Bahrain's Interior Ministry says an alarm has been sounded, the third today.

伊朗外交部：周六的马斯喀特会谈集中在霍尔木兹海峡的管理问题上，但美国通过施压阿曼阻止了在此问题上达成结果。

Korea Investment & Securities (KIS) projects SK Hynix Q2 operating profit at KRW 60.4 trillion, about 8% below the KRW 65 trillion market consensus. KIS says company fundamentals remain solid and profitability is strong, but HBM long-term contracts mute earnings cyclicality and HBM4 lacks the same short-term spot-price upside as commodity DRAM. KIS warns HBM4 pricing is highly uncertain: HBM4 is highly customized and includes logic units, so realized prices will depend on factors including NVIDIA contract pricing, HBM4 performance, power consumption and yields, allocation of advanced-packaging costs, whether NVIDIA will pay a supply-stability premium, and SK Hynix’s eventual order share — none of which are fully transparent. KIS likely used conservative HBM price and margin assumptions, which helps explain its below-consensus Q2 call. Crucially, ‘‘average selling price reverting to market average’’ should be read as SK Hynix’s overall DRAM blended ASP growth converging toward the market average as HBM4 scales, not HBM4 falling to commodity DRAM price levels. Memory fundamentals remain strong; main downside risk is macro.