<p>Good morning! A wonderful day starts with breakfast.</p><h3>US stocks rebound, most blue-chip technology stocks rise</h3><p>Risk appetite is rising but the market remains cautious. The S&amp;P, Nasdaq, and Russell small-cap indexes all rose by more than 2.3%, with chip and Chinese concept stocks rising by over 3.6% at one point. The &#34;fear index&#34; VIX initially fell by 38%. NVIDIA rose by over 7% at one point, while Apple fell against the market. The yen fell for the first time in six days, easing the panic of arbitrage closing. US bond yields rose by more than 10 basis points across the board, and gold fell by 1%. Bitcoin rose by over 5%, trading at $56,861 per coin; Ethereum rose by 3.8%, trading at $2,511.86 per coin.</p><p>After-hours, US stocks generally fell, with Nasdaq index futures down by 0.6%.</p><h3>Global stock markets have evaporated $6.4 trillion in three weeks, traders fear the &#34;big crash&#34; is just beginning</h3><p>Key assumptions supporting the rise have been shaken. Traders speculate that market panic may lead to a malfunction of the financial system, slowing down lending, ultimately pushing the global economy into recession. The Fed may need to cut interest rates urgently to deal with the crisis.</p><h3>JP Morgan: The closing of yen arbitrage trades is not over yet, only half completed at the moment</h3><p>The turmoil is far from over. JP Morgan pointed out that the closing of yen arbitrage trades has only been 50%-60% completed in the speculative investment field. Citi also stated that the end of yen arbitrage would require &#34;the Fed to cut interest rates three times, at least six months&#34;.</p><p>There may still be &#34;black swan&#34; events that the market is unaware of at the moment. Otherwise, without natural disasters or incidental events like financial crises, it is unlikely to see such a massive sell-off in the Japanese stock market in the past few days. In the next month, it is crucial to closely monitor the occurrence of historical turmoil that could put Japan in a certain &#34;epicenter&#34;. Once the market hits bottom, a rebound centered around growth and quality stocks is expected.</p><p>Citi believes that the Japanese stock market has already priced in a slight US recession and the yen rising to 140. The downside for the Nikkei 225 index is around 9%-10% lower from the current level, with the bottom at 31,000-32,000 points.</p><h3>Goldman Sachs: Hedge funds aggressively buy on the dip as US stocks plummet on Monday. The pullback in US stocks is healthy, and there is no risk of a recession in the US economy</h3><p>North America is the only region globally to receive net inflows, with all other regions experiencing net outflows, albeit relatively mild in nominal terms. Among the 11 sectors in the US stock market, 8 sectors received net inflows, led by information technology and defensive stocks. Information technology stocks saw the largest net inflow day since mid-June.</p><p>Goldman Sachs points out that there is still an 8% upside potential for the S&amp;P 500 index this year, with the Fed likely to start cutting rates in September. Large-cap tech stock valuations remain reasonable, while small-cap stocks continue to be under pressure. The US economy is expected to continue its growth trend, with real GDP growth rates of 2.7% and 2.3% expected in 2024 and 2025, respectively.</p><h3>AI profitability questioned again! AMD's profit falls short of expectations, plunging over 12% after rising nearly 20% in after-hours trading</h3><p>AMD's revenue in the second quarter exceeded expectations with a year-on-year growth of over 140%, but EPS profit was 23% lower than expected, with gross margin declining rapidly to a record low. Revenue guidance for the third quarter is double the expectations, with EPS guidance exceeding 110% but still lower than expected. AMD will implement a 1-for-10 stock split on October 1After the financial report was released, AMD's stock initially rose by over 17%, but then fell by more than 10%.</p><h3>Google loses lawsuit, Apple affected, Citigroup predicts 17% profit may vanish</h3><p>To maintain its position as the default search engine, Google pays a hefty sum to Apple every year. However, if Google loses this case, it could impact Apple's operating profit by around 17%. In anticipation of potential upheavals in the search engine sector, Apple's AI, particularly Siri, is being highly regarded as a means to guide users towards using artificial intelligence rather than web browsers.</p><h3>US electric vehicle manufacturer Rivian's second-quarter revenue falls below expectations, maintains full-year production guidance</h3><p>Rivian, the US electric vehicle manufacturer, reported second-quarter revenue of $1.16 billion, slightly below analysts' expectations of $1.17 billion. The adjusted loss per share for the second quarter was $1.13, compared to analysts' expectation of $1.20. The company's cash and cash equivalents stood at $5.76 billion in the second quarter, slightly above analysts' expectation of $5.64 billion. Rivian still expects to produce 57,000 vehicles for the full year, in line with analysts' expectations, and anticipates an adjusted EBITDA loss of $2.7 billion for the year, slightly lower than analysts' forecast of $2.74 billion.</p><h3>NVIDIA's market share exceeds 90%, attracting scrutiny from regulators worldwide, new acquisition case may face investigation</h3><p>According to NVIDIA's financial documents, regulatory authorities in multiple countries have requested information from the company regarding its significant chip sales, supply distribution, and investments in other companies. Currently, NVIDIA is actively forming a team to address the review process and is enhancing its lobbying efforts in Washington.</p><p>New Street: Upgrades NVIDIA's rating from &#34;Neutral&#34; to &#34;Buy&#34;.</p><h3>Subsidies end, Germany's electric car sales in July plummet by 37% year-on-year</h3><p>In July, Tesla's new car registrations in Germany plummeted by 36.7% year-on-year, making it one of the worst-performing foreign brands in that month. Brands like Renault, Hyundai, and Fiat also experienced varying degrees of decline in sales</p>

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<p>U.S. stocks fell back in the final trading session, with the Nasdaq and S&P 500 still up over 1%, but slightly down after-hours; NVIDIA surged over 7% at one point, but the closing gain narrowed; AMD's performance fell short of expectations, leading to a roller-coaster after-hours session, dropping over 12% after a nearly 20% surge</p>

- The US stock market rebounded with most blue-chip tech stocks rising, indicating a resurgence in risk appetite despite lingering market caution. Major indices like the S&P, Nasdaq, and Russell 2000 surged over 2.3%, with chip and Chinese tech stocks peaking over 3.6%. Post-market, US stocks generally declined, with Nasdaq futures dropping by 0.6%.
- Traders express concerns over a potential market "meltdown," speculating that panic could lead to financial system failures and a global economic recession, possibly necessitating emergency rate cuts by the Federal Reserve. Analysts suggest that the recent sell-off in Japanese stocks may hint at underlying turmoil, urging vigilance for historic market upheavals in the near future.
- Despite recent market volatility, Goldman Sachs remains optimistic, noting hedge funds' significant buying during the US stock market dip. The firm predicts further S&P 500 growth, potential Fed rate cuts starting in September, and sustained US economic expansion with modest stock market downside, particularly for large-cap tech stocks.

Breakfast | US stocks rebound, NVIDIA rose more than 7% at one point, Chinese concept stocks index rose 3%