Morning News New US Tariffs Take Effect Today, Middle East Risks Raise Interest Rate Expectations; Intel Exceeds Expectations, AI Chip Competitive Landscape Changes; Ningde Times Listed Today
New U.S. tariffs take effect today, and risks in the Middle East have raised expectations of interest rate hikes; Intel's performance exceeded expectations, and the AI chip competition landscape has changed; CATL released the list today.
Abstract: New U.S. tariffs took effect today, and risks in the Middle East have raised expectations of interest rate hikes; Intel's performance exceeded expectations, and the AI chip competition landscape has changed; CATL released the list today. U.S. stock market: The three major U.S. stock indexes closed down across the board on July 23. As of the close, the Dow Jones Industrial Average fell 506.93 points from the previous trading day to close at 51711.65 points, a decrease of 0.97%; the S&P 500 stock index fell 90.66 points to close at 7408.3 points, a decrease of 1.21%; the Nasdaq Composite Index fell 553.21 points to close at 25137.69 points, a decrease of 2.15%. Large technology stocks generally fell, Tesla fell more than 14%, the company's Q2 net profit fell short of expectations and its gross profit margin further declined; Google A fell more than 7%, and its total market value fell below the US$4 trillion mark; Amazon fell more than 4%, Meta fell more than 3%, Microsoft fell more than 2%, Apple fell more than 1%, Netflix rose slightly, and SpaceX rose more than 2%. Chip stocks were mixed, and storage concept stocks rose against the trend. Micron Technology rose by more than 3%, SK Hynix rose by more than 2%, SanDisk, Seagate Technology, and Western Digital rose slightly. STMicroelectronics, which announced its financial report, fell by more than 18%, Texas Instruments fell by more than 3%, GlobalFoundries, Qualcomm, ASE Semiconductor, ON Semiconductor, Intel, and AMD fell by more than 2%. Nvidia, TSMC, and Broadcom fell by more than 1%, and ARM fell slightly. Military stocks performed strongly, with Lockheed Martin up more than 10%, Raytheon Technologies up more than 7%, GE Aerospace and General Dynamics up more than 2%, and Northrop Grumman up more than 1%. The concept of crypto mining companies collectively rose, with Cipher Digital rising by more than 5%, Hut 8 rising by more than 7%, MARA Holdings, TeraWulf, and Riot Platforms rising by more than 2%, and CleanSpark rising by nearly 2%. Shipping stocks generally fell, with American Airlines falling more than 8%, Southwest Airlines falling more than 6%, JetBlue Airways, Norwegian Cruise Lines and Carnival Cruise Lines falling more than 3%, and Delta Air Lines and United Airlines falling more than 1%. Chinese concept stocks had mixed gains and losses. The Nasdaq China Golden Dragon Index fell by 0.57%, Pony.ai rose by more than 7%, and Li Auto rose by more than 2%. Tuya Smart fell by more than 7%, Alibaba, iQiyi, and JinkoSolar fell by more than 2%. Bilibili, NetEase, Baidu, and JD.com fell slightly. European stock market: Europe's three major stock indexes all fell on July 23. The Financial Times 100-stock average price index of the London stock market closed at 10639.17 points, down 77.8 points or 0.73% from the previous trading day; the CAC40 index of the Paris stock market in France closed at 8299 .09 points, down 138.8 points or 1.64% from the previous trading day; the DAX index in Frankfurt, Germany closed at 24763.12 points, down 392.29 points or 1.56% from the previous trading day. Commodity market: International oil prices rose on July 23. As of the close of the day, the continuous contract of WTI crude oil futures on the New York Mercantile Exchange for the month rose by US$5.53 to close at US$92.36 per barrel, an increase of 6.37%. The continuous contract of COMEX gold futures for the month fell by US$99.60, or 2.40%, to US$4,052.3 per ounce. The continuous contract of COMEX silver futures for the month fell by US$2.40, or 3.99%, to US$57.895 per ounce. Spot gold fell by US$80.53, or 1.95%, to US$4,049.56 per ounce. Spot silver fell by $2.07, or 3.47%, to $57.66 per ounce. The United States announces new tariff measures, which will take effect on the 24th At 12:01 a.m. Eastern Time on Friday (12 noon on the 24th, Beijing time), the United States will launch a new set of import tariff arrangements, with tax rates between 10% and 12.5%, covering approximately 60 economies. This is Trump's most powerful move to rebuild tariff barriers after his early tariff measures were overturned by the Supreme Court. At the same time, the 10% global import tax he previously implemented will also expire on Friday, so there will be no gap between the old and new measures.
