Pre market thoughts - 13 Jul

Yields up 2bps across the curve, oil up with brent trading near 79s as war with Iran is back on.
In asia trading, markets were weak. $KOSPI down more than 5% as of this writing, driven by $0660 being down ~12%. Rest of korean stock performed better, helping to hold up the index against this puke in $SKHYNIX. This is surprising given Friday's close in $SKHY - expect the divergence between $SKHY and $0660 to widen as korean locals look increasingly tapped out of liquidity.
NKY took a sympathy down leg too at -1.5%. $285A is also similarly affected, down 10%.
Surprisingly, HK big tech names like BABA meanwhile are up 3% in a big tone shift from prior behaviour.
In overnight US trading, this has dragged down both $MU and $SNDK.
Given the period we are (pre earnings) - i would expect the early period to be muted and light on risk. Until earnings confirm that the AI capex is on again, semis might not have a catalyst to rerate higher.
Meanwhile $MSFT CEO echoes the rant that Alex Karp did, on companies owning their own data, privacy vs giving away their IP to the frontier labs. A shift towards more open models is also structurally very bullish for compute. What was striking was that the cost per task estimates for Opus 4.8 and GLM was not too far apart - i would have thought that GLM would have an outsized advantage. If companies go down the route of self hosting compute, this is a huge amount of duplication in the buildout.
As we are less than halfway into the asia session, things are are fluid and can evolve quickly!
Good luck!