UKong

7.23 Global Market Morning News｜The Dow Falls for 10 Straight Days, Setting a Record; Tech and Chips Rebound Broadly

1. Key Overnight U.S. Market Performance
The three major indexes diverged sharply, with funds collectively rotating from traditional blue-chip sectors to technology growth.
The Dow closed lower for 10 consecutive days, setting a record for the longest losing streak in history, with a total monthly decline of 2%. Only 12 of the 39 constituent stocks finished in the green. Consumer and finance bellwethers such as Visa, Home Depot, and Procter & Gamble led the decline.
The S&P 500 edged up 0.25%, the Nasdaq rose 1.07%, and the Philadelphia Semiconductor Index surged 3.09%. Tech leaders strengthened across the board: TSMC ADR, Nvidia, Apple, and Google all moved higher, as capital flowed back into the AI semiconductor theme.

2. Asia-Pacific Morning Trading
Japan and South Korea opened significantly higher. A rebound in semiconductor sentiment lifted the indexes.
In South Korea, the KOSPI opened up 2.48%, holding above 7,000. Samsung and SK Hynix rose. Japan’s Nikkei 225 opened up 1.4%, and intraday gains expanded to 2.12%.

3. Quick Snapshot of Yesterday’s A-Share Trading
Overall trading was choppy and leaned weaker, with thinner volume and a strong wait-and-see mood.
The Shanghai Composite, Shenzhen Component, ChiNext, and STAR Market 50 all closed lower. Only the CSI 300 inched up 0.09%. The offshore tech rebound did not yet transmit to domestic markets; investors are waiting for today’s industrial data release.
Overseas reference: FTSE A50 night session +0.27%. Offshore RMB weakened slightly to 7.3228.

4. Commodities at a Glance
Geopolitical factors provided a floor for crude oil, while gold saw profit-taking and pulled back from high levels.
WTI crude rose 0.87%, and Brent crude rose 0.47%. Ongoing tensions between the U.S. and Iran continued to support oil prices at elevated levels.
On the COMEX, gold and silver fell in tandem. Spot gold dipped to a low of 4,099 USD. The main drivers for the decline were a stronger U.S. dollar and profit-taking by long positions.

5. Key Catalysts to Watch Today
SpaceX will release its first-quarter earnings after going public on August 4 and hold an Investor Day. Starlink and Starship data are the market’s main focus.
In July, institutional research visits on the Sci-Tech Innovation Board were concentrated on semiconductors, computing power, and AI applications. Medium- to long-term capital continues to build positions in the hardware sector.
Today at 4:00 PM, the Ministry of Industry and Information Technology (MIIT) will release core industrial data for the second quarter. Pay attention to the production and sales momentum of the manufacturing sector, new energy vehicles, and industrial robots.

6. Summary of the Main Trading Theme
The global capital rotation is clear: investors have moved away from traditional consumer and finance blue chips, and have added exposure across markets to AI and memory chips.
In the near term, key variables are concentrated in domestic industrial data and geopolitical disruptions in the Middle East. Crowding in the technology sector remains elevated, so volatility risks should be watched.

$AAPL.US $GOOGL.US

After Google’s earnings report came out, the stock price fell, but Micron and SK hynix—the chip makers—rose instead.
The reason is simple: Google Cloud’s business boomed, with revenue far exceeding expectations, proving that AI compute demand is real. Orders were so plentiful they couldn’t even keep up, so they had to rent others’ computing capacity.
So upstream hardware suppliers benefited steadily.
But Google itself dropped, because to race to build out AI infrastructure, capital expenditures surged, causing free cash flow to turn negative for the first time—and it even needed to raise funds by issuing debt. Investors are worried that the investment is too large and the returns are too slow.
The essence of this story is: cloud giants burn cash to expand infrastructure, while the upstream “shovel sellers” make a full pot of profit. As long as the giants can’t stop buying, hardware prosperity will still have momentum.
But whether Google can keep up in model competitiveness is the key to whether this round of investment will end well.
$GOOGL $MU

On Tuesday, the storage sector launched a fierce rebound. A round of oversold repair directly pierced through pessimistic sentiment

▶️ Tuesday’s market picture
On Tuesday, U.S. stocks in the storage space rallied across the board, with rebound strength far exceeding prior pessimistic expectations.
The storage-specific ETF surged 10.91% in a single day. All individual stocks gained by double digits: SanDisk led with 14.27%, SK hynix rose 13.75%, Western Digital climbed 12.51%, Micron gained 12.17%, and Seagate jumped 11.14%. No companies lagged.
This surge is not an isolated reaction by a few stocks. Instead, the entire storage sector synchronously saw money flow back in. It quickly pulled the sector that had fallen into bearish territory in the prior few days back into a repair uptrend, and the bullish follow-through strength is clearly visible.