According to a notice published in the Federal Register on Thursday, about 10 trading partners that have been deemed to have taken measures to restrict forced labor or have committed to take action are subject to a 10% tax rate on their goods exported to the United States, including Mexico, the United Kingdom, Canada and India. Compared with the 12.5% originally threatened, India was ultimately charged 10%, which a senior government official who briefed reporters before the announcement said was one of the adjustments made compared with the original plan. EU goods are subject to a tax rate of at least 10%, and Japanese, Swiss and Korean products are subject to at least 12.5% The United States threatens to launch unprecedented strikes, Iran and Houthi armed forces: ready for war U.S. President Trump said on the 23rd that he was "seriously considering" restarting large-scale combat operations against Iran. In addition, Trump said that if the Houthi armed forces in Yemen attack Saudi ships again, the United States will hold Iran responsible and impose "major military punishment" on Iran and the Houthi armed forces. On the same day, Israeli Defense Minister Katz said that he was ready to deal with the situation in Iran. Iran said it was ready to respond to a ground invasion by the US military and said it would continue to attack US military targets until the US stopped. The Houthi armed forces in Yemen stated that if the United States takes military action in Yemen again, the Houthi armed forces are "ready to respond." Oil prices soared, U.S. bond yields rose, and the market priced in about a 36% chance of the Federal Reserve raising interest rates next week. Due to the attack on a Saudi oil tanker in the Red Sea and the further escalation of military conflicts in the Middle East, international crude oil futures prices rose sharply in early trading on the 23rd, with the price of London Brent crude oil futures September contract exceeding US$100 per barrel. On Thursday, the yield on the two-year U.S. Treasury note, which is most sensitive to monetary policy, rose to about 4.365%; the yield on the benchmark 10-year U.S. bond simultaneously set a new high for the year; the yield on the 30-year U.S. bond rose to 5.19%, just one step away from the highest since 2007. As oil prices rise, expectations are growing that the Federal Reserve will raise interest rates sooner rather than later to control inflation. CME Group's "Fed Watch" tool shows that the market expects the probability of the bank to raise interest rates by 25 basis points next week is close to 36%. The People's Bank of China will carry out a 500 billion yuan MLF renewal and resume net liquidity injection in the medium term to help maintain sufficient market liquidity. The People's Bank of China announced on the evening of the 23rd that in order to maintain sufficient liquidity in the banking system, the People's Bank of China will launch a 500 billion yuan MLF operation on July 24 with a term of one year. This means that the volume of MLF sequels in July was increased by 100 billion, which was the third consecutive month of increased volume. The scale of increase was 100 billion lower than the previous month. The market believes that market interest rates rebounded in July, which means that the previous situation of loose market liquidity has been reversed. "The resumption of net liquidity injection in mid-July will help maintain sufficient market liquidity, avoid excessive rises in market interest rates, and thus stabilize market expectations." South Korea will increase the cash deposit requirement for leveraged ETF transactions to 30 million won from July 31 The South Korean Financial Services Commission issued a statement saying that South Korea will advance the implementation of stricter deposit requirements for retail investors trading single-stock leveraged ETFs to July 31, earlier than the original implementation time of August. The deposit requirement is 30 million won, and it is in cash. The cash deposit requirement is increased from 10 million won to 30 million won; stocks, ETFs and bonds will no longer count towards the minimum deposit amount. The new regulations apply to the purchase of single-stock leveraged ETFs listed in South Korea and overseas. Companies that fail to complete system upgrades by July 31 will be advised to limit new transactions for this product. In theory, the new regulations can help reduce extreme fluctuations in heavyweight stocks such as SK Hynix, and cover overseas listed single-stock leveraged products purchased by Korean investors. After the reduction of Korean funds, the trading volume, bid-ask spread and premium and discount of Southern Double Long Hynix (07709.HK) may undergo phased changes. Intel's second quarter revenue was US$16.13 billion, a year-on-year increase of 25%
