Daily US Equity Report 2026-06-27 (Sat)

US 06/27　[OpenAI reportedly delays IPO to 2027, hammering the AI trade; memory & semis take profits and crash vs software & healthcare taking the baton: 6/26 all three indices close roughly flat (Dow -0.09% / S&P -0.05% / Nasdaq Composite -0.24% / SMH -3.97%), but NDX -1.09% semis uniquely weak, a drag; WDC -13.17% / STX -12.24% / SNDK -10.46% / QCOM -7.57% / MU -6.69% / AMAT -6.16% memory & equipment broadly take profits, NOW +9.85% / LLY +7.13% / APP +6.99% / MSFT +5.71% / CRM +5.45% / IBM +5.17% software & healthcare rebound sharply, AAPL +3.14% stops the bleeding; VIX eases to 18.41, oil crashes -3.5%, breadth narrows 102:98; the 20D list shrinks to 7 names, the 5D momentum board rotates into 8 healthcare names]

Data as of：2026-06-26 (Fri) actual US-close figures　·　Generated：Taipei 6/27 07:00

One-line summary

Main axes

Policy & liquidity

🔍 3 Focal Points to Watch

• Whether memory/equipment profit-taking keeps falling ⭐⭐⭐ — After MU's “sell-the-news” earnings, broad single-day profit-taking (WDC -13% / SNDK -10% / MU -7%), 5D momentum has turned negative(MU 5D -0.15% / SNDK -4.3%). Watch whether next week retests support and steadies or the bullish trend reverses, which will define whether the memory super-cycle is a “healthy pullback” or a “top.”

• How deep the OpenAI IPO delay hits the AI trade ⭐⭐⭐ — The NYT reports OpenAI may delay its listing to 2027, shaking the entire AI capex narrative; SoftBank tumbles. If concerns spread, it could pressure the AI server / ASIC / power-infrastructure chain; but large-cap software rose sharply in the opposite direction today, so watch for a structural shift of “capital fleeing capex and rotating into the monetization end.”

• Whether the software/healthcare rebound can continue ⭐⭐ — Oversold large-cap software (NOW +9.85% / MSFT +5.71% / CRM +5.45%) and defensive healthcare (LLY / ABBV / JNJ / MRK) lead today, the 5D momentum board fully rotates into healthcare names. Watch whether this is a short bounce of “safe-haven rotation amid the semis selloff” or a fresh leg up for value/defensives.

⚡ This week's cadence：6/24 (Wed) cash equities steady + MU's after-close blowout → 6/25 (Thu) memory/equipment party + hot PCE 4.1% → 6/26 (Fri · disclosed) OpenAI reportedly delays IPO + memory profit-taking crash, software & healthcare take the baton + UMich confidence final 49.5 → next week 6/30 (Mon) NKE earnings、7/1 (Tue) ISM Manufacturing + JOLTS → 7/3 (Fri) June nonfarm payrolls (released early) + US market early close → 7/4 (Sat) Independence Day holiday

1ABBV AbbViePharmaceuticals

Strongest three timeframes + cheap valuation: 5D/10D/20D (17.0/12.7/15.9) — the strongest in the whole list and the only one double-digit across all three; 6/26 +4.20% leads the defensive healthcare rotation, Fwd only 15.6x in the pharma cheap band (12–22), tops the momentum × cheapness ranking.

2MRK MerckPharmaceuticals

Three timeframes aligned + cheapest valuation: 5D/10D/20D (13.0/7.3/8.1) all positive, Fwd only 13.5x is the lowest of the five, deep pharma value; 6/26 +2.56% steady gain, an extremely low valuation layered with defensive momentum ranks 2nd.

3JNJ Johnson & JohnsonPharma/medical devices

Three timeframes steady + mega-cap weight: 5D/10D/20D (11.5/6.9/10.3) all positive, low volatility, 6/26 +3.99%, Fwd 20x mid of the pharma band, TTM net income $21.0B; defensive flagship ranks 3rd.

4NVO Novo NordiskPharma/GLP-1

Three timeframes aligned + cheap valuation: 5D/10D/20D (11.3/9.4/5.6) all positive, 10D momentum especially strong, 6/26 +0.90%, Fwd 14.6x on the low side, the GLP-1 weight-loss leader; momentum × cheapness ranks 4th.

