저자: 미상 · 외국인
요약 보기
2026년 2분기 미 증시는 반도체 주도로 강세였으며 SOX 지수가 역대 최고 반기 성과를 기록했다. 마이클 버리는 엔비디아·테슬라·어플라이드머티리얼즈 등에 숏 포지션을 열고 칩 가격이 30% 이상 하락할 수 있다고 경고했다. 메타는 AI 클라우드 사업 보도로 10% 이상 급등했고, 금은 최고가 대비 25% 이상 하락해 4,000달러 아래로 밀렸다. 비트코인은 58,000달러 아래로 떨어져 고점 대비 54% 하락했고 비트코인 ETF는 역대 최대 순유출을 기록했다. 포르투갈에서는 유리보 금리가 정점을 찍었을 수 있으나 7월 대출 상환액은 최대 60유로 오를 전망이다.
다듬은 글
The S&P 500 closed its best quarter since 2020, with chips driving everything and exceeding dot- com bubble levels by more than 15 percentage points. Michael Burry, the man who predicted the 2008 crisis, opened new short positions against Nvidia, Tesla, and others, and says that chip prices could fall by more than 30%.
Meta jumped more than 10% in a single day with a new AI cloud deal that finally explains the huge capital expenditure. Gold fell below $4,000 after dropping more than 25% from its March peak, and the Euribor rate may have already reached its peak, but mortgage payments in Portugal are still expected to rise to €60 in July.
All this and much more in this PT Market News. The second quarter of 2026 ended with Wall Street strong, mainly thanks to semiconductors. The chip index, known as the SOX, has outperformed the S&P 500 by 85 percentage points since the beginning of the year, marking the sector's best half-year performance ever.
This surpasses the previous record, which had been set during the dot-com bubble in the first half of 2000. Micron, Intel, and AMD alone together gained $2 trillion in market value in the quarter. The S&P 500 rose above 7,500 points again and is now about 1.6% away from a new all-time high. And while the market is rising, there are influential voices raising flags.
We have Michael Burry, who is known for having invested against the housing market before the 2008 crisis, has returned to publicly taking short positions . This time it was against Nvidia, Tesla, Caterpillar, and also Applied Materials. This man is comparing the current enthusiasm for chips to the dot-com bubble in 2000 and estimates a possible 30% drop in the sector.
These interpretations divide market participants, with some seeing peaks justified by profits and others seeing signs of excess. Given this scenario of record highs and warnings of a bubble from all sides, it makes sense to look at a more defensive alternative, such as bonds or similar options in this case.
Bonds are one of the fixed-income instruments used to diversify systematic risk, that is, the risk that you cannot eliminate in the stock market no matter how much you diversify the stocks you buy. And this systemic risk is inherent in every economy and may even become an advantage with the rise in interest rates by central banks that is on the way.
If you'd like to see how to invest in bonds in 2026, I'll leave this link in the description. Now, moving on to the big moves by Big Tech, Meta was the star of the day. Shares surged more than 10%, adding approximately $170 million to market value. The reason was a Bloomberg report that Meta is creating a cloud infrastructure business to sell access to its AI computing capacity.
This would put Meta in direct competition with Amazon, Microsoft, and Google. And the market interpreted this as justification for the enormous capital expenditures of the last few quarters. Another highlight, though not so much a positive one, is the gold market, which experienced a significant correction.
The precious metal fell below $4,000 after retreating about 25% from its peak of $5,300 reached in March. The decline was driven by a strengthening dollar and higher bond yields, with the market increasing the likelihood of interest rate hikes. Regarding the rest of the stock market and company results, Nike posted figures above estimates despite the difficulties.
Sales in China fell 12%, but the company expects a tariff refund of $986 million. AeroVironment, the drone manufacturer, saw its shares jump approximately 19% after exceeding expectations. The company's order book grew to $1.2 million in an environment of heavy defense spending. Corus and Nimbus, on the other hand, fell sharply.
Meta's interest in monetizing its AI infrastructure has led investors to question the sustainability of these cloud companies' business model. SanDisk and Micron also retreated as capital rotation accelerated, but according to Bank of America, supply shortages should limit losses for these memory companies.
