New York did not fall as hard as Seoul. On Tuesday, October 13, the S&P 500 closed at 7,805.45 (−0.02%), the Nasdaq at 27,204.38 (−0.15%) and the Dow at 51,670.10 (−0.35%). The Philadelphia Semiconductor Index (SOX) fell more than 3% intraday but recovered almost all of it to finish −0.23%, and Nvidia rose 0.97%. Micron…
Seoul took the same hit twice. On Tuesday, October 13, the KOSPI closed at 6,035.35 (−5.46%) after touching 5,911.11 intraday. At 9:47 a.m. local time a sell-side "sidecar" kicked in, Korea's brake that pauses program trading when futures fall 5% (the first since August 19). SK Hynix fell 10.09%, Samsung Electronics 7.39%, and foreign investors…
★ Memory fell on top of record earnings. Samsung's Q3 preliminary operating profit was ₩107.4tn (consensus ₩106.6tn), yet on 10/12 Samsung fell 4.39% and SK hynix 4.52%. KOSPI 6,384.24 (−3.65%), a fourth straight loss. ★ Two hands are now on memory. Demand: OpenAI's revenue reset (10/8). Supply: CXMT's 4F² DRAM (10/10). New York agreed on…
Yesterday's chip sell-off in New York came down to one number. The Financial Times reported that OpenAI's annualized revenue at the end of September was about $50 billion, roughly $20 billion below what the market had been working with, and the Philadelphia Semiconductor Index (SOX) fell 3.4%. Overnight, OpenAI pushed back: Bloomberg reported the company…
★ This chip selloff was about an AI revenue number, not rates. FT: OpenAI's annualized revenue was about $50 billion (vs. a market estimate of $68–70 billion). SOX −3.39%, Micron −4.79%, Broadcom −4.35%, AMD −3.90%, Nvidia −2.24% to −2.94% (sources differ). ★ Yields moved the other way. The 10-year traded above 5.34% intraday and closed…
★ Seoul sold the index, not memory. KOSPI 6,625.93 (−2.62%) vs SK Hynix −1.97% and Samsung −1.86% (Etoday). Foreigners −₩2.43T, institutions −₩2.10T, retail +₩3.75T. The tech-heavy KOSDAQ fell only 0.69% to 892.27. ★ Tokyo fell for a second day. Nikkei 225 69,042.11 (−1.42%), Topix 4,091.46 (−1.51%) (CNBC), back below 70,000. ★ Waller pushed yields back…
★ New York bought memory and sold the rest of the chip sector. Micron +4.1%, Sandisk +1.9% (TheStreet) vs SOX −1.2%. The exact reverse of two days ago, when AI networking and compute names led. ★ Samsung's Q3 operating profit of ₩107.4 trillion met expectations. Consensus ranged from ₩105.4 trillion (Yonhap Infomax) to ₩108.1 trillion…
★ Seoul sold more memory, not less. KOSPI 6,803.90 (−1.98%). Foreigners −₩2.60tn (prior day −₩1.75tn), institutions −₩0.67tn, retail +₩2.56tn. SK Hynix −2.82%, Samsung Electronics −1.29%. KOSDAQ −2.34%. ★ Tokyo took profits in chips too. Nikkei 70,035.71 (−0.92%), first drop in three sessions, led by Advantest and Tokyo Electron. Hang Seng 24,131 (−0.6%). Mainland China closed….
★ Yields took a breather, stocks hit another record. S&P 500 7,818.93 (+0.58%, record) · Nasdaq 27,599.79 (+0.45%, record) · Dow 51,521.28 (+0.49%). 10-year 5.27% (−4bp), 30-year 5.64%. VIX 15.01 (−3.29%). ★ The 3-year auction cleared with no "tail." High yield 4.932%, 0.2bp below the when-issued level of 4.934% (a stop-through), bid-to-cover 2.62x. The first…
★ Seoul listened to Micron, not Nvidia. KOSPI 6,941.39 (−0.89%), losing 7,000 one day after reclaiming it. Foreigners sold ₩1.75T, including ₩1.41T of SK Hynix and ₩567B of Samsung Electronics. SK Hynix −3.69%, Samsung −1.45%. The small-cap KOSDAQ, by contrast, jumped +2.98%. ★ Asian chips split in two. Nikkei 70,683.98 (+1.05%), led by test-equipment maker…