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On June 23, the South Korean KOSPI index plummeted by 9.99% on Tuesday, marking its largest drop in three months, as overseas investors sold off stocks following signals from Korean regulators about overheating in the chip industry. Alexander Redman, Chief Equity Strategist at CLSA, stated that Tuesday's correction highlights the increasing volatility in the market, with critics concerned that the market has expanded excessively and risks are rising. 'Volatility has gotten out of control. This level of volatility cannot be explained without significant retail participation,' Redman said. 'What worries me is that retail investors have taken the lead, as they are using a lot of margin, even though their ratio to market capitalization is small. Even more concerning is that regulators are now allowing leveraged single security ETFs, which further exacerbates the issue.' On Monday, the head of South Korea's market regulator indicated that the government was too hasty in approving leveraged funds linked to some well-known Korean chip stocks, which were launched last month and have intensified market volatility. Recently, South Korean regulators warned retail investors against using leverage in the KOSPI market, as margin debt or the amount borrowed to purchase stocks had reached a historic high in June.

[Lyons: Korean Stock Volatility Out of Control with Heavy Retail Participation]On June 23, the South Korean KOSPI index plummeted by 9.99% on Tuesday, marking its largest drop in three months, as overseas investors sold off stocks following signals from Korean regulators about overheating in the chip industry. Alexander Redman, Chief Equity Strategist at CLSA, stated that Tuesday's correction highlights the increasing volatility in the market, with critics concerned that the market has expanded excessively and risks are rising. 'Volatility has gotten out of control. This level of volatility cannot be explained without significant retail participation,' Redman said. 'What worries me is that retail investors have taken the lead, as they are using a lot of margin, even though their ratio to market capitalization is small. Even more concerning is that regulators are now allowing leveraged single security ETFs, which further exacerbates the issue.' On Monday, the head of South Korea's market regulator indicated that the government was too hasty in approving leveraged funds linked to some well-known Korean chip stocks, which were launched last month and have intensified market volatility. Recently, South Korean regulators warned retail investors against using leverage in the KOSPI market, as margin debt or the amount borrowed to purchase stocks had reached a historic high in June.

Lyons: Korean Stock Volatility Out of Control with Heavy Retail Participation

On June 23, US AI chip stocks collectively declined in pre-market trading. Intel fell over 8%, AMD dropped more than 6%, while Qualcomm, TSMC, and Lattice Semiconductor each fell over 5%. Baidu decreased by over 4%, and Broadcom, Tesla, Nvidia, Alphabet-A, NXP, and Alphabet-C all saw declines of over 3%.

[US AI Chip Stocks Drop Pre-Market, Intel Falls Over 8%, Nvidia Down Over 3%]On June 23, US AI chip stocks collectively declined in pre-market trading. Intel fell over 8%, AMD dropped more than 6%, while Qualcomm, TSMC, and Lattice Semiconductor each fell over 5%. Baidu decreased by over 4%, and Broadcom, Tesla, Nvidia, Alphabet-A, NXP, and Alphabet-C all saw declines of over 3%.

US AI Chip Stocks Drop Pre-Market, Intel Falls Over 8%, Nvidia Down Over 3%

On June 23, optical communication stocks in the U.S. market collectively declined in pre-market trading. Among them, Tower Semiconductor and AXT Inc fell over 10%, while MaxLinear, Mavenir Technologies, Coherent, and Credo Technology dropped over 8%. Astera Labs, Corning, Nokia, GlobalFoundries, and Lightwave Logic fell over 7%, and Lumentum decreased by more than 6%.

[U.S. Optical Communication Stocks Drop Pre-Market, Mavenir Technologies Falls Over 8%]On June 23, optical communication stocks in the U.S. market collectively declined in pre-market trading. Among them, Tower Semiconductor and AXT Inc fell over 10%, while MaxLinear, Mavenir Technologies, Coherent, and Credo Technology dropped over 8%. Astera Labs, Corning, Nokia, GlobalFoundries, and Lightwave Logic fell over 7%, and Lumentum decreased by more than 6%.

