To The Moon

Last night’s selloff felt like more than a normal pullback. The Nasdaq fell 2.15%, while the VIX jumped more than 12% to 18.7. $Tesla(TSLA)$ plunged 14.53%, and $Alphabet(GOOGL)$ dropped 7.13%. By several market estimates, the Magnificent Seven lost close to $800 billion in market value in a single session. At the same time, Brent crude moved above $100 per barrel and Treasury yields climbed. Two pressures hit growth stocks together: AI return concerns and renewed inflation risk. A week ago, the market was still rewarding companies for spending more aggressively on AI. Now investors are asking a harder question: When will all that spending turn into profit and free cash flow? 1. The capex scare finally a

Alphabet, Tesla and IBM reported earnings on the same night—and together they offered one of the clearest snapshots yet of where the AI spending cycle stands. Google showed that AI infrastructure can already drive explosive cloud growth. Tesla showed how quickly AI, robotaxi and robotics investment can consume cash before those businesses generate meaningful revenue. IBM showed another side of the cycle: corporate customers are prioritizing scarce servers, memory and storage, while some traditional IT projects are being delayed. The market is moving past a simple question—“Who is investing in AI?”—and focusing on something harder: Who can turn AI spending into revenue, margins and free cash flow? Google: AI demand is turning into cloud revenue Alphabet delivered the strongest operating gro

Alphabet will report its second-quarter results on Wednesday after the U.S. market closes. This earnings release matters far beyond $Alphabet(GOOGL)$ itself. TSMC and ASML have already shown that demand for advanced chips and semiconductor equipment remains strong. Google now has to answer the next question in the AI value chain: Can all that spending on chips, servers and data centers turn into cloud revenue, advertising growth and free cash flow? Wall Street currently expects roughly $116.8 billion in Q2 revenue, including about $22.2 billion from Google Cloud. Options markets are pricing in an earnings move of around 5.3%. The first test: Can Google Cloud keep growing above 60%? Google Cloud was Alphabet’s strongest business in the first quart

$Taiwan Semiconductor Manufacturing(TSM)$ $ASML Holding NV(ASML)$ TSMC and ASML have delivered another strong signal for the AI semiconductor cycle. TSMC reported second-quarter revenue of $40.2 billion, a gross margin of 67.7%, and net profit growth of 77.4% year over year. ASML, meanwhile, raised its 2026 revenue outlook from €36 billion–€40 billion to €43 billion–€45 billion, while preparing to expand EUV and immersion DUV capacity again in 2027 and 2028. Together, the two earnings reports confirm that demand for AI chips, advanced process nodes, HBM and semiconductor equipment remains strong. The next question is moving downstream: Can Microsoft, Alphabet, Meta and Amazo

$IBM(IBM)$ IBM delivered one of the clearest signals yet that the AI boom is reshaping corporate technology budgets. The company’s shares plunged about 25% after it released preliminary second-quarter results below Wall Street expectations. IBM expects quarterly revenue of roughly $17.2 billion, up only 1% year over year and below the $17.86 billion analysts expected. Adjusted earnings are projected at $2.93 per share, versus the $3.02 consensus estimate. (Reuters) The headline numbers were disappointing, but the explanation was even more important. IBM CEO Arvind Krishna said that during the final weeks of June, corporate clients redirected part of their quarterly capital spending toward servers, storage and memory. Customers wante

Korean semiconductor stocks delivered a dramatic V-shaped reversal today. SK hynix fell roughly 9% during the session, then recovered to close about 3.7% higher. Samsung Electronics followed a similar path, moving from an early decline to a gain of around 3.3% by the close. The contrast between the open and the close matters. At the open, the market was still dealing with forced selling, leveraged-position reductions and concerns surrounding SK hynix’s new U.S. ADR. By the close, bargain hunters had stepped in and investors were willing to buy the memory-chip story again. The key question now is: Has the Korean semiconductor market moved past the most dangerous stage of deleveraging? What triggered the selloff? The reversal followed an unusually violent correction. On Monday, SK hynix’s Se

Oil is back at the center of the market today. According to Reuters, crude prices jumped more than 3% after renewed U.S.-Iran tensions raised concerns over tanker traffic through the Strait of Hormuz. Brent crude traded around $78.48 per barrel, while WTI rose to around $73.76 per barrel. The key issue is not simply higher oil prices. The market is pricing in a renewed geopolitical risk premium. Iran reportedly claimed a temporary closure of the Strait of Hormuz, while President Trump said the strait remained open to commercial traffic. That gap is exactly why markets are nervous: the physical flow may not be fully disrupted yet, but the risk of disruption is back. Why Hormuz matters The Strait of Hormuz is one of the world’s most important energy chokepoints. Any disruption there can quic

$Meta Platforms, Inc.(META)$ Meta is back in the AI spotlight. According to the latest reports, Meta plans to deploy 7GW of AI compute infrastructure in 2026, and then double total capacity to 14GW by 2027. That number is massive. For context, some Street-style estimates use roughly $35 billion per GW as a rough AI infrastructure cost assumption. Based on that framework, an additional 7GW could imply around $245 billion of potential capex scale. This is not Meta’s official capex guidance, but it gives investors a sense of how aggressive the plan could be. At first glance, this sounds like another AI spending “horror story.” But the market reaction was more interesting. Instead of only worrying about capex, investors started asking

Two memory-chip stories hit the market this week. On one side, SK hynix’s U.S. ADR offering reportedly drew demand more than 7x the available supply, with proceeds expected to support new facilities tied to AI memory demand. On the other side, China’s Changxin Memory Technologies, or CXMT, is moving ahead with its Shanghai IPO book-building, aiming to raise funds for production-line expansion and technology upgrades. Different markets, different paths, but the same underlying question: Is AI turning memory chips from a cyclical trade into a structural AI infrastructure story? For years, investors mainly watched memory stocks through the old cycle: When will DRAM prices bottom? When will inventories clear? When will the next upcycle arrive? Now the questions are changing: Can HBM demand sta

【NEWS EVENT】 The U.S. Office of Government Ethics (OGE) just disclosed that President Donald Trump executed over 21,000 securities trades in 2025, with a total value between $600 million and $1.86 billion. Trump's team claims these assets are independently managed by third-party institutions through "automated, model-based portfolios," placing them in a so-called "blind trust." Trump averaged 85 trades per market day in 2025, with a net purchase of approximately 300million in U.S. stocks for the full year. His holdings are heavily concentrated inTechnology( $NVIDIA(NVDA)$ , $Microsoft(MSFT)$ , $Apple(AAPL)$ , $Advanced Micro