Articles by Dennis Singleton
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The Nasdaq is down six days straight. We checked what happened next all 85 times, so you don't have to.
The Nasdaq Composite closed lower for a sixth straight session on July 29, finishing at 24,442.94, down 5.4% over the run and 9.8% below its June record. It has happened 85 times since 1971. One month after those streaks the index gained a median 1.5%, which is exactly what a random month returns, and at three months it actually underperformed. The averages hide everything: every streak from 2000 to 2002 was followed by heavy losses, and every streak after 2009 by gains.
The Fed held rates 9 to 3. Warsh says the AI capex boom is driving up chip prices.
The Fed held the federal funds target range at 3.5% to 3.75% on July 29 in a 9 to 3 vote, with Beth Hammack, Neel Kashkari and Lorie Logan dissenting in favor of a quarter-point increase. Chairman Kevin Warsh listed the AI capex boom as one of four questions the committee debated and said it is driving up prices of memory and logic chips. The June minutes show many participants expect AI infrastructure demand to keep pressuring technology and electricity prices.
SoFi (SOFI) beat and raised guidance. The stock still hit a 52-week low.
SoFi beat on revenue, earnings and EBITDA, raised its full-year revenue outlook, and then fell 7.2% to a 52-week low. Credit actually improved this quarter. The issue is where the growth came from: lending revenue grew 63% while the asset-light Financial Services and Technology Platform segments grew 17% between them.
SK Hynix (SKHY) reported a record quarter and still missed. One analyst broke from the pack and called it within a quarter of a percent
SK Hynix reported 60.5426 trillion won ($41.6 billion USD) of operating profit against a 64.09 trillion won consensus, 5.5% short, on revenue 5.6% short. Both figures are records. The operating margin came in at 76%, right where the street had it, so the entire miss was revenue rather than profitability. Korea Investment & Securities was the only firm below the pack and landed within a quarter of a percent.
The FCC moved to ban Chinese robots. Agility Robotics (CCXI) rose 12% in half an hour while the humanoid ETF (KOID) fell.
The FCC moved July 28 to bar new Chinese humanoid and quadruped robots, plus connected power inverters, from the US market. Four small robotics names did all the moving: RoboStrategy (BOT) closed up 17.6% and Churchill Capital XI (CCXI) rose 12.3% in the half hour after the headline. Teradyne then jumped after hours on earnings. The robotics ETFs closed lower.
Kioxia hit limit-down again and is down 60% from its June peak. Sandisk (SNDK) co-owns its factories (July 28, 2026)
Kioxia closed at its limit-down price of 44,550 yen ($272 USD), down 18.33%, after finishing at the bottom of its daily band on July 17 as well. It is 60.5% below the 112,700 yen peak it set on June 22. It shares the Yokkaichi and Kitakami NAND plants with Sandisk (SNDK), which is why the two keep falling together.
Korea's Kospi fell 10.84% and halted trading. Nvidia (NVDA) is flat and Micron (MU) is down 10% (July 28, 2026)
Korea's Kospi closed at 6,023.66 on Tuesday, down 10.84%, its fourth largest one-day fall on record, after Korea Exchange stopped all trading for 20 minutes. Samsung and SK Hynix each lost more than 13%. The US carryover went into memory and storage, with Sandisk (SNDK) down 14.52% and Micron (MU) down 9.54%, while Nvidia (NVDA) held flat and the Dow rose.
T1 Energy raised its Austin solar fab budget 20% and blamed the Texas data center boom (TE)
The Austin solar cell fab's phase one estimate went from $425 million to $510 million and first production slipped a quarter. T1 named the Texas data center construction market as the reason. A second filing the same morning disclosed a $135 million purchase of the TOPCon patents Trina Solar owned until December.
Anthropic says it never asked to ban open-weight AI. Dario Amodei does want China cut off from Nvidia (NVDA) chips.
Dario Amodei answered the Nvidia-hosted open-weights letter on July 27, three days after Anthropic became the only major AI lab to skip it. He says a ban was never the ask. What he does want is China cut off from US chips, a crackdown on industrial-scale distillation, and mandatory safety testing for every capable model, open or closed.
About $25 billion of Microsoft's (MSFT) AI budget is memory getting more expensive. Wednesday says whether that grew.
Microsoft told investors in April it would spend about $190 billion on capital projects this year. Around $25 billion of that increase bought nothing new, it was the same buildout at a higher price after memory costs rose. Microsoft reports Wednesday after the close, two hours after the Fed decision.
Amazon (AMZN) wants 5,105 satellites talking to your phone, on Globalstar (GSAT) spectrum it doesn't own yet
The application covers 5,105 satellites connecting straight to phones, starting in 2028, running on airwaves that still belong to Globalstar. Amazon agreed in April to buy the company for about $11.6 billion, and that deal is not expected to close until 2027. Globalstar trades $11 under the headline price, and the reason is in the exchange ratio rather than in doubts about the deal.
ChangXin Memory (CXMT) closed up 466% on day one and is worth as much as Intel. Its factories are sold out through 2027.