U.S. Optical Communication Stocks Drop Pre-Market, Mavenir Technologies Falls Over 8%

Market data shows that BTC has fallen below $62,000, currently priced at $61,956.59, with a 24-hour decline of 3.59%. The market is experiencing significant volatility, so please ensure proper risk management.

[BTC Falls Below $62,000]Market data shows that BTC has fallen below $62,000, currently priced at $61,956.59, with a 24-hour decline of 3.59%. The market is experiencing significant volatility, so please ensure proper risk management.

BTC Falls Below $62,000

Market data shows that TAO has fallen below $220, currently priced at $219.9, with a 24-hour decline of 5.5%. The market is experiencing significant volatility, so please ensure proper risk management.

[TAO Falls Below $220]Market data shows that TAO has fallen below $220, currently priced at $219.9, with a 24-hour decline of 5.5%. The market is experiencing significant volatility, so please ensure proper risk management.

TAO Falls Below $220

HTX data monitoring shows that BTC has dropped below 62000 USDT, currently reported at 61984.09 USDT, with a 24H decline of 3.49%.

【BTC drops below 62000 USDT】HTX data monitoring shows that BTC has dropped below 62000 USDT, currently reported at 61984.09 USDT, with a 24H decline of 3.49%.

BTC drops below 62000 USDT

On June 23, the VIX, or volatility index, surged over 18% to reach 20.54.

[VIX Surges Over 18% to 20.54]On June 23, the VIX, or volatility index, surged over 18% to reach 20.54.

VIX Surges Over 18% to 20.54

On June 23, JPMorgan raised the price target for IBM (IBM.US) from $270 to $291, upgrading the rating from Neutral to Overweight.

[JPMorgan Raises IBM Price Target to $291]On June 23, JPMorgan raised the price target for IBM (IBM.US) from $270 to $291, upgrading the rating from Neutral to Overweight.

JPMorgan Raises IBM Price Target to $291

On June 23, Zhipu AI (02513.HK), the first AI stock in China, had approximately 17.35 million shares available for trading at the time of its listing. As a low liquidity, high FDV 'trading' stock, Zhipu will face an equity unlocking on July 8. According to current public information, the most certain batch of unlocks on July 8 includes about 25.68 million shares from cornerstone investors. A total of 11 cornerstone investors subscribed for approximately HKD 2.984 billion at an issue price of HKD 116.2, translating to about 25.68 million shares, which accounts for approximately 5.76% of the total share capital. After July 8, the trading volume will expand from 17.35 million shares to approximately 43.03 million shares, nearly 2.5 times the original amount. Based on the intraday high on June 22, the 25.68 million shares correspond to a book value of about HKD 73.4 billion, indicating a shift in supply and demand for shares. On June 22, Zhipu's market capitalization was approximately USD 137 billion, with projected revenue of around USD 100 million for the full year of 2025, corresponding to a price-to-sales ratio (PS) of about 1280 times. In comparison, OpenAI is projected to have a revenue of about USD 13 billion and a valuation of USD 730 billion in 2025, resulting in a PS of approximately 56 times. Using OpenAI's multiples, Zhipu's 'reasonable' market value is estimated to be between USD 4 billion and USD 8 billion. Even with JPMorgan's forecast of a 534% revenue increase in 2026 (approximately USD 640 million), applying OpenAI's multiples would only support a market value of USD 25 billion to USD 50 billion. Zhipu's current price is supported by scarcity, imagination, and capital structure. For more reports, see 'Institutions Earn 100 Times, Is Zhipu's Stock Price at Its Peak?'

