Andy Chen

TradingKey - From late March to early June this year, tech stocks became the favored choice for investors. During this period, the Nasdaq Composite Index rose by as much as 28%, while the Nasdaq 100 Index surged by 33%. From an asset allocation perspective, investing in the Nasdaq Composite Index encompasses nearly all stocks listed on the Nasdaq, covering all industry sectors such as technology, finance, healthcare, and consumer goods. It includes leading tech giants like Apple, Microsoft, and Nvidia, as well as a large number of small and mid-cap emerging growth companies, offering a more balanced distribution across industries and market capitalizations. Therefore, investing in this index represents a bet on the long-term growth potential of the entire industrial chain of the U.S. new economy.

Tradingkey - Apple (AAPL) officially filed a lawsuit against OpenAI on Friday for the theft of trade secrets, coinciding with a critical window as the latter prepares for its IPO. This litigation has pushed the two former close partners into direct opposition and signals that global competition in the AI industry has expanded from model algorithms and ecosystem collaboration to intellectual property disputes over underlying hardware technology. The integration of ChatGPT into the iPhone operating system in 2024 was previously a benchmark event for the implementation of AI in consumer electronics. However, after OpenAI spent $6.4 billion to acquire IO Products and officially entered the consumer hardware sector—directly encroaching on the core stronghold Apple has cultivated for decades—the relationship cooled rapidly. Apple has confirmed that the new version of Siri set for release this autumn will abandon ChatGPT in favor of Google’s Gemini AI model, a strategic shift that was already becoming apparent.

TradingKey - The U.S. agreement to continue negotiations with Iran and the debut of SK Hynix today both buoyed market sentiment. The three major U.S. stock indices all closed higher, with the Nasdaq Composite Index rising for three consecutive days, though the rally in tech stocks slowed. At the close, the Dow Jones Industrial Average rose 0.29% to 52,637.01; the Nasdaq Composite Index gained 0.29% to 26,281.61; and the S&P 500 Index climbed 0.42% to 7,575.39.

TradingKey - On July 10, Eastern Time, stablecoin leader Circle (CRCL) reported a major regulatory breakthrough. The company officially announced that it has received formal approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, a national digital currency trust bank. Spurred by the news, Circle shares surged more than 16% intraday to a high of $72.85, marking its largest single-day gain in two months. At the time of writing, Circle's gain had narrowed to 4.4%, trading at $65.8.

TradingKey - SK Hynix - WI (SKHYV) opened at $170 in its debut, 14.09% higher than its offering price of $149. Its market capitalization reached $1.27 trillion, currently ranking 11th in the U.S. by market value, below Tesla but above Eli Lilly. Reportedly, when-issued trading was conducted on Friday under the temporary ticker SKHYV, and will officially switch to the regular ticker SKHY next Monday.

TradingKey - On July 10, ET, Marvell Technology (MRVL) shares retreated, falling 3.38% to $235 as of press time. Reportedly, SemiAnalysis founder Dylan Patel stated that the large-scale adoption of co-packaged optics (CPO) may be delayed until late 2028 or 2029. Patel pointed out that current manufacturing yields, chip designs, and supply chain maturity have yet to reach the standards for mass deployment. Furthermore, Nvidia's Rubin and its subsequent Feynman architectures will continue to utilize all-copper solutions, meaning CPO on the GPU side will have to wait for several more generations of chip iterations.

TradingKey - Donald Trump stated that Iran took the initiative to contact the U.S. seeking to reach a deal. The subsequent decline in oil prices boosted overall market sentiment. The three major U.S. stock indices all rose, with technology stocks extending their gains, led by chipmakers, memory chip stocks, and optical communication stocks. As of the close, the Dow Jones Industrial Average rose 0.27% to 52,487.41 points; the Nasdaq Composite Index gained 1.30% to 26,206.89 points; and the S&P 500 Index climbed 0.81% to 7,543.64 points.

Tradingkey - Following Morgan Stanley’s bullish view on capital rotating into cloud computing giants, economists at top asset management firm Apollo Global Management warned in a report that if the monetization of AI investments is slower than market consensus, it could spread from the tech sector to become a systemic risk for the entire market. Recently, Morgan Stanley stated that although the AI sector remains the consensual main theme of the current US stock bull market, market concerns regarding high sector concentration, rising valuation premiums, and the monetization efficiency of massive AI capital expenditures continue to intensify. In the short term, Morgan Stanley prefers the risk-reward profile of hyperscale cloud providers over the semiconductor sector. It also expects that, influenced by recent lagging stock price performance, leading cloud giants will gradually revise down their capital expenditure guidance.

Tradingkey - On July 9, Eastern Time, Nvidia rival Cerebras Systems (CBRS) surged over 12% intraday, with its share price climbing back above $200. As of press time, the stock was up 9.44% at $198.87. Reportedly, Cerebras and Flex are expanding their domestic production lines in California, which is expected to increase the production capacity of completed CS-3 systems by sevenfold. Meanwhile, Cerebras stated that it plans to commission its first European data center by the end of 2026.

