SG Morning Brief | Chips Bounce Back as Iran-Israel Halt Attacks, Apple Falls on Siri AI Sell-the-News

US OvernightThe S&P 500 rose 0.30% to 7,405.73 and the Nasdaq gained 0.86% to 25,929.66 as chip stocks staged a sharp rebound from Friday's $1 trillion rout. The Dow slipped 0.16% to 50,786.01, its second straight session off record highs. The Philadelphia Semiconductor Index surged 5.6%, clawing back a chunk of last week's losses after Iran and Israel said they had halted attacks on each other following a 24-hour escalation that was the most direct confrontation since April. Trump appealed for both sides to immediately "stop shooting." WTI crude eased to roughly $91 per barrel. Markets closed well off intraday highs as Apple's Siri AI reveal at WWDC disappointed in the final hour, dragging the Nasdaq lower.Key MoversIntel (INTC) +11% — Intel jumped over 10% after The Information reported that Google has placed an order to manufacture more than 3 million tensor processing units using Intel's foundry services. The deal validates Intel's 18A process node as production-ready for hyperscaler workloads and comes on top of the Apple foundry agreement. Separately, Tesla CEO Elon Musk confirmed plans to use Intel's next-generation 14A process for Tesla's "Terafab" AI chip facility in Austin. Marvell also surged 10% on news of its upcoming S&P 500 inclusion.Micron (MU) +10% — Micron rebounded nearly 10% after plunging 13% on Friday, as dip-buyers stepped in aggressively. AMD gained over 5%, SanDisk rose over 5%, Nvidia added roughly 2%, Cerebras jumped nearly 20%, and Corning gained 5.6%.Apple (AAPL) -2% — Apple rose over 3% intraday after unveiling a major Siri AI overhaul at its annual WWDC keynote in Cupertino, then reversed sharply to close down nearly 2% in a classic sell-the-news reaction. The company disclosed that Siri AI features would be delayed in several international markets, dampening enthusiasm. Bruce Zaro of Granite Wealth Management noted that "perception has been that Apple had been behind the curve on AI."SGX PreviewThe STI was near 5,070 last week. DBS is near S$62.18 and UOB near S$37.91. The Iran-Israel ceasefire restoration and chip rebound provide a constructive backdrop for today's session. Singapore banks continue to benefit from the higher-for-longer rate environment. The Intel-Google foundry deal is positive for the broader semiconductor supply chain, including local names like Venture Corp. Apple's weak WWDC reception may temper enthusiasm for consumer tech names.Asia Pre-MarketS&P 500 futures data was not yet available at time of writing. Monday's close was off the intraday highs, with the Nasdaq closing up 0.86% versus a 1.44% intraday gain, suggesting some caution heading into CPI on Wednesday. Brent crude is near $96 after easing on the Iran-Israel halt. The key risk remains the Middle East: the halt in attacks is fragile, and Hezbollah has rejected Lebanon ceasefire terms.Today's US Earnings and Economic CalendarEventTime (ET)Time (SGT)No major data——Key events this week: CPI (Wed Jun 10), PPI (Thu Jun 11), SpaceX IPO (Fri Jun 12). Warsh's first FOMC is June 17.Week Ahead Reminder — Wednesday's CPI and Thursday's PPI are the last inflation reads before Warsh's first rate decision on June 17. With rate hike odds at 75%, a hot CPI print cements the case for a hike. A cool print gives Warsh cover to hold. SpaceX's $75 billion IPO on Friday is the largest in Wall Street history and could drain liquidity from an already fragile market. Fortune warned this week that "blockbuster offerings have marked the peak of excess in past market cycles."One More ThingMonday's chip rebound recovered about 20% of Friday's $1 trillion loss. That is not nothing, but it is not a full recovery either. The Nasdaq gained 0.86% after losing 4.18% — a ratio that tells you sellers were more convicted than buyers. The Iran-Israel halt bought the market a day of relief, but Hezbollah rejected ceasefire terms and Lebanon remains a flashpoint. Apple's WWDC told us something important: even the world's most valuable company cannot escape the sell-the-news pattern that has plagued every AI announcement this season. Nvidia beat and fell. Broadcom missed and cratered. Now Apple reveals and drops. The market is not anti-AI — it is anti-hype. Fundamentals still matter, and this week's CPI will remind everyone that the inflation problem has not been solved by a semiconductor rally.This briefing is for informational purposes only and does not constitute investment advice.