Syz the moment

CXMT opened at ¥49.50 vs its IPO price of ¥8.66. The company raised ¥57.92 billion ($8.6B) in Asia's largest IPO of 2026. CXMT's market value surged to about ¥3.3 trillion ($487B), up from $85.5 billion at its IPO valuation. CXMT is now larger than Intel $INTC and is reportedly now the largest Chinese public company, overtaking ICBC. Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. DRAM chips are used in electronic devices ranging from smartphones to servers. The global DRAM market is dominated by Samsung Electronics, SK Hynix, and Micron Technology. The listing comes at a time when CXMT has seen increased attention, following reports earlier this month that Apple has begun testing the Chinese chipmaker’s DRAM for devices sold in China. CXMT swung to an operating profit of 35.43 billion yuan in the first quarter from a loss of 2.83 billion yuan a year earlier, as it saw continued growth in global computing power demand and capacity allocation by major manufacturers. Morningstar said in a note Friday that as AI is increasingly becoming an issue of national security for China, CXMT will likely be a key beneficiary. The research firm added that while CXMT’s technology still lags global memory leaders, domestic internet giants spearheading AI development will likely drive robust adoption of its chips as Beijing pushes for semiconductor self-sufficiency. CXMT, founded in 2016 by Chairman Zhu Yiming, plans to boost its technological capabilities and core competitiveness, primarily memory wafer mass production and R&D projects, by employing the IPO proceeds, according to a Google translation of the information in the prospectus. Source: Bull Theory, Evan on X, CNBC

The attacks have widened the Middle East conflict and increased the risk of further oil supply disruptions. Shipping was already under pressure in the Strait of Hormuz because of renewed tensions between the US and Iran. The Bab el-Mandeb Strait had become an important alternative route, but more vessels are now avoiding it. Oil markets are also facing attacks on the Caspian Pipeline Consortium terminal, which handles most of Kazakhstan’s crude exports. With global inventories already reduced by months of conflict, the risk of a supply squeeze is rising. According to Saxo Bank, oil flows now face two major bottlenecks. This has pushed up the risk premium in crude prices and renewed inflation concerns. Source: zerohedge

This was the worst day for Mag7 since April '25 (Liberation Day) and the basket index broke below all its major moving averages. What's remarkable is that despite that decline, the semis (SOXX) are basically unchanged. Source: zerohedge, Finviz

Source: Bloomberg

Notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations. The stock rose about 4% in extended trading. Intel shares are up over 170% so far in 2026 as of Thursday’s close after soaring 84% last year, when the U.S. government took a 10% stake in the company as part of an effort to support U.S. chip manufacturing. However, the stock has been in a slump more recently, dropping 28% in July. $INTC Intel Q2 FY26: • Revenue +25% Y/Y to $16.1B ($1.7B beat). • Non-GAAP EPS $0.42 ($0.20 beat). Q3 FY26 Guidance: • Revenue ~$15.8-16.8B ($1.2B beat). • Non-GAAP EPS $0.38 ($0.10 beat). Source: App Economy Insights, CNBC

(the hyperscalers - in red below) and celebrate the receivers' (the semiconductors - in green below) is still ongoing. Source: zerohedge

Source: Barchart

Including strikes that would be bigger than the ones carried out during Operation Epic Fury. In a brief interview, Trump acknowledged that such a decision would have consequences and stressed he hasn't made a determination yet. Trump didn't give a deadline for his decision. Two other U.S. officials confirmed no call has been made and no new orders have been given to the military. The current escalation has caused oil prices to eclipse $100 per barrel. A return to all-out war is highly unpopular in the U.S. "I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it," the president said. Trump said Israel "would join in two minutes if I ask them to," but added that "we don't need anybody" to launch a new operation against Iran. He also said there would be "consequences" for Israel joining the strikes, hinting at Iranian retaliation against Israel. Source: Axios