Goldman Sachs CEO: AI Development Still in Early Stages

According to BIT (bit.com) market data, U.S. software and IT services stocks plunged, as International Business Machines (IBM)’s earnings that missed analysts’ expectations reignited market concerns about the sector’s outlook. During Tuesday’s U.S. pre-market trading, IBM’s stock plummeted by as much as 26%—if the decline holds through the close, it would mark its worst single-day performance since at least 1968. IBM attributed the underperformance to customers shifting capital expenditures away from its products toward chips and servers. The broader software sector came under pressure: Microsoft fell 2%, Workday Inc. dropped 6.3%, Salesforce Inc. declined 3.2%, Autodesk Inc. was down 2.4%, and SAP SE fell 3.4%. The iShares Expanded Tech-Software Sector ETF, which tracks the software sector, fell as much as 2.7% before paring its losses.

SK Hynix's American Depositary Receipt (ADR) options began trading on U.S. options exchanges on Tuesday. As of 10:25 a.m. New York time, trading volume for the options hit around 33,000 contracts, with over two-thirds concentrated in short-dated options expiring this Friday. The most actively traded was the $185 strike call option, with volume of roughly 2,900 contracts, followed by the $145 strike put option. Additionally, the $200 strike call option expiring in August was also popular, with volume exceeding 1,500 contracts. Daniel Kirsch, head of options at Piper Sandler, noted that traders are expected to actively position for short-term bets on SK Hynix ADRs continuing to rise this week. "We expect demand for short-dated, bullish options to be very strong, especially call options expiring this Friday, and retail investors are likely to quickly flock to this product," he said.

Fed Chair Waller stated, "We hope economic growth will be more broad-based, and the rise in inflation will be more limited." (Jinshi)

According to market data from BIT (bit.com), Goldman Sachs (GS.N) rose more than 8% to hit a record high share price. Previous reports noted that Goldman Sachs’ second-quarter equity sales and trading revenue reached $7.42 billion, exceeding the consensus forecast of $5.02 billion.

According to Yicai, Changxin Technology has set its STAR Market IPO offering price at 8.66 yuan per share. Based on the 1,592,430,946 shares held by Zhu Yiming, founder and chairman of Changxin Technology, the market value of his Changxin Technology stake stands at 13.79 billion yuan. Separately, based on Zhu Yiming’s 5.13% holding in GigaDevice Semiconductor and GigaDevice’s closing market value of 410.3 billion yuan on July 14, the combined market value of Zhu Yiming’s holdings in Changxin Technology and GigaDevice totals 34.8 billion yuan.

Multiple social media users have reported that crypto exchange Coinbase has opened registration for Chinese users. BlockBeats verified that the Coinbase platform is currently available for registration, with identity verification taking only one minute.