<h2>美国隔夜市场</h2>
<p>纳斯达克指数下跌 2.21%，收于 25,587.04 点，标准普尔 500 指数下跌 1.44%，收于 7,365.47 点，均创下两周以来的新低。道琼斯工业平均指数下滑 0.09%，收于 51,665.49 点。罗素 2000 指数上涨 0.83%，延续其超越表现。VIX 指数飙升至 19.52。美国市场延续了周二亚洲市场开始的全球芯片暴跌，当时 KOSPI 指数因 SK 海力士将一条 HBM4 生产线改为通用 DRAM 而暴跌 10%。这种恐慌情绪直接蔓延至纽约，SOX 指数暴跌 7.9%。消费品板块以 1.8% 的涨幅领涨标准普尔 500 指数，11 个板块中有 6 个收涨。市场目前预计到 12 月将有两次美联储加息，较两周前的预期增加了一次。Investing.com 指出，七大科技巨头的年初至今表现已转为负面。</p>
<h3>主要动向</h3>
<p><strong>SOX -8%：美光 -13% / 闪迪 -13% / 马维尔 -9%</strong> — 半导体暴跌毫不留情。美光股价下跌 13.18%，至 1,051.77 美元，正值其第三季度财报发布前一天。闪迪下跌 13%。马维尔下跌超过 9%，高通下跌 8.59%，ARM 下跌 8.41%，英伟达下跌 2.74%。催化剂是 SK 海力士的报告，暗示 AI 内存需求可能比预期更快达到峰值——这直接挑战了推动该行业年初至今 80% 以上涨幅的超级周期理论。</p>
<p><strong>IBM (IBM) +5%</strong> — IBM 完全逆势上涨，涨幅达到 5%，投资者转向低 AI 暴露的价值科技股。微软也上涨 2.5%，亚马逊上涨 1.7%，这表明市场正在区分 AI 基础设施（被抛售）和 AI 平台/云（被持有）。</p>
<p><strong>SpaceX (SPCX) +1%</strong> — SpaceX 上涨近 1%，结束了连续三天的下跌。该股仍然波动，交易价格接近 155 美元，约比其 135 美元的 IPO 价格高出 15%，但远低于其 193 美元的 IPO 后高点。</p>
<p><strong>盘后，Cerebras (CBRS) -10%</strong> — 这家 AI 芯片制造商及英伟达竞争对手在发布季度业绩后股价下跌多达 10%，令投资者失望。该股自 5 月 IPO 日收盘的 311 美元已下跌至低 200 美元区间。</p>
<h2>新加坡交易所预览</h2>
<p>STI 指数最近接近 5,070 点。DBS 接近 62.18 新元，UOB 接近 37.91 新元。昨日的全球芯片暴跌将继续对 Venture Corp 和本地半导体公司施加压力。然而，罗素 2000 指数创下新高，消费品板块领涨，表明实际经济健康——这对新加坡银行构成支持。今晚美光的财报是关键催化剂：如果超出预期，可能会稳定内存行业；如果未达预期，可能会将暴跌延续至全面修正。</p>
<h2>亚洲盘前市场</h2>
<p>今天亚洲市场的关键问题是，昨日 KOSPI 的崩盘是否已经清洗了足够的头寸，还是未来还有更多去杠杆化的过程。SK 海力士和三星是首尔开盘时需要关注的股票。如果它们稳定下来，最糟糕的情况可能已经过去。如果抛售重新开始，传染效应将进一步蔓延至全球芯片公司，尤其是在今晚美光财报发布之前。</p>
<h2>今日美国财报和经济日历</h2>
<table>
<thead>
<tr>
<th>事件</th>
<th>时间（东部时间）</th>
<th>时间（UTC+8）</th>
</tr>
</thead>
<tbody>
<tr>
<td>耐用品订单（5 月）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th>公司</th>
<th>时间</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>美光 (MU)</strong></td>
<td><strong>盘后</strong></td>
</tr>
<tr>
<td>联邦快递 (FDX)</td>
<td>盘后</td>
</tr>
</tbody>
</table>
<p>周四：核心个人消费支出（5 月）。周五：密歇根消费者信心指数。</p>
<p><strong>财报聚焦：美光 (MU)</strong> — 自三周前博通财报失利以来，最重要的芯片财报。美光将在收盘后发布 2023 财年第三季度财报，今日股价下跌 13%，较历史高点下跌约 25%。SK 海力士的报告称 HBM4 产能被重新定向至通用 DRAM，直接挑战了美光关于 HBM 结构性稀缺的理论。如果美光的业绩确认 AI 内存需求依然强劲且价格权力保持不变，抛售将会逆转。如果指引显示 HBM 订单或价格有任何放缓，修正将加深，万亿美元的内存估值将面临重新定价。</p>
<h2>还有一件事</h2>
<p>KOSPI 的 10% 崩盘是本轮周期的煤矿里的金丝雀。韩国市场在 2026 年上涨了 90%，几乎完全依赖于 AI 内存交易——SK 海力士和三星共同占据了该指数的一半。当一份关于单条生产线从 HBM4 转向通用 DRAM 的报告能够让一个国家的股市蒸发 10% 时，这表明头寸的集中和脆弱程度。今晚，美光将确认或否认需求放缓。答案将影响数万亿资金。</p>
<p><em>本简报仅供信息参考，不构成投资建议。</em></p>

<p>美国隔夜市场 纳斯达克指数下跌 2.21%，收于 25,587.04 点，标准普尔 500 指数下跌 1.44%，收于 7,365.47 点，均创下两周来的最低点。道琼斯工业平均指数下滑 0.09%，收于 51,665.49 点。罗素 2000 指数上涨 0.83%，延续其优于大盘的表现。波动率指数（VIX）飙升至 19.52。美国市场延续了全球芯片行业的下跌趋势，此趋势始于周二的亚洲交易时段，当时 KOSPI 指数因有报道称 SK 海力士将一条 HBM4 生产线改为生产通用 DRAM 而暴跌 10%</p>

<h2>US Overnight</h2>
