International Perspective · August 01, 2026
① South Korea's KOSPI Stages Sharpest Reversal on Record: +17.91% as SK Hynix and Samsung Explode on AI Memory Optimism [详见中文版] — South Korea's KOSPI index surged 17.91% to close at 6,595.45 on July 31, its largest single-day gain on record, adding over 1,000 points. SK Hynix hit the 30% daily limit-up — its first ever — while Samsung Electronics soared 24.88-27%. The rebound came after three prior days of ~17% cumulative losses. Key catalysts: (1) Samsung's record Q2 memory operating profit of 89.5 trillion won (+1,814% YoY) with HBM4 Q3 guidance of 2x QoQ growth; (2) SK Group Chairman Chey Tae-won disclosed his first-ever direct purchase of SK Hynix shares; (3) Microsoft and Amazon earnings validated sustained AI cloud demand, easing 'AI bubble' fears; (4) massive short-covering and leveraged ETF rebalancing amplified the move. US DRAM ETF had surged 16.7% overnight as a lead indicator. Korean regulators' new cash deposit requirement for leveraged ETFs also took effect the same day, contributing to position adjustments. (CNBC / Korea Economic Daily (Sedaily))
② AI Cloud Race Post-Earnings: Azure +43%, AWS +37%, Google Cloud +82% — Three Hyperscalers, Three Speeds, One AI Supercycle — Post-earnings analysis of the AI cloud race reveals a three-speed market. Google Cloud grew fastest at +82% YoY to ~$24.8B (from smallest base), with RPO surging 390% YoY to $514B — but negative free cash flow raised investor concerns. Microsoft Azure accelerated to +43% (from +40% last quarter), with annual run rate exceeding $100B for the first time, a record $678B commercial RPO (+84% YoY), and crucially, maintained positive free cash flow — stock surged ~15%. AWS, the largest at $42.2B quarterly (+37%, fastest in 18 quarters), saw RPO jump from $364B to $496B. Morningstar called AWS growth 'staggering' at its $169B annual run rate. Combined hyperscaler capex guidance now exceeds $700B for FY2026. (Invezz / CNBC / Company IR)
③ China's Big Tech Consolidates AI Office Products: Tencent, Alibaba, ByteDance Synchronize Portfolio Integration [详见中文版] — Tencent, Alibaba, and ByteDance completed AI office product integration within the same week in late July 2026. Tencent merged its QClaw product center into the WorkBuddy division (Cloud Product Dept 6). Alibaba's Qianwen Office entered quiet beta testing. China's desktop AI-native office agents collectively surpassed 60 million monthly visits, per Analysys data, as the market transitions from 'trial-and-error' to 'focused push' phase. Per iiMedia Research, China's AI agent market reached RMB 80.4 billion in 2025. Pandaily and EU 36kr reported the consolidation as a strategic shift toward unified AI entry points. (Pandaily / EU 36kr / Analysys)