与收入增速的匹配情况

英文原文

Here’s Why Analysts Think Nebius (NBIS) Could Benefit From Amazon’s GPU Price Increase

Jabran Kundi

Fri, July 10, 2026 at 9:54 PM GMT+8 2 min read

NBIS

-7.80%

Nebius Group NV (NASDAQ: NBIS ) is one of the 10 Best AI Stocks to Watch in July . On July 2, Nebius Group NV (NASDAQ:NBIS) received some analyst attention on Wall Street as a result of Meta's entry into the cloud computing business. Stefan Slowinski of BNP Paribas has a Neutral rating on the stock, partly because Nebius' stock has already risen over 345% this year so far.

Nebius Group NV (NASDAQ:NBIS) is one of the 10 Best AI Stocks to Watch in July While he thinks the stock has run its course, the company's business is expected to stay strong. He believes the company's pricing power will remain intact and cited SpaceX's recent deals with Google and Anthropic as evidence that the demand for compute continues to stay strong. In his note to investors, Slowinski said:

"Near term, we continue to find the pricing environment supportive, evidenced in part by SpaceX's recent AI infrastructure deals with Anthropic and Google."

On the subject of strong demand, the analyst also pointed out that Amazon's recent 20% price increase for GPU reservation service would benefit NeoClouds like Nebius. Enterprises continue to look for cheaper alternatives, and Nebius provides exactly that through its open-source models. This factor, he believes, could be the catalyst for NBIS' next rally, if that materializes:

"In this regard, Nebius screens relatively well as its AI cloud stack appears better positioned to support fine-tuned open-source models for enterprise customers seeking cheaper alternatives to frontier models."

Nebius Group NV (NASDAQ:NBIS) is a technology company that provides infrastructure and services to AI builders worldwide. It offers Nebius AI, an AI-centric cloud platform that provides full-stack infrastructure, including large-scale GPU clusters, cloud services, and developer tools.

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 .

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台积电财报前的增长预期

重要性4/5 中高

临近台积电财报，月度收入和公司指引对半导体链有较强参考价值，并可用于观察GFS的竞争位置。

标签

标的：`GFS`来源：24/7 Wall St.发布日期：2026-07-10重要性：4/5 中高评级理由：临近台积电财报，月度收入和公司指引对半导体链有较强参考价值，并可用于观察GFS的竞争位置。评级依据：event_imminence, company_guidance原文字数：687

中文摘要

核心结论

文章预期台积电07/16（未给出具体时刻）业绩将受30%以上收入增长、先进制程份额和高毛利率支撑，并给出514.04美元基准目标价。判断大量依赖预测市场概率与媒体估值，财报公布前仍需核对实际收入、毛利率和资本开支指引。

重要性评级

评级：4/5（中高）

台积电财报临近，对半导体代工和GFS竞争格局具有较强时效性；部分数字来自公司月度收入和指引，但目标价及概率并非公司事实。

关键事实

文章发布于美东时间 07/10 08:30（UTC+8 07/10 20:30），早于07/16（未给出具体时刻）计划中的财报。
2026年5月合并收入4169.8亿新台币，同比增长30.1%；前五个月累计收入1.96万亿新台币，同比增长30.0%。
公司指引第二季度收入390亿至402亿美元，毛利率65.5%至67.5%。
预测市场给出超越市场预期94.5%的概率，第二季度收入超过390亿美元的概率为84%。
2026年资本开支计划为520亿至560亿美元。
2026年第一季度毛利率66.2%，7纳米及以下制程贡献74%的晶圆收入。
高性能计算贡献第一季度收入的61%，环比增长20%。
文章称台积电已于2025年第四季度进入2纳米量产；GFS在12纳米以下先进制程竞争中能力有限。

作者观点与证据

作者看好台积电财报前景，依据包括已公布的月度收入、管理层指引、先进制程组合和现金流。514.04美元目标价、15.81%空间及预测市场概率属于外部判断；文章还使用面向投资者的促销语气，需与正式财报分开看待。

与相关标的的关系

TSM是直接主体。GFS和Intel被用作代工竞争对手，GFS在成熟制程具备不同定位，文章未证明台积电当季增长会直接转化为GFS的份额变化。NVDA代表先进制程和人工智能加速器需求。

后续跟踪

第二季度实际收入及65.5%至67.5%毛利率指引兑现度。
2纳米良率、客户导入和产能爬坡。
520亿至560亿美元资本开支的地域与制程分配。
GFS成熟制程订单与定价变化。

英文原文

Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

Joel South

Fri, July 10, 2026 at 8:30 PM GMT+8 3 min read

2330.TW

+1.03%

-0.86%

NVDA

+4.06%

-0.28%

INTC

+4.50%

Quick Read

Prediction markets give TSM a 94.5% chance of beating Q2 consensus, with 17 Wall Street buy ratings, zero sells, and a base-case price target implying 16% upside.

TSM already runs 2nm high-volume production while Intel Foundry posts operating losses and GlobalFoundries cannot compete above 12nm for AI accelerators.

TSM's Q4 free cash flow surged 43% year-over-year, funding a $54 billion 2026 capex plan while Q1 gross margins expanded 390 basis points sequentially.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) presents one of the cleanest large-cap setups heading into next Thursday's earnings report, and the setup gives retirement-focused investors a rare combination of visible earnings momentum, guided margin expansion and a valuation the growth rate already outruns.

24/7 Wall St

The Setup Into July 16

Monthly filings have already de-risked the earnings report. May 2026 consolidated revenue hit NT$416.98 billion, up 30.1% year-over-year, with Jan-May cumulative revenue of NT$1.96 trillion, up 30.0%. Management guided Q2 2026 revenue to $39.0 to $40.2 billion (32% YoY at midpoint) with gross margin at 65.5% to 67.5%. Polymarket traders assign a 94.5% probability that TSM beats consensus, and an 84% probability of Q2 revenue above $39 billion.

Valuation the Growth Rate Outruns

TSM trades at a 37x P/E against a forward EPS of $14.49, while the business runs 30%+ revenue growth and a Q1 gross margin of 66.2%. CEO C.C. Wei has guided full-year 2026 growth "above 30%" in USD, and the AI accelerator CAGR through 2029 is tracking in the higher 50s. The 247 base case sits at $514.04, or 15.81% upside, with the bull case at $536.23. Wall Street backs it up: 17 buy ratings against 2 holds and zero sells.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

The Cash Machine Funds Itself

TSM Analyst Ratings — 24/7 Wall St. Q4 2025 free cash flow of NT$368.6 billion, +42.73% YoY, comfortably funds the aggressive $52 to $56 billion 2026 capex plan while margins keep expanding. Q4 gross margin of 62.3% blew past the 59% to 61% guide, and Q1 delivered a 390 bps sequential jump. TSM lifted the quarterly dividend to NT$6.00 for Q3 2025, with management reiterating a "sustainable and steadily increasing cash dividend per share" policy. For retirement investors reviewing income durability, our dividend ladder research pairs naturally with TSM's cash generation profile.

Story Continues

Head to Head: TSM Owns the Leading Edge

TSM Price Scenario — 24/7 Wall St. The obvious foundry alternative is Intel ( NASDAQ:INTC ) . TSM entered 2-nanometer high-volume manufacturing in Q4 2025 with good yield, running 74% of Q1 2026 wafer revenue on 7nm and below (36% from N5, 25% from N3). Intel Foundry lacks an external leading-edge customer base at anything close to that scale, and the segment continues to post operating losses.

GlobalFoundries ( NASDAQ:GFS ) tops out above 12nm, ceding the entire AI accelerator opportunity by design. HPC drove 61% of Q1 2026 revenue, up 20% sequentially. Wei's own words on the moat: "It takes 2 to 3 years to build a new fab. And it takes another 1 to 2 years to ramp it up."

TSM has already gained nearly 37% year to date, and the setup into Thursday says the run continues. The setup argues for accumulation ahead of the July 16 open.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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Meta自研芯片行情快速退潮

重要性3/5 中

Meta自研芯片和设备市场预测有行业价值，但行情已过时且标的映射存在明显疑点。

标签

标的：`APLD`来源：Stocktwits发布日期：2026-07-10重要性：3/5 中评级理由：Meta自研芯片和设备市场预测有行业价值，但行情已过时且标的映射存在明显疑点。评级依据：关联LRCX与KLAC, Meta自研芯片线索, 长期市场预测, 时效滞后且ticker存疑原文字数：517

中文摘要

核心结论

Meta加快自研人工智能芯片的报道先推动晶圆制造设备股上涨，随后相关股票在盘前回吐部分涨幅。长期设备市场预测偏强，但单日回撤主要反映前一交易日行情降温，且原文对Applied Digital与Applied Materials存在名称或ticker混用风险。

重要性评级

评级：3/5（中）

Meta自研芯片和设备市场规模预测具有产业意义，但文章发布距采集约五天，盘前行情已经过时，标的映射也需要核验。

关键事实

美东时间07/10 05:25（UTC+8 07/10 17:25）发布时，Lam Research（泛林集团，LRCX）和KLA（科磊，KLAC）盘前各跌2.4%，APLD跌近1%。
前一交易日三者分别上涨约6%、3.8%和2.7%。
路透社据称看到Meta内部备忘录：代号Iris的新人工智能芯片计划从9月开始制造。
Meta计划下一年把总计算能力提升至14吉瓦。
Iris属于MTIA（Meta训练与推理加速器）四代项目的一部分，由Meta内部设计。
Meta与Broadcom（博通）合作设计定制芯片，并由台积电负责制造。
花旗估计晶圆厂设备市场将从当前1,450亿美元增至2027年的2,000亿美元和2028年的2,500亿美元。
文章称LRCX、KLAC和APLD年内均上涨超过90%。

作者观点与证据

文章把盘前下跌解释为Meta消息带来的前一日上涨行情消退。Meta备忘录和花旗预测提供产业背景，但盘前价格变化不能单独证明基本面预期逆转。Stocktwits（投资者社交平台）情绪仅反映其用户样本。

与相关标的的关系

LRCX和KLAC直接受晶圆制造资本开支影响；META是自研芯片需求主体。正文一处写Applied Digital（APLD），另一处写Applied Materials（应用材料，通常代码AMAT），标的对应关系不一致，因此APLD的设备链关联不能直接采信。

时效性与限制

盘前价格和社交情绪均为07/10的短时快照，至07/15已明显滞后。Iris投产时间、晶圆代工订单量及设备采购金额未披露。

后续跟踪

Meta对Iris量产和14吉瓦目标的正式确认。
台积电相关资本开支及设备订单。
LRCX和KLAC订单与收入指引。
APLD与AMAT名称混用的来源更正。

英文原文

LRCX, APLD, KLAC: Why Chip Equipment Stocks Are Falling Premarket Today

LRCX, APLD, KLAC: Why Chip Equipment Stocks Are Falling Premarket Today · Stocktwits

Yuvraj Malik

Fri, July 10, 2026 at 5:25 PM GMT+8 2 min read

LRCX

KLAC

META

APLD

Lam Research and KLA Corp stocks declined 2.4% each, while Applied Digital shares fell nearly 1%.

Citi estimates that the wafer fab market will grow from $145 billion currently to $200 billion in 2027 and $250 billion in 2028.

Retail sentiment was 'bearish' for LRCX and KLA, and 'neutral' for APLD.

Shares of leading chip equipment makers pulled back in early premarket trading on Friday, giving back a portion of the previous session's gains after reports that Meta Platforms Inc. was accelerating its custom chip program sparked a rally that appears to have run its course.

Lam Research and KLA each declined 2.4%, while Applied Digital fell nearly 1% — retracing part of the 6%, 3.8%, and 2.7% gains they posted respectively on Thursday.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Reuters reported that Meta plans to begin manufacturing a new AI chip, codenamed "Iris," from September, as part of a broader plan to boost its total computing capacity to 14 gigawatts next year, according to an internal memo reviewed by the agency.

Investors initially read the news as a bullish signal for chip equipment makers — the companies that supply the wafer fabrication tools used to turn raw silicon into microchips — and piled into Lam Research, KLA, and Applied Materials. By Friday morning, however, that momentum had faded.

Citi estimates the wafer fab equipment market will grow from $145 billion today to $200 billion in 2027 and $250 billion in 2028, a second-order effect of the rapid expansion in chip production. Year-to-date, LRCX, KLA, and APLD have each risen more than 90%.

On Stocktwits, retail sentiment was 'bearish' for LRCX and KLA, and 'neutral' for APLD.

Hyperscales Targeting Custom Chips

Meta is designing custom chips in partnership with Broadcom, with production handled by Taiwan Semiconductor Manufacturing.

The forthcoming Iris chip is part of a four-generation project for Meta Training and Inference Accelerators (MTIA) that Meta will design in-house.

Major cloud players such as Alphabet and Amazon have pursued a similar strategy for years, using custom chips to lower costs and reduce their dependence on suppliers like Nvidia.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Arthur Hayes Predicts $1M For Bitcoin And Warns AI Bubble Is 'Bigger Than Subprime'

Arthur Hayes Predicts $1 Million Bitcoin, Says AI Bubble Collapse Will Be 'Bigger Than Subprime'

Bitcoin Is The Hardest Hurdle Rate To Beat, Says Strive CEO Matt Cole, And 'Cash Is Almost Irresponsible'

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Circle宣布获得设立国家信托银行的最终OCC批准

重要性未评级

标签

标的：`CRCL`来源：Circle Internet Group发布日期：2026-07-10重要性：未评级

中文摘要

Circle 宣布获得 OCC 最终批准，可设立 Circle National Trust。
银行开业时将为 Circle 及其关联方提供受托数字资产托管。
面向有限机构客户的直接托管和 USDC 储备管理均被描述为未来可能提供的能力。

英文原文

Circle Receives Final OCC Approval to Establish National Trust Bank

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

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IEA 2026年7月石油市场报告

重要性未评级

标签

标的：`BZ=F`, `CL=F`来源：International Energy Agency发布日期：2026-07-10重要性：未评级

中文摘要

IEA称2026年6月全球石油供应环比回升410万桶/日至9880万桶/日，但仍较战前水平低940万桶/日。
IEA预计2026年全球石油需求下降100万桶/日，2027年增长200万桶/日。
IEA称6月全球可观察库存增加2100万桶，OECD库存减少6200万桶，其中估计4400万桶来自政府库存释放。
报告指出其预测依赖霍尔木兹海峡运输逐步恢复等条件。

英文原文

Oil Market Report — July 2026

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

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Analysts reveal investors are underestimating Bitcoin miners

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`APLD`来源：TheStreet发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：455

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

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

+3.27%

APLD

-1.28%

WULF

-7.08%

CIFR

-1.07%

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

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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.

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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`GFS`来源：24/7 Wall St.发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：885

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

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

SAAQ.PVT

NVDA

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.

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Direxion Daily Semiconductor Bull 3X ETF Explodes

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标的：`SOXL`来源：Motley Fool发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：628

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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

+0.90%

+4.92%

NVDA

+4.06%

SOXL

+6.83%

6488.TWO

-3.96%

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.

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?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

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 $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 !

See the 10 stocks »

*Stock Advisor returns as of July 9, 2026.

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

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Memory Stock Surge Sets Stage for SK Hynix's U.S. Trading Debut

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标的：`DRAM`来源：Barrons.com发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：114

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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

+13.12%

SNDK

+5.01%

^GSPC

+0.38%

+4.92%

DRAM

+6.86%

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.

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GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

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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

+4.92%

-0.86%

6488.TWO

-3.96%

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

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MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

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标的：`USAR`来源：Simply Wall St.发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：897

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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

+2.61%

USAR

+5.69%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

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.

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

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Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

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标的：`USAR`来源：Bloomberg发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1327

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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

+5.69%

METCZ

+0.14%

+2.61%

ARA.TO

+2.42%

(Bloomberg) -- Jack Lifton first retired from the mining industry more than a quarter century ago. These days, at 86, he's busier than ever.

1 Mid-Cap Stock on Our Watchlist and 2 We Ignore

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标的：`APLD`来源：StockStory发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：651

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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

-0.92%

CAVA

-3.54%

APLD

-1.28%

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 .

High-Quality Stocks for All Market Conditions

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 .

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New Memory ETFs Line Up to Challenge Runaway DRAM

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标的：`DRAM`, `KMEM`来源：etf.com发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1306

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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

+13.12%

KMEM

+8.15%

HBMX

+5.07%

DRAM

+6.86%

005930.KS

+7.78%

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.

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The $2 trillion chip sell-off hits a make-or-break level: Chart of the Day

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标的：`DRAM`来源：Yahoo Finance发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：446

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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

+2.50%

SOXX

+2.58%

DRAM

+6.86%

^SOX

+2.54%

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

Read the latest financial and business news from Yahoo Finance

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Why Penguin Solutions May Be the Smartest AI Infrastructure Stock

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标的：`APLD`来源：MarketBeat发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：997

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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

+0.76%

IREN

-1.00%

APLD

-1.28%

NBIS

-7.80%

forecast

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.

→ PriceSmart Stock Eyes $220 as Chile Expansion Fuels Growth

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.

→ PepsiCo's Dividend Could Turn Patience Into Real Profit

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.

→ MarketBeat Week in Review – 07/06 - 07/10

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 .

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

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标的：`GFS`来源：Zacks发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：995

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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

+1.24%

^GSPC

+0.38%

-0.28%

-0.86%

+3.72%

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

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

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标的：`USAR`来源：Stocktwits发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：985

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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

+5.69%

CRML

+6.44%

ALOY

-2.71%

EFR.TO

+0.59%

GLND

-2.73%

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.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

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 .

ALHC Stock Clocks Worst Day In Over 2 Years On Whistleblower Financial Manipulation Allegation

BE Stock Drops 6% After Short Seller Flags Supply Chain Snag On Chinese Overreliance; Bloom Energy Says "Will Correct Record"

TSLA Stock Slips: Tesla's AI Chief Confirms Voice Commands For FSD Under Works

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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

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标的：`SOXL`来源：Motley Fool发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：635

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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

Rich Smith, The Motley Fool

July 8, 2026 3 min read

^IXIC

+0.90%

005930.KS

+7.78%

SOXL

+6.83%

NVDA

+4.06%

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.

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?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

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 !

See the 10 stocks »

*Stock Advisor returns as of July 7, 2026.

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

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：918

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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

July 8, 2026 5 min read

2330.TW

+1.03%

NVDA

+4.06%

+2.57%

-0.28%

+4.10%

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.

It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)

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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EIA 2026年7月短期能源展望

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标的：`BZ=F`, `CL=F`来源：U.S. Energy Information Administration发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1220

中文摘要

EIA的2026年7月STEO于7月7日发布，但模型与分析在7月1日完成。
EIA预计全球原油产量和贸易流将在2026年底前恢复至接近冲突前水平，多数停产产能将在2027年第一季度前恢复。
EIA称2026年6月Brent现货均价为每桶85美元，较5月下降22美元。

英文原文

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

&lsaquo; Analysis & Projections

Short-Term Energy Outlook

Release Date: July 7, 2026 |

Forecast Completed: July 1, 2026 |

Next Release Date: August 11, 2026

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On June 18, the United States and Iran signed a memorandum of understanding (MOU) to end the conflict and open the Strait of Hormuz, which had been effectively closed since February 28 when the conflict began. The closure of the strait, a major world oil transit chokepoint , significantly disrupted global oil flows resulting in oil price volatility. The Brent crude oil spot price averaged $85 per barrel (b) in June, $22/b lower than the average in May. Daily Brent crude oil spot prices have since fallen even further, dropping below $70/b on July 1, similar to where prices were when the conflict began in late February.

Following the signing of the MOU, reports indicate a significant uptick in tanker traffic moving through the region to both load and deliver crude oil and petroleum products. The increase in oil flows through the strait has been a primary driver of downward pressure on oil prices in recent weeks.

The ability of global oil markets to adjust trade flows and swiftly reduce oil demand exceeded our expectations in earlier STEO forecasts. Most of this demand reduction occurred in Asia, where countries were most reliant on imports of crude oil from the Middle East. Other factors that helped moderate oil prices include the ability of some Persian Gulf oil producers to reroute supplies around the Strait of Hormuz, increased exports from crude oil producers outside of the Middle East (primarily in North and South America), and the release of strategic stocks from reserves in the United States and some OECD countries.

With the resumption of oil flows, we anticipate fewer disruptions to Middle East crude oil production than in our last forecast. We assess that production shut-ins averaged 8.3 million barrels per day (b/d) in June after peaking at 11.2 million b/d in May. We now expect most crude oil production and trade patterns to return to near pre-conflict levels by the end of this year, with an average of 1.4 million b/d of supply still shut-in in 4Q26 and the majority of shut-in crude oil production to be back online in 1Q27.

Despite rising oil production and exports from the Middle East in the coming months, it will take time to replenish considerably reduced global oil inventories and for production in the region to fully recover. We estimate that global oil inventories fell by an average of 5.1 million b/d in 2Q26 and will fall by an additional 2.2 million b/d in 3Q26. Inventory draws continue in 3Q26 because much of the increased tanker traffic is made up of previously stranded oil tankers both inside and outside of the strait.

After this initial adjustment period, which will last for much of 3Q26, we expect that oil markets will return to the pre-conflict state of oversupply. We forecast oil inventories will build by an average of 2.7 million b/d in 4Q26 and 5.0 million b/d in 2027. As supply grows faster than consumption, we expect downward pressure on oil prices for the remainder of our STEO forecast. We expect that Brent crude oil prices will fall from an average of $103/b in 2Q26 to $70/b in 4Q26, which is $19/b lower than in our June STEO. Brent prices in our forecast average $65/b in 2027, $15/b lower than in our June STEO. Restocking strategic and commercial reserves will attenuate this decline in price.

Global oil consumption

We assess that high fuel prices during the conflict, fuel shortages, and government efforts to curtail fuel use have reduced oil demand in recent months, which has helped limit global oil inventory draws despite the loss of supply.

Although timely data on oil demand are limited, particularly for countries in Asia that have been the most affected by the closure of the Strait of Hormuz, indicators of liquid fuel consumption from organizations including the IEA, foreign governments, and other sources show that it has fallen significantly. We forecast that global oil consumption will decrease by an average of 1.2 million b/d in 2026, with 0.8 million b/d of this decrease coming from non-OECD countries. We assume, however, that oil demand will rebound next year once prices drop and supply flows fully return, with oil consumption growing by 2.0 million b/d in 2027 to 104.8 million b/d, 0.8 million b/d above the average in 2025.

Global Petroleum and Other Liquids

2024 2025 2026 projected 2027 projected

Brent crude oil spot price

(dollars per barrel)

81 69 82 65

Global liquid fuels production

(million barrels per day)

103.1 106.1 101.9 109.8

OPEC liquid fuels production

(million barrels per day)

28.4 29.3 25.1 29.9

Non-OPEC liquid fuels production

(million barrels per day)

74.6 76.8 76.8 79.9

Global liquid fuels consumption

(million barrels per day)

102.8 104.0 102.8 104.8

Global GDP

(percentage change)

3.3 3.4 2.9 3.4

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Top-Performing ETF Areas of 1H 2026

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标的：`PSI`来源：Zacks发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：891

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英文原文

Top-Performing ETF Areas of 1H 2026

Sanghamitra Saha

July 2, 2026 4 min read

^GSPC

+0.38%

^IXIC

+0.90%

+2.36%

BWET

+21.99%

+4.10%

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.

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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).

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Best Performing ETFs of 2026

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标的：`PSI`来源：etf.com发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1243

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英文原文

Best Performing ETFs of 2026

Sumit Roy

July 2, 2026 6 min read

+0.38%

+1.12%

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%

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SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing

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标的：`SOXL`来源：24/7 Wall St.发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：732

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英文原文

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

+6.83%

+2.51%

SOXX

+2.58%

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.

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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.

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Applied Digital 交付 Polaris Forge 1 第二栋楼第一阶段

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标的：`APLD`来源：Applied Digital发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1207

中文摘要

Applied Digital 宣布 Polaris Forge 1 二号楼第一阶段达到 Ready for Service，新增 75MW 运营容量，园区已投运容量达到 175MW。
公司称园区完全建成后长期租约覆盖的关键 IT 负载为 400MW。
公告同时列出后续施工、融资、主要客户依赖、电力供应和资本市场条件等风险。

英文原文

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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标的：`KMEM`来源：Business Wire发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：729

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英文原文

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

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+8.00%

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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

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

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标的：`FTXL`来源：Zacks发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1034

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英文原文

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

+4.92%

+2.57%

INTC

+4.50%

FTXL

+2.84%

SHOC

+3.55%

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).

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GlobalFoundries 公布 2026 年第二季度业绩会安排

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标的：`GFS`来源：GlobalFoundries发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：255

中文摘要

GlobalFoundries 将在 2026 年 8 月 5 日美东时间 08:30 举行第二季度业绩电话会，财务结果将在电话会前发布。

英文原文

GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc.

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GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results

July 1, 2026

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MALTA, N.Y., July 01, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Wednesday, August 5, 2026, at 8:30 a.m. ET following the release of the company’s second quarter 2026 financial results.

Conference Call and Webcast Information

The company will host a conference call with the financial community on Wednesday, August 5, 2026, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here .

The company’s financial results and a webcast of the conference call will be available on GlobalFoundries’ Investor Relations website at https://investors.gf.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 .

© 2026 GlobalFoundries Inc. GF®, GlobalFoundries®, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners.

For further information, please contact:

ir@gf.com

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Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid

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标的：`SOXL`来源：24/7 Wall St.发布日期：2026-06-30重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：836

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英文原文

Intel, AMD Jump 7% as Chip Stocks Catch a Risk-On Bid

David Moadel

July 1, 2026 4 min read

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INTC

+4.50%

SOXL

+6.83%

AVGO

+1.32%

NVDA

+4.06%

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.

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

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标的：`FTXL`来源：Zacks发布日期：2026-06-26重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：997

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英文原文

The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

Zacks Equity Research

June 26, 2026 5 min read

+4.92%

NOVN.SW

-1.73%

QCOM

-3.20%

+9.50%

CHPX

+1.62%

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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Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

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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

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ETF League Tables: T.Rowe Price Adds $1.1 Billion

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标的：`SOXL`来源：etf.com发布日期：2026-06-25重要性：未评级

中文摘要

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英文原文

ETF League Tables: T.Rowe Price Adds $1.1 Billion

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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

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发布时间早于日报 5 天摘要窗口。

标签

标的：`FTXL`来源：Zacks发布日期：2026-06-25重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：642

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

Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

Sanghamitra Saha

June 26, 2026 3 min read

+4.92%

FTXL

+2.84%

CHPX

+1.62%

+0.01%

+9.50%

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

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

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.

Sturdy Margins

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.

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.

Story Continues

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

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应用材料发布面向DRAM与AI先进封装的新设备

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标的：`AMAT`, `MU`来源：Applied Materials发布日期：2026-06-25重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1376

中文摘要

Applied Materials发布面向DRAM、HBM堆叠和先进封装的外延、CMP、沉积、eBeam量测与缺陷复检系统。
公司称增强版Centura Prime Epi系统占地面积缩小20%，用于提高DRAM晶圆厂工具密度。
公司将存储带宽、容量和能效约束列为推动HBM及3D封装采用的工艺背景。

英文原文

Applied Materials Introduces New Systems to Accelerate DRAM and Advanced Packaging for AI Chips | Applied Materials

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Applied Materials Introduces New Systems to Accelerate DRAM and Advanced Packaging for AI Chips

Jun 25, 2026 at 9:00 AM EDT

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Innovations spanning DRAM and advanced packaging enable the 3D architectures behind cutting-edge AI chips

A new epitaxy system optimized for DRAM fabs adds a critical logic-class step—boosting memory speed and efficiency while maximizing output within tight fab footprint and supply constraints

New CMP and deposition systems target the most critical advanced packaging steps, delivering higher-yield chip stacking for HBM and logic

New eBeam systems bring wafer-fab-grade metrology and defect review to advanced packaging, optimized to handle the unique challenges these packages present

SANTA CLARA, Calif. , June 25, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc. , the leader in materials engineering for the semiconductor industry, today introduced a suite of new chipmaking systems for building the advanced 3D chip architectures that power next-generation AI.

AI compute is increasingly constrained by memory, as model scale and data movement demands outpace gains in bandwidth, capacity and energy efficiency. This growing “memory wall” is accelerating adoption of advanced packaging architectures, including high bandwidth memory (HBM) and 3D stacking. These technologies deliver step-change improvements in bandwidth and efficiency but introduce new challenges in process complexity. Applied is enabling this transition with a materials engineering portfolio spanning DRAM, advanced packaging and process control, extending its leadership across each domain to help customers bring a new generation of AI chips to production faster and at higher yield.

Enhanced Epitaxy Brings Logic-Class Technology to Next-Generation DRAM

Epitaxy has been used for years in leading-edge logic, where precision growth of a crystalline material in the transistor channel has boosted performance well beyond what geometric scaling alone can deliver. Those same techniques are now becoming critical in DRAM peripheral transistors. Applied pioneered silicon germanium epitaxy in transistor channels more than a decade ago with its Centura™ Prime™ Epi system.

Enhanced Centura™ Prime™ Epi

Applied is now introducing an enhanced Centura™ Prime™ Epi system that selectively grows doped silicon germanium and silicon phosphorous in source/drain regions, combining advanced strain engineering with precise doping control. The result is higher drive current and transistor efficiency, enabling faster, more power-efficient DRAM operation—essential for the bandwidth demands of HBM and next-generation DDR. The new system also features a 20% smaller footprint, enabling higher tool density and faster capacity scaling in DRAM fabs.

“The transistor and materials technologies that drove performance gains in leading-edge logic are now becoming essential in DRAM,” said Dr. Prabu Raja , President of the Semiconductor Products Group at Applied Materials. “As DRAM scales to meet the bandwidth demands of HBM and AI workloads, the distinction between logic and memory process technology is converging. By leveraging our epitaxy leadership in leading-edge logic, Applied is uniquely positioned to drive this transition in DRAM.”

New CMP and Deposition Systems Target the Most Critical Advanced Packaging Steps

In recent years, advanced packaging has become as strategically important to the computing industry as on-chip transistor scaling. Modern AI server chips pack trillions of transistors by integrating multiple dies into a single package. HBM is a leading example of this approach, stacking DRAM chips on top of one another and connecting them with through-silicon vias (TSVs). Applied is the leader in process equipment for advanced packaging, including systems covering the majority of materials engineering steps required to create the TSVs, copper pillars and microbumps that connect stacked dies. Today, Applied is introducing three new systems targeting the most critical advanced packaging process steps.

Opta™ Quad CMP

Leveraging Applied’s leadership position in chemical mechanical planarization (CMP), the Opta™ Quad platform is engineered specifically for advanced packaging, where thicker films, longer polish times and tighter tolerances raise the risk of non-uniformity and yield loss. Opta Quad continuously monitors wafer conditions during polish and dynamically adjusts in real time, improving within-wafer uniformity and total thickness variation control. This is particularly critical for hybrid bonding—an emerging 3D stacking technology in which copper wiring and surrounding dielectrics from two chips are fused together in a single step, requiring near-perfect surface planarity for high-yield results.

Nokota™ VMax™ 2 ECD

As 3D stacks scale, uneven interconnects can leave gaps that prevent reliable contact between layers. Ensuring the TSVs and microbumps are leveled across the entire wafer becomes critical to stacking yield. Nokota™ VMax™ 2 is an electrochemical deposition (ECD) system engineered for high-precision copper plating across a broad range of applications for next-generation packaging, from TSV fill for 3D stacking to fine-pitch interconnects such as microbump formation. Nokota VMax 2 introduces Adaptive Pattern Tuning (APT), which dynamically shapes the electric field to correct for layout-driven variation and improve plating uniformity across the wafer.

Producer™ Avila™ 2 PECVD

To fit more layers into a stack, HBM dies are thinned to roughly 1/25th the thickness of a standard wafer, making them prone to warpage and deformation. These effects compound as layers are added, increasing the risk of bonding failure and yield loss. Producer™ Avila™ 2 is a plasma-enhanced chemical vapor deposition (PECVD) system that improves the mechanical stability of ultra-thin DRAM dies by depositing stress-balanced dielectric films around TSVs, enabling reliable stacking of 12, 16, and future high-layer-count HBM designs. In addition to HBM, the system supports a range of advanced memory and logic integration schemes.

“Advanced packaging has become a primary driver of system-level performance, and the complexity of next-generation 3D architectures demands new levels of precision across every process step,” Raja said. “Applied’s leadership in dielectric CVD, ECD and CMP—combined with deep process integration expertise—gives customers the tools they need to scale 3D stacks reliably and at yield.”

New eBeam Systems Bring Wafer-Fab Process Control to Advanced Packaging

Advanced packaging fabs are encountering defect and metrology challenges once exclusively found in wafer fabs. Feature dimensions have shrunk below the resolution limit of optical inspection tools, and particles that were tolerable with larger bumps now impact yield. A single defect can require scrapping an entire HBM stack, elevating process control to a strategic priority. Applied is extending its eBeam leadership with two new systems specifically designed for advanced packaging—both engineered to handle a wide range of substrate geometries and materials.

VeritySEM™ 7AP CD Metrology

The latest in Applied’s VeritySEM™ portfolio for critical dimension (CD) metrology, VeritySEM™ 7AP enables precise measurement of features on thick, heterogeneous, and highly warped substrates common in HBM and chiplet architectures. VeritySEM AP systems automatically reconfigure to support a range of sizes and materials, while delivering sub-10nm sensitivity—orders of magnitude better than optical tools.

SEMVision™ G7AP Defect Analysis

SEMVision™ is the industry’s leading eBeam defect analysis platform. SEMVision™ G7AP extends Applied’s leadership into advanced packaging, enabling high-resolution defect review and automated classification across silicon, organic, and glass substrates. The system can accelerate yield learning by helping customers quickly distinguish critical defects from nuisance signals. SEMVision G7AP is already in production at leading memory and logic manufacturers supporting high-volume advanced packaging.

“Applied has been at the forefront of eBeam technology for decades,” said Keith Wells , Group Vice President and General Manager of the Imaging and Process Control Group at Applied Materials. “As advanced packaging geometries scale below the resolution limit of optical tools, packaging fabs need eBeam-grade precision to both redetect and classify the defects. In developing the VeritySEM 7AP and SEMVision G7AP tools, Applied is transferring proven wafer fab expertise into packaging—purpose-built for the substrates and defect challenges of 3D architectures.”

A media kit with additional information on the new systems is available on the Applied Materials website . Further details about Applied’s advanced technologies will be provided at the company’s DRAM and Advanced Packaging Master Class being held later today.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com .

Contact:

Ricky Gradwohl (Media) 408.235.4676

Mike Sullivan (Financial Community) 408.986.7977

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Micron公布2026财年第三季度业绩及HBM、SSD进展

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标签

标的：`AMD`, `MU`, `NVDA`来源：Micron Technology发布日期：2026-06-24重要性：未评级原文字数：5

中文摘要

Micron披露2026财年第三季度收入414.56亿美元，GAAP净利润282.43亿美元。
公司称HBM4已面向首个客户平台进行大批量出货，并已向多个终端客户提供认证样品。
HBM4E计划采用1-gamma DRAM，量产时间指向2027年；245TB QLC SSD已经开始出货。

英文原文

Micron Technology, Inc. Reports Record Results for the Third Quarter of Fiscal 2026

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Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

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标的：`PSI`来源：Zacks发布日期：2026-06-18重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：727

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 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

+4.10%

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

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Applied Digital Form 8-K dated June 16, 2026

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标的：`APLD`来源：U.S. Securities and Exchange Commission发布日期：2026-06-16重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1664

中文摘要

APLD 子公司完成 15.9 亿美元、票息 7.000%、2031 年到期的高级担保票据发行。
资金用途包括建设 Polaris Forge 1 第四栋楼的 150MW 关键 IT 负载、偿还过桥贷款、建立偿债储备及支付交易费用。

英文原文

Applied Digital Form 8-K dated June 16, 2026

false

0001144879

2026-06-16

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

DC 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

June

16, 2026

(Date

of earliest event reported)

APPLIED

DIGITAL CORPORATION

(Exact

name of registrant as specified in its charter)

Nevada

001-31968

95-4863690

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

3811

Turtle Creek Boulevard , Suite 2100 , Dallas , Texas

75219

(Address

of principal executive offices)

(Zip

Code)

214 - 427-1704

(Registrant’s

telephone number, including area code)

N/A

(Former

name or former address, if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions ( see General Instruction A.2. below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐

Emerging growth company

an emerging growth company, 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 13(a) of the Exchange Act. ☐

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock

APLD

Nasdaq

Global Select Market

Item

1.01. Entry into a Material Definitive Agreement.

Senior

Secured Notes Offering

General

June 16, 2026, APLD ComputeCo 3 LLC (the “Issuer”), a subsidiary of Applied Digital Corporation (the “Company”

or “Applied Digital”), completed its previously announced private offering of 7.000% Senior Secured Notes due 2031 (the “notes”).

The notes were sold under a purchase agreement, dated as of June 9, 2026, entered into by and among the Issuer, the subsidiary guarantors

party thereto (the “Subsidiary Guarantors”) and Goldman Sachs & Co. LLC (“Goldman Sachs”) as the representative

(the “Representative”) of the several initial purchasers named in Schedule I thereto (the “Initial Purchasers”),

for resale to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933,

as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the

Securities Act. The aggregate principal amount of notes sold in the offering was $1.59 billion.

The

notes were issued at a price equal to 100.000% of their principal amount. The Issuer intends to use the net proceeds from the offering

to (i) fund the construction and associated expenses of 150 megawatts of critical IT load (“ELN-04”) at Polaris Forge 1,

Applied Digital’s AI Factory campus at Ellendale, North Dakota, (ii) repay the aggregate principal balance plus any accrued interest

under the Credit and Guaranty Agreement with Goldman Sachs Bank USA, as administrative agent and as collateral agent and the lenders

party thereto, which was provided as a bridge loan facility, (iii) fund debt service reserves, and (iv) pay transaction expenses.

Indenture

June 16, 2026, the Issuer, APLD HPC Holdings 2 LLC (the direct parent of the Issuer), and the Subsidiary Guarantors entered into an indenture

(the “Indenture”) with respect to the notes with Wilmington Trust, National Association, as trustee (the “Trustee”)

and collateral agent (the “Collateral Agent”). The notes are senior secured obligations of the Issuer and bear interest at

a rate of 7.000% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026.

The notes mature on June 15, 2031, unless earlier redeemed or repurchased in accordance with their terms. The principal amount of the

notes amortize on a semi-annual basis on June 15 and December 15 of each year (each, a “Payment Date”), beginning on the

first Payment Date following the final Commencement Date (as defined in the Indenture) which occurs with respect to all datacenter leases

in effect on the Issue Date (as defined in the Indenture), in amounts set forth in the Indenture. Required amortization is subject to

adjustment in case of partial redemption or repurchase or, in certain circumstances, the issuance of additional notes.

Redemption

or after June 15, 2028, the Issuer may redeem the notes at its option, in whole at any time or in part from time to time, at the redemption

prices set forth in the Indenture. Prior to June 15, 2028, the Issuer may redeem the notes at its option, in whole at any time or in

part from time to time, at a redemption price equal to 100% of the principal amount of the notes redeemed, plus a “make-whole”

premium and accrued and unpaid interest, if any. In addition, prior to June 15, 2028, the Issuer may redeem up to 40% of the aggregate

principal amount of the notes in an amount not to exceed the amount of the proceeds of certain equity offerings, at the redemption price

set forth in the Indenture, plus accrued and unpaid interest.

Certain

Covenants

The

Indenture limits the ability of the Issuer and the Subsidiary Guarantors to, among other things: (i) incur or guarantee additional indebtedness;

(ii) pay dividends or distributions on, or redeem or repurchase, capital stock and make other restricted payments; (iii) make certain

investments; (iv) create or incur liens; (v) consummate certain asset sales; (vi) enter into sale and lease back transactions; (vii)

hold assets or conduct operations unrelated to the operation of the Facilities and certain additional projects; (viii) engage in certain

transactions with its affiliates; and (ix) merge, consolidate or transfer or sell all or substantially all of its assets. These covenants

are subject to a number of important qualifications and exceptions as set forth in the Indenture. Additionally, upon the occurrence of

specified change of control events, the Issuer must offer to repurchase the notes at 101% of the principal amount, plus accrued and unpaid

interest, if any, to, but excluding, the purchase date. The Indenture also provides for customary events of default.

The

foregoing description of the Indenture and the notes does not purport to be complete and is qualified in its entirety by reference to

the full text of the Indenture (and the form of note included therein), a copy of which is filed with this Current Report on Form 8-K

as Exhibits 4.1 and 4.2 hereto and is hereby incorporated herein by reference.

Completion

Guarantee

The

Company has provided a customary completion guarantee with respect to each Project (as defined in the Indenture) related to the Facilities,

which requires the Company to provide the Issuer funds as necessary to ensure the completion of the Construction Period (as defined in

the Indenture) and, to the extent applicable under any respective datacenter lease, the occurrence of the Phase 1 Commencement Date under

and as defined in such datacenter lease prior to the applicable Outside Completion Date (as defined in such datacenter lease) subject

to any applicable extensions to such date pursuant to such datacenter lease, in the event that the proceeds of the notes and the available

funds (including previous equity contributions from the Company) are insufficient to do so.

Item

2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The

information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Forward

Looking Statements

Statements

in this Current Report on Form 8-K about future expectations, plans, and prospects, as well as any other statements regarding matters

that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation

Reform Act of 1995. These statements include, but are not limited to, the anticipated use of any proceeds from the offering, and the

terms of the notes. The words “anticipate,” “believe,” “continue,” “could,” “estimate,”

“expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,”

“should,” “target,” “will,” “would,” and similar expressions are intended to identify

forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially

from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to

market conditions, the other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form

10-K filed with the Securities and Exchange Commission (the “SEC”) on July 30, 2025 and the risks described in other filings

that the Company may make from time to time with the SEC. Any forward-looking statements contained in this Current Report on Form 8-K

speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether

as a result of new information, future events, or otherwise, except to the extent required by applicable law.

Item

9.01. Financial Statements and Exhibits.

(d)

Exhibits .

Exhibit

No.

Description

4.1

Indenture, dated as of June 16, 2026, among APLD ComputeCo 3 LLC, APLD HPC Holdings 2 LLC, the Subsidiary Guarantors as defined therein and Wilmington Trust, National Association, as trustee and collateral agent, relating to the 7.000% senior secured notes.

4.2

Form of Note representing the 7.000% Senior Secured Notes due 2031 (included as Exhibit A to Exhibit 4.1).

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Date:

June 16, 2026

APPLIED

DIGITAL CORPORATION

By:

/s/

Saidal Mohmand

Name:

Saidal

Mohmand

Title:

Chief

Financial Officer

打开原文

Coherent 签署最高 5000 万美元 CHIPS 资助意向书

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`COHR`来源：Coherent发布日期：2026-06-16重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：839

中文摘要

Coherent 签署意向书，拟获得最高 5000 万美元 CHIPS Act 直接资助，用于扩建得州 Sherman 的 6 英寸 InP 制造设施。
公司计划将生产空间扩大一倍、晶圆产能提高至原来的四倍。
该资助仍是 letter of intent，公告未表述为最终拨款到账。

英文原文

Coherent Announces a CHIPS Letter of Intent for $50 Million

6/16/2026

For Immediate Release

Coherent Announces a CHIPS Letter of Intent for $50 Million to Expand World-Leading Manufacturing Facility for AI Infrastructure

Proposed award will support new manufacturing jobs and expanded American production of critical optical networking technologies that power next-generation AI datacenters

SHERMAN, TEXAS, June 16, 2026 – Coherent Corp. (NYSE: COHR), the global photonics leader, today announced it has signed a letter of intent to receive up to $50 million in direct funding under the CHIPS and Science Act from the U.S. Department of Commerce to expand its world-leading 6-inch Indium Phosphide (InP) semiconductor manufacturing facility in Sherman, Texas.

The investment will support growing demand for optical networking technologies that power AI datacenters and further strengthen Coherent’s longstanding and recently expanded partnership with NVIDIA. At project completion, the Sherman site is expected to create more than 1,000 jobs, including more than 550 direct advanced manufacturing, engineering, and technical roles. The expansion will double manufacturing production space and quadruple wafer production capacity, significantly increasing domestic production of critical AI-enabling technologies and reinforcing American leadership in the technologies that power the AI economy.

The CHIPS award builds upon approximately $20 million in support previously provided through the Texas Semiconductor Innovation Fund and the Sherman Economic Development Corporation.

The announcement coincides with a groundbreaking ceremony to be held later today with NVIDIA, federal and state officials, and local community leaders at Coherent’s Sherman facility. Together, the proposed CHIPS investment, NVIDIA partnership, and Sherman expansion underscore the increasingly vital role of photonics innovation in enabling AI infrastructure, advanced manufacturing, and American technology leadership.

“AI is transforming our world and driving a new era of American manufacturing to build the infrastructure that will power the AI datacenters of the future,” said Jim Anderson, Chief Executive Officer of Coherent. “Semiconductor photonic devices are essential building blocks of AI infrastructure, enabling the high-speed connectivity required to move unprecedented amounts of data between processors, memory, and systems. This investment expands America’s capacity to manufacture critical AI-enabling technologies, creates high-value jobs, and reinforces U.S. leadership in advanced manufacturing, photonics, and innovation. We thank our partners at NVIDIA, Secretary Lutnick, Bill Frauenhofer and the CHIPS Program Office team, Governor Abbott, Adriana Cruz and the Texas Semiconductor Innovation Fund, and Kent Sharp and the Sherman Economic Development Corporation for their continued support as we invest in expanded capacity and future growth.”

Expanding the Foundation of AI Infrastructure

Coherent’s Sherman facility manufactures photonic devices based on InP, a specialized semiconductor material used to create high-performance optical networking components that power modern AI systems.

The site is home to the world’s first and largest volume-production 6-inch InP manufacturing platform, providing the scale needed to support rapidly growing demand for AI-driven optical interconnect technologies. As AI workloads continue to scale, these technologies are becoming increasingly critical to overcoming data movement bottlenecks and enabling higher-performance, more energy-efficient computing architectures.

The expansion will add advanced wafer fabrication equipment and cleanroom capacity to increase production of InP-based photonic devices at scale, reinforcing Sherman’s position as one of the world’s leading centers for optical networking innovation and production.

Strengthening U.S. Manufacturing Leadership

Coherent’s expansion will strengthen domestic supply chain resilience and expand U.S.-based manufacturing capacity for strategically important semiconductor and photonics technologies.

“Indium phosphide photonics are essential for enabling high-speed data transmission within AI systems, telecommunications, and advanced networks,” said Bill Frauenhofer, Executive Director for Semiconductor Investment and Innovation at the Department of Commerce. “The CHIPS incentives will expand production capability, strengthen the U.S. semiconductor supply chain, and accelerate the next generation of critical optical technologies.”

Partnership Driving Future Growth

Coherent and NVIDIA have worked together for more than two decades to advance technologies that support increasingly demanding compute and networking architectures. The Sherman expansion reflects the growing importance of American manufacturing capacity, resilient supply chains, and photonics innovation as AI systems continue to scale.

“AI factories are the infrastructure of the new industrial revolution. Connecting millions of GPUs into one thinking machine requires optical technology built for scale, speed, and energy efficiency," said Jensen Huang, founder and CEO of NVIDIA. "Coherent has been an important NVIDIA partner for more than two decades, and its expanded InP manufacturing in Texas will help strengthen the U.S. supply chain for the AI infrastructure the world is racing to build."

Together, the proposed CHIPS award, NVIDIA partnership, and Sherman expansion position Coherent to help meet accelerating demand for AI infrastructure while strengthening America’s role in the global supply chain for advanced photonics, optical networking, and next-generation computing technologies.

About Coherent

Coherent is the global photonics leader. We harness photons to drive innovation. Industry leaders in the datacenter, communications, and industrial markets rely on Coherent’s world leading technology to fuel their own innovation and growth. Founded in 1971 and operating in more than 20 countries, Coherent brings the industry’s broadest, deepest technology stack; unmatched supply chain resilience; and global scale to help its customers solve their toughest technology challenges. For more information, please visit us at coherent.com.

Media Contact

Stacey Keegan

Vice President, Corporate Communications

stacey.keegan@coherent.com

打开原文

消息称美国暂缓将DeepSeek、CXMT等逾百家企业加入贸易黑名单

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

来源：Reuters（由MarketScreener转载）发布日期：2026-06-16重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1426

中文摘要

Reuters援引知情人士称，美国政府当时暂缓将CXMT等企业加入商务部Entity List。
Reuters称相关企业此前已获跨部门委员会批准列入，但商务部产业安全局未就CXMT作直接评论。

英文原文

US holds off blacklisting China's DeepSeek, more than 100 firms deemed security risks, sources say

Published on 06/16/2026

at 08:01 pm EDT - Modified on 06/17/2026

at 04:20 am EDT

Reuters

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June 16 (Reuters) - The U.S. has held off adding China's AI startup DeepSeek, memory chipmaker CXMT and more than 100 other companies flagged as national security risks to a trade blacklist, according to two people familiar with the matter, as the Trump administration tries to avoid escalating tensions with Beijing.

DeepSeek, CXMT and other companies were approved by an interagency committee last year for addition to the Commerce Department's Entity List, which is being reported for the first time. Reuters is also exclusively reporting the large number of companies awaiting publication on the list.

DeepSeek, whose low-cost AI model sent shockwaves through the technology world in January 2025, has supported China's military and intelligence operations, a senior U.S. State Department official told Reuters last year, adding that the startup tried to use Southeast Asian shell companies to illegally access advanced U.S. chips.

This year, Anthropic said it identified a campaign by DeepSeek and two other Chinese AI labs to illicitly extract capabilities from its Claude AI platform to improve their own models, and OpenAI warned lawmakers that DeepSeek also was targeting its models.

ChangXin Memory Technologies, China's top memory chipmaker, was designated as a Chinese military company by the Defense Department under the Biden administration. The Commerce Department considered placing it on its Entity List more than a year ago, Reuters and others reported.

U.S. companies cannot ship goods, software and technology to companies on the list without a license, which is likely to be denied.

DeepSeek and CXMT could not be reached for comment outside normal business hours. The Commerce Department's Bureau of Industry and Security, which oversees the list, did not directly respond to questions about why updates to the Entity List had not been published since last year, or comment on DeepSeek and CXMT.

The bureau uses "many policy and enforcement tools, including the Entity List ... on a daily basis to ensure we are combating bad actors," BIS said in a statement.

When asked for comment, China's foreign ministry said the U.S. should cease "politicizing, instrumentalizing, and weaponizing" economic, trade and technological issues.

"China has consistently opposed the U.S.'s broad interpretation of the concept of national security and its abuse of export control measures, such as the Entity List, to contain and suppress Chinese enterprises," spokesperson Lin Jian said at a regular news briefing on Wednesday.

TENSE RIVALRY

The United States and China are locked in a tense rivalry over technology, trade and national security, with Washington using tariffs and export controls to keep Beijing at bay while China maintains a stranglehold on rare earth minerals that defense, auto and chipmaking firms need.

The U.S. has not posted any additions to its Entity List since October, the longest stretch between new postings in more than a decade, said Philip Luck, who studies global supply chains at the Washington-based Center for Strategic and International Studies.

"The Entity List is like whack-a-mole and you've got to keep whacking the moles," Luck said, referring to an arcade game.

The lack of new listings is likely allowing American technology to reach adversaries who could use it against the U.S., he added.

"The fact the U.S. hasn't put any companies on the Entity List since October demonstrates that trade policy is overshadowing the use of a critical national security tool," said Kevin Kurland, a former Commerce Department official.

Multiple Chinese companies were slated for the list for supplying Russian drones that were recovered in Poland last September, one of the people said. Listing those lesser-known companies is even more important to U.S. suppliers who may not know the nature of their business, the person said.

Dozens of other Chinese companies were identified last year as national security risks for selling restricted Nvidia chips to Chinese universities, but were not added to the list, a third source said.

Chinese companies that make and sell drones and robot dogs for the country's military were also selected as potential targets, according to the third person.

Since late 2025, Jeffrey Kessler, under secretary of commerce for industry and security, has sought to avoid listing Chinese parties for fear of escalating tensions between the U.S. and China, according to the first source and other people familiar with the matter.

The dearth of listings offers a window into what many see as a larger problem at the Bureau of Industry and Security under the second Trump administration -- an inability to act or issue new rules to combat threats that can be reduced by restricting exports. Early last year, for instance, the bureau said it would replace a regulation created under former President Joe Biden to govern global access to U.S.-origin AI chips. But it has still not published a replacement, and is not enforcing the earlier rule, opening a potential loophole that may have allowed the chips to be exported to Chinese companies outside China.

Decisions regarding whether to add an entity to the list are made by an interagency committee, which includes officials from the departments of Commerce, Defense, Energy, State and sometimes Treasury. But the first two sources said the committee has approved companies for the list and Commerce has not published them.

At least 75 Chinese entities in advanced semiconductor production, semiconductor manufacturing equipment production and AI modeling have gone through the committee and were slated for blacklisting, one of the sources said.

(Reporting by Karen Freifeld; Additional reporting by Beijing newsroom; Editing by Rod Nickel and Kate Mayberry)

By Karen Freifeld

2026

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关于同意长鑫科技集团股份有限公司首次公开发行股票注册的批复

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发布时间早于日报 5 天摘要窗口。

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来源：中国证券监督管理委员会发布日期：2026-06-12重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：119

中文摘要

中国证监会证监许可〔2026〕1344号批复同意长鑫科技首次公开发行股票注册申请。
批复落款日期为2026年6月5日，有效期为同意注册之日起12个月。

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关于同意长鑫科技集团股份有限公司首次公开发行股票注册的批复

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证监许可〔2026〕1344号

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关于同意长鑫科技集团股份有限公司首次公开发行股票注册的批复

长鑫科技集团股份有限公司 :

中国证券监督管理委员会收到上海证券交易所报送的关于你公司首次公开发行股票并在科创板上市的审核意见及你公司注册申请文件。根据《中华人民共和国证券法》《中华人民共和国公司法》《国务院办公厅关于贯彻实施修订后的证券法有关工作的通知》 ( 国办发 [2020]5 号 )和《首次公开发行股票注册管理办法》 ( 证监会令第 205 号 ) 等有关规定,经审阅上海证券交易所审核意见及你公司注册申请文件,现批复如下:

一、同意你公司首次公开发行股票的注册申请。

二、你公司本次发行股票应严格按照报送上海证券交易所的招股说明书和发行承销方案实施。

三、本批复自同意注册之日起 12 个月内有效。

四、自同意注册之日起至本次股票发行结束前,你公司如发生重大事项,应及时报告上海证券交易所并按有关规定处理。

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美国国防部公布中国军工企业认定名单

重要性未评级

标签

来源：U.S. Department of Defense／Federal Register发布日期：2026-06-10重要性：未评级

中文摘要

美国国防部2026年Section 1260H公告列出ChangXin Memory Technologies, Inc.。
公告给出的认定依据称CXMT与中国工业和信息化部存在直接关联，并与国资监管机构及工信部存在间接关联。

英文原文

Notice of Availability of Designation of Chinese Military Companies

本地取得的是 PDF 或二进制响应，未在页面内展开原文；请使用上方“打开原文”核查。

打开原文

SK hynix与NVIDIA宣布AI工厂存储器多年技术合作

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发布时间早于日报 5 天摘要窗口。

标签

标的：`NVDA`来源：SK hynix发布日期：2026-06-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：922

中文摘要

两家公司于2026-06-07宣布多年技术合作，覆盖下一代AI存储器共同开发和供应。
公开摘要列出的目标平台包括NVIDIA Vera Rubin、Vera CPU、RTX Spark及Jetson Thor。
合作还包括使用CUDA-X、PhysicsNeMo和Omniverse进行半导体仿真及晶圆厂数字孪生。

英文原文

SK hynix and NVIDIA Announce Multi-year Technology Partnership to Advance Memory for AI Factories - SK hynix Newsroom

ENG

中文

KOR

#AI Memory #CXL #DRAM #eSSD #HBM3E #HBM4 #NAND

PRESS

SK hynix and NVIDIA Announce Multi-year Technology Partnership to Advance Memory for AI Factories

June 7, 2026

News Highligh ts

Collaboration Supports Next-Generation Memory Co-development With NVIDIA’s AI Infrastructure Roadmap and Expands Supply for the Accelerating Global AI Factory Buildout.

SK hynix and NVIDIA announce multi-year technology partnership for next generation memory aligned to NVIDIA’s AI infrastructure roadmap.

The agreement supports supply for advanced memory, addressing the extended development cycles, advanced fabrication and capital investments to sustain the global buildout of AI factories.

SK hynix will diversify into new markets NVIDIA is creating — across AI infrastructure, personal AI and physical AI — developing memory for NVIDIA Vera Rubin AI supercomputers, Vera CPUs, RTX Spark-powered PCs and Jetson Thor robotics platforms.

The two companies will apply AI to semiconductor chip design and manufacturing, using NVIDIA CUDA-X libraries and NVIDIA PhysicsNeMo to accelerate semiconductor simulations, TCAD workflows and in-house engineering codes.

SK hynix will advance factory digital twins by combining NVIDIA Omniverse, OpenUSD scene optimization and NVIDIA cuOpt to drive fully autonomous fab operations.

Seoul, June 08, 2026 – SK hynix Inc. (or “the company”, www.skhynix.com ) and NVIDIA today announced a multi-year technology partnership to advance next-generation memory for the global AI factory buildout and accelerate semiconductor design and manufacturing. The agreement builds on years of deep co-engineering collaboration that has powered some of the world’s most advanced AI computing platforms.

“SK hynix and NVIDIA have been building toward this for years, and this partnership reflects the depth of that collaboration,” said Chey Tae-won, Chairman of SK Group. “Together, we are co-developing the next generation of memory for AI factories and applying AI to how we design and manufacture semiconductors — work that will shape the future of AI infrastructure.”

“AI factories are the engines of the next industrial revolution, and advanced memory is essential to their performance,” said Jensen Huang, founder and CEO of NVIDIA. “SK hynix has been an extraordinary partner to NVIDIA, playing a central role in delivering advanced memory technologies for NVIDIA AI computing platforms. Together, we will co-develop the next generation of memory for AI factories and support the accelerating global expansion of AI infrastructure — from frontier model training to agentic and physical AI.”

The multi-year agreement supports supply to address the extended development cycles of advanced memory. As AI factories scale globally, this strategic partnership enables memory supply to keep pace with NVIDIA’s infrastructure roadmap and the sustained buildout of AI infrastructure worldwide. Through this partnership, SK hynix will diversify into new markets NVIDIA is creating — spanning AI infrastructure, personal AI and physical AI — co-developing memory for NVIDIA Vera Rubin AI supercomputers , NVIDIA Vera CPUs , NVIDIA RTX Spark powered PCs , and NVIDIA Jetson Thor robotic computing platforms .

Accelerating Technology Computer-Aided Design and Semiconductor Simulation

SK hynix is using NVIDIA CUDA-X ™ libraries and AI to speed semiconductor simulation, including technology computer-aided design and computational lithography workflows.

SK hynix is also using CUDA-X and the NVIDIA PhysicsNeMo ™ framework to deliver core workload acceleration across its in-house simulation codes and AI physics workflows.

By extending these tools to the semiconductor electronic design automation and simulation ecosystems, this initiative paves the way for three-way collaborations among chipmakers, NVIDIA and electronic design automation software vendors.

