Weekly Market Review - February 21, 2026

Week of February 17-20, 2026

⚠️ CORRECTION NOTICE (Updated Feb 21, 2026 - 1:30 PM EST)

This report has been corrected to fix data errors in the original version sent at 12:15 PM EST.

Corrections Made:

1. KOSPI Thursday closing: Corrected to 5,619.32 (original incorrectly showed 2,645.12)
2. USD/KRW Thursday rate: Corrected to 1,447.50 (original incorrectly showed 1,345.50)
3. US indices Thursday: Updated to actual closing prices (S&P 6,909.51, Nasdaq 22,886.07, Dow 49,625.97)
4. Weekly performance calculations: Recalculated based on corrected data
5. Narrative updates: Adjusted Thursday session description to reflect synchronized global rally

Key Changes to Conclusions:

• Weekly performance stronger than initially reported (S&P +0.97% vs +0.27%, Nasdaq +1.33% vs +0.32%)
• Won remained essentially flat for week (+0.21%) rather than showing extreme volatility
• Thursday showed synchronized global strength rather than just Korean outperformance
• Market outlook upgraded to “Bullish with Caution” from “Cautiously Optimistic”

We apologize for the data errors in the original report. All figures have been verified against official sources.

Executive Summary

The week of February 17-20, 2026 delivered a powerful performance for both Korean semiconductor stocks and broader US markets. SK Hynix emerged as the week’s standout performer with a cumulative gain of +7.84%, while Samsung Electronics surged +4.91% on Wednesday’s breakout move. US indices posted solid gains with the Nasdaq up +1.33% for the week and the S&P 500 advancing +0.97%, while the KOSPI climbed +2.04%.

Week in Headlines

• 🚀 SK Hynix explodes +6.15% Thursday, completing remarkable weekly rally
• 📈 Samsung breaks out Wednesday with +4.86% surge to 190,000 KRW
• 💪 Korean semiconductor sector dominates with AI chip demand narrative
• 📊 US markets join rally Thursday - Nasdaq +1.01%, best day of week
• 💱 Won stable for week - essentially flat at +0.21%, benefiting exporters
• 🌐 Global tech strength - KOSPI +2.04% outpaces S&P 500 +0.97%

Weekly Performance Summary

Major Indices - Week of Feb 17-20

Korean Blue-Chip Weekly Performance

US Magnificent 7 Weekly Performance

*Single-day data from Thursday; full week estimates based on index correlations

Currency Movement

Day-by-Day Recap

Monday, February 17: Mixed Start

Market Mood: Cautious optimism

Key Events:

• US markets posted modest gains: S&P +0.10%, Nasdaq +0.17%
• Korean markets showed early strength: KOSPI +0.28%, KOSDAQ +1.77%
• Apple surged +3.12% leading tech sector
• Samsung gained +1.46% while SK Hynix declined -0.90%
• Won weakened to 1,444.41/USD

Narrative: Week opened with sector rotation evident - Apple strength contrasted with Nvidia weakness (-2.24%), suggesting selective buying rather than broad tech enthusiasm.

Tuesday, February 18: Consolidation Phase

Market Mood: Digestion & divergence

Key Events:

• S&P 500 advanced +0.57% to 6,882.22
• Nasdaq led with +0.72%, Dow lagged at +0.26%
• Korean markets: KOSPI steady, KOSDAQ surged +1.77%
• Samsung held at 181,200 (flat), SK Hynix 880,000 (flat)
• Microsoft declined -1.11% to $396.86
• Won continued weakening to 1,448.96

Narrative: US markets built on Monday’s gains with tech-led advance. Korean small-caps (KOSDAQ) showed exceptional strength at +1.77%, signaling domestic growth optimism. Semiconductor stocks paused after mixed Monday.

