PrismML announced that it has successfully compressed a 27-billion-parameter large AI model to run locally on the iPhone 17 Pro, setting a new record for the scale of mobile AI models. Reports indicate that Apple has engaged with the company, and this technology could become a key breakthrough for Apple to strengthen its on-device AI capabilities and reduce reliance on the cloud

A Key Piece for Apple's On-Device AI? iPhone to Feature 27-Billion-Parameter Large Model for the First Time

New York Fed President Williams (who holds a permanent vote on the FOMC and is regarded as the third most powerful figure at the Federal Reserve): Real wage growth is showing mild deflationary trends. The Federal Reserve working group’s timeline is “quite tight.”

Meta launched the AI image generation tool Muse Image, which automatically authorizes the use of users' public photos to generate new images, raising strong concerns in the Hollywood industry. The talent agency CAA and the actors' union SAG-AFTRA protested that this mechanism infringes on portrait rights, demanding a shift to an "Opt-in" model that requires users to actively provide explicit authorization, emphasizing that the creative industry should respect creators' ownership and autonomy

Meta's brand new AI image generation tool has sparked strong vigilance in the Hollywood industry

Meta plans to start production of its self-developed AI chip "Iris" in September, with computing power expected to double to 14 gigawatts next year. The chip is jointly designed by Meta and Broadcom, and manufactured by TSMC, aiming to complement NVIDIA GPUs and reduce procurement costs. Following the announcement, Meta's stock price fell 3.5% in pre-market trading

Meta's self-developed AI chip "Iris" will officially go into production in September, and its computing power will double to 14 gigawatts next year

受 AI 算力需求爆发驱动，光模块核心材料磷化铟供需严重失衡。2026 年全球需求预计达 300 万片，产能缺口超 70%，导致衬底价格暴涨近两倍至数倍。上游稀有金属铟价格亦创十年新高。因扩产周期长及设备依赖进口，产能释放滞后，磷化铟已成为数字经济战略性物资，行业加速扩产及国产化突破。

光模块的命门被卡住了

On July 9th, BlackRock launched the iShares NASDAQ 100 ETF (IQQ) with an initial fee rate of 0.12%, which will be waived down to 0.10% until 2027. This move aims to challenge the dominance of Invesco QQQ in the NASDAQ-100 ETF market with a low-cost strategy, filling the gap in demand for a comprehensive ETF covering large tech stocks following the GICS classification adjustment

U.S. stock tech investors welcome "low-cost investment solutions"! BlackRock launches 0.10% low-fee NASDAQ-100 ETF

On July 9, it was reported that SK Hynix set the indicative price for its ADR issuance at $149 per share, representing a 3.1% premium over the closing price in South Korea. More updates to follow. Risk Disclosure and Disclaimer: The market involves risks; investment should be approached with caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investors bear full responsibility for their own investment decisions

Report: SK Hynix ADR Indicative Price Set at $149, a 3.1% Premium Over Korean Shares

New York Fed President Williams stated that inflation remains too high and deemed the market's expectation of a decline in oil prices over the next 6-12 months as reasonable. Monetary policy will focus on the impact of energy prices on inflation, noting that AI investment is a driver of inflation

Federal Reserve's Williams: The impact of tariffs on inflation is nearing its peak

Market news: SK Hynix has set the guidance price for its American Depositary Receipts (ADR) at $149 per share, a premium of 3.1% over the closing price in Korea

John Williams, President of the Federal Reserve Bank of New York (a permanent voter on the FOMC and regarded as the third-most powerful figure at the Fed): Liquidity regulation reforms should take into account bank safety concerns. The debate over the Balance Sheet should not focus on the nominal size of holdings. It remains unclear how much further the Federal Reserve's Balance Sheet can be reduced

美国股市估值再拉警报，标普 500 经盈利修正后的 CAPE 高达 68 倍，创历史新高。多位国际基金经理提示 AI 交易过度集中风险，建议增配中国科技股、英国高股息股票及能源板块，以分散美股潜在回调风险。

美国 AI 股太贵了？顶级基金经理：转战中国科技股、英股高股息与全球能源

New York Fed President Williams (who holds a permanent vote on the FOMC and is regarded as the third-most powerful figure at the Federal Reserve): Issues related to stablecoins are still in the early stages. Stablecoins are more about payment functionality than store of value. Stablecoins have not led to rising financial stability risks

