Global equity markets woke up to another severe shock on July 7, 2026. The South Korean KOSPI index dropped approximately 8%, triggering market-wide trading halts for the second time in the past few months.
Hyperscalers are quietly ending their dependence on legacy graphics processing unit (GPU) makers by aggressively migrating to building their own chips. For years, the major cloud providers operated essentially as toll collectors.
Taiwan Semiconductor Manufacturing (TSM +5.04%) is one of the most important companies behind the AI boom, but its massive rally has changed the setup. Pricing power could lift earnings as advanced chip demand stays tight, yet valuation, geopolitical risk, and a legal ruling make this a much more emotional stock story.