ヘッドライン · 2026-07-31

South Korea’s Kospi jumped 17.91% on Friday to 6,595.45, its biggest single-day gain on record. The index added 1,001.89 points as chipmakers led a broad rebound after three straight sessions of heavy losses.yonhapnews.co.kr

The rally followed stronger-than-expected earnings from Microsoft and Amazon, which eased fears that AI infrastructure spending was losing momentum. That in turn lifted chip stocks across Asia, where investors had been punishing names tied to the AI trade earlier in the week.cnbc.com

In Seoul, SK Hynix surged 29.95% to 1.72 million won and Samsung Electronics rose 26.81% to 262,500 won. Hanmi Semiconductor climbed 27.98%, while SK Square gained 29.91%; turnover reached 48.9 trillion won and foreigners were the biggest net buyers.koreaherald.com

The won also strengthened, quoted at 1,424 per dollar at 3:30 p.m., up 13.4 won from the previous day’s stock-market close. Local regulators had earlier raised the minimum cash deposit for single-stock leveraged ETF investors to 30 million won from 10 million won to help curb volatility.koreaherald.com

Multiple outlets, citing market participants, said Japan’s authorities bought yen and sold dollars in New York trading on Thursday, sending USD/JPY from around 163.6 to below 158 at one point. Finance Minister Satsuki Katayama declined to confirm whether Tokyo had intervened.

The move came just before the Bank of Japan’s policy decision and alongside reports that U.S. authorities carried out a so-called rate check, often seen as a precursor to intervention. Japan previously spent 11.7 trillion yen, or about $73 billion, on FX intervention in late April and early May.

If confirmed, the move matters most for the yen, the dollar and Japan’s export- and import-sensitive equities, because a stronger yen can ease imported inflation while weighing on overseas earnings. The yen later faded back toward 160, suggesting traders are still waiting for clearer policy cues.

Officials in Tokyo have not acknowledged a coordinated operation, though one Japanese currency diplomat said Japan remains in close contact with relevant authorities, including the United States. Reuters also reported comments attributed to U.S. Treasury Secretary Scott Bessent that the yen looked undervalued, reinforcing speculation around coordination.

South Korea said on Friday it will create a 20 trillion won ($13.9 billion) sovereign wealth fund to make long-term investments in strategic sectors including AI, chips, robotics, defense and biotechnology. The fund will be housed within the Korea Investment Corp. (KIC) and will be allowed to make direct equity investments and exercise governance rights.

The plan is meant to support “ultralong-term patient capital” for domestic strategic industries and to help protect key technologies and reduce the risk of hostile takeovers. Officials said about 16 trillion won will come from shares held in state-run financial institutions, while roughly 4 trillion won will come from shares received in lieu of inheritance and gift taxes.

Market reaction was positive in local reporting, with the KOSPI strengthening and some tech names including Samsung and SK hynix-related stocks moving higher. The policy itself, however, is framed as an industrial-security measure rather than a market-support program.

The government plans to submit a revision to the Korea Investment Corporation Act in August, with the goal of securing parliamentary approval by year-end and launching the fund next year. Officials also said the vehicle could become a local co-investment partner for foreign sovereign funds and pension funds looking at Korean strategic industries.

Amazon said second-quarter revenue rose to $200.6 billion, with earnings per share of $5.75 and operating income of $27.5 billion. AWS revenue climbed 36.7% year over year to $42.2 billion, the fastest pace in 18 quarters.

The company said both its AI business and its chips business have surpassed a $25 billion annual revenue run rate. CEO Andy Jassy said AWS is booming and highlighted momentum in AI infrastructure and custom silicon.

The report lifted the stock in premarket trading, with shares up more than 7% at one point. Bernstein and Piper Sandler both raised their price targets to $320, citing stronger AWS growth, AI monetization and improving margins.

Amazon guided third-quarter revenue to $197 billion-$202 billion and operating income to $22.5 billion-$26.5 billion. Investors are also watching the company’s heavier investment plan, as external reports said 2026 capital spending was lifted to about $220 billion.

Elon Musk denied on X that Tesla is considering selling or spinning off its China business, calling the report “fake news” and “absurdly fake news.” Tesla China also said the claim that it was weighing a sale or spinoff was untrue.

The Wall Street Journal had reported that Tesla advisers discussed options ranging from a spinoff to a sale or wind-down of the China operation, with the idea of easing regulatory obstacles to a possible Tesla-SpaceX combination. The report said the talks were preliminary and no final decision had been made.

The story matters because Tesla’s Shanghai factory is a major production and export hub, while SpaceX is deeply tied to U.S. defense and space work. Reuters-linked reporting cited by other outlets says more than 95% of parts used in China-built Model 3 and refreshed Model Y are sourced locally through more than 400 domestic suppliers.