<div class="lb-trans"><h2>美国隔夜市场</h2>
</div><p>The Nasdaq tumbled 2.21% to 25,587.04 and the S&amp;P 500 fell 1.44% to 7,365.47, both closing at two-week lows. The Dow slipped 0.09% to 51,665.49. The Russell 2000 gained 0.83%, extending its outperformance. The VIX surged to 19.52. The US session extended the global chip rout that began during Tuesday's Asian session, when the KOSPI plunged 10% after reports that SK Hynix is repurposing an HBM4 production line for general-purpose DRAM. That panic carried straight into New York, where the SOX cratered 7.9%. Consumer staples led the S&amp;P with a 1.8% gain as six of eleven sectors finished positive. Markets are now pricing two Fed rate hikes by December, up from one just two weeks ago. Investing.com noted the Magnificent Seven has turned negative year-to-date.</p>
<div class="lb-trans"><p>纳斯达克指数下跌 2.21%，收于 25,587.04 点，标准普尔 500 指数下跌 1.44%，收于 7,365.47 点，均创下两周以来的新低。道琼斯工业平均指数下滑 0.09%，收于 51,665.49 点。罗素 2000 指数上涨 0.83%，延续其超越表现。VIX 指数飙升至 19.52。美国市场延续了周二亚洲市场开始的全球芯片暴跌，当时 KOSPI 指数因 SK 海力士将一条 HBM4 生产线改为通用 DRAM 而暴跌 10%。这种恐慌情绪直接蔓延至纽约，SOX 指数暴跌 7.9%。消费品板块以 1.8% 的涨幅领涨标准普尔 500 指数，11 个板块中有 6 个收涨。市场目前预计到 12 月将有两次美联储加息，较两周前的预期增加了一次。Investing.com 指出，七大科技巨头的年初至今表现已转为负面。</p>
</div><h3>Key Movers</h3>
<div class="lb-trans"><h3>主要动向</h3>
</div><p><strong>SOX -8%: Micron -13% / SanDisk -13% / Marvell -9%</strong> — The semiconductor rout was indiscriminate. Micron fell 13.18% to $1,051.77, a day before its Q3 earnings report. SanDisk dropped 13%. Marvell sank over 9%, Qualcomm fell 8.59%, ARM 8.41%, and Nvidia 2.74%. The catalyst was the SK Hynix report suggesting AI memory demand may be peaking faster than expected — a direct challenge to the supercycle thesis that powered the sector's 80%+ YTD rally.</p>
<div class="lb-trans"><p><strong>SOX -8%：美光 -13% / 闪迪 -13% / 马维尔 -9%</strong> — 半导体暴跌毫不留情。美光股价下跌 13.18%，至 1,051.77 美元，正值其第三季度财报发布前一天。闪迪下跌 13%。马维尔下跌超过 9%，高通下跌 8.59%，ARM 下跌 8.41%，英伟达下跌 2.74%。催化剂是 SK 海力士的报告，暗示 AI 内存需求可能比预期更快达到峰值——这直接挑战了推动该行业年初至今 80% 以上涨幅的超级周期理论。</p>
</div><p><strong>IBM (IBM) +5%</strong> — IBM bucked the selloff entirely, rising 5% as investors rotated into value tech with lower AI exposure. Microsoft also gained 2.5% and Amazon rose 1.7%, suggesting the market is differentiating between AI infrastructure (sold) and AI platform/cloud (held).</p>
<div class="lb-trans"><p><strong>IBM (IBM) +5%</strong> — IBM 完全逆势上涨，涨幅达到 5%，投资者转向低 AI 暴露的价值科技股。微软也上涨 2.5%，亚马逊上涨 1.7%，这表明市场正在区分 AI 基础设施（被抛售）和 AI 平台/云（被持有）。</p>
</div><p><strong>SpaceX (SPCX) +1%</strong> — SpaceX gained nearly 1%, snapping its three-day losing streak. The stock remains volatile, trading near $155, roughly 15% above its $135 IPO price but well below its $193 post-IPO peak.</p>