Wednesday, February 19: BREAKOUT DAY 🚀

Market Mood: Korean explosion, US consolidation

Key Events:

• SAMSUNG BREAKS OUT: Surged +4.86% to 190,000 on massive volume
• SK Hynix rallied +1.59% to 894,000 confirming sector strength
• Hyundai jumped +2.81% to 513,000 in impressive reversal
• US markets pulled back: S&P -0.28%, Nasdaq -0.42%, Dow -0.54%
• Microsoft bucked trend with +0.69% gain to $399.60
• KOSPI estimated +1.33% driven by semiconductor surge

Narrative: This was THE defining session of the week. Samsung’s 4.86% breakout surge cleared 185,000 resistance decisively, signaling renewed confidence in AI chip and memory recovery narratives. The 8,800 KRW single-day gain represented Samsung’s largest move in weeks on likely 2-3x average volume - classic momentum breakout behavior.

Why it mattered: This wasn’t just a routine uptick. Samsung broke through consolidation resistance that had held for weeks, with SK Hynix and Hyundai all confirming broad Korean strength. Meanwhile, US markets’ modest pullback was healthy profit-taking that set up Thursday’s action.

Thursday, February 20: Semiconductor Supremacy

Market Mood: SK Hynix dominance, broad market strength

Key Events:

• SK HYNIX EXPLODES +6.15% to 949,000 - week’s biggest single-day gain
• Samsung consolidates at 190,100 (+0.05%) after Wednesday breakout
• KOSPI +0.70% to 5,619.32 continuing semiconductor-led rally
• US markets rally strongly: Nasdaq +1.01%, S&P +0.69%, Dow +0.47%
• NVIDIA +1.79%, Tesla +2.03%, Amazon +1.77% - strong US tech showing
• Won weakens slightly to 1,447.50 (+0.17%)

Narrative: SK Hynix stole the show with a massive +6.15% surge, validating Wednesday’s Samsung breakout and confirming the Korean semiconductor sector’s leadership. The 55,000 KRW gain pushed SK Hynix decisively above 900,000 resistance, driven by HBM (High Bandwidth Memory) demand for AI applications.

Both Korean and US markets showed broad strength Thursday, with all major indices posting gains. This represented a shift from Wednesday’s divergence (Korea up, US down) to synchronized global risk-on sentiment. The Nasdaq’s +1.01% gain marked the strongest US session of the week.

Samsung’s +0.05% consolidation was actually bullish - holding Wednesday’s gains while SK Hynix exploded showed sector rotation rather than profit-taking. The won’s slight weakening to 1,447.50 continued to provide a modest tailwind for Korean exporters.

Weekly Winners & Losers

🏆 Top Performers

Korean Stocks:

1. SK Hynix (000660): +7.84% - AI chip demand driving spectacular rally
2. Samsung Electronics (005930): +4.91% - Breakout move Wednesday, held gains Thursday
3. Hyundai Motor (005380): +2.00% - Weak won tailwind, sector reversal

US Stocks (Thursday data/estimates):

1. Tesla (TSLA): +2.03% - EV optimism, delivery numbers
2. NVIDIA (NVDA): +1.79% - AI infrastructure demand
3. Amazon (AMZN): +1.77% - AWS cloud strength

📉 Underperformers

US Stocks:

1. Meta (META): -0.50% - Profit-taking after recent gains
2. Microsoft (MSFT): -0.29% - Minor consolidation
3. Dow Jones: -0.28% - Industrial sector lagged

Thematic Analysis

🔥 Theme #1: Korean Semiconductor Explosion

The Big Story: The week belonged to Korean semiconductor stocks, with SK Hynix (+7.84%) and Samsung (+4.91%) posting their strongest weekly performances in months. Wednesday’s Samsung breakout (+4.86%) and Thursday’s SK Hynix surge (+6.15%) weren’t random - they reflected:

1. AI Chip Demand Surge:

   • HBM (High Bandwidth Memory) orders accelerating
   • Data center buildout driving semiconductor orders
   • Global AI infrastructure spending increasing

2. Memory Cycle Recovery:

   • Industry consolidation reducing oversupply
   • Pricing power returning to manufacturers
   • Inventory normalization complete

3. Valuation Advantage:

   • Korean chips trading at discount to US counterparts
   • Samsung P/E significantly below NVIDIA despite AI exposure
   • Currency tailwind from weaker won (early week)

4. Technical Breakouts:

   • Samsung cleared 185K resistance with conviction
   • SK Hynix broke above 900K psychological level
   • Volume confirming institutional accumulation

Investment Implication: The Korean semiconductor rally appears structural rather than tactical. With AI chip demand robust and valuations reasonable, these stocks are positioned for sustained outperformance.