For investors, the immediate market focus is on TSLA and on any implied regulatory friction around a future combination with SpaceX. So far, the only confirmed reactions are denials from Musk and Tesla China; the restructuring claims themselves remain unverified by Tesla or SpaceX.

Amazon’s Zoox has received U.S. federal approval to charge riders for service in its steering-wheel-free robotaxis. The company said paid rides will start in Las Vegas, with additional markets to follow as state and local requirements are completed.

The National Highway Traffic Safety Administration granted Zoox an exemption from certain federal motor vehicle standards that normally require human controls. The agency said Zoox may commercially deploy up to 2,500 vehicles per year over the next two years, subject to extra reporting and operational-map disclosures.

For Amazon, the move advances Zoox from free passenger testing toward a true commercial ride-hailing model. Investors will be watching how quickly Zoox can expand beyond Las Vegas and whether it can secure the remaining state-level approvals needed for broader rollout.

Safety oversight remains central to the approval. NHTSA said it can revoke the exemption if major issues emerge, and Zoox has already recalled 105 vehicles over a software problem involving heavy smoke detection in emergency scenes.

Novo Nordisk said on July 31 that ziltivekimab failed to meet the primary endpoint in the ZEUS phase 3 cardiovascular outcomes trial. The once-monthly IL-6 inhibitor did not reduce major adverse cardiovascular events, defined as cardiovascular death, non-fatal heart attack or non-fatal stroke.

ZEUS was a double-blind, placebo-controlled study in more than 6,300 patients with established atherosclerotic cardiovascular disease, chronic kidney disease and systemic inflammation. Trial registry records show the study is now completed, setting the stage for full data presentation and a closer read on the broader IL-6 strategy.

Shares of Novo Nordisk fell intraday by as much as 10% after the update. Investors have been watching ziltivekimab as a potential pipeline growth driver beyond the company’s GLP-1 franchise, even as Novo said the result will not affect its previously communicated 2026 adjusted operating profit outlook.

Novo said overall adverse-event rates were similar between treatment groups, though serious infections were more common with ziltivekimab. Two other cardiovascular outcomes trials, HERMES in heart failure and ARTEMIS after acute heart attack, are still expected to read out in the first half of 2027.

Multiple reports said Leopold Aschenbrenner’s Situational Awareness sold most of its public equity book to Citadel after steep losses in AI-related stocks. After the deal, the fund is said to hold roughly $10 billion in assets, with its private investments left untouched.

The unwind came after a sharp reversal for a fund that had earlier managed about $20 billion and at one point was reported to have reached as much as $45 billion. Reuters and other outlets said the fund was up 439% in the first half of the year before July’s drawdown, which was amplified by leverage.

The hardest-hit names included AI infrastructure and chip-related stocks such as Nebius, Sandisk, Bloom Energy, Broadcom, Intel and CoreWeave. An X post from a buyer said they purchased Situational Awareness’s entire NBIS position; the firm also denied reports that it was shopping its Anthropic stake.

Situational Awareness still holds a major private position in Anthropic, valued at about $5 billion in one report. The latest round in May valued Anthropic at $965 billion, underscoring why that holding remains central to the fund even after the public-book sale.

Leopold Aschenbrenner’s Situational Awareness LP has reportedly sold its entire public equity portfolio after heavy losses tied to AI infrastructure bets. CNBC, citing people familiar with the matter, said the fund grew to as much as $4.5bn at the start of July before losses forced it to unwind positions.

The fund’s rise had been spectacular: the Financial Times reported it was up 439% net in the first half of 2026. But that performance reversed sharply in July, with the Wall Street Journal reporting a roughly 67% loss for the month as leveraged positions moved against it.

Regulatory filings showed top holdings including Nebius, SanDisk, Micron and CoreWeave; CNBC said all four had fallen more than 35% during the month. The pressure was compounded by losing short bets in software names, while major prime brokers including Bank of America, Goldman Sachs and JPMorgan Chase helped manage margin needs and orderly reductions.

The block sale reportedly transferred the public book to Citadel, reducing the risk of disorderly selling across AI infrastructure names. The episode underscores how concentrated, leveraged exposure to chips, storage, cloud compute and power can swing rapidly when the trade turns.

Kioxia reported fiscal first-quarter revenue of JPY 1.7671 trillion, operating profit of JPY 1.27 trillion and net income attributable to owners of the parent of JPY 842.17 billion. The company also announced a 3-for-1 stock split and a share buyback of up to JPY 800 billion, or 30 million shares.

