To The Moon

Recently, YXT.com Group Holding Limited ( $云学堂(YXT)$ ) entered into a partnership with Modern Dairy, a leading company in China’s dairy farming industry. Through the collaboration, Modern Dairy will deploy YXT’s intelligent talent development platform and leverage YXT’s AI-powered course creation and learning map capabilities to further advance knowledge operations and organizational capability development across its workforce of thousands. Modern Dairy has been deeply engaged in the dairy farming industry for years, accumulating extensive practical experience in areas including farm operations, dairy management, food safety, quality control, and intelligent farming. As the company continues to expand, a key challenge has emerged: how to more effic

The three indices closed Wednesday along two different paths. The $Dow Jones(.DJI)$ fell 1.21 per cent to 51,461.90, losing 631.21 points on the day; the $S&P 500(.SPX)$ closed 0.45 per cent lower at 7,551.81, a third consecutive fall; and the $NASDAQ(.IXIC)$ Composite barely moved, closing 0.01 per cent lower at 25,978.42. The Federal Reserve raised rates by 25 basis points that afternoon. All three had been higher before it did, and the turn began with the decision and the press conference. The target range for the federal funds rate went up to 3.75-4 per cent, from 3.5 per cent to 3.75 per cent before, with

One of today’s more interesting semiconductor stories is not about a new GPU or a new AI model. Reuters reported that SK hynix is in exploratory talks with Intel about producing memory chips in the U.S. for the first time. One option under discussion is for SK hynix to use part of Intel’s Ohio fab capacity. Another possibility is a joint structure involving SK hynix, Intel and potentially major cloud customers. The talks are still at an early stage, and there is no final decision yet on product scope, investment size or structure. What makes this interesting is that this is not simply another “chipmaker builds in America” story. SK hynix already has a U.S. footprint, including its advanced AI-memory packaging project in Indiana. If front-end memory production also moves closer to U.S. cust

The interesting part of this story isn’t just SK Hynix potentially using Intel’s U.S. manufacturing capacity. It’s what it says about the semiconductor industry. Memory demand is exploding with AI, but adding new fabs takes years and billions of dollars. So if leading memory companies need additional capacity, existing manufacturing infrastructure suddenly becomes extremely valuable. That puts Intel in an interesting position. The question isn’t whether Intel can suddenly become a memory powerhouse. It’s whether its fabs can become a strategic piece of someone else’s supply chain. And there’s an important caveat: Nothing is signed yet. A reported discussion is not the same as a production agreement, and even a deal wouldn’t translate into meaningful capacity overnight. Still, I’m watching

#Tech Stocks: Buy the Dip or Run? 📉 The market is giving investors a pretty interesting choice right now. AI spending concerns are growing, rates are still a factor, and some high-flying tech names have pulled back. But here’s the other side: The underlying AI infrastructure demand hasn’t disappeared. Nvidia, AMD, Broadcom and the broader semiconductor group are still tied to massive data-center investment. So I’m watching two things: 🔹 Earnings: Are companies still converting AI spending into real revenue and profits? 🔹 Yields: Do higher rates start putting more pressure on expensive tech valuations? If earnings keep beating expectations, dips could attract buyers. If growth expectations start getting cut, today’s “dip” could become tomorrow’s bigger correction. I’m not chasing the bounce

The memory story may be getting bigger than HBM. AI demand is pulling supply toward high-value memory, but the knock-on effect is now reaching mainstream DRAM and consumer electronics. Reuters reports that smaller PC and smartphone makers are preparing for prolonged memory shortages, with some manufacturers already redesigning products and securing inventory ahead of potential supply constraints.  That creates an interesting setup for memory investors: 🟢 Bull case: Tight supply → higher DRAM pricing → stronger margins for producers like Micron and SK Hynix. 🔴 Risk: Higher memory costs eventually hurt PC/smartphone demand, while manufacturers may look for ways to reduce memory content or delay purchases. And there’s another catalyst I’m watching: Micron reports Sept. 30. Recent market comm

