2026-07-17 全球资产日报

数据时间：2026-07-17 10:21:30 Asia/Shanghai
报告类型：全球资产日报

展开市场热力、期权压力和 Crypto 盘口

美股 / ETF 热力

SOXL-18.42%

较前交易日5D -25.97%Put/Call 1.17 · 大单 1

NBIS-16.43%

较前交易日5D -20.55%Put/Call 2.26 · 大单 9

MRVL-11.88%

较前交易日5D -22.60%Put/Call 0.44 · 大单 1

DRAM-11.67%

较前交易日5D -18.68%Put/Call 1.00 · 大单 1

APLD-10.68%

较前交易日5D -18.12%Put/Call 0.40

COHR-10.55%

较前交易日5D -15.36%Put/Call 0.86

KMEM-10.39%

较前交易日5D -20.21%Put/Call N/A

USAR-8.84%

较前交易日5D -15.69%Put/Call 0.54

CRCL-8.71%

较前交易日5D -3.76%Put/Call 1.03 · 大单 1

SPCX-6.76%

较前交易日5D -13.83%Put/Call 0.39 · 大单 11

PSI-6.53%

较前交易日5D -8.94%Put/Call 0.15

SOXX-6.08%

较前交易日5D -8.80%Put/Call 0.88

GFS-5.88%

较前交易日5D -16.45%Put/Call 1.76 · 大单 1

GOOG-4.99%

较前交易日5D -0.68%Put/Call 0.42 · 大单 1

期权压力

QQQ1.16

Put/Call VolOI 1.40IV 24.68% · Max Pain 720.00 · 大单 25

SPY1.11

Put/Call VolOI 2.96IV 12.15% · Max Pain 749.00 · 大单 14

SPCX0.39

Put/Call VolOI 1.40IV 72.06% · Max Pain 143.00 · 大单 11

NBIS2.26

Put/Call VolOI 1.64IV 153.26% · Max Pain 210.00 · 大单 9

NVDA0.41

Put/Call VolOI 0.82IV 41.22% · Max Pain 202.50 · 大单 7

MSFT0.29

Put/Call VolOI 0.62IV 40.54% · Max Pain 372.50 · 大单 7

VRT2.58

Put/Call VolOI 1.62IV 79.99% · Max Pain 295.00 · 大单 1

GFS1.76

Put/Call VolOI 0.62IV 89.84% · Max Pain 60.00 · 大单 1

快照对比基准：2026-07-16。本面板只展示已落盘事实，不生成操作判断。

今日要点

突发事件

7月16日WTI与布伦特分别收于78.95和84.23美元/桶，当日小幅回落；IEA 7月油市报告估计6月全球供应环比回升410万桶/日至9880万桶/日，仍比战前低940万桶/日。霍尔木兹风险溢价尚未消失，实时通航、保险和装运状态仍缺官方逐项核验。基线情景是风险溢价维持；只有官方确认持续物理中断、油价与运价/保险同步恶化，才升级为通胀与增长双重冲击。

直接新闻

GOOG因Gemini 3.5 Pro延期的二手报道承压，公司只确认7月22日盘后发布第二财季业绩，没有确认延期幅度及收入影响。APLD将在7月27日盘后发布全年业绩，175MW投运容量、400MW合同负载与融资成本进入兑现窗口。NBIS的十亿美元合同和资本开支数字仍缺同一份一手文件交叉确认；官方公告只确认伙伴出资、持有并运营基础设施的合作模式。
Visa推出支持Open USD的稳定币平台，竞争压力与DTCC代币化证券生产测试同时出现；CRCL需要用USDC供应、储备收益、分销成本和市场份额验证盈利。USAR已制得商业级氧化镝与NdPr氧化物样品，下一节点仍是LCM认证、规模、成本和客户验收。

关联新闻

费城半导体指数跌至逾一个月低点，SOXX、SOXL、DRAM、KMEM及多项直接持仓同步下跌。台积电业绩与资本开支、拥挤交易、估值重定价和地缘风险同时作用，现有证据无法把板块跌幅归到单一原因。本轮回撤按黄金坑执行：持有并分层持续加仓，不执行卖出、减仓或对冲。

研报与重点文章

6月CPI环比下降0.4%、同比上涨3.5%，核心环比持平；6月PPI环比下降0.3%、同比仍上涨5.5%。能源回落解释了主要月度降幅，服务和生产端压力仍在。CME时点数据对应7月维持利率不变概率88.8%；新屋开工、工业产出和密歇根消费者信心仍是当天验证窗口。

资产盘面

美股观察池18只中17只下跌，半导体与AI基础设施方向领跌；BTC、ETH、SOL 24小时分别为-1.73%、-3.65%、-2.39%，三者funding仍为正。回撤继续扩大时，新增资金优先进入现货和无杠杆仓位，期货维持原仓、不追加杠杆。

投研观点

美股市场观察

标的	市场、事件与技术事实	持仓与持续加仓路径
`COHR`	延迟报价267.80，较前收299.38低10.55%；常规收盘276.96。1D与1H同向偏弱，4H缺失；271与270.07构成近端支撑候选。	已隐藏，市值已隐藏、股票主线占比已隐藏、未实现已隐藏。当前区间继续一档，270附近再加；收复274.97与278.80后仍保留后续加仓额度。
`MRVL`	延迟报价181.75，较前收206.26低11.88%；常规收盘188.30。1D与1H同向偏弱，1H支撑184.08已受测试，下一候选180.38与日线175.80。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。延迟报价进入下一层，继续一档；180.38与175.80分层追加，价格修复至188.29与194.70也不减现有仓位。
`PSI`	延迟报价143.65，较前收153.69低6.53%；常规收盘145.21。1D/4H/1H同向偏弱，支撑143与141.32，压力144.21与150.90。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。143附近持续加，141.32与136.61作为下一层；利用无杠杆ETF承接半导体回撤。
`NBIS`	延迟报价166.74，较前收199.51低16.43%；常规收盘171.77。官方伙伴模式与二手大合同数字冲突；1H支撑166、日线支撑167.21，下一层162.57与154.04。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。166-167进入首档，162.57与154.04继续分层；合同条款到位后加仓间隔可缩短，证据仍冲突时扩大档位间距。
`APLD`	延迟报价25.93，较前收29.03低10.68%；常规收盘26.44。7月27日财报、175MW投运、400MW合同负载与15.9亿美元7%担保票据共同构成验证窗口。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。25.82附近继续一档，25.24与23.37分层追加；财报确认利用率、收入转换和融资承受力后提高加仓优先级。
`GFS`	延迟报价57.80，较前收61.41低5.88%；常规收盘58.24。1D/4H/1H同向偏弱，支撑57.05与56.38-55.80，压力58.69与60.83。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。57.05与55.80分层持续加仓；量比1.86显示交易活跃，等待客户、订单与产能利用率补齐公司级证据。
`CRCL`	延迟报价59.97，较前收65.69低8.71%；常规收盘60.64。Visa竞争与DTCC代币化形成双向证据；1H支撑59.33，日线下一层55.77。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。59.33附近继续starter加仓，55.77再加；61.72、62.97与64.42逐级收复后仍持有。
`GOOG`	延迟报价351.75，较前收370.21低4.99%；常规收盘353.81。4H改善与1H/1D受压并存，354.91已受测试，下一日线支撑348.75与343.63；7月22日财报是最近硬验证。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。当前小仓优先补第一档，348.75与343.63继续加；财报前保留现金档位，模型延期只作待核验变量。
`USAR`	延迟报价15.78，较前收17.31低8.84%；常规收盘15.91。商业级样品已送LCM认证，1H支撑15.70，下一带15.47-15.30。	已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。15.70附近继续一档，15.47-15.30再加；认证、回收率、成本与客户验收决定后续加仓速度。

前一快照后持仓数量增加了已隐藏。这四项仍处于弱结构，今日维持连续加仓，但每个价位只推进一档，避免在同一时点耗尽后续现金。

ETF 分析

ETF	发行方NAV / 市价变化	溢折价	期权与技术	判断与持续加仓安排
`PSI`	发行方动态接口未返回日度NAV与市价；费率0.56%	缺失	期权成交Put/Call 0.15、OI比0.13、ATM IV 0.66、Max Pain 155；技术支撑143/141.32	已隐藏。作为无杠杆半导体仓承接回撤，143、141.32、136.61分层持续加。
`SOXX`	NAV 7/16为530.18，日变动-24.86/-4.48%；发行方市价7/15为555.27，日变动-12.65/-2.23%	7/15为+0.04%，前值-0.02%，扩大0.06个百分点	成交Put/Call 0.88、OI比0.63、ATM IV 0.65；支撑523.61，确认531.26/534.33	NAV与市价日期不同，7/16溢折价空缺。新资金若扩展半导体ETF，优先无杠杆`SOXX`，523.61附近才进入下一档。
`SOXL`	NAV与市价均截至7/15，分别163.53/-6.93%与165.55/-6.29%	+1.24%，较前值扩大0.70个百分点	成交Put/Call 1.17、OI比2.11、ATM IV 1.97；支撑135.02，压力142.08/150.33	每日3倍目标和高IV会放大路径损耗。当前持续加仓计划使用现货和无杠杆资产，不新增`SOXL`杠杆。
`FTXL`	NAV 241.00、-2.96%；市价240.90、-3.04%，均截至7/15	-0.04%，较前值下降0.08个百分点	成交Put/Call 0.62、OI比0.33、ATM IV 0.70；支撑226.08，压力232.80	发行方数据滞后两日；226.08附近才进入无杠杆ETF备选档。
`DRAM`	发行方日度字段缺失；费率0.65%	缺失	成交Put/Call 1.00、OI比1.11、ATM IV 1.09；支撑51.09，压力52.05/53.45	存储主题回撤深，但缺发行方日度口径；现有持仓加仓优先级高于新增`DRAM`。
`KMEM`	NAV 7/15为19.57、-3.00%；市价19.14、-6.63%	-2.21%，较前值下降3.80个百分点	无可用期权到期日；仅11根日线、43根4H，支撑16.94，压力17.43/17.85	样本短且折价快速扩大，继续观察；本轮黄金坑加仓不扩展到该新产品。

ETF日度字段仅使用发行方同日口径，没有用延迟行情补算溢折价，也没有读取或推断ETF底层持仓。

美股机会雷达

分级	板块/主题/标的	Why now与暴露证据	第一反对理由	升级 / 失效条件	下一步workflow
A	`GOOG`	7月22日财报临近；官方确认财报日期与持续AI产品更新，Gemini延期幅度和经济影响未确认。	单日下跌处于科技普跌背景，模型时间表尚未连接到云、广告或资本开支。	财报给出模型时间表、使用/变现和云业务影响则升级；官方否认关键延期或财报显示无经济影响时，延期错价假设失效。	`earnings-preview`
A	`APLD`	7月27日财报；175MW已投运、400MW合同负载和多项融资工具均有一手文件。	ready-for-service尚未转成利用率、收入、利润率与现金流。	财报补齐利用率、收入确认、客户集中与融资桥梁则升级；延期、低利用率或融资/稀释吞噬改善时失效。	`earnings-preview`
A	`NBIS`	官方伙伴模式与二手十亿美元合同/资本开支数字冲突，价格已大幅反应。	合同方、金额、最低采购、容量与资本责任缺一手条款。	公司或监管文件补齐合同经济性则升级；关键合同持续无法核验或资本强度失控时失效。	`equity-model-update`
B	`KRE` / `XLF`	`KRE` 5/20/60日相对`SPY`为+4.51/+7.44/+4.38个百分点，量比1.46；`XLF` 20日相对+4.36。	ETF代理缺净息差、信贷成本、资本和成分扩散证据。	银行盈利、信用指标与收益率曲线共同支持则升级；成分集中或信用成本恶化时失效。	`economic-impact-report`
B	`XOP` / `XLE`	油价风险溢价尚存，`XOP` 5/20日相对+4.51/+5.85，`XLE`为+4.14/+2.95。	`XOP`量比仅0.50，油价已小幅回落，缺成分级产量、对冲、成本和FCF敏感度。	航运/供给与公司盈利修正同步时升级；油价和运输压力正常化时失效。	`economic-impact-report`
B	`XLV`	20/60日相对`SPY`为+5.74/+3.83，量比1.06。	缺成分、临床/药品催化剂、医疗利用率和盈利修正。	成分扩散、盈利修正和估值共同支持则升级；20日相对强度转负时失效。	`idea-generation`
B	`CRCL` / `USAR`	`CRCL`有竞争与代币化双向事件；`USAR`样品进入第三方认证。	两者都缺从事件到收入、利润率与单位经济性的闭环。	`CRCL`补收入桥梁；`USAR`补认证、规模、成本和客户承购后升级。对应商业化路径断裂时失效。	`equity-model-update` / `thesis-tracker`
C	`MSFT` / `IGV` / `XBI` / `SOXX`	`MSFT`短期相对强；`IGV`与`XBI`保留中期线索；`SOXX`仍有60日相对优势。	公司级催化、成分贡献或估值闭环不足，短中周期存在冲突。	补齐公司事件、成分归因与估值后再升级。	`company-tearsheet` / `catalyst-calendar`
Reject	`SOXL` / `KMEM` / `SPCX` / `COPX` / `XAR`	`SOXL`路径依赖；`KMEM`与`SPCX`历史过短；`COPX`与`XAR`多窗口弱且缺硬催化。	当前输入不足以形成可验证的基本面差异。	历史、官方事件、成分归因和公司经济性补齐后重审。	暂不扩展新仓

A/B/C/Reject表示研究和新增资金的优先顺序。黄金坑策略优先覆盖现有直接持仓；机会雷达A档先提高研究强度，新增非持有标的仍需完成暴露与估值归因。

美股操作建议

执行基线改为“持有 + 每个回撤层级持续加仓”。COHR、MRVL、NBIS、PSI、APLD、GFS合计约占股票主线已隐藏，集中度不触发卖出；它决定现金分档必须留有连续性。
P1为PSI与GOOG，并与BTC、ETH无杠杆加仓并列；P2为MRVL、GFS、CRCL、USAR；P3为APLD、NBIS与SOL；P4为COHR。COHR约占股票主线已隐藏，仍持续加仓，但单批强度低于其余层级。所有持仓都保留加仓资格，优先级只决定先后和批次强弱。
GOOG在当前区间先补，348.75与343.63继续加；APLD看25.82、25.24、23.37；NBIS看166-167、162.57、154.04；COHR看271-270；MRVL看184.08、180.38、175.80；PSI看143、141.32、136.61。
KRE、XOP、XLV进入新增研究队列；它们用于未来扩展收益来源，当前不会替代对现有黄金坑持仓的持续投入。

Crypto 市场观察和动向

Binance USDS-M快照显示BTCUSDT 63,529.70、24h -1.73%、funding 0.00007445；ETHUSDT 1,850.86、-3.65%、funding 0.00005155；SOLUSDT 75.10、-2.39%、funding 0.00001204。三者价格同跌且funding仍为正，ETH OI较前一快照下降约5.58%，只说明本地Binance时点变化。

资产	资金与技术事实	黄金坑路径
`BTC`	Farside 7/16来源总计+4,570万美元，IBIT单元仍为未更新；技术支撑62,743-62,653、62,467、62,019，压力63,880与64,353-64,541。	现货在62,743-62,653开始下一档，62,467与62,019继续加；收复64,353后保留原仓并等待下一次回踩。
`ETH`	Farside 7/16来源总计-2,800万美元，ETHA与ETHB未更新；`ETH`相对`BTC`的10/20/60日强度均为正。支撑1,848、1,833-1,829、1,810-1,799。	现货/WETH在1,848开始下一档，1,833-1,829与1,810-1,799持续加；期货原仓维持，不新增杠杆。
`SOL`	Farside 7/16来源总计+170万美元；三周期均偏弱，支撑74.21-73.99，下一日线71.83。	以现货或Earn形式在74.21-73.99、71.83分层追加，继续保留无杠杆收益。
HYPE	Farside 7/16为0；本轮没有同口径价格、funding、OI或账户仓位。	保留观察，不纳入本轮持续加仓范围。

Followin的ETH全网OI下降5.04%来自二手聚合，缺canonical URL；第三方交易员多空仓位同样只作背景，不进入加仓触发。

Crypto 操作建议

已隐藏，估值已隐藏、APY 已隐藏。维持并继续累积，74.21-73.99和71.83是下一档价格区。
直接spot纳入汇总约已隐藏；LD* Earn镜像约已隐藏已排除重复计数，ETHW仍无Binance ticker。后续加仓优先让直接现货占比逐步提高。

加密货币板块

交易：`BTC` / `ETH` / `SOL`

项目	私有事实	判断
ETF/ETP flow	Farside 7/16：`BTC` +45.7、`ETH` -28.0、`SOL` +1.7、HYPE 0，单位百万美元；`BTC`与`ETH`主基金有未更新单元。	资金方向分化，不改变持续加仓基线；它决定`BTC`、`ETH`档位间隔保持独立。
稳定币与制度化	Visa支持OUSD，DTCC推进代币化证券，USDC流通量730亿美元。	行业扩张与`CRCL`盈利、USDC份额、DeFi协议和链级风险分开跟踪。

风险观察

股票风险簇：COHR、MRVL、PSI、NBIS、APLD、GFS合计市值约已隐藏、占股票主线已隐藏。统一再跌20%的静态影响约为已隐藏，相当于总组合已隐藏。该情景用于预留加仓现金，不触发卖出。
油价情景：基线为78.95/84.23美元附近的风险溢价维持；有限升级要求油价多日上行并伴随航运、保险或近月价差恶化；严重中断要求官方确认持续物理中断。三个情景都不赋主观概率，也不改变持仓方向。
现金路径：现金和稳定币已隐藏覆盖多轮加仓。若股票风险簇与BTC/ETH同时再下一个压力档，继续分层买入，并扩大每档的时间间隔，避免一次性用尽流动性。
数据边界：全部9个持仓标的存在IBKR延迟行情警告；MRVL、APLD、USAR、COHR、CRCL、NBIS缺4H；KMEM无可用期权到期日。技术价位只在完成K线后更新研究状态，期权链缺Greeks、GEX、IV Rank、实时bid/ask与主动成交方向。

期权观察

数据概览

公开期权链覆盖19/20个标的，KMEM无可用到期日。链快照缺逐笔主动方向、组合腿、Greeks和实时可执行价；Max Pain与Volume/OI只作结构交叉核验。

标的	结构事实	与持续加仓的关系
`SPY` / `QQQ`	`SPY`成交Put/Call 1.11、OI比2.96、ATM IV 0.12、Max Pain 749；`QQQ`为1.16、1.40、0.25、720。	宽基保护需求升高，但没有组合beta和可执行链，不采用期权对冲；现金分档继续。
`NBIS`	成交Put/Call 2.26、OI比1.64、ATM IV 1.53、Max Pain 210；7/24的140与150 put成交/OI较高。	高IV与put活动对应证据冲突和急跌；166-167、162.57、154.04分层，期权不替代现货加仓。
`COHR`	成交Put/Call 0.86、OI比1.24、ATM IV 1.07、Max Pain 340；7/24的255 put与310 call均有高Volume/OI。	多空活动并存，方向不足；现货按271-270和更深回撤继续。
`MRVL`	成交Put/Call 0.44、OI比1.18、ATM IV 0.94、Max Pain 240；7/24的195/200 call成交/OI高。	call活跃没有确认反转；现货按184.08、180.38、175.80持续加。
`SOXX` / `SOXL`	`SOXX`成交Put/Call 0.88、OI比0.63、ATM IV 0.65；`SOXL`为1.17、2.11、1.97。	`SOXL`的高IV和每日杠杆路径不进入加仓工具；新增ETF使用`PSI`或`SOXX`现货。
`DRAM`	成交Put/Call约1.00、OI比1.11、ATM IV 1.09；9/18的48 put与7/24的55 call成交活跃。	方向平衡且发行方日度字段缺失；先加现有持仓，`DRAM`保留后续队列。
`CRCL`	成交Put/Call 1.03、OI比1.06、ATM IV 0.93、Max Pain 66；7/24的40 put成交/OI高。	竞争与代币化双向证据未定，59.33与55.77继续starter加仓。
`GOOG`	成交Put/Call 0.42、OI比1.04、ATM IV 0.58、Max Pain 360；7/24的370 put和9/18的375 call均活跃。	财报前方向分歧，现货按当前、348.75、343.63加，不使用短期期权替代。

观点输出

期权结构确认市场对NBIS、COHR、SOXL和GOOG事件窗口的波动定价升高，但缺主动方向与Greeks，无法形成可执行对冲或杠杆方案。
黄金坑策略持续加仓，期权本轮只作情绪与价位交叉检查。所有新增风险通过现货和无杠杆ETF/crypto完成。
SPCX的远端330 call成交量大，但历史短、测试中止和短仓数据来自不同证据层；保持Reject，不把期权热度升级为新增风险位。

技术分析

所有价位均要求对应周期完成K线确认；在本轮策略中，支撑/失效位用于下一档加仓，压力/触发位用于判断修复速度，不作为止损或卖出指令。

标的	结构	下一加仓候选	修复确认	执行含义
`MRVL`	1D/1H同向偏弱，缺4H	184.08、180.38、175.80	188.29、194.70	当前已进入下一层，继续一档；更低层逐级追加。
`GFS`	1D/4H/1H同向偏弱	57.05、56.38-55.80	58.69、60.83	支撑到位继续加，突破只确认修复。
`APLD`	1D/1H同向偏弱，缺4H	25.82、25.24、23.37	26.44-26.71、28.72	财报前分层，证据确认后提高优先级。
`USAR`	1H贴近均线、1D受压，缺4H	15.70、15.47-15.30	16.10、16.33、16.52	认证进度决定加仓间隔。
`PSI`	1D/4H/1H同向偏弱	143.00、141.32、136.61	144.21、150.90	无杠杆半导体主加仓工具之一。
`COHR`	1D/1H同向偏弱，缺4H	271.00、270.07	274.97、278.80、291.00	当前区间继续，保留更深层现金。
`CRCL`	1D/1H受压，缺4H	59.33、55.77	61.72、62.97、64.42	starter按双向事件验证持续加。
`GOOG`	4H改善、1H/1D受压	354.91已受测试、348.75、343.63	359.18、360.88、366.22	财报前小仓优先补齐。
`NBIS`	1D/1H同向偏弱，缺4H	166.00、162.57、154.04	169.23、170.92、172.25	合同证据冲突时扩大档位间距。
`SOXX`	1D/1H偏弱，缺4H	525.10、523.61	531.26、534.33	作为无杠杆ETF备选。
`SOXL`	1D/1H偏弱，缺4H	138.00、135.02	142.08、150.33	只观察，不新增杠杆。
`FTXL`	三周期偏弱	227.31、226.08	232.80	发行方数据更新后再进入加仓队列。
`DRAM`	三周期偏弱	51.09	52.05、53.45	现有持仓优先，`DRAM`排后。
`KMEM`	历史不足	17.14、16.94	17.43、17.85	11根日线不足，维持观察。
`BTCUSDT`	日线回踩，4H/1H下修	62,743-62,653、62,467、62,019	63,880、64,353、64,541	futures维持，新增用现货。
`ETHUSDT`	高周期回踩、1H下修	1,848、1,833-1,829、1,810-1,799	1,865、1,869、1,891-1,896	futures维持，新增用现货/WETH。
`SOLUSDT`	三周期偏弱	74.21-73.99、71.83	75.22-75.59、76.13-76.56	新增用现货或Earn。

重要文章与快讯

重要文章

重要性	中文标题	发布日期	来源	相关标的	评级理由
5/5 高优先级	星舰中止发射叠加流通盘压力	2026-07-17	Stocktwits	`SPCX`	发射故障是当日直接事件，文章还提供短仓、流通盘与解禁数据，可同时解释经营和市场结构压力。
5/5 高优先级	Gemini延期冲击谷歌预期	2026-07-17	StockStory	`GOOG`, `META`	旗舰模型延期是GOOG当日直接产品事件，市场反应清晰，并涉及企业人工智能竞争位置。
5/5 高	Nebius大单凸显融资压力	2026-07-17	TheStreet	`NBIS`, `NVDA`	大额客户合同与巨额融资缺口同时出现，为人工智能云需求和资本强度提供了高价值样本。
5/5 高	台积电扩产放大SOXL跌幅	2026-07-16	Motley Fool	`NVDA`, `SOXL`, `TSM`, `^IXIC`	时效性强、与SOXL直接相关，并用台积电业绩及资本开支数据解释杠杆跌幅。
5/5 高	Visa支持Open USD加剧稳定币竞争	2026-07-16	Stocktwits	`BTC-USD`, `COIN`, `CRCL`, `USDC-USD`, `V`	Visa渠道可能直接改变USDC竞争格局，事件新且与CRCL高度相关，但商业影响尚待采用数据确认。
5/5 高	伊朗战事冲击芯片风险偏好	2026-07-16	Stocktwits	`CL=F`, `MRVL`, `NVDA`, `SKHY`, `SNDK`, `SOXL`	发布时间新、与SOXL及主要芯片股直接相关，并提出可由油价和大型云服务商资本开支验证的影响路径。
5/5 高	DTCC完成首批代币化实盘交易	2026-07-15	Bankless	`BLK`, `CRCL`, `MSFT`, `QQQ`, `SPY`	CRCL直接进入核心清算机构的代币化生产流程，参与主体和应用场景均具较强证据价值。
5/5 高	美国六月通胀降温但能源仍高	2026-07-14	U.S. Bureau of Labor Statistics	-	美国官方CPI发布距检索仅约三天，来源权威、数字密集，并直接影响利率预期及跨资产定价。
5/5 高	USAR打通废磁体稀土回收链	2026-07-14	GlobeNewswire	`HRE.AX`, `USAR`	USAR近期直接技术里程碑，事实与标的高度相关，但商业化能力仍待第三方认证和规模数据确认。
4/5 中高	Applied Digital定档全年业绩会	2026-07-15	GlobeNewswire	`APLD`	近期明确的公司级财报事件，对APLD后续事实更新具有高优先级。
4/5 中高	美国6月生产端通胀结构分化	2026-07-15	U.S. Bureau of Labor Statistics	-	数据发布时间距日报仅两日，来源为美国劳工统计局，包含终端需求、核心口径及中间需求的高密度官方证据。其影响覆盖利率、美元和跨资产估值，但缺少单一标的指向，且月率受能源价格大幅波动影响。

金十快讯

金十数据快讯 · 2026-07-17 06:04:45+08:00 · GLOBAL / FEDFUNDS / USD / UST / 美联储利率预期

美联储7月维持利率不变的概率88.8%

【美联储7月维持利率不变的概率88.8%】金十数据7月17日讯，据CME‘美联储观察’：美联储7月维持利率不变的概率为88.8%，累计加息25个基点的概率为11.2%。美联储到9月维持利率不变的概率为48.8%，累计加息25个基点的概率为46.2%，累计加息50个基点的概率为5.1%。

金十数据快讯 · 2026-07-17 04:08:09+08:00 · GLOBAL / WTI / Brent / 国际油价结算 / commodity

国际油价16日微跌

纽约商品交易所8月交货的轻质原油期货价格下跌65美分，收于每桶78.95美元，跌幅0.82%；9月交货的伦敦布伦特原油期货价格下跌72美分，收于每桶84.23美元，跌幅0.85%。

金十数据快讯 · 2026-07-17 03:21:22+08:00 · GOOG / Google AI产品进度 / equity / 美国

谷歌盘中跌超4%，有报道称Gemini 3.5 Pro延迟发布

谷歌周四盘中下跌4%，金十援引媒体报道称公司推迟旗舰AI模型Gemini 3.5 Pro发布，编码能力未达到内部预期；谷歌发言人称正在与合作伙伴测试3.5 Pro及其他模型。

金十数据快讯 · 2026-07-17 00:26:45+08:00 · SOXX / SOXL / FTXL / PSI / NVDA

费城半导体指数跌至逾一个月低点，跌幅扩大至4.45%

费城半导体指数跌至逾一个月低点，跌幅扩大至4.45%。

打开原文

国家外汇管理局：2026年1-6月，银行累计结汇107923亿元人民币

标签

来源：金十数据快讯发布时间：2026-07-17 10:08:11+08:00检索：中国跨境资金与外汇标签：`GLOBAL`, `CNY`, `USD`, 中国跨境资金与外汇, fx, 中国

快讯正文

【国家外汇管理局：2026年1-6月，银行累计结汇107923亿元人民币】金十数据7月17日讯，国家外汇管理局统计数据显示，2026年6月，银行结汇20299亿元人民币，售汇16437亿元人民币。2026年1-6月，银行累计结汇107923亿元人民币，累计售汇89192亿元人民币。按美元计值，2026年6月，银行结汇2978亿美元，售汇2412亿美元。2026年1-6月，银行累计结汇15654亿美元，累计售汇12942亿美元。

打开原文

美联储7月维持利率不变的概率88.8%

标签

来源：金十数据快讯发布时间：2026-07-17 06:04:45+08:00检索：美联储利率预期标签：`GLOBAL`, `FEDFUNDS`, `USD`, `UST`, 美联储利率预期, rates, 美国

快讯正文

打开原文

国际油价16日微跌

标签

来源：金十数据快讯发布时间：2026-07-17 04:08:09+08:00检索：国际油价结算标签：`GLOBAL`, `WTI`, Brent, 国际油价结算, commodity, 全球

快讯正文

打开原文

谷歌盘中跌超4%，有报道称Gemini 3.5 Pro延迟发布

标签

来源：金十数据快讯发布时间：2026-07-17 03:21:22+08:00检索：Google AI产品进度标签：`GOOG`, Google AI产品进度, equity, 美国

快讯正文

打开原文

费城半导体指数跌至逾一个月低点，跌幅扩大至4.45%

标签

来源：金十数据快讯发布时间：2026-07-17 00:26:45+08:00检索：美国半导体市场标签：`SOXX`, `SOXL`, `FTXL`, `PSI`, `NVDA`, `MRVL`, `GFS`, 费城半导体指数, 美国半导体市场, equity, 美国

快讯正文

费城半导体指数跌至逾一个月低点，跌幅扩大至4.45%。

事实参考

以下为事实表、数据对照、账户细项与来源口径，默认折叠；需要核对数据时展开。

美股 / ETF / 公开文章事实

美股 / ETF / 公开行情

标的	IBKR 当前价	较前交易日	盘后/收盘后	上一交易日收盘	今日常规收盘
`MSFT`	395.78	+0.04%	-1.33%	395.63	401.10
`NVDA`	203.65	-4.16%	-1.81%	212.50	207.40
`MRVL`	181.75	-11.88%	-3.48%	206.26	188.30
`GFS`	57.80	-5.88%	-0.76%	61.41	58.24
`APLD`	25.93	-10.68%	-1.93%	29.03	26.44
`USAR`	15.78	-8.84%	-0.82%	17.31	15.91
`SOXX`	521.51	-6.08%	-1.69%	555.27	530.50
`SOXL`	135.06	-18.42%	-5.21%	165.55	142.48
`FTXL`	227.96	-5.37%	-0.64%	240.90	229.42
`PSI`	143.65	-6.53%	-1.07%	153.69	145.21
`DRAM`	50.70	-11.67%	-3.13%	57.40	52.34
`KMEM`	17.15	-10.39%	-1.48%	19.14	17.41
`VRT`	289.34	-5.00%	-1.62%	304.57	294.11
`COHR`	267.80	-10.55%	-3.31%	299.38	276.96
`CRCL`	59.97	-8.71%	-1.10%	65.69	60.64
`SPCX`	126.13	-6.76%	-3.80%	135.27	131.11
`GOOG`	351.75	-4.99%	-0.58%	370.21	353.81
`NBIS`	166.74	-16.43%	-2.93%	199.51	171.77

美股事实与文章索引

标的	IBKR 当前价	较前交易日	盘后/收盘后	文章数	数据缺口
`MSFT`	395.78	+0.04%	-1.33%	8 篇	-
`NVDA`	203.65	-4.16%	-1.81%	8 篇	-
`MRVL`	181.75	-11.88%	-3.48%	8 篇	-
`GFS`	57.80	-5.88%	-0.76%	8 篇	-
`APLD`	25.93	-10.68%	-1.93%	8 篇	-
`USAR`	15.78	-8.84%	-0.82%	8 篇	-
`SOXX`	521.51	-6.08%	-1.69%	8 篇	-
`SOXL`	135.06	-18.42%	-5.21%	8 篇	-
`FTXL`	227.96	-5.37%	-0.64%	8 篇	-
`PSI`	143.65	-6.53%	-1.07%	8 篇	-
`DRAM`	50.70	-11.67%	-3.13%	8 篇	-
`KMEM`	17.15	-10.39%	-1.48%	8 篇	-
`VRT`	289.34	-5.00%	-1.62%	8 篇	-
`COHR`	267.80	-10.55%	-3.31%	8 篇	-
`CRCL`	59.97	-8.71%	-1.10%	8 篇	-
`SPCX`	126.13	-6.76%	-3.80%	8 篇	-
`GOOG`	351.75	-4.99%	-0.58%	8 篇	-
`NBIS`	166.74	-16.43%	-2.93%	8 篇	-

股票文章源

标的	重要性	中文标题	原文标题	发布日期	来源	相关标的	评级理由
`GOOG`, `KMEM`, `SPCX`	2/5 中低	人工智能板块拖累期指	Dow Jones Futures Fall, Netflix Dives, SpaceX Scrubs Launch After Latest AI Sell-Off	2026-07-17	Investor's Business Daily	`CL=F`, `GOOG`, `MU`, `NFLX`, `SNDK`, `SPCX`, `^DJI`, `^GSPC`	属于最新市场快照，但正文严重不完整，无法承担关键事件归因或数值验证。
`KMEM`	4/5 高	月之暗面发布超大开源模型	China	2026-07-17	Reuters	-	路透社当日深度报道，技术参数和行业竞争信息密集，但关键性能主张仍需独立复现。
`KMEM`	4/5 高	瑞银七千九百点目标的盈利门槛	UBS doubles down on its S&P 500 target	2026-07-17	TheStreet	`UBS`, `^GSPC`	直接覆盖标普500估值与盈利框架，数字充分且时效较高，但目标本身不是新调整。
`KMEM`	4/5 高	Truth付费接口引发信息公平争议	Trump’s Truth Social Posts Will Hit Wall Street First, Giving a Financial Edge	2026-07-17	BeInCrypto	-	产品可能改变政策帖文进入机构交易系统的速度，时效强且治理议题明确，但商业与监管细节缺失。
`KMEM`	4/5 高	博枫合并推进与五年增长目标	Brookfield Shareholders Back New BN Deal as Firm Targets 20% Earnings Growth	2026-07-17	MarketBeat	`BAM`, `BN`, `BNT`	公司级交易取得实质进展，财务目标和后续节点清楚，对BN与BAM直接相关。
`KMEM`, `NVDA`	5/5 高	IBM预告业绩不及预期	IBM Just Pre-Announced an Earnings Miss. The Reason Reveals Where AI Money Is Really Flowing.	2026-07-17	Motley Fool	`IBM`, `NVDA`	公司预告、剧烈市场反应和客户预算迁移共同提供了高时效性的企业人工智能支出信号。
`NVDA`	3/5 中	油价冲击或抬高社保调整幅度	What Donald Trump	2026-07-17	Motley Fool	`CL=F`, `NVDA`	通胀传导机制与原油相关度明确，但调整幅度只是早期估计，地缘事件陈述亦需核验。
`MRVL`, `SPCX`	4/5 中高	芯片抛售压低美股期指	Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus	2026-07-17	Stocktwits	`CL=F`, `DIA`, `MRVL`, `NFLX`, `QQQ`, `SPCX`, `SPY`, `^GSPC`	隔夜跨资产信息密集，直接覆盖MRVL、主要指数、油价和地缘风险，但部分归因证据偏软。
`SPCX`	4/5 中高	三家太空公司的业务边界与亏损	AST SpaceMobile vs. Rocket Lab: Which Stock Is The Superior SpaceX Competitor?	2026-07-17	Motley Fool	`ASTS`, `RKLB`, `SPCX`	直接比较SPCX及主要公开市场替代标的，业务边界清晰，但财务证据有限且关键交易尚未完成。
`SPCX`	2/5 中低	Databricks融资估值升至1880亿美元	Databricks Set to Hit $188 Billion Valuation With New Investment From Coatue	2026-07-17	The Wall Street Journal	`DATB.PVT`, `SPCX`	融资估值信息明确且来源较强，但与SPCX缺少直接业务或资本联系，完整条款也未披露。
`SPCX`	5/5 高优先级	星舰中止发射叠加流通盘压力	SPCX Stock Extends Post-IPO Rout: Starship Launch Scrub Deepens Slide As Short Sellers Build $25B Bear Bet	2026-07-17	Stocktwits	`SPCX`	发射故障是当日直接事件，文章还提供短仓、流通盘与解禁数据，可同时解释经营和市场结构压力。
`NVDA`	5/5 高	亚马逊自研芯片锁定巨额需求	Andy Jassy Says Amazon	2026-07-17	Motley Fool	`AMZN`, `NVDA`	披露了亚马逊自研芯片业务少见的规模、客户承诺和供需数据，并清楚呈现资本开支代价。
`GOOG`	5/5 高优先级	Gemini延期冲击谷歌预期	Why Alphabet (GOOGL) Stock Is Falling Today	2026-07-17	StockStory	`GOOG`, `META`	旗舰模型延期是GOOG当日直接产品事件，市场反应清晰，并涉及企业人工智能竞争位置。
`GOOG`, `NVDA`	5/5 高	伯克希尔加码Alphabet	Warren Buffett Just Revealed He -- Not Greg Abel -- Made Berkshire	2026-07-17	Motley Fool	`AAPL`, `BRK-B`, `GOOG`, `NVDA`	同时包含伯克希尔重大持仓决策和Alphabet高密度经营数据，直接关联GOOG与BRK-B。
`NBIS`, `NVDA`	5/5 高	Nebius大单凸显融资压力	Nebius lands $1 billion AI deal as one major risk looms	2026-07-17	TheStreet	`NBIS`, `NVDA`	大额客户合同与巨额融资缺口同时出现，为人工智能云需求和资本强度提供了高价值样本。
`NVDA`	5/5 高	台积电扩产支撑英伟达需求	TSMC Just Announced Fantastic News for Nvidia Shareholders	2026-07-17	Motley Fool	`NVDA`, `TSM`	台积电业绩、需求指引和美国先进封装投资均是英伟达供应链的直接高质量信号。
`NVDA`	3/5 中	分析师上调联合太平洋目标价	Why Union Pacific Stock Chugged Almost 4% Higher on Thursday	2026-07-17	Motley Fool	`NVDA`, `UNP`	多家机构评级对UNP定价有直接影响，但文章缺少公司基本面更新。
`NVDA`	4/5 较高	英伟达扩展日本工业人工智能	Nvidia (NVDA) Deepens Japan AI Push With Factory Deal And Robotics Tie Ups	2026-07-17	Simply Wall St.	`6954.T`, `9984.T`, `NVDA`, `TM`	合作范围广且直接强化NVDA在日本工业人工智能中的布局，但缺少合同和收入量化。
`SOXX`	2/5 较低	AI交易告别宽松定价阶段	Review & Preview: No More Easy Money in AI	2026-07-16	Barrons.com	`2330`, `ASML`, `SOXX`, `TSM`, `^DJI`, `^GSPC`, `^IXIC`	题材及时且覆盖AI与半导体，但付费墙仅留下导语，无法支撑深入判断。
`SPCX`	4/5 较高优先级	星舰点火阶段中止测试发射	SpaceX Shares Fall After Company Aborts Starship Test Launch	2026-07-16	The Wall Street Journal	`SPCX`	来源质量较高且事件与SPCX直接相关，但归档正文过短，主要用于交叉确认发射中止。
`SPCX`	3/5 中等优先级	历史新股样本审视SPCX回落	SpaceX Just Fell Below Its IPO Price. Here	2026-07-16	Motley Fool	`AAPL`, `NVDA`, `SPCX`	业务数字和新股样本具有背景价值，但历史类比证据较弱，无法替代公司财务与项目进展。
`GOOG`	2/5 较低优先级	美光博伊西扩产与存储崛起	Inside Micron’s Boise headquarters: The heart of US memory tech	2026-07-16	TheStreet	`AAPL`, `GOOG`, `MU`	包含美光扩产规模等背景事实，但不是GOOG直接事件，也缺少新增经营数据。
`SPCX`	3/5 中等优先级	第十三次星舰测试取消	SpaceX Scrubs Starship Launch	2026-07-16	Barrons.com	`SPCX`, `^GSPC`	来源具有参考价值，事件也直接关联SPCX，但摘要存档无法支撑更深入判断。
`MRVL`	2/5 中低	Marvell有线网络业务画像	Analyst Report: Marvell Technology, Inc.	2026-07-16	Morningstar Research	`MRVL`	标的相关度高，但原文严重不完整，事实增量和证据强度有限。
`MRVL`	4/5 中高	MRVL急跌后的盈利与估值	Marvell Technology (MRVL) Falls More Steeply Than Broader Market: What Investors Need to Know	2026-07-16	Zacks	`MRVL`, `^DJI`, `^GSPC`	直接提供MRVL收盘表现、盈利一致预期和估值对比，事实密度较高。
`MRVL`	2/5 中低	芯片股连续两日重挫	Chip Stocks Pummeled. SK Hynix Dives. SOX Socked Again.	2026-07-16	Investor's Business Daily	`ALAB`, `ARM`, `CRDO`, `MRVL`, `MU`, `NVDA`, `SKHY`, `SNDK`	价格信息及时且与MRVL直接相关，但正文残缺，缺少驱动因素和可验证细节。
`GOOG`, `MSFT`	2/5 较低	苹果垂直整合叙事推升股价	Why Apple’s ‘Standard Oil’ Strategy Is Driving the Stock to All-Time Highs	2026-07-16	Barrons.com	`AAPL`, `GOOG`, `META`, `MSFT`, `^DJI`	主题直接涉及苹果及大型科技股，但正文严重截断，只能提供行情与叙事线索。
`GOOG`	5/5 高优先级	芯片资本开支担忧拖累科技股	S&P 500, Nasdaq, Dow End Lower As Chip Stocks Slide On TSMC Capex Concerns — TSM, MU, NVDA, UNH, GOOGL In Focus	2026-07-16	Stocktwits	`GOOG`, `MU`, `NVDA`, `QQQ`, `SPY`, `TSM`, `UNH`, `^DJI`	同时解释指数、半导体链及GOOG的当日波动，包含明确指引和价格数据。
`MRVL`	4/5 中高	台积电扩产成本冲击MRVL	Why Marvell Technology (MRVL) Stock Is Down Today	2026-07-16	StockStory	`ASML`, `MRVL`, `TSM`	直接解释MRVL当日大跌并提供上游资本开支和利润率数据，但公司级证据不足。
`DRAM`	3/5 中	Roundhill单日吸金六点四亿	ETF League Tables: Roundhill Pulls In $643M	2026-07-16	etf.com	`DRAM`	数据新且与DRAM发行商品牌相关，但缺少单基金流量，直接标的解释力有限。
`MSFT`	2/5 较低	莫里茨谈人工智能与全球风险	Silicon Valley Midas Investor Michael Moritz on AI, Venture Capital, and Just About Everything	2026-07-16	Barrons.com	`AAPL`, `MSFT`, `PYPL`, `SPCX`, `TSLA`	受访者具有行业影响力，但可见内容不足以支持公司层面或市场层面的明确结论。
`GOOG`	5/5 高优先级	谷歌旗舰模型延期数月	GOOGL Stock Falls 5% As Google’s Flagship AI Model Reportedly Runs Behind Schedule — Why Retail Traders Aren’t Worried	2026-07-16	Stocktwits	`GOOG`, `META`	旗舰模型延期直接影响GOOG竞争预期，报道兼有公司回应、产品细节和市场反应。
-	4/5 中高	BZX期权成交集中于短期期权	Cboe BZX Options Exchange Symbol Data	2026-07-16	web-enrichment:exchange_statistics	-	交易所一手数据时效较强，直接覆盖主要指数、科技股及部分加密相关期权，但单一场所范围和字段缺口限制了方向性解读。
`GOOG`	3/5 中等优先级	Gemini进度落后拖累谷歌	Google Stock Falls Amid Delay In AI Model Release, Nasdaq Retreat	2026-07-16	Investor's Business Daily	`GOOG`, `META`, `SPCX`	事件与GOOG直接相关且可用于交叉确认，但存档过短，证据和细节不足。
`MSFT`	4/5 较高	科技七巨头估值溢价收窄	The "Magnificent Seven" Are at Their Lowest Relative Valuations in a Decade. My 3 Favorite Mag 7 Stocks to Buy.	2026-07-16	Motley Fool	`AAPL`, `AMZN`, `GOOG`, `META`, `MSFT`, `NVDA`, `TSLA`, `^GSPC`	直接覆盖核心大型科技股，并提供可比较的估值与增长数据，但来源带有持仓和订阅营销倾向。
`MSFT`	2/5 较低	Csquare上市检验数据中心热度	This Data Center IPO Is the Next Big Test for the AI Trade	2026-07-16	Barrons.com	`BX`, `CBRS`, `DLR`, `EQIX`, `META`, `MSFT`, `SKHY`	可作为人工智能基础设施融资情绪线索，但正文和发行关键条款缺失。
`MRVL`	2/5 中低	人工智能过度建设担忧扩散	Stocks to Watch Recap: TSMC, UnitedHealth, SpaceX, Netflix	2026-07-16	The Wall Street Journal	`AMD`, `DELL`, `GE`, `INTC`, `MAN`, `MRVL`, `MU`, `SPCX`	权威来源且主题相关，但正文残缺，MRVL仅为间接关联。
`MRVL`	3/5 中	台积电创纪录盈利未阻芯片跌势	Nasdaq Falls Sharply as Chip-Stock Slump Overshadows TSMC Record	2026-07-16	The Wall Street Journal	`MCD`, `MRVL`, `NKE`, `SPCX`, `TSM`, `UNH`, `^IXIC`, `^SOX`	及时确认MRVL处于广泛芯片抛售中，来源可靠，但正文短且缺少驱动细节。
`MSFT`	1/5 低	人工智能股回调与Soluna人事	Why AI Stocks are Crashing, “Is AI Conscious?” Pirate Wires Interview, Soluna’s MSFT Exec Hire	2026-07-16	Blockspace	`MSFT`	只有节目简介，缺少人物、项目和市场回调的基础证据。
`CRCL`	3/5 中	加密市场结构法案卡在伦理条款	Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing.	2026-07-16	Investor's Business Daily	`COIN`, `CRCL`	监管事件与CRCL直接相关，但材料过短且事件尚无结果，需等待可核验更新。
`MRVL`	1/5 低	Marvel生物科技拟融资三百万美元	Marvel Biosciences Announces Private Placement for up to $3.0 Million	2026-07-16	TMX Newsfile	`MRVL`, `MRVL.NE`, `MRVL.V`	属于同名代码误关联，对目标标的Marvell Technology没有业务或财务关系。
`MSFT`	4/5 较高	3M切入微软数据中心供应链	3M Stock Just Announced an AI Infrastructure Partnership with Microsoft. How to Play MMM Here.	2026-07-16	Barchart	`MMM`, `MSFT`	包含明确合作产品、公司财务数据和临近业绩节点，对MMM与MSFT均有直接信息价值。
`MSFT`	4/5 较高	Anthropic筹备十月上市	Anthropic just made a move that changes the AI investing story	2026-07-16	TheStreet	`AMZN`, `GOOG`, `MSFT`, `NVDA`	潜在超大型人工智能模型公司上市对估值体系影响显著，但秘密申报和二手来源使关键数字仍需核实。
`SOXL`	5/5 高	台积电扩产放大SOXL跌幅	Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed	2026-07-16	Motley Fool	`NVDA`, `SOXL`, `TSM`, `^IXIC`	时效性强、与SOXL直接相关，并用台积电业绩及资本开支数据解释杠杆跌幅。
`MSFT`	4/5 较高	微软搜索广告价格增长领先	Microsoft Sees Paid-Search Ad Media Buys Rise	2026-07-16	MediaPost	`AMZN`, `GOOG`, `MSFT`	跨平台广告指标密集且直接关联多家大型科技公司，但数据来自单一广告代理商客户样本。
`NBIS`	4/5 较高优先级	Nebius补齐企业云控制能力	Nebius Group Rolls Out Echo AI Agent, Cloud Controls in Investor Update	2026-07-16	MarketBeat	`NBIS`	产品细节直接关系NBIS企业云竞争力，事实密度高，但缺少商业化和客户采用数据。
`NBIS`	5/5 高优先级	新云厂商集体重估融资模式	Nebius Sinks 13% as the Neocloud Trade Unravels; How CoreWeave, IREN, and the AI Data Center Stocks Stack Up	2026-07-16	24/7 Wall St.	`CRWV`, `IREN`, `META`, `NBIS`	提供NBIS及同业的价格、合同、融资和期权结构，可解释板块性重估及公司差异。
`APLD`	3/5 中	Applied Digital新增七十五兆瓦产能	Applied Digital (APLD) Expands North Dakota AI Campus on Schedule	2026-07-16	Insider Monkey	`APLD`	项目交付和容量数据与APLD直接相关，但底层信息已有约两周历史，财务兑现仍待验证。
`NBIS`	4/5 较高优先级	Nebius引入伙伴数据中心	Nebius (NBIS) Launches Asset Light AI Cloud Model Through Partner Data Centers	2026-07-16	Simply Wall St.	`NBIS`	直接涉及NBIS资本模式变化并确认已有初步协议，但关键合同条款尚未公开。
`NBIS`	5/5 高优先级	轻资产扩张对照高估值压力	This Red-Hot AI Infrastructure Stock Just Made a Game-Changing Move. How to Play NBIS Here.	2026-07-16	Barchart	`META`, `NBIS`	财务、指引、合同和估值数据集中，能直接评估NBIS增长预期及其执行敏感度。
`NBIS`	3/5 中等优先级	Nebius估值已计入高增长	Nebius (NBIS) Stock Looks Fairly Valued As AI Cloud Expansion Draws Interest	2026-07-16	Simply Wall St.	`NBIS`	估值数据便于横向比较，但结论依赖平台模型和社区预测，证据强度低于财报及公司披露。
`CRCL`	5/5 高	华尔街代币化进入真实结算测试	Wall Street explores tokenization of assets	2026-07-16	Yahoo Finance Video	`BLK`, `BTC-USD`, `CRCL`, `MSFT`, `QQQ`, `TRX-USD`, `USDT-USD`, `V`	同时涉及CRCL证券代币化、稳定币支付和监管进程，直接相关且信息密集，但需复核评论节目中的关键数据。
`CRCL`	5/5 高	Visa支持Open USD加剧稳定币竞争	CRCL, COIN Stocks Drop After Visa Backs USDC Rival Stablecoin Open USD	2026-07-16	Stocktwits	`BTC-USD`, `COIN`, `CRCL`, `USDC-USD`, `V`	Visa渠道可能直接改变USDC竞争格局，事件新且与CRCL高度相关，但商业影响尚待采用数据确认。
`VRT`	3/5 中	库珀曼三项持仓的估值分化	Billionaire Leon Cooperman’s Top 3 Stocks: Buy, Sell or Hold	2026-07-16	24/7 Wall St.	`ET`, `ET-PI`, `NG=F`, `ORCL`, `RKT`, `VRT`	直接提供VRT经营与估值信息，但文章采用选股比较框架，关键数据需回到公司文件核验。
`CRCL`	3/5 中	伊朗央行稳定币遭冻结	The US sanctioned 4 of Iran	2026-07-16	Yahoo Finance Video	`BTC-USD`, `CRCL`, `TRX-USD`, `USDT-USD`	稳定币冻结案例具有监管参考价值，但与CRCL只有机制层面的间接关联，原始证据链接缺失。
`SOXX`	4/5 较高	芯片高估值遭遇资本开支疑虑	Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide	2026-07-16	24/7 Wall St.	`AMD`, `AVGO`, `INTC`, `MRVL`, `SOXX`	覆盖最新芯片板块波动，并以Marvell财务数据对照市场叙事；资本开支线索仍待原始披露确认。
`SOXL`	5/5 高	伊朗战事冲击芯片风险偏好	NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions	2026-07-16	Stocktwits	`CL=F`, `MRVL`, `NVDA`, `SKHY`, `SNDK`, `SOXL`	发布时间新、与SOXL及主要芯片股直接相关，并提出可由油价和大型云服务商资本开支验证的影响路径。
`APLD`	4/5 中高	光迅与应用数字的增长质量差异	LITE vs. APLD: Which AI Infrastructure Stock Offers Better Growth?	2026-07-16	Zacks	`APLD`, `LITE`	APLD财务、债务、执行风险和相对估值数据密集，适合当日日报深读。
`NBIS`	4/5 较高优先级	基金信函看好Nebius算力需求	Increasing Demand for AI Computing Power Fuels Nebius Group (NBIS) Performance in Q2	2026-07-16	Insider Monkey	`NBIS`, `^GSPC`	机构信函明确解释持仓逻辑并提供经营数据，但存在持仓立场和披露时滞。
`NBIS`	4/5 较高优先级	Nebius轻资产云模式拆解	Nebius Unveils an Asset-Light AI Cloud Model: Key to Faster Growth?	2026-07-16	Zacks	`CRWV`, `MSFT`, `NBIS`	对轻资产模式的职责和收费结构拆解较完整，并给出同业及估值背景，但关键商业条款缺失。
`COHR`	4/5 高	科技服务行业三家公司增长线索	3 Stocks to Consider From the Growing Technology Services Market	2026-07-16	Zacks	`COHR`, `DAVE`, `VVX`	提供COHR产品、产能和商业化时间表的直接信息，事实密度较高，但来源具有评级营销倾向。
`VRT`	4/5 高	维谛受益于高密度机架扩张	Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom?	2026-07-16	Motley Fool	`NVDA`, `VRT`	对VRT的订单、功率密度和盈利传导提供直接数据，标的相关度高，但来源存在持仓与营销偏向。
`COHR`	3/5 中	OLED专利资产与潜在并购估值	Who Is Positioned to Buy Universal Display?	2026-07-16	Trefis	`COHR`, `DD`, `DOW`, `GLW`, `MMM`, `OLED`, `UVV`	事实和估值数字较多，但并购判断属于无交易证据支持的情景推演，与COHR关联较弱。
`SOXX`	2/5 较低	半导体走弱压低盘前ETF	Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday Amid Semiconductor Stock Weakness	2026-07-16	MT Newswires	`BETH`, `BITO`, `EEM`, `EETH`, `EXI`, `FAS`, `FAZ`, `GE`	盘前信息较新，但正文残缺且只有SPY一个明确数值，证据价值有限。
`CRCL`	4/5 中高	Coinbase分散稳定币收入来源	Coinbase Just Joined a 140-Company Stablecoin Alliance. Here	2026-07-16	Motley Fool	`COIN`, `CRCL`, `NVDA`, `USDC-USD`	合作协议到期和稳定币收入数字直接影响CRCL、COIN关系，但商业条款尚未得到充分证实。
`VRT`	3/5 中	西部数据与维谛的增长筛选	2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky	2026-07-16	StockStory	`HAL`, `VRT`, `WDC`, `^GSPC`	含VRT和WDC的直接经营比较，但方法透明度不足，适合作为补充筛选材料。
`VRT`	2/5 中低	加拿大皇家银行下调维谛目标价	RBC Capital Adjusts Price Target on Vertiv Holdings to $418 From $435, Maintains Outperform Rating	2026-07-16	MT Newswires	`VRT`	标的关联直接，但只有标题级事实，证据完整度较低。
`COHR`	2/5 中低	摩根大通上调Coherent目标价	JPMorgan Adjusts Price Target on Coherent to $435 From $380, Maintains Overweight Rating	2026-07-16	MT Newswires	`COHR`	直接涉及COHR，但只有目标价和评级，缺少支持结论的完整正文。
`VRT`	4/5 高	数据中心电力设备订单扩张	3 Stocks Riding the AI Data Center Power Buildout in July	2026-07-16	24/7 Wall St.	`CAT`, `ETN`, `VRT`	为VRT提供直接订单证据和产业链横向比较，数据密度高且发布时间较近。
`VRT`	3/5 中	七月十六日华尔街评级调整	Here Are Thursday’s Top Wall Street Analyst Research Calls: Alphabet, BlackRock, Etsy, Flex, Lululemon Athletica, Meta Platforms, Okta, Palo Alto Networks, and More	2026-07-16	24/7 Wall St.	`AEP`, `BLK`, `CNK`, `CUBE`, `ETSY`, `FLEX`, `GOOG`, `LULU`	包含VRT和多只相关科技标的的最新评级，但证据停留在摘要层面。
`VRT`	2/5 中低	贝尔德首次覆盖维谛	Baird Initiates Vertiv Holdings at Outperform With $370 Price Target	2026-07-16	MT Newswires	`VRT`	直接标的信息较新，但内容只有评级标题和残缺市场共识数据。
`VRT`	4/5 高	维谛现金流估值与高市盈率冲突	Vertiv (VRT) Stock May Be 14% Undervalued Despite AI Cooling Deal	2026-07-16	Simply Wall St.	`VRT`	直接呈现VRT两套估值框架及关键数字，适合识别预期分歧，但模型假设透明度有限。
`COHR`	3/5 中	AAOI历史回撤暴露高波动	Can You Stomach The Plunge In Applied Optoelectronics Stock?	2026-07-16	Trefis	`AAOI`, `AVGO`, `CIEN`, `COHR`, `LITE`, `MRVL`	历史波动和产能数据有参考价值，但主体为AAOI，且部分数据口径存在冲突。
`CRCL`	未评级	文章	-	2026-07-16	web-enrichment	-	-
`MRVL,GFS,PSI,COHR`	未评级	文章	-	2026-07-16	web-enrichment:quarterly_results	-	-
-	未评级	Advance Monthly Sales for Retail and Food Services — June 2026	Monthly Retail Trade - Sales Report	2026-07-16	U.S. Census Bureau	-	-
-	3/5 中	欧元主要货币参考汇率	Euro foreign exchange reference rates	2026-07-16	European Central Bank	-	官方汇率截面具有可靠的估值参考价值，但缺少趋势、成交和驱动信息，对当日日报主要提供背景数据。
`SOXL`	4/5 中高	杠杆ETF的日度复利风险	Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can	2026-07-15	etf.com	`NVDL`, `SOXL`, `SPXL`, `TECL`, `TQQQ`, `UPRO`	与SOXL产品机制直接相关且事实密度高，但内部数字冲突和导购倾向削弱了即时证据价值。
`CRCL`	4/5 中高	Coinbase盈利下修与周期修复预期	Why Analysts Aren’t Worried About Coinbase’s 30% Drop	2026-07-15	decrypt	`BTC-USD`, `COIN`, `CRCL`	盈利预测和交易量数据直接影响COIN，也为CRCL提供周期背景；修复判断仍缺少现货资金确认。
`SOXX`	3/5 中	存储扩产预期压制芯片定价	Good News on the Memory Shortage Is Bad News for Chip Stocks	2026-07-15	Barrons.com	`AAPL`, `ASML`, `MU`, `SKHY`, `SOXX`	存储供给变化对MU和SOXX具有直接意义，但正文缺失限制了证据强度。
`COHR`	4/5 中高	Coherent估值折价依赖现金流修复	Coherent (COHR) Stock May Be 11% Undervalued Despite Fresh AI Infrastructure News	2026-07-15	Simply Wall St.	`COHR`, `NVDA`	直接覆盖COHR并提供估值参数与反向证据，模型假设仍需经营数据验证。
`APLD`	4/5 中高	Applied Digital定档全年业绩会	Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time	2026-07-15	GlobeNewswire	`APLD`	近期明确的公司级财报事件，对APLD后续事实更新具有高优先级。
`APLD`	3/5 中	财年业绩电话会锁定七月二十七日	Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time	2026-07-15	Applied Digital Corporation	-	直接关联APLD近期业绩披露，但公告仅提供会议日程，事实增量和证据密度较低。
`CRCL`	4/5 中高	比特币重返六万五与政策催化	Bitcoin Clawed Its Way Back Over $65,000. Here’s Why—and What to Know Now	2026-07-15	Investopedia	`BTC-USD`, `COIN`, `CRCL`, `POLA.PVT`	宏观、资金流和立法线索均与CRCL相关，但价格突破及ETF流入尚未形成连续证据。
`SOXX`	2/5 较低	芯片财报季前波动急升	Chip Stocks Are Giving Wall Street Whiplash, and Earnings Have Barely Started	2026-07-15	Barrons.com	`DELL`, `IBM`, `MSFT`, `MU`, `SOXX`	可提示科技硬件波动和内部差异，但全文缺失，无法提供有效归因。
`DRAM`	4/5 中高	费城半导体指数月内回撤十六成	The SOX Index Fell 16% in Less Than a Month	2026-07-15	Barrons.com	`DRAM`, `MU`, `NVDA`, `SNDK`, `STX`, `WDC`, `^GSPC`, `^SOX`	回撤数据新且与半导体、存储标的直接相关，但正文残缺，只有指数层面的确认价值。
`SOXX`	4/5 较高	半导体拥挤度创调查纪录	Bank of America Says Long Semiconductors is the “Most Crowded Trade Ever”	2026-07-15	24/7 Wall St.	`AMD`, `AVGO`, `NVDA`, `QCOM`, `SMH`, `SOXX`	调查拥挤度与估值数据可解释芯片板块波动，且直接覆盖多个相关标的；调查方法信息不完整。
`COHR`, `SOXX`	4/5 较高	AI光模块高贝塔交易降温	Applied Optoelectronics Falls 12%, Coherent and Lumentum Slide as AI Optics Trade Cools	2026-07-15	24/7 Wall St.	`AAOI`, `COHR`, `INTC`, `LITE`, `MU`, `NVDA`, `QQQ`, `SOXX`	直接覆盖COHR、SOXX及AI光学同业，并提供收入、订单和产能数据；短期归因缺少资金流验证。
`DRAM`	3/5 中	科技指数上涨掩盖芯片分化	Tech Stocks Are on the Rise Despite the Chip Dip	2026-07-15	Barrons.com	`DRAM`, `SOX`, `^DJI`, `^GSPC`, `^IXIC`	提供新近的科技内部轮动线索，但正文残缺且缺少DRAM及芯片指数的直接数据。
`CRCL`	5/5 高	DTCC完成首批代币化实盘交易	DTCC Executes First Live Trades With Tokenized Wall Street Assets	2026-07-15	Bankless	`BLK`, `CRCL`, `MSFT`, `QQQ`, `SPY`	CRCL直接进入核心清算机构的代币化生产流程，参与主体和应用场景均具较强证据价值。
`COHR`	4/5 中高	Coherent业绩回撤后的增长证据	COHR	2026-07-15	Zacks	`COHR`, `FN`	直接提供COHR增长、订单和估值信息，但来源立场偏积极，原始披露引用不足。
`COHR`	5/5 高	稀土供应摩擦压制Coherent供应链	Trump’s Aides See China Cheating on Trade, But Shun Retaliation	2026-07-15	Bloomberg	`1211.HK`, `81211.HK`, `AMAT`, `BABA`, `BIDU`, `COHR`	直接揭示COHR关键材料供应风险，并连接美中政策、企业交涉和行业调查，时效与事实密度均高。
`SOXX`	4/5 较高	中国存储扩张冲击美光定价	Micron Drops 8% on China Competition Fears, Dragging Intel, AMD, and Marvell	2026-07-15	24/7 Wall St.	`AAPL`, `AMD`, `C`, `C-PR`, `INTC`, `MRVL`, `MU`, `NIO`	中国存储竞争线索直接影响MU并传导至SOXX，但近期收入冲击尚无产能或采购数据证明。
-	未评级	Weekly Petroleum Status Report — week ending July 10, 2026	Weekly Petroleum Status Report — week ending July 10, 2026	2026-07-15	U.S. Energy Information Administration	-	-
`APLD`	3/5 中	APLD估值分歧取决于激进假设	Is Applied Digital (APLD) Undervalued As New AI Capacity Comes Online?	2026-07-15	Simply Wall St.	`APLD`	直接呈现APLD估值分歧和关键假设，但模型依赖预测，结论敏感度高。
-	4/5 中高	美国6月生产端通胀结构分化	Producer Price Index News Release	2026-07-15	U.S. Bureau of Labor Statistics	-	数据发布时间距日报仅两日，来源为美国劳工统计局，包含终端需求、核心口径及中间需求的高密度官方证据。其影响覆盖利率、美元和跨资产估值，但缺少单一标的指向，且月率受能源价格大幅波动影响。
`APLD`	3/5 中	APLD现金消耗与稀释风险	1 Services Stock with Exciting Potential and 2 We Ignore	2026-07-15	StockStory	`APLD`, `P`, `WBTN`, `^GSPC`	直接指出APLD现金流和稀释风险，并提供估值数据，但财务证据展开不足。
`APLD`	3/5 中	新云股回撤中的散户情绪分化	NBIS, IREN, CRWV, APLD: Retail Traders Shrug Off AI Pullback, Buy The Dip In Neocloud Stocks	2026-07-15	Stocktwits	`APLD`, `CRWV`, `IREN`, `META`, `NBIS`	可补充APLD同业走势和市场情绪，但调查代表性及部分预测来源有限。
`NBIS`	4/5 中高	合作方出资扩张人工智能云产能	Nebius introduces business model to scale AI cloud globally through infrastructure partnerships	2026-07-15	web-enrichment	-	模式直接影响NBIS的产能、资本开支和收入结构，战略相关度高；合同与财务数据缺失使证据仍停留在早期阶段。
-	未评级	文章	-	2026-07-15	web-enrichment:company_event_release	-	-
-	4/5 中高	油价冲击重塑贵金属逻辑	LBMA Precious Metals Market Report: Q2 2026	2026-07-15	London Bullion Market Association	-	报告数据新、事实密度高，并贯通能源、通胀、利率和贵金属；行业机构的因果解释与二手预测仍需交叉验证。
`DRAM`, `PSI`	3/5 中	芯片供给扩张动摇人工智能行情	How to Profit from the End of the AI Trade	2026-07-14	Barchart	`DISK`, `DRAM`, `MU`, `NVDA`, `PSI`, `SKHY`, `SMH`, `SNDK`	提供半导体ETF持仓差异和偏空观察框架，但供给过剩与资金行为缺少量化证据。
`GFS`	3/5 中	台积电成熟制程酝酿涨价	Wedbush Delivers an Urgent Message for TSMC Stock Investors	2026-07-14	GuruFocus.com	`GFS`, `TSEM`, `TSM`, `UMC`	对GFS成熟制程定价具有直接行业意义，但消息较旧且尚未获公司确认。
`SOXL`	5/5 高	SOXL面临资本开支与波动双压	The 2 Pressure Points That Will Determine SOXL’s Next 12 Months	2026-07-14	24/7 Wall St.	`AMD`, `SMH`, `SOXL`	直接对应SOXL，提供持仓结构、期权防御和资本开支观察窗口，但部分阈值缺乏方法披露。
-	5/5 高	美国六月通胀降温但能源仍高	Consumer Price Index News Release	2026-07-14	U.S. Bureau of Labor Statistics	-	美国官方CPI发布距检索仅约三天，来源权威、数字密集，并直接影响利率预期及跨资产定价。
`USAR`	5/5 高	USAR打通废磁体稀土回收链	USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility	2026-07-14	GlobeNewswire	`HRE.AX`, `USAR`	USAR近期直接技术里程碑，事实与标的高度相关，但商业化能力仍待第三方认证和规模数据确认。
`USAR`	4/5 中高	磁废料分离验证商业级稀土氧化物	USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility - Tue, 07/14/2026 - 07:00	2026-07-14	USA Rare Earth	-	一手技术进展直接影响USAR纵向整合叙事，并含30%原料占比等量化信息；第三方认证与商业规模证据仍缺失。
`BTC`	5/5 高	美英推进数字资产监管协同	U.S.-UK Transatlantic Taskforce for the Markets of the Future Publishes Recommendations to Promote Growth and Innovation in Capital Markets and Digital Assets	2026-07-14	U.S. Department of the Treasury	`BTC`, `CRCL`, `ETH`, `SOL`	美英财政部门的一手联合政策信息时效性强，直接涉及稳定币和代币化市场，对输入数字资产代码的制度环境具有明确关联。
`USAR`	3/5 中	USAR上半年涨幅的事件拆解	Here	2026-07-13	Motley Fool	`NVDA`, `USAR`, `^GSPC`	与USAR直接相关且事件数据丰富，但内容以既有催化复盘为主，新增时效性一般。
`USAR`	3/5 中	HyProMag废磁体制造网络蓝图	HyProMag is the Magnet Opportunity Hiding in America	2026-07-13	Exec Edge	`BMW.DE`, `CTH.V`, `CTHCF`, `LYJ.F`, `MP`, `NB`, `SIE.DE`, `USAR`	提供稀土磁体回收产业路线和融资线索，但来源带有推广倾向，关键估值与商业数据未经独立核验。
`DRAM`, `SOXL`	5/5 高	资金逆势流入半导体ETF	Investors Buy the Semiconductor Dip in $40 Billion Flows Week	2026-07-13	etf.com	`CL=F`, `DRAM`, `HYG`, `QQQ`, `SMH`, `SOXL`, `SOXX`, `VOO`	提供SOXL与DRAM的直接周度资金流证据，可与价格回撤交叉验证，但存在一周时滞。
`APLD`	4/5 较高	两种AI数据中心供电路径	Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy?	2026-07-13	Motley Fool	`APLD`, `NVDA`, `WULF`	容量、合同和供电模式数据充足，直接关联APLD；远期收益判断仍依赖公司目标和项目执行。
`SOXL`	4/5 中高	存储扩产忧虑放大SOXL跌幅	Why Direxion Daily Semiconductor Bull 3X ETF Dropped	2026-07-13	Motley Fool	`NVDA`, `SKHY`, `SOXL`, `^IXIC`	对SOXL跌幅和存储周期有直接解释及具体数字，但单日归因和长期供需判断证据有限。
`APLD`	4/5 较高	APLD高估值与建设兑现压力	Applied Digital: Is The $16 Billion AI Bet Worth The Risk?	2026-07-13	Trefis	`APLD`, `CLSK`, `CORZ`, `CORZZ`, `HUT`, `MARA`, `RIOT`, `ROAD`	财务与融资数字密集，直接覆盖APLD的估值和执行风险；合同转化细节仍不完整。
`USAR`	3/5 中	Nova锑试验厂进入建设准备期	Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout	2026-07-13	IPO-Edge.com	`MP`, `NVA`, `NVA-WT`, `TECK`, `UAMY`, `USAR`	近期项目节点明确且涉及国防供应链，但篇幅和证据有限，尚未形成生产或认证结果。
`DRAM`	4/5 高	海力士预警冲击存储板块	Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks	2026-07-13	24/7 Wall St.	`005930.KS`, `DRAM`, `MU`, `SKHY`, `SNDK`, `STX`, `WDC`	直接解释存储板块大幅波动，触发因素和基金集中度清晰，但时效已衰减且关键预测需公司口径确认。
`DRAM`	3/5 中	上半年五只特色新基金	ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out	2026-07-13	MoneyShow	`DRAM`, `IQMM`, `LOHA`, `NASA`, `SECU`, `SPCX`	涵盖DRAM等输入标的并提供ETF发行背景，但量化信息有限，且距批次日期已有四天。
`CRCL`	4/5 中高	USDC储备结构与链上覆盖口径	USDC \| Powering global finance. Issued by Circle.	2026-07-13	Circle	`CRCL`, `USDC`	USDC是CRCL的主要业务载体，材料含较新的730亿美元流通量及储备结构信息；营销属性、跨期指标和缺失字段削弱了证据完整性。
-	未评级	文章	-	2026-07-13	web-enrichment:index_provider_reference	-	-
`GFS`	3/5 中	格芯SLATE三维集成进入量产准备	GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology	2026-07-12	Insider Monkey	`GFS`	GFS产品里程碑清晰且有量化指标，但底层消息较旧，商业化证据仍少。
`USAR`	3/5 中	三只稀土ETF的暴露差异	3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk	2026-07-12	MarketBeat	`ALB`, `ALB-PA`, `EART`, `MP`, `REMX`, `SETM`, `USAR`	基金结构与产业瓶颈数据清楚，可补充稀土主题背景，但不是单一持仓的近期催化。
`GFS`	未评级	A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.	A GlobalFoundries Insider Sold 78% of His Company Shares. Here	2026-07-11	Motley Fool	`GFS`	发布时间早于日报 5 天摘要窗口。
`DRAM`	未评级	ETF League Tables: Roundhill AUM Nears $34B	ETF League Tables: Roundhill AUM Nears $34B	2026-07-10	etf.com	`DRAM`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	AAOI Soared 251%, But PSI Quietly Doubled Your Money Too	AAOI Soared 251%, But PSI Quietly Doubled Your Money Too	2026-07-10	24/7 Wall St.	`AAOI`, `PSI`, `RDDT`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	Micron's $250 Billion Bet Could Reshape the AI Memory Race	Micron	2026-07-10	MarketBeat	`GFS`, `MU`, `SKHY`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why	Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why	2026-07-10	24/7 Wall St.	`GFS`, `INTC`, `NVDA`, `TSM`	发布时间早于日报 5 天摘要窗口。
-	未评级	IEA 2026年7月石油市场报告	Oil Market Report — July 2026	2026-07-10	International Energy Agency	-	-
`GFS`	未评级	SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund	SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund	2026-07-09	24/7 Wall St.	`GFS`, `IBM`, `NVDA`, `SAAQ.PVT`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	Direxion Daily Semiconductor Bull 3X ETF Explodes	Direxion Daily Semiconductor Bull 3X ETF Explodes	2026-07-09	Motley Fool	`6488.TWO`, `MU`, `NVDA`, `SOXL`, `^IXIC`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)	GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)	2026-07-09	InvestorsHub	`6488.TWO`, `GFS`, `MU`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring	MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring	2026-07-09	Simply Wall St.	`MP`, `USAR`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	Rare Earth Talent Scramble Lures 86-Year-Old From Retirement	2026-07-09	Bloomberg	`ARA.NE`, `ARA.TO`, `METC`, `METCB`, `METCI`, `METCZ`, `MP`, `USAR`	发布时间早于日报 5 天摘要窗口。
`KMEM`	未评级	New Memory ETFs Line Up to Challenge Runaway DRAM	New Memory ETFs Line Up to Challenge Runaway DRAM	2026-07-09	etf.com	`000660.KS`, `005930.KS`, `DRAM`, `HBMX`, `KMEM`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?	TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?	2026-07-08	Zacks	`GFS`, `ON`, `TSM`, `^GSPC`	发布时间早于日报 5 天摘要窗口。
`USAR`	未评级	CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions	CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions	2026-07-08	Stocktwits	`ALOY`, `CRML`, `GLND`, `USAR`, `UUUU`	发布时间早于日报 5 天摘要窗口。
`GOOG`	未评级	文章	-	2026-07-08	web-enrichment	-	-
-	未评级	Microsoft announces quarterly earnings release date - Source	Microsoft announces quarterly earnings release date - Source	2026-07-08	Source	-	发布时间早于日报 5 天摘要窗口。
-	未评级	美联储2026年6月会议纪要	Minutes of the Federal Open Market Committee, June 16–17, 2026	2026-07-08	Board of Governors of the Federal Reserve System	-	-
`PSI`	未评级	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor	2026-07-07	24/7 Wall St.	`AMD`, `NVDA`, `PSI`, `TSM`	发布时间早于日报 5 天摘要窗口。
`BTC`	未评级	SEC主席关于2026年监管议程的声明	Statement on the 2026 Regulatory Agenda	2026-07-07	U.S. Securities and Exchange Commission	`BTC`, `CRCL`, `ETH`, `SOL`	发布时间早于日报 5 天摘要窗口。
-	未评级	七个OPEC+国家宣布2026年8月产量调整	Organization of the Petroleum Exporting Countries	2026-07-05	OPEC	-	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Top-Performing ETF Areas of 1H 2026	Top-Performing ETF Areas of 1H 2026	2026-07-02	Zacks	`BWET`, `EWY`, `PSI`, `TCAI`, `UGA`, `^GSPC`, `^IXIC`, `^RUT`	发布时间早于日报 5 天摘要窗口。
-	未评级	crcl-20260629	crcl-20260629	2026-07-02	web-enrichment:8-K	-	发布时间早于日报 5 天摘要窗口。
-	未评级	Factors Affecting Reserve Balances — H.4.1, July 2, 2026	Board of Governors of the Federal Reserve System	2026-07-02	Board of Governors of the Federal Reserve System	-	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Best Performing ETFs of 2026	Best Performing ETFs of 2026	2026-07-01	etf.com	`AIS`, `BWET`, `DRAM`, `EWY`, `MUU`, `PSI`, `QQQ`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`SOXL`	未评级	SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing	SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing	2026-07-01	24/7 Wall St.	`SMH`, `SOXL`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`APLD`	未评级	Applied Digital Delivers Second Building at Polaris Forge 1	Applied Digital Delivers Second Building at Polaris Forge 1	2026-07-01	Applied Digital Corporation	-	发布时间早于日报 5 天摘要窗口。
`KMEM`	未评级	Kurv Launches the KMEM ETF: The Purest Play on Memory Production	Kurv Launches the KMEM ETF: The Purest Play on Memory Production	2026-07-01	Business Wire	`000660.KS`, `005930.KS`, `CBOE`, `KMEM`, `MU`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally	Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally	2026-07-01	Zacks	`AMD`, `CHPX`, `FTXL`, `INTC`, `MU`, `SHOC`	发布时间早于日报 5 天摘要窗口。
`GFS`	未评级	GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results \| GlobalFoundries Inc.	GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results \| GlobalFoundries Inc.	2026-07-01	GlobalFoundries Inc.	-	发布时间早于日报 5 天摘要窗口。
`GOOG`	未评级	The latest AI news we announced in June 2026	The latest AI news we announced in June 2026	2026-07-01	Google	-	发布时间早于日报 5 天摘要窗口。
-	未评级	文章	-	2026-06-26	web-enrichment:8-K	-	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL	The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL	2026-06-26	Zacks	`CHPX`, `FTXL`, `KNO`, `MU`, `MULL`, `MUU`, `NVS`, `QCOM`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch	Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch	2026-06-25	Zacks	`CHPX`, `FTXL`, `KNO`, `MU`, `MULL`, `MUU`, `SHOC`	发布时间早于日报 5 天摘要窗口。
-	未评级	GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications \| GlobalFoundries Inc.	GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications \| GlobalFoundries Inc.	2026-06-23	GlobalFoundries Inc.	-	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?	Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?	2026-06-18	Zacks	`PSI`	发布时间早于日报 5 天摘要窗口。
-	未评级	英国央行2026年6月货币政策摘要与纪要	Bank Rate maintained at 3.75% - June 2026 Monetary Policy Summary and Minutes	2026-06-18	Bank of England	-	发布时间早于日报 5 天摘要窗口。
-	未评级	文章	-	2026-06-16	web-enrichment:8-K	-	发布时间早于日报 5 天摘要窗口。
`MRVL`	未评级	Marvell Announces CFO Transition	Marvell Announces CFO Transition	2026-06-11	Marvell Technology, Inc.	-	发布时间早于日报 5 天摘要窗口。
-	未评级	欧洲央行2026年6月货币政策决定	Monetary policy decisions	2026-06-11	European Central Bank	-	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat	Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat	2026-06-05	Zacks	`AVGO`, `FTXL`, `SMH`, `SOXQ`, `SOXX`	发布时间早于日报 5 天摘要窗口。
-	未评级	News Releases - USA Rare Earth	News Releases - USA Rare Earth	2026-06-03	USA Rare Earth	-	发布时间早于日报 5 天摘要窗口。
-	未评级	GlobalFoundries joins U.S. Department of Energy's Genesis Mission as industry partner \| GlobalFoundries Inc.	GlobalFoundries joins U.S. Department of Energy's Genesis Mission as industry partner \| GlobalFoundries Inc.	2026-06-03	GlobalFoundries Inc.	-	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	Should You Invest in the Invesco Semiconductors ETF (PSI)?	Should You Invest in the Invesco Semiconductors ETF (PSI)?	2026-06-02	Zacks	`IVZ`, `PSI`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?	Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?	2026-06-02	Zacks	`FTXL`	发布时间早于日报 5 天摘要窗口。
`PSI`	未评级	The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names	The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names	2026-05-31	24/7 Wall St.	`INTC`, `LRCX`, `MU`, `NVDA`, `PSI`, `QQQ`, `SOXX`, `^GSPC`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade	After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade	2026-05-29	24/7 Wall St.	`ASML.AS`, `FTXL`, `LRCX`, `MU`, `NVDA`, `SMH`, `SOXX`	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	The Most-Compared ETFs Right Now — And What They Reveal	The Most-Compared ETFs Right Now — And What They Reveal	2026-05-28	etf.com	`BIL`, `BOXX`, `CHPS`, `DRAM`, `FTXL`, `IVV`, `NLR`, `PSI`	发布时间早于日报 5 天摘要窗口。
`MRVL`	未评级	Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results	Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results	2026-05-27	Marvell Technology, Inc.	-	发布时间早于日报 5 天摘要窗口。
`FTXL`	未评级	Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?	Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?	2026-05-19	Zacks	`FTXL`	发布时间早于日报 5 天摘要窗口。
-	未评级	Data center server energy use grows across the commercial building stock - U.S. Energy Information Administration (EIA)	Data center server energy use grows across the commercial building stock - U.S. Energy Information Administration (EIA)	2026-05-19	@EIAgov	-	发布时间早于日报 5 天摘要窗口。
-	未评级	GlobalFoundries Outlines Long-Term Growth Roadmap and Announces First-Ever Dividend at 2026 Investor Day \| GlobalFoundries Inc.	GlobalFoundries Outlines Long-Term Growth Roadmap and Announces First-Ever Dividend at 2026 Investor Day \| GlobalFoundries Inc.	2026-05-07	GlobalFoundries Inc.	-	发布时间早于日报 5 天摘要窗口。
`COHR`	未评级	Coherent Corp. Reports Third Quarter Fiscal 2026 Results	Coherent Corp. Reports Third Quarter Fiscal 2026 Results	2026-05-06	web-enrichment	-	发布时间早于日报 5 天摘要窗口。
-	未评级	文章	-	2026-04-22	web-enrichment:company_results	-	-
-	未评级	Short Interest Reporting	Short Interest Reporting	2026-01-01	web-enrichment:regulator_calendar	-	发布时间早于日报 5 天摘要窗口。
-	未评级	文章	-	2026-01-01	web-enrichment:company_event_page	-	-
`PSI`	1/5 低	半导体基金页面缺少产品数据	Invesco Semiconductors ETF	未提供发布时间	Invesco	-	研究对象与半导体板块相关，但产品正文和关键数据均未被提取，证据不足。
-	4/5 中高	日本央行七月底政策日程	Release Schedule : 日本銀行 Bank of Japan	未提供发布时间	Bank of Japan	-	日本银行官方日程为日元、日债和全球利率敏感资产提供明确事件窗口，但未包含政策结果，信息价值集中在时间安排。
-	未评级	Mineral Industry Surveys publication status	Mineral Industry Surveys publication status	未提供发布时间	U.S. Geological Survey	-	-

打开原文

人工智能板块拖累期指

重要性2/5 中低

属于最新市场快照，但正文严重不完整，无法承担关键事件归因或数值验证。

标签

标的：`GOOG`, `KMEM`, `SPCX`来源：Investor's Business Daily发布日期：2026-07-17重要性：2/5 中低评级理由：属于最新市场快照，但正文严重不完整，无法承担关键事件归因或数值验证。评级依据：timeliness, evidence_strength, source_completeness原文字数：85

中文摘要

核心结论

纳斯达克指数受到闪迪、美光等人工智能相关股票下跌拖累，道琼斯期货同步走弱；地区银行和运输股相对坚挺。SpaceX因星舰发射取消而在盘后下跌。

重要性评级

评级：2/5（中低）

发布时间很新，涉及GOOG、MU、SNDK、SPCX和主要指数，但存档正文只有一段导语，无法确认跌幅、发射取消原因及完整市场结构。

关键事实

元数据记录文章发布于美东时间 07/16 22:08（UTC+8 07/17 10:08）。
文章称纳斯达克指数下跌，闪迪、美光及其他人工智能股票构成主要拖累。
地区银行和运输股在同一交易阶段上涨。
SpaceX在星舰发射取消后于盘后下跌。
标题同时提到道琼斯期货走低和Netflix下跌，但存档正文没有提供数值。

作者观点与证据

存档只保留市场概览，没有展开因果证据、价格数据或公司公告。标题和导语能够指示市场方向，无法支撑更深入的归因。

与相关标的的关系

MU与SNDK对应人工智能存储板块压力；SPCX对应星舰发射事件；GOOG、NFLX及三大指数仅出现在标题或元数据关联中，正文证据不足。

时效性与限制

内容接近批次采集时间，时效较高；正文严重截短，且元数据发布时间与原文页眉存在差异，本摘要采用标准化元数据时间。

后续跟踪

星舰发射取消的官方原因和新窗口。
MU、SNDK及半导体指数的实际跌幅。
地区银行和运输股相对强势能否持续。
Netflix与GOOG下跌的独立公司因素。

英文原文

Dow Jones Futures Fall, Netflix Dives, SpaceX Scrubs Launch After Latest AI Sell-Off

Dow Jones Futures Fall, Netflix Dives, SpaceX Scrubs Launch After Latest AI Sell-Off · Investor's Business Daily

ED CARSON

Fri, July 17, 2026 at 10:32 AM GMT+8 4 min read

NFLX

+0.91%

^DJI

-0.20%

SPCX

-3.08%

GOOG

-4.43%

^GSPC

-0.51%

The Nasdaq tumbled on Sandisk, Micron, other AI stocks, but regional banks and transports rose. SpaceX fell late as a Starship launch was scrubbed.

打开原文

月之暗面发布超大开源模型

重要性4/5 高

路透社当日深度报道，技术参数和行业竞争信息密集，但关键性能主张仍需独立复现。

标签

标的：`KMEM`来源：Reuters发布日期：2026-07-17重要性：4/5 高评级理由：路透社当日深度报道，技术参数和行业竞争信息密集，但关键性能主张仍需独立复现。评级依据：timeliness, source_quality, evidence_strength, fact_density原文字数：556

中文摘要

核心结论

路透社报道，月之暗面发布拥有2.8万亿参数和100万词元上下文窗口的Kimi K3，并宣称其能力接近美国前沿模型。事件反映中国开放权重模型在参数规模、发布速度和基准成绩方面继续追赶闭源系统。

重要性评级

评级：4/5（高）

报道来自路透社，时效与事实密度较高，包含模型规模、第三方评测和融资信息；但公司自报成绩与参数规模不能直接等同于实际效率或商业采用。

关键事实

文章发布于美东时间 07/16 22:06（UTC+8 07/17 10:06）。
Kimi K3拥有2.8万亿参数，月之暗面称其为全球最大的开放权重人工智能模型。
模型提供100万词元上下文窗口，面向复杂推理、长周期编码和知识工作。
月之暗面称Kimi K3在图形处理器内核优化任务上接近Anthropic（人工智能公司）的Fable 5，并超过若干OpenAI和Anthropic模型。
Arena.ai将其网页界面构建能力列为第一；Vals AI将其综合排名列为第二；Artificial Analysis认为其复杂多步骤任务表现接近美国前沿模型。
MiniMax据报正在开发2.7万亿参数模型，最快于2026年第三季度发布。
彭博此前报道月之暗面寻求融资20亿美元，估值约300亿美元，并考虑在香港上市。

作者观点与证据

报道认为中国开放模型生态正在缩小与美国领先系统的差距，依据包括第三方排行榜、国内模型密集发布和参数规模。月之暗面的自报对比、未公开的测试配置及模型名称仍需独立复现。

与相关标的的关系

文章没有直接股票代码关联，主要影响人工智能算力、开放模型竞争、中国科技融资与香港资本市场的行业判断。

时效性与限制

报道处于批次当天，时效很高。参数总量、基准排名与实际推理成本、稳定性和企业采用率并非同一指标，文章未提供训练成本、激活参数、许可证和部署价格。

后续跟踪

Kimi K3的技术报告、开放许可证与实际激活参数。
独立评测复现及单位任务推理成本。
月之暗面融资与潜在香港上市进度。
MiniMax等中国厂商后续模型发布时间。

英文原文

China

China's Moonshot unveils world's largest open AI model, closing in on US rivals

Laurie Chen

Fri, July 17, 2026 at 10:06 AM GMT+8 3 min read

By Laurie Chen

BEIJING, July 17 (Reuters) - Chinese AI startup Moonshot on Friday unveiled Kimi K3, a 2.8 trillion-parameter model that it said is the world's largest open-weight AI system and delivers performance approaching U.S. giant Anthropic's ‌frontier Fable model.

The launch, which comes a month after Anthropic's Fable and Mythos models were abruptly withdrawn by the ‌U.S. government due to security concerns, underscores how quickly China's open AI ecosystem is narrowing the gap with the most advanced U.S. systems.

Companies including Moonshot, Z.ai and MiniMax are releasing increasingly powerful models at sharply lower cost, challenging long-held assumptions in the West that Chinese developers trail their American peers by months.

Moonshot said Kimi K3 is the first open-weight model to approach the 3 trillion-parameter mark and is designed for advanced reasoning, long-horizon coding and knowledge work. The model features a 1 million-token context window, allowing it to process and retain substantially more information ‌than earlier generations in a single prompt.

Kimi ⁠K3 "performed competitively with Fable 5 (with fallback) and substantially outperformed (OpenAI's) Opus 4.8, GPT 5.6 Sol, and GPT 5.5" in terms of GPU kernel optimisation, the company said. The term refers to techniques that maximise AI ⁠hardware utilisation and minimise latency.

The model has also posted strong results in third-party evaluations.

Arena.ai ranked Kimi K3 first in a benchmark assessing web interface-building capabilities, while Vals AI placed it second overall behind Fable 5 and ahead of GPT-5.6 Sol. Artificial Analysis said the model delivered performance comparable to OpenAI's GPT-5.5 and Anthropic's Claude Opus 4.8, particularly on tests measuring complex, multi-step tasks.

FASTER RELEASE CYCLES

Chinese AI firms are ‌accelerating their model release cycles as the global AI race intensifies. The shift follows the debut of Z.ai's GLM-5.2, which stunned industry observers by scoring near top U.S. closed-source models on benchmark tests, undermining a consensus among Western analysts that Chinese AI models were at least six months behind.

Hong Kong-listed MiniMax is also developing its own 2.7-trillion parameter model to be released as soon as the third quarter of 2026, and plans to launch its frontier-level multimodal model H3 in the near future, Reuters previously reported.

The race ‌toward trillion-parameter systems reflects growing demand for autonomous systems capable of handling complex reasoning tasks. Leading AI labs are also pursuing systems capable of autonomous self-improvement, a process often referred to as recursive self-improvement.

Story Continues

Before Kimi K3's release, Meituan's LongCat-2.0 and DeepSeek's V4-Pro led China's AI industry with 1.6 trillion total parameters, ‌while several other domestic rivals have passed the trillion-parameter threshold.

Open-weight models allow users to download, run and customise the underlying systems, unlike proprietary, closed-source models.

Moonshot said Kimi K3 incorporates two significant architectural upgrades that improve computing efficiency and enable it to complete long-horizon coding tasks with minimal human supervision.

Backed by giants like Alibaba and Tencent, Moonshot has been heavily expanding its ‌capabilities and capital to remain at the forefront of the AI sector.

Bloomberg reported last month that the startup was seeking $2 billion in fresh funding at a valuation of about $30 billion ahead of a potential Hong Kong listing.

(Reporting by Laurie Chen; Editing by Eduardo Baptista and Shri Navaratnam)

打开原文

瑞银七千九百点目标的盈利门槛

重要性4/5 高

直接覆盖标普500估值与盈利框架，数字充分且时效较高，但目标本身不是新调整。

标签

标的：`KMEM`来源：TheStreet发布日期：2026-07-17重要性：4/5 高评级理由：直接覆盖标普500估值与盈利框架，数字充分且时效较高，但目标本身不是新调整。评级依据：timeliness, fact_density, evidence_strength原文字数：978

中文摘要

核心结论

瑞银维持标普500指数2026年末7900点目标，后续上涨依赖盈利兑现和企业执行。指数估值已高于长期均值，半导体、能源及人工智能资本开支承担了大部分盈利上调。

重要性评级

评级：4/5（高）

文章直接涉及标普500指数，量化呈现盈利、估值和资本开支假设，可用于判断大盘预期门槛；目标并非新上调，且报道汇集多家二手来源。

关键事实

文章发布于美东时间 07/16 22:03（UTC+8 07/17 10:03）。
瑞银在07/15（未给出具体时刻）维持2026年末7900点目标；该目标已于05/22（未给出具体时刻）从7500点上调。
标普500指数收于7572.42点，7900点对应约4.3%的年末空间；2027年6月8200点目标对应约8.3%。
瑞银将2026年每股收益估计从310美元上调至335美元，隐含近20%增长，并给出2027年375美元估计。
7900点对应2026年预期市盈率23.6倍、2027年21.1倍；FactSet（金融数据服务商）给出的十年平均远期市盈率为18.9倍。
半导体贡献2026年每股收益上调25美元中的约11美元，能源贡献约6美元。
瑞银预计人工智能相关资本开支2026年增长68%至约8200亿美元，2027年再增21%至接近1万亿美元。

作者观点与证据

作者将瑞银判断概括为盈利驱动的温和乐观情景，依据是盈利预测、资本开支与现金流。风险包括盈利预期过高、半导体与能源贡献集中、存储价格转弱、油价及地缘冲突。

与相关标的的关系

^GSPC获得直接指数目标与估值分析；UBS是观点发布机构。半导体和大型科技股是盈利假设的重要传导环节，但文章没有给出逐家公司预测。

时效性与限制

文章为批次当天发布，但7900点目标已在05/22形成，新信息主要是支撑逻辑。相关盈利和资本开支数据属于预测，并非已实现业绩。

后续跟踪

标普500成份股盈利指引与335美元预期差异。
半导体价格及大型云厂商资本开支。
能源盈利对油价变化的敏感度。
远期市盈率相对十年均值的变化。

英文原文

UBS doubles down on its S&P 500 target

Moz Farooque

Fri, July 17, 2026 at 10:03 AM GMT+8 5 min read

-2.85%

^GSPC

-0.51%

Though the stock market has been dilly-dallying, as the British would say, UBS is sticking to its bullish outlook for the S&P 500 .

Though not a price-target reset, the bank's latest message sharpens the debate over what must happen next for stocks to continue climbing.

Earlier gains were driven mainly by enthusiasm, expanding valuations, and confidence in AI , but the next phase is likely to be less forgiving.

Investors are now in 'show-me' mode, where strong expectations leave little room for earnings misses, weaker guidance, or signs that corporate spending is losing momentum.

UBS remains constructive, but the forecast depends heavily on companies delivering results rather than investors simply paying more for future growth.

UBS maintains its bullish S&P 500 forecast as earnings expectations climb higherMichael M&period; Santiago/Getty Images

UBS's 7,900 target is not a fresh reset

According to Seeking Alpha reporting , UBS Global Wealth Management is sticking with its S&P 500 target, at 7,900 by year-end.

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It's important to note, though, that the July 15 call wasn't a new target increase. UBS had previously raised its forecast to 7,900 on May 22, up from 7,500, according to Yahoo Finance .

What's new is the Swiss bank's message on what will drive the market's next leg higher.

The bank believes that robust cash flow, earnings growth, and company-specific execution, rather than generalized AI enthusiasm, will pave the way for a strong finish to the year.

The target has shifted several times this year.

Reuters reports that UBS entered April with a forecast of 7,700, then cut it to 7,500 on April 7 as higher oil prices threatened growth and inflation and raised the prospect of the Federal Reserve easing.

The May increase marked a 400-point reset from the previous target, placing UBS 200 points above its prewar forecast.

Reuters reports that the S&P 500 ultimately closed at 7,572.42, up 28.83 points, leaving it about 0.5% below its June record close.

Hence, UBS's 7,900 forecast therefore implies about 4.3% price upside by year-end, excluding dividends .

Moreover, its June 2027 target of 8,200 implies about 8.3% upside from that level.

So this is a constructive but measured forecast , not an extremely aggressive call. Much of UBS's original upside has already materialized since it raised the target in May.

What is driving UBS's bullish forecast?

As I mentioned earlier, UBS's bullish S&P 500 forecast is built first on a major earnings reset.

Story Continues

The bank raised its 2026 earnings estimate for the index to $335 per share from $310, which implies nearly 20% annual growth, up from its prior 11% forecast.

UBS also introduced a $375 EPS estimate for 2027, representing another 12% increase.

At a 7,900 year-end target, the S&P 500 would trade at about 23.6 times projected 2026 earnings and 21.1 times 2027 earnings.

According to FactSet, it's about 25% above the S&P 500's 10-year average forward P/E of 18.9.

That makes corporate execution paramount, with companies expected to deliver unusually strong profit growth now embedded in their estimates.

Semiconductors form nearly 50% of the $25 increase in UBS's 2026 EPS forecast. The sector contributed about $11, while energy added roughly $6 and all other industries contributed around $8.

Additionally, UBS expects AI-related capital spending to supercharge 68% in 2026 to about $820 billion, followed by another 21% increase in 2027 to nearly $1 trillion. Tight semiconductor supply, rising chip-rental prices and ongoing capital raising makes near-term spending cuts virtually impossible.

Tech stocks rally as megacaps lead gains

Tech stocks were mostly in the green on July 15, though the rally was concentrated in megacaps instead of semiconductors.

According to CNBC reporting , the Nasdaq Composite gained 0.62% to 26,269.23, outperforming the S&P 500's 0.38% move.

Apple led the recovery among major AI stocks, rising 3.95% to a record closing high, while Alphabet's Class C shares rose 3.60%. Meta advanced 3.07%, Amazon gained 3.02%, and Microsoft climbed 2.78%.

Moreover, Saxo reports that fintech giant PayPal was the day's standout mover, surging 17.2%, after reports of a takeover bid.

On the flipside, the Philadelphia Semiconductor Index dropped 2.1% as investors sold off Micron, Marvell, Intel, AMD , and other hardware names.

What could derail UBS's call?

The first big risk is that earnings expectations have become too demanding.

UBS itself doesn't expect another large round of corporate guidance bumps this quarter, while broader Wall Street projections now require exceptionally strong results, particularly from technology and semiconductors.

In fact, a Goldman Sachs note I covered showed that strategist Ben Snider felt that stocks might face near-term pressure from interest rate hikes, even with corporate profits being a bigger long-term driver.

Reuters reports that even though inflation cooled this week, markets are not out of the woods yet, with CME FedWatch still assigning roughly a 60% probability of a rate hike at the Fed's September 15–16 meeting.

The second big risk is concentration.

Chip stocks and energy accounted for the bulk of UBS's EPS upgrade. A memory-pricing reversal , slower hyperscaler spending, or falling energy profits will weaken the earnings foundation behind 7,900.

Thirdly, oil prices and geopolitics remain major issues. UBS previously cut its target because disruption around the Strait of Hormuz threatened to raise inflation, weaken economic growth, and delay Fed easing.

Related: Microsoft CEO adds fuel to Palantir CEO's AI warning

This story was originally published by TheStreet on Jul 16, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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Truth付费接口引发信息公平争议

重要性4/5 高

产品可能改变政策帖文进入机构交易系统的速度，时效强且治理议题明确，但商业与监管细节缺失。

标签

标的：`KMEM`来源：BeInCrypto发布日期：2026-07-17重要性：4/5 高评级理由：产品可能改变政策帖文进入机构交易系统的速度，时效强且治理议题明确，但商业与监管细节缺失。评级依据：timeliness, evidence_strength, source_quality原文字数：467

中文摘要

核心结论

特朗普媒体科技集团推出Truth API（Truth社交平台数据接口），向银行和交易机构提供更快的帖文数据，并计划于08/01（未给出具体时刻）上线。服务把总统相关帖文的市场影响转化为付费数据产品，也引发利益冲突和信息获取公平性的争议。

重要性评级

评级：4/5（高）

消息接近批次采集时点，可能影响政策新闻的机器读取速度和市场微观结构；监管定性仍为空白，文章也未披露客户、价格和速度优势。

关键事实

文章发布于美东时间 07/16 22:02（UTC+8 07/17 10:02）。
Truth API计划于08/01（未给出具体时刻）正式上线，公司称已有签约客户。
数据范围覆盖10个最具影响力的Truth Social（Truth社交平台）账户，并存档自2022年以来的帖子。
覆盖对象包括特朗普、Donald Trump Jr.、Eric Trump、Dan Bongino和Sean Hannity。
2025年04/09（未给出具体时刻），特朗普宣布暂停多项新关税90天，美股随后在数分钟内快速转涨。
Donald J. Trump Revocable Trust（特朗普可撤销信托）持有特朗普媒体科技集团约41%股份，并由特朗普子女管理。
律师Robert Frenchman认为分层发布信息通常不违反联邦证券法，但会扩大机构与小型投资者之间的速度差异。

作者观点与证据

作者强调市场敏感信息的到达顺序可能形成机构优势，证据来自历史关税帖文、公司产品说明、参议员Ron Wyden的批评及律师意见。利益冲突属于政治与治理争议，监管机构尚未给出新披露规则。

与相关标的的关系

元数据没有直接股票代码。影响路径主要覆盖关税、贸易、加密资产及特朗普相关政策言论驱动的市场；KMEM仅为输入聚类符号，正文没有直接关联。

时效性与限制

文章接近批次采集时间，且产品尚未上线。公司未披露收费、延迟差、客户身份、技术稳定性及监管审查状态。

后续跟踪

08/01上线后的定价、客户和数据延迟。
监管机构对总统帖文分层分发的意见。
特朗普媒体科技集团对收入贡献的披露。
新闻机构和数据商是否获得同等接口。

英文原文

Trump’s Truth Social Posts Will Hit Wall Street First, Giving a Financial Edge

Darryn Pollock

Fri, July 17, 2026 at 10:02 AM GMT+8 3 min read

Trump Truth Social posts Wall Street trading access. Photo by BeInCrypto Trump Media & Technology Group has launched a paid data feed called Truth API. It gives banks and trading firms faster access to Donald Trump's market-moving Truth Social posts.

The service goes live August 1 and already has signed customers, the company said.

Why Speed On Trump's Posts Matters

Trump's Truth Social posts have repeatedly jolted global markets. Recent examples include his "Liberation Day" tariff announcements and trade threats against China.

On April 9, 2025, Trump said he would pause many new tariffs for 90 days. US stocks turned sharply higher within minutes of the post.

Truth API will cover the 10 most influential Truth Social accounts and archive posts back to 2022. The platform's most-followed users include Trump himself, his sons Donald Trump Jr. and Eric Trump, and allies like Dan Bongino and Sean Hannity.

TMTG's interim CEO, Kevin McGurn, said the feed targets firms with the most to lose from delayed information.

"We're going to create a lot of friction for those folks that aren't coming to us directly."

— Kevin McGurn, Reuters

Conflict Of Interest Questions

The Donald J. Trump Revocable Trust holds roughly 41% of TMTG stock. Trump's children oversee that trust, which manages his investments. The presidents close ties to the company, and his immense influence, puts him in a position of power to move markets with his social account.

Senator Ron Wyden, the top Democrat on the Senate Finance Committee, criticized the launch. He has also previously criticized the 'Trump Family Greed' in relation to crypto profit disclosures. Wyden said of the new API that it would enrich the Trump family and "make Wall Street traders rich."

Despite the criticism, and the apprent conflict of interest, Dynamis law firm partner Robert Frenchman said tiering access does not break federal securities law. However, he noted the practice still creates uneven odds for smaller traders.

"It certainly does not seem fair, but yes, a tech platform can tier its distribution of information without violating federal ⁠securities laws," Frenchman said.

TMTG has accused unnamed firms of scraping Truth Social data for months. It calls that a breach of its terms of service. The company has previously batted down other Truth Social monetization rumors, including talk of a meme coin.

The launch adds to a pattern of Trump-linked market moves drawing scrutiny over who profits from information timing. Regulators have not said whether tiered access to a president's posts raises new disclosure concerns.

Read the Original story Trump's Truth Social Posts Will Hit Wall Street First, Giving a Financial Edge by Darryn Pollock at beincrypto.com

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博枫合并推进与五年增长目标

重要性4/5 高

公司级交易取得实质进展，财务目标和后续节点清楚，对BN与BAM直接相关。

标签

标的：`KMEM`来源：MarketBeat发布日期：2026-07-17重要性：4/5 高评级理由：公司级交易取得实质进展，财务目标和后续节点清楚，对BN与BAM直接相关。评级依据：timeliness, fact_density, evidence_strength原文字数：1321

中文摘要

核心结论

博枫公司股东批准与Brookfield Wealth Solutions（博枫财富解决方案）组建New BN（新博枫）的关键决议。管理层预计合并将简化结构并提高资本效率，同时给出未来五年每年超过20%的盈利增长目标。

重要性评级

评级：4/5（高）

事件直接关联BN、BAM和BNT，包含股东表决、法院节点及大量经营指标；增长数据主要来自管理层陈述，交易仍受多项批准约束。

关键事实

文章发布于美东时间 07/16 22:02（UTC+8 07/17 10:02）。
BN股东批准合并相关决议，最终法院听证安排在07/21（未给出具体时刻），预计于2026年第四季度末完成。
交易仍需博枫财富解决方案股东、法院及监管机构批准。
博枫拥有1750亿美元永久资本，过去12个月实现60亿美元可分配盈利。
资产管理业务募资1080亿美元，收费资本升至6140亿美元；收费相关盈利增长18%至31亿美元。
财富解决方案可分配盈利增长11%至17亿美元，保险资产达到1800亿美元。
管理层预计每股可分配盈利由2.54美元增至2030年的5.85美元；资本配置或再贡献1.10美元，使目标达到6.95美元。
公司预计未来五年累计产生530亿美元自由现金流，并将保险资产增至3500亿美元、收费资本增至1万亿美元以上。

作者观点与证据

管理层把合并描述为结构简化、保险业务接入永久资本和扩大指数纳入机会的路径。现有经营数据支持规模与募资能力，但2030年盈利、现金流和资产目标均属前瞻口径。

与相关标的的关系

BN是交易主体；BAM对应资产管理平台及收费资本增长；BNT与交易结构有关，但正文对其单独经济权益缺少说明。

时效性与限制

文章接近批次采集时间。报道由MarketBeat的自动叙事技术生成，主要复述公司会议内容，且会议没有股东提问，缺少反方意见与独立估值分析。

后续跟踪

07/21法院裁定及财富解决方案股东表决。
监管批准与第四季度交割进度。
每股可分配盈利和530亿美元自由现金流目标兑现。
合并后指数纳入、流动性与税务安排。

英文原文

Brookfield Shareholders Back New BN Deal as Firm Targets 20% Earnings Growth

Brookfield logo

MarketBeat

Fri, July 17, 2026 at 10:02 AM GMT+8 6 min read

+1.12%

-0.38%

-0.63%

-0.38%

Key Points

Interested in Brookfield Corporation? Here are five stocks we like better.

Brookfield shareholders approved a major transaction to combine Brookfield Corporation and Brookfield Wealth Solutions into a single publicly traded entity, "New BN," pending remaining court, shareholder, and regulatory approvals. The deal is expected to close in late fourth quarter 2026.

The company said the combination should simplify Brookfield's structure, improve capital efficiency, and potentially broaden global index inclusion by giving the insurance business direct access to Brookfield's large permanent capital base.

Management outlined a strong growth outlook, saying Brookfield is positioned to grow earnings by more than 20% annually over the next five years, with distributable earnings expected to rise from $2.54 per share now to $5.85 per share by 2030 before capital allocation benefits.

Beyond the AI Trade: 3 Defensive Stocks Built for Stability

Brookfield (NYSE:BN) shareholders approved a key transaction resolution at the company's annual and special meeting, advancing a plan to combine Brookfield Corporation and Brookfield Wealth Solutions Ltd. under a single publicly traded company referred to during the meeting as New BN.

Frank McKenna, chair of Brookfield's board, said the transaction is intended to "further simplify our corporate structure, create a more capital-efficient platform to support Brookfield's long-term growth, and open a path to broader global index inclusion." He described the combination as "the next evolution of Brookfield as a globally diversified and fully integrated insurance and investment organization."

→ 3 Space Stocks That Could Outshine SpaceX After Its IPO

3 Stocks to Ride the Manufacturing Sector's Big Comeback

The vote was held pursuant to an order of the Ontario Superior Court of Justice. McKenna said the final court hearing to approve the transaction is scheduled for July 21, 2026, and that the deal is expected to close in late fourth quarter 2026, subject to customary closing conditions, including approval by Brookfield Wealth Solutions shareholders and other legal and regulatory approvals.

Shareholders Approve Core Meeting Items

At the formal portion of the meeting, Brookfield shareholders elected 16 directors. The nominees for Class A limited voting shareholders were Elyse Allan, Ang Eng Seng, Janice Fukakusa, Maureen Kempston Darkes, Frank McKenna, Hutham Olayan, Satish Rai and Diana Taylor. The nominees for Class B limited voting shareholders were Howard Marks, Rafael Miranda, Lord Gus O'Donnell, Jeffrey Blidner, Jack Cockwell, Bruce Flatt, Brian Lawson and Sam Pollock.

Story Continues

→ These 3 Water ETFs Could be Quiet Winners From Infrastructure Spending

McKenna said 15 of the 16 nominees had been elected at the prior annual general meeting in June 2025 and were standing for re-election. Ang Eng Seng, a current director, was appointed by the board on Feb. 11, 2026, and stood for re-election at the meeting.

Shareholders also approved the reappointment of Deloitte LLP as Brookfield's external auditor and authorized the directors to set its remuneration. An advisory resolution on the company's approach to executive compensation was also carried.

→ Why ASML's AI Monopoly Is Still Getting Stronger

Several resolutions connected to the proposed transaction were also considered, including share option and escrowed stock plans for New BN and Brookfield Canada Corporation, referred to as New BNC. The meeting operator said formal declarations on the New BN share option plan, New BN escrowed stock plan, New BNC escrowed stock plan and New BNC share option plan would be made after the Brookfield Wealth Solutions shareholder meeting later in the day. Final voting results are expected to be posted to SEDAR+.

Brookfield Reports Strong 12-Month Performance

Following the formal meeting, Nicholas Goodman, Brookfield's president and chief financial officer, reviewed the company's financial performance and strategic priorities. Goodman said Brookfield has built a permanent capital base of $175 billion, which he described as "one of the largest pools of discretionary capital globally."

Goodman said Brookfield generated $6 billion of distributable earnings over the last 12 months, supported by growth across asset management, wealth solutions and operating businesses. He said the asset management business raised $108 billion of capital across strategies, increasing fee-bearing capital to $614 billion. Fee-related earnings rose 18% to $3.1 billion over the period.

In wealth solutions, Goodman said distributable earnings increased 11% to $1.7 billion. He said insurance assets grew to $180 billion, including the acquisition of Just Group, which added $40 billion of assets and expanded Brookfield's presence in the U.K. Brookfield also originated $20 billion of annuity sales and deployed $14 billion of float into Brookfield-managed strategies.

Goodman said Brookfield's operating businesses generated $1.5 billion of distributable earnings, supported by "stable and resilient cash flows." He also noted that real estate occupancy was above 95% across Brookfield's super core and core plus portfolios.

Capital Allocation and Growth Outlook

Goodman said Brookfield returned $1.5 billion of capital to shareholders over the past year, including $900 million through share repurchases and $600 million through dividends. He said the company completed $170 billion of financings across its businesses and currently has $188 billion of deployable capital, while maintaining an A-minus credit rating at the corporation.

Looking ahead, Goodman said Brookfield is "exceptionally well-positioned" to grow earnings by more than 20% annually over the next five years, before the effects of capital allocation. He said the company expects distributable earnings to grow from $2.54 per share today to $5.85 per share by 2030, consistent with plans outlined at its investor day last September.

Goodman said capital allocation could add another $1.10 per share of earnings over five years, increasing expected distributable earnings to $6.95 per share by 2030. He said Brookfield expects to generate $53 billion of cumulative free cash flow from existing businesses over the next five years, which would be deployed through the company's centralized capital allocation framework.

Goodman said Brookfield expects wealth solutions insurance assets to grow from $180 billion to $350 billion by 2030 and fee-bearing capital at Brookfield Asset Management to grow to more than $1 trillion. He also said carried interest is reaching "an inflection point" as transaction activity and realizations increase.

Management Highlights Rationale for BN-BWS Combination

Goodman said the proposed combination of Brookfield Corporation and Brookfield Wealth Solutions would simplify the corporate structure and allow shareholders to own the full value of both businesses through a single security. He said it would also provide the insurance operations with direct access to the corporation's permanent capital base, which he described as an incremental $145 billion.

Goodman added that the new structure could create a path toward broader global index inclusion, which over time could broaden Brookfield's investor base, improve trading liquidity and support greater ownership by passive investment vehicles. He said the transaction is expected to be tax-efficient for most shareholders.

No shareholder questions were submitted during the formal meeting or the management presentation, according to the operator.

About Brookfield (NYSE:BN)

Brookfield Corporation (NYSE:BN) is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long‑lived, cash‑generating assets.

Brookfield's services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

The article " Brookfield Shareholders Back New BN Deal as Firm Targets 20% Earnings Growth " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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IBM预告业绩不及预期

重要性5/5 高

公司预告、剧烈市场反应和客户预算迁移共同提供了高时效性的企业人工智能支出信号。

标签

标的：`KMEM`, `NVDA`来源：Motley Fool发布日期：2026-07-17重要性：5/5 高评级理由：公司预告、剧烈市场反应和客户预算迁移共同提供了高时效性的企业人工智能支出信号。评级依据：IBM直接业绩预告, 包含分部与每股收益数据, 股价反应显著, 人工智能硬件链相关, 正式财报临近原文字数：1059

中文摘要

核心结论

IBM预告第二季度收入不及自身预期，管理层称客户在6月末把资本预算转向供应紧张且可能涨价的服务器、存储和内存，导致多笔大型交易延期。该解释显示企业人工智能支出正在挤压其他技术采购，但交易究竟延迟还是流失仍需正式财报确认。

重要性评级

评级：5/5（高）

预告包含公司收入、分部表现、客户预算迁移及股价反应，对企业技术支出和人工智能硬件链均有直接信号价值。

关键事实

IBM第二季度初步收入172亿美元，同比增长1%，低于公司预期。
股价周二下跌约24%，周三继续下滑至52周低点，市值降至2000亿美元以下。
基础设施收入下降7%，软件增长5%，咨询业务持平。
每股收益2.27美元，同比下降2%；非通用会计准则调整后每股收益增长5%。
首席执行官 Arvind Krishna 称，客户在6月最后几周把资本支出转向服务器、存储和内存，以提前锁定供应并规避预期涨价。
IBM分布式基础设施业务收入增长37%，创公司披露历史最佳表现，季度末积压订单约5亿美元。
文中称 Micron 最近一季收入415亿美元，同比增长346%，DRAM（动态随机存取存储器）售价超过翻倍。
IBM此前给出的2026年固定汇率收入增长指引高于5%。
公司计划于07/22（未给出具体时刻）发布完整业绩。
文章发布于美东时间 07/16 22:01（UTC+8 07/17 10:01）。

作者观点与证据

作者把IBM业绩缺口解释为企业预算向硬件供应链迁移的信号，并认为人工智能基础设施周期仍强。证据包括管理层信件、IBM硬件分部增长和Micron数据；“预算迁移代表行业普遍趋势”仍是作者推演，样本主要来自两家公司。

与相关标的的关系

IBM直接面临大型软件和咨询交易延期风险；NVDA及内存、服务器供应商可能受益于硬件优先采购。文章未披露预算最终流向哪些具体供应商。

时效性与限制

初步业绩尚未包含完整财务数据。07/22正式电话会能否维持全年指引，以及延期交易是否重新签约，是区分时点扰动和需求恶化的关键。

后续跟踪

07/22全年收入与自由现金流指引。
延期大型交易的数量、金额和关闭进度。
服务器、存储与内存价格及积压订单。
软件和咨询业务后续增长。

英文原文

IBM Just Pre-Announced an Earnings Miss. The Reason Reveals Where AI Money Is Really Flowing.

Daniel Sparks, The Motley Fool

Fri, July 17, 2026 at 10:01 AM GMT+8 5 min read

+3.72%

NVDA

-2.40%

IBM (NYSE: IBM) didn't wait for its scheduled earnings date. On Tuesday, a week ahead of its July 22 report, the enterprise software and hardware giant released preliminary second-quarter results in a letter to investors from CEO Arvind Krishna. The numbers were disappointing. Revenue totaled $17.2 billion, up just 1% year over year and short of the company's own expectations.

Investors didn't take it well. Shares fell about 24% on Tuesday, one of the worst single-day drops in the company's history, and slid further on Wednesday to a 52-week low. IBM's market capitalization now sits below $200 billion.

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But the most interesting part of the pre-announcement isn't the miss itself. It's Krishna's explanation of what happened in the last few weeks of June, because it says a lot about where technology budgets are actually going in the AI ( artificial intelligence ) buildout.

Image source: Getty Images.

What went wrong in the quarter

The shortfall was a sharp reversal. In the first quarter, IBM's revenue rose 9% year over year, led by infrastructure revenue that jumped 15% as the company's new z17 mainframe rolled out. IBM expected that mainframe momentum to fade as the launch wrapped up, guiding for infrastructure revenue to decline by a low-single-digit rate for the year.

Instead, second-quarter infrastructure revenue fell 7%, software grew just 5%, and consulting was flat. The deceleration reached the bottom line, too. Earnings per share of $2.27 declined 2% year over year, though earnings per share on a non-GAAP (adjusted) basis climbed 5%.

So, what happened? According to Krishna, IBM's clients abruptly changed their spending priorities.

"In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply constrained infrastructure ahead of expected price increases," Krishna explained in his letter. He added that the company "did not anticipate the magnitude of the capex reprioritization," and that numerous large deals failed to close on the timelines IBM expected, driving the majority of the shortfall. Krishna also noted that clients were distracted by rapidly evolving, industrywide cybersecurity concerns during the quarter.

Put another way, customers spent their quarterly technology budgets stockpiling hardware before prices went up, and other purchases got pushed out.

Story Continues

Where the money went instead

What stands out to me is that IBM's own report shows where those dollars landed. The company's distributed infrastructure business, which includes its Power servers and storage hardware, grew 37% year over year, its best performance in the company's reported history. The unit exited the quarter with a backlog of about $500 million. Even inside the company that missed, the money moved toward hardware.

The memory market shows the same scramble at a much larger scale. Micron Technology , one of the world's biggest memory-chip makers, reported revenue of $41.5 billion in its most recent quarter, up 346% year over year, as its DRAM selling prices more than doubled. And Micron says AI-driven demand for memory and storage has accelerated at a rate greater than the industry's ability to increase supply.

The AI buildout, in other words, is no longer just the giant cloud companies pouring capital into data centers. Ordinary enterprises are now competing for the same servers, storage, and memory, and they're pulling money from the rest of their technology budgets to secure it. That's a tailwind for memory and AI-infrastructure suppliers, whose products are the ones being stockpiled. And it's a new risk for any vendor whose quarter depends on large deals closing on schedule, because a customer racing to lock in hardware can put everything else on hold.

For IBM specifically, the July 22 earnings call now comes down to one thing: Were those slipped deals lost, or merely delayed? Management said it will discuss its full-year expectations on the call, and coming into this quarter, the company had guided for constant-currency revenue growth of more than 5% in 2026. If that outlook survives, most of this quarter's damage was a timing issue. If it comes down, the problem may be bigger than one quarter.

I think the bigger lesson, though, is the one Krishna spelled out himself. When customers are grabbing supply constrained hardware ahead of price hikes, the AI infrastructure cycle isn't cooling. It's strong enough to change the spending patterns of the world's largest companies -- and investors should expect it to show up in more earnings reports from here.

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IBM Just Pre-Announced an Earnings Miss. The Reason Reveals Where AI Money Is Really Flowing. was originally published by The Motley Fool

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油价冲击或抬高社保调整幅度

重要性3/5 中

通胀传导机制与原油相关度明确，但调整幅度只是早期估计，地缘事件陈述亦需核验。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-17重要性：3/5 中评级理由：通胀传导机制与原油相关度明确，但调整幅度只是早期估计，地缘事件陈述亦需核验。评级依据：原油与通胀直接相关, 解释官方调整机制, 包含历史比较, 预测尚处早期, 地缘事实依赖转述原文字数：758

中文摘要

核心结论

文章认为霍尔木兹海峡局势及油价上涨可能推高第三季度 CPI-W（城市工薪阶层消费者价格指数），从而抬升2027年美国社会保障金生活成本调整幅度。3.8%的预测仍是估算，最终结果取决于7月至9月完整通胀数据。

重要性评级

评级：3/5（中）

文章连接油价、通胀和社会保障调整机制，具有宏观背景价值；地缘事件描述和预测需外部事实核验。

关键事实

文章称美国总统特朗普重新实施海上封锁，中东冲突在6月停火后再度升级。
oilprice.com据称于07/13（未给出具体时刻）报道，封锁消息后油价上涨超过8%。
社会保障金生活成本调整只采用7月、8月和9月的CPI-W数据。
计算方式是比较本年与上年第三季度CPI-W平均值；若本年平均值更低，则不调整。
The Senior Citizens League（老年公民联盟）估计2027年调整幅度可能达到3.8%。
2026年调整幅度为2.8%，2025年为2.5%，2024年为3.2%，2023年为8.7%。
文章称美国战略储备处于1983年以来低位。
官方2027年调整结果预计于10/14（未给出具体时刻）公布。
文章发布于美东时间 07/16 21:59（UTC+8 07/17 09:59）。

作者观点与证据

作者通过能源价格影响运输、食品和零售成本的路径，推导油价上涨可能抬高第三季度通胀。3.8%来自倡议组织估算，封锁、冲突和储备数据均为文章转述，尚非最终官方结论。

与相关标的的关系

CL=F对应原油价格，是通胀传导的直接市场变量；NVDA只出现在文章行情标签中，与社会保障金调整没有正文层面的直接联系。

时效性与限制

调整结果需等待整个第三季度数据，当前只处于首月。地缘局势与油价可能快速变化，文章对政策持续性的假设存在较大不确定性。

后续跟踪

7月至9月CPI-W月度数据。
霍尔木兹海峡运输与封锁状态。
原油、汽油和运输成本变化。
10/14官方生活成本调整公告。

英文原文

What Donald Trump

What Donald Trump's Strait of Hormuz Stance Could Mean for Your Social Security Benefits in 2027

Stefon Walters, The Motley Fool

Fri, July 17, 2026 at 9:59 AM GMT+8 4 min read

CL=F

NVDA

After announcing a cease-fire deal in June, the conflict in the Middle East is back on, with strikes resuming and U.S. President Donald Trump reimposing a naval blockade. On July 13, oilprice.com reported that oil prices jumped "more than 8%" after Trump announced the blockade.

Aside from the immediate price jump, Trump's stance on the Strait of Hormuz and the seemingly inevitable oil price hikes the instability will cause is likely to have a trickle-down effect on Social Security benefits next year. Recipients are likely to see the largest cost-of-living adjustment (COLA) in recent years. Though that's not necessarily good news.

Image source: The White House.

The connection between rising prices and the annual COLA

The annual COLA is based on the CPI-W, an inflation measure that tracks the cost of goods and services such as housing, food, and energy (including oil). Not all CPI-W data is relevant, though; only the figures from the third quarter (July, August, and September) are included in the Social Security COLA calculation.

It's a three-step process:

Average the third quarter CPI-W data.

Compare this year's average to last year's third-quarter average.

The next year's COLA is the percentage increase (if the average is lower, there is no COLA).

With the blockade resuming and oil prices rising right now -- during a month that will be used to calculate next year's COLA -- there's a good chance the CPI-W average will lead to a higher-than-usual COLA in 2027. Higher oil prices are reflected at the gas pump, but they also drive up the costs of groceries and retail goods because of the transportation that is required.

A 3.8% bump?

President Trump's stance on Iran has flip-flopped plenty of times, so there's no reason to believe this time will be any different. Previously, however, the U.S. government has been able to tap the U.S.'s reserves to keep oil prices relatively stable, but it's now reported that the reserves are at their lowest levels since 1983.

Brent Crude Oil Wholesale Spot Petroleum Price data by YCharts The COLA this year was 2.8%, but 2027's is on pace to be at least a percentage point higher at the current rate of inflation, according to trusted advocacy group The Senior Citizens League. A 3.8% COLA would be the third-highest in the past decade.

2026: 2.8%

2025: 2.5%

2024: 3.2%

2023: 8.7%

2022: 5.9%

2021: 1.3%

2020: 1.6%

2019: 2.8%

2018: 2%

2017: 0.3%

Story Continues

While a higher COLA sounds good it, of course, is the result of inflation. So if things cost more that means a larger Social Security check won't necessarily buy more.

Any estimates for the 2027 COLA are just that: estimates. We won't know an official figure until CPI-W data is in for the whole third quarter and the Social Security Administration makes the announcement, which is expected on Oct. 14.

The annual COLA is more of a reactive measure, so it doesn't necessarily help seniors deal with the inflation they're experiencing now and may continue to experience. However, it does help retirees keep some of their purchasing power going forward.

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What Donald Trump's Strait of Hormuz Stance Could Mean for Your Social Security Benefits in 2027 was originally published by The Motley Fool

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芯片抛售压低美股期指

重要性4/5 中高

隔夜跨资产信息密集，直接覆盖MRVL、主要指数、油价和地缘风险，但部分归因证据偏软。

标签

标的：`MRVL`, `SPCX`来源：Stocktwits发布日期：2026-07-17重要性：4/5 中高评级理由：隔夜跨资产信息密集，直接覆盖MRVL、主要指数、油价和地缘风险，但部分归因证据偏软。评级依据：timeliness原文字数：1137

中文摘要

核心结论

台积电上调资本开支后，市场开始重新评估人工智能扩产的现金流与估值压力，半导体抛售盖过本轮财报季的盈利利好。中东冲突推高油价，进一步压低风险偏好。

重要性评级

评级：4/5（中高）

文章覆盖美股期指、芯片股、油价和地缘局势，对 MRVL、QQQ、SPY 及大盘盘前判断有直接参考价值；部分归因来自社交平台观点和媒体报道。

关键事实

美东时间 07/16 21:11（UTC+8 07/17 09:11），纳斯达克100指数期货跌0.61%，道指期货跌0.41%，标普500指数期货跌0.38%。
07/16（未给出具体时刻），纳斯达克综合指数收跌1.47%，标普500指数跌0.51%，道指跌0.20%。
台积电将2026年资本开支指引由520亿至560亿美元上调至600亿至640亿美元。
Micron、AMD、Intel和Broadcom均跌逾5%，SMH（VanEck半导体交易所交易基金）跌近4%；MRVL收跌近9%。
Netflix第二季度收入及第三季度指引未达市场预期，隔夜跌近9%；Sandisk收跌逾12%。
美东时间 07/16 14:00（UTC+8 07/17 02:00），美军开始连续第六晚对伊朗实施新一轮打击。
9月布伦特原油期货涨逾1%至每桶85.11美元，8月WTI（西得克萨斯中质原油）期货涨逾1%至79.83美元；美国10年期国债收益率为4.559%。

作者观点与证据

文章把抛售归因于台积电资本开支跃升、人工智能板块仓位拥挤、估值偏高及地缘风险。台积电指引和市场价格属于可核对事实；“周期中段调整”来自 DeFiance Capital负责人Arthur Cheong的个人判断，不能代表市场共识。

与相关标的的关系

MRVL受到半导体板块估值压缩的直接冲击；QQQ、SPY和DIA反映风险向主要指数扩散。油价上行及长端收益率处于高位，增加成长股估值压力。

时效性与限制

文章发布于美东时间 07/16 21:36（UTC+8 07/17 09:36），属于隔夜市场快照。文中小标题称“周三”，正文和数据均指向周四收盘，存在编辑不一致；盘后价格可能继续变化。

后续跟踪

台积电资本开支增加对自由现金流和下半年毛利率的实际影响
MRVL及半导体指数能否在下一交易日缩小跌幅
大型云厂商财报中的人工智能变现与资本开支指引
霍尔木兹海峡相关局势、油价和美国10年期国债收益率

英文原文

Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus

Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus · Stocktwits

Aashika Suresh

Fri, July 17, 2026 at 9:36 AM GMT+8 5 min read

^GSPC

-0.51%

NFLX

+0.91%

MRVL

-8.71%

-1.64%

-0.21%

The fears rippled across the technology sector as major AI names and chip stocks declined sharply.

The declines come at the start of a strong earnings season, with big banks kicking off the cycle earlier this week with solid results.

On the geopolitical front, the U.S. has continued its attack on Iran for a sixth-consecutive day, causing a spike in oil prices.

U.S. stock futures extended a decline into the overnight session late Thursday after all benchmark indexes closed lower amid a selloff in the technology sector, particularly among semiconductor names.

Nasdaq-100 futures fell 0.61%, Dow futures were down 0.41%, and S&P 500 futures declined 0.38% at 9:11 PM EDT.

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Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) all edged lower at the time of writing.

The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.02% amid 'bearish' sentiment.

How Did US Markets Fare On Wednesday?

All three benchmark indexes closed lower on Thursday amid growing concerns over AI sustainability. The Nasdaq Composite led the declines, tumbling nearly 400 points to close 1.47% lower. The S&P 500 was down 0.51%, while the Dow closed 0.20% lower.

Index

Move

Dow Jones Industrial Average

-0.20%

52,552.97

S&P 500

-0.51%

7,533.77

Nasdaq Composite

-1.47%

25,881.95

US Market Drivers

U.S. markets bled amid rising concerns over ballooning capital expenditures from AI players after Taiwan Semiconductor Manufacturing (TSM) massively hiked its capital expenditures for 2026.

The company raised its 2026 capex forecast to between $60 billion and $64 billion in its latest earnings update on Thursday, up substantially from its previous $52 billion to $56 billion range.

The fears rippled across the technology sector as major AI names including Nvidia Corp. (NVDA), Alphabet Inc. (GOOG, GOOGL), Amazon.com Inc. (AMZN), and Meta Platforms Inc. (META) closed lower at the close.

The rout was particularly steep among semiconductor stocks, with Micron Technology Inc. (MU), Advanced Micro Devices Inc. (AMD), Intel Corp. (INTC) and Broadcom Inc. (AVGO) clocking declines over 5% each. The VanEck Semiconductor ETF (SMH) slumped nearly 4%.

However, many Wall Street analysts believe that the selloff is temporary. CEO and Chief Investment Officer of Singapore-based DeFiance Capital, Arthur Cheong, said in a post on X that this appeared to be a mid-cycle correction instead of a full-cycle top.

Story Continues

"Given all the recent information I'm leaning hard toward the recent correction in AI and Semi complex being mid cycle correction instead of full cycle top," he said. "The positioning and leverage on AI and Semi names got too extreme and therefore get flushed heavily now and I expect market to recover strongly once the summer doldrums are over."

The declines come at the start of a strong earnings season, with big banks kicking off the cycle earlier this week with solid results. On Thursday, TSM's second-quarter print posted a beat on revenue and profit due to strong AI-driven demand, but shares slipped due to capex worries.

Unitedhealth Group Inc. (UNH) also posted Q2 earnings, topping estimates amid lower medical costs, while raising its earnings and cash flow outlook for 2026. Netflix Inc. (NFLX), however, posted disappointing results.

James E. Thorne, chief market strategist at Wellington-Altus Private Wealth, said in a post on X that the decline in stocks despite strong earnings results reflected "stretched valuation and geopolitical risk, and a growing consensus that earnings growth is near its peak," adding that it was not a surprise that "the market didn't reward the beat."

On the geopolitical front, the U.S. has continued its attack on Iran for a sixth-consecutive day. The U.S. Central Command updated in a post on X: "At 2 p.m. ET today, U.S. forces began conducting a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities."

Media reports indicate that the U.S. struck several civilian and strategic locations on Thursday, including Sirik, a key city overseeing the Strait of Hormuz. Separately, Iranshahr Airport was also targeted, with local reports indicating damage to airport facilities.

Trending Stocks To Watch

Netflix Inc. (NFLX): Shares of the streaming giant fell nearly 9% in the overnight session on Thursday after its second-quarter (Q2) revenue missed Wall Street expectations and the third-quarter guidance also failed to impress.

Sandisk Corp. (SNDK): The memory chipmaker's shares plunged more than 12% at close and continued to decline in the overnight session due to a spillover of concerns over TSM's massive capex outlook.

SpaceX (SPCX): Elon Musk's aerospace company continued to decline on Thursday after the company pulled back on the latest launch of its Starship rocket amid technical glitches, pressuring the stock just a day after it fell below its $135 IPO price.

Marvell Technology Inc. (MRVL): The company's shares fell nearly 9% at close and continued to bleed overnight amid a sector-wide selloff following TSM's results.

Global Market Trends

Crude oil prices continued to climb late Thursday amid the continuing tensions in the Middle East. At the time of writing, Brent crude futures expiring in September were up more than 1% to $85.11 per barrel, while WTI crude futures expiring in August also rose by over 1% to $79.83 per barrel.

Yields on the 10-year Treasury were at 4.559% at the time of writing, while spot gold prices were trading at $3,991.78 per ounce.

Asian markets trailed U.S. stocks to decline at the open on Friday, with South Korea's KOSPI leading the fall as it traded more than 6% lower. Japan's Nikkei 225, China's SSE Composite index and Australian stocks were also trading lower at the time of writing.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

DJT Stock Slips Overnight: Truth Social To Sell Wall Street 'Fastest' Access To Trump's Posts

Why Did IBM, ORCL, SMR Stocks Drop To 52-Week Lows Today?

SPCX Stock Extends Post-IPO Rout: Starship Launch Scrub Deepens Slide As Short Sellers Build $25B Bear Bet

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三家太空公司的业务边界与亏损

重要性4/5 中高

直接比较SPCX及主要公开市场替代标的，业务边界清晰，但财务证据有限且关键交易尚未完成。

标签

标的：`SPCX`来源：Motley Fool发布日期：2026-07-17重要性：4/5 中高评级理由：直接比较SPCX及主要公开市场替代标的，业务边界清晰，但财务证据有限且关键交易尚未完成。评级依据：high_timeliness, comparative_context, execution_uncertainty原文字数：1064

中文摘要

核心结论

Motley Fool按业务范围比较SpaceX（太空探索技术公司，SPCX）、AST SpaceMobile（卫星直连通信公司，ASTS）和Rocket Lab（火箭及航天系统公司，RKLB）：SpaceX同时覆盖发射、Starlink卫星通信和人工智能；ASTS聚焦卫星通信并依赖外部发射；RKLB拟通过80亿美元收购Iridium（铱星通信）形成更完整的航天业务。三家公司目前均亏损，比较结果依赖尚未完成的网络建设和并购。

重要性评级

评级：4/5（中高）

文章直接涉及SPCX并给出三家公司业务结构和资本需求差异，但结论带有投资专栏立场，财务数据有限。

关键事实

SpaceX首次公开募股融资750亿美元，计入承销商超额配售后接近860亿美元。
SPCX股价在上市后上涨，随后回落至135美元发行价。
SpaceX经营火箭发射、Starlink卫星通信及人工智能业务。
文章称Starlink已盈利，而发射和人工智能业务仍消耗现金。
ASTS正扩建全球卫星宽带网络，尚未盈利，也不自行发射卫星。
ASTS与大型移动运营商合作，可利用合作方现有客户基础。
RKLB制造并发射火箭及其他航天设备，已同意以80亿美元收购Iridium。
收购完成后，RKLB将增加卫星宽带业务，但交易尚未交割。
SpaceX、ASTS和RKLB均仍处于整体亏损状态。

作者观点与证据

作者认为三家公司分别提供不同业务敞口：SpaceX覆盖最广，ASTS集中于卫星通信，RKLB在收购完成后接近垂直整合。该框架清晰，但“Starlink盈利”和各业务现金消耗没有配套财务报表，文章还包含Motley Fool会员推广及持仓披露。

与相关标的的关系

SPCX是直接比较基准。ASTS的运营商合作模式与Starlink终端模式不同；RKLB的发射能力和拟收购Iridium使其业务范围更接近综合航天公司。三者技术成熟度、资本开支和商业化阶段存在明显差异。

时效性与限制

文章发布于美东时间 07/16 21:35（UTC+8 07/17 09:35）。RKLB收购Iridium尚未完成，ASTS商业网络仍接近启动阶段，比较结论可能随交易审批、发射进度和融资需求变化。

后续跟踪

SPCX上市后财务披露及135美元发行价附近表现。
Starlink、发射和人工智能业务的分部盈利及现金流。
ASTS商业服务启动和卫星部署进度。
RKLB收购Iridium的审批、融资及交割。

英文原文

AST SpaceMobile vs. Rocket Lab: Which Stock Is The Superior SpaceX Competitor?

Reuben Gregg Brewer, The Motley Fool

Fri, July 17, 2026 at 9:35 AM GMT+8 5 min read

SPCX

-3.08%

ASTS

-17.04%

RKLB

-11.61%

Space Exploration Technologies (NASDAQ: SPCX) made headlines when it raised $75 billion from investors in an initial public offering (nearly $86 billion if you include the investment bankers' overallotment). The stock rocketed higher after the IPO, but it has now fallen back down to the $135 IPO price. There are alternatives to consider, such as AST SpaceMobile (NASDAQ: ASTS) and Rocket Lab (NASDAQ: RKLB). Here's why you might want to buy one of these stocks over SpaceX.

What does SpaceX do?

The simple answer is SpaceX does a lot. For example, it builds and launches rockets. In fact, it appears well ahead of the competition in terms of technology, with rockets that return and land after use. Reusing launch rockets materially reduces launch costs. SpaceX also operates Starlink, a satellite-based telecommunication network. And it is building an artificial intelligence business .

Image source: Getty Images. This is where things get interesting. SpaceX is a money-losing start-up, but its Starlink business is profitable. As the company clearly spelled out in its IPO prospectus , space launches and AI are burning through cash. You can avoid the money-losing businesses and just focus on the one segment of SpaceX that is profitable, the satellite-based broadband network, if you buy AST SpaceMobile.

AST SpaceMobile: Not up to speed, but getting close

AST SpaceMobile isn't profitable yet, either. However, it operates a satellite-based broadband network. And it is working to expand that network to cover the entire planet. It is getting close to a commercial launch of its network, but there's a vital difference between Starlink and AST SpaceMobile: Starlink's service is bespoke, while AST SpaceMobile is partnered with large cellphone service providers.

That means it has a built-in customer base and is likely to hit the ground running when its service starts operating. It still has material spending needs as it works to broaden its geographic coverage, but it also has major telecom partners as supporters. If you are worried that Elon Musk is pulling SpaceX in too many directions, AST SpaceMobile would be a way to focus on the one part of that company that actually makes money today. That said, AST SpaceMobile likely won't be profitable for a while longer, given the huge cost of building and launching satellites.

Story Continues

Rocket Lab: Everything but the AI

One sizable drawback with AST SpaceMobile is that it doesn't launch its own satellites. It has to contract that out to other companies, which means, in some ways, it is at the mercy of its space-focused competitors. Rocket Lab currently builds and launches rockets and makes other space technology. However, it has agreed to buy Iridium Communications (NASDAQ: IRDM), which operates a space-based broadband network, in an $8 billion deal.

That will, effectively, make Rocket Lab a fully integrated space company, just like SpaceX. But it will leave out the AI part of the business, which is currently eating up huge amounts of SpaceX cash. It isn't that Rocket Lab doesn't use AI; it does. But it uses AI internally to support its own business.

Rocket Lab isn't profitable either, so it, too, is still a money-losing start-up. As with SpaceX and AST SpaceMobile, only the most aggressive investors should consider it. However, it lets you focus on space and avoid getting caught up in the AI hype running through the stock market today.

What are you looking to own?

When you step back and look at SpaceX, AST SpaceMobile, and Rocket Lab, there are a few big takeaways. First, the only way to get direct access to Elon Musk is to buy SpaceX. If that's what has you interested in space, then stick with the "original."

Second, you can focus on the one part of SpaceX that's profitable if you buy AST SpaceMobile. AST SpaceMobile isn't profitable, as it is still building out its satellite business, but it has major partners to help it along.

Third, if you want everything but SpaceX's AI business, your best option is Rocket Lab. The caveat here is that it still hasn't completed the purchase of Iridium. If you choose to go this route, you might want to hold off until the deal is consummated.

One final consideration here: All three companies are still money-losing start-ups. Only the most aggressive growth investors should probably consider buying any of them. The space sector is still very early in its development, and it is far from clear which companies will be the long-term winners.

Should you buy stock in Space Exploration Technologies right now?

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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile and Rocket Lab. The Motley Fool has a disclosure policy .

AST SpaceMobile vs. Rocket Lab: Which Stock Is The Superior SpaceX Competitor? was originally published by The Motley Fool

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Databricks融资估值升至1880亿美元

重要性2/5 中低

融资估值信息明确且来源较强，但与SPCX缺少直接业务或资本联系，完整条款也未披露。

标签

标的：`SPCX`来源：The Wall Street Journal发布日期：2026-07-17重要性：2/5 中低评级理由：融资估值信息明确且来源较强，但与SPCX缺少直接业务或资本联系，完整条款也未披露。评级依据：high_timeliness, credible_reporting原文字数：129

中文摘要

核心结论

据华尔街日报援引知情人士报道，Coatue Management（蔻图资本）正领投Databricks（数据与人工智能软件公司）30亿美元融资，交易估值1880亿美元，较2025年12月融资估值提高约40%。消息反映私人人工智能软件资产估值继续上升，但与SPCX只有同属大型私募及新上市科技资产的间接联系。

重要性评级

评级：2/5（中低）

融资数字和估值变化明确，来源质量较高；正文受限且研究主体是Databricks，与SPCX关联较弱。

关键事实

Coatue Management领投Databricks新一轮30亿美元融资。
知情人士称本轮估值为1880亿美元。
Databricks在2025年12月融资时估值为1340亿美元。
新估值较前次提高约40%，绝对增加540亿美元。
公司近期推出Unity AI Gateway（统一人工智能网关），帮助企业接入人工智能模型并追踪技术支出。
报道来自华尔街日报，现有摘录没有公司或投资方正式确认。

作者观点与证据

报道主要陈述融资条款，没有展开收入、增长率、现金流、投资者权利或估值方法。1880亿美元估值来自匿名知情人士，Unity AI Gateway产品发布被作为近期业务背景，尚未提供采用数据。

与相关标的的关系

文章直接涉及私人标的DATB.PVT。SPCX只出现在相关证券元数据中，正文未说明两家公司存在业务、资本或客户关系；其参考价值限于观察大型科技资产融资估值环境。

时效性与限制

文章发布于美东时间 07/16 21:25（UTC+8 07/17 09:25）。融资可能仍在推进，现有内容没有披露交割状态、条款结构或Databricks确认。

后续跟踪

Databricks与Coatue是否正式宣布融资完成。
新股、可转债或其他融资结构及投资者权利。
Databricks收入增长、自由现金流和客户留存。
Unity AI Gateway的客户采用量和相关收入。

英文原文

Databricks Set to Hit $188 Billion Valuation With New Investment From Coatue

Databricks Set to Hit $188 Billion Valuation With New Investment From Coatue · The Wall Street Journal · Weber Shih for WSJ

Kate Clark

Fri, July 17, 2026 at 9:25 AM GMT+8 2 min read

DATB.PVT

SPCX

-3.08%

Coatue Management is leading a $3 billion investment in Databricks, a data-analytics software provider, that values the company at $188 billion, according to people familiar with the matter. The new financing represents a 40% increase from its valuation in December, when Databricks raised money at a $134 billion valuation. It recently released a new software tool, called Unity AI Gateway, that allows companies to access AI models and track their spending on the technology.

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星舰中止发射叠加流通盘压力

重要性5/5 高优先级

发射故障是当日直接事件，文章还提供短仓、流通盘与解禁数据，可同时解释经营和市场结构压力。

标签

标的：`SPCX`来源：Stocktwits发布日期：2026-07-17重要性：5/5 高优先级评级理由：发射故障是当日直接事件，文章还提供短仓、流通盘与解禁数据，可同时解释经营和市场结构压力。评级依据：当日公司直播确认的发射中止, S3 Partners短仓数据, KeyBanc解禁估算, 与SPCX直接相关原文字数：874

中文摘要

核心结论

星舰发动机点火异常导致发射自动中止，SPCX 在跌破135美元发行价后继续承压；短仓快速增至流通股的29%，后续解禁又可能扩大可交易股份。

重要性评级

评级：5/5（高优先级）

文章同时提供发射故障、股价、做空和解禁数据，是当日解释 SPCX 波动最完整的材料之一。

关键事实

SpaceX 原计划在美东时间 07/16 18:45（UTC+8 07/17 06:45）开始90分钟发射窗口，部分发动机未能启动，系统自动中止。
马斯克表示将更换两台 Raptor（猛禽）发动机，下一次尝试最可能在下周初。
SPCX 常规时段收于131.11美元，下跌3.1%，盘后再跌逾3%，已连续五个交易日走低，过去一个月累计下跌35%。
S3 Partners（做空数据机构）称短仓约1.85亿股，占流通股29%，名义规模250亿美元；三周前仅约4000万股、占5%至7%。
初始流通量约占130亿股总股本的5%；KeyBanc 估计二季度业绩前后或再解禁11%，其后还有若干4%批次。马斯克所持42%股份锁定至2027年6月。
本次任务原拟部署20颗新一代 Starlink（星链）卫星，并验证星舰V3及 Artemis（阿尔忒弥斯登月计划）相关能力。

作者观点与证据

文章将发射延期、股价下跌、短仓增加和解禁预期并列为压力来源。发动机故障来自公司直播和马斯克发言；短仓来自S3，解禁节奏来自KeyBanc。散户目标价和情绪属于平台用户观点，证据强度较低。

与相关标的的关系

SPCX 与事件直接相关。发射可靠性影响星链部署、发射成本和载荷能力预期；低初始流通比例及后续解禁会改变供需结构。

时效性与限制

发布于美东时间 07/16 21:11（UTC+8 07/17 09:11）。下一次发射仅为管理层初步判断，解禁规模属于机构估算，尚无本文所载公司正式时间表。

后续跟踪

两台猛禽发动机检查与更换结果
下周初是否重新开放发射窗口
实际解禁批次与新增流通量
短仓占比及借券成本变化

英文原文

SPCX Stock Extends Post-IPO Rout: Starship Launch Scrub Deepens Slide As Short Sellers Build $25B Bear Bet

Deepti Sri

Fri, July 17, 2026 at 9:11 AM GMT+8 4 min read

SPCX

-3.08%

The latest Starship launch was scrubbed after some engines failed to start, triggering an automatic abort.

Musk said two Raptor engines would be replaced, with another launch attempt likely early next week.

The delayed Starship mission was meant to deploy 20 Starlink satellites and advance SpaceX's Starlink and Artemis ambitions.

SpaceX (SPCX) shares extended their post-IPO selloff in extended-trading hours on Thursday after the company scrubbed the latest launch of its Starship mega rocket, adding fresh pressure to a stock already trading below its $135 offering price.

SPCX stock fell more than 3% overnight after closing at $131.11 on Thursday, down 3.1% during the regular session. Shares have now declined for five consecutive trading days and remain sharply below the record highs reached shortly after SpaceX's blockbuster public debut last month.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

SpaceX Launch Scrub Raises Fresh SPCX Concerns

SpaceX had planned to launch Starship from its Starbase facility in South Texas during a 90-minute window beginning at 6:45 p.m. ET on Thursday. Minutes after the launch window opened, however, the company announced during its livestream that it was standing down for the day. "Some of the engines didn't start, triggering an automatic launch abort," Musk said on X. He also said in a separate post that two Raptor engines would be removed and replaced before SpaceX attempted another launch with a "most probable" launch timing of early next week.

A SpaceX employee said during the livestream that a hold was triggered on the Super Heavy booster, which shut down its engines as they were beginning to ignite. The scrubbed launch would have marked the first flight of Starship V3, the latest version of SpaceX's roughly 400-foot-tall reusable rocket, since the company completed its record-setting IPO last month.

SPCX shares had slipped below their $135 IPO price on Wednesday, even before the aborted Starship launch, marking the first time the stock traded beneath its offering level. Economist Peter Schiff warned on X that more pain could be ahead, noting that SPCX is already "6.5% below its IPO price and 44% below its high" before any major lockups expire. Those expirations could "expand the potential tradable float 8X by year-end," he said, adding: "Houston, we have a problem!"

SPCX Short Bets Jump To 29% Of Float

Bearish bets against SpaceX have swelled to about 185 million shares, or 29% of the public float, worth $25 billion, according to S3 Partners. Just three weeks earlier, short interest stood near 40 million shares, representing about 5% to 7% of the float. S3's Matthew Unterman said that demand from short sellers has remained strong since the IPO, as traders bet on further weakness amid launch setbacks, a sliding share price and looming stock unlocks, CNBC noted.

Story Continues

Only about 5% of SpaceX's 13 billion shares were initially available for trading. KeyBanc estimates another 11% could unlock around second-quarter earnings, followed by additional 4% tranches and later releases tied to milestones and third-quarter results, as per the CNBC report. Musk's 42% stake remains locked until June 2027.

Scrubbed Starship Mission Delays

The scrubbed mission was set to carry 20 next-generation Starlink satellites and test progress on Starship, a rocket central to SpaceX's plans for Starlink expansion, cheaper launches and NASA's Artemis program. The flight followed a troubled May test in which several booster engines failed to reignite, sending the Super Heavy stage into the Gulf of Mexico. The Federal Aviation Administration (FAA) later cleared Starship to fly after SpaceX introduced hardware and software fixes tied to propulsion heat effects and faulty engine-alarm settings.

How Do Retail Traders Feel About SPCX?

On Stocktwits, retail sentiment for SPCX has been 'bearish' over the past week amid a modest 10% rise in 24-hour message volumes.

SPCX sentiment and message volume as of July 16| Source: Stocktwits One bearish user said , "$SPCX it won't relaunch for days, the problem is that they should launch every day at regime.. datacenters are not feasible, at least in the short term... it's a mess, 13$ EOY"

Another user said , "$SPCX Fair value for this stock at the moment is around $30 tops, all the insiders bought under $10, they already have their market sell orders in when the lockout period ends"

SPCX stock declined 35% over the past month.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Deepti Sri has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

DJT Stock Slips Overnight: Truth Social To Sell Wall Street 'Fastest' Access To Trump's Posts

Why Did IBM, ORCL, SMR Stocks Drop To 52-Week Lows Today?

Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus

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亚马逊自研芯片锁定巨额需求

重要性5/5 高

披露了亚马逊自研芯片业务少见的规模、客户承诺和供需数据，并清楚呈现资本开支代价。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-17重要性：5/5 高评级理由：披露了亚马逊自研芯片业务少见的规模、客户承诺和供需数据，并清楚呈现资本开支代价。评级依据：AMZN与NVDA直接相关, 业务规模数据稀缺, 客户容量承诺具体, AWS财务数据完整, 现金流风险显著原文字数：980

中文摘要

核心结论

亚马逊称其部署于 AWS（亚马逊云服务）的自研芯片业务年化收入已超过200亿美元，Trainium（人工智能训练加速器）拥有超过2250亿美元收入承诺。需求和云业务增长强劲，但巨额资本开支已显著压缩自由现金流，且承诺金额不等同于已确认收入。

重要性评级

评级：5/5（高）

文章提供自研芯片收入、客户容量承诺、供需状态及资本开支数据，直接影响 AMZN、NVDA 与云计算竞争判断。

关键事实

亚马逊首席执行官 Andy Jassy 称，若自研芯片对外销售，其假设年化收入约为500亿美元。
当前Graviton处理器、Trainium加速器和Nitro网络芯片在AWS内部形成的年化收入超过200亿美元，同比增长率达到三位数。
自研芯片业务第一季度环比增长近40%，Trainium收入承诺超过2250亿美元。
OpenAI承诺自2027年起使用约2吉瓦Trainium容量，Anthropic将获得最多5吉瓦当前及未来代际容量。
Meta计划部署数千万个Graviton处理器核心。
Trainium2价格性能比可比GPU（图形处理器）高约30%，已基本售罄；2026年初出货的Trainium3接近全部订满，Trainium4已有大量预订。
亚马逊仍计划自2026年起部署超过100万块Nvidia GPU。
AWS第一季度收入376亿美元，同比增长28%；营业利润142亿美元，同比增长23%。
亚马逊预计2026年资本开支约2000亿美元，过去十二个月自由现金流由259亿美元降至12亿美元。
约255美元股价对应约30倍市盈率，但第一季度利润包含168亿美元Anthropic投资税前收益。
文章发布于美东时间 07/16 21:01（UTC+8 07/17 09:01）。

作者观点与证据

作者认为Trainium无需取代Nvidia，只要降低AWS算力成本并扩大云业务即可创造价值。收入承诺、芯片订阅率和AWS增速支持这一判断；500亿美元是对外销售的假设值，业务利润未单独披露，2250亿美元承诺的期限和收入确认节奏也不清楚。

与相关标的的关系

AMZN直接受益于自研芯片的成本控制与AWS差异化；NVDA面临部分工作负载被云厂商自研芯片替代，但亚马逊仍是其大型客户。META、OpenAI与Anthropic构成需求证据。

时效性与限制

文章引用春季第一季度电话会数据，发布日虽新，部分事实并非当日新增。Anthropic投资收益抬高了亚马逊当前市盈率计算中的利润基数。

后续跟踪

Trainium收入承诺的合同期限与转化率。
AWS自研芯片业务利润率和外部使用规模。
2026年资本开支与自由现金流。
Nvidia GPU部署与Trainium容量的并行增长。

英文原文

Andy Jassy Says Amazon

Andy Jassy Says Amazon's Chip Business Already Has $225 Billion in Commitments

Daniel Sparks, The Motley Fool

Fri, July 17, 2026 at 9:01 AM GMT+8 4 min read

AMZN

-1.99%

NVDA

-2.40%

Amazon (NASDAQ: AMZN) CEO Andy Jassy put a striking number on one of his company's least-discussed businesses this spring. If Amazon's in-house chip operation were a stand-alone company that sold the chips it produces to outside buyers, he said on the company's first-quarter earnings call in April, its annual revenue run rate would be about $50 billion.

The business as it actually runs today is no small thing either. Amazon's custom chip unit -- Graviton processors, Trainium artificial intelligence (AI) accelerators, and Nitro networking chips, all deployed inside Amazon Web Services (AWS) -- has an annual revenue run rate above $20 billion, growing at triple-digit percentage rates year over year.

And customers have lined up. Jassy said in the company's first-quarter earnings call that it now holds more than $225 billion in revenue commitments for Trainium.

Numbers like those suggest Amazon is building something bigger than an internal cost-saving project. Here's a closer look at the chip business, and what it could mean for the stock.

Image source: Amazon.com Inc.

A $20 billion business inside AWS

Amazon's chips business grew nearly 40% quarter over quarter in the first quarter alone, Jassy said on the earnings call. And as best the company can tell, he added, its custom silicon operation is now "one of the top three data center chip businesses in the world."

The $225 billion commitment figure comes with recognizable names attached. Amazon's first-quarter report disclosed a commitment from OpenAI to consume approximately two gigawatts of Trainium capacity beginning in 2027, and an agreement under which Anthropic will secure up to five gigawatts of current and future generations of Trainium chips. Uber is using Graviton chips to match riders with drivers. And Meta Platforms signed on to deploy tens of millions of Graviton cores.

Demand is running ahead of supply, too.

"Our Trainium2 chip has about 30% better price-performance than comparable GPUs, and has largely sold out," Jassy said on the call. Trainium3, which started shipping at the beginning of 2026, is nearly fully subscribed. And much of Trainium4, still more than a year from broad availability, has already been reserved.

A challenger to Nvidia, within limits

Of course, Nvidia is still much bigger. Its graphics processing units (GPUs) dominate AI data centers, and Amazon itself remains a huge Nvidia customer -- the same first-quarter report that touted Trainium also announced plans to deploy more than 1 million Nvidia GPUs starting in 2026.

Story Continues

Trainium's selling point is cost per unit of computing, and Amazon offers its chips only through AWS.

Jassy's $50 billion figure is also a hypothetical. It describes what the business would look like if Amazon sold its chips on the open market the way other chipmakers do, which today it mostly doesn't. Amazon doesn't break out the unit's profits, either, so investors can't yet see what all this silicon earns.

But the chip momentum sits inside a cloud business that is accelerating. AWS revenue grew 20% for all of 2025, then 24% in the fourth quarter, then 28% in the first quarter of 2026, reaching $37.6 billion -- growth Jassy called the segment's fastest in 15 quarters. AWS also produced $14.2 billion of operating income in the first quarter, up 23% from $11.5 billion a year earlier.

That growth is expensive. Amazon expects about $200 billion in capital expenditures across the company in 2026, and its free cash flow for the trailing 12 months fell to $1.2 billion from $25.9 billion a year earlier as AI investments ramped up.

The spending is the main risk here. If demand for AI computing cools before these investments pay for themselves, Amazon's profits and its stock could suffer.

Still, the stock arguably isn't asking investors to pay much for the chip business. At about $255 per share as of this writing, Amazon trades at about 30 times earnings, though earnings get a boost from a $16.8 billion pre-tax gain on the company's Anthropic investment booked in the first quarter. Excluding it, the multiple would be somewhat higher. Even so, shares are up a modest 10% or so this year while AWS accelerates.

Ultimately, I don't think Trainium needs to beat Nvidia for Amazon shareholders to win. A chip business with a $20 billion run rate, triple-digit growth, and $225 billion in commitments strengthens the case for a stock priced like this while its biggest profit engine accelerates. I already liked Amazon at this price. The chip business is one more reason.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again

In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you'd invested $5,000 then, you'd be sitting on $2,759,194 today.*

Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It's a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast.

Continue »

*Stock Advisor returns as of July 13, 2026

Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Meta Platforms, Nvidia, and Uber Technologies. The Motley Fool has a disclosure policy .

Andy Jassy Says Amazon's Chip Business Already Has $225 Billion in Commitments was originally published by The Motley Fool

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Gemini延期冲击谷歌预期

重要性5/5 高优先级

旗舰模型延期是GOOG当日直接产品事件，市场反应清晰，并涉及企业人工智能竞争位置。

标签

标的：`GOOG`来源：StockStory发布日期：2026-07-17重要性：5/5 高优先级评级理由：旗舰模型延期是GOOG当日直接产品事件，市场反应清晰，并涉及企业人工智能竞争位置。评级依据：旗舰模型延期报道, 谷歌发言人回应, GOOG单日跌幅, 直接影响产品竞争预期原文字数：520

中文摘要

核心结论

Gemini 3.5 Pro（谷歌旗舰人工智能模型）因编程能力未达内部预期而据报延期数月，市场担心谷歌在企业人工智能竞争中落后，Alphabet 股价收跌4.4%。

重要性评级

评级：5/5（高优先级）

产品延期与 GOOG 直接相关，并有公司测试状态回应和明确市场反应，是当日关键公司事件。

关键事实

报道称 Gemini 3.5 Pro 发布将推迟数月，重点改进软件编程能力。
模型曾在5月 Google I/O（谷歌开发者大会）公布，但目前没有明确的消费者发布日期。
谷歌发言人确认正与合作伙伴及美国政府测试3.5 Pro。
OpenAI、Anthropic 和 Meta 近期推出竞争模型，增加谷歌的交付压力。
Alphabet 收于354.64美元，较前收盘下跌4.4%；盘中跌幅约4.5%。
股价年初至今上涨12.9%，较2026年5月创下的402.62美元52周高点低11.6%。

作者观点与证据

文章把股价下跌归因于延期报道，并认为市场将消息视为重要。延期与内部表现来自媒体报道，公司只确认持续测试，未确认具体发布日期或数月延期幅度。文末“市场过度反应”及推广内容属于发行方观点。

与相关标的的关系

GOOG 直接承受旗舰模型交付节奏和企业人工智能份额预期变化。META 作为竞争者出现，文章未给出其收入或用户份额因此变化的证据。

时效性与限制

发布于美东时间 07/16 20:57（UTC+8 07/17 08:57）。消费者发布日期、内部基准测试及延期时长均未公开，股价反应不能单独证明长期竞争地位已经改变。

后续跟踪

Gemini 3.5 Pro 正式发布日期
编程基准与推理成本
合作伙伴测试反馈
企业客户采用及云收入变化

英文原文

Why Alphabet (GOOGL) Stock Is Falling Today

Petr Huřťák

Fri, July 17, 2026 at 8:57 AM GMT+8 3 min read

GOOG

-4.43%

META

-2.46%

Why Alphabet (GOOGL) Stock Is Falling Today

What Happened?

Shares of online advertising giant Alphabet (NASDAQ:GOOGL) fell 4.5% in the afternoon session after reports revealed that the release of its flagship Gemini 3.5 Pro AI model has been delayed by several months.

Alphabet would take more time to improve the model's capabilities, particularly in software coding, where it reportedly fell short of internal expectations. The setback came at a critical time in the AI race, as rivals like OpenAI, Anthropic, and Meta debuted more competitive models.The market reacted negatively because Gemini 3.5 Pro, which was first announced at the Google I/O developer conference in May, is viewed as a crucial catalyst for Alphabet to maintain its competitive edge in enterprise AI.

A multi-month delay raises concerns that Google is losing ground to its peers, potentially threatening its long-term market share in generative AI applications. While a Google spokesperson confirmed the company is currently testing the 3.5 Pro model with partners and the U.S. government, the lack of a firm consumer rollout date has weighed heavily on investor sentiment.

The shares closed the day at $354.64, down 4.4% from the previous close.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Alphabet? Access our full analysis report here, it's free .

What Is The Market Telling Us

Alphabet's shares are not very volatile and have only had 4 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The previous big move we wrote about was 17 days ago when the stock gained 5% on the news that the company's shares officially debuted in the Dow Jones Industrial Average taking the slot vacated by Verizon.

The Dow milestone is symbolic more than mechanical. The real driver was a relief bounce in an oversold name, helped by a risk-on tape after the US-Iran de-escalation. Index inclusion forces Dow-tracking funds to buy GOOGL, and at ~$350 a share, Alphabet immediately becomes a top component.

Alphabet is up 12.9% since the beginning of the year, but at $355.80 per share, it is still trading 11.6% below its 52-week high of $402.62 from May 2026. Investors who bought $1,000 worth of Alphabet's shares 5 years ago would now be looking at an investment worth $2,802.

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伯克希尔加码Alphabet

重要性5/5 高

同时包含伯克希尔重大持仓决策和Alphabet高密度经营数据，直接关联GOOG与BRK-B。

标签

标的：`GOOG`, `NVDA`来源：Motley Fool发布日期：2026-07-17重要性：5/5 高评级理由：同时包含伯克希尔重大持仓决策和Alphabet高密度经营数据，直接关联GOOG与BRK-B。评级依据：重大机构持仓确认, 100亿美元私募投资, 云业务数据密集, 资本开支风险明确, GOOG与BRK-B直接相关原文字数：1051

中文摘要

核心结论

巴菲特确认由自己发起伯克希尔对 Alphabet 的投资，并承认早年错过该公司；持仓现值约310亿美元。文章认为 Alphabet 的云业务增长、积压合同和相对温和估值构成支撑，1900亿美元级资本开支则考验未来现金回报。

重要性评级

评级：5/5（高）

伯克希尔决策归属、100亿美元私募投资及Alphabet最新经营数据均具有较高公司与市场关注度。

关键事实

巴菲特周三向CNBC确认“由我发起”Alphabet投资，并称早年未投资是错误。
伯克希尔于2025年第三季度首次披露Alphabet持仓，2026年初把持仓扩大到三倍以上。
2026年6月，伯克希尔同意通过私募向Alphabet投入100亿美元，包括50亿美元A类股和50亿美元C类股。
当前持仓价值约310亿美元，是伯克希尔较大的股票持仓之一。
巴菲特表示Alphabet并非其最偏爱的四五项业务之一，并提示人工智能投入规模巨大；他同时确认现任首席执行官Greg Abel是最终决策者。
Alphabet第一季度收入1099亿美元，同比增长22%，连续第11个季度实现两位数增长。
营业利润率提高约2个百分点至36.1%，每股收益增长82%至5.11美元；营业利润增长30%。
Google Cloud（谷歌云）收入增长63%至200亿美元，积压合同超过4600亿美元，较前季接近翻倍。
公司预计两年内确认略高于一半的云业务积压合同。
2026年资本开支预计1800亿至1900亿美元，股价约对应28倍市盈率。
文章发布于美东时间 07/16 20:53（UTC+8 07/17 08:53）。

作者观点与证据

作者看重Alphabet超过20%的收入增长、云业务加速及接近大盘的估值。每股收益增长较多来自未实现股权投资收益，基础经营应更多参考30%的营业利润增幅；高额人工智能资本开支能否产生足够回报仍是主要争议。

与相关标的的关系

GOOG与BRK-B直接相关；AAPL是伯克希尔既往大型科技持仓的背景参照，NVDA与Alphabet人工智能资本开支供应链间接相关。

时效性与限制

文章没有给出伯克希尔各次买入的精确成本，也未拆分100亿美元私募的定价条件。作者对估值吸引力的判断带有主观性。

后续跟踪

伯克希尔后续监管文件中的持股数量和成本。
谷歌云积压合同的收入转化。
1800亿至1900亿美元资本开支对自由现金流的影响。
搜索、YouTube与云业务的利润贡献。

英文原文

Warren Buffett Just Revealed He -- Not Greg Abel -- Made Berkshire

Warren Buffett Just Revealed He -- Not Greg Abel -- Made Berkshire's Big Alphabet Bet. Should You Follow Him In?