[Zhipu AI Faces Major Equity Unlocking Test in July with Trading Volume Increasing 2.5 Times, New Chips Worth Approximately HKD 73.4 Billion]On June 23, Zhipu AI (02513.HK), the first AI stock in China, had approximately 17.35 million shares available for trading at the time of its listing. As a low liquidity, high FDV 'trading' stock, Zhipu will face an equity unlocking on July 8. According to current public information, the most certain batch of unlocks on July 8 includes about 25.68 million shares from cornerstone investors. A total of 11 cornerstone investors subscribed for approximately HKD 2.984 billion at an issue price of HKD 116.2, translating to about 25.68 million shares, which accounts for approximately 5.76% of the total share capital. After July 8, the trading volume will expand from 17.35 million shares to approximately 43.03 million shares, nearly 2.5 times the original amount. Based on the intraday high on June 22, the 25.68 million shares correspond to a book value of about HKD 73.4 billion, indicating a shift in supply and demand for shares. On June 22, Zhipu's market capitalization was approximately USD 137 billion, with projected revenue of around USD 100 million for the full year of 2025, corresponding to a price-to-sales ratio (PS) of about 1280 times. In comparison, OpenAI is projected to have a revenue of about USD 13 billion and a valuation of USD 730 billion in 2025, resulting in a PS of approximately 56 times. Using OpenAI's multiples, Zhipu's 'reasonable' market value is estimated to be between USD 4 billion and USD 8 billion. Even with JPMorgan's forecast of a 534% revenue increase in 2026 (approximately USD 640 million), applying OpenAI's multiples would only support a market value of USD 25 billion to USD 50 billion. Zhipu's current price is supported by scarcity, imagination, and capital structure. For more reports, see 'Institutions Earn 100 Times, Is Zhipu's Stock Price at Its Peak?'

Zhipu AI Faces Major Equity Unlocking Test in July with Trading Volume Increasing 2.5 Times, New Chips Worth Approximately HKD 73.4 Billion

On June 23, a U.S. official stated that, in light of repeated violations of the ceasefire agreement by Israel and Hezbollah, which threaten the progress of U.S.-Iran negotiations, the United States has established a "monitoring mechanism" for the situation in Lebanon. The official revealed that Secretary of State Rubio spoke separately with Israeli Prime Minister Netanyahu and Lebanese President Aoun on the 19th to discuss matters related to "strengthening the ceasefire and future negotiations." Following these calls, the U.S. initiated a monitoring mechanism through Central Command to ensure that decision-makers can accurately and in real-time understand the combat situation within Lebanon.

[U.S. Officials Establish Monitoring Mechanism for Lebanon Situation]On June 23, a U.S. official stated that, in light of repeated violations of the ceasefire agreement by Israel and Hezbollah, which threaten the progress of U.S.-Iran negotiations, the United States has established a "monitoring mechanism" for the situation in Lebanon. The official revealed that Secretary of State Rubio spoke separately with Israeli Prime Minister Netanyahu and Lebanese President Aoun on the 19th to discuss matters related to "strengthening the ceasefire and future negotiations." Following these calls, the U.S. initiated a monitoring mechanism through Central Command to ensure that decision-makers can accurately and in real-time understand the combat situation within Lebanon.

U.S. Officials Establish Monitoring Mechanism for Lebanon Situation

Standard Chartered Bank Places a 40x 'Bet', Calls for UNI to Rise to $100

SpaceX IPO Unlock Timeline

A Panoramic View of the Solana Privacy Ecosystem: The Complete Privacy Stack from Computation to AI

The 'Chip' Challenge and Breakthroughs in China's Optical Industry Chain

Cursor's New 1.5T Model Abandons Kimi Foundation, $60 Billion Stock Swap for Cursor, Musk's First Move Targets Microsoft's GitHub

3B Small Model's Programming Scores Rival Opus 4.5, Mysterious Model Sparks Heated Discussion, Turns Out to be Domestic

Breaking: Google Gemini Co-Head Poached by OpenAI

Intel CEO Liwu Chen's First Podcast Interview: Our Goal is '10x in 5-10 Years', Betting on Advanced Packaging, Glass Substrate, and Synthetic Diamond

Optical Chips: Collective Capacity Expansion

Google's AI Talent Loss: A Stress Test or a Prelude to an 'Obituary'?

Article

Crypto Trading Startup Fomo Raises $75 Million in Series B Funding at $550 Million Valuation

U.S. Officials Establish Monitoring Mechanism for Lebanon Situation

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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