Winnie Wu notes that global long-only investors are underweight memory stocks, while Asian investors chase AI/semiconductor momentum. Earnings revisions are positive in Korea/Taiwan but China internet faces continued pain due to AI investment costs and unclear consumer monetization. Opportunity cost is high as memory stocks surged 50% in a month. She is cautious on Hong Kong property due to Fed rate hike risks and liquidity drains, preferring Hong Kong banks.
implicit
implicit
Oil
Metals
implicit
BofA Global Research
8.5
Investment Bank $3040.00B
Winnie Wu 8.5
Investment Bank $3040.00B
Winnie Wu 8.5
6/26/2026 7:41:25 AM
dxy
Winnie Wu's house view forecasts three Fed rate hikes, which would typically support the dollar. The dollar is also noted as picking up in the session.
ndx
Winnie Wu describes AI/semiconductor stocks as having high momentum but also high volatility, with earnings misses triggering sharp selloffs. The AI trade is crowded but still has near-term support until next hyperscaler earnings.
rut
Winnie Wu is cautious on Hong Kong property and prefers banks, implying a lack of broad-based bullishness on domestic cyclical/risk-on assets. The Russell 2000 is not directly discussed, but the cautious tone on rate-sensitive assets suggests no strong upward bias.
yields
The house view of three Fed rate hikes implies upward pressure on yields. Front-end treasuries outperformed overnight, but the overall rate hike expectation points to higher yields.
John Hoffman, GSMA CEO, expresses strong optimism at MWC Shanghai, noting a shift from the connectivity era to a systems era where connectivity underpins compute, transmission, and use. China is advanced in 6G thinking. The industry is moving from a systems economy to a token economy, with monetization coming from B2B automation in industry, manufacturing, fintech, and government. Rising component costs are a challenge but can be offset by productivity gains.
implicit
implicit
RUT
implicit
Metals
USD
2.5
Other
John Hoffman 7.5
Other
John Hoffman 7.5
6/26/2026 7:41:25 AM
ndx
John Hoffman's optimism about AI, 5G/6G, and the transition to a token economy supports continued investment in tech infrastructure. However, rising component costs and the need for monetization create caution.
wti
Geopolitical tensions (Strait of Hormuz) are mentioned as a backdrop, but the focus is on tech. Oil price volatility is implied by the uncertain geopolitical situation.
yields
Massive operator spending on 5G/6G and data centers, combined with the need to offset costs through productivity gains, suggests upward pressure on yields as borrowing and investment continue.
Kathy Zeng, chairwoman of Lingyi iTech, discusses the company's evolution from a top-3 global component supplier to a module and final assembly manufacturer. The company is pivoting to AI data center cooling, power modules, and humanoid robotics. They have locked in 30+ clients for humanoid robots, including major names in China and North America. Apple's price hikes were anticipated and are not seen as a major impact due to capacity shifts and new technologies.
Yields
implicit
RUT
implicit
implicit
USD
Bloomberg
7.0
Financial Media
Mimi Lau 3.0
Financial Media
Mimi Lau 3.0
6/26/2026 7:41:25 AM
metals
No direct discussion of metals. The focus is on tech and AI. With a strong dollar and rate hike expectations, metals are likely rangebound.
ndx
Kathy Zeng's confidence in AI data center and robotics demand, along with locked-in clients, suggests sustained AI-related investment and demand, which supports tech/NDX. However, Apple's price hikes and memory costs are headwinds, hence cautious.
wti
Geopolitical tensions in the Strait of Hormuz (ship attack) are mentioned as a factor, but oil prices reversed earlier gains. The situation is uncertain, leading to volatility.