한국어 Subscribe free

Videos

Not tips — dissections, then the score. The industries and stocks from our digest, taken apart on video and scored as they turned out. Audio is Korean; YouTube offers English auto-dubbing and captions.

▶ Subscribe on YouTube (free)

Deep dive · Semiconductors (4 parts)

Every Tuesday. One industry where money is moving, taken apart in numbers — the bull case, the bear case and what to watch.

The bottleneck moved to stacking and packaging — HBM bonding, CoWoS and substrates | Deep dive part 3

2026-10-20 · 8:16

The bottleneck in AI chips has moved from etching wafers to stacking and packaging them.
Five steps from HBM to an AI chip, how SK hynix (MR-MUF) and Samsung/Micron (TC-NCF) bond their stacks, and the road to hybrid bonding.
Who supplies the substrate materials (ABF film, glass-fiber cloth), who sets the roadmap, and four things to check next quarter.

Chapters

0:00	Intro
0:28	The big picture — five steps
1:10	① Packaging — CoWoS
2:03	② Stacking — the HBM tower
2:45	Bonding — three methods
4:14	③ The substrate
5:19	Testing and the next bottleneck
6:01	Who drives the roadmap
6:38	Bull vs bear
7:27	Four checks for next quarter
7:54	Wrap-up

Terms

HBM	High Bandwidth Memory — DRAM dies stacked and placed next to the GPU
CoWoS	TSMC's packaging that mounts chips on a silicon interposer, then on a substrate
MR-MUF	Bonding that reflows the stack at once and fills gaps with liquid resin
TC-NCF	Bonding that lays a film on each layer and presses with heat
하이브리드 본딩	Joining copper to copper directly, without bumps
ABF	Insulating film used to build substrate layers

Sources

JEDEC · SK hynix newsroom and filings · TechInsights (reported) · Hot Chips 2026 · TrendForce (Oct 5) · TSMC · Ajinomoto · Samsung Electro-Mechanics · SKC · JPMorgan, Goldman Sachs (reported)

Holdings: The creator holds Applied Materials, SK hynix and Samsung Electronics shares.

Chip equipment stocks dissected — Lam, Applied, KLA and where $38.8B of memory capex goes | Deep dive part 2

2026-10-13 · 7:02

$38.8B of equipment is going into DRAM fabs this year, up 39% — the fastest-growing part of chip equipment.
Where memory makers' money goes: which tools (deposition, etch, inspection) and which companies (Applied, Lam, KLA and Korean suppliers).
Why equipment stocks swing first in the cycle — and six indicators to watch.

Chapters

0:00	Intro — $38.8B, +39%
0:23	Deposition, etch, inspection
0:55	Steps HBM adds
1:30	How big the money is
2:18	Why DRAM grows fastest
2:53	Three companies — Applied, Lam, KLA
3:48	Korean equipment and parts
4:36	Bull case
5:04	Bear case
5:45	Checklist of six
6:23	Wrap-up

Terms

증착	Deposition — laying thin films on the wafer
식각	Etch — removing material to form circuit patterns
검사·계측	Inspection and metrology — measuring and finding defects

Sources

SEMI equipment forecast (Jul 14, 2026) · Applied Materials FQ3 2026 · Lam Research and KLA June-quarter results · Micron FQ4 2026 · TrendForce · Korea Exchange

Holdings: The publisher held Applied Materials, Micron, Samsung Electronics, SK hynix and a 3x semiconductor-index ETF (as of Oct 9). Not Lam Research or KLA.

The HBM memory outlook — SK hynix, Samsung, Micron and why HBM eats three times the wafers | Deep dive part 1

2026-10-06 · 8:41

Micron's quarterly revenue is up 4.8x in a year at an 87% gross margin — memory booms have always ended in busts; will this one?
Why AI uses so much memory, and why HBM needs about three times the wafers per bit.
Three different bets — SK hynix, Samsung, Micron — the bull and bear cases, and eight checks for when to revisit the cycle.

Chapters

0:00	Intro — 4.8x, another bust?
0:23	Memory per chip
1:03	Why HBM eats more wafers
2:20	How big the money is
2:50	Three companies, three bets
4:17	Bull case — three pillars
4:58	The accelerator and four brakes
6:06	Bear case
7:06	Investor checklist of eight
7:56	Wrap-up

Terms

HBM	High Bandwidth Memory — DRAM dies stacked next to the GPU
디램	DRAM — working memory chips
매출총이익률	Gross margin — revenue minus cost of goods, as a share of revenue

Sources

Micron FQ4 2026 results · NVIDIA product specs · TrendForce · Counterpoint · SK hynix Q2 2026 results · industry reports. Forecasts are the publishers' estimates.

Holdings: The publisher holds Micron, Samsung Electronics and SK hynix shares.

One-minute stock dissections

The stock with the firmest evidence in that week's digest, in one minute — then scored against its index the next week.

Up 16.4 points on the index, picked again — Jusung Engineering, dissection #3

2026-10-11 · 0:44

Dissection #1 scored: +13.33% from Sep 30 to Oct 8 while KOSPI fell 3.10% — 16.44 points ahead (a hit).
Why the rules picked it again: CXMT's equipment spending plan, and foreign buying intensity up from 1.7x to 3.4x.
Watch: an 11.1% one-day drop on Oct 7 and slowing institutional buying.

Holdings: We do not hold this stock and do not trade it around publication.

Up 47% in three months — why a refiner? Valero Energy, dissection #4

2026-10-10 · 0:42

Valero (VLO), the largest US independent refiner: +46.6% over 63 trading days vs +3.9% for the S&P 500.
Why: less crude through the Strait of Hormuz means wider refining margins.
Watch: recent volume at 0.79x its 50-day average; it moves with oil.

Holdings: We do not hold this stock and do not trade it around publication.

Selling AI servers by the rack — AMD, dissected

2026-10-04 · 0:58

Server CPUs (EPYC) and AI accelerators (Instinct): 58% of last quarter's revenue from data centers, up 107% in a year.
Helios — CPU, accelerator and networking in one rack — began shipping.
Scored the next week: −0.49 points vs the index (a miss).

Holdings: ZekiRex does not hold this stock and does not trade it around publication.

One atomic layer at a time — Jusung Engineering, dissected

2026-10-04 · 0:56

A maker of atomic-layer deposition (ALD) equipment for chips.
ALD's share of critical films is growing; first shipment of its atomic-layer growth (ALG) tool in May 2026.
Watch: Q2 revenue down 24% year on year; competitors make ALD tools too.

Holdings: ZekiRex does not hold this stock and does not trade it around publication.

Weekly scoring

Did the stocks in last week's digest beat their index? Hits and misses, as they were.

Only 5 of 14 'well-grounded' picks won — Korea/US weekly scoring (Oct 5–9)

2026-10-10 · 3:39

Scoring the stocks from the Oct 5–9 digests against their index.
Only 5 of 14 'well-grounded' picks beat it — misses included.

The firmer the evidence, the better the call — Korea/US weekly scoring (Sep 28–Oct 2)

2026-10-02 · 4:34

Scoring the stocks from the Sep 28–Oct 2 digests against their index.
That week, the firmer the evidence, the better the result.

About the channel

ZekiRex channel intro — stocks on evidence, not hunches

2026-10-11 · 1:02

Not tips but dissections — then the score. What this channel does, in one minute (Korean).

For information only; not investment advice. You are responsible for your own investment decisions.