Advancing Fab Digital Twins for Autonomous Manufacturing

SK hynix is developing fab digital twins as a foundation for autonomous fab operations. Teams can use scene optimization technologies, as well as NVIDIA Omniverse™ libraries and OpenUSD pipelines, to build 3D factory scenes for visualizing, simulating and optimizing complex semiconductor manufacturing environments.

These digital twins can also support operational optimization, including the movement of autonomous mobile robots and other fab assets, using the open source, GPU-accelerated NVIDIA cuOpt ™ decision optimization engine and the NVIDIA Metropolis platform .

The companies are also exploring ways to connect digital twins with existing legacy software and agentic AI workflows, enabling AI systems to reason over fab data, automate tasks and improve manufacturing decision-making.

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top-tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”) and flash memory chips (“NAND flash”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com , news.skhynix.com .

Media Contact

SK hynix Inc.

Global Public Relations

Technical Leader

Youngwon Kim

E-Mail: global_pr@skhynix.com

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STORY

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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

Aparajita Dutta

June 5, 2026 4 min read

AVGO

SOXQ

SOXX

FTXL

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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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)? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

+4.10%

+1.16%

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.

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

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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? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

FTXL

+2.84%

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

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-05-31重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1484

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

Austin Smith

June 1, 2026 8 min read

NVDA

+4.06%

^GSPC

+0.38%

+4.92%

LRCX

+4.90%

INTC

+4.50%

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.

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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.

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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

David Beren

May 29, 2026 6 min read

+2.51%

ASML.AS

+0.97%

LRCX

+4.90%

SOXX

+2.58%

FTXL

+2.84%

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.

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The Most-Compared ETFs Right Now — And What They Reveal

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标的：`FTXL`来源：etf.com发布日期：2026-05-28重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1127

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The Most-Compared ETFs Right Now — And What They Reveal

ETF.com Staff

May 29, 2026 6 min read

+1.12%

SOXL

+6.83%

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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长鑫科技首次公开发行股票并在科创板上市招股说明书

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标的：`MU`来源：长鑫科技集团股份有限公司／上海证券交易所发布日期：2026-05-27重要性：未评级

中文摘要

2025年度营业收入为617.993亿元，归属于母公司股东的净利润为18.749亿元；截至2025年末累计未弥补亏损为366.504亿元。
2025年主营业务收入中LPDDR系列占66.43%，DDR系列占31.87%。
发行人依据Omdia数据测算，2025年第四季度按DRAM销售额统计的全球市场份额为7.67%，位列全球第四。
2025年前五大客户销售额占主营业务收入68.08%；经销模式收入占85.38%。
招股书称2025年下半年AI需求和主要厂商产能调配推动DRAM供不应求，但同时披露公司来自相关AI领域的收入占比较低，若云厂商资本开支放缓或新增产能释放，供需可能转弱。
招股书披露公司工艺技术水平与Samsung、SK hynix和Micron仍有差距，且毛利率低于国际前三家厂商。
2025年末固定资产账面价值为1830.240亿元，占资产总额54.34%；2025年固定资产折旧为246.803亿元。
报告期内前五大原材料供应商采购占比分别为25.65%、31.39%和21.81%；公司另披露国际贸易限制进一步加强可能造成产业链不稳定。

英文原文

长鑫科技集团股份有限公司首次公开发行股票并在科创板上市招股说明书（2026年5月27日披露版本）

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Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

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标的：`FTXL`来源：Zacks发布日期：2026-05-19重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：652

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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

+2.84%

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

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First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

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Circle Internet Group Form 10-Q for quarter ended March 31, 2026

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标的：`CRCL`来源：U.S. Securities and Exchange Commission发布日期：2026-05-11重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：36967

中文摘要

2026 年第一季度储备收入同比增加 9460 万美元；USDC 平均流通量增长带来的约 2.009 亿美元增量，被平均收益率下降 66 个基点造成的约 1.063 亿美元减量部分抵消。
同期分销和交易成本增加 5810 万美元，其中 Coinbase、Binance 及其他分销伙伴成本均有增加。
Circle 披露第一季度与 Coinbase 协议相关的分销成本为 3.306 亿美元，并预计分销网络扩大时相关费用可能继续增加。

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crcl-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from to

CIRCLE INTERNET GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-42671

99-2840247

(State or other jurisdiction of

incorporation or organization) (Commission File Number)

(I.R.S. Employer

Identification Number)

One World Trade Center , New York , NY 10007

( 332 ) 334-0660

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

CRCL

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, 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 13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of May 6, 2026, the registrant had outstanding 229,857,799 , 18,718,231 , and nil of shares of Class A, Class B, and Class C common stock, respectively, each with a par value of $0.0001.

Table of Contents

Page

PART I

Item 1.

Unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements Of Operations

Condensed Consolidated Statements Of Comprehensive Income

Condensed Consolidated Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity

Condensed Consolidated Statements Of Cash Flows

Notes To Condensed Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II

Item 1

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales Of Equity Securities And Use Of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

Signatures

Glossary

Definitions

We provide this glossary to help those reading this Form 10-Q understand the industry and other technical terms that are used in this Form 10-Q. For many of these terms, there is no generally accepted definition; in this glossary, we present our definition of such terms as used in this Form 10-Q.

• “Arc,” “Arc Network,” or “Arc Blockchain” is our Layer-1 blockchain designed with unique characteristics to bring the world’s leading enterprises, financial institutions, and governments onto the internet financial system.

• “blockchain” and “blockchain networks” are systems in which transactions are recorded across computers linked in peer-to-peer (“P2P”) networks.

• “canonically bridged USDC” refers to USDC that has been issued by Circle on one blockchain and then officially bridged to another via Circle-supported infrastructure.

• “Circle Applications” are our products and services that facilitate coordination on the internet via digital assets, delivering practical utility to institutions, developers, and end-users.

• “Circle Digital Assets” are our digital assets, USDC, EURC, and USYC, which serve as fundamental units of value for onchain economic coordination.

• “Circle Liquidity Services” are our services that provide institutional minting, reserving, redemption, and foreign exchange services for our stablecoins, supported by our integration with the existing financial system.

• “cross-chain transfer protocol” or “CCTP” is a protocol that enables USDC to flow securely between blockchains.

• “digital wallets” are electronic devices, online services, or software programs that allow one party to make electronic transactions with another party bartering digital currency units for other digital assets, goods, and services.

• “gas fee” is the fee required to conduct a transaction or execute a contract on a blockchain.

• “interoperability” is the ability of different blockchains to exchange information and work together frictionlessly.

• “Layer-1 blockchain” is the foundational blockchain that provides essential services like recording transactions and ensuring security.

• “meaningful wallets” or “MeWs” are onchain digital asset wallets holding $10 or more of USDC.

• “neo-bank” is a financial technology firm that offers apps, software, or other technologies to streamline mobile and online banking, which may or may not possess a traditional banking license.

• “onchain applications” are software applications that use digital assets and smart contracts and deliver services using blockchain networks.

• “on-ramps” and “off-ramps” are channels between fiat currency and stablecoins.

• “payment stablecoins” are stablecoins that (i) are designed to maintain a stable value relative to a reference fiat currency on a one-for-one basis, (ii) can be redeemed for such reference fiat currency on a one-for-one basis, and (iii) are backed by assets held in a reserve that are considered low-risk and readily liquid with a value in such reference fiat currency that meets or exceeds the redemption value of the stablecoins in circulation.

• “private key” is a string of letters and numbers that allows a person to access and manage his/her digital assets in a digital wallet or other custodial solution, similar to a password.

• “programmability,” with respect to money or digital assets, occurs when rules that define or constrain usage can be embedded into the money or digital asset.

• “rails” are the underlying infrastructure and systems that facilitate the transfer of value between parties.

• “secured overnight financing rate” or “SOFR” is a benchmark interest rate published by the Federal Reserve Bank of New York that reflects the cost of borrowing cash overnight collateralized with US Treasury securities.

• “smart contracts” are programs built on blockchain networks that automatically execute certain actions when a predefined set of criteria are met.

• “stablecoin” is a digital asset whose value is designed to track the price of an underlying asset or another unit of value.

• “superapp” is an application that offers multiple services and features within a single platform.

• “TMMF” or “Tokenized Fund” is an onchain, tokenized representation of a traditional money market fund.

• “USDC onchain transaction volume” consists of the sum of native USDC and canonically bridged USDC settled or processed across all natively supported blockchains, except Solana.

PART I

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

Index to Unaudited Condensed Consolidated Financial Statements

Page

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements Of Operations

Condensed Consolidated Statements Of Comprehensive Income

Condensed Consolidated Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity

Condensed Consolidated Statements Of Cash Flows

Notes to Condensed Consolidated Financial Statements

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

C ONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share information)

March 31,

2026 December 31,

2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents $ 1,517,264 $ 1,526,046

Cash and cash equivalents segregated for corporate-held stablecoins 792,662 822,963

Cash and cash equivalents segregated for the benefit of stablecoin holders 76,893,681 75,067,932

Accounts receivable, net

72,168 62,866

Prepaid expenses and other current assets 326,800 321,660

Total current assets 79,602,575 77,801,467

Non-current assets:

Restricted cash 2,800 2,792

Investments 100,073 84,265

Fixed assets, net

22,520 22,791

Digital assets 84,217 86,515

Goodwill

265,742 265,742

Intangible assets, net 421,017 411,146

Deferred tax assets, net 11,285 11,110

Other non-current assets 26,549 27,379

Total assets $ 80,536,778 $ 78,713,207

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Deposits from stablecoin holders $ 76,778,530 $ 74,912,567

Accounts payable and accrued expenses 262,215 360,609

Convertible debt, net of debt discount — 36,821

Other current liabilities 14,637 18,398

Total current liabilities 77,055,382 75,328,395

Non-current liabilities:

Deferred tax liabilities, net 28,071 28,702

Other non-current liabilities 24,694 25,337

Total non-current liabilities 52,765 54,039

Total liabilities $ 77,108,147 $ 75,382,434

(in thousands, except share information)

March 31,

2026 December 31,

2025

(unaudited)

Commitments and contingencies (see Note 22)

Stockholders’ equity

Class A common stock ($ 0.0001 par value; 2.5 billion authorized as of March 31, 2026 and December 31, 2025; 228.9 million and 223.6 million issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

25 24

Class B common stock ($ 0.0001 par value; 500.0 million authorized as of March 31, 2026 and December 31, 2025; 18.7 million issued and outstanding as of March 31, 2026 and December 31, 2025)

2 2

Class C common stock ($ 0.0001 par value; 500.0 million authorized as of March 31, 2026 and December 31, 2025; nil issued and outstanding as of March 31, 2026 and December 31, 2025)

— —

Treasury stock at cost ( 4.6 million and 4.7 million shares held as of March 31, 2026 and December 31, 2025, respectively)

( 2,683 ) ( 2,721 )

Additional paid-in capital 4,658,949 4,610,216

Accumulated deficit ( 1,237,456 ) ( 1,292,709 )

Accumulated other comprehensive income 8,367 14,515

Total stockholders' equity attributable to common stockholders 3,427,204 3,329,327

Noncontrolling interests

1,427 1,446

Total stockholders’ equity

3,428,631 3,330,773

Total liabilities and stockholders’ equity

$ 80,536,778 $ 78,713,207

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share information)

Three Months Ended March 31,

2026 2025

Revenue and reserve income

Reserve income $ 652,508 $ 557,911

Other revenue 41,625 20,662

Total revenue and reserve income 694,133 578,573

Distribution, transaction and other costs

Distribution and transaction costs 405,402 347,312

Other costs 1,379 335

Total distribution, transaction and other costs 406,781 347,647

Operating expenses

Compensation expenses 138,127 75,620

General and administrative expenses 57,261 30,684

Depreciation and amortization expenses 26,767 13,880

IT infrastructure costs 12,722 7,672

Marketing expenses 6,617 3,860

Digital assets losses (gains) 856 6,270

Total operating expenses 242,350 137,986

Operating income from continuing operations

45,002 92,940

Other income (expense), net

11,683 ( 3,103 )

Net income from continuing operations before income taxes

56,685 89,837

Income tax expense (benefit)

1,439 25,046

Net income from continuing operations

55,246 64,791

Less: Net loss attributable to noncontrolling interests

( 7 ) —

Net income attributable to common stockholders

$ 55,253 $ 64,791

Earnings per share attributable to common stockholders:

Basic

$ 0.23 $ 0.00

Diluted

$ 0.21 $ 0.00

Weighted-average common shares used to compute earnings per share attributable to common stockholders:

Basic

244,038 57,966

Diluted

266,687 75,650

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands) Three Months Ended March 31,

2026 2025

Net income attributable to common stockholders

$ 55,253 $ 64,791

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax ( 6,172 ) 1,809

Unrealized (loss) gain on convertible notes – credit risk, net of tax

— ( 84 )

Total other comprehensive income (loss), net of tax ( 6,172 ) 1,725

Less: other comprehensive loss attributable to noncontrolling interests

( 24 ) —

Total other comprehensive income (loss) attributable to common stockholders ( 6,148 ) 1,725

Comprehensive income attributable to common stockholders

$ 49,105 $ 66,516

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (unaudited)

Temporary Equity

Permanent Equity

(In thousands)

Redeemable Convertible Preferred Stock

Class A common Stock

Class B common Stock

Treasury

Stock Additional

paid-in capital Accumulated

deficit Accumulated other comprehensive income Noncontrolling interests Total Stockholders' Equity

Shares Amount Shares Amount Shares Amount Shares Amount

Balance at December 31, 2025 — $ — 228,286 $ 24 18,665 $ 2 4,692 $ ( 2,721 ) $ 4,610,216 $ ( 1,292,709 ) $ 14,515 $ 1,446 $ 3,330,773

Issuance of common stock upon exercise of stock options — — 2,483 1 60 — — — 14,411 — — — 14,412

Issuance of common stock upon settlement of restricted stock units, net of shares withheld — — 1,688 — 60 — — — ( 80,453 ) — — — ( 80,453 )

Issuance of common stock upon exercise of warrants, net of provision for warrants in common stock

— — 525 — — — — — 4,659 — — — 4,659

Re-issuance of treasury stock to Circle Foundation — — — — — — ( 67 ) 38 7,699 — — — 7,737

Conversion of Class B common stock to Class A common stock — — 70 — ( 70 ) — — — — — — — —

Conversion of convertible debt, net — — 465 — — — — — 39,382 — — — 39,382

Vesting of restricted stock units, and common stock in connection with business combinations

— — 37 — — — — — — — — — —

Stock-based compensation — — — — — — — — 61,279 — — — 61,279

Other comprehensive income (loss), net of tax — — — — — — — — — — ( 6,148 ) ( 24 ) ( 6,172 )

Capital contribution from noncontrolling interest — — — — — — — — ( 12 ) — — 12 —

Other — — — — — — — — 1,768 — — — 1,768

Net income

— — — — — — — — — 55,253 — ( 7 ) 55,246

Balance at March 31, 2026 — $ — 233,554 $ 25 18,715 $ 2 4,625 $ ( 2,683 ) $ 4,658,949 $ ( 1,237,456 ) $ 8,367 $ 1,427 $ 3,428,631

Balance at December 31, 2024 139,762 $ 1,139,765 61,313 $ 6 — $ — 4,960 $ ( 2,877 ) $ 1,792,969 $ ( 1,223,213 ) $ 3,644 $ — $ 570,529

Issuance of common stock upon exercise of stock options

— — 1,009 — — — — — 642 — — — 642

Issuance of common stock and preferred stock upon exercise of warrants 45 737 1,130 — — — — — 854 — — — 854

Warrants in common stock

— — — — — — — — 1,064 — — — 1,064

Issuance of common stock in connection with acquisitions

— — 3,857 — — — — — 89,919 — — — 89,919

Stock-based compensation — — — — — — — — 15,440 — — — 15,440

Other comprehensive income (loss), net of tax — — — — — — — — — — 1,725 — 1,725

Net income — — — — — — — — — 64,791 — — 64,791

Other

— — — — — — — — — 12 — — 12

Balance at March 31, 2025 139,807 $ 1,140,502 67,310 $ 6 — $ — 4,960 $ ( 2,877 ) $ 1,900,888 $ ( 1,158,410 ) $ 5,369 $ — $ 744,976

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands) Three Months Ended March 31,

2026 2025

Cash flows from operating activities

Net income

$ 55,246 $ 64,791

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense 26,767 13,880

Realized and unrealized losses (gains) on digital assets 9,796 14,376

Change in fair value of convertible debt, warrant liability, and embedded derivatives 4,136 2,382

Digital assets received for services ( 7,234 ) ( 4,500 )

Equity securities received for services ( 29 ) —

Deferred taxes 651 ( 1,250 )

Realized and unrealized losses (gains) on strategic investments

( 5,364 ) 156

Losses on sale of long-lived assets

— 12

Stock-based compensation 51,836 12,716

Charitable contributions to Circle Foundation 7,737 —

Foreign currency remeasurement (gains) losses

( 5,394 ) 900

Provision for warrants in common stock

4,659 1,064

Other non-cash items 2,572 1,129

Changes in operating assets and liabilities:

Accounts receivable ( 12,602 ) ( 5,353 )

Prepaid expenses and other current assets ( 4,645 ) ( 47,792 )

Accounts payable and accrued expenses ( 101,447 ) 6,421

Other current liabilities ( 5,609 ) ( 2,339 )

Net cash provided by operating activities 21,076 56,593

Cash flows from investing activities

Sale and return of investments 556 13

Purchase of investments ( 10,785 ) ( 338 )

Business combinations, net of cash acquired — ( 7,440 )

Proceeds from sale of digital assets — 79

Capitalization of software development costs ( 15,603 ) ( 11,675 )

Purchase of long-lived assets ( 9,356 ) ( 5,864 )

Net cash used in investing activities ( 35,188 ) ( 25,225 )

Cash flows from financing activities

Net changes in deposits held for stablecoin holders 1,856,322 16,263,409

Payment of withholding taxes on settlement of restricted stock units ( 80,151 ) —

Proceeds received from Employee Stock Purchase Plan

1,045 —

Payment of deferred offering costs

( 365 ) —

Capitalized transaction costs — ( 952 )

Proceeds from exercise of stock options 14,412 642

Net cash provided by financing activities

1,791,263 16,263,099

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands) Three Months Ended March 31,

2026 2025

Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 9,523 6,582

Net increase in cash and cash equivalents, restricted and segregated cash 1,786,674 16,301,049

Cash and cash equivalents, restricted and segregated cash at the beginning of the period 77,419,733 44,967,604

Cash and cash equivalents, restricted and segregated cash at the end of the period $ 79,206,407 $ 61,268,653

Cash and cash equivalents, restricted and segregated cash consisted of the following:

Cash and cash equivalents $ 1,517,264 $ 848,606

Restricted cash 2,800 3,584

Cash and cash equivalents segregated for corporate-held stablecoins 792,662 274,539

Cash and cash equivalents segregated for the benefit of stablecoin holders 76,893,681 60,141,924

Total cash and cash equivalents, restricted and segregated cash $ 79,206,407 $ 61,268,653

Supplemental disclosure of cash flow information

Cash paid for income taxes $ 1,282 $ 775

Cash paid for interest $ 216 $ 180

Supplemental schedule of non-cash activities

Capitalized stock-based compensation expense related to internally developed software $ 9,443 $ 2,737

Purchases of long-lived assets included in accounts payable and accrued expenses $ ( 365 ) $ —

Non-cash purchase of long-lived assets

$ ( 200 ) $ —

Non-cash purchase of investments and digital assets $ ( 700 ) $ ( 150 )

Conversion of convertible debt

$ 39,382 $ —

Re-issuance of treasury stock to Circle Foundation

$ 7,737 $ —

Net changes in stablecoins receivable $ — $ 7,000

Net changes in the purchase and redemption of digital financial assets $ 706 $ ( 12,162 )

Non-cash consideration for acquisitions

$ ( 1,150 ) $ ( 89,919 )

Unrealized (loss) gain on convertible notes - credit risk, net of tax $ — $ ( 84 )

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Description of business

Overview of the Business

We were founded in 2013, on the belief that we could connect the world more deeply by building a new global economic system on the foundation of the internet, and facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.

We are building a full-stack internet financial platform business anchored by our stablecoin network, and organized around our reinforcing pillars — Arc and related developer infrastructure, Circle Digital Assets and related services, and Circle Applications.

These unaudited Condensed Consolidated Financial Statements include the accounts of Circle Internet Group, Inc. (“Circle Group”) and its subsidiaries in which we have a controlling financial interest (together, “Circle,” the “Company,” “we,” “us,” or “our”).

Initial Public Offering

In June 2025, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $ 31.00 per share. The IPO resulted in net proceeds to the Company of $ 583.0 million after deducting the underwriting discounts and commissions and before deducting offering costs of $ 12.8 million, which were charged to additional paid-in capital as a reduction of the net proceeds received from the IPO. Certain selling stockholders offered an additional 19.2 million shares of our Class A common stock at the IPO price in a secondary offering, for which we received no proceeds.

In connection with the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation, effective June 6, 2025 (the “Charter”), which authorizes a total of 2.5 billion shares of Class A common stock with a par value of $ 0.0001 per share, 500.0 million shares of Class B common stock with a par value of $ 0.0001 per share, 500.0 million shares of Class C common stock with a par value of $ 0.0001 per share and 500.0 million shares of preferred stock with a par value of $ 0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of March 31, 2026.

F ollow-on Public Offering

In August 2025, the Company completed a follow-on public offering of its Class A common stock, in which the Company issued and sold 3.5 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $ 130.00 per share. This resulted in net proceeds to the Company of $ 444.8 million after deducting the underwriting discounts and commissions and before deducting offering costs of $ 1.8 million, which were charged to additional paid-in capital as a reduction of the net proceeds received from the follow-on public offering. Certain selling stockholders offered an additional 8.0 million shares of our Class A common stock at the follow-on public offering price in a secondary offering, for which we received no proceeds.

2. Summary of significant accounting policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and the applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 9, 2026.

There have been no changes to our significant accounting policies described in the audited Consolidated Financial Statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K that have had a material impact on our unaudited Condensed Consolidated Financial Statements and accompanying notes. The Company consolidates entities in which it has a controlling financial interest. All intercompany balances and transactions have been eliminated on consolidation.

Reclassifications

Certain prior period amounts have been reclassified in order to conform with the current period presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited Condensed Consolidated Financial Statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.

Use of Estimates

The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and disclosures in the accompanying notes.

Significant estimates that are particularly susceptible to significant change relate to the fair value of stock-based awards issued prior to the IPO, the fair value of convertible debt, the fair value of derivatives and embedded derivatives, the fair value of investments under measurement alternative, the assessment of the amount and likelihood of adverse outcomes from claims and disputes, the valuation of intangible assets acquired in business combinations, including goodwill and acquisition-date deferred taxes, contingent liabilities, and the recognition and measurement of current and deferred income taxes. The Company bases its estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. These estimates may change as new events occur and additional information becomes available. Actual amounts or results could differ from these estimates and any such differences may be material to the financial statements. The unaudited Condensed Consolidated Financial Statements have been prepared on the same basis as the audited Consolidated Financial Statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation but are not necessarily indicative of the results expected for the full year or any other period.

Cash and Cash Equivalents

Cash and cash equivalents are cash and short-term, highly liquid investments with original maturities of three months or less at the date of purchase. The Company holds certain U.S. Treasury securities included in Cash and cash equivalents and accounts for them as financial assets under the fair value option pursuant to ASC 825, Financial Instruments, because the Company believes that measurement at fair value provides more useful information to financial statement users due to the short-term, highly liquid nature of the securities. As of March 31, 2026 and December 31, 2025, U.S. Treasury securities included in Cash and cash equivalents were $ 10.1 million and nil , respectively. Changes in the fair value of these U.S. Treasury securities are included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations.

Assets Segregated for the Benefit of Stablecoin Holders

The Company segregates assets backing Circle stablecoins to satisfy its obligations under all applicable regulatory requirements and commercial laws and classifies these assets as current based on their purpose and availability to fulfill its direct obligation to customers. The Company holds only bare legal title in the accounts holding the reserve funds, and maintains no legal, equitable, financial or ownership interest over the reserves themselves held for the benefit of Circle stablecoin holders in such accounts. The Company’s eligible liquid assets were greater than the aggregate amount of custodial funds due to customers for the periods presented. Refer to Deposits from Stablecoin Holders in this note for further details.

Cash and cash equivalents segregated for the benefit of stablecoin holders and Cash and cash equivalents segregated for corporate-held stablecoins

Cash and cash equivalents segregated for the benefit of stablecoin holders and Cash and cash equivalents segregated for corporate-held stablecoins represent cash and cash equivalents maintained in segregated accounts that are held for the exclusive benefit of customers and stablecoin holders, including stablecoins held by the Company. The Company’s subsidiaries hold shares in the Circle Reserve Fund (the “Fund”), a money market fund managed by BlackRock Advisors, LLC. The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended. Shares of the Fund are only available for purchase by certain subsidiaries of the Company.

The Company accounts for the Fund as a financial asset under the fair value option pursuant to ASC 825, Financial Instruments , because the Company believes that measurement at fair value provides more useful information to financial statement users due to the short-term, highly liquid nature of the Fund. The shares of the Fund would otherwise be accounted for under the equity method pursuant to ASC 323, Equity Method and Joint Ventures , if the Company had not elected the fair value option. The Company measures fair value at the Fund’s net asset value per share. As of March 31, 2026 and December 31, 2025, balances held in the Fund included in Cash and cash equivalents segregated for the benefit of stablecoin holders were $ 66.5 billion and $ 66.3 billion, respectively, and the Fund has maintained a net asset value of $ 1.00 per share for all periods presented. In connection with the Fund, dividends receivable are included in Prepaid expenses and other current assets on the unaudited Condensed Consolidated Balance Sheets and dividend income is included in Reserve income in the unaudited Condensed Consolidated Statements of Operations.

Digital Assets

The Company receives, purchases, utilizes, and sells digital assets in the ordinary course of business and holds certain digital assets as investments. Digital assets are measured at fair value based on quoted market prices in active markets. If no quoted market price is available, digital assets are measured at fair value using a cost approach or other comparable approach. Changes in fair value of digital assets held in the ordinary course of business are recognized in Digital assets losses (gains) in the unaudited Condensed Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations . Gains and losses upon sale of digital assets are measured as the difference between the cash proceeds and the carrying basis of the digital assets as determined on a first-in, first-out (“FIFO”) basis for each pool of digital assets. These realized gains and losses on digital assets held in the ordinary course of business are recorded to Digital assets losses (gains), and realized gains and losses on digital assets held as investments are recorded to Other income (expense), net .

Deposits from Stablecoin Holders

Funds received from customers from the issuance of Circle stablecoins represent claims which are reflected as a liability classified as Deposits from stablecoin holders on the unaudited Condensed Consolidated Balance Sheets. As a licensed money transmitter and regulated Electronic Money Institution, Circle is obligated to redeem all Circle stablecoins presented by Circle Mint customers on a one-for-one basis for U.S. dollars or euros, as applicable, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny Circle stablecoin redemption requests from Circle Mint customers. With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers. However, Circle stablecoins are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers, remittance providers, superapps and commerce companies, and as such, Circle stablecoin holders could transact with Circle Mint customers, ultimately allowing the Circle stablecoins to be redeemed. Deposits from stablecoin holders do not include amounts associated with corporate-held stablecoins. Cash associated with such corporate-held stablecoins is presented as Cash and cash equivalents segregated for corporate-held stablecoins on the unaudited Condensed Consolidated Balance Sheets.

When the Company makes payments in the form of corporate-held stablecoins, the Company records an associated Deposits from stablecoin holders and records the cash associated with such stablecoins as Cash and cash equivalents segregated for the benefit of stablecoin holders . When such payments, in the form of corporate-held stablecoins, are for distribution, transaction and other costs or operating expenses incurred, the payments are presented in the unaudited Condensed Consolidated Statements of Cash Flows in the same manne r as if such payments were settled in cash.

As of March 31, 2026 and December 31, 2025, the Company’s eligible liquid assets, which consist of cash and cash equivalents, were greater than the aggregate amount of custodial funds due to stablecoin holders.

Stock-Based Compensation

Until the date on which our IPO registration statement was declared effective by the SEC on June 4, 2025, the Company provided stock options and restricted stock units (“RSUs”) to its employees and board members under the 2024 Share Award Plan, as amended, which assumed the obligations under the 2013 Share Award Scheme. The Board and our stockholders approved and adopted the 2025 Omnibus Incentive Plan and 2025 Employee Stock Purchase Plan (“ESPP”) which became effective on June 4, 2025 concurrent with the effectiveness of our IPO registration statement. The 2025 Omnibus Incentive Plan provides for the granting of stock options including incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), share appreciation rights (“SARs”), restricted stock, RSUs, performance awards, other cash-based awards and other share-based awards. The number of shares available for grant and issuance under the 2025 Omnibus Incentive Plan is automatically increased on the first day of each fiscal year of our Company following the effective date of the Plan by a number equal to the lesser of (i) 5 % of the aggregate number of shares of all classes of our common stock outstanding on the last day of the immediately preceding fiscal year; and (ii) the number of shares determined by the Compensation Committee in its discretion. The number of shares available for grant and issuance under the ESPP is automatically increased on the first day of each fiscal year of our Company following the effective date of the Plan by a number equal to the lesser of (i) 1 % of the aggregate number of shares of all classes of our common stock outstanding on the last day of the immediately preceding fiscal year; and (ii) the number of shares determined by the Board in its discretion and subject to a limit on the maximum number of shares of our Class A common stock that may be issued under the ESPP. Collectively, these plans are referred to as the “Award Plans”. The Award Plans are administered by the Board and, where delegated, its committees, who have the authority to grant and amend awards, adopt, amend, and repeal rules relating to the Award Plans and to interpret and correct the provisions of the Award Plans and any award. Pursuant to the Award Plans, the Board and, where delegated, its committees, select the individuals to whom options or RSUs are granted and determine the terms of each award, including (i) the number of shares of common stock subject to the award; (ii) conditions and limitations applicable to each award and the common stock issued, including vesting provisions; (iii) the option exercise price, which must be at least 100.0% of the fair market value of the common stock as of the date of grant; and (iv) the duration of the award, which may not exceed 10 years.

The Board and, where delegated, its committees, may also grant restricted stock awards entitling recipients to acquire shares of common stock subject to (i) delivery to Circle by the participant of cash or other lawful consideration in an amount at least equal to the par value of the stock purchased, and (ii) the right of Circle to repurchase all or part of such stock at their issue price in the event that conditions specified in the applicable award are not satisfied prior to the end of the applicable restriction period.

In certain circumstances, the Company also grants stock-based awards to non-employees in lieu or in reduction of cash compensation for their services. The stock-based awards granted to non-employees generally have the same terms as those granted to employees under the Award Plans and are administered by the Board and, where delegated, its committees, as set forth above. For stock-based awards granted to non-employees, compensation expense is recognized based on the grant date fair value of the awards over the vesting period as the goods or services are received.

The ESPP allows eligible employees the option to purchase shares of the Company's Class A common stock at a 15 % discount, over a series of offering periods through accumulated payroll deductions over the period. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is higher than the stock price on the first day of the offering period. The grant date of the initial offering period is March 5, 2026 and will end on September 4, 2026. Subsequent offering periods will be six months in length, from September 5 to March 4 and from March 5 to September 4 each year.

The Company recognizes stock-based compensation expense, net of estimated forfeitures, using a fair-value based method for costs related to all equity awards issued under the equity incentive plans, including options and RSUs granted to employees, directors, and non-employees. Stock-based compensation expense is recognized and included in Compensation expenses in the unaudited Condensed Consolidated Statements of Operations.

The Company estimates the fair value of stock options and ESPP with only service-based conditions on the date of grant using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model. The fair value of the stock option and ESPP shares is expensed over the related service period which is typically the vesting period and the straight-line method is used for expense attribution. The model requires management to make a number of assumptions, including the fair value of our underlying common stock for options granted prior to the IPO, expected volatility of our underlying common stock, expected term of the stock option, risk-free interest rate, and expected dividend yield. The expected term of the stock option and ESPP is based on the average period the stock option and ESPP is expected to remain outstanding based on the stock option’s and ESPP's vesting and contractual terms. The estimated forfeiture rate is based on accumulated historical forfeiture data. The Company evaluates the assumptions used to value stock awards quarterly.

Prior to the IPO, the RSUs vested upon the satisfaction of both a service condition and a liquidity condition. The fair value of RSUs is estimated based on the fair value of our common stock on the date of grant. Stock-based compensation expense related to the RSUs is recorded on a tranche-by-tranche basis over the requisite service period, when the liquidity condition is considered probable. The liquidity condition was satisfied upon the IPO, and the Company recognized expense for the portion of RSUs that had met the service condition as of such date.

The Company’s RSUs granted after the IPO vest upon the satisfaction of a service condition and do not have a corresponding liquidity condition. Expense related to these RSUs is recognized using the straight-line attribution method.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances income tax disclosures, including more detailed requirements related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction, among other items. The Company adopted ASU 2023-09 retrospectively effective for the year ended December 31, 2025. The adoption has only impacted annual disclosures.

Recently Issued Accounting Pronouncements

In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 removes all references to software development project stages under the existing standard and states that an entity is required to start capitalizing software costs when (1) management has authorized and committed to fund the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”). The new standard also states that an entity must assess whether significant development uncertainty exists in determining whether it has met the probable-to-complete recognition threshold. ASU 2025-06 is effective for the Company for its fiscal year beginning January 1, 2028 and for interim periods beginning in that year, with early adoption permitted. The guidance allows for prospective, retrospective, or modified prospective adoption. The Company is currently assessing ASU 2025-06 and its impact on its financial statements and disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to provide users of financial statements with more decision-useful information about expenses of a public business entity, primarily through enhanced disclosures of certain components of expenses commonly presented within captions on the statement of operations, such as employee compensation and depreciation and amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires disclosure of the total amount of selling expenses. ASU 2024-03 is effective prospectively or retrospectively for the Company for its fiscal year beginning January 1, 2027 and for interim periods beginning January 1, 2028, with early adoption permitted. The Company is currently assessing ASU 2024-03 and its impact on its disclosures.

3. Acquisitions and divestitures

Hashnote Holdings LLC

In January 2025, the Company acquired 100 % of the ownership interest in Hashnote Holdings LLC, a Delaware limited liability company (together with its subsidiaries, “Hashnote”), which, through its affiliates, is the fund manager of Hashnote International Short Duration Yield Fund Ltd. (“SDYF”), a tokenized money market fund and the issuer of USYC.

In accordance with ASC 805, Business Combinations, the acquisition was accounted for as a business combination under the acquisition method. The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):

Cash and cash equivalents $ 2,412

Accounts receivable, net 193

Prepaid expenses and other current assets 109

Fixed assets, net 8

Digital assets 104

Goodwill 96,198

Intangible assets, net 4,480

Accounts payable and accrued expenses ( 655 )

Other current liabilities

( 2,383 )

Deferred tax liabilities, net ( 401 )

Total purchase consideration $ 100,065

The fair value of consideration transferred was approximately $ 100.1 million, subject to customary adjustments, consisting of $ 10.2 million in cash, including a purchase price adjustment of $ 0.3 million, and approximately 2.9 million shares of our Class A common stock. The intangible assets acquired consist of developed technology of $ 1.7 million and customer relationships of $ 2.8 million and were each assigned useful lives of 2 years. The fair value of the customer relationships were determined using the income approach, and the developed technology was determined using the cost approach. These valuations are considered Level 3 fair value measurements due to the use of unobservable inputs including projected timing and amounts of future revenues, cash flows, discount rates and current replacement costs. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill and is attributable to Hashnote’s workforce and the synergies expected to arise from the acquisition. The Company does not expect goodwill to be deductible for income tax purposes.

The agreement also provided for the issuance of up to approximately 1.8 million additional shares of Class A common stock to certain Hashnote employees, which are subject to the satisfaction of vesting conditions and are accounted for as compensation expense over the requisite service period.

The Company also holds investments in certain funds managed by affiliates of Hashnote. These funds, including SDYF, are variable interest entities that are not consolidated by the Company due to the fact that we are not the primary beneficiary as we do not have an obligation to absorb losses or a right to receive benefits that could potentially be significant to each fund. The Company’s maximum exposure to loss associated with each fund is limited to its insignificant investment and its obligations to perform services as the manager of each fund. The Company provides no guarantees and has no other financial obligations to each of the funds.

Circle SBI Japan K.K.

In November 2025, Circle and SBI Holdings, Inc., (“SBI”), a third-party, each contributed Japanese Yen worth approximately $ 1.5 million to Circle SBI Japan K.K. (“Circle Japan”), an entity established to provide support in the distribution of USDC in Japan. The Company owns a 50 % interest in Circle Japan and controls the variable interest entity as it has the power to direct the activities that most significantly affect the entity and it has the obligation to absorb losses and the right to receive benefits that could be significant to the entity. Therefore, the Company consolidates the assets and liabilities, which primarily consist of cash. There have been no significant operating results to date. SBI's equity interest and its attribution of net income and losses in Circle Japan are presented as noncontrolling interest in the unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Operations . Noncontrolling interests are adjusted for the proportionate share of additional contributions and distributions, earnings or losses, and other comprehensive income or loss.

Malachite

In August 2025, the Company acquired Malachite, a core software component that enables blockchain networks to automatically reach agreement on the validity of transactions, from Informal Systems Inc. for total consideration of $ 15.0 million consisting of $ 3.0 million in cash and $ 12.0 million of shares of Class A common stock. The shares of Class A common stock will primarily be paid in three installments over a period of two years and based on the average closing price of the Company’s shares over a period of 20 trading days prior to each payment. Each payment will also be subject to certain customary adjustments. The obligation to deliver a variable number of shares for a predominantly fixed monetary amount represents a liability, and upon closing of the acquisition the Company recorded $ 7.8 million and $ 4.2 million to Other current liabilities and Other non-current liabilities , respectively, of which $ 2.4 million was paid as of March 31, 2026. The acquisition was accounted for as an asset acquisition, and substantially all of the fair value of the net assets acquired was attributable to intangible assets which are amortized over a period of two years from the time they were placed in service.

4. Leases

The Company leases facilities under non-cancelable operating leases. In addition to fixed monthly lease payments, the Company is required to pay operating expenses and real estate taxes for certain of these facilities.

The components of lease cost were as follows (in thousands):

Table 4.1. Lease Cost

Three months ended March 31,

2026 2025

Operating lease cost $ 830 $ 838

Short-term lease cost $ 224 $ 167

Supplemental balance sheet information related to leases is as follows (in thousands):

Table 4.2. Details of Lease Right-of-use Assets and Liabilities

March 31, 2026 December 31, 2025

Operating lease right-of-use assets

$ 13,980 $ 14,127

Operating lease liabilities - current 2,947 2,686

Operating lease liabilities - non-current 11,815 11,978

Total operating lease liabilities $ 14,762 $ 14,664

Operating lease liabilities are included in Other current liabilities and Other non-current liabilities on the unaudited Condensed Consolidated Balance Sheets, while operating lease right-of-use assets are included in Other non-current assets on the unaudited Condensed Consolidated Balance Sheets.

Weighted-average lease terms and discount rates are as follows:

Table 4.3. Weighted-average Lease Terms and Discount Rates

March 31, 2026 December 31, 2025

Weighted-average remaining lease term

7.2 years 7.4 years

Weighted-average discount rates 13.5 % 13.4 %

Maturities of lease liabilities under operating leases are as follows (in thousands):

Table 4.4. Maturities of Lease Liabilities

Years ending December 31,

2026 (remaining 9 months) $ 2,505

2027 3,154

2028 2,787

2029 3,058

2030 3,119

Thereafter 8,825

Total lease payments 23,448

Less: imputed interest

8,686

Total lease liabilities $ 14,762

5. Intangible assets, net

Intangible assets, net

The useful life of the Company’s finite-lived acquired intangible assets is as follows:

Table 5.1. Acquired Intangible Assets Useful Life

Acquired intangible assets Useful life (years) at acquisition

Developed technology 2 ~

Customer relationships 2

Regulatory licenses 5

Patents and trade name

2 ~

Intangible assets consists of the following (in thousands):

Table 5.2. Details of Intangible Assets, net

As of March 31, 2026 Gross

carrying

amount Accumulated

amortization Intangible

assets, net Weighted

average

remaining

useful

life (in years)

Amortizing intangible assets

Internally developed software $ 304,725 $ ( 185,138 ) $ 119,587 1.4

Acquired intangible assets

48,309 ( 13,709 ) 34,600 2.7

Total amortizing intangible assets

$ 353,034 $ ( 198,847 ) $ 154,187

Indefinite-lived intangible assets

Acquired intangible assets

266,830 — 266,830

Total intangible assets, net $ 619,864 $ ( 198,847 ) $ 421,017

As of December 31, 2025 Gross

carrying

amount Accumulated

amortization Intangible

assets, net Weighted

average

remaining

useful

life (in years)

Amortizing intangible assets

Internally developed software $ 279,472 $ ( 161,666 ) $ 117,806 1.5

Acquired intangible assets

38,109 ( 11,599 ) 26,510 3.0

Total amortizing intangible assets

$ 317,581 $ ( 173,265 ) $ 144,316

Indefinite-lived intangible assets

Acquired intangible assets

266,830 — 266,830

Total intangible assets, net $ 584,411 $ ( 173,265 ) $ 411,146

Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $ 10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years .

Amortization expense of intangible assets consists of the following (in thousands):

5.3. Details of Amortization Expense of Intangible Assets

Three months ended March 31,

2026 2025

Amortization expense on internally developed software

$ 23,662 $ 12,116

Amortization expense on acquired intangible assets

2,110 1,350

Total amortization expense of intangible assets

$ 25,772 $ 13,466

The expected future amortization expense for intangible assets is as follows (in thousands):

Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,

2026 (remaining 9 months) $ 78,977

2027 65,740

2028 7,919

2029 125

2030 125

Thereafter 1,301

Total amortization expense $ 154,187

6. Fixed assets, net

The following table presents our major categories of fixed assets, net (in thousands):

Table 6.1. Details of Fixed Assets, net

March 31, 2026 December 31, 2025

Computers & equipment

$ 6,518 $ 5,815

Leasehold improvements

20,098 20,102

Other

4,112 4,113

Total fixed assets 30,728 30,030

Less: accumulated depreciation

( 8,208 ) ( 7,239 )

Total fixed assets, net $ 22,520 $ 22,791

Depreciation expense was $ 1.0 million and $ 0.4 million for the three months ended March 31, 2026 and 2025, respectively, which is included within Depreciation and amortization expense on the unaudited Condensed Consolidated Statements of Operations.

7. Digital assets

The composition of digital assets included the following (in thousands, except quantity):

Table 7.1. Details of Digital Assets

March 31, 2026 December 31, 2025

Quantity Cost Basis Fair Value Quantity Cost Basis Fair Value

Canton Coin 391,371,628 $ 17,138 $ 58,964 367,760,063 $ 13,612 $ 56,028

Bitcoin 74 2,286 5,019 73 2,255 6,409

Sui 3,980,799 8,775 3,494 3,838,405 8,599 5,385

Ether 1,747 4,525 3,673 1,747 4,529 5,188

Other digital assets (1)

n.m. 30,649 13,067 n.m. 26,880 13,505

Total digital assets $ 63,373 $ 84,217 $ 55,875 $ 86,515

(1) Includes other digital asset balances, none of which individually represented more than 10% of the fair value of the total digital assets.

n.m.= not meaningful

Digital assets losses (gains) consists of the following (in thousands):

Table 7.2. Digital assets losses (gains)

Three months ended March 31,

2026 2025

(Gains)/losses on disposals of digital assets $ — $ ( 23 )

Unrealized (gains)/losses on changes in fair value of digital assets 856 6,293

Total $ 856 $ 6,270

8. Investments

Strategic investments

The Company holds strategic investments in privately held companies as a part of the Company’s strategy to build partnerships across the digital asset ecosystem. The Company also receives certain equity instruments as consideration for services. The Company does not have the ability to exercise significant influence over operating and financial policies of these investments. The carrying amount of these investments was $ 100.1 million and $ 84.3 million as of March 31, 2026 and December 31, 2025, respectively, which are included in Investments on the unaudited Condensed Consolidated Balance Sheets. The Company primarily records these investments at cost adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment, referred to as the measurement alternative.

The Company’s investments carried under the measurement alternative are recorded at fair value on a non-recurring basis in periods after initial recognition. Investments carried at fair value under the measurement alternative are classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. Any subsequent changes in value of these investments will be included as a part of Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations.

The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):

Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative

Balance as of December 31, 2025 $ 78,508

Net investments and returns in privately held companies 12,471

Upward adjustments 6,490

Downward adjustments ( 951 )

Realized gains (losses) and impairments

( 161 )

Balance as of March 31, 2026 (1)

$ 96,357

(1) Excludes $ 3.7 million of strategic investments not accounted for under the measurement alternative as of March 31, 2026.

Balance as of December 31, 2024 $ 68,229

Net investments and returns in privately held companies

2,050

Upward adjustments 879

Downward adjustments

( 1,229 )

Realized gains (losses) and impairments

Balance as of March 31, 2025 (1)

$ 69,963

(1) Excludes $ 7.6 million of strategic investments not accounted for under the measurement alternative as of March 31, 2025.

9. Derivatives and embedded derivatives

The Company enters into certain strategic investments in the form of forward contracts to purchase a specified quantity of digital assets. Certain of these contracts are accounted for as derivatives or investments with embedded derivatives, and we account for these derivatives and embedded derivatives within Investments on the unaudited Condensed Consolidated Balance Sheets. The derivatives and bifurcated embedded derivatives are marked to market through Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract on the unaudited Condensed Consolidated Balance Sheets.

The Company enters into certain agreements with customers to receive digital assets as non-cash consideration for services. These arrangements are hybrid instruments, consisting of a receivable host instrument with an embedded derivative based on the changes in the fair value of the underlying digital asset until receipt. Such feature is bifurcated and marked to market through Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract within Accounts receivable, net on the unaudited Condensed Consolidated Balance Sheets.

The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):

Table 9.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities

March 31, 2026 December 31, 2025

Investments - embedded derivatives $ 161 $ 899

Investments - derivatives $ 461 $ 473

Accounts receivable, net - embedded derivatives

$ 19,174 $ 19,942

The following table summarizes notional amounts related to derivatives and embedded derivatives (in thousands):

Table 9.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities

March 31, 2026 December 31, 2025

Investments - embedded derivatives $ 1,414 $ 1,153

Investments - derivatives $ 506 $ 582

Accounts receivable, net - embedded derivatives

$ 4,000 $ 4,000

Gains (losses) on derivatives and embedded derivatives included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations are as follows (in thousands):

Table 9.3. Gains (losses) on Derivatives and Embedded Derivatives

Three months ended March 31,

2026 2025

Accounts receivable, net - embedded derivatives

$ ( 1,161 ) $ ( 976 )

Investments - derivatives and embedded derivatives

$ ( 417 ) $ ( 5,340 )

10. Fair value measurements

Recurring fair value measurements

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other current assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature.

Table 10.1. Fair Value Hierarchy

(in thousands) March 31, 2026 December 31, 2025

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

Assets

Cash equivalents (1)

$ 67,596,121 $ — $ — $ 67,483,506 $ — $ —

Digital assets 84,217 — — 86,515 — —

Digital financial assets

1,248 — — 542 — —

Investments - derivatives and embedded derivatives (2)(3)

— 622 — — 1,372 —

Accounts receivable, net - embedded derivatives (4)

— 19,174 — — 19,942 —

Total assets $ 67,681,586 $ 19,796 $ — $ 67,570,563 $ 21,314 $ —

Liabilities

Convertible debt, net of debt discount $ — $ — $ — $ — $ — $ 36,821

Total liabilities $ — $ — $ — $ — $ — $ 36,821

(1) Included $ 66.5 billion and $ 66.3 billion of Circle Reserve Fund as of March 31, 2026 and December 31, 2025, respectively, and $ 10.1 million and nil of U.S. Treasury securities as of March 31, 2026 and December 31, 2025, respectively.

(2) The fair value measurement is based on the quoted market price of the underlying digital asset.

(3) Excluded the host contract balance of $ 1.4 million and $ 1.2 million as of March 31, 2026 and December 31, 2025, respectively.

(4) Excluded the host contract balance of $ 4.0 million as of March 31, 2026 and December 31, 2025 .

During the year ended December 31, 2025 , $ 4.6 million of digital assets related to blockchain rewards revenue which were classified as Level 3 within the fair value hierarchy due to the absence of quoted market prices, inherent lack of liquidity, and reliance on unobservable inputs, were transferred from Level 3 to Level 1 when the digital assets were listed on centralized exchanges and quoted prices in active markets became available.

Warrant liability

The Company had issued warrants convertible into Series E preferred stock at a price of $ 16.23 per share. The warrants were classified as a non-current liability and were fair valued using a probability weighted model based on the fair value of the Company’s common stock at the balance sheet date. The Company revalued the warrants at each reporting period and recorded the change in fair value in the unaudited Condensed Consolidated Statements of Operations. On February 20, 2025, the Company issued an aggregate of 45 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants which were subsequently converted one-for-one to Class A common stock upon completion of the IPO. The changes in carrying value of warrant liability is reflected in the following table (in thousands):

Table 10.2. Changes in Carrying Value of Warrant Liability

Balance as of December 31, 2024 $ 1,591

Warrants exercised

( 1,591 )

Balance as of March 31, 2025 $ —

Convertible debt, net of debt discount

On March 1, 2019, the Company issued a convertible note in connection with an acquisition. The note had an original par value of $ 24.0 million, a 2.9 % interest rate, and matured on March 1, 2026. The note was convertible into Series E preferred stock prior to the IPO, and is convertible into Class A common stock after the IPO. In October 2025, certain holders of the Company’s convertible notes converted their principal and accrued interest balance of $ 11.0 million into approximately 675 thousand shares of Class A common stock at a conversion rate of $ 16.23 per share. In January 2026, the remaining holders of the Company’s convertible notes converted their principal and accrued interest balance of $ 7.5 million into approximately 465 thousand shares of Class A common stock at a conversion rate of $ 16.23 per share. The fair value of the notes converted in January 2026 was approximately $ 39.4 million, substantially all of which was recorded to additional paid-in capital upon conversion. The Company elected the fair value option for recording this note. We measured the fair value of our convertible debt using the probability weighted “as converted” model. The change in fair value of the note is recorded in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. The changes in carrying value of convertible debt, net of debt discount are reflected in the following tables (in thousands):

Table 10.3. Changes in Carrying Value of Convertible Debt

Balance as of December 31, 2025 $ 36,821

Net discount on convertible notes —

Capitalized interest —

Fair value adjustment 2,558

Fair value adjustment – credit risk —

Conversion of convertible notes

( 39,379 )

Balance as of March 31, 2026 $ —

Balance as of December 31, 2024 $ 40,717

Net discount on convertible notes 206

Capitalized interest 334

Fair value adjustment ( 3,934 )

Fair value adjustment – credit risk 91

Balance as of March 31, 2025 $ 37,414

The following significant unobservable inputs were used in the valuation:

Table 10.4. Significant Unobservable Inputs

March 31, 2026 December 31, 2025

Discount rate — % 8.0 %

Volatility — % 44.8 %

Risk-free rate — % 3.7 %

Nonrecurring fair value measurements

Non-financial assets and investments accounted for under the measurement alternative are measured at fair value on a nonrecurring basis. Certain investments accounted for under the measurement alternative were impaired or adjusted for observable price changes in orderly transactions involving the same or similar investment. Refer to Note 8 for further details. These fair value measurements are based on Level 3 inputs, predominantly projected cash flows from the underlying investments and an applicable discount rate used in an income approach.

11. Revenue recognition

Disaggregation of Revenue

The following table summarizes the disaggregation of revenue by major product and service (in thousands):

Table 11.1. Revenue by Product and Service

Three months ended March 31,

2026 2025

Reserve income

$ 652,508 $ 557,911

Other revenue:

Subscription and services $ 34,861 $ 17,488

Transaction revenue 6,730 2,849

Other 34 325

Total other revenue 41,625 20,662

Total revenue and reserve income

$ 694,133 $ 578,573

Reserve income

All Circle stablecoins issued and outstanding are fully backed by equivalent amounts of fiat currency denominated assets held in segregated reserve accounts. The Company earns interest and dividends on assets held in reserve accounts, which include cash balances held at banks and investments in the Circle Reserve Fund. Interest income is recognized under the effective interest method, and dividend income from the Circle Reserve Fund is recognized on the declaration date.

Other revenue

Other revenue generally consists of revenues generated from services that increase the utility of Circle Digital Assets and related transactions. The components of other revenue primarily include revenues from subscription and services, transaction revenues, and other revenues.

Subscription and services consist of customer agreements where recurring revenue is generated from integration and maintenance services, fund management, time-based access, and user-based licensing. Payment for services received at the inception of the customer agreements in the form of digital assets is measured at fair value at the contract inception. Refer to the Digital assets discussion above regarding subsequent accounting for digital assets. Revenues from subscription contracts and maintenance services are recognized over time as the services are delivered. Revenues from integration services contracts which have specific performance obligations are recognized at the point in time when delivery of the services are completed and accepted by the customer. The Company receives fees associated with the management of USYC in the form of performance fees. Performance fees represent variable consideration and are recognized as revenue when the Company is entitled to such fees and significant reversals of such fees are not probable.

Transaction revenue is generated from usage-based, volume-based, or event-driven transactions. This includes fees associated with the redemption of Circle stablecoins and USYC, blockchain rewards revenue and use of Circle infrastructure in facilitating digital asset transactions (including CCTP). Transaction revenue contracts constitute a series of distinct processing services that the Company stands ready to provide to the customers over the contract period and services performed for participation in blockchain networks. The transaction price for these services is variable based on the number or volume of transactions processed, and consideration is allocated to the distinct service that forms part of its single performance obligation to provide such services. Revenue is recognized at the point in time as the performance obligation is met. The Company incurs expenses to assist in fulfilling obligations to process transactions. The Company acts as the principal in providing services to customers and, therefore, recognizes associated revenue and expenses on a gross basis.

Other is primarily generated from fees associated with certain non-recurring services and discontinued legacy products. Such customer contracts typically have one performance obligation and revenue is recognized at the point in time the services are provided.

Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue are reflected in the following table (in thousands):

Table 11.2. Changes in Deferred Revenue

Balance at December 31, 2025 $ 11,512

Deferred revenue billed in the current period, net of recognition

2,087

Revenue recognized that was included in the beginning period ( 7,609 )

Balance at March 31, 2026 $ 5,990

Balance at December 31, 2024 $ 13,390

Deferred revenue billed in the current period, net of recognition

9,456

Revenue recognized that was included in the beginning period ( 9,845 )

Balance at March 31, 2025 $ 13,001

12. Other income (expense), net

The following table presents our major categories of Other income (expense), net (in thousands):

Table 12.1. Other income (expense), net

Three months ended March 31,

2026 2025

Gains (losses) on digital assets and other investments, net $ ( 3,576 ) $ ( 8,263 )

Interest income on corporate balances 13,709 7,965

Changes in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities

( 4,108 ) ( 2,382 )

Interest expense and amortization of discount

( 38 ) ( 335 )

Foreign currency exchange gain (loss)

5,121 ( 539 )

Other, net 575 451

Total Other income (expense), net

$ 11,683 $ ( 3,103 )

13. Income taxes

For the three months ended March 31, 2026 and 2025, the Company recorded consolidated income tax expense from continuing operations of $ 1.4 million and $ 25.0 million, respectively, which represent effective tax rates of 2.5 % and 27.9 %, respectively.

The Company’s income tax expense and effective tax rate can fluctuate period to period based on the levels of net income before income taxes, the mix of profits earned in various tax jurisdictions with differing statutory tax rates, the magnitude of non-deductible items and tax credits, changes in valuation allowances, and the impact of discrete items.

The income tax expense for the three months ended March 31, 2026, reflects the mix of earnings across U.S. and non-U.S. jurisdictions. Income taxes were significantly reduced by tax benefits from stock-based compensation, partially offset by discrete tax expense items, including certain prior-period tax adjustments recognized during the period, and valuation allowances against U.S. deferred tax assets.

14. Debt

Warrant liability

In connection with a loan agreement with a bank, which was repaid in full in November 2019, the Company issued warrants convertible into 85 thousand Series E preferred stock with a strike price of $ 16.23 per share with an expiration date of February 21, 2025. On February 20, 2025, the Company issued an aggregate of 45 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants.

Convertible debt, net of debt discount

In March 2019, the Company issued a convertible promissory note in connection with an acquisition. Pursuant to the note agreement, the Company agrees to pay the holders the principal amount together with any interest on the unpaid principal balance for the note beginning on the date of the agreement. The note had an original principal amount of $ 24.0 million and was convertible into Series E preferred stock subject to the conversion provisions in the agreement. Subsequent to the IPO, the note is convertible into Class A common stock at a conversion rate of $ 16.23 . The note matured on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9 % due annually in arrears on the last day of each calendar year. The Company has elected the fair value option for recording its convertible notes on the unaudited Condensed Consolidated Balance Sheets, which are recorded at a net discount on acquisition date. The debt discount is amortized and included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. The change in fair value of the convertible notes is included in Other income (expense), net in the Unaudited Condensed Consolidated Statements of Operations.

In October 2025, certain holders of the Company’s convertible notes converted their principal and accrued interest balance of $ 11.0 million into approximately 675 thousand shares of Class A common stock at a conversion rate of $ 16.23 per share. The fair value of the notes converted in October 2025 was approximately $ 88.8 million, substantially all of which was recorded to additional paid-in capital upon conversion.

In January 2026, the remaining holders of the Company’s convertible notes converted their principal and accrued interest balance of $ 7.5 million into approximately 465 thousand shares of Class A common stock at a conversion rate of $ 16.23 per share. The fair value of the notes converted in January 2026 was approximately $ 39.4 million, substantially all of which was recorded to additional paid-in capital upon conversion.

The fair value of outstanding convertible notes was nil and $ 36.8 million as of March 31, 2026 and December 31, 2025, respectively, and are reflected as Convertible debt, net of debt discount on the unaudited Condensed Consolidated Balance Sheets.

15. Stockholders’ equity

Common Stock

In June 2025, the Company completed its IPO, in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $ 31.00 per share.

The Charter authorizes a total of 2.5 billion shares of Class A common stock with a par value of $ 0.0001 per share, 500.0 million shares of Class B common stock with a par value of $ 0.0001 per share, 500.0 million shares of Class C common stock with a par value of $ 0.0001 per share and 500.0 million shares of preferred stock with a par value of $ 0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of March 31, 2026.

Class B common stock is convertible into Class A common stock on a one-for-one basis at the option of the holder. In addition, Class B common stock will automatically convert into Class A common stock on a one-for-one basis upon any transfer, except for permitted transfers described in our Charter, and in certain other circumstances. Class C common stock is convertible into Class A common stock on a one-for-one basis in connection with certain assignments and transfers.

The holders of Circle’s Class A common stock are entitled to one vote for each share of common stock held. The holders of Circle’s Class B common stock are entitled to five votes for each share of common stock held (but the aggregate voting power of Class B common stock cannot exceed 30% of the total voting power of our capital stock). The holders of Circle’s Class C common stock are not entitled to vote except to the extent set forth in our Charter or as required by applicable law. The voting, dividend and liquidation rights of the holders of our common stock are subject to and qualified by the rights, powers, and preferences of the holders of the Preferred Stock as detailed in the Charter.

