Opinion: Despite weak stock performance, the AI industry "still revolves around Nvidia".
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US pre-market news at a glance: Samsung's earnings report triggered a collective weakness in semiconductor stocks in pre-market trading; SpaceX officially debuts on the Nasdaq 100 today.
According to BlockBeats, the following are key market news items before the US stock market opened on July 7th: 1. Samsung released its Q2 earnings forecast, showing an operating profit increase of over 1800% year-on-year, with single-quarter profits exceeding the total of the previous three years. Simultaneously, the company's revenue also increased by 129% year-on-year, reaching 171 trillion won. Affected by the semiconductor sell-off triggered by the "sell-off" of Samsung's earnings, chip-related technology stocks generally weakened in pre-market trading. The three major US stock futures indices showed mixed results in pre-market trading: Dow Jones futures rose 0.41%, Nasdaq 100 futures fell 0.9%, and S&P 500 futures fell 0.09%. 2. SpaceX officially debuted on the Nasdaq 100 before the US stock market opened today, with Wall Street institutions collectively bullish. Most institutions believe that SpaceX is no longer just a traditional aerospace company, but a platform company with the potential for rocket launches, Starlink satellite internet, AI infrastructure, and future space computing. 3. DeepSeek is secretly developing its own inference chip. If successful, this would reduce reliance on external suppliers and give it more cost-effective hardware control. However, the project is still in its early stages and faces manufacturing and memory acquisition restrictions due to US export controls. 4. UBS recommends investors buy SK Hynix's upcoming American Depositary Receipts (ADRs) and sell its South Korean shares, as these new shares are expected to trade at higher prices. 5. JPMorgan strategists say the recent weakness in semiconductor stocks should be seen as a buying opportunity, as the chip upcycle is not yet over, and truly meaningful new supply may not appear until 2028. 6. US ADP employment change for the week ending June 20 was 21,000, compared to 30,750 in the previous week. 7. BlackRock will launch an ETF tracking the tech-heavy Nasdaq 100 index, aiming to meet investors' growing demand for participation in the AI-driven stock market rally and challenge Invesco's dominant position. 8. Amazon is returning to the US bond market to raise funds for its artificial intelligence infrastructure. The company will issue eight benchmark bonds with maturities ranging from 3 to 40 years, raising at least $25 billion in the dollar bond offering. 9. Global brokerages have begun coverage research on Elon Musk's SpaceX (SPCX.O), and a preliminary consensus has formed on Wall Street: buy the stock. At least six brokerages, including Morgan Stanley, Goldman Sachs, and UBS, have given it a buy rating, optimistic about its long-term growth prospects, although doubts remain about profitability and valuation.
Counterpoint: Despite recent stock price corrections, the fundamentals of memory chips remain solid.
According to Mars Finance, on July 7th, MS Hwang, Director of Counterpoint Research, stated that the recent stock price pullback of memory chip manufacturers does not signify a fundamental shift in the memory chip market. Samsung Electronics fell 6.9% on Tuesday, and SK Hynix fell 6.1%, despite Samsung expecting another record-breaking quarter driven by strong demand. Some investors may believe that much of Samsung's upside potential, driven by expectations of improved profitability, has already been priced in. He said, "Recent strikes and political discussions surrounding profit sharing may also raise concerns about future shareholder returns." However, he pointed out that the fundamentals of memory chip manufacturers remain solid. According to Counterpoint's July memory chip price tracking report, DRAM prices are expected to rise 10%-20% in the third quarter, higher than its initial forecast of 5%-10%, as customers continue to place orders ahead of schedule.
10x Research: Bitcoin mining stocks pull back 20%, influenced by AI and semiconductor narratives.
According to a report by 10x Research, Bitcoin mining stocks have largely decoupled from Bitcoin price movements and have experienced a pullback of approximately 20%. The report states that Bitcoin mining companies are now deeply intertwined with the AI theme, which currently revolves more around global supply chains and competition than crypto adoption or financial digitization. Furthermore, the performance of Chinese LLM concept stocks and the prospects of the South Korean semiconductor supply chain are directly influencing the performance of Bitcoin mining stocks. Data shows that Riot's stock price movement has become increasingly synchronized with the Semiconductor SOX ETF since April 2026, with both recently declining from their highs, indicating that the performance of Bitcoin mining stocks is being influenced by sentiment in the semiconductor and AI computing power chains.
JPMorgan: Weakness in semiconductor stocks should be seen as a buying opportunity; the upward cycle is not yet nearing its end.
According to BlockBeats, on July 7th, JPMorgan strategists stated that the recent weakness in semiconductor stocks should be seen as a buying opportunity, as the chip upcycle is not yet nearing its end, and truly meaningful new supply may not appear until 2028. The bank noted that the SOX Semiconductor Index fell approximately 5.4% in the shortened trading week before the Independence Day holiday, marking its second consecutive week of decline. However, the sector rebounded rapidly on Monday, with Marvell, Broadcom, and storage-related stocks such as Western Digital and Seagate leading the gains, indicating that funds are still willing to return to the AI hardware chain. JPMorgan's view is not entirely bullish on AI concepts. The bank prefers the semiconductor and infrastructure sectors, while remaining cautious about the so-called "AI cannibalization" area—industries that may be replaced by AI, have lower prices, or have reduced profit margins. Sectors most affected include software, business services, and media. In other words, JPMorgan believes that AI will still create winners, but it may not benefit all AI-related companies; the certainty for hardware suppliers is higher in the short term than for some application and service companies.
Hong Kong-listed technology stocks weakened after the market opened, influenced by market news regarding Samsung Electronics.
According to Odaily Odaily, some Hong Kong-listed technology stocks weakened after the market opened, possibly influenced by market news that Samsung Electronics plans to raise DRAM product prices by about 20% in the third quarter. Sunny Optical Technology fell by more than 4%, and Lenovo Group fell by 3.4%.
Liquid-cooled server concept stocks performed strongly, with Dayuan Pump Industry hitting the daily limit.
According to Mars Finance, liquid-cooled server concept stocks are performing strongly, with Dayuan Pump Industry hitting the daily limit, Feilong Shares nearing the limit, and Binglun Environment, Tongfei Shares, Tenglong Shares, and Yingweike following suit. On the news front, a research report from Everbright Securities believes that the rapid increase in computing power from AI, HPC, and hyperscale data centers is leading to a continuous increase in the heat density of data centers. Traditional air-cooling solutions are gradually becoming insufficient to meet the demands of high-power-density scenarios, and liquid cooling is becoming an essential solution for efficient heat dissipation. (Cailian Press)