Market Pulse

Market Pulses

What moved, why it matters — daily signals grounded in proprietary supply chain intelligence.

Market Pulse

What moved, why it matters

47 notes

May 28, 2026
The AI Line Hands the Lead to Memory In the local market snapshot through May 28, 2026, yesterday's story was a rotation away from NVDA. Today that rotation narrows further: Micron (MU) is up +27.8% over five sessions and +85.6% on the month at a 52-week high, the strongest line in the chain; QCOM +20.5% and AMD +15.9% follow close behind; NVDA is still -4.1% over five sessions and only +0.5% on the month, the weakest. Hong Kong's foundry and packaging names jumped double digits on the day, and A-share memory names are broadly up 40-60% on the month. The leader has changed from GPU to memory.
ai-infrastructuresemiconductorsmemorymarket-rotationus-equities MUQCOMAMDNVDAMRVL1347.HK0981.HK603986

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May 27, 2026
The AI Line Is Still Running, But the Leader Has Changed In the latest local market snapshot through May 26, 2026, NVDA was down about -3.8% over five sessions, but MRVL was up +23.1%, AMD +18.5%, ANET +12.7%; Hong Kong's ASMPT rose +15.9%, Hua Hong Semiconductor +24.1%; A-share GigaDevice rose +30.3%. This is not an AI fade. It is a rotation from the single GPU leader into networking, ASICs, packaging, foundry, and memory-side exposure.
ai-infrastructuresemiconductorsmarket-rotationus-equitieshong-kong NVDAMRVLAMDANET0522.HK1347.HK603986

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May 26, 2026
The Index Barely Moved — But Who's Buying and Who's Selling Did After climbing from 3,800 to the 4,100+ zone, the Shanghai Composite stalled out, dropped 2% on May 21, then V-shaped its way back over two sessions. The level looks unchanged. The ownership underneath it is not: large orders (institutions) kept flowing out while small orders (retail) flowed in to absorb them. High level, sideways tape, chips migrating from institutions to retail — a textbook churn signature.
a-sharesmarket-structurefund-flowsliquidityvaluation 000001.SH399006.SZ

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May 26, 2026
This Rebound Runs on a Single Engine The whole market dropped hard on May 21, and the index round-tripped back within two sessions — but only one line came back. Over the week (May 18 close to May 25 close), the STAR 50 rose about +10.9% while the SSE 50 managed only about +1.1% — nearly a tenfold gap. The BSE 50 is still falling (about -3.0%). This isn't a broad risk-on rebound; it's a narrow rally concentrated in a single AI/semiconductor line. The index recovered. Its breadth did not.
a-sharesstyle-rotationmarket-breadthgrowth-valuesti-board 000688.SH000016.SH000300.SH399006.SZ899050.BJ

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May 26, 2026
Nvidia's Buyback Is a Footnote to the Silicon Bottleneck Nvidia's data center revenue grew 92% year over year, with roughly $20B returned to shareholders in a single quarter — the market cheered that demand is no constraint. But an $80B buyback alongside $18.6B of self-funded infrastructure adds a footnote to April's 'Silicon Bottleneck' piece: the marginal return on pushing more capital into existing GPU capacity appears capped by silicon and power upstream.
ai-computesemiconductorsnvidiabuybacka-shareshbm NVDA688981.SH603986.SH002371.SZ688008.SH

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May 25, 2026
Global Rotation: The Repair Had One Engine, STAR On May 25, the Shanghai Composite rose 0.96% to 4,152.57, reclaiming more of the May 21 drop. But the real engine was STAR: from May 18 to May 25, STAR 50 rose about 10.9%, SSE 50 only about 1.1%, and BSE 50 fell about 3.0%; on May 25 alone, STAR 50 rose about 5.9%. The index recovered; breadth did not.
global-rotationa-sharessti-boardnarrow-rallymarket-breadthsemiconductors 000688.SH000016.SH000300.SH399006.SZ899050.BJ

