Key events, in time order
Large buyback boosts Korean semiconductor sector, lifting EWY
State fund targets materials, components, fabless firms to boost chip self-sufficiency
Citrini analyst suggests short-term sell on memory (MU, SNDK, SKHY) and long optical, citing forced selling from Korean leveraged ETFs.
KOSPI fell to 6,263 on Monday, erasing Friday's gains as Samsung and SK Hynix resumed decline, indicating weak rebound.
Samsung and SK Hynix fell sharply Monday, giving back part of Friday's rebound as investors locked in profits.
SK Hynix -4% below IPO price; Kospi off YTD high, technical breakdown confirmed
Top regulator said Tuesday it would consider a cap if needed, per local media
Over $2.8B inflow last week, largest ever, extending prior record trend
Lisa Su says Helios rack delivers 15% more compute, 50% more HBM4 memory
EWY saw $3.0B inflows last week, ranking second among ETFs, extending recent record trend.
Korea FSS data shows cumulative 1.2M+ leveraged accounts triggered margin calls by Jul 13, affecting ~320K-360K accounts
Related — this ticker is not the subject
Recent calls from Goldman Sachs, JPMorgan and Chinese media point to a tight HBM supply backdrop as AI capex keeps reshaping the memory market.
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The iShares MSCI South Korea ETF (EWY) is discussed in the context of the booming High Bandwidth Memory (HBM) market, with potential supply agreements and strong growth projections driving interest.
Main discussion
Different voices
Edgewater: Feedback suggests Nvidia likely signed a multi-year supply agreement for DRAM/HBM with SK Hynix and Micron. CY27 HBM pricing is not expected to be settled until late 2H26. $NVDA $MU $DRAM $EWY
HSBC expects the HBM market to grow at a CAGR of 70% between 2025 and 2028. Interestingly, HSBC expects HBM bit demand to be 59 billion Gb in 2028, which seems to be on the low side in my opinion. Meritz Securities is expecting HBM bit demand to be in the range of 100 billion Gb
HSBC: Memory Market Growth & Valuation > Explosive Market Expansion: The HBM market is projected to surge rapidly, scaling from USD 1 billion in 2022 to an estimated USD 196 billion by 2028. > Aggressive CAGR: The market is expected to grow at an exceptional 70% CAGR between 2025
Deloitte: Memory > The current memory supply tightness and elevated prices may persist until 2029 or even 2030, assuming continued demand among hyperscalers for memory chips. > Three largest memory players may increase their combined capex nearly 340% between 2024 and 2027. > Mem
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Facts and opinions separated · All items sourced · Not investment advice
