Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

Bank of America strategists have stated that investor bullish sentiment has reached extreme levels, signaling it is time to begin reducing exposure to risk assets. In a report, the team led by Michael Hartnett noted that the bank’s Bull & Bear Index has climbed from 9.4 to 9.7, hitting its highest point since 2021. They pointed to a broadening stock market rally, massive inflows into high-yield bonds, and narrowing credit spreads as the drivers behind investors’ optimism. The team favors defensive assets, arguing that these holdings help portfolios fend off potential negative shocks from the economy, monetary policy, and the artificial intelligence sector. Hartnett commented, “We are still in a summer ‘rotation/retreat’ phase, not a ‘reloading’ phase.” He advised investors to reduce allocations to risk assets, or shift to defensive assets, duration assets, and the U.S. dollar.

When asked whether Federal Reserve Chair Kevin Warsh should avoid interest rate hikes ahead of the midterm elections, Trump said: "That depends partly on him, but not entirely. He has a highly politicized committee. It’s not entirely up to him; it’s decided by the committee. I think he’s very good. I won’t criticize him."

According to disclosures from Hong Kong trading platforms, Goldman Sachs' long position ratio in Zhongji Innolight (03308.HK) fell from 12.19% to 11.6% on August 4, 2026. Goldman Sachs' long position ratio in Luxshare Precision (02475.HK) rose from 17.66% to 20.27% on the same date.

When asked about artificial intelligence, US President Donald Trump stated that AI could be more important than oil, noting that whoever wins the AI race will win everything, and highlighting just how significant the technology is.

U.S. July unemployment rate and non-farm payrolls data will be released at 20:30 Beijing time tonight. Below are institutional forecasts for the U.S. July unemployment rate: National Bank of Canada: +4.1% Deutsche Bank: +4.2% Mizuho Securities: +4.2% HSBC Holdings: +4.2% Royal Bank of Canada: +4.2% Danske Bank: +4.2% BNP Paribas: +4.2% Wells Fargo: +4.2% Berenberg Bank: +4.2% Commonwealth Bank of Australia: +4.2% Oxford Economics: +4.2% Pantheon Macroeconomics: +4.2% Skandinaviska Enskilda Banken (SEB): +4.2% Société Générale: +4.2% Moody's Analytics: +4.2% Nomura Securities: +4.2% Bank of Montreal: +4.2% Barclays: +4.2% TD Securities: +4.2% High Frequency Economics: +4.2% Sumitomo Mitsui Banking Corporation: +4.3% Morgan Stanley: +4.3% JPMorgan Chase: +4.3% Vanguard: +4.3% Daiwa Capital Markets: +4.3% Lloyds Bank: +4.3% Scotiabank: +4.3% Standard Chartered: +4.3% Westpac Banking Corporation: +4.3% ING Group: +4.3% Capital Economics: +4.3% Citigroup: +4.3% NatWest Group: +4.3% Commerzbank: +4.3% Goldman Sachs: +4.3% UBS Group: +4.3% Canadian Imperial Bank of Commerce: +4.3% Bank of America Merrill Lynch: +4.3% U.S. Bancorp: +4.3% Reuters' expectation: 4.2%

A federal judge in Michigan has rejected Coinbase’s request for a preliminary injunction to block the state government’s enforcement actions against sports event contracts. U.S. District Judge Shalina Kumar of the Eastern District of Michigan ruled Thursday that Coinbase failed to prove it was likely to succeed on the merits of its claim that federal law preempts Michigan state jurisdiction. The cryptocurrency exchange sued Michigan in December 2025, arguing that prediction markets fall under the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC) under the federal Commodity Exchange Act (CEA), rather than state regulators. Coinbase specifically sought to provide customers, including those in Michigan, access to event contracts issued by Kalshi via its platform. According to the lawsuit, the exchange claimed Michigan’s laws constitute “conflict preemption” that undermines Congress’s efforts to build a unified federal regulatory system.