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May 22, 2026
It V-ed Back in a Day — But the Volume Didn't Follow After yesterday's broad decline with 4,773 names falling, May 22 V-ed back in a single day: SSE +0.87%, the all-A advance-decline count flipped positive at 3,869 up / 1,509 down, and main-force net inflow turned positive at 38.78 billion yuan. Breadth repaired, money returned — it looks like stabilization. But turnover was 2.925 trillion, clearly below May 21's heavy 3.507 trillion. This was a recovery on shrinking volume. Genuine stabilization or a snap-back grab — the thin volume left a question mark.
a-sharesv-reversalmarket-breadthfund-flowsvolume-price 000001.SH000688.SH399006.SZ399001.SZ

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May 21, 2026
A Broad Red Candle — This Time Volume and Price Agree On May 21 the SSE fell 2.04%; across all A-shares 4,773 names declined against 695 that rose, with semiconductors leading the drop at -4.87%. Unlike many head-fakes, this drop had volume and price agreeing: Shanghai turnover swelled to 1.596 trillion yuan and all-A to 3.507 trillion — both the week's highest — with main-force net outflow of 146 billion in a single day. The prior day's advance-decline line was already negative; today it got the volume. Broad decline, expanding volume, net outflow — all three lined up.
a-sharesbroad-selloffdeleveragingvolume-pricesemiconductors 000001.SH000688.SH

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May 20, 2026
The Index Didn't Move — But the Advance-Decline Line Already Cried Out On May 20 the SSE Composite closed at 4,162.18, down just 0.18% — a quiet day on the surface. But lift the lid on the index: across all A-shares, 3,804 names fell against 1,638 that rose — more than two decliners for every advancer — main-force money flowed out 54.28 billion yuan, while the semiconductor sector alone melted up +4.82%. The index sat still because a handful of heavyweights offset the decline in most stocks. That divergence often gets written down the day before a drop.
a-sharesmarket-breadthadvance-declinesemiconductorssti-board 000001.SH000688.SH399006.SZ399001.SZ

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May 19, 2026
STAR Restarted, but ChiNext Did Not Follow On 2026-05-19, the SSE moved +0.92%, the STAR 50 +3.81%, and ChiNext -0.16%; across Shanghai, Shenzhen, and Beijing A-shares, 3608 names rose against 1774 that fell. The point is not the headline index move alone, but STAR leadership returning while growth benchmarks did not fully align.
a-sharessti-boardmarket-breadthsemiconductorsstyle-divergence 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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May 18, 2026
The Index Barely Moved, but the Tape Weakened On 2026-05-18, the SSE moved -0.09%, the STAR 50 +0.81%, and ChiNext -0.36%; across Shanghai, Shenzhen, and Beijing A-shares, 2373 names rose against 3003 that fell. The point is not the headline index move alone, but a divergence between a stable surface and weakening internal breadth.
a-sharesmarket-breadthfund-flowsstyle-divergenceliquidity 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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May 15, 2026
A Second Negative Session, and the Selling Had Not Dispersed On 2026-05-15, the SSE moved -1.02%, the STAR 50 -1.67%, and ChiNext -0.56%; across Shanghai, Shenzhen, and Beijing A-shares, 1816 names rose against 3584 that fell. The point is not the headline index move alone, but selling pressure that had not dispersed on the second down day.
a-sharespullbackfund-flowsmarket-breadthsemiconductors 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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May 14, 2026
A Concentrated Pullback, Not a One-Sector Problem On 2026-05-14, the SSE moved -1.52%, the STAR 50 -2.55%, and ChiNext -2.16%; across Shanghai, Shenzhen, and Beijing A-shares, 1047 names rose against 4387 that fell. The point is not the headline index move alone, but a concentrated cooling across benchmarks and styles.
a-sharespullbackmarket-breadthfund-flowsrisk-off 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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May 13, 2026
The Rebound Broadened for a Day, but STAR Stayed the Thermometer On 2026-05-13, the SSE moved +0.67%, the STAR 50 +2.69%, and ChiNext +2.63%; across Shanghai, Shenzhen, and Beijing A-shares, 3215 names rose against 2133 that fell. The point is not the headline index move alone, but a one-day broadening of the rebound, with hard tech still carrying the heat.
a-sharesreboundmarket-breadthsti-boardsemiconductors 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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May 12, 2026
Global Rotation: Korea Memory Broke Out, U.S. Tech Gave Back On May 12, Korea memory was the strongest line: SK hynix +7.68%, Samsung Electronics +1.79%, KOSPI +2.63%. Japan's Nikkei 225 rose 0.84%. U.S. tech gave back: QQQ -0.85%, TSM -1.79%, ASML -2.87%, MRVL -3.71%. The AI chain was not moving together; memory broke out on its own.
global-rotationkoreamemorysemiconductorscross-marketdispersion 000660.KS005930.KS^KS11QQQTSMASML

