Kye-hyun Kyung, Samsung Electronics Senior Advisor: "Memory prices to fall in H2 next year… Korea must cultivate deep-tech manufacturing" Kye-hyun Kyung, Senior Advisor and former head of Samsung Electronics' Device Solutions (DS) Division, forecast that memory semiconductor prices will decline starting in the second half of next year, and urged Korean industry to prepare in advance. Delivering the keynote at the 285th NAEK Forum, hosted by the National Academy of Engineering of Korea (NAEK) at L-Tower in Seocho-gu, Seoul on the 18th, Advisor Kyung said, "Chinese players are aggressively expanding production capacity (CAPA)," adding that "as memory supply surges, the market could shift starting in the second half of next year or the first half of 2028." Citing global market research firms, Kyung projected that memory prices will fall from H2 next year, when global memory CAPA is expected to surge to 6 million wafers per month. "If Big Tech's return on capex deteriorates, there is a possibility that investment could be scaled back," he said, also warning that memory demand itself could contract from 2028 onwards. While Korean industry, led by Samsung Electronics and SK Hynix, is currently enjoying unprecedented growth by capturing Big Tech's memory demand, the former head of Samsung's semiconductor business argued that Korea must prepare in advance for the post-boom period. Advisor Kyung pointed out, "Korea holds nearly 70% share of the DRAM market, but only 1.5% of the fabless market, and unlike Taiwan, Korea lacks a full-stack semiconductor ecosystem that includes fabless." He went on to advise that "Korea must leap forward as a deep-tech-based manufacturing nation." The point is that Korea should independently build advanced technology capabilities—not only in memory but also in fabless-based system semiconductors and sovereign AI—and actively apply them to its existing strength in manufacturing. He added, "It is difficult for Korea to compete simultaneously with the U.S. and China in both hardware and software," and that "it is important for Korea to do what it does well, and to that end, we must seriously consider how to deploy AI."

Unitree 1.8m Humanoid Robot Every Punch Comes Through! 🥰 Unitree 1.8m H2 Humanoid Robot, A Combat Sparring Test. H2's knee strike lifts G1 off the ground. This is to validate the overall reliability of the robot, please do not attempt to replicate this. Please use robots in a friendly manner.

@RyanU_1F42B This is 77% growth, from literally the start of the CPO supercycle H1 2026. I’d expect that number to just keep on compounding exponentially as we approach H2 2027, which is the true inflection of scale up CPO.

Unitree Spring Festival Gala Robots —a Full Release of Additional Details 🥳 Dozens of G1 robots achieved the world’s first fully autonomous humanoid robot cluster Kung Fu performance (with quick movement), pushing motion limits and setting multiple world firsts! H2 made striking appearances at both the Beijing main venue and the Yiwu sub-venue, clad in the Monkey King’s heavy armor and riding a “somersault cloud” played by B2W quadruped robot dogs, delivering New Year blessings from the clouds.