Stock Plans

As of March 31, 2026, there were 27.2 million shares of Class A common stock and Class B common stock subject to issued and outstanding stock options and RSUs under the stock award plans, and 1.2 million shares of Class A common stock issuable in connection with business combinations. In addition, under the stock award plans and the ESPP, there were 37.0 million shares and 8.1 million shares, respectively, of Class A common stock available for future issuance.

Warrants

In April 2023, the Company entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $ 42.14 per share and an exercise period of ten years from the grant date. The warrants are subject to certain service conditions to be achieved over a two-year period and performance conditions to be achieved over a five-year period. The fair value of the warrants, approximately $ 80.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of ten years , a dividend yield of zero , volatility of 44 %, and a risk-free rate of 3.45 %. The warrants will be expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025. As of March 31, 2026, 3.4 million of these warrants have expired, and none of the common shares associated with the remaining warrants have been exercised or forfeited.

In August 2023, the Company entered into an agreement with a digital asset exchange to grant warrants to purchase up to 3.6 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $ 25.09 per share. They expire five years from the grant date and the vesting of the warrants is subject to a performance condition. The fair value of the warrants, approximately $ 43.9 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of five years , a dividend yield of zero , volatility of 51 %, and a risk-free rate of 4.38 %. The warrants will be expensed over the requisite service period if and when the achievement of the performance condition is probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025. As of March 31, 2026, the performance condition had not been met, and none of the common shares associated with these warrants have been exercised, forfeited, or expired.

In December 2024, the Company entered into an agreement with a commercial counterparty which included the issuance of warrants to purchase up to approximately 2.9 million shares of Class A common stock. The warrants vest based upon the achievement of certain performance conditions to be achieved within a three-year period for the benefit of the Company. The warrants have an exercise price of $ 22.71 per share and an exercise period of six years from the grant date. The fair value of the warrants, approximately $ 56.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of six years , a dividend yield of zero , volatility of 53 %, and a risk-free rate of 4.43 %. The warrants are expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. There was $ 4.7 million and $ 1.1 million in distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 1.0 million of these warrants have vested, and the counterparty elected to exercise 0.7 million of the warrants during the three months ended March 31, 2026 resulting in the net issuance of approximately 0.5 million shares of Class A common stock. As of March 31, 2026, none of the common shares associated with these warrants have been forfeited or expired.

Donations to Circle Foundation

In March 2025, the Company’s board of directors approved the reservation of up to 2,682,392 shares of Class A common stock, which represented approximately 1 % of our capital stock on the date it was approved by our board of directors. The shares may be issued to or for the benefit of the Circle Foundation, a donor-advised fund, in installments over 10 years.

In March 2026, the Company re-issued 67,060 shares of Treasury stock reserved for the benefit of the Circle Foundation. As a result of this equity contribution, the Company recorded a charge of $ 7.7 million to General and administrative expenses within the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.

16. Redeemable convertible preferred stock

In connection with the IPO, all outstanding shares of redeemable convertible preferred stock were converted into shares of our Class A common stock on a one-to-one basis and their carrying value of $ 1.1 billion was reclassified into stockholders’ equity. As such, there were no shares of redeemable convertible preferred stock issued and outstanding following the completion of the Company's IPO in June 2025.

Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of March 31, 2025.

Table 16.1. Details of Preferred Stocks

Preferred stock class Issue Date Issue price Conversion price Liquidation preference Shares issued

(in thousands)

Series A 8/22/2013 $ 0.27 $ 0.27 $ 0.27 33,621

Series B 2/26/2014 $ 0.97 $ 0.97 $ 0.97 17,586

Series C 4/10/2015 $ 2.17 $ 2.17 $ 2.17 18,445

Series D 5/17/2016 $ 2.76 $ 2.76 $ 2.76 23,203

Series E Various $ 16.23 $ 16.23 $ 16.23 37,436

Series F 5/9/2022 $ 42.14 $ 42.14 $ 42.14 9,516

17. Stock-based compensation

Stock-based compensation expense was $ 51.8 million and $ 12.7 million for the three months ended March 31, 2026 and 2025, respectively. The capitalized stock-based compensation expense related to internally developed software was $ 9.4 million and $ 2.7 million for the three months ended March 31, 2026 and 2025, respectively.

Stock options

Granted stock options generally have 10-year terms and have vesting periods ranging from 12 months to 48 months .

A summary of outstanding stock options activities for the three months ended March 31, 2026 and 2025 is presented below:

Table 17.1. Summary of Outstanding Stock Options Activities

Number of Stock

Options (in thousands) Weighted

Average

Exercise

Price Weighted

Average

Remaining

Contractual

Term (in years) Aggregate

Intrinsic Value

(in thousands)

Balance as of December 31, 2025 13,450 $ 11.36 4.2 $ 919,115

Options exercised ( 2,543 ) 5.67

Balance as of March 31, 2026 10,907 $ 12.68 4.2 $ 906,000

Exercisable at March 31, 2026 10,348 $ 10.97 4.0 $ 874,255

Number of Stock

Options (in thousands) Weighted

Average

Exercise

Price Weighted

Average

Remaining

Contractual

Term (in years) Aggregate

Intrinsic Value

(in thousands)

Balance as of December 31, 2024 22,751 $ 8.48 5.5 $ 522,900

Options exercised ( 1,009 ) 0.64

Options forfeited ( 93 ) 20.63

Balance as of March 31, 2025 21,649 $ 8.79 5.3 $ 462,946

Exercisable at March 31, 2025 20,145 $ 7.49 5.1 $ 455,317

As of March 31, 2026, unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested stock options that are expected to vest was $ 9.6 million, which is expected to be recognized over a weighted-average period of 2.5 years.

Restricted stock units (RSUs)

Prior to the IPO, RSUs granted under the award plan generally vested upon the satisfaction of both a service condition and a liquidity-event related performance condition. Both the service and liquidity-event related performance conditions needed to be met for the expense to be recognized. RSUs granted after the IPO generally vest solely based on the satisfaction of a service condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally the vesting period.

Prior to the IPO, we had not recognized stock-based compensation expense related to certain RSU awards as the qualifying liquidity-event related performance condition had not yet occurred and was not considered probable of occurring. Stock-based compensation expense related to remaining service-based awards after the IPO is recorded over the remaining requisite service period.

A summary of RSUs activities for the three months ended March 31, 2026 and 2025 is as follows:

Table 17.2. Summary of Restricted Stock Units Activities

Number of

Shares (in thousands) Weighted-

Average

Grant Date

Fair Value

Balance as of December 31, 2025 14,711 $ 35.16

RSUs granted 4,853 $ 69.61

RSUs vested ( 2,828 ) $ 32.65

RSUs forfeited ( 435 ) $ 39.79

Balance as of March 31, 2026 16,301 $ 45.73

Number of

Shares (in thousands) Weighted-

Average

Grant Date

Fair Value

Balance as of December 31, 2024 19,943 $ 30.85

RSUs granted 5,811 $ 31.16

RSUs vested ( 1 ) $ 27.81

RSUs forfeited ( 423 ) $ 30.23

Balance as of March 31, 2025 25,330 $ 30.93

As of March 31, 2026, unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested RSUs that are expected to vest was $ 424.9 million, which is expected to be recognized over a weighted-average period of 3.4 years.

Shares issued for business combinations

The Company has issued the following common shares for the purchase of common shares subject to forfeiture based on certain service conditions in connection with its acquisitions. These shares were issued to the employees of the acquired businesses and are valued based on the fair value of the Company’s common shares at the acquisition date. The Company records stock-based compensation expenses over the requisite service period, with an increase to additional paid-in capital. The shares issued for business combinations are subject to forfeiture based on service conditions through various dates over a four-year period from their respective acquisition dates.

Table 17.3. Summary of Shares Issued for Business Combinations Activities

Number of

Shares (in thousands) Weighted-

Average

Grant Date

Fair Value

Balance as of December 31, 2025 1,744 $ 33.75

Shares vested

( 520 ) $ 31.16

Balance as of March 31, 2026 1,224 $ 34.84

Number of

Shares (in thousands) Weighted-

Average

Grant Date

Fair Value

Balance as of December 31, 2024 548 $ 47.82

Shares issued

1,473 31.16

Shares forfeited

( 6 ) 47.82

Balance as of March 31, 2025 2,015 $ 35.64

As of March 31, 2026 unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested shares and warrants issued for business combinations that are expected to vest was $ 31.4 million, which is expected to be recognized over a weighted-average period of 1.7 years.

ESPP

The Company's ESPP became effective on June 4, 2025, with the grant date of the initial offering period beginning on March 5, 2026. Refer to Note 2 for additional details regarding the Company's ESPP.

As of March 31, 2026, $ 1.0 million has been withheld on behalf of employees for future purchases under the ESPP due to the timing of payroll deductions. As of March 31, 2026, there was approximately $ 1.9 million of unrecognized stock-based compensation cost net of estimated forfeitures related to the ESPP, which is expected to be recognized over a remaining period of 0.4 years.

The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model. The weighted average assumptions utilized in the valuation of ESPP purchase rights are presented below:

Table 17.4. ESPP Valuation Assumptions

March 31,

2026

Risk-free interest rate 3.65 %

Expected term (years) 0.5

Expected volatility 49.33 %

Expected annual dividend —

18. Earnings per share

The computation of earnings per share is as follows (in thousands, except per share amounts):

Table 18.1. Earnings per share

Three months ended March 31,

2026 2025

Net income from continuing operations

$ 55,246 $ 64,791

Less: Net loss attributable to noncontrolling interests

( 7 ) —

Net income attributable to common stockholders

$ 55,253 $ 64,791

Net income attributable to common stockholders

$ 55,253 $ 64,791

Less: Dividend preference on preferred shares

— ( 64,791 )

Net income available to common stockholders - basic

$ 55,253 $ —

Net income attributable to common stockholders

$ 55,253 $ 64,791

Less: Changes in fair value of convertible debt and warrant liability

— ( 2,345 )

Less: Dividend preference on preferred shares

— ( 62,446 )

Net income available to common stockholders - diluted

$ 55,253 $ —

Weighted-average common shares – basic 244,038 57,966

Add: Weighted-average effect of dilutive securities

22,649 17,684

Weighted-average common shares – diluted 266,687 75,650

Earnings per common share attributable to common stockholders:

Basic earnings per common share

$ 0.23 $ 0.00

Diluted earnings per common share

$ 0.21 $ 0.00

The outstanding securities that were excluded from the computation of diluted earnings per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands):

Table 18.2. Potentially Dilutive Securities

Three months ended March 31,

2026 2025

Redeemable convertible preferred stock

— 139,807

Stock options and RSUs 770 —

Common stock in connection with business combinations — 150

Total 770 139,957

19. Accumulated other comprehensive income

Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):

Table 19.1. Accumulated Other Comprehensive Income

Three Months Ended March 31,

2026 2025

Accumulated other comprehensive income

Beginning balance $ 14,515 $ 3,644

Pre-tax change – Foreign currency translation adjustment ( 6,172 ) 1,809

Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment

— ( 91 )

Tax effect — 7

Total accumulated other comprehensive income including noncontrolling interest, net of tax 8,343 5,369

Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest 24 —

Total accumulated other comprehensive income attributable to common stockholders, net of tax $ 8,367 $ 5,369

20. Prepaid expenses and other current assets

Prepaid expenses and other current assets include the following (in thousands):

Table 20.1 Details of Prepaid Expenses and Other Current Assets

March 31, 2026 December 31, 2025

Reserve income receivable $ 210,822 $ 219,221

Prepaid expenses 37,182 24,243

Digital financial assets 1,248 542

Income tax receivable 66,782 65,060

Other 10,766 12,594

Total prepaid expenses and other current assets $ 326,800 $ 321,660

21. Accounts payable and accrued expenses

Accounts payable and accrued expenses include the following (in thousands):

Table 21.1 Details of Accounts Payable and Accrued Expenses

March 31, 2026 December 31, 2025

Accrued distribution costs $ 117,572 $ 119,038

Stablecoin redemptions in transit

31,486 80,593

Accrued expenses 71,551 114,272

Accounts payable

18,643 24,733

Income taxes payable 2,472 1,632

Other payables 20,491 20,341

Total accounts payable and accrued expenses $ 262,215 $ 360,609

22. Commitments and contingencies

Legal matters

The Company is subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. The Company is also subject to regulatory oversight by numerous regulatory and other governmental agencies. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies for such matters when potential losses become probable and can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the unaudited Condensed Consolidated Financial Statements.

The Company is in a dispute with a financial advisor regarding advisory fees related to two engagement letters between the parties. In 2022, the Company’s Board of Directors passed resolutions terminating the engagement letters. The financial advisor has subsequently asserted that the terminations of the engagement letters are ineffective and has demanded fees and interest for various transactions. The Company believes it has properly and effectively terminated the engagement letters with the financial advisor, and strenuously disputes the financial advisor’s demand for any fees in connection with the transactions, which have all been conducted without the financial advisor’s assistance. On May 28, 2024, the financial advisor filed a lawsuit regarding the dispute. The operative complaint alleges, among other things, that the terminations of both engagement letters are ineffective and demands, among other relief, fees and interest for various transactions that occurred after termination of the engagement letters, including the Company’s IPO and follow-on public offering. The Company does not believe that the outcome of the dispute at this point can be reasonably quantified or estimated.

Commitments and other contingencies

Current tax rules related to stablecoins require significant judgments to be made in interpretation of the law, including but not limited to the withholding tax, income tax and information reporting. Additional guidance may be issued by U.S. and non-U.S. governing bodies that may significantly differ from the Company’s interpretation of the law, which could have unforeseen effects on our financial condition and results of operations, and as a result, the related impact on our financial condition and results of operations is not estimable but could be material.

23. Subsequent events

On May 8, 2026, we entered into token purchase agreements with certain institutional investors, led by a16z crypto, pursuant to which we agreed to issue and sell to such purchasers an aggregate of 740 million ARC Tokens. The ARC Tokens were offered and sold at a purchase price of $ 0.30 per token, implying a fully diluted network valuation of $ 3.0 billion and resulting in estimated aggregate gross proceeds to us of approximately $ 222.0 million.

On May 8, 2026, as part of the ARC Token presale, we entered into a token purchase agreement with an entity affiliated with IDG Capital, a beneficial holder of more than 5 % of our capital stock, pursuant to which we agreed to issue and sell to such entity, an aggregate of 83.3 million ARC Tokens for a purchase price of $ 0.30 per token or $ 25.0 million in the aggregate.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited Condensed Consolidated Financial Statements, including the notes thereto, included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to historical information, the following discussion and analysis contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results and the timing of events could differ materially from those anticipated in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in the “ Risk Factors ” section.

Executive Overview

In the first quarter of 2026, we continued building the infrastructure for an open, programmable internet financial system by scaling adoption of USDC and expanding our platform across product and network milestones.

During the first quarter of 2026 (compared to the first quarter of 2025):

• USDC in circulation grew 28% to $77.0 billion; USDC onchain transaction volume grew 263% to $21.5 trillion.

• Total revenue and reserve income grew 20% to $694 million.

• Net income from continuing operations decreased 15% to $55 million.

• Adjusted EBITDA grew 24% to $151 million.

See “—Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income from continuing operations, the most closely comparable GAAP measure, and additional information about the limitations of our non-GAAP measures.

Overview of Business

Our mission is to raise global economic prosperity through the frictionless exchange of value.

We are building a full-stack internet financial platform business anchored by our stablecoin network. Our business is organized around three reinforcing pillars: (i) Arc, an open Layer-1 blockchain network and related developer/interoperability infrastructure; (ii) Circle Digital Assets and Services, including USDC, EURC, USYC and related liquidity infrastructure such as Circle Mint and xReserve; and (iii) Circle Applications, including products like CPN and StableFX that deliver real-world utility on Arc and across a multichain ecosystem. The three pillars of our platform are designed to reinforce one another: Arc is expected to provide an enterprise-grade foundation for stablecoin finance and consumer-scale applications; Circle Digital Assets and related services supply trusted units of value and liquidity infrastructure; and Circle Applications translate that infrastructure into real-world utility for institutions, developers, and end-users.

Our business model is driven by the growth of our platform, including the use and continued utility of Circle Digital Assets. We invest in expansion of our platform by partnering with major financial and technology institutions to drive distribution of Circle Digital Assets, building global fiat on- and off-ramps to increase accessibility and liquidity of Circle Digital Assets, and providing developer tools and operational infrastructure that reduce friction and enable new applications using our Circle Digital Assets, including tools that can be used on our platform without a direct relationship with us. We also aim to increase network activity through the launch of new products and services, expansion into new markets, and the fostering of third-party innovation on our platform, in each case, with a regulation-first approach.

Circle stablecoins and related reserve income

We currently derive a substantial majority of our revenue from reserve income on the reserve assets backing our stablecoins, USDC and EURC. Reserve income was 94.0% and 96.4% of our total revenue in the three months ended March 31, 2026 and 2025, respectively. We earn reserve income on the reserve assets backing our stablecoins in circulation at interest rates close to the prevailing SOFR during the applicable periods. We term the rate of return generated on assets held in reserve as the “reserve return rate”. See “—Key operating indicators and financial results” for the calculation of reserve return rate. The reserve income that we generate is a function of (i) our stablecoins in circulation over a given period and (ii) the reserve return rate.

Other products

In addition to revenue from reserve income on the reserve assets backing our stablecoins, we continue to expand product offerings and services that benefit from and support the growth of our platform and the utility of Circle Digital Assets. Our other products contributed 6.0% and 3.6% o f Circle’s total revenue in the three months ended March 31, 2026 and 2025 respectively . We believe these and other new product and service offerings will contribute to the growth of our platform and the use of Circle Digital Assets, and over time drive a flywheel of growth that has been the hallmark of successful internet-driven networks. We also expect growth in our network to drive increases in our stablecoins in circulation and thereby drive our reserve income. We anticipate growing these offerings in the coming years, diversifying our revenue profile.

These offerings include:

• Arc Blockchain and Related Developer Infrastructure – Arc is our open, Layer-1 blockchain purpose-built to bring real world economic activity onchain, supported by developer tools (including Circle Wallets and Circle Contracts) and interoperability services (including CCTP and Gateway) designed to reduce complexity and help developers and enterprises build and operate onchain applications that move value across networks.

• Circle Tokenized Funds – Our tokenized fund, USYC, which is a part of our Circle Digital Assets, is an onchain representation of shares in a traditional money market fund intended primarily for use as collateral in digital asset markets, providing yield to token holders and complementing USDC and EURC in institutional trading, treasury, and collateral workflows.

• Circle Liquidity Services – Circle Mint and xReserve provide institutional liquidity and trust infrastructure for Circle Digital Assets, including minting, redeeming, and moving USDC and EURC through Circle Mint, and enabling third-party developers to deploy USDC-interoperable stablecoins through xReserve.

• Circle Applications – Our application-layer products build on Circle Digital Assets and Arc to deliver practical utility, including CPN, which connects eligible financial institutions to facilitate near-instant, 24/7/365 payment settlement using regulated stablecoins, and StableFX, an institutional stablecoin foreign exchange engine built on Arc that supports onchain settlement and configurable escrow-based trade settlement.

See Part I, Item 1 – “Business”, of our Annual Report on Form 10-K for the year ended December 31, 2025 for a detailed description of our suite of products and services.

Recent Developments

Arc and the ARC Token

As previously announced, in October 2025, we launched the public testnet of Arc, our open, Layer-1 blockchain network purpose-built to unite programmable money and onchain innovation with real-world economic activity. Since then, more than 100 participants spanning banking, capital markets, digital assets, payments, and technology have engaged with the Arc network. As of March 31, 2026, since the launch of Arc testnet in October 2025, Arc testnet has processed 244.1 million transactions and 3.6 million transacting contracts. In addition, in the first quarter of 2026 alone, 1.6 million unique wallets transacted at least once on Arc testnet. Building on this momentum and continued ecosystem engagement, we expect to launch Arc on mainnet this year.

Arc is designed as an economic operating system for internet-scale financial infrastructure. It is built to feature predictable, dollar-denominated transaction fees, sub-second finality, opt-in configurable privacy, and native integration with our full-stack platform. Supported by a global ecosystem of partners, Arc is intended to provide an enterprise-grade foundation for stablecoin payments, foreign exchange, lending, and capital markets transactions, and to operate as part of a broader, interoperable multichain ecosystem.

Arc is expected to initially operate under a Proof-of-Authority consensus model. Over time, it may transition to a Proof-of-Stake or a delegated Proof-of-Stake consensus mechanism. If such a transition occurs, the network would introduce a native token (the “ ARC Token ” ). The ARC Token is designed as the native coordination asset of the Arc network under the Proof-of-Stake model. If launched, the ARC Token is intended to align participants with the long-term success of the Arc network through staking, governance, and other platform-wide utilities. The ARC Token’s utility is expected to extend beyond the chain itself, spanning numerous protocols and products from us and our ecosystem partners on the Arc network. It is expected to confer governance rights to a distributed participant set responsible for upholding, among other things, the network’s security posture, and infrastructural integrity, establishing the conditions under which institutions can rely on Arc for mission-critical applications and settlement. The total initial supply of ARC Tokens is expected to be 10 billion, though the supply would be subject to increase as a result of the programmatic functioning of the Arc protocol. The timing, structure, terms, and scope of any such transition, or the creation and broader distribution of ARC Tokens, remain subject to ongoing technical, business, legal, regulatory, and market considerations.

On May 8, 2026, we entered into token purchase agreements with certain institutional investors, led by a16z crypto, pursuant to which we agreed to issue and sell to such purchasers an aggregate of 740 million ARC Tokens. The offer and sale of the tokens pursuant to the token purchase agreements was conducted as a private placement exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Rule 506(b) of Regulation D promulgated thereunder. Each purchaser has agreed to a lock-up restriction prohibiting the direct or indirect sale, transfer, assignment or other disposition of any ARC Tokens acquired in the presale for a period of not less than one year from the date of the Arc network’s transition to a Proof-of-Stake or a delegated Proof-of-Stake consensus mechanism, and may be subject to additional restrictions on transfer until the date that is four years following such transition date.

The ARC Tokens were offered and sold at a purchase price of $0.30 per token, implying a fully diluted network valuation of $3.0 billion and resulting in estimated aggregate gross proceeds to us of approximately $222.0 million. The token purchase agreements and related agreements provide for repayment rights in specified circumstances, including if the ARC Tokens are not delivered or if the Arc network has not completed the transition to a Proof-of-Stake or a delegated Proof-of-Stake consensus mechanism on or before May 8, 2028, or if certain purchaser-specific legal, regulatory, or compliance-related conditions are not satisfied.

Please see the section titled “Part II, Item 1A. Risk Factors—Risks Related to Arc and ARC Tokens” for additional discussion about Arc and the ARC Token.

Key Factors Affecting Operating Results

The growth and success of our business as well as our financial condition and operating results have been, and will continue to be affected by a number of factors, including:

Growth of the internet financial system

The internet financial system is built on blockchain infrastructure, and represents a fundamental shift that we believe will result in a profound change to the existing financial system by materially improving efficiency, reducing costs, expanding accessibility, and accelerating innovation. While the internet financial system has grown rapidly, it remains in its infancy and is very small relative to the legacy financial system. We believe we are well positioned to be among the winners in this emerging, transformative space, and we expect increased adoption and expansion of the internet financial system to be a key driver of growth in all our products and services, and hence of our overall financial performance.

Adoption of stablecoins as the core means of value exchange within the internet financial system

We believe stablecoins are the core facilitator of value exchange in the internet financial system. We believe that we are poised to lead the way in driving the growth of stablecoins, with our trusted brand, regulation-first posture, robust scalable infrastructure, institutional-grade safety and soundness, global presence, and strong interoperability. We stand to benefit as the adoption of stablecoins and the internet financial system increase, due not only to the growth in circulation of our stablecoins but also to growth of the platform that we have developed.

Expanding global awareness and distribution of our platform

Our efforts to expand global awareness and distribution of our digital assets, and to grow our platform, follow a multi-pronged approach that includes: obtaining additional foreign licenses and registrations where necessary; collaboration with key strategic partners; local go-to-market strategies; and further integration with major blockchains. We expect increased awareness and interest in our platform, anchored by our stablecoin network, including both increasing penetration among our existing markets and expansion into new markets, to positively impact our performance.

Growth in new products and services

We believe we have a sizable opportunity to grow our business through the introduction of new products and services. Arc, our related developer infrastructure, and CPN provide platforms upon which third-party software developers can build and create their own products and financial applications. We continue to develop our products and services, which in turn facilitate the creation of new third-party products for the emerging internet financial system. We expect this will, in turn, increase demand for Circle Digital Assets and serve as a critical driver to the growth of our platform. We anticipate that the products developed on our platform will drive new sources of revenue for us including network service fees, subscription fees, and additional developer services fees.

Strategic partnerships

We complement our products and services with enterprise-level strategic commercial partnerships, with the goal of driving growth in the distribution and adoption of our platform and Circle Digital Assets. Through these partnerships, we enable companies to offer internet-native financial services to their own customers, to the benefit of our overall network. Many of these partnerships are still in early stages, but we expect that they will contribute meaningfully to our operating and financial performance over time. A few of our strategic partners include Coinbase, who provides a variety of products and services that support the growth and utility of USDC, and Binance, who makes USDC extensively available across its full suite of products and services and adopts USDC as a dollar stablecoin for its corporate treasury. We plan to continue to enter into strategic partnerships like these to expand our product offerings and amplify the network effects of our platform business. In addition, we may enter into such arrangements where we incentivize the use of USDC in exchange for our participation in the digital asset ecosystem. We believe each of these partnerships helps to foster growth of the internet financial system broadly and of our platform and Circle Digital Assets specifically, by reaching new end-users and expanding opportunities for existing end-users.

Distribution costs

We incur costs to incentivize distributors to use and distribute Circle Digital Assets and these distribution costs have a meaningful impact on our financial performance. For example, our distribution costs payable to key distributors such as Coinbase and Binance are directly impacted by the amount of USDC held on their respective platforms, which is in turn affected by actions and policies that we do not control or oversee. We have added and expect to continue to add additional distributors in the future and anticipate that such distribution contracts may have different commercial terms depending on negotiations with our distributors and the circumstances in our evolving industry. Moreover, our financial performance has been, and we expect it will continue to be, affected by the mix of USDC growth driven by commercial distribution partnerships versus organic growth outside of those arrangements. To the extent USDC adoption increases through channels that do not require third-party incentive payments, our distribution costs may decrease. As we add distributors and approved participants to which incentive payments are paid, our distribution costs may increase in the future.

Interest rate fluctuations

We derive a substantial majority of our revenue from reserve income. Fluctuations in interest rates impact reserve return rates, which in turn affect our reserve income. However, interest rates are only one contributor to reserve income, and the other primary contributor—USDC in circulation—is inherently difficult to predict given the uncertainties in end-user and customer behavior. For example, although interest rates are positively correlated with the opportunity cost of holding USDC versus other financial instruments, given the utility of USDC as a means for the exchange of value, an increase in interest rates does not necessarily result in a decrease in USDC in circulation (and vice versa). Any relationship between interest rates and USDC in circulation is complex, highly uncertain, and unproven. As a result, while we are able to predict the impact of interest rate changes on the reserve return rate, given uncertainties in end-user and customer behavior and interests and market dynamics, we are unable to accurately predict the impact of such changes on reserve income.

Government regulation

We have always had a “regulation-first” philosophy that underlies our operations and has led to significant investments in building a robust compliance infrastructure. However, the laws and regulations to which we are subject are rapidly evolving and increasing in scope. As a result, we monitor regulatory changes closely and we expect to continue to invest significant resources in our legal, policy, compliance, product, and engineering teams to ensure our business practices comply with, and plan and prepare for, current and future regulations. National legislation in the US (including the GENIUS Act) and abroad is expected to provide increased certainty for market participants and accelerate institutional adoption. We believe increased global regulatory clarity will result in increased conviction in stablecoins by consumers and enterprises alike, which will drive greater adoption. We believe these trends will naturally increase the growth of our platform and the use and utility of Circle Digital Assets, and set us up to be the leading regulated player in the space.

Key Operating Indicators and Financials Results

We regularly review several key operating and non-GAAP financial indicators to evaluate our performance and trends and inform management’s budgets, financial projections, and strategic decisions. The following table presents our key operating and financial results, as well as the relevant GAAP measures, for the periods indicated:

(dollar amounts are in millions)

Three months ended March 31,

2026 2025

Key operating indicators:

USDC in circulation, end of period (1)

$ 77,049 $ 59,976

USDC in circulation, average of period (1)

$ 75,200 $ 54,136

Reserve return rate 3.5 % 4.2 %

USDC on platform, end of period $ 13,669 $ 3,857

USDC on platform, daily weighted-average percentage

17.2 % 5.7 %

Key financial results:

Total revenue and reserve income $ 694 $ 579

Revenue less distribution costs ( 2 )

$ 287 $ 231

RLDC Margin (3 )

41 % 40 %

Net income from continuing operations $ 55 $ 65

Net income from continuing operations margin (4 )

8 % 11 %

Adjusted EBITDA ( 5)

$ 151 $ 122

Adjusted EBITDA Margin (5)

53 % 53 %

(1) When calculating USDC in circulation, we exclude: (a) “tokens allowed but not issued,” which are tokens that exist on the Algorand, Hedera, Polkadot, and Solana blockchains due to the technical implementation of USDC on those blockchains. These tokens are held by us in restricted, segregated “tokens allowed but not issued” blockchain addresses. We do not receive any funds for their creation, and they are not redeemable for the U.S. dollar. These tokens are restricted for use while held in such blockchain addresses. These tokens cannot be redeemed for the U.S. dollar as the private keys are securely controlled by us and the blockchain addresses are not configured to allow redemption requests to be established by Circle Mint. When a minting request is received for USDC on these blockchains and the funds underlying such request are received, the corresponding amount of “tokens allowed but not issued” is transferred from the segregated “tokens allowed but not issued” addresses to the minting address via a system controlled process administered by us, at which point the tokens are considered to be USDC in circulation; (b) “access denied tokens,” which are tokens that are restricted from being accessed by the holder to comply with a law, regulation, or legal order from a duly recognized and authorized court of competent jurisdiction, or governmental or other authority with jurisdiction over us. When these tokens were originally issued (i.e., before they were restricted from being accessed), we received the equivalent amount of fiat currency in connection with their original minting. Upon determination that a token should be an “access denied token,” we restrict the access of the holder to such token and transfer the reserves relating to such token to a segregated bank account specifically for “access denied tokens.” The assets in such segregated bank account constitute a component of USDC reserves, and we do not extinguish the associated liability until the segregated reserve funds are transferred to the relevant law enforcement agency or government body or until the access denial request is reversed and a subsequent redemption request is made by the stablecoin holder. As of March 31, 2026 and 2025, there were $120.9 million and $101.0 million of “access denied tokens,” respectively; and (c) “pending burns”, which are USDC balances held within our smart contracts that are pending finalization on the blockchain. We exclude these tokens because they are not used for transactions and thus do not reflect our platform’s breadth, which as noted below, is the principal purpose for which we present USDC in circulation, end of period and USDC in circulation, average of period. We include corporate-held USDC (i.e., USDC held by us), as we routinely use USDC to pay for distribution, transaction, and other costs as well as operating expenses and thus corporate-held USDC contributes to our platform’s breadth. As of March 31, 2026 and 2025, there were $792.7 million and $274.5 million of corporate-held USDC, respectively.

(2) Revenue less distribution costs is calculated as Total revenue and reserve income less Total distribution, transaction, and other costs.

(3) RLDC Margin is calculated as Total revenue and reserve income less Total distribution, transaction, and other costs as a percentage of Total revenue and reserve income.

(4) Net income from continuing operations margin is calculated as Net income from continuing operations divided by Total revenue and reserve income.

(5) See “Non-GAAP Financial Measures” for reconciliation of GAAP to non-GAAP measures. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total revenue and reserve income less Total distribution, transaction, and other costs.

USDC in circulation, end of period and USDC in circulation, average of period

USDC in circulation, end of period is the total amount of USDC minted and outstanding as of the end of the reporting period. USDC in circulation, average of period is calculated as the simple daily average of USDC in circulation, with the daily USDC in circulation determined at the end of each day. USDC in circulation, end of period and USDC in circulation, average of period are major contributing factors to our reserve income and also provide a measure of our platform’s breadth. We expect that the continued growth and development of the internet financial system will further drive increases in USDC in circulation, end of period and USDC in circulation, average of period.

Reserve return rate

Reserve return rate is the rate of return generated on assets held in reserve. Reserve return rate is calculated as our reserve income divided by the average period balance of reserves segregated for the benefit of holders of our stablecoins, with average period balance of reserves segregated for the benefit of holders of our stablecoins measured as the simple daily average of reserves segregated for the benefit of holders of our stablecoins, with daily average of reserves segregated for the benefit of holders of our stablecoins determined at the end of each day.

USDC on platform, end of period and USDC on platform, daily weighted-average percentage

USDC on platform is defined as the total amount of USDC on our platform, which includes USDC held within Circle Mint accounts, corporate-held USDC, and USDC held within non-custodial wallets offered through our platform (including our managed wallet services such as Circle Wallets and other wallet technologies). USDC on platform provides a measure of our platform’s breadth and is also used to calculate our share of reserve income under the Collaboration Agreement.

Daily weighted-average percentage of USDC on platform is defined as the average of the percentage of USDC in circulation that is held on our platform at the end of each day, weighted based on the amount of USDC in circulation at the end of each day. Percentage of USDC on platform at the end of each day is used to calculate our share of reserve income under the Collaboration Agreement.

Adjusted EBITDA

Adjusted EBITDA, a non-GAAP financial measure, is calculated as net income from continuing operations excluding: net income (loss) attributable to noncontrolling interests, depreciation and amortization expenses; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense and payroll tax expense related to stock-based compensation; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities; charitable contributions to Circle Foundation; losses on sale of long-lived assets; and foreign currency exchange (gains) losses. Adjusted EBITDA is a key measure used by our management and board of directors to monitor and evaluate the growth and performance of our business operations, facilitate internal comparisons of the historical operating performance of our business operations, facilitate external comparisons of the results of our overall business to the historical operating performance of other companies that may have different capital structures or operating histories, review and assess the performance of our management team and other employees, and prepare budgets and evaluate strategic planning decisions regarding future operating investments. See “—Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income from continuing operations, the most closely comparable GAAP measure, and additional information about the limitations of our non-GAAP measures.

Other Important Platform Metrics

In addition to our key operating indicators and financial results, we regularly measure the scale of our platform and the relevance of our products and services to developers and end-users by monitoring and reviewing certain important platform metrics, including: USDC minted, USDC redeemed, stablecoin market share, meaningful wallets.

(dollar amounts and meaningful wallets are in millions) Three months ended March 31,

2026 2025

Important Platform Metrics

USDC minted

$ 73,539 $ 53,222

USDC redeemed

$ 71,756 $ 37,103

Stablecoin market share, end of period

28 % 29 %

Meaningful wallets, end of period

7.19 4.88

USDC minted / USDC redeemed

USDC minted measures the flow of U.S. dollar fiat converted to USDC and USDC redeemed measures the flow of USDC converted to U.S. dollar fiat, in each case, initiated by Circle Mint customers. We believe this demonstrates our operational capacity and resiliency to process minting and redemptions through our digital and banking infrastructure.

Stablecoin market share

Stablecoin market share is defined as the amount of USDC in circulation as a percentage of the total U.S. dollar fiat-backed stablecoins with circulation above $100 million, according to CoinMarketCap, and that have established periodic public attestations. Stablecoin market share reflects how much of the stablecoin market is composed of USDC relative to the competitive landscape.

Meaningful Wallets

Meaningful wallets are defined as the number of onchain digital asset wallets with an amount of USDC above $10. As a single end-user may have multiple onchain digital asset wallets, meaningful wallets do not represent, and we do not use meaningful wallets as a measure of, the number of unique end-users with more than $10 of USDC. Nonetheless, we believe that the number of meaningful wallets is an indicator of the breadth of USDC’s adoption and the reach of our stablecoin network.

Key Components of Revenue and Expenses

Revenue and reserve income

Reserve income

We earn interest and dividends on assets held in reserve accounts, which include cash balances held at banks and the Circle Reserve Fund, as applicable. Interest income is recognized under the effective interest method, and dividend income is recognized when declared. Reserve income is recorded on a gross basis before the impact of any distribution costs. An increase (or decrease) in the amount of our stablecoins in circulation would increase (or decrease) the amount of assets held in reserve accounts, and thus, assuming a constant reserve return rate, would result in increased (or decreased) reserve income.

Other revenue

Other revenue consists of revenues generated from products and services that increase the utility of our platform and our Circle Digital Assets. The components of other revenue include subscription and services revenue, transaction revenue, and other revenues. Subscription and services consists of customer agreements where recurring revenue is generated from integration and maintenance services, fund management, time-based access, and user-based licensing. Transaction revenue is generated from usage-based, volume-based, or event-driven transactions. This includes fees associated with the redemption of Circle Digital Assets, blockchain rewards revenue, and use of our platform infrastructure in facilitating digital asset transactions. Other is primarily generated from fees associated with certain non-recurring services and discontinued legacy products.

Distribution, transaction, and other costs

Distribution costs

We incur distribution costs to incentivize distributors to use and distribute our stablecoins, for example, Coinbase, Binance, and others. Under the Collaboration Agreement, Coinbase receives allocations based on the amount of USDC held on its platform after our issuer retention, and Coinbase also receives half of the remaining amount tied to broader ecosystem growth after amounts paid to any approved third-party ecosystem participants pursuant to our Stablecoin Ecosystem Agreement. These deductions are accounted for as components of the overall arrangement with Coinbase as we are not providing a distinct service to issue stablecoins and manage the associated reserves. The Collaboration Agreement is accounted for as an executory contract and reflected in distribution and transaction costs in our unaudited Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026 and 2025, we incurred $330.6 million and $303.2 million respectively, of distribution costs in connection with our agreements with Coinbase. We expect our distribution expense to increase in the future, as we add distributors and approved participants. Our distribution expense will also increase to the extent our reserve income increases over time. We also anticipate new distribution arrangements may differ depending on our negotiations with our distributors and the circumstances in our evolving industry.

Transaction costs

We incur transaction costs to pay for the blockchain network transaction fees necessary to complete transactions on supported blockchains. For a given blockchain, we purchase the necessary digital assets in advance and, upon initiation of a transaction, we pay blockchain transactions fees using our inventory of digital assets. We expect this expense to increase going forward due to increases in volume and rising fees on certain popular blockchain networks.

Other costs

Other costs primarily comprise expenses incurred as a result of facilitating and delivering products and services, including the certain fees related to the issuance of USYC and other costs to participate in activities that enhance the utility of Circle Digital Assets stablecoins and our infrastructure.

Other than distribution, transaction, and other costs, we do not incur distinct costs to mint and/or redeem stablecoins.

Operating expenses

Compensation expenses

Compensation expenses are primarily driven by employee compensation, including salaries and wages, stock-based compensation, bonuses, post-retirement benefits, commissions, and severance payments. As we expand our business and team, we expect compensation expenses to increase.

General and administrative expenses

General and administrative expenses include costs incurred to support our business operations. Specifically, expenses incurred related to insurance policies, dues and subscriptions, professional services, bank fees, rent, travel and business lodging, and contributions and donations. We expect general and administrative expenses to grow as we continue to invest to support the overall growth of our business.

Depreciation and amortization expenses

Depreciation and amortization expenses are incurred from the amortization of internally developed software, and from the amortization of intangible assets acquired in business combinations and asset acquisitions such as the technology platform, customer relationships, brand names, and licenses. We expect that our depreciation and amortization expenses will increase in future periods as we continue to invest in the development of our various digital platforms.

IT infrastructure costs

IT infrastructure costs include costs incurred in operating and maintaining our platform, including network, website hosting, and infrastructure costs. IT infrastructure costs also include software and technology costs incurred to support our general business operations including cloud hosting costs, cybersecurity, electronic communications archiving software, change management, and compliance technology such as AML and KYC software. We expect IT infrastructure costs to grow as we continue to support the overall growth of our business.

Marketing expenses

Marketing expenses are incurred to drive additional customers to our platform, capitalize on cross-sell opportunities from our customer base, and build awareness of our products and brand with the objective of growing our customer base. We expect marketing expenses to grow as we continue to support the overall growth of our business.

Digital assets losses (gains)

Digital assets are measured at fair value. Fair value measurements for digital assets are based on quoted market prices in active markets. Gains and losses upon sale of digital assets are measured as the difference between the cash proceeds and the carrying basis of the digital assets as determined on a first-in, first-out (“FIFO”) basis for each pool of digital assets.

Other income (expense), net

Other income (expense), net, is composed of multiple income (expense) categories, including, but not limited to, the following:

• Realized and unrealized gains (losses) on assets and liabilities at fair value (e.g., convertible debt, warrants, U.S. Treasury securities, derivatives, and embedded derivatives);

• Realized and unrealized gains (losses) on investments, which include changes in fair value related to our marketable equity securities, digital assets held for investment and observable price changes on our non-marketable equity securities;

• Impairment losses on equity investments;

• Interest income on corporate cash balances;

• Interest expense, net of accretion of discounts and amortization of premiums; and

• Foreign currency exchange gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities.

Income tax expense (benefit)

Income tax expense (benefit) includes income taxes related to foreign jurisdictions and U.S. Federal and state income taxes. As we conduct business activities internationally, any changes in the U.S. and foreign taxation of such activities may increase our overall provision for income taxes in the future.

Results of Operations

We discuss our historical results of operations below on a consolidated basis. The following table sets forth a summary of our unaudited Condensed Consolidated Results of Operations for the periods indicated, and the changes between periods. These results of operations have been prepared on the same basis as our unaudited Condensed Consolidated Financial Statements included elsewhere in this Form 10-Q. In the opinion of management, the financial information set forth in the table below reflects all normal recurring adjustments necessary for the fair statement of results of operations for these periods. The following unaudited condensed consolidated results of operations should be read together with our unaudited Condensed Consolidated Financial Statements and related notes, included elsewhere in this Form 10-Q.

Three Months Ended March 31,

2026 2025 $ Change % Change

(in thousands, except percentages)

Revenue and reserve income

Reserve income $ 652,508 $ 557,911 $ 94,597 17.0 %

Other revenue 41,625 20,662 20,963 101.5 %

Total revenue and reserve income 694,133 578,573 115,560 20.0 %

Distribution, transaction and other costs

Distribution and transaction costs 405,402 347,312 58,090 16.7 %

Other costs 1,379 335 1,044 311.6 %

Total distribution, transaction and other costs 406,781 347,647 59,134 17.0 %

Operating expenses

Compensation expenses 138,127 75,620 62,507 82.7 %

General and administrative expenses 57,261 30,684 26,577 86.6 %

Depreciation and amortization expenses 26,767 13,880 12,887 92.8 %

IT infrastructure costs 12,722 7,672 5,050 65.8 %

Marketing expenses 6,617 3,860 2,757 71.4 %

Digital assets losses (gains) 856 6,270 (5,414) (86.3 %)

Total operating expenses 242,350 137,986 104,364 75.6 %

Operating income from continuing operations

45,002 92,940 (47,938) (51.6 %)

Other income (expense), net 11,683 (3,103) 14,786 476.5 %

Net income from continuing operations before income taxes

56,685 89,837 (33,152) (36.9 %)

Income tax expense (benefit)

1,439 25,046 (23,607) (94.3 %)

Net income from continuing operations

55,246 64,791 (9,545) (14.7 %)

Less: Net loss attributable to noncontrolling interests (7) — (7) n.m

Net income attributable to common stockholders

$ 55,253 $ 64,791 $ (9,538) (14.7 %)

Revenue and reserve income

Reserve income. Reserve income increased by $94.6 million, or 17.0%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, of which approximately $200.9 million of the increase is attributable to a 39.1% increase in average daily USDC in circulation reflecting increased demand for Circle Digital Assets, as well as expanded strategic partnerships and integrations. This was offset by a decrease of approximately $106.3 million attributable to a 66 basis point decline in the average yields reflecting interest rate actions undertaken by the U.S. Federal Reserve.

Other revenue . Other revenue increased by $21.0 million, or 101.5%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, due to a $21.9 million increase driven by additional integration services performed, increased blockchain rewards revenue, redemption fees related to our Circle stablecoins, and fund management fees. This is offset by a $1.2 million decrease in redemption fees related to our Circle Tokenized Funds.

Distribution, transaction and other costs

Distribution and transaction costs . Distribution and transaction costs increased by $58.1 million, or 16.7%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven by a $27.4 million increase in distribution costs paid to Coinbase as a combined result of increased reserve income and their on-platform balances, along with an increase of $14.0 million, and $16.6 million in other distribution costs related to Binance and other strategic distribution partnerships, respectively.

Other costs . Other costs increased by $1.0 million, or 311.6%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, largely driven by a $0.7 million increase in incentive costs for USYC issuance resulting from increased activity.

Operating Expenses

Compensation expenses . Compensation expenses increased by $62.5 million, or 82.7%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven by a $39.1 million increase in stock-based compensation expense primarily related to the vesting of RSUs for which, the service-based condition had been met prior to the IPO and the liquidity-event related performance condition was met upon the commencement of trading of our Class A common stock on the NYSE and related to an increase in the issuance of RSUs, due to increase in average headcount, and an increase in the fair value of our Class A common stock. In addition, there was a $11.1 million increase in payroll taxes primarily related to the vesting of equity awards and an increase of $10.7 million in salaries, wages and bonus expenses due to an increase in average headcount.

General and administrative expenses . General and administrative expenses increased by $26.6 million, or 86.6%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, largely due to an $11.9 million increase in legal, professional and consulting fees, a $5.8 million increase in contributions and donations, and a $4.2 million increase in travel and entertainment costs due to Company events and associated travel expenses.

Depreciation and amortization expenses . Depreciation and amortization expenses increased by $12.9 million, or 92.8%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, largely due to an $11.5 million increase in amortization expense of internally developed software, and a $0.6 million increase in depreciation.

IT infrastructure costs. IT infrastructure costs increased by $5.1 million, or 65.8%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, due to a $5.1 million increase in costs associated with software support and license costs to facilitate infrastructure build-out and enhanced product offerings.

Marketing expenses . Marketing expenses increased by $2.8 million, or 71.4%, for the three months ended March 31, 2026, compared to three months ended March 31, 2025, driven by a $1.5 million increased spending in marketing, advertising and sponsorship campaigns, and a $1.2 million increase in conference expenses.

Digital assets losses (gains) . Digital assets losses (gains) changed by $5.4 million, or 86.3%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to $4.5 million in losses recognized during the three months ended March 31, 2025 related to the deprecation of certain legacy products, as well as a $0.9 million decrease in losses due to changes in the prices of digital assets driven by market fluctuations.

Other income (expense), net . Other income (expense), net changed by $14.8 million, or 476.5%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, due to a $5.7 million increase in interest income received on corporate cash balances, a $5.7 million increase in unrealized gains on investments, a $5.7 million increase in income from favorable foreign currency exchange rate movements, and a $4.9 million decline in losses related to changes in the fair value of investments - derivatives. This was offset by a $6.5 million loss as a combined result of the increase in the fair value of our convertible notes due to an increase in the price of our Class A common stock, and the conversion of the remaining outstanding convertible notes into Class A common stock in the first quarter of 2026.

Income tax expense (benefit) . Income tax expense (benefit) decreased by $23.6 million, or 94.3%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increased tax benefits from stock-based compensation and lower pre-tax income.

Changes in Financial Position

The following table sets forth a summary of selected line items from our unaudited Condensed Consolidated Balance Sheets for the periods indicated, and the changes between periods. These selected line items have been prepared on the same basis as our unaudited Condensed Consolidated Financial Statements included elsewhere in this Form 10-Q. In the opinion of management, the financial information set forth in the table below reflects all normal recurring adjustments necessary for the fair statement of changes in the selected line items for these periods. The following selected line items should be read together with our unaudited Condensed Consolidated Financial Statements and related notes, included elsewhere in this Form 10-Q.

(in thousands, except percentage information) March 31, 2026 December 31, 2025 $ Change % Change

ASSETS

Current assets:

Cash and cash equivalents (including cash and cash equivalents segregated for corporate-held stablecoins) $ 2,309,926 $ 2,349,009 $ (39,083) (1.7) %

Cash and cash equivalents segregated for the benefit of stablecoin holders

76,893,681 75,067,932 1,825,749 2.4 %

Accounts receivable, net 72,168 62,866 9,302 14.8 %

Prepaid expenses and other current assets 326,800 321,660 5,140 1.6 %

Non-current assets:

Investments 100,073 84,265 15,808 18.8 %

Fixed assets, net 22,520 22,791 (271) (1.2) %

Digital assets 84,217 86,515 (2,298) (2.7) %

Intangible assets, net 421,017 411,146 9,871 2.4 %

Deferred tax assets, net 11,285 11,110 175 1.6 %

Other non-current assets 26,549 27,379 (830) (3.0) %

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Deposits from stablecoin holders $ 76,778,530 $ 74,912,567 $ 1,865,963 2.5 %

Accounts payable and accrued expenses 262,215 360,609 (98,394) (27.3) %

Convertible debt, net of debt discount — 36,821 (36,821) (100.0) %

Other current liabilities 14,637 18,398 (3,761) (20.4) %

Non-current liabilities:

Deferred tax liabilities, net 28,071 28,702 (631) (2.2) %

Other non-current liabilities 24,694 25,337 (643) (2.5) %

Stockholders’ equity:

Additional paid-in capital 4,658,949 4,610,216 48,733 1.1 %

Accumulated deficit (1,237,456) (1,292,709) 55,253 4.3 %

Total stockholders’ equity 3,428,631 3,330,773 97,858 2.9 %

In accordance with applicable regulatory requirements and commercial law, for stablecoins issued and outstanding, we are generally required to hold at least an equivalent amount of fiat currency denominated assets, held in accounts that are titled FBO holders of Circle stablecoins. We may hold reserve assets segregated for the benefit of holders of Circle stablecoins in excess of deposits from holders of Circle stablecoins due to funds related to reserve income received that has not yet been transferred to corporate cash due to the timing of receipt and unprocessed customer deposits that have not yet been minted. We have access to and are entitled to the excess over redemption and customer obligations. We are not required by law or internal policy to maintain any such excess.

Current assets

Cash and cash equivalents (including cash and cash equivalents segregated for corporate-held stablecoins). Cash and cash equivalents (including cash and cash equivalents segregated for corporate-held stablecoins) decreased by $39.1 million, or 1.7%, as of March 31, 2026, compared to December 31, 2025. Refer to “— Liquidity and Capital Resources — Cash Flows” below for further discussion on the net cash flows from operating activities, investing activities and financing activities during the period.

Cash and cash equivalents segregated for the benefit of stablecoin holders. Cash and cash equivalents segregated for the benefit of stablecoin holders increased by $1.8 billion, or 2.4%, as of March 31, 2026, compared to December 31, 2025, due to a $1.8 billion increase in USDC in circulation. Refer to “— Liquidity and Capital Resources — Composition of USDC reserves” below for further discussion of the composition of the reserves.

Accounts receivable, net. Accounts receivable, net increased by $9.3 million, or 14.8%, as of March 31, 2026, compared to December 31, 2025, due to a $12.1 million increase in accounts receivables related to integration services for maintenance and support fees and new blockchain launches, offset by a $2.9 million increase in credit losses and changes in the fair value of certain embedded derivatives associated with digital assets receivable for integration services due to mark-to-market fluctuations in the underlying digital assets.

Prepaid expenses and other current assets. Prepaid expenses and other current assets increased by $5.1 million, or 1.6%, as of March 31, 2026, compared to December 31, 2025, driven by a $8.3 million increase in prepaid business travel and marketing expenses and a $5.7 million increase in special one-time compensation prepaid related to an asset acquisition that closed in January 2026, offset by a $8.4 million decrease in reserve income receivables due to lower average interest rates and reduced average holdings.

Non-current assets

Investments. Investments increased by $15.8 million, or 18.8%, as of March 31, 2026 compared to December 31, 2025 due to a $10.3 million increase in new strategic investments and a $5.5 million increase due to net unrealized gains on certain investments.

Current liabilities

Deposits from stablecoin holders. Deposits from stablecoin holders increased by $1.9 billion, or 2.5%, as of March 31, 2026, compared to December 31, 2025. Refer to the “Cash and cash equivalents segregated for the benefit of stablecoin holders” narrative above for further discussion.

Accounts payable and accrued expenses. Accounts payable and accrued expenses decreased by $98.4 million, or 27.3%, as of March 31, 2026, compared to December 31, 2025, due to a $49.1 million decrease in stablecoin redemption liabilities, and a $46.6 million decrease in accrued compensation expenses driven by payments of the year-end accrued bonus and payroll taxes in the first quarter of 2026.

Convertible debt, net of debt discount . Convertible debt, net of debt discount decreased by $36.8 million, or 100.0%, as of March 31, 2026, compared to December 31, 2025 due to the conversion of the outstanding convertible notes into Class A common stock in the first quarter of 2026.

Other current liabilities . Other current liabilities decreased by $3.8 million, or 20.4%, as of March 31, 2026, compared to December 31, 2025 due to a $5.5 million net decrease in deferred revenue primarily due to the launch of new integration service deals in the first quarter of 2026. This is offset by a $1.5 million increase due to a reclassification from non-current liabilities to current liabilities based on maturity.

Stockholders’ equity

Stockholders’ equity . Stockholders' equity increased by $97.9 million, or 2.9%, as of March 31, 2026, compared to December 31, 2025, largely due to a $61.3 million increase in stock-based compensation, $55.3 million of net income attributable to common stockholders recognized during the three months ended March 31, 2026, a $39.4 million increase due to the conversion of the outstanding convertible notes into Class A common stock and a $14.4 million increase resulting from issuance of common stock upon the exercise of stock options. This increase is offset by a $80.5 million decrease related to the issuance of common stock upon the settlement of RSUs, net of shares withheld.

Non-GAAP Financial Measures

Adjusted EBITDA

To provide investors with additional information regarding our financial results, we have disclosed here and elsewhere in this Form 10-Q Adjusted EBITDA, a non-GAAP financial measure that we calculate as net income from continuing operations excluding: net income (loss) attributable to noncontrolling interests; depreciation and amortization expenses; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense and payroll tax expense related to stock-based compensation; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities; charitable contributions to Circle Foundation; losses on sale of long-lived assets and foreign currency exchange (gains) losses. We have provided a reconciliation below of Adjusted EBITDA to net income from continuing operations, the most directly comparable GAAP financial measure.

Beginning in the first quarter of 2026, we have amended the above definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted EBITDA. These expenses represent employer payroll taxes related to the vesting and settlement of certain equity awards, and are variable with our stock price and other factors outside of our control. The change had no effect on the prior period presented.

We present Adjusted EBITDA because it is a key measure used by our management and board of directors to monitor and evaluate the growth and performance of our business operations, facilitate internal comparisons of the historical operating performance of our business operations, facilitate external comparisons of the results of our overall business to the historical operating performance of other companies that may have different capital structures or operating histories, review and assess the performance of our management team and other employees, and prepare budgets and evaluate strategic planning decisions regarding future operating investments. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments as well as certain cash charges such as payroll tax related to stock-based compensation from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense (benefit), interest income, interest expense, and non-routine items as these items are not components of our core business operations.

Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;

• Adjusted EBITDA does not reflect stock-based compensation and payroll tax expense related to stock-based compensation. Stock-based compensation expense and the related payroll tax expense has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;

• Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital;

• Adjusted EBITDA excludes one-time non-routine items; and

• Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income, and our other GAAP results.

The following table reconciles Adjusted EBITDA to net income from continuing operations, the most closely comparable GAAP financial measure, for the periods indicated (in thousands):

Three Months Ended March 31,

2026 2025

Net income from continuing operations $ 55,246 $ 64,791

Less: Net loss attributable to noncontrolling interests (7) —

Net income from continuing operations attributable to common stockholders $ 55,253 $ 64,791

Adjusted for:

Depreciation and amortization expenses

26,767 13,880

Interest expense, net of amortization of discounts and premiums 38 335

Interest income (1)

(13,709) (7,965)

Income tax expense (benefit)

1,439 25,046

Stock-based compensation expense and related payroll taxes (2)

62,424 12,716

Legal expenses (3)

7,019 1,905

Realized and unrealized losses (gains), net, on digital assets held for investment, other related investments and strategic investments

3,325 8,263

Impairment losses on strategic investments

251 —

Acquisition-related costs (4)

1,870 535

Change in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities

4,108 2,382

Charitable contributions to Circle Foundation (5)

7,737 —

Losses on sale of long-lived assets

— 12

Foreign currency exchange (gains) losses

(5,121) 539

Adjusted EBITDA $ 151,401 $ 122,439

(1) Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income.

(2) Beginning in the first quarter of 2026, we have amended the definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation. We did not retrospectively apply this change to prior periods. For the three months ended March 31, 2026, the payroll tax expense related to stock-based compensation was $10.6 million. We did not have any payroll tax expense related to stock-based compensation for the three months ended March 31, 2025.

(3) Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters. Refer to Note 22 to our unaudited Condensed Consolidated Financial Statements included elsewhere in this Form 10-Q for a summary of certain of these legal matters.

(4) Reflects special one-time compensation related to an asset acquisition that closed in January 2026, and one-time legal and professional services costs related to the Hashnote acquisition in January 2025, for the three months ended March 31, 2026 and 2025, respectively.

(5) Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund. Refer to Note 15 to our unaudited Condensed Consolidated Financial Statements included elsewhere in this Form 10-Q for further details on donations to Circle Foundation.

Liquidity and Capital Resources

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including our working capital and capital expenditure needs and other commitments. Our recurring working capital requirements relate mainly to our cash operating costs. Our capital expenditure requirements consist mainly of software development related to our product development and are primarily dependent on the expansion of our products as well as salaries and wages of employees associated with software development projects.

As of March 31, 2026, we had total liquidity sources of $2.3 billion, which consisted of $1.5 billion in Cash and cash equivalents and $792.7 million in Cash and cash equivalents segregated for corporate-held stablecoins. We believe our operating cash flows, together with our total liquidity sources on hand, will be sufficient to meet our working capital and capital expenditure requirements for a period of at least 12 months from the date of this Form 10-Q. We expect our capital expenditures and working capital requirements to continue to increase in the immediate future as we continue to invest in the expansion of our products and services. Operating payments made in the form of corporate-held stablecoins are utilized and presented in the unaudited Condensed Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash. Refer to Note 2 Deposits from Stablecoin Holders in the unaudited Condensed Consolidated Financial Statements included elsewhere in this Form 10-Q for additional details regarding the accounting for the use of corporate-held stablecoins in our unaudited Condensed Consolidated Statements of Cash Flows.

Cash and cash equivalents segregated for the benefit of stablecoin holders was $76.9 billion and $75.1 billion as of March 31, 2026 and December 31, 2025, respectively. This represents cash and cash equivalents maintained in segregated reserve accounts. We segregate the use of the assets underlying the customer funds to meet regulatory requirements and classify the assets as current based on their purpose and availability to fulfill our direct obligation under custodial funds due to stablecoin holders.

