Digital Meson Signal Library

Three stories defined the week. TSMC beat every Q2 metric and raised 2026 capex to a record $60–64 billion — and the AI-chip complex sold off anyway, a signal that markets now treat capital discipline, not growth, as the scarce asset. IBM’s earnings warning knocked software down sector-wide on fears that enterprise budgets are rotating from SaaS seats into AI hardware; the same dollars are arriving as GPU, memory, and storage demand on the other side of the ledger. And DDR4 spot prices jumped 13–26% in a week even as memory equities entered a bear market — spot is trading 2026 scarcity while stocks trade the 2028 supply response. Watch SK Hynix (July 29) and Samsung (July 30) earnings to test whether record memory profits survive their own capex.