Wall Street News Breakfast FM-Radio | July 10, 2026

Wall Street News Breakfast FM-Radio | July 10, 2026

Huajian Morning Voice

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Market Overview

Chip stocks boost U.S. stocks again, Nasdaq rises over 1%, second consecutive gain, S&P and Dow reverse two-day losing streaks; chip index closes up over 3%, Micron up 4.5%, SanDisk up 7.6%, Arm up over 9%, AMD up nearly 6%; among the "Tech Big Seven," Meta leads with a rise of nearly 5%, Nvidia records its first weekly loss; PepsiCo falls over 3% after earnings; China concept index rises for the second day, Alibaba up about 2%.

U.S. Treasury prices halt two-day decline, ten-year yields retreat from over one-month high. Dollar index slightly slips; yen reverses four-day slide, stops approaching lowest level since 1986; offshore RMB recovers 6.80 during the session, climbs from near two-week lows; Bitcoin reclaims $63,000 intraday, rebounding nearly 3% from daily low.

Crude oil retreats, falls from highest level in more than two weeks, Brent drops over 3% intraday; Gold, silver, copper rebound, gold rises over 1%, silver futures and NY copper post biggest jumps in nearly four weeks, up nearly 4% and nearly 3% respectively.

In Asia, a strong rebound in the afternoon: ChiNext soars over 4%, STAR 50 surges 8%, SMIC hits new highs, Hong Kong AI model duo diverge—Zhipu up 11%, MINIMAX plunges 18%.

Top News

China

The State Council issues "15th Five-Year" Carbon Peak Action Plan, aiming for 300GW of new energy storage capacity by 2030, new energy vehicles to reach 30% share, promoting mainly non-fossil power usage for new computing infrastructure.

ChinaJune PPI up 4.1% YoY, CPI up 1% YoY, AI demand boosts tech equipment & semiconductor prices.

Changxin Technology launches STAR Market IPO process, subscription date July 16.

Foxconn Industrial InternetH1 net profit forecast to double, AI server revenue up over 230% YoY. GigadeviceH1 net profit forecast up 10.99 times, storage business becomes "money printing machine".

MiniMaxfalls over 18% on unlock day, reportedly launches $1.9 billion emergency fundraising, discounted shares + zero-interest convertible bonds after market close.

Overseas

Hormuz crisis hits supply: Reports say Iranurgently exported over 10 million barrels of crude in 24 hours, Qatar suspends LNG capacity recovery. Maritime analytics: Hormuz Strait traffic has sharply dropped, nearly halted.

Israeli Defense Minister: Israel's military ready to resume operations against Iran. Israeli Prime Minister: "Not allowed" for Iran to have nukes, plans to significantly increase defense budget. US officials: US-Iran tech talks continue.

Ukrainian drones breach Russian energy defenses? Nine out of ten refineries attacked, Russia announces diesel export ban.

Fedannounces leadership for five reform task forces, former central bank chiefs, Silicon Valley AI leader, Nobel economists join.

OpenAI after two weeks of "restricted supply" fully rolls out GPT-5.6, also launches new agent ChatGPT Work, CEO Altman says "many adjustments" made after US government talks.

Former Fed Chair Bernankejoins Anthropic governance body, overseeing AI risks and public interests.

Reports: SK HynixADR guide price $149, 3.1% premium on Korea closing price, institutional subscription ratio over 7x.

Meta joins the AI price war, launches first paid large model, surpasses Google Gemini, pricing at only a quarter of Anthropic competitor. Reports: Meta self-developed AI chip "Iris" set for mass production in September, plans to double computing power to 14GW by 2027.

Micronraises US investment plan $50B to $250B, target 40% DRAM made in US.

Market Closing Data

US and European Stocks: S&P 500 up 0.81%, at 7543.64; Dow up 0.27%, at 52487.41; Nasdaq up 1.30%, at 26206.89. European STOXX 600 up 0.78%, at 640.87.

