On Monday, the top stock by trading volume was Micron Technology, which closed up 1.94% with a turnover of $36.963 billion. Analysts note that the supply-demand dynamics in the memory chip sector are intensifying, with a tug-of-war between capacity expansion and AI demand sparking concerns about a new cycle.
Recent significant corrections in the share prices of major global memory chip firms, with Samsung, SK Hynix, and Micron all down over 30%, reflect deep market anxiety about the industry potentially slipping back into oversupply. Despite strong demand for high-end memory like HBM from AI data centers, the three giants have announced massive expansion plans—SK Hynix planning to invest 1,100 trillion won, Samsung Electronics 2,100 trillion won, and Micron committing over $250 billion—raising the risk of oversupply post-2028.
Analysis suggests that HBM, due to its high degree of customization, has a lower probability of oversupply, but general-purpose DRAM could face pressure by 2029. Concurrently, the rise of China's memory industry is seen as the biggest variable, with Morgan Stanley forecasting that new DRAM capacity from China could account for 30% of the global increase before 2028, potentially fundamentally altering the industry's supply-demand balance.
The second most-traded stock was Nvidia, closing up 0.23% with a turnover of $18.022 billion. A report on Monday indicated that AMD launched its Helios system to challenge Nvidia, with Microsoft joining its customer roster.
AMD officially launched its first rack-scale AI system, Helios, on Monday, directly competing with Nvidia's Grace Blackwell and Vera Rubin systems. Microsoft announced it will deploy this system in its Azure data centers, becoming the latest major buyer following Meta, OpenAI, and Oracle.
AMD's Helios system integrates AMD's in-house developed GPU, CPU, networking chips, and ROCm software, with shipments expected to begin later this year. AMD emphasized Helios's significant advantages in inference and memory bandwidth, while also focusing on reducing the total cost per token.
While Nvidia currently controls over 95% of the data center GPU market, with AMD holding only about 4.5%, analysts believe Helios could help AMD increase its share to 20-25%. AMD plans to generate tens of billions of dollars in data center AI revenue starting in 2027. Although Helios's hardware performance is noted to be on par with Nvidia's, analysts point out that software ecosystem remains AMD's weakness, with CUDA's leading advantage difficult to challenge in the near term.
The third most-traded stock was SanDisk, closing up 2.67% with a turnover of $17.502 billion. Memory chip stocks generally rose in Monday's US trading session.
Apple was the fourth most-traded stock, closing down 2.14% with a turnover of $17.388 billion. A survey targeting Apple users revealed that over 90% of respondents stated they would adjust their purchasing behavior due to product price increases, with "reducing upgrade frequency" being the most common response strategy. Only 9% of users indicated they would be unaffected.
Price increases for some Apple products have exceeded 50%, with costs for memory and storage upgrades even doubling. Furthermore, analyst reports indicate that supply chain prices are unlikely to see significant improvement before 2028, suggesting the current high-price environment may persist for several years. The survey results suggest that even highly loyal users who closely follow Apple products have their limits, and price increases are directly undermining the upgrade willingness of its core user base.
Tesla was the fifth most-traded stock, closing down 2.96% with a turnover of $12.568 billion. Tesla plans to increase the weekly production capacity at its German Gigafactory in Grünheide to 7,500 vehicles (approximately 375,000 annualized) in fiscal year 2026, representing a roughly 20% increase. The expansion also involves adding 3,500 jobs and expanding battery capacity to 18 GWh.
This expansion stands in stark contrast to the wave of job cuts at traditional German automakers like Volkswagen and Mercedes-Benz. In 2025, the factory's capacity utilization was only 54%, yet its net profit still grew 36% year-over-year to €77.1 million. The confidence for expansion stems from a strong recovery in European demand—Model Y registrations in Germany grew fourfold year-over-year in March 2026, and global deliveries in Q2 grew 25% year-over-year to 480,000 vehicles.
However, Tesla also faces "significant challenges" in European battery production and geopolitical risks. The Grünheide factory is Tesla's only vehicle production base in Europe, with its long-term positioning potentially expanding to include production of the Cybercab and Optimus humanoid robot.
AMD was the sixth most-traded stock, closing up 1.58% with a turnover of $11.884 billion. AMD officially launched its first rack-scale AI system, Helios, on Monday, directly competing with Nvidia's Grace Blackwell and Vera Rubin systems. Microsoft announced it will deploy this system in its Azure data centers, becoming the latest major buyer following Meta, OpenAI, and Oracle.
AMD's Helios system integrates AMD's in-house developed GPU, CPU, networking chips, and ROCm software, with shipments expected to begin later this year. AMD emphasized Helios's significant advantages in inference and memory bandwidth, while also focusing on reducing the total cost per token.
SpaceX was the eleventh most-traded stock, closing down 3.34% with a turnover of $6.894 billion. Recent reports indicated that the 13th test flight of the SpaceX Starship was postponed to July 23rd. On July 19th, SpaceX stated it plans to attempt another launch of the Starship rocket on July 23rd.
On July 16th, SpaceX's originally scheduled 13th test flight of Starship was automatically aborted during the ignition phase due to some engines failing to start. This test flight was originally SpaceX's first launch mission following its IPO in June of this year.
SpaceX's market capitalization shed approximately $100 billion following the cancellation of this test flight.
Regarding the new launch timing, SpaceX officially announced a plan for July 23rd, though CEO Elon Musk had previously stated the next launch attempt was scheduled for "this Friday."
Marvell Technology was the fifteenth most-traded stock, closing up 3.32% with a turnover of $4.901 billion.
Oracle was the eighteenth most-traded stock, closing down 3.98%, with its share price hitting its lowest level since April 2025. Its turnover was $4.441 billion.
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