Spot gold surpasses the $4,000 mark.

Bank of America’s July Global Fund Manager Survey shows investors hold conflicting views on AI semiconductor trades: most have not yet bet the cycle is ending, but a growing number see the trade as overcrowded. The survey found 82% of participating fund managers view "going long on global semiconductors" as the world’s most crowded trade, a new record. Meanwhile, allocations to tech stocks fell from a net 26% overweight to a net 18% overweight, indicating investors are trimming some long positions but not yet turning bearish. The survey also showed 61% of investors do not expect hyperscalers to announce capital expenditure cuts this year. BofA’s survey further noted that an AI bubble has become one of the largest tail risks, with the share of respondents citing it rising from 28% in June to 45% in July. However, only a portion of investors believe AI stocks are already in a bubble phase; most still view them as being in a "boom phase" — where momentum continues to attract capital inflows, though position and valuation risks are rising. The survey was conducted from July 2 to July 9, covering 210 fund managers who collectively oversee approximately $555 billion in assets.

，今日中国国家发改委发布人工智能合作发展行动计划，其中提到，推进数据跨境流动，在部分领域建设运营跨境可信数据空间，促进高效、便利、安全的数据跨境流动。协同构建高质量语料库和行业高质量数据集，推动多语种语料共建共享，为全球人工智能创新筑牢坚实基础。推动智能算力设施联通。面向发展中国家提供普惠智算服务。联合建设绿色能源驱动基础设施，推动智算设施绿色低碳发展，为全球人工智能可持续发展提供算力支撑。鼓励共建国际人工智能开源社区，开展开源社区国际交流与合作，推动通用大模型、基础算法、工具组件共享。协同制定开源合规体系与安全准则。支持各国基于开源模型开展本土化创新，构建开放共享、安全有序、协同共治的全球人工智能开源生态等。

Chinese President Xi Jinping attended the opening ceremony of the 2026 World Artificial Intelligence Conference and High-Level Conference on Global Governance of Artificial Intelligence, delivering a keynote speech in which he cited the Chinese saying: "A single string cannot make music, nor can a single tree form a forest." He noted that AI development should not be a solo performance by one country, but a symphony of global cooperation, and called for open source, openness, cooperation and sharing to enable all industries to leverage AI. Xi also stressed the need to ensure AI remains under human control, urging countries to establish legal and regulatory frameworks, technical monitoring mechanisms, risk early warning systems and emergency response systems to prevent AI abuse. He further opposed the overgeneralization of the national security concept and the practice of prioritizing one’s own country’s security over that of others, adding that AI should not undermine the cultural identities of various countries or the diversity of world civilizations. China will cooperate with Asian, African, Latin American and BRICS nations to help developing countries build AI capabilities and avoid AI-driven new global inequalities. The China-US AI competition is expanding from chips and models to open source paths and global rule-setting.

According to Bitget's market data, the Nikkei 225 index plummeted 5% intraday and is currently trading at 63,481.92 points.

Prime brokerage data shows hedge funds are cutting their exposure to AI-related stocks, explaining why strong earnings and upbeat guidance failed to prevent chip stocks from falling. According to a Wall Street Journal report citing data from Goldman Sachs’ prime brokerage business, hedge funds’ exposure to a basket of AI-themed stocks has dropped to its lowest level this year. The basket includes previously high-flying AI hardware and semiconductor stocks such as AMD, Micron, and Nvidia. Goldman Sachs data indicates that the recent decline is more of profit-taking and position adjustment rather than a sudden deterioration in fundamentals. This round of position reduction occurred after chip stocks had rallied sharply. Despite TSMC’s strong results and ASML’s upward guidance, semiconductor stocks were still sold off; the PHLX Semiconductor Index fell more than 4% on Thursday. Goldman Sachs’ relevant strategy view suggests that some funds are considering shifting from the crowded chip trade to hyperscalers that have underperformed this year, such as Meta, Alphabet, and Oracle.

Chinese President Xi Jinping attended the opening ceremony of the 2026 World Artificial Intelligence Conference (WAIC) and the High-Level Conference on Global AI Governance at the Shanghai World Hall, delivering a keynote address. Xi noted that with joint efforts from all parties, the World Artificial Intelligence Cooperation Organization was established in Shanghai. This is a major initiative by China in response to the calls from Global South countries and to rally the international community to actively promote AI development and governance, marking an important milestone in the history of AI development. Xi announced that to further support global AI development and advance global AI capacity building, over the next five years, China will provide 5,000 special AI training places for developing countries; build international AI application cooperation centers for ASEAN, the Arab League, the African Union, the Community of Latin American and Caribbean States (CELAC), the Shanghai Cooperation Organization (SCO), and BRICS; and promote the implementation of the "Mazu" intelligent meteorological early warning system in 30 countries, to safeguard the well-being of millions of households and ensure stability across regions.