Micron Tech announced plans to increase its total investment in the United States to over $250 billion by 2035, aiming to locate 40% of its DRAM production in the U.S. Its New York project is expected to create 50,000 jobs (including 9,000 direct jobs), while all U.S. projects combined are projected to create over 90,000 jobs

Micron Tech: To Increase U.S. Investment to Over $250 Billion by 2035

BlackRock Fund recommends focusing on companies that are expected to achieve sustainable profit breakthroughs and to invest in scarce opportunities related to AI. Based on the AI theme, it maintains an overweight view on U.S. stocks. It believes that AI can create sustainable revenue, with new revenue profit margins higher than operating profit margins. Although the ultimate winners are difficult to determine, the U.S. has advantages in chips, models, and capital markets. It tends to invest in companies with scarce resources such as chips, storage, electricity, and data centers to cope with uncertainties and seize certain growth

BlackRock Fund: Focus on companies most likely to achieve sustainable profit breakthroughs and layout scarce opportunities related to AI

同泰数字经济基金二季报显示，其 A 类份额年内净值增长 107.86%，二季度单季翻倍。基金经理确认 AI 基建高景气度，重仓 AI 算力、半导体及数字经济产业链，前十大重仓股中多只个股季度涨幅显著。展望下半年，基金继续看好 AI 算力基建，兼顾国产算力与端侧 AI 投资机会。

年内 “翻倍基” 披露二季报：AI 基建高景气度被进一步确认

Samsung Chairman Lee Jae-yong attended the Sun Valley Summit alongside the head of its foundry division, prioritizing the acquisition of advanced process node orders. Collaboration on Apple processor foundry services emerged as the key highlight, with AI giants like Amazon and OpenAI viewed as potential clients. Amid tight capacity at Taiwan Semiconductor, Samsung is seizing the opportunity to accelerate its bid for global high-end chip orders

Samsung's Lee Jae-yong Appears at Sun Valley Summit, Targets Orders from Apple, Amazon, and OpenAI

文章对比当前韩国与 1996 年亚洲金融危机前的宏观状况，指出虽出口依赖半导体、股市回调等风险相似，但对外部门脆弱性已改善。主要风险转移至股市，估值极高且外资持股达峰值。韩国金融稳定指数处于 “黄灯” 区间，隐含未来一年约 5% 概率陷入负增长。

坦途宏观：镜像 1996——韩国会重演亚洲金融危机吗

AI 数据中心电力需求激增，正推动美国核能迎来数十年来最强复兴浪潮。科技巨头争相锁定核电资源，特朗普政府加码支持核电扩张，SMR 成为资本追逐焦点。但监管、建设和燃料供应等瓶颈仍待突破，核能大规模落地仍需时间。

AI 时代终点是核能？微软谷歌疯狂抢购核电，小型模块化反应堆成华尔街新宠

Starbucks is leveraging AI to significantly lower the barrier to software development, promoting in-house development to replace software systems from vendors such as Microsoft, IBM, and Oracle, with the goal of compressing its annual IT spending by $400 million. Related replacement software could be tested as early as the end of next year

AI Reshapes Corporate IT! Starbucks Launches "In-House Software Development," Challenging Microsoft and IBM

SK 海力士 ADR 将于明日登陆纳斯达克，市场最大的悬念并非融资规模，而是其相对韩股的合理溢价。由于缺乏历史交易锚点，机构预期从 5% 至 30% 以上分歧明显，高波动与转换机制限制也令首日定价和套利交易充满不确定性。

SK 海力士美股明日首秀，与韩股能有多少溢价？华尔街激辩

On July 9th, before the US stock market opened, the three major stock index futures showed mixed performance, with NASDAQ futures leading the gains. Major European indices were divergent, and oil prices rose. The market is focused on the fact that nearly 70% of technology stocks have entered bear market territory, but Goldman Sachs believes that the AI upcycle is not over and is part of a healthy recovery. In addition, the breakdown of the US-Iran ceasefire has led to a surge in oil prices, exacerbating inflation concerns and expectations for the Federal Reserve to adopt a hawkish stance