The memory trade is getting harder to ignore. HBM demand remains tied closely to AI accelerator growth, while tighter supply is starting to push pricing pressure into the broader memory market. But this is where I think investors need to separate higher quotes from sustainable earnings growth. 📈 Bull case AI infrastructure spending keeps accelerating → HBM demand stays tight → DRAM/NAND pricing improves → margins expand → memory companies generate stronger cash flow. 📉 Bear case A lot of the good news may already be reflected in valuations. If supply catches up, AI spending slows, or pricing momentum fades, memory stocks could re-rate quickly. What makes this interesting is the recent divergence across the sector. Some memory names are holding up better than others, suggesting investors ma

HBM4 Shortage: A Structural Supply Squeeze According to the Financial Times, the semiconductor industry is currently navigating its tightest DRAM market since 2017. (see below) This has been driven by an unprecedented reallocation of wafer capacity toward High Bandwidth Memory (HBM) for AI accelerators. Recent analysis indicates that finished DRAM inventories at industry leaders $Samsung Electronics Co., Ltd.(SSNLF)$ Samsung and $SK hynix(SKHY)$ have fallen below 10 days of supply, a critical threshold that signals a severe physical shortage rather than a typical cyclical uptick. This constraint is fundamentally structural - that is, the production of HBM4 consumes approx. 3x the wafer capacity of conven

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.67%* Over the past week, US 10-year treasury yields have reached multi-year highs as a rally in oil prices and stronger inflation data raised the probability of a September Fed hike. Furthermore, Treasury’s long-end buyback announcement last week had fallen short of some investors’ expectations. Looking ahead, markets turn their attention to the upcoming September FOMC meeting, with OIS markets currently pricing in an 86% probability of a Fed rate hike. Investors will also be paying close attention to the updated dot plot for future guidance. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: -6.53% As of 11 Sep 2026, $CSOP iEdge SREIT ETF S$(

Memory prices still look supported, but the market is no longer a clean one-way trade: the bull case is that tight supply and AI-driven demand keep pricing elevated into 2027, while the bear case is that the sector has already priced in a lot of good news and can correct sharply on any sign of slower pricing or capex normalization. SanDisk’s recent pullback looks more like profit-taking after an extreme run than a fresh demand collapse, but it also shows how fragile sentiment is in this group.SanDisk fell about 3.5% recently after a huge rally, with commentary pointing to broad profit-taking across memory and storage rather than company-specific weakness. The sector has been volatile because investors are debating whether AI demand can keep overwhelming supply long enough to justify today’

Memory prices still look supported, but the market is no longer a clean one-way trade: the bull case is that tight supply and AI-driven demand keep pricing elevated into 2027, while the bear case is that the sector has already priced in a lot of good news and can correct sharply on any sign of slower pricing or capex normalization. SanDisk’s recent pullback looks more like profit-taking after an extreme run than a fresh demand collapse, but it also shows how fragile sentiment is in this group.SanDisk fell about 3.5% recently after a huge rally, with commentary pointing to broad profit-taking across memory and storage rather than company-specific weakness. The sector has been volatile because investors are debating whether AI demand can keep overwhelming supply long enough to justify today’

Memory prices still look supported, but the market is no longer a clean one-way trade: the bull case is that tight supply and AI-driven demand keep pricing elevated into 2027, while the bear case is that the sector has already priced in a lot of good news and can correct sharply on any sign of slower pricing or capex normalization. SanDisk’s recent pullback looks more like profit-taking after an extreme run than a fresh demand collapse, but it also shows how fragile sentiment is in this group.SanDisk fell about 3.5% recently after a huge rally, with commentary pointing to broad profit-taking across memory and storage rather than company-specific weakness. The sector has been volatile because investors are debating whether AI demand can keep overwhelming supply long enough to justify today’

Hong Kong-listed AI-related stocks came under pressure in early trading on Monday (14 September), after major AI companies sounded a cautionary note over the weekend and called for a more measured pace of technological development. Chipmaker $SMIC(00981)$ led declines among DLC-covered underlyings, falling as much as 2.8% as of 9:45am Singapore time. Amplifying the move, the SMIC 5x Short DLC (9DFW) gained up to approximately 14%, while the SMIC 5x Long DLC (WWZW) declined by a similar magnitude. Tech giant $BABA-W(09988)$ also fell about 2.3%, lifting the Alibaba 5x Short DLC (RHDW) by 11.5%, and the Alibaba 5x Long DLC (IWWW) down a similar magnitude. The broad declines dragged the

