On July 21, a research team led by JPMorgan senior researcher Zahin Ov noted that the S&P 500's performance relative to international equities may be 'weaker' for the remainder of 2026. The report stated: 'We expect US stocks to rise from current levels, but returns by year-end are unlikely to match those of the first half of 2026.' Below are the key factors the bank believes will impact markets for the rest of 2026: changes in bond market structure driving higher volatility, elevated inflation and interest rates, high retail investor participation prone to triggering negative feedback, and AI disruptions to employment.
Welcome Back
Click “Sign in” to agree to Cointime’s Terms of Service and acknowledge that Cointime’s Privacy Policy applies to you.
Join CoinTime
Already have an account?
Click “page.Sign up” to agree to Cointime’s <a class="underline" href="#term-of-service">Terms of Service</a> and acknowledge that Cointime’s a class="underline" href="#privacy-policy">Privacy Policy</a> applies to you.
Sign in with email
Sign up with email
Your email
Check your inbox
Click the link we sent to to sign in.
Click the link we sent to to sign up.
JPMorgan: US Stocks May See Limited Gains in H2, Four Risks Could Disrupt Market
-
Wechat scan to share
Recommended for you
-
Changxin Technology: Online Investors Abandon Subscription of 6,586,227 Shares
On July 21, Changxin Technology (688825.SH) announced the results of its initial public offering on the STAR Market. The issue price was 8.66 yuan per share, with an initial offering of 6,688,088,608 shares, accounting for approximately 10% of the total post-issuance share capital. The final strategic placement was 1,667,064,720 shares, and the final online issuance lot-winning rate was approximately 0.47141739%. Online investors subscribed and paid for 3,844,517,273 shares and abandoned 6,586,227 shares; offline investors subscribed and paid for 2,173,101,821 shares and abandoned 31,567 shares. The joint lead underwriters underwrote 6,617,794 shares, with an underwriting amount of 57.3101 million yuan. Before the exercise of the over-allotment option, the issuance expenses were 281 million yuan. -
Insiders: China and US to Hold AI Talks in September on Frontier Model Regulation
According to Reuters citing five informed sources, China and the United States plan to hold AI-related talks in September to discuss regulatory risks posed by increasingly powerful frontier AI models. Sources said the US side is expected to be led by Treasury Secretary Scott Bessent, and both sides are still finalizing the participants, agenda, and meeting location. (CNBC) -
US President Trump May Impose New Tariffs on Dozens of Countries Within This Week
July 21, according to the Financial Times: US President Trump may impose new tariffs on dozens of countries within this week. -
Montage Technology: DDR5 RCD Chip Shipments Surge; Rising CPU Demand to Expand Memory Interconnect Chip Market
On July 21, Montage Technology (688008.SH) released an investor relations activity record announcement. The company benefited from the AI industry trend in the first half of the year, with strong industry demand, increased DDR5 penetration rate and continuous sub-generation iterations. The company's DDR5 RCD chip shipments increased significantly, with the proportion of third and fourth generation RCD chip shipments further rising. Revenue from new interconnect chip products such as MRCD/MDB, PCIe Retimer, CKD, and CXL MXC chips also climbed significantly. The company plans to complete the engineering development of the third-generation MRCD/MDB chip this year. The industry expects MRDIMM to start from large-scale application in the next two to three years and gradually enter the ramp-up penetration phase. Increasing CPU demand will drive up memory module usage, thereby expanding the memory interconnect chip market. In addition, the growing importance of CPUs in AI system architecture will synchronously drive demand for other CPU-related interconnect chips, including PCIe and CXL interconnect chips. The CXL 3.1 MXC chip has been sent to key customers for sample testing, and its penetration rate in data centers is expected to increase rapidly in the coming years. The PCIe 6.x/CXL 3.x Retimer chip is actively cooperating with customers for testing and validation, with the industry expecting it to enter the large-scale application stage by 2027. The company plans to complete the tape-out of the Ethernet PHY Retimer chip engineering samples this year. -
National Supercomputing Internet Launches Kimi K3 API Service
