Bottom Line
Week 18 (Apr 26-May 2) was the week when the Big Tech 4 earnings turned the CapEx guide into the single inflection point for the market.
Reading depth
- Big Tech 4 earnings — for now, the market only watches one CapEx numberThe single variable splitting the four Big Tech reactions was forward visibility on the capex guide. All beat, yet GOOGL +4% and META -6.15% diverged.Jump to section
- AAPL big beat + Cook's memory guide — the memory cycle reaches device makersThe key was not the numbers but Cook's one line. A device maker ceding memory pricing power to SK Hynix and Samsung shows the cycle spreading to devices.Jump to section
- KOSPI 6,690.90 ATH — Nomura SK Hynix PT raised to KRW 2.34MKOSPI set a record 6,690 on SK Hynix's 72% OPM and Nomura's 2.34M won PT raise. Doosan Enerbility's earnings validated power-equipment and nuclear fundamentals.Jump to section
- FOMC April 29 — most dissents since 1992; Powell's last press conferenceThe 4/29 FOMC was an 8-4 hold with the most dissents since 1992. Powell, in his last briefing, signaled an indefinite Board stay, reinforcing policy continuity.Jump to section
- Energy earnings + April close — beats but soft, S&P +5.5%The three energy majors closed -1~2% despite EPS beats, on refining margins and softer crude. It reaffirmed oil weakness sits above earnings as the macro variable.Jump to section
- Next week — KR mid-May earnings + memory big-2 super-cycle readsNext week is the back half of KR mid-month earnings and the memory supercycle read. How memory pricing power transmits to back-end and materials is the key.Jump to section