Evening News Near the FOMC, the market is still unable to determine the policy direction; Trump advocates higher electricity bills for data centers; Google and Tesla both have nega

Evening News Near the FOMC, the market is still unable to determine the policy direction; Trump advocates higher electricity bills for data centers; Google and Tesla both have negative cash flow, what does it mean for AI transactions?

Hong Kong stock market: On July 23, the three major Hong Kong stock indexes rose. The Hang Seng Index and the State-owned Enterprises Index closed up 1.28% and 1.23% respectively, and the Hang Seng Technology Index rose 0.65%.

On the market, large-scale technology and Internet stocks, which are market indicators, rose collectively, with Meituan, Baidu, Xiaomi, and Alibaba performing strongly; large financial stocks also performed actively, with China CITIC Bank rising by 3% and China Life rising by 2.88%; aluminum, copper, gold stocks and other non-ferrous gold stocks Stocks maintained a strong trend throughout the day.

Everest Gold soared by more than 19%, leading by a large margin, and China Aluminum rose by more than 6%. China National Heavy Duty Truck surged by more than 10%, leading the rise in heavy machinery stocks. Chinese real estate stocks, building materials and cement stocks, gambling stocks, wind power stocks, and lithium battery stocks generally rose.

On the other hand, most memory chip stocks were under pressure after opening higher and lower. Huahong Grace fell 7.5% and GigaDevice fell 4.2%. Optical communication concept stocks and PCB concept stocks followed suit. Mobile phone industry chain stocks, dairy stocks, and film and television stocks performed sluggishly throughout the day. U.S.

stock market pre-market: The three major stock index futures fell, with Nasdaq 100 futures falling 0.49%, S&P 500 futures falling 0.41%, and Dow futures falling 0.43%.

Google fell more than 4% before the market opened, and its free cash flow turned negative for the first time in decades, and it raised its full-year capital expenditures; Tesla fell more than 6%, and its Q2 revenue increased by 26% but its profit dropped by 18%, which was far worse than expected; now the service company rose by nearly 8%, its Q2 revenue increased by 24%, and it raised its full-year subscription revenue outlook.

Benefiting from the expanding capital expenditures of technology giants, the storage concept rose. SK Hynix rose nearly 7%, Micron Technology rose more than 3% before the market opened, and SanDisk rose more than 1%. Commodity market: As of press time, WTI crude oil rose 4.1% to US$90.39/barrel; Brent crude oil rose 3.09% to US$92.97/barrel.

Spot gold fell 0.96% to US$4,090.52 per ounce; spot silver fell 1.68% to US$58.691 per ounce. Top 20 Hong Kong stocks by trading volume Southbound funds sold a net HK$4.226 billion of Hong Kong stocks today. The turnover of southbound funds today was HK$97.350 billion, and the turnover of the Hong Kong stock market was HK$233.480 billion.

Among the top ten traded stocks in the southbound direction, Meituan-W, Zhipu, and Montage Technology received net purchases of HK$642 million, HK$494 million, and HK$105 million respectively. Tracker Fund, Tencent Holdings, and Alibaba-W suffered net sales of HK$2.519 billion, HK$1.540 billion, and HK$1.096 billion respectively.

The Fed in the Warsh era is too difficult to guess! As FOMC approaches, the market is still unsure of next week’s policy direction. There are only a few days left before the Federal Reserve's next interest rate meeting, but the market's judgment on its policy direction is still highly divided - which is extremely rare in recent years.

The interest rate swap market shows that traders currently expect the probability of the Fed to raise interest rates by 25 basis points at the July 29 meeting is about 30%, and the probability of keeping interest rates unchanged is about 70%. The immediate impact of this uncertainty is already being felt in bond markets.

For traders who bet on the Fed’s moves, they stand to gain bigger rewards if they get it right, and face bigger losses if they get it wrong. The interest rate swap market has now fully priced in a 25 basis point interest rate hike in September, and implies more than two cumulative interest rate hikes before March next year.

