On July 28, most US large-cap tech stocks fell in pre-market trading. Microsoft rose 0.7%, Meta rose 0.2%, Apple rose 0.1%, Amazon was flat, Google A fell 0.3%, Tesla and Nvidia fell 1%, SpaceX fell 2%, SK Hynix fell 4%, and Micron Technology fell 5%.
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Most US large-cap tech stocks fall in pre-market trading, Micron Technology down 5%
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Meta and BlackRock Partner to Build $14 Billion Data Center
On July 28, Meta Platforms (META.US) and BlackRock announced a joint investment and ownership of a data center campus in El Paso, Texas, currently under construction, with a computing capacity of 1 gigawatt. Meta will provide construction management, administrative management, and property management services for the campus, and will become its first and sole user upon completion. The transaction is expected to close in the coming days, and the project is scheduled to begin operations in 2028. The El Paso data center is part of Meta's over $10 billion investment, and upon completion, it will support over 4,000 construction jobs during peak periods and 300 operational roles. Currently, more than 2,300 workers are on site. Funds managed by BlackRock will hold an 80% stake in the joint venture, while Meta will retain the remaining 20%. Both parties have committed to jointly fund, in proportion to their stakes, approximately $14 billion in development costs for the campus buildings and long-term power, cooling, and communication infrastructure. -
Analyst: Netanyahu Likely to Pressure Trump Again During Meeting
Alex Vatanka, a senior fellow at the Middle East Institute in Washington D.C., said that when Netanyahu meets Trump at the White House on Tuesday, he will likely try to once again push for regime change in Iran. However, Trump will not buy it because he does not want to do so. Domestically in the U.S., this war is extremely unpopular politically, so what Netanyahu can gain from this meeting remains to be seen. Previous meetings between Trump and Netanyahu in Washington have often been followed by an escalation of tensions with Iran, and it remains to be seen whether this pattern will continue. Israel is still dissatisfied with the memorandum of understanding reached between the Trump administration and Iran because their perception of the Iranian threat differs from that of the U.S. Israeli officials will want Netanyahu to continue pressuring Trump on Iran's ballistic missile and nuclear programs. The Trump administration's response may be: unless the U.S. decides to send troops to occupy Iran, the military actions the U.S. military can take are limited. And the idea of occupying Iran is something no one takes seriously. (Jin Shi) -
US Optical Communication Stocks Continue Pre-Market Decline, Marvell and Corning Down Over 3%
On July 28, continuing yesterday's decline, US optical communication concept stocks continued to fall collectively in pre-market trading today. Among them, AXT Inc, Astera Labs, Viavi Solutions fell over 4%, Applied Optoelectronics, Coherent, Marvell Technology, Corning, MaxLinear, Tower Semiconductor, GlobalFoundries, Credo Technology fell over 3%, Lumentum fell nearly 3%. -
Ministry of Commerce Responds to U.S. Section 301 Investigation on Overcapacity: Will Closely Monitor Developments and Reserve Right to Take Necessary Measures
On July 28, in response to the recent U.S. Section 301 investigation on overcapacity, Lin Weilong, Director of the Policy Research Office of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that this is a typical act of unilateralism, severely undermining the international economic order. The U.S. cannot narrowly define production capacity that exceeds domestic demand as 'overcapacity' and label it as such. Furthermore, the U.S. has no right to unilaterally determine whether a trading partner has 'overcapacity' through a Section 301 investigation and impose unilateral restrictive measures. China urges the U.S. to correct its wrongful practices and return to the right track of resolving issues through dialogue and consultation. China will closely monitor developments and reserves the right to take necessary measures to resolutely safeguard its legitimate rights and interests. (Xinhua) -
Samsung Electronics Plunges 13.39% in Biggest Single-Day Drop in 18 Years, Nearly Halved from Record High
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Oman Proposes Hormuz Strait Management Plan to Iran: Regional Joint Management with Voluntary User Funding
On July 28, according to Reuters, Gulf region sources said that Oman has proposed to Iran a plan to establish a joint regional mechanism for managing the Strait of Hormuz, with voluntary fees. The proposal from Oman has gained regional support. The plan is based on the Malacca Strait model, where relevant parties using the strait voluntarily contribute funds for navigation safety, environmental protection, search and rescue operations, etc. Under this plan, Iran would not have sole control over the Strait of Hormuz. (Jin Shi) -
FTSE China A50 Index Futures Continue Weakness in Afternoon, Now Down Over 3%
FTSE China A50 index futures continued their weakness in the afternoon, now down more than 3%. -
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Korean Stocks Drop 10.84% at Close
On July 28, the Korea Composite Stock Price Index (KOSPI) closed down 732.12 points, or 10.84%, at 6023.63, after briefly falling over 11% to below 6000 points during the session. Among individual stocks, SK Hynix closed down over 14%, and Samsung Electronics fell over 13%. -
Japanese Stocks Close Down 3.95%
On July 28, the Nikkei 225 index closed down 2566.27 points, or 3.95%, at 62,364.92 points.
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