Wall Street News Breakfast FM-Radio | July 22, 2026

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Huajian Morning Voice

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Market Overview

Chip stocks rebounded sharply, driving US stocks to close higher. Previously battered momentum stocks recorded the strongest daily performance in five years. The Nasdaq led gains, with investors regaining confidence in the AI investment theme. S&P 500 rose 0.9%, Dow rose 0.74%. Nasdaq 100 rose 1.9%.

The Philadelphia Semiconductor Index surged 5.2% on Tuesday, marking its best daily gain in six weeks, extending its rally. Tesla rose over 2%, leading tech's "Magnificent Seven." Intel will further cut jobs, stock surged nearly 9%. The US Storage Chip Index soared 11.12%. SanDisk closed up 14.27%, Western Digital and Micron both rose over 12%, Seagate rose over 11%. North American tech software stocks, however, fell more than 1%.

Inflation concerns triggered US bond sell-off, 2-year US Treasury yield climbed 5.7 basis points. 10-year yield rose 4 basis points to 4.63%, approaching a two-month high.

The dollar strengthened 0.2%, returning to 101. The yen fell 0.44%, breaking below 163, hitting a 40-year low. Bitcoin rose 1.6%, quoted at $66,000.

Gold surged 1.9%, spot silver jumped 4%. US-Iran mutual attacks for 10 consecutive days, Brent crude returned above $90, WTI crude up 2% to nearly $85, reaching a five-week high.

Asia session saw a dramatic turnaround, STAR Market 50 surged over 10%, chip and semiconductor stocks exploded, leading storage stocks hit limit up. Hang Seng Tech Index rose over 1%, Zhipu surged over 35%.

Top News

China

CSRC: Industry institutions strengthen counter-cyclical structure, experts actively offer advice and speak rationally.

Zhipu completed dual moves in a day: acquired AI computing power software company Zhongke Jiahe (affiliated with the Chinese Academy of Sciences), and simultaneously established a 1GW fully domestically produced chip data center.

Musk "declares war" on Kimi? Moonshot responds: Welcomes Musk to the “2 trillion+ club.” Moonshot's business lead: three self-developed underlying technologies bring K3 performance leap, looking forward to 'arm wrestling' with Musk; hallucinations are related to creativity and can't be fully avoided, "K3 is already a model with very few hallucinations."

Reports: TSMC plans to raise prices by up to 10% in 2027, giving customers a one-year buffer.

BBA (Benz, BMW, Audi) collectively cut prices.

Quantitative private equity performance took a collective hit, dispute over "quantitative dumping" revived.

113 private equity firms secured allocations in Changxin Technology IPO, Liang Wenfeng's DeepSeek and Jiuzhang took the largest share among PE.

Overseas

US Trade Representative hints new tariff policy coming soon. Reports: the US will halve aluminum tariffs for companies building factories in the US. Canadian PM says he spoke with Trump to "speed up negotiations," Canadian provinces refuse to lift US alcohol ban.

Trump: Iran wants talks but US is "not interested," will "soon" strike Ghaosan nuclear facility, warns Houthi rebels not to block Red Sea.

US Treasury Secretary Besant claims: the US will soon control 80% of global computing power.

Yen hits 40-year low, USD/JPY breaks 163, increasing intervention risk for Japan.

Google launches affordable Gemini products, cybersecurity model comparable to Anthropic Mythos, flagship 3.5 Pro still delayed.

OpenAI urgently pauses GPT-6, this top model "escaped" during internal testing.

AMD ahead of AI conference, Nvidia showcases strong CPU "results", Vera Rubin fully mass produced, over 300 partners deploying.

Market Close Report

US & European Markets: S&P 500 up 0.89% to 7509.20. Dow up 0.74% to 52224.64. Nasdaq up 1.29% to 25837.207. Europe STOXX 600 up 0.56% to 643.19.

A-shares: Shanghai Composite closed at 3864.37, up 1.79%. Shenzhen Component at 14264.29, up 4.81%. ChiNext Index at 3685.97, up 7.05%.

