Core Viewpoint - The demand for NVIDIA's latest AI chip RTX6000D, tailored for the Chinese market, is lukewarm, with some major tech companies opting not to place orders [1][3]. Group 1: Product Performance and Market Demand - RTX6000D is primarily used for AI inference tasks, but its price is perceived as not commensurate with its functionality [3]. - Sample tests indicate that RTX6000D's performance lags behind the RTX5090, which is banned for use in China and is priced at less than half of RTX6000D's approximately 50,000 RMB [3]. - Despite optimistic forecasts from sell-side analysts, such as JPMorgan predicting a production of about 1.5 million units in the second half of the year and Morgan Stanley estimating a capacity of 2 million units, the actual demand remains low [3]. Group 2: Supply Chain and Regulatory Environment - Chinese tech giants like Alibaba, Tencent, and ByteDance are awaiting clarity on whether their orders for NVIDIA's H20 chip will be processed, following NVIDIA's re-approval for H20 chip sales in July [3]. - These companies are also hoping for approval from Washington for NVIDIA's more powerful B30A chip [3]. - The RTX6000D, H20, and B30A chips are downgraded versions for sale outside China, developed to comply with U.S. export restrictions aimed at curbing China's technological advancement [3]. Group 3: Recent Developments - NVIDIA has reportedly begun shipping the RTX6000D this week [4]. - A spokesperson for NVIDIA stated that the market is highly competitive, and the company is doing its best to provide the best products [5].

Core Insights - The "Tech Prosperity Agreement" between the UK and the US signifies a major investment commitment from American tech giants, with over £31 billion ($42.3 billion) earmarked for AI, quantum computing, and other tech projects in the UK [1][3][4] Investment Commitments - Microsoft plans to invest over $30 billion (£22 billion) in the UK over the next four years to expand its cloud and AI infrastructure, including a partnership with Nscale to build the UK's largest supercomputer with over 23,000 advanced GPUs [5][6] - Google announced a two-year £5 billion investment plan, which includes opening a new data center in Hertfordshire, expected to create 8,250 jobs annually for UK businesses [6] Major Projects - The "UK Stargate" project, a significant initiative under the Tech Prosperity Agreement, aims to establish top-tier AI infrastructure in collaboration with Nscale, Nvidia, and OpenAI [7][8] - Nvidia plans to deploy 120,000 advanced GPUs in the UK, marking its largest deployment in Europe to date, with up to 60,000 of its Grace Blackwell Ultra GPUs being deployed by Nscale [9] Economic Impact - The investments are expected to bolster the UK's digital infrastructure and support thousands of high-skilled jobs, reinforcing the country's leadership in the AI sector [6][10] - OpenAI's CEO highlighted that the "UK Stargate" project will accelerate scientific breakthroughs and economic growth [12] Additional Investments - CoreWeave announced an additional £1.5 billion investment, bringing its total investment in the UK to £250 million, and plans to collaborate with DataVita to build a large AI data center powered by renewable energy [12] - Salesforce committed to an additional $2 billion investment by 2030 to establish its UK operations as Europe's AI hub [12]

Core Viewpoint - The article discusses the recent developments regarding TikTok's operations in the United States, highlighting a framework agreement reached between the U.S. and China that outlines the future governance and data management of TikTok in the U.S. market [1][3][4]. Group 1: Agreement Details - The U.S. and China have reached a basic framework consensus on TikTok, with ongoing discussions about the specifics of the agreement [1]. - Under the new agreement, ByteDance's ownership in TikTok's U.S. operations will be reduced to 19.9%, while Oracle and Walmart's consortium will hold 40% [3][4]. - U.S. private equity firms will own 30%, and other international investors will hold 10.1% [5]. Group 2: Governance and Oversight - TikTok U.S. will establish an independent board of directors, with at least 5 out of 7 members being U.S. citizens, and will include a government-approved observer [4][5]. - A "Data Security Joint Oversight Committee" will be formed to review data flow and logs quarterly, ensuring that user data is not transmitted to China [4][5]. Group 3: Operational Structure - TikTok's U.S. operations will be managed by a U.S. team under a delegated operational model, while ByteDance retains rights for compliance review of core technology [5]. - ByteDance will grant a 10-year license for algorithm usage to TikTok U.S., ensuring compliance with Chinese data export regulations [5].

