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KOSPI Index Triggers Circuit Breaker in South Korea

On July 28, the South Korean exchange triggered a circuit breaker due to an 8% drop in the KOSPI index, resulting in a 20-minute trading halt.

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  • Japan's Finance Minister: Our Stance on Foreign Exchange Remains Unchanged; US and Japan Share the Same Position

    On July 28, Japan's Finance Minister Shunichi Suzuki stated that the depreciation of the yen has both advantages and disadvantages. He refrained from commenting on specific foreign exchange levels or potential interventions. He emphasized that Japan's stance on foreign exchange remains unchanged and that the country is prepared to respond as necessary. He noted that the US and Japan share the same position on foreign exchange issues and declined to comment on the possibility of joint foreign exchange interventions with the US.

  • KOSPI Index in South Korea Plunges 10%

    On July 28, the KOSPI index in South Korea plummeted by 10%, with SK Hynix falling over 13% and Samsung Electronics dropping more than 12%.

  • International Oil Prices Drop Over 1% as WTI Crude Falls Below $80

    On July 28, both WTI and Brent crude oil prices declined, with WTI falling below $80 per barrel, down 1.43% for the day. Brent crude also dropped over 1%, currently priced at $84.43 per barrel.

  • FTSE China A50 Index Futures Drop Over 2%

    On July 28, FTSE China A50 Index futures fell by over 2%.

  • Southern Double Long Positions on Hynix and Samsung Electronics Decline Sharply

    On July 28, the Hong Kong stock market saw an expanded decline in the storage sector, with Southern Double Long Hynix falling nearly 24% and Southern Double Long Samsung Electronics dropping over 20%. Additionally, Zhaoyi Innovation fell more than 14%, and Lanke Technology declined by nearly 10%.

  • A-Share Storage Chip Stocks Plummet, Zhaoyi Innovation Hits Daily Limit Down

    On July 28, A-share storage chip stocks collectively fell, with PuRan Co. dropping over 11%, Zhaoyi Innovation hitting the daily limit down at 10%, Shenzhen South Circuit nearing the limit down, Shengyi Technology falling over 8%, Beijing Junzheng and Tongfu Microelectronics down over 7%, Baiwei Storage, Xiechuang Data, Shannon Semiconductor, and Dapu Micro-UW down over 6%, and Guanghe Technology, Bojie Co., Lanke Technology, Shenzhen Technology, Jiangbolong, and Juchen Co. down over 5%.

  • Nikkei Falls Over 4%, Drops Below 62,000 Points

    On July 28, the Nikkei 225 index fell below 62,000 points for the first time since May 22, declining by 4.4% during the day.

  • Korean Stocks Plunge; Double Long Positions in Hynix and Samsung Drop Over 21% and 17% Respectively

    On July 28, the Hong Kong stock market saw a collective plunge in memory chip stocks, with the Southern Double Long Hynix falling over 21% and the Southern Double Long Samsung Electronics dropping over 17%. Additionally, Zhaoyi Innovation fell over 11% and Lanqi Technology dropped over 9%. Overnight, U.S. chip stocks experienced severe declines, triggering a chain reaction that led to a complete collapse of the Japanese and Korean stock markets today. The Korean Composite Index at one point fell over 8%, with Hynix down over 11% and Samsung Electronics down over 9%. On the news front, Nvidia not only reached a $500 billion AI collaboration with SK Group but is also exploring providing up to $250 billion in financing guarantees for OpenAI. This has reignited market concerns regarding the cash flow logic of AI capital expenditure cycles. Nvidia's 5-year CDS surged 14 basis points to 82 basis points in a single day, marking the largest single-day increase in history. The market has realized that Nvidia is no longer a risk-free, easy profit 'pure shovel seller' but has instead been downgraded to a hidden unlimited liability guarantor on the entire aggressive debt chain of AI. Should downstream AI applications fail to monetize as expected, Nvidia will be forced to bear fatal joint debt risks.

  • South Korea's KOSPI Index Plummets 9% to 6143.85 Points

    The KOSPI index in South Korea has dropped 9% during the day, currently standing at 6143.85 points. SK Hynix fell over 12%, while Samsung Electronics declined by more than 10%.

  • Anthropic Responds to Open Source Controversy: Opposes Ban, But Advocates for Chip and Distillation Restrictions

    On July 28, Anthropic CEO Dario Amodei addressed the controversy surrounding open-weight models, stating that the company has never advocated for a complete ban. After OpenAI, Google, and SpaceX joined the open-source petition, Anthropic remains the only major frontier model company that has not signed. Amodei acknowledged that open-weight models can reduce costs, enhance competition, and allow customers to deploy models independently. He described open models without dangerous capabilities as 'public goods.' However, he disagreed with the notion that open models are necessarily safer and that defenders always benefit more than attackers. Once weights are released, safety restrictions can be removed, and models cannot be retracted. Anthropic proposed three alternative measures: restricting the flow of advanced chips and manufacturing equipment to China; combating industrial-scale model distillation; and requiring all sufficiently powerful models to undergo network attack, biological risk, and alignment testing, regardless of whether they are open or closed source.

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