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Ohio Emerges as a New Hub for Korean Chips

When Intel began construction of its massive campus in New Albany, Ohio, in 2022, the project looked like the return of an iconic American manufacturer to its home soil after decades of expanding production overseas. Four hundred hectares of land, enough space for eight semiconductor fabrication plants, and promises of hundreds of billions of dollars in investment were all supposed to symbolize the revival of the American semiconductor industry. However, as often happens, reality introduced some harsh adjustments.

Today, four years later, this ambitious project is hanging by a thread, and its future may end up in the hands of a competitor: South Korea’s SK hynix. Negotiations over a possible acquisition of the Ohio campus are reportedly taking place behind closed doors. Although the potential purchase price remains closely guarded, the very possibility of such a transaction has shaken the markets and prompted analysts to reconsider the balance of power within the global semiconductor industry.

For SK hynix, this would not simply be another deal aimed at increasing production capacity. It would be a strategic move capable of completely transforming the company’s position in the US market while also satisfying growing political pressure from Washington. For several years, the US administration has urged semiconductor manufacturers to move production facilities to American soil and reduce their dependence on Asian manufacturing. SK hynix appears ready to answer that call—not by building an entirely new factory from scratch, but by purchasing infrastructure that is already close to completion.

Interestingly, the Korean company already has experience working with former Intel assets. In 2020, SK hynix agreed to acquire Intel’s NAND flash memory business for $9 billion, making it the largest transaction in the company’s history. Now, another piece of Intel’s former empire may be up...

The Plunge That Shook the Hong Kong Stock Exchange

When trading opened in Hong Kong on 22.07.2026 Wednesday morning, no one expected such a nightmare. Shares of TPSRF ... International, one of China’s largest sportswear retailers, plunged 26.2% almost instantly, reaching an all-time low of HKDUSD ... HK$1.41.

This was not merely a market correction. It was a collapse that wiped out nearly a quarter of the company’s market capitalization within minutes. By the time the figures were recorded, the shares had recovered slightly but were still deeply in negative territory, down approximately 23.6% at HK$1.46. Traders stared at their screens in disbelief, repeatedly checking the data and wondering whether what they were seeing was real.

The reason for the collapse was as sudden as a lightning strike and as destructive as a tsunami. The previous evening, after the main trading session had closed, Topsports received an official notice from American sportswear giant NKE ... . Beginning on January 1, 2027, their long-standing partnership covering online sales in mainland China would be terminated completely.

Nike—the iconic Swoosh brand that had supported Topsports’ business for many years—had decided to sever its digital relationship with the retailer. A decision made quietly in corporate offices at Nike’s Oregon headquarters triggered a financial earthquake thousands of miles away in Hong Kong.

To understand the scale of the problem, online sales of Nike products accounted for approximately 22% of Topsports’ total revenue in the financial year that ended on February 28, 2026. This was not a small slice of the pie. It represented almost a quarter of the entire business.

Imagine that your primary supplier, responsible for nearly one in every four of your customers, suddenly tells you: “Starting next year, we will no longer work together in the same way.” News like that can destroy almost any...

Numbers That Give Shareholders a Reason to Smile

When Cathay CPCAY ... Airways opened its financial books on Wednesday morning, the aviation market was taken by surprise. Its profit for the first half of 2026 was not merely strong — it was exceptional. The airline expects to report between HKDUSD ... HK$6 billion and HK$6.5 billion, equivalent to nearly US$840 million. That is almost twice as much as the HK$3.7 billion earned during the same period last year.

However, these figures deserve a closer look. Nearly HK$1.5 billion of the total came from a one-off gain related to the sale of a stake in Air China. In other words, although the company’s operating performance was impressive, it was not quite as dazzling as the headline figure might initially suggest. Even after excluding this windfall, however, profit still increased by more than HK$1 billion compared with the previous year. That reflects serious operational progress rather than simply a successful share transaction.

