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

Equity Derivatives

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

<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

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/sanghyun-park" target="_blank" data-smartkarma-citation="accounts:354" rel="noopener">Sanghyun Park</a> has explained in detail what happens on Sep 22 (Plaintiffs' MTD Opposition Filing Deadline) for <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> . Effects could be visible from Sep 23.</li>
<li>Our <a href="https://www.smartkarma.com/insights/sk-hynix-000660-ks-profit-targets-tactical-update" target="_blank" rel="noopener">previous insight</a> updated the stock's profit targets for this rally ("the rally could reach 2,000,000 on the third week"). This is the third week and it's still below target.</li>
<li>SK Hynix rallied less than expected and seems to be at  an inflection point: has cleared P50 resistance but P75/1,996,000 is far. Sep 22 could be a turning point.</li>
</ul>



Sanghyun Park has explained in detail what happens on Sep 22 (Plaintiffs' MTD Opposition Filing Deadline) for SK Hynix (000660 KS) . Effects could be visible from Sep 23.
Our previous insight updated the stock's profit targets for this rally ("the rally could reach 2,000,000 on the third week"). This is the third week and it's still below target.
SK Hynix rallied less than expected and seems to be at  an inflection point: has cleared P50 resistance but P75/1,996,000 is far. Sep 22 could be a turning point.


SK Hynix (000660 KS) Tactical UPDATE Ahead of Sep 22’s MTD Opposition Deadline

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>There was one ADD and one DEL for the MV US Semiconductor 25 index and the MV US Semiconductor 10% capped ESG-screened index.</li>
<li>We expect MVSemi25 to trade US$4.45bn and MVSemi10% to trade US$900mm one-way for September 2026. Some small flows offset. The event is on the 18th at the close (Friday).</li>
<li>SK Hynix (SKHY US) is expected to see US$4.3bn to buy.</li>
</ul>


There was one ADD and one DEL for the MV US Semiconductor 25 index and the MV US Semiconductor 10% capped ESG-screened index.
We expect MVSemi25 to trade US$4.45bn and MVSemi10% to trade US$900mm one-way for September 2026. Some small flows offset. The event is on the 18th at the close (Friday).
SK Hynix (SKHY US) is expected to see US$4.3bn to buy.


[Quiddity Index] MV Semiconductor Indices Sep26 Rebal Results: One ADD/DEL; US$5bn+ to Trade One-Way

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)

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 (000660 KS) Tactical UPDATE Ahead of Sep 22’s MTD Opposition Deadline

Sep 22 is a volatility catalyst for SK Hynix (000660 KS, SKHY US). Our model says rally may fizzle, a quick post-event 1-2 week drop to...

Nico Rosti

[Quiddity Index] MV Semiconductor Indices Sep26 Rebal Results: One ADD/DEL; US$5bn+ to Trade One-Way

The MV Global US Semi and US Semi 10% Capped Indices announced rebals on Friday. The rebal is 18 Sep. $5+bn one-way to trade across these two...

Travis Lundy

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