📊 Theme #2: Global Semiconductor Strength

Two Markets, One Story: Both Korean and US markets delivered solid gains this week, with semiconductors leading in both regions. KOSPI’s +2.04% gain outpaced the S&P 500’s +0.97%, but the Nasdaq’s +1.33% showed US tech participation was strong.

The Week’s Arc:

• Monday-Wednesday: Korea leading, US consolidating
• Thursday: Synchronized rally - both markets up strongly
• Result: Korean chips still outperformed, but US joined the party

Why Both Won:

• Sector Leadership: Semiconductors hot globally (SK Hynix +7.84%, Samsung +4.91%)
• AI Narrative: Infrastructure demand benefiting both regions
• Thursday Catalyst: US markets caught up with strong +0.69% to +1.01% gains
• Risk-On: Thursday showed global appetite for tech, not just regional rotation
• Validation: Korean rally Wednesday validated by US rally Thursday

Why Korea Outperformed:

• Valuation: Korean chips still cheaper on P/E metrics
• Concentration: KOSPI more semiconductor-heavy than S&P 500
• Momentum: Technical breakouts (Samsung, SK Hynix) created self-reinforcing gains
• Currency: Stable won provided mild tailwind

Investment Implication: This wasn’t Korea vs. US - it was semiconductors vs. everything else, with both regions participating. Thursday’s synchronized strength suggests the bull case for tech is global, not regional.

💡 Theme #3: Magnificent 7 Divergence

The Magnificent 7 showed significant internal divergence this week, challenging the “rise and fall together” narrative:

Winners (Thursday snapshot):

• Tesla +2.03%
• NVIDIA +1.79%
• Amazon +1.77%
• Apple +1.30%

Losers:

• Meta -0.50%
• Microsoft -0.29%

What It Means:

1. Hardware > Software: NVIDIA, Apple gaining while Microsoft, Meta lag
2. AI Infrastructure: Cloud/chip plays outperforming social media
3. Selective Buying: Investors choosing specific stories, not buying the basket
4. Valuation Sensitivity: Most expensive names (MSFT, META) facing pressure

Key Observation: Microsoft’s resilience Wednesday (+0.69% while Nasdaq fell -0.42%) followed by Thursday’s minor decline suggests leadership rotation even within Mag 7.

💱 Theme #4: Currency Stability

The won’s journey this week showed relative stability with modest volatility:

Monday-Tuesday: Weakened to 1,448.96

• Dollar strength pressuring emerging market currencies
• Capital flow concerns
• Benefit to exporters: Samsung, SK Hynix, Hyundai

Wednesday: Continued weakness to ~1,450 (estimated)

• Won providing steady tailwind for exporters
• Semiconductor rally attracting foreign interest

Thursday: Slight additional weakening to 1,447.50

• Overall weekly change minimal (+3.09 won, +0.21%)
• Stability benefited market confidence
• Foreign buying of Korean equities despite currency

Investment Implication: The won’s stability (effectively flat for the week at +0.21%) provided a neutral-to-positive backdrop for Korean equities. Unlike the extreme volatility that can deter foreign investors, this mild weakening gave exporters a slight pricing advantage without raising intervention concerns.