It is worth noting that the economist community is far more certain than traders about the outcome of next week's meeting. According to a Bloomberg survey of 76 economists, all respondents expect the Federal Reserve to keep its benchmark interest rate unchanged at a range of 3.5% to 3.75% at its July 28-29 meeting.

Inflation persists and oil prices rise sharply due to geopolitical conflicts. In the "opaque era" led by Warsh, uncertainty may become the new normal. Is AI using too much electricity sparking public protests? Trump launches initiative: Data centers pay higher electricity bills! As the AI boom drives U.S.

technology giants to build data centers on a large scale, the huge power consumption of data centers is causing dissatisfaction among more and more American people. According to White House officials, U.S.

President Trump will launch a non-binding initiative on Thursday Eastern Time to require data centers to pay more for the power needed to run artificial intelligence models, hoping to quell the wave of opposition in the United States against the construction of AI data centers.

Nearly 200 entities have responded to the initiative, including energy companies such as NextEra Energy and Duke Energy, and data center service providers such as Equinix and Digital Realty. Google and Tesla both have negative cash flows. What does it mean for AI transactions?

Google's parent company Alphabet and Tesla were the first to appear in this round of technology earnings season, but together they sent an uneasy signal to the market: aggressive AI capital expenditures are eating up cash flow, and the outstanding performance of revenue exceeding expectations is no longer enough to appease investors' concerns.

Both companies reported negative free cash flow in their latest quarters and warned that capital spending would climb further. After the financial report was released, Tesla's stock price fell 4% after hours, and Alphabet's stock price fell nearly 3%. This market reaction suggests that investors’ patience with returns on AI investments is being tested.

The earnings season for technology giants has just begun, and this scene may be an ominous sign: next week, Meta, Microsoft, Amazon and Apple will announce their results one after another, and investors will pay close attention to whether they are also unable to escape cash flow pressure. Hedge fund manager Russell Clark: U.S.

debt is a bigger speculative bubble than AI, and AI giants are burning money to “prevent Musk” While everyone is staring at the AI bubble, hedge fund manager Russell Clark is targeting a bigger bomb - U.S. Treasury bonds. He predicts that the 10-year U.S. bond yield will soar to 10%.

And reveals the true motivation of technology giants’ sky-high investment in AI: not to bet on the future of AI, but to defensively protect the existing business moat. Meanwhile, a crisis of silence in private credit is spreading. On the issue of AI capital expenditure, Clark gave a completely different interpretation from the mainstream narrative.

"The real problem is that Elon Musk, through SpaceX, is actually saying: I also want to get into artificial intelligence.

I make computing equipment, and I have a way to make computing devices cheaper." He believes that this is the real motivation behind the crazy money-spending of technology giants such as Google, Microsoft, and Amazon—not to bet on the future of AI, but to defensively protect existing business moats. Are all the money speculators speculating in stocks?

South Korean cryptocurrency trading volume has plummeted to about 1% of South Korean stock trading volume From July 1 to 21, the average daily trading volume of South Korea's five major virtual asset exchanges was 597.8 billion won, accounting for 1.59% of Kospi's average daily trading volume.

Cryptocurrency market trading volume has been declining as a proportion of Kospi’s market this year, from 11.29% in January to about 6% in March and April to about 2% in May. The main reasons for this phenomenon are Bitcoin price fluctuations, capital flows to the stock market, and investments shifting to overseas exchanges.

AMD's new servers will provoke new competition, Bank of America says it may affect CPU measurement standards AMD will hold Advancing AI 2026 events on Wednesday and Thursday. It may give a more detailed outlook on EPYC servers, thus posing a direct challenge to Nvidia.

Bank of America expects the event not to be a benchmarking comparison between the two companies, but to establish a standard for the industry. Bank of America once predicted in a report that due to direct competition between Nvidia and AMD, the size of the server CPU market will reach US$170 billion by 2030, approximately four times the current level.

Vivek Arya, an analyst at Bank of America, pointed out that the issue that investors are most concerned about is whether artificial intelligence requires a higher clock frequency or a larger number of cores. Nvidia and AMD represent these two different technical solutions.