U.S. Stock Market Preview | The three major index futures are mixed, with most tech stocks rising in pre-market trading. The breakdown of the U.S.-Iran ceasefire exacerbates concerns over the Federal Reserve's hawkish shift

The Hong Kong stock market has reversed its trend, with the semiconductor sector absorbing liquidity, leading to declines in technology and new energy stocks. Tencent and Alibaba's stock prices are under pressure, and the market's liquidity is unstable. Future trends will depend on AI sentiment and the pricing impact of the SK Hynix IPO, with domestic substitution concepts receiving attention. Financing for KNOWLEDGE ATLAS and the subscription for Changxin Storage reflect confidence in the domestic semiconductor industry. Whether the Hang Seng Index can break through will depend on the stabilization of AI sentiment or Q2 earnings guidance

Hong Kong Stock Review: Trend Reversal

A memo indicates that Meta plans to begin production of its "Iris" AI chips in September, aiming to double its computing capacity to 14 gigawatts next year. Meta's U.S. shares fell more than 1.5% in pre-market trading. Risk Warning and Disclaimer: The market involves risks; investment should be approached with caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investors bear full responsibility for their own decisions

Report: Meta Plans to Start Producing AI Chips in September and Double Computing Power

截至 2026 年 6 月，中国央行连续第 20 个月增持黄金，官方储备达 7544 万盎司，月增 48 万盎司。19 个月累计加仓近 250 万盎司。央行采取主动择时策略，金价高位放缓购买，低位则大幅增持，6 月在金价回调至 3942 美元时创近 16 个月新高买入 48 万盎司，体现逆周期配置特征。

金价越跌，央行越买！人行连续 20 个月增持黄金

Alibaba-W announced that on July 8, 2026, it spent USD 19.9907 million to repurchase 1.4696 million shares; subsequently, on July 9, it canceled 29.7914 million repurchased shares

On July 8th, Alibaba-W spent USD 19.9907 million to repurchase 1.4696 million shares

日本央行虽创纪录投入 11.7 万亿日元干预汇市并累计加息，但受限于美日 275 个基点的巨大利差及极端套息交易，日元仍跌至 38 年低点。高盛等机构看空，认为在美联储未降息前，日本央行难以扭转日元贬值趋势，这场干预被视为注定失败的战争。

日本央行无法打赢的战争

According to the Zhitong Finance APP, Tencent Holdings Limited announced that on July 9, 2026, the company spent HKD 501 million to repurchase 1.065 million shares, with a repurchase price per share ranging from HKD 467.4 to HKD 473.2

On July 9th, Tencent Holdings Limited spent HKD 501 million to repurchase 1.065 million shares

GIGADEVICE announced that it expects its net profit for the first half of 2026 to reach approximately RMB 6.9 billion, a year-on-year increase of 1099%; revenue is expected to be around RMB 11.5 billion, up 177% year-on-year. Driven by tight supply in memory chips and demand-pull for microcontrollers, the company saw increases in both sales volume and prices, leading to a significant surge in operating performance

GIGADEVICE: First-Half Net Profit Expected to Surge 1099% Year-on-Year

The newly issued ADR of SK hynix faces increased arbitrage difficulty due to the lack of historical data benchmarks and high volatility, leading to greater spread risks. Market participants point out that it is challenging to replicate the ADR arbitrage experience of Taiwan Semiconductor, and investors need to seek higher returns to compensate for the risks

Taiwan Semiconductor's "old script" is hard to copy! SK hynix ADR arbitrage difficulty escalates, with historical data gaps and high volatility becoming the biggest "roadblock."