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May 11, 2026
Growth Took Off, but the Whole Market Did Not Run Together On 2026-05-11, the SSE moved +1.08%, the STAR 50 +4.65%, and ChiNext +3.50%; across Shanghai, Shenzhen, and Beijing A-shares, 3121 names rose against 2239 that fell. The point is not the headline index move alone, but growth-stock beta running ahead of overall market breadth.
a-sharesgrowth-stockssti-boardmarket-breadthfund-flows 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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May 8, 2026
Global Rotation: U.S. Compute Surged, A-Share Breadth Stayed Flat On May 8, the U.S. compute chain surged again: AMD +11.44%, MRVL +6.32%, ASML +4.97%, QQQ +2.34%, NVDA +1.75%. A-share broad indices did not spread in sync: CSI 300 -0.58%, CSI 500 -0.03%, CSI 1000 +0.31%. Offshore compute was strong; mainland breadth was flat.
global-rotationus-techcomputea-sharessemiconductorsdispersion AMDQQQNVDAASML000300.SS000852.SS

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May 7, 2026
Global Rotation: A-Share Mid/Small Caps Ran First On May 7, A-share post-holiday repair leaned toward mid/small caps: CSI 1000 +1.63%, CSI 500 +1.26%, CSI 300 +0.48%. Offshore tech was split: NVDA +1.77%, but QQQ -0.12%, AMD -3.07%, MRVL -7.05%, CoreWeave -6.62%. Mainland beta was running; offshore high beta was not.
global-rotationa-sharespost-holidaymarket-breadthsemiconductorscross-market 000852.SS000905.SS000300.SS000660.KSNVDAQQQ

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May 6, 2026
After May Day, Risk Appetite Took One Breath Back On 2026-05-06, the SSE moved +1.17%, the STAR 50 +5.47%, and ChiNext +2.75%; across Shanghai, Shenzhen, and Beijing A-shares, 3889 names rose against 1481 that fell. The point is not the headline index move alone, but a post-holiday repair in risk appetite with STAR and semiconductors still at the front.
a-sharespost-holidayrisk-appetitesti-boardsemiconductors 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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Apr 30, 2026
Before the Holiday, the Rush Was Mostly STAR On 2026-04-30, the SSE moved +0.11%, the STAR 50 +5.19%, and ChiNext -0.27%; across Shanghai, Shenzhen, and Beijing A-shares, 2878 names rose against 2460 that fell. The point is not the headline index move alone, but a pre-holiday concentration of money into high-beta technology.
a-sharespre-holidaysti-boardsemiconductorsfund-flows 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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Apr 29, 2026
Global Rotation: A-Shares Repaired, Offshore Markets Did Not Confirm On April 29, A-shares repaired before the holiday: CSI 300 +1.10%, CSI 500 +1.69%, CSI 1000 +1.41%. Offshore markets did not confirm: KOSPI -1.38%, Samsung Electronics -2.43%, NVDA -1.84%, VIX +5.50%. This was not global risk-on; it was A-shares repairing on their own rhythm.
global-rotationa-sharespre-holidaycross-marketsemiconductorsdispersion 000300.SS000905.SS000852.SSQQQNVDA^KS11

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Apr 28, 2026
Global Rotation: U.S. Semis Gave Back, Korea Held On April 28, U.S. semis gave back: NVDA -1.59%, TSM -3.12%, ASML -3.34%, AMD -3.41%, QQQ -1.01%. A-shares were weak too, with CSI 1000 -1.34% and CSI 500 -1.15%. Korea held up better: KOSPI +0.75%, Samsung Electronics +1.80%. The repair did not continue in sync; capital again separated U.S. semis from Korean memory.
global-rotationsemiconductorskoreaus-techa-sharesdispersion NVDATSMASML000660.KS005930.KS000852.SS

