SK Hynix Debuts on the Nasdaq. Bitcoin Reclaimed $64,000. Iran Talks Cloud the Outlook. Chip Rally Pauses. (1)

SK Hynix (SKHYV) begins Nasdaq trading today after pricing its ADRs at $149. The deal raised $26.5 billion, making it the largest U.S. share sale ever by a foreign company and second only to SpaceX (SPCX) among the biggest equity offerings. The deal was seven times oversubscribed. Baillie Gifford, Coatue and Situational Awareness Partners indicated up to $7 billion of demand.

Chip stocks eased ahead of the debut.

Intel (INTC) fell more than 3% before the open. Micron (MU), Marvell (MRVL) and Lam Research (LRCX) each lost more than 2%. Nvidia (NVDA), Broadcom (AVGO) and AMD (AMD) also traded lower. The iShares Semiconductor ETF slipped 1.2%. Nasdaq 100 futures fell 0.5%. S&P 500 futures were little changed while Dow futures rose 0.2%.

The AI supply chain remains the market's favorite trade despite recent volatility.

Asia finished higher as hopes for renewed U.S.-Iran talks improved sentiment. The Kospi gained 2.5% after the Korea Exchange activated a buy-side sidecar. Japan's Nikkei rose 1.2%. SoftBank jumped 11%.

The Signal

Investors want capacity, hardware and real demand. SK Hynix offers all three. Today's debut will show whether buyers still want AI after two volatile weeks.

Why choose between growth or income when you can have both?

Our new report reveals 10 “Double Engine” stocks, companies built for rising dividends and breakout price gains.

Each has the scale, cash flow, and catalysts to outperform as markets rotate after the Fed’s pivot.

These are portfolio workhorses, reliable payouts today, compounding gains tomorrow.

Get the Top 10 Best Stocks to Own in the Second Half of 2026, free for a limited time.

Brent traded near $76.25, down 0.2%. WTI held around $72.01. Both benchmarks remain roughly 5% higher this week after the ceasefire broke down. Traffic through the Strait of Hormuz slowed to 13 tankers on Wednesday from an average of 33 a day the week before.

The IEA's July report points to a slower market next year.

The agency expects global oil demand to decline by 1 million barrels per day in 2026, the first annual drop since the pandemic. Global supply reached 98.8 million barrels per day in June as Gulf production continued to recover. The agency still assumes tanker traffic through Hormuz gradually returns to normal.

Production continues rising across the Gulf.

Abu Dhabi pumped a record 4.1 million barrels per day in June after leaving OPEC+ in April. Saudi Arabia increased production by 900,000 barrels per day to 7.3 million. Kuwait and Iraq also raised output.

Energy Signal

Supply is recovering. Politics are not. Oil still depends more on Hormuz than production.

The Fed chair announced task force members covering AI, productivity, communications, economic data, the balance sheet and inflation.

Marc Andreessen, Chad Jones and Microsoft's Asha Sharma will lead the AI and productivity group. Former Walmart CEO Doug McMillon joins Raj Chetty and Kevin Murphy on economic data. Mervyn King, Peter Fisher and Arminio Fraga will review communications. Karen Dynan, Jeremy Stein and Raghuram Rajan will study the balance sheet. Greg Mankiw, Thomas Sargent and William White will examine inflation.

Warsh wants the Fed using new technology and real-time data within the next nine to twelve months.

The changes appear evolutionary rather than disruptive. King is expected to challenge forward guidance. Rajan brings a skeptical view of quantitative easing. McMillon adds real-time consumer spending insight.

Markets also face rising volatility.

Portfolio managers expect bigger swings in Treasuries and currencies as the Fed reacts more directly to incoming data. Israel also warned the U.S. of intelligence suggesting Iran was considering a fresh assassination plot against President Trump, adding another layer of uncertainty to the geopolitical backdrop.

Macro Signal

Warsh wants a Fed that reacts faster and signals less. Markets may need time to adjust.

Jim Rickards believes the Trump administration is about to take a direct stake in a tiny $2 stock.

The Trump administration has taken a direct stake in MP Materials, Lithium America, Trilogy Metals, and USA Rare Earth.

Each time, shares sprinted higher. Click here to see why Jim believes this one is next. 

Meta (META) plans to begin manufacturing its Iris AI chip in September and aims to reach 14 gigawatts of computing capacity by 2027. The company continues investing up to $145 billion this year while securing long-term supply agreements across memory, storage and networking.

Oracle (ORCL) was downgraded to BBB- by S&P, one level above junk. Analysts cited rising AI spending, uncertain returns and dependence on OpenAI. If OpenAI fails to meet its commitments, Oracle could be left supporting expensive data center leases.

OpenAI also announced that executive Fidji Simo will step down after her medical leave. Anthropic has now surpassed OpenAI in private valuation.

Infrastructure suppliers continue benefiting from the buildout. Howmet Aerospace and other turbine manufacturers face order backlogs stretching as long as eight years. Howmet's gas turbine revenue rose 39% in the first quarter.

Netflix (NFLX) is exploring live television channels and streaming bundles as it looks for new ways to increase engagement.

Capital Signal

The next phase of AI is becoming more disciplined. Hardware suppliers still benefit. Companies funding the buildout face tougher questions.

The rebound came as the Coinbase Premium improved sharply from around negative 150 at the start of July to roughly negative 40. The narrowing discount suggests U.S. spot demand is strengthening.

Institutional flows remain mixed.

Spot Bitcoin ETFs lost $95 million on Thursday. Fidelity's FBTC accounted for $63 million of outflows while BlackRock's IBIT finished flat. Spot Ether ETFs lost $52 million, ending a five-day inflow streak.

The longer-term picture continues improving.

Bitcoin's ratio against gold stands at 15.67, just below its 200-day moving average near 16. A move above that level would strengthen Bitcoin's leadership against traditional stores of value. Bitcoin has outperformed gold by 28% since February.

Japan added another macro signal.

Producer prices rose 7.1% in June, the fastest pace since March 2023, increasing expectations for further Bank of Japan tightening. The stronger yen weighed on BTC/JPY relative to BTC/USD.

Attention also remains on regulation.

The Clarity Act could reach the Senate during the week of July 20, while Revolut expanded its Revolut X platform with agentic AI integrations.

The Verdict

Spot demand is improving. ETF flows are not. Price continues leading institutional money.

With this audacious move, President Trump could seal his historic legacy.

Minting a whole new generation of American millionaires in the process.

And nobody is paying attention. 

But in this jaw-dropping new video, one ex-Wall Street insider exposes the smoking gun evidence that a Trump-approved $7.5 trillion tsunami is about to hit the markets.

Including a personal letter,  written by President Trump himself, revealing why phase one of this secret plan could be just days away.

Click here for full details on the secret plan to unlock $7.5 trillion for American investors NOW.

Friday ends a week defined by two competing stories.

SK Hynix begins trading as one of the largest equity offerings ever. Bitcoin has recovered above $64,000. Both point to investors returning to risk after a week filled with geopolitical shocks and hawkish Fed signals.

The other story has not disappeared.

Trump says Iran wants a deal. Israel warns of new security threats. Oil remains about 5% higher this week while shipping through Hormuz is still below normal.

Warsh has started reshaping the Fed. AI investors are demanding returns, not just spending. Earnings season begins next week.

The market spent this week balancing diplomacy against disruption.

Next week, earnings will decide whether AI optimism is strong enough to carry the rally forward.