Key Highlights

  • SK hynix reported operating profit of 83.33 trillion won on revenue of 104.62 trillion won, a 79.7% margin by simple arithmetic, and its US-listed shares jumped 13.3% to USD 164.70 on October 28, 2026.
  • The Kospi fell 2.2% to 5,880.25 on October 29, 2026 as Samsung dropped 5.4%, a move relevant to iShares MSCI South Korea ETF (NYSEARCA:EWY), for which no price move was verified.
  • Marvell Technology (NASDAQ:MRVL) fell 9.4% premarket on reports of advanced talks to buy Lumentum, which rose 4.3%, while Oracle rose about 10.6% on a USD 30 billion fiscal 2029 free cash flow target.
  • The Philadelphia Semiconductor Index rose 1.75% with Micron up nearly 6%, but Nvidia, AMD and Intel were indicated lower in premarket quotes, and no move was verified for iShares Semiconductor ETF (NASDAQ:SOXX).

iShares MSCI South Korea ETF (NYSEARCA:EWY): A Strong Print and a Falling Index

The Kospi closed down 2.2% at 5,880.25 on October 29, 2026, with Samsung Electronics down 5.4% a day after reporting a record-revenue quarter. A conflicting recap shows a decline of 2.44%, so the move is stated as about 2.2%. SK hynix still rose 1.6% in Korea, and Taiwan's Taiex fell 1.9%, so the weakness was uneven. A recap said Samsung's shareholder-return plan, covering buybacks and dividends, disappointed some investors, but that is a recap's view, not a company statement, and a claim that Samsung's net profit missed estimates is unverified. Samsung is a very large part of the Kospi, so a 5.4% drop weighs heavily on the index. The iShares MSCI South Korea ETF is a tradable US-listed proxy for Korean equities, but no EWY price move was verified. Currency also matters, because Korean won moves affect returns for US holders. Watch the Bank of Japan decision on Friday and whether the Kospi holds 5,880.25. A falling Kospi after a strong memory print raises the question of whether good news is already priced in, and a hawkish Fed and a strong dollar would add volatility to Asian chip stocks. Other Asian markets were mixed: the Nikkei 225 gained 0.2% to 64,073.17, Shanghai fell 0.9% and the Hang Seng was flat.

SK hynix and the Memory Cycle: The Number Behind the Trade

SK hynix reported quarterly revenue of 104.62 trillion won and operating profit of 83.33 trillion won on October 28, 2026. Dividing profit by revenue gives a 79.7% operating margin, simple arithmetic on two reported numbers and extremely high for a manufacturer. The US-listed shares rose 13.3% to USD 164.70, but the exact US ticker was not stated in the material reviewed, so none is shown here. JPMorgan put the print 7% and 9% above consensus on two measures and said DRAM prices rose almost 30% and NAND about 25% from the prior quarter, per a recap, and Citi was also cited. One recap cites quarter-on-quarter growth of 32% in revenue and 38% in profit, while another quotes 10.9% for the Korean line, so figures should be checked against the release. Memory makers earn more when supply is tight and prices rise, but cycles have reversed before. A margin near 80% leaves a long way down. The Korean line rose 10.9% in one recap and 1.6% on October 29, so the US move is not a single global price.

iShares Semiconductor ETF (NASDAQ:SOXX): US Chips Take the Other Side

The Philadelphia Semiconductor Index rose 1.75% on October 28, 2026, with Micron up nearly 6%, Broadcom up more than 2% and 22 of its 30 members higher. Memory and networking were treated as the clearest beneficiaries of AI spending. Yet Nvidia, AMD and Intel were indicated lower premarket on October 29, down 1%, 3.3% and 3.6%, so the day starts with a split. The iShares Semiconductor ETF is a US-listed chip fund, but it follows a different index from the Philadelphia gauge, and no SOXX price move was verified. The index level is quoted at 11,674 in one recap and 11,684 in another, so only the 1.75% gain is used. A narrow rally can reverse, and Nasdaq-100 futures were down about 1.2% at 4:09 a.m. ET after software names plunged. Rates add pressure, with the Fed's hold at 3.75% to 4.00%, a December hike priced above 80% and the 10-year yield near 5.02% to 5.04%. Amazon and Intel report after the close on October 29.

Marvell (NASDAQ:MRVL) and Oracle (NYSE:ORCL): Two Ways to Read AI Spending

Marvell Technology fell 9.4% in premarket trading on October 29, 2026 after media reports that it is in advanced talks to buy Lumentum, which rose 4.3% in the same 4:09 a.m. ET snapshot. Neither company had confirmed the talks, and no price, structure or timetable was found, so this is a report, not an announcement. Acquirers often fall on worries about price, financing and integration, while targets rise on an expected premium. Oracle took the opposite path. It used its October 28 investor day to target USD 30 billion of free cash flow in fiscal 2029, data center capacity above 10 gigawatts by the end of fiscal 2028 and financing needs capped at USD 20 billion through May 2030, and the shares rose about 10.6% to USD 144.34. Those are management goals from a single detailed account, not results. MRVL is a premarket reaction to an unconfirmed report, and ORCL is a reaction to promises that still need quarterly proof. Both can reverse at the 9:30 a.m. ET open. Watch for a joint statement, a Form 8-K or a regulatory filing from Marvell, and for analyst model changes and quarterly spending updates from Oracle. Higher interest rates matter for both.

Where Things Stand

The memory print lifted SK hynix and parts of US chips, but it did not lift every market: the Kospi fell 2.2% as Samsung dropped 5.4%, and Nvidia, AMD and Intel were indicated lower. EWY (NYSEARCA:EWY) and SOXX carry the Korea and chip exposure with no verified price move, MRVL reflects an unconfirmed deal report, and ORCL reflects unproven targets. The 79.7% margin is a snapshot of a price cycle. The next signals are the Bank of Japan decision on Friday, the 9:30 a.m. ET open and Amazon and Intel results. Nothing here is advice.