Critini Analyst: Storage market unlikely to see full-scale collapse, HBM demand will absorb DDR production capacity

Micron's better-than-expected earnings report will face market scrutiny tonight. According to Bitget market data, as of press time, Micron itself surged nearly 18% in pre-market trading, while its hyperscaler clients including Microsoft, Amazon, Meta, Apple, and Google all saw minor pre-market declines. Optical communication stocks on the hardware supply side also rallied broadly: GLW rose 6.81% pre-market, AAOI gained 3.59%, and COHR climbed 4.08%. Qualcomm, meanwhile, projected that the annual revenue of the data center AI component market will exceed $15 billion by fiscal 2029, with its own stock up 10% in pre-market trading.

Since June, two research reports from Standard Chartered have sparked brief FOMO for altcoins UNI and AAVE. On the 16th, Standard Chartered’s research report covered Uniswap for the first time, projecting that its UNI token could surge 40 times from its current ~$2.70 to $100 by the end of 2030. In response, UNI rallied over 20% in a single day. Although the token price later pulled back, it still rose around 10% from the level when the report was released. A week later, Standard Chartered issued another bullish call on DeFi token AAVE. Geoff Kendrick, the bank’s head of digital assets research, projected AAVE could rise to $3,500 by the end of 2030, a roughly 50x increase from its current ~$70 level. Since the announcement, AAVE has rallied by over 10% at its peak. BlockBeats noted that the phrase “Standard Chartered’s bullish calls, market follows” signals that the altcoin cycle may have entered a new phase of “institution-driven narrative speculation”. Going forward, Standard Chartered-style research reports are likely to become one of the key catalysts for the DeFi sector. The short-term pump is essentially narrative-driven capital chasing, not an immediate improvement in fundamentals. Long-term success, however, will still depend on the protocol’s actual revenue and value capture capabilities.

Société Générale has raised its year-end 2026 target for the S&P 500 index from 7,300 points to 8,000 points.

U.S. bank strategist Sebastian Raedler warns investors to consider defensive sectors such as consumer staples and pharmaceuticals if AI spending proves unsustainable. He argues that AI profitability could decline as cheaper models emerge and clients resist higher prices. While upbeat forecasts from Micron and Qualcomm have lifted market sentiment, Raedler says bonds and defensive stocks may perform better if AI trading activity cools.

US Secretary of State Marco Rubio said in a speech that the United States is closely monitoring developments between Israel and Lebanon, noting that the two sides are nearing a preliminary agreement. Additionally, he stated, "it is unclear whether Iranian funds held by Qatar have been transferred." Gulf countries are firmly opposed to imposing tolls on the Strait of Hormuz.

Allianz CIO Ludovic Subran pointed out that SpaceX quickly issued a large-scale bond offering after its IPO, despite holding ample cash reserves. This strong demand in the debt market reflects investors’ excessive enthusiasm for high-valued tech and AI-related assets, which has entered bubble territory. Subran views such moves as signals of an overheated market and excessive risk appetite, potentially indicating unsustainable valuations or a potential correction. SpaceX recently completed its IPO and issued roughly $250 billion in investment-grade bonds, mainly to repay bridge loans and support AI infrastructure, despite holding over $1 trillion in cash.