<p>Good morning! A great day starts with making money.</p><h3>Overnight Morning Market</h3><p>US stocks opened lower and rose, but collectively turned lower after midday, with the S&amp;P, Nasdaq, small-cap indices, and Chinese concept stocks falling for two consecutive days, while the Dow barely closed higher. The VIX fear index rose.</p><p>The chip index fell over 1% before briefly turning up 1.8%, ultimately closing up 0.3%. Intel fell 3.33%, with news that Intel's latest manufacturing process did not pass Broadcom's test. ASML ADR fell 4.01%, as UBS lowered ASML's target price from 1050 euros to 900 euros.</p><p>Tech stocks had mixed performances, with NVIDIA turning down 1.7% at the end of the day after falling over 3% early in the session; Tesla rose over 4%, and AMD rose nearly 3%.</p><p>Among popular Chinese concept stocks, Pinduoduo fell 5.12%, ZEEKR fell 2.07%, Baidu fell 1.23%, Li Auto fell 1.21%, Tencent ADR fell 0.58%, Vipshop fell 0.16%, while Alibaba rose 0.24%.</p><p>US Steel (X) closed down 17%, marking the largest single-day drop in seven years, with a cumulative decline of over 21% in the past five trading days. The Biden administration is preparing to block Japan's Nippon Steel from acquiring US Steel, but US Steel warned that it may have to give up its traditional blast furnace business, weakening union jobs and reducing the competitiveness of the US steel industry.</p><p>Dollar Tree, a discount variety store chain, fell 22.16%, marking the largest single-day drop since 2001, as second-quarter revenue fell short of expectations and full-year guidance was lowered.</p><h3>NVIDIA: Has Not Received Subpoena from US Department of Justice for Antitrust Investigation</h3><p>In addition, after NVIDIA's sharp decline, is it a good time to buy? Some analysts optimistically predict strong AI demand, viewing each sell-off as a buying opportunity. However, ahead of the &#34;September curse&#34; and this week's non-farm payroll data, some investors may proceed cautiously.</p><h3>Taobao Platform Plans to Fully Integrate WeChat Pay, Accelerating &#34;Wall-Dismantling&#34; Among Large Platforms</h3><p>After 11 years of mutual blocking between WeChat and Taobao, this is the first substantial &#34;interconnection&#34;. Taobao's introduction of WeChat Pay can be seen as a significant event in the payment industry. Analysis believes that for Taobao, this cooperation is conducive to further expanding into the lower-tier market, while for Tencent, it will directly bring in new revenue.</p><h3>OpenAI Infrastructure Plan Revealed, Investing Billions of Dollars in Data Centers to Energy in the US</h3><p>The project aims to form a global investor alliance, discussing project types including building data centers, increasing energy capacity and transmission through turbines and generators, and expanding semiconductor manufacturing to support AI development. A plan initially implemented in various states in the US is expected to cost billions of dollars.</p><h3>Challenging Intel's Dominance in PC Chips, Qualcomm Launches AI PC Chip Snapdragon X Plus 8</h3><p>The Snapdragon X Plus 8 processor is designed for PCs running the Microsoft Windows operating system, promising to handle AI tasks while maintaining long battery life. Qualcomm CEO Cristiano Amon stated that the company's entry into the PC chip market is part of its &#34;diversification&#34; strategy to move away from relying solely on mobile chipsets</p><h3>Intel's Latest Manufacturing Process Fails Broadcom's Test</h3><p>As one of the key strategies for the company to turn losses into profits, Intel's failure in this test is undoubtedly another heavy blow. Intel's foundry manufacturing business has been losing money year after year, with current losses totaling $7 billion.</p><h3>Macro: Taking You Around the World</h3><p>In the US, the JOLTS job openings in July were 7.673 million, significantly lower than the expected 8.1 million, with the previous value revised down from 8.184 million to 7.91 million. The ratio of job openings to unemployed persons dropped to 1.1, the lowest in three years. The quit rate was 2.1%, close to the lowest level since 2020. Layoffs increased to 1.76 million, the highest since March 2023. Analysts generally believe that there are clear signs of weakness in the US labor market.</p><p>In China, the Caixin services PMI for August fell to 51.6, with new business growth continuing but slowing down. Improvement in demand fundamentals drove the growth in new business, with new export orders accelerating. The Caixin composite PMI for August remained unchanged from the previous month at 51.2, still the lowest in nearly ten months.</p><p>The Federal Reserve's Beige Book: Economic activity remained flat or declined in nine regions, consumer spending slowed down, and the job market was mixed. Analysts say the Fed is increasingly concerned about the pace of economic growth, which is one of the reasons for Powell's dovish turn in his speech at Jackson Hole</p>

<p>NVIDIA fluctuated during the trading session, closing down 1.7% at the end of the day. However, the latest news indicates that the company has not yet received a subpoena from the U.S. Department of Justice regarding an intensified antitrust investigation. PDD dropped more than 5%. U.S. Steel saw its largest single-day decline in seven years, with a cumulative decline of over 21% in the past five trading days</p>

- US stock market opened lower this morning, with major indices like S&P, Nasdaq, and small-cap indices falling for two consecutive days. Intel dropped 3.33% due to failed manufacturing tests by Broadcom. Amid mixed tech stock performances, Nvidia fell 1.7% while Tesla surged over 4%. Pinduoduo and Dollar Tree faced significant declines.
- Biden administration plans to block Japanese firm's acquisition of US Steel, raising concerns about job losses and weakening the industry's competitiveness. Nvidia's potential antitrust probe looms, but analysts see AI demand as a buying opportunity despite cautious investor sentiment.
- Tencent and Alibaba stocks fluctuated, while Taobao's integration of WeChat Pay marks a significant industry event. OpenAI's infrastructure plan involves multi-billion investments in data centers and semiconductor manufacturing to support AI development. Qualcomm challenges Intel with its AI PC chip Snapdragon X Plus 8, aiming to diversify beyond mobile chips.

Breakfast | US stocks rebound failed: NVIDIA, PDD fell, US Steel plunged 17%