Mirae Asset Global Investments Co., Ltd.

Markets face a pivotal week with PMIs, FOMC, GDP, PCE, and major tech earnings all converging. Volatility may rise, but strong fundamentals and guidance from megacaps could determine whether equities extend gains or pause temporarily.

INTC 2Q26 First Take: another beat this quarter.Revenue growth accelerated, driven by Client Computing and Data Center & AI, with CPU price increases the biggest swing factor.GPM continued to expand as pricing tailwinds offset dilution from the 18A ramp.

Intel’s wafer capacity still primarily serves its own products.External foundry revenue was approx. $300mn this quarter, about 2% of the company’s overall Foundry Mfg. Dept. revenue.

Guidance for next quarter is solid.The company expects revenue of $15.8–16.8bn (+15% to +23% YoY), ahead of the Street at $15.5bn.Strength is led by demand for server CPUs.

GPM (GAAP) is guided to approx. 41% next quarter, up QoQ and above the Street at 39.3%.Management reaffirmed that keeping GPM sustainably above 40% remains the top priority.

The recent pullback in the stock reflects headlines around Meta’s compute leasing and the K3 model, which stoked concerns about the durability of big tech Capex.That pressured the broader sector, especially the price-hike beneficiaries.

This print underscores resilient CPU momentum, with the upside again largely price-driven.Compared with other semi names, INTC still trades at a premium, which also embeds expectations for the foundry business.

The current CPU price-hike cycle is a transitory tailwind, helping stabilize confidence in a fragile market.A meaningful external foundry order/revenue contribution is needed to unlock greater upside, and that is what investors most want to see.For more, follow Dolphin Research. $Intel(INTC.US)

$Alphabet(GOOGL.US)Google’s latest results reinforced a much bigger issue than valuation. Capital expenditure came in well above expectations, and free cash flow turned negative for the first time. At that point, debating whether the stock is trading at 18x or 20x earnings almost misses the point.

The real question is the cost of capital. As long as interest rates remain elevated, the market will continue to discount companies pouring enormous amounts of cash into AI infrastructure without near-term returns. Higher rates make long-duration investments less attractive, regardless of how cheap the valuation appears.

For Google—and much of Big Tech—the key catalyst is no longer a lower P/E multiple. It‘s whether financing conditions improve. Until the market gains confidence that rates are heading lower, AI spending is likely to be viewed as a drag on cash flow rather than a driver of future value.

@Captain's Treasure

It has been a healthy pullback for tech especially the AI names, much needed in fact. Price looks like it is stabilising and ready for its next leg up.

CPI tonight comes in cooler and Waller’s hike talk is just Fed credibility management. They’ve done enough. With inflation trending down and growth slowing, the next move is still a cut in Q4. I’m buying the dip in duration and tech into that pivot.

$ExxonMobil(XOM.US)

As mentioned in a previous post, oil has been looking like its basing and about to bottom. And right on cue, the middle east feud raises its head again. Oil prices rebounded as a result along with oil sensitive energy names such as XOM and CVX.

And as expected, tech takes a hit and retreats. Hence why I feel it is necessary to have oil linked energy names as a hedge in a tech portfolio. They balance out each other in uncertainties and make the portfolio more stable.

@Captain's Treasure

🦎 IGGY MORNING BRIEF, 2 JULY 2026

☕ Good morning. SGX opens at 9 AM SGT.

OVERNIGHT US SUMMARY

US markets fell slightly: S&P -0.22%, Nasdaq -0.66%, Dow flat. Tech and chips led the pullback despite Fed Chair Warsh signalling easing inflation. Profit-taking in Q2's top runners. Brent crude dropped 2.50% to USD 71.13, a fresh low below the USD 72 level tracked through June.

SGX PRE-OPEN PULSE

STI closed at 5,165 yesterday, down ~43 points on the first H2 session. USD/SGD is 1.2952 (SGD soft). The Nasdaq dip, Brent breaking below USD 72, and STI pullback set a cautious tone for today's open.

THREE STOCKS ON IGGY'S RADAR

👁 CICT (C38U): Closed S$2.360. Down 0.42% on ~27M volume. Forensic out now. Yield clears the hurdle, but two balance sheet readings are out of range. Watching the soft REIT environment carefully.

👁 SingTel (Z74): Closed S$4.440. Up 0.68%, outperforming a mostly red income board. Ex-div passed. Cautious on income durability; watching if gains hold in a softer open.

👁 CapLand Ascendas REIT (A17U): Closed S$2.460. Down 1.20% on 21M+ volume. Forensic vs Mapletree Industrial out. Three balance sheet readings out of range. Tracking if support emerges at S$2.46.

IGGY'S GAME PLAN

H2 2026 starts differently: STI down, Brent <USD 72, Nasdaq lower. Broad REIT softness (7 in top 20 actives, mostly lower) against an STI near ATHs is the key dynamic to watch. Maybank trimmed its STI year-end target to 5,500 on energy cost/EPS concerns, though falling Brent cuts the other way. Forensic discipline unchanged: balance sheet first, yield second, narrative last.

📺 youtube.com/@investingiguana

📝 investingiguana.com

💬 t.me/iggytheinvestingiguana

Not financial advice. Iggy's Forensic Compliance Standards apply.

Dow looks good, uptrend above MA100 MA200. away from tech buys, are the big boys going for industrials & healthcare?

Another volatility due to data drop would be another opportunity to collect the chips given up by weak hands. Of course any additions would be based on the entry levels predeteryfor each stock and not blind "buy! buy! buy!".

Looking forward for the companies’ improvement.

$Credo Tech(CRDO.US) | Evercore ISI 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐞𝐬 𝐂𝐫𝐞𝐝𝐨 𝐓𝐞𝐜𝐡 with an 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦 rating, sets 𝐏𝐓 𝐚𝐭 $𝟑𝟐𝟓

Thank you. made $ from DLC already

every China headline is either tariffs, blacklist or delisting risk. holding HK tech these days needs a strong stomach lah 🫠

my kopi uncle has been saying "just buy bank shares and collect dividend lah" for like ten years. STI hits a record today, he is sitting there sipping kopi like 😎 meanwhile I was busy chasing US tech all year. skill issue, and it was mine

$SPDR Gold Shares(GLD.US) Renewed conflict in the Middle East has stressed the commodity markets, particularly gold, with prices falling due to a stronger dollar and rising oil prices. An Iranian missile attack on Kuwait and U.S. military strikes have dimmed hopes for a swift US-Iran peace deal, causing markets to adjust their expectations for US interest rates. There is now a 42% chance of a rate hike in December, with expectations that a strong jobs report may further shift monetary policy outlook. These have led to a stronger dollar, major sell offs in the equities market, especially with growth tech stocks, and a drop in precious metals as well. @Bridge Buzz SG

The Dow surging to record high is a healthy pullback for the tech. In the end the long term trend is still in AI, hence this is an opportunity to buy the pullback!

everyone keeps saying rotate into value but the Dow is already at a record. am I chasing the rotation late?? when do you actually pull the trigger to switch from tech into banks and financials, or is it already too obvious 🙋