DRAM weakened, and the memory supply chain continued its correction, rebounding intraday before coming under pressure again.
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Multiple factors drove a correction in South Korean stocks: profit-taking by Samsung and SK Hynix, collective withdrawal of foreign capital, and amplified concerns about oversupply risks and fundamentals.
According to BlockBeats, on July 6th, based on Bitget market data, the South Korean stock market has been experiencing a continuous downward correction recently. On July 2nd, the KOSPI index once plummeted by nearly 8%, triggering a trading halt, with SK Hynix falling by over 14% and Samsung by over 9%. On July 3rd, it fell by over 3% in the morning session before rebounding sharply. Today, the South Korean stock market continued its downward trend, falling by over 3% at one point, driven by multiple factors: Samsung and SK Hynix have excessively high weightings, leading to concentrated profit-taking. Currently, the weighting of Samsung Electronics and SK Hynix, two core AI memory stocks, in the KOSPI has risen to approximately 50%, meaning that fluctuations in the memory sector can cause significant volatility in the entire South Korean index. After a continuous surge in recent months, concentrated profit-taking has become the driving force behind the recent natural correction. US stock market correction sentiment spills over. In the global market, the recent collective correction in US semiconductor, memory chip, and optical communication sectors has triggered a global sell-off in technology stocks. Market concerns include the sustainability of AI capital expenditure and overvaluation. South Korean stocks are highly sensitive to sentiment in the US tech sector and are similarly affected by spillover effects from US market sentiment. The structural fragility of the South Korean market amplifies the decline. The assets of 2x leveraged products tracking Samsung and SK Hynix are enormous, far exceeding the average daily trading volume of the stocks themselves. Forced rebalancing during declines further fuels selling and exacerbates the fall. The high leverage of retail investors combined with margin trading creates a chain reaction, causing frequent extreme volatility in the South Korean stock market. Foreign capital is fleeing South Korea. Recently, foreign investors in South Korea net sold 7.7 trillion won (approximately US$4.98 billion) worth of KOSPI shares on Monday, setting a record for the largest single-day sell-off. Combined with factors such as pressure on the won's exchange rate, this further undermines foreign investor confidence. Oversupply risks raise fundamental concerns. Samsung and SK Hynix plan massive investments in new memory chip factories, totaling tens of billions of dollars. The market worries that a significant increase in future capacity will put downward pressure on memory prices. Meanwhile, demand from major customers such as Nvidia for higher-stack HBM chips has slowed, shaking market confidence in the sustainability of the "AI supercycle."
Huatai Securities: South Korea's high export growth indicates that global AI supply chain trade is still on an upward trend, and the Asian AI supply chain is expected to continue to benefit.
Mars Finance reported on July 6th that a research report from Huatai Securities pointed out that the continued strong performance of AI chain exports drove South Korea's June exports to significantly exceed expectations, with the trade surplus reaching a new historical high. Looking ahead, leading indicators show that AI chain trade will maintain high growth, and South Korean exports are expected to continue their strong performance, potentially driving South Korea's nominal GDP to maintain a relatively high growth rate. In the short term, the Philadelphia Semiconductor Index, which leads South Korean semiconductor exports by about four months, remains high year-on-year, indicating that the strong performance of South Korean semiconductor exports is likely to continue; at the same time, against the backdrop of strong AI demand, memory prices are still rising, and prices will continue to support nominal exports. The high growth of South Korean exports indicates that global AI chain trade is still on an upward trend, and the AI supply chain in Asia, including South Korea and China, is expected to continue to benefit. (Wide Angle Observation)
The recovery in semiconductor demand is spreading from AI to a wider range of industrial end markets, and supply chain tensions are shifting from digital chips to analog chips.
According to BlockBeats, on July 4th, analog chip giant Analog Devices (ADI) sent a formal letter to its customers, stating that due to a significant increase in overall semiconductor demand and continued supply shortages, lead times for some product portfolios have been extended to up to six months. ADI recommends that customers place orders at least six months in advance through channel partners and extend their order backlog accordingly. Critini Research analyst Jukan stated that this is an important signal of a recovery in semiconductor demand. Previously, market focus was on the shortage of AI training chips and HBM memory. The extended lead times for analog chips indicate that the demand recovery is spreading from AI to broader end markets such as industry and automotive, and the supply chain tensions are shifting from digital chips to analog chips.
LIT continued its upward trend after adjusting its token economic model, breaking through $2.7 and rebounding 2.5 times from its low.
According to Mars Finance, on July 6th, LIT (Lighter) continued its upward trend after announcing a major adjustment to its token economic model, rebounding from a low of $0.77 to $2.7, a 22% increase in the past 24 hours. Lighter previously announced that future buybacks through exchange revenue will be changed from simple buybacks to permanent burning, with plans to burn approximately 15.5 million LIT already repurchased, representing about 6.3% of the circulating supply. This mechanism will be officially implemented starting in the third quarter of 2026. Furthermore, the source of staking rewards will shift from exchange revenue to ecosystem reserve funds.
US stocks saw the Nasdaq under pressure in overnight trading, but the semiconductor and memory sectors rebounded strongly, with memory chains leading the gains among tech stocks.