Bond Market: US 10-year yield up 3.44bp to 4.6261%. 2-year yield up 5.51bp to 4.2573%.

Commodities: WTI August crude futures up 2.02% to $84.91/barrel. Brent September crude up 2% to $91.01/barrel. Spot gold up 1.76% at $4078.31/oz. Spot silver up 4.21% at $58.7980/oz.

Key Details

Global Highlights

China

CSRC: Industry institutions strengthen counter-cyclical structure, experts actively advise and speak rationally. CSRC stated it hopes listed companies will enhance compliance and core competitiveness to better reward investors; industry institutions will improve counter-cyclical architecture and truly upgrade investor services; experts actively offer advice and rational commentary to jointly foster a healthy market environment.

Zhipu's 1GW data center landed! Domestic AI chips + CAS Infra + self-developed models, creating a closed-loop? In one day, Zhipu acquired CAS-affiliated AI computing software firm Zhongke Jiahe, and simultaneously rolled out a 1GW fully domestic chip data center. Both "buildability" and "usability" of computing power were complemented at the same time, combined with long-standing post-training capabilities, forming a prototype of a full-stack autonomous tech closed-loop. Shares soared 38.35% on news, seen as a key sign accelerating the era of domestic AI system competition.

Musk "declares war" on Kimi? Moonshot responds. On July 17, Moonshot released their new-gen large model Kimi K3, with 2.8 trillion parameters. Musk commented the next day, calling it "impressive" and unveiled Grok 4.6 with 2 trillion parameters, expecting it to surpass Kimi. Moonshot responded briefly: welcome Musk to the "2 trillion+ club."

Kimi's first response to K3 external concerns. Moonshot's business lead Huang Zhenxin: three self-developed underlying technologies bring K3 performance leap, looking forward to 'arm wrestling' with Musk; hallucinations are related to creativity and can't be fully avoided, "K3 is already a model with very few hallucinations". On pause in new memberships, he said no clear timeline yet.

Reports: TSMC plans to raise prices by up to 10% in 2027, giving customers a one-year buffer. TSMC plans to raise wafer prices by 5%-10% starting early 2027, covering advanced and mature processes, mainly due to rising costs in materials, equipment, and electricity, especially driven by strong AI demand and US expansion plans. This will affect major clients like Nvidia and Apple. The company emphasizes its strategic pricing, allowing buffer to maintain long-term partnership and support ongoing expansion.

BBA collective price cuts. With domestic NEVs rising, luxury foreign brands led by BBA are struggling in China, notably in sales. In 2025, Mercedes sold 575,000 units in China, down 19%; BMW 625,500 units, down 12.5%; Audi 617,500 units, down 5% YoY.

Quantitative private equity performance hit, controversy over "quant dumping" revived. Geshang Fund analyst Jiao Bing believes the "quant dumping" controversy reflects high attention to the 2.3 trillion yuan quant industry. Risks of homogenized stampede exist, but systemic structure issues matter more than "malicious dumping."

113 PEs allocated in Changxin IPO, Liang Wenfeng's DeepSeek and Jiuzhang secured largest PE shares. Changxin Technology allocation result: DeepSeek founder Liang Wenfeng's two PEs won a combined 194 PE products, totaling 20.2497 million shares, about 175 million yuan allocation.

Overseas

US trade rep hints new tariff policy coming soon. US Trade Rep Greer signaled a forthcoming new tariff policy to replace the soon-expiring 10% global import tariff. No timetable yet, must notify Congress and stakeholders before official announcement.

Reports: US will halve aluminum tariffs for companies building factories domestically. US announced new policy on July 20 under Section 232 of the 1962 Trade Expansion Act, giving home-grown primary aluminum producers an import tariff break (from 50% to ~25%) to address capacity shortage. Previous 50% steel/aluminum tariffs were limited, as US still relies heavily on imports. High aluminum prices pushed up manufacturer costs, short-term supply-demand gap hard to close.

