Tuesday - June 23, 2026
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 23 June 2026
⏱️ 9 minutes
🧾️ Download transcript
Summary
Brian Szytel recaps a broad market sell-off led by technology and semiconductors, highlighting a nearly 10% drop in South Korea’s KOSPI—an index heavily concentrated in Samsung and SK Hynix—attributed to valuation, demand shifts, and DRAM supply issues after a major run-up. He notes similar 5–10% declines in high-flying semiconductor names and emphasizes that despite real AI-driven demand and a rare reversal of decades-long chip price declines due to supply-demand imbalance, valuations still matter. On the economic front, flash PMIs were strong: manufacturing surged to 55.7, the highest in a little over four years, and services also beat expectations, supporting an improving growth backdrop tied partly to data-center CapEx. He addresses concerns about the U.S. dollar losing reserve status, arguing no viable replacement exists, citing dollar dominance in FX (90%) and global reserves (57%) versus the euro (20%).
00:00 Summer Market Check-In
00:31 Global Tech Sell-Off
01:38 Semis Valuation Reality
02:01 AI Chip Demand Shift
02:48 PMI Data Highlights
03:43 Dollar Reserve Status Fears
04:32 What Could Replace Dollar
05:53 Reserve Currency Numbers
06:32 Wrap Up and Q&A
Links mentioned in this episode: DividendCafe.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe, weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:11.8 | Welcome back to Dividend Cafe. This is Brian Saitel, your host here today on Tuesday, June the 23rd, on a bright summer, sunny day. And I hope everyone is |
| 0:23.5 | enjoying your kickoff and start to your summer. I just dropped my kids off at their summer camp, |
| 0:28.7 | so enjoying a little more freedom and a little bit more time to read about the markets. |
| 0:33.1 | And I'll go through that with you here today because we had a sell-off and it was really broad-based |
| 0:38.2 | across technology and largely in the semiconductor arena and there's a lot of reasons for that. |
| 0:43.7 | Overnight, in Asia, the Kaspi, which is the South Korean Index, which is the number one global |
| 0:48.7 | performing index on the year, was down just under 10%, right at 10%, 9.99% on the day. |
| 0:56.1 | It's a huge sell-off. |
| 0:57.0 | Why? |
| 0:57.8 | If you think the SMP 500 is concentrated, because it is, if you look at the Cosby, 45% of that |
| 1:04.1 | index is literally two stocks. |
| 1:06.3 | It's Samsung and a semiconductor company called S.K. Hynix. |
| 1:10.7 | Those two stocks were down big time, and the |
| 1:13.1 | story really is just about valuation and some shift within demand and some supply issues with |
| 1:19.9 | DRAM with those companies. But really, it's just about the tripling of them over the past 12 |
| 1:25.6 | months, not just the two stocks, but the actual index |
| 1:28.4 | itself. And so as they say, what goes up must come down. You know, trees don't grow into the |
| 1:33.8 | sky, all the different things that you want to come up with. But basically, you just had some |
| 1:37.6 | froth coming out of all the momentum stuff in the market. And that was then triggering across the |
| 1:43.0 | globe. And so our markets actually opened up lower. |
| 1:45.5 | Futures were down already. But we traded lower for most of the day throughout. And same thing. |
... |
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