South Korean stock market plunge pushes retail investor funds back to crypto, Upbit’s daily trading volume surges 436%

Famed US stock short seller and Morgan Stanley chief strategist Michael Wilson and his team noted in their latest research report that the logic underpinning the US stock market is undergoing a profound shift: the baton of earnings growth is passing from tech giants to a broader set of market constituents. The median earnings per share (EPS) growth rate of components in the S&P 1500 Composite Index has surpassed 10%. Wilson attributes this broad-based rally primarily to the earnings resilience of midstream companies. Of particular note, the S&P 500 Equal Weight Index has begun outperforming its market-cap weighted counterpart for the first time since 2022. This signals that while tech giants are rallying sharply, traditional industries closely tied to macroeconomic growth are demonstrating stronger defensiveness and growth momentum.

According to market data from BIT (bit.com), SK Hynix ADR fell 10.4% in pre-market trading on US stocks, currently trading at $151.468.

According to market data from BIT (bit.com), US AI stocks were broadly lower in pre-market trading. Memory chip manufacturer Micron Technology fell 6.6%, while Nvidia dropped 2.16%. Storage stocks saw declines: SanDisk fell 6.5%, Seagate Technology dropped 5.4%, and Western Digital declined 6.6%. AI equipment makers also retreated, with Applied Materials (AMAT) down 4.72% and Lam Research (LRCX) falling 4.31%. CPO-related stocks moved lower in sync: LITE dropped 4.24% and AAOI declined 4.01%.

A spokesperson for Iran's Foreign Ministry stated that the United States has repeatedly violated agreements. As long as the U.S. does not fulfill its commitments, Iran will not honor the pledges in the memorandum of understanding signed with the U.S.

Bank of America stated in a July 11 research report that the global memory industry’s ASP-driven supercycle remains ongoing, projecting global DRAM revenue will surge 325% year-over-year in 2026 to reach $568.8 billion. The report forecasts NAND revenue will grow 299% over the same period to $323.1 billion, with combined DRAM and NAND revenue hitting $891.8 billion—up 315% from 2025. Combined revenue of the two product categories could climb further to $1.25 trillion by 2027. Bank of America noted that this round of growth is driven primarily by price rebounds, not just shipment volume increases. The bank projects DRAM’s average selling price will jump 249% year-over-year in 2026, while NAND’s average selling price will rise 238%.

CZ responded on X regarding last night’s incident where a donation address burned some CZ and TCC tokens. He stated: “It’s not that deep. I haven’t checked that wallet in a long time. Opened it and found there were too many tokens (tens of thousands), and the software’s display was a bit unfriendly. I gave some suggestions, then did a test. Rather than sending to my address, it’s better to directly send them to a black hole.” Last night, CZ’s donation address transferred 700 million CZ tokens and 400 million TCC tokens to a black hole. Affected by the news, both CZ and TCC saw varying degrees of price surges.