Daniel Sparks, The Motley Fool

Fri, July 17, 2026 at 8:53 AM GMT+8 5 min read

GOOG

-4.43%

BRK-B

+0.98%

NVDA

-2.40%

AAPL

+1.76%

When Berkshire Hathaway revealed a large Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) position last year, the easy assumption was that new CEO Greg Abel was behind it. Warren Buffett , after all, had spent decades steering clear of big technology bets outside of Apple.

On Wednesday, Buffett set the record straight. "I initiated it," he told CNBC, adding that not buying the search giant sooner was a mistake.

It was a candid admission from an investor who rarely second-guesses himself in public. And it landed as the stock traded near an all-time high, up about 3% on the day and more than double where it sat a year ago.

So should regular investors follow Buffett into Alphabet here?

Image source: Getty Images.

How the bet came together

Berkshire first disclosed its Alphabet stake in the third quarter of 2025, then more than tripled it early this year. In June, it went further. The conglomerate agreed to buy $10 billion of stock directly from the company in a private placement ($5 billion of Class A shares and $5 billion of Class C shares) to help fund Alphabet's artificial intelligence (AI) build-out. All told, the position is now worth about $31 billion, one of Berkshire's larger equity holdings and its biggest new technology bet in years.

Buffett was refreshingly blunt about where it ranks for him. He said he doesn't like Alphabet as well as "at least four or five other businesses that we own," and he flagged the enormous sums the company and its rivals are pouring into AI.

"[T]hey're all laying out hundreds of billions, and that's real money," he said.

He was just as clear about who runs Berkshire now. "We talk all the time," Buffett said of Abel, "but he is the decider."

The business behind the conviction

Buffett's concerns are worth holding onto. But so is the reason he bought in the first place: Alphabet is putting up some of its strongest numbers in years.

In the first quarter of 2026, revenue rose 22% year over year to $109.9 billion, the company's 11th straight quarter of double-digit growth. Operating margin expanded about 2 percentage points to 36.1%, and earnings per share soared 82% to $5.11. Most of that jump, though, came from unrealized gains on the company's equity investments rather than the core business -- operating income grew 30%.

Story Continues

The standout remains Google Cloud. Segment revenue jumped 63% year over year to $20 billion, a sharp acceleration, and the cloud backlog (contracted work not yet booked as revenue) nearly doubled from the prior quarter to more than $460 billion. Alphabet expects to recognize just over half of that backlog as revenue within two years, so the demand converts on a near horizon, not a distant one.

And the strength is broad. The company pointed to solid results across the business, from search to YouTube, not just the cloud unit grabbing headlines.

Of course, advertising still pays most of the bills. But a fast-growing, increasingly profitable cloud arm gives Alphabet a second engine of growth that advertising alone never provided. For a company this size, an accelerating segment as large as the cloud is unusual, and it is a big reason Alphabet's overall growth has climbed rather than faded.

The risk is the one Buffett named. To serve all that demand, Alphabet expects to spend $180 billion to $190 billion on capital expenditures this year, with more to come in 2027. If those investments don't earn their keep, the spending will weigh on free cash flow and margins for years to come. That is the central bet, and it is not a small one.

Which brings the story back to price. Alphabet trades at about 28 times earnings -- only a touch above the S&P 500 's multiple, and cheaper than most of its megacap AI peers. For a business compounding at better than 20% with an accelerating, increasingly profitable cloud arm, I'd call that reasonable rather than stretched.

In my view, Alphabet is a buy here, though not because Buffett owns it. The real case is the combination of 20%-plus revenue growth, a cloud business that keeps accelerating, and a valuation in line with the market. The heavy AI spending is the risk worth watching, as Buffett himself pointed out. But at today's price, I'm comfortable owning Alphabet, endorsement or not.

Should you buy stock in Alphabet right now?

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*Stock Advisor returns as of July 16, 2026.

Daniel Sparks and his clients have positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Alphabet and Berkshire Hathaway. The Motley Fool has a disclosure policy .

Warren Buffett Just Revealed He -- Not Greg Abel -- Made Berkshire's Big Alphabet Bet. Should You Follow Him In? was originally published by The Motley Fool

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Nebius大单凸显融资压力

重要性5/5 高

大额客户合同与巨额融资缺口同时出现，为人工智能云需求和资本强度提供了高价值样本。

标签

标的：`NBIS`, `NVDA`来源：TheStreet发布日期：2026-07-17重要性：5/5 高评级理由：大额客户合同与巨额融资缺口同时出现，为人工智能云需求和资本强度提供了高价值样本。评级依据：NBIS与NVDA直接相关, 合同金额超过10亿美元, 收入与容量数据完整, 资本开支大幅上调, 新增融资与稀释风险原文字数：834

中文摘要

核心结论

Nebius与人工智能初创公司Reflection签订超过10亿美元的算力协议，进一步验证其GPU（图形处理器）容量需求。公司为履约将2026年资本开支上调至200亿至250亿美元，现有现金不足以完全覆盖扩张，新增债务或股权稀释成为主要风险。

重要性评级

评级：5/5（高）

合同、容量、收入、资本开支和融资计划数据完整，直接反映人工智能云基础设施需求与资本强度。

关键事实

Reflection于07/14（未给出具体时刻）宣布与Nebius签订价值超过10亿美元的算力协议，包括使用Nvidia最新芯片。
Nebius股价07/15（未给出具体时刻）盘中上涨约4%至201.81美元，最高203.25美元，前一日收于194.09美元。
Nebius客户包括Microsoft和Meta；与Meta签有五年、最高270亿美元的算力协议。
已签约容量超过3.5吉瓦，公司把年末目标上调至超过4吉瓦。
第一季度集团收入3.99亿美元，同比增长684%；人工智能云收入3.897亿美元，同比增长841%。
第一季度资本开支约25亿美元，上年同期为5.44亿美元。
2026年资本开支指引由160亿至200亿美元上调为200亿至250亿美元。
第一季度末现金93亿美元，此前融资63亿美元，其中包括Nvidia的20亿美元股权投资和43亿美元可转换证券。
管理层预计近期还需通过资产担保融资和公司债务筹集数十亿美元中段规模资金。
公司尚未使用场内股票发行计划，但仍在评估。
文章发布于美东时间 07/16 20:37（UTC+8 07/17 08:37）。

作者观点与证据

文章判断Nebius当前需求强于供给，融资能力比获客更具约束。大额合同、收入增速和已签容量支持需求判断；合同履约收入、客户预付款及项目融资能否覆盖资本开支尚未确定。文中引用的多空观点均来自评论作者，其中看多者披露持有Nebius。

与相关标的的关系

NBIS承担建设和融资风险；NVDA既是芯片供应商也是股权投资方；MSFT和META构成客户需求依据。算力价格若随新增供给下降，Nebius长期利润率可能受压。

时效性与限制

合同金额代表协议价值，未披露收入确认时间和最低采购保障。股价随后波动较大，单日反应不能替代项目经济性评估。

后续跟踪

Reflection合同的期限、预付款和收入确认。
资产担保融资及公司债务的利率与规模。
4吉瓦容量目标的建设进度和利用率。
股权发行、债务负担与算力价格。

英文原文

Nebius lands $1 billion AI deal as one major risk looms

Shuning Zhao

Fri, July 17, 2026 at 8:37 AM GMT+8 4 min read

NBIS

-13.90%

NVDA

-2.40%

Nebius Group's latest $1 billion artificial intelligence contract suggests customer demand is not the company's biggest problem. Paying to build the capacity may be.

AI startup Reflection said on July 14 that it had signed a deal worth more than $1 billion to secure computing capacity from Nebius ( NBIS ), including access to Nvidia 's ( NVDA ) latest chips.

Nebius shares rose about 4% to $201.81 in midday trading July 15 . The stock climbed as high as $203.25 during the session after closing at $194.09 the previous day.

Reflection, founded by two former Google DeepMind researchers, develops open-source models positioned as alternatives to systems from OpenAI and Anthropic.

We typically see several customers competing for every GPU we bring online.

The agreement adds to the evidence that demand for Nebius' computing capacity remains strong. It also raises questions about how the company will finance the data centers and hardware needed to fulfill its growing backlog.

Nebius' latest deal adds to evidence of strong AI demand

AI developers are racing to lock in the computing power needed to train and operate increasingly sophisticated models as demand growth outpaces new data-center supply .

That imbalance has benefited Nebius, an Amsterdam-based AI cloud provider that supplies Nvidia graphics processing units and computing platforms to developers.

Nebius' first-quarter revenue nearly octupled from a year earlier, driven primarily by its core AI cloud business. The company said growth came from adding capacity while maintaining strong pricing and utilization.

Its customer base already includes Microsoft ( MSFT ) and Meta Platforms ( META ). Nebius signed a five-year agreement to provide Meta with as much as $27 billion in computing capacity.

The company also said its contracted capacity had exceeded 3.5 gigawatts , prompting it to raise its year-end target to more than 4 gigawatts.

More AI:

The new Chinese AI model rattling U.S. tech investors

Anthropic restores access to Mythos 5 for select organizations

SoftBank CEO offers stinging critique of Musk's AI bet

Nebius' growth plan comes with a $25 billion price tag

Nebius spent about $2.5 billion on capital expenditures during the first quarter, compared with $544 million a year earlier. The spending was primarily driven by purchases of GPUs, related hardware, and data-center expansion.

The company raised its full-year capital expenditure forecast to between $20 billion and $25 billion, from its previous estimate of $16 billion to $20 billion.

Story Continues

Nebius ended the first quarter with $9.3 billion in cash after raising $6.3 billion, including a $2 billion equity investment from Nvidia and $4.3 billion from convertible securities.

But management has indicated that additional financing will be needed. Nebius is pursuing asset-backed financing and corporate debt and said it plans to raise a mid-single-digit number of billions of dollars through those options in the near term.

Related: Morgan Stanley resets Nebius stock price forecast

The company is also seeking more upfront payments from customers to reduce its reliance on debt and equity. It has not used its at-the-market stock-sale program but continues to evaluate that option.

Additional borrowing would increase Nebius' financial obligations, while future stock sales could dilute existing shareholders.

Key numbers behind Nebius' growth story

More than $1 billion : Value of the Reflection computing agreement

$399 million : Nebius' first-quarter group revenue

684%: First-quarter year-over-year revenue growth

$389.7 million: First-quarter AI cloud revenue

841%: AI cloud year-over-year revenue growth

$20 billion to $25 billion : Nebius' expected 2026 capital expenditures

Nebius bulls and bears split over the cost of growth

Seeking Alpha contributor James Foord upgraded Nebius to strong buy on July 15, arguing that its fundamentals and AI demand remain strong.

Foord said Nebius' growing use of partner-backed data-center projects could help it expand internationally without placing the full cost of every facility on its balance sheet . He disclosed a beneficial long position in Nebius.

Cavenagh Research reached the opposite conclusion in a July 6 Seeking Alpha article, rating Nebius a sell .

The contributor acknowledged that the company benefits from the current shortage of AI infrastructure but argued that its capital intensity, potential shareholder dilution and uncertain long-term economics could weigh on returns. Cavenagh Research also warned that falling AI-computing prices could eventually pressure margins as more capacity enters the market.

The author disclosed no position in Nebius.

Yuichiro Chino / Getty Images The Reflection deal gives Nebius another major customer. Investors will now be watching whether the company can bring the required capacity online without relying too heavily on additional debt or share issuance.

Related: Goldman Sachs revisits Nebius stock price target after earnings

This story was originally published by TheStreet on Jul 16, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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台积电扩产支撑英伟达需求

重要性5/5 高

台积电业绩、需求指引和美国先进封装投资均是英伟达供应链的直接高质量信号。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-17重要性：5/5 高评级理由：台积电业绩、需求指引和美国先进封装投资均是英伟达供应链的直接高质量信号。评级依据：TSM与NVDA直接相关, 季度业绩数据完整, 先进封装扩产明确, 管理层需求表态, 多年投产周期未披露原文字数：949

中文摘要

核心结论

台积电第二季度收入和利润强劲增长，并把美国制造总投资提高至2650亿美元，其中新增先进封装能力可缩短英伟达芯片跨境生产流程。管理层称云服务客户的人工智能需求信号强劲，但文章对英伟达估值的乐观判断主要来自作者推演。

重要性评级

评级：5/5（高）

台积电财务、产能投资与客户需求表态均直接关联NVDA和全球人工智能芯片供应链。

关键事实

台积电第二季度收入增长33%至超过400亿美元。
每股收益增长77%至4.31美元。
公司预计第三季度收入446亿至458亿美元。
台积电将在亚利桑那州追加1000亿美元制造投资，使当地总投资达到2650亿美元。
投资范围包括先进封装工厂；此前部分在美国制造的英伟达芯片仍需运往台湾完成封装。
台积电首席执行官魏哲家称，客户及客户的客户所传递的需求信号“非常强劲”，主要来自云服务商。
文章称英伟达按预期利润计算的远期市盈率约23倍。
文内行情显示 TSM 下跌2.32%、NVDA下跌2.40%。
文章发布于美东时间 07/16 20:30（UTC+8 07/17 08:30）。

作者观点与证据

作者把台积电扩建美国先进封装能力和管理层需求表态视为英伟达增长持续的依据。台积电数据能验证代工景气和产能投入，却不能单独证明英伟达未来订单、利润率或估值上升；文末含股票订阅推广内容。

与相关标的的关系

TSM直接承担扩产投入并获得多家芯片设计客户需求；NVDA可能受益于美国先进封装缩短流程和云计算需求增长。台积电同时服务AMD等客户，其整体增长不能全部归因于英伟达。

时效性与限制

亚利桑那投资是多年期计划，投产时间、良率与单位成本未在文章中披露。23倍远期市盈率依赖分析师盈利预测。

后续跟踪

亚利桑那先进封装产能投产时间与良率。
台积电第三季度收入和人工智能业务占比。
英伟达供货周期、订单与毛利率。
云服务商资本开支及芯片需求。

英文原文

TSMC Just Announced Fantastic News for Nvidia Shareholders

Adria Cimino, The Motley Fool

Fri, July 17, 2026 at 8:30 AM GMT+8 4 min read

-2.32%

NVDA

-2.40%

When you want to know what's on the horizon for Nvidia (NASDAQ: NVDA), it's a great idea to look to Taiwan Semiconductor Manufacturing Co. (NYSE: TSM). These companies work hand-in-hand, and TSMC, as the world's biggest chip manufacturer, has a particularly broad view of the chip market.

TSMC just reported quarterly earnings, and both revenue and profit blew past estimates. The company has been on a roll, with earnings soaring quarter after quarter amid the artificial intelligence (AI) boom. Companies have rushed to TSMC to manufacture their chips to keep up with soaring demand.

And in this latest report, TSMC delivered two pieces of news that offer Nvidia shareholders a reason to cheer.

Image source: Getty Images.

Making the chips of many

As mentioned, TSMC dominates the chip manufacturing space, producing the chips of market leaders from Nvidia to Advanced Micro Devices . It's important to remember that these TSMC customers design their chips, but they don't have manufacturing capabilities, so instead turn to the expert, TSMC, for that. TSMC benefits from the successes of many market giants, so it's not too surprising that the manufacturer has seen earnings explode higher in recent years.

In the second quarter, TSMC's revenue soared 33% to more than $40 billion, and earnings per share jumped 77% to $4.31. And the company forecasts third-quarter revenue in the range of $44.6 billion to $45.8 billion.

Now, let's consider the two pieces of news that are positive for Nvidia shareholders. TSMC says it will increase its manufacturing investment in Arizona by $100 billion -- this brings its total investment in manufacturing there to $265 billion.

This includes advanced packaging fabs -- TSMC has done some manufacturing for Nvidia in the U.S., but the chips have been sent to Taiwan for the advanced packaging steps, since the expertise has traditionally been there. The idea of a ramp-up in advanced packaging capabilities in the U.S. is excellent news, as it could save customers such as Nvidia time and money.

AI chip demand

The second piece of good news has to do with TSMC's comments on the demand situation. Due to the company's work with so many chip designers, it remains in close contact with them and their customers. All of this offers TSMC a broad and accurate view of what's happening in the market and potentially what's to come.

Story Continues

TSMC chief executive officer C.C. Wei said that signals from customers and their customers, mainly cloud players, are "very strong."

This is key because it shows that chip players aren't just launching manufacturing for potential demand but instead for the needs of customers flocking to cloud service providers for compute. It's also important to note that cloud companies communicate with their customers and have visibility regarding their customers' future needs. All of this suggests the demand that Wei speaks of could be long-lasting.

Nvidia's growth

Nvidia, as a market leader that's seen its earnings and stock price skyrocket, has faced concerns that its fastest-growth days may be behind it. Investors have worried that the high levels of spending by tech companies on AI infrastructure may drop off at some point -- and that AI-driven revenue may disappoint. If this actually happens, it would be terrible news for Nvidia.

But so far, and now freshly supported by TSMC, the AI growth story remains strong. This means that Nvidia looks like an incredibly dirt cheap buy at today's valuation. As investors worried about the company's growth potential, they rotated out of the stock, and that has left it trading at 23x forward earnings estimates. Meanwhile, general market uncertainties have also pushed investors to sell some of their AI winners -- and we could imagine Nvidia among this bunch -- and rotate into other sectors.

Considering Nvidia's bargain price right now and TSMC's fantastic news, the stock is one to buy and hold onto as this AI story continues.

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TSMC Just Announced Fantastic News for Nvidia Shareholders was originally published by The Motley Fool

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分析师上调联合太平洋目标价

重要性3/5 中

多家机构评级对UNP定价有直接影响，但文章缺少公司基本面更新。

标签

标的：`NVDA`来源：Motley Fool发布日期：2026-07-17重要性：3/5 中评级理由：多家机构评级对UNP定价有直接影响，但文章缺少公司基本面更新。评级依据：UNP直接相关, 三家机构连续调整, 股价反应明确, 主要依据为分析师预测, 缺少经营数据原文字数：551

中文摘要

核心结论

三家机构连续给出联合太平洋积极评级或更高目标价，推动股价周四上涨近4%。主要论据是美国经济处于复苏早期，运输行业盈利可能改善，但文章没有新增公司经营数据验证这一宏观判断。

重要性评级

评级：3/5（中）

事件直接影响UNP短期定价并反映运输板块预期，但证据主要来自分析师观点。

关键事实

联合太平洋周四股价上涨约3.84%。
Bernstein SocGen分析师David Vernon把目标价由330美元上调至346美元，并维持跑赢大盘评级。
Benchmark分析师Nathan Martin此前把目标价由300美元上调至325美元，并维持积极评级。
Citizens JMP新启动运输行业覆盖，分析师Jeff Kauffman给予联合太平洋跑赢大盘评级和350美元目标价。
Kauffman认为美国经济处于复苏初期，未来几个季度运输行业及联合太平洋盈利将改善。
文内同时列示NVDA下跌2.40%，但正文没有说明其与UNP事件存在联系。
文章发布于美东时间 07/16 20:19（UTC+8 07/17 08:19）。

作者观点与证据

作者认可经济改善可能支持铁路货运盈利。三项评级行动构成情绪和估值证据，文章没有提供货运量、价格、成本、营业利润率或公司指引来验证复苏幅度。

与相关标的的关系

UNP是直接相关标的；NVDA只出现在行情标签中，没有业务关联证据。

时效性与限制

目标价属于分析师预测，连续上调可能影响短期情绪，但不能证明盈利已经改善。文章还包含订阅推广和历史收益材料。

后续跟踪

联合太平洋货运量与单位收入。
燃料、人工成本及营业效率。
公司业绩指引与经济活动指标。
目标价调整后的盈利预测变化。

英文原文

Why Union Pacific Stock Chugged Almost 4% Higher on Thursday

Eric Volkman, The Motley Fool

Fri, July 17, 2026 at 8:19 AM GMT+8 2 min read

+3.84%

NVDA

-2.40%

Storied railroad freight company Union Pacific (NYSE: UNP) had a fine Thursday on the stock market. Thanks in no small part to an analyst's price target increase, its shares thundered nearly 4% higher that trading session.

On the right track

That morning, Bernstein SocGen prognosticator David Vernon made that change. He now believes Union Pacific stock is worth $346 per share; his previous level was $330. More importantly, he maintained his positive view on the stock by maintaining his outperform (i.e., buy) recommendation.

Image source: Getty Images. A single analyst move doesn't necessarily push a stock higher or lower. What compounded this one is that it followed two other bullish analyst takes, both coming on Wednesday.

The first was from Nathan Martin of Benchmark, who upped his price target to $325 per share from $300, and kept his buy recommendation intact. The second was the initiation of coverage by Citizens JMP, which began covering transportation sector titles. The firm's Jeff Kauffman flagged Union Pacific as an outperform, with a relatively high price target of $350.

Rolling with the recovery

According to reports, Kauffman wrote that what he considers to be the early phase of an economic recovery in the U.S. will be a major catalyst for improvements in earnings for the transportation sector generally and Union Pacific specifically in the coming quarters.

While I don't believe we're in a serious slump, I'd agree that our economy is positioned for some improvement. So I'd buy this argument, which certainly supports the buy case for Union Pacific's equity.

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Why Union Pacific Stock Chugged Almost 4% Higher on Thursday was originally published by The Motley Fool

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英伟达扩展日本工业人工智能

重要性4/5 较高

合作范围广且直接强化NVDA在日本工业人工智能中的布局，但缺少合同和收入量化。

标签

标的：`NVDA`来源：Simply Wall St.发布日期：2026-07-17重要性：4/5 较高评级理由：合作范围广且直接强化NVDA在日本工业人工智能中的布局，但缺少合同和收入量化。评级依据：NVDA直接相关, 日本产业伙伴广泛, 新产品与项目明确, 合同金额缺失, 估值依据为预测模型原文字数：693

中文摘要

核心结论

英伟达通过日本国家级人工智能工厂项目、机器人与工业合作，以及端侧软件发布，扩大其在工厂、汽车和城市基础设施中的平台角色。文章呈现了合作网络和产品方向，但没有披露合同金额、收入贡献或具体部署进度。

重要性评级

评级：4/5（较高）

事件直接关联NVDA，并覆盖Toyota、Fanuc、Yaskawa、Sony、SoftBank等日本产业伙伴；财务量化证据仍有限。

关键事实

英伟达参与日本国家级人工智能工厂合作项目 Noetra/FRONTia。
新合作方涉及Toyota、Fanuc、Yaskawa、Sony、SoftBank和Mitsubishi Heavy等汽车、机器人、自动化及智慧城市企业。
公司发布Cosmos 3 Edge（端侧智能体模型平台）和新的Metropolis（视觉人工智能软件库）。
产品目标是在设备端和现实基础设施中部署智能体人工智能。
文中称NVDA股价为207.40美元，年初至今回报9.8%，过去一年回报20.0%。
该价格比302.31美元的分析师平均目标价低约31%，目标区间为180至500美元。
Simply Wall St估值模型称股价低于其估计公允价值12.1%，近30日回报为0%。
文章提示过去三个月存在显著内部人士卖出及较高非现金利润。
文内行情显示NVDA下跌2.40%、TM上涨1.61%、6954.T下跌6.05%、9984.T下跌9.60%。
文章发布于美东时间 07/16 20:18（UTC+8 07/17 08:18）。

作者观点与证据

作者认为日本合作使英伟达从芯片供应商进一步延伸为工厂、车辆和城市的平台提供者。伙伴名单与产品发布支持应用范围扩张，但文章使用的估值和目标价来自历史数据与分析师预测，无法证明新项目已经产生收入。

与相关标的的关系

NVDA是平台和算力供应方；TM、Fanuc、Yaskawa、Sony、SoftBank等是潜在部署伙伴。相关合作可能带动数据中心与边缘计算需求，合同规模和采购承诺尚不可见。

时效性与限制

Simply Wall St明确说明其分析可能未纳入最新价格敏感公告或定性信息。文章未提供项目时间表、算力规模、客户采购量和收入确认安排。

后续跟踪

Noetra/FRONTia项目的容量、上线时间与参与方分工。
日本合作伙伴的采购合同和部署案例。
Cosmos 3 Edge与Metropolis的采用量。
数据中心和边缘人工智能收入贡献。

英文原文

Nvidia (NVDA) Deepens Japan AI Push With Factory Deal And Robotics Tie Ups

Bailey Pemberton

Fri, July 17, 2026 at 8:18 AM GMT+8 3 min read

NVDA

-2.40%

+1.61%

6954.T

-6.05%

9984.T

-9.60%

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.

NVIDIA (NasdaqGS:NVDA) has expanded its AI footprint in Japan with a national AI factory partnership, the Noetra/FRONTia project.

The company announced new alliances with Japanese leaders across robotics, industrial automation, automotive, and smart cities, including Toyota, Fanuc, Yaskawa, Sony, SoftBank, and Mitsubishi Heavy.

NVIDIA introduced Cosmos 3 Edge and new Metropolis libraries aimed at deploying agentic AI on devices and across real-world infrastructure.

NVIDIA, trading at $207.4, is adding another layer to its AI story by tightening its links with one of the world's most advanced industrial economies. The stock has returned 9.8% year to date and 20.0% over the past year, with a very large 5 year gain that reflects how central investors now see the company to global AI infrastructure. This latest Japan-focused push adds a real-world deployment angle that sits alongside the better known data center narrative.

For investors watching NasdaqGS:NVDA, the new Japan initiatives present NVIDIA not just as a chip supplier but as a core platform across factories, vehicles, and cities. The combination of the national AI factory with on-device tools such as Cosmos 3 Edge and Metropolis libraries points to a wider set of use cases that may influence how the stock is viewed within AI, industrial automation, and robotics themes over time.

Stay updated on the most important news stories for NVIDIA by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on NVIDIA.

NasdaqGS:NVDA Earnings & Revenue Growth as at Jul 2026 4 things going right for NVIDIA that this headline doesn't cover.

Quick Assessment

✅ Price vs Analyst Target : NVIDIA at $207.4 trades about 31% below the $302.31 analyst target, with a target range from $180 to $500.

✅ Simply Wall St Valuation : The stock is indicated as trading 12.1% below an estimated fair value, suggesting some valuation support at current levels.

⚖️ Recent Momentum : The 30 day return is flat at 0%, so this Japan AI expansion is meeting a market that is in a holding pattern.

There's only one way to know the right time to buy, sell or hold NVIDIA. Head to Simply Wall St's company report for the latest analysis of NVIDIA's Fair Value .

Key Considerations

📊 The Japan AI factory, robotics alliances, and Cosmos 3 Edge/Metropolis launches position NVIDIA deeper inside real world industrial and urban infrastructure use cases.

📊 Watch adoption progress with partners in autos, robotics, and factories, as well as how these deals flow through to data center and edge AI revenue over time.

⚠️ Significant insider selling over the past three months and high levels of non cash earnings are worth monitoring alongside this expansion story.

Story Continues

Dig Deeper

For the full picture including more risks and rewards, check out the complete NVIDIA analysis . Alternatively, you can check out the community page for NVIDIA to see how other investors believe this latest news will impact the company's narrative.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include NVDA .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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AI交易告别宽松定价阶段

重要性2/5 较低

题材及时且覆盖AI与半导体，但付费墙仅留下导语，无法支撑深入判断。

标签

标的：`SOXX`来源：Barrons.com发布日期：2026-07-16重要性：2/5 较低评级理由：题材及时且覆盖AI与半导体，但付费墙仅留下导语，无法支撑深入判断。评级依据：接近日报截点, 关联SOXX与主要晶圆设备标的, 正文严重缺失, 缺少关键数字和完整论证原文字数：75

中文摘要

核心结论

Barron's（巴伦周刊）将华尔街科技股急跌与首尔加息并列，认为高估值AI交易同时面临风险偏好收缩和利率环境转紧。现有摘录仅为导语，无法判断文章如何量化两条路径。

重要性评级

评级：2/5（较低）

发布时间接近日报截点且主题相关，但正文被截断，证据密度不足。

关键事实

导语称华尔街出现科技股大幅下跌。
文章同时提到首尔加息，指向区域利率环境变化。
作者认为上述两项事件令热门AI交易面临更艰难的阶段。
元数据关联纳斯达克指数、道琼斯指数、标普500指数、SOXX、TSM和ASML。
可用正文只有标题、作者和一段导语，未提供跌幅、加息幅度或估值数据。

作者观点与证据

作者倾向于把科技股调整和利率收紧视为AI交易环境变化的共同信号。由于全文不可见，无法核验事件之间的因果论证，也无法确认是否讨论盈利、资本开支或估值分化。

与相关标的的关系

SOXX、TSM与ASML对应半导体链条，主要影响路径是估值和风险偏好；三大股指用于描述市场广度。摘录没有提供公司层面的新增事实。

时效性与限制

发布于美东时间 07/16 19:55（UTC+8 07/17 07:55）。付费墙导致原文严重缺失，只能作为当日市场叙事线索。

后续跟踪

科技股调整的行业与个股广度
首尔加息幅度和政策指引
TSM及ASML资本开支评论
半导体估值与盈利预期变化

英文原文

Review & Preview: No More Easy Money in AI

Review & Preview: No More Easy Money in AI · Barrons.com · Marketwatch

Sabrina Escobar

Fri, July 17, 2026 at 7:55 AM GMT+8 3 min read

^IXIC

-1.47%

^DJI

-0.20%

^GSPC

-0.51%

2330

SOXX

-4.46%

A steep tech rout on Wall Street and a interest-rate hike in Seoul signal a tougher road ahead for the market’s favorite trade.

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星舰点火阶段中止测试发射

重要性4/5 较高优先级

来源质量较高且事件与SPCX直接相关，但归档正文过短，主要用于交叉确认发射中止。

标签

标的：`SPCX`来源：The Wall Street Journal发布日期：2026-07-16重要性：4/5 较高优先级评级理由：来源质量较高且事件与SPCX直接相关，但归档正文过短，主要用于交叉确认发射中止。评级依据：华尔街日报报道, 公司直播为事实来源, 当日直接事件, 存档正文不完整原文字数：112

中文摘要

核心结论

SpaceX 在星舰助推器发动机即将点火时中止关键测试飞行，SPCX 随后在盘后下跌。原文篇幅很短，只确认事件经过，未提供故障原因或后续安排。

重要性评级

评级：4/5（较高优先级）

《华尔街日报》对当日事件作了直接报道，但当前存档正文不完整，增量信息有限。

关键事实

发射地点位于得克萨斯州布朗斯维尔附近。
公司原定在美东时间 07/16 18:45（UTC+8 07/17 06:45）推进星舰测试飞行。
据公司直播，倒计时正在进行，任务在助推器发动机应开始点火时中止。
SPCX 在美东时间 07/16（未给出具体时刻）的盘后交易中下跌；存档显示跌幅字段为3.08%。

作者观点与证据

报道未展开评论，事实依据是 SpaceX 公司直播。正文没有说明中止由硬件、软件还是安全程序触发。

与相关标的的关系

SPCX 与发射事件直接相关。星舰测试进度关系到重型运载能力和项目执行节奏，但这段存档不足以评估延期长度。

时效性与限制

发布于美东时间 07/16 19:31（UTC+8 07/17 07:31）。归档仅保留短讯开头，缺少完整报道、公司后续解释和重试计划。

后续跟踪

SpaceX 对中止原因的正式说明
新发射窗口
发动机检查及任务配置是否调整

英文原文

SpaceX Shares Fall After Company Aborts Starship Test Launch

SpaceX Shares Fall After Company Aborts Starship Test Launch · The Wall Street Journal · Steve Nesius/Reuters

Micah Maidenberg

Fri, July 17, 2026 at 7:31 AM GMT+8 1 min read

SPCX

-3.08%

Shares of SpaceX fell in after-hours trading Thursday after the company wasn’t able to launch its Starship rocket on a key test flight. SpaceX was proceeding toward the launch at 6:45 p.m. ET from its site near Brownsville, Texas, with its countdown clock ticking down. Then, the mission was aborted just as the Starship booster engines were supposed to start firing away, according to a company livestream.

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历史新股样本审视SPCX回落

重要性3/5 中等优先级

业务数字和新股样本具有背景价值，但历史类比证据较弱，无法替代公司财务与项目进展。

标签

标的：`SPCX`来源：Motley Fool发布日期：2026-07-16重要性：3/5 中等优先级评级理由：业务数字和新股样本具有背景价值，但历史类比证据较弱，无法替代公司财务与项目进展。评级依据：SpaceX业务与资本开支数据, 10宗大型新股样本, 与SPCX直接相关, 含营销内容且类比限制明显原文字数：1016

中文摘要

核心结论

作者以10宗大型首次公开募股样本推测 SPCX 短期可能在发行价附近震荡，同时指出星链收入、人工智能资本开支和技术执行风险共同决定估值能否消化。

重要性评级

评级：3/5（中等优先级）

文章提供业务与历史样本背景，但用10宗新股推演单一公司，预测能力有限，且混有订阅营销内容。

关键事实

SpaceX 募资逾850亿美元，上市时市值超过2万亿美元；首日上涨近20%，其后跌破135美元发行价。
文章称 NASA（美国国家航空航天局）数据显示，可复用火箭技术在2010年已使发射成本降低85%。
上年 SpaceX 总收入180亿美元，其中 Starlink（星链）收入114亿美元。
人工智能业务上年资本开支120亿美元，并使公司录得净亏损。
10宗大型首次公开募股中，8宗上市后三个月下跌，5宗跌幅达到两位数，平均跌幅13%。
按该均值机械推算，SPCX 上市满三个月约为139美元；作者同时承认股价路径无法据此准确预测。

作者观点与证据

作者倾向等待一至两个业绩期观察经营进展。历史样本支持“多数大型新股早期回落”的叙事，却未控制行业、估值、市场周期和流通结构差异；文末业绩案例及会员推广带有营销属性。

与相关标的的关系

SPCX 是直接研究对象。AAPL、NVDA 仅作为达到万亿美元市值所需时间和历史推广业绩的参照，并无当日基本面关联。

时效性与限制

发布于美东时间 07/16 19:30（UTC+8 07/17 07:30）。财务数字来自文章转述，未附财报页码；10宗样本规模较小，不足以形成稳定概率判断。

后续跟踪

下一次业绩披露中的星链增长和利润率
人工智能业务资本开支与亏损变化
上市后三个月实际回报
技术项目里程碑完成情况

英文原文

SpaceX Just Fell Below Its IPO Price. Here

SpaceX Just Fell Below Its IPO Price. Here's What Happens Next, According to History.

Adria Cimino, The Motley Fool

Fri, July 17, 2026 at 7:30 AM GMT+8 5 min read

SPCX

-3.08%

NVDA

-2.40%

AAPL

+1.76%

All eyes have been on Space Exploration Technologies (NASDAQ: SPCX) since its explosive initial public offering. The technology and industrial giant may have stirred up so much excitement due to its exciting mix of businesses, the leadership of the ambitious Elon Musk, and the sheer size of the operation. SpaceX raised more than $85 billion after the exercise of an overallotment option to complete the biggest IPO ever.

And the company launched with a market value of more than $2 trillion -- the other trillion-dollar stocks, such as Nvidia and Apple , took years to reach such a valuation.

SpaceX climbed nearly 20% in its first day of trading and continued to advance over the next few days -- but since that point, the stock has stumbled. And just this week, it fell below its IPO price of $135. What happens next? History offers an answer that's crystal clear.

Image source: Getty Images.

Cutting costs of rocket launches

First, though, let's explore the SpaceX story so far. The company was founded by Elon Musk , also known as the chief executive officer of Tesla , back in 2002, and since then has aimed to drastically cut the costs of rocket launches. SpaceX has been successful so far -- using its reusable rocket technologies, it already reduced costs by 85% in 2010, according to NASA. This year, the company aims to launch its fully reusable rocket Starship with payloads, further advancing toward this goal.

In addition to the rocket launch business, SpaceX also operates a connectivity arm called Starlink and an artificial intelligence (AI) unit. Starlink is the main revenue driver so far, bringing in revenue of $11.4 billion last year on total revenue of $18 billion as it grew its subscriber base. The AI unit has major goals, such as developing data centers in space, but so far, it's been a drag on earnings -- this is because it requires enormous investment. Last year, capital spending for the AI business reached $12 billion, driving SpaceX to a net loss.

Musk is committed to innovation, and that's something many investors like, and SpaceX aims to be a game changer in its three businesses. That's positive and is attracting growth investors. But it's important to keep in mind that certain goals require the development of complex technology -- and if the technology fails, SpaceX won't reach those goals. Meanwhile, the need to heavily invest could stand in the way of profitability for some time. So investing in SpaceX today involves a certain degree of risk.

Story Continues

Some of these elements could have weighed on investors' minds in recent days -- and as a result, weighed on SpaceX's stock performance too.

A look at past IPOs

Now, let's consider what history has to say about what happens next. A look at 10 of the biggest IPOs, including names such as Rivian Automotive and Coupang , shows that eight posted declines in the three months following their launches. And five of them delivered declines in the double-digits. The average drop over the first three months was 13%.

If SpaceX follows that pattern and posts the average decline, the stock may finish its first three months of trading at around $139, a few dollars above the IPO price.

Of course, it's impossible to predict the exact path of a stock price. And it's important to note that the company's upcoming earnings report could come into play and offer the stock direction. But if history is right, SpaceX could stagnate around current price levels -- since it's already declined more than 13% since the IPO -- over the coming two months.

What does this mean for you as an investor? Should you buy SpaceX now that it's fallen to its IPO level? I don't think this will be the first and only opportunity to get in on SpaceX stock on the dip, and generally, it's a better idea to take a look at another earnings report or even two to monitor the company's progress before buying. Though very aggressive investors may consider adding a few shares of SpaceX to their portfolios now, most investors should hold on for a future buying opportunity.

Should you buy stock in Space Exploration Technologies right now?

Before you buy stock in Space Exploration Technologies, consider this:

See the 10 stocks »

*Stock Advisor returns as of July 16, 2026.

Adria Cimino has positions in Tesla. The Motley Fool has positions in and recommends Apple, Nvidia, and Tesla. The Motley Fool recommends Coupang. The Motley Fool has a disclosure policy .

SpaceX Just Fell Below Its IPO Price. Here's What Happens Next, According to History. was originally published by The Motley Fool

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美光博伊西扩产与存储崛起

重要性2/5 较低优先级

包含美光扩产规模等背景事实，但不是GOOG直接事件，也缺少新增经营数据。

标签

标的：`GOOG`来源：TheStreet发布日期：2026-07-16重要性：2/5 较低优先级评级理由：包含美光扩产规模等背景事实，但不是GOOG直接事件，也缺少新增经营数据。评级依据：500亿美元扩建计划, HBM产业背景, MU为实际主题, 与GOOG关联弱原文字数：768

中文摘要

核心结论

文章以美光博伊西总部为线索，回顾其从存储创业公司成长为人工智能基础设施受益者，并介绍500亿美元园区扩建。它主要是企业历史与产能背景，对 GOOG 的直接信息很少。

重要性评级

评级：2/5（较低优先级）

资料可补充美光产业背景，但缺少当日经营变化，且与输入标的 GOOG 关联弱。

关键事实

美光股价从2025年7月至2026年7月上涨逾680%，文章归因于 HBM（高带宽内存）需求快速增长。
公司于1978年在爱达荷州创立，早期从 DRAM（动态随机存取存储器）设计起步。
J.R. Simplot 于1980年投资100万美元，帮助公司转向规模化制造；美光1984年以每股13美元上市。
文章称美光市值在2026年5月26日超过1万亿美元。
博伊西总部正进行500亿美元扩建，新增650万平方英尺，其中洁净室60万平方英尺。
两座晶圆厂各使用约7万吨美国钢材；总部员工接近6000人。

作者观点与证据

作者强调美光在硅谷之外形成半导体产业中心的历史反差，并将近期涨幅与人工智能存储需求联系起来。总部、扩建和公司历史属于事实叙述；股价上涨归因未提供订单、售价或产量数据支撑。

与相关标的的关系

MU 是文章实际研究对象。AAPL 与 GOOG 仅用于总部风格和科技公司地域对比，未形成直接业绩影响路径。

时效性与限制

发布于美东时间 07/16 19:27（UTC+8 07/17 07:27）。扩建完成时间、资金来源、产能投放节奏和预期回报均未披露。

后续跟踪

博伊西两座晶圆厂建设与投产节点
HBM 产能、订单覆盖和售价
500亿美元项目的资金及补贴结构

英文原文

Inside Micron’s Boise headquarters: The heart of US memory tech

Inside Micron’s Boise headquarters: The heart of US memory tech · TheStreet

Laura Rodini

Fri, July 17, 2026 at 7:27 AM GMT+8 3 min read

-5.65%

AAPL

+1.76%

GOOG

-4.43%

Nearly 700 miles from Silicon Valley, in the arid foothills of Boise, Idaho, you'll find the headquarters of Micron Technology ( MU ), a global manufacturer of semiconductor chips and one of the world's leading technology companies.

It's also nearly 2,500 miles from Wall Street . Yet despite its remote location, Micron has become one of the market's biggest AI winners. Shares skyrocketed more than 680% from July 2025 to July 2026 amid explosive demand for the company's high-bandwidth memory (HBM) chips, which are a critical component in AI infrastructure.

But unlike other technology giants, such as Apple ( AAPL ) and Alphabet (GOOG), Micron didn't grow up in Silicon Valley. Instead, the company built one of the semiconductor industry's biggest success stories from an unlikely corner of the American West.

Here's a closer look at the chipmaker's Boise HQ.

Why is Micron Technology headquartered in Boise, Idaho?

The company's Idaho roots aren't an accident.

Micron Technology was founded in 1978 by a team of semiconductor engineers — Ward Parkinson, Dennis Wilson, and Doug Pitman — who found themselves without jobs when their contract with Mostek Corp. was unexpectedly canceled. So they teamed up with Ward's brother, Joe Parkinson, a corporate lawyer, to build their own semiconductor firm from scratch .

They started out designing Dynamic Random Access Memory (DRAM) chips for other companies. In 1980, they were introduced to Boise billionaire JR Simplot, who had made a fortune selling frozen French fries to McDonald's .

Simplot was impressed by the team's dedication to producing faster DRAM chips than anyone else. He was even more bowled over by computer technology. Simplot believed the computer industry was on the cusp of a revolution, and one day, while driving his Lincoln from his potato fields to the clean rooms at Micron, he prophesied that PCs were going to be " bigger than the goddamned wheel. "

Related: Micron Technology's stock buybacks explained

Simplot invested $1 million in the fledgling company, which gave Micron the capital it needed to move beyond consulting and begin manufacturing its own memory chips at scale. Just six years later, in 1984, the company went public at $13 per share .

What began as a startup eventually became one of the world's most valuable semiconductor companies, surpassing a $1 trillion market capitalization on May 26, 2026.

What are some unique features of Micron Technology's headquarters?

Unlike the headquarters of Meta Platforms ( META ), which has Frank Gehry-designed buildings and an employee-only Redwood forest , or Apple's chrome "spaceship," conceptualized by Steve Jobs himself, Micron's headquarters isn't designed to impress visitors. It's built to make chips.

Story Continues

And it's not quiet, either. Micron's headquarters is currently undergoing a massive $50 billion expansion to add 6.5 million square feet to its existing campus.

This includes 600,000 square feet of cleanroom space housed in a "fab" or fabrication plant that stretches more than one-third of a mile.

Can I tour Micron Technology's headquarters?

Micron Technology's campus is not open to the public. It is restricted to employee access only, with its fabrication plants being high-security facilities that require special gear to avoid microchip contamination.

Related: How many employees does Micron have in 2026? Its workforce, locations, and layoffs explained

What is Micron Technology's address?

Micron Technology is located at 8000 S. Federal Way, Boise, ID, 83716.

Related: Is Micron Technology a good long-term investment? What buy-and-hold investors should know

This story was originally published by TheStreet on Jul 16, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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第十三次星舰测试取消

重要性3/5 中等优先级

来源具有参考价值，事件也直接关联SPCX，但摘要存档无法支撑更深入判断。

标签

标的：`SPCX`来源：Barrons.com发布日期：2026-07-16重要性：3/5 中等优先级评级理由：来源具有参考价值，事件也直接关联SPCX，但摘要存档无法支撑更深入判断。评级依据：Barron's事件确认, RBC分析师观点, 与SPCX直接相关, 正文仅有导语原文字数：59

中文摘要

核心结论

SpaceX 取消第13次星舰测试；加拿大皇家银行分析师 Ken Herbert 将星舰系统视为驱动 SpaceX 价值的重要飞轮。当前归档只保留摘要，无法核验其完整估值论证。

重要性评级

评级：3/5（中等优先级）

Barron's（《巴伦周刊》）确认测试取消并给出分析师定位，但信息量明显少于同批其他报道。

关键事实

SpaceX 于07/16（未给出具体时刻）取消第13次星舰测试。
报道将对象称为 Starship（星舰）火箭发射系统。
RBC（加拿大皇家银行）分析师 Ken Herbert 称该系统是推动 SpaceX 价值的“飞轮”。
归档关联 SPCX 与标普500指数；正文没有提供指数影响路径。

作者观点与证据

当前可见内容仅转述分析师观点，没有披露其估值模型、业务预测或星舰对收入的量化贡献。

与相关标的的关系

SPCX 与测试取消直接相关。标普500指数只作为行情关联字段出现，缺乏可验证的直接影响。

时效性与限制

发布于美东时间 07/16 19:15（UTC+8 07/17 07:15）。归档正文仅有导语，缺少取消原因、重试时间和分析师报告细节。

后续跟踪

第13次测试取消的技术原因
下一发射窗口
RBC 对星舰价值贡献的完整测算

英文原文

SpaceX Scrubs Starship Launch

SpaceX Scrubs Starship Launch · Barrons.com · Brandon Bell/Getty Images

Al Root

Fri, July 17, 2026 at 7:15 AM GMT+8 3 min read

SPCX

-3.08%

^GSPC

-0.51%

SpaceX scrubbed a 13th Starship test on Thursday. The rocket-launch system is the “flywheel” that drives value for SpaceX, says RBC’s Ken Herbert.

打开原文

Marvell有线网络业务画像

重要性2/5 中低

标的相关度高，但原文严重不完整，事实增量和证据强度有限。

标签

标的：`MRVL`来源：Morningstar Research发布日期：2026-07-16重要性：2/5 中低评级理由：标的相关度高，但原文严重不完整，事实增量和证据强度有限。评级依据：-原文字数：68

中文摘要

核心结论

晨星将 Marvell Technology（迈威尔科技）描述为专注有线网络的无晶圆厂芯片设计商，市场份额位居第二，产品覆盖数据中心、运营商、企业和消费市场。

重要性评级

评级：2/5（中低）

内容直接涉及MRVL，但只有公司业务简介，缺少估值、财务预测、竞争格局变化及完整分析正文。

关键事实

Marvell采用无晶圆厂模式，重点布局有线网络芯片。
文章称其有线网络市场份额位居第二，但未给出统计口径、份额数字或数据来源。
下游市场包括数据中心、运营商、企业和消费电子。
产品包括处理器、光与铜收发器、交换机和存储控制器。

作者观点与证据

正文仅提供业务定位，没有明确评级、目标价或投资立场。“市场份额第二”是唯一带有竞争含义的判断，但文中没有配套数据。

与相关标的的关系

内容帮助识别MRVL对数据中心互连、有线网络和存储基础设施的业务敞口，无法解释当日8.71%的价格波动。

时效性与限制

文章发布于美东时间 07/16 19:08（UTC+8 07/17 07:08）。归档正文只有简介和“继续阅读”提示，不能视为完整晨星研报。

后续跟踪

有线网络市场份额的来源与最新口径
数据中心业务收入占比及增长率
光互连、交换芯片和定制芯片的订单变化

英文原文

Analyst Report: Marvell Technology, Inc.

Analyst Report: Marvell Technology, Inc. · Morningstar Research

William Kerwin

Fri, July 17, 2026 at 7:08 AM GMT+8

MRVL

-8.71%

Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.

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MRVL急跌后的盈利与估值

重要性4/5 中高

直接提供MRVL收盘表现、盈利一致预期和估值对比，事实密度较高。

标签

标的：`MRVL`来源：Zacks发布日期：2026-07-16重要性：4/5 中高评级理由：直接提供MRVL收盘表现、盈利一致预期和估值对比，事实密度较高。评级依据：timeliness, earnings_estimates, valuation_data原文字数：592

中文摘要

核心结论

MRVL单日下跌8.71%、近一个月下跌28.76%，同期明显跑输行业和标普500指数。Zacks预计公司下一季度及全年仍有较高增长，但远期市盈率高于行业均值，盈利预期过去一个月没有上修。

重要性评级

评级：4/5（中高）

文章直接提供MRVL价格、盈利预测和估值对比，可用于拆分价格压力与基本面预期；评级体系和长期回报宣传来自Zacks自有模型。

关键事实

MRVL最新收盘价为188.30美元，单日跌8.71%；同期标普500指数跌0.51%，道指跌0.20%，纳斯达克指数跌1.47%。
过去一个月MRVL跌28.76%，计算机与科技板块跌2.99%，标普500指数涨0.53%。
Zacks预计下一季度每股收益0.93美元，同比增长38.81%；收入27.1亿美元，同比增长35.1%。
全年一致预期为每股收益4.04美元、收入115.4亿美元，分别同比增长42.25%和40.88%。
过去一个月每股收益一致预期没有变化，MRVL的Zacks评级为3级“持有”。
远期市盈率为51.01倍，高于行业均值48.19倍；PEG（市盈增长比率）为1.03，低于行业均值1.74。
半导体行业在250多个行业中排名第43，位于前18%。

作者观点与证据

文章认为盈利预测修订与短期股价相关，并以自有评级系统支持判断。增长预测和估值倍数提供了量化依据，但模型历史表现及行业排名均由Zacks自行陈述。

与相关标的的关系

数据直接对应MRVL。高增长预期支撑长期业务叙事，51.01倍远期市盈率和缺乏近期上修则说明市场对增长兑现要求较高。

时效性与限制

文章发布于美东时间 07/16 17:50（UTC+8 07/17 05:50），价格数据贴近当日收盘。预测值属于分析师一致预期，后续财报前仍可能调整。

后续跟踪

下一季度每股收益与收入预期是否下修
MRVL远期市盈率相对行业的溢价变化
数据中心业务增长与利润率兑现情况
近一个月跌幅是否伴随机构盈利预测调整

英文原文

Marvell Technology (MRVL) Falls More Steeply Than Broader Market: What Investors Need to Know

Marvell Technology (MRVL) Falls More Steeply Than Broader Market: What Investors Need to Know · Zacks

Zacks Equity Research

Fri, July 17, 2026 at 5:50 AM GMT+8 3 min read

MRVL

-8.71%

^GSPC

-0.51%

^DJI

-0.20%

Marvell Technology (MRVL) closed at $188.30 in the latest trading session, marking a -8.71% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.51%. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 1.47%.

Shares of the chipmaker have depreciated by 28.76% over the course of the past month, underperforming the Computer and Technology sector's loss of 2.99%, and the S&P 500's gain of 0.53%.

The upcoming earnings release of Marvell Technology will be of great interest to investors. The company's upcoming EPS is projected at $0.93, signifying a 38.81% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $2.71 billion, showing a 35.1% escalation compared to the year-ago quarter.

MRVL's full-year Zacks Consensus Estimates are calling for earnings of $4.04 per share and revenue of $11.54 billion. These results would represent year-over-year changes of +42.25% and +40.88%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Marvell Technology. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, Marvell Technology possesses a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Marvell Technology has a Forward P/E ratio of 51.01 right now. This represents a premium compared to its industry average Forward P/E of 48.19.

We can additionally observe that MRVL currently boasts a PEG ratio of 1.03. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Electronics - Semiconductors industry was having an average PEG ratio of 1.74.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 18% of all 250+ industries.

Story Continues

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

芯片股连续两日重挫

重要性2/5 中低

价格信息及时且与MRVL直接相关，但正文残缺，缺少驱动因素和可验证细节。

标签

标的：`MRVL`来源：Investor's Business Daily发布日期：2026-07-16重要性：2/5 中低评级理由：价格信息及时且与MRVL直接相关，但正文残缺，缺少驱动因素和可验证细节。评级依据：timeliness, truncated_source, limited_evidence原文字数：75

中文摘要

核心结论

芯片股连续第二个交易日大幅下跌，存储芯片厂商领跌，SK海力士、Sandisk、MRVL及多只人工智能互连相关股票均出现显著回撤。

重要性评级

评级：2/5（中低）

文章与MRVL及半导体板块直接相关，但归档正文只有一句市场概述和少量价格标签，无法核验完整原因链。

关键事实

芯片股在07/16（未给出具体时刻）连续第二个交易日下跌。
SK海力士跌13.69%，为文中列示标的中跌幅最大者。
Sandisk跌12.63%，Astera Labs跌8.81%。
MRVL跌8.71%，Credo Technology跌8.28%。
文章称存储芯片制造商领跌，但未提供成交量、消息来源或公司层面事件。

作者观点与证据

作者把市场表现概括为芯片板块遭到持续抛售，证据主要是个股跌幅。正文没有展开宏观、盈利或供应链驱动因素。

与相关标的的关系

MRVL与光互连、网络芯片和存储链相关公司同步下跌，显示当日压力具有板块广度；现有内容不足以区分MRVL自身因素与行业因素。

时效性与限制

文章发布于美东时间 07/16 17:37（UTC+8 07/17 05:37）。归档内容被“继续阅读”截断，不能据此还原完整报道。

后续跟踪

费城半导体指数及存储芯片股后续表现
MRVL相对同业的超额跌幅
板块成交量和盈利预期修订
完整文章所述的第二日抛售触发因素

英文原文

Chip Stocks Pummeled. SK Hynix Dives. SOX Socked Again.

Chip Stocks Pummeled. SK Hynix Dives. SOX Socked Again. · Investor's Business Daily

PATRICK SEITZ

Fri, July 17, 2026 at 5:37 AM GMT+8 1 min read

SKHY

-13.69%

ALAB

-8.81%

CRDO

-8.28%

MRVL

-8.71%

SNDK

-12.63%

Chip stocks fell hard for the second straight trading session on Thursday, led by declines for memory-chip makers such as SK Hynix.

打开原文

苹果垂直整合叙事推升股价

重要性2/5 较低

主题直接涉及苹果及大型科技股，但正文严重截断，只能提供行情与叙事线索。

标签

标的：`GOOG`, `MSFT`来源：Barrons.com发布日期：2026-07-16重要性：2/5 较低评级理由：主题直接涉及苹果及大型科技股，但正文严重截断，只能提供行情与叙事线索。评级依据：AAPL直接相关, 发布时效较新, 正文仅含导语, 缺少经营与估值证据原文字数：77

中文摘要

核心结论

文章将苹果股价创新高与“标准石油式”垂直整合策略联系起来，暗示其对软硬件与生态环节的控制强化了市场信心。现有原文只有导语，未提供支撑这一类比的业务数据或估值分析。

重要性评级

评级：2/5（较低）

涉及 AAPL 及大型科技股情绪，但可用正文过少，证据价值有限。

关键事实

苹果股价周四创历史新高，文内行情显示 AAPL 上涨 1.76%。
同期道琼斯工业平均指数下跌 0.20%。
文内列示 GOOG 下跌 4.43%、MSFT 上涨 1.38%、META 下跌 2.46%。
作者借约翰·洛克菲勒旗下标准石油的历史模式解释苹果战略。
文章发布于美东时间 07/16 17:35（UTC+8 07/17 05:35）。

作者观点与证据

作者倾向于把苹果的生态控制力视为股价创新高的推动因素。存档正文没有展开垂直整合范围、盈利贡献、估值变化或投资者资金流，现阶段只能确认文章提出了这一叙事。

与相关标的的关系

直接相关标的是 AAPL；GOOG、MSFT 和 META 只作为同期大型科技股行情参照，原文未说明它们与苹果上涨之间的因果关系。

时效性与限制

原文被截断在导语和“继续阅读”提示处，无法核实标题所称策略如何影响收入、利润率或估值。

后续跟踪

苹果服务、硬件和渠道控制带来的利润率变化。
股价创新高期间的盈利预期与估值倍数。
完整正文对“标准石油”类比的具体论据。

英文原文

Why Apple’s ‘Standard Oil’ Strategy Is Driving the Stock to All-Time Highs

Why Apple’s ‘Standard Oil’ Strategy Is Driving the Stock to All-Time Highs · Barrons.com · Dreamstime

Kit Norton

Fri, July 17, 2026 at 5:35 AM GMT+8 2 min read

AAPL

+1.76%

^DJI

-0.20%

GOOG

-4.43%

MSFT

+1.38%

META

-2.46%

Shares notched another record high on Thursday. Maybe the iPhone maker should thank John D. Rockefeller’s Standard Oil.

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芯片资本开支担忧拖累科技股

重要性5/5 高优先级

同时解释指数、半导体链及GOOG的当日波动，包含明确指引和价格数据。

标签

标的：`GOOG`来源：Stocktwits发布日期：2026-07-16重要性：5/5 高优先级评级理由：同时解释指数、半导体链及GOOG的当日波动，包含明确指引和价格数据。评级依据：主要指数收盘数据, 台积电资本开支指引, 半导体板块联动, GOOG模型延期原文字数：880

中文摘要

核心结论

台积电上调2026年资本开支指引后，市场转向关注人工智能基础设施的利润率和投资回报，半导体股领跌；Google 模型延期又给 Alphabet 增添公司层面压力。

重要性评级

评级：5/5（高优先级）

文章覆盖主要指数、半导体链和 GOOG 当日事件，数据密度高，可用于解释跨资产风险偏好变化。

关键事实

标普500指数下跌0.51%至7,533.77点，纳斯达克100指数下跌1.62%至29,025.77点，道琼斯工业平均指数下跌约0.2%至52,552.97点，罗素2000指数跌0.06%。
SPY（标普500交易所交易基金）跌0.5%，QQQ（纳斯达克100交易所交易基金）跌1.64%，半导体ETF（交易所交易基金）SMH跌3.70%。
台积电上调2026年资本开支区间至600亿至640亿美元，原指引为520亿至560亿美元。
Broadcom 跌5%、Nvidia 跌2%、Micron 跌6%，SK Hynix 美国存托凭证跌14%。
台积电业绩和全年收入指引强劲，但市场集中担忧新增投资对近期利润率和回报的影响。
Alphabet 因 Gemini 3.5 Pro（旗舰人工智能模型）据报延期数月而受压；UnitedHealth 强劲业绩帮助医疗板块部分抵消跌幅。

作者观点与证据

报道把指数下跌与台积电资本开支及模型延期联系起来。行情和公司指引是可核验事实；“抛售源于仓位而非需求”的说法来自一名机构科技研究员在社交平台的评论，缺少资金流数据验证。

与相关标的的关系

GOOG 受模型延期直接影响；TSM、MU、NVDA 与人工智能资本开支和半导体估值重定价直接相关。SPY、QQQ 反映板块权重传导，UNH 提供防御性抵消。

时效性与限制

发布于美东时间 07/16 17:31（UTC+8 07/17 05:31）。单日价格共振无法区分资本开支担忧、拥挤仓位和获利回吐各自贡献。

后续跟踪

台积电资本开支对应的收入和毛利率
半导体板块资金流及估值变化
Gemini 3.5 Pro 日程
医疗板块能否继续提供指数支撑

英文原文

S&P 500, Nasdaq, Dow End Lower As Chip Stocks Slide On TSMC Capex Concerns — TSM, MU, NVDA, UNH, GOOGL In Focus

S&P 500, Nasdaq, Dow End Lower As Chip Stocks Slide On TSMC Capex Concerns — TSM, MU, NVDA, UNH, GOOGL In Focus · Stocktwits

Anan Ashraf

Fri, July 17, 2026 at 5:31 AM GMT+8 4 min read

-2.32%

^GSPC

-0.51%

+1.16%

^RUT

-0.06%

NVDA

-2.40%

The S&P 500 fell about 0.5%, the Nasdaq-100 dropped roughly 1.6%, and the Dow Jones Industrial Average eased around 0.2%.

Chipmakers drove the weakness after Taiwan Semiconductor reported strong results but raised its capital expenditure outlook.

Strength in healthcare provided a partial offset to the market on Thursday, buoyed by UnitedHealth's strong earnings report.

U.S. stock indexes closed lower on Thursday, with the tech-heavy Nasdaq-100 leading the declines amid renewed pressure on semiconductor stocks.

The S&P 500 fell about 0.5%, the Nasdaq-100 dropped roughly 1.6%, and the Dow Jones Industrial Average eased around 0.2%. Chipmakers drove the weakness after Taiwan Semiconductor reported strong results but raised its capital expenditure outlook. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.06%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) fell 0.5% and Invesco QQQ Trust (QQQ) ended Thursday around 1.64% lower, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) lost 0.21%.

Meanwhile, the VanEck Semiconductor ETF (SMH) lost 3.70%, while the broader Vanguard Information Technology ETF (VGT) slipped about 1.94%, as big tech names Alphabet (GOOGL), Amazon.com (AMZN), and Nvidia (NVDA) clocked near or above 2% loss. Shares of iPhone maker Apple (AAPL), however, bucked the predominant trend and edged higher as it has more or less stayed out of the data center arms race and instead focused on measured AI integration.

Retail sentiment on Stocktwits for SPY and QQQ stayed within 'bullish' zones, while sentiment around DIA fell to 'neutral' territory.

US Market Drivers

Index

Move

Dow Jones Industrial Average

-0.2%

52,552.97

S&P 500

-0.51%

7,533.77

Nasdaq 100

-1.62%

29,025.77

Semiconductor stocks came under significant pressure after Taiwan Semiconductor Manufacturing (TSM) posted record second-quarter results that beat estimates and raised its full-year revenue guidance. Investors focused instead on the company's sharp increase in planned 2026 capital spending to $60–64 billion, up from a prior range of $52–56 billion, along with additional commitments to expand Arizona facilities.

The higher spending outlook raised concerns about near-term margins and returns in the ongoing AI infrastructure buildout, triggering broad selling across the chip sector. Memory and related names, including Micron, SK Hynix ADRs, Broadcom, and Nvidia, extended losses as the Philadelphia Semiconductor Index and related ETFs declined. AI infrastructure names Broadcom and Nvidia closed down 5% and 2% respectively, while MU and SKHY fell 6% and 14%.

Story Continues

"$TSM just double beat at 68% margins. $ASML raised guidance €7B yesterday. HBM is sold out through 2027. And semis are red. There are reasons for this selloff…The chips aren't falling on demand, every fundamental print this month screamed the opposite. They're falling on positioning," institutional TMT research analyst Nicholas Mugalli wrote on X. "The fundamentals just went five for five this month ASML, Meta, TSMC, the inflation prints, HBM sold out. The street went the other way."

Healthcare provided a partial offset, helping limit the Dow's decline. UnitedHealth Group reported results before the open, while Netflix is scheduled to report after the close.

UNH provides a double beat on adjusted earnings and revenue for the second quarter while also clocking an improvement in the medical care ratio on better cost control and pricing, easing concerns over medical cost trends.

Oil prices edged modestly higher on Thursday, reflecting lingering geopolitical tensions in the Middle East.

Trending Stocks To Watch

Taiwan Semiconductor (TSM): Beat on revenue and profit with strong AI-driven demand, but shares declined after the company hiked its 2026 capital expenditure guidance and detailed further U.S. investment plans.

Micron (MU) and memory names: Extended declines amid ongoing valuation and supply concerns in the AI memory trade. Micron also inked deals with Qualcomm Inc. (QCOM), Hyundai Mobis, and several leading automotive technology suppliers.

Nvidia (NVDA) and Broadcom (AVGO): Pulled lower in sympathy with the broader semiconductor complex.

UnitedHealth (UNH): Reported strong second-quarter results; healthcare names offered relative support to the Dow.

Alphabet (GOOG): Reports started that the company is months behind schedule in releasing Gemini 3.5 Pro, its flagship artificial intelligence model, creating concerns that it is falling behind rivals such as Anthropic.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Anan Ashraf has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

DJT Stock Slips Overnight: Truth Social To Sell Wall Street 'Fastest' Access To Trump's Posts

Why Did IBM, ORCL, SMR Stocks Drop To 52-Week Lows Today?

Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus

打开原文

台积电扩产成本冲击MRVL

重要性4/5 中高

直接解释MRVL当日大跌并提供上游资本开支和利润率数据，但公司级证据不足。

标签

标的：`MRVL`来源：StockStory发布日期：2026-07-16重要性：4/5 中高评级理由：直接解释MRVL当日大跌并提供上游资本开支和利润率数据，但公司级证据不足。评级依据：timeliness, sector_readthrough, quantitative_evidence原文字数：803

中文摘要

核心结论

StockStory认为，台积电上调资本开支、下调第三季度经营利润率预期，促使市场从人工智能收入增长转向审视自由现金流、扩产成本和估值。MRVL当日跌约8.4%，反映半导体板块对资本密集度上升的重新定价。

重要性评级

评级：4/5（中高）

文章直接解释MRVL跌幅，并给出台积电资本开支、利润率及MRVL历史波动数据；因果关系属于作者分析，且后半段含明显营销内容。

关键事实

MRVL午后跌约8.4%，归档行情显示当日跌8.71%。
台积电将2026年收入增长指引提高至略高于40%，同时把资本开支指引上调至600亿至640亿美元，原上限为560亿美元。
台积电第三季度经营利润率指引较市场一致预期低约70个基点，并提示海外扩张和2纳米量产将在下半年稀释毛利率。
MRVL过去一年出现46次超过5%的单日波动；三天前也曾下跌8%。
MRVL年初至今仍涨111%，188.34美元的价格较2026年6月创下的52周高点316.43美元低40.5%。
KIS将SK海力士第二季度经营利润预测降至60.4万亿韩元，比65万亿韩元的一致预期低约8%。
文章称SK海力士长期HBM（高带宽内存）合同使其未能充分受益于现货市场30%至50%的涨价。

作者观点与证据

作者判断扩产支出会压缩短期自由现金流，并可能推动半导体估值倍数下调。台积电指引和KIS预测构成证据，行业估值反应及MRVL跌幅归因属于分析推断。文末推广其他股票的内容缺少相应证据。

与相关标的的关系

MRVL作为人工智能网络芯片供应商，估值受上游先进制程成本、云厂商资本开支回报及行业风险偏好影响。文章没有提供MRVL订单、收入或利润率发生变化的公司级证据。

时效性与限制

文章发布于美东时间 07/16 17:05（UTC+8 07/17 05:05），贴近当日市场波动。台积电对MRVL跌幅的解释是行业传导分析，无法排除仓位、技术面或其他消息的共同作用。

后续跟踪

台积电下半年毛利率与自由现金流
云厂商资本开支和人工智能软件收入的匹配程度
MRVL订单、毛利率及盈利预期变化
HBM长约价格与现货价格差异

英文原文

Why Marvell Technology (MRVL) Stock Is Down Today

Radek Strnad

Fri, July 17, 2026 at 5:05 AM GMT+8 4 min read

-2.32%

MRVL

-8.71%

ASML

-1.67%

Why Marvell Technology (MRVL) Stock Is Down Today

What Happened?

Shares of networking chips designer Marvell Technology (NASDAQ: MRVL) fell 8.4% in the afternoon session after TSMC paired topline strength with a free cash flow-compressing capital expenditure reset, compounding a sector-wide selloff that began with ASML the day before.

TSMC shares fell roughly 4% in the morning session despite a record profit beat. The company raised its full-year 2026 revenue growth outlook to slightly above 40%, but simultaneously increased its capital expenditure guidance to $60–$64 billion, up from a prior ceiling of $56 billion. Management also guided third-quarter operating margins roughly 70 basis points below consensus and warned that overseas expansion and 2-nanometer ramp costs would dilute gross margins in the second half of the year.

The market continued to price the semiconductor sector on top-line artificial intelligence demand, which TSMC confirmed remains "extremely robust." However, the capex reset shifts investor focus to cash generation and the explicit cost of staying at the leading edge. Every incremental dollar of TSMC's capex increase could be a drain on near-term free cash flow, compressing the yields needed to justify the sector's lofty valuation multiples.This explains why the broader group sold off despite objectively strong revenue metrics from both TSMC and ASML this week. The read-through for the sector is that scaling AI manufacturing capacity will be exceptionally expensive, forcing a multiple de-rating as profit margins absorb the burden of rapid expansion. The market will now watch upcoming earnings from major hyperscalers to see if downstream software monetization can ultimately justify the massive capital costs flowing through the hardware supply chain.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Marvell Technology? Access our full analysis report here, it's free .

What Is The Market Telling Us

Marvell Technology's shares are extremely volatile and have had 46 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 3 days ago when the stock dropped 8% on the news that investors took profits following the chip sector's strong rally in the first half of the year as Middle East tensions escalated. SK Hynix shares fell over 5% in South Korea following its strong Nasdaq debut the previous week.

Story Continues

The selloff dragged down memory peers like Micron Technology and SanDisk. Adding to the weakness for memory stocks, a South Korean brokerage lowered its second-quarter earnings forecast for SK Hynix. Brokerage firm KIS projected SK Hynix's second-quarter operating profit at 60.4 trillion won, roughly 8% below the 65 trillion won market consensus. The expected miss stems from the company's heavy reliance on long-term contracts for its premium High Bandwidth Memory (HBM) chips, a structure that effectively locked the manufacturer out of recent 30% to 50% price surges in the broader spot market.It is natural to assume that selling more premium AI chips would immediately expand profit margins. However, HBM economics work differently than standard memory. Because these advanced chips require massive upfront capital, they are typically sold through multi-year agreements that fix the price.

Standard DRAM and NAND chips, by contrast, trade on the spot market where prices move freely. Consequently, SK Hynix's heavy exposure to premium, fixed-price contracts placed a near-term ceiling on its pricing power even as broader market prices spiked. This revelation triggered a reassessment across a memory sector priced for perfection, accelerating profit-taking among investors who were already questioning the durability of AI capital spending.Adding to the defensive positioning, renewed tensions in the Middle East, including reports of US military action against Iran, pushed oil higher and encouraged a shift toward safer assets.

Marvell Technology is up 111% since the beginning of the year, but at $188.34 per share, it is still trading 40.5% below its 52-week high of $316.43 from June 2026. Investors who bought $1,000 worth of Marvell Technology's shares 5 years ago would now be looking at an investment worth $3,489.

ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who's building AI, one company is already using it to print money. And nobody's paying attention.

打开原文

Roundhill单日吸金六点四亿

重要性3/5 中

数据新且与DRAM发行商品牌相关，但缺少单基金流量，直接标的解释力有限。

标签

标的：`DRAM`来源：etf.com发布日期：2026-07-16重要性：3/5 中评级理由：数据新且与DRAM发行商品牌相关，但缺少单基金流量，直接标的解释力有限。评级依据：timeliness, source_quality, granularity_limit原文字数：5848

中文摘要

核心结论

截至07/15，Roundhill品牌ETF单日净流入6.43亿美元，相当于品牌资产的1.82%，2026年累计净流入251.30亿美元。数据反映Roundhill产品体系资金需求旺盛，但品牌级统计无法确认资金具体流入DRAM。

重要性评级

评级：3/5（中）

文章发布时间新且元数据关联DRAM，但正文主要是全市场品牌与发行人排行榜，缺少单只基金申赎拆分，直接解释力有限。

关键事实

文章发布于美东时间 07/16 17:00（UTC+8 07/17 05:00），表格反映07/15（未给出具体时刻）的日度资金流和资产总额。
FactSet（金融数据服务商）负责识别ETF品牌及其法律发行人，文章分别展示两套排行榜。
Roundhill品牌资产管理规模为354.05亿美元，单日净流入6.43亿美元，占资产的1.82%。
Roundhill品牌2026年累计净流入251.30亿美元。
法律发行人Roundhill Investments资产管理规模为327.16亿美元，单日净流入6.64亿美元，占资产的2.03%。
Roundhill Investments的2026年累计净流入为236.82亿美元。
Vanguard品牌单日净流入20.86亿美元；Invesco品牌净流出24.74亿美元，SPDR品牌净流出17.08亿美元。
DRAM被列为关联标的，元数据行情显示跌8.82%，正文没有披露其单日净申赎金额。

作者观点与证据

文章属于FactSet数据驱动的排行榜，没有展开行业判断。品牌和发行人数值存在差异，原因是部分发行人向第三方品牌提供ETF基础设施；两套口径应分别读取，不能直接互换。

与相关标的的关系

DRAM属于Roundhill产品体系，因此品牌整体流入可作为发行商品牌热度的背景信号。由于正文没有单基金明细，6.43亿美元不能归为DRAM资金流，也无法解释DRAM同期8.82%的价格下跌。

时效性与限制

榜单数据较新，但仅覆盖单日流量，容易受到大额申赎和产品间调配影响。文章长达大量排行榜数据，缺少资金来源、持续性及单基金贡献拆分。

后续跟踪

DRAM自身每日份额与净申赎变化。
Roundhill品牌流入的产品构成。
品牌口径与法律发行人口径的持续差异。
DRAM价格、资产规模和份额变化是否同步。

英文原文

ETF League Tables: Roundhill Pulls In $643M

ETF.com Staff

Fri, July 17, 2026 at 5:00 AM GMT+8 49 min read

DRAM

-8.82%

Hero image 760x520 green (Table below reflects daily flows on July 15, 2026 and asset totals as of that date.)

ETF Brand League Table

Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.

Brand

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

iShares

4,578,450.28

-153.07

0.00%

322,319.56

Vanguard

4,524,008.89

2,085.98

0.05%

290,676.36

SPDR

1,915,746.73

-1,708.40

-0.09%

29,482.73

Invesco

969,324.99

-2,474.20

-0.26%

51,422.48

Schwab

586,940.69

-402.99

-0.07%

37,159.30

JPMorgan

333,268.02

482.99

0.14%

41,420.63

Dimensional

301,551.28

234.12

0.08%

28,888.42

First Trust

224,213.66

74.02

0.03%

18,702.41

Fidelity

175,401.93

126.96

0.07%

18,848.11

Tradr

166,671.48

161.19

0.10%

53,083.73

VanEck

160,397.33

239.69

0.15%

12,127.83

Capital Group

151,534.56

112.33

0.07%

34,979.28

Avantis

140,662.49

237.02

0.17%

29,664.45

ProShares

121,241.31

-111.41

-0.09%

3,446.28

WisdomTree

99,599.50

15.37

0.02%

4,085.70

Global X

93,225.76

54.10

0.06%

11,391.76

Direxion

72,496.56

-37.32

-0.05%

-11,344.10

Goldman Sachs

64,670.03

10.19

0.02%

7,697.60

PIMCO

57,785.95

20.66

0.04%

11,565.77

FT Vest

55,951.22

-48.12

-0.09%

5,316.06

Franklin

47,438.92

22.46

0.05%

9,246.54

Janus Henderson

44,634.62

-3.74

-0.01%

5,934.55

Pacer

40,787.89

-22.39

-0.05%

-896.92

Innovator

35,455.99

34.69

0.10%

3,374.22

Roundhill

35,405.43

642.66

1.82%

25,129.91

PGIM

34,546.75

158.27

0.46%

11,334.75

Xtrackers

32,351.21

29.04

0.09%

1,240.19

T. Rowe Price

31,018.43

57.94

0.19%

8,088.23

Neos

30,773.76

52.47

0.17%

12,734.53

FlexShares

26,451.41

4.40

0.02%

1,150.59

VictoryShares

23,841.57

41.73

0.18%

3,224.01

AB Funds

19,939.62

98.79

0.50%

5,118.90

Amplify

19,542.64

43.64

0.22%

1,842.38

abrdn

18,439.40

6.05

0.03%

-1,063.55

BNY Mellon

18,279.65

44.78

0.24%

1,524.27

Nuveen

18,016.45

3.14

0.02%

1,464.72

Alpha Architect

16,602.12

24.21

0.15%

3,729.90

Grayscale

15,875.96

6.56

0.04%

-1,463.72

ARK

15,872.26

-207.86

-1.31%

-1,042.32

John Hancock

15,325.71

1.09

0.01%

5,507.45

Simplify

14,012.55

-8.47

-0.06%

2,241.13

Alerian

13,164.67

-4.03

-0.03%

670.62

Putnam

13,142.92

331.29

2.52%

5,049.22

Columbia

12,908.05

0.00

0.00%

1,270.08

Principal

12,480.37

260.34

2.09%

3,055.90

Eaton Vance

11,864.32

0.00

0.00%

3,470.12

GraniteShares

11,857.35

-58.92

-0.50%

-484.20

Defiance

11,300.30

201.95

1.79%

4,608.73

YieldMax

9,486.54

19.73

0.21%

1,419.24

US Benchmark Series

9,204.16

4.62

0.05%

1,134.33

ALPS

8,928.27

13.38

0.15%

693.58

KraneShares

8,522.11

65.59

0.77%

548.27

SEI

8,150.53

751.98

9.23%

1,779.27

REX Microsectors

8,091.86

0.00

0.00%

386.05

Hartford

8,032.58

1.95

0.02%

1,383.74

BondBloxx

7,947.12

10.22

0.13%

4,903.12

New York Life Investments

7,794.21

29.60

0.38%

1,294.69

Harbor

7,580.33

12.54

0.17%

1,668.49

TCW

7,295.22

5.30

0.07%

1,570.38

American Century

6,456.57

2.31

0.04%

567.25

Aptus

5,862.96

-123.71

-2.11%

528.79

GMO

5,828.46

1.36

0.02%

1,748.75

Allianz

5,828.17

16.45

0.28%

14,735.46

Virtus

5,372.11

-5.91

-0.11%

599.47

Akre

5,188.35

-22.01

-0.42%

-3,109.31

Morgan Stanley

5,085.23

7.40

0.15%

474.24

Fundstrat

4,976.60

0.00

0.00%

314.03

Sprott

4,968.80

0.00

0.00%

1,144.17

Bitwise

4,800.29

3.50

0.07%

371.50

ActivePassive

4,798.03

0.00

0.00%

279.06

Bahl & Gaynor

4,622.88

7.32

0.16%

1,756.99

Main Funds

4,544.29

4.27

0.09%

376.79

Cambria

4,506.31

6.73

0.15%

282.44

US Commodity Funds

4,473.39

-74.84

-1.67%

847.41

Eagle

4,426.74

0.00

0.00%

747.22

Invesco DB

4,356.77

5.14

0.12%

769.92

SP Funds

4,162.50

6.71

0.16%

1,114.14

Neuberger Berman

3,933.92

3.79

0.10%

964.06

3,898.06

0.77

0.02%

1,616.39

Tema

3,690.17

5.09

0.14%

2,728.41

Calamos

3,666.13

26.37

0.72%

2,108.64

First Eagle

3,645.64

24.26

0.67%

2,147.10

Freedom

3,485.43

8.56

0.25%

800.36

Inspire

3,371.03

5.03

0.15%

508.51

Angel Oak

3,222.15

5.34

0.17%

944.69

MFS

3,171.16

16.55

0.52%

1,539.89

Thrivent

3,016.54

1.48

0.05%

160.09

DoubleLine

2,890.92

16.85

0.58%

604.63

Strive

2,866.30

0.00

0.00%

205.17

Bridgeway

2,830.41

0.00

0.00%

141.30

Federated Hermes

2,824.50

5.08

0.18%

1,008.13

Bluemonte

2,803.48

0.62

0.02%

514.48

Brown Advisory

2,742.58

4.97

0.18%

244.11

Motley Fool

2,736.37

2.14

0.08%

-95.93

2,597.23

-23.78

-0.92%

457.50

Davis

2,593.77

0.00

0.00%

297.26

Volatility Shares

2,520.49

-7.54

-0.30%

956.64

ROBO Global

2,486.54

4.16

0.17%

515.76

T-Rex

2,408.62

14.58

0.61%

7,877.28

Horizon

2,219.24

0.64

0.03%

207.49

Leverage Shares

2,208.91

10.84

0.49%

11,805.23

Rockefeller Capital Management

2,062.27

-0.84

-0.04%

123.23

Distillate

2,060.17

0.00

0.00%

-52.10

ERShares

2,054.20

-1.56

-0.08%

552.86

VistaShares

2,021.29

-5.35

-0.26%

983.22

Lazard

2,020.70

0.00

0.00%

998.90

Tortoise

1,913.17

-1.12

-0.06%

139.27

BlackRock

1,913.01

-20.24

-1.06%

-352.07

Touchstone

1,901.70

17.21

0.91%

683.34

Horizons

1,897.50

0.53

0.03%

472.84

AdvisorShares

1,783.70

0.00

0.00%

32.61

Portfolio Building Block

1,779.23

0.00

0.00%

1,664.86

Alger

1,728.22

-14.25

-0.82%

768.02

Vident

1,667.24

0.00

0.00%

0.37

Calvert

1,637.54

0.00

0.00%

227.63

TrueShares

1,518.55

1.90

0.13%

399.08

Meridian

1,457.83

0.03

0.00%

45.30

Return Stacked

1,445.67

9.92

0.69%

240.08

iPath

1,438.06

4.72

0.33%

9.83

HCM

1,411.97

-6.45

-0.46%

-8.41

Sapient

1,402.99

0.00

0.00%

-5.33

Kovitz

1,401.97

0.00

0.00%

14.90

Timothy

1,368.45

6.25

0.46%

131.60

Sterling Capital

1,348.37

40.33

2.99%

790.69

Allspring

1,339.06

0.00

0.00%

88.92

Burney

1,272.76

0.00

0.00%

62.70

CCM

1,257.18

1.04

0.08%

-12.97

Natixis

1,241.97

0.87

0.07%

283.77

ETRACS

1,234.51

0.00

0.00%

321.32

Wahed

1,212.59

0.00

0.00%

152.12

Oakmark

1,198.28

0.00

0.00%

175.55

Congress

1,171.09

0.00

0.00%

-7.41

Cohen & Steers

1,166.60

9.12

0.78%

568.21

Monarch

1,132.61

0.00

0.00%

193.32

Select

1,112.91

0.00

0.00%

134.91

REX

1,094.46

0.00

0.00%

169.06

Oneascent

1,085.03

0.00

0.00%

175.78

Macquarie

1,081.03

1.41

0.13%

296.10

USCF Advisers

1,080.96

-2.94

-0.27%

173.50

Panagram

1,069.69

0.00

0.00%

31.23

Summit Global Investments

1,051.08

0.88

0.08%

97.55

American Beacon

1,044.34

0.00

0.00%

532.39

US Global

1,037.01

-29.31

-2.83%

-41.43

CoRe

1,005.92

0.90

0.09%

110.80

BBH

993.65

-4.76

-0.48%

-47.62

Gotham

977.45

0.00

0.00%

36.88

Northern Trust

976.16

0.00

0.00%

45.47

Brandes

974.88

0.80

0.08%

74.57

Strategas

967.24

3.93

0.41%

443.33

AAM

959.85

1.51

0.16%

116.68

3Edge

889.05

1.32

0.15%

223.59

Teucrium

864.62

21.12

2.44%

580.45

Castellan

841.23

0.00

0.00%

41.02

InfraCap

840.29

0.88

0.11%

148.36

Zacks

839.01

14.46

1.72%

204.20

Range

837.80

-0.01

0.00%

86.00

SMI Funds

837.39

0.00

0.00%

46.90

Scharf

828.43

0.00

0.00%

-53.13

Twin Oak

812.64

0.00

0.00%

37.20

Thornburg

799.13

1.01

0.13%

342.88

Bushido

779.99

0.00

0.00%

32.91

SoFi

777.06

1.17

0.15%

47.75

Russell Investments

774.37

1.90

0.25%

183.45

Longview

770.18

0.00

0.00%

52.29

Strategy Shares

765.96

-0.68

-0.09%

-53.46

Convergence

761.09

4.44

0.58%

393.11

Corgi

756.11

1.74

0.23%

826.13

The Brinsmere Funds

740.75

0.00

0.00%

-19.96

Swan

733.24

-2.82

-0.39%

75.07

Baron

726.96

-27.54

-3.79%

280.40

Opus Capital Management

697.02

0.00

0.00%

-24.23

Tidal ETFs

685.23

-9.54

-1.39%

4.17

Day Hagan

684.66

0.00

0.00%

-56.46

Overlay Shares

684.20

0.00

0.00%

209.57

Barclays

670.09

0.00

0.00%

17.98

Counterpoint

661.48

0.00

0.00%

209.57

Procure

660.24

-8.01

-1.21%

563.31

LSV

644.91

0.12

0.02%

3.07

NPF

639.73

0.00

0.00%

0.70

RPAR

637.56

0.00

0.00%

-2.39

CoinShares

634.79

0.00

0.00%

-44.89

TappAlpha

632.65

4.70

0.74%

388.77

Brookstone

605.79

0.00

0.00%

-32.18

Nicholas

602.66

1.06

0.18%

238.15

Matthews

595.89

0.00

0.00%

93.48

F/m

594.74

0.50

0.08%

370.33

GQG Partners

591.25

2.10

0.35%

213.15

Arlington

587.22

0.00

0.00%

13.85

Parametric

586.46

1.35

0.23%

128.43

Applied Finance

586.42

-5.90

-1.01%

144.98

ClearBridge

585.23

-0.03

-0.01%

8.21

Elm

578.39

0.00

0.00%

39.79

FPA

575.74

0.19

0.03%

238.74

Max

555.25

0.00

0.00%

3.76

Kurv

553.83

0.00

0.00%

345.48

FundX

551.47

0.00

0.00%

47.87

FCF Advisors

547.77

0.00

0.00%

-328.07

Voya

542.39

0.00

0.00%

212.19

Anfield

531.93

0.70

0.13%

122.13

Vert

530.71

3.72

0.70%

33.17

Eventide

529.77

1.52

0.29%

153.24

Kensington

506.79

0.00

0.00%

157.05

Astoria

504.58

1.06

0.21%

103.82

Adaptive

498.84

3.26

0.65%

17.97

PlanRock

496.59

-0.14

-0.03%

79.27

Beyond

477.92

2.91

0.61%

113.71

REX Shares

460.12

0.00

0.00%

304.53

AXS Investments

455.09

0.98

0.21%

65.58

Myriad Capital

448.22

0.00

0.00%

6.27

Equable

444.38

26.35

5.93%

91.41

Toews

436.61

0.00

0.00%

16.76

Tweedy, Browne Co.

426.81

0.00

0.00%

170.51

Saba

426.73

0.00

0.00%

24.13

EA Series Trust

413.46

0.00

0.00%

99.83

Palmer Square

411.91

0.00

0.00%

220.73

Westwood

409.34

-0.05

-0.01%

164.15

Wisdom

385.22

-0.51

-0.13%

19.70

ClearShares

376.48

0.00

0.00%

-15.95

Subversive

368.21

0.00

0.00%

0.73

Pacific Funds

357.66

0.00

0.00%

242.82

Segall Bryant & Hamill

355.07

0.00

0.00%

13.87

Aberdeen

348.71

0.00

0.00%

83.73

Themes

343.79

2.23

0.65%

125.87

ROC

332.89

-0.82

-0.25%

-29.63

Canary

332.84

0.00

0.00%

107.89

MarketDesk

329.01

2.84

0.86%

203.37

CastleArk

327.46

0.04

0.01%

-8.06

Hedgeye

326.57

-1.91

-0.59%

196.43

Optimize

316.90

0.00

0.00%

25.37

Northern Funds

313.09

0.00

0.00%

180.15

Transamerica

310.30

0.00

0.00%

266.41

Essential 40

300.68

1.98

0.66%

73.75

Adasina

300.61

0.00

0.00%

6.27

Faith Investor Services

297.23

-1.58

-0.53%

80.82

Frontier

297.18

-0.01

0.00%

6.62

NestYield

297.10

1.88

0.63%

87.16

AGF

292.09

0.00

0.00%

65.76

Mango

288.03

-0.08

-0.03%

1,399.73

Bancreek

287.04

0.00

0.00%

88.64

Fairlead

286.25

0.00

0.00%

1.00

Amplius

278.29

0.00

0.00%

4.93

Nomura

277.46

0.00

0.00%

220.19

Quadratic

275.90

0.12

0.04%

-186.21

State Street

274.08

2.44

0.89%

110.37

Rareview Funds

268.31

-2.00

-0.75%

45.94

JLens

266.57

0.63

0.24%

37.61

EMQQ

264.51

0.05

0.02%

-26.67

THOR

260.52

-12.01

-4.61%

0.72

SRH

259.36

0.00

0.00%

-1.52

Tuttle Capital

254.30

0.51

0.20%

3,052.42

Little Harbor Advisors

253.05

-5.32

-2.10%

-4.30

Weitz

251.73

0.00

0.00%

119.82

21Shares

250.16

0.00

0.00%

34.70

Regan

247.14

0.00

0.00%

62.92

Cabana

246.64

3.38

1.37%

-59.38

Pathfinder

242.91

12.30

5.06%

238.29

Oak Funds

239.66

0.00

0.00%

-30.04

CresAlta

233.41

5.38

2.30%

7.23

Spear

229.79

1.22

0.53%

44.15

Hilton

226.69

2.25

0.99%

-11.14

Hashdex

226.19

0.00

0.00%

128.98

LeaderShares

225.38

0.00

0.00%

-98.99

Pabrai

221.73

0.00

0.00%

103.04

North Square

215.34

0.00

0.00%

157.64

Dana

214.07

0.00

0.00%

21.06

Towle

213.36

0.00

0.00%

87.99

Gadsden

207.77

0.00

0.00%

17.41

Madison

207.76

0.00

0.00%

-18.18

Guggenheim

203.88

2.51

1.23%

21.27

Parnassus Investments

198.14

0.00

0.00%

77.05

Unlimited

197.89

0.00

0.00%

102.29

BeeHive

195.97

0.00

0.00%

1.55

Argent

193.55

0.00

0.00%

15.72

191.73

0.00

0.00%

-30.59

Alexis

185.79

0.00

0.00%

18.05

Obra

185.17

0.00

0.00%

114.24

McElhenny Sheffield

184.73

0.00

0.00%

30.68

OPAL

183.02

1.03

0.56%

47.30

Tremblant

182.65

0.00

0.00%

6.73

Adaptiv

182.62

-7.84

-4.29%

7.49

Leuthold

178.72

0.00

0.00%

33.78

Renaissance

178.24

0.00

0.00%

3.79

Gabelli

177.14

0.68

0.38%

62.16

Ballast

176.58

0.00

0.00%

2.19

Liberty One

171.87

0.00

0.00%

78.98

DFA

168.87

1.28

0.76%

146.19

Polen

168.66

0.00

0.00%

-161.30

Praxis

167.77

0.00

0.00%

18.46

Rayliant

166.11

1.77

1.07%

-39.60

RiverFront

163.70

0.00

0.00%

-20.49

DWS

163.41

0.00

0.00%

33.15

SoundWatch Capital

161.95

0.00

0.00%

-7.32

Shelton Capital

161.49

0.00

0.00%

94.58

Emerald

157.95

0.00

0.00%

16.27

Pictet

155.50

0.00

0.00%

76.32

Raymond James

154.40

0.00

0.00%

84.95

Hull

154.24

0.00

0.00%

12.08

ACV

152.80

0.00

0.00%

2.57

ETC

151.86

0.00

0.00%

-3.30

SWP

147.99

0.00

0.00%

9.25

Hoya

144.76

0.00

0.00%

6.31

The Future Fund

144.08

0.00

0.00%

5.44

WBI Shares

141.55

0.00

0.00%

-13.75

Absolute

140.51

0.00

0.00%

14.38

River1

139.93

0.00

0.00%

18.17

Genter Capital

138.57

0.00

0.00%

456.76

Impact Shares

132.10

-0.01

-0.01%

-12.15

Relative Sentiment

131.66

0.00

0.00%

54.00

Conductor Fund

128.69

0.00

0.00%

2.19

REX-Osprey

128.45

0.00

0.00%

-34.57

Donoghue Forlines

128.26

0.00

0.00%

64.72

Euclidean

127.35

0.00

0.00%

-24.48

Reckoner

125.95

0.00

0.00%

69.94

Texas Capital

122.09

0.00

0.00%

3.89

119.67

0.00

0.00%

0.59

Impax

119.62

0.00

0.00%

-411.83

First Manhattan

116.75

0.00

0.00%

0.69

Altshares

116.23

-0.01

-0.01%

2.61

Sparkline

115.96

0.00

0.00%

23.51

STF

115.59

1.40

1.21%

-5.79

Clough

115.53

0.00

0.00%

16.45

Keating

114.63

0.00

0.00%

5.00

Founder

114.14

0.00

0.00%

97.44

111.60

0.00

0.00%

43.02

Academy

111.48

0.00

0.00%

25.92

Logan

110.35

0.00

0.00%

0.06

PLUS

108.48

0.00

0.00%

74.50

Miller

108.22

0.00

0.00%

12.88

Avos

107.62

0.00

0.00%

3.93

Indexperts

105.29

0.00

0.00%

-0.15

AOT

104.44

0.00

0.00%

0.51

Mohr Funds

104.35

0.00

0.00%

4.57

SmartETFs

101.68

0.00

0.00%

16.58

Sophus

100.44

0.00

0.00%

106.47

ARS

98.38

-0.99

-1.01%

1.01

Arin

96.39

0.00

0.00%

3.71

Sovereign's

96.10

0.00

0.00%

-8.66

Hennessy

93.86

0.00

0.00%

-8.35

Matrix

92.56

1.03

1.11%

-1.66

IDX

91.62

-0.99

-1.08%

9.59

Ocean Park

91.14

0.26

0.29%

41.58

Pinnacle

89.36

0.00

0.00%

34.05

Diamond Hill

89.33

0.00

0.00%

27.25

Affinity

89.08

0.00

0.00%

20.49

Jensen

88.76

0.00

0.00%

-34.02

Acuitas

87.97

0.00

0.00%

77.72

Smart

87.94

0.26

0.29%

1,093.30

ArrowShares

87.22

0.00

0.00%

6.46

Stone Ridge

82.94

0.00

0.00%

4.77

Fitzgerald

81.13

0.00

0.00%

81.97

WealthTrust

80.88

0.00

0.00%

11.15

BrandywineGLOBAL

80.51

0.00

0.00%

-60.45

Pzena

80.18

0.00

0.00%

41.17

Golden Eagle

78.87

0.00

0.00%

68.13

aberdeen

78.33

0.00

0.00%

-14.36

M.D. Sass

77.32

0.00

0.00%

6.49

SonicShares

73.93

0.00

0.00%

15.96

Carbon Collective

73.17

0.40

0.54%

7.83

BufferLABS

72.20

0.00

0.00%

4.95

Discipline Funds

72.20

0.25

0.35%

10.97

Performance Trust

69.86

0.00

0.00%

34.44

Symmetry Panoramic

69.10

-0.01

-0.01%

8.32

Moonvest

69.03

0.00

0.00%

43.70

Aztlan

69.01

0.00

0.00%

3.51

68.27

0.00

0.00%

0.47

Anydrus

68.01

0.00

0.00%

11.89

Sound Income Strategies

67.46

0.00

0.00%

-4.41

PMV

67.15

-0.01

-0.02%

11.47

Cambiar Funds

66.60

-0.34

-0.51%

0.30

RAM

66.11

0.00

0.00%

6.50

Suncoast

64.03

0.00

0.00%

8.01

Peak

63.37

0.00

0.00%

7.17

WarCap

62.41

0.00

0.00%

13.42

Osprey

60.97

0.00

0.00%

-50.78

Warren

60.63

0.00

0.00%

14.64

Even Herd

59.88

0.00

0.00%

-2.60

North Shore

58.72

0.00

0.00%

-0.87

Man

58.02

0.00

0.00%

4.59

RiverNorth

57.88

0.00

0.00%

6.21

LOGIQ

55.41

0.00

0.00%

0.05

Sarmaya Partners

55.37

0.00

0.00%

35.68

Ritholtz

55.31

0.00

0.00%

7.18

Cullen

54.95

0.01

0.01%

12.55

CRM

54.63

0.28

0.51%

51.48

Breakwave

54.44

-1.26

-2.32%

-44.34

NETL

54.31

0.00

0.00%

5.85

Nelson

53.95

0.29

0.53%

6.52

UVA

52.84

0.00

0.00%

2.20

52.56

0.00

0.00%

9.73

Worth Charting

51.38

0.00

0.00%

50.59

QRAFT

51.22

0.00

0.00%

-0.69

Franklin Templeton

50.09

0.00

0.00%

0.00

UBS

49.34

0.00

0.00%

0.00

Mairs & Power

47.70

0.00

0.00%

11.90

ChinaAMC

47.28

0.00

0.00%

31.22

Tuttle

46.20

0.00

0.00%

6.87

Crossmark

45.96

0.00

0.00%

7.05

Variant Perception

45.59

0.00

0.00%

5.84

TimesSquare

45.33

0.00

0.00%

40.11

Alternative Access

44.98

0.01

0.02%

2.51

India

44.36

0.01

0.01%

-4.47

Bridges

42.96

0.00

0.00%

-4.17

Dakota

42.77

0.00

0.00%

-0.01

Morgan Dempsey

42.24

0.00

0.00%

4.64

Stacked

42.20

0.00

0.00%

-28.21

Formidable

41.47

0.00

0.00%

-1.37

Goose Hollow

41.02

-1.52

-3.70%

-0.70

Cultivar

40.47

0.00

0.00%

2.59

RAFI Indices

39.42

0.00

0.00%

-2.14

Man GLG

38.74

0.00

0.00%

1.63

Chesapeake

38.60

0.00

0.00%

38.21

Peerless

38.51

0.00

0.00%

12.56

Concourse

37.85

0.00

0.00%

1.45

Guru

37.20

0.00

0.00%

-0.98

Tactical Funds

36.49

0.00

0.00%

1.56

Grizzle

35.12

0.00

0.00%

13.02

ZEGA

34.92

0.00

0.00%

-1.75

Bastion

34.73

0.00

0.00%

3.14

ADRhedged

33.98

-0.61

-1.80%

11.32

Advent

32.57

0.00

0.00%

3.76

The Nightview

31.78

0.00

0.00%

1.50

Acquirers Fund

31.30

0.00

0.00%

-3.84

Point Bridge Capital

30.99

0.00

0.00%

-2.77

OTG

28.82

0.00

0.00%

4.28

Core Alternative

27.52

0.00

0.00%

-9.90

MUFG

25.19

0.00

0.00%

0.94

Intelligent Investor

23.70

0.00

0.00%

-0.85

Manzil

23.57

0.00

0.00%

20.03

NovaTide

22.18

0.00

0.00%

8.20

Defender

21.64

0.00

0.00%

21.25

Brendan Wood

21.28

0.00

0.00%

0.00

Draco

21.16

0.00

0.00%

-2.75

Wedbush

20.81

0.00

0.00%

19.63

FMQQ

20.61

0.00

0.00%

-2.83

DGA

20.48

0.00

0.00%

-0.01

Vegashares

20.08

0.00

0.00%

20.31

AMG Funds

20.02

0.00

0.00%

9.52

Altrius

19.83

0.00

0.00%

3.77

GGM

19.48

0.00

0.00%

0.74

StockSnips

19.17

0.00

0.00%

-1.02

Yorkville

17.81

0.00

0.00%

14.29

Atlas

17.71

0.00

0.00%

0.01

Leatherback

17.68

0.00

0.00%

-5.25

Alki

17.55

0.00

0.00%

17.34

iMGP

17.39

0.00

0.00%

7.48

Rainwater

17.28

0.00

0.00%

-1.96

Pareto

16.92

0.00

0.00%

2.38

DAC

15.78

0.00

0.00%

3.11

Humilis

15.34

0.00

0.00%

15.09

Clockwise Capital

15.23

0.00

0.00%

3.85

Archer Funds

14.35

0.00

0.00%

10.12

MKAM

13.10

0.00

0.00%

0.61

Free Market

12.74

0.00

0.00%

-6.35

Build

12.51

0.00

0.00%

1.27

CLS

12.17

0.00

0.00%

9.12

Alpha

11.95

0.00

0.00%

-0.01

Arimathea

11.92

0.00

0.00%

12.02

Billionaires

11.61

0.76

6.52%

11.45

Ionic

11.35

0.00

0.00%

0.97

Truth Social

11.01

0.00

0.00%

8.35

WEBs

10.74

0.00

0.00%

6.89

FINQ

10.66

0.00

0.00%

9.77

MRBL

10.56

0.00

0.00%

3.84

Measured Risk Portfolios

10.32

0.00

0.00%

7.26

SanJac Alpha

10.02

0.00

0.00%

4.78

Hypatia Capital

9.98

0.00

0.00%

1.76

Oasis

9.98

0.00

0.00%

2.95

FolioBeyond

9.96

0.00

0.00%

0.00

Armada ETF Advisors

9.73

0.00

0.00%

-1.70

Amana

9.73

0.00

0.01%

8.40

ETFB

9.67

0.00

0.00%

1.00

Coastal

9.27

0.00

0.00%

2.87

Vontobel

9.00

0.00

-0.01%

-0.01

GSR

8.48

0.00

0.00%

8.44

Fundsmith

7.78

0.00

0.00%

2.79

Armor

7.64

0.00

0.00%

7.29

Prospera Funds

7.59

0.00

0.00%

5.53

Onefund

7.42

0.00

0.00%

-0.75

WHITEWOLF

6.92

0.00

0.00%

0.47

Mason Capital

6.79

0.00

0.00%

0.30

Income STKd

6.52

0.00

0.00%

9.64

Reverb ETF

5.84

0.00

0.00%

0.00

Templeton

5.83

0.00

0.00%

0.00

Honeytree

5.71

0.00

0.00%

-2.70

ATAC

5.70

0.00

0.00%

-0.39

USCF

5.22

0.00

0.00%

-1.51

X-Square

5.14

-1.89

-36.76%

0.68

Fidelity Advisor

4.96

0.00

0.00%

2.50

Ned Davis Research

4.54

0.00

0.00%

2.26

Kingsbarn

4.32

0.00

0.00%

-0.66

AllianceBernstein

4.25

0.00

0.00%

0.00

Wilmington Funds

3.49

0.00

0.00%

4.78

Abacus

3.31

0.00

0.00%

0.20

Arrow Funds

3.20

0.00

0.00%

-0.02

Horizon Kinetics

2.93

0.00

0.00%

2.66

Aura

2.89

0.00

0.00%

2.85

Hotchkis & Wiley

2.77

0.00

0.00%

0.01

CoreValues Alpha

2.46

0.00

0.00%

0.83

Ruk

2.21

0.00

0.00%

2.11

Langar

2.06

0.00

0.00%

-1.37

Milliman

1.99

0.00

0.00%

1.51

COtwo

1.82

0.00

0.00%

0.00

Cyber Hornet

1.53

0.00

0.00%

1.52

Climate Global

1.35

0.00

0.00%

0.90

xETFs

0.87

0.00

0.00%

0.00

Opportunistic

0.76

0.00

0.00%

-4.94

Fortuna

0.73

0.00

0.00%

0.00

TradersAI

0.70

0.00

0.00%

0.00

CORE16

0.62

0.00

-0.03%

-0.44

L&G

0.46

0.00

0.00%

0.48

Guinness Atkinson

0.42

0.00

0.00%

0.00

Skylar

0.39

0.00

0.00%

0.19

Deutsche X-trackers

0.14

0.00

0.00%

0.00

Harrison Street

0.00

0.00%

0.00

Baillie Gifford Funds

0.00

0.00%

0.00

CrossingBridge Funds

0.00

0.00%

-3.71

Stance

0.00

0.00%

0.00

Story Continues

ETF Issuer League Table

Issuer

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

BlackRock, Inc.

4,580,363.30

-173.30

0.00%

321,967.49

Vanguard

4,523,873.07

2,085.35

0.05%

290,626.15

State Street

1,757,152.60

-1,409.72

-0.08%

34,853.99

Invesco

973,681.75

-2,469.06

-0.25%

52,192.40

Charles Schwab

584,654.89

-393.93

-0.07%

36,379.91

JPMorgan Chase

333,268.02

482.99

0.14%

41,420.63

Dimensional

301,720.16

235.40

0.08%

29,034.61

First Trust

278,645.73

18.05

0.01%

22,680.06

Fidelity

175,406.89

126.96

0.07%

18,850.61

AXS Investments

167,142.23

162.17

0.10%

53,163.74

VanEck

160,397.33

239.69

0.15%

12,127.83

World Gold Council

158,868.21

-296.24

-0.19%

-5,260.89

The Capital Group Companies

151,534.56

112.33

0.07%

34,979.28

American Century Investments

147,119.06

239.33

0.16%

30,231.70

ProShare Advisors LLC

121,241.31

-111.41

-0.09%

3,446.28

WisdomTree

97,727.93

12.51

0.01%

3,030.91

Mirae Asset Global Investments Co., Ltd.

93,019.00

54.11

0.06%

11,311.86

Rafferty Asset Management

72,496.56

-37.32

-0.05%

-11,344.10

Goldman Sachs

64,986.30

11.16

0.02%

8,010.82

Allianz

63,614.12

37.11

0.06%

26,301.23

Franklin Templeton

48,308.65

22.43

0.05%

9,340.10

Janus Henderson

44,634.62

-3.74

-0.01%

5,934.55

Pacer Advisors

40,787.89

-22.39

-0.05%

-896.92

Alpha Architect

35,885.12

10.91

0.03%

5,879.30

Innovator

35,067.10

33.72

0.10%

3,047.58

Prudential

34,546.75

158.27

0.46%

11,334.75

Roundhill Investments

32,716.28

663.53

2.03%

23,682.23

Deutsche Bank AG

32,706.49

29.04

0.09%

1,242.75

T. Rowe Price Group, Inc.

31,018.43

57.94

0.19%

8,088.23

Neos Investments LLC

30,773.76

52.47

0.17%

12,734.53

Northern Trust

26,868.02

4.40

0.02%

1,375.80

Victory Capital

23,841.57

41.73

0.18%

3,224.01

SS&C

22,242.49

9.35

0.04%

1,328.46

Amplify Investments

19,542.64

43.64

0.22%

1,842.38

Toroso Investments Topco LLC

19,526.44

203.38

1.04%

7,417.87

Morgan Stanley

19,173.55

8.75

0.05%

4,300.42

Tidal Investments LLC

19,060.31

17.53

0.09%

3,333.96

Abrdn Plc

18,919.60

6.05

0.03%

-970.74

BNY Mellon

18,279.65

44.78

0.24%

1,524.27

TIAA Board of Governors

17,995.18

3.14

0.02%

1,459.31

ARK Investment Management LP

15,866.24

-207.86

-1.31%

-1,087.45

Manulife

15,325.71

1.09

0.01%

5,507.45

Simplify

14,012.55

-8.47

-0.06%

2,241.13

Equitable

13,583.37

97.53

0.72%

3,022.29

Power Corporation of Canada

13,104.80

331.29

2.53%

5,036.62

Ameriprise Financial

12,908.05

0.00

0.00%

1,270.08

Principal

12,480.37

260.34

2.09%

3,055.90

GraniteShares

11,758.33

-101.30

-0.86%

-526.58

Exchange Traded Concepts

10,611.57

9.89

0.09%

1,374.56

1251 Capital Group Inc.

9,665.05

5.12

0.05%

1,266.81

Digital Currency Group, Inc.

8,965.28

0.00

0.00%

-2,016.29

CICC

8,798.01

65.71

0.75%

362.06

SEI Investments

8,795.44

752.10

8.55%

1,782.34

BMO

8,647.11

0.00

0.00%

389.81

Bondbloxx Investment Management Corp.

7,947.12

10.22

0.13%

4,903.12

New York Life

7,794.21

29.60

0.38%

1,294.69

The Hartford

7,724.17

1.95

0.03%

1,323.99

ORIX

7,580.33

12.54

0.17%

1,668.49

The TCW Group, Inc.

7,071.31

5.30

0.07%

1,554.55

Defiance ETFs

6,914.59

-14.99

-0.22%

1,243.84

Grayscale Investments LLC

6,730.67

6.56

0.10%

612.05

Virtus Investment Partners

5,953.65

-5.02

-0.08%

614.21

Grantham, Mayo, Van Otterloo & Co. LLC

5,828.46

1.36

0.02%

1,748.75

AllianceBernstein LP

5,656.04

1.25

0.02%

2,100.00

Aptus Capital Advisors

5,559.73

5.59

0.10%

163.46

Marygold

5,545.62

-77.78

-1.40%

1,012.28

Akre Capital Management LLC

5,188.35

-22.01

-0.42%

-3,109.31

Sprott

4,968.80

0.00

0.00%

1,144.17

Envestnet

4,798.03

0.00

0.00%

279.06

Bahl & Gaynor, Inc.

4,622.88

7.32

0.16%

1,756.99

Tuttle Capital Management LLC

4,592.45

-5.78

-0.13%

12,107.13

Main Management

4,544.29

4.27

0.09%

376.79

Eagle Capital Management LLC

4,426.74

0.00

0.00%

747.22

Bitwise Asset Management, Inc.

4,410.48

3.50

0.08%

401.22

Sun Life Financial, Inc.

4,131.02

18.06

0.44%

1,656.57

Eurazeo SA

3,950.56

0.77

0.02%

1,469.46

Neuberger Berman

3,933.92

3.79

0.10%

964.06

Cambria Investment Management LP

3,928.91

6.73

0.17%

309.60

Dawn Global Topco Ltd.

3,690.17

5.09

0.14%

2,728.41

Calamos Family Partners, Inc.

3,666.13

26.37

0.72%

2,108.64

BCP CC Holdings LP

3,622.25

24.26

0.67%

2,142.17

Inspire Impact Group LLC

3,371.03

5.03

0.15%

508.51

Angel Oak Cos. LLC

3,186.85

5.34

0.17%

927.86

Thrivent Financial for Lutherans

3,016.54

1.48

0.05%

160.09

Doubleline ETF Holdings LP

2,890.92

16.85

0.58%

604.63

Federated Hermes, Inc.

2,824.50

5.08

0.18%

1,008.13

Brown Advisory Management LLC

2,742.58

4.97

0.18%

244.11

The Motley Fool

2,736.37

2.14

0.08%

-95.93

Themes ETF

2,604.05

13.35

0.51%

11,979.79

Davis Advisers

2,593.77

0.00

0.00%

297.26

Acp Horizon Holdings LP

2,548.88

1.17

0.05%

684.60

Groupe BPCE

2,440.24

0.87

0.04%

459.32

The Charles Schwab Corp.

2,285.80

-9.05

-0.40%

779.40

Focus Financial Partners, Inc

2,172.15

0.00

0.00%

67.19

Volatility Shares LLC

2,154.08

-7.54

-0.35%

770.26

Barclays

2,108.15

4.72

0.22%

27.81

Distillate Capital

2,060.17

0.00

0.00%

-52.10

Capital Impact Advisors

2,054.20

-1.56

-0.08%

552.86

Lazard, Inc.

2,020.70

0.00

0.00%

998.90

Tortoise

1,913.17

-1.12

-0.06%

139.27

Western & Southern Mutual Holding Co.

1,901.70

17.21

0.91%

683.34

WisdomTree, Inc.

1,871.57

2.86

0.15%

1,054.79

AdvisorShares

1,783.70

0.00

0.00%

32.61

Alger

1,728.22

-14.25

-0.82%

768.02

MM VAM LLC

1,670.08

0.00

0.00%

0.37

Horizon Kinetics

1,542.56

0.00

0.00%

-5.48

First Trust Advisors LP

1,452.54

7.85

0.54%

1,275.44

Timothy Plan

1,368.45

6.25

0.46%

131.60

Allspring Group Holdings LLC

1,339.06

0.00

0.00%

88.92

Howard Capital Management Inc.

1,335.52

-6.45

-0.48%

-8.70

UBS

1,283.86

0.00

0.00%

321.32

Wahed

1,212.59

0.00

0.00%

152.12

Aptus Holdings LLC

1,184.99

-129.30

-10.91%

371.78

Lagan Holding Co. Trust

1,171.09

0.00

0.00%

-7.41

Cohen & Steers, Inc. (New York)

1,166.60

9.12

0.78%

568.21

TrueMark Group

1,144.38

2.94

0.26%

83.03

Kingsview Partners LLC

1,132.61

0.00

0.00%

193.32

Oneascent Holdings LLC

1,085.03

0.00

0.00%

175.78

Wedbush Fund Advisers LLC

1,073.01

0.00

0.00%

-73.64

NZC Capital LLC

1,069.69

0.00

0.00%

31.23

Twin Oak Holdings LP

1,052.30

0.00

0.00%

7.16

Summit Global LLC

1,051.08

0.88

0.08%

97.55

US Global Investors

1,037.01

-29.31

-2.83%

-41.43

Delaware Management Company Inc

1,024.75

1.41

0.14%

571.97

Brown Brothers Harriman

993.65

-4.76

-0.48%

-47.62

Brandes Worldwide Holdings

974.88

0.80

0.08%

74.57

Baird Financial Group Inc.

967.24

3.93

0.41%

443.33

Resolute Investment Managers, Inc.

956.61

0.00

0.00%

522.26

CI Financial

906.54

0.00

0.00%

61.75

3EDGE Asset Management LP

889.05

1.32

0.15%

223.59

Northern Trust Corp.

872.63

0.00

0.00%

0.41

Zacks

839.01

14.46

1.72%

204.20

Scharf Investments LLC

828.43

0.00

0.00%

-53.13

Thornburg Investment Management

799.13

1.01

0.13%

342.88

REX Shares LLC

789.61

0.00

0.00%

151.65

Russell Investments Group Ltd.

774.37

1.90

0.25%

183.45

Corgi Insurance Services, Inc.

771.09

1.74

0.23%

839.68

Rational Advisors Inc.

765.96

-0.68

-0.09%

-53.46

Convergence Investment Partners, LLC

761.09

4.44

0.58%

393.11

Estate Counselors LLC

740.75

0.00

0.00%

-19.96

Swan Global Investments

733.24

-2.82

-0.39%

75.07

Baron Capital Group

726.96

-27.54

-3.79%

280.40

AB Holding

704.46

0.00

0.00%

-3.38

Affiliated Managers Group

690.30

0.00

0.00%

297.19

Liquid Strategies

684.20

0.00

0.00%

209.57

The Burney Co.

682.79

0.00

0.00%

33.22

Teucrium

669.02

5.72

0.86%

436.27

Counterpoint Mutual Funds LLC

661.48

0.00

0.00%

209.57

ProcureAM

660.24

-8.01

-1.21%

563.31

Day Hagan Asset Management

646.44

0.00

0.00%

-52.85

FCF Advisors

642.18

0.00

0.00%

-277.43

Norris, Perne & French LLP

639.73

0.00

0.00%

0.70

Coinshares International Ltd.

634.79

0.00

0.00%

-44.89

Tapp Finance, Inc.

632.65

4.70

0.74%

388.77

Anfield Group

621.01

0.70

0.11%

142.63

AmeriLife

605.79

0.00

0.00%

-32.18

3Fourteen & SMI Advisory Services LLC

595.95

0.00

0.00%

50.25

Matthews International Capital Management

595.89

0.00

0.00%

93.48

Sterling Capital Management LLC

594.89

16.68

2.80%

119.35

GQG Partners Inc

591.25

2.10

0.35%

213.15

Killir Kapital Management LLC

588.71

1.91

0.32%

1,473.47

Arlington Capital Ltd.

587.22

0.00

0.00%

13.85

Applied Finance Group

586.42

-5.90

-1.01%

144.98

Cygnet Capital LLC

578.39

0.00

0.00%

39.79

First Pacific Advisors LP

575.74

0.19

0.03%

238.74

Truemark Group LLC

568.24

0.00

0.00%

365.44

Vert Asset Management LLC

530.71

3.72

0.70%

33.17

Eventide Asset Management, LLC

529.77

1.52

0.29%

153.24

Rex Advisers LLC

528.60

0.00

0.00%

96.29

Hedgeye Risk Management LLC

512.60

-1.91

-0.37%

307.51

Kensington Asset Management LLC

506.79

0.00

0.00%

157.05

Guardian Capital Group Ltd.

500.99

0.00

0.00%

448.54

Adaptive Investments

498.84

3.26

0.65%

17.97

PlanRock Wealth Management LLC

496.59

-0.14

-0.03%

79.27

TFG Parent Holdings LLC

451.64

27.66

6.12%

557.26

Myriad Asset Management Advisors LLC

448.22

0.00

0.00%

6.27

RDJ Associates LLC

444.38

26.35

5.93%

91.41

Toews Corp.

436.61

0.00

0.00%

16.76

Palmer Square Holdings LLC

411.91

0.00

0.00%

220.73

ShariaPortfolio, Inc.

410.84

2.41

0.59%

173.13

Westwood Holdings Group, Inc.

409.34

-0.05

-0.01%

164.15

Spend Life Wisely Co., Inc.

385.22

-0.51

-0.13%

19.70

ClearShares LLC

376.48

0.00

0.00%

-15.95

Rex Financial LLC

371.08

0.00

0.00%

197.07

Corpus Partners LLC

366.40

0.00

0.00%

186.38

Pacific Investments Ltd.

357.66

0.00

0.00%

242.82

Kurv Investment, Inc.

334.50

0.00

0.00%

280.67

Running Oak Capital LLC

332.89

-0.82

-0.25%

-29.63

Canary Capital Group, Inc.

332.84

0.00

0.00%

107.89

CastleArk Management LLC

327.46

0.04

0.01%

-8.06

Macquarie Group Ltd

327.45

0.00

0.00%

-56.92

Aegon

310.30

0.00

0.00%

266.41

Voya Financial, Inc.

309.73

0.00

0.00%

200.43

The Hartford Insurance Group, Inc.

308.41

0.00

0.00%

59.75

Faith Investor Services LLC

297.23

-1.58

-0.53%

80.82

Frontier Asset Management LLC

294.34

-0.01

0.00%

6.62

AGF

292.09

0.00

0.00%

65.76

F/m Investments LLC

291.81

0.00

0.00%

254.11

Cary Street Partners Financial LLC /VA/

286.25

0.00

0.00%

1.00

Optimize Financial Inc.

270.75

0.00

0.00%

10.09

Neil Azous Revocable Trust

268.31

-2.00

-0.75%

45.94

Paralel Technologies LLC

259.36

0.00

0.00%

-1.52

Infrastructure Capital Advisors LLC

258.75

0.00

0.00%

133.62

Little Harbor Advisors

253.05

-5.32

-2.10%

-4.30

Weitz Investment Management, Inc.

251.73

0.00

0.00%

119.82

Regan Capital, LLC

247.14

0.00

0.00%

62.92

Graff Capital

242.91

12.30

5.06%

238.29

Marathon Partners LLC

241.44

0.00

0.00%

-3.35

AMG National Corp.

233.41

5.38

2.30%

7.23

Spear Advisors LLC

229.79

1.22

0.53%

44.15

Sterling Fund Management LLC

227.21

23.66

10.41%

218.43

Redwood

225.38

0.00

0.00%

-98.99

Clipper Holding LP

223.91

0.00

0.00%

15.83

Dhandho Holdings LP

221.73

0.00

0.00%

103.04

Kurv Investment Management LLC

219.33

0.00

0.00%

64.81

Rayliant

213.39

1.77

0.83%

-8.37

Hashdex Ltd.

211.55

0.00

0.00%

123.42

Teucrium Trading LLC

211.29

15.40

7.29%

168.02

Madison Investment Holdings, Inc.

207.76

0.00

0.00%

-18.18

Guggenheim Capital LLC

203.88

2.51

1.23%

21.27

Thor Trading Advisors LLC

200.37

-12.01

-5.99%

-6.80

Mcivy Co. LLC

191.41

0.00

0.00%

458.97

Beyond Investing

186.54

0.00

0.00%

8.62

Alexis Investment Partners LLC

185.79

0.00

0.00%

18.05

Tremblant Capital

182.65

0.00

0.00%

6.73

Client First Investment Management LLC

182.62

-7.84

-4.29%

7.49

Obra Capital, Inc.

180.09

0.00

0.00%

114.24

Grayscale Operating LLC

180.01

0.00

0.00%

-59.48

The Leuthold Group LLC

178.72

0.00

0.00%

33.78

Renaissance Capital

178.24

0.00

0.00%

3.79

GAMCO Investors, Inc.

177.14

0.68

0.38%

62.16

Inverdale Capital Management LLC

176.58

0.00

0.00%

2.19

Belpointe

174.52

0.29

0.17%

28.14

818, Inc.

171.87

0.00

0.00%

78.98

Everence Holdings Inc.

164.04

0.00

0.00%

14.79

Soundwatch Capital LLC

161.95

0.00

0.00%

-7.32

Shelton Capital Management

161.49

0.00

0.00%

94.58

Unlimited Funds, Inc.

157.65

0.00

0.00%

88.61

Amun Holdings Ltd.

156.25

0.00

0.00%

-46.45

Pictet & Partners

155.50

0.00

0.00%

76.32

Astoria Portfolio Advisors LLC

154.90

1.06

0.69%

31.25

Raymond James Financial

154.40

0.00

0.00%

84.95

Hull Investments LLC

154.24

0.00

0.00%

12.08

Ridgeline Research LLC

152.80

0.00

0.00%

2.57

SWP Investment Management LLC

147.99

0.00

0.00%

9.25

Pettee Investors

144.76

0.00

0.00%

6.31

Future Fund Advisors

144.08

0.00

0.00%

5.44

WBI

141.55

0.00

0.00%

-13.75

Absolute Investment Advisers LLC

140.51

0.00

0.00%

14.38

Sound Capital Solutions LLC

139.93

0.00

0.00%

18.17

Peakshares LLC

137.28

0.00

0.00%

20.01

Wellington Management Group LLP

135.82

0.63

0.46%

50.21

Azimut Holding SpA

135.68

0.00

0.00%

135.04

Polen Capital Management LLC

133.54

0.00

0.00%

-6.88

IronHorse Holdings

128.69

0.00

0.00%

2.19

Texas Capital Bancshares, Inc.

122.09

0.00

0.00%

3.89

Impax Asset Management Group

119.62

0.00

0.00%

-411.83

First Manhattan Co.

116.75

0.00

0.00%

0.69

Water Island Capital

116.23

-0.01

-0.01%

2.61

Stf Management LP

115.59

1.40

1.21%

-5.79

Clough Capital Partners LLC

115.53

0.00

0.00%

16.45

Q3 Asset Management Corp.

111.60

0.00

0.00%

43.02

Logan Capital Management Inc.

110.35

0.00

0.00%

0.06

Avos Capital Management, LLC

107.62

0.00

0.00%

3.93

Indexperts LLC

105.29

0.00

0.00%

-0.15

Community Capital Management, Inc.

104.65

-0.02

-0.02%

-6.31

Retireful LLC

104.35

0.00

0.00%

4.57

Guinness Atkinson Asset Management

102.09

0.00

0.00%

16.58

Granite Group Advisors LLC

99.02

42.38

42.80%

42.38

Artemis Corp.

98.38

-0.99

-1.01%

1.01

Man Group Plc (Jersey)

96.77

0.00

0.00%

6.22

Sovereign's Capital Management LLC

96.10

0.00

0.00%

-8.66

Sparkline Capital LP

95.33

0.00

0.00%

19.60

Corgi Strategies LLC

94.83

0.00

0.00%

80.63

Miller Value Partners LLC

94.07

0.00

0.00%

0.30

Hennessy Advisors

93.86

0.00

0.00%

-8.35

IDX Advisors LLC

91.62

-0.99

-1.08%

9.59

Ocean Park Asset Management LLC

91.14

0.26

0.29%

41.58

Arrow Funds

90.42

0.00

0.00%

6.44

Diamond Hill Investment Group

89.33

0.00

0.00%

27.25

Jensen Investment Management, Inc.

88.76

0.00

0.00%

-34.02

Acuitas Investments LLC

87.97

0.00

0.00%

77.72

Stone Ridge Holdings Group LP

82.94

0.00

0.00%

4.77

Argent Capital Management

81.92

0.00

0.00%

13.45

WealthTrust Asset Management LLC

80.88

0.00

0.00%

11.15

Pzena Investment Management LP

80.18

0.00

0.00%

41.17

NSI Holdings, Inc.

79.66

0.00

0.00%

22.60

Brookmont Capital Management LLC

78.92

0.00

0.00%

44.74

Golden Eagle Asset Management Co., Ltd.

78.87

0.00

0.00%

68.13

M. D. Sass LLC

77.32

0.00

0.00%

6.49

Falconx Holdings Ltd.

76.82

0.00

0.00%

56.99

Argent Holdings, Inc.

76.45

0.00

0.00%

0.29

Impact Shares

76.21

0.00

0.00%

1.45

Milliman, Inc.

74.60

0.00

0.00%

14.93

Core Alternative Capital

73.67

0.00

0.00%

5.38

Public Trust Advisors LLC

69.86

0.00

0.00%

34.44

Symmetry Partners, LLC

69.10

-0.01

-0.01%

8.32

Moonvest LLC

69.03

0.00

0.00%

43.70

FMC Group Holdings LP

68.27

0.00

0.00%

0.47

Sammons Enterprises, Inc.

67.78

0.00

0.00%

-9.86

PMV Capital LLC

67.15

-0.01

-0.02%

11.47

Grace Partners of Dupage LP

66.61

0.00

0.00%

62.97

Cambiar Holdings

66.60

-0.34

-0.51%

0.30

Reflection Asset Management, LLC

66.11

0.00

0.00%

6.50

Suncoast Equity Management LLC

64.03

0.00

0.00%

8.01

Warren Capital Management, Inc.

62.41

0.00

0.00%

13.42

Redbird Capital Partners Alternative Holdings LLC

60.97

0.00

0.00%

59.93

Osprey Funds LLC

60.97

0.00

0.00%

-50.78

Thor Analytics LLC

60.15

0.00

0.00%

7.52

Split Rock Private Trading & Wealth Management LLC

58.72

0.00

0.00%

-0.87

Sarmaya Partners LLC

55.37

0.00

0.00%

35.68

Cullen Capital Management LLC

54.95

0.01

0.01%

12.55

ETFMG

54.44

-1.26

-2.32%

-44.34

Worth Charting Group LLC

51.38

0.00

0.00%

50.59

Mairs & Power, Inc.

47.70

0.00

0.00%

11.90

RiverNorth Holdings Co.

46.83

0.00

0.00%

4.13

AG Financial Services Group

45.96

0.00

0.00%

7.05

Alternative Access Funds LLC

44.98

0.01

0.02%

2.51

Dakota Wealth Management LLC

42.77

0.00

0.00%

-0.01

Formidable Asset Management

41.47

0.00

0.00%

-1.37

Goose Hollow Capital Management LLC

41.02

-1.52

-3.70%

-0.70

Bancreek Capital Management LP

40.70

0.00

0.00%

27.76

Cultivar Capital, Inc.

40.47

0.00

0.00%

2.59

Donald L. Hagan LLC

38.22

0.00

0.00%

-3.61

Concourse Capital Advisors LLC

37.85

0.00

0.00%

1.45

Brookfield Asset Management Ltd.

35.30

0.00

0.00%

16.83

Reckoner Capital Management LLC

35.06

0.00

0.00%

7.51

Precidian Investments LLC

33.98

-0.61

-1.80%

11.32

Donoghue Forlines LLC

33.84

0.00

0.00%

14.08

Advent Capital Management LLC

32.57

0.00

0.00%

3.76

Nightview Capital LLC

31.78

0.00

0.00%

1.50

Power Financial Corp.

31.48

0.00

0.00%

11.27

Acquirers Funds

31.30

0.00

0.00%

-3.84

Point Bridge Capital

30.99

0.00

0.00%

-2.77

Redbird Capital Partners LP

29.92

0.00

0.00%

2.51

S.C.M. Edge, LLC

29.10

0.00

0.00%

14.84

Msc Group SA

28.82

0.00

0.00%

4.28

Yorkville America LLC

28.82

0.00

0.00%

22.65

Horizon Kinetics Holding Corp.

28.21

0.00

0.00%

3.86

Carbon Collective Investing LLC

26.49

0.40

1.50%

3.82

Le Mouvement des caisses Desjardins

25.27

0.00

0.00%

4.38

Mitsubishi UFJ Financial Group Inc.

25.19

0.00

0.00%

0.94

Dvx Ventures LLC

24.56

0.00

0.00%

6.15

Sound Capital Holdings LLC

23.85

0.00

0.00%

23.36

Manzil Mortgage Services, Inc.

23.57

0.00

0.00%

20.03

First Eagle Investment Management LLC

21.70

0.00

0.00%

4.22

Nuveen Securities LLC

21.27

0.00

0.00%

5.41

Wedbush Family Partners LLC

20.81

0.00

0.00%

19.63

American Beacon Advisors, Inc.

19.95

0.00

0.00%

20.00

Grant/GrossMendelsohn LLC

19.48

0.00

0.00%

0.74

Vega Financial Group, LLC

17.97

0.00

0.00%

17.86

Atlas Capital Team, Inc.

17.71

0.00

0.00%

0.01

Nicholas Wealth LLC

15.71

0.00

0.00%

18.46

Clockwise Capital LLC

15.23

0.00

0.00%

3.85

Archer Investment Corp.

14.35

0.00

0.00%

10.12

SS&C Technologies Holdings, Inc.

14.15

0.00

0.00%

15.25

Wellesley Asset Management, Inc.

14.15

0.00

0.00%

12.58

Build Asset Management LLC

12.51

0.00

0.00%

1.27

WEBs Investments, Inc.

12.19

0.00

0.00%

5.62

Arimathea Corp.

11.92

0.00

0.00%

12.02

Dana Investment Advisors, Inc.

11.90

0.00

0.00%

10.09

Measured Risk Portfolios, Inc.

10.32

0.00

0.00%

7.26

LionShares LLC

10.02

0.00

0.00%

3.21

Saracen Energy Advisors LP

10.02

0.00

0.00%

4.78

Hypatia Capital Group LLC

9.98

0.00

0.00%

1.76

Saturna Capital Corp.

9.73

0.00

0.01%

8.40

Defiance Group Holdings LLC

9.41

0.00

0.00%

9.46

Vontobel Holding AG

9.00

0.00

-0.01%

-0.01

CYBER HORNET ETFs LLC

8.95

0.00

0.00%

0.76

8.63

0.00

0.00%

0.61

Framework Digital Advisors LLC

8.48

0.00

0.00%

8.44

The Eighth Wonder Foundation

7.78

0.00

0.00%

2.79

Prospera Funds, Inc.

7.59

0.00

0.00%

5.53

Albert D. Mason, Inc.

6.79

0.00

0.00%

0.30

Nomura Holdings

6.30

0.00

0.00%

1.25

ARK Invest LLC

6.02

0.00

0.00%

45.13

Distribution Cognizant LLC

5.84

0.00

0.00%

0.00

Founder ETFs LLC

5.16

0.00

0.00%

4.10

X-Square Capital

5.14

-1.89

-36.76%

0.68

Reverence Capital Partners LLC

5.08

0.00

0.00%

0.00

Epiris Managers LLP

4.54

0.00

0.00%

2.26

Kingsbarn Capital Management LLC

4.32

0.00

0.00%

-0.66

Everence Association, Inc.

3.74

0.00

0.00%

3.66

Abacus Life, Inc.

3.31

0.00

0.00%

0.20

The BAD Investment Company

3.28

0.00

0.00%

2.80

HWCap Holdings LLC

2.77

0.00

0.00%

0.01

AOT Invest LLC

2.32

0.00

0.00%

0.90

Langar Investment Management LLC

2.06

0.00

0.00%

-1.37

Hexis Capital Management Ltd.

1.75

0.00

0.00%

1.78

21Shares AG

1.41

0.00

0.00%

0.32

Fortuna Funds LLC

0.73

0.00

0.00%

0.00

Colliers International Group, Inc.

0.00

0.00%

0.00

Baillie Gifford & Co.

0.00

0.00%

0.00

Cohanzick Management

0.00

0.00%

-3.71

ONEFUND LLC

0.00

0.00%

0.00

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

打开原文

莫里茨谈人工智能与全球风险

重要性2/5 较低

受访者具有行业影响力，但可见内容不足以支持公司层面或市场层面的明确结论。

标签

标的：`MSFT`来源：Barrons.com发布日期：2026-07-16重要性：2/5 较低评级理由：受访者具有行业影响力，但可见内容不足以支持公司层面或市场层面的明确结论。评级依据：知名风险投资人访谈, 涉及多家科技公司, 正文缺失, 新增可验证事实很少原文字数：97

中文摘要

核心结论

文章以红杉资本前投资人迈克尔·莫里茨的访谈为主体，覆盖人工智能、风险投资及全球流动性等议题。现有摘录只保留其投资履历和“护照越多越好”的表态，无法还原完整观点。

重要性评级

评级：2/5（较低）

受访者资历突出，涉及多家科技公司，但缺少访谈正文，难以形成可验证的当日公司事实。

关键事实

莫里茨在红杉资本任职期间参与投资 PayPal、Yahoo、LinkedIn 和 Google。
导语引用其观点：“护照再多也不嫌多”，指向跨境流动或地缘风险意识。
文内行情列示 TSLA 下跌 0.86%、SPCX 下跌 3.08%、MSFT 上涨 1.38%、PYPL 上涨 2.18%、AAPL 上涨 1.76%。
文章标注阅读时长为 9 分钟。
文章发布于美东时间 07/16 16:50（UTC+8 07/17 04:50）。

作者观点与证据

文章意在借莫里茨的长期投资经历讨论人工智能、创投与全球环境。现有文本没有保留他对估值、技术周期、资本配置或具体公司的完整判断。

与相关标的的关系

PYPL、AAPL、MSFT 和 TSLA 与其历史投资或访谈主题存在背景联系；摘录没有给出影响这些标的经营表现的新增事件。

时效性与限制

存档在导语后中断，标题覆盖面远大于可见证据，不能据此推断莫里茨对具体公司或人工智能资产的立场。

后续跟踪

完整访谈对人工智能估值与商业化的判断。
莫里茨对风险投资退出环境的看法。
“护照”表态对应的地缘与人才流动背景。

英文原文

Silicon Valley Midas Investor Michael Moritz on AI, Venture Capital, and Just About Everything

Silicon Valley Midas Investor Michael Moritz on AI, Venture Capital, and Just About Everything · Barrons.com · Photo Illustration by Barron's; Getty Images

Andy Serwer

Fri, July 17, 2026 at 4:50 AM GMT+8 9 min read

TSLA

-0.86%

SPCX

-3.08%

MSFT

+1.38%

PYPL

+2.18%

AAPL

+1.76%

When Moritz was at Sequoia, he helped the firm invest in mega home runs like PayPal, Yahoo!, LinkedIn, and Google. Now, he says, “You can never have enough passports.”

打开原文

谷歌旗舰模型延期数月

重要性5/5 高优先级

旗舰模型延期直接影响GOOG竞争预期，报道兼有公司回应、产品细节和市场反应。

标签

标的：`GOOG`来源：Stocktwits发布日期：2026-07-16重要性：5/5 高优先级评级理由：旗舰模型延期直接影响GOOG竞争预期，报道兼有公司回应、产品细节和市场反应。评级依据：Bloomberg延期报道, 谷歌官方回应, GOOG当日跌幅, 人工智能竞争直接相关原文字数：745

中文摘要

核心结论

Gemini 3.5 Pro 因编程表现据报未达内部目标而延期，Alphabet 当日跌近5%；谷歌称仍在测试多个模型，Stocktwits 散户情绪却由中性升至看多。

重要性评级

评级：5/5（高优先级）

报道包含延期原因、谷歌回应、竞争背景和当日价格反应，与 GOOG 高度相关。

关键事实

Alphabet 常规交易时段跌近4.5%，盘后一度回升0.22%；年初至今仍上涨约14%。
Bloomberg（彭博社）报道称 Gemini 3.5 Pro 的编程能力未达内部预期，发布进度落后数月。
谷歌在6月更新训练数据以改善编程能力，但一名知情人士称结果令人失望。
报道认为 Search（搜索）、Maps（地图）和 YouTube 等产品的多层协调增加了发布复杂度。
谷歌表示正与合作伙伴测试3.5 Pro、升级版 Flash（快速模型）等产品，并与美国政府讨论测试及安全框架。
Stocktwits 上 GOOG 散户情绪从中性升至看多，消息量维持正常。

作者观点与证据

文章将模型延期视为股价下跌主因，并记录散户认为市场反应过大的观点。延期细节依赖匿名消息源；谷歌回应确认测试仍在推进，却没有确认内部不满程度、延期月份或最终发布日期。

与相关标的的关系

GOOG 直接面临旗舰模型交付和开发者竞争压力。META 与 OpenAI、Anthropic 被列为模型竞争者，但文章没有量化客户转移。

时效性与限制

发布于美东时间 07/16 16:44（UTC+8 07/17 04:44）。Stocktwits 情绪是平台内样本，不能代表机构投资者或全部股东。

后续跟踪

3.5 Pro 与新版 Flash 的公开测试结果
编程基准和单位推理成本
消费者及企业发布日期
Google Cloud（谷歌云）人工智能订单变化

英文原文

GOOGL Stock Falls 5% As Google’s Flagship AI Model Reportedly Runs Behind Schedule — Why Retail Traders Aren’t Worried

GOOGL Stock Falls 5% As Google’s Flagship AI Model Reportedly Runs Behind Schedule — Why Retail Traders Aren’t Worried · Stocktwits

Aveek Bhowmik

Fri, July 17, 2026 at 4:44 AM GMT+8 3 min read

GOOG

-4.43%

META

-2.46%

Google said it is continuing to test Gemini 3.5 Pro and other models with partners while focusing on cost-effective AI deployment.

The delay comes as OpenAI and Meta have launched newer AI models with stronger software code-generation performance.

Stocktwits retail traders largely viewed the selloff as excessive, with some calling the dip a buying opportunity.

Alphabet Inc. (GOOGL) shares sank nearly 5% on Thursday after a report said Google is months behind schedule in releasing Gemini 3.5 Pro, its flagship artificial intelligence model. The report added that the company has delayed the launch as it works to improve the model's capabilities, particularly in coding.

GOOGL shares ended Thursday's regular session down nearly 4.5% before trimming some of those losses in after-hours trading. At the time of writing, the GOOGL stock was up 0.22% in the extended session.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Why Gemini 3.5 Pro Is Running Behind

Google is taking additional time to improve Gemini 3.5 Pro's performance after the model fell short of internal expectations in coding, reported Bloomberg. The delay has reportedly frustrated Google engineers, AI researchers, and managers, many of whom are concerned the company risks losing its competitive edge as rivals Anthropic and OpenAI continue to release more capable AI models.

The report said Google's complex product ecosystem has also contributed to the delay, with multiple layers of stakeholders involved in preparing AI models for release across products, including Search, Maps, and YouTube.

In June, Google reportedly updated the data used to train Gemini in an effort to improve its coding capabilities, but one person familiar with the matter said the results were disappointing.

Google Says Testing Continues

A Google spokesperson told Bloomberg that the company is "shipping quickly across a wide range of models while keeping them highly cost-effective for customers." The spokesperson added that Google is "currently testing 3.5 Pro, an upgraded Flash model, and other models with partners," and is "productively engaged with the U.S. government" on model testing and broader AI safety frameworks.

Google had been widely expected to release Gemini 3.5 Pro at its May developer conference. The company has also been in discussions with the U.S. government, which has been increasing oversight of advanced AI models and industry safety standards.

Story Continues

The reported delay comes as competition in AI coding models intensifies. Both OpenAI and Meta Platforms have recently released new models that outperform Google's current offerings in software code generation, according to the report.

GOOGL Stock: What Stocktwits Retail Sentiment Says

On Stocktwits, retail sentiment toward GOOGL jumped to 'bullish' from 'neutral' a day ago, while message volume was 'normal' at the time of writing.

The reported delay to Gemini 3.5 Pro prompted a wave of reactions on Stocktwits, with many retail traders viewing the selloff as overdone.

One bullish trader said "taking a few extra months to get the coding capabilities right is the smart move," adding that "quality over haste" would better protect Google's reputation with developers.

Another trader said they would rather that Google gets it right "than roll out another inferior product," adding they were "buying the juicy dip."

One trader dismissed the market reaction altogether, calling the Gemini 3.5 Pro delay "a total overreaction."

GOOGL shares have gained around 14% year-to-date.

Also See: PYPL Stock Jumps 4% — PayPal's $60.50 Buyout Offer Has Wall Street And Retail On The Same Side

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BZX期权成交集中于短期期权

重要性4/5 中高

交易所一手数据时效较强，直接覆盖主要指数、科技股及部分加密相关期权，但单一场所范围和字段缺口限制了方向性解读。

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来源：web-enrichment:exchange_statistics发布日期：2026-07-16重要性：4/5 中高评级理由：交易所一手数据时效较强，直接覆盖主要指数、科技股及部分加密相关期权，但单一场所范围和字段缺口限制了方向性解读。评级依据：timeliness, fact_density原文字数：13404

中文摘要

核心结论

Cboe BZX（芝加哥期权交易所旗下交易场所）的截面数据显示，成交量主要集中于SPY（标普500指数交易所交易基金）和QQQ（纳斯达克100指数交易所交易基金）的短期限合约，NVDA（英伟达）、AAPL（苹果）等个股期权也进入前列。该页面提供交易场所级成交事实，缺少全市场份额、未平仓量、隐含波动率及买卖方向，无法单独判断资金立场。

重要性评级

评级：4/5（中高）

数据来自交易所一手页面，更新至美东时间 07/16 16:40（UTC+8 07/17 04:40），对观察当日指数和大型科技股期权活跃度有较高时效价值。其覆盖范围仅限BZX交易场所，且多项报价字段为零，解读需要结合全市场数据。

关键事实

页面显示总期权成交量为2,674,107张，订单数为13,611,352,540；订单数口径没有进一步解释，异常大的数量级需要核验。
SPY在07/16（未给出具体时刻）到期、行权价750美元的看跌期权成交23,635张，其中23,582张在场内撮合、53张路由，位列页面首位，最后成交价为0.32美元。
SPY在07/16（未给出具体时刻）到期、行权价753美元的看涨期权成交21,815张；同日到期、行权价752美元和751美元的看跌期权分别成交20,655张和20,284张。
QQQ在07/16（未给出具体时刻）到期、行权价690美元的看跌期权成交17,737张；行权价705美元的看跌期权成交15,539张，显示短期限指数期权交易密集。
NVDA在07/17（未给出具体时刻）到期、行权价210美元的看涨期权成交12,039张；207.5美元看涨期权成交7,690张。
AAPL在07/17（未给出具体时刻）到期、行权价335美元的看涨期权成交9,643张；IREN在07/24（未给出具体时刻）到期、行权价34美元的看跌期权成交8,958张。
SMH（半导体交易所交易基金）在07/31（未给出具体时刻）到期、行权价500美元的看跌期权成交8,631张；TSLA（特斯拉）07/17（未给出具体时刻）到期的400美元看涨期权成交4,200张。
多个高成交合约的买价、卖价及对应数量均显示为零，而最后成交价非零，说明该截面不适合直接还原可执行报价或收盘价差。

作者观点与证据

页面没有署名作者或论证性正文，内容属于交易所参考数据表。成交量、场内撮合量、路由量和最后成交价构成直接证据；成交量本身不揭示买方或卖方发起方向，也无法区分开仓、平仓或组合交易。

与相关标的的关系

SPY和QQQ占据成交量前列，直接反映BZX场内指数期权的短期限活动。NVDA、AAPL、MSFT（微软）、TSLA等大型科技股合约同样活跃，可用于确认具体行权价和到期日的交易密度；IREN、IBIT（贝莱德现货比特币交易所交易基金）及ETHA（贝莱德现货以太坊交易所交易基金）等加密相关标的也出现在列表中，但单个交易场所成交量不能代表全市场需求。

时效性与限制

页面更新及元数据发布时间均为美东时间 07/16 16:40（UTC+8 07/17 04:40），采集时间为美东时间 07/16 22:42（UTC+8 07/17 10:42）。数据仅覆盖Cboe BZX，原文未提供全市场成交占比、未平仓量、隐含波动率、希腊字母风险指标或历史对照；零买卖报价和订单数口径也需通过原始CSV（逗号分隔值文件）或交易所字段说明复核。

后续跟踪

核验页面“订单数”的定义及13,611,352,540这一数值的统计口径。
对照全市场期权成交量，计算BZX在SPY、QQQ及大型科技股合约中的份额。
补充未平仓量、成交方向和隐含波动率，区分当日换手与新增风险敞口。
观察短期限高成交行权价在下一交易日是否继续保持活跃。

英文原文

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Download CSV Volume 2,674,107 Orders 13,611,352,540

This list was last updated 2026-07-16 16:40:08.

