Two Sessions to Decide the DeepSeek Question — Then Alphabet Speaks
Confirmation Monday. Friday's expiry session left the verdict written in pencil: SOXX closed 43 cents below the June washout line at 522.24 after a 498.54-to-530.52 round trip, QQQ held its own line by 39 cents, and option mechanics were in the middle of all of it — which is why Sunday's scoring carried an asterisk and today's clean session is the eraser or the ink. The first answers are already on the tape: Seoul, which sat out the entire global rout, is repricing two missed sessions at once — the Kospi is down four and a half percent — and buying back the epicenter while it does it: SK Hynix gapped five percent lower and is trading above its open. Taiwan reopened with TSMC green. Tokyo is closed for Marine Day. Tomorrow the biggest AI spender of them all reports — and the bear who called the June top spent the weekend arguing the risk-reward has turned. The day in ten.
Kimi K3 is one week old and the tape has priced the panic: fifteen billion dollars off EDA in a day, the Build layer down nine percent on the week. Whether that was a DeepSeek moment — repricing, then refocus — or the start of a capex unwind gets decided in a two-session window that ends after tomorrow's close, when Alphabet reports.