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Apr 27, 2026
The Index Barely Moved, STAR Moved First On 2026-04-27, the SSE moved +0.16%, the STAR 50 +3.76%, and ChiNext -0.52%; across Shanghai, Shenzhen, and Beijing A-shares, 3284 names rose against 2105 that fell. The point is not the headline index move alone, but an early signal of STAR moving first while broad benchmarks stayed split.
a-sharessti-boardsemiconductorsstyle-divergencemarket-breadth 000001.SH000688.SH399006.SZ399001.SZ899050.BJ

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Apr 24, 2026
Global Rotation: Compute Reignited, A-Shares Cooled On April 24, the U.S. compute chain reignited: AMD +13.91%, NVDA +4.32%, TSM +5.17%, QQQ +1.91%. But A-shares kept cooling, with CSI 300 -0.35%, CSI 500 -0.57%, CSI 1000 -0.70%. The same 'tech repair' was acceleration in the U.S. and digestion in A-shares.
global-rotationcomputesemiconductorsus-techa-sharesdispersion AMDNVDATSMQQQ000300.SS000905.SS000852.SS

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Apr 23, 2026
Global Rotation: Broad Repair Turned Selective On April 23, the prior day's broad repair did not continue. CSI 1000 fell 1.40%, CSI 500 fell 0.97%; QQQ -0.56%, NVDA -1.41%, TSM -1.23%, but MRVL +5.24%. Nikkei 225 rose 0.97%, KOSPI was flat. The market did not break; it moved from broad repair back to selection.
global-rotationdispersionsemiconductorsa-sharesvolatilitycross-market MRVLNVDAQQQ000852.SS^N225^KS11

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Apr 22, 2026
Global Rotation: U.S. Tech Confirmed, A-Shares Joined On April 22, repair broadened again: QQQ +1.67%, TSM +5.26%, AMD +6.67%, MRVL +3.97%; CSI 1000 +1.56%, CSI 500 +1.28%, CSI 300 +0.66%. VIX fell 2.97%. The signal was that U.S. tech and A-share mid/small caps joined at the same time.
global-rotationus-techa-sharessemiconductorsrisk-repaircross-market QQQTSMAMD000852.SS000905.SS000300.SS

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Apr 21, 2026
Global Rotation: Indices Held, Defense Returned On April 21, index levels did not break: CSI 300 +0.22%, Nikkei 225 +0.40%, KOSPI +0.46%. But the U.S. softened, with SPY -0.65%, QQQ -0.38%, VIX +3.34%; GLD fell 2.83%, TLT fell 0.55%, and the U.S. 10-year yield returned to 4.30%. Under the flat surface, risk assets started to carry a defensive tone again.
global-rotationcross-marketvolatilitybondssemiconductorsmarket-breadth SPYQQQ^VIXGLD000300.SS^KS11^N225

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Apr 20, 2026
Global Rotation: Korea Memory Carried Beta as U.S. Indices Softened On April 20, Korea's memory chain still had elasticity: KOSPI +2.72%, SK hynix +4.97%, Samsung Electronics +2.10%. A-share broad indices rose modestly, with CSI 500 +0.92%. But U.S. indices softened: SPY -0.20%, QQQ -0.32%, VIX +7.95%. Risk repair was not over, but the handoff was increasingly concentrated in memory and selected semiconductor beta.
global-rotationkoreamemorysemiconductorscross-marketus-equities 000660.KS005930.KS^KS11SPYQQQMRVLNVDA

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Apr 17, 2026
AI's Silicon Bottleneck: N3 Becomes Kingmaker, 86% for AI by 2027 Nasdaq up 11.6% in the first half of April, the market cheering another leg of AI capex. But TSMC's N3 wafer pool goes 86% to AI by 2027, and HBM eats 3-4x the wafer of commodity DRAM. The ceiling has moved from wallets to silicon.
ai-computesemiconductorssupply-chainhbmtsmcmemory TSMNVDAAVGOAMD

