Today’s Market Recap：U.S. Stocks End Lower，SpaceX Falls Nearly 4%，SK Hynix Gains Over 4% to Lead Memory Sector

Jensen Huang Clarifies NVIDIA’s(NVDA) Role in Financing; Credit Risk Eases. Jensen Huang stated that NVIDIA’s support in the $500 billion AI infrastructure financing plan “will not exceed 25% of any single project” and that the company is positioned as a supplementary participant. Analysts noted that this statement alleviated some market uncertainty, as NVIDIA’s own exposure—following the introduction of multiple participants—is not as severe as investors initially feared. Following the announcement, both NVIDIA’s bond spreads and credit default swap prices narrowed.

Driven by strong demand for AI optical communications, Lumentum(LITE) doubled its revenue last quarter and beat earnings guidance, though debt restructuring resulted in a book loss of over 7 billion. In the fourth fiscal quarter, Lumentum’s revenue rose 109% year-over-year, and non-GAAP EPS increased 267% to $3.23, with a gross margin slightly above 50%; revenue from both the components and systems businesses doubled; Non-GAAP net income rose 415% year-over-year, but GAAP net loss was $7.2 billion with EPS of -$84.65, driven by a one-time, non-cash debt settlement loss of $7.8 billion. For Q1 guidance, the median revenue forecast calls for a 135% year-over-year increase—8 percentage points above market expectations—while the median EPS forecast calls for a 282% increase, 16 percentage points above expectations. After-hours trading saw the stock initially drop more than 5%, then rise more than 5%, before turning lower again.

CoreWeave(CRWV) surged 16% in after-hours trading, as Q2 revenue doubled and exceeded expectations, with a backlog of $104 billion. CoreWeave’s second-quarter revenue was $2.575 billion, up 112% year-over-year and higher than the expected $2.56 billion. The key metric of backlog reached approximately $104 billion, a further increase from $99.4 billion at the end of the first quarter. The CEO stated that the expected profit margin on new contracts signed in Q2 was 510 basis points higher than in recent quarters. Guidance provided during the earnings call indicated full-year sales of $12.4 billion to $13.2 billion and capital expenditures of $35.0 billion to $39.0 billion.

SpaceXAI has launched Grok Bot to expand its presence in the enterprise-grade AI agent market. The product is positioned as a team of collaborative AI agents capable of logging into applications and websites, retaining historical task information, and sharing context across different agents to help users maintain workflow continuity. SpaceXAI states that Grok Bot can be applied across various scenarios, including sales, finance, engineering, growth, and marketing. The company has already conducted internal trials: the sales team uses it to screen potential customers and draft emails overnight, while the finance team uses it to extract reimbursement documents from email inboxes. The company hopes this will lower the barrier for users to manage multiple AI agents.

SK Hynix plans to increase NAND production capacity at its Chinese factory by 50%, focusing primarily on mature-tier products. According to South Korean media reports, Solidigm, a subsidiary of SK Hynix, has resumed construction of its second Dalian factory—which had been stalled for four years—and expects to begin installing equipment as early as November of this year, with mass production slated for the first half of next year. Following the expansion, the Dalian plant’s monthly production capacity will increase by approximately 50,000 wafers, representing a 50% boost in total capacity. The facility will primarily focus on mature 100-layer NAND based on a floating-gate structure, while high-layer, high-end NAND production will be concentrated at the Cheongju plant in South Korea.

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