The three major U.S. stock indexes opened mixed, with the Dow Jones Industrial Average down 0.25%, the S&P 500 up 0.13%, and the Nasdaq Composite up 0.49%. AI hardware stocks rallied across the board, with the storage sector leading gains. Among popular individual stocks, SanDisk rose 8%, TSMC rose 2.17%, SK Hynix rose 11.29%, Micron Technology rose 5.68%, Advanced Micro Devices rose 6.62%, and Intel rose 3.82%. IBM’s stock plummeted more than 22% after the company reported preliminary second-quarter sales below expectations, attributing the shortfall to customers shifting spending toward chips and servers.

Market data shows BTC has broken through $64,000, currently at $64,016. The 24-hour increase is 2.51%. Market volatility is high, please manage risks accordingly.

On July 14, Changxin Technology (688825.SH) announced that the company's initial public offering of shares will be listed on the STAR Market, with the issuance price set at 8.66 yuan per share. Investors are required to subscribe online and offline at this price on July 16, 2026 (T-day), without needing to pay subscription funds at the time of subscription. The offline subscription period is from 9:30 to 15:00, and the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00. The initial number of shares issued is 668,808.8608 million shares, accounting for approximately 10.00% of the total share capital after issuance, and CICC is granted an over-allotment option of no more than 15.00% of the initial shares. The price-to-earnings ratio corresponding to the issuance price, based on the lower of diluted earnings per share after deducting non-recurring gains and losses for 2025, is 308.92 times (without exercising the over-allotment option), which is higher than the industry average P/E ratio of 76.32 times and the average P/E ratio of comparable companies of 134.62 times. The total estimated funds raised are approximately 57.919 billion yuan (before exercising the over-allotment option), and after deducting issuance expenses, the net amount is approximately 57.638 billion yuan.

On July 14, traders delayed their expectations of a Fed rate hike to October.

On July 14, spot gold broke through $4,100, rising 2.41% intraday. Spot silver's intraday gain expanded to 3%, quoted at $59.4 per ounce.

Fed Chair Warsh: The opportunities of AI pose challenges for policymakers. We are monitoring AI's impact on inflation and the labor market.

On July 14, the US Consumer Price Index (CPI) for June increased by 3.5% year-on-year, compared to an expected increase of 3.8% and a prior increase of 4.2%. On a month-over-month basis, the US CPI decreased by 0.4% in June, compared to an expected decrease of 0.1% and a previous increase of 0.5%.

On July 14, Fed Chair Walsh stated that the Fed has 'zero tolerance' for persistently high inflation. Business investment is the most notable feature of the current economy. The U.S. economy remains resilient with a steady pace of growth. Consumption growth is moderate, and the housing market continues to lag. AI opportunities pose challenges for policymakers. The Fed is monitoring the impact of AI on inflation and the labor market. The labor market is generally stable, with nominal wage growth remaining solid.

On July 14, the US core CPI in June rose 2.6% year-on-year, compared to an estimate of 2.8% and a previous value of 2.9%. The US core CPI in June was flat month-on-month, compared to an estimated increase of 0.2%.

On July 14, after the release of U.S. June inflation data, short-term U.S. interest rate futures surged, and traders sharply reduced their bets on Federal Reserve interest rate hikes.