<div class="lb-trans"><p><strong>SpaceX (SPCX) +1%</strong> — SpaceX 上涨近 1%，结束了连续三天的下跌。该股仍然波动，交易价格接近 155 美元，约比其 135 美元的 IPO 价格高出 15%，但远低于其 193 美元的 IPO 后高点。</p>
</div><p><strong>After hours, Cerebras (CBRS) -10%</strong> — The AI chipmaker and Nvidia rival fell as much as 10% after reporting quarterly results that disappointed investors. The stock had already declined from its $311 IPO-day close in May to the low $200s.</p>
<div class="lb-trans"><p><strong>盘后，Cerebras (CBRS) -10%</strong> — 这家 AI 芯片制造商及英伟达竞争对手在发布季度业绩后股价下跌多达 10%，令投资者失望。该股自 5 月 IPO 日收盘的 311 美元已下跌至低 200 美元区间。</p>
</div><h2>SGX Preview</h2>
<div class="lb-trans"><h2>新加坡交易所预览</h2>
</div><p>The STI was near 5,070 recently. DBS is near S$62.18 and UOB near S$37.91. Yesterday's global chip rout will continue to pressure Venture Corp and local semiconductor names today. However, the Russell 2000 hitting new highs and consumer staples leading suggest the real economy is healthy — which supports Singapore banks. Tonight's Micron earnings are the key catalyst: a beat could stabilize the memory sector; a miss could extend the rout into a full correction.</p>
<div class="lb-trans"><p>STI 指数最近接近 5,070 点。DBS 接近 62.18 新元，UOB 接近 37.91 新元。昨日的全球芯片暴跌将继续对 Venture Corp 和本地半导体公司施加压力。然而，罗素 2000 指数创下新高，消费品板块领涨，表明实际经济健康——这对新加坡银行构成支持。今晚美光的财报是关键催化剂：如果超出预期，可能会稳定内存行业；如果未达预期，可能会将暴跌延续至全面修正。</p>
</div><h2>Asia Pre-Market</h2>
<div class="lb-trans"><h2>亚洲盘前市场</h2>
</div><p>The key question for today's Asian session is whether yesterday's KOSPI crash has flushed enough positioning or whether more deleveraging lies ahead. SK Hynix and Samsung are the stocks to watch at Seoul's open. If they stabilize, the worst may be over. If selling resumes, the contagion extends further into global chip names ahead of tonight's Micron report.</p>
<div class="lb-trans"><p>今天亚洲市场的关键问题是，昨日 KOSPI 的崩盘是否已经清洗了足够的头寸，还是未来还有更多去杠杆化的过程。SK 海力士和三星是首尔开盘时需要关注的股票。如果它们稳定下来，最糟糕的情况可能已经过去。如果抛售重新开始，传染效应将进一步蔓延至全球芯片公司，尤其是在今晚美光财报发布之前。</p>
</div><h2>Today's US Earnings and Economic Calendar</h2>
<div class="lb-trans"><h2>今日美国财报和经济日历</h2>
</div><table>
<thead>
<tr>
<th>Event</th>
<th>Time (ET)</th>
<th>Time (UTC+8)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Durable Goods (May)</td>
<td>8:30 AM</td>
<td>8:30 PM</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>事件</th>
<th>时间（东部时间）</th>
<th>时间（UTC+8）</th>
</tr>
</thead>
<tbody>
<tr>
<td>耐用品订单（5 月）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>Timing</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Micron (MU)</strong></td>
