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Neoclouds / Data Center stocks are getting smoked since June highs: 🔴 $IREN -49% 🔴 $APLD -47% 🔴 $CRWV -46% 🔴 $WYFI -41% 🔴 $WULF -40% 🔴 $CIFR -39% 🔴 $NBIS -38% 🔴 $HUT -33% Catalysts: 1. Meta to sell “excess compute” 2. NY data center moratorium 3. Commoditization/token price wars 4. Rising cost of capital

THE CHIP SELLOFF JUST WENT GLOBAL SK Hynix is down more than 9% in Seoul, one week after its US listing, erasing the prior session's +8% rally. Samsung Electronics fell over 7% as losses spread across Asia's entire chip supply chain: • Advantest: -6% • SoftBank: -7% • Tokyo Electron: -6% • Renesas: -5% It follows the US session, where Micron $MU sank -8%, Intel $INTC lost more than -4%, and Lam Research $LRCX and AMD $AMD each fell around -3%. The rout comes despite strong results from ASML $ASML, which raised full-year revenue guidance for the second time this year to 43B-45B euros. One trader told CNBC the pullback reflects how crowded the trade has become: semiconductors alone are now roughly 20% of the S&P 500. At the dot-com peak in 2000, they were just over 8% of the index. The historical average is 2%-5%. He called the current weighting "incredibly difficult to sustain."

👀 Russian oil refining falls to 20-year low after refinery strikes — Bloomberg Russian refineries are now processing about 3.9 million barrels of oil per day — the lowest figure since 2005. Over the past 100 days, about 50 Russian fuel infrastructure facilities have been hit, including at least 24 of the 34 largest refineries.