International Perspective · July 15, 2026
① SK Hynix starts mass production of 12-layer HBM4 for NVIDIA Vera Rubin — first final-spec HBM4 (not samples); ADR V-shaped rebound +27.29% to $193.92; Barclays covers with $330 target (+117%); SemiAnalysis note catalyzed buying (Xueqiu / Baidu / Barclays)
② CXMT IPO price set at 8.66 yuan/share, valuation 579B yuan — subscription July 16 raising 29.5B yuan, China's largest 2026 IPO; H1 net profit 50-57B yuan (+2244%-2544%) (Baidu / East Money / Zhihu)
③ A-shares rebound: ChiNext +3.43%, optical 5G index +5.61% — InnoLight +6%, Eoptolink +10%; US stocks rose with storage leading; US June CPI -0.4% beat expectations but Fed's Warsh says zero tolerance (Baidu / Tencent / 10jqka)