For an airline that was recently fighting for survival amid pandemic restrictions, such a turnaround appears almost miraculous. Yet this miracle has several very specific causes. We are accustomed to seeing good news for one company create problems for another. In the case of this Hong Kong-based carrier, however, the story is unusual. Cathay Pacific has managed not only to survive the turbulent waters of geopolitics and rising oil prices, but also to learn how to profit from them.

Passenger Boom: Why People Are Flying Again

The number of passengers carried rose by 17.5% year on year. These are not merely statistics — they represent real people filling economy-class seats, business-class cabins, and even first class. The passenger load factor climbed to 87.5%, an increase of 2.7 percentage points from the previous year. Most aircraft were departing nearly full, while on peak...

A Partnership of Giants: When Vision Meets Automation

Japanese industry, which has always been renowned for its technological excellence, is taking another enormous step into the future. MSBHF ... Electric, a veteran of factory automation with decades of experience, and SNEJF ... Semiconductor Solutions, a recognized leader in sensors and imaging technology, have announced the creation of a joint venture. The future company will be called Advanced Vision Solutions—a name that sounds more like a promise than a simple sign on the door of a new office.

The partnership between these two corporate giants is far more than another business deal. It is an attempt to unite two different philosophies, two engineering traditions, and two approaches to what the factory of the future should look like. Mitsubishi Electric knows virtually everything about robots, conveyor systems, and manufacturing control technologies. Sony, meanwhile, has spent years perfecting imaging technology and learning how to convert light into digital data with extraordinary precision. When these two worlds collide, they create something greater than the sum of their parts.

The joint venture is scheduled to be established in October 2026, although this is merely the formal launch date. Engineers and managers are already working actively to ensure that the company can operate at full capacity from its very first day. Mitsubishi Electric will hold a controlling 60% stake, which makes sense because it will serve as the primary integrator of the solutions at real manufacturing facilities. Sony will retain 40%, but its role should not be underestimated: without its sensors, the entire project would have little practical meaning.

This ownership structure is more than a collection of numbers. It sends a clear message to the market about which company will take the leading role and which will serve as the key technology partner. In reality, however, experience...

Tuesday: The Chinese Giant Surprises the Market

Chinese technology giant Xiaomi has made an unexpected move that has attracted the attention of the entire smartphone market. The company has raised its annual smartphone sales target from 90 million to 110 million units. This comes despite increasing pressure from high memory and other component prices, which have placed significant strain on manufacturers in recent months.

XIACY ... Xiaomi’s decision, reported by Chinese media outlet Jiemian News citing industry sources, appears bold. Earlier this year, the company lowered its target due to the negative impact of high memory prices. Management now believes that the worst is over and that the market is ready for a reversal.

According to the report, the higher sales target is based on Xiaomi’s internal assessment that the current rise in memory market prices is approaching its peak and could soon be followed by a decline. If this forecast proves accurate, Xiaomi will gain a double advantage: higher sales volumes and lower production costs.

Memory Prices: Drivers and Risks

The memory chip market is going through a highly volatile period. Demand for memory used in artificial intelligence applications has soared, absorbing a significant share of global production. Companies manufacturing memory chips for AI servers are generating exceptional profits, while smartphone manufacturers are being forced to compete with them for limited resources.

For Xiaomi and other smartphone manufacturers, this means higher component costs. Memory chips are among the most expensive and important components of a smartphone, and when their prices rise, manufacturers’ profit margins decline. Earlier this year, Xiaomi even lowered its shipment target for this very reason.

However, the company now believes that the situation is changing. According to Xiaomi’s estimates, the memory chip market is ready for a reversal. This may be related to several factors. First, memory...

Tuesday: Coal Company Shares Rise Sharply

Tuesday 21.07.2026 became a triumphant day for YACAF ... Australia. The company’s shares jumped 3.7% to A$5.89, reaching their highest level since June 22. This was an impressive result against the backdrop of the largely unchanged S&P/ASX 200 Index, which showed no significant movement.