According to the Zhitong Finance APP, Li Auto-W announced that on July 8, 2026, the company spent USD 5.303 million to repurchase 870,000 shares, with a repurchase price per share of USD 6.035-6.185

On July 8th, Li Auto-W spent USD 5.303 million to repurchase 870,000 shares

UBS released a research report, raising the target price for Alibaba-W from HKD 179 to HKD 190, and simultaneously adjusting the US stock target to USD 195, maintaining a "Buy" rating. The bank predicts that Alibaba's total revenue growth will accelerate to 9% in the first fiscal quarter, with significant growth in cloud business and adjusted EBITA reaching the bottom. Although the e-commerce sector is expected to see a decline in CMR due to weak consumer spending, improvements in core profit margins and the revaluation of AI asset values provide attractiveness for the stock price

UBS: Raises Alibaba-W target price to HKD 190, rating "Buy"

6 月 PPI 同比达 4.1% 创近 46 个月新高，但环比转负，显示外部油价支撑减弱。CPI 受食品拖累和能源回落影响承压，剪刀差走阔表明价格传导受阻。下半年 PPI 走势取决于终端需求接棒及 AI 产业链动能持续性，GDP 平减指数有望转正修复宏观预期。

6 月通胀：峰值下的轨迹

CXMT IPO lifts chip sector; SK hynix US IPO 7x oversubscribed | Daily News Recap

Tesla faces mixed news: robotaxi rollout lags behind management's timelines, causing stock declines and delayed cash flow expectations. Conversely, Q2 deliveries of over 480,000 units significantly exceeded Wall Street estimates, generating substantial extra revenue and free cash flow. This strong performance helps derisk Tesla's $25 billion capital spending plans for 2026, despite ongoing delays in autonomous driving software deployment.

Some Good and Bad News for Tesla Investors

本文对比 1996 年韩国与当前宏观状况，指出虽出口依赖半导体、股市回调等特征相似，但对外部门脆弱性已改善。当前风险集中于高估值股市及外资持股。韩国金融稳定指数处于 “黄灯” 区间，隐含未来一年约 5% 概率陷入负增长衰退。

镜像 1996——韩国会重演亚洲金融危机吗

日经 225 指数收盘上涨 924.80 点，涨幅 1.38%，报 67743.85 点。韩国 KOSPI 指数收盘上涨 36.32 点，涨幅 0.5%，报 7283.11 点，此前该指数连续三个交易日录得收跌。现货黄金向上触及 4100 美元/盎司，日内涨 0.55%。美伊紧张局势升级，布伦特原油三连涨突破每桶 79 美元，通胀担忧重燃。

海力士美股 IPO 点燃 AI 热情，韩股弱势反弹，现货黄金向上触及 4100，油价跳水，债市全线承压

The State Street report pointed out that in June, institutional funds slightly reduced their holdings in U.S. stocks to take profits while increasing cash positions. Despite a high risk appetite, investors remain cautious about the interest rate outlook. In Asia, there has been a continued reduction in overweight positions in South Korean stocks, but buying continues in the significantly overweight Taiwanese market. Although the Chinese market has been underweight for a long time, funds continue to see net inflows, providing ample room for increasing positions

State Street: In June, institutions slightly reduced their holdings in U.S. stocks to take profits, while funds continued to flow into the Taiwan stock market

大宗商品投资人 Trey Reik 指出，黄金因美联储加息担忧回调逾 25%，但美国巨额债务限制了加息空间。他预测 4000 美元为本轮调整底部，长期目标金价看万点、银价看 150 至 200 美元。贵金属近期波动受 “纸交易” 扭曲，矿企利润仍丰厚且行业并购潮将至，建议利用夏季调整期进行 3 至 5 年中长期建仓。

商品老兵：现在是抄底黄金的最佳时机，长期目标 10000 美元，白银看涨至 150-200 美元

英伟达联合 LangChain 发布 NeMoClaw Deep Agents 蓝图，定位为企业级 Agent 参考架构，重点解决治理、审计与持续迭代等部署难题。该方案单任务推理成本仅 4.48 美元，而竞品成本高达 43.48 美元。此举补齐 NeMo 生态短板，推动英伟达从算力供应商向企业级 Agent 开发标准与全栈 AI 生态平台延伸。

英伟达补齐 AI 软件栈拼图：联手 LangChain 发布 Agent 蓝图，推理成本骤降 10 倍

Geopolitical turmoil has resurfaced in the Middle East, with oil flows through the Strait of Hormuz plunging to 70% of normal levels. Persian Gulf crude output remains more than 10 million barrels per day below pre-war levels. Goldman Sachs warns that attacks on tankers are deterring shippers from traversing the strait, pushing Brent crude briefly back above $80. Trump announced the termination of a temporary peace agreement and the revocation of waivers for Iranian oil exports, while hinting that negotiations might continue, sharply intensifying market volatility