Option Volume Matched Routed Bid Size Bid Price Ask Size Ask Price Last Price

SPY Jul 16 750.0 Put 23,635 23,582 53 0 0.00 0 0.00 0.32

SPY Jul 16 753.0 Call 21,815 20,627 1,188 0 0.00 0 0.00 0.01

SPY Jul 16 752.0 Put 20,655 20,242 413 0 0.00 0 0.00 2.15

SPY Jul 16 751.0 Put 20,284 19,956 328 0 0.00 0 0.00 1.00

SPY Jul 16 754.0 Call 19,329 19,139 190 0 0.00 0 0.00 0.01

QQQ Jul 16 690.0 Put 17,737 14,278 3,459 0 0.00 0 0.00 0.01

SPY Jul 16 751.0 Call 17,335 16,717 618 0 0.00 0 0.00 0.03

SPY Jul 16 749.0 Put 16,962 14,387 2,575 0 0.00 0 0.00 0.04

SPY Jul 16 752.0 Call 16,568 15,494 1,074 0 0.00 0 0.00 0.01

SPY Jul 16 753.0 Put 15,815 15,483 332 0 0.00 0 0.00 2.99

QQQ Jul 16 705.0 Put 15,539 14,517 1,022 0 0.00 0 0.00 0.43

SPY Jul 16 755.0 Call 14,322 13,421 901 0 0.00 0 0.00 0.01

SPY Jul 16 748.0 Put 13,923 13,734 189 0 0.00 0 0.00 0.02

SPY Jul 16 747.0 Put 12,898 12,888 10 0 0.00 0 0.00 0.01

QQQ Jul 16 710.0 Call 12,104 10,988 1,116 0 0.00 0 0.00 0.01

NVDA Jul 17 210.0 Call 12,039 12,027 12 0 0.00 0 0.00 0.92

SPY Jul 16 750.0 Call 11,441 10,969 472 0 0.00 0 0.00 0.17

SPY Jul 16 754.0 Put 10,969 10,804 165 0 0.00 0 0.00 3.52

AAPL Jul 17 335.0 Call 9,643 9,634 9 0 0.00 0 0.00 1.62

IREN Jul 24 34.0 Put 8,958 8,958 0 0 0.00 0 0.00 2.17

QQQ Jul 16 709.0 Call 8,877 8,669 208 0 0.00 0 0.00 0.01

QQQ Jul 16 710.0 Put 8,657 7,255 1,402 0 0.00 0 0.00 3.98

SMH Jul 31 500.0 Put 8,631 8,208 423 0 0.00 0 0.00 6.75

QQQ Jul 16 706.0 Put 8,354 7,356 998 0 0.00 0 0.00 0.93

RIVN Jul 17 17.5 Call 8,256 8,256 0 0 0.00 0 0.00 0.08

QQQ Jul 16 708.0 Put 8,182 7,876 306 0 0.00 0 0.00 2.60

QQQ Jul 16 708.0 Call 8,009 7,735 274 0 0.00 0 0.00 0.01

SPY Jul 16 756.0 Call 7,984 7,983 1 0 0.00 0 0.00 0.01

NVDA Jul 17 207.5 Call 7,690 7,686 4 0 0.00 0 0.00 1.93

QQQ Jul 16 707.0 Put 7,501 7,287 214 0 0.00 0 0.00 1.95

QQQ Jul 16 709.0 Put 7,367 6,912 455 0 0.00 0 0.00 4.94

QQQ Jul 16 715.0 Call 7,151 6,961 190 0 0.00 0 0.00 0.01

QQQ Jul 16 711.0 Call 7,112 6,811 301 0 0.00 0 0.00 0.01

AAPL Jul 17 332.5 Call 6,893 6,890 3 0 0.00 0 0.00 2.80

MSFT Jul 17 400.0 Call 6,824 6,799 25 0 0.00 0 0.00 4.27

QQQ Jul 16 700.0 Put 6,792 5,558 1,234 0 0.00 0 0.00 0.01

QQQ Jul 16 712.0 Call 6,697 6,482 215 0 0.00 0 0.00 0.01

QQQ Jul 16 707.0 Call 6,587 6,537 50 0 0.00 0 0.00 0.07

AAPL Jul 17 330.0 Call 6,482 6,461 21 0 0.00 0 0.00 4.50

NVDA Jul 17 205.0 Put 6,461 6,378 83 0 0.00 0 0.00 1.01

MSFT Jul 17 410.0 Call 6,253 6,253 0 0 0.00 0 0.00 0.95

SPY Jul 17 755.0 Call 6,083 6,081 2 0 0.00 0 0.00 0.41

SPY Jul 16 749.0 Call 6,048 5,914 134 0 0.00 0 0.00 1.11

QQQ Jul 16 713.0 Call 5,792 5,651 141 0 0.00 0 0.00 0.01

IWM Jul 16 296.0 Put 5,736 5,699 37 0 0.00 0 0.00 0.53

IWM Jul 16 298.0 Call 5,707 5,684 23 0 0.00 0 0.00 0.01

IWM Jul 16 295.0 Put 5,692 5,691 1 0 0.00 0 0.00 0.02

SPY Jul 16 758.0 Call 5,661 5,661 0 0 0.00 0 0.00 0.01

SPY Jul 17 753.0 Call 5,645 5,632 13 0 0.00 0 0.00 0.95

AAPL Jul 17 330.0 Put 5,628 5,628 0 0 0.00 0 0.00 1.10

QQQ Jul 16 711.0 Put 5,617 5,512 105 0 0.00 0 0.00 7.85

NVDA Jul 17 212.5 Call 5,137 5,121 16 0 0.00 0 0.00 0.40

NVDA Jul 17 215.0 Call 5,135 5,133 2 0 0.00 0 0.00 0.16

QQQ Jul 16 704.0 Put 5,049 4,810 239 0 0.00 0 0.00 0.11

NVDA Jul 17 200.0 Put 5,036 5,026 10 0 0.00 0 0.00 0.26

QQQ Jul 17 712.0 Call 4,949 4,868 81 0 0.00 0 0.00 1.02

QQQ Jul 16 706.0 Call 4,913 4,561 352 0 0.00 0 0.00 0.02

SOXS2 Jul 17 5.0 Call 4,892 4,892 0 0 0.00 0 0.00 0.34

SPY Jul 17 750.0 Put 4,815 4,814 1 0 0.00 0 0.00 2.21

SPY Jul 17 752.0 Call 4,796 4,741 55 0 0.00 0 0.00 1.29

QQQ Jul 16 705.0 Call 4,550 4,464 86 0 0.00 0 0.00 0.46

SPY Jul 16 757.0 Call 4,525 4,524 1 0 0.00 0 0.00 0.01

SPY Jul 17 754.0 Call 4,386 3,668 718 0 0.00 0 0.00 0.62

SPY Jul 16 745.0 Put 4,310 4,310 0 0 0.00 0 0.00 0.02

SPY Jul 16 746.0 Put 4,231 4,113 118 0 0.00 0 0.00 0.02

QQQ Jul 17 715.0 Put 4,207 4,180 27 0 0.00 0 0.00 9.43

TSLA Jul 17 400.0 Call 4,200 4,163 37 0 0.00 0 0.00 1.16

NVDA Jul 17 207.5 Put 4,100 4,100 0 0 0.00 0 0.00 1.89

SPY Jul 17 752.0 Put 4,095 4,090 5 0 0.00 0 0.00 3.00

SPCX Jul 24 330.0 Call 4,064 4,064 0 0 0.00 0 0.00 0.08

SPY Jul 16 755.0 Put 4,027 4,017 10 0 0.00 0 0.00 5.99

TSLA Jul 17 395.0 Call 4,014 4,003 11 0 0.00 0 0.00 2.34

ABBV Jul 17 260.0 Call 3,939 3,939 0 0 0.00 0 0.00 0.25

TSLA Jul 17 385.0 Put 3,928 3,919 9 0 0.00 0 0.00 1.56

QQQ Jul 17 700.0 Put 3,886 3,852 34 0 0.00 0 0.00 2.30

QQQ Jul 17 710.0 Call 3,879 3,809 70 0 0.00 0 0.00 1.70

IWM Jul 16 297.0 Call 3,848 3,822 26 0 0.00 0 0.00 0.01

QQQ Jul 17 705.0 Put 3,690 3,644 46 0 0.00 0 0.00 3.94

SLV Dec 31 100.0 Call 3,626 3,626 0 0 0.00 0 0.00 0.62

QQQ Jul 16 703.0 Put 3,577 3,524 53 0 0.00 0 0.00 0.03

SPY Jul 17 753.0 Put 3,524 3,521 3 0 0.00 0 0.00 3.64

AAPL Jul 17 327.5 Put 3,466 3,466 0 0 0.00 0 0.00 0.58

MSFT Jul 17 405.0 Call 3,462 3,461 1 0 0.00 0 0.00 2.14

SPY Jul 17 751.0 Put 3,392 3,384 8 0 0.00 0 0.00 2.60

IWM Jul 16 294.0 Put 3,374 3,353 21 0 0.00 0 0.00 0.03

AAPL Jul 17 340.0 Call 3,283 3,269 14 0 0.00 0 0.00 0.36

AAPL Jul 24 332.5 Call 3,272 3,272 0 0 0.00 0 0.00 5.40

CELH Jul 31 35.0 Call 3,230 3,230 0 0 0.00 0 0.00 0.21

MSFT Aug 21 400.0 Call 3,185 3,185 0 0 0.00 0 0.00 22.49

AAPL Jul 17 325.0 Put 3,181 3,170 11 0 0.00 0 0.00 0.31

QQQ Jul 16 716.0 Call 3,145 3,117 28 0 0.00 0 0.00 0.01

NVDA Jul 17 220.0 Call 3,070 3,070 0 0 0.00 0 0.00 0.04

SPY Jul 17 756.0 Call 3,049 3,039 10 0 0.00 0 0.00 0.27

POET Jul 31 7.0 Call 3,000 3,000 0 0 0.00 0 0.00 1.01

SPY Jul 17 751.0 Call 2,964 2,913 51 0 0.00 0 0.00 1.79

TSLA Jul 17 390.0 Call 2,946 2,946 0 0 0.00 0 0.00 4.32

HYG Aug 21 80.0 Call 2,941 2,941 0 0 0.00 0 0.00 0.18

TSLA Jul 17 390.0 Put 2,900 2,893 7 0 0.00 0 0.00 3.33

NVDA Jul 17 205.0 Call 2,820 2,810 10 0 0.00 0 0.00 3.51

TQQQ Jul 31 84.0 Call 2,802 2,802 0 0 0.00 0 0.00 0.40

NFLX Jul 24 80.0 Call 2,773 2,773 0 0 0.00 0 0.00 1.70

TSLA Jul 17 380.0 Put 2,747 2,744 3 0 0.00 0 0.00 0.65

QQQ Jul 16 712.0 Put 2,678 2,470 208 0 0.00 0 0.00 8.00

IWM Jul 16 296.0 Call 2,665 2,655 10 0 0.00 0 0.00 0.01

IWM Jul 17 294.0 Put 2,663 2,663 0 0 0.00 0 0.00 0.70

AAPL Sep 18 305.0 Call 2,640 2,640 0 0 0.00 0 0.00 35.50

GOOGL Jul 17 375.0 Call 2,620 2,620 0 0 0.00 0 0.00 0.03

NFLX Jul 24 70.0 Put 2,566 1,317 1,249 0 0.00 0 0.00 1.72

SNDQ Aug 21 4.0 Call 2,538 2,538 0 0 0.00 0 0.00 1.25

RKT Sep 18 20.0 Call 2,535 2,535 0 0 0.00 0 0.00 0.30

GOOGL Jul 17 350.0 Put 2,487 2,467 20 0 0.00 0 0.00 1.63

NVDA Jul 17 202.5 Put 2,448 2,430 18 0 0.00 0 0.00 0.51

SPY Jul 17 758.0 Call 2,441 2,441 0 0 0.00 0 0.00 0.11

WULF Jul 17 21.0 Call 2,439 2,439 0 0 0.00 0 0.00 0.02

QQQ Jul 16 714.0 Call 2,438 2,370 68 0 0.00 0 0.00 0.01

QQQ Jul 16 704.0 Call 2,370 2,153 217 0 0.00 0 0.00 1.19

SPY Jul 17 750.0 Call 2,366 2,321 45 0 0.00 0 0.00 2.28

TSLA Jul 17 387.5 Put 2,343 2,339 4 0 0.00 0 0.00 2.34

ATAI Jul 17 6.0 Call 2,312 2,312 0 0 0.00 0 0.00 1.08

SPY Jul 17 748.0 Put 2,311 2,305 6 0 0.00 0 0.00 1.44

GOOGL Jul 17 370.0 Call 2,295 2,256 39 0 0.00 0 0.00 0.11

SPY Jul 17 745.0 Put 2,293 2,195 98 0 0.00 0 0.00 0.75

AMZN Jul 17 255.0 Call 2,281 2,281 0 0 0.00 0 0.00 0.65

AAPL Jul 17 337.5 Call 2,251 2,250 1 0 0.00 0 0.00 0.80

QQQ Jul 16 720.0 Call 2,245 1,982 263 0 0.00 0 0.00 0.01

GOOGL Jul 17 380.0 Call 2,235 2,235 0 0 0.00 0 0.00 0.01

IREN Jul 24 33.0 Put 2,212 2,212 0 0 0.00 0 0.00 1.83

SPY Jul 16 764.0 Call 2,200 2,200 0 0 0.00 0 0.00 0.01

SPY Jul 17 749.0 Put 2,197 2,193 4 0 0.00 0 0.00 1.80

SPY Jul 17 757.0 Call 2,165 2,164 1 0 0.00 0 0.00 0.18

SPY Jul 16 748.0 Call 2,139 2,139 0 0 0.00 0 0.00 2.52

ETHA Jul 17 15.0 Call 2,134 2,134 0 0 0.00 0 0.00 0.03

MSFT Jul 17 402.5 Call 2,131 2,131 0 0 0.00 0 0.00 3.10

AAPL Jul 17 332.5 Put 2,125 2,125 0 0 0.00 0 0.00 1.95

IBIT Jul 31 36.5 Put 2,123 1,958 165 0 0.00 0 0.00 1.06

PLTR Jul 17 135.0 Call 2,106 2,100 6 0 0.00 0 0.00 1.34

DRAM Jul 31 70.0 Call 2,103 2,103 0 0 0.00 0 0.00 0.52

ASTS Sep 18 180.0 Call 2,100 2,100 0 0 0.00 0 0.00 0.30

SPY Jul 17 740.0 Put 2,065 2,065 0 0 0.00 0 0.00 0.24

AAPL Aug 21 295.0 Put 2,056 2,056 0 0 0.00 0 0.00 1.99

AXTI Jul 31 57.0 Call 2,055 1,911 144 0 0.00 0 0.00 3.30

IOVA Jul 31 4.5 Call 2,026 2,026 0 0 0.00 0 0.00 0.50

MRVL Sep 18 270.0 Call 2,013 2,013 0 0 0.00 0 0.00 9.25

BSX Jul 24 44.0 Put 2,011 2,011 0 0 0.00 0 0.00 0.90

INTC Jul 17 100.0 Call 1,988 1,959 29 0 0.00 0 0.00 0.91

QQQ Jul 20 710.0 Call 1,988 1,988 0 0 0.00 0 0.00 3.54

QQQ Jul 16 701.0 Put 1,975 1,972 3 0 0.00 0 0.00 0.01

AMZN Jul 17 260.0 Call 1,966 1,963 3 0 0.00 0 0.00 0.13

XOM Sep 18 155.0 Call 1,965 1,965 0 0 0.00 0 0.00 3.71

ETHA Jul 17 14.5 Call 1,960 1,960 0 0 0.00 0 0.00 0.07

MU Jul 17 900.0 Call 1,956 1,947 9 0 0.00 0 0.00 3.78

AAPL Jul 17 320.0 Put 1,952 1,952 0 0 0.00 0 0.00 0.14

SPY Jul 17 760.0 Call 1,943 1,905 38 0 0.00 0 0.00 0.05

QQQ Jul 16 702.0 Put 1,939 1,906 33 0 0.00 0 0.00 0.02

NFLX Jul 17 80.0 Call 1,922 1,914 8 0 0.00 0 0.00 1.56

AMZN Jul 17 257.5 Call 1,917 1,917 0 0 0.00 0 0.00 0.29

VIAV Nov 20 50.0 Call 1,900 1,900 0 0 0.00 0 0.00 4.75

SPY Jul 17 759.0 Call 1,890 1,890 0 0 0.00 0 0.00 0.07

GOOGL Jul 17 372.5 Call 1,883 1,882 1 0 0.00 0 0.00 0.10

BE Sep 18 330.0 Call 1,879 1,879 0 0 0.00 0 0.00 21.50

IWM Jul 16 297.0 Put 1,837 1,837 0 0 0.00 0 0.00 1.36

SPY Jul 17 746.0 Put 1,829 1,829 0 0 0.00 0 0.00 0.95

SPY Jul 17 743.0 Put 1,806 1,806 0 0 0.00 0 0.00 0.47

SMCI Nov 20 65.0 Call 1,800 1,800 0 0 0.00 0 0.00 0.54

LWLG Jan 21 30.0 Call 1,797 1,797 0 0 0.00 0 0.00 1.50

MU Jul 17 850.0 Put 1,795 1,785 10 0 0.00 0 0.00 17.15

AAPL Jul 17 327.5 Call 1,789 1,789 0 0 0.00 0 0.00 6.35

IREN Jul 24 31.0 Put 1,780 1,780 0 0 0.00 0 0.00 1.20

TSLA Jul 17 375.0 Put 1,777 1,777 0 0 0.00 0 0.00 0.24

TSLA Jul 17 392.5 Call 1,728 1,728 0 0 0.00 0 0.00 3.33

NFLX Jul 17 85.0 Call 1,726 1,725 1 0 0.00 0 0.00 0.66

META Sep 17 940.0 Call 1,724 1,724 0 0 0.00 0 0.00 68.00

TSLA Jul 24 400.0 Call 1,723 1,723 0 0 0.00 0 0.00 10.95

GDX Aug 21 79.0 Call 1,698 1,696 2 0 0.00 0 0.00 1.43

QQQ Jul 17 715.0 Call 1,675 1,655 20 0 0.00 0 0.00 0.50

IBM Jul 17 220.0 Call 1,664 1,664 0 0 0.00 0 0.00 2.26

SPY Jul 16 756.0 Put 1,664 1,650 14 0 0.00 0 0.00 5.76

FIG Jul 24 29.0 Call 1,653 1,653 0 0 0.00 0 0.00 0.39

TLT Aug 21 86.0 Call 1,636 1,636 0 0 0.00 0 0.00 0.28

IBIT Jul 17 37.0 Call 1,614 1,614 0 0 0.00 0 0.00 0.07

QQQ Jul 17 720.0 Call 1,602 1,559 43 0 0.00 0 0.00 0.14

MSFT Jul 17 395.0 Call 1,585 1,584 1 0 0.00 0 0.00 7.61

AMC Jan 15 2.0 Call 1,578 1,578 0 0 0.00 0 0.00 0.64

IWM Jul 17 290.0 Put 1,567 1,567 0 0 0.00 0 0.00 0.15

MSFT Jul 24 397.5 Call 1,566 1,566 0 0 0.00 0 0.00 11.37

MRVL Aug 21 240.0 Call 1,558 1,554 4 0 0.00 0 0.00 6.65

SPY Jul 17 754.0 Put 1,553 1,553 0 0 0.00 0 0.00 4.16

WBD Jul 17 27.0 Put 1,552 1,425 127 0 0.00 0 0.00 0.16

SPCX Jul 17 135.0 Call 1,551 1,182 369 0 0.00 0 0.00 1.25

QQQ Jul 16 719.0 Call 1,546 997 549 0 0.00 0 0.00 0.01

KRE Aug 21 65.0 Put 1,526 1,526 0 0 0.00 0 0.00 0.12

IWM Jul 17 295.0 Put 1,522 1,514 8 0 0.00 0 0.00 1.00

AAPL Jul 17 317.5 Put 1,520 1,517 3 0 0.00 0 0.00 0.08

IONQ Jul 17 36.0 Put 1,517 1,517 0 0 0.00 0 0.00 1.09

MSFT Jul 17 400.0 Put 1,516 1,515 1 0 0.00 0 0.00 3.15

RGTI Jul 31 18.0 Call 1,511 1,511 0 0 0.00 0 0.00 0.20

QBTS Jul 31 23.0 Call 1,500 1,500 0 0 0.00 0 0.00 0.14

NUAI Jul 17 4.5 Put 1,500 1,500 0 0 0.00 0 0.00 0.40

QQQ Jul 17 713.0 Call 1,498 1,498 0 0 0.00 0 0.00 0.80

SKHY Aug 21 125.0 Put 1,497 1,202 295 0 0.00 0 0.00 10.13

TLT Jul 17 85.5 Call 1,494 805 689 0 0.00 0 0.00 0.01

NFLX Jul 17 75.0 Call 1,492 1,485 7 0 0.00 0 0.00 3.25

NVDA Jul 17 210.0 Put 1,492 1,491 1 0 0.00 0 0.00 3.64

TSM Jul 17 380.0 Put 1,488 1,488 0 0 0.00 0 0.00 0.15

IREN Jan 15 60.0 Call 1,486 1,486 0 0 0.00 0 0.00 5.65

QQQ Jul 17 705.0 Call 1,484 1,456 28 0 0.00 0 0.00 4.10

SPY Jul 17 747.0 Put 1,480 1,480 0 0 0.00 0 0.00 1.18

SPY Jul 17 742.0 Put 1,474 1,434 40 0 0.00 0 0.00 0.39

META Aug 21 800.0 Call 1,473 1,464 9 0 0.00 0 0.00 9.45

GOOGL Jul 17 360.0 Call 1,466 1,466 0 0 0.00 0 0.00 1.23

NVDA Jul 17 217.5 Call 1,466 1,450 16 0 0.00 0 0.00 0.07

SPCX Jul 17 130.0 Put 1,458 1,433 25 0 0.00 0 0.00 2.02

INTC Jul 17 105.0 Call 1,456 1,455 1 0 0.00 0 0.00 0.15

GOOGL Dec 18 250.0 Call 1,443 1,443 0 0 0.00 0 0.00 128.00

SPY Jul 17 735.0 Put 1,431 1,431 0 0 0.00 0 0.00 0.08

QQQ Jul 17 708.0 Put 1,428 1,412 16 0 0.00 0 0.00 4.89

IBM Jul 17 215.0 Call 1,421 1,421 0 0 0.00 0 0.00 4.60

NVDA Jul 24 225.0 Call 1,405 1,387 18 0 0.00 0 0.00 0.48

T Jul 17 22.5 Call 1,405 1,405 0 0 0.00 0 0.00 0.03

MSOS Sep 18 5.0 Call 1,405 1,405 0 0 0.00 0 0.00 0.32

TLT Oct 16 95.0 Call 1,401 1,401 0 0 0.00 0 0.00 0.07

ASTS Jul 17 89.0 Call 1,397 20 1,377 0 0.00 0 0.00 0.01

AMZN Jul 17 250.0 Put 1,368 1,366 2 0 0.00 0 0.00 2.28

GOOGL Jul 17 360.0 Put 1,358 1,348 10 0 0.00 0 0.00 7.25

SQQQ Jul 17 40.0 Call 1,358 1,358 0 0 0.00 0 0.00 1.21

ARRY Jan 15 4.0 Put 1,351 1,351 0 0 0.00 0 0.00 0.42

QQQ Jul 17 690.0 Put 1,347 1,347 0 0 0.00 0 0.00 0.65

QQQ Jul 20 719.0 Call 1,344 1,023 321 0 0.00 0 0.00 0.99

U Jul 17 30.0 Put 1,332 1,059 273 0 0.00 0 0.00 0.59

IREN Jul 17 32.0 Put 1,331 1,331 0 0 0.00 0 0.00 0.18

IWM Jul 16 295.0 Call 1,330 1,330 0 0 0.00 0 0.00 0.55

SKHY Aug 21 115.0 Put 1,330 1,197 133 0 0.00 0 0.00 7.49

SPY Jul 16 744.0 Put 1,328 1,328 0 0 0.00 0 0.00 0.01

TSLA Jul 17 392.5 Put 1,320 1,319 1 0 0.00 0 0.00 4.67

MRVL Aug 21 175.0 Call 1,320 1,320 0 0 0.00 0 0.00 34.00

WULF Jul 17 17.0 Call 1,318 1,318 0 0 0.00 0 0.00 1.20

SPY Jul 22 734.0 Put 1,315 1,315 0 0 0.00 0 0.00 1.03

META Jul 17 680.0 Call 1,306 1,304 2 0 0.00 0 0.00 2.09

AAPL Jul 17 322.5 Put 1,300 1,300 0 0 0.00 0 0.00 0.20

BIDU Jul 17 113.0 Call 1,281 1,271 10 0 0.00 0 0.00 2.87

QQQ Jul 17 695.0 Put 1,270 1,269 1 0 0.00 0 0.00 1.25

QQQ Jul 17 709.0 Call 1,257 1,201 56 0 0.00 0 0.00 2.22

AAL Jul 24 16.5 Call 1,240 1,240 0 0 0.00 0 0.00 0.29

GOOGL Jul 17 370.0 Put 1,238 1,238 0 0 0.00 0 0.00 16.55

MU Jul 17 880.0 Call 1,230 1,230 0 0 0.00 0 0.00 8.23

NFLX Jul 17 70.0 Put 1,227 1,227 0 0 0.00 0 0.00 1.57

QQQ Jul 17 710.0 Put 1,227 1,172 55 0 0.00 0 0.00 6.32

SOFI Jul 17 17.5 Put 1,215 1,215 0 0 0.00 0 0.00 0.35

MU Jul 17 850.0 Call 1,214 1,214 0 0 0.00 0 0.00 19.15

IREN Jul 24 35.0 Put 1,212 1,212 0 0 0.00 0 0.00 2.72

GOOGL Jul 17 355.0 Put 1,210 1,210 0 0 0.00 0 0.00 3.55

BE Aug 21 320.0 Call 1,209 1,209 0 0 0.00 0 0.00 12.00

TQQQ Jul 17 74.0 Call 1,201 1,201 0 0 0.00 0 0.00 0.13

KWEB Jan 15 25.0 Call 1,200 1,200 0 0 0.00 0 0.00 4.40

ATAI Sep 18 8.0 Call 1,196 1,191 5 0 0.00 0 0.00 0.05

IONQ Jul 17 35.0 Put 1,194 1,194 0 0 0.00 0 0.00 0.76

NFLX Jul 17 74.0 Call 1,194 1,194 0 0 0.00 0 0.00 3.75

IWM Jul 24 295.0 Put 1,189 1,189 0 0 0.00 0 0.00 3.07

BB Jul 17 10.0 Call 1,188 1,188 0 0 0.00 0 0.00 0.03

SPCX Jul 24 135.0 Put 1,185 1,183 2 0 0.00 0 0.00 6.95

LCID Jul 17 6.5 Call 1,183 1,141 42 0 0.00 0 0.00 0.20

SOFI Jul 17 18.0 Call 1,183 1,183 0 0 0.00 0 0.00 0.05

MSFT Jul 17 397.5 Call 1,182 1,182 0 0 0.00 0 0.00 5.58

QQQ Jul 16 713.0 Put 1,177 1,148 29 0 0.00 0 0.00 7.51

QQQ Jul 20 700.0 Put 1,174 927 247 0 0.00 0 0.00 4.00

NOK Jul 31 14.0 Call 1,170 1,170 0 0 0.00 0 0.00 0.07

TSLA Jul 17 382.5 Put 1,165 1,147 18 0 0.00 0 0.00 1.01

SLV Jul 17 50.0 Put 1,159 1,154 5 0 0.00 0 0.00 0.45

NVDA Jul 24 210.0 Call 1,155 1,154 1 0 0.00 0 0.00 3.85

IBM Aug 07 225.0 Call 1,153 1,153 0 0 0.00 0 0.00 8.70

QQQ Jul 16 718.0 Call 1,152 1,075 77 0 0.00 0 0.00 0.01

QQQ Jul 16 699.0 Put 1,148 1,124 24 0 0.00 0 0.00 0.05

IBM Jul 17 225.0 Call 1,144 1,144 0 0 0.00 0 0.00 0.85

MAT Sep 18 16.0 Call 1,141 1,141 0 0 0.00 0 0.00 0.68

QQQ Jul 17 706.0 Put 1,139 1,109 30 0 0.00 0 0.00 4.45

UBER Aug 21 80.0 Call 1,138 1,138 0 0 0.00 0 0.00 1.80

QQQ Jul 17 711.0 Call 1,133 1,091 42 0 0.00 0 0.00 1.31

AAPL Jul 17 345.0 Call 1,122 1,122 0 0 0.00 0 0.00 0.06

TQQQ Jul 17 71.0 Call 1,120 1,120 0 0 0.00 0 0.00 1.03

QQQ Jul 31 750.0 Call 1,116 1,116 0 0 0.00 0 0.00 0.98

META Jul 20 700.0 Call 1,110 1,110 0 0 0.00 0 0.00 1.48

AMZN Jul 17 252.5 Put 1,106 1,104 2 0 0.00 0 0.00 4.31

BNO Oct 16 70.0 Call 1,100 1,100 0 0 0.00 0 0.00 1.39

AAPL Aug 21 315.0 Put 1,091 1,091 0 0 0.00 0 0.00 5.59

AAPL Jul 20 320.0 Put 1,089 1,089 0 0 0.00 0 0.00 0.39

IREN Jul 31 34.0 Put 1,076 1,076 0 0 0.00 0 0.00 3.08

WULF Jul 17 20.0 Call 1,074 633 441 0 0.00 0 0.00 0.04

BABA Jul 17 120.0 Call 1,071 1,071 0 0 0.00 0 0.00 0.72

HYG Dec 18 75.0 Put 1,069 23 1,046 0 0.00 0 0.00 0.48

QQQ Jul 16 717.0 Call 1,064 1,044 20 0 0.00 0 0.00 0.01

QS Jul 24 7.0 Call 1,059 1,059 0 0 0.00 0 0.00 0.14

SNAP Jul 17 5.0 Call 1,054 1,034 20 0 0.00 0 0.00 0.01

PFE Jan 15 27.0 Call 1,043 1,043 0 0 0.00 0 0.00 0.82

GLAS Feb 19 12.5 Call 1,042 1,042 0 0 0.00 0 0.00 1.65

GOOGL Aug 21 400.0 Call 1,035 1,035 0 0 0.00 0 0.00 4.35

CMG Jul 17 36.0 Call 1,033 1,033 0 0 0.00 0 0.00 0.04

MRVL Aug 21 280.0 Call 1,023 1,022 1 0 0.00 0 0.00 2.67

SPY Jul 17 744.0 Put 1,023 1,023 0 0 0.00 0 0.00 0.61

RIVN Jan 15 25.0 Call 1,020 1,020 0 0 0.00 0 0.00 1.37

GOOGL Jul 17 357.5 Put 1,019 1,019 0 0 0.00 0 0.00 5.00

AAPL Jul 31 335.0 Put 1,018 1,018 0 0 0.00 0 0.00 9.50

PFE Jan 21 30.0 Call 1,017 1,017 0 0 0.00 0 0.00 1.28

SOFI Jan 15 47.0 Call 1,014 1,014 0 0 0.00 0 0.00 0.20

AMD Aug 21 620.0 Call 1,013 1,013 0 0 0.00 0 0.00 17.70

TSLA Jul 17 402.5 Call 1,012 1,011 1 0 0.00 0 0.00 0.80

PLTR Jul 17 140.0 Call 1,012 1,011 1 0 0.00 0 0.00 0.22

KORU Jul 17 16.0 Put 1,011 1,011 0 0 0.00 0 0.00 0.30

WMT Jul 17 115.0 Call 1,010 1,010 0 0 0.00 0 0.00 0.65

SOXL Dec 18 60.0 Put 1,009 1,009 0 0 0.00 0 0.00 13.68

INTC Jul 17 96.0 Put 1,005 1,005 0 0 0.00 0 0.00 1.48

EVC Feb 19 15.0 Call 1,003 1,003 0 0 0.00 0 0.00 2.10

IREN Jul 17 36.0 Call 1,003 1,003 0 0 0.00 0 0.00 0.52

INTC Aug 21 60.0 Put 1,002 1,002 0 0 0.00 0 0.00 0.82

NVDA Jul 17 197.5 Put 1,001 1,001 0 0 0.00 0 0.00 0.16

BIDU Jul 17 121.0 Call 1,001 1,001 0 0 0.00 0 0.00 0.69

RDW Jul 17 10.5 Put 1,001 1,001 0 0 0.00 0 0.00 2.00

FVRR Jul 17 12.0 Call 1,000 1,000 0 0 0.00 0 0.00 0.08

SOXL Jul 17 123.0 Put 1,000 1,000 0 0 0.00 0 0.00 1.21

MAT Oct 16 17.0 Call 1,000 1,000 0 0 0.00 0 0.00 0.45

UGL Jan 15 45.0 Call 1,000 1,000 0 0 0.00 0 0.00 5.25

EOSE1 Aug 21 10.0 Call 999 999 0 0 0.00 0 0.00 0.06

MSFT Jul 17 407.5 Call 997 997 0 0 0.00 0 0.00 1.46

ATAI Aug 21 6.0 Call 996 964 32 0 0.00 0 0.00 1.11

AAPL Aug 21 275.0 Put 995 995 0 0 0.00 0 0.00 0.78

APLD Jul 17 28.0 Call 990 842 148 0 0.00 0 0.00 0.11

TSLA Jul 17 387.5 Call 986 986 0 0 0.00 0 0.00 6.33

INTC Jul 17 99.0 Put 979 978 1 0 0.00 0 0.00 4.20

MSFT Jul 17 415.0 Call 975 952 23 0 0.00 0 0.00 0.39

CCJ Jul 24 85.0 Put 972 972 0 0 0.00 0 0.00 1.64

SPY Jul 17 755.0 Put 971 910 61 0 0.00 0 0.00 5.08

URA Sep 18 50.0 Call 970 970 0 0 0.00 0 0.00 0.75

TSLA Jul 17 250.0 Put 967 967 0 0 0.00 0 0.00 0.01

TSLA Jul 17 397.5 Call 966 960 6 0 0.00 0 0.00 1.65

ORCL Jul 31 130.0 Call 962 962 0 0 0.00 0 0.00 4.00

BAC Jul 24 62.0 Call 961 961 0 0 0.00 0 0.00 0.54

BNO Jul 24 50.0 Call 952 952 0 0 0.00 0 0.00 1.05

TECH Jan 15 75.0 Call 947 947 0 0 0.00 0 0.00 0.20

CRWV Jul 17 100.0 Call 947 363 584 0 0.00 0 0.00 0.01

NBIS Jul 17 175.0 Put 946 946 0 0 0.00 0 0.00 7.45

SOFI Jul 17 18.5 Call 942 942 0 0 0.00 0 0.00 0.02

IBIT Jul 17 36.0 Put 942 942 0 0 0.00 0 0.00 0.13

ABT Jul 17 102.0 Call 939 939 0 0 0.00 0 0.00 0.20

KWEB Sep 18 30.0 Call 939 939 0 0 0.00 0 0.00 0.77

META Jul 17 700.0 Call 938 933 5 0 0.00 0 0.00 0.36

NVDA Jul 24 220.0 Call 935 926 9 0 0.00 0 0.00 1.07

TSLA Jul 17 410.0 Call 932 932 0 0 0.00 0 0.00 0.27

NFLX Jul 17 78.0 Call 929 929 0 0 0.00 0 0.00 2.14

MSFT Jul 17 395.0 Put 928 928 0 0 0.00 0 0.00 1.55

SPY Jul 24 745.0 Put 927 927 0 0 0.00 0 0.00 3.41

GOOGL Jul 20 375.0 Call 923 923 0 0 0.00 0 0.00 0.27

ASTS Jul 17 60.0 Put 918 918 0 0 0.00 0 0.00 5.20

SOXS2 Aug 21 8.0 Call 917 917 0 0 0.00 0 0.00 0.65

SOXL Dec 18 65.0 Put 917 917 0 0 0.00 0 0.00 15.77

BBAI Jul 17 3.0 Put 914 914 0 0 0.00 0 0.00 0.08

TSLA Jul 17 490.0 Call 903 903 0 0 0.00 0 0.00 0.02

QQQ Jul 17 708.0 Call 903 860 43 0 0.00 0 0.00 2.50

NFLX Jul 17 68.0 Put 902 901 1 0 0.00 0 0.00 1.01

XOM Jul 17 147.0 Call 901 901 0 0 0.00 0 0.00 0.69

NVDA Jul 20 207.5 Call 900 900 0 0 0.00 0 0.00 2.92

TSLA Jul 17 405.0 Call 899 895 4 0 0.00 0 0.00 0.52

SMCI Jan 21 30.0 Put 898 898 0 0 0.00 0 0.00 12.75

BAC Jul 17 61.0 Put 897 897 0 0 0.00 0 0.00 0.13

RKLB Jul 24 60.0 Put 892 892 0 0 0.00 0 0.00 1.30

QQQ Jul 31 695.0 Put 891 891 0 0 0.00 0 0.00 10.38

MU Jul 17 1040.0 Call 884 883 1 0 0.00 0 0.00 0.09

PLTR Jul 17 132.0 Call 883 883 0 0 0.00 0 0.00 3.13

QQQ Jul 16 695.0 Put 882 882 0 0 0.00 0 0.00 0.01

SPY Jul 16 765.0 Call 882 882 0 0 0.00 0 0.00 0.01

JD Aug 21 32.0 Call 882 882 0 0 0.00 0 0.00 0.72

VXX Jul 17 22.0 Call 881 881 0 0 0.00 0 0.00 0.17

IBM Jul 17 205.0 Put 878 878 0 0 0.00 0 0.00 0.06

SLV Dec 31 57.0 Call 877 877 0 0 0.00 0 0.00 3.91

NVDA Jul 17 222.5 Call 874 589 285 0 0.00 0 0.00 0.02

METC Jul 17 12.0 Call 870 870 0 0 0.00 0 0.00 0.30

AMZN Jul 17 255.0 Put 870 870 0 0 0.00 0 0.00 7.30

NFLX Jul 24 75.0 Call 863 863 0 0 0.00 0 0.00 3.36

MRVL Aug 21 200.0 Call 860 856 4 0 0.00 0 0.00 17.00

ATAI Jan 21 12.0 Call 860 860 0 0 0.00 0 0.00 0.05

QQQ Jul 17 707.0 Put 860 847 13 0 0.00 0 0.00 4.50

QQQ Jul 24 750.0 Call 860 860 0 0 0.00 0 0.00 0.17

XLE Jul 17 57.0 Put 858 858 0 0 0.00 0 0.00 0.35

AAPL Aug 07 330.0 Call 858 858 0 0 0.00 0 0.00 12.80

ORCL Jul 17 128.0 Call 854 854 0 0 0.00 0 0.00 0.58

SPY Jul 20 753.0 Call 853 840 13 0 0.00 0 0.00 1.98

AAPL Jul 17 342.5 Call 852 852 0 0 0.00 0 0.00 0.18

FRMI Aug 21 6.0 Call 850 850 0 0 0.00 0 0.00 1.01

SOXL Jul 24 80.0 Put 849 849 0 0 0.00 0 0.00 1.12

TQQQ Jul 24 72.0 Put 845 845 0 0 0.00 0 0.00 3.84

NVDA Jul 24 215.0 Call 842 841 1 0 0.00 0 0.00 2.10

DRAM Aug 21 70.0 Call 837 837 0 0 0.00 0 0.00 1.81

INTC Aug 07 65.0 Put 837 837 0 0 0.00 0 0.00 0.79

ATAI Jan 15 7.0 Call 836 836 0 0 0.00 0 0.00 0.21

META Jul 24 775.0 Call 834 834 0 0 0.00 0 0.00 0.80

QQQ Jul 16 703.0 Call 833 827 6 0 0.00 0 0.00 2.62

LLY Jul 17 1200.0 Call 832 832 0 0 0.00 0 0.00 2.00

TSLA Jul 17 395.0 Put 827 827 0 0 0.00 0 0.00 5.75

NVDA Aug 21 210.0 Call 827 826 1 0 0.00 0 0.00 9.50

NVDA Jul 20 210.0 Call 826 825 1 0 0.00 0 0.00 1.82

QQQ Jul 16 721.0 Call 825 738 87 0 0.00 0 0.00 0.02

IWM Jul 17 291.0 Put 824 824 0 0 0.00 0 0.00 0.23

DRAM Aug 21 55.0 Put 822 822 0 0 0.00 0 0.00 8.22

MU Jul 17 920.0 Call 819 817 2 0 0.00 0 0.00 1.60

LCID Jul 17 6.0 Call 813 784 29 0 0.00 0 0.00 0.47

HIMS Jul 17 33.5 Put 813 813 0 0 0.00 0 0.00 0.47

DRAM Aug 21 51.0 Put 811 811 0 0 0.00 0 0.00 5.92

SMCI Aug 14 30.0 Call 810 810 0 0 0.00 0 0.00 1.28

PLTR Jul 24 130.0 Call 810 810 0 0 0.00 0 0.00 6.31

SPCX Jul 17 145.0 Call 808 802 6 0 0.00 0 0.00 0.24

NFLX Jul 24 90.0 Call 808 808 0 0 0.00 0 0.00 0.35

TSLA Dec 18 295.0 Put 801 801 0 0 0.00 0 0.00 10.51

MXL Aug 21 105.0 Call 800 800 0 0 0.00 0 0.00 6.20

ADT Dec 15 5.0 Call 800 800 0 0 0.00 0 0.00 2.52

GOOG Jan 15 540.0 Call 800 800 0 0 0.00 0 0.00 4.17

NVDA Jul 20 215.0 Call 800 800 0 0 0.00 0 0.00 0.58

FLG Jan 15 18.0 Call 799 799 0 0 0.00 0 0.00 0.42

TSLA Jul 31 392.5 Call 798 786 12 0 0.00 0 0.00 16.83

IWM Jul 17 296.0 Call 796 796 0 0 0.00 0 0.00 0.98

MU Jul 17 800.0 Put 791 789 2 0 0.00 0 0.00 4.35

ABT Aug 21 105.0 Call 789 789 0 0 0.00 0 0.00 1.49

MRK Jul 17 130.0 Call 787 787 0 0 0.00 0 0.00 0.20

T Jul 17 22.0 Put 784 784 0 0 0.00 0 0.00 0.12

QQQ Jul 17 714.0 Call 784 778 6 0 0.00 0 0.00 0.65

LLY Jul 24 1300.0 Call 783 782 1 0 0.00 0 0.00 0.94

BB Jul 24 10.0 Call 783 783 0 0 0.00 0 0.00 0.19

BSX Jul 17 43.0 Put 780 780 0 0 0.00 0 0.00 0.05

SPY Jul 20 736.0 Put 777 777 0 0 0.00 0 0.00 0.50

IONQ Jul 17 37.5 Call 776 776 0 0 0.00 0 0.00 0.18

INFQ Aug 21 10.0 Call 776 765 11 0 0.00 0 0.00 0.80

AAPL Sep 18 350.0 Call 776 776 0 0 0.00 0 0.00 9.60

FRMI Jul 17 6.0 Put 775 775 0 0 0.00 0 0.00 0.25

ORCL Jul 17 130.0 Call 774 774 0 0 0.00 0 0.00 0.31

APLD Jul 17 29.0 Call 771 661 110 0 0.00 0 0.00 0.03

MU Jul 17 870.0 Call 770 770 0 0 0.00 0 0.00 10.73

ASTS Jul 17 55.0 Put 769 769 0 0 0.00 0 0.00 1.83

SPY Jul 17 730.0 Put 769 769 0 0 0.00 0 0.00 0.04

BRKB Jul 24 495.0 Call 767 767 0 0 0.00 0 0.00 3.10

QQQ Jul 17 703.0 Put 766 754 12 0 0.00 0 0.00 3.14

SPY Jul 16 760.0 Call 766 766 0 0 0.00 0 0.00 0.01

KO Jul 17 82.5 Call 766 766 0 0 0.00 0 0.00 2.13

WMT Jul 17 119.0 Call 766 766 0 0 0.00 0 0.00 0.02

FRMI Aug 21 7.5 Call 765 765 0 0 0.00 0 0.00 0.56

QQQ Jul 17 709.0 Put 763 762 1 0 0.00 0 0.00 7.95

IREN Jul 24 33.5 Put 759 759 0 0 0.00 0 0.00 2.00

TQQQ Jul 24 60.0 Put 755 755 0 0 0.00 0 0.00 0.59

LCID Jul 17 7.0 Call 751 732 19 0 0.00 0 0.00 0.08

IWM Jul 17 297.0 Put 750 750 0 0 0.00 0 0.00 2.17

JOBY Jul 17 8.0 Call 750 750 0 0 0.00 0 0.00 0.05

NUAI Aug 21 4.5 Put 750 750 0 0 0.00 0 0.00 1.15

RIVN Jan 15 26.0 Call 749 749 0 0 0.00 0 0.00 1.41

GOOGL Jul 17 365.0 Call 748 748 0 0 0.00 0 0.00 0.41

ABT Jul 17 105.0 Call 748 748 0 0 0.00 0 0.00 0.03

EOSE Jan 21 10.0 Call 748 748 0 0 0.00 0 0.00 1.40

BMNR Jul 17 15.5 Call 746 746 0 0 0.00 0 0.00 0.26

IREN Jul 17 35.0 Put 744 744 0 0 0.00 0 0.00 1.09

SOXX Aug 21 650.0 Call 743 743 0 0 0.00 0 0.00 7.05

POET Aug 21 8.0 Call 743 743 0 0 0.00 0 0.00 1.00

GOOG Jul 17 372.5 Call 742 742 0 0 0.00 0 0.00 0.15

APLD Jul 17 30.0 Call 742 440 302 0 0.00 0 0.00 0.02

TQQQ Jul 17 72.0 Call 742 742 0 0 0.00 0 0.00 0.61

IONQ Jul 17 37.0 Put 740 740 0 0 0.00 0 0.00 2.15

MRVL Jul 17 200.0 Call 739 739 0 0 0.00 0 0.00 0.62

IBIT Jul 17 38.0 Call 735 735 0 0 0.00 0 0.00 0.02

QQQ Jul 17 712.0 Put 735 727 8 0 0.00 0 0.00 7.22

MU Jul 17 950.0 Call 734 734 0 0 0.00 0 0.00 0.50

ATAI Jan 15 4.0 Call 733 676 57 0 0.00 0 0.00 3.15

SPY Jul 16 742.0 Put 730 730 0 0 0.00 0 0.00 0.01

NFLX Aug 21 80.0 Call 725 725 0 0 0.00 0 0.00 2.75

KGC Aug 21 21.0 Put 720 720 0 0 0.00 0 0.00 0.67

NFLX Jul 17 77.0 Call 719 719 0 0 0.00 0 0.00 2.46

SPY Jul 17 749.0 Call 718 717 1 0 0.00 0 0.00 3.09

ARKK Jan 15 27.0 Put 718 718 0 0 0.00 0 0.00 0.09

SPY Jul 22 752.0 Put 717 717 0 0 0.00 0 0.00 4.58

SPY Jul 24 750.0 Put 714 714 0 0 0.00 0 0.00 4.94

IGV Jul 24 90.0 Put 712 712 0 0 0.00 0 0.00 0.56

GDX Aug 21 76.0 Call 711 711 0 0 0.00 0 0.00 2.22

AAPL Jul 24 330.0 Call 711 711 0 0 0.00 0 0.00 7.70

AAPL Jul 20 330.0 Put 711 711 0 0 0.00 0 0.00 2.05

AMC Jul 17 2.0 Call 710 710 0 0 0.00 0 0.00 0.09

SPY Jul 16 743.0 Put 707 707 0 0 0.00 0 0.00 0.01

ORCL Jul 17 127.0 Call 706 706 0 0 0.00 0 0.00 0.80

SOXS2 Jul 31 6.0 Call 705 705 0 0 0.00 0 0.00 0.54

ETHA Jul 17 14.0 Put 704 704 0 0 0.00 0 0.00 0.12

IBM Jul 17 217.5 Call 704 704 0 0 0.00 0 0.00 3.50

NFLX Jul 24 74.0 Call 703 703 0 0 0.00 0 0.00 3.90

LCID Jul 17 6.0 Put 702 671 31 0 0.00 0 0.00 0.11

AAPL Jul 20 335.0 Call 701 699 2 0 0.00 0 0.00 2.58

TQQQ Jan 15 10.0 Put 700 700 0 0 0.00 0 0.00 0.18

ATAI Jan 15 5.0 Call 700 700 0 0 0.00 0 0.00 2.11

KWEB Jul 17 28.0 Call 700 700 0 0 0.00 0 0.00 0.07

IBM Jul 17 210.0 Call 698 698 0 0 0.00 0 0.00 9.95

BABA Jul 17 112.0 Put 696 696 0 0 0.00 0 0.00 0.16

HOOD Jul 17 110.0 Call 696 696 0 0 0.00 0 0.00 0.46

EOSE Jul 24 5.0 Call 696 696 0 0 0.00 0 0.00 0.07

STM Aug 07 75.0 Call 696 673 23 0 0.00 0 0.00 1.70

QQQ Jul 16 715.0 Put 695 666 29 0 0.00 0 0.00 9.52

NVDA Jul 31 220.0 Call 692 688 4 0 0.00 0 0.00 2.33

SOXL Jul 17 145.0 Put 691 691 0 0 0.00 0 0.00 7.58

ATAI Jan 21 7.0 Call 688 688 0 0 0.00 0 0.00 0.27

SPCX Jul 17 137.0 Put 688 686 2 0 0.00 0 0.00 6.05

AAPL Jan 15 290.0 Put 687 687 0 0 0.00 0 0.00 9.05

INTC Jul 17 100.0 Put 686 685 1 0 0.00 0 0.00 4.93

AAPL Jul 20 330.0 Call 685 685 0 0 0.00 0 0.00 5.35

SPCX Jul 17 125.0 Put 685 682 3 0 0.00 0 0.00 0.64

IWM Jul 16 293.0 Put 684 684 0 0 0.00 0 0.00 0.01

AAPL Jul 24 350.0 Call 684 684 0 0 0.00 0 0.00 0.68

TSLA Jul 17 385.0 Call 680 680 0 0 0.00 0 0.00 8.00

PLTR Jul 17 133.0 Call 680 679 1 0 0.00 0 0.00 2.38

SPY Jul 16 741.0 Put 676 676 0 0 0.00 0 0.00 0.01

QQQ Jul 17 702.0 Put 673 628 45 0 0.00 0 0.00 2.80

OPEN Jul 17 4.5 Put 673 673 0 0 0.00 0 0.00 0.05

DRAM Jul 17 55.0 Call 672 672 0 0 0.00 0 0.00 0.41

GOOG Jul 17 375.0 Call 672 672 0 0 0.00 0 0.00 0.06

SPCX Jul 17 140.0 Call 670 663 7 0 0.00 0 0.00 0.53

ADBE Aug 21 300.0 Call 670 670 0 0 0.00 0 0.00 0.90

IREN Jul 17 36.0 Put 669 669 0 0 0.00 0 0.00 1.81

XLF Jul 31 56.0 Call 668 668 0 0 0.00 0 0.00 1.23

LCID Jul 17 6.5 Put 667 576 91 0 0.00 0 0.00 0.31

GLW Aug 14 125.0 Put 666 666 0 0 0.00 0 0.00 3.90

NVDA Jul 24 212.5 Call 666 655 11 0 0.00 0 0.00 2.89

IBM Jul 17 275.0 Call 666 666 0 0 0.00 0 0.00 0.01

BMNR Jul 17 16.0 Call 662 662 0 0 0.00 0 0.00 0.11

QQQ Jul 17 717.0 Call 662 662 0 0 0.00 0 0.00 0.29

META Jul 17 670.0 Call 660 659 1 0 0.00 0 0.00 4.25

BE Aug 21 210.0 Call 659 659 0 0 0.00 0 0.00 39.90

IBM Jul 24 205.0 Call 659 659 0 0 0.00 0 0.00 16.58

ASHR Aug 21 36.0 Call 659 659 0 0 0.00 0 0.00 0.52

IWM Jul 17 296.0 Put 658 658 0 0 0.00 0 0.00 1.48

AAPL Dec 17 450.0 Call 658 658 0 0 0.00 0 0.00 15.81

IWM Jul 23 296.0 Call 657 657 0 0 0.00 0 0.00 2.15

O Dec 18 67.5 Call 656 656 0 0 0.00 0 0.00 1.90

INTC Jul 17 95.0 Put 655 655 0 0 0.00 0 0.00 1.55

NFLX Jul 17 55.0 Put 655 616 39 0 0.00 0 0.00 0.03

ASTS Jul 17 53.0 Put 654 654 0 0 0.00 0 0.00 0.67

FLG Jan 15 17.0 Call 652 652 0 0 0.00 0 0.00 0.75

IREN Jul 17 39.0 Put 652 652 0 0 0.00 0 0.00 4.32

CPNG Jun 17 25.0 Call 650 650 0 0 0.00 0 0.00 1.78

SPY Jul 24 755.0 Call 650 650 0 0 0.00 0 0.00 3.40

QQQ Jul 31 770.0 Call 650 650 0 0 0.00 0 0.00 0.27

SPY Oct 16 650.0 Put 649 649 0 0 0.00 0 0.00 4.56

MSFT Jul 20 410.0 Call 647 647 0 0 0.00 0 0.00 2.22

NVDA Jul 20 217.5 Call 647 647 0 0 0.00 0 0.00 0.26

QQQ Jul 17 704.0 Put 647 620 27 0 0.00 0 0.00 3.59

IWM Jul 17 300.0 Call 646 646 0 0 0.00 0 0.00 0.07

QQQ Jul 17 718.0 Call 641 634 7 0 0.00 0 0.00 0.25

DRAM Jul 17 50.0 Put 641 641 0 0 0.00 0 0.00 0.54

NVDA Aug 21 230.0 Call 640 640 0 0 0.00 0 0.00 3.05

SPY Jul 17 761.0 Call 639 639 0 0 0.00 0 0.00 0.03

T Aug 21 23.0 Call 637 631 6 0 0.00 0 0.00 0.50

TSM Jul 17 462.5 Call 634 631 3 0 0.00 0 0.00 0.02

AMZN Aug 21 250.0 Call 633 588 45 0 0.00 0 0.00 13.77

QQQ Jul 17 707.0 Call 633 608 25 0 0.00 0 0.00 3.14

KRE Jul 17 78.0 Call 632 632 0 0 0.00 0 0.00 0.38

MU Jul 24 800.0 Put 632 569 63 0 0.00 0 0.00 34.99

NOK Jul 17 11.0 Call 631 631 0 0 0.00 0 0.00 0.03

TSN Aug 21 55.0 Put 630 630 0 0 0.00 0 0.00 1.30

QQQ Mar 19 760.0 Call 630 630 0 0 0.00 0 0.00 41.21

QQQ Mar 31 760.0 Call 630 630 0 0 0.00 0 0.00 42.57

SPY Jul 24 760.0 Call 627 606 21 0 0.00 0 0.00 1.46

SPY Jul 20 750.0 Put 626 626 0 0 0.00 0 0.00 2.88

SPY Jul 17 745.0 Call 626 626 0 0 0.00 0 0.00 5.68

SPY Jul 24 753.0 Put 625 625 0 0 0.00 0 0.00 7.21

QQQ Jul 20 715.0 Call 625 625 0 0 0.00 0 0.00 1.82

SPCX Jul 24 130.0 Put 625 613 12 0 0.00 0 0.00 4.30

FRMI Jul 31 6.0 Put 625 625 0 0 0.00 0 0.00 0.65

CIFR Jul 17 20.0 Call 624 624 0 0 0.00 0 0.00 0.04

HOOD Sep 18 115.0 Call 623 623 0 0 0.00 0 0.00 9.75

IREN Aug 14 34.0 Put 623 623 0 0 0.00 0 0.00 3.90

PLTR Jul 17 134.0 Call 623 623 0 0 0.00 0 0.00 1.84

NFLX Jul 17 76.0 Call 622 622 0 0 0.00 0 0.00 2.85

T Jan 15 30.0 Call 621 621 0 0 0.00 0 0.00 0.20

TSLA Jul 17 377.5 Put 620 619 1 0 0.00 0 0.00 0.40

SATL Nov 20 5.0 Call 620 620 0 0 0.00 0 0.00 0.60

EOSE Aug 21 10.0 Call 620 620 0 0 0.00 0 0.00 0.07

MRVL Jul 17 180.0 Call 620 620 0 0 0.00 0 0.00 9.20

MU Jul 17 860.0 Call 618 618 0 0 0.00 0 0.00 16.00

T Jul 17 22.0 Call 618 618 0 0 0.00 0 0.00 0.15

SPCX Jul 24 140.0 Put 618 615 3 0 0.00 0 0.00 11.20

QQQ Oct 16 760.0 Call 617 617 0 0 0.00 0 0.00 13.21

SOXS2 Jul 17 4.5 Call 617 617 0 0 0.00 0 0.00 0.79

IREN Jul 17 40.0 Call 616 585 31 0 0.00 0 0.00 0.04

MSFT Jul 17 397.5 Put 616 616 0 0 0.00 0 0.00 2.40

BE Sep 18 240.0 Call 613 613 0 0 0.00 0 0.00 39.40

HPQ Aug 21 25.0 Call 613 613 0 0 0.00 0 0.00 1.05

INTC Jul 17 97.5 Put 612 612 0 0 0.00 0 0.00 2.17

JNJ Jul 24 265.0 Call 610 610 0 0 0.00 0 0.00 0.50

OPEN Jul 17 5.0 Call 610 610 0 0 0.00 0 0.00 0.02

MSFT Jul 17 392.5 Put 609 609 0 0 0.00 0 0.00 0.81

IREN Jul 17 31.0 Put 608 608 0 0 0.00 0 0.00 0.11

MU Jul 17 910.0 Call 607 602 5 0 0.00 0 0.00 2.53

FLO Aug 21 10.0 Call 606 606 0 0 0.00 0 0.00 0.11

AMZN Jul 17 252.5 Call 606 606 0 0 0.00 0 0.00 1.26

IWM Jul 31 286.0 Put 605 605 0 0 0.00 0 0.00 1.65

IWM Jul 17 297.0 Call 605 605 0 0 0.00 0 0.00 0.59

MSFT Aug 21 405.0 Call 601 601 0 0 0.00 0 0.00 21.80

NVTS Sep 18 17.0 Call 601 601 0 0 0.00 0 0.00 0.96

AAPL Sep 17 420.0 Call 600 600 0 0 0.00 0 0.00 16.16

IWM Jul 16 299.0 Call 600 600 0 0 0.00 0 0.00 0.01

HPE Jul 17 54.0 Call 600 600 0 0 0.00 0 0.00 0.04

QQQ Jul 22 670.0 Put 597 597 0 0 0.00 0 0.00 1.28

WULF Sep 18 30.0 Call 597 597 0 0 0.00 0 0.00 0.57

TSLA Jul 17 445.0 Call 597 81 516 0 0.00 0 0.00 0.03

SPCX Jul 17 124.0 Put 595 595 0 0 0.00 0 0.00 0.48

BB Sep 18 9.0 Call 593 593 0 0 0.00 0 0.00 1.50

INTC Jul 17 97.5 Call 593 593 0 0 0.00 0 0.00 1.85

XLF Jul 17 55.0 Put 592 592 0 0 0.00 0 0.00 0.02

ASHR Aug 21 38.0 Call 592 592 0 0 0.00 0 0.00 0.15

NFLX Jul 24 85.0 Call 591 591 0 0 0.00 0 0.00 0.76

FXI Jul 17 35.0 Call 591 591 0 0 0.00 0 0.00 0.07

SPY Sep 30 825.0 Call 590 590 0 0 0.00 0 0.00 0.63

MSFT Jul 22 400.0 Call 589 589 0 0 0.00 0 0.00 9.95

BE Aug 21 330.0 Call 589 588 1 0 0.00 0 0.00 10.85

NFLX Jul 17 69.0 Put 588 588 0 0 0.00 0 0.00 1.27

AMZN Jul 20 252.5 Call 588 588 0 0 0.00 0 0.00 2.20

IREN Jul 17 30.0 Put 587 587 0 0 0.00 0 0.00 0.10

QQQ Jul 17 711.0 Put 587 571 16 0 0.00 0 0.00 6.75

HOOD Aug 21 130.0 Call 586 586 0 0 0.00 0 0.00 3.14

NVDA Dec 18 300.0 Call 586 540 46 0 0.00 0 0.00 3.25

SKHY Jul 17 175.0 Call 585 585 0 0 0.00 0 0.00 0.34

SPY Jul 20 754.0 Call 581 581 0 0 0.00 0 0.00 1.36

SPY Jul 16 747.0 Call 581 581 0 0 0.00 0 0.00 3.07

SPY Jul 17 736.0 Put 581 581 0 0 0.00 0 0.00 0.10

SLV Jul 24 50.0 Call 580 580 0 0 0.00 0 0.00 1.45

PYPL Aug 28 58.0 Call 579 579 0 0 0.00 0 0.00 2.52

MSFT Jul 17 390.0 Put 578 578 0 0 0.00 0 0.00 0.64

QQQ Jan 15 765.0 Call 577 577 0 0 0.00 0 0.00 28.09

SKHY Jul 17 180.0 Call 570 566 4 0 0.00 0 0.00 0.20

SLV Aug 14 53.5 Call 569 569 0 0 0.00 0 0.00 1.32

ASTS Aug 07 85.0 Call 568 568 0 0 0.00 0 0.00 0.47

MSFT Aug 21 450.0 Call 567 566 1 0 0.00 0 0.00 7.25

SOFI Jul 31 19.0 Call 567 567 0 0 0.00 0 0.00 0.50

AAPL Jul 22 335.0 Call 567 567 0 0 0.00 0 0.00 3.80

AAPL Jul 24 335.0 Call 567 567 0 0 0.00 0 0.00 5.15

META Jul 17 650.0 Call 566 566 0 0 0.00 0 0.00 19.35

IBM Jul 24 240.0 Call 566 566 0 0 0.00 0 0.00 2.03

SPCX Sep 18 135.0 Call 566 557 9 0 0.00 0 0.00 17.04

AAPL Jul 24 325.0 Put 566 541 25 0 0.00 0 0.00 2.40

SQQQ Jul 24 40.0 Call 563 563 0 0 0.00 0 0.00 2.41

META Jul 17 675.0 Call 563 563 0 0 0.00 0 0.00 3.20

QQQ Jul 17 698.0 Put 562 562 0 0 0.00 0 0.00 1.82

VZ Jul 17 43.5 Call 562 562 0 0 0.00 0 0.00 0.59

SLV Jul 17 50.5 Put 561 561 0 0 0.00 0 0.00 0.70

NVDA Aug 21 220.0 Call 560 550 10 0 0.00 0 0.00 5.60

MNSO Aug 21 12.5 Put 560 560 0 0 0.00 0 0.00 0.45

GOOG Jul 17 370.0 Call 560 560 0 0 0.00 0 0.00 0.13

PENG Jul 17 80.0 Call 560 560 0 0 0.00 0 0.00 0.06

QQQ Jul 17 716.0 Call 559 558 1 0 0.00 0 0.00 0.48

QQQ Jul 21 711.0 Put 559 371 188 0 0.00 0 0.00 9.52

SCHD Jan 15 30.0 Put 559 559 0 0 0.00 0 0.00 0.45

LRCX Jul 17 350.0 Call 559 559 0 0 0.00 0 0.00 0.50

IONQ Jul 17 33.5 Put 558 558 0 0 0.00 0 0.00 0.29

IWM Jul 24 300.0 Put 556 556 0 0 0.00 0 0.00 4.59

SPY Jul 20 735.0 Put 556 554 2 0 0.00 0 0.00 0.32

IWM Jul 17 299.0 Call 556 556 0 0 0.00 0 0.00 0.16

SKHY Jul 17 160.0 Put 556 555 1 0 0.00 0 0.00 9.23

NVDA Jul 17 230.0 Call 556 39 517 0 0.00 0 0.00 0.01

IBIT Jul 17 36.5 Call 555 555 0 0 0.00 0 0.00 0.20

NFLX Jul 17 70.0 Call 555 549 6 0 0.00 0 0.00 5.75

AAL Jul 17 15.5 Put 554 554 0 0 0.00 0 0.00 0.14

MU Jul 17 1000.0 Call 553 552 1 0 0.00 0 0.00 0.13

SPCX Jul 24 136.0 Call 553 553 0 0 0.00 0 0.00 4.10

META Jul 17 685.0 Call 552 552 0 0 0.00 0 0.00 1.33

SPY Jul 17 741.0 Put 552 552 0 0 0.00 0 0.00 0.25

TSLL Jul 24 14.0 Call 552 552 0 0 0.00 0 0.00 0.27

CAPR Aug 21 12.0 Put 550 550 0 0 0.00 0 0.00 3.80

NVDA Jul 17 235.0 Call 548 60 488 0 0.00 0 0.00 0.01

SKHY Jul 17 165.0 Call 544 544 0 0 0.00 0 0.00 1.04

SMH Jul 17 600.0 Call 543 543 0 0 0.00 0 0.00 0.32

AMD Jul 17 470.0 Put 543 543 0 0 0.00 0 0.00 1.30

META Jul 17 655.0 Call 543 543 0 0 0.00 0 0.00 11.80

WULF Sep 18 35.0 Call 542 542 0 0 0.00 0 0.00 0.28

IBM Jul 17 200.0 Put 542 542 0 0 0.00 0 0.00 0.02

NFLX Jul 17 65.0 Put 540 540 0 0 0.00 0 0.00 0.45

NVDA Aug 07 230.0 Call 537 537 0 0 0.00 0 0.00 1.54

AAPL Jul 20 340.0 Call 537 537 0 0 0.00 0 0.00 1.10

TSM Jul 17 425.0 Call 537 537 0 0 0.00 0 0.00 0.65

GDX Aug 21 70.0 Put 536 536 0 0 0.00 0 0.00 3.10

ORCL Aug 21 150.0 Call 534 534 0 0 0.00 0 0.00 2.58

SMCI Jul 24 30.0 Call 533 533 0 0 0.00 0 0.00 0.16

IWM Aug 21 281.0 Put 532 532 0 0 0.00 0 0.00 2.62

KWEB Sep 18 35.0 Call 532 532 0 0 0.00 0 0.00 0.16

SPCX Jul 17 135.0 Put 532 532 0 0 0.00 0 0.00 4.24

GOOGL Jul 17 367.5 Put 532 532 0 0 0.00 0 0.00 13.24

INTC Jul 24 105.0 Call 531 530 1 0 0.00 0 0.00 3.76

MU Jul 24 1000.0 Call 529 510 19 0 0.00 0 0.00 10.20

PYPL Jul 17 60.0 Call 529 529 0 0 0.00 0 0.00 0.03

MRK Jul 17 128.0 Call 529 529 0 0 0.00 0 0.00 0.79

TSLA Jul 20 455.0 Call 529 42 487 0 0.00 0 0.00 0.06

AAPL Oct 16 280.0 Put 527 527 0 0 0.00 0 0.00 3.20

QQQ Jul 17 704.0 Call 526 519 7 0 0.00 0 0.00 4.80

QQQ Jul 16 725.0 Call 525 419 106 0 0.00 0 0.00 0.01

AMZN Jul 17 250.0 Call 525 525 0 0 0.00 0 0.00 2.35

TQQQ Jul 17 71.0 Put 525 525 0 0 0.00 0 0.00 1.35

NFLX Jul 17 81.0 Call 524 524 0 0 0.00 0 0.00 1.31

AAPL Jul 17 335.0 Put 523 523 0 0 0.00 0 0.00 3.18

AMD Jul 20 580.0 Call 522 522 0 0 0.00 0 0.00 0.34

SPY Jul 17 762.0 Call 522 522 0 0 0.00 0 0.00 0.04

GOOGL Jul 20 372.5 Call 521 521 0 0 0.00 0 0.00 0.35

NVDA Jul 20 220.0 Call 520 520 0 0 0.00 0 0.00 0.14

QQQ Jul 17 701.0 Put 520 500 20 0 0.00 0 0.00 2.49

RLAY Aug 21 17.0 Put 520 520 0 0 0.00 0 0.00 0.95

TQQQ Jul 17 75.0 Call 519 519 0 0 0.00 0 0.00 0.06

TQQQ Jul 17 76.0 Call 519 519 0 0 0.00 0 0.00 0.03

RUT Jul 17 2915.0 Put 519 519 0 0 0.00 0 0.00 0.70

SPY Jul 20 760.0 Call 518 518 0 0 0.00 0 0.00 0.19

GOOGL Jul 17 362.5 Put 518 479 39 0 0.00 0 0.00 8.75

AMD Jul 17 500.0 Put 518 518 0 0 0.00 0 0.00 8.81

SPCX Jul 31 110.0 Put 518 506 12 0 0.00 0 0.00 1.10

AMZN Jul 17 262.5 Call 517 517 0 0 0.00 0 0.00 0.07

SNDG Mar 19 9.0 Call 516 516 0 0 0.00 0 0.00 5.90

HOOD Jul 17 115.0 Call 514 514 0 0 0.00 0 0.00 0.09

QQQ Jul 17 706.0 Call 514 492 22 0 0.00 0 0.00 3.47

QQQ Jul 16 698.0 Put 514 514 0 0 0.00 0 0.00 0.03

NVDA Jul 22 210.0 Call 514 499 15 0 0.00 0 0.00 2.95

AAPL Jul 17 325.0 Call 513 513 0 0 0.00 0 0.00 6.73

SPY Jul 21 747.0 Put 512 512 0 0 0.00 0 0.00 2.99

TLT Aug 21 85.0 Call 512 512 0 0 0.00 0 0.00 0.57

MU Aug 21 800.0 Put 511 511 0 0 0.00 0 0.00 75.50

TSM Jul 17 420.0 Call 511 511 0 0 0.00 0 0.00 1.10

QQQ Jul 20 703.0 Put 511 511 0 0 0.00 0 0.00 4.78

NFLX Jul 17 73.0 Put 511 511 0 0 0.00 0 0.00 2.78

NRGV Aug 21 3.0 Call 511 511 0 0 0.00 0 0.00 0.50

XLE Jul 24 58.5 Call 510 510 0 0 0.00 0 0.00 0.31

SLV Nov 20 40.0 Put 509 509 0 0 0.00 0 0.00 1.21

HOOD Jul 17 112.0 Call 509 509 0 0 0.00 0 0.00 0.27

TSLA Jul 17 420.0 Call 509 509 0 0 0.00 0 0.00 0.10

V Jul 24 340.0 Put 508 508 0 0 0.00 0 0.00 0.40

SOFI Aug 21 15.0 Call 508 508 0 0 0.00 0 0.00 3.04

AMZN Jul 27 250.0 Call 508 508 0 0 0.00 0 0.00 6.05

CMCSA Jul 17 25.0 Call 507 507 0 0 0.00 0 0.00 0.05

SQQQ Jul 17 41.0 Call 507 507 0 0 0.00 0 0.00 0.77

SBRA Jul 17 20.0 Call 507 507 0 0 0.00 0 0.00 0.12

SPY Jul 20 752.0 Put 507 507 0 0 0.00 0 0.00 3.70

NVDA Jul 17 202.5 Call 507 507 0 0 0.00 0 0.00 5.45

CRWD Aug 21 210.0 Call 506 506 0 0 0.00 0 0.00 13.90

NVDA Aug 21 205.0 Call 506 501 5 0 0.00 0 0.00 11.95

AAPL Sep 18 265.0 Put 505 505 0 0 0.00 0 0.00 1.09

FCX Jul 17 59.0 Call 505 505 0 0 0.00 0 0.00 0.50

QQQ Jul 20 705.0 Put 503 457 46 0 0.00 0 0.00 5.77

SPY Jul 24 756.0 Put 503 503 0 0 0.00 0 0.00 7.55

GOOGL Jul 20 380.0 Call 503 503 0 0 0.00 0 0.00 0.11

IWM Jul 17 289.0 Put 502 502 0 0 0.00 0 0.00 0.13

KEEL Aug 21 9.0 Call 502 502 0 0 0.00 0 0.00 0.04

TSLA Jul 17 285.0 Put 501 501 0 0 0.00 0 0.00 0.01

TSLA Oct 16 800.0 Call 501 501 0 0 0.00 0 0.00 0.73

IONQ Aug 07 30.0 Call 501 501 0 0 0.00 0 0.00 6.50

BSX Jul 24 43.0 Put 501 501 0 0 0.00 0 0.00 0.45

WMT Nov 20 140.0 Call 500 500 0 0 0.00 0 0.00 1.20

WULF Sep 18 14.0 Put 500 500 0 0 0.00 0 0.00 1.21

KVYO Jan 15 15.0 Call 500 500 0 0 0.00 0 0.00 5.16

KVYO Oct 16 17.5 Call 500 500 0 0 0.00 0 0.00 2.99

NVDA Jan 15 115.0 Put 500 500 0 0 0.00 0 0.00 1.26

XXI Jul 17 5.0 Call 500 500 0 0 0.00 0 0.00 0.41

AMD Jul 17 510.0 Call 500 500 0 0 0.00 0 0.00 5.80

AMKR Aug 21 75.0 Call 500 500 0 0 0.00 0 0.00 3.95

TQQQ Jul 31 87.0 Call 500 500 0 0 0.00 0 0.00 0.27

XLF Sep 18 54.0 Call 500 500 0 0 0.00 0 0.00 3.60

VIST Aug 21 70.0 Call 500 500 0 0 0.00 0 0.00 1.90

WULF Dec 18 37.0 Call 500 500 0 0 0.00 0 0.00 1.16

MSFT Aug 07 365.0 Call 500 500 0 0 0.00 0 0.00 43.00

SG Jul 31 6.0 Put 500 500 0 0 0.00 0 0.00 0.25

ET Aug 21 20.0 Call 500 500 0 0 0.00 0 0.00 0.55

POET Aug 07 4.0 Put 498 498 0 0 0.00 0 0.00 0.08

GOOGL Jul 17 345.0 Put 498 498 0 0 0.00 0 0.00 0.70

SPY Aug 21 700.0 Put 498 498 0 0 0.00 0 0.00 2.91

SLV Jul 31 57.5 Put 497 497 0 0 0.00 0 0.00 7.27

LPL Jan 15 2.5 Call 496 496 0 0 0.00 0 0.00 1.12

AMZN Jul 17 222.5 Put 496 11 485 0 0.00 0 0.00 0.01

NVDA Jul 20 212.5 Call 495 495 0 0 0.00 0 0.00 1.05

QQQ Jul 20 706.0 Put 495 490 5 0 0.00 0 0.00 6.05

QUBT Jul 17 9.0 Call 495 495 0 0 0.00 0 0.00 0.01

NKE Aug 21 47.5 Call 494 494 0 0 0.00 0 0.00 0.93

TSLA Jul 17 370.0 Put 493 493 0 0 0.00 0 0.00 0.09

SOXS2 Jul 17 4.5 Put 493 493 0 0 0.00 0 0.00 0.01

IWM Jul 17 298.0 Call 493 493 0 0 0.00 0 0.00 0.31

GLD Jul 17 362.0 Put 492 492 0 0 0.00 0 0.00 1.20

AAPL Jul 31 330.0 Call 492 492 0 0 0.00 0 0.00 11.90

APPS Dec 18 20.0 Call 492 492 0 0 0.00 0 0.00 0.61

TSLA Jul 17 407.5 Call 492 487 5 0 0.00 0 0.00 0.38

HPE Jul 17 52.0 Call 491 491 0 0 0.00 0 0.00 0.03

SPCX Jul 24 125.0 Put 490 468 22 0 0.00 0 0.00 2.90

NKE Jul 17 45.0 Call 490 490 0 0 0.00 0 0.00 0.16

QQQ Sep 18 680.0 Put 490 407 83 0 0.00 0 0.00 18.11

SPY Aug 21 750.0 Call 489 489 0 0 0.00 0 0.00 14.89

DRAM Jul 17 56.0 Call 489 489 0 0 0.00 0 0.00 0.17

SPY Jul 21 752.0 Put 488 488 0 0 0.00 0 0.00 3.92

IBM Jul 17 230.0 Call 488 484 4 0 0.00 0 0.00 0.29

MSFT Jul 17 412.5 Call 488 488 0 0 0.00 0 0.00 0.56

METC Aug 21 12.0 Call 487 487 0 0 0.00 0 0.00 1.65

NVDA Jul 24 205.0 Put 486 486 0 0 0.00 0 0.00 3.85

BRKB Jul 17 497.5 Call 486 486 0 0 0.00 0 0.00 0.30

TSLA Jul 20 410.0 Call 485 485 0 0 0.00 0 0.00 0.98

MSTR Jul 17 100.0 Call 484 483 1 0 0.00 0 0.00 0.30

GOOGL Jul 17 365.0 Put 483 483 0 0 0.00 0 0.00 10.89

TGT Aug 21 140.0 Call 483 483 0 0 0.00 0 0.00 6.91

FRO Jul 17 38.0 Call 483 482 1 0 0.00 0 0.00 0.35

QQQ Jul 16 724.0 Call 482 432 50 0 0.00 0 0.00 0.01

IWM Jul 17 292.0 Put 482 482 0 0 0.00 0 0.00 0.32

DRAM Jul 17 45.0 Put 481 421 60 0 0.00 0 0.00 0.19

MSFT Jul 17 420.0 Call 480 475 5 0 0.00 0 0.00 0.16

NVDA Jul 31 215.0 Call 479 448 31 0 0.00 0 0.00 3.82

IBIT Aug 21 37.0 Call 479 479 0 0 0.00 0 0.00 1.42

IONQ Aug 21 40.0 Call 478 478 0 0 0.00 0 0.00 2.90

GOOGL Jul 17 377.5 Call 478 478 0 0 0.00 0 0.00 0.02

QQQ Jul 16 697.0 Put 477 477 0 0 0.00 0 0.00 0.03

NVDA Jul 31 210.0 Call 476 468 8 0 0.00 0 0.00 5.80

EFA Jul 17 103.0 Put 476 476 0 0 0.00 0 0.00 0.26

PYPL Jul 24 60.0 Call 476 476 0 0 0.00 0 0.00 0.40

SLV Jul 22 57.5 Call 476 476 0 0 0.00 0 0.00 0.06

AAPL Jul 20 325.0 Put 475 475 0 0 0.00 0 0.00 0.88

GOOGL Jul 17 362.5 Call 475 475 0 0 0.00 0 0.00 0.73

SKHY Jul 17 170.0 Call 475 475 0 0 0.00 0 0.00 0.62

CCJ Sep 18 100.0 Call 475 475 0 0 0.00 0 0.00 3.40

IBM Jul 17 210.0 Put 474 474 0 0 0.00 0 0.00 0.18

SMCI Dec 17 50.0 Call 473 473 0 0 0.00 0 0.00 5.57

MU Jul 17 830.0 Put 473 473 0 0 0.00 0 0.00 10.00

AAPL Jul 24 330.0 Put 473 473 0 0 0.00 0 0.00 4.00

EQT Sep 18 42.5 Put 472 472 0 0 0.00 0 0.00 0.31

XOM Oct 16 165.0 Call 471 471 0 0 0.00 0 0.00 2.60

SPY Jul 16 759.0 Call 471 470 1 0 0.00 0 0.00 0.02

SOFI Jul 24 19.5 Call 470 470 0 0 0.00 0 0.00 0.08

META Jul 17 670.0 Put 470 470 0 0 0.00 0 0.00 11.00

GOOG Jul 17 360.0 Call 468 468 0 0 0.00 0 0.00 1.00

SLB Jul 17 49.0 Call 468 468 0 0 0.00 0 0.00 0.02

SMCI Jul 17 27.0 Call 468 468 0 0 0.00 0 0.00 0.05

QQQ Jul 16 685.0 Put 467 234 233 0 0.00 0 0.00 0.01

SPY Jul 24 740.0 Put 467 467 0 0 0.00 0 0.00 2.29

NVDA Jul 17 212.5 Put 467 467 0 0 0.00 0 0.00 5.39

SLB Jul 24 48.0 Call 466 466 0 0 0.00 0 0.00 0.83

MU Jul 17 855.0 Call 466 466 0 0 0.00 0 0.00 18.00

TSLA Jul 20 395.0 Call 466 466 0 0 0.00 0 0.00 3.94

INTC Jul 24 110.0 Call 466 465 1 0 0.00 0 0.00 2.75

CIFR Jul 17 23.5 Call 466 466 0 0 0.00 0 0.00 0.02

NFLX Jul 17 60.0 Put 466 466 0 0 0.00 0 0.00 0.10

GRRR Mar 19 12.5 Call 463 463 0 0 0.00 0 0.00 3.20

NFLX Jul 17 74.0 Put 463 463 0 0 0.00 0 0.00 3.35

MU Jul 17 890.0 Call 463 463 0 0 0.00 0 0.00 5.08

IWM Sep 18 275.0 Put 462 462 0 0 0.00 0 0.00 3.42

ATAI Aug 21 7.0 Call 461 461 0 0 0.00 0 0.00 0.20

IOVA Jul 17 5.0 Call 460 460 0 0 0.00 0 0.00 0.12

QQQ Jul 22 665.0 Put 460 460 0 0 0.00 0 0.00 0.96

SPY Jul 20 750.0 Call 459 435 24 0 0.00 0 0.00 3.32

META Jul 17 690.0 Call 459 459 0 0 0.00 0 0.00 0.82

VZ Jul 17 43.5 Put 458 458 0 0 0.00 0 0.00 0.15

AAOI Jul 17 112.0 Call 458 458 0 0 0.00 0 0.00 0.29

HOOD Jul 24 120.0 Call 458 458 0 0 0.00 0 0.00 0.67

UNH Jul 17 455.0 Call 457 457 0 0 0.00 0 0.00 0.06

SKHY Jul 17 150.0 Put 457 453 4 0 0.00 0 0.00 3.66

UBER Jul 17 75.0 Call 456 456 0 0 0.00 0 0.00 0.29

SPY Jul 27 790.0 Call 454 454 0 0 0.00 0 0.00 0.03

IONQ Jul 17 36.0 Call 454 454 0 0 0.00 0 0.00 0.34

UBER Jul 24 75.0 Call 453 453 0 0 0.00 0 0.00 1.30

TSLA Jul 17 430.0 Call 452 229 223 0 0.00 0 0.00 0.06

NFLX Jul 17 82.0 Call 452 452 0 0 0.00 0 0.00 1.10

IREN Jul 17 35.0 Call 451 451 0 0 0.00 0 0.00 0.97

EWZ Oct 16 39.0 Call 451 451 0 0 0.00 0 0.00 1.27

CIFR Aug 21 30.0 Call 451 451 0 0 0.00 0 0.00 0.37

SPY Jul 20 752.0 Call 450 415 35 0 0.00 0 0.00 2.35

M Jul 17 23.0 Put 450 450 0 0 0.00 0 0.00 0.02

SPY Jul 17 729.0 Put 450 450 0 0 0.00 0 0.00 0.06

IONQ Jul 17 34.0 Put 449 449 0 0 0.00 0 0.00 0.28

CRCL Jul 24 65.0 Call 449 449 0 0 0.00 0 0.00 1.75

AA Aug 21 65.0 Call 448 448 0 0 0.00 0 0.00 0.16

SPY Jul 24 752.0 Call 448 448 0 0 0.00 0 0.00 5.05

SLV Aug 21 50.0 Put 447 447 0 0 0.00 0 0.00 2.61

MSTR Jul 17 93.0 Put 447 447 0 0 0.00 0 0.00 1.30

META Jul 17 710.0 Call 447 406 41 0 0.00 0 0.00 0.12

NOW Jul 17 103.0 Call 446 446 0 0 0.00 0 0.00 2.10

QQQ Jul 17 699.0 Put 446 406 40 0 0.00 0 0.00 2.01

AAPL Jul 20 332.5 Call 445 445 0 0 0.00 0 0.00 3.50

QQQ Jul 17 696.0 Put 445 434 11 0 0.00 0 0.00 1.37

NVDA Jul 24 207.5 Call 444 443 1 0 0.00 0 0.00 5.05

SPY Jul 17 739.0 Put 444 444 0 0 0.00 0 0.00 0.19

MARA Jul 17 11.5 Put 444 444 0 0 0.00 0 0.00 0.31

AAPL Jul 17 320.0 Call 444 444 0 0 0.00 0 0.00 12.29

NVDA Aug 14 235.0 Call 444 440 4 0 0.00 0 0.00 1.54

RKLB Mar 19 55.0 Put 444 444 0 0 0.00 0 0.00 12.35

HOOD Jul 17 120.0 Call 443 443 0 0 0.00 0 0.00 0.02

MP Jul 17 49.0 Call 443 443 0 0 0.00 0 0.00 0.04

HOOD Jul 17 105.0 Put 443 443 0 0 0.00 0 0.00 1.35

MARA Jul 17 12.5 Call 441 441 0 0 0.00 0 0.00 0.03

IBM Jul 17 222.5 Call 441 441 0 0 0.00 0 0.00 1.40

ASPI Jan 21 20.0 Call 441 441 0 0 0.00 0 0.00 0.80

NVDA Jul 24 205.0 Call 441 441 0 0 0.00 0 0.00 6.40

XLE Jul 24 59.0 Call 441 441 0 0 0.00 0 0.00 0.18

PLTR Jul 17 136.0 Call 440 440 0 0 0.00 0 0.00 1.07

QS Jan 15 5.0 Call 440 440 0 0 0.00 0 0.00 2.07

TRMD Sep 18 42.5 Put 440 414 26 0 0.00 0 0.00 14.70

NVDA Jul 20 200.0 Put 439 438 1 0 0.00 0 0.00 0.79

KHC Jul 17 26.0 Call 439 439 0 0 0.00 0 0.00 0.33

AMZN Jul 17 240.0 Put 439 439 0 0 0.00 0 0.00 0.25

ASTS Sep 18 140.0 Call 438 438 0 0 0.00 0 0.00 0.56

AAPL Jul 27 330.0 Put 437 437 0 0 0.00 0 0.00 5.05

SMH Jul 31 505.0 Put 437 437 0 0 0.00 0 0.00 8.20

AVIR Oct 16 5.0 Call 436 436 0 0 0.00 0 0.00 1.05

MTUM Aug 21 300.0 Put 436 416 20 0 0.00 0 0.00 13.00

BMY Aug 21 65.0 Call 436 436 0 0 0.00 0 0.00 1.00

MSFT Jul 17 405.0 Put 436 436 0 0 0.00 0 0.00 6.45

STX Aug 21 1000.0 Call 436 436 0 0 0.00 0 0.00 31.35

IBM Jul 17 212.5 Call 436 436 0 0 0.00 0 0.00 7.35

CAG Dec 18 15.0 Call 435 435 0 0 0.00 0 0.00 1.00

DRAM Jul 17 60.0 Call 434 434 0 0 0.00 0 0.00 0.03

MSFT Jul 24 410.0 Call 432 430 2 0 0.00 0 0.00 6.00

MARA Jul 17 12.0 Call 431 431 0 0 0.00 0 0.00 0.08

NFLX Jul 17 67.0 Put 431 431 0 0 0.00 0 0.00 0.76

AMD Jul 17 500.0 Call 430 430 0 0 0.00 0 0.00 10.00

MU Jul 17 930.0 Call 430 426 4 0 0.00 0 0.00 1.08

NFLX Jul 31 80.0 Call 430 430 0 0 0.00 0 0.00 2.00

IWM Aug 21 305.0 Call 430 430 0 0 0.00 0 0.00 2.88

ASTS Sep 18 150.0 Call 428 428 0 0 0.00 0 0.00 0.51

EEM Jul 17 64.5 Call 428 428 0 0 0.00 0 0.00 0.50

QQQ Jul 16 714.0 Put 427 392 35 0 0.00 0 0.00 8.41

RUN Aug 21 13.0 Call 427 427 0 0 0.00 0 0.00 1.10

XLF Jul 17 55.0 Call 427 427 0 0 0.00 0 0.00 1.57

NOK Jan 15 15.0 Call 426 426 0 0 0.00 0 0.00 0.95

NVDA Jul 20 210.0 Put 426 426 0 0 0.00 0 0.00 4.74

SOXL Jul 17 150.0 Call 424 424 0 0 0.00 0 0.00 2.85

TSLA Jul 20 400.0 Call 423 423 0 0 0.00 0 0.00 2.80

SOXS2 Jul 17 5.5 Call 423 423 0 0 0.00 0 0.00 0.16

TE Sep 18 9.0 Call 423 423 0 0 0.00 0 0.00 0.64

ATAI Jan 15 6.0 Call 423 423 0 0 0.00 0 0.00 1.15

CRWV Jul 17 72.5 Call 422 422 0 0 0.00 0 0.00 1.65

VZ Jul 17 44.5 Call 422 422 0 0 0.00 0 0.00 0.13

TSLA Jul 20 390.0 Put 421 421 0 0 0.00 0 0.00 5.55

ASTS Aug 21 60.0 Call 421 421 0 0 0.00 0 0.00 5.68

TQQQ Jul 17 73.0 Call 421 421 0 0 0.00 0 0.00 0.30

EVTL Jan 15 2.5 Put 420 420 0 0 0.00 0 0.00 1.24

UAL Jul 17 120.0 Put 420 420 0 0 0.00 0 0.00 2.64

QQQ Aug 21 670.0 Put 419 419 0 0 0.00 0 0.00 10.03

ATAI Jul 17 7.0 Call 418 417 1 0 0.00 0 0.00 0.13

BAC Jul 17 62.0 Call 418 418 0 0 0.00 0 0.00 0.12

ORCL Jul 31 140.0 Call 418 418 0 0 0.00 0 0.00 1.79

AAPL Oct 16 340.0 Call 416 416 0 0 0.00 0 0.00 16.60

SMH Jul 17 550.0 Put 416 416 0 0 0.00 0 0.00 2.45

PHM Sep 18 125.0 Call 416 416 0 0 0.00 0 0.00 9.40

MRK Sep 18 140.0 Call 416 416 0 0 0.00 0 0.00 2.40

MU Jul 17 865.0 Call 416 416 0 0 0.00 0 0.00 12.76

CVX Jul 24 187.5 Call 416 416 0 0 0.00 0 0.00 1.60

MTUM Aug 21 315.0 Put 415 415 0 0 0.00 0 0.00 20.40

MU Jul 17 860.0 Put 415 415 0 0 0.00 0 0.00 21.93

QQQ Jul 20 708.0 Call 415 412 3 0 0.00 0 0.00 4.00

OPEN Jul 24 5.0 Call 414 414 0 0 0.00 0 0.00 0.09

SPY Jul 17 683.0 Put 413 413 0 0 0.00 0 0.00 0.01

AVGO Jul 17 390.0 Call 413 413 0 0 0.00 0 0.00 0.65

EOSE1 Nov 20 15.0 Call 413 413 0 0 0.00 0 0.00 0.15

BABA Jul 17 121.0 Call 413 413 0 0 0.00 0 0.00 0.51

TSM Jul 17 390.0 Put 413 413 0 0 0.00 0 0.00 0.63

PYPL Aug 28 59.0 Call 412 412 0 0 0.00 0 0.00 2.41

HOOD Jul 24 115.0 Call 412 412 0 0 0.00 0 0.00 1.33

RDW Jan 15 8.0 Call 411 411 0 0 0.00 0 0.00 2.70

TSLA Jul 20 385.0 Put 411 411 0 0 0.00 0 0.00 3.45

SPY Jul 17 748.0 Call 411 314 97 0 0.00 0 0.00 4.00

NSLR Aug 21 10.0 Call 410 410 0 0 0.00 0 0.00 1.05

TLT Sep 18 85.0 Call 410 410 0 0 0.00 0 0.00 0.95

TSM Jul 17 415.0 Call 410 410 0 0 0.00 0 0.00 2.60

MSFT Jul 24 415.0 Call 409 409 0 0 0.00 0 0.00 4.50

MSFT Jul 17 402.5 Put 409 409 0 0 0.00 0 0.00 4.50

APLD Jul 17 31.0 Call 408 246 162 0 0.00 0 0.00 0.02

RIVN Jul 24 18.0 Call 408 408 0 0 0.00 0 0.00 0.31

XHB Sep 18 100.0 Put 408 408 0 0 0.00 0 0.00 1.70

SPY Jul 20 712.0 Put 408 408 0 0 0.00 0 0.00 0.05

NVDA Aug 21 215.0 Call 407 406 1 0 0.00 0 0.00 7.05

RKLB Jul 17 70.0 Call 405 405 0 0 0.00 0 0.00 0.55

TSLA Jul 20 390.0 Call 404 404 0 0 0.00 0 0.00 6.75

TQQQ Aug 07 70.0 Call 404 404 0 0 0.00 0 0.00 5.28

PLTR Jul 24 140.0 Call 404 404 0 0 0.00 0 0.00 1.98

GLW Sep 18 120.0 Put 404 404 0 0 0.00 0 0.00 6.85

EWY Jul 17 165.0 Put 403 403 0 0 0.00 0 0.00 2.47

RGCO Aug 21 30.0 Call 403 403 0 0 0.00 0 0.00 0.59

SPY Aug 14 760.0 Call 403 403 0 0 0.00 0 0.00 7.24

JD Jan 15 35.0 Call 403 403 0 0 0.00 0 0.00 1.85

PLTR Jul 31 130.0 Call 401 401 0 0 0.00 0 0.00 8.20

MU Jul 17 875.0 Call 401 401 0 0 0.00 0 0.00 9.60

DJT Dec 18 12.0 Call 401 401 0 0 0.00 0 0.00 1.04

CLOV Jul 17 5.0 Call 401 401 0 0 0.00 0 0.00 0.02

SOFI Jul 24 19.0 Call 401 401 0 0 0.00 0 0.00 0.11

NBIS Jul 17 200.0 Call 401 401 0 0 0.00 0 0.00 0.18

BZUN Jan 15 5.0 Call 401 401 0 0 0.00 0 0.00 0.13

MRVL Jul 31 232.5 Call 401 401 0 0 0.00 0 0.00 3.42

KGC Feb 19 20.0 Put 400 400 0 0 0.00 0 0.00 1.82

MUU Jul 17 53.5 Put 400 400 0 0 0.00 0 0.00 27.05

SOFI Jul 17 17.0 Put 400 400 0 0 0.00 0 0.00 0.12

MSFT Jul 24 400.0 Call 400 399 1 0 0.00 0 0.00 10.00

SHOP Aug 21 135.0 Call 400 400 0 0 0.00 0 0.00 8.51

SPY Sep 18 767.0 Put 400 400 0 0 0.00 0 0.00 25.00

SHOP Aug 21 130.0 Call 400 400 0 0 0.00 0 0.00 10.61

BLNK Jan 15 1.0 Call 400 400 0 0 0.00 0 0.00 0.10

VZ Jul 17 43.0 Call 399 399 0 0 0.00 0 0.00 0.96

WBD Aug 21 30.0 Call 399 387 12 0 0.00 0 0.00 0.19

NOK Jun 17 20.0 Call 399 399 0 0 0.00 0 0.00 1.10

DRAM Jul 17 58.0 Call 398 398 0 0 0.00 0 0.00 0.05

ORCL Jul 17 125.0 Put 398 398 0 0 0.00 0 0.00 2.50

NVDA Jul 24 85.0 Put 398 398 0 0 0.00 0 0.00 0.01

TSLA Nov 20 600.0 Call 397 389 8 0 0.00 0 0.00 5.52

EOSE Jul 24 3.5 Call 397 397 0 0 0.00 0 0.00 0.55

TSLA Aug 21 420.0 Call 396 396 0 0 0.00 0 0.00 12.80

PFE Jul 17 24.0 Call 396 396 0 0 0.00 0 0.00 1.10

INFQ Aug 21 17.5 Call 396 395 1 0 0.00 0 0.00 0.12

IREN Jul 17 44.0 Call 396 279 117 0 0.00 0 0.00 0.02

VICI Aug 21 27.5 Call 395 395 0 0 0.00 0 0.00 0.50

RKLB Jul 17 69.0 Call 395 395 0 0 0.00 0 0.00 0.92

打开原文

Gemini进度落后拖累谷歌

重要性3/5 中等优先级

事件与GOOG直接相关且可用于交叉确认，但存档过短，证据和细节不足。

标签

标的：`GOOG`来源：Investor's Business Daily发布日期：2026-07-16重要性：3/5 中等优先级评级理由：事件与GOOG直接相关且可用于交叉确认，但存档过短，证据和细节不足。评级依据：独立媒体交叉确认, GOOG直接相关, 旗舰模型延期, 仅存导语原文字数：81

中文摘要

核心结论

Investor's Business Daily（《投资者商业日报》）确认 Google 因 Gemini 3.5 Pro 交付进度落后而承压，竞争者正在取得进展。当前存档只有导语，无法提供延期原因或量化影响。

重要性评级

评级：3/5（中等优先级）

可作为独立媒体对当日事件的交叉确认，但几乎没有超出标题和导语的增量信息。

关键事实

Google 股价因旗舰人工智能模型 Gemini 3.5 Pro 延期报道而下跌。
报道将该模型描述为 Google 能力最强的旗舰产品。
导语称竞争者正在取得进展。
存档关联 GOOG、META 和 SPCX，但正文仅直接讨论 GOOG。

作者观点与证据

导语隐含 Google 可能因延误损失竞争节奏的判断，没有提供模型基准、内部消息来源或公司回应。

与相关标的的关系

GOOG 是直接相关标的。META 可视为竞争背景；SPCX 只出现在行情关联字段，当前正文没有业务联系。

时效性与限制

发布于美东时间 07/16 16:37（UTC+8 07/17 04:37）。归档缺少完整正文，无法确认具体延期时长、产品发布日期和股价数据来源。

后续跟踪

完整报道及原始消息来源
Gemini 3.5 Pro 发布计划
与竞品的编程基准对比

英文原文

Google Stock Falls Amid Delay In AI Model Release, Nasdaq Retreat

Google Stock Falls Amid Delay In AI Model Release, Nasdaq Retreat · Investor's Business Daily

REINHARDT KRAUSE

Fri, July 17, 2026 at 4:37 AM GMT+8 2 min read

GOOG

-4.43%

META

-2.46%

GOOG

-4.43%

SPCX

-3.08%

Google stock fell amid a report the internet giant is behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model, as rivals gain momentum.

打开原文

科技七巨头估值溢价收窄

重要性4/5 较高

直接覆盖核心大型科技股，并提供可比较的估值与增长数据，但来源带有持仓和订阅营销倾向。

标签

标的：`MSFT`来源：Motley Fool发布日期：2026-07-16重要性：4/5 较高评级理由：直接覆盖核心大型科技股，并提供可比较的估值与增长数据，但来源带有持仓和订阅营销倾向。评级依据：大型科技股广泛相关, 包含估值与增长数据, 发布时间较新, 作者持仓披露, 含推广内容原文字数：1021

中文摘要

核心结论

作者认为“科技七巨头”相对标普500指数的市盈率溢价已从过去十年常见的约30%降至约10%，并偏好 Amazon、Alphabet 和 Meta。三家公司分别依靠云计算、自研芯片、广告效率和新增商业化渠道支撑增长叙事。

重要性评级

评级：4/5（较高）

文章覆盖多只大型科技股，提供估值、增长率和业务驱动数据；结论带有作者持仓及订阅营销倾向。

关键事实

“科技七巨头”包括 Apple、Alphabet、Amazon、Meta、Microsoft、Nvidia 和 Tesla。
该组合过去十年的市盈率通常较标普500指数高约30%，近期溢价收窄至约10%。
Tesla 过去十二个月市盈率超过350倍，显著抬高组合估值。
Amazon 过去五年股价约上涨35%，按2027年预期利润计算的远期市盈率为25.5倍。
Alphabet 云业务第一季度收入同比增长63%，远期市盈率约25倍。
Meta 上季度收入增长33%，按2027年预期利润计算的远期市盈率约18倍。
Meta 正在 WhatsApp 和 Threads 开始广告商业化；Amazon 与 Anthropic、OpenAI 合作扩展云业务。
文内行情显示 GOOG 下跌4.43%、MSFT上涨1.38%、AAPL上涨1.76%、NVDA下跌2.40%、标普500指数下跌0.51%。
文章发布于美东时间 07/16 16:35（UTC+8 07/17 04:35）。

作者观点与证据

作者把估值溢价收窄视为重新审视大型科技股的机会，重点强调 Amazon 的运营杠杆与自研芯片、Alphabet 的 TPU（张量处理器）和 Gemini（生成式人工智能模型）、Meta 的推荐与广告工具。作者持有 Alphabet、Amazon 和 Meta；文末含订阅推广和历史收益营销材料，需与经营数据分开阅读。

与相关标的的关系

AMZN、GOOG和META是文章明确偏好的三只标的；MSFT、AAPL、NVDA和TSLA主要构成估值比较组。Tesla的超高市盈率使组合平均值容易掩盖成员差异。

时效性与限制

相对估值结论依赖2027年分析师预测，可能随盈利预期调整。文章未给出七家公司统一口径的完整估值表，也未量化资本开支对自由现金流的影响。

后续跟踪

七家公司相对标普500指数的远期市盈率溢价。
Amazon云业务增长与自研芯片利用率。
Alphabet云收入及TPU外部需求。
Meta资本开支、广告价格和新增广告库存。

英文原文

The "Magnificent Seven" Are at Their Lowest Relative Valuations in a Decade. My 3 Favorite Mag 7 Stocks to Buy.

Geoffrey Seiler, The Motley Fool

Fri, July 17, 2026 at 4:35 AM GMT+8 5 min read

GOOG

-4.43%

MSFT

+1.38%

^GSPC

-0.51%

AAPL

+1.76%

NVDA

-2.40%

The so-called "Magnificent Seven" group of stocks -- Apple , Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), Meta Platforms (NASDAQ: META), Microsoft , Nvidia , and Tesla -- has long traded at a premium to the S&P 500 index. For the past decade, the group has generally traded at a P/E about 30% above the benchmark index, but that premium has recently fallen to its lowest level ever, closer to just 10% above the benchmark. Much of that premium can be attributed to Tesla, which trades at a trailing P/E of over 350.

With the Magnificent Seven trading at its lowest-ever relative valuation, let's look at my three favorite stocks in the group to buy right now.

Image source: The Motley Fool.

Amazon

The market share leader in both e-commerce and cloud computing , Amazon is one of the most underappreciated stocks in the market today. The stock has been a laggard over the last five years, up only around 35%. However, the company itself has been making big strides during this time.

While it has gotten little credit for it, Amazon has become the world's largest manufacturer and operator of robots, all of which run on its DeepFleet AI model. It's also adopted AI to help optimize things like delivery routes and inventory management. This has all made the company much more efficient and helped drive strong operating leverage in its e-commerce business.

Meanwhile, the company is seeing accelerating revenue growth in its cloud computing business, and partnerships with Anthropic and OpenAI should help this continue. Amazon also has a strong chip business, having developed its own AI accelerators and central processing units (CPUs), which help give it a cost advantage.

Trading at a forward P/E of 25.5 times 2027 analyst estimates, the stock is attractively valued and is a solid long-term buy.

Alphabet

Alphabet is not just a search giant; it's a strong collection of leading and emerging businesses. It's also become the most complete AI player, having developed its own world-class chips with its Tensor Processing Units (TPUs) and a frontier AI model in Gemini.

TPUs are Alphabet's secret sauce, giving it a big cost advantage over competitors that rely largely on Nvidia's expensive graphics processing units (GPUs). It uses its chips to train its AI model at a much lower cost than rivals, while it also lets it run inference much more cheaply. Its TPUs are so well regarded that Anthropic has placed huge orders for them.

Story Continues

The company's cloud unit is seeing rapid growth, with revenue surging 63% in Q1, while it has embedded Gemini within Google search, helping drive query and revenue growth. Alphabet also owns YouTube and has a potential future growth driver with its Waymo robotaxi business, which is aggressively expanding to new cities across the U.S.

Trading at a forward P/E of 25 times 2027 estimates, Alphabet is one of my favorite stocks to own for the long term given its built-in advantages.

Meta Platforms

A social media giant, Meta has been one of the best companies at using AI to help drive growth in its core business. It's developed its own models to help improve its recommendation algorithm, which is feeding users more of the content they are interested in and keeping them on its apps longer. At the same time, it's using AI to help advertisers better connect with and convert customers, which is driving up ad demand and prices.

Meta grew its revenue at a brisk 33% pace last quarter, yet the stock only trades at a forward P/E of 18 times 2027 estimates. The company is also just starting to serve ads on its popular messaging platform, WhatsApp, and its new social media site, Threads, which should add another growth driver.

The biggest knock on the stock has been its aggressive AI infrastructure spending, but Meta looking to start a cloud computing service, given the high demand for compute power, helps allay those fears. Meanwhile, its latest Muse Spark 1.1 model has drawn strong praise.

The stock looks way undervalued given its growth and prospects.

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*Stock Advisor returns as of July 13, 2026

Geoffrey Seiler has positions in Alphabet, Amazon, and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has a disclosure policy .

The "Magnificent Seven" Are at Their Lowest Relative Valuations in a Decade. My 3 Favorite Mag 7 Stocks to Buy. was originally published by The Motley Fool

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Csquare上市检验数据中心热度

重要性2/5 较低

可作为人工智能基础设施融资情绪线索，但正文和发行关键条款缺失。

标签

标的：`MSFT`来源：Barrons.com发布日期：2026-07-16重要性：2/5 较低评级理由：可作为人工智能基础设施融资情绪线索，但正文和发行关键条款缺失。评级依据：数据中心行业相关, IPO市场情绪线索, 正文严重截断, 缺少发行与财务数据原文字数：83

中文摘要

核心结论

Brookfield支持的数据中心运营商 Csquare 计划上市，文章将其视为人工智能基础设施需求和首次公开募股市场承受力的新测试。投资者对人工智能主题和新股的怀疑上升，增加了发行定价与上市表现的不确定性。

重要性评级

评级：2/5（较低）

事件有助于观察数据中心融资环境，但存档只有导语，缺少发行规模、估值、业务指标和时间表。

关键事实

Csquare 是一家数据中心运营商。
Brookfield 为其支持方。
公司正在推进 IPO（首次公开募股）。
文章称投资者对人工智能和首次公开募股的态度趋于谨慎。
相关行情包括 DLR-PL 下跌0.10%、EQIX下跌1.32%、CBRS下跌1.93%、BX上涨1.51%、META下跌2.46%。
文章发布于美东时间 07/16 16:32（UTC+8 07/17 04:32）。

作者观点与证据

作者把 Csquare 上市定义为人工智能资本开支与新股需求的交叉检验。现有摘录没有财务报表、客户合同、机房容量或承销数据，无法评价发行质量。

与相关标的的关系

BX与Brookfield支持关系最直接；EQIX等数据中心标的可作为行业估值参照。META只与人工智能基础设施需求存在间接联系。

时效性与限制

正文在导语后截断，发行条款、募资用途和具体上市日期均不可见。

后续跟踪

招股文件中的收入、负债和客户集中度。
发行估值与数据中心同业倍数。
订单认购情况及上市后价格表现。

英文原文

This Data Center IPO Is the Next Big Test for the AI Trade

This Data Center IPO Is the Next Big Test for the AI Trade · Barrons.com · Dreamstime

Paul R. La Monica

Fri, July 17, 2026 at 4:32 AM GMT+8 3 min read

DLR-PL

-0.10%

EQIX

-1.32%

CBRS

-1.93%

+1.51%

META

-2.46%

Csquare, a data center operator backed by Brookfield, is going public as investors are growing skeptical about AI and IPOs.

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人工智能过度建设担忧扩散

重要性2/5 中低

权威来源且主题相关，但正文残缺，MRVL仅为间接关联。

标签

标的：`MRVL`来源：The Wall Street Journal发布日期：2026-07-16重要性：2/5 中低评级理由：权威来源且主题相关，但正文残缺，MRVL仅为间接关联。评级依据：source_quality, sector_relevance, truncated_source原文字数：91

中文摘要

核心结论

《华尔街日报》的市场回顾显示，人工智能基础设施过度建设担忧继续压低相关股票，Dell在前一日重挫后再跌5.2%，台积电、SpaceX等也处于观察名单。

重要性评级

评级：2/5（中低）

来源质量较高，市场主题与MRVL相关，但归档正文只保留Dell一句完整信息，其他标的内容被截断。

关键事实

Dell在前一日下跌10%后，07/16（未给出具体时刻）再跌5.2%。
文章将Dell跌势与全行业人工智能过度建设担忧联系起来。
行情标签显示台积电跌2.32%、SpaceX跌3.08%、GE跌4.06%，UnitedHealth涨1.16%。
文章观察名单还包括AMD、Intel、Micron、MRVL及其他公司，但正文没有逐一展开。

作者观点与证据

市场回顾倾向于把Dell连续下跌视为资本开支担忧扩散的表现。现有归档只支持Dell的价格与主题关联，无法确认作者对MRVL或台积电的完整论述。

与相关标的的关系

MRVL与人工智能数据中心建设周期相关，行业对过度建设的担忧可能影响其估值；文章没有提供MRVL当日价格、订单或财务数据。

时效性与限制

文章发布于美东时间 07/16 16:23（UTC+8 07/17 04:23）。正文在台积电段落开头即被截断，信息完整性较低。

后续跟踪

Dell及人工智能硬件链的连续跌幅
云厂商资本开支利用率
MRVL数据中心业务订单与客户指引

英文原文

Stocks to Watch Recap: TSMC, UnitedHealth, SpaceX, Netflix

Stocks to Watch Recap: TSMC, UnitedHealth, SpaceX, Netflix · The Wall Street Journal · An Rong Xu/Bloomberg News

Julia Amann

Fri, July 17, 2026 at 4:23 AM GMT+8 1 min read

+1.16%

-2.32%

SPCX

-3.08%

DELL

-5.16%

-4.06%

↘️ Dell Technologies (DELL): The stock slipped further following a 10% drop yesterday, driven by mounting fears of an industrywide AI overbuild. Shares slid 5.2%. ↘️ Taiwan Semiconductor Manufacturing (TSM): The chip maker’s U.

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台积电创纪录盈利未阻芯片跌势

重要性3/5 中

及时确认MRVL处于广泛芯片抛售中，来源可靠，但正文短且缺少驱动细节。

标签

标的：`MRVL`来源：The Wall Street Journal发布日期：2026-07-16重要性：3/5 中评级理由：及时确认MRVL处于广泛芯片抛售中，来源可靠，但正文短且缺少驱动细节。评级依据：timeliness, source_quality原文字数：99

中文摘要

核心结论

台积电连续第五个季度创下盈利纪录，仍未扭转芯片股抛售。纳斯达克指数跌约1.5%，费城半导体指数跌4.3%，MRVL位列主要跌幅股。

重要性评级

评级：3/5（中）

报道来自《华尔街日报》，价格与板块事实较可靠并直接涉及MRVL；归档只有简短摘要，缺少台积电财务细节和完整归因。

关键事实

台积电连续第五个季度实现创纪录盈利。
纳斯达克综合指数跌1.47%，文中四舍五入为1.5%。
费城半导体指数跌4.29%，文中四舍五入为4.3%。
台积电跌2.32%，MRVL、Sandisk和Western Digital被列为主要跌幅股。
行情标签显示SpaceX跌3.08%，Nike涨4.21%。

作者观点与证据

标题和摘要强调强劲盈利未能抵消芯片板块压力，证据是台积电盈利纪录与指数同步下跌。现有内容没有给出投资者为何忽略盈利纪录的完整解释。

与相关标的的关系

MRVL被明确列入纳斯达克和半导体板块的主要下跌公司，说明其价格压力与行业抛售同步；缺少MRVL自身消息，无法判断超额跌幅来源。

时效性与限制

文章发布于美东时间 07/16 16:15（UTC+8 07/17 04:15），贴近收盘。归档正文只有两分钟摘要中的单段内容。

后续跟踪

台积电完整财报中的资本开支和利润率指引
费城半导体指数后续波动
MRVL相对芯片指数的表现
芯片企业盈利预期修订

英文原文

Nasdaq Falls Sharply as Chip-Stock Slump Overshadows TSMC Record

Nasdaq Falls Sharply as Chip-Stock Slump Overshadows TSMC Record · The Wall Street Journal · Marketwatch

The Wall Street Journal

Fri, July 17, 2026 at 4:15 AM GMT+8 2 min read

-2.32%

^SOX

-4.29%

SPCX

-3.08%

^IXIC

-1.47%

+4.21%

Taiwan Semiconductor Manufacturing posted its fifth straight quarter of record earnings earlier today, but that wasn’t enough to cheer investors. The Nasdaq slipped 1.5%, with Sandisk Western Digital and Marvell among the biggest losers. The PHLX Semiconductor index was off 4.3%.

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人工智能股回调与Soluna人事

重要性1/5 低

只有节目简介，缺少人物、项目和市场回调的基础证据。

标签

标的：`MSFT`来源：Blockspace发布日期：2026-07-16重要性：1/5 低评级理由：只有节目简介，缺少人物、项目和市场回调的基础证据。评级依据：内容为节目预告, MSFT关联间接, 缺少量化数据, 无法验证标题归因原文字数：58

中文摘要

核心结论

节目同时讨论人工智能股票下跌、人工智能是否具有意识，以及 Soluna 聘请微软前高管负责人工智能建设。现有文本只列出议题，未提供股价下跌原因、聘任人员身份或项目数据。

重要性评级

评级：1/5（低）

内容只有节目预告，无法验证标题中的市场归因或公司事件细节。

关键事实

Blockspace 将人工智能股票下跌列为节目主题。
节目称 Soluna 聘请了一名微软前高管领导人工智能基础设施建设。
Pirate Wires 的 Brady Dale 参与讨论人工智能意识问题。
文内仅列出 MSFT 上涨1.38%。
文章发布于美东时间 07/16 16:13（UTC+8 07/17 04:13）。

作者观点与证据

可见内容没有呈现作者对市场回调的证据链，也没有保留访谈观点或 Soluna 聘任公告细节。

与相关标的的关系

MSFT只通过前雇员背景间接相关；Soluna并未在输入中对应明确股票代码。人工智能意识议题与上市公司短期经营数据关系较弱。

时效性与限制

原文只有一句节目简介，标题中的“暴跌”缺少指数、样本区间和幅度定义。

后续跟踪

Soluna聘任公告及高管履历。
相关人工智能股票回调的统一样本与时间区间。
Soluna人工智能项目的客户、容量和收入。

英文原文

Why AI Stocks are Crashing, “Is AI Conscious?” Pirate Wires Interview, Soluna’s MSFT Exec Hire

Blockspace

Fri, July 17, 2026 at 4:13 AM GMT+8

MSFT

+1.38%

We cover Soluna's Microsoft executive hire to lead its AI builds, and Pirate Wires' Brady Dale joins us to wrestle with the question in his eponymous piece on AI consciousness:…

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加密市场结构法案卡在伦理条款

重要性3/5 中

监管事件与CRCL直接相关，但材料过短且事件尚无结果，需等待可核验更新。

标签

标的：`CRCL`来源：Investor's Business Daily发布日期：2026-07-16重要性：3/5 中评级理由：监管事件与CRCL直接相关，但材料过短且事件尚无结果，需等待可核验更新。评级依据：high_timeliness, limited_evidence原文字数：78

中文摘要

核心结论

特朗普将参加有关Clarity Act（加密市场结构法案）伦理争议的会议，为参议院可能于下周表决前协调分歧。预测市场给出的通过概率为41%，但现有摘录没有提供会议结果、参与者完整名单或法案票数结构。

重要性评级

评级：3/5（中）

法案与Circle（稳定币发行商，CRCL）和Coinbase（加密资产平台，COIN）的监管环境直接相关，发布时间很近；正文仅有导语，信息完整性不足。

关键事实

特朗普计划参加一场讨论法案伦理问题的会议。
参议院可能于下周进行表决。
预测市场显示法案通过概率为41%。
文章元数据同时列出CRCL下跌7.69%、COIN下跌4.02%，但摘录没有建立跌幅与法案消息之间的因果关系。

作者观点与证据

标题和导语把总统参与会议视为法案进程的重要节点。由于完整正文不可见，无法核对41%的预测市场名称、合约结算条件、伦理条款内容以及消息来源。

与相关标的的关系

Clarity Act可能影响CRCL和COIN所处的稳定币及加密市场监管框架。当前材料未说明具体条文如何影响储备收益、代币发行、交易平台责任或Circle经营指标。

时效性与限制

文章发布于美东时间 07/16 16:09（UTC+8 07/17 04:09）。报道具有事件时效性，但会议和潜在表决尚未产生可确认结果，预测市场概率也会持续变化。

后续跟踪

会议后是否公布伦理条款文本或妥协方案。
参议院表决日程及公开票数。
预测市场概率和合约结算条件。
法案对稳定币发行商及交易平台的具体义务。

英文原文

Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing.

Trump To Attend Key Meeting For Clarity Act. Prediction Markets See A 41% Chance Of Passing. · Investor's Business Daily

HARRISON MILLER

Fri, July 17, 2026 at 4:09 AM GMT+8 5 min read

CRCL

-7.69%

COIN

-4.02%

the president will meet to discuss ethics concerns regarding the Clarity Act ahead of a potential Senate vote next week.

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Marvel生物科技拟融资三百万美元

重要性1/5 低

属于同名代码误关联，对目标标的Marvell Technology没有业务或财务关系。

标签

标的：`MRVL`来源：TMX Newsfile发布日期：2026-07-16重要性：1/5 低评级理由：属于同名代码误关联，对目标标的Marvell Technology没有业务或财务关系。评级依据：symbol_collision, pending_transaction原文字数：1700

中文摘要

核心结论

加拿大临床前生物科技公司Marvel Biosciences拟以每单位0.15加元进行非经纪私募，最低融资150万加元、最高300万加元，资金主要用于MB-204一期临床试验定金和营运需求。该公司与纳斯达克上市的Marvell Technology并非同一主体。

重要性评级

评级：1/5（低）

元数据因代码“MRVL”发生同名映射，但新闻主体是加拿大Marvel Biosciences，对纳斯达克MRVL没有基本面关联。

关键事实

最低发行1,000万个单位，募集150万加元；最高发行2,000万个单位，募集300万加元。
每单位价格0.15加元，包含一股普通股和一份认股权证。
每份权证可自交割后第61日起以0.20加元认购一股，期限为交割后一年。
若交割后第61日起，股份连续五个交易日成交量加权平均价不低于0.25加元，公司可在至少提前30天通知后加速权证到期。
首批交割预计在08/14（未给出具体时刻）前后完成，整体须在公告日起45天内完成，并需取得TSXV（多伦多证券交易所创业板）批准。
净募集资金拟用于MB-204一期临床试验定金、一般行政费用及营运资金。
介绍费最高为相关募集金额的7%，另可发行相当于所介绍单位数量7%的介绍人权证。
发行依据加拿大NI 45-106（招股说明书豁免规则），面向除魁北克外的加拿大各省及部分境外辖区合资格投资者。

作者观点与证据

全文是付费公司新闻稿，主要陈述拟议融资条款和公司自身业务介绍。药物再开发模式可降低成本、时间和风险的说法来自公司，尚无临床数据支持。

与相关标的的关系

Marvel Biosciences使用TSXV代码MRVL，并同时以MBCOF在美国场外市场交易；纳斯达克MRVL属于Marvell Technology。两家公司名称及代码相近，新闻不可用于解释Marvell Technology的股价或业务。

时效性与限制

新闻稿发布于美东时间 07/16 16:00（UTC+8 07/17 04:00）。融资尚未完成，金额、交割时间和用途均受认购及监管批准影响。

后续跟踪

TSXV批准和实际交割金额
首批交割是否按08/14推进
MB-204一期临床启动与资金需求
数据管线中的同名股票代码消歧

英文原文

Marvel Biosciences Announces Private Placement for up to $3.0 Million

This is a paid press release. Contact the press release distributor directly with any inquiries.

Marvel Biosciences Announces Private Placement for up to $3.0 Million

TMX Newsfile

Fri, July 17, 2026 at 4:00 AM GMT+8 8 min read

MRVL.V

-5.88%

MRVL

-8.71%

MRVL.NE

0.00%

Calgary, Alberta--(Newsfile Corp. - July 16, 2026) - Marvel Biosciences Corp. (TSXV: MRVL) (OTCQB: MBCOF) (" Marvel " or the " Company ") is pleased to announce that it intends to complete a non‐brokered private placement offering (the " Offering ") of units of the Company (" Units ") at a price of $0.15 per Unit. The Offering will be for a minimum of 10,000,000 Units for gross proceeds of $1,500,000, and up a maximum of 20,000,000 Units, for gross proceeds of up to $3,000,000.

Each Unit will consist of one common share of the Corporation (" Common Share ") and one Common Share purchase warrant (" Warrant "). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.20 per share, commencing on the sixty first (61st) day after the closing date of the Offering (the " Closing Date ") for a period of one (1) year from the Closing Date; provided that if, at any time after the date that is sixty-one (61) days following the Closing Date, the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (" TSXV ") is at least $0.25 per share for a period of five (5) consecutive trading days (whether or not trading occurs on all such days), the expiry date of the Warrants may be accelerated by the Corporation to a date that is not less than 30 days after the date that notice of such acceleration is provided to the Warrant holders, which notice may be by way of general press release.

It is anticipated that the net proceeds from the Offering will be used to pay a deposit for phase 1 clinical trials for the Company's lead compound MB‐204, general and administrative expenses and for general working capital. The closing of the Offering may occur in one or more tranches, the first of which is expected to close on or about August 14, 2026. Closing of the Offering is subject to receipt of all regulatory approvals, including approval of the TSX Venture Exchange (the " TSXV "), and will occur within 45 days from the date hereof.

There is an offering document related to this Offering dated July 15, 2026 that can be accessed under the Company's profile at www.sedarplus.ca and at https://marvelbiotechnology.com/ . Prospective investors should read this offering document before making an investment decision.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45‐ 106 ‐ Prospectus Exemptions (" NI 45‐106 "), the Offering is being made to purchasers resident in all provinces of Canada (except Quebec) and certain foreign jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45‐106 (the " Listed Issuer Financing Exemption "). The Units offered under the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws. Shareholders or investors who may wish to participate in the Offering and who seek further details about the Offering should contact the Company's Chief Executive Officer, J. Roderick Matheson, at 403 770 2469.

Story Continues

In connection with the Offering, the Corporation will pay a finder's fees equal to up to 7% of the gross proceeds raised from those investors introduced by the finder to the Offering, payable in cash, and finder's warrants (" Finder's Warrants ") in an amount equal to 7% of the aggregate number of Units in relation to ‎subscribers introduced by any particular finder, with each Finder's Warrant being exercisable to acquire one (1) ‎Common Share at a price of $0.20 per share commencing on the sixty first (61st) day after the Closing Date for a period of one (1) year from the Closing Date; provided that if, at any time after the date that is sixty-one (61) days following the Closing Date, the volume weighted average trading price of the Common Shares on the TSXV is at least $0.25 per share for a period of five (5) consecutive trading days (whether or not trading occurs on all such days), the expiry date of the Finder's Warrants may be accelerated by the Corporation to a date that is not less than 30 days after the date that notice of such acceleration is provided to the Finder's Warrant holders, which notice may be by way of general press release. It is estimated that the Corporation will issue up to 700,000 Common Shares upon the exercise of Finder's Warrants assuming the minimum Offering and 1,400,000 Common Shares upon the exercise of Finder's Warrants assuming the maximum Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " 1933 Act "), or any state securities laws and may not be offered or sold in the "United States" or to "U.S. persons" (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Marvel Biosciences Corp.

Marvel Biosciences Corp., and its wholly owned subsidiary, Marvel Biotechnology Inc., is a Calgary‐based pre‐ clinical stage pharmaceutical development biotechnology company that utilizes a "drug redevelopment" approach to drug development. Historically, when a new class of drug is developed, it is optimized for a particular target, but typically only approved for a specific disease. Often, a new disease is identified which involves the same target, however, pending the remaining patent life, the originally approved drug may not have sufficient time left for it to be commercially viable to be developed for the new disease indication. Marvel develops new synthetic chemical derivatives of the original approved drug for the new disease indication. Patent protection is sought, as the new potential asset is developed by the Company. The Company believes the business model results in significantly less risk, cost and time to develop its assets compared to traditional biotechnology companies.

Marvel Biotechnology Inc. has currently developed several new chemical entities, using synthetic chemical derivatives of known, off‐patent drugs, that inhibit the A2a adenosine receptor with application to neurological diseases (depression & anxiety, Alzheimer's, ADHD), and the non‐neurological conditions of cancer and non‐ alcoholic steatohepatitis. Marvel is also exploring additional undisclosed targets to expand its asset pipeline.

Contact Information:

Marvel Biosciences Corp.

J. Roderick (Rod) Matheson, Chief Executive Officer

or Dr. Mark Williams, President, and Chief Science Officer

Tel: 403 770 2469

Email: info@marvelbiosciences.com

Forward-Looking Statements

This news release contains "forward‐looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward‐looking information. In particular, this news release contains forward‐looking information regarding: the Offering, the potential use of proceeds of the Offering, the closing date for the Offering, the business of the Company, including future plans and objectives. There can be no assurance that such forward‐looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward‐looking information. This forward‐looking information reflects Marvel's current beliefs and is based on information currently available to Marvel and on assumptions Marvel believes are reasonable. These assumptions include, but are not limited to: the underlying value of Marvel and its Common Shares, TSX Venture Exchange approval of the Offering; Marvel's current and initial understanding and analysis of its projects and the development required for such projects; the costs of Marvel's projects; Marvel's general and administrative costs remaining constant; and the market acceptance of Marvel's business strategy. Forward‐looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Marvel to be materially different from those expressed or implied by such forward‐looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation affecting Marvel; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward‐looking information can be found in Marvel's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although Marvel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward‐looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward‐looking information contained in this news release is expressly qualified by this cautionary statement. The forward‐looking information contained in this news release represents the expectations of Marvel as of the date of this news release and, accordingly, is subject to change after such date. However, Marvel expressly disclaims any intention or obligation to update or revise any forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Not for distribution to U.S. newswire services or dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305483

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3M切入微软数据中心供应链

重要性4/5 较高

包含明确合作产品、公司财务数据和临近业绩节点，对MMM与MSFT均有直接信息价值。

标签

标的：`MSFT`来源：Barchart发布日期：2026-07-16重要性：4/5 较高评级理由：包含明确合作产品、公司财务数据和临近业绩节点，对MMM与MSFT均有直接信息价值。评级依据：MMM与MSFT直接相关, 合作产品具体, 财务数据完整, 临近财报节点, 合同金额未披露原文字数：1056

中文摘要

核心结论

3M与微软建立人工智能数据中心基础设施合作，微软将率先采用3M的扩束光纤连接技术，3M也使用微软工具改造内部业务。合作提供了新的材料供应场景，但能否推动持续估值重估仍取决于商业化规模、现金流和诉讼风险。

重要性评级

评级：4/5（较高）

合作直接关联 MMM 与 MSFT，并包含产品、财务、估值和临近业绩日期等多维事实。

关键事实

3M于07/15（未给出具体时刻）宣布与微软建立战略合作，当日股价上涨2.5%至160.51美元。
微软将成为首家在数据中心采用3M扩束光纤技术的大型云服务商。
该技术旨在减少接头清洁与检查要求，并加快高密度网络部署。
3M推出“Ask 3M”人工智能工具，基于49个技术平台的验证数据，当前覆盖胶黏剂和胶带。
3M第一季度收入60.3亿美元，同比增长4.3%；调整后每股收益2.14美元，高于1.98美元预期。
调整后营业利润14亿美元，营业利润率由21.6%升至23.2%；有机增长1.2%，自由现金流利润率由8.5%降至5.8%。
公司维持全年每股收益8.60美元指引；远期市盈率17.91倍，低于行业平均21.07倍。
公司计划于07/21（未给出具体时刻）盘前发布业绩，市场预计季度每股收益2.27美元、全年8.74美元。
18名分析师的共识为“适度看好”，平均目标价174.44美元；摩根大通目标价178美元，Bernstein目标价131美元。
文章发布于美东时间 07/16 15:50（UTC+8 07/17 03:50）。

作者观点与证据

作者认为合作为3M的材料科学能力增加了人工智能基础设施应用，但短期难以单独支撑大幅重估。经营利润率改善和估值折让构成正面依据；自由现金流走弱、工业需求恢复偏慢、诉讼与执行风险构成制约。

与相关标的的关系

MMM直接获得数据中心材料应用场景，MSFT则引入新的光纤连接方案并为3M内部数字化提供工具。合作收入规模和合同期限尚未披露。

时效性与限制

行业支出预测称2030年人工智能基础设施投资可能达到6.7万亿美元，其中约3.1万亿美元流向芯片和数据中心，但这些是长期预测，不能替代3M的已签订单或收入确认。

后续跟踪

07/21业绩中的自由现金流与全年指引。
扩束光纤技术的部署范围、订单额和收入确认。
“Ask 3M”扩展至其他产品线的进度。
诉讼负担及工业需求恢复情况。

英文原文

3M Stock Just Announced an AI Infrastructure Partnership with Microsoft. How to Play MMM Here.

Ebube Jones

Fri, July 17, 2026 at 3:50 AM GMT+8 5 min read

+0.77%

MSFT

+1.38%

Businessman pointing arrow graph corporate future growth by Marchmeena29 via iStock Data center M&A reached about $61 billion through 2025, beating the previous year as hyperscalers and big tech companies ramped up spending on AI infrastructure. The demand from these major players has been clear and consistent.

Industry forecasts now show AI infrastructure spending could climb to as much as $6.7 trillion by 2030, with nearly $3.1 trillion expected to go into AI chips and data centers. This is driving demand for materials, cooling systems, and components needed to run high-density data centers.

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Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines.

And that is the backdrop for 3M Company's (MMM) latest move. On July 15, 3M Company announced a strategic partnership with Microsoft Corporation (MSFT) to push deeper into AI data center infrastructure and broader enterprise transformation, using its materials science expertise. The market reacted right away, with MMM stock rising 2.5% to $160.51 the same day.

As 3M Company moves into the core of AI infrastructure, can this partnership drive a lasting re-rating for the stock?

A Closer Look at 3M Financials

3M is a broad industrial business that makes everything from safety equipment to electronics materials, healthcare products, and everyday consumer goods, with a model built on steady product innovation.

In the market, the stock has been fairly flat, up 2.44% over the past year and just 0.82% year-to-date (YTD).

www.barchart.com It currently trades at a forward price-to-earnings of 17.91 times, below the sector average of 21.07 times, which suggests it is still valued at a discount compared to peers.

Income is still part of the story. 3M offers a 1.99% dividend yield, compared to the materials sector average of 2.82%, with a 35.12% payout ratio. The company pays $0.78 per quarter, with the most recent dividend issued on May 22, and it has now posted two straight years of dividend increases.

On the earnings side, Q1 2026 revenue came in at $6.03 billion, slightly ahead of expectations and up 4.3% year-over-year (YOY). Adjusted EPS was $2.14, beating the $1.98 estimate, showing solid cost control. Adjusted operating income was $1.40 billion, a bit below forecasts, but margins improved to 23.2% from 21.6% a year ago. Organic growth was softer at 1.2%, missing expectations, while free cash flow margin dropped to 5.8% from 8.5%, pointing to some pressure on cash flow. Even so, management kept full-year EPS guidance at $8.60.

Story Continues

New Infrastructure, New Growth Potential

3M Company is teaming up with Microsoft Corporation to dig further into AI data center infrastructure while also upgrading its own internal operations. The relationship brings together Microsoft's Azure cloud scale with 3M's strength in materials and manufacturing. A key part of the deal is Microsoft becoming the first major cloud provider to use 3M's Expanded Beam Optical technology in its data centers, aimed at improving how fiber networks are built and managed.

Instead of traditional fiber connectors that need direct contact, this technology uses an expanded beam approach, making connections faster to install, easier to maintain, and less sensitive to dust and handling. That means fewer cleanings and inspections, while still keeping strong performance in busy data center environments. Early use has also shown it can speed up network deployment, which matters as demand for AI infrastructure keeps rising.

At the same time, 3M Company is using Microsoft's tools to improve its own business processes. One example is "Ask 3M," a new AI tool that helps customers find the right materials, compare options, and solve technical problems. It is built on verified data across 49 of 3M's technology platforms and currently focuses on adhesives and tapes, with plans to expand into more product areas.

Wall Street's View on MMM

3M Company is set to report earnings on July 21, before the market opens. Analysts expect $2.27 in EPS for the June quarter, up 5.09% from $2.16 a year ago. For the full year, estimates are at $8.74 compared to $8.06 last year, pointing to 8.44% growth and steady earnings progress.

Views on the stock are mixed but leaning positive. JPMorgan's Chigusa Katoku kept a "Hold" rating but raised the price target to $178, suggesting about 24.6% upside at the time. The call is based on the idea that better cash flow, progress on restructuring, and rising demand tied to AI infrastructure, including the Microsoft Corporation partnership, could lead to more stable earnings and less pressure from past legal issues.

On the other hand, Bernstein started coverage with an "Underperform" rating and a $131 target. The firm flagged ongoing litigation risks, execution challenges, and a slow recovery in industrial demand as reasons the stock could lag if expectations around its AI exposure get ahead of reality.

Still, the broader view remains constructive, with 18 analysts rating 3M Company a consensus "Moderate Buy" and an average price target of $174.44, implying 7.7% upside from current levels.

www.barchart.com

Conclusion

3M's move into AI infrastructure through its Microsoft partnership looks like a credible step toward repositioning the company beyond its traditional industrial identity, but it is not a guaranteed rerating on its own. The setup here is gradual rather than explosive, with steady earnings growth, improving margins, and early traction in AI-linked demand supporting a more constructive outlook. Most likely, shares trend modestly higher from here rather than surge, as execution on restructuring, cash flow improvement, and real monetization of its AI exposure will ultimately determine the amount of upside investors are willing to price in.

On the date of publication, Ebube Jones did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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Anthropic筹备十月上市

重要性4/5 较高

潜在超大型人工智能模型公司上市对估值体系影响显著，但秘密申报和二手来源使关键数字仍需核实。

标签

标的：`MSFT`来源：TheStreet发布日期：2026-07-16重要性：4/5 较高评级理由：潜在超大型人工智能模型公司上市对估值体系影响显著，但秘密申报和二手来源使关键数字仍需核实。评级依据：人工智能模型层重大上市线索, 涉及AMZN、GOOG、MSFT、NVDA, 估值与收入数字密集, 公开招股书缺失, 时间表存在变数原文字数：1111

中文摘要

核心结论

文章称 Anthropic 已秘密提交上市申请并筹备最早于10月进行首次公开募股，可能抢在 OpenAI 之前成为大型人工智能模型开发商的公开市场定价基准。高增长收入叙事同时伴随高额算力承诺、利润尚未兑现和收入确认口径疑问。

重要性评级

评级：4/5（较高）

若上市进程属实，将直接影响人工智能模型层估值及云计算、芯片供应链预期；关键数据来自媒体转述，公开招股书尚不可见。

关键事实

文章称 Anthropic 于06/01（未给出具体时刻）向 SEC（美国证券交易委员会）秘密提交注册文件。
Morgan Stanley、Goldman Sachs和JPMorgan Chase据称担任主要承销机构，并已安排机构投资者会面。
目标上市时间为2026年10月，仍取决于投资者反馈和监管审查。
公司于2026年5月完成650亿美元H轮融资，投后估值9650亿美元。
年化收入据称由2025年末约90亿美元增至2026年4月300亿美元，并在5月末超过470亿美元。
Claude Code（智能编程工具）截至2026年2月的年化收入据称达到25亿美元。
文章称 Anthropic 每月向 SpaceX 支付12.5亿美元算力费用，合同延续至2029年5月；2026年总算力支出估计约190亿美元。
毛利率约40%，公司预计2028年才实现盈利。
OpenAI据称把上市目标由2026年秋季延至2027年；预测市场给出 Anthropic 先上市的概率为72%。
2026年全球公司通过非特殊目的收购公司上市融资2275亿美元；文章设想 Anthropic 可能募资600亿美元。
文章发布于美东时间 07/16 15:47（UTC+8 07/17 03:47）。

作者观点与证据

作者认为先上市者可建立模型公司估值标杆，并在市场情绪变化前取得资本。主要依据是承销团队、投资者会面和收入增速；秘密文件尚未公开，470亿美元年化收入可能包含尚未确认的合同金额，盈利路径也依赖高额基础设施支出。

与相关标的的关系

AMZN、GOOG和MSFT既是云计算或模型生态参与者，也可能受模型层公开估值重定价影响；NVDA与算力需求相关。文章没有披露这些公司在Anthropic上市中的新增财务权益。

时效性与限制

上市时间、估值和募资额均可能在监管审查与询价后改变。部分关键数字来自二手媒体和分析文章，需等待公开招股书核验。

后续跟踪

公开招股书中的收入确认、亏损和现金流。
承销机构、发行规模与目标估值。
SpaceX算力合同的期限、容量和会计处理。
OpenAI上市时间及机构询价反馈。

英文原文

Anthropic just made a move that changes the AI investing story

Hillary Remy

Fri, July 17, 2026 at 3:47 AM GMT+8 5 min read

NVDA

-2.40%

MSFT

+1.38%

GOOG

-4.43%

AMZN

-1.99%

The AI boom has been one of the biggest investing stories of the past few years. Nvidia became one of the most valuable companies on earth. Microsoft, Google, and Amazon poured hundreds of billions into infrastructure.

But the companies actually building the models at the center of it all have stayed private, leaving most investors on the outside looking in.

Anthropic, the company behind Claude, is about to change that. Bankers are now lining up investor meetings ahead of a potential October IPO , and the process is far enough along that this is no longer a rumor.

The company behind one of the most widely used AI models in the world is preparing to go public, and the numbers it's bringing to market are striking.

What Anthropic's IPO preparation actually looks like right now

Anthropic filed its draft registration statement with the SEC on June 1, 2026. The filing was confidential, meaning the prospectus isn't public yet.

Since then, Morgan Stanley, Goldman Sachs, and JPMorgan Chase have been brought in as lead underwriters, according to CNBC . Those are Wall Street 's three largest banks by revenue. The fact that all three are on the deal signals this is being treated as a major market event.

Bankers are now setting up meetings between Anthropic executives and prospective institutional investors . Think of it as the AI company going on a listening tour before it actually asks anyone to write a check.

The banks want to know what price range the market will support, what questions investors have, and whether demand is sufficient to pull off a deal this big. October is the target date, though that could change, depending on what they hear and how the SEC review of the confidential filing goes.

Wilson Sonsini, the law firm that managed Google's 2004 IPO, is handling Anthropic's public market readiness. That's not a random choice. It's a signal about ambition.

The numbers behind Anthropic's near-trillion dollar valuation

Anthropic closed a $65 billion Series H funding round in May 2026 at a post-money valuation of $965 billion, according to Investing.com .

That pushed it above OpenAI's valuation for the first time. It also put the company within range of becoming the first AI model developer to cross a trillion dollars in value before going public.

More AI:

The new Chinese AI model rattling U.S. tech investors

Anthropic restores access to Mythos 5 for select organizations

SoftBank CEO offers stinging critique of Musk's AI bet

The revenue numbers are hard to wrap your head around. Anthropic's annualized revenue was around $9 billion at the end of 2025. By April it was $30 billion. By late May, the company said it had crossed $47 billion.

Story Continues

That's the same company, six months later, with five times the revenue run rate. The growth came from enterprises piling into Claude and from Claude Code, the company's agentic coding tool, which had already hit $2.5 billion in its own annualized revenue by February.

Bankers are now setting up meetings between Anthropic executives and prospective institutional investors.Yeh/Getty Images

Why Anthropic is racing to beat OpenAI to the public markets

OpenAI also filed a confidential S-1 in late May 2026. It has Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan working on its deal. But OpenAI has since pushed its IPO target from fall 2026 to 2027, according to CNBC . That gives Anthropic a window to be first.

Being first matters for two reasons. The company that goes public first sets the valuation benchmark for the sector. And if AI enthusiasm fades later in the cycle, being first means accessing institutional capital before sentiment shifts. Kalshi prediction markets put Anthropic's probability of listing before OpenAI at 72%.

SpaceX 's June IPO is the comparison point everyone is watching. It was the first blockbuster AI-adjacent listing of the year. If Anthropic prices well and the stock holds, it could open the window for the biggest wave of AI IPOs since the technology emerged into mainstream consciousness.

The risks that will face Anthropic as a public company

The story isn't clean. Anthropic is spending $1.25 billion per month on computing capacity through a deal with SpaceX, which runs through May 2029, according to The Next Web .

That's an annualized infrastructure commitment of $15 billion from a single supplier. Total compute spending in 2026 is estimated at roughly $19 billion. At $47 billion in annualized revenue with gross margins around 40%, the path to sustained profitability is real but not immediate. The company doesn't expect to be profitable until 2028.

There's also a revenue accounting question. Analysts have flagged that the $47 billion annualized figure may include committed contract value that hasn't been recognized as revenue yet, the Under the Market Lens Substack noted.

That distinction matters to public market investors, who will be valuing the company on actual revenue, not on what contracts say could come in.

The Pentagon designated Anthropic as a supply-chain risk earlier this year, the BBC reported . That hasn't killed its enterprise momentum, but it's an overhang that public investors will want management to address directly in the prospectus and on roadshow calls.

What Anthropic's IPO means for AI investors and the broader market

The IPO market has already had its strongest year since 2021. Companies have raised $227.5 billion globally through listings this year, excluding SPACs, according to CNBC . Anthropic at $60 billion would be one of the largest raises in history.

For investors who have wanted direct exposure to the AI model layer, this is the first real opportunity at scale.

Nvidia gives you the chips. Microsoft and Google give you the platforms. Anthropic would give you the model company itself, the one building the AI that enterprise clients are increasingly choosing over the alternatives.

Whether the market will pay a premium valuation for a company still burning cash at scale is the central question. The investor meetings happening right now are the first real test.

What institutional buyers tell those bankers over the next few weeks will determine whether October becomes a milestone for AI investing, or a story about what the public market wasn't quite ready for.

Related: Elon Musk says he was wrong about Anthropic

This story was originally published by TheStreet on Jul 16, 2026, where it first appeared in the Technology section. Add TheStreet as a Preferred Source by clicking here.

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台积电扩产放大SOXL跌幅

重要性5/5 高

时效性强、与SOXL直接相关，并用台积电业绩及资本开支数据解释杠杆跌幅。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-16重要性：5/5 高评级理由：时效性强、与SOXL直接相关，并用台积电业绩及资本开支数据解释杠杆跌幅。评级依据：直接解释SOXL单日大跌, 包含标准化盘中时刻, 台积电业绩与现金流数据完整, 区分公司事实与市场回报担忧原文字数：639

中文摘要

核心结论

台积电季度收入和利润强劲，但自由现金流明显低于利润且年度资本开支由约540亿美元提高至至少600亿美元，引发市场对AI基础设施回报周期的担忧。SOXL的每日三倍杠杆将成分股下跌放大至两位数。

重要性评级

评级：5/5（高）

文章发布接近日报截点，直接解释SOXL异常跌幅，并提供台积电业绩、现金流和资本开支数据。

关键事实

美东时间 07/16 14:30（UTC+8 07/17 02:30），纳斯达克指数约下跌1.3%，SOXL下跌14.5%。
台积电第二季度收入394亿美元，同比增长33%。
第二季度利润219亿美元，同比增长77%，超过分析师预期。
自由现金流为89亿美元，明显低于报告利润，原因包括持续扩充芯片产能。
台积电此前预计2026年资本开支约540亿美元，现提高至600亿美元或以上。
NVDA、美光和Intel等SOXL成分股当日均为个位数跌幅。
SOXL追求半导体指数每日三倍表现，杠杆重置会放大单日涨跌，长期表现也可能偏离简单三倍累计收益。

作者观点与证据

作者认为市场担心AI芯片制造投入过高、未来服务收入可能不足以覆盖资本成本。业绩和资本开支来自公司披露；关于AI投资回报不足的判断属于市场叙事，尚无需求或项目回报数据直接证明。

与相关标的的关系

SOXL是直接研究对象；TSM（台积电）的资本开支变化触发行业回报讨论，NVDA及其他成分股下跌通过每日三倍杠杆传导至基金。

时效性与限制

发布于美东时间 07/16 15:21（UTC+8 07/17 03:21）。文中价格为盘中快照，且未拆分台积电新增资本开支的制程、地区与客户需求。

后续跟踪

台积电600亿美元以上资本开支构成
自由现金流与利润的后续差距
AI晶圆需求和先进制程利用率
SOXL每日重置后的路径偏差

英文原文

Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed

Rich Smith, The Motley Fool

Fri, July 17, 2026 at 3:21 AM GMT+8 3 min read

^IXIC

-1.47%

-2.32%

SOXL

-13.94%

NVDA

-2.40%

It's Thursday, 2:30 p.m., and do you know where the Nasdaq is?

It's down about 1.3% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, collapsing 14.5% as investors react to some caveats in Taiwan Semiconductor Manufacturing Company 's (NYSE: TSM) otherwise blockbuster Q2 earnings report.

Image source: Getty Images.

TSMC spooks the market

On the surface, everything seems to be going swimmingly for TSMC . Q2 revenue jumped 33% to $39.4 billion. Profits did even better, blowing past analyst estimates by growing 77% year over year to $21.9 billion.

Free cash flow came in significantly weaker than reported earnings, however, at just $8.9 billion, according to S&P Global Market Intelligence data, as TSMC continued to invest heavily to increase production of semiconductor chips -- and that's where TSMC spooked the market.

Prior to reporting earnings, TSMC had told investors it would need to spend about $54 billion this year on capital investment . Now it thinks it will need to spend $60 billion or more.

3x the risk, 3x the gain

Semiconductor investors worry that all this spending is proof that artificial intelligence is too expensive -- that the cost of building chip factories and manufacturing AI chips won't ever be recouped through selling AI services, and the whole AI revolution could short-circuit as a result. Shares of Nvidia (NASDAQ: NVDA), Micron (NASDAQ: MU), and Intel (NASDAQ: INTC) -- all components of the SOXL ETF -- are falling single-digits today.

Unfortunately for investors, because SOXL intentionally triples its exposure to these stocks, its losses today are multiples of the individual stocks' losses, and SOXL is down double digits.

That's the risk you take, though, when you invest in this heavily leveraged bet on semiconductors: Big risks, big (negative) rewards when the bet goes wrong.

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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed was originally published by The Motley Fool

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微软搜索广告价格增长领先

重要性4/5 较高

跨平台广告指标密集且直接关联多家大型科技公司，但数据来自单一广告代理商客户样本。

标签

标的：`MSFT`来源：MediaPost发布日期：2026-07-16重要性：4/5 较高评级理由：跨平台广告指标密集且直接关联多家大型科技公司，但数据来自单一广告代理商客户样本。评级依据：MSFT、GOOG、AMZN、META直接相关, 跨平台量价数据丰富, 第二季度数据较新, 样本覆盖有限, 促销日期扰动原文字数：572

中文摘要

核心结论

Tinuiti第二季度广告样本显示，微软付费搜索支出同比增长7%，单次点击成本上涨19%，定价增速高于Google。Amazon广告、YouTube电视端和Instagram短视频库存也保持较强支出增长，平台间驱动因素差异明显。

重要性评级

评级：4/5（较高）

文章提供跨平台广告支出、价格和展示量数据，对 MSFT、GOOG、AMZN 和 META 的广告业务跟踪具有直接价值。

关键事实

2026年第二季度，Tinuiti客户在微软付费搜索上的支出同比增长7%，单次点击成本同比上涨19%。
Amazon美国Sponsored Products（商品推广广告）支出同比增长38%，接近第一季度增速的两倍。
Amazon Sponsored Brands（品牌推广广告）支出增速由第一季度3%升至第二季度20%。
Amazon DSP（需求方广告平台）支出增速由41%升至67%，Prime Video广告支出增长48%。
Google搜索广告支出同比增长近14%，Google Shopping（购物广告）支出增长18%。
Google搜索广告单次点击成本仅增长1%，Amazon基本退出美国Google购物广告竞价后，购物广告点击成本持平。
YouTube广告支出增长45%，电视端占其视频广告支出的75%，并占Shorts短视频广告支出的60%。
YouTube以外的流媒体广告支出增长14%，相关千次展示成本下降2%。
Facebook广告千次展示成本上涨13%、展示量下降5%，支出增加7%；Instagram支出增长17%。
Threads广告仅占Meta第二季度广告展示量的0.37%，WhatsApp广告对多数品牌贡献接近于零。
文章发布于美东时间 07/16 15:17（UTC+8 07/17 03:17）。

作者观点与证据

文章主要转述Tinuiti客户投放样本。微软增长由点击价格推动；Google支出增长伴随价格近乎持平；Instagram依靠Reels短视频展示量扩张；Facebook则由价格上涨抵消展示量下滑。

与相关标的的关系

MSFT对应付费搜索价格增长，GOOG对应搜索与YouTube，AMZN对应零售媒体和流媒体广告，META对应Facebook、Instagram、Threads及WhatsApp。数据可作为收入方向线索，但不能直接等同于各公司完整广告收入。

时效性与限制

样本只覆盖Tinuiti服务的广告客户，Prime Day由7月移至6月也抬高了Amazon第二季度同比数据。

后续跟踪

各公司财报中的广告收入与价格指标。
微软搜索广告点击量能否配合价格增长。
Google购物广告竞价结构变化。
Threads与WhatsApp广告库存的实际放量。

英文原文

Microsoft Sees Paid-Search Ad Media Buys Rise

Laurie Sullivan

Fri, July 17, 2026 at 3:17 AM GMT+8 3 min read

MSFT

+1.38%

AMZN

-1.99%

GOOG

-4.43%

Media buyers spent 7% more on Microsoft Advertising paid searchads in the second quarter of 2026 compared with the year-ago quarter, according to data released this week.

While search cost-per-click (CPC) growth has been weak for Google in recentquarters, Microsoft has seen it skyrocket, reaching 19% year-over-year in Q2, Tinuiti reported in its Q2 2026 Benchmark Report, which analyzes ad buys from the clients it supports.

Microsoft's CPC growth was weak in the year-ago quarter, although Amazon remained active in the company's shopping ads listings.

Amazon's Sponsored Products in the U.S. stood out inthe quarter when compared with five of the largest digital U.S. ad segments, with same-site spending growth rising sharply after the company moved Prime Day from July to June, according to the TinuitiQ2 2026 Benchmark Report.

Advertisers spent 38% more on Amazon Sponsored Products in the quarter, compared with the year-ago quarter -- nearly double the rate of growth the agency recorded inQ1.

Advertisers also increased investments in Amazon Sponsored Brands ads, where spending growth rose from 3% in Q1 to 20% in Q2, and in Amazon DSP, where spending growth increased from 41% inQ1 to 67% in Q2.

Prime Day fueled media buys in Amazon ads into Prime Video as well, where ad spend rose 48% year-over-year.

Although Amazon did not buy media on Google Shopping topromote Prime Day listings, spend on Google Search still grew nearly 14% year over year in the second quarter, driven by strong shopping ad performance across both Performance Max (PMax) and standardShopping campaigns.

Ad spend on Google Shopping rose 18% in Q2, with average cost per click (CPC) continuing to flatline since Amazon withdrew from nearly all U.S. Google shoppingauctions.

With modest pricing growth on the text ad side, total Google Search ad CPC growth reached a mere 1% in Q2.

YouTube faced stronger spending in Q2, compared with one year ago,but the YouTube ads business also faces pressure from the YouTube subscriptions business.

According to the study, TV remains a bright spot for YouTube ads, accounting for 75% of spending onthe video ad platform, while ad spending rose 45% across all campaigns targeting YouTube inventory.

TV even accounted for 60% of video ad spending on the vertical-focused Shorts ads format inQ2.

Spending across other streaming ad platforms outside of YouTube, including major players like Prime Video, Netflix, and HBO Max, was up 14% year over year in Q2, up from 6% growth a quarterearlier. Competitive pricing pressure continues to hold streaming CPM growth in check, though, with CPMs down 2% year over year in the quarter.

Story Continues

Stronger ad prices fueled a rebound inadvertiser spend on Facebook, where a 13% increase in CPM offset a 5% decline in impressions and delivered a 7% increase in ad spending, the report explained.

On Instagram, CPMs came in flat,but strong impression growth from Reels led to a 17% increase in spending. Other properties have also introduced newer inventory into the Meta fold, but they are only having a minimal impact onoverall Meta trends.

Since their introduction in early 2025, Threads ads have steadily grown over time, but they accounted for just 0.37% of total Meta ad impressions in Q2 2026.

Todate, the contribution from WhatsApp ads has been nearly non-existent for most brands.

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Nebius补齐企业云控制能力

重要性4/5 较高优先级

产品细节直接关系NBIS企业云竞争力，事实密度高，但缺少商业化和客户采用数据。

标签

标的：`NBIS`来源：MarketBeat发布日期：2026-07-16重要性：4/5 较高优先级评级理由：产品细节直接关系NBIS企业云竞争力，事实密度高，但缺少商业化和客户采用数据。评级依据：官方产品演示, 企业治理功能, NBIS直接相关, 收入贡献未量化原文字数：1302

中文摘要

核心结论

Nebius 发布 Echo（云控制台内置人工智能代理）、托管编排、预算提醒、密钥管理和分层存储等功能，产品方向从算力供应扩展到企业治理与开发者体验。

重要性评级

评级：4/5（较高优先级）

产品发布与 NBIS 直接相关，功能细节丰富；收入贡献、采用率和发布时间表仍未量化。

关键事实

Echo 可在控制台或 CLI（命令行界面）回答文档、配额和租户基础设施问题，并在用户批准后执行创建虚拟机等动作。
新增托管 SkyPilot（跨云人工智能负载编排工具），Nebius 不收控制平面费用，只按平台算力收费。
Budget（预算）功能可按账户、团队、项目或产品设置支出提醒，但超过阈值不会自动停止资源。
KMS（密钥管理服务）支持对称和非对称客户管理密钥及轮换周期；自带密钥能力可能在年底或更晚推出。
智能对象存储会将30天未访问的数据从温层转至低成本冷层，目标客户包括拥有数十拍字节数据的模型训练和仿真用户。
路线图包括 GB300 图形处理器、按量付费、竞价式可中断机器、多数据中心、无服务器端点和更广泛的模型托管。

作者观点与证据

文章依据产品演示及产品总监 Narek Tatevosyan 的发言，认为这些功能提升企业就绪度。演示证明功能存在，管理层愿景和路线图仍属前瞻表述；文章由自动叙事技术生成，也未提供客户数量、故障率或收入数据。

与相关标的的关系

NBIS 直接受益路径包括提高云平台易用性、治理能力和存储效率，从而扩大企业客户覆盖。是否转化为使用量和续约尚待验证。

时效性与限制

发布于美东时间 07/16 15:02（UTC+8 07/17 03:02）。部分路线图没有确定日期，预算功能也不具备自动资源控制。

后续跟踪

Echo 实际使用量和任务成功率
企业客户对密钥管理及预算功能的采用
GB300 与多数据中心上线进度
新功能带来的算力和存储收入

英文原文

Nebius Group Rolls Out Echo AI Agent, Cloud Controls in Investor Update

Nebius Group logo

MarketBeat

Fri, July 17, 2026 at 3:02 AM GMT+8 6 min read

NBIS

-13.90%

Key Points

Interested in Nebius Group N.V.? Here are five stocks we like better.

Nebius rolled out Echo , a built-in AI agent for its cloud console and CLI that can answer questions about documentation, quotas and tenant infrastructure, and even propose actions like creating a VM for user approval.

The company added several enterprise-focused controls , including managed SkyPilot support, budget alerts, customer-managed encryption keys, and intelligent object storage that automatically tiers inactive data to lower-cost storage.

Nebius also highlighted its builder and roadmap plans , including credits and certifications for developers, future GB300 access, pay-as-you-go and multi-data-center capabilities, and expanded serverless and model-hosting support.

Blueprint for a Billion: Nebius Group Secures the AI Floor

Nebius Group (NASDAQ:NBIS) detailed a series of new cloud platform features during a product release event, highlighting additions across AI assistance, orchestration, cost controls, security, storage and developer programs.

The company's presentation centered on Nebius Echo, a built-in AI agent designed to help users interact with Nebius Cloud through the console or command-line interface. The operator demonstrated Echo by asking it to create a virtual machine on a single H100 GPU. Echo returned the proposed configuration for approval before creating the VM, which the operator later confirmed appeared in the console.

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Narek Tatevosyan, Product Director at Nebius, said Echo is intended to become more than a chatbot. He described it as an AI interface that can answer questions about documentation, quotas and tenant infrastructure, while also helping agents and users operate workloads on Nebius.

"Our vision under Echo is, in general, that this is an AI that basically works as a very good trained customer architect or customer support that knows everything about you, like your tenant," Tatevosyan said.

Nebius Adds Managed SkyPilot Support

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AI Fears Hit Nebius Stock, But Has the Growth Thesis Changed?

The company also introduced a managed SkyPilot instance within the AI orchestration section of the console. SkyPilot is an open-source project for running AI workloads across cloud infrastructure. The operator said that, before this release, Nebius users had to deploy and manage their own SkyPilot API server. With the new managed option, Nebius hosts the control plane, allowing users to deploy an instance by selecting a name, platform and CPU preset.

Story Continues

Tatevosyan said Nebius is aiming to support multiple ways customers run AI workloads, including SkyPilot, Slurm, Anyscale and serverless options. He said Nebius does not charge for the SkyPilot control plane and charges only for compute used on its platform.

→ Why ASML's AI Monopoly Is Still Getting Stronger

"We want customers to build AI the way they want to build," Tatevosyan said. He added that Nebius sees SkyPilot gaining traction because it can help aggregate scarce infrastructure across clouds and data centers while offering primitives that are more accessible to AI researchers than some DevOps-focused tools.

New Budgeting and Key Management Tools Target Enterprise Readiness

Nebius also rolled out a Budget feature for spending alerts. Users can set a spending limit for an account, team, project, product or specific conditions over a defined period, such as monthly usage. If spending exceeds a selected threshold, Nebius sends an email notification. The operator noted that the console will not automatically stop resources when a budget threshold is exceeded.

Tatevosyan said the feature had been requested by customers and is part of a broader push toward enterprise readiness. He said Nebius is building features for large organizations with multiple teams operating within secured and governed environments, and noted that billing data can also be exported into external FinOps systems.

The company also introduced Key Management Service, allowing users to create customer-managed encryption keys to protect workloads. The operator said users can create symmetric keys for encrypting and decrypting data or asymmetric key pairs for use cases such as authentication, signing and secure communication. Users can also define key rotation periods.

Tatevosyan said requests for KMS came mainly from enterprise customers, though Nebius also received positive feedback from AI-native users. He said the service currently uses Nebius-managed hardware security modules and that the company plans to enable customers to bring their own keys, potentially by the end of the year or later.

Intelligent Object Storage Introduced for Tiering

Nebius announced intelligent object storage, a tiered storage option intended to reduce costs for data that is not accessed frequently. The operator said data initially sits in a warm tier and, if unused for 30 days, moves to a cold tier where users pay less until the data is accessed again.

Tatevosyan said the primary value is cost efficiency without requiring customers to configure tiering themselves. He said the feature is particularly relevant for customers working at storage scales of tens of petabytes, including those training models, running simulations or working with synthetic data in areas such as physical AI and multimodal models.

"If you use storage in serious scale, when you see that your storage cost is hitting, you need to think about tiering," Tatevosyan said.

Builder Program, Certifications and Roadmap Updates

The event also highlighted the Nebius Builder Program, a free registration program that includes credits, planned office hours with Nebius engineers, community access and free access to Nebius certifications. The operator said two certifications were already live.

Tatevosyan said the company is working to support builders with credits and compute, while also managing abuse risks. He said credit availability and free-tier access may change over time as Nebius refines the program.

Looking ahead, Tatevosyan said Nebius plans to offer GB300 access on its platform and described that as part of the company's effort to make advanced infrastructure available at smaller scales than are typically accessible to only the largest customers. He also said Nebius plans to continue investing in pay-as-you-go models, including preemptible machines with an auction model, as well as multi-data-center capabilities.

Other roadmap items discussed included cloud interconnect for connecting customer data centers to Nebius, production-ready serverless endpoints with autoscaling and multi-data-center capabilities, and broader model hosting support. Tatevosyan said Token Factory can already support bring-your-own weights for LLM models using vLLM or SGLang through support, while broader serverless support for other model types is planned for later.

During a security-focused Q&A, Tatevosyan said Nebius does not yet enforce post-quantum encryption everywhere but is preparing to move toward post-quantum encryption during this year or next year. He said the company views quantum-related risk as real but still low for the broader industry today.

About Nebius Group (NASDAQ:NBIS)

Nebius Group N.V., a technology company, builds intelligent products and services powered by machine learning and other technologies to help consumers and businesses navigate the online and offline world. The company's services include Nebius AI, an AI-centric cloud platform that offers infrastructure and computing capability for AI deployment and machine-learning oriented solutions; and Toloka AI that offers generative AI (GenAI) solutions at every stage of the GenAI lifecycle, such as data annotation and generation, model training and fine-tuning, and quality assessment of large language model for accuracy and reliability.

The article " Nebius Group Rolls Out Echo AI Agent, Cloud Controls in Investor Update " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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新云厂商集体重估融资模式

重要性5/5 高优先级

提供NBIS及同业的价格、合同、融资和期权结构，可解释板块性重估及公司差异。

标签

标的：`NBIS`来源：24/7 Wall St.发布日期：2026-07-16重要性：5/5 高优先级评级理由：提供NBIS及同业的价格、合同、融资和期权结构，可解释板块性重估及公司差异。评级依据：NBIS与同业一个月回撤, 336亿美元履约义务, Meta与Nvidia合同关系, 轻资产方案披露缺口原文字数：984

中文摘要

核心结论

NBIS 单日跌13%、一个月跌36%，CoreWeave 和矿企转型型算力公司也同步回落，显示市场正在重新评估新云厂商的融资强度、客户集中和竞争风险。Nebius 的轻资产模式可转移建设资本，但尚未披露伙伴、目标和时间表。

重要性评级

评级：5/5（高优先级）

文章提供同业回撤、合同储备、融资结构和期权数据，能够把 NBIS 波动放进板块框架中。

关键事实

NBIS 盘中跌13%至174美元，一个月累计跌36%；CRWV 一个月跌28%，IREN 跌37%。
Nebius 轻资产方案由伙伴出资、持有数据中心，Nebius 提供全栈云平台、架构和销售；公司未披露财务目标、伙伴名单或执行时间表。
Nebius 拥有 Nvidia 20亿美元预付认股权证投资，并与 Meta 签有120亿美元承诺服务合同及五年内最高150亿美元弹性容量安排。
Nebius 剩余履约义务为336亿美元。
CoreWeave 积压订单994亿美元，其中包含 Meta 210亿美元承诺。
IREN 拥有五年34亿美元 Nvidia 云合同，以及最高21亿美元、与60万块图形处理器部署挂钩的投资。
NBIS 全链 Put/Call（看跌与看涨期权成交或持仓比）为1.25；Reddit 情绪分数为72至82。

作者观点与证据

作者把回撤解释为新云板块重估，并认为融资方式是主要差异：Nebius 转移建设资本，其他厂商更多依赖资产负债表、债务或股权稀释。合同和回撤数据支持板块比较；Meta 自建云将压制专业云商仍是市场叙事，未有本文所载经营证据确认。

与相关标的的关系

NBIS、CRWV 和 IREN 直接体现板块估值变化；META 同时是大客户和潜在竞争者，形成客户依赖与自建替代风险。NVDA 通过投资和合同连接多家算力供应商。

时效性与限制

发布于美东时间 07/16 14:50（UTC+8 07/17 02:50）。文中混有赞助推广和仓位建议，均不构成事实证据；社交平台情绪代表性有限。

后续跟踪

Nebius 首批伙伴、容量和收费结构
剩余履约义务转化为收入的节奏
Meta 自建容量及外购合同变化
同业融资、稀释和自由现金流

英文原文

Nebius Sinks 13% as the Neocloud Trade Unravels; How CoreWeave, IREN, and the AI Data Center Stocks Stack Up

David Moadel

Fri, July 17, 2026 at 2:50 AM GMT+8 5 min read

NBIS

-13.90%

CRWV

-5.46%

META

-2.46%

IREN

-9.01%

NVDA

-2.40%

Quick Read

NBIS is down 36% and CRWV down 28% over the past month, signaling a sector-wide neocloud derating rather than company-specific weakness.

Bears warn that Meta Platforms could in-source cloud infrastructure to pressure neocloud providers, while APLD's 61% revenue beat still failed to prevent a sharp selloff.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Shares of Nebius Group ( NASDAQ:NBIS ) are down 13% in midday trading to $174, extending a rough stretch for the Amsterdam-based AI cloud specialist. The stock is down 36% over the past month.

metamorworks / Shutterstock.com The move caps a week of broad de-risking across the neocloud and AI data center trade. Nebius isn't profitable, so it carries no P/E ratio to anchor its valuation, which leaves sentiment doing more of the price discovery than fundamentals.

Meta Overhang and an Asset-Light Pivot

The bear thread circulating today is that Meta Platforms ( NASDAQ:META ) could expand its own cloud infrastructure and increase competitive pressure on specialized AI cloud providers like Nebius. Nebius shares also sit below key moving averages, and there has been routine insider selling, which reads as normal executive liquidity rather than a red flag.

Working against that narrative, Nebius announced Wednesday (per Business Wire and Blockspace) an asset-light model in which infrastructure partners finance and own data centers while Nebius supplies its full-stack AI cloud platform, systems architecture, and sales. CEO Arkady Volozh stated that the structure gives Nebius's partners "much better margins than conventional wholesale bare-metal contracts." The company disclosed no financial targets, partners, or timelines.

Balancing the debate, Nebius still has an NVIDIA ( NASDAQ:NVDA ) $2 billion pre-funded warrant investment and a $12 billion committed Meta Platforms infrastructure services deal plus up to $15 billion in additional flexible capacity over five years, alongside $33.6 billion in remaining performance obligations.

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With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Story Continues

How CoreWeave, IREN, and the Miner Pivots Stack Up

CoreWeave ( NASDAQ:CRWV ) is the closest pure-play comparison, carrying a $99.4 billion revenue backlog that includes a $21 billion Meta Platforms commitment. CoreWeave shares are down 28% over the past month, so the derating is not a Nebius-only story.

The miner-to-AI cohort has fared similarly. IREN ( NASDAQ:IREN ) landed a five-year, $3.4 billion NVIDIA AI cloud contract plus up to $2.1 billion in NVIDIA investment vesting toward 600,000 GPUs, yet IREN stock is down 37% over the past month. Core Scientific ( NASDAQ:CORZ ), TeraWulf ( NASDAQ:WULF ), and Applied Digital ( NASDAQ:APLD ) have all slid sharply as well, even though Applied Digital posted a fiscal Q3 2026 61% revenue beat and adjusted earnings per share of $0.09.

The key differentiator is financing. Nebius's asset-light pivot contrasts with the capital-intensive, debt- and dilution-heavy, balance-sheet-owned models used by CoreWeave and the miner-pivot names, all of which fund GPU buildouts on their own books.

A Lower-Volatility Way to Play the Theme

For investors uncomfortable with single-stock neocloud exposure, the Global X Data Center and Digital Infrastructure ETF ( NASDAQ:DTCR ) offers a diversified alternative. Verified holdings show the ETF owns Applied Digital at 3.2% but doesn't hold Nebius, CoreWeave, IREN, Core Scientific, or TeraWulf.

The fund skews heavily toward established data-center REITs, plus chipmakers like NVIDIA. That mix trades lower volatility for less direct AI compute leverage, and it still carries single-sector concentration risk since it isn't leveraged and remains tied to one theme.

What to Watch

The bull case for Nebius rests on the asset-light announcement, the NVIDIA anchor stake, and a customer book that already includes Microsoft ( NASDAQ:MSFT ) and Meta Platforms. The bear case cites dilution risk, hyperscaler in-sourcing, and a valuation that leaves little room for execution slips.

Retail sentiment surrounding Nebius on Reddit held bullish to very bullish through the selloff day, with scores ranging 72 to 82, suggesting some traders view the drop as opportunistic. Options positioning skews more cautious, with the full-chain put/call ratio at 1.25.

Market watchers can check for whether Nebius stock holds $175 into the close and whether the peer names stabilize alongside it. Any follow-through selling in CoreWeave or the miner pivots could signal the neo-cloud derating has further to run. Given the high-beta profile across this cohort, modest position sizing should apply for anyone stepping in on weakness.

Meet America's Newest $1b Unicorn (Sponsor)

A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

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Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact editorial@247wallst.com for any questions or corrections.

打开原文

Applied Digital新增七十五兆瓦产能

重要性3/5 中

项目交付和容量数据与APLD直接相关，但底层信息已有约两周历史，财务兑现仍待验证。

标签

标的：`APLD`来源：Insider Monkey发布日期：2026-07-16重要性：3/5 中评级理由：项目交付和容量数据与APLD直接相关，但底层信息已有约两周历史，财务兑现仍待验证。评级依据：capacity_milestone, contracted_revenue, execution_risk原文字数：384

中文摘要

核心结论

Applied Digital（应用数字）按计划完成Polaris Forge 1园区2号楼一期交付，新增75兆瓦人工智能计算容量，使投运容量由100兆瓦升至175兆瓦。Compass Point据此维持买入评级和70美元目标价。

重要性评级

评级：3/5（中）

产能交付与APLD收入爬坡直接相关，数字和后续通电月份明确；文章主要转述分析师观点，且底层消息已发布约两周。

关键事实

APLD于07/01（未给出具体时刻）宣布北达科他州Ellendale园区2号楼一期达到RFS（可投入服务）状态。
本次交付新增75兆瓦人工智能计算容量，园区总投运容量由100兆瓦增至175兆瓦。
六个数据大厅预计在7月、8月和9月分阶段通电。
Compass Point于07/02（未给出具体时刻）重申买入评级和70美元目标价。
分阶段通电预计影响8月和11月对应的财季收入。
分析师称APLD股价近期约35美元，低于4月、5月和6月三次租约公告后的收盘价。
三份租约使基础期限合同收入由约160亿美元增至近360亿美元。

作者观点与证据

Compass Point把按期交付视为APLD将电力转化为可运营人工智能基础设施的执行证明。容量和建设进度属于公司披露；目标价及合同收入对未来财务的影响属于分析师判断，尚待实际通电和收入确认验证。

与相关标的的关系

新增容量、租约履行和收入确认均直接影响APLD。项目按期降低施工延误担忧，但尚未说明客户部署速度、利润率、融资成本和现金流。

时效性与限制

文章发布于美东时间 07/16 14:36（UTC+8 07/17 02:36），底层里程碑来自07/01（未给出具体时刻），存在信息滞后。来源夹带股票推广内容。

后续跟踪

六个数据大厅逐月通电进度
8月和11月财季的收入确认
175兆瓦容量的利用率与利润率
租约融资及建设现金流

英文原文

Applied Digital (APLD) Expands North Dakota AI Campus on Schedule

Abdul Rahman

Fri, July 17, 2026 at 2:36 AM GMT+8 2 min read

APLD

-8.92%

Applied Digital Corporation (NASDAQ: APLD ) is one of the best low priced technology stocks to invest in . On July 2, Compass Point reiterated its Buy rating and $70 price target on Applied Digital Corporation (NASDAQ:APLD). The call was the firm's reaction to Applied Digital completing an on-time expansion at its North Dakota data center campus.

Can Applied Digital (APLD) Keep Converting Power Into AI Infrastructure On Schedule? The milestone in focus was Applied Digital's Ready for Service achievement for Phase 1 of Building 2 at its Polaris Forge 1 campus in Ellendale, North Dakota. Applied Digital announced the milestone on July 1. This delivery added 75 megawatts of operational AI computing capacity and lifted the campus's total live capacity to 175 megawatts, up from 100 megawatts previously.

Compass Point highlighted that the buildout stayed on schedule and framed the achievement as proof of Applied Digital's ability to repeatedly convert power capacity into working AI infrastructure on time. To the analysts, this is a key concern for investors given the complexity of large-scale data center construction. The analysts also pointed out that the facility's six data halls are expected to power up in phases through July, August, and September, which should support revenue growth in the upcoming August and November fiscal quarters.

Compass Point also noted that Applied Digital's shares recently traded around $35, which was below closing prices following three recent lease announcements in April, May, and June. The analysts stated that those three leases bumped up Applied Digital's total contracted base-term revenue to nearly $36 billion from approximately $16 billion.

Applied Digital Corporation (NASDAQ:APLD) is a digital infrastructure company. It designs, develops, and operates data center solutions for high-performance computing and artificial intelligence industries in North America.

While we acknowledge the potential of APLD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

daily-newsletter][/daily-newsletter]

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Nebius引入伙伴数据中心

重要性4/5 较高优先级

直接涉及NBIS资本模式变化并确认已有初步协议，但关键合同条款尚未公开。

标签

标的：`NBIS`来源：Simply Wall St.发布日期：2026-07-16重要性：4/5 较高优先级评级理由：直接涉及NBIS资本模式变化并确认已有初步协议，但关键合同条款尚未公开。评级依据：轻资产合作模式, 初步协议已存在, 收费结构概述, 合同经济条款缺失原文字数：668

中文摘要

核心结论

Nebius 已推出轻资产人工智能云合作模式，由基础设施伙伴在自有数据中心部署其技术，公司通过费用、分成和佣金获取收入。模式有望加快容量扩张，同时增加对伙伴执行和运营控制的依赖。

重要性评级

评级：4/5（较高优先级）

这是 NBIS 业务模式变化的直接材料，并确认首批协议已经签署；合同规模和经济条款仍缺失。

关键事实

基础设施伙伴在自有数据中心部署 Nebius 人工智能云平台。
文章称初步合作协议已经存在，但未披露伙伴名称、容量或投产日期。
Nebius 计划通过服务费、收益分享和佣金获得收入。
公司把资本需求转移给伙伴，继续负责技术、服务和客户入口。
07/15（未给出具体时刻）股价为199.51美元，较分析师平均目标244.21美元低约18%；目标区间为120至380美元。
股价过去30天下跌23.3%；Simply Wall St（估值分析平台）将自身估值状态列为未知。

作者观点与证据

文章认为模式可能改变增长速度、资本需求、利润率和运营控制之间的平衡。已签初步协议及收入形式属于报道事实；分析师目标价、风险评分和盈利质量判断来自平台模型，区间很宽，解释力有限。

与相关标的的关系

NBIS 与合作模式直接相关。关键影响变量是伙伴容量上线速度、收费结构、现金转化和服务质量控制。

时效性与限制

发布于美东时间 07/16 14:25（UTC+8 07/17 02:25）。文章未披露协议法律约束力、建设资金规模、合同期限或预计收入。

后续跟踪

首批合作伙伴身份与容量
服务费、分成和佣金占比
伙伴设施投产时间
收入增长与自由现金流变化

英文原文

Nebius (NBIS) Launches Asset Light AI Cloud Model Through Partner Data Centers

Bailey Pemberton

Fri, July 17, 2026 at 2:25 AM GMT+8 3 min read

NBIS

-13.90%

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.

Nebius Group (NasdaqGS:NBIS) has launched an asset light partnership model for its AI cloud platform.

The structure lets infrastructure partners deploy Nebius technology in their own data centers.

Initial partnership agreements are already in place, expanding potential AI capacity for customers.

Nebius expects to earn fees, sharing agreements, and commissions from this model.

Nebius Group operates in the AI cloud space, serving enterprises and AI first customers that need high performance compute without owning the underlying hardware. The new partnership approach comes as demand for AI infrastructure and model training capacity remains a central theme across the broader cloud and data center industry. For readers tracking AI infrastructure providers, this move represents a material change in how Nebius aims to participate in that demand.

By shifting capital requirements toward partners while focusing on technology, services, and customer access, Nebius Group is adjusting its risk and reward mix. For investors following NasdaqGS:NBIS, the model raises questions around future margins, revenue visibility, and the balance of operational control versus speed of expansion. How Nebius executes these early agreements and structures future deals may be important for its long term positioning in the AI cloud market.

Stay updated on the most important news stories for Nebius Group by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Nebius Group.

NasdaqGS:NBIS Earnings & Revenue Growth as at Jul 2026 2 things going right for Nebius Group that this headline doesn't cover.

Quick Assessment

⚖️ Price vs Analyst Target : At US$199.51, Nebius Group trades about 18% below the US$244.21 analyst target, with a wide target range from US$120 to US$380.

⚖️ Simply Wall St Valuation : Valuation status is marked as unknown, so there is no clear under or overvaluation signal from this model.

❌ Recent Momentum : The share price has fallen 23.3% over the past 30 days, which points to weak recent momentum.

There's only one way to know the right time to buy, sell or hold Nebius Group. Head to Simply Wall St's company report for the latest analysis of Nebius Group's Fair Value .

Key Considerations

📊 The new asset light partnership model could change how Nebius Group balances growth ambitions with capital needs, which affects how you think about scalability and returns on invested capital.

📊 Keep an eye on partner sign ups, contracted AI capacity, and how much of Nebius revenue comes from fees, sharing agreements, and commissions tied to this structure.

⚠️ With three identified risks and high non cash earnings, investors may want to focus on earnings quality and how profit converts into cash under the new model.

Story Continues

Dig Deeper

For the full picture including more risks and rewards, check out the complete Nebius Group analysis . Alternatively, you can check out the community page for Nebius Group to see how other investors believe this latest news will impact the company's narrative.

Companies discussed in this article include NBIS .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

轻资产扩张对照高估值压力

重要性5/5 高优先级

财务、指引、合同和估值数据集中，能直接评估NBIS增长预期及其执行敏感度。

标签

标的：`NBIS`来源：Barchart发布日期：2026-07-16重要性：5/5 高优先级评级理由：财务、指引、合同和估值数据集中，能直接评估NBIS增长预期及其执行敏感度。评级依据：一季度收入与每股收益, 2026年管理层指引, 轻资产伙伴模式, 高估值与竞争风险原文字数：761

中文摘要

核心结论

Nebius 试图借伙伴出资的数据中心扩大云容量，减少新增资本负担；高速收入增长、重大合同和并购支持扩张叙事，但约55倍市销率及激烈竞争使执行偏差的影响放大。

重要性评级

评级：5/5（高优先级）

文章汇集业务模式、季度财务、全年指引、合同和估值数据，适合当日日报快速建立 NBIS 全景。

关键事实

NBIS 过去12个月上涨逾231%、年初至今上涨111%，随后因 Meta 拟变现富余算力等竞争担忧而回落；文章发布当日早盘跌约14%。
07/15（未给出具体时刻），Nebius 公布轻资产伙伴模式，由第三方持有硬件，公司提供软件栈、系统架构和客户关系。
公司于2026年收购 Tavily、Eigen AI 和 Clarifai，并签下向 Reflection AI 提供算力至2029年的逾10亿美元合同。
2026年一季度收入3.99亿美元，同比增长684%，高于3.751亿美元市场预期。
调整后每股收益0.23美元，市场预期为每股亏损0.81美元；净利润6.21亿美元，流动比率高于8。
管理层维持2026年收入30亿至34亿美元、年末年化收入运行率70亿至90亿美元的指引。
15名分析师平均目标价236.38美元；Morgan Stanley（摩根士丹利）目标价144美元。股票约为过去收益的67倍、销售额的55倍。

作者观点与证据

作者明显看好轻资产模式和人工智能算力需求，财务数据、并购和合同支撑增长论述。平均目标价及上涨空间属于分析师预期；高倍数估值、竞争和单日14%回撤显示市场对假设变化敏感。6.21亿美元净利润的构成未在文中拆分。

与相关标的的关系

NBIS 是直接研究对象；META 既可能提供需求，也可能通过出售富余算力加强竞争。轻资产模式能否提升资本回报取决于伙伴建设和客户使用量。

时效性与限制

发布于美东时间 07/16 13:57（UTC+8 07/17 01:57）。文章带有鲜明看多倾向，未提供轻资产伙伴名单、单位经济性或收入确认细节。

后续跟踪

2026年收入及年化运行率兑现
Reflection AI 合同交付
伙伴数据中心上线容量
净利润构成、现金流和估值倍数

英文原文

This Red-Hot AI Infrastructure Stock Just Made a Game-Changing Move. How to Play NBIS Here.

Nauman Khan

Fri, July 17, 2026 at 1:57 AM GMT+8 3 min read

NBIS

-13.90%

META

-2.46%

AI engineer working on laptop by ART STOCK CREATIVE via Shutterstock Nebius Group (NBIS) has become one of the hottest names in the artificial intelligence infrastructure market. The AI cloud company has delivered explosive growth over the past year, but the ride has been anything but smooth.

After soaring more than 231% over the last 12 months and 111% year-to-date (YTD), Nebius recently pulled back sharply following concerns over rising competition after Meta (META) revealed plans to monetize excess AI computing capacity.

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On July 15, however, the company regained some momentum after unveiling a new partner model designed to expand its AI cloud platform without requiring massive capital investments. That said, today's 14% dip in early afternoon trading puts that momentum into question.

So, is this just another short-term catalyst, or could Nebius be building the next phase of its long-term growth story?

www.barchart.com

The New Partner Model Could Become Nebius' Biggest Growth Catalyst

The company unveiled a new asset-light infrastructure partner model that allows third-party data center operators to deploy Nebius' complete AI cloud platform inside their own facilities. Under the arrangement, partners finance and own the hardware, while Nebius supplies its software stack, systems architecture, and customer relationships.

This approach enables Nebius to expand AI cloud capacity much faster without committing billions of dollars of additional capital to new infrastructure.

CEO Arkady Volozh said the model gives infrastructure partners a flexible way to participate in the booming AI market while allowing Nebius to scale more efficiently. Investors appeared to welcome the announcement, helping lift the stock after weeks of heavy selling.

Beyond this initiative, Nebius has remained active throughout 2026. The company acquired Tavily, Eigen AI, and Clarifai, expanded its AI Cloud platform with new developer and security tools, and secured a contract worth more than $1 billion to provide AI computing capacity to Reflection AI through 2029.

Nebius Continues to Deliver Exceptional Financial Growth

Nebius' Q1 results were exceptionally strong due to heavy demand for its AI infrastructure.

For the first quarter of 2026, the company generated $399 million in revenue, representing an eye-popping 684% year-over-year (YoY) increase and beating analysts' consensus estimate of $375.1 million. Nebius also posted adjusted EPS of $0.23, easily surpassing expectations for a $0.81 loss per share, while reporting net income of $621 million.

Story Continues

Management maintained a strong balance sheet, with ample liquidity and a current ratio above 8, allowing the company significant flexibility to fund future growth.

Looking ahead, management reiterated its ambitious 2026 outlook, calling for $3 billion to $3.4 billion in revenue and an annualized run-rate revenue of $7 billion to $9 billion by year-end. Analysts currently expect approximately $3.39 billion in revenue this year, implying roughly 540% growth from 2025.

Wall Street Still Sees More Upside for NBIS Stock

Despite recent volatility, analysts remain largely optimistic. According to Barchart , 15 analysts rate NBIS stock a consensus "Moderate Buy," with an average price target of roughly $236.38, implying notable upside of around 36% from current levels.

Goldman Sachs, Citi, Bank of America, and Northland all maintain bullish ratings with targets ranging from $248 to $287, citing AI infrastructure demand and Nebius' expanding platform strategy.

However, Morgan Stanley is the one with a more cautious view, with a $144 target, arguing that rich valuations and intensifying competition could weigh on future returns.

For reference, NBIS remains one of the market's more expensive AI stocks. The company trades at roughly 67 times trailing earnings and around 55 times sales, far above most software peers.

So, for investors willing to accept higher volatility, Nebius remains one of the more closely watched growth stories in the AI infrastructure sector.

www.barchart.com On the date of publication, Nauman Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

打开原文

Nebius估值已计入高增长

重要性3/5 中等优先级

估值数据便于横向比较，但结论依赖平台模型和社区预测，证据强度低于财报及公司披露。

标签

标的：`NBIS`来源：Simply Wall St.发布日期：2026-07-16重要性：3/5 中等优先级评级理由：估值数据便于横向比较，但结论依赖平台模型和社区预测，证据强度低于财报及公司披露。评级依据：69.5倍当前市盈率, 行业与同业倍数对比, 六项估值检查, 模型与社区情景限制原文字数：911

中文摘要

核心结论

Simply Wall St 的定制市盈率模型认为 NBIS 当前估值接近其模型公允水平，但公司仅通过六项估值检查中的一项；持续盈利和资本效率必须改善，才能支撑相对软件同业的大幅溢价。

重要性评级

评级：3/5（中等优先级）

文章提供清晰的估值对比，但高度依赖平台模型和社区情景，且公司仍处于亏损与高投入阶段，市盈率口径需要谨慎解读。

关键事实

NBIS 过去一年回报274.2%。
当前市盈率约69.5倍，高于软件行业28.8倍和同业38.1倍。
平台估算的公允市盈率约70.5倍，因此单一市盈率框架下接近公允值。
公司只通过六项估值检查中的一项，综合价值评分偏低。
社区看多情景称股票低估19%；看空情景称高估66%，显示假设分歧很大。
看空情景引用2025年20亿美元资本开支和2026年 확보1吉瓦电力的多年计划，担忧自由现金流与净利率承压。

作者观点与证据

作者认为当前价格已反映较多增长预期，轻资产合作模式能否带来持续利润是估值维持的关键。69.5倍与70.5倍的接近来自平台定制模型；社区多空情景不是管理层指引，也缺少完整现金流假设。

与相关标的的关系

NBIS 直接受估值倍数、人工智能云增长、资本开支和盈利路径影响。文章没有涉及其他标的的直接传导。

时效性与限制

发布于美东时间 07/16 13:13（UTC+8 07/17 01:13）。平台说明其分析可能未纳入最新价格敏感公告或定性信息；亏损状态与盈利口径之间也存在可比性问题。

后续跟踪

轻资产模式对资本开支和现金流的影响
收入增长向经营利润的转化
估值模型的盈利预测修订
1吉瓦容量计划的资金与投产进度

英文原文

Nebius (NBIS) Stock Looks Fairly Valued As AI Cloud Expansion Draws Interest

Bailey Pemberton

Fri, July 17, 2026 at 1:13 AM GMT+8 3 min read

NBIS

-13.90%

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.

Nebius Group stock has delivered a very large 1 year return, yet the broad valuation checks suggest it no longer looks like a clear bargain, with the share price roughly in line with what earnings based multiples imply and a low overall value score.

Over the past year, Nebius Group has returned 274.2%, which puts extra focus on whether current expectations already assume a lot of future success.

The shift to an asset light partnership model for AI data centers can support long term capacity and revenue ambitions, but investors still face execution risk around high capital needs in the sector and the company's loss making profile mentioned in recent coverage.

Nebius Group passes only 1 of 6 valuation checks, which signals that on the broader measures the stock leans expensive rather than clearly undervalued.

The issue now is whether Nebius Group's current price fairly reflects its growth ambitions in AI infrastructure or asks too much upfront from new investors.

Nebius Group delivered 274.2% returns over the last year. See how this stacks up to the rest of the Software industry.

Does Nebius Group Look Fairly Valued on Earnings?

The P/E ratio is a useful lens for Nebius Group because it links the current share price directly to the earnings investors are paying for. Right now, Nebius trades on a P/E of about 69.5x, which is well above the Software industry average of 28.8x and also higher than the peer group average of 38.1x.

