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U.S. stocks opened broadly lower, with Apple’s market capitalization surpassing NVIDIA’s, and the semiconductor index is on the verge of entering a technical bear market.

55 minutes ago

US stock market opened, with the Dow Jones Industrial Average down 0.24%, S&P 500 down 1.15%, and Nasdaq down 1.8%. The Philadelphia Semiconductor Index fell more than 3%, on the verge of entering a technical bear market. According to market data from BIT (bit.com), among individual stocks, heavyweight Nvidia dropped 2.2%, Qualcomm fell 3%, Intel declined 3.5%, Microsoft edged down 1%, and SpaceX fell 3%. As a result, Apple inched up 0.05%, surpassing Nvidia to become the world’s most valuable company by market capitalization. CPO concept stocks and AI infrastructure-related stocks fell broadly, with AAOI and AMAT leading the sector decline, each dropping more than 6%.

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Bloomberg analysts: Bitcoin may replicate the trend following the launch of gold ETFs, undergoing a "painful pullback" and a "patience-testing recovery"

Bloomberg ETF analyst Eric Balchunas said Bitcoin ETFs are likely to follow gold’s volatility trajectory, experiencing "stunning rallies" and "painful pullbacks" that will test investors’ patience. Balchunas noted that both gold and Bitcoin are non-yield-bearing stores of value that generate no cash flow. Their demand, driven by market sentiment, can lead to both "price surges" and prolonged stagnation. As such, Bitcoin ETFs may follow the same playbook: stunning gains, painful pullbacks, and a recovery that could test investors’ patience.

2 minutes ago

Tom Lee: AI bottleneck stocks have pulled back, Ethereum, as a key downstream asset for AI, has promising performance.

Tom Lee posted a note after the U.S. stock market opened that amid the pullback in AI bottleneck stocks (represented by semiconductor ETFs), downstream assets including MAGS, IGV, and Ethereum are delivering absolute returns. Citing data, Lee pointed out that Ethereum has outperformed DRAM by 55% over the past month, emphasizing that ETH, as a key downstream asset for AI, can act as a "guardrail" of consumer trust for the AI sector.

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AI inference startup General Compute has secured a $400 million loan, in what is the first financing transaction backed by inference-specific chips as collateral.

AI inference-focused startup General Compute recently secured a $400 million loan from Upper90, marking the first financing transaction backed by inference-specific chips as collateral. The company builds its dedicated cloud platform using SambaNova ASIC chips. General Compute closed a $15 million seed round in May, positioning itself to proxy AI workloads, delivering faster token processing speeds and lower latency than traditional GPU-based clouds, with deployments in existing data centers including crypto mining facilities.

2 minutes ago

One hour ago, a founding investor of Lido deposited 4.3 million LDO tokens they have held for five years into Kraken.

According to monitoring by Chinese crypto analytics platform Yu Jing, an initial institutional investor in Lido transferred 4.3 million LDO tokens (valued at $1.61 million) to Kraken one hour ago, after holding the assets for five and a half years. The institution received an allocation of 5 million LDO tokens in December 2020; at the 2021 bull market peak, these tokens were worth $30 million, while their current market capitalization stands at just $1.88 million. However, the investor’s cost basis for acquiring the LDOs is only $0.0085, meaning it still holds over 40x profits even at today’s prices.

2 minutes ago

U.S. House Financial Services Committee holds a hearing on the CLARITY Act today, with the updated text possibly delayed until next week.

Crypto journalist Eleanor Terrett posted on X that Republican members of the U.S. House Financial Services Committee will hold an in-person hearing in New York at 10 a.m. ET, focusing on how the CLARITY Act can drive innovation in the digital asset space. The hearing is an informational session designed to gather industry input and discuss policy implications, and will not impact the Senate’s ongoing consideration of the bill. Meanwhile, the updated legislative text of the CLARITY Act has not yet been released. Citing industry sources, Terrett noted that crypto industry leaders currently expect the updated text to be delayed until next week.

2 minutes ago

The decline in US stocks narrowed, with SK Hynix ADR gaining more than 4%.

According to BIT (bit.com) market data, SK Hynix ADR rebounded after briefly trading below its issue price today, now up over 4% at $158.91. Driven by this, Micron has also turned positive, with a current gain of 0.49%. Earlier news: the preliminary reading of the University of Michigan’s U.S. Consumer Sentiment Index for July hit 54.4, versus an expectation of 51 and a prior reading of 49.5. The preliminary one-year U.S. inflation expectation for July stands at 4.2%, against an expectation of 4.50% and a prior value of 4.60%.

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