Shenzhen Component Index falls more than 2%; Taichen Guang plunges over 12%, the worst-performing constituent.

Guojin Securities says Micron Technology has signed 16 Strategic Customer Agreements (SCAs) covering data center, consumer electronics and automotive end markets; auto SCAs run three years, other SCAs are mostly five years. Those 16 SCAs represent roughly 20% of Micron's DRAM shipments and about one-third of its NAND shipments. The SCAs’ price floors would deliver profitability above prior cycle peaks. Micron expects DRAM and NAND tightness to persist into 2027. Guojin projects sustained supply tightness in the memory sector and continued high profitability at Micron; wider SCA adoption is likely to reduce Micron’s realized-price volatility and earnings cyclicality.

SoftBank Group shares fell as much as 12% intraday after reports OpenAI may postpone its IPO until next year, potentially delaying returns for Japanese investors. SoftBank’s exposure to OpenAI was expected to reach about $65bn by October. Markets had treated an OpenAI listing as a major valuation catalyst that helped push SoftBank to record highs and lift its market value above Toyota last month. The New York Times reported OpenAI’s adviser bankers warned tech-sector volatility could damp IPO demand. The move produced SoftBank’s biggest single-day drop in Tokyo in over three months on Friday morning. Strategist Hiroki Takei said an OpenAI IPO would provide a transparent market valuation for SoftBank’s large holdings, including hundreds of unlisted startups, which could narrow the group’s conglomerate discount; a delay would lower those expectations.