Market Snapshot
Before Monday's market open, the three major futures indices fell in unison. As of press time, Dow Jones futures were down 0.36%, Nasdaq-100 futures dropped 1.36%, and S&P 500 futures declined 0.65%.
U.S. bonds rose broadly.
Oil prices rose across the board.
Gold and silver both declined.
Crypto assets such as Bitcoin showed mixed performance.
$Star Tech Stocks (LIST2518.US)$Most stocks fell in pre-market trading: Intel dropped over 6%; Micron Technology and AMD fell more than 5%; Oracle declined over 4%; NVIDIA and SpaceX slipped more than 2%; while Meta rose over 2% and Alphabet Class A shares gained nearly 2%.
$Popular Chinese ADRs (LIST2517.US)$Pre-market trading saw broad declines: Taiwan Semiconductor fell over 3%; Alibaba dropped more than 1%; PDD Holdings slipped nearly 1%; Nio rose over 1%; and XPeng Inc. gained nearly 1%.
$Memory Concept Stocks (LIST23925.US)$Pre-market weakness was evident as SK Hynix fell over 7%; Seagate Technology and SanDisk dropped more than 6%; and Micron Technology and Western Digital declined over 5%. On the news front, Anthropic CEO Dario Amodei published a lengthy blog post on Saturday stating that the company would adopt new safety measures, such as introducing third-party evaluators, while calling on the entire industry to support broader measures to slow the development of AI models. OpenAI CEO Sam Altman quickly responded that he would adopt Amodei’s suggestion to “grant independent evaluators employee-like access.” Elon Musk, who operates xAI, also commented, “Dario is right.”
$Optical Communications (LIST23979.US)$Broad declines were seen, with Corning falling over 9%; AXT Inc. and Marvell Technology dropping nearly 8%; and Lumentum and Coherent declining more than 7%.
$Cloud computing service provider (LIST2540.US)$Stocks fell collectively in pre-market trading: NEBIUS dropped 9%; CoreWeave fell nearly 9%; Cerebras slipped nearly 6%; Oracle and IREN Ltd declined over 4%; while ServiceNow rose nearly 5%.
$AI Application Software Stocks (LIST23492.US)$Broad market gains were seen, with ServiceNow rising nearly 5%, Roblox and SAP SE up almost 4%, Salesforce gaining over 3%, while Tempus AI fell more than 2%.
$Cybersecurity Concept (LIST2570.US)$Stocks rose broadly in pre-market trading, with CrowdStrike up more than 5%, Palo Alto Networks, Zscaler, and SentinelOne each gaining over 4%, and Okta rising nearly 4%. On the news front, executives from leading AI industry firms have issued successive risk warnings over the past two days, intensifying market concerns about artificial intelligence security issues.
Individual Stock News
Kioxia is reportedly considering a U.S. listing to raise $10 billion.
According to sources familiar with the matter,$Kioxia (285A.JP)$the company is considering raising at least $10 billion through the issuance of American Depositary Receipts (ADRs). Sources indicated that Kioxia has held discussions with multiple lenders, including Bank of America, Goldman Sachs, and JPMorgan, regarding a potential initial public offering (IPO) next year. Reportedly, after repurchasing billions of dollars worth of shares in Japan, the Tokyo-headquartered memory chip manufacturer is seeking to enhance its liquidity in the U.S. through this listing.
They stated that selling ADRs could also make Kioxia eligible for inclusion in a stock index focused on semiconductors. Sources noted that considerations are still in the preliminary stages, and details such as the size of the share offering and the lineup of underwriting banks may change.
Related Reading:Report: Kioxia considers issuing ADRs in the U.S. to raise at least $10 billion, with a potential listing next year
Gurman: Apple's iPhone Duo could become the industry standard, triggering a decade-long upgrade cycle
In his latest article, technology journalist Mark Gurman pointed out that$Apple (AAPL.US)$the first foldable iPhone, the iPhone Duo, has the potential to transform foldable devices—long considered experimental—into an industry standard. With the launch of the Apple iPhone Duo, foldable smartphones are expected to become the mainstream choice for consumers buying new devices within ten years. Gurman listed the Duo as one of Apple's most influential products, second only to the iMac, iPod, iPad, and Apple Watch, and viewed it as a significant opening act for new CEO Tim Cook.
