Breakfast | U.S. stock indices fell for two consecutive days ahead of the U.S. CPI data, Apple reached a new high, and Tesla hit an intraday record high

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US stocks fall for two consecutive days, Chinese concept stocks drop over 4%, popular stocks Nvidia and AppLovin decline over two days

Investors are waiting for the key US CPI report on Wednesday, and US stocks collectively retreated, with almost all sectors declining, only telecommunications and consumer staples sectors rising. Investors accelerated the sell-off of chip stocks and AI concept stocks towards the end of the trading session.

The "Tech Seven Sisters" had mixed performances. Alphabet (Google A) rose 5.59%, marking the largest single-day gain since April, as investors focused on the company's latest quantum computing chip, Willow, which achieved remarkable results in benchmark tests. Tesla rose 2.8%, nearing the historical high set in October 2021 during intraday trading. Meta rose over 0.9%, Apple rose over 0.4% to continue setting closing historical highs, Amazon fell over 0.4%, Microsoft fell 0.6%, and Nvidia fell 2.69%.

AI concept stocks generally fell. BigBear.ai fell 15.03%, Super Micro Computer fell 8.2%, SoundHound AI fell 5.54%, Dell Technologies fell 5.67%, Oracle fell 6.67%, and Palantir fell 2.17%.

Chinese concept stocks broadly declined. The Nasdaq Golden Dragon China Index fell 4.34%. The FTSE China 3x Long ETF (YINN) fell 12.61%, the China Technology Index ETF (CQQQ) fell 6.25%, and the Chinese Internet Index ETF (KWEB) fell 4.82%. Fangdd fell 13%, Bilibili fell 11%, Nio, New Oriental, and XPeng fell over 7%, Pinduoduo and Li Auto fell over 5%, NetEase, ZEEKR, Tencent, Baidu, and JD.com fell at least about 4%. Alibaba fell 2.7%.

General Motors abandons funding for Cruise autonomous taxi project

General Motors plans to readjust its autonomous driving strategy, prioritizing the development of advanced driver-assistance systems to achieve fully autonomous personal vehicles. General Motors intends to merge its controlling stake in Cruise with its technology team to jointly advance the development of autonomous and assisted driving technologies.

Microsoft shareholders vote against Bitcoin investment proposal

Microsoft's board had previously urged shareholders to reject the National Center for Public Policy Research's proposal to invest 1% of total assets in Bitcoin to hedge against inflation.

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Google CEO claims its newly released quantum computing chip can complete supercomputing tasks in five minutes

The CEO of Google announced that the company's latest quantum computing chip, Willow, achieved remarkable results in benchmark tests: completing a standard computation in less than 5 minutes, a task that would take top supercomputers over 10^25 years—longer than the age of the universe! Willow's achievements are primarily reflected in two aspects: exponentially reducing errors and outperforming supercomputers in performance.

Additionally, according to The Information: Google has requested the US Federal Trade Commission to terminate Microsoft's exclusive cloud service agreement with OpenAI

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Apple will provide satellite connectivity from Globalstar for its smartwatches

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Xiaomi responds to the early announcement of the YU7

Typically, new cars are announced 1-2 months before their launch in the Ministry of Industry and Information Technology's announcement. Xiaomi responded: "The early announcement is to remove heavy camouflage as soon as possible and conduct more rigorous road testing and verification, such as the most precise NVH verification, energy consumption testing, and comprehensive durability testing, to provide a more stable and reliable product experience."

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U.S. Bureau of Labor Statistics data release errors lead to key outsourced positions being withdrawn

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