The fair P/E ratio estimate for Nebius Group, which factors in its sector, business model and risk profile, sits close by at around 70.5x. This suggests the current multiple is roughly in line with what this framework implies. Despite recent attention around Nebius' asset light AI infrastructure partnerships and large contracts, the present valuation already prices the stock at a premium to typical software peers but not far from this modelled fair range.

On the P/E multiple, Nebius Group stock currently looks priced at about a fair level rather than clearly cheap or expensive.

NasdaqGS:NBIS P/E Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown.

The Nebius Group Narrative: What Would Justify Today's Price?

Simply Wall St Narratives for Nebius Group pick up where the valuation puzzle leaves off by spelling out which paths for Nebius Group's growth, margins and earnings would need to play out for the stock to be worth materially more or materially less than its current price. Each narrative ties a fair value estimate to a specific story about the company's potential catalysts and key risks so you can see over time which version of events is tracking closer to reality on the Community page.

Story Continues

Community views on Nebius Group sit far apart, with one side focused on long term AI upside and the other on the cost and risk of getting there.

Bull case: 19% undervalued

"Hypergrowth in demand for AI compute and cloud infrastructure, as evidenced by exceptionally strong revenue growth and high utilization, suggests Nebius may benefit from long-term secular trends of accelerating digital transformation and AI adoption, potentially supporting sustained revenue and ARR expansion…"

Read the full Bull Case to see why Nebius Group could be undervalued

Bear case: 66% overvalued

"Surging capital expenditures, as evidenced by the company's commitment to $2 billion in 2025 alone and a massive multi-year plan to secure 1 gigawatt of power by 2026, will likely drive down free cash flow and pressure net margins for years, especially since profitability at the group level is not expected until after 2025…"

Read the full Bear Case to see why Nebius Group could be overvalued

Do you think there's more to the story for Nebius Group? Head over to our Community to see what others are saying!

The Bottom Line

For Nebius Group, the current P/E suggests the stock is priced about right relative to its own earnings outlook and the tailored fair multiple, rather than obviously undervalued or stretched. Broader valuation checks, however, are weak, which tempers confidence in treating today's level as a clear entry on pure value grounds. From here, the key question is whether Nebius can turn its AI infrastructure ambitions and asset light partnerships into a path toward sustainable profitability that justifies maintaining or improving on this premium earnings multiple.

Companies discussed in this article include NBIS .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

华尔街代币化进入真实结算测试

重要性5/5 高

同时涉及CRCL证券代币化、稳定币支付和监管进程，直接相关且信息密集，但需复核评论节目中的关键数据。

标签

标的：`CRCL`来源：Yahoo Finance Video发布日期：2026-07-16重要性：5/5 高评级理由：同时涉及CRCL证券代币化、稳定币支付和监管进程，直接相关且信息密集，但需复核评论节目中的关键数据。评级依据：high_timeliness原文字数：2615

中文摘要

核心结论

Yahoo Finance视频认为，DTCC（美国存托信托与清算公司）使用真实证券权益完成生产环境代币化测试，显示传统金融结算基础设施开始进入落地阶段。节目还把稳定币冻结、人工智能代理支付和Clarity Act伦理谈判并列为同一基础设施转型的组成部分，但其中多项前景判断属于主持人推演。

重要性评级

评级：5/5（高）

内容覆盖CRCL代币化证券、Circle稳定币业务环境、华尔街结算机构及监管进程，事实密度较高；来源是评论型视频，部分数字和时间表需要原始机构公告复核。

关键事实

主持人称DTCC每年处理约4.7千万亿美元交易，并完成首轮真实生产交易测试。
测试把DTCC托管证券转换为保留所有权、收益权和投资者保护的数字表示。
摩根大通把部分QQQ（纳斯达克100交易所交易基金）持仓代币化，并参与测试。
参与方包括摩根大通、高盛、贝莱德、Citadel Securities（城堡证券）、CME（芝加哥商品交易所）、纳斯达克、纽约证券交易所、先锋、Circle、微软等。
测试覆盖国债回购、证券借贷、抵押品质押及股票买卖，并使用Hyperledger Besu（企业级区块链网络）和Canton Network（受监管金融区块链网络）。
主持人称主流采用目标时间为2026年10月。
美国把伊朗央行四个加密钱包列入制裁范围，Tether（泰达币发行商）冻结1.31亿美元资产；节目称此前另有3.44亿美元USDT（美元稳定币）被冻结。
Visa称Coinbase发起的x402代理支付协议约一年完成1.096亿笔交易、金额1,500万美元。
节目称特朗普与参议员讨论Clarity Act伦理条款的会议计划在美东时间 07/16 14:30（UTC+8 07/17 02:30）举行。

作者观点与证据

主持人认为代币化已经从概念验证进入真实金融权利和结算流程，并判断人工智能代理将推动稳定币微支付。DTCC测试、参与机构和链上冻结属于可核验事件；“未来将出现数万亿美元代理支付”等表述是主持人的预测，节目没有展示底层公告和统计方法。

与相关标的的关系

CRCL既作为测试参与机构出现，其股票也被用于代币化流程；Circle发行的稳定币还可能受人工智能支付和监管立法推动。QQQ、微软、Visa、比特币、USDT及相关区块链网络提供跨市场基础设施参照。

时效性与限制

视频发布于美东时间 07/16 12:55（UTC+8 07/17 00:55）。节目把多个独立事件组合为统一叙事，且主持人口误多次把DTCC说成其他缩写；关键数字与2026年10月时间表应以DTCC、Visa和监管机构公告为准。

后续跟踪

DTCC代币化服务能否按计划于2026年10月扩大使用。
CRCL及其他证券数字权益的发行和赎回规模。
x402交易额、活跃代理和稳定币结算量。
Clarity Act伦理条款及参议院进程。

英文原文

Wall Street explores tokenization of assets

Yahoo Finance Video

Fri, July 17, 2026 at 12:55 AM GMT+8

BTC-USD

-1.82%

USDT-USD

-0.01%

+2.82%

-1.64%

CRCL

-7.69%

Scott Melker discusses the latest crypto-related headlines.

" The Daily Wolf with Scott Melker " airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.

Make sure to also check out Yahoo Finance's new crypto hub to find the latest crypto-related news.

Video Transcript

00:00 Scott Melker

The entity that clears 4.7 quadrillion dollar in transactions a year, tested tokenization and blockchain rails yesterday. We've been talking about the future of all finance being on blockchains. It is happening right now in real time. We're going to talk about that and more right now on The Daily Wolf. Let's go.

00:30 Scott Melker

What is up, everybody? Welcome to the Daily Wolf on Yahoo Finance. I am your host, Scott Melker, also known as The Wolf of All Streets, and we've got 15 minutes to talk about everything that is happening in the news today. Now, there are mornings when I wake up and I run through the news and I think, nothing really happened.

00:53 Scott Melker

And then I dig in a bit deeper and realize that even though there are only a few stories, they're massively impactful and deeply worth digging into because sometimes things change overnight and we entirely miss it because we're staring at price or concerned about the bare market that seemingly never ends. Well, first of all, to to that end, Bitcoin has been performing relatively well.

01:25 Scott Melker

It feels like bad news doesn't impact it anymore, and a lot of the fear and uncertainty and doubt in the market, specifically surrounding strategy and Treasury companies have ceased to be the narratives here for a few weeks. So I view that as a general positive. Now, outside of the prices of the assets that we're holding, the plumbing, right now, as I continue to tell you, is being laid below the surface, so that next time there is a massive run to the upside, the pipes

02:00 Scott Melker

are there to support it and nothing, nothing, nothing is bigger than this. DTCC, Wall Street's post-trade powerhouse, tests tokenized markets with industry heavy hitters. Now, tell you what the DTCC is, it is the clearing house for effectively every single transaction that you do. As I mentioned in the intro, 4.7 quadrillion dollars in volume every single year.

02:37 Scott Melker

When we talk about T+2 settlement or T+1 settlement, it's the DCCC that is clearing all of those and then has historically been the reason that it's a relatively slow process. That is not the case anymore. Tokenization stopped being a crypto conference promise yesterday. The institution that actually clears Wall Street used it in real transactions. So

03:13 Scott Melker

we'll tell you exactly what happened here. So, they converted securities held at their depository into tokens and used them in live production transactions. This was their first test that they promised they would be doing in late 2025. They actually said that by the end of 2026, the entire process of DTCC would be tokenized. By the way, in case you missed that at the end of last year, they got a no-action letter from the SEC saying they could do it.

03:45 Scott Melker

The next day announced that they would be doing it with Stellar and Canton Network and others and that this was the future. So this is the first major test. These were not synthetic tokens that were merely tracking the price of stocks. These are actual digital representations of these securities that are held at the DC, so they carry the same rights uh, and ownership rights and entitlements and investor protections as a normal stock. So,

04:23 Scott Melker

as a part of this, JP Morgan tokenized some of their QQQ ETF holdings. We had JP Morgan, Goldman Sachs, BlackRock, Citadel Securities, CME, Nasdaq and New York Stock Exchange, Vanguard, Circle, State Street, Microsoft, and more all participating in this. They didn't just do tokenized stock transactions.

04:50 Scott Melker

They also uh moved around treasury repos, securities lending, collateral pledges and equity purchases and sales. So this wasn't just a little test. They effectively tested in a micro micro version all of the different kind of transactions that could benefit here from tokenization. So once again, this was not just the rapper. These are the real assets. They are tokenized and they sit at the DCCC.

05:25 Scott Melker

So this is the official ownership and settlement layer. This is not just a random digital representation. So, they used their own ledger here, Hyperledger Besu Network and the public Canton Network. So, they did a lot here for a daily test and say that this will be ready for mainstream adoption likely October 2026. That's only a few months away.

06:04 Scott Melker

So, uh, once traditional assets move on to blockchains, the question really becomes, who controls what happens after they get there? And the Iran Central Bank, uh, just effed around and found out exactly, uh, who controls their assets that are tokenized. And we're talking about stable coins.

06:33 Scott Melker

US adds four Iran Central Bank crypto wallets to sanctions. Tether freezes $131 million of contents. The freeze targets TRON-based addresses that held over $165 million, preventing those specific funds from being transferred or redeemed. So, to be clear, these funds are frozen. They're still sitting there. So the Iranian central bankers can look at them and say, that's ours.

07:18 Scott Melker

It's a balance, but they cannot do a single thing with them at all. So, this has added to a story I've been telling you about for a long time. We've had a very smiley and happy Besant telling you about all of the foreign assets that they've frozen of the Iranian Central Bank since the war started. A huge chunk of that was in crypto. So, before it was I think reported as roughly a half a billion dollars in assets had already been frozen.

08:00 Scott Melker

Uh, in this case, it's 131 million in wallets that had received 165 million. This adds to the previous 344 million in USDT that was frozen. So that gives us 475 million just in USDT that has been frozen. So, to be clear, the Central Bank has been on the OFAC sanctions list, I believe, since 2019. There's nothing new here except that they're identifying new wallets on new chains, and now are actively freezing them since the war started.

08:44 Scott Melker

Now, being sanctioned does not mean being frozen. Now they are frozen. As I said, importantly, the United States did not take these assets like we do from criminals and pig butchering scandals and such. We're just freezing them so that they can stare at them longingly as I mentioned to you before. But this really does provide us the opportunity to talk about the massive differentiation between a stable coin and a decentralized protocol or an asset that can't be tampered with or frozen like Bitcoin.

09:37 Scott Melker

It is ironic that the killer use case for blockchain technology outside of Bitcoin, which is fully decentralized hard money, is a faster, cheaper way of using the very thing that Bitcoin was created as a hedge against, which is fiat currency. Right? So, this is a representation of a digital dollar that can not only be frozen by your government, can be frozen by a private company like Tether when they get a call from that government.

10:14 Scott Melker

And every time the Treasury calls, I can promise you, Tether and Circle, they answer and they do exactly what they are told. So, it's a really important distinction, I think for people. when you are using stable coins, you are not transacting privately. Uh, it is not exactly even the same as digital cash. There's full visibility into your transactions, and the government and those private companies, they can freeze them.

10:57 Scott Melker

Now, Iran was using stable coins to escape the traditional banking system, but they discovered that escaping banks is not the same as escaping financial control. And that same programmability that allowed Tether to freeze Iran's money may make stable coins useful for an entirely different customer. And that customer is not humans. It is artificial intelligence. You guys know that thing AI everybody's been talking about. All the cool kids are doing the AIs.

11:41 Scott Melker

That's what I've heard. uh, behind the gym at school. Kids are doing AIs. Here's the story. Visa, architecting payments from the ground up. What the on-chain data tells us. So, uh, to be clear, this is coming from Visa, which is the entity most likely to be directly disrupted by blockchain technology. And what they're saying here is that humans may still need a credit card to buy lunch and do big transactions, but your AI agent can make thousands of payments for you before you even finish the sandwich.

12:51 Scott Melker

Right? They're saying that there's going to be basically two buckets of commerce in the future, macro-commerce, uh, also known as people using credit cards and buying things, and micro-commerce, which they think is more likely to be highly disrupted by AI agents. So, when we talk about the cross-section between crypto and AI, this is the conversation that you should absolutely be paying attention to. And Visa is saying all of the quiet parts out loud.

13:30 Scott Melker

They're saying that most of your small transactions, let's call it sub-$1, are going to be handled by an agent on your behalf. You won't know what they're doing. They'll just be out there doing it. Now, I'm going to be honest, I think they're going to do some of the bigger transactions too, and I think that Visa is just coping here when they say that all of us are going to need to transact still peer-to-peer or using credit cards. But

14:12 Scott Melker

we've already actually seen some evidence of this. So the visa reports that X402, which was originally created by Coinbase, but now has been stewarted by the Linux Foundation, they've already done 109.6 million transactions from AI agents with $15 million in volume in roughly a year since they launched uh at the beginning of the summer of 2025. So, this is already happening in test and it's already done 109.6 million transactions.

14:54 Scott Melker

This is going to be trillions and trillions and trillions of dollars in transactions. It's going to happen very soon. Now think about it. AI can't transact in cash. AI is not going to pay credit card fees or wire fees to transact using the legacy system. What they can do is use effectively free stable coin transactions on blockchain rails to do all of their bidding. That is what is coming.

15:39 Scott Melker

So, the future of crypto is machines making invisible payments to you. Uh, and while that's happening, Washington is still debating whether the humans writing crypto rules should be allowed to profit from the industry. This is arguably the biggest story of the day. We have an update for the Clarity Act. We haven't done that before. Here's a positive meeting on Thursday with Trump to discuss ethics, raises hopes for passage of sweeping crypto legislation. So,

16:42 Scott Melker

listen, I've been saying the entire time that all stories about the Clarity Act and stable coin yield debates and all these things are misdirection because the only debate that truly matters right now is over ethics. Now the White House has signaled to be fair, that it would be willing to sign some sort of ethics clause that was not directly targeted at Trump and his family, but broadly included everybody and a certain kind of transaction or investment.

17:22 Scott Melker

So, we also know that Trump has no problem just doing stuff regardless of what the law likely says. So I don't think he's going to feel blocked by it anyways. So maybe there is a glimmer of hope that in the next 20 days before they go into recess, they have 20 days to get this done, that an ethics clause could be passed. But in this case, he is meeting with senators to discuss what the path to getting this done, whether that path is unlikely, is, and how he can help to actually do it.

18:03 Scott Melker

It's going to include senators like Cynthia Lummis and Bernie Moreno and is reportedly happening at 2:30 p.m. Eastern Standard Time today. So, listen, we've had a lot of Democrat push back on this bill. I think they're going to continue pushing back. I have extreme doubts that anything that comes out of this meeting is going to go far enough to get a bunch of Democrats to go across the aisle and vote for this when it's becoming politically unpalatable with their own party, unfortunately, because we were

18:50 Scott Melker

in an environment where we were not such a partisan issue anymore. But of course Trump's involvement is the issue in the industry has ended that. Uh, but we're going to see what happens in this meeting and listen, maybe the odds will move in our favor that this could get done. But while lawmakers are negotiating who should be allowed to profit from crypto, they've already found one single person in crypto

19:55 Scott Melker

who will not uh receive any of their sympathy. and that of course is one SBF. Sam Bankman Fried. Remember that guy? The hair and the beanbags and the Adderall. Diego and Lummis introduced resolution disapproving of any Sam Bankman-Fried pardon. Dare I say, Sam Bankman will not be freed.

20:53 Scott Melker

I made that up right then. on the spot. No writers, guys. We're just, we're just freestyling here. Yes. They brought this to the Senate floor because he's been trying to get clemency. Can you imagine that the Senate with our taxpayer dollars had to sit down and actually discuss whether Sam Bankman Fried who's going already in jail for 25 years uh should be freed. By the way, even the fact that they did this unanimously actually doesn't prevent the president from pardoning him.

21:32 Scott Melker

But there's one thing that we can get unanimous consent on in government, it's that this guy is going to stay in jail and uh, him and him and Diddy are going to have baby oil parties. They were in the same prison. Didn't make that up. I I did not make that up. That's true. So listen, we could talk about as I said, price endlessly. We could talk about all of the news that might impact it, but the reality is that the infrastructure for everything is being built on blockchain rails when it comes to the financial system.

22:36 Scott Melker

Now, the question will remain, how can we as investors profit from that or will it all happen behind the walls of a walled garden here where the institutions capture all of the upside? I think there's going to be plenty built on blockchains that you and I can invest in and I'm excited to see it happen. That's all we've got for you today. We've got a special Daily Wolf coming for you tomorrow. Peace.

打开原文

Visa支持Open USD加剧稳定币竞争

重要性5/5 高

Visa渠道可能直接改变USDC竞争格局，事件新且与CRCL高度相关，但商业影响尚待采用数据确认。

标签

标的：`CRCL`来源：Stocktwits发布日期：2026-07-16重要性：5/5 高评级理由：Visa渠道可能直接改变USDC竞争格局，事件新且与CRCL高度相关，但商业影响尚待采用数据确认。评级依据：high_timeliness, adoption_uncertainty原文字数：652

中文摘要

核心结论

Visa推出以Open USD（开放美元稳定币）为首个支持资产的企业稳定币平台，向金融机构提供发行、托管、转账和赎回的一体化入口。Stocktwits认为该安排加大了Circle旗下USDC（美元稳定币）的竞争压力；CRCL和COIN同步下跌还叠加了比特币走弱，单日价格变化无法完全归因于Visa公告。

重要性评级

评级：5/5（高）

消息直接触及CRCL的主要稳定币业务和COIN的合作生态，包含产品功能、发布时间和市场反应；来源质量一般，且竞争影响仍需采用量验证。

关键事实

Visa在周四发布Visa Stablecoin Platform（Visa稳定币平台），服务金融机构、金融科技公司及加密原生企业。
平台初期支持Open USD，客户可通过单一接口发行、保存、转移和赎回稳定币。
Open USD于06/30（未给出具体时刻）推出，获得多家支付、银行和加密公司支持。
公告后，CRCL盘中下跌超过5%，COIN约跌2%，Visa上涨超过1.5%。
比特币同期约报64,400美元，24小时下跌1%，盘中一度超过65,100美元。
美东时间 07/16 12:15（UTC+8 07/17 00:15），Stocktwits显示CRCL和COIN散户情绪仍为“看涨”，Visa情绪从“中性”升至“看涨”。
Clear Street给予Visa“买入”初始评级和403美元目标价，并称其调整后营业利润率超过67%。
年初至文章发布时，CRCL下跌超过20%，COIN接近下跌30%，Visa上涨超过3%。

作者观点与证据

作者把Visa渠道和统一技术入口视为Open USD挑战USDC的重要条件。平台发布和价格变动是事实，Circle业务受损程度仍是推断；文章没有提供Open USD流通量、储备规模、客户签约量或Visa收费模式。

与相关标的的关系

CRCL直接面临稳定币发行和储备收益竞争，COIN同时是Circle合作伙伴及稳定币分发平台，Visa则可能把既有支付网络转化为企业稳定币入口。比特币走弱构成同期市场背景。

时效性与限制

文章发布于美东时间 07/16 12:51（UTC+8 07/17 00:51）。报道来自Stocktwits，价格与平台公告同期发生不代表单一因果；文中未引用Circle或Coinbase对竞争影响的回应。

后续跟踪

Open USD流通量、储备资产和发行方结构。
Visa平台的上线客户、交易量和收费方式。
USDC市场份额及Circle储备收入变化。
Coinbase对USDC与Open USD的支持范围。

英文原文

CRCL, COIN Stocks Drop After Visa Backs USDC Rival Stablecoin Open USD

Prabhjote Gill

Fri, July 17, 2026 at 12:51 AM GMT+8 3 min read

+2.82%

CRCL

-7.69%

COIN

-4.02%

USDC-USD

+0.02%

BTC-USD

-1.82%

The announcement comes less than a month after Open USD launched, increasing competitive pressure on Circle's core stablecoin business.

Clear Street on Thursday also initiated coverage of Visa with a 'Buy' rating and a $403 price target, citing the company's leadership in digital payments.

The drop in CRCL and COIN stocks also came alongside pressure on crypto-linked equities, with Bitcoin's price struggling to remain above the $65,000 mark.

Circle Internet (CRCL) shares dropped in midday trade on Thursday after Visa (V) announced its new stablecoin platform built around Open USD, the rival stablecoin that has been pressuring Circle's core USDC (USDC.X) business since its late-June launch.

CRCL's stock slipped over 5% in midday trade, while Visa's stock gained over 1.5%. Shares of Circle's stablecoin partner Coinbase (COIN) also dropped around 2%. On Stocktwits, retail sentiment around Circle's shares and COIN's stock remained in 'bullish' territory over the past day. Sentiment around Visa rose to 'bullish' from the 'neutral' zone.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Visa stock retail sentiment on July 16 as of 12:15 p.m. ET | Source: Stocktwits The drop in CRCL and COIN stocks also came alongside pressure on crypto-linked equities, with Bitcoin (BTC) struggling to remain above the $65,000 mark. Bitcoin's price was down 1% in the last 24 hours, trading at around $64,400 after hitting an intra-day high of over $65,100.

Retail sentiment around the apex cryptocurrency on Stocktwits fell to 'bearish' from 'neutral' territory over the past day.

Bitcoin retail sentiment on July 16 as of 12:15 p.m. ET | Source: Stocktwits

Visa Bets On Open USD

On Thursday, Visa introduced the Visa Stablecoin Platform (VSP), an enterprise platform designed to help financial institutions, fintech companies, and crypto-native firms access stablecoin payments through Visa-managed infrastructure.

The payments giant said the platform will initially support Open USD, allowing customers to issue, store, transfer, and redeem stablecoins through a single integration.

The announcement adds to the competitive challenges facing Circle. Since Open USD launched on June 30, investors have increasingly viewed it as a credible challenger to USDC because of backing from several major payments, banking, and crypto companies.

Wall Street Turns Positive On Visa

Visa's stock gain also came alongside fresh analyst coverage. Clear Street analyst Owen Lau initiated coverage of Visa with a 'Buy' rating and a $403 price target. The firm called the company "the world's largest open-loop retail payments network" and one of the highest-quality compounders within its scope of coverage.

Story Continues

It added that Visa was a "toll-taker" on the multi-decade shift from cash to digital payments, pointing to adjusted operating margins exceeding 67% as evidence of the business's durability.

Source: Koyfin CRCL's stock has dropped over 20% this year, and COIN's stock has fallen nearly 30%. Meanwhile, Visa shares have risen over 3% year-to-date.

Read also: Tom Lee Compares Ethereum To AMZN Before AWS, NVDA Before AI Boom – Says ETH Could Solve 'Uncanny Valley Of Wealth'

For updates and corrections, email newsroom[at]stocktwits[dot]com

Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

DJT Stock Slips Overnight: Truth Social To Sell Wall Street 'Fastest' Access To Trump's Posts

Why Did IBM, ORCL, SMR Stocks Drop To 52-Week Lows Today?

Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus

打开原文

库珀曼三项持仓的估值分化

重要性3/5 中

直接提供VRT经营与估值信息，但文章采用选股比较框架，关键数据需回到公司文件核验。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-16重要性：3/5 中评级理由：直接提供VRT经营与估值信息，但文章采用选股比较框架，关键数据需回到公司文件核验。评级依据：fact_density, evidence_strength, source_quality原文字数：879

中文摘要

核心结论

文章比较Leon Cooperman（利昂·库珀曼）旗下Omega Advisors（欧米茄顾问）的VRT、RKT和ET三项重点持仓：VRT经营增长强但估值较高，RKT的并购整合依赖利率环境，ET则以天然气合同与现金分配形成不同收益结构。

重要性评级

评级：3/5（中）

文章与VRT直接相关，保留多项经营和估值数字；标题借用知名投资人持仓吸引读者，评价带有明显选股倾向且夹杂推广内容。

关键事实

文章发布于美东时间 07/16 12:30（UTC+8 07/17 00:30）。
VRT年内上涨88.08%，一季度收入增长30.1%至26.5亿美元，调整后每股收益1.17美元，积压订单150亿美元。
VRT全年调整后每股收益指引为6.30至6.40美元，预期有机增长29%至31%，远期市盈率约52倍；欧洲、中东和非洲收入下降20.3%。
RKT一季度收入增长167.1%至29.4亿美元，调整后息税折旧摊销前利润7.38亿美元；合并贷款服务本金达2.1万亿美元。
ET全年调整后息税折旧摊销前利润指引升至182亿至186亿美元，与Oracle（甲骨文）签订的天然气供应量预计增至每日约9亿立方英尺。
ET一季度调整后息税折旧摊销前利润49.4亿美元，可分配现金流27亿美元；年化分配额1.35美元，对应6.65%。
ET长期债务为683亿美元，Lake Charles LNG（查尔斯湖液化天然气项目）减值和K-1税表结构构成限制。

作者观点与证据

作者偏好ET，对VRT和RKT持观望态度，依据包括估值倍数、天然气合同、现金分配、利率敏感性及并购整合。相关结论属于媒体作者的相对价值判断，分析师目标价和评级不能保证结果。

与相关标的的关系

VRT对应人工智能数据中心供电与冷却设备；RKT对应抵押贷款利率与并购协同；ET对应天然气基础设施和甲骨文数据中心需求。ORCL通过燃气供应合同形成间接关联。

时效性与限制

文章在批次日前一日发布，但多项价格和财务数据来自二手汇总。赞助推广与正文混杂，且没有披露Omega Advisors各持仓的最新权重和成本。

后续跟踪

VRT积压订单转化和区域收入恢复。
RKT并购协同、股份摊薄及利率敏感度。
ET天然气供应合同爬坡和债务变化。
三家公司后续业绩对分析师预测的偏差。

英文原文

Billionaire Leon Cooperman’s Top 3 Stocks: Buy, Sell or Hold

Vandita Jadeja

Fri, July 17, 2026 at 12:30 AM GMT+8 4 min read

+2.05%

-3.43%

ET-PI

+0.26%

NG=F

+0.45%

ORCL-PD

-3.58%

Quick Read

VRT trades at 52x forward earnings after an 88% YTD surge, while ET yields 6.65% with Oracle AI gas contracts already locked in.

Rocket Companies' Q1 revenue exploded 167% after integrating Mr. Cooper and Redfin, but the bull case still needs rates to fall simultaneously.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Leon Cooperman's Omega Advisors has three names doing outsized work in the portfolio right now, and each demands a different call.

Andrew Angelov / Shutterstock.com Vertiv Holdings ( NYSE:VRT ) warrants patience at $304.57. Rocket Companies ( NYSE:RKT ) warrants patience at $14.60. Energy Transfer ( NYSE:ET ) looks most compelling at $19.91.

All three ride distinct 2026 tailwinds, from AI power buildouts to hyperscale natural gas demand, yet only one offers a genuinely favorable setup at today's price.

Vertiv: Great Business, Uncomfortable Multiple

Vertiv sells the power and cooling systems inside AI data centers, and the run shows it. Shares are up 88.08% YTD against the S&P 500's 10.69%, and the company joined the index in March 2026.

Q1 revenue jumped 30.1% to $2.65B, adjusted EPS hit $1.17 versus $1.01 expected, and management raised full-year guidance to $6.30 to $6.40 in adjusted EPS on organic growth of 29% to 31%. Backlog sits at a record $15B.

At 80 trailing and 52 forward earnings with a beta of 2.03, execution is priced in. EMEA revenue fell 20.3% last quarter, and the stock has pulled back 4.17% in the past week.

The 26 analysts covering VRT carry an average target of $377.40, implying 23.9% upside, though targets are one data point rather than a promise. The setup favors patience over chasing the current print.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Rocket Companies: Transformation On Deck, Rates Still In Charge

Rocket warrants patience because the story is genuinely bifurcated. The Mr. Cooper and Redfin acquisitions are integrating faster than planned, with the full $400M Mr. Cooper synergy target now expected by end of 2026, a year ahead of schedule.

Story Continues

Q1 revenue exploded 167.1% to $2.94B, and adjusted EBITDA reached $738M versus $169M a year prior. The combined servicing book now spans $2.1T in unpaid principal across 9.4M loans.

Yet shares are down 24.59% YTD versus the S&P 500's 10.69% gain, diluted share count has ballooned to roughly 2.85B, and TTM GAAP EPS is -$0.03.

The consensus target of $18.94 implies 29.7% upside, but the 16 analysts covering RKT split 2 Strong Buy, 6 Buy, 8 Hold, which is closer to mixed than bullish. The thesis needs rates to fall and integration to execute simultaneously. Neither is confirmed.

Energy Transfer: Yield, Growth, And AI Gas Demand

At $19.91, Energy Transfer looks most compelling of the three. The MLP raised full-year adjusted EBITDA guidance to $18.20B to $18.60B, a $750M lift, and locked in gas supply agreements with Oracle ramping to roughly 900 MMcf/d across three data center facilities plus the Nexus Hubbard AI hyperscale campus.

Q1 adjusted EBITDA rose 20% to $4.94B, and distributable cash flow climbed to $2.70B. The quarterly distribution of $0.3375 annualizes to $1.35, a 6.65% yield, and units trade at just 17 trailing and 12 forward earnings.

Units are up 25.14% YTD, more than double the S&P 500's 10.69%, and 21 analysts rate it 5 Strong Buy, 14 Buy, 2 Hold with an average target of $23.64, implying 18.7% additional upside.

Long-term debt of $68.3B and the Lake Charles LNG impairment are real drags, and the K-1 structure adds tax friction. Fee-based cash flows, a distribution growing at 3%-plus annually, and multi-decade hyperscaler contracts still make the risk/reward the cleanest of Cooperman's three names. ET pays a 6.65% yield to wait while the AI natural gas thesis compounds.

Meet America's Newest $1b Unicorn (Sponsor)

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Contact editorial@247wallst.com for any questions or corrections.

打开原文

伊朗央行稳定币遭冻结

重要性3/5 中

稳定币冻结案例具有监管参考价值，但与CRCL只有机制层面的间接关联，原始证据链接缺失。

标签

标的：`CRCL`来源：Yahoo Finance Video发布日期：2026-07-16重要性：3/5 中评级理由：稳定币冻结案例具有监管参考价值，但与CRCL只有机制层面的间接关联，原始证据链接缺失。评级依据：timeliness, regulatory_case原文字数：713

中文摘要

核心结论

美国制裁伊朗央行四个加密钱包后，Tether（泰达币发行商）冻结其中1.31亿美元，说明中心化稳定币可以由发行方阻止转移或赎回。事件直接涉及USDT（美元稳定币）及TRON（波场网络），对Circle的关联主要在于同类稳定币的合规和冻结能力。

重要性评级

评级：3/5（中）

冻结事件提供稳定币合规及可控性案例，但CRCL没有参与本次冻结，节目对Circle的延伸判断缺少公司层面证据。

关键事实

美国把伊朗央行四个加密钱包加入制裁范围。
Tether冻结1.31亿美元，相关TRON地址曾持有超过1.65亿美元。
资金仍记录在地址中，但无法转移或赎回。
节目称此前已有3.44亿美元USDT被冻结，合计约4.75亿美元。
伊朗央行自2019年起已在OFAC（美国财政部海外资产控制办公室）制裁名单中。
主持人强调“列入制裁”与“实际冻结”属于两个不同状态。
本次资产没有被美国没收，节目所述措施是限制使用。

作者观点与证据

主持人借此区分中心化稳定币与比特币：稳定币发行方能按政府要求冻结特定地址，链上交易也具有可追踪性。冻结金额和地址状态属于事件事实；主持人声称Tether和Circle会完全执行财政部要求，未提供Circle参与本案或具体流程证据。

与相关标的的关系

事件直接关联USDT和TRX。CRCL作为USDC发行商面临相似的制裁合规要求，但本案冻结由Tether执行，不能据此推断Circle的收入或市场份额变化。

时效性与限制

视频发布于美东时间 07/16 12:30（UTC+8 07/17 00:30）。节目未展示制裁公告编号、钱包地址和链上核验链接，累计4.75亿美元数字需与OFAC及Tether公告交叉核对。

后续跟踪

OFAC公布的钱包地址与制裁法律依据。
Tether冻结余额及后续处置状态。
Circle和其他稳定币发行商的制裁执行政策。
中心化稳定币冻结事件对机构采用和监管规则的影响。

英文原文

The US sanctioned 4 of Iran

The US sanctioned 4 of Iran's central bank crypto wallets. Here's why.

Yahoo Finance Video

Fri, July 17, 2026 at 12:30 AM GMT+8

USDT-USD

-0.01%

BTC-USD

-1.82%

TRX-USD

-0.86%

CRCL

-7.69%

Scott Melker explains why $131 million of assets linked to Iran's central bank were frozen.

" The Daily Wolf with Scott Melker " airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.

Make sure to also check out Yahoo Finance's new crypto hub to find the latest crypto-related news.

Video Transcript

00:00 Speaker A

Once traditional assets move on to blockchains, the question really becomes who controls what happens after they get there. And the Iran Central Bank just effd around and found out exactly who controls their assets that are tokenized. And we're talking about stable coins.

00:20 Speaker A

US adds four Iran Central Bank crypto wallets to sanctions. Tether freezes 131 million of contents. The freeze targets Tron-based addresses that held over $165 million,

00:33 Speaker A

preventing those specific funds from being transferred or redeemed. So, to be clear,

00:39 Speaker A

these funds are frozen. They're still sitting there.

00:42 Speaker A

So the Iranian central bankers can look at them

00:46 Speaker A

and say that's ours. It's a balance, but they cannot do a single thing with them at all. So,

00:55 Speaker A

this has added to a story I've been telling you about for a long time. We've had a very smiley and happy besant telling you about all of the foreign assets that they've frozen of the Iranian Central Bank since the war started. A huge chunk of that was in crypto. So, before it was I think reported as roughly a half a billion dollars in assets had already been frozen. Uh, in this case it's 131 million in wallets that had received 165 million.

01:21 Speaker A

This adds to the previous 344 million in USDT that was frozen. So that gives us 475 million just in USDT that has been frozen. So to be clear,

01:32 Speaker A

the Central Bank has been on the OFAC sanctions list, I believe since 2019. There's nothing new here except that they're identifying new wallets on new chains and now are actively freezing them since the war started. Now, being sanctioned does not mean being frozen. Now they are frozen. As I said, importantly, the United States did not take these assets like we do from criminals and pig butchering scandals and such. We're just freezing them so that they can stare at them longingly, as I mentioned to you before.

02:00 Speaker A

But this really does

02:04 Speaker A

provide us the opportunity to talk about the massive differentiation between a stable coin and a decentralized protocol or an asset that can't be tampered with or frozen like Bitcoin.

02:16 Speaker A

02:30 Speaker A

Right? So this is a representation of a digital dollar that can not only be frozen by your government, can be frozen by a private company like Tether when they get a call from that government. And every time the Treasury calls, I can promise you, Tether and Circle, they answer and they do exactly what they are told. So it's a really important distinction I think for people. When you are using stable coins, you are not transacting privately.

02:56 Speaker A

Uh it is not exactly even the same as digital cash. There's full visibility into your transactions and the government and those private companies, they can freeze them. Now,

03:07 Speaker A

Iran was using stable coins to escape the traditional banking system, but they discover that escaping banks is not the same as escaping financial control. And the same prog programmability that allowed Tether to freeze Iran's money may make stable coins useful for an entirely different customer.

03:26 Speaker A

And that customer is not humans. It is artificial intelligence. You guys know that thing AI.

打开原文

芯片高估值遭遇资本开支疑虑

重要性4/5 较高

覆盖最新芯片板块波动，并以Marvell财务数据对照市场叙事；资本开支线索仍待原始披露确认。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-16重要性：4/5 较高评级理由：覆盖最新芯片板块波动，并以Marvell财务数据对照市场叙事；资本开支线索仍待原始披露确认。评级依据：直接关联MRVL与SOXX, 包含盘中跌幅和估值, 保留收入与公司指引, 关键归因来自二手报道原文字数：1044

中文摘要

核心结论

Marvell及芯片同业连续第二日下跌，市场叙事指向超大规模云厂商资本开支预测调整和定制芯片竞争加剧。Marvell近期经营数据仍强，价格调整主要反映高估值与拥挤仓位对不确定性的放大。

重要性评级

评级：4/5（较高）

文章覆盖07/16芯片板块同步下跌并保留Marvell财务、估值和同业表现，对SOXX及相关持仓有直接时效价值。

关键事实

Marvell在周四盘中下跌8%至189美元，一个月累计回撤31%，年内仍上涨125%。
Broadcom下跌3%至381美元，AMD下跌5%至505美元，Intel下跌5%至98美元；SOXX下跌4%至532美元。
文章援引TradingKey称，超大规模云服务商下调资本开支预测、ASIC（专用集成电路）竞争加剧和企业及运营商业务恢复缓慢构成压力。
Marvell过去12个月市盈率为65.75倍，贝塔系数为2.2。
Marvell 2027财年第一季度收入24.18亿美元，同比增长28%；第二季度收入指引中值27亿美元，对应同比增长35%。
首席执行官Matt Murphy称AI相关订单强劲，并上调2027和2028财年展望。
文中汇总31项买入及7项强力买入评级，平均目标价245.45美元；这些属于卖方观点。

作者观点与证据

作者把下跌解释为AI硬件风险暴露收缩，指出Marvell当天没有新的公司特定负面消息。资本开支放缓线索来自二手报道，尚未由主要云厂商的完整财报指引确认。

与相关标的的关系

MRVL是直接研究对象；AVGO对应定制ASIC竞争，AMD和INTC代表计算与制造链条，SOXX反映板块同步性。

时效性与限制

发布于美东时间 07/16 12:12（UTC+8 07/17 00:12）。盘中价格可能与收盘结果不同，且文中资本开支调整缺少云厂商名称、原始预测及修订幅度。

后续跟踪

超大规模云厂商资本开支正式指引
Marvell AI订单向收入的转化
Broadcom定制ASIC竞争进展
SOXX及芯片个股的收盘分化

英文原文

Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide

David Moadel

Fri, July 17, 2026 at 12:12 AM GMT+8 5 min read

MRVL

-8.71%

AVGO

-5.03%

-5.33%

INTC

-5.84%

SOXX

-4.46%

Quick Read

Hyperscaler capex revision fears triggered a two-day chip selloff, cutting 31% from Marvell stock in one month despite its 125% year-to-date run.

MRVL's 65.75x trailing P/E and beta of 2.2 amplify its selloff, while AVGO's modest 10% YTD gain cushions it from deeper losses.

Marvell Technology CEO Matt Murphy raised fiscal 2027 and 2028 outlooks, with record Q1 revenue of $2.4 billion and Q2 guidance implying 35% year-over-year growth.

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Shares of Marvell Technology ( NASDAQ:MRVL ) are down 8% to $189 in Thursday midday trading, extending a sharp semiconductor selloff into a second straight session. Marvell shares have now given back 31% over the past month.

Thinkstock The move is dragging the AI-silicon complex lower with it. Broadcom ( NASDAQ:AVGO ) stock is off 3% to $381, Advanced Micro Devices ( NASDAQ:AMD ) stock is down 5% to $505, and Intel ( NASDAQ:INTC ) stock is off 5% to $98.

Even with the drawdown, Marvell shares remain up 125% year to date (YTD), a reminder of how parabolic the AI-hardware trade has been heading into this de-risking. That backdrop is central to why traders are paring exposure now.

AI Capex Slowdown Fears Weigh on Chips

TradingKey attributes the decline to revised capital-expenditure forecasts from major hyperscale cloud providers, signaling a potential slowdown in AI spending. The same report cites intensifying competition in the custom application-specific integrated circuit (ASIC) market and a slow recovery across enterprise and carrier segments as added pressure on Marvell.

The valuation backdrop is amplifying the move. Marvell stock carries a trailing 12-month P/E ratio of 65.75x, which may be too elevated for some value-focused investors to consider.

Thursday's slide appears sentiment-driven, tied to a broader AI-hardware de-risking that has already hit memory, servers, optics, and now custom-silicon names. The move is running independently of any fresh company-specific catalyst on Marvell.

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Story Continues

Peers Slide as the Broader Chip Complex De-Risks

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is down 4% to $532, giving a clean read on the sector move. The ETF holds Marvell, Broadcom, AMD, and Intel among its constituents, and the fund's single-sector concentration means it moves hard when the AI trade wobbles. Volatility across this unleveraged ETF remains elevated.

Broadcom stock, Marvell's direct custom-ASIC rival, is falling less today and has run far less this year. Broadcom shares are up 10% YTD, versus Marvell's massive climb, and that valuation gap is one reason Broadcom's drawdown has been more contained through the week.

AMD and Intel are broader AI-chip and semiconductor reads rather than pure custom-silicon peers. AMD shares, driven by Instinct GPUs and EPYC server CPUs, and Intel shares, tied to Xeon and the Foundry buildout, are both sliding on the same de-risking impulse even though neither has fresh company-specific news.

Bull vs. Bear on Marvell

The bears can point to AI capex risk, ASIC competition from Broadcom, and a stretched multiple on Marvell stock after the parabolic run, all of which make the shares a natural target when momentum reverses. Marvell's beta of 2.2 means the stock magnifies broader chip moves in both directions.

Meanwhile, the bull case rests on fundamentals that remain strong. Marvell reported record Q1 FY2027 revenue of $2.418 billion, up 28% year over year (YoY), and guided Q2 FY2027 revenue to $2.7 billion at the midpoint, implying 35% YoY growth. CEO Matt Murphy cited "exceptional AI-related bookings" and raised the company's fiscal 2027 and 2028 outlooks.

Wall Street hasn't walked away from Marvell. Alpha Vantage shows 31 buy and 7 strong buy ratings on Marvell stock, with an average analyst price target of $245.45, well above Thursday's level.

What to Watch on Marvell and the Chip Group

The near-term question for Marvell stock is whether Thursday's selling is a two-day washout or the start of a deeper unwind of the AI-hardware trade. Traders can watch for whether Broadcom, AMD, and Intel stabilize alongside SOXX into the close, and whether hyperscaler commentary in upcoming earnings reaffirms or trims AI capex plans.

Given the group's high beta and the size of Marvell's YTD move, investors should consider keeping their position sizes modest and their risk tightly managed. The bull-versus-bear debate on Marvell stock is genuinely polarized right now: a buying opportunity into strong fundamentals, or an AI-momentum unwind that has further to run.

Research-oriented investors may want to focus on Broadcom's next quarterly update and the tone of hyperscaler capex guidance as the clearest tells for whether Marvell's fundamentals can pull the stock back toward consensus targets or whether the derating continues into the year's second half.

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打开原文

伊朗战事冲击芯片风险偏好

重要性5/5 高

发布时间新、与SOXL及主要芯片股直接相关，并提出可由油价和大型云服务商资本开支验证的影响路径。

标签

标的：`SOXL`来源：Stocktwits发布日期：2026-07-16重要性：5/5 高评级理由：发布时间新、与SOXL及主要芯片股直接相关，并提出可由油价和大型云服务商资本开支验证的影响路径。评级依据：timeliness, fact_density, evidence_caveat原文字数：775

中文摘要

核心结论

伊朗战事与霍尔木兹海峡供应风险促使资金撤离高波动芯片股，SOXL（每日三倍做多半导体ETF）跌幅被杠杆放大。Melius科技研究主管Ben Reitzes判断轮动可能是暂时现象，后续验证点是大型云服务商的人工智能资本开支指引。

重要性评级

评级：5/5（高）

文章发布时间接近当日日报，直接覆盖SOXL、NVDA、MRVL、SNDK和SKHY的同步下跌，并给出油价、通胀、利率与芯片投入成本的传导假设。

关键事实

文章发布于美东时间 07/16 11:37（UTC+8 07/16 23:37）。
当日上午，Nvidia（英伟达）、Marvell Technology（迈威尔科技）、SanDisk（闪迪）和SK Hynix（SK海力士）等芯片股下跌约2%至8%。
截至文章写作时，SOXL跌逾10%，SOXX（iShares半导体ETF）跌逾3%，纳斯达克综合指数跌近1%。
Reitzes称，霍尔木兹海峡供应中断若推高原油价格，可能加剧通胀并压缩央行降息空间；氦气、液化天然气和电力成本也可能沿供应链传导。
Alphabet、Intel、Microsoft、Meta、Apple和Amazon等科技公司将在随后两周发布季度业绩，资本开支计划将提供需求线索。
Reitzes预计大型云服务商不会放弃人工智能建设，也没有预期相关公司削减资本开支。
截至文中统计，QQQ过去12个月上涨27%，IYW（iShares美国科技ETF）上涨38%。

作者观点与证据

文章采纳Reitzes的风险偏好轮动解释，并以芯片股、SOXL及大盘同步回落作为市场证据。油价影响利率和芯片成本的路径仍是假设；Reitzes同时承认判断战争对行业投入成本的影响尚早，资本开支结论也需等待企业财报验证。

与相关标的的关系

SOXL承担三倍日收益敞口，成分股普跌会直接放大基金单日损失。NVDA、MRVL、SNDK和SKHY分别对应人工智能加速器、连接芯片、存储及高带宽内存环节；原油CL=F则是文章所述通胀传导路径的上游变量。

时效性与限制

文中盘中跌幅与元数据所列后续行情快照口径不同，例如SOXL元数据显示跌13.94%，不可混作同一时点。事件归因主要来自一名卖方分析师访谈，缺少企业成本数据和资金流数据佐证。

后续跟踪

霍尔木兹海峡运输、原油及液化天然气价格变化。
大型云服务商下一轮人工智能资本开支指引。
芯片企业对电力、氦气和物流成本的披露。
SOXL与SOXX跌幅差及日内波动率。

英文原文

NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions

NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions · Stocktwits

Rounak Jain

Thu, July 16, 2026 at 11:37 PM GMT+8 3 min read

NVDA

-2.40%

MRVL

-8.71%

SOXL

-13.94%

CL=F

+0.88%

SNDK

-12.63%

Reitzes said that higher oil prices stemming from supply disruptions in the Strait of Hormuz could fuel inflation, pressure central banks to raise rates, and increase semiconductor input costs.

He added that he is looking forward to upcoming capital expenditure plans from Big Tech companies and hyperscalers for clues about where chip stocks could head next.

Reitzes said that he believes no hyperscaler would want to give up on AI and as a result, he does not foresee capex cuts from companies in this segment.

The rout in chip stocks continued into Thursday, with Nvidia Corp. (NVDA), Marvell Technology Inc. (MRVL), SanDisk Corp. (SNDK), SK Hynix Inc. (SKHY), and other semiconductor stocks declining between 2% and 8% in morning trade.

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) ETF was down more than 10% at the time of writing, while the iShares Semiconductor ETF (SOXX) fell over 3%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

During an interview with CNBC, Melius's Head of Technology Research, Ben Reitzes, said that some of the decline can be attributed to investors flocking to safety and rotating out of chip stocks amid tensions over the war in Iran.

"I think the war… when something happens like this on a macro level and input costs could potentially spike up, the market may flock to safety. Some of this is really just rotation, I believe it is temporary, hopefully," he said.

Reitzes cautioned that it is too early to gauge how the Iran war could affect input costs across the semiconductor industry. His comments come amid a spate of strikes by the U.S. and Iran following the termination of the ceasefire between the two countries last week.

Reitzes Explains The Link Between Iran War And Input Costs For Chipmakers

Reitzes said that if crude oil prices go up as a result of the supply disruption due to the Strait of Hormuz standoff between the U.S. and Iran, it could put pressure on central banks to raise interest rates to contain inflation, thereby causing input costs to rise.

"There are some concerns about helium, LNG impacting electricity costs which can go through the [supply] chain," he said.

Reitzes downplayed concerns that AI and chip stocks are overvalued, adding that the AI trade remains on track.

"Just a few weeks ago, we were on that path, and I don't think anything's really changed," he said.

Reitzes Looks Forward To Hyperscaler Capex News For Clues Ahead

Reitzes said he is looking forward to upcoming capital expenditure plans from Big Tech companies and hyperscalers for clues about where chip stocks could head next.

Story Continues

Alphabet Inc. (GOOG, GOOGL), Intel Corp. (INTC), Microsoft Corp. (MSFT), Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), and other tech giants are scheduled to report their latest quarterly results over the next two weeks.

"I think when you see the fundamentals come out for hyperscalers, you'll see capex increases, not decreases," Reitzes said, while adding that he does not believe any hyperscaler would want to give up on AI. As a result, he does not foresee any company in this segment trimming its capex plans.

The tech-heavy Nasdaq Composite index was down nearly 1% at the time of writing.

The Invesco QQQ Trust (QQQ) is up 27% over the past 12 months, while the iShares U.S. Technology ETF (IYW) is up 38%.

Also See: MU Expands AI Memory Beyond Data Centers Into Next-Gen Cars — Locks In QCOM, Hyundai Mobis And Other Auto Suppliers

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Rounak Jain has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

DJT Stock Slips Overnight: Truth Social To Sell Wall Street 'Fastest' Access To Trump's Posts

Why Did IBM, ORCL, SMR Stocks Drop To 52-Week Lows Today?

Nasdaq, Dow, S&P 500 Futures Slip As Chip Selloff Overshadows Strong Earnings Season: NFLX, SNDK, SPCX, MRVL Stocks In Focus

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光迅与应用数字的增长质量差异

重要性4/5 中高

APLD财务、债务、执行风险和相对估值数据密集，适合当日日报深读。

标签

标的：`APLD`来源：Zacks发布日期：2026-07-16重要性：4/5 中高评级理由：APLD财务、债务、执行风险和相对估值数据密集，适合当日日报深读。评级依据：peer_comparison, valuation_data原文字数：1150

中文摘要

核心结论

Zacks认为Lumentum（光迅科技美国同业，股票代码LITE）当前增长质量优于Applied Digital：前者受益于人工智能光互连需求并已实现收入与盈利加速，后者仍承受亏损、债务和项目融资压力。

重要性评级

评级：4/5（中高）

文章对APLD的盈利、债务、合同执行和估值风险提供较完整对比，并引入LITE作为人工智能基础设施链参照；结论受Zacks评级体系影响。

关键事实

Mordor Intelligence预计全球人工智能基础设施市场到2031年达到2,025亿美元，复合年增长率14.9%。
LITE 2026财年第三季度组件收入增长77.3%，系统收入增长121.1%；第四季度收入指引为9.60亿至10.1亿美元。
Zacks预计LITE 2027财年第一季度及全年每股收益分别为3.53美元和18.07美元，同比增长220.91%和121.15%。
APLD 2026财年第三季度归属普通股股东净亏损扩大至1.009亿美元，经营亏损8,570万美元，长期债务超过25亿美元。
APLD已获得Macquarie提供的1亿美元开发融资，并完成21.5亿美元有担保票据发行；公司目标到2031年拥有约3吉瓦人工智能容量。
Zacks预计APLD 2027财年每股亏损1美元，较上年0.70美元扩大；该预期过去60天下调0.09美元。
过去六个月LITE上涨130.9%，APLD下跌22.3%。LITE与APLD的未来12个月市销率分别为10.21倍和11.79倍。
Zacks给予LITE 2级“买入”评级，给予APLD 5级“强力卖出”评级。

作者观点与证据

作者偏向LITE，依据是收入加速、盈利预期上修、相对估值和已兑现产品需求；对APLD的担忧集中在亏损、融资、客户集中及施工执行。市场规模预测来自第三方，评级结论来自Zacks自有方法，文章未提供两家公司统一口径的现金流模型。

与相关标的的关系

APLD通过建设和出租数据中心获得收入，资本需求与项目风险较高；LITE销售光器件和光系统，当前收入增长与盈利可见度较强。两者受同一人工智能资本开支周期驱动，但财务结构和兑现阶段差异明显。

时效性与限制

文章发布于美东时间 07/16 11:35（UTC+8 07/16 23:35）。数据主要基于公司财报、市场价格和Zacks一致预期；标题下方一处图注误写为“LITE对TEAM”，存在编辑瑕疵。

后续跟踪

APLD项目按期交付、租约融资和亏损变化
LITE产能约束及1.6T光模块放量
两家公司市销率与盈利预期修订
人工智能基础设施资本开支增速

英文原文

LITE vs. APLD: Which AI Infrastructure Stock Offers Better Growth?

Subhasish Mukherjee

Thu, July 16, 2026 at 11:35 PM GMT+8 6 min read

LITE

-6.09%

APLD

-8.92%

Lumentum Holdings LITE and Applied Digital Corporation APLD are emerging beneficiaries of the accelerating AI infrastructure buildout. Lumentum supplies advanced optical networking components that enable high-speed data transmission within AI data centers. At the same time, Applied Digital develops and operates AI-focused data centers and high-performance computing infrastructure. Despite their different business models, both companies are benefiting from the same wave of AI-driven capital spending.

The AI infrastructure investment cycle is gaining momentum as hyperscalers, cloud providers and enterprises continue expanding their AI capabilities. According to Mordor Intelligence, the global AI infrastructure market is projected to reach $202.5 billion by 2031, growing at a 14.9% CAGR. As AI infrastructure spending accelerates, investors are increasingly evaluating companies across different layers of the AI ecosystem. Against this backdrop, comparing these two companies offers insight into which is better positioned to capitalize on this long-term opportunity.

The Case for LITE Stock

Lumentum is emerging as one of the strongest beneficiaries of the accelerating AI infrastructure buildout, supplying the optical engines that enable high-speed connectivity inside and between hyperscale AI data centers. Its portfolio spans electro-absorption modulated lasers (EMLs), continuous-wave lasers, pump lasers, narrow-linewidth laser assemblies, optical circuit switches (OCS) and cloud transceivers — all of which are essential for AI networking, data center interconnect (DCI) and co-packaged optics (CPO). The company increasingly positions itself as a critical supplier of both AI infrastructure components and complete optical systems.

AI demand continues to translate into exceptional execution. In third-quarter fiscal 2026, Components revenues climbed 77.3%, and Systems revenues jumped 121.1%, driven by record cloud transceiver shipments, robust EML demand and expanding AI deployments. Management expects fiscal fourth-quarter revenues of $960 million-$1.01 billion, reflecting confidence in sustained AI infrastructure investments and continued business momentum.

Lumentum's competitive advantage lies in its differentiated "scale-out" and "scale-across" optical portfolio. Hyperscalers are increasingly adopting distributed AI architectures that require high-bandwidth optical interconnects, pump lasers, wavelength-selective switches and narrow-linewidth lasers. The company stated several AI-focused components remain effectively sold out, while 1.6T transceivers, optical circuit switches and CPO products are expected to provide additional multi-year growth opportunities.

However, investors should remain aware of supply constraints, uncertain AI investment timing, manufacturing ramp execution, geopolitical trade restrictions and customer concentration, which could affect near-term performance. Even so, these risks appear manageable given the company's expanding capacity, improving profitability and strengthening product portfolio.

Analyst sentiment toward Lumentum has strengthened, with the Zacks Consensus Estimate for its fiscal first-quarter and full-year fiscal 2027 earnings pegged at $3.53 and $18.07 per share, indicating growth of 220.91% and 121.15%, respectively. These estimates have also moved higher over the past 30 and 60 days.

Story Continues

Zacks Investment Research

Image Source: Zacks Investment Research

The Case for APLD Stock

Applied Digital is positioning itself as an emerging beneficiary of the accelerating AI infrastructure buildout, but the investment case remains clouded by execution and financial risks. The company is pursuing an aggressive, capital-intensive expansion strategy that continues to pressure profitability while increasing financial leverage. Third-quarter fiscal 2026 net loss attributable to common stockholders widened to $100.9 million, while operating loss reached $85.7 million despite strong revenue growth. The balance sheet reflects the scale of its AI infrastructure buildout, with long-term debt exceeding $2.5 billion, making future returns heavily dependent on timely project execution, customer ramp-ups and continued access to financing.

Despite strong AI demand, Applied Digital faces significant execution challenges. Future growth depends on completing Polaris Forge and Delta Forge projects on schedule, securing additional financing, converting its power pipeline into contracted capacity and signing more long-term hyperscaler leases. The company also remains exposed to customer concentration, power availability, permitting delays, equipment disruptions and the timing of hyperscaler leasing decisions — all of which management identifies as key business risks. Moreover, management noted that only a small fraction of its long-term power pipeline has been contracted, while several development sites remain subject to customer negotiations, regulatory approvals and infrastructure development.

Still, Applied Digital is positioned to benefit from the accelerating AI infrastructure investment cycle. The company designs, builds and operates purpose-built AI factories for AI, cloud and high-performance computing workloads while leveraging a vertically integrated strategy spanning power, AI infrastructure and accelerated compute.

APLD recently laid the foundation stone for the 300 MW Delta Forge 1 AI campus, secured a $100 million development facility from Macquarie, strengthened the credit quality of CoreWeave leases, completed a $2.15 billion secured note offering and continued the expansion of Polaris Forge. Management also targets approximately 3 GW of AI capacity by 2031, positioning the company as a potential long-term beneficiary of hyperscalers' accelerating AI infrastructure spending.

The Zacks Consensus Estimate for APLD's fiscal 2027 loss is currently pegged at $1 per share, wider than the 70-cent loss reported a year ago. While the estimate has remained unchanged over the past 30 days, it has worsened by 9 cents over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

Price Performance & Valuation of LITE & APLD

In the past six months, shares of Lumentum have surged 130.9% against Applied Digital's decline of 22.3%. Growing adoption of Lumentum's AI optical technologies has enhanced revenue visibility and investor sentiment, enabling the stock to outperform despite volatility across the broader AI infrastructure sector.

LITE Vs. TEAM: Six-Month Price Return Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Valuation remains a consideration, with Lumentum and Applied Digital each carrying a Value Score of D and F, respectively. However, Lumentum trades at a lower forward 12-month P/S multiple of 10.21X versus Applied Digital's 11.79X.

LITE's relatively reasonable valuation, combined with its strong AI-driven growth prospects, makes the stock an attractive choice for investors seeking long-term upside with greater stability.

LITE vs. APLD: Forward 12-Month P/S Ratio

Zacks Investment Research

Image Source: Zacks Investment Research

LITE or APLD: Which Stock Has the Edge?

Lumentum appears better positioned than Applied Digital at present, supported by stronger execution, accelerating earnings growth, improving estimate revisions and a relatively more attractive valuation. While both companies stand to benefit from expanding AI infrastructure investments, Lumentum offers a more balanced risk-reward profile, making it the stronger choice for investors seeking long-term AI-driven growth with greater stability.

Currently, LITE has a Zacks Rank #2 (Buy), while APLD carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report

Applied Digital Corporation (APLD) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

基金信函看好Nebius算力需求

重要性4/5 较高优先级

机构信函明确解释持仓逻辑并提供经营数据，但存在持仓立场和披露时滞。

标签

标的：`NBIS`来源：Insider Monkey发布日期：2026-07-16重要性：4/5 较高优先级评级理由：机构信函明确解释持仓逻辑并提供经营数据，但存在持仓立场和披露时滞。评级依据：基金二季度投资者信函, 一季度收入数据, 1.2吉瓦园区, 持仓来源偏向原文字数：596

中文摘要

核心结论

Alger Capital Appreciation Fund（阿尔杰资本增值基金）把 Nebius 列为二季度业绩贡献者，理由包括算力需求、垂直整合平台、1.2吉瓦数据中心项目和模型优化并购；这是持仓基金的看多陈述，需与公司披露分开阅读。

重要性评级

评级：4/5（较高优先级）

基金信函提供机构投资者的明确立场和若干经营数据，但来源存在持仓利益，部分内容重复已公布业绩。

关键事实

2026年二季度标普500指数上涨15.2%；基金A类份额跑赢 Russell 1000 Growth（罗素1000成长指数）。
Nebius 在07/15（未给出具体时刻）收于199.51美元，过去一个月回报为-30.41%，过去52周上涨271.60%。
文章给出的公司市值为506.5亿美元。
基金称 Nebius 以自研数据中心设计和内部软件构成垂直整合的 GPU（图形处理器）云平台。
公司公布1.2吉瓦数据中心园区，并完成一项增强模型优化能力的战略收购。
2026年一季度收入3.99亿美元，同比增长684%。
Insider Monkey 数据库显示，一季度末有60个对冲基金组合持有 NBIS，前一季度为54个。

作者观点与证据

基金认为人工智能算力需求和垂直整合可带来性能及成本优势，并把超预期收入视为回报驱动。收入和项目数据可核验；“性能更优、成本更低”是持仓基金判断，文中没有单位成本或基准测试支持。文章自身又认为其他人工智能股票可能拥有更高潜在回报和较低下行风险。

与相关标的的关系

NBIS 是基金直接讨论的持仓贡献者。标普500指数仅提供季度市场背景，无法解释 NBIS 个股全部表现。

时效性与限制

发布于美东时间 07/16 11:24（UTC+8 07/16 23:24）。基金信函覆盖2026年二季度，观点可能早于发布日；持仓规模、成本和信函形成日期未披露。

后续跟踪

1.2吉瓦园区建设与客户签约
模型优化收购的产品整合
对冲基金持有数量及实际仓位
收入增长、利用率和单位成本

英文原文

Increasing Demand for AI Computing Power Fuels Nebius Group (NBIS) Performance in Q2

Soumya Eswaran

Thu, July 16, 2026 at 11:24 PM GMT+8 3 min read

NBIS

-13.90%

^GSPC

-0.51%

Fred Alger Management , an investment management company, released its "Alger Capital Appreciation Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here . US equities strongly rebounded in the second quarter, with the S&P 500 Index rising 15.2%. Easing geopolitical tensions and technological advancements fueled market optimism, propelling the Information Technology and Industrials sectors forward, while Energy and Utilities lagged due to falling oil and gas prices. Despite discussions on AI disruption, opportunities are identified within sectors adopting the technology as it enters its agentic phase. The Alger Capital Appreciation Fund's Class A shares outperformed the Russell 1000 Growth Index in the quarter, driven by strong performances in Information Technology and Communication Services, while Industrials and Financials detracted from overall performance. In addition, please check the Fund's top five holdings to know its best picks in 2026.

In its Q2 2026 investor letter, Alger Capital Appreciation Fund highlighted Nebius Group N.V. (NASDAQ: NBIS ) as a notable contributor. Nebius Group N.V. (NASDAQ:NBIS) is a technology company that focuses on developing full-stack infrastructure to service the global AI industry. On July 15, 2026, Nebius Group N.V. (NASDAQ:NBIS) closed at $199.51 per share. One-month return of Nebius Group N.V. (NASDAQ:NBIS) was -30.41%, and its shares gained 271.60% over the past 52 weeks. Nebius Group N.V. (NASDAQ:NBIS) has a market capitalization of $50.65 billion.

Alger Capital Appreciation Fund stated the following regarding Nebius Group N.V. (NASDAQ:NBIS) in its Q2 2026 investor update:

" Nebius Group N.V. (NASDAQ:NBIS) is a specialized AI infrastructure company that provides a full-stack platform, including GPU-accelerated cloud computing, to help enterprises build, train, and deploy large-scale artificial intelligence models. The company has positioned itself as a leading next-generation cloud provider purpose-built for machine learning and high-performance computing workloads. We believe the company's appeal is anchored by its vertically integrated approach, which combines proprietary data center design with in-house software to deliver superior performance and lower operating costs compared to traditional GPU cloud providers. Shares contributed positively to performance after the company reported better-than-expected revenues, driven by surging demand for AI computing power. Nebius also announced a 1.2 gigawatt data center campus and closed a strategic acquisition that strengthened its model optimization capabilities."

Story Continues

Why Arista Networks (ANET) Is a Key Networking Play for AI Data Centers Nebius Group N.V. (NASDAQ:NBIS) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026 . According to our database, 60 hedge fund portfolios held Nebius Group N.V. (NASDAQ:NBIS) at the end of the first quarter, compared to 54 in the previous quarter. Nebius Group N.V.'s (NASDAQ:NBIS) Q1 2026 revenue grew 684% from last year to $399 million. While we acknowledge the potential of Nebius Group N.V. (NASDAQ:NBIS) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

In another article , we covered Nebius Group N.V. (NASDAQ:NBIS) and shared the list of best performing agentic AI stocks to buy. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey .

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Nebius轻资产云模式拆解

重要性4/5 较高优先级

对轻资产模式的职责和收费结构拆解较完整，并给出同业及估值背景，但关键商业条款缺失。

标签

标的：`NBIS`来源：Zacks发布日期：2026-07-16重要性：4/5 较高优先级评级理由：对轻资产模式的职责和收费结构拆解较完整，并给出同业及估值背景，但关键商业条款缺失。评级依据：合作双方职责, 四类收费方式, CRWV与MSFT竞争比较, 估值和盈利预期原文字数：663

中文摘要

核心结论

Nebius 将人工智能云平台输出给伙伴自有数据中心，伙伴承担建设和运营资本，公司保留架构、软件、供应链、获客与服务职责。这一安排可扩充容量和收入形式，执行、服务质量及竞争压力仍需验证。

重要性评级

评级：4/5（较高优先级）

文章较完整地拆解双方职责、收费方式、竞争格局和估值，直接关系 NBIS 的资本效率。

关键事实

伙伴负责融资、持有并运营人工智能数据中心，Nebius 提供系统架构、硬件设计、供应链、云平台、部署、维护、获客和服务管理。
伙伴设施投产后将接入 Nebius 全球人工智能云网络。
合作结构可采用收入分成、软件许可、佣金和承诺容量协议。
公司希望把保留现金用于软件开发、平台改进和客户获取。
CoreWeave 的新业务积压主要支持2027年增长；Microsoft（微软）凭借多业务组合、交叉销售和模型合作降低集中风险。
NBIS 年初至今上涨138.4%，同期互联网软件与服务行业上涨12.5%。
NBIS 市净率为6.97倍，高于行业3.87倍；Zacks 将其列为第3级“持有”，且过去60天2026年盈利一致预期明显上调。

作者观点与证据

Zacks 认为新模式有助于降低资本强度并加快全球扩张，同时承认 CoreWeave、Microsoft 的竞争和执行风险。职责划分与收费形式构成业务事实；长期受益、收入复现能力及盈利预期上调属于分析判断，文中未给出具体预测变动幅度。

与相关标的的关系

NBIS 直接承担模式执行结果；CRWV 是专业人工智能云同业，MSFT 是规模更大且业务多元的竞争者。三者在客户获取、容量和平台黏性上形成比较。

时效性与限制

发布于美东时间 07/16 11:02（UTC+8 07/16 23:02）。文章未披露伙伴名单、合同金额、上线容量、服务等级责任或利润分配比例。

后续跟踪

首批伙伴与承诺容量
各收费模式的收入占比
伙伴设施服务质量与利用率
市净率、盈利预期和现金流变化

英文原文

Nebius Unveils an Asset-Light AI Cloud Model: Key to Faster Growth?

Zacks Equity Research

Thu, July 16, 2026 at 11:02 PM GMT+8 3 min read

NBIS

-13.90%

Nebius Group N.V. NBIS recently introduced a new asset-light AI cloud business model that could accelerate its growth while reducing capital intensity. The strategy enables infrastructure partners to deploy Nebius' complete AI cloud platform within their own data centers, allowing it to expand its capacity globally without incurring the full cost of building every facility itself. This initiative positions NBIS to compete more effectively in the rapidly growing AI infrastructure market.

Under this partnership model, infrastructure partners finance, own and operate AI data centers, while Nebius provides systems architecture, hardware design, supply-chain expertise, its AI cloud platform, deployment, maintenance, customer acquisition and service management. Once operational, partner-owned facilities are integrated into Nebius' global AI cloud network. By enabling partners to fund these investments, the company can expand capacity much more quickly while conserving cash for software development, platform improvements, and customer acquisition. Major cloud providers often lease data center space instead of owning every facility. Similarly, semiconductor companies frequently outsource manufacturing while focusing on design and customer relations. Nebius is effectively applying this asset-light philosophy to AI cloud infrastructure.

Furthermore, Nebius plans to use flexible partnership structures, including revenue-sharing, software licensing, commission-based and committed-capacity agreements. This adaptable approach enables the company to customize partnerships across markets while creating recurring revenue streams beyond traditional AI cloud compute services. While competition in AI cloud services remains fierce from CoreWeave, Inc. CRWV and Microsoft MSFT and execution risks persist, it appears well-positioned to benefit from the long-term expansion of the AI infrastructure market.

NBIS vs. Hyperscalers & Emerging Rivals

CoreWeave offers a purpose-built AI cloud platform that integrates the full AI stack, from data centers and storage to infrastructure software, runtime acceleration and application development tools. Its platform is optimized for large-scale AI training and inference, while Mission Control provides unified security, observability, orchestration and lifecycle management to improve performance, reliability and operational efficiency. AI workloads are shifting from training to inference and enterprise production, driving deeper commitments from existing customers while attracting new enterprise clients. This momentum fueled record backlog additions in the first quarter, with most of the new business expected to support its 2027 growth targets.

Story Continues

Microsoft's business model spans multiple high-growth segments, collectively reducing concentration risk while providing numerous expansion vectors. This diversification across productivity software, cloud infrastructure, business applications and professional networking creates resilient cash flow generation across economic cycles. The company's ability to cross-sell solutions and bundle offerings enhances customer lifetime value while creating switching costs. Multiple model support, including partnerships, enables customers to optimize cost and performance while maintaining Microsoft as their primary AI infrastructure provider. This leadership position in both AI infrastructure and applications should drive incremental revenue streams and margin expansion as adoption accelerates throughout fiscal 2026 and beyond.

NBIS Price Performance, Valuation and Estimates

Shares of Nebius have gained 138.4% year to date compared with the Internet – Software and Services industry's growth of 12.5%.

Zacks Investment Research

Image Source: Zacks Investment Research

In terms of price/book, NBIS' shares are trading at 6.97X, higher than the Internet Software Services industry's 3.87X.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NBIS' earnings for 2026 has been revised significantly upward over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

NBIS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Nebius Group N.V. (NBIS) : Free Stock Analysis Report

Microsoft Corporation (MSFT) : Free Stock Analysis Report

CoreWeave Inc. (CRWV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

科技服务行业三家公司增长线索

重要性4/5 高

提供COHR产品、产能和商业化时间表的直接信息，事实密度较高，但来源具有评级营销倾向。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-16重要性：4/5 高评级理由：提供COHR产品、产能和商业化时间表的直接信息，事实密度较高，但来源具有评级营销倾向。评级依据：timeliness, fact_density, evidence_strength原文字数：1518

中文摘要

核心结论

Zacks认为数字化、人工智能和数据安全需求支撑科技服务行业，并选出Dave、V2X和Coherent三家公司。与COHR最直接的线索是800G、1.6T光模块、光路交换和共封装光学需求推动积压订单与产能扩张。

重要性评级

评级：4/5（高）

文章直接覆盖COHR，包含光通信产品、市场空间、产能和收入时间表；同时属于Zacks评级驱动的推荐文章，行业口径宽泛且预测带有营销属性。

关键事实

文章发布于美东时间 07/16 10:42（UTC+8 07/16 22:42）。
美国2026年一季度国内生产总值按年率增长2.1%，上一季度为0.5%；服务业采购经理指数连续24个月高于50。
Zacks科技服务行业排名第97，在247个行业中位列前39%。
该行业过去一年上涨5.8%，同期商业服务板块下跌16.7%，标普500综合指数上涨25.4%。
行业企业价值与息税折旧摊销前利润之比为17.73倍，标普500为18.68倍，相关板块为10.18倍。
DAVE一季度收入增长47%，调整后息税折旧摊销前利润增长57%，利润率44%；28天逾期率降至1.69%。
VVX一季度收入增长23%，调整后净利润增长53%，积压订单达到138亿美元；2026年收入中94%已有合同或积压订单覆盖。
COHR受800G和1.6T光模块需求推动，光路交换市场机会超过40亿美元，与英伟达合作的CPO（共封装光学）市场机会超过150亿美元。
COHR预计共封装光学收入于2026年末开始放量，并在2027年末进一步扩大；磷化铟晶圆由3英寸转向6英寸后，单片器件数量可增加至四倍以上，单位成本降至一半以下。

作者观点与证据

作者看好三家公司各自的金融科技、国防服务和光通信增长路径，依据为季度业绩、积压订单与行业评级。Zacks排名和盈利预测属于其自有模型，文章没有系统比较估值、客户集中度或下行情景。

与相关标的的关系

COHR与人工智能数据中心光互连直接相关，英伟达合作扩大共封装光学机会；DAVE和VVX分别对应金融科技及国防服务，与COHR业务关联较弱。

时效性与限制

文章在批次日前一日发布。部分行业描述把多种业务放入同一科技服务类别，横向可比性有限；公司市场空间和收入节点仍属预测。

后续跟踪

COHR的800G、1.6T和共封装光学收入占比。
6英寸磷化铟产线良率与成本下降。
客户预付款和长期协议对产能扩张的支持。
光路交换与共封装光学订单转化。

英文原文

3 Stocks to Consider From the Growing Technology Services Market

Arghyadeep Bose

Thu, July 16, 2026 at 10:42 PM GMT+8 8 min read

DAVE

+0.99%

-0.79%

COHR

-7.49%

The Technology Services industry is expected to reach the pre-pandemic levels eventually, enabling regular dividend payments. The rising adoption of remote work, swift global digital transition and technological advancements like 5G, blockchain, artificial intelligence (AI) and machine learning (ML) will propel industry expansion. Also, concerns about data security will provide an impetus for the industry to grow.

Dave Inc. DAVE , V2X Inc. VVX and Coherent Corp. COHR, are poised to gain from the prevailing trends.

About the Industry

The Zacks Technology Services industry encompasses companies involved in producing, developing and designing various software support, data processing, computing hardware and communications equipment. These offerings range from integrated powertrain technologies, advanced analytics, technology solutions and contract research services to semiconductor packaging and interconnect technologies, collaboration software, specialty printers, and data acquisition and analysis systems. This industry caters to consumer and business markets, and serves diverse end markets and customer segments. Additionally, some industry players offer advanced analytics, clinical research services, data storage technology and solutions, and technology-enabled financial services for consumers and small business owners.

Factors Structuring the Future of Technology Services

Rising Demand Environment: The industry is mature, with the demand for services remaining healthy over time. Revenues and cash flows are expected to eventually reach the pre-pandemic levels, aiding most industry players to pay out stable dividends.

Economic Recovery: According to the Bureau of Economic Analysis, GDP rose at an annual rate of 2.1% in the first quarter of 2026 compared with 0.5% in the fourth quarter of 2025. The growth rate has increased, leading to a velocity with which the economy is moving that is still forward. Economic activities in the non-manufacturing sector are in good shape. The Services PMI measured by the Institute for Supply Management has stayed above the 50% mark for 24 months.

Technological Advancement Takes Center Stage: The global shift toward digitization creates opportunities in various markets, including 5G, blockchain and AI. The United States, a significant player in the IT sector, is positioned for growth on the widespread adoption of smart technologies and increased investments in security. Companies are increasingly adopting generative AI, ML, blockchain and data science to gain a competitive advantage. Per Statista, the GenAI market is anticipated to reach $804.3 billion by 2032, witnessing a 12.6% CAGR from 2026 to 2032.

Story Continues

Zacks Industry Rank Indicates Bright Near-Term Prospects

The Zacks Technology Services industry, which is housed within the broader Zacks Business Services sector, currently carries a Zacks Industry Rank #97. This rank places it in the top 39% of 247 Zacks industries.

The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates continued outperformance in the near term. Our research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry's recent stock market performance and current valuation.

Industry Beats Sector But Lags S&P 500

The Zacks Technology Services industry has outperformed the broader Zacks Business Services sector but underperformed the Zacks S&P 500 composite over the past year.

The industry has moved up 5.8% over this period against the 16.7% decline of the broader sector and compared with the 25.4% rally of the Zacks S&P 500 composite.

1-Year Price Performance

Industry's Current Valuation

On the basis of EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation and amortization), which is commonly used for valuing staffing stocks because of their high debt levels, the industry is currently trading at 17.73X compared with the S&P 500's 18.68X and the sector's 10.18X.

Over the past five years, the industry has traded as high as 28.97X and as low as 10.26X, with the median being 13.93X, as the charts below show.

EV-to-EBITDA

3 Technology Services Poised for Growth

Dave: This financial technology company offers digital banking, budgeting tools and credit facilities like ExtraCash. Dave's first-quarter 2026 earnings release reveals positive momentum in its revenues that gained 47% year over year, with adjusted EBITDA rising 57%, resulting in a 44% margin.

DAVE's customer-first strategy bears fruit as the new member count went up 22% year over year in the first quarter of 2026, with customer acquisition costs of $18, flat with the preceding quarter. The company strengthened its relationship with customers as monthly transacting members (MTM) increased 18% year over year, with average revenue per use (ARPU) moving up 24%.

Despite an upsurge in MTM, which could raise credit risks, Dave gracefully managed to mitigate the threat, leveraging its proprietary AI and machine learning-based CashAI v5.5 model. This credit risk management apparatus led to the lowest loss rate on record in first-quarter 2026, lowering the 28-day past-due metric to 1.69%. Dave introduced Dave Flex, a "Pay in 4" credit product, to a small testing group of existing members. The company deduced the following results that include exponential growth in total originations per customer and an anticipated rise in ARPU.

The company remains on track to transition ExtraCash receivables to an off-balance sheet funding structure with Coastal Community Bank, which is expected to unlock $200 million in incremental liquidity, reduce costs of capital and support the repayment of the existing credit facility.

DAVE currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for 2026 EPS has moved up 14.1% in the past 90 days. Daveshares have surged 114.8% over the past year.

You can see the complete list of today's Zacks #1 Rank stocks here.

V2X: This company offers critical mission solutions and support services to defense clients globally. VVX reported an outstanding performance in the first quarter of 2026 during its earnings release. The top line gained 23% year over year, with adjusted net income accelerating 53%, leading to bottom-line growth of 55%.

V2X's total backlog reached a record $13.8 billion, providing strong visibility into long-term revenues, with 94% of the top line in 2026 already visible in the backlog and under contract. Across all businesses, the company held $4.1 billion in total bookings and awards.

The company's contract execution was impressive, as evidenced by the full operational execution and initial operational capability on the large-scale T-6 aircraft program during the first quarter of 2026. It led management to expect revenues of $175-$180 million from this program. V2X managed to provide a $70-$80-million boost to the mid-point of the top-line guidance on the back of a discrete time-and-materials contract with a national security customer expansion and extension.

V2X is no less on the AI front, launching three internal AI platforms operating on enterprise IT infrastructure. It has resulted in a significant expansion in AI-enabled productivity and operational efficiency in support functions. Partnerships with Google, NVIDIA, Amazon and Tactile assisted the company in building differentiated, AI-backed predictive platforms for aerospace sustainment and client bids.

VVX presently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its 2026 bottom line increased 4.4% in the past 90 days. V2X shares have gained 59.1% in a year.

Coherent: This prominent player in the materials, networking and lasers domain is riding the AI wave. The rapid expansion of AI data centers and the rising demand for bandwidth and energy efficiency are fueling the expansion in optical networking infrastructure. It has led to a step-function increase in its order book, resulting in a record level of backlog.

The upsurge in Coherent's transceiver demand can be attributed to the rapid adoption of 800-gig and 1.6T transceivers by customers. On the Optical Circuit Switch front, the market opportunity exceeds $4 billion. The company resolved a critical manufacturing bottleneck, enabling output to increase rapidly across two production facilities and convert backlog into top-line growth.

Coherent's partnership with NVIDIA is instrumental to raising Co-Packaged Optics' (CPO) addressable market opportunity over $15 billion. The company anticipates initial scaled-out CPO revenues in late 2026, followed by scaled-out CPO revenues in late 2027.

Supply-chain headwinds are prevalent within the AI market. To address this concern, COHR expanded internal Indium Phosphide (InP) capacity. The shift from 3-inch InP to 6-inch yields more than 4X as many devices at less than half the cost. The company's strategy to sign and finalize long-term agreements with customers, including upfront capital investments from customers, helps fund and mitigate challenges encircling COHR's capacity expansion.

COHR currently flaunts a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its fiscal 2026 bottom line has increased 1.5% in the past 90 days. Coherent shares have skyrocketed 198.5% in a year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Dave Inc. (DAVE) : Free Stock Analysis Report

Coherent Corp. (COHR) : Free Stock Analysis Report

V2X, Inc. (VVX) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

打开原文

维谛受益于高密度机架扩张

重要性4/5 高

对VRT的订单、功率密度和盈利传导提供直接数据，标的相关度高，但来源存在持仓与营销偏向。

标签

标的：`VRT`来源：Motley Fool发布日期：2026-07-16重要性：4/5 高评级理由：对VRT的订单、功率密度和盈利传导提供直接数据，标的相关度高，但来源存在持仓与营销偏向。评级依据：timeliness, fact_density, evidence_strength原文字数：839

中文摘要

核心结论

人工智能服务器机架功率密度上升，扩大了配电、备用电源和液冷设备需求。维谛技术凭借30%的收入增长、150亿美元积压订单及更长交付周期，获得延伸至2028年的收入可见度，同时承担较高估值要求。

重要性评级

评级：4/5（高）

文章直接覆盖VRT的需求、订单、利润率和估值，标的相关度高；来源为持有VRT和NVDA的媒体作者，结尾含订阅营销，需注意立场偏向。

关键事实

文章发布于美东时间 07/16 10:03（UTC+8 07/16 22:03）。
国际能源署预计，到2027年单个先进数据中心机架的峰值耗电可能相当于65户家庭。
文章称大型云计算企业2026年数据中心资本开支最高可达7000亿美元。
VRT一季度净销售额26.5亿美元，同比增长30%；美洲业务有机增长44%。
营业利润率扩大至20.8%，全年调整后营业利润指引升至32亿美元。
积压订单达到150亿美元，客户交付窗口延长至12至16个月，公司称收入可见度延伸至2028年。
机架功率密度由140千瓦升至300千瓦，未来可能达到600千瓦；公司将可服务市场由620亿美元扩大至750亿美元。
股价约为上年度盈利的73倍；分析师预计每股收益2026年增长57%、2027年增长36%。

作者观点与证据

作者将VRT定位为人工智能基础设施的设备供应商，证据包括订单、收入、利润率及机架功率趋势。公司关于重复下单风险较低的判断来自首席执行官，仍需订单取消率和交付数据验证。

与相关标的的关系

VRT直接供应电源与热管理系统；NVDA的新一代图形处理器平台提高机架功率和散热需求，形成上游算力向基础设施传导的路径。

时效性与限制

文章在批次日前一日发布。估值和盈利增长依赖分析师预测，且作者持有VRT和NVDA，媒体也推荐两家公司。

后续跟踪

150亿美元积压订单的取消率与收入转化。
12至16个月交付窗口是否继续延长。
液冷业务收入、利润率和市场份额。
2027年盈利预测与资本开支实际增速。

英文原文

Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom?

Courtney Carlsen, The Motley Fool

Thu, July 16, 2026 at 10:03 PM GMT+8 4 min read

NVDA

-2.40%

-3.43%

Artificial intelligence (AI) infrastructure is booming, and with it comes a surging demand for power and equipment solutions to support these next-generation data centers. AI server racks are becoming so powerful that, according to the International Energy Agency, a single rack in an advanced data center could have a peak power demand equivalent to 65 households by 2027.

With hyperscalers spending up to $700 billion in capital expenditures on the data center build-out this year, investing in "pick-and-shovel" stocks , or companies that provide the essential equipment or services for these data centers, becomes a compelling opportunity.

One such company that investors should have on their radars is Vertiv Holdings (NYSE: VRT), which provides power and cooling infrastructure. As AI reshapes the physical demands of computing, Vertiv's role in keeping data centers operational makes it an intriguing stock for investors looking to capitalize on the AI spending boom.

Vertiv is enjoying tailwinds from incredibly strong AI data center investments

Data centers and their powerful server racks consume more energy than ever, making power and thermal management systems essential to safely distributing electricity, removing excess heat, and preventing costly downtime. As AI workloads feature higher rack densities , equipment such as UPS systems, switchgear, and liquid-cooling solutions, which Vertiv specializes in, are becoming critical components.

Vertiv's power and thermal management systems ensure continuous operation with maximum efficiency and uptime at AI data centers. With modern AI training and inference clusters built around advanced GPUs, Vertiv is seeing a drastic pickup in demand for its products.

In the first quarter, Vertiv reported net sales of $2.65 billion, up 30% year over year. This growth was largely driven by its Americas segment, which posted 44% organic growth on the back of AI data center demand. Meanwhile, its operating margin expanded to 20.8%, and the company updated its full-year adjusted operating profit guidance to $3.2 billion.

Image source: The Motley Fool. Vertiv is seeing incredibly robust demand, as evidenced by its $15 billion backlog. This massive backlog provides visibility into Vertiv's future revenue. The company noted that customers are increasingly placing orders in advance and seeking delivery windows of 12 to 16 months, providing it with visibility into earnings through 2028.

Story Continues

Because customers are purchasing fully integrated systems optimized for specific silicon footprints (such as Nvidia 's next-generation platforms), double-ordering is unlikely to be an issue, according to Vertiv CEO Gio Albertazzi.

The future is bright for Vertiv

Rack densities (the amount of electrical power consumed) have increased from 140 kilowatts (kW) to 300 kW and will eventually reach 600 kW, drastically increasing the cooling and power needs per rack. As a result, Vertiv expanded its total addressable market from $62 billion to $75 billion, and is expanding its footprint and developing pre-engineering modular solutions to meet this growing demand.

Vertiv stock isn't cheap, priced at around 73 times last year's earnings, but investors are paying a premium for growth for good reason. Analysts covering the stock project that the company's earnings per share could grow 57% this year and 36% in 2027, implying a forward valuation of 34 times 2027 earnings. For investors looking to capitalize on the booming hyperscaler investments in data centers, Vertiv is a solid pick-and-shovel stock to scoop up today.

Should you buy stock in Vertiv right now?

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Courtney Carlsen has positions in Nvidia and Vertiv. The Motley Fool has positions in and recommends Nvidia and Vertiv. The Motley Fool has a disclosure policy .

Could Vertiv Be the Next Pick-and-Shovel Play for the AI Infrastructure Boom? was originally published by The Motley Fool

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OLED专利资产与潜在并购估值

重要性3/5 中

事实和估值数字较多，但并购判断属于无交易证据支持的情景推演，与COHR关联较弱。

标签

标的：`COHR`来源：Trefis发布日期：2026-07-16重要性：3/5 中评级理由：事实和估值数字较多，但并购判断属于无交易证据支持的情景推演，与COHR关联较弱。评级依据：timeliness, scenario_evidence原文字数：613

中文摘要

核心结论

Trefis认为Universal Display（通用显示公司）凭借约5,500项显示技术专利、净现金和分散的股权结构，具备潜在并购标的特征；按常见控制权溢价估算，交易价值可能落在45亿至53亿美元。文章没有披露实际竞购方、董事会接洽或正式交易程序，现阶段属于情景分析。

重要性评级

评级：3/5（中）

并购估值和OLED（有机发光二极管）材料产业链信息较完整，但与输入标的COHR仅有行业层面的间接联系，且缺少交易证据。

关键事实

Universal Display约有5,500项专利，并拥有UniversalPHOLED（通用磷光OLED材料）技术。
EV/EBIT（企业价值/息税前利润）为14.7倍，自由现金流收益率为5.8%。
净债务/EBITDA（息税折旧摊销前利润）为负1.8倍，反映公司持有净现金。
投入资本回报率为10.7%。
公司已与天马、LG Display（LG显示）签订新的长期协议。
自由流通股占92%，实行单一类别、一股一票；前十大股东合计持有45%。
公司近期批准4亿美元股票回购授权。
文章按20%至40%的控制权溢价推算45亿至53亿美元交易价值。

作者观点与证据

作者把专利壁垒、盈利能力、净现金和股权结构视为并购可行性的主要依据，并推测大型特种化学品公司可能成为战略买方。该推测没有具体买家名称、接洽记录或监管文件支持，文末还推广Trefis自有筛选及财富管理服务。

与相关标的的关系

文章主体是OLED，与COHR没有直接公司事件联系。两者均处于先进光电及材料产业链，可用于观察知识产权、客户协议和制造能力如何影响行业资产估值；DD、DOW、GLW和MMM也只作为可能的产业比较线索出现。

时效性与限制

文章发布于美东时间 07/16 09:13（UTC+8 07/16 21:13）。并购价值取决于未披露的基准股价和假设溢价，且文章声称存在“明确候选买家名单”，正文却未列出具体公司。

后续跟踪

Universal Display是否披露战略评估或潜在接洽。
4亿美元回购的执行进度与现金变化。
天马及LG显示长期协议对材料收入和利润率的贡献。
OLED产能扩张周期及专利授权续约情况。

英文原文

Who Is Positioned to Buy Universal Display?

Trefis Team

Thu, July 16, 2026 at 9:13 PM GMT+8 3 min read

OLED

+0.14%

COHR

-7.49%

+0.77%

-1.35%

-0.42%

Image from Pixabay With a fortress balance sheet and a trove of essential patents, this overlooked display-tech leader has the clear markings of a takeover target.

When you own the keys to a kingdom, in this case, a portfolio of roughly 5,500 patents for the vibrant screens in millions of devices, you expect the market to notice. Yet the stock has declined significantly. That kind of gap between core asset value and market price raises a critical question for any investor. Universal Display (OLED) has the structural fingerprint of a takeover target, and there is a concrete, named shortlist of who would buy it and why.

What Makes It A Candidate

The company trades at an EV/EBIT multiple of 14.7x with a free-cash-flow yield of 5.8% . More importantly, it's an acquirer's dream financially: its net-debt-to-EBITDA ratio is -1.8x, meaning it has a substantial net cash position that could help fund its own acquisition. This isn't just a financial shell; it's a highly profitable business with a return on invested capital of 10.7%, sitting on critical intellectual property for a market management believes is in the "early stages of a multiyear capacity expansion cycle."

Where A Bid Could Come From

The most logical strategic home for Universal Display would be a specialty chemicals giant. For such a company, this isn't about buying revenue; it's about acquiring a high-margin, IP-rich capability in advanced electronic materials. Universal Display's proprietary UniversalPHOLED materials and deep customer relationships, including new long-term agreements with firms like Tianma and LG Display, would slot directly into a larger materials science portfolio, securing a critical piece of the display technology value chain.

The Control Question

Could a deal actually get done? The path looks remarkably clear. With a free float of 92%, ownership is widely dispersed. There is no dual-class structure to block a bid; the company has a "single-class, one share one vote" system. While the top-10 holders own a combined 45% of shares, this is a significant concentration but not an insurmountable barrier for a strong offer.

The company recently announced a "$400 million share repurchase authorization," but that leaves the ultimate question open: would the board rather return that capital slowly on its own, or all at once for a premium?

What Is Universal Display Worth To A Buyer?

Pinning down a takeover price is more art than science, but control premiums in public deals have typically run 20% to 40% over the undisturbed price. On where Universal Display trades today, that points to a deal value somewhere in the region of $4.5 billion to $5.3 billion. The harder question is whether Universal Display is the only name that looks like this. It is not. We score every mid-cap on how closely it fits the takeover-target profile, name the most likely buyers for each, and flag whether control could block a deal. The full M&A Opportunity screen shows where Universal Display ranks and who else is screening as a target right now.

Story Continues

How Much Of Your Wealth Should Ride On One Deal?

Deal outcomes are binary in a way most stock stories are not, which makes position size the real decision. How much damage any single position could do to your net worth is a question with a precise answer. The Trefis Wealth team computes it for investors professionally, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

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半导体走弱压低盘前ETF

重要性2/5 较低

盘前信息较新，但正文残缺且只有SPY一个明确数值，证据价值有限。

标签

标的：`SOXX`来源：MT Newswires发布日期：2026-07-16重要性：2/5 较低评级理由：盘前信息较新，但正文残缺且只有SPY一个明确数值，证据价值有限。评级依据：当日盘前市场快照, 关联SPY、QQQ与SOXX, 仅保留SPY跌幅, 付费墙导致正文缺失原文字数：93

中文摘要

核心结论

MT Newswires称周四盘前半导体股走弱，主要股指期货分化，SPY下跌0.3%。付费墙截断了正文，无法识别具体半导体驱动因素及各类ETF表现。

重要性评级

评级：2/5（较低）

报道时效较高，但可用信息只有一个市场快照，难以支持板块归因。

关键事实

标题称交易所交易基金普遍走低，股指期货盘前表现分化。
SPDR S&P 500 ETF Trust（标普500交易所交易基金，SPY）下跌0.3%。
报道把半导体股疲弱列为盘前背景。
元数据关联QQQ、SPY、SOXX及主要美股指数。
原文在首句中途被付费墙截断，其余资产类别和价格均不可见。

作者观点与证据

文章可见部分属于即时行情播报，没有足够内容呈现作者观点或因果证据。半导体疲弱与ETF下跌之间仅有标题级关联。

与相关标的的关系

SPY是唯一保留明确跌幅的标的；QQQ和SOXX与盘前科技及半导体风险偏好相关，但摘录没有给出其数值。

时效性与限制

发布于美东时间 07/16 08:56（UTC+8 07/16 20:56）。正文被付费墙截断，盘前价格也不能代表收盘表现。

后续跟踪

SPY、QQQ和SOXX开盘后表现
股指期货分化方向
半导体走弱的具体公司与事件
市场广度及行业轮动

英文原文

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday Amid Semiconductor Stock Weakness

PREMIUM

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday Amid Semiconductor Stock Weakness

MT Newswires

Thu, July 16, 2026 at 8:56 PM GMT+8 5 min read

-1.64%

-0.54%

^GSPC

-0.51%

^DJI

-0.20%

^IXIC

-1.47%

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.3%, and the actively t

PREMIUM

Upgrade to read this MT Newswires article and get so much more.

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Coinbase分散稳定币收入来源

重要性4/5 中高

合作协议到期和稳定币收入数字直接影响CRCL、COIN关系，但商业条款尚未得到充分证实。

标签

标的：`CRCL`来源：Motley Fool发布日期：2026-07-16重要性：4/5 中高评级理由：合作协议到期和稳定币收入数字直接影响CRCL、COIN关系，但商业条款尚未得到充分证实。评级依据：timeliness, financial_metrics, contract_uncertainty原文字数：781

中文摘要

核心结论

Motley Fool认为Coinbase加入由140多家公司支持的Open USD（开放美元稳定币）联盟，有助于降低其对Circle旗下USDC（美元稳定币）的单一依赖，并争取更多储备收入。对Circle而言，联盟扩大了发行和收益分配层面的竞争，但文章对Open USD治理结构及商业条款的描述缺少原始协议支持。

重要性评级

评级：4/5（中高）

文章直接讨论CRCL与COIN合作关系、协议到期日和稳定币收入规模，关系明确；主要结论属于作者对联盟安排的推演。

关键事实

Coinbase于06/30（未给出具体时刻）加入由140多家金融、科技及零售公司组成的Open USD联盟。
参与方包括Visa、Mastercard（万事达卡）、Stripe（支付服务商）、BlackRock（贝莱德）、Google（谷歌）和Shopify（电商平台）。
Coinbase与Circle的USDC收入分成协议将在08/18（未给出具体时刻）到期。
Coinbase仍保留其平台上USDC产生的全部利息收入。
文章称联盟成员将共同管理Open USD并分享储备收入。
Coinbase的稳定币收入在2025年增长48%至13.5亿美元，占总收入近19%。
分析师预计2025年至2028年，Coinbase收入和调整后EBITDA（息税折旧摊销前利润）复合年增长率均为4%。
COIN估值约为当年调整后EBITDA的21倍。

作者观点与证据

作者认为Coinbase可以同时延续Circle合作并支持Open USD，从稳定币整体采用中获益。历史收入数字支持稳定币业务的重要性，但协议是否续签、联盟如何分配储备收益以及Open USD何时全面推出仍没有确定证据。文章包含Motley Fool会员产品推广，并披露其推荐Coinbase及持有部分联盟参与方股票。

与相关标的的关系

CRCL面临USDC分发伙伴支持竞争产品的压力，储备收益分成和市场份额可能受影响。COIN则可能拓宽稳定币收入来源，但其稳定币收入仍受利率、监管和实际流通量影响。

时效性与限制

文章发布于美东时间 07/16 08:50（UTC+8 07/16 20:50）。文中称Open USD于06/30加入联盟或启动相关安排，同时又称计划在今年晚些时候推出，具体阶段需要官方文件澄清。

后续跟踪

08/18（未给出具体时刻）前后Coinbase与Circle协议是否续签。
Open USD治理、储备托管和收入分配条款。
Coinbase稳定币收入中USDC与其他代币的占比。
USDC和Open USD流通量及机构接入数量。

英文原文

Coinbase Just Joined a 140-Company Stablecoin Alliance. Here

Coinbase Just Joined a 140-Company Stablecoin Alliance. Here's What It Means for the Stock.

Leo Sun, The Motley Fool

Thu, July 16, 2026 at 8:50 PM GMT+8 3 min read

COIN

-4.02%

USDC-USD

+0.02%

CRCL

-7.69%

NVDA

-2.40%

On June 30, Coinbase (NASDAQ: COIN) joined a coalition of more than 140 financial, tech, and retail companies to back a new stablecoin called Open USD (OUSD). That move was surprising, since Coinbase was a founding partner for Circle 's (NYSE: CRCL) USDC (CRYPTO: USDC) stablecoin, and it still retains all the interest income from USDC on its own exchange.

But with that crucial revenue-sharing partnership with Circle set to expire on Aug. 18, Coinbase appears interested in supporting other stablecoins, such as OUSD, to reduce its exposure to USDC. That shift already crushed Circle's stock , but what does it mean for Coinbase's stock?

Image source: Getty Images.

Why is Coinbase joining that big coalition?

Circle is the only company that mints and manages USDC. Circle also generates most of its revenue by earning interest on the cash and U.S. Treasuries it holds to back the stablecoin. Coinbase and a few other companies get a cut of that interest, known as reserve income.

With OUSD, the entire coalition of companies -- including Coinbase, Visa , Mastercard , Stripe, BlackRock , Alphabet's Google, and Shopify -- will jointly manage the cryptocurrency and split its reserve income. That democratization and decentralization represent a major threat to Circle, but it's bullish for Coinbase.

Coinbase can renew its revenue-sharing agreement with Circle and continue to support OUSD's planned launch later this year. As one of the world's largest cryptocurrency exchanges, it will profit from the rising adoption of stablecoins, regardless of which token rises to the top.

In 2025, Coinbase's revenue from stablecoins rose 48% year over year to $1.35 billion, accounting for nearly 19% of its top line. If the CLARITY Act is finally signed into law with a favorable outcome for stablecoin yields, that business could grow even faster and reduce Coinbase's dependence on more volatile cryptocurrencies.

What does this alliance mean for Coinbase's stock?

In the past, Coinbase's revenue was pinned to the crypto market's boom-and-bust cycles. But if stablecoins are more widely adopted as a faster, cheaper, and more privacy-oriented alternative to U.S. dollars, Coinbase's exposure to those choppy market cycles will decrease.

From 2025 to 2028, analysts expect Coinbase's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to both grow at CAGRs of 4%. Those growth rates might seem weak for a stock that trades at 21 times this year's adjusted EBITDA.

Story Continues

However, those forecasts could rise once interest rates decline, more investors rotate back to cryptocurrencies, and a new crypto summer begins. The approval of stablecoins will amplify those gains. If you expect those tailwinds to kick in and help Coinbase crush analysts' estimates, it could still be a great time to accumulate its out-of-favor stock.

Should you buy stock in Coinbase Global right now?

Before you buy stock in Coinbase Global, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Coinbase Global wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $396,542 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,299,961 !

See the 10 stocks »

*Stock Advisor returns as of July 16, 2026.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, BlackRock, Mastercard, Shopify, and Visa. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy .

Coinbase Just Joined a 140-Company Stablecoin Alliance. Here's What It Means for the Stock. was originally published by The Motley Fool

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西部数据与维谛的增长筛选

重要性3/5 中

含VRT和WDC的直接经营比较，但方法透明度不足，适合作为补充筛选材料。

标签

标的：`VRT`来源：StockStory发布日期：2026-07-16重要性：3/5 中评级理由：含VRT和WDC的直接经营比较，但方法透明度不足，适合作为补充筛选材料。评级依据：fact_density, evidence_strength, source_quality原文字数：613

中文摘要

核心结论

StockStory以收入增长、利润率、自由现金流和资本回报筛选标普500成份股，对西部数据和维谛持积极看法，对哈里伯顿保持谨慎。VRT的有机增长与现金流改善突出，但远期估值已反映较强预期。

重要性评级

评级：3/5（中）

文章直接涉及VRT和WDC，提供若干跨公司比较数字；内容属于营销型筛选文章，分析方法和计算区间披露不足。

关键事实

文章发布于美东时间 07/16 08:41（UTC+8 07/16 20:41）。
哈里伯顿市值294.5亿美元，毛利率16.8%，股价35.28美元，对应14.5倍远期市盈率。
西部数据市值1771亿美元，未来12个月收入预计增长43.7%。
文章称WDC过去五年营业利润率提高17.3个百分点，自由现金流利润率提高17.1个百分点。
WDC股价505.50美元，对应34.8倍远期市盈率。
VRT市值1170亿美元，过去两年有机收入年均增长23.7%。
文章称VRT过去五年自由现金流利润率提高22.4个百分点，资本回报率持续改善。
VRT股价304.40美元，对应44.4倍远期市盈率。

作者观点与证据

作者偏好WDC和VRT，依据为增速、利润率及现金流改善；对HAL的担忧集中在低毛利率。文章未提供估值模型、预测来源和行业周期调整，结尾主要引导读者获取付费研究。

与相关标的的关系

VRT获得经营质量评价；WDC对应存储需求与现金流改善；HAL作为负面对照；^GSPC仅提供成份股筛选范围。

时效性与限制

文章在批次日前一日发布，价格数据较新。未来收入增速和远期市盈率依赖未披露的分析师预测，营销措辞较多。

后续跟踪

WDC未来12个月43.7%收入增长预测的兑现度。
VRT有机增长与自由现金流利润率。
两家公司远期估值随盈利预测变化的幅度。
HAL毛利率与油田服务定价。

英文原文

2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky

Weixin Lin

Thu, July 16, 2026 at 8:41 PM GMT+8 3 min read

^GSPC

-0.51%

-0.60%

-3.43%

-9.15%

2 S&P 500 Stocks to Keep an Eye On and 1 We Find Risky The S&P 500 (^GSPC) is home to the biggest and most well-known companies in the market, making it a go-to index for investors seeking stability. But not all large-cap stocks are created equal - some are struggling with slowing growth, declining margins, or increased competition.

Some large-cap stocks are past their peak, and StockStory is here to help you separate the winners from the laggards. Keeping that in mind, here are two S&P 500 stocks positioned to outperform and one best left off your watchlist.

One Stock to Sell:

Halliburton (HAL)

Market Cap: $29.45 billion

Behind nearly every oil and gas well drilled worldwide, Halliburton (NYSE:HAL) provides drilling, completion, and production services that help oil and gas companies extract hydrocarbons from underground reservoirs.

Why Are We Wary of HAL?

High extraction costs and unfavorable asset economics are reflected in its low gross margin of 16.8%

Halliburton is trading at $35.28 per share, or 14.5x forward P/E. If you're considering HAL for your portfolio, see our FREE research report to learn more .

Two Stocks to Watch:

Western Digital (WDC)

Market Cap: $177.1 billion

Founded in 1970 by a Motorola employee, Western Digital (NASDAQ: WDC) is a leading producer of hard disk drives, SSDs and flash memory.

Why Are We Positive on WDC?

Projected revenue growth of 43.7% for the next 12 months is above its two-year trend, pointing to accelerating demand

Efficiency rose over the last five years as its Operating margin increased by 17.3 percentage points

Free cash flow margin expanded by 17.1 percentage points over the last five years, providing additional flexibility for investments and share buybacks/dividends

At $505.50 per share, Western Digital trades at 34.8x forward P/E. Is now the time to initiate a position? Find out in our full research report, it's free .

Vertiv (VRT)

Market Cap: $117 billion

Formerly part of Emerson Electric, Vertiv (NYSE:VRT) manufactures and services infrastructure technology products for data centers and communication networks.

Why Do We Love VRT?

Core business can prosper without any help from acquisitions as its organic revenue growth averaged 23.7% over the past two years

Free cash flow margin expanded by 22.4 percentage points over the last five years, providing additional flexibility for investments and share buybacks/dividends

Returns on capital are growing as management capitalizes on its market opportunities

Vertiv's stock price of $304.40 implies a valuation ratio of 44.4x forward P/E. Is now a good time to buy? See for yourself in our in-depth research report, it's free .

Story Continues

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Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today .

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加拿大皇家银行下调维谛目标价

重要性2/5 中低

标的关联直接，但只有标题级事实，证据完整度较低。

标签

标的：`VRT`来源：MT Newswires发布日期：2026-07-16重要性：2/5 中低评级理由：标的关联直接，但只有标题级事实，证据完整度较低。评级依据：timeliness, source_completeness, evidence_strength原文字数：80

中文摘要

核心结论

RBC Capital（加拿大皇家银行资本市场）将维谛技术目标价由435美元下调至418美元，同时维持“跑赢大盘”评级。下调幅度约3.9%，方向偏谨慎，但评级框架未变。

重要性评级

评级：2/5（中低）

消息直接关联VRT且发布时间较新，但付费墙只留下标题和一段残缺文字，缺少分析师姓名、调整理由、盈利预测及报告日期。

关键事实

文章发布于美东时间 07/16 08:37（UTC+8 07/16 20:37）。
RBC Capital把VRT目标价从435美元降至418美元。
该机构维持“跑赢大盘”评级。
存档残文称VRT市场平均评级为“增持”，平均目标价380.72美元。
页面显示VRT当时跌幅为3.43%。

作者观点与证据

存档没有保留RBC的论据，无法判断调整来自估值、盈利预测、汇率或行业假设。唯一可以确认的是目标价下调与评级维持。

与相关标的的关系

信息仅直接关联维谛技术VRT，可作为卖方预期变化记录，不足以独立评价公司基本面。

时效性与限制

报道距离批次日期一天，时效尚可；正文被付费墙截断，380.72美元平均目标价的样本范围与更新时间也未披露。

后续跟踪

RBC完整报告中的目标价调整原因。
盈利预测和估值倍数是否同步变化。
其他机构是否出现相同方向调整。
VRT下一次业绩指引。

英文原文

RBC Capital Adjusts Price Target on Vertiv Holdings to $418 From $435, Maintains Outperform Rating

PREMIUM

RBC Capital Adjusts Price Target on Vertiv Holdings to $418 From $435, Maintains Outperform Rating

MT Newswires

Thu, July 16, 2026 at 8:37 PM GMT+8

-3.43%

Vertiv Holdings Co (VRT) has an average rating of overweight and mean price target of $380.72, accor

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摩根大通上调Coherent目标价

重要性2/5 中低

直接涉及COHR，但只有目标价和评级，缺少支持结论的完整正文。

标签

标的：`COHR`来源：MT Newswires发布日期：2026-07-16重要性：2/5 中低评级理由：直接涉及COHR，但只有目标价和评级，缺少支持结论的完整正文。评级依据：timeliness, limited_evidence原文字数：78

中文摘要

核心结论

摩根大通将Coherent（相干公司，COHR）目标价从380美元上调至435美元，并维持“增持”评级。可见正文仅提供评级变动和市场一致预期，无法判断上调所依据的盈利预测、估值方法或业务假设。

重要性评级

评级：2/5（中低）

消息直接涉及COHR且发布时间较近，但付费墙遮挡了主要内容，证据密度很低。

关键事实

摩根大通将COHR目标价提高55美元，从380美元升至435美元，增幅约14.5%。
评级维持“增持”。
文中可见的市场平均评级同为“增持”。
市场平均目标价为392.59美元，低于摩根大通的新目标价。
元数据显示文章附近行情中COHR下跌7.49%，但原文未解释该跌幅的时间口径或原因。

作者观点与证据

可见内容只陈述分析师行动，没有提供摩根大通报告中的收入、利润、资本开支或人工智能光通信需求预测。目标价本身代表分析师观点，不能据此还原其论证过程。

与相关标的的关系

该消息直接关联COHR，可作为卖方预期变化的记录；缺少支撑模型，无法用于评估目标价上调是否来自盈利预测、估值倍数或行业景气假设变化。

时效性与限制

文章发布于美东时间 07/16 08:08（UTC+8 07/16 20:08）。MT Newswires正文受订阅限制，现有材料不包含完整研究依据。

后续跟踪

摩根大通是否同步调整COHR收入和每股收益预测。
435美元目标价采用的估值倍数与预测期。
其他机构目标价和一致预期是否随后上修。

英文原文

JPMorgan Adjusts Price Target on Coherent to $435 From $380, Maintains Overweight Rating

PREMIUM

JPMorgan Adjusts Price Target on Coherent to $435 From $380, Maintains Overweight Rating

MT Newswires

Thu, July 16, 2026 at 8:08 PM GMT+8

COHR

-7.49%

Coherent (COHR) has an average rating of overweight and mean price target of $392.59, according to a

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数据中心电力设备订单扩张

重要性4/5 高

为VRT提供直接订单证据和产业链横向比较，数据密度高且发布时间较近。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-16重要性：4/5 高评级理由：为VRT提供直接订单证据和产业链横向比较，数据密度高且发布时间较近。评级依据：timeliness, fact_density, industry_relevance原文字数：1193

中文摘要

核心结论

美国数据中心用电占比上升，使配电、冷却和备用发电设备先于部分计算环节体现订单增长。伊顿、维谛和卡特彼勒分别覆盖配电与热管理、关键电源与冷却、现场发电，三家公司一季度均实现业绩超预期。

重要性评级

评级：4/5（高）

文章直接覆盖VRT，并用ETN和CAT提供产业链对照；订单、积压和利润率数字较丰富，但部分宏观判断及估值来自媒体汇总。

关键事实

文章发布于美东时间 07/16 08:00（UTC+8 07/16 20:00）。
美国能源部预计，到2028年数据中心可能占美国用电量的12%。
ETN一季度收入74.5亿美元，同比增长16.8%；美洲电气业务收入增长20%，十二个月滚动订单有机增长42%。
ETN电气业务积压订单增长48%，全年调整后每股收益指引为13.05至13.50美元。
VRT一季度收入增长30.1%至26.5亿美元，美洲有机销售增长44%，调整后营业利润率升至20.8%。
VRT此前单季订单同比增长252%，积压订单150亿美元，订单出货比约2.9倍；全年调整后每股收益指引为6.30至6.40美元。
CAT一季度收入174.15亿美元，同比增长22.2%；每股收益5.54美元，高于4.64美元共识。
CAT发电业务收入增长41%至28.17亿美元，并连续四个季度保持高增长。

作者观点与证据

作者认为数据中心电力基础设施率先释放盈利弹性，依据为订单、积压、容量市场与用电预测。ETN面临并购整合与利息费用风险，VRT面临高估值和区域收入下滑，CAT还受关税及传统周期业务影响。

与相关标的的关系

VRT是数据中心关键电源和冷却设备供应商；ETN覆盖开关设备、母线及液冷；CAT通过大型发动机和涡轮提供备用电源。三者构成同一资本开支链的不同环节。

时效性与限制

文章在批次日前一日发布。订单和财务数据应以公司季报为准，媒体给出的目标价、评级和前瞻用电占比存在预测误差。

后续跟踪

三家公司二季度订单、积压与指引。
数据中心并网约束和容量市场价格。
VRT欧洲、中东和非洲收入恢复情况。
ETN并购整合及CAT关税成本。

英文原文

3 Stocks Riding the AI Data Center Power Buildout in July

Joel South

Thu, July 16, 2026 at 8:00 PM GMT+8 6 min read

-4.02%

-4.06%

-3.43%

Quick Read

Eaton (ETN) grew its electrical order book 42% organically while Vertiv (VRT) built a $15 billion backlog on 252% order growth, both posting Q1 beats.

Caterpillar (CAT) beat Q1 EPS by 19% as its Power Generation segment grew 41% for four consecutive quarters, backed by a record backlog.

Data centers are projected to consume 12% of U.S. electricity by 2028, and that makes power infrastructure the first place AI earnings leverage appears, ahead of compute itself.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

AI data center construction is a power problem before it is a compute problem, and the equipment that moves, conditions, cools and backs up electricity inside those buildings is where the earnings leverage is showing up first.

24/7 Wall St. Three U.S.-listed industrials have become the cleanest ways to own that buildout: Eaton ( NYSE:ETN ) for switchgear and thermal management, Vertiv ( NYSE:VRT ) for critical power and cooling infrastructure and Caterpillar ( NYSE:CAT ) for on-site backup generation. Each posted a first-quarter beat, each raised guidance, and each is trading with a forward multiple that reflects real order acceleration rather than a story. Here is how they stack up going into the July earnings cycle.

The macro backdrop is unusually supportive. The Department of Energy projects data centers will account for up to 12% of U.S. electrical demand by 2028, and PJM Interconnection's independent market monitor concluded that "data center load growth is the primary reason for recent and expected capacity market conditions" in the country's largest grid region. That is the tailwind these three names are monetizing.

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Eaton (ETN): The Compounding Acquirer

Eaton makes the electrical guts of a data center: switchgear, busway, power distribution and now liquid cooling after closing Boyd Thermal. Shares traded around $413.98 on July 15, up 26.48% year to date, with a market cap near $158 billion. Forward earnings sits at 30x and the analyst consensus target at $455.79, with 22 Buy or Strong Buy ratings against four Hold ratings.

Story Continues

Q1 delivered adjusted EPS of $2.81 versus a $2.73 consensus on revenue of $7.45 billion, up 16.8% year over year. The number to anchor on is Electrical Americas: revenue rose 20% while the twelve-month rolling order book grew 42% organically, driven by data center demand. Total Electrical backlog is up 48%. Management closed $11 billion in acquisitions in the quarter, headlined by Boyd Thermal at $9.55 billion, and raised full-year adjusted EPS guidance to $13.05 to $13.50. CEO Paulo Ruiz called out "significant capacity expansion investments to meet demand" in Electrical Americas.

Risk: integration. Net interest expense jumped to $106 million from $33 million year over year, and GAAP EPS fell to $2.22 from $2.45 on acquisition charges. A stumble on Boyd or the planned Q1 2027 Mobility spin-off would compress the multiple quickly.

Vertiv (VRT): The High-Growth Pure Play

Vertiv is the closest thing to a listed data-center-infrastructure pure play. On July 15, shares changed hands around $300.86, up more than 71% year to date and more than 136% over the past year. Forward earnings sits at 52x, with a consensus target of $377.40 and 22 Buy or Strong Buy ratings calls versus three Hold ratings.

The re-rating has fundamentals behind it. Q1 revenue grew 30.1% to $2.65 billion, adjusted EPS of $1.17 beat by 15.68%, and Americas organic sales expanded 44%. Adjusted operating margin expanded 430 basis points to 20.8%. The leading indicator is Q4 2025 orders, which grew 252% year over year, pushing backlog to $15 billion at a book-to-bill near 2.9x. Vertiv joined the S&P 500 in March 2026 after picking up investment-grade ratings in February. Full-year adjusted EPS guidance was raised to $6.30 to $6.40, implying 50% to 52% growth at the midpoint.

Risk: valuation and geography. EMEA revenue declined 20.3%, and at 52x forward earnings with a beta of 2.03, any hiccup in the AI CapEx cycle would land squarely on this multiple. Shares already slipped 3.96% in the past week.

Caterpillar (CAT): The Scale Play With a Backup Power Kicker

Caterpillar is the biggest of the three, at $438 billion in market cap, and its data center exposure runs through large reciprocating engines and turbines used for prime and backup power. Shares traded around $917.58 on July 15, up 53.34% year to date and 126.76% over the past 12 months. Forward earnings comes in at 39x, with an analyst target of $962.49 and a more mixed rating split: 15 Buy or Strong Buy ratings, 11 Hold ratings and two Sell ratings.

Q1 EPS of $5.54 topped the $4.64 consensus by 19.3% on revenue of $17.415 billion, up 22.2%. Power Generation, the product line closest to AI infrastructure, grew 41% to $2.817 billion. Momentum has been building for four straight quarters: +28% in Q2 2025, +31% in Q3, +44% in Q4, and +41% in Q1 2026. CEO Joe Creed pointed to "a record backlog" as the foundation for continued momentum. Capital returns underline the scale: $5.0 billion in buybacks and roughly $0.7 billion in dividends in the quarter, with a yield near 0.64%.

Risk: tariffs and cyclicality. Resource Industries segment profit fell 39% on tariff-driven manufacturing costs, and Caterpillar's construction and mining exposure remains cyclical if dealer inventory builds outrun end-user demand.

Investors get three distinct expressions of the same trade here: Eaton for compounding execution and M&A optionality, Vertiv for the highest earnings growth rate at the highest multiple, and Caterpillar for scale, capital returns, and a Power Generation line that keeps re-accelerating. Second-quarter reports across the group will be the near-term catalyst worth watching.

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七月十六日华尔街评级调整

重要性3/5 中

包含VRT和多只相关科技标的的最新评级，但证据停留在摘要层面。

标签

标的：`VRT`来源：24/7 Wall St.发布日期：2026-07-16重要性：3/5 中评级理由：包含VRT和多只相关科技标的的最新评级，但证据停留在摘要层面。评级依据：timeliness, fact_density, evidence_strength原文字数：1199

中文摘要

核心结论

07/16卖方研究调整覆盖大型科技、网络安全、资管、消费和基础设施公司。与输入标的最直接的信息是Baird（贝尔德）首次覆盖VRT并给予“跑赢大盘”评级和370美元目标价。

重要性评级

评级：3/5（中）

文章汇集多项当日评级，时效和覆盖面较强，但每项只有评级与目标价，缺少完整研究依据；宏观段落还包含未经充分验证的地缘判断。

关键事实

文章发布于美东时间 07/16 07:57（UTC+8 07/16 19:57）。
摩根大通将BLK由“中性”升至“增持”，目标价从1165美元升至1364美元。
Capital One（第一资本）将OKTA升至“增持”，目标价从126美元升至171美元；将PANW升至“增持”，目标价从307美元升至421美元。
Truist Financial（达信金融）将LULU由“持有”降至“卖出”，目标价从115美元降至94美元。
Wedbush（韦德布什）给予Alphabet“跑赢大盘”评级，目标价445美元；给予Meta“中性”评级，目标价671美元。
Baird首次覆盖VRT，评级“跑赢大盘”，目标价370美元。
Benchmark首次覆盖RMBS，评级“买入”，目标价165美元。
Piper Sandler（派杰）首次覆盖SPCX，评级“中性”，目标价156美元。
文中记录比特币在美东时间 07/16 08:00（UTC+8 07/16 20:00）报64145美元，以太坊报1883美元。

作者观点与证据

正文主要整理卖方评级变动，没有提供各机构盈利模型或风险假设。宏观部分将生产者价格指数下降、能源价格和美伊冲突联系起来，属于媒体分析，不能替代官方数据与完整地缘证据。

与相关标的的关系

VRT获得直接首次覆盖；GOOG、META、OKTA和PANW对应科技与安全板块；SPCX获得中性首次评级。其他公司属于当日卖方情绪背景。

时效性与限制

报道在批次日前一日发布。评级信息高度依赖卖方模型，且文章夹杂推广内容；所列市场价格与利率只对应特定时点。

后续跟踪

Baird对VRT的盈利假设和估值倍数。
网络安全公司目标价上调后的业绩验证。
GOOG与META首次覆盖报告的差异。
SPCX目标价所采用的业务和发射假设。

英文原文

Here Are Thursday’s Top Wall Street Analyst Research Calls: Alphabet, BlackRock, Etsy, Flex, Lululemon Athletica, Meta Platforms, Okta, Palo Alto Networks, and More

Lee Jackson

Thu, July 16, 2026 at 7:57 PM GMT+8 6 min read

OKTA

-2.07%

PANW

-0.01%

LULU

+1.17%

+0.85%

GOOG

-4.43%

Quick Read

A 0.3% June PPI drop lifted all major indices, but escalating U.S.-Iran hostilities near the Strait of Hormuz threaten to reverse those inflation gains.

JPMorgan raised BLK to Overweight with a $1,364 target, while Truist cut LULU to Sell and dropped the price target to $94.

Capital One upgraded both OKTA to Overweight with a $171 target and Palo Alto Networks to Overweight with a $421 target on the same day.

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Pre-Market Stock Futures:

Futures are trading mixed after a solid mid-week session that saw all of the major indices finish the day higher. Another positive inflation print helped stocks along, as the Producer Price Index (PPI), which tracks wholesale costs, plummeted 0.3% in June, largely due to falling gasoline prices. While that was encouraging, it's a good bet the number moves back higher in July, as energy prices have spiked amid the escalation of attacks between the United States and Iran. It's important to remember the trailing and forward price-to-earnings ratios for the S&P 500; both are well above historical averages. The Nasdaq once again led the way on Wednesday, closing up 0.62% at 26,269, while the S&P 500 finished the session at 7,527, up 0.38%. The small-cap Russell 2000 closed at 2,975, up 0.37%, while the Dow Jones Industrials closed at 52,658, higher by 0.29%.

Treasury Bonds:

After the positive PPI number, bond buyers returned once again to grab rich coupons on U.S. debt, and yields across the curve were lower for all of the maturities. When the closing bell rang, the 30-year-long bond was last seen at 5.09%, while the benchmark 10-year note was quoted at 4.55%.

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Oil and Gas:

As expected, despite the positive inflation print, energy prices traded higher again amid the escalation in hostilities, which is once again hindering traffic through the Strait of Hormuz. With Iranian ports near the Strait blockaded and missile strikes increasing, it's a solid bet prices will continue to climb and likely erode the positive inflation numbers we saw this week when the July data is revealed next month. Brent Crude finished the day at $85.78, up 1.24%, while West Texas Intermediate was last seen at $80.31, up 1.22%. Natural gas followed suit, closing up 0.93% at $2.93.

Story Continues

Gold:

The precious metal closed mixed on Wednesday, as the uptick in military activity drew some buyers. When trading ended, Gold was quoted at $4,056, up 0.13%. Silver continued its losing ways, finishing the day lower by 0.98% at $57.84.

Crypto:

Cryptocurrencies traded higher on Wednesday, extending a broad rally sparked by cooler-than-expected U.S. inflation data. During the day, Bitcoin climbed around 0.5% to $64,900, while Ethereum added 2.9% to $1,929. At 8 AM EDT, Bitcoin was trading at $ 64,145, while Ethereum was quoted at $1,883.

24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Thursday, July 16, 2026.

Upgrades:

Blackrock ( NYSE: BLK ) was upgraded to Overweight from Neutral at JPMorgan, which pushed the price target to $1,364 from $1,165.

Flex ( NASDAQ: FLEX ) was raised to Buy from Hold at Freedom Capital, which bumped the target price for the shares to $150 from $144.

Okta ( NASDAQ: OKTA ) was raised to Overweight from Equal Weight at Capital One, which boosted the target price to $171 from $126.

Palo Alto Networks ( NASDAQ: PANW ) was raised to Overweight from Equal Weight at Capital One, which lifted the target price to $421 from $307.

Rocket Companies ( NYSE: RKT ) was upgraded to Overweight from Equal Weight at Morgan Stanley, which nudged the price target to $19 from $18.

Downgrades:

American Electric Power Company ( NYSE: AEP ) was downgraded to Neutral from Buy at Goldman Sachs, with a $147 target price.

Cinemark Holdings ( NYSE: CNK ) was cut to Equal Weight from Overweight at Wells Fargo, which trimmed the target price for the stock to $31 from $36.

Etsy ( NYSE: ETSY ) was downgraded to Neutral from Buy at BTIG, without a price target.

Lululemon Athletica ( NASDAQ: LULU ) was downgraded to Sell from Hold at Truist Financial, and dropped the target price for the yoga fashion retailer to $94 from $115.

Pentair ( NYSE: PNR ) was downgraded to Hold from Buy at Stifel, which slashed the target price for the shares to $65 from $103.

Initiations:

Alphabet ( NASDAQ: GOOGL ) was assumed with an Outperform rating at Wedbush, with a $445 target price objective.

Meta Platforms ( NASDAQ: META ) was assumed with a Neutral rating at Wedbush, with a $671 target price for the shares.

Rambus ( NASDAQ: RMBS ) was initiated with a Buy rating at Benchmark, which has set a $165 target price.

Space Exploration Technologies ( NASDAQ: SPCX) was started with a Neutral rating at Piper Sandler with a $156 target price.

Vertiv Holdings ( NYSE: VRT ) was initiated with an Outperform rating at Baird, with a $370 target price.

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Contact editorial@247wallst.com for any questions or corrections.

打开原文

贝尔德首次覆盖维谛

重要性2/5 中低

直接标的信息较新，但内容只有评级标题和残缺市场共识数据。

标签

标的：`VRT`来源：MT Newswires发布日期：2026-07-16重要性：2/5 中低评级理由：直接标的信息较新，但内容只有评级标题和残缺市场共识数据。评级依据：timeliness, source_completeness, evidence_strength原文字数：74

中文摘要

核心结论

Baird（贝尔德）首次覆盖维谛技术，给予“跑赢大盘”评级和370美元目标价。该目标略低于存档所列市场平均目标价380.72美元，体现正面评级但没有展示完整估值依据。

重要性评级

评级：2/5（中低）

信息直接关联VRT且属于最新卖方动作，但存档被付费墙截断，只能确认评级和目标价。

关键事实

文章发布于美东时间 07/16 05:19（UTC+8 07/16 17:19）。
Baird首次覆盖VRT。
首次评级为“跑赢大盘”。
目标价为370美元。
存档残文称市场平均评级为“增持”，平均目标价380.72美元。
页面显示VRT当时下跌3.43%。

作者观点与证据

正文未保留Baird的行业假设、盈利预测或估值模型，因此无法判断正面评级依赖数据中心需求、订单增长还是利润率扩张。

与相关标的的关系

消息仅直接关联VRT，可补充卖方覆盖广度与预期分布，不能独立验证经营趋势。

时效性与限制

文章在批次日前一日发布。付费墙导致原文不完整，平均目标价的统计样本和更新时间也未知。

后续跟踪

Baird完整研报的收入与盈利预测。
370美元目标价所采用的估值倍数。
后续目标价或评级调整。
公司业绩与卖方预测偏差。

英文原文

Baird Initiates Vertiv Holdings at Outperform With $370 Price Target

PREMIUM

Baird Initiates Vertiv Holdings at Outperform With $370 Price Target

MT Newswires

Thu, July 16, 2026 at 5:19 PM GMT+8

-3.43%

Vertiv Holdings (VRT) has an average rating of overweight and mean price target of $380.72. accordin

PREMIUM

Upgrade to read this MT Newswires article and get so much more.

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打开原文

维谛现金流估值与高市盈率冲突

重要性4/5 高

直接呈现VRT两套估值框架及关键数字，适合识别预期分歧，但模型假设透明度有限。

标签

标的：`VRT`来源：Simply Wall St.发布日期：2026-07-16重要性：4/5 高评级理由：直接呈现VRT两套估值框架及关键数字，适合识别预期分歧，但模型假设透明度有限。评级依据：timeliness, fact_density, model_limitations原文字数：1131

中文摘要

核心结论

Simply Wall St（股票分析平台）的现金流折现模型认为VRT较每股353美元内在价值低13.8%，市盈率比较却显示估值偏高。分歧源于现金流持续增长假设与当前高盈利倍数之间的张力。

重要性评级

评级：4/5（高）

文章直接分析VRT估值，明确展示现金流折现和市盈率两套结果；模型输入、长期增长率与折现率未完整披露，不能把13.8%视为确定折价。

关键事实

文章发布于美东时间 07/16 01:17（UTC+8 07/16 13:17）。
VRT过去三年股价回报约10.5倍，过去一年回报143.1%。
最近十二个月自由现金流约23亿美元。
DCF（现金流折现）模型估算内在价值约353美元，对应13.8%的折价。
VRT市盈率约75.1倍，电气行业平均为38.1倍，可比公司平均为38.5倍。
平台估计VRT适配其增长与风险后的合理市盈率约64.7倍，仍低于当前75.1倍。
六项估值检验中只有两项显示低估。
ThermoKey（热管理设备公司）收购扩大了VRT在欧洲、中东和非洲的数据中心冷却布局。

作者观点与证据

文章没有给出单向结论，现金流模型支持一定上行空间，市场倍数则反映乐观预期已大量计价。牛熊叙事来自社区与模型，现金流增速、利润率、关税和并购整合均会显著改变估值结果。

与相关标的的关系

所有估值数据均直接对应VRT，重点观察人工智能数据中心冷却增长能否转化为自由现金流并支撑高倍数。

时效性与限制

文章在批次日前一日发布。平台说明分析基于历史数据和分析师预测，可能未纳入最新价格敏感公告；现金流折现模型的折现率和终值假设未在存档正文披露。

后续跟踪

自由现金流增速与现金转换率。
ThermoKey整合及区域收入变化。
75.1倍市盈率随盈利增长的回落速度。
DCF折现率、终值和长期增长假设。

英文原文

Vertiv (VRT) Stock May Be 14% Undervalued Despite AI Cooling Deal

Bailey Pemberton

Thu, July 16, 2026 at 1:17 PM GMT+8 4 min read

-3.43%

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.

Vertiv Holdings Co has delivered a very large 3 year return, yet investors now face a split verdict on the stock's valuation, with the Discounted Cash Flow (DCF) intrinsic value estimate pointing to some upside while market based multiples look less generous.

Vertiv's share price has returned about 10.5x over the past 3 years, which puts extra pressure on today's buyers to justify paying up after such a strong run.

Rising demand for AI focused data center power and cooling, supported by Vertiv's expansion in liquid cooling and heat exchange, can support growth expectations. However, any setbacks integrating acquisitions or weaker regions such as EMEA may weigh on how much investors are willing to pay for that growth.

Vertiv screens as undervalued on its Discounted Cash Flow (DCF) estimate by 13.8%, yet its earnings multiples lean expensive and the broader checks rate it as undervalued in only 2 of 6 valuation tests , so it does not come across as a straightforward bargain.

The stock's next move may depend on whether Vertiv's cash flow can ultimately grow into both the optimistic intrinsic value estimate and the richer multiples the market is already paying.

Vertiv Holdings Co delivered 143.1% returns over the last year. See how this stacks up to the rest of the Electrical industry.

Is Vertiv Holdings Co Still Cheap on Cash Flow?

The Discounted Cash Flow (DCF) method looks at what Vertiv Holdings Co's future cash flows could be worth in today's dollars. Vertiv's latest twelve month free cash flow sits at about $2.3b, and the model assumes that cash flows continue growing rather than shrinking from here. On those inputs, the DCF framework points to an estimated intrinsic value of about $353 per share.

That compares to the current share price, which implies the stock trades at roughly a 13.8% discount to the DCF estimate, so Vertiv screens as undervalued on this cash flow view. The recent completion of the ThermoKey acquisition, which broadens Vertiv's data center cooling footprint in EMEA, helps explain why the model builds in ongoing growth in cash generation even if the share price already reflects high expectations.

Altogether, the Discounted Cash Flow (DCF) workup suggests Vertiv stock currently looks undervalued relative to the cash the business is projected to produce.

Our Discounted Cash Flow (DCF) analysis suggests Vertiv Holdings Co is undervalued by 13.8%. Track this in your watchlist or portfolio , or discover 47 more high quality undervalued stocks .

Story Continues

VRT Discounted Cash Flow as at Jul 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Vertiv Holdings Co.

Has Vertiv Holdings Co Run Too Far on Earnings?

The P/E ratio is a useful way to think about what you are paying today for Vertiv Holdings Co relative to its current earnings power. Vertiv trades on a P/E of about 75.1x, which is roughly double the Electrical industry average of 38.1x and also well above the peer group average of 38.5x.

The fair P/E ratio estimate for Vertiv, which adjusts for its growth profile, margins, scale and risk, is around 64.7x. That still implies a rich multiple, but it sits meaningfully below the current 75.1x level, suggesting the stock is pricing in more optimism than this framework supports. In other words, the market is already paying a premium for Vertiv's earnings, on top of an already high sector backdrop.

On the P/E yardstick, Vertiv stock currently screens as overvalued, with investors paying a sizable premium versus both its tailored fair multiple and sector benchmarks.

NYSE:VRT P/E Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown.

The Vertiv Holdings Co Narrative: What Would Justify Today's Price?

Simply Wall St Narratives for Vertiv Holdings Co link the valuation puzzle above to clear future scenarios by spelling out which paths for Vertiv Holdings Co's growth, margins and earnings would need to play out for the stock to be worth materially more or less than today's price on the Community page. Where a single ratio or model outputs one figure, these narratives set out the future that figure relies on so you can watch whether reality stays on track.

Community narratives around Vertiv Holdings Co now sit far apart, with one side leaning into the AI infrastructure buildout and the other worried about what is already implied in the price.

Bull case: 25% undervalued

"Vertiv is not a bet on AI, rather, it''s a bet on the infrastructure AI cannot exist without..."

Read the full Bull Case to see why Vertiv Holdings Co could be undervalued

Bear case: 12% overvalued

"The dynamic and fluid nature of the tariff situation presents a risk to Vertiv's revenues, as the company is exposed to potential increases in costs that could impact operating margins..."

Read the full Bear Case to see why Vertiv Holdings Co could be overvalued

Do you think there's more to the story for Vertiv Holdings Co? Head over to our Community to see what others are saying!

The Bottom Line

Vertiv Holdings Co sits in a tricky middle ground, with the Discounted Cash Flow (DCF) intrinsic value estimate pointing to undervaluation while the P/E based view flags the stock as overvalued. The tension largely comes from strong expectations embedded in the current multiple, after a very large 3 year move, versus a cash flow model that assumes those expectations are met through sustained cash generation.

Broader valuation checks remain weak despite the supportive DCF signal. The key question is whether Vertiv's data center focused growth and margins can keep justifying a premium price or whether the market eventually reins in that optimism.

Companies discussed in this article include VRT .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

AAOI历史回撤暴露高波动

重要性3/5 中

历史波动和产能数据有参考价值，但主体为AAOI，且部分数据口径存在冲突。

标签

标的：`COHR`来源：Trefis发布日期：2026-07-16重要性：3/5 中评级理由：历史波动和产能数据有参考价值，但主体为AAOI，且部分数据口径存在冲突。评级依据：-原文字数：1226

中文摘要

核心结论

Trefis以历史压力期数据说明Applied Optoelectronics（应用光电，AAOI）的上涨弹性伴随显著回撤风险：十次市场冲击中平均跌幅为44%，2022年最大冲击窗口跌幅达72%。当前人工智能光模块需求和11亿美元以上收入指引改善了业务前景，但扩产执行、竞争和估值波动仍决定风险暴露。

重要性评级

评级：3/5（中）

文章为COHR光通信同业提供波动和产能周期参照，历史数据较丰富；主体是AAOI，对COHR的影响属于行业映射。

关键事实

AAOI过去一个月下跌27%，此前一年上涨342%。
公司生产800G和1.6T光收发器，管理层预计2026年收入超过11亿美元。
管理层预计相关需求超过产能的状态将持续至2027年年中。
在十次市场冲击中，AAOI平均从峰值下跌44%，同期标普500指数平均下跌约14%。
2022年通胀及美联储紧缩期间，冲击窗口最大回撤为72%；过去五年更宽口径的最大回撤为83%。
2025年美国关税冲击期间跌幅为63%，约四个月恢复前高。
2018年第四季度增长恐慌后，表格显示约73个月恢复前高；正文另一处写约86个月，口径存在冲突。
历次冲击后的恢复时间中位数约为四个月。

作者观点与证据

作者认为AAOI的新业务结构受益于人工智能数据中心建设，但历史记录显示其在宏观冲击中常出现放大回撤。证据主要来自Trefis划分的历史事件窗口；事件定义、起止日期和样本选择方法未完整披露，文末还推广其风险审计服务。

与相关标的的关系

COHR、LITE、MRVL和AVGO均属于数据中心光通信或相关芯片链。AAOI的800G、1.6T需求和制造扩张可作为COHR行业景气参照，但各公司的客户结构、技术组合、规模及资产负债表不同，历史回撤不能直接套用。

时效性与限制

文章发布于美东时间 07/15 20:26（UTC+8 07/16 08:26）。历史压力测试侧重股价表现，未提供当前订单、客户集中度和扩产资本回报数据；恢复期数字在正文与表格间不一致。

后续跟踪

AAOI能否完成2026年超过11亿美元的收入指引。
800G和1.6T产能扩张、良率及交付进度。
COHR、LITE与AAOI订单和产能利用率的相对变化。
关税、利率和客户资本开支对光通信公司的波动传导。

英文原文

Can You Stomach The Plunge In Applied Optoelectronics Stock?

Trefis Team

Thu, July 16, 2026 at 8:26 AM GMT+8 6 min read

AAOI

-8.11%

COHR

-7.49%

LITE

-6.09%

MRVL

-8.71%

AVGO

-5.03%

Photo by PawinG on Pixabay Its history of deep, prolonged drops in market shocks is the real risk to weigh against today's AI-fueled growth story.

Applied Optoelectronics (AAOI) stock has seen a sharp -27% drop over the past month, a move that gets attention after a year in which it returned +342%. This is a company at the heart of the AI buildout, making optical transceivers like 800G and 1.6T that are critical for next-generation data centers. The market is weighing strong customer demand and management's forecast for 2026 revenue to exceed $1.1 billion against the serious execution risk of a major manufacturing expansion needed to meet that goal. This backdrop makes the downside question urgent.

But that recent dip is a small change compared to how this stock has behaved in a true market shock. For a shareholder, the focus is not on the next quarter, but on the next crisis and the potential for a significant fall.

A 72% Plunge In The 2022 Inflation Shock

When the broad market falls, Applied Optoelectronics stock tends to fall much further. Across the 10 market shocks it has traded through, it fell an average of 44% from peak to trough, while the S&P 500 fell about 14% over the same periods. Its deepest shock window drawdown was a 72% collapse during the 2022 Inflation Shock & Fed Tightening.

The stock was also hit hard during events like a past trade-related market shock and a downturn in the energy market from 2014-2016, where it fell 63% and 61%, respectively. This amplified downside is the core risk shareholders carry.

The 73-Month Climb After The 2018 Scare

Surviving the fall is one thing; waiting for the recovery is another. While the median time for Applied Optoelectronics to reclaim a prior high after a shock has been about 4 months, patience can be severely tested. After the Q4 2018 Fed Policy Error / Growth Scare, it took about 86 months for the stock to fully recover its pre-shock peak.

A quick rebound in the past is no guarantee for the future, and a multi-year wait to get back to breakeven is a real possibility that any holder must be prepared for.

Every Major Shock Applied Optoelectronics Has Traded Through

Peak-to-trough drawdown in each shock, and how long the stock took to reclaim its pre-shock high. Stock vs. the S&P 500, long-duration bonds, and its sector.

Shock Event

Stock

S&P 500

Bonds

Sector

Recovery

2013 Taper Tantrum

N/A(Pre-IPO)

-0.2%

-17%

-0.8%

2014-2016 Oil Price Collapse

-61%

-6.8%

-5.0%

-7.2%

~11 mo

2015-2016 China Devaluation / Global Growth Scare

-43%

-12%

-4.4%

-12%

~13 mo

2016-2017 Trump Reflation Bond Selloff

-9.8%

-3.7%

-15%

-3.8%

~1 mo

Q4 2018 Fed Policy Error / Growth Scare

-44%

-19%

-2.2%

-24%

~73 mo

2020 COVID-19 Crash

-54%

-34%

-0.7%

-31%

~3 mo

2022 Inflation Shock & Fed Tightening

-72%

-24%

-35%

-33%

~18 mo

2023 SVB Regional Banking Crisis

-38%

-6.7%

-4.3%

-5.1%

~3 mo

Summer-Fall 2023 Five Percent Yield Shock

-27%

-9.5%

-17%

-10%

~3 mo

2024 Yen Carry Trade Unwind

-24%

-7.8%

-1.2%

-17%

~2 mo

2025 US Tariff Shock

-63%

-19%

-3.8%

-26%

~4 mo

Story Continues

[1] 2013 Taper Tantrum: Bernanke's taper hint spiked Treasury yields, triggering emerging market capital flight.

[2] 2014-2016 Oil Price Collapse: OPEC refused to cut output, crashing crude from $100 to $26.

[3] 2015-2016 China Devaluation / Global Growth Scare: Yuan devaluation sparked global recession fears, crushing cyclicals and emerging markets.

[4] 2016-2017 Trump Reflation Bond Selloff: Trump's election spurred fiscal stimulus hopes, rotating capital from bonds into cyclicals.

[5] Q4 2018 Fed Policy Error / Growth Scare: Powell's hawkish comments and trade war fears triggered the worst December since 1931.

[6] 2020 COVID-19 Crash: Pandemic lockdowns caused history's fastest bear market before massive stimulus drove recovery.

[7] 2022 Inflation Shock & Fed Tightening: 9.1% CPI forced aggressive rate hikes, crushing both stocks and bonds simultaneously.

[8] 2023 SVB Regional Banking Crisis: SVB's rate-driven bond losses triggered a social-media bank run, seized by FDIC.

[9] Summer-Fall 2023 Five Percent Yield Shock: Strong economic data pushed 10-year yields to 5%, compressing yield-sensitive sector valuations.

[10] 2024 Yen Carry Trade Unwind: BOJ rate hike unwound yen carry trades, briefly crashing tech stocks globally.

[11] 2025 US Tariff Shock: 145% China tariffs crashed equities and the dollar on supply chain disruption fears.

Is Today's Applied Optoelectronics A Different Company?

To be fair, this is not the same company that endured those earlier shocks. Today, it is at the center of the AI infrastructure buildout, with management forecasting that demand for its 800G and 1.6T transceivers will outpace its production capacity through mid-2027. They have guided 2026 revenue to exceed $1.1 billion. A peer like Broadcom faces its own set of challenges, and we looked at the real risk inside Broadcom stock .

But this growth story carries its own risks. The company is undertaking an ambitious capacity expansion, and any execution stumbles could be punished. New competition is also emerging. The business is stronger, but the potential for high volatility remains.

A 72% Drop On A 10% Position

To make this tangible, consider the portfolio impact. That 72% shock- window drawdown on a position sized at 10% of a portfolio would have cut about 7% from your total holdings; at a 20% position weight, that becomes a 14% hit. Using the steeper 83% five-year drawdown discussed below, the same math is closer to an 8% hit at a 10% position and a 17% hit at a 20% position. This is the risk you are carrying. With this level of risk, the critical factor to watch is the execution of the company's manufacturing expansion.

Where Else Could A Drop Like This Be Waiting?

You have just seen, in hard numbers, how far Applied Optoelectronics has fallen when markets break, and how long it took to climb back. The natural next question is how much the rest of what you own could fall, and the options market puts a forward number on exactly that: the expected move it prices in for each stock over the year ahead. Our Expected Move screen ranks which S&P 500 names carry the widest priced-in swings, so you can see whether your other holdings are sitting on more downside than you have accounted for.

AAOI Has Fallen 83% From A Peak Before

The piece above put a number on how far this stock could fall during a specific macro shock, but AAOI's worst peak-to-trough fall over a longer window has been steeper still: the stock has fallen as much as 83% from a peak within the past five years, measured from an earlier, higher peak than the one used for the 72% shock-window figure above, and landing in the same 2022 downturn. A fall like that lands very differently when one position carries too much of your wealth. Knowing what a repeat would do to your net worth is exactly what the Trefis Wealth team computes, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions .

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文章

重要性未评级

标签

标的：`CRCL`来源：web-enrichment发布日期：2026-07-16重要性：未评级

中文摘要

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英文原文

原文

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文章

重要性未评级

标签

标的：`MRVL,GFS,PSI,COHR`来源：web-enrichment:quarterly_results发布日期：2026-07-16重要性：未评级

中文摘要

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英文原文

原文

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Advance Monthly Sales for Retail and Food Services — June 2026

重要性未评级

标签

来源：U.S. Census Bureau发布日期：2026-07-16重要性：未评级原文字数：7

中文摘要

2026年6月美国零售与餐饮销售预估为7686亿美元，环比上升0.2%、同比上升6.7%。
该序列已做季节、节假日和交易日调整，但未做价格调整。
2026年4月至6月总销售额同比上升6.4%；4月至5月增幅由0.9%修订为1.0%。

英文原文

Monthly Retail Trade - Sales Report

end of header

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欧元主要货币参考汇率

重要性3/5 中

官方汇率截面具有可靠的估值参考价值，但缺少趋势、成交和驱动信息，对当日日报主要提供背景数据。

标签

来源：European Central Bank发布日期：2026-07-16重要性：3/5 中评级理由：官方汇率截面具有可靠的估值参考价值，但缺少趋势、成交和驱动信息，对当日日报主要提供背景数据。评级依据：timeliness, fact_density原文字数：674

中文摘要

核心结论

欧洲中央银行公布07/16（未给出具体时刻）欧元参考汇率：1欧元兑1.1467美元、185.99日元、0.84873英镑和7.7596元人民币。这些数字用于信息和统计参考，欧洲中央银行明确不建议将其作为交易执行价格。

重要性评级

评级：3/5（中）

数据来自欧洲中央银行，覆盖面广且口径清晰，可作为当日外汇与跨资产换算基准；它缺少盘中变化、成交价格和历史比较，单独阅读难以解释汇率驱动。

关键事实

07/16（未给出具体时刻），1欧元兑1.1467美元、185.99日元、0.84873英镑、0.9250瑞士法郎。
同日1欧元兑7.7596元人民币、8.9898港元、1,696.49韩元和1.4782新加坡元。
欧洲货币方面，1欧元兑24.194捷克克朗、7.4753丹麦克朗、361.05匈牙利福林和4.3285波兰兹罗提。
欧洲中央银行通常在每个工作日约美东时间 10:00（UTC+8 07/16 22:00）更新参考汇率，欧洲中央银行体系的每日协调程序通常约在美东时间 08:10（UTC+8 07/16 20:10）进行。
参考汇率以欧元为基础货币，只作信息用途，欧洲中央银行明确表示不鼓励将其用于交易。
由于欧元兑俄罗斯卢布市场交易状况不足以形成有代表性的汇率，欧洲中央银行自03/01/2022（未给出具体时刻）后暂停发布该参考汇率。

作者观点与证据

页面没有汇率方向判断，只提供中央银行协调程序形成的每日参考值。数据具备官方统计属性，但未提供买卖价差、成交量、盘中高低点或变动归因。

与相关标的的关系

输入未指定相关代码。数据可用于观察欧元兑美元、日元、英镑和人民币的静态水平，也可辅助跨币种资产估值；它无法直接替代外汇、股票或债券市场的可执行报价。

时效性与限制

发布日期为07/16（未给出具体时刻），抓取时间为美东时间 07/16 22:43（UTC+8 07/17 10:43）。页面仅呈现单日截面，未提供前日变化率或趋势证据。

后续跟踪

欧元兑美元和日元参考汇率的连续日变化。
欧元兑英镑及瑞士法郎的区域相对强弱。
欧洲中央银行货币政策信息与汇率变化的时间对应。
俄罗斯卢布参考汇率的暂停状态。

英文原文

Euro foreign exchange reference rates

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Euro foreign exchange reference rates

The reference rates are usually updated at around 16:00 CET every working day, except on TARGET closing days .

They are based on the daily concertation procedure between central banks across Europe, which normally takes place around 14:10 CET. The reference rates are published for information purposes only. Using the rates for transaction purposes is strongly discouraged.

16 July 2026

All currencies quoted against the euro (base currency)

Currency

Spot

Chart

USD

US dollar

1.1467

JPY

Japanese yen

185.99

CZK

Czech koruna

24.194

DKK

Danish krone

7.4753

GBP

Pound sterling

0.84873

HUF

Hungarian forint

361.05

PLN

Polish zloty

4.3285

RON

Romanian leu

5.2410

SEK

Swedish krona

11.0285

CHF

Swiss franc

0.9250

ISK

Icelandic krona

143.00

NOK

Norwegian krone

11.0640

TRY

Turkish lira

53.9577

AUD

Australian dollar

1.6362

BRL

Brazilian real

5.8318

CAD

Canadian dollar

1.6082

CNY

Chinese yuan renminbi

7.7596

HKD

Hong Kong dollar

8.9898

IDR

Indonesian rupiah

20623.80

ILS

Israeli shekel

3.4499

INR

Indian rupee

110.4895

KRW

South Korean won

1696.49

MXN

Mexican peso

19.9829

MYR

Malaysian ringgit

4.6699

NZD

New Zealand dollar

1.9583

PHP

Philippine peso

70.667

SGD

Singapore dollar

1.4782

THB

Thai baht

38.489

ZAR

South African rand

18.7727

Owing to current trading activity in the EUR/RUB market, the European Central Bank (ECB) is not in a position to set a reference rate that is representative of prevailing market conditions. The ECB has therefore decided to suspend its publication of a euro reference rate for the Russian rouble until further notice. The ECB last published a EUR/RUB reference rate on 1 March 2022.

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Framework for the euro foreign exchange reference rates

ECB introduces changes to euro foreign exchange reference rates, 7 December 2015

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杠杆ETF的日度复利风险

重要性4/5 中高

与SOXL产品机制直接相关且事实密度高，但内部数字冲突和导购倾向削弱了即时证据价值。

标签

标的：`SOXL`来源：etf.com发布日期：2026-07-15重要性：4/5 中高评级理由：与SOXL产品机制直接相关且事实密度高，但内部数字冲突和导购倾向削弱了即时证据价值。评级依据：background_value, fact_density原文字数：2636

中文摘要

核心结论

杠杆ETF（交易所交易基金）追踪的是标的单日收益倍数，跨日结果高度依赖价格路径；震荡行情中的每日重置和复利损耗，可能使长期回报大幅偏离名义倍数。文章以SOXL等产品的强劲涨幅和历史深度回撤说明收益与风险同时被放大。

重要性评级

评级：4/5（中高）

文章直接解释SOXL的产品结构、波动损耗和集中度风险，适合作为当日大幅波动的机制背景；部分规模与收益数字前后冲突，降低了数据可信度。

关键事实

文章发布于美东时间 07/15 17:42（UTC+8 07/16 05:42）。
杠杆ETF主要利用互换和期货取得每日两倍或三倍收益敞口，并在每个交易日结束后重置杠杆。
示例中，指数先涨10%再跌10%，两日后由100降至99；三倍基金先涨30%再跌30%，由100降至91，累计损失9%。
文章称2026年杠杆ETF资产约为1930亿美元，平均日成交额约450亿美元，其中超过500亿美元集中于半导体产品。
文中称TQQQ资产约370亿美元，2026年迄今上涨约39%，净费率为0.82%。
正文称SOXL截至7月中旬上涨约320%，并指出其在历史半导体调整中曾出现超过90%的回撤。
NVDL（英伟达每日两倍做多ETF）放大单一股票波动；英伟达下跌20%时，文中估算NVDL约下跌40%。
文中认为大跌时杠杆多头ETF为维持目标倍数，需要在收盘附近机械减持敞口，可能加剧市场波动。

作者观点与证据

文章将2026年杠杆产品扩张归因于人工智能基础设施投资、零佣金交易普及和动量资金循环，并用日度复利算例说明波动损耗。其产品机制解释具有参考价值，但“最佳基金”等表述带有产品导购色彩，长期适用性判断也未提供完整回测区间。

与相关标的的关系

SOXL对应半导体指数每日三倍收益，受行业方向、日内波动和连续持有路径共同影响；TQQQ覆盖纳斯达克100指数，TECL聚焦标普500科技板块，SPXL和UPRO覆盖标普500指数，NVDL则集中于英伟达单一股票。

时效性与限制

正文先后使用约1930亿美元和1980亿美元描述杠杆ETF总资产，并分别给出SOXL年内上涨320%和446%的数字，统计日期或口径没有解释。文章还包含面向投资者的适用性建议，摘要仅保留产品机制与可核实事实。

后续跟踪

SOXL相对半导体指数的多日累计偏离。
杠杆ETF资产规模及收盘再平衡流量。
半导体板块趋势强度与日内反转频率。
各基金费率、互换融资成本和跟踪误差。

英文原文

Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can

Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can't Ignore

ETF.com Staff

Thu, July 16, 2026 at 5:42 AM GMT+8 13 min read

SPXL

-1.60%

TECL

-6.99%

SOXL

-13.94%

UPRO

-1.55%

NVDL

-4.73%

ETF Investing Tools Leveraged ETFs are designed for experienced traders. Used correctly, they are powerful tools for amplifying returns in a trending market. Used incorrectly, they are one of the most efficient wealth-destruction mechanisms available on a public exchange. Understanding exactly what they do and don't do is the difference between a well-timed tactical trade and a slow bleed that compounds against you.

This guide covers how leveraged ETFs actually work, why 2026's market environment has made them so popular, the best funds across each major category, and the specific risks you need to understand before putting a single dollar in.

What Is a Leveraged ETF?

A leveraged ETF uses financial derivatives, primarily swaps and futures contracts, to deliver a multiple of the daily return of an underlying index or asset. A 3x leveraged ETF targeting the Nasdaq-100 aims to return +3% on a day the Nasdaq-100 rises 1%, and -3% on a day it falls 1%. That's the whole concept.

The critical word in that description is daily . Leveraged ETFs reset their leverage exposure each night. The 3x target applies to a single trading session, not to any multi-day or multi-year period. Over longer horizons, the daily compounding of leveraged returns diverges significantly from 3x the index return, sometimes far better, sometimes far worse, depending on the path the market takes.

This daily reset is the source of both the opportunity and the primary risk in these products.

Why Leveraged ETFs Are Exploding in 2026

$193 billion in leveraged ETF assets didn't accumulate by accident. Three forces converged in 2026 to drive the boom:

The AI infrastructure build-out. Semiconductor stocks have gone parabolic as hyperscalers like Microsoft, Google, Amazon, and Meta compete to build AI data centers faster than their rivals. NVIDIA, Broadcom, Micron, and TSMC have posted record earnings. For investors who believe this trend continues, 3x semiconductor leverage turns what might be a 50% sector gain into a transformational return on capital.

Retail investor democratization. Commission-free trading and mobile-first brokerage apps have put leveraged ETFs in front of millions of investors who would never have accessed them through traditional channels. Average daily trading volumes for leveraged products have surged to approximately $45 billion in 2026 — a figure that dwarfs the entire category's AUM just a decade ago.

The momentum feedback loop. Strong near-term returns in leveraged funds attract inflows. Inflows from index rebalancing create additional mechanical demand for the underlying stocks. More AI chip demand drives higher stock prices, which generate better returns for leveraged funds, attracting more inflows. It's a reinforcing cycle — until it isn't.

Story Continues

The Best Leveraged ETFs in 2026

TQQQ — ProShares UltraPro QQQ

TQQQ is the largest leveraged ETF in the world with approximately $37 billion in assets, a number that itself reflects how dramatically the category has grown. The fund delivers 3x the daily return of the Nasdaq-100 Index, which means exposure to the same 100 non-financial companies that power QQQ and QQQM : Apple, Nvidia, Microsoft, Broadcom, Amazon, Meta, and their tech-adjacent peers.

TQQQ is up approximately +39% year-to-date in 2026 , which for a leveraged product reflects the more measured performance of the Nasdaq-100 versus the explosive gains in the semiconductor sector specifically. The fund carries an expense ratio of 0.82% (net after a 0.15% fee waiver from the gross 0.97%), which sounds manageable but compounds meaningfully over time alongside the inherent daily borrowing costs embedded in the swap structure.

TQQQ is best used as a short-term tactical vehicle for investors with a bullish view on large-cap technology. Its scale and options market depth make it the most liquid leveraged ETF available and the default vehicle for institutional-scale short-term positions.

SOXL — Direxion Daily Semiconductor Bull 3X ETF

SOXL has been the defining leveraged ETF story of 2026. The fund triples the daily return of the NYSE Semiconductor Index, which holds the world's leading chip designers, manufacturers, and equipment makers. In the year-to-date period through mid-July 2026, SOXL has returned an extraordinary +320% .

That number warrants context: it reflects the concentrated nature of 3x leverage applied to a sector (semiconductors) that has experienced one of the most powerful earnings cycles in its history. Micron reported $41.46 billion in Q3 FY2026 revenue at 74% gross margins. Nvidia's Vera Rubin platform is already in customer hands. The AI infrastructure capex cycle is driving chip demand that the supply chain is struggling to satisfy. SOXL captures all of that at 3x leverage.

The corollary is equally true: in a period of semiconductor underperformance, SOXL doesn't just fall — it collapses. The fund has historically experienced drawdowns exceeding 90% during sector corrections. Its Sharpe ratio of 4.62 on a one-year rolling basis reflects extraordinary recent performance, not a stable long-term profile. SOXL is appropriate for investors who have a specific, time-boxed view on the AI hardware trade and can tolerate and are prepared to act on extreme volatility in both directions.

SPXL — Direxion Daily S&P 500 Bull 3X ETF

SPXL is the 3x leveraged version of the S&P 500, offering amplified broad-market equity exposure with nearly $6.9 billion in AUM . Where TQQQ concentrates on the Nasdaq-100's tech tilt and SOXL concentrates on semiconductors, SPXL gives investors 3x leverage on the entire S&P 500's market-cap-weighted composition, with financials, healthcare, industrials, consumer, energy, and tech all included.

For investors who want leveraged upside without making a sector-specific bet, SPXL is the purest amplification of broad U.S. equity performance available in the ETF wrapper. Its expense ratio is competitive with other Direxion 3x products. It is also frequently paired with its inverse counterpart ( SPXS ) by sophisticated traders who dynamically hedge between bull and bear positions based on macro signals.

UPRO — ProShares UltraPro S&P 500

UPRO is ProShares' version of 3x S&P 500 exposure — functionally similar to SPXL in objective but with slightly different swap structure and expense ratio details. Like SPXL , UPRO offers the broadest-possible leveraged equity exposure without sector concentration. The competition between SPXL and UPRO means both funds maintain tight tracking of 3x daily S&P 500 returns, and investors often choose between them based on which brokerage platform offers better trading costs or commission structure.

TECL — Direxion Daily Technology Bull 3X Shares

TECL applies 3x leverage to the Technology Select Sector Index — the technology component of the S&P 500. Where TQQQ includes communication services names (Alphabet, Meta) and consumer discretionary (Amazon), TECL focuses purely on software, hardware, semiconductors, and IT services within the S&P 500 tech sector. This makes it a more concentrated tech bet than TQQQ and excludes some of the largest constituents that give TQQQ its broader composition.

In 2026's AI-driven market, TECL 's concentration in pure-play tech names — Apple, Nvidia, Microsoft, Broadcom, AMD — has made it a strong performer. Investors who want leveraged tech exposure but prefer the cleaner sector boundary of the S&P 500 sector classification over the Nasdaq-100's mixed composition often favor TECL .

NVDL — GraniteShares 2x Long NVDA Daily ETF

NVDL represents a newer category: single-stock leveraged ETFs. The fund delivers 2x the daily return of a single company — NVIDIA Corporation — rather than an index.

Single-stock leveraged ETFs are the highest-concentration, highest-volatility instruments in the leveraged ETF universe. NVDL 's fate is entirely tied to Nvidia's stock price movements, with 2x amplification. For investors with a strong conviction view specifically on Nvidia — rather than the semiconductor sector broadly — NVDL offers a surgical expression of that view. The risks are commensurately extreme: a 20% drawdown in Nvidia becomes a ~40% drawdown in NVDL .

The Mechanics Behind the Performance: How Leverage Creates and Destroys Value

Understanding why leveraged ETFs can dramatically outperform or underperform their stated multiple over time requires understanding the math of daily compounding.

Consider a simple example. An index starts at 100 and over two days: rises 10% on day one, then falls 10% on day two. The index ends at 99 — down 1% from start. Now apply 3x leverage: the 3x fund rises 30% on day one (from 100 to 130), then falls 30% on day two (from 130 to 91). The 3x fund is down 9% while the index is down only 1%.

This is volatility decay, also called beta slippage. In trending markets — where the index moves consistently in one direction with limited day-to-day reversal — leveraged ETFs can massively outperform their stated multiple over time. SOXL 's +320% YTD reflects exactly this: the semiconductor sector has trended strongly upward with limited sustained pullbacks, allowing the daily compounding to work in favor of holders.

In sideways, choppy markets — where the index oscillates without directional progress — volatility decay grinds down leveraged ETF holders even if the underlying index ends flat. This is the primary reason these products are not appropriate as long-term, buy-and-hold positions. The longer you hold in a non-trending environment, the more the daily rebalancing cost compounds against you.

Who Should — and Shouldn't — Own Leveraged ETFs

Leveraged ETFs serve a specific, legitimate function in a portfolio — but only for seasoned investors who understand them clearly and use them appropriately.

Suitable uses: Short-to-medium-term tactical positions in strong trending markets; expressing a high-conviction, time-limited directional view on an index or sector; sophisticated hedging strategies using paired bull/bear funds; intraday trading where the daily reset is irrelevant.

Unsuitable uses: Long-term wealth accumulation; retirement accounts where the volatility profile is incompatible with the investment horizon; situations where the investor cannot monitor positions regularly; any context where a 70-90% drawdown would materially damage financial wellbeing.

The SEC and most financial advisors caution retail investors against using leveraged ETFs as long-term holdings. That caution is well-founded — but it does not mean these products have no legitimate role. The key variable is time horizon and the investor's ability to actively manage the position.

The Risk Landscape in 2026

The current boom in leveraged ETF assets has drawn scrutiny from regulators and market structure analysts. The concern isn't just that individual investors can lose money; it's that the scale of daily rebalancing trades from leveraged ETFs can amplify market volatility in both directions.

When markets fall sharply, leveraged bull ETFs must sell their underlying exposures at day's end to maintain target leverage ratios. Inverse ETFs must buy. At $193 billion in total assets, those daily rebalancing flows represent tens of billions of dollars of mechanical buying and selling that can amplify intraday price movements — particularly in already-volatile moments.

Additionally, the AI-fueled concentration risk is significant. More than $50 billion of leveraged ETF assets is now concentrated in semiconductor-focused products. If the AI capex cycle shows signs of slowing — through earnings misses, export restrictions, or customer spending reductions — the unwind from that concentration could be rapid and severe.

Leveraged ETF Comparison: Key Facts at a Glance

TQQQ : 3x Nasdaq-100 | AUM ~$37.3B | Expense Ratio 0.82% | YTD +39% | Best for: leveraged large-cap tech exposure with maximum liquidity

SOXL : 3x NYSE Semiconductor Index | AUM ~$22B | Expense Ratio 0.75% | YTD +446% | Best for: high-conviction AI hardware bull thesis; extreme risk tolerance required

SPXL : 3x S&P 500 | AUM ~$6.9B | Expense Ratio 0.84% | Best for: leveraged broad-market exposure without sector concentration

UPRO : 3x S&P 500 | ProShares version | Best for: similar to SPXL ; compare brokerage trading costs

TECL : 3x S&P 500 Technology Sector | Best for: pure-play S&P 500 tech with 3x leverage, excluding communication services and consumer

NVDL : 2x NVIDIA | YTD +68.4% | Best for: single-stock Nvidia bulls who want defined 2x amplification

Leverage Is a Tool, Not a Strategy

The $198 billion in leveraged ETF assets is a testament to both the power of the AI trade and the appetite retail investors have developed for amplified exposure. SOXL 's +320% YTD return is a real number — but so are the 90%+ drawdowns these products have experienced in prior semiconductor downturns. Both are true simultaneously.

Leveraged ETFs work best in strong, directional markets with limited choppiness — exactly the environment 2026 has delivered for semiconductors and AI-adjacent technology. They work worst in volatile, sideways markets where daily compounding turns neutral index performance into steady losses.

If you have a specific, time-boxed view on the AI hardware cycle continuing through 2026, SOXL and TQQQ are the most direct expressions of that thesis with the largest asset bases and deepest liquidity. If you want broad leveraged equity exposure without sector concentration, SPXL or UPRO provide 3x amplification of the full S&P 500. And if your conviction is specifically on Nvidia as the central AI infrastructure pick, NVDL gives you 2x exposure to that single name.

Use any of them with clear entry and exit criteria, position sizing that reflects their volatility profile, and a realistic assessment of what a 50-80% drawdown would mean for your portfolio. Leverage is a tool — and like any tool, what matters most is whether it's the right one for the job.

Data as of July 2026. AUM and performance figures are approximate. Expense ratios sourced from fund providers. Leveraged ETFs involve substantial risk of loss and are not appropriate for all investors. This article is for informational purposes only and does not constitute investment advice.

This article was generated with the assistance of artificial intelligence and reviewed by ETF.com staff.

Investment Risk Disclosure

The information provided on this website is for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Nothing on this site should be construed as a recommendation to buy, sell, or hold any security or financial product.

General Investment Risks

Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. The value of investments may fluctuate, and investors may receive back less than they originally invested. There is no guarantee that any investment strategy will achieve its objectives.

ETF-Specific Risks

Exchange-traded funds (ETFs) are subject to risks similar to those of stocks and other equity securities. ETF shares are bought and sold at market price, which may differ from the fund's net asset value (NAV). Brokerage commissions may apply and will reduce returns. ETFs may be subject to the following additional risks:

Market Risk: The value of an ETF may decline due to broad market fluctuations unrelated to the underlying securities.