What was behind this growth? Record production and sales figures, combined with strong coal prices. Yancoal, Australia’s largest coal producer, reported second-quarter results that exceeded market expectations. Attributable saleable coal production increased by 20% compared with the previous quarter, reaching a record 10.8 million tonnes. Coal sales rose by 41% to 11.6 million tonnes.

These were not simply strong figures—they reflected a systematic operational improvement. The company shifted its focus from overburden removal, which involves preparing mining areas for production, to direct coal extraction. This change supported higher output across most of its operations. Yancoal’s management clearly understood that demand for coal remained strong and concentrated its efforts on increasing production.

Coal Prices: Higher Realised Prices

The second important factor was pricing. Yancoal’s average realised coal price increased by 9% quarter on quarter to A$160 per tonne. This reflected an 11% rise in realised thermal coal prices and a 3% increase in metallurgical coal prices.

For a coal producer, the realised selling price is one of the most important performance indicators. Even when production volumes remain stable, higher prices directly increase revenue and profit. As one of the largest companies in the market, Yancoal was able to take advantage of favourable conditions and improve its margins.

Coal prices have been rising amid global uncertainty in the energy sector. Conflict in the Middle East, disruptions to oil supplies and concerns surrounding nuclear energy are creating additional demand for coal as an alternative source of energy. Yancoal has found itself in the right...

Tuesday: Markets Recoup Their Losses

Tuesday 21.07.2026 became a day of recovery for Asian stock markets. After several days of volatility and selling pressure driven by geopolitical risks, investors returned to buying. The main catalysts behind the rebound were lower oil prices and hopes for a diplomatic resolution in the Middle East.

Wall Street ended Monday with moderate losses, but U.S. stock futures pointed to a stronger opening on Tuesday. The technology-heavy NASDAQ, which is particularly sensitive to shifts in investor sentiment, led the advance.

Japan was one of the main beneficiaries of the positive momentum across Asian markets. The ^N225 ... rose by more than 2% after the market was closed on Monday for a public holiday. Investors actively purchased technology stocks, while overall market sentiment remained positive.

However, South Korea’s KOSPI delivered perhaps the most impressive performance. The index rebounded by almost 4% after falling approximately 5% during the previous session. This is a classic example of a “dead cat bounce,” as investors return to oversold stocks, particularly in the technology sector.

Technology Sector Leads the Recovery

Technology companies were the primary drivers of growth across Asian markets. BC94.L ... Electronics shares surged by 6%, while SK Hynix gained 4.5%. This represented a powerful recovery following several days of declines, during which concerns about inflated valuations and geopolitical risks weighed heavily on the sector.

For investors, the rebound may indicate that the fundamental positions of these companies remain strong. Samsung recently forecast a nineteenfold increase in operating profit for the second quarter, and the markets appear ready to believe these projections. Like Samsung, SK Hynix is a major supplier of memory chips used in artificial intelligence applications, and demand for these products remains high.

However, the recovery of Asia’s technology sector is taking place against a backdrop of continued uncertainty....

Currency & Commodity Analysis:

US Dollar Index

The US dollar index traded near 100.90 on Monday, supported by escalating tensions in the Middle East, which boosted oil prices and exacerbated concerns about inflation and the prospect of higher interest rates. The US military said it conducted new airstrikes against Iran on Sunday after three US service members were killed, while Tehran declared that the ceasefire with the US had effectively collapsed and said it intercepted four ships passing through the Strait of Hormuz over the weekend. Meanwhile, Cleveland Federal Reserve President Beth Hammark joined a growing number of Fed officials on Friday in warning of persistent inflation. The market currently estimates a 53% probability of a Federal Reserve rate hike in September, up from 47% the previous day, although the general expectation is that the central bank will keep rates unchanged at its meeting this month. The dollar index was essentially flat on Friday, closing at 100.76, supported by safe-haven demand triggered by renewed escalation of US-Iran tensions, but traders reduced their bets on a near-term Fed rate hike due to moderate US inflation data.

