Evening News; The global technology stock sell-off is spreading, and the front part of the US stock storage concept order has risen; JPMorgan Chase said that US stocks still have "deleveraging space"
The sell-off in global technology stocks spreads, and the storage concept of U.S. stocks turned higher before the opening bell; JPMorgan Chase said that U.S. stocks still have "room to deleverage"; Bank of America warned: Gold's decline is far from over; Intel expanded cooperation with Google; When SK Hynix pulled back, Cui Taiyuan called for persistence.
Hong Kong stock market: On July 17, the three major Hong Kong stock indexes fell. The Hang Seng Technology Index fell more than 5% in the afternoon, and finally closed down 4.37%; the Hang Seng Index fell 1.78%, and the China National Index fell 2.18%. On the market, heavyweight technology stocks all fell, with Kuaishou falling by more than 7%, Tencent Holdings and Meituan falling by more than 4%, Alibaba and Baidu falling by more than 3%; optical communication concept stocks fell collectively, YOFC Optical Fiber and Cable fell by 11.17%; semiconductor and chip stocks fell, Huahong Grace, Huahong Grace, Innosec, GigaDevice, and Tianshu Smart Core fell more than 11%; gold stocks fell, and Chifeng Gold fell more than 7%; biopharmaceutical stocks continued to correct, and Kangfang Biotech fell more than 13%; PCB concepts, AI applications, copper mining stocks, film and television stocks, commercial aerospace and other sectors fell. On the other hand, the load of power grids in many places hit historical peaks one after another, and power stocks rose, with Beijing Energy International rising by more than 5%; the shipping and port sectors were active, with voyage ports rising by nearly 12%; water stocks, domestic banking stocks, petroleum stocks, coal stocks, agricultural products, and home appliance stocks rose. U.S. stock market pre-market: The three major stock index futures fell, with Nasdaq 100 futures falling 1.73%, S&P 500 futures falling 0.9%, and Dow futures falling 0.69%. On the market, most star technology stocks fell, with Nvidia falling nearly 3%, and Microsoft, Google, and Tesla falling more than 1%. Storage and semiconductor stocks narrowed their pre-market declines, and some turned higher. Intel fell more than 3%, Western Digital and AMD fell more than 2%, Micron Technology and SanDisk rose about 1%, and SK Hynix rose nearly 4%. Performance stocks are underperforming! Intuitive Surgery fell more than 12%, and Netflix fell nearly 10%. Top 20 Hong Kong stocks by trading volume Southbound funds sold a net HK$1.457 billion of Hong Kong stocks today. The turnover of southbound funds today was HK$155.193 billion, and the turnover of the Hong Kong stock market was HK$347.325 billion. Among the top ten traded stocks in the southbound direction, Tracker Fund, Southern Hang Seng Technology, and Xiaomi Group-W received net purchases of HK$2.975 billion, HK$971 million, and HK$322 million respectively. Alibaba-W, Meituan-W, and Huahong Grace received net sales of HK$2.451 billion, HK$2.036 billion, and HK$1.939 billion respectively. Global tech stock sell-off spreads The global sell-off in technology stocks is accelerating. Investors have questioned whether the artificial intelligence-driven rally can be sustained, triggering a massive reduction in positions. On July 17, Asia-Pacific stock markets suffered their worst single-day decline this year. The Nikkei 225 index once fell 6.2% during the session, and finally closed down 4.03%, at 64141.12 points; the GEM index fell 8.2% during the session, and finally closed down 7.15%, at 3428.63 points; the Korean market was closed due to public holidays. Bloomberg strategist Mark Cranfield pointed out that the speed and extent of the decline in Asia's major stock indexes have begun to show the characteristics of panic selling, and investors are eager to lock in gains for the rest of this year. Halfway through July, traders’ book losses continue to accumulate, further exacerbating the deterioration of market sentiment. The momentum funds that had previously dominated the market in the first half of the year are reversing, and investors are beginning to cash in on the gains from AI transactions and strong technology stocks. Leveraged bets in the Korean market have further amplified this round of selling pressure. Domestic refined oil prices will rise tonight, filling up a tank of oil will cost you 12 yuan more Domestic refined oil prices will rise tonight. On July 17, the National Development and Reform Commission announced that starting from 24:00, domestic gasoline prices and diesel prices would increase by 300 yuan/ton and 290 yuan/ton respectively. Equivalent to a price increase, No. 92 gasoline will increase by 0.24 yuan, No. 95 gasoline will increase by 0.25 yuan, and No. 0 diesel will increase by 0.25 yuan. The cost of residents’ self-driving travel and commuting will increase. For example, a private car will cost about 12 yuan more to fill up a 50L tank of fuel at a time; in the logistics industry, taking a heavy-duty truck with a monthly mileage of 10,000 kilometers and a fuel consumption of 38L per 100 kilometers as an example, the fuel cost of a single vehicle will increase by about 443 yuan before the next price adjustment window opens. After this round of price adjustments, the price of diesel fuel in most areas across the country is 7.2-7.4 yuan/liter, and the retail price of No. 92 gasoline is limited to 7.2-7.3 yuan/liter. There is still room for “deleveraging” in U.S. stocks! JP Morgan: It will take three months to return to pre-April levels
