Xia Huihui’s weekend exclusive “stock market fortune-telling” (plain-language version)

Over the past four weeks, semiconductors have gone through one of the most violent declines in history.
Philadelphia Semiconductor Index: down 8%
Storage ETF (DRAM): down 17%
Semiconductor ETF (SOXX): down 10%
The pullback isn’t small, but there are no signs of panic at the trading level. It seems like it has already bottomed out, but no reversal signal has appeared yet.
Next week’s script: choppy recovery—waiting for SK Hynix’s earnings report the week after next.
At 8:00 AM Beijing time, the market opens in Korea. SK Hynix and Samsung Electronics open lower, then gradually recover. The biggest factor is still SK Hynix. The US stocks EWY and KORU are basically moving in sync.
Next week won’t be straight up; it’s more likely to be a choppy recovery.
The biggest time point: July 29 (next-next Wednesday)—SK Hynix’s fiscal year 2026 Q2 earnings report. Its impact is no less than Micron (MU) when it released its last earnings—fortunately, after Micron’s last earnings, it jumped directly by more than 15%.
On the same day, US-listed SK Hynix ADR (SKHY) and Korean stocks begin two-way conversion, with the exchange ratio: 10 ADRs = 1 share of Korean common stock.
Right now, SK Hynix in the US is about $154, while in Korea it’s about 117—an incredibly wide spread of around 30%. Once the arbitrage window opens, the pressure won’t be small.
July 29 is really the test.