Canadian PM says spoke with Trump to "speed up talks"; provinces refuse to lift US alcohol ban. Canadian PM Mark said he spoke with Trump, "both agreed to accelerate talks in next few weeks." Ontario's premier said unless the US lifts auto and steel tariffs, he will not lift its ban on US wine and spirits. Economists point out that weak core inflation plus new tariffs could pave way for another Canada rate cut.

Trump: Iran wants talks but US not interested, will "soon" strike Ghaosan nuclear facility, warns Houthis not to block Red Sea. Trump said US-Iran struggle isn't over, US "won't leave tomorrow"; the Red Sea isn't blocked yet—if it happens, US "will act"; US will "soon" strike Ghaosan underground nuke facility "very fiercely." US media say focus is punishing Iran's earlier attacks in Hormuz Strait; strikes will continue, diplomatic efforts ongoing. Iranian media says Iran deployed new air defense; Iranian President says Supreme Leader ordered end to "neither war nor peace," Iran must unite and not disparage talks' results.

US Treasury Secretary Besant claims: US will soon control 80% of global computing power. Besant declared US computing share will jump from 50%-60% to 80%, treating computing power dominance as a must-win national strategy. Some analysts say this is a "state-level endorsement" for chip giants like Nvidia. However, no official statistics for "computing power share" exist; if 80% goal can be met depends on actual output stats.

Yen hits 40-year low; USD/JPY breaks 163, raising intervention risk. Fueled by Mideast tensions, rising global oil prices, and bets on Fed tightening, dollar strengthened for four days. USD/JPY briefly broke 163, its highest in 40 years, again sparking speculation of Japanese government intervention. Former BOJ policy member warned that if the Fed raises rates further, USD/JPY may rise to 165.

Google launches affordable Gemini in three forms, cybersecurity model rivals Anthropic Mythos, flagship 3.5 Pro still stuck. Gemini 3.6 Flash boosts code, knowledge work, multimodal abilities, reduces token output and price by 17%; Gemini 3.5 Flash-Lite features lowest price and fastest speed in 3.5 series; Gemini 3.5 Flash Cyber uses CodeMender for cyber AI at lower cost. Google reveals Gemini 4 has begun its "most ambitious pre-training so far."

OpenAI urgently pauses GPT-6! OpenAI's top GPT-6 model "escaped" during internal testing: within an hour it broke sandbox firewall, split tokens to dodge scanners, and submitted technical results to GitHub that weren't meant for public release. OpenAI issued an emergency halt and is rebuilding the model; PR closed, but whoever saw it has seen, whoever stole code has stolen—this is the chilling reality of AI losing control.

AI 'Sputnik moment'! Kimi K3 shakes Silicon Valley; Stability AI co-founder: inference cost can still drop 10-50x. Open-source Kimi K3 breaks Silicon Valley's duopoly, igniting AI’s "Sputnik moment." Large models enter "precision manufacturing" era at 1% of the old cost. Inference cost will plummet 50x and edge intelligence will explode. Leading models become "consumables" and interface layer is the big winner; companies’ assets to experience revaluation storm.

Ahead of AMD AI conference, Nvidia shows CPU highlights, Vera Rubin mass produced, 300+ partners deploy. Nvidia announced in late May that Vera is fully in production, its specific tasks 1.8x faster than traditional x86 CPUs. Nvidia emphasizes single-thread performance, communication bandwidth, and memory latency over core stacking; Vera Rubin NVL72 is ramping up mass production globally, with CoreWeave, Google, Microsoft deploying racks. CoreWeave's benchmark shows Vera Rubin NVL72’s per-MW token output is 10x Blackwell architecture.

Research Report Highlights

JPMorgan CEO Dimon warns market underestimates "geo + fiscal" risks; won’t buy stocks or long bonds at current prices. JPMorgan CEO Dimon reveals his cards: won’t buy stocks or long-term US Treasuries. He warned the market seriously underrates risks from the Ukraine war, Mideast conflict and runaway fiscal deficits—"bond vigilantes" will eventually push rates up. For the AI boom, he cites dotcom bubble: winners will emerge, but not as expected.