Off-Balance Sheet Arrangements

As of March 31, 2026 and December 31, 2025, we did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Composition of USDC Reserves

The table presented below summarizes the composition of the reserves backing USDC in circulation (which, as discussed in “Key operating indicators and financial results”, excludes access denied tokens and tokens allowed but not issued (for which we do not receive fiat funds)), the outstanding balance, and the average yield for the periods indicated. We use USDC in circulation in the table presented below to align with our presentation in “—Key operating indicators and financial results” and because reserves backing access denied tokens do not represent a material portion of USDC reserves. The amounts below differ from assets (cash and cash equivalents) segregated for the benefit of stablecoin holders, as these line items on our balance sheet include reserve assets backing access denied tokens and reserve assets backing EURC (which is held only in cash at banks and not material for the periods presented) and excludes the amount of reserve assets backing corporate-held USDC. In addition, the amounts differ due to timing and settlement differences, such as reserve income earned but not yet transferred to corporate cash and timing differences of cash receipts and payments related to the minting and redemption process.

(in millions, except percentages) March 31, 2026 Three Months Ended March 31, 2026 March 31, 2025 Three months ended March 31, 2025

Asset Class Fair Value Average Yield Fair Value Average Yield

Cash $ 10,658 2.95 % $ 6,487 3.42 %

Circle Reserve Fund $ 66,467 3.59 % $ 53,565 4.26 %

As of March 31, 2026 and 2025, USDC reserves held as cash balances at banks (labeled as “Cash” in the table above) significantly exceeded the FDIC insurance limit of $250,000 per financial institution. As of March 31, 2026 and 2025, FDIC deposit insurance related to financial institutions where USDC reserves were held was limited to an aggregate amount of $1.8 million (representing seven FDIC-insured financial institutions) and $1.3 million (representing five FDIC-insured financial institutions), respectively. The liabilities related to Deposits from stablecoin holders on the unaudited Condensed Consolidated Balance Sheets are not covered by FDIC deposit insurance.

As of March 31, 2026, approximately 86% of USDC reserves are held in the Circle Reserve Fund. The remaining amount is held in cash distributed across multiple banks. We allocate USDC reserves across the different types of reserve assets in accordance with our reserve management standard in a manner designed to ensure available liquidity to meet redemption requests.

The Circle Reserve Fund is a government money market fund pursuant to Rule 2a-7 under the 1940 Act, holding a portfolio of U.S. Treasury securities with remaining maturities of three months or less, overnight U.S. Treasury repurchase agreements, and cash. As an SEC-registered Rule 2a-7 fund, the securities purchased by the Circle Reserve Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the 1940 Act and other rules of the SEC. The Circle Reserve Fund is managed by BlackRock. The Circle Reserve Fund is only available to us, the only shareholder of the Circle Reserve Fund, and we have consent rights over changes to certain fundamental investment restrictions, such as the Circle Reserve Fund acting in ways that are not permitted under the 1940 Act or inconsistent with the disclosure in the fund’s prospectus.

The Circle Reserve Fund seeks to maintain a net asset value (“NAV”) of $1 per share. Our investment in the Circle Reserve Fund is not insured or guaranteed by the FDIC or any other government agency. BlackRock is not required to reimburse the fund for losses and is not required to provide financial support for the fund at any time. If the terms of the Circle Reserve Fund are modified to no longer suit our objectives, or if BlackRock manages the Circle Reserve Fund in a manner inconsistent with our reserve management standard, we may redeem our shares of the Circle Reserve Fund; we do not have other recourse (other than under the securities laws if BlackRock manages the Circle Reserve Fund in a manner inconsistent with the fund’s prospectus). Our determination of whether to invest and the amount of investment in the Circle Reserve Fund is governed by our reserve management standard. The Circle Reserve Fund has a $2 billion minimum investment requirement. However, we are not obligated to invest in the Circle Reserve Fund.

Information regarding the Circle Reserve Fund is available, and is updated daily, on BlackRock’s website under the USDXX ticker symbol (CUSIP: 09261A870), including the fund’s net asset value, assets held within the fund, the fund’s yield, and the yields of specific assets held within the fund. The composition of assets held within the fund will vary over time, and the assets within the fund could have different remaining maturities (but always three months or less) and provide different yields.

Sources of liquidity

Initial Public Offering (IPO)

In June 2025, we completed our IPO, in which we issued and sold 19.9 million shares of our Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $31.00 per share. The IPO resulted in net proceeds to us of $583.0 million after deducting the underwriting discounts and commissions and before deducting offering costs of $12.8 million, which were charged to additional paid-in capital as a reduction of the net proceeds received from the IPO.

Follow-on Public Offering

In August 2025, we completed a follow-on public offering of our Class A common stock, in which we issued and sold 3.5 million shares of our Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $130.00 per share. This resulted in net proceeds to us of $444.8 million after deducting the underwriting discounts and commissions and before deducting offering costs of $1.8 million , which were charged to additional paid-in capital as a reduction of the net proceeds received from the follow-on public offering.

Debt

In March 2019, we entered into an agreement with an investment company to issue convertible promissory notes in connection with the acquisition of SeedInvest. We agreed to pay the holder the principal amount together with any interest on the unpaid principal balance for the notes beginning on the date of the agreement. The note had an original principal amount of $24.0 million and was convertible into Series E preferred stock subject to the conversion provisions in the agreement.

In October 2025, certain holders of our convertible notes converted their principal and accrued interest balance of $11.0 million into approximately 675 thousand shares of Class A common stock at a conversion rate of $16.23 per share. The fair value of the notes converted in October 2025 was approximately $88.8 million, substantially all of which was recorded to additional paid-in capital upon conversion.

In January 2026, the remaining holders of the Company’s convertible notes converted their principal and accrued interest balance of $7.5 million into approximately 465 thousand shares of Class A common stock at a conversion rate of $16.23 per share. The fair value of the notes converted in January 2026 was approximately $39.4 million, substantially all of which was recorded to additional paid-in capital upon conversion.

Warrants

In April 2023, Circle entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $42.14 per share and an exercise period of ten years from the grant date. The warrants are subject to certain service conditions to be achieved over a two-year period and performance conditions to be achieved over a five-year period. As of March 31, 2026, 3.4 million of these warrants have expired. The vesting conditions for the remaining warrants have not been met, and none of the common shares associated with these warrants have been exercised or forfeited.

In August 2023, Circle entered into an agreement with a digital asset exchange to grant warrants to purchase up to 3.6 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $25.09 per share and an exercise period of five years from the grant date. The warrants are subject to a performance condition. This condition has not been met, and none of the common shares associated with these warrants have been exercised or forfeited or have expired.

In December 2024, Circle entered into an agreement with a commercial counterparty to grant warrants to purchase up to approximately 2.9 million shares of Class A common stock. The warrants have an exercise price of $22.71 per share and an exercise period of six years from the grant date. The vesting of the warrants is subject to certain conditions to be achieved over a three-year period. As of March 31, 2026, 1.0 million of these warrants have vested, and the counterparty elected to exercise 0.7 million of the warrants during the three months ended March 31, 2026 resulting in the net issuance of approximately 0.5 million shares of Class A common stock. None of the common shares associated with these warrants have been forfeited or expired.

Other commitments and contingencies

Our commitments for facilities' leases under non-cancelable operating leases amounted to $23.4 million as of March 31, 2026. As of the date of this Form 10-Q, we did not have any other material commitments for cash expenditures.

We are involved in claims, lawsuits, government investigations, and proceedings arising from the ordinary course of our business. We record a contingent liability when we believe that it is both probable that a liability has been incurred, and that the amount can be reasonably estimated. Refer to Note 22 to our unaudited Condensed Consolidated Financial Statements included elsewhere in this Form 10-Q for a summary of our contingent liabilities. Significant judgment is required to determine both probability and the estimated amount. Such legal proceedings are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows. If we determine there is a reasonable possibility that we may incur a loss and the loss or range of loss can be estimated, we disclose the possible loss in the accompanying notes to the unaudited Condensed Consolidated Financial Statements to the extent material.

Cash flows

The following table summarizes our cash flows for the periods indicated:

Three months ended March 31,

2026 2025

(in millions)

Net cash provided by operating activities

$ 21 $ 57

Net cash used in investing activities

$ (35) $ (25)

Net cash provided by financing activities

$ 1,791 $ 16,263

Operating Activities

Net cash provided by operating activities was $21.1 million for the three months ended March 31, 2026 compared to net cash provided by operating activities of $56.6 million for the three months ended March 31, 2025, resulting in a decrease of $35.5 million. The decrease in net cash provided by operating activities was primarily driven by unfavorable changes in net working capital of $75.2 million, which was largely attributable to changes in accounts payable and accrued expenses from stablecoin redemption liabilities and accrued compensation costs. The decrease from unfavorable changes in net working capital was partially offset by an increase in net income after adjusting for non-cash items of $39.7 million, which was primarily driven by an increase in total revenues less distribution costs.

Investing Activities

Net cash used in inv esting activities was $35.2 million for the three months ended March 31, 2026, driven primarily by $15.6 million in capitalization of software development costs, $10.8 million in purchases of strategic investments, and $9.4 million in purchases of long-lived assets, compared to net cash used in investing activities of $25.2 million for the three months ended March 31, 2025, driven by $11.7 million in capitalization of software development costs, $7.4 million in net cash consideration related to the Hashnote acquisition, and $5.9 million in purchases of long-lived assets.

Financing Activities

Net cash provided by financing activities was $1.8 billion for the three months ended March 31, 2026, reflecting a $1.9 billion increase in net changes in deposits held for stablecoin holders primarily due to the increase in USDC in circulation, offset by $80.2 million of payments of withholding taxes on settlement of restricted stock units, compared to net cash provided by financing activities of $16.3 billion for the three months ended March 31, 2025, reflecting a $16.3 billion increase in net changes in deposits held for stablecoin holders primarily due to the increase in USDC in circulation.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our unaudited Condensed Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. In preparing our unaudited Condensed Consolidated Financial Statements, we make estimates and judgments that affect the reported amounts of assets, liabilities, stockholders’ equity, revenue, expenses, and related disclosures. We re-evaluate our estimates on an on-going basis. Our estimates are based on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Because of the uncertainty inherent in these matters, actual results may differ from these estimates and could differ based upon other assumptions or conditions.

There have been no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 . Refer to Note 2 to the unaudited Condensed Consolidated Financial Statements included in this Form 10-Q for updates to disclosures of accounting standards recently adopted or required to be adopted in the future.

Item 3. Quantitative And Qualitative Disclosures About Market Risk

Interest rate risk

Our results of operations are exposed to changes in interest rates, among other macroeconomic conditions. Interest rate risk is highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond our control. Fluctuations in interest rates impact reserve return rates, such that a decrease in interest rates reduces reserve return rates and an increase in interest rates increases reserve return rates. Reserve return rate is a contributing factor to reserve income (the other being, primarily, USDC in circulation), which in turn is a contributor to distribution and transaction costs (the others being, primarily, the amount of USDC held on and off our and Coinbase’s platforms). As such, fluctuations in interest rates may result in changes in reserve income and in turn distribution costs. However, interest rates are only one contributor to reserve income, and the other—USDC in circulation—is inherently difficult to predict given the uncertainties in end-user and customer behavior. For example, although interest rates are positively correlated with the opportunity cost of holding USDC versus other financial instruments, given the utility of USDC as a means for the exchange of value, an increase in interest rates does not necessarily result in a decrease in USDC in circulation (and vice versa). Any relationship between interest rates and USDC in circulation is complex, highly uncertain, and unproven. As a result, while we are able to predict the impact of interest rate changes on the reserve return rate, given the uncertainties in end-user and customer behavior and interests and market dynamics, we are unable to accurately predict the impact of such changes on reserve income or distribution and transaction costs.

In the following analysis, we modeled the impact of hypothetical changes in interest rates on our reserve income and distribution and transaction costs for the following twelve-month period. We assume that the amount of USDC in circulation throughout this period is equal to the amount of USDC in circulation as of March 31, 2026, due to the inherent uncertainties described above in respect of predicting or forecasting USDC in circulation; such changes in interest rates occur on April 1, 2026 and are held constant through the period and impact all reserve assets equally; and our allocation of reserve assets do not change, as we are unable to predict the market and yield reactions to interest rate changes. The table below summarizes the hypothetical impact on our operating results for the following twelve-month period based on our internal modeling, which are subject to uncertainties and limitations as discussed above (in millions):

Change in interest rates from average yield of 3.49% in March 2026

Estimated change in reserve income Estimated change in distribution and transaction costs

+200 bps $ 1,546 $ 769

+100 bps

$ 773 $ 384

-100 bps

$ (773) $ (384)

-200 bps

$ (1,546) $ (769)

Change in interest rates from average yield of 4.15% in March 2025

Estimated change in reserve income Estimated change in distribution and transaction costs

+200 bps $ 1,207 $ 649

+100 bps

$ 604 $ 324

-100 bps

$ (604) $ (324)

-200 bps

$ (1,207) $ (649)

Foreign currency risk

Our reporting currency is the U.S. dollar and the functional currency of our international operations is its local currency. The assets and liabilities of each of our international operations are translated into dollars at exchange rates in effect at each balance sheet date. Revenues and expenses are translated using the average exchange rate for the relevant period. Equity transactions are translated using historical exchange rates. Decreases in the relative value of the U.S. dollar to other currencies may negatively affect revenues and other operating results as expressed in dollars. Foreign currency translation adjustments are accounted for as a component of accumulated other comprehensive income (loss) within stockholders’ equity (deficit). Gains or losses due to transactions in foreign currencies are included in Other income (expense), net in our unaudited Condensed Consolidated Statements of Operations. We have not engaged in hedging of foreign currency transactions to date, although we may choose to do so in the future. A 10.0% increase or decrease in current exchange rates would not have a material effect on our operating results or financial condition for the three months ended March 31, 2026 and 2025.

Item 4. Controls And Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our principal executive officer and principal financial officer have concluded that as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our principal executive officer and principal financial officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

PART II

Item 1. Legal Proceedings

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation and claims cannot be predicted with certainty. Refer to “Risk factors—Risks related to our business and industry—We are and may continue to be subject to litigation, including individual and class action lawsuits, as well as regulatory audits, disputes, inquiries, investigations, and enforcement actions by regulators and governmental authorities” of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and Note 22 to our unaudited Condensed Consolidated Financial Statements included in this Form 10-Q for a summary of legal proceedings to which we are a party.

Item 1A. Risk Factors

Our business and Class A common stock are subject to many risks, as more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 9, 2026. Except as set forth below, there have been no material changes to the principal risks that we believe are material to our business, results of operations, and financial condition from those disclosed in Part I, Item 1A—“Risk Factors” of the 2025 Annual Report on Form 10-K filed with the SEC on March 9, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

Risks Related to Arc and ARC Tokens

The market for blockchain infrastructure is highly competitive, and Arc may fail to achieve sufficient adoption to support a viable ecosystem.

The market for blockchain infrastructure is intensely competitive. We anticipate that Arc will compete with numerous established and emerging blockchain networks, many of which already have significantly larger developer communities, user bases, and ecosystem resources than Arc would have at the outset. Competing networks may develop superior technology, attract more developers, or offer more favorable economic terms to users and network participants, such as validators. New blockchain networks may also emerge that are better positioned to capture market share.

There can be no assurance that we will launch Arc on our contemplated timeline or that Arc will achieve the adoption necessary to sustain a robust ecosystem. Failure to attract a critical mass of developers, users, and/or applications could limit demand for block space and/or reduce the utility and value of our ARC Token holdings. The rapidly evolving nature of the industry means that competitive dynamics can shift quickly and unpredictably.

Moreover, although we have entered into token purchase agreements with certain institutional investors in connection with a presale of ARC Tokens, there can be no assurance that the ARC Token will ultimately be launched. The launch of the ARC Token remains subject to numerous contingencies, including continued technical development of Arc, any transition of the Arc network to a Proof-of-Stake or delegated Proof-of-Stake consensus mechanism, market conditions, business considerations, and legal, regulatory, and compliance assessments. We may determine not to proceed with the launch of the ARC Token, or to delay any such launch for an extended period of time, for any number of reasons. If we do not launch the ARC Token, or if the launch is materially delayed, we could face reputational harm, disputes with presale purchasers, and/or increased regulatory or litigation risk, and our business, financial condition, and results of operations could be adversely affected.

Arc may be subject to technical risks, including software vulnerabilities, bugs, and failures that could result in loss of assets or network downtime.

Arc, as a layer-1 blockchain network, is complex software that may contain errors, vulnerabilities, or defects that we have not detected. Blockchain protocols are a novel technology, and even extensive security audits may fail to identify all vulnerabilities in the codebase. Exploits of software vulnerabilities or other successful attacks could result in loss or theft of assets held on the network, reputational harm, legal liability, and loss of user confidence. In particular, because the security of Arc will rely on cryptographic algorithms and hash functions, advances in computing technology, including in particular the development of quantum computing and artificial intelligence, could render Arc vulnerable to attack. A sudden or unexpected rapid development in the area of quantum computing or artificial intelligence could expose Arc and its users to significant risks. Any attack on Arc could result in theft of assets, manipulation of transaction records and/or loss of user confidence. We may be required to implement emergency protocol upgrades or hard forks to address vulnerabilities, which may themselves introduce new risks, cause network disruptions, or damage our reputation. Bugs or defects in smart contracts deployed on Arc by us or third parties could also expose users to losses, and we may face reputational harm or legal liability even for vulnerabilities that originate in third-party code. Network outages or extended periods of reduced performance could harm user adoption, damage our reputation, and reduce the utility and value of the ARC Token.

Arc’s protocol may require upgrades over time to address vulnerabilities, improve performance, implement new features, or respond to regulatory requirements. Protocol upgrades, particularly those requiring a hard fork, carry significant execution risk. Hard forks can result in chain splits, creating competing versions of the network that fragment liquidity and user activity. Even soft forks and backward-compatible upgrades can cause instability if not adopted broadly by validators and node operators. In the event of significant disagreements within the validator community or the ARC Token holder base regarding proposed protocol changes, we may face governance disputes that are difficult to resolve and that damage the cohesion and credibility of our ecosystem. We may also face pressure from third parties, including large ARC Token holders or ecosystem participants, to implement protocol changes that are not in the best interests of us or our stockholders.

Furthermore, the insurance market for blockchain-related businesses remains limited and immature. We may be unable to obtain insurance coverage that adequately protects us against the risks associated with Arc operations, including losses from cybersecurity incidents, smart contract vulnerabilities, theft of digital assets, or regulatory enforcement actions. Even where insurance coverage is available, it may be subject to significant exclusions, deductibles, or limitations that reduce its practical utility. In the event of a material loss not covered by insurance, we could suffer significant financial harm.

Arc may be used to facilitate fraud, scams, sanctions violations, or other illicit or improper activity, which could subject us to liability, regulatory scrutiny, and reputational harm.

Public blockchain networks and digital assets have in the past, and may continue to be, attractive targets for bad actors seeking to engage in fraud, money laundering, sanctions evasion, theft, market manipulation, scams, or other illicit or improper activity. Arc may host third-party applications, tokens, or other activity that we do not control and that may be used in unlawful, deceptive, or harmful ways. If Arc and/or ARC Tokens are used to facilitate such activity, we may face user complaints, litigation, regulatory investigations, enforcement actions, reputational harm, and increased compliance and monitoring costs.

In addition, privacy-enhancing or similar features may increase the difficulty of monitoring transactions and enforcing legal or compliance controls. Although we expect to implement and refine policies, controls, tooling, and governance mechanisms intended to address misuse of Arc and ARC Tokens, there can be no assurance that those measures will be effective or that regulators will view them as sufficient. Any such measures, including sanctions-screening, deny-list, or similar controls, may be difficult to design and administer effectively, may increase perceptions of centralization or censorship, and may adversely affect network utility or user adoption.

A determination that the ARC Token is a “security” or that an activity in which we engage with respect to the ARC Token involves a “securities transaction” for purposes of the securities laws could adversely affect the value of the ARC Token and/or have adverse regulatory consequences for us.

We have taken the position that the ARC Token is not a “security,” and that transactions in the ARC Token, except for the presale transactions closed on May 8, 2026, are not “securities transactions,” as defined under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This determination is based on our analysis of existing case law, regulatory guidance and the structural characteristics of the ARC Token, including its utility functions and the degree to which its value is expected to depend on factors other than our managerial efforts, or those of our affiliates (including our subsidiary that is expected to act as the issuer of the Arc Token, or other identifiable third parties. We believe that our process reflects a thoughtful analysis that is reasonably designed to facilitate the application of available legal guidance to the ARC Token and transactions in the ARC Token to determine whether it is a security or, they are securities transactions, respectively, under the federal securities laws. However, this position is not free from doubt, and there can be no assurance that the SEC or a court of competent jurisdiction would agree with our characterization. In addition, even if the ARC Token itself were not characterized as a security, one or more offers, sales, distributions, staking arrangements, governance arrangements, treasury activities, or other transactions involving the ARC Token could be characterized as securities transactions or otherwise give rise to securities law obligations.

The SEC and its staff have previously taken the position that a range of digital assets, transactions in digital assets, products, and services fall within the definition of a “security” under the U.S. federal securities laws. Despite the SEC being the principal federal securities law regulator in the United States, whether or not an asset, product, or service is a security or constitutes the offer or sale of a security under federal securities laws is ultimately determined by a federal court. The legal test for determining whether any given digital asset, product, or service is an “investment contract” was set forth in the 1946 Supreme Court case SEC v. W.J. Howey Co. and whether any given digital asset, product, or service is a “note” in the 1990 Supreme Court case Reves v. Ernst & Young. The legal tests for determining whether any given digital asset, product, or service is a security or constitutes the offer or sale of a security require a highly complex, fact-driven analysis. Accordingly, whether offers or sales of the ARC Token would ultimately be deemed by a federal court to be securities transactions, or the ARC Token deemed to be a security, is uncertain and difficult to predict notwithstanding the conclusions of the SEC or any conclusions we may draw based on our assessment regarding the likelihood that the ARC Token could be deemed a “security” or that offers or sales of the ARC Token could be deemed securities transactions under applicable laws. Any enforcement action by the SEC or another regulatory authority asserting that a digital asset is a security or sold in a securities transaction, or a court decision to that effect, would be expected to have an immediate material adverse impact on the trading value of that digital asset, and depending on the specific characteristics of the digital asset, could have adverse spillover effects on the trading values of other digital assets perceived to share similar characteristics. The classification of a digital asset or transactions in that digital asset as a security or securities transaction under the federal securities laws has wide-ranging implications for the regulatory obligations that flow from the offer, sale, trading, clearing and holding of such assets, and any such classification with respect to the ARC Token would have adverse consequences to our business, financial condition and results of operations.

While the above description of adverse regulatory consequences focuses on the federal securities laws, state regulators and jurisdictions outside the United States retain independent authority to enforce their own securities laws, which may differ from or be interpreted more expansively than federal law. As a result, a state regulator or foreign jurisdiction could determine that the ARC Token constitutes a security under applicable law, even if the SEC has elected not to pursue enforcement action, the SEC has provided informal guidance or assurances to the contrary, or the ARC Token is otherwise excluded from the definition of a security at the federal level. Moreover, private litigants may assert claims under federal or state securities laws based on similar theories, regardless of the positions taken by federal regulators.

We intend to distribute ARC Tokens through multiple channels, which could result in exposure to liability or other adverse consequences.

We intend to distribute ARC Tokens through multiple channels, which may include, among others, token sales and presales, developer grants, network growth programs and other participation mechanisms. Each of these potential distribution methods could involve complex and potentially unsettled questions carrying distinct legal risks and uncertainties, and there can be no assurance that all such distribution activities will be found to comply with applicable law. Adverse determinations with respect to one or more of them could result in exposure to material liability or otherwise adversely affect our business.

In particular, we have conducted a presale of ARC Tokens to institutional investors. While we have taken the position that ARC Tokens are not securities, we treated the offer and sale of the ARC Tokens pursuant to the token purchase agreements as transactions involving investment contracts and conducted the transaction pursuant to an exemption from registration under the Securities Act of 1933, as amended, in reliance on Section 4(a)(2) thereof and Rule 506(b) of Regulation D promulgated thereunder. There can be no assurance that such exemptions will be available or that our conduct of the presale will satisfy all of the conditions required therefor. If the presale is deemed a non-exempt offer or sale of securities, we may be subject to rescission claims from purchasers, which would require the issuer to refund the consideration received plus interest, in addition to potential civil and criminal liability under the securities laws. Even if we believe the presale qualifies for an applicable exemption, the SEC or other regulatory authorities may disagree. Any enforcement action or adverse determination with respect to the presale could result in exposure to material liability or otherwise adversely affect our business.

Further, we have allocated or intend to allocate a portion of the ARC Token supply to strategic counterparties, including ecosystem developers, prospective validators and other participants, in connection with services to be rendered or partnerships to be formed. The SEC or other regulators may characterize these allocations as compensatory arrangements that constitute sales of securities, or as part of a broader integrated distribution plan subject to registration requirements. If such characterizations were to prevail, we could face liability for failure to register the allocation as a sale to comply with applicable exemptions, and strategic counterparties who received ARC Token allocations could seek rescission of those arrangements.

The market price of ARC Tokens could be highly volatile and may decline significantly, which could impact our business and financial condition given our anticipated ARC Token holdings. In addition, future sales or distributions of ARC Tokens by us or other large holders could depress the price of ARC Tokens.

We expect to hold a material number of ARC Tokens on our consolidated balance sheet, including both our long-term

holdings and tokens held in treasury with the intention of benefiting the Arc community for ecosystem or reserve purposes. The trading price of ARC Tokens, to the extent a liquid market develops, may be highly volatile and subject to wide fluctuations. The price of ARC Tokens may be influenced by a variety of factors that are beyond our control, including speculative trading activity, demand (or lack thereof) for use of Arc, regulatory developments or enforcement actions, macroeconomic conditions, technological developments relating to competing blockchains, changes in the total supply of ARC Tokens, changes in market sentiment and/or the actions of large ARC Token holders or other Arc ecosystem participants.

Digital asset markets have historically experienced periods of extreme volatility and are susceptible to market manipulation. There can be no assurance that a liquid trading market for the ARC Token will develop or be sustained. If the ARC Token declines significantly in value or becomes illiquid, our business model, to the extent it depends on the ARC Token, could be materially harmed.

Because of our anticipated ownership of a material portion of the total ARC Token supply, sales or other dispositions of ARC Tokens by us, or other distributions from the ARC Token treasury that we hold, could increase the supply of ARC Tokens available in the market and exert downward pressure on the price of ARC Tokens. Similarly, the vesting and release of ARC Tokens allocated to presale purchasers and strategic counterparties could result in significant market selling pressure. There can be no assurance that the market will be able to absorb such sales without a material decline in the price of ARC Tokens. A sustained decline in ARC Token prices could impair the utility and adoption of our network, reduce the value of our ARC Token holdings and harm our business.

Arc and ARC Token may expose us to additional regulatory risks.

The legal and regulatory status of digital assets, including the ARC Token, varies significantly across jurisdictions and continues to evolve rapidly. In many countries, the issuance, distribution, trading and use of digital assets are subject to licensing, registration or authorization requirements, or have been partially or wholly restricted or prohibited. We may not be in compliance with, or may be unable to comply with, the applicable laws and regulations of every jurisdiction in which the ARC Token is or may be held, traded or used, particularly as such laws continue to develop and as Arc grows. For example, in certain jurisdictions, digital assets may be subject to financial services regulation, anti-money laundering requirements, state money transmission or virtual currency business requirements, and other obligations that could restrict the permissible uses of the ARC Token or impose substantial compliance costs, or may implicate other regulatory regimes such as the Investment Company Act of 1940, as amended. Regulators, including the Financial Crimes Enforcement Network (“FinCEN”), the Office of Foreign Assets Control (“OFAC”), state regulators, and foreign equivalents, may view certain activities on Arc or related protocols as creating regulatory obligations for us. Further, we cannot predict how legislative and regulatory developments will affect Arc. New or amended laws or regulations, or developments in the interpretation or application of existing laws and regulations, such as those currently being considered in the United States by Congress, could require us to obtain licenses or registrations that may be difficult or impossible to obtain, such as under the Investment Company Act of 1940, restrict or prohibit certain uses of ARC Tokens or Arc, or impose compliance obligations relating to know-your-customer and AML requirements, or adversely affect features such as privacy, interoperability, or stablecoin-based fee mechanics. Our failure to comply with applicable laws and regulations could result in enforcement actions, fines, penalties, restrictions on our operations, or reputational harm in those markets.

We will have significant influence over Arc governance decisions and such decisions may be perceived to favor ARC Token holders in ways that conflict with, or are not in the best interests of, our stockholders.

Over time, we anticipate that Arc will transition from a Proof-of-Authority (“PoA”) consensus model to a Proof-of-Stake (“PoS”) or delegated Proof-of-Stake (“dPoS”) consensus mechanism. However, for so long as Arc remains a PoA consensus mechanism in which we retain control of the network’s consensus mechanism, we will have significant influence over governance decisions, including decisions regarding network upgrades, fee structures, validator selection, token economics and protocol parameters. Even after a potential transition to a PoS or dPoS consensus mechanism, we expect to retain control over certain decisions, such as validator selection or network upgrades, and may also control or influence certain other decisions, such as token economics, through our ownership of ARC Tokens or validator operations. Accordingly, there is a risk that decisions we make and/or influence via our control may not be perceived to be in the best interests of our stockholders.

In addition, because we will hold a significant number of ARC Tokens, we will have a direct financial interest in the success of Arc and the ARC Tokens. This interest may influence our business decisions and affect how we prioritize Arc relative to other corporate objectives, and may create conflicts of interest with respect to decisions affecting the ARC Token or Arc. For example, we may be incentivized to make governance decisions, allocate resources, or pursue strategic partnerships related to Arc at the expense of other business priorities. Our stockholders, who participate in the equity value of Circle but not directly in Arc or the ARC Token (except to the extent of our ARC Token holdings), may have different views about how these trade-offs should be managed. Our Board of Directors and management will need to exercise careful judgment in navigating these conflicts, and there can be no assurance that they will always do so to the satisfaction of our stockholders.

These conflicts of interest may be difficult to manage and may give rise to stockholder claims or regulatory scrutiny. Our directors and officers have fiduciary duties to our stockholders under applicable corporate law, and those duties may at times be perceived to conflict with actions that we take in our role as the initial creator and steward of Arc. There can be no assurance that our stockholders will agree that we are managing these conflicts effectively, which could subject us to litigation, regulatory action, or reputational harm. Our stockholders may also disagree with governance decisions we make with respect to Arc, which could harm our stock price and negatively affect our relationship with investors.

The planned transition of certain decisions relating to Arc to a distributed governance model may not occur on the timeline we anticipate or at all, and may create risks during or after the transition period.

We intend for governance of certain decisions relating to Arc to progressively transition to a distributed model in which ARC Token holders, Arc validators, and a security council exercise meaningful control over protocol decisions. However, this transition involves significant technical, legal, and operational challenges. The pace and extent of decentralization will depend on factors including the development of appropriate governance infrastructure, the diversity and engagement of the ARC Token holder community, regulatory developments and our own strategic decisions. There can be no assurance that such decentralization will occur on the timeline we anticipate or at all.

During the transition period, we will retain substantial control over Arc and bear the attendant legal and regulatory risks of that control. In particular, because we may act, directly or indirectly, as a developer, steward, validator operator, ARC Token holder, governance participant, security council participant, service provider, and/or other influential participant with respect to Arc or decentralized finance protocols deployed on or integrated with Arc or other blockchain networks, private plaintiffs, regulators, or other parties may assert that we had the practical ability, contractual authority, or governance influence to prevent, limit, remediate, or respond to harmful activity, and therefore should bear liability for losses or other harms arising from such activity, even if we did not exercise such influence or did not believe we had a legal obligation to do so.

A transition that occurs too quickly may leave Arc vulnerable to governance attacks, coordination failures, or the dominance of a small number of concentrated ARC Token holders. A transition that occurs too slowly may result in regulators or courts treating Arc as an extension of our business and holding us liable for network activities. In addition, as governance becomes distributed, we will have limited ability to influence protocol decisions or prevent malicious, unlawful, or economically harmful outcomes, which could result in outcomes adverse to our business interests and/or our stockholders. For example, ARC Token holders could vote to implement changes to the protocol that increase ARC Token value at the expense of network utility, impose burdensome conditions on developers or users or otherwise make decisions that harm the long-term health of the ecosystem, and we will have limited ability to prevent or reverse harmful governance decisions once Arc becomes sufficiently distributed. Further, malicious actors may seek to influence or capture governance processes through ARC Token accumulation, coordinated voting, collusion, vote buying, borrowing arrangements, or other strategies, including so-called “empty voting” attacks. Such actors may also have economic or strategic incentives that are adverse to Arc, ARC Token holders, or us.

Further, as governance becomes distributed, our ability to respond to future legislation or other regulatory developments may be limited. For example, legislation or regulation related to decentralized finance that is perceived as being overly broad or burdensome may lead users of DeFi networks, including Arc at such time, to disfavor those networks, and we may be unable to regain control of Arc to assuage any such issues due to its distributed nature. Additionally, distributed governance could limit our ability to implement compliance, sanctions-screening, deny-list, or other security controls, and efforts to implement such controls could create disputes with users, validators, governance participants, or other ecosystem actors and reduce the utility or adoption of the network.

Our relationships with validators, developers, governance participants, and other ecosystem participants could be alleged to constitute a general partnership, joint venture, or other unincorporated association, which could expose us to joint and several liability for acts or obligations that we do not control.

We expect Arc to involve coordination with a range of third parties, including validators, developers, liquidity providers, governance participants, service providers, and other ecosystem participants. Although we do not intend for these relationships to form a general partnership, joint venture, or other unincorporated association, plaintiffs, regulators, or courts could nevertheless assert that, based on the facts and circumstances, we and one or more such parties were acting together as co-owners of a business or enterprise for profit, or that we held ourself out, or permitted itself to be held out, as a partner or equivalent participant in such an arrangement. Such claims could be based on, among other things, shared economic arrangements, token allocations, coordinated governance or validator activity, joint branding or marketing, collective decision-making, or other forms of cooperation across the Arc ecosystem.

If any such theory were accepted, we could be exposed to joint and several liability, or similar liability, for obligations, losses, misconduct, or other actionable conduct attributed to the alleged partnership, joint venture, or other enterprise, including claims arising from acts or omissions of other participants that we did not control and may not have been able to prevent. For example, we could face claims relating to governance decisions, sanctions or compliance failures, misleading statements by ecosystem participants, or other conduct undertaken by persons alleged to be acting on behalf of, or in the ordinary course of business of, the alleged enterprise. Even if such claims ultimately lack merit, the assertion of them could result in litigation, investigations, indemnification demands, reputational harm, substantial defense costs, and the diversion of management attention, and could adversely affect our business, financial condition, and results of operations.

Arc will be dependent on third-party node operators and validators, and may be vulnerable to attacks that could disrupt network operations or result in loss of assets.

The security and utility of Arc will depend in significant part on the participation of validators and node operators. If Arc is unable to attract and retain a sufficient number and diversity of validators, the network could become vulnerable to consensus failures or centralization risks. Validators and node operators face operational costs, including hardware, bandwidth, and energy expenses, and may elect not to participate if the economic incentives provided by staking rewards and transaction fees are insufficient. Changes to protocol economics, competing networks, or adverse regulatory developments could reduce participation. A decline in the number or quality of network participants could impair network security, performance, and decentralization.

To the extent Arc relies on a consensus mechanism to validate transactions and maintain its integrity, if a single actor or coordinated group were to acquire or control a majority of the network's consensus power, whether through stake concentration, validator collusion, or other means, they could potentially double-spend tokens, prevent confirmation of legitimate transactions, or otherwise disrupt network operations. In addition to consensus-layer attacks, Arc may be vulnerable to Sybil attacks, eclipse attacks, routing attacks and other forms of sophisticated adversarial behavior. We cannot guarantee that Arc's security model will be sufficient to prevent all such attacks, and any successful attack could result in significant harm to Arc users, the value of the ARC Token and our reputation.

If ARC Tokens sold in our presale are not delivered by the applicable deadline, if Arc has not transitioned to a Proof-of-Stake or a delegated Proof-of-Stake consensus mechanism, or if certain purchaser-specific repayment rights are exercised, we may be required to repay amounts paid by the token purchasers, which could adversely affect our liquidity, financial condition, and ability to develop Arc.

In connection with the presale of ARC Tokens pursuant to the token purchase agreements, we have agreed that, if either (i) the ARC Tokens sold in the presale are not delivered, or (ii) the Arc network has not transitioned to either a Proof-of-Stake or delegated Proof-of-Stake consensus mechanism, in each case by May 8, 2028, presale purchasers holding a majority of the ARC Tokens issuable thereunder may elect to require repayment of the purchase price. Certain related arrangements may also provide individual purchasers with repayment rights, including rights tied to specified legal, regulatory, or compliance-related conditions, or to specified changes or proposed changes to the structure, governance, procedures, or other aspects of Arc after delivery. Although we currently intend to deliver the ARC Tokens and pursue the contemplated network transition within the expected timeframe, our ability to do so will depend on a variety of factors, including technical development, regulatory developments, market conditions, governance readiness, operational preparedness, and satisfaction of applicable delivery conditions, some of which may be outside of our control.

If purchasers were to exercise these repayment rights, we could be required to return cash or USDC. Depending on the timing and amount of any such repayment, satisfying these obligations could require the use of corporate resources that otherwise would be available for operations, product development, network launch, or strategic initiatives. In addition, any delay or dispute regarding repayment obligations could result in claims by purchasers, reputational harm, or regulatory scrutiny. The existence or exercise of these repayment rights could also affect market perception of Arc, our relationship with ecosystem participants and investors, and our business, financial condition, and results of operations.

The management of gas fees, treasury assets, and related wallet arrangements for Arc may create operational, security, and liquidity risks.

The launch and operation of Arc may require digital assets, including gas fees, treasury assets, validator-related funds, reserves, or other network-related assets, to be held, transferred, secured, allocated, or otherwise managed through treasury wallets, third-party custodians, cold-storage arrangements, internal treasury systems, or other wallet infrastructure. These arrangements may involve complex operational processes, key management, access controls, funding workflows, wallet provisioning, migration of assets across networks, and coordination among technical, treasury, legal, compliance, and security teams. Any breakdown in these processes or controls, including human error, fraud, cyberattack, insider misconduct, vendor failure, key compromise, loss of access credentials, delays in funding or settlement, or failures in wallet infrastructure, could result in the loss, theft, misappropriation, unavailability, or misdirection of assets, including assets temporarily held in treasury wallets before being programmatically distributed.

In addition, if treasury, custody, or fee-management arrangements are not available when needed, are not scalable, or do not function as intended, Arc’s operations could be disrupted. For example, validators may not be compensated on the expected timeline, transactions may be delayed or fail, required network functions may not be funded when needed, or unexpected liquidity demands may arise in connection with launch, migration, operations, or incident response. Although the intent is for transaction fees to remain in any treasury wallet only briefly before being programmatically transferred onward, there can be no assurance that such arrangements will always function as intended or fully mitigate the risk of hacks, loss, or other operational failures during that period. Any of these events could adversely affect Arc’s launch and operation and our business, financial condition, and results of operations.

Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds

In January 2026, we issued an aggregate of approximately 465 thousand shares of Class A common stock in connection with certain holders of a convertible note converting their principal and accrued interest balance of approximately $7.5 million into Class A common stock. The convertible note was issued to an investment company in connection with the acquisition of SeedInvest. The note had an original principal amount of $24.0 million. No underwriters were involved in this transaction. The transaction was exempt from registration under Section 3(a)(9) of the Securities Act in that the securities were issued upon conversion of existing securities.

In the first quarter of 2026, we issued an aggregate of approximately 0.5 million shares of Class A common stock to warrant holders upon the cashless exercise of those warrants. The warrants were issued in December 2024 to a commercial counterparty. The warrants have an exercise price of $22.71 per share and an exercise period of six years from the grant date. The vesting of the warrants is subject to certain conditions to be achieved over a three-year period. As of March 31, 2026, 1.0 million of these warrants have vested, and the counterparty elected to exercise 0.7 million of the warrants during the three months ended March 31, 2026 which resulted in the net issuance of approximately 0.5 million shares of Class A common stock. As of March 31, 2026, none of the common shares associated with these warrants have been forfeited or expired. No underwriters were involved in this transaction. The transaction was exempt from registration under Section 3(a)(9) of the Securities Act in that the securities were issued upon conversion of existing securities.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Director and Officer Trading Arrangements

On February 27, 2026 , Sean Neville , one of our directors , entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Neville’s plan provides for the sale of up to 300,000 shares of Class A common stock (following the conversion of Class B common stock to Class A common stock immediately prior to the sales, and including shares issuable upon exercise of outstanding stock options) through December 31, 2026 . Mr. Neville’s plan also provides for the one time exercise of all remaining options that expire within one year, which number of remaining options was 1,999,073 at the time of entry into the plan, and permits Mr. Neville to execute a sell-to-cover transaction following the exercise of such expiring options. The foregoing transactions will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 31, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Neville's previously reported trading plan adopted on August 15, 2025.

On March 3, 2026 , Jeremy Allaire , our Co-Founder, Chairman, and Chief Executive Officer , terminated his previously reported trading plan adopted on August 14, 2025 (the “Previous Allaire Plan”). As of the termination of the Previous Allaire Plan, 31,251 shares of our Class A common stock had been sold under the plan. The adoption and subsequent termination of the Previous Allaire Plan each occurred during an open trading window and in accordance with the Company’s policies. On March 4, 2026 , Mr. Allaire entered into a new trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Allaire’s plan provides for the sale of up to 373,589 shares of Class A common stock through November 30, 2026 , which includes (i) 337,205 shares of Class A common stock held directly by Mr. Allaire (following the conversion of Class B common stock to Class A common stock immediately prior to the sales) and (ii) an aggregate of 36,384 shares of Class A common stock held through Spruce Trust, Oak Trust, Chestnut Trust, and Beech Trust, each an irrevocable non-grantor trust, of which Mr. Allaire’s legal counsel is the sole trustee and Mr. Allaire’s children are beneficiaries. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 30, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.

On March 6, 2026 , Jeremy Fox-Geen , our Chief Financial Officer , entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Fox-Geen’s plan provides for the sale of up to 153,549 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through November 30, 2026 . The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 30, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Fox-Geen’s previously reported trading plan adopted on August 14, 2025.

On March 10, 2026 , Heath Tarbert , our President , entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Tarbert’s plan provides for the sale of up to 160,000 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through December 31, 2026 . The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 31, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Tarbert’s previously reported trading plan adopted on August 14, 2025.

On March 10, 2026 , Nikhil Chandhok , our Chief Product and Technology Officer , entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Chandhok’s plan provides for the sale of up to 200,144 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through December 8, 2026 . Mr. Chandhok’s plan also provides for the one time exercise of 660,000 options and permits Mr. Chandhok to execute a sell-to-cover transaction following the exercise of such options. The foregoing transactions will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 8, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Chandhok’s previously reported trading plan adopted on August 15, 2025.

On March 9, 2026 , Hossein Razzaghi , our Chief Commercial Officer , terminated his previous trading plan, entered into on August 27, 2025 before Mr. Razzaghi was an executive officer (the “Previous Razzaghi Plan”). As of the termination of the Previous Razzaghi Plan, 43,119 shares of our Class A common stock had been sold under the plan. The adoption and subsequent termination of the Previous Razzaghi Plan each occurred during an open trading window and in accordance with the Company’s policies. On March 10, 2026 , Mr. Razzaghi entered into a new trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Razzaghi’s plan provides for the sale of up to 113,122 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through December 10, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 10, 2026 . The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.

Other than the foregoing, during the fiscal quarter ended March 31, 2026, no directors or other executive officers of the Company adopted, modified, or terminated any Rule 10b5-1 trading arrangements.

Item 6. Exhibits

Exhibit Incorporated by Reference

Number Exhibit Description Form Date Filed Filed Herewith

31.1 Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1* Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2* Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) X

101.SCH Inline XBRL Taxonomy Extension Schema Document X

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document X

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document X

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document X

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document X

104 The cover page from the Company’s Annual Report on Form 10-Q for the quarter ended March 31, 2026, formatted as in iXBRL and contained in Exhibit 101

* The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CIRCLE INTERNET GROUP, INC.

Date: May 11, 2026

By: /s/ Jeremy Allaire

Name: Jeremy Allaire

Title: Chief Executive Officer

CIRCLE INTERNET GROUP, INC.

Date: May 11, 2026

By: /s/ Jeremy Fox-Geen

Name: Jeremy Fox-Geen

Title: Chief Financial Officer

( Principal Financial Officer )

打开原文

Coherent Third Quarter Fiscal 2026 Investor Presentation

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标签

标的：`COHR`来源：Coherent发布日期：2026-05-06重要性：未评级

中文摘要

公司给出的第四财季收入指引为 19.1亿至20.5亿美元，非 GAAP 毛利率指引为 39.0%至41.0%。
演示材料标注 CPO/NPO 新收入预计从 2026 年下半年开始，热管理收入预计从 2027 年上半年开始。
材料披露的 200 亿美元以上新增 SAM 和 500 亿美元以上总 SAM 是基于 2030 年的内部及第三方估计。

英文原文

Coherent Third Quarter Fiscal 2026 Investor Presentation

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Marvell近期投资者活动排期

重要性2/5 中低

官方来源可确认活动日期，但没有未来排期、会议内容或新增经营事实，对当日日报的信息增量较低。

标签

标的：`MRVL`来源：Marvell Technology发布日期：未提供发布时间重要性：2/5 中低评级理由：官方来源可确认活动日期，但没有未来排期、会议内容或新增经营事实，对当日日报的信息增量较低。评级依据：source_quality, low_timeliness原文字数：187

中文摘要

核心结论

Marvell Technology（迈威尔科技）的投资者关系日历目前没有待举行活动，页面仅列出截至2026年6月的历史会议与业绩电话会。该材料可用于核对公司沟通节奏，未提供经营数据、业绩指引或新催化。

重要性评级

评级：2/5（中低）

页面来自公司官方投资者关系网站，主体和日期可信；但没有未来活动，最近一项记录距检索日已超过一个月，对当日日报的信息增量有限。

关键事实

页面明确显示当前没有已安排的后续活动。
Marvell于美东时间 06/03 17:40（UTC+8 06/04 05:40）参加BofA Securities（美银证券）2026全球科技会议。
公司于美东时间 06/02 18:50（UTC+8 06/03 06:50）参加Evercore（艾弗科）全球科技、媒体与电信会议。
2027财年第一季度业绩电话会于美东时间 05/27 16:45（UTC+8 05/28 04:45）举行。
公司于03/17至03/19（均未给出具体时刻）参加OFC（光纤通信大会）。
2026财年第四季度业绩电话会于美东时间 03/05 16:45（UTC+8 03/06 05:45）举行。

作者观点与证据

页面属于公司活动档案，没有独立作者观点。能够确认的证据仅限活动名称与排期；页面未附会议纪要、演示材料、管理层表态或财务数字，无法据此评价需求、订单或盈利趋势。

与相关标的的关系

信息直接对应MRVL（迈威尔科技股票代码），主要作用是核对公司披露和路演时间。由于没有未来日程或会议内容，对MRVL基本面判断的直接贡献较低。

时效性与限制

页面没有发布日期，检索时间为美东时间 07/15 00:33（UTC+8 07/15 12:33）。日历可能随后更新，当前摘录也未覆盖“查看全部历史活动”后的完整记录。

后续跟踪

下一次业绩发布日期及电话会排期
新增投资者会议或公司演示材料
历史会议是否补充录音、文字稿或管理层演示文档

英文原文

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Jun 3, 2026 2:40 pm PDT

BofA Securities 2026 Global Technology Conference

Jun 2, 2026 3:50 pm PDT

2026 Evercore Global TMT Conference

May 27, 2026 1:45 pm PDT

Q1 2027 Marvell Technology, Inc. Earnings Conference Call

Mar 17 – Mar 19, 2026

OFC 2026

Mar 5, 2026 1:45 pm PDT

Q4 2026 Marvell Technology, Inc. Earnings Conference Call

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迈威尔数据中心需求推高指引

重要性3/5 中等

公司原始财报事实丰富且与MRVL直接相关，但距当日约七周，收购并表和调整后口径影响可比性。

标签

标的：`MRVL`来源：Marvell Technology发布日期：未提供发布时间重要性：3/5 中等评级理由：公司原始财报事实丰富且与MRVL直接相关，但距当日约七周，收购并表和调整后口径影响可比性。评级依据：Marvell公司财报原始来源, 直接关联MRVL, 收入、利润、现金流和指引齐全, 公告距当日约七周, 收购并表及Non-GAAP调整影响比较原文字数：4404

中文摘要

核心结论

Marvell（迈威尔）2027 财年第一季度收入创 24.18 亿美元纪录，同比增长 28%，数据中心和人工智能订单推动公司上调 2027、2028 财年收入展望。第二季度收入中值指向 27 亿美元、同比增长 35%，但收购并表、客户集中及 GAAP 与调整后利润差异仍需拆分观察。

重要性评级

评级：3/5（中等）

公司公告包含完整财务事实并直接关联 MRVL，但发布于 05/27（未给出具体时刻），距当日日报已有约七周，适合作为财务基线而非新增催化。

关键事实

2027 财年第一季度收入为 24.18 亿美元，同比增长 28%，较公司此前指引中值高 1,800 万美元。
GAAP（美国通用会计准则）净利润为 3,450 万美元，摊薄每股收益 0.04 美元。
Non-GAAP（非美国通用会计准则）净利润为 7.18 亿美元，摊薄每股收益 0.80 美元。
经营现金流为 6.388 亿美元，创公司纪录。
GAAP 毛利率为 52.1%，Non-GAAP 毛利率为 58.9%。
公司于 02/02（未给出具体时刻）完成 Celestial AI（光互连技术公司）收购，于 02/10（未给出具体时刻）完成 XConn Technologies（互连芯片公司）收购，本季度包含两家公司收购日起的业绩。
第二季度收入指引为 27 亿美元上下浮动 5%；GAAP 摊薄每股收益指引为 0.37 美元上下浮动 0.05 美元，Non-GAAP 指引为 0.93 美元上下浮动 0.05 美元。
管理层预计数据中心业务将推动 2027 财年各季度收入增速继续加快，需求覆盖 800G、1.6T 光学产品、51.2T 以太网交换机、定制 XPU（专用加速处理器）及互连方案。

作者观点与证据

管理层把展望上调归因于广泛的人工智能相关订单和数据中心产品需求。收入、利润和现金流来自公司财务报表；未来季度加速、订单持续性及收购协同属于管理层预测。GAAP 与 Non-GAAP 净利润差距较大，调整项包含股权激励、无形资产摊销和收购相关成本。

与相关标的的关系

MRVL（Marvell Technology 数据基础设施芯片公司）直接受数据中心光互连、交换芯片和定制加速器需求影响。增长集中于数据中心及少数大型客户，客户自研、订单延后和供应链变化会放大业绩波动。

时效性与限制

公告日期为 05/27（未给出具体时刻），数据截至 05/02（未给出具体时刻），已不属于当日新增信息。Celestial AI 和 XConn 的并表使同比及环比口径需要结合后续分部披露判断。

后续跟踪

第二季度27亿美元收入指引兑现情况
数据中心收入、订单和客户集中度
GAAP 与调整后利润差距
两项收购的收入贡献和整合成本

英文原文

Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

May 27, 2026

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台积电 2026 年第二季度业绩资料

重要性未评级

标签

标的：`PSI`来源：Taiwan Semiconductor Manufacturing Company发布日期：未提供发布时间重要性：未评级

中文摘要

台积电第二季度业绩会定于 2026 年 7 月 16 日台湾时间 14:00、美东时间 02:00 举行。
官方页面列示第二季度指引：收入 390亿至402亿美元、毛利率 65.5%至67.5%、营业利润率 56.5%至58.5%。

英文原文

TSMC 2026 Q2 Quarterly Results

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博通人工智能半导体收入加速

重要性4/5 较高

公司原始财报和人工智能收入指引对AVGO及基础设施链具有直接价值，但发布时间距当日约六周。

标签

标的：`AVGO`来源：Broadcom发布日期：未提供发布时间重要性：4/5 较高评级理由：公司原始财报和人工智能收入指引对AVGO及基础设施链具有直接价值，但发布时间距当日约六周。评级依据：Broadcom公司财报原始来源, 直接关联AVGO, 人工智能半导体收入和指引明确, 现金流与分部数据完整, 公告距当日约六周, 前瞻Non-GAAP指标缺少完整调节原文字数：3766

中文摘要

核心结论

Broadcom（博通）2026 财年第二季度收入同比增长 48%至 221.87 亿美元，人工智能半导体收入增长 143%至 108 亿美元。公司预计第三季度人工智能半导体收入达到 160 亿美元、同比增长超过 200%，显示定制加速器和人工智能网络需求继续扩张。

重要性评级

评级：4/5（较高）

公司公告提供高密度财务与指引数据，直接关联 AVGO 及人工智能基础设施链；公告日期为 06/03（未给出具体时刻），距当日日报约六周，新增时效性有所下降。

关键事实

第二季度收入为 221.87 亿美元，同比增长 48%。
GAAP（美国通用会计准则）净利润为 93.10 亿美元，同比增长 88%；摊薄每股收益为 1.91 美元，同比增长 85%。
Non-GAAP（非美国通用会计准则）净利润为 120.74 亿美元，同比增长 55%；摊薄每股收益为 2.44 美元，同比增长 54%。
调整后 EBITDA（息税折旧摊销前利润）为 152.44 亿美元，占收入 69%，同比增长 52%。
经营现金流为 104.93 亿美元；扣除 2.31 亿美元资本开支后，自由现金流为 102.62 亿美元，占收入 46%。
半导体解决方案收入为 150.09 亿美元，同比增长 79%；基础设施软件收入为 71.78 亿美元，同比增长 9%。
人工智能半导体收入为 108 亿美元，同比增长 143%，高于公司此前预测，增长来自定制人工智能加速器和网络产品需求。
公司预计第三季度总收入约 294 亿美元，同比增长 84%；人工智能半导体收入约 160 亿美元，同比增长超过 200%。
董事会批准每股 0.65 美元季度股息，股权登记截止为美东时间 06/22 17:00（UTC+8 06/23 05:00），支付日为 06/30（未给出具体时刻）。

作者观点与证据

管理层将创纪录收入、营业利润和自由现金流归因于人工智能半导体增长及经营杠杆。历史季度数字来自公司未经审计财务表；第三季度收入、利润率和人工智能收入均为管理层前瞻指引，且预测性 Non-GAAP 指标未提供与 GAAP 的完整调节表。

与相关标的的关系

AVGO（Broadcom 半导体与基础设施软件公司）直接受超大规模客户定制加速器、人工智能网络及 VMware（虚拟化软件业务）表现影响。半导体增长显著快于软件业务，后续收入对大型客户需求时点、供应链和竞争变化较敏感。

时效性与限制

公告日期为 06/03（未给出具体时刻），季度截至 05/03（未给出具体时刻），不属于 07/15 的新催化。公司提示实际结果可能与指引存在重大差异，且自由现金流不等同于可自由分配给股东的现金。

后续跟踪

第三季度160亿美元人工智能半导体收入目标
定制加速器与人工智能网络收入构成
67%的调整后营业利润率指引
软件业务增速、债务和现金流变化

英文原文

Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend | Broadcom Inc.

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Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend

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Revenue of $22,187 million for the second quarter, up 48 percent from the prior year period

GAAP net income of $9,310 million for the second quarter; Non-GAAP net income of $12,074 million for the second quarter

Adjusted EBITDA of $15,244 million for the second quarter, or 69 percent of revenue

GAAP diluted EPS of $1.91 for the second quarter; Non-GAAP diluted EPS of $2.44 for the second quarter

Cash from operations of $10,493 million for the second quarter, less capital expenditures of $231 million , resulted in $10,262 million of free cash flow, or 46 percent of revenue

Quarterly common stock dividend of $0.65 per share

Third quarter fiscal year 2026 revenue guidance of approximately $29.4 billion , an increase of 84 percent from the prior year period

Third quarter fiscal year 2026 Non-GAAP operating income guidance of approximately 67 percent of projected revenue (1)

Third quarter fiscal year 2026 Adjusted EBITDA guidance of approximately 68 percent of projected revenue (1)

PALO ALTO, Calif. , June 3, 2026 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its second quarter of fiscal year 2026, ended May 3, 2026 , provided guidance for its third quarter of fiscal year 2026 and announced its quarterly dividend.

" Broadcom achieved record revenue, operating profit and free cash flow in Q2 driven by accelerating growth in AI semiconductor revenue and strong operating leverage. Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking," said Hock Tan , President and CEO of Broadcom Inc. "The momentum continues and in Q3 we expect semiconductor revenue from AI to grow over 200 percent year-over-year to $16.0 billion ."

"Q2 consolidated revenue grew 48% year-over-year to a record $22.2 billion . Adjusted EBITDA increased 52% year-over-year to a record $15.2 billion , representing 69% of revenue," said Kirsten Spears , CFO of Broadcom Inc. "In Q3 we expect consolidated revenue growth to increase 84% year-over-year to $29.4 billion , with non-GAAP operating margin stable at 67% reflecting our strong operating leverage."

(1) The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures presented to the relevant projected GAAP measures without unreasonable effort.

Second Quarter Fiscal Year 2026 Financial Highlights

GAAP

Non-GAAP

(Dollars in millions, except per share data)

Q2 26

Q2 25

Change

Q2 26

Q2 25

Change

Net revenue

22,187

15,004

+48

22,187

15,004

+48

Net income

9,310

4,965

+88

12,074

7,787

+55

Earnings per common share - diluted

1.91

1.03

+85

2.44

1.58

+54

(Dollars in millions)

Q2 26

Q2 25

Change

Cash flow from operations

10,493

6,555

+60

Adjusted EBITDA

15,244

10,001

+52

Free cash flow

10,262

6,411

+60

Net revenue by segment

(Dollars in millions)

Q2 26

Q2 25

Change

Semiconductor solutions

15,009

8,408

+79

Infrastructure software

7,178

6,596

Total net revenue

22,187

100

15,004

100

The Company's cash and cash equivalents at the end of the fiscal quarter were $19,628 million , compared to $14,174 million at the end of the prior fiscal quarter.

During the second fiscal quarter, the Company generated $10,493 million in cash from operations and spent $231 million on capital expenditures, resulting in $10,262 million of free cash flow.

On March 31, 2026 , the Company paid a cash dividend of $0.65 per share, totaling $3,092 million .

The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below and presented in detail in the financial reconciliation tables attached to this release.

Third Quarter Fiscal Year 2026 Business Outlook

Based on current business trends and conditions, the outlook for the third quarter of fiscal year 2026, ending August 2, 2026 , is expected to be as follows:

Third quarter revenue guidance of approximately $29.4 billion ;

Third quarter non-GAAP operating income guidance of approximately 67 percent of projected revenue;

Third quarter Adjusted EBITDA guidance of approximately 68 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures to the relevant projected GAAP measures without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Board of Directors of Broadcom has approved a quarterly cash dividend of $0.65 per share. The dividend is payable on June 30, 2026 to stockholders of record at the close of business ( 5:00 p.m. Eastern Time ) on June 22, 2026 .

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the second quarter of fiscal year 2026 and to discuss the business outlook today at 2:00 p.m. Pacific Time .

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/ .

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.broadcom.com/ .

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. When possible, a reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. The Company is not readily able to provide a reconciliation of projected non-GAAP measures to the comparable GAAP measures without unreasonable effort. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons.

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom

Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations' complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com .