Intel (INTC.US) revenue in the second quarter was US$16.13 billion, a year-on-year increase of 25%; it is estimated to be US$14.43 billion. Data center and artificial intelligence (AI) revenue in the second quarter was US$6.26 billion, while analysts expected US$5.54 billion. Adjusted earnings per share (EPS) in the second quarter was $0.42, compared with analysts' expectations of $0.21. The company expects third-quarter revenue of US$15.8-16.8 billion, while analysts expected US$15.06 billion. The company expects third-quarter adjusted earnings of $0.38 per share, compared with analysts' expectations of $0.27. Intel executives revealed during the conference call that server CPUs experienced strong double-digit growth and said that capital expenditures in 2027 will be significantly higher than in 2026. AMD CEO: Together with Cerebras Systems, we will launch an AI inference solution that combines AMD Helios GPU server racks with Cerebras wafer-level chips AMD.US CEO Su Zifeng said at the AMD Advancing AI Conference that the company is working with chip design company Cerebras to provide high-speed inference capabilities through Cerebras' cloud services; the Cerebras system will launch an AI inference solution that combines AMD Helios GPU server racks with Cerebras wafer-level chips; the product will be launched on the market later this year. Get through the full set of AMD adaptations in one weekend: Anthropic uses Claude bootstrap instead of NVIDIA hardware to break the CUDA "manpower barrier" Anthropic not only officially announced its computing power deployment plan at AMD's AdvancingAI conference this year, but also disclosed a technical detail that may rewrite the rules of AI chip competition: its engineers automatically completed the full set of adaptation and performance tuning of the AMD Instinct MI355 chip and ROCm platform in one weekend using only the Claude model. Market observers immediately commented: "We have passed the CUDA moat era." For investors, this breakthrough means that the hardware lock-in logic of the AI computing power supply chain is encountering a reverse impact from AI's own capabilities. When AI itself can replace engineers to complete the most expensive labor link in hardware migration, the most fundamental moat of NVIDIA's CUDA ecosystem - the high migration cost is being fundamentally eroded by AI. Google's cloud business explodes and stock price plummets. Executives emphasize that cloud customer spending exceeds commitments by 50% Google Cloud CEO Thomas Kurian said that the company's existing customers' actual spending on using Google Cloud products is on average about 50% higher than the amount they committed, which has become an important factor in driving Google Cloud's rapid business growth in the second quarter. Kurian said in an interview on Thursday (July 23): "Our existing customers will further increase their spending after making purchase commitments to us. Their actual spending is about 50% higher than the promised amount." "This reflects the differentiated advantages of our product portfolio, as well as the improvement of market expansion and sales execution capabilities. These advantages are also reflected in the growth of revenue and operating profit." Although the cloud business grew faster than expected, Google-A (GOOGL.US) )'s stock price still fell more than 7% during trading on Thursday because the company raised its full-year capital expenditure forecast to a maximum of US$205 billion, triggering investors' concerns about the continued expansion of AI investment. Tesla plummeted 15% after the results, short sellers made a huge profit of 4.1 billion US dollars in a single day, France and Pakistan: Valuation implies extremely high expectations Tesla (TSLA.US) has the highest short-selling ratio among the "Seven Technology Giants" in the U.S. stock market, with about 3% of its outstanding shares short-selling. Its Q2 profits were far lower than expected, the stock price plummeted 15% in a single day, and short sellers' book gains based on market value in a single day amounted to approximately US$4.12 billion. Retail investors chose to buck the trend and increase their positions on Thursday, with Tesla becoming the most purchased stock by retail investors with a net purchase of US$42 million.
