>> 9:00 A. M. IN SHANGHAI, SHENZHEN, AND HONG KONG.I AM YVONNE MAN. >> I AM AVRIL HONG IN SINGAPORE, COUNTING DOWN TO THE OPEN UP MARKETS IN GREATER CHINA. OIL HOLDS ONTO THE GAINS AND ASIAN STOCKS SLIPPED AFTER PRESIDENT TRUMP MADE NEW DEMANDS ON IRAN, DIMMING HOPES OF A QUICK DEAL TO REOPEN THE THREE.WE ARE WATCHING TECH STOCKS IN THE REGION AS NVIDIA TEAMS UP WITH WALL STREET INVESTMENT GIANTS TO THE HALF $1 TRILLION IN AI INFRASTRUCTURE FUNDING. ON THE PROGRAM, MAINLAND INVESTORS JUMP ON THE SHANGHAI IP ...

Industry Dynamics - Semiconductor enterprises such as Taiwan Semiconductor Manufacturing Company and SK Hynix maintain near-monopoly statuses in advanced chip manufacturing [1] - China faces significant challenges in matching advanced chip manufacturing capabilities despite mobilizing its stock and bond markets to finance artificial intelligence ambitions [1]

Capital Operations and Semiconductor Industry - Intel is tapping the market for 15 billion dollars in fresh capital and planning a public share sale for the first time since its 1971 listing, potentially reaching up to 17 billion dollars [1][2][43] - Intel's stock has more than tripled year-to-date in 2026, supported by renewed investor enthusiasm for its AI strategy and progress in cleaning up its balance sheet [3][4][43] - TSMC reported a 45% rise in monthly sales, with July revenue reaching 14.5 billion dollars, while raising its spending and revenue projections for the year [79] - South Park Commons launched a 575 million dollar fund to transition from pre-seed to high-conviction early-stage investments in AI and deep tech [71] Consumer Electronics and Market Dynamics - Jeffries downgraded Apple from hold to underperform with a price target of 263.63 dollars due to supply chain concerns and the cancellation of an all-glass iPhone previously expected in September 2027 [8][44] - Apple faces major supply chain bottlenecks as AI companies outbid it for advanced TSMC manufacturing capacity and memory production [16][18] - Meta introduced a 30 billion parameter open-weight AI model designed to run on personal computers, emphasizing broad accessibility over centralized control [45] Enterprise AI and Software Transformation - Microsoft surpassed 30 million paid Copilot seats, with user engagement doubling year-over-year and driving efficiency through agentic coding and internal data analysis [52][64][65] - China is leveraging a 28 trillion dollar stock and bond market alongside 26 trillion dollars in household savings to accelerate its domestic artificial intelligence infrastructure and economic growth [21][25][26]

Market Dynamics & Capital Allocation - High CapEx intensity in artificial intelligence makes capital access a critical swing factor [1] - Passive vehicles account for **60%** of US investing, while quantitative funds drive **75%** of trading volume [3] - Long-term investors focus on foundational business attributes and innovation horizons spanning **5** to **10** years rather than quarterly changes [3][4] Semiconductor Industry & Semiconductor Barriers - Non-US artificial intelligence supply chain opportunities remain heavily concentrated in chip manufacturers such as TSMC, ASML, and SK Hynix [6][8] - TSMC holds an effective monopoly at the leading edge of chips, protected by high capital requirements for advanced node fabs and decades of accumulated process knowledge that export controls prevent competitors from replicating [6][7] - SK Hynix derives a growing proportion of revenue and earnings from high bandwidth memory, a complex product that competitors like CXMT struggle to manufacture due to equipment limitations [7] Non-Semiconductor Artificial Intelligence Opportunities - Shopify utilizes AI to manage shopping journey complexity, achieving **2** times higher order conversion using verified catalog metadata compared to scraped website data [9][10] - MercadoLibre drives strong gross merchandise volume and user growth by lowering shipping requirements and merchant take rates while increasing internal code deployment by **75%** with reduced rollbacks through AI integration [11][12]

A recent media report claims that tight DRAM supply has left TSMC holding around US$1 billion worth of Apple 2nm processor work-in-process (WIP), described in the report as “processor wafers,” that cannot yet be packaged. As supporting evidence, it points to TSMC’s 2Q26 earnings call, where the company said the increase in inventory days was mainly due to the 2nm production ramp.My industry checks suggest that Apple has indeed scaled back its hardware shipment plans this year due to memory shortages. Howeve ...