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom . These statements include, but are not limited to, statements that address our expected future business and financial performance, our plans and expectations with regard to our share repurchases, and other statements identified by words such as "will," "expect," "believe," "anticipate," "estimate," "should," "intend," "plan," "potential," "predict," "project," "aim," and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, current information available to Broadcom's management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements. Accordingly, undue reliance should not be placed on such statements.

Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; global political and economic conditions relating to our international operations; cyclicality in the semiconductor industry undergoing profound change due to AI; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; the slow or unsuccessful return on our research and development investments, expansion of our business strategy or adoption of new business models; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; our ability to continue winning business in the semiconductor solutions industry; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; dependence on senior management and our ability to attract and retain qualified personnel; our ability to maintain or improve gross margin; our ability to protect against cybersecurity threats and a breach of security systems; prolonged disruptions of our, our customers' or our suppliers' facilities or other significant operations; our ability to maintain appropriate manufacturing capacity and quality; dependence on and risks associated with distributors and other channel partners of our products; ability of our software portfolio to manage and secure IT infrastructures and environments; demand for our data center virtualization products and customer acceptance of our software, services and business strategy; competitiveness of our software solutions and compatibility of our software with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; use of open source software in our software and services; sales to government customers; our ability to manage our software solutions and services lifecycles; our competitive performance; quarterly and annual fluctuations in operating results; any acquisitions or dispositions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal proceedings; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our compliance with privacy and data security laws; corporate responsibility matters; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware ; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; the amount and frequency of our share repurchase program; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.

Our filings with the SEC , which are available without charge at the SEC's website at https://www.sec.gov , discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Ji Yoo

Broadcom Inc.

Investor Relations

650-427-6000

investor.relations@broadcom.com

(AVGO-Q)

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 3,

February 1,

May 4,

May 3,

May 4,

2026

2025

2026

2025

Net revenue

22,187

19,311

15,004

41,498

29,920

Cost of revenue:

Cost of revenue

5,301

4,679

3,296

9,980

6,569

Amortization of acquisition-related intangible assets

1,461

1,462

1,483

2,923

2,967

Restructuring charges

Total cost of revenue

6,772

6,154

4,807

12,926

9,578

Gross margin

15,415

13,157

10,197

28,572

20,342

Research and development

2,995

2,965

2,693

5,960

4,946

Selling, general and administrative

1,055

1,019

1,083

2,074

2,032

Amortization of acquisition-related intangible assets

506

507

506

1,013

1,017

Restructuring and other charges

103

174

258

Total operating expenses

4,627

4,594

4,368

9,221

8,253

Operating income

10,788

8,563

5,829

19,351

12,089

Interest expense

(776)

(801)

(769)

(1,577)

(1,642)

Other income, net

118

433

551

128

Income before income taxes

10,130

8,195

5,085

18,325

10,575

Provision for income taxes

820

846

120

1,666

107

Net income

9,310

7,349

4,965

16,659

10,468

Net income per share:

Basic

1.96

1.55

1.05

3.51

2.23

Diluted

1.91

1.50

1.03

3.41

2.17

Weighted-average shares used in per share calculations:

Basic

4,747

4,741

4,707

4,744

4,701

Diluted

4,876

4,888

4,826

4,882

4,831

Stock-based compensation expense:

Cost of revenue

223

236

203

459

356

Research and development

1,395

1,447

1,169

2,842

1,991

Selling, general and administrative

474

493

399

967

704

Total stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 3,

February 1,

May 4,

May 3,

May 4,

2026

2025

2026

2025

Gross margin on GAAP basis

15,415

13,157

10,197

28,572

20,342

Amortization of acquisition-related intangible assets

1,461

1,462

1,483

2,923

2,967

Stock-based compensation expense

223

236

203

459

356

Restructuring charges

Gross margin on non-GAAP basis

17,109

14,868

11,911

31,977

23,707

Research and development on GAAP basis

2,995

2,965

2,693

5,960

4,946

Stock-based compensation expense

1,395

1,447

1,169

2,842

1,991

Research and development on non-GAAP basis

1,600

1,518

1,524

3,118

2,955

Selling, general and administrative expense on GAAP basis

1,055

1,019

1,083

2,074

2,032

Stock-based compensation expense

474

493

399

967

704

Acquisition-related costs

197

Selling, general and administrative expense on non-GAAP basis

581

524

594

1,105

1,131

Total operating expenses on GAAP basis

4,627

4,594

4,368

9,221

8,253

Amortization of acquisition-related intangible assets

506

507

506

1,013

1,017

Stock-based compensation expense

1,869

1,940

1,568

3,809

2,695

Restructuring and other charges

103

174

258

Acquisition-related costs

197

Total operating expenses on non-GAAP basis

2,181

2,042

2,118

4,223

4,086

Operating income on GAAP basis

10,788

8,563

5,829

19,351

12,089

Amortization of acquisition-related intangible assets

1,967

1,969

1,989

3,936

3,984

Stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

Restructuring and other charges

116

114

197

300

Acquisition-related costs

197

Operating income on non-GAAP basis

14,928

12,826

9,793

27,754

19,621

Interest expense on GAAP basis

(776)

(801)

(769)

(1,577)

(1,642)

Loss on debt extinguishment

Interest expense on non-GAAP basis

(745)

(746)

(769)

(1,491)

(1,577)

Other income, net on GAAP basis

118

433

551

128

Excise tax benefit

(315)

Other

(21)

Other income, net on non-GAAP basis

118

236

107

Provision for income taxes on GAAP basis

820

846

120

1,666

107

Non-GAAP tax reconciling adjustments

1,407

1,167

1,148

2,574

2,434

Provision for income taxes on non-GAAP basis

2,227

2,013

1,268

4,240

2,541

Net income on GAAP basis

9,310

7,349

4,965

16,659

10,468

Amortization of acquisition-related intangible assets

1,967

1,969

1,989

3,936

3,984

Stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

Restructuring and other charges

116

114

197

300

Acquisition-related costs

197

Loss on debt extinguishment

Excise tax benefit

(315)

Other

(21)

Non-GAAP tax reconciling adjustments

(1,407)

(1,167)

(1,148)

(2,574)

(2,434)

Net income on non-GAAP basis

12,074

10,185

7,787

22,259

15,610

Net income on GAAP basis

9,310

7,349

4,965

16,659

10,468

Non-GAAP Adjustments:

Amortization of acquisition-related intangible assets

1,967

1,969

1,989

3,936

3,984

Stock-based compensation expense

2,092

2,176

1,771

4,268

3,051

Restructuring and other charges

116

114

197

300

Acquisition-related costs

197

Loss on debt extinguishment

Excise tax benefit

(315)

Other

(21)

Non-GAAP tax reconciling adjustments

(1,407)

(1,167)

(1,148)

(2,574)

(2,434)

Other Adjustments:

Interest expense

745

746

769

1,491

1,577

Provision for income taxes on non-GAAP basis

2,227

2,013

1,268

4,240

2,541

Depreciation

163

150

142

313

284

Amortization of purchased intangibles and right-of-use assets

Adjusted EBITDA

15,244

13,128

10,001

28,372

20,084

Weighted-average shares used in per share calculations - diluted on GAAP basis

4,876

4,888

4,826

4,882

4,831

Non-GAAP adjustment (1)

111

Weighted-average shares used in per share calculations - diluted on non-GAAP basis

4,940

4,957

4,937

4,948

4,916

Net cash provided by operating activities

10,493

8,260

6,555

18,753

12,668

Purchases of property, plant and equipment

(231)

(250)

(144)

(481)

(244)

Free cash flow

10,262

8,010

6,411

18,272

12,424

(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected

to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the

GAAP treasury stock method.

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(IN MILLIONS)

May 3 ,

November 2 ,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

19,628

16,178

Trade accounts receivable, net

10,830

7,145

Inventory

4,328

2,270

Other current assets

7,427

5,980

Total current assets

42,213

31,573

Long-term assets:

Property, plant and equipment, net

2,788

2,530

Goodwill

97,801

Intangible assets, net

28,333

32,273

Other long-term assets

8,023

6,915

Total assets

179,158

171,092

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

2,337

1,560

Employee compensation and benefits

1,134

2,129

Short-term debt

2,252

3,152

Other current liabilities

13,139

11,673

Total current liabilities

18,862

18,514

Long-term liabilities:

Long-term debt

62,655

61,984

Other long-term liabilities

9,950

9,302

Total liabilities

91,467

89,800

Stockholders' equity:

Preferred stock

Common stock

Additional paid-in capital

75,312

71,308

Retained earnings

12,166

9,761

Accumulated other comprehensive income

208

218

Total stockholders' equity

87,691

81,292

Total liabilities and equity

179,158

171,092

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

Two Fiscal Quarters Ended

May 3,

February 1,

May 4,

May 3,

May 4,

2026

2025

2026

2025

Cash flows from operating activities:

Net income

9,310

7,349

4,965

16,659

10,468

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible and right-of-use assets

2,002

2,003

2,024

4,005

4,056

Depreciation

163

150

142

313

284

Stock-based compensation

2,092

2,176

1,771

4,268

3,051

Deferred taxes and other non-cash taxes

(603)

(455)

(571)

(1,058)

(1,267)

Loss on debt extinguishment

Non-cash interest expense

139

191

Other

Changes in assets and liabilities, net of acquisitions and disposals:

Trade accounts receivable, net

(2,370)

(1,315)

(590)

(3,685)

(1,129)

Inventory

(1,366)

(692)

(109)

(2,058)

(257)

Accounts payable

149

534

(613)

683

(372)

Employee compensation and benefits

270

(1,261)

287

(991)

(621)

Other current assets and current liabilities

474

(692)

(55)

(218)

(29)

Other long-term assets and long-term liabilities

271

321

(830)

592

(1,853)

Net cash provided by operating activities

10,493

8,260

6,555

18,753

12,668

Cash flows from investing activities:

Purchases of property, plant and equipment

(231)

(250)

(144)

(481)

(244)

Purchases of investments

(23)

(114)

(57)

(137)

(162)

Sales of investments

244

283

Other

(10)

Net cash used in investing activities

(208)

(115)

(133)

(323)

(307)

Cash flows from financing activities:

Proceeds from long-term borrowings

4,474

749

4,474

3,735

Payments on debt obligations

(1,250)

(3,650)

(4,900)

(8,090)

Proceeds from (repayments of) commercial paper, net

(119)

3,861

Payments of dividends

(3,092)

(3,086)

(2,785)

(6,178)

(5,559)

Repurchases of common stock - repurchase program

(600)

(7,850)

(2,450)

(8,450)

(2,450)

Shares repurchased for tax withholdings on vesting of equity awards

(1,766)

(3,802)

Issuance of common stock

113

118

113

118

Other

(2)

(37)

(4)

(39)

(50)

Net cash used in financing activities

(4,831)

(10,149)

(6,257)

(14,980)

(12,237)

Net change in cash and cash equivalents

5,454

(2,004)

165

3,450

124

Cash and cash equivalents at beginning of period

14,174

16,178

9,307

16,178

9,348

Cash and cash equivalents at end of period

19,628

14,174

9,472

19,628

9,472

Supplemental disclosure of cash flow information:

Cash paid for interest

695

619

700

1,314

1,371

Cash paid for income taxes

1,099

782

608

1,881

1,012

View original content: https://www.prnewswire.com/news-releases/broadcom-inc-announces-second-quarter-fiscal-year-2026-financial-results-and-quarterly-dividend-302790698.html

SOURCE Broadcom Inc.

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Nebius扩张与融资事项索引

重要性3/5 中

与NBIS直接相关且涵盖融资、客户、并购和扩建事项，但最新信息已滞后近两周，当前摘录也仅有官方标题。

标签

标的：`NBIS`来源：Nebius Group发布日期：未提供发布时间重要性：3/5 中评级理由：与NBIS直接相关且涵盖融资、客户、并购和扩建事项，但最新信息已滞后近两周，当前摘录也仅有官方标题。评级依据：moderate_timeliness原文字数：347

中文摘要

核心结论

Nebius Group（Nebius集团）新闻页显示，公司2026年重点推进人工智能云、推理平台、机器人基础设施和大规模算力园区，并通过约43亿美元可转换优先票据补充资本。页面是新闻标题索引，能勾勒扩张路径，但缺少合同金额、项目回报和财务明细。

重要性评级

评级：3/5（中）

材料直接覆盖NBIS（Nebius集团股票代码），并集中呈现融资、并购、客户协议和基础设施建设事项。最近一项新闻发布于07/02（未给出具体时刻），但页面未提供新闻正文，证据深度受限。

关键事实

07/02（未给出具体时刻），公司公布扩展后的AI Discovery Awards（人工智能探索奖）医疗与生命科学项目。
06/24（未给出具体时刻），Nebius发布AI Cloud 3.6（人工智能云3.6），强调开发体验和生产环境治理。
06/16（未给出具体时刻），公司完成对Eigen AI（人工智能公司）的收购；此前已于05/01（未给出具体时刻）宣布协议。
06/09（未给出具体时刻），公司在英国推出采用NVIDIA（英伟达）技术的Physical AI Living Lab（实体人工智能实验平台）；06/08（未给出具体时刻）另行宣布扩大英国基础设施、客户和云能力。
05/20（未给出具体时刻），Nebius与Bloom Energy（布鲁姆能源）合作，为人工智能基础设施扩建提供电力支持。
05/12（未给出具体时刻），公司宣布在美国密苏里州独立城启动吉瓦级人工智能工厂建设，并引入Clarifai（人工智能软件公司）核心团队及推理知识产权许可。
03/20（未给出具体时刻），公司完成可转换优先票据私募，筹得约43亿美元；该发行最初于03/17（未给出具体时刻）提出，规模37.5亿美元，03/18（未给出具体时刻）上调至40亿美元。
03/16（未给出具体时刻），公司宣布与Meta（元宇宙平台公司）签署人工智能基础设施协议，并与NVIDIA合作建设机器人和实体人工智能云。

作者观点与证据

公司通过新闻标题把融资、园区建设、产品升级、并购和客户合作串联为快速扩张叙事。日期和事项由公司官方发布，主体可信；当前摘录没有新闻正文，无法核验Meta协议规模、Eigen AI收购价格、吉瓦级项目进度、310兆瓦芬兰项目成本或融资稀释条款。

与相关标的的关系

这些事项直接影响NBIS的算力容量、客户集中度、资本需求和潜在稀释。Meta协议及英国、芬兰、密苏里州基础设施项目关系到收入扩张能力；43亿美元可转换票据为建设提供资金，同时增加利息、偿付和股权稀释评估需求。

时效性与限制

新闻页没有统一发布日期，最新条目为07/02（未给出具体时刻），页面检索时间为美东时间 07/15 00:33（UTC+8 07/15 12:33）。索引仅展示标题，未提供合同、融资和项目建设的完整条款，也不能确认07/02以后是否出现其他更新。

后续跟踪

Meta协议的合同价值、期限与收入确认节奏
密苏里州吉瓦级及芬兰310兆瓦项目的投产节点
约43亿美元可转换优先票据的利率、转股价和稀释影响
Eigen AI与推理平台的产品整合及客户采用情况

英文原文

Nebius Newsroom

Latest press releases

Nebius celebrates healthcare and life sciences innovators at expanded AI Discovery Awards

July 2, 2026

Nebius AI Cloud 3.6 strengthens developer experience and governance for production operations

June 24, 2026

Nebius completes acquisition of Eigen AI

June 16, 2026

Nebius launches Physical AI Living Lab for UK and European robotics startups built with NVIDIA technologies

June 9, 2026

Nebius expands in UK with more NVIDIA-powered infrastructure, more customers, and more cloud capabilities for agentic and enterprise AI

June 8, 2026

Nebius to present at BofA Global Technology conference

May 28, 2026

Nebius and Bloom Energy partner to power AI infrastructure build-out

May 20, 2026

Nebius reports first quarter 2026 financial results

May 13, 2026

Nebius welcomes Clarifai’s core team and licenses inference IP to strengthen Nebius Token Factory

May 12, 2026

Nebius breaks ground on gigawatt-scale AI factory in Independence, Missouri

May 12, 2026

Nebius Group announces date of first quarter 2026 results and conference call

May 1, 2026

Nebius agrees to acquire Eigen AI, strengthening Nebius Token Factory as a frontier inference platform

May 1, 2026

Nebius to construct 310 MW AI factory in Finland

March 31, 2026

Nebius AI Cloud 3.5 introduces serverless AI to give developers frictionless compute for real-world AI

March 26, 2026

Nebius Group announces closing of private offering of convertible senior notes, with aggregate gross proceeds of approximately $4.3 billion

March 20, 2026

Nebius Group announces pricing of upsized private offering of $4.0 billion of convertible senior notes

March 18, 2026

Nebius gives VC-backed growth-stage companies a fast track to enterprise adoption in collaboration with NVIDIA

March 17, 2026

Nebius Group announces proposed private offering of $3.75 billion of convertible senior notes

March 17, 2026

Nebius teams with NVIDIA to build cloud for robotics and physical AI

March 16, 2026

Nebius signs new AI infrastructure agreement with Meta; deal to accelerate growth of Nebius’s core business in AI cloud

March 16, 2026

1 2 3 4 5

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三星新一代企业级固态盘量产

重要性4/5 中高

公司一手量产公告提供了完整的产品性能与应用信息，对人工智能服务器存储链具有直接参考价值；缺少客户、订单及财务数据，且发布日期早于当日日报约一周。

标签

来源：Samsung Electronics发布日期：未提供发布时间重要性：4/5 中高评级理由：公司一手量产公告提供了完整的产品性能与应用信息，对人工智能服务器存储链具有直接参考价值；缺少客户、订单及财务数据，且发布日期早于当日日报约一周。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：695

中文摘要

核心结论

三星电子已开始量产面向人工智能与高性能计算服务器的 PM1763 企业级固态硬盘。该产品以 PCIe 6.0（第六代高速串行计算机扩展总线）、第九代垂直闪存和4纳米控制器提升吞吐与能效，显示人工智能基础设施的性能竞争正延伸至存储层。

重要性评级

评级：4/5（中高）

量产信息直接来自三星电子，产品规格和应用场景较完整，可用于观察人工智能服务器存储升级及数据中心功耗需求。文章未披露客户、出货量、售价或收入贡献，财务映射仍需后续验证。

关键事实

三星电子于07/08（未给出具体时刻）宣布量产 PM1763，定位于下一代人工智能和 HPC（高性能计算）服务器。
产品采用 PCIe 6.0 接口、第九代 V-NAND（垂直堆叠闪存）和新开发的4纳米控制器，提供4TB、8TB和16TB三种容量。
16TB版本的顺序读取速度最高为28,400MB/s，顺序写入速度最高为21,900MB/s，性能超过上一代 PM1753 的两倍。
按三星测算，PM1763传输一个40GB的大语言模型约需1.4秒，可缩短处理器与加速器之间的数据等待时间。
单位功耗效率较上一代提升超过1.8倍，三星据此主张该产品可降低数据中心运营成本。
产品针对液冷服务器设计，支持 D2C（芯片直接液冷）技术，以便在高负载和长时间运行下维持峰值性能。
安全功能包括 PQC（后量子密码学）算法，以及用于保护虚拟化环境数据通道的 TDISP（可信执行环境设备接口安全协议）。
三星称产品已完成下一代人工智能平台验证，但未公布验证客户、平台名称和量产规模。

作者观点与证据

三星将 PM1763描述为人工智能平台扩容和降低数据延迟的关键存储方案，主要证据是峰值读写速度、40GB模型传输时间、能效提升和平台验证。上述指标均来自公司新闻稿，缺少第三方基准测试、不同工作负载下的持续性能、耐久度及总体拥有成本数据；“行业领先”等表述属于厂商口径。

与相关标的的关系

该信息直接关联三星电子的存储业务，并间接关联人工智能服务器、液冷、企业级固态硬盘控制器及数据中心供应链。输入未提供相关股票代码，也没有客户订单或收入数据，因此只能确认产品进入量产阶段，无法据此量化对三星或上下游公司的业绩影响。

时效性与限制

文章发布于07/08（未给出具体时刻），系统检索时间为美东时间 07/15 00:32（UTC+8 07/15 12:32）。信息距当日日报约一周，仍具有产品周期参考价值，但不属于07/15新增催化。

后续跟踪

PM1763的客户认证名单、实际出货量与产能爬坡进度。
不同人工智能工作负载下的持续读写、延迟、耐久度和能耗测试。
企业级固态硬盘售价、产品组合及对三星存储业务收入和利润率的贡献。
PCIe 6.0服务器平台和芯片直接液冷基础设施的部署节奏。

英文原文

Samsung Begins Mass Production of PM1763 SSD Optimized for Next-Generation AI Infrastructure

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Samsung Begins Mass Production of PM1763 SSD Optimized for Next-Generation AI Infrastructure

Korea on July 8, 2026

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PCIe 6.0-based enterprise SSD delivers outstanding performance and enhanced power efficiency for AI and HPC servers

9th-generation V-NAND, 4nm controller and liquid-cooling optimization support

demanding AI workloads

Samsung Electronics a global leader in advanced memory technology, today announced mass production of PM1763, the company’s PCIe® 6.0-based enterprise solid state drive (SSD) optimized for next-generation AI and HPC server environments.

As the volume of data required for AI training and inference continues to grow rapidly, enterprise SSDs (eSSDs) capable of delivering data quickly and reliably are becoming increasingly essential to AI infrastructure.

Featuring high-speed data transfer and an optimized controller architecture, PM1763 is expected to serve as a key storage solution for high-performance AI platforms.

“Built on industry-leading performance, PM1763 has successfully completed validation for next-generation AI platforms and is well positioned to support evolving AI infrastructure requirements,” said Jangseok Choi, Vice President and Head of Memory Product Planning at Samsung Electronics. “As AI models continue to grow in size and complexity, PM1763 will serve as a key solution that enables customers to efficiently scale memory capacity and optimize AI operations.”

Incorporating Samsung’s 9th-generation V-NAND and a newly developed 4-nanometer (nm) controller, PM1763 significantly improves both performance and power efficiency.

PM1763 is available in 4-terabyte (TB), 8TB and 16TB capacities, with the 16TB configuration delivering industry-leading performance with sequential read and write speeds of up to 28,400 megabytes-per-second (MB/s) and 21,900MB/s, respectively — more than 2 times the performance of its predecessor, PM1753.

This level of performance allows the transfer of a 40-gigabyte (GB) large language model (LLM) in approximately 1.4 seconds, helping minimize data latency between processors and accelerators while improving overall AI processing efficiency.

PM1763 is optimized for liquid-cooled server environments through direct-to-chip (D2C) cooling technology. This enables sustained peak performance even under intensive workloads and extended operating conditions.

Power efficiency is also improved by more than 1.8 times compared to its predecessor, helping reduce overall datacenter operating costs.

To address growing security requirements in AI, Samsung has also strengthened PM1763’s security capabilities. The drive supports post-quantum cryptography (PQC) algorithms designed to protect against future quantum computing threats, as well as TEE Device Interface Security Protocol (TDISP), 1 which helps secure data pathways in virtualized environments.

Trusted execution environments (TEEs) are secure areas of a processor used to isolated sensitive workloads. ↩︎

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打开原文

Solana事故历史页面信息缺失

重要性1/5 低

页面与SOL直接相关，但事故历史正文完全缺失，没有可用于日报判断的时间、范围或恢复事实。

标签

标的：`SOL`来源：Solana Status发布日期：未提供发布时间重要性：1/5 低评级理由：页面与SOL直接相关，但事故历史正文完全缺失，没有可用于日报判断的时间、范围或恢复事实。评级依据：missing_evidence原文字数：76

中文摘要

核心结论

Solana Status（Solana网络状态页）的当前存档只保留订阅入口和页面导航，没有任何事故、维护、可用率或恢复记录。该材料无法证明Solana网络近期稳定，也无法确认是否发生过服务中断。

重要性评级

评级：1/5（低）

来源属于Solana官方状态页面，理论上与SOL直接相关；但本次抓取没有取得事故历史正文，事实密度接近于零，无法支持当日日报的网络运行判断。

关键事实

页面提供事故创建、更新和解决通知的电子邮件订阅入口。
页面提供事故创建或解决的短信通知入口。
用户可通过Slack（团队协作平台）、Atom Feed（内容订阅源）或RSS Feed（简易信息聚合订阅源）接收更新。
页面导航包含“事故”“可用率”和“当前状态”，存档正文没有显示对应记录。
摘录未提供事故日期、影响范围、持续时间、故障原因、修复进度或网络可用率。

作者观点与证据

页面没有作者判断，也没有可供评估的事故证据。订阅功能只能说明该状态页支持通知，不能据此推断网络健康状况。

与相关标的的关系

运行中断和验证节点异常会直接影响SOL（Solana网络原生代币）的使用、结算与生态活动，但本次材料没有具体事故事实，无法建立事件到SOL的影响路径。

时效性与限制

页面没有发布日期，检索时间为美东时间 07/15 00:33（UTC+8 07/15 12:33）。正文缺失可能来自页面动态加载、抓取范围不足或事故列表为空；仅凭现有存档无法区分这些情况。

后续跟踪

当前状态页各组件的实时运行状态
事故历史接口中的事件、持续时间和影响范围
网络可用率及验证节点异常记录
官方事后分析和修复说明

英文原文

Solana Status - Incident History

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打开原文

Department of Commerce Revises License Review Policy for Semiconductors Exported to China

重要性未评级

标签

来源：U.S. Bureau of Industry and Security发布日期：未提供发布时间重要性：未评级

中文摘要

BIS于2026-01-13将NVIDIA H200、AMD MI325X及类似芯片对华出口申请调整为满足条件后的逐案审查。
申请方需证明出口不会减少可供美国客户使用的全球半导体产能，买方具备合规筛查程序，产品还需在美国接受独立第三方性能与安全测试。
该政策是逐案许可审查，不是对相关产品的普遍放行。

英文原文

Department of Commerce Revises License Review Policy for Semiconductors Exported to China

本地取得的是 PDF 或二进制响应，未在页面内展开原文；请使用上方“打开原文”核查。

打开原文

USDC规模、储备与跨链覆盖

重要性4/5 中高

流通量更新至07/13，直接关联CRCL核心产品和储备规模；一手来源价值较高，但营销口径、旧增长区间和页面缺失数据需要外部核验。

标签

标的：`CRCL`来源：Circle发布日期：未提供发布时间重要性：4/5 中高评级理由：流通量更新至07/13，直接关联CRCL核心产品和储备规模；一手来源价值较高，但营销口径、旧增长区间和页面缺失数据需要外部核验。评级依据：high_timeliness原文字数：1791

中文摘要

核心结论

Circle（稳定币发行商）称，USDC（美元稳定币）截至07/13（未给出具体时刻）的流通量为730亿美元，并以高流动性现金及现金等价物提供100%储备支持和1:1美元赎回。规模、跨链覆盖和储备管理直接关系CRCL（Circle股票代码）的稳定币生态，但页面主要采用公司营销及法律立场口径，部分展示数字存在缺失或口径不一致。

重要性评级

评级：4/5（中高）

730亿美元流通量更新至07/13（未给出具体时刻），与07/15日报时点接近，且直接关联Circle的核心产品、储备资产规模和网络效应。来源为发行方官网，产品事实具有一手价值，增长率、监管定位和竞争比较仍需外部数据核验。

关键事实

Circle称USDC可按1:1兑换美元，支持全天候、近实时的低成本全球支付和结算。
截至07/13（未给出具体时刻），页面显示USDC流通量为730亿美元。
公司称USDC由高流动性现金及现金等价物提供100%储备支持，并由四大会计师事务所每月出具储备鉴证。
储备中的大部分资产投资于Circle Reserve Fund（Circle储备基金，代码USDXX）；该基金为SEC（美国证券交易委员会）注册的2a-7政府货币市场基金，由BlackRock（贝莱德）管理，纽约梅隆银行托管。
页面称其合作网络超过1,000家银行、区块链、分销商及其他伙伴，并列示108%的年度增长；增长期为2024年09/30至2025年09/30，来源为2025年第三季度财报。
产品说明称USDC原生发行于35条区块链，并通过CCTP（跨链传输协议）在部分网络间转移；常见问题部分则称截至05/13（未给出具体时刻）原生支持34条网络。
Circle Mint（机构铸造与赎回平台）只向交易所、机构交易商、银行和大型金融机构开放，不向个人或小企业开放。
Circle认为USDC符合SEC工作人员2025年4月稳定币声明中的Covered Stablecoin（受涵盖稳定币）定义；这是公司法律判断，页面没有提供监管机构针对USDC的个别裁定。

作者观点与证据

Circle把USDC描述为受监管、充分储备、可编程且适用于全球支付的数字美元。730亿美元流通量、网络支持和储备结构来自发行方披露；月度第三方鉴证及贝莱德的每日基金组合报告提供外部核验渠道。108%增长采用较早财报区间，监管分类使用公司表述，“最大受监管稳定币”等竞争性声明也带有营销属性。

与相关标的的关系

USDC是CRCL的核心产品，其流通规模关系储备资产基础、分销网络和相关经济收益。原生链数量及跨链能力影响USDC在支付、交易和去中心化金融中的可达性；储备质量、赎回能力及监管分类则影响产品信任和合规成本。USDC本身与美元保持1:1目标价格，页面未提供短期脱锚、净发行或赎回流量数据。

时效性与限制

页面没有统一发布日期，检索时间为美东时间 07/15 00:33（UTC+8 07/15 12:33）。流通量更新至07/13（未给出具体时刻），但储备美元金额在摘录中没有成功显示；“历史累计交易量”显示为0.00万亿美元，明显可能属于页面渲染缺失。35条与34条原生网络的口径差异可能来自07/13前后的新增支持，当前摘录没有明确解释。

后续跟踪

USDC月度储备鉴证与贝莱德每日基金持仓
流通量、净发行、赎回量及市场份额变化
第35条原生支持网络的名称和启用日期
SEC稳定币声明、MiCAR（欧盟加密资产市场法规）及其他司法辖区的后续监管文件

英文原文

USDC | Powering global finance. Issued by Circle.

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USDC

The world’s largest regulated 1 stablecoin powering global finance

Fully backed digital dollars

Redeemable 1:1 for US dollars, USDC enables 24/7 liquidity for near-instant, low-cost global payments.

Built for rapid global payments and 24/7 financial markets, USDC is a regulated digital currency you can redeem 1:1 for US dollars.

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Why businesses choose USDC

Near-instant, always-on settlement

Boost capital efficiency and minimize prefunding with real-time transactions.

Regulatory compliance

USDC is the world’s largest regulated stablecoin, issued by Circle. 1

Expanded market access

Unlock new markets that were previously unreachable or too costly to serve.

Programmable money

USDC lets you move value as easily as data and build next-gen financial applications.

Thunes Meets Demand for Always-On Global Payments with USDC

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Circle helps Immersve bring digital dollars to everyday spending

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Nubank pioneers digital dollar access in Brazil with USDC

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An active network

USDC is highly liquid, widely adopted, and supported by a global network of partners.

$

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yearly growth 3

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Global reach

Available to anyone with an internet connection — all around the world, 24/7.

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A network of leading global banks that enable FX settlement with diverse fiat currencies.

For everyone

Providing financial opportunities for people everywhere.

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Industry-leading security

Fully backed

100% backed by highly liquid cash and cash-equivalent assets.

Highly regulated

Issued 1 by the most licensed stablecoin company in the world. 4

Transparently managed

Circle publishes monthly reserve attestations by a Big Four accounting firm.

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Developer-ready

USDC is natively issued on 35 blockchain networks, and, with CCTP, seamlessly moves between subsets of these blockchains. It’s built on open protocols with a supporting suite of APIs and SDKs.

Fueling financial opportunities

USDC enables businesses to offer payment connectivity and dollar-backed financial services to more people in more places.

24/7 real-time money movement

Enable low-cost payments around the world that can settle in seconds, for you or your customers.

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Worldwide access to digital dollars

Hold, transfer, and transact in USDC from almost anywhere, without relying on traditional banks.

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Access, trade, and rebalance USDC at scale any time across chains or borders.

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Fully backed digital dollars

USDC is 100% backed by highly liquid cash and cash-equivalent assets stored in transparently managed reserves with independent attestations conducted by a Big Four accounting firm.

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Collaborating with regulators

Circle, the issuer of USDC 1 , actively engages in policy discussions, adheres to regulatory frameworks, and obtains necessary licenses to maintain compliance and transparency in its operations.

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Build with USDC

USDC is programmable money built for global accessibility and crosschain interoperability, unlocking new opportunities for your business.

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FAQs

How does Circle guarantee that USDC is fully backed and redeemable 1:1 for US dollars?

USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars. The majority of the USDC reserve is invested in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock .

Learn more about our approach to transparency .

Which blockchains is USDC available on?

As of May 13, 2026, USDC is natively supported on 34 blockchain networks: Algorand , Aptos , Arbitrum , Avalanche , Base , Celo , Codex , EDGE Chain , Cronos , Ethereum , Hedera , HyperEVM , Injective , Ink , Linea , Monad , Morph , NEAR , Noble , OP Mainnet , Pharos , Plume , Polkadot , Polygon PoS , Sei , Solana , Sonic , Starknet , Stellar , Sui , Unichain , World Chain , XDC , XRP Ledger and ZKsync – with more expected in the future.

‍

For more details, see our developer docs .

How can I get USDC and convert it back to fiat currency?

Circle Mint enables exchanges, institutional traders, banks, and large financial institutions to directly redeem USDC 1:1 for USD from Circle. Mint is not available to individuals or small businesses.

Startups and small businesses can access USDC via on/offramp providers in the Circle Alliance Program. Learn more about CAP or go right to the CAP directory to find a provider.

Individuals and everyday users can access USDC via exchanges, neobanks, and digital wallets. Learn more on the dedicated USDC website .

What does it mean for USDC to be “minted” or “burned”?

Businesses can apply for a Circle Mint account to exchange US dollars for USDC. When a business deposits USD into its Circle Account, Circle issues the equivalent amount of USDC to the business. The process of issuing new USDC is known as “minting” as new digital dollars are created and put into circulation.

Similarly, when a business wants to exchange its USDC for US dollars, the business can deposit USDC into their Mint account and request to receive US dollars. This process of redeeming USDC is known as “burning” as this process takes USDC out of circulation.

When everyday users swap US dollars for USDC on a digital asset exchange, it is the exchange that provides that USDC. If the exchange needs more USDC to fulfill the swap, the exchange will often use its Mint account to mint more USDC.

Is USDC a cryptocurrency?

USDC is a fully reserved stablecoin, which is a type of cryptocurrency designed to maintain steady value. Unlike other cryptocurrencies that fluctuate in price, USDC is designed to maintain price equivalence to the US dollar. USDC is redeemable 1:1 for US dollars while benefiting from the speed and security of blockchain technology.

How is USDC different from a central bank digital currency (CBDC)?

USDC is issued through regulated affiliates of Circle 1 , a financial technology company in the private sector, while a CBDC would be issued by a government. While most CBDCs are only in the research phase, USDC exists today and is widely used by millions of people around the world. Circle has developed the technology to enable USDC to run on public blockchain networks, with open-source and private market innovation driving rapid progress in digital dollar currency models. Read more about Circle’s insights on the Federal Reserve’s CBDC discussion .

Who is Circle’s independent auditor?

Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal year 2022. Prior to Deloitte, Grant Thornton LLP served as Circle’s independent auditor from 2015.

Is USDC a security?

Our view is that USDC is not a security. In April 2025, the staff of the U.S. Securities and Exchange Commission (SEC) issued a Statement on Stablecoins (the Statement) , which confirmed that as described in the Statement, the offer and sale of “Covered Stablecoins” in the manner described in the Statement does not constitute the offer and sale of securities under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Is USDC a “Covered Stablecoin”?

Our view is that USDC is a Covered Stablecoin. The Statement on Stablecoins defines “Covered Stablecoins” as those which are "designed to maintain a stable value relative to the United States Dollar, or 'USD,' on a one-for-one basis, can be redeemed for USD on a one-for-one basis (i.e., one stablecoin to one USD), and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation.

Our view is that USDC is a "covered stablecoin" as it is designed to maintain a stable value relative to the USD, is redeemable 1:1 for USD 9 , and is 100% backed by highly liquid cash and cash equivalent assets. Information on the reserves backing USDC is made publicly available with monthly third-party assurances that the value of the reserves meets or exceeds the value of USDC in circulation.

What makes USDC fully backed and redeemable 1:1 for US dollars?

USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars. 6 The majority of the USDC reserve is invested in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock . Learn more about our approach to transparency .

USDC is issued through regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here .

July 13, 2026 8:00 PM

September 30, 2024 - September 30, 2025. Retrieved from Q3 2025 quarterly earnings report .

Based on a competitive comparison analyzing the top 10 stablecoin companies by market capitalization based on CoinMarketCap . A list of Circle’s licenses can be found here .

USDC is backed by the equivalent value of US dollar denominated assets held as reserves for the benefit of USDC holders. Cash is held at regulated financial institutions. The portfolio of the Circle Reserve Fund, which can contain short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash, is custodied at The Bank of New York Mellon and is managed by BlackRock.

Circle Ventures, an affiliate of Circle Internet Financial, LLC, has invested in Airtm.

Circle Ventures, an affiliate of Circle Internet Financial, LLC, has invested in Arf.

Circle Mint customers are able to redeem USDC directly from Circle. In addition, Circle will redeem all USDC presented to it for redemption in compliance with MiCAR, regardless of whether the holder is a Circle Mint customer. Circle Mint is currently available only to institutions and is not available to individuals.

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铠侠押注人工智能推理存储

重要性3/5 中

资本开支、研发预算、产品参数和业务结构目标信息密度较高，但文章已发布一个多月，且主要是公司前瞻口径，适合作为产业链背景材料。

标签

来源：Kioxia Holdings发布日期：未提供发布时间重要性：3/5 中评级理由：资本开支、研发预算、产品参数和业务结构目标信息密度较高，但文章已发布一个多月，且主要是公司前瞻口径，适合作为产业链背景材料。评级依据：industry_relevance, fact_density, company_source, limited_freshness原文字数：779

中文摘要

核心结论

铠侠将AI（人工智能）推理基础设施列为中长期增长方向，计划把数据中心和企业市场收入占比提高到60%以上，并通过面向GPU（图形处理器）扩展存储的固态硬盘产品切入推理工作负载。公司未来三年每年拟投入约4,700亿日元资本开支和2,300亿日元研发费用，同时争取在2026财年第一季度实现净现金状态。

重要性评级

评级：3/5（中）

文章提供了清晰的资本配置、业务组合目标和产品路线，对存储器及AI基础设施产业链有较高背景价值。材料发布于06/02（未给出具体时刻），相对当日日报已有时间距离，且全部指标均来自公司投资者日口径，缺少客户订单、市场份额和盈利预测的外部验证。

关键事实

铠侠计划在中长期把数据中心和企业市场销售占比提高至60%以上，同时保留智能手机和个人电脑业务基础。
公司拟通过多年期LTA（长期协议）提高收入可见度和利润稳定性，但未披露协议客户、期限或金额。
未来三年每年资本开支约4,700亿日元，研发费用约2,300亿日元。
公司预计在2026财年第一季度实现净现金状态；股东回报将参考未来多年累计超额自由现金流。
CM系列采用TLC（三层单元）闪存，面向KV cache（键值缓存）存储，并支持英伟达推动的CMX（上下文内存存储）平台。
GP系列采用XL-FLASH闪存，宣称性能超过1亿IOPS（每秒输入输出操作次数），支持英伟达Storage-Next（下一代存储）架构，并面向RAG（检索增强生成）服务器。
LC系列采用QLC（四层单元）闪存，现有产品提供245TB（太字节）容量。
第十代BiCS FLASH（三维闪存）计划于2026年夏季开始样品出货，随后导入CM系列等产品线。

作者观点与证据

公司判断AI应用将由训练阶段加速转向推理阶段，智能体和实体AI会推动推理处理量快速增长，存储将被更多用作GPU扩展内存。产品规格、投资额度和销售结构目标支撑了战略方向；推理量“指数级增长”、固态硬盘成为下一代AI架构关键组件以及行业领先资本效率均属于公司预测或目标，原文没有给出独立需求数据、毛利率目标或量产客户验证。

与相关标的的关系

输入未关联具体股票代码。文章直接关系NAND（与非型闪存）与企业级SSD（固态硬盘）产业链，并通过CMX、Storage-Next等平台与英伟达AI服务器生态相连。若存储承担更多推理缓存和扩展内存任务，需求结构可能向高带宽、高IOPS和超大容量产品倾斜；文章没有量化这类需求对铠侠收入、价格或行业供需的实际贡献。

时效性与限制

公告日期为06/02（未给出具体时刻），抓取于美东时间 07/15 00:33（UTC+8 07/15 12:33）。这是公司投资者日材料，产品参数、样品计划、财务目标和资本配置可能调整，且尚无后续量产、订单或财务兑现数据。

后续跟踪

第十代BiCS FLASH夏季样品出货及后续量产进度。
数据中心和企业市场收入占比向60%以上提升的年度路径。
多年期长期协议的客户覆盖、定价机制和收入贡献。
年度资本开支与研发投入对自由现金流、产能和净现金目标的影响。

英文原文

Kioxia Announces Growth Strategy for the AI Inference Era at Investor Day | KIOXIA Holdings Corporation

Kioxia Announces Growth Strategy for the AI Inference Era at Investor Day

June 2, 2026

Kioxia Holdings Corporation

Kioxia Holdings Corporation, a world leader in memory solutions, today hosted its Investor Day, unveiling a new growth strategy designed to support the backbone of AI infrastructure in the emerging "AI Inference Era." As AI inference enters a phase of full-scale adoption, Kioxia is positioned to drive this transformation with cutting-edge flash memory and SSD products optimized specifically for inference workloads. The company aims to further enhance corporate value through a targeted growth investment strategy centered on the AI market, coupled with a fortified financial foundation. Additionally, Kioxia plans to evaluate shareholder returns based on future excess cumulative free cash flow over multiple years.

As AI applications transition from the "training phase" to the "inference phase" and evolve into more complex domains, such as agentic and physical AI, the volume of inference processing is projected to increase exponentially. To manage these massive processing loads efficiently, next-generation AI systems are expected to rapidly adopt storage as extended memory for GPUs. In this evolving landscape, flash memory and SSDs are poised to become core structural components of next-generation AI architectures.

To capture this significant growth opportunity, Kioxia is shifting its strategic focus toward the AI infrastructure market while maintaining its robust business foundation in the smartphone and PC sectors. Over the medium to long term, the company aims to increase its sales ratio in the datacenter and enterprise markets to over 60%. Driven by strong demand, Kioxia is fundamentally transforming its business structure—including securing multi-year Long-Term Agreements (LTAs)—to improve revenue visibility and the quality of profits, targeting more stable, highly profitable growth.

To drive this high-quality profitability, Kioxia will allocate approximately 470 billion yen annually to capital expenditures and 230 billion yen annually to research and development over the next three years, focusing heavily on high-growth, high-profit sectors. Through disciplined investment decisions, the company targets industry-leading capital efficiency. Furthermore, driven by strong financial performance in recent months, the company expects to achieve a net cash position during the first quarter of fiscal year 2026. Regarding capital allocation, Kioxia will strengthen its financial soundness while ensuring sufficient liquidity for growth investments in technology development, production facilities, and human capital. Building on these measures, Kioxia will then consider shareholder returns, utilizing excess cumulative free cash flow over multiple years.

Kioxia’s Solutions for Next-Generation AI Systems

Flash memory and SSDs are anticipated to play a critical role in resolving data processing bottlenecks during AI inference. To this end, Kioxia is deploying a comprehensive portfolio of technology and product solutions:

KIOXIA CM Series (High-Bandwidth SSDs with TLC Flash Memory)

Optimized for storing KV cache (past computational results) to significantly enhance inference efficiency in GPU servers. These SSDs increase data transfer speeds (bandwidth) between the GPUs and storage and support the Context Memory Storage (CMX™) Platform championed by NVIDIA.

KIOXIA GP Series (High-Performance SSDs with XL-FLASH™)

Super-high IOPS SSDs that deliver processing performance exceeding 100 million IOPS to effectively expand GPU memory capacity. This series supports NVIDIA’s Storage-Next™ and is highly suited for Retrieval-Augmented Generation (RAG) servers that store external knowledge to improve AI response accuracy.

KIOXIA LC Series (High-Capacity SSDs with QLC Flash Memory)

High-capacity SSDs engineered to accommodate the exponential surge in AI-generated data. The current lineup features a groundbreaking 245 terabyte (TB) model.

Furthermore, Kioxia is advancing the development of high-performance, high-capacity, and low-power consuming 3D flash memory that will power these advanced SSDs. The company plans to begin sample shipments of its 10th-generation BiCS FLASH™ this summer, which will be sequentially integrated into product lines including the KIOXIA CM Series.

Under its mission of “uplifting the world with ‘memory,’" Kioxia remains committed to empowering the societal transformations of the AI Inference Era through its memory technologies, driving sustained corporate value and sustainable growth.

For further details, please refer to the presentation materials (available now) and the event video (to be released shortly) on the company’s website.

IR Events

This announcement has been prepared to provide information on our business and does not constitute or form part of an offer or invitation to sell or a solicitation of an offer to buy or subscribe for or otherwise acquire any securities in any jurisdiction or an inducement to engage in investment activity nor shall it form the basis of or be relied on in connection with any contract thereof.

Information in this document, including product prices and specifications, content of services and contact information, is correct on the date of the announcement but is subject to change without prior notice.

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高通公布2026财年第二季度业绩

重要性未评级

标签

标的：`QCOM`来源：Qualcomm发布日期：未提供发布时间重要性：未评级

中文摘要

Qualcomm披露2026财年第二季度收入106亿美元。
管理层称公司正在应对具有挑战性的存储器环境。
公司称一项领先超大规模客户的定制芯片项目计划在2026年稍晚开始首批出货。

英文原文

Qualcomm Announces Second Quarter Fiscal 2026 Results

本地未取得可读正文：页面返回内容不足或正文置信度过低。可使用上方“打开原文”核查。

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英伟达数据中心增长与利润成色

重要性4/5 中高

SEC季度报告提供NVDA财务、数据中心需求、客户集中度、资本配置及出口限制的一手数据；报告期与签署日距当前日报已有一定时间，时效性低于当日公告。

标签

标的：`AMD`, `NVDA`来源：U.S. SEC / NVIDIA发布日期：未提供发布时间重要性：4/5 中高评级理由：SEC季度报告提供NVDA财务、数据中心需求、客户集中度、资本配置及出口限制的一手数据；报告期与签署日距当前日报已有一定时间，时效性低于当日公告。评级依据：一手监管申报，证据强度高, 与NVDA直接相关，兼具AMD竞争背景, 财务与业务数据密度高, 签署于05/20，距07/15日报近两个月, 部分净利润来自未实现投资收益，需区分主营表现原文字数：22129

中文摘要

核心结论

英伟达（NVIDIA，股票代码NVDA）截至04/26（未给出具体时刻）的2027财年第一季度收入同比增长85%至816.15亿美元，数据中心业务贡献752.46亿美元，Blackwell（英伟达新一代图形处理器架构）系统放量与网络产品需求仍是增长支柱。净利润同比增长211%至583.21亿美元，其中约160亿美元来自上市及非上市股权投资的未实现收益，利润增幅明显高于主营经营利润增幅。

重要性评级

评级：4/5（中高）

文件属于SEC（美国证券交易委员会）季度报告，财务数据、客户集中度、资本配置及出口限制披露均为一手证据；但文件签署于05/20（未给出具体时刻），距07/15日报已有近两个月，适合作为基本面基准，不能视为当日新增催化。

关键事实

第一季度收入816.15亿美元，同比增长85%、环比增长20%；营业利润535.36亿美元，同比增长147%；摊薄每股收益2.39美元，同比增长214%。
数据中心收入752.46亿美元，同比增长92%、环比增长21%，约占总收入92%；增长来自Blackwell 300产品放量，以及InfiniBand（高性能计算互连技术）、Spectrum-X Ethernet（英伟达数据中心以太网平台）和NVLink（英伟达高速芯片互连技术）需求。
超大规模客户收入约占数据中心收入50%，其余约50%来自人工智能云、工业、企业及主权客户。三家直接客户分别贡献总收入的21%、17%和16%，合计54%。
毛利率为74.9%，上年同期为60.5%；改善主要源于上年同期45亿美元H20库存及采购义务费用未再发生。本季度库存及超额采购义务拨备仍为11亿美元，对毛利率造成1.2个百分点负面影响。
净利润583.21亿美元中，其他净收益159.29亿美元；上市股权投资未实现收益134亿美元，非上市股权投资未实现收益26亿美元。该部分具有明显估值波动属性。
经营活动现金流503.44亿美元；截至04/26（未给出具体时刻），现金、现金等价物及可交易债务证券合计503.35亿美元，另持有302亿美元可交易股权证券。
第一季度回购1.08亿股、支出202亿美元；董事会于05/18（未给出具体时刻）新增800亿美元无到期日回购授权，并把季度股息由每股0.01美元提高至0.25美元。
中国数据中心业务仍受限制：本季度没有向中国交付Hopper（英伟达上一代数据中心图形处理器架构）产品，上年同期相关收入为46亿美元；自02/2026起获准向特定中国客户少量交付H200，但截至报告签署日尚未产生收入，产品还需在美国检查并承担25%进口关税。

作者观点与证据

这份公司申报文件将增长归因于Blackwell系统及网络产品需求，并预计Rubin（英伟达下一代计算平台）于2027财年下半年开始出货。收入、现金流、客户占比和回购数据来自未经审计季度财务报表，证据强度较高；产品出货节奏、基础设施可得性及未来监管影响属于管理层前瞻陈述。净利润受到约160亿美元股权投资未实现收益推动，解读盈利延续性时需与主营营业利润分开观察。

与相关标的的关系

NVDA：报告直接反映数据中心需求、毛利率、客户集中度、资本回报和中国出口限制。电力、数据中心容量及客户融资条件被列为收入兑现约束，Rubin量产复杂度也可能影响收入确认时间与供应链成本。
AMD（超威半导体，股票代码AMD）：关联来自人工智能加速器竞争。英伟达称出口限制扩大了竞争者在中国建立开发者和客户生态的空间，但文件没有披露AMD获得的具体订单、收入或市场份额，因此只能作为行业竞争背景。

时效性与限制

文件签署日期为05/20（未给出具体时刻），元数据未提供正式发布时间；归档检索时间为美东时间 07/15 00:33（UTC+8 07/15 12:33）。报告期截至04/26（未给出具体时刻），无法覆盖此后需求、监管许可、Rubin进度及投资组合估值变化。

后续跟踪

Blackwell 300出货增速、数据中心收入结构及毛利率变化。
H200对华许可是否形成收入，以及25%关税的实际承担方式。
约160亿美元未实现投资收益后续重估及其对净利润的影响。
Rubin在2027财年下半年的量产时间、良率、库存拨备和客户采购节奏。

英文原文

nvda-20260426

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 26, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 0-23985

NVIDIA CORP ORATION

(Exact name of registrant as specified in its charter)

Delaware 94-3177549

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)

2788 San Tomas Expressway , Santa Clara , California

95051

(Address of principal executive offices) (Zip Code)

( 408 ) 486-2000

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value per share NVDA The Nasdaq Global Select Market

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, $0.001 par value, outstanding as of May 15, 2026, was 24.2 billion.

NVIDIA Corporation

Form 10-Q

For the Quarter Ended April 26, 2026

Table of Contents

Page

Part I : Financial Information

Item 1.

Financial Statements (Unaudited)

a) Condensed Consolidated Statements of Income for the three months ended April 26, 2026 and April 27, 2025 3

b) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 26, 2026 and April 27, 2025 4

c) Condensed Consolidated Balance Sheets as of April 26, 2026 and January 25, 2026 5

d) Condensed Consolidated Statements of Shareholders’ Equity for the three months ended April 26, 2026 and April 27, 2025 6

e) Condensed Consolidated Statements of Cash Flows for the three months ended April 26, 2026 and April 27, 2025 7

f) Notes to Condensed Consolidated Financial Statements 8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk 30

Item 4.

Controls and Procedures 31

Part II : Other Information

Item 1.

Legal Proceedings 31

Item 1A.

Risk Factors 31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds 38

Item 5.

Other Information 39

Item 6.

Exhibits 40

Signature

Where You Can Find More Information

Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters, and for complying with our disclosure obligations under Regulation FD:

NVIDIA Corporate Blog (blogs.nvidia.com/)

NVIDIA Technical Blog (developer.nvidia.com/blog/)

NVIDIA LinkedIn (linkedin.com/company/nvidia)

NVIDIA Facebook (facebook.com/nvidia)

NVIDIA Instagram (instagram.com/nvidia)

NVIDIA X (x.com/nvidia)

NVIDIA Investor Relations (investor.nvidia.com)

NVIDIA YouTube (YouTube.com/nvidia)

The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report on Form 10-Q.

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Revenue $ 81,615 $ 44,062

Cost of revenue 20,458 17,394

Gross profit 61,157 26,668

Operating expenses

Research and development 6,321 3,989

Sales, general and administrative 1,300 1,041

Total operating expenses 7,621 5,030

Operating income 53,536 21,638

Interest income 540 515

Interest expense ( 102 ) ( 63 )

Other income (expense), net 15,929 ( 180 )

Total other income, net 16,367 272

Income before income tax 69,903 21,910

Income tax expense 11,582 3,135

Net income $ 58,321 $ 18,775

Net income per share:

Basic $ 2.40 $ 0.77

Diluted $ 2.39 $ 0.76

Weighted average shares used in per share computation:

Basic 24,286 24,441

Diluted 24,391 24,611

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Net income $ 58,321 $ 18,775

Other comprehensive income (loss), net of tax

Available-for-sale securities:

Net change in unrealized gain (loss) ( 78 ) 139

Cash flow hedges:

Net change in unrealized gain 37 19

Other comprehensive income (loss), net of tax ( 41 ) 158

Total comprehensive income $ 58,280 $ 18,933

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

Apr 26, 2026 Jan 25, 2026

Assets

Current assets:

Cash and cash equivalents $ 13,237 $ 10,605

Marketable debt securities 37,098 39,065

Marketable equity securities 30,237 12,886

Accounts receivable, net 40,710 38,466

Inventories 25,797 21,403

Prepaid expenses and other current assets 3,916 3,180

Total current assets 150,995 125,605

Property and equipment, net 12,403 10,383

Operating lease assets 4,258 2,867

Goodwill 20,894 20,832

Intangible assets, net 3,120 3,306

Deferred income tax assets 11,707 13,258

Non-marketable securities 43,364 22,251

Other assets 12,733 8,301

Total assets $ 259,474 $ 206,803

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable $ 13,097 $ 9,812

Accrued and other current liabilities 29,787 21,352

Short-term debt 1,000 999

Total current liabilities 43,884 32,163

Long-term debt 7,470 7,469

Long-term operating lease liabilities 3,878 2,572

Other long-term liabilities 8,768 7,306

Total liabilities 64,000 49,510

Commitments and contingencies

Shareholders’ equity:

Preferred stock — —

Common stock 24 24

Additional paid-in capital 10,275 10,118

Accumulated other comprehensive income 137 178

Retained earnings 185,038 146,973

Total shareholders’ equity 195,474 157,293

Total liabilities and shareholders’ equity $ 259,474 $ 206,803

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders ’ Equity

(Unaudited)

Common Stock

Outstanding Additional Paid-in Capital Accumulated Other Comprehensive Income Retained Earnings Total Shareholders’ Equity

Shares Amount

(In millions, except per share data)

Balances as of Jan 25, 2026

24,304 $ 24 $ 10,118 $ 178 $ 146,973 $ 157,293

Net income — — — — 58,321 58,321

Other comprehensive loss — — — ( 41 ) — ( 41 )

Issuance of common stock

37 — 515 — — 515

Tax withholding related to common stock

( 12 ) — ( 2,129 ) — — ( 2,129 )

Shares repurchased ( 108 ) — ( 157 ) — ( 20,013 ) ( 20,170 )

Cash dividends declared and paid ($ 0.01 per common share)

— — — — ( 243 ) ( 243 )

Stock-based compensation — — 1,928 — — 1,928

Balances as of Apr 26, 2026

24,221 $ 24 $ 10,275 $ 137 $ 185,038 $ 195,474

Balances as of Jan 26, 2025

24,477 $ 24 $ 11,237 $ 28 $ 68,038 $ 79,327

Net income — — — — 18,775 18,775

Other comprehensive income — — — 158 — 158

Issuance of common stock

50 — 370 — — 370

Tax withholding related to common stock

( 13 ) — ( 1,532 ) — — ( 1,532 )

Shares repurchased ( 126 ) — ( 92 ) — ( 14,411 ) ( 14,503 )

Cash dividends declared and paid ($ 0.01 per common share)

— — — — ( 244 ) ( 244 )

Fair value of partially vested equity awards assumed in connection with acquisitions

— — 22 — — 22

Stock-based compensation — — 1,470 — — 1,470

Balances as of Apr 27, 2025

24,388 $ 24 $ 11,475 $ 186 $ 72,158 $ 83,843

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Cash flows from operating activities:

Net income $ 58,321 $ 18,775

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense 1,928 1,474

Deferred income taxes 1,584 ( 2,177 )

Depreciation and amortization 997 611

(Gains) losses from equity securities, net ( 15,936 ) 175

Other ( 94 ) ( 98 )

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable ( 2,243 ) 933

Inventories ( 4,420 ) ( 1,258 )

Prepaid expenses and other assets ( 983 ) 560

Accounts payable 2,210 941

Accrued and other current liabilities 7,763 7,128

Other long-term liabilities 1,217 350

Net cash provided by operating activities 50,344 27,414

Cash flows from investing activities:

Proceeds from maturities of marketable debt securities 1,946 3,122

Proceeds from sales of non-marketable securities 26 —

Proceeds from sales of marketable debt securities 25 467

Purchases of non-marketable securities ( 18,582 ) ( 649 )

Purchases of marketable debt and equity securities ( 8,000 ) ( 6,546 )

Purchases related to property and equipment and intangible assets ( 1,757 ) ( 1,227 )

Acquisitions, net of cash acquired ( 87 ) ( 383 )

Net cash used in investing activities ( 26,429 ) ( 5,216 )

Cash flows from financing activities:

Proceeds related to employee stock plans 515 370

Payments related to repurchases of common stock ( 19,312 ) ( 14,095 )

Payments related to employee stock plan taxes ( 2,129 ) ( 1,532 )

Dividends paid ( 243 ) ( 244 )

Principal payments on property and equipment and intangible assets ( 33 ) ( 52 )

Other ( 81 ) —

Net cash used in financing activities ( 21,283 ) ( 15,553 )

Change in cash and cash equivalents 2,632 6,645

Cash and cash equivalents at beginning of period 10,605 8,589

Cash and cash equivalents at end of period $ 13,237 $ 15,234

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 25, 2026 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026.

Certain prior fiscal year balances have been reclassified to conform to the current period presentation.

Significant Accounting Policies

There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026.

Fiscal Year

Fiscal year 2027 is a 53-week year and fiscal year 2026 was a 52-week year, both ending on the last Sunday in January. The first quarters of fiscal years 2027 and 2026 were both 13-week quarters. The fourth quarter of fiscal year 2027 will be a 14-week quarter.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from our estimates.