A Shares: Shanghai Index up 1.65%, at 4036.59. Shenzhen Index up 3.07%, at 15398.73. ChiNext up 4.49%, at 4018.17.

Bonds: At bond market close, US 10-year Treasury yield about 4.55%, down about 3 basis points intraday; 2-year Treasury yield about 4.18%, down about 4 basis points intraday.

Commodities: WTI August crude futures down 1.96%, at $72.08/barrel. Brent September crude futures down 2.2%, at $76.3/barrel. COMEX July gold futures up 1.47%, at $4130.6/oz. COMEX July silver futures up 3.81%, at $60.378/oz. COMEX July copper futures up 2.65%, at $6.215/lb.

Top News Details

Global Highlights

China

State Council releases "15th Five-Year" Carbon Peak Action Plan, aims for 300GW new energy storage by 2030, promotes mainly non-fossil power for new computing facilities. By 2030, China's carbon emissions per GDP unit will drop 17% vs 2025, non-fossil energy will reach 25% of consumption. By 2030, pumped storage capacity will reach around 160GW, virtual power plant max adjustment capacity will reach over 50GW, and demand response will be over 5% of max load. By 2030, NEV ownership aims for 30%, NEV operation vehicles ownership aims for 25%.

China June PPI up 4.1% YoY, CPI up 1% YoY, AI demand boosts tech equipment & semiconductor prices! National Bureau of Statistics says AI scenarios expand, new materials widely applied, green transformation continues, driving VR device prices up 8.4% MoM, wearable smart devices up 3.4%, industrial control computers & systems up 3.3%, industrial robot prices up 0.5%.

  • Guolian Minsheng Macro's Zhong Yumei says June PPI YoY hit a 46-month high, but MoM turned negative. With international oil prices falling, external drivers for previous price rises are weakening; June PPI YoY has reached a stage high, "reflation" in H2 needs more endogenous momentum.

Musk "copies" Zhipu. Musk says Grok 4.5 is faster and more efficient, "Opus-level" model. The low-price strategy matches China open-source vendors like Zhipu GLM-5.2, putting pressure on high-priced closed-source models like Anthropic. xAI's acquisition of Cursor aims to get real coding data, build a flywheel effect to capture coding agent market share.

Changxin Technology launches STAR Market IPO, subscription date July 16. H1 net profit soars over 22 times, chairman promises no reduction for 10 years, gives 768 million self-held shares to employees. Market believes, based on strong profit forecasts and AI computing valuation boom, Changxin's theoretical market cap post-listing may hit 2-3 trillion yuan.

Foxconn Industrial Internet H1 net profit may double, AI server revenue up over 230% YoY. 2026 H1 parent net profit estimated 23.4b-24.4b yuan, up 93%-101%, non-recurring net profit up 94%-103%. AI infrastructure expands, cloud AI server income surges 230%, core growth driver; next-gen products mass produced H2. AI clusters drive high-speed interconnect demand, 800G+ switches shipments up 1.4x YoY.

Gigadevice H1 net profit up 10.99 times, storage business becomes "money printing machine". H1: revenue 11.5b (+177%, over last year's total), net profit 6.9b (+1099%, 4.2x last year), storage sales and price surge + MCU scale-up, non-recurring net profit 4.85b (+791%).

"80% shareholders not selling" but MiniMax falls over 18% on unlock day. On July 9, MiniMax unlocks 153m restricted shares. Over 80% shareholders said "not selling" night before. Market responded with real money—the 48.9% unlock scale made verbal promises pale.

Overseas

Hormuz crisis hits supply: Iran reportedly urgently shipped over 10m barrels crude in 24h, Qatar pauses LNG capacity recovery. Iran rapidly dispatched tankers carrying 11m barrels, equivalent to one week’s pre-conflict exports; after Qatar LNG tankers attacked in Hormuz, Qatar paused recovery at Ras Laffan, world’s largest LNG complex, maintaining minimum operation.

