In today’s briefing:
- Ohayo Japan | Fed Hawkishness Weighs on Tech
- SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #8 | 23-29 Aug 2026
- CHINA POWER SYSTEMS: Trump “Tilting at Windmills”…. Again
- This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face
Ohayo Japan | Fed Hawkishness Weighs on Tech
- Kevin Warsh said recent PCE and CPI data had not meaningfully improved underlying inflation trends
- September Fed hike pricing rose to 57.5% from 35.4% a day earlier. Short-end Treasury yields rose after Warsh’s remarks
- Nvidia (-4.6%) and Intel (-2.9%) weighed on the Nasdaq amid semiconductor weakness.
SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #8 | 23-29 Aug 2026
- NVIDIA’s Q2 FY27 print is the cycle’s strongest memory validation yet: supply commitments doubled to $279B — “primarily memory” — and the +70% FY28 guide is explicitly supply-capped.
- The sector fell anyway. US/Korea/Japan resumed the slide on tariff threats and China risk; Taiwan alone rose on MSCI rebalancing flows. A multiple fight, not an earnings fight.
- CXMT’s maiden H1 filing (28 Aug) smashed guidance — RMB150.3bn revenue, RMB77.6bn profit. FV raised to RMB31.40; still −46% below spot. Take profit into strength.
CHINA POWER SYSTEMS: Trump “Tilting at Windmills”…. Again
- President Trump issued an emergency order invoking emergency powers to ban imports of bulk-power system electrical equipment from China and other countries subject to US arms embargoes or sanctions.
- The order will further constrain data center construction, which depends on power system build-out to support AI demand and expand the grid.
- For the three major Hong Kong-listed power equipment manufacturers, the direct revenue impact of Trump’s order is limited, as the US has not been a significant market for their products.
This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face
- We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
- China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
- Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
