① Micron Technology fell more than 9% in pre-market trading;
② Samsung Electronics’ HBM4 memory sales exceeded $1 billion;
③ UAE AI technology investment company MGX is reportedly raising nearly $50 billion.
June 23 (Tuesday) – US stock index futures fell sharply, with Nasdaq 100 index futures down 3%. Major European indices broadly declined.
(Source: Investing.com)
On the previous trading day, the Nasdaq Composite Index fell 1.3%, mainly dragged down by Alphabet, Google’s parent company.
Selling sentiment spread to global markets on Tuesday, with South Korean stocks leading declines in Asia.
As a core target of South Korea’s AI investment boom, memory chip leader SK Hynix plunged more than 12% at Tuesday’s close, while South Korea’s KOSPI index fell nearly 10%; Japan’s Nikkei 225 index dropped 3.55%, ending a previous eight-session winning streak.
In US pre-market trading, Micron Technology fell more than 9%, SanDisk dropped nearly 10%, and storage component manufacturer Seagate Technology declined more than 7%; in the CPU sector, Intel and AMD fell more than 7%, while Qualcomm dropped more than 6%.
Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, said on Monday: “AI beneficiary stocks are experiencing selling pressure. I do not think their valuations are expensive, but positioning is too crowded. They have become hot targets chased by momentum traders, and when this happens, sharp pullbacks like the current one occur. I think this is actually healthy.”
On oil prices, the United States announced on Monday a two-month sanctions waiver for Iranian oil sales, indicating progress in negotiations between Washington and Tehran.
Affected by this, international oil prices retreated. Brent crude oil futures currently fell below $78 per barrel, close to levels seen early in previous US and Israeli military actions against Iran.
Company News
[UAE AI technology investment company MGX reportedly raises nearly $50 billion]
According to reports, Abu Dhabi-based AI technology investment company MGX has raised nearly $50 billion from regional and global investors to accelerate AI infrastructure and technology investment.
[Samsung Electronics’ HBM4 memory sales exceed $1 billion]
According to South Korean chip industry sources, Samsung Electronics’ sixth-generation high-bandwidth memory (HBM4) sales surpassed the $1 billion mark.
The report said Samsung Electronics became the world’s first to mass-produce and ship HBM4 on February 12 this year, achieving the above result in just over four months. It is expected that Samsung Electronics’ HBM4 sales may exceed $1.2 billion by the end of June.
【Samsung Electronics Releases Universal Flash Storage 5.0 Product】
Samsung Electronics announced on June 23 that it has developed a Universal Flash Storage (UFS) 5.0 product. Its data transfer bandwidth is 10.8 GB/s, sequential read speed is 10.8 GB/s, and sequential write speed is 9.5 GB/s. Compared with the previous generation UFS 4.1, UFS 5.0 doubles the transfer bandwidth.
【Qualcomm Reportedly Close to Acquiring AI Chip Startup Modular】
According to reports, Qualcomm is in advanced talks to acquire artificial intelligence chip startup Modular, in a potential deal that values Modular at approximately $4 billion. The two parties have not reached a final agreement, the negotiations may still fall through, and transaction details may change.
【LG Chem Plans Cumulative R&D Investment of 15 Trillion Won by 2035】
On June 22, LG Chem CEO Kim Dong-chun announced that semiconductor, mobility, and robotics materials, as well as novel anticancer drugs, will be future core businesses, accelerating the optimization and upgrading of its business portfolio. He also stated that the company will invest a cumulative 15 trillion won in R&D by 2035, formally transitioning into an AI-driven high-value-added materials enterprise. LG Chem plans to invest a cumulative 15 trillion won in R&D by 2035. Of that, 70% of R&D resources will be concentrated on core tracks such as semiconductor, mobility, and robotics materials.
【SpaceX Reaches Multi-Billion Dollar Agreement with AI Startup Reflection to Provide Computing Power】
SpaceX has signed a multi-billion dollar agreement with AI startup Reflection AI to provide computing resources to the latter. Reflection announced on Monday that from July this year through 2029, it will pay $150 million per month to SpaceX’s AI division to use hardware at SpaceX’s Colossus 2 data center in Memphis, Tennessee, USA.
Notable Events During U.S. Stock Market Hours (Beijing Time)
June 23
21:45 U.S. June S&P Global Manufacturing/Services/Composite PMI Preliminary Readings
22:00 U.S. June Richmond Fed Manufacturing Index
June 24
04:30 U.S. API Crude Oil Inventories for the Week Ending June 19
