Zero One Investment Research Daily Intelligence Brief, July 9, 2026

SK Hynix's US$28bn listing is seven times oversubscribed as China reopens to NVIDIA's H200

Top Market Signals

Investors oversubscribe SK Hynix's US$28bn listing seven times

SK Hynix (000660 KS) has drawn orders covering its US$28bn US ADR sale more than seven times over, closing its books early and putting the deal on track to list on Nasdaq on 10 July, with the memory rally spilling into Taipei where Nanya Technology locked limit-up ahead of its results call.

Reuters-sourced reports say US institutions placed orders starting around US$200m, with the largest single tickets above US$1bn. Baillie Gifford, Coatue Management and Situational Awareness Partners had already indicated interest in buying up to a combined US$7bn of the ADRs. Bookbuilding closed at 4pm New York time on Wednesday, price guidance follows Thursday's Seoul close, and final allocations settle later Thursday US time.

The offering covers 17.79m new common shares sold as 177.9m ADRs, with 10 ADRs representing one share. Local reports rank the deal as the second-largest equity offering on record, behind SpaceX's US$85.7bn IPO last month and ahead of Saudi Aramco's US$25.6bn in 2019 and Alibaba's 2014 listing. Our 6 Jul 2026 Blade flagged the launch as giving US investors direct access to NVIDIA's lead supplier of HBM (high-bandwidth memory, the stacked memory that feeds AI processors); the order book shows that demand survived the past week's semiconductor pullback intact.

The read-through hit Taiwan on 9 July. Nanya Technology (2408 TT) locked limit-up at NT$435.5 before its 10 July results call, where local analysts expect 2Q26 gross margin to clear 70% after 67.9% in 1Q26; June revenue rose 621% YoY, an eighth straight monthly record. Etron and Elite Semiconductor also hit limit-up, Winbond rose more than 8% intraday, and Phison and Macronix gained more than 5%. Nanya president Pei-Ing Lee said customers are asking to sign contracts of two to three years or longer, with supply tightness expected to last at least through the end of 2027. In Seoul, SK Hynix jumped more than 9% and the KOSPI rose about 4%.

Linked stocks: 000660 KS, 2408 TT, 2344 TT, MU US

Sources: 280億美元ADR遭瘋搶！SK海力士爆逾7倍超額認購, SK 海力士245億美元 IPO 爆搶購！南亞科法說倒數 記憶體躍台股多頭主力, 焦點股》南亞科：法說前夕買盤搶進 亮燈漲停, 亞股大復活！韓股飆逾4％ 日股強彈近1500點

China cracks the door open for NVIDIA's H200

China plans to let top AI companies including Alibaba, ByteDance and DeepSeek buy limited quantities of NVIDIA's (NVDA US) H200 AI chip, The Information reported, the first opening in Beijing's procurement ban, and NVIDIA shares rose 3.65% to US$204.12, their highest close since 22 June.

Officials told the three companies in recent weeks that they may soon receive purchase permission, per the report. The allowed quantity is still under review, with the report suggesting a final figure around 200,000 units, less than half of what Chinese companies have requested. Washington cleared H200 sales to certain Chinese customers last December; Beijing's own restrictions have blocked the purchases since.

The H200, launched in 2023, carries more high-bandwidth memory than the H100 and roughly twice the performance of the China-spec H20, but it sits on the older Hopper architecture, two generations behind NVIDIA's current line, with the newer Rubin chips due to ship from fall 2026. Even a full allowance would leave Chinese buyers behind the frontier, and DigiTimes reports Chinese buyers have been shifting orders to domestic suppliers through the squeeze.

The policy crack lands with NVIDIA's valuation at multi-year lows. Even after Wednesday's bounce, the stock trades at a forward P/E of 22.2x, the lowest since June 2019 per Yahoo Finance data, against 73.5x at AMD and 137x at Intel, with market value down about US$1tn from the mid-May record. Bank of America semiconductor analyst Vivek Arya attributes the pullback to memory costs pressuring gross margin, competition from custom ASICs, and investors diversifying their AI holdings.

NVIDIA also pushed back on the supply-chain worry that opened the week. Our 6 Jul 2026 Blade flagged SemiAnalysis's report that the Kyber rack architecture could slip about a year to 2028 on a circuit-board bottleneck; the company has now told Citi its roadmap is "fully intact" and the NVLink configurations shown at Computex are unchanged, adding that co-packaged optics is in production with customer adoption interest described as high.