The shadow of U.S. stock market deleveraging has not yet dissipated. JPMorgan Chase pointed out that the investor deleveraging process launched in the United States in June is still continuing. There is room for further deleveraging in the three areas of leveraged stock ETFs, options markets and margin accounts, which will continue to suppress stock market performance in the coming months. They estimate that it will take about three months of volatile market conditions for the ratio of leveraged stock ETF size relative to underlying market capitalization to return to pre-April levels. Deleveraging is a short-term resistance, but analysts at the bank also pointed out that in the longer term, the supply and demand structure of stocks is still positive and will provide support after deleveraging pressure subsides. Iran's Revolutionary Guards say they have killed "a large number" of U.S. troops in Syria Iran's Revolutionary Guard Corps (IRGC) said it launched a raid on a special operations command center in the Al Tanf region of southern Syria, killing a "large number" of U.S. soldiers. The strike also successfully destroyed a radar system and several special operations helicopters, the Revolutionary Guards announced in a statement. The operation was aimed at retaliating for the US air strike on Iranshahr and was part of the eleventh phase of Operation Nasr 2. The Iranian Revolutionary Guards warned: "Full control of the Strait of Hormuz remains in the hands of our heroic fighters; as long as the United States' aggressive behavior continues, not a drop of oil or natural gas will be exported from the region." Multiple bearish signals gathering! Bank of America warns: Gold's decline is far from over and may fall to $3,315 On Thursday, Eastern Time, technical strategists at Bank of America warned that gold may still have room for a larger correction this year, and its trend may be similar to the devastating bear markets that occurred after gold prices rose sharply in 1980 and 2011. Bank of America analysts pointed out in a technical research report that the current gold price has gathered a series of bearish signals, and the risk of continued decline is increasing: death cross pattern, high net long position level, warning top candle line, TD sequence exhaustion signal, and the RSI indicator reached 90 at the recent high - a level consistent with the gold price tops in 1980 and 2011. Bank of America offers a sobering historical comparison: In each of the three major bear markets in gold since 1970, the correction was at least 50% of the previous rise. If this situation repeats this time, the downside risk to gold prices will point to $3,315. They proposed a phased buying strategy, "We tend to build a moderate position below $4,000, but given that downside risks still exist, it is more appropriate to gradually add positions in the range of $3,700 to $3,600 and fully deploy in the range of $3,450 to $3,250." Chiana concluded. Is cooling in U.S. inflation just an illusion? A more serious "oil shortage" crisis is approaching At least judging from the latest CPI released this week, U.S. consumers last month experienced the lowest inflationary pressure in five years. However, a sharp decline in global diesel supplies is likely to reverse that trend and push up prices for everything from dog food to lumber. U.S. diesel futures have surged about 20% since early last week, as the U.S. and Iran continue to fight for control of the Strait of Hormuz. Before the outbreak of this resurgent conflict, Russia, one of the world's largest suppliers, had announced a ban on diesel exports, and a new round of geopolitical competition has undoubtedly made the already fragile diesel market even worse. Analysts warn that diesel prices are likely to rise further as domestic inventories continue to dwindle, approaching their lowest levels since the early 21st century. Intel expands partnership with Google to accelerate digital transformation Intel and Google announced on Thursday the expansion of their existing cooperation to accelerate Intel's digital transformation process. The two parties did not disclose the specific terms of this cooperation. Under the agreement, Intel will deploy Gemini Enterprise and Google Cloud across its entire workforce. Intel said in a statement that Google Cloud will also support Intel's semiconductor development environment and introduce "customized, intelligent agent workflows to accelerate the chip design life cycle and simplify cross-functional collaborative execution." The market value was cut in half within a month! The share price of Japanese storage giant hits the limit. Is the AI craze about to cool down?
