<p>Good morning! A great day starts with making money.</p><h3 id="j0jxf8f1">Nasdaq fell 1.7% before Powell's speech, chip index fell 3.4%</h3><p>Several Federal Reserve officials support a rate cut in September, market retreats from heavy rate cut bets, U.S. bond yields jump 10 basis points. The &#34;Tech Seven Sisters&#34; all suffered losses. Tesla fell by 5.65%, NVIDIA by 3.7%, Amazon by 2.21%, Microsoft by 2.03%, Google A by 1.24%, Apple by 0.83%.</p><p>Chinese concept stocks follow the decline of the U.S. market. iQIYI fell over 15%, Dada fell nearly 11.2%, JinkoSolar fell over 6.9%, DouYu fell 6.4%, Daqo New Energy fell over 2.6%, XPeng fell over 2.1%, Alibaba fell by less than 1%, Li Auto rose by about 1%. Bilibili fell by 7%. NetEase declined over 11%.</p><h3 id="pk9tqu9a">Meta dominates the five major tech stocks this year</h3><p>As of the close of this Wednesday, Meta has risen by about 51.2% since the beginning of the year, although not as much as the nearly 159.5% rise of NVIDIA, it has left the other five major tech stocks far behind. During the same period, Alphabet rose by 20%, Amazon by over 18.5%, Apple by about 17.6%, Microsoft by about 12.8%, Tesla by about 10.2%.</p><h3 id="1zyaawtu">Jensen Huang's record sell-off raises corporate governance concerns</h3><p>In June and July, Jensen Huang successively set personal monthly records for selling off stocks, selling nearly $170 million in June and $323 million worth of shares in July, totaling about $500 million in NVIDIA shares over the two months, cashing out about $14 million worth of company stock every day. During the summer, Jensen Huang sold NVIDIA shares at a rate of about $14 million per day. This has raised questions from some about why Jensen Huang is selling shares instead of continuing to hold them.</p><h3 id="1vcv1egkk">Federal Reserve officials stage a &#34;Jackson Hole Wind Conference&#34;: Ready to start rate cuts soon</h3><p>Federal Reserve's Collins: The current timing seems right to start easing monetary policy. Philadelphia Fed President Patrick Harker also used the term &#34;methodical&#34; when discussing rate cuts. Harker stated that as long as the data performs as he expects, he supports a rate cut in September.</p><h3 id="s4123ccqu">Apple plans to give EU users more options for default software usage</h3><p>Apple will allow iPhone users in the EU to delete native applications, including the App Store and Safari, and make third-party tools more prominently available to comply with EU digital competition laws, including the &#34;Safari web browser,&#34; &#34;App Store,&#34; as well as &#34;Photos,&#34; &#34;Camera,&#34; and &#34;Messages&#34; applications. Apple will also simplify the process of setting third-party apps (such as browsers and non-contact payment methods) as defaults.</p><h3 id="wkm6mqhdg">Goldman Sachs refutes the &#34;AI bubble theory&#34;</h3><p>Goldman Sachs CEO David Solomon previously refuted the &#34;AI bubble theory,&#34; believing that AI is not just a temporary hype in the stock market, but a long-term revolution. After discussions with senior executives at Foxconn, the Goldman Sachs analyst team believes that the demand for AI servers will continue to grow, and the AI bubble may not completely burst this year or early next year</p><h3 id="ny0r3lui8">Uber: Uber and Cruise plan to launch a partnership next year</h3><p>They will specifically introduce a batch of self-driving cars based on the Chevrolet Bolt.</p><h3 id="gi076dw6">BMW beats Tesla for the first time in electric vehicle sales in Europe</h3><p>In July, BMW's pure electric vehicle sales in the EU surged by over 33% to 14,869 units, surpassing Tesla's 14,561 units, which decreased by 16% year-on-year, making it the top-selling electric vehicle in Europe.</p><h3 id="6mzuvkigs">Walmart partners with Burger King to offer discounts to members</h3><p>Walmart aims to better compete with Amazon Prime. Walmart members can enjoy discounts at Burger King, including a 25% discount on any amount of orders daily. In addition, starting from September, members can get a free Whopper every three months when purchasing any item at Burger King.</p><h3 id="9882xg0ak">Baidu's financial report conference call: Intelligent Cloud revenue grows by 14% year-on-year in the second quarter</h3><p>The search business is accelerating its transformation to AI, with the Wenxin large model being called over 600 million times a day. Through Luobo Kuai Pao's operations in Wuhan, the cost per vehicle in the second quarter decreased by more than half year-on-year.</p><h3 id="isy58jr9r">Hong Kong's &#34;insurance shopping fever&#34; fueling the fire? AIA's new business value grows by over 20% in the first half of the year</h3><p>AIA's second-quarter annualized new premiums totaled $4.546 billion, a 14.11% year-on-year increase; post-tax operating profit was $3.386 billion, a 3.48% year-on-year increase. Over half of the premiums were contributed by mainland China and Hong Kong.</p><h3 id="0kgch7ole">Ping An's net profit attributable to shareholders increases by 6.8% year-on-year in the first half of the year, with life insurance new business value up by 11%</h3><p>In the first half of the year, the group achieved a net profit attributable to shareholders of the parent company of 74.619 billion yuan and announced a mid-term cash dividend of 0.93 yuan per share to shareholders.</p><h3 id="2ps49sup">The impact of the cryptocurrency industry on the U.S. election is &#34;unprecedented&#34;! Accounting for half of total corporate donations</h3><p>A recent report by Public Citizen shows that this year, companies have donated $248 million to U.S. presidential candidates, with cryptocurrency giants contributing 48%, about $119 million, which is unprecedented in U.S. history. The largest cryptocurrency donors are Coinbase and Ripple</p>

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<p>Several Federal Reserve officials support a rate cut in September, market retreats on heavy rate cut bets. Nasdaq fell by 1.7% before Powell's speech, chip index dropped by 3.4%. Tesla fell by 5.65%, NVIDIA by 3.7%. Meta outshines the five major tech stocks this year. Apple will allow EU iPhone users to delete apps like Camera, App Store, Photos, etc. This summer, an average of $14 million worth of NVIDIA shares were sold off daily, Jensen Huang's record sell-off raises corporate governance concerns. The impact of the cryptocurrency industry on the U.S. election is "unprecedented," accounting for half of the total corporate donations</p>

- The Federal Reserve's Collins suggests it may be time to ease monetary policy, indicating a potential shift in economic strategy.
- Apple plans to offer EU users more options by allowing them to delete default apps like the App Store and Safari, complying with EU competition laws.
- Uber announces a partnership with Cruise to launch a fleet of self-driving cars based on the Chevrolet Bolt next year.

Breakfast | US stocks fell before Powell's speech, Jensen Huang's record reduction in holdings raised concerns