Tonight Highlights: Memory Giants Miss Elevated Expectations; AI Equities Face Fresh Round of Selling

U.S. stock index futures diverged on Thursday as market anxieties over the "AI trade" returned to the fore. European equities opened generally higher across the board.

Tech shares faced widespread selling pressure following earnings releases from SanDisk and Western Digital.

Although both companies demonstrated robust revenue growth, their financial prints fell short of Wall Street's lofty expectations, sending both memory giants sharply lower in pre-market trading.

The sell-off subsequently spilled over into broader AI-related names, weighing on tech-heavy Nasdaq 100 futures. Conversely, Dow futures edged higher, coming off a record high close for the blue-chip index on Wednesday.

Memory stocks tumbled across the board pre-market: Micron Technology fell over 4%, SK Hynix ADRs dropped nearly 7%, SanDisk plummeted 10%, Western Digital slid nearly 15%, and Seagate Technology fell over 5%.

International crude oil prices surged as Iran and Oman neared a deal to reopen the Strait of Hormuz. According to an Iranian government official, vessels passing through the vital waterway will not be charged transit fees or tolls under the interim framework.

"The market has experienced several 'false dawns' throughout this conflict," noted Deutsche Bank strategist Jim Reid. "While deal specifics are coming into clearer focus, market attention is shifting from whether an agreement can be reached to what the final arrangements will be—including unresolved issues such as whether Iran will eventually be permitted to levy tolls on passing transit."

Meanwhile, investors are bracing for potential volatility in SpaceX shares as a massive lockup expiration approaches.

The unlock involves over 900 million restricted shares held by employees and early backers, freeing up substantial secondary market supply.

Pre-Market Earnings Summary

Albemarle Q2 Net Sales Rise 31% YoY to $1.74B, Beating Estimates

Albemarle reported second-quarter net sales of $1.74 billion on August 5, representing a 31% year-over-year increase and topping consensus estimates of $1.62 billion.

Adjusted EPS came in at $3.75, compared to $0.11 in the prior-year period and beating the $3.22 estimate.

Adjusted EBITDA reached $858 million against $337 million a year ago, outperforming the $779 million forecast. Albemarle also trimmed its full-year capital expenditure forecast to approximately $500 million.

Siemens Q3 Revenue Tops Expectations at €20.79B

Siemens posted Q3 revenue of €20.79 billion on August 6, up 7.3% year-over-year and ahead of the €20.65 billion consensus. Free cash flow rose 42% year-over-year to €4.15 billion.

SoftBank Group Q1 Net Profit Outpaces Consensus at ¥347.3B

SoftBank Group reported Q1 net profit of ¥347.3 billion (~$2.2 billion) on August 6, handily topping the ¥165.8 billion consensus estimate. Net sales rose to ¥2.02 trillion, beating expectations of ¥1.97 trillion.

The Vision Fund segment posted a profit of ¥5.43 billion, down 99% year-over-year and well below the ¥800.2 billion consensus, while recording total investment gains of ¥255.78 billion.

Corporate News

Meta Launches Beta Version of First AI Coding Agent "Muse Code"

Meta officially launched the beta version of its first AI coding agent, Muse Code, on August 5.

CEO Mark Zuckerberg wrote on X: "This is a terminal-based coding agent capable of executing complete software engineering tasks on large codebases—ranging from planning code changes and writing code to verifying output results."

Amazon’s Zoox to Launch Paid Autonomous Ride-Hailing Service in Las Vegas

Amazon’s autonomous vehicle unit, Zoox, announced on August 5 that it will begin charging commercial ride-hailing clients in Las Vegas starting August 10.

Pricing will include a base fee combined with mileage and duration rates, though Zoox declined to disclose detailed rate structures.

Last week, Zoox secured a temporary regulatory exemption from the National Highway Traffic Safety Administration (NHTSA), allowing it to commercially deploy up to 2,500 autonomous robotaxis annually for two years under a flexible regulatory framework.

OpenAI Urges U.S. Judge to Dismiss Apple Lawsuit, Calling Trade Secret Claims "Groundless"

OpenAI requested a U.S. federal judge on August 5 to dismiss a trade secret lawsuit filed by Apple, labeling the allegations "groundless."

Apple sued OpenAI last month alleging trade secret theft, asserting that OpenAI engaged in a coordinated campaign to siphon confidential details regarding unreleased Apple products. Apple claims OpenAI encouraged employees to leak product details, component schematics, and design drawings to accelerate its own hardware ecosystem.

Apple is seeking an injunction to halt the activity, destroy all proprietary Apple materials, and redesign OpenAI's upcoming hardware line.

Alphabet Kicks Off U.S. Dollar Investment-Grade Bond Sale

Google parent Alphabet has officially begun marketing a multi-tranche U.S. dollar investment-grade bond offering. The move comes after Alphabet raised its 2026 CapEx forecast—a revision that briefly triggered a sell-off in AI-related corporate debt—making this issuance a direct test of credit market appetite.

Alphabet's proposed offering comprises up to 10 tranches with maturities ranging from 2 to 40 years. Initial price thoughts on the benchmark 40-year paper were set at roughly 155 basis points over U.S. Treasuries.

TSMC N2 Node Yields Solid, but DRAM Shortage Pressures Apple iPhone 18 Production

Independent tech journalist Tim Culpan reported on August 6 that with the launch of Apple's iPhone 18 series and the foldable iPhone Ultra just weeks away, TSMC's 2nm (N2) process yields for the main A20 Pro processor remain strong.

However, a severe mobile DRAM shortage has prevented finished silicon from undergoing final advanced packaging, leading to inventory bottlenecks and supply chain strain.

Culpan noted that Apple and its primary contract manufacturers are urgently attempting to secure additional mobile DRAM supply.

While Apple relies primarily on Micron Technology for memory modules, it is actively seeking additional allocations from SK Hynix and Samsung. Culpan emphasized that TSMC's N2 wafer fabrication is not the bottleneck, with A20 Pro chip production essentially ready.