On Friday morning, the Japanese storage company Kioxia Holdings plunged 16%, falling 52% from last month's high. The market value has shrunk by at least 30 trillion yen (approximately 185 billion U.S. dollars), slipping from the first to fourth in Japan's stock market value. The market is worried about the overheating of the memory chip market driven by AI. TSMC has raised the upper limit of capital expenditure in 2026 to US$64 billion, which has heightened expectations that the power of storage price increases will weaken. AI-related chip stocks are generally under pressure. SK hynix pulls back sharply! Cui Taiyuan shouted to stick to his position: storage demand will grow exponentially As SK Hynix's stock price fell sharply, SK Group Chairman Choi Tae-won gave some reassurance at the end of the session on Friday. He said that given that the market's demand for memory chips will continue, SK Hynix's stock price will show an upward trend in the long term. He called on investors to stick to their positions and not chase daily market fluctuations. Choi Taiyuan said his confidence comes from the long-term outlook for storage semiconductors at the heart of the AI boom. He said that he is confident in SK Hynix's long-term growth prospects because with the development of the AI industry, the demand for memory chips will continue to rise. "AI is like a 4-year-old child now," he said, "but to grow into an adult, it must be inseparable from memory." He also added that storage requirements "will only grow exponentially." However, Cui Taiyuan also admitted that as investors embraced AI opportunities, SK Hynix’s stock price had indeed risen too sharply, and bluntly stated that the market sometimes “runs ahead of reality.” Join the battlefield of AI short drama platform, China Literature launches "Qidian Theater" AI is changing the way of competition in the short drama industry, and China Literature Group, which owns one of China’s largest web IP libraries, is also going to get a share of the short video platform. Recently, China Literature Group officially launched the video platform "Qidian Theater", focusing on the two core tracks of film and television adaptation of online IP and original IP incubation. At present, almost all of the online content on the platform are AI short dramas, covering fantasy, urban, romance, suspense, science fiction and other popular online themes. For China Literature, which has long played the role of content IP supplier, this not only means that it has officially entered the AI short drama platform track, but also means that it hopes to further improve the complete closed loop of "Internet text-IP adaptation-AI production-content distribution-commercial realization". (
The shadow of U.S. stock market deleveraging has not yet dissipated. JPMorgan Chase pointed out that the investor deleveraging process launched in the United States in June is still continuing. There is room for further deleveraging in the three areas of leveraged stock ETFs, options markets and margin accounts, which will continue to suppress stock market performance in the coming months. They estimate that it will take about three months of volatile market conditions for the ratio of leveraged stock ETF size relative to underlying market capitalization to return to pre-April levels. Deleveraging is a short-term resistance, but analysts at the bank also pointed out that in the longer term, the supply and demand structure of stocks is still positive and will provide support after deleveraging pressure subsides. Iran's Revolutionary Guards say they have killed "a large number" of U.S. troops in Syria Iran's Revolutionary Guard Corps (IRGC) said it launched a raid on a special operations command center in the Al Tanf region of southern Syria, killing a "large number" of U.S. soldiers. The strike also successfully destroyed a radar system and several special operations helicopters, the Revolutionary Guards announced in a statement. The operation was aimed at retaliating for the US air strike on Iranshahr and was part of the eleventh phase of Operation Nasr 2. The Iranian Revolutionary Guards warned: "Full control of the Strait of Hormuz remains in the hands of our heroic fighters; as long as the United States' aggressive behavior continues, not a drop of oil or natural gas will be exported from the region." Multiple bearish signals gathering! Bank of America warns: Gold's decline is far from over and may fall to $3,315 On Thursday, Eastern Time, technical strategists at Bank of America warned that gold may still have room for a larger correction this year, and its trend may be similar to the devastating bear markets that occurred after gold prices rose sharply in 1980 and 2011. Bank of America analysts pointed out in a technical research report that the current gold price has gathered a series of bearish signals, and the risk of continued decline is increasing: death cross pattern, high net long position level, warning top candle line, TD sequence exhaustion signal, and the RSI indicator reached 90 at the recent