<td><strong>Post-mkt</strong></td>
</tr>
<tr>
<td>FedEx (FDX)</td>
<td>Post-mkt</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>时间</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>美光 (MU)</strong></td>
<td><strong>盘后</strong></td>
</tr>
<tr>
<td>联邦快递 (FDX)</td>
<td>盘后</td>
</tr>
</tbody>
</table>
</div><p>Thursday: Core PCE (May). Friday: Michigan Consumer Sentiment.</p>
<div class="lb-trans"><p>周四：核心个人消费支出（5 月）。周五：密歇根消费者信心指数。</p>
</div><p><strong>Earnings Spotlight: Micron (MU)</strong> — The most consequential chip earnings report since Broadcom's miss three weeks ago. Micron reports fiscal Q3 after the close, having lost 13% today and roughly 25% from its all-time high. The SK Hynix report that HBM4 capacity is being redirected to general DRAM directly challenges Micron's thesis of structural HBM scarcity. If Micron's results confirm that AI memory demand remains robust with pricing power intact, the selloff reverses. If guidance flags any softening in HBM orders or pricing, the correction deepens and the trillion-dollar memory valuations face a repricing.</p>
<div class="lb-trans"><p><strong>财报聚焦：美光 (MU)</strong> — 自三周前博通财报失利以来，最重要的芯片财报。美光将在收盘后发布 2023 财年第三季度财报，今日股价下跌 13%，较历史高点下跌约 25%。SK 海力士的报告称 HBM4 产能被重新定向至通用 DRAM，直接挑战了美光关于 HBM 结构性稀缺的理论。如果美光的业绩确认 AI 内存需求依然强劲且价格权力保持不变，抛售将会逆转。如果指引显示 HBM 订单或价格有任何放缓，修正将加深，万亿美元的内存估值将面临重新定价。</p>
</div><h2>One More Thing</h2>
<div class="lb-trans"><h2>还有一件事</h2>
</div><p>The KOSPI's 10% crash is this cycle's canary in the coal mine. South Korea's market had rallied 90% in 2026, almost entirely on the AI memory trade — SK Hynix and Samsung together make up half the index. When one report about a single production line being repurposed from HBM4 to general DRAM can wipe 10% off an entire country's stock market, it tells you how concentrated and fragile the positioning has become. Tonight, Micron either confirms or denies the demand slowdown. The answer will move trillions.</p>
<div class="lb-trans"><p>KOSPI 的 10% 崩盘是本轮周期的煤矿里的金丝雀。韩国市场在 2026 年上涨了 90%，几乎完全依赖于 AI 内存交易——SK 海力士和三星共同占据了该指数的一半。当一份关于单条生产线从 HBM4 转向通用 DRAM 的报告能够让一个国家的股市蒸发 10% 时，这表明头寸的集中和脆弱程度。今晚，美光将确认或否认需求放缓。答案将影响数万亿资金。</p>
</div><p><em>This briefing is for informational purposes only and does not constitute investment advice.</em></p>
<div class="lb-trans"><p><em>本简报仅供信息参考，不构成投资建议。</em></p>
</div>

SG Morning Brief | SOX Plunges 8% as AI Memory Rout Deepens, Nasdaq -2.2%; Micron Reports Tonight

- 纳斯达克指数下跌 2.21%，道指小幅下滑，罗素 2000 指数上涨 0.83%。  
- 全球芯片市场恐慌，SK 海力士转产导致相关股票大幅下跌。  
- 美光财报将影响行业走势，市场预期未来两次加息。

SG 晨报 | SOX 指数暴跌 8%，因 AI 内存市场下滑加剧，纳斯达克指数下跌 2.2%；美光科技将在今晚发布财报