Tonight's Highlights | US Tech Stocks Rebound Pre-Market; Middle East Situation Remains Highly Volatile
Before Monday's US market open, the month-long correction in chip stocks showed signs of a temporary pause, with AI favorites like the "top five memory giants" rallying across the board.
As of press time, Nasdaq 100 Index Futures (September 2026 contract) rose 0.91%, S&P 500 Index Futures climbed 0.43%, and Dow Futures edged up 0.23%.
Meanwhile, SK Hynix jumped over 5% pre-market, Micron Technology gained nearly 4%, and SanDisk, Seagate Technology, and Western Digital all rose close to 3%.
AMD, which is hosting its annual flagship AI conference this week, gained nearly 4%, while Intel rose over 3%.
Previously, the Philadelphia Semiconductor Index, which had been on a tear since April, plunged nearly 10% last week, marking a cumulative drop of over 20% from its all-time closing high in late June.
Recent Wall Street debates over the "Kimi moment" indicate that even if the model can match top-tier product performance at an incredibly low cost, running it still demands massive computing power.
Kimi also announced on Sunday that it is temporarily halting new consumer subscriptions to fully focus on expanding its server capacity, noting that registration spots will gradually reopen once the new computing power is in place.
Starting this week, the US Q2 earnings season moves into the critical mega-cap tech window. Major AI-related names, including Google's parent company Alphabet, Tesla, IBM, Intel, GE Vernova, and Nokia, are scheduled to report.
Meanwhile, Federal Reserve officials have officially entered their blackout period this week ahead of the central bank's policy meeting late next week.
Lastly, the US-Iran conflict, which carries heavy weight for global markets, remains highly unpredictable.
Following the US military's confirmation that three more American soldiers were killed and one remains missing in an Iranian strike, the latest round of military clashes has stretched into its ninth day.
Brent crude futures slightly pulled back after touching an intraday high of $90 per barrel, seemingly tracking ongoing diplomatic efforts to broker a ceasefire between Washington and Tehran.
However, public disclosures have yet to signal any quick de-escalation in the Middle East.
The Iranian President's office issued a statement quoting President Pezeshkian during a Monday meeting, noting that Iran is currently engaged in a "full-scale war."
Just before press time, Yemen's Houthi military spokesperson Yahya Sarea issued a statement declaring an immediate "maritime blockade" on Saudi Arabia, blocking Saudi vessels from navigating the Bab el-Mandeb Strait.
Reports indicate that the two sides engaged in their first exchange of fire last week since their 2022 truce, sparked by a dispute over an Iranian aircraft carrying a Houthi delegation to Ayatollah Khamenei's funeral.
In Other News
Elon Musk Responds to Rumors of Massive SpaceX Order for Foxconn
According to viral posts on social media, SpaceX was allegedly planning to order roughly 13,000 Nvidia GB300 AI server racks from Foxconn, with each rack estimated to cost $4 million. Shipments were rumored to begin in Q4 of this year and run through Q1 of next year.
Responding to the rumors, Elon Musk stated, "This is fake news."
Apple Hikes iPhone Prices in Japan
Based on price updates on Apple’s official Japanese website, the consumer electronics giant lifted prices over the weekend for several iPhone models sold in Japan, with hikes reaching up to 11%.
This pricing adjustment applies to the entire iPhone 17 lineup, the iPhone Air, and the iPhone 16. The starting price for the iPhone 17 moved from 129,800 yen to 142,800 yen, while the iPhone Air's entry price increased from 159,800 yen to 177,800 yen.
Market analysts note that the move follows a persistent decline in the yen against the US dollar, adding that there are currently no indications that these latest iPhone price adjustments will be rolled out globally.