Top Stock Market Highlights of the Week: Singapore Tech Stocks, SK Group and NVIDIA, Singapore’s Support Package and SGX
A global chip rout dragged down Singapore’s technology counters this week, even as South Korea’s SK Group and NVIDIA (NASDAQ: NVDA) unveiled one of the largest artificial intelligence (AI) infrastructure commitments to date.
Closer to home, the government rolled out a second round of cost-of-living support for households and businesses, while Singapore Exchange (SGX: S68) struck a licensing deal that materially widened its derivatives shelf.
Here are the four developments we are watching.
Chip sell-off drags Singapore technology counters lower
Singapore’s technology and semiconductor counters were caught in a global memory chip rout on Tuesday, 28 July 2026.
Frencken Group (SGX: E28), a supplier to Applied Materials (NASDAQ: AMAT), took the largest hit and fell 8.9% by the close, while UMS Integration (SGX: 558), also an Applied Materials supplier, declined 8.5%.
AEM Holdings (SGX: AWX) shares dropped 8.5% and CSE Global (SGX: 544) shed 4.9%.
The trigger was a 5.8% slide in ASML (NASDAQ: ASML) after a report that an unnamed state-backed Chinese company can now mass-produce immersive deep ultraviolet lithography machines – tools regarded as a central workhorse of the semiconductor industry and a core revenue stream for ASML, which is estimated to hold as much as 90% of the lithography market.
Japanese equipment makers Nikon (TYO: 7731) and Canon (TYO: 7751) fell as much as 9.2% and 6.3% respectively, while Samsung Electronics (KRX: 005930) and SK Hynix (KRX: 000660) retreated by as much as 9.5% and 10.9%.
Ironically, the weakness came just after Chinese memory maker ChangXin Memory Technologies, or CXMT (SSE: 688825) became the country’s most valuable listed company, its shares surging 466% on their Shanghai trading debut following an initial public offering said to be more than 200 times oversubscribed.
Morningstar equity analyst Jing Jie Yu, however, called the debut close overdone and now views the shares as considerably overvalued.
SK Group and NVIDIA unveil sweeping AI infrastructure pact
SK Group and NVIDIA announced on 24 July 2026 plans for a partnership worth more than US$500 billion to build AI infrastructure, spanning AI factory construction through to AI memory supply, with letters of intent signed to formalise the agreement.
SK Telecom (KRX: 017670) will build a two-gigawatt AI cloud in Korea using NVIDIA’s DSX platform and Vera Rubin accelerated computing powered by SK Hynix HBM4, with the first AI factory planned to come online in 2027.
Separately, SK Hynix is entering a long-term AI memory partnership with NVIDIA that secures the chip designer a stable supply of next-generation memory, including high-bandwidth memory, with both parties codeveloping solutions for workloads ranging from large language model training to agentic and physical AI.
