- The Asian semiconductor industry is experiencing a deep valuation correction, with the combined market value of South Korea's Samsung Electronics and SK Hynix shrinking by $290 billion, significantly dragging down the Korea Composite Stock Price Index. Profit-taking and concerns over supply chain competition are the main driving factors.
- The market is focusing on the upcoming U.S. non-farm employment report for June. As Federal Reserve Chairman Kevin Warsh's previous remarks have weakened market expectations for a rate hike, the strength of this data will directly influence the future monetary policy pricing path.
- The yen strengthened abnormally against the dollar in early European trading, sparking strong speculation that Japanese monetary authorities might intervene in the foreign exchange market ahead of schedule. Meanwhile, U.S. Treasury yields rose slightly, supported by solid economic data.
Technology Sector Faces Valuation Correction
During Thursday's Asian trading session, stocks related to artificial intelligence and semiconductors underwent a significant adjustment. The KOSPI index in South Korea fell by 7.9%, with SK Hynix dropping by 14% and Samsung Electronics by 9%.
Concerns Over Excess Computing Power Trigger Adjustment
Another macro catalyst putting pressure on tech stocks comes from within the industry. News of Meta Platforms planning to sell its computing power has led the market to reassess whether the massive investment in AI infrastructure faces the risk of excess computing capacity.
Non-Farm Report and Policy Path Game
The international financial market is closely watching the upcoming U.S. non-farm employment data.
Cross-Asset Linkage and Yen Intervention Speculation
In the foreign exchange and commodity markets, the yen surged nearly 0.9% against the dollar to 161.15 in early European trading, sparking widespread speculation about the Japanese government's early intervention in the market ahead of the U.S. non-farm report release.