Hong Kong-listed AI-related stocks came under pressure in early trading on Monday (14 September), after major AI companies sounded a cautionary note over the weekend and called for a more measured pace of technological development. Chipmaker $SMIC(00981)$ led declines among DLC-covered underlyings, falling as much as 2.8% as of 9:45am Singapore time. Amplifying the move, the SMIC 5x Short DLC (9DFW) gained up to approximately 14%, while the SMIC 5x Long DLC (WWZW) declined by a similar magnitude. Tech giant $BABA-W(09988)$ also fell about 2.3%, lifting the Alibaba 5x Short DLC (RHDW) by 11.5%, and the Alibaba 5x Long DLC (IWWW) down a similar magnitude. The broad declines dragged the

The global semiconductor market is experiencing a structural metamorphosis, propelled by an unprecedented demand surge for High Bandwidth Memory (HBM). Driven by the rapid, global expansion of Artificial Intelligence (AI) infrastructure, cloud hyperscalers are acquiring advanced memory chips at an unprecedented rate. This surge has triggered substantial price increases across dynamic random-access memory (DRAM) and NAND flash memory markets. Despite recent share price volatility caused by macro headwinds and localized supply disruptions, structural analysis indicates that the memory super-cycle remains intact and is positioned to extend into late 2027 or early 2028. 1. Introduction: Deconstructing the Memory Super-Cycle Memory markets have historically been characterized by extreme cyclica

$LITE 20260911 1070.0 CALL$ pure premium pocketed

$SK hynix(SKHY)$ after rallying, pullback is expected

$NVDL 20260911 45.0 CALL$ sold call when $NVIDIA(NVDA)$ was was rocketing. Pocketing premium

The current HBM shortage is still supporting a broader memory supercycle. Recent reports say DRAM and HBM pricing remain extremely tight, HBM supply is effectively sold out, and the imbalance may persist into 2027 or longer as AI demand keeps pulling capacity away from conventional memory . Can the supercycle last? The evidence says it can last longer than a normal memory upswing because this one is being driven by AI infrastructure, not just a temporary inventory correction. Several sources point to structural tightness through at least 2027, with meaningful easing not expected until new capacity ramps later . The best-positioned memory stocks are: Micron Technology (MU): The cleanest public-market exposure to HBM, with reports that its 2026 HBM output is sold out and pricing is locked in

The current HBM shortage is still supporting a broader memory supercycle. Recent reports say DRAM and HBM pricing remain extremely tight, HBM supply is effectively sold out, and the imbalance may persist into 2027 or longer as AI demand keeps pulling capacity away from conventional memory . Can the supercycle last? The evidence says it can last longer than a normal memory upswing because this one is being driven by AI infrastructure, not just a temporary inventory correction. Several sources point to structural tightness through at least 2027, with meaningful easing not expected until new capacity ramps later . The best-positioned memory stocks are: Micron Technology (MU): The cleanest public-market exposure to HBM, with reports that its 2026 HBM output is sold out and pricing is locked in

Recently, YXT.com Group Holding Limited ( $云学堂(YXT)$ ) entered into a partnership with Modern Dairy, a leading company in China’s dairy farming industry. Through the collaboration, Modern Dairy will deploy YXT’s intelligent talent development platform and leverage YXT’s AI-powered course creation and learning map capabilities to further advance knowledge operations and organizational capability development across its workforce of thousands. Modern Dairy has been deeply engaged in the dairy farming industry for years, accumulating extensive practical experience in areas including farm operations, dairy management, food safety, quality control, and intelligent farming. As the company continues to expand, a key challenge has emerged: how to more effic

