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· Premarket Alpha · by Buzzberg Research
Forced deleveraging of single-stock ETFs nearing completion
The recent market volatility was significantly amplified by forced liquidations of leveraged ETFs; professional investors have largely exited, leaving the market less vulnerable to further forced selling.
Server DRAM supply shortage is structural and worsening
Server DRAM spot prices for 64GB DDR5 modules have surged to 146% above contract prices, indicating a severe supply shortage driven by AI server demand and Middle Eastern sovereign AI investments.
TSMC increases Arizona capex by $100 billion
TSMC is adding $100 billion to its previously announced $65 billion investment in Arizona, aiming to support multi-year AI chip demand and maintain its competitive moat.
AI infrastructure bubble risk
Viktor Shvets notes that one-third of incremental S&P earnings are tied to circular AI trading among infrastructure companies, creating a bubble risk that could see a significant reversal in 2-3 years.
Foreign investors accumulating Korean semiconductor futures
Hwang Yuhyeon notes that foreign investors have been net buyers of KOSPI futures since early July, accumulating approximately 28,000 contracts, signaling institutional interest despite retail panic.