Ceasefire "ended" Day 2: US expands strikes, Iran retaliates on Qatar base, Trump fights while negotiating. US strikes extend to Bushehr, hit ~90 military targets. Iran retaliates via drones on US bases in Qatar, Kuwait, Bahrain; Gulf countries sound air raid sirens. Despite Trump saying war unlikely, fighting spreads, oil prices volatile.

EU issues flight warning! Qatar, Bahrain sound alarms; Kuwait intercepts "enemy" air targets. EU Aviation Safety Agency advises airlines to avoid Iran, Iraq, Lebanon airspace due to heightened tensions. Qatar Interior Ministry sounds alarms urging citizens to safety. Bahrain confirms air defense alert. After US strikes on Iranian facilities, Iran quickly retaliates on US assets in Gulf nations.

Israeli Defense Minister: Israel ready to resume operations against Iran. Israeli Prime Minister: "Not allowed" for Iran to have nukes, planned big defense spending increase. Netanyahu announces plan to add 350b shekels (~$117.7b) to defense budget over 10 years, much for air force, building local defense industry, reducing reliance on imports.

US official: US-Iran tech talks continue.

Ukraine drones breach Russian energy lines? 9 out of 10 refineries attacked, Russia announces diesel export ban. Drones ongoing hit Russian energy facilities, H1 oil refining lowest in 20 years, half of regions limit fuel, some stations see 18h lines. Putin calls urgent video meeting, announces diesel export ban, admits "some extent of shortage", fuel crisis may last till Sep.

Fed announces 5 reform task force leadership, ex-central bank chiefs, Silicon Valley AI leader, Nobel winners join. Monetary policy communication led by ex-UK Bank chief King, ex-Brazil CB chief Fraga; ex-India CB chief Rajan leads balance sheet policy; a16z co-founder Andreessen, MS VP Sharma lead productivity/employment (will evaluate AI impact); Nobel winner Sargent, Harvard Prof. Mankiw lead inflation framework; ex-Walmart CEO McMillon leads economic data group.

Fed's favored inflation metric to be revised! Analysts: could give Walsh room to stay put. BEA will revise PCE inflation in September, economists see core inflation read cut by 0.1-0.3. Though small, in Fed’s internal debate about 2026 rate hikes, this can sway decisions. Combined with oil price retreat and likely overstated job stats, market probability rises for Fed holding rates steady this year.

OpenAI after two weeks "restricted supply" fully releases GPT-5.6, launches new agent ChatGPT Work, CEO Altman says many adjustments after US govt talks. GPT-5.6 three models benchmarked above Anthropic Fable 5; flagship Sol’s cost is 1/4 of competitor, Terra/Luna costs only 1/16. New agent ChatGPT Work powered by GPT-5.6, seen as combo of ChatGPT + Codex, supports multi-hour continuous work across apps. Altman did not detail adjustments, unsure if OpenAI will IPO this year, GPT-5.6 boosts token efficiency by 54% in agent programming, China open-source models getting "very good".

Former Fed Chair Bernanke joins Anthropic governance, oversees AI risk & public interest. Nobel winner, ex-Fed Chair Bernanke formally joins long-term benefit trust, which has authority to appoint/dismiss majority of board seats, can remove its appointees; trust members don’t own company stock, their role is independent oversight. Bernanke's joining seen as boosting Anthropic’s public credibility.

Reports: SK Hynix ADR guide price $149, 3.1% premium on Korea closing price. SK Hynix ADR priced at $149/share, raising ~$26.5b, may set record for overseas company IPO in US. Institutional subscription ratio over 7x, strong demand. Stock expected to be pre-issued as "SKHYV" Friday, official listing July 13.

Meta joins AI price war! Launches first paid large model, surpasses Google Gemini, priced at 1/4 of Anthropic. Meta launches flagship Muse Spark 1.1, outperforms Google Gemini on agent, coding, multimodal. Zuckerberg says Meta API price is about 1/4 of OpenAI/Anthropic top models.

