Zero One Daily Intelligence Brief — June 29, 2026

Samsung and SK Hynix slide as Korea bets US$1.3tn on a decade of chips

Top Market Signals

Korea's US$1.3tn chip bet sends memory shares lower

Samsung Electronics (005930 KS) and SK Hynix (000660 KS) fell on June 29, declining 4.7% and 3.1% in early Seoul trade, as the two groups prepared to unveil a combined 2,000 trillion won (US$1.3tn) plan to invest across chips, AI data centers and advanced packaging over the next decade.

The plan, presented at a presidential briefing in Seoul, anchors President Lee Jae-myung's "Three Mega Projects for the Great Leap Forward" industrial strategy. According to Korea Economic Daily reporting, Samsung and SK Hynix are each expected to build 4 to 5 new wafer fabs in the southwestern Gwangju region, with Samsung adding an advanced-packaging plant in South Chungcheong and SK Hynix expanding NAND flash capacity in North Chungcheong.

Korean media put Samsung's share alone at over 1,000 trillion won (about US$646bn), spanning fabs, AI data centers, packaging, batteries and displays. That figure reportedly includes roughly 300 trillion won for new fabs and 360 trillion won at the Yongin chip cluster, though the reports did not make clear whether the numbers overlap.

The selloff reflects the scale of the spending rather than weak demand. With HBM (high-bandwidth memory) still supply-short and memory prices climbing, investors are weighing a decade of heavy capex against near-term cash returns. Local media also tied the volatility to forced unwinding of leveraged single-stock ETFs tracking the two names, and the KOSPI fell about 3%.

Our June 26 Blade flagged Korea readying its largest ever chip spending plan. Today's briefing attaches the number and the fab count to it, and the market's first reaction was to sell.

Linked stocks: 005930 KS, 000660 KS

Sources: TechNews, 即將宣布十年投資逾1兆美元 三星、海力士股價重挫, 南韓將推「三大計畫」 傳三星、SK將在10年內投資1.3兆美元

MediaTek's ASIC revenue seen reaching US$40bn by 2028

MediaTek (2454 TT) drew a Street-high NT$10,000 price target from Macquarie, which lifted its 2028 ASIC revenue forecast for the company to US$40bn from a prior US$18bn, three trading days after the stock hit limit-down on fears Qualcomm had taken a major ASIC customer.

Macquarie attributes the upgrade to a next-generation TPU project moving to a more advanced process node in 2028, which it expects to more than double ASP (average selling price), plus continued share gains against Broadcom (AVGO US). The broker also flagged potential upside from a new CPU project at a second large US cloud-service provider.

On smartphones, Macquarie cut MediaTek's 2026 and 2027 EPS estimates by 16% and 11%, citing sustained memory price increases that are pushing consumers toward lower-cost 4G handsets and weighing on the high end. It raised its 2028 EPS estimate 71% on the ASIC ramp, valuing the stock at about 35x 2028 earnings. It expects MediaTek's flagship SoC to have a strong chance of entering Samsung's Galaxy S line.

The report follows Friday's selloff, when MediaTek fell to limit-down and foreign investors sold over 5,200 lots after Qualcomm's AI data-center push reportedly won Meta as an ASIC customer. Shares were little changed in early Monday trade near NT$3,900.

Linked stocks: 2454 TT, AVGO US, QCOM US

Sources: 力挺聯發科成下一檔萬金股！外資目標價喊上 10,000 元新天價, 澳系外資升聯發科目標價 上修 ASIC 營收在2028年可望達400億美元, 焦點股》聯發科：外資送暖 訂出10000元驚天目標價

Micron jabs Apple as memory pricing power flips to suppliers

Micron (MU US) publicly pushed back on Apple (AAPL US) over surging memory prices, with chief commercial officer Sumit Sadana telling the Wall Street Journal that years of customers demanding rock-bottom prices in downturns had curbed industry investment and helped create today's shortage, a rare shot at a top customer that analysts read as a power shift toward memory suppliers.

Sadana did not name Apple, but his comments came after Apple CEO Tim Cook publicly blamed the memory shortage and price spikes on tight supply. The exchange marks a reversal of roles: Apple's purchasing scale long made it the industry's toughest price negotiator, but the generative-AI surge in HBM demand has handed pricing power to memory makers.

The dispute points to a structural change in how memory is bought and sold. Analysts expect short-term price haggling to give way to long-term agreements. Micron has disclosed 16 supply commitment agreements that lock in volume and pricing with customers, which it describes as a profit moat behind a record fiscal third quarter (revenue about US$41.5bn at a gross margin near 85%).

Apple is trying to diversify, lobbying Washington to allow purchases of memory from China's CXMT, according to the Financial Times. That route is complicated: CXMT sits on the US Defense Department's Chinese military company (1260H) list.

Linked stocks: MU US, AAPL US

Sources: 砍價王踢鐵板！美光罕見酸蘋果：落入記憶體荒是「低價逼宮」的報應, 美光CEO揭露SCA協議　客戶為何甘願鎖定最高與最低價？

Taiwan joins an Intel-SoftBank push past HBM

Powerchip (6770 TT) and AP Memory (6531 TT) have joined a US-Japan-Taiwan effort to commercialize a next-generation memory architecture called Z Angle Memory (ZAM), positioning Taiwan to help challenge Korea's grip on high-bandwidth memory.

