1. [Change in Investment Rationale · Broadened Beneficiaries]: Domestic NPU Officially Enters NVIDIA NVLink Ecosystem - Changed Fact: On November 9, NVIDIA, Rebellions, and SK Telecom signed an MOU. Rebellions’ next-generation R200 NPU will be connected to NVIDIA’s NVLink Fusion and MGX racks, with NVIDIA GPUs handling pre-filling and the NPU managing decoding—a system to be validated at SK Telecom’s AI Data Center. The target deployment timeline is 2028. This marks a transition for the domestic NPU from independent performance validation to integration within NVIDIA’s standard architecture and collaboration with an actual operator. - Stock & Assessment: SK Telecom (017670) is the direct party conducting validation and implementation but is not a semiconductor supplier. As of the regular market close on November 9 at 15:30, the price was KRW 77,400; the confirmed price as of 19:53 was KRW 77,200. [Awaiting Earnings Confirmation]—Since the MOU does not disclose details on equity issuance volume, capital expenditure, or revenue recognition timing, we are withholding any assessment of potential buy levels. - Delayed Selection of Semiconductor Stocks for Purchase: Rebellions, the direct beneficiary, is private. No actual supply contracts have yet been confirmed between domestic listed fabless, design, or packaging firms and the R200. We are not including companies merely associated by name, such as Gaon Chips, as potential candidates. - Next to Confirm: R200 tape-out date, foundry/packaging/ODM suppliers, SK Telecom’s orders and AI data center investment amount, performance and power efficiency validation results, and adherence to the 2028 timeline. - Source: NVIDIA Announcement · SK Telecom Announcement https://t.co/WPF1vjXRj7 #SKTelecom #Rebellions #NVLinkFusion #AISemiconductor #NPU #SovereignAI