Corporate Earnings

The neocloud reports 1.5 gigawatts active against 3.7 gigawatts contracted, while debt reaches $35.1 billion. Demand is booked; the costly part is switching it on.

Samsung and SK hynix came to represent 52% of KOSPI just as 2x products tied to them nearly tripled. An earnings disappointment exposed the price of putting a national benchmark and a retail leverage boom on the same two names.

Investors returned to the semiconductor complex even as crude prices climbed and yields backed up. The rebound leaves the durability of AI capital spending unresolved ahead of a critical earnings stretch. Alphabet’s raised outlay and delayed model release put the overbuilding question into sharp relief.