The three indices closed Wednesday along two different paths. The $Dow Jones(.DJI)$ fell 1.21 per cent to 51,461.90, losing 631.21 points on the day; the $S&P 500(.SPX)$ closed 0.45 per cent lower at 7,551.81, a third consecutive fall; and the $NASDAQ(.IXIC)$ Composite barely moved, closing 0.01 per cent lower at 25,978.42. The Federal Reserve raised rates by 25 basis points that afternoon. All three had been higher before it did, and the turn began with the decision and the press conference. The target range for the federal funds rate went up to 3.75-4 per cent, from 3.5 per cent to 3.75 per cent before, with

One of today’s more interesting semiconductor stories is not about a new GPU or a new AI model. Reuters reported that SK hynix is in exploratory talks with Intel about producing memory chips in the U.S. for the first time. One option under discussion is for SK hynix to use part of Intel’s Ohio fab capacity. Another possibility is a joint structure involving SK hynix, Intel and potentially major cloud customers. The talks are still at an early stage, and there is no final decision yet on product scope, investment size or structure. What makes this interesting is that this is not simply another “chipmaker builds in America” story. SK hynix already has a U.S. footprint, including its advanced AI-memory packaging project in Indiana. If front-end memory production also moves closer to U.S. cust

HBM4 Shortage: A Structural Supply Squeeze According to the Financial Times, the semiconductor industry is currently navigating its tightest DRAM market since 2017. (see below) This has been driven by an unprecedented reallocation of wafer capacity toward High Bandwidth Memory (HBM) for AI accelerators. Recent analysis indicates that finished DRAM inventories at industry leaders $Samsung Electronics Co., Ltd.(SSNLF)$ Samsung and $SK hynix(SKHY)$ have fallen below 10 days of supply, a critical threshold that signals a severe physical shortage rather than a typical cyclical uptick. This constraint is fundamentally structural - that is, the production of HBM4 consumes approx. 3x the wafer capacity of conven

The interesting part of this story isn’t just SK Hynix potentially using Intel’s U.S. manufacturing capacity. It’s what it says about the semiconductor industry. Memory demand is exploding with AI, but adding new fabs takes years and billions of dollars. So if leading memory companies need additional capacity, existing manufacturing infrastructure suddenly becomes extremely valuable. That puts Intel in an interesting position. The question isn’t whether Intel can suddenly become a memory powerhouse. It’s whether its fabs can become a strategic piece of someone else’s supply chain. And there’s an important caveat: Nothing is signed yet. A reported discussion is not the same as a production agreement, and even a deal wouldn’t translate into meaningful capacity overnight. Still, I’m watching

#Tech Stocks: Buy the Dip or Run? 📉 The market is giving investors a pretty interesting choice right now. AI spending concerns are growing, rates are still a factor, and some high-flying tech names have pulled back. But here’s the other side: The underlying AI infrastructure demand hasn’t disappeared. Nvidia, AMD, Broadcom and the broader semiconductor group are still tied to massive data-center investment. So I’m watching two things: 🔹 Earnings: Are companies still converting AI spending into real revenue and profits? 🔹 Yields: Do higher rates start putting more pressure on expensive tech valuations? If earnings keep beating expectations, dips could attract buyers. If growth expectations start getting cut, today’s “dip” could become tomorrow’s bigger correction. I’m not chasing the bounce

The memory story may be getting bigger than HBM. AI demand is pulling supply toward high-value memory, but the knock-on effect is now reaching mainstream DRAM and consumer electronics. Reuters reports that smaller PC and smartphone makers are preparing for prolonged memory shortages, with some manufacturers already redesigning products and securing inventory ahead of potential supply constraints.  That creates an interesting setup for memory investors: 🟢 Bull case: Tight supply → higher DRAM pricing → stronger margins for producers like Micron and SK Hynix. 🔴 Risk: Higher memory costs eventually hurt PC/smartphone demand, while manufacturers may look for ways to reduce memory content or delay purchases. And there’s another catalyst I’m watching: Micron reports Sept. 30. Recent market comm

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.67%* Over the past week, US 10-year treasury yields have reached multi-year highs as a rally in oil prices and stronger inflation data raised the probability of a September Fed hike. Furthermore, Treasury’s long-end buyback announcement last week had fallen short of some investors’ expectations. Looking ahead, markets turn their attention to the upcoming September FOMC meeting, with OIS markets currently pricing in an 86% probability of a Fed rate hike. Investors will also be paying close attention to the updated dot plot for future guidance. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: -6.53% As of 11 Sep 2026, $CSOP iEdge SREIT ETF S$(

