1) 一句话结论
今晚 SEC after-close sweep 有两条可交付更新：SK hynix F-1 把核心 HBM 供应商变成 SKHY 美股 ADS 待上市观察标的；GPUS 则用 8-K/正式 MSA Exhibit 把早盘的 Michigan 20MW AI compute 合同从 PR-only 强化为 filed-contract 证据。

2) 新增/增强关系

- SK hynix / planned SKHY ADS
- 关系： SK_HYNIX -> SKHY_ADS_LISTING_2026；SK_HYNIX -> HBM/ADVANCED_PACKAGING/SEMICAP capex-capacity signal；NVDA -> SK_HYNIX memory-supplier edge strengthened by F-1 corroboration。
- 证据： 2026-06-24 Form F-1
<https://www.sec.gov/Archives/edgar/data/2120882/000119312526280172/d32785df1.htm>
- 关键数字：
- Planned Nasdaq ADS symbol: SKHY，尚未交易。
- Board authorized up to 17.79M new common shares represented by ADSs，约 2.5% outstanding。
- Q1 2026 IDC share：HBM revenue share 56.4% #1；DRAM incl. HBM 29.1% #2；NAND 18.5% #2。
- Q1 2026 revenue ₩52.576T / US$34.510B；Q1 capex ₩7.657T / US$5.026B；FY2025 capex ₩27.519T / US$18.063B。
- M15X HBM/next-gen DRAM wafer input began Q1 2026；Yongin phase-1 cleanroom expected Q1 2027；P&T7 advanced packaging end-2027；Indiana advanced packaging H2 2028。
- Confidence： high for filing/listing/capex evidence；medium for order/backlog conversion。
- Risk label：保守核心 / 交易性增强 — 这是核心瓶颈供应商的公开交易入口和 capex 证据，不是小票订单爆点。

- GPUS / Hyperscale Data — Michigan AI compute MSA
- 关系： existing GPUS_MICHIGAN_AI_COMPUTE_MSA_2026 strengthened；evidence upgraded from PRNewswire to official 8-K filed definitive MSA.
- 证据： 2026-06-24 after-close Form 8-K / Exhibit 10.1
<https://www.sec.gov/Archives/edgar/data/896493/000121465926007704/ex10_1.htm>
- 关键数字：
- Initial 20MW critical IT power for AI compute, split into 10MW Phase 1 + 10MW Phase 2。
- Target delivery: 90 / 180 days after 2026-06-23 MSA date。
- Security deposit US$5.6M；up-front non-recurring charge US$5.0M。
- Customer-funded fit-out；ROFO for up to 32MW additional power, matching potential 52MW total expansion.
- Morning economics retained: 20MW maximum-term revenue >$1.2B；52MW expanded/extended potential >$3.0B。
- Confidence： medium-high for MSA existence；medium for revenue conversion。
- Risk label：激进事件 / 避雷观察 — filed contract is real, but customer redacted, deployment/financing/supplier/GPU details still missing.

3) 交易/观察含义

- SKHY：不是已上市交易信号，但应加入 IPO/listing watch。若 ADS 定价/生效/首日交易确认，可能让美股盘前直接交易一个核心 HBM 供应商，而不是只通过 MU/NVDA/SMH 间接表达。对 MU 也有相对比较意义：SK hynix F-1 给出了更硬的 HBM share/capex/capacity baseline。
- GPUS：正式 MSA exhibit 抬高证据质量，可能继续刺激隔夜/盘前 microcap 情绪；但这是高 beta / dilution / execution-risk 事件，不应按“确定收入 backlog”处理。
- 已更新并推送：graph、backlog tracker、IPO watchlist、Mermaid topology 和 dated note；commit b37433b.

4) 下一验证点

- SKHY / SK hynix：F-1 amendment、pricing/effectiveness、official first-trading date/live quote；ADS size/net proceeds；HBM SKU/customer allocation；NVIDIA/customer confirmations；M15X/Yongin/P&T7/Indiana ramp；equipment supplier awards。
- GPUS：客户身份/credit；$5.6M deposit 与 $5.0M upfront NRC 是否实际到账/保留；Phase 1/2 是否按 90/180 天交付；late-Sep/Q4 workload deployment；revenue recognition；$100M–$120M retrofit financing；GPU/server/network/power/cooling supplier awards；32MW ROFO 是否行权。