Linked stocks: NVDA US, 9988 HK, AMD US

Sources: 中國擬有條件放寬輝達 AI 晶片採購禁令，實際數量可能不及市場需求一半, 美媒：中國准許阿里巴巴、字節跳動與DeepSeek採購輝達H200, 輝達超便宜？CPO 需求夯、H200 傳喜訊 P/E 再探底, 輝達不香了？市值蒸發1兆 本益比遭超微、英特爾輾壓 3大兇手曝光

Apple puts US$30bn behind US-made Broadcom chips

Apple (AAPL US) confirmed a multi-year agreement with Broadcom (AVGO US) worth more than US$30bn running through 2031, covering chips designed and produced in the US, and Broadcom shares rose more than 6%, their biggest gain since February 2026.

The agreement calls for at least 15 billion chips to be produced in the US and includes US$1.5bn to expand Broadcom's own manufacturing site in Fort Collins, Colorado. Apple CEO Tim Cook thanked the Trump administration and called the Fort Collins components critical to device performance and connectivity; Broadcom CEO Hock Tan said the commitment lets the company expand its Colorado production footprint. TechNews reports this is the largest single commitment inside Apple's US$600bn four-year US investment program.

On product scope, Broadcom continues to supply the wireless and RF (radio-frequency) components that support Apple's C1, C1X and C2 modem chips, and the two companies will co-develop a custom ASIC (application-specific integrated circuit) for AI workloads. Reports tie that work to Apple's first AI server chip, code-named Baltra and in development since 2024, expected on TSMC's (2330 TT) N3E process with a chiplet design, with Foxconn reported as the server assembler and Lenovo assisting on system design.

Our 7 Jul 2026 Blade flagged Broadcom's 8-K disclosing custom AI chips for Apple through 2031; the confirmed deal value and the US manufacturing plan are the new pieces. The structure folds Apple's silicon supply deeper into the US-production push, and TechNews reports the 15 billion US-made chips may eventually include iPhone and Mac chips outsourced to Intel's 18A-P process from 2027.

Linked stocks: AVGO US, AAPL US, 2330 TT

Sources: 蘋果與博通達成 300 億美元規模協議，市場關注蘋果首款自研 AI 伺服器晶片, 蘋果與博通達300億美元協議　響應川普本土製造政策

Taiwan's board-material makers push price hikes into 2027

Taiwan's four copper-clad laminate (CCL, the copper-and-resin sheets at the base of high-end circuit boards) makers all posted record June revenue, and producers plan further price increases of at least 10% in 3Q26 and 4Q26, with hikes possibly extending into 2027.

China's CCL leader Kingboard has raised prices six times this year, and Elite Material (2383 TT), Taiwan Union Technology (6274 TT), ITEQ (6213 TT) and TenFlex (6672 TT) have followed with their own increases. Elite Material has been running at full capacity since last year and is selling everything it produces; it has started a two-year expansion across Taiwan, China and Malaysia targeting 9.45m sheets of total capacity by the end of 2027, and local analysts see it overtaking Korea's Doosan as the largest CCL supplier by shipment value in the NVIDIA chain.

The upgrades are demand-led. Taiwan Union Technology's M8-grade CCL enters 1.6-terabit network switches at a major customer in 2H26, and ITEQ's M7 and M8 materials have qualified into AI GPU, custom-chip and high-speed switch applications, with its new Thailand plant still expanding.

One layer down, the same squeeze holds. IC-substrate maker Unimicron (3037 TT) posted a fourth straight record month in June at NT$14.9bn, up 36.3% YoY, and ABF substrate (the build-up film substrate under large AI chips) prices are set to keep rising in 2H26 as AI products enter volume production at mid-year and the supply gap widens.

Linked stocks: 2383 TT, 6274 TT, 6213 TT, 3037 TT

Sources: 漲價擴產不歇》銅箔基板廠 下半年營運更旺, 焦點股》欣興：6月營收飆新高 下半年ABF載板再調漲

A new memory standard skips the costliest packaging

JEDEC, the memory industry's standards body, has published SPHBM4, a specification that runs HBM4 memory stacks over a narrow 512-bit interface fast enough to sit on standard organic substrates, removing the silicon interposer and the advanced packaging step that high-bandwidth memory requires today.

