International Perspective · July 29, 2026
① SK Hynix Q2 Revenue 79.3T Won (+257% YoY) Hits Record, Signs 10 Long-Term Agreements — But Misses Consensus by ~6% — SK Hynix reported Q2 FY2026 (Apr-Jun) results on July 28: Revenue 79.3187 trillion won (+51% QoQ, +257% YoY), operating profit 60.5426 trillion won (+61% QoQ, +557% YoY, margin 76%), net profit 93.9226 trillion won (+133% QoQ, +1,242% YoY). All three metrics set quarterly records. However, revenue missed consensus of 83.85T won by 5.4% and operating profit missed 64.22T won consensus by 5.7%. HBM4 mass production began in Q2; HBM4E samples shipped in H1. DRAM ASP rose ~30% QoQ, NAND ASP rose ~55% QoQ. Company signed LTAs with ~10 customers including key strategic partners. Yongin Phase 1 cleanroom scheduled for early 2027. Cash position: 88T won, net cash 69.4T won. (SK Hynix IR / PRNewswire / Sedaily)
② KOSPI Plunges 10.84%, Triggers 8th Circuit Breaker — CXMT IPO Reshapes $300B+ Global DRAM Valuation — South Korea's KOSPI index plunged 10.84% to 6,023.66 on July 28, triggering the 8th circuit breaker of 2026. SK Hynix fell 14%+, Samsung Electronics dropped 13%+. The KOSDAQ also triggered circuit breaker. US-listed Korean ADRs and memory stocks followed: SanDisk -14%, Micron -9%, Western Digital -6%, Seagate -8%. The Philadelphia Semiconductor Index (SOX) fell 4.49%. Korea Financial Services Commission pledged to review leveraged ETF rules. The selloff was directly linked to CXMT's 466% IPO surge on July 27 and SK Hynix's Q2 earnings miss. (Chosun Biz / CNBC / AP News / Sedaily)
③ China Mobile Awards $24.5B Server Contract: ARM Architecture 65% Share Sets Record, Huawei Kunpeng Ecosystem Dominates [详见中文版] — China Mobile's 2026-2027 PC server procurement was fully announced on July 28: Total value ~177 billion yuan ($24.5B), 62,900 servers. ARM architecture servers accounted for 40,896 units (65.01%), a record for Chinese carrier procurement. Huakun Zhenyu (Huawei Kunpeng ecosystem) ranked #1 at 22.76B yuan, followed by ZTE (20.16B), Inspur (19.20B), Yangtze Computing (19.03B), and H3C (18.03B). All top 15 winners were domestic Chinese companies. Lenovo ranked 11th at 8.84B yuan. (ZOL / Sina Finance / C114)