WS #11215

The dominant theme in this window is the escalation of the global tech selloff, driven by Meta's plan to sell computing power, which raised fears of AI capacity oversupply. This has triggered a sharp rout in Asian chip stocks, with Samsung Electronics and SK Hynix tumbling over 7% and 9% respectively, dragging down the Kospi. The selloff follows a dismal start to July for the Nasdaq, where Micron fell over 10%. This development is escalating the previous narrative of tech rotation out of semiconductors into AI/cloud. Meanwhile, US-Iran talks in Doha are reported as 'positive,' with an agreement to maintain calm in the Strait of Hormuz for a week, leading to a decline in oil prices (Brent down 1.89% to $71.57). This counters the prevailing bearish oil supply disruption thesis. Additionally, Apple is reportedly lobbying the US government to buy memory chips from Chinese suppliers CXMT and YMTC, highlighting severe memory chip shortages that have forced Apple to raise prices. This is a high-significance MAG7 carve-out signal contradicting the broader tech bearishness, as it suggests Apple's supply chain constraints are worsening.