Core Viewpoint - The semiconductor industry is showing signs of recovery, particularly in the memory chip sector, with increasing prices, inventory reduction, and order recovery indicating a potential end to the "winter" previously forecasted by Morgan Stanley [3][25]. Group 1: Signals of Recovery - Signal 1: South Korea's general DRAM exports have surged, with a 27.8% increase in March, 38% in April, 36% in May, and 25.5% in the first 20 days of June, indicating a shift towards supply-demand tightness [4][6]. - Signal 2: Samsung's general DRAM performance is improving, with expected operating profit of 2 trillion KRW (approximately 1.5 billion USD) in Q2, doubling from the previous quarter due to rising DRAM prices [9]. - Signal 3: DDR4 prices have skyrocketed, with a 16Gb DDR4 chip price rising from 5.6 USD on May 23 to 11.5 USD by June 20, while DDR5 prices remain stable around 6 USD [11][13]. Group 2: Financial Performance - Signal 4: Micron reported strong financial results with quarterly revenue of 9.3 billion USD, a 15.5% quarter-over-quarter increase, and a 36.6% year-over-year increase, significantly exceeding market expectations [14]. - Signal 5: SK Hynix has gained a competitive edge in the DRAM market, achieving a 36% market share in Q1, driven by HBM demand, and expects Q2 operating profit to reach nearly 9 trillion KRW (approximately 6.6 billion USD) [17][19]. Group 3: Structural Changes in the Industry - The current recovery is attributed to structural changes, including the active phase-out of DDR4 by major manufacturers, which reduces supply pressure and shifts focus to DDR5 and HBM products [21]. - Capacity shifts towards HBM production are increasing unit profits, with SK Hynix's capital expenditure rising to 29 trillion KRW, reflecting a strategic pivot to higher-value products [22]. - Policy-driven inventory accumulation due to uncertain trade policies has further contributed to rising short-term prices [23]. Group 4: Market Outlook - The semiconductor industry is expected to enter a new growth cycle, with multiple indicators suggesting that the "chip winter" may be over, despite ongoing macroeconomic uncertainties [26][27].

Market Overview - US stock indices closed higher, with the S&P 500 and Nasdaq reaching their highest closing levels in over four months. The Dow Jones rose by 1.19%, Nasdaq by 1.43%, and S&P by 1.11% [1] - The VIX index fell by 11.85% to 17.48, indicating reduced market volatility [1] - The US dollar index decreased by 0.42% to 97.97, while the yield on the 10-year Treasury bond dropped by 1.173% to 4.297% [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with semiconductor and technology sectors leading the way, rising by 3.79% and 1.8% respectively. Energy and consumer staples were the only sectors to decline, down by 1.3% and 0.09% [1] - Chinese concept stocks mostly rose, with notable increases in TSMC (up 4.65%), Alibaba (up 3.47%), and Pinduoduo (up 5.11%) [1] - Major tech stocks also saw gains, with Nvidia rising by 2.59% and Amazon by 2.06%. However, Apple fell by 0.6% and Tesla by 2.35% [2] Company Highlights - FedEx reported fourth-quarter revenue of $22.2 billion, exceeding analyst expectations of $21.75 billion. However, the company did not provide full-year guidance due to global demand uncertainty [12] - Meta Platforms achieved a market share of 50.8% in the AR/VR headset market, leading a strong rebound with a year-on-year growth of 18.1% [13] - UBS raised its valuation for Tesla's Robotaxi business to $350 billion, assuming successful execution and regulation, which is an increase from a previous valuation of $225 billion [16] Regulatory & Economic Insights - The International Bank for Settlements stated that stablecoins fail to meet the three main tests of currency due to lack of central bank support and insufficient protection against illegal use [5] - The Federal Reserve's Chairman Powell indicated that the path for future interest rates could vary significantly based on economic conditions, with no immediate need for rate cuts [10][11]

Core Viewpoint - The semiconductor industry is experiencing a significant rebound, driven by supply shortages and price increases, particularly in DDR4 memory chips, alongside technological advancements in optical computing [1][2][3]. Group 1: Market Performance - The semiconductor sector has shown strong performance, with notable stocks like Shengyi Electronics, Kexiang Co., and Zhongfu Circuit rising over 10%, and several stocks hitting the daily limit [1][2]. - The semiconductor ETF saw a rise of over 1%, indicating a positive market sentiment and a potential shift in investor focus towards this sector [2]. Group 2: Supply-Side Dynamics - Trend Force reported a 53% month-on-month increase in DDR4 prices in May, marking the largest increase since 2017, with prices continuing to surge into June [2][3]. - Major DRAM manufacturers, including Samsung, SK Hynix, and Micron, have announced production halts for DDR4, leading to a supply crunch and increased prices for existing stock [3]. - The market is expected to see a reduction in DDR4 production starting in Q1 2024, which may benefit domestic companies through price increases and order transfers [4]. Group 3: Technological Advancements - A breakthrough in optical computing was reported by the Shanghai Institute of Optics and Fine Mechanics, with the development of the "Meteor One" chip, which addresses high-density information processing challenges [3]. - This advancement is anticipated to enhance the performance of optical computing systems, paving the way for low-power, high-speed computing solutions [3]. Group 4: Demand-Side Trends - The consumer electronics sector is witnessing a recovery, with specific growth in AI and automotive applications driving demand for semiconductors [5]. - Global smartphone shipments are projected to grow by 1.5% year-on-year in Q1 2025, while PC shipments are expected to increase by 4.9% in the same period [6][7]. - The wearable technology market is experiencing significant growth, with AI glasses expected to see a 216% increase in shipments year-on-year in Q1 2025 [8].