Breakfast | US stocks rise for three consecutive days, Chinese concept stocks celebrate the night, Tesla's autonomous driving faces regulatory issues
The Dow and Russell small-cap stocks hit a two-week high, while the Nasdaq and S&P reached a three-week high. Tesla rose 7.7%, Nvidia rose over 4% to a new all-time high, Pinduoduo rose over 15%, and NIO rose nearly 8%. Bitcoin skyrocketed. Social media platform "X" plans to add cryptocurrency payment functionality. OpenAI is expected to generate revenue of over $1 billion within 12 months. Apple will hold a new product launch event on September 12th. Deliveries of the NIO smartphone will begin in September.
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Market: Overnight and this morning
US Treasury yields plunge across the board, Nasdaq 100 up over 2%, Chinese tech index up nearly 4%
Due to the decline in US job vacancies and consumer confidence data, the pressure on the Federal Reserve to raise interest rates has eased, causing US Treasury yields to plummet. The market is waiting for the July core PCE inflation data, which is the most important indicator for the Federal Reserve, as well as the August non-farm payroll report.
US stocks collectively closed at daily highs and rose for three consecutive days. The Dow and Russell small-cap stocks reached a two-week high, while the Nasdaq and S&P hit three-week highs. Star tech stocks rose across the board. Meta rose 2.7%, Apple rose over 2%, Tesla rose 7.7%, Google A rose 2.7%, Microsoft rose 1.4%, Netflix rose nearly 3%, and Amazon rose over 1%. Intel rose 2%, AMD rose over 3%, and Nvidia rose over 4% to a record closing high. VinFast fell over 43%.
Popular Chinese stocks have significantly outperformed the broader US market for two consecutive days. The Nasdaq Golden Dragon China Index rose 3.7%. JD.com rose 2%, Baidu rose 2.5%, and Pinduoduo rose over 15%. Alibaba rose nearly 2%, Tencent ADR rose 1.5%, and Bilibili rose 7%; NIO fell over 1%, Li Auto rose nearly 8%, and XPeng rose 3.7%; Tiger Brokers rose over 28%, and Bit Digital rose 13.6%.
What happened to blue-chip stocks and hot stocks
Social media platform "X" plans to add cryptocurrency payment functionality
X has obtained the "Rhode Island Coin Transfer License," which allows holders to control and trade virtual currencies on behalf of others. With the platform obtaining the license, more than 400 million users can now directly engage in cryptocurrency transactions.
OpenAI raises revenue expectations
Media reports indicate that OpenAI is expected to generate over $1 billion in revenue in the next 12 months, far exceeding the company's previously disclosed revenue expectations. Before ChatGPT started charging fees last year, it only generated $28 million in revenue.
US regulators demand Tesla address new issues with autopilot
The National Highway Traffic Safety Administration has requested Tesla to respond by August 25th, explaining whether the autopilot function could undermine the driver's efforts to remain alert and prepared to regain full control of the vehicle.
iPhone 15 to be unveiled in two weeks! Apple announces September 12th for the event
At that time, the iPhone 15 and the new Apple Watch will be released. The Wonderlust teaser logo for the event may hint at new colors for the iPhone 15, and Apple may also unveil a new Apple Watch. Guo Ming said that the periscope lens is the biggest selling point of the iPhone 15 series, and the market's shipment expectations for the iPhone 15 in the second half of the year are too conservative.
HP's third-quarter revenue falls below expectations
HP's third-quarter revenue was $13.2 billion, below analysts' expectations of $13.38 billion; adjusted earnings per share were $0.86, compared to analysts' expectations of $0.85; the company expects adjusted earnings per share for the full year to be $3.23-3.35, originally projected at $3.30-3.50.
Competitors will increase subsidies, and benign competition based on consumer interests is beneficial to industry development. The core response to the rapid changes in the industry is not to focus on changes in competitors' business strategies, but to focus on consumer needs, improve their own capabilities, and devote energy to implementing high-quality development.
NIO has been comprehensively improving its sales capabilities since July, with an internal expectation of achieving monthly sales of 30,000 vehicles. The plan is to complete the construction of this sales capacity by the end of September, and the results of the sales capacity construction will gradually become apparent from October.