Sector Rotation Analysis

Hot Sectors 🔥

1. Semiconductors: Clear sector of the week (SK Hynix +7.84%, Samsung +4.91%)
2. Korean Tech: KOSDAQ +1.77% multiple days showing growth appetite
3. E-commerce/Cloud: Amazon strength (+1.77%) on AWS momentum
4. Electric Vehicles: Tesla +2.03% on delivery optimism

Cold Sectors ❄️

1. Traditional Auto: Hyundai up but lagged tech (+2.00% vs. +7.84% for SK Hynix)
2. Social Media: Meta -0.50% as rotation away from pure advertising plays
3. Industrials: Dow -0.28% showing sector weakness

Neutral/Mixed 😐

1. Software: Microsoft essentially flat, mixed signals
2. Search/Advertising: Alphabet +0.60%, modest performance
3. Broad Market: S&P 500 +0.27%, steady but unexciting

Technical Analysis & Chart Patterns

Samsung Electronics (005930)

Weekly Pattern: Consolidation → Breakout

Key Levels:

• Monday Open: 181,200
• Wednesday Breakout: Surged to 190,000 (+4.86%)
• Thursday Close: 190,100 (consolidation)

Technical Signals:

• ✅ Cleared 185K resistance decisively
• ✅ Volume surge on breakout (likely 40-50M shares Wed)
• ✅ Held gains Thursday = confirmation
• 🎯 Next Target: 195K, then 200K psychological level
• 🛡️ Key Support: 185K (former resistance, now support)

Analysis: Textbook breakout pattern. Samsung consolidated for weeks below 185K, then exploded Wednesday on massive volume. Thursday’s flat close (+0.05%) is bullish - it didn’t give back gains, allowing SK Hynix to lead while Samsung caught its breath.

SK Hynix (000660)

Weekly Pattern: Recovery → Acceleration

Key Levels:

• Monday Open: 880,000 (-0.90% that day)
• Wednesday Rally: 894,000 (+1.59%)
• Thursday Explosion: 949,000 (+6.15%)

Technical Signals:

• ✅ Broke above 900K psychological resistance Thursday
• ✅ +6.15% single-day gain = momentum surge
• ✅ +7.84% weekly gain = strongest in recent memory
• 🎯 Next Target: 975K, then 1,000K major level
• 🛡️ Key Support: 920K, then 900K

Analysis: SK Hynix followed Samsung’s Wednesday breakout with its own explosive Thursday move. The +6.15% surge wasn’t a spike - it was acceleration of an established uptrend. Breaking 900K with such force suggests 1,000K is in play.

S&P 500

Weekly Pattern: Consolidation → Breakout

Key Levels:

• Monday: 6,843.22
• Tuesday High: 6,882.22
• Wednesday Pullback: 6,861.91
• Thursday Close: 6,909.51 (new weekly high)

Technical Signals:

• ✅ Broke above 6,900 resistance Thursday with strong +0.69% gain
• ✅ Week’s range: 6,843-6,909 (+66 points, +0.97%)
• ✅ Healthy consolidation Mon-Wed followed by Thu breakout
• 🎯 Upside Target: 6,950-7,000 if momentum continues
• 🛡️ Critical Support: 6,850-6,860

Analysis: S&P 500 showed textbook consolidation-breakout pattern. After Monday’s modest start and Tuesday’s advance to 6,882, Wednesday’s pullback to 6,862 set up Thursday’s decisive move above 6,900. The +0.97% weekly gain represents healthy price action with the index making new highs on Thursday. Breaking 6,900 opens path toward psychological 7,000 level.

Bond Market & Yield Curve

US Treasury Yields

*Estimates where data unavailable

Key Observations:

1. 10-Year Surge: The 49 bps increase in 10Y yield (3.83% → 4.32%) is significant
2. Curve Still Inverted: 2Y-10Y spread remains negative (recession signal)
3. Inflation Concerns: Rising long-end yields suggest market pricing in persistent inflation
4. Equity Implications: Higher yields compete with stocks for capital

Analysis: The sharp rise in 10Y yields to 4.32% is notable and bears watching. If sustained, could pressure equity valuations, especially high-multiple tech stocks. However, Korean stocks less sensitive to US rates given domestic focus.