Liquidity Risk: Some ETFs may have limited trading volume, which could make it difficult to buy or sell shares at a desired price.

Tracking Error Risk: An ETF may not perfectly replicate the performance of its benchmark index.

Concentration Risk: Sector or thematic ETFs may be concentrated in a particular industry or geography, increasing volatility.

Currency Risk: ETFs that invest in international securities may be affected by exchange rate fluctuations.

Leverage and Inverse Risk: Leveraged and inverse ETFs are designed for short-term trading and may not be suitable for long-term investors. These products use derivatives and may experience significant losses.

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Coinbase盈利下修与周期修复预期

重要性4/5 中高

盈利预测和交易量数据直接影响COIN，也为CRCL提供周期背景；修复判断仍缺少现货资金确认。

标签

标的：`CRCL`来源：decrypt发布日期：2026-07-15重要性：4/5 中高评级理由：盈利预测和交易量数据直接影响COIN，也为CRCL提供周期背景；修复判断仍缺少现货资金确认。评级依据：recent_analysis, forecast_detail, mixed_confirmation原文字数：789

中文摘要

核心结论

William Blair大幅下调Coinbase收入和调整后利润预测后仍维持“跑赢大盘”，理由是现货交易低迷已较多反映在价格中，盈利可能在2026年下半年触底并于2027年修复。链上和技术指标显示卖压减弱，但尚无持续现货买盘确认反转。

重要性评级

评级：4/5（中高）

文章直接覆盖COIN并关联CRCL，结合卖方预测、交易量、链上数据和技术形态；多项结论仍依赖预测，且技术分析师持有比特币多头仓位。

关键事实

William Blair把Coinbase 2026年收入预测下调12%，2027年下调13%。
2026年和2027年调整后EBITDA（息税折旧摊销前利润）预测均下调34%，但评级保持“跑赢大盘”。
预计2026年交易总量下降约44%至6,690亿美元，2027年反弹超过32%。
Coinbase零售衍生品业务在第一季度年化收入超过2亿美元。
Piper Sandler把COIN目标价从170美元下调至155美元，维持“中性”。
COIN年内下跌近30%，比特币同期下跌约26%；CRCL年内下跌约20%。
John Bollinger（约翰·布林格）于07/02（未给出具体时刻）提出比特币日线可能形成W形双底，但承认本轮周期已有看涨形态被卖压破坏。
Glassnode（链上数据机构）称长期持有者投降式卖出两周前见顶回落，6月低点附近出现各类钱包增持，但持续现货买盘尚未确认。

作者观点与证据

文章综合卖方观点、布林格技术形态和Glassnode链上数据，倾向于认为周期压力接近后段。William Blair仍预计当年交易量大幅下降；Piper Sandler态度中性。布林格披露持有比特币多头，技术判断存在利益立场和形态失效风险。

与相关标的的关系

COIN的收入仍受现货交易量影响，Base（二层区块链网络）、零售衍生品和预测市场提供收入多元化线索。CRCL与COIN共享稳定币生态和加密市场情绪，但文章没有给出Circle经营预测。

时效性与限制

文章发布于美东时间 07/15 17:38（UTC+8 07/16 05:38）。2027年修复属于分析师预测；链上卖压下降和W形结构均不能替代持续现货成交及资金流验证。

后续跟踪

Coinbase季度交易量是否接近6,690亿美元年度预测路径。
2026年下半年调整后EBITDA是否触底。
Base、衍生品及预测市场收入贡献。
比特币现货成交、ETF资金流和长期持有者卖出指标。

英文原文

Why Analysts Aren’t Worried About Coinbase’s 30% Drop

Jose Antonio Lanz

Thu, July 16, 2026 at 5:38 AM GMT+8 5 min read

COIN

-4.02%

BTC-USD

-1.82%

CRCL

-7.69%

The numbers got worse. The stocks went up.

Coinbase (COIN) and Circle (CRCL) each rose roughly 3–4% on Wednesday after William Blair—a Chicago-based investment bank founded in 1935 that most equity investors know from tech and growth coverage— released a note slashing its revenue and earnings forecasts for Coinbase while keeping its "outperform" rating.

The read in TLDR terms is that the pain is already in the price. "We think investors should stay involved in Coinbase," the firm said.

The firm cut 2026 revenue estimates for Coinbase by 12% and 2027 estimates by 13%, and gutted adjusted EBITDA projections by 34% in both years. Analysts Andrew Jeffrey and Adib Choudhury said earnings are set to trough in the second half of 2026 before recovering in 2027, and that investors should stay the course as spot crypto volume bottoms alongside Bitcoin.

William Blair expects Coinbase's total trading volume to fall roughly 44% this year to $669 billion before rebounding more than 32% in 2027.

The firm sees this cycle as structurally different from 2022: There are now spot Bitcoin ETFs, institutional flows have grown, and the regulatory environment has matured in ways that didn't exist four years ago.

The firm also highlighted Coinbase's Base layer-2 network as a potential major earnings driver, with retail derivatives and prediction markets rounding out a revenue base that extends well beyond spot trading— retail derivatives alone crossed $200 million annualized in the first quarter.

Not everyone was as constructive in the near term. Piper Sandler analyst Patrick Moley cut his price target to $155 from $170, keeping a "neutral" rating. He flagged prediction markets and perpetual futures as the defining story of Q2—the World Cup drove massive growth in prediction market activity—and warned of "significant investor attention on the perpetual future threat" heading into Q3.

Coinbase has fallen nearly 30% this year, alongside a roughly 26% decline in Bitcoin. Circle, which debuted in a splashy June 2025 NYSE IPO at $31 per share, has dropped about 20% since January.

The "W" Pattern: Why John Bollinger says Bitcoin is ready to explode

The same directional read is also appearing among technical analysts. John Bollinger—the veteran technical analyst who created Bollinger Bands, volatility envelopes plotted above and below a moving average that traders use worldwide to spot compression and potential breakouts—has been flagging a developing pattern on Bitcoin's daily chart since early July.

Story Continues

On July 2, Bollinger posted his analysis on X, identifying a "W" double-bottom taking shape. A double-bottom is a reversal formation defined by two swing lows with a rebound in between; it turns bullish once price clears the resistance at the apex between the troughs.

He called the setup "perfectly fractal"—smaller versions of the same shape nest inside the larger structure, and the pattern is also visible on the weekly chart. He was upfront about the uncertainty: previous bullish setups had been invalidated by selling pressure throughout this cycle.

In a more recent post , Bollinger mentioned that If this "W" completes, he would see it as "a confirmation of a change in trend." That's his clearest public signal yet that the trend may be turning rather than pausing.

Bollinger disclosed a long Bitcoin position through his investment vehicle earlier this year, so his analysis and his book are pointing the same direction. In terms of technical analysis, the price of Bitcoin remains bearish, but that trend is losing strength .

Bitcoin bottom is in?

According to Glassnode's latest weekly analysis, long-term holder capitulation—the main source of selling pressure all year—set its cycle peak two weeks ago and has turned down. The metric that measures what long-term holders actually surrender each day, adjusted to exclude internal transfers, reached a peak and is now falling for the first time this cycle.

Buyers showed up at the June lows. Glassnode documented a broad wave of accumulation across wallets of all sizes during that period. Bitcoin's inverse relationship with the dollar has deepened while its correlation with U.S. equities has loosened, and its sensitivity to good macro news has returned: Tuesday's soft inflation print moved Bitcoin more sharply than any major equity index.

The sticking point is the same for on-chain analysts and Wall Street alike—no sustained spot-driven buying has confirmed the recovery yet.

Derivative positions are unwinding, long-term sellers are thinning, and the fear premium in the options market is easing. But the capital hasn't fully arrived. William Blair puts the inflection point at 2027, projecting a 32% rebound in Coinbase trading volume after this year's expected 44% decline.

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存储扩产预期压制芯片定价

重要性3/5 中

存储供给变化对MU和SOXX具有直接意义，但正文缺失限制了证据强度。

标签

标的：`SOXX`来源：Barrons.com发布日期：2026-07-15重要性：3/5 中评级理由：存储供给变化对MU和SOXX具有直接意义，但正文缺失限制了证据强度。评级依据：关联MU与ASML, 涉及存储供给和价格路径, 发布时间较近, 缺少细分产能及价格数据原文字数：79

中文摘要

核心结论

ASML（阿斯麦）表示高端设备正帮助存储厂商更快提升产量，供给紧张缓解可能在短期压低存储价格。该信息对MU（美光）及半导体ETF构成定价压力线索，但可用摘录不足以判断扩产规模和时间表。

重要性评级

评级：3/5（中）

供给恢复直接关系存储价格与美光盈利预期，但正文仅保留导语，缺乏产能和订单数据。

关键事实

ASML称其高端设备帮助存储厂商以快于预期的速度提高产量。
文章判断供给改善可能在短期压低存储芯片价格。
元数据直接关联ASML、MU、AAPL和SOXX。
标题把存储短缺缓解与芯片股承压联系起来。
可用内容未提供设备型号、客户名称、产能增幅、库存或价格预测。

作者观点与证据

作者采用供给增加压低价格的周期逻辑解释芯片股反应。可见证据只有ASML概括性表述，尚不能确认DRAM（动态随机存取存储器）、NAND（闪存）或HBM（高带宽存储器）各自的供需变化。

与相关标的的关系

MU对存储价格变化最敏感；ASML对应设备订单和产能扩张，SOXX反映板块传导。AAPL可能受益于零部件成本变化，但摘录没有提供直接采购证据。

时效性与限制

发布于美东时间 07/15 17:34（UTC+8 07/16 05:34）。付费墙阻断全文，缺少ASML原始发言上下文和存储细分市场数据。

后续跟踪

DRAM、NAND与HBM现货及合约价格
ASML存储客户订单和设备交付
美光库存、产量和毛利率指引
存储扩产的实际投产时间

英文原文

Good News on the Memory Shortage Is Bad News for Chip Stocks

Good News on the Memory Shortage Is Bad News for Chip Stocks · Barrons.com · Lina Selg/Bloomberg

Adam Levine

Thu, July 16, 2026 at 5:34 AM GMT+8 3 min read

ASML

ASML

AAPL

SOXX

ASML says its high-end machines are helping investors make memory more quickly than expected. In the short term, that could weigh on memory prices.

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Coherent估值折价依赖现金流修复

重要性4/5 中高

直接覆盖COHR并提供估值参数与反向证据，模型假设仍需经营数据验证。

标签

标的：`COHR`来源：Simply Wall St.发布日期：2026-07-15重要性：4/5 中高评级理由：直接覆盖COHR并提供估值参数与反向证据，模型假设仍需经营数据验证。评级依据：recent_analysis原文字数：1053

中文摘要

核心结论

Simply Wall St认为Coherent（相干公司，COHR）按DCF（现金流折现）和定制市销率模型约有11.2%的估值折价，但这一结果高度依赖未来自由现金流由负转正、人工智能光通信需求延续以及得州磷化铟扩产顺利。六项综合估值检查只有三项显示便宜，文章给出的估值结论仍有较大模型不确定性。

重要性评级

评级：4/5（中高）

文章直接分析COHR，保留了现金流、估值倍数和关键假设，可用于识别市场定价要求；数据来自模型和分析师预测，缺少公司最新敏感信息校验。

关键事实

COHR过去三年回报约为七倍，过去一年回报为223.5%。
NVIDIA（英伟达）投资20亿美元，COHR正在得州扩建六英寸磷化铟产线。
最近十二个月自由现金流约为负4.21亿美元。
两阶段股权自由现金流模型估算内在价值约为每股350美元，对应约11.2%的折价。
当前P/S（市销率）约9.2倍，高于电子行业约3.0倍和同业约5.9倍。
Simply Wall St定制的合理市销率为11.6倍，高于当前9.2倍。
六项估值检查中有三项显示股票便宜。
社区多头情景估算低估19%，空头情景估算高估10%。

作者观点与证据

文章倾向于认为COHR存在估值折价，证据来自DCF和定制市销率。DCF依赖未来现金流大幅改善，而当前自由现金流仍为负；定制合理倍数的具体参数没有在正文展开。文章也承认人工智能基础设施过度投资、客户计划变化和扩产执行可能削弱预测。

与相关标的的关系

该文直接对应COHR。NVIDIA投资和六英寸磷化铟产线构成需求及制造能力线索；Meta出售多余人工智能算力的报道则被用于说明大型客户资本开支存在争议，但文章没有量化其对COHR订单的影响。

时效性与限制

文章发布于美东时间 07/15 17:10（UTC+8 07/16 05:10）。估值基于历史数据和分析师预测，作者明确说明可能未纳入最新价格敏感公告或定性信息。

后续跟踪

自由现金流转正的时间和幅度。
六英寸磷化铟产线的投产、良率及单位成本。
人工智能数据中心客户资本开支和长期订单。
实际市销率与11.6倍模型合理值之间的变化。

英文原文

Coherent (COHR) Stock May Be 11% Undervalued Despite Fresh AI Infrastructure News

Bailey Pemberton

Thu, July 16, 2026 at 5:10 AM GMT+8 4 min read

COHR

-7.49%

NVDA

-2.40%

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

Coherent stock has delivered a very large 3 year return while valuation checks, including an intrinsic value estimate based on a Discounted Cash Flow (DCF) approach and market multiples, both currently point to the shares trading at a discount of about 11.2% to that intrinsic value.

Over the past 3 years, Coherent has returned roughly 7x, which puts extra focus on whether recent gains are already pricing in much of the long term cash flow potential.

NVIDIA's US$2,000,000,000 investment and Coherent's Texas indium phosphide expansion can support expectations for future AI related optics demand, while increased competition and changing AI infrastructure plans at large customers may limit how much of that demand translates into sustained cash flows.

On Simply Wall St's broader checks, Coherent is marked as undervalued on several metrics but only earns a mixed valuation score, with 3 out of 6 checks suggesting it is cheap, which leaves a more balanced picture than the Discounted Cash Flow (DCF) and multiple signals alone.

The issue now is whether Coherent's current price still offers enough margin compared with its intrinsic value estimate after such a strong multi year run.

Coherent delivered 223.5% returns over the last year. See how this stacks up to the rest of the Electronic industry.

Is Coherent a Bargain on Cash Flow?

The Discounted Cash Flow (DCF) model here uses projected free cash flows to estimate what Coherent might be worth today. Coherent currently has latest twelve month free cash flow of about US$421 million outflow, so the model leans heavily on a recovering cash flow profile, with analysts expecting positive free cash flow in future years. Feeding those projections into a 2 Stage Free Cash Flow to Equity framework results in an estimated intrinsic value of about $350 per share.

Set against the current share price, this implies Coherent screens around 11.2% undervalued on this DCF view. Meta Platforms' reported plans to sell excess AI computing capacity help explain why investors are debating future AI infrastructure spend, yet the stock price still sits below what the cash flow projections suggest.

On the DCF numbers alone, Coherent stock currently looks undervalued relative to its estimated intrinsic value.

Our Discounted Cash Flow (DCF) analysis suggests Coherent is undervalued by 11.2%. Track this in your watchlist or portfolio , or discover 44 more high quality undervalued stocks .

Story Continues

COHR Discounted Cash Flow as at Jul 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Coherent.

Does Coherent Look Undervalued on Sales?

The P/S ratio suits Coherent because revenue is a key yardstick for a business that is still working through free cash flow losses. Coherent currently trades on a P/S of about 9.2x, compared with an Electronic industry average of roughly 3.0x and a peer average around 5.9x, so the stock sits on a clear premium to both groups.

However, Simply Wall St's tailored fair P/S ratio for Coherent is higher again at about 11.6x, which suggests the current 9.2x multiple is below what the company's profile would ordinarily command. That gap indicates the market is not fully matching the valuation implied by this fair ratio, even after the strong multi year share price move.

On the preferred P/S yardstick, Coherent stock currently appears undervalued relative to the fair multiple suggested for its fundamentals.

NYSE:COHR P/S Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown.

The Coherent Narrative: What Would Justify Today's Price?

Simply Wall St Narratives pick up where Coherent's valuation puzzle leaves off by spelling out which assumptions about future growth, margins and earnings would need to hold for the stock to be worth meaningfully more or less than today's price. Each one treats Coherent's fair value as a thesis about how the business might progress that can be revisited over time, rather than a one off snapshot.

Community views on Coherent sit far apart, with one camp leaning into AI optics upside and another stressing execution limits and cycle risk.

Bull case: 19% undervalued

"Major investments in internal manufacturing, particularly the world's first 6-inch indium phosphide production line in Texas, are providing scale and cost structure advantages…"

Read the full Bull Case to see why Coherent could be undervalued

Bear case: 10% overvalued

"The rapid build out of AI data centers and high speed cloud networks risks creating a classic over investment cycle…"

Read the full Bear Case to see why Coherent could be overvalued

Do you think there's more to the story for Coherent? Head over to our Community to see what others are saying!

The Bottom Line

For Coherent, both the Discounted Cash Flow (DCF) intrinsic value estimate and the sales multiple view point to the stock trading on the undervalued side, even after a very large 3 year move. The broader checks are mixed though, so the valuation cushion is not unqualified and depends on the company turning projected cash flow improvements into reality. From here, the key question is whether AI related optics demand and execution on major investments can support the cash flow and revenue profile that current intrinsic value and fair multiple estimates are assuming.

Companies discussed in this article include COHR .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Applied Digital定档全年业绩会

重要性4/5 中高

近期明确的公司级财报事件，对APLD后续事实更新具有高优先级。

标签

标的：`APLD`来源：GlobeNewswire发布日期：2026-07-15重要性：4/5 中高评级理由：近期明确的公司级财报事件，对APLD后续事实更新具有高优先级。评级依据：upcoming_catalyst原文字数：874

中文摘要

核心结论

Applied Digital将于美东时间 07/27 17:00（UTC+8 07/28 05:00）召开2026财年第四季度及全年业绩电话会，并在同日美股收盘后发布截至05/31的财务结果。

重要性评级

评级：4/5（中高）

这是APLD未来十日内的明确公司级事件，直接决定下一轮经营、项目和融资信息更新；新闻稿本身没有披露新财务数字。

关键事实

业绩会定于美东时间 07/27 17:00（UTC+8 07/28 05:00）举行。
财报覆盖截至05/31（未给出具体时刻）的2026财年第四季度和全年。
财务结果新闻稿将在07/27（未给出具体时刻）美股收盘后发布。
管理层将先作准备发言，随后进入问答环节。
电话会直播及回放将保留一年。
公司业务包括人工智能、网络和区块链负载所需的数据中心及托管服务。

作者观点与证据

这是公司发布的活动通知，没有盈利判断或估值观点。关于业务能力和行业地位的描述属于公司宣传口径，与即将发布的财务结果应分开阅读。

与相关标的的关系

该事件直接关联APLD。财报将为建设进度、租约收入确认、资本开支、融资和亏损变化提供新的公司级证据。

时效性与限制

通知发布于美东时间 07/15 16:05（UTC+8 07/16 04:05）。目前只能确认会议安排，不能据此推断财报结果或股价反应。

后续跟踪

第四季度及全年收入、亏损和现金流
Polaris Forge与Delta Forge建设进度
租约收入确认和客户集中度
资本开支、债务及新增融资安排

英文原文

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

This is a paid press release. Contact the press release distributor directly with any inquiries.

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

Applied Digital Corporation

Thu, July 16, 2026 at 4:05 AM GMT+8 4 min read

APLD

-8.92%

Applied Digital Corporation DALLAS, July 15, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company") , a designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence ("AI"), networking, and blockchain workloads, will host a conference call on Monday, July 27, 2026, at 5:00 p.m. Eastern Time to discuss its operations and financial results for the fiscal fourth quarter and full year ended May 31, 2026. A press release detailing these results will be issued after the market closes on the same day.

Applied Digital management will provide prepared remarks, followed by a question-and-answer period.

Date: Monday, July 27, 2026

Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)

North America Dial-In: 1-833-461-5787

International Dial-In: +1 (585) 542-9983

Conference ID: 735983255

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please get in touch with Applied Digital's investor relations team at 1-949-574-3860.

The conference call will also be broadcast live and available for replay for one year here .

About Applied Digital

Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

Caution About Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as "will," "continue," "build," "future," "increase," "drive," "believe," "look," "ahead," "confident," "deliver," "outlook," "demonstrates," "expect," "project" and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding the lease agreements and current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, and (v) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of our data centers; changes to AI and HPC infrastructure needs and their impact on future plans; risks associated with the leasing business, including those associated with counterparties; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under our lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned "Forward-Looking Statements" and "Risk Factors," and in the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company's website (www.applieddigital.com) under "Investors," or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Matt Glover and Ralf Esper

Gateway Group, Inc.

(949) 574-3860

APLD@gateway-grp.com

Media Contact

JSA (Jaymie Scotto & Associates)

(856) 264-7827

jsa_applied@jsa.net

打开原文

财年业绩电话会锁定七月二十七日

重要性3/5 中

直接关联APLD近期业绩披露，但公告仅提供会议日程，事实增量和证据密度较低。

标签

标的：`APLD`来源：Applied Digital Corporation发布日期：2026-07-15重要性：3/5 中评级理由：直接关联APLD近期业绩披露，但公告仅提供会议日程，事实增量和证据密度较低。评级依据：时效性较高, 与APLD直接相关, 公司一手公告, 尚无财务结果原文字数：867

中文摘要

核心结论

Applied Digital（纳斯达克代码：APLD）将于美东时间 07/27 17:00（UTC+8 07/28 05:00）召开2026财年第四季度及全年业绩电话会，并在当天美股收盘后发布截至05/31的财务与经营结果。当前材料只确认日程和会议形式，未披露业绩数字或经营变化。

重要性评级

评级：3/5（中）

消息直接指向APLD下一次定期业绩披露窗口，适合纳入事件日历；现阶段缺少财务数据，研究增量有限。

关键事实

公司公告发布于美东时间 07/15 16:05（UTC+8 07/16 04:05）。
电话会定于美东时间 07/27 17:00（UTC+8 07/28 05:00）。
讨论范围为截至05/31的2026财年第四季度及全年经营和财务结果。
业绩新闻稿将在07/27美股收盘后发布，公告未给出具体时刻。
管理层将先发表准备好的讲话，随后举行问答。
电话会提供网络直播，回放计划保留一年。
Applied Digital从事AI（人工智能）、网络及区块链工作负载所需的数据中心设计、建设和托管服务。

作者观点与证据

材料由公司发布，内容以会议安排和公司业务介绍为主。有关数据中心建设、租赁履约、融资能力及未来经营表现的表述属于前瞻性陈述，本公告没有新增合同、产能、收入或利润证据。

与相关标的的关系

电话会将形成APLD下一轮信息更新节点。届时可核对数据中心建设进度、客户租赁履约、资本开支、融资安排及AI与HPC（高性能计算）需求，但本公告本身不足以判断这些变量的变化方向。

时效性与限制

材料截至美东时间 07/16 22:42（UTC+8 07/17 10:42）已被收录，距离电话会仍有约十天。公告属于公司自有信息源，且未提供待披露业绩的预览数据。

后续跟踪

2026财年第四季度及全年收入、利润、现金流和资本开支。
数据中心项目完工、通电和客户交付进度。
租赁客户集中度、合同履约及融资条件。
管理层对2027财年的产能和资金需求表述。

英文原文

Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time

July 15, 2026 4:05pm EDT

Download as PDF

DALLAS, July 15, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company") , a designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence (“AI”), networking, and blockchain workloads, will host a conference call on Monday, July 27, 2026, at 5:00 p.m. Eastern Time to discuss its operations and financial results for the fiscal fourth quarter and full year ended May 31, 2026. A press release detailing these results will be issued after the market closes on the same day.

Applied Digital management will provide prepared remarks, followed by a question-and-answer period.

Date: Monday, July 27, 2026

Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)

North America Dial-In: 1-833-461-5787

International Dial-In: +1 (585) 542-9983

Conference ID: 735983255

The conference call will also be broadcast live and available for replay for one year here .

About Applied Digital

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

Caution About Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “demonstrates,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding the lease agreements and current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, and (v) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of our data centers; changes to AI and HPC infrastructure needs and their impact on future plans; risks associated with the leasing business, including those associated with counterparties; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under our lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company’s website (www.applieddigital.com) under “Investors,” or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Matt Glover and Ralf Esper

Gateway Group, Inc.

(949) 574-3860

APLD@gateway-grp.com

Media Contact

JSA (Jaymie Scotto & Associates)

(856) 264-7827

jsa_applied@jsa.net

Source: Applied Digital Corporation

Released July 15, 2026

Email Alerts

Company Profile

Contacts

RSS News Feed

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比特币重返六万五与政策催化

重要性4/5 中高

宏观、资金流和立法线索均与CRCL相关，但价格突破及ETF流入尚未形成连续证据。

标签

标的：`CRCL`来源：Investopedia发布日期：2026-07-15重要性：4/5 中高评级理由：宏观、资金流和立法线索均与CRCL相关，但价格突破及ETF流入尚未形成连续证据。评级依据：timeliness, freshness_risk原文字数：595

中文摘要

核心结论

比特币在美国6月通胀数据低于预期后短暂突破65,000美元，市场重新评估美联储政策压力，现货比特币ETF（交易所交易基金）也录得1.81亿美元单日净流入。价格随后回落至65,000美元以下，单日资金流能否延续及Clarity Act立法进展仍是持续性的主要验证点。

重要性评级

评级：4/5（中高）

宏观数据、ETF资金和监管预期同时影响比特币及CRCL、COIN，但文章记录的是短线市场反应，资金持续性尚未确认。

关键事实

比特币周三突破65,000美元，为约一个月来首次，随后又跌回该价位以下。
Circle和Coinbase股价当时均上涨至少2%。
专家把反弹与美国6月CPI（消费者价格指数）低于预期、市场降低鹰派政策预期联系起来。
Farside Investors（基金流向数据机构）称现货比特币ETF周二净流入约1.81亿美元。
比特币自去年10月约126,000美元历史高位跌至接近一半。
Polymarket（预测市场）给Clarity Act在2026年签署成法的概率约42%，5月时超过70%。
Fundstrat数字资产策略主管Sean Farrell认为42%的概率过于悲观。
法案争议之一是限制高级政府官员及其家人在任期间从加密资产获利的伦理条款。

作者观点与证据

文章认为低通胀、ETF流入和立法希望共同改善了市场情绪，同时引用Nansen（链上分析机构）警告，需要确认资金流属于持续趋势，而非单日重新配置。法案通过概率来自预测市场，Farrell的较高乐观度来自与倡议团体的交流，尚未由公开票数验证。

与相关标的的关系

CRCL和COIN对加密资产价格、市场活跃度及监管清晰度较敏感。ETF流入与比特币反弹可能改善行业活动，但文章没有量化其对Circle储备收入或Coinbase交易收入的即时贡献。

时效性与限制

文章发布于美东时间 07/15 15:42（UTC+8 07/16 03:42）。价格已在突破后回落；1.81亿美元流入仅为单日数据，还可能受到美伊短暂停火等同期因素影响。

后续跟踪

现货比特币ETF后续净流入是否连续。
7月美联储会议对通胀和利率路径的表述。
比特币能否维持65,000美元以上成交。
Clarity Act伦理条款、票数及正式表决日程。

英文原文

Bitcoin Clawed Its Way Back Over $65,000. Here’s Why—and What to Know Now

Crystal Kim

Thu, July 16, 2026 at 3:42 AM GMT+8 3 min read

BTC-USD

-1.82%

CRCL

-7.69%

COIN

-4.02%

POLA.PVT

The price of the world's largest cryptocurrency cracked $65,000 on Wednesday, a level it hasn't seen in weeks.

Credit: Photo by Nikolas Kokovlis / NurPhoto via Getty Images

Key Takeaways

Digital asset experts said the cooler-than expected-June CPI report could shift expectations for hawkish Fed policy, raising the crypto price ceiling.

Fundstrat's Sean Farrell says Polymarket's 40%-ish odds of the Clarity Act getting signed into law are "too pessimistic."

Bitcoin is clawing its way back.

The world's largest cryptocurrency on Wednesday broke $65,000, a level it hasn't seen since in about a month. (It's now back below that price.) Coin-linked stocks showed modest gains ,with Circle (CRCL) and Coinbase (COIN), rising at least 2%.

Digital asset experts attribute the recent strength to risk-on vibes, with Tuesday's cooler-than-expected June CPI report inspiring some investors to rethink their hawkish Fed policy expectations. And while traders now think the Clarity Act, a key piece of crypto legislation that could boost bitcoin prices if it becomes law, has lower odds of being passed this year, at least one crypto analyst says there's reason to be more optimistic.

WHY IT MATTERS TO YOU

Crypto has been stuck in a rut since reaching its all-time high of around $126,000 in October—and then falling to about half of that. Digital asset investors are eager to find a positive catalyst to hold onto.

Also potentially bullish: Spot bitcoin ETF flows on Tuesday turned positive, bucking recent trends, following the June inflation report. Funds saw some $181 million in net inflows yesterday, according to Farside Investors. That could have been a one-off, some experts say, reflecting temporary effects of a brief truce between the U.S. and Iran that recently broke down. But some are now a bit more optimistic, and looking toward the July Fed meeting for signs of more dovishness.

"If the CPI data holds and the Fed signals a credible pivot path, the conditions for sustained ETF inflows are back in place," Nicolai Sondergaard, a research analyst at crypto analytics firm Nansen said in an emailed statement. Sondergaard said he is watching for signals that those latest ETF flows are "durable rather than one-session repositioning."

Fundstrat's head of digital asset strategy Sean Farrell, said odds of the Clarity Act passing this year "may be better than markets appreciate." Polymarket traders recently placed a 42% chance of the bill being signed into law in 2026, down from more than 70% in May. President Donald Trump earlier this week called on the Senate to pass the bill in honor of Lindsey Graham, the Republican senator from South Carolina, who died over the weekend. "In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act," Trump said in a social media post, according to The Hill .

Story Continues

One point of contention in the broad crypto market bill is an ethics clause that would stop top government officials and their families from making money on crypto while in office. The White House is reportedly meeting with senators to resolve the issue, per a CoinDesk report. Farrell said his discussions with advocacy groups close to the action "generally expressed materially greater optimism" than prediction markets imply. The White House did not respond to Investopedia's request for comment in time for publication.

Read the original article on Investopedia

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芯片财报季前波动急升

重要性2/5 较低

可提示科技硬件波动和内部差异，但全文缺失，无法提供有效归因。

标签

标的：`SOXX`来源：Barrons.com发布日期：2026-07-15重要性：2/5 较低评级理由：可提示科技硬件波动和内部差异，但全文缺失，无法提供有效归因。评级依据：关联SOXX、MU与服务器标的, 元数据包含个股涨跌, 财报季时点相关, 缺少正文及财务证据原文字数：79

中文摘要

核心结论

芯片、服务器及存储股在财报季刚开始时已出现剧烈双向波动，显示此前大幅上涨令市场对盈利和指引偏差高度敏感。摘录没有列出驱动事件或财务数据，只能确认风险偏好趋于紧张。

重要性评级

评级：2/5（较低）

主题与SOXX及科技持仓相关，但正文只有导语，缺少足以区分基本面与仓位调整的证据。

关键事实

文章称芯片制造商、服务器供应商及存储企业此前经历显著上涨。
财报季尚处早期，相关股票已经出现令市场不安的剧烈波动。
元数据关联DELL、IBM、MSFT、MU和SOXX。
元数据显示DELL下跌5.16%、IBM上涨3.72%、MSFT上涨1.38%、MU下跌5.65%、SOXX下跌4.46%。
可用正文没有说明这些价格的统计时点、驱动因素或公司业绩。

作者观点与证据

作者将波动与此前强势行情及投资者紧张情绪联系起来。现有摘录没有盈利、估值、仓位或资本开支数据，无法核验具体因果路径。

与相关标的的关系

MU和SOXX对应芯片及存储板块，DELL对应服务器硬件，MSFT和IBM连接企业计算与AI需求。个股涨跌分化提示同一主题下仍有公司差异，但文章未展开。

时效性与限制

发布于美东时间 07/15 15:10（UTC+8 07/16 03:10）。正文受付费墙限制，元数据跌幅不能替代完整行情与财报证据。

后续跟踪

芯片与服务器公司财报指引
云厂商AI资本开支
存储价格和库存变化
SOXX与服务器标的的表现分化

英文原文

Chip Stocks Are Giving Wall Street Whiplash, and Earnings Have Barely Started

Chip Stocks Are Giving Wall Street Whiplash, and Earnings Have Barely Started · Barrons.com · SeongJoon Cho/Bloomberg

Nate Wolf

Thu, July 16, 2026 at 3:10 AM GMT+8 2 min read

DELL

-5.16%

+3.72%

MSFT

+1.38%

SOXX

-4.46%

-5.65%

A spectacular run for chip makers, server suppliers, and memory and storage names seems to have investors on edge.

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费城半导体指数月内回撤十六成

重要性4/5 中高

回撤数据新且与半导体、存储标的直接相关，但正文残缺，只有指数层面的确认价值。

标签

标的：`DRAM`来源：Barrons.com发布日期：2026-07-15重要性：4/5 中高评级理由：回撤数据新且与半导体、存储标的直接相关，但正文残缺，只有指数层面的确认价值。评级依据：timeliness原文字数：94

中文摘要

核心结论

费城半导体指数从收盘高点回撤16%，当日再跌2.3%，人工智能热门芯片股成为大盘主要拖累之一。文章确认板块调整幅度，但原文只有极短摘录，无法识别个股贡献和驱动因素。

重要性评级

评级：4/5（中高）

发布时间接近当日日报，直接量化半导体板块回撤并关联DRAM、MU、NVDA、SNDK、STX和WDC；信息过少限制了归因价值。

关键事实

文章发布于美东时间 07/15 14:50（UTC+8 07/16 02:50）。
道琼斯市场数据称，费城半导体指数当日下跌2.3%。
该指数相对其收盘高点累计回撤16%，时间跨度不足一个月。
文章称此前受人工智能主题追捧的芯片制造商，成为当日市场主要拖累之一。
元数据列出的相关标的包括DRAM、Micron、NVIDIA、SanDisk、Seagate、Western Digital、标普500指数和费城半导体指数。

作者观点与证据

正文只引用指数跌幅及道琼斯市场数据，能够确认调整幅度。关于哪些公司贡献最大、人工智能估值变化、存储供需或宏观因素，摘录均未提供证据。

与相关标的的关系

DRAM覆盖存储产业链，MU、SNDK、STX和WDC与存储价格及需求直接相关；NVDA代表人工智能计算芯片。费城半导体指数回撤为这些标的提供行业风险背景，但文章没有给出DRAM权重或单只股票对指数的贡献。

时效性与限制

归档正文仅513个字符，并以“继续阅读”结束，缺失完整文章、图表和成分股数据。16%回撤的起点只写作收盘高点，没有给出高点日期和具体点位。

后续跟踪

费城半导体指数回撤起点、点位及成分贡献。
DRAM与费城半导体指数的相对表现。
存储股和计算芯片股的跌幅差异。
板块成交量与ETF资金流。

英文原文

The SOX Index Fell 16% in Less Than a Month

The SOX Index Fell 16% in Less Than a Month · Barrons.com · Marketwatch

Barrons.com

Thu, July 16, 2026 at 2:50 AM GMT+8 1 min read

SNDK

-12.63%

^SOX

-4.29%

NVDA

-2.40%

^GSPC

-0.51%

-9.15%

The same chipmakers that have been investors' AI darlings are some of the biggest drags on today's market. The PHLX Semiconductor Index is down 2.3% today, a 16% drop from the index's closing high, according to Dow Jones Market Data.

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半导体拥挤度创调查纪录

重要性4/5 较高

调查拥挤度与估值数据可解释芯片板块波动，且直接覆盖多个相关标的；调查方法信息不完整。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-15重要性：4/5 较高评级理由：调查拥挤度与估值数据可解释芯片板块波动，且直接覆盖多个相关标的；调查方法信息不完整。评级依据：基金经理调查的极端拥挤信号, 覆盖SOXX与SMH, 比较四家芯片公司估值, 缺少调查样本细节原文字数：889

中文摘要

核心结论

美国银行调查显示，82%的基金经理将全球半导体多头列为调查史上最拥挤交易。板块内估值差异很大：英伟达与博通的增长可部分支撑远期倍数，AMD的高倍数使其对增长偏差更敏感。

重要性评级

评级：4/5（较高）

文章用基金经理调查、ETF涨幅、估值和公司增长指引刻画半导体拥挤度，直接关联SOXX、NVDA、AMD和AVGO。

关键事实

SMH（VanEck半导体ETF）2026年上涨66.69%，SOXX上涨88.78%。
美国银行全球基金经理调查中，82%受访者认为“做多全球半导体”是史上最拥挤交易；“做多七大科技股”占7%。
NVDA过去和未来市盈率分别为32倍和24倍，上一季度收入同比增长85.2%。
AVGO过去市盈率64倍、未来市盈率21倍；公司指引第三季度AI半导体收入160亿美元，同比增长逾200%。
AMD过去市盈率185倍、未来市盈率79倍，年内上涨148.2%、过去一年上涨232.1%；第一季度数据中心收入57.8亿美元，同比增长57%。
QCOM（高通）过去和未来市盈率分别为19倍和16倍，股息率2.07%；公司预计2026年晚些时候开始向超大规模云客户交付定制芯片。
NVDA给出第二季度收入约910亿美元的指引，该数字不含中国数据中心计算业务，并新增800亿美元回购授权。

作者观点与证据

作者认为盈利增速可缓冲NVDA与AVGO的估值压力，AMD面临更强的估值压缩风险，QCOM则拥有较低倍数和后续定制芯片增量。估值和公司指引可核对；Polymarket（预测市场）概率及Reddit（社交论坛）情绪只能反映短期预期。

与相关标的的关系

SOXX和SMH直接体现板块拥挤程度；NVDA、AMD、AVGO和QCOM分别对应GPU（图形处理器）、定制芯片和边缘计算等不同盈利路径。

时效性与限制

发布于美东时间 07/15 14:46（UTC+8 07/16 02:46）。文章未给出美国银行调查样本量、调查日期和区域构成，部分内容夹有推广材料。

后续跟踪

基金经理拥挤度后续变化
各公司收入指引兑现程度
AMD盈利增速与估值收敛
SOXX和SMH资金流及集中度

英文原文

Bank of America Says Long Semiconductors is the “Most Crowded Trade Ever”

Gerelyn Terzo

Thu, July 16, 2026 at 2:46 AM GMT+8 4 min read

-3.70%

NVDA

-2.40%

-5.33%

QCOM

-4.14%

AVGO

-5.03%

Quick Read

NVIDIA's 24x forward P/E is defensible against 85% revenue growth, but AMD's 185x trailing multiple has badly outrun its fundamentals.

SMH surged 67% and SOXX 89% year to date, with 82% of fund managers calling semiconductors the most crowded trade in survey history, per the latest BofA survey.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Chip stocks have been setting the tone in 2026. The VanEck Semiconductor ETF ( NASDAQ:SMH ) is up 66.69% year to date, and the iShares Semiconductor ETF ( NASDAQ:SOXX ) has done even better, rising 88.78%. Bank of America's Global Fund Manager Survey now shows 82% of managers calling "long global semiconductors" the most crowded trade in the survey's history, well ahead of "Long Magnificent 7" at 7%.

Volodymyr TVERDOKHLIB / Shutterstock.com If you watched this move from the sidelines, the question is simple: did you miss it, or is there still runway in the four AI-chip names at the center of the trade: NVIDIA ( NASDAQ:NVDA ), Advanced Micro Devices ( NASDAQ:AMD ), Broadcom ( NASDAQ:AVGO ), and Qualcomm ( NASDAQ:QCOM )?

Valuation: Wide Dispersion Within a Crowded Sector

The four stocks carry sharply different multiples. NVIDIA trades at a trailing P/E of 32x with a forward P/E of 24x, defensible against 85.2% YoY revenue growth last quarter. Broadcom sits at a trailing 64x but a forward 21x, reflecting the AI ramp still to come. Qualcomm is the outlier at a trailing 19x, forward 16x, and a 2.07% dividend yield. AMD is the stretched one: trailing P/E of 185x, forward 79x, after a 148.2% YTD run and a 232.1% one-year gain.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Forward Catalyst: The Numbers Still Grow

Based on corporate America's growth projections, the crowded trade still has room to run. NVIDIA guided Q2 revenue to roughly $91.0B, excluding China Data Center compute, and authorized an $80B share buyback on top of $38.5B remaining as of March. Broadcom guided Q3 AI semiconductor revenue to $16.0B, up over 200% year-over-year, alongside its eighth straight EPS beat.

Story Continues

AMD's Q1 showed Data Center revenue of $5.78B, up 57% YoY, with the Meta 6-gigawatt Instinct GPU commitment anchoring the MI450 ramp. Qualcomm's setup is the softest near term: Q3 adjusted EPS guidance of $2.10 to $2.30 steps down sequentially, but its hyperscaler custom-silicon shipments begin later in 2026, giving the stock a compelling new growth leg.

Risk and Entry: Where the Downside Actually Lives

Prediction markets are telling, particularly on NVIDIA. Polymarket assigns only a 5.5% probability of the stock closing above $240 by month-end, versus 75.0% above $200. That signals asymmetric consolidation ahead. Reddit sentiment on NVDA has cooled to neutral, with retail flagging DeepSeek's in-house AI chip and SK Hynix's U.S. market entry as fresh competitive worries.

AMD carries the true valuation risk: at 185x trailing earnings and a beta of 2.47, a growth wobble hits the multiple twice. For an income-oriented retirement portfolio, Qualcomm's 15.88% one-month drawdown already provides an entry the others have not offered.

If you want a curated view of the operators best positioned for this cycle, our research team's 7 Stocks Powering the AI Boom report frames the winners without chasing the froth.

Verdict

The chip trade has evolved, but opportunity remains. NVIDIA and Broadcom still have the earnings power to grow into their multiples, and Qualcomm's recent sell-off offers a value entry with a real 2026 catalyst. AMD is the one where the price has outrun the fundamentals for now. For a retirement-focused investor, NVDA, AVGO, and QCOM screen as the more defensible setups on any weakness, while AMD's stretched multiple warrants closer monitoring before the risk/reward rebalances.

NVDA Analyst Ratings — 24/7 Wall St.

AVGO Price Target — 24/7 Wall St.

Meet America's Newest $1b Unicorn (Sponsor)

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Contact editorial@247wallst.com for any questions or corrections.

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AI光模块高贝塔交易降温

重要性4/5 较高

直接覆盖COHR、SOXX及AI光学同业，并提供收入、订单和产能数据；短期归因缺少资金流验证。

标签

标的：`COHR`, `SOXX`来源：24/7 Wall St.发布日期：2026-07-15重要性：4/5 较高评级理由：直接覆盖COHR、SOXX及AI光学同业，并提供收入、订单和产能数据；短期归因缺少资金流验证。评级依据：关联COHR与SOXX, 包含光学同业盘中表现, 保留收入、订单和指引, 无公司特定负面消息原文字数：992

中文摘要

核心结论

AAOI、Lumentum和Coherent在没有公司特定负面消息时大幅下跌，反映高涨幅AI光学板块的仓位收缩。订单、收入和扩产数据仍支持长期需求，但高贝塔、客户集中和产能爬坡风险放大短期波动。

重要性评级

评级：4/5（较高）

文章同时提供板块价格、AAOI指引、Lumentum业绩和Coherent产业支持，直接关联COHR与SOXX。

关键事实

AAOI周三下午一度下跌12%至110美元上方，LITE下跌7%至757美元，COHR下跌5%至296美元。
同期SOXX下跌3%至550.69美元，QQQ跌幅不足1%，显示光学标的跌幅明显更大。
AAOI贝塔系数约3.69，年内上涨206%；前一日曾因得克萨斯州Pearland的800G及1.6T收发器产能扩建而上涨。
Lumentum 2026财年第三季度收入8.084亿美元，同比增长90%，光路交换机积压订单超过4亿美元。
Coherent获得NVDA 20亿美元投资支持，并在得克萨斯州扩大磷化铟产能。
AAOI管理层给出2026年第二季度收入1.8亿至1.98亿美元指引，全年收入预计超过10亿美元，2025年收入为4.5572亿美元。
文章称当天没有三家公司的新增负面消息，Micron中国存储竞争报道只构成情绪传导。

作者观点与证据

作者把跌势归为拥挤AI硬件交易的获利回吐，并认为800G、1.6T和光路交换机需求逻辑尚未被公司数据推翻。行情归因仍属分析判断，未提供资金流或持仓数据。

与相关标的的关系

COHR是输入标的之一；AAOI和LITE提供同业价格及订单对照，SOXX反映半导体板块风险偏好，NVDA通过投资和AI网络需求关联。

时效性与限制

发布于美东时间 07/15 14:18（UTC+8 07/16 02:18）。文中为盘中价格，且缺少客户订单结构、估值明细与资金流证据。

后续跟踪

AAOI的800G和1.6T产能爬坡
Lumentum积压订单转化
Coherent磷化铟扩产进度
超大规模云厂商网络资本开支

英文原文

Applied Optoelectronics Falls 12%, Coherent and Lumentum Slide as AI Optics Trade Cools

David Moadel

Thu, July 16, 2026 at 2:18 AM GMT+8 5 min read

AAOI

-8.11%

COHR

-7.49%

-1.64%

SOXX

-4.46%

^NDX

-1.62%

Quick Read

AAOI dropped 12% and Lumentum slid 7% on no company-specific news, unwinding the momentum from yesterday's Texas capacity expansion rally.

QQQ fell less than 1% while SOXX dropped 3%, exposing how AAOI's beta of 3.69 and 206% year-to-date run amplify every AI hardware risk-off wave.

Lumentum posted record Q3 revenue of $808 million, up 90% year over year, with an optical circuit switch backlog exceeding $400 million supporting the long-term thesis.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Shares of Applied Optoelectronics ( NASDAQ:AAOI ) are sliding Wednesday afternoon, down 12% to $110 and change, as investors pull back from the highest-beta corners of the AI optics trade. The move reverses yesterday's bounce tied to the company's Texas capacity expansion.

sakkmesterke / iStock via Getty Images Applied Optoelectronics' peers are moving in sympathy. Lumentum ( NASDAQ:LITE ) stock is down 7% to $757, while Coherent ( NYSE:COHR ) shares are down 5% to $296. The trio has led AI-photonics gains for months, and today's action looks like targeted de-risking rather than a broad selloff.

For context, the NASDAQ 100 is down slightly today, but it's merely a fraction of the drawdown in these three optics/photonics names. That gap points to profit-taking after parabolic runs across a crowded trade.

AI Hardware Risk-Off, Not a Company-Specific Catalyst

There's no fresh company-specific news driving Applied Optoelectronics, Lumentum, or Coherent shares lower today. Instead, all three are being swept into the same AI-hardware risk-off hitting chip names like Micron Technologies ( NASDAQ:MU ) and Intel ( NASDAQ:INTC ).

These are optical-transceiver and photonics companies, so Micron's China memory competition headline is a sentiment read-through rather than a fundamental hit. The pressure reflects broad AI-hardware de-risking, amplified by the fact that AAOI carries a beta around 3.69 and is up 206% year to date.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)

General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX .

Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline .

Story Continues

Wednesday's move also reflects yesterday's sharp bounce fading. Applied Optoelectronics stock rallied on the Pearland, Texas groundbreaking for 800G and 1.6T transceiver capacity, and momentum traders appear to be stepping back after that pop.

Sector Proxies Confirm the Rotation

The iShares Semiconductor ETF ( NASDAQ:SOXX ) is down 3% to $550.69 Wednesday, and it's a useful proxy for the broader chip complex. It's worth noting that optics is only a small slice of the fund.

The SOXX ETF also carries concentration risk in the top chip names and isn't leveraged, so it will move less than these ultra-high-beta optics stocks in either direction. The ETF is still up 81% year to date, underscoring how stretched the AI-hardware trade has become heading into this pullback.

Lumentum stock has been the strongest of the three on fundamentals, with record Q3 FY2026 revenue of $808.4 million, up 90% year over year, and an optical circuit switch backlog exceeding $400 million. Coherent has structural support from NVIDIA 's ( NASDAQ:NVDA ) $2 billion investment and its indium phosphide scale-up in Texas.

The AAOI Bull and Bear Cases

The bull case for Applied Optoelectronics rests on accelerating hyperscaler demand for 800G and 1.6T optics, plus new U.S. capacity. Management guided Q2 2026 revenue to $180 million to $198 million, and full-year 2026 revenue is projected to exceed $1 billion versus $455.72 million in 2025.

The bear case is straightforward: extreme volatility, a rich valuation after a huge run, hyperscale customer concentration, and 800G ramp execution risk. AAOI stock has shown how quickly momentum can flip in this name.

What to Watch Now

Investors can watch for whether Applied Optoelectronics stock holds $110, and whether Lumentum and Coherent shares stabilize as sector selling exhausts itself. The next fundamental catalysts are the upcoming earnings prints and hyperscaler capex commentary from the mega-cap cloud names.

Given betas this high and year-to-date moves this large, investors may want to size their positions in Applied Optoelectronics, Lumentum, and Coherent shares carefully. Sharp two-way moves are part of the trade here, and days like today are a reminder that concentrated exposure amplifies both the upside and the drawdowns.

The core AI optics thesis around 800G, 1.6T, co-packaged optics, and optical circuit switches remains intact based on company guidance and backlog disclosures. Wednesday's action looks more like a positioning reset in a crowded trade than a break in the underlying demand picture, but momentum traders may keep Applied Optoelectronics, Lumentum, and Coherent active into Thursday's session.

Meet America's Newest $1b Unicorn (Sponsor)

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Contact editorial@247wallst.com for any questions or corrections.

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科技指数上涨掩盖芯片分化

重要性3/5 中

提供新近的科技内部轮动线索，但正文残缺且缺少DRAM及芯片指数的直接数据。

标签

标的：`DRAM`来源：Barrons.com发布日期：2026-07-15重要性：3/5 中评级理由：提供新近的科技内部轮动线索，但正文残缺且缺少DRAM及芯片指数的直接数据。评级依据：timeliness原文字数：108

中文摘要

核心结论

芯片和硬件股走弱时，大型科技公司仍推动主要指数上涨，显示科技板块内部出现明显分化。纳斯达克领先并不代表所有科技子行业同步走强。

重要性评级

评级：3/5（中）

文章提供接近当日日报的盘中市场广度线索，并与DRAM及半导体指数相关；原文过短，无法确认领涨公司、行业权重或持续性。

关键事实

文章发布于美东时间 07/15 14:14（UTC+8 07/16 02:14）。
文中称硬件公司和芯片股当日表现承压。
同一时点，部分大型科技公司上涨，推动科技板块表面表现占优。
纳斯达克综合指数上涨0.5%，标普500指数上涨0.3%。
道琼斯工业平均指数上涨0.3%，即151点。
作者指出，纳斯达克领涨所显示的科技强势掩盖了板块内部结构差异。

作者观点与证据

指数涨幅与硬件、芯片走弱的并列信息支持“内部轮动”判断。正文没有列出上涨的大型科技公司，也没有提供芯片指数跌幅、市场宽度、成交量或行业权重贡献。

与相关标的的关系

DRAM代表存储产业主题，文章说明其所属硬件与芯片板块可能在科技指数上涨时仍承压。纳斯达克、标普500和道琼斯指数只能提供大盘背景，不能代替DRAM或SOX（费城半导体指数）的直接行情证据。

时效性与限制

归档正文仅612个字符，并以“继续阅读”结束。所有涨幅均为盘中快照，未说明采样时刻，也不能代表收盘结果。

后续跟踪

大型科技领涨公司及其指数贡献。
芯片、软件和互联网子行业的相对强弱。
DRAM与纳斯达克综合指数的走势差。
盘中分化是否延续至收盘。

英文原文

Tech Stocks Are on the Rise Despite the Chip Dip

Tech Stocks Are on the Rise Despite the Chip Dip · Barrons.com · Marketwatch

Barrons.com

Thu, July 16, 2026 at 2:14 AM GMT+8 2 min read

^GSPC

-0.51%

^IXIC

-1.47%

^DJI

-0.20%

Hardware names, including chip stocks, are having a tough trading session, but some of the biggest tech companies are climbing higher. The Nasdaq was up 0.5%, while the S&P 500 rose 0.3%, and the Dow increased 0.3% or 151 points. The Nasdaq leading gains would suggest that tech is outperforming, but under the surface things are a bit more complicated.

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DTCC完成首批代币化实盘交易

重要性5/5 高

CRCL直接进入核心清算机构的代币化生产流程，参与主体和应用场景均具较强证据价值。

标签

标的：`CRCL`来源：Bankless发布日期：2026-07-15重要性：5/5 高评级理由：CRCL直接进入核心清算机构的代币化生产流程，参与主体和应用场景均具较强证据价值。评级依据：high_timeliness, institutional_evidence原文字数：281

中文摘要

核心结论

DTCC（美国存托信托与清算公司）首次在生产环境使用代币化股票、ETF（交易所交易基金）和美国国债完成交易，数字权益保留原证券的所有权、分红和治理权。CRCL和SPY的代币化权益已用于Ondo Finance（链上资产平台）产品，形成传统托管体系连接公共去中心化金融的早期案例。

重要性评级

评级：5/5（高）

事件直接涉及CRCL证券代币化，并由华尔街核心清算基础设施和30多家机构参与，具有较高事实密度和产业意义。

关键事实

DTCC托管约114万亿美元证券，并完成其首批代币化生产交易。
30多家机构参加，包括贝莱德、摩根大通、高盛、先锋、纳斯达克和纽约证券交易所。
DTCC将DTC（美国存托信托公司）托管证券转换为可随时还原的数字孪生，保留相同所有权、分红、治理权和投资者保护。
交易运行于Hyperledger Besu（企业级区块链网络）和Canton（受监管金融区块链网络）。
流程覆盖抵押品质押、证券借贷、国债回购及股票交易。
摩根大通把QQQ持仓代币化，用于满足CME（芝加哥商品交易所）保证金要求。
微软、Circle、SPY（标普500交易所交易基金）和不同期限美国国债均进入测试。
Ondo推出由DTC代币化权益支持的CRCLon和SPYon产品。
完整DTCC Tokenization Service（DTCC代币化服务）计划于2026年10月上线；此前SEC（美国证券交易委员会）无异议函给予三年授权。

作者观点与证据

Bankless把本次交易描述为迄今按用途、资产类别和参与方衡量规模最大的代币化生产项目。文章提供了具体流程和参与者，但篇幅仅一分钟阅读量，没有附DTCC、SEC或Ondo原始文件链接，规模判断仍需官方材料核对。

与相关标的的关系

CRCL股票既参与DTCC测试，也成为CRCLon的底层数字权益，直接增加Circle证券在链上金融中的可用形式。QQQ、SPY、微软和国债显示该基础设施覆盖范围并不限于加密相关证券。

时效性与限制

文章发布于美东时间 07/15 13:57（UTC+8 07/16 01:57）。当前属于首轮生产测试，参与规模、交易金额、流动性和正式服务资格尚未披露。

后续跟踪

2026年10月正式服务的上线范围和准入条件。
CRCLon、SPYon的发行量、赎回和链上流动性。
DTCC公布的交易规模及结算效率数据。
SEC三年无异议安排下的合规要求。

英文原文

DTCC Executes First Live Trades With Tokenized Wall Street Assets

Bankless

Thu, July 16, 2026 at 1:57 AM GMT+8 1 min read

-0.58%

-1.64%

MSFT

+1.38%

CRCL

-7.69%

-0.54%

The DTCC, the clearing giant safeguarding $114T in securities, processed its first live production trades using tokenized stocks, ETFs, and U.S. Treasuries today, calling it the largest tokenization production initiative yet by use cases, asset classes, and participants.

Notably, more than 30 firms took part in the demonstration, including BlackRock, JPMorgan, Goldman Sachs, Vanguard, Nasdaq, and the NYSE.

What's the Scoop?

Digital twins: Unlike most tokenized stock products, DTCC's service converts DTC-held securities into onchain "digital twins" that retain identical ownership, dividend, and governance rights, and they can be converted back to traditional form at will. The trades settled on Hyperledger Besu, DTCC's private network, and Canton, a public network built for regulated finance.

Real workflows: The day's transactions spanned collateral pledges, securities lending, Treasury repo, and equity trades. JPMorgan tokenized QQQ holdings and used them to satisfy CME margin requirements, while assets like Microsoft and Circle shares, SPY, and Treasuries of various maturities were tokenized throughout.

Ondo goes live too: Ondo Finance simultaneously announced the first tokenized stock representations built on DTC tokenized entitlements, with digital twins of CRCL and SPY now backing its CRCLon and SPYon products, an early bridge between DTCC's infrastructure and public DeFi.

October incoming: The demo trades come seven months after the SEC's No-Action Letter authorized the service for three years. The full DTCC Tokenization Service launches in October 2026, when eligible participants can begin converting securities for production use at scale.

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Coherent业绩回撤后的增长证据

重要性4/5 中高

直接提供COHR增长、订单和估值信息，但来源立场偏积极，原始披露引用不足。

标签

标的：`COHR`来源：Zacks发布日期：2026-07-15重要性：4/5 中高评级理由：直接提供COHR增长、订单和估值信息，但来源立场偏积极，原始披露引用不足。评级依据：recent_analysis原文字数：434

中文摘要

核心结论

Zacks认为Coherent（相干公司，COHR）在业绩后回撤中维持了经营增长逻辑，依据是上调展望、延伸至2028年的创纪录积压订单以及六英寸磷化铟产能扩张。估值仍显著高于行业，市场需要实际收入和盈利兑现来支持当前溢价。

重要性评级

评级：4/5（中高）

文章直接涉及COHR，提供积压订单、盈利预测和估值数字；来源带有评级推广性质，部分判断缺乏公司原始披露引用。

关键事实

COHR过去一个月下跌19%，过去一年仍上涨218%。
管理层上调展望，并称积压订单可见度延伸至2028年。
公司预计2027财年增长快于2026财年。
六英寸磷化铟平台正在提升产量，用于下一代人工智能网络。
未来12个月市盈率为36.29倍，高于行业平均20.89倍。
2026年一致每股收益预期为5.47美元，同比增长55%。
2026年一致收入预期为70.6亿美元，同比增长21.5%。
Zacks给予COHR第一等级“强力买入”评级。

作者观点与证据

作者把近期下跌解释为此前大涨后的预期重置，并认为基本面没有恶化。证据包括公司指引、积压订单、产能建设和一致预期；文章没有详细列出季度业绩、订单取消条款或预测修订历史，并包含Zacks评级产品推广。

与相关标的的关系

内容直接关联COHR，并与Fabrinet（光通信制造商，FN）及Lumentum（光器件公司，LITE）比较。作者认为COHR拥有更高的人工智能基础设施敞口、长期客户承诺和订单可见度，但未给出三家公司同口径的增长与估值表。

时效性与限制

文章发布于美东时间 07/15 13:09（UTC+8 07/16 01:09）。一致预期和估值会随股价及分析师模型变化，正文未注明统计样本和更新时间。

后续跟踪

2026年70.6亿美元收入和5.47美元每股收益预期的修订方向。
2028年积压订单的转化率与取消风险。
六英寸磷化铟平台的产量、良率和毛利贡献。
COHR相对FN和LITE的增长及估值差异。

英文原文

COHR

COHR's Post-Earnings Pullback Has Strengthened the Investment Case

Zacks Equity Research

Thu, July 16, 2026 at 1:09 AM GMT+8 2 min read

COHR

-7.49%

-5.44%

Coherent COHR appears to offer a more compelling investment opportunity following its recent post-earnings correction. The stock retreated despite the company delivering a strong quarterly performance, raising its outlook and highlighting record backlog visibility extending through 2028.

Management also reaffirmed that fiscal 2027 growth is expected to exceed fiscal 2026 levels while continuing to ramp production of its 6-inch indium phosphide platform, a critical technology supporting next-generation AI networking. The sharp decline came after an extraordinary rally rather than any deterioration in business fundamentals, reflecting a reset in investor expectations. COHR remains up an impressive 218% over the past year, even after declining 19% over the past month.

Zacks Investment Research Image Source: Zacks Investment Research

Although the stock trades at a forward 12-month price-to-earnings ratio of 36.29X, above the industry average of 20.89X, the recent correction has made the valuation more reasonable relative to its long-term growth prospects.

Zacks Investment Research Image Source: Zacks Investment Research

Supporting this view, the Zacks Consensus Estimate for 2026 earnings is pegged at $5.47, indicating 55% year over year growth. The consensus mark for 2026 revenues stands at 7.06 billion, suggesting 21.5% year over year growth.

Coherent Continues to Outperform Key Peers

Compared with optical networking peers Lumentum LITE and Fabrinet ( FN ) , Coherent continues to benefit from stronger exposure to AI infrastructure investments and increasing demand for high-speed optical connectivity. While LITE and FN are well-positioned to capitalize on data center upgrades, Coherent has strengthened its competitive standing through manufacturing expansion, long-term customer commitments and improved backlog visibility.

The company is also demonstrating an ability to translate robust demand into profitable growth while maintaining confidence in future expansion. As AI infrastructure spending continues to accelerate, Lumentum, Fabrinet and Coherent are all expected to benefit. However, Coherent currently combines superior growth visibility, expanding production capacity and a more attractive post-correction valuation, making it stand out among its optical networking peers.

COHR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Coherent Corp. (COHR) : Free Stock Analysis Report

Fabrinet (FN) : Free Stock Analysis Report

Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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稀土供应摩擦压制Coherent供应链

重要性5/5 高

直接揭示COHR关键材料供应风险，并连接美中政策、企业交涉和行业调查，时效与事实密度均高。

标签

标的：`COHR`来源：Bloomberg发布日期：2026-07-15重要性：5/5 高评级理由：直接揭示COHR关键材料供应风险，并连接美中政策、企业交涉和行业调查，时效与事实密度均高。评级依据：timeliness, source_quality原文字数：1529

中文摘要

核心结论

彭博报道称，特朗普政府内部有人认为中国没有按美方理解履行釜山贸易安排中的关键矿产承诺，但美国为避免重启贸易战、影响9月峰会及中期选举前市场稳定，暂未采取强硬公开反制。Coherent（相干公司，COHR）和Applied Materials（应用材料，AMAT）已分别寻求与中方沟通，显示稀土和关键材料供应瓶颈直接影响美国科技制造商。

重要性评级

评级：5/5（高）

报道直接点名COHR管理层为恢复材料供应进行交涉，并覆盖贸易政策、稀土许可和供应链风险；彭博采访来源广泛，但核心内部判断多来自匿名人士。

关键事实

去年韩国釜山达成的安排把恢复关键矿产和稀土供应列为主要目标。
白宫及USTR（美国贸易代表办公室）部分人员认为中方没有遵守美方对协议的理解。
中国否认违约，称稀土出口管制符合国际规则，并指控美方限制中国企业违反休战安排。
美国官员表示不同条款的履行程度有差异，合规问题正通过双边渠道处理，并预告将针对中国供应链规则采取行动。
美国财政部长贝森特和贸易代表格里尔一年内与中方举行约六次会议，但关键原料安排仍未形成具体书面条款。
AMAT近期派高管赴北京询问关键材料供应；COHR首席执行官Jim Anderson（吉姆·安德森）今年早些时候随特朗普访华，争取恢复发货。
美中贸易全国委员会上月调查称，企业获取中国稀土仍面临漫长、不透明的许可和供应商协调问题，部分品种“几乎无法获得”。
五角大楼6月把阿里巴巴、百度和比亚迪等列入其认定的涉军企业名单，并将限制国防合同。

作者观点与证据

报道倾向于认为美国因关键矿产依赖和政治安排而约束了反制空间。依据包括政府内部讨论、企业行动、行业调查及公开政策；中国政府和一名美国官员提出了反向说法。匿名来源较多，所谓“违约”缺乏双方共同签署的具体书面条款，因此存在解释分歧。

与相关标的的关系

COHR依赖关键材料生产光收发器，其首席执行官亲自参与交涉，供应恢复速度可能影响产能、交付和成本。AMAT同样面临材料短缺；BABA、BIDU和比亚迪相关证券则受到美国国防采购限制及更广泛合规压力影响。

时效性与限制

文章发布于美东时间 07/15 12:38（UTC+8 07/16 00:38）。9月美中峰会仍属未来政治安排，报道中的政策路径和中国延长贸易休战设想尚未形成公开协议。

后续跟踪

9月峰会是否形成可核验的关键矿产书面条款。
COHR关键材料发货、库存和交付周期变化。
美国针对中国供应链规则的后续行动。
稀土许可时间及美中贸易全国委员会后续调查。

英文原文

Trump’s Aides See China Cheating on Trade, But Shun Retaliation

Jenny Leonard

Thu, July 16, 2026 at 12:38 AM GMT+8 7 min read

AMAT

-3.19%

BABA

-0.17%

BIDU

+1.20%

81211.HK

-3.12%

COHR

-7.49%

(Bloomberg) -- Within President Donald Trump's trade team, two sobering conclusions are emerging: China is cheating on its trade deal. And the US isn't going to do much about it.

中国存储扩张冲击美光定价

重要性4/5 较高

中国存储竞争线索直接影响MU并传导至SOXX，但近期收入冲击尚无产能或采购数据证明。

标签

标的：`SOXX`来源：24/7 Wall St.发布日期：2026-07-15重要性：4/5 较高评级理由：中国存储竞争线索直接影响MU并传导至SOXX，但近期收入冲击尚无产能或采购数据证明。评级依据：直接关联MU与SOXX, 包含CXMT及苹果线索, 保留美光财务和指引, 竞争影响仍待验证原文字数：817

中文摘要

核心结论

中国DRAM厂商CXMT扩张及苹果测试其芯片，引发市场对美光长期定价权的担忧，并通过拥挤的半导体仓位传导至AMD、Intel和Marvell。当前报道尚未证明美光近期收入受损，HBM4需求和强劲财务指引仍构成对照。

重要性评级

评级：4/5（较高）

文章把中国存储竞争、MU财务数据和SOXX板块传导连接起来，时效性与标的相关度较高。

关键事实

美光周三早盘一度下跌8%至903.50美元；Intel和AMD各跌6%，Marvell跌7%。
SOXX下跌4%至546.72美元。
CXMT（长鑫存储）被称为全球第四大DRAM生产商，苹果正测试其面向中国市场设备的芯片。
蔚来披露向CXMT投资2330万美元。
美光2026财年第三季度收入414.6亿美元，同比增长346%；非GAAP（非美国通用会计准则）每股收益25.11美元，GAAP（美国通用会计准则）毛利率85%。
美光第四财季收入指引为500亿美元，上下浮动10亿美元，年内股价已上涨217%。
Polymarket给出美光7月触及840美元的概率为72%；预测市场数据只反映参与者预期。

作者观点与证据

作者认为CXMT扩张可能削弱美光商品型DRAM的定价权，但明确承认这尚未形成可确认的近期收入冲击。AMD、Intel和Marvell不直接参与DRAM或NAND竞争，其下跌更符合板块风险收缩。

与相关标的的关系

MU直接承受存储竞争预期；SOXX反映行业传导；AMD、INTC和MRVL主要受共同仓位影响。AAPL是CXMT潜在客户验证线索，NIO通过股权投资与CXMT关联。

时效性与限制

发布于美东时间 07/15 12:01（UTC+8 07/16 00:01）。盘中价格可能变化，文章没有提供CXMT产能、良率、苹果采购量或美光客户流失数据。

后续跟踪

CXMT产能、制程与良率
苹果测试结果及实际采购规模
美光DRAM、NAND和HBM价格指引
SOXX及非存储芯片股的表现分化

英文原文

Micron Drops 8% on China Competition Fears, Dragging Intel, AMD, and Marvell

David Moadel

Thu, July 16, 2026 at 12:01 AM GMT+8 4 min read

-5.65%

MRVL

-8.71%

-5.33%

INTC

-5.84%

AAPL

+1.76%

Quick Read

Micron plunged 8% on China competition fears, dragging AMD and Intel down 6% each despite neither competing in memory chips; meanwhile, MRVL shares slid 7%.

Apple is testing chips from Chinese DRAM maker CXMT, while the SOXX semiconductor ETF fell 4% on the sector-wide selloff.

Micron guides for $50B in FQ4 revenue, but the prediction markets assign a 72% chance the stock touches $840 in July.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .

Shares of Micron Technology ( NASDAQ:MU ) are down 8% to $903.50 in early trading Wednesday, dragging the broader semiconductor complex lower. The selloff is spilling into Intel ( NASDAQ:INTC ), Advanced Micro Devices ( NASDAQ:AMD ), and Marvell Technology ( NASDAQ:MRVL ), which are lower by 6%, 6%, and 7%, respectively.

Shutterstock The iShares Semiconductor ETF ( NASDAQ:SOXX ) is off 4% to $546.72, reflecting a sector-wide risk-off tone. Micron shares had been trading near record highs after a blowout June earnings print, so today's pullback follows a powerful rally.

The main catalyst appears to be a Micron-specific memory story. Barron's reported that Micron shares fell as competition from Chinese memory-chip makers looks set to intensify, framing a longer-term threat to the DRAM and NAND business.

China Memory Competition Fuels the Selloff

Chinese producer ChangXin Memory Technologies (CXMT) has been climbing the DRAM ranks quickly. CXMT has become the world's fourth-largest DRAM producer, and Apple ( NASDAQ:AAPL ) is testing CXMT chips for devices sold in China. Furthermore, Nio ( NYSE:NIO ) recently disclosed a $23.3 million investment in the Chinese memory maker.

That signal of gathering Chinese scale threatens Micron's pricing power in commodity DRAM even as HBM4 keeps the AI story intact. The narrative is framed as analysis, not a confirmed near-term revenue hit, but it lands on a stock that seems to already have been priced for perfection.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .

Why Intel, AMD, and Marvell Are Falling in Sympathy

Intel focuses on CPUs and foundry, AMD on CPUs and GPUs, and Marvell on custom silicon and networking. None of the three compete in DRAM or NAND, so today's action in Intel stock, AMD stock, and Marvell stock reads as sector-wide de-risking rather than a China-memory hit to their fundamentals.

Profit-taking is a big piece of the story. Intel stock is up 177% year to date, AMD shares are up 142%, and Marvell stock is up 145%. Sector-level positioning has repeatedly hit this group together, and today's tape looks similar.

Story Continues

The SOXX ETF holds all four names and is a common vehicle for sector exposure. Traders should note the concentration risk in a handful of mega-caps within their sector allocation. The fund isn't leveraged, so exposure moves one-for-one with the underlying basket.

Weighing the Bull and Bear Case on Micron

The bull case for Micron remains anchored in AI memory demand. The company delivered FQ3 2026 revenue of $41.46 billion, up 346% year over year, with non-GAAP EPS of $25.11 and GAAP gross margin of 85%. Micron's guidance for FQ4 called for revenue of $50 billion, plus or minus $1 billion.

The bear case rests on memory cyclicality, the Chinese competitive overhang, and a rich valuation after the run-up. Micron stock is up 217% year to date. Traders sizing their positions here can expect volatility to stay elevated and may consider trimming their exposure into strength.

The prediction markets echo the near-term caution. Polymarket odds put a 99% probability on Micron closing lower on July 15, and the crowd assigns 72% odds to the stock touching $840 in July.

What to Watch Now

Traders can watch for whether Micron holds $905 and whether the SOXX ETF's bounce attempts gain traction. Any confirming reporting on Chinese memory capacity, or a rebuttal from HBM customers, could reset the tone quickly.

TD Cowen's $1,600 price target on Micron and Citigroup 's ( NYSE:C ) upside catalyst watch on stronger second-half DRAM pricing remain intact for now. Market watchers can look for whether any sell-side desk cuts numbers on the China angle, with Micron's next scheduled earnings being the key forward catalyst for the memory group.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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Weekly Petroleum Status Report — week ending July 10, 2026

重要性未评级

标签

来源：U.S. Energy Information Administration发布日期：2026-07-15重要性：未评级

中文摘要

截至2026-07-10当周，美国商业原油库存减少170万桶至4.097亿桶，约低于五年同期均值6%。
汽油库存减少150万桶；馏分油库存增加460万桶但仍低于五年同期均值约11%。
总商业石油库存增加1330万桶；炼厂开工率为96.2%。
过去四周石油产品供应量日均2030万桶，同比上升0.3%。

英文原文

Weekly Petroleum Status Report — week ending July 10, 2026

本地取得的是 PDF 或二进制响应，未在页面内展开原文；请使用上方“打开原文”核查。

打开原文

APLD估值分歧取决于激进假设

重要性3/5 中

直接呈现APLD估值分歧和关键假设，但模型依赖预测，结论敏感度高。

标签

标的：`APLD`来源：Simply Wall St.发布日期：2026-07-15重要性：3/5 中评级理由：直接呈现APLD估值分歧和关键假设，但模型依赖预测，结论敏感度高。评级依据：valuation_sensitivity, contracted_revenue原文字数：773

中文摘要

核心结论

Simply Wall St的主流估值叙事给APLD每股73.36美元公允价值，较28.47美元收盘价高61.2%；该结果依赖较激进的收入、利润率和估值倍数假设。市销率对比则显示当前定价仍高于行业和同业。

重要性评级

评级：3/5（中）

文章集中呈现APLD多空估值分歧及合同收入支撑，与标的直接相关；公允价值来自平台模型和分析师预测，敏感度较高。

关键事实

Polaris Forge 1园区2号楼一期达到RFS（可投入服务）状态，新增75兆瓦运营中的人工智能容量。
APLD过去30日股价下跌约33%，一年期股东总回报约186%。
平台主流估值叙事给出每股73.36美元公允价值，基于9.52%的折现率；对比收盘价28.47美元，称低估61.2%。
APLD与CoreWeave签订15年租约，合同收入合计70亿美元。
文章提示该估值需要较高的收入扩张、利润率改善和盈利倍数假设。
APLD市销率为25.5倍，高于平台计算的合理值24.3倍、美国信息技术行业1.9倍及同业6倍。
风险包括高债务以及对少数大型超大规模云计算和加密客户的依赖。

作者观点与证据

文章同时展示现金流估值的乐观结果和市销率的谨慎结果。73.36美元估值受预测假设驱动，15年租约和新增容量提供业务依据；25.5倍市销率则说明市场已计入较高增长预期。

与相关标的的关系

APLD的估值取决于新增容量转化为租金收入、长期租约履约、利润率改善和融资成本。客户集中或建设延误会放大模型偏差。

时效性与限制

文章发布于美东时间 07/15 09:10（UTC+8 07/15 21:10）。平台说明分析基于历史数据和分析师预测，可能未纳入最新价格敏感公告或定性信息。

后续跟踪

75兆瓦新增容量的收入和利润贡献
CoreWeave租约履约与客户集中度
折现率、利润率和收入假设变化
债务成本及市销率回落路径

英文原文

Is Applied Digital (APLD) Undervalued As New AI Capacity Comes Online?

Simply Wall St

Wed, July 15, 2026 at 9:10 PM GMT+8 3 min read

APLD

-8.92%

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide.

Applied Digital (APLD) is back in focus after announcing that Phase 1 of Building 2 at its fully leased Polaris Forge 1 campus is Ready for Service, adding 75 MW of operational AI capacity.

See our latest analysis for Applied Digital.

Applied Digital's latest capacity milestone comes after a sharp 30-day share price decline of around 33%. However, the year-to-date share price return is slightly positive and the 1-year total shareholder return of about 186% points to strong momentum over a longer horizon.

If you want to see what else is moving in AI infrastructure, this is a useful moment to scan a curated list of 52 AI infrastructure stocks

After Applied Digital's sharp pullback, the stock now sits far below the average analyst price target and well above where more cautious investors think fair value could lie. How does that spread compare with the fundamentals?

Most Popular Narrative: 61.2% Undervalued

The most followed narrative on Applied Digital pegs fair value at about $73.36 per share, well above the last close of $28.47, and uses a 9.52% discount rate to get there.

The company has recently secured long-term (15-year) leasing agreements with CoreWeave, a major AI hyperscaler, for its purpose-built AI/HPC data center campus, Polaris Forge 1, representing a total of $7 billion in contracted revenue and a multi-year, recurring, and predictable revenue stream that directly supports future revenue growth and cash flow stability.

Read the complete narrative.

Want to see how this contracted revenue feeds into the $73 range, projected growth and future margins? The key inputs behind this valuation are surprisingly aggressive, especially around revenue expansion, margin improvement and the earnings multiple used to justify that fair value.

Result: Fair Value of $73.36 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Applied Digital's heavy use of debt and dependence on a small group of large hyperscaler and crypto customers could quickly test this optimistic narrative if conditions shift.

Find out about the key risks to this Applied Digital narrative.

Another View: Applied Digital Looks Expensive on Sales

The bullish narrative around Applied Digital and its $73.36 fair value sits awkwardly beside a simple P/S check. The stock trades on a P/S of 25.5x, versus a fair ratio of 24.3x, the US IT industry at 1.9x and peers at 6x, which points to a rich starting point and limited room for error.

Story Continues

For a closer look at how these sales multiples stack up and where the market could shift toward that fair ratio over time, have a read of the See what the numbers say about this price — find out in our valuation breakdown.

NasdaqGS:APLD P/S Ratio as at Jul 2026

Next Steps

Seeing mixed signals around Applied Digital's valuation and fundamentals? Use this as a prompt to review the data yourself and move quickly to form your own view, starting with its 1 key reward and 4 important warning signs .

Looking for more investment ideas beyond Applied Digital?

If Applied Digital has caught your attention, consider using this momentum to explore other opportunities that could suit your risk, income, and growth goals.

Target potential upside by scanning a curated set of screener containing 20 high quality undiscovered gems that many investors may not be watching yet.

Strengthen your portfolio's foundation by reviewing companies in the solid balance sheet and fundamentals stocks screener (48 results) that pair financial resilience with clear fundamentals.

Explore potential income streams by examining the 8 dividend fortresses that focus on higher-yielding stocks with consistent payouts.

Companies discussed in this article include APLD .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

打开原文

美国6月生产端通胀结构分化

重要性4/5 中高

数据发布时间距日报仅两日，来源为美国劳工统计局，包含终端需求、核心口径及中间需求的高密度官方证据。其影响覆盖利率、美元和跨资产估值，但缺少单一标的指向，且月率受能源价格大幅波动影响。

标签

来源：U.S. Bureau of Labor Statistics发布日期：2026-07-15重要性：4/5 中高评级理由：数据发布时间距日报仅两日，来源为美国劳工统计局，包含终端需求、核心口径及中间需求的高密度官方证据。其影响覆盖利率、美元和跨资产估值，但缺少单一标的指向，且月率受能源价格大幅波动影响。评级依据：timeliness, macro_relevance, source_quality, evidence_strength, fact_density原文字数：25051

中文摘要

核心结论

美国6月PPI（生产者价格指数）终端需求环比下降0.3%，能源价格回落抵消了服务价格上涨；同比仍达5.5%，剔除食品、能源和贸易服务后的同比涨幅也有5.1%。月度降温主要来自汽油等能源品，服务与非能源材料的价格压力仍在，数据尚未显示生产端通胀全面消退。

重要性评级

评级：4/5（中高）

这是美东时间07/15 08:30（UTC+8 07/15 20:30）发布的美国官方通胀数据，距07/17日报较近，可为利率、美元、国债和美股估值环境提供直接宏观证据。报告没有对应单一股票代码，且能源波动显著影响月率，需结合后续消费端通胀及修订数据阅读。

关键事实

美国劳工统计局公布，6月终端需求PPI经季节调整后环比下降0.3%；4月和5月分别上涨1.1%和0.6%。
未经季节调整的终端需求PPI同比上涨5.5%；剔除食品、能源和贸易服务后的指数环比上涨0.1%、同比上涨5.1%，其5月环比涨幅为0.8%。
终端需求商品价格环比下降1.4%，为2022年7月以来最大降幅；其中能源下降6.4%、食品下降0.6%，剔除食品和能源的商品上涨0.2%。
汽油价格下降12.0%，解释了近三分之二的终端需求商品跌幅；柴油、航空燃油和原油也下跌，塑料制品上涨1.6%。
终端需求服务价格上涨0.2%，贸易服务利润率上涨0.4%，贡献超过六成；燃料和润滑油零售利润率跃升13.0%，机械与车辆批发利润率下降8.4%。
中间需求方面，加工品下降1.2%、未加工品下降4.1%、服务上涨0.3%；加工品与未加工品同比分别上涨11.1%和13.0%，中间需求服务同比上涨5.0%。
按生产流程划分，第2阶段和第1阶段中间需求分别下降1.2%和0.5%，但同比分别上涨9.8%和11.0%；第4阶段同比上涨6.5%，第3阶段同比上涨6.8%。
本次发布开始纳入按2022年北美行业分类体系重新抽样的22个行业，以更新生产者样本结构。

作者观点与证据

这是一份官方统计发布稿，没有给出资产价格判断或政策立场。报告将6月终端需求回落明确分解为商品下降1.4%与服务上涨0.2%，并用汽油下降12.0%、能源下降6.4%等分项解释月率变化；同比指标及中间需求数据则显示价格水平仍明显高于上年同期。归因依据来自指数权重和行业调查，零售与批发分项衡量的是利润率变化，并非商品销售价格本身。

与相关标的的关系

报告未关联特定股票代码。它与美国国债收益率、美元、宽基美股及利率敏感行业存在宏观传导关系：较弱的月度终端需求读数反映短期能源成本回落，5.1%的核心口径同比涨幅和持续上升的服务价格则保留了生产端通胀压力。能源生产商、炼化与运输行业的成本环境受燃料分项影响较直接；券商、贷款服务和医疗服务价格上涨，也说明服务业内部仍有上行分项。

时效性与限制

数据于美东时间07/15 08:30（UTC+8 07/15 20:30）发布，覆盖2026年6月。2月至5月数据已因迟报和受访者更正而修订；PPI月度数据在首次发布后最多四个月仍可修订，季节调整指数还可能因年度季调重算而变化。能源价格对6月月率贡献较大，单月下降不能单独代表广泛通胀趋势。下一份7月数据计划于美东时间08/13 08:30（UTC+8 08/13 20:30）发布。

后续跟踪

7月终端需求PPI及剔除食品、能源和贸易服务后的月率与同比变化。
汽油、柴油和原油价格回落能否延续，以及能源分项对终端需求的贡献。
贸易服务利润率、贷款服务、证券经纪和住院护理价格的后续变化。
2月至6月数据修订幅度，以及重新抽样行业对分项指数的影响。

英文原文

Producer Price Index News Release

Economic News Release

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PRINT:

PPI

Producer Price Indexes

PPI Homepage

PPI Overview

PPI FAQs

Contact PPI

Producer Price Index News Release

Transmission of material in this release is embargoed until USDL 26-1193

8:30 a.m. (ET) Wednesday, July 15, 2026

Technical information: (202) 691-7705 ppi-info@bls.gov www.bls.gov/ppi

Media contact: (202) 691-5902 * PressOffice@bls.gov

PRODUCER PRICE INDEXES - JUNE 2026

The Producer Price Index for final demand fell 0.3 percent in June, seasonally adjusted, the U.S.

Bureau of Labor Statistics reported today. Final demand prices advanced 0.6 percent in May and

1.1 percent in April. (See table A.) On an unadjusted basis, the index for final demand increased

5.5 percent for the 12 months ended in June.

The June decline in the index for final demand can be attributed to prices for final demand

goods, which fell 1.4 percent. In contrast, the index for final demand services moved up 0.2

percent.

The index for final demand less foods, energy, and trade services increased 0.1 percent in June

after jumping 0.8 percent in May. For the 12 months ended in June, prices for final demand less

foods, energy, and trade services rose 5.1 percent.

Final Demand

Final demand goods: The index for final demand goods moved down 1.4 percent in June, the largest

decrease since falling 1.9 percent in July 2022. Leading the decline in June, prices for final demand

energy dropped 6.4 percent. The index for final demand foods moved down 0.6 percent. Conversely,

prices for final demand goods less foods and energy increased 0.2 percent.

Product detail: Nearly two-thirds of the June decline in the index for final demand goods can be

traced to prices for gasoline, which dropped 12.0 percent. The indexes for diesel fuel, jet fuel, fresh

vegetables (except potatoes), crude petroleum, and thermoplastic resins and materials also fell. In

contrast, prices for plastic products advanced 1.6 percent. The indexes for residential electric power

and for potatoes also increased. (See table 2.)

Final demand services: The index for final demand services rose 0.2 percent in June after falling 0.1

percent in May. Over 60 percent of the advance can be attributed to margins for final demand trade

services, which moved up 0.4 percent. (Trade indexes measure changes in margins received by

wholesalers and retailers.) Prices for final demand services less trade, transportation, and

warehousing increased 0.1 percent. Conversely, the index for final demand transportation and

warehousing services declined 0.1 percent.

Product detail: Half of the June increase in the index for final demand services can be traced to

margins for fuels and lubricants retailing, which jumped 13.0 percent. The indexes for securities

brokerage, dealing, and investment advice; furniture retailing; apparel, jewelry, footwear, and

accessories retailing; loan services (partial); and inpatient care also rose. In contrast, margins for

machinery and vehicle wholesaling declined 8.4 percent. The indexes for food and alcohol

wholesaling and for deposit services (partial) also fell.

Table A. Monthly and 12-month percent changes in selected final demand price indexes, seasonally adjusted

Month

Total

final

demand

Final

demand

less

foods,

energy,

and

trade

Final demand goods

Final demand services

Change

in final

demand

from 12

months

ago

(unadj.)

Change

in final

demand

less

foods,

energy,

and

trade

from 12

mo. ago

(unadj.)

Total

Foods

Energy

Less

foods

and

energy

Total

Trade

Transportation

and

warehousing

Other

2025

June

0.2

0.1

0.3

0.2

0.9

0.2

0.1

0.0

-0.6

0.2

2.4

2.6

July

0.8

0.7

0.6

1.2

0.7

0.4

0.9

1.2

1.4

0.7

3.2

2.9

Aug.

-0.2

0.3

0.2

-0.1

-0.2

0.4

-0.3

-2.1

0.6

0.3

2.7

3.0

Sept.

0.6

0.2

0.6

0.8

2.0

0.2

0.6

1.6

0.7

0.2

3.0

Oct.

0.1

0.6

-0.2

-0.4

-2.2

0.5

0.2

-0.9

0.0

0.7

2.8

3.5

Nov.

0.4

0.3

0.8

0.1

3.4

0.2

0.3

0.2

0.8

0.2

3.1

3.6

Dec.

0.4

0.1

-0.1

-0.2

-1.5

0.4

0.6

1.8

0.2

0.0

3.1

3.4

2026

Jan.

0.6

0.5

-0.1

-1.3

-1.7

0.7

0.9

2.0

1.0

0.3

3.1

3.5

Feb. ( 1 )

0.5

1.0

2.3

2.0

0.4

0.3

-0.3

0.8

0.5

3.4

3.5

Mar. ( 1 )

0.8

0.2

2.0

-0.6

10.5

0.3

0.5

2.1

0.0

4.3

3.6

Apr. ( 1 )

1.1

0.5

1.9

0.2

7.2

0.7

1.3

3.7

0.1

5.7

4.4

May ( 1 )

0.6

0.8

2.3

0.5

8.4

0.7

-0.1

-2.3

2.0

0.7

6.0

5.1

June

-0.3

0.1

-1.4

-0.6

-6.4

0.2

0.4

-0.1

0.1

5.5

5.1

Footnotes

(1) Some of the figures shown above and elsewhere in this release may differ from those previously reported because data for February through May have been revised to reflect the availability of late reports and corrections by respondents.

Intermediate Demand by Commodity Type

Within intermediate demand in June, prices for processed goods declined 1.2 percent, the index for

unprocessed goods fell 4.1 percent, and prices for services advanced 0.3 percent. (See tables B and

C.)

Processed goods for intermediate demand: The index for processed goods for intermediate

demand moved down 1.2 percent in June, the largest decrease since falling 2.3 percent in December

2022. The June decline is attributable to a 7.3-percent drop in prices for processed energy goods.

Conversely, the index for processed materials less foods and energy rose 0.6 percent, and prices for

processed foods and feeds edged up 0.1 percent. For the 12 months ended in June, the index for

processed goods for intermediate demand increased 11.1 percent.

Product detail: Leading the June decrease in the index for processed goods for intermediate demand,

prices for diesel fuel fell 18.0 percent. The indexes for gasoline, jet fuel, commercial electric power,

thermoplastic resins and materials, and ethanol also moved lower. In contrast, prices for plastic

products advanced 1.6 percent. The indexes for asphalt and for hot rolled steel bars, plates, and

structural shapes also rose.

Unprocessed goods for intermediate demand: The index for unprocessed goods for intermediate

demand moved down 4.1 percent in June, the largest decrease since falling 5.0 percent in May 2023.

Over 70 percent of the broad-based decline in June can be traced to an 8.1-percent drop in prices for

unprocessed energy materials. The indexes for unprocessed foodstuffs and feedstuffs and for

unprocessed nonfood materials less energy also decreased, 2.1 percent and 1.2 percent, respectively.

For the 12 months ended in June, prices for unprocessed goods for intermediate demand increased

13.0 percent.

Product detail: Leading the June decline in the index for unprocessed goods for intermediate

demand, prices for crude petroleum fell 12.1 percent. The indexes for grains, oilseeds, slaughter

barrows and gilts, slaughter steers and heifers, and raw cotton also moved lower. Conversely, prices

for natural gas rose 16.6 percent. The indexes for raw milk and for iron and steel scrap also

advanced.

Table B. Monthly and 12-month percent changes in selected intermediate demand price indexes for goods by commodity type, seasonally adjusted

Month

Processed goods for intermediate demand

Unprocessed goods for intermediate demand

Total

Foods

and

feeds

Energy

goods

Less

foods

and

energy

Total,

change

from 12

months

ago

(unadj.)

Total

Foodstuffs

and

feedstuffs

Energy

materials

Nonfood

materials

less

energy

Total,

change

from 12

months

ago

(unadj.)

2025

June

-0.1

-0.3

-0.1

0.0

1.8

2.2

0.9

5.1

0.7

0.6

July

0.7

-0.2

2.2

0.4

2.1

1.3

0.7

1.9

1.5

0.2

Aug.

0.4

0.6

0.2

0.4

2.6

-1.8

-0.4

-4.3

-0.5

1.7

Sept.

0.2

0.7

0.1

0.2

3.7

-0.5

0.4

-2.8

1.2

3.6

Oct.

-0.1

-1.6

-0.6

0.2

3.1

-1.3

-1.8

-4.1

3.3

-0.6

Nov.

0.6

-0.3

3.0

0.1

3.6

2.4

-0.3

3.9

4.5

2.0

Dec.

0.1

-1.0

-2.4

0.8

3.5

2.1

-2.2

6.9

2.2

1.0

2026

Jan.

0.1

-0.3

-1.2

0.5

2.8

4.3

-3.0

13.4

3.8

-0.1

Feb. ( 1 )

1.5

0.2

5.0

0.8

4.0

5.9

4.4

11.5

1.0

5.4

Mar. ( 1 )

2.9

0.6

12.8

0.7

6.8

-0.2

0.8

-1.2

0.8

9.5

Apr. ( 1 )

2.7

0.4

7.4

1.7

9.5

1.7

0.2

5.0

-0.4

15.0

May ( 1 )

2.8

0.6

7.7

1.7

12.5

3.2

4.0

3.0

2.5

20.6

June

-1.2

0.1

-7.3

0.6

11.1

-4.1

-2.1

-8.1

-1.2

13.0

Footnotes

Services for intermediate demand: The index for services for intermediate demand rose 0.3 percent

in June following a 0.6-percent increase in May. Over 80 percent of the June advance can be

attributed to prices for services less trade, transportation, and warehousing for intermediate demand,

which moved up 0.4 percent. The index for trade services for intermediate demand rose 0.6 percent.

In contrast, prices for transportation and warehousing services for intermediate demand declined 0.3

percent. For the 12 months ended in June, the index for services for intermediate demand advanced

5.0 percent, the largest 12-month increase since rising 6.2 percent in February 2023.

Product detail: More than half of the June advance in the index for services for intermediate demand

can be traced to a 5.7-percent increase in prices for loan services (partial). The indexes for securities

brokerage, dealing, and investment advice; fuels and lubricants retailing; commissions from sales of

insurance; legal services; and data processing and related services also moved higher. Conversely,

prices for air mail and package delivery services (excluding USPS) fell 2.4 percent. The indexes for

food and alcohol wholesaling and for deposit services (partial) also declined.

Table C. Monthly and 12-month percent changes in selected intermediate demand price indexes for services by commodity type, seasonally adjusted

Month

Services for intermediate demand

Total

Trade

Transportation

and

warehousing

Other

Total, change

from 12 months

ago (unadj.)

2025

June

0.1

0.5

0.4

-0.1

1.6

July

0.6

1.3

0.9

0.3

1.9

Aug.

0.0

-1.9

0.3

0.5

1.9

Sept.

0.3

1.5

0.4

-0.1

2.0

Oct.

0.4

0.2

0.3

0.4

2.2

Nov.

0.2

1.0

0.6

-0.1

2.5

Dec.

0.6

1.6

0.7

0.3

2.7

2026

Jan.

0.6

2.2

0.5

0.2

3.2

Feb. ( 1 )

0.3

-0.1

0.7

0.4

3.3

Mar. ( 1 )

0.1

0.2

0.6

-0.1

3.0

Apr. ( 1 )

0.9

0.4

3.1

0.5

4.3

May ( 1 )

0.6

-0.4

0.9

0.8

4.8

June

0.3

0.6

-0.3

0.4

5.0

Footnotes

Intermediate Demand by Production Flow

Stage 4 intermediate demand: The index for stage 4 intermediate demand edged down 0.1 percent

in June, the first decline since a 0.3-percent decrease in October 2023. In June, prices for total goods

inputs to stage 4 intermediate demand fell 0.2 percent. In contrast, the index for total services inputs

inched up 0.1 percent. (See table D.) Declines in the indexes for diesel fuel, food and alcohol

wholesaling, gasoline, residential property management fees, and commercial electric power

outweighed advances in prices for securities brokerage, dealing, and investment advice; loan services

(partial); plastic products; and steel mill products. For the 12 months ended in June, the index for

stage 4 intermediate demand increased 6.5 percent.

Stage 3 intermediate demand: The index for stage 3 intermediate demand was unchanged in June

after advancing 1.7 percent in both May and April. In June, a 0.5-percent increase in prices for total

services inputs to stage 3 intermediate demand was offset by a 0.4-percent decrease in the index for

total goods inputs. Higher prices for loan services (partial), raw milk, asphalt, steel mill products, and

plastic products were offset by declines in the indexes for diesel fuel, grains, gasoline, slaughter

barrows and gilts, and deposit services (partial). For the 12 months ended in June, prices for stage 3

intermediate demand moved up 6.8 percent.

Stage 2 intermediate demand: The index for stage 2 intermediate demand decreased 1.2 percent in

June, the largest decline since moving down 1.2 percent in September 2024. In June, prices for total

goods inputs to stage 2 intermediate demand fell 3.6 percent. Conversely, the index for total services

inputs rose 0.6 percent. Declines in the indexes for crude petroleum, food and alcohol wholesaling,

diesel fuel, deposit services (partial), thermoplastic resins and materials, and oilseeds outweighed

increases in prices for loan services (partial), natural gas, and steel mill products. For the 12 months

ended in June, the index for stage 2 intermediate demand advanced 9.8 percent.

Stage 1 intermediate demand: The index for stage 1 intermediate demand fell 0.5 percent in June,

the largest decline since moving down 0.5 percent in September 2024. In June, prices for total goods

inputs to stage 1 intermediate demand decreased 1.3 percent. In contrast, the index for total services

inputs moved up 0.5 percent. Declines in the indexes for diesel fuel, gasoline, grains, jet fuel, food

and alcohol wholesaling, and crude petroleum outweighed advances in prices for securities

brokerage, dealing, and investment advice; iron and steel scrap; and aluminum base scrap. For the 12

months ended in June, the index for stage 1 intermediate demand increased 11.0 percent.

Table D. Monthly percent changes in selected intermediate demand price indexes by production flow, seasonally adjusted

Month

Stage 4 intermediate

demand

Stage 3 intermediate

demand

Stage 2 intermediate

demand

Stage 1 intermediate

demand

Total

Goods

inputs

Services

inputs

Total

Goods

inputs

Services

inputs

Total

Goods

inputs

Services

inputs

Total

Goods

inputs

Services

inputs

2025

June

0.1

-0.1

0.3

0.8

2.0

0.0

-0.1

0.0

July

0.7

0.5

0.9

0.7

1.0

0.4

0.5

0.9

0.2

0.9

0.8

1.1

Aug.

0.2

0.4

0.0

0.1

0.0

-0.6

-1.3

-0.1

0.0

0.2

-0.2

Sept.

0.3

0.4

0.2

0.1

-0.1

0.3

-0.1

-0.6

0.2

0.4

0.5

0.4

Oct.

0.3

0.2

0.5

-0.2

-0.9

0.3

-0.2

-1.0

0.3

0.0

0.5

Nov.

0.4

0.2

0.3

0.1

0.6

2.2

-0.4

0.4

0.5

0.4

Dec.

0.6

0.2

0.9

0.1

-0.5

0.6

1.7

3.2

0.6

0.4

-0.1

0.7

2026

Jan.

0.6

0.2

1.0

0.2

-0.4

0.7

1.9

4.5

0.3

0.9

0.8

0.9

Feb. ( 1 )

0.7

0.9

0.6

0.8

1.8

-0.2

2.2

5.0

0.4

1.1

1.8

0.3

Mar. ( 1 )

0.4

0.9

-0.1

1.4

2.3

0.5

0.8

1.9

0.0

1.7

2.9

0.2

Apr. ( 1 )

0.8

1.1

0.6

1.7

2.5

0.9

2.1

3.7

1.0

2.4

3.3

1.1

May ( 1 )

1.1

1.4

0.9

1.7

2.8

0.5

1.8

3.9

0.3

2.6

3.9

0.8

June

-0.1

-0.2

0.1

0.0

-0.4

0.5

-1.2

-3.6

0.6

-0.5

-1.3

0.5

Footnotes

________________

The Producer Price Index news release for July 2026 is scheduled to be published on Thursday,

August 13, 2026, at 8:30 a.m. (ET).

*****

Resampling of Industries - June 2026

Effective with the release of data for June 2026, the Producer Price Index (PPI) includes data for

22 resampled industries classified according to the 2022 North American Industry Classification

System (NAICS). The Bureau of Labor Statistics periodically updates the sample of producers

providing data for the PPI to reflect current conditions more accurately when the structure,

membership, technology, or product mix of an industry shifts. The first results of this systematic

process were published in July 1986. Subsequent efforts have been completed at regular

intervals.

For information on index additions, deletions, and recodes effective June 2026, see the current

issue of the PPI Detailed Report online at www.bls.gov/ppi/detailed-report/ppi-detailed-report-

june-2026.pdf, or contact the PPI Section of Index Analysis and Public Information at ppi-

info@bls.gov or (202) 691-7705.

NAICS

Code Industry

213111 Drilling oil and gas wells

236211 New industrial building construction

311211 Flour milling

311941 Mayonnaise, dressing, and sauce manufacturing

314110 Carpet and rug mills

315210 Cut and sew apparel contractors

315250 Cut and sew apparel manufacturing (except contractors)

325212 Synthetic rubber manufacturing

332431 Metal can manufacturing

332991 Ball and roller bearing manufacturing

333993 Packaging machinery manufacturing

335220 Major household appliance manufacturing

339994 Broom, brush, and mop manufacturing

429930 Material recyclers

488119 Other airport operations

516120 Television broadcasting stations

518210 Data processing, hosting, and related services

524210 Insurance agencies and brokerages

541110 Offices of lawyers

561330 Professional employer organizations

561510 Travel agencies

811310 Commercial machinery repair and maintenance

Technical Note

Brief Explanation of Producer Price Indexes

The Producer Price Index (PPI) of the Bureau of Labor Statistics (BLS) is a family of

indexes that measures the average change over time in prices received (price changes) by

producers for domestically produced goods, services, and construction. PPIs measure

price change from the perspective of the seller. This contrasts with other measures,

such as the Consumer Price Index (CPI). CPIs measure price change from the purchaser's

perspective.

More than 10,000 PPIs for individual products and groups of products are released each

month. PPIs are available for the products of most industries in the mining and

manufacturing sectors. Over time, new PPIs have been introduced for products of

industries in the services and construction sectors of the U.S. economy. As of January

2023, the PPI covered 69 percent of services as measured by 2017 Census revenue, and 17

percent of construction.

More than 44,000 price quotations per month are organized into three sets of PPIs:

(1) Final demand-Intermediate demand (FD-ID) indexes, (2) commodity indexes, and (3)

indexes for the net output of industries and their products. The FD-ID structure

organizes products by class of buyer and degree of fabrication as well as by stage of

production. The commodity structure organizes products by similarity of end use or

product type. The entire output of various industries is sampled to derive price indexes

for the net output of industries and their products.

Final Demand-Intermediate Demand Indexes

The PPI FD-ID structure measures price change for goods, services, and construction

sold to final demand and to intermediate demand. The FD-ID system replaced the PPI stage-

of-processing (SOP) system as PPI's primary aggregation model with the release of data

for January 2014. The FD-ID model expands coverage beyond that of the SOP system through

the addition of services, construction, exports, and government purchases.

Compared with finished goods under the SOP system, the PPI for final demand goods

includes nearly a 50 percent expansion of coverage. This increase can be traced to the

addition of government purchases and exports. For overall final demand, expansion to

include final demand services represents an even larger increase in coverage. In December

2025, final demand goods were about 29.1 percent of overall final demand, final demand

services were roughly 68.3 percent, and final demand construction was about 2.6 percent

of final demand. Within intermediate demand, coverage of services for intermediate demand

has resulted in about a 55 percent increase in coverage of the intermediate demand portion

of the economy.

FD-ID indexes are constructed from commodity-based producer output price indexes.

Commodities are allocated to aggregate indexes primarily based on the type of buyer. The

main source of data used to determine the type of buyer is the "Use of commodities by

industries, before redefinition," table from the Benchmark Input-Output Accounts of the

U.S. In many cases, the same commodity is purchased by different types of buyers. As a

result, commodities are often included in several FD-ID indexes. For example, regular

gasoline is purchased for personal consumption, export, government use, and business use.

The PPI program publishes only one commodity index for regular gasoline (wpu057104),

reflecting sales to all types of buyers, and this index is used in all aggregations

regardless of whether the gasoline is sold for personal consumption, as an export, to

government, or to businesses. Proportions based on BEA "Use of Commodities" data are

used to allocate the correct portion of the total weight of gasoline to each use

category. In cases when buyer type is an important price determining characteristic,

indexes are created based on specific buyer type. For example, within the PPI category

for loan services, separate indexes for consumer loans and business loans were

constructed. For more information relating to the FD-ID structure, see "A new,

experimental system of indexes from the PPI program" in the February 2011 Monthly Labor

Review.

Final Demand: The final demand portion of the FD-ID structure measures price change for

commodities sold for personal consumption, capital investment, government, and export.

The system is composed of six main price indexes: final demand goods; final demand trade

services; final demand transportation and warehousing services; final demand services

less trade, transportation, and warehousing; final demand construction; and overall final

demand.

The final demand goods index measures price change for both unprocessed and processed

goods sold to final demand. Fresh fruits sold to consumers and computers sold for

capital investment are examples of transactions included in the final demand goods price

index. The final demand trade services index measures price change for the retailing and

wholesaling of merchandise sold to final demand, generally without transformation. (Trade

indexes measure changes in margins received by wholesalers and retailers.) The final

demand transportation and warehousing services index tracks price change for

transportation of passengers, as well as, transportation of cargo sold to final demand,

and also includes prices for warehousing and storage of goods sold to final demand. The

final demand services less trade, transportation, and warehousing index measures price

change for all services other than trade and transportation sold to final demand.

Publishing, banking, lodging, and health care are examples of these services. The final

demand construction index tracks price change for new construction, as well as

maintenance and repair construction sold to final demand. Construction of office

buildings is an example of a commodity that would be included in the final demand

construction index. Lastly, the overall final demand index tracks price change for all

types of commodities sold to final demand by combining the five final demand component

indexes described above.

Intermediate Demand: The intermediate demand portion of the FD-ID system tracks price

change for goods, services, and construction products sold to businesses as inputs to

production, excluding capital investment. The system includes two parallel treatments of

intermediate demand. The first treatment organizes intermediate demand commodities by

type. The second organizes intermediate demand commodities into production stages, with

the explicit goal of developing a forward-flow model of production and price change.

The intermediate demand by commodity type portion of the system organizes commodities

by similarity of product. The system is composed of six main price indexes: unprocessed

goods for intermediate demand; processed goods for intermediate demand; intermediate

demand trade services; intermediate demand transportation and warehousing services;

intermediate demand services less trade, transportation, and warehousing; and

intermediate demand construction.

The unprocessed goods for intermediate demand price index measures price change for

goods sold to businesses as inputs to production that have undergone no fabrication.

Crude petroleum sold to refineries is an example of an unprocessed good sold to

intermediate demand. The processed goods for intermediate demand index tracks price

change for fabricated goods sold as business inputs. Examples include car parts sold to

car manufacturers and gasoline sold to trucking companies. The index for trade services

for intermediate demand measures price change for the services of retailing and

wholesaling goods purchased by businesses as inputs to production. The intermediate

demand transportation and warehousing services index measures price change for business

travel, as well as, transportation and warehousing of cargo sold to intermediate demand.

The intermediate demand services less trade, transportation, and warehousing index

measures price change for services other than trade, transportation, and warehousing sold

as inputs to production. Legal and accounting services purchased by businesses are

examples of intermediate demand services excluding trade, transportation, and

warehousing. Finally, the construction for intermediate demand index measures price

change for construction purchased by firms as inputs to production. The index for

construction for intermediate demand tracks price change for maintenance and repair

construction purchased by firms.

The production flow treatment of intermediate demand is a stage-based system of price

indexes. These indexes can be used to study price transmission across stages of

production and final demand. This system is constructed in a manner that maximizes

forward flow of production between stages, while minimizing back-flow of production. The

production flow treatment contains four main indexes: intermediate demand stage 1,

intermediate demand stage 2, intermediate demand stage 3, and intermediate demand stage

Indexes for the four stages were developed by first assigning each industry in the

economy to one of four stages of production, where industries assigned to the fourth

stage primarily produce output consumed as final demand, industries in the third stage

primarily produce output consumed by stage 4 industries, industries assigned to the

second stage primarily produce output consumed by stage 3 industries, and industries

assigned to the first stage produce output primarily consumed by stage 2 industries. The

four indexes then track prices for the net inputs consumed by industries in each of the

four stages of production. The stage 4 intermediate demand index, for example, tracks

price change for inputs consumed, but not produced, by industries included in the fourth

stage of production. Hence, the index tracks price change in inputs to industries that

primarily produce final demand commodities (stage 4 producers primarily produce

commodities sold to final demand).

Examples of heavily weighted goods-producing industries in stage 4 include the

manufacture of light trucks and utility vehicles, automobiles, and pharmaceuticals.

Retail trade, food service and drinking places, and hospitals are examples of heavily

weighted service industries included in stage 4. Stage 4 also includes all new

construction industries. Examples of goods consumed by stage 4 industries include motor

vehicle parts, commercial electric power, plastic construction products, biological

products, and beef and veal. Engineering services, machinery and equipment wholesaling,

long distance motor carrying, and legal services constitute examples of services consumed

by stage 4 industries.

Examples of highly weighted goods-producing industries included in stage 3 are motor

vehicle parts manufacturing, animal (except poultry) slaughtering and processing, and

semiconductor manufacturing. Services industries classified in stage 3 include wholesale

trade; insurance carriers; architecture, engineering, and related services; and hotels

and motels. Examples of goods consumed by stage 3 industries include slaughter steers

and heifers, industrial electric power, and hot rolled steel bars, plates, and structural

shapes. Services commonly consumed by stage 3 industries include commissions from sales

of property and casualty insurance, business loans, temporary help services, and

administrative and general management consulting services.

Petroleum refineries; electricity generation, transmission, and distribution; natural

gas distribution; cattle ranching and farming; and plastic materials and resin

manufacturing are among the goods-based industries assigned to stage 2. Services

industries that are heavily weighted in stage 2 include management of companies and

enterprises; non-depository credit intermediation; insurance agencies and brokerages; and

services to buildings and dwellings. Goods commonly purchased by stage 2 industries

include crude oil, natural gas, formula feeds, and primary basic organic chemicals.

Services that are heavily weighted in the intermediate demand stage 2 index are legal

services, business loans, and cellular phone and other wireless telecommunication.

Goods producing industries in stage 1 include oil and gas extraction, paper mills, and

grain farming. Real estate, legal services, and advertising services are examples of

highly weighted services industries included in stage 1. Examples of goods consumed by

stage 1 industries are commercial and industrial electric power and gasoline. Services

commonly consumed by stage 1 industries include solid waste collection, chemicals and

allied products wholesaling, and guestroom or unit rental. It should be noted that all

inputs purchased by stage 1 industries are by definition produced either within stage 1

or by latter stages of processing, leaving stage 1 less useful for price transmission

analysis. For additional information on industry stage assignments, see www.bls.gov/ppi/

fd-id/ppi-intermediate-demand-by-production-flow-industry-stage-assignments.htm.

Comparing the PPI with CPI

Although some data users utilize the PPI as a potential indicator of the Consumer

Price Index (CPI), there are many reasons why the PPI and the CPI may diverge. The scope

of the personal consumption portion of the PPI includes all marketable output sold by

domestic producers for households. The scope of the CPI includes goods and services

provided by business or government, where explicit user charges are paid by consumers.

For example, the most heavily weighted item in the CPI, owners' equivalent rent, is

excluded from the PPI. The scope of the CPI includes imports. The PPI excludes imports.

The CPI only includes components of personal consumption directly paid for by the

consumers, while the PPI includes components of personal consumption that may not be paid

for by consumers. For example, the CPI includes property insurance premiums paid by

consumers, while the PPI includes both the premiums paid by consumers as well as the

return earned on the invested portion of those premiums. In contrast to CPI, PPI does not

completely cover services. PPIs exclude taxes, since they do not represent producer

revenue. Conversely, sales and other taxes paid by consumers are part of household

expenditure and are included in the CPI. Additional technical differences between PPI and

CPI also exist. For more information see "Comparing new final demand producer price

indexes with other Government price indexes," Monthly Labor Review, January 2014, at

www.bls.gov/opub/mlr/.

Commodity Indexes

The commodity classification of the PPI organizes goods, services, and construction by

similarity of product or end use, disregarding industry of origin. With the release of

data for July 2009, PPI expanded its commodity structure to include indexes for services

and construction products. Prior to this date, the PPI commodity structure only included

products from goods producing sectors. Table 9 of the PPI Detailed Report includes data

for commodity indexes, organized in a hierarchal structure, including major groupings,

subgroups, product classes, sub-product classes, and individual items.

Industry Net-Output Price Indexes

PPIs for the net output of industries and their products are grouped according to the

North American Industry Classification System (NAICS). Prior to the release of January

2004, industry-based PPIs were published according to the Standard Industrial

Classification (SIC) system. Industry price indexes are compatible with other economic

time series organized by industry, such as data on employment, wages, and productivity.

Table 11 of the PPI Detailed Report includes data for NAICS industries and industry

groups (3-, 4-, 5-, and 6-digit codes), Census product classes (7- and 8-digit codes),

products (9-digit codes), more detailed sub-products (11-digit codes), and, for some

industries, indexes for other sources of revenue.

Indexes may represent one of three kinds of product categories. Every industry has

primary product indexes that show changes in prices received by establishments classified

in the industry for products made primarily, but not necessarily exclusively, by that

industry. The industry classification of an establishment is determined by which products

make up a plurality of its total shipment value. In addition, most industries have

secondary product indexes that show changes in prices received by establishments for

products chiefly made in some other industry. Some industries have miscellaneous receipts

indexes that track price changes for other sources of revenue received by establishments

within the industry that are not derived from sales of their products; for example,

resales of purchased materials, or revenues from parking lots owned by a manufacturing

plant.

Data Collection

PPIs are constructed using selling prices reported by establishments of all sizes,

selected by probability sampling, with the probability of selection proportionate to

size. Individual items and transaction terms also are chosen by probability proportionate

to size. BLS strongly encourages cooperating companies to supply actual transaction

prices at the time of shipment to minimize the use of list prices. Prices submitted

by survey respondents are effective on the Tuesday of the week containing the 13th day

of the month. The survey is conducted online via the BLS Internet Data Collection

Facility (IDCF).) Data provided by survey respondents are supplemented with data from

other sources for some areas.

Price data are provided by survey respondents on a voluntary and confidential basis;

only sworn BLS employees are allowed access to individual company price reports. BLS

publishes price indexes, not actual prices. All PPIs are subject to monthly revisions

up to 4 months after original publication to reflect the availability of late reports and

corrections by respondents.

BLS periodically updates the PPI sample of survey respondents to better reflect

current conditions when the structure, membership, technology, or product mix of an

industry shifts significantly and to spread reporting burden among smaller firms.

Information on these resampling efforts are noted in the PPI News Release and PPI

Detailed Report in the months they occur.

As part of an ongoing effort to expand coverage to sectors of the economy other than

mining and manufacturing, an increasing number of service and construction sector

industries have been introduced into the PPI. The following is a list of service and

construction sector industries introduced into the Producer Price Index, organized by

SIC or NAICS code at their date of introduction, and the PPI Detailed Report issue

that announced their introduction.

PPI

Detailed

Report

Title Code Issue

SIC

Wireless telecommunications...................................4812 July 1999

Telephone communications, except radio telephone..............4813 July 1995

Television broadcasting.......................................4833 July 2002

Grocery stores................................................5411 July 2000

Meat and fish (seafood) markets...............................5421 July 2000

Fruit and vegetable markets...................................5431 July 2000

Candy, nut, and confectionery stores..........................5441 July 2000

Retail bakeries...............................................5461 July 2000

Miscellaneous food stores.....................................5499 July 2000

New car dealers...............................................5511 July 2000

Gasoline service stations.....................................5541 January 2002

Boat dealers..................................................5551 January 2002

Recreational vehicle dealers..................................5561 January 2002

Miscellaneous retail..........................................59 January 2001

Security brokers, dealers, and investment bankers.............6211 January 2001

Investment advice.............................................6282 January 2003

Life insurance carriers.......................................6311 January 1999

Property and casualty insurance...............................6331 July 1998

Insurance agencies and brokerages.............................6412 January 2003

Operators and lessors of nonresidential buildings.............6512 January 1996

Real estate agents and managers...............................6531 January 1996

Prepackaged software..........................................7372 January 1998

Data processing services......................................7374 January 2002

Home health care services.....................................8082 January 1997

Legal services................................................8111 January 1997

Engineering design, analysis, and consulting services.........8711 January 1997

Architectural design, analysis, and consulting services.......8712 January 1997

Premiums for property and casualty insurance..................9331 July 1998

NAICS

New industrial building construction..........................236211 January 2008

New warehouse building construction...........................236221 July 2005

New school construction.......................................236222 July 2006

New office construction.......................................236223 January 2007

New health care building construction.........................236224 January 2013

Concrete contractors, nonresidential building work............23811X July 2008

Roofing contractors, nonresidential building work.............23816X July 2008

Electrical contractors, nonresidential building work..........23821X July 2008

Plumbing / HVAC contractors, nonresidential building work.....23822X July 2008

Merchant wholesalers, durable goods...........................423 July 2005

Merchant wholesalers, nondurable goods........................424 July 2005

Furniture and home furnishings stores.........................442 January 2004

Electronics and appliance stores..............................443 January 2004

Building material and garden equipment and supplies dealers...444 January 2004

Clothing and clothing accessories stores......................448 January 2004

Sporting goods, hobby, book, and music stores.................451 January 2004

General merchandise stores....................................452 January 2004

Miscellaneous store retailers.................................453 January 2004

Pipeline transportation of natural gas........................486210 June 2022

Internet service providers....................................518111 July 2005

Internet publishing and web search portals....................519130 January 2010

Commercial banking............................................522110 January 2005

Savings institutions..........................................522120 January 2005

Direct health and medical insurance carriers..................524114 July 2004

Construction, mining, and forestry machinery and equipment

rental and leasing............................................532412 January 2005

Management consulting services................................541610 January 2007

Security guards and patrol services...........................561612 July 2005

Offices of dentists...........................................621210 January 2011

Blood and organ banks.........................................621991 January 2007

Amusement and theme parks.....................................713110 July 2006

Golf courses and country clubs................................713910 July 2006

Fitness and recreational sports centers.......................713940 July 2005

Commercial machinery repair and maintenance...................811310 July 2007

Weights

Weights for most commodity groupings of the PPI, as well as, weights for commodity-

based aggregate indexes calculated from commodity groupings, such as FD-ID indexes,

currently reflect 2017 values of shipments as reported in the Census of Manufactures

and other sources. From January 2018 to December 2022, PPI weights were derived from

2012 shipment values. Industry indexes now are calculated under the 2022 NAICS structure

utilizing 2017 value of shipment weights and 2017 net output ratios. The periodic update

of the value weights used to calculate the PPI is done to more accurately reflect changes

in production and marketing patterns in the economy.

Net output values of shipments are used as weights for industry indexes. Net output

values refer to the value of shipments from establishments within the industry to buyers

outside the industry. However, weights for commodity indexes are based on gross shipment

values, including values of shipments between establishments within the same industry. As

a result, broad commodity grouping indexes, such as the PPI for All Commodities (which is

composed of major commodity groupings 01 through 15), are affected by the multiple

counting of price change at successive stages of processing, which can lead to

exaggerated or misleading signals about inflation. The intermediate demand by commodity

type FD-ID indexes partially correct for this defect, but industry indexes, final demand

FD-ID indexes, and intermediate demand by production flow FD-ID indexes consistently

correct for this at all levels of aggregation. Therefore, industry and FD-ID indexes are

more appropriate than broad commodity groupings for analysis of general price trends.

Price Index Reference Base

Effective with publication of January 1988 data, many important PPI series (including

most commodity groups and individual items) were placed on a new reference base, 1982 =

100. From 1971 through 1987, the standard reference base for most PPI series was 1967 =

100. Except for rounding differences, the shift to the new reference base did not alter

any previously published percent changes for affected PPI series. (See "Calculating Index

Changes," below.) The 1982 reference base is not used for commodity indexes with a base

later than December 1981 or for industry net output indexes and their products. The FD-

ID indexes typically have a reference base of November 2009 = 100.

For further information on the underlying concepts and methodology of the Producer

Price Index, see the Producer Price Indexes section of the BLS Handbook of Methods. This

section is available on the BLS Web site at www.bls.gov/opub/hom/ppi.

Calculating Index Changes

Each PPI measures price changes from a reference period that equals 100.0. An

increase of 5.5 percent from the reference period in the Final Demand Goods Price Index,

for example, is shown as 105.5. This change also can be expressed in dollars, as

follows: prices received by domestic producers of a sample of final demand goods have

risen from $100 in November 2009 to $105.50. Likewise, a current index of 90.0 would

indicate that prices received by producers of final demand goods are 10 percent lower

than they were in November 2009.

Movements of price indexes from one month to another are usually expressed as percent

changes, rather than as changes in index points. Index point changes are affected by the

level of the index in relation to its base period, whereas percent changes are not. The

following example shows the computation of index point and percent changes.

Index point change

Final Demand Goods Price Index 107.5

Less previous index 104.0

Equals index point change 3.5

Index percent change

Index point change 3.5

Divided by the previous index 104.0

Equals 0.034

Result multiplied by 100 0.034 x 100

Equals percent change 3.4

Seasonally Adjusted and Unadjusted Data

Because price data are used for different purposes by different groups, BLS publishes

seasonally adjusted and unadjusted changes each month. Seasonally adjusted data are

preferred for analyzing general price trends in the economy because these data eliminate

the effect of changes that normally occur at about the same time, and in about the same

magnitude, every year-such as price movements resulting from normal weather patterns,

regular production and marketing cycles, model changeovers, seasonal discounts, and

holidays. For these reasons, seasonally adjusted data more clearly reveal underlying

trends. Unadjusted data are of primary interest to users who need information that can

be related to actual dollar values of transactions. Individuals requiring this

information include marketing specialists, purchasing agents, budget and cost analysts,

contract specialists, and commodity traders. It is the unadjusted data that are

generally cited when escalating long-term contracts such as purchasing agreements or real

estate leases. For more information, see the Producer Price Index (PPI) Guide for Price

Adjustment, on the Web at

www.bls.gov/ppi/publications/price-adjustment-guide-for-contracting-parties.htm.

Seasonal adjustment is accomplished using X-13 ARIMA, a software package published by

the U.S. Census Bureau. Each year, the seasonal status of most commodity indexes is

reevaluated to reflect more recent price behavior. Industry net output indexes are not

seasonally adjusted. For time series that exhibit seasonal pricing patterns, new

seasonal factors are estimated and applied to the unadjusted data from the prior 5 years.

Updated seasonally adjusted indexes replace the most recent 5 years of seasonal data.

Seasonal factors may be applied to series using either a direct or an aggregative

method. Generally, commodity indexes are seasonally adjusted using direct seasonal

adjustment, which produces a more complete elimination of seasonal movements than does

the aggregative method. However, the direct seasonal adjustment process may not yield

figures that possess additive consistency. Thus, a seasonally adjusted index for a broad

category that is directly adjusted may not be logically consistent with all seasonally

adjusted indexes for its components. Seasonal movements for FD-ID indexes are derived

indirectly through an aggregative method that combines movements of a wide variety of

subproduct class (six-digit) series.

Seasonally adjusted indexes can become problematic when previously stable and

predictable price patterns abruptly change. If the new pattern persists, the seasonal

adjustment method will eventually reflect it; if the pattern keeps shifting, however,

seasonally adjusted data will become chronically troublesome. This problem occurs

relatively infrequently for farm and food-related products, but has more often affected

manufactured products such as automobiles and steel.

Since January 1988, the PPI has used Intervention Analysis Seasonal Adjustment methods

to enhance the calculation of seasonal factors. With this technique, outlier values that

may distort the seasonal pattern are removed from the data prior to applying the standard

seasonal factor estimation procedure. For example, a possible economic cause for large

price movements for petroleum-based products might have been the COVID-19 pandemic. In

this case, intervention techniques allowed for better estimates of seasonally adjusted

data. On the whole, very few series have required intervention. Out of over 350 seasonally

adjusted commodity series, 60 were subject to intervention in 2026.

For more information relating to seasonal adjustment methods, see "PPI and CPI Seasonal

Adjustment: an Update" in the July 2010 Monthly Labor Review, and "PPI and CPI Seasonal

Adjustment During the COVID-19 Pandemic" in the May 2022 Monthly Labor Review.

Producer Price Index Data on the Internet

In 1995, the BLS began posting PPI series, news releases, and technical information to

the internet. There were more than 21 million instances of PPI data being downloaded from

the BLS website during 2025.

Retrieving PPI data from the PPI Web site

PPI data are available online at www.bls.gov/ppi/databases. On this page, links provide

the following methods of data retrieval:

Top Picks is a form-based application for both Industry Data and Commodity Data that

allows the user to quickly obtain PPI time series data by selecting the high-level

aggregate and other commonly requested time series, including the All Commodities Index

and the FD-ID indexes (for example, Final Demand). Within each list, any one-or all-of

the time series shown can be selected. A user can modify the date range and output

options after executing the query, using the reformat button above the data output table.

Data Finder, also known as the "Data Query Tool", allows users to conveniently search

multiple data sets all at once. Users can extract specific data by searching by keyword

or by filtering through multiple topics, measures, and attributes. Users can modify the

date range and output options after executing their query using the choices provided

above the data output.

One-Screen Data Search and Multi-Screen Data Search are form-based query applications

for both Industry Data and Commodity Data designed for users unfamiliar with the PPI

coding structure. These applications guide a user through the PPI classification by

listing index titles and do not require knowledge of commodity or industry codes. Data

retrieved are based on a query formulated by selecting data characteristics from lists

provided. Two options are available to create customized tables, depending on a user's

browser capability. The one-screen option is a JavaScript application that uses a single

screen to guide a user through the available time series data. The second option is a

multiple-screen, non-Java-based application. Both methods allow a user to browse the PPI

coding structure and select multiple series. Users can modify the date range and output

options after executing the query using the reformat button above the data output table.

Series Report is a form-based application that allows users to input multiple,

formatted PPI time series identifiers (commodity or industry codes) as inputs in

extracting data according to a specified set of date ranges and output options. This

application provides the most efficient path for users who are familiar with the format

of PPI time series identifiers. There are five alphabetic prefixes used to create unique

PPI time series identifiers: WP, WD, PC, PD, and ND. Each provides the user access to a

different PPI database. Adding either a "u" (not seasonally adjusted) or an "s"

(seasonally adjusted) to the end of these prefixes further specifies the type of data

needed. Examples are provided below.

For commodity and FD-ID indexes, series identifiers combine a "wpu" prefix (not

seasonally adjusted) or a "wps" prefix (seasonally adjusted) with a commodity code.

Commodity code Provides data for:

wps141101 Passenger cars, seasonally adjusted

wpu141101 Passenger cars, not seasonally adjusted

wpufd4 Final demand, not seasonally adjusted

wpsid63 Services for intermediate demand, seasonally adjusted

For discontinued commodity indexes, series identifiers combine a "wdu" prefix (not

seasonally adjusted) or a "wds" prefix (seasonally adjusted) with a commodity code.

Commodity code Provides data for:

wds019 Other farm products, seasonally adjusted

wdu0635 Preparations, ethical (prescription), not seasonally adjusted

wdusi138011 Stainless steel mill products, not seasonally adjusted

Current price indexes grouped by industry according to NAICS have series identifiers

that begin with the prefix "pcu." After the prefix, there are 12 digits (the 6-digit

industry code is listed twice) followed by up to 7 alphanumeric characters identifying

product detail. Dashes are used as placeholders for higher-level industry group codes.

Industry-product code,

current NAICS series Provides data for:

pcu325---325--- Chemical manufacturing

pcu336110336110 Automobile and light duty motor vehicle manufacturing

pcu621111621111411 Offices of physicians, one- and two-physician practices and

single-specialty group practices, general/family practice

Discontinued industry-product codes based on SIC combine a "pdu" prefix and "#"

between the fourth and fifth characters of the product code. Series identifiers for the

discontinued dataset use underscores as placeholders to complete a reference to an SIC

industry group code of fewer than four digits. (All PPI industry-based indexes organized

by SIC were discontinued with the introduction of NAICS in 2004.)

Industry-product code,

discontinued SIC series Provides data for:

pdu28_ _# Chemicals and allied products

pdu331_# Blast furnaces, steel works, and rolling and finishing mills

pdu3711#111 Passenger cars

Price indexes for discontinued series grouped by industry according to NAICS have

identifiers that begin with the prefix "ndu." After the prefix, there are 12 numeric

digits (the 6-digit industry code is listed twice), and up to 7 additional alphanumeric

characters that identify product detail. Dashes are used as placeholders for higher-

level group codes.

Industry-product code,

discontinued NAICS series Provides data for

ndu212231212231 Lead and zinc ore mining

ndu2122312122312 Lead, zinc concentrates

ndu212231212231214 Lead concentrates

Text Files are best suited for users requiring access to either a large volume of time

series data or other PPI-related documentation, such as seasonal factor tables and

relative importance tables. The text files can be accessed at download.bls.gov/ or

directly from links on the "PPI Databases" page or the PPI homepage. Data and

documentation available for download include the following:

Directory:

Industry Data /pub/time.series/pc

Industry Data - Discontinued

(NAICS basis) /pub/time.series/nd

(SIC basis) /pub/time.series/pd

Commodity Data (incl. FD-ID) /pub/time.series/wp

Commodity Data - Discontinued /pub/time.series/wd

Additional information

The PPI homepage (www.bls.gov/ppi) contains additional information regarding PPI

data and methodology. The "PPI Publications" section of the homepage provides PPI news

releases, both current and archived, as well as general PPI information. The "PPI

Data/Tables" section provides relative importance and seasonal factor tables. The

remaining sections offer special notices and publications pertaining to PPI methodology

and applications.

For questions or comments regarding PPI data classification, methodology, or data

availability on the Internet, call or e-mail the Section of Index Analysis and Public

Information at (202) 691-7705 or ppi-info@bls.gov. If you are deaf, hard of hearing, or

have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Table 1. Producer price index percentage changes and weights for Final Demand-Intermediate Demand groupings, seasonally adjusted

[June 2026]

Grouping

Commodity code

Relative

Importance

Dec.

2025 ( 1 )

Unadjusted

12-month

percent

change ( 2 )

Seasonally adjusted 1-month percent change ( 2 )

Group

code

Item

code

June 2025

June 2026 ( p )

Jan. to

Feb.

Feb. to

Mar. ( p )

Mar. to

Apr. ( p )

Apr. to

May ( p )

May to

June ( p )

Final Demand

Final demand

100.000

5.5

0.5

0.8

1.1

0.6

-0.3

Final demand goods

29.028

7.9

1.0

2.0

1.9

2.3

-1.4

Final demand foods

411

5.452

1.8

2.3

-0.6

0.2

0.5

-0.6

Finished consumer foods ( 3 )

4111

4.283

1.7

2.4

-0.9

0.3

0.4

-0.3

Finished consumer foods, crude

41113

0.382

-5.3

30.5

-9.9

2.5

2.6

-3.2

Finished consumer foods, processed

41112

3.901

2.4

0.3

0.0

0.1

0.2

0.0

Government purchased foods

4112

0.406

2.8

0.6

0.1

-0.1

0.0

Foods for export

4113

0.763

2.2

0.8

-0.1

1.8

-2.3

Final demand energy

412

5.061

23.0

2.0

10.5

7.2

8.4

-6.4

Finished consumer energy goods ( 3 )

4121

3.985

19.4

0.9

8.6

5.9

9.0

-5.6

Government purchased energy

4122

0.744

35.1

5.1

17.6

10.8

6.7

-8.6

Energy for export

4123

0.332

41.5

8.5

16.0

12.7

6.8

-9.2

Final demand goods less foods and energy

413

18.515

5.1

0.4

0.3

0.7

0.2

Finished goods less foods and energy ( 3 )

4131

11.012

3.6

0.3

0.2

0.4

0.3

0.2

Finished consumer goods less foods and energy

41311

5.676

3.6

0.3

0.1

0.4

0.3

0.2

Nondurable consumer goods less foods and energy

413111

3.520

3.8

0.5

0.1

0.5

0.3

0.2

Durable consumer goods

413112

2.156

3.2

0.1

0.2

0.3

0.2

Private capital equipment

41312

5.336

3.7

0.2

0.3

0.2

Private capital equipment for manufacturing industries

413121

1.297

4.4

0.1

0.2

0.3

Private capital equipment for nonmanufacturing industries

413122

4.039

3.5

0.2

0.3

0.1

Government purchased goods, excluding foods and energy

4132

1.969

5.7

0.2

0.4

0.9

0.3

Government purchased goods excluding foods, energy, and capital equipment

41321

1.248

6.3

0.3

0.6

1.3

0.3

Government purchased capital equipment

41322

0.721

4.6

0.1

0.2

0.1

0.2

0.1

Goods for export, excluding foods and energy

4133

5.534

7.8

0.6

1.3

1.4

0.2

Final demand services

68.338

4.6

0.3

0.7

-0.1

0.2

Final demand trade services ( 4 )

423

19.755

3.3

-0.3

0.5

1.3

-2.3

0.4

Trade of finished goods ( 3 )

4231

16.900

3.2

-0.2

0.4

1.2

-2.3

0.8

Trade of personal consumption goods

42311

13.647

4.7

0.1

0.0

0.8

-1.5

2.2

Trade of private capital equipment

42312

3.253

-3.0

-1.5

2.1

3.0

-5.4

-5.1

Trade of government purchased goods

4232

0.806

4.7

-0.8

1.0

1.5

-2.8

-1.1

Trade of government purchased goods, excluding capital equipment

42321

0.491

8.3

-0.1

0.2

0.3

-0.9

1.7

Trade of government purchased capital equipment

42322

0.315

-1.0

-1.8

2.4

3.4

-5.7

-5.4

Trade of exports

4233

2.049

3.5

-0.8

0.9

1.6

-2.4

-2.2

Final demand transportation and warehousing services

422

4.857

13.9

0.8

2.1

3.7

2.0

-0.1

Transportation of passengers for final demand

4221

1.194

16.3

0.7

1.9

0.8

2.8

-0.4

Transportation of private passengers

42211

0.857

16.3

0.7

1.9

0.8

2.8

-0.4

Transportation of government passengers

42212

0.094

16.2

0.7

1.9

0.8

2.8

-0.4

Transportation of passengers for export

42213

0.243

16.5

0.7

2.0

0.8

2.8

-0.4

Transportation and warehousing of goods for final demand

4222

3.663

13.0

0.8

2.2

4.7

1.7

0.0

Transportation and warehousing of finished goods ( 3 )

42221

2.359

13.9

0.9

2.4

5.0

1.9

0.0

Transportation and warehousing of personal consumption goods

422211

1.906

13.9

0.9

2.4

5.0

1.9

0.0

Transportation and warehousing of private capital equipment

422212

0.453

14.1

0.9

2.5

5.3

1.9

0.0

Transportation and warehousing of government purchased goods

42222

0.220

11.7

0.8

2.0

4.0

1.2

-0.1

Transportation and warehousing of exports

42223

1.084

11.4

0.5

1.8

4.1

1.5

-0.1

Final demand services less trade, transportation, and warehousing

421

43.725

4.2

0.5

0.0

0.1

0.7

0.1

Finished services less trade, transportation, and warehousing ( 3 )

4211

38.394

3.9

0.5

0.0

0.2

0.6

0.1

Finished consumer services less trade, transportation, and warehousing

42111

34.095

4.2

0.5

0.0

0.1

0.6

0.2

Private capital investment services less trade, transportation, and warehousing

42112

4.299

1.6

0.1

-0.5

0.6

0.5

-0.4

Government purchased services less trade, transportation, and warehousing

4212

2.615

4.9

0.3

0.0

0.5

1.0

0.2

Gov. purchased services less trade, transportation, and warehousing, excl. capital investment

42121

2.394

5.2

0.3

-0.1

0.5

1.1

0.2

Government purchased capital investment services less trade, transportation, and warehousing

42122

0.221

3.2

0.4

0.1

0.8

0.7

0.3

Services for export less trade, transportation, and warehousing

4213

2.716

6.9

0.8

0.5

-0.5

2.1

0.7

Final demand construction

2.634

3.5

0.1

-0.1

0.1

Construction for private capital investment

431

1.824

3.4

0.1

-0.2

0.1

Construction for government

432

0.810

3.7

0.1

0.0

0.2

0.1

Special Groupings of Final Demand

Final demand less exports

49101

87.279

5.1

0.5

0.7

1.0

0.5

-0.2

Final demand less government

49102

92.336

5.3

0.5

0.7

1.0

0.6

-0.2

Final demand less foods and energy ( 5 )

49104

89.487

4.7

0.3

0.7

0.1

0.2

Final demand less foods ( 5 )

49106

94.548

5.7

0.4

0.9

1.1

0.6

-0.3

Final demand less energy

49107

94.939

4.5

0.4

0.2

0.7

0.1

0.2

Final demand less trade services

49108

80.245

6.1

0.7

0.9

1.0

1.3

-0.4

Final demand less distributive services ( 6 )

49109

76.582

5.7

0.7

0.8

1.3

-0.5

Final demand goods less energy

49111

23.967

4.4

0.8

0.1

0.6

0.7

0.0

Final demand goods less foods

49112

23.576

9.2

0.7

2.6

2.3

2.6

-1.6

Final demand services less trade services

49113

48.582

5.1

0.5

0.2

0.5

0.8

0.1

Final demand distributive services ( 6 )

49114

23.418

4.8

-0.1

0.7

1.8

-1.7

0.4

Final demand goods plus final demand distributive services ( 6 )

49115

52.446

6.5

0.5

1.4

1.9

0.5

-0.6

Final demand less foods, energy, and trade services ( 5 )

49116

69.732

5.1

0.5

0.2

0.5

0.8

0.1

Private and government purchased capital equipment

49117

6.057

3.8

0.2

0.3

0.2

Private and government purchased capital investment services

49118

8.541

0.5

-0.5

0.8

1.9

-2.0

-2.3

Total private and government purchased capital investment

49119

14.598

2.1

-0.2

0.5

1.0

-0.9

-1.1

Total finished ( 3 )

49201

79.614

4.8

0.4

0.6

0.9

0.5

-0.1

Total finished less foods and energy ( 3 )( 5 )

49203

71.346

4.2

0.3

0.2

0.6

-0.1

0.3

Total finished less foods ( 3 )( 5 )

49205

75.331

5.0

0.3

0.7

0.9

0.5

-0.1

Total finished less energy ( 3 )

49206

75.629

4.0

0.4

0.2

0.6

-0.1

0.2

Finished goods ( 3 )

49207

19.280

6.7

0.9

1.7

1.6

2.4

-1.4

Finished goods less energy ( 3 )

49208

15.295

3.1

0.9

-0.1

0.4

0.3

0.0

Finished goods, excluding foods ( 3 )( 5 )

49209

14.997

8.1

0.4

2.5

2.0

2.9

-1.7

Finished services ( 3 )

49210

58.510

4.3

0.3

0.2

0.7

-0.2

0.3

Private capital investment services

49211

8.005

0.4

-0.5

0.7

1.9

-1.9

-2.3

Finished distributive services ( 3 )( 6 )

49212

19.259

4.5

-0.1

0.6

1.7

-1.7

0.7

Finished services less trade services ( 3 )

49213

41.610

4.7

0.5

0.2

0.5

0.7

0.1

Finished services less distributive services ( 3 )( 6 )

49214

39.251

4.2

0.5

0.0

0.2

0.6

0.1

Total private capital investment (goods, services, and construction)

49215

15.165

2.0

-0.2

0.5

1.1

-0.9

-1.1

Finished goods plus finished distributive services ( 3 )( 6 )

49216

38.539

5.6

0.4

1.2

1.6

0.3

-0.4

Total exports

49301

12.721

8.0

0.7

1.2

1.5

1.2

-0.6

Goods for export

49302

6.629

9.0

1.2

1.5

1.9

-0.8

Services for export

49303

6.092

7.0

0.2

0.9

1.1

0.5

-0.5

Total government purchases

49401

7.664

8.3

0.7

2.1

1.9

1.2

-1.1

Government purchased goods

49402

3.119

12.5

1.4

4.6

3.6

2.5

-2.5

Government purchased services

49403

3.735

5.5

0.1

0.4

0.9

0.2

-0.1

Total government purchased capital investment (goods, services, construction)

49404

2.067

3.2

-0.2

0.5

0.7

-0.7

Government purchases, defense

49405

1.915

8.7

0.6

3.3

2.8

0.2

-2.2

Government purchases, non-defense

49406

5.749

8.4

0.7

1.8

1.7

-0.7

Personal consumption

49501

64.449

5.5

0.6

0.8

0.1

Personal consumption goods (finished consumer goods)

49502

13.944

7.8

1.1

2.3

2.1

3.1

-1.9

Personal consumption goods less energy

49503

9.959

2.8

1.2

-0.3

0.4

0.0

Personal consumption goods less foods

49504

9.661

10.5

0.6

3.7

2.8

4.3

-2.6

Personal consumption nondurable goods less foods

49508

7.505

12.4

0.7

4.7

3.5

5.3

-3.3

Personal consumption services

49505

50.505

4.9

0.4

0.1

0.5

0.1

0.7

Personal consumption less trade services

49506

50.802

5.7

0.7

0.8

0.9

1.4

-0.5

Personal consumption less distributive services ( 6 )

49507

48.896

5.4

0.7

1.4

-0.5

Personal consumption less foods and energy

49510

56.181

4.8

0.4

0.1

0.5

0.1

0.6

Personal consumption less foods, energy, and trade services ( 4 )

49511

42.534

4.8

0.5

0.2

0.4

0.7

0.1

Personal consumption less foods, energy, and distributive services ( 6 )

49512

40.628

4.4

0.5

0.1

0.2

0.6

0.2

Personal consumption goods plus personal consumption distributive services ( 6 )

49509

29.497

6.7

0.6

1.2

1.7

0.9

0.0

Intermediate Demand by Commodity Type

Processed goods

Processed goods for intermediate demand

ID6

100.000

11.1

1.5

2.9

2.7

2.8

-1.2

Materials and components for manufacturing

ID6

41.701

10.0

1.1

2.3

0.5

Materials for manufacturing

ID6

111

26.085

11.9

1.1

1.4

3.0

3.3

0.5

Materials for food manufacturing

ID6

1111

4.022

-3.4

0.1

0.6

-0.1

0.6

-0.3

Materials for nondurable manufacturing

ID6

1112

11.101

13.1

0.9

2.1

4.8

5.4

-0.1

Materials for durable manufacturing

ID6

1113

10.962

17.1

1.7

1.0

2.2

2.1

1.6

Components for manufacturing

ID6

112

15.616

6.6

1.1

0.4

1.2

0.6

0.3

Components for nondurable manufacturing

ID6

1121

0.530

9.3

0.0

1.2

2.4

2.2

1.2

Components for durable manufacturing

ID6

1122

15.086

6.5

1.1

0.4

1.1

0.5

0.3

Materials and components for construction

ID6

12.362

4.3

0.5

0.3

0.6

0.7

Materials for construction

ID6

121

5.315

4.0

0.5

0.2

1.0

0.8

0.9

Components for construction

ID6

122

7.047

4.6

0.5

0.4

0.3

0.6

0.5

Processed fuels and lubricants for intermediate demand

ID6

17.275

28.2

5.0

12.8

7.4

7.7

-7.3

Processed fuels and lubricants to manufacturing industries

ID6

131

4.472

24.2

2.2

7.5

5.9

7.7

-1.8

Processed fuels and lubricants to nonmanufacturing industries

ID6

132

12.803

29.6

6.0

14.6

7.9

7.7

-9.0

Containers for intermediate demand

ID6

3.092

4.7

-0.7

0.1

0.7

1.7

1.2

Supplies for intermediate demand

ID6

25.570

5.0

0.5

0.9

0.7

0.5

Supplies to manufacturing industries

ID6

151

2.947

11.7

1.7

0.7

2.1

1.1

1.5

Supplies to nonmanufacturing industries

ID6

152

22.623

4.1

0.4

0.8

0.6

0.3

Supplies to nonmanufacturing industries, feeds

ID6

1521

1.957

6.7

-0.1

1.5

2.3

1.5

1.2

Supplies to nonmanufacturing industries, other than feeds

ID6

1522

20.666

3.9

0.4

0.3

0.6

0.5

0.2

Unprocessed goods

Unprocessed goods for intermediate demand

ID6

100.000

13.0

5.9

-0.2

1.7

3.2

-4.1

Unprocessed foodstuffs and feedstuffs

ID6

38.070

0.0

4.4

0.8

0.2

4.0

-2.1

Unprocessed nonfood materials

ID6

61.929

22.0

6.7

-0.7

2.6

2.7

-5.2

Unprocessed nonfood materials except fuel

ID6

221

48.801

27.6

3.9

17.5

3.8

4.4

-7.0

Unprocessed nonfood materials except fuel to manufacturing industries

ID6

2211

45.501

29.2

4.1

18.6

4.0

4.6

-7.4

Unprocessed nonfood materials except fuel to nonmanufacturing industries

ID6

2212

3.300

5.9

0.3

0.7

0.5

0.7

Unprocessed fuel

ID6

222

13.128

-8.9

15.3

-50.8

-5.5

-9.4

9.5

Unprocessed fuel to manufacturing industries

ID6

2221

1.225

2.8

3.3

-13.1

-1.2

-0.5

0.9

Unprocessed fuel to nonmanufacturing industries

ID6

2222

11.903

-10.9

16.3

-53.6

-6.1

-10.7

10.9

Services

Services for intermediate demand

ID6

100.000

5.0

0.3

0.1

0.9

0.6

0.3

Trade services for intermediate demand ( 4 )

ID6

18.420

6.9

-0.1

0.2

0.4

-0.4

0.6

Trade services for manufacturing industries

ID6

331

8.445

5.7

-0.2

0.2

0.4

0.1

-1.3

Trade services for nonmanufacturing industries

ID6

332

9.975

7.8

0.0

0.2

0.4

-0.8

2.1

Transportation and warehousing services for intermediate demand

ID6

14.557

9.2

0.7

0.6

3.1

0.9

-0.3

Transportation of passengers for intermediate demand

ID6

321

1.212

16.2

0.7

1.9

0.8

2.8

-0.4

Transportation of passengers for manufacturing industries

ID6

3211

0.065

16.5

0.7

2.0

0.8

2.8

-0.4

Transportation of passengers for nonmanufacturing industries

ID6

3212

1.147

16.2

0.7

1.9

0.8

2.8

-0.4

Transportation and warehousing of goods for intermediate demand

ID6

322

13.345

8.6

0.7

0.4

3.3

0.8

-0.3

Transportation and warehousing of goods for manufacturing industries

ID6

3221

2.556

8.7

0.5

1.5

3.2

1.3

0.0

Transportation and warehousing of goods for nonmanufacturing industries

ID6

3222

10.789

8.6

0.8

0.2

3.4

0.6

-0.4

Services less trade, transportation, and warehousing for intermediate demand

ID6

67.023

3.7

0.4

-0.1

0.5

0.8

0.4

Services less trade, transportation, and warehousing for manufacturing industries

ID6

311

1.715

1.8

-0.1

0.2

0.5

0.4

0.3

Services less trade, transportation, and warehousing for nonmanufacturing industries

ID6

312

65.308

3.7

0.4

-0.1

0.5

0.8

0.4

Construction

Construction for intermediate demand

ID6

100.000

5.0

0.5

0.1

0.3

1.1

0.2

Special Groupings of Intermediate Demand by Commodity Type

Processed materials less foods and feeds

ID6

9111

90.763

12.3

1.6

3.1

2.9

3.0

-1.3

Processed foods and feeds

ID6

9112

9.237

-0.3

0.2

0.6

0.4

0.6

0.1

Processed energy goods

ID6

9113

17.275

28.2

5.0

12.8

7.4

7.7

-7.3

Processed materials less energy

ID6

9118

82.725

7.4

0.8

0.7

1.6

1.5

0.5

Processed materials less foods and energy

ID6

9115

73.488

8.4

0.8

0.7

1.7

0.6

Intermediate distributive services ( 7 )

ID6

9116

31.765

7.6

0.2

0.3

1.6

0.1

0.2

Processed goods plus intermediate distributive services

ID6

9117

10.0

1.1

2.1

2.4

2.0

-0.8

Unprocessed materials less agricultural products

ID6

9211

57.684

24.4

7.0

-0.7

2.9

2.3

-4.7

Unprocessed energy materials ( 8 )

ID6

9212

31.739

25.5

11.5

-1.2

5.0

3.0

-8.1

Unprocessed materials less energy

ID6

9213

68.261

7.6

2.9

0.8

-0.1

3.3

-1.7

Unprocessed nonfood materials less energy ( 9 )

ID6

9216

30.191

19.9

1.0

0.8

-0.4

2.5

-1.2

Intermediate Demand by Production Flow

Stage 4 Intermediate Demand

Stage 4 intermediate demand

ID5

100.000

6.5

0.7

0.4

0.8

1.1

-0.1

Inputs to stage 4 goods producers

ID5

23.762

6.5

0.9

0.3

1.0

-0.2

Goods

ID5

411

17.455

6.9

1.1

0.5

1.1

1.3

0.3

Foods

ID5

4111

2.692

-0.4

1.5

-0.2

0.8

2.6

-1.8

Energy

ID5

4112

0.082

37.3

7.0

7.1

4.7

13.5

0.0

Goods excluding foods and energy

ID5

4113

14.681

8.0

1.0

0.6

1.1

1.0

0.7

Services

ID5

412

6.307

5.4

0.5

-0.1

0.6

0.3

-1.8

Trade services

ID5

4123

5.148

6.0

0.6

-0.3

0.5

0.2

-2.2

Transportation and warehousing services

ID5

4122

0.386

9.4

0.5

1.4

2.7

1.5

0.0

Transportation of passengers

ID5

41221

0.073

16.5

0.7

2.0

0.8

2.8

-0.4

Transportation and warehousing of goods

ID5

41222

0.313

7.9

0.5

1.3

3.2

1.2

0.1

Services less trade, transportation, and warehousing

ID5

4121

0.773

2.4

0.1

0.3

0.0

0.6

0.3

Inputs to stage 4 services producers

ID5

57.859

6.1

0.7

0.0

0.6

1.1

0.0

Goods

ID5

421

16.707

5.2

0.8

0.7

0.9

1.0

-0.5

Foods

ID5

4211

3.280

1.9

0.9

0.2

0.5

-0.3

-0.5

Energy

ID5

4212

5.403

7.5

1.9

1.3

1.8

1.9

-1.9

Goods excluding foods and energy

ID5

4213

8.024

4.5

0.1

0.5

0.8

0.4

Services

ID5

422

41.045

6.2

0.7

-0.2

0.4

1.1

0.3

Trade services

ID5

4223

4.672

6.4

0.0

0.4

-0.5

0.3

Transportation and warehousing services

ID5

4222

3.920

8.9

0.7

0.6

2.3

0.3

-0.5

Transportation of passengers

ID5

42221

0.316

16.3

0.7

1.9

0.8

2.8

-0.4

Transportation and warehousing of goods

ID5

42222

3.604

8.3

0.7

0.5

2.5

0.1

-0.5

Services less trade, transportation, and warehousing

ID5

4221

32.453

5.8

0.8

-0.4

0.2

1.4

0.4

Construction

ID5

423

0.107

5.0

0.5

0.1

0.3

1.1

0.2

Inputs to stage 4 construction producers

ID5

18.377

7.2

0.6

1.6

1.5

-0.2

Goods

ID5

431

13.626

7.4

0.8

1.8

1.5

2.0

-0.5

Energy

ID5

4312

0.744

46.7

5.1

24.3

12.3

17.7

-12.1

Goods excluding foods and energy

ID5

4313

12.882

4.9

0.5

0.3

0.6

0.7

Services

ID5

432

4.751

6.5

-0.1

1.2

1.6

0.2

1.0

Trade services

ID5

4323

2.139

6.4

-0.6

1.2

0.2

-0.5

1.9

Transportation and warehousing services

ID5

4322

1.122

13.6

0.9

2.5

5.2

1.9

0.0

Transportation and warehousing of goods

ID5

43222

1.122

13.6

0.9

2.5

5.2

1.9

0.0

Services less trade, transportation, and warehousing

ID5

4321

1.490

1.9

-0.1

0.1

0.8

-0.1

0.4

Stage 3 Intermediate Demand

Stage 3 intermediate demand

ID5

100.000

6.8

0.8

1.4

1.7

0.0

Inputs to stage 3 goods producers

ID5

41.662

7.8

1.5

1.4

2.2

0.5

Goods

ID5

311

34.992

7.2

1.9

1.3

2.1

2.5

0.5

Foods

ID5

3111

10.916

-1.5

3.4

0.8

1.2

3.3

0.0

Energy

ID5

3112

1.193

43.8

3.1

10.8

12.9

5.6

0.5

Goods excluding foods and energy

ID5

3113

22.883

9.5

1.1

2.0

1.9

0.8

Services

ID5

312

6.670

9.1

-0.4

1.7

2.7

1.0

0.6

Trade services

ID5

3123

2.474

7.8

-2.1

1.4

1.0

0.2

1.6

Transportation and warehousing services

ID5

3122

3.366

12.6

0.8

2.2

4.6

1.8

0.0

Transportation of passengers

ID5

31221

0.083

16.5

0.7

2.0

0.8

2.8

-0.4

Transportation and warehousing of goods

ID5

31222

3.283

12.4

0.8

2.2

4.7

1.8

0.0

Services less trade, transportation, and warehousing

ID5

3121

0.830

1.0

0.0

0.3

0.4

0.3

0.0

Inputs to stage 3 services producers

ID5

57.010

6.3

0.3

1.4

1.3

-0.4

Goods

ID5

321

12.385

13.4

1.8

5.4

3.6

3.9

-3.2

Foods

ID5

3211

0.248

9.5

1.0

0.0

2.1

1.1

-0.6

Energy

ID5

3212

3.181

40.2

5.4

18.5

9.3

10.5

-9.8

Goods excluding foods and energy

ID5

3213

8.956

5.6

0.6

0.5

1.0

0.8

0.3

Services

ID5

322

43.940

4.1

-0.1

0.3

0.7

0.4

0.5

Trade services

ID5

3223

2.078

11.6

-0.6

1.0

0.2

-2.2

6.6

Transportation and warehousing services

ID5

3222

9.305

8.5

0.3

0.4

2.7

0.7

-0.4

Transportation of passengers

ID5

32221

0.608

11.9

0.7

1.9

0.8

2.8

-0.4

Transportation and warehousing of goods

ID5

32222

8.697

8.0

0.3

2.9

0.6

-0.4

Services less trade, transportation, and warehousing

ID5

3221

32.557

2.2

-0.2

0.2

0.1

0.5

0.4

Construction

ID5

323

0.685

5.0

0.5

0.1

0.3

1.1

0.2

Inputs to stage 3 construction producers

ID5

1.329

4.9

0.2

0.4

-0.1

1.1

0.9

Goods

ID5

331

0.836

5.0

0.7

0.6

0.5

1.0

0.4

Goods excluding foods and energy

ID5

3313

0.836

5.0

0.7

0.6

0.5

1.0

0.4

Services

ID5

332

0.493

4.5

-0.8

0.3

-1.0

1.2

1.8

Trade services

ID5

3323

0.329

5.4

-1.1

0.3

-2.0

1.8

2.5

Transportation and warehousing services

ID5

3322

0.015

3.5

0.0

0.1

1.4

0.8

0.1

Transportation and warehousing of goods

ID5

33222

0.015

3.5

0.0

0.1

1.4

0.8

0.1

Services less trade, transportation, and warehousing

ID5

3321

0.149

-0.8

0.0

0.2

0.8

0.0

0.4

Stage 2 Intermediate Demand

Stage 2 intermediate demand

ID5

100.000

9.8

2.2

0.8

2.1

1.8

-1.2

Inputs to stage 2 goods producers

ID5

45.219

15.3

4.0

0.8

2.8

2.9

-2.8

Goods

ID5

211

32.728

20.3

5.4

1.1

3.5

3.9

-3.6

Foods

ID5

2111

2.984

6.7

1.6

5.2

-0.3

2.9

-2.2

Energy

ID5

2112

12.361

27.8

11.3

0.7

5.2

4.1

-8.2

Goods excluding foods and energy

ID5

2113

17.383

17.9

1.2

0.8

2.7

3.9

0.3

Services

ID5

212

12.253

2.5

0.2

-0.3

0.5

0.0

-0.4

Trade services

ID5

2123

5.702

4.7

0.5

-0.6

0.4

-0.3

-1.2

Transportation and warehousing services

ID5

2122

3.336

0.8

-0.1

-0.4

0.0

0.4

0.0

Transportation of passengers

ID5

21221

0.024

13.9

0.6

1.6

0.7

2.3

-0.3

Transportation and warehousing of goods

ID5

21222

3.312

0.6

-0.2

-0.4

0.0

0.4

0.0

Services less trade, transportation, and warehousing

ID5

2121

3.215

1.1

-0.3

0.2

1.1

0.0

0.4

Construction

ID5

213

0.238

5.0

0.5

0.1

0.3

1.1

0.2

Inputs to stage 2 services producers

ID5

54.781

5.1

0.7

0.8

1.5

0.8

0.3

Goods

ID5

221

5.092

18.2

2.7

7.0

4.9

4.0

-3.9

Foods

ID5

2211

0.168

10.9

0.4

2.8

2.7

2.2

1.2

Energy

ID5

2212

1.092

56.5

9.6

27.2

13.3

10.9

-13.2

Goods excluding foods and energy

ID5

2213

3.832

6.9

0.8

0.9

1.7

1.1

0.3

Services

ID5

222

49.051

3.8

0.5

0.1

1.1

0.4

0.8

Trade services

ID5

2223

2.552

14.9

1.1

0.2

2.6

-3.6

6.4

Transportation and warehousing services

ID5

2222

6.102

6.6

1.4

-1.1

3.7

0.8

-0.2

Transportation of passengers

ID5

22221

0.206

16.0

0.7

1.9

0.8

2.7

-0.4

Transportation and warehousing of goods

ID5

22222

5.896

5.9

1.4

-1.2

3.8

0.8

-0.2

Services less trade, transportation, and warehousing

ID5

2221

40.397

2.7

0.4

0.3

0.6

Construction

ID5

223

0.638

5.0

0.5

0.1

0.3

1.1

0.2

Stage 1 Intermediate Demand

Stage 1 intermediate demand

ID5

100.000

11.0

1.1

1.7

2.4

2.6

-0.5

Inputs to stage 1 goods producers

ID5

40.305

12.4

1.1

2.8

3.2

-0.1

Goods

ID5

111

32.143

13.9

1.7

1.0

3.1

3.8

0.0

Foods

ID5

1111

2.031

0.1

0.0

4.5

-1.5

6.7

-6.8

Energy

ID5

1112

2.632

20.2

8.7

1.2

3.5

4.4

-2.4

Goods excluding foods and energy

ID5

1113

27.480

14.8

1.1

0.7

3.3

3.5

0.7

Services

ID5

112

8.162

6.7

-1.1

1.3

1.6

0.7

-0.5

Trade services

ID5

1123

4.779

5.7

-2.1

1.5

0.9

0.5

-1.0

Transportation and warehousing services

ID5

1122

1.674

13.2

0.8

2.1

4.7

2.2

0.1

Transportation of passengers

ID5

11221

0.092

16.5

0.7

2.0

0.8

2.8

-0.4

Transportation and warehousing of goods

ID5

11222

1.582

12.7

0.8

2.1

5.0

2.1

0.1

Services less trade, transportation, and warehousing

ID5

1121

1.709

3.0

-0.1

0.2

0.3

0.0

0.2

Inputs to stage 1 services producers

ID5

48.805

9.9

1.2

2.0

2.1

-0.9

Goods

ID5

121

15.566

15.6

2.1

6.5

4.2

4.5

-3.7

Foods

ID5

1211

0.050

-56.2

-0.9

-4.3

-8.6

0.8

2.7

Energy

ID5

1212

3.927

46.9

7.3

23.3

11.9

11.7

-11.1

Goods excluding foods and energy

ID5

1213

11.589

5.3

0.3

0.7

0.8

0.4

Services

ID5

122

33.236

6.9

0.8

-0.2

1.1

0.8

0.7

Trade services

ID5

1223

3.429

10.6

0.0

0.5

0.8

-2.0

4.4

Transportation and warehousing services

ID5

1222

4.081

13.1

0.9

1.4

3.4

0.9

-0.7

Transportation of passengers

ID5

12221

1.200

16.5

0.7

2.0

0.8

2.8

-0.4

Transportation and warehousing of goods

ID5

12222

2.881

11.7

0.9

1.1

4.5

0.2

-0.8

Services less trade, transportation, and warehousing

ID5

1221

25.726

5.5

0.9

-0.6

0.7

1.2

0.4

Construction

ID5

123

0.003

5.0

0.5

0.1

0.3

1.1

0.2

Inputs to stage 1 construction producers

ID5

10.890

10.2

0.7

2.7

1.9

2.6

-0.5

Goods

ID5

131

7.018

11.9

1.3

3.7

2.6

3.6

-1.6

Energy

ID5

1312

0.823

60.2

6.3

27.5

12.9

15.1

-11.6

Goods excluding foods and energy

ID5

1313

6.195

4.8

0.6

0.2

0.7

1.2

0.8

Services

ID5

132

3.872

7.2

-0.3

0.9

0.7

0.8

1.5

Trade services

ID5

1323

2.509

6.0

-0.7

0.7

-0.8

0.5

2.3

Transportation and warehousing services

ID5

1322

0.678

15.6

1.1

2.8

5.8

2.1

0.0

Transportation and warehousing of goods

ID5

13222

0.678

15.6

1.1

2.8

5.8

2.1

0.0

Services less trade, transportation, and warehousing

ID5

1321

0.685

2.8

-0.2

0.1

0.7

0.2

0.3

Special Groupings of Intermediate Demand by Production Flow

Total goods inputs to stage 4 intermediate demand

ID5

9411

47.788

6.6

0.9

1.1

1.4

-0.2

Total services inputs to stage 4 intermediate demand

ID5

9412

52.103

6.2

0.6

-0.1

0.6

0.9

0.1

Total construction inputs to stage 4 intermediate demand

ID5

9413

0.107

5.0

0.5

0.1

0.3

1.1

0.2

Total foods inputs to stage 4 intermediate demand

ID5

9414

5.972

0.8

1.2

0.0

0.6

1.0

-1.1

Total energy goods inputs to stage 4 intermediate demand

ID5

9415

6.229

12.7

2.4

4.3

3.4

4.7

-3.8

Total goods less foods and energy inputs to stage 4 intermediate demand

ID5

9416

35.587

6.2

0.6

0.5

0.8

0.6

Total goods inputs to stage 3 intermediate demand

ID5

9311

48.213

8.5

1.8

2.3

2.5

2.8

-0.4

Total services inputs to stage 3 intermediate demand

ID5

9312

51.103

4.8

-0.2

0.5

0.9

0.5

Total construction inputs to stage 3 intermediate demand

ID5

9313

0.685

5.0

0.5

0.1

0.3

1.1

0.2

Total foods inputs to stage 3 intermediate demand

ID5

9314

11.164

-1.4

3.3

0.7

1.2

3.2

0.0

Total energy goods inputs to stage 3 intermediate demand

ID5

9315

4.374

41.4

4.8

16.4

10.2

9.2

-7.2

Total goods less foods and energy inputs to stage 3 intermediate demand

ID5

9316

32.675

8.3

0.9

1.7

1.6

0.7

Total goods inputs to stage 2 intermediate demand

ID5

9211

37.820

20.0

5.0

1.9

3.7

3.9

-3.6

Total services inputs to stage 2 intermediate demand

ID5

9212

61.304

3.6

0.4

0.0

1.0

0.3

0.6

Total construction inputs to stage 2 intermediate demand

ID5

9213

0.876

5.0

0.5

0.1

0.3

1.1

0.2

Total foods inputs to stage 2 intermediate demand

ID5

9214

3.152

6.9

1.6

5.0

-0.2

2.9

-2.1

Total energy goods inputs to stage 2 intermediate demand

ID5

9215

13.453

30.3

11.2

2.6

6.0

4.7

-8.7

Total goods less foods and energy inputs to stage 2 intermediate demand

ID5

9216

21.215

15.6

1.2

0.9

2.6

3.4

0.3

Total goods inputs to stage 1 intermediate demand

ID5

9111

54.727

14.0

1.8

2.9

3.3

3.9

-1.3

Total services inputs to stage 1 intermediate demand

ID5

9112

45.270

6.9

0.3

0.2

1.1

0.8

0.5

Total construction inputs to stage 1 intermediate demand

ID5

9117

0.003

5.0

0.5

0.1

0.3

1.1

0.2

Total foods inputs to stage 1 intermediate demand

ID5

9114

2.081

-2.3

0.0

4.3

-1.6

6.6

-6.6

Total energy goods inputs to stage 1 intermediate demand

ID5

9115

7.382

39.4

7.7

15.8

9.4

9.9

-8.7

Total goods less foods and energy inputs to stage 1 intermediate demand

ID5

9116

45.264

10.8

0.9

0.6

2.3

2.5

0.6

Footnotes

(1) Comprehensive relative importance figures are initially computed after the publication of December indexes and are recalculated after final December indexes are available. Individual items and subtotals may not add exactly to totals because of rounding differences.

(2) All indexes are subject to revision for 4 months after their originally scheduled publication to incorporate late reports and corrections by survey respondents. In addition, seasonally adjusted indexes are subject to change for up to 5 years due to the recalculation of seasonal factors published each January.

(3) PPI defines Total finished as including only the personal consumption and private capital investment portions of final demand.

(4) Trade indexes measure changes in margins received by wholesalers and retailers.

(5) The PPI definition of foods does not include food and beverages for immediate consumption. PPI defines food and beverages for immediate consumption as the service of preparing meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption.

(6) Distributive services include transportation, warehousing, and trade of goods.

(7) Includes intermediate trade, transportation, and warehousing services.

(8) Includes crude petroleum.

(9) Excludes crude petroleum.

(p) Preliminary

"-" Data not available.

Table 2. Producer price index percentage changes for selected commodity groupings by Final Demand-Intermediate Demand category, seasonally adjusted

[June 2026]

Grouping

Commodity code

Unadjusted

12-month

percent

change ( 1 )

Seasonally adjusted 1-month percent change ( 1 )

Group

code

Item

code

June 2025

June 2026 ( p )

Jan. to

Feb.

