AI Chip Correction and Magnificent Seven Resurgence Ahead of Big Tech Earnings Season

테크주 | Mon Jul 20 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 9 sources

Nvidia, AMD, and TSMC expand AI infrastructure amid memory chip selloff while Big Tech earnings expectations rise.

Analysis

[Magnificent Seven] expected to drive S&P 500 rebound ahead of Big Tech earnings season ^[1]

• Recent two-week recovery after first-half 2026 slump
• This week's Big Tech earnings expected to trigger index rally
• Latent upside momentum beneath July market's surface calm

[Micron Technology] dropped 30% from 52-week high amid memory chip selloff ^[3]

• Memory sector entered bear market
• Q3 revenue quadrupled year-over-year to $41.5B
• Q4 guidance projects $50B revenue and adjusted EPS around $31
• Trading at approximately 20x PER reflecting cycle peak concerns

[Samsung Electronics] triggered KOSPI circuit breaker as stock plunged despite 19x operating profit surge ^[4]

• Quarterly operating profit surged approximately 19x year-over-year on AI memory demand
• Stock plunge triggered temporary halt of entire Korean stock market trading
• SK Hynix US listing fundraising expanded supply pressure
• AI memory rally overheating debate emerged

[Nvidia] confirmed Rubin roadmap on track with $20T market cap outlook emerging ^[2][8]

• CEO Jensen Huang reaffirmed no delays for Rubin launch
• Data center capex projected at $4T by 2030
• Recent quarterly revenue grew 85% year-over-year
• next quarter expected to grow 100%
• Hinted at possible resumption of H200 exports to China

[AMD] anticipated new customer announcements ahead of July 22 Advancing AI event ^[5]

• Anthropic expected to be announced as new GPU customer
• Possible addition of Microsoft as GPU customer
• Data center CPU TAM projected to be raised to $200B
• Enhanced inference optimization based on MEXT acquisition

[TSMC] expanded total investment to $265B with additional $100B in Arizona plant ^[9]

• Annual capex guidance raised to $60-64B
• Rapid transition from 5nm to 3nm process
• 2nm process to become new revenue driver in Q3
• US fab construction costs 4-5x higher than Taiwan

[Alphabet] corrected 15% on Gemini 3.5 Pro launch delay ^[7]

• Retraining underway to improve coding performance
• Competitive positioning concerns emerging versus OpenAI and Anthropic
• Q1 revenue grew 22% year-over-year to $109.9B
• Google Cloud revenue surged 63% to $20.0B
• Annual capex plan up to $190B

[Coherent · Lumentum] emerged as silicon photonics beneficiaries as AI clusters hit copper wiring limits ^[6]

• AI data center optical interconnect market growing rapidly
• Optical transceiver market projected to grow 60% to approximately $26B in 2026
• Coherent deepening next-generation silicon photonics partnership with Nvidia
• Improved bandwidth and power efficiency via co-packaged optics

Sources

• [1] Can the ‘Magnificent Seven’ save a stock market that might be doomed without them? - MarketWatch Top Stories
• [2] No Delays for Nvidia: Jensen Huang Says Rubin Is Right on Track - Yahoo Finance
• [3] Memory Chips Just Fell Into a Bear Market. Micron Is Down 30% From Its High Even as AI Demand Booms. - The Motley Fool
• [4] AI Expectations Hit a Fever Pitch - The Motley Fool
• [5] Prediction: Investors Will Be Happy if They Buy AMD Stock Before the Company's Big AI Event on July 22 - The Motley Fool
• [6] Silicon Photonics Investment Is Ramping Fast as AI Clusters Outgrow Copper Wiring. 2 AI Stocks Stand to Win. - The Motley Fool
• [7] Alphabet's Gemini 3.5 Pro Is Late and the Stock Is Slipping. Is the AI Leader Falling Behind? - The Motley Fool
• [8] Jensen Huang's $4 Trillion Artificial Intelligence (AI) Projection Could Propel Nvidia's Market Cap to $20 Trillion - The Motley Fool
• [9] TSMC is accelerating Arizona factory buildout to capitalize on AI 'megatrend,' CFO says - CNBC World Markets