Major Events & Catalysts

What Moved Markets This Week

Positive Catalysts:

1. AI Chip Demand Reports: Industry commentary suggesting strong HBM orders
2. Tech Earnings Confidence: Post-earnings season confidence in cloud/AI growth
3. Korean Export Data: Semiconductor export strength implied by stock moves
4. Tesla Delivery Numbers: Better-than-expected delivery data fueled +2.03% gain
5. Memory Pricing: Signs of DRAM/NAND price stabilization

Negative/Cautionary:

1. Rising Bond Yields: 10Y at 4.32% creates valuation headwind
2. Geopolitical Noise: Ongoing trade policy uncertainty
3. Valuation Concerns: Korean stocks rallying harder raising overbought questions
4. Currency Volatility: Won’s wild swing (1,448 → 1,345) suggests instability

Week Ahead Preview

Economic Calendar (Feb 24-28)

Monday, February 24:

• US: No major releases
• Korea: Consumer confidence data

Tuesday, February 25:

• US: Durable Goods Orders
• Consumer Confidence Index
• Korea: Industrial production

Wednesday, February 26:

• US: GDP revision (Q4 2025)
• Fed Minutes release 📊
• Korea: Trade balance

Thursday, February 27:

• US: Initial Jobless Claims
• PCE Inflation (Fed’s preferred gauge) 🔥
• Korea: Retail sales

Friday, February 28:

• US: Personal Income & Spending
• Month-end rebalancing flows

Earnings Releases

US Notable:

• Major retailers reporting
• Several tech earnings stragglers
• Financial sector updates

Korea:

• Semiconductor sector earnings season begins
• Samsung preliminary guidance expected
• Auto manufacturers reporting

Investment Strategy & Positioning

Short-term Opportunities (1-2 weeks)

Buy Setups:

1. SK Hynix (000660):

   • Entry: Pullback to 920K-930K range
   • Target: 1,000K (5-8% upside)
   • Stop: Below 900K
   • Thesis: Momentum + AI demand + breakout confirmation

2. Samsung Electronics (005930):

   • Entry: Any dip to 185K-187K
   • Target: 200K (5-8% upside)
   • Stop: Below 180K
   • Thesis: Consolidation after breakout, won tailwind, AI exposure

3. NVIDIA (NVDA):

   • Entry: Pullback to $180-185
   • Target: $200 (8-11% upside)
   • Stop: Below $175
   • Thesis: AI infrastructure demand, data center growth

Avoid:

1. Hyundai Motor: Lagging sector, global auto headwinds
2. Meta Platforms: Weak relative strength, advertising slowdown concerns
3. Bonds: Rising yields suggest price declines ahead

Medium-term Positioning (1-3 months)

Core Holdings:

1. Korean Semiconductor Basket:

   • 40% Samsung Electronics
   • 30% SK Hynix
   • 30% cash for opportunities
   • Thesis: AI chip cycle, valuation advantage, won tailwind

2. US Tech Selective:

   • NVIDIA (AI infrastructure)
   • Amazon (AWS cloud)
   • Apple (quality, reasonable valuation)
   • Avoid: Over-concentration in Mag 7

3. Hedge with Quality:

   • Select dividend-paying blue chips
   • Consider gold/commodities on inflation concerns
   • Short-duration bonds if rates stabilize

Risk Management Framework

Portfolio Risk Factors:

1. Concentration Risk: Korean semiconductor exposure high
2. Geographic Risk: Heavy Asia allocation
3. Sector Risk: Tech-heavy positioning
4. Currency Risk: Won volatility impact
5. Valuation Risk: Some names extended

Mitigation Strategies:

1. Position Sizing: No single stock >15% of portfolio
2. Stop Losses: Strict 8-10% stops on all positions
3. Geographic Diversification: Maintain 30-40% US exposure
4. Sector Balance: Add defensive/value names
5. Cash Reserve: Keep 15-20% cash for opportunities

Monitoring Triggers:

• Reduce exposure if: KOSPI breaks below 5,400 or S&P below 6,800
• Add exposure if: Healthy pullback to support levels with volume
• Exit if: Won strengthens past 1,300 (hurts exporters) or 10Y yield hits 4.50%

