Breakfast | August 6, 2026

SpaceX plunged 13%, dragging down the tech sector; the S&P 500 and Nasdaq pulled back from highs, while the Dow Jones Industrial Average hit another record high; gold soared 4%, and crude oil rose before falling back. Iran disclosed its new plan for the Strait of Hormuz for the first time, stating that the US had actively sought talks, but mere compliance is insufficient to reopen the strait. US July ADP employment report missed expectations, with Non-Farm Employment adding only 44,000 jobs, the lowest this year, making Friday's non-farm payrolls data key. US July ISM Services Index continued to expand, showing resilient demand but rising stagflation risks. The US Treasury maintained its quarterly bond issuance scale unchanged, as debt pressure approaches $40 trillion. Federal Reserve Governor Cook stated that if inflation does not cool, they are ready to raise rates; Federal Reserve voting member Kashkari called for immediate rate hikes. China's July Caixin Services PMI fell to 50.4, expanding for the 43rd consecutive month, with employment and new export business growing for three consecutive months. China's Ministry of Commerce: Strengthened export controls on drone-related dual-use items to the US; if the US insists on introducing new restrictive measures against China, China will implement further countermeasures. AI demand supported Sandisk's previous quarter revenue to beat expectations with a nearly fourfold increase; the company plans a massive $14 billion buyback, but current quarter guidance was lackluster, causing shares to fall 8% in after-hours trading. Conference call: Customer orders are locked in for the next four years, and the largest customer is increasing demand even after signing. Western Digital plummeted 10% in after-hours trading; fourth fiscal quarter revenue and profit beat expectations, but performance guidance disappointed the market. Conference call: "Data will grow exponentially" in the AI era, physical AI is igniting hard drive demand, and long-term contract orders are scheduled until 2031. Thursday saw the largest stock unlock in US history, with 1 billion shares released; SpaceX faced its ultimate judgment, closing down over 13%. Jeff Dean's 27-year career at Google ended as he left with three top scientists to start a venture; Kavukcuoglu took over Gemini 4. Google shares fell 5% at one point. Demand for weight-loss drugs continues to heat up; Eli Lilly's Q2 revenue surged 48% year-over-year, and full-year revenue guidance was raised to $85-87 billion. Anthropic confirmed the formation of an in-house AI chip team, adopting a "multi-chip" strategy to support Claude's expansion. Microsoft's AI revenue heavily relies on OpenAI, potentially accounting for 70% of revenue. Meta launched its first AI programming agent, directly challenging Anthropic and OpenAI. DeepSeek V4 Flash weekly calls exceeded 7 trillion, ranking first globally.