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Gary Black, managing partner, investor at The Future Fund, reports that U.S. stocks declined during ongoing U.S.-Iran peace talks, as tensions persisted around the Strait of Hormuz. Brent crude prices fell to $76 per barrel. SK Hynix priced its U.S. ADR listing at a record $26.5 billion, with shares at $149 and demand exceeding available shares. Investor concerns remain over the sustainability of recent market dynamics.
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Black previously highlighted how weak Samsung earnings weighed on U.S. stocks and AI chip shares. In a separate analysis, he compared valuations, noting investors pay 150 times 2026 EV/EBITDA for SPCX versus 19 times for NVDA in recent trade. These observations reflect ongoing attention to earnings and valuation disparities in the sector.