Crude oil surges! U.S. memory chip stocks plummeted across the board before the market opened
Affected by the renewed escalation of the situation in the Middle East, international oil prices rose. Against the backdrop of rising oil prices, U.S. technology stocks generally fell before the opening, with SK Hynix falling more than 5% before the opening. International oil prices surged 5% during the session. As of press time, Brent crude oil futures rose nearly 5%, reaching a maximum of $95.47/barrel; WTI crude oil prices once exceeded 5%, reaching a maximum of $88.61/barrel. In addition, spot gold and silver also rose across the board. The global energy market stands at the crossroads of geopolitics and the game of supply and demand.
Affected by the renewed escalation of the situation in the Middle East, international oil prices rose. Against the backdrop of rising oil prices, U.S. technology stocks generally fell before the opening, with SK Hynix falling more than 5% before the opening. International oil prices surged 5% intraday As of press time, Brent crude oil futures rose nearly 5%, reaching a maximum of US$95.47/barrel; WTI crude oil prices once exceeded 5%, reaching a maximum of US$88.61/barrel. In addition, spot gold and silver also rose across the board. The global energy market stands at the crossroads of geopolitics and the game of supply and demand. Goldman Sachs issued a report on Monday, July 20, warning that if shipping disruptions in the Strait of Hormuz continue, Brent crude oil prices may exceed US$120 per barrel in the fourth quarter of 2026. Although this is not Goldman Sachs's basic expectation, this risk is becoming increasingly real as the US-Iran conflict continues to escalate and Persian Gulf crude oil flows have plummeted to less than 45% of pre-war levels. U.S. memory chip stocks fell before market opening Against the background of the surge in crude oil prices, most U.S. technology stocks fell before the market opened. SK Hynix fell more than 5% before the market opened. Micron Technology, SanDisk, Western Digital, Seagate Technology and other stocks fell more than 2% before the market opened. U.S. stock futures generally fell, with Nasdaq 100 futures falling more than 0.6%. Market analysts pointed out that higher oil prices will push up inflation expectations, and inflation will restrict the monetary policies of global central banks, thereby suppressing the valuation of technology stocks. Super Micro Computer rose more than 16% before the market opened. Super Micro Computer announced on Tuesday, July 20, that total orders in the fourth quarter have exceeded US$60 billion, mainly due to continued strong demand for advanced AI servers. Boshi Fund stated that the recent core changes in U.S. stocks show that the main line of trading has switched from single AI crowded trading to profit verification + rebalancing under geopolitical shocks. On the one hand, U.S. inflation data cooled more than expected in June, and the probability of raising interest rates in July dropped from 43% to 16%. Retail, manufacturing and employment data showed that growth has not collapsed significantly, and the macro portfolio is closer to a "soft landing" than a recession. On the other hand, the escalation of the U.S.-Iran conflict, obstruction of navigation in the Strait of Hormuz, and rapid rise in oil prices have raised energy and transportation costs and suppressed market risk appetite. As a result, AI hardware/semiconductors with high valuations, high congestion, and strong leverage are the first to enter the valuation digestion period.