Nvidia advocates faster single-core frequency on the grounds that it can reduce the latency of tool calls, task switching, and serial calculations; AMD's view is that concurrency and full rack throughput are paramount, and it plans to stuff more cores and threads into fixed power consumption and rack space.

Bank of America didn't predict a winner, but noted that whichever metric wins favor with hyperscale data center and enterprise buyers will effectively set the performance standard for future CPU investments. Conversion quota exhausted!

SK Hynix’s ADR arbitrage window is locked, and the price difference was once as high as 51% The huge price gap between SK Hynix’s American depositary receipts and local Korean stocks will not be eliminated in the short term.

On Thursday, the Korea Securities Depository (KSD) clarified that the upper limit for SK Hynix’s conversion of local shares into ADRs is 2.5% of the total share capital, and this limit has been fully exhausted in the US$26.5 billion ADR issuance completed on July 10.

KSD CEO Rhee Yunsu said in a phone interview that investors are currently unable to convert Seoul-listed stocks into ADRs unless existing ADR holders transfer their certificates back to Korean stocks and free up quotas. This structural constraint means that the normal cross-market arbitrage mechanism has actually been blocked.

The premium of SK Hynix ADR to local Korean stocks was once as high as 51% and remained at a high of about 33% as of Wednesday. The obstruction of the conversion channel makes it possible for this price difference to continue for a long time, and has spawned a series of alternative layout strategies in the market. SpaceX plunges below IPO price?

Sister Mumu supports it: It may become "the most important company in global history"!

Although SpaceX's stock price has fallen sharply below the IPO price, Cathie Wood, a star Wall Street fund manager and head of Ark Investments, still strongly believes that this aerospace and satellite network pioneer company has the potential to become "the most important company in global history." Ark Investment purchased a total of 121,384 shares of SpaceX through multiple ETFs that day.

Based on SpaceX’s closing price of $115.26 that day, the total investment was approximately $14 million. SpaceX shares rose sharply in the first three days after listing, but then experienced a violent correction. Its stock price has now fallen about 49% from its peak to $115.26, which is about 15% lower than the IPO price of $135.

Duan Yongping: There is a high probability that he will not sell Bubble Mart within ten years, and plans to sell SpaceX and Tesla Put On the 23rd, a user asked the well-known investor Duan Yongping on the social platform, "Duan will not reduce his position in Bubble Mart to buy Musk's SPACE X, right?" In response to this, Duan Yongping said, "I just started buying Bubble Mart!

I guess there is a high probability that I will not sell it in 10 years. However, my fruit (apple) is already relatively mature, and I have just been called (the call option was exercised) and took some away (I bought t-bill (U.S. short-term Treasury bonds)).

Although the current price is a little lower than the call price, I don't really want to buy it at this price. I have sold some MU (Micron Technology) a few days ago. Put (put option), these days I will sell some SpaceX, Tesla’s put, and PLTR (Palantir, Palantir).

AI cannot be ignored, and I am trying to understand..." He also said, "I think I will add some Google (Google), and if I have the opportunity, I would also like to add some BRK.B (Berkshire Hathaway Class B shares).

I should also maintain my NVDA (Nvidia) volume, which means I will continue to sell put after the put expires." Paramount’s $110 billion acquisition of Warner Bros. receives conditional approval in Europe, but faces obstacles in the U.S. Paramount's Skydance acquisition of Warner Bros.

Discovery for $110 billion received EU antitrust approval on Wednesday, but the deal still faces multiple obstacles in the United States including court injunctions and Writers Guild litigation. The European Commission, the EU's antitrust enforcement agency, conditionally approved the Paramount-Warner Bros. deal.

The prerequisite is that Paramount promises to terminate United International Pictures, its European film distribution joint venture with Universal Pictures, and the termination time is limited to 13 months after the completion of the transaction.

In addition, Paramount also promised not to cooperate with Universal in any film distribution in Europe in the next 10 years, and will not transfer Warner Bros.'s theatrical films to its own distributors.

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