Goldman Sachs: Renewed Tensions in the Strait of Hormuz May Delay Recovery of Middle East Oil Supply

伊朗战争引发的 “70 年代式通胀危机” 预警正被证伪。霍尔木兹海峡仅是贸易 “毛细血管”，全球粮食与非油供应链展现极强韧性；叠加现代央行成功锚定通胀预期，这场地缘震荡注定难以将全球经济拖入滞胀深渊。

1970 年代不会重演？伊朗战争为何未引爆全球通胀

华尔街投行美银与花旗力挺英伟达，指出其单机架提价 200-300 万美元远超 HBM 成本增幅，毛利率有望稳固在 70% 中段。花旗确认 Vera Rubin 路线图无延期，CPO 技术已量产。当前 18 倍 PE 创七年新低，估值修复逻辑坚实，多家机构建议逢低布局。

华尔街力挺英伟达：单机架提价 300 万美元远超 HBM 成本，18 倍 PE 较同行低三成

小米造车战略迎来关键转折，雷军亲自剧透第二品牌——增程家用 SUV 系列 “SkyNomad 小米澎程”，定价 20 万至 45 万元，直指理想、问界腹地。消息触发小米股价单日暴涨逾 10%，市场嗅到的是小米从 “爆品逻辑” 向 “多品牌平台” 蜕变的野心。历时三年半打造的昆仑架构、纯平地板与 AI 智能空间，能否撬动新能源最大细分赛道？

小米汽车第二张牌：SU7/YU7 之后，“澎程” 能成为新增长极吗？

Billionaire Steve Cohen's Point72 Asset Management recently sold positions in AI leaders Amazon and Nvidia, taking profits after their recent underperformance relative to the broader market. Simultaneously, he significantly increased his stake in Boston Scientific by 50%, viewing the beaten-down medical device maker as a deep value opportunity. Despite Boston Scientific's recent stock decline and lowered earnings guidance, Cohen appears to be betting on its long-term turnaround potential given its strong market position and attractive valuation metrics.

Billionaire Steve Cohen Sold Amazon and Nvidia but Loaded Up on This Beaten-Down Stock

2026 年被视为人形机器人量产元年。特斯拉 Optimus 产线进入验收，V3 版瞄准 7-8 月量产，产能快速爬坡；马斯克重心回归。国内优必选 C 端订单破万，宇树科技即将上市。行业从技术验证转向产业导入，预计 2026 年国内全尺寸机器人出货量超 10 万台，中美科技竞速加剧。

2026 量产元年启幕：人形机器人如何成为中美科技竞速新高地？

阿维塔 07 第 10 万台整车下线，标志着该车型成为品牌规模化发展的核心支柱。作为背靠长安、华为、宁德时代的品牌，阿维塔通过此里程碑验证了其在 20-30 万元主流市场的竞争力及持续打造爆款的能力，从技术故事转向销量与经营效率的验证阶段。

阿维塔迈过一个新台阶

美伊停火备忘录终止，国际油价两日涨超 11%。分析指出备忘录条款模糊且筹码交换倒置，导致谈判破裂。后市判断中东局势难回 3 月严峻程度，油价或在 80 附近震荡。美元指数受利差等支撑但难破 102 关口，下一步走势关键取决于即将公布的美国 6 月 CPI 数据，若不及预期将加速美元下行。

美伊停火 over，会是美元最后一涨吗？

马斯克表示 Grok 4.5 速度更快、token 效率更高，是” Opus 级” 模型。这一低价策略被市场观察人士认为与中国开源厂商（如智谱 GLM-5.2）的性价比路线高度吻合，令 Anthropic 等高定价闭源模型承压。同时，xAI 收购 Cursor 被认为旨在获取真实编程数据，构建飞轮效应，以争夺编程代理市场份额。

马斯克 “抄了” 智谱

Meta stock dropped 5% after CEO Mark Zuckerberg admitted AI investments have not accelerated as expected. During a town hall, he indicated the company needs more time for AI initiatives to yield results. This admission triggered investor concern regarding the sustainability of heavy AI spending and recent debt sales, highlighting fears that billions invested may not yet translate into profitable business models.