To The Moon

The STI has risen 10 days straight, hitting new all-time highs repeatedly. And when you look at this year's top 5 gainers on the whole Singapore market — 3 out of 5 are banks: OCBC (+47.4%), DBS (+33.1%), UOB (+30.5%). DBS also just crossed S$200 billion in market cap for the first time. Macquarie Research (a research firm) just put out their Q2 preview on the sector, and they're bullish — upgrading DBS and UOB to Outperform, joining OCBC, and raising target prices 24% on average.

It's not just these three — this was a broad storage and chip-related selloff. SK Hynix fell 13.48%, Seagate dropped 10%, and Western Digital fell 9.22%, with optical names like Corning (-9%+) and Lumentum (-6.1%) also caught up in it.

Nasdaq Composite Index $NASDAQ(.IXIC)$ — Quickly Included: SK hynix was included soon after its Nasdaq listing because the index has relatively accessible eligibility requirements, allowing the stock to receive initial passive fund inflows. Nasdaq-100 $NASDAQ 100(NDX)$ — Waiting for ADR Market Cap to Qualify: Nasdaq-100 eligibility is based on the market capitalization of SK hynix’s ADRs, not its total company value; since only 2.5% of shares were issued as ADRs, inclusion may have to wait until the December review. $Philadelphia Semiconductor Index(SOX)$ — Expected in 2027: The SOX requires at least three months of listing history, and SK hynix’s July listing missed the September annual review window, making 2027 the more likely inclusion date.

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2026 is already halfway through, and the first half of the year has given investors plenty to talk about. AI remained one of the most important market themes, but the story kept expanding. It was no longer just about GPUs or mega-cap tech.

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On Wednesday, $XAU/USD(XAUUSD.FOREX)$ fell below the $4,000/oz level for the first time since November 2025. From the record high of $5,594 reached in January, gold has now fallen nearly 29%. London gold tells a similar story. In just 30 trading days, it dropped from around 4,700 to 3,980, a decline of roughly 16%. Although prices rebounded modestly today, with $GLD$ trading around $368, the overall trend has clearly turned lower.

NVIDIA remains the ultimate AI demand indicator, but its numbers are influenced by product cycles, export restrictions, networking, software, and ecosystem effects. Micron is different. Memory is closer to a pure supply-demand business. Pricing, shipments, inventories, and margins provide a much cleaner view of what is actually happening across the AI infrastructure chain. As the only U.S. company capable of producing DRAM at scale while also participating in HBM and NAND markets, Micron sits at the center of both AI and traditional data-center demand. That makes it one of the best thermometers for the industry.

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