SK Hynix: The Selloff Is Pricing the Wrong Failure Mode

Three registered earnings thresholds. One realization variable decides the July 29 print.

July's memory selloff priced a demand break. Korean customs counted the quarter: exports accelerated into a record June. Tessara registered its house call five days before SK Hynix reports: 65% that operating profit lands at or above W65 trillion, 40% at or above W68 trillion, 20% at or above W70 trillion, graded in public either way. Inside, for members: the segment bridge from Q1 actuals, why the bearish W60 trillion case is a price-realization argument rather than a demand argument, the evidence receipts behind the call, and the decoder for the five headlines you will see on July 29.