Global Equity Markets Re-evaluate the AI Boom: Weekly Market Report for the Week Ending 26 June 2026

The global equity markets experienced a week of intense volatility and structural realignment during the week ending 26 June 2026¹. For the past several quarters, the narrative of untamed optimism surrounding artificial intelligence (AI) had driven major indices to consecutive all-time highs⁴. However, this week marked a significant regime shift, as downstream price increases from major hardware and software providers triggered a sharp re-evaluation of valuation multiples¹. Investors increasingly focused on the capital-intensive nature of the AI buildout, questioning the timeline for return on investment for hyperscalers and downstream consumer-facing enterprises¹.

A key macroeconomic development of the week was a pronounced sell-off in energy markets². This decline followed the signing of an interim memorandum of understanding between the United States and Iran, which facilitated a partial recovery of commercial shipping traffic through the critical Strait of Hormuz². Brent crude fell below 73 USD per barrel, providing a disinflationary cushion that briefly softened global inflation worries².

However, this structural relief was quickly challenged by resilient domestic macroeconomic prints¹. In the United States, personal consumption expenditures (PCE) accelerated, while Australian labour data continued to beat expectations, reinforcing a “higher-for-longer” interest rate posture among major central banks¹. While defensive, value, and industrial sectors capitalised on this macroeconomic backdrop, tech-heavy indices endured severe liquidations, leading to dramatic intraday sell-offs in both Asian and Western markets¹.

United States Stock Market

The United States stock market finished the week with a highly bifurcated performance, reflecting a structural rotation away from growth equities and into value-oriented and defensive sectors¹. The technology-heavy Nasdaq Composite led the declines, plunging 4.60 per cent over the week to close at 25,297.62 points¹⁴. The broader S&P 500 Index fell 1.95 per cent to end at 7,354.02 points, marking only its second weekly drop in the past thirteen weeks¹⁴. Conversely, the blue-chip Dow Jones Industrial Average demonstrated notable relative strength, gaining 0.60 per cent across the five sessions despite dipping 44.51 points, or 0.10 per cent, on Friday to close at 51,876.11 points¹⁴.

This divergence was primarily driven by margin-related anxieties across the hardware and software ecosystems¹. The trigger was a series of downstream price increases introduced by major consumer-facing technology companies, indicating that the elevated costs of memory and storage chips are beginning to impact consumer products¹. Apple Inc. announced price hikes of up to 20 per cent for its MacBook and iPad lineups in major markets, including India, to counter surging input costs for high-bandwidth memory¹. This announcement prompted concerns about demand elasticity and consumer pushback, leading to a 6.1 per cent drop in Apple’s share price and wiping out approximately 250 billion to 263 billion USD in market value¹. Similarly, Microsoft Corp. raised retail prices for its Xbox gaming consoles, citing comparable storage and memory cost pressures, which dragged its shares down by 4.0 per cent⁷. Other mega-caps, including Alphabet, Meta Platforms, and Nvidia, fell between 0.5 per cent and 3.5 per cent over the week as investors questioned whether heavy, debt-funded spending on AI infrastructure could be sustained¹.

The physical manufacturing and memory sectors, however, experienced notable gains¹. Micron Technology surged 15.70 per cent following blowout quarterly earnings and a robust revenue forecast of 50 billion USD, which highlighted the continuing demand for hardware¹. SanDisk climbed 22.00 per cent, while Western Digital, Seagate Technology, and Qualcomm all recorded positive moves, indicating that while downstream providers are facing margin compression, upstream component suppliers retain strong pricing power¹.

In other corporate developments, ON Semiconductor registered a sharp 23.70 per cent drop on Friday after announcing a 7 billion USD all-stock acquisition of Synaptics¹⁴. On the positive side, Bio-Techne Corp rose 22.59 per cent over the week to close at 71.02 USD after Germany’s Merck KGaA agreed to acquire the firm for 73 USD per share in cash¹.

On the macroeconomic front, the US Department of Commerce reported that May PCE inflation—the Federal Reserve’s preferred measure—rose to 4.1 per cent year-on-year, marking the first print above the 4 per cent threshold in three years¹. This increase was primarily driven by energy costs incurred during the peak of the Middle East conflict¹. The core PCE, which excludes food and energy, rose 0.3 per cent month-on-month and 3.4 per cent annually¹¹. These figures, combined with an upward revision of first-quarter GDP growth to 2.1 per cent and a drop in initial jobless claims by 12,000 to 215,000, kept the Federal Reserve on a hawkish path¹. Market participants currently price in an 80 per cent probability of a 25-basis-point interest rate hike before the end of the year¹.

