On July 21, CLSA released an in-depth thematic report stating that despite the rise of AI models triggering market concerns about disruption in the software industry, software as a service (SaaS) is far from dead. However, the industry still needs to undergo profound changes before investor confidence returns. CLSA analysts noted: 'We are surrounded by business details, compliance requirements, and information filters managed by software. The idea that AI 'vibe-coding' could eliminate all of this sounds unrealistic. We find moats everywhere—ServiceNow's workflow catalog, Salesforce's sales associations, Oracle's precise database, Microsoft's ubiquity, Workday's HR expertise, and even Adobe's font library.' CLSA gives Microsoft and Adobe 'outperform' ratings with target prices of $535 and $300, respectively; Oracle and Salesforce 'hold' ratings with target prices of $145 and $165, respectively; and ServiceNow and Workday 'underperform' ratings with target prices of $72 and $92, respectively.

On July 21, a research team led by JPMorgan senior researcher Zahin Ov noted that the S&P 500's performance relative to international equities may be 'weaker' for the remainder of 2026. The report stated: 'We expect US stocks to rise from current levels, but returns by year-end are unlikely to match those of the first half of 2026.' Below are the key factors the bank believes will impact markets for the rest of 2026: changes in bond market structure driving higher volatility, elevated inflation and interest rates, high retail investor participation prone to triggering negative feedback, and AI disruptions to employment.

On July 21, JPMorgan maintained its overweight rating on South Korea and kept its 12-month target for the KOSPI index unchanged at 12,500 points.

On July 21, according to data monitored by Farside Investors, the US spot Bitcoin ETF had a net inflow of $226.8 million yesterday.

On July 21, Japanese chip stocks continued to rise, with Kioxia surging 14%, SoftBank Group up 6.1%, and Advantest gaining 5.9%. (Jin Shi)

According to data from the Korea Financial Investment Association, as of July 16, the margin balance used for financing stock purchases has fallen to 33.4 trillion won (approximately 22.6 billion US dollars), the lowest level since April 15. This figure represents a 13% decline from the peak of 38.6 trillion won at the end of June. Other data suggest that retail investors' enthusiasm for stocks in South Korea may be cooling. According to the Korea Financial Investment Association, investor deposits fell to 108.1 trillion won on July 16, down from a high of 139.7 trillion won on June 4. (Jin10)

On July 21, SanDisk and SK Hynix rose over 4% in after-hours trading, Micron Technology rose over 3%, and Western Digital rose nearly 3%.

On July 21, Southern 2x Long Samsung Electronics surged over 14%, and Southern 2x Long SK Hynix rose over 9%. GigaDevice gained nearly 12%, while Montage Technology rose over 9%.

On July 21, the STAR 50 Index rose over 5%, and the semiconductor sector rebounded across the board. Among the constituent stocks, Hua Hong Semiconductor rose over 14%, and GalCore Micro rose over 13%.

On July 21, according to market sources, Ant International announced today that it has completed a Series A funding round. Ant Group, along with some existing shareholders including Alibaba and multiple international investment institutions, participated in this round. The funding amount is approximately $1.2 billion, which will be used to expand global business, accelerate investment in cutting-edge technologies such as AI, broaden inclusive fintech services like cross-border payments and global accounts, and help global merchants achieve growth.