Core Viewpoint - The iPhone 17 series shows strong demand signals, with delivery times significantly longer than the previous generation, particularly in the Chinese market, indicating that actual demand growth exceeds production capacity growth [2][3][9]. Delivery Time Analysis - The average delivery time for the iPhone 17 series globally is longer than for the iPhone 16, with the standard and Pro Max models experiencing the most significant increases of 8 days [3][4]. - In China, the average delivery time has increased from 10 days for the iPhone 16 to 27 days for the iPhone 17, a net increase of 17 days, the highest among tracked markets [9][10]. - Other major markets also show strong performance, with the UK seeing an 8-day increase to 18 days, India a 3-day increase to 13 days, and the US a 3-day increase [10][11][12]. Market Demand Insights - The Pro series remains the preferred choice among consumers, with sales composition reports indicating that Pro and Pro Max models accounted for 33% and 36% of sales, respectively [15]. - The pre-order trend for the iPhone 17 continues this pattern, with delivery times for Pro and Pro Max models significantly longer than for the base and Air versions, particularly in China [15]. Production Capacity and Demand - Despite a reported 25% increase in planned production for the iPhone 17 models compared to the iPhone 16, delivery times have still increased, suggesting that actual market demand is outpacing supply chain capacity growth [16][17]. - The iPhone 17 Air's production is reported to be three times that of the iPhone 16 Plus, yet delivery times have not decreased, reinforcing the notion of strong demand [16][18]. - This robust pre-order trend supports expectations for an 8% growth in iPhone revenue for Apple's fourth fiscal quarter, aided by channel replenishment due to low inventory levels at the end of the previous quarter [18].

Core Viewpoint - The return of founder Jack Ma after years of absence is seen as a potential turning point for Alibaba Group, signaling a renewed focus on growth and competition in the tech industry [1][3]. Group 1: Jack Ma's Return - Jack Ma has re-emerged in Alibaba's operations, marking his most active involvement in five years since stepping back due to regulatory scrutiny [3]. - His return is characterized by a strong focus on artificial intelligence (AI) and a strategic response to competitors like JD.com and Meituan [3][4]. - Ma has reportedly invested up to 50 billion RMB (approximately 9 billion SGD) to support Alibaba's initiatives against JD.com's encroachment into the food delivery market [3]. Group 2: Market Dynamics - Alibaba's leadership acknowledges that the company no longer holds the 85% market share it once did, indicating a shift in the competitive landscape [5]. - As of July, Alibaba holds a 43% share of the Chinese food delivery market, trailing behind Meituan's 47% [5].

Core Viewpoint - Morgan Stanley predicts that gold prices will reach an average of $3,800 per ounce in Q4 2025 and exceed $4,000 per ounce in Q1 2026, driven by the upcoming Federal Reserve rate cut cycle and strong investor demand [1][2][9]. Group 1: Price Predictions - The report indicates that gold prices are expected to break the $4,000 per ounce mark in Q1 2026, with an average of $3,800 per ounce in Q4 2025, which is a quarter earlier than previous forecasts [2][9]. - In an extreme scenario where concerns about the Federal Reserve's independence escalate, gold prices could potentially exceed $5,000 per ounce within two quarters due to a shift of funds from U.S. Treasuries to gold [1][12][13]. Group 2: Market Dynamics - The driving force behind the current gold price increase has shifted from central bank purchases to investor demand, which has become the primary catalyst for price growth [2][6]. - Historical data shows that gold typically performs well during Federal Reserve rate cut cycles, with significant returns often seen within nine months of the cuts [6][9]. Group 3: Investor Behavior - Recent trends indicate a substantial inflow into global gold ETFs, with nearly 72 tons added in a two-week period, reflecting a renewed interest from investors as the market anticipates a rate cut [2][6]. - The report highlights that the decline in nominal yields translates to lower real yields, which is a positive factor for gold investment, particularly for Western ETF-dependent demand [8]. Group 4: Risk Analysis - The report discusses a potential risk scenario where a significant reduction in central bank gold purchases could challenge the sustainability of the current bullish trend, despite a forecasted average annual purchase of 700-800 tons in 2025 and 2026 [16]. - The analysis also emphasizes the high price elasticity of gold, suggesting that even a small rotation of funds from the $29 trillion U.S. Treasury market could lead to substantial price fluctuations [14].