European Stock Market

European equity markets closed the week on a subdued note, tracking the downbeat global sentiment as tech sector liquidations offset defensive gains⁶. On Friday, France’s CAC 40 index fell 0.69 per cent to close at 8,373 points²⁰. This marked the CAC 40’s first weekly decline after five consecutive weeks of gains, driven by the broader technology correction and STMicroelectronics falling 3.23 per cent on Friday²⁰. Germany’s DAX 40 index fell 1.30 per cent on Friday to close at 24,671 points, halting a two-day advance and struggling below the critical 25,000-point psychological resistance level¹⁷.

The primary pressure on the Frankfurt exchange was concentrated in hardware manufacturers and companies exposed to AI-focused data centres¹⁸. Infineon Technologies dropped nearly 5.00 per cent, while industrial engineering groups Siemens Energy and Hochtief shed 5.60 per cent and 2.40 per cent, respectively, as concerns mounted over the rising capital requirements of the AI buildout¹⁸.

In the United Kingdom, the benchmark FTSE 100 index outperformed its continental peers, gaining 1.40 per cent over the week despite a minor 0.20 per cent slide on Friday to close at 10,508.02 points⁶. The UK index’s relative resilience is attributed to its composition, which is heavily weighted toward defensive, financial, and commodity sectors rather than pure-play technology⁶.

On Friday, energy heavyweights BP and Shell fell 2.00 per cent and 0.80 per cent, respectively, as international crude prices softened⁹. This decline was balanced by gains in defensive stocks⁶. British American Tobacco (BAT) and Imperial Brands rose 1.10 per cent and 0.80 per cent, respectively, with BAT supported by a newly announced share buyback programme⁶.

Supermarket groups Tesco and J Sainsbury also posted gains as investors sought defensive positioning⁶. Top risers on the FTSE 100 on Friday included Endeavour Mining, Coca-Cola HBC, Sage Group, Burberry, and Reckitt Benckiser⁶.

Conversely, housebuilders faced selling pressure, with Barratt Redrow, Persimmon, and Berkeley Group finishing lower⁶. This followed reports that potential UK tax reforms could replace council tax and stamp duty with a single annual property tax, raising transaction costs for developers⁶.

In technology-adjacent corporate news, financial technology firm Wise plc reported its full-year results for the period ending 31 March⁴⁰. Net revenue rose 19 per cent to 2.50 billion USD, although pretax income fell to 660.4 million USD from 717.5 million USD⁴⁰. Wise announced a new buyback programme of over 500 million USD and projected net revenue growth of 15 to 20 per cent for the fiscal year 2027, leading to a rise in its share price⁴⁰.

Asian Stock Markets

South Korea

South Korea’s equity markets experienced the most severe volatility in the region, with the benchmark KOSPI index tumbling 5.81 per cent on Friday to close at 8,411.21 points⁷. This drop triggered a mandatory 20-minute circuit breaker suspension after intraday losses approached 9.00 per cent, marking the second such intervention during the week³.

The KOSPI’s decline represented a sharp unwinding of crowded positioning in South Korea’s memory chip sector, which had driven the index to an all-time high of 9,000 points just a week earlier⁵. The liquidation was concentrated in the high-bandwidth memory (HBM) supply chain⁵. SK Hynix, which had briefly overtaken Samsung Electronics in market capitalisation, saw its shares plunge 8.40 per cent on Friday, while Samsung Electronics fell 5.30 per cent⁴.

Despite both manufacturers maintaining solid backlogs for hardware components, institutional managers locked in profits, fearing that the pace of hyperscaler capital expenditure may be slowing relative to expectations⁵.

Japan

In Japan, the Nikkei 225 index declined 4.15 per cent on Friday to close at 69,360.88 points, giving back gains from earlier in the week when it was trading above 72,300 points⁴. The broader TOPIX index fell 1.32 per cent to close at 3,963.36 points²¹. For the week, the Nikkei registered a decline of approximately 1.30 per cent²⁴.

The primary weight on the Tokyo market was tech investment heavyweight SoftBank Group Corp., which plunged nearly 13.00 per cent on Friday²³. SoftBank was affected by reports that OpenAI might postpone its highly anticipated public listing to 2027, which would delay potential investment returns for the Japanese investor⁶. Other technology shares followed, with semiconductor testing specialist Advantest falling 9.60 per cent and Tokyo Electron losing 3.20 per cent²³.

Market sentiment in Japan was also influenced by domestic macroeconomic data²³. June core inflation for Tokyo rose to 1.90 per cent, up from 1.60 per cent in May, beating analyst estimates⁴⁵. This marked the first uptick in core inflation in eight months, increasing expectations that the Bank of Japan will proceed with interest rate normalisation, which put upward pressure on the yen and weighed on exporters⁴⁴.

