☕️ [Task Coins Giveaway] Daily Market Talk — Micron Gives Back $1,000

Bonds set the price of everything yesterday, and an SG portfolio felt it from both ends. Memory took the worst of it, Micron handing back the $1,000 level it won a session earlier, while the STI slid from record territory and the local banks now trade off that same curve. One more worth your time: Anthropic quietly passed OpenAI on revenue. Let's dig in 👇

💬 Are you adding into the memory flush here, hedging it with the inverse ETFs, or sitting in cash until tonight's Fed minutes tell you whether a hike is actually back on the table?

📊 Quick Recap — What Moved & Why

🇺🇸 US — Rates Found 2007, Memory Paid For It

🔑 Key Event: Dow -0.22%, S&P 500 -0.69%, Nasdaq -1.33%, a third straight down day, and none of it about earnings. The 30-year yield hit 5.31%, its highest since July 2007, and the 10-year at 4.70% is a full point above the top of the Fed's target. Long-duration assets pay for that first, so the chip gauge fell -5.5%.

👀 Other to Watch

• Memory took the whole hit → $Micron Tech(MU.US) -7.0% to $940.76, one session after Monday's 4.1% run to $1,011.75 and a fresh Mizuho $1,375 target. Also $Sandisk(SNDK.US) -9.0%, $SK Hynix(SKHY.US) -7%, $Marvell Tech(MRVL.US) -7.8%, $Western Digital(WDC.US) -7.4%, $Intel(INTC.US) -6.6%, $AMD(AMD.US) -4.3%, $NVIDIA(NVDA.US) -2.3%.
• The ordering is the message → the further a name is from present-day cash flow, the harder it fell. Nvidia prints cash today and lost 2%. The buildout names borrow to grow, so $Coreweave(CRWV.US) -12.1% and $Nebius(NBIS.US) -7.6% took a straight cost-of-capital hit.
• BofA says the market has Nvidia backwards → even after a 50% haircut on the cash Nvidia routes into AI investments and backstops, Vivek Arya still sees a 34% to 50% discount and a $350 target. That call landed on the day chips fell 5.5%.
• Anthropic passed OpenAI on revenue for the first time → per the WSJ, Anthropic more than doubled Q2 revenue to about $11.5 billion with a small operating profit, against OpenAI's $6.7 billion, up 18% with losses widening. Its pre-IPO credit line is set to clear $10 billion, with a listing possible this autumn. Own the AI supply chain and you now track two buyers, not one.
• Two regulatory resets → $Meta Platforms(META.US) went to trial in Oakland against 29 state attorneys general, six to seven weeks, Zuckerberg testifying. $Apple(AAPL.US) settled with Brussels: the Core Technology Fee is scrapped for a flat 5% on outside-store digital transactions, App Store commission 26% or 15%, effective 1 October.

@Shyon: is averaging up into semiconductor exposure, reading the recent correction as a healthy reset rather than the end of the chip cycle, with AI infrastructure and memory demand still doing the work.

🇸🇬 Singapore — The Banks Are Now a Rates Trade

🔑 Key Event: STI closed Tuesday at 5,701.40, down about 1.2%, near 5,679 this morning. With a 5.3% long bond, the local read-across runs through the banks. $Singtel(Z74.SG) showed what is getting paid: S&P raised it to A+/A-1, its first ever upgrade, purely for cutting adjusted debt to S$7.5 billion from a S$12.3 billion peak through asset sales, not earnings growth.

👀 Other to Watch

• $DBS(D05.SG), $OCBC Bank(O39.SG) and $UOB(U11.SG) put up a S$530 million green loan for a DayOne data centre here that will pilot hydrogen power → this is where local loan growth is coming from, which ties all three banks to the AI buildout that just got repriced overnight.
• $UOB(U11.SG) priced £1 billion of floating-rate covered bonds due 2030 at SONIA plus 0.49%, listing on SGX from 25 August → funding at 49 basis points while the long end screams is a real vote of confidence. The catch is full-year NIM guidance of 1.75% to 1.80%, so the squeeze shows up on the deposit side.
• $Sembcorp Ind(U96.SG) +1.84% was the top STI gainer on a red day, calling a possible Indian renewables listing that Bloomberg sized at up to US$500 million still preliminary → same theme as Singtel. Capital recycling gets paid, promises do not.

@Victor y: likes the export backdrop for local equities but with the STI near records prefers a selective approach in quality names and buying pullbacks, arguing that beats chasing the rally on risk reward.

🇭🇰 HK/China — The Selloff Crossed Time Zones

🔑 Key Event: The Hang Seng closed Tuesday at 25,471.15, essentially flat, near 25,455 this morning. For anyone long memory the action is one market over: SK Hynix and Samsung both fell 7% today, the Nikkei down with SoftBank -6.5%. Korea decides this trade before New York opens.

👀 Other to Watch

• $BABA-W(09988.HK) reports FY2027 Q1 before the US open tomorrow, the last big Asian tech catalyst this week.

🌍 Other

• Brent closed near US$91 and WTI rose 2.55% to US$84.50, both the highest since 24 July, after the 60-day ceasefire window expired on Monday and Trump said he was not interested in extending the interim deal. Hormuz stays unresolved, which is much of why the long end will not calm down.
• Gold fell 1% to US$4,423.90, snapping a two-day rise. Losing ground on an escalation day is the clearest sign that rates, not risk, is the dominant variable this week.

📅 Key Events Tonight / This Week

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🚫 No duplicates · ⏰ Deadline: August 19, 2026, 11:59 PM SGT

Not investment advice, just market talk 🙏