Micron boosts US investment by $50b to $250b, aims for 40% DRAM made in US. New $50b investment adds to previous $200b commitment, covers plants in NY, Idaho, Virginia, investment to 2035. Micron also adds $3b to reinforce domestic semiconductor supply chain.

Apple device-side AI key piece? iPhone fits in 27b parameter big model for first time. PrismML says it has compressed a 27b parameter AI model to run locally on iPhone 17 Pro, record for mobile-side scale. Apple reportedly interested; tech may help Apple boost local device AI, reducing cloud reliance.

Selected Research Reports

US AI stocks overpriced? Top fund manager: switch to China tech stocks, UK high-dividend, global energy. US stock valuation warning—S&P 500 earnings-adjusted CAPE at 68x, record high. Several international fund managers warn of AI trading concentration risk, recommend increasing China tech, UK high-dividend, energy sector to spread US stock pullback risk.

Mirroring 1996—Will South Korea repeat Asian financial crisis?. Tantu Macro sees Korea macro similar to 1997 pre-crisis: (1) exports highly reliant on semiconductors, (2) stocks slide after big rally, (3) openness + foreign inflows at peak, (4) macro indicators show no crisis. Korea financial stability index at historical 62% ("yellow light"), main risk is stocks not systemic crisis.

Commodity veteran: now is best time to bottom fish gold, long-term target $10,000, silver to $150-200. Trader Trey Reik says gold dropped 25% from Fed hike worries but US debt limits hike room. He sees $4000 as correction bottom, long-term gold target $10,000, silver $150-200. Precious metal volatility driven by "paper trading", miners still profitable, M&A wave coming, recommends mid-long term positioning over summer.

Ex-Goldman commodity chief Jeff Currie: AI boom causes capital misallocation risk, "old economy's revenge" not over. Currie thinks commodity supercycle since 2020 far from over. De-globalization, electrification, currency devaluation drive demand. AI sector much more overvalued than physical assets. Capacity shortage from long-term underinvestment, energy sector's share of S&P 500 should rise from 3% to 10-15%.

Xiaomi car's second card: after SU7/YU7, can "Pengcheng" become new growth pole? Xiaomi's car strategy turns as Lei Jun teases second brand—"SkyNomad Xiaomi Pengcheng" extended-range household SUV series, priced 200,000-450,000 yuan, targets the heartland of Li Auto, AITO. News triggers Xiaomi shares surge over 10% in a day, market sees Xiaomi shifting from "hit product logic" to "multi-brand platform". Three and a half years to build Kunlun architecture, flat floor, AI smart space—can it unlock the top NEV segment?

From "scarcity" to "slowing"? Bearish Deutsche Bank: Pop Mart IP cycle topped, facing sharper H2 decline risk. Deutsche Bank says flagship Labubu 4.0 IP dropped below 50 yuan on secondary market in a week, IP momentum waning, promo for inventory clearance spreads. Q3 revenue may drop 35%, Q4 drop ~18%, 2026 full-year down 6% to 35b yuan.

Pork price up 11 times—is it time to step into "pork module"? Institutions highly divided. Pork up 11 times, over 20%, farming sector back in spotlight, but "rebound or reversal" divides experts. Optimists see deep losses, mother pig reduction, policy output suppression as cycle turning point; cautious warn second fattening "delays supply", weak consumption + group volume, prices may still bottom. "Pork module" may still be left-side trade.

Overseas Macro

US initial jobless claims last week dips to 215k, layoff rate remains near historical low. US job market shows "slow hiring, no firing": firms keen to keep staff, layoffs suppressed, hiring slowed. For week ending July 4, initial claims fell to 215k, below expectations, continuing claims rose to 1.81m, highest since March, showing harder to reemploy.

US June home sales unexpectedly fell, inventory improvement limited, prices at record high. June sales annualized rate drops to 4.09m, down 2.4% MoM, below 4.2m expected; June inventory 1.56m, up 1.3% YoY, but first small MoM drop this year, analysts call the increase "negligible". Median June sale price up 1.8% YoY to $440,600, record high.