From a technical perspective, the dollar index is currently trading at 100.90, closely below the 9-day moving average of 100.91. The MACD histogram shows a moderate increase in bearish momentum, indicating weak short-term momentum, but limited downside potential. Technically, the index has been declining from its previous high of 101.80, reaching a low of 95.36 before gradually stabilizing and rebounding, and is currently in a consolidation phase. Market assessments of the US economic fundamentals are also mixed. Regarding inflation, June data showed some easing, enough to raise the probability of the Fed keeping rates unchanged at its July meeting to 86%. The market's pricing in further interest rate hikes may still be...

Monday on the ASX: A Decline of Mere Hundredths of a Percent

The Australian stock market ended the first trading day of the week with an almost imperceptible move lower. The S&P/ASX 200 Index lost just 0.06%—such an insignificant amount that it could easily be dismissed as statistical noise. Yet behind this microscopic decline was a day full of contrasts: some companies surged, others fell to record lows, while the overall result remained virtually unchanged.

Trading on the Sydney Stock Exchange was marked by a tug-of-war. The information technology, utilities, and healthcare sectors pushed the index lower, while other industries attempted to keep it afloat. In the end, the battle finished in a draw—but the apparent calm was deceptive. Within the market, a genuine drama was unfolding, with winners and losers changing places at a dizzying pace.

The final tally showed 583 declining stocks compared with 485 advancing stocks, while 389 shares remained virtually unchanged. This suggests that sellers outnumbered buyers, but the overall decline remained minimal because the day’s strongest performers delivered impressive gains.

The Top Three Performers: Who Pulled Ahead?

Against a backdrop of general stagnation, three companies posted impressive gains of more than 4%.

Yancoal Australia, a coal-mining company, took first place, rising 6.16% to AUD 5.69. The strength of the coal sector was no coincidence. Energy prices surged amid the escalation of the conflict in the Middle East, making coal increasingly attractive as an alternative source of energy. Investors concerned about potential disruptions to oil supplies have been shifting toward coal-related assets, placing Yancoal at the centre of this trend.

Contact Energy, a New Zealand energy company, ranked second after gaining 4.56% to AUD 7.80. Interestingly, Contact Energy is traded on the Australian exchange, although its core business is concentrated in New Zealand. The rise in...

Monday’s Surge: Shares of the Chinese Giant Move Higher

The first day of the week proved triumphant for BABA ... Alibaba. The company’s shares on the Hong Kong Stock Exchange surged 5.2% to HKDUSD ... HK$118.40. The rally was not simply the result of favorable market conditions—it was driven by a specific technological breakthrough that investors immediately recognized.

On Saturday, Alibaba released a preview version of its new artificial intelligence model, Qwen3.8 Max. This is not just another routine update—it is a bold bid for leadership in the global AI race. The model contains 2.4 trillion parameters, placing it among the most powerful AI systems in the world. Alibaba claims that it is surpassed only by Anthropic’s latest flagship product, which would represent a major technological achievement.

However, what truly ignited the market was Alibaba’s promise to release the model’s weights in the near future. This is far more than a technical detail. It is a strategic move that could fundamentally strengthen Alibaba’s position in the AI industry.

Open models attract developer communities, accelerate innovation, and help create entire ecosystems around a product. The more developers who adopt Qwen, the stronger Alibaba’s competitive position is likely to become.

Qwen3.8 Max: What Kind of Beast Is It?

A model with 2.4 trillion parameters is not impressive merely because of the size of the number. It suggests that the model can process enormous volumes of data, understand complex contexts, and generate more accurate responses. Generally, the more parameters a model has, the more powerful it can be—although it also becomes more difficult and expensive to train.

Alibaba appears to have found a balance between power and efficiency. The company has not disclosed all the technical details, but it describes Qwen3.8 Max as one of the world’s most powerful AI models, reportedly ranking behind only...