00:02You're listening to AI Prism from Seoul Economic Daily.
00:06Three numbers before the open.
00:08SK Hynix's 76% operating margin,
00:13Kospi's 16% two-day plunge,
00:15and 864 trillion won in vaporized market cap.
00:21SK Hynix posted a record 60.5 trillion won,
00:25about $41.6 billion, in operating profit.
00:30Up 557% year-on-year.
00:34Circuit breakers hit both Kospi and Kosdaq
00:37on back-to-back days for the first time ever.
00:4075% of Kospi stocks now trade below book value.
00:44The Bank of England is now investigating
00:47prime brokers' exposure to SK Hynix and TSMC.
00:51It's Thursday, July 30th.
00:54Here's what today's story could mean for the Korean market.
00:58Korea's AI chip boom and its unwind are colliding in the same week.
01:04SK Hynix just posted its best quarter ever,
01:07even as leveraged bets on the same AI trade are unwinding across the market.
01:12That mismatch is now drawing scrutiny from regulators both at home and in London.
01:17Here's what the numbers show.
01:20SK Hynix posted 60.5 trillion won in operating profit
01:25on 79.3 trillion won, about $54.5 billion, in revenue,
01:31with a 76% operating margin, beating NVIDIA's 65.6% and TSMC's 60.3%.
01:40Kospi fell 5.98% to 5,663.24 on Wednesday,
01:49dragging the two-day decline to 16% and erasing 864.5 trillion won,
01:56roughly $594 billion in market cap.
02:01Circuit breakers triggered on both Kospi and Kosdaq for a second straight day,
02:06a first, as sell-side sidecars also fired.
02:10600 of 802 valid Kospi stocks, or 75%,
02:15now trade below book value, the highest share this year.
02:19J.P. Morgan pegged Korea's leveraged ETF unwind at 75% complete,
02:25while Citi estimated individual investors have already lost 56 trillion won,
02:31about $38.6 billion, on leveraged bets.
02:35So what does this mean for Korean market participants today?
02:39Earlier, we said three numbers mattered before the open.
02:43Here's what that means for you.
02:44SK Hynix's record profit didn't stop its stock from falling more than 9% the same day,
02:50showing sentiment, not earnings, is driving price action right now.
02:55With three-quarters of Kospi trading below book value,
02:59dispersion between chip stocks and everything else
03:02remains the defining feature of this market.
03:05The Bank of England's review adds a global dimension.
03:08Any tightening of prime brokerage terms on Asian AI trades
03:12could add further pressure to already stretched leverage here.
03:16Three things to watch.
03:17Whether SK Hynix and TSMC shares stabilize after Wednesday's declines.
03:23Margin call and forced liquidation data
03:26from the Korea Financial Investment Association through early August.
03:29And any signal from the Bank of England's prime brokerage review of AI-related exposure.
03:36That's today's AI prism.
03:38Stock investors.
03:38This episode was produced with AI assistants
03:42based on Seoul Economic Daily reporting
03:44and reviewed by a human editor.
03:47AI prism is a Juan Ifra award-winning series.
03:50We'll be back tomorrow.
03:52You've been listening to AI prism from Seoul Economic Daily.
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