ChangXin Memory (CXMT) closed its Shanghai debut up 465.82%, passing ICBC as China's most valuable listed company and drawing level with Intel. Only 6.73% of its stock was tradable. The order book behind it is the part that matters for Micron (MU) and SK Hynix (SKHY).
Nvidia (NVDA) is in talks to guarantee $250 billion of OpenAI's data center financing. The chips are another $350 billion.
The Wall Street Journal reported Sunday evening that Nvidia is in talks to guarantee about $250 billion of OpenAI's financing for a 10 gigawatt campus in southern Ohio. The guarantee would cover lease and construction costs, not chips, which are a separate arrangement worth about $350 billion. Nvidia's earlier plan to invest up to $100 billion in OpenAI was never completed.
Fed rate hike odds went from 10.7% to 38% in nine days. AI stocks are the most exposed.
Odds of an increase at Wednesday's meeting stood at 38% on July 24, against 10.7% on July 15. Nine of 18 FOMC participants projected a hike this year back in June, and Chair Kevin Warsh says policymakers have no tolerance for elevated inflation. June CPI came in cooler than forecast, but oil has since gone back over $100, and the AI trade is the part of the market most exposed to what happens next.
US strikes on Iran paused. Oil fell more than 3%, and Micron (MU) and Nebius (NBIS) rose over the weekend
US Central Command has gone two straight nights without striking Iran, and a Defense Department source told CNN operations are on a hold. Polymarket puts an effective ceasefire at 75% by August 31. US markets were shut all weekend, but the tokenized stock market never closed, and it spent Sunday buying the AI trade and selling oil.
SoundHound (SOUN) is paying $42.8 million for LivePerson. LivePerson's own bankers valued its equity at almost nothing.
SoundHound AI (SOUN) cleared its last regulator on July 20 and LivePerson (LPSN) stockholders vote August 20. The proxy puts the price at $42,784,532.64, well under the figures circulating, and both of its valuation analyses value LivePerson's equity at de minimis.
The busiest stock on Hyperliquid isn't Nvidia. It's SK Hynix (SKHY), and it out-traded Ethereum
Real world assets did $25.1 billion on Hyperliquid in the week of July 13 to 19, out-trading crypto on the venue for the first time. The busiest contract is not Nvidia or Tesla. It is SK Hynix, which passed Ethereum for second place on the whole exchange, and whose Nasdaq listing (SKHY) fell 8.8% on Friday.
Nvidia (NVDA) and 34 other companies told Washington not to restrict open-weight AI. OpenAI signed a day late. Anthropic still hasn't.
The Open Weights and American AI Leadership letter asks Washington not to restrict AI models anyone can download. It went from 25 signatures to 35. OpenAI added its name after sitting out the launch, Google's CEO backed it without signing, and Anthropic declined to comment. Update, July 27: the list has since grown to 133 names, and both Google and Amazon signed.
SK Hynix (SKHY) sells the memory in Nvidia's (NVDA) Rubin racks. SK Group is committing $1.44T USD to the chips and data centers around them.
Nvidia and SK Hynix signed a multiyear memory partnership with no dollar figure attached. SK Group then committed 2,100 trillion won ($1.44T USD) to chip capacity and 15 gigawatts of AI data centers, built on Nvidia's Vera Rubin reference design. Nvidia put $1 billion into Naver on July 24. Here is what each side actually committed, and what is funded versus announced.
Solar stocks fell again Friday, July 24. T1 Energy (TE) is down 58% since June 2, Enphase (ENPH) 49% and First Solar (FSLR) 36%
The Invesco Solar ETF closed 31% below its May 29 record. Enphase and SolarEdge have lost close to half their value since June 2. The July 4 construction deadline, the expired 25D homeowner credit and a pending Section 232 polysilicon ruling are the drivers.
Vietnam and China now pay the same US tariff rate. Nike (NKE) and Deckers (DECK) built years of sourcing strategy on the gap between them.
New Section 301 tariffs took effect Friday, putting Vietnam and China at the same 12.5% rate for the first time. Nike, Deckers, Columbia, Gap, Ralph Lauren and Under Armour all have heavy Vietnam manufacturing exposure.
Jensen Huang's first-ever post on X was an open-weights AI letter. Nvidia (NVDA) and Microsoft (MSFT) both signed it, along with 23 other companies.
Jensen Huang joined X in June and stayed silent for weeks. His first post was a joint industry letter on open AI models, signed by 25 companies including Microsoft. OpenAI, Anthropic, Google and Amazon did not sign.
Verizon (VZ) jumped 2.7% on record profit margins and a subscriber beat. A $1 billion Google deal got buried in the same call.
Verizon's Q2 2026 earnings brought record EBITDA margins, a subscriber beat and a $1 billion-plus dark fiber deal with Google buried in the same call. Shares climbed as much as 2.7% on the earnings, not the deal.
Elon Musk thanked Micron (MU) by name on Tesla's earnings call this week. That's what a real memory shortage looks like.
Musk thanked Micron on Tesla's earnings call, Intel's CEO called memory its biggest supply constraint the next day, SK Hynix's CEO sees a shortage into the next decade, and CXMT is about to IPO into all of it.