South Korean media: Samsung Electronics and SK Hynix may delay the introduction of next-generation HBM hybrid bonding technology.
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South Korean stocks Samsung Electronics and SK Hynix are expected to continue their slight decline tomorrow.
According to BlockBeats, on July 3rd, popular South Korean stocks saw a slight decline during the South Korean stock market close and the US stock market open, and the downward trend is expected to continue tomorrow: Samsung Electronics' on-chain contract is currently trading at $184.63, compared to Thursday's close of $185.11; SK Hynix's on-chain contract is currently trading at $1410, compared to Thursday's close of $1415.53.
Multiple factors drove a correction in South Korean stocks: profit-taking by Samsung and SK Hynix, collective withdrawal of foreign capital, and amplified concerns about oversupply risks and fundamentals.
According to BlockBeats, on July 6th, based on Bitget market data, the South Korean stock market has been experiencing a continuous downward correction recently. On July 2nd, the KOSPI index once plummeted by nearly 8%, triggering a trading halt, with SK Hynix falling by over 14% and Samsung by over 9%. On July 3rd, it fell by over 3% in the morning session before rebounding sharply. Today, the South Korean stock market continued its downward trend, falling by over 3% at one point, driven by multiple factors: Samsung and SK Hynix have excessively high weightings, leading to concentrated profit-taking. Currently, the weighting of Samsung Electronics and SK Hynix, two core AI memory stocks, in the KOSPI has risen to approximately 50%, meaning that fluctuations in the memory sector can cause significant volatility in the entire South Korean index. After a continuous surge in recent months, concentrated profit-taking has become the driving force behind the recent natural correction. US stock market correction sentiment spills over. In the global market, the recent collective correction in US semiconductor, memory chip, and optical communication sectors has triggered a global sell-off in technology stocks. Market concerns include the sustainability of AI capital expenditure and overvaluation. South Korean stocks are highly sensitive to sentiment in the US tech sector and are similarly affected by spillover effects from US market sentiment. The structural fragility of the South Korean market amplifies the decline. The assets of 2x leveraged products tracking Samsung and SK Hynix are enormous, far exceeding the average daily trading volume of the stocks themselves. Forced rebalancing during declines further fuels selling and exacerbates the fall. The high leverage of retail investors combined with margin trading creates a chain reaction, causing frequent extreme volatility in the South Korean stock market. Foreign capital is fleeing South Korea. Recently, foreign investors in South Korea net sold 7.7 trillion won (approximately US$4.98 billion) worth of KOSPI shares on Monday, setting a record for the largest single-day sell-off. Combined with factors such as pressure on the won's exchange rate, this further undermines foreign investor confidence. Oversupply risks raise fundamental concerns. Samsung and SK Hynix plan massive investments in new memory chip factories, totaling tens of billions of dollars. The market worries that a significant increase in future capacity will put downward pressure on memory prices. Meanwhile, demand from major customers such as Nvidia for higher-stack HBM chips has slowed, shaking market confidence in the sustainability of the "AI supercycle."
US and South Korean stock price forecasts for Monday: Microelectronics is expected to rise more than 6% ahead of schedule, while Samsung Electronics is expected to open 4% higher.
According to BlockBeats, on July 5th, due to the US Independence Day holiday (July 3rd), the US stock market was closed on Friday, coinciding with the traditional market closure on Saturday and Sunday. "On-Chain Nasdaq" (2024111120230) achieved continuous trading and real-time price discovery through perpetual contracts, enabling it to pre-price the US and South Korean stock market performance on Monday. Trade.xyz Popular US stocks showed mixed performance compared to Thursday's after-hours close, and are expected to trade sideways with slight fluctuations before Monday's pre-market session. Weekend performance is as follows: Micron (MU) is currently trading at $1038.71, compared to $976.63 after Thursday's close; SanDisk (SNDK) is currently trading at $1856.65, compared to $1762.011 after Thursday's close; Nvidia is currently trading at $197.83, compared to $194.44 after Thursday's close; Intel is currently trading at $124.2, compared to $121 after Thursday's close; Google is currently trading at $360.06, compared to $359.91 after Thursday's close; AMD is currently trading at $537.34, compared to $519.5 after Thursday's close; SpaceX is currently trading at $161.27. The US dollar was at $160.95 in after-hours trading on Thursday. Trade.xyz The weekend performance of popular South Korean stocks is as follows: Samsung Electronics is currently trading at $210.49, compared to a close of $202.35 on Friday; SK Hynix is currently trading at $1623.16, compared to a close of $1585 on Friday.
OUSD claims that over 140 companies participated, but several South Korean companies, including Samsung Electronics, stated that they had not formally negotiated with the issuer.
BlockBeats reported on July 3 that Open Standard, a global stablecoin consortium, recently announced the launch of its USD stablecoin, OpenUSD (OUSD), with over 140 global financial and payment companies, including Visa, Mastercard, BlackRock, Samsung Electronics, and Dunamu, participating. The token is planned for launch within the year. However, several South Korean companies stated that they have not had formal negotiations with the OUSD issuer. A Samsung Electronics representative stated, "There have been no formal negotiations, and we don't know what role we will play in the consortium." Shinhan Financial Group, Dunamu, and K Bank also stated that Open Standard inquired about their interest in participating, and the companies only responded that they could conduct a simple evaluation, but their names were subsequently added to the consortium's member list. One company representative stated that they only learned of their company's inclusion in the OUSD consortium through the news, and "they only gave a perfunctory reply to Open Standard's inquiry about their participation, saying they would consider it if things went smoothly," adding that they were confused about being included on the member list. OUSD adopts an open infrastructure model, aiming to be jointly operated by companies that actually provide payment, remittance, and settlement services. According to the introduction, participating companies can mint 1 OUSD after depositing $1 into the Open Standard reserve account; after returning 1 OUSD, they can redeem $1 from the reserve account. OUSD alliance participants can mint and redeem OUSD without fees or restrictions, and the plan is to distribute the proceeds from reserve utilization to network participants after deducting a small management fee. (ChosunBiz)
South Korean stocks opened slightly lower, with Samsung Electronics up 2.62% and SK Hynix up 0.7%.
According to Mars Finance, on July 3, market data showed that the KOSPI index fell 0.5% in early trading. Samsung Electronics and SK Hynix were not dragged down by the decline in the US memory sector: Samsung Electronics rose 2.62% and SK Hynix rose 0.7%.
Rebellions, a South Korean AI chip startup backed by Samsung Electronics, plans to IPO in South Korea next year.
According to reports, Sunghyun Park, CEO of Rebellions, a South Korean AI chip startup backed by Samsung Electronics, stated that the company plans to IPO in South Korea in the first or second quarter of next year. Park said that Rebellions has already begun generating actual revenue, "and for this reason, we are working with the underwriting teams at JPMorgan Chase and Samsung Securities to prepare for the IPO." (Jiemian)