forex cross rate

According to CNBC: Nvidia's (NVDA.O) next flagship product - the Kyber rack-scale architecture designed to power its 2027 Rubin Ultra chip - has been delayed by more than 12 months, to 2028, according to research firm SemiAnalysis. SemiAnalysis said the delay stemmed from difficulties in manufacturing key circuit boards at the heart of the system.

According to people familiar with the matter, as part of the Hong Kong SAR government’s plan to promote the construction of a regional gold trading center, Hong Kong’s Mandatory Provident Fund (MPF) will be able to invest in more gold ETFs in the future. Hong Kong's MPFA, which oversees the Mandatory Provident Fund system, is expected to revise gold ETF investment rules later this week. As of the end of March this year, the scale of Mandatory Provident Fund assets supervised by the MPFA was approximately HK$1.53 trillion (approximately US$195 billion). People familiar with the matter said that whether gold ETFs can be included in the investment scope of the Mandatory Provident Fund currently requires MPFA approval on a case-by-case basis; In the future, it may be changed that as long as the gold ETF meets the prescribed standards, it will automatically qualify for MPF investment without the need for individual approval. This adjustment aims to increase the number of gold ETF products available to provide 4.8 million MPF ​​members with more investment options. At the same time, sources revealed that strict risk management requirements will still be retained under the new rules, including: prohibiting related gold ETFs from using derivatives leverage strategies; the upper limit of the MPF allocation ratio to gold ETFs will still be 10%. (South China Morning Post)

Hong Kong technology and internet stocks strengthened, with Tencent Holdings (00700.HK), Kuaishou (01024.HK) and Alibaba Health (00241.HK) rising by more than 5%, Meituan (03690.HK) rising by 3.5%, Alibaba (09988.HK) and Bilibili (09626.HK) rising by 2.8%, and JD.com (09618.HK) rising by more than 2%.

The leverage of Korean chip stocks is out of control. The total assets of SK Hynix's single stock leveraged ETF are approximately US$19 billion, which is more than four times its average daily trading volume. Samsung-related leveraged ETF assets are approximately US$12.4 billion, which is also 176% higher than the average daily turnover. For comparison, the asset sizes of leveraged ETFs of Micron, Tesla, and NVIDIA are all much lower than their average daily trading volumes. The Korean market’s leverage concentration is unique among major global stocks. This means that when SK Hynix’s stock price fluctuates, the forced liquidation or insurance call of leveraged ETFs will amplify the selling pressure and form a stampede. The 2x long SK Hynix ETF listed in Hong Kong has an asset size of approximately US$13 billion, which is twice the average daily trading volume of SK Hynix. Once the trend reverses, these leveraged products may become a decline accelerator. The high leverage of South Korean chip stocks is not unrelated to the crypto market. Some Korean retail investors are active in both the currency circle and the stock market, and the chain reaction of leverage may be transmitted between the two markets. SK Hynix will be listed in the United States next week with a valuation of US$29 billion, which may attract an influx of more funds, but the vulnerability in a highly leveraged environment cannot be ignored. The market sentiment is neutral and weak, and the funding rate shows that the bearishness has weakened but no bullish consensus has been formed. The leverage structure risk of Korean chip stocks may be the most underestimated tail event currently.

The artificial intelligence sector of Hong Kong stocks fell, with Zhipu (02513.HK) falling by 10%, UBTECH (09880.HK) and Qunhe Technology (00068.HK) falling by more than 7%, and MINIMAX-W (00100.HK) falling by more than 6%.

The concept of PCB in Hong Kong stocks fell, with Kingboard Laminated Board (01888.HK) falling more than 10% and Kingboard Group (00148.HK) falling more than 5%.