Yun Jui Tsai @YunRueiTsai: "@YunRueiTsai 2026 YTD Return: +46.73% Return 2Y..."

Taiwan

@YunRueiTsai 2026 YTD Return: +46.73% Return 2Y :215.27.% $NSDQ100 YTD:15.81% $SPX500 YTD:7.31% Weekly Market Review The market actually preferred “capital beneficiaries” over “capital spenders” since March The shift is clear: The market is starting to separate companies that profit from AI investment from companies whose margins are being pressured by higher costs. After Micron’s earnings, memory became the main focus. AI data centers are driving demand for HBM, DRAM, and NAND. Supply is tight. Prices are rising. Upstream margins are improving. Key beneficiaries: $MU (Micron Technology, Inc.) $SNDK (Sandisk Corp/DE) WDC STX SIMO Second-layer beneficiaries: semiconductor equipment. $AMAT (Applied Materials Inc) $LRCX (Lam Research Corp) KLAC ASML Strong demand → more capacity expansion → equipment benefits. Another important signal came from Apple. Rising memory costs forced Apple to raise prices for MacBook and iPad. Now the market is asking: If upstream suppliers are improving margins, are downstream hardware brands losing margin? That is why Apple, Dell, and HP are being re-rated. The market prefers the companies selling the shovels, not the companies buying the shovels. Beneficiaries: Memory Equipment Power Cooling Passive components Pressure points: Apple Dell HP Some platform companies That is this week’s rotation. Another observation: The Mag 7 are underperforming the market this year, but the broader market has not broken down. This means money is spreading into: Semiconductors Equipment Industrials That is a healthier market structure than one led only by the largest tech names. The market is becoming more selective. It is only rewarding three types of companies: 1. Companies directly benefiting from AI capex 2. Companies with pricing power and margin expansion 3. Companies not being hurt by rising component costs What I am watching next: Can memory stay strong? Can equipment stocks follow? Will $AAPL (Apple) / $DELL (Dell Technologies Inc C) / $HPE (Hewlett Packard Enterprise Co) face more margin pressure? Will the @Magnificent-7 return to leadership? Can $SMH (VanEck Vectors Semiconductor ETF) start outperforming $QQQ (Invesco QQQ) again? How does everyone view the stock market in the second half of the year?

Not investment advice. The author may have financial interests in the mentioned instruments.

Semiconductor stay strong

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Mag 7 returns to leadership

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High-level consolidation

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Slow market correction

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