Tradingkey - SK Hynix (SKHY) has unveiled its U.S. listing pricing plan, proposing to issue ADRs at $149 per share, targeting a total fundraising size of approximately $26.5 billion. If listed at this price, it is poised to break the multi-year record held by Alibaba to become the largest-ever IPO by a foreign company in the U.S. stock market. According to filings submitted by SK Hynix to the U.S. Securities and Exchange Commission (SEC), each ADR represents one-tenth of a share of its common stock. The pricing represents a slight premium of approximately 3% over its latest closing price on the Korean stock exchange.

Tradingkey - On July 9, Eastern Time, Broadcom (AVGO) shares climbed back above $1,000. As of press time, the stock rose 7.69% to $1,021. Since hitting an all-time high of $1,254.8 on June 25, the stock had experienced a pullback of over 10%. The early-session surge was catalyzed by a combination of

TradingKey - Donald Trump publicly stated that he has no intention of resuming any agreement negotiations with Iran, dampening market trading sentiment. The three major US stock indexes diverged, with the Dow Jones Industrial Average taking a hit, the Nasdaq Composite rising, blue-chip stocks declining, and memory chip stocks rebounding. At the close, the Dow Jones Industrial Average fell 1.09% to 52,348.39 points; the Nasdaq Composite Index rose 0.20% to 25,870.65 points; and the S&P 500 Index fell 0.28% to 7,482.71 points.

The Federal Reserve released the minutes of its June 16-17 FOMC monetary policy meeting on July 8. The document shows that the Fed's policy has completely shifted to a neutral, wait-and-see stance, with upside risks to inflation becoming the core contradiction. This FOMC meeting sent a clear signal that the Fed has completely moved away from its previous unilateral rate-cut bias and entered a period of two-way, flexible policy observation. Higher-than-expected inflation stickiness and its broadening scope are the core reasons for this policy shift, while the resilience of employment and growth provides room for flexible policy adjustments. Officials confirmed a further rise in inflation, noting that pressures are no longer confined to exogenous factors such as energy and tariffs. Instead, price increases have spread across a wide range of categories including transportation, airfares, and oil, with service inflation excluding housing showing almost no improvement. In the short term, as shipping through the Strait of Hormuz recovers and the marginal effects of tariffs fade, inflation is expected to decline gradually.

Tradingkey - On July 8, Eastern Time, Broadcom (AVGO) bucked the market trend, surging over 6% to close at $393.25. It is reported that Apple (AAPL) announced a multi-year partnership agreement with Broadcom today, valued at over $30 billion. BofA Securities previously pointed out that Broadcom's newly added fifth AI ASIC customer "is likely Apple."

Tradingkey - On July 8, Eastern Time, the two major crude oil futures surged sharply, with Brent crude on the verge of reclaiming the $80 mark, returning to its mid-June highs. It is reported that during his attendance at the NATO summit in Turkey, US President Trump stated that the US military might launch another military strike against Iran tonight. As of press time, Brent crude rose over 7% to $79.41, peaking at $79.93; WTI crude oil futures rose approximately 7% to $75.23.

Tradingkey - Following SpaceX's (SPCX) record-breaking IPO, market attention on the commercial space sector has steadily intensified. Latest reports indicate that Jeff Bezos's Blue Origin is moving quickly to follow suit, planning to open its first-ever external funding round. The company aims to raise $10 billion at a post-money valuation of $130 billion, officially joining the ranks of global commercial space enterprises with valuations exceeding $100 billion. According to people familiar with the matter, the round will be led by top hedge fund Coatue with a $4 billion investment, with Bezos co-investing $20 billion (erratum: $2 billion). The remaining portion has seen strong demand from institutions, with several large investors poised to participate. This marks the first time Blue Origin has raised external capital in its over 20-year history, breaking the traditional model where Bezos solely funded the company by selling Amazon stock.

TradingKey - A further escalation of the US-Iran conflict, coupled with mixed earnings from Samsung, weighed on market sentiment and triggered a sell-off in chip and memory stocks. The three major US stock indexes fell across the board, even as the Dow hit a historic high in early trading. At the close, the Dow Jones Industrial Average fell 0.25% to 52,925.15 points; the Nasdaq Composite Index declined 1.16% to 25,818.69 points; and the S&P 500 Index lost 0.45% to 7,503.85 points.

TradingKey - On July 7, Eastern Time, following Iran's attacks on commercial vessels transiting the Strait of Hormuz, the U.S. Department of the Treasury published a document on its official website revoking general licenses related to Iran. This will phase out the authorizations for the production, delivery, and sale of Iranian crude oil, petrochemical products, and petroleum products issued on June 21, 2026. The two major crude oil futures strengthened in the short term. As of press time, WTI crude rose 5.25% to $72.15, while Brent crude oil futures gained 5.7% to $76.14.

TradingKey - On July 7, Eastern Time, the three major stock indices all declined as an intensifying sell-off in chip and memory stocks dragged down technology stocks overall. The Dow Jones Industrial Average reversed course after hitting a record high, the Nasdaq 100 Index fell 1.29%, and the Philad

TradingKey - On July 7, Eastern Time, Intel (INTC) fell to as low as $108.36, breaking below its 5-day, 10-day, 20-day, and 30-day moving averages simultaneously. As of press time, it was still down over 8%, trading at $111.78. Reportedly, Samsung plans to mass-produce its advanced 1.4nm process technology by 2029. The market believes this move could further narrow the competitive gap between Samsung and its rivals, Intel and TSMC, and makes it highly likely to secure orders from Apple.