BNP Paribas analyst James Picariello pointed out in a research report, "As Tesla pursues ambitious artificial intelligence goals with an extremely aggressive capital expenditure pace, we are highly cautious about the speed of its AI progress, and extremely high expectations are already implicit in the stock price valuation." He maintained a rating equivalent to a sell and a target price of $280. Microsoft PowerPoint and Bing will replace OpenAI models with self-developed image AI According to Bloomberg, Microsoft (MSFT.US) is replacing OpenAI's similar technologies with self-developed image generation AI models in major products such as PowerPoint and Bing. This move marks Microsoft's acceleration of autonomy at the AI product level and its reduction in dependence on OpenAI technology. AMD CEO has previously disclosed that OpenAI is "betting on AMD" for computing power. Combined with Microsoft's move, it shows that the technology giant's integration game in the AI supply chain is intensifying. This news may have an impact on OpenAI’s commercialization prospects and its in-depth cooperative relationship with Microsoft. It is worth paying attention to its potential reshaping effect on the AI industry chain pattern. There is no problem with the demand for AI, but the stock price plummets: the leading analog chip encounters the "high expectations trap" Texas Instruments (TXN.US) and STMicroelectronics (STM.US) reported solid financial results, but suffered sell-offs due to high market expectations, highlighting the valuation pressure on the analog chip sector. STMicroelectronics' third-quarter guidance fell short of expectations, and its stock price plummeted 17%. Although Texas Instruments' performance exceeded expectations, its capital expenditure statement suppressed its cash flow outlook. The long-term benefits of AI demand can no longer offset the challenges of short-term expectation management, and industry risks are shifting from fundamentals to a game of growth pace. Oracle stock price breaks through 52-week low: OCI growth narrative ebbs, doubts about return on AI capital expenditure continue to weigh On July 23, Oracle (ORCL.US) closed down more than 4% to US$120. The cumulative decline during the year was more than 37%, hitting the lowest price in the past 12 months, which means that all investors who bought the stock in the past year have suffered book losses. The background of Oracle's round of pressure deserves attention. As an established technology giant that is vigorously transforming from traditional enterprise software to cloud infrastructure OCI (Oracle Cloud Infrastructure) and AI, the company is at the intersection of the peak capital expenditure period and the market return verification period. Investors' concerns about the payback cycle of large technology companies' high AI capital expenditures continue to rise. This, combined with the recent pressure on the technology sector as a whole, has caused cloud vendors such as Oracle, which are still in the catching-up stage, to face more stringent valuation scrutiny. Nvidia and Amkor reach $1.5 billion chip packaging and testing cooperation agreement Amak Technology (AMKR.US), an American semiconductor product packaging and testing service provider, announced on July 23, local time, that it has reached a US$1.5 billion multi-year cooperation agreement with NVIDIA (NVDA.US) to jointly develop advanced semiconductor packaging and testing technology for the next generation of artificial intelligence and accelerated computing platforms. Under the agreement, Nvidia will provide upfront payments to support Amkor's expansion of advanced packaging production capacity in the United States. SpaceX placed in post-US IPO spotlight, delays major flight test again SpaceX has postponed the next major test of its Starship rocket until Friday due to poor weather conditions. The rocket will carry upgraded versions of Starlink satellites, which will burn up in the atmosphere later in the test mission. Starship is at the center of SpaceX CEO Musk's grand vision, which includes building data centers in space, expanding the Starlink communications network, and sending humans to the moon and Mars. Southbound Fund Tracking｜Net sales of more than HK$4.2 billion continued to sell off Tencent and Alibaba and flowed into Zhipu Data shows that the transaction volume of southbound funds yesterday was approximately HK$97.35 billion, a sharp drop of approximately HK$52.1 billion from the previous day; approximately 41.70% of the total transaction volume of the Hang Seng Index, accounting for more than 40%, but a significant decline from the previous day.