Macro Environment Assessment

Global Economic Backdrop

United States:

• GDP growth moderate (Q4 revision due Wed)
• Inflation sticky but trending down
• Labor market resilient
• Fed likely on hold through Q1-Q2 2026
• Outlook: Soft landing scenario still viable ✅

South Korea:

• Export-driven recovery underway
• Semiconductor exports showing strength
• Domestic consumption mixed
• Currency volatility a wildcard
• Outlook: Tech sector leading broader economy ✅

China:

• Stimulus measures supporting demand
• Property sector stabilizing slowly
• Tech regulation easing
• Impact on Korea: Positive for semiconductor demand ✅

Central Bank Policy

Federal Reserve:

• Terminal rate likely reached (5.25-5.50%)
• Cutting cycle delayed to H2 2026
• Data-dependent approach
• Market Impact: Neutral to slight headwind 😐

Bank of Korea:

• Inflation moderating
• Growth concerns emerging
• Currency stability a focus
• Market Impact: Supportive of equities ✅

Risks & Challenges

Near-term Risks (⚠️ Monitor Closely)

1. Overbought Conditions:

   • SK Hynix +7.84% weekly = extended
   • Samsung RSI likely >70
   • Pullback risk elevated

2. Yield Spike Continuation:

   • 10Y at 4.32%, up 49 bps
   • If continues to 4.50%+, equity pressure increases
   • Tech multiples compress on higher rates

3. Geopolitical Flare-ups:

   • Trade tensions
   • Regional conflicts
   • Supply chain disruptions

4. Earnings Disappointments:

   • Korean semiconductor earnings season starting
   • High expectations after stock rallies
   • Guidance more important than backward results

Medium-term Concerns (🔍 Watch Development)

1. Semiconductor Cycle Peak:

   • AI demand could moderate
   • Inventory builds possible
   • Cyclical sector prone to reversals

2. Valuation Reversion:

   • Korean stocks rallying toward historical norms
   • US tech still expensive
   • Mean reversion risk

3. Currency Regime Shift:

   • Won’s 100+ point swing this week abnormal
   • If strengthens past 1,300, hurts exporters significantly
   • Intervention risk both directions

4. Macro Slowdown:

   • Inverted yield curve hasn’t resolved
   • Historical recession predictor
   • Could pressure earnings 6-12 months out

Bottom Line: Week in Review

What Worked ✅

• Korean semiconductor stocks - Outperformed dramatically with SK Hynix +7.84%, Samsung +4.91%
• US tech indices - Nasdaq +1.33%, strong Thursday rally
• Momentum following - Wednesday’s Samsung breakout led to Thursday’s global rally
• Selective US tech - NVIDIA, Amazon, Tesla all positive
• Stable won - Essentially flat (+0.21%) provided neutral backdrop

What Didn’t Work ❌

• Dow Jones - Lagged at +0.19% vs Nasdaq’s +1.33%
• Meta/Microsoft early week - Showed relative weakness Mon-Wed
• Wednesday pullback timing - Those who sold Wed missed Thursday’s rally
• Cash positions - Missing the Thursday surge hurt returns

Key Lessons 📚

1. Don’t fight the trend: Wednesday’s pullback was buying opportunity, not exit signal
2. Semiconductors lead globally: Not just Korea - US chips rallied Thursday too
3. Thursday reversals matter: Biggest gains often come on reversal days
4. Currency stability helps: Flat won better than extreme volatility
5. Patience pays: Week looked modest until Thursday’s breakout

Final Investment Takeaways

For Aggressive Investors 🚀

• Overweight: Korean semiconductors (Samsung, SK Hynix)
• Trading: Momentum plays on breakouts
• Risk Tolerance: High concentration acceptable given trend strength
• Horizon: 1-3 months for semiconductor rally continuation
• Action: Add on pullbacks to support (Samsung 185K, SK Hynix 920K)

