Memory stocks just went vertical. Micron ripped +12% back above the $1 trillion mark, SanDisk +14%, and the whole chip index jumped roughly 5% on a UBS call to buy the selloff. And that was only the appetizer: Tesla and Alphabet both report tonight, the first real test of whether all that AI capex is finally turning into cash. Throw in Nvidia declaring Vera Rubin in full production and a crypto bill inching toward the finish line, and risk is firmly back on. Let's dig in 👇

💬 Tesla and Alphabet both report tonight while memory stocks go parabolic. Are you positioning into the prints, or is this chip explosion the dead-cat bounce you'd rather fade?

📊 Quick Recap — What Moved & Why

🇺🇸 US — Memory Explodes, Big Tech on Deck

🔑 Key Event: The memory trade came roaring back. Micron (MU) ripped +12% back above the $1 trillion mark, SanDisk (SNDK) +14%, Western Digital (WDC) +13% and Seagate (STX) +11%, after UBS called the recent memory selloff a buying opportunity. The chip index jumped roughly 5%, its best day in weeks, and dragged the broad market up with it: S&P 500 +0.9%, Nasdaq +1.3%, Dow +0.7%. Fresh Korean export data showing red-hot AI-hardware demand added fuel.

👀 Other to Watch

• $NVIDIA(NVDA.US) → declared its next-gen Vera Rubin platform in full production, with CoreWeave benchmarks showing about 10x tokens-per-watt versus Grace Blackwell and OpenAI set to deploy at scale this quarter. Cloud partner Nebius climbed as a named launch customer.
• $Super Micro Computer(SMCI.US) +7%, then +17% after hours → fiscal Q4 gross margin landed at 15-17% versus an 8.2% guide, with a record $60B+ in new orders. Revenue was soft, but the margin shock did all the talking.
• $AMD(AMD.US) +4%, $Intel(INTC.US) +6%, $Broadcom(AVGO.US) +3% → the rebound was broad; Intel drew an RBC "Q2 beat" call ahead of Thursday's report.
• $Coinbase(COIN.US) +10%, $Circle(CRCL.US) +9%, $Strategy(MSTR.US) +4% → crypto names surged after Treasury Secretary Bessent said the CLARITY Act is on the Senate's "one-yard line." Bitcoin +2% to about $66,400.
• $SpaceX(SPCX.US) +3% to ~$123 → snapped a seven-session, -21% slide ahead of its first-ever earnings on Aug 4, though still below its $135 IPO price.

@Fattycat: "Memory and storage stocks fell 15-25% from early-July peaks through Jul 17, driven by sentiment shifts and forced liquidations, not weaker fundamentals."

@koolgal: "The tech market is facing its most critical test of the year as Tesla, Alphabet and Intel report this week. If earnings show the massive AI investment turning into real revenue, tech could stage an explosive recovery."

🇸🇬 Singapore — Banks and GDP Do the Heavy Lifting

🔑 Key Event: With no fresh single-stock catalyst on the SGX tape, the local story stays macro. Q2 GDP grew 5.7% y/y (advance estimate), beating the 5.5% expected on a manufacturing surge (goods +10.4%), while the big-three banks all sit at record highs, DBS trading above S$70. STI is hovering just under its July 15 record of 5,561, with attention turning to bank earnings season and the MAS quarterly policy call due later this month.

👀 Other to Watch

• HDB resale prices → dipped 0.3% in Q2, a second straight quarterly fall (first back-to-back drop in about seven years) as a softer job market makes buyers cautious.
• $SIA(C6L.SG) → heads into its Jul 24 AGM, still defending the Air India stake that dragged FY25/26.
• SGX corporate flow was quiet (mostly buybacks and procedural filings), so banks and macro carried the session.

@Dacai: "Suntec REIT's chart still looks good. A little pullback after forming a cup is not unusual, and the long lower wick says buyers are still in the market despite the red candle."

🇭🇰 HK/China — Rally Stalls, Internet Slips

🔑 Key Event: After Monday's state-buying surge, Hong Kong stalled on Tuesday. China internet names came under pressure, with Tencent and NetEase reportedly off more than 3% and Alibaba around -2% (per Slack morning-leads), as profit-taking and a distribution-rights rumor around sportswear retailer Topsports weighed on sentiment.

👀 Other to Watch

• $ZJ INNOLIGHT(03308.HK) → pricing its Hong Kong listing this week in what could be 2026's biggest HK IPO (about US$7-8B). The optical-module maker is a core supplier to global AI data centres, tying it straight into the same chip-capex story driving Wall Street.

🌍 Other

• US-Iran conflict → US strikes reportedly ran for an 11th night, keeping oil and inflation risk in the frame; Washington also flagged a nuclear deal with Saudi Arabia and hinted at new tariffs (per Slack).
• Japanese yen → slid past 163 per dollar, roughly a four-decade low (per Slack), keeping BOJ and intervention chatter alive.
• Tariffs → Trump floated a two-year zero tariff on generic drugs before a later 100% rate, with the USTR signalling a new tariff framework soon.

📅 Key Events Tonight / This Week

• 🇺🇸 Tesla, Alphabet, IBM & ServiceNow earnings · tonight (Wed after US close, ~04:00-05:00 SGT Thu)
• 🇺🇸 AT&T, Philip Morris, GE Vernova earnings · Wed pre-market (US)
• 🇭🇰 Zhongji Innolight HK IPO pricing · this week
• 🇺🇸 Intel earnings · Thu Jul 23
• 🇺🇸 Jobless claims & new home sales · Thu Jul 23 (~20:30 SGT)
• 🇪🇺 ECB rate decision · this week
• 🇺🇸 S&P Global Flash PMIs (July) · Fri Jul 24
• 🇸🇬 SIA AGM · Fri Jul 24
• 🇸🇬 MAS quarterly monetary policy statement · late July
• 🌍 US-Iran conflict / Strait of Hormuz flows · ongoing

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🚫 No duplicates · ⏰ Deadline: July 22, 2026, 11:59 PM SGT

Not investment advice, just market talk 🙏