--- title: "SG Morning Brief | Apple Briefly Touches $5T as Chip Rout Deepens; Dow Rallies 1%" type: "News" locale: "en" url: "https://longbridge.com/en/news/294131184.md" description: "US OvernightThe Dow surged 537.24 points (+1.03%) to 52,747.32, its third straight advance, while the S&P 500 gained 0.21% to 7,428.78. The Nasdaq slipped 0.22% to 24,876.91 as the semiconductor selloff continued for a fourth straight session. The market split widened dramatically: Apple touched $342.89 intraday, becoming the second company ever to reach a $5 trillion market cap and overtaking Nvidia as the world's most valuable company." datetime: "2026-07-29T00:51:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294131184.md) - [en](https://longbridge.com/en/news/294131184.md) - [zh-HK](https://longbridge.com/zh-HK/news/294131184.md) --- # SG Morning Brief | Apple Briefly Touches $5T as Chip Rout Deepens; Dow Rallies 1% ## US Overnight The Dow surged 537.24 points (+1.03%) to 52,747.32, its third straight advance, while the S&P 500 gained 0.21% to 7,428.78. The Nasdaq slipped 0.22% to 24,876.91 as the semiconductor selloff continued for a fourth straight session. The market split widened dramatically: Apple touched $342.89 intraday, becoming the second company ever to reach a $5 trillion market cap and overtaking Nvidia as the world's most valuable company. Coca-Cola rallied 5% to a record high after beating earnings and raising its full-year outlook — its best day since 2009. Sherwin-Williams surged 8% and Boeing jumped on positive free cash flow. Healthcare stocks gained 2.4% and consumer staples rose 2%. But the chip carnage intensified: the SOX dropped 4.5%, now down 25% from its June 22 record high (though still up 56% year-to-date). The DRAM storage ETF plunged 8.89%. Oil continued falling on US-Iran diplomatic progress. The FOMC decision lands tomorrow at 2:00 AM UTC+8 — CME FedWatch shows a 71% probability of a hold and 29% chance of a hike. ### Key Movers **Apple (AAPL) — $5 trillion, overtakes Nvidia** — Apple touched $342.89 during the session, pushing its market capitalization above $5 trillion — making it the second company in history to reach that milestone after Nvidia — and overtaking Nvidia as the world's most valuable company. The milestone came as investors rotated into consumer-facing tech with proven earnings power, away from AI infrastructure names facing capex scrutiny. Apple reports Thursday after the close. **Memory rout: SanDisk -14% / Micron -12% / Corning -12%** — The memory selloff reached its most extreme level yet. SanDisk crashed over 14%, Micron plunged as much as 12% intraday, and optical fiber maker Corning fell over 12%. The DRAM ETF's 8.89% single-day decline was one of the sharpest on record. The SOX has now fallen 25% from its June record — firmly in bear market territory — though the 56% YTD gain means most 2026 buyers remain profitable. **Coca-Cola (KO) +5% ATH** — Coca-Cola surged 5% to a record high, its best session since 2009, after Q2 earnings beat on both lines and the company raised its full-year revenue and profit outlook. Strong demand for zero-sugar drinks and a FIFA World Cup sales boost drove the beat. The result epitomizes the Great Rotation: defensive consumer brands gaining while AI hardware unwinds. **After hours: Seagate +10% / NXP -4%** — Seagate Technology initially jumped over 10% after reporting strong results, while NXP Semiconductors fell over 4% on a weaker outlook. The mixed after-hours reactions reflect the ongoing divergence between storage (benefiting from AI memory demand) and analog/automotive chips (facing cyclical softness). ## SGX Preview The STI was near 5,070. DBS near S$62.18, UOB near S$37.91. Apple's $5 trillion milestone and the Dow's 1% rally are positive signals, but the chip bear market (-25% from peak) pressures Venture Corp. Tonight is the most consequential event window of Q3: the FOMC decision at 2:00 AM UTC+8 Thursday, followed by Microsoft's earnings. Singapore investors will wake up to both results Thursday morning. ## Asia Pre-Market Nasdaq futures are slightly lower (-0.2%) on the chip weakness. The Dow's three-day rally and falling oil support a constructive tone for non-tech Asian names. The SOX in bear territory is the dominant headwind for regional semiconductor sentiment. ## Tonight's Double Catalyst Event Time (UTC+8) Microsoft (MSFT) earnings Post-mkt (Wed night ET) **FOMC Rate Decision** **2:00 AM Thu Jul 30** **Warsh Press Conference** **2:30 AM Thu Jul 30** Thursday: **Amazon + Apple** post-mkt, Q2 GDP advance estimate. Friday: Core PCE. **Event Spotlight: FOMC + Microsoft** — Warsh faces his second rate decision with oil pulling back from $100 but still elevated, CPI at 3.5% (likely to re-accelerate in July), and the SOX in bear market territory. A hold with dovish language rallies the market. A hold with hawkish language — or a surprise hike — could extend the chip correction. Microsoft's Azure AI revenue and capex trajectory arrive the same night, giving markets a double dose of signal before Asia opens Thursday. ## One More Thing Apple at $5 trillion while the SOX is in a bear market is the single most powerful image of the Great Rotation. The company that buys AI chips is worth $5 trillion. The companies that make AI chips have lost a quarter of their value in five weeks. The market is saying: the future belongs to the companies that deploy AI, not the ones that build it. Whether that thesis is right or wrong, it is now the dominant trade. _This briefing is for informational purposes only and does not constitute investment advice._ ## Related News & Research - [Nvidia's Potential $250 Billion OpenAI Financing Deal Is Reviving a 1990s Tech Bubble Habit, Analyst Warns: 'Usually Don't End Well'](https://longbridge.com/en/news/294077412.md) - [Exploring The Competitive Space: NVIDIA Versus Industry Peers In Semiconductors & Semiconductor Equipment](https://longbridge.com/en/news/293913071.md) - [Kaizen Financial Strategies Has $15.17 Million Stock Position in Apple Inc. $AAPL](https://longbridge.com/en/news/293901370.md) - [Apple Wallet Support Coming to Manchester's Bee Card](https://longbridge.com/en/news/294228854.md) - [Klarna to Power Apple Upgrade, a New Hardware Leasing Program Offered by Apple | KLAR Stock News](https://longbridge.com/en/news/294066435.md)