Finance

Samsung Electronics reported an impressive 19-fold surge in quarterly operating profit driven by artificial intelligence demand, yet the strong results failed to satisfy high investor expectations. The announcement fueled global skepticism regarding the near-term returns on massive AI capital investments, prompting a broad sell-off across memory and hardware stocks like Micron Technology and SanDisk.

Crude oil benchmarks jumped significantly after reports emerged that Iranian forces fired upon commercial vessels in the critical Strait of Hormuz. In response, the U.S. military conducted retaliatory strikes and the Treasury Department revoked global waivers permitting Iran to export its crude, boosting West Texas Intermediate and Brent crude futures while pushing up Treasury yields.

Shares of Space Exploration Technologies dropped roughly 7% on the day of its official inclusion into the Nasdaq 100 index. The decline pulled the stock below its initial June opening price, driven by early investors taking advantage of the listing to offload positions to institutional funds.