Brent crude fell more than 6% toward $90 a barrel, while WTI dropped to around $84.5 after the United States and Iran paused attacks over the weekend. U.S. stock futures moved higher, with Nasdaq 100 futures leading the rebound as investors rotated back toward technology and other rate-sensitive assets. (Reuters)

$易方達A50(03111)$  

July was a different story, though, and I'll be upfront about it — I gave back a chunk of those gains. Looking back, it wasn't that my read on the market was wrong, it's that I held onto positions longer than I should have. That's the piece I'm still working on.

From the recent pullback in Korean and US memory stocks, to the core question of "is this a top, or just halftime in a longer bull market," all the way to the HBM supply gap, KOSPI valuations, Korea's macro fundamentals, and how open-source AI models are reshaping memory demand — the flow was layered and packed with substance. Ross doesn't dodge the sharp question of "is the AI thesis broken"; instead he unpacks it piece by piece with data, fund flows and industry cycles.

Ross Dong @Ross_Macro_Trading,, is a founding partner at Morning Cloud Asset Management, specializing in macro trading and US equities. He spent over 15 years as an equity trader at firms like JP Morgan and KCG, and holds a degree in applied mathematics from Columbia University. Ross is known for spotting secular growth trends early; today he manages over $30M in AUM and leads a community of 15,000+ members. What makes his perspective unique: he blends top-down macro logic with bottom-up stock selection, thinking about both industrial/technological cycles and monetary/financial cycles.

Ross is known for spotting secular growth trends early; today he manages over $30M in AUM and leads a community of 15,000+ members. What makes his perspective unique: he blends top-down macro logic with bottom-up stock selection, thinking about both industrial/technological cycles and monetary/financial cycles.

He spent over 15 years as an equity trader at firms like JP Morgan and KCG, and holds a degree in applied mathematics from Columbia University. Ross is known for spotting secular growth trends early; today he manages over $30M in AUM and leads a community of 15,000+ members. What makes his perspective unique: he blends top-down macro logic with bottom-up stock selection, thinking about both industrial/technological cycles and monetary/financial cycles.

$Tesla(TSLA)$ fell 14.53% after investors focused on shrinking profitability and rising cash consumption. Tesla’s second-quarter operating margin dropped to 1.4%, while free cash flow turned negative. Capital spending on robotaxis, Optimus, AI infrastructure, batteries and new manufacturing projects continued to climb. The long-term opportunity remains large, but the market is becoming less patient with businesses that require heavy investment before generating measurable revenue.

$易方達A50(03111)$  

The STI has risen 10 days straight, hitting new all-time highs repeatedly. And when you look at this year's top 5 gainers on the whole Singapore market — 3 out of 5 are banks: OCBC (+47.4%), DBS (+33.1%), UOB (+30.5%). DBS also just crossed S$200 billion in market cap for the first time. Macquarie Research (a research firm) just put out their Q2 preview on the sector, and they're bullish — upgrading DBS and UOB to Outperform, joining OCBC, and raising target prices 24% on average.

It's not just these three — this was a broad storage and chip-related selloff. SK Hynix fell 13.48%, Seagate dropped 10%, and Western Digital fell 9.22%, with optical names like Corning (-9%+) and Lumentum (-6.1%) also caught up in it.

Nasdaq Composite Index $NASDAQ(.IXIC)$ — Quickly Included: SK hynix was included soon after its Nasdaq listing because the index has relatively accessible eligibility requirements, allowing the stock to receive initial passive fund inflows. Nasdaq-100 $NASDAQ 100(NDX)$ — Waiting for ADR Market Cap to Qualify: Nasdaq-100 eligibility is based on the market capitalization of SK hynix’s ADRs, not its total company value; since only 2.5% of shares were issued as ADRs, inclusion may have to wait until the December review. $Philadelphia Semiconductor Index(SOX)$ — Expected in 2027: The SOX requires at least three months of listing history, and SK hynix’s July listing missed the September annual review window, making 2027 the more likely inclusion date.

$易方達白酒(03189)$  

$易方達白酒(03189)$  

2026 is already halfway through, and the first half of the year has given investors plenty to talk about. AI remained one of the most important market themes, but the story kept expanding. It was no longer just about GPUs or mega-cap tech.

$易方達A50(03111)$  

On Wednesday, $XAU/USD(XAUUSD.FOREX)$ fell below the $4,000/oz level for the first time since November 2025. From the record high of $5,594 reached in January, gold has now fallen nearly 29%. London gold tells a similar story. In just 30 trading days, it dropped from around 4,700 to 3,980, a decline of roughly 16%. Although prices rebounded modestly today, with $GLD$ trading around $368, the overall trend has clearly turned lower.

NVIDIA remains the ultimate AI demand indicator, but its numbers are influenced by product cycles, export restrictions, networking, software, and ecosystem effects. Micron is different. Memory is closer to a pure supply-demand business. Pricing, shipments, inventories, and margins provide a much cleaner view of what is actually happening across the AI infrastructure chain. As the only U.S. company capable of producing DRAM at scale while also participating in HBM and NAND markets, Micron sits at the center of both AI and traditional data-center demand. That makes it one of the best thermometers for the industry.

$易方達白酒(03189)$  

He reopened the review of the Fed’s $6.7 trillion balance sheet, setting up five working groups. One of them will study whether the balance sheet should eventually shrink closer to pre-2008 levels.