Upcoming narratives to watch. Market narratives shift from hardware bulls to bears; proof difficulty moves to hardware capex vs ROI. Kimi K3 launch highlights model capability and pricing power, but DeepSeek may bring new variables in "price per intelligence." Model-layer profits may flow to hardware/cloud infrastructure. Time gap in model release and training, Google capex’s challenge to FCF, and storage buyback expectations are future key topics.

What’s the next bottleneck in AI hardware? Morgan Stanley sees AI efficiency gains further driving companies to invest in computing power, boosting demand for chips, storage, and semiconductor equipment. The next real bottleneck will shift from chip design to energy, power, data center capacity and manufacturing; these supply constraints may become limiting factors for AI infrastructure expansion.

Domestic Companies

Xiaomi raises full-year phone shipment target by 16%. Xiaomi has raised its target for 2026 smartphone shipments from ca. 90 million to 110 million units, up about 16%, mainly with low-end models. The raise reflects hopes for an upturn in storage market; industry insiders say downstream makers are resisting rising storage prices.

Data center business growth, Yuanjie Tech expects H1 net profit up 1197%-1305% YoY. Yuanjie forecasts H1 revenue at 900-950M yuan, up 339%-364% YoY; parent net profit at 600-650M yuan, up 1197%-1305% thanks to high-margin data center volume and operational leverage. Despite high growth, share price is down over 28% from peak, market worries its near-10x industry average high P/E (~659x rolling) may not be sustainable.

Overseas Macro

Trump’s new "AI czar" resigns, White House AI strategy faces uncertainty. US AI Standards & Innovation Center Director Chris Fall resigned after only three months, third AI regulator to leave this year. With frequent leadership changes and being marginalized by the "Gold Eagle" plan and core decisions, tech circles call for FINRA-like self-regulation body; White House AI regulation strategy uncertainty increases.

Tech stocks violently rebound, but Citi warns US stock position reduction is far from over. Citi warns US stock position reduction is far from finished: Nasdaq 100 longs are in loss and positions remain high; more unwinding likely ahead. In Asia, Korea’s KOSPI is seen as most vulnerable to fresh deleveraging after crowded positions.

2028 is the deadline? US tech "endgame" conjecture. US AI bull market hasn’t ended, but countdown may have begun. China's latest research says Nasdaq may correct over 10% short-term, and 2028 may be the "deadline" for this tech bull run. Leveraged signals are red, China’s AI models catching up cheaply, valuation expansion dulls... Chains forming to possibly end the bull. The hardest-to-price risk may be political shocks from the 2028 US election.

Financial signals before US stock top. Huachuang Securities reviewed typical cases during the dotcom bubble and found price-top financial signals follow a clear chain: OCF down YoY gave earliest warning (3.7 quarters in advance), FCF and EBITDA confirm at peak minus 1 quarter, Capex is a lagging indicator.

Liquidity expert Michael Howell: Global liquidity peaked, best window for stocks passed. Howell thinks global liquidity momentum core indicator peaked Q4 last year and keeps slowing. His 65-month liquidity cycle model shows best window for stocks is past, market is now in "speculation phase"—commodities strong, yield curve bear flattening as late cycle feature. Not a good time to increase risk assets; prepare to rotate from commodities to cash, then to long bonds.

AI demand keeps exploding—Korea's July first 20 days’ exports growth jumped 62.9% after workday adjustment. Chip exports drove gains, soaring 180.6% YoY; computer-related product shipments grew 232%, both reflecting global demand for AI computing hardware. Destinations: Korea's exports to China rose 94.1% YoY, most among main markets. To US, exports rose nearly 40%.

Korea Exchange launches HFT survey, signals tighter regulation after KOSPI crash. Korean stock surge triggered Sidecar mechanism; Korea Exchange evaluates HFT (high-frequency trading) effect and plans regulatory improvements. With lower trading tax and volatile swings, HFT scale keeps growing. Survey covers stocks, derivatives, ETF cross-market arbitrage to clarify HFT's true impact and inform better regulation.

