Market Articles — Page 12

📌 NAND Price Recovery Still Constrained by Capacity Expansion

If NAND demand and prices are recovering, whether supply continues to tighten is the key to whether margins can continue improving. The current change is that neither international manufacturers nor Chinese manufacturers have stopped expanding: Samsung and SK Hynix are increasing investment in NA…

📌 Treasury Is Unlikely to Become a Substitute for Long-Term Rate Adjustment

The recent focus of market discussion is whether the U.S. Treasury can bring down long-term Treasury yields directly without relying on the Federal Reserve.

📌 Stablecoin Expansion Does Not Necessarily Lower Short-Term Treasury Yields

Interpreting an increase in stablecoin issuance directly as “new dollar liquidity” can easily confuse the form in which funds exist with the total amount of funds. The dollars used to purchase stablecoins were usually already in bank deposits, money market funds, or brokerage cash accounts.

📌 Silicon Wafer Price Hike Reflects the Broadening of the Foundry Recovery

Silicon wafer prices are reportedly set to rise by 10% across the board, covering 6-inch, 8-inch, and 12-inch products. This is the first relatively substantial price increase in more than three years.

📌 NVIDIA’s Low-Volume Risk Gap Ahead of Earnings

Ahead of NVIDIA’s earnings, what is truly worth watching is not only the range of volatility implied by options, but also the fact that participation in spot trading has simultaneously fallen to an unusually low level.

📌 AI System Price Increases, Storage Supply Locked In Early

The focus of AI infrastructure is shifting from “whether demand exists” to two more specific questions: whether equipment vendors can maintain selling prices, and whether the supply of key components has already been locked in by customers in advance.

📌 Positioning Is Crowded, but Sentiment Has Not Lost Control

The allocation to risk assets has approached a point where marginal changes warrant more caution. Fund managers’ cash holdings have fallen to 3.5% of assets, the sixth lowest level since 1998.

📌 The Test of Power Capacity’s Value Amid AI Expansion

The bottleneck in AI infrastructure is extending from procuring chips to whether power can be secured and actually used. UBS expects hyperscale cloud providers’ combined capital expenditures on AI infrastructure from 2026 to 2028 to total approximately USD 4.

📌 Energy disruptions are passing pressure on to food prices

The risk from disruptions in the Strait of Hormuz is not limited to oil prices. What is more worth tracking is that energy and shipping costs may gradually pass through to food prices via two channels: agricultural inputs and grain transportation. The first channel is logistics.

📌 Walmart’s Slowing Growth Tests Its AI Premium

The key issue Walmart now faces is not whether its AI tools are appealing, but whether they can sufficiently offset the slowdown in core retail growth. U.S. same-store sales rose only 2.6%, below expectations of 3.8% and down to a six-year low.