Chesley Morning Brief: New York Stock Market Mixed Close on Tech Weakness… Nasdaq 0.43%↓ [26/06/25]

[Chesley Morning Brief] New York Stock Market Mixed Close on Tech Stock Weakness…Nasdaq 0.43%↓ [26/06/25]

Watch on YouTube ↗ | June 24, 2026 at 22:13 | 1:42:41 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Wang Jeong — Department Head

Yuri Pro — Analyst

Choi Ho — Vice President

Park Se-ik — CEO, ex-Chief Strategist

Jun-hyuk

Oh Gwajang — Section Chief

Summary

The Chesley Morning Brief reviews the mixed US market close and weak tech sentiment, then pivots to strong Micron earnings that reinvigorate the AI memory thesis. Analysts present detailed bull cases for Micron, Samsung Electronics, and SK hynix, highlighting structural HBM shortages, long-term supply agreements, and upcoming catalysts like the ADR listing of SK hynix. Crypto is assessed with Bitcoin testing key support, Ethereum showing a bullish institutional restructuring, and MicroStrategy facing cash flow concerns. China market comments include a specific bet on Yishen Precision’s business mix shift and a preference for CSI 300 ETFs over startup board products.

US markets closed mixed with tech weakness, but after-hours Micron earnings soared on record margins and strong guidance.
Detailed Micron analysis reveals 84.9% gross margins, SCA contracts covering 25% of sales, and AI demand described as 'very early innings'.
Korean memory stocks (Samsung Electronics, SK hynix) are expected to rally further, supported by ADR listing momentum and a re-rating thesis.
Ethereum announced a major restructuring and institutional pivot, viewed as a bullish turning point for ETH.
Bitcoin is testing the $52,000 support level; analysts see it as a key area to monitor for cycle continuation.
MicroStrategy's cash strain and dividend coverage issues make its equity unattractive until confidence is restored.
China segment highlights Yishen Precision's business model expansion beyond Apple and recommends CSI 300 ETFs for long-term pension investors.
Hyundai Motor has reached historical P/B support near 1.0x, warranting monitoring for a potential bounce.

Ideas

Wang Jeong Department Head 4:58

CSI 300 ETFs safer for long-term China

For long-term pension investors wanting China exposure, the CSI 300 index (large-cap heavy) is safer and better aligned with long-term growth. The startup board (Chuangye) has many unprofitable, high-multiple stocks and large drawdown risk, making a regular investment plan (DCA) into CSI 300 ETFs more attractive.

Wang Jeong Department Head 5:18

Yishen Precision diversifying, deserves higher multiple

Chinese Apple supplier Yishen Precision is transforming its business model beyond Apple, expanding into AI data center server assembly, European electric vehicle parts, and other high-margin areas. This mix shift should drive margin expansion and a re-rating of the stock from its historical 15x multiple toward 20–30x, as the higher-growth AI and automotive segments deserve a premium valuation.

Yuri Pro Analyst 17:29

Korean memory stocks benefit from Micron beat

Korean memory champions Samsung Electronics and SK hynix are entering a re-rating phase. Micron's blowout results and guidance reinforce that HBM/DRAM pricing power and demand remain exceptional. Samsung's ADR listing catalyst is gaining traction, and big tech capex guidance will keep being revised upward, sustaining memory demand. With Samsung's forward P/E at only around 6x and an operating margin set to reach 50%+, the stock can rally significantly—targets of 55,000 KRW and beyond are realistic. SK hynix also benefits from the same cycle and ADR listing momentum.

Jun-hyuk 21:11

Bitcoin $52k support critical for cycle continuation

Bitcoin is testing the key support area around $52,000, which coincides with the average cost basis for many holders and a major technical level. While price action is weak, the speaker believes the current cycle is not over and that $52,000 is a level to watch for a potential bounce. The setup remains important for monitoring directional cues.

Jun-hyuk 23:24

MicroStrategy cash strain makes equity unattractive

MicroStrategy’s aggressive Bitcoin buying has strained its cash position and dividend coverage, with the cash reserve falling sharply and preferred stock dividends ballooning. Research analysts argue the company should halt Bitcoin purchases to rebuild cash and restore confidence in the STRK preferred stock model. Until then, the financial structure looks precarious.

Jun-hyuk 32:24

Ethereum institutional pivot is a bullish turning point

Ethereum is undergoing a major structural overhaul—laying off 20% of staff, reorganizing into five clusters, and creating Ethereum Labs to bridge institutions and the protocol. The foundation is pivoting away from deflationary purism toward pragmatic, large-scale adoption of real-world assets and settlement. This institutional pivot marks a turning point that could drive positive repricing of ETH.

Choi Ho Vice President 38:22

Micron's structural cycle supports higher valuation

Micron delivered a massive earnings beat with record gross margins (84.9%) and guided even higher (86%), while operating margins hit 81%. Strategic customer agreements (SCA) now cover 25% of sales, with the goal to reach over 50%, providing long-term earnings visibility. The CEO emphasized that HBM supply shortage will persist well into 2027 and beyond, and that AI is still in the very early innings. Humanoid robots will later drive another huge memory demand wave. This structural cycle justifies a higher valuation for Micron.

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This Chesley Investment Advisory (체슬리투자자문) video, published June 24, 2026, features Wang Jeong, Yuri Pro, Jun-hyuk, Choi Ho discussing ASHR, 002880.KQ, KS, BTC, MSTR, ETH, MU. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang Jeong, Yuri Pro, Jun-hyuk, Choi Ho · Tickers: ASHR, 002880.KQ, KS, BTC, MSTR, ETH, MU