Overseas Companies

On eve of Google report, Deutsche Bank bullish: Don’t just look at capex, real surprise may come from Google Cloud. DB expects Google Cloud Q2 revenue growth to rise to 70% (vs 65%), may increase to 75% in H2. Capex expected to jump to $325B by 2027 (prev. $250B), $365B-370B by 2028. Financing and cash flow strong. Search ads steady, Gemini’s delay doesn’t hurt competitiveness. Market should focus on cloud revenue delivery pace.

Intel-AMD earnings preview: Signs of data center recovery, PC market still worrisome. Bernstein says server CPU demand rebound and AI-driven data center investment is key focus for Intel and AMD earnings and may offset client-side pressure. But slowing PC demand, rising memory prices and channel inventory issues will drag near-term results; guidance and outlook on PC demand will be watched.

OpenAI agent users break 10 million, ChatGPT Work launch doubles demand. OpenAI’s AI agent products for coding (Codex) and general tasks (ChatGPT Work) together pass 10M users, nearly doubling since early July. ChatGPT Work’s launch is main driver, positioned similar to Anthropic’s Cowork as competition heats up.

Will AI switch to "pay for results"? OpenAI Chair predicts token pricing will be overturned in a year. Businesses mired in AI cost anxiety? OpenAI chair says: token billing will end within a year! The industry will move from "counting tokens" to "paying for business results." He’s cautious about low-cost models like Kimi; AI ROI is hitting a turning point.

AI storage demand to surge: Nvidia CMX may consume over 1B TB NAND next year, Samsung already shipping. Samsung started mass-producing and supplying 10th-gen V-NAND to Nvidia, reserving 60% capacity for 9th-gen to meet demand for Nvidia’s CMX storage device. CMX NAND demand expected to rise from 35M TB this year to over 1B TB next year. Samsung pushing V9 stable production, V10 ramp, V11 pilot; chairman Lee Jae-yong will meet Jensen Huang to discuss HBM, NAND supply and data center cooperation.

AI data center costs add new variables! Stricter regulation: Oracle may need over $7B warranty. Oracle’s $15B Wisconsin data center faces dual blows: state regulator refuses $7B credit exemption, yearly cost exceeds $1B; S&P cut its rating to BBB-, one step from junk. This key project to fulfill $300B OpenAI compute contract exposes AI expansion’s hidden costs.

Intel layoffs again! Data center department latest target, workforce shrinks nearly 40% in four years. Intel notified data center staff of upcoming layoffs, but no specific numbers. Management says cuts aim to streamline management and align workforce with long-term strategy.

SpaceX faces epic stock unlock: $116B in shares enter circulation August 6. SpaceX ~911.5M insider shares will unlock August 6, worth about $116B. SpaceX unlocks in batches—by year-end, total tradable shares will jump from ~639M to 5.33B. SpaceX shares fell 37% from peak, rose 3.8% in today’s session, may end seven-session losing streak.

Novo Nordisk sues Eli Lilly: GLP-1 ad allegedly "big bullying small," weight-loss drug market changes? Novo Nordisk sued Eli Lilly, accusing their ads of misleading “high dose versus low dose” comparisons in violation of ad law. It’s part of new CEO’s tougher competition strategy. With oral GLP-1 products debuting, competition has moved from R&D/capacity to marketing and legal, fighting for multi-billion dollar market.

Industry/Concepts

1, Brain Science | According to China Securities Report, domestic flexible brain-machine interface industrialization sees major progress, technology moves from lab exploration to large-scale clinical application and registration. On July 21, BrainTiger’s self-developed "Implantable Brain-Machine Interface Hand Movement Function Compensation System" ("all-implant, all-wireless, all-function" system) passed public notice, officially entering NMPA’s medical device technical review center "green channel," becoming the first domestic subdural flexible brain-machine interface product in the channel. On July 7, this "all-feature" system started GCP registration trial at Fudan University’s Huashan Hospital.

