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· Premarket Alpha · by Buzzberg Research
IBM profit warning signals AI hardware spending cannibalizing software budgets
IBM CEO reported that customers are cutting software and consulting spending to fund expensive AI server storage and memory, a trend expected to persist across the software sector for 1-2 quarters.
SK Hynix ADR premium gap and arbitrage constraints
SK Hynix ADR surged 27% following a Barclays overweight initiation, creating a ~50% premium over the domestic share price. Arbitrage is structurally limited by a fixed 17.79 million share conversion cap, meaning the price gap is unlikely to close via mechanical arbitrage.
ASML raises full-year sales guidance on AI demand
ASML increased its 2026 full-year net sales guidance to €43-45 billion, up from the previous €36-40 billion range, citing unrelenting demand for AI infrastructure.
PJM power grid capacity shortfall
The PJM power grid auction failed to secure sufficient capacity to meet projected demand, largely driven by the AI data center buildout, leading to higher wholesale power prices.
KOSPI correction overdone but recovery capped by retail leverage
The 25-30% KOSPI decline is not supported by global economic fundamentals or an AI bubble burst, but recovery will be slow due to psychological damage and trapped retail leveraged ETF positions at 7,600 and 8,200-8,400 levels.