It doesn’t seem too late to post the equity commentary I wrote last night now.

This market action is still so grinding.
【Today’s stock commentary: The rebound comes as expected, but then what? 26/7/9】
Tonight’s US stock rebound has shown real sincerity.
But the performance of Korea’s market is so-so—SK hynix rose only 6%, while Samsung is almost unchanged. And today, both A-shares and Hong Kong stocks are in the mood of **“keep the music going, keep the dancing going.”**
At first glance, it looks like A-shares were the first to confirm the direction.
But experience tells us it’s often not that simple.
In the AI industry chain,
Korea’s stocks are the vanguard—taking the first charge and the first casualties, the “meat grinder”;
the US market is the main force, setting the tone for the market;
while A-shares are more often followers, belonging to the crowd that watches while waiting for the wind direction.
So what’s truly worth watching isn’t how much A-shares rose today, but:
whether the rebound in Korean and US stocks over the past two days has real strength.
If AI core assets like SK hynix, Micron, and Nvidia can keep strengthening, that would indicate capital is still willing to bankroll the AI arms race—and this rebound could potentially evolve into a new trend.
On the other hand, if it’s only a technical recovery after overselling and then quickly weakens, then this rebound is more likely just the second sell point, not the starting point of a new uptrend.
The market is never just about whether there’s a rebound; it’s about whether the rebound can sustain.
The next two days will determine whether this leg of the market is truly a reversal—or just a well-executed bear-trap-style lure for more buying.
The real answer isn’t in today, but in tomorrow.
We’ll see.
$skhy $MU #Ai