Gurman also cautioned that Apple may not dominate the foldable phone market in the long term; the Duo's role might resemble that of the original iPhone: establishing the format, with competitors following suit and improving upon it. For Apple and investors, the greater opportunity lies in initiating a long-term upgrade cycle, creating a new tier of high-priced iPhones, and revitalizing the global smartphone market, which has recently lacked compelling reasons for upgrades.
Tesla Roadster delayed by nine years sees renewed hype
$Tesla (TSLA.US)$A post on X early Sunday morning stating "Ready to launch," accompanied by an image of a sports car with four thruster-like exhaust plumes and the date "October 1," has reignited market speculation about the imminent release of Tesla's next-generation Roadster. The image also faintly displays the words "WHERE WE'RE GOING," seemingly paying homage to the movie Back to the Future and CEO Elon Musk's long-standing claims that the Roadster can hover. However, on the financial social platform Stocktwits, retail investor sentiment toward Tesla has shifted from "bullish" a week ago to "bearish," with skeptics questioning whether this repeatedly delayed, expensive sports car can truly boost revenue.
Goldman Sachs: North American investors hold a positive view on memory chips; reaffirms "Buy" ratings for Samsung Electronics and SK Hynix
In a research report, Goldman Sachs stated that North American investors generally hold a more positive view on memory chips than their Asian counterparts. From a stock selection perspective, the bank has not detected a clear preference among investors for either company,Samsung Electronics (005930.KR)and$SK Hynix (000660.KR)$but overall attention to both remains very high. The firm reaffirmed its "Buy" ratings for Samsung Electronics and SK Hynix, with Samsung also included on the "Conviction Buy" list. It set a 12-month target price of KRW 490,000 for Samsung Electronics' common shares and KRW 360,000 for its preferred shares. For SK Hynix's Korean-listed shares, it assigned a 12-month target price of KRW 3.5 million, implying a target P/E ratio of 9x.
Bank of Korea: Samsung Electronics and SK Hynix contributed 99% to the recent rally in the KOSPI
The report showed that as$KOSPI Index (.KOSPI.KR)$continued to climb,Samsung Electronics (005930.KR)and$SK Hynix (000660.KR)$their contribution to the index's rise continued to increase. During the KOSPI's ascent from 5,000 to 6,000 points, the combined contribution of the two companies was 50.8%; this rose to 73.2% as the index moved from 6,000 to 7,000 points, and to 94.6% from 7,000 to 8,000 points. As the index climbed from 8,000 to 9,000 points, their contribution reached 99.0%. Conversely, during the KOSPI's decline from 9,100 to 5,500 points, the two companies accounted for 69.3% of the drop.
GlaxoSmithKline shares rose nearly 4% in pre-market trading after impressive first-line data for its inaugural lung cancer drug showed a complete response rate of 15%, far exceeding peers
$GlaxoSmithKline (GSK.US)$announced the latest data from the registrational Phase I/II ARROS-1 trial at the World Lung Cancer Conference in Seoul on September 13. Among 94 patients with ROS1-positive non-small cell lung cancer (NSCLC) who had not previously received TKI therapy, Jideytro achieved an objective response rate (ORR) of 94%, with 15% achieving a complete response (CR), based on a median follow-up of 15.2 months. In comparison, the complete response rates for Ibtrozi, a comparable ROS1 inhibitor developed by Nuvation Bio, were only 5% and 7% in two single-arm trials, making Jideytro's 15% complete response rate more than double that of its competitor.
ServiceNow shares rose more than 5% in pre-market trading after several institutions raised their target prices
$ServiceNow(NOW.US)$Several institutions have recently raised their target prices. Needham increased ServiceNow's target price from $115 to $155, maintaining a "Buy" rating. BMO Capital adjusted ServiceNow's target price from $118 to $150, maintaining an Outperform rating. BTIG analyst Allan Verkhovski maintained his Buy rating on ServiceNow and raised the target price from $150 to $170.