The company said results were driven by strong demand from AI data centers, with NAND pricing and shipments both improving. Multiple reports cited a 70% quarter-on-quarter increase in NAND unit prices and a gross margin of 78%.

For the July-September quarter, Kioxia guided to revenue of JPY 2.39 trillion and operating profit of JPY 1.89 trillion. That outlook was below market consensus cited by Japanese and overseas media, making the guidance the main focus for investors.

Kioxia said capital expenditure in the quarter was JPY 52.4 billion. The company also said it aims to lift long-term agreement coverage to 50% of shipments by 2028, seeking greater visibility in a volatile memory market.

AbbVie reported second-quarter 2026 revenue of $16.99 billion and adjusted earnings of $3.65 per share, both above Wall Street expectations. The company also cut its full-year adjusted EPS guidance to $13.87-$14.07.

The quarter was powered by continued growth in its immunology franchise. Skyrizi generated $5.505 billion in global sales, Rinvoq brought in $2.525 billion, and Humira contributed $756 million, underscoring how the post-Humira transition is still leaning on its newer blockbusters.

For investors, the key question is whether the stronger operating backdrop can offset near-term dilution from deal-related and R&D expenses. AbbVie had already flagged a $291 million acquired IPR&D and milestones charge for the quarter, and the updated guidance now also reflects the planned Apogee Therapeutics acquisition.

ABBV’s results will likely keep the stock focused on execution in immunology rather than a simple top-line beat. The next read-through will be whether Skyrizi and Rinvoq can sustain enough momentum to absorb legacy Humira declines and transaction noise.

Chevron reported second-quarter 2026 net income of $12.1 billion, or $6.11 per diluted share, with adjusted earnings of $6.06 per share, both ahead of expectations. Cash flow from operations reached $22.6 billion, underscoring the company’s unusually strong quarter.

The improvement was driven by stronger upstream earnings, record quarterly net oil-equivalent production of 4.07 million barrels per day, and higher commodity prices. Chevron also said U.S. refinery crude throughput hit a record 1.07 million barrels per day with utilization above 97 percent.

The company said Hess-related synergies have reached an annual run-rate of $1.5 billion and structural cost reductions have reached $3 billion since 2024. It also declared a quarterly dividend of $1.78 per share, highlighting shareholder returns as a key use of cash.

For investors, the results matter most for Chevron’s ability to sustain payouts, fund capital spending and absorb commodity-price swings. Chevron said 2026 capex remains guided to the low end of $18 billion to $19 billion, a level market participants will watch closely alongside oil prices and downstream margins.

Linde reported second-quarter 2026 sales of $9.289 billion, up 9% year over year, with adjusted EPS of $4.50, topping consensus. The industrial gases company kept full-year adjusted EPS guidance at $17.70 to $17.90 and lifted planned 2026 capital spending to $5.5 billion-$6.0 billion.

The company said growth was led by electronics, manufacturing, and chemicals & energy end markets, with underlying sales up 4%. Linde also disclosed a new long-term U.S. electronics supply contract, which pushed its sale-of-gas backlog to a record $8.1 billion and brought total project backlog to $11 billion.

Cash generation was more modest than the X signal’s cited estimate: operating cash flow came in at $2.271 billion, while free cash flow was $833 million after $1.438 billion of capex. Investors are likely to focus on how the backlog and semiconductor-related demand translate into future revenue and spending plans.

Linde said customer proposal activity remains robust, particularly in electronics. The company did not provide any additional comment on the deal chatter referenced in social-media wires; the confirmed takeaway from the release is a quarter of record sales, improved profitability and a reinforced order pipeline.

Exxon Mobil reported second-quarter 2026 adjusted earnings of $3.52 per share and adjusted profit of $14.7 billion, both slightly below expectations. On a GAAP basis, the company posted earnings of $3.48 per share. Operating cash flow came in at $23.6 billion and free cash flow at $17.2 billion.

Operationally, Exxon said quarterly production reached 4.514 million oil-equivalent barrels per day, with shareholder distributions totaling $9.4 billion, including $4.3 billion in dividends and $5.1 billion in buybacks. Management said the quarter was affected by disruptions, but emphasized execution and portfolio strength.

The results are likely to be watched closely by investors in Exxon Mobil shares and the broader energy complex, especially integrated oil names and refining stocks. The market focus now shifts to Middle East supply risks, refinery utilization, and the timing of new upstream projects such as Guyana’s fifth FPSO.

In its filing, Exxon said Middle East-related disruptions reduced year-to-date earnings by $1.8 billion and noted that a closure of the Strait of Hormuz could affect about 150,000 barrels of oil equivalent per day. The company also said the fifth FPSO in Guyana is expected to start production in the fourth quarter.