The memory trade is getting harder to ignore. HBM demand remains tied closely to AI accelerator growth, while tighter supply is starting to push pricing pressure into the broader memory market. But this is where I think investors need to separate higher quotes from sustainable earnings growth. 📈 Bull case AI infrastructure spending keeps accelerating → HBM demand stays tight → DRAM/NAND pricing improves → margins expand → memory companies generate stronger cash flow. 📉 Bear case A lot of the good news may already be reflected in valuations. If supply catches up, AI spending slows, or pricing momentum fades, memory stocks could re-rate quickly. What makes this interesting is the recent divergence across the sector. Some memory names are holding up better than others, suggesting investors ma

The global semiconductor market is experiencing a structural metamorphosis, propelled by an unprecedented demand surge for High Bandwidth Memory (HBM). Driven by the rapid, global expansion of Artificial Intelligence (AI) infrastructure, cloud hyperscalers are acquiring advanced memory chips at an unprecedented rate. This surge has triggered substantial price increases across dynamic random-access memory (DRAM) and NAND flash memory markets. Despite recent share price volatility caused by macro headwinds and localized supply disruptions, structural analysis indicates that the memory super-cycle remains intact and is positioned to extend into late 2027 or early 2028. 1. Introduction: Deconstructing the Memory Super-Cycle Memory markets have historically been characterized by extreme cyclica

Memory prices still look supported, but the market is no longer a clean one-way trade: the bull case is that tight supply and AI-driven demand keep pricing elevated into 2027, while the bear case is that the sector has already priced in a lot of good news and can correct sharply on any sign of slower pricing or capex normalization. SanDisk’s recent pullback looks more like profit-taking after an extreme run than a fresh demand collapse, but it also shows how fragile sentiment is in this group.SanDisk fell about 3.5% recently after a huge rally, with commentary pointing to broad profit-taking across memory and storage rather than company-specific weakness. The sector has been volatile because investors are debating whether AI demand can keep overwhelming supply long enough to justify today’

Memory prices still look supported, but the market is no longer a clean one-way trade: the bull case is that tight supply and AI-driven demand keep pricing elevated into 2027, while the bear case is that the sector has already priced in a lot of good news and can correct sharply on any sign of slower pricing or capex normalization. SanDisk’s recent pullback looks more like profit-taking after an extreme run than a fresh demand collapse, but it also shows how fragile sentiment is in this group.SanDisk fell about 3.5% recently after a huge rally, with commentary pointing to broad profit-taking across memory and storage rather than company-specific weakness. The sector has been volatile because investors are debating whether AI demand can keep overwhelming supply long enough to justify today’

Memory prices still look supported, but the market is no longer a clean one-way trade: the bull case is that tight supply and AI-driven demand keep pricing elevated into 2027, while the bear case is that the sector has already priced in a lot of good news and can correct sharply on any sign of slower pricing or capex normalization. SanDisk’s recent pullback looks more like profit-taking after an extreme run than a fresh demand collapse, but it also shows how fragile sentiment is in this group.SanDisk fell about 3.5% recently after a huge rally, with commentary pointing to broad profit-taking across memory and storage rather than company-specific weakness. The sector has been volatile because investors are debating whether AI demand can keep overwhelming supply long enough to justify today’

Hong Kong-listed AI-related stocks came under pressure in early trading on Monday (14 September), after major AI companies sounded a cautionary note over the weekend and called for a more measured pace of technological development. Chipmaker $SMIC(00981)$ led declines among DLC-covered underlyings, falling as much as 2.8% as of 9:45am Singapore time. Amplifying the move, the SMIC 5x Short DLC (9DFW) gained up to approximately 14%, while the SMIC 5x Long DLC (WWZW) declined by a similar magnitude. Tech giant $BABA-W(09988)$ also fell about 2.3%, lifting the Alibaba 5x Short DLC (RHDW) by 11.5%, and the Alibaba 5x Long DLC (IWWW) down a similar magnitude. The broad declines dragged the