ZAM is being developed by SaiMemory, a next-generation memory venture backed by Intel (INTC US) and SoftBank (9984 JT). According to DigiTimes, the research team recently disclosed a 9-layer 3D stack at a major semiconductor conference, aimed at the high-bandwidth, high-capacity needs of AI training and inference.

The move matters because HBM today is dominated by SK Hynix and Samsung, with Micron third. A credible US-Japan-Taiwan alternative would widen AI memory supply beyond Korea, the same diversification logic now pulling Taiwanese DRAM names into NVIDIA platforms. It also gives Powerchip and AP Memory, both outside the HBM oligopoly, a path into the AI memory stack.

Linked stocks: 6770 TT, 6531 TT, INTC US

Sources: 力積電、愛普加入美日台ZAM梯隊成形　挑戰HBM南韓霸權？

Innolux pivots to glass substrates for TSMC's CoPoS line

Innolux (3481 TT), one of Taiwan's largest panel makers, is positioning itself as a supplier for TSMC's (2330 TT) next-generation panel-level packaging platform CoPoS (chip-on-panel-on-substrate), using its large-format glass substrates and panel-process capability to move into advanced packaging.

CoPoS replaces the round silicon wafer with a large square glass panel. Innolux says its G3.5 glass substrate (620 by 750 millimeters) lifts material utilization above 95%, versus 70% to 80% for round wafers, fitting more chips per run and lowering cost.

The company updated its Chip-Last and CoPoS roadmap to cover system-in-package, chiplet integration and high-performance computing, including a high-end design with 10 metal and 10 passivation layers (10M10P) for AI servers, far above the 4 to 6 build-up layers of typical organic substrates, to support HBM and multi-GPU data transfer.

Glass is treated as the core enabler, with lower warpage and dielectric loss than organic substrates. Innolux is running CoPoS glass-substrate validation with TSMC and Japan's Ibiden (4062 JT), and works with local equipment makers including UWC (3580 TT). Volume production is seen around 2028 to 2030.

Linked stocks: 3481 TT, 2330 TT, 4062 JT

Sources: cnYES 鉅亨網

Pegatron triples capacity to chase an NT$100bn AI server year

Pegatron (4938 TT) plans to expand its Taiwan AI server capacity to three times the current level to meet a tenfold growth target, with industry estimates putting this year's AI server revenue on track toward NT$100bn.

The company has brought a former HTC (2498 TT) plant in Taoyuan into mass production this month and will lease nearby space to keep its industrial cluster, after closing an older Xindian site that lacked the power and floor loading for AI server production. It builds rack levels L6 through L11, with global L11 racks tested in Taoyuan before shipment, and will add support from US and Mexico plants.

Chairman Tung Tzu-hsien said international customers continue to ask Taiwan suppliers to expand, and that the Taiwan-plus-one pressure has eased. Pegatron set up a cloud business group in May with 4 to 5 business units serving different customers, from full-rack L11 ODM work to pure OEM and board-level supply for NVIDIA (NVDA US), NeoClouds and CSPs.

Pegatron is also investing in NeoCloud operators, having taken stakes in Lambda Labs and Together AI, as the six largest CSPs spill compute demand to smaller data-center operators. Affiliate Asrock Rack (7711 TT) is helping win cloud ASIC server orders.

Linked stocks: 4938 TT, 7711 TT, NVDA US

Sources: 和碩 AI 伺服器急行軍、2026年拚千億 桃園將租廠擴3倍產能

先聲 First Word — Exclusives from Chinese-Language Sources

E Ink hits limit-up as optical-adhesive unit ramps

E Ink (8069 TT) jumped to limit-up, rising 10% to NT$214.5 in early trade, as its optical-materials affiliate began volume shipments of solvent-free optical clear adhesive and its core e-paper business held firm, with May revenue of NT$3.28bn, a nine-month high. The move shows demand building for large-format color e-paper signage, now adopted by Philips, Samsung, Sharp and LG for outdoor displays. (29 Jun 2026) Source: 元太內外皆美 股價早盤強攻漲停

ShunSin confirms TSMC COUPE tie-up, lifts CPO capex

ShunSin Technology (6451 TT), a Foxconn packaging and test arm, confirmed it is collaborating with TSMC on the COUPE co-packaged optics platform and will raise capital spending toward NT$5bn for CPO (co-packaged optics) and optical circuit switching. The move plugs a Foxconn affiliate directly into the optical-engine packaging supply chain as CPO ramps. (29 Jun 2026) Source: 訊芯證實台積COUPE合作　資本支出上看50億投入CPO、OCS

Elan enters optical chips, hits a 54-month high

Elan Microelectronics (2458 TT) is moving into the optical communications chip market with US partner PETA Optronics, targeting AI PCs, autonomous vehicles and optical networking as new growth engines; the stock rose 7.56% to NT$185, a 54-month high. The move pushes a traditional PC touch-controller supplier into silicon photonics for AI servers and data centers. (29 Jun 2026) Source: 焦點股》義隆電：大舉跨足光通訊市場 衝54個月新高