▶️ Multiple real risks that constrain the continuation of the rebound
First, this rally is merely a short-term replenishment by oversold capital. The amount of trapped shares from earlier periods is massive. Even with only a modest rebound in share prices, traders may quickly take profits and exit en masse. With no sustained increase in trading volume to provide support, the durability of the next wave of bullish capital is questionable.
Second, the long-term pressure from new production capacity has not disappeared. Samsung and SK hynix have both announced large-scale expansion plans. New capacity is set to come online in a concentrated way around 2027. Once supply expands, the logic of current storage price hikes will quickly weaken.
Third, macro risks remain persistent. U.S. Treasury yields are staying at high levels. Inflation and geopolitical developments can disrupt tech stock valuations at any time. Overvalued storage names are extremely sensitive to interest-rate fluctuations.
Fourth, demand for storage on the consumer end has remained weak for the long run. The recovery in the smartphone and PC markets has not met expectations. Relying on the AI single-track to drive demand leaves little room for error. If AI capital expenditure growth slows, industry sentiment will deteriorate rapidly.

$MU $SNDK $SKHY

$DEXE Just two days ago, I saw the large holder HexTrust transfer 118 million units of the $DEXE token into two new wallets. The total value is about $4.22 million. Immediately after that, they moved these tokens into LBank.

As of now, HexTrust still holds 460,000 tokens, worth approximately $15.59 million.

And based on the on-chain data tracking just now, around 2:00 PM on the 20th, 12 new wallets were created, all associated with HexTrust. Within two hours, these wallets had received small sell-order test tokens in batches. Of those, 4.22 million tokens were already transferred to LBank.

On the 21st, they started to cash out and harvest. HexTrust still has a lot of inventory on hand. This kind of liquidation-style dumping—it's best not to take the bait.

1.2 million people lining up and the market going bust: South Korean retail investors’ nationwide “gambling” finally collapsed

Young people in South Korea put their life savings into AI chip stocks—only to have leveraged positions blow up, triggering a chain of circuit breakers and leaving 1.2 million people with nothing to show for it.

It’s like a group of gamblers borrowing money to place bets, wagering on two stocks—Samsung and SK hynix—which account for 60% of the Korean stock market. Many bought “2x leveraged ETFs,” effectively borrowing another 1x to trade. When the stock price falls by 5%, the system forcibly sells to maintain the leverage ratio—further dragging the price down, triggering margin liquidations for more people who had borrowed to trade. This creates a “fall → sell → fall again” death spiral. Within just a few weeks, the South Korean stock market triggered circuit breakers 7 times—more than the total in the past 20-plus years.

Financial instruments can amplify gains, but they can also instantly consume everything you have. Don’t wager your life and your fortune on the “gambling table.”
$SAMSUNG $SKHY

$QQQ
$SPY
This round of the AI stocks’ big drop finally exposed many people’s true level.
The S&P barely fell, but most of those who chased AI and tech stocks have already cut their losses.
If you look down on the small returns from the index, in the end you often can’t even protect your principal.
Stock picking isn’t just about choosing the right direction—you also need to buy low enough, keep the position size reasonable, and be able to withstand a mid-cycle drawdown of 30%—50%.
If you miss any one of these, it’s hard to make money in the end.
When markets are rising, everyone understands AI, storage, and semiconductors; but when things really fall, people don’t look at earnings reports, can’t figure out valuations, and can’t tell whether the underlying logic has changed—so they end up cutting their losses purely out of emotion.
If you didn’t buy near a relative bottom, can’t tolerate a big drawdown, and don’t have the ability to research companies long-term, then you should avoid high-volatility tech stocks.
For most ordinary people, the S&P 500 or the Nasdaq is the optimal solution.
You don’t need to guess who the next ten-bagger stock will be, and you don’t have to worry every day that a company might suddenly crash—you can still benefit from the long-term growth of AI and U.S. tech.
Admitting that you can’t beat the broader market isn’t something to be ashamed of.
Saying you dislike index gains being slow, while actually chasing and selling on impulse all year long, and still failing to outperform even the S&P—now that’s the real awkward part.

South Korea seems destined to be harvested by the “U.S. imperialists” once again
$SAMSUNG
$SKHYNIX

The U.S. is demanding that Samsung and SK hynix build factories in the U.S. and share their excess profits.

The logic is that U.S. companies purchase large quantities of South Korean semiconductors, directly driving profit growth for South Korean chip firms; therefore, the U.S. side also has the right to share in those profits.

Just like when TSMC went to build factories in the U.S. back then. In the end, it resulted in the U.S. state assets gaining actual control of TSMC.

These two just scrimped and saved the money they’d built up for shareholders and then used it like a wedding dress for someone else. I really don’t know what they’re thinking. The moment it’s time to distribute dividends, they play dead—one has a dividend yield of five per thousand, and the other one of one per thousand. What’s the difference between shareholders and doing charity?