5DHR DanaherLife sciences

Three timeframes aligned and balanced: 5D/10D/20D (11.0/8.7/8.8) nearly equally strong across all three, the most stable, 6/26 +1.75%, Fwd 21.3x mid of the life-sciences band; medical-instruments defensive momentum ranks 5th.

① Market structure: the great rotation reverses, indices close flat: all three indices flat — Dow -0.09% to 51,876.11, S&P -0.05% to 7,354.02, Nasdaq Composite -0.24% to 25,297.62, but SMH -3.97% / NDX -1.09%, semis uniquely weak、IWM +0.31% closes green against the trend。VIX falls -2.54% to 18.41, VXN 30.82, 10Y ~4.37%, oil crashes -3.5%. Breadth narrows to 102 up vs 98 down (1.04:1) — software & healthcare take the baton, offsetting the semis selloff; the index treads water with violent internal counter-rotation.

② Theme 1: OpenAI reportedly delays IPO, the AI trade hits a wall: The New York Times reports OpenAI may delay its IPO to 2027(having confidentially filed on 6/8); SpaceX's listing rising then falling makes advisors worry about retail appetite. The news ignites AI capex concerns, SoftBank tumbles, AI tokens crash, the AI hardware chain — memory / equipment / ASIC / power infrastructure — broadly takes profits, SMH -3.97% leads the decline, the power sub-sector's 20D turns negative.

③ Theme 2: memory super-cycle takes profits, sell-the-news：the day after MU's blockbuster earnings, the memory/equipment names that fed the whole village the prior day broadly take profits — WDC -13.17% / STX -12.24% / SNDK -10.46% / MU -6.69% / AMAT -6.16%, the memory/HDD sub-sector's 1D average -10.6% is the heaviest, 5D momentum broadly turns negative(MU 5D -0.15% / SNDK -4.3% / WDC -21.41%), dropping out of the momentum selection and part of the list; whether the bullish trend reverses becomes next week's key question.

④ Theme 3: software & healthcare take the baton, the defensive rotation begins：capital rushes back into oversold large-cap software (NOW +9.85% / MSFT +5.71% / CRM +5.45% / IBM +5.17% / PLTR +5.28%, the software sub-sector 1D +4.8%) and defensive healthcare (LLY +7.13% / ABBV +4.20% / JNJ +3.99% / MRK +2.56%)；the 5D momentum board fully rotates into 8 pharma & life-sciences names. UMich confidence final revised up to 49.5, oil crashes -3.5% easing inflation, aiding defensives and high-dividend.

⑤ List changes：the main 20D list shrinks from 8 to 7 names(WDC / LRCX drop below the 20% threshold): AMAT +39.40% tops the board, MRVL +30.24% ranks 2nd, KLAC +28.99% ranks 3rd, but most 1D / 5D have turned negative. The 5D momentum board grows from 6 to 8 names, fully rotated into healthcare(ABBV +17.03% / GLW +13.41% / MRK +12.99% / JNJ +11.50% / NVO +11.30% / DHR +10.97% / TMO +10.42% / WELL +10.01%). Sub-sectors: Equipment +24.9% ＞ Memory/HDD +15.7% ＞ Cybersecurity +13.1% ＞ AI servers +11.1% ＞ Logic/ASIC +5.2% ＞ Power -2.0% ＞ CPU -6.4% ＞ Software/AI cloud -12.7% at the bottom.

⑥ Conclusion & this week's strategy：OpenAI reportedly delays its IPO, hammering the AI trade; the memory super-cycle takes single-day profits while software & healthcare strongly take the baton, showing the “AI hardware → value/defensives great-rotation reversal”. On positioning: Memory / equipment groupalthough 20D momentum still ranks near the top and valuations are cheap (MU Fwd 7.6x), the single-day profit-taking was large, 5D momentum turns negative, so watch for a retest of support, don't rush to chase, set tight stops；Defensive pharma (ABBV / MRK / JNJ / LLY) momentum strengthens across three timeframes + cheap valuation, the new main line of the momentum selection, but watch whether it's only a short-term safe haven amid the semis selloff. On the macro side, UMich confidence final rebounds to 49.5 and falling oil eases inflation, but the OpenAI IPO concerns and AI capex-monetization pressure remain the biggest variable for AI-chain valuations.