ICYMI: the 7 biggest tech stories of the week, from the world's techiest e-bike to Apple vs OpenAI drama

• A cybersecurity newsletter covering July 13–17, 2026, highlights a growing trend of state-backed operators using commercial AI coding tools to facilitate attacks on government networks. • The report details a critical security failure where hackers breached a Microsoft IIS server and successfully deployed ransomware across an entire enterprise network in less than 24 hours.

• Skyroot Aerospace of India achieved a major milestone on July 18, 2026, by successfully launching the country’s first privately developed orbital rocket. • In contrast, SpaceX experienced a setback on Thursday when a prototype Starship launch was terminated seconds before liftoff.

• Asian markets showed mixed results as a deepening selloff in AI-linked tech stocks caused South Korea's Kospi to slide nearly 5%. • In contrast, Hong Kong's Hang Seng Index rose 2.1% to 25,105.78 and mainland China's Shanghai Composite Index gained 1.2% to 3,808.39.

• South Korean retail investors have poured billions into leveraged bets on AI-related stocks, shifting the market from a stable bellwether to a high-volatility "AI frenzy." • As of July 17, margin loans remain high at 34.37 trillion won ($23 billion), following a June peak of 38.6 trillion won.

• Investors are showing signs of hesitation regarding the "AI trade," specifically targeting chipmakers who have served as the primary infrastructure providers for the artificial intelligence boom. • Market analysts are pointing to South Korea's benchmark stock index, the KOSPI, as an early warning signal that the sector's rapid growth may be cooling.

• South Korea's Kospi index plummeted nearly 5% as investors aggressively sold off stocks linked to artificial intelligence. • In contrast, Taiwan's Taiex remained relatively stable, edging down less than 0.1% supported by a 2% rise in TSMC shares.

• Beijing is mandating that Chinese companies and consumers use domestic AI models from firms like DeepSeek, Alibaba, and Moonshot instead of global leaders like OpenAI's ChatGPT or Anthropic's Claude. • In a significant regulatory move in April, Chinese authorities ordered Meta to reverse its $2 billion acquisition of the Singapore-based AI firm Manus, citing national security concerns.

• Wall Street experienced a downturn on Friday as investors shifted away from the artificial intelligence sector due to growing concerns over frontier AI development. • In contrast to the U.S. market retreat, the Australian Securities Exchange (ASX) managed to edge slightly higher.

• On July 19, 2026, the Moonshots panel, including Peter Diamandis and Emad Mostaque, discussed the implications of AI and economic restructuring. • Salim Ismail proposed that Universal Basic Income (UBI) should be framed as an automation dividend or negative income tax, arguing for a shift from taxing labor to taxing capital.

• South Korea's stock market is increasingly influencing global equity trends due to the dominant role of AI-driven semiconductor companies. • Industry giants SK Hynix and Samsung Electronics are central to this shift, serving as pivotal suppliers of the high-bandwidth memory chips essential for AI infrastructure.

• Global investors are increasingly relying on the South Korean stock market as a primary indicator for the health of the global AI trade. • Portfolio managers, such as Hani Redha of PineBridge Investments, now monitor Seoul's market activity and SK Hynix's performance to gauge AI sentiment.

• India is expanding its technology strategy beyond chip fabrication and assembly to include the development of semiconductor equipment, materials, and AI capabilities. • The initiative aims to build a comprehensive local ecosystem and strengthen global supply chains and trade partnerships to secure a larger role in the electronics sector.