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· Post-Market Alpha · by Buzzberg Research
TheValueist flagged December 2027 WTI at a contract high and capped refining cracks, Jukan relayed Samsung's plan to build the NVHBM base die on TSMC 3nm, and Jim Liu detailed a Microsoft spec miss that delays IREN's H2 by 45 days.
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Market Radar →Samsung will reportedly make Nvidia's NVHBM base die on TSMC's 3nm process
Per Korean media reports relayed by Jukan, Samsung decided to manufacture the NVHBM base die on TSMC's 3nm process at Nvidia's request, while validating in-house production in case NVHBM demand exceeds TSMC's capacity.
According to Korean media reports, Samsung Electronics has decided to manufacture the NVHBM base die using TSMC’s 3nm process at
Samsung has not ruled out its own foundry as a backup source for the base die.
Watch Whether Samsung validates in-house production of the NVHBM base die.
Source →Foreign investors rotated from Korean tech into defensives like US healthcare, says Paradis
Over the past week foreign investors moved capital from Korean tech into defensive sectors; hedge funds net bought US healthcare at the fastest pace in seven months, driven by short covers outpacing long buys 2.2 to 1, and Korean pharma outperformed tech.
I have been saying for months that foreign inflows will determine KOSPI's destiny:
Paradis says foreign inflows will determine KOSPI's direction.
Watch Foreign flows back into Korean tech.
Source →December 2027 WTI hit a contract high, leaving refining cracks capped, says TheValueist
Dec 2027 WTI settled at $80.54 on October 16, a new contract high up from $56 in December 2025, while Nov 2026 settled at $101.41; with Dec 2027 diesel near $150 a barrel and a $69.57 diesel crack, TheValueist argues further crude gains must compress the crack.
$VLO $MPC $PSX $DK $CLMT BACK-END CRUDE IS RISING. THE CRACK IS THE LEG WITH THE CEILING.
TheValueist sees the risk to refining margins as compression from the top.
Watch Whether back-end crude rises another $5 or $10, which TheValueist says products cannot follow.
Source →A Microsoft spec miss means a 45-day design-change delay for IREN's H2, says Jim Liu
Liu says the miss was in both the specs Microsoft provided and the H1 acceptance test; H1 keeps billing while new specs are implemented as maintenance over four months, and H2 faces a 45-day design-change delay.
$IREN: H2 Root Cause Analysis Update I got more information tonight confirming that the issue stems from either MSFT AI
Liu says it was Microsoft's responsibility to give full requirements because it owns the model and platform layers.
Source →The KBW Bank Index fell for six straight weeks, its longest streak since 2008
The index fell 11% over the streak to its lowest level since the first week of June, with Bank of America, State Street and Citigroup down 18%, 14% and 10%.
Large US bank stocks are under historic pressure:
Kobeissi says the decline comes amid concern over AI disrupting financial services and higher rate expectations, and that mixed Q3 results failed to ease the pressure.
Source →