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Apr 17, 2026
The Yale Model Endgame: A Thirty-Year Paradigm Breaks Stone Ridge honored 11% of redemption requests. BlackRock, Cliffwater, Morgan Stanley, and Blue Owl gated in sequence. This isn't a liquidity hiccup — it's the end of a thirty-year allocation paradigm.
allocationinstitutional-investingalternativesendowment-modelprivate-markets OWLBXKKRAPOBLKMS

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Apr 16, 2026
Global Rotation: Semis Started Splitting the Bill On April 16, index-level risk still looked stable: SPY +0.25%, QQQ +0.48%, CSI 300 +1.10%, CSI 500 +1.69%. But semiconductors split internally: AMD +7.80%, ASML -4.79%, TSM -3.13%, NVDA -0.26%. The market was not buying the whole semi chain. It was separating compute, foundry, equipment, and beta.
global-rotationsemiconductorsus-techa-sharesdispersionmarket-structure AMDASMLTSMNVDA000300.SS000905.SS000852.SS

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Apr 15, 2026
Gold and Copper Are Surging Together — That's Not Normal Gold past $4,800, LME copper through $12,000 at all-time highs. When the fear asset and the growth asset rally in tandem, the market is pricing something bigger than a cycle.
commoditiesgoldcoppermacroenergy-transition GLDCOPXHGGCFCX

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Apr 14, 2026
The Trust Discount: When America's Chokepoints Become America's Problem Foreign central banks have dumped $82B in U.S. Treasury custody holdings over six weeks, pushing 10Y yields from 3.9% to 4.4%. Tariff wars and the Iran blockade look like separate stories. They are not. Both are accelerating the same thing: a slow erosion of global trust in dollar assets.
macrobondsgeopoliticsdollar TLTUUPGLDDXY

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Apr 13, 2026
From Ceasefire to Blockade: What Asia Priced Before the Rest of the World Woke Up The ceasefire rally barely had time to cool before the US naval blockade on Iranian ports put Asian markets on the front line — Korea, Japan, and Hong Kong all sold off. The question isn't how much they fell, but where the blockade goes from here.
geopoliticsenergyasiamacro KOSPINI225000001.SSCLBZ

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Apr 11, 2026
When the Panic Recedes: First Signals of Contrarian Repositioning After five weeks of selling and the worst quarter since 2022, experienced investors are quietly rebuilding positions — not emotional bottom-fishing, but mechanical repricing as Mag 7 multiples revert to decade averages.
equitypositioningrates SPYQQQTLTGILTS

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Apr 11, 2026
The First Cracks in Private Credit: Blue Owl's Withdrawal Cap and the Semi-Liquid Stress Test Blue Owl imposed a 5% cap on withdrawals from two funds facing redemption requests of 22% and 41%. It's the clearest liquidity mismatch signal since private credit's 2022 expansion cycle.
creditliquiditymacro OWLARCCBXKKRFSK

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Apr 10, 2026
Fed Minutes Signal Hawkish Patience: The Cost of Waiting March FOMC minutes show most members favoring rates on hold longer, with tariff inflation pass-through emerging as the key point of debate. Market rate-cut expectations face recalibration.
macroratesfx TLTDXYSPYGLD

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Apr 10, 2026
Strait of Hormuz Escalation: A New Dimension of Energy Geopolitical Risk Iran plans to charge strait transit fees in crypto, compounding Saudi's 600k bbl/day capacity loss — energy geopolitics is being repriced.
geopoliticsenergycrypto BTCXOMBRENT

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Apr 9, 2026
Global Rotation: Volatility Fell, Repair Cooled The April 8 repair did not accelerate on April 9. A-share broad indices slipped, with CSI 300 -0.64% and CSI 500 -0.59%; SPY rose 0.58%, QQQ rose 0.68%, and VIX fell again to 19.49. Japan and Korea still had pockets of beta, with Tokyo Electron +4.38% and SK hynix +2.91%. Pressure eased, but the repair moved from broad expansion back to local handoff.
global-rotationcross-marketvolatilitysemiconductorsa-sharesrisk-repair 000300.SS^N225^KS11SPYQQQ^VIX