Stock Ratings [June 7th]: On current AI sector crash. Explanations below. Strong Buy: $GOOGL $MU $SNDK SK Hynix Buy: $AMZN $AEHR $AAOI $CIEN $COHR $CRDO $DELL $FN $FORM $GLW $JBL $LITE $MDB $MRVL $MSFT $NBIS $NOW $NVDA $RDDT $RKLB $SIVE Hold: $ARM $ASML $AVGO $AXTI $BE $META $MTSI $PLTR $SOFI Avoid: $CBRS $CRWV $ETH $HIMS $IBIT / $BTC $IREN $MELI $SNAP $TSLA $SPCX (SpaceX) IPO --- Thoughts: Strong Buy: GOOGL - $85B raise is dilutive but they actually have ROI on their capex. Tbh, they'll probably always be a Strong Buy for me. Just the cleanest AI ROI among all the megacaps. MU / SNDK / SK Hynix - If you're not bullish on memory, then idk for you. Buy: AMZN - Mainly for AWS reacceleration + Trainium. But some tension comparing AWS growth (+17%) vs Azure (+31%). Feel like custom silicon + distribution combo is durable even if growth rate lags a bit. AEHR - H2 ramp in WLBI/PLBI systems coming, anchored by "significant" follow-on Sonoma order from lead hyperscale customer. Just need to wait a bit esp. for rev to inflect. But AI ASIC burb in is mandatory as device power goes up. AAOI - Q3 capacity ramp (via facility expansion in Texas) toward 650k+ 800G/1.6T units/mth. Capacity coming online is the catalyst imo along w/ already known laser bottleneck + Made in US premiums. CIEN - Just a high quality biz that got pounded last week (-22%). Beat + raise earnings, but stock dropping this much is an overreaction. CEO even said demand is "structural, multi year and AI-driven" shown by AI-driven DCI being their fastest growing part of the order book as new long-haul routes get built for latency and bandwidth. COHR - upcoming CPO ramp (Nvidia spectrum-x) will speed things up, these prices will look cheap when we look back imo. CRDO - Personally bought a ton last week post-earnings drop. Like Ciena, v. high quality compounding hold through the whole AI supercycle. Crazy high margins. Obviously compete w/ Marvell/Broadcom on SerDes, but also need to factor in the 1.6T switch replacement cycle into late 2026. DELL - Trump effect. I've learnt my lesson and will listen to him next time. FN - v. low drama way to ride transceiver demand + iPronics sipho line for cpo. New datacom wins also extending into next FY, although some Nvidia conc. risks. Put them in Buy just to be generous as was unsure tbh. FORM - Important for HBM, adv packaging and CPO for higher yields. Foundry test intensity only set to increase w/ production. GLW - Lead glass core substrates which are an advanced packaging bottleneck. LTP w/ Nvidia to expand US optical manufacturing for AI infra too. JBL - Stock has done nothing for a month, but earnings coming up could be a nice catalyst for a push higher from their DC infra segment growing + outpacing drag from legacy mobility/ev exposure / margin mix. LITE - CPO ramp + Nvidia qualification like Coherent. MDB - AI is not replacing them. Imo they win vs. bolt on vector stores since their architecture is so simple. MRVL - going to $1T according to Jensen. Underlying business is solid though esp. w/ Celestial acquisition for photonics. SPY inclusion last week too is a big positive. MSFT - Current valuations are a joke tbh, markets probs punishing some margin compression. Rev +18%, Azure +40%, AI run rate +123%. So, v. clear enterprise monetisation path. Will be buying next week in retirement account. NBIS - Best neocloud by far. They're a $100B biz vs. ~$57B currently. Jensen: "Nebius will take care of you." NOW - AI is not replacing them. No enterprise CEO/CTO is dumb enough to offboard them at this point. NVDA - Same as Microsoft. Been buying this whole time, but am now even more confused at current cheap valuations. RDDT - AI is not replacing them. Cash printer. ARPUs improving also in legacy segments like international. RKLB - #2# in commercial launch after SpaceX + their IPO should re-rate the entire space comp set where RKLB is the main liquid proxy. Unbelievable earnings also, just executing so well rn. SIVE - everyone on X knows at this point? Hold: ARM - current valuation prices in flawless execution imo. But their IP is growing in DC CPUs e.g. Nvidia grace, AWS Graviton etc. ASML - Elon said yesterday: "ASML should be treasured and supported. It is arguably the greatest company in Europe." - I agree. Also Terafab fireside chat next week High-NA EUV is the next leg, locking in the roadmap through the decade. Could also be a "Buy" for more risk averse people. AVGO - CEO didn't raise >$100B FY27 target + flagged that Google will multi-source. Current AI mix is also diluting margins slightly. Just needed a pullback before the thesis starts working again. AXTI - InP substrate bottleneck, crucial for AI buildout rn. Could also buy rn, just a slow dca since they've run up a ton already + raise completed ($632M) to 2x InP capacity. BE - SOFC winner imo (Ceres 2nd). Don't think it's a buy just yet due to some valuation vs. profitability gaps. META - hold based on capital allocation mainly. Market seems wary of the ROI on their AI capex hence the continuous dips. Also potential raise to fund capex like Google too - once that digests, I'll personally look to buy. MTSI - Big fan of their investment into $IQE since it de-risks operations a lot, but just think COHR/LITE are better options for 800G/1.6T transition. PLTR - Relatively poor Risk:Reward at current multiples. SOFI - rate sensitivity. Loan book + credit performance carry macro risk which caps conviction rn. Some positives though w/ young + growing member base. Would need to look at credit trends + Fed path in June FOMC to re-assess. Avoid: CBRS - avoid at current prices. Would want it to come down closer to ~$40B mc before I look to dca. Would love to hold since they own genuinely unique tech. CRWV / IREN - Financing for both is a mess...debt/dilution. Nebius are just a better multi yr neocloud. HIMS - Forced out of higher margin GLP1s into lower margin braded GLPs from Novo/Lilly. Feel like their moat was to do w/ regulatory arbitrage on compounding. With that gone, it's a customer acquisition + churn biz buying branded drugs at lower margin. IBIT / BTC - Macro setup is hostile. Higher rates for longer (10Y ~4.54%, 30Y >5%) raise opportunity cost. Pure liquidity/risk appetite instrument + both are tight rn. ETH - same as bitcoin. MELI - personally a little confused - either a hold/avoid. Seeing some margin compression via their credit book growing faster than revenues. Talks of margin recovery next year, at which point the stock could re-rate. SNAP - Absolute worst social media app + CEO is a weirdo. Platform keeps losing share to Meta/Tiktok. TSLA - Huge competition from other EV makers shown by production > deliveries volumes. Humanoids will be their next key growth driver, just a little while away. SPCX (SpaceX) IPO: I never personally participate in IPOs + SpaceX specifically is way too overvalued for me. Will be going long eventually though. Rough ballpark would be ~$1.5T if it gets there post IPO. --- Just for very high level notes at current stock prices (NFA). I'm personally staying long despite the current macro backdrop, mainly in AI supercycle names e.g. memory, semis etc. But then you also have great companies at depressed prices, mainly in SaaS which I'm DCA'ing currently. I don't hold positions in all of these names. This is just a subset that overlaps my "Close Tracking" list + X's favourite names.