According to Mars Finance, on July 6th, based on BIT (bit.com) market data, the three major US stock indices diverged in overnight trading. The Dow Jones Industrial Average rose 1.14%, the S&P 500 was essentially flat, and the Nasdaq Composite fell 0.8%. Market structure indicates that funds continued to rebalance within growth stocks, with traditional heavyweights and value sectors showing relative strength. Within the technology sector, however, divergence and volatility were observed, although the semiconductor and memory sectors clearly exhibited independent rebounds, driven by the need for valuation repair after previous corrections. NVIDIA (NVDA) rose 0.17%, TSMC (TSM) rose 2.11%, Marvell Technology (MRVL) rose 1.94%, Seagate Technology (STX) rose 3.39%, Western Digital (WDC) rose 4.91%, SanDisk (SNDK) rose 5.85%, and Micron Technology (MU) rose 4.36%.
22 companies filed for Hong Kong Stock Exchange listings in one week: AI semiconductor supply chain dominates the headlines, with star companies like Avita among them.
Mars Finance reported on July 5th that, according to disclosures by the Hong Kong Stock Exchange (HKEX), from June 29th to July 4th, a total of 22 companies submitted IPO prospectuses to the HKEX, including Shengwei Times, Liante Technology, Shengjing Network, Yangtuo Holdings Inc., Longxun Semiconductor, Haote Energy Saving, Tongao Testing, Daotong Technology, Keli Limited, Avita, Wubo Technology, Jiaxuan Intelligent, Oulin Biotechnology, Yuanhai International, Silicon-based Flow, Huaneng Design Institute, Senyi Intelligent, Joint Stock Company National Company Kazakhstan Temir Zholy, Liding Semiconductor, Jingze Biotechnology, Hongxinyu, and Jingwang Electronics. Among the 22 companies that submitted their prospectuses, 5 A-share listed companies simultaneously applied to the HKEX, triggering a new wave of "A+H" dual listings. Among them, Jingwang Electronics leads with a market capitalization of 70.949 billion yuan. This leading PCB manufacturer's revenue exceeded 10 billion yuan each year from 2023 to 2025, with a compound annual growth rate of 46% in profits over three years. The company has significant related-party transactions with Luxshare Precision, and the demand for PCBs driven by AI computing power is its core growth logic. Liante Technology is a leading optical module manufacturer from Wuhan and one of the few global suppliers with vertical integration capabilities for 800G/1.6T optical modules, with a latest market capitalization of 38.764 billion yuan. Daotong Technology, Orin Biotech, and Longxun Semiconductor are from the automotive intelligent diagnostics, human vaccines, and high-speed video chips sub-sectors, respectively, and are all star companies on the Science and Technology Innovation Board, with latest market capitalizations of 17.418 billion yuan, 17.319 billion yuan, and 11.562 billion yuan, respectively. All three companies appeared as "spin-off subsidiaries." Wubo Technology is a smart logistics supply chain service provider for ferrous bulk commodities under Yankuang Energy. Based on 2025 Gross Transaction Value (GTV), it is the largest smart logistics platform in China's steel and metallurgical industry. Tongao Testing, spun off from the Hong Kong-listed Anton Oilfield Services, ranks second among professional testing institutions in China's oil and gas industry's integrated TIC solutions market and is a leading independent oil and gas testing TIC service provider. Liding Semiconductor, backed by global PCB leader Zhen Ding-KY, mainly produces high-end IC substrates such as FCBGA and FCCSP. Based on 2025 revenue, it ranks third among IC substrate manufacturers in mainland China. Of the 22 companies, AI and semiconductor-related companies account for nearly half. From upstream chip design (Longxun Semiconductor), memory (Hongxinyu), and IC substrates (Liding Semiconductor), to midstream optical modules (Liantech) and PCBs (Jingwang Electronics), and then to AI infrastructure (Silicon-based Flow), the entire AI industry chain is represented. Among them, Silicon-based Flow has applied for listing under the Hong Kong Stock Exchange's Chapter 18C Special Technology Companies Rules. Established only 34 months ago, its valuation has increased more than 33 times in three years, reaching a latest valuation of 7.74 billion yuan. Alibaba, Huawei, Meituan, and Innovation Works are all shareholders. This time, it aims to become the first "AI Token Factory" listed in Hong Kong. Hongxinyu's revenue exceeded US$1 billion and net profit exceeded US$500 million in the first four months of 2026, representing a more than 30-fold increase in net profit. Based on 2025 revenue, it will be the fifth largest independent memory manufacturer globally and the second largest in mainland China. Multiple high-profile targets from various sectors are simultaneously emerging. In the new energy sector, Avita is a rare Hong Kong IPO target in the domestic high-end new energy vehicle field. The company is jointly established by Changan Automobile, CATL, and Huawei. It achieved operating revenue of 5.645 billion yuan, 15.2 billion yuan, and 25.6 billion yuan in 2023, 2024, and 2025 respectively, achieving a leapfrog growth in revenue over three years; however, its losses are also increasing, accumulating to approximately 11.2 billion yuan over three years. In the AI healthcare field, Senyi Intelligent, as China's largest provider of intelligent hospital healthcare solutions, has served over 800 hospitals. Its shareholders include Tencent, Sequoia Capital, and IDG. Meanwhile, Kazakhstan Railways, controlled by Kazakhstan's sovereign wealth fund, is a state-owned transportation and logistics giant operating a vital land transport corridor connecting Central Asia with China and Europe. Its IPO in Hong Kong, as a key infrastructure company in a Belt and Road Initiative country, has attracted widespread market attention. (Science and Technology Treasure News)