On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.
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Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations
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Spot Gold Rises Over 1.00% Today, Currently at $4394.59 per Ounce
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U.S. stocks opened with the Dow Jones down 0.1%, the S&P 500 up 0.1%, and the Nasdaq up 0.16%. SanDisk (SNDK.O) rose 7%, as the company expects revenue to maintain mid-to-high double-digit growth from fiscal years 2028 to 2030. Western Digital (WDC.O) and Micron Technology (MU.O) both increased by about 4%. Applied Materials (AMAT.O) fell 5% after the company announced its earnings. -
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On August 14, storage concept stocks in the U.S. stock market collectively rose, with SanDisk increasing by over 4%. Other notable gains included Phison Electronics and Western Digital, both rising by over 2%, while SK Hynix, Seagate Technology, and Micron Technology saw increases of over 1%. In related news, SanDisk expects its revenue to maintain mid-to-high double-digit growth from fiscal years 2028 to 2030. -
Samsung Electronics' R&D Investment Reaches Record 27.3 Trillion Won in First Half of 2026
On August 14, regulatory filing documents disclosed on Friday revealed that Samsung Electronics' R&D investment reached a new high of 27.3 trillion won (approximately 19 billion USD) in the first half of 2026. The South Korean tech giant's R&D expenses for the period from January to June increased by 51.5% compared to 18.06 trillion won in the same period last year, setting a record for the highest semi-annual expenditure. Additionally, Samsung Electronics' equipment investment in the first half of the year also set a semi-annual record, reaching 28 trillion won, an increase of nearly 5 trillion won year-on-year. -
Traders Completely Abandon Rate Hike Expectations for This Year
On August 14, retail sales data fell short of expectations, leading traders to completely abandon the prospect of a rate hike this year. The market is currently fully pricing in a rate hike to occur in January next year, which is a stark contrast to the situation just a few weeks ago, when the market increasingly anticipated two 25 basis point hikes before March 2027. -
Market Pricing Indicates Decreased Probability of Multiple Fed Rate Hikes Before Mid-2027
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Norwegian Sovereign Fund's Bitcoin Holdings Exceed 11,549, Setting New Record High
According to K33's research director Vetle Lunde, as of the end of the first half of 2026, the Norwegian Sovereign Wealth Fund's indirect Bitcoin exposure, through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla, has risen to 11,549 BTC, a historic high valued at approximately $725 million. This exposure increased by 21.2% in the first half of the year and by 60.5% over the past year, marking the sixth consecutive reporting period of growth. Among these, Strategy accounts for nearly 86% of the fund's indirect Bitcoin exposure, corresponding to about 9,914 BTC, with the fund holding approximately 1.17% of Strategy's shares as of June 30. Metaplanet corresponds to 671 BTC, MARA to 421 BTC, and Coinbase, Block, and Tesla correspond to 183 BTC, 120 BTC, and 97 BTC, respectively. K33 notes that this exposure is likely not a result of the fund's active allocation to Bitcoin but rather an indirect effect of its broadly diversified investment portfolio, with the related Bitcoin exposure accounting for about 0.03% of the fund's total assets. Additionally, the fund has also gained indirect ETH exposure for the first time through the Ethereum treasury company BitMine, holding 6.15 million shares of BitMine valued at $88.3 million as of June 30, which corresponds to an indirect exposure of approximately 67,340 ETH based on BitMine's current ETH holdings. -
U.S. Retail Sales Unexpectedly Decline
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SK Hynix Employees' Average Salary Reaches 144 Million Won in First Half of 2023
On August 14, SK Hynix reported that the average salary of its employees reached 144 million won (approximately $104,000) in the first half of this year, marking a 23% increase year-on-year. The company significantly increased its capital expenditures and research and development (R&D) investments during this period. Cash outlays for tangible asset purchases exceeded 18 trillion won, a year-on-year increase of over 70%. The number of small shareholders in the company grew more than fivefold within a year, surpassing 3.46 million. In the first half of 2023, SK Hynix generated over 17 trillion won in sales from Nvidia, accounting for approximately 13% of the company's total sales. -
Strategy and Metaplanet Face Potential Removal from MSCI Index, Results Expected in October
On August 14, MSCI sought feedback on a new non-operational company identification method, which could lead to the removal of Strategy and Metaplanet from the MSCI Global Investable Market Index. According to a simulation using May 2026 data, Strategy, Metaplanet, and uranium investment company YellowCake would be excluded from the MSCI ACWI IMI, while companies like SharpLink would be placed on a public watchlist. The new method will employ a two-step screening process. Companies will first undergo a test of their operational asset structure; if they fail, they will be assessed based on five indicators: operational asset ratio, expense intensity, operating cash flow, fair value changes, and capital dependency. If a company fails the core test and triggers at least four exclusion conditions, it may be deemed ineligible for the index. For companies already included in the index, MSCI plans to implement a relatively lenient threshold, stating that a company will only be removed after failing the screening for two consecutive reporting periods. After free float adjustments, Strategy's market capitalization in the May 2026 simulation is $23.9 billion, making it the largest company marked for potential removal. MSCI noted that this proposal will not immediately change the index composition, as it is seeking input from market participants until September 30, with results expected to be announced by October 16. Previously, JPMorgan analysts estimated that if Strategy is removed from the MSCI index, it could trigger an outflow of approximately $2.8 billion in passive funds.
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