Feb. to

Mar. ( p )

Mar. to

Apr. ( p )

Apr. to

May ( p )

May to

June ( p )

Final Demand

Final demand

5.5

0.5

0.8

1.1

0.6

-0.3

Final demand goods

7.9

1.0

2.0

1.9

2.3

-1.4

Final demand foods

411

1.8

2.3

-0.6

0.2

0.5

-0.6

Fresh fruits and melons

0.4

10.3

-6.3

1.3

8.7

-2.2

Fresh and dry vegetables

59.2

48.9

-10.7

13.5

3.7

-6.0

Grains

-5.2

0.0

7.5

-4.4

10.2

-12.0

Eggs for fresh use ( 2 )

7107

-77.1

93.6

-6.3

-49.0

-3.4

-1.7

Oilseeds

8301

4.6

4.3

8.0

-3.8

5.0

-7.8

Bakery products ( 2 )

1.4

0.0

-0.2

0.0

0.1

0.0

Milled rice ( 2 )

-6.0

-0.9

0.0

-0.2

0.1

0.0

Pasta products ( 2 )

1402

4.1

1.0

0.0

0.8

0.0

Beef and veal

2101

12.7

1.8

2.6

-3.5

2.0

-1.5

Pork

2104

-14.1

2.6

-8.3

-0.7

-10.2

-1.9

Processed young chickens

2203

-14.8

1.7

-4.4

0.7

-2.1

-2.2

Processed turkeys ( 2 )

2206

11.1

-7.3

-3.7

-1.4

-2.1

Finfish and shellfish

11.8

2.4

-0.7

4.4

-2.8

0.2

Dairy products ( 2 )

0.8

0.7

2.9

1.9

1.4

0.7

Processed fruits and vegetables ( 2 )

4.4

0.2

-0.2

0.2

1.1

0.2

Confectionery end products ( 2 )

7.4

0.6

0.1

0.7

0.3

0.1

Soft drinks ( 2 )

5.2

-0.4

0.1

-0.7

1.1

0.2

Roasted coffee ( 2 )

6301

7.8

-0.1

-1.5

0.5

0.1

-0.5

Shortening and cooking oils ( 2 )

5.0

2.1

-0.1

5.0

-2.5

-0.1

Frozen specialty food ( 2 )

2.7

0.2

1.0

0.6

0.0

0.5

Final demand energy

412

23.0

2.0

10.5

7.2

8.4

-6.4

Natural gas liquids ( 2 )

35.2

2.4

33.2

2.3

15.7

-6.4

Residential electric power

4.0

-0.3

0.2

0.7

0.0

0.7

Residential natural gas

3.2

2.5

-1.5

-1.0

0.6

1.2

Gasoline

42.9

1.6

19.5

14.4

20.9

-12.0

Home heating oil and distillates

7302

60.1

-1.1

46.0

8.4

4.2

-8.2

No. 2 diesel fuel

7303

65.8

12.2

42.5

12.2

13.6

-18.0

Final demand goods less foods and energy

413

5.1

0.4

0.3

0.7

0.2

Alcoholic beverages

0.4

-0.1

0.0

-0.1

-0.2

0.2

Pet food ( 2 )

9402

1.1

0.0

Women's, girls', and infants' apparel ( 2 )

8106

3.3

0.0

Men's and boys' apparel ( 2 )

8107

2.5

0.7

0.0

0.3

0.0

Textile house furnishings ( 2 )

6.3

0.0

-0.1

0.0

0.1

0.0

Industrial chemicals

15.1

1.7

3.6

7.3

4.7

-0.8

Pharmaceutical preparations ( 2 )

1.1

0.0

-0.1

Soaps and detergents ( 2 )

3.8

0.0

0.2

0.0

0.5

0.0

Cleaning and polishing products ( 2 )

1.1

-1.6

0.1

0.5

0.1

0.0

Cosmetics and other toiletries ( 2 )

2.4

0.1

0.0

-0.1

0.7

Tires ( 2 )

1201

2.5

-0.4

-0.5

0.5

0.2

-0.6

Consumer, institutional, and commercial products, n.e.c. ( 2 )

3.9

0.1

-0.2

0.4

0.5

1.8

Sanitary paper products ( 2 )

1501

0.9

-0.2

0.2

0.0

-0.2

-0.6

Iron and steel scrap

12.8

3.8

-3.6

6.0

0.7

4.5

Nonferrous metals

38.5

1.2

1.4

0.1

2.6

0.3

Agricultural machinery and equipment ( 2 )

2.2

0.4

0.1

0.2

0.0

0.3

Construction machinery and equipment ( 2 )

2.6

0.3

0.0

0.1

0.2

0.0

Metal cutting machine tools ( 2 )

2.2

0.0

Metal forming machine tools ( 2 )

0.0

Tools, dies, jigs, fixtures, and industrial molds ( 2 )

6.9

0.0

0.7

0.6

0.0

1.4

Pumps, compressors, and equipment ( 2 )

3.2

0.2

-0.2

0.0

-0.1

Industrial material handling equipment ( 2 )

4.3

0.1

0.2

0.1

0.8

0.7

Electronic computers and computer equipment ( 2 )

9.7

0.6

0.0

0.1

0.2

2.5

Food products machinery ( 2 )

2.6

0.4

0.2

0.0

0.1

Paper industries machinery ( 2 )

4.8

1.4

0.0

0.1

0.0

Printing trades machinery and equipment ( 2 )

4.2

0.0

1.0

0.0

Transformers and power regulators ( 2 )

3.7

0.0

-0.3

0.4

0.0

Communication and related equipment

12.7

0.2

0.3

0.2

Electronic components and accessories

27.6

9.4

2.2

7.6

-0.5

X-ray and electromedical equipment

7905

4.3

-0.1

1.3

0.7

0.1

Oil field and gas field machinery ( 2 )

1.4

0.0

0.5

0.0

Mining machinery and equipment ( 2 )

2.6

0.0

0.2

0.5

1.1

Internal combustion engines ( 2 )

5.1

0.0

1.0

0.0

Household furniture ( 2 )

5.6

0.6

0.1

1.5

0.8

1.4

Commercial furniture ( 2 )

3.5

0.2

0.1

-0.2

0.3

0.6

Floor coverings ( 2 )

2.9

-0.2

0.5

-0.4

0.0

1.6

Household appliances ( 2 )

0.1

-0.3

0.0

Home electronic equipment ( 2 )

3.3

0.0

Lawn and garden equipment excl. garden tractors ( 2 )

3.2

0.6

0.0

1.3

0.0

Passenger cars

1101

1.1

0.0

0.5

0.3

0.0

0.2

Light motor trucks

1105

1.7

0.1

0.2

0.3

0.1

-0.1

Heavy motor trucks ( 2 )

1106

1.4

0.0

0.1

0.4

0.0

Motor vehicles parts

2.5

0.3

-0.1

0.3

0.4

0.0

Truck trailers ( 2 )

8.2

0.0

0.1

2.2

0.1

Travel trailers and campers ( 2 )

6.1

0.2

0.1

2.0

Aircraft

2.5

0.2

0.3

0.0

Ships ( 2 )

0.6

0.1

0.0

0.1

-0.3

Railroad equipment ( 2 )

0.8

0.0

0.2

0.4

0.0

Sporting and athletic goods ( 2 )

4.5

0.2

0.0

0.2

1.4

0.0

Cigarettes ( 2 )

11.6

2.7

0.0

1.9

0.9

0.0

Mobile homes

3.7

-0.1

-0.2

-0.3

1.0

0.4

Medical, surgical & personal aid devices

3.0

0.2

0.1

0.2

0.3

0.1

Jewelry, platinum and karat gold ( 2 )

9402

6.3

-4.5

-1.6

-0.3

0.8

-5.8

Costume jewelry and novelties ( 2 )

9404

7.2

-2.6

1.0

0.8

-0.1

-0.9

Footwear ( 2 )

9F2

3.5

0.5

-0.3

0.3

0.5

0.3

Final demand services

4.6

0.3

0.7

-0.1

0.2

Final demand trade services ( 3 )

423

3.3

-0.3

0.5

1.3

-2.3

0.4

Machinery and equipment parts and supplies wholesaling ( 2 )

1102

10.1

2.5

-0.6

0.9

-0.9

Machinery and vehicle wholesaling ( 2 )

1103

-6.0

-3.3

4.2

5.0

-8.3

-8.4

Professional and commercial equipment wholesaling ( 2 )

1104

7.2

1.6

-1.8

-0.2

0.8

0.5

Furnishings wholesaling ( 2 )

4.9

0.9

0.0

-0.1

0.0

-1.0

Chemicals and allied products wholesaling ( 2 )

8.7

-7.1

3.8

2.5

1.3

0.8

Paper and plastics products wholesaling ( 2 )

3.6

-1.4

2.0

-0.4

0.8

-1.2

Apparel wholesaling ( 2 )

-0.8

5.4

-3.2

-0.4

1.8

-1.9

Food and alcohol wholesaling ( 2 )

-6.6

3.1

-4.2

-0.9

1.9

-9.7

Food and alcohol retailing

5.1

0.3

1.4

-0.8

0.9

1.0

Health, beauty, and optical goods retailing ( 2 )

3.8

0.4

-2.3

1.3

0.1

Apparel, jewelry, footwear, and accessories retailing

4.0

-2.6

3.4

-1.5

-2.2

3.6

Computer hardware, software, and supplies retailing ( 2 )

5.6

5.0

-1.0

0.1

-1.2

-4.3

TV, video, and photographic equipment and supplies retailing

1.5

-11.1

-3.1

2.7

-5.8

0.1

Automobiles retailing (partial)

6101

-22.5

-0.3

-1.3

-0.9

-4.6

1.7

Automotive parts, including tires, retailing ( 2 )

6102

9.4

0.2

-1.1

-0.5

3.4

-0.2

RVs, trailers, and campers retailing ( 2 )

7.5

-6.5

7.9

-11.1

0.8

Sporting goods, including boats, retailing

2.0

3.9

-6.9

-0.8

3.8

-2.0

Lawn, garden, and farm equipment and supplies retailing ( 2 )

-7.7

-1.0

-1.1

0.3

-1.5

-4.8

Furniture retailing ( 2 )

11.0

1.5

-0.7

0.0

-4.4

10.9

Flooring and floor coverings retailing ( 2 )

8.7

4.2

0.3

-0.3

-0.9

-1.3

Hardware, building materials, and supplies retailing

3.4

-1.7

0.2

-4.2

4.6

0.4

Major household appliances retailing

-5.3

-5.6

3.1

-3.0

1.8

-2.0

Fuels and lubricants retailing

26.5

5.7

-1.6

15.1

-11.7

13.0

Cleaning supplies and paper products retailing ( 2 )

-0.1

1.0

-3.2

-0.7

-1.1

-1.2

Book retailing ( 2 )

-2.2

2.1

-2.4

-2.7

-0.6

-2.5

Final demand transportation and warehousing services

422

13.9

0.8

2.1

3.7

2.0

-0.1

Rail transportation of freight and mail ( 2 )

0.7

0.0

0.5

0.0

Truck transportation of freight ( 2 )

16.0

1.1

2.9

5.9

2.1

0.0

Air transportation of freight ( 2 )

9.1

-0.2

0.3

4.4

3.0

0.3

Courier, messenger, and U.S. postal services

10.0

-0.1

0.7

2.8

1.1

-0.5

Rail transportation of passengers ( 2 )

0.0

Airline passenger services

16.5

0.7

2.0

0.8

2.8

-0.4

Final demand services less trade, transportation, and warehousing

421

4.2

0.5

0.0

0.1

0.7

0.1

Sales of books

7.0

0.7

-1.0

0.5

0.8

Sales and subscriptions of periodicals and newspapers

0.2

0.0

0.1

0.2

-0.2

-0.3

Application software publishing ( 2 )

4.1

-1.0

0.7

-0.2

0.4

-1.0

Advertising space sales in periodicals, newspapers, directories, and mailing lists ( 2 )

0.8

-0.1

-0.2

0.1

0.0

Residential wired telecommunication services ( 2 )

0.1

0.2

0.0

Wireless telecommunication services

-3.2

-2.2

0.1

-0.8

0.1

Cable and satellite subscriber services

7.2

2.8

-2.2

-0.5

0.9

0.8

Internet access services ( 2 )

1.9

0.6

1.0

-0.1

0.1

0.0

Bundled wired telecommunications access services ( 2 )

7.6

0.2

0.7

1.2

-0.1

-0.5

Consumer loans (partial)

4.5

-2.5

0.9

1.4

-1.1

6.0

Deposit services (partial) ( 2 )

-2.6

0.1

-3.6

-0.2

0.4

-5.9

Other credit intermediation, incl. trust services (partial) ( 2 )

11.7

0.3

0.0

-1.7

Securities brokerage, dealing, investment advice, and related services ( 2 )

14.7

3.8

-1.9

1.3

4.4

3.1

Portfolio management ( 2 )

21.9

1.1

1.0

-1.8

4.8

0.5

Life insurance ( 2 )

1101

0.1

-0.2

0.0

Disability insurance, including accidental death ( 2 )

1102

0.0

Health and medical insurance

1103

7.0

0.0

0.3

0.5

0.3

Property and casualty insurance ( 2 )

1104

3.3

0.1

0.4

0.1

0.0

Annuities ( 2 )

-1.5

0.0

-0.1

Residential property sales and leases, brokerage fees and commissions

0.4

0.1

-1.5

0.5

0.4

-1.1

Passenger car rental

4.2

-0.3

1.6

-3.9

-2.7

-0.9

Legal services

7.9

0.9

-0.3

0.8

1.1

0.5

Tax preparation and planning

2102

6.6

0.9

-1.0

-0.8

1.9

0.1

Architectural and engineering services

2.1

0.0

0.1

0.6

0.4

0.1

Management, scientific, and technical consulting services ( 2 )

1.9

0.1

3.1

-5.7

4.1

0.0

Arrangement of flights (partial)

6.0

0.5

0.6

-3.3

-1.0

4.8

Arrangement of vehicle rentals and lodging ( 2 )

10.0

0.0

5.8

0.0

Arrangement of cruises and tours ( 2 )

-3.9

-0.6

0.2

1.2

0.2

-1.3

Physician care

1101

1.4

0.1

0.2

0.1

0.0

0.1

Medical laboratory and diagnostic imaging care ( 2 )

1102

1.3

0.0

0.2

0.0

0.4

0.0

Home health and hospice care

1103

3.4

0.4

0.2

0.3

Hospital outpatient care

1104

0.0

0.3

0.4

0.2

0.1

-0.2

Dental care

1105

3.7

1.0

0.0

0.1

0.0

0.1

Hospital inpatient care

2101

3.8

0.6

0.0

0.5

0.4

Nursing home care

2102

3.3

0.2

0.5

0.2

0.4

0.2

Traveler accommodation services

8.1

3.7

-1.1

0.2

1.5

-1.0

Food and beverages for immediate consumption services (partial) ( 2 )

2.8

-0.1

0.1

0.0

0.2

0.4

Motor vehicle repair and maintenance (partial) ( 2 )

7.0

0.5

0.7

0.5

0.2

0.1

Membership dues and admissions and recreation facility use fees (partial)

5.7

4.3

-2.0

1.3

0.9

0.1

Recreational activity instruction fees (partial) ( 2 )

3.0

-0.4

0.0

-0.1

0.0

Gaming receipts (partial) ( 2 )

3.5

-2.7

0.9

-2.0

2.0

0.3

Mining services ( 2 )

0.0

0.1

0.2

0.1

0.2

Final demand construction

3.5

0.1

-0.1

0.1

New warehouse building construction ( 2 )

1101

2.8

-0.1

0.0

0.1

New school building construction ( 2 )

1102

3.6

0.0

0.1

0.0

New office building construction ( 2 )

1103

3.7

0.2

0.1

-0.6

0.1

0.0

New industrial building construction ( 2 )

1104

3.6

-0.3

0.1

0.0

0.2

0.0

New health care building construction ( 2 )

1105

3.4

0.3

-0.2

0.1

0.4

Intermediate Demand by Commodity Type

Processed goods for intermediate demand

ID6

11.1

1.5

2.9

2.7

2.8

-1.2

Processed foods and feeds

ID6

9112

-0.3

0.2

0.6

0.4

0.6

0.1

Meats

5.4

1.3

-0.8

-1.7

-1.4

-0.7

Processed poultry

-10.2

0.1

-2.7

0.3

-1.2

-2.5

Dairy products ( 2 )

0.8

0.7

2.9

1.9

1.4

0.7

Processed fruits and vegetables ( 2 )

4.4

0.2

-0.2

0.2

1.1

0.2

Refined sugar and byproducts ( 2 )

-9.9

-3.1

-2.2

0.1

-1.3

1.1

Fats and oils ( 2 )

24.3

3.2

5.3

6.2

4.1

0.8

Prepared animal feeds

5.3

-0.1

0.9

1.8

1.2

0.9

Processed materials less foods and feeds

ID6

9111

12.3

1.6

3.1

2.9

3.0

-1.3

Synthetic fibers ( 2 )

7.4

2.4

-1.8

-0.4

2.9

1.3

Processed yarns and threads ( 2 )

4.6

0.0

0.5

0.4

1.5

1.4

Finished fabrics ( 2 )

3.6

0.3

0.4

0.1

0.4

Natural gas liquids ( 2 )

35.2

2.4

33.2

2.3

15.7

-6.4

Commercial electric power

2.4

0.6

-0.7

0.5

0.3

-1.7

Industrial electric power

3.5

-0.9

-0.2

0.9

-0.3

1.3

Commercial natural gas

2.6

5.3

-2.5

1.8

-2.6

1.1

Industrial natural gas

7.4

6.7

-5.8

0.7

-2.4

2.2

Natural gas to electric utilities

12.0

17.7

-7.1

-4.0

-0.7

-1.0

Gasoline

42.9

1.6

19.5

14.4

20.9

-12.0

Jet fuel ( 2 )

7203

67.7

12.2

41.1

26.1

-2.6

-17.2

No. 2 diesel fuel

7303

65.8

12.2

42.5

12.2

13.6

-18.0

Residual fuels ( 2 )

65.7

4.5

24.3

27.0

12.4

8.8

Finished lubricants ( 2 )

10.8

-0.3

0.1

2.0

6.6

2.6

Lubricating oil base stocks ( 2 )

77.8

2.2

0.8

26.0

50.3

7.0

Asphalt

8102

47.5

-9.9

-0.9

29.7

-8.8

22.5

Basic inorganic chemicals ( 2 )

5.9

0.9

0.5

0.9

0.4

Basic organic chemicals

17.3

1.9

4.4

8.8

5.5

-1.0

Prepared paint ( 2 )

6.2

1.1

0.1

0.6

0.9

0.1

Paint materials ( 2 )

-0.4

-7.5

-1.2

-0.3

0.1

0.0

Medicinal and botanical chemicals ( 2 )

-4.2

-0.1

0.1

0.8

-0.1

0.0

Biological products, including diagnostics

1.7

0.2

0.3

-0.2

0.4

-0.2

Fats and oils, inedible ( 2 )

49.5

0.3

8.0

5.1

13.5

4.9

Nitrogenates

5201

47.7

6.1

3.2

9.4

10.8

3.1

Phosphates

5202

12.9

0.9

-0.7

8.5

2.1

5.1

Other agricultural chemicals ( 2 )

-4.9

-0.1

0.2

0.6

0.1

0.2

Plastic resins and materials

17.2

0.0

1.2

5.7

14.2

-2.7

Industrial gases ( 2 )

7903

3.2

-1.8

0.2

-2.2

1.7

0.1

Adhesives and sealants ( 2 )

7904

2.0

-0.1

0.4

0.8

-0.1

0.0

Synthetic rubber ( 2 )

1102

17.5

1.7

1.6

12.2

5.2

-0.8

Tires ( 2 )

1201

2.5

-0.4

-0.5

0.5

0.2

-0.6

Plastic construction products ( 2 )

4.3

-0.2

0.4

0.6

2.4

0.8

Unsupported plastic film, sheet, other shapes ( 2 )

15.4

-0.6

2.8

5.0

3.7

1.5

Parts for manufacturing from plastics ( 2 )

4.7

0.0

0.2

0.0

3.4

0.8

Plastic packaging products ( 2 )

6.1

0.2

-0.1

0.7

1.5

3.4

Softwood lumber

6.2

-0.2

-2.5

12.2

-0.1

2.2

Hardwood lumber ( 2 )

3.5

0.6

-0.1

0.8

-0.1

0.0

Millwork

3.5

0.4

0.7

0.1

1.5

Plywood ( 2 )

8.2

0.6

1.6

2.8

1.7

0.6

Paper ( 2 )

11.7

2.7

0.4

2.3

2.2

2.6

Paperboard ( 2 )

0.9

-0.6

-0.1

-0.2

2.3

0.2

Paper boxes and containers ( 2 )

1503

2.7

-1.2

-0.1

1.8

1.7

Building paper and board ( 2 )

-2.7

9.0

3.9

1.3

-3.3

-2.8

Commercial printing ( 2 )

3.9

0.4

0.0

0.6

1.0

0.0

Foundry and forge shop products ( 2 )

4.4

0.2

0.7

0.5

0.0

-0.2

Steel mill products ( 2 )

16.9

3.1

1.9

3.0

2.3

3.6

Primary nonferrous metals ( 2 )

66.2

-0.4

3.3

5.0

0.0

-0.2

Secondary nonferrous metals ( 2 )

43.4

0.3

2.0

1.2

5.6

-1.0

Aluminum mill shapes ( 2 )

2501

52.4

6.3

1.1

4.0

4.2

2.3

Copper and brass mill shapes ( 2 )

2502

26.0

2.4

0.2

0.9

3.8

-0.1

Nonferrous wire and cable ( 2 )

15.6

1.1

-0.1

-0.4

3.5

1.3

Nonferrous foundry shop products

9.6

0.5

0.4

-0.3

2.1

1.7

Metal containers ( 2 )

8.4

-0.7

0.5

2.1

1.0

0.4

Hardware ( 2 )

2.9

0.3

0.0

-0.1

Plumbing fixtures and brass fittings

6.9

0.0

0.7

0.3

-0.2

0.4

Heating equipment ( 2 )

2.1

1.0

0.1

0.5

0.0

-0.4

Fabricated structural metal products

6.1

0.9

-0.1

0.1

0.2

0.5

Bolts, nuts, screws, rivets, and washers ( 2 )

-4.2

-2.7

0.1

-2.8

0.1

-0.7

Lighting fixtures ( 2 )

0.9

0.0

0.1

0.0

Fabricated ferrous wire products

5.0

-0.2

-0.1

0.9

-0.4

0.5

Other miscellaneous metal products ( 2 )

5.3

0.2

0.5

0.7

0.4

0.9

Fluid power equipment ( 2 )

16.3

0.8

0.0

0.1

0.0

0.3

Mechanical power transmission equipment ( 2 )

6.7

1.0

0.4

0.2

1.6

0.0

Air conditioning and refrigeration equipment

3.2

0.7

0.9

-0.4

0.0

0.3

Metal valves, except fluid power ( 2 )

4902

6.9

0.1

4.3

0.1

0.0

-0.2

Ball and roller bearings ( 2 )

4905

6.9

0.0

-0.8

0.0

0.7

0.0

Wiring devices ( 2 )

5.2

1.1

-0.1

0.0

0.1

1.4

Motors, generators, motor generator sets ( 2 )

1.8

0.2

0.1

1.2

0.1

0.0

Switchgear, switchboard, and industrial controls equip. ( 2 )

9.0

0.6

0.4

3.2

0.1

0.0

Electronic components and accessories

27.6

9.4

2.2

7.6

-0.5

Internal combustion engines ( 2 )

5.1

0.0

1.0

0.0

Machine shop products ( 2 )

1.1

0.0

0.1

0.6

0.3

Flat glass ( 2 )

7.0

0.3

-0.2

0.1

0.9

0.1

Cement

-0.6

0.5

-0.2

0.5

-0.1

0.4

Concrete products

3.2

-0.1

0.4

0.7

0.4

Asphalt felts and coatings ( 2 )

3.3

1.3

-1.5

0.4

2.4

3.7

Paving mixtures and blocks

6.3

-0.5

0.3

4.9

0.4

Motor vehicle parts

2.5

0.3

-0.1

0.3

0.4

0.0

Aircraft engines and engine parts

1.7

-0.2

0.3

0.2

0.5

Aircraft parts and auxiliary equipment, n.e.c.

2.1

0.3

0.1

0.0

0.1

Medical, surgical, and personal aid devices

3.0

0.2

0.1

0.2

0.3

0.1

Unprocessed goods for intermediate demand

ID6

13.0

5.9

-0.2

1.7

3.2

-4.1

Unprocessed foodstuffs and feedstuffs

ID6

0.0

4.4

0.8

0.2

4.0

-2.1

Wheat ( 2 )

11.1

2.4

12.3

1.9

14.7

-12.3

Corn

2202

-7.4

-0.4

7.0

-6.0

10.0

-12.6

Slaughter cattle ( 2 )

7.5

5.0

-2.7

4.8

5.4

-2.6

Slaughter hogs

-8.0

9.0

0.2

0.7

-4.5

-6.0

Slaughter chickens

4102

-10.9

1.1

-4.4

-4.9

2.5

1.1

Slaughter turkeys

43.8

-0.8

0.6

4.7

-1.2

6.0

Raw milk

10.1

5.7

9.0

3.8

3.4

10.2

Hay and hayseeds ( 2 )

35.8

8.8

9.5

-16.3

7.3

5.0

Oilseeds

8301

4.6

4.3

8.0

-3.8

5.0

-7.8

Raw cane sugar and byproducts ( 2 )

5201

-2.7

1.3

-0.3

-2.1

3.4

Unprocessed nonfood materials

ID6

22.0

6.7

-0.7

2.6

2.7

-5.2

Raw cotton ( 2 )

4.6

0.5

1.1

12.8

13.0

-17.9

Coal ( 2 )

3.4

-0.6

1.5

-0.4

1.1

-0.5

Natural gas ( 2 )

-16.0

19.2

-61.6

-8.3

-15.5

16.6

Crude petroleum ( 2 )

41.3

8.5

42.7

8.3

6.3

-12.1

Logs, bolts, timber, pulpwood, and woodchips ( 2 )

-1.8

0.1

0.2

-0.1

0.1

Recyclable paper ( 2 )

-2.8

3.9

0.6

6.4

4.7

4.0

Iron ores ( 2 )

4.4

0.6

-0.9

2.4

0.0

Iron and steel scrap

12.8

3.8

-3.6

6.0

0.7

4.5

Nonferrous metal ores ( 2 )

54.9

0.7

4.8

-2.5

-2.2

-0.6

Copper base scrap ( 2 )

2301

39.3

1.7

-0.1

2.1

6.3

1.0

Aluminum base scrap

2302

40.9

2.1

-4.7

-7.3

17.6

3.0

Construction sand, gravel, and crushed stone

6.2

0.3

0.4

0.6

0.7

Hides and skins

9F11

29.2

27.2

-1.9

0.8

0.4

6.9

Services for intermediate demand

ID6

5.0

0.3

0.1

0.9

0.6

0.3

Trade services for intermediate demand ( 3 )

ID6

6.9

-0.1

0.2

0.4

-0.4

0.6

Machinery and equipment parts and supplies wholesaling ( 2 )

1102

10.1

2.5

-0.6

0.9

-0.9

Building materials, paint, and hardware wholesaling

-2.3

2.3

-3.0

2.4

0.3

-1.1

Metals, minerals, and ores wholesaling ( 2 )

8.1

-4.6

7.5

-1.3

1.2

-2.6

Chemicals and allied products wholesaling ( 2 )

8.7

-7.1

3.8

2.5

1.3

0.8

Paper and plastics products wholesaling ( 2 )

3.6

-1.4

2.0

-0.4

0.8

-1.2

Food wholesaling ( 2 )

8101

-7.6

3.4

-4.8

-1.0

2.2

-10.9

Automotive parts, including tires, retailing ( 2 )

6102

9.4

0.2

-1.1

-0.5

3.4

-0.2

Hardware, building material, and supplies retailing

3.4

-1.7

0.2

-4.2

4.6

0.4

Transportation and warehousing services for intermediate demand

ID6

9.2

0.7

0.6

3.1

0.9

-0.3

Rail transportation of freight and mail ( 2 )

0.7

0.0

0.5

0.0

Truck transportation of freight ( 2 )

16.0

1.1

2.9

5.9

2.1

0.0

Water transportation of freight ( 2 )

9.9

0.2

0.1

2.5

2.0

0.3

Air transportation of freight ( 2 )

9.1

-0.2

0.3

4.4

3.0

0.3

U.S. Postal Service ( 2 )

1601

10.0

0.6

0.0

1.8

0.0

Courier and messenger services, except air mail

1602

7.9

-0.6

0.6

2.6

0.5

0.3

Air mail and package delivery services, excluding by USPS

1603

13.3

-0.2

1.8

6.9

1.1

-2.4

Pipeline transportation ( 2 )

-2.3

-0.7

-0.5

-1.9

0.0

Transportation of passengers (partial)

16.3

0.7

1.9

0.8

2.8

-0.4

Services related to water transportation ( 2 )

6.0

0.0

0.2

1.1

0.8

0.6

Arrangement of freight and cargo ( 2 )

0.6

-2.1

0.0

2.9

0.0

Warehousing, storage, and related services ( 2 )

3.7

0.8

1.0

-3.5

-1.2

Services less trade, transportation, and warehousing for intermediate demand

ID6

3.7

0.4

-0.1

0.5

0.8

0.4

Network compensation from broadcast TV, cable TV, radio ( 2 )

0.1

0.0

0.2

0.0

Advertising space sales in periodicals and newspapers ( 2 )

0.0

-0.2

-0.3

0.1

0.0

Advertising space sales in directories and mail lists ( 2 )

5.1

0.9

0.0

Television advertising time sales

-9.3

-6.5

-0.3

4.1

2.9

0.4

Radio advertising time sales ( 2 )

-5.9

6.0

8.9

-5.4

4.0

3.4

Internet advertising sales ( 2 )

4.3

0.0

9.0

0.0

0.1

Business wired telecommunication services ( 2 )

-1.4

0.3

-0.5

0.3

-0.4

Wireless telecommunication services

-3.2

-2.2

0.1

-0.8

0.1

Cable and satellite subscriber services

7.2

2.8

-2.2

-0.5

0.9

0.8

Bundled wired telecommunication access services ( 2 )

7.6

0.2

0.7

1.2

-0.1

-0.5

Data processing and related services ( 2 )

2.3

-0.2

-0.6

0.3

1.6

1.1

Business loans (partial)

-14.5

-3.9

5.0

2.1

-2.8

6.0

Deposit services (partial) ( 2 )

-2.6

0.1

-3.6

-0.2

0.4

-5.9

Other credit intermediation, incl. trust services (partial) ( 2 )

11.7

0.3

0.0

-1.7

Securities brokerage, dealing, investment advice, and related services ( 2 )

14.7

3.8

-1.9

1.3

4.4

3.1

Portfolio management ( 2 )

21.9

1.1

1.0

-1.8

4.8

0.5

Investment banking ( 2 )

7.2

0.8

0.2

0.1

0.0

1.1

Life insurance ( 2 )

1101

0.1

-0.2

0.0

Health and medical insurance

1103

7.0

0.0

0.3

0.5

0.3

Property and casualty insurance ( 2 )

1104

3.3

0.1

0.4

0.1

0.0

Annuities ( 2 )

-1.5

0.0

-0.1

Commissions from sales of insurance ( 2 )

1.0

-0.1

0.0

-0.1

0.9

Nonresidential real estate rents

5.3

2.3

-3.4

0.5

0.8

Nonresidential property sales and leases ( 2 )

2.7

-0.3

1.1

0.7

0.8

-0.8

Nonresidential property management fees ( 2 )

8.4

-2.8

1.9

0.4

-2.0

-0.1

Residential property management fees ( 2 )

-0.6

0.4

0.3

1.3

5.8

-6.0

Passenger car rental

4.2

-0.3

1.6

-3.9

-2.7

-0.9

Truck, utility trailer, and RV rental and leasing

1.4

0.0

-0.1

0.4

-0.7

0.9

Construction, mining, and forestry machinery and equipment rental and leasing ( 2 )

2.6

0.0

0.1

2.1

-2.6

2.7

Legal services

7.9

0.9

-0.3

0.8

1.1

0.5

Accounting services (partial)

2.4

0.4

-0.8

-0.4

1.3

-0.1

Architectural and engineering services

2.1

0.0

0.1

0.6

0.4

0.1

Management, scientific, and technical consulting services ( 2 )

1.9

0.1

3.1

-5.7

4.1

0.0

Advertising and related services (partial) ( 2 )

1.0

-0.2

0.0

0.7

0.0

Permanent placement services ( 2 )

1.8

-0.4

-1.4

0.0

0.2

-0.1

Executive search services ( 2 )

1.4

1.6

-0.9

-3.5

5.1

-1.3

Staffing services ( 2 )

5.4

-0.2

0.1

1.2

-0.2

0.1

Security guard services ( 2 )

1.5

-0.3

-0.4

0.2

0.0

0.1

Janitorial services ( 2 )

6.0

2.4

0.4

0.0

0.1

0.2

Waste collection

3.5

0.7

1.7

-0.1

-1.1

Traveler accommodation services

8.1

3.7

-1.1

0.2

1.5

-1.0

Commercial and industrial machinery and equipment repair and maintenance

7.9

0.4

-0.1

0.9

1.3

0.2

Metal treatment services ( 2 )

-2.2

0.1

0.3

0.7

0.5

0.1

Construction for intermediate demand

ID6

5.0

0.5

0.1

0.3

1.1

0.2

Maintenance and repair of non-residential buildings (partial) ( 2 )

5.0

0.5

0.1

0.3

1.1

0.2

Intermediate Demand by Production Flow

Stage 4 intermediate demand

ID5

6.5

0.7

0.4

0.8

1.1

-0.1

Stage 4 intermediate demand goods

ID5

9411

6.6

0.9

1.1

1.4

-0.2

Grains

-5.2

0.0

7.5

-4.4

10.2

-12.0

Meats

5.4

1.3

-0.8

-1.7

-1.4

-0.7

Unprocessed and packaged fish

11.8

2.4

-0.7

4.4

-2.8

0.2

Dairy products ( 2 )

0.8

0.7

2.9

1.9

1.4

0.7

Commercial electric power

2.4

0.6

-0.7

0.5

0.3

-1.7

Industrial electric power

3.5

-0.9

-0.2

0.9

-0.3

1.3

Gasoline

42.9

1.6

19.5

14.4

20.9

-12.0

No. 2 diesel fuel

7303

65.8

12.2

42.5

12.2

13.6

-18.0

Basic organic chemicals

17.3

1.9

4.4

8.8

5.5

-1.0

Prepared paint ( 2 )

6.2

1.1

0.1

0.6

0.9

0.1

Medicinal and botanical chemicals ( 2 )

-4.2

-0.1

0.1

0.8

-0.1

0.0

Biological products, including diagnostics

1.7

0.2

0.3

-0.2

0.4

-0.2

Pharmaceutical preparations ( 2 )

1.1

0.0

-0.1

Plastic construction products ( 2 )

4.3

-0.2

0.4

0.6

2.4

0.8

Unsupported plastic film, sheet, and other shapes ( 2 )

15.4

-0.6

2.8

5.0

3.7

1.5

Parts for manufacturing from plastics ( 2 )

4.7

0.0

0.2

0.0

3.4

0.8

Plastic packaging products ( 2 )

6.1

0.2

-0.1

0.7

1.5

3.4

Lumber

5.1

0.1

-1.5

7.2

-0.1

1.3

Millwork

3.5

0.4

0.7

0.1

1.5

Paper boxes and containers ( 2 )

1503

2.7

-1.2

-0.1

1.8

1.7

Commercial printing ( 2 )

3.9

0.4

0.0

0.6

1.0

0.0

Steel mill products ( 2 )

16.9

3.1

1.9

3.0

2.3

3.6

Nonferrous wire and cable ( 2 )

15.6

1.1

-0.1

-0.4

3.5

1.3

Fabricated structural metal products

6.1

0.9

-0.1

0.1

0.2

0.5

Other miscellaneous metal products ( 2 )

5.3

0.2

0.5

0.7

0.4

0.9

Air conditioning and refrigeration equipment

3.2

0.7

0.9

-0.4

0.0

0.3

Wiring devices ( 2 )

5.2

1.1

-0.1

0.0

0.1

1.4

Electronic components and accessories

27.6

9.4

2.2

7.6

-0.5

Miscellaneous electrical machinery and equipment ( 2 )

3.1

0.1

0.4

0.3

0.1

Internal combustion engines ( 2 )

5.1

0.0

1.0

0.0

Machine shop products ( 2 )

1.1

0.0

0.1

0.6

0.3

Concrete ingredients and related products

4.4

0.4

0.2

0.4

0.7

Concrete products

3.2

-0.1

0.4

0.7

0.4

Prepared asphalt, tar roofing and siding products ( 2 )

2.2

1.6

-1.7

0.4

2.0

3.6

Paving mixtures and blocks

6.3

-0.5

0.3

4.9

0.4

Motor vehicle parts

2.5

0.3

-0.1

0.3

0.4

0.0

Aircraft engines and engine parts

1.7

-0.2

0.3

0.2

0.5

Aircraft parts and auxiliary equipment, n.e.c.

2.1

0.3

0.1

0.0

0.1

Medical, surgical and personal aid devices

3.0

0.2

0.1

0.2

0.3

0.1

Stage 4 intermediate demand services

ID5

9412

6.2

0.6

-0.1

0.6

0.9

0.1

Truck transportation of freight ( 2 )

16.0

1.1

2.9

5.9

2.1

0.0

Courier, messenger, and U.S. postal services

10.0

-0.1

0.7

2.8

1.1

-0.5

Airline passenger services

16.5

0.7

2.0

0.8

2.8

-0.4

Warehousing, storage, and related services ( 2 )

3.7

0.8

1.0

-3.5

-1.2

Advertising space sales in periodicals and newspapers ( 2 )

0.0

-0.2

-0.3

0.1

0.0

Data processing and related services ( 2 )

2.3

-0.2

-0.6

0.3

1.6

1.1

Business loans (partial)

-14.5

-3.9

5.0

2.1

-2.8

6.0

Deposit services (partial) ( 2 )

-2.6

0.1

-3.6

-0.2

0.4

-5.9

Securities brokerage, dealing, investment advice, and related services ( 2 )

14.7

3.8

-1.9

1.3

4.4

3.1

Portfolio management ( 2 )

21.9

1.1

1.0

-1.8

4.8

0.5

Investment banking ( 2 )

7.2

0.8

0.2

0.1

0.0

1.1

Insurance

3.6

0.1

0.3

0.1

0.0

Annuities ( 2 )

-1.5

0.0

-0.1

Nonresidential real estate rents

5.3

2.3

-3.4

0.5

0.8

Nonresidential property sales and leases ( 2 )

2.7

-0.3

1.1

0.7

0.8

-0.8

Nonresidential property management fees ( 2 )

8.4

-2.8

1.9

0.4

-2.0

-0.1

Residential property management fees ( 2 )

-0.6

0.4

0.3

1.3

5.8

-6.0

Construction, mining, and forestry machinery and equipment rental and leasing ( 2 )

2.6

0.0

0.1

2.1

-2.6

2.7

Legal services

7.9

0.9

-0.3

0.8

1.1

0.5

Advertising agency services ( 2 )

1.0

-0.2

0.0

0.7

0.0

Accounting services (partial)

2.4

0.4

-0.8

-0.4

1.3

-0.1

Architectural and engineering services

2.1

0.0

0.1

0.6

0.4

0.1

Management, scientific, and technical consulting services ( 2 )

1.9

0.1

3.1

-5.7

4.1

0.0

Staffing services ( 2 )

5.4

-0.2

0.1

1.2

-0.2

0.1

Janitorial services ( 2 )

6.0

2.4

0.4

0.0

0.1

0.2

Commercial and industrial machinery and equipment repair and maintenance

7.9

0.4

-0.1

0.9

1.3

0.2

Machinery and equipment parts and supplies wholesaling ( 2 )

1102

10.1

2.5

-0.6

0.9

-0.9

Building materials, paint, and hardware wholesaling

-2.3

2.3

-3.0

2.4

0.3

-1.1

Metals, minerals, and ores wholesaling ( 2 )

8.1

-4.6

7.5

-1.3

1.2

-2.6

Chemicals and allied products wholesaling ( 2 )

8.7

-7.1

3.8

2.5

1.3

0.8

Paper and plastics products wholesaling ( 2 )

3.6

-1.4

2.0

-0.4

0.8

-1.2

Food and alcohol wholesaling ( 2 )

-6.6

3.1

-4.2

-0.9

1.9

-9.7

Hardware and building materials and supplies retailing

3.4

-1.7

0.2

-4.2

4.6

0.4

Metal treatment services ( 2 )

-2.2

0.1

0.3

0.7

0.5

0.1

Stage 3 intermediate demand

ID5

6.8

0.8

1.4

1.7

0.0

Stage 3 intermediate demand goods

ID5

9311

8.5

1.8

2.3

2.5

2.8

-0.4

Slaughter cattle ( 2 )

7.5

5.0

-2.7

4.8

5.4

-2.6

Slaughter hogs

-8.0

9.0

0.2

0.7

-4.5

-6.0

Slaughter poultry

-4.6

0.8

-3.5

-3.2

1.8

2.0

Raw milk

10.1

5.7

9.0

3.8

3.4

10.2

Commercial electric power

2.4

0.6

-0.7

0.5

0.3

-1.7

Industrial electric power

3.5

-0.9

-0.2

0.9

-0.3

1.3

Gasoline

42.9

1.6

19.5

14.4

20.9

-12.0

Jet fuel ( 2 )

7203

67.7

12.2

41.1

26.1

-2.6

-17.2

No. 2 diesel fuel

7303

65.8

12.2

42.5

12.2

13.6

-18.0

Finished lubricants ( 2 )

10.8

-0.3

0.1

2.0

6.6

2.6

Lubricating oil base stocks ( 2 )

77.8

2.2

0.8

26.0

50.3

7.0

Asphalt

8102

47.5

-9.9

-0.9

29.7

-8.8

22.5

Basic inorganic chemicals ( 2 )

5.9

0.9

0.5

0.9

0.4

Basic organic chemicals

17.3

1.9

4.4

8.8

5.5

-1.0

Paints and allied products ( 2 )

4.6

-0.7

-0.2

0.4

0.7

0.1

Agricultural chemicals and chemical products

12.5

1.3

0.8

5.1

3.9

0.9

Plastic resins and materials

17.2

0.0

1.2

5.7

14.2

-2.7

Synthetic rubber ( 2 )

1102

17.5

1.7

1.6

12.2

5.2

-0.8

Unsupported plastic film, sheet, and other shapes ( 2 )

15.4

-0.6

2.8

5.0

3.7

1.5

Paper ( 2 )

11.7

2.7

0.4

2.3

2.2

2.6

Paperboard ( 2 )

0.9

-0.6

-0.1

-0.2

2.3

0.2

Converted paper and paperboard products ( 2 )

2.7

-0.6

0.0

0.3

0.9

1.1

Commercial printing ( 2 )

3.9

0.4

0.0

0.6

1.0

0.0

Foundry and forge shop products ( 2 )

4.4

0.2

0.7

0.5

0.0

-0.2

Steel mill products ( 2 )

16.9

3.1

1.9

3.0

2.3

3.6

Nonferrous mill shapes ( 2 )

38.8

4.7

0.8

2.9

3.7

1.4

Nonferrous foundry shop products

9.6

0.5

0.4

-0.3

2.1

1.7

Metal containers ( 2 )

8.4

-0.7

0.5

2.1

1.0

0.4

Structural, architectural, and pre-engineered metal products

3.8

1.2

-0.4

-0.5

-0.3

0.7

Bolts, nuts, screws, rivets, and washers ( 2 )

-4.2

-2.7

0.1

-2.8

0.1

-0.7

Other miscellaneous metal products ( 2 )

5.3

0.2

0.5

0.7

0.4

0.9

General purpose machinery and equipment

5.7

0.6

0.7

-0.3

0.2

0.3

Electrical machinery and equipment

13.0

2.8

0.7

2.7

-0.1

0.0

Construction sand, gravel, and crushed stone

6.2

0.3

0.4

0.6

0.7

Cement

-0.6

0.5

-0.2

0.5

-0.1

0.4

Motor vehicle parts

2.5

0.3

-0.1

0.3

0.4

0.0

Aircraft and aircraft equipment

2.3

0.2

0.3

0.2

0.1

Stage 3 intermediate demand services

ID5

9312

4.8

-0.2

0.5

0.9

0.5

Rail transportation of freight and mail ( 2 )

0.7

0.0

0.5

0.0

Courier, messenger, and U.S. postal services

10.0

-0.1

0.7

2.8

1.1

-0.5

Arrangement of freight and cargo ( 2 )

0.6

-2.1

0.0

2.9

0.0

Freight forwarding ( 2 )

3201

20.1

13.9

-10.1

17.8

2.0

0.2

Warehousing, storage, and related services ( 2 )

3.7

0.8

1.0

-3.5

-1.2

Advertising space sales in periodicals, newspapers, directories, and mailing lists ( 2 )

0.8

-0.1

-0.2

0.1

0.0

Television advertising time sales

-9.3

-6.5

-0.3

4.1

2.9

0.4

Wired telephone services ( 2 )

-1.0

0.1

-0.3

-0.2

0.1

-0.2

Bundled wired telecommunications access services ( 2 )

7.6

0.2

0.7

1.2

-0.1

-0.5

Data processing and related services ( 2 )

2.3

-0.2

-0.6

0.3

1.6

1.1

Business loans (partial)

-14.5

-3.9

5.0

2.1

-2.8

6.0

Deposit services (partial) ( 2 )

-2.6

0.1

-3.6

-0.2

0.4

-5.9

Securities brokerage, dealing, investment advice, and related services ( 2 )

14.7

3.8

-1.9

1.3

4.4

3.1

Insurance

3.6

0.1

0.3

0.1

0.0

Nonresidential real estate rents

5.3

2.3

-3.4

0.5

0.8

Legal services

7.9

0.9

-0.3

0.8

1.1

0.5

Accounting services (partial)

2.4

0.4

-0.8

-0.4

1.3

-0.1

Architectural and engineering services

2.1

0.0

0.1

0.6

0.4

0.1

Management, scientific, and technical consulting services ( 2 )

1.9

0.1

3.1

-5.7

4.1

0.0

Advertising agency services ( 2 )

1.0

-0.2

0.0

0.7

0.0

Staffing services ( 2 )

5.4

-0.2

0.1

1.2

-0.2

0.1

Machinery and equipment parts and supplies wholesaling ( 2 )

1102

10.1

2.5

-0.6

0.9

-0.9

Building materials, paint, and hardware wholesaling

-2.3

2.3

-3.0

2.4

0.3

-1.1

Metals, minerals, and ores wholesaling ( 2 )

8.1

-4.6

7.5

-1.3

1.2

-2.6

Chemicals and allied products wholesaling ( 2 )

8.7

-7.1

3.8

2.5

1.3

0.8

Paper and plastics products wholesaling ( 2 )

3.6

-1.4

2.0

-0.4

0.8

-1.2

Food wholesaling ( 2 )

8101

-7.6

3.4

-4.8

-1.0

2.2

-10.9

Metal treatment services ( 2 )

-2.2

0.1

0.3

0.7

0.5

0.1

Stage 2 intermediate demand

ID5

9.8

2.2

0.8

2.1

1.8

-1.2

Stage 2 intermediate demand goods

ID5

9211

20.0

5.0

1.9

3.7

3.9

-3.6

Corn

2202

-7.4

-0.4

7.0

-6.0

10.0

-12.6

Oilseeds

4.6

4.3

8.0

-3.8

5.0

-7.8

Prepared animal feeds

5.3

-0.1

0.9

1.8

1.2

0.9

Coal ( 2 )

3.4

-0.6

1.5

-0.4

1.1

-0.5

Natural gas ( 2 )

-16.0

19.2

-61.6

-8.3

-15.5

16.6

Natural gas liquids ( 2 )

35.2

2.4

33.2

2.3

15.7

-6.4

Crude petroleum ( 2 )

41.3

8.5

42.7

8.3

6.3

-12.1

No. 2 diesel fuel

7303

65.8

12.2

42.5

12.2

13.6

-18.0

Industrial chemicals

15.1

1.7

3.6

7.3

4.7

-0.8

Plastic resins and materials

17.2

0.0

1.2

5.7

14.2

-2.7

Plastic products ( 2 )

5.8

0.0

0.3

1.1

2.2

1.6

Logs, bolts, timber, pulpwood, and wood chips ( 2 )

-1.8

0.1

0.2

-0.1

0.1

Paper ( 2 )

11.7

2.7

0.4

2.3

2.2

2.6

Paperboard, excluding corrugated paperboard ( 2 )

1411

-0.3

-0.7

-0.1

-0.3

1.9

0.0

Commercial printing ( 2 )

3.9

0.4

0.0

0.6

1.0

0.0

Iron and steel scrap

12.8

3.8

-3.6

6.0

0.7

4.5

Steel mill products ( 2 )

16.9

3.1

1.9

3.0

2.3

3.6

Nonferrous mill shapes ( 2 )

38.8

4.7

0.8

2.9

3.7

1.4

Electrical machinery and equipment

13.0

2.8

0.7

2.7

-0.1

0.0

Electronic components and accessories

27.6

9.4

2.2

7.6

-0.5

Stage 2 intermediate demand services

ID5

9212

3.6

0.4

0.0

1.0

0.3

0.6

Rail transportation of freight and mail ( 2 )

0.7

0.0

0.5

0.0

Truck transportation of freight ( 2 )

16.0

1.1

2.9

5.9

2.1

0.0

U.S. Postal Service ( 2 )

1601

10.0

0.6

0.0

1.8

0.0

Courier and messenger services, except air

1602

7.9

-0.6

0.6

2.6

0.5

0.3

Air mail and package delivery services, excluding by USPS

1603

13.3

-0.2

1.8

6.9

1.1

-2.4

Pipeline transportation ( 2 )

-2.3

-0.7

-0.5

-1.9

0.0

Airline passenger services

16.5

0.7

2.0

0.8

2.8

-0.4

Arrangement of freight and cargo ( 2 )

0.6

-2.1

0.0

2.9

0.0

Television advertising time sales

-9.3

-6.5

-0.3

4.1

2.9

0.4

Wireless telecommunication services

-3.2

-2.2

0.1

-0.8

0.1

Data processing and related services ( 2 )

2.3

-0.2

-0.6

0.3

1.6

1.1

Securities brokerage, dealing, investment advice, and related services ( 2 )

14.7

3.8

-1.9

1.3

4.4

3.1

Portfolio management ( 2 )

21.9

1.1

1.0

-1.8

4.8

0.5

Investment banking ( 2 )

7.2

0.8

0.2

0.1

0.0

1.1

Insurance

3.6

0.1

0.3

0.1

0.0

Commissions from sales of insurance ( 2 )

1.0

-0.1

0.0

-0.1

0.9

Legal services

7.9

0.9

-0.3

0.8

1.1

0.5

Accounting services (partial)

2.4

0.4

-0.8

-0.4

1.3

-0.1

Management, scientific, and technical consulting services ( 2 )

1.9

0.1

3.1

-5.7

4.1

0.0

Advertising agency services ( 2 )

1.0

-0.2

0.0

0.7

0.0

Staffing services ( 2 )

5.4

-0.2

0.1

1.2

-0.2

0.1

Security guard services ( 2 )

1.5

-0.3

-0.4

0.2

0.0

0.1

Janitorial services ( 2 )

6.0

2.4

0.4

0.0

0.1

0.2

Traveler accommodation services

8.1

3.7

-1.1

0.2

1.5

-1.0

Commercial and industrial machinery and equipment repair and maintenance

7.9

0.4

-0.1

0.9

1.3

0.2

Hardware and building materials and supplies retailing

3.4

-1.7

0.2

-4.2

4.6

0.4

Stage 1 intermediate demand

ID5

11.0

1.1

1.7

2.4

2.6

-0.5

Stage 1 intermediate demand goods

ID5

9111

14.0

1.8

2.9

3.3

3.9

-1.3

Prepared animal feeds

5.3

-0.1

0.9

1.8

1.2

0.9

Commercial electric power

2.4

0.6

-0.7

0.5

0.3

-1.7

Industrial electric power

3.5

-0.9

-0.2

0.9

-0.3

1.3

Commercial natural gas

2.6

5.3

-2.5

1.8

-2.6

1.1

Industrial natural gas

7.4

6.7

-5.8

0.7

-2.4

2.2

Gasoline

42.9

1.6

19.5

14.4

20.9

-12.0

No. 2 diesel fuel

7303

65.8

12.2

42.5

12.2

13.6

-18.0

Industrial chemicals

15.1

1.7

3.6

7.3

4.7

-0.8

Prepared paint ( 2 )

6.2

1.1

0.1

0.6

0.9

0.1

Plastic construction products ( 2 )

4.3

-0.2

0.4

0.6

2.4

0.8

Recyclable paper ( 2 )

-2.8

3.9

0.6

6.4

4.7

4.0

Paper ( 2 )

11.7

2.7

0.4

2.3

2.2

2.6

Converted paper and paperboard products ( 2 )

2.7

-0.6

0.0

0.3

0.9

1.1

Iron and steel scrap

12.8

3.8

-3.6

6.0

0.7

4.5

Steel mill products ( 2 )

16.9

3.1

1.9

3.0

2.3

3.6

Primary nonferrous metals ( 2 )

66.2

-0.4

3.3

5.0

0.0

-0.2

Nonferrous scrap

37.5

-1.0

-1.8

-3.1

7.9

-0.2

Nonferrous wire and cable ( 2 )

15.6

1.1

-0.1

-0.4

3.5

1.3

Fabricated structural metal products

6.1

0.9

-0.1

0.1

0.2

0.5

General purpose machinery and equipment

5.7

0.6

0.7

-0.3

0.2

0.3

Construction sand, gravel, and crushed stone

6.2

0.3

0.4

0.6

0.7

Stage 1 intermediate demand services

ID5

9112

6.9

0.3

0.2

1.1

0.8

0.5

Truck transportation of freight ( 2 )

16.0

1.1

2.9

5.9

2.1

0.0

Airline passenger services

16.5

0.7

2.0

0.8

2.8

-0.4

Advertising space sales in periodicals, newspapers, directories, and mailing lists ( 2 )

0.8

-0.1

-0.2

0.1

0.0

Business wired telecommunication services ( 2 )

-1.4

0.3

-0.5

0.3

-0.4

Wireless telecommunication services

-3.2

-2.2

0.1

-0.8

0.1

Bundled wired telecommunications access services ( 2 )

7.6

0.2

0.7

1.2

-0.1

-0.5

Business loans (partial)

-14.5

-3.9

5.0

2.1

-2.8

6.0

Deposit services (partial) ( 2 )

-2.6

0.1

-3.6

-0.2

0.4

-5.9

Securities brokerage, dealing, investment advice, and related services ( 2 )

14.7

3.8

-1.9

1.3

4.4

3.1

Portfolio management ( 2 )

21.9

1.1

1.0

-1.8

4.8

0.5

Investment banking ( 2 )

7.2

0.8

0.2

0.1

0.0

1.1

Insurance

3.6

0.1

0.3

0.1

0.0

Nonresidential real estate rents

5.3

2.3

-3.4

0.5

0.8

Architectural and engineering services

2.1

0.0

0.1

0.6

0.4

0.1

Management consulting services ( 2 )

1.9

0.1

3.1

-5.7

4.1

0.0

Waste collection

3.5

0.7

1.7

-0.1

-1.1

Traveler accommodation services

8.1

3.7

-1.1

0.2

1.5

-1.0

Commercial and industrial machinery and equipment repair and maintenance

7.9

0.4

-0.1

0.9

1.3

0.2

Machinery and equipment parts and supplies wholesaling ( 2 )

1102

10.1

2.5

-0.6

0.9

-0.9

Building materials, paint, and hardware wholesaling

-2.3

2.3

-3.0

2.4

0.3

-1.1

Metals, minerals, and ores wholesaling ( 2 )

8.1

-4.6

7.5

-1.3

1.2

-2.6

Chemicals and allied products wholesaling ( 2 )

8.7

-7.1

3.8

2.5

1.3

0.8

Paper and plastics products wholesaling ( 2 )

3.6

-1.4

2.0

-0.4

0.8

-1.2

Hardware and building materials and supplies retailing

3.4

-1.7

0.2

-4.2

4.6

0.4

Mining services ( 2 )

0.0

0.1

0.2

0.1

0.2

Footnotes

(1) All indexes are subject to revision for 4 months after their originally scheduled publication to incorporate late reports and corrections by survey respondents. In addition, seasonally adjusted indexes are subject to change for up to 5 years due to the recalculation of seasonal factors published each January.

(2) Seasonal tests did not indicate the presence of seasonality. Data shown is not seasonally adjusted.

(3) Trade indexes measure changes in margins received by wholesalers and retailers.

(p) Preliminary

"-" Data not available.

NOTE: The term "(partial)" denotes incomplete coverage of the index category.

Table 3. Producer price indexes for Final Demand-Intermediate Demand groupings, seasonally adjusted

[June 2026, Index base Nov. 2009=100, unless otherwise indicated]

Grouping

Other

index

base

Commodity code

Seasonally adjusted index ( 1 )

Group

code

Item

code

Feb.

2026

Mar.

2026 ( p )

Apr.

2026 ( p )

May

2026 ( p )

June

2026 ( p )

Final Demand

Final demand

153.204

154.405

156.030

157.001

156.566

Final demand goods

149.999

152.984

155.891

159.431

157.226

Final demand foods

411

160.303

159.375

159.769

160.647

159.714

Finished consumer foods ( 2 )

00/82

4111

288.117

285.552

286.474

287.573

286.661

Finished consumer foods, crude

00/82

41113

285.529

257.300

263.837

270.818

262.111

Finished consumer foods, processed

00/82

41112

287.056

287.116

287.462

287.958

287.844

Government purchased foods

4112

169.446

169.623

169.846

169.709

169.713

Foods for export

4113

145.665

146.853

146.686

149.342

145.853

Final demand energy

412

136.245

150.498

161.283

174.868

163.680

Finished consumer energy goods ( 2 )

00/82

4121

214.315

232.746

246.404

268.483

253.333

Government purchased energy

4122

142.158

167.130

185.241

197.637

180.627

Energy for export

4123

128.667

149.294

168.295

179.805

163.209

Final demand goods less foods and energy

413

151.510

152.005

153.109

154.200

154.494

Finished goods less foods and energy ( 2 )

00/82

4131

266.221

266.703

267.720

268.537

269.042

Finished consumer goods less foods and energy

00/82

41311

293.658

294.054

295.376

296.364

297.001

Nondurable consumer goods less foods and energy

00/82

413111

383.509

383.961

385.938

387.272

388.207

Durable consumer goods

00/82

413112

201.993

202.322

203.015

203.658

204.005

Private capital equipment

00/82

41312

230.477

231.007

231.721

232.355

232.728

Private capital equipment for manufacturing industries

00/82

413121

253.765

254.146

254.986

255.691

256.438

Private capital equipment for nonmanufacturing industries

00/82

413122

223.538

224.109

224.786

225.400

225.666

Government purchased goods, excluding foods and energy

4132

147.966

148.598

149.906

151.224

151.608

Government purchased goods excluding foods, energy, and capital equipment

41321

155.185

156.062

158.115

160.141

160.682

Government purchased capital equipment

41322

136.772

137.034

137.214

137.458

137.606

Goods for export, excluding foods and energy

4133

147.606

148.459

150.462

152.636

152.899

Final demand services

153.548

154.000

155.123

154.994

155.314

Final demand trade services ( 3 )

423

165.091

165.886

167.961

164.083

164.809

Trade of finished goods ( 2 )

4231

161.932

162.581

164.520

160.781

162.130

Trade of personal consumption goods

42311

160.703

160.720

161.938

159.491

163.049

Trade of private capital equipment

42312

165.535

168.972

174.082

164.663

156.219

Trade of government purchased goods

4232

186.968

188.917

191.785

186.460

184.466

Trade of government purchased goods, excluding capital equipment

42321

191.230

191.622

192.247

190.575

193.739

Trade of government purchased capital equipment

42322

178.806

183.062

189.253

178.524

168.844

Trade of exports

4233

186.565

188.310

191.371

186.743

182.570

Final demand transportation and warehousing services

422

159.467

162.867

168.966

172.328

172.121

Transportation of passengers for final demand

4221

148.253

151.129

152.374

156.660

156.084

Transportation of private passengers

42211

148.231

151.102

152.345

156.624

156.049

Transportation of government passengers

42212

147.890

150.732

151.962

156.197

155.628

Transportation of passengers for export

42213

148.369

151.273

152.529

156.855

156.274

Transportation and warehousing of goods for final demand

4222

163.009

166.588

174.431

177.446

177.373

Transportation and warehousing of finished goods ( 2 )

42221

160.198

164.013

172.271

175.511

175.501

Transportation and warehousing of personal consumption goods

422211

161.174

164.963

173.181

176.419

176.393

Transportation and warehousing of private capital equipment

422212

156.231

160.155

168.577

171.827

171.883

Transportation and warehousing of government purchased goods

42222

162.644

165.883

172.590

174.649

174.455

Transportation and warehousing of exports

42223

170.799

173.925

181.105

183.822

183.629

Final demand services less trade, transportation, and warehousing

421

147.593

147.598

147.816

148.855

149.061

Finished services less trade, transportation, and warehousing ( 2 )

4211

147.743

147.706

147.958

148.815

148.956

Finished consumer services less trade, transportation, and warehousing

42111

147.639

147.691

147.872

148.749

148.985

Private capital investment services less trade, transportation, and warehousing

42112

149.678

148.914

149.744

150.438

149.812

Government purchased services less trade, transportation, and warehousing

4212

138.198

138.130

138.829

140.258

140.558

Gov. purchased services less trade, transportation, and warehousing, excl. capital investment

42121

139.441

139.360

140.025

141.511

141.806

Government purchased capital investment services less trade, transportation, and warehousing

42122

115.720

115.778

116.734

117.523

117.845

Services for export less trade, transportation, and warehousing

4213

157.082

157.802

156.973

160.334

161.426

Final demand construction

183.695

183.897

183.652

183.906

184.070

Construction for private capital investment

431

187.270

187.495

187.132

187.344

187.530

Construction for government

432

177.242

177.394

177.399

177.746

177.862

Final Demand Special Groupings

Final demand less exports

04/10

49101

150.661

151.747

153.240

154.057

153.715

Final demand less government

04/10

49102

151.111

152.131

153.616

154.496

154.181

Final demand less foods and energy ( 4 )

04/10

49104

152.033

152.482

153.555

153.689

153.996

Final demand less foods ( 4 )

04/10

49106

150.534

151.832

153.499

154.461

154.059

Final demand less energy

04/10

49107

152.229

152.603

153.637

153.811

154.050

Final demand less trade services

01/10

49108

148.689

149.965

151.470

153.510

152.822

Final demand less distributive services ( 5 )

01/10

49109

148.252

149.429

150.660

152.661

151.945

Final demand goods less energy

01/10

49111

151.814

151.996

152.935

153.968

153.994

Final demand goods less foods

04/10

49112

144.600

148.329

151.693

155.707

153.286

Final demand services less trade services

04/10

49113

147.411

147.732

148.495

149.741

149.907

Final demand distributive services ( 5 )

04/10

49114

161.437

162.644

165.565

162.826

163.414

Final demand goods plus final demand distributive services ( 5 )

04/10

49115

152.569

154.759

157.628

158.462

157.470

Final demand less foods, energy, and trade services ( 4 )

08/13

49116

140.095

140.434

141.203

142.303

142.490

Private and government purchased capital equipment

08/13

49117

139.339

139.652

140.054

140.421

140.638

Private and government purchased capital investment services

08/13

49118

144.563

145.664

148.406

145.465

142.068

Total private and government purchased capital investment

08/13

49119

144.941

145.625

147.097

145.811

144.232

Total finished ( 2 )

01/10

49201

151.757

152.651

154.008

154.727

154.523

Total finished less foods and energy ( 2 )( 4 )

01/10

49203

152.451

152.780

153.713

153.577

154.000

Total finished less foods ( 2 )( 4 )

01/10

49205

151.216

152.234

153.635

154.359

154.172

Total finished less energy ( 2 )

01/10

49206

152.969

153.202

154.113

154.018

154.391

Finished goods ( 2 )

00/82

49207

267.162

271.794

276.183

282.727

278.809

Finished goods less energy ( 2 )

00/82

49208

271.183

270.854

271.843

272.732

272.860

Finished goods, excluding foods ( 2 )( 4 )

00/82

49209

260.950

267.430

272.702

280.636

275.952

Finished services ( 2 )

01/10

49210

151.366

151.706

152.736

152.480

152.933

Private capital investment services

04/10

49211

155.212

156.324

159.217

156.189

152.619

Finished distributive services ( 2 )( 5 )

04/10

49212

158.389

159.404

162.063

159.240

160.398

Finished services less trade services ( 2 )

04/10

49213

147.211

147.436

148.124

149.170

149.287

Finished services less distributive services ( 2 )( 5 )

04/10

49214

146.788

146.815

147.087

148.013

148.138

Total private capital investment (goods, services, and construction)

04/10

49215

153.362

154.087

155.720

154.319

152.572

Finished goods plus finished distributive services ( 2 )

04/10

49216

153.483

155.305

157.854

158.363

157.800

Total exports

04/10

49301

151.249

153.080

155.408

157.311

156.295

Goods for export

00/82

49302

245.485

249.100

253.868

258.611

256.531

Services for export

04/10

49303

167.470

169.017

170.855

171.722

170.920

Total government purchases

04/10

49401

147.418

150.490

153.423

155.271

153.516

Government purchased goods

00/82

49402

241.938

253.145

262.157

268.703

261.924

Government purchased services

04/10

49403

147.995

148.525

149.932

150.305

150.162

Total government purchased capital investment (goods, services, construction)

08/13

49404

144.057

144.728

145.672

144.671

143.628

Government purchases, defense

05/15

49405

133.286

137.634

141.556

141.784

138.628

Government purchases, non-defense

05/15

49406

141.517

143.998

146.436

148.907

147.796

Personal consumption

01/10

49501

151.304

152.236

153.528

154.732

154.882

Personal consumption goods (finished consumer goods)

00/82

49502

282.636

289.143

295.209

304.455

298.570

Personal consumption goods less energy

00/82

49503

291.879

290.977

292.127

293.166

293.125

Personal consumption goods less foods

00/82

49504

278.313

288.640

296.855

309.507

301.545

Personal consumption nondurable goods less foods

00/82

49508

311.512

326.163

337.632

355.478

343.923

Personal consumption services

04/10

49505

150.198

150.420

151.164

151.328

152.385

Personal consumption less trade services

04/10

49506

148.319

149.476

150.782

152.896

152.191

Personal consumption less distributive services ( 5 )

04/10

49507

148.105

149.170

150.231

152.308

151.577

Personal consumption less foods and energy

04/14

49510

140.400

140.606

141.295

141.481

142.400

Personal consumption less foods, energy, and trade services ( 3 )

04/14

49511

138.009

138.273

138.831

139.756

139.960

Personal consumption less foods, energy, and distributive services ( 5 )

04/14

49512

138.158

138.282

138.536

139.375

139.590

Personal consumption goods plus personal consumption distributive services ( 5 )

08/13

49509

140.202

141.944

144.314

145.669

145.730

Intermediate Demand by Commodity Type

Processed goods

Processed goods for intermediate demand

00/82

ID6

267.970

275.775

283.287

291.275

287.814

Materials and components for manufacturing

00/82

ID6

248.798

251.414

257.186

263.091

264.321

Materials for manufacturing

ID6

111

153.335

155.519

160.117

165.390

166.298

Materials for food manufacturing

00/82

ID6

1111

259.404

261.014

260.785

262.307

261.577

Materials for nondurable manufacturing

00/82

ID6

1112

265.576

271.208

284.175

299.433

298.984

Materials for durable manufacturing

00/82

ID6

1113

316.362

319.590

326.642

333.500

338.727

Components for manufacturing

00/82

ID6

112

202.833

203.703

206.109

207.315

207.989

Components for nondurable manufacturing

ID6

1121

152.332

154.200

157.939

161.484

163.386

Components for durable manufacturing

ID6

1122

143.372

143.947

145.585

146.351

146.783

Materials and components for construction

00/82

ID6

370.764

371.874

374.075

376.687

379.221

Materials for construction

ID6

121

173.178

173.558

175.306

176.695

178.254

Components for construction

ID6

122

191.147

191.834

192.371

193.577

194.571

Processed fuels and lubricants for intermediate demand

00/82

ID6

241.966

272.979

293.170

315.754

292.598

Processed fuels and lubricants to manufacturing industries

00/82

ID6

131

250.658

269.349

285.281

307.135

301.736

Processed fuels and lubricants to nonmanufacturing industries

00/82

ID6

132

239.520

274.505

296.081

318.929

290.078

Containers for intermediate demand

00/82

ID6

324.716

324.991

327.423

332.862

336.862

Supplies for intermediate demand

00/82

ID6

264.269

265.477

267.932

269.708

270.934

Supplies to manufacturing industries

00/82

ID6

151

271.624

273.525

279.225

282.330

286.685

Supplies to nonmanufacturing industries

00/82

ID6

152

261.123

262.233

264.256

265.847

266.666

Supplies to nonmanufacturing industries, feeds

00/82

ID6

1521

214.205

217.473

222.453

225.792

228.542

Supplies to nonmanufacturing industries, other than feeds

00/82

ID6

1522

269.320

270.184

271.875

273.274

273.872

Unprocessed goods

Unprocessed goods for intermediate demand

00/82

ID6

280.822

280.322

285.174

294.257

282.198

Unprocessed foodstuffs and feedstuffs

00/82

ID6

224.156

226.000

226.544

235.588

230.745

Unprocessed nonfood materials

00/82

ID6

310.221

307.969

315.851

324.526

307.582

Unprocessed nonfood materials except fuel

00/82

ID6

221

337.115

395.954

410.942

429.106

399.107

Unprocessed nonfood materials except fuel to manufacturing industries

00/82

ID6

2211

309.594

367.271

381.834

399.545

369.968

Unprocessed nonfood materials except fuel to nonmanufacturing industries

00/82

ID6

2212

415.104

416.269

419.080

421.273

424.028

Unprocessed fuel

00/82

ID6

222

248.411

122.132

115.398

104.600

114.562

Unprocessed fuel to manufacturing industries

00/82

ID6

2221

265.014

230.275

227.481

226.428

228.408

Unprocessed fuel to nonmanufacturing industries

00/82

ID6

2222

255.991

118.674

111.419

99.539

110.426

Services

Services for intermediate demand

ID6

158.389

158.486

159.861

160.826

161.354

Trade services for intermediate demand ( 3 )

ID6

194.807

195.191

195.969

195.214

196.323

Trade services for manufacturing industries

12/12

ID6

331

178.331

178.769

179.524

179.775

177.500

Trade services for nonmanufacturing industries

12/12

ID6

332

173.046

173.315

173.971

172.525

176.217

Transportation and warehousing services for intermediate demand

ID6

172.038

173.007

178.413

180.100

179.548

Transportation of passengers for intermediate demand

ID6

321

147.968

150.823

152.059

156.313

155.742

Transportation of passengers for manufacturing industries

ID6

3211

148.337

151.239

152.494

156.818

156.237

Transportation of passengers for nonmanufacturing industries

ID6

3212

147.991

150.845

152.080

156.332

155.760

Transportation and warehousing of goods for intermediate demand

ID6

322

174.619

175.383

181.241

182.649

182.100

Transportation and warehousing of goods for manufacturing industries

12/12

ID6

3221

136.609

138.605

143.050

144.927

144.958

Transportation and warehousing of goods for nonmanufacturing industries

12/12

ID6

3222

158.445

158.757

164.110

165.175

164.551

Services less trade, transportation, and warehousing for intermediate demand

ID6

146.579

146.452

147.187

148.369

148.971

Services less trade, transportation, and warehousing for manufacturing industries

ID6

311

140.709

141.036

141.699

142.230

142.616

Services less trade, transportation, and warehousing for nonmanufacturing industries

ID6

312

146.753

146.614

147.351

148.550

149.159

Construction

Construction for intermediate demand

ID6

163.936

164.033

164.552

166.431

166.735

Intermediate Demand by Commodity Type Special Groupings

Processed materials less foods and feeds

00/82

ID6

9111

269.932

278.397

286.593

295.272

291.424

Processed foods and feeds

00/82

ID6

9112

249.256

250.807

251.864

253.288

253.430

Processed energy goods

00/82

ID6

9113

243.089

274.246

294.531

317.220

293.957

Processed materials less energy

00/82

ID6

9118

270.971

272.925

277.197

281.465

282.929

Processed materials less foods and energy

00/82

ID6

9115

273.257

275.246

279.934

284.562

286.201

Intermediate distributive services ( 6 )

04/10

ID6

9116

183.260

183.805

186.798

187.001

187.368

Processed goods plus intermediate distributive services

04/10

ID6

9117

155.808

159.035

162.816

166.022

164.758

Unprocessed materials less agricultural products

00/82

ID6

9211

325.271

322.843

332.140

339.891

323.957

Unprocessed energy materials ( 7 )

00/82

ID6

9212

233.235

230.501

242.079

249.383

229.250

Unprocessed materials less energy

00/82

ID6

9213

302.995

305.511

305.355

315.487

310.084

Unprocessed nonfood materials less energy ( 8 )

00/82

ID6

9216

540.151

544.688

542.465

555.932

549.253

Intermediate Demand by Production Flow

Stage 4 Intermediate Demand

Stage 4 intermediate demand

ID5

161.062

161.700

163.052

164.921

164.826

Inputs to stage 4 goods producers

ID5

157.902

158.423

159.956

161.617

161.241

Goods

ID5

411

147.458

148.166

149.789

151.747

152.237

Foods

ID5

4111

141.774

141.525

142.590

146.237

143.645

Energy

ID5

4112

161.179

172.577

180.623

204.991

205.040

Goods excluding foods and energy

ID5

4113

148.486

149.312

151.004

152.518

153.588

Services

ID5

412

192.725

192.562

193.748

194.315

190.828

Trade services

ID5

4123

210.029

209.488

210.628

210.956

206.232

Transportation and warehousing services

ID5

4122

142.977

145.003

148.964

151.244

151.210

Transportation of passengers

ID5

41221

148.368

151.272

152.528

156.854

156.273

Transportation and warehousing of goods

ID5

41222

151.256

153.203

158.091

160.024

160.121

Services less trade, transportation, and warehousing

ID5

4121

142.675

143.147

143.194

144.010

144.373

Inputs to stage 4 services producers

ID5

159.648

159.708

160.625

162.332

162.413

Goods

ID5

421

155.047

156.155

157.607

159.139

158.276

Foods

ID5

4211

160.565

160.885

161.615

161.184

160.445

Energy

ID5

4212

147.619

149.587

152.213

155.145

152.221

Goods excluding foods and energy

ID5

4213

156.350

157.127

157.986

159.259

159.875

Services

ID5

422

160.897

160.514

161.201

162.974

163.454

Trade services

ID5

4223

183.077

183.036

183.762

182.860

183.499

Transportation and warehousing services

ID5

4222

169.610

170.605

174.567

175.149

174.317

Transportation of passengers

ID5

42221

147.710

150.575

151.814

156.083

155.510

Transportation and warehousing of goods

ID5

42222

174.140

174.952

179.250

179.454

178.585

Services less trade, transportation, and warehousing

ID5

4221

156.442

155.865

156.178

158.408

159.013

Construction

ID5

423

163.936

164.033

164.552

166.431

166.735

Inputs to stage 4 construction producers

ID5

171.317

174.075

176.653

179.373

179.080

Goods

ID5

431

175.482

178.581

181.180

184.788

183.783

Energy

ID5

4312

131.370

163.316

183.395

215.895

189.701

Goods excluding foods and energy

ID5

4313

184.072

184.668

185.769

186.883

188.109

Services

ID5

432

160.520

162.380

164.907

165.285

166.871

Trade services

ID5

4323

182.470

184.631

184.989

184.116

187.523

Transportation and warehousing services

ID5

4322

152.766

156.547

164.635

167.712

167.758

Transportation and warehousing of goods

ID5

43222

153.589

157.391

165.522

168.616

168.663

Services less trade, transportation, and warehousing

ID5

4321

138.738

138.905

139.952

139.845

140.450

Stage 3 Intermediate Demand

Stage 3 intermediate demand

ID5

152.481

154.580

157.193

159.821

159.848

Inputs to stage 3 goods producers

ID5

162.026

164.246

167.922

171.687

172.631

Goods

ID5

311

156.106

158.162

161.551

165.544

166.441

Foods

ID5

3111

165.308

166.548

168.497

174.011

173.963

Energy

ID5

3112

138.907

153.878

173.767

183.536

184.528

Goods excluding foods and energy

ID5

3113

157.501

159.174

162.278

165.328

166.676

Services

ID5

312

173.457

176.322

181.153

183.029

184.115

Trade services

ID5

3123

182.684

185.243

187.006

187.349

190.331

Transportation and warehousing services

ID5

3122

156.366

159.741

167.119

170.127

170.188

Transportation of passengers

ID5

31221

157.963

161.053

162.390

166.995

166.376

Transportation and warehousing of goods

ID5

31222

156.130

159.508

167.029

169.993

170.071

Services less trade, transportation, and warehousing

ID5

3121

144.746

145.244

145.840

146.346

146.318

Inputs to stage 3 services producers

ID5

144.216

146.239

148.180

150.048

149.442

Goods

ID5

321

117.965

124.309

128.750

133.786

129.544

Foods

ID5

3211

158.919

158.883

162.150

163.943

162.978

Energy

ID5

3212

111.651

132.288

144.564

159.778

144.047

Goods excluding foods and energy

ID5

3213

144.569

145.311

146.821

147.942

148.429

Services

ID5

322

150.551

150.967

151.967

152.627

153.360

Trade services

ID5

3223

216.361

218.600

218.965

214.072

228.190

Transportation and warehousing services

ID5

3222

185.191

185.963

191.032

192.446

191.612

Transportation of passengers

ID5

32221

107.593

109.642

110.529

113.583

113.173

Transportation and warehousing of goods

ID5

32222

185.641

186.219

191.552

192.696

191.851

Services less trade, transportation, and warehousing

ID5

3221

137.755

138.012

138.148

138.865

139.367

Construction

ID5

323

163.936

164.033

164.552

166.431

166.735

Inputs to stage 3 construction producers

ID5

150.955

151.629

151.536

153.167

154.592

Goods

ID5

331

142.180

142.964

143.689

145.128

145.753

Goods excluding foods and energy

ID5

3313

181.171

182.170

183.095

184.928

185.724

Services

ID5

332

180.624

181.103

179.214

181.377

184.654

Trade services

ID5

3323

186.063

186.641

182.924

186.165

190.878

Transportation and warehousing services

ID5

3322

120.199

120.265

121.956

122.966

123.123

Transportation and warehousing of goods

ID5

33222

126.875

126.944

128.729

129.795

129.961

Services less trade, transportation, and warehousing

ID5

3321

132.448

132.693

133.761

133.805

134.335

Stage 2 Intermediate Demand

Stage 2 intermediate demand

ID5

145.017

146.124

149.159

151.844

150.031

Inputs to stage 2 goods producers

ID5

136.069

137.109

140.881

144.973

140.910

Goods

ID5

211

131.230

132.725

137.415

142.752

137.649

Foods

ID5

2111

139.920

147.148

146.660

150.916

147.528

Energy

ID5

2112

102.049

102.760

108.128

112.529

103.309

Goods excluding foods and energy

ID5

2113

162.389

163.768

168.259

174.795

175.346

Services

ID5

212

164.308

163.792

164.584

164.514

163.829

Trade services

ID5

2123

195.145

193.972

194.809

194.145

191.910

Transportation and warehousing services

ID5

2122

179.941

179.309

179.289

180.012

180.047

Transportation of passengers

ID5

21221

147.614

149.955

150.968

154.456

153.987

Transportation and warehousing of goods

ID5

21222

181.947

181.283

181.253

181.958

181.998

Services less trade, transportation, and warehousing

ID5

2121

140.073

140.418

141.948

142.001

142.640

Construction

ID5

213

163.936

164.033

164.552

166.431

166.735

Inputs to stage 2 services producers

ID5

152.282

153.442

155.715

156.978

157.412

Goods

ID5

221

153.914

164.746

172.825

179.797

172.753

Foods

ID5

2211

117.322

120.566

123.772

126.551

128.067

Energy

ID5

2212

152.866

194.503

220.309

244.413

212.256

Goods excluding foods and energy

ID5

2213

152.145

153.472

156.059

157.717

158.240

Services

ID5

222

151.451

151.606

153.284

153.937

155.155

Trade services

ID5

2223

218.613

219.078

224.848

216.700

230.637

Transportation and warehousing services

ID5

2222

160.582

158.762

164.596

165.964

165.558

Transportation of passengers

ID5

22221

148.614

151.417

152.630

156.807

156.246

Transportation and warehousing of goods

ID5

22222

163.601

161.573

167.679

168.960

168.554

Services less trade, transportation, and warehousing

ID5

2221

148.474

148.896

149.821

150.765

151.663

Construction

ID5

223

163.936

164.033

164.552

166.431

166.735

Stage 1 Intermediate Demand

Stage 1 intermediate demand

ID5

155.499

158.096

161.826

165.999

165.119

Inputs to stage 1 goods producers

ID5

152.698

154.305

158.562

163.583

163.375

Goods

ID5

111

148.554

150.018

154.598

160.418

160.364

Foods

ID5

1111

126.151

131.890

129.939

138.686

129.240

Energy

ID5

1112

139.397

141.007

145.949

152.437

148.823

Goods excluding foods and energy

ID5

1113

159.016

160.163

165.498

171.274

172.461

Services

ID5

112

167.644

169.856

172.547

173.822

172.924

Trade services

ID5

1123

182.241

184.887

186.612

187.478

185.636

Transportation and warehousing services

ID5

1122

168.286

171.842

180.001

183.878

183.993

Transportation of passengers

ID5

11221

148.340

151.243

152.499

156.825

156.244

Transportation and warehousing of goods

ID5

11222

171.646

175.289

184.018

187.910

188.073

Services less trade, transportation, and warehousing

ID5

1121

121.189

121.371

121.700

121.754

122.029

Inputs to stage 1 services producers

ID5

156.071

159.118

162.498

165.879

164.432

Goods

ID5

121

150.851

160.674

167.365

174.837

168.350

Foods

ID5

1211

109.831

105.141

96.049

96.837

99.450

Energy

ID5

1212

149.890

184.787

206.754

230.877

205.317

Goods excluding foods and energy

ID5

1213

160.571

161.110

162.226

163.572

164.219

Services

ID5

122

157.396

157.041

158.745

160.060

161.135

Trade services

ID5

1223

195.741

196.795

198.387

194.424

202.888

Transportation and warehousing services

ID5

1222

161.722

163.922

169.496

171.073

169.911

Transportation of passengers

ID5

12221

148.250

151.152

152.407

156.730

156.149

Transportation and warehousing of goods

ID5

12222

186.108

188.175

196.620

196.919

195.326

Services less trade, transportation, and warehousing

ID5

1221

151.157

150.275

151.392

153.205

153.835

Construction

ID5

123

163.936

164.033

164.552

166.431

166.735

Inputs to stage 1 construction producers

ID5

171.363

176.033

179.429

184.122

183.154

Goods

ID5

131

172.201

178.556

183.193

189.739

186.762

Energy

ID5

1312

116.958

149.098

168.289

193.668

171.141

Goods excluding foods and energy

ID5

1313

180.617

180.966

182.186

184.300

185.833

Services

ID5

132

170.999

172.620

173.772

175.107

177.805

Trade services

ID5

1323

182.894

184.131

182.739

183.695

187.991

Transportation and warehousing services

ID5

1322

126.445

129.974

137.468

140.382

140.428

Transportation and warehousing of goods

ID5

13222

130.791

134.442

142.193

145.207

145.254

Services less trade, transportation, and warehousing

ID5

1321

149.513

149.664

150.684

150.985

151.415

Intermediate Demand by Production Flow Special Groupings

Total goods inputs to stage 4 intermediate demand

04/10

ID5

9411

152.182

153.593

155.344

157.496

157.135

Total services inputs to stage 4 intermediate demand

04/10

ID5

9412

165.099

164.948

165.864

167.391

167.566

Total construction inputs to stage 4 intermediate demand

04/10

ID5

9413

162.578

162.674

163.188

165.052

165.354

Total foods inputs to stage 4 intermediate demand

04/10

ID5

9414

146.925

146.972

147.834

149.295

147.725

Total energy goods inputs to stage 4 intermediate demand

04/10

ID5

9415

133.104

138.883

143.602

150.351

144.707

Total goods less foods and energy inputs to stage 4 intermediate demand

04/10

ID5

9416

156.920

157.641

158.914

160.207

161.192

Total goods inputs to stage 3 intermediate demand

04/10

ID5

9311

139.087

142.303

145.833

149.945

149.299

Total services inputs to stage 3 intermediate demand

04/10

ID5

9312

153.402

154.114

155.552

156.371

157.167

Total construction inputs to stage 3 intermediate demand

04/10

ID5

9313

162.578

162.674

163.188

165.052

165.354

Total foods inputs to stage 3 intermediate demand

04/10

ID5

9314

147.103

148.180

149.944

154.778

154.716

Total energy goods inputs to stage 3 intermediate demand

04/10

ID5

9315

113.560

132.162

145.678

159.109

147.695

Total goods less foods and energy inputs to stage 3 intermediate demand

04/10

ID5

9316

149.100

150.442

152.949

155.329

156.379

Total goods inputs to stage 2 intermediate demand

04/10

ID5

9211

127.081

129.487

134.301

139.544

134.491

Total services inputs to stage 2 intermediate demand

04/10

ID5

9212

154.929

154.962

156.490

157.015

157.893

Total construction inputs to stage 2 intermediate demand

04/10

ID5

9213

162.578

162.674

163.188

165.052

165.354

Total foods inputs to stage 2 intermediate demand

04/10

ID5

9214

140.545

147.623

147.366

151.590

148.467

Total energy goods inputs to stage 2 intermediate demand

04/10

ID5

9215

99.810

102.440

108.538

113.677

103.784

Total goods less foods and energy inputs to stage 2 intermediate demand

04/10

ID5

9216

150.948

152.236

156.124

161.406

161.919

Total goods inputs to stage 1 intermediate demand

04/10

ID5

9111

136.354

140.334

144.997

150.723

148.710

Total services inputs to stage 1 intermediate demand

04/10

ID5

9112

159.213

159.464

161.284

162.585

163.439

Total construction inputs to stage 1 intermediate demand

04/10

ID5

9117

162.578

162.674

163.188

165.052

165.354

Total foods inputs to stage 1 intermediate demand

04/10

ID5

9114

118.250

123.390

121.377

129.407

120.821

Total energy goods inputs to stage 1 intermediate demand

04/10

ID5

9115

137.752

159.461

174.391

191.734

175.098

Total goods less foods and energy inputs to stage 1 intermediate demand

04/10

ID5

9116

136.349

137.103

140.269

143.808

144.727

Footnotes

(2) PPI defines Total finished as including only the personal consumption and private capital investment portions of final demand.

(3) Trade indexes measure changes in margins received by wholesalers and retailers.

(4) The PPI definition of foods does not include food and beverages for immediate consumption. PPI defines food and beverages for immediate consumption as the service of preparing meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption.

(5) Distributive services include transportation, warehousing, and trade of goods.

(6) Includes intermediate trade, transportation, and warehousing services.

(7) Includes crude petroleum.

(8) Excludes crude petroleum.

(p) Preliminary

"-" Data not available.

Last Modified Date: July 15, 2026

打开原文

APLD现金消耗与稀释风险

重要性3/5 中

直接指出APLD现金流和稀释风险，并提供估值数据，但财务证据展开不足。

标签

标的：`APLD`来源：StockStory发布日期：2026-07-15重要性：3/5 中评级理由：直接指出APLD现金流和稀释风险，并提供估值数据，但财务证据展开不足。评级依据：dilution_risk, promotional_source原文字数：716

中文摘要

核心结论

StockStory对APLD持谨慎立场，理由是收入基础较小、长期消耗现金，并可能因现金储备下降而再次融资稀释股东。文章给出的38.5倍远期企业价值与息税折旧摊销前利润比率，也反映市场已计入较高增长预期。

重要性评级

评级：3/5（中）

文章与APLD直接相关并点出现金流、融资和估值风险，但属于三家公司筛选文章，APLD分析篇幅有限且缺少完整财务报表数据。

关键事实

APLD市值为81.4亿美元，股价为28.79美元。
公司从加密货币挖矿转向人工智能与高性能计算数据中心。
文中列示APLD收入基础为3.555亿美元。
远期EV/EBITDA（企业价值与息税折旧摊销前利润比率）为38.5倍。
作者称公司存在持续消耗现金的历史，并担忧现金储备下降会触发融资和股权稀释。
商业服务行业过去六个月回报5.6%，落后标普500指数2.6个百分点。
文章同时分析WEBTOON和Everpure，APLD并非全文唯一研究对象。

作者观点与证据

作者把APLD列入回避名单，依据是收入规模、现金消耗和潜在稀释。正文没有列出现金余额、自由现金流、债务期限或融资缺口，判断的可复核程度有限；文末含平台推广。

与相关标的的关系

现金消耗和融资稀释直接关系APLD股东价值。公司能否按时交付数据中心并把合同转化为正现金流，是检验该观点的关键。

时效性与限制

文章发布于美东时间 07/15 05:33（UTC+8 07/15 17:33）。估值倍数和股价会随市场变化，且文章没有披露计算日期与详细口径。

后续跟踪

自由现金流和现金余额变化
新增债务或股权融资
数据中心投运后的利润率
远期EV/EBITDA所用盈利预测

英文原文

1 Services Stock with Exciting Potential and 2 We Ignore

Petr Huřťák

Wed, July 15, 2026 at 5:33 PM GMT+8 4 min read

APLD

-8.92%

^GSPC

-0.51%

-3.36%

WBTN

-0.19%

1 Services Stock with Exciting Potential and 2 We Ignore Business services providers thrive by solving complex operational challenges for their clients, allowing them to focus on their secret sauce. But cutbacks in corporate spending and the threat of new AI products have kept sentiment in check, and over the past six months, the industry's 5.6% return has trailed the S&P 500 by 2.6 percentage points.

Despite the lackluster result, a few diamonds in the rough can produce earnings growth no matter what, and we started StockStory to help you find them. With that said, here is one resilient services stock at the top of our wish list and two best left ignored.

Two Business Services Stocks to Sell:

Applied Digital (APLD)

Market Cap: $8.14 billion

Pivoting from its origins in cryptocurrency mining to become a key player in the AI infrastructure boom, Applied Digital (NASDAQ:APLD) designs and operates specialized data centers that provide high-performance computing infrastructure for artificial intelligence and blockchain applications.

Why Is APLD Not Exciting?

Modest revenue base of $355.5 million means it has less operating leverage but can also grow faster if it executes the right sales strategy

Cash-burning history makes us doubt the long-term viability of its business model

Depletion of cash reserves could lead to a fundraising event that triggers shareholder dilution

Applied Digital is trading at $28.79 per share, or 38.5x forward EV-to-EBITDA. Read our free research report to see why you should think twice about including APLD in your portfolio, it's free .

WEBTOON (WBTN)

Market Cap: $1.54 billion

Pioneering a vertical-scrolling format optimized for mobile devices, WEBTOON Entertainment (NASDAQ:WBTN) operates a global platform where creators publish serialized web-comics and web-novels that users can read in bite-sized episodes.

Why Are We Wary of WBTN?

Sluggish trends in its monthly active users suggest customers aren't adopting its solutions as quickly as the company hoped

Performance over the past two years shows its incremental sales were much less profitable, as its earnings per share fell by 73.5% annually

Low free cash flow margin of -0.6% for the last four years gives it little breathing room, constraining its ability to self-fund growth or return capital to shareholders

WEBTOON's stock price of $11.20 implies a valuation ratio of 102.2x forward P/E. Check out our free in-depth research report to learn more about why WBTN doesn't pass our bar .

One Business Services Stock to Buy:

Everpure (P)

Market Cap: $25.61 billion

Founded in 2009 as a pioneer in enterprise all-flash storage technology, Everpure (NYSE:P) provides all-flash data storage hardware and software that helps organizations manage their data more efficiently across on-premises and cloud environments.

Story Continues

Why Are We Bullish on P?

ARR trends over the past two years show it's maintaining a steady flow of long-term contracts that contribute positively to its revenue predictability

Earnings growth has trumped its peers over the last five years as its EPS has compounded at 61.1% annually

P is a free cash flow machine with the flexibility to invest in growth initiatives or return capital to shareholders

At $77.00 per share, Everpure trades at 29.8x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it's free .

High-Quality Stocks for All Market Conditions

ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time.

Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE .

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today .

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新云股回撤中的散户情绪分化

重要性3/5 中

可补充APLD同业走势和市场情绪，但调查代表性及部分预测来源有限。

标签

标的：`APLD`来源：Stocktwits发布日期：2026-07-15重要性：3/5 中评级理由：可补充APLD同业走势和市场情绪，但调查代表性及部分预测来源有限。评级依据：retail_sentiment, survey_bias, secondary_forecast原文字数：656

中文摘要

核心结论

新云计算公司过去一个月下跌25%至38%，市场担忧竞争、债务和数据中心扩张成本；Stocktwits调查中65%的散户仍选择在回撤期间增持，显示散户情绪与机构估值顾虑存在明显分化。

重要性评级

评级：3/5（中）

文章直接覆盖APLD及同业价格、竞争风险和散户调查，可用于观察情绪；调查样本来自Stocktwits用户，不能代表全部投资者。

关键事实

Nebius、CoreWeave、APLD和IREN过去一个月均下跌25%至38%。
市场担忧独立人工智能云服务商面临竞争加剧、高成本、债务和持续扩张支出。
Meta计划把剩余人工智能计算容量出租给企业，引发大型科技公司进入第三方算力租赁市场的担忧。
Stocktwits调查共收到1,400票，其中65%表示在回撤中买入，15%维持持仓，14%等待更低价格，6%回避该板块。
CoreWeave等公司承担较大扩产支出，需求放缓可能放大融资和偿债压力。
文章援引用户转述的Morgan Stanley预测：2027年和2028年人工智能及高性能计算资本开支分别为1.2万亿美元和1.4万亿美元；正文未提供原始报告。
年初至文章发布时，CRWV、IREN、APLD和NBIS回报区间为2%至131%。

作者观点与证据

文章强调散户仍看好新云股，但价格、竞争和资产负债表风险说明市场分歧扩大。调查反映平台用户自报意向，不等同于实际成交或机构持仓；资本开支预测来自用户引述。

与相关标的的关系

APLD依赖数据中心建设、长期客户租约和外部融资。Meta等大型平台出租剩余算力可能影响独立算力供应商的定价、利用率和客户获取成本。

时效性与限制

文章发布于美东时间 07/15 01:14（UTC+8 07/15 13:14），距当日日报约两天。调查缺少受访者结构、持仓规模和重复投票控制信息。

后续跟踪

Meta企业算力出租计划的规模和价格
新云公司利用率、合同期限和客户集中度
APLD债务与项目融资成本
散户情绪与实际资金流是否一致

英文原文

NBIS, IREN, CRWV, APLD: Retail Traders Shrug Off AI Pullback, Buy The Dip In Neocloud Stocks

Shivani Kumaresan

Wed, July 15, 2026 at 1:14 PM GMT+8 3 min read

NBIS

-13.90%

IREN

-9.01%

META

-2.46%

CRWV

-5.46%

APLD

-8.92%

Neocloud stocks have declined as investors worry about rising competition.

Concerns over high costs, debt levels and heavy spending on data center expansion have added pressure.

A Stocktwits Poll showed 65% of retail traders saying they were buying the dip despite broader market caution.

Retail investors are holding their ground on neocloud stocks as artificial intelligence infrastructure providers face pressure, with traders viewing the selloff as a buying opportunity even as institutional investors pull back on valuation concerns and shifting market dynamics.

"Neocloud" companies, including Nebius Group (NBIS), CoreWeave (CRWV), Applied Digital (APLD) and IREN (IREN) have lost between 25% and 38% in the past one month.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Why Neocloud Stocks Are Falling

The cloud infrastructure providers have fallen sharply as investors reacted to rising competition concerns and valuation pressures. Also, Meta Platforms' (META) plans to rent excess AI computing capacity to enterprises fueled fears that major cloud operators could challenge independent GPU infrastructure providers.

Since companies like Nebius, CoreWeave, Applied Digital, and IREN rely on building specialized data centers and renting out AI computing power, investors became concerned when a major tech company like Meta showed interest in entering the same market. The possibility of a powerful competitor with deep financial resources challenging these smaller operators triggered a sharp sell-off.

Ahead of second-quarter (Q2) earnings, investors are paying closer attention to the high costs and debt levels involved in building independent data centers. Companies like CoreWeave face large spending commitments to expand capacity. Any slowdown in demand for third-party AI cloud services could make these financial risks more concerning.

Retail Traders See Pullback As Buying Opportunity

A recent Stocktwits Poll drawing 1,400 votes found that sentiment among retail traders remains strongly positive toward "Neocloud" companies. The poll showed that 65% of respondents said they were buying shares during the pullback, highlighting a sharp contrast between retail confidence and broader market caution.

The survey asked traders whether they were buying the decline, holding current positions, waiting for a better entry point, or avoiding the sector. About 15% said they would maintain their existing holdings, while 14% preferred to wait for stocks to dip further before investing. Only 6% said they were avoiding the stocks entirely.

Story Continues

A user said , "Buying the dip. Sometimes Wall Street throws a clearance sale on companies before the story is over. I think the neocloud sector has been repriced, not broken. Time will tell, but I'm adding, not running."

Another user said , "$ 1.2 Trillion in AI/HPC Capex estimated for 2027, then $ 1.4 Trillion in AI/HPC Capex in 2028. Per Morgan Stanley. The Neoclouds are about to launch. It's really not even a question."

So far this year, CRWV, IREN, APLD and NBIS stocks have gained between 2% and 131%.

Also See: Why Did LCID, ORCL, HTZ Stocks Plunge To 52-Week Lows Today?

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .

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合作方出资扩张人工智能云产能

重要性4/5 中高

模式直接影响NBIS的产能、资本开支和收入结构，战略相关度高；合同与财务数据缺失使证据仍停留在早期阶段。

标签

标的：`NBIS`来源：web-enrichment发布日期：2026-07-15重要性：4/5 中高评级理由：模式直接影响NBIS的产能、资本开支和收入结构，战略相关度高；合同与财务数据缺失使证据仍停留在早期阶段。评级依据：与NBIS直接相关, 商业模式发生变化, 潜在资本效率影响, 公司一手公告, 缺少合同量化数据原文字数：1072

中文摘要

核心结论

Nebius（纳斯达克代码：NBIS）推出合作方出资持有数据中心和硬件、公司提供全栈AI（人工智能）云平台并负责销售的新模式，试图在较少新增资本投入下扩大全球算力供给。公司称已签署初步安排，但未披露合作方、规模、上线时间或经济条款。

重要性评级

评级：4/5（中高）

新模式直接改变NBIS的产能扩张和资本需求路径，并可能形成许可费、佣金及收入分成。现阶段缺少合同规模和财务贡献，落地程度仍需后续披露确认。

关键事实

公告日期为07/15（未给出具体时刻）。
合作方负责融资、持有基础设施和硬件，并运营数据中心。
Nebius提供系统架构、供应链渠道、硬件设计以及软件和服务栈，并通过全球销售团队向客户出售新增算力。
合作方设施将加入Nebius统一容量池，与公司自有数据中心及托管设施共同服务AI原生企业和其他企业客户。
Nebius继续负责云软件和服务水平，合作方负责设施与硬件；公司承诺客户在两类设施获得相同服务标准。
潜在经济安排包括收入分成、许可费、佣金及承诺容量协议。
公司称已经达成若干初步安排，但没有公布参与方或合同细节。
管理层将该模式描述为高利润率、低增量资本需求的收入来源，并称当前AI云需求仍超过供给。

作者观点与证据

Nebius认为其软件、架构、客户需求和销售能力可以把合作方的原始算力转化为可销售的生产级云服务，并提升合作方相较传统裸机批发合同的利润率。证据目前限于模式设计和“已有初步安排”的公司陈述；高利润率、需求充足及服务一致性尚无项目收入、利用率、客户名单或运行记录支撑。

与相关标的的关系

对NBIS而言，该模式可能加快产能扩张并降低自建数据中心所需资本，同时增加许可、佣金和收入分成来源。合作方融资能力、建设质量及服务水平会转化为运营和声誉风险，且承诺容量安排可能带来固定成本或利用率压力，具体影响取决于尚未披露的合同结构。

时效性与限制

公告较新，且直接来自公司。所有合作安排、利润率、收入贡献和扩张速度均缺少量化披露，前瞻性内容还受到合作方融资、客户获取、定价压力、销售周期及宏观环境影响。

后续跟踪

首批合作方名称、地区、算力规模和上线时间。
收入分成、许可费、佣金及容量承诺的合同结构。
合作设施的利用率、服务水平和客户采用情况。
新模式对资本开支、毛利率和现金流的实际影响。

英文原文

Nebius introduces business model to scale AI cloud globally through infrastructure partnerships

Pairs Nebius’s systems architecture, software stack and customers with partner capacity

Gives data center developers, infrastructure investors, regional operators and national AI projects worldwide route to tap fast-growing AI cloud market

Generates high-margin revenue stream with minimal incremental capital requirements

Amsterdam, July 15, 2026 — Nebius (Nasdaq: NBIS), the AI cloud company, today announced a new business model that lets infrastructure partners deploy Nebius’s full-stack AI cloud platform in their own AI data centers. The model brings additional capacity to Nebius customers, and expands the availability of value-added AI compute globally at a time when demand continues to outstrip supply.

Under the model, partners finance and own the infrastructure and hardware, and operate the data centers. Nebius supplies its systems architecture and supply-chain access; deploys and maintains its hardware design and software and services stack on the partner infrastructure; and takes the resulting capacity to market through its global sales organization.

Partners get fully-owned AI infrastructure assets, designed to Nebius standards, and a fast route to serve the AI cloud market. Nebius’s architecture and platform transform a partner’s raw capacity into a production-ready AI cloud, which Nebius then connects to customers. Because Nebius brings the demand, partners can begin generating a return as soon as the capacity goes live.

For Nebius, this asset-light approach expands the capacity it can offer its customers, such as AI natives and enterprises, with minimal incremental capital requirements. Partners’ data centers will join the Nebius capacity pool, adding incremental capacity to that coming online from Nebius’s owned data centers and colocations.

Arkady Volozh, founder and CEO of Nebius , said:

“Our new asset-light model gives infrastructure partners a flexible way to benefit from the explosive growth of AI. Our software allows partners to reach a much wider customer base with much better margins than conventional wholesale bare-metal contracts. We’re inviting data center investors, regional partners and others with capacity or capital to contribute to join us in serving this demand — combining their assets and local strengths with Nebius’s technology, platform, operational expertise and customer demand.”

Nebius anticipates pursuing a variety of economic arrangements under this partnership model, including revenue-sharing agreements, licensing fees and commissions, as well as committed capacity arrangements that would provide Nebius with access to additional compute to be sold to customers. The company has already entered into initial arrangements under this asset-light model.

As part of the partnership agreements, Nebius will equip partner teams to run the site and will remain responsible for the cloud software and service levels, while the partner manages the facility and hardware. Customers receive the same standard of service whether they run on Nebius’s own infrastructure or a partner’s.

Prospective partners can learn more at nebius.com/infrastructure-partners or contact infrastructure-partners@nebius.com .

About Nebius About Nebius

Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents and services worldwide.

Nebius is listed on Nasdaq (Nasdaq: NBIS) and headquartered in Amsterdam.

For more information please visit www.nebius.com .

Media kit nebius.com/media-kit .

Contacts Contacts

Media relations: media@nebius.com

Investor relations: askIR@nebius.com

Disclaimer Disclaimer

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our ability to enter into acceptable arrangements with partners, our ability to ensure the same standards of service across both partner and Nebius-owned facilities, our ability to sell this capacity through our global go-to-market organization, our forecast revenue from this service in 2026, our future financial and business performance, strategy, expected growth, planned investments and capital expenditures, capacity expansion plans, anticipated future financing transactions and expected financial results, are forward-looking statements. The words “anticipate, ” “believe, ” “continue, ” “estimate, ” “expect, ” “guide, ” “intend, ” “likely, ” “may, ” “will” and similar expressions and their negatives are intended to identify forward-looking statements.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, our ability to successfully identify appropriate partners; the ability of our identified partners to fully finance their infrastructure and to operate data centers that meet our requirements; market, macroeconomic and geopolitical conditions; competitive pressures; technological developments; our ability to secure and retain customers; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 30, 2026, which is available on our investor relations website at https://nebius.com/investor-hub and on the SEC website at www.sec.gov .

All information in this press release is as of the date hereof (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

Nebius introduces business model to scale AI cloud globally through infrastructure partnerships

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文章

重要性未评级

标签

来源：web-enrichment:company_event_release发布日期：2026-07-15重要性：未评级

中文摘要

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

英文原文

原文

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

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油价冲击重塑贵金属逻辑

重要性4/5 中高

报告数据新、事实密度高，并贯通能源、通胀、利率和贵金属；行业机构的因果解释与二手预测仍需交叉验证。

标签

来源：London Bullion Market Association发布日期：2026-07-15重要性：4/5 中高评级理由：报告数据新、事实密度高，并贯通能源、通胀、利率和贵金属；行业机构的因果解释与二手预测仍需交叉验证。评级依据：timeliness, fact_density, evidence_caveats原文字数：1487

中文摘要

核心结论

LBMA（伦敦金银市场协会）认为，2026年上半年贵金属走势受到伊朗战争、霍尔木兹海峡受阻、油价上涨、通胀担忧和利率预期共同影响。黄金从01/29历史高点5,501.70美元回落至06/30的4,026.05美元，央行持续购金为价格提供支撑；白银二季度跌幅更深，但连续六年的供应缺口仍构成中期背景。

重要性评级

评级：4/5（中高）

文章发布于07/15，包含黄金、白银、铂金、钯金的季度价格、成交与库存数据，并给出油价—通胀—利率—贵金属的跨资产解释。其事件归因带有行业机构叙事，部分预测和供应数字来自二手来源，需要与原始数据交叉核验。

关键事实

黄金在01/29（未给出具体时刻）创下5,501.70美元历史高点，06/25（未给出具体时刻）一度降至3,994.50美元，06/30（未给出具体时刻）收于4,026.05美元；二季度下跌14.70%，上半年下跌8.22%。
文章称霍尔木兹海峡平时承载约25%的海运原油，相当于全球石油消费量约20%；冲突限制商业航运后，布伦特原油从年初约60美元升至05/04（未给出具体时刻）的114.5美元，涨幅约91%。
作者将油价上涨、通胀担忧及美联储维持或提高利率的预期列为黄金回落的重要解释，同时承认市场常用的“黄金不生息”叙事经不起细致检验。
2025年初至2026年6月底，黄金由2,644.60美元升至4,026.05美元，约18个月上涨逾50%；同期标普500指数上涨约28%。
中国人民银行5月增持约32万盎司、约10吨黄金，连续第19个月净买入；世界黄金协会称全球央行5月合计净买入41吨，波兰居前。
伦敦金库6月持有9,464吨黄金，环比增加0.77%，估值约1.2万亿美元；白银库存为28,082吨，环比增加1.7%，未显现大规模回流造成的明显减仓。
白银二季度由74.870美元降至58.795美元，跌幅21.47%；白银协会与Metals Focus（贵金属研究机构）称，连续六年供应缺口促使2021年以来约7.62亿盎司库存被提取。
二季度铂金下跌20.42%、钯金下跌17.79%；上半年跌幅分别为26.54%和26.02%。

作者观点与证据

文章倾向于用霍尔木兹海峡受阻引发的油价和通胀冲击解释贵金属价格反常回落，并以布伦特原油涨幅、黄金价格路径和利率讨论支撑该判断。央行购金、伦敦库存与白银供应缺口提供了结构性证据；高盛4,400至4,900美元区间、德意志银行五年内8,000美元的说法属于机构观点，其中后者被明确标注为非正式预测。

与相关标的的关系

输入未列出直接代码。文章直接关联黄金、白银、铂金和钯金现货及相关ETF（交易所交易基金），并通过布伦特原油、美国国债收益率和美元利率预期连接能源与利率资产。对贵金属矿企的影响还取决于成本、产量、套期保值和地区风险，原文未提供公司层面数据。

时效性与限制

文章发布于07/15（未给出具体时刻），季度数据截至06/30（未给出具体时刻）。战争与停火描述、油价归因和银行预测反映文章发表时状态；白银交易表中个别单位存在排版异常，印度和马来西亚进口关税效果也缺少明确数量支持。

后续跟踪

霍尔木兹海峡商业航运恢复程度与布伦特原油价格。
美联储利率路径及美国国债实际收益率。
各国央行月度黄金净购买量和储备回流数据。
白银库存、供应缺口与ETF资金需求。

英文原文

LBMA Precious Metals Market Report: Q2 2026

July 15, 2026

LBMA Precious Metals Market Report: Q2 2026

A Tale of Two Commodities

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It was the best of times – the gold price hit an all-time high of $5,501.70 (a.m.) on 29 January 2026. It was the worst of times – in the ensuing five months, the price fell nearly 27%, to close June at $4,026.05 (p.m.), and had dipped below $4,000, for the first time since early November 2025, only the week before ($3,994.50 on 25 June a.m.).

Broadly speaking, analysts, commentators and the media explained these moves via a focus on geopolitical disruption – most recently the US-Israel-Iran War which kicked off at the end of February. However, it is also arguable that an initial failure to correctly interpret the economic consequences of that war was key to the price reversal.

While it has proved historically true that conflict encourages the gold market as investors seek for the world’s longest- and best-established safe haven, the Iran War introduced another price driver, and one which it took a little time to interpret: the spectre of inflation. Which, in this case, was prompted by oil.

Many investors and traders, primarily in the developed world, at first viewed the Iran War as simply another chapter in the long saga of Middle East strife. But this thinking did not take account of the 104-mile waterway between the Persian Guild and the Gulf of Oman – the Strait of Hormuz – which, in normal times, is the passageway for some 25% of seaborne oil, equivalent to some 20% of global oil consumption.

The Strait of Hormuz

So, as the conflict closed the Strait to commercial traffic, and as ceasefire attempts were (and continue to be at the time of writing) only partially successful, the price of oil rose rapidly. Brent Crude, for example, which was trading around the $60 per barrel mark at the beginning of the year, reached $102 at the start of April and recorded $114.5 (i.e. +91%) on 4 May – its highpoint of the first half of the year. And, as the price of oil – thus energy – went up, so too did fears of inflation, and economists began to talk in terms of the US Federal Reserve, under the leadership of the newly appointed Kevin Warsh, holding or, indeed, hiking interest rates in response.

And finally, as has been frequently demonstrated, inflation tends to be the enemy of the gold price, given there is a received idea (which does not bear detailed examination) that gold does not generate interest, and thus as the returns generated from more obvious assets – US Treasuries, for example – rise, so enthusiasm for holding gold declines.

All of the above created a ‘Through the Looking Glass’ market where, as the intensity of the Iran War increased, the gold price (and silver price) fell, and as negotiations towards a ceasefire took place, the price tended to rise.

Given these circumstances, it should be a fair question to ask why the price of gold did not decline further in Q2. After all, looking over the medium-term, say back to the beginning of last year, gold had gained over 50% in the 18 months to end June ($2,644.60 a.m. 2 Jan 2025, to $4,026.05 p.m. 30 Jun 2026), which is more than can be said for, say, the S&P 500 which was up some 28% during the same period despite being described by Yahoo Finance as being on “quite a tear” (driven by AI).

Central Banks, Commercial Banks

Among the key reasons advanced for this underpinning of the gold price was continued central bank buying. In May, for example, the People’s Bank of China added 320,000oz (~10t) to its reserve base – becoming a net buyer for the nineteenth month in succession, its longest streak since 2015. More broadly, the World Gold Council reported that central banks led by Poland had been net buyers of 41t gold in May, with the only net sellers being Russia and Turkey (which in April had been reported as a seller – or lender – of some $20bn in gold in the five weeks since the outbreak of the Iran War).

Unsurprisingly, the volatility in the gold price during Q2 led to a series of revisions to price forecasts through the remainder of the year and beyond. In mid-April State Street was still looking for a price above $5,000 by year end, but by the end of June Goldman Sachs was talking in terms of $4,900 to as low as $4,400.

Perhaps the most interesting price comment (the bank was at pains to stress this was not a formal forecast) came from Deutsche Bank at the end of April (quoted by Mining.com), who suggested a price of $8,000 was plausible in about five years, given continuing central bank buying associated with dedollarisation. Deutsche Bank was reported to have said that global central bank gold holdings could realistically account for some 40% of overall reserves (up from 30% today).

A further central bank story appeared in mid-June in the Financial Times which quoted a WGC report saying that, led by France and India, central banks had been actively repatriating gold in response to ‘global insecurity’ . France, apparently, now stores all its gold domestically, while India had moved most of its gold from vaults of the Bank of England and the Bank for International Settlements, to the extent that by March 2026 only 22% of its gold holdings were abroad (down from 55% three years earlier).

That said, the LBMA London vault figures for June 2026 recorded 9,464 tonnes of gold (a 0.77% increase on May) valued at $1.2 trillion, and 28,082 tonnes of silver (a 1.7% increase on the previous month). There was no clear sign of large repatriation movements of either metal.

Asia

Retail buying of gold remained volatile in the quarter as investors took advantage of falling prices. This prompted the governments of India and Malaysia to impose import tariffs (15% and 10% respectively) to apply a brake on imports, which appears to have happened although clear numbers are thus far unavailable (Indian imports of silver are, however, reported to be the lowest for three years).

Significant market moves were also announced during the quarter by the governments of both Singapore and Hong Kong, each of which is working to set up a new regional gold hub.

And finally, The Independent (11 May) quoted President Trump as keen to check the contents of Fort Knox because, in his words, “they steal a lot”.

Silver

During Q2, the silver price largely mirrored moves in gold, albeit, as is normal, with higher volatility. Specifically, silver began the quarter at $74.870 and suffered a 21.47% decline in price to end June at $58.795 (the metal is also over 50% below its all-time high of $118.450 achieved on 29 January, the same day as gold).

As well as geopolitics, the silver price continues to be influenced by unease expressed by a series of commentators about the available volumes. Over the past six years, according to the Silver Institute in partnership with Metals Focus, the metal recorded its sixth consecutive year of supply deficit resulting in some 762m oz having to be withdrawn from stocks since 2021 to support, for example, new silver ETFs.

The Silver Institute also reported that in 2025 Mexico remained the world’s leading silver producer followed by China, Peru, Bolivia and Chile.

Q2 2026 - Trade Data

Gold – Q2 2026

2026 YTD

Price Performance 1 Apr – 30 Jun

-14.70%

1 Jan – 30 Jun

-8.22%

Price High – 17 Apr pm

$4,870.50

Price High – 29 Jan am

$5,501.70

Price Low – 25 Jun am

$3,994.50

Price Low – 25 Jun am

$3,994.50

Low/High range

17.84%

Low/High range

27.40%

Weekly Volume High

344.63 mn toz

Weekly Volume High

350.01 mn toz

Weekly Value High

$1,141.29bn

Weekly Value High

$1,809.46bn

Average Daily Volume

45.84 mn toz

Average Daily Volume

47.5 mn toz

Average Daily Value

$207.60 bn

Average Daily Value

$223.55 bn

Silver – Q2 2026

2026 YTD

Price Performance 1 Apr – 30 Jun

-21.47%

1 Apr – 30 Jun

-20.78%

Price High – 4 Apr

$86.79

Price High – 29 Jan

$118.45

Price Low – 26 Jun

$57.37

Price Low – 26 Jun

$57.37m

Low/High range

33.90%

Low/High range

51.57%

Weekly Volume High

2.82 bn oz

Weekly Volume High

5.48 bn oz

Weekly Value High

$234.70 bn

Weekly Value High

$609.14

Average Daily Volume

485.19 mn oz

Average Daily Volume

552.60 mn oz

Average Daily Value

$35.76 bn

Average Daily Value

$44.70 bn

Platinum – Q2 2026

2026 YTD

Price Performance 1 Apr – 30 Jun

-20.42%

1 Jan – 30 Jun

-26.54%

Palladium – Q2 2026

2026 YTD

Price Performance 1 Apr – 30 Jun

-17.79%

1 Jan – 30 Jun

-26.02%

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芯片供给扩张动摇人工智能行情

重要性3/5 中

提供半导体ETF持仓差异和偏空观察框架，但供给过剩与资金行为缺少量化证据。

标签

标的：`DRAM`, `PSI`来源：Barchart发布日期：2026-07-14重要性：3/5 中评级理由：提供半导体ETF持仓差异和偏空观察框架，但供给过剩与资金行为缺少量化证据。评级依据：background_value, source_opinion, evidence_limit原文字数：1045

中文摘要

核心结论

作者认为人工智能与半导体行情已出现放缓迹象，潜在压力来自高估值企业融资扩产后形成的芯片供给过剩。其技术依据包括SOXX（iShares半导体ETF）均线转弱和历史30%至35%回撤，但缺少行业供需数据验证下行幅度。

重要性评级

评级：3/5（中）

文章与DRAM、PSI及多只半导体ETF相关，提供产品持仓差异和逆向风险叙事；核心判断主要依赖作者观察和图表，证据强度一般。

关键事实

文章发布于美东时间 07/14 15:53（UTC+8 07/15 03:53）。
作者观察SOXX过去三年曾出现两次约30%至35%的回撤。
文中称SOXX的PPO（百分比价格振荡器）接近零轴，20日均线已经转弱，50日均线也接近转弱。
SOXX约三分之一资产集中于四只最大持仓，另有约10至15只股票各自贡献较小权重。
SMH（VanEck半导体ETF）采用市值加权，NVIDIA权重突出，与SOXX存在较多重叠。
PSI（Invesco半导体ETF）限制为30只股票，集中度低于部分同类产品。
DISK（Tema存储ETF）主要集中于SanDisk、Kioxia和SK Hynix；DRAM对SanDisk配置较低，重点覆盖Samsung、Micron和SK Hynix。
SOXS（每日三倍做空半导体ETF）提供SOXX反向敞口，作者同时承认三倍反向结构可能快速产生重大损失。

作者观点与证据

作者明确持偏空立场，把企业在高估值阶段大规模融资建厂视为未来供应过剩信号，并用均线、PPO和历史回撤说明技术面风险。文章没有列出具体融资主体、工厂投产日期、晶圆产能、需求增速或库存数据，机构减持、散户接盘等描述也未附资金流证据。

与相关标的的关系

DRAM和DISK都提供存储产业敞口，但持仓集中方向不同；PSI、SOXX和SMH覆盖更广的半导体产业链。NVDA影响市值加权的SMH，MU和SKHY对存储主题基金更直接。SOXS属于反向杠杆工具，其走势同时受方向、波动与每日重置影响。

时效性与限制

文章发布时间较近，但主要图表数值未随正文完整提供，也没有注明技术指标的精确观察时点。标题带有获利导向，摘要仅保留风险论点和产品结构，不采纳其交易表达。

后续跟踪

DRAM、HBM和NAND产能、库存及价格变化。
SOXX的20日与50日均线及PPO变化。
DRAM、DISK、PSI、SMH和SOXX的持仓集中度。
芯片企业融资、建厂与实际投产时间表。

英文原文

How to Profit from the End of the AI Trade

Rob Isbitts

Wed, July 15, 2026 at 3:53 AM GMT+8 5 min read

When a massive stock market boom starts to slow down, it rarely crashes overnight.

What I am seeing now is not a crash, but the signs that a slow down is starting to take hold. Given the outsized weightings of artificial intelligence and semiconductor stocks in the benchmark indexes, the broader market is only as good as the AI trade.

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How good, exactly, that AI trade is now is up for debate.

Why Are AI Stocks Falling?

To make money from a market slowdown, you first need to understand why booms end. It is rarely because the technology fails. Instead, it is usually because the market gets completely flooded with too much supply, of chips in this case.

When the top chip companies start raising tens of billions of dollars by selling massive amounts of new stock to the public, it's a sign. When company insiders use their ultra-high stock prices to gather cash and build massive new factories, they openly tell us a supply glut is coming.

Once those factories open, chip prices will drop, and the massive profit margins that Wall Street fell in love with will shrink. That's how the bear case could play out.

Who's Buying the Dips Here?

This is often when big Wall Street players quietly start selling their shares to lock in profits, while regular investors keep buying the daily dips. If you think the massive AI tech boom is finally running out of steam, you don't just have to sit there and watch your portfolio take a hit. You can actively prepare for the slowdown that is very much underway. The only question is whether it is a "pause that refreshes" or the start of a plunge that besets semiconductors.

This chart shows the past three years for the iShares Semiconductor ETF (SOXX), the biggest semiconductor ETF. I've marked with arrows the last pair of 30%-35% declines.

I've also marked on the right a rough price range where SOXX would have to go for us to again be talking about a one-third decline. With the percentage price oscillator (PPO) indicator at bottom perched just on top of the zero line, the 20-day moving average having rolled over, and the 50-day moving average about to follow it, I would not bet against a much steeper dive here. Albeit with the obligatory giant bounces along the way.

Story Continues

www.barchart.com Like I said, you don't have to just sit there and take it. There are inverse ETFs on SOXX, like the Direxion Daily Semiconductor Bear 3X Shares ETF (SOXS), which I've shown in this table below, alongside four semiconductor industry ETFs. Now, SOXS is a 3x inverse ETF, so you have to be very careful.

www.barchart.com But the list of ways to "short" semis has burst wide open this year. Not only can we try to profit from the stock prices declining across the board in that industry, we can do so at the stock-specific level.

Are All Semiconductor ETFs the Same?

There's overlap across several of the top semiconductor ETFs given the concentration in the chip industry. Here's a quick survey of some of these funds' top holdings. I show this not only so you can understand what's in them, but also as a "hit list" for considering being stock-specific, as a bull or bear, as this trade plays out.

SOXX is very crowded at the top, with about one-third of its assets in the four names I circled here. Still, there's some spread to another 10-15 names that each have some individual impact.

www.barchart.com This is the VanEck Semiconductor ETF (SMH), the original ETF in this market segment. It is purely capitalization-weighted, so Nvidia (NVDA) stands tall at the top. There's a lot of overlap between SMH and SOXX, as you can see.

www.barchart.com The same can be said about the Invesco Semiconductors ETF (PSI), except that its creator limited the ETF to 30 stocks. It is far from equal-weighted, but it is fairly diverse.

www.barchart.com We can get more granular via ETFs like the Roundhill Memory ETF (DRAM) and the Tema Memory ETF (DISK). DISK leans heavily on just Sandisk (SNDK), Kioxia, and SK Hynix (SKHY).

DRAM holds a much smaller allocation to SNDK, with focus on Samsung, Micron (MU), and SKHY.

To me, analyzing these holdings helps me figure out where it makes sense to short via inverse single stock ETFs. But for those looking for a quick and dirty solution with some leverage, SOXS is the most liquid choice.

www.barchart.com And that's a chart with some massive upside potential. Albeit with big risk attached. Not only due to the possibility that chip stocks do not fall further out of favor, but because inverse ETFs like this one, especially with three times leverage, can work against you quickly. Watch out if you consider this route.

The Bottom Line on the Semiconductor Trade

This is not a "go big or go home" type of trade. It is based in large part on the natural cyclicality of markets. And the simple belief that markets of today get hyper-overvalued. That sets them up for subsequent big drops.

Rob Isbitts is a semi-retired CIO, former fiduciary investment advisor, and Barchart columnist. Check out his other work at ETFYourself.com (featuring the Fresh Charts weekly trading post), and ROAR.PiTrade.com, helping investors to better-manage their own portfolios.

On the date of publication, Rob Isbitts did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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台积电成熟制程酝酿涨价

重要性3/5 中

对GFS成熟制程定价具有直接行业意义，但消息较旧且尚未获公司确认。

标签

标的：`GFS`来源：GuruFocus.com发布日期：2026-07-14重要性：3/5 中评级理由：对GFS成熟制程定价具有直接行业意义，但消息较旧且尚未获公司确认。评级依据：secondary_source原文字数：226

中文摘要

核心结论

Wedbush称台积电可能从2027年初上调成熟制程代工价格，若实施，将是三年多来首次调整，并可能改善成熟制程代工行业的定价环境。

重要性评级

评级：3/5（中）

消息对台积电、联电、GlobalFoundries和Tower Semiconductor具有行业参考价值，但来自二手转述，最终价格尚未确定。

关键事实

Wedbush报告称，台积电可能自2027年初开始提高成熟制程价格。
若执行，这将是台积电三年多来首次调整成熟制程价格。
最终定价决策预计在2026年稍晚作出，文章未给出具体日期和涨幅。
Wedbush认为涨价可能反映传统制程需求改善和代工行业定价趋稳。
联电、GlobalFoundries和Tower Semiconductor可能从行业价格走强中受益。
台积电仍受人工智能和先进制程需求支撑，但本文没有提供订单或利用率数据。

作者观点与证据

文章采纳Wedbush对成熟制程周期改善的判断，主要证据是潜在涨价计划。涨价尚未由台积电在文中确认，行业受益结论也属于分析师推演。

与相关标的的关系

GFS（GlobalFoundries，格芯）以成熟及特色制程为主，若龙头提高价格，可能改善其议价环境；实际影响仍取决于产能利用率、客户合同和各制程节点竞争。

时效性与限制

文章发布于美东时间 07/14 14:40（UTC+8 07/15 02:40），较当日日报滞后约两天。消息是GuruFocus对Wedbush报告的转述，缺少原始报告全文和台积电正式确认。

后续跟踪

台积电是否正式宣布成熟制程涨价
涨价幅度、适用节点和客户范围
GFS、联电和Tower的产能利用率
2027年成熟制程供需变化

英文原文

Wedbush Delivers an Urgent Message for TSMC Stock Investors

Nauman Khan

Wed, July 15, 2026 at 2:40 AM GMT+8 1 min read

-2.32%

-5.16%

-10.55%

-2.32%

TSEM

-5.21%

This article first appeared on GuruFocus .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) is in focus after a Wedbush report indicated the chipmaker may raise prices for mature-node manufacturing processes beginning in early 2027.

The reported increase would mark the company's first adjustment to mature-node pricing in more than three years, with final pricing decisions expected later this year.

Warning! GuruFocus has detected 6 Warning Signs with ORCL.

Is TSM fairly valued? Test your thesis with our free DCF calculator.

Wedbush said the development could signal improving conditions across the mature-node foundry market. The firm noted that any pricing increase by Taiwan Semiconductor may support stronger industry pricing trends and reflect healthier demand dynamics for legacy chip production.

Wedbush added that other foundry companies, including United Microelectronics ( NYSE:UMC ), GlobalFoundries ( NASDAQ:GFS ) and Tower Semiconductor (TSEM), could also benefit if industry pricing strengthens.

The update comes as Taiwan Semiconductor continues to benefit from robust demand tied to artificial intelligence and advanced semiconductor manufacturing. Investors are also closely watching the company ahead of upcoming earnings results for further insight into pricing trends and market conditions.

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SOXL面临资本开支与波动双压

重要性5/5 高

直接对应SOXL，提供持仓结构、期权防御和资本开支观察窗口，但部分阈值缺乏方法披露。

标签

标的：`SOXL`来源：24/7 Wall St.发布日期：2026-07-14重要性：5/5 高评级理由：直接对应SOXL，提供持仓结构、期权防御和资本开支观察窗口，但部分阈值缺乏方法披露。评级依据：portfolio_relevance, fact_density, evidence_caveat原文字数：945

中文摘要

核心结论

SOXL未来12个月的两项关键变量是大型云服务商人工智能资本开支能否延续，以及高波动环境下每日重置造成的复利损耗。文章认为，即使芯片基本面保持稳定，持续震荡也可能侵蚀三倍杠杆基金的累计表现。

重要性评级

评级：5/5（高）

文章直接覆盖SOXL的持仓、衍生品结构、期权防御信号和资本开支验证窗口，相关度与事实密度均高。

关键事实

文章发布于美东时间 07/14 14:08（UTC+8 07/15 02:08）。
文中称SOXL年内一度上涨近293%，随后一个月回撤约30%，并在07/07（未给出具体时刻）单日下跌16%。
SOXL净资产约169亿美元；AMD占4.56%、Broadcom占4.51%、Micron占4.33%、NVIDIA占3.89%、Intel占3.57%。
衍生品约占净资产39.6%，为互换提供支持的现金及短期工具约占30.3%。
2026年第一季度全球半导体收入约2990亿美元，同比增长约79%；文章预计台湾晶圆代工收入2026年增长约31%。
文章称美联储中性利率估计约3.5%，意味着大幅降息空间有限。
SOXL全期权链Put/Call（看跌与看涨期权比率）为2.05，11月20日到期合约为22.68，12月到期合约为15.22。
作者提出，SOXL滚动20日已实现波动率持续高于60%年化时，复利拖累通常会压过方向性收益。

作者观点与证据

作者将大型云服务商资本开支与基金自身波动损耗列为两条压力线，并引用半导体收入、基金持仓、期权比率和历史周期支持判断。关于“60%波动率阈值”和资本开支削减后的价格反应属于作者经验判断，文章没有展示回测样本或模型。

与相关标的的关系

SOXL直接承受半导体指数的每日三倍变化，AMD、NVIDIA、Broadcom和Micron会通过现货持仓及互换敞口影响基金。SMH（VanEck半导体ETF）持有相近芯片公司但不采用每日三倍重置，可用于观察行业走势与杠杆损耗的差异。

时效性与限制

文章列出的期权比率和资产结构属于时点数据，需确认统计日期及数据源。文中夹有理财顾问推广内容，且部分情景使用“若四家云服务商中两家削减2027年资本开支”等自设条件，并非企业已公布事实。

后续跟踪

Microsoft、Meta、Amazon和Alphabet的2027年人工智能资本开支指引。
美联储点阵图及耐用品订单中的半导体出货数据。
SOXL滚动20日已实现波动率与累计跟踪偏离。
AMD和NVIDIA隐含波动率及远月Put/Call变化。

英文原文

The 2 Pressure Points That Will Determine SOXL’s Next 12 Months

Michael Williams

Wed, July 15, 2026 at 2:08 AM GMT+8 5 min read

SOXL

-13.94%

-3.70%

-5.33%

Quick Read

SOXL surged 293% year to date but has shed roughly 30% in the last month, including a brutal 16% single-day drop on July 7.

Investors avoiding SOXL's daily reset penalty can access the same chip names through the unleveraged SMH ETF instead, which includes AMD among its holdings.

A November put/call ratio of 22.68 signals options desks are hedging hard into fall, where 60%-plus realized volatility typically overwhelms SOXL's directional gains.

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The Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) just handed investors a brutal reminder of how leverage cuts both ways. After ripping nearly 293% higher year to date, SOXL has given back roughly 30% in the last month alone, including a 16% single-day drop on July 7. For anyone still holding SOXL after this run, the next 12 months will hinge on two very specific pressure points that every SOXL holder needs to watch.

Thongden Studio / Shutterstock.com

The Fund and Its Current Position

SOXL delivers three times the daily performance of the ICE Semiconductors Index, using swaps and futures to amplify a basket that runs from foundries and fabless designers to equipment makers. The current fund holds $16.9 billion in net assets, with AMD (4.56%), Broadcom (4.51%), Micron (4.33%), NVIDIA (3.89%), and Intel (3.57%) anchoring the top of the book. Derivatives account for roughly 39.6% of net assets, with cash and short-term instruments backing the swaps at about 30.3%. That structure is why SOXL resets every single day, and why holding it for a year is a fundamentally different bet than holding the underlying chip stocks.

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The Macro Factor: AI Capex Durability and Fed Policy

The single biggest external variable for SOXL over the next 12 months is whether the AI infrastructure buildout keeps pulling semiconductor demand forward. Worldwide semiconductor revenue hit roughly $299 billion in Q1 2026, up about 79% year over year, and Taiwan's foundry revenue alone is expected to grow roughly 31% in 2026. That backdrop has powered SOXL's run. Vanguard's 2026 outlook flags the risk directly, noting that AI scalers' earnings track records will come under renewed scrutiny as they embark on unprecedented AI capital investment, with the Fed's neutral rate estimated near 3.5%, limiting room for aggressive cuts.

Story Continues

What to watch: the hyperscaler capex guidance updates from Microsoft, Meta, Amazon, and Alphabet during Q2 2026 earnings calls in late July and early August, and the September Fed dot plot. If any two of the four hyperscalers trim 2027 AI capex guidance, expect NVIDIA and Broadcom, the two names driving SOXL's largest swap exposures, to reprice quickly. The CME FedWatch tool and the BEA's monthly durable goods orders (semiconductor shipments line) are the highest-frequency reads. In the 2018 to 2019 memory downturn, the SOX index fell roughly 35% peak to trough as capex guidance rolled over. SOXL would translate that into something closer to a wipeout.

The Fund-Specific Factor: Volatility Decay in a Choppy Tape

Leverage decay is the mechanic most SOXL holders underestimate. The fund resets daily, so a 5% down day followed by a 5% up day leaves the underlying flat but SOXL down. With the VIX at just over 17 and up sharply in the last three sessions, and the put/call ratio at 2.05 across the full options chain, the market is bracing for exactly the two-sided chop that eats leveraged funds alive. Individual expirations tell an even louder story: the November 20 expiry shows a put/call ratio of 22.68, with December at 15.22. Options desks are hedging into the fall.

Watch AMD and NVIDIA implied volatility on the CBOE, and track SOXL's rolling 20-day realized volatility. Anything sustained above 60% annualized is where compounding drag typically overwhelms directional gains. For investors who want semiconductor exposure without the decay tax, the unleveraged VanEck Semiconductor ETF ( NYSEARCA:SMH ) captures the same names without the daily reset penalty.

The Close

The single macro signal is hyperscaler AI capex guidance on the late-July earnings calls. If the top four trim 2027 spending, SOXL's swap book reprices violently. The single fund-specific signal is realized volatility: if the SOX index chops sideways at 40%-plus vol for a quarter, SOXL will bleed even in a flat market, regardless of what chip fundamentals do.

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Contact editorial@247wallst.com for any questions or corrections.

打开原文

美国六月通胀降温但能源仍高

重要性5/5 高

美国官方CPI发布距检索仅约三天，来源权威、数字密集，并直接影响利率预期及跨资产定价。

标签

来源：U.S. Bureau of Labor Statistics发布日期：2026-07-14重要性：5/5 高评级理由：美国官方CPI发布距检索仅约三天，来源权威、数字密集，并直接影响利率预期及跨资产定价。评级依据：timeliness, evidence_strength, fact_density原文字数：20978

中文摘要

核心结论

美国6月消费者价格指数（CPI）环比下降0.4%，创2020年4月以来最大单月降幅；能源价格环比下跌5.7%是主要拖累。剔除食品和能源的核心CPI环比持平、同比由2.9%降至2.6%，显示基础通胀压力继续缓和，但能源同比仍上涨15.7%。

重要性评级

评级：5/5（高）

这是美东时间 07/14 08:30（UTC+8 07/14 20:30）发布的美国官方通胀数据，距离本批次检索仅约三天。数据覆盖总通胀、核心通胀、住房、食品和能源等关键分项，对利率预期及跨资产定价具有较高参考价值。

关键事实

美国劳工统计局公布，6月城市消费者价格指数（CPI-U）经季节调整后环比下降0.4%，5月为上涨0.5%；这是2020年4月下降0.8%以来的最大单月降幅。
CPI-U同比上涨3.5%，低于5月的4.2%；未经季节调整的指数水平为333.952，以1982—1984年为100。
能源指数环比下降5.7%，其中汽油下降9.7%、燃料油下降9.2%、电力下降1.0%；能源同比仍上涨15.7%，汽油同比上涨26.7%。
核心CPI环比持平，同比上涨2.6%，前值为2.9%；扣除能源服务后的服务价格环比持平、同比上涨3.2%。
住房指数环比上涨0.1%，为2021年1月以来最小单月涨幅，同比上涨3.3%；业主等价租金上涨0.2%，实际租金上涨0.1%。
食品价格环比上涨0.2%、同比上涨3.0%；鸡蛋当月上涨4.3%，外出餐饮同比上涨3.4%。
机动车保险环比下降2.0%，通信下降1.5%，服装下降0.6%；航空票价同比上涨26.5%。
7月CPI计划于美东时间 08/12 08:30（UTC+8 08/12 20:30）发布。

作者观点与证据

该材料是美国劳工统计局的统计公告，没有提出市场方向或政策判断。证据来自全国价格样本及官方季节调整数据：月度通胀下降主要由能源推动，核心价格持平、住房涨幅收窄则提供了基础通胀缓和的独立证据。能源同比涨幅仍高，说明月度回落与过去12个月的价格水平压力同时存在。

与相关标的的关系

文章未对应具体股票代码。其直接用途是提供美国通胀基准，影响路径涉及美国国债收益率、美元、黄金及美股估值所依赖的利率预期；公告本身没有记录发布后的资产价格反应，也未证明任何单一标的波动由该数据引起。

时效性与限制

公告发布于美东时间 07/14 08:30（UTC+8 07/14 20:30），并于美东时间 07/16 22:42（UTC+8 07/17 10:42）检索。CPI基于零售价格样本，月度总指数变动的估计标准误约为0.04个百分点；季节调整因子每年2月更新并可回修此前五年数据，链式CPI的近10至12个月数据也可能修订。

后续跟踪

7月能源价格回落能否延续，以及汽油同比26.7%的涨幅如何变化。
住房、业主等价租金和实际租金的月度增速是否继续放缓。
核心服务价格与航空票价、机动车保险等波动分项的后续变化。
美东时间 08/12 08:30（UTC+8 08/12 20:30）发布的7月CPI及历史数据修订。

英文原文

Consumer Price Index News Release

Economic News Release

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CPI

Consumer Price Index

CPI Homepage

CPI Overview

CPI FAQs

Contact CPI

Consumer Price Index News Release

Transmission of material in this release is embargoed until

8:30 a.m. (ET) Tuesday, July 14, 2026 USDL-26-1191

Technical information: (202) 691-7000 cpi_info@bls.gov www.bls.gov/cpi

Media contact: (202) 691-5902 * PressOffice@bls.gov

CONSUMER PRICE INDEX - JUNE 2026

The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June

after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported today. This decline in the all items

index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all

items index increased 3.5 percent before seasonal adjustment.

The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent

in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting

increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the

month, as did the index for food at home and the index for food away from home.

The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include

motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for

recreation, household furnishings and operations, and personal care were among the major indexes that increased in

June.

The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending

May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over

the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index

increased 3.0 percent over the last year.

Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average

Seasonally adjusted changes from preceding month

Un-

adjusted

12-mos.

ended

Jun. 2026

Dec.

2025

Jan.

2026

Feb.

2026

Mar.

2026

Apr.

2026

May

2026

Jun.

2026

All items

0.3

0.2

0.3

0.9

0.6

0.5

-0.4

3.5

Food

0.7

0.2

0.4

0.0

0.5

0.2

3.0

Food at home

0.6

0.2

0.4

-0.2

0.7

0.1

0.2

2.7

Food away from home ( 1 )

0.7

0.1

0.3

0.2

0.3

0.2

3.4

Energy

0.3

-1.5

0.6

10.9

3.8

3.9

-5.7

15.7

Energy commodities

-0.3

-3.3

1.1

21.3

5.6

6.7

-9.5

27.1

Gasoline (all types)

-0.3

-3.2

0.8

21.2

5.4

7.0

-9.7

26.7

Fuel oil

-0.8

-5.7

11.1

30.7

5.8

3.8

-9.2

42.9

Energy services

1.0

0.2

0.4

1.6

0.4

-0.7

3.9

Electricity

0.2

-0.1

-0.7

0.8

2.1

0.6

-1.0

4.0

Utility (piped) gas service

3.7

1.0

3.1

-0.9

-0.1

-0.5

0.5

3.0

All items less food and energy

0.2

0.3

0.2

0.4

0.2

0.0

2.6

Commodities less food and energy commodities

0.0

0.1

0.0

-0.1

0.8

New vehicles

0.0

0.1

0.0

0.1

-0.2

-0.3

0.0

0.5

Used cars and trucks

-0.9

-1.8

-0.4

0.0

0.1

-0.2

-1.8

Apparel

0.3

1.3

1.0

0.6

0.3

-0.6

3.9

Medical care commodities ( 1 )

0.3

-0.1

0.0

-1.0

-0.4

-0.7

-0.2

-2.1

Services less energy services

0.3

0.4

0.3

0.2

0.5

0.3

0.0

3.2

Shelter

0.4

0.2

0.3

0.6

0.3

0.1

3.3

Transportation services

0.4

1.4

0.2

0.6

0.3

-0.6

-0.3

3.4

Medical care services

0.4

0.3

0.6

0.0

0.5

-0.1

2.9

Footnotes

(1) Not seasonally adjusted.

Food

The food index rose 0.2 percent in June, as it did in May. The index for food at home also increased 0.2 percent over

the month. Four of the six major grocery store food group indexes increased in June. The meats, poultry, fish, and

eggs index increased 0.6 percent over the month as the eggs index rose 4.3 percent. The index for other food at home

increased 0.5 percent in June, and the index for dairy and related products rose 1.2 percent. The cereals and bakery

products index increased 0.3 percent over the month.

In contrast, the index for nonalcoholic beverages fell 1.5 percent in June as the index for coffee declined 2.0 percent.

The fruits and vegetables index decreased 0.2 percent over the month.

The food away from home index rose 0.2 percent in June. The index for full service meals rose 0.4 percent, and the

index for limited service meals rose 0.1 percent over the month.

The index for food at home rose 2.7 percent over the 12 months ending in June. The fruits and vegetables index rose 5.3

percent over the last 12 months. The index for other food at home increased 2.4 percent, and the index for meats,

poultry, fish, and eggs rose 2.6 percent over the year. The nonalcoholic beverages index increased 2.9 percent over the

12 months ending in June, and the cereals and bakery products index rose 2.4 percent over the same period. The index

for dairy and related products rose 0.4 percent over the year.

The food away from home index rose 3.4 percent over the last year. The index for full service meals rose 3.7 percent,

and the index for limited service meals rose 3.1 percent over the 12 months ending in June.

Energy

The index for energy decreased 5.7 percent in June, the largest 1-month decline since April 2020. The gasoline index

decreased 9.7 percent over the month. (Before seasonal adjustment, gasoline prices also decreased 9.7 percent in June.)

The index for electricity fell 1.0 percent in June. Conversely, the index for natural gas increased 0.5 percent over

the same period.

The index for energy increased 15.7 percent over the past 12 months due in large part to the index for gasoline rising

26.7 percent over the same period. The electricity index increased 4.0 percent over the 12 months ending in June, and

the natural gas index rose 3.0 percent.

All items less food and energy

The index for all items less food and energy was unchanged in June after rising 0.2 percent in May. The shelter index

increased 0.1 percent over the month, the smallest 1-month change reported for that index since January 2021. The

index for owners' equivalent rent rose 0.2 percent in June, and the index for rent increased 0.1 percent. The lodging

away from home index fell 2.3 percent over the month.

The motor vehicle insurance index declined 2.0 percent in June after falling 1.7 percent in May. The index for

communication fell 1.5 percent over the month, and the index for apparel declined 0.6 percent. The used cars and

trucks index fell 0.2 percent in June.

The medical care index decreased 0.1 percent in June after rising 0.3 percent in May. The index for physicians'

services decreased 0.2 percent over the month, and the index for prescription drugs declined 0.1 percent. Conversely,

the hospital services index increased 0.1 percent in June.

The index for recreation increased 0.5 percent over the month after rising 0.3 percent in May. The household furnishings

and operations index rose 0.2 percent in June as did the personal care index. The index for new vehicles was unchanged

in June after declining 0.3 percent in May.

The index for all items less food and energy rose 2.6 percent over the past 12 months. The shelter index increased 3.3

percent over the last year. Other indexes with notable increases over the last year include airline fares (+26.5

percent), medical care (+2.0 percent), recreation (+2.8 percent), and household furnishings and operations (+2.5

percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5 percent over the last 12 months to an index

level of 333.952 (1982-84=100). For the month, the index decreased 0.3 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12

months to an index level of 327.075 (1982-84=100). For the month, the index decreased 0.5 percent prior to seasonal

adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.4 percent over the last 12 months. For

the month, the index decreased 0.3 percent on a not seasonally adjusted basis. Please note that the indexes for the

past 10 to 12 months are subject to revision.

_______________

The Consumer Price Index news release for July 2026 is scheduled to be published on Wednesday, August 12, 2026, at

8:30 a.m. (ET).

Technical Note

Brief Explanation of the CPI

The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects

spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers.

The all urban consumer group represents over 90 percent of the total U.S. population. It is based on the expenditures

of almost all residents of urban or metropolitan areas, including professionals, the self-employed, the poor, the

unemployed, and retired people, as well as urban wage earners and clerical workers. Not included in the CPI are the

spending patterns of people living in rural nonmetropolitan areas, farming families, people in the Armed Forces, and

those in institutions, such as prisons and mental hospitals. Consumer inflation for all urban consumers is measured by

two indexes, namely, the Consumer Price Index for All Urban Consumers (CPI-U) and the Chained Consumer Price Index for

All Urban Consumers (C-CPI-U).

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is based on the expenditures of households

included in the CPI-U definition that meet two requirements: more than one-half of the household's income must come

from clerical or wage occupations, and at least one of the household's earners must have been employed for at least 37

weeks during the previous 12 months. The CPI-W population represents approximately 30 percent of the total U.S.

population and is a subset of the CPI-U population.

The CPIs are based on prices of food, clothing, shelter, fuels, transportation, doctors' and dentists' services, drugs,

and other goods and services that people buy for day-to-day living. Prices are collected each month in 75 urban areas

across the country from about 6,000 housing units and approximately 22,000 retail establishments (department stores,

supermarkets, hospitals, and other types of stores and service establishments). All taxes directly associated with the

purchase and use of items are included in the index. Prices of fuels and a few other items are obtained every month in

all 75 locations. Prices of most other commodities and services are collected every month in the three largest

geographic areas and every other month in other areas. Prices of most goods and services are obtained by personal

visit, telephone call, web, or app collection by the Bureau's trained representatives.

In calculating the index, price changes for the various items in each location are aggregated using weights, which

represent their importance in the spending of the appropriate population group. Local data are then combined to obtain

a U.S. city average. For the CPI-U and CPI-W, separate indexes are also published by size of city, by region of the

country, for cross-classifications of regions and population-size classes, and for 23 selected local areas. Area

indexes do not measure differences in the level of prices among cities; they only measure the average change in prices

for each area since the base period. For the C-CPI-U, data are issued only at the national level. The CPI-U and CPI-W

are considered final when released, but the C-CPI-U is issued in preliminary form and subject to three subsequent

quarterly revisions.

The index measures price change from a designed reference date. For most of the CPI-U and the CPI-W, the reference base

is 1982-84 equals 100. The reference base for the C-CPI-U is December 1999 equals 100. An increase of 7 percent from

the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the

price of a base period market basket of goods and services rising from $100 to $107.

Sampling Error in the CPI

The CPI is a statistical estimate that is subject to sampling error because it is based upon a sample of retail prices

and not the complete universe of all prices. BLS calculates and publishes estimates of the 1-month, 2-month, 6-month,

and 12-month percent change standard errors annually for the CPI-U. These standard error estimates can be used to

construct confidence intervals for hypothesis testing. For example, the estimated standard error of the 1-month percent

change is 0.04 percent for the U.S. all items CPI. This means that if we repeatedly sample from the universe of all

retail prices using the same methodology, and estimate a percentage change for each sample, then 95 percent of these

estimates will be within 0.08 percent of the 1-month percentage change based on all retail prices. For example, for a

1-month change of 0.2 percent in the all items CPI-U, we are 95 percent confident that the actual percent change based

on all retail prices would fall between 0.12 and 0.28 percent. For the latest data, including information on how to use

the estimates of standard error, see www.bls.gov/cpi/tables/variance-estimates/home.htm.

Calculating Index Changes

Movements of the indexes from 1 month to another are usually expressed as percent changes rather than changes in index

points, because index point changes are affected by the level of the index in relation to its base period, while

percent changes are not. The following table shows an example of using index values to calculate percent changes:

Item A Item B Item C

Year I 112.500 225.000 110.000

Year II 121.500 243.000 128.000

Change in index points 9.000 18.000 18.000

Percent change 9.0/112.500 x 100 = 8.0 18.0/225.000 x 100 = 8.0 18.0/110.000 x 100 = 16.4

Use of Seasonally Adjusted and Unadjusted Data

The Consumer Price Index (CPI) program produces both unadjusted and seasonally adjusted data. Seasonally adjusted data

are computed using seasonal factors derived by the X-13ARIMA-SEATS seasonal adjustment method. These factors are

updated each February, and the new factors are used to revise the previous 5 years of seasonally adjusted data. The

factors are available at www.bls.gov/web/cpi/cpi-seasonal-factors.xlsx. For more information on data revision

scheduling, please see the Seasonal Adjustment questions and answers page at

www.bls.gov/cpi/seasonal-adjustment/questions-and-answers.htm and the Timeline of Seasonal Adjustment Methodological

Changes at www.bls.gov/cpi/seasonal-adjustment/timeline-seasonal-adjustment-methodology-changes.htm.

How to Use Seasonally Adjusted and Unadjusted Data

For analyzing short-term price trends in the economy, seasonally adjusted changes are usually preferred since they

eliminate the effect of changes that normally occur at the same time and in about the same magnitude every year-such as

price movements resulting from weather events, production cycles, model changeovers, holidays, and sales. This allows

data users to focus on changes that are not typical for the time of year.

The unadjusted data are of primary interest to consumers concerned about the prices they actually pay. Unadjusted data

are also used extensively for escalation purposes. Many collective bargaining contract agreements and pension plans,

for example, tie compensation changes to the Consumer Price Index before adjustment for seasonal variation. BLS advises

against the use of seasonally adjusted data in escalation agreements because seasonally adjusted series are revised

annually for five years.

Intervention Analysis

The Bureau of Labor Statistics uses intervention analysis seasonal adjustment (IASA) for some CPI series. Sometimes

extreme values or sharp movements can distort the underlying seasonal pattern of price change. Intervention analysis

seasonal adjustment is a process by which the distortions caused by such unusual events are estimated and removed from

the data prior to calculation of seasonal factors. The resulting seasonal factors, which more accurately represent the

seasonal pattern, are then applied to the unadjusted data.

For example, this procedure was used for the motor fuel series to offset the effects of the 2009 return to normal

pricing after the worldwide economic downturn in 2008. Retaining this outlier data during seasonal factor calculation

would distort the computation of the seasonal portion of the time series data for motor fuel, so it was estimated and

removed from the data prior to seasonal adjustment. Following that, seasonal factors were calculated based on this

"prior adjusted" data. These seasonal factors represent a clearer picture of the seasonal pattern in the data. The last

step is for motor fuel seasonal factors to be applied to the unadjusted data.

For the seasonal factors introduced for January 2026, BLS adjusted 57 series using intervention analysis seasonal

adjustment, including selected food and beverage items, motor fuels and vehicles.

Revision of Seasonally Adjusted Indexes

Seasonally adjusted data, including the U.S. city average all items index levels, are subject to revision for up to 5

years after their original release. Every year, economists in the CPI calculate new seasonal factors for seasonally

adjusted series and apply them to the last 5 years of data. Seasonally adjusted indexes beyond the last 5 years of

data are considered to be final and not subject to revision. For January 2026, revised seasonal factors and seasonally

adjusted indexes for 2021 to 2025 were calculated and published. For series which are directly adjusted using the

Census X-13ARIMA-SEATS seasonal adjustment software, the seasonal factors for 2025 will be applied to data for 2026 to

produce the seasonally adjusted 2026 indexes. Series which are indirectly seasonally adjusted by summing seasonally

adjusted component series have seasonal factors which are derived and are therefore not available in advance.

Determining Seasonal Status

Each year the seasonal status of every series is reevaluated based upon certain statistical criteria. Using these

criteria, BLS economists determine whether a series should change its status from "not seasonally adjusted" to

"seasonally adjusted", or vice versa. If any of the 81 components of the U.S. city average all items index change

their seasonal adjustment status from seasonally adjusted to not seasonally adjusted, not seasonally adjusted data

will be used in the aggregation of the dependent series for the last 5 years, but the seasonally adjusted indexes

before that period will not be changed. For 2026, 36 of the 81 components of the U.S. city average all items index are

not seasonally adjusted.

Contact Information

For additional information about the CPI visit www.bls.gov/cpi or contact the CPI Information and Analysis Section at

202-691-7000 or cpi_info@bls.gov.

For additional information on seasonal adjustment in the CPI visit www.bls.gov/cpi/seasonal-adjustment/home.htm

If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay

services.

Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Unadjusted indexes

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025

May

2026

Jun.

2026

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items

100.000

322.561

335.123

333.952

3.5

-0.3

0.6

0.5

-0.4

Food

13.447

339.498

349.032

349.731

3.0

0.2

0.5

0.2

Food at home

8.188

313.028

321.047

321.631

2.7

0.2

0.7

0.1

0.2

Cereals and bakery products

1.016

360.040

367.300

368.800

2.4

0.4

0.1

0.4

0.3

Meats, poultry, fish, and eggs

1.943

342.058

349.340

350.974

2.6

0.5

1.3

-0.2

0.6

Dairy and related products ( 1 )

0.731

270.626

268.523

271.683

0.4

1.2

0.8

-0.6

1.2

Fruits and vegetables

1.288

351.414

372.644

370.090

5.3

-0.7

1.8

0.2

-0.2

Nonalcoholic beverages and beverage materials

0.993

229.103

239.443

235.793

2.9

-1.5

1.1

0.6

-1.5

Other food at home

2.217

277.737

282.209

284.373

2.4

0.8

-0.4

0.0

0.5

Food away from home ( 1 )

5.260

382.750

394.728

395.633

3.4

0.2

0.3

0.2

Energy

7.791

284.307

346.042

328.950

15.7

-4.9

3.8

3.9

-5.7

Energy commodities

4.551

289.326

406.301

367.630

27.1

-9.5

5.6

6.7

-9.5

Fuel oil

0.116

339.767

534.873

485.387

42.9

-9.3

5.8

3.8

-9.2

Motor fuel

4.377

283.750

399.294

360.912

27.2

-9.6

5.7

6.8

-9.6

Gasoline (all types)

4.250

282.914

396.961

358.518

26.7

-9.7

5.4

7.0

-9.7

Energy services

3.240

291.093

297.898

302.347

3.9

1.5

1.6

0.4

-0.7

Electricity

2.505

299.728

307.226

311.818

4.0

1.5

2.1

0.6

-1.0

Utility (piped) gas service

0.735

259.734

263.682

267.609

3.0

1.5

-0.1

-0.5

0.5

All items less food and energy

78.762

328.364

336.846

336.882

2.6

0.0

0.4

0.2

0.0

Commodities less food and energy commodities

18.737

166.655

167.785

168.019

0.8

0.1

0.0

-0.1

Apparel

2.457

130.844

137.510

135.917

3.9

-1.2

0.6

0.3

-0.6

New vehicles

3.734

178.443

179.155

179.338

0.5

0.1

-0.2

-0.3

0.0

Used cars and trucks

2.629

186.671

180.554

183.360

-1.8

1.6

0.0

0.1

-0.2

Medical care commodities ( 1 )

1.409

417.575

409.628

408.974

-2.1

-0.2

-0.4

-0.7

-0.2

Alcoholic beverages ( 1 )

0.820

294.883

300.726

300.824

2.0

0.0

0.3

0.1

0.0

Tobacco and smoking products ( 1 )( 2 )

0.447

103.335

110.801

110.045

6.5

-0.7

0.5

1.0

-0.7

Services less energy services

60.025

431.800

445.580

445.448

3.2

0.0

0.5

0.3

0.0

Shelter

35.149

415.455

428.677

429.062

3.3

0.1

0.6

0.3

0.1

Rent of primary residence

7.680

434.594

446.380

446.945

2.8

0.1

0.5

0.4

0.1

Owners' equivalent rent of residences ( 3 )

25.700

427.470

440.357

441.365

3.3

0.2

0.5

0.3

0.2

Medical care services

6.821

633.659

652.587

652.152

2.9

-0.1

0.0

0.5

-0.1

Physicians' services ( 1 )

1.658

428.398

439.715

438.626

2.4

-0.2

0.6

0.0

-0.2

Hospital services ( 1 )( 4 )

2.145

435.037

456.655

457.320

5.1

0.1

-0.3

0.7

0.1

Transportation services

6.377

447.222

465.945

462.494

3.4

-0.7

0.3

-0.6

-0.3

Motor vehicle maintenance and repair ( 1 )

1.034

427.256

452.383

457.313

7.0

1.1

-0.2

0.8

1.1

Motor vehicle insurance

2.617

895.281

877.278

858.481

-4.1

-2.1

0.1

-1.7

-2.0

Airline fares

1.107

255.852

329.824

323.758

26.5

-1.8

2.8

2.7

0.2

Footnotes

(1) Not seasonally adjusted.

(2) Indexes on a December 2024=100 base.

(3) Indexes on a December 1982=100 base.

(4) Indexes on a December 1996=100 base.

Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by detailed expenditure category, June 2026

[1982-84=100, unless otherwise noted]

Expenditure category

Relative

importance

May

2026

Unadjusted percent change

Seasonally adjusted percent change

Jun.

2025-

Jun.

2026

May

2026-

Jun.

2026

Mar.

2026-

Apr.

2026

Apr.

2026-

May

2026

May

2026-

Jun.