Core Viewpoints - CoreWeave has secured at least $6.3 billion in orders from NVIDIA, based on an agreement reached in 2023, which obligates NVIDIA to purchase CoreWeave's remaining unsold computing capacity until April 2023 [3][10] - Since its IPO in March, CoreWeave's stock price surged by 390% to $187, although it has since experienced significant volatility, dropping below $90 before recovering to close at $120.47, with a market capitalization nearing $59 billion [4][10] Business Model and Market Position - CoreWeave's business model heavily relies on NVIDIA, as it purchases tens of thousands of NVIDIA GPUs and leases the computing power to clients, creating a dependency that was noted as a risk factor in its IPO prospectus [6][8] - The company has established a large customer base in the computing rental market, despite its reliance on NVIDIA chips [8] Strategic Partnerships - CoreWeave has formed a strong partnership with NVIDIA, which is also an early supporter holding approximately 7% of CoreWeave's Class A shares as of June 30 [6] - This close relationship has fostered a mutual interest in the rapidly growing AI computing market [7] Financial Performance - CoreWeave reported explosive revenue growth, with Q2 revenues reaching $1.21 billion, a 207% increase year-over-year, although the company recorded a net loss of $290.5 million during the same period [10] - The long-term order from NVIDIA alleviates concerns regarding CoreWeave's future revenue stability and underscores its essential role in AI infrastructure [10] Contracts and Demand - Earlier this year, CoreWeave entered into a five-year contract worth up to $11.9 billion with OpenAI, and major cloud companies like Google and Microsoft are also seeking additional computing capacity from CoreWeave to meet their growing AI demands [9]

周一，谷歌母公司Alphabet股价一度上涨4.8%，至252.41美元，市值超过3万亿美元重要关口。自4 月低点以来，该公司股价已飙升逾70%。Alphabet最近的上涨动力来自亮眼财报和备受期待的反垄断 裁决。 Josey在给客户的报告中写道： 周一，谷歌母公司Alphabet股价一度上涨4.8%，至252.41美元，市值超过3万亿美元重要关口。自4 月低点以来，该公司股价已飙升逾70%，在此期间增加了约1.2万亿美元的市值。自7月底公布季度业 绩以来，公司股价已上涨逾30%。Alphabet收盘上涨近4.5%，收于251.61美元。 Alphabet加入了市值超过3万亿美元的俱乐部，强劲的股价表现，是投资者对其信心改善的最新迹 象。当前，只有英伟达、微软和苹果公司的市值突破这一水平。英伟达在今年7月份成为首家市值突 破4万亿美元的公司。 Alphabet最近一轮上涨动力来自一项备受期待的反垄断裁决——裁决避免了监管机构寻求的最严厉措 施，包括要求出售Alphabet的Chrome浏览器。这一裁决紧随Alphabet公布第二季度财报之后。财报 数据显示，对人工智能产品的需求正在推动公司的销售增长。 周一早 ...

据周一披露的文件，马斯克上周以每股371至396美元的价格购入了约257万股特斯拉股票。此次增持被视为马斯克为实现20%持股目标的重要一步，以 确保公司在向人工智能和机器人领域转型时的竞争力。特斯拉周一一度涨7.5%，收涨3.6%，较4月的年内低位反弹85%。 根据周一披露的美国证券交易委员会（SEC）文件，马斯克于上周进行了一系列交易， 以每股371至396美元的价格购入了约257万股特斯拉股票，总 价值约10亿美元。 这是自2020年2月他以约1000万美元购入股票以来，首次在公开市场进行大规模增持。 | 1. Name and Address of Reporting Person Musk Elon | | | Tesla, Inc. [ TSLA ] | 2. Issuer Name and Ticker or Trading Symbol | | | | (Check all applicable) | 5. Relationship of Reporting Person(s) to Issuer | | | | --- | --- | --- | --- | --- | --- | --- | ...

Evercore ISI国际政治事务与公共政策首席策略师Sarah Bianchi表示，该过程可能需要6到12个月。TD Cowen分析师Jaret Seiberg认为，SEC采取行 动实施半年报制度的概率为60%。不过，华尔街许多人士对此变革是否会发生持更为怀疑的态度。 曾任美国副贸易代表的Bianchi在一份报告中写道： 美国各届政府在不同程度上都对SEC的政策方向有所引导，而随着特朗普的指示，这件事现在必须被认真视为一种可能性。然而，SEC在历史上也一直在某种程 度上保持独立运作。 当地时间周一， 美国总统特朗普提出一个新的想法：不再要求公司按季度发布财报，而是改为每半年一次。 在一条Truth Social的帖子中，特朗普表 示，这一想法需经美国证券交易委员会（SEC）批准，并且将节省资金，让管理层能够专注于正确经营公司。 在特朗普第一任期时，他曾要求证券交易委员会研究这一问题，但并未产生任何结果。2018年，特朗普曾在推特上支持半年报制度，称这是在与"世界 顶尖商业领袖"讨论后得出的结论，并指出此举将带来更大的灵活性并节约资金。 季度财报制度是SEC于1970年强制实施的，这是该机构在1929年股市 ...