U.S. stock market update: QumulusAI down 20.52%, massive card purchases and loss risks raise market concerns

U.S. Stock Market Midday Update

QumulusAI fell 20.52%. Based on recent key news:

1. On July 20, QumulusAI announced the acquisition of 1,632 NVIDIA Blackwell B300 GPUs to meet customer demand for high-performance AI computing. This procurement marks one of the company's largest capacity expansions, primarily financed through an agreement with Technology Finance Corporation. This move raised concerns in the market about the company's financial condition, leading to a significant drop in stock price.

2. On July 20, the company disclosed limited operational history and net loss risk factors in its registration statement. Investor concerns about the company's future profitability intensified, further driving down the stock price.

3. On July 20, QumulusAI emphasized the competition and rapid technological changes in the high-performance computing and AI markets in its statement. The market expressed doubts about the company's ability to maintain a leading position in fierce competition, putting pressure on the stock price. The AI market is highly competitive, and technological changes are rapid.

Stocks with High Trading Volume in the Industry

IREN rose 15.73%, with active trading. Based on recent key news:

1. On July 20, IREN announced a $2.8 billion AI cloud contract signed with Microsoft, NVIDIA, and others, driving the stock price up. The company raised its 2026 annual recurring revenue target to over $4 billion, with approximately 85% of the target covered by contracts. This news caused IREN's stock price to rise 14.44% during the session. Source: Zhito Finance

2. On July 20, IREN raised its year-end AI cloud revenue target to over $4 billion, with about 85% already contracted. The new contract prepayments cover 45% of GPU capital expenditures, pushing the stock price up 8.6% in pre-market trading. Source: Wall Street Insight

3. On July 20, IREN's strategic transformation and new contracts sparked optimism in the market, leading to a rise in stock price. Analysts gave a "Buy" rating with a target price of $80.93, indicating about 140% upside potential from the current price. Source: Jinshi Data AI cloud market competition intensifies, with significant capital inflows.

Palantir Tech rose 0.14%. Based on recent key news:

1. On July 17, France and Germany announced plans to develop European autonomous military AI software to replace Palantir's systems. This news may have affected market confidence in Palantir, leading to stock price fluctuations.

2. On July 17, D.A. Davidson analyst Gil Luria maintained a Buy rating on Palantir and set a target price of $175. The analyst's positive rating may have boosted investor confidence, driving the stock price up On July 15, Palantir director Alexander D. Moore sold 16,000 shares of Class A common stock at prices ranging from $133.75 to $136.79. This move may raise concerns in the market about insider confidence in the company, affecting the stock price. The AI industry is growing rapidly, attracting significant market attention.

Hut 8 Mining rose 14.28%. Based on recent key news:

1. On July 20, Hut 8 Mining announced the signing of a commercialization agreement for the second phase of the Lighthouse Point data center, achieving a 352 megawatt, 15-year lease with a total value of approximately $9.8 billion. This move drove the company's stock price up by about 14%. Source: Zhitong Finance

2. On July 20, the data center sector as a whole strengthened, with IREN rising 17%, and HUT, CRWV, NBIS, and others all rising over 7%. In the pre-market period, cloud computing service concept stocks generally rebounded, with both Hut 8 and IREN rising over 10%. Source: Wall Street Insight

3. On July 20, Hut 8's Lighthouse Point data center was fully commercialized, signing a 15-year, 352 megawatt lease with a contract value of $980 million, driving the stock price up. Source: Jinshi Data. The data center industry has recently performed strongly, with noticeable capital inflows.

Stocks ranked among the top in industry market capitalization

SAP fell 2.54%, with increased trading volume. Based on recent key news:

1. On July 16, SAP announced it would invest over €1 billion to build Prior Labs as a cutting-edge AI laboratory globally. This move aims to accelerate the development of AI capabilities related to enterprise data, driving fluctuations in SAP's stock price.

2. On July 17, analyst ratings showed SAP as "Moderate Buy," but it was not included in the top recommended stocks list, affecting market confidence and leading to a decline in stock price. AI investment is accelerating, and industry competition is intensifying