2026

All items

100.000

3.5

-0.3

0.6

0.5

-0.4

Food

13.447

3.0

0.2

0.5

0.2

Food at home

8.188

2.7

0.2

0.7

0.1

0.2

Cereals and bakery products

1.016

2.4

0.4

0.1

0.4

0.3

Cereals and cereal products

0.306

2.4

1.0

0.7

-0.6

0.7

Flour and prepared flour mixes

0.037

-1.3

-0.1

-1.3

2.6

-1.1

Breakfast cereal ( 1 )

0.131

2.3

0.8

0.0

-0.5

0.8

Rice, pasta, cornmeal

0.137

3.2

1.5

1.3

-1.2

1.6

Rice ( 1 )( 2 )( 3 )

4.1

0.6

-0.4

-1.1

0.6

Bakery products ( 1 )

0.709

2.5

0.1

-0.3

0.9

0.1

Bread ( 1 )( 2 )

0.171

3.9

0.5

0.9

-0.7

0.5

White bread ( 1 )( 3 )

3.9

0.9

1.1

-0.9

0.9

Bread other than white ( 1 )( 3 )

4.3

0.0

0.8

-0.4

0.0

Fresh biscuits, rolls, muffins ( 1 )( 2 )

0.117

1.4

-1.2

-2.8

4.7

-1.2

Cakes, cupcakes, and cookies ( 1 )

0.207

3.5

-0.6

0.6

-0.4

-0.6

Cookies ( 1 )( 3 )

5.1

-1.0

0.5

0.4

-1.0

Fresh cakes and cupcakes ( 1 )( 3 )

1.1

-0.9

0.0

-1.0

-0.9

Other bakery products

0.215

1.8

1.2

-0.7

1.0

1.2

Fresh sweetrolls, coffeecakes, doughnuts ( 1 )( 3 )

2.2

2.0

0.7

-2.8

2.0

Crackers, bread, and cracker products ( 3 )

3.1

3.3

-2.3

0.8

3.2

Frozen and refrigerated bakery products, pies, tarts, turnovers ( 3 )

-1.2

0.7

-0.4

2.0

-0.1

Meats, poultry, fish, and eggs

1.943

2.6

0.5

1.3

-0.2

0.6

Meats, poultry, and fish

1.831

5.7

0.5

1.2

-0.4

0.4

Meats

1.158

7.4

1.0

1.8

-1.1

0.9

Beef and veal

0.629

11.8

1.4

2.7

-1.6

1.2

Uncooked ground beef

0.234

12.4

1.8

2.7

-1.3

1.3

Uncooked beef roasts ( 2 )

0.086

13.8

1.3

5.8

-3.6

1.7

Uncooked beef steaks ( 2 )

0.236

11.4

1.0

1.5

-1.9

0.5

Uncooked other beef and veal ( 1 )( 2 )

0.073

10.0

1.8

2.7

-0.2

1.8

Pork

0.337

2.4

0.1

0.6

0.3

-0.3

Bacon, breakfast sausage, and related products ( 2 )

0.131

-0.9

-1.0

0.3

0.0

-1.4

Bacon and related products ( 3 )

-1.5

0.2

0.1

-1.8

Breakfast sausage and related products ( 2 )( 3 )

1.1

0.4

0.2

0.8

0.0

Ham

0.067

5.6

0.8

0.3

2.0

0.0

Ham, excluding canned ( 3 )

5.5

0.9

0.1

1.8

0.6

Pork chops ( 1 )

0.045

5.6

1.8

2.5

1.2

1.8

Other pork including roasts, steaks, and ribs ( 1 )( 2 )

0.094

2.6

0.2

1.2

-0.2

0.2

Other meats

0.192

2.9

1.4

1.2

-1.8

1.9

Frankfurters ( 3 )

7.2

7.7

5.8

-3.0

6.7

Lunchmeats ( 1 )( 2 )( 3 )

1.8

0.3

1.4

-1.5

0.3

Poultry

0.357

-0.1

-0.6

-0.9

0.6

-1.0

Chicken ( 2 )

0.280

-2.3

-0.5

-1.1

-0.1

-0.8

Fresh whole chicken ( 3 )

-2.3

0.2

-1.5

-0.3

-0.6

Fresh and frozen chicken parts ( 3 )

-2.2

-0.8

-0.9

0.3

-1.1

Other uncooked poultry including turkey ( 2 )

0.077

8.6

-0.7

0.1

2.4

-0.3

Fish and seafood ( 1 )

0.316

6.3

0.1

1.5

1.2

0.1

Fresh fish and seafood ( 1 )( 2 )

0.169

6.2

-0.5

0.8

1.8

-0.5

Processed fish and seafood ( 2 )

0.147

6.7

0.8

1.4

-0.8

1.1

Shelf stable fish and seafood ( 1 )( 3 )

6.6

1.4

2.5

0.2

1.4

Frozen fish and seafood ( 3 )

8.8

0.6

2.3

-1.6

0.2

Eggs

0.113

-27.9

-0.8

1.5

4.0

4.3

Dairy and related products ( 1 )

0.731

0.4

1.2

0.8

-0.6

1.2

Milk ( 1 )( 2 )

0.191

6.6

2.0

1.6

2.2

2.0

Fresh whole milk ( 1 )( 3 )

9.0

3.3

2.9

2.5

3.3

Fresh milk other than whole ( 1 )( 2 )( 3 )

5.5

1.4

1.2

2.2

1.4

Cheese and related products ( 1 )

0.242

-3.6

2.8

1.2

-2.9

2.8

Ice cream and related products

0.109

-1.3

-1.1

0.0

-2.1

Other dairy and related products ( 2 )

0.189

0.5

-0.3

0.2

-0.3

0.1

Fruits and vegetables

1.288

5.3

-0.7

1.8

0.2

-0.2

Fresh fruits and vegetables

1.024

5.7

-1.1

2.3

0.3

-0.5

Fresh fruits

0.528

2.0

-0.9

0.8

0.1

0.4

Apples

0.076

7.1

2.8

1.2

2.4

1.8

Bananas ( 1 )

0.057

1.0

1.3

0.2

-1.8

1.3

Citrus fruits ( 2 )

0.079

6.3

1.6

1.9

-0.2

3.4

Oranges, including tangerines ( 3 )

0.8

2.9

0.6

-0.4

1.7

Other fresh fruits ( 2 )

0.316

-0.2

-2.9

0.5

0.8

0.7

Fresh vegetables

0.496

9.9

-1.2

3.9

0.5

-1.4

Potatoes

0.066

1.4

3.4

1.9

2.5

2.2

Lettuce

0.047

32.1

5.4

-4.8

16.4

6.5

Tomatoes

0.073

19.5

-7.7

15.1

-6.1

-10.0

Other fresh vegetables

0.309

6.4

-1.6

2.9

-0.3

-1.6

Processed fruits and vegetables ( 2 )

0.264

3.2

0.7

0.2

-0.2

0.6

Canned fruits and vegetables ( 2 )

0.100

5.0

0.6

0.0

0.3

Canned fruits ( 1 )( 2 )( 3 )

7.9

1.3

-0.1

0.5

1.3

Canned vegetables ( 2 )( 3 )

3.5

0.3

0.2

0.4

-0.2

Frozen fruits and vegetables ( 2 )

0.084

2.4

1.5

0.0

-0.9

1.5

Frozen vegetables ( 3 )

1.9

1.8

0.0

-2.1

2.1

Other processed fruits and vegetables including dried ( 2 )

0.080

2.0

0.1

0.9

-0.7

0.5

Dried beans, peas, and lentils ( 1 )( 2 )( 3 )

0.6

0.7

1.1

0.1

0.7

Nonalcoholic beverages and beverage materials

0.993

2.9

-1.5

1.1

0.6

-1.5

Juices and nonalcoholic drinks ( 2 )

0.670

0.9

-1.3

1.0

0.3

-1.2

Carbonated drinks

0.326

1.9

-0.7

0.8

0.4

-0.7

Frozen noncarbonated juices and drinks ( 1 )( 2 )

0.004

5.5

0.1

1.2

0.0

0.1

Nonfrozen noncarbonated juices and drinks ( 2 )

0.340

0.0

-1.9

0.9

0.3

-1.7

Beverage materials including coffee and tea ( 2 )

0.323

7.6

-2.0

1.3

1.1

-2.0

Coffee

0.227

12.9

-1.8

2.0

0.6

-2.0

Roasted coffee ( 3 )

12.2

-2.0

2.4

0.7

-2.1

Instant coffee ( 1 )( 3 )

15.9

-1.8

0.7

0.4

-1.8

Other beverage materials including tea ( 1 )( 2 )

0.096

-0.3

-2.3

0.4

2.1

-2.3

Other food at home

2.217

2.4

0.8

-0.4

0.0

0.5

Sugar and sweets

0.325

6.9

1.0

-1.1

1.4

0.6

Sugar and sugar substitutes

0.032

-1.1

-0.6

1.6

-0.1

-0.7

Candy and chewing gum ( 2 )

0.239

9.6

1.7

-1.7

2.1

0.9

Other sweets ( 1 )( 2 )

0.055

1.1

-0.8

-1.0

0.4

-0.8

Fats and oils

0.215

-2.0

1.5

-0.7

-2.4

1.5

Butter and margarine ( 2 )

0.062

-6.9

-0.2

1.2

-2.2

-0.2

Butter ( 3 )

-8.7

-1.5

2.8

-2.1

-1.4

Margarine ( 3 )

-4.1

2.6

-3.2

-2.3

1.8

Salad dressing ( 1 )( 2 )

0.048

-0.2

3.4

-2.8

-4.9

3.4

Other fats and oils including peanut butter ( 2 )

0.105

-0.8

1.6

-1.2

-1.0

1.4

Peanut butter ( 1 )( 2 )( 3 )

-0.8

1.9

-1.2

-2.2

1.9

Other foods

1.677

2.1

0.6

-0.3

0.1

0.3

Soups

0.088

1.8

0.5

1.0

-0.1

Frozen and freeze dried prepared foods

0.290

-0.2

1.8

-0.1

-1.0

1.6

Snacks

0.363

1.3

0.2

0.4

-0.3

0.1

Spices, seasonings, condiments, sauces

0.317

2.8

0.4

0.8

0.0

0.5

Salt and other seasonings and spices ( 2 )( 3 )

4.7

2.1

1.8

-0.6

2.0

Olives, pickles, relishes ( 2 )( 3 )

0.3

-0.5

-1.4

0.2

-1.6

Sauces and gravies ( 2 )( 3 )

1.7

-0.9

0.1

0.7

-0.8

Other condiments ( 3 )

4.7

-2.8

1.8

5.5

-3.0

Baby food and formula ( 1 )( 2 )

0.051

-0.1

1.8

-1.2

1.6

1.8

Other miscellaneous foods ( 1 )( 2 )

0.568

4.3

0.3

-0.9

0.3

Prepared salads ( 3 )( 4 )

1.1

-0.2

3.2

0.4

-0.8

Food away from home ( 1 )

5.260

3.4

0.2

0.3

0.2

Full service meals and snacks ( 1 )( 2 )

2.329

3.7

0.4

0.1

0.3

0.4

Limited service meals and snacks ( 1 )( 2 )

2.634

3.1

0.1

0.4

0.3

0.1

Food at employee sites and schools ( 1 )( 2 )

0.063

1.9

0.9

0.2

0.0

0.9

Food at elementary and secondary schools ( 1 )( 3 )( 5 )

Food from vending machines and mobile vendors ( 1 )( 2 )

0.052

2.3

-0.1

0.1

0.4

-0.1

Other food away from home ( 2 )

0.182

4.4

0.3

-0.1

0.1

-0.1

Energy

7.791

15.7

-4.9

3.8

3.9

-5.7

Energy commodities

4.551

27.1

-9.5

5.6

6.7

-9.5

Fuel oil and other fuels

0.173

23.4

-7.1

4.3

3.3

-6.6

Fuel oil

0.116

42.9

-9.3

5.8

3.8

-9.2

Propane, kerosene, and firewood ( 6 )

0.057

-1.6

-2.8

1.7

2.5

-1.5

Motor fuel

4.377

27.2

-9.6

5.7

6.8

-9.6

Gasoline (all types)

4.250

26.7

-9.7

5.4

7.0

-9.7

Gasoline, unleaded regular ( 3 )

27.3

-10.1

5.6

7.4

-10.1

Gasoline, unleaded midgrade ( 3 )( 7 )

25.1

-8.4

5.1

6.2

-8.4

Gasoline, unleaded premium ( 3 )

23.8

-7.4

4.5

5.5

-7.3

Other motor fuels ( 1 )( 2 )

0.128

44.5

-7.2

17.0

0.8

-7.2

Energy services

3.240

3.9

1.5

1.6

0.4

-0.7

Electricity

2.505

4.0

1.5

2.1

0.6

-1.0

Utility (piped) gas service

0.735

3.0

1.5

-0.1

-0.5

0.5

All items less food and energy

78.762

2.6

0.0

0.4

0.2

0.0

Commodities less food and energy commodities

18.737

0.8

0.1

0.0

-0.1

Household furnishings and supplies ( 8 )

3.316

1.3

0.0

-0.5

-0.2

-0.1

Window and floor coverings and other linens ( 2 )

0.232

-1.9

0.1

-1.7

-0.7

-0.2

Floor coverings ( 1 )( 2 )

0.067

0.4

-0.3

-2.2

-1.3

-0.3

Window coverings ( 1 )( 2 )

0.044

5.7

2.6

0.9

-1.6

2.6

Other linens ( 2 )

0.121

-6.0

-0.5

-2.5

-0.9

-0.7

Furniture and bedding ( 1 )

0.848

1.4

0.5

-0.3

-0.7

0.5

Bedroom furniture ( 1 )

0.292

0.3

-0.5

0.8

-1.1

-0.5

Living room, kitchen, and dining room furniture ( 1 )( 2 )

0.424

2.6

1.5

-0.4

-0.5

1.5

Other furniture ( 2 )

0.128

0.1

-0.4

-1.5

-1.3

-0.8

Appliances ( 2 )

0.197

-2.7

-0.7

-0.4

0.5

-1.5

Major appliances ( 2 )

0.065

-4.3

-0.4

0.1

2.1

-0.8

Laundry equipment ( 1 )( 3 )

-0.2

1.3

1.5

5.6

1.3

Other appliances ( 2 )

0.129

-1.7

-0.8

-0.2

-0.3

-1.7

Other household equipment and furnishings ( 2 )

0.543

0.4

-0.3

0.3

-0.7

-0.4

Clocks, lamps, and decorator items ( 1 )

0.311

-5.2

-1.2

0.0

-2.1

-1.2

Indoor plants and flowers ( 9 )

0.116

5.5

0.8

-0.6

0.2

0.5

Dishes and flatware ( 1 )( 2 )

0.045

13.8

0.5

1.6

-1.9

0.5

Nonelectric cookware and tableware ( 2 )

0.070

12.1

1.7

1.1

0.8

0.7

Tools, hardware, outdoor equipment and supplies ( 1 )( 2 )

0.671

2.9

-0.6

-0.8

-0.6

Tools, hardware and supplies ( 2 )

0.208

4.9

0.7

-1.1

0.2

1.2

Outdoor equipment and supplies ( 1 )( 2 )

0.287

1.5

-1.6

-0.7

-1.0

-1.6

Housekeeping supplies ( 1 )

0.825

2.4

0.3

-0.1

0.5

0.3

Household cleaning products ( 1 )( 2 )

0.298

2.9

1.1

-0.7

1.1

Household paper products ( 1 )( 2 )

0.171

-0.5

-1.1

1.2

-0.3

-1.1

Miscellaneous household products ( 1 )( 2 )

0.356

3.4

0.4

-0.2

0.4

Apparel

2.457

3.9

-1.2

0.6

0.3

-0.6

Men's and boys' apparel

0.609

1.9

-1.0

0.4

-0.1

Men's apparel

0.489

2.2

-1.1

0.1

0.4

0.1

Men's suits, sport coats, and outerwear

0.099

-2.7

-0.5

-2.0

1.2

0.3

Men's underwear, nightwear, swimwear, and accessories

0.134

5.8

0.3

1.1

-0.5

1.2

Men's shirts and sweaters ( 2 )

0.132

2.1

-2.8

3.7

-1.1

-1.0

Men's pants and shorts

0.121

2.0

-1.3

-2.0

1.3

0.3

Boys' apparel

0.120

0.8

-0.9

0.4

-0.6

-0.2

Women's and girls' apparel

0.976

3.8

-1.1

0.1

-0.5

0.0

Women's apparel

0.827

3.5

-1.0

0.0

-0.6

0.0

Women's outerwear

0.067

0.1

-2.1

2.2

-2.9

-2.1

Women's dresses

0.111

0.3

-1.1

-3.3

-3.2

0.0

Women's suits and separates ( 2 )

0.389

5.0

-1.4

-0.2

0.1

0.9

Women's underwear, nightwear, swimwear, and accessories ( 2 )

0.244

4.0

0.0

0.4

0.8

0.5

Girls' apparel

0.149

5.8

-1.8

0.8

0.2

-0.2

Footwear

0.592

4.1

-0.5

1.4

0.6

-0.3

Men's footwear

0.191

3.4

0.1

1.6

-0.2

0.1

Boys' and girls' footwear ( 1 )

0.125

4.7

0.7

0.4

-0.1

0.7

Women's footwear

0.276

4.3

-1.5

1.4

1.3

-1.0

Infants' and toddlers' apparel

0.099

2.0

-1.8

-1.3

1.0

-1.4

Jewelry and watches ( 6 )

0.181

12.4

-3.7

3.1

2.9

-5.2

Watches ( 1 )( 6 )

0.035

5.9

-1.0

0.1

-1.2

-1.0

Jewelry ( 6 )

0.146

14.1

-4.4

3.7

-6.0

Transportation commodities less motor fuel ( 8 )

6.772

-0.3

0.7

-0.1

New vehicles

3.734

0.5

0.1

-0.2

-0.3

0.0

New cars ( 3 )

1.1

0.0

-0.2

-0.1

-0.2

New trucks ( 3 )( 10 )

0.4

0.1

-0.2

-0.3

0.0

Used cars and trucks

2.629

-1.8

1.6

0.0

0.1

-0.2

Motor vehicle parts and equipment ( 1 )

0.336

1.7

0.2

-0.2

-0.7

0.2

Tires ( 1 )

0.282

1.5

0.1

-0.2

-0.8

0.1

Vehicle accessories other than tires ( 1 )( 2 )

0.054

3.1

1.0

-0.1

-0.3

1.0

Vehicle parts and equipment other than tires ( 1 )( 3 )

4.4

1.2

0.0

-0.3

1.2

Motor oil, coolant, and fluids ( 1 )( 3 )

-1.0

1.3

Medical care commodities ( 1 )

1.409

-2.1

-0.2

-0.4

-0.7

-0.2

Medicinal drugs ( 1 )( 8 )

1.277

-2.3

0.0

-0.3

-0.8

0.0

Prescription drugs ( 1 )

0.917

-2.5

-0.1

0.0

-0.9

-0.1

Nonprescription drugs ( 8 )

0.361

-1.7

0.1

-1.6

-0.8

0.1

Medical equipment and supplies ( 1 )( 8 )

0.132

0.0

-1.4

-0.9

0.0

-1.4

Recreation commodities ( 8 )

1.890

2.9

1.0

0.1

-0.1

0.9

Video and audio products ( 8 )

0.255

1.9

1.1

0.3

-0.6

0.7

Televisions ( 11 )

0.103

-2.2

1.3

1.2

-1.5

0.1

USAR打通废磁体稀土回收链

重要性5/5 高

USAR近期直接技术里程碑，事实与标的高度相关，但商业化能力仍待第三方认证和规模数据确认。

标签

标的：`USAR`来源：GlobeNewswire发布日期：2026-07-14重要性：5/5 高评级理由：USAR近期直接技术里程碑，事实与标的高度相关，但商业化能力仍待第三方认证和规模数据确认。评级依据：USAR公司直接披露, 涉及商业级重稀土样品, 连接回收与磁体制造链, 缺少纯度、成本及认证数据原文字数：1787

中文摘要

核心结论

USA Rare Earth（美国稀土公司）在科罗拉多州Wheat Ridge设施用磁体加工废屑制出商业级氧化镝和氧化钕镨样品，验证了重稀土分离与内部循环原料路径。成果仍处于样品生产和客户认证阶段，尚未证明商业规模产量、成本或合格率。

重要性评级

评级：5/5（高）

这是USAR直接发布的近期技术里程碑，涉及重稀土分离、回收原料和磁体一体化链条；公司新闻稿的商业化表述仍需后续运营数据验证。

关键事实

Wheat Ridge湿法冶金设施使用NdFeB（钕铁硼）磁体加工产生的swarf（细粒废屑）制成商业级氧化镝和氧化钕镨样品。
废屑来自公司位于俄克拉何马州Stillwater的磁体制造设施，预计未来最多可满足30%的磁性稀土氧化物原料需求。
样品拟送至英国子公司LCM（Less Common Metals，稀土金属与合金生产商）认证，并转化为稀土金属和甩带材料。
Wheat Ridge设施全天24小时运行，配置全流程实时监测，用于模拟未来商业分离厂并向工程设计提供数据。
后续试验计划处理Round Top项目及Serra Verde旗下Pela Ema矿的原料，并在未来数周生产更多氧化物品种。
镝用于提升钕铁硼磁体的高温矫顽力，应用涵盖航空航天、国防、电动车、机器人和工业电机。

作者观点与证据

公司将该成果描述为亚洲以外少数商业纯度重稀土分离能力之一，并把回收、分离、金属化和磁体制造串成一体化链条。已披露证据是样品生产，关于原料占比、商业扩产和收购协同的内容属于前瞻目标。

与相关标的的关系

USAR直接获得技术验证与原料多元化线索；HRE.AX对应拟收购的Serra Verde资产。国防、半导体和实体AI基础设施属于需求端关系，新闻稿没有披露具体客户订单或收入。

时效性与限制

发布于美东时间 07/14 07:00（UTC+8 07/14 19:00）。材料为付费公司新闻稿，未给出样品纯度数值、产量、单位成本、第三方认证结果及商业设施投产时间。

后续跟踪

LCM认证结果与产品规格
废屑原料占比和稳定供应能力
Round Top及Pela Ema原料试验结果
商业分离厂规模、资本开支和投产计划

英文原文

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

This is a paid press release. Contact the press release distributor directly with any inquiries.

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

USA Rare Earth, Inc.

Tue, July 14, 2026 at 7:00 PM GMT+8 9 min read

USAR

-8.09%

HRE.AX

+9.76%

USARW

USA Rare Earth, Inc. Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company's feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company's magnet manufacturing facilities in the United States

WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."

USA Rare Earth's successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company's mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company's Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company's feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals ("LCM"), USA Rare Earth's subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company's magnet manufacturing facilities in the United States.

Story Continues

Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.

Today's production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company's value chain, closing the loop between the Company's downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company's Round Top project and from Serra Verde's Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company's future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company's ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company's plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company's global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "project," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company's expectations, including without limitation: the Company's ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company's ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company's Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company's limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company's stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company's stock price; the Company's ability to satisfy project milestones and other conditions to disbursement under the Company's financing arrangement with the Department of Commerce ("DOC") on the anticipated timeline or at all; the Company's dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company's operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company's financing arrangements; the impact of the DOC's equity interest in the Company on the Company's ability to pursue strategic transactions and on the Company's relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company's Stillwater facility and other facilities; the Company's ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company's products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company's competitors or state actors or the overall competitive environment; the Company's ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company's corporate structure due to restrictions contained in the Company's financing agreements; the Company's ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company's neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company's ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company's ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

ir@usare.com

Media Contact

Collected Strategies

USAR-CS@collectedstrategies.com

打开原文

磁废料分离验证商业级稀土氧化物

重要性4/5 中高

一手技术进展直接影响USAR纵向整合叙事，并含30%原料占比等量化信息；第三方认证与商业规模证据仍缺失。

标签

标的：`USAR`来源：USA Rare Earth发布日期：2026-07-14重要性：4/5 中高评级理由：一手技术进展直接影响USAR纵向整合叙事，并含30%原料占比等量化信息；第三方认证与商业规模证据仍缺失。评级依据：与USAR直接相关, 公司一手披露, 供应链影响明确, 关键技术指标缺失, 认证尚未完成原文字数：1800

中文摘要

核心结论

USA Rare Earth（纳斯达克代码：USAR）称其科罗拉多州Wheat Ridge示范设施已用磁体加工废料生产商业级氧化镝和氧化钕镨样品，验证了轻、重稀土回收分离流程。该成果扩展了原料来源并串联公司在美国、英国布局的氧化物、金属及永磁体环节，但尚未提供纯度、产量、良率或客户认证结果。

重要性评级

评级：4/5（中高）

这是USAR技术和供应链整合进度的一手更新，涉及西方重稀土分离能力及未来原料结构。样品仍待资格认证，商业规模和经济性尚无量化依据。

关键事实

公司新闻稿发布于美东时间 07/14 07:00（UTC+8 07/14 19:00）。
Wheat Ridge设施从磁体切削、研磨形成的swarf（磁体加工细废料）中分离出商业级Dy（镝）氧化物和NdPr（钕镨）氧化物样品。
废料来自公司位于俄克拉何马州Stillwater的磁体制造设施。
公司预计磁体废料未来最多可满足磁性稀土氧化物原料需求的30%。
样品计划送往英国子公司Less Common Metals（稀土金属及合金生产商，简称LCM）认证，并进一步转化为稀土金属和铸片，供美国磁体工厂使用。
镝用于提升NdFeB（钕铁硼）永磁体在高温环境下的矫顽力；公司称目前几乎全部氧化镝产自中国。
Wheat Ridge示范设施全天24小时运行，并采集各单元的实时数据，用于规划中的商业化综合分离设施设计。
后续试验计划处理Round Top项目及Serra Verde旗下Pela Ema矿的原料，并尝试生产更多稀土及关键矿物氧化物。

作者观点与证据

公司将本次样品生产描述为进入少数亚洲以外商业级重稀土分离者行列的里程碑。现有证据是示范设施已产出样品及内部流程数据；“商业级”缺少纯度规格、批次规模、回收率和单位成本支持，LCM资格认证也尚未完成。最多30%的原料占比及后续项目进展均为公司预测。

与相关标的的关系

该进展直接关系USAR从矿产、分离、金属与合金到永磁体制造的纵向整合计划。若认证和放大验证完成，磁废料可降低部分原料依赖并增强循环供应能力；对收入、利润和现金流的影响仍取决于商业设施建设、客户订单、融资以及Serra Verde等交易能否落地。

时效性与限制

新闻稿信息较新，但来源仅为公司披露，未附第三方检测报告或客户验收文件。公司同时提示项目建设、融资、并购交割、产品一致性和商业订单均存在不确定性。

后续跟踪

LCM对氧化镝和氧化钕镨样品的认证结果及规格。
分离流程的纯度、回收率、批次规模和单位成本。
Round Top与Pela Ema原料试验的产出种类和时间表。
商业分离设施、Stillwater磁体产能及客户订单进度。

英文原文

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility - Tue, 07/14/2026 - 07:00

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USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

Jul 14, 2026

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Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths

Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries

Broadens Company’s feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates

Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company’s magnet manufacturing facilities in the United States

USA Rare Earth’s successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company’s mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.

The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company’s Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company’s feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.

The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals (“LCM”), USA Rare Earth’s subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company’s magnet manufacturing facilities in the United States.

Today’s production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company’s value chain, closing the loop between the Company’s downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company’s Round Top project and from Serra Verde’s Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.

About the Wheat Ridge Facility

The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company’s future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.

About USA Rare Earth, Inc.

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company’s ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company’s plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company’s global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company’s expectations, including without limitation: the Company’s ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company’s ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company’s Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company’s limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company’s stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company’s stock price; the Company’s ability to satisfy project milestones and other conditions to disbursement under the Company’s financing arrangement with the Department of Commerce (“DOC”) on the anticipated timeline or at all; the Company’s dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company’s operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company’s financing arrangements; the impact of the DOC’s equity interest in the Company on the Company’s ability to pursue strategic transactions and on the Company’s relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company’s Stillwater facility and other facilities; the Company’s ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company’s products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company’s competitors or state actors or the overall competitive environment; the Company’s ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company’s corporate structure due to restrictions contained in the Company’s financing agreements; the Company’s ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company’s neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company’s ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company’s ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

Investor Contact

JB Lowe

Vice President, Investor Relations

USA Rare Earth, Inc.

ir@usare.com

Media Contact

Collected Strategies

USAR-CS@collectedstrategies.com

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General: info@usare.com Investors: ir@usare.com 813-867-6155

打开原文

美英推进数字资产监管协同

重要性5/5 高

美英财政部门的一手联合政策信息时效性强，直接涉及稳定币和代币化市场，对输入数字资产代码的制度环境具有明确关联。

标签

标的：`BTC`来源：U.S. Department of the Treasury发布日期：2026-07-14重要性：5/5 高评级理由：美英财政部门的一手联合政策信息时效性强，直接涉及稳定币和代币化市场，对输入数字资产代码的制度环境具有明确关联。评级依据：timeliness, regulatory_relevance, implementation_uncertainty原文字数：397

中文摘要

核心结论

美国财政部与英国财政部于07/14（未给出具体时刻）联合发布跨大西洋未来市场工作组建议，目标是减少跨境金融摩擦、改善资本募集与监管合作，并为代币化金融活动提供更清晰的制度框架。两国同时发表稳定币联合声明，支持跨境稳定币活动并强调私营部门在货币和支付服务中的作用。

重要性评级

评级：5/5（高）

这是美英财政部门联合发布的一手政策文件，直接涉及数字资产、稳定币、代币化资本市场和跨境监管协调，对BTC、ETH、SOL及CRCL的制度环境具有较高时效性。新闻稿只概述建议方向，缺少具体规则、实施日期和法律约束力说明。

关键事实

美国财政部与英国财政部在07/14（未给出具体时刻）联合公布跨大西洋未来市场工作组建议。
建议覆盖跨境资本募集、监管合作更新、代币化金融活动规则清晰度，以及持续听取金融行业意见的机制。
两国同日发布稳定币联合声明，支持具有活力的跨境稳定币活动，并强调私营部门在货币和支付供给中的作用。
工作组由美国财政部长Scott Bessent（斯科特·贝森特）和英国财政大臣Rachel Reeves（蕾切尔·里夫斯）在2025年9月设立。
工作组由两国财政部门共同主持，美国和英国金融监管机构参与，并通过美英金融监管工作组向两国财政部门报告。
建议形成过程中咨询了两国金融服务业参与者，政策目标包括改善市场运作并维持两国资本市场与数字资产创新的国际影响力。

作者观点与证据

新闻稿明确支持开放、市场化标准、创新与竞争，并把美英监管协作描述为促进增长的工具。证据限于政府公布的建议范围、组织架构和行业咨询过程；原文未提供建议全文细节、监管机构承诺、立法文本或量化经济影响。

与相关标的的关系

BTC（比特币）、ETH（以太坊）和SOL（Solana公链代币）与代币化市场及数字资产监管框架存在直接制度关联。CRCL（Circle Internet Group股票代码）的业务与稳定币发行和支付基础设施相关，因此稳定币跨境协作与规则兼容性关联更直接；新闻稿没有点名上述资产或公司，也未宣布产品审批或商业合作。

时效性与限制

文件发布于07/14（未给出具体时刻），抓取时间为美东时间 07/16 22:43（UTC+8 07/17 10:43）。当前材料属于联合建议和政策方向，具体执行仍取决于两国监管部门、立法程序及后续技术规则。

后续跟踪

工作组建议全文中的稳定币互认、储备、赎回和监管分工。
两国监管机构公布的实施时间表与正式规则。
代币化证券跨境发行、托管和结算安排。
私营稳定币服务商参与跨境支付的准入条件。

英文原文

U.S.-UK Transatlantic Taskforce for the Markets of the Future Publishes Recommendations to Promote Growth and Innovation in Capital Markets and Digital Assets

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Press Releases

U.S.-UK Transatlantic Taskforce for the Markets of the Future Publishes Recommendations to Promote Growth and Innovation in Capital Markets and Digital Assets

July 14, 2026

The U.S. Department of the Treasury and HM Treasury jointly published today a set of recommendations of the Transatlantic Taskforce for Markets of the Future .

The recommendations aim to deepen cross-border financial activity between the United States and the United Kingdom, reduce unnecessary frictions, and advance open, market-based standards that promote innovation and support growth. Building on deep and longstanding ties between U.S. and UK financial markets, the recommendations identify opportunities to enhance cross-border capital raising, update supervisory cooperation, and provide clarity for tokenized financial activity. The recommendations also support channels for continued industry engagement as markets continue to evolve.

U.S. Treasury Secretary Scott Bessent remarked: “The Transatlantic Taskforce for Markets of the Future reflects the strength and depth of U.S. and UK markets and our shared commitment to fostering economic growth and advancing global standards that reward innovation and competition.”

Following one of the Taskforce’s recommendations, the United States and the UK also released a joint statement on stablecoins today, which supports dynamic cross-border stablecoin activity and highlights the key role of the private sector in the provision of money and payments.

The Transatlantic Taskforce for Markets of the Future is a U.S.-UK initiative to strengthen bilateral cooperation between the world’s leading financial centers and advance leadership of capital markets and digital asset innovation. The Taskforce was established by Secretary Bessent and UK Chancellor of the Exchequer Rachel Reeves in September 2025 during President Trump’s historic State Visit to the United Kingdom. Co-chaired by U.S. Treasury and HM Treasury, and including participants from U.S. and UK financial sector regulatory agencies, the Taskforce was to report back to both finance ministries via the U.S.-UK Financial Regulatory Working Group.

The Taskforce developed its recommendations through engagement with financial services industry partners in both countries, to help ensure that its work reflected practical measures to improve market functioning and maintain U.S. and UK leadership of international financial markets.

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USAR上半年涨幅的事件拆解

重要性3/5 中

与USAR直接相关且事件数据丰富，但内容以既有催化复盘为主，新增时效性一般。

标签

标的：`USAR`来源：Motley Fool发布日期：2026-07-13重要性：3/5 中评级理由：与USAR直接相关且事件数据丰富，但内容以既有催化复盘为主，新增时效性一般。评级依据：USAR上半年表现复盘, 包含融资与并购金额, 区分历史数据与管理层预测, 对当日新增催化有限原文字数：850

中文摘要

核心结论

USA Rare Earth在2026年上半年上涨81.3%，行情由政府与私人融资、法国项目、Round Top工程推进、钇产品进展及Serra Verde收购共同推动。二季度后段的回撤显示市场仍在重新评估融资、并购和商业投产的兑现概率。

重要性评级

评级：3/5（中）

文章完整回顾USAR上半年催化，但主要是历史事件汇总，对07/17日报的新增事实有限。

关键事实

USAR在2025年上涨3.7%，同期标普500指数上涨16.4%；2026年上半年上涨81.3%。
2026年1月股价上涨逾88%，公司同期宣布与法国政府合作建设金属及合金工厂，计划2026年底投运。
公司选择Fluor（福陆）协助Round Top稀土项目的最终可行性研究。
公司披露与美国商务部和能源部相关的约16亿美元联邦资金，并获得Inflection Point提供的15亿美元私人融资。
Roth Capital于01/26（未给出具体时刻）将目标价由25美元升至35美元；Benchmark于01/27（未给出具体时刻）将目标价由15美元升至45美元。
公司4月宣布英国子公司产出商业级钇，并以约28亿美元收购Serra Verde；管理层预计后者到2027年底年化EBITDA（息税折旧摊销前利润）为5.5亿至6.5亿美元。
自06/30（未给出具体时刻）起至文章写作时，股价已下跌逾20%。

作者观点与证据

作者把上涨归因于融资、政策支持、技术里程碑和收购计划，同时将USAR定性为高波动投机型公司。价格表现来自市场数据，未来投产及Serra Verde盈利目标来自管理层预测。

与相关标的的关系

USAR是直接研究对象；NVDA（英伟达）仅出现在推广内容中，与事件分析没有实质联系。标普500指数用于相对表现比较。

时效性与限制

发布于美东时间 07/13 17:53（UTC+8 07/14 05:53）。文章回顾的是2026年上半年，且未细分联邦资金的贷款、补助、股权和里程碑条件。

后续跟踪

法国工厂投产进度
Round Top最终可行性研究
联邦及私人融资提款条件
Serra Verde交易完成与盈利兑现

英文原文

Here

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026

Scott Levine, The Motley Fool

Tue, July 14, 2026 at 5:53 AM GMT+8 4 min read

USAR

-8.09%

^GSPC

-0.51%

NVDA

-2.40%

Underperforming the S&P 500 , shares of USA Rare Earth (NASDAQ: USAR) inched 3.7% higher in 2025, while the index rose 16.4%. The first half of 2026, however, featured a very different story. According to data provided by S&P Global Market Intelligence , shares of USA Rare Earth soared 81.3% through the first six months of 2026.

With analysts consistently providing bullish outlooks on the stock and the rare-earth company reporting progress toward commencing commercial operations, investors found sufficient cause to click the buy button over the past several months.

Image source: Getty Images.

Digging into the sources of this mining stock's rise

It didn't take long after the ball dropped before investors started bidding USA Rare Earth stock higher. Shares rose more than 88% in January after the company announced a partnership with the French government to develop a metal and alloy production facility in France that management expects to commence operations in late 2026.

Reporting progress toward the start of domestic operations, USA Rare Earth announced in late January that it had selected Fluor to assist with its Definitive Feasibility Study for the company's cornerstone Round Top Rare Earth Project in Texas. Plus, the company announced that it had signed a non-binding Letter of Intent with the U.S. Department of Commerce and entered into a collaboration with the U.S. Department of Energy, totaling about $1.6 billion in federal funding. In addition, the company announced $1.5 billion in private funding provided by Inflection Point.

Analysts also espoused a more bullish outlook on USA Rare Earth stock in the early part of the new year. On Jan. 26, Roth Capital hiked its price target to $35 from $25, and the following day, Benchmark boosted its price target to 45 from $15.

Despite a strong start to the year, shares dipped in February and March. But the decline didn't persist. In April, USA Rare Earth stock headed higher after the company reported that its subsidiary had poured commercial-grade yttrium (a rare-earth metal) at its facility in the United Kingdom. The company lauded the achievement, characterizing it as a milestone that sets it apart as one of the few companies to do so outside China.

Another catalyst for the stock's rise in April was the company's announcement that it had entered into a definitive agreement to acquire Serra Verde Group, a large-scale producer of all four magnetic rare-earths, including the valuable heavy rare-earth dysprosium, terbium, and yttrium, for about $2.8 billion. According to USA Rare Earth management, the acquisition will de-risk the company as Serra Verde is expected to achieve annualized run rate earnings before interest, taxes, depreciation, and amortization of $550-$650 million by the end of 2027.

Story Continues

How are things looking in the second half of the year?

Despite the strong performance in the first half of 2026, the second half of the year hasn't provided much for investors to celebrate, with shares sinking more than 20% as of this writing since June 30. For a speculative stock such as USA Rare Earth, the volatility is to be expected. Thus, those with lower risk tolerances who are interested in growth stocks that provide rare-earth exposure will be more interested in a rare-earth ETF .

Should you buy stock in USA Rare Earth right now?

Before you buy stock in USA Rare Earth, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and USA Rare Earth wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $395,679 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,294,805 !

Now, it's worth noting Stock Advisor's total average return is 929% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.

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*Stock Advisor returns as of July 13, 2026.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026 was originally published by The Motley Fool

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HyProMag废磁体制造网络蓝图

重要性3/5 中

提供稀土磁体回收产业路线和融资线索，但来源带有推广倾向，关键估值与商业数据未经独立核验。

标签

标的：`USAR`来源：Exec Edge发布日期：2026-07-13重要性：3/5 中评级理由：提供稀土磁体回收产业路线和融资线索，但来源带有推广倾向，关键估值与商业数据未经独立核验。评级依据：回收磁体产业链主题, 包含产能与融资数字, 涉及CoTec潜在IPO, 宣传口径和预测占比较高原文字数：878

中文摘要

核心结论

HyProMag USA计划以废旧设备回收替代新增采矿，建立美国钕铁硼磁体制造网络。技术和首批项目具备政策融资线索，但项目估值、十个枢纽规划及潜在IPO（首次公开募股）主要来自公司预测，尚需融资、原料和客户认证验证。

重要性评级

评级：3/5（中）

文章提供稀土磁体回收路线和CoTec潜在价值线索，但宣传色彩明显，关键经济数据缺少独立验证。

关键事实

HyProMag USA是CoTec Holdings与合作方设立的合资企业，计划从硬盘、电机、医疗设备和工业废料中回收磁体。
其氢处理技术由伯明翰大学开发，历经15年和逾1亿美元研发投入；公司称能耗减少88%、碳排放减少85%。
计划中的达拉斯设施设计年产约750吨再生烧结磁体，并建设全国收集中心网络。
美国进出口银行已就Make More in America（更多美国制造）计划出具最高9200万美元融资意向函。
公司计划从得克萨斯、南卡罗来纳和内华达起步，最终建设十个枢纽，并称已与BMW（宝马）、Siemens（西门子）等推进合同。
公司称前三座工厂税后NPV（净现值）至少20亿美元；CoTec约持有一半经济权益，CoTec市值约1.15亿美元。
HyProMag正研究潜在IPO安排。

作者观点与证据

作者认为下游回收技术、制造能力和客户关系可能比矿权更具差异化，并突出CoTec的估值落差。能耗、净现值、客户进展和扩张计划多为公司口径，融资意向函也不等同于已落实资金。

与相关标的的关系

CTHCF是合资母公司CoTec的直接市场映射；MP、USAR和NB属于美国关键矿物供应链的对照公司。BMW和Siemens是潜在客户关系，不代表已确认的大额收入。

时效性与限制

发布于美东时间 07/13 17:43（UTC+8 07/14 05:43）。文章未披露合资结构完整条款、客户合同金额、工厂资本开支和技术商业运行数据。

后续跟踪

9200万美元融资意向的落实条件
达拉斯工厂建设和投产时间
原料协议、客户认证与长期合同
潜在IPO及CoTec权益安排

英文原文

HyProMag is the Magnet Opportunity Hiding in America

HyProMag is the Magnet Opportunity Hiding in America's Scrap Heap

Exec Edge

Tue, July 14, 2026 at 5:43 AM GMT+8 4 min read

CTHCF

-0.45%

LYJ.F

-1.79%

-8.09%

USAR

-8.09%

-8.00%

-HyProMag USA, a JV with CoTec Holdings Corp. (OTC: CTHCF), is building a U.S. rare-earth magnet supply chain through recycling instead of mining

-Rare-earth magnets likely a scarce strategic asset in a market dominated by China

-Real upside is creating a scalable national magnet manufacturing platform with 10 planned hubs starting in Texas, South Carolina and Nevada

-Texas plant already securing feedstock and signing customer contracts including BMW, Siemens and others

-Positioned to benefit from growing demand in AI, robotics, EVs, aerospace and defense

-HyProMag sees over $2 billion in after-tax net present value (NPV) for first three plants

-CoTec Holdings, with a market cap around $115 million, could see significant appreciation via key catalyst: a potential IPO of HyProMag USA

By Jarrett Banks

For years, the West's answer to China's dominance in rare earths has been straightforward: find more mines. HyProMag USA, a joint venture with CoTec Holdings Corp. (OTC: CTHCF), is making a different bet.

Instead of spending billions extracting fresh ore, the company wants to mine yesterday's technology–hard drives, electric motors, medical equipment and industrial scrap–for the permanent magnets that power everything from electric vehicles and robots to missile systems and data centers.

It's an idea whose timing may finally be right. Permanent magnets have quietly become one of the most strategically important components in the global economy. They account for only a tiny fraction of the cost of an electric vehicle or industrial robot, yet without them, production stops.

China still dominates nearly every stage of the supply chain, from refining rare earths to manufacturing finished magnets, leaving Western manufacturers increasingly exposed to geopolitical risk. That has transformed magnet production from an industrial niche into a national-security priority.

Enter HyProMag, which believes recycling can become part of the solution. Using patented hydrogen-processing technology developed at the University of Birmingham, the company says it can recover high-value neodymium-iron-boron magnet material from end-of-life products while using significantly less energy than conventional production.

More importantly, it isn't trying to prove the science anymore – it spent the time and money to get the process camera ready. The company's technology was developed over 15 years with more than $100 million in R&D investment, delivering magnet-to-magnet short-loop recycling that uses 88% less energy and reduces carbon emissions by 85% compared to conventional methods.

Story Continues

Now, the technology is ready to roll out. The company's planned Dallas facility is designed to become the hub of a national recycling network, supported by collection centers located around the country.

HyProMag Reactor Management projects annual production of roughly 750 metric tons of recycled sintered magnets, along with additional alloy products. If achieved, that would make it one of the few meaningful domestic sources of rare-earth magnets outside the traditional mining model.

Investors should pay attention to the milestones that actually create value: financing, feedstock agreements, customer qualification and long-term supply contracts.

Encouragingly, those pieces are beginning to come together. The U.S. Export-Import Bank has issued a letter of interest for up to $92 million in financing under its Make More in America initiative, underscoring the strategic importance Washington places on rebuilding domestic supply chains. Government support alone won't guarantee success, but it can lower financing costs and provide credibility with commercial customers.

The broader backdrop is just as compelling as the project itself. Demand for permanent magnets is poised to expand well beyond electric vehicles. Industrial automation, humanoid robotics, AI data-center cooling systems, aerospace applications and defense modernization all require high-performance magnets. Even modest growth across these sectors could tighten a market that is already structurally dependent on Chinese production.

That creates an unusual investment proposition. Most rare-earth companies are effectively commodity stories, exposed to volatile prices, permitting delays and mining risk. HyProMag USA is attempting to position itself further downstream, where intellectual property, manufacturing know-how and customer relationships may ultimately prove more valuable than simply owning mineral reserves.

HyProMag nvestors often spend years searching for companies positioned ahead of structural shifts rather than reacting to them after the fact. The re-shoring of critical mineral supply chains appears to be one of those shifts. HyProMag USA isn't simply trying to recycle magnets. It's attempting to build an entirely new domestic supply chain around them.

There's a catalyst ahead that could reward investors in JV parent CoTec Holdings. HyproMag is exploring a potential IPO, which would effectively look like a spin off and create a new publicly-traded stock. Based on forecast prices, the first three plants alone have an after-tax net-present value (NPV) of at least $2 billion, according to the company. Assuming CoTec owns roughly 50% of the economics, there's a billion dollars in value for investors in CoTec, whose market cap is only around $115 million.

Investors may eventually view the company's greatest competitive advantage not as its recycling technology, but as its ability to supply one of the world's most strategically scarce industrial products from inside the U.S. Investors who notice the opportunity early may find CoTec shares downright magnetic.

Contact:

Exec Edge

Editor@Executives-Edge.com

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打开原文

资金逆势流入半导体ETF

重要性5/5 高

提供SOXL与DRAM的直接周度资金流证据，可与价格回撤交叉验证，但存在一周时滞。

标签

标的：`DRAM`, `SOXL`来源：etf.com发布日期：2026-07-13重要性：5/5 高评级理由：提供SOXL与DRAM的直接周度资金流证据，可与价格回撤交叉验证，但存在一周时滞。评级依据：fact_density, freshness_limit原文字数：619

中文摘要

核心结论

截至07/10当周，美国上市ETF净流入近400亿美元，半导体基金在板块回调中吸收大量资金。SOXX、SMH、SOXL和DRAM合计净流入约117.8亿美元，显示资金将季度初回落视为继续配置半导体敞口的窗口。

重要性评级

评级：5/5（高）

文章提供与SOXL、DRAM直接相关的周度申赎数据，可用于检验价格下跌期间是否出现资金承接，数据密度和标的相关度均高。

关键事实

文章发布于美东时间 07/13 17:00（UTC+8 07/14 05:00）；表格数据截至发布日美东时间06:00，原文未给出对应日期外的独立统计时刻说明。
截至07/10（未给出具体时刻）当周，美国上市ETF净流入399.68亿美元，2026年累计流入超过1.1万亿美元。
美国固定收益ETF净流入123.85亿美元，国际股票ETF流入105.19亿美元，美国股票ETF流入102.53亿美元。
SOXX净流入52.68亿美元，期末资产476.34亿美元，流入相当于资产的11.06%。
SMH净流入24.95亿美元；SOXL净流入23.94亿美元，相当于其253.20亿美元资产的9.45%。
DRAM（Roundhill存储主题ETF）净流入16.64亿美元，相当于234.19亿美元资产的7.11%。
QQQ净流出79.85亿美元，为单只基金最大赎回；HYG（iShares高收益公司债ETF）净流出7.72亿美元。
杠杆ETF类别净流入22.95亿美元，反向ETF类别净流出3.06亿美元。

作者观点与证据

文章依据ETF申赎表判断，部分资金在第二季度大涨后的回调中继续配置半导体。净流入能够证明基金份额需求，却不能单独确认投资者持有期限、最终收益预期或资金来源。

与相关标的的关系

SOXL取得23.94亿美元周净流入，金额接近整个杠杆ETF类别的22.95亿美元净流入，显示单只产品对类别统计影响很大。DRAM的16.64亿美元流入直接反映存储主题资金需求；SOXX和SMH则提供无杠杆半导体资金流对照。

时效性与限制

数据覆盖截至07/10的一周，较07/17日报有约一周滞后，且交易所数据可能后续修订。文章没有拆分机构与零售资金，也未区分新增长期配置和短期套利申购。

后续跟踪

SOXL和DRAM随后一周的净申赎是否延续。
半导体ETF份额增长与价格回撤的同步关系。
QQQ赎回是否转化为行业ETF配置。
SOXX、SMH与SOXL的资金流差异。

英文原文

Investors Buy the Semiconductor Dip in $40 Billion Flows Week

Sumit Roy

Tue, July 14, 2026 at 5:00 AM GMT+8 4 min read

^GSPC

-0.51%

CL=F

+0.88%

-0.53%

-3.70%

ETF Investing Tools Investors added almost $40 billion to U.S.-listed ETFs during the week ending Friday, July 10, pushing year-to-date inflows above $1.1 trillion.

Markets edged higher over the week, with the S&P 500 up around 1% but still sitting marginally below its June all-time high. Bond yields climbed to their highest level since May as a rise in oil prices reignited inflation concerns.

By category, U.S. fixed income ETFs led inflows at $12.4 billion, followed by international equity ETFs at $10.5 billion and U.S. equity at $10.3 billion. Inverse ETFs shed $306 million and commodity ETFs lost $168 million.

Among individual funds, the iShares Semiconductor ETF (SOXX) led with $5.3 billion in inflows, followed by the Vanguard S&P 500 ETF (VOO) at $4.4 billion.

SOXX's rival, the VanEck Semiconductor ETF (SMH) , took the No. 3 spot with $2.5 billion, while the Direxion Daily Semiconductor Bull 3X Shares (SOXL) was next with $2.4 billion and the Roundhill Memory ETF (DRAM) , a more specialized fund holding semiconductor names, picked up $1.7 billion.

After a massive run in Q2, semiconductor ETFs are pulling back to start Q3, but based on these inflows, some investors are treating the dip as a buying opportunity.

On the outflows side of the ledger, the Invesco QQQ Trust (QQQ) led with $8 billion in redemptions, and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $772 million.

For a full list of the top inflows and outflows from last week, see the tables below.

Top 10 Creations (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change<

SOXX

iShares Semiconductor ETF

5,267.71

47,633.94

11.06

VOO

Vanguard S&P 500 ETF

4,396.15

985,576.97

0.45

SMH

VanEck Semiconductor ETF

2,494.63

73,195.16

3.41

SOXL

Direxion Daily Semiconductor Bull 3x Shares

2,394.00

25,319.98

9.45

IWM

iShares Russell 2000 ETF

2,125.43

83,752.91

2.54

DRAM

Roundhill Memory ETF

1,664.32

23,418.72

7.11

SPYM

SPDR Portfolio S&P 500 ETF

1,596.13

157,027.98

1.02

SGOV

iShares 0-3 Month Treasury Bond ETF

1,366.17

97,660.71

1.40

EFV

iShares MSCI EAFE Value ETF

1,308.43

25,924.80

5.05

LQD

iShares iBoxx $ Investment Grade Corporate Bond ETF

1,078.83

35,600.96

3.03

Top 10 Redemptions (All ETFs)

Ticker

Name

Net Flows ($, mm)

AUM ($, mm)

AUM % Change

QQQ

Invesco QQQ Trust Series I

-7,984.66

479,563.55

-1.66

SPY

SPDR S&P 500 ETF Trust

-5,296.45

776,864.47

-0.68

IVV

iShares Core S&P 500 ETF

-2,182.74

890,540.65

-0.25

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

-772.44

16,745.10

-4.61

IQMM

ProShares GENIUS Money Market ETF

-680.23

19,840.02

-3.43

VUG

Vanguard Growth ETF

-495.51

222,066.06

-0.22

VLUE

iShares MSCI USA Value Factor ETF

-435.05

9,765.36

-4.46

SCZ

iShares MSCI EAFE Small-Cap ETF

-432.26

13,694.99

-3.16

FXI

iShares China Large-Cap ETF

-369.84

4,397.95

-8.41

KRE

SPDR S&P Regional Banking ETF

-328.77

4,752.97

-6.92

Story Continues

ETF Weekly Flows By Asset Class

Net Flows ($, mm)

AUM ($, mm)

% of AUM

Alternatives

855.62

142,485.84

0.60%

Asset Allocation

146.70

42,297.16

0.35%

Commodities E T Fs

-167.50

312,385.10

-0.05%

Currency

460.40

95,399.74

0.48%

International Equity

10,518.68

2,827,399.07

0.37%

International Fixed Income

3,528.34

438,387.78

0.80%

Inverse

-306.24

12,900.49

-2.37%

Leveraged

2,295.16

193,139.13

1.19%

Us Equity

10,252.73

9,561,005.42

0.11%

Us Fixed Income

12,384.51

2,142,632.26

0.58%

Total:

39,968.40

15,768,031.98

0.25%

打开原文

两种AI数据中心供电路径

重要性4/5 较高

容量、合同和供电模式数据充足，直接关联APLD；远期收益判断仍依赖公司目标和项目执行。

标签

标的：`APLD`来源：Motley Fool发布日期：2026-07-13重要性：4/5 较高评级理由：容量、合同和供电模式数据充足，直接关联APLD；远期收益判断仍依赖公司目标和项目执行。评级依据：APLD与WULF直接比较, 包含合同期限、金额与负载规模, 揭示供电模式差异, 部分结论属于远期预测原文字数：1109

中文摘要

核心结论

Applied Digital（应用数字）凭借更大的项目管线和已签约负载获得近期收入扩张优势；TeraWulf（泰拉沃夫）自建电源、配置计算硬件，建设更慢且前期成本更高，但对电网与续约电价的依赖较低。

重要性评级

评级：4/5（较高）

文章用负载规模、合同期限和供电模式比较 APLD 与 WULF，直接解释两家公司长期经济性的差异；部分预测来自公司目标和分析师估值。

关键事实

TeraWulf 与 Anthropic（人工智能公司）签署20年、190亿美元合同，覆盖401兆瓦关键IT（信息技术）负载，预计2028年初全部上线。
Applied Digital披露3吉瓦在推进项目，TeraWulf项目组合为2.3吉瓦。
TeraWulf已签约923兆瓦负载，其中Anthropic约占一半，并计划每年新增250至500兆瓦签约量。
Applied Digital已签约1.41吉瓦负载；一份15年照付不议租约覆盖210兆瓦，合同额约52亿美元，续展至30年时最高可达127亿美元。
Applied Digital依赖公用电网并要求客户自备芯片和服务器；TeraWulf建设现场发电设施并提供计算硬件。
Morgan Stanley（摩根士丹利）将WULF目标价上调至72美元，但这是分析师估值，不是已实现经营结果。

作者观点与证据

作者认为Applied Digital拥有更高的当前容量上限和更快的收入确认路径，TeraWulf则在长期电力控制与单位负载收费能力上占优。证据主要来自公司披露的项目管线和合同，远期利润仍取决于建设交付、融资及客户集中度。

与相关标的的关系

APLD直接对应电网接入、租电成本和客户自备设备模式；WULF对应自有电源及全栈托管模式。NVDA（英伟达）仅通过AI算力需求与客户硬件投入间接相关。

时效性与限制

发布于美东时间 07/13 15:11（UTC+8 07/14 03:11）。文章未提供项目资本开支、融资成本及合同客户完整名单，且单笔大合同会迅速改变容量比较。

后续跟踪

401兆瓦Anthropic项目分批上线进度
APLD新增租约与3吉瓦管线转化率
两家公司建设资本开支和融资条件
电网租约续签价格与现场发电成本

英文原文

Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy?

Marc Guberti, The Motley Fool

Tue, July 14, 2026 at 3:11 AM GMT+8 5 min read

WULF

-7.18%

NVDA

-2.40%

APLD

-8.92%

Access to sufficient computing power has become a major constraint for artificial intelligence systems. This explains why hyperscalers are not just rushing to build their own data centers, but also sealing long-term deals for more compute with neocloud companies like Applied Digital (NASDAQ: APLD) and TeraWulf (NASDAQ: WULF).

TeraWulf made the news recently for the 20-year, $19 billion deal it just inked with Anthropic. That agreement covers 401 megawatts of critical IT load, which will become available in waves. The full 401 megawatts should be online by early 2028.

That announcement earned TeraWulf a price target adjustment from Morgan Stanley 's analyst, who bumped it to a Street-high $72. That implies that the stock will more than triple from current levels in the next 12 months. It isn't just good news for TeraWulf. It points to broader tailwinds that will also lift Applied Digital.

Image source: Getty Images.

Understanding gigawatt pipelines

When a deal like the Anthropic one is announced, it doesn't translate into immediate revenue. Neocloud companies are investing heavily into building AI data centers and have multiple construction projects underway. That's why the full 401 megawatts that the AI giant is contracting for won't be available until early 2028.

Applied Digital touted in an investor presentation that it has 3 gigawatts of active pipeline projects, while TeraWulf only has 2.3 gigawatts in its portfolio. Securing more gigawatts of electricity to power future data centers increases a company's earnings potential, so Applied Digital has the edge in that regard.

However, anytime a company adds a new data center site, it isn't small. Those sites often have hundreds of megawatts. TeraWulf or Applied Digital can suddenly come out with an announcement saying that they got another AI data center site, which can either close or expand the gap by a meaningful margin. When it comes to the quantity of gigawatts, Applied Digital is currently ahead, and that gives them a higher ceiling.

TeraWulf owns its power

Although TeraWulf has fewer AI data centers, it does have an edge over Applied Digital when it comes to power. TeraWulf makes it a point to own its power, while Applied Digital signs long-term electricity supply agreements with utility companies.

Story Continues

Applied Digital's approach is cheaper right now and lets it complete AI data centers sooner. It also requires its customers to bring their own AI chips and servers, while TeraWulf provides computing hardware in its facilities. These differences make it easier for Applied Digital to realize more revenue at a faster rate, but its business model also makes it dependent on the electric grid. Requiring customers to bring their own hardware also lowers how much Applied Digital can charge for each megawatt of critical IT load.

An overstrained electric grid can cause issues, and when Applied Digital renegotiates utility leases when they expire, the company may have to pay much higher prices. That scenario is especially possible as a growing number of AI data centers will be competing for the same power supply.

TeraWulf develops on-site power generation assets at its data centers. This strategy means it takes a little longer for its data centers to be completed, but it also ensures that TeraWulf won't have to rely on the power grid. It incurs higher costs now for more control over future costs and power availability. In the long run, it is much better to own power generation capacity than to lease it.

The contracts with hyperscalers

TeraWulf has 923 megawatts of critical IT load contracted to clients. Anthropic makes up almost half of that total. TeraWulf is aiming to support 250 megawatts to 500 megawatts of additional critical IT load signings per year, which could result in meaningful net operating income growth once the sites are fully developed.

TeraWulf is targeting an 85% net operating income margin on contracts, showing that profits can scale quickly as well.

Applied Digital has 1.41 gigawatts of contracted critical IT load. Once again, Applied Digital has a slight edge, but a single announcement from either of these companies can meaningfully close or expand the gap. For instance, TeraWulf's contracted critical IT load jumped from 522 megawatts to 923 megawatts on a single Anthropic deal.

Applied Digital also signs long-term deals with tech giants. The company recently secured a 15-year take-or-pay lease with an unnamed, high investment-grade hyperscaler that is based in the U.S.

The deal covers 210 megawatts of critical IT load for approximately $5.2 billion over 15 years. The contract's value can reach $12.7 billion if all renewable options are exercised over a 30-year term.

Applied Digital has an edge when it comes to total gigawatts and contracted critical IT load. However, a single deal from TeraWulf could close these gaps. The main advantage of TeraWulf is that it owns its power, which could matter a lot in the years ahead.

Should you buy stock in TeraWulf right now?

Before you buy stock in TeraWulf, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and TeraWulf wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

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*Stock Advisor returns as of July 13, 2026.

Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

Applied Digital vs. TeraWulf: Which Neocloud Stock Is the Better Buy? was originally published by The Motley Fool

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存储扩产忧虑放大SOXL跌幅

重要性4/5 中高

对SOXL跌幅和存储周期有直接解释及具体数字，但单日归因和长期供需判断证据有限。

标签

标的：`SOXL`来源：Motley Fool发布日期：2026-07-13重要性：4/5 中高评级理由：对SOXL跌幅和存储周期有直接解释及具体数字，但单日归因和长期供需判断证据有限。评级依据：fact_density, event_relevance, causality_limit原文字数：641

中文摘要

核心结论

SK Hynix计划到2030年将DRAM（动态随机存取存储器）产能翻倍，引发市场对未来供应过剩和利润率回落的担忧。Micron、Intel和Marvell下跌后，SOXL因每日三倍杠杆承受更大的单日跌幅。

重要性评级

评级：4/5（中高）

文章直接解释SOXL单日大跌，并给出SK Hynix融资、市场份额和扩产信息；供应过剩结论仍是作者推演，且正文营销内容较多。

关键事实

文章发布于美东时间 07/13 12:45（UTC+8 07/14 00:45）。
文中描述纳斯达克综合指数当时下跌约1%，SOXL下跌11.6%。
SK Hynix通过纳斯达克股票发行融资265亿美元，上市当日股价上涨14%。
公司管理层称2027年可能出现严重存储短缺，高利润状态可能延续至2030年。
SK Hynix计划到2030年把DRAM产量扩大一倍；文中称其DRAM市场份额约29%，排名全球第二。
公司在HBM（高带宽内存）市场的份额超过50%，位居第一。
当日Micron下跌4%、Intel下跌5%、Marvell下跌6%；三家公司合计约占SOXL持仓的16%。
作者认为新增产能可能压低DRAM价格，并影响Micron等规模较小的生产商利润。

作者观点与证据

文章把SOXL下跌与SK Hynix扩产引发的周期担忧联系起来，事实依据包括融资规模、市场份额、扩产计划及相关成分股跌幅。扩产将在2030年前逐步落地，文章没有提供投产节奏、需求预测、资本开支或供需缺口模型，因此无法确认当日跌幅由这一因素单独造成。

与相关标的的关系

SKHY对应供给扩张主体，MU、INTC和MRVL通过成分权重影响SOXL。NVDA虽列为相关标的，正文没有提供其对当日跌幅的具体贡献。SOXL的三倍日收益目标会放大上述成分股的同步波动。

时效性与限制

文章混入Stock Advisor订阅推广及历史业绩营销，相关内容不构成市场证据。SK Hynix上市融资、产能翻倍和市场份额等数字还需公司文件或行业数据验证。

后续跟踪

SK Hynix新增工厂的投产时间与产能爬坡计划。
DRAM及HBM现货、合约价格与库存变化。
Micron对2027年供需和毛利率的指引。
SOXL成分股跌幅与基金实际跟踪倍数。

英文原文

Why Direxion Daily Semiconductor Bull 3X ETF Dropped

Rich Smith, The Motley Fool

Tue, July 14, 2026 at 12:45 AM GMT+8 3 min read

SKHY

-13.69%

^IXIC

-1.47%

NVDA

-2.40%

SOXL

-13.94%

It's 12 noon on Monday -- do you know where the Nasdaq is?

It's down 1% at the moment -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, tumbling 11.6% as investors worry over how long the bull run in computer memory stocks can last.

Image source: Getty Images.

SK Hynix excites the market -- then scares it

Memory giant SK Hynix (NASDAQ: SKHY) just raised $26.5 billion from a Nasdaq stock sale. On the day the listing went live, SK's CEO boasted his company will enjoy windfall profits from servicing "the worst-ever supply shortage" of computer memory in 2027 and will continue enjoying high profits through 2030. This news drove SK stock up 14% Friday.

Now SK's dropping, and dragging other computer memory makers with it. Why?

Well, it seems SK is building new factories that will double its DRAM production by 2030. SK is already the second-largest provider of DRAM (with a 29% market share) and the largest producer of high-bandwidth memory (HBM, with a market share of 50%+). If it doubles production, this could short-circuit DRAM prices and hurt profits at smaller producers such as Micron (NASDAQ: MU).

3x the risk, 3x the gain

What does this have to do with the Direxion Daily Semiconductor Bull 3X Shares ETF? Well, like all ETFs, SOXL is made up of individual stocks that go up and down -- and at 3x leverage, when these stocks go down a little (or a lot), the Direxion SOXL ETF goes down even more.

Today's semiconductor losers include Micron, down 4%; Intel (NASDAQ: INTC), down 5%; and Marvell (NASDAQ: MRVL), down 6%. Combined, these three stocks make up 16% of SOXL's holdings.

When these stocks go down -- whatever the news -- it makes sense the SOXL ETF would go down even more .

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

Story Continues

See the 10 stocks »

*Stock Advisor returns as of July 13, 2026.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Marvell Technology, and Micron Technology. The Motley Fool has a disclosure policy .

Why Direxion Daily Semiconductor Bull 3X ETF Dropped was originally published by The Motley Fool

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APLD高估值与建设兑现压力

重要性4/5 较高

财务与融资数字密集，直接覆盖APLD的估值和执行风险；合同转化细节仍不完整。

标签

标的：`APLD`来源：Trefis发布日期：2026-07-13重要性：4/5 较高评级理由：财务与融资数字密集，直接覆盖APLD的估值和执行风险；合同转化细节仍不完整。评级依据：直接关联APLD, 保留估值与利润率数据, 包含现金及融资安排, 指出项目执行与监管案例原文字数：863

中文摘要

核心结论

Applied Digital已获得约160亿美元租赁合同并配置项目融资，但当前估值预设了大规模建设顺利转化为利润。亏损、现金消耗和历史高波动使施工进度与新增签约成为估值兑现的主要检验。

重要性评级

评级：4/5（较高）

文章集中提供APLD的估值、财务、融资和历史回撤数据，对判断其AI基础设施扩张质量有直接价值。

关键事实

APLD过去一年上涨228%，随后较52周高点低约37%。
市销率为32倍，标普500指数约为3.3倍；公司过去三年收入年均增速为118%。
公司尚未盈利，营业利润率为-23%，市场对照值为18.4%。
HPC（高性能计算）托管业务最近一季收入7100万美元，已签约租赁收入约160亿美元。
公司正推广合计约1吉瓦的四个新开发地点，期末现金及等价物为21亿美元。
Macquarie Asset Management（麦格理资产管理）提供最高41亿美元优先股融资渠道；债务相当于市值的31%。
期权市场隐含预期波动率为95；文章列举其在2008年、2020年和2022年冲击期分别最大下跌92%、68%和83%。

作者观点与证据

作者认可合同储备与融资安排，但强调收入合同尚需经过建设、并网和交付才能转成利润。南达科他州项目因地方税法变化撤回，说明监管和选址风险已出现实际案例。

与相关标的的关系

APLD是全文直接研究对象。CLSK、CORZ、HUT、MARA和RIOT等原加密挖矿基础设施公司仅作为同类高耗电算力资产的市场关联线索，文章没有逐一比较其业务。

时效性与限制

发布于美东时间 07/13 12:25（UTC+8 07/14 00:25）。历史回撤比较可能受公司早期业务结构变化影响；文章未拆分160亿美元合同的客户集中度、开工条件和收入确认节奏。

后续跟踪

新租约签署及客户集中度
数据中心开工、并网和交付节点
现金消耗、债务与优先股融资进度
营业利润率和自由现金流变化

英文原文

Applied Digital: Is The $16 Billion AI Bet Worth The Risk?

Trefis Team

Tue, July 14, 2026 at 12:25 AM GMT+8 4 min read

APLD

-8.92%

CLSK

-8.70%

RIOT

-6.37%

CORZ

-7.48%

CORZZ

-7.89%

Photo by Buffik on Pixabay The company is building the infrastructure for the AI boom with billions in contracted revenue, but you're buying into a costly construction project long before the profits arrive.

Applied Digital (APLD) is not a software company riding the artificial intelligence wave; it's one of the companies pouring the concrete. It designs, builds, and operates the large, power-hungry data centers that AI models require. After a striking 228% run-up over the past year, the stock now trades about 37% below its 52-week high, raising a direct question for anyone looking at the opportunity today. Are you buying into the early stages of a dominant infrastructure provider for the AI age, or are you taking on the considerable risks of a company still in the middle of its expensive, complex build-out?

How Expensive Is It?

On the surface, Applied Digital's valuation is a study in contrasts. The stock trades at a price-to-sales ratio of 32.0, a steep figure that dwarfs the S&P 500's multiple of 3.3. That's the kind of premium the market typically pays for extreme growth, and APLD has it: its revenue has grown at a 118% average annual rate over the last three years. But look at profitability, and the picture flips. The company is not yet profitable, with an operating margin of -23% compared to the market's positive 18.4%. It's also burning through cash to fund its expansion, so a price-to-free-cash-flow multiple isn't meaningful. In short, you are paying a high price for today's sales in the belief that the company's large construction pipeline will eventually generate significant profits. The current losses are the cost of that future.

What Does That Price Buy, And Can It Fund Its Plans?

What you get for that price is a direct stake in the AI infrastructure build-out. The engine here is the HPC hosting business , which builds and leases specialized data centers. This segment generated $71 million of revenue in the most recent quarter. More importantly, the company has already secured approximately $16 billion in contracted lease revenue , providing a long-term view of potential income. Management sees demand from its "hyperscalers" clients as aggressive as they've ever seen it and is actively marketing four new development sites totaling roughly 1 gigawatt of power capacity. The critical question is whether it can fund this ambition. The company is burning cash, but it ended the last quarter with $2.1 billion in cash and equivalents. It has also arranged significant financing, including access to $4.1 billion in preferred equity from Macquarie Asset Management for future projects. While its debt load of 31% of its market value is higher than the market average of 20%, the company appears to have a clear financing model in place for its current construction.

Story Continues

When Markets Turn, And How This Stock Behaves

A look at history shows that holding this stock requires a strong stomach. During the 2022 inflation shock, APLD stock fell 83%, a far deeper drop than the S&P 500's 25% decline. It was a similar story during the 2020 pandemic, when the stock fell 68% versus the market's 34% drop. And in the 2008 global financial crisis, it plunged 92% while the S&P 500 fell 57%. In each case, the stock did eventually recover to its prior peak, but the drawdowns are severe. This is a high-beta stock that amplifies market downturns. The options market currently implies an expected volatility of 95, which, while lower than its recent past, still signals that traders are braced for significant price swings.

Where That Leaves You

The decision on Applied Digital hinges on your view of execution. The case for buying is that you are getting in on the ground floor of a tangible, long-term growth story fueled by the AI revolution. The company is building real assets backed by billions in contracts with major customers, and the financing for its current projects appears to be secured. If management delivers on its construction timeline, the earnings power could be immense.

The reason for caution is that you are buying a promise before it's fully delivered. The company is unprofitable, and large-scale development carries major execution and regulatory risks, highlighted by its decision to withdraw a planned project in South Dakota following changes to local tax laws. The key thing to watch is the pace of new lease signings and construction progress. Success here would validate the growth story, while further delays could test investor patience.

Buy Or Fear, It Is Still One Stock

Whether the call here is greed or fear, the bigger exposure is the same: how much of your future rides on this single name. A position that has grown too large turns one bad stretch into real, lasting damage - and selling to cut it back hands a chunk to the IRS. There is a way to protect the position and diversify out tax-efficiently .

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Nova锑试验厂进入建设准备期

重要性3/5 中

近期项目节点明确且涉及国防供应链，但篇幅和证据有限，尚未形成生产或认证结果。

标签

标的：`USAR`来源：IPO-Edge.com发布日期：2026-07-13重要性：3/5 中评级理由：近期项目节点明确且涉及国防供应链，但篇幅和证据有限，尚未形成生产或认证结果。评级依据：NVA直接项目进展, 明确建设时间窗口, 关联美国锑供应链, 缺少工程及经济参数原文字数：191

中文摘要

核心结论

Nova Minerals（诺瓦矿业）已完成阿拉斯加全额融资锑试验加工厂的工程设计，计划当季启动建设，以军用规格为目标推进美国本土锑供应。信息仍停留在公司宣布的建设前阶段，尚无投产、回收率或产品认证数据。

重要性评级

评级：3/5（中）

事件与美国国防关键矿物供应链直接相关，但原文很短，事实主要来自公司及管理层表述。

关键事实

Nova Minerals称已完成阿拉斯加锑试验加工厂的工程和设计工作。
公司称项目已获全额融资，并可为未来区域及全球项目扩产提供基础。
工厂按美国Department of War（战争部）军用质量规格设计。
公司预计在2026年第三季度启动建设。
首席执行官Christopher Gerteisen表示，下一步为矿石开采和加工厂施工，并称项目进度提前。

作者观点与证据

文章基本转述公司公告，将设计完成视为迈向近期锑生产的里程碑。没有第三方工程审查、融资条款或采购协议，因此“提前”和“近期生产”属于管理层口径。

与相关标的的关系

NVA及NVA-WT是直接相关证券；UAMY、MP和USAR属于美国关键矿物供应链的同类关联标的，文章未披露其与项目存在业务关系。

时效性与限制

发布于美东时间 07/13 11:39（UTC+8 07/13 23:39）。原文未提供预算、设计产能、原料储量、回收率、施工周期和产品认证计划。

后续跟踪

2026年第三季度实际开工节点
矿石开采与试生产时间
设计产能、回收率和单位成本
军用规格认证及采购安排

英文原文

Nova Minerals Advances U.S. Defense Supply Chain with Antimony Pilot Plant Buildout

IPO Edge

Mon, July 13, 2026 at 11:39 PM GMT+8 1 min read

NVA.AX

-8.55%

UAMY

-9.97%

-5.45%

NVA-WT

-5.16%

-8.09%

By Karen Roman

Nova Minerals Corp. (NYSE: NVA) said it completed the engineering and design for a fully-funded antimony pilot processing plant in Alaska, the first step in fast-tracking domestic production that will enable future expansion and scalable processing for regional and global projects.

The plant is engineered to meet U.S. Department of War military-grade quality specifications, with construction expected to start this quarter, the company stated.

Defense AI Heats Up: BigBear.ai Lands First European Validation for AI-Powered Airport Screening

"We continue to make rapid progress on the antimony project and remain ahead of schedule, with another major milestone now completed," said Mr. Christopher Gerteisen, Nova Minerals CEO. "Ore extraction and construction of the process plant are next steps as we continue progressing toward near-term antimony production."

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海力士预警冲击存储板块

重要性4/5 高

直接解释存储板块大幅波动，触发因素和基金集中度清晰，但时效已衰减且关键预测需公司口径确认。

标签

标的：`DRAM`来源：24/7 Wall St.发布日期：2026-07-13重要性：4/5 高评级理由：直接解释存储板块大幅波动，触发因素和基金集中度清晰，但时效已衰减且关键预测需公司口径确认。评级依据：timeliness, evidence_strength, fact_density原文字数：1081

中文摘要

核心结论

韩国券商下调SK海力士二季度利润预期，引发市场重新评估HBM4（第四代高带宽内存）的交付速度与定价能力。此前涨幅巨大的美光、闪迪、西部数据及集中持有韩国厂商的DRAM（存储芯片交易所交易基金）同步大跌。

重要性评级

评级：4/5（高）

事件直接覆盖DRAM、MU、SNDK、WDC和STX，提供了存储产业链调整的明确触发因素；但关键预测来自单一韩国券商，部分公司财务数字仍需原始公告核验。

关键事实

文章发布于美东时间 07/13 09:35（UTC+8 07/13 21:35）。
韩国券商KIS对SK海力士2026年二季度利润的估计低于市场共识8%，理由包括HBM4发货慢于预期及收入对HBM合同依赖较高。
SK海力士在亚洲市场下跌15%，三星电子同步下跌；韩国综合股价指数跌9%，并触发20分钟暂停交易。
美光、闪迪和西部数据开盘后不久均跌约6%；希捷跌4%至869美元。
DRAM基金跌9%至57.52美元，三星电子、SK海力士和美光三项持仓占净资产73%。
截至前一交易日收盘，美光、闪迪和西部数据年内分别上涨243%、707%和238%。
文章称美光最近一个财季收入415亿美元、同比增长346%，下一财季收入指引为500亿美元，上下浮动10亿美元。

作者观点与证据

作者把下跌解释为高位获利回吐与HBM周期预期降温共同作用，主要依据KIS预测、韩国市场反应及主题基金集中度。Polymarket（预测市场）概率和Reddit（网络社区）情绪属于交易者叙事，不能替代订单、价格与公司指引。

与相关标的的关系

MU与SK海力士在动态随机存取存储器和高带宽内存领域直接竞争；SNDK、WDC、STX受存储需求与估值情绪传导；DRAM因前三大持仓占比73%，对韩国厂商波动尤其敏感。

时效性与限制

文章距离批次日期已有四天，适合解释07/13的板块冲击，不宜视为07/17的新催化。文中夹杂推广内容，且部分极高增长与价格数字仅见于二手媒体。

后续跟踪

SK海力士对HBM4发货节奏和合同定价的正式说明。
美光量产交付、毛利率与下一财季指引兑现情况。
DRAM基金集中度及韩国市场恢复速度。
NAND（闪存）与硬盘需求是否出现独立走弱证据。

英文原文

Micron, SanDisk, Western Digital Fall 6% as SK Hynix’s Weak Outlook Rattles Memory Stocks

David Moadel

Mon, July 13, 2026 at 9:35 PM GMT+8 5 min read

-5.65%

SKHY

-13.69%

SNDK

-12.63%

-9.15%

005930.KS

-8.77%

Quick Read

After SK Hynix plunged 15% on an 8%-below-consensus profit estimate, Micron, SanDisk, and Western Digital each dropped 6% Monday despite year-to-date gains exceeding 200%.

The Roundhill Memory ETF (DRAM) fell 9%, with Samsung, SK Hynix, and Micron serving as its top three holdings and representing 73% of net assets, amplifying Korean losses.

This lithium producer surpassed a $1B private valuation, joining some of America's most powerful startups. Now you can invest in EnergyX alongside global giants like General Motors, but only through July 16. (sponsor)

Memory and storage stocks are selling off sharply Monday morning as a weak second-quarter profit estimate for South Korea's SK Hynix rattled the AI memory trade. Micron Technology ( NASDAQ:MU ) stock, SanDisk ( NASDAQ:SNDK ) shares, and Western Digital ( NASDAQ:WDC ) stock were each down 6% a few minutes after the day's session started.

Thinkstock The moves come after historic runs. Micron stock was up 243% year to date (YTD) through Friday's close, SanDisk shares had climbed 707%, and Western Digital stock was higher by 238%. Today's 5% pullback trims only a small slice of those gains.

Renewed U.S.-Iran headlines and the ongoing debate about the payoff on AI capital spending sit in the background of these stock declines. However, specific events surrounding SK Hynix are hitting memory/storage stocks particularly hard.

Weak SK Hynix Estimate Triggers a Memory Reset

The trigger came from Seoul. South Korean brokerage KIS published a Q2 2026 profit estimate for SK Hynix 8% below consensus, citing slower-than-expected HBM4 (high-bandwidth memory) shipments and heavy reliance on HBM contracts. That call cut into the core bull thesis for the entire memory complex.

SK Hynix stock fell 15% in Asia, its largest single-day drop ever, a stunning reversal from its strong U.S. NASDAQ debut on Friday. Samsung slid alongside it and the KOSPI dropped 9%, triggering a 20-minute trading halt. U.S.-listed SK Hynix shares were set to open sharply lower after Friday's debut.

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Story Continues

U.S. memory names sold in sympathy. SK Hynix is Micron's most direct competitor in DRAM and high-bandwidth memory, so any signal that HBM4 shipments are slipping raises questions about pricing power across the group. The reaction reads as profit-taking plus a scare that the memory super-cycle's momentum may be cooling.

Peers and the Memory ETF Feel the Ripple

Seagate Technology ( NASDAQ:STX ) stock is down 4% to $869 this morning after a YTD run of 231% through Friday's close of $910.34. The hard-disk maker trades on similar AI storage tailwinds as Western Digital, and both are moving in tandem with the DRAM and NAND names. Seagate stock also carries a beta of 2.07, so its swings have tended to run larger than the broader tape in both directions.

The Roundhill Memory ETF ( NYSEARCA:DRAM ) is taking a bigger hit than the U.S. constituents, with the ETF down 9% to $57.52. That reflects concentration: the top three holdings, Samsung Electronics, SK Hynix, and Micron, account for 73% of net assets, and the Korean names are leading the losses. The ETF is a narrow, non-leveraged thematic fund, and today's move highlights its single-region concentration risk.

Sell-side conviction hasn't evaporated, though. Citi recently reaffirmed a Buy on Western Digital with an $800 target, well above Friday's close. That constructive analyst view is being overshadowed by sector-wide selling this morning.

What to Watch Now

The bull case for Micron rests on durable AI-driven memory demand. Micron's recent Q3 FY2026 results showed revenue of $41.5 billion, up 346% year over year (YoY), with non-GAAP EPS of $25.11 and gross margin expanding to 85%. CEO Sanjay Mehrotra guided Q4 FY2026 revenue to $50 billion, plus or minus $1 billion, citing multi-year Strategic Customer Agreements and HBM4 already in high-volume shipments. The bear case is memory cyclicality, the HBM4 shipment and pricing concern flagged for SK Hynix, and rich valuations after a massive run. Investors should consider keeping their position sizes modest given the volatility.

SanDisk's own Q3 FY2026 report was similarly outsized. Revenue jumped 251% YoY to $5.9 billion, non-GAAP EPS came in at $23.41, and management guided Q4 revenue between $7.75 billion and $8.25 billion. The company also cleared $650 million in debt to reach a zero-debt balance sheet, giving it flexibility to weather any near-term memory pricing wobble.

Prediction market participants are leaning cautious near term. Polymarket odds place the highest conviction on Micron trading in the $930 to $960 range this week, with a 0.865 probability that shares finish today lower. Upside conviction above $1,020 drops sharply.

Still, Reddit sentiment tells a more bullish story. Aggregate sentiment on Micron scored 66 (bullish) as of Monday morning, and SanDisk sentiment on WallStreetBets held between 58 and 75 through the initial selloff, indicating retail dip-buyers stayed engaged. Traders can watch for whether the $920 level holds on Micron stock and whether the DRAM ETF stabilizes once U.S.-listed SK Hynix shares find a level after their delayed open, and could look for any updated commentary from Korean analysts later this week.

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上半年五只特色新基金

重要性3/5 中

涵盖DRAM等输入标的并提供ETF发行背景，但量化信息有限，且距批次日期已有四天。

标签

标的：`DRAM`来源：MoneyShow发布日期：2026-07-13重要性：3/5 中评级理由：涵盖DRAM等输入标的并提供ETF发行背景，但量化信息有限，且距批次日期已有四天。评级依据：fact_density, source_quality, background_value原文字数：373

中文摘要

核心结论

美国2026年上半年新上市728只ETF（交易所交易基金），CFRA从资产增长与产品差异化角度选出五只代表产品。DRAM凭借对高带宽内存产业的集中敞口和早期回报，被列为最突出的新基金。

重要性评级

评级：3/5（中）

文章直接涉及DRAM和SPCX，但内容偏产品生态观察，缺少资产规模、费率、流动性和完整业绩区间等决策性数据。

关键事实

文章发布于美东时间 07/13 01:01（UTC+8 07/13 13:01）。
2026年上半年美国共有728只新ETF上市。
CFRA筛选出DRAM、NASA、IQMM、LOHA和SECU五只代表产品。
DRAM提供HBM（高带宽内存）产业敞口，被CFRA称为上半年最突出的新品。
NASA的资产增长受SpaceX相关兴趣推动；IQMM通过其他ProShares基金的配置加快资产积累。
LOHA和SECU尚未达到10亿美元资产规模。

作者观点与证据

CFRA认为新产品反映基金管理人对存储芯片、SpaceX和加密监管等主题的快速响应。判断主要基于差异化和资产募集表现，文章没有披露统一比较周期或完整量化排名方法。

与相关标的的关系

DRAM获得直接产品层面的关注；NASA和SPCX体现太空主题需求；IQMM、LOHA和SECU与输入中的存储主题关联较弱，可作为ETF发行趋势背景。

时效性与限制

内容发布于批次日前四天，且总结的是上半年发行情况。缺少管理费、买卖价差、日均成交额、持仓集中度和精确资产规模。

后续跟踪

五只基金的资产净流入与日均成交额。
DRAM的持仓集中度、费率和跟踪偏差。
NASA对SPCX的实际持仓权重与估值方法。
新基金资产增长能否延续至下半年。

英文原文

ETFs- Among 728 New Funds from H1 2026, These FIVE Stand Out

MoneyShow

Mon, July 13, 2026 at 1:01 PM GMT+8 1 min read

SPCX

-3.08%

There were 728 new ETFs listed in the US in the first half of 2026, and CFRA has identified five of them as notable launches. We screened the new launches and identified those that have rapidly gathered assets or innovated in growing ETF categories, notes Aniket Ullal , VP, ETF Data & Analytics at CFRA Research .

These products are representative of the rapid and continuing creativity and experimentation in the US ETF ecosystem. The Roundhill Memory ETF ( DRAM ) has been the standout launch of H1 2026 due to its differentiated exposure to the HBM industry and strong return performance.

DRAM chart Source: CFRA

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Other launches with success in gathering assets include the Tema Space Innovators ETF ( NASA ), driven by interest in Space Exploration Technologies Corp. ( SPCX ), and the ProShares GENIUS Money Market ETF ( IQMM ), which jumpstarted its asset growth via allocations from other ProShares ETFs.

Our list also includes the Roundhill HALO ETF ( LOHA ) and iShares Securitized Income Active ETF ( SECU ). Both have yet to cross $1 billion in assets, but are innovating in categories of growing investor interest.

CFRA identified these recent launches as notable because they are differentiated and reflect high investor interest in their respective categories. The launch of these products indicates that ETF managers are innovating by closely monitoring investor sentiment (e.g., SPCX, memory chips) and regulatory changes (e.g., crypto regulation) and then quickly bringing products to market.

See also: ETHA: An Ethereum ETF to Buy as Market Acceptance Grows

Going forward, market participants should monitor how each of these products and segments grows, and whether investor demand is sustained. The success of these products will be a litmus test of sustained investor appetite for specialized thematic exposure in the ETF wrapper.

USDC储备结构与链上覆盖口径

重要性4/5 中高

USDC是CRCL的主要业务载体，材料含较新的730亿美元流通量及储备结构信息；营销属性、跨期指标和缺失字段削弱了证据完整性。

标签

标的：`CRCL`来源：Circle发布日期：2026-07-13重要性：4/5 中高评级理由：USDC是CRCL的主要业务载体，材料含较新的730亿美元流通量及储备结构信息；营销属性、跨期指标和缺失字段削弱了证据完整性。评级依据：与CRCL和USDC直接相关, 含最新流通量数据, 储备结构信息较具体, 发行方自述, 统计口径存在差异原文字数：1791

中文摘要

核心结论

Circle（纽约证券交易所代码：CRCL）的产品页将USDC（美元稳定币）定位为可按1:1兑换美元、由高流动性现金及现金等价物足额支持的支付与结算工具。页面给出730亿美元流通量、逾1000家生态伙伴和多链覆盖等规模指标，但内容属于发行方营销及说明材料，部分统计口径和日期并不一致。

重要性评级

评级：4/5（中高）

材料直接关联CRCL的主要产品、储备结构和网络规模，且含最新流通量数据。发行方口径占主导，缺少完整储备金额和当期独立鉴证附件，需结合外部数据核验。

关键事实

截至07/13，页面显示USDC流通量为730亿美元，但对应储备金额字段未成功呈现。
Circle称USDC由高流动性现金和现金等价物100%支持，并可按1:1兑换美元。
储备的大部分投资于Circle Reserve Fund（Circle储备基金，代码：USDXX），该基金属于美国证券交易委员会注册的2a-7政府货币市场基金，由BlackRock（贝莱德）管理并由纽约梅隆银行托管。
Circle称其发布由四大会计师事务所执行的月度储备鉴证；Deloitte & Touche LLP（德勤会计师事务所）自2022财年起担任独立审计机构。
页面显示生态网络拥有逾1000家银行、区块链、分销商及其他合作伙伴。
页面列示108%的年度增长，该数字覆盖2024年09/30至2025年09/30，来自2025年第三季度业绩材料，不能视为2026年即时增速。
产品介绍称USDC原生发行于35条区块链；常见问题部分则称截至05/13支持34条，两处口径存在时间或更新差异。
Circle Mint（机构铸造与赎回平台）只向机构开放；个人和小企业需通过交易平台、数字钱包或出入金服务商获取USDC。
Circle援引美国证券交易委员会工作人员2025年04月发布的稳定币声明，并据此表达USDC属于“受涵盖稳定币”、其发行销售不构成证券发行的公司观点。

作者观点与证据

页面强调全天候结算、跨链可编程性、监管许可和足额储备，以支持USDC在全球支付及数字美元基础设施中的定位。730亿美元流通量、合作伙伴数量和储备结构构成主要事实依据；“全球最大受监管稳定币”等表述来自Circle自身，并引用市值排名和牌照数量比较，未展示完整竞争样本。证券属性判断也是公司依据监管工作人员声明形成的立场，并非针对USDC的单独裁决。

与相关标的的关系

USDC流通规模、支付使用率及储备收益直接关系CRCL的业务体量和收入基础。对USDC本身，储备流动性、赎回渠道、原生链覆盖及监管资格影响其美元锚定和机构采用；页面没有披露当期铸造、赎回、净流入或储备收益数据。

时效性与限制

元数据将文章日期标为07/13（未给出具体时刻），页面内部数据分布于2025年至2026年多个日期。该网页会持续更新，流通量、链数量和合作伙伴口径可能不同步，且缺失的储备金额字段限制了资产负债匹配核验。

后续跟踪

USDC每日流通量、净发行和赎回变化。
月度储备鉴证中的资产金额、期限和托管结构。
34条与35条原生链口径的更新情况。
CRCL披露的储备收入、支付量及机构客户增长。

英文原文

USDC | Powering global finance. Issued by Circle.

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USDC

The world’s largest regulated 1 stablecoin powering global finance

Fully backed digital dollars

Redeemable 1:1 for US dollars, USDC enables 24/7 liquidity for near-instant, low-cost global payments.

Built for rapid global payments and 24/7 financial markets, USDC is a regulated digital currency you can redeem 1:1 for US dollars.

Partner with Circle

View docs

Why businesses choose USDC

Near-instant, always-on settlement

Boost capital efficiency and minimize prefunding with real-time transactions.

Regulatory compliance

USDC is the world’s largest regulated stablecoin, issued by Circle. 1

Expanded market access

Unlock new markets that were previously unreachable or too costly to serve.

Programmable money

USDC lets you move value as easily as data and build next-gen financial applications.

Thunes Meets Demand for Always-On Global Payments with USDC

Read case study

Circle helps Immersve bring digital dollars to everyday spending

Read case study

Nubank pioneers digital dollar access in Brazil with USDC

Read case study

An active network

USDC is highly liquid, widely adopted, and supported by a global network of partners.

$

0.00

T

all-time volume 2

1000+

banks, blockchains, distributors, and other partners

108%

yearly growth 3

Accessible to all

Global reach

Available to anyone with an internet connection — all around the world, 24/7.

Local settlement

A network of leading global banks that enable FX settlement with diverse fiat currencies.

For everyone

Providing financial opportunities for people everywhere.

Click for sound

Industry-leading security

Fully backed

100% backed by highly liquid cash and cash-equivalent assets.

Highly regulated

Issued 1 by the most licensed stablecoin company in the world. 4

Transparently managed

Circle publishes monthly reserve attestations by a Big Four accounting firm.

73.0

USDC in Circulation

as of

13 July 2026

USD in reserves 5

as of

13 July 2026

View reserves

See disclosures

View Reserves

Developer-ready

USDC is natively issued on 35 blockchain networks, and, with CCTP, seamlessly moves between subsets of these blockchains. It’s built on open protocols with a supporting suite of APIs and SDKs.

Fueling financial opportunities

USDC enables businesses to offer payment connectivity and dollar-backed financial services to more people in more places.

24/7 real-time money movement

Enable low-cost payments around the world that can settle in seconds, for you or your customers.

Partners

Learn more

Worldwide access to digital dollars

Hold, transfer, and transact in USDC from almost anywhere, without relying on traditional banks.

Partners

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Institutional-grade liquidity

Access, trade, and rebalance USDC at scale any time across chains or borders.

Partners

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Partner with Circle

Join the Circle network to unlock instant access to our global ecosystem of partners and products.

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Build with Circle

Explore our Developer Console to see how you can integrate Circle solutions for your use case.

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Learn more about USDC

Fully backed digital dollars

USDC is 100% backed by highly liquid cash and cash-equivalent assets stored in transparently managed reserves with independent attestations conducted by a Big Four accounting firm.

Learn more

Collaborating with regulators

Circle, the issuer of USDC 1 , actively engages in policy discussions, adheres to regulatory frameworks, and obtains necessary licenses to maintain compliance and transparency in its operations.

Read on

Build with USDC

USDC is programmable money built for global accessibility and crosschain interoperability, unlocking new opportunities for your business.

Join the community

FAQs

How does Circle guarantee that USDC is fully backed and redeemable 1:1 for US dollars?

USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars. The majority of the USDC reserve is invested in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock .

Learn more about our approach to transparency .

Which blockchains is USDC available on?

As of May 13, 2026, USDC is natively supported on 34 blockchain networks: Algorand , Aptos , Arbitrum , Avalanche , Base , Celo , Codex , EDGE Chain , Cronos , Ethereum , Hedera , HyperEVM , Injective , Ink , Linea , Monad , Morph , NEAR , Noble , OP Mainnet , Pharos , Plume , Polkadot , Polygon PoS , Sei , Solana , Sonic , Starknet , Stellar , Sui , Unichain , World Chain , XDC , XRP Ledger and ZKsync – with more expected in the future.

‍

For more details, see our developer docs .

How can I get USDC and convert it back to fiat currency?

Circle Mint enables exchanges, institutional traders, banks, and large financial institutions to directly redeem USDC 1:1 for USD from Circle. Mint is not available to individuals or small businesses.

Startups and small businesses can access USDC via on/offramp providers in the Circle Alliance Program. Learn more about CAP or go right to the CAP directory to find a provider.

Individuals and everyday users can access USDC via exchanges, neobanks, and digital wallets. Learn more on the dedicated USDC website .

What does it mean for USDC to be “minted” or “burned”?

Businesses can apply for a Circle Mint account to exchange US dollars for USDC. When a business deposits USD into its Circle Account, Circle issues the equivalent amount of USDC to the business. The process of issuing new USDC is known as “minting” as new digital dollars are created and put into circulation.

Similarly, when a business wants to exchange its USDC for US dollars, the business can deposit USDC into their Mint account and request to receive US dollars. This process of redeeming USDC is known as “burning” as this process takes USDC out of circulation.

When everyday users swap US dollars for USDC on a digital asset exchange, it is the exchange that provides that USDC. If the exchange needs more USDC to fulfill the swap, the exchange will often use its Mint account to mint more USDC.

Is USDC a cryptocurrency?

USDC is a fully reserved stablecoin, which is a type of cryptocurrency designed to maintain steady value. Unlike other cryptocurrencies that fluctuate in price, USDC is designed to maintain price equivalence to the US dollar. USDC is redeemable 1:1 for US dollars while benefiting from the speed and security of blockchain technology.

How is USDC different from a central bank digital currency (CBDC)?

USDC is issued through regulated affiliates of Circle 1 , a financial technology company in the private sector, while a CBDC would be issued by a government. While most CBDCs are only in the research phase, USDC exists today and is widely used by millions of people around the world. Circle has developed the technology to enable USDC to run on public blockchain networks, with open-source and private market innovation driving rapid progress in digital dollar currency models. Read more about Circle’s insights on the Federal Reserve’s CBDC discussion .

Who is Circle’s independent auditor?

Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal year 2022. Prior to Deloitte, Grant Thornton LLP served as Circle’s independent auditor from 2015.

Is USDC a security?

Our view is that USDC is not a security. In April 2025, the staff of the U.S. Securities and Exchange Commission (SEC) issued a Statement on Stablecoins (the Statement) , which confirmed that as described in the Statement, the offer and sale of “Covered Stablecoins” in the manner described in the Statement does not constitute the offer and sale of securities under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Is USDC a “Covered Stablecoin”?

Our view is that USDC is a Covered Stablecoin. The Statement on Stablecoins defines “Covered Stablecoins” as those which are "designed to maintain a stable value relative to the United States Dollar, or 'USD,' on a one-for-one basis, can be redeemed for USD on a one-for-one basis (i.e., one stablecoin to one USD), and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation.

Our view is that USDC is a "covered stablecoin" as it is designed to maintain a stable value relative to the USD, is redeemable 1:1 for USD 9 , and is 100% backed by highly liquid cash and cash equivalent assets. Information on the reserves backing USDC is made publicly available with monthly third-party assurances that the value of the reserves meets or exceeds the value of USDC in circulation.

What makes USDC fully backed and redeemable 1:1 for US dollars?

USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars. 6 The majority of the USDC reserve is invested in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock . Learn more about our approach to transparency .

USDC is issued through regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here .

July 15, 2026 8:00 PM

September 30, 2024 - September 30, 2025. Retrieved from Q3 2025 quarterly earnings report .

Based on a competitive comparison analyzing the top 10 stablecoin companies by market capitalization based on CoinMarketCap . A list of Circle’s licenses can be found here .

USDC is backed by the equivalent value of US dollar denominated assets held as reserves for the benefit of USDC holders. Cash is held at regulated financial institutions. The portfolio of the Circle Reserve Fund, which can contain short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash, is custodied at The Bank of New York Mellon and is managed by BlackRock.

Circle Ventures, an affiliate of Circle Internet Financial, LLC, has invested in Airtm.

Circle Ventures, an affiliate of Circle Internet Financial, LLC, has invested in Arf.

Circle Mint customers are able to redeem USDC directly from Circle. In addition, Circle will redeem all USDC presented to it for redemption in compliance with MiCAR, regardless of whether the holder is a Circle Mint customer. Circle Mint is currently available only to institutions and is not available to individuals.

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文章

重要性未评级

标签

来源：web-enrichment:index_provider_reference发布日期：2026-07-13重要性：未评级

中文摘要

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

英文原文

原文

本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。

打开原文

格芯SLATE三维集成进入量产准备

重要性3/5 中

GFS产品里程碑清晰且有量化指标，但底层消息较旧，商业化证据仍少。

标签

标的：`GFS`来源：Insider Monkey发布日期：2026-07-12重要性：3/5 中评级理由：GFS产品里程碑清晰且有量化指标，但底层消息较旧，商业化证据仍少。评级依据：product_milestone, quantitative_claim, company_claim原文字数：318

中文摘要

核心结论

GlobalFoundries（格芯）的SLATE晶圆对晶圆键合技术已在9SW射频绝缘体上硅平台达到生产准备状态，可通过垂直集成将射频芯片面积最多缩小45%，计划于2027年下半年扩大至量产。

重要性评级

评级：3/5（中）

技术里程碑与GFS产品竞争力直接相关，包含明确性能和量产时间；文章基于公司06/23公告，时效较弱且缺少客户验证。

关键事实

GFS于06/23（未给出具体时刻）宣布SLATE技术达到生产准备状态。
技术部署于9SW射频绝缘体上硅平台，由新加坡300毫米晶圆厂制造。
SLATE支持大型场效应晶体管垂直堆叠与集成，芯片面积最多可减少45%。
目标应用包括5G移动设备中的天线调谐器和放大器。
公司计划在2027年下半年扩大至批量生产。
集成式PDK（工艺设计套件）已经开放，可供客户开展下一代移动和无线应用原型设计。

作者观点与证据

文章认为SLATE与9SW结合可形成更紧凑、能效更高的蜂窝射频前端。面积缩减和量产计划来自公司公告，正文未提供客户名称、良率、成本或第三方测试结果。

与相关标的的关系

该技术直接关系GFS在射频特色制程和先进封装市场的产品差异化。收入贡献取决于客户导入、验证周期及2027年量产爬坡。

时效性与限制

文章发布于美东时间 07/12 12:32（UTC+8 07/13 00:32），所述公告则来自06/23（未给出具体时刻）。来源为二次整理，且夹带股票筛选与推广内容。

后续跟踪

客户原型验证和设计导入数量
量产良率及单位成本
2027年下半年产能爬坡进度
射频前端客户采用与收入贡献

英文原文

GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology

Maham Fatima

Mon, July 13, 2026 at 12:32 AM GMT+8 2 min read

-5.16%

GlobalFoundries Inc. (NASDAQ: GFS ) is one of the best up and coming stocks to invest in right now . On June 23, GlobalFoundries announced the production readiness of its SLATE wafer-to-wafer bonding technology on its 9SW radio-frequency silicon-on-insulator platform. Manufactured at the company's 300mm facility in Singapore, this 3D integration solution is expected to ramp to volume production by the second half of 2027.

The SLATE technology allows designers to stack and integrate large-size field-effect transistors in vertical architectures, reducing die size by up to 45%. This capability helps decrease the total design area for radio-frequency components, such as antenna tuners and amplifiers, in space-constrained 5G mobile devices.

Here is Why Ambiq (AMBQ) is One of the Best Performing Semiconductor Stocks to Invest In Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

By combining the 9SW platform with advanced 3D packaging, GlobalFoundries Inc. (NASDAQ:GFS) aims to support the development of more compact and power-efficient cellular front-ends. An integrated process design kit is currently available to help designers begin prototyping for next-generation mobile and wireless applications.

GlobalFoundries Inc. (NASDAQ:GFS) is a leading multinational semiconductor manufacturer operating as a pure-play foundry, producing chips designed by other companies.

While we acknowledge the risk and potential of GFS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GFS and that has 10,000% upside potential, check out our report about the cheapest AI stock .

Disclosure: None. Follow Insider Monkey on Google News .

打开原文

三只稀土ETF的暴露差异

重要性3/5 中

基金结构与产业瓶颈数据清楚，可补充稀土主题背景，但不是单一持仓的近期催化。

标签

标的：`USAR`来源：MarketBeat发布日期：2026-07-12重要性：3/5 中评级理由：基金结构与产业瓶颈数据清楚，可补充稀土主题背景，但不是单一持仓的近期催化。评级依据：比较三只稀土及关键材料ETF, 包含规模、费率和持仓数, 关联USAR与MP政策主题, 缺少完整持仓及跟踪数据原文字数：1117

中文摘要

核心结论

文章把稀土产业瓶颈定位于分离、精炼和磁体制造，并比较REMX、EART与SETM三只ETF（交易所交易基金）的覆盖范围。三者均能分散单一项目风险，但资产规模、持仓数量和关键材料暴露差异显著。

重要性评级

评级：3/5（中）

文章适合作为稀土板块背景和ETF结构索引，数据较完整；与USAR、MP的关系主要通过持仓和政策主题传导。

关键事实

文章认为中国优势来自自20世纪80年代形成的精炼、分离、化工和磁体制造能力，矿藏稀缺并非唯一约束。
2025年7月，美国国防部以4亿美元优先股投资MP Materials；文章称其由此成为公司最大股东。
USAR在2026年初获得最高16亿美元资金渠道，并向政府发行1610万股；潜在政府持股比例为12%至25%。
REMX拥有38只成分股，最大持仓Albemarle权重约7.2%，资产管理规模24亿美元、费率0.58%，过去12个月上涨逾91%。
EART拥有50余只成分股，资产管理规模约4000万美元、费率0.59%，过去12个月上涨逾60%。
SETM通常持有125至170只证券，铀产业权重最高，资产管理规模约5.6亿美元、费率0.65%，过去12个月上涨74%。
SETM过去三个月下跌逾14%；REMX和EART自5月中旬开始走弱。

作者观点与证据

作者主张通过ETF分散稀土项目的融资、审批和建设风险，并强调美国政策正在支持中游加工。基金规模、费率和持仓数量是可核对事实；“机会窗口”等表述属于作者的配置叙事。

与相关标的的关系

REMX对稀土和战略金属暴露最直接，EART覆盖面偏向关键技术材料，SETM扩展至铀等多种关键材料。MP、USAR和ALB通过基金持仓或产业主题关联。

时效性与限制

发布于美东时间 07/12 11:45（UTC+8 07/12 23:45）。文章未列出三只基金的完整持仓、地区分布、流动性和跟踪误差，回报数字也未说明是否含分红。

后续跟踪

三只基金最新持仓和权重变化
美国中游加工项目资金落地
基金规模、成交量与费率
稀土、铀及锂价格对基金表现的分化

英文原文

3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk

Aerial view of an open-pit mine with terraced rock walls, mining equipment, and an adjacent processing plant.

Chris Markoch, MarketBeat

Sun, July 12, 2026 at 11:45 PM GMT+8 5 min read

-8.09%

USAR

-8.09%

ALB-PA

-3.80%

SETM

-4.43%

REMX

-4.46%

Key Points

Interested in VanEck Rare Earth and Strategic Metals ETF? Here are five stocks we like better.

China's rare-earth dominance stems from decades of investment in refining and processing infrastructure rather than superior mineral deposits.

The Trump administration is funding U.S. companies like MP Materials, USA Rare Earth, Vulcan Elements, and ReElement Technologies to rebuild domestic refining capacity.

Investors seeking diversified exposure to this long-term theme can consider ETFs such as REMX, EART, and SETM, which hold dozens of related companies.

It's not hard to see why investing in rare-earth metals is a long-term investment theme. Rare-earth metals are 17 metallic elements with unusual magnetic, optical, and conductive properties that make them indispensable to modern technology, including:

Defense and national security

→ The SK Hynix IPO and 2027's AI Memory Squeeze

Artificial intelligence, semiconductors, and data centers

Electrification and clean energy

→ 3 Space Stocks That Could Outshine SpaceX After Its IPO

The rare-earth story is frequently positioned as one of scarcity, but that isn't the case. Many countries have abundant rare-earth deposits, including the United States, Australia, Canada, Brazil, and India.

China's dominance in rare-earths stems from decades of developing its midstream processing industry, rather than just controlling the largest deposits. Beginning in the 1980s, China invested heavily in refining, separation technology, chemical engineering capacity, and magnet manufacturing—areas that other countries avoided because of cost, environmental complexity, and long development timelines.

→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts

Rare-earth refining is chemically intensive and produces radioactive byproducts, and China's willingness to subsidize the industry and manage the environmental burden allowed it to scale rapidly while competitors fell behind. This is where today's investment opportunities exist.

Why Rare-Earth Refining Is the Real Investment Opportunity

The bottleneck in rare-earth is in the refining process. This was a conscious choice that was made by China (to invest in refining) and many other countries, including the United States, which chose not to invest in refining.

The Trump administration is accelerating domestic rare‑earth development through targeted industrial policy, including federal funding, strategic partnerships, and streamlined permitting for critical‑mineral projects. Rather than broad deregulation, the focus has been on removing specific bottlenecks that historically made U.S. refining uneconomic—such as long environmental review timelines and limited federal support for midstream processing.

Story Continues

These policy shifts are designed to help companies begin refining rare-earth elements inside the United States for the first time in decades. As a result, several U.S. companies are now receiving federal support to build refining, separation, and magnet‑manufacturing capacity—marking the first major rebuild of the domestic rare‑earth supply chain in more than 30 years.

MP Materials (NYSE: MP): The Pentagon became the company's largest shareholder after buying $400 million in preferred stock in July 2025. The investment supports the company's expansion of rare-earth processing and the construction of a second magnet manufacturing plant.

USA Rare Earth (NASDAQ: USAR): The Trump administration announced a partnership in early 2026 that gives the company access to $1.6 billion in funding. The deal also issued 16.1 million shares to the Department of War, which could increase the government's stake to between 12% and 25%, depending on warrant exercise.

Vulcan Elements & ReElement Technologies: The Department of War issued these rare-earth startups a $620 million loan and $50 million in federal incentives. The investment is to help the companies scale their magnet and ore processing capacity.

This is where some investors may believe the opportunity carries too much risk. After all, there are no guarantees in this sector, and the real payoff is likely years away. However, for patient investors with a long-term outlook, that's an ideal argument for investing in an exchange-traded fund (ETF) that includes dozens of holdings in the sector. This provides exposure to the entire supply chain without overreliance on one or two companies.

REMX: A Diversified ETF for Rare-Earth Investing

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA: REMX) tracks an index of global companies that mine, refine, or recycle rare-earth and strategic metals.

The fund is an ideal option for investors looking for a direct proxy for the current export-control backdrop,

REMX is a weighted average market cap fund with 38 holdings. Albemarle (NYSE: ALB) holds the most weight in the fund at around 7.2%. The fund has $2.4 billion of assets under management (AUM) with a net expense ratio of 0.58%.

REMX is up over 91% in the last 12 months. But a sharp sell-off that started in May has pushed the stock price into the middle of its 52-week range, which may create a solid entry point for investors.

EART ETF Targets the Companies Powering Future Technologies

The Global X Rare Earth & Critical Materials ETF (NASDAQ: EART) is a more targeted play on the rare-earth theme.

The fund targets companies that produce rare-earth components and other raw or composite materials that are essential to expanding the development of critical technologies such as electric vehicles (EVs), energy storage, robotics, and radar systems.

The fund has over 50 holdings that are weighted according to their Free Float Market Capitalization. The fund currently has around $40 million of AUM with a net expense ratio of 0.59%.

EART is up over 60% in the last 12 months. Like the REMX, the fund has been in a downtrend since mid-May, giving investors a similar opportunistic setup.

SETM ETF Provides Diversified Critical Materials Exposure

In contrast to the EART, which takes a narrower focus on the rare-earth sector, the Sprott Critical Materials ETF (NASDAQ: SETM) takes a broader view and includes a focus on several critical metals that are essential to the modern industrial economy.

For example, in percentage terms, uranium companies have the most exposure in the fund.

With its focus on a wider range of metals, the fund has at any given time between 125 and 170 holdings, which provides significant diversification. The fund has close to $560 million of AUM and a net expense ratio of 0.65%.

SETM is up 74% in the last 12 months. But like the broader sector, the fund is down over 14% in the last three months.

The article " 3 Rare-Earth ETFs That Help Investors Balance Exposure and Risk " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

打开原文

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`GFS`来源：Motley Fool发布日期：2026-07-11重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：834

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

A GlobalFoundries Insider Sold 78% of His Company Shares. Here

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.

Robert Izquierdo, The Motley Fool

Sat, July 11, 2026 at 9:13 AM GMT+8 4 min read

-5.16%

Michael James Hogan, Chief Strategy Officer of Globalfoundries Inc. (NASDAQ:GFS), reported the disposition of 2,800 ordinary shares on July 8, 2026 and July 9, 2026, according to a recent SEC Form 4 filing .

Transaction summary

Metric

Value

Transaction value

$187,124

Shares sold

2,700

Shares gifted

100

Post-transaction shares (directly held)

795

Post-transaction value

$55,419.45

Transaction value based on SEC Form 4 weighted average sale price ($66.83); post-transaction value based on July 09, 2026 market close ($69.71).

Key questions

How has the insider's direct equity position changed following this activity?

Michael James Hogan reduced the direct holding of ordinary shares by 78%, retaining a post-transaction balance of 795 shares which represent the residual direct interest in the firm's equity.

In what market context did this disposition occur?

The activity occurred following a period in which Globalfoundries shares delivered a 70% one-year return as of the July 9, 2026 market close, with the insider selling shares at $66.83 per share.

What was the nature of these transactions?

The dispositions were performed under a Rule 10b5-1 plan. This indicates that the sale of 2,700 shares and the gift of 100 shares were pre-arranged, with the execution parameters established prior to the transaction dates to provide for systematic liquidity.

Company Overview

Metric

Value

Share Price (as of market close 2026-07-09)

$69.71

Market Capitalization

$38.2 billion

Revenue (TTM)

$6.8 billion

Net Income (TTM)

$778.0 million

Company Snapshot

GlobalFoundries Inc. operates as a global semiconductor foundry specializing in the design and manufacturing of integrated circuits, including microprocessors, mobile application processors, baseband and network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems for a broad range of consumer and industrial electronic applications.

The company generates revenue through a foundry business model, providing semiconductor manufacturing services to fabless design companies and original equipment manufacturers that require advanced chip production capabilities without maintaining their own fabrication facilities.

GlobalFoundries serves a diverse customer base spanning telecommunications, automotive, industrial, consumer electronics, and computing sectors, with particular strength in serving mid-range and specialized semiconductor applications across global markets.

GlobalFoundries Inc. operates as one of the world's leading independent semiconductor foundries with a global manufacturing footprint and approximately 13,000 employees. The company has demonstrated strong financial performance with TTM revenue of $6.8 billion and net income of $778.0 million, reflecting robust demand for specialized semiconductor manufacturing services.

Story Continues

GlobalFoundries' competitive positioning is anchored by its advanced manufacturing capabilities, diversified customer base, and strategic focus on high-value semiconductor segments that support critical infrastructure and emerging technologies.

What this transaction means for investors

The sale of GlobalFoundries stock by Chief Strategy Officer Michael Hogan came at a time when shares experienced a substantial fall from the 52-week high of $92.55 reached on May 26. The price drop was due to investors cashing in after a strong run up in the second quarter, and a broader sell-off across the semiconductor sector.

Amidst this backdrop, it's not comforting for investors to see Hogan adding his dispositions to the fray, especially since it depleted nearly 80% of his holdings. Still, the transactions were pre-arranged as part of his Rule 10b5-1 plan, indicating they were non-discretionary in nature. Consequently, it seems Hogan's sales happened to coincide with Wall Street's rotation away from semiconductor stocks.

GlobalFoundries had a solid first quarter with sales of $1.6 billion, up 3% year over year, and excellent margin expansion as its gross margin rose to 27.6% compared to 22.4% in the previous year.

Should you buy stock in GlobalFoundries right now?

Before you buy stock in GlobalFoundries, consider this:

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Robert Izquierdo has positions in GlobalFoundries. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy .

A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction. was originally published by The Motley Fool

打开原文

ETF League Tables: Roundhill AUM Nears $34B

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`DRAM`来源：etf.com发布日期：2026-07-10重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：5857

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

ETF League Tables: Roundhill AUM Nears $34B

ETF.com Staff

Sat, July 11, 2026 at 5:00 AM GMT+8 50 min read

DRAM

-8.82%

Hero image 760x520 green (Table below reflects daily flows on July 9, 2026 and asset totals as of that date.)

ETF Brand League Table

Brand

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

iShares

4,554,455.09

1,356.19

0.03%

319,291.64

Vanguard

4,503,974.47

0.00

0.00%

280,926.95

SPDR

1,899,034.55

-2,180.86

-0.11%

24,955.34

Invesco

961,058.42

-3,064.14

-0.32%

51,996.10

Schwab

583,598.29

476.24

0.08%

36,686.26

JPMorgan

327,489.54

0.00

0.00%

39,914.26

Dimensional

297,954.70

265.80

0.09%

27,808.38

First Trust

222,149.75

-1,402.87

-0.63%

18,364.46

Fidelity

173,344.94

37.26

0.02%

17,757.55

Tradr

164,403.61

-449.00

-0.27%

51,945.50

VanEck

159,675.98

886.27

0.56%

12,927.74

Capital Group

150,373.77

-63.14

-0.04%

34,215.61

Avantis

139,047.59

88.75

0.06%

28,959.12

ProShares

121,493.19

-244.54

-0.20%

5,384.98

WisdomTree

99,637.18

0.00

0.00%

3,925.50

Global X

92,519.62

-211.03

-0.23%

11,337.40

Direxion

70,677.73

96.62

0.14%

-12,164.64

Goldman Sachs

64,068.39

24.80

0.04%

7,530.52

PIMCO

57,665.64

188.36

0.33%

11,461.72

FT Vest

55,627.16

53.88

0.10%

5,273.39

Franklin

46,955.77

199.29

0.42%

8,904.33

Janus Henderson

44,433.71

3.53

0.01%

5,757.72

Pacer

40,555.94

-7.63

-0.02%

-923.31

Innovator

35,263.52

34.24

0.10%

3,265.86

PGIM

34,278.13

101.38

0.30%

11,084.96

Roundhill

33,988.61

381.68

1.12%

23,359.76

Xtrackers

32,021.18

277.89

0.87%

1,112.48

T. Rowe Price

30,325.39

-551.89

-1.82%

7,579.59

Neos

30,218.01

193.06

0.64%

12,465.94

FlexShares

26,114.77

10.45

0.04%

1,110.48

VictoryShares

23,575.43

47.86

0.20%

3,049.82

AB Funds

19,701.63

23.33

0.12%

4,901.60

Amplify

19,152.85

-0.24

0.00%

1,772.06

abrdn

18,319.90

9.36

0.05%

-1,066.73

BNY Mellon

18,108.96

2.35

0.01%

1,438.71

Nuveen

17,927.73

-3.86

-0.02%

1,502.48

Alpha Architect

16,335.44

5.14

0.03%

3,488.83

ARK

16,049.42

0.00

0.00%

-1,102.70

Grayscale

15,206.61

-9.66

-0.06%

-1,471.01

John Hancock

15,133.47

39.92

0.26%

5,404.31

Simplify

13,946.26

3.24

0.02%

2,240.61

Alerian

12,934.05

0.00

0.00%

654.79

Columbia

12,799.75

0.80

0.01%

1,251.73

Putnam

12,661.55

20.50

0.16%

4,646.16

Principal

12,537.85

5.44

0.04%

3,201.78

GraniteShares

11,803.56

0.00

0.00%

203.53

Eaton Vance

11,790.59

7.65

0.06%

3,397.51

Defiance

11,542.71

-68.95

-0.60%

4,473.99

YieldMax

9,379.51

12.54

0.13%

1,383.18

US Benchmark Series

9,158.79

9.08

0.10%

1,094.18

ALPS

8,847.53

-1.27

-0.01%

601.02

KraneShares

8,443.58

7.54

0.09%

379.89

BondBloxx

7,992.03

26.38

0.33%

3,949.69

Hartford

7,977.29

23.14

0.29%

1,348.16

REX Microsectors

7,818.78

34.55

0.44%

308.39

New York Life Investments

7,631.25

3.54

0.05%

1,161.32

SEI

7,330.47

9.32

0.13%

1,012.19

Harbor

7,291.09

-102.55

-1.41%

1,471.74

TCW

7,222.84

0.00

0.00%

1,509.51

American Century

6,423.67

-1.24

-0.02%

555.69

Aptus

5,812.63

22.72

0.39%

505.86

Allianz

5,805.77

-3.95

-0.07%

13,893.55

GMO

5,777.96

0.00

0.00%

1,694.04

Virtus

5,328.41

10.34

0.19%

581.84

Akre

5,231.16

-3.29

-0.06%

-3,043.03

Morgan Stanley

5,023.15

-2.94

-0.06%

461.70

Sprott

4,930.46

-11.14

-0.23%

1,149.97

Fundstrat

4,913.46

3.26

0.07%

291.37

Bitwise

4,819.55

0.00

0.00%

397.99

ActivePassive

4,770.37

5.35

0.11%

268.57

Bahl & Gaynor

4,585.63

1.85

0.04%

1,744.70

US Commodity Funds

4,518.29

55.71

1.23%

1,097.89

Main Funds

4,489.85

-0.43

-0.01%

367.15

Eagle

4,436.59

0.00

0.00%

749.71

Cambria

4,403.06

0.00

0.00%

234.59

Invesco DB

4,230.46

-5.71

-0.14%

721.37

SP Funds

4,120.39

4.27

0.10%

1,087.34

3,828.08

5.38

0.14%

1,574.03

Neuberger Berman

3,822.96

-1.39

-0.04%

924.34

Tema

3,704.76

11.99

0.32%

2,682.07

First Eagle

3,591.39

27.13

0.76%

2,096.13

Calamos

3,538.18

0.00

0.00%

1,991.97

Freedom

3,529.55

-3.22

-0.09%

791.81

Inspire

3,337.01

-6.42

-0.19%

501.22

Angel Oak

3,167.93

9.82

0.31%

932.68

MFS

3,089.10

3.53

0.11%

1,470.59

Thrivent

2,964.18

-14.88

-0.50%

128.72

DoubleLine

2,859.00

0.00

0.00%

575.32

Strive

2,843.86

0.00

0.00%

205.17

Federated Hermes

2,797.91

-112.93

-4.04%

994.76

Bluemonte

2,783.57

4.62

0.17%

506.95

Bridgeway

2,781.86

-29.12

-1.05%

134.05

Brown Advisory

2,731.17

22.35

0.82%

262.08

Motley Fool

2,701.74

0.00

0.00%

-103.86

2,581.66

-5.35

-0.21%

450.77

Davis

2,552.47

-7.73

-0.30%

284.85

ROBO Global

2,474.77

2.01

0.08%

501.14

T-Rex

2,436.45

-5.31

-0.22%

6,321.19

Volatility Shares

2,384.39

-8.92

-0.37%

976.03

Leverage Shares

2,326.46

22.07

0.95%

10,696.45

Horizon

2,204.30

-1.14

-0.05%

208.84

BlackRock

2,173.31

0.00

0.00%

-78.23

ERShares

2,118.96

0.00

0.00%

565.97

Distillate

2,058.31

0.00

0.00%

-43.32

Rockefeller Capital Management

2,046.15

-3.65

-0.18%

118.99

VistaShares

2,014.35

-3.67

-0.18%

982.86

Lazard

1,964.37

0.83

0.04%

946.85

Tortoise

1,893.43

0.00

0.00%

139.14

Horizons

1,873.79

-69.84

-3.73%

460.00

Touchstone

1,845.40

2.56

0.14%

631.95

Portfolio Building Block

1,822.07

0.00

0.00%

1,678.92

AdvisorShares

1,776.38

-1.38

-0.08%

43.50

Vident

1,656.36

4.33

0.26%

-3.97

Calvert

1,621.30

0.00

0.00%

219.40

Alger

1,556.22

4.96

0.32%

593.84

TrueShares

1,508.66

4.18

0.28%

397.37

Meridian

1,456.74

-0.04

0.00%

40.34

Return Stacked

1,419.90

3.44

0.24%

229.74

HCM

1,398.44

0.00

0.00%

-1.96

Kovitz

1,391.51

0.00

0.00%

17.76

iPath

1,389.19

0.00

0.00%

-12.36

Sapient

1,387.96

0.00

0.00%

-5.33

Timothy

1,362.54

0.00

0.00%

122.37

Allspring

1,332.73

0.00

0.00%

79.84

Sterling Capital

1,301.85

0.00

0.00%

745.37

Burney

1,258.00

-258.43

-20.54%

60.96

CCM

1,251.53

-0.71

-0.06%

-14.02

ETRACS

1,242.59

0.00

0.00%

321.32

Natixis

1,233.29

1.77

0.14%

285.52

Wahed

1,204.41

0.00

0.00%

152.12

Oakmark

1,191.48

0.00

0.00%

175.55

Congress

1,168.61

0.00

0.00%

-8.78

Select

1,158.67

-5.16

-0.45%

142.90

Monarch

1,124.92

-0.34

-0.03%

188.35

Cohen & Steers

1,116.83

0.00

0.00%

523.95

US Global

1,116.46

-14.31

-1.28%

13.82

Macquarie

1,102.22

0.00

0.00%

290.42

Oneascent

1,082.56

0.00

0.00%

174.65

REX

1,082.36

0.00

0.00%

165.36

USCF Advisers

1,066.41

2.26

0.21%

182.05

Panagram

1,066.26

5.23

0.49%

28.61

American Beacon

1,043.23

19.94

1.91%

552.87

Summit Global Investments

1,041.01

-9.80

-0.94%

93.64

CoRe

995.12

2.07

0.21%

109.91

BBH

991.67

0.00

0.00%

-41.21

Brandes

987.02

0.00

0.00%

81.77

Northern Trust

976.12

0.00

0.00%

45.47

Gotham

967.83

0.00

0.00%

36.88

AAM

951.34

-4.90

-0.52%

110.59

Strategas

949.68

2.56

0.27%

424.29

3Edge

900.53

43.18

4.79%

237.67

Range

843.68

0.07

0.01%

91.68

Scharf

838.02

10.76

1.28%

-37.70

Castellan

835.38

0.00

0.00%

41.02

SMI Funds

832.74

0.00

0.00%

46.90

Teucrium

828.35

-3.14

-0.38%

565.56

InfraCap

824.70

0.88

0.11%

140.44

Zacks

819.00

0.00

0.00%

186.45

Twin Oak

807.69

0.00

0.00%

37.20

Thornburg

786.48

-3.98

-0.51%

336.81

Russell Investments

773.43

0.00

0.00%

180.74

Bushido

771.70

0.00

0.00%

32.07

Strategy Shares

769.48

0.00

0.00%

-51.75

Baron

767.92

-11.57

-1.51%

313.70

SoFi

766.88

0.00

0.00%

44.43

Longview

762.73

0.00

0.00%

52.29

The Brinsmere Funds

737.83

0.00

0.00%

-19.37

Convergence

736.29

0.00

0.00%

376.43

Swan

728.52

0.00

0.00%

75.09

Corgi

719.84

0.68

0.09%

783.54

Procure

706.84

-7.16

-1.01%

580.81

F/m

689.46

109.29

15.85%

464.86

Opus Capital Management

685.55

0.00

0.00%

-25.28

Day Hagan

680.27

0.63

0.09%

-55.91

Tidal ETFs

679.23

-2.98

-0.44%

4.18

Overlay Shares

668.39

2.82

0.42%

198.78

Barclays

656.72

0.00

0.00%

17.98

Counterpoint

648.93

1.53

0.24%

200.71

LSV

637.76

-0.14

-0.02%

3.08

NPF

637.56

0.00

0.00%

1.24

RPAR

635.45

0.00

0.00%

-2.39

CoinShares

631.95

0.00

0.00%

-46.32

TappAlpha

619.91

2.82

0.46%

379.29

Nicholas

611.00

0.29

0.05%

234.76

Matthews

605.87

0.00

0.00%

93.48

Brookstone

602.86

0.00

0.00%

-31.73

Anfield

602.59

73.83

12.25%

61.41

GQG Partners

593.73

8.39

1.41%

236.63

Applied Finance

591.33

1.44

0.24%

151.62

Arlington

590.88

-0.99

-0.17%

13.85

ClearBridge

580.58

-21.45

-3.70%

12.60

Parametric

580.36

1.35

0.23%

125.71

Elm

575.31

0.00

0.00%

38.33

FPA

570.08

1.91

0.34%

237.65

FundX

554.39

4.38

0.79%

50.69

FCF Advisors

545.04

0.00

0.00%

-330.17

Voya

541.53

0.00

0.00%

210.22

Max

540.31

0.00

0.00%

3.76

Kurv

528.82

-1.04

-0.20%

322.43

Eventide

524.31

0.00

0.00%

150.76

Vert

522.20

0.25

0.05%

29.44

Kensington

501.37

0.00

0.00%

153.52

Astoria

500.64

-0.84

-0.17%

101.55

Adaptive

494.25

0.00

0.00%

14.71

PlanRock

485.68

0.00

0.00%

74.17

Myriad Capital

465.64

22.57

4.85%

29.11

Beyond

461.50

0.73

0.16%

99.93

REX Shares

454.76

-0.48

-0.11%

297.49

AXS Investments

453.16

0.00

0.00%

64.60

Toews

435.20

0.00

0.00%

16.76

Saba

423.51

0.00

0.00%

24.13

Equable

416.55

0.00

0.00%

65.06

Tweedy, Browne Co.

413.44

0.00

0.00%

163.65

Palmer Square

410.06

0.00

0.00%

219.18

EA Series Trust

407.34

-1.48

-0.36%

94.83

Westwood

398.43

0.00

0.00%

158.64

Wisdom

385.59

0.00

0.00%

20.21

ClearShares

378.01

0.00

0.00%

-13.45

Subversive

364.57

0.00

0.00%

0.73

Pacific Funds

362.70

4.17

1.15%

242.82

Aberdeen

353.03

0.00

0.00%

83.73

Segall Bryant & Hamill

351.46

0.00

0.00%

14.27

Themes

343.94

1.63

0.47%

123.64

Hedgeye

334.10

0.00

0.00%

204.91

ROC

332.50

0.00

0.00%

-28.80

Canary

326.79

-0.42

-0.13%

107.89

CastleArk

324.60

0.02

0.00%

-8.11

MarketDesk

319.04

0.00

0.00%

197.68

Faith Investor Services

313.87

17.28

5.50%

99.45

Northern Funds

313.20

5.02

1.60%

180.15

Optimize

311.62

0.00

0.00%

22.17

Transamerica

311.03

0.00

0.00%

266.41

Adasina

297.68

0.00

0.00%

6.27

Frontier

297.47

2.05

0.69%

6.10

AGF

296.22

0.00

0.00%

65.76

Essential 40

296.21

0.00

0.00%

70.18

NestYield

291.94

4.78

1.64%

81.10

Bancreek

286.49

0.00

0.00%

90.46

Fairlead

285.44

0.00

0.00%

1.00

Mango

285.38

10.85

3.80%

1,399.79

Amplius

276.52

0.00

0.00%

4.93

Quadratic

276.36

0.06

0.02%

-186.23

Oak Funds

271.08

0.00

0.00%

3.19

Nomura

270.80

0.00

0.00%

217.77

THOR

269.99

0.00

0.00%

12.39

Rareview Funds

267.75

0.00

0.00%

46.76

EMQQ

264.41

-0.03

-0.01%

-26.70

JLens

263.82

0.00

0.00%

36.98

SRH

257.01

0.00

0.00%

-1.52

Little Harbor Advisors

256.43

0.00

0.00%

1.26

21Shares

247.58

0.13

0.05%

36.16

Regan

246.95

1.92

0.78%

62.92

Tuttle Capital

245.86

0.00

0.00%

2,973.41

State Street

245.50

9.64

3.93%

83.47

Cabana

240.45

0.00

0.00%

-64.84

Weitz

237.23

0.63

0.27%

105.45

Spear

230.38

0.00

0.00%

39.11

CresAlta

228.97

2.58

1.13%

3.92

Pathfinder

226.50

0.55

0.24%

222.85

Hilton

223.06

0.00

0.00%

-13.39

LeaderShares

222.88

0.00

0.00%

-98.99

Hashdex

217.18

0.00

0.00%

128.98

Pabrai

215.25

0.00

0.00%

99.72

Dana

210.71

0.63

0.30%

21.06

Madison

208.03

0.00

0.00%

-17.64

Gadsden

206.57

0.00

0.00%

17.41

206.02

0.00

0.00%

-30.59

Towle

204.89

0.00

0.00%

88.02

Guggenheim

201.24

0.00

0.00%

18.76

Parnassus Investments

196.54

13.28

6.76%

77.00

BeeHive

194.98

-14.72

-7.55%

1.55

Unlimited

194.12

0.48

0.25%

102.29

Argent

190.33

0.00

0.00%

15.70

Obra

185.01

0.00

0.00%

114.24

Alexis

184.83

0.80

0.43%

18.05

McElhenny Sheffield

184.59

0.88

0.48%

29.81

Tremblant

182.07

0.00

0.00%

6.73

Adaptiv

181.96

0.00

0.00%

7.55

Leuthold

181.89

0.00

0.00%

37.28

Renaissance

181.38

0.00

0.00%

3.79

Gabelli

178.73

0.00

0.00%

61.48

OPAL

176.93

0.00

0.00%

42.14

Ballast

174.10

0.00

0.00%

3.45

Liberty One

172.06

0.00

0.00%

78.17

Polen

171.65

0.00

0.00%

-159.10

Praxis

166.07

0.00

0.00%

18.46

Rayliant

166.04

-0.71

-0.43%

-40.21

RiverFront

165.40

0.00

0.00%

-19.35

DWS

162.99

0.00

0.00%

33.15

SoundWatch Capital

160.98

0.00

0.00%

-7.32

DFA

159.83

0.00

0.00%

137.43

Emerald

159.52

-1.34

-0.84%

14.82

Shelton Capital

158.90

2.80

1.76%

93.88

Pictet

156.11

0.00

0.00%

77.97

Hull

153.52

0.00

0.00%

12.10

Raymond James

153.40

0.72

0.47%

84.22

ACV

152.04

0.00

0.00%

2.57

ETC

151.65

0.00

0.00%

-3.30

SWP

149.71

0.00

0.00%

9.25

The Future Fund

144.91

0.00

0.00%

5.44

Hoya

141.71

0.48

0.34%

5.04

Absolute

140.69

0.00

0.00%

14.38

WBI Shares

139.63

0.00

0.00%

-13.75

Genter Capital

138.54

0.00

0.00%

456.76

River1

137.70

0.00

0.00%

18.17

Impact Shares

131.09

0.00

0.00%

-12.15

Conductor Fund

128.10

0.00

0.00%

2.19

Relative Sentiment

127.33

0.00

0.00%

50.52

Euclidean

126.90

0.00

0.00%

-23.70

Donoghue Forlines

126.44

0.00

0.00%

64.72

REX-Osprey

126.05

0.00

0.00%

-36.15

Reckoner

125.84

0.00

0.00%

69.94

Texas Capital

121.33

0.00

0.00%

3.49

119.07

0.00

0.00%

0.59

Impax

118.16

0.00

0.00%

-411.83

PLUS

117.57

0.00

0.00%

70.66

Altshares

115.94

-0.85

-0.74%

2.64

Clough

114.56

0.00

0.00%

16.45

Sparkline

114.16

0.00

0.00%

21.82

Keating

112.91

0.63

0.56%

5.00

STF

112.70

0.00

0.00%

-7.19

Founder

111.87

0.00

0.00%

97.44

Academy

111.58

0.49

0.44%

25.92

110.69

0.00

0.00%

43.02

Logan

109.42

0.00

0.00%

0.06

Avos

107.38

0.00

0.00%

3.93

Siren

107.33

0.00

0.00%

-9.06

Indexperts

104.99

0.00

0.00%

-0.15

Miller

104.74

1.41

1.34%

12.88

AOT

104.36

0.00

0.00%

1.81

Mohr Funds

103.35

0.00

0.00%

4.57

SmartETFs

101.85

0.00

0.00%

16.58

Sophus

101.82

0.00

0.00%

106.47

ARS

98.00

0.00

0.00%

0.80

Arin

96.11

0.00

0.00%

3.71

Sovereign's

94.97

0.00

0.00%

-8.66

Hennessy

93.34

0.00

0.00%

-8.35

IDX

92.05

0.00

0.00%

10.58

Matrix

90.63

0.00

0.00%

-2.69

Jensen

89.22

0.00

0.00%

-33.47

Diamond Hill

89.06

0.00

0.00%

27.25

Pinnacle

88.23

0.00

0.00%

34.05

Affinity

87.87

0.00

0.00%

20.49

Acuitas

87.27

0.00

0.00%

77.72

Smart

86.51

-0.68

-0.78%

959.41

Ocean Park

85.81

0.00

0.00%

36.24

ArrowShares

84.73

0.00

0.00%

4.35

Stone Ridge

82.26

0.00

0.00%

4.08

Fitzgerald

80.85

0.00

0.00%

81.97

WealthTrust

80.83

0.00

0.00%

11.15

BrandywineGLOBAL

79.64

0.00

0.00%

-60.45

aberdeen

79.38

0.00

0.00%

-14.36

North Square

78.89

0.00

0.00%

21.33

Pzena

77.61

0.00

0.00%

39.73

M.D. Sass

77.10

0.00

0.00%

7.47

Golden Eagle

76.78

0.00

0.00%

68.13

Anydrus

72.21

3.65

5.05%

11.89

Carbon Collective

72.17

0.40

0.55%

7.43

SonicShares

71.97

0.00

0.00%

15.96

BufferLABS

71.87

0.00

0.00%

4.95

Discipline Funds

71.82

0.00

0.00%

10.72

Performance Trust

69.82

0.00

0.00%

34.44

Moonvest

69.32

0.00

0.00%

43.66

Aztlan

68.50

0.00

0.00%

3.51

Symmetry Panoramic

68.31

-0.01

-0.02%

8.32

67.96

0.00

0.00%

0.47

Sound Income Strategies

67.45

0.00

0.00%

-4.41

Cambiar Funds

66.79

0.00

0.00%

0.65

PMV

66.44

-0.01

-0.01%

11.47

RAM

65.46

0.00

0.00%

6.50

North Shore

64.57

0.00

0.00%

5.47

Suncoast

63.56

0.00

0.00%

8.01

Peak

63.16

0.00

0.00%

7.17

WarCap

61.83

0.00

0.00%

13.42

Warren

60.36

0.00

0.00%

14.64

Even Herd

60.03

0.00

0.00%

-2.60

Osprey

58.70

0.00

0.00%

-50.78

RiverNorth

57.81

-3.42

-5.91%

6.21

Man

56.68

0.00

0.00%

3.06

Cullen

55.67

0.67

1.20%

12.54

CRM

55.24

0.00

0.00%

52.37

Ritholtz

54.79

0.00

0.00%

7.18

LOGIQ

54.71

0.00

0.00%

0.05

Sarmaya Partners

54.12

0.00

0.00%

35.68

NETL

53.94

0.00

0.00%

5.85

Breakwave

53.40

0.00

0.00%

-40.02

Nelson

53.22

0.00

0.00%

6.23

UVA

52.97

0.00

0.00%

2.20

52.07

0.00

0.00%

9.73

Worth Charting

51.03

2.26

4.43%

50.59

QRAFT

50.14

0.00

0.00%

-0.69

Franklin Templeton

50.10

0.00

0.00%

0.00

UBS

48.79

0.00

0.00%

0.00

Mairs & Power

47.08

0.00

0.00%

11.23

Tuttle

46.50

0.00

0.00%

6.81

TimesSquare

46.40

0.00

0.00%

40.11

Crossmark

45.60

0.00

0.00%

7.05

Variant Perception

45.17

0.00

0.00%

5.84

Bridges

44.97

0.00

0.00%

-1.97

Alternative Access

44.95

0.00

0.01%

2.51

India

44.01

-0.01

-0.02%

-4.48

Dakota

42.48

0.00

0.00%

-0.01

Stacked

41.91

0.00

0.00%

-27.14

Formidable

41.71

0.00

0.00%

-1.37

Morgan Dempsey

41.61

0.00

0.00%

3.70

Goose Hollow

41.05

0.00

0.00%

-0.70

Cultivar

40.72

0.00

0.00%

2.59

RAFI Indices

38.95

0.00

0.00%

-2.14

Chesapeake

38.57

0.00

0.00%

38.21

Man GLG

38.47

0.00

0.00%

1.63

Peerless

38.28

0.00

0.00%

12.56

Concourse

37.20

-1.84

-4.95%

1.45

Guru

37.08

0.00

0.00%

-0.98

ChinaAMC

36.83

0.00

0.00%

21.00

Tactical Funds

36.36

0.00

0.00%

1.56

ZEGA

35.24

0.00

0.00%

-1.16

Grizzle

34.78

0.00

0.00%

13.02

Bastion

34.03

0.00

0.00%

2.74

ADRhedged

33.79

2.31

6.84%

11.01

Advent

32.52

0.00

0.00%

3.76

The Nightview

31.74

0.00

0.00%

1.50

Point Bridge Capital

30.83

0.00

0.00%

-2.77

Acquirers Fund

30.79

0.00

0.00%

-3.84

StockSnips

28.49

9.30

32.63%

8.31

OTG

28.08

0.00

0.00%

4.28

Core Alternative

27.47

0.00

0.00%

-9.90

MUFG

25.08

0.00

0.00%

0.94

Intelligent Investor

23.50

0.00

0.00%

-0.85

Wedbush

21.77

0.00

0.00%

20.69

Manzil

21.69

0.00

0.00%

18.19

NovaTide

21.44

0.00

0.00%

7.58

Draco

21.13

0.00

0.00%

-2.75

Brendan Wood

21.03

0.00

0.00%

0.00

DGA

20.37

0.00

0.00%

-0.01

FMQQ

20.23

0.00

-0.01%

-2.83

AMG Funds

20.02

0.00

0.00%

9.52

Altrius

19.84

0.00

0.00%

3.77

Defender

19.68

0.00

0.00%

19.45

GGM

19.30

0.00

0.00%

0.74

Vegashares

18.86

0.00

0.00%

19.08

Atlas

17.70

0.00

0.00%

0.01

Yorkville

17.61

0.00

0.00%

14.29

Leatherback

17.59

0.00

0.00%

-5.25

Rainwater

17.25

0.00

0.00%

-1.96

Pareto

16.58

0.00

0.00%

2.11

DAC

15.67

0.00

0.00%

3.11

iMGP

15.50

0.00

0.00%

5.67

Clockwise Capital

15.25

0.00

0.00%

3.85

Alki

15.19

0.00

0.00%

15.05

Humilis

15.16

0.00

0.00%

15.09

Archer Funds

13.72

0.26

1.89%

9.86

CLS

13.35

0.00

0.00%

9.12

MKAM

13.05

0.00

0.00%

0.61

Free Market

12.89

0.00

0.00%

-6.14

Build

12.51

0.00

0.00%

1.27

Arimathea

11.93

0.00

0.00%

12.02

Alpha

11.79

0.00

0.00%

-0.01

Ionic

11.38

0.00

0.00%

0.97

Truth Social

11.06

0.00

0.00%

8.35

WEBs

10.82

0.00

0.00%

7.07

FINQ

10.75

0.00

0.00%

9.77

MRBL

10.44

0.00

0.00%

3.84

Billionaires

10.04

0.00

0.00%

9.93

SanJac Alpha

10.02

0.00

0.00%

4.78

FolioBeyond

9.94

0.00

0.00%

0.00

Hypatia Capital

9.90

0.00

0.00%

1.76

Amana

9.78

0.00

0.01%

8.40

Armada ETF Advisors

9.72

0.00

0.00%

-1.70

ETFB

9.60

0.00

0.00%

1.00

Coastal

9.32

-2.10

-22.58%

2.87

Oasis

8.99

0.00

0.00%

1.94

Vontobel

8.98

0.00

-0.02%

-0.01

Regents Park

8.64

0.00

0.00%

-40.90

GSR

8.14

0.00

0.00%

8.44

Fundsmith

7.81

0.00

0.00%

2.79

Prospera Funds

7.57

0.00

0.00%

5.53

Measured Risk Portfolios

7.52

7.26

96.67%

7.26

Armor

7.35

0.00

0.00%

7.04

Onefund

7.31

0.00

0.00%

-0.75

X-Square

7.03

0.00

0.00%

2.57

WHITEWOLF

6.76

0.00

0.00%

0.47

Mason Capital

6.76

0.00

0.00%

0.30

Income STKd

6.24

0.00

0.00%

9.64

Templeton

5.79

0.00

0.00%

0.00

Reverb ETF

5.79

0.00

0.00%

0.00

ATAC

5.71

0.00

0.00%

-0.39

Honeytree

5.64

0.00

0.00%

-2.70

USCF

5.16

0.00

0.00%

-1.51

Ned Davis Research

4.51

0.00

0.00%

2.26

Kingsbarn

4.38

0.00

0.00%

-0.66

AllianceBernstein

4.23

0.00

0.00%

0.00

Wilmington Funds

3.42

0.00

0.00%

5.01

Abacus

3.31

0.00

0.00%

0.20

Arrow Funds

3.15

0.00

0.00%

-0.02

Horizon Kinetics

2.88

0.00

0.00%

2.66

Aura

2.88

0.00

0.00%

2.85

Hotchkis & Wiley

2.74

0.00

0.00%

0.01

Fidelity Advisor

2.51

0.00

0.00%

0.00

CoreValues Alpha

2.45

0.00

0.00%

0.83

Ruk

2.21

0.00

0.00%

2.11

Langar

2.11

0.00

0.00%

-1.37

Milliman

2.00

0.00

0.00%

1.51

COtwo

1.76

0.00

0.00%

0.00

Cyber Hornet

1.51

0.00

0.00%

1.52

Climate Global

1.34

0.00

0.00%

0.90

Opportunistic

0.88

0.00

0.00%

-4.94

xETFs

0.85

0.00

0.00%

0.00

Fortuna

0.71

0.00

0.00%

0.00

TradersAI

0.69

0.00

0.00%

0.00

CORE16

0.61

0.00

0.00%

-0.44

L&G

0.46

0.00

0.00%

0.48

Skylar

0.41

0.00

0.00%

0.19

Guinness Atkinson

0.41

0.00

0.00%

0.00

Deutsche X-trackers

0.14

0.00

0.00%

0.00

Stance

0.00

0.00%

0.00

Baillie Gifford Funds

0.00

0.00%

0.00

CrossingBridge Funds

0.00

0.00%

-3.71

Harrison Street

0.00

0.00%

0.00

First Manhattan

0.00

0.00%

0.69

Story Continues

ETF Issuer League Table

Issuer

AUM ($, mm)

Net Flows ($, mm)

% of AUM

YTD 2026 Net Flows($,M)

BlackRock, Inc.

4,556,628.39

1,356.19

0.03%

319,213.41

Vanguard

4,503,840.63

0.00

0.00%

280,879.42

State Street

1,740,390.15

-2,557.52

-0.15%

29,916.37

Invesco

965,288.87

-3,069.85

-0.32%

52,717.46

Charles Schwab

581,316.80

468.65

0.08%

35,904.85

JPMorgan Chase

327,489.54

0.00

0.00%

39,914.26

Dimensional

298,114.54

265.80

0.09%

27,945.80

First Trust

276,326.86

-1,380.70

-0.50%

22,361.99

Fidelity

173,347.45

37.26

0.02%

17,757.55

AXS Investments

164,873.54

-449.00

-0.27%

52,024.77

VanEck

159,675.98

886.27

0.56%

12,927.74

World Gold Council

158,889.90

386.30

0.24%

-4,877.57

The Capital Group Companies

150,373.77

-63.14

-0.04%

34,215.61

American Century Investments

145,471.26

87.51

0.06%

29,514.81

ProShare Advisors LLC

121,493.19

-244.54

-0.20%

5,384.98

WisdomTree

97,758.17

0.00

0.00%

2,876.85

Mirae Asset Global Investments Co., Ltd.

92,309.71

-210.77

-0.23%

11,254.08

Rafferty Asset Management

70,677.73

96.62

0.14%

-12,164.64

Goldman Sachs

64,381.94

24.80

0.04%

7,842.29

Allianz

63,471.41

184.40

0.29%

25,355.27

Franklin Templeton

47,827.13

177.84

0.37%

9,002.28

Janus Henderson

44,433.71

3.53

0.01%

5,757.72

Pacer Advisors

40,555.94

-7.63

-0.02%

-923.31

Alpha Architect

35,509.90

-109.70

-0.31%

5,617.78

Innovator

34,877.55

34.24

0.10%

2,940.67

Prudential

34,278.13

101.38

0.30%

11,084.96

Deutsche Bank AG

32,390.32

277.89

0.86%

1,115.05

Roundhill Investments

31,301.65

399.59

1.28%

21,933.08

T. Rowe Price Group, Inc.

30,325.39

-551.89

-1.82%

7,579.59

Neos Investments LLC

30,218.01

193.06

0.64%

12,465.94

Northern Trust

26,531.58

15.48

0.06%

1,335.69

Victory Capital

23,575.43

47.86

0.20%

3,049.82

SS&C

21,932.82

-1.27

-0.01%

1,221.21

Toroso Investments Topco LLC

19,565.37

-83.40

-0.43%

7,237.82

Amplify Investments

19,152.85

-0.24

0.00%

1,772.06

Morgan Stanley

19,015.41

6.05

0.03%

4,204.33

Tidal Investments LLC

18,890.18

-7.40

-0.04%

3,148.06

Abrdn Plc

18,805.46

9.36

0.05%

-973.92

BNY Mellon

18,108.96

2.35

0.01%

1,438.71

TIAA Board of Governors

17,906.87

-3.86

-0.02%

1,497.33

ARK Investment Management LP

16,043.34

0.00

0.00%

-1,147.83

Manulife

15,133.47

39.92

0.26%

5,404.31

Simplify

13,946.26

3.24

0.02%

2,240.61

Equitable

13,334.70

29.59

0.22%

2,808.73

Ameriprise Financial

12,799.75

0.80

0.01%

1,251.73

Power Corporation of Canada

12,622.81

20.50

0.16%

4,633.56

Principal

12,537.85

5.44

0.04%

3,201.78

GraniteShares

11,803.56

0.00

0.00%

203.53

Exchange Traded Concepts

10,573.57

8.68

0.08%

1,345.86

1251 Capital Group Inc.

9,608.26

9.08

0.09%

1,212.47

CICC

8,719.94

7.59

0.09%

193.67

Digital Currency Group, Inc.

8,715.21

-62.40

-0.72%

-1,963.24

BMO

8,359.08

34.55

0.41%

312.15

Bondbloxx Investment Management Corp.

7,992.03

26.38

0.33%

3,949.69

SEI Investments

7,968.23

9.18

0.12%

1,015.27

The Hartford

7,669.68

19.23

0.25%

1,288.39

New York Life

7,631.25

3.54

0.05%

1,161.32

ORIX

7,291.09

-102.55

-1.41%

1,471.74

Defiance ETFs

7,043.86

7.62

0.11%

1,264.38

The TCW Group, Inc.

7,000.69

0.00

0.00%

1,495.93

Grayscale Investments LLC

6,321.43

52.84

0.84%

552.12

Virtus Investment Partners

5,903.83

11.23

0.19%

595.69

Grantham, Mayo, Van Otterloo & Co. LLC

5,777.96

0.00

0.00%

1,694.04

AllianceBernstein LP

5,673.22

-6.26

-0.11%

2,096.25

Marygold

5,577.05

57.96

1.04%

1,271.31

Aptus Capital Advisors

5,516.23

0.88

0.02%

151.10

Akre Capital Management LLC

5,231.16

-3.29

-0.06%

-3,043.03

Sprott

4,930.46

-11.14

-0.23%

1,149.97

Envestnet

4,770.37

5.35

0.11%

268.57

Tuttle Capital Management LLC

4,632.31

-10.22

-0.22%

10,457.68

Bahl & Gaynor, Inc.

4,585.63

1.85

0.04%

1,744.70

Main Management

4,489.85

-0.43

-0.01%

367.15

Eagle Capital Management LLC

4,436.59

0.00

0.00%

749.71

Bitwise Asset Management, Inc.

4,425.75

0.00

0.00%

424.83

Sun Life Financial, Inc.

4,040.44

-1.38

-0.03%

1,581.18

Eurazeo SA

3,878.89

5.38

0.14%

1,425.29

Cambria Investment Management LP

3,829.51

0.00

0.00%

261.75

Neuberger Berman

3,822.96

-1.39

-0.04%

924.34

Dawn Global Topco Ltd.

3,704.76

11.99

0.32%

2,682.07

BCP CC Holdings LP

3,568.06

25.79

0.72%

2,091.20

Calamos Family Partners, Inc.

3,538.18

0.00

0.00%

1,991.97

Inspire Impact Group LLC

3,337.01

-6.42

-0.19%

501.22

Angel Oak Cos. LLC

3,132.62

3.93

0.13%

915.85

Thrivent Financial for Lutherans

2,964.18

-14.88

-0.50%

128.72

Doubleline ETF Holdings LP

2,859.00

0.00

0.00%

575.32

Federated Hermes, Inc.

2,797.91

-112.93

-4.04%

994.76

Brown Advisory Management LLC

2,731.17

22.35

0.82%

262.08

Themes ETF

2,722.39

23.71

0.87%

10,869.67

The Motley Fool

2,701.74

0.00

0.00%

-103.86

Davis Advisers

2,552.47

-7.73

-0.30%

284.85

Acp Horizon Holdings LP

2,524.56

-70.97

-2.81%

673.11

Groupe BPCE

2,424.77

1.77

0.07%

461.07

The Charles Schwab Corp.

2,281.49

7.59

0.33%

781.41

Focus Financial Partners, Inc

2,154.24

0.00

0.00%

70.04

Capital Impact Advisors

2,118.96

0.00

0.00%

565.97

Distillate Capital

2,058.31

0.00

0.00%

-43.32

Barclays

2,045.92

0.00

0.00%

5.62

Volatility Shares LLC

2,021.13

-7.50

-0.37%

789.82

Lazard, Inc.

1,964.37

0.83

0.04%

946.85

Tortoise

1,893.43

0.00

0.00%

139.14

WisdomTree, Inc.

1,879.01

0.00

0.00%

1,048.65

Western & Southern Mutual Holding Co.

1,845.40

2.56

0.14%

631.95

AdvisorShares

1,776.38

-1.38

-0.08%

43.50

MM VAM LLC

1,659.18

4.33

0.26%

-3.97

Alger

1,556.22

4.96

0.32%

593.84

Horizon Kinetics

1,529.18

0.00

0.00%

-5.48

First Trust Advisors LP

1,383.68

31.71

2.29%

1,212.88

Timothy Plan

1,362.54

0.00

0.00%

122.37

Allspring Group Holdings LLC

1,332.73

0.00

0.00%

79.84

Howard Capital Management Inc.

1,322.71

0.00

0.00%

-2.25

UBS

1,291.38

0.00

0.00%

321.32

Wahed

1,204.41

0.00

0.00%

152.12

Lagan Holding Co. Trust

1,168.61

0.00

0.00%

-8.78

Aptus Holdings LLC

1,166.54

22.72

1.95%

359.30

TrueMark Group

1,131.85

0.01

0.00%

75.15

Kingsview Partners LLC

1,124.92

-0.34

-0.03%

188.35

Cohen & Steers, Inc. (New York)

1,116.83

0.00

0.00%

523.95

US Global Investors

1,116.46

-14.31

-1.28%

13.82

Oneascent Holdings LLC

1,082.56

0.00

0.00%

174.65

Twin Oak Holdings LP

1,078.78

0.00

0.00%

40.40

Wedbush Fund Advisers LLC

1,073.49

0.00

0.00%

-73.64

NZC Capital LLC

1,066.26

5.23

0.49%

28.61

Delaware Management Company Inc

1,043.02

0.00

0.00%

566.74

Summit Global LLC

1,041.01

-9.80

-0.94%

93.64

Brown Brothers Harriman

991.67

0.00

0.00%

-41.21

Brandes Worldwide Holdings

987.02

0.00

0.00%

81.77

Resolute Investment Managers, Inc.

955.86

20.21

2.11%

542.71

Baird Financial Group Inc.

949.68

2.56

0.27%

424.29

CI Financial

905.85

4.38

0.48%

64.96

3EDGE Asset Management LP

900.53

43.18

4.79%

237.67

Northern Trust Corp.

872.51

0.00

0.00%

0.41

Scharf Investments LLC

838.02

10.76

1.28%

-37.70

Zacks

819.00

0.00

0.00%

186.45

Thornburg Investment Management

786.48

-3.98

-0.51%

336.81

REX Shares LLC

778.16

0.00

0.00%

149.25

Russell Investments Group Ltd.

773.43

0.00

0.00%

180.74

Rational Advisors Inc.

769.48

0.00

0.00%

-51.75

Baron Capital Group

767.92

-11.57

-1.51%

313.70

Estate Counselors LLC

737.83

0.00

0.00%

-19.37

Convergence Investment Partners, LLC

736.29

0.00

0.00%

376.43

Corgi Insurance Services, Inc.

734.10

0.68

0.09%

797.08

Swan Global Investments

728.52

0.00

0.00%

75.09

ProcureAM

706.84

-7.16

-1.01%

580.81

Anfield Group

699.10

73.83

10.56%

41.00

AB Holding

697.94

0.00

0.00%

-3.38

Affiliated Managers Group

676.41

13.28

1.96%

290.27

The Burney Co.

675.71

-177.39

-26.25%

33.22

Liquid Strategies

668.39

2.82

0.42%

198.78

Teucrium

652.83

-3.88

-0.59%

436.20

Counterpoint Mutual Funds LLC

648.93

1.53

0.24%

200.71

Day Hagan Asset Management

642.15

0.63

0.10%

-52.29

FCF Advisors

638.28

0.00

0.00%

-279.53

Norris, Perne & French LLP

637.56

0.00

0.00%

1.24

Coinshares International Ltd.

631.95

0.00

0.00%

-46.32

Tapp Finance, Inc.

619.91

2.82

0.46%

379.29

Matthews International Capital Management

605.87

0.00

0.00%

93.48

AmeriLife

602.86

0.00

0.00%

-31.73

GQG Partners Inc

593.73

8.39

1.41%

236.63

Applied Finance Group

591.33

1.44

0.24%

151.62

3Fourteen & SMI Advisory Services LLC

591.06

0.00

0.00%

50.25

Arlington Capital Ltd.

590.88

-0.99

-0.17%

13.85

Killir Kapital Management LLC

581.59

10.85

1.87%

1,469.96

Sterling Capital Management LLC

578.92

0.00

0.00%

102.67

Cygnet Capital LLC

575.31

0.00

0.00%

38.33

First Pacific Advisors LP

570.08

1.91

0.34%

237.65

Truemark Group LLC

564.94

0.75

0.13%

366.44

Eventide Asset Management, LLC

524.31

0.00

0.00%

150.76

Hedgeye Risk Management LLC

522.52

0.66

0.13%

319.40

Vert Asset Management LLC

522.20

0.25

0.05%

29.44

Rex Advisers LLC

520.83

-0.48

-0.09%

92.11

Kensington Asset Management LLC

501.37

0.00

0.00%

153.52

Guardian Capital Group Ltd.

496.07

0.00

0.00%

445.42

Adaptive Investments

494.25

0.00

0.00%

14.71

PlanRock Wealth Management LLC

485.68

0.00

0.00%

74.17

Myriad Asset Management Advisors LLC

465.64

22.57

4.85%

29.11

Toews Corp.

435.20

0.00

0.00%

16.76

TFG Parent Holdings LLC

419.29

0.89

0.21%

515.50

RDJ Associates LLC

416.55

0.00

0.00%

65.06

ShariaPortfolio, Inc.

410.74

0.00

0.00%

170.72

Palmer Square Holdings LLC

410.06

0.00

0.00%

219.18

F/m Investments LLC

399.50

107.95

27.02%

361.39

Westwood Holdings Group, Inc.

398.43

0.00

0.00%

158.64

Spend Life Wisely Co., Inc.

385.59

0.00

0.00%

20.21

ClearShares LLC

378.01

0.00

0.00%

-13.45

Rex Financial LLC

370.43

-0.25

-0.07%

191.34

Corpus Partners LLC

363.27

-1.42

-0.39%

186.20

Pacific Investments Ltd.

362.70

4.17

1.15%

242.82

Running Oak Capital LLC

332.50

0.00

0.00%

-28.80

Canary Capital Group, Inc.

326.79

-0.42

-0.13%

107.89

CastleArk Management LLC

324.60

0.02

0.00%

-8.11

Macquarie Group Ltd

323.69

0.00

0.00%

-59.79

Faith Investor Services LLC

313.87

17.28

5.50%

99.45

Aegon

311.03

0.00

0.00%

266.41

Voya Financial, Inc.

310.58

0.00

0.00%

200.43

Kurv Investment, Inc.

310.11

-1.04

-0.33%

257.63

The Hartford Insurance Group, Inc.

307.61

3.91

1.27%

59.76

AGF

296.22

0.00

0.00%

65.76

Frontier Asset Management LLC

294.64

2.05

0.70%

6.10

Cary Street Partners Financial LLC /VA/

285.44

0.00

0.00%

1.00

Neil Azous Revocable Trust

267.75

0.00

0.00%

46.76

Optimize Financial Inc.

266.74

0.00

0.00%

8.19

Paralel Technologies LLC

257.01

0.00

0.00%

-1.52

Little Harbor Advisors

256.43

0.00

0.00%

1.26

Infrastructure Capital Advisors LLC

249.28

0.00

0.00%

126.59

Regan Capital, LLC

246.95

1.92

0.78%

62.92

Marathon Partners LLC

241.68

0.00

0.00%

-3.35

Weitz Investment Management, Inc.

237.23

0.63

0.27%

105.45

Spear Advisors LLC

230.38

0.00

0.00%

39.11

AMG National Corp.

228.97

2.58

1.13%

3.92

Graff Capital

226.50

0.55

0.24%

222.85

Redwood

222.88

0.00

0.00%

-98.99

Clipper Holding LP

222.14

0.00

0.00%

13.59

Kurv Investment Management LLC

218.71

0.00

0.00%

64.81

Dhandho Holdings LP

215.25

0.00

0.00%

99.72

Thor Trading Advisors LLC

210.37

0.00

0.00%

4.86

Madison Investment Holdings, Inc.

208.03

0.00

0.00%

-17.64

Hashdex Ltd.

203.10

0.00

0.00%

123.42

Rayliant

202.87

-0.71

-0.35%

-19.21

Sterling Fund Management LLC

201.61

0.00

0.00%

192.91

Guggenheim Capital LLC

201.24

0.00

0.00%

18.76

Mcivy Co. LLC

191.51

0.00

0.00%

458.97

Teucrium Trading LLC

190.80

0.86

0.45%

153.19

Alexis Investment Partners LLC

184.83

0.80

0.43%

18.05

Tremblant Capital

182.07

0.00

0.00%

6.73

Client First Investment Management LLC

181.96

0.00

0.00%

7.55

The Leuthold Group LLC

181.89

0.00

0.00%

37.28

Renaissance Capital

181.38

0.00

0.00%

3.79

Beyond Investing

180.53

0.00

0.00%

4.66

Obra Capital, Inc.

179.93

0.00

0.00%

114.24

GAMCO Investors, Inc.

178.73

0.00

0.00%

61.48

Belpointe

177.50

3.65

2.05%

27.85

Inverdale Capital Management LLC

174.10

0.00

0.00%

3.45

818, Inc.

172.06

0.00

0.00%

78.17

Grayscale Operating LLC

169.96

-0.10

-0.06%

-59.89

Everence Holdings Inc.

162.39

0.00

0.00%

14.79

Soundwatch Capital LLC

160.98

0.00

0.00%

-7.32

Shelton Capital Management

158.90

2.80

1.76%

93.88

Pictet & Partners

156.11

0.00

0.00%

77.97

Unlimited Funds, Inc.

154.37

0.00

0.00%

88.61

Hull Investments LLC

153.52

0.00

0.00%

12.10

Raymond James Financial

153.40

0.72

0.47%

84.22

Ridgeline Research LLC

152.04

0.00

0.00%

2.57

Astoria Portfolio Advisors LLC

152.02

0.00

0.00%

29.48

Amun Holdings Ltd.

150.62

0.00

0.00%

-46.93

SWP Investment Management LLC

149.71

0.00

0.00%

9.25

Future Fund Advisors

144.91

0.00

0.00%

5.44

Pettee Investors

141.71

0.48

0.34%

5.04

Absolute Investment Advisers LLC

140.69

0.00

0.00%

14.38

WBI

139.63

0.00

0.00%

-13.75

Sound Capital Solutions LLC

137.70

0.00

0.00%

18.17

Polen Capital Management LLC

136.35

0.00

0.00%

-4.69

Peakshares LLC

135.02

0.00

0.00%

20.01

Wellington Management Group LLP

133.84

0.00

0.00%

47.54

IronHorse Holdings

128.10

0.00

0.00%

2.19

Texas Capital Bancshares, Inc.

121.33

0.00

0.00%

3.49

Impax Asset Management Group

118.16

0.00

0.00%

-411.83

Water Island Capital

115.94

-0.85

-0.74%

2.64

Clough Capital Partners LLC

114.56

0.00

0.00%

16.45

Stf Management LP

112.70

0.00

0.00%

-7.19

Q3 Asset Management Corp.

110.69

0.00

0.00%

43.02

Logan Capital Management Inc.

109.42

0.00

0.00%

0.06

Avos Capital Management, LLC

107.38

0.00

0.00%

3.93

SRN Advisors

107.33

0.00

0.00%

-9.06

Indexperts LLC

104.99

0.00

0.00%

-0.15

Community Capital Management, Inc.

104.60

-0.01

-0.01%

-6.30

Retireful LLC

103.35

0.00

0.00%

4.57

Guinness Atkinson Asset Management

102.26

0.00

0.00%

16.58

Artemis Corp.

98.00

0.00

0.00%

0.80

Man Group Plc (Jersey)

95.16

0.00

0.00%

4.69

Sovereign's Capital Management LLC

94.97

0.00

0.00%

-8.66

Sparkline Capital LP

93.52

0.00

0.00%

17.91

Hennessy Advisors

93.34

0.00

0.00%

-8.35

Corgi Strategies LLC

93.33

0.00

0.00%

80.63

IDX Advisors LLC

92.05

0.00

0.00%

10.58

Miller Value Partners LLC

90.67

0.00

0.00%

0.30

Jensen Investment Management, Inc.

89.22

0.00

0.00%

-33.47

Diamond Hill Investment Group

89.06

0.00

0.00%

27.25

Arrow Funds

87.88

0.00

0.00%

4.33

Acuitas Investments LLC

87.27

0.00

0.00%

77.72

Ocean Park Asset Management LLC

85.81

0.00

0.00%

36.24

Stone Ridge Holdings Group LP

82.26

0.00

0.00%

4.08

Argent Capital Management

80.92

0.00

0.00%

13.45

WealthTrust Asset Management LLC

80.83

0.00

0.00%

11.15

Falconx Holdings Ltd.

80.33

0.00

0.00%

58.94

NSI Holdings, Inc.

78.39

0.00

0.00%

21.33

Brookmont Capital Management LLC

77.83

0.00

0.00%

43.76

Pzena Investment Management LP

77.61

0.00

0.00%

39.73

M. D. Sass LLC

77.10

0.00

0.00%

7.47

Golden Eagle Asset Management Co., Ltd.

76.78

0.00

0.00%

68.13

Argent Holdings, Inc.

75.73

0.00

0.00%

0.29

Impact Shares

75.27

0.00

0.00%

1.44

Milliman, Inc.

74.42

0.00

0.00%

14.93

Core Alternative Capital

72.36

0.00

0.00%

4.08

Public Trust Advisors LLC

69.82

0.00

0.00%

34.44

Moonvest LLC

69.32

0.00

0.00%

43.66

Symmetry Partners, LLC

68.31

-0.01

-0.02%

8.32

FMC Group Holdings LP

67.96

0.00

0.00%

0.47

Sammons Enterprises, Inc.

67.43

-0.28

-0.41%

-9.84

Cambiar Holdings

66.79

0.00

0.00%

0.65

PMV Capital LLC

66.44

-0.01

-0.01%

11.47

Grace Partners of Dupage LP

66.37

0.00

0.00%

62.97

Reflection Asset Management, LLC

65.46

0.00

0.00%

6.50

Split Rock Private Trading & Wealth Management LLC

64.57

0.00

0.00%

5.47

Suncoast Equity Management LLC

63.56

0.00

0.00%

8.01

Warren Capital Management, Inc.

61.83

0.00

0.00%

13.42

Redbird Capital Partners Alternative Holdings LLC

60.94

0.00

0.00%

59.93

Thor Analytics LLC

59.62

0.00

0.00%

7.52

Osprey Funds LLC

58.70

0.00

0.00%

-50.78

Cullen Capital Management LLC

55.67

0.67

1.20%

12.54

Sarmaya Partners LLC

54.12

0.00

0.00%

35.68

ETFMG

53.40

0.00

0.00%

-40.02

Worth Charting Group LLC

51.03

2.26

4.43%

50.59

Mairs & Power, Inc.

47.08

0.00

0.00%

11.23

RiverNorth Holdings Co.

46.62

0.00

0.00%

4.13

AG Financial Services Group

45.60

0.00

0.00%

7.05

Alternative Access Funds LLC

44.95

0.00

0.01%

2.51

Dakota Wealth Management LLC

42.48

0.00

0.00%

-0.01

Formidable Asset Management

41.71

0.00

0.00%

-1.37

Goose Hollow Capital Management LLC

41.05

0.00

0.00%

-0.70

Cultivar Capital, Inc.

40.72

0.00

0.00%

2.59

Bancreek Capital Management LP

39.89

0.00

0.00%

27.76

Donald L. Hagan LLC

38.12

0.00

0.00%

-3.61

Concourse Capital Advisors LLC

37.20

-1.84

-4.95%

1.45

Brookfield Asset Management Ltd.

35.31

5.89

16.67%

16.83

Reckoner Capital Management LLC

35.02

0.00

0.00%

7.51

Precidian Investments LLC

33.79

2.31

6.84%

11.01

Donoghue Forlines LLC

33.19

0.00

0.00%

14.08

Advent Capital Management LLC

32.52

0.00

0.00%

3.76

Power Financial Corp.

32.08

0.00

0.00%

11.27

Nightview Capital LLC

31.74

0.00

0.00%

1.50

Point Bridge Capital

30.83

0.00

0.00%

-2.77

Acquirers Funds

30.79

0.00

0.00%

-3.84

Redbird Capital Partners LP

29.88

0.00

0.00%

2.51

S.C.M. Edge, LLC

28.79

0.00

0.00%

14.84

Yorkville America LLC

28.68

0.00

0.00%

22.65

Msc Group SA

28.08

0.00

0.00%

4.28

Horizon Kinetics Holding Corp.

27.23

0.00

0.00%

3.86

Carbon Collective Investing LLC

26.06

0.40

1.53%

3.42

Le Mouvement des caisses Desjardins

25.25

0.00

0.00%

4.38

Mitsubishi UFJ Financial Group Inc.

25.08

0.00

0.00%

0.94

Dvx Ventures LLC

23.08

0.00

0.00%

4.77

Sound Capital Holdings LLC

21.89

0.00

0.00%

21.56

Wedbush Family Partners LLC

21.77

0.00

0.00%

20.69

Manzil Mortgage Services, Inc.

21.69

0.00

0.00%

18.19

First Eagle Investment Management LLC

21.68

1.34

6.20%

4.22

Nuveen Securities LLC

20.86

0.00

0.00%

5.15

American Beacon Advisors, Inc.

19.94

0.00

0.00%

20.00

Grant/GrossMendelsohn LLC

19.30

0.00

0.00%

0.74

Atlas Capital Team, Inc.

17.70

0.00

0.00%

0.01

Vega Financial Group, LLC

16.65

0.00

0.00%

16.63

Clockwise Capital LLC

15.25

0.00

0.00%

3.85

Nicholas Wealth LLC

14.75

0.00

0.00%

17.52

SS&C Technologies Holdings, Inc.

14.16

0.00

0.00%

15.25

Wellesley Asset Management, Inc.

14.07

1.41

10.00%

12.58

Archer Investment Corp.

13.72

0.26

1.89%

9.86

Build Asset Management LLC

12.51

0.00

0.00%

1.27

WEBs Investments, Inc.

12.26

0.00

0.00%

5.81

Arimathea Corp.

11.93

0.00

0.00%

12.02

Dana Investment Advisors, Inc.

11.91

0.63

5.26%

10.09

Saracen Energy Advisors LP

10.02

0.00

0.00%

4.78

LionShares LLC

9.94

0.00

0.00%

3.21

Hypatia Capital Group LLC

9.90

0.00

0.00%

1.76

Saturna Capital Corp.

9.78

0.00

0.01%

8.40

Defiance Group Holdings LLC

9.53

0.00

0.00%

9.46

Vontobel Holding AG

8.98

0.00

-0.02%

-0.01

CYBER HORNET ETFs LLC

8.82

0.00

0.00%

0.76

8.52

0.00

0.00%

0.61

Framework Digital Advisors LLC

8.14

0.00

0.00%

8.44

The Eighth Wonder Foundation

7.81

0.00

0.00%

2.79

Prospera Funds, Inc.

7.57

0.00

0.00%

5.53

Measured Risk Portfolios, Inc.

7.52

7.26

96.67%

7.26

X-Square Capital

7.03

0.00

0.00%

2.57

Albert D. Mason, Inc.

6.76

0.00

0.00%

0.30

Nomura Holdings

6.32

0.00

0.00%

1.25

ARK Invest LLC

6.09

0.00

0.00%

45.13

Distribution Cognizant LLC

5.79

0.00

0.00%

0.00

Founder ETFs LLC

5.08

0.00

0.00%

4.10

Reverence Capital Partners LLC

5.08

0.00

0.00%

0.00

Epiris Managers LLP

4.51

0.00

0.00%

2.26

Kingsbarn Capital Management LLC

4.38

0.00

0.00%

-0.66

Everence Association, Inc.

3.68

0.00

0.00%

3.66

Abacus Life, Inc.

3.31

0.00

0.00%

0.20

The BAD Investment Company

3.25

0.00

0.00%

2.80

HWCap Holdings LLC

2.74

0.00

0.00%

0.01

AOT Invest LLC

2.31

0.00

0.00%

0.90

Langar Investment Management LLC

2.11

0.00

0.00%

-1.37

Hexis Capital Management Ltd.

1.82

0.00

0.00%

1.78

21Shares AG

1.35

0.00

0.00%

0.32

Fortuna Funds LLC

0.71

0.00

0.00%

0.00

Azimut Holding SpA

0.50

0.00

0.00%

0.00

ONEFUND LLC

0.00

0.00%

0.00

Cohanzick Management

0.00

0.00%

-3.71

First Manhattan Co.

0.00

0.00%

0.69

Colliers International Group, Inc.

0.00

0.00%

0.00

Baillie Gifford & Co.

0.00

0.00%

0.00

打开原文

AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-07-10重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1005

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英文原文

AAOI Soared 251%, But PSI Quietly Doubled Your Money Too

Michael Williams

Sat, July 11, 2026 at 2:17 AM GMT+8 5 min read

AAOI

-8.11%

RDDT

-6.45%

-5.52%

Quick Read

AAOI surged 250% year-to-date, but PSI, a semiconductor ETF riding the same AI wave, delivered 102%, nearly doubling a $10,000 stake.

AAOI dropped 25% in a single month while Reddit sentiment crashed from bullish to bearish in 72 hours, the part nobody screenshots.

Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.

You saw the chart. Applied Optoelectronics ( NASDAQ:AAOI ) went vertical this year, and your feed will not shut up about it. The screenshots, the rocket emojis, the "full port" posts. And you didn't buy a single share.