In addition, Hong Kong stocks fluctuated and strengthened yesterday, with the Hang Seng Index rising 1.28% throughout the day. However, the net sales of southbound funds were approximately HK$4.226 billion. Among them, the net outflow of Shanghai-Hong Kong Stock Connect was approximately HK$1.885 billion, while the net outflow of Shenzhen-Hong Kong Stock Connect was approximately HK$2.341 billion. In terms of trend, short-term southbound funds are still dominated by inflows, with a cumulative net purchase of approximately HK$35.483 billion in the past 10 trading days; however, net outflows have also begun to become more frequent. In terms of individual stocks, exchange data showed that southbound funds yesterday Substantial net purchases: Meituan-W (03690.HK) HK$642 million; Zhipu (02513.HK) HK$494 million. Significant net outflows: Tencent Holdings (00700.HK) HK$1.540 billion; Alibaba-W (09988.HK) HK$1.096 billion; Semiconductor Manufacturing International Corporation (00981.HK) HK$893 million; YOFC Optical Fiber and Cable (06869.HK) HK$600 million; Huahong Grace (01347.HK) HK$420 million. Meituan-W rose 4.36% yesterday. The funds reduced their holdings by 5.57 million shares in the past 5 days, but there has been a short-term return. Zhipu fell 0.34% yesterday, with funds adding 1.81 million shares in the first five days, maintaining an inflow trend. Tencent Holdings rose 1.04% yesterday, with funds adding 4.42 million shares in the first five days, but outflows have accelerated again this week. Alibaba-W rose 1.14% yesterday, with funds adding 45.13 million shares in the first five days, and short-term reflows are still the main focus. SMIC fell 2.95% yesterday, with funds reducing their holdings by 37.36 million shares in the past five days, accelerating short-term outflows. YOFC Optical Fiber.
According to a notice published in the Federal Register on Thursday, about 10 trading partners that have been deemed to have taken measures to restrict forced labor or have committed to take action are subject to a 10% tax rate on their goods exported to the United States, including Mexico, the United Kingdom, Canada and India. Compared with the 12.5% originally threatened, India was ultimately charged 10%, which a senior government official who briefed reporters before the announcement said was one of the adjustments made compared with the original plan. EU goods are subject to a tax rate of at least 10%, and Japanese, Swiss and Korean products are subject to at least 12.5% The United States threatens to launch unprecedented strikes, Iran and Houthi armed forces: ready for war U.S. President Trump said on the 23rd that he was "seriously considering" restarting large-scale combat operations against Iran. In addition, Trump said that if the Houthi armed forces in Yemen attack Saudi ships again, the United States will hold Iran responsible and impose "major military punishment" on Iran and the Houthi armed forces. On the same day, Israeli Defense Minister Katz said that he was ready to deal with the situation in Iran. Iran said it was ready to respond to a ground invasion by the US military and said it would continue to attack US military targets until the US stopped. The Houthi armed forces in Yemen stated that if the United States takes military action in Yemen again, the Houthi armed forces are "ready to respond." Oil prices soared, U.S. bond yields rose, and the market priced in about a 36% chance of the Federal Reserve raising interest rates next week. Due to the attack on a Saudi oil tanker in the Red Sea and the further escalation of military conflicts in the Middle East, international crude oil futures prices rose sharply in early trading on the 23rd, with the price of London Brent crude oil futures September contract exceeding US$100 per barrel. On Thursday, the yield on the two-year U.S. Treasury note, which is most sensitive to monetary policy, rose to about 4.365%; the yield on the benchmark 10-year U.S. bond simultaneously set a new high for the year; the yield on the 30-year U.S. bond rose to 5.19%, just one step away from the highest since 2007. As oil prices rise, expectations are growing that the Federal Reserve will raise interest rates sooner rather than later to control inflation. CME Group's "Fed Watch" tool shows that the market expects the probability of the bank to raise interest