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Apr 8, 2026
Global Rotation: Repair Broadened, Leadership Moved On April 8, the prior day's Asian-tech bounce broadened: CSI 300 +3.49%, CSI 500 +4.94%, CSI 1000 +4.60%; SPY +2.55%, QQQ +2.97%, TSM +5.96%, ASML +8.77%, NVDA +2.23%. Japan and Korea semis pulled back instead. The repair arrived, but leadership moved from Japan-Korea high beta to U.S. tech and A-share broad indices.
global-rotationcross-marketa-sharesus-techsemiconductorsrisk-repair 000300.SS000905.SS000852.SSSPYQQQTSMASMLNVDA

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Apr 7, 2026
Global Rotation: Asia Tech Snapped Back, the U.S. Did Not Confirm On April 7, Asia's tech hardware chain snapped back hard: Nikkei 225 +5.39%, Tokyo Electron +10.33%; KOSPI +6.87%, SK hynix +12.77%, Samsung Electronics +7.12%. But the U.S. only held flat: SPY +0.04%, QQQ +0.02%, while VIX rose 6.66%. Asia delivered the beta; global confirmation had not arrived.
global-rotationasia-techsemiconductorskoreajapancross-market ^N2258035.T^KS11000660.KS005930.KSSPYQQQ

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Apr 6, 2026
Global Rotation: A-Shares Closed, Offshore Markets Repaired Lightly With mainland China closed for Qingming, the offshore tape did not show a full risk restart. It showed light repair: SPY +0.47%, QQQ +0.60%, KOSPI +0.82%, SK hynix +3.39%, Samsung Electronics +1.76%, and Nikkei 225 nearly flat. The hardest-hit Korean semiconductor names bounced first, but the repair had not yet become a global confirmation.
global-rotationcross-marketholidaysemiconductorskoreaus-equities SPYQQQ^KS11000660.KS005930.KS^N225

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Apr 4, 2026
Week in Review: Hormuz Deadline, Gold Reset, and the Paper-Physical Disconnect The three things that mattered this week: Trump's new Hormuz deadline, gold correcting 17% from its ATH, and Asia already rationing fuel. One connection: every asset class is now a Hormuz trade.
energygoldmacro BRENTGLDDXYTLT

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Apr 3, 2026
Ceasefire Talks and the April 19 Supply Cliff: A Binary Setup The market is trading the headline — 'ceasefire talks underway' — and not the structure. The structure is a hard supply cliff on or around April 19. Even in the best case, physical oil markets remain tight through May.
energymacrogeopolitics BRENTWTIOPEC

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Apr 2, 2026
Gold's Correction Is Mechanical, Not Fundamental Gold dropped to $4,675 today — down 17% from the $5,600 all-time high set in late January. First-level thinking says yields up + dollar up = gold down. Second-level thinking asks which of these forces is structural and which is temporary.
goldratesfx GLDDXYTLT

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Apr 1, 2026
Global Rotation: A-Shares Repaired First; Asia Semis Took the Hit April opened with a split tape, not a synchronized one: CSI 300 +1.71%, CSI 500 +1.74%, CSI 1000 +1.89%; but Nikkei 225 -2.38%, KOSPI -4.47%, SK hynix -7.47%, and Samsung Electronics -5.93%. The same AI / semiconductor chain was treated as a repair asset in one market and a risk asset in another.
global-rotationcross-marketsemiconductorsa-sharesjapankorea 000300.SS000905.SS000852.SS^N225^KS11000660.KS005930.KS

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Mar 31, 2026
Hormuz at Zero: The Supply Chain Impact Nobody Is Pricing Correctly The Strait has been effectively closed since March 4, with tanker traffic at zero. The real risk is not the ceasefire itself but the mid-April supply cliff when SPR releases and sanctions waivers lose effectiveness — doubling the loss from 4.5-5M bpd to 9-10M bpd.
energygeopoliticscommoditiesgold BRENTWTIGLDCNOOC0857.HKURA

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