Bottom Line
Samsung posted a record KRW 57.2T Q1 operating profit (YoY +85%), confirming the memory super-cycle.
Reading depth
- Samsung's KRW 57.2T Surprise: Memory Super-Cycle ConfirmedSamsung's Q1 2026 operating profit of 57.2T won is 1.8x the 2018 supercycle peak. It proved in numbers that memory is the core beneficiary of the AI supercycle.Jump to section
- 4/8 US-Iran 2-Week Truce: Five Weeks of Conflict PausedTrump's 2-week pause on Iran strikes flipped global assets into a risk-on rally. WTI -16% and KOSPI +6.87% priced in a pause to five weeks of conflict.Jump to section
- Weekly Index Performance: Best Week Since NovemberApril's week two was a V-shaped rebound, the best weekly return since November. Samsung's surprise and the truce rally overlapped as VIX fell 35%, ending the risk-off cycle.Jump to section
- CPI 3.3%: Energy Inflation Absorbed, Core Remains Well-BehavedMarch headline CPI of 3.3% was energy-lifted, but core at 2.6% stayed well-behaved. The market absorbed it calmly, expecting disinflation after the 4/8 oil crash.Jump to section
- Crypto & Commodities: BTC $73K Reclaim, Fear EasesCrypto woke late in the week as BTC reclaimed $73K. The Fear & Greed Index snapped from 22 to 58, a clean exit from March's extreme-fear regime.Jump to section
- Week Ahead: Islamabad Breakdown & Hormuz Re-Blockade RiskPhase one of the V-shaped rebound is done, but the Islamabad collapse and the 4/21 truce expiry remain event risks. Next week points to a selective, higher-vol tape.Jump to section