Memory stocks led a global tech selloff overnight. The Nasdaq closed -2.21% at 25,587 (down 579.56 pts) and the S&P 500 fell -1.44%, with Micron crashing ~13% and SanDisk -13.6% right before Micron reports earnings tonight. The trigger came out of Korea: SK Hynix is slowing its HBM4 ramp and Nvidia's next-gen Rubin output forecasts are being cut, reviving fears that the AI memory supercycle is cooling. Meanwhile Alphabet is joining the Dow, the US Senate voted to wind down the Iran conflict, and Singapore's STI barely flinched. Let's dig in 👇

💬 After today's memory crash and with Micron set to report tonight, is this a dip worth buying or the first real crack in the debt-funded AI capex story?

📊 Quick Recap — What Moved & Why

🇺🇸 US — A Memory Crash Dragged the Whole Tape Lower

🔑 Key Event: Korea-led memory selloff. A report that SK Hynix is pushing its HBM4 capacity expansion from Q2 to Q3 2026, paired with trimmed production forecasts for Nvidia's Rubin chips, hammered memory names worldwide. Micron (MU) fell ~13.18% and SanDisk (SNDK) -13.64%, two of the year's best S&P performers giving it all back in a single session. The semiconductor index dropped close to 8%, dragging the Nasdaq -2.21% and S&P -1.44%. The selloff also fed a broader worry the market has been circling for weeks: how much debt-funded AI capex is too much, especially heading into a more hawkish Fed. All eyes now on Micron's FQ3 print tonight after the US close.

👀 Other to Watch

• Cerebras (CBRS) -10% after hours → Q1 revenue $193.4M, +94% YoY, a clear beat, but soft gross-margin guidance overshadowed it
• Alphabet (GOOGL) → will replace Verizon in the Dow Jones, effective before Monday's open on June 29; rose ~1.2% after hours, adding yet another mega-cap tech name to the blue chips
• Quantum names firmer, IBM +5%+ → money rotated into quantum even as AI memory wobbled
• Meta (META) prediction-market app "Arena" → points-based, no real-money wagering at launch; the threat knocked DraftKings (DKNG) and Robinhood (HOOD) lower

🇸🇬 Singapore — STI Shrugs Off the Global Rout

🔑 Key Event: STI resilient at 5,217 (+0.22%). While Wall Street and Hong Kong sold off hard, Singapore's banks-heavy index barely moved and actually closed slightly higher. The local market has very little direct exposure to the AI memory trade that drove the US and Korean rout, so the STI is acting as a relative safe harbor. Strength in the big banks on wealth-management inflows has kept the index anchored well above 5,000.

👀 Other to Watch

• DBS (D05) / OCBC (O39) → local banks have been trading near record highs on wealth-management momentum, the main anchor under the STI
• Read-through → with no memory-chip heavyweights in the index, SG offers a way to stay invested while semis bleed; the flip side is it also misses the AI upside when the supercycle is running

🇭🇰 HK/China — Caught in the Memory Downdraft

🔑 Key Event: Hang Seng -1.82%, HSCEI -1.96%. HK and China shares fell with the global tech rout, led lower by the same Korea-driven memory weakness rather than any China-specific catalyst. The read-through stays the same as recent sessions: HK remains hostage to global tech sentiment and US rate fears in the near term.

👀 Other to Watch

• SK Hynix → reportedly preparing a depositary-receipt-linked new share issue even as its planned Nasdaq listing now collides with fresh doubts over the HBM4 ramp

🌐 Other

• Gold -1.89% to ~$4,111 → safe-haven demand eased as Washington moved to de-escalate with Iran
• US-Iran → the Senate passed a war powers resolution 50-48 (the first time both chambers have done so), directing an end to hostilities; a signed MOU has started a 60-day clock toward a broader nuclear deal, though a presidential veto still looms

📅 Key Events Tonight / This Week

• Micron FQ3 earnings tonight (after US close)
• GOOGL joins the Dow Mon June 29
• Iran 60-day MOU clock running
• Fed speakers ongoing

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⏰ Deadline: June 24, 11:59 PM SGT

Not investment advice, just market talk 🙏