AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.</li>
<li>Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.</li>
<li>
<strong>Big-Three:</strong> Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.</li>
</ul>


SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.
Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.

Big-Three: Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.


[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> gained 6.1% in September and its 2x Leveraged Index rose 9.6%, yet combined long-ETF AUM declined 2.7%.</li>
<li>All seven long-leveraged ETFs recorded reductions in units outstanding, while September net outflows reached KRW 514bn and daily flow activity remained subdued.</li>
<li>In contrast, the inverse ETF’s units outstanding more than doubled and its market capitalisation increased 68%, despite the product losing 17.0% during September.</li>
</ul>



SK hynix (000660 KS) gained 6.1% in September and its 2x Leveraged Index rose 9.6%, yet combined long-ETF AUM declined 2.7%.
All seven long-leveraged ETFs recorded reductions in units outstanding, while September net outflows reached KRW 514bn and daily flow activity remained subdued.
In contrast, the inverse ETF’s units outstanding more than doubled and its market capitalisation increased 68%, despite the product losing 17.0% during September.


SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Micron last week reported Q4FY26 revenues of $54.23 billion versus $41.46 billion for the prior quarter (+31%) and $11.32 billion for the same period last year (+379%)</li>
<li>Consolidated gross margin for fiscal Q4 was 87.0%, up 210 basis points sequentially. This improvement was driven primarily by higher pricing and strong execution, partially offset by mix.</li>
<li>Looking ahead, the company expects F27Q1 revenue to be a (another) record $61.5 billion, plus or minus $1.5 billion with gross margin to be approximately 86.25%;</li>
</ul>


Micron last week reported Q4FY26 revenues of $54.23 billion versus $41.46 billion for the prior quarter (+31%) and $11.32 billion for the same period last year (+379%)
Consolidated gross margin for fiscal Q4 was 87.0%, up 210 basis points sequentially. This improvement was driven primarily by higher pricing and strong execution, partially offset by mix.
Looking ahead, the company expects F27Q1 revenue to be a (another) record $61.5 billion, plus or minus $1.5 billion with gross margin to be approximately 86.25%;


Micron’s FY26 Revenue Soars 3.5x YoY. FY27 Looks Even Better, Right? Key Takeaways & Full Transcript

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

<ul>
<li>Panic set in on Monday as <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> fell -5.05%. The stock has been decelerating in the last few weeks, as discussed <a href="https://www.smartkarma.com/insights/sk-hynix-000660-ks-tactical-update-ahead-of-sep-22-s-mtd-opposition-deadline" target="_blank" rel="noopener">here</a>, so this is not surprising. </li>
<li>Bypassing narrative commentary on the sell-off, we focus strictly on tactical execution and portfolio positioning.</li>
<li>Our model's support price zones have been updated since our <a href="https://www.smartkarma.com/insights/sk-hynix-000660-ks-tactical-update-ahead-of-sep-22-s-mtd-opposition-deadline" target="_blank" rel="noopener">latest SK Hynix insight</a> so here is a fresh view: <strong>how much can SK Hynix fall and where to buy?</strong>
</li>
</ul>


Panic set in on Monday as SK Hynix (000660 KS) fell -5.05%. The stock has been decelerating in the last few weeks, as discussed here, so this is not surprising. 
Bypassing narrative commentary on the sell-off, we focus strictly on tactical execution and portfolio positioning.
Our model's support price zones have been updated since our latest SK Hynix insight so here is a fresh view: how much can SK Hynix fall and where to buy?



SK Hynix (000660 KS) -5% Drop: Tactical Positioning Beyond the Noise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.</li>
<li>Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.</li>
<li>Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.</li>
</ul>



SK hynix (000660 KS) gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.
Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.
Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.


SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (SKHY US)

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

September gains failed to reverse outflows from SK hynix (000660 KS) long 2x leveraged ETFs, while investors added inverse exposure despite the...

Gaudenz Schneider

Micron’s FY26 Revenue Soars 3.5x YoY. FY27 Looks Even Better, Right? Key Takeaways & Full Transcript

Even with additional industry DRAM cleanroom space plans, with robust demand trends plus new upside requests from customers, we don't have line of...

William Keating

SK Hynix (000660 KS) -5% Drop: Tactical Positioning Beyond the Noise

Our quantitative model shows SK Hynix (000660 KS) at oversold P50 support. Typical pullbacks last 1–3 weeks; target accumulation zones discussed in...

Nico Rosti

SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Despite positive performance, some long-leveraged ETFs lost AUM, while the inverse product attracted significant assets. Collapsing investor...

Gaudenz Schneider

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[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

​SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

September gains failed to reverse outflows from SK hynix (000660 KS) long 2x leveraged ETFs, while investors added inverse exposure despite the...

Gaudenz Schneider

Micron’s FY26 Revenue Soars 3.5x YoY. FY27 Looks Even Better, Right? Key Takeaways & Full Transcript

Even with additional industry DRAM cleanroom space plans, with robust demand trends plus new upside requests from customers, we don't have line of...

William Keating

SK Hynix (000660 KS) -5% Drop: Tactical Positioning Beyond the Noise

Our quantitative model shows SK Hynix (000660 KS) at oversold P50 support. Typical pullbacks last 1–3 weeks; target accumulation zones discussed in...

Nico Rosti

SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Despite positive performance, some long-leveraged ETFs lost AUM, while the inverse product attracted significant assets. Collapsing investor...

Gaudenz Schneider

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...