China and Hong Kong

Chinese and Hong Kong equities fell sharply, extending their underperformance relative to global peers⁴. On Friday, China’s blue-chip CSI 300 Index fell 3.00 per cent, while the Shanghai Composite Index lost 2.26 per cent to finish at 4,027.26 points²¹. Over the week, the Shanghai Composite declined by 1.50 per cent, weighed down by an active sell-off in domestic AI and hardware technology components²⁷.

China’s CSI Artificial Intelligence Index dropped 4.60 per cent on Friday, and the CSI 5G Communication Index fell 5.80 per cent, with optical module global leader Zhongji Innolight losing 5.30 per cent²⁷.

The mainland market continued to show a K-shaped divergence; while domestic hardware technology stocks experienced momentum trading, traditional consumer and financial sectors, including major liquor manufacturers, declined²⁷. Non-ferrous metals and liquor stocks fell 4.40 per cent and 3.10 per cent, respectively, on Friday²⁷.

In Hong Kong, the benchmark Hang Seng Index dropped 1.76 per cent on Friday to close at 22,671.86 points, marking a fresh one-year low²¹. Over the week, the Hang Seng fell 5.20 per cent, its worst weekly decline since April 2025²⁷.

Tech majors listed in the territory led the declines, falling 3.40 per cent on Friday and 7.60 per cent over the week²⁷. Large-cap internet platform companies faced persistent capital rotation, with Tencent falling 2.00 per cent, Meituan dropping 3.00 per cent, and Semiconductor Manufacturing International Corporation (SMIC) sliding 6.80 per cent⁴⁶.

India

Indian equity markets were closed on Friday, 26 June 2026, for the Muharram public holiday²⁹. However, during active trading ending Thursday, 25 June, the market demonstrated resilience against global technology headwinds²⁹. The 30-share BSE Sensex closed Thursday at 77,100.47 points, gaining 0.14 per cent, while the 50-share National Stock Exchange Nifty 50 Index rose 0.14 per cent to close at 24,056.00 points²⁹. Notably, the Nifty reached a multi-month intraday high of 24,261.60 during Thursday’s session before minor profit-taking trimmed gains³⁰.

The domestic volatility index, India VIX, fell 2.50 per cent to close at 13.05, representing its lowest level of the entire war cycle and signalling a decline in market anxiety³⁰. The primary driver of this optimism was the slide in international crude oil prices toward 72 USD a barrel, which improves India’s trade balance and enhances the probability of interest rate cuts by the Reserve Bank of India²⁹.

Automotive stocks were the week’s strongest performers, with the Nifty Auto index gaining 2.25 per cent, led by IndiGo-parent InterGlobe Aviation surging 4.82 per cent, alongside gains for Mahindra & Mahindra and Maruti Suzuki²⁹. Conversely, the Indian information technology sector felt the ripples of global tech repricing, with heavyweights including Infosys, Tech Mahindra, and HCL Technologies recording weekly declines²⁹.

In regulatory and corporate developments, Alembic Pharmaceuticals received US FDA approval for its Oseltamivir Phosphate ANDA, targeting a 27 million USD market⁴⁸. Lupin Ltd obtained approval for its Enzalutamide tablets, targeting a 3.7 billion USD oncology market⁴⁸. Jubilant Pharmova’s arm also secured approval for an acid reflux drug targeting a 2 billion USD market⁴⁸.

However, Dr. Reddy’s Laboratories faced headwinds after its Hyderabad biologics facility received a Form 483 with seven observations from the US FDA⁴⁸.

In infrastructure and industrial developments, Transrail Lighting secured transmission and distribution orders worth Rs 459 crore in the MENA region, while Jupiter Wagons won supply orders worth Rs 264 crore⁴⁸. Adani Airports announced a capital expenditure of Rs 20,000 crore to develop airport cities across six domestic airports³¹.

Oceanian Stock Markets

Australia

The Australian share market finished modestly higher on the final trading session of the week, but recorded a negative weekly return overall³². The benchmark S&P/ASX 200 index rose 15.5 points, or 0.18 per cent, to close at 8,764.20 on Friday, while the broader All Ordinaries index gained 12.6 points, or 0.14 per cent, to end at 8,964.20³². Despite this end-of-week bounce, the ASX 200 dropped 0.73 per cent over the five trading sessions, leaving the local market virtually flat for the calendar year to date³³.

The primary support on Friday came from a rebound in the materials and gold mining sectors³². After touching a year-to-date low of 3,973 USD per ounce due to hawkish Federal Reserve rate expectations, spot gold bounced back to trade at 4,047 USD per ounce³². This rebound propelled local gold miners, with Thailand-focused Kingsgate Consolidated rising 4.46 per cent to close at 5.39 AUD, followed by Ramelius Resources up 3.81 per cent and Perseus Mining up 3.62 per cent³³.