July 21 news, the National Supercomputing Internet recently launched the Kimi K3 model API call service. Enterprises and developers can quickly call the large model capabilities without tedious environment configuration. Currently, the API is compatible with OpenAI and Anthropic interface specifications, supporting rapid and low-cost construction of diverse AI applications. In addition, the Supercomputing Internet also launched the '100,000 Blocks' co-creation plan, opening a one-stop MaaS service. (Interface News) -
BlackRock, Hillhouse, and Temasek Reportedly to Become Cornerstone Investors for Zhongji Innolight's Hong Kong IPO
On July 21, according to Bloomberg, people familiar with the matter said that BlackRock, Hillhouse, and Temasek will become cornerstone investors for Zhongji Innolight's potential $8 billion Hong Kong listing plan. These cornerstone investors are expected to subscribe to nearly half of the issuance size, in exchange for guaranteed allocation quotas to hold the stock for a fixed period (usually six months). Zhongji Innolight plans to start accepting investor subscriptions as early as Wednesday, which could become the largest equity offering in Hong Kong in seven years. -
Spot Silver Surges 5.00% Intraday, Now at $59.23/oz
Spot silver surged 5.00% intraday, currently trading at $59.23 per ounce. (Gold Ten) -
S&P: Revises Samsung Electronics Outlook to Positive
S&P: Revises Samsung Electronics Outlook to Positive, Affirms Ratings at 'AA-/A-1+' -
Kimi Head Addresses Three Controversies: SOTA Models Should Have Their Own Pricing Power
According to 21 Finance, on July 21, Kimi's enterprise business head Huang Zhenxin responded to market concerns. Huang clearly stated: 'Open-source models and Chinese large models should not be labeled as low-cost. We have developed a SOTA-level model and can justify reasonable commercial pricing.' Addressing external speculation that 'K3 is a distilled small model,' Huang clarified that the core of K3's performance leap comes from underlying original architectural innovation, not from distilling or replicating existing models. On the commercialization front, Huang revealed that Kimi currently does not offer private deployment services. Its business model benchmarks mature overseas AI leaders, focusing on refining fundamental model capabilities. API business accounts for the highest proportion of the company's revenue; specific revenue breakdowns for private deployment and industry solutions have not been disclosed. Meanwhile, he outlined the trend in model parameter scale: large model parameter sizes will continue to expand upward and will not stop at the current 2.8 trillion. Addressing the open-source vs. closed-source debate, Huang believes the two are not opposing competitive relationships. Enterprise clients have differentiated needs: those requiring private deployment and fine-tuning prefer open-source, while those seeking stable managed services choose closed-source. Open-source or closed-source itself is not inherently tied to model token quality. Kimi has adhered to an open-source route since K2, and this approach will not change in the future. Core underlying technologies and papers are publicly disclosed, maintaining an open attitude toward the industry. Regarding Musk's claim that Grok 4.5 might surpass K3, Huang responded: 'We'll wait and see.' When asked about the difference between Kimi's open-source model and other domestic large models, Huang explained: The global open-source industry has standardized licensing agreements like MIT; Kimi adopts internationally accepted open-source licenses. The misconception that Kimi cannot be privately deployed stems from the current massive parameter size of K3 and high deployment thresholds, which is unrelated to the open-source licensing strategy itself. -
Tencent Cloud: To Massively Deploy Domestic Computing Power and NPO Super Nodes
A Tencent Cloud executive recently stated at a sub-forum of the World Artificial Intelligence Conference that in order to minimize inference costs, the company will massively deploy domestic computing power. The company expects to deploy NPO (Near-Package Optics) super nodes in the fourth quarter of 2026 and calls for unified NPO industry standards both domestically and internationally. (Securities Times)
Daily Must-Read
-
ENI Takes the Stage at WebX Japan and Builds a Bridge from Traditional Capital to the Future Economy
-
GWDC 2026 KOREA: The New Asian Paradigm of Web3 & AI Sets to Debut in Seoul on Sept 29-30, Inviting Global Builders to the Ultimate Developer Summit
-
From User Journey to Consumption Loop: Understanding UniKey’s Product Logic and the Three Core Use Cases of KEY
-
From AI Router to Agent Economy Network: How UniKey Builds the Next Generation of AI Infrastructure
-
SuperStrike: As AI Takes Over Financial Decision-Making, A New Era of Wealth Creation Begins
-
The largest IPO in history! Panoramic analysis of SpaceX's IPO: trillion dollar valuation, track change, and Musk's trillion dollar net worth
All Comments