Breakfast | Chinese concept stocks continue to celebrate for five consecutive days, Google Bard releases "the largest update in history"

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Market Overview

The continuous cooling of inflation has significantly increased market speculation that the Federal Reserve's interest rate hike cycle is nearing its end. The three major US stock indices continued to open high and rise, with the Nasdaq up 1.58%, the S&P up 0.85%, and the Dow up 0.41%. The Nasdaq 100 index has risen for four consecutive days, and the small-cap Russell 2000 index has risen 0.91%, also rising for five consecutive days.

Technology stocks have risen collectively. Tesla is up nearly 2.2%, rising for three consecutive days. Alphabet is up 4.7%, rising for three consecutive days. Amazon is up nearly 2.7%, rising for three consecutive days. Netflix is up more than 1.4%, rising for two consecutive days. Microsoft is up nearly 1.3%, rising for three consecutive days. Apple is up 0.4%.

Popular Chinese concept stocks have outperformed the broader market for five consecutive trading days since last Friday. Kingsoft Cloud is up nearly 17%, Pinduoduo is up over 7%, Zhihu is up over 6%, Manbang is up 6%, JD.com is up over 5%, Bilibili is up 5%, Alibaba, Baidu, NetEase, Ctrip, and Weibo are up over 2%. Xiaopeng Motors is down over 7%, NIO is down over 3%, and Li Auto is down over 2%.

Top Stocks

Microsoft and Activision Blizzard Consider Selling Part of UK Cloud Gaming Rights

The aim is to meet regulatory requirements. Microsoft is considering completing the transaction with Activision Blizzard before July 18.

Google's Bard "Largest Update Ever"

Bard now supports more than 40 languages, including Arabic, Chinese, German, Hindi, and Spanish. New features include image reading, adjusting answer tone and style, etc. Users can access it in Brazil and throughout Europe, expanding the use cases to more regions globally, especially the important EU market.

OpenAI Faces Strict Regulatory Threats

The FTC requests records regarding consumer data security.

It is reported that Apple's autonomous driving car test drivers have increased, but there is still a significant gap compared to March.

SpaceX's Valuation Approaches $150 Billion

After announcing the sale of stocks this week, Musk's SpaceX company is valued at nearly $150 billion. SpaceX will sell up to $750 million worth of shares at a price of $81 per share from insiders.

Amazon Sets New Record for Highest Single-Day Sales in Mid-Year Promotion

Amazon announced that within 24 hours after the start of Prime Day this week, it set a new sales record since the company's inception. Users placed a total of 375 million orders, surpassing last year's 300 million orders. US Judge Rules Ripple Coin May Not Necessarily Be a Security, Triggering Another Cryptocurrency Craze

A judge in the Southern District of New York ruled that Ripple Coin "may not necessarily be a security on its face," a decision that may help place cryptocurrencies outside the realm of securities regulation. As a result, Ripple's token, XRP, surged over 70%, driving up other cryptocurrencies as well. Coinbase, the exchange, saw a surge of over 21% in a single day, reaching a nearly one-year high.

BYD Expects to Launch the U8 Luxury Edition in August

Delivery will begin in September. This year, BYD will also introduce a highly professional and personalized new brand, which has already been named "Formula Leopard."

Tesla Reportedly in Discussions with the Indian Government to Establish an Automobile Factory in the Country

The annual production capacity could reach up to 500,000 electric vehicles, with prices starting from 2 million rupees (approximately 17.46 million yuan).

Macro and Strategy

Resignation of the Most Important Hawkish Fed Official, Bullish Sentiment Expected to Strengthen

Brad will step down as the St. Louis Fed President this Thursday and officially leave in mid-August. Since mid-2021, Brad has been pushing for a more aggressive rate hike by the Federal Reserve and was one of the first officials to call for a 75 basis point increase. He believes that the "transitory theory" of inflation is wrong.

Mary Daly, the President of the San Francisco Fed, stated on Thursday that it is premature to declare victory over inflation, and while the CPI data is very positive, she remains cautious.

Goldman Sachs Partner Predicts New High for S&P 500 by Year-End

Goldman Sachs believes that the S&P 500 index, which reached a historical high of 4796.56 points in January 2022, still has about 7% upside potential from Wednesday's closing price. To break records again, the US stock market needs both economic growth and corporate profits to continue to outperform expectations.

Wang Yi Meets with US Secretary of State Blinken

Chinese State Councilor and Foreign Minister Wang Yi expressed China's firm stance on the Taiwan issue, demanding that the US refrain from interfering in China's internal affairs, undermining China's sovereignty and territorial integrity, and ceasing to suppress China's economy, trade, and technology, as well as lifting the illegal and unreasonable sanctions against China.

China Implements Its First Generative AI Regulatory Document

Mainland China has released the "Interim Measures for the Management of Generative AI Services," which adopts a tolerant and prudent approach to the regulation and classification of generative AI services.

India Imposes a 28% New Tax on Online Gaming Companies

Following the Indian government's announcement on Tuesday to tax the $1.5 billion online gaming industry, Vivek Johri, the head of the indirect tax department in India, stated that companies seeking to relocate overseas to avoid taxes may violate India's foreign exchange laws. Overseas online gaming companies providing services in India must also comply with regulations set by the Indian Ministry of Electronics, which may require local registration.