市場近期傳聞，台積電因 DRAM 供應緊張，囤積約 10 億美元的 Apple 2nm 處理器半成品（傳聞稱為處理器晶圓）無法封裝，並以台積電 2Q26 法說提到「庫存天數增加主因是 2nm 量產爬坡」作為佐證。我的產業調查顯示，Apple 今年的硬體出貨量確實因記憶體短缺而下調，但 Apple 在台積電的處理器訂單，會在至少約 3 個月前依可取得的記憶體數量規劃生產，而不是讓台積電提前大量生產半成品。這不代表台積電不會提前生產並囤積半成品；但若瓶頸不在台積電，這麼做並無實益，因此，Apple 也沒有太大理由額外付錢要求台積電這樣做。換言之，記憶體供應緊張是真，但我的理解是，並沒有出現「台積電先囤積 10 億美元半成品，再苦等記憶體到貨封裝」這種戲劇性變化。台積電與 Apple 都是全球執行力頂尖的企業，在供應鏈管理上，雙方緊密合作下也很難出現這種戲劇性的發展。最後，憑公開資訊也能反思市場傳聞可能性。台積電在 2Q26 法說表示，庫存天數增加主要因 2nm 量產爬坡，但這裡的庫存不能直接視為由 Apple 處理器半成品造成，原因有三：1. 台積電過往全新先進製程量產爬坡時，庫存天數通常也會增加，並非今年特有現 ...

Rating and Target Price Actions - Jefferies downgraded Apple's stock rating to **underperform** from hold [1] - The price target for Apple was set at **$263.66%** [1] Product Strategy and Roadmap - Apple planned an all-glass iPhone for the **20th anniversary** in **2027** featuring no metal mid-frame or physical buttons [3] - The new form factor was intended to expand to Pro and Pro Max models by **fiscal year 2028** and **fiscal year 2029** to elevate average selling prices (**ASPs**) [4][5] - The all-glass iPhone project, codenamed glass wing, was canceled due to low production yields [1][5] Supply Chain and Market Challenges - Apple faces major supply chain bottlenecks in memory and advanced node capacity at **TSMC** [8] - AI companies outbid consumer electronics companies like Apple for memory and advanced chip capacity, potentially dropping Apple to **number three** at **TSMC** by **2027** [9][12] - Soaring memory and component costs forced Apple to rely on higher average selling prices (**ASPs**) to protect profit margins [5][13]

VONNIE: IT'S 5:00 A.M. IN NEW YORK CITY, 10:00 IN LONDON. GOOD MORNING. I'M VONNIE QUINN WITH YOUR "BLOOMBERG BRIEF. LET'S GET YOU SET" SLOW START. --HANS URGENCY'S LINGER AROUND THE IRAN-OMAN SHIPPING DEAL. PRESIDENT TRUMP LEANS ON SHIPPING PRESSURE AS IRAN REJECTS TALKS WITH WASHINGTON. ALL OF THAT IS MARKETS LOOK AHEAD TO THE LATEST INFLATION DATA COMING LATER THIS WEEK. THE YEN -- THE YEN CONTINUING THOSE GAINS. HERE'S WINNIE HSU. WINNIE: AS YOU JUST MENTIONED, NOTHING SEEMED TO HELP THE YEN FROM WEAKEN ...

GUY: GOOD MORNING, IT IS THE 10TH OF AUGUST. A LITTLE QUIET BUT THINGS YOU NEED TO NOPE YOU -- YOU NEED TO KNOW. OIL IS FLAT AFTER LAST WEEK'S BIG SQUEEZE HIGHER.STOCKS DRIFTING INTO MONDAY. USCP I DOMINATING THE AGENDA -- U.S. CPI DOMINATING THE AGENDA. TOM: EUROPEAN FUTURES CURRENTLY FLAT AFTER DECENT GAINS LAST WEEK.GLOBAL EQUITY MARKETS NEAR RECORD HIGHS. WE CAME IN THIS MORNING AND OIL PRICES WERE HIGHER BUT THAT HAS ADJUSTED, CURRENTLY 83.42%. THE DOLLAR IS GAINING IN THE SESSION, 158 RIGHT NOW DESPIT ...

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