Marvell continues its impressive upward trend, rising approximately 71% in six weeks. And Nvidia is counting on a robotics boom that the CEO describes as a multi-million dollar opportunity. In the field of robotics, UBTECH has launched a series of humanoid robots for home use, with over 13,000 pre-orders and prices reaching $146,000.
Micron announced a $250 million investment in so-called Trump accounts, which are savings accounts for American children. According to the U.S. Treasury, the money in these accounts must be invested in low-cost index funds, excluding international bonds and equities. However, ServiceNow and Salesforce have backed away considerably due to concerns about the impact of AI on software.
SpaceX, which is publicly traded , had a difficult day, with a drop of about 8% that wiped out $178 million in market value. Since its peak, it has already lost $895 million. Anthropic restored access to the Fable 5 model after the United States lifted export restrictions. These restrictions had been imposed a few weeks earlier for national security reasons and were removed after Anthropic reinforced the safeguards.
Apple is negotiating the purchase of memory chips from Chinese companies to combat shortages. The company had already raised the prices of some of its products due to a shortage of these components. And the price increase of the iPhone is seen as one of the clearest signs that the costs of AI are reaching the end consumer.
We also have Robinhood, which launched a public blockchain for trading tokenized stocks in over 120 countries. And Circle fell about 16% after Mastercard, Stripe, and other payment companies launched a rival stablecoin called OpenUSD. In the field of the global economy, inflation in the eurozone has slowed.
According to Eurostat, the rate fell to 2.8 in June compared to 3.2 in May, although it is still above the 2% of the previous year. Easing energy prices have eased fears of prolonged inflation linked to the Iran war. In the United States, the new Fed chairman maintained a firm tone on inflation, saying that prices remain too high.
And job openings in the United States also recovered, rising to 7.6 million, the highest figure since May 2024. In the field of geopolitics, oil fell below $68.50 for the first time in four months. The crude oil has completely erased the war prize associated with the conflict between the United States and Iran.
The United States and Iran have reached a preliminary understanding to release approximately $3 million in frozen Iranian assets. On the other hand, the United States decided not to renew a long-term trade agreement with Canada and Mexico in its current form. Instead of a 16-year extension, the pact will now be reviewed annually.
Total oil and refined product production in the United States hit a record high of nearly 22 million barrels per day in April. And commercial traffic through the Strait of Hormuz surged to around 10 million barrels of crude oil per day. In the cryptocurrency market, the week was marked by strong volatility, with Bitcoin falling below $58,000, a 652-day low, accumulating a 54% drop from its peak.
Bitcoin ETFs recorded the largest capital outflow in history. More than 160,000 Bitcoins have left these funds' reserves since the peak in October 2025, with more than 105,000 in 2026 alone. In Portugal, the news that most affects our portfolio is the Euribor, which is expected to have peaked. And those with a home loan with a variable interest rate will feel the pinch, with their monthly payments rising by up to 60 euros in July.
Furthermore, the government wants to understand why fuel prices are not falling at the same rate as they have been rising. We have the environment minister who says she doesn't understand the slow decline in oil prices after the drop in oil prices following the Middle East agreement. Then we have the IGCP, which is the agency that manages public debt, and it has removed the restriction on online purchases of savings certificates.
There is no longer a need to repeat transactions involving 1000 euros or face queues at post office counters. And the Liberal Initiative proposed tax- exempt savings and investment accounts up to 20,000 euros per year, with the aim of creating a system that allows investments up to that amount without taxation on the gains.
And pay attention if you have a house to sell, because the tax authority has clarified an important rule. Because anyone who rents out their primary and permanent residence before selling it risks losing the income tax exemption on capital gains. We also have household deposits in national banks which have reached a new record, exceeding 203 million euros.
And the unemployment rate fell to 5.5% in May, which is lower than in April and also lower than in the same month last year. And as a matter of interest, Portugal gained 6,000 new millionaires in the last year, reaching 181,000 fortunes above 1 million dollars, with real estate continuing to be the preferred asset of wealthy Portuguese people.
On the other hand, the Minister of Labor admitted to studying the capitalization of pensions, but assures that it is not a structural reform of social security. In his words, these would only be complementary measures. Finally, DECO PROTESTE launched a platform to help families save money. This tool allows you to find the best telecommunications plan and see how much you can save, even with contract commitments.
Therefore, I truly hope this video was helpful. If you've already liked it, don't forget to leave a like to show your support, and, well, until next time .
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