Quality Stock Arts / Shutterstock.com The optical transceiver maker is up 250.57% year to date, riding the AI datacenter buildout that needs faster and faster fiber to move data between GPUs. That is the kind of return that ruins your week when you missed it.

Here is the twist: you didn't miss it. Not really.

The Number That Kills the FOMO

Over the same window, from December 31, 2025 through July 9, 2026, the Invesco Semiconductors ETF ( NYSEARCA:PSI ) returned 102.24%. A $10,000 stake at the start of the year sat at roughly $20,220 on July 9.

That is a serious return. A chip basket that more than doubled in a little over six months while you slept, worked, and refreshed your brokerage app in peace.

PSI is a basket of U.S.-listed semiconductor names, an index-tracking fund from Invesco that spreads exposure across the sector for an expense ratio of roughly 0.56%. You paid a rounding error to own the theme.

Are You Ready To Retire, Or Years Behind?

Same Wave, Different Surfboard

The force that lifted Applied Optoelectronics is the broader AI capex wave: hyperscalers pouring money into datacenters, GPUs needing high-speed interconnects, and optical transceivers stepping up from 400G to 800G and 1.6 Tb products. AAOI's Q1 2026 datacenter revenue more than doubled year over year to $81.4 million, and CEO Thompson Lin said the company "completed our first volume shipment of our 800G products to one of our large hyperscale customers in Q1."

Story Continues

That same demand is why global semiconductor revenue hit $298.5 billion in Q1 2026, up 79.2% year over year, and why U.S. chip sales jumped 83.1% versus the prior year. The rising tide is real, and it lifted the whole sector, not just one Texas transceiver shop.

PSI's job is to own that tide as a basket. You don't have to know which company wins the 800G qualification race or which fab lands the next hyperscale contract. You just need exposure to the fact that hyperscalers are spending, and chips get bought either way. If you want a broader read on which names are riding this cycle, our team's 7 Stocks Powering the AI Boom report walks through the ecosystem in depth.

The Part Nobody Screenshots

Yes, AAOI holders made more. A lot more. 250.57% beats 102.24%, and it is not close.

Now the other side. AAOI has a beta of 3.687, a 52-week range of $18.50 to $233.67, and a habit of missing earnings estimates even when revenue is exploding. Q3 2025 saw 82.1% revenue growth alongside a wide EPS miss. Q1 2026 revenue grew 51.4% and the stock still missed the consensus loss estimate.

And in the past month alone, AAOI is down 24.97%. Reddit's r/wallstreetbets flipped from "ALL IN ON AAOI" posts on July 4 to a "Bottleneck bros are moving to Robotics" thread with 102 upvotes by July 7. Sentiment scores fell from 94 to 22 inside 72 hours. That is single-stock life. You get the top and the trapdoor in the same package.

PSI spreads that exposure across a basket of chip names. Any one blowup gets diluted. You give up the euphoric top of the trade. You also skip the part where a Reddit post empties the room.

Process Over Prediction

Chasing hot tickers is stock-picking with extra regret attached. You have to be right about the company, right about the timing, and lucky about the exit. Owning the theme through a diversified fund gets you most of the move with a fraction of the white-knuckle moments.

You didn't need to pick AAOI to profit from AI optics. You needed to be exposed to semiconductors while the AI capex cycle was running, and PSI was one straightforward way to do that. The stock-pickers who nailed AAOI deserve the win. The investor who owned the basket got most of the move without ever needing to be a hero.

Next time a ticker takes over your timeline, the useful question to ask is "what is the underlying driver, and do I already own it in some form?" Answer that clearly and the FOMO gets a lot quieter.

Are You Ready To Retire, Or Years Behind?

Most Americans have no idea where they actually stand. Most guess, or hope Social Security and a 401(k) will work out. Advisor.com's new matching tool gives you a real answer, free.

Contact editorial@247wallst.com for any questions or corrections.

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Micron's $250 Billion Bet Could Reshape the AI Memory Race

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Micron

Micron's $250 Billion Bet Could Reshape the AI Memory Race

Jeffrey Neal Johnson, MarketBeat

Fri, July 10, 2026 at 11:10 PM GMT+8 6 min read

-5.65%

SKHY

-13.69%

financials

options

NASDAQ

Key Points

Interested in Micron Technology, Inc.? Here are five stocks we like better.

Micron Technology accelerated its $250 billion domestic fabrication buildout, including a 10-year silicon supply deal with GlobalWafers to secure U.S.-based chip manufacturing.

Micron is reportedly ramping HBM4 yields faster than expected, challenging SK Hynix's 57% market share ahead of its rival's $28 billion Nasdaq listing.

Micron posted 345.8% year-over-year revenue growth and strong margins, while options traders reportedly targeted call strikes of $1,100 and $1,150 for August 2026.

Micron Technology (NASDAQ: MU) just accelerated a $250 billion domestic fabrication commitment, pouring concrete a full quarter ahead of schedule at its new Clay, New York mega-fab.

This capital deployment moves beyond standard capacity expansion. It represents the creation of a closed-loop U.S. manufacturing ecosystem that actively derisks the memory supercycle and insulates domestic production from volatility in the Taiwan Strait.

→ The SK Hynix IPO and 2027's AI Memory Squeeze

When capital expenditures reach a quarter-trillion dollars, the market takes notice. Understanding how this localized supply chain dominance impacts Micron's forward valuation and competitive positioning is critical for investors navigating the semiconductor sector.

Securing the Raw Silicon Foundation in Texas

Building a semiconductor fabrication plant requires years of planning, billions in capital, and a highly synchronized supply chain. Micron is tackling supply chain vulnerabilities head-on by allocating $3 billion to domestic sourcing initiatives.

→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts

The most pivotal piece of this allocation is a $500 million strategic financing agreement with GlobalWafers to secure raw silicon capacity at a new Texas facility. Raw silicon wafers are the foundational canvas of chipmaking. By locking in a 10-year domestic supply agreement, Micron ensures its New York and Idaho fabs will have the critical materials needed to operate without relying on trans-Pacific shipping routes. This localized infrastructure solidifies long-term dominance in the supply chain.

As enterprise companies and governments continue to demand secure AI infrastructure, a fully U.S.-based memory pipeline increasingly commands a definitive geopolitical safety premium.

→ This Dividend ETF Choice Could Shape Your Income Strategy Through 2026

Out-Executing SK Hynix on the HBM4 Battlefield

To understand current valuation dynamics, investors need to examine the architecture of a modern AI data center. Graphics processing units starve without High-Bandwidth Memory (HBM) feeding them information at lightning speed.

Story Continues

South Korean competitor SK Hynix currently dominates the HBM space with a 57% global market share. On July 10, SK Hynix expects to launch a formidable $28 billion Nasdaq listing to fund its own capacity expansion. While the capital raise is substantial, SK Hynix operates with a structural vulnerability. The company relies heavily on packaging and testing facilities located in regions exposed to friction in the South China Sea. If geopolitical tensions rise, their supply chain grinds to a halt.

Micron is moving aggressively to capture market share from SK Hynix and other competitors by out-executing its rivals on the manufacturing floor. Recent management commentary indicates Micron is achieving faster-than-expected defect reduction and yield ramps in its upcoming HBM4 architecture.

In semiconductor manufacturing, yield dictates everything. Yield measures the percentage of usable, defect-free chips that come off a silicon wafer. Higher yields equal fatter net margins and faster time-to-market. Micron's ability to scale domestic HBM4 yields directly threatens SK Hynix's market share, offering cloud service providers a more reliable, technologically superior product free from international shipping chokepoints.

Separating the Halo Effect From Pure-Play Alpha

When capital flows into a localized sector, neighboring businesses often catch a draft. Critically, GlobalWafers does not supply Micron alone—the same raw silicon feeds much of the domestic foundry base, including GlobalFoundries (NASDAQ: GFS), which has maintained a multi-year strategic partnership with GlobalWafers since 2021.

That shared pipeline is why GlobalFoundries experienced an immediate intraday price expansion as markets reacted to Micron's capital deployment. As Micron's capital derisks the broader domestic silicon ecosystem, foundries drawing from that same raw material pipeline stand to benefit from increased stability.

However, investors evaluating the sector should separate a sympathetic halo effect from pure-play AI infrastructure growth. A closer look at the fundamentals reveals a stark contrast in revenue quality between the two companies. GlobalFoundries operates as a pure-play contract manufacturer but relies heavily on legacy consumer electronics.

Smart mobile devices currently account for 34% of GlobalFoundries' revenue mix. While Micron posted a 345.8% year-over-year revenue growth driven by sold-out AI memory capacity, GlobalFoundries managed a modest 3.1% increase.

Forward projections point to EBITDA margin compression for GlobalFoundries, burdened by cyclical drag from the handset market. Trading at a steep forward price-to-earnings (P/E) ratio of 50.3 compared to a trailing P/E of 50.0, GlobalFoundries lacks the unhedged data center exposure that drives structural valuation breakouts.

Smart Money Front-Runs the Forward Multiple

Institutional money always leaves footprints, and the derivatives market suggests a significant bullish sentiment shift for Micron. Recent options data reveals aggressive out-of-the-money call sweeps targeting the $1,100 and $1,150 strikes expiring in August 2026. This highly targeted derivatives positioning suggests smart money is front-running a valuation re-rating ahead of the SK Hynix liquidity event.

The fundamentals support this institutional accumulation. Micron's trailing P/E ratio currently sits at 22, but its forward P/E compresses dramatically to 14. Those forward multiples signal anticipated earnings growth, heavily supported by recent quarterly performance. Micron just reported earnings per share of $25.11, beating consensus estimates by $3.72. Operating with net margins of 55.91% and a virtually nonexistent debt-to-equity ratio of 0.05, Micron's balance sheet is uniquely positioned to absorb the $250 billion expansion without destructive shareholder dilution.

Building Your Portfolio Around the Reshoring Trade

Semiconductors are no longer just technology products; they are critical sovereign assets. By aggressively reshoring its manufacturing footprint, Micron has recognized the vulnerability of its globalized memory supply chain and deployed a quarter-trillion-dollar solution.

As SK Hynix attempts to absorb $28 billion in capital to defend its incumbent status, the market is actively recalculating risk. Micron's accelerating HBM4 yields and domestic moat render offshore memory operators structurally vulnerable.

Investors looking to capitalize on this U.S. infrastructure buildout might consider adding Micron to their watchlists. As the AI memory supercycle continues to tighten global capacity and supply, companies that command physical supply chain security are uniquely positioned to dictate market pricing and capture dominant market share.

The article " Micron's $250 Billion Bet Could Reshape the AI Memory Race " was originally published by MarketBeat.

View MarketBeat's top stocks for July 2026 .

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Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

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Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why

Joel South

Fri, July 10, 2026 at 8:30 PM GMT+8 3 min read

2330.TW

-3.85%

-5.16%

NVDA

-2.40%

-2.32%

INTC

-5.84%

Quick Read

Prediction markets give TSM a 94.5% chance of beating Q2 consensus, with 17 Wall Street buy ratings, zero sells, and a base-case price target implying 16% upside.

TSM already runs 2nm high-volume production while Intel Foundry posts operating losses and GlobalFoundries cannot compete above 12nm for AI accelerators.

TSM's Q4 free cash flow surged 43% year-over-year, funding a $54 billion 2026 capex plan while Q1 gross margins expanded 390 basis points sequentially.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Taiwan Semiconductor Manufacturing ( NYSE:TSM ) presents one of the cleanest large-cap setups heading into next Thursday's earnings report, and the setup gives retirement-focused investors a rare combination of visible earnings momentum, guided margin expansion and a valuation the growth rate already outruns.

24/7 Wall St

The Setup Into July 16

Monthly filings have already de-risked the earnings report. May 2026 consolidated revenue hit NT$416.98 billion, up 30.1% year-over-year, with Jan-May cumulative revenue of NT$1.96 trillion, up 30.0%. Management guided Q2 2026 revenue to $39.0 to $40.2 billion (32% YoY at midpoint) with gross margin at 65.5% to 67.5%. Polymarket traders assign a 94.5% probability that TSM beats consensus, and an 84% probability of Q2 revenue above $39 billion.

Valuation the Growth Rate Outruns

TSM trades at a 37x P/E against a forward EPS of $14.49, while the business runs 30%+ revenue growth and a Q1 gross margin of 66.2%. CEO C.C. Wei has guided full-year 2026 growth "above 30%" in USD, and the AI accelerator CAGR through 2029 is tracking in the higher 50s. The 247 base case sits at $514.04, or 15.81% upside, with the bull case at $536.23. Wall Street backs it up: 17 buy ratings against 2 holds and zero sells.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

The Cash Machine Funds Itself

TSM Analyst Ratings — 24/7 Wall St. Q4 2025 free cash flow of NT$368.6 billion, +42.73% YoY, comfortably funds the aggressive $52 to $56 billion 2026 capex plan while margins keep expanding. Q4 gross margin of 62.3% blew past the 59% to 61% guide, and Q1 delivered a 390 bps sequential jump. TSM lifted the quarterly dividend to NT$6.00 for Q3 2025, with management reiterating a "sustainable and steadily increasing cash dividend per share" policy. For retirement investors reviewing income durability, our dividend ladder research pairs naturally with TSM's cash generation profile.

Story Continues

Head to Head: TSM Owns the Leading Edge

TSM Price Scenario — 24/7 Wall St. The obvious foundry alternative is Intel ( NASDAQ:INTC ) . TSM entered 2-nanometer high-volume manufacturing in Q4 2025 with good yield, running 74% of Q1 2026 wafer revenue on 7nm and below (36% from N5, 25% from N3). Intel Foundry lacks an external leading-edge customer base at anything close to that scale, and the segment continues to post operating losses.

GlobalFoundries ( NASDAQ:GFS ) tops out above 12nm, ceding the entire AI accelerator opportunity by design. HPC drove 61% of Q1 2026 revenue, up 20% sequentially. Wei's own words on the moat: "It takes 2 to 3 years to build a new fab. And it takes another 1 to 2 years to ramp it up."

TSM has already gained nearly 37% year to date, and the setup into Thursday says the run continues. The setup argues for accumulation ahead of the July 16 open.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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IEA 2026年7月石油市场报告

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来源：International Energy Agency发布日期：2026-07-10重要性：未评级

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IEA估计2026年6月全球石油供应环比回升410万桶/日至9880万桶/日，但仍比战前低940万桶/日。
IEA记录6月全球可观察石油库存增加2100万桶；同期OECD总库存减少6200万桶，其中约4400万桶来自政府库存释放。
IEA预测2026年全球石油需求下降100万桶/日、2027年增长200万桶/日，并明确该供给路径取决于海湾运输和局势变化。
IEA称7月7日至8日交火再次升级后，撰写时North Sea Dated约为77美元/桶。

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Oil Market Report — July 2026

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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund

Thomas Richmond

July 10, 2026 3 min read

+3.72%

SAAQ.PVT

NVDA

-2.40%

-5.16%

Quick Read

IBM secured $1 billion and GlobalFoundries $375 million in CHIPS Act quantum foundry investments, part of $2 billion in Commerce Department incentives announced in May.

Hidary argues America needs a sovereign wealth fund modeled on Norway's $2 trillion vehicle to strategically deploy federal capital into deep-tech sectors.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

Artificial intelligence may be the biggest technology race in the world, but SandboxAQ CEO Jack Hidary believes the United States is still investing with the wrong playbook.

janews / Shutterstock.com Speaking on CNBC on Thursday, July 9, Hidary argued that America should treat strategic technologies the way countries like Norway manage national wealth by making long-term investments in industries that strengthen economic competitiveness. The timing of his comments was notable, coming alongside a $500 million federal award for SandboxAQ's large quantitative models (LQMs) and growing government support for quantum computing and advanced manufacturing.

Why Hidary Wants a U.S. Sovereign Wealth Fund

Hidary framed recent federal equity stakes and grants as part of a broader capital strategy, not one-off subsidies. "Many countries out there have a sovereign wealth fund. Norway has a very successful one now at $2 trillion . It's time that America really has a sovereign wealth fund to really push forward the core technologies that advance our economy," he said on CNBC.

He tied that thesis directly to domestic capacity. "This investment in SandboxAQ and in other companies... [is] really part of a larger picture of a sovereign wealth strategy that builds value for the American taxpayer , builds resiliency so that we can build semiconductors in America , so that we can build the advanced pharmaceuticals in America as well ," Hidary added.

Oslo's Government Pension Fund Global in Norway, valued at $2 trillion, functions as a long-duration equity investor funded by resource revenues. Hidary's version would deploy federal capital into deep-tech companies whose outputs, from battery chemistries to pharmaceutical candidates, feed strategic industries.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

The $500 Million CHIPS Award and What LQMs Do

SandboxAQ announced it had won a $500 million award from the Department of Commerce's CHIPS program for its large quantitative models. LQMs sit alongside large language models in the current AI stack but are engineered to reason about numerical and physical systems rather than text. Hidary said the models can produce novel battery chemistries without relying on foreign raw-material sources, an explicit response to supply-chain concentration in critical minerals.

Story Continues

His framing of the addressable opportunity was blunt. "If you want to make a new drug for cancer, for Alzheimer's, if you want to make a new material for batteries... we just won the award from the CHIPS program of the Department of Commerce. 500 million award for our LQMs," he said. Because 85% of the U.S. economy is quantitatively based, the target market for quantitative reasoning tools stretches across pharma, energy, materials, and financial services.

SandboxAQ's models are now available on the Google Cloud Marketplace to enterprise customers. Placing LQMs inside an existing procurement channel shortens sales cycles for regulated buyers that already run workloads on Google Cloud.

Quantum Computing May Be the Next Federal Investment Wave

Hidary's sovereign-wealth argument fits alongside the Commerce Department's broader quantum push. On May 21, 2026, the department announced $2.013 billion in federal incentives under the CHIPS and Science Act through letters of intent with 9 companies, including two quantum foundries and seven quantum computing companies.

IBM ( NYSE:IBM ) was slated to receive $1 billion in planned funding to establish a new quantum foundry subsidiary for quantum-grade superconducting wafers, and GlobalFoundries ( NASDAQ:GFS ) was set for $375 million in planned funding to establish a secure, domestic quantum foundry.

Hidary flagged that program as an underappreciated catalyst. "The Department of Commerce recently announced letters of intent in a number of quantum hardware companies. I think that could be a very big positive for that sector," he said.

For readers interested in how AI power demand and infrastructure could create new opportunities, our team's Free Report: 7 Stocks Powering the AI Boom (That Aren't Chipmakers) is worth reading.

What to Watch Next

Hidary's proposal reaches well beyond SandboxAQ. His broader argument is that America should treat strategic technologies as long-term national investments rather than as isolated corporate subsidies.

The next clues will come from Washington. Additional CHIPS awards, enterprise adoption of SandboxAQ's models through Google Cloud Marketplace, and any movement toward a U.S. sovereign investment vehicle would all signal whether policymakers are embracing the capital-allocation strategy Hidary envisions.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .

Contact editorial@247wallst.com for any questions or corrections.

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Direxion Daily Semiconductor Bull 3X ETF Explodes

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标的：`SOXL`来源：Motley Fool发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：623

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Direxion Daily Semiconductor Bull 3X ETF Explodes

Rich Smith, The Motley Fool

July 10, 2026 3 min read

^IXIC

-1.47%

-5.65%

NVDA

-2.40%

SOXL

-13.94%

6488.TWO

-6.20%

It's Thursday, 2 p.m., and do you know where the Nasdaq is?

It's up a respectable 1.2% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is up much, much more, surging past 14.1% on some billion-dollar-plus news items in semiconductors today.

Image source: Getty Images.

Micron boosts the market

The first news comes from Micron (NASDAQ: MU) stock, which is surging nearly 8% after announcing it's investing up to $3 billion "to strengthen the U.S. semiconductor supply chain ecosystem," including by loaning GlobalWafers Co., Ltd. $500 million to help build its 300mm raw silicon wafer manufacturing facility in Sherman, Tex., and its signing a 10-year deal to buy the wafers GlobalWafers churns out.

In related news, Reuters is reporting that Meta Platforms (NASDAQ: META) has signed a multi-year supply agreement to source NAND flash memory for its data centers from Sandisk (NASDAQ: SNDK), and is also buying DRAM from Samsung, and fiber optic cables from Sumitomo Electric, and Iris artificial intelligence chips from Taiwan Semiconductor Manufacturing (NYSE: TSM) -- with Broadcom (NASDAQ: AVGO) doing the chip design work.

It's all part of a Meta plan to spend $145 billion building out AI infrastructure this year alone.

3x the risk, 3x the gain

Think all the above might be enough to get semiconductor investors excited? Today it is, for sure. And several of the companies making headlines today -- Micron, Broadcom, and Taiwan Semiconductor Manufacturing -- are components of the Direxion Daily Semiconductor Bull 3X Shares ETF, too.

Their share price gains directly translate into upwards momentum for the ETF, and once 3x'ed... well, that's how you take a 1.2% Nasdaq gain, and parlay it into a 14.1% skyrocket for this heavily leveraged bet on semiconductor stocks.

Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?

Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:

Story Continues

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,651 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,252,823 !

See the 10 stocks »

*Stock Advisor returns as of July 9, 2026.

Rich Smith has positions in Meta Platforms. The Motley Fool has positions in and recommends Broadcom, Meta Platforms, Micron Technology, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy .

Direxion Daily Semiconductor Bull 3X ETF Explodes was originally published by The Motley Fool

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GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

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GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)

Fiona Craig

July 9, 2026 2 min read

-5.65%

-5.16%

6488.TWO

-6.20%

Micron Investment Boosts Confidence in U.S. Chip Manufacturing

GlobalFoundries Inc. (NASDAQ:GFS) shares climbed 6% after Micron Technology Inc. (NASDAQ:MU) unveiled plans to invest up to $3 billion to strengthen the U.S. semiconductor supply chain.

As part of the initiative, Micron will provide $500 million in strategic financing to GlobalWafers Co., Ltd. to support construction of its 300mm silicon wafer manufacturing facility in Sherman, Texas. The companies also intend to enter into a 10-year supply agreement that will secure long-term access to wafer production capacity for Micron.

Existing Partnership Supports Positive Sentiment

Although GlobalFoundries was not directly referenced in Micron's announcement, investors responded positively because GlobalWafers has an established long-term strategic partnership and multi-year supply agreement with GlobalFoundries.

That relationship positions GlobalFoundries to benefit from continued investment in domestic semiconductor manufacturing as the U.S. expands its chip production capabilities.

Micron's broader investment strategy is designed to strengthen the availability of critical manufacturing materials while supporting rising demand for advanced memory and storage products driven by artificial intelligence and other data-intensive technologies.

"Securing a reliable supply of critical input materials is essential to supporting Micron's long-term growth and technology roadmap," said Ben Tessone, senior vice president and chief procurement officer at Micron Technology.

Long-Term Collaboration Continues to Expand

GlobalWafers said the latest agreement builds on an already well-established relationship between the two companies.

"Micron has long been an important partner of GlobalWafers, and we are honored to further deepen our strategic collaboration and jointly support the stable supply of critical materials for the semiconductor industry," said Doris Hsu, Chairperson and CEO of GlobalWafers.

GlobalWafers is currently the only supplier participating in the CHIPS for America Program capable of producing advanced 300mm raw silicon wafers within the United States.

The proposed agreement remains subject to definitive documentation, customary regulatory approvals and standard closing conditions. The companies also plan to explore joint development of next-generation wafer technologies and future semiconductor manufacturing processes.

Global Foundries stock price

Micron Technology stock price

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MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

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标的：`USAR`来源：Simply Wall St.发布日期：2026-07-09重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：890

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MP Materials (MP) Sues USA Rare Earth Over Magnet Technology And Engineer Hiring

Bailey Pemberton

July 9, 2026 4 min read

USAR

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MP Materials (NYSE:MP) has filed a lawsuit against USA Rare Earth, accusing the company of stealing proprietary magnet technology.

The complaint also alleges illegal recruitment of key MP Materials engineers, intensifying competition for scarce technical talent.

The dispute unfolds as China expands export controls affecting U.S. rare earth companies, including MP Materials.

For investors watching MP Materials, the legal action comes at a time when the stock trades around $53.0 and has delivered a 76.5% return over the past year. Over a 3-year period the stock is up 107.8%, while over 5 years it is up 51.3%. This performance highlights how closely the company is tied to interest in rare earth supply chains.

Looking ahead, the lawsuit and China's export controls put extra attention on MP Materials' technology, intellectual property, and ability to retain specialized engineers. Readers may want to track any court findings, potential settlements, and policy developments, as these could influence how the company positions itself in the rare earth magnet segment and broader U.S. supply chain efforts.

Stay updated on the most important news stories for MP Materials by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on MP Materials.

NYSE:MP Earnings & Revenue Growth as at Jul 2026 We've flagged 1 risk for MP Materials. See which could impact your investment.

The lawsuit puts MP Materials' core magnet technology and talent retention at the center of its investment story. By accusing USA Rare Earth of stealing process know how that took years and substantial capital to develop, MP Materials is signaling how important proprietary intellectual property is to its move from mining into higher margin magnet manufacturing. The case also shines a light on fierce competition for engineers as U.S. rare earth projects backed by government funding expand. For investors, this legal action sits alongside China's export controls as another factor that could influence MP Materials' partnerships, contract terms, and long term bargaining power with customers that want secure domestic supply.

How This Fits Into The MP Materials Narrative

If MP Materials succeeds in protecting its magnet technology, that would support the narrative that it can build a defensible position in value added manufacturing backed by long duration offtake deals.

The dispute highlights technology and execution risk for its magnet expansion, which could challenge assumptions that downstream projects ramp smoothly and at planned economics.

The lawsuit and talent squeeze introduce legal and human capital factors that are not fully addressed in the focus on contracts with the Department of Defense and Apple.

Story Continues

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for MP Materials to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

⚠️ Legal costs, management distraction, and potential disclosure of sensitive information during litigation could weigh on MP Materials' execution of new magnet projects.

⚠️ China's export controls, combined with insider selling and a high reported P/E, underline that expectations around MP Materials carry valuation and policy risk.

🎁 A successful defense of proprietary technology could strengthen MP Materials' position when negotiating long term supply agreements with customers such as automakers and electronics producers.

🎁 Government backed rare earth initiatives and public private partnerships may create a supportive backdrop for companies that can prove ownership and control of their technology.

What To Watch Going Forward

Investors in MP Materials may want to follow key milestones in the Texas court case, including any injunctions, settlements, or findings about trade secrets, as these could shape how unique the company's magnet capabilities really are. It is also worth watching whether rivals such as USA Rare Earth, Lynas, and major diversified miners adjust their hiring or partnership activity in response to the dispute. Finally, tracking how China's export controls are implemented, and whether U.S. government agencies adjust funding or contract terms for MP Materials, will help clarify how the company's competitive position in the rare earth supply chain evolves.

To ensure you're always in the loop on how the latest news impacts the investment narrative for MP Materials, head to the community page for MP Materials to never miss an update on the top community narratives.

Companies discussed in this article include MP .

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

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Rare Earth Talent Scramble Lures 86-Year-Old From Retirement

Jacob Lorinc

July 9, 2026 6 min read

USAR

-8.09%

METCZ

+0.08%

-8.09%

ARA.TO

-3.97%

(Bloomberg) -- Jack Lifton first retired from the mining industry more than a quarter century ago. These days, at 86, he's busier than ever.

New Memory ETFs Line Up to Challenge Runaway DRAM

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New Memory ETFs Line Up to Challenge Runaway DRAM

Sumit Roy

July 9, 2026 6 min read

000660.KS

-11.53%

KMEM

-9.04%

HBMX

-6.50%

DRAM

-8.82%

005930.KS

-8.77%

The Roundhill Memory ETF (DRAM) is one of the most successful fund launches of all time. Since coming to market on April 2, it has pulled in more than $21 billion of net inflows while its share price has nearly tripled, pushing assets close to $26 billion.

All of that happened in roughly three months, which makes DRAM the fastest-growing ETF on record.

The timing could not have been better. DRAM launched just as memory stocks were going vertical, driven by one of the sharpest supply/demand imbalances the industry has ever seen.

Before DRAM, it wasn't easy for U.S. investors to play the memory theme. Two of the biggest names in the space, SK Hynix and Samsung, do not trade on U.S. exchanges (the former is set to list ADRs on the Nasdaq this Friday), so investors who wanted the exposure were buying South Korea funds like the iShares MSCI South Korea ETF (EWY) , which included the memory giants along with a host of unrelated stocks.

DRAM gave them a pure-play alternative aimed squarely at memory.

But given the enormous inflows DRAM has seen, it was only a matter of time before other issuers tried to peel off a piece for themselves. Three have shown up so far, but interestingly, none is competing on price.

DRAM charges 0.65%, and the newcomers run from a matching 0.65% up to 0.95%. Instead, each is trying to stake out a different slice of the memory theme.

What These Funds Own

It helps to understand the memory industry before comparing the funds. Memory chips come in two broad flavors. DRAM (the type of memory, not the ETF) is the fast, volatile working memory that loses its contents the moment the power goes off, and high-bandwidth memory, or HBM, is a premium version of it, built by stacking DRAM chips vertically and wiring them together so data can move at very high speeds.

HBM is the component that sits right next to the GPUs in an AI server, and it is the biggest bottleneck in the current build-out.

NAND flash is the other category, the non-volatile storage that holds data whether the power is on or not, and the stuff inside solid-state drives.

The big three, SK Hynix, Samsung and Micron, dominate DRAM and HBM. They make NAND too, and Samsung is in fact the biggest NAND producer, but their profits come mostly from the DRAM and HBM side right now.

Kioxia and SanDisk are the pure NAND plays, with no DRAM or HBM businesses of their own.

DRAM, the ETF, focuses on, well, DRAM. SK Hynix, Samsung and Micron—the three companies that dominate HBM—each make up roughly a quarter of the portfolio, about three-quarters of the fund between them, with SanDisk, Seagate, Western Digital, Kioxia and a handful of others filling out the rest.

Story Continues

HBMX Reaches Beyond the Chipmakers

The first challenger to DRAM was the Tuttle Capital Concentrated Memory Stack ETF (HBMX) , which launched June 2 and charges 0.95%. Tuttle casts a wider net, targeting the whole "memory semiconductor ecosystem," which means not just the chipmakers but the companies that supply the equipment, materials and services used to build memory.

Micron sits around 9% and SanDisk around 5%, but the fund also holds Applied Materials near 8%, ASML at 6% and Lam Research at 6%. Those equipment makers do supply the memory manufacturers, but they also sell to logic customers like TSMC, so their fortunes track overall semiconductor capex rather than memory specifically.

That makes HBMX less of a pure memory bet and more of a memory-plus-semicap play.

KMEM Tilts Hard Toward SK Hynix

The Kurv Memory Select ETF (KMEM) went the other way. It launched July 1, matches DRAM's 0.65% fee, and doubles down on the big three. SK Hynix alone is about 42% of the portfolio, with Micron near 20% and Samsung around 19%.

So like DRAM, roughly three-quarters of the fund sits in the HBM trio, only with a much heavier tilt toward SK Hynix, which holds the largest share of the HBM market and, in Kurv's telling, trades cheaper than its peers.

It is almost an attempt to out-DRAM DRAM. If you are more bullish on SK Hynix in particular, this is one way to express it.

DISK Bets on Flash Instead

The Tema Memory ETF (DISK) , which launched June 30 at 0.75%, is the one doing something genuinely interesting. It stays inside the memory theme but deliberately leans away from HBM.

Its top holdings are Kioxia at about 17% and SanDisk at 16%, with Samsung around 9%, SK Hynix near 8% and Micron further down the list at 5%.

Kioxia and SanDisk are storage and NAND-flash names rather than HBM producers, so DISK is effectively betting on the parts of the memory market that the HBM-heavy funds underweight.

Of the three, it is the most differentiated from DRAM while still being unmistakably a memory fund.

Tema's Case

DISK's tilt is a deliberate call on where memory demand is heading, and Tema's chief investment officer, Yuri Khodjamirian, laid out the case for overweighting NAND in an interview with ETF.com.

On the demand side, memory is eating up a growing share of what hyperscalers spend, by the firm's estimate somewhere around 30% of the bill of materials this year and potentially closer to half within a year or two.

DRAM is the expensive part of that bill, and as agentic AI widens context windows, with agents spinning up other agents and each one needing to hold its own instructions in working memory, keeping all of it in DRAM and HBM starts to get prohibitively expensive.

Tema's bet is that data centers increasingly offload some of that context onto cheaper flash, which plays straight to the NAND names.

Meanwhile, on the supply side, because DRAM and HBM carry much fatter margins right now, the manufacturers that make both are steering fab capacity toward them and away from NAND, which tightens the flash market and pushes prices up.

Of course, there is a risk to this bet. DRAM and HBM are where the fattest margins and the clearest AI demand sit today, so leaning away from them means tilting toward a more commodity-like and more cyclical corner of memory.

NAND has historically been more volatile on pricing and quicker to see its margins compress when the cycle turns, and the context-offload thesis is a forecast rather than a fact.

If HBM demand keeps surging and the shift toward flash arrives slowly, DISK's NAND overweight could cause it to lag the HBM-heavy funds.

Early Traction

The flows for the three DRAM ETF competitors have so far been modest, but it's early days. Each of the three has taken in somewhere around $30 million since launch.

For HBMX, which has had roughly a month to gather assets, that isn't much to write home about. For DISK and KMEM, both barely a week old, it is a solid start.

The more important question for investors is whether they are worth owning. I won't make an investment call here, but to me, DISK appears the most differentiated versus DRAM.

The ETF gives you memory without the massive overweight in the HBM names, which is smart product positioning on the part of Tema, but also potentially compelling for investors who are bullish on NAND.

HBMX is the one I would question. Reaching into equipment makers and the broader ecosystem waters down the very thing that made DRAM a phenomenon—a clean and concentrated bet on memory.

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

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标的：`GFS`来源：Zacks发布日期：2026-07-08重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：990

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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?

Moumi Mondal

July 8, 2026 5 min read

-2.32%

^GSPC

-0.51%

-2.32%

-5.16%

-4.78%

The global semiconductor foundry market is attracting growing investor interest, driven by advancements in artificial intelligence (AI), machine learning, 5G and the Internet of Things (IoT). Foundries continue to heavily invest in research and development to offer advanced process nodes, helping meet demand for these high-tech applications. According to Fortune Business Insights, the market is projected to witness a CAGR of 3.4% through 2026-2034, expanding from $175.1 billion in 2025. Taiwan Semiconductor Manufacturing Company TSM, or TSMC, dominates this space with more than 70% market share.

Over the past year, the stock has surged 90.4%, outperforming the Zacks Computer and Technology sector's 37.2% gain and the S&P 500 composite's 24.9% return. TSMC also outpaced peers GlobalFoundries GFS and ON Semiconductor ON, or onsemi, both of which gained 58.9% over the same period.

TSM Stock's 12-month Performance

Zacks Investment Research

Image Source: Zacks Investment Research

Based on its last closing price, TSM stock is trading above its 50-day and 200-day simple moving averages (SMAs), signaling sustained bullish momentum.

TSM Technical Indicator

Zacks Investment Research

Image Source: Zacks Investment Research

Tailwinds Supporting TSMC

TSMC reported May 2026 consolidated net revenues of NT$416.98 billion (New Taiwan Dollars), up 1.5% from April 2026 and 30.1% from May 2025. For the first five months of 2026, consolidated revenues totaled NT$1.96 trillion, marking a 30% increase compared with the same period last year.

Robust AI-related demand underpins the company's growth outlook. Management stated that the shift from generative AI and the query mode to agentic AI and command and action mode is driving higher token consumption and increasing the need for computation, supporting demand for leading-edge silicon. TSMC continues to see a strong signal and positive outlook from its customers as well as cloud service providers, maintaining a high level of conviction in the multiyear AI megatrend.

Performance-wise, first-quarter 2026 revenues increased 6.4% sequentially to $35.9 billion, slightly ahead of the company's guidance. Gross margin expanded by 390 basis points (bps) sequentially to 66.2%, driven by cost improvement efforts, a higher overall capacity utilization rate and a more favorable foreign exchange rate. Operating margin improved 410 bps sequentially to 58.1% due to operating leverage.

TSMC's 2-nanometer (N2) and A16 technologies continue to lead the industry in addressing the demand for energy-efficient computing, with almost all the innovators working with TSMC. N2 is ramping up successfully in multiple phases at both the company's Hsinchu and Kaohsiung sites, led by strong demand from both smartphone and High-Performance Computing ("HPC") AI applications.

Story Continues

At the same time, the company is stepping up its capital expenditure to expand its global 3-nanometer capacity. The expansion spans Taiwan, Arizona and Japan, alongside 5-nanometer tool conversions and capacity optimization across N7, N5 and N3 nodes. TSMC's A14 technology development is also on track, for which it is seeing a high level of customer interest and engagement from both smartphone and HPC applications.

TSMC's Near-Term Financial Outlook

TSMC remains confident that full-year 2026 revenues will grow by more than 30% in U.S. dollar terms, reflecting the strength of its differentiated technology and broad customer base.

For the second quarter, the company expects revenues between $39 billion and $40.2 billion, representing 10% sequential growth and 32% year-over-year growth at the midpoint. Based on an exchange rate assumption of $1 to 31.7 New Taiwan Dollars, the second-quarter gross margin is projected at 65.5%-67.5% and operating margin at 56.5%-58.5%. Management noted that the initial ramp-up of its 2-nanometer technology will dilute gross margin by 2%-3% for the year.

TSMC also expects capital expenditures to trend toward the high end of its previously announced $52-$56 billion range as it expands capacity to support customer demand. Despite the elevated spending, management reiterated its focus on delivering profitable growth for shareholders.

TSM Stock's Estimate Trend

At present, the Zacks Consensus Estimate expects TSMC's earnings per share (EPS) to grow 44.1% to $15.35 in 2026, followed by another 27% increase to $19.50 in 2027. Analyst estimates for both years have moved higher over the past three months. The company's revenues are expected to grow 32.3% in 2026 and another 26.6% in 2027.

Zacks Investment Research

Image Source: Zacks Investment Research

How Valuation Metrics Look for TSMC

Based on the forward 12-month Price/Earnings (P/E), TSM trades at 25.84X, slightly above its median of 24.33X and the 24.98X sector average. In contrast, GFS trades at a P/E of 38.63X, while ON sits with 24.35X.

TSM's One-Year P/E

Zacks Investment Research

Image Source: Zacks Investment Research

Conclusion

TSMC benefits from strong demand for its leading-edge process technologies. The performance of its key profitability metrics is supported by cost improvement efforts and a high-capacity utilization rate. The higher level of capital spending reflects management's confidence in delivering profitable growth to shareholders and also capturing long-term growth opportunities. At the same time, TSMC remains well-positioned to continue capitalizing on the strong industry tailwinds.

The stock has significantly outperformed the sector and other peers over the past 12 months. From a valuation standpoint, TSM is trading close to both its historical median and sector average. Backed by positive earnings estimate revisions, the stock appears to be an attractive investment opportunity.

TSM carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Taiwan Semiconductor Manufacturing Company Ltd. (TSM) : Free Stock Analysis Report

ON Semiconductor Corporation (ON) : Free Stock Analysis Report

GlobalFoundries Inc. (GFS) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

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CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions

CRML, UUUU, USAR, ALOY, GLND: Greenland’s Rare-Earth Trade Draws Investors As Trump Revives Arctic Ambitions · Stocktwits

Shivani Kumaresan

July 8, 2026 4 min read

USAR

-8.09%

CRML

-10.17%

ALOY

-9.69%

EFR.TO

-7.82%

GLND

-2.12%

Trump renewed his call for the U.S. to take control of Greenland, saying the Arctic island is vital to national security.

The island's Tanbreez project is among the world's largest undeveloped rare earth deposits.

Critical Metals gained attention for its 92.5% stake in Greenland's Tanbreez project.

Shares of Critical Metals Corp. (CRML), REalloys (ALOY), Energy Fuels (UUUU), USA Rare Earth (USAR) and Greenland Energy Company (GLND), companies tied to critical minerals and Arctic energy, advanced after President Donald Trump renewed calls for the United States to take control of Greenland during the NATO summit in Ankara.

The remarks renewed investor focus on Greenland's importance as Washington seeks to secure supplies of rare earths and other critical minerals used in defense, AI infrastructure, electric vehicles and advanced manufacturing.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

Critical Metals, REalloys, Energy Fuels, USA Rare Earth and Greenland Energy stocks gained between 0.4% and 2%, overnight, ahead of Wednesday.

Why Trump Is Talking About Greenland Again

Trump renewed his push for the U.S. to take control of Greenland, arguing the Arctic island is essential to American national security because of its location and vast natural resources.

Speaking during a bilateral meeting with Turkish President Recep Tayyip Erdoğan, Trump said Greenland should be under U.S. control rather than Denmark's, reviving a proposal he first introduced in 2019.

He also said Greenland is surrounded by Chinese and Russian vessels, reinforcing his view that Washington should control the territory.

U.S. Rare Earth Supply Chain: Why Greenland Matters

Investors turned their focus on the diplomatic dispute's implications for companies involved in rare earth mining, mineral processing and Arctic energy exploration.

Greenland is home to huge deposits of rare earth minerals, along with oil and natural gas resources. These materials are increasingly important for manufacturing electric vehicles, renewable energy systems, advanced electronics and military equipment.

Among Greenland's best-known mining assets is the Tanbreez project, regarded as one of the world's largest undeveloped rare earth deposits. The renewed political attention also comes as the Pentagon works to reduce reliance on Chinese mineral supply chains before upcoming procurement deadlines.

China is the world's leading supplier of rare earth minerals, producing about 70% of global output and handling around 90% of the world's rare earth processing and refining.

Story Continues

Tanbreez Project: Why Critical Metals Is At Center Of The Greenland Trade

Critical Metals stock attracted attention because the company holds a 92.5% stake in the Tanbreez rare earth project in southern Greenland.

The company is working to build an alternative supply chain outside China by shipping minerals directly to processing facilities in North America and Europe. In June, Critical Metals began a 10,000-meter drilling program at the site to support mine planning. It also bought the Ocean Endeavour, an ice-capable vessel that can house up to 300 workers, as it prepares to advance the project toward commercial production.

On Stocktwits, retail sentiment around the stock turned to 'neutral' from 'bearish' territory the previous day.

ALOY's Importance In Processing Crtical Metals

REalloys stock also remained in focus as it plays an important role in processing rare earth minerals into materials used in defense and other advanced industries.

The company has secured a long-term agreement to purchase 15% of the first-phase output from Critical Metals' Tanbreez rare earth project in southern Greenland. On Tuesday, the U.S. Army selected REalloys to build and operate the first commercial critical minerals processing and metallization facility on a U.S. military base in Euclid, Ohio.

Meanwhile, Energy Fuels continues expanding its domestic rare earth processing capabilities, and USA Rare Earth is building an integrated U.S. magnet manufacturing supply chain.

Greenland Energy's Arctic Oil Ambitions

Greenland Energy focuses on exploring oil and gas resources in Greenland. The company holds exclusive exploration rights to about 2 million acres in the Jameson Land Basin in eastern Greenland, an area that independent studies estimate could contain up to 13 billion barrels of recoverable oil.

After going public through a SPAC merger in March, GLND partnered with Halliburton Co. (HAL) to support drilling operations planned for later this year.

What Are Retail Traders Saying

On Stocktwits, retail traders discussed upside potential for rare earth stocks after Trump's speech.

A user said , "$CRML $CRMX I'm biting at these lows… renewed Greenland talks should keep coming… due for an inevitable move higher."

Another user said , "The Greenlandic government would have to be out of its mind not to quickly grant $GLND Greenland Energy the oil exploration permit in Greenland. Trump would exploit it as proof of the need to seize Greenland without discussion."

So far this year, ALOY, CRML and USAR stocks have gained between 26% and 50%, while GLND and UUUU are down 79% and 11%, respectively.

Also See: Why Did CRNX, D, BCRX Stocks Surge To 52-Week Highs Today?

For updates and corrections, email newsroom[at]stocktwits[dot]com.

ALHC Stock Clocks Worst Day In Over 2 Years On Whistleblower Financial Manipulation Allegation

BE Stock Drops 6% After Short Seller Flags Supply Chain Snag On Chinese Overreliance; Bloom Energy Says "Will Correct Record"

TSLA Stock Slips: Tesla's AI Chief Confirms Voice Commands For FSD Under Works

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Microsoft announces quarterly earnings release date - Source

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Microsoft announces quarterly earnings release date - Source

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REDMOND, Wash. — July 8, 2026 — Microsoft Corp. will publish fiscal year 2026 fourth-quarter financial results after the close of the market on Wednesday, July 29, 2026, on the Microsoft Investor Relations website at https://www.microsoft.com/en-us/Investor/ . A live webcast of the earnings conference call will be made available at 2:30 p.m. Pacific Time.

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

For more information, press only:

Microsoft Media Relations, We. Communications , (425) 638-7777, [email protected]

For more information, financial analysts and investors only:

Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit Microsoft Source at https://news.microsoft.com/source . Web links, telephone numbers and titles were correct at time of publication but may since have changed. Shareholder and financial information is available at https://www.microsoft.com/en-us/investor .

美联储2026年6月会议纪要

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来源：Board of Governors of the Federal Reserve System发布日期：2026-07-08重要性：未评级

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6月会议维持联邦基金利率目标区间3.50%至3.75%不变。
准备金余额利率自2026-06-18起维持3.65%，一级信贷利率维持3.75%。
下一次FOMC会议安排在2026-07-28至29日；截至本次检索该会议尚未举行。

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Minutes of the Federal Open Market Committee, June 16–17, 2026

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor

Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor · 24/7 Wall St.

Michael Williams

July 8, 2026 5 min read

2330.TW

-4.04%

NVDA

-2.40%

-5.33%

-2.32%

-5.52%

Quick Read

PSI has doubled in 2026 by owning chip designers like AMD and MaxLinear rather than their manufacturer, Taiwan Semiconductor.

TSMC's ADR status bars it from PSI's US-focused index despite a $2.34 trillion market cap and a 49% gain in 2026.

Nvidia holds just a 3.91% weight in PSI, spreading AI-driven gains across memory, analog, and equipment names rather than one mega-cap.

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The Invesco Semiconductors ETF ( NYSEARCA:PSI ) has roughly doubled this year, gaining 102.37% from December 31, 2025 through July 6, 2026. The surprise: the fund carries the word "semiconductors" in its name yet holds zero shares of Taiwan Semiconductor Manufacturing ( NYSE:TSM ), the world's largest dedicated independent (pure-play) semiconductor foundry and the company that actually fabricates chips for Nvidia, AMD, and Apple.

PSI owns the chip designers, but it does not own their manufacturer.

What PSI Is

PSI is an Invesco-issued ETF listed on NYSE Arca that tracks a US-focused semiconductor index. As of the fund's April 30, 2026 NPORT filing, net assets stood at roughly $1.995 billion across 33 positions. Expense ratio and formal benchmark language are not disclosed in the most recent prospectus data available.

What is clear is the shape of the portfolio: 30 equity positions plus three short-term cash vehicles, spanning chip design, wafer fabrication equipment, memory, analog, and packaging.

Why It's Up

The fund's run tracks the AI infrastructure buildout, and its top holdings are the direct beneficiaries. The largest position is MaxLinear at 7.98% of net assets, followed by Advanced Micro Devices at 6.26%, Texas Instruments at 4.97%, Broadcom at 4.84%, and Micron Technology at 4.67%.

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The semiconductor capital equipment names round out the top tier: KLA at 4.39%, Lam Research at 3.99%, and Applied Materials at 3.94%. Nvidia sits at 3.91%, a relatively modest weight given its dominance in AI accelerators. That flat-ish weighting has been an asset in 2026, spreading gains across memory, analog, and equipment names rather than concentrating them in a single mega-cap.

Over the past year, PSI is up 158.54%. Over the past month it added 10.04%. The trailing week has been rougher, with the fund down 10.34% as the sector cooled from recent highs.

Story Continues

The TSMC Absence

Taiwan Semiconductor is not in the portfolio. The April 30, 2026 NPORT-P filing lists all 33 positions, and TSM appears in none of them. The likely reason is index construction: PSI's underlying index screens toward US-domiciled operating companies, and Taiwan-based TSMC trades in the US only as an ADR, placing it outside that universe. Israel-domiciled Tower Semiconductor and Camtek show up in the fund, so the screen is not purely US-listed, but foreign ADRs of Taiwan-based issuers appear to be excluded.

The gap matters because TSMC is the counterparty behind the fund's biggest holdings. CEO C.C. Wei has guided to over 30% full-year 2026 revenue growth, and quarterly revenue grew 35.1% year over year in the most recent report. TSM itself is up 49.42% year to date and 94.49% over the past year, with a market cap of $2.34 trillion.

What The Exclusion Means

Broader semiconductor funds that include foreign issuers do hold TSMC, often as a top-three weight. PSI's US tilt has produced a stronger 2026 return than TSM's own ADR, largely because MaxLinear, AMD, and the wafer-equipment complex have run harder than the foundry stock. It also means PSI carries more concentrated exposure to US design cyclicals and equipment makers, and less exposure to the manufacturing bottleneck that ultimately gates the whole industry. If leading-edge foundry pricing power reasserts itself, PSI will feel it only indirectly through its equipment suppliers.

Retirement-focused investors weighing PSI should look past the year-to-date headline. The fund has doubled in six months and given back double digits in a single week. Past performance does not guarantee future results, and this is not investment advice.

The Takeaway

PSI is a concentrated bet on the US semiconductor ecosystem: designers, equipment, memory, and analog. It has delivered outsized 2026 returns by owning the customers of TSMC rather than TSMC itself. Whether that trade continues depends on whether US-listed chip names can keep outrunning the foundry that supplies them.

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Contact editorial@247wallst.com for any questions or corrections.

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SEC主席关于2026年监管议程的声明

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标的：`BTC`来源：U.S. Securities and Exchange Commission发布日期：2026-07-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：496

中文摘要

SEC主席在2026监管议程声明中列出加密资产融资规则、链上代币化证券托管与交易清晰度等拟推进事项。
SEC Crypto Newsroom在本次检索中显示，最近一项列明的机构级加密解释为2026-03-17，最近一项加密主题公开发言为2026-06-02；未发现7月7日至17日新的加密解释或最终规则。

英文原文

Statement on the 2026 Regulatory Agenda

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七个OPEC+国家宣布2026年8月产量调整

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来源：OPEC发布日期：2026-07-05重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：289

中文摘要

沙特、俄罗斯、伊拉克、科威特、哈萨克斯坦、阿尔及利亚和阿曼决定自2026年8月起实施18.8万桶/日的产量调整。
公告称此前自愿调整可根据市场条件分阶段部分或全部恢复，也保留增加、暂停或逆转退出的灵活性。
七国下一次会议安排在2026-08-02。

英文原文

Organization of the Petroleum Exporting Countries

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Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced

additional voluntary adjustments in April and November 2023, namely Saudi

Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5

July 2026, to review global market conditions and outlook.

In their collective commitment to support oil market

stability, the seven participating countries decided to implement a production

adjustment of 188 thousand barrels per day from the additional voluntary

adjustments announced in April 2023. This adjustment will be implemented in August

2026 as detailed in the table below. The additional voluntary adjustments

announced in April 2023 may be returned in part or in full subject to evolving

market conditions and in a gradual manner. The countries will continue to

closely monitor and assess market conditions, and in their continuous efforts

to support market stability, they reaffirmed the importance of adopting a

cautious approach and retaining full flexibility to increase, pause or reverse

the phase out of the voluntary production adjustments, including reversing the

previously implemented voluntary adjustments announced in November 2023.

The seven OPEC+ countries also noted that this measure will

provide an opportunity for the participating countries to accelerate their

compensation. The seven countries reiterated their collective commitment to

achieve full conformity with the Declaration of Cooperation, including the

additional voluntary production adjustments that will be monitored by the Joint

Ministerial Monitoring Committee (JMMC). They also confirmed their intention to

fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to

review market conditions, conformity, and compensation. The seven countries

will meet on 2 August 2026.

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Top-Performing ETF Areas of 1H 2026

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标的：`PSI`来源：Zacks发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：891

中文摘要

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英文原文

Top-Performing ETF Areas of 1H 2026

Sanghamitra Saha

July 2, 2026 4 min read

^GSPC

-0.51%

^IXIC

-1.47%

-0.85%

BWET

-0.33%

-5.52%

U.S. stocks just capped a strong first half of 2026 and a robust second quarter as semiconductor shares powered the market rally. The strength in semiconductors provided a major boost to the broader market and reinforced investor confidence in the ongoing AI-driven growth story.

Major Indexes Deliver Strong First-Half Returns

The Dow Jones advanced 8.9% during the first six months of the year, marking its best first-half performance since 2021, when it gained 12.7%. The S&P 500 rose 9.6%, while the Nasdaq outperformed with a gain of more than 12%.

Small-cap stocks also enjoyed a standout period. The Russell 2000 jumped nearly 22%, recording its strongest first-half performance since 1991, as quoted on CNBC.

Volatile Start Gives Way to a Strong Recovery

The first half of the year was marked by significant volatility. Markets reached record highs despite sharp fluctuations in energy prices caused by the Iran conflict and ongoing concerns about whether AI-related spending could remain sustainable.

Inside the Iran War

Following large-scale U.S.-Israel strikes on Iranian military infrastructure in February 2026, the United States and Iran engaged in months of warfare. The conflict severely disrupted global oil routes when Iran moved to block the Strait of Hormuz.

However, by mid-2026, the two nations signaled a ceasefire, bringing active hostilities to a halt and moving toward an extended period of Pakistan-mediated negotiations.

AI Bubble Concerns Doing Rounds

The AI trade has been a winning market theme, but the gains have been relatively narrow, increasing portfolio concentration risk and leaving investors more exposed to drawdowns and volatility in the technology sector.

As per a CNBC article, in June, approximately $2.3 trillion was wiped off the combined market value of the Mag 7 as investors grew increasingly concerned about the sustainability of massive AI infrastructure spending and whether the expected returns would justify the significant capital outlays.

Upbeat Earnings: Key Positive of 1H 2026

Solid corporate earnings remained the key market driver. Total S&P 500 earnings are expected to increase by 23.7% in the June quarter of 2026 from the same period last year, with revenues expected to rise 11.4% year over year.

Note that investor sentiment improved considerably during the second quarter as worries surrounding the AI trade subsided and geopolitical tensions appeared to be moving toward resolution.

The S&P 500 and Nasdaq gained 14.9% and 21.4%, respectively, in Q2, delivering their strongest quarterly performances since the second quarter of 2020. The Dow climbed 12.9%, its best quarter since the final three months of 2022, as quoted on the same CNBC article.

Story Continues

Fed Stays Put, Hints at Hawkish Path Ahead

The Federal Reserve left interest rates unchanged in June for the fourth straight policy meeting, keeping the benchmark federal funds rate in the 3.50%-3.75% range. This meeting was also the first under the new Fed Chair Kevin Warsh.

While the Fed kept rates on hold, its latest projections suggest that policymakers are leaning toward keeping borrowing costs higher for longer. Several officials signaled rate hikes later this year, as quoted on Yahoo Finance.

Alphabet Joins Dow Jones

Alphabet GOOGL officially entered the Dow Jones Industrial Average, earning one of Wall Street's most recognizable blue-chip distinctions in June-end.The addition marks a major milestone for the Dow Jones index, shifting its focus away from traditional telecommunications toward artificial intelligence and other key tech areas (read: Alphabet Joins Dow Jones: ETF Likely to Benefit).

Winning ETF Areas in Focus

Against this backdrop, below we highlight a few winning ETF areas of this year.

Shipping

Breakwave Tanker Shipping ETF BWET – Up 670.2% YTD

The Middle East conflict and the closure of the Strait of Hormuz have disrupted key shipping routes, driving a sharp surge in freight rates. This has strengthened the investment case for BWET.

Semiconductor

Invesco Semiconductors ETF PSI – Up 121.2%

The rise of AI, cloud computing, big data, data centers, the Internet of Things, 5G expansion, smartphone upgrades, and new gadgets has been fueling demand for chips and other semiconductor products.

South Korea

iShares MSCI South Korea ETF EWY – Up 90.8%

South Korean stocks have seen an unprecedented rally in 2026. Driven by the global artificial intelligence boom and heavy international demand for memory chips, the tech-heavy EWY has rallied.

Utilities

Tortoise AI Infrastructure ETF TCAI – Up 77.7%

In 2026, the AI infrastructure market has grown far beyond foundational chipmakers to encompass memory, networking, power management, and physical data center construction.

Gasoline

United States Gasoline Fund LP UGA – Up 68.8%

The fund's price surged in 2026 due to supply shocks linked to Middle East hostilities, particularly the U.S.-Iran conflict in late winter, which sent wholesale gasoline futures sharply higher. This was further augmented by the start of the summer driving season.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Invesco Semiconductors ETF (PSI): ETF Research Reports

Alphabet Inc. (GOOGL) : Free Stock Analysis Report

iShares MSCI South Korea ETF (EWY): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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crcl-20260629

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来源：web-enrichment:8-K发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：712

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

crcl-20260629

0001876042 false 0001876042 2026-06-29 2026-06-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 29, 2026

CIRCLE INTERNET GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-42671 99-2840274

(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number)

One World Trade Center New York , NY 10007

( 332 ) 334-0660

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Class A common stock, par value $0.0001 per share CRCL New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

_______________________________________________________________________________________________________________

Item 8.01. Other Events

On June 29, 2026 and June 30, 2026, Circle Internet Group, Inc. (the “Company”) entered into token purchase agreements (each, a “Token Purchase Agreement”) with certain institutional investors (collectively, the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors an aggregate of 67.5 million additional ARC tokens (the “ARC Tokens”) in the second closing (the “Second Closing”) of the presale of the native coordination asset of the Company’s Arc blockchain network previously disclosed in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 11, 2026. The offer and sale of the ARC Tokens pursuant to the Token Purchase Agreements was conducted as a private placement exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Rule 506(c) of Regulation D promulgated thereunder.

Pursuant to the terms of each Token Purchase Agreement, each Investor has agreed to a lock-up restriction prohibiting the direct or indirect sale, transfer, assignment or other disposition of any ARC Tokens acquired in the private placement for a period of no less than one (1) year following the date on which the Arc network transitions to a Proof-of-Stake or delegated Proof-of-Stake consensus mechanism (such date, the “Transition Date”), with additional restrictions on transfer that may apply until the date that is four (4) years following the Transition Date.

The ARC Tokens were offered and sold at a purchase price of $0.30 per ARC Token, implying a fully diluted network valuation of $3 billion and resulting in estimated aggregate gross proceeds to the Company from the Second Closing of approximately $20.25 million. The Token Purchase Agreements and related agreements provide for repayment rights in specified circumstances, including if the ARC Tokens are not delivered or if the Arc network has not completed the transition to a Proof-of-Stake or a delegated Proof-of-Stake consensus mechanism on or before May 8, 2028, or if certain purchaser-specific legal, regulatory or compliance-related conditions are not satisfied.

Exhibit No. Description

104 Cover Page Interactive Data File (embedded with the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CIRCLE INTERNET GROUP, INC.

Date: July 2, 2026 By: /s/ Sarah K. Wilson

Name: Sarah K. Wilson

Title: General Counsel and Corporate Secretary

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Factors Affecting Reserve Balances — H.4.1, July 2, 2026

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来源：Board of Governors of the Federal Reserve System发布日期：2026-07-02重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：4414

中文摘要

截至2026-07-01，美联储H.4.1列示存款机构其他存款3.077019万亿美元、美国财政部一般账户8073.59亿美元、逆回购协议3384.38亿美元。
该周美国财政部一般账户较前一周减少944.86亿美元，存款机构其他存款增加1225.54亿美元。

英文原文

Board of Governors of the Federal Reserve System

An official website of the United States Government

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Data

Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

Current Release

Release Dates

About

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During the week of November 9, the “Build Your Package” feature in the Data Download Program (DDP) will be removed in preparation for the eventual retirement of the DDP . Users can access data and expanded download options through the Federal Reserve Bank of St. Louis's

Federal Reserve Economic Data (FRED) . Learn more about the

DDP and FRED partnership .

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Current Release

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Release Date:

July 16, 2026

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Averages of daily figures

Wednesday

Jul 15, 2026

Week ended

Jul 15, 2026

Change from week ended

Jul 8, 2026

Jul 16, 2025

Reserve Bank credit

6,696,163

+ 10,624

+ 81,583

6,696,094

Securities held outright 1

6,459,526

+ 9,082

+ 110,625

6,460,625

U.S. Treasury securities

4,508,790

+ 9,091

+ 300,712

4,509,941

Bills 2

504,938

+ 8,534

+ 309,445

505,886

Notes and bonds, nominal 2

3,613,568

+ 1,767

+ 25,860

3,624,172

Notes and bonds, inflation-indexed 2

281,365

1,269

32,371

273,755

Inflation compensation 3

108,919

+ 58

2,222

106,129

Federal agency debt securities 2

2,347

Mortgage-backed securities 4

1,948,389

190,087

1,948,337

Unamortized premiums on securities held outright 5

213,685

22,367

213,569

Unamortized discounts on securities held outright 5

-25,811

1,998

-25,834

Repurchase agreements 6

+ 28

+ 26

102

Foreign official

Others

+ 28

+ 26

102

Loans

5,653

1,007

1,794

4,813

Primary credit

5,595

1,012

4,755

Secondary credit

Seasonal credit

+ 6

Paycheck Protection Program Liquidity Facility

1,421

Other credit extensions

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 7

628

4,378

628

Float

-253

+ 21

+ 111

-313

Central bank liquidity swaps 8

135

+ 72

135

Other Federal Reserve assets 9

42,572

+ 2,877

+ 1,287

42,368

Foreign currency denominated assets 10

18,967

+ 2

18,965

Gold stock

11,041

Special drawing rights certificate account

15,200

Treasury currency outstanding 11

53,270

+ 14

+ 698

53,270

Total factors supplying reserve funds

6,794,641

+ 10,641

+ 81,749

6,794,569

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Averages of daily figures

Wednesday

Jul 15, 2026

Week ended

Jul 15, 2026

Change from week ended

Jul 8, 2026

Jul 16, 2025

Currency in circulation 11

2,472,464

2,389

+ 72,239

2,471,831

Reverse repurchase agreements 12

348,302

218,581

354,079

Foreign official and international accounts

347,069

+ 1,015

28,178

353,928

Others

1,233

1,517

190,403

151

Treasury cash holdings

332

324

Deposits with F.R. Banks, other than reserve balances

1,011,170

28,657

+ 482,747

1,047,338

Term deposits held by depository institutions

U.S. Treasury, General Account

756,218

17,844

+ 459,971

795,976

Foreign official

9,741

+ 296

+ 305

9,483

Other 13

245,211

11,110

+ 22,472

241,879

Treasury contributions to credit facilities 14

2,029

Other liabilities and capital 15

-180,348

1,609

+ 3,578

-179,452

Total factors, other than reserve balances,

absorbing reserve funds

3,651,920

33,169

+ 337,850

3,694,121

Reserve balances with Federal Reserve Banks

3,142,721

+ 43,810

256,101

3,100,448

Note: Components may not sum to totals because of rounding.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Face value of the securities.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

Cash value of agreements.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday

Jul 15, 2026

Week ended

Jul 15, 2026

Change from week ended

Jul 8, 2026

Jul 16, 2025

Securities held in custody for foreign official and international accounts

2,873,536

28,679

357,158

2,880,500

Marketable U.S. Treasury securities 1

2,590,404

28,755

296,755

2,597,917

Federal agency debt and mortgage-backed securities 2

207,791

+ 50

51,866

207,814

Other securities 3

75,340

+ 24

8,538

74,769

Securities lent to dealers

37,110

6,805

1,404

36,620

Overnight facility 4

37,110

6,805

1,404

36,620

U.S. Treasury securities

37,110

6,805

1,404

36,620

Federal agency debt securities

Note: Components may not sum to totals because of rounding.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

Face value. Fully collateralized by U.S. Treasury securities.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 15, 2026

Millions of dollars

Remaining Maturity

Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 1

2,081

2,732

...

4,813

U.S. Treasury securities 2

Holdings

79,092

387,252

514,583

1,429,248

484,048

1,615,718

4,509,941

Weekly changes

9,909

+ 7,723

+ 16,336

2,857

6,594

+ 2,493

+ 7,192

Federal agency debt securities 3

Holdings

2,134

213

2,347

Weekly changes

Mortgage-backed securities 4

Holdings

5,395

103,845

1,839,018

1,948,337

Weekly changes

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program) 5

487

...

624

Repurchase agreements 6

102

...

102

Central bank liquidity swaps 7

135

Reverse repurchase agreements 6

354,079

...

354,079

Term deposits

...

Note: Components may not sum to totals because of rounding.

...Not applicable.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

Face value.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

Cash value of agreements.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Jul 15, 2026

Mortgage-backed securities held outright 1

1,948,337

Residential mortgage-backed securities

1,940,803

Commercial mortgage-backed securities

7,534

Commitments to buy mortgage-backed securities 2

Commitments to sell mortgage-backed securities 2

Cash and cash equivalents 3

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Jul 15, 2026

Net portfolio holdings of

Credit Facilities LLC

Outstanding

principal

Outstanding

amount

amount of

Treasury

of loan

facility

contributions

extended to

asset

and

the LLC 1

purchases 2

other assets 3

Total

MS Facilities 2020 LLC (Main Street Lending Program)

590

628

Note: Components may not sum to totals because of rounding.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of March 31, 2026.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday

Jul 15, 2026

Change since

Wednesday

Jul 8, 2026

Jul 16, 2025

Assets

Gold certificate account

11,037

Special drawing rights certificate account

15,200

Coin

1,370

+ 2

Securities, unamortized premiums and discounts, repurchase agreements, and loans

6,653,276

+ 5,783

+ 87,188

Securities held outright 1

6,460,625

+ 7,131

+ 113,329

U.S. Treasury securities

4,509,941

+ 7,192

+ 303,418

Bills 2

505,886

+ 6,637

+ 310,393

Notes and bonds, nominal 2

3,624,172

+ 12,371

+ 30,321

Notes and bonds, inflation-indexed 2

273,755

8,879

34,242

Inflation compensation 3

106,129

2,937

3,053

Federal agency debt securities 2

2,347

Mortgage-backed securities 4

1,948,337

190,089

Unamortized premiums on securities held outright 5

213,569

22,334

Unamortized discounts on securities held outright 5

-25,834

2,017

Repurchase agreements 6

102

+ 102

Loans 7

4,813

1,009

1,892

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program) 8

628

3,920

Items in process of collection

(0)

Bank premises

667

+ 12

+ 103

Central bank liquidity swaps 9

135

+ 72

Foreign currency denominated assets 10

18,965

+ 72

Other assets 11

41,707

+ 1,589

+ 879

Total assets

(0)

6,743,028

+ 7,419

+ 83,755

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday

Jul 15, 2026

Change since

Wednesday

Jul 8, 2026

Jul 16, 2025

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

2,420,252

2,756

+ 71,743

Reverse repurchase agreements 12

354,079

+ 5,604

220,606

Deposits

(0)

4,147,792

+ 6,109

+ 230,836

Term deposits held by depository institutions

Other deposits held by depository institutions

3,100,454

36,923

274,582

U.S. Treasury, General Account

795,976

+ 46,732

+ 483,891

Foreign official

9,483

+ 36

+ 48

Other 13

(0)

241,879

3,737

+ 21,479

Deferred availability cash items

(0)

356

Treasury contributions to credit facilities 14

2,029

Other liabilities and accrued dividends 15

-227,161

1,498

+ 1,681

Total liabilities

(0)

6,695,319

+ 7,415

+ 81,603

Capital accounts

Capital paid in

40,924

+ 4

+ 2,152

Surplus

6,785

Other capital accounts

Total capital

47,709

+ 4

+ 2,152

Note: Components may not sum to totals because of rounding.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Face value of the securities.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 15, 2026

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

Gold certificates and special drawing rights certificates

26,237

891

8,007

818

1,240

1,901

3,698

1,737

791

452

758

2,291

3,653

Coin

1,370

170

186

107

239

105

114

208

Securities, unamortized premiums and discounts, repurchase agreements,

and loans 1

6,653,276

166,715

3,379,137

132,310

256,822

548,488

466,220

417,108

110,067

57,184

82,883

326,484

709,860

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program) 2

628

Central bank liquidity swaps 3

135

Foreign currency denominated

assets 4

18,965

791

6,110

625

1,928

4,159

676

1,037

475

112

250

538

2,264

Other assets 5

42,417

1,091

19,278

913

1,662

3,847

4,056

2,549

886

538

882

2,145

4,570

Interdistrict settlement account

+ 11,682

+ 64,357

13,628

14,175

33,306

32,284

+ 2,640

6,441

+ 1,632

+ 6,122

4,527

+ 17,927

Total assets

6,743,028

181,846

3,476,996

121,214

247,535

525,305

442,478

425,317

105,813

59,979

91,000

327,049

738,498

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 15, 2026 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

Federal Reserve notes, net

2,420,252

84,271

746,283

64,377

119,462

171,990

347,258

126,989

77,996

40,811

54,269

221,214

365,333

Reverse repurchase agreements 6

354,079

8,849

179,928

7,039

13,673

29,200

24,826

22,192

5,852

3,042

4,411

17,357

37,710

Deposits

4,147,792

91,277

2,668,905

51,742

118,407

353,724

67,582

295,950

20,458

15,984

32,893

86,893

343,976

Depository institutions

3,100,454

91,260

1,792,867

51,740

118,373

352,834

67,569

125,809

20,455

15,928

32,866

86,807

343,945

U.S. Treasury, General Account

795,976

Foreign official

9,483

9,456

Other 7

241,879

70,606

881

170,139

Earnings remittances due to the U.S. Treasury 8

-234,254

-5,403

-135,791

-3,707

-9,807

-40,555

199

-22,921

-344

-1,402

103

-14,666

Treasury contributions to credit facilities 9

Other liabilities and accrued

dividends

7,450

914

2,299

198

293

876

760

523

269

200

204

304

610

Total liabilities

6,695,319

179,909

3,461,624

119,649

242,027

515,235

440,625

422,733

104,614

59,694

90,375

325,870

732,963

Capital

Capital paid in

40,924

1,653

13,186

1,340

4,818

8,582

1,610

2,213

1,029

245

536

986

4,725

Surplus

6,785

283

2,185

224

690

1,488

242

371

170

193

810

Other capital

Total liabilities and capital

6,743,028

181,846

3,476,996

121,214

247,535

525,305

442,478

425,317

105,813

59,979

91,000

327,049

738,498

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 15, 2026 (continued)

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

Revalued daily at current foreign currency exchange rates.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Jul 15, 2026

Federal Reserve notes outstanding

2,826,765

Less: Notes held by F.R. Banks not subject to collateralization

406,513

Federal Reserve notes to be collateralized

2,420,252

Collateral held against Federal Reserve notes

2,420,252

Gold certificate account

11,037

Special drawing rights certificate account

15,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2

2,394,015

Other assets pledged

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2

6,460,727

Less: Face value of securities under reverse repurchase agreements

404,993

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

6,055,734

Note: Components may not sum to totals because of rounding.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Last Update: July 16, 2026

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Best Performing ETFs of 2026

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Best Performing ETFs of 2026

Sumit Roy

July 2, 2026 6 min read

-0.53%

-1.64%

With one half of 2026 in the books, the year is shaping up to be another good one for stocks.

Through the first six months, the Vanguard S&P 500 ETF (VOO) gained 10.2%, while the Invesco QQQ Trust (QQQ) doubled that with a 20.2% return.

As usual, though, plenty of ETFs did far better than that, and that's what we'll look at here.

A pair of funds ran up more than 900% on the year, and it took a gain north of 535% just to crack the overall top 10. The top of the board is dominated by leveraged products, with only a single nonleveraged fund making the cut.

But even if you strip the leveraged funds out, the bar is still high. A fund needed a roughly a 100% gain to land in the nonleveraged top 10.

Below we'll take a look at both sides, the nonleveraged winners and the leveraged ones.

A Tanker Fund Leads the Way

On the nonleveraged side, the Breakwave Tanker Shipping ETF (BWET) sits on top with a 684% gain. I've written about this fund a few times this year. BWET holds crude oil tanker freight futures, contracts tied to the rate for hauling oil by sea, with most of the portfolio tracking very large crude carriers traveling from the Persian Gulf to Asia.

When the Strait of Hormuz effectively closed earlier this year and tankers were pushed onto longer routes, freight rates went vertical and BWET went with them.

Oil prices themselves have since come back down as the strait reopened, but tanker futures have held up far better, because the crossing is still fragile, the backlog of stranded ships is only slowly clearing, and war risk premiums remain elevated.

It's worth remembering that BWET is a trading vehicle rather than a buy-and-hold investment, as freight rates have historically been mean reverting.

Then It's Semiconductors, All the Way Down

Outside of BWET, every other fund in the nonleveraged top 10 traces back to the AI infrastructure and semiconductor boom. That includes the Invesco Semiconductors ETF (PSI) , up 138%, and the VistaShares Artificial Intelligence Supercycle ETF (AIS) , up 124%.

I've written about AIS before. What makes it stand out is that it's an AI fund beating most of the straight semiconductor ETFs while holding a broader basket than chips alone (though it still leans heavily on semiconductor names).

The well-known iShares Semiconductor ETF (SOXX) also made the list at 113%, as did the iShares MSCI South Korea ETF (EWY) at 106%. EWY's gain came courtesy of its outsized weightings in SK Hynix and Samsung, two of the biggest winners from the super spike in memory prices.

Investors leaned on EWY as a memory proxy for a good stretch this year, until the Roundhill Memory ETF (DRAM) launched and stole its thunder. Incidentally, DRAM returned 166% from its April 2 launch through June 30, but it's not included on our list since it wasn't trading at the start of the year.

Story Continues

Outside the Top 10

The pattern continues past the top 10: Semiconductor ETFs keep turning up well down the list, alongside broader AI funds that are themselves stuffed with chip names, plus the occasional Korea or Taiwan fund that's essentially a de facto semiconductor play.

You have to go all the way to number 17 to hit something a little different: the ProShares Nanotechnology ETF (TINY) .

TINY tracks the Solactive Nanotechnology Index, but—surprise—its top holdings include a number of semiconductor equipment stocks, names like Applied Materials, Lam Research, and ASML.

A few other names further down are worth calling out. The Nomura Focused Emerging Markets Equity ETF (EMEQ) gained 77%, roughly three times the return of the broader iShares Core MSCI Emerging Markets ETF (IEMG) .

But once again, the performance is being powered by semiconductors. EMEQ holds about a third of its portfolio in TSMC, SK Hynix, and Samsung.

Other ETFs worth mentioning: the KraneShares SSE STAR Market 50 Index ETF (KSTR) , up 72%; the iShares MSCI Taiwan ETF (EWT) , up 71%; the State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) , up 71%; the Global X Hydrogen ETF (HYDR) , up 67%; and the United States Gasoline Fund (UGA) , up 66%.

The Full List

Just as the nonleveraged list of best performing ETFs is dominated by AI stocks, so too is the all-encompassing list.

The overall top 10 is almost entirely 2x long bets on single AI stocks. The Direxion Daily MU Bull 2X Shares (MUU) leads at 959%, followed by the Direxion Daily INTC Bull 2X Shares (LINT) at 842% and the GraniteShares 2x Long DELL Daily ETF (DLLL) at 772%, and on down the line.

Impressively, BWET managed to break into this list too with its 684%, the lone nonleveraged fund keeping pace with a field of geared single-stock products.

The only other fund in the top 10 that isn't a single-stock bet is the Direxion Daily Semiconductor Bull 3X Shares (SOXL) , up 537%. It tracks an index rather than one stock, but its triple leverage, grandfathered in from an earlier regulatory era, let it hang with the 2x single-stock crowd.

For the full list of the top-performing ETFs of the first half of 2026, see the tables below.

Best Performing ETFs of 2026 (excluding leverage/single stock ETFs)

Name

Ticker

YTD Return

Breakwave Tanker Shipping ETF

BWET

683.84%

Invesco Semiconductors ETF

PSI

138.09%

VistaShares Artificial Intelligence Supercycle ETF

AIS

124.37%

First Trust Nasdaq Semiconductor ETF

FTXL

120.38%

Xtrackers Semiconductor Select Equity ETF

CHPS

118.74%

iShares Semiconductor ETF

SOXX

113.00%

iShares MSCI South Korea ETF

EWY

105.80%

YieldMax Target 12 Semiconductor Option Income ETF

SOXY

101.84%

Invesco PHLX Semiconductor ETF

SOXQ

101.45%

Franklin FTSE South Korea ETF

FLKR

101.26%

YieldMax Semiconductor Portfolio Option Income ETF

CHPY

95.36%

Global X AI Semiconductor & Quantum ETF

CHPX

94.58%

State Street SPDR S&P Semiconductor ETF

XSD

94.11%

Tortoise AI Infrastructure ETF

TCAI

88.98%

Matthews Korea Active ETF

MKOR

87.31%

VanEck Semiconductor ETF

SMH

82.30%

ProShares Nanotechnology ETF

TINY

80.27%

Invesco Exchange-Traded Fund Trust Invesco Dorsey Wright Technology Momentum ETF

PTF

78.53%

State Street Galaxy Transformative Tech Accelerators ETF

TEKX

78.51%

Strive US Semiconductor ETF

SHOC

78.25%

Best Performing ETFs of 2026 (all U.S.-listed ETFs)

Name

Ticker

YTD Return (NAV)

Direxion Daily MU Bull 2X ETF

MUU

959.13%

GraniteShares 2x Long MU Daily ETF

MULL

927.48%

Direxion Daily Intc Bull 2X ETF

LINT

842.84%

GraniteShares 2x Long INTC Daily ETF

INTW

840.82%

GraniteShares 2x Long DELL Daily ETF

DLLL

771.63%

GraniteShares 2x Long MRVL Daily ETF

MVLL

701.19%

Breakwave Tanker Shipping ETF

BWET

683.84%

Leverage Shares 2X Long ARM Daily ETF

ARMG

593.29%

Direxion Daily Semiconductor Bull 3X ETF

SOXL

536.58%

Tradr 2X Long BE Daily ETF

BEX

535.25%

GraniteShares 2x Long NBIS Daily ETF

NBIL

531.70%

Tradr 2X Long NBIS Daily ETF

NEBX

524.46%

Leverage Shares 2X Long BE Daily ETF

BEG

518.96%

Leverage Shares 2X Long NBIS Daily ETF

NBIG

516.86%

Direxion Daily AMD Bull 2X ETF

AMUU

435.95%

Graniteshares 2x Long AMD Daily ETF

AMDL

432.43%

Leverage Shares 2X Long AMD Daily ETF

AMDG

429.37%

Tradr 2X Long LRCX Daily ETF

LRCU

396.41%

Tradr 2X Long ALAB Daily ETF

LABX

382.11%

Leverage Shares 2X Long KLAC Daily ETF

KLAG

368.94%

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SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing

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标的：`SOXL`来源：24/7 Wall St.发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：732

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SOXL’s 16% Daily Collapse Exposes the Real Cost: $7.9 Billion in Hidden Swap Financing

Michael Williams

July 2, 2026 4 min read

SOXL

-13.94%

-3.70%

SOXX

-4.46%

Quick Read

SOXL dropped 16% in one session while its index fell just 6%, and embedded swap financing costs quietly erode NAV every trading day.

SOXX and SMH track the same semiconductor basket without daily resets or swap financing, charging just 0.34% annually with no volatility decay.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

On July 1, 2026, holders of Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) watched the fund drop 16.38% in a single session, from $266.71 to $223.01. The underlying semiconductor basket, tracked by the iShares Semiconductor ETF, fell 5.68% the same day. That gap, roughly triple the index move, is the product you bought: a daily 3x leveraged bet on semis.

24/7 Wall St.

What You're Actually Paying

SOXL is a daily 3x leveraged fund. The fund runs a derivatives book with $7.9 billion in notional swap and futures exposure, roughly 46.6% of net assets, to deliver that daily multiple on roughly $16.95 billion in net assets. Those swaps are not free. Counterparties charge financing spreads over short rates, and those costs come out of your NAV every day, whether the fund rises or falls.

The management fee itself is not disclosed in the most recent NPORT filing, but the swap financing embedded in the structure is the larger cost. By contrast, iShares Semiconductor ETF ( NASDAQ:SOXX ), which tracks the same index unlevered, carries a net expense ratio of 0.34%, or about $34 per year per $10,000 invested. SOXL holders pay that fee equivalent several times over once financing on the swap book is included.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

The Part the Factsheet Doesn't Highlight

Leverage decay is the real hidden tax. A 3x daily reset fund does not deliver 3x the index return over any period longer than one day. It compounds daily, which means volatility eats returns even when the index finishes flat. The VIX averaged 18.09 over the past 12 months and spiked to 31.05 on March 27, 2026, with sustained readings in the 25 to 31 range from March 6 through the end of the month. Every one of those choppy days quietly compounded losses that never show up on a fee line.

You can see the drag in the long numbers. Over ten years, SOXL returned 16,172.67% and SOXX returned 2,182.74%. Triple the unlevered return would be far higher than what SOXL actually delivered. Over five years, SOXL gained 545.48% against SOXX at 346.78%. That is less than 2x the index over a period when SOXL charged you 3x the risk.

Story Continues

There is a concentration cost too. The top ten holdings, names like AMD at 4.56%, Broadcom at 4.51%, Micron at 4.33%, and NVIDIA at 3.89%, overlap almost perfectly with SOXX. You are renting the same basket as SOXX, with a financing bill attached.

The Cheaper Mirror

SOXX gives you the same semiconductor index at 0.34%, with no daily reset, no swap financing, and no volatility decay. VanEck Semiconductor ETF ( NASDAQ:SMH ) is another unlevered option with similar exposure at a low fee. The trade-off is obvious: you give up the 3x upside in a straight-line rally like the 534.57% YTD 2026 run in SOXL versus 113% in SOXX. You also give up the 16% single-day drops that reset your compounding base.

What This Means for You

Reddit's r/investing has been circulating a thread titled "What is your worst investing mistake? I've made one" where SOXL comes up as a cautionary example, drawing nearly 400 upvotes and over 470 comments by June 22, 2026. SOXL can clearly rally. The question worth asking is whether you understand that the fund is engineered for a single trading day, and whether the swap financing, daily reset, and volatility drag are costs you consciously chose to pay.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .

Contact editorial@247wallst.com for any questions or corrections.

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Applied Digital Delivers Second Building at Polaris Forge 1

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标的：`APLD`来源：Applied Digital Corporation发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1207

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Applied Digital Delivers Second Building at Polaris Forge 1

July 01, 2026 1:00pm EDT

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On-time delivery of Building 2 Phase 1 reinforces Applied Digital’s repeatable model for turning power into operational AI capacity

DALLAS, July 01, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity to its customer on schedule and bringing total live capacity at the campus to 175 MW.

The delivery marks the next major milestone in the continued buildout of Polaris Forge 1, Applied Digital’s fully leased AI Factory Campus designed to support high-density artificial intelligence and high-performance computing workloads. At full build out, Polaris Forge 1 is contracted to deliver 400 MW of critical IT load under long-term lease agreements.

“Delivering this phase on time underscores the strength of our execution model,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Polaris Forge 1 continues to demonstrate the depth of our team and the discipline it takes to bring critical AI infrastructure capacity online for our customers. Achieving this milestone required intense coordination across the field, construction, engineering, operations, procurement, development, and corporate teams, and I’m proud of the entire Applied Digital organization for delivering as planned. With 175 MW now live at the campus, Polaris Forge 1 demonstrates the repeatable model we are scaling across our AI Factory footprint.”

This latest achievement follows Applied Digital’s on-time completion of the first 100 MW building at Polaris Forge 1 and further demonstrates the Company’s ability to bring critical IT capacity online in alignment with customer deployment timelines. With 175 MW now live, Polaris Forge 1 continues to demonstrate Applied Digital’s ability to execute across multiple phases of a large-scale AI infrastructure deployment.

Applied Digital’s execution approach is built around what the Company refers to as its AI Factory franchise model: a repeatable framework that replicates a core team of design, construction, and operations professionals across each campus, supported by centralized expertise and dedicated site-level execution teams.

“Polaris Forge 1 continues to validate the repeatable model we are building across our AI Factory platform,” Cummins continued. “We are not just securing power; we are turning it into live, operational AI capacity. That is the hard part, and it is where Applied Digital continues to differentiate itself.”

As demand for large-scale AI infrastructure continues to grow, customers are placing increasing importance on execution certainty and speed to market. Applied Digital’s on-time delivery of another major phase at Polaris Forge 1 reinforces the Company’s ability to bring complex infrastructure online in alignment with customer timelines.

Polaris Forge 1 is located in Ellendale, North Dakota, where Applied Digital has operated since 2021 and built long-standing relationships with local leaders, partners, and community stakeholders. As the campus continues to expand, the Company remains focused on responsible development, local partnership, and creating long-term value in the communities where it builds.

About Applied Digital

Applied Digital (Nasdaq: APLD), named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , on the company’s website ( www.applieddigital.com ) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.

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JSA (Jaymie Scotto & Associates)

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Gateway Group, Inc.

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APLD@gateway-grp.com

Source: Applied Digital Corporation

Released July 1, 2026

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Kurv Launches the KMEM ETF: The Purest Play on Memory Production

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标的：`KMEM`来源：Business Wire发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：729

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Kurv Launches the KMEM ETF: The Purest Play on Memory Production

This is a paid press release. Contact the press release distributor directly with any inquiries.

Kurv Launches the KMEM ETF: The Purest Play on Memory Production

KMEM: Top 3 Holdings with Look-Through

Business Wire

July 1, 2026 3 min read

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New fund provides a more focused and selective approach to gaining exposure to the supply/demand imbalance inherent in the ongoing AI build-out.

SAN FRANCISCO, July 01, 2026 --( BUSINESS WIRE )--Kurv Investment Management, an asset manager bringing an institutional approach to active ETFs, today announced the launch of the Kurv Memory Select ETF (CBOE BZX: KMEM ).

KMEM is designed to offer investors targeted exposure to the companies dominating memory chip production, including the current "Big Three" memory manufacturers - SK hynix, Samsung, and Micron Technology - as well as additional companies playing a major role in this space.

"AI infrastructure is only as powerful as the memory behind it and as demand for faster processing and larger models accelerates, memory chips are becoming the backbone of the AI economy," said Howard Chan, Founder and Chief Executive Officer of Kurv Investment Management. "At the same time, that demand is outpacing the supply, creating a supply/demand imbalance that could present an interesting opportunity for investors looking at the AI and AI-adjacent components of their equity portfolios."

"Names that are merely ancillary to this theme could in fact become hindrances to performance as the current leaders consolidate their positions and upstarts work to obtain market share," added Chan. "That makes it essential to have a pure play strategy when looking at memory. This is exactly what we've designed with KMEM and why we are so excited to be bringing this fund to market at this pivotal time."

"Despite the recent run up in price, we believe the bottleneck in the sector will continue for at least the next 3-4 years," said Chan. "KMEM tends to focus on names like SK hynix, where valuation is still cheaper compared to its competitors."

KMEM is actively managed and seeks to provide highly targeted exposure to domestic and international companies that design, manufacture and distribute a range of different memory chips, including Dynamic Random Access Memory (DRAM), Static Random Access Memory (SRAM), Random Access Memory (RAM), Flash Memory and other emerging memory types.

"The ongoing AI build-out stalls if the production of memory chips, and further innovation in memory, doesn't keep pace," continued Chan. "Forget the 'picks and shovels' of the AI trade, these are the mines themselves from which all of the advancements inherent in AI are waiting to be extracted."

For more information about KMEM, visit https://www.kurvinvest.com/etf/kmem#Exposure

Story Continues

About Kurv Investment Management

Kurv Investment Management is a tax-aware, option-based investment manager founded by a team of highly experienced professionals from industry-leading firms. Kurv Investment Management removes costly and complicated barriers to entry and streamlines management and reporting to serve its mission to provide access to high-caliber portfolio tools and investment options previously reserved for only the largest institutional investors.

Important Information:

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-833-955-KURV (5878) or visit KurvInvest.com . Read the prospectus carefully before investing.

Investing in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. The Fund is new with a limited operating history.

Fund Objective: The fund seeks to maximize total return.

Fund Risks: The Fund seeks to primarily invest under normal circumstances in companies, domestic or foreign, that design, manufacture, and distribute memory chips (memory chip activities) ("Memory Companies"). Memory chips are semiconductor devices designed for the temporary or permanent storage and retrieval of data in computer systems.

The Kurv Memory Select ETF is distributed by Foreside Fund Services LLC, Member FINRA/SIPC. Foreside Fund Services LLC is not affiliated with Kurv Investment Management.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260701217846/en/

Contacts

Media Contact:

Chris Sullivan

Craft & Capital

chris@craftandcapital.com

Client Solutions Contact:

clientsolutions@kurvinvest.com

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

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标的：`FTXL`来源：Zacks发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1034

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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally

Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally · Zacks

Aparajita Dutta

July 1, 2026 5 min read

-5.65%

-5.33%

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-5.84%

FTXL

-4.80%

SHOC

-3.94%

Micron Technology MU delivered a historic rally in the second quarter of 2026, with its shares surging over 240% and adding approximately $920 billion to its market capitalization. As the broader semiconductor industry is experiencing an absolute renaissance, ignited by the global artificial intelligence (AI) boom, other chip giants, particularly Advanced Micro Devices AMD and Intel INTC, also contributed significantly to the industry's rally.

Micron's extraordinary performance was complemented by Intel's 216% jump, which added $480 billion to its market cap, while AMD's shares climbed 186% to add $615 billion in market value. Together, this rally contributed to a combined $2 trillion increase in market value for these three chipmakers alone (as cited in CNBC).

While such gains might tempt investors to add individual names like Micron or AMD to their portfolios, those concerned about chasing stocks at all-time highs may find a more balanced approach through semiconductor exchange-traded funds (ETFs) that hold these chip giants in their top positions, allowing them to benefit from the broader industry rally.

But before adding one or all of these ETFs to their portfolio, prudent investors may want to investigate the factors that drove this unprecedented growth, particularly Micron's, and understand why semiconductor ETFs offer a compelling strategy to capture the industry's potential.

Catalysts Behind Micron's Historic Q2 Surge

Micron's exceptional performance was driven by skyrocketing memory prices fueled by insatiable chip demand coming from accelerating AI infrastructure build-out worldwide. This helped this chipmaker top a $1 trillion market value for the first time in late May 2026, as its shares popped 19% in a single trading session.

MU's memory rally is further highlighted by its latest reported quarterly results, where its revenues more than quadrupled year over year. This upside in its top line was primarily driven by robust AI-led memory demand, with its data center revenues exceeding $25 billion, reflecting an annualized run rate of more than $100 billion.

Its gross margins jumped dramatically from 39% to an eye-popping 84.9%, thanks to higher pricing. Consequently, the memory chipmaker delivered record adjusted earnings growth of over 1,200% on a year-over-year basis.

No doubt, such strong quarterly results caused MU's stock price to jump 15% in after-hours trading following the earnings announcement.

Investor confidence in MU's long-term viability was further cemented by its latest partnership with AI leader Anthropic to supply next-generation infrastructure. With memory chip supply expected to remain tight past 2027, this deal locks in years of predictable, high-margin revenues for Micron and adds impetus to its share price appreciation.

Story Continues

A Booming Semiconductor Market & the Case for ETFs

The AI boom has transformed the semiconductor landscape, with investors widening their focus beyond chip giants like NVIDIA NVDA to include the entire ecosystem of "AI enablers". As a result, companies that design the processors, interconnects, and interfaces needed to support and leverage high-speed memory technologies such as High Bandwidth Memory ("HBM") are also experiencing strong share price appreciation, boosting the entire semiconductor industry.

For instance, Marvell Technology MRVL, which specializes in custom silicon and complex network data infrastructure, climbed approximately 201% in the second quarter.

The semiconductor industry is projected to maintain a massive multi-year growth trajectory, supported by constrained supply lines and unrelenting hyperscaler data center spending.

Timing entries into individual chip stocks can be challenging for investors, while also exposing them to the risks associated with concentrated single-stock investments. Specialized semiconductor ETFs can offer diversified exposure to the entire semiconductor value chain, enabling investors to capture upside from multiple segments, including memory makers like Micron, CPU manufacturers such as Intel and AMD, and networking specialists like Marvell.

ETFs to Buy

Considering the aforementioned discussion, one may consider adding the following semiconductor ETFs to their portfolios:

Strive U.S. Semiconductor ETF SHOC

This fund, with net assets worth $269 million, offers exposure to U.S.-listed semiconductor stocks. NVDA holds the first position in this fund, with 17.26% weightage, while MU holds the second spot with 13.81% weightage. AMD holds the sixth position in this fund, with 5% weightage, while INTC holds the ninth spot with 4.53% weightage. MRVL holds the 10th position with 4.13% weightage.

SHOC has rallied 77.7% year to date. The fund charges 40 basis points (bps) as fees.

Global X AI Semiconductor & Quantum ETF CHPX

This fund, with net assets worth $256.2 million, offers exposure to 38 companies that are positioned to benefit from the growth and advancement of the artificial intelligence (AI) semiconductor and quantum computing ecosystems. MU holds the first position in this fund, with 13.65% weightage, while AMD holds the sixth spot with 4.97% weightage. MRVL holds the seventh position in this fund, with 4.88% weightage, while INTC holds the ninth spot with 4.66% weightage.

CHPX has surged 95% year to date. The fund charges 50 bps as fees.

First Trust NASDAQ Semiconductor ETF FTXL

This fund, with net assets worth $2.75 billion, offers exposure to 34 U.S. semiconductor companies. INTC holds the first position in this fund, with 13.02% weightage, while MU holds the second spot with 12.52% weightage. MRVL holds the third position in this fund, with 7.67% weightage, while AMD holds the fourth spot with 6.08% weightage.

FTXL has jumped 120% year to date. The fund charges 60 bps as fees.

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Intel Corporation (INTC) : Free Stock Analysis Report

Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

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Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

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GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc.

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标的：`GFS`来源：GlobalFoundries Inc.发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：255

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GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc.

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GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results

July 1, 2026

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MALTA, N.Y., July 01, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Wednesday, August 5, 2026, at 8:30 a.m. ET following the release of the company’s second quarter 2026 financial results.

Conference Call and Webcast Information

The company will host a conference call with the financial community on Wednesday, August 5, 2026, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here .

The company’s financial results and a webcast of the conference call will be available on GlobalFoundries’ Investor Relations website at https://investors.gf.com .

About GF

GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .

© 2026 GlobalFoundries Inc. GF®, GlobalFoundries®, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners.

For further information, please contact:

ir@gf.com

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The latest AI news we announced in June 2026

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标的：`GOOG`来源：Google发布日期：2026-07-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1902

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The latest AI news we announced in June 2026

Jul 01, 2026

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Here’s a recap of our biggest AI updates from June, including the launch of Gemini 3.5 Live Translate, the latest features in Android 17 and the new Google Home Speaker, built for Gemini.

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Google just released a bunch of new AI updates to make your devices and apps more helpful. You can now use smarter tools on your laptop, get better translation features and even use AI to help with your schoolwork. These updates are designed to handle boring tasks so you can focus on what you actually enjoy. It’s all part of their plan to make technology feel like a natural partner in your daily life.

Summaries were generated by Google AI. Generative AI is experimental.

For more than 20 years, we’ve invested in machine learning and AI research, tools and infrastructure to build products that make everyday life better for more people. Teams across Google are working on ways to unlock AI’s benefits in fields as wide-ranging as healthcare, crisis response and education. To keep you posted on our progress, we're doing a regular roundup of Google's most recent AI news.

Here’s a look back at some of our AI announcements from June.

This month was about creating a more unified environment where AI delivers help naturally throughout your day. With the debut of Android 17 and local models like Gemma 4 12B running right on your laptop, our June updates reflect a vision where technology acts as an intuitive partner and helps you reach your goals. Whether you’re a small business owner trying to get your shop noticed, a student setting up a study schedule or a researcher tackling climate challenges, these updates handle the complex logistics so you can focus on what matters most.

Try Gemma 4 12B, our latest open model . Gemma 4 12B brings smart AI agents directly to your laptop. It runs locally using just 16GB of memory, combining a novel unified architecture with vision and native voice processing in a single streamlined system. This gives you advanced reasoning and private workflows on everyday hardware without sacrificing speed.

Experience computer use in Gemini 3.5 Flash . We integrated computer use into Gemini 3.5 Flash, allowing you to build custom agents that can see, reason and take action across desktop, mobile and browser environments. The update improves performance for long-horizon and enterprise automation tasks, like continuous software testing and knowledge work.

Start building with Nano Banana 2 Lite and Gemini Omni Flash . To make it faster and easier to experiment, refine and scale your ideas , we've launched two major updates. First, Nano Banana 2 Lite is now available and it’s our fastest and most cost-efficient Gemini Image model yet. Second, we're bringing Gemini Omni Flash to APIs in public preview, introducing a natively multimodal model for enterprises and developers to build custom, dynamic video workflows for the very first time.

Check out what's new in Android 17 . Android 17 is packed with features like floating app windows for faster multitasking, Screen Reactions for picture-in-picture recording, an optimized layout for foldable gaming and more. You’ll also get more peace of mind with new security upgrades, including the ability to lock a missing phone using your biometrics. These updates are rolling out first to Pixel devices, followed by other eligible Android devices throughout 2026. Plus, take a look at our new personalization and safety features in June’s Android Drop .

Discover the June Pixel Drop . We rolled out new features and Gemini upgrades designed to make your device more creative and secure. This update introduces screen recording reactions, AI-powered video and music creation, and floating app bubbles for easier multitasking. You'll also get expanded real-time voice translation, custom voicemail greetings and automated emergency notifications.

Try the new Google Finance . The new Google Finance is coming out of beta, with several new capabilities to help you better track and understand financial investments. You can monitor your own investment portfolio, stay updated on market intel and get insights on the go with the new Google Finance app for Android — including an AI research tool and AI-powered “key moments” that explain why a stock moved.

Translate speech naturally with Gemini 3.5 Live Translate . This new audio model for live speech-to-speech translation automatically detects more than 70 languages while preserving the speaker's natural intonation and eliminating awkward pauses. You can now have fluid, near-real-time conversations during multilingual calls, meetings or travel, removing language barriers in seconds — rolling out in Gemini Live API, Google AI Studio and Google Translate app.

Get the new Google Home Speaker, built for Gemini . Our new smart speaker built with Gemini makes conversing with your home assistant feel more natural. You don't need to use rigid commands anymore because it understands you just like a real person. It can handle multiple requests at once, answer complex questions and even remember what you were just talking about. Plus, discover 100 new ways to make your day easier with Gemini for Home voice assistant.

Do better research with NotebookLM . We upgraded NotebookLM with advanced reasoning, a secure cloud computer for running code, and the ability to generate charts, spreadsheets and slide decks. The tool now helps you organize loose ideas and gather web sources into a structured research repository — available globally today for Google AI Ultra subscribers and specific Workspace accounts.

Start learning with study notebooks in the Gemini app . Set your goal, upload your class notes, take a baseline knowledge quiz and Gemini will pinpoint exactly where you need help. It can build lessons tailored to your unique learning style and track your progress on a custom dashboard to keep you organized and ahead of the curve.

Elevate teaching and learning with connected AI tools . We introduced new updates across Google Classroom, Chromebooks and Gemini to support both educators and students. Teachers can now securely use real class context to streamline daily tasks and guide curriculum-backed activities, while learners get access to adaptive study notebooks and free standardized test prep to confidently stay on top of their coursework.

Evaluate how AI is improving learning outcomes . Lots of students around the world already use AI tools, but there aren’t many rigorous studies showing how AI can be an effective pedagogical partner. We recently released a study conducted in Sierra Leone, where the need for teachers far outpaces students in the classroom, and AI could play a helpful role to educators. To help scale those results, we also released a free teacher training guide and research playbook .

Explore Colonial Williamsburg with Google Arts & Culture . We teamed up with Colonial Williamsburg to bring American history to life online for the country's 250th birthday. A new digital collection lets you explore 18th-century streets and artifacts, while a custom NotebookLM — including over 150 primary sources and articles — lets you chat directly with the archives to discover how early Americans envisioned their new democracy.

Experience the world’s first AI arts museum . We collaborated with media artist Refik Anadol to open Dataland, the world's first museum dedicated entirely to AI arts. Powered by Google Cloud and Gemini, this living creative space uses neural networks as a new artistic medium, turning billions of data points into shifting, omni-sensory landscapes that prove how technology can expand the boundaries of human craftsmanship.

See how researchers collaborate with Co-Scientist to solve big problems . Launched last year, Co-Scientist is designed for structured scientific thinking, helping life science researchers develop and refine new hypotheses. We shared how global research teams are already putting it to work to tackle massive challenges like infectious diseases, cellular aging and ALS.

Explore how AI could help modernize public services . A new Gemini-powered planning prototype for councils, developed in collaboration with Google DeepMind, Faculty and the UK government, demonstrates how AI can handle administrative backlogs and case analysis to build more resilient communities. By automating hours of manual data extraction and policy cross-referencing, this experiment aims to cut household planning applications by 50%.

Learn how we’re combatting AI scams . We filed a civil lawsuit targeting an organized cybercrime operation known as the "Outsider Enterprise." Based in China and coordinating through Telegram, this network distributes "phishing kits" that allow criminals to blast out fake text campaigns that look like they’re from Google and other trusted brands. We’re also advocating for seven bipartisan bills to fight back against scams, including those created with AI, and using AI-powered tools to fight AI-powered scams.

Learn how AI helps communities brace for extreme weather . At AI for the Planet, we shared how a decade of AI research is tackling climate crises. Our updated models now help predict river floods seven days in advance, track wildfire boundaries via satellite and forecast cyclone paths with high confidence. We've brought these real-time alerts to Search and Maps to help global partners and communities access the actionable info they need to stay safe.

See how AI adoption can support career progression . We worked with Public First — a public policy and research agency — on one of the most comprehensive UK AI adoption studies to date. The research reveals that workplace AI adoption has more than doubled in the past year (up to 73%, from 34% in 2025). It also shows a clear correlation between deep AI use and increased career opportunity. The top 15% of UK AI users are benefitting from the technology. They are fast-tracking their careers and more likely to report strong performance reviews, promotions and pay rises. Public First turned these extensive insights into an interactive AI skills quiz .

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false

0001144879

2026-06-26

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

DC 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

June

26, 2026

(Date

of earliest event reported)

APPLIED

DIGITAL CORPORATION

(Exact

name of registrant as specified in its charter)

Nevada

001-31968

95-4863690

(State

or other jurisdiction

(Commission

(IRS

Employer

incorporation)

File

Number)

Identification

No.)

3811

Turtle Creek Blvd. , Suite 2100 , Dallas , TX

75219

(Address

of principal executive offices)

(Zip

Code)

214 - 427-1704

(Registrant’s

telephone number, including area code)

(Former

name or former address, if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions ( see General Instruction A.2. below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐

Emerging

growth company

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock

APLD

Nasdaq

Global Select Market

Item

1.01 Entry into a Material Definitive Agreement.

Credit

Agreement

Incremental

Assumption Agreement

June 26, 2026, APLD Intermediate HoldCo LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary

of Applied Digital Corporation, a Nevada corporation (the “Company”), entered into Incremental Assumption Agreement No. 1

(the “Incremental Assumption Agreement”), which modified, as further described below, that certain Credit Agreement, dated

as of May 29, 2026 (the “Closing Date”), by and among the Company, as holdings, the Borrower, the lenders and issuing banks

from time to time party thereto, and First National Bank of Omaha, as administrative agent and collateral agent (the “Original

Credit Agreement” and, as modified by the Incremental Assumption Agreement, the “Credit Agreement”). Capitalized terms

used but not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. The Incremental Assumption Agreement

amends the Original Credit Agreement to, among other things, increase the aggregate principal amount of the revolving credit commitments

under the Original Credit Agreement to $430.0 million which caused the Credit Agreement to become material to the Company and thereby

requires disclosure under this Current Report on Form 8-K.

Material

Terms of the Credit Agreement

The

Credit Agreement provides for a secured revolving credit facility (the “Credit Facility”) in an aggregate principal amount

of up to $430.0 million. The Credit Facility will mature on May 28, 2029, and includes a $430.0 million letter of credit sub-facility,

which reduces overall availability. The Credit Agreement allows the Borrower to increase revolver commitments or draw on term loans under

the Credit Facility up to an aggregate amount not to exceed an additional $120.0 million for a total of $550.0 million.

The

Credit Facility bears interest at a rate equal to (i) an applicable margin, plus (ii) at our option, either (x) the Secured Overnight

Financing Rate for the applicable corresponding tenor (“Term SOFR”) as published by CME Group Benchmark Administration, subject

to a Floor of 0.00% or (y) a base rate determined by reference to the highest of (a) the prime commercial lending rate published by the

Wall Street Journal, (b) the federal funds rate plus 0.50%, (c) the one-month Term SOFR rate plus 1.00% and (d) 1.00%. The applicable

margin will be 2.25%, in the case of Term SOFR-based loans, and 1.25% in the case of base rate-based loans.

The

Credit Facility will be fully and unconditionally guaranteed by the Company and each Restricted Subsidiary of the Company, subject to

customary exceptions. The Credit Agreement contains provisions that facilitate separate financing of data center and related development

projects by project entities.

The

Credit Agreement contains (i) certain customary representations and warranties, (ii) certain customary affirmative covenants, (iii)

certain customary negative covenants and (iv) certain customary events of default, including, among other things, certain events of

bankruptcy. If such an event of default occurs, the lenders under the Credit Agreement could be entitled to terminate the lending

commitments and accelerate amounts due under the Credit Agreement.

The foregoing descriptions of the Original Credit Agreement

and the Incremental Assumption Agreement do not purport to be complete and are qualified in their entirety by reference to the full

text of the Original Credit Agreement and the Incremental Assumption Agreement, copies of which are filed as Exhibits 10.1 and 10.2,

respectively, hereto and incorporated herein by reference herein.

Sixth

Amendment to the Preferred Equity Purchase Agreement

June 26, 2026, the Company also entered into the sixth amendment (the “Sixth Amendment”) to the Preferred Equity Purchase

Agreement, dated April 30, 2025, by and between the Company and the investors signatory thereto (as amended from time to time, the “PEPA”)

in order to provide more availability under the PEPA facility.

The

Sixth Amendment amends the PEPA to increase the aggregate commitment amount under the PEPA for the issuance of shares of Series G Convertible

Preferred Stock, par value $0.001 per share (the “Series G Preferred Stock”), from $1,590,000,000 to $2,000,000,000.

The

foregoing description of the Sixth Amendment is qualified in its entirety by reference to the full text of the Sixth Amendment, a form

of which is attached hereto as Exhibit 10.3 and is incorporated in its entirety by reference herein.

Item

2.03 Creation of a Direct Financial Obligation.

The

information set forth under Item 1.01 under the heading “Credit Agreement” above is incorporated by reference into this Item

2.03.

Item

3.02 Unregistered Sales of Equity Securities.

The

offer and sale of the Series G Preferred Stock pursuant to the PEPA, and the shares of Common Stock issuable upon the conversion of the

Series G Preferred Stock, is and will be made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities

Act of 1933, as amended (the “Securities Act”).

This

Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of any offer to buy the Series G Preferred Stock

or the shares of Common Stock issuable upon the conversion of the Series G Preferred Stock, nor shall there be an offer, solicitation

or sale of the Series G Preferred Stock or the shares of Common Stock issuable upon the conversion of the Series G Preferred Stock in

any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws

of such state.

Item

9.01. Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit

No.

Description

10.1**

Credit Agreement, dated as of May 29, 2026, by and between Applied Digital Corporation, APLD Intermediate Holdco LLC, the lenders party thereto, First National Bank of Omaha and Goldman Sachs Lending Partners LLC.

10.2*

Incremental

Assumption Agreement No. 1, dated as of June 26, 2026, by and among Applied Digital Corporation, APLD Intermediate Holdco

LLC, the Subsidiary Guarantors, lenders and each issuing bank party thereto, and First National Bank of Omaha.

10.3*

Form of Sixth Amendment to Preferred Equity Purchase Agreement by and between the Company and the investors signatory thereto.

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document).

The schedules to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby agrees to furnish

supplementally a copy of any omitted schedule to the SEC upon request.

Certain portions of the exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because they are both (i) not material

to investors and (ii) is the type that the registrant treats as private or confidential. The Company agrees to furnish supplementally

an unredacted copy of this exhibit and its materiality and privacy or confidentiality analyses to the Securities and Exchange Commission

upon request.

SIGNATURE

Pursuant

to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be

signed on its behalf by the undersigned, thereunto duly authorized.

Dated:

June 26, 2026

By:

/s/

Saidal L. Mohmand

Name:

Saidal

L. Mohmand

Title:

Chief

Financial Officer

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL

Zacks Equity Research

June 26, 2026 5 min read

-5.65%

NOVN.SW

+1.03%

QCOM

-4.14%

-12.02%

CHPX

-4.43%

For Immediate Release

Chicago, IL – June 26, 2026 – Zacks.com announces the list of stocks and featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology MU, Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL.

Here are highlights from Friday's Analyst Blog:

Top Research Reports for JPMorgan, Novartis & Qualcomm

On June 24, 2026, Micron Technology delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.

Record Quarter Crushes Expectations

Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.

Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.

Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.

AI Demand Keeps Memory Markets Tight

The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.

Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.

Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.

Sturdy Margins

Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.

The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.

Data Center Business Leads the Charge

Story Continues

All four business segments delivered explosive growth, with data centers standing out as the primary driver.

Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.

AI Customers Are Securing Supply, Not Just Buying Chips

The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.

Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.

As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.

ETFs in Focus

Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF and GraniteShares 2x Long MU Daily ETF , these are risky bets.

AXS Knowledge Leaders ETF , iShares MSCI USA Value Factor ETF , Strive U.S. Semiconductor ETF , Global X AI Semiconductor & Quantum ETF and First Trust Nasdaq Semiconductor ETF has considerable weight in MU shares.

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Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

support@zacks.com

https://www.zacks.com

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

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Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch

Sanghamitra Saha

June 26, 2026 3 min read

-5.65%

FTXL

-4.80%

CHPX

-4.43%

-0.32%

-12.02%

On June 24, 2026, Micron Technology MU delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.

Record Quarter Crushes Expectations

Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.

Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.

AI Demand Keeps Memory Markets Tight

Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.

Sturdy Margins

The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.

Data Center Business Leads the Charge

All four business segments delivered explosive growth, with data centers standing out as the primary driver.

AI Customers Are Securing Supply, Not Just Buying Chips

The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.

Story Continues

ETFs in Focus

Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, these are risky bets.

AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL has considerable weight in MU shares.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Micron Technology, Inc. (MU) : Free Stock Analysis Report

iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports

First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports

Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications | GlobalFoundries Inc.

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GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications | GlobalFoundries Inc.

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GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications

June 23, 2026

PDF Version

Production-ready 3DI technology supports more compact FEMs for advanced 5G devices

MALTA, N.Y., June 23, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) (GF) today announced the production readiness of its SLATE™ wafer-to-wafer bonding technology on its industry-leading 9SW radio-frequency silicon-on-insulator (RF-SOI) platform, delivering advanced 3D integration (3DI) for compact, high-performance cellular front-ends. Manufactured at GF’s 300mm facility in Singapore, 9SW SLATE technology is expected to ramp to volume production by the second half of 2027.

GF’s first-generation SLATE technology supports wafer-to-wafer (W2W) bonding, enabling designers to bond two 9SW wafers to stack and integrate large-size field-effect transistors (FETs) in vertical architectures. By folding large FETs across bonded wafers, SLATE technology can reduce overall die size by up to 45%, decreasing RF board space and total design area for space-constrained applications in smart mobile devices, including switches, low-noise amplifiers (LNAs) and antenna tuners.

First introduced in 2023, the 9SW RF-SOI platform is GF’s most advanced RF solution for front-end modules (FEMs), spanning sub-8GHz and FR3 frequency ranges for 5G mobile devices and satellite communications. 9SW, the fourth generation of GF’s XSW technology, delivers a significant reduction in standby currents for longer battery life with a more than 20% enhancement in efficiency through lower on-resistance and off-capacitance (Ron*Coff).

“Deploying SLATE on 9SW represents a significant step forward in RF integration, enabling our customers to design more compact and power-efficient solutions for next-generation 5G devices without compromising RF performance,” said Shankaran Janardhanan, senior vice president of GF’s RF business. “By combining our industry-leading 9SW platform with SLATE advanced packaging technology, we are unlocking new opportunities for innovation across next-generation mobile and wireless applications.”

“GF’s SLATE technology applied to its 9SW platform represents an important advancement in RF front-end integration, enabling designers to overcome traditional scaling and integration challenges,” said Vinod Kariat, corporate vice president of Custom IC and PCB group at Cadence. “Through Cadence’s Virtuoso Studio homogeneous integration, analysis and verification users can unlock SLATE’s 3D integration potential – giving designers the speed and confidence to deliver next-generation 5G front-end modules from concept to silicon.”

GF’s SLATE wafer-to-wafer bonding technology offers a roadmap for heterogeneous 3DI across its many differentiated technologies, including FDX™ FD-SOI, RF-SOI and silicon germanium (SiGe), for even greater system-level capabilities across diverse markets such as data centers, satellite connectivity, IoT and mobile devices.

An integrated process design kit (PDK) is available through the GF Connect portal to help jumpstart the design process. 9SW and 9SW SLATE are available for prototyping through GF’s GlobalShuttle™ multi-project wafer program with shuttles scheduled for the second half of the year.

About GF

Forward-looking information

This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

Media Contact:

Stephanie Gonzalez

stephanie.gonzalez@gf.com

Search GF investor relations site

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Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

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标的：`PSI`来源：Zacks发布日期：2026-06-18重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：727

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该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?

Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? · Zacks

Zacks Equity Research

June 18, 2026 3 min read

-5.52%

Designed to provide broad exposure to the Technology ETFs category of the market, the Invesco Semiconductors ETF (PSI) is a smart beta exchange traded fund launched on 06/23/2005.

What Are Smart Beta ETFs?

The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.

Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.

On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.

These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.

This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.

Fund Sponsor & Index

Managed by Invesco, PSI has amassed assets over $2.86 billion, making it one of the larger ETFs in the Technology ETFs. Before fees and expenses, this particular fund seeks to match the performance of the Dynamic Semiconductor Intellidex Index.

The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.

Cost & Other Expenses

Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.

Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.

It's 12-month trailing dividend yield comes in at 0.04%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.

Story Continues

Taking into account individual holdings, Kla Corp (KLAC) accounts for about 5.28% of the fund's total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.23% of total assets under management.

Performance and Risk

So far this year, PSI has added roughly 112.38%, and is up roughly 199.15% in the last one year (as of 06/18/2026). During this past 52-week period, the fund has traded between $56.20 and $175.60.

The fund has a beta of 1.80 and standard deviation of 38.81% for the trailing three-year period, which makes PSI a high risk choice in this particular space. With about 32 holdings, it has more concentrated exposure than peers .

Alternatives

Invesco Semiconductors ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $44.06 billion in assets, VanEck Semiconductor ETF has $72.67 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Invesco Semiconductors ETF (PSI): ETF Research Reports

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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英国央行2026年6月货币政策摘要与纪要

重要性未评级

发布时间早于日报 5 天摘要窗口。

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来源：Bank of England发布日期：2026-06-18重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：6004

中文摘要

英国央行MPC以7比2维持Bank Rate在3.75%，两名委员支持加息25个基点至4.0%。
英国央行记录的5月CPI同比为2.8%，下一次政策摘要与纪要将在2026-07-30发布。
6月纪要记录，会议前布伦特原油和英国批发天然气均低于4月报告以来的均值，但仍高于冲突前水平。

英文原文

Bank Rate maintained at 3.75% - June 2026 Monetary Policy Summary and Minutes

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Bank Rate maintained at 3.75% - June 2026 Monetary Policy Summary and Minutes

The Bank of England’s Monetary Policy Committee is responsible for making decisions about Bank Rate.

Monetary Policy Summary, June 2026

At its meeting ending on 17 June 2026, the Monetary Policy Committee (MPC) voted by a majority of 7–2 to maintain Bank Rate at 3.75%. Two members voted to increase Bank Rate by 0.25 percentage points, to 4%.

Global energy prices have fallen since the previous meeting in response to events in the Middle East. But they remain higher than pre-conflict and have continued to be volatile. The impact of the energy shock on the UK economy remains uncertain. Monetary policy cannot influence energy prices but is being set to ensure that the economic adjustment to them occurs in a way that achieves the 2% inflation target sustainably. The policy stance required to achieve this will depend on the scale and duration of the shock, and how it propagates through the economy.

CPI inflation has fallen to 2.8% since the previous meeting, although it is expected to rise later this year as the effects of higher energy prices continue to pass through. The risk of material second-round effects in price and wage-setting, against which policy needs to lean, is greater the longer higher energy prices persist. But the labour market continues to loosen, and signs of a weakening economy could contain inflationary pressures. Interest rates faced by households and businesses remain higher than prior to the conflict, which will act to reduce inflation over time.

Taking all the risks to the economic outlook into account, the Committee judges that it is appropriate to maintain Bank Rate at this meeting.

The Committee will continue to monitor closely the situation in the Middle East and how its impact propagates through the economy. The Committee stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium term.

Minutes of the Monetary Policy Committee meeting ending on 17 June 2026

1: Before turning to its immediate policy decision, the Monetary Policy Committee (MPC) discussed recent developments in global and UK economic and financial conditions, and how these could affect the medium-term outlook and the MPC’s strategy.

Global economic and financial conditions

2: Global energy prices had fallen since the previous meeting in response to events in the Middle East. But they remained higher than pre-conflict and had continued to be volatile. The spot price of Brent crude and UK wholesale gas had averaged $100 per barrel and 116 pence per therm respectively since the April Monetary Policy Report, compared to $66 per barrel and 87 pence per therm in the period leading up to the February Report. In the days immediately leading up to the June MPC meeting, plans for a Middle East peace deal had been announced. Oil and gas prices had fallen in response to around $79 per barrel and 100 pence per therm respectively. Futures curves continued to slope downwards for both oil and gas.

3: The Committee discussed the risks around the outlook for energy prices. Prior to the announcement of a peace deal, there had been some partial mitigants to the impact of the disruption to global energy supply on energy prices, but it was uncertain how long these could be sustained. The coordinated release of strategic oil reserves by the member countries of the International Energy Agency was one such mitigant. There had also been some switching from the use of gas to coal as well as evidence of reduced demand for energy in response to higher prices, particularly in Asia. To some extent this reduction in demand might reflect the temporary deferral of economic activity, meaning it was uncertain how long it could persist in the event of a more prolonged reduction in energy supply from the Middle East.

4: Oil products and broader commodity prices had remained higher than before the conflict and there had been some emerging signs of global supply chain disruption. The price of diesel and jet fuel had increased significantly relative to Brent crude oil when the conflict began. These spreads had remained elevated relative to pre-conflict but had reduced since the Committee’s April meeting. Other commodity prices, such as for fertiliser and metals, had also remained higher than pre-conflict. Some indicators of global supply chain disruption had risen sharply since the start of the war, including some shipping cost indices and a PMI-based global supply chain index calculated by Bank staff.

5: Interest rates faced by households and businesses had remained higher than prior to the conflict. This tightening in financial conditions had been driven mainly by a significant upward shift in short-term overnight index swap (OIS) rates. These rates had also risen materially in the United States and in the euro area, reflecting the global nature of the energy supply shock and its implications for inflation. UK two-year OIS rates were currently around 70 basis points above their pre-war level. There had been full and fast pass-through from increases in such rates to key lending rates for households and businesses. The quoted rate on two-year fixed-rate mortgages was around 80 basis points higher than prior to the conflict and UK investment grade corporate bond yields had risen by around 50 basis points.

6: In the June Market Participants Survey (MaPS), median expectations had been for Bank Rate to remain unchanged at this MPC meeting and, thereafter, for Bank Rate to remain unchanged for the year ahead. That represented a tightening in the median path of around 50 basis points relative to expectations prior to the conflict, at which point reductions in Bank Rate had been expected.

7: In contrast to market participants’ broadly flat most likely path for Bank Rate, the UK short-term interest rate curve sloped upwards over the year ahead. The conflict had led to increased volatility that was correlated across energy, inflation-linked and interest rate markets. The UK OIS curve had continued to oscillate since the April meeting, but within a range that was consistently materially higher than the pre-conflict curve. In the lead up to this MPC meeting, the announcement of a peace deal had contributed to a shift in the OIS curve towards the bottom of its recent range, with an upward slope of around 30 basis points by end-2026. Models used by Bank staff suggested that the upward slope of the OIS curve was driven largely by risk premia. Consistent with that, respondents to the June MaPS survey had attributed most of the gap between the April MaPS median Bank Rate profile and the current market curve to asymmetric risks and compensation for uncertainty.

UK current economic conditions

8: Twelve-month CPI inflation had been 2.8% in May, unchanged from April, but down from 3.3% in March. The May outturn had been 0.4 percentage points below the short-term forecast published in the April Report. Downside news relative to the April Report had been spread across food, core goods and services, with an outsized contribution to the news from food price inflation, which had fallen to 2.2%. Some direct effects of the energy shock, especially from the initial post-conflict increase in fuel prices, had already pushed up on CPI inflation.

9: Energy prices had remained volatile. Based on energy prices as of close of business on 15 June, CPI inflation was now expected to be a little under 3% in 2026 Q3 and pick up to a little over 3¼% in Q4. This was below the path expected in the April Report, reflecting both lower energy and non-energy prices.

10: Ofgem’s headline energy price cap for July to September had been increased by £221 (13.5%) to £1862, broadly in line with expectations at the time of the April Report. On 21 May, the government had announced a postponement of the increase in fuel duty planned for September, as part of a set of policy measures to support households and energy-intensive industries.

11: Forward-looking survey indicators of the indirect effects of the energy shock had remained consistent with near-term expectations in the April Report projections. For businesses responding to the DMP Survey, one-year-ahead own-price inflation expectations had fallen in May to 4.0%, from 4.4% in April, although this was 0.6 percentage points higher than the pre-conflict rate in February.

12: Households’ near-term inflation expectations had picked up materially since the start of the conflict. The Bank/Ipsos measure of year-ahead expected inflation had risen sharply, from 3.2% in February to 4.0% in May. The corresponding Citi/YouGov measure had remained well above its pre-Covid average at 4.7% in May, although it had fallen back from its immediate post-conflict peak. Medium-term household expectations had also risen, with the Bank/Ipsos two and five-year ahead measures having increased by 0.3 and 0.2 percentage points respectively in May relative to February.

13: Annual growth in private sector regular Average Weekly Earnings in the three months to April had been 2.9%, a touch lower than had been expected in the April Report. On the face of it, this was below the estimates of target-consistent wage growth published in the February Report, but, adjusting for changes in industry mix, private sector AWE growth was around half a percentage point higher. Growth in bonus payments, which were not included in measures of regular pay, had also been strong. In addition, public sector regular pay had grown by 5.1%, although this strength had in part reflected that the twelve-month comparison had included both the 2025 and 2026 uplifts for some NHS staff.

14: There had been no change since the April Report to the Bank’s Agents’ estimate that basic private sector pay settlements were expected to average 3.5% over 2026. The Agents reported that most of these settlements had been agreed before the recent rise in energy prices, and that contacts did not generally expect that they would be re-opened. Some contacts had expressed concerns that the pace of wage disinflation could slow next year as a result of the conflict. DMP respondents had reported that they expected one-year-ahead wage growth of 3.4%, which had been stable since before the start of the conflict.

15: UK GDP had increased by 0.6% in 2026 Q1, 0.1 percentage points higher than had been expected in the April Report. Evidence from business surveys, however, suggested that this headline figure overstated the underlying momentum, which had remained subdued. In April, monthly GDP had fallen by 0.1%, consistent with a partial unwind of the strength in activity in Q1. The S&P Global UK composite output PMI in May had fallen below the 50 no-change mark for the first time in more than a year as growth in manufacturing had been offset by weaker growth in services. Bank staff estimated that underlying quarterly GDP growth had been around 0.2% in Q1, and would remain at around that rate in Q2.

16: To date, surveys and faster indicators had not generally provided much evidence that the conflict had led to a rapid deterioration in the outlook for growth, although growth was expected to be subdued. The Bank’s Agents’ contacts had reported a further weakening in demand expectations in May, alongside growing concerns about potential future supply shortages. Confidence more generally had been weak, as, according to a range of opinion polls, households and firms had reported persistent negative economic sentiment, both relative to the past and relative to other countries.

17: There had been a mixed picture on labour demand in recent data. The Labour Force Survey (LFS) unemployment rate had fallen to 4.9% in the three months to April, slightly lower than had been expected in the April Report. LFS employment had grown by 0.3%, slightly higher than had been expected in the April Report, but underlying employment growth had remained close to zero. Vacancies had continued to decline, by 2.6% in the three months to May compared to the previous three months, although the redundancy rate had also fallen. Overall, these data continued to be consistent with a gradual loosening in the labour market. This was supported by intelligence from the Bank’s Agents’ contacts, many of whom had reported that weak or delayed demand was leading them to operate below desired utilisation.

Overview and the Committee’s discussions

18: The conflict in the Middle East, and its impact on energy prices and the UK economy, remained the dominant source of uncertainty for the inflation outlook. As had been outlined in the April Monetary Policy Report and Minutes, monetary policy could not influence global energy prices. And it would take time for monetary policy to work through the economy, so any action the MPC might take would not prevent higher inflation in coming months. What the MPC would do is set monetary policy to make sure that the effects of the shock did not become embedded into broad-based inflationary pressures, so that inflation fell back to the 2% target and stayed there.

19: In setting policy at this meeting, the Committee continued to judge that weakness in demand and the labour market was likely to lessen the strength of second-round effects from higher global energy prices. But these effects were likely to be stronger, the larger and more persistent was the rise in global energy prices. In ensuring that inflation returned sustainably to the 2% target, monetary policy would continue to need to balance the costs of leaning too little against second-round effects and the costs of responding too much. The right balance was likely to change depending on how events unfolded and propagated through the economy.

20: The Committee was also continuing to consider the three scenarios set out in the April Report, which illustrated a range of possible outcomes for the UK economy given the uncertainty stemming from the conflict. In Scenario A, energy prices were conditioned on market futures curves in the 15 days to 22 April 2026. In Scenarios B and C, the paths of energy prices were assumed to be higher and more persistent to varying degrees. There were no second-round effects from the energy shock in Scenario A. Second-round effects were incorporated in Scenarios B and C, and materially so in Scenario C.

21: At this meeting, the Committee’s discussions focused on: the extent of underlying UK disinflation prior to the conflict; the near-term outlook for inflation and energy prices; the degree to which economic slack would continue to restrain inflation persistence; the evidence of any second-round effects from the energy shock so far; and what continued uncertainty around the impact of geopolitical tensions on the UK economy implied for current and prospective policy-setting.

22: Recent data outturns had provided some greater reassurance that there had been sustained disinflation pre-conflict. Prior to the conflict, expectations had been for inflation to be close to the 2% target from April, and news in energy prices owing to the conflict had more than accounted for the higher outturns in headline inflation in April and May, relative to the February Report. Non-energy price inflation, particularly of goods, had been moderating but in aggregate remained above a target-consistent pace. Wage growth was close to target-consistent levels, although forward-looking indicators suggested that the pace of decline could stall in future.

23: The immediate direct effects of the energy shock on inflation, and some indirect effects through higher input costs for firms, had so far evolved broadly as had been expected in April. The short-term inflation forecast was lower than at the time of the previous meeting, reflecting recent news in energy prices as well as downside news in the May CPI outturn. The Committee re-iterated that monetary policy should typically look through the direct effects and some indirect effects of an energy price shock, but should act to the extent required to prevent those effects becoming embedded in domestic wage and price-setting.

24: Members judged that risks to energy prices were still skewed to the upside. While noting global energy prices had recently moved lower, members judged that even in the event of prompt conflict resolution there could be a logistical delay in restoring energy production and transportation, and they noted the possibility of lingering instability. Accordingly, members were attentive to the risk that prices could remain elevated for a longer period, even if the risk of another sharp spike upwards had diminished somewhat.

25: In considering the potential impact of energy prices on medium-term inflation, as in April, the Committee judged that continued weakness in activity would limit the strength of some second-round effects. Members broadly agreed that a margin of slack had continued to emerge including in the labour market. Demand had remained subdued and consumption growth weak, and both household and business sentiment was weak. Taken together, this would restrain firms’ ability to pass through higher costs to higher prices, and would dampen wage bargaining. At the same time, some members cautioned that the attentiveness of households’ and firms’ inflation expectations after a period of above-target inflation, or structural changes, could increase the magnitude of second-round effects.

26: Clear evidence of signs of second-round effects would only ever emerge with a lag, and the Committee therefore agreed that it was too early to conclude one way or the other from the initial tentative and mixed evidence. On the one hand, firms’ own-price expectations were a little softer than had been expected in April. On the other hand, some members noted that household inflation expectations could have become more sensitive to near-term inflation news than in the past. This could affect the economy via price-setting behaviour as well as wage-setting in 2027.

27: The Committee would monitor the evolution of a wide range of forward-looking data and intelligence to allow timely assessments of the inflation outlook. The size and duration of direct effects of energy prices on UK inflation would clearly be important, as would the scale of indirect effects via increased business costs and the extent to which these were passing through via higher consumer prices or reduced profit margins. Second-round effects were also being monitored through indicators of price and wage-setting behaviour, including inflation expectations, firms’ own price expectations and future wage growth and settlements. The impact of the shock on the real economy would also be monitored, including through indicators of the labour market and economic slack.

28: In considering the near-term policy outlook, members agreed that financial conditions had tightened materially since before the conflict, which was already imparting some restraint to the economy. There had been a significant upward shift in UK short-term interest rates that had passed through to mortgage rates. This in part reflected the pricing out of Bank Rate cuts that had been expected before the conflict. Some of the upward slope in the yield curve also reflected ongoing uncertainty around the scale and duration of the conflict in the Middle East and the associated upside risks to the inflation outlook.

29: The Committee discussed how best policy should respond to uncertainty about the scale and duration of the energy shock. There were risks to balance from the trade-off between returning inflation to target too slowly and prolonged weakness in economic activity. All members nevertheless agreed that the appropriate policy response would depend primarily on the outlook for second-round effects. If higher inflation were to reflect mainly direct energy effects and second-round effects were to remain contained, there was a stronger case for tolerating a slower return of inflation to target, in the context of weak activity. However, there would be a more challenging trade-off if higher energy prices appeared to be feeding into more persistent domestic inflation. In that event, the weight placed on output stabilisation would be likely to diminish, and policy would need to remain restrictive for longer, or become more restrictive.

30: Members agreed that the appropriate policy response should be robust across a range of scenarios, given the uncertainty around how the outlook could evolve. There was a range of views around whether the tightening in financial conditions relative to pre-conflict was sufficient, was reflected in real restrictiveness, and would endure. Most members judged that this tightening provided insurance against inflation risks, while preserving optionality to adjust course as more conclusive evidence emerged. Some members noted that a modest rise in Bank Rate would help to ensure that financial conditions remained consistent with the intended degree of monetary restraint and reduce the risk of later, larger tightening.

The immediate policy decision

31: Seven members preferred to maintain Bank Rate at 3.75% at this meeting. For six of these members (Andrew Bailey, Sarah Breeden, Swati Dhingra, Clare Lombardelli, Dave Ramsden and Alan Taylor), recent data outturns provided some further evidence that underlying disinflation had been on track pre-conflict. Upside risks to energy prices had receded, although they remained. The higher interest rates facing households and businesses were already acting to reduce inflation over time and therefore a hold in Bank Rate at this meeting was appropriate. There was nevertheless a range of views on how the energy shock might propagate and therefore the policy response that might be required in future. For one member (Catherine L Mann) upside inflation risks were more prominent across possible future outcomes, but an immediate increase in Bank Rate was not required given their view that policy tightening would transmit to the economy rapidly.

32: Two members (Megan Greene and Huw Pill) preferred a 0.25 percentage point increase in Bank Rate at this meeting. These members were less confident in the pace of the underlying disinflation pre-conflict. They were more concerned that households’ and firms’ greater attention to inflation outturns than in the past would lead to larger second-round effects for a given energy price profile. And they noted that the tightening in financial conditions could reverse in the absence of an increase in Bank Rate. Given significant uncertainty about the extent of second-round effects, they preferred to raise rates as part of a risk management strategy.

33: The Chair invited the Committee to vote on the proposition that:

Bank Rate should be maintained at 3.75%.

34: Seven members (Andrew Bailey, Sarah Breeden, Swati Dhingra, Clare Lombardelli, Catherine L Mann, Dave Ramsden and Alan Taylor) voted in favour of the proposition. Two members (Megan Greene and Huw Pill) voted against the proposition, preferring to increase Bank Rate by 0.25 percentage points, to 4%.

MPC members’ views

35: Members set out the rationale underpinning their individual votes on Bank Rate.

Members are listed alphabetically under each vote grouping. References to scenarios relate to those set out in Section 3 of the April Monetary Policy Report.

Votes to maintain Bank Rate at 3.75%

Andrew Bailey: There has been a marked fall in energy prices in recent days, reflecting progress on talks involving US and Iran. But the situation remains unpredictable, and there is clearly a risk that energy prices remain elevated for an extended duration. Recent inflation outturns give greater confidence that gradual underlying disinflation has continued. Labour market data show some further softening, and there are further signs of demand weakness. Our remit recognises that attempting to bring inflation back to the target too quickly may cause undesirable volatility in output. Given the context at present of softness in the real economy and uncertainty around the scale and duration of the shock to energy prices, tolerating temporarily above-target inflation as part of a return to target is an appropriate way to approach the trade-off, providing inflation expectations remain contained. I am content at the present time with holding, while accepting that risks to inflation and interest rates are on the upside, as reflected in the upward slope in the sterling yield curve, which appears to be accounted for more by risk premia than expected rates. I would respond promptly to any signals that an extended period of elevated energy prices could be leading to stronger possible second-round effects.

Sarah Breeden: Despite recent developments, the outlook for energy prices remains highly uncertain. Monetary policy should look through the direct effects of the energy shock, partially through the indirect effects and act forcefully and early against any material second-round effects. The economic environment means the chance of material second-round effects is small and, although it is early days, there has been nothing in the news since April to change that assessment. Recent releases suggest that, absent the shock, disinflation was firmly on track, and the weak demand outlook should continue to feed through to firms’ pricing decisions. The financing conditions facing households and firms have tightened materially since the conflict, leaning against inflationary pressures and leaving us well placed to monitor how the economy evolves. There are risks around this. Household inflation expectations have risen materially, and although their impact on wage growth should be moderated by the loose labour market, they pose an upside risk to inflation. On the other side, weak demand might pull inflation below target in the medium term. In my view, the current stance of financial conditions balances these risks, but I remain committed to acting early and decisively should material second‑round effects become likely.

Swati Dhingra: Although the likelihood of extreme outcomes on both sides appears to have receded, I continue to see the uncertainty around the size of the global commodity shock as dominating the degree to which inflationary pressures risk getting embedded in domestic sources of inflation. Absent the shock, monetary policy would be too restrictive for the cyclical position. Disinflation appeared on track pre-conflict, with nominal indicators trending consistently in the right direction, and broad-based evidence of emerging slack and cumulative weakness in the economy. While these initial conditions would dampen momentum in second-round effects, there remain significant risks from overlapping adjustments to the subsequent supply shocks that have occurred in the recent past. I see the balance of risks to the upside on prices and downside on activity. Maintaining current restrictiveness would weigh against second-round effects and provide time to learn more about the size and duration of the first-round energy and commodity price shocks in the near term. If the situation were to worsen, this may warrant some further tightening. But I do not see a compelling case to increase Bank Rate pre-emptively without new evidence of more intense first-round shocks.

Clare Lombardelli: Developments since our last meeting point in different directions for inflation. Disruption to energy prices and supply chains from events in the Middle East has persisted. This will prolong the time that inflation will remain above target due to direct and indirect effects, increasing the risk of second-round effects. Whereas the economic data has continued to show that, absent the energy shock, disinflation was gradually continuing. It is too early to draw any conclusions on second-round effects from the energy shock. So far, evidence has been mixed and the signal is broadly consistent with standard pass‑through. To date there is also no evidence of a rapid deterioration in demand. There are risks for inflation in both directions. Consumers and businesses have faced sustained above-target inflation in recent years which will affect behaviour, expectations and reactions to price rises. They also report negative sentiment which risks further weakening demand. Financing costs have risen since before the conflict, which continues to weigh against the greater inflation pressures. Holding Bank Rate remains appropriate as we learn more about the scale and duration of the shock and its propagation. Were signals to indicate inflation would persist above target, this would require policy to respond more forcefully to inflationary pressures.

Catherine L Mann: Activity, labour market, and nominal pressures have moderated. However, there remain differences in pace across public and private sector, as well as between the most recent data and inflation expectations. Private sector wage growth is near target-consistent, but whole economy wage growth has increased. Market-sector services output is soft, although manufacturing and government have provided some momentum to GDP. Volatility in both inflation and financial markets has increased; both are headwinds for business investment. Higher inflation and volatility tend to encourage households to maintain high savings buffers. Hypotheticals for the Middle East conflict include resolution, sporadic continuance, and escalation. Consider the first two. With rapid resolution, activity rebounds, uncertainty clears, but energy prices remain high with infrastructure and inventory rebuild: an activist hike could be needed. With sporadic continuance, uncertainty weighs on activity, but energy prices increase, which could trigger threshold effects: a worsening trade-off, but needing an activist hike. Why wait? Research shows that a forceful Bank Rate decision can have a quick effect on inflation and inflation expectations. So I have time to continue to evaluate measures of inflation expectations and financial restrictiveness to determine whether firms’ pricing and 2027 wage negotiations are on a target-consistent path for the medium term.

Dave Ramsden: Events in the Middle East remain the key determinant for inflation, and there remain upside risks from continued energy supply disruption as well as downside risks from subdued activity. There has been a material tightening in financial conditions, which is providing necessary restrictiveness, weighing against the upside balance of risks in the near term. I continue to place about equal weight on Scenarios A and B materialising after the summer, but even less weight than before on Scenario C. The evidence so far on how the economy will be impacted by the energy price shock is uncertain. Data outturns continue to confirm our understanding of the pre-conflict economy. The labour market has continued to loosen steadily, and the domestic disinflation process has also continued. Early, necessarily tentative, indications suggest that second-round effects might be limited, absent further escalation of the energy cost shock. Holding Bank Rate at this meeting keeps options open as we continue to learn more about the path of the conflict. My reaction function will remain state-contingent on both the development of the conflict, and what that means for the outlook for the economy.

Alan Taylor: The conflict and its implications for energy prices remain of central importance, even as a deal emerges. Potential second-round effects are an endogenous consequence of the shock. That does not negate a key role for the starting position of slack in the economy and of our restrictive policy stance. Recent data point further against a need for tightening. Absent mechanical direct and indirect energy effects from the conflict, CPI inflation would have been at target in April. Backward-looking wage data suggest that pay growth did not get stuck at elevated levels. Material second-round effects require changes in price and wage-setting behaviour. I believe this channel is likely to be weak given the slack that has accumulated. Policy is restrictive, 75 basis points above my estimate of neutral and where we might have been quite soon. The yield curve shows we have tightened a lot just by holding. One could articulate a case for tightening in risk space, but that is far from my assessment given my own scenario probabilities and trade-offs. Absent worse news, I cannot see a case for tightening now, and an active hold is reasonable. If the conflict resolution holds, and risks diminish, lower rates could be preferred.

Votes to increase Bank Rate to 4%

Megan Greene: The implementation of a reported peace deal and the evolution of energy prices remain uncertain. Slack should mitigate the extent of second-round effects triggered by the energy shock, but households and businesses are more attentive to rises in inflation today. This is reflected in households’ and firms’ inflation expectations and the sensitivity of long-term expectations to short-term inflation surprises, which suggest expectations may be less solidly anchored. Given significant uncertainty about the extent of second-round effects, we should pursue a risk management strategy. Analysis conducted using the Bank’s endogenous policy toolkit demonstrates that holding Bank Rate assuming lower second-round effects (Scenario B) but discovering next year they were greater (Scenario M, from my latest speech) and course-correcting results in inflation that peaks higher and remains above target the entire outlook. Hiking Bank Rate assuming greater second-round effects, then discovering they were smaller and course-correcting results in a very moderately lower output gap and inflation returns to target at the end of the forecast period. These risks are asymmetric, so we should insure against the possibility of larger second-round effects until we have evidence to determine they are not materialising. A proactive hike now in Bank Rate should help anchor inflation expectations.

Huw Pill: Upside risks to the lasting achievement of the 2% inflation target have increased in recent months on account of events in the Gulf and their implications for commodity prices and supply chains. Recognising the significant uncertainty that surrounds the UK inflation outlook, raising Bank Rate to 4% continues to be the most robust monetary policy response to the intensification of these risks. Global energy prices remain volatile, and elevated compared with their pre-hostilities level, despite the announcement of a new ceasefire. Even with a looser labour market, the risk that second-round effects will create greater intrinsic persistence in UK inflation remains. One potentially pernicious channel of second-round effects is catch-up dynamics in pricing decisions as firms and households seek to defend their margins and purchasing power in the face of higher food and energy prices. While overall UK financial conditions have tightened since the conflict began, I continue to favour prompt but modest action on Bank Rate now. This would establish a stance of monetary policy that is well-placed to address the significant uncertainties the MPC faces. It will also put the MPC in a good place from which to respond to the evolution of events from here.

Operational considerations

36: On 17 June, the stock of UK government bonds held for monetary policy purposes was £522 billion.

37: The following members of the Committee were present:

Andrew Bailey, Chair

Sarah Breeden

Swati Dhingra

Megan Greene

Clare Lombardelli

Catherine L Mann

Huw Pill

Dave Ramsden

Alan Taylor

Brian Bell was present as the Treasury representative.

Jonathan Bewes was present on 9 June, as an observer for the purpose of exercising oversight functions in his role as a member of the Bank’s Court of Directors.

The Bank of England Act 1998 gives the Bank of England operational responsibility for setting monetary policy to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The minutes of the Committee meeting ending on 29 July will be published on 30 July 2026.

Monetary Policy Committee voting history (XLSX 0.1MB)

Latest and upcoming MPC dates

Other Monetary Policy Committee news

News // News

18 June 2026

Transcript of the Governor's pooled broadcast...

Transcript of the Governor's pooled broadcast interview given on 18 June 2026

News // Monetary Policy Committee (MPC)

18 June 2026

Bank Rate maintained at 3.75% - June 2026...

Bank Rate maintained at 3.75% - June 2026 Monetary Policy Summary and Minutes

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17 June 2026

Announcement of the publication of the Governor's...

Announcement of the publication of the Governor's interview transcript

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30 April 2026

Bank Rate maintained at 3.75% - April 2026...

Bank Rate maintained at 3.75% - April 2026 Monetary Policy Summary and Minutes

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false

0001144879

2026-06-16

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

DC 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

June

16, 2026

(Date

of earliest event reported)

APPLIED

DIGITAL CORPORATION

(Exact

name of registrant as specified in its charter)

Nevada

001-31968

95-4863690

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

3811

Turtle Creek Boulevard , Suite 2100 , Dallas , Texas

75219

(Address

of principal executive offices)

(Zip

Code)

214 - 427-1704

(Registrant’s

telephone number, including area code)

N/A

(Former

name or former address, if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions ( see General Instruction A.2. below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐

Emerging growth company

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock

APLD

Nasdaq

Global Select Market

Item

1.01. Entry into a Material Definitive Agreement.

Senior

Secured Notes Offering

General

June 16, 2026, APLD ComputeCo 3 LLC (the “Issuer”), a subsidiary of Applied Digital Corporation (the “Company”

or “Applied Digital”), completed its previously announced private offering of 7.000% Senior Secured Notes due 2031 (the “notes”).

The notes were sold under a purchase agreement, dated as of June 9, 2026, entered into by and among the Issuer, the subsidiary guarantors

party thereto (the “Subsidiary Guarantors”) and Goldman Sachs & Co. LLC (“Goldman Sachs”) as the representative

(the “Representative”) of the several initial purchasers named in Schedule I thereto (the “Initial Purchasers”),

for resale to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933,

as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the

Securities Act. The aggregate principal amount of notes sold in the offering was $1.59 billion.

The

notes were issued at a price equal to 100.000% of their principal amount. The Issuer intends to use the net proceeds from the offering

to (i) fund the construction and associated expenses of 150 megawatts of critical IT load (“ELN-04”) at Polaris Forge 1,

Applied Digital’s AI Factory campus at Ellendale, North Dakota, (ii) repay the aggregate principal balance plus any accrued interest

under the Credit and Guaranty Agreement with Goldman Sachs Bank USA, as administrative agent and as collateral agent and the lenders

party thereto, which was provided as a bridge loan facility, (iii) fund debt service reserves, and (iv) pay transaction expenses.

Indenture

June 16, 2026, the Issuer, APLD HPC Holdings 2 LLC (the direct parent of the Issuer), and the Subsidiary Guarantors entered into an indenture

(the “Indenture”) with respect to the notes with Wilmington Trust, National Association, as trustee (the “Trustee”)

and collateral agent (the “Collateral Agent”). The notes are senior secured obligations of the Issuer and bear interest at

a rate of 7.000% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026.

The notes mature on June 15, 2031, unless earlier redeemed or repurchased in accordance with their terms. The principal amount of the

notes amortize on a semi-annual basis on June 15 and December 15 of each year (each, a “Payment Date”), beginning on the

first Payment Date following the final Commencement Date (as defined in the Indenture) which occurs with respect to all datacenter leases

in effect on the Issue Date (as defined in the Indenture), in amounts set forth in the Indenture. Required amortization is subject to

adjustment in case of partial redemption or repurchase or, in certain circumstances, the issuance of additional notes.

Redemption

or after June 15, 2028, the Issuer may redeem the notes at its option, in whole at any time or in part from time to time, at the redemption

prices set forth in the Indenture. Prior to June 15, 2028, the Issuer may redeem the notes at its option, in whole at any time or in

part from time to time, at a redemption price equal to 100% of the principal amount of the notes redeemed, plus a “make-whole”

premium and accrued and unpaid interest, if any. In addition, prior to June 15, 2028, the Issuer may redeem up to 40% of the aggregate

principal amount of the notes in an amount not to exceed the amount of the proceeds of certain equity offerings, at the redemption price

set forth in the Indenture, plus accrued and unpaid interest.

Certain

Covenants

The

Indenture limits the ability of the Issuer and the Subsidiary Guarantors to, among other things: (i) incur or guarantee additional indebtedness;

(ii) pay dividends or distributions on, or redeem or repurchase, capital stock and make other restricted payments; (iii) make certain

investments; (iv) create or incur liens; (v) consummate certain asset sales; (vi) enter into sale and lease back transactions; (vii)

hold assets or conduct operations unrelated to the operation of the Facilities and certain additional projects; (viii) engage in certain

transactions with its affiliates; and (ix) merge, consolidate or transfer or sell all or substantially all of its assets. These covenants

are subject to a number of important qualifications and exceptions as set forth in the Indenture. Additionally, upon the occurrence of

specified change of control events, the Issuer must offer to repurchase the notes at 101% of the principal amount, plus accrued and unpaid

interest, if any, to, but excluding, the purchase date. The Indenture also provides for customary events of default.

The

foregoing description of the Indenture and the notes does not purport to be complete and is qualified in its entirety by reference to

the full text of the Indenture (and the form of note included therein), a copy of which is filed with this Current Report on Form 8-K

as Exhibits 4.1 and 4.2 hereto and is hereby incorporated herein by reference.

Completion

Guarantee

The

Company has provided a customary completion guarantee with respect to each Project (as defined in the Indenture) related to the Facilities,

which requires the Company to provide the Issuer funds as necessary to ensure the completion of the Construction Period (as defined in

the Indenture) and, to the extent applicable under any respective datacenter lease, the occurrence of the Phase 1 Commencement Date under

and as defined in such datacenter lease prior to the applicable Outside Completion Date (as defined in such datacenter lease) subject

to any applicable extensions to such date pursuant to such datacenter lease, in the event that the proceeds of the notes and the available

funds (including previous equity contributions from the Company) are insufficient to do so.

Item

2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The

information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Forward

Looking Statements

Statements

in this Current Report on Form 8-K about future expectations, plans, and prospects, as well as any other statements regarding matters

that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation

Reform Act of 1995. These statements include, but are not limited to, the anticipated use of any proceeds from the offering, and the

terms of the notes. The words “anticipate,” “believe,” “continue,” “could,” “estimate,”

“expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,”

“should,” “target,” “will,” “would,” and similar expressions are intended to identify

forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially

from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to

market conditions, the other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form

10-K filed with the Securities and Exchange Commission (the “SEC”) on July 30, 2025 and the risks described in other filings

that the Company may make from time to time with the SEC. Any forward-looking statements contained in this Current Report on Form 8-K

speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether

as a result of new information, future events, or otherwise, except to the extent required by applicable law.

Item

9.01. Financial Statements and Exhibits.

(d)

Exhibits .

Exhibit

No.

Description

4.1

Indenture, dated as of June 16, 2026, among APLD ComputeCo 3 LLC, APLD HPC Holdings 2 LLC, the Subsidiary Guarantors as defined therein and Wilmington Trust, National Association, as trustee and collateral agent, relating to the 7.000% senior secured notes.

4.2

Form of Note representing the 7.000% Senior Secured Notes due 2031 (included as Exhibit A to Exhibit 4.1).

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Date:

June 16, 2026

APPLIED

DIGITAL CORPORATION

By:

/s/

Saidal Mohmand

Name:

Saidal

Mohmand

Title:

Chief

Financial Officer

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Marvell Announces CFO Transition

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标的：`MRVL`来源：Marvell Technology, Inc.发布日期：2026-06-11重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1086

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英文原文

Marvell Announces CFO Transition

June 11, 2026

Dan Durn Appointed Chief Financial Officer, Effective June 15, 2026

Reaffirms Second Quarter of Fiscal 2027 Financial Outlook

SANTA CLARA, Calif.--(BUSINESS WIRE)--

Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today announced the appointment of Dan Durn to Chief Financial Officer, effective June 15, 2026. In connection with the appointment, Dan resigned from Marvell’s Board of Directors effective June 10, 2026. As CFO, Dan succeeds Willem Meintjes, who will remain available in an advisory capacity through April 2027 to support a seamless transition.

Matt Murphy, Marvell’s Chairman and CEO, said, “Since I began my role as CEO a decade ago, Willem has been an integral part of Marvell, and his contributions have been instrumental to our strong financial and operational positions. Willem joined Marvell just a few weeks before me in 2016, and I leaned on him considerably, both early on and beyond. During his tenure, Willem helped build our finance organization from the ground up and served as a steady and trusted partner through some of the most consequential periods of growth and transformation in our history. The financial discipline and operational credibility we have today is in no small part a reflection of the work he put in year after year. I deeply appreciate Willem for his partnership and we all wish him well in his next chapter.”

Matt Murphy continued, “Having served on our board for the past two years, Dan intimately knows Marvell and its long-term growth strategy. He has also spent the majority of his career in the semiconductor industry, serving as CFO at GlobalFoundries, Freescale Semiconductor, NXP Semiconductors, and Applied Materials, and brings a level of industry-specific fluency that is rare. He understands how these businesses work, how they scale, and what it takes to lead finance through periods of significant growth. That depth of experience, combined with his understanding of the capital markets and operational demands of businesses at our scale, makes him well-suited to help us continue to win in what we believe is a once-in-a-generation AI infrastructure build-out.”

Dan Durn added, “I have long admired Marvell’s technology leadership and the critical role it plays at the center of the AI and data infrastructure ecosystem. I am excited to join the Marvell management team at such a dynamic moment for the Company and the industry. Together with Matt, Marvell leadership, and the finance organization, I look forward to driving continued growth and delivering value for shareholders and customers as Marvell accelerates its AI and data infrastructure strategy.”

Willem Meintjes said, “After 10 incredible years, I am moving on to spend more time with my family. Working closely alongside Matt and the entire Marvell finance organization has been one of the great privileges of my career, and I’m very proud of what this organization has built together. Dan brings outstanding credentials and a strong understanding of this business that will serve Marvell well. I look forward to supporting him and the team through this transition.”

Dan brings more than three decades of senior financial leadership across the semiconductor and enterprise technology sectors. Dan joins Marvell from Adobe Inc., where he served as Chief Financial Officer and Executive Vice President of Finance, Technology, Security and Operations from October 2021 to June 2026. Prior to Adobe, he served as Senior Vice President and Chief Financial Officer of Applied Materials, Inc. Earlier in his career, he served as Executive Vice President and Chief Financial Officer at NXP Semiconductors N.V. following its merger with Freescale Semiconductor, where he had previously held the role of Senior Vice President and Chief Financial Officer. Before Freescale, he served as Chief Financial Officer and Executive Vice President of Finance and Administration at GlobalFoundries Inc. Mr. Durn holds a Master of Business Administration in Finance from Columbia Business School and a Bachelor of Science in Control Systems Engineering from the U.S. Naval Academy, where he was commissioned as a naval officer and served for six years, reaching the rank of lieutenant.

Reaffirming Second Quarter of Fiscal 2027 Financial Outlook

The Company today also announced that it is reaffirming its financial outlook for the second quarter of fiscal 2027, as provided on May 27, 2026.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events, results or achievements, such as statements in this press release related to reaffirming our financial outlook for the second quarter of fiscal year 2027. Actual events, results or achievements may differ materially from those contemplated in this press release. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

About Marvell

To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 30 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud and carrier architectures transform—for the better.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260611364455/en/

Ashish Saran

Senior Vice President, Investor Relations

408-222-0777

ir@marvell.com

Source: Marvell Technology, Inc.

Released June 11, 2026

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欧洲央行2026年6月货币政策决定

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中文摘要

欧洲央行将三项关键利率均上调25个基点；存款便利、主要再融资和边际贷款便利利率自2026-06-17起分别为2.25%、2.40%和2.65%。
APP和PEPP组合继续缩减，因到期本金不再再投资。
欧元体系工作人员基线预测给出的总体通胀均值为2026年3.0%、2027年2.3%、2028年2.0%。

英文原文

Monetary policy decisions

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PRESS RELEASE

Monetary policy decisions

11 June 2026

The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term. In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points. The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook for the euro area.

In the baseline of the new Eurosystem staff projections, headline inflation is expected to average 3.0% in 2026, 2.3% in 2027 and 2.0% in 2028. For inflation excluding energy and food, the baseline foresees an average of 2.5% in 2026 and 2027 and 2.2% in 2028. Compared with March, staff have revised up their baseline projection for inflation in 2026 and 2027 owing to a higher path for energy prices, which, to some extent, is expected to feed into food, goods and services inflation. The baseline sees economic growth at an average of 0.8% in 2026, 1.2% in 2027 and 1.5% in 2028. This is a downward revision for 2026 and 2027, reflecting a more pronounced impact of the war on commodity markets, real incomes and confidence.

The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth. The full implications of the war for medium-term inflation and growth will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect and second-round effects. This uncertainty is also reflected in the broad range of outcomes for inflation and growth in the updated illustrative scenarios put together by Eurosystem staff. These will be published with the staff projections on the ECB’s website.

With today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the war. It will closely monitor the situation and follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.

Key ECB interest rates

The Governing Council decided to raise the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be increased to 2.25%, 2.40% and 2.65% respectively, with effect from 17 June 2026.

Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)

The APP and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.

***

The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its 2% target in the medium term and to preserve the smooth functioning of monetary policy transmission. Moreover, the Transmission Protection Instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the Governing Council to more effectively deliver on its price stability mandate.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.

European Central Bank

Directorate General Communications

Sonnemannstrasse 20

60314 Frankfurt am Main, Germany

+49 69 1344 7455

media@ecb.europa.eu

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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

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标的：`FTXL`来源：Zacks发布日期：2026-06-05重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：897

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英文原文

Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat

Aparajita Dutta

June 5, 2026 4 min read

AVGO

-5.03%

SOXQ

-4.27%

SOXX

-4.46%

-3.70%

FTXL

-4.80%

Shares of Broadcom Inc. AVGO plunged nearly 13% on June 4, 2026, despite the company announcing upbeat second-quarter fiscal 2026 results. The tech giant's infrastructure software revenues totaled $7.18 billion and grew 9% year over year, but fell short of analysts' expectations of $7.32 billion (as cited in CNBC). This shortfall may have weighed on investor sentiment and was reflected in the chipmaker's decline in the latest trading session.

This may encourage investors seeking exposure to AVGO to consider buying on the dip, particularly as the company's AI semiconductor revenues are expected to exceed $100 billion in fiscal 2027.

However, single-stock investing inherently exposes your portfolio to concentrated corporate vulnerabilities. In the case of AVGO, the explosive growth of its custom AI application-specific integrated circuit (ASIC) business comes with a distinct catch: lower profit margins. Notably, the company's fiscal second-quarter gross margin suffered a loss of 230 basis points year over year, primarily owing to its semiconductor business.

This margin pressure, compounded by slowing growth in the highly profitable infrastructure software segment that missed Wall Street expectations, threatens the cash-generating engine that supports Broadcom's capital-intensive AI strategy.

For investors looking to capitalize on AVGO's better-than-expected revenue growth from its AI business without being fully exposed to the company-specific challenges, a more prudent strategy would be to invest in semiconductor exchange-traded funds (ETFs) with significant exposure to this chipmaker. This approach should help mitigate risks from customer concentration, such as Broadcom's reliance on a handful of hyperscale clients, or geopolitical factors like recent government scrutiny of its customer Anthropic.

But before diving straight into these ETFs, let us review AVGO's overall performance in the fiscal second quarter.

A Brief Analysis of AVGO's Q2 Results

Broadcom's second-quarter fiscal 2026 adjusted earnings per share surpassed the Zacks Consensus Estimate by 1.7%, while its revenues beat the consensus mark by a whisker.

Its AI revenues more than doubled on a year-over-year basis.

AVGO ended the fiscal second quarter with an inventory of $3.4 billion as it continued to secure components to support strong AI demand.

Its Semiconductor Solutions segment registered record revenues worth $15 billion, which reflected a 79% year-on-year growth driven by AI.

AVGO expects to generate infrastructure software revenues of approximately $8.9 billion in the fiscal third quarter, suggesting an improvement of 31% year over year.

Story Continues

The company expects its AI revenues to triple in the fiscal third quarter to $16 billion, falling short of Wall Street's consensus forecast of approximately $17.2 billion.

However, AVGO expects its quarterly gross margin to shrink to 74%.

As Broadcom seeks to deliver high-performance compute capacity at the lowest possible cost and power consumption for leading AI frontier labs, including Anthropic and OpenAI, it is developing the AI XPV platform with Apollo, Blackstone and other major investors with the aim to deploy more than 20 gigawatts of compute capacity by 2028.

Broadcom-Heavy ETFs to Buy

Invesco PHLX Semiconductor ETF SOXQ

This fund, with a market value worth $2.63 billion, offers exposure to the 31 largest U.S.-listed securities of companies engaged in the semiconductor business. Of these, AVGO holds the fourth spot, with a 7.76% share of the fund.

SOXQ has surged 92.3% year to date. The fund charges 19 basis points (bps) as fees and sports a Zacks ETF Rank #1 (Strong Buy). It traded at a good volume of 4.79 million shares in the last trading session.

VanEck Semiconductor ETF SMH

This fund, with net assets worth $71.71 billion, provides exposure to 26 companies involved in semiconductor production and equipment. Of these, AVGO holds the sixth spot, with a 6.44% share of the fund.

SMH has soared 74.3% year to date. The fund charges 35 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 10.40 million shares in the last trading session.

iShares Semiconductor ETF SOXX

This fund, with net assets worth $40.47 billion, offers exposure to 30 U.S. companies that design, manufacture, and distribute semiconductors. Of these, AVGO holds the fourth spot, with a 6.11% share of the fund.

SOXX has skyrocketed 100.1% year to date. The fund charges 34 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 11.41 million shares in the last trading session.

First Trust NASDAQ Semiconductor ETF FTXL

This fund, with net assets worth $2.66 billion, provides exposure to 34 U.S. semiconductor companies. Of these, AVGO holds the fifth spot, with a 5.94% share of the fund.

FTXL has skyrocketed 110.8% year to date. The fund charges 60 bps as fees and sports a Zacks ETF Rank 1. It traded at a volume of 0.21 million shares in the last trading session.

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News Releases - USA Rare Earth

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News Releases - USA Rare Earth

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News Releases

Jul 14, 2026

USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility

Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries Broadens Company’s feedstock options to include

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Jun 19, 2026

USA Rare Earth to Present at the J.P. Morgan Natural Resources Conference

STILLWATER, Okla., June 19, 2026 (GLOBE NEWSWIRE) -- On June 23, 2026, William Robert Steele Jr., the Chief Financial Officer of USA Rare Earth, Inc. (the “Company”), will be presenting at the J.P. Morgan Natural Resources Conference at 10:55 a.m. Eastern Time.

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Jun 15, 2026

USA Rare Earth Commissions Hydrometallurgical Demonstration Facility, Targeting Heavy Rare Earth Oxide Production in Third Quarter 2026

Expected to position USA Rare Earth among the few companies outside China capable of producing separated heavy rare earth oxides — including dysprosium, terbium and yttrium Extends the Company’s integrated platform of proprietary technology and capabilities spanning mining, processing and

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Jun 03, 2026

USA Rare Earth Finalizes Definitive Agreements with U.S. Department of Commerce, Unlocking Access to Up to $1.6 Billion to Advance the Leading Rare Earth Value Chain

Definitive Agreements Trigger Access to Up to $277 Million in Federal Funding and Up to $1.3 Billion in CHIPS Senior Secured Loan Capacity to advance the only vertically integrated rare earth company in the U.S. across domestic heavy rare earth mining, processing and separation, metal, and magnet

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Jun 02, 2026

USA Rare Earth Selects Cherokee County, South Carolina for New Rare Earth Metal and Magnet Manufacturing Operation

Blacksburg facility expected to create about 490 high-skill, high-wage manufacturing jobs and significantly expand the Company’s global mine to magnet value chain By choosing South Carolina, USA Rare Earth is expected to have access to a robust incentives package including grants, tax credits and

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Jun 01, 2026

USA Rare Earth to Present at the William Blair 46th Annual Growth Stock Conference

STILLWATER, Okla., June 01, 2026 (GLOBE NEWSWIRE) -- On June 2, 2026, William Robert Steele Jr., the Chief Financial Officer of USA Rare Earth, Inc. (the “Company”), will be presenting at the William Blair 46 th Annual Growth Stock Conference at 11:20 a.m. Central Time.

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Jun 01, 2026

USA Rare Earth Expands Commitment to France with Plans for Additional Investment in the French Rare Earth Ecosystem

This planned investment would support the accelerated growth of the French separation, metal, alloy and magnet making ecosystem PARIS, June 01, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (the “Company”), today announced that it intends to expand its metal, alloy and magnet making

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May 28, 2026

USA Rare Earth’s Chief Global Policy Officer Gregory Bowman Appointed to Department of War’s Science, Technology and Innovation Board

STILLWATER, Okla., May 28, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (“USAR” or the “Company”), a rare earth, critical minerals and advanced materials company, today announced that Gregory Bowman, Chief Global Policy Officer, has been appointed to the U.S.

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May 21, 2026

USA Rare Earth Selected for U.S. Department of Energy Funding Under Critical Materials Innovation Program

Up to $19.3 million in federal funding to support pilot-scale rare earth element separation development STILLWATER, Okla., May 21, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USAR” or the “Company”) today announced that the U.S. Department of Energy (“DOE”) has selected it to

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May 13, 2026

USA Rare Earth Reports First Quarter 2026 Financial Results

STILLWATER, Okla., May 13, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (the Company), an emerging global leader in rare earths, today announced its financial and operational results for the first quarter ended March 31, 2026. Executive Commentary “The first quarter of 2026 was a

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GlobalFoundries joins U.S. Department of Energy's Genesis Mission as industry partner | GlobalFoundries Inc.

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GlobalFoundries joins U.S. Department of Energy's Genesis Mission as industry partner | GlobalFoundries Inc.

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GlobalFoundries joins U.S. Department of Energy's Genesis Mission as industry partner

June 3, 2026

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Partnership paves the way to pair AI-enabled semiconductor design with GF's U.S. manufacturing platform to bridge the gap from research to prototype for next-generation computing initiatives

MALTA, N.Y., June 03, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) today announced a strategic partnership with the U.S. Department of Energy's Genesis Mission, the department's initiative to accelerate scientific discovery through artificial intelligence and advanced computing.

Through the agreement, GF will open its U.S. manufacturing platform and design enablement resources to Genesis Mission researchers — giving the nation's National Laboratories, universities, industry partners and startups a direct path from AI-enabled chip design to working prototype silicon. GF Labs, the company's frontier research and development organization, will lead collaboration with the Genesis Mission.

Progress in AI and advanced computing depends on more than algorithms and ideas; it depends on the ability to turn them into devices. As a semiconductor manufacturing engine accelerating America's technology leadership, GF brings the manufacturing capacity and design enablement that connect three communities — the National Labs, universities and industry — around a shared path from concept to silicon.

"American science is generating extraordinary ideas in AI and advanced computing. What's been missing is the bridge from lab to fab," said Tom Caulfield, executive chairman of GlobalFoundries. "By bringing our U.S. manufacturing platform, our PDKs and our multi-project wafer program to the Genesis Mission, we can give researchers a real path from concept to working silicon — and help the National Labs, universities and industry pull in the same direction."

Areas of collaboration

Working through GF Labs, the partnership contemplates cooperation in several areas of mutual interest, including:

AI-enabled semiconductor design

Access to GF technology platforms, including process design kits, