Chesley Morning Brief: New York Stock Market Rebounds Sharply on Iran Nuclear Deal Expectations… Nasdaq 2.5%↑ [26/06/12]

Summary

The Chesley Morning Brief discusses a strong US equity rebound driven by Iran nuclear deal optimism and benign core PPI, Adobe’s earnings miss and software sector rotation, the ultra-hot Space X IPO, a KB Securities report calling a severe memory/substrate supply crunch, and a buy thesis on HYBE at historically low valuations.

• US markets surged 1.75–3% on Iran deal hopes and a core PPI that came in below expectations.
• Adobe fell 5% after-hours on CFO departure and slowing ARR, contrasting with hot semiconductor demand.
• Space X IPO is oversubscribed with a 4% float, seen as a rare, high-upside event.
• KB Securities warns of extreme memory and substrate shortages, naming Samsung Elec, SK Hynix, Samsung Electro-Mechanics, and LG Innotek as top picks.
• HYBE was highlighted trading at 20x forward P/E, a historically strong buying zone ahead of BTS tour and IP monetization.
• A Chinese semiconductor test equipment stock (화봉측공) was pitched as a beneficiary of AI supply chain expansion beyond tier-1 names.