rates by 25 basis points next week is close to 36%. The People's Bank of China will carry out a 500 billion yuan MLF renewal and resume net liquidity injection in the medium term to help maintain sufficient market liquidity. The People's Bank of China announced on the evening of the 23rd that in order to maintain sufficient liquidity in the banking system, the People's Bank of China will launch a 500 billion yuan MLF operation on July 24 with a term of one year. This means that the volume of MLF sequels in July was increased by 100 billion, which was the third consecutive month of increased volume. The scale of increase was 100 billion lower than the previous month. The market believes that market interest rates rebounded in July, which means that the previous situation of loose market liquidity has been reversed. "The resumption of net liquidity injection in mid-July will help maintain sufficient market liquidity, avoid excessive rises in market interest rates, and thus stabilize market expectations." South Korea will increase the cash deposit requirement for leveraged ETF transactions to 30 million won from July 31 The South Korean Financial Services Commission issued a statement saying that South Korea will advance the implementation of stricter deposit requirements for retail investors trading single-stock leveraged ETFs to July 31, earlier than the original implementation time of August. The deposit requirement is 30 million won, and it is in cash. The cash deposit requirement is increased from 10 million won to 30 million won; stocks, ETFs and bonds will no longer count towards the minimum deposit amount. The new regulations apply to the purchase of single-stock leveraged ETFs listed in South Korea and overseas. Companies that fail to complete system upgrades by July 31 will be advised to limit new transactions for this product. In theory, the new regulations can help reduce extreme fluctuations in heavyweight stocks such as SK Hynix, and cover overseas listed single-stock leveraged products purchased by Korean investors. After the reduction of Korean funds, the trading volume, bid-ask spread and premium and discount of Southern Double Long Hynix (07709.HK) may undergo phased changes. Intel's second quarter revenue was US$16.13 billion, a year-on-year increase of 25%
Intel (INTC.US) revenue in the second quarter was US$16.13 billion, a year-on-year increase of 25%; it is estimated to be US$14.43 billion. Data center and artificial intelligence (AI) revenue in the second quarter was US$6.26 billion, while analysts expected US$5.54 billion. Adjusted earnings per share (EPS) in the second quarter was $0.42, compared with analysts' expectations of $0.21. The company expects third-quarter revenue of US$15.8-16.8 billion, while analysts expected US$15.06 billion. The company expects third-quarter adjusted earnings of $0.38 per share, compared with analysts' expectations of $0.27. Intel executives revealed during the conference call that server CPUs experienced strong double-digit growth and said that capital expenditures in 2027 will be significantly higher than in 2026. AMD CEO: Together with Cerebras Systems, we will launch an AI inference solution that combines AMD Helios GPU server racks with Cerebras wafer-level chips AMD.US CEO Su Zifeng said at the AMD Advancing AI Conference that the company is working with chip design company Cerebras to provide high-speed inference capabilities through Cerebras' cloud services; the Cerebras system will launch an AI inference solution that combines AMD Helios GPU server racks with Cerebras wafer-level chips; the product will be launched on the market later this year. Get through the full set of AMD adaptations in one weekend: Anthropic uses Claude bootstrap instead of NVIDIA hardware to break the CUDA "manpower barrier" Anthropic not only officially announced its computing power deployment plan at AMD's AdvancingAI conference this year, but also disclosed a technical detail that may rewrite the rules of AI chip competition: its engineers automatically completed the full set of adaptation and performance tuning of the AMD Instinct MI355 chip and ROCm platform in one weekend using only the Claude model. Market observers immediately commented: "We have passed the CUDA moat era." For investors, this breakthrough means that the hardware lock-in logic of the AI