AstraZeneca's breast cancer drug trial fails; sales could drop by $3.8 billion
Analysts stated that,$AstraZeneca (AZN.US)$the failure of the breast cancer drug trial could reduce the drug's potential sales by billions of dollars. The drug, named Etcamah, failed to delay disease progression more effectively than standard treatment in a late-stage study involving patients with recurrent or metastatic breast cancer who had not previously received any treatment, the pharmaceutical company announced on Friday evening.
This failure could reduce peak sales by as much as $3.8 billion. AstraZeneca is renowned for developing blockbuster cancer drugs, and CEO Pascal Soriot now faces pressure to demonstrate the success of its internal new drug pipeline. Over the weekend, AstraZeneca also reported positive data for two lung cancer drugs.
Exxon Mobil plans to increase its LNG sales portfolio to 50 million tons per year by 2030
According to$Exxon Mobil (XOM.US)$Peter Clarke, Senior Vice President of LNG Business, stated that Exxon Mobil expects its global LNG sales portfolio to reach approximately 50 million tons per year by 2030, up from the previous forecast of 40 million tons. In an interview, Clarke noted that overall global LNG demand is projected to grow from the current level of approximately 400 million tons to 500 million tons by 2030.
The total cost associated with Oracle's restructuring plan has increased to approximately $2.8 billion.
As cited by Bloomberg,$Oracle (ORCL.US)$regulatory filings show that the total costs associated with the 2026 restructuring plan have been increased to approximately $2.8 billion, the majority of which consists of severance payments for laid-off employees. Oracle stated that it had previously accrued approximately $2.1 billion in restructuring-related costs, and the additional $700 million reflects further actions the company expects to take. Reports indicate that, as part of its cash-saving efforts, the company began cutting thousands of jobs earlier this year; furthermore, Business Insider cited sources last month indicating that Oracle is formulating a new round of layoff plans.
BioNTech rises over 6% in pre-market trading as late-stage trial for lung cancer candidate PRESERVE-003 succeeds, providing key support for its oncology transformation
$BioNTech (BNTX.US)$On Monday, the company announced that a late-stage clinical trial demonstrated its candidate drug, gotistobart, delivered a clinically meaningful improvement in overall survival compared with standard care in a specific type of lung cancer. The company stated that the PRESERVE-003 Phase III trial enrolled patients with squamous non-small cell lung cancer whose disease had progressed despite prior immunotherapy and chemotherapy; compared with standard chemotherapy, gotistobart nearly doubled survival. As of press time, BioNTech’s U.S. shares rose more than 3% in premarket trading on Monday.
Global Macro
Iran: Saudi Arabia Requests Postponement of Meeting on the Strait of Hormuz
At his weekly press briefing, Iranian Foreign Ministry Spokesperson Esmail Baghaei stated that Saudi Arabia had requested that meetings between Gulf states and Iran on issues concerning the Strait of Hormuz be “temporarily” suspended. He said Saudi Arabia’s call to postpone the regional summit, which it attributed to developments in Yemen, was an attempt to divert attention from the root causes of the crisis. The agreement reached between Iran and Oman on strait-related matters is a bilateral arrangement between the two littoral states. Iran hopes that regional countries will promote regional security and limit the influence of disruptive external actors through dialogue.
Analysts: Federal Reserve Expected to Raise Rates This Week, With at Least One More Hike Thereafter
According to a Reuters survey, most economists expect the Federal Reserve to raise interest rates this week and deliver at least one additional hike by the end of March next year, overturning the previously fragile consensus for holding rates steady. Following last Friday’s inflation report, the Reuters survey found that 85% of economists believe the Fed will raise rates by 25 basis points at its September meeting, bringing the target range to 3.75%–4.00%, marking the first rate increase since July 2023.