Cocoa prices up 100% since March! Jefferies: After heavy rain, possible El Niño, West Africa supply crisis worsens. NY cocoa futures double since March, near $6000/ton. Main producers Côte d’Ivoire, Ghana hit by heavy rains, black pod disease, new season output to drop ~18%. Possible El Niño could cause drought, worsening the supply crisis, cocoa prices likely stay high.

Overseas Companies

AI era's endpoint is nuclear power? Microsoft, Google rush to buy nuclear electricity, SMRs become Wall Street favorite. AI data center power surges drive US nuclear revival, tech giants rush to lock resources, Trump administration supports expansion, SMR hot focus. Regulation, construction, fuel supply bottlenecks remain, full rollout still needs time.

Wall Street backs Nvidia: single rack price increase $3m far exceeds HBM costs, 18x PE 30% below peers. Two big investment banks support Nvidia: Bank of America calculates rack price surged $2m-3m from Blackwell to Rubin, far above HBM cost increase, gross margin steady at mid-70%; Citi supply chain confirms roadmap unchanged. Forward PE drops to 18x, seven-year low, institutions call to buy on dips.

Nvidia completes AI software stack: teams up with LangChain to launch Agent blueprint, inference costs drop 10x. Nvidia and LangChain launch NeMoClaw Deep Agents blueprint, provides enterprise reference arch, addresses deployment issues like governance, audit, iteration. Single-task inference costs $4.48, while competitors cost $43.48. Fills NeMo ecosystem gap, extends Nvidia from compute supplier to enterprise agent and full-stack AI platform.

Bain Capital exits Kioxia! 10 years ago rescued "distress asset", "storage frenzy" brings epic returns. Bain Capital fully exits Kioxia, ending nearly ten years of investment. From buying Toshiba's distressed asset, to AI storage surge, since 2024 Kioxia stock up over 4800% vs IPO, Bain gets record returns, one of private equity's brightest successes.

AI reshapes enterprise IT! Starbucks starts "self-developed software", Microsoft, IBM face new challenge. Starbucks is using AI to lower software dev threshold, pushing internal development to replace Microsoft, IBM, Oracle systems, aims to cut annual IT spend by $400m. Replacement software may be tested as soon as the end of next year.

Samsung Lee Jae-yong attends Sun Valley Summit, pursues Apple, Amazon, OpenAI orders. Samsung chairman Lee and fab exec attend Sun Valley, focus on advanced process orders. Apple processor fab collaboration biggest highlight, Amazon, OpenAI seen as potential clients. With TSMC capacity tight, Samsung accelerates pursuit of global high-end chip orders.

Industry/Concept

1. Ultra-high voltage | According to Shanghai Securities News, July 9, the "15th Five-Year" Carbon Peak Action Plan released. The plan calls for accelerating electricity system's renewable absorption capability, boosting interprovincial/interregional transmission and mutual support, accelerating UHV channel building, adding 80GW west-east power transmission, vigorously promoting interprovincial mutual support projects. Supports local renewable consumption, promotes green power direct supply models, and pushes integrated development of source-grid-load-storage.

Comment: China Galaxy Securities believes enhancing UHV and backbone grid investment, improving grid resource allocation is main job for State Grid during "15th Five-Year". State Grid says it will strive to bring 15 planned UHV DC projects online ASAP, boost interregional transmission 35%, build mutual support projects to expand flexibility over two-fold, meeting large-scale renewable allocation needs. Also, optimize regional backbone layout, coordinate generation/grid planning, match centralized renewable base timing, ensure efficient resource allocation.

2. Aerospace | According to Shanghai Securities News, China's first orbital-class recoverable rocket—Long March 10B—first launch window is July 10-13 at Hainan commercial launch site. Core highlight is verification of globally first "sea mesh recovery": unlike SpaceX Falcon 9’s leg landing, CZ-10B omits heavy landing legs, is caught midair by "Navigator" ship using large flexible net. If successful, China will become world's second to master heavy-lift recoverable rocket, unit launch cost down over 40%, serving "Qianfan Constellation" national LEO satellite network.

