Quick Read
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MU diverges from Korean memory peers surging on AI demand, while COHR falls 4% premarket despite beating estimates and raising guidance.
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Mark Newton calls Korea and memory stocks the top near-term risk-on vehicles, warning rising Treasury yields and the dollar could stall the move.
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A grounded tanker leaking 800,000 barrels of sanctioned Russian oil near Oman supports crude even as Brent slides 1% on softening IEA demand forecasts.
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Two stories set the tone before the U.S. open: an AI-fueled memory melt-up in Asia, and crude caught between softening demand and Middle East supply risk.
Korea Confirms the Memory Rotation
South Korea’s Kospi surged overnight, pushing into technical bull market territory just over a month after a historic sell-off, with the rebound from the July 30 low now roughly 23%. SK Hynix finished up 5.9% and Samsung Electronics up 4.9%, both riding renewed optimism on AI infrastructure spending. Fundstrat’s Mark Newton says memory shares are outperforming the broader tech sector for the first time since June, calling Korea and memory “the right vehicles for near-term risk-on exposure,” though he warns the move could stall if Treasury yields and the dollar climb.
Oil: Demand Down, Supply Tight
Front-month Brent was down 1.4% at $87.66 and WTI down 1.5% at $82 as of 4:39 a.m. ET, after the IEA cut its demand outlook citing the Strait of Hormuz closure. A grounded tanker leaking an estimated 800,000 barrels of sanctioned Russian oil near Oman keeps a floor under prices. Exxon Mobil (NYSE:XOM) is the obvious barometer.
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U.S. Premarket: Tech Leads
Futures are mixed, with tech dominating active names. Coherent (NYSE:COHR) beat on the top line and guided higher, with CEO Jim Anderson flagging “exceptional customer demand,” yet shares are down about 3.7% premarket, an expectations reset after a big run. Super Micro (NASDAQ:SMCI), Intel (NASDAQ:INTC), and Micron (NASDAQ:MU) round out the active list. Notably, Micron is marginally lower premarket, diverging from its Korean memory peers which were reacting to positive news out of U.S. markets yesterday.
Excellent earnings from Nebius (Nasdaq: NBIS) and other ‘neoclouds’ fueled much of the optimism during yesterday’s trading. Super Micro beating on earnings was another major catalyst and the stock is up another 1.8% in premarket trading. Major earnings this morning include drone maker Ondas, neocloud Fermi, and space company Intuitive Machines (Nasdaq: LUNR).
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