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U.S. stocks extended a selloff led by semiconductors' global decline.

Tesla, Intel, and 3M Earnings: These major companies, along with nearly 80 other S&P 500 members, are scheduled to report Q2 earnings next week, driving significant market attention.
SpaceX Market Value Drop: SpaceX shares have fallen below their IPO price for the first time, shedding approximately $1 trillion in market value from their June peak following an aborted Starship test flight.
Apple Reclaims Top Market Cap: Apple has regained its position as the world's largest company by market capitalization, overtaking Nvidia, with analysts like HSBC believing it still has room to run.
Semiconductor Sector Selloff: U.S. stocks extended a selloff led by a global decline in semiconductors, though analysts from UBS and Barclays maintain a bullish outlook despite the correction.
AI Sector Rotation and "Bloodbath": The AI trade has tumbled significantly, prompting a market rotation toward older, established stocks (like the Dow Jones components) while valuation concerns limit upside for companies like Netflix.
Meta's $10B Computing Deal: Meta is reportedly pursuing a massive $10 billion deal to lease computing power to AI startup Anthropic, highlighting the high demand for AI infrastructure.
Analyst Warnings on Tech Stocks: Several large-cap stocks entering Q2 earnings carry "Sell" ratings, and software valuations are signaling potential opportunities in the sector amid the recent broader selloff.
Intuitive Surgical and Amazon Challenges: Intuitive Surgical shares fell despite beating Q2 expectations due to concerns over U.S. procedure growth, while Amazon's Zoox unit recalled 105 robotaxis over smoke detection issues.
Market Rotation Trends: Analysts note that the "rotation trade" is expanding, with investors becoming uncomfortable in the AI era and shifting focus away from high-growth tech toward more stable valuations.
Geopolitical and Infrastructure News: Reports include New Mexico denying a gas pipeline permit for an Oracle data center and Chevron exploring alternatives for Iraqi oil routes, impacting energy and infrastructure sectors.

Hang Seng Index plunged 446 points in a single day, marking the most significant market event as major stocks like Tencent and Meituan fell over 4% while China SMEC dropped 10%.

AI Sector Dominance and Market Moves:The Artificial Intelligence sector remains the primary driver of growth, with AI computing, robotics, and innovative drugs entering a performance realization period; however, the broader tech sector faced volatility as the KOSPI dropped into a technical bear market and the Hang Seng Index fell 446 points.
Major IPOs and Strategic Investments:Domestic storage leader Changxin Technology launched its IPO with a funding target of ~57.9 billion CNY, prompting two major brokerages to make maximum 10-billion CNY follow-on investments, while AI companies like Xiaomi and Apple secured new entry licenses for on-device AI services.
Corporate Performance Surprises:Significant earnings results were reported across various sectors, including China Taiping (up 85-95%), Huarun Building Materials (loss of 400-500 million CNY), and Xinyi Energy (profit down 35%), alongside lithium and tungsten mining companies showing collective profit improvements due to price recoveries.
Evolution of Smart Hardware:The AI mobile phone sector is accelerating with a projected rise in penetration rates, driven by new regulatory clearances for on-device generative AI services from major players like Apple and Honor, signaling a shift in the mobile supply chain.
Real Estate and Housing Policy Shifts:Over 20 regions introduced new housing subsidy programs (up to 300,000 CNY), while the "Good House" construction guidelines were revised to emphasize safety, comfort, green, and smart features, aiming to improve market expectations amidst a decline in second-hand home listings.
Global Economic and Monetary Policy:The Bank of Korea raised interest rates by 25 basis points to 2.75% for the first time since 2023 to combat inflation, while the US President's claims of Chinese election interference were dismissed as "unfounded" by the Chinese Ministry of Foreign Affairs.
Emerging Industries: Space and Low-Altitude Economy:The "Space-Sky" information industry is accelerating with policy and market drivers, featuring a new "Space-Sky Integration" conference that highlights the deep fusion of low-orbit satellite constellations with ground AI computing infrastructure.
Regulatory Updates on AI and Education:New regulations on "AI Humanized Interaction" for minors were implemented to curb continuous emotional AI services, while the Ministry of Education added 27 new vocational majors focused on digital economy, low-altitude economy, and AI to address skill shortages.
Financial Market Infrastructure Innovation:The first batch of 18 Active ETF products is set for formal submission following new business guidelines, and the domestic market for trading electricity continues to expand, with market-based transactions exceeding 60% of total usage for the fourth consecutive year.
Green Technology Breakthroughs:China's first full-chain green and low-carbon ethylene project produced qualified ethylene, marking a milestone in the "Dual Carbon" strategy, while the 2026 World AI Conference opened in Shanghai with over 300 new products set for global launch.

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