computing power supply chain is encountering a reverse impact from AI's own capabilities. When AI itself can replace engineers to complete the most expensive labor link in hardware migration, the most fundamental moat of NVIDIA's CUDA ecosystem - the high migration cost is being fundamentally eroded by AI. Google's cloud business explodes and stock price plummets. Executives emphasize that cloud customer spending exceeds commitments by 50% Google Cloud CEO Thomas Kurian said that the company's existing customers' actual spending on using Google Cloud products is on average about 50% higher than the amount they committed, which has become an important factor in driving Google Cloud's rapid business growth in the second quarter. Kurian said in an interview on Thursday (July 23): "Our existing customers will further increase their spending after making purchase commitments to us. Their actual spending is about 50% higher than the promised amount." "This reflects the differentiated advantages of our product portfolio, as well as the improvement of market expansion and sales execution capabilities. These advantages are also reflected in the growth of revenue and operating profit." Although the cloud business grew faster than expected, Google-A (GOOGL.US) )'s stock price still fell more than 7% during trading on Thursday because the company raised its full-year capital expenditure forecast to a maximum of US$205 billion, triggering investors' concerns about the continued expansion of AI investment. Tesla plummeted 15% after the results, short sellers made a huge profit of 4.1 billion US dollars in a single day, France and Pakistan: Valuation implies extremely high expectations Tesla (TSLA.US) has the highest short-selling ratio among the "Seven Technology Giants" in the U.S. stock market, with about 3% of its outstanding shares short-selling. Its Q2 profits were far lower than expected, the stock price plummeted 15% in a single day, and short sellers' book gains based on market value in a single day amounted to approximately US$4.12 billion. Retail investors chose to buck the trend and increase their positions on Thursday, with Tesla becoming the most purchased stock by retail investors with a net purchase of US$42 million.
BNP Paribas analyst James Picariello pointed out in a research report, "As Tesla pursues ambitious artificial intelligence goals with an extremely aggressive capital expenditure pace, we are highly cautious about the speed of its AI progress, and extremely high expectations are already implicit in the stock price valuation." He maintained a rating equivalent to a sell and a target price of $280. Microsoft PowerPoint and Bing will replace OpenAI models with self-developed image AI According to Bloomberg, Microsoft (MSFT.US) is replacing OpenAI's similar technologies with self-developed image generation AI models in major products such as PowerPoint and Bing. This move marks Microsoft's acceleration of autonomy at the AI product level and its reduction in dependence on OpenAI technology. AMD CEO has previously disclosed that OpenAI is "betting on AMD" for computing power. Combined with Microsoft's move, it shows that the technology giant's integration game in the AI supply chain is intensifying. This news may have an impact on OpenAI’s commercialization prospects and its in-depth cooperative relationship with Microsoft. It is worth paying attention to its potential reshaping effect on the AI industry chain pattern. There is no problem with the demand for AI, but the stock price plummets: the leading analog chip encounters the "high expectations trap" Texas Instruments (TXN.US) and STMicroelectronics (STM.US) reported solid financial results, but suffered sell-offs due to high market expectations, highlighting the valuation pressure on the analog chip sector. STMicroelectronics' third-quarter guidance fell short of expectations, and its stock price plummeted 17%. Although Texas Instruments' performance exceeded expectations, its capital expenditure statement suppressed its cash flow outlook. The long-term benefits of AI demand can no longer offset the challenges of short-term expectation management, and industry risks are shifting from fundamentals to a game of growth pace. Oracle stock price breaks through 52-week low: OCI growth narrative ebbs, doubts about return on AI capital expenditure