high - a level consistent with the gold price tops in 1980 and 2011. Bank of America offers a sobering historical comparison: In each of the three major bear markets in gold since 1970, the correction was at least 50% of the previous rise. If this situation repeats this time, the downside risk to gold prices will point to $3,315. They proposed a phased buying strategy, "We tend to build a moderate position below $4,000, but given that downside risks still exist, it is more appropriate to gradually add positions in the range of $3,700 to $3,600 and fully deploy in the range of $3,450 to $3,250." Chiana concluded. Is cooling in U.S. inflation just an illusion? A more serious "oil shortage" crisis is approaching At least judging from the latest CPI released this week, U.S. consumers last month experienced the lowest inflationary pressure in five years. However, a sharp decline in global diesel supplies is likely to reverse that trend and push up prices for everything from dog food to lumber. U.S. diesel futures have surged about 20% since early last week, as the U.S. and Iran continue to fight for control of the Strait of Hormuz. Before the outbreak of this resurgent conflict, Russia, one of the world's largest suppliers, had announced a ban on diesel exports, and a new round of geopolitical competition has undoubtedly made the already fragile diesel market even worse. Analysts warn that diesel prices are likely to rise further as domestic inventories continue to dwindle, approaching their lowest levels since the early 21st century. Intel expands partnership with Google to accelerate digital transformation Intel and Google announced on Thursday the expansion of their existing cooperation to accelerate Intel's digital transformation process. The two parties did not disclose the specific terms of this cooperation. Under the agreement, Intel will deploy Gemini Enterprise and Google Cloud across its entire workforce. Intel said in a statement that Google Cloud will also support Intel's semiconductor development environment and introduce "customized, intelligent agent workflows to accelerate the chip design life cycle and simplify cross-functional collaborative execution." The market value was cut in half within a month! The share price of Japanese storage giant hits the limit. Is the AI craze about to cool down?
On Friday morning, the Japanese storage company Kioxia Holdings plunged 16%, falling 52% from last month's high. The market value has shrunk by at least 30 trillion yen (approximately 185 billion U.S. dollars), slipping from the first to fourth in Japan's stock market value. The market is worried about the overheating of the memory chip market driven by AI. TSMC has raised the upper limit of capital expenditure in 2026 to US$64 billion, which has heightened expectations that the power of storage price increases will weaken. AI-related chip stocks are generally under pressure. SK hynix pulls back sharply! Cui Taiyuan shouted to stick to his position: storage demand will grow exponentially As SK Hynix's stock price fell sharply, SK Group Chairman Choi Tae-won gave some reassurance at the end of the session on Friday. He said that given that the market's demand for memory chips will continue, SK Hynix's stock price will show an upward trend in the long term. He called on investors to stick to their positions and not chase daily market fluctuations. Choi Taiyuan said his confidence comes from the long-term outlook for storage semiconductors at the heart of the AI boom. He said that he is confident in SK Hynix's long-term growth prospects because with the development of the AI industry, the demand for memory chips will continue to rise. "AI is like a 4-year-old child now," he said, "but to grow into an adult, it must be inseparable from memory." He also added that storage requirements "will only grow exponentially." However, Cui Taiyuan also admitted that as investors embraced AI opportunities, SK Hynix’s stock price had indeed risen too sharply, and bluntly stated that the market sometimes “runs ahead of reality.” Join the battlefield of AI short drama platform, China Literature launches "Qidian Theater" AI is changing the way of competition in the short drama industry, and China Literature Group, which owns one of China’s largest web IP libraries, is also going to get a share of the short video platform. Recently, China Literature Group officially launched the video platform "Qidian Theater", focusing on the two core tracks of film and television adaptation of online IP and original IP incubation. At present, almost all of the online content on the platform are AI short dramas, covering fantasy, urban, romance, suspense, science fiction and other popular online themes. For China Literature, which has long played the role of content IP supplier, this not only means that it has officially entered the AI short drama platform track, but also means that it hopes to further improve the complete closed loop of "Internet text-IP adaptation-AI production-content distribution-commercial realization". (