SSNLF Overview

U.S. Stock Market Performance: The S&P 500 Index has delivered a total return exceeding 650% over the past 20 years, significantly outperforming international stock market ETFs, which have returned less than 200% during the same period.

South Korea's Stock Market Success: South Korea's stock market emerged as the best-performing globally in 2025, driven by major companies like Samsung and SK Hynix, which accounted for a significant portion of the market's gains.

Challenges in South Korean Market: The South Korean stock market has historically faced issues such as the "Korean Discount," where stocks trade at lower valuations compared to peers, largely due to poor protection of minority shareholders' interests.

Future Outlook and Reforms: Analysts predict continued bullish sentiment for South Korean stocks, with expectations of a 23% return in 2026, contingent on ongoing reforms aimed at improving corporate governance and investor confidence.

Rapidus' Innovations: Japan's Rapidus is developing cost-effective AI chips with a prototype interposer made from a large glass substrate, aiming for mass production by 2028 and challenging Taiwan Semiconductor's dominance in the market.

Taiwan Semiconductor's Leadership: Taiwan Semiconductor is reinforcing its lead in 2-nanometer technology by expanding manufacturing capabilities and improving efficiency, while facing increased demand from major clients like Apple and Nvidia.

Samsung and Intel's Strategies: Samsung is working to stabilize production at the 2-nanometer node to attract customers, while Intel is advancing its own 2-nanometer process to regain competitiveness in the global foundry market.

Market Dynamics: The competition in the AI chip market is intensifying, with Rapidus, Taiwan Semiconductor, Samsung, and Intel all vying for a share of the growing demand for advanced semiconductor technologies.

Apple's Foldable iPhone Design: A leak indicates that Apple is developing a horizontally oriented, book-style foldable iPhone, focusing on thinness and durability while opting for a side-mounted Touch ID instead of Face ID.

Durability and Display Features: The foldable iPhone is expected to feature a strong hinge for improved durability, a 7.58-inch internal display with an under-panel camera, and a 5.25-inch external display with a punch-hole camera design.

Camera Specifications: The device is rumored to include a dual 48-megapixel camera system, emphasizing Apple's commitment to high-quality photography in its foldable smartphone.

Competitive Landscape: Samsung has recently unveiled its Galaxy Z TriFold, a three-panel foldable device, positioning itself ahead of Apple in the foldable smartphone market, which may see renewed momentum next year.

Partnership Announcement: Slope, an AI-driven lending startup, is partnering with Amazon to offer a reusable line of credit to eligible U.S. sellers, backed by a JPMorgan Chase credit facility, allowing for real-time approvals directly through Amazon Seller accounts.

Target Audience and Benefits: The service is aimed at mature Amazon sellers with over $100,000 in annual revenue, providing them with easier access to capital compared to traditional bank loans, leveraging Amazon's performance data for informed decision-making.

Market Potential: Slope's partnership is expected to expand the total addressable market for Amazon lending from $1-2 billion, as it focuses on larger sellers who require more substantial financing options.

Growth and Demand: Since trialing the integration, Slope has seen a significant increase in demand, with applications growing 300% week over week, highlighting the need for accessible financing solutions for small businesses.

Global Smartphone Shipments Forecast: Global smartphone shipments are expected to decline by 2.1% in 2026 due to rising memory costs from supply shortages, with Apple and Samsung projected to see declines of 2.2% and 2.1%, respectively.

Impact of Rising Costs: DRAM price surges have increased smartphone production costs significantly, with low-end models facing unsustainable price hikes, leading to potential reductions in low-end SKU volumes.

Market Positioning: Apple and Samsung are well-positioned to manage the upcoming challenges, while Chinese OEMs may struggle to balance market share and profit margins as costs rise.

Average Selling Prices: Counterpoint Research anticipates a 6.9% increase in average selling prices for smartphones in 2026, reflecting the ongoing cost pressures in the industry.

Lawsuit Filed: Texas Attorney General Ken Paxton has sued Sony, LG, Samsung, Hisense, and TCL for allegedly spying on Texans through unlawful data collection practices using Automated Content Recognition (ACR) technology.

Invasive Technology: The ACR technology reportedly takes screenshots of users' television displays every 500 milliseconds and sends this data back to the companies without user consent, which is then used for targeted advertising.

Privacy Concerns: Paxton emphasized that companies, particularly those linked to the Chinese Communist Party, should not be allowed to record Americans' private information within their homes, asserting the need to protect privacy rights in Texas.

Lack of Response: The companies involved have not yet responded to requests for comment regarding the allegations made in the lawsuit.