Samsung Electronics just posted the best quarter any technology company has ever reported — operating profit up 19-fold year-over-year, comfortably beating consensus — and KOSPI fell anyway, dropping as much as 3-4% in early trading. The disconnect looks strange on the surface, but it’s a familiar pattern once you look under the hood.

The beat was already priced in. Samsung shares had run up sharply into the print, and a headline number matching (rather than dramatically exceeding) already-elevated expectations gave traders a clean exit point. When a stock has rallied hard on anticipation, even a genuinely excellent result can trigger profit-taking rather than a further re-rating.

SK Hynix formally launched its Nasdaq ADR offering this week, targeting roughly $28 billion in proceeds — a deal that would rank among the largest share sales in history, trailing only SpaceX’s IPO from last month. Pricing is expected Thursday, with trading set to begin Friday under the ticker SKHY.

The scale. SK Hynix is selling 17.79 million new shares via ADRs, with 10 ADRs representing one common share. The target was revised down from an earlier filing that sought closer to $29.6 billion, after the stock corrected in Seoul in the run-up to pricing. Even at the reduced size, it would surpass both the Saudi Aramco and Alibaba IPOs.