The standard, JESD330-4, keeps the same HBM4 DRAM stacks but swaps the conventional base die for a new PHY/buffer die with a 512-bit external interface, one quarter the width of HBM4's 2048 bits. To hold bandwidth, it groups the stack's 32 internal channels into eight quad channels and runs the external pins at data rates of 22.4 to 46.0 GT/s, roughly four times HBM4's per-pin speed. The DRAM core itself is unchanged, so the standard adds some latency and does nothing to relieve the DRAM shortage.

The relief is on the packaging side. Wide HBM interfaces today require silicon interposers and capacity-constrained advanced packaging such as TSMC's (2330 TT) CoWoS (chip-on-wafer-on-substrate) for integration with processors, one of the tightest chokepoints in AI hardware. A standard that delivers HBM4-class bandwidth on inexpensive organic substrates gives accelerator designers a cost lever and a route around that bottleneck for designs that can accept the trade-offs.

Our 8 Jul 2026 Blade flagged Intel's XBM patent, which targets a lower-cost replacement for HBM4 after 2030; SPHBM4 is the nearer-term, industry-standard route at the same cost problem. The open question is whether memory and accelerator vendors adopt it.

Linked stocks: 2330 TT, MU US, 000660 KS

Sources: Tom's Hardware

Phison's June revenue quadruples as storage stays scarce

Phison (8299 TT), Taiwan's NAND controller and storage-solutions maker, reported June revenue of NT$24.85bn, up 9% MoM and more than 300% YoY, a monthly record that takes first-half revenue past NT$100bn for the first time in the company's history.

First-half revenue of NT$108.9bn rose more than 240% YoY. CEO Pua Khein-Seng said global NAND demand keeps growing as generative AI moves from model training into large-scale inference, supply remains tight with no clear sign of relief, and order visibility on some cloud-service-provider and AI projects now extends to 1H27.

The mix shows where the growth sits. June mobile-controller shipments rose 47% YoY even as global smartphone shipments are forecast to decline, and PCIe SSD boot-drive products grew 5,600% YoY on demand from general servers, AI servers and AI networking. Phison expects price-competitive retail storage to fall below 5% of revenue as enterprise SSD and higher-value AI storage products take a larger share.

Linked stocks: 8299 TT, 2337 TT, MU US

Sources: 群聯6月營收續創新高 上半年突破千億元也締新猷, 群聯 6 月營收年增逾 300% 創新高，潘健成指 NAND 需求仍高度成長

先聲 First Word: Exclusives from Chinese-Language Sources

A parts shortage dents Catcher's laptop-casing revenue

Catcher Technology (2474 TT) reported June revenue of NT$805m, down 55.1% YoY, blaming a shortage of key electronic components that held back notebook shipments, and expects monthly improvement from July as AI products enter volume production, with more AI server projects starting from 1Q27. The component squeeze in the AI chain is now cutting monthly revenue at downstream casing makers rather than only raising their input costs. (9 Jul 2026) Source: 料件短缺拖累可成6月營收 隨AI產品出貨看好7月起營收逐月改善

Taiwan debuts a home-grown robot-dog platform

Taiwan's Ministry of Economic Affairs unveiled an ITRI-led four-legged-robot development platform built with Solomon (2359 TT), Compal (2324 TT), Inventec (2356 TT) and TECO (1504 TT), covering components, modules and AI software, with two completed prototypes including the country's first fire-certified robot dog, tested 2 meters from a fire source under a 100-degree-Celsius ceiling. The platform has trained more than 4,000 virtual robot dogs on NVIDIA's Taipei-1 supercomputer and Omniverse, giving Taiwan an open domestic alternative to the closed architectures of foreign robot makers. (8 Jul 2026) Source: 國產四足機器人問世！所羅門、仁寶等大廠建構MIT機器人生態系

WNC's June revenue jumps 84% on satellite demand

WNC (6285 TT) posted record June revenue of NT$15.87bn, up 30.4% MoM and 84.4% YoY, driven by strong pull-in of low-earth-orbit satellite terminals from a US customer plus Wi-Fi 7 enterprise upgrades, and the stock gapped up to limit-up at NT$276.5. Satellite broadband commercialization is now large enough to move monthly revenue at Taiwan's networking ODMs. (9 Jul 2026) Source: 營收好旺！啓碁亮燈漲停