Recently Issued Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board, or FASB, issued a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt this standard in the fiscal year 2028 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

Note 2 - Stock-Based Compensation

We recognize stock-based compensation expense from grants of restricted stock units, or RSUs, performance stock units, or PSUs, and market-based PSUs, and issuances under our employee stock purchase plan, or ESPP.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Condensed Consolidated Statements of Income include stock-based compensation expense as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Cost of revenue $ 68 $ 64

Research and development 1,459 1,063

Sales, general and administrative 401 347

Total $ 1,928 $ 1,474

Equity Award Activity

The following is a summary of our equity award transactions under our equity incentive plans:

RSUs, PSUs and Market-based PSUs Outstanding

Number of Shares Weighted Average Grant-Date Fair Value Per Share

(In millions, except per share data)

Balance as of Jan 25, 2026

189 $ 81.51

Granted 44 $ 181.73

Vested ( 31 ) $ 48.04

Canceled and forfeited ( 2 ) $ 95.82

Balance as of Apr 26, 2026

200 $ 108.92

As of April 26, 2026, aggregate unearned stock-based compensation expense was $ 20.8 billion, which is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.

Note 3 - Net Income Per Share

The following is the basic and diluted net income per share computations for the periods presented:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions, except per share data)

Numerator:

Net income $ 58,321 $ 18,775

Denominator:

Basic weighted average shares 24,286 24,441

Dilutive impact of outstanding equity awards 105 170

Diluted weighted average shares 24,391 24,611

Net income per share:

Basic (1) $ 2.40 $ 0.77

Diluted (2) $ 2.39 $ 0.76

Anti-dilutive equity awards excluded from diluted net income per share 47 62

(1) Net income divided by basic weighted average shares.

(2) Net income divided by diluted weighted average shares.

Diluted net income per share was computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 4 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Apr 26, 2026 Jan 25, 2026

Gross

Carrying

Amount Accumulated

Amortization Net Carrying

Amount Gross

Carrying

Amount Accumulated

Amortization Net Carrying

Amount

(In millions)

Acquisition-related intangible assets $ 5,658 $ ( 2,759 ) $ 2,899 $ 5,656 $ ( 2,580 ) $ 3,076

Patents and licensed technology 525 ( 304 ) 221 528 ( 298 ) 230

Total intangible assets $ 6,183 $ ( 3,063 ) $ 3,120 $ 6,184 $ ( 2,878 ) $ 3,306

Amortization expense associated with intangible assets was $ 232 million and $ 159 million for the first quarter of fiscal years 2027 and 2026, respectively.

The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of April 26, 2026:

Future Amortization Expense

(In millions)

Fiscal Year:

2027 (excluding the first quarter of fiscal year 2027)

$ 689

2028 754

2029 610

2030 516

2031 468

2032 and thereafter 83

Total $ 3,120

In the first quarter of fiscal year 2027, goodwill increased by $ 62 million from acquisitions and was allocated to our Compute & Networking reporting unit.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 5 - Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities including debt and equity securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) or for similar assets or use of other observable inputs (Level 2).

The following is a summary of cash equivalents and marketable securities:

Apr 26, 2026

Pricing Category Cost or Amortized

Cost Unrealized

Gain Unrealized

Loss Estimated

Fair Value Reported as

Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets

(In millions)

Debt securities issued by the U.S. Treasury Level 2 $ 21,883 $ 43 $ ( 8 ) $ 21,918 $ 470 $ 21,448 $ — $ —

Corporate debt securities Level 2 15,092 48 ( 8 ) 15,132 1,533 13,599 — —

Debt securities issued by U.S. government agencies Level 2 2,009 2 ( 1 ) 2,010 — 2,010 — —

Certificates of deposit Level 2 132 — — 132 132 — — —

Foreign government bonds Level 2 40 1 — 41 — 41 — —

Money market funds Level 1 10,212 — — 10,212 10,212 — — —

Publicly-held equity securities (1) (2) Level 1 29,887 — — 21,023 8,864

Publicly-held equity securities (1) (3) Level 2 9,214 — — 9,214 —

Total $ 49,368 $ 94 $ ( 17 ) $ 88,546 $ 12,347 $ 37,098 $ 30,237 $ 8,864

(1) The balance as of April 26, 2026 included $ 27.4 billion of investments, which are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 8.9 billion as of April 26, 2026, was included in Other assets.

(3) The publicly-held equity securities classified in Level 2 include investments in warrants and preferred stock convertible to common stock in public companies.

Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $ 13.4 billion for the first quarter of fiscal year 2027. Net unrealized losses on investments in publicly-held equity securities held at period end were $ 222 million for the first quarter of fiscal year 2026. Unrealized gains and losses are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Jan 25, 2026

Pricing Category Cost or Amortized

Cost Unrealized

Gain Unrealized

Loss Estimated

Fair Value Reported as

Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets

(In millions)

Debt securities issued by the U.S. Treasury Level 2 $ 21,635 $ 77 $ ( 3 ) $ 21,709 $ — $ 21,709 $ — $ —

Corporate debt securities Level 2 15,410 92 ( 3 ) 15,499 345 15,154 — —

Debt securities issued by U.S. government agencies Level 2 2,157 4 — 2,161 — 2,161 — —

Certificates of deposit Level 2 110 — — 110 110 — — —

Foreign government bonds Level 2 40 1 — 41 — 41 — —

Money market funds Level 1 7,830 — — 7,830 7,830 — — —

Publicly-held equity securities (1) (2) Level 1 17,726 — — 12,886 4,840

Total $ 47,182 $ 174 $ ( 6 ) $ 65,076 $ 8,285 $ 39,065 $ 12,886 $ 4,840

(1) The balance as of January 25, 2026 included $ 10.5 billion of investments that are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 4.8 billion as of January 25, 2026, was included in Other assets.

The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:

Apr 26, 2026 Jan 25, 2026

Less than 12 months Less than 12 months

Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss

(In millions)

Debt securities issued by the U.S. Treasury $ 12,238 $ ( 8 ) $ 10,666 $ ( 3 )

Corporate debt securities 2,658 ( 8 ) 1,332 ( 3 )

Debt securities issued by U.S. government agencies 1,291 ( 1 ) 1,134 —

Total $ 16,187 $ ( 17 ) $ 13,132 $ ( 6 )

Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.

The estimated fair values of debt securities included in cash equivalents and marketable debt securities are shown below by contractual maturity.

Apr 26, 2026

(In millions)

Less than one year $ 24,307

Due in 1 - 5 years 14,926

Total $ 39,233

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 6 - Non-marketable Securities

Non-marketable Equity Securities

Our non-marketable equity securities are primarily in privately-held companies carried at cost less impairment, and adjusted for observable price changes. We value investments using observable comparable transactions and other inputs including volatility, expected time to liquidity, the risk-free rate, and security-specific rights and obligations.

Adjustments to the carrying value of privately-held securities:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Balance at beginning of period $ 22,251 $ 3,387

Adjustments related to non-marketable equity securities:

Net additions 17,899 649

Unrealized gains (1) 2,603 63

Reclassification (2) ( 389 ) ( 843 )

Impairments and unrealized losses ( 28 ) ( 16 )

Balance at end of period $ 42,336 $ 3,240

(1) Unrealized gains are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.

(2) Includes primarily reclassifications to marketable securities following public market trading.

Non-marketable equity securities had cumulative gross unrealized gains of $ 5.3 billion and $ 396 million, and cumulative gross unrealized losses and impairments of $ 199 million and $ 110 million as of April 26, 2026 and April 27, 2025, respectively.

Equity Method Investments

We have $ 1.0 billion of investments in infrastructure funds accounted for using the equity method as of April 26, 2026. Our maximum loss exposure under these investments, including invested and future committed amounts, was $ 2.3 billion as of April 26, 2026.

Investment Commitments

Total Investment commitments were $ 27 billion as of April 26, 2026, subject to certain contingencies, which we expect will be made through the remainder of fiscal year 2027.

Note 7 - Balance Sheet Components

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, or AIBs, distributors, original design manufacturers, or ODMs, original equipment manufacturers, or OEMs, cloud service providers, or CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Three direct customers accounted for 30 %, 18 %, and 16 % of our accounts receivable balance as of April 26, 2026. Three direct customers accounted for 25 %, 18 %, and 13 % of our accounts receivable balance as of January 25, 2026.

Certain balance sheet components were as follows:

Apr 26, 2026 Jan 25, 2026

Inventories: (In millions)

Raw materials $ 6,647 $ 3,807

Work in process 9,949 8,822

Finished goods 9,201 8,774

Total inventories (1) $ 25,797 $ 21,403

(1) We recorded inventory provisions of $ 0.8 billion and $ 2.3 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Property and Equipment:

Property, equipment and intangible assets acquired but not paid for the first quarter of fiscal years 2027 and 2026 were $ 1.1 billion and $ 408 million, respectively.

Apr 26, 2026 Jan 25, 2026

Accrued and Other Current Liabilities: (In millions)

Taxes payable

$ 10,638 $ 2,669

Customer program accruals 4,182 5,318

Accrued purchase consideration (1)

3,957 3,921

Excess inventory purchase obligations (2)

3,121 2,739

Product warranty

2,948 2,807

Deferred revenue (3)

1,714 1,379

Accrued payroll and related expenses 1,033 1,146

Other 2,194 1,373

Total accrued and other current liabilities $ 29,787 $ 21,352

(1) Related to the Groq, Inc. non-exclusive license agreement.

(2) We recorded $ 0.3 billion and $ 3.0 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

(3) Includes customer advances and unearned revenue related to hardware and software support, cloud services, and license and development arrangements. The balance as of April 26, 2026 and January 25, 2026 included $ 297 million and $ 160 million of customer advances, respectively.

Apr 26, 2026 Jan 25, 2026

Other Long-Term Liabilities: (In millions)

Income tax payable (1) $ 4,830 $ 3,958

Deferred income tax 1,798 1,774

Deferred revenue (2) 1,403 1,193

Other 737 381

Total other long-term liabilities $ 8,768 $ 7,306

(1) Primarily comprised of unrecognized tax benefits and related interest and penalties.

(2) Includes unearned revenue related to hardware and software support and cloud services.

Deferred Revenue

The following table shows the changes in short- and long-term deferred revenue during the first quarter of fiscal years 2027 and 2026:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Balance at beginning of period $ 2,572 $ 1,813

Deferred revenue additions (1) 2,530 6,493

Revenue recognized (2) ( 1,985 ) ( 6,228 )

Balance at end of period $ 3,117 $ 2,078

(1) Includes $ 1.7 billion and $ 6.2 billion of customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

(2) Includes $ 1.6 billion and $ 6.0 billion related to customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

We recognized revenue of $ 451 million and $ 265 million in the first quarter of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance.

As of April 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $ 2.6 billion, which includes $ 2.3 billion from deferred revenue and $ 304 million, which has not yet been billed or

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

recognized as revenue. Approximately 40 % of revenue from contracts greater than one year in length will be recognized over the next twelve months .

Note 8 - Derivative Financial Instruments

Foreign Currency Derivatives

We primarily utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. These foreign currency forward contracts for operating expenses are designated as accounting hedges. Gains or losses on the contracts are recorded in Accumulated other comprehensive income or loss and reclassified to Operating expenses when the related operating expenses are recognized in earnings. During the first quarter of fiscal years 2027 and 2026, the impact of foreign currency forward contracts designated as accounting hedges on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective.

We also entered into foreign currency forward contracts to mitigate the impact of foreign currency movements on monetary assets and liabilities. For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in Other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in Other income (expense), net.

The table below presents the notional value of our foreign currency contracts outstanding:

Apr 26, 2026 Jan 25, 2026

(In millions)

Designated as accounting hedges $ 2,114 $ 1,765

Not designated as accounting hedges $ 1,850 $ 2,332

The fair values of our foreign currency contracts were not significant as of April 26, 2026 and January 25, 2026.

As of April 26, 2026, all foreign currency contracts mature within 18 months. The expected realized gains and losses deferred into Accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months were not significant.

Facility Lease Guarantee

In fiscal year 2026, we entered into agreements to guarantee partners’ facility lease obligations in the event of their default in exchange for warrants. The maximum gross exposure under all agreements is $ 3.5 billion, which is reduced as the partners make payments to the lessors over terms ranging from 5 to 7 years. The partners have placed $ 712 million in escrow to mitigate our potential exposure. The guarantees, classified as credit derivatives with changes in fair value recognized in Other income (expense), net, were not material.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 9 - Debt

Expected

Remaining Term (years) Effective

Interest Rate

Apr 26, 2026 Jan 25, 2026

(In millions)

3.20 % Notes Due 2026

0.4 3.31 % $ 1,000 $ 1,000

1.55 % Notes Due 2028

2.1 1.64 % 1,250 1,250

2.85 % Notes Due 2030

3.9 2.93 % 1,500 1,500

2.00 % Notes Due 2031

5.1 2.09 % 1,250 1,250

3.50 % Notes Due 2040

13.9 3.54 % 1,000 1,000

3.50 % Notes Due 2050

23.9 3.54 % 2,000 2,000

3.70 % Notes Due 2060

34.0 3.73 % 500 500

Unamortized debt discount and issuance costs ( 30 ) ( 32 )

Net carrying amount

$ 8,470 $ 8,468

Less short-term portion ( 1,000 ) ( 999 )

Total long-term portion $ 7,470 $ 7,469

As of April 26, 2026 and January 25, 2026, the estimated fair value of debt was $ 7.4 billion and $ 7.5 billion, respectively. The estimated fair values are based on Level 2 inputs.

Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium. The maturity dates of the notes are stated by calendar year.

As of April 26, 2026, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

As of April 26, 2026, our commercial paper program had a capacity of $ 25.0 billion, with no amounts outstanding.

Note 10 - Commitments and Contingencies

Commitments

Manufacturing, supply, and capacity commitments reflect data center-scale production and longer future ordering horizons across current and future product architectures. We enter into agreements with our supply vendors that allow them to procure inventory based upon our defined criteria, and in certain instances, these agreements are cancellable, able to be rescheduled, or adjustable for our business needs prior to placing firm orders. Changes to these agreements may result in additional costs. As of April 26, 2026, these commitments were $ 119 billion for which $ 95 billion will be paid in the remainder of fiscal year 2027 and the remaining balance will be paid in fiscal years 2028 through 2031.

Multi-year cloud service agreement commitments as of April 26, 2026, were $ 30 billion for which $ 6 billion, $ 7 billion, $ 7 billion, $ 5 billion, $ 3 billion, and $ 2 billion will be paid in the remainder of fiscal year 2027, each fiscal year from 2028 through 2031, and fiscal year 2032 and thereafter, respectively. Cloud service capacity may be reduced or terminated. Cloud service agreements will be primarily used to support our research and development efforts.

Other vendor commitments were $ 6 billion as of April 26, 2026, of which the majority will be paid through fiscal year 2027.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Accrual for Product Warranty Liabilities

The estimated amount of product warranty liabilities was $ 2.9 billion and $ 2.8 billion as of April 26, 2026 and January 25, 2026, respectively. The estimated product returns and product warranty activity consisted of the following:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Balance at beginning of period $ 2,807 $ 1,290

Additions 330 870

Utilization ( 189 ) ( 80 )

Balance at end of period $ 2,948 $ 2,080

For the first quarter of fiscal years 2027 and 2026, the additions in product warranty liabilities primarily related to our Compute & Networking segment.

We have provided indemnities for matters such as tax, product, and employee liabilities. We have included intellectual property indemnification provisions in our technology-related agreements with third parties. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. We have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications.

Litigation

Securities Class Action and Derivative Lawsuits

The plaintiffs in the putative securities class action lawsuit, captioned 4:18-cv-07669-HSG, initially filed on December 21, 2018 in the United States District Court for the Northern District of California, and titled In Re NVIDIA Corporation Securities Litigation, filed an amended complaint on May 13, 2020. The amended complaint asserted that NVIDIA and certain NVIDIA executives violated Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and SEC Rule 10b-5, by making materially false or misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand between May 10, 2017 and November 14, 2018. Plaintiffs also alleged that the NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, an award of unspecified compensatory damages, an award of reasonable costs and expenses, including attorneys’ fees and expert fees, and further relief as the Court may deem just and proper. On March 2, 2021, the district court granted NVIDIA’s motion to dismiss the complaint without leave to amend, entered judgment in favor of NVIDIA and closed the case. On March 30, 2021, plaintiffs filed an appeal from judgment in the United States Court of Appeals for the Ninth Circuit, case number 21-15604. On August 25, 2023, a majority of a three-judge Ninth Circuit panel affirmed in part and reversed in part the district court’s dismissal of the case, with a third judge dissenting on the basis that the district court did not err in dismissing the case. NVIDIA filed a petition for a writ of certiorari on March 4, 2024. On June 17, 2024, the Supreme Court of the United States granted NVIDIA’s petition for a writ of certiorari. After briefing and argument, the Supreme Court dismissed NVIDIA’s writ of certiorari as improvidently granted on December 11, 2024, and issued judgment on January 13, 2025. On February 20, 2025, the Ninth Circuit’s judgment, entered August 25, 2023 and corrected August 28, 2023, took effect, and the case was remanded to the district court for further proceedings. On March 25, 2026, the district court granted plaintiffs’ motion for class certification and certified a class of investors consisting of all persons or entities who purchased or otherwise acquired NVIDIA common stock between August 10, 2017, and November 15, 2018, inclusive, excluding certain persons and entities, such as NVIDIA’s officers and directors, and members of their immediate families, among others. On April 8, 2026, NVIDIA filed a petition with the Ninth Circuit for permission to appeal the district court’s order pursuant to Federal Rule of Civil Procedure 23(f).

The putative derivative lawsuit pending in the United States District Court for the Northern District of California, captioned 4:19-cv-00341-HSG, initially filed January 18, 2019 and titled In re NVIDIA Corporation Consolidated Derivative Litigation, was stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On February 22, 2022, the court administratively closed the case, but stated that it would reopen the case once the appeal in the In Re NVIDIA Corporation Securities Litigation action is resolved. The case has not yet been reopened by the court. The lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs are seeking unspecified damages and other relief, including reforms and improvements to NVIDIA’s corporate governance and internal procedures.

The putative derivative actions initially filed September 24, 2019 and pending in the United States District Court for the District of Delaware, Lipchitz v. Huang, et al. (Case No. 1:19-cv-01795-MN) and Nelson v. Huang, et. al. (Case No. 1:19-

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

cv-01798-MN), were stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On March 7, 2025, after the Supreme Court issued its judgment dismissing the Company’s petition for writ of certiorari as improvidently granted in the In Re NVIDIA Securities Litigation action, the district court adopted the parties' stipulation to extend the stay until the final and complete resolution of the In Re NVIDIA Corporation Securities Litigation action. The lawsuits assert claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, insider trading, misappropriation of information, corporate waste and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and unspecified corporate governance measures.

Another putative derivative action was filed on October 30, 2023 in the Court of Chancery of the State of Delaware, captioned Horanic v. Huang, et al. (Case No. 2023-1096-KSJM). This lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty and insider trading based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and reform of unspecified corporate governance measures. On August 11, 2025, the court granted the parties’ stipulation to voluntarily dismiss with prejudice plaintiff City of Westland Police and Fire Retirement System. This derivative matter is stayed pending the final resolution of In Re NVIDIA Corporation Securities Litigation action.

Accounting for Loss Contingencies

As of April 26, 2026, there are no accrued contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while reasonably possible, are not probable. Further, any possible loss or range of loss in these matters cannot be reasonably estimated at this time. We are engaged in legal actions not described above arising in the ordinary course of business, as well as regulatory and government inquiries and investigations, and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these matters will not have a material adverse effect on our operating results, liquidity or financial position. These matters are subject to inherent uncertainties and if the ultimate outcome is unfavorable, there exists the possibility of a material adverse impact on our operating results, liquidity or financial position in the period the outcome becomes estimable and probable.

Note 11 - Income Taxes

Income tax expense was $ 11.6 billion and $ 3.1 billion for the first quarter of fiscal years 2027 and 2026, respectively. Income tax as a percentage of income before income tax was 16.6 % and 14.3 % for the first quarter of fiscal years 2027 and 2026, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation relative to the increase in income before income tax.

Our effective tax rates for the first quarter of fiscal years 2027 and 2026 were lower than the U.S. federal statutory rate of 21% primarily due to tax benefits from foreign-derived deduction eligible income, income earned in jurisdictions that were subject to taxes at rates lower than the U.S. federal statutory tax rate, stock-based compensation, and the U.S. federal research tax credit.

While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities.

We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024.

Note 12 - Shareholders’ Equity

Capital Return Program

We repurchased 108 million and 126 million shares of our common stock for $ 20.2 billion and $ 14.5 billion during the first quarter of fiscal years 2027 and 2026, respectively. As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $ 38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $ 80.0 billion in share repurchase authorization, without expiration.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

We paid cash dividends to our shareholders of $ 243 million and $ 244 million during the first quarter of fiscal years 2027 and 2026, respectively. On May 18, 2026, we increased our quarterly cash dividend from $ 0.01 per share to $ 0.25 per share to all shareholders of record on June 4, 2026. Our quarterly cash dividend will be paid on June 26, 2026.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

Note 13 - Segment Information

Our Chief Executive Officer is our chief operating decision maker, or CODM, and reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance. Our CODM assesses operating performance of each segment based on regularly provided segment revenue and segment operating income. Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our unified architecture and therefore allocated between our two segments. Our CODM reviews expenses on a consolidated basis, and expenses attributable to each segment are not regularly provided to our CODM.

The Compute & Networking segment includes our Data Center accelerated computing and networking platforms and AI solutions and software, and automotive platforms and autonomous and electric vehicle solutions including software.

The Graphics segment includes GeForce GPUs for gaming and PCs, and Quadro/NVIDIA RTX GPUs for enterprise workstation graphics.

Certain expenses are not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance. The expenses include stock-based compensation expense, corporate infrastructure and support costs, acquisition-related and other costs, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature.

Our CODM does not review any information regarding total assets on a reportable segment basis. There are no intersegment transactions. The accounting policies for segment reporting are the same as for our consolidated financial statements. The table below presents details of our reportable segments.

Compute & Networking Graphics Total

(In millions)

Three Months Ended Apr 26, 2026

Revenue $ 74,550 $ 7,065 $ 81,615

Other segment items (1) 21,215 4,124 25,339

Operating income $ 53,335 $ 2,941 $ 56,276

Three Months Ended Apr 27, 2025

Revenue $ 39,589 $ 4,473 $ 44,062

Other segment items (1) 17,535 2,833 20,368

Operating income $ 22,054 $ 1,640 $ 23,694

(1) Other segment items primarily include product costs and inventory provisions, compensation and benefits excluding stock-based compensation expense, computing infrastructure expenses, and engineering development costs.

Depreciation and amortization expense attributable to our Compute & Networking segment was $ 526 million and $ 296 million for the first quarter of fiscal years 2027 and 2026, respectively. Depreciation and amortization expense attributable to our Graphics segment was $ 194 million and $ 109 million for the first quarter of fiscal years 2027 and 2026, respectively. Acquisition-related intangible amortization expense is not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Reconciliation of segment operating income to consolidated income before income tax for the first quarter of fiscal years 2027 and 2026 was as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Segment operating income

$ 56,276 $ 23,694

Stock-based compensation expense ( 1,928 ) ( 1,474 )

Unallocated operating expenses

( 565 ) ( 419 )

Acquisition-related and other costs ( 247 ) ( 163 )

Interest income 540 515

Interest expense ( 102 ) ( 63 )

Other income (expense), net 15,929 ( 180 )

Consolidated income before income tax

$ 69,903 $ 21,910

Revenue by geographic area is based upon the location of the customers’ headquarters. The end customer and shipping location may be different from our customers’ headquarters location.

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Geographic Revenue based upon Customer Headquarters Location:

United States

$ 63,769 $ 25,685

Taiwan 12,006 7,648

China (including Hong Kong) 4,550 9,659

Other 1,290 1,070

Total revenue $ 81,615 $ 44,062

Revenue from sales to customers headquartered outside of the United States accounted for 22 % of total revenue for the first quarter of fiscal year 2027 and 42 % of total revenue for the first quarter of fiscal year 2026 .

We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. We refer to indirect customers as those who purchase products through our direct customers; indirect customers include CSPs, AI Clouds, AI model makers, enterprises, and public sector entities. Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue.

For the first quarter of fiscal year 2027, three direct customers represented 21 %, 17 %, and 16 % of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the first quarter of fiscal year 2026, sales to two direct customers represented 16 % and 14 % of total revenue, which were attributable to the Compute & Networking segment.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform, and the comparable period has been recast as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Revenue by Market Platform

Data Center $ 75,246 $ 39,112

Hyperscale 37,869 17,599

AI Clouds, Industrial, & Enterprise 37,377 21,513

Edge Computing 6,369 4,950

Total revenue $ 81,615 $ 44,062

Note 14 - Leases

Our lease obligations primarily consist of operating leases for our data centers and offices, with lease periods expiring between fiscal years 2027 and 2075.

Future minimum lease obligations under our non-cancelable lease agreements as of April 26, 2026 were as follows:

Operating Lease Obligations

(In millions)

Fiscal Year:

2027 (excluding the first quarter of fiscal 2027) $ 460

2028 626

2029 602

2030 530

2031 462

2032 and thereafter 2,924

Total 5,604

Less imputed interest 1,260

Present value of net future minimum lease payments 4,344

Less short-term operating lease liabilities 466

Long-term operating lease liabilities $ 3,878

Between the second quarter of fiscal year 2027 and fiscal year 2033, we expect to commence leases with future obligations of $ 32.4 billion, primarily for data center leases to support our research and development efforts, with lease terms of 3 to 20 years.

Operating lease costs were $ 171 million and $ 101 million for the first quarter of fiscal years 2027 and 2026, respectively. Short-term, variable, and finance lease costs for the first quarter of fiscal years 2027 and 2026 were not significant.

Other information related to leases was as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Supplemental cash flows information

Operating cash flow used for operating leases $ 185 $ 96

Operating lease assets obtained in exchange for lease obligations $ 1,516 $ 98

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

As of April 26, 2026, our operating leases have a weighted average remaining lease term of 10.4 years and a weighted average discount rate of 4.61 %. As of January 25, 2026, our operating leases had a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 4.38 %.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “goal,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential” and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. We discuss many of these risks, uncertainties and other factors in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 in greater detail under the heading “Risk Factors” of such reports. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing. You should read this Quarterly Report on Form 10-Q completely and understand that our actual future results may be materially different from what we expect. We hereby qualify our forward-looking statements by these cautionary statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

All references to “NVIDIA,” “we,” “us,” “our” or the “Company” mean NVIDIA Corporation and its subsidiaries.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the filing date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the risk factors set forth in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 and Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q and our Condensed Consolidated Financial Statements and related Notes thereto, as well as other cautionary statements and risks described elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC, before deciding to purchase, hold, or sell shares of our common stock.

Overview

Our Company and Our Businesses

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, autonomous vehicles, robotics, and digital twin applications. NVIDIA is now a data center-scale AI infrastructure company reshaping all industries.

Our two operating segments are “Compute & Networking” and “Graphics.” Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Headquartered in Santa Clara, California, NVIDIA was incorporated in California in April 1993 and reincorporated in Delaware in April 1998.

Recent Developments, Future Objectives and Challenges

Revenue growth in the first quarter was driven by data center products for accelerated computing and AI solutions. Blackwell continued to account for the majority of our system shipments.

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

We expect our Rubin platform to start shipping in the second half of fiscal year 2027. The complexity of bringing up our product architecture and sophisticated system configurations has caused and may in the future cause delays in production and create challenges in managing supply and demand. This could further result in revenue volatility, quality issues, increased inventory provisions, decreases in product yields and higher material costs, and/or increased warranty costs. Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses.

Beginning in February 2026, the U.S. government, or USG, granted licenses that allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

The recent rise in high-quality, open-source foundation models is making advanced AI capabilities broadly accessible. Open-source AI is dependent on developer adoption, and if deployed on our competitors’ platforms, it could reduce demand for our products and services.

We have made, and expect to continue making, investments in our ecosystem to enhance our growth opportunities, cultivate our ecosystem, and strengthen our competitive position. In the first quarter of fiscal year 2027, we made the following investments:

• $18.6 billion in private companies and infrastructure funds. Some of these investments include AI model makers that may indirectly purchase or use our products in the cloud.

• We made investments in publicly-held equity securities where the value may fluctuate significantly and could adversely affect our financial results.

Our global supply chain for our networking products, including our Israel operations of approximately 5,900 employees supporting research and development, operations, and sales and marketing, has not been significantly impacted by the conflict in the Middle East. If the conflict escalates or extends, it could affect future product development, supply chain, and revenue, and create business uncertainty.

Macroeconomic factors, including tariffs, inflation, interest changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments and conflicts, have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital equipment, the value of our investments, revenue, and competitive position. Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

Refer to Part II, Item 1A, "Risk Factors" for a discussion of these factors and other risks.

First Quarter of Fiscal Year 2027 Summary

Three Months Ended Quarter-over-Quarter Change Year-over-Year Change

Apr 26, 2026 Jan 25, 2026 Apr 27, 2025

($ in millions, except per share data)

Revenue $ 81,615 $ 68,127 $ 44,062 20 % 85 %

Gross margin 74.9 % 75.0 % 60.5 % (0.1) pts 14.4 pts

Operating expenses $ 7,621 $ 6,794 $ 5,030 12 % 52 %

Operating income $ 53,536 $ 44,299 $ 21,638 21 % 147 %

Net income $ 58,321 $ 42,960 $ 18,775 36 % 211 %

Net income per diluted share $ 2.39 $ 1.76 $ 0.76 36 % 214 %

We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value.

Following the rapid evolution in our businesses, we are transitioning to a new reporting framework that better reflects our current and future growth drivers.

We will have two market platforms – Data Center and Edge Computing.

Within Data Center, we will report two sub-markets, Hyperscale and ACIE which incorporates AI Clouds, Industrial, and Enterprise. Hyperscale will include revenue from the public clouds and the world’s largest consumer internet companies,

while ACIE addresses our growth opportunity in diverse AI purpose-built data centers and AI factories across industries and countries.

Edge Computing highlights devices for agentic and physical AI including PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive.

Three Months Ended Quarter-over-Quarter Change Year-over-Year Change

Apr 26, 2026 Jan 25, 2026 Apr 27, 2025

($ in millions)

Revenue by Market Platform (1)

Data Center $ 75,246 $ 62,314 $ 39,112 21 % 92 %

Hyperscale 37,869 33,814 17,599 12 % 115 %

AI Clouds, Industrial, & Enterprise 37,377 28,500 21,513 31 % 74 %

Edge Computing 6,369 5,813 4,950 10 % 29 %

Total revenue $ 81,615 $ 68,127 $ 44,062 20 % 85 %

(1) In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform and the comparable periods have been recast.

Revenue was $81.6 billion, up 85% from a year ago and up 20% sequentially.

Data Center revenue was $75.2 billion, up 92% from a year ago and up 21% sequentially, driven by the ramp of our Blackwell 300 products and demand for our InfiniBand, Spectrum-X Ethernet, and NVLink solutions. Hyperscaler revenue increased sequentially and remained at approximately 50% of Data Center revenue, while the remaining 50% came from a continued diversification of customers, including AI Clouds, industrial, enterprise, and sovereign customers. No shipments of Data Center Hopper products to China occurred during the quarter, compared with $4.6 billion in the first quarter of fiscal year 2026.

Edge Computing revenue for the first quarter was $6.4 billion, up 29% from a year ago and up 10% sequentially. The increases were driven by robust Blackwell workstation demand, partially offset by slower consumer PC demand that was tempered by elevated memory and systems prices.

Gross margin increased from a year ago on lower inventory provisions, primarily due to the prior year's $4.5 billion charge associated with H20 excess inventory and purchase obligations. Gross margin was approximately flat sequentially as our Blackwell architecture remains the majority of our revenue.

Operating expenses were up 52% from a year ago and up 12% sequentially. The increases were primarily driven by higher compensation and benefits expense due to employee growth and compensation increases, compute and infrastructure costs, and engineering development materials for new product developments.

Financial Information by Business Segment and Geographic Data

Refer to Note 13 of the Notes to the Condensed Consolidated Financial Statements for disclosure regarding segment information.

Critical Accounting Policies and Estimates

Refer to Part II, Item 7, "Critical Accounting Policies and Estimates" of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. There have been no material changes to our Critical Accounting Policies and Estimates.

Results of Operations

The following table sets forth, for the periods indicated, certain items in our Condensed Consolidated Statements of Income expressed as a percentage of revenue.

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Revenue 100.0 % 100.0 %

Cost of revenue 25.1 39.5

Gross profit 74.9 60.5

Operating expenses

Research and development 7.7 9.1

Sales, general and administrative 1.6 2.4

Total operating expenses 9.3 11.5

Operating income 65.6 49.0

Interest income 0.7 1.2

Interest expense (0.1) (0.1)

Other income (expense), net 19.5 (0.4)

Total other income, net 20.1 0.7

Income before income tax 85.7 49.7

Income tax expense 14.2 7.1

Net income 71.5 % 42.6 %

Reportable Segments

Revenue by Reportable Segments

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change %

Change

($ in millions)

Compute & Networking $ 74,550 $ 39,589 $ 34,961 88 %

Graphics 7,065 4,473 2,592 58 %

Total $ 81,615 $ 44,062 $ 37,553 85 %

Operating Income by Reportable Segments

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change %

Change

($ in millions)

Compute & Networking $ 53,335 $ 22,054 $ 31,281 142 %

Graphics 2,941 1,640 1,301 79 %

Total $ 56,276 $ 23,694 $ 32,582 138 %

Compute & Networking revenue – The year-over-year increase in the first quarter of fiscal year 2027 was due to growth in Data Center products, driven by the ramp of our Blackwell systems and demand for our InfiniBand, Spectrum-X Ethernet, and NVLink solutions.

Graphics revenue – The year-over-year increase in the first quarter of fiscal year 2027 was driven by sales of our Blackwell architecture.

Reportable segment operating income – The year-over-year increase in Compute & Networking segment operating income in the first quarter of fiscal year 2027 was driven by the growth in revenue and the non-recurrence of a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026. The year-over-year increase in Graphics segment operating income in the first quarter of fiscal year 2027 was driven by the growth in revenue.

Concentration of Revenue

Direct Customers – For the first quarter of fiscal year 2027, three direct customers represented 21%, 17%, and 16% of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the first quarter of fiscal year 2026, sales to two direct customers represented 16% and 14% of total revenue, which were attributable to the Compute & Networking segment.

Indirect Customers – Indirect customer revenue is an estimation based upon multiple factors including customer purchase order information, product specifications, internal sales data, and other sources. Indirect customers primarily purchase our products through system integrators and distributors.

We generate a significant amount of our revenue from a limited number of indirect customers, some individually representing 10% or more of our revenue. Certain companies purchase cloud and related services through various direct and indirect customers. We estimate that one AI research and deployment company contributed to a meaningful amount of our revenue by purchasing cloud services from our customers in the first quarter of fiscal year 2027.

Revenue by geographic region is designated based on the location of the headquarters of direct customers. The end customer and shipping location may be different from our customers' headquarters location. Revenue from sales to customers headquartered outside of the United States accounted for 22% of total revenue for the first quarter of fiscal year 2027 and 42% of total revenue for the first quarter of fiscal year 2026.

Gross Profit and Gross Margin

Gross profit consists of total net revenue less cost of revenue. Cost of revenue consists primarily of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging, board and device costs, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory and warranty provisions, memory and component costs, tariffs, and shipping costs. Cost of revenue also includes acquisition-related intangible amortization expense, IP-related costs, and stock-based compensation related to personnel associated with manufacturing operations.

Gross margin increased to 74.9% for the first quarter of fiscal year 2027 compared to 60.5% for the first quarter of fiscal year 2026, primarily due to the prior year's $4.5 billion charge associated with H20 excess inventory and purchase obligations.

Provisions for inventory and excess inventory purchase obligations totaled $1.1 billion and $5.3 billion for the first quarter of fiscal years 2027 and 2026, respectively. The first quarter of fiscal year 2026 includes $4.5 billion associated with H20 excess inventory and purchase obligations. Sales of previously reserved inventory and settlements of excess inventory purchase obligations resulted in a provision release of $103 million and $436 million for the first quarter of fiscal years 2027 and 2026, respectively. The net effect on our gross margin was an unfavorable impact of 1.2% and 11.0% in the first quarter of fiscal years 2027 and 2026, respectively.

Operating Expenses

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change %

Change

($ in millions)

Research and development $ 6,321 $ 3,989 $ 2,332 58 %

Sales, general and administrative 1,300 1,041 259 25 %

Total operating expenses $ 7,621 $ 5,030 $ 2,591 52 %

The increase in research and development expenses for the first quarter of fiscal year 2027 was primarily driven by a 112% increase in compute and infrastructure, a 31% increase in compensation and benefits, including stock-based compensation, reflecting employee growth and compensation increases, and a 204% increase in engineering development materials for new product introductions.

The increase in sales, general and administrative expenses for the first quarter of fiscal year 2027 was primarily driven by compensation and benefits, including stock-based compensation, reflecting employee growth and compensation increases.

Total Other Income, Net

Three Months Ended

Apr 26, 2026 Apr 27, 2025 $

Change

($ in millions)

Interest income $ 540 $ 515 $ 25

Interest expense (102) (63) (39)

Other income (expense), net 15,929 (180) 16,109

Total other income, net $ 16,367 $ 272 $ 16,095

Total other income, net primarily consists of realized or unrealized gains and losses from investments in non-marketable securities and publicly-held equity securities. The change in Other income (expense), net compared to the first quarter of fiscal year 2026, was primarily driven by unrealized gains on investments in publicly-held equity securities of $13.4 billion and non-marketable equity securities of $2.6 billion.

Income Taxes

Income tax expense was $11.6 billion and $3.1 billion for the first quarter of fiscal years 2027 and 2026, respectively. Income tax as a percentage of income before income tax was 16.6% and 14.3% for the first quarter of fiscal years 2027 and 2026, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation relative to the increase in income before income tax.

Refer to Note 11 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Liquidity and Capital Resources

Apr 26, 2026 Jan 25, 2026

(In millions)

Cash and cash equivalents $ 13,237 $ 10,605

Marketable debt securities 37,098 39,065

Cash, cash equivalents, and marketable debt securities $ 50,335 $ 49,670

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Net cash provided by operating activities $ 50,344 $ 27,414

Net cash used in investing activities $ (26,429) $ (5,216)

Net cash used in financing activities $ (21,283) $ (15,553)

Our fixed income security investments include highly rated, diversified investment types and credit exposures with shorter maturities.

Cash provided by operating activities increased in the first quarter of fiscal year 2027 compared to the first quarter of fiscal year 2026 due to higher revenue.

Cash used in investing activities increased in the first quarter of fiscal year 2027 compared to the first quarter of fiscal year 2026, primarily driven by higher purchases of equity investment securities.

Cash used in financing activities increased in the first quarter of fiscal year 2027 compared to the first quarter of fiscal year 2026, mainly due to higher share repurchases.

Liquidity

Our primary sources of liquidity include cash, cash equivalents, marketable debt and equity securities, and cash generated by our operations. As of April 26, 2026, we had $50.3 billion in cash, cash equivalents, and marketable debt securities as well as $30.2 billion of marketable equity securities. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and for the foreseeable future, including our future obligations. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements and commitments.

Our marketable securities consist of publicly-held equity securities, debt securities issued by the U.S. government and its agencies, highly-rated corporations and financial institutions, and foreign government entities, as well as certificates of deposit issued by highly-rated financial institutions. These marketable securities are primarily denominated in U.S. dollars. Refer to Note 5 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Except for approximately $1.7 billion of cash, cash equivalents, and marketable debt securities held outside of the U.S., for which we have not accrued any related foreign or state taxes if we repatriate these amounts to the U.S., substantially all of our cash, cash equivalents, and marketable debt securities held outside the U.S. at the end of the first quarter of fiscal year 2027 are available for use in the U.S. without incurring additional U.S. federal income taxes. We made no federal income tax payments in the first quarter of fiscal year 2027, whereas our second quarter of fiscal year 2027 is scheduled to include two payments.

Capital Return to Shareholders

In the first quarter of fiscal year 2027, we repurchased 108 million shares of our common stock for $20.2 billion. As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $80.0 billion in share repurchase authorization, without expiration.

We may execute repurchases from time to time, subject to market conditions, operating requirements and other investment opportunities, in the open market, in privately-negotiated transactions, pursuant to a Rule 10b5-1 trading plan or in structured share repurchase agreements in compliance with Rule 10b-18 of the Exchange Act. Our share repurchase program may be suspended at any time at our discretion.

We paid cash dividends to our shareholders of $243 million during the first quarter of fiscal year 2027. On May 18, 2026, we increased our quarterly cash dividend from $0.01 per share to $0.25 per share to all shareholders of record on June 4, 2026. Our quarterly cash dividend will be paid on June 26, 2026.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

The U.S. Inflation Reduction Act of 2022 requires a 1% excise tax on certain share repurchases in excess of shares issued for employee compensation made after December 31, 2022. The excise tax is included in our share repurchase cost and was not significant for the first quarter of fiscal year 2027.

Outstanding Indebtedness and Commercial Paper Program

Our aggregate debt maturities as of April 26, 2026, by year payable, were as follows:

Apr 26, 2026

(In millions)

Due in one year $ 1,000

Due in one to five years 2,750

Due in five to ten years 1,250

Due in greater than ten years 3,500

Unamortized debt discount and issuance costs (30)

Net carrying amount $ 8,470

Less short-term portion

(1,000)

Total long-term portion $ 7,470

We have a commercial paper program to support general corporate purposes, pursuant to which we may issue unsecured paper notes, from time to time or all at once, up to $25.0 billion. As of April 26, 2026, no commercial paper was outstanding.

Refer to Note 9 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.

Material Cash Requirements and Other Obligations

For descriptions of our facility lease guarantees, long-term debt, purchase commitments, and operating lease obligations, refer to Note 8, Note 9, Note 10, and Note 14 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, respectively.

We expect to continue investing in our ecosystem. Refer to Note 6 and Item 1A. Risk Factors for additional information regarding our investments.

Unrecognized tax benefits were $4.5 billion, which includes related interest and penalties of $439 million, and were recorded in non-current income tax payable as of April 26, 2026. We are unable to estimate the timing of any potential tax liability, interest payments, or penalties in individual years due to uncertainties in the underlying income tax positions and the timing of the effective settlement of such tax positions. We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024. Refer to Note 11 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Other than the contractual obligations described in Notes 6 and 10, there were no material changes outside the ordinary course of business in our contractual obligations from those disclosed in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. Refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 for a description of our contractual obligations. For a description of our facility lease guarantees, long-term debt, purchase obligations, and operating lease obligations, refer to Notes 8, 9, 10, and 14 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, respectively.

Adoption of New and Recently Issued Accounting Pronouncements

There has been no adoption of any new and recently issued accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Investment and Interest Rate Risk

Financial market risks related to investment and interest rate risk are described in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. Our marketable equity securities consist of publicly-held equity securities, while our non-marketable equity securities are investments in privately-held companies. Publicly-held equity securities are subject to market price volatility. A hypothetical 10% decrease in our publicly-held equity securities would decrease the fair value of the publicly-held equity securities balance by $3.9 billion and $1.8 billion as of April 26, 2026 and January 25, 2026, respectively.

Non-marketable equity securities are measured based on cost minus impairment, if any, and are adjusted for observable price changes in orderly transactions for an identical or similar investment in the same issuer. Valuations of our non-

marketable equity securities are inherently complex due to the lack of readily available market data and observable transactions, and impact of macroeconomic factors.

For a description of our equity investments, refer to Notes 5 and 6 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, respectively.

Foreign Exchange Rate Risk

The impact of foreign currency transactions related to foreign exchange rate risk is described in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. As of April 26, 2026, there have been no material changes to the foreign exchange rate risks described as of January 25, 2026.

Item 4. Controls and Procedures

Controls and Procedures

Disclosure Controls and Procedures

Based on their evaluation as of April 26, 2026, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective to provide reasonable assurance that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the first quarter of fiscal year 2027 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We are continuing a phased upgrade of our enterprise resource planning, or ERP, system to update our existing core financial systems. The ERP system is designed to accurately maintain our financial records used to report operating results. We will continue to evaluate each quarter whether there are changes that materially affect our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures, or our internal controls, will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within NVIDIA have been detected.

Part II. Other Information

Item 1. Legal Proceedings

Refer to Part I, Item 1, Note 10 of the Notes to the Condensed Consolidated Financial Statements for a discussion of significant developments in our legal proceedings since January 25, 2026.

Item 1A. Risk Factors

Other than the risk factors listed below, there have been no material changes from the risk factors previously described under Item 1A of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026.

Purchasing or owning NVIDIA common stock involves investment risks including, but not limited to, the risks described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026, and below. Any one of those risks could harm our business, financial condition and results of operations or reputation, which could cause our stock price to decline. Additional risks, trends and uncertainties not presently known to us or that we currently believe are immaterial may also harm our business, financial condition, results of operations or reputation.

Competition could adversely impact our market share and financial results.

Our target markets remain competitive, and competition may intensify with expanding and changing product and service offerings, industry standards, customer and market needs, new entrants and consolidations. Other companies compete

with us on a wide range of parameters including price, total cost of ownership, and performance, which has resulted and may in the future result in lower-than-expected selling prices or demand for our products. Some of our competitors operate their own fabrication facilities, and have longer operating histories, larger customer bases, more comprehensive IP portfolios and patent protections, more design wins, and greater financial, sales, marketing and distribution resources than we do. These competitors may be able to acquire market share and/or prevent us from doing so, more effectively identify and capitalize upon opportunities in new markets and end-user trends, more quickly transition their products, and impinge on our ability to procure sufficient foundry capacity and scarce input materials during a supply-constrained environment, which could harm our business. Some of our customers are developing their own ASICs and other products, including designs optimized for certain workloads that may not require all of the features and functionality our data center systems provide. Others may offer cloud-based services that compete with our AI cloud service offerings, and we may not be able to establish market share sufficient to achieve the scale necessary to meet our business objectives. If we are unable to successfully compete in this environment, demand for our products, services, and technologies could decrease, which may negatively impact our business.

Long manufacturing lead times and uncertain supply and capacity availability, combined with a failure to estimate customer demand accurately, has led and could in the future lead to mismatches between supply and demand.

We have long manufacturing lead times and build finished products and maintain inventory in advance of anticipated demand. In periods of shortages impacting the semiconductor industry and/or limited supply or capacity in our supply chain, the lead times for certain supply may be extended. We have previously experienced and may continue to experience extended lead times of more than 12 months. To secure future supply and capacity, we have paid premiums, provided deposits, and entered into long-term supply agreements and capacity commitments, which have increased our product costs and this may continue. We may still be unable to secure sufficient commitments for capacity to address our business needs.

If we inaccurately estimate demand, or our customers change orders, as we have experienced in the past, we may not be able to reduce our supply commitments in time, at the same rate, or at all. Significant mismatches between supply and demand have varied across our market platforms, resulted in both product shortages and excess inventory, significantly harmed our financial results and could reoccur. If we underestimate demand, and our foundry partners and contract manufacturers are unable to increase production or provide sufficient supply, we may not be able to meet increased customer demand in a timely manner, or at all. Our reputation and customer relationships could be damaged and we could lose revenue and market share. Additionally, since some of our products are part of a complex data center buildout, supply constraints or availability issues with respect to any one component have had and may have a broader revenue impact. For example, our ability to sell certain products has been and could be impeded if components necessary for the finished products are not available from third parties.

If we overestimate demand, or if customers cancel or defer orders or choose to purchase from our competitors, we may not be able to utilize on-hand inventory or reduce purchase commitments accordingly. We have had to reduce average selling prices, including due to our channel pricing programs, increase prices for certain of our products as a result of our suppliers’ increase in prices, write down our inventory, incur cancellation penalties, and record impairments, and may have to do so in the future. The impact of these risks would be amplified by our non-cancellable and non-returnable purchase orders placed in advance of our historical lead times and could be exacerbated if we need to make changes to the design of future products. These risks have increased and may continue to increase as our purchase obligations and prepaids have grown and are expected to continue to grow and become a greater portion of our total supply. All of these factors may negatively impact our gross margins and financial results.

Factors that have caused and/or could in the future cause us to underestimate or overestimate demand, and impact the timing and volume of our revenue, include:

• changes in product development cycles and time to market;

• competing technologies and competitor product releases, announcements or other actions;

• changes in business and economic conditions;

• sudden or sustained government lockdowns or public health issues;

• rapidly changing technology or customer requirements;

• the availability of sufficient data center capacity or energy for customers to procure;

• new product introductions and transitions resulting in less demand for existing products;

• new or unexpected end-use cases;

• increase in demand for competitive products;

• changes in end-user demand;

• purchasing decisions made, and inventory levels held by, distributors, ODMs, OEMs, system integrators, other channel partners and other third parties;

• the ability of developers, end customers and other third parties to build, enhance, and maintain accelerated computing applications that leverage our platforms;

• the demand for accelerated computing, AI-related cloud services, or large language models;

• changes that impact the ecosystem for the architectures underlying our products and technologies;

• government actions or changes in governmental policies, such as export controls, increased restrictions on gaming usage, or tariffs;

• our customers’ and partners’ ability to secure capital and energy and to build complex data center infrastructure timely; and

• the availability of third-party content on our platforms, such as GeForce NOW.

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these and other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process involving significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

Challenges in estimating demand could become more pronounced or volatile in the future on both a global and regional basis. Extended lead times may occur if we experience other supply constraints caused by natural disasters, pandemics or other events. Geopolitical tensions in regions where we rely on suppliers, contract manufacturers, and assembly partners that are critical to our supply continuity, could have a material adverse impact on us. Supply availability affecting memory, and other components, as well as rising prices, may drive the prices for data center buildouts higher. Publicly announced intentions by governments or other companies to purchase our products can further complicate our demand estimates, as such announcements are often non-binding and may not result in committed volumes.

We continue to increase our supply and capacity purchases with existing and new suppliers to support our demand projections and increasing complexity of our data center products. We have also entered and may continue to enter into prepaid manufacturing and capacity agreements to supply both current and future products. The increased purchase volumes and integration of new suppliers and contract manufacturers into our supply chain creates more complexity in managing multiple suppliers with variations in production planning, execution and logistics. Our expanding product portfolio and varying component compatibility and quality may lead to increased inventory levels. We have incurred and may in the future incur inventory provisions or impairments if our inventory or supply or capacity commitments exceed demand for our products or demand declines. We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production. We may experience delays or difficulties in scaling production as planned. Our ability to increase manufacturing capabilities will depend on the domestic manufacturing ecosystem's capacity to ramp production supply to the required volume timely. Delays or shortfalls could impact our ability to meet demand.

Introducing or offering multiple architectures concurrently is complex and we often ship multiple architecture products simultaneously as our channel partners prepare to ship and support new products. We are generally in various stages of introducing and/or offering the architectures of our Data Center and Edge Computing products. The computing industry is experiencing a broader and faster launch cadence of accelerated computing platforms to meet a growing and diverse set of AI opportunities. We have introduced a new product and architecture cadence of our Data Center solutions where we seek to complete new computing solutions each year and provide a greater variety of Data Center offerings, including our Rubin platform which is expected to start shipping in the second half of fiscal year 2027. The increased frequency of these architecture introductions and the larger number of products and product configurations may magnify the challenges associated with managing our supply and demand which may further create volatility in our revenue. Qualification time for new products, customers anticipating new architecture introductions, and channel partners reducing channel inventory of prior architectures ahead of new product introductions can reduce, or create volatility in, our revenue. Customers may delay adopting new architectures if their data center infrastructure is not ready, which could affect the timing of our revenue. We have experienced and may in the future experience reduced demand for current generation architectures when customers anticipate new architectures, and we may be unable to sell multiple product architectures at the same time. Our financial results have been and may in the future be negatively impacted if we are unable to execute our architectural introductions as planned for any reason. The increased frequency and complexity of newly introduced products could result in unanticipated quality or production issues that could increase the magnitude of inventory provisions, warranty, or other costs or result in product delays. For example, our gross margins in the second quarter of fiscal year 2025 were negatively impacted by inventory provisions for low-yielding Blackwell material.

We incur significant engineering development resources for new products, and changes to our product roadmap may impact our ability to develop other products or adequately manage our supply chain cost. Customers may delay purchasing existing products as we increase the frequency of new products or may not be able to adopt our new products as fast as forecasted, both impacting the timing of our revenue and supply chain cost. While we have managed concurrent architecture introductions and/or offerings and have sold multiple product architectures at the same time, these efforts are difficult, may impair our ability to predict demand and impact our supply mix, and may cause us to incur additional costs.

Demand estimates for our products, applications, and services can be incorrect, which may create volatility in our revenue or supply levels. We may not be able to generate significant revenue from them. Because our products may be used in multiple use cases and applications, it is difficult to estimate with any reasonable degree of precision the impact of accelerated computing and AI models on our reported revenue or forecasted demand.

The use of our GPUs for new, mercurial, or trendy applications, has impacted, and can impact in the future, demand for our products, including by leading to inconsistent spikes and drops in demand. For example, several years ago, our gaming GPUs began to be used for mining digital currencies, such as Ethereum. It is difficult for us to estimate with any reasonable degree of precision the past or current impact of cryptocurrency mining, or forecast the future impact of cryptocurrency mining, on demand for our products. Volatility in the cryptocurrency market, including new compute technologies, price changes in cryptocurrencies, government cryptocurrency policies and regulations, new cryptocurrency standards and changes in the method of verifying blockchain transactions, has impacted and can in the future impact cryptocurrency mining and demand for our products and can further impact our ability to estimate demand for our products. Changes to cryptocurrency standards and processes including, but not limited to, the Ethereum 2.0 merge in 2022, have reduced and may in the future decrease the usage of GPUs for Ethereum mining. This has created and may in the future create increased aftermarket sales of our GPUs, which could negatively impact retail prices for our GPUs and reduce demand for our new GPUs. In general, our new products or previously sold products may be resold online or on the unauthorized “gray market,” which also makes demand forecasting difficult. Gray market products and reseller marketplaces compete with our new products and distribution channels. Our inability to accurately predict our demand that arises from new use cases may create volatility in our revenue.

We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

We are subject to laws and regulations domestically and worldwide, affecting our operations in areas including, but not limited to, IP ownership and infringement; taxes; import and export requirements and tariffs; anti-corruption, including the Foreign Corrupt Practices Act; business acquisitions; foreign exchange controls and cash repatriation restrictions; foreign ownership and investment; data privacy requirements; competition and antitrust; investing; advertising; employment; product regulations; cybersecurity; environmental, health, and safety requirements; the responsible use of AI; sustainability; cryptocurrency; and consumer laws. Compliance with such requirements can be onerous and expensive, could impact our competitive position, and may negatively impact our business operations and ability to manufacture and ship our products. There can be no assurance that our employees, contractors, suppliers, customers or agents will not violate applicable laws or the policies, controls, and procedures that we have designed to help ensure compliance with such laws, and violations could result in fines, criminal sanctions against us, our officers, or our employees, prohibitions on the conduct of our business, and damage to our reputation. Changes to the laws, rules and regulations to which we are subject, or changes to their interpretation and enforcement, could lead to materially greater compliance and other costs, and/or further restrictions on our ability to manufacture and supply our products and operate our business. For example, we may face increased compliance costs as a result of changes or increases in antitrust legislation, regulation, administrative rule making, increased focus from regulators on cybersecurity vulnerabilities and risks. Our position in markets relating to AI has led to increased interest in our business from regulators worldwide, including the European Union, the United States, the United Kingdom, South Korea, Japan, and China. For example, the French Competition Authority collected information from us regarding our business and competition in the graphics card and CSP market as part of an ongoing inquiry into competition in those markets. We have also received, and continue to receive, broad requests for information from competition regulators in the European Union, the United States, the United Kingdom, China, and South Korea regarding our sales of GPUs and other NVIDIA products, our efforts to allocate supply, foundation models and our investments, partnerships and other agreements with companies developing foundation models, the markets in which we compete and our competition, our strategies, roadmaps, and efforts to develop, market, and sell hardware, software, and system solutions, and our agreements with customers, suppliers, and partners. We expect to receive additional requests for information in the future. Such requests have been and are likely to be expensive and burdensome and could negatively impact our business and our relationships with customers, suppliers, and partners.

Governments and regulators are also considering, and in certain cases, have imposed restrictions on the hardware, software, and systems used to develop frontier foundation models and generative AI. For example, the EU AI Act became effective on August 1, 2024 and will be fully applicable after a two-year transitional period. The EU AI Act may impact our ability to train, deploy, or release AI models in the EU. Several states are considering enacting or have already enacted regulations concerning AI technologies, with new state laws that took effect on January 1, 2026, which may impact our ability to train, deploy, or release AI models, and increase our compliance costs. Restrictions under these and any other regulations, if implemented, could increase the costs and burdens to us and our customers, delay or halt deployment of

new systems using our products, and reduce the number of new entrants and customers, negatively impacting our business and financial results. Revisions to laws or regulations or their interpretation and enforcement could also result in increased taxation, trade sanctions, the imposition of or increase to import duties or tariffs, restrictions and controls on imports or exports, or other retaliatory actions, which could have an adverse effect on our business plans or impact the timing of our shipments. Additionally, changes in the public perception of governments in the regions where we operate or plan to operate could negatively impact our business and results of operations.

Government actions, including trade protection and national and economic security policies of U.S. and foreign government bodies, such as tariffs, import or export regulations, including deemed export restrictions and restrictions on the activities of U.S. persons, trade and economic sanctions, decrees, quotas or other trade barriers and restrictions could affect our ability to ship products, provide services to our customers and employees, do business without an export license with entities on the U.S. Department of Commerce’s U.S. Entity List or other USG restricted parties lists (which is expected to change from time to time), and generally fulfill our contractual obligations and have a material adverse effect on our business. If we were ever found to have violated export control laws or sanctions of the U.S. or similar applicable non-U.S. laws, even if the violation occurred without our knowledge, we may be subject to various penalties available under the laws, any of which could have a material and adverse impact on our business, operating results and financial condition.

For example, in response to the war in Ukraine, the United States and other jurisdictions imposed economic sanctions and export control measures which blocked the passage of our products, services and support into Russia, Belarus, and certain regions of Ukraine. In fiscal year 2023, we stopped direct sales to Russia and closed business operations in Russia. Concurrently, the war in Ukraine has impacted sales in EMEA and may continue to do so in the future.

The increasing focus on the risks and strategic importance of AI technologies has resulted in regulatory restrictions that target products and services capable of enabling or facilitating AI and may in the future result in additional restrictions impacting some or all of our product and service offerings.

Concerns regarding third-party use of AI for purposes contrary to local governmental interests, including concerns relating to the misuse of AI applications, models, and solutions, has resulted in and could in the future result in unilateral or multilateral restrictions on products that can be used for training, modifying, tuning, and deploying LLMs and other AI applications. Such restrictions have limited and could in the future limit the ability of downstream customers and users worldwide to acquire, deploy and use systems that include our products, software, and services, and negatively impact our business and financial results.

