Understanding the Market | GIGADEVICE rose over 5% during intraday trading, reported that Apple is testing Changxin Memory chips. Analysts say that the recent sell-off is not due to a deterioration in fundamentals
GIGADEVICE rose over 5% during the session, and as of the time of writing, it was up 4.42%, trading at HKD 804, with a turnover of HKD 1.46 billion. In terms of news, at the end of June this year, Apple was reported to be actively lobbying relevant U.S. regulatory agencies for approval to procure DRAM memory chips from domestic storage chip company Changxin Storage. The latest reports indicate that Apple has begun testing memory chips from Changxin Storage, which are planned for use in devices sold in China. Citigroup previously indicated that obtaining approval for the procurement of Changxin Storage's memory may face challenges, but Apple's considerations have already provided strong endorsement for Changxin Storage's technological advancements. This news is expected to bring positive effects to Changxin Storage and its supply chain. Additionally, on Tuesday, despite Samsung Electronics announcing impressive preliminary results for the second quarter, a wave of selling in chip stocks swept the globe. Mizuho Securities TMT sector expert Jordan Klein noted in a research report on Tuesday that investors overreacted to Samsung's preliminary second-quarter results and believed that the sell-off in semiconductor stocks reflects a loss of momentum rather than a deterioration in fundamentals
According to Zhitong Finance APP, GIGADEVICE (03986) rose over 5% during the trading session, and as of the time of writing, it is up 4.42%, priced at HKD 804, with a trading volume of HKD 1.46 billion.
In terms of news, at the end of June this year, Apple was reported to be actively lobbying relevant U.S. regulatory agencies for approval to purchase DRAM memory chips from domestic storage chip company Changxin Storage. The latest reports indicate that Apple has begun testing memory chips from Changxin Storage, which are planned for use in devices sold in China. Citigroup previously indicated that obtaining approval for purchasing memory from Changxin Storage may face challenges, but Apple's considerations have already provided strong endorsement for Changxin Storage's technological advancements. This news is expected to bring benefits to Changxin Storage and its supply chain.
Additionally, on Tuesday, despite Samsung Electronics announcing impressive preliminary results for the second quarter, a sell-off of chip stocks swept across the globe. Mizuho Securities TMT sector expert Jordan Klein noted in a research report on Tuesday that investors overreacted to Samsung's preliminary second-quarter results and believe that the sell-off in semiconductor stocks reflects a loss of momentum rather than a deterioration in fundamentals