Comment: Dongwu Securities says Chinese commercial space is transitioning from technical validation to large-scale industrialization. By 2026, commercial space becomes emerging pillar industry, included in "15th Five-Year" priorities, govt sets up dedicated regulator, issues special development plans, relaxes STAR Market listing standards, builds complete governance system, becoming China's core support to nurture new productive forces and build space powerhouse.

3. Optical-electronic co-packaging CPO | According to China Securities Journal, Global Computing Alliance (GCC), Open AI Infra community (OAII) hosted "Supernode & GW-level AIDC Tech Forum and OAII Community Semi-annual Meeting" in Beijing. Huawei with China Mobile Institute, JD Cloud, Baidu, China Electronics Standardization Institute, and 20+ partners jointly launched OPEN NPO project, initiated China's first NPO optical interconnect MSA, promoting open, unified near-package optical standard system, accelerating next-gen high-speed optical interconnect innovation & industry synergy for AI-era high-end computing infrastructure.

Comment: With AI model training/inference demand exploding, data centers’ need for high-bw, low-power interconnect surges, NPO technology enters mass engineering stage. 2026-2027 seen as NPO golden boom season, core driver is large-scale orders from top customers (Nvidia NVL576 cabinets, Huawei Ascend clusters, Google TPU expansion). Huge demand drives NPO whole systems, engines, components capacity and shipments. Future optical interconnect market will not be dominated by a single tech—LPO, NPO, CPO will coexist long-term, even when CPO matures, NPO holds stable share in mid/high-end markets.

4. Semiconductor | According to China Securities Journal, July 9, Origamic Microelectronics’ 2D semiconductor engineering demo line is fully connected in Shanghai Pudong. The pilot line’s stable operation marks China's 2D semiconductor tech moving from lab to engineering validation and small batch production stage. Origamic Micro founded by National Key Lab for Integrated Chips & Systems and Fudan Microelectronics, is China's first company focusing on "Beyond Moore" and non-silicon heterogeneous integration 2D semiconductors. Origamic plans to build commercial mass production line in next three years, aims for domestic mass production before 2030.

Comment: 2D semiconductors, with atomic-level thickness, high carrier mobility, no dangling bonds, excellent mechanical properties, varied materials, have become key to break silicon chip physical limit and extend Moore’s Law. Global market expected to reach $30-50b by 2035, first commercial application in low-power edge computing, flexible electronics, high-performance optoelectronic devices.

5. Retail | According to China Securities Journal, Ministry of Commerce and 9 departments recently issued opinions on accelerating retail innovation, released July 9. Goal: by 2030, basically establish well-laid-out, high-quality, diverse, smart, competitive modern retail system. Support retail companies to strengthen, optimize, expand, enhance industry competitiveness, livelihood service & consumption pull. Push resource elements to gather in brick-and-mortar retail, policies to favor physical retail, efforts towards strengthening. Policies from land, finance, tax reduction, approval optimization, legal market, etc.

Comment: China's retail is shifting from "scale expansion" to "high-quality development". In coming years, industry will stabilize into multi-format coexistence, layered competition, certain tracks see clear growth. Warehouse member stores keep penetrating; discount stores move to mid-market; instant retail emerges as growth driver. Digital/smart and green will deeply integrate, consumption scenarios will cover production, circulation, consumption, recycling, reaching urban and rural.

Today's News Preview

Long March 10B first launch experiment may target July 10-13.

2026 China Embodied Intelligence Robot Industry Expo.

Germany June CPI.

SK Hynix US ADR tentatively scheduled for Nasdaq listing July 10.

IEA releases monthly oil market report.

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Risk warning and disclaimerThe market carries risks, investment requires caution. This article does not constitute personal investment advice, nor does it consider the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article suit their particular situation. Invest accordingly, at your own risk.