Hong Kong-listed AI-related stocks came under pressure in early trading on Monday (14 September), after major AI companies sounded a cautionary note over the weekend and called for a more measured pace of technological development. Chipmaker $SMIC(00981)$ led declines among DLC-covered underlyings, falling as much as 2.8% as of 9:45am Singapore time. Amplifying the move, the SMIC 5x Short DLC (9DFW) gained up to approximately 14%, while the SMIC 5x Long DLC (WWZW) declined by a similar magnitude. Tech giant $BABA-W(09988)$ also fell about 2.3%, lifting the Alibaba 5x Short DLC (RHDW) by 11.5%, and the Alibaba 5x Long DLC (IWWW) down a similar magnitude. The broad declines dragged the

The current HBM shortage is still supporting a broader memory supercycle. Recent reports say DRAM and HBM pricing remain extremely tight, HBM supply is effectively sold out, and the imbalance may persist into 2027 or longer as AI demand keeps pulling capacity away from conventional memory . Can the supercycle last? The evidence says it can last longer than a normal memory upswing because this one is being driven by AI infrastructure, not just a temporary inventory correction. Several sources point to structural tightness through at least 2027, with meaningful easing not expected until new capacity ramps later . The best-positioned memory stocks are: Micron Technology (MU): The cleanest public-market exposure to HBM, with reports that its 2026 HBM output is sold out and pricing is locked in

The current HBM shortage is still supporting a broader memory supercycle. Recent reports say DRAM and HBM pricing remain extremely tight, HBM supply is effectively sold out, and the imbalance may persist into 2027 or longer as AI demand keeps pulling capacity away from conventional memory . Can the supercycle last? The evidence says it can last longer than a normal memory upswing because this one is being driven by AI infrastructure, not just a temporary inventory correction. Several sources point to structural tightness through at least 2027, with meaningful easing not expected until new capacity ramps later . The best-positioned memory stocks are: Micron Technology (MU): The cleanest public-market exposure to HBM, with reports that its 2026 HBM output is sold out and pricing is locked in

The current HBM shortage is still supporting a broader memory supercycle. Recent reports say DRAM and HBM pricing remain extremely tight, HBM supply is effectively sold out, and the imbalance may persist into 2027 or longer as AI demand keeps pulling capacity away from conventional memory . Can the supercycle last? The evidence says it can last longer than a normal memory upswing because this one is being driven by AI infrastructure, not just a temporary inventory correction. Several sources point to structural tightness through at least 2027, with meaningful easing not expected until new capacity ramps later . The best-positioned memory stocks are: Micron Technology (MU): The cleanest public-market exposure to HBM, with reports that its 2026 HBM output is sold out and pricing is locked in

The storage sector is getting another major capital-markets catalyst. After SK hynix expanded its U.S. market presence, Japanese memory giant Kioxia is now reportedly planning a U.S. listing through ADSs. The goal is not simply to raise capital. Kioxia already trades in Japan. A U.S. listing would broaden its investor base, improve liquidity, and make the company much easier for global AI-focused funds to compare directly with names like Micron and SanDisk. That is what makes this story interesting. AI is starting to change how the market values storage companies. NVIDIA represents compute. SK hynix and Micron are closely tied to HBM. Kioxia is more exposed to NAND and enterprise SSDs. These are different businesses, but they are all benefiting from the same underlying force: AI data cente

On Thursday $Oracle(ORCL)$ closed 5.38 per cent lower at US$152.94, and only then reported. Its remaining performance obligations stand at US$664 billion, up from US$638 billion at the end of the previous quarter, a record. $S&P 500(.SPX)$ closed 0.58 per cent lower the same day, its fourth session in a row heading down and the longest such run since June. The order book set a record. The fall came before it. That US$664 billion is work signed, not money collected. To get the work done, Oracle's capital expenditure ran to about US$28.5 billion in the quarter against US$8.5 billion a year earlier; free cash flow came in at minus US$5.4 billion; and in the same fiscal qua