Did Meta "drag down" tech stocks? Industry insiders: Overcapacity in computing power is a misinterpretation.
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Analysis: South Korean stocks have plummeted more than 20% from their peak and are poised to enter a technical bear market.
PANews reported on July 8th that, according to Jinshi, the South Korean stock market continued its decline, with the KOSPI index falling by more than 6% intraday, accumulating a drop of over 20% since its June peak, poised to enter a technical bear market. Samsung Electronics and SK Hynix fell by approximately 7% and 5% respectively, as investors reassess the prospects for AI demand. South Korea has been the world's best-performing stock market this year, but its over-reliance on two chipmakers makes it particularly vulnerable to shifts in industry sentiment. Leveraged ETFs amplified two-way volatility, further exacerbating market fluctuations. Despite Samsung Electronics' quarterly profit surging 19-fold this week, chip stocks continued their decline, highlighting that traders are demanding more evidence to justify the exorbitant investments across the entire supply chain. Fidelity International portfolio manager Ian Samson stated, "The current increased volatility stems largely from fundamental uncertainty."
The Ministry of Industry and Information Technology issued a risk warning regarding the potential security backdoors in the AI programming tool Claude Code.
According to Odaily Odaily, the Cybersecurity Threat and Vulnerability Information Sharing Platform (NVDB) of the Ministry of Industry and Information Technology recently discovered that the AI programming tool Claude Code has a security backdoor vulnerability, which poses a serious threat. Claude Code is an AI programming tool developed by Anthropic, an American company, which can autonomously complete code writing and repair tasks based on text requirements. Due to its built-in monitoring mechanism, it can send sensitive information such as user location and identity to remote servers without the user's consent. The affected Claude Code versions are 2.1.91 to 2.1.196. It is recommended that relevant units and users immediately conduct a comprehensive investigation. For development terminals that have installed the above-mentioned affected versions, they should immediately uninstall or upgrade to the latest secure version that has removed the relevant backdoor code. Strengthen the control of external access permissions and traffic monitoring of development tools within the core business network segment to prevent the unauthorized transmission of sensitive data.
The Hang Seng Index rose more than 3%, with chip and tech stocks performing strongly.
According to ChainCatcher, Gate market data shows that the Hang Seng Index rose by more than 3%, with chip and technology stocks leading the gains and showing strong performance.
Australian superannuation fund UniSuper plans to buy tech stocks on dips, ignoring concerns about an AI bubble.
According to Mars Finance, on July 8th, UniSuper, one of Australia's largest pension funds, is seeking to buy into US tech stocks during a pullback, ignoring concerns about high valuations and betting that artificial intelligence will drive earnings growth in the coming years. John Pearce, the fund's chief investment officer, stated that the fund is structurally overweight in US tech stocks because they are at the "sweet spot" of the AI spending cycle, and would increase its holdings even if the sector pulls back by 10%. This bullish stance highlights the growing divergence among investors regarding the long-term prospects of US mega-cap tech stocks—which are currently retreating from their record highs reached last month. Pearce stated, "Everyone is talking about a bubble, but valuations don't reflect that. We know they're investing heavily in capital expenditures, but they are fundamentally sound companies with strong growth prospects, so we're very happy to continue long." UniSuper, with assets under management of A$166 billion (approximately US$115 billion), has maintained an overweight position in US tech stocks for several months. International equities account for about 35% of its default investment strategy, with Nvidia, Microsoft, and Apple being its largest holdings.
Since October of last year, hedge funds have once again concentrated their buying on technology stocks.
According to a chart posted on X by financial analysis website Barchart, based on Odaily of America data, hedge funds' purchases of technology stocks last week reached their highest level since October of last year.
AI PC concept stocks surged, with Hongxi Technology hitting the 30cm daily limit.
According to Mars Finance, stocks of AI server and switch computing hardware continued to be active, driving a surge in AI PC concept stocks. Hongxi Technology hit its 30% daily limit, Thunderobot Technology rose over 15%, and Huaqin Technology, Huwei Intelligent, Yidao Information, and Lianyun Technology followed suit. (Cailian Press)