Comment: Brain-machine interface technology is fast moving from lab to commercial use; medical health will be core growth driver. China lists brain-machine interfaces as a key for future industries; the 15th Five-Year Plan outlines push to make it a new economic growth point; MIIT and six other departments issued implementation plan for innovative industry with goal of safe, reliable ecosystem by 2030. With tech breakthroughs, policy support and broader application, field expected to see explosive growth in 5–10 years.

2, Optical Fiber & Cable | China Securities Report says Nvidia is "land-grabbing" optical fiber in US, buying up "dark fiber" for building high-speed AI infrastructure. "Dark fiber" refers to unused commercial cable lines. By building own high-speed network, Nvidia can bypass traditional hierarchy and offer "GPU compute + high-speed connectivity" integrated service to enterprises and new cloud firms like CoreWeave.

Comment: China’s largest "dark fiber" is held by broadcast groups. Hit by new media, broadcast groups have top fiber resources but are in deficit. Nvidia’s dark fiber acquisition gives these fibers a chance at value restructuring—broadcasting companies could shift from TV to large-scale cloud service provider; in AI power race, controlling networks means more clout and autonomy.

3, Internet of Things (IoT) | Shanghai Securities News says Cyber Security & Informatization Committee issued "IPv6 Technology Innovation and Integration Application Implementation Plan (2026–2030)." Plan sets targets: by 2027, IPv6 end-to-end reach greatly improved, key achievements in innovation and integration. Active IPv6 users reach 900M, IPv6 traffic share 38%. By 2030, deep fusion with all industries, building advanced, open, self-driven, secure IPv6 ecosystem. Active IPv6 users reach 950M, traffic share 42%. Default address for new networks is IPv6, pushing toward single-stack, building IPv6-dominated service/app system.

Comment: Shanghai Securities: IPv6 reshapes IoT ecosystem, huge device connection creates incremental space. Compared to IPv4, IPv6 breaks through in terminal addressing, data transmission, security/privacy—highly fitting for IoT. Its address reverse control exactly suits IoT needs; devices now have complete IPv6 protocol stack. Commercialization and value revaluation likely to accelerate with tech and standards upgrades.

4, Solid-State Batteries | Shanghai Securities News says MIIT lithium battery standard working group received notice for China Electronics Standardization Institute to organize drafting of solid electrolyte industry standards. The working group formed a project team and drafted public consultation version of standards. A discussion for ten solid-state lithium battery standard drafts to be held July 27–28, 2026.

Comment: Huaxi Securities: Combined energy storage demand and commercialization progress suggest upstream lithium miners deserve focus. Lithium carbonate prices are ticking up, miners have catch-up potential. LiPF6 and electrolyte midstream still worth attention. Equipment links, solid-state tech upgrades, present opportunities.

5, Optical Communications | Shanghai Securities News says Tencent Cloud executive said at WAIC forum they’ll deploy large-scale domestic compute to minimize inference costs; expects to deploy NPO (Near-Packaged Optics) super nodes by Q4 2026, calls for unified NPO industry standards globally.

Comment: Zheshang Securities: NPO places optical engines near switch chips, balancing bandwidth density, power and maintainability; systems composed of engines, external light source and fiber management modules. Competition may shift from single device to system engineering. Pluggable, NPO, CPO may coexist long-term; CPO may be a future direction, worth attention.

Top News Preview Today

"Gravity One" carrier rocket expected to launch at sea July 22.

2026 Shanghai Nuclear Energy Sustainable Development Conference and Shanghai International Nuclear Industry Expo.

UK June CPI.

Earnings: Google, Tesla, IBM, Texas Instruments.

Samsung Galaxy global new product launch.

US EIA crude inventory weekly.

Risk Warning & DisclaimerThe market involves risks, investors must exercise caution. This article does not constitute personal investment advice and does not take into account individual users' investment objectives, financial situation, or needs. Users should consider if opinions, views, or conclusions herein suit their circumstances. Investing based on this is at your own risk. ```