Nearly 53% of forecasters expect at least one more rate hike by the end of March, up from 56% who believed rates would remain unchanged last week. The prevailing view of rate cuts in 2027 has disappeared. Stephen Juneau, a senior economist at Bank of America, said, “Chair Powell has effectively boxed himself into a corner where the Fed will only abandon further hikes if the data turn very weak.” He has been forecasting three rate hikes this year since June. “We hadn’t reached that expectation... and then this inflation report came out, making the situation much clearer.”
OpenAI President Says Slowing AI Development Should Focus Primarily on Frontier Models
Greg Brockman, President and Co-Founder of OpenAI, believes that any slowdown in artificial intelligence development should be limited to companies like his that are building the most powerful models. “Many people will ask, ‘Can I continue developing my open-source model? Can I keep working on my hobby projects?’ The answer should be yes,” Brockman said during the program. “When we talk about pace, we are really talking about the frontier of this field. We are talking about these massive supercomputing models that cost hundreds of billions of dollars.” In a blog post released on Saturday, he highlighted escalating AI risks and pledged to slow the advancement of advanced models.
Saudi Crown Prince Meets with Commander of U.S. Central Command
According to the Saudi Press Agency, the Crown Prince of Saudi Arabia met in Jeddah on the same day with Admiral Brad Cooper, Commander of U.S. Army Central Command, and his delegation. During the meeting, both sides discussed bilateral relations between Saudi Arabia and the United States, as well as recent developments in the regional situation. Dr. Musaed bin Mohammed Al Aiban, Minister of State, Member of the Council of Ministers, and National Security Advisor, attended the meeting.
Houthi Movement: Conducted Major and Precise Strikes on Saudi Air Base
The Houthi movement issued a statement saying that Yemen’s armed forces carried out large-scale military operations against Saudi Arabia’s Khamis Mushait Air Base and associated infrastructure. “We used dozens of ballistic missiles and drones to strike military facilities and infrastructure at the air base, including hangars, radar systems, runways, and ammunition depots. The strikes were precise and direct.”
As long as Saudi Arabia continues its unjust aggression against our people, the armed forces will continue to carry out significant military operations on Saudi territory. Any new aggression will be met with even larger and more severe actions. We will maintain a strategy of countering siege with siege and escalation with escalation until the aggression ceases and the siege on our country is lifted.
"The Big Short" investor Michael Burry sharply criticizes AI giants for calling for a slowdown in R&D: Purely self-serving, aimed at hyping up IPO prospects and masking sluggish growth.
Michael Burry, the renowned short seller and inspiration for the film The Big Short, posted on social media to sharply criticize the call by the CEOs of OpenAI and Anthropic to "slow down AI research and development," accusing them of highly self-serving motives. Michael Burry listed four core reasons:
Large Language Models are not true AI: Large Language Models (LLMs) are neither genuine Artificial General Intelligence (AGI) nor capable of evolving into AGI in the future; therefore, there is fundamentally no "AI" that needs to be slowed down.
Protecting vested interests: External competition is rising rapidly. Calls to halt or slow down R&D only help incumbent giants widen their moats and block competitors.
Hype for IPOs: Initial Public Offerings (IPOs) require gimmicks and exaggerated promotion. Shouting "we are so powerful that we pose a danger" is essentially a form of sophisticated marketing and self-promotion.
Masking sluggish growth: The so-called "voluntary call to slow down" is merely an attempt to cover up the real dilemma of uncontrollable industry growth slowdowns and forced delays in listing plans.
The Korea Exchange extends after-hours trading until 8:00 PM starting today.
According to CCTV Finance, the Korea Exchange officially launched after-hours trading on September 14 (Beijing Time). The regular trading hours for stocks remain from 9:00 AM to 3:30 PM. Under the new system, investors can continue trading until 8:00 PM after the regular market close. Regarding pre-market trading, the Korea Exchange has postponed its launch, originally scheduled for today, until the end of 2027, citing significant burdens on IT system development and personnel operations reported by the securities industry.
Regarding market concerns about whether Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) would be included in after-hours trading, the Korea Exchange stated that, due to considerations of market volatility, ETFs and ETNs will not be included in after-hours trading at this time.
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