Xiaomi's car-making progress is currently going very smoothly, with some progress far exceeding expectations. The plan to start mass production and listing in 2024 remains unchanged. Xiaomi's long-term layout for the automotive industry is aimed at entering the global top five in the future, with full-stack self-research and the establishment of its own car factory, so the cash flow investment is even higher than the disclosed figures.
Bilibili's net loss in the first half of the year significantly reduced compared to the same period last year
Bilibili's net loss in the first half of the year was 2.174 billion yuan, compared to a loss of 4.289 billion yuan in the same period last year; advertising revenue was 2.8 billion yuan, a growth of 29%; mobile game service revenue was 2 billion yuan, a decrease of 16%.
Intel plans to launch new data center chips next year with more than double the energy efficiency
Intel announced that the fifth-generation Intel Xeon Scalable processor, codenamed Emerald Rapids, has been provided to customers as samples and is scheduled for release in the fourth quarter of 2023. The energy-efficient core Intel Xeon Scalable processor, codenamed Sierra Forest, is planned to be delivered in the first half of 2024. Media: Qualcomm, Broadcom, and MediaTek are all seeking to accelerate the transition to the new standard and are expected to launch new products supporting Wi-Fi 7 in 2024.
Dali Foods: Expected to officially delist on September 1st.
Over 1,100 Hong Kong stocks have released their semi-annual reports, with nearly 70% achieving profitability.
Close to 700 Hong Kong-listed companies have seen an increase in net profit (including a narrowing net loss), with over 200 companies experiencing a net profit growth of more than 100%.
Macro: Taking You Around the World
Chinese Premier Li Keqiang meets with US Secretary of Commerce Raimondo.
Li Keqiang expressed that China is willing to strengthen dialogue and cooperation with the United States in the field of economy and trade, promote the healthy development of bilateral economic and trade relations, and hopes that the United States will move in the same direction as China. Raimondo stated that the Biden administration supports China's economic development and improvement of people's livelihoods, has no intention to decouple from China, and is willing to maintain communication with China, safeguard normal economic and trade relations between the two countries, and promote the stable development of bilateral relations. The United States is willing to enhance cooperation with China in the fields of artificial intelligence, climate change, and combating fentanyl.
In July, US JOLTS job openings stood at 8.827 million, falling below the key threshold of 9 million for the first time since March 2021, significantly lower than the unexpected 9.45 million. The revised figure for June was revised down sharply from 9.582 million to 9.17 million.
In June, the seasonally adjusted home price index for 20 major US cities rose by 0.9% month-on-month, marking the fourth consecutive monthly increase and surpassing the expected 0.8% rise.
Court Clears Obstacles for Bitcoin Spot ETF, Bitcoin Surges $2,000 During Trading
The US Court of Appeals overturned the decision by the US Securities and Exchange Commission (SEC) to reject Grayscale's application for a Bitcoin spot ETF, stating that the SEC's decision was arbitrary and failed to explain why similar Bitcoin futures ETFs were approved in the past.
Zhang Yidong: Hong Kong Stock Market Engages in a Tug of War at the Bottom, Suggests Contrarian Thinking for Investment The Hong Kong stock market is unlikely to experience significant ups and downs in the coming months. It is expected to repeatedly bottom out around the 18,000-21,000 point range, which has been the bottom area of the Hang Seng Index for the past few years. There is a possibility of a short-term drop below 18,000 or a rapid rebound in the form of short cover, but it is currently difficult for the Hong Kong stock market to sustain a continuous and systematic bull market.
Several mainland bank executives have expressed that adjusting the interest rates of existing housing loans is a trend.
Banks have already conducted relevant evaluations on adjusting the interest rates of existing housing loans and have made corresponding plans. Adjusting housing loan rates is a complex process and cannot be simply implemented uniformly. Therefore, the final adjustment plan has not yet been determined. It is reported that Bank of Communications will hold a meeting on August 30th to launch the project for adjusting interest rates on individual housing loans.
The Shanghai and Shenzhen Stock Exchanges are actively promoting the inclusion of infrastructure REITs as eligible securities for trading under the Stock Connect scheme with the Hong Kong Stock Exchange, and introducing overseas investors.