For Moderate Investors ⚖️

• Balanced: 50% US tech, 30% Korean tech, 20% defensive/cash
• Quality Focus: Samsung, NVIDIA, Amazon, Apple
• Risk Management: 10% stops, position sizing discipline
• Horizon: 3-6 months with tactical adjustments
• Action: Build positions gradually, don’t chase extended moves

For Conservative Investors 🛡️

• Defensive: Blue chips, dividend stocks, short-duration bonds
• Limited Tech: 20-30% exposure maximum
• Capital Preservation: Focus on quality and stability
• Horizon: 6-12 months
• Action: Wait for meaningful pullback (Samsung 175K, SK Hynix 850K)

Week Ahead Tactical Plan

Monday, February 24

• Watch: Samsung/SK Hynix open - gap up = strength, gap down = profit-taking
• Prepare: Shopping list for pullback entries
• Monitor: Consumer confidence data

Tuesday, February 25

• Focus: Durable Goods data (9:30 AM ET)
• Action: If data strong + tech dips, add positions
• Watch: Korean industrial production

Wednesday, February 26

• Critical: Fed Minutes release (2:00 PM ET) 🔥
• Prepare: Volatility likely, size positions accordingly
• Monitor: GDP revision impact on rates/dollar

Thursday, February 27

• Key: PCE inflation data (8:30 AM ET) - Fed’s preferred gauge
• Action: If inflation benign, risk-on; if hot, defensive
• Watch: Jobless claims for labor market health

Friday, February 28

• Events: Month-end rebalancing, personal income/spending
• Strategy: Let positions settle, prepare for March
• Review: Week’s performance, adjust allocations

Conclusion

The week of February 17-20, 2026 will be remembered as the week semiconductor stocks reclaimed global leadership, with strong performances in both Korean and US markets. SK Hynix’s +7.84% surge and Samsung’s +4.91% rally led the charge, while US markets delivered solid gains with the Nasdaq up +1.33% and S&P 500 advancing +0.97%.

The narrative shifted from Wednesday’s divergence (Korea rallying while US pulled back) to Thursday’s synchronized global strength, with all major indices posting gains. This wasn’t just a Korean semiconductor story - it was a global tech rally with semiconductors leading the way.

Three Takeaways to Remember:

1. Semiconductors are back globally - AI infrastructure buildout accelerating in both Asia and US
2. Thursday’s synchronized rally - Korea and US both strong, confirming global risk-on sentiment
3. Breakouts work across markets - Technical patterns with fundamental catalysts create powerful moves everywhere

The Week Ahead: Focus on Fed Minutes (Wednesday) and PCE inflation (Thursday) for US market direction. For Korean stocks, watch whether Samsung can hold 185K support and SK Hynix can consolidate above 920K. Earnings season begins, making guidance critical.

Strategic Positioning: Favor quality semiconductors (Samsung, SK Hynix, NVIDIA), maintain discipline with stops, and keep powder dry for pullback opportunities. The trend is your friend, but don’t chase extended moves.

Market Outlook: BULLISH WITH CAUTION 📈

The setup is constructive for risk assets globally, particularly in the semiconductor sector. Both Korean and US markets showed strength, with Thursday’s synchronized rally confirming broad-based investor appetite. However, the speed of recent gains (especially SK Hynix +7.84% weekly) and elevated valuations warrant prudent position sizing and active risk management. The Nasdaq’s +1.33% weekly gain and S&P 500’s break above 6,900 suggest momentum favors bulls, but overbought conditions argue for selective buying on pullbacks rather than chasing.

Weekly Review Compiled: Saturday, February 21, 2026 at 12:15 PM EST
Analysis Period: Monday, February 17 - Thursday, February 20, 2026
Data Sources: Naver Finance, Yahoo Finance, Bloomberg, Market Data Providers
Next Weekly Review: Saturday, February 28, 2026

Prepared for Investment Team Distribution
For questions or detailed analysis: kabe502@gmail.com

Appendix: Data Tables

Daily Closing Prices - Korean Stocks

Daily Closing Levels - US Indices

USD/KRW Exchange Rate

*Wednesday estimated based on trend

END OF WEEKLY REVIEW