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US stocks plunge in global tech rout

Dow Jones Industrial Average will reshuffle on June 29, with Alphabet replacing Verizon to join the index.
Global tech stocks plunged for a second day, driven by sell-offs in Micron, Cerebras, and SpaceX amid anxiety over fundamentals and an "overcrowded trade."
SpaceX shares remain volatile and under pressure as insiders gain permission to sell, while short sellers target the company despite fears of opposing Musk.
Meta is expanding its AI portfolio with smart glasses priced from $299 and a new prediction markets app, causing related stocks to fall.
SK Hynik targets a historic $29.4 billion capital raise for its U.S. listing, while Samsung and SK Hynik are in talks for new chip investments.
AI data centers face a new bottleneck due to optical interconnect limitations, impacting companies like Cerebras and OpenAI partners.
Nokia and Amazon Web Services expanded their pact to deliver AI-era autonomous networks, while SK Hynik and Samsung explore further chip investment deals.
Prologis disclosed a rejected $16.6 billion all-stock bid, leading UK logistics giant Segro to jump in shares after rebuffing a £12.6 billion takeover approach.
Nasdaq futures rose after tech stocks regained ground, though investors continue to question the perceived "AI bubble" amidst market volatility.
Major student loan changes are set to hit on July 1, alongside Trump administration announcements of $17.5 billion in loans for 10 new large nuclear reactors.

恒指升75點，騰訊漲逾3%，中芯國際升近9%

The Shanghai Stock Exchange (SSE) launched its "Enhance Quality, Efficiency, and Return" 2.0 initiative.
The SSE issued a public call to all Shanghai-listed companies to focus more on value creation in operations, governance, and investor returns.
New quantifiable reference indicators and demonstration templates were introduced to replace vague plans that previously emphasized only dividends or share buybacks.
China's AI large model token usage continues to lead globally for the eighth consecutive week.
From June 15–21, 2026, China accounted for 18.81 trillion tokens out of 46.7 trillion global AI model calls.
This surge reflects China's dominant role in the global AI industry and its rapidly expanding domestic AI ecosystem.
A major boom occurred in China's automotive post-market sector with 40 pilot cities announced.
The Ministry of Commerce and eight other departments released measures to promote car modifications, RV camping, racing events, and rental innovations.
These policies aim to shift focus from new car sales to a full-chain expansion of the automotive aftermarket, targeting a trillion-dollar market potential by 2030.
Mi TV mistakenly issued a false earthquake alert and apologized.
On June 23, 2026, some users in Beijing received a fabricated earthquake warning due to an internal testing error by developers.
Mi TV immediately blocked the false data, redesigned its testing protocols, and formally apologized for causing public panic.
Longfei Fiber Optics surged 1600% and hit two consecutive trading limit-ups.
The A-share fiber optics sector became a market hotspot, with Longfei Fiber Optics reaching a new all-time high.
Other firms like Sanfu Shares and Tefa Information also hit limit-ups, signaling strong momentum across the entire fiber-optic supply chain.
10 out of 11 A-share companies previewed positive first-half 2026 earnings.
As of June 23, 2026, 11 firms disclosed their interim profit forecasts, with 10 reporting expected net profit growth.
This trend indicates broad-based recovery and operational strength in China's manufacturing and tech sectors ahead of the full H1 report releases.
Global AI investment logic is shifting from "bamboo effect" to "bucket effect."
Investors are now prioritizing AI segments with real performance and supply-demand gaps over pure technological speculation.
Supply chain bottlenecks are becoming the key determinant of capital flow, marking a new phase in AI market development.
RMB internationalization is gaining momentum amid geopolitical shifts.
At the 2026 Summer Davos Forum, scholars affirmed the rising global status of the Chinese yuan as a reserve currency.
Nations are seeking financial risk diversification, creating historical opportunities for the RMB to expand its role in global trade and finance.
The Hang Seng Index rose 75 points, closing at 23,412, while the Hang Seng Tech Index gained 79 points.
Tencent surged over 3%, HuaHong Semiconductor hit a new high, and Smart Chip International (SMIC) rose nearly 9%.
Strong trading volume and broad market gains reflected positive investor sentiment in Hong Kong's equity markets.
QDII funds imposed unprecedented purchase limits, capping at 10–30 yuan per day.
Over 100 QDII funds have restricted daily subscriptions to under 100 yuan, signaling tight foreign asset access.
This "symbolic subscription" trend highlights growing regulatory caution and limited quotas for overseas investment products in China.

Bank of Japan committee member advocated for a flexible interest rate policy judgment at the June meeting to implement an adaptive policy

BOJ Committee Member suggests interest rate hikes "once every few months" for flexible policy.
Tokyo Stock Exchange briefly dropped over 600 yen, with semiconductors hit by selling pressure.
Alphabet (Google's parent) added to the Dow Index; Verizon removed starting the 29th.
EU Parliament approves the creation of a digital euro, paving the way for 29 issuance.
Long-term interest rates in Japan rose to 2.675% due to the spread of US long-term rate increases.
Cool Japan Agency deficit expands to 5.4 billion yen; Ministry of Economy considers consolidation.
Auto insurance rates expected to rise by up to 14% due to high component costs.
Nissan accelerates next-generation car development using AI, drastically cutting work time.
Five directors resigned from a Korean-affiliated credit union in Japan due to misconduct suspicions.
Shizuoka Governor meets JR Central CEO to decide on commencing the Shizuoka Linear section.

Bitcoin dropped toward $62,000 as chip stocks sold off for a second day, marking the most significant recent market event amid broader crypto volatility.

Bitcoin prices have tumbled toward $59,000–$62,000 due to drying liquidity and a deepening chip stock selloff, while some long-term investors see long positions increasing as a bullish sign.
Major industry players, including Michael Saylor’s firm and the Binance crypto ecosystem, appear to be pausing or slowing their Bitcoin purchases amid market volatility.
Former President Donald Trump faces Senate scrutiny over a $550 million investment in UAE-linked crypto ventures tied to his quantum computer executive orders, raising national security concerns.
Crypto PAC’s $5.5 million congressional campaign secured a Maryland win, advancing crypto allies and influencing legislative outcomes ahead of the CLARITY Act’s August recess deadline.
AI chipmaker Cerebras dropped 11% following its first public earnings report, contributing to broader volatility in chip stocks that correlates with Bitcoin’s recent price decline.
Ripple has secured preliminary Luxembourg CASP approval, boosting its RLUSD stablecoin and pushing XRP toward $1.10 support amid quiet price movement but strong participation gains.
Ethereum’s foundation has axed staff and faces looming rate hikes, while ETHLABS initiatives aim to stabilize the ETH future amid predictions of price volatility.
Meta is developing a prediction market app called “Arena” as the sector booms, coinciding with crypto critic Roubini joining the tokenization wave with an onchain “Technodollar.”
Bank of New York (BNY) reports that “FOMO” is driving asset managers into tokenized funds, while the Senate’s 60-vote gap remains a hurdle for the CLARITY Act before August.
Bitcoin’s original “OG” investors have slowed their selling activity, signaling potential market stabilization, while liquidity concerns continue to pressure short-term price forecasts.

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