A Reuters report that Samsung Electronics is preparing to ship next-generation HBM4 memory to NVIDIA has stirred concerns about competitive pressure on Micron Technology . But for investors, this looks more like a headline risk than a thesis break . What’s the News? (In Plain Terms) Samsung is reportedly ready to start producing HBM4 chips as early as next month Initial shipments to Nvidia could begin soon HBM4 is the next upgrade cycle after today’s HBM3/3E used in AI accelerators This confirms that Samsung is back in the HBM race after lagging SK Hynix and Micron earlier in the AI cycle. Does This Hurt Micron? Short Answer: Not Much (Yet) 1. HBM Is Supply-Constrained, Not Demand-Constrained AI chipmakers (Nvidia, AMD, custom silicon players) are buying every HBM chip they can secure . This is not a “winner takes all” market — it’s a “everyone sells out” market . Even if Samsung qualif...
The STI session was less about broad index direction and more about sector rotation and balance-sheet sensitivity as investors recalibrated around rates, FX, and earnings visibility.
STI Winners: Defensive + FX-leveraged names bid
Top gainer
- Wilmar International (+3.4%)A classic defensive + FX beneficiary. Stronger regional currencies and stable agri margins continue to draw flows, especially as investors trim bank exposure.
Other gainers:
- Singtel (+0.45%)Yield visibility + balance-sheet stability remain attractive in a “no policy shock” environment.
- UOL Group (+0.49%)Mild recovery bid as property names stabilize ahead of policy clarity.
STI Laggards: Banks de-rated on NIM risk
Top loser
United Overseas Bank (-2.53%)
Also weak:
OCBC Bank (-1.17%)
What’s driving this:
Markets are quietly pricing peak NIMs
Lower long-end yields + expectations of eventual policy easing = pressure on bank earnings momentum
Not a credit issue — a valuation and rate-cycle issue
SG REITs: Selective inflows, FX matters
Top REIT gainer
- Elite UK REIT (+1.41%)GBP exposure + overseas income streams look more attractive as FX volatility stabilises.
Top REIT loser
- KepPacOak REIT (-2.22%)US office + refinancing sensitivity continues to cap upside.
Read-through:
This isn’t a blanket REIT rally — investors are discriminating heavily by geography, FX and balance-sheet duration.
Liquidity Check: Most-traded names
DBS Group (-0.61%) was the most active name (S$224.7m turnover)
Banks dominated volumes → institutional rebalancing, not panic selling
High turnover + moderate declines = distribution, not capitulation
Trading Takeaways
What worked
Defensive yield
FX-beneficiaries
Non-financials with stable cash flow
What struggled
Banks with peak-margin exposure
REITs with US office / refinancing risk
How to position
Barbell approach: defensives + selective cyclicals
Be patient on banks — better re-entry likely after rate clarity
Prefer REITs with non-USD income or strong FX tailwinds
Bottom line
This was a rotation day, not a risk-off day.
Money isn’t leaving Singapore — it’s getting more selective.
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