continue to weigh On July 23, Oracle (ORCL.US) closed down more than 4% to US$120. The cumulative decline during the year was more than 37%, hitting the lowest price in the past 12 months, which means that all investors who bought the stock in the past year have suffered book losses. The background of Oracle's round of pressure deserves attention. As an established technology giant that is vigorously transforming from traditional enterprise software to cloud infrastructure OCI (Oracle Cloud Infrastructure) and AI, the company is at the intersection of the peak capital expenditure period and the market return verification period. Investors' concerns about the payback cycle of large technology companies' high AI capital expenditures continue to rise. This, combined with the recent pressure on the technology sector as a whole, has caused cloud vendors such as Oracle, which are still in the catching-up stage, to face more stringent valuation scrutiny. Nvidia and Amkor reach $1.5 billion chip packaging and testing cooperation agreement Amak Technology (AMKR.US), an American semiconductor product packaging and testing service provider, announced on July 23, local time, that it has reached a US$1.5 billion multi-year cooperation agreement with NVIDIA (NVDA.US) to jointly develop advanced semiconductor packaging and testing technology for the next generation of artificial intelligence and accelerated computing platforms. Under the agreement, Nvidia will provide upfront payments to support Amkor's expansion of advanced packaging production capacity in the United States. SpaceX placed in post-US IPO spotlight, delays major flight test again SpaceX has postponed the next major test of its Starship rocket until Friday due to poor weather conditions. The rocket will carry upgraded versions of Starlink satellites, which will burn up in the atmosphere later in the test mission. Starship is at the center of SpaceX CEO Musk's grand vision, which includes building data centers in space, expanding the Starlink communications network, and sending humans to the moon and Mars. Southbound Fund Tracking｜Net sales of more than HK$4.2 billion continued to sell off Tencent and Alibaba and flowed into Zhipu Data shows that the transaction volume of southbound funds yesterday was approximately HK$97.35 billion, a sharp drop of approximately HK$52.1 billion from the previous day; approximately 41.70% of the total transaction volume of the Hang Seng Index, accounting for more than 40%, but a significant decline from the previous day.
In addition, Hong Kong stocks fluctuated and strengthened yesterday, with the Hang Seng Index rising 1.28% throughout the day. However, the net sales of southbound funds were approximately HK$4.226 billion. Among them, the net outflow of Shanghai-Hong Kong Stock Connect was approximately HK$1.885 billion, while the net outflow of Shenzhen-Hong Kong Stock Connect was approximately HK$2.341 billion. In terms of trend, short-term southbound funds are still dominated by inflows, with a cumulative net purchase of approximately HK$35.483 billion in the past 10 trading days; however, net outflows have also begun to become more frequent. In terms of individual stocks, exchange data showed that southbound funds yesterday Substantial net purchases: Meituan-W (03690.HK) HK$642 million; Zhipu (02513.HK) HK$494 million. Significant net outflows: Tencent Holdings (00700.HK) HK$1.540 billion; Alibaba-W (09988.HK) HK$1.096 billion; Semiconductor Manufacturing International Corporation (00981.HK) HK$893 million; YOFC Optical Fiber and Cable (06869.HK) HK$600 million; Huahong Grace (01347.HK) HK$420 million. Meituan-W rose 4.36% yesterday. The funds reduced their holdings by 5.57 million shares in the past 5 days, but there has been a short-term return. Zhipu fell 0.34% yesterday, with funds adding 1.81 million shares in the first five days, maintaining an inflow trend. Tencent Holdings rose 1.04% yesterday, with funds adding 4.42 million shares in the first five days, but outflows have accelerated again this week. Alibaba-W rose 1.14% yesterday, with funds adding 45.13 million shares in the first five days, and short-term reflows are still the main focus. SMIC fell 2.95% yesterday, with funds reducing their holdings by 37.36 million shares in the past five days, accelerating short-term outflows. YOFC Optical Fiber.