Such restrictions could include additional unilateral or multilateral export controls on certain products or technology, including but not limited to AI technologies. As geopolitical tensions have increased, semiconductors associated with AI, including GPUs and related products, are increasingly the focus of export control restrictions proposed by stakeholders in the U.S. and its allies. The United States has imposed unilateral worldwide controls restricting GPUs and associated products, and it is likely that additional unilateral or multilateral controls will be adopted. Such controls have been and may again be very broad in scope and application, prohibit us from exporting our products to any or all customers in one or more markets, and could negatively impact our manufacturing, testing and warehousing locations and options, or could impose other conditions that limit our ability to serve demand abroad and could negatively and materially impact our business, revenue and financial results. Export controls and other restrictions targeting GPUs and semiconductors associated with AI, which have been imposed and are likely to be more restrictive, would further limit our ability to export our technology, products, or services, creating a competitive disadvantage for us and negatively impacting our business and financial results. Export controls targeting GPUs and semiconductors associated with AI have subjected and may in the future subject downstream users of our products to restrictions on the use, resale, repair, or transfer of our products, negatively impacting our business and financial results. Controls could negatively impact our cost and/or ability to provide services such as NVIDIA AI cloud services and could impact the cost and/or ability for our CSPs and customers to provide services to their end customers, even outside China.

Export controls have and could in the future disrupt our supply chain and distribution channels, negatively impacting our ability to serve demand, including in markets outside China and for our non-data center products. The possibility of additional export controls has negatively impacted and may in the future negatively impact demand for our products, benefiting competitors that offer alternatives less likely to be restricted by further controls. Repeated changes in the export control rules are likely to impose compliance burdens on our business and our customers, negatively and materially impacting our business.

Increasing use of economic sanctions and export controls has impacted and may in the future impact demand for our products or services, negatively impacting our business and financial results. Reduced demand due to export controls has and could in the future lead to excess inventory or cause us to incur related supply charges. Additional unilateral or multilateral controls are also likely to include deemed export control limitations that negatively impact the ability of our research and development teams to execute our roadmap or other objectives in a timely manner. Additional export restrictions may not only impact our ability to serve overseas markets, but also provoke responses from foreign governments, including China, that negatively impact our supply chain or our ability to provide our products and services to customers in all markets worldwide, which could also substantially reduce our revenue. Regulators in China have

inquired about our sales and efforts to supply the China market and our fulfillment of the commitments we entered into at the close of our Mellanox acquisition. On September 15, 2025, China’s antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China’s approval of our Mellanox acquisition. If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.

We continue to be subject to a series of shifting and expanding export control restrictions, impacting our ability to serve customers outside the United States.

In August 2022, the USG announced export restrictions and export licensing requirements targeting China’s semiconductor and supercomputing industries. These restrictions impacted exports of certain chips, as well as software, hardware, equipment and technology used to develop, produce and manufacture certain chips to China (including Hong Kong and Macau) and Russia, and specifically impact our A100 and H100 integrated circuits, DGX or any other systems or boards which incorporate A100 or H100 integrated circuits.

In July 2023, the USG also informed us of an additional licensing requirement for a subset of A100 and H100 products destined to certain customers and other regions, including some countries in the Middle East.

In October 2023, the USG announced new and updated licensing requirements for exports to China and Country Groups D:1, D:4, and D:5 (including but not limited to, Saudi Arabia, the United Arab Emirates, and Vietnam, but excluding Israel) of our products exceeding certain performance thresholds, including, but not limited to, the A100, A800, H100, H800, L4, L40, L40S RTX 4090, GB200 NVL72, and B200. The licensing requirements also apply to the export of products exceeding certain performance thresholds to a party headquartered in, or with an ultimate parent headquartered in, Country Group D5, including China.

In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits and any other circuits achieving the H20’s memory bandwidth, interconnect bandwidth, or combination thereof. As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 products diminished.

Beginning in August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement.

Beginning in February 2026, the USG granted licenses that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

In the event that we are able to sell licensed products into the China market, we may not be able to pass along all or any of the tariff to our customers, and may be subject to litigation, increased costs, and a harmed competitive position.

The export controls applicable to China are complex and address a variety of parameters, including the total processing performance of a chip, the “performance density” of a chip, the interconnect bandwidth of a chip, and the memory bandwidth of a chip. Under the current rules and geopolitical landscape, we are unable to create and deliver a competitive product for China’s data center market that receives approval from both the USG and the Chinese government. As of the end of the first quarter of fiscal year 2027, while we were able to ship uncontrolled products to China, such as gaming and workstation GPUs, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide. Unless we are able to return with a data center system that meets the approval of both the USG and the Chinese government, our lost opportunity and the benefit to our competitors will have a material and adverse impact on our business, operating results, and financial condition.

In addition to controls targeting D:1, D:4 and D:5 countries, the USG has also imposed worldwide export controls impacting our products, and may impose additional controls in the future.

In January 2025, the USG published the AI Diffusion IFR in the Federal Register. The IFR would have imposed a worldwide licensing requirement on our data center products, such as our H200, GB200 and GB300. The AI Diffusion IFR would have divided the world into three tiers, relegating most countries to “Tier 2” status, and would have created a complex and burdensome scheme for licensing approvals.

In May 2025, the USG announced that it would rescind the AI Diffusion IFR and implement a replacement rule. The scope, timing, and requirements of the forthcoming rule remain uncertain. The replacement rule may impose new restrictions on our products or operations and/or add license requirements that could have a material impact on our business, operating results, and financial condition. For example, in October 2025, the Senate passed the GAIN AI Act in the National Defense Authorization Act. The GAIN AI Act would restrict the Trump Administration’s ability to adapt the Biden Administration’s export control rules and could also allow private U.S. persons to review and overturn licensing and foreign policy decisions made by the Trump Administration. Congress is also considering legislation such as the Remote Access Security Act, or RASA, which could prohibit the provision of cloud services to any company with an ultimate parent headquartered in China. If enacted, RASA could impose new restrictions on cloud service providers and OEMs, and could have a material impact on our business, operating results, and financial condition.

Our competitive position has been harmed by export controls, and our competitive position and future results will be further harmed, over the long term, if the restrictions remain in place or are expanded in geographic, customer, or product scope, if customers purchase product from competitors, if customers develop their own internal solution, if we are unable to provide contractual warranty or other extended service obligations, if the USG does not grant licenses in a timely manner or denies licenses to significant customers or if we incur significant transition costs. The licensing process may not be resolved before significant business opportunities evaporate. Even if the USG grants any requested licenses, the licenses have already and may in the future be temporary, impose burdensome conditions regarding the installation, maintenance, and use of such products, or include financial or economic requirements that we or our customers or end users cannot or choose not to fulfill. The licensing requirements have already and may in the future benefit certain of our competitors, as the licensing process will make our pre-sale and post-sale technical support efforts more cumbersome and less certain and encourage customers in China, the Middle East, and other regions to pursue alternatives to our products, including semiconductor suppliers based in China, Europe, and Israel.

Given the increasing strategic importance of AI and rising geopolitical tensions, the USG has changed and may again change the export control rules at any time and further subject a wider range of our products to export restrictions and licensing requirements, negatively impacting our business and financial results. In the event of such change, we may be unable to sell our inventory of such products and may be unable to develop replacement products not subject to the licensing requirements.

For example, the USG already imposed license conditions that limit the ability of foreign firms to create and offer as a service large-scale GPU clusters, such as imposing license conditions on the use of products to be exported to certain countries, and may impose additional conditions such as requiring chip tracking and throttling mechanisms that could disable or impair GPUs if certain events, including unauthorized system configuration, use, or location, are detected. Such government mandates in chip designs could introduce system vulnerabilities and expose us to significant risk and potential liability, negatively impact demand for our products, and could have a material impact on our business, operating results, and financial condition. Even if not enacted into binding legislation, draft bills have impacted and may in the future negatively impact our business. For example, following U.S. legislative proposals calling for mandatory features in our chips, China’s government publicly questioned whether our H20 products have built-in vulnerabilities, discouraging customers from purchasing our products. We provided a public response explaining that our GPUs, including H20, do not include such built-in vulnerabilities, and will respond to any follow-up questions we receive.

Open-source foundation models are rapidly growing in popularity with developers worldwide. The demand for open-source foundation models and applications promotes use of our products worldwide. Any regulatory control or other restriction that limits our ability to provide products and services that support third-party applications and models, including applications built on foundation models originating in China such as DeepSeek, Qwen, or KIMMI, could have a material impact on our business, operating results, and financial condition.

The USG already imposed export controls restricting certain gaming GPUs, and if the USG expands such controls to restrict additional gaming products, it may disrupt a significant portion of our supply and distribution chain and negatively impact sales of such products to markets outside China, including the U.S. and Europe. For example, the French Competition Authority (FCA) is questioning whether gaming GPUs and data center GPUs are separate product categories, an inquiry that may impact the export controls applicable to gaming products sold in France and Europe. In addition, as the performance of the gaming GPUs increases over time, export controls may have a greater impact on our ability to compete in markets subject to those controls. Export controls may disrupt our supply and distribution chain for a substantial portion of our products, which are warehoused in and distributed from Hong Kong.

Export controls restricting our ability to sell data center GPUs may also negatively impact demand for our networking products used in servers containing our GPUs. The USG may also impose export controls on our networking products, such as high-speed network interconnects, to limit the ability of downstream parties to create large clusters for frontier model training.

Export controls have and are likely in the future to have a disproportionate impact on NVIDIA and may disadvantage us against certain of our competitors that sell chips that are outside the scope of such control. Export controls have already and may in the future encourage customers outside China and other impacted regions to “design-out” certain U.S. semiconductors from their products to reduce the compliance burden and risk, and to ensure that they are able to serve

markets worldwide. Export controls have already encouraged and may in the future encourage overseas governments to request that our customers purchase from our competitors rather than NVIDIA or other U.S. firms, harming our business, market position, and financial results.

As a result, export controls have in the past and may in the future negatively impact demand for our products and services not only in China, but also in other markets, such as Europe, Latin America, and Southeast Asia. Export controls increase the risk of investing in U.S. advanced semiconductor products, because by the time a new product is ready for market, it may be subject to new unilateral export controls restricting its sale, resulting in excess inventory and purchase obligations as we recently experienced with the H20. At the same time, such controls may increase investment in foreign competitors, which would be less likely to be restricted by U.S. controls.

The increasingly complex export controls impose complex and burdensome compliance obligations on our partners, suppliers, and customers. We have provided and will continue to provide assistance to authorities regarding attempted diversion, but as we do not have physical control of our products after sale, we must also rely on the compliance programs of our customers and partners. While we seek to strictly comply with all applicable export control regulators, reports of diversion of controlled products, even when unsubstantiated and untrue, or any compliance failure at a customer or partner, may negatively impact our business, relationships with partners and customers, and our reputation. Incorrect allegations that our compliance efforts satisfy the letter but not the “spirit” of the applicable regulations, as well as incorrect allegations that legitimate and appropriate business is using supposed “loopholes” in the export controls may negatively impact our business, relationships with partners and customers, and our reputation.

In addition to export controls, the USG may impose restrictions on the import and sale of products that incorporate technologies developed or manufactured in whole or in part in China. For example, the USG adopted “Connected Vehicle” restrictions on the import and sale of certain automotive products in the United States, which if adopted and interpreted broadly, could impact our ability to develop and supply solutions for our automotive customers. The USG is also considering restrictions that would limit our ability to support third-party applications and models built on open-source foundation models originating in China. Such restrictions, if implemented, would favor our foreign competitors and negatively impact our business.

Additionally, restrictions imposed by the Chinese government on the duration of gaming activities and access to games may adversely affect our Edge Computing revenue, and even if we are able to participate in the China data center compute market, increased oversight of digital platform companies may adversely affect our Data Center revenue. The Chinese government has encouraged customers to purchase from our China-based competitors and discouraged customers from purchasing, importing, or using our data center products, including any China-specific product designed to comply with U.S. export controls. As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China. Although we are already effectively foreclosed from the China market by U.S. export controls, if those controls changed to allow us to return to the market, the Chinese government could modify or implement the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard, which may restrict the ability of customers to use some of our data center products and may have a material and adverse impact on our business, operating results and financial condition. Further restrictions on our products or the products of our suppliers could negatively impact our business and financial results.

Finally, our business depends on our ability to receive consistent and reliable supply from our overseas partners, especially in Taiwan and South Korea. Any new restrictions that negatively impact our ability to receive supply of components, parts, or services from Taiwan and South Korea, would negatively impact our business and financial results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

We repurchased 108 million shares of our common stock for $20.2 billion during the first quarter of fiscal year 2027. As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $80.0 billion in share repurchase authorization, without expiration.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

The following table presents details of our share repurchase transactions during the first quarter of fiscal year 2027:

Period Total Number

of Shares Purchased

(In millions) Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Program

(In millions) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program

(In billions)

January 26, 2026 - February 22, 2026 8.2 $ 186.35 8.2 $ 57.0

February 23, 2026 - March 22, 2026 9.0 $ 183.38 9.0 $ 55.4

March 23, 2026 - April 26, 2026 91.1 $ 184.98 91.1 $ 38.5

Total 108.3 108.3

(1) Average price paid per share includes broker commissions but excludes our liability under the 1% excise tax on the net amount of our share repurchases required by the Inflation Reduction Act of 2022.

Employee Equity Incentive Program Share Withholding

We withhold shares of our common stock associated with net share settlements to cover tax withholding obligations of awards under our employee equity incentive program. During the first quarter of fiscal year 2027, we withheld approximately 12 million shares, for a total value of $2.1 billion through net share settlements.

Recent Sales of Unregistered Securities and Use of Proceeds

On February 17, 2026, we acquired a company and issued to a key employee a total of 37,890 shares of our common stock, valued at approximately $7 million based on our closing stock price on the issuance date.

On April 10, 2026, we acquired a company and issued to key employees a total of 72,972 shares of our common stock, valued at approximately $14 million based on our closing stock price on the issuance date.

The above securities were issued in transactions not involving a public offering pursuant to an exemption from registration set forth in Section 4(a)(2) of the Securities Act (and Regulation D or Regulation S promulgated thereunder).

Item 5. Other Information

The following members of our Board of Directors and/or officers adopted, modified, or terminated a trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a Rule 10b5-1 Trading Arrangement:

Name Title of Director or Officer Action Date Total Shares of Common Stock to be Sold Expiration Date

Tench Coxe

Director

Adoption

3/19/2026 8,000,000 *

10/30/2027

Colette M. Kress

Executive Vice President and Chief Financial Officer

Termination

4/10/2026 500,000 **

N/A

* The Rule 10b5-1 Trading Arrangement is solely for gifts to charitable donor-advised funds.

** The Rule 10b5-1 Trading Arrangement was adopted on December 18, 2025, for sales through March 23, 2027. No shares were sold under the Rule 10b5-1 Trading Arrangement prior to termination.

Item 6. Exhibits

Incorporated by Reference

Exhibit No. Exhibit Description

Schedule/Form Exhibit Filing Date

10.1+ Variable Compensation Plan - Fiscal Year 2027

8-K

10.1

3/6/2026

31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934

31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934

32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934

32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934

101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH* Inline XBRL Taxonomy Extension Schema Document

101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document

104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

+ Management contract or compensatory plan or arrangement.

* Filed herewith.

In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

Copies of the above exhibits not contained herein are available to any shareholder upon written request to:

Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 20, 2026

NVIDIA Corporation

By: /s/ Colette M. Kress

Colette M. Kress

Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)

打开原文

SK海力士赴美发行与扩产蓝图

重要性5/5 高

SEC正式招股书直接确定SKHY发行定价、规模、募资用途和稀释水平，并披露最新季度财务、市场份额及重大风险，是当日日报中研究半导体和人工智能内存链的高优先级一手材料。

标签

来源：U.S. SEC发布日期：未提供发布时间重要性：5/5 高评级理由：SEC正式招股书直接确定SKHY发行定价、规模、募资用途和稀释水平，并披露最新季度财务、市场份额及重大风险，是当日日报中研究半导体和人工智能内存链的高优先级一手材料。评级依据：timeliness, evidence_strength, source_quality, fact_density原文字数：154103

中文摘要

核心结论

SK海力士通过发行1.779亿份ADS（美国存托凭证）登陆纳斯达克，发行价为每份149美元，预计净募资约262亿美元。募资主要支持韩国晶圆厂、先进封装和EUV（极紫外光刻）设备投入，发行逻辑建立在HBM（高带宽内存）领先地位与人工智能基础设施需求增长之上，同时伴随高估值稀释、客户集中和资本开支周期风险。

重要性评级

评级：5/5（高）

这是SKHY首次公开发行的SEC（美国证券交易委员会）正式招股书，直接确定发行规模、定价、募资用途和上市安排。文件还提供2026年第一季度财务数据、市场份额及风险披露，对半导体与人工智能产业链研究具有较高时效性和事实密度。

关键事实

公司发行1,779万股普通股，由1.779亿份ADS代表，每份ADS对应0.1股普通股；发行价为149美元，总发行金额约265.071亿美元，承销折扣及佣金约2.575亿美元，预计净募资约262亿美元。
ADS获准在Nasdaq（纳斯达克全球精选市场）以“SKHY”交易。公司韩国普通股代码为“000660”；07/09（未给出具体时刻）韩国市场收盘价为每股218.6万韩元，按招股书汇率折合每股约1,421.28美元，即每份ADS约142.13美元。
Baillie Gifford、Coatue Management和Situational Awareness Partners表示有意认购合计最多70亿美元，但意向不具约束力，实际认购额可能增加、减少或降至零。
募资用途包括韩国生产设施追加投资45.5万亿韩元，其中龙仁园区第一座晶圆厂计划追加26.6万亿韩元，清州P&T7先进封装厂计划追加18.9万亿韩元；另计划投入约11.9万亿韩元采购EUV设备，预计于2027年12月前交付。所需资金超过本次募资的部分将由经营现金流、借款或债券等渠道补足。
IDC（市场研究机构）数据显示，2026年第一季度公司在含HBM的DRAM（动态随机存取存储器）市场收入份额为29.1%，全球第二；HBM份额为56.4%，全球第一；NAND（闪存）份额为18.5%，全球第二。
2026年第一季度收入为52.576万亿韩元，同比增长198.1%；DRAM收入40.659万亿韩元，同比增长189.7%，NAND收入11.574万亿韩元，同比增长258.5%；毛利率由57.3%升至79.3%。
同期净利润为40.346万亿韩元，同比增长397.6%，其中财务收益17.056万亿韩元，包括与铠侠持股相关的9.942万亿韩元金融工具估值收益和3.952万亿韩元股息收入，因此净利润包含较大规模的非主营贡献。
发行完成后的每份ADS有形账面净值估计为17.94美元，相对149美元发行价形成每份131.06美元的有形账面价值稀释。招股书预计证券于07/14（未给出具体时刻）在纽约交付结算。

作者观点与证据

招股书将SK海力士定位为人工智能内存产业的关键供应商，增长依据包括HBM市场份额、服务器DRAM及企业级固态硬盘需求、M15X产能爬坡，以及与大型客户共同开发定制产品的能力。市场份额来自IDC，发行和财务数字来自公司按国际财务报告准则编制的报表，证据强度较高。

管理层关于持续竞争优势、产能扩张回报和人工智能需求延续的表述属于发行人判断。2026年第一季度利润还受到铠侠估值收益和股息推动，不能单独用于衡量存储器主营业务的持续盈利能力。

与相关标的的关系

SKHY是本次美国发行的直接标的，定价、ADS转换比例、募资投向和稀释水平将构成其上市后的基础估值参数。韩国上市普通股“000660”与SKHY代表同一发行人，但交易币种、交易时段和投资者结构不同，招股书提示两地价格可能存在差异并引发套利波动。

文件同时关联人工智能加速器、服务器DRAM、HBM、企业级固态硬盘和半导体设备产业链。公司2026年第一季度两大客户分别贡献14.8%和12.4%的收入；美国销售实体贡献64.7%，中国销售实体贡献24.3%，客户资本开支变化及美中出口管制会直接影响需求与产能利用率。

时效性与限制

招股书封面日期为07/09（未给出具体时刻），原文于美东时间 07/15 00:33（UTC+8 07/15 12:33）获取。SEC文件属于发行人法定披露，但SEC并未对证券价值或披露真实性作出认可；行业份额依赖第三方估计，基石投资者认购意向也不构成承诺。资本项目成本、进度和资金配置可随市场需求、汇率及建设条件调整。

后续跟踪

SKHY上市后的实际流通量、基石投资者最终获配额及其与韩国普通股的价格差异。
M15X产能爬坡、龙仁第一座晶圆厂与P&T7先进封装项目的建设进度和年度支出。
HBM份额、平均售价、客户认证进展以及人工智能基础设施资本开支变化。
主营经营利润与现金流相对铠侠估值收益、股息等非主营项目的贡献变化。

英文原文

424(B)(4)

Filed Pursuant to Rule 424(b)(4)

Registration No. 333-296987

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.”

The initial public offering price of the ADSs is US$149.00 per ADS. 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 9, 2026, the last reported sales price of our common shares on the KRX KOSPI Market, our principal trading market, was W 2,186,000 per common share (equivalent to approximately US$1,421.28 per common share based on the exchange rate of W 1,538.05 per US$1.00, the noon buying rate in effect on July 2, 2026 as quoted by the Federal Reserve Bank of New York in the

United States). Prior to this offering, there has been no public market for our ADSs. We have been approved 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$

149.0000

US$

26,507,100,000

Underwriting discount and commissions (1)

US$

1.4477

US$

257,545,830

Proceeds, before expenses, to us

US$

147.5523

US$

26,249,554,170

(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 July 14, 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 July 9, 2026

TABLE OF CONTENTS

Page

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

GLOSSARY OF TERMS

SUMMARY

THE OFFERING

SUMMARY FINANCIAL AND OTHER INFORMATION

RISK FACTORS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

USE OF PROCEEDS

DIVIDENDS AND DIVIDEND POLICY

MARKET PRICE INFORMATION

EXCHANGE RATES

CAPITALIZATION

DILUTION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INDUSTRY OVERVIEW

BUSINESS

MANAGEMENT

115

PRINCIPAL SHAREHOLDERS

128

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

129

DESCRIPTION OF ARTICLES OF INCORPORATION AND CAPITAL STOCK

131

DESCRIPTION OF AMERICAN DEPOSITARY SHARES

138

SHARES AND AMERICAN DEPOSITARY SHARES ELIGIBLE FOR FUTURE SALE

151

KOREAN FOREIGN EXCHANGE CONTROLS AND SECURITIES REGULATIONS

153

THE KOREAN SECURITIES MARKET

161

CERTAIN TAX CONSIDERATIONS

167

UNDERWRITING

176

EXPENSES OF THE OFFERING

191

LEGAL MATTERS

192

EXPERTS

192

ENFORCEABILITY OF CIVIL LIABILITIES

192

WHERE YOU CAN FIND MORE INFORMATION

193

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.

Through and including August 3, 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.

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.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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, 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.

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$26.2 billion from our issuance and sale of 17,790,000 common shares represented by ADSs in the offering after deducting the underwriting

discount and commissions and estimated offering expenses payable by us, and based on the initial public offering price of US$149.00 per ADS. 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 been approved 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.”

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 July 14, 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.

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

52,576

17,639

US$

63,765

97,147

66,193

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

)

Other income

219

333

1,477

624

Other expenses

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

40,346

8,108

US$

28,190

42,948

19,797

(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.

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

21,167

US$

9,796

14,924

11,205

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

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

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

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

3,658

US$

2,401

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

151

)

Total equity

107,896

164,380

79,204

120,667

73,916

53,504

Total liabilities and equity

US$

146,261

222,829

US$

115,594

176,108

119,855

100,330

(1)

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

7,657

6,284

US$

18,063

27,519

15,946

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)

(2)

Capital expenditures represent cash outflows for acquisition of property, plant and equipment and are included in net cash

used in investing activities.

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

40,346

8,108

US$

28,190

42,948

19,797

(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

)

SUBTRACT: Other income (2)

219

333

1,477

624

ADD: Other expenses (3)

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

41,336

10,774

US$

40,102

61,096

36,012

5,889

(1)

(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.

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.

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

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;

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,

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.

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.

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

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

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,

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

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

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

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

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

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.

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.

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.

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.

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.

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

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,

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

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;

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

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;

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.

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 been approved 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$131.06 per ADS in the net tangible book value of your ADSs after

giving effect to the offering at the initial public offering price of US$149.00 per ADS (based on 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

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.

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

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.

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;

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.

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

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.

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.”

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.

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$26.2 billion, after deducting the underwriting discount and commissions and estimated offering expenses payable by us, and based on the initial public offering price of US$149.00 per ADS.

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

31.0

4.4

26.6

7.4

10.1

6.6

2.5

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

50.0

4.5

45.5

7.9

12.2

9.3

8.3

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.

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.

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)

300

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.”

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 8)

2,919,000

677,000

5,028

First Quarter

1,099,000

677,000

4,680

Second Quarter

2,919,000

830,000

5,245

Third Quarter (through July 8)

2,560,000

2,076,000

6,252

July (through July 8)

2,560,000

2,076,000

6,252

Source: KRX

KOSPI Market

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 July 2, 2026, the noon buying rate was W 1,538.1 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 July 2)

1,427.1

1,556.0

1,484.3

1,538.1

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

1,508.1

1,556.0

1,529.5

1,548.8

July (through July 2)

1,538.1

1,550.6

1,544.3

1,538.1

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).

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$149.00 per ADS, and after deducting the 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

1,716

Current portion of debentures (2)

1,652

Total current portion of long-term debt

3,369

Long-term debt:

Borrowings

13,427

Total long-term debt

13,427

Equity:

Equity attributable to owners of the parent company

Capital stock

3,658

3,747

Capital surplus

8,510

48,383

Other equity

(368

)

(368

)

Accumulated other comprehensive income

3,745

Retained earnings

148,746

Total equity attributable to owners of the parent company

164,291

204,253

Non-controlling interest

Total equity

164,380

204,342

Total capitalization

177,807

217,769

(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$149.00 per ADS, and after deducting the 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.

Except as set forth herein, there has been no other material change to our capitalization since March 31, 2026.

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$149.00 per ADS and, after deducting the

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$130,265 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$179.41 per common share and US$17.94 per ADS. This represents an immediate increase in net tangible book value of US$32.53 per common share and US$3.25 per ADS to existing shareholders, and an immediate

dilution in tangible book value of US$1,310.59 per common share and US$131.06 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

US$ per ADS

Offering price per common share/ADS

1,490.00

149.00

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

32.53

3.25

Net tangible book value per common share/ADS after the offering

179.41

17.94

Dilution per common share/ADS to investors (1)

1,310.59

131.06

(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.

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$149.00 per ADS, after deducting 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$

0.2

US$

158.23

New investors

17,790,000

98.5

26,507

99.8

1,490.00

Total

18,052,804

100.0

US$

26,549

100.0

US$

1,470.61

(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.

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.

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.

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

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

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.

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

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

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

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.

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

52,576

17,639

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

)

(34.9

)

Other income

(64

)

(81.0

)

Other expenses

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

40,346

8,108

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

40,659

14,037

26,622

189.7

NAND flash

11,574

3,229

8,345

258.5

Other products (1)

343

373

(30

)

(8.0

)

Total revenue

52,576

17,639

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.”

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.

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

844

438

407

92.9

Defined benefit plan

)

(2.2

)

Employee benefits

39.5

Commission

177

193

(16

)

(8.2

)

Depreciation

)

(6.3

)

Amortization

118

135

(17

)

(12.4

)

Freight and custody charges

28.2

Taxes and dues

48.9

Advertising

74.8

Supplies

75.3

Sales promotion expenses

114

101

13.3

Quality control cost

(43

)

(39

)

1,076.0

Training

6.6

Others

17.2

Total

1,618

1,190

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

2,550

1,515

1,035

68.3

Development cost capitalized

(99

)

(43

)

(56

)

128.4

Total

2,451

1,472

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

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

189

106

78.1

Dividend income

3,952

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

)

(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

—

)

(100.0

)

Total finance expenses

3,023

765

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

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

(35

)

(77.5

)

Others

(29

)

(85.5

)

Total other income

(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

)

(29.4

Loss on impairment of property, plant and equipment

)

(82.9

)

Loss on disposal of property, plant and equipment

285.1

Loss on disposal of intangible assets

88.2

Depreciation expenses on assets not in use

)

(71.5

)

Others

(83

)

(99.8

)

Total other expenses

102

(87

)

(85.7

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

97,147

66,193

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

42,948

19,797

23,151

116.9

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

74,904

44,732

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

97,147

66,193

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.

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

1,859

1,258

602

47.8

Defined benefit plan

14.0

Employee benefits

279

235

19.0

Commission

787

774

1.7

Depreciation

295

303

)

(2.4

)

Amortization

484

257

227

88.2

Freight and custody charges

15.5

Taxes and dues

138

101

36.2

Advertising

148

123

19.8

Supplies

125

112

11.0

Sales promotion expenses

299

216

38.0

Quality control cost

)

(53

)

N.A.

(1)

Training

30.3

Others

404

327

23.3

Total

5,019

3,924

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.

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

6,733

4,854

1,878

38.7

Development cost capitalized

(267

)

(418

)

151

(36.1

)

Total

6,466

4,436

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

494

345

150

43.4

Dividend income

941

911

3,109.3

Foreign exchange differences

2,738

4,221

(1,483

)

(35.1

)

Gain on valuation of financial instruments

12,012

11,923

13,358.4

Gain on disposal of financial instruments

188

162

16.0

Gain on derivatives

)

(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

294

(266

)

(90.5

)

Loss on derivatives

8,366

103

8,263

8,004.3

Others

(13

)

(93.0

)

Total finance expenses

12,505

5,708

6,797

119.1

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”).

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

)

(41.2

)

Gain on disposal of property, plant and equipment

39.4

Gain on disposal of non-current assets held for sale

1,317

(1,287

)

(97.8

)

Gain on disposal of subsidiaries

(36

)

(99.2

)

Others

206

152

281.1

Total other income

333

1,477

(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

2.3

Loss on impairment of property, plant and equipment

—

N.A.

(1)

Loss on disposal of property, plant and equipment

147.7

Loss on impairment of intangible assets

13,448.8

Loss on disposal of intangible assets

312.8

Depreciation expenses on assets not in use

10.1

Others

327.4

Total other expenses

378

167

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.

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

66,193

32,766

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

)

(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

19,797

(9,138

)

28,934

N.A.

(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

44,732

20,769

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

66,193

32,766

33,427

102.0

(1)

Includes revenue from sales of CISs and foundry products, lease income and consolidated revenue from certain domestic

subsidiaries.

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.

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

1,258

829

429

51.7

Defined benefit plan

16.6

Employee benefits

235

221

6.3

Commission

774

769

0.6

Depreciation

303

304

)

(0.5

)

Amortization

257

283

(26

)

(9.1

)

Freight and custody charges

1.5

Taxes and dues

101

17.9

Advertising

123

47.7

Supplies

112

121

)

(6.9

)

Sales promotion expenses

216

118

83.7

Quality control cost

147

(98

)

(66.9

)

Training

)

(6.6

)

Others

327

317

3.2

Total

3,924

3,446

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

4,854

4,101

753

18.4

Development cost capitalized

(418

)

(351

)

(67

)

19.2

Total

4,436

3,751

686

18.3

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

345

216

128

59.3

Dividend income

118.9

Foreign exchange differences

4,221

1,904

2,317

121.7

Gain on valuation of financial instruments

193.5

Gain on disposal of financial instruments

162

92.4

Gain on derivatives

)

(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

N.M.

(1)

Total finance expenses

5,708

6,093

(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.

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

324

(324

)

(100.0

Gain on disposal of property, plant and equipment

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

—

N.A.

(1)

Others

7.1

Total other income

1,477

624

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.

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

27.2

Loss on impairment of property, plant and equipment

—

166

(166

)

(100.0

)

Loss on disposal of property, plant and equipment

(57

)

(76.2

)

Loss on impairment of intangible assets

167

(167

)

(99.8

)

Loss on disposal of intangible assets

)

(40.2

)

Depreciation expenses on assets not in use

(18

)

(32.6

)

Others

193

(172

)

(89.4

)

Total other expenses

167

735

(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)

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.

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

advanced technologies and manufacturing processes. Our cash outflows for acquisitions of property, plant and equipment amounted to W 7,657

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)

7,979

4,846

8,676

3,272

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

1,245

Other financial liabilities

146

—

146

Total

19,211

5,418

9,913

4,383

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.

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

2024

2023

(In billions of Won)

Net cash provided by operating activities

26,330

9,024

53,373

29,796

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

(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

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

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.

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

58,449

55,441

45,940

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.

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

2,954

(2,954

)

Japanese Yen

409

(409

)

Chinese Yuan

(23

)

Euro

(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.

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.

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.

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

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.

Key Trends and Growth Drivers

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.

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.

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

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.

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)

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.

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.

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

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, 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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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

2024

2023

Revenue

(In billions of Won, except for percentages)

DRAM

40,659

77.3

14,037

79.6

74,904

77.1

44,732

67.6

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

52,576

100.0

17,639

100.0

97,147

100.0

66,193

100.0

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.

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

2024

2023

Revenue

(In billions of Won, except for percentages)

United States

33,999

64.7

12,795

72.5

66,885

68.8

41,961

63.4

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

52,576

100.0

17,639

100.0

97,147

100.0

66,193

100.0

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

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.

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

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

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

March 2022

March 2028

Seon Yong Cha

Executive director, President and Head of Research and Development

March 2026

March 2029

Yong Ho Jang

Non-executive director

March 2024

March 2027

Jung Kyu Kim

Non-executive director

March 2026

March 2029

Deog Kyoon Jeong

Independent director

March 2023

March 2029

Zeong Won Kim

Independent director

March 2023

March 2029

Donghoon Yang

Independent director

March 2024

March 2027

Hyun Chul Sohn

Independent director

March 2024

March 2027

Seung Beom Koh

Chairperson of the Board; Independent director

March 2026

March 2029

Gahng Gook Choi

Independent director

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

Visionary Stewardship

Ju Seon Kim

President

Head of AI Infra

Hyunjong Song

President

Head of Corporate Center

Sung Jin Yeum

President

Head of Communication

Hyun Ahn

President

Head of Development

Sangrak Lee

Vice President

Head of Global Sales

Jong Hwan Kim

Vice President

Head of DRAM Development

Woo Pyo Jeong

Vice President

Head of NAND Development

Chun Sung Kim

Vice President

Head of Solution Development

Byoungki Lee

Vice President

Head of Global Production

Jaesoon Kwon

Vice President

Head of Manufacturing and Technology

Woojin Choi

Vice President

Head of Package and Test

Choonhwan Kim

Vice President

Head of Global Infra

Donggyu Kim

Vice President

Head of Corporate Strategy and Planning

Woo Hyun Kim

Vice President

Head of Finance and Chief Financial Officer

Youjong Kang

Vice President

Head of Procurement

Jin Soo Kang

Vice President

Head of Growth Strategy

Bogun Jin

Vice President

Head of Corporate Culture

Jung San Choi

Vice President

Head of Global Quality and Reliability Assurance

Seungyong Doh

Vice President

Head of Digital Transformation

117

Name

Position

Age

Responsibility and Division

Sunggon Jin

Vice President

Head of Infra Tech. Center

Dong Hui Son

Vice President

Principal Accounting Officer

Hyung Mo Yang

Vice President

Head of Financial Management

Seonghwan Park

Vice President

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

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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

1,540

2,695

—

4,239

(1)

Hyun Ahn

President

750

1,214

—

2,052

(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

1,840

7,770

—

9,610

Tae Won Chey

Chairman

3,500

1,250

—

4,750

Nohjung Kwak

Chief Executive Officer and President

1,540

2,695

—

4,239

(1)

Ju Seon Kim

President

825

2,005

—

2,830

(2)

Dong-Sub Kim

Management Advisor

660

1,400

648

—

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

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

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

None

—

Gahng Gook Choi

Independent Director

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).

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 8, 2026,

697,346,459 common shares representing 98.1% of our outstanding capital stock (not including treasury shares) were publicly traded on the KRX KOSPI Market. As of such date, 13,729,041 common shares representing 1.9% 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 8, 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

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 been approved 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 8, 2026, the aggregate market value of equity securities listed on the KRX

KOSPI Market was approximately W 5,931 trillion, and the average daily trading volume of equity securities in 2026 (through July 8) was

approximately 788 million shares with an average daily transaction value of W 36,589 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

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

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 8)

4,309.63

9,114.55

4,309.63

7,246.79

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

2,000 to less than 5,000

5,000 to less than 20,000

20,000 to less than 50,000

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 8)

835

5,931,056

787,629

36,588,770

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.

167

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

168

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.

43,363,125

Citigroup Global Markets Inc.

43,363,125

Goldman Sachs (Asia) L.L.C.

43,363,125

J.P. Morgan Securities LLC

43,363,125

Cantor Fitzgerald & Co.

494,167

Mizuho Securities USA LLC

494,167

Needham & Company, LLC

494,167

Nomura Securities International, Inc.

469,458

RBC Capital Markets, LLC

494,167

Rosenblatt Securities Inc.

494,167

Stifel, Nicolaus & Company, Incorporated

494,167

Wedbush Securities Inc.

494,166

William Blair & Company, L.L.C.

494,166

WR Securities, LLC

24,708

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.

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The underwriters expect to deliver the ADSs against payment in New York on or about July 14,

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.

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. 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. The underwriting

discount and commissions will consist of a 20% management fee and an 80% underwriting commission.

Per ADS

Total

Public offering price

US$149.0000

US$26,507,100,000

Underwriting discount and commissions

US$1.4477

US$257,545,830

Proceeds, before expenses, to us

US$147.5523

US$26,249,554,170

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

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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.

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 been approved 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 was 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 9, 2026, the last reported trading

price of our common shares on the KRX KOSPI Market was W 2,186,000 per common share (equivalent to approximately US$1,421.28 per common share

based on the exchange rate of W 1,538.05 per US$1.00, the noon buying rate in effect on July 2, 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, among the factors that were considered in determining the

initial public offering price included:

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.

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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 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

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

189

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.

190

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.

191

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.

192

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.

193

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

194

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

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

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

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

14,923,766

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

14,289,390

13,313,937

Current tax assets

67,715

57,467

Other current assets

1,378,035

1,393,744

69,458,073

42,278,887

Non-current assets

Investments in associates and joint ventures

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

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

1,552,888

1,154,255

Other non-current assets

144,930

174,142

106,649,586

77,576,322

Total assets

176,107,659

119,855,209

See accompanying notes to the consolidated financial statements.

F-4

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

2,848,455

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

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

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

66,144

68,090

Deferred tax liabilities

248,395

217,852

Lease liabilities

5,6,13,31

1,962,647

2,180,021

Other non-current liabilities

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

3,657,652

Capital surplus

8,953,714

4,487,123

Other equity

22,34

(1,348,598

)

(2,191,549

)

Accumulated other comprehensive income

2,676,862

2,532,107

Retained earnings

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

176,107,659

119,855,209

See accompanying notes to the consolidated financial statements.

F-5

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

97,146,675

66,192,960

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

(564,553

)

(38,245

)

15,061

Other income

333,277

1,476,579

623,867

Other expenses

377,973

167,388

735,065

Profit (loss) before income tax

50,465,552

23,885,350

(11,657,816

)

Income tax expense (benefits)

7,517,650

4,088,448

(2,520,269

)

Profit (loss) for the year

42,947,902

19,796,902

(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

(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

2,118

637

(22,414

)

Equity-accounted investees – share of other comprehensive income (loss), net of tax

(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

43,017,348

21,044,422

(9,037,496

)

Profit (loss) attributable to:

Owners of the Parent Company

42,919,287

19,788,681

(9,112,428

)

Non-controlling interests

28,615

8,221

(25,119

)

Total comprehensive income (loss) attributable to:

Owners of the Parent Company

42,984,408

21,033,123

(9,014,999

)

Non-controlling interests

32,940

11,299

(22,497

)

Earnings (loss) per share

Basic earnings (loss) per share (in won)

62,044

28,732

(13,244

)

Diluted earnings (loss) per share (in won)

60,378

28,419

(13,244

)

See accompanying notes to the consolidated financial statements

F-6

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

3,657,652

4,336,170

(2,311,409

)

898,682

56,685,260

63,266,355

24,187

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

—

(17,944

)

(17,944

)

—

(17,944

)

Other comprehensive income of associate, net of tax

—

7,848

—

7,848

—

7,848

Gain (Loss) on valuation of derivatives, net of tax

—

(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

—

(825,575

)

(825,575

)

—

(825,575

)

Disposal of treasury shares

—

13,566

27,798

—

41,364

—

41,364

Share-based payment transactions

—

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

3,657,652

4,372,559

(2,269,294

)

1,014,055

46,729,313

53,504,285

(533

)

53,503,752

See accompanying notes to the consolidated

financial statements.

F-7

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

3,657,652

4,372,559

(2,269,294

)

1,014,055

46,729,313

53,504,285

(533

)

53,503,752

Comprehensive income (loss):

Profit for the year

—

19,788,681

8,221

19,796,902

Other comprehensive income (loss)

Remeasurements of defined benefit liabilities, net of tax

—

(273,610

)

(273,610

)

—

(273,610

)

Other comprehensive income of associate, net of tax

—

145,906

—

145,906

—

145,906

Gain on valuation of derivatives, net of tax

—

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

—

(826,323

)

(826,323

)

—

(826,323

)

Disposal of treasury shares

—

75,995

51,313

—

127,308

—

127,308

Share-based payment transactions

—

38,569

26,432

—

65,001

(4,488

)

60,513

Issue of shares of subsidiaries and changes in ownership in the subsidiaries

—

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

3,657,652

4,487,123

(2,191,549

)

2,532,107

65,418,061

73,903,394

12,310

73,915,704

See accompanying notes to the consolidated

financial statements.

F-8

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

3,657,652

4,487,123

(2,191,549

)

2,532,107

65,418,061

73,903,394

12,310

73,915,704

Comprehensive income (loss):

Profit for the year

—

42,919,286

28,616

42,947,902

Other comprehensive income (loss)

Remeasurements of defined benefit liabilities, net of tax

—

(79,633

)

(79,633

)

—

(79,633

)

Other comprehensive loss of associate, net of tax

—

(26,740

)

—

(26,740

)

—

(26,740

)

Gain on valuation of derivatives, net of tax

—

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

—

(1,681,166

)

(1,681,166

)

—

(1,681,166

)

Disposal of treasury shares

—

4,313,106

714,992

—

5,028,098

—

5,028,098

Changes in consolidation scope

—

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

3,657,652

8,953,714

(1,348,598

)

2,676,862

106,576,548

120,516,178

150,573

120,666,751

See accompanying notes to the consolidated financial statements.

F-9

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

58,904,432

31,250,846

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

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

(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

8,183,735

8,717,964

20,657,967

Repayment of borrowings

(7,416,131

)

(16,093,621

)

(13,689,433

)

Payment of lease liabilities

(596,465

)

(601,821

)

(461,466

)

Dividends paid

(1,681,166

)

(826,323

)

(825,575

)

Exercise stock-options

—

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

14,923,766

11,205,117

7,587,329

See accompanying notes to the consolidated financial statements.

F-10

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

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

100.00

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

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

SK hystec Inc.

SK hynix Inc.

Korea

Business support and service

100

Happymore Inc.

SK hynix Inc.

Korea

Semiconductor apparel manufacturing, baking and services

100

SK hynix system ic Inc.

SK hynix Inc.

Korea

Semiconductor research and development and business support

100

HappyNarae Co., Ltd.

SK hynix Inc.

Korea

Industrial material supply

100

SK Keyfoundry Inc.

SK hynix Inc.

Korea

Semiconductor sales, manufacturing and others

100

SK hynix America Inc.

SK hynix Inc.

U.S.A

Semiconductor sales

100

SK hynix Deutschland GmbH

SK hynix Inc.

Germany

Semiconductor sales

100

SK hynix Asia Pte. Ltd.

SK hynix Inc.

Singapore

Semiconductor sales

100

SK hynix Semiconductor Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Semiconductor sales

100

SK hynix U.K. Ltd.

SK hynix Inc.

U.K.

Semiconductor sales

100

SK hynix Semiconductor Taiwan Inc.

SK hynix Inc.

Taiwan

Semiconductor sales

100

SK hynix Japan Inc.

SK hynix Inc.

Japan

Semiconductor sales

100

SK hynix (Wuxi) Semiconductor Sales Ltd.

SK hynix Inc.

China

Semiconductor sales

100

SK hynix Semiconductor (China) Ltd.

SK hynix Inc.

China

Semiconductor manufacturing

100

SK hynix memory solutions Taiwan Ltd.

SK hynix Inc.

Taiwan

Semiconductor research and development

100

SK APTECH Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

SK hynix Ventures Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

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

SK hynix memory solutions Poland sp. z o.o.

SK hynix Inc.

Poland

Semiconductor research and development

100

SK Keyfoundry America Inc.

SK Keyfoundry Inc.

U.S.A

Semiconductor sales

100

SK Keyfoundry Shanghai Co., Ltd.

SK Keyfoundry Inc.

China

Semiconductor sales

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

HappyNarae America LLC

HappyNarae Co., Ltd.

U.S.A

Overseas industrial material supply

100

F-12

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

SK hynix Semiconductor (Chongqing) Ltd.

SK APTECH Ltd.

China

Semiconductor manufacturing

100

SK hynix (Wuxi) Education Service Development Co., Ltd.

SK hynix (Wuxi) Education Technology Co., Ltd.

China

Overseas education

100

SK hynix (Wuxi) Industry Development Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital construction

100

SK hynix Happiness (Wuxi) Hospital Management Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital operation

SK hynix cleaning (Wuxi) Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Building maintenance and others

100

SK hynix (Wuxi) Education Technology Co., Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Overseas education

100

SK hynix Semiconductor West Lafayette LLC

SK hynix America Inc.

U.S.A

Semiconductor manufacturing

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

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

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

—

F-13

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

—

CHONGQING HAPPYNARAE Co., Ltd.

SUZHOU HAPPYNARAE Co., Ltd.

China

Overseas industrial material supply

100

MMT (Money Market Trust)

—

Korea

Money Market Trust

100

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.

SK Powertech was included as a consolidated subsidiary through acquisition during the year ended December 31, 2025.

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.

Liquidation is in progress as of December 31, 2025.

SK hynix NAND Product Solutions Corp. transferred its shares to SK hynix America Inc. during the year ended December 31,

2025.

Liquidation was completed during the year ended December 31, 2025.

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.

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

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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.

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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.

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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.

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

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

74,293,530

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

85,586,569

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

—

14,923,766

—

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

—

1,113,792

195,867

1,309,721

Long-term investment assets

14,547,099

—

14,547,099

20,108,429

1,256,429

48,243,805

195,867

69,804,530

F-26

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

—

11,205,117

—

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

4,841,704

672,860

26,571,060

260,426

32,346,050

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

—

2,848,455

—

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

4,911,955

35,958,189

2,826

40,872,970

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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:

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

—

2,277,347

—

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

1,738,962

36,562,630

6,434

38,308,026

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.

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.

The Group participated in supplier financing arrangements under letters of credit, where financial institutions pay the

(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

493,112

343,674

215,234

Foreign exchange differences

(607,440

)

2,962,818

267,611

Loss on disposal

)

(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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

3,841,908

(859,580

)

(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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

33,108,951

15,528

22,280,863

JPY

904

8,295

116,044

1,064,852

CNY

1,748

357,939

2,734

559,886

EUR

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)

increased

by 10%

decreased

by 10%

USD

1,210,371

(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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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.

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

7,978,826

4,845,560

8,676,290

3,272,460

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

19,211,177

5,417,844

9,912,739

4,383,350

38,925,110

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

3,844,805

6,732,584

11,218,578

4,246,482

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

14,946,616

7,395,551

12,504,366

5,593,183

40,439,716

The cash flow includes payment of interest under terms and conditions of borrowing.

F-32

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

Financial Risk Management, Continued

(1) Financial risk management, 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)

55,440,908

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

Total amount of cash and cash equivalents, short-term financial instruments and short-term investment assets.

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

222,500

—

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

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

69,804,530

—

6,791,126

14,769,599

21,560,725

Financial liabilities measured at fair value

Other financial liabilities

4,914,781

—

4,914,781

—

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

40,872,970

—

27,363,965

—

27,363,965

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.

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

222,500

—

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

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

32,346,050

—

1,511,214

4,263,776

5,774,990

Financial liabilities measured at fair value

Other financial liabilities

1,745,396

—

1,745,396

—

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

38,308,026

—

24,350,011

—

24,350,011

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.

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

5,338,768

Present value technique

Short-term financial instruments

222,500

Present value technique

Long-term investment assets

14,547,099

Present value technique and others

Financial assets at fair value through other comprehensive income:

Trade receivables

1,256,429

Present value technique

Others:

Other financial assets

195,929

Present value technique

Financial liabilities at fair value through profit or loss:

Embedded derivative liabilities

4,911,955

Binominal model and others

Others:

Other financial liabilities

2,826

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

SK hynix Inc. and Subsidiaries

Notes to the Consolidated Financial Statement

Years ended

December 31, 2025, 2024 and 2023

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

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

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

79,428

(79,428

)

SPC2 convertible bonds 1

74,114

(74,114

)

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

222,500

—

222,500

Long-term investment assets

4,041,276

28,143

(1,206,875

)

11,938,050

(253,495

)

14,547,099

F-37

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

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

Others

2,822

1,807

2,835

112,209

W 231,165

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

89,511

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

806,379

737,347

F-38

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

18,201,785

(2,707

)

18,199,078

Current loans and other receivables

386,419

(76

)

386,343

Non-current loans and other receivables

420,972

(936

)

420,036

19,009,176

(3,719

)

19,005,457

(In millions of Korean won)

December 31, 2024

Gross

amount

Provision for

impairment

Carrying

amount

Trade receivables

13,020,351

(1,345

)

13,019,006

Current loans and other receivables

293,155

(94

)

293,061

Non-current loans and other receivables

445,227

(941

)

444,286

13,758,733

(2,380

)

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

9,717

Bad debt expense

3,782

Reversal

(345

)

(1,327

)

Write-off

(2,076

)

(7,070

)

Foreign exchange difference

(21

)

Ending balance

W 2,707

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

Bad debt expense

821

Reversal

(94

)

—

Write-off

(745

)

(39

)

Ending balance

F-39

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

941

913

Bad debt expense

Reversal

(101

)

Foreign exchange difference

(22

)

121

Ending balance

936

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

18,199,078

—

2,707

18,201,785

Current loans and other receivables

386,343

—

386,419

Non-current loans and other receivables

420,036

—

936

420,972

19,005,457

—

3,719

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

13,019,006

—

1,345

13,020,351

Current loans and other receivables

293,061

—

293,155

Non-current loans and other receivables

444,286

—

941

445,227

13,756,353

—

2,380

13,758,733

F-40

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

5,564

(261

)

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

14,784,295

(494,905

)

14,289,390

(In millions of Korean won)

December 31, 2024

Acquisition

cost

Inventory valuation

allowance

Carrying

amount

Merchandise

33,492

(26,717

)

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

14,470,575

(1,156,638

)

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

39,117,310

35,634,490

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

1,156,637

2,426,602

Charged to cost of sales

112,906

98,592

Utilization upon sales

(774,638

)

(1,368,557

)

Ending balance

494,905

1,156,637

There were no significant reversals of inventory write-downs recognized during 2025 and 2024.

F-41

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

73,312

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

1,522,965

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

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.

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.

It has been classified to a joint venture as it is stated in the agreement that unanimous vote is required for relevant

activities.

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.

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.

The principal amount of

W 2,700 million was collected during the year ended December 31, 2025.

The principal amount of

W 1,909 million was collected during the year ended December 31, 2025.

F-42

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

410,963

463,560

11.87

456,471

SK South East Asia Investment Pte. Ltd.

20.00

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

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

33.33

11,237

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

37.50

19,574

37.50

22,459

Others

10,398

7,512

1,167,522

1,320,927

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

principal

Impairment

loss

Ending

balance

SK China Company Limited

456,471

—

W 4,005

W 3,084

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

(1,505

)

(12,266

)

(139

)

171,355

1,940,663

9,000

W (93,545)

W (26,740)

W (20,568)

W (16,875)

W (471,008)

1,320,927

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

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

principal

Impair-

ment loss

Transfer

Ending

balance

SK China Company Limited

408,230

—

4,609

43,632

—

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

—

143

—

(7,500

)

—

22,459

Others

104,370

25,859

6,056

10,956

(1,135

)

(6,616

)

—

139,490

1,367,348

509,580

(13,507

)

145,906

(21,417

)

(22,509

)

(24,738

)

—

1,940,663

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.

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

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

1,787,188

2,120,977

151,370

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

1,621,534

2,168,615

111,297

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

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

68,074

42,472

15,111

38,846

34,798

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

Liquidation was completed during the year ended December 31, 2023.

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

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

1,205,857

10,474,146

3,207,904

33,674,111

25,914

462,318

11,107,224

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

85,083

(6,329,203

)

7,660

Foreign exchange differences and others

(1,465

)

(42,343

)

9,202

(21,790

)

1,239

(18,895

)

(74,055

)

Reclassified as assets held for sale

—

)

(1,091

)

—

(1,270

)

—

(2,363

)

Business combination

—

1,777

38,657

—

817

41,259

Ending balance

1,685,927

10,248,091

3,607,465

39,560,170

23,235

634,071

21,743,745

77,502,704

Acquisition cost

1,685,927

13,544,821

5,322,428

139,232,683

46,864

3,034,803

21,769,815

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

)

1,685,927

10,248,091

3,607,465

39,560,170

23,235

634,071

21,743,745

77,502,704

(In millions of Korean won)

2024

Land

Buildings

Structures

Machinery

Vehicles

Others

Construction-

in-progress

Total

Beginning balance

1,207,988

10,341,242

3,080,243

31,471,525

31,044

554,024

6,018,787

52,704,853

Changes during 2024

Acquisitions

156,877

292,362

9,990,891

526

152,395

7,362,704

17,955,821

Impairment

—

(12

)

—

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

12,722

221,541

1,542,376

Reclassified as assets held for sale

—

(82,668

)

(382,551

)

—

(13,588

)

(164

)

(478,971

)

Ending balance

1,205,857

10,474,146

3,207,904

33,674,111

25,914

462,318

11,107,224

60,157,474

Acquisition cost

1,205,857

13,771,703

4,615,743

123,124,358

47,115

2,664,488

11,175,488

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

)

(597

)

—

(86,509

)

1,205,857

10,474,146

3,207,904

33,674,111

25,914

462,318

11,107,224

60,157,474

F-46

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

11,839,495

10,696,150

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

12,663,516

11,535,635

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

412,296

1,513,255

540,219

19,821

1,280

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

—

1,913

Reclassified as assets held for sale

(1,227

)

—

(1,227

)

Ending balance

391,636

1,477,192

430,288

17,297

20,044

2,336,457

Acquisition cost

648,293

2,169,989

673,504

36,689

27,775

3,556,250

Accumulated depreciation

(223,209

)

(692,797

)

(243,216

)

(19,392

)

(7,731

)

(1,186,345

)

Government grants

(33,448

)

—

(33,448

)

391,636

1,477,192

430,288

17,297

20,044

2,336,457

F-47

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

419,162

1,523,997

709,973

23,551

18,161

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

412,296

1,513,255

540,219

19,821

1,280

2,486,871

Acquisition cost

606,918

2,048,948

802,452

34,245

22,647

3,515,210

Accumulated depreciation

(160,786

)

(535,693

)

(262,233

)

(14,424

)

(21,367

)

(994,503

)

Government grants

(33,836

)

—

(33,836

)

412,296

1,513,255

540,219

19,821

1,280

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

2,768,376

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

2,509,943

2,768,376

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

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

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

435,783

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

848,828

90,464

713,642

2,365,913

4,018,847

Changes during 2025

Internal development

—

266,890

—

266,890

External acquisition

—

2,012

—

689,777

691,789

Business combination

—

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

)

—

(4,142

)

(12,857

)

Ending balance

807,523

96,141

631,775

2,513,963

4,049,402

Acquisition cost

1,830,625

242,212

5,213,157

5,773,909

13,059,903

Accumulated amortization and impairment

(1,023,102

)

(146,071

)

(4,581,382

)

(3,259,946

)

(9,010,501

)

807,523

96,141

631,775

2,513,963

4,049,402

F-49

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

803,348

92,096

410,667

2,528,456

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

—

44,342

89,851

Ending balance

848,828

90,464

713,642

2,365,913

4,018,847

Acquisition cost

1,896,957

227,202

4,946,266

5,319,455

12,389,880

Accumulated amortization and impairment

(1,048,129

)

(136,738

)

(4,232,624

)

(2,953,542

)

(8,371,033

)

848,828

90,464

713,642

2,365,913

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

321,740

311,226

234,001

Selling and administrative expenses

483,516

256,853

282,685

Research and development expenses and other

25,563

28,121

35,855

830,819

596,200

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 (*)

807,523

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

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

6,277,237

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

6,303,081

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

2,395,797

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

22,247,905

22,683,733

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

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.

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

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

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

)

2,879,750

5,022,069

F-53

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

—

90,000

Unsecured corporate bonds 220-3rd

2026.05.09

2.17

120,000

Unsecured corporate bonds 220-4th

2029.05.09

2.54

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

Unsecured corporate bonds 221-4th

2030.02.14

2.21

230,000

Unsecured corporate bonds 222-1st

2030.11.10

2.33

70,000

Unsecured corporate bonds 222-2nd

2035.11.10

2.73

100,000

Unsecured corporate bonds 223-2nd

2026.04.13

1.89

360,000

Unsecured corporate bonds 223-3rd

2028.04.13

2.11

80,000

Unsecured corporate bonds 223-4th

2031.04.13

2.48

190,000

Unsecured corporate bonds 224-1st

2026.02.13

3.83

430,000

Unsecured corporate bonds 224-2nd

2028.02.14

4.27

780,000

Unsecured corporate bonds 224-3rd

2030.02.14

4.52

100,000

Unsecured corporate bonds 224-4th

2033.02.14

4.90

80,000

Unsecured corporate bonds 225-1st

2027.04.08

3.63

350,000

Unsecured corporate bonds 225-2nd

2029.04.08

3.72

300,000

Unsecured corporate bonds 225-3rd

2031.04.08

3.84

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

)

11,206,398

12,409,426

F-54

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

59,298

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

2,238,584

1,342,946

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

263,001

—

(6,206

)

(34,044

)

222,751

Emission allowances

5,407

—

(1,048

)

4,359

Restoration

1,827

—

1,827

270,235

—

(6,206

)

(35,092

)

228,937

(In millions of Korean won)

2024

Beginning

Balance

Increase

Utilization

Reversal

Ending

Balance

Purchase commitments

29,656

—

(29,656

)

—

Warranty

256,402

18,155

(11,556

)

—

263,001

Emission allowances

234

7,414

(2,241

)

—

5,407

Restoration

1,827

—

1,827

288,119

25,569

(13,797

)

(29,656

)

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

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

Allocated

577

Submission

(524

)

Carryforwards

(58

)

Disposal

(14

)

Ending balance

—

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

3,447,188

3,125,802

Fair value of plan assets

(4,933,932

)

(4,211,967

)

Net defined benefit liabilities(assets)

(1,486,744

)

(1,086,165

)

Defined benefit liabilities

66,144

68,090

Employee benefit assets 1

1,552,888

1,154,255

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

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

3,125,802

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

3,447,188

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

4,211,967

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

4,933,932

4,211,967

F-57

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

293,157

244,640

229,788

Past service cost

(5,404

)

2,965

4,323

Net interest income

(55,491

)

(78,688

)

(82,141

)

232,262

168,917

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

129,160

83,640

76,187

Selling and administrative expenses

47,250

41,440

35,537

Research and development expenses and other

55,852

43,837

40,246

232,262

168,917

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

4,825,314

4,210,840

Others

108,618

1,127

4,933,932

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

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)

(331,254

)

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

332,496

(60,848

)

—

(99

)

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

—

3,815,968

Equity-settled share-based payments

—

18,069

112,700

—

130,769

Deferred tax assets recognized, net

2,593,707

721,387

139,962

(42,958

)

3,412,098

F-59

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

598,419

(266,611

)

—

688

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

(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

2,875,076

(466,330

)

95,639

89,322

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

10,861,746

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

3,488,375

4,712,492

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

847,567

2026~2030

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

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

6,165,228

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

(5,347,852

)

(2,476,647

)

Net income deferred tax assets recognized

3,412,098

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

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)

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

Derivative financial assets

195,867

Interest rate swap

Borrowing for equipment with floating rate

(Par value: KRW 348,800)

2,826

Derivative financial liabilities

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

4,911,677

1,738,962

4,911,677

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

—

8,692

—

F-62

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

277

—

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

Capital stock:

Common stock

3,657,652

Capital surplus:

Additional paid-in capital

3,625,797

Others 2

5,327,917

861,326

8,953,714

4,487,123

Other equity:

Acquisition cost of treasury shares 2

(1,499,954

)

(2,221,277

)

Share options

64,018

48,760

Others

87,338

(19,032

)

(1,348,598

)

(2,191,549

)

Accumulated other comprehensive income:

Equity-accounted investees – share of other comprehensive income

252,064

278,804

Foreign operations – foreign currency

translation differences

2,416,253

2,246,876

Gain on valuation of derivatives

8,545

6,427

2,676,862

2,532,107

Number of treasury shares:

Number of treasury shares 2

26,310,845

38,963,634

The number of issued shares decreased due to share retirement from the past.

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

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

Treasury

Outstanding

The number of issued shares

728,002,365

26,310,845

701,691,520

(In shares)

December 31, 2024

Listed

Treasury

Outstanding

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

845,040

693,015

Discretionary reserve 2

235,507

Unappropriated retained earnings 3

105,496,001

64,489,539

106,576,548

65,418,061

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.

Discretionary reserve is the reserve for technology development.

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

Outstanding ordinary shares

708,077

690,345

688,139

Par value (in won)

5,000

Dividend rate

60.00

44.08

24.00

Total dividends

2,108,601

1,520,090

825,721

F-64

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

2,108,601

1,520,090

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

—

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

3,000

2,204

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

97,024,278

66,100,890

32,680,033

Providing services

122,397

92,070

85,686

97,146,675

66,192,960

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

74,904,134

44,731,664

20,768,662

NAND Flash

20,690,084

19,274,112

9,653,061

Others

1,552,457

2,187,184

2,343,996

97,146,675

66,192,960

32,765,719

F-65

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

1,932,342

1,904,112

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

97,146,675

66,192,960

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

97,024,278

66,100,890

32,680,033

Performance obligations satisfied over time

122,397

92,070

85,686

97,146,675

66,192,960

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

1,859,324

1,257,824

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

5,018,834

3,924,486

3,446,158

F-66

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

6,732,527

4,854,065

4,101,257

Development cost capitalized

(266,890

)

(417,724

)

(350,550

)

6,465,637

4,436,341

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

(475,883

)

19,983

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

49,940,356

42,725,641

40,496,032

Total expenses consist of cost of sales, selling and administrative expenses and research and development expenses.

F-67

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

494,327

344,814

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

923,703

1,345,239

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

12,504,998

5,707,997

6,093,167

Net finance income (expenses)

3,868,482

(852,915

)

(3,831,366

)

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.

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

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

333,277

1,476,579

623,867

F-68

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

84,884

82,954

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

377,973

167,388

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

8,262,910

3,736,506

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)

7,517,650

4,088,448

(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

50,465,552

23,885,350

(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)

7,517,650

4,088,448

(2,520,269

)

F-69

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

28,071

96,418

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

—

(1,407,130

)

68,380

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

42,919,287

19,788,681

(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)

62,044

28,732

(13,244

)

Weighted average number of outstanding ordinary shares is calculated as follows:

(In shares)

2025

2024

2023

Issued ordinary shares

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

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

42,919,287

19,788,681

(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)

60,378

28,419

(13,244

)

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

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

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

11,041

—

Prume Social Farm, Co., Ltd.

—

SK Japan Inc. (formerly, SK telecom Japan Inc.)

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

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.

—

SK REIT Co., Ltd.

—

6,025

284

Clean Industrial REIT Co., Ltd.

—

27,318

1,903

FSK L&S Co., Ltd.

40,293

2,898

PRISM Energy International Pte. Ltd.

—

818,419

—

Others

142,907

313,515

97,867

3,162,837

3,786,576

5,493,511

Royalty expense for the use of the SK brand for the year ended December 31, 2025 is included .

F-72

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

11,964

—

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

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.

46,805

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

SK Square Co., Ltd.

—

SK REIT Co., Ltd.

—

6,833

11,165

Clean Industrial REIT Co., Ltd.

—

29,300

8,985

FSK L&S Co., Ltd.

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

1,113,981

3,337,018

1,729,886

Including transactions only after classification as a joint venture.

Subsidiary of SK hynix system ic (Wuxi) Co., Ltd., which was incorporated as a joint venture during the year ended

December 31, 2024.

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.

Royalty expense for the use of the SK brand for the year ended December 31, 2024 is included .

F-73

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

13,505

—

Prume Social Farm, Co., Ltd.

—

112

—

SK telecom Japan Inc.

—

2,496

Joint ventures

HITECH Semiconductor (Wuxi) Co., Ltd.

6,109

711,627

82,994

Hystars Semiconductor (Wuxi) Co., Ltd.

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

Chungcheong energy service Co., Ltd.

54,931

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

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.

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

2,440,172

2,974,124

1,435,675

Royalty expense for the use of the SK brand for the year ended December 31, 2023 is included.

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

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

9,372

Prume Social Farm, Co., Ltd.

—

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.

2,659

SK enpulse Co., Ltd.

—

705

Chungcheong energy service Co., Ltd.

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.

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.

5,382

PRISM Energy International Pte. Ltd.

—

215,472

Others

31,688

173,308

1,460,414

5,454,864

F-75

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

—

13,101

Prume Social Farm, Co., Ltd.

—

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.)

14,861

Chungcheong energy service Co., Ltd.

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.

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.

5,416

SK LNG Trading Pte., Ltd.

—

87,931

Others

34,390

137,565

482,550

3,277,172

Subsidiary of SK hynix system ic (Wuxi) Co., Ltd., which was incorporated as a joint venture during the year ended

December 31, 2024.

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.

Other payables and others include

W 163,897 million of borrowings.

F-76

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

8,458

7,410

6,469

Defined benefit plan related expenses

815

907

468

Share-based payments

9,436

2,733

10,847

18,709

11,050

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.

8,523

—

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

—

18,266

6,799

4,331

(In millions of Korean won)

2024

Name of entity

Sales

and others

Purchase

and others

Asset

acquisition

SK Chemicals Co., Ltd.

7,891

—

SK Bioscience Co., Ltd.

1,972

—

UNA Digital Inc.(formerly, ANTS Co., Ltd.)

13,556

—

SMCore. Inc

111

1,151

2,912

Korea Nexlene Company

5,007

—

Others

1,975

—

16,962

14,712

2,912

F-77

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.

7,726

822

—

SK Bioscience Co., Ltd.

2,341

248

—

UNA Digital Inc.(formerly, ANTS Co., Ltd.)

10,989

—

SM Core Co., Ltd.

2,635

3,985

Korea Nexlene Company

4,665

—

Others

1,914

—

16,664

14,694

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.

707

—

SK Bioscience Co., Ltd.

245

—

SMCore. Inc

5,637

Korea Nexlene Company

122

—

Others

178

—

1,270

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.

717

—

SK Bioscience Co., Ltd.

195

—

UNA Digital Inc.(formerly, ANTS Co., Ltd.)

—

187

SMCore. Inc

2,710

Korea Nexlene Company

277

—

Others

443

1,635

2,900

F-78

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.

18,472

—

Specialized Investment-type Private Equity Investment Trust For Growth Of Semiconductor,

591

—

Other related parties

SK Square Co., Ltd.

—

354,877

19,063

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.

—

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

120,084

20,265

175,320

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

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.

15,863

—

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

16,278

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

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

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

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

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

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

F-81

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

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

42,947,902

19,796,902

(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

58,904,432

31,250,846

6,688,866

F-83

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

2,456,765

1,807,294

—

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

22,683,733

2,768,376

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

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

22,247,905

2,509,943

24,757,848

(In millions of Korean won)

2024

Borrowings

Lease

liabilities

Total

Beginning balance

29,468,632

3,029,874

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

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

22,683,733

2,768,376

25,452,109

F-84

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

6,469

—

3,469

3,000

13 th

75,163

29,851

23,657

21,655

14 th

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

84,730

12 th

March 30, 2021

March 30, 2021 - March 30, 2023

March 31, 2023 - March 30, 2026

136,060

13 th

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

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

Grant method

Reissue of treasury shares

Number of shares

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

3 years’ service from January 1, 2023 5

3 years’ service from January 1, 2024 5

F-85

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:

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.

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.

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.

A portion of the stock options was exercised and settled during the year ended December 31, 2025.

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

71,423

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)

530,000

Expected volatility

46.40

Estimated fair value of share option (in Korean won)

445,270

393,940

408,492

Dividend yield ratio

0.42

Risk free ratio

2.70

2.47

2.71

F-86

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)

52,729

42,064

155,443

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

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

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

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

21,166,904

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

15,974,133

14,289,390

Current tax assets

20,643

67,715

Other current assets

1,865,363

1,378,035

106,506,116

69,458,073

Non-current assets

Investments in associates and joint ventures

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

4,050,617

4,049,402

Investment property, net

185

188

Deferred tax assets

1,832,432

3,660,493

Employee benefit assets

1,441,600

1,552,888

Other non-current assets

139,426

144,930

116,322,628

106,649,586

Total assets

222,828,744

176,107,659

See accompanying notes to the condensed consolidated interim financial statements.

F-89

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

2,797,840

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

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

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

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

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

3,657,652

Capital surplus

8,510,283

8,953,714

Other equity

19,31

(368,427

)

(1,348,598

)

Accumulated other comprehensive income

3,745,189

2,676,862

Retained earnings

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

222,828,744

176,107,659

See accompanying notes to the condensed consolidated interim financial statements.

F-90

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

52,576,287

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

17,056,350

2,687,359

Finance expenses

3,023,483

764,604

Share of loss of equity-accounted investees

(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

11,270,949

1,191,034

Profit for the period

40,345,909

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

(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

(7,940

)

(11,276

)

Equity-accounted investees – share of other comprehensive income (loss), net of tax

66,868

(13,724

)

Other comprehensive income for the period, net of tax

1,024,286

7,731

Total comprehensive income for the period

41,370,195

8,115,926

Profit attributable to:

Owners of the Parent Company

40,330,176

8,107,081

Non-controlling interests

15,733

1,114

Total comprehensive income attributable to:

Owners of the Parent Company

41,354,478

8,114,054

Non-controlling interests

15,717

1,872

Earnings per share

Basic earnings per share (in Korean won)

57,175

11,756

Diluted earnings per share (in Korean won)

56,670

11,411

See accompanying notes to the condensed consolidated interim financial statements.

F-91

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

3,657,652

4,487,123

(2,191,549

)

2,532,107

65,418,061

73,903,394

12,310

73,915,704

Comprehensive income :

Profit for the period

—

8,107,081

1,114

8,108,195

Other comprehensive income

Remeasurements of defined benefit liability, net of tax

—

(3,060

)

(3,060

)

—

(3,060

)

Other comprehensive income of associate, net of tax

—

(13,724

)

—

(13,724

)

—

(13,724

)

Loss on valuation of derivatives, net of tax

—

(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

—

144,616

74,442

—

219,058

—

219,058

Share-based payment transactions

—

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

3,657,652

4,715,035

(2,112,689

)

2,542,140

72,621,873

81,424,011

14,742

81,438,753

See accompanying notes to the condensed consolidated interim financial statements.

F-92

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

3,657,652

8,953,714

(1,348,598

)

2,676,862

106,576,548

120,516,178

150,573

120,666,751

Comprehensive income (loss):

Profit for the period

—

40,330,176

15,733

40,345,909

Other comprehensive income (loss)

Remeasurements of defined benefit liability, net of tax

—

(44,025

)

(44,025

)

—

(44,025

)

Other comprehensive loss of associate, net of tax

—

66,868

—

66,868

—

66,868

Loss on valuation of derivatives, net of tax

—

(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

—

(1,327,712

)

(1,327,712

)

—

(1,327,712

)

Transfer of capital surplus to retained earnings

—

(4,083,635

)

—

4,083,635

—

Disposal of treasury shares

—

3,984,135

132,497

—

4,116,632

—

4,116,632

Cancelation of treasury shares

—

872,237

—

(872,237

)

—

Share-based payment transactions

—

(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

3,657,652

8,510,283

(368,427

)

3,745,189

148,746,385

164,291,082

88,717

164,379,799

See accompanying notes to the condensed consolidated interim financial statements.

F-93

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

25,880,207

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

21,166,904

12,558,069

See accompanying notes to the condensed consolidated interim financial statements.

F-94

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

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

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

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

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

SK hystec Inc.

SK hynix Inc.

Korea

Business support and service

100

Happymore Inc.

SK hynix Inc.

Korea

Semiconductor apparel manufacturing, baking and services

100

SK hynix system ic Inc.

SK hynix Inc.

Korea

Semiconductor research and development and business support

100

HappyNarae Co., Ltd.

SK hynix Inc.

Korea

Industrial material supply

100

SK Keyfoundry Inc.

SK hynix Inc.

Korea

Semiconductor sales, manufacturing and others

100

SK hynix America Inc.

SK hynix Inc.

U.S.A

Semiconductor sales

100

SK hynix Deutschland GmbH

SK hynix Inc.

Germany

Semiconductor sales

100

SK hynix Asia Pte. Ltd.

SK hynix Inc.

Singapore

Semiconductor sales

100

SK hynix Semiconductor Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Semiconductor sales

100

SK hynix U.K. Ltd.

SK hynix Inc.

U.K.

Semiconductor sales

100

SK hynix Semiconductor Taiwan Inc.

SK hynix Inc.

Taiwan

Semiconductor sales

100

SK hynix Japan Inc.

SK hynix Inc.

Japan

Semiconductor sales

100

SK hynix (Wuxi) Semiconductor Sales Ltd.

SK hynix Inc.

China

Semiconductor sales

100

SK hynix Semiconductor (China) Ltd.

SK hynix Inc.

China

Semiconductor manufacturing

100

SK hynix memory solutions Taiwan Ltd.

SK hynix Inc.

Taiwan

Semiconductor research and development

100

SK APTECH Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

SK hynix Ventures Hong Kong Ltd.

SK hynix Inc.

Hong Kong

Overseas investment

100

Gauss Labs Inc.

SK hynix Inc.

U.S.A

Information and Communications Industry

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

SK hynix memory solutions Poland sp. z o.o.

SK hynix Inc.

Poland

Semiconductor research and development

100

SK Keyfoundry America Inc.

SK Keyfoundry Inc.

U.S.A

Semiconductor sales

100

SK Keyfoundry Shanghai Co., Ltd.

SK Keyfoundry Inc.

China

Semiconductor sales

100

SK Powertech

SK Keyfoundry Inc.

Korea

Semiconductor manufacturing

99.42

SUZHOU HAPPYNARAE Co., Ltd.

HappyNarae Co., Ltd.

China

Overseas industrial material supply

100

HappyNarae America LLC 1

HappyNarae Co., Ltd.

U.S.A

Overseas industrial material supply

100.00

HappyNarae Hungary Kft 1

HappyNarae Co., Ltd.

Hungary

Overseas industrial material supply

100.00

SK hynix Semiconductor (Chongqing) Ltd.

SK APTECH Ltd.

China

Semiconductor manufacturing

100.00

SK hynix (Wuxi) Education Service Development Co., Ltd.

SK hynix (Wuxi) Education Technology Co., Ltd.

China

Overseas education

100.00

F-96

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

SK hynix Happiness (Wuxi) Hospital Management Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Foreign hospital operation

70.00

SK hynix cleaning (Wuxi) Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Building maintenance and others

100.00

SK hynix (Wuxi) Education Technology Co., Ltd.

SK hynix (Wuxi) Investment Ltd.

China

Overseas education

100.00

SK hynix Semiconductor West Lafayette LLC

SK hynix America Inc.

U.S.A

Semiconductor manufacturing

100.00

SK hynix memory solutions America Inc.

SK hynix America Inc.

U.S.A

Semiconductor research and development

100.00

SK hynix Semiconductor India Private Ltd.

SK hynix Asia Pte. Ltd.

India

Semiconductor sales

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

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

SK hynix semiconductor storage technology (Dalian) Co., Ltd.

SK hynix Semiconductor (Dalian) Co., Ltd.

China

Semiconductor manufacturing support

100.00

CHONGQING HAPPYNARAE Co., Ltd.

SUZHOU HAPPYNARAE Co., Ltd.

China

Overseas industrial material supply

100.00

MMT (Money Market Trust)

—

Korea

Money Market Trust

100.00

Liquidation is in progress as of March 31, 2026.

The ownership interest increased due to the acquisition of non-controlling

interests during the three-month period ended March 31, 2026.

The entity was newly established as a subsidiary of SK Hynix NAND Product Solutions Corp. during the three-month period

ended March 31, 2026.

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.

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

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

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

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

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

78,295,807

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

90,037,428

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

—

21,166,904

—

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

35,823,059

1,363,090

74,522,652

33,617

111,742,418

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.

F-102

SK hynix Inc. and Subsidiaries

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

—

14,923,766

—

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

—

1,113,792

195,867

1,309,721

Long-term investment assets

14,547,099

—

14,547,099

20,108,429

1,256,429

48,243,805

195,867

69,804,530

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

—

2,797,840

—

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

1,596,942

34,880,387

416

36,477,745

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.

The Group participated in supplier-financing arrangements under letters of credit, where financial institutions pay the

F-103

SK hynix Inc. and Subsidiaries

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

—

2,848,455

—

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

4,911,955

35,958,189

2,826

40,872,970

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.

The Group participated in supplier-financing arrangements under letters of credit, where financial institutions pay the

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.

F-104

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

51,761,447

14,793

22,387,699

JPY

561,976

5,320,393

129,782

1,228,687

CNY

1,866

408,174

2,924

639,523

EUR

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)

increased

by 10%

decreased

by 10%

USD

2,953,682

(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

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

F-105

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

(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

(i) Trade and other receivables

For each new customer, the Group individually

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

of March 31, 2026 is the carrying amount of those financial assets. The Group deposits cash and cash

F-106

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.

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)

58,448,945

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

—

Total amount of cash and cash equivalents, short-term financial instruments and short-term investment assets.

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

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

222,500

—

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

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

111,742,418

—

16,339,683

20,880,083

37,219,766

Financial liabilities measured at fair value

Other financial liabilities

1,597,358

—

1,597,358

—

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

36,477,745

—

20,948,000

—

20,948,000

F-108

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:

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.

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

222,500

—

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

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

69,804,530

—

6,791,126

14,769,599

21,560,725

Financial liabilities measured at fair value

Other financial liabilities

4,914,781

—

4,914,781

—

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

40,872,970

—

27,363,965

—

27,363,965

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.

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

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

222,500

—

222,500

Long-term investment assets

14,547,099

14,120

(4,120,220

)

9,881,310

335,274

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

120,932

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

900,699

806,379

F-110

SK hynix Inc. and Subsidiaries

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

33,810,734

(2,891

)

33,807,843

Current loans and other receivables

476,678

(76

)

476,602

Non-current loans and other receivables

425,083

(986

)

424,097

34,712,495

(3,953

)

34,708,542

(In millions of Korean won)

December 31, 2025

Gross

amount

Provision for

impairment

Carrying

amount

Trade receivables

18,201,785

(2,707

)

18,199,078

Current loans and other receivables

386,419

(76

)

386,343

Non-current loans and other receivables

420,972

(936

)

420,036

19,009,176

(3,719

)

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

4,547

(292

)

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

16,385,847

(411,714

)

15,974,133

(In millions of Korean won)

December 31, 2025

Acquisition

cost

Inventory

valuation

allowance

Carrying

amount

Merchandise

5,564

(261

)

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

14,784,295

(494,905

)

14,289,390

F-111

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

71,503

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

2,004,789

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

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.

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.

It has been classified to a joint venture as it is stated in the agreement that unanimous vote is required for relevant

activities.

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.

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

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

435,304

487,901

11.87

463,560

SK South East Asia Investment Pte. Ltd.

20.00

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

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

33.33

9,039

Specialized Investment-type Private Equity Investment Trust For

Win-win System Semiconductor

37.50

19,522

37.50

19,574

Others

10,650

10,651

10,398

1,198,394

1,356,327

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

463,560

—

1,780

22,561

—

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

1,320,927

—

(26,778

)

66,868

(1,171

)

(3,519

)

1,356,327

F-113

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

456,471

—

188

(15,470

)

—

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

)

—

(3,581

)

137,781

1,940,663

2,100

(41,110

)

(13,724

)

—

(3,581

)

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

2,271,763

1,687,604

90,026

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

1,787,188

2,120,977

151,370

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

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

18,531

9,795

16,094

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

77,502,704

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

82,051,924

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

2,336,457

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

2,353,676

2,400,441

F-115

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

2,509,943

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

2,514,751

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

4,049,402

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

4,050,617

3,962,700

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

2,522,307

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

19,317,665

22,247,905

F-116

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:

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.

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

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

121,245

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

2,666,246

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

222,751

(594

)

(44,015

)

178,142

Emission allowances

4,359

—

(4,221

)

138

Restoration costs

1,827

—

1,827

228,937

(594

)

(48,236

)

180,107

(In millions of Korean won)

2025

Beginning

Balance

Utilization

Reversal

Ending

Balance

Warranty

263,001

(688

)

(27,537

)

234,776

Emission allowances

5,407

—

(2,146

)

3,261

Restoration costs

1,827

—

1,827

270,235

(688

)

(29,683

)

239,864

(2) Provisions for warranty

The Group estimates the

expected to be paid for product replacement and other customer supporting activities.

F-118

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

Allocated

547

Submission

(41

)

Carryforwards

)

Disposal

)

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

3,382,411

3,447,188

Fair value of plan assets

(4,754,819

)

(4,933,932

)

Net defined benefit liabilities (assets)

(1,372,408

)

(1,486,744

)

Defined benefit liabilities

69,192

66,144

Employee benefit assets 1

1,441,600

1,552,888

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

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

3,447,188

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

3,382,411

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

4,933,932

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

4,754,819

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

75,573

72,829

Net interest income

(20,838

)

(13,933

)

54,735

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

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)

33,357

Interest rate swap

Borrowing for equipment with floating rate (Par value: KRW 100,000)

147

Interest rate swap

Borrowing for equipment with floating rate (Par value: KRW 217,400)

113

Derivative financial assets

33,617

Interest rate swap

Borrowing for equipment with floating rate

(Par value: KRW 217,400)

416

Derivative financial liabilities

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

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

1,596,771

4,911,677

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

194

171

277

F-122

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

3,657,652

Capital surplus:

Additional paid-in capital 2

21,406

3,625,797

Others 2,3

8,488,877

5,327,917

8,510,283

8,953,714

Other equity:

Acquisition cost of treasury shares 3,4

(251,144

)

(1,499,954

)

Share options

39,456

64,018

Others

(156,739

)

87,338

(368,427

)

(1,348,598

)

Accumulated other comprehensive income:

Equity-accounted investees – share of other

comprehensive income

318,932

252,064

Foreign operations – foreign currency

translation differences

3,425,652

2,416,253

Gain on valuation of derivatives

605

8,545

3,745,189

2,676,862

Number of treasury shares:

Number of treasury shares 3,4

4,405,344

26,310,845

The number of issued shares decreased due to share retirement during the three-month period ended March 31, 2026 and

in prior periods.

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.

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.

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

Treasury

Outstanding

The number of issued shares

712,702,365

4,405,344

708,297,021

(In shares)

December 31, 2025

Listed

Treasury

Outstanding

The number of issued shares

728,002,365

26,310,845

701,691,520

F-123

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

1,055,907

845,040

Discretionary reserve 2

235,507

Unappropriated retained earnings 3,4

147,454,971

105,496,001

148,746,385

106,576,548

The Commercial Code of the Republic of Korea requires the Parent Company to appropriate for each financial period, as a

accumulated deficit.

Discretionary reserve is the reserve for technology development.

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.

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

52,545,397

17,608,044

Providing services

30,890

31,097

52,576,287

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

40,658,636

14,036,870

NAND Flash

11,574,235

3,228,835

Other

343,416

373,436

52,576,287

17,639,141

F-124

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

178,767

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

52,576,287

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

52,545,397

17,608,044

Performance obligations satisfied over time

30,890

31,097

52,576,287

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

844,451

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

1,617,671

1,189,730

F-125

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

2,550,475

1,515,106

Development cost capitalized

(99,015

)

(43,349

)

2,451,460

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

(1,082,560

)

(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

14,966,004

10,198,637

Total expenses consist of cost of sales, selling and administrative expenses and research and development expenses.

F-126

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

188,779

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

—

3,023,483

764,604

Net finance income (expenses)

14,032,867

1,922,755

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

10,085

44,908

Others

4,938

34,035

15,023

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

3,082

4,368

Loss on impairment of property, plant and equipment

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

14,537

101,864

F-127

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

40,330,176

8,107,081

Weighted average number of outstanding ordinary

shares 1

705,383,456

689,640,407

Basic earnings per share (in Korean won)

57,175

11,756

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

40,330,176

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)

56,670

11,411

F-128

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:

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

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

2,838

—

SK Japan Inc.

—

445

—

Wuxi xinfa IC industry park., Ltd.

—

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.

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

SK Square Co., Ltd.

—

SK REIT Co., Ltd.

—

1,243

—

Clean Industrial REIT Co., Ltd.

—

6,255

—

FSK L&S Co., Ltd.

12,674

1,336

PRISM Energy International Pte. Ltd.

—

172,799

—

Others

26,274

84,676

1,860

1,634,730

995,709

1,000,480

Royalty expense for the use of the SK brand for the three-month period ended March 31, 2026 is included.

F-130

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

3,232

—

Prume Social Farm, Co., Ltd.

—

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

SK enpulse Co., Ltd

792

13,678

—

Chungcheong energy service Co., Ltd.

19,215

—

SK Specialty Co., Ltd.

1,017

26,810

—

SK Siltron Co., Ltd.

10,820

122,608

—

SK Airplus Inc.

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.

—

SK REIT Co., Ltd.

—

1,399

—

Clean Industrial REIT Co., Ltd.

—

6,815

—

FSK L&S Co., Ltd.

10,511

960

SK LNG Trading Pte., Ltd.

—

246,882

—

Others

29,903

57,504

989

427,854

997,194

302,402

Royalty expense for the use of the SK brand for the three-month period ended March 31, 2025 is included.

F-131

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

—

2,946

SK Japan Inc.

639

2,000

Wuxi xinfa IC industry park., Ltd

—

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

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.

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.

369,285

SK Shieldus Co., Ltd.

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.

3,778

PRISM Energy International Pte. Ltd.

—

111,404

Others

38,144

160,589

1,026,811

4,070,597

F-132

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

9,372

Prume Social Farm, Co., Ltd.

—

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.

2,659

SK enpulse Co., Ltd.

—

705

Chungcheong energy service Co., Ltd.

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.

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.

5,382

PRISM Energy International Pte. Ltd.

—

215,472

Others

31,688

173,308

1,460,414

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

4,991

3,741

Defined benefit plan related expenses

257

204

Share-based payments

244

5,277

4,189

F-133

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.

2,547

—

SK Bioscience Co., Ltd.

617

—

SMCore.Inc

568

2,817

Korea Nexlene Company

954

—

Others

338

—

4,486

583

2,817

(In millions of Korean won)

2025

Name of entity

Sales

and others

Purchase

and others

SK Chemicals Co., Ltd.

2,162

—

SK Bioscience Co., Ltd.

297

—

SMCore.Inc

173

382

Korea Nexlene Company

1,435

—

Others

333

—

4,400

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.

1,021

—

SK Bioscience Co., Ltd.

276

—

SMCore.Inc

5,674

Korea Nexlene Company

436

—

Others

260

—

2,021

5,674

F-134

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.

707

—

SK Bioscience Co., Ltd.

245

—

SMCore.Inc

5,637

Korea Nexlene Company

122

—

Others

178

—

1,270

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.

273,938

(In millions of Korean won)

2025

Company

Dividend

Paid

Other related parties

SK Square Co., Ltd.

190,514

F-135

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

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

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

25,902

KRW

—

1,175

Borrowings for

equipment

and others

Machinery

USD

141,881

920,751

KRW

—

1,000,000

USD

141,881

946,653

KRW

—

1,001,175

F-136

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

(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

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

F-137

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

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

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

40,345,909

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

25,880,207

10,653,945

F-138

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

1,327,712

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

84,730

12 th 1

March 30, 2021

March 30, 2021 - March 30, 2023

March 31, 2023 - March 30, 2026

136,060

13 th

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

During the three-month period ended March 31, 2026, the share options were exercised as equity-settled share-based

payment.

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

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

Grant method

Reissue of treasury shares

Number of shares

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

TSR (Total shareholder return) is calculated as “(Stock price on exercise notification date—Base stock price +

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.

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.

A portion of the stock options was exercised and settled during the year ended December 31, 2025.

As of March 31, 2026, a portion of the shares remains unpaid.

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

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

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)

530,000

Expected volatility

46.40

Estimated fair value of share option

(in Korean won)

445,270

393,940

408,492

Dividend yield ratio

0.42

Risk free ratio

2.70

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)

52,729

42,064

155,443

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

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

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

17,790,000 Common Shares

Represented by American Depositary Shares

PROSPECTUS

July 9, 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 August 3, 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.

美股事实摘要

报价事实：上涨 15 / 下跌 3 / 震荡 0；广度 83.33%；平均较前交易日 +3.54%。
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`	386.51	384.93	Yahoo Finance chart API	+0.41%	-1.01%	-1.49%	123
`NVDA`	212.59	211.80	Yahoo Finance chart API	+0.37%	+7.55%	+3.22%	123
`MRVL`	227.02	222.44	Yahoo Finance chart API	+2.06%	-3.58%	-20.47%	123
`GFS`	64.00	63.39	Yahoo Finance chart API	+0.96%	-3.72%	-22.11%	123
`APLD`	29.03	28.47	Yahoo Finance chart API	+1.97%	-7.29%	-33.33%	123
`USAR`	18.30	18.19	Yahoo Finance chart API	+0.60%	+2.31%	-17.28%	123
`SOXX`	579.47	567.92	Yahoo Finance chart API	+2.03%	+2.94%	-4.75%	123
`SOXL`	187.78	176.66	Yahoo Finance chart API	+6.29%	+6.89%	-24.72%	123
`FTXL`	250.62	248.45	Yahoo Finance chart API	+0.87%	+2.72%	-7.99%	123
`PSI`	161.50	157.90	Yahoo Finance chart API	+2.28%	+6.44%	-5.95%	123
`DRAM`	62.69	61.23	Yahoo Finance chart API	+2.38%	+1.06%	-5.81%	70
`KMEM`	20.75	20.50	Yahoo Finance chart API	+1.22%	+0.05%	N/A	9
`VRT`	306.00	303.58	Yahoo Finance chart API	+0.80%	-0.65%	+0.23%	123
`COHR`	318.14	310.77	Yahoo Finance chart API	+2.37%	-1.07%	-19.29%	123
`CRCL`	64.16	63.22	Yahoo Finance chart API	+1.49%	-2.96%	-18.78%	123
`SPCX`	137.94	136.08	Yahoo Finance chart API	+1.37%	-8.96%	-15.45%	21
`GOOG`	357.79	357.33	Yahoo Finance chart API	+0.13%	-1.73%	-0.23%	123
`NBIS`	200.00	194.09	Yahoo Finance chart API	+3.04%	-0.56%	-16.47%	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`	38.16%	0.59	0.65	385.00	C 450.00 (32,102) / P 350.00 (11,158)	7D 38.16% / 30D 46.96% / 65D 40.48% / 93D 39.07%	2		5
`NVDA`	40.05%	1.63	0.72	207.50	C 190.00 (106,461) / P 180.00 (55,093)	7D 40.05% / 30D 40.70% / 65D 43.55% / 93D 43.38%	8		5
`MRVL`	93.66%	0.66	1.19	250.00	C 270.00 (14,133) / P 75.00 (11,294)	9D 93.66% / 30D 93.53% / 65D 97.22% / 93D 93.31%	3		5
`GFS`	90.01%	1.05	0.63	60.00	C 100.00 (12,650) / P 60.00 (5,317)	2D 90.01% / 37D 85.23% / 93D 78.86% / 184D 76.99%	0	0	5
`APLD`	102.59%	0.36	0.52	35.00	C 60.00 (15,465) / P 35.00 (3,759)	9D 102.59% / 30D 108.81% / 65D 103.59% / 93D 104.60%	0	0	5
`USAR`	90.23%	0.29	0.54	19.00	C 22.00 (13,406) / P 25.00 (9,126)	9D 90.23% / 30D 94.70% / 44D 92.38% / 65D 95.58%	2	0	5
`SOXX`	65.38%	1.41	0.66	635.00	C 670.00 (15,996) / P 500.00 (3,982)	9D 65.38% / 30D 64.92% / 65D 60.28% / 93D 58.73%	1		5
`SOXL`	188.53%	2.53	2.12	200.00	C 420.00 (1,904) / P 80.00 (5,856)	9D 188.53% / 30D 182.78% / 65D 173.30% / 128D 167.35%	3		5
`FTXL`	68.74%	0.58	0.33	260.00	C 300.00 (376) / P 280.00 (68)	2D 68.74% / 37D 65.63% / 65D 32.23% / 156D 59.80%	0	0	5
`PSI`	66.53%	0.27	0.11	160.00	C 205.00 (1,150) / P 130.00 (42)	2D 66.53% / 37D 59.82% / 128D 56.66% / 219D 58.25%	0	0	5
`DRAM`	96.09%	0.70	1.24	64.00	C 70.00 (32,800) / P 50.00 (57,952)	9D 96.09% / 30D 95.12% / 65D 90.25% / 93D 90.02%	6	0	5
`VRT`	77.36%	0.74	1.76	295.00	C 350.00 (1,992) / P 200.00 (5,489)	9D 77.36% / 30D 79.77% / 65D 75.35% / 93D 73.82%	3	0	5
`COHR`	106.37%	0.98	1.27	350.00	C 250.00 (2,134) / P 310.00 (1,514)	9D 106.37% / 30D 105.30% / 65D 101.63% / 93D 101.20%	0	0	5
`CRCL`	95.78%	0.39	1.09	70.00	C 130.00 (4,691) / P 35.00 (7,777)	9D 95.78% / 30D 84.57% / 65D 93.73% / 93D 92.47%	0		5
`SPCX`	70.07%	0.78	1.57	150.00	C 225.00 (28,020) / P 150.00 (46,969)	9D 70.07% / 30D 88.38% / 65D 82.16% / 93D 78.30%	7		5
`GOOG`	51.12%	0.56	1.11	360.00	C 430.00 (10,956) / P 330.00 (26,296)	9D 51.12% / 30D 40.96% / 65D 36.75% / 93D 35.84%	3		5
`SPY`	11.18%	2.26	3.31	752.00	C 750.00 (33,422) / P 520.00 (210,057)	7D 11.18% / 30D 13.81% / 65D 14.85% / 93D 15.54%	8		0
`QQQ`	21.45%	1.33	1.38	720.00	C 790.00 (38,965) / P 570.00 (69,294)	7D 21.45% / 30D 23.74% / 65D 24.21% / 93D 24.59%	8		0
`NBIS`	141.88%	1.87	1.46	220.00	C 350.00 (15,643) / P 170.00 (10,403)	9D 141.88% / 30D 146.16% / 65D 135.63% / 93D 127.37%	8		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
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918P00210000`	put	210.00	2026-09-18	61,990	16,506	41.52%	3.76	$86,166,100
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918C00400000`	call	400.00	2026-09-18	727	746	84.87%	0.97	$25,809,227
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00010000`	call	10.00	2026-09-18	1,133	1,464	303.13%	0.77	$22,880,935
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918C00675000`	call	675.00	2026-09-18	3,515	7,220	31.23%	0.49	$22,198,983
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724P00285000`	put	285.00	2026-07-24	2,356	2,398	126.47%	0.98	$21,569,180
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918P00170000`	put	170.00	2026-09-18	61,816	32,904	47.10%	1.88	$15,979,436
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260814C00735000`	call	735.00	2026-08-14	11,928	326	23.29%	36.59	$15,393,084
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00900000`	put	900.00	2026-09-18	820	0	30.09%	N/A	$14,772,710
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724P00170000`	put	170.00	2026-07-24	15,566	10,403	147.80%	1.50	$12,764,120
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918P00720000`	put	720.00	2026-09-18	11,678	16,276	16.59%	0.72	$9,978,851
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918P00670000`	put	670.00	2026-09-18	27,839	55,508	22.10%	0.50	$9,813,248
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00200000`	call	200.00	2026-09-18	3,917	47,195	47.13%	0.08	$8,969,930
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918C00770000`	call	770.00	2026-09-18	8,546	5,397	22.38%	1.58	$8,422,083
2026-07-15 03:53:40.895Z	`CRCL`	`CRCL260918P00140000`	put	140.00	2026-09-18	1,001	1,228	103.52%	0.82	$7,742,735
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00720000`	put	720.00	2026-09-18	2,843	8,078	22.16%	0.35	$7,694,580
2026-07-15 03:53:40.895Z	`SPCX`	`SPCX260724P00200000`	put	200.00	2026-07-24	1,119	119	144.14%	9.40	$7,144,815
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918P00750000`	put	750.00	2026-09-18	4,368	16,929	13.21%	0.26	$6,942,936
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724C00190000`	call	190.00	2026-07-24	3,250	2,136	143.52%	1.52	$6,589,375
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918P00725000`	put	725.00	2026-09-18	6,851	11,830	16.04%	0.58	$6,463,918
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00230000`	call	230.00	2026-09-18	6,347	30,281	43.76%	0.21	$5,569,492
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00210000`	call	210.00	2026-09-18	3,175	57,738	45.58%	0.05	$5,429,250
2026-07-15 03:53:40.895Z	`SPCX`	`SPCX260918P00135000`	put	135.00	2026-09-18	2,965	23,944	81.68%	0.12	$5,381,475
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00700000`	put	700.00	2026-09-18	2,687	62,248	23.95%	0.04	$5,351,161
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA261016C00230000`	call	230.00	2026-10-16	4,542	29,520	44.10%	0.15	$5,336,850
2026-07-15 03:53:40.895Z	`MRVL`	`MRVL260918C00290000`	call	290.00	2026-09-18	3,004	8,365	98.67%	0.36	$5,061,740
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00675000`	put	675.00	2026-09-18	3,602	8,071	26.16%	0.45	$4,855,496
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00220000`	call	220.00	2026-09-18	3,869	33,602	44.64%	0.12	$4,807,233
2026-07-15 03:53:40.895Z	`SOXX`	`SOXX260918P00630000`	put	630.00	2026-09-18	502	167	55.54%	3.01	$4,651,030
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00670000`	put	670.00	2026-09-18	3,690	17,867	26.58%	0.21	$4,592,205
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918C00275000`	call	275.00	2026-09-18	100	101	117.86%	0.99	$4,470,000
2026-07-15 03:53:40.895Z	`GOOG`	`GOOG260724P00400000`	put	400.00	2026-07-24	1,012	1,518	63.57%	0.67	$4,424,970
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724P00172500`	put	172.50	2026-07-24	4,692	3,741	150.42%	1.25	$4,387,020
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00205000`	call	205.00	2026-09-18	2,198	19,949	46.39%	0.11	$4,368,525
2026-07-15 03:53:40.895Z	`SOXX`	`SOXX260918P00650000`	put	650.00	2026-09-18	400	214	55.46%	1.87	$4,290,000
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00760000`	put	760.00	2026-09-18	801	735	18.81%	1.09	$3,900,470
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260918P00180000`	put	180.00	2026-09-18	1,074	3,915	133.80%	0.27	$3,780,480
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00825000`	put	825.00	2026-09-18	352	0	20.51%	N/A	$3,701,984
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ261016P00845000`	put	845.00	2026-10-16	292	0	19.52%	N/A	$3,655,110
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724P00165000`	put	165.00	2026-07-24	5,021	4,250	154.18%	1.18	$3,627,673
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724C00220000`	call	220.00	2026-07-24	4,236	5,133	137.40%	0.83	$3,621,780
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA261016C00215000`	call	215.00	2026-10-16	1,956	15,127	45.36%	0.13	$3,491,460
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00215000`	call	215.00	2026-09-18	2,323	14,776	45.09%	0.16	$3,409,003
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00240000`	call	240.00	2026-09-18	5,626	48,515	43.02%	0.12	$3,375,600
2026-07-15 03:53:40.895Z	`SPCX`	`SPCX260918P00140000`	put	140.00	2026-09-18	1,613	18,338	80.80%	0.09	$3,363,105
2026-07-15 03:53:40.895Z	`GOOG`	`GOOG260724P00380000`	put	380.00	2026-07-24	1,223	1,623	50.46%	0.75	$3,277,640
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS261016C00200000`	call	200.00	2026-10-16	657	1	131.51%	657.00	$3,193,020
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA261016C00210000`	call	210.00	2026-10-16	1,542	12,075	45.62%	0.13	$3,122,550
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260722P00716000`	put	716.00	2026-07-22	4,117	6,168	21.67%	0.67	$3,052,756
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918P00370000`	put	370.00	2026-09-18	200	0	0.00%	N/A	$2,999,000
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA261016C00200000`	call	200.00	2026-10-16	1,129	5,312	47.97%	0.21	$2,938,223
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ261016P00900000`	put	900.00	2026-10-16	163	0	25.29%	N/A	$2,936,690
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918C00752000`	call	752.00	2026-09-18	1,338	685	16.73%	1.95	$2,841,243
2026-07-15 03:53:40.895Z	`SPY`	`SPY261016C00750000`	call	750.00	2026-10-16	989	2,600	17.56%	0.38	$2,721,728
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918C00315000`	call	315.00	2026-09-18	75	0	0.00%	N/A	$2,708,550
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00690000`	put	690.00	2026-09-18	1,559	15,894	24.79%	0.10	$2,660,434
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260814C00210000`	call	210.00	2026-08-14	2,326	3,669	42.33%	0.63	$2,605,120
2026-07-15 03:53:40.895Z	`MSFT`	`MSFT260918C00400000`	call	400.00	2026-09-18	1,260	11,110	41.87%	0.11	$2,592,450
2026-07-15 03:53:40.895Z	`GOOG`	`GOOG260724C00375000`	call	375.00	2026-07-24	4,620	1,061	51.71%	4.35	$2,587,200
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918P00675000`	put	675.00	2026-09-18	6,764	14,936	21.53%	0.45	$2,583,848
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918C00225000`	call	225.00	2026-09-18	50	51	136.32%	0.98	$2,483,000
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260814P00200000`	put	200.00	2026-08-14	5,074	1,381	40.70%	3.67	$2,473,575
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260724C00200000`	call	200.00	2026-07-24	1,575	799	142.55%	1.97	$2,472,750
2026-07-15 03:53:40.895Z	`NBIS`	`NBIS260918C00195000`	call	195.00	2026-09-18	552	319	138.32%	1.73	$2,459,160
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260814C00205000`	call	205.00	2026-08-14	1,728	1,547	43.80%	1.12	$2,445,120
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918P00680000`	put	680.00	2026-09-18	1,655	11,252	25.72%	0.15	$2,414,645
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918C00240000`	call	240.00	2026-09-18	50	52	130.41%	0.96	$2,408,575
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918C00753000`	call	753.00	2026-09-18	1,156	513	16.61%	2.25	$2,380,204
2026-07-15 03:53:40.895Z	`SPY`	`SPY260918P00700000`	put	700.00	2026-09-18	4,050	31,926	18.80%	0.13	$2,379,375
2026-07-15 03:53:40.895Z	`SOXL`	`SOXL260724P00180000`	put	180.00	2026-07-24	992	780	189.21%	1.27	$2,370,880
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260918C00250000`	call	250.00	2026-09-18	50	51	126.71%	0.98	$2,359,000
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918C00225000`	call	225.00	2026-09-18	2,208	23,421	44.09%	0.09	$2,312,880
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260918P00205000`	put	205.00	2026-09-18	1,979	10,337	42.22%	0.19	$2,310,483
2026-07-15 03:53:40.895Z	`NVDA`	`NVDA260722C00210000`	call	210.00	2026-07-22	3,840	1,354	41.35%	2.84	$2,294,400
2026-07-15 03:53:40.895Z	`SPY`	`SPY260722C00751000`	call	751.00	2026-07-22	3,852	241	12.29%	15.98	$2,238,012
2026-07-15 03:53:40.895Z	`MSFT`	`MSFT260918P00630000`	put	630.00	2026-09-18	130	0	0.00%	N/A	$2,224,300
2026-07-15 03:53:40.895Z	`SPCX`	`SPCX261016C00165000`	call	165.00	2026-10-16	1,791	600	78.16%	2.99	$2,131,290
2026-07-15 03:53:40.895Z	`SPCX`	`SPCX261016P00115000`	put	115.00	2026-10-16	1,884	1,175	79.63%	1.60	$2,119,500
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ260722C00721000`	call	721.00	2026-07-22	2,413	137	21.86%	17.61	$2,084,832
2026-07-15 03:53:40.895Z	`QQQ`	`QQQ261016P00690000`	put	690.00	2026-10-16	926	3,776	24.62%	0.25	$2,045,997
2026-07-15 03:53:40.895Z	`MSFT`	`MSFT260918P00620000`	put	620.00	2026-09-18	126	0	0.00%	N/A	$2,027,214

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`	386.5000	-2.48	384.2643 (-0.58%；布林下轨/摆动低点/摆动高点) / 388.7580 (+0.58%；摆动高点/摆动低点)	384.9910 (-0.39%；摆动低点/MA20/布林中轨) / 391.5610 (+1.31%；摆动高点/摆动低点/布林上轨)	380.9267 (-1.04%；MA20/布林中轨/摆动低点) / 385.3177 (+0.10%；摆动高点/MA10/MA5)	-
`NVDA`	美股/ETF	`SPY`	211.8000	4.07	211.5573 (-0.11%；摆动高点/MA10/MA5) / 214.6032 (+1.32%；布林上轨)	211.2450 (-0.26%；摆动高点) / 214.1341 (+1.10%；摆动高点/区间极值/布林上轨)	208.7158 (-1.46%；MA60/摆动低点) / 213.8079 (+0.95%；摆动高点/布林上轨)	-
`MRVL`	美股/ETF	`SPY`	223.4300	-5.31	221.9278 (-0.67%；摆动低点/MA20/布林中轨) / 225.1450 (+0.77%；摆动高点/摆动低点)	222.4340 (-0.45%；MA5/摆动低点) / 224.9510 (+0.68%；MA10)	220.8487 (-0.72%；MA60) / 222.9400 (+0.22%；摆动低点)	-
`GFS`	美股/ETF	`SPY`	63.6000	-14.91	62.8706 (-1.15%；布林下轨/摆动低点/区间极值) / 63.8950 (+0.46%；MA5/摆动低点/MA10)	63.0775 (-0.82%；摆动低点/区间极值) / 64.1940 (+0.93%；MA5)	63.3300 (-0.09%；摆动低点) / 65.2800 (+2.98%；摆动高点/摆动低点)	-
`APLD`	美股/ETF	`SPY`	28.8000	-25.95	28.7597 (-0.14%；MA20/布林中轨/摆动高点) / 29.9197 (+3.89%；布林上轨/摆动低点)	28.7254 (-0.26%；MA5) / 29.4929 (+2.41%；摆动低点/MA10)	25.2005 (-11.48%；布林下轨) / 28.6550 (+0.65%；摆动高点)	-
`USAR`	美股/ETF	`SPY`	18.2800	-14.79	18.2275 (-0.29%；摆动低点/MA10/MA5) / 18.4450 (+0.90%；摆动低点/摆动高点)	18.2648 (-0.08%；MA20/布林中轨/摆动低点) / 18.5000 (+1.20%；摆动高点/摆动低点)	17.2900 (-4.95%；摆动低点) / 18.1950 (+0.03%；摆动高点/MA5)	-
`SOXX`	美股/ETF	`SPY`	571.9000	0.21	567.8736 (-0.70%；摆动低点/MA20/布林中轨) / 572.7671 (+0.15%；MA60/摆动高点)	- / -	541.9227 (-4.58%；MA60) / 570.4600 (+0.45%；MA5/摆动低点)	4H 少于 60 根K线；4H 无可用K线
`SOXL`	美股/ETF	`SPY`	180.7400	-2.66	180.7100 (-0.02%；摆动高点/摆动低点) / 182.4913 (+0.97%；MA60)	180.2650 (-0.26%；MA20/布林中轨) / 189.9600 (+5.10%；摆动高点)	157.5600 (-10.81%；摆动低点) / 180.3120 (+2.07%；MA5)	-
`FTXL`	美股/ETF	`SPY`	249.0000	-2.65	246.8530 (-0.86%；MA20/布林中轨/摆动高点) / 249.6719 (+0.27%；MA5/摆动低点/MA10)	248.5245 (-0.19%；MA20/布林中轨/MA10) / 254.0300 (+2.02%；摆动高点/摆动低点)	245.7475 (-1.09%；MA60) / 249.3660 (+0.37%；MA5/摆动高点)	-
`PSI`	美股/ETF	`SPY`	159.0000	-2.83	156.7737 (-1.40%；摆动高点/MA20/布林中轨) / 159.0033 (+0.00%；MA10/MA5/摆动低点)	155.5920 (-2.14%；摆动低点/MA20/布林中轨) / 161.5600 (+1.61%；摆动高点)	156.0650 (-1.16%；MA5/摆动高点) / 160.7950 (+1.83%；MA10)	-
`DRAM`	美股/ETF	`SPY`	62.2200	3.19	61.6600 (-0.90%；摆动高点) / 63.4640 (+2.00%；摆动高点/布林上轨)	61.2040 (-1.63%；MA20/布林中轨/摆动低点) / 66.3596 (+6.65%；摆动高点/MA60/摆动低点)	58.2000 (-4.95%；摆动低点) / 61.5940 (+0.59%；MA5)	-
`KMEM`	美股/ETF	`SPY`	20.7800	N/A	20.5887 (-0.92%；MA10/MA60/摆动高点) / 21.0300 (+1.20%；摆动低点)	20.6570 (-0.59%；MA20/布林中轨/摆动低点) / 22.8760 (+10.09%；摆动高点/布林上轨)	19.8600 (-3.12%；摆动低点) / 20.7340 (+1.14%；MA5)	4H 少于 60 根K线；1D 少于 60 根K线
`VRT`	美股/ETF	`SPY`	305.0000	-2.41	300.7829 (-1.38%；布林下轨/摆动低点) / 305.2755 (+0.09%；摆动低点/MA10/MA5)	- / -	296.8000 (-2.23%；摆动低点) / 307.3000 (+1.23%；摆动低点)	4H 少于 60 根K线；4H 无可用K线
`COHR`	美股/ETF	`SPY`	312.0600	-19.69	311.7236 (-0.11%；MA10/MA5/MA20) / 315.1900 (+1.00%；摆动低点)	- / -	308.1700 (-0.84%；摆动低点) / 317.3900 (+2.13%；MA5)	4H 少于 60 根K线；4H 无可用K线
`CRCL`	美股/ETF	`SPY`	63.1700	-24.82	62.6130 (-0.88%；摆动低点/MA20/布林中轨) / 63.3764 (+0.33%；摆动高点/MA5/布林上轨)	- / -	61.7150 (-2.38%；摆动低点) / 64.0660 (+1.34%；MA5/MA10)	4H 少于 60 根K线；4H 无可用K线
`SPCX`	美股/ETF	`SPY`	137.0900	N/A	- / -	136.7800 (-0.23%；摆动低点) / 138.5880 (+1.09%；MA5)	135.0000 (-0.79%；区间极值) / 144.1960 (+5.96%；MA5)	1H 少于 60 根K线；1H 无可用K线；1D 少于 60 根K线
`GOOG`	美股/ETF	`SPY`	357.3000	-0.30	356.6970 (-0.17%；摆动高点/MA10/MA5) / 359.8105 (+0.70%；布林上轨/摆动高点)	354.3488 (-0.83%；MA60/摆动高点/MA10) / 359.8884 (+0.72%；摆动高点/摆动低点/布林上轨)	355.6678 (-0.47%；摆动低点/MA20/布林中轨) / 365.3995 (+2.26%；MA60)	-
`NBIS`	美股/ETF	`SPY`	194.0900	-16.87	- / -	- / -	192.6700 (-0.73%；摆动低点) / 198.1000 (+2.07%；摆动高点/摆动低点)	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
`BTCUSDT`	Crypto	`BTCUSDT`	64,762.9000	0.00	64,372.2478 (-0.60%；MA20/布林中轨/摆动高点) / 65,070.0000 (+0.47%；摆动高点/区间极值)	64,382.0556 (-0.59%；摆动高点/MA5) / 65,217.3811 (+0.70%；区间极值/布林上轨)	64,685.9500 (-0.12%；摆动高点) / 65,967.4854 (+1.86%；摆动高点/布林上轨/MA60)	自身为基准
`ETHUSDT`	Crypto	`BTCUSDT`	1,875.8700	5.69	1,855.9558 (-1.06%；摆动高点/MA20/布林中轨) / 1,878.4872 (+0.14%；摆动低点/MA5/MA10)	1,862.8960 (-0.70%；MA5) / 1,890.8289 (+0.79%；布林上轨/区间极值)	1,848.7800 (-1.46%；摆动高点) / 1,927.8162 (+2.76%；布林上轨)	-
`SOLUSDT`	Crypto	`BTCUSDT`	77.7300	0.09	76.7912 (-1.21%；MA60/摆动高点/摆动低点) / 77.8171 (+0.11%；MA10/摆动高点/MA5)	77.0540 (-0.88%；摆动低点/MA5) / 78.2320 (+0.63%；摆动高点/布林上轨/MA60)	77.1597 (-0.73%；MA5/MA20/布林中轨) / 78.0430 (+0.40%；MA10)	-

账户、公开补充与来源

公开数据补充

特别报道：长鑫科技 IPO

日期/窗口	已确认事实	组合与行业意义
2026-06-05 / 06-12	证监会批复同意首次公开发行注册，批复自 6 月 5 日起 12 个月有效，6 月 12 日公开。	注册通过不等于发行完成或开始交易。
2026-07-15	发行价 8.66 元/股；超额配售前预计募集 579.188473 亿元、净额 576.382613 亿元；募投项目拟使用 295 亿元。	资本形成能力显著提高，但多出的募集额如何配置、投产节奏和回报仍需后续文件。
2026-07-16	网上与网下申购。	观察配售、回拨、冻结资金与投资者结构；不把申购热度等同产业盈利。
待正式公告	发行人写明上市事宜另行公告；路透称 7 月 27 日，未获发行人或上交所确认。	正式上市日、流通盘和首日价格决定短期资金冲击，媒体日期不进入确定日历。
后续定期披露	2025 年收入 617.993 亿元、归母净利润 18.749 亿元、累计未弥补亏损 366.504 亿元；`DRAM` 份额 7.67%。	重点跟踪产能、良率、单位成本、毛利率、客户集中、经销占比和折旧，而非只看收入与份额。

存储 ETF 对 CXMT 的敏感度排序以纯度和可核验穿透为依据：KMEM 最集中，DRAM 主题最纯但缺权重，FTXL 与 SOXX 通过 MU 形成中等暴露，PSI 持仓权重缺失，SOXL 还叠加 3 倍日复位。该排序只描述风险映射，不给出买卖优先级。

未来 24-72 小时验证清单：

7 月 16 日配售与回拨结果、最终发行数量和超额配售安排。
上交所或发行人的正式上市公告；7 月 27 日在确认前保持“媒体报道”。
台积电二季度实际收入、毛利率、先进封装和资本开支信号，核验全球半导体需求强度。
长鑫科技关于募资用途、产能爬坡、良率、成本与 HBM 的一手披露；缺一项就不把 IPO 升级为全球价格战结论。
MU、SK hynix、Samsung 的价格、资本开支与合同结构变化；ETF 份额创建是否持续，而非一次性做市或套利。

重点文章与官方材料

长鑫科技发行公告、招股说明书、证监会注册批复分别对应定价申购、业务财务和监管阶段，三者不互相替代。
半导体 ETF 一周流入约 117.8 亿美元与 7 月 15 日韩国盘中反弹构成资金背景；ETF 创建可含做市和套利。
USAR 回收稀土氧化物样品、纽约州数据中心许可暂停是一手事件；商业认证和公司项目映射仍缺。
Circle 国家信托银行获批、Hyperliquid 分成与OUSD 竞争分别对应监管、分销与竞争，最终判断落在留存收入。
Nebius 合同报道只有二手标题与截断正文；Nebius 扩张分析记录 2026 年资本开支指引 200 亿至 250 亿美元。大额合同只有在条款可量化后才改善资本回报路径。

金十快讯

7 月 15 日 11:43：韩国市场：KOSPI 盘中 +7.94%，SK hynix +12%；属于盘中时点。
7 月 15 日 11:29：霍尔木兹船运：少量油轮、成品油轮和散货船出现通行；缺完整船名和原始 AIS 链接。
7 月 15 日 11:28：韩国公共增长基金：拟由 150 万亿韩元扩大至 200 万亿韩元，半导体和 AI 数据中心为重点；项目与拨款未公布。
7 月 15 日 11:27：算力用电预测：中电联预计 2030 年全国算力用电约 8000 亿千瓦时、占全社会用电约 6%；这是预测值。
7 月 15 日 06:10：美联储概率：7 月维持利率不变概率 84.5%、加息 25bp 概率 15.5%；属于衍生品时点定价。

数据口径补充

文章归档请求 170 条，157 条取得正文，13 条失败；近五日 116 条完成摘要与重要性评级。CXMT 发行公告取得正文，招股书 PDF 因内容类型未进入正文归档，路透转载页抓取失败；两项仍保留真实外链和结构化事实，不伪造正文。
Followin 与 Jin10 状态均为 partial；无链接的财经日历和第三方大额仓位没有补造 URL。Farside 最新行为 7 月 14 日，短横线保持缺失。
IBKR quote 与 Yahoo regular close 时点不同；正文明确区分延迟当前价、常规收盘和技术 bar。技术确认只认对应周期收盘。

IBKR 账户与保证金

| --- |--- | | 已连接 |是 | | 持仓数 |已隐藏 | | 错误数 |0 |

| --- |--- |--- |--- | | 已隐藏 |AvailableFunds |已隐藏 |USD | | 已隐藏 |BuyingPower |已隐藏 |USD | | 已隐藏 |GrossPositionValue |已隐藏 |USD | | 已隐藏 |InitMarginReq |已隐藏 |USD | | 已隐藏 |MaintMarginReq |已隐藏 |USD |

持仓上下文

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数据源列表

Aave 官方 GraphQL 仓位数据
Binance 合约市场数据
IBKR 行情数据
IBKR 账户与持仓数据
Yahoo Finance 公开期权链
Yahoo Finance 历史行情
Yahoo Finance 新闻检索
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事实参考