Heavyweight miners also contributed to the index’s support, with BHP Group rising 0.8 per cent to 58.99 AUD and Rio Tinto climbing 2.2 per cent to 173.64 AUD⁴⁹.

From a sectoral perspective, utilities led the market’s gains, rising 1.01 per cent on Friday, while consumer staples and energy also finished in positive territory³⁴. However, the local market’s lack of pure-play AI stocks did not insulate it from the global technology downturn¹². The ASX information technology sector fell 1.17 per cent, dragged down by data centre operator NEXTDC falling 4.5 per cent and network connectivity firm Megaport retreating 3.3 per cent³².

Healthcare was the weakest sector, losing 1.30 per cent as market heavyweight CSL Ltd. shed 2.4 per cent to close at 114.87 AUD³².

The most dramatic individual move of the week was boutique business lender Judo Capital (JDO), which plunged 38.8 per cent to 52-week lows on Thursday, highlighting sensitivity to rising wholesale funding costs¹³. Conversely, consumer discretionary shares rose following household spending data, with fast-casual restaurant chain Guzman Y Gomez jumping 9.26 per cent to 20.75 AUD, and homeware retailer Temple & Webster lifting 4.90 per cent to 6.00 AUD¹².

On the macroeconomic front, Australia’s May labour force data showed employment beating expectations by rising 40,300, while the unemployment rate fell to 4.4 per cent¹². This kept pressure on core inflation, which remained elevated at 3.6 per cent, reducing the probability of near-term rate cuts by the Reserve Bank of Australia¹².

New Zealand

The New Zealand stock market closed a quiet trading week on a flat note³⁵. The benchmark S&P/NZX 50 index gained 2.19 points on Friday to close at 13,495.24 points³⁵. Over the past five trading days, the index fell by 0.20 per cent, halting a consecutive two-week positive run as investors weighed retail contraction against positive corporate actions³⁵.

A major corporate highlight of the week was infant formula exporter A2 Milk, which surged 3.3 per cent after declaring a special dividend of 300 million USD following successful regulatory clearances in China³⁵. On Friday, market gains were led by logistics major Freightways and steel distributor Vulcan Steel, both rising 2.00 per cent, while the Port of Tauranga added 1.87 per cent³⁵.

However, these gains were neutralised by ongoing weakness in consumer discretionary and retail stocks³⁷. Outdoor retailer Kathmandu Brands led the decliners, falling 4.00 per cent to deepen its six-month losses to 58.00 per cent, reflecting a prolonged squeeze on domestic consumer spending³⁷. Film software provider Vista Group and automotive financier Turners Automotive also fell 2.00 per cent each³⁷.

Market participants in Wellington remained cautious ahead of upcoming business and consumer confidence indices, alongside key employment and inflation data from major trading partners³⁵.

Conclusion

The trading week ending 26 June 2026 served as a pivotal turning point in the structural dynamics of global equity markets, marking a transition from speculative momentum to rigorous margin evaluation¹. The massive divergence between upstream semiconductor suppliers and downstream consumer platforms highlights a critical reality of the technology sector’s current capital cycle¹. Hardware producers like Micron continue to demonstrate explosive revenue growth because physical component demand remains structurally undersupplied¹. However, the cost of these inputs is now directly squeezing the profitability of product developers, as seen by the price-hikes implemented by Apple and Microsoft¹. When infrastructure costs are passed down to retail customers, it raises second-order risks regarding demand elasticity and downstream growth rates, prompting institutional managers to reallocate funds to defensive value enclaves¹.

Additionally, the macroeconomic environment remains finely balanced¹³. While the partial reopening of the Strait of Hormuz provided a temporary relief valve for energy prices and global supply concerns, sticky underlying core inflation in major economies like the United States, Australia, and Japan suggests that a return to loose monetary policy is highly unlikely in the short term⁸. High-yielding sovereign debt and elevated wholesale funding costs will continue to test credit-sensitive sectors, as evidenced by the dramatic cash-market liquidations in boutique financials and speculative equities¹³. Navigating the second half of 2026 will require investors to maintain absolute discipline, prioritising robust balance sheets, positive free cash flow, and clear margin visibility over speculative, thematic growth⁵.

General Financial Disclaimer

This report is prepared for general informational and educational purposes only. It does not constitute individualised financial, investment, or professional advice, nor does it make any specific recommendations to buy, sell, or hold any financial instrument or equity. Stock markets involve substantial risks, including the potential loss of principal capital. Investors should conduct their own independent research and consult with a licensed financial advisor, accountant, or qualified professional before making any investment decisions.

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