On July 28, according to the Seoul Economic Daily, as the sluggish trend in the Korean stock market continues, domestic investors in South Korea are once again turning to US stocks, with net purchases exceeding 5 trillion won this month. Data from Seibro, a securities information portal by the Korea Securities Depository, shows that from July 1 to 27, domestic investors net purchased a total of 3.58999 billion USD in US stocks, approximately 5.5 times the net purchase amount for the entire month of June. As of the 23rd, the net purchase amount was only 2.53026 billion USD, but it increased by 1.05973 billion USD over the next two trading days. Retail funds are primarily concentrated in the semiconductor and technology sectors. The product with the highest net purchases this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with a net purchase amount of 1.75919 billion USD. SK Hynix ADR has also continued to be popular, with the net purchase amount rising to 812.38 million USD as of the 27th.
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Korean Stock Market Slump Drives Retail Investors to US Stocks with Net Purchases Exceeding 5 Trillion Won This Month
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NVIDIA Employee Detained by Taiwanese Prosecutors for Allegedly Smuggling AI Chips to China
On July 28, Bloomberg reported that Taiwanese prosecutors have detained an NVIDIA employee and searched the company's office as part of an expanding investigation into the alleged smuggling of AI accelerators to China. This marks the first legal action taken by government authorities against an NVIDIA employee. Previously, in May, Taiwanese officials initiated the first round of arrests involving employees from SuperMicro, AI server distributors, and data center operators. Those arrested are accused of forging documents to evade U.S. export controls and illegally exporting NVIDIA AI chips to China. -
Russia Reports Large-Scale Drone Attack in Moscow Region
On July 28, the governor of Moscow Oblast, Vorobyov, reported that dozens of Ukrainian drones were destroyed over the region, including in Domodedovo, during the night. A residential building in Chekhov was hit by a drone, and casualties are still being verified. The drone crashes also caused two fires and damage to one house, but no injuries were reported. Moscow Mayor Sobyanin stated that from 8:30 PM on the 27th to 6:30 AM on the 28th, over 390 Ukrainian drones targeted the Moscow region, with most being suppressed at a distance, and 81 were destroyed as they approached the city. There has been no response from the Ukrainian side regarding these events. (CCTV News) -
China Launches Special Initiative to Enhance IPv6 Capabilities for AI Large Models
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AI Giants Nvidia, Oracle, Alphabet See CDS Rise to Record Highs
On July 28, the financing boom driven by artificial intelligence infrastructure is facing stricter scrutiny from the bond market. Data from the London Stock Exchange Group shows that the credit default swaps (CDS) related to Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom, and Nvidia have recently risen to record highs, indicating that investors are beginning to demand higher risk compensation. Credit default swaps, or CDS, are akin to purchasing insurance for corporate debt. A higher spread typically means that the market perceives greater risk in holding the related bonds. Oracle is under the most pressure, with its five-year CDS rising to 215 basis points on Monday, significantly up from 144 basis points at the beginning of the year. At this quote, the cost of providing one year of protection for $10 million of Oracle debt is approximately $215,000. Nvidia's five-year CDS peaked at around 82 basis points on Monday, marking the largest intraday increase since the related contracts began active trading last November. According to ICE Data Services, this means that purchasing five-year default protection for $10 million of Nvidia debt would require an annual payment of about $82,000. Alphabet's five-year CDS reached a historical high of 67 basis points on Monday. However, Alphabet's CDS will not start trading until November 2025, so the historical comparison for this 'record high' is relatively short. The credit market's concern is not about a sudden drop in AI demand, but rather a mismatch between investment scale, return cycles, and financing speed. Standard & Poor's estimates that capital expenditures for Alphabet, Amazon, Meta, Microsoft, and Oracle could total $737 billion by 2026, significantly higher than $261 billion in 2024. -
Asian Stock Markets Drop 10% from June Highs, Entering Correction Phase
On July 28, Asian stock markets plummeted significantly due to an intensified sell-off in chip stocks, with regional benchmark indices heading towards a technical correction. The MSCI Asia-Pacific Index fell by as much as 3.5%, marking a cumulative decline of over 10% from its peak on June 22. Shares of South Korea's Samsung Electronics and SK Hynix dropped sharply, dragging the KOSPI index down by more than 10% during trading. Concerns over overcrowded positions in chip stocks led to a global sell-off in the semiconductor sector on Tuesday, with investors questioning the sustainability of the AI-driven rally. Nvidia is pushing forward with a new round of AI-related deals valued at over $750 billion, a move that has sparked skepticism—critics warn that this is artificially inflating market demand and valuations across the industry. 'For AI-related semiconductor stocks, market sentiment has shifted from greed to fear,' said Vey-Sern Ling, managing director at Credit Suisse. 'Investors are now inclined to interpret various news negatively and use it as a reason to sell, rather than deeply analyzing its true impact on fundamentals.' -
Bitcoin Spot ETF Sees $11.6 Million Outflow, Ethereum Spot ETF Sees $11.7 Million Inflow
On July 28, according to data from Farside Investors, the total net outflow from U.S. spot Bitcoin ETFs yesterday was $11.6 million. Among these, BlackRock's IBIT saw a net outflow of $8.8 million, and Fidelity's FBTC had a net outflow of $2.8 million; other Bitcoin ETFs had zero capital flow for the day. In contrast, the total net inflow for Ethereum spot ETFs yesterday was $11.7 million. Notably, BlackRock's ETHA recorded a net inflow of $11.7 million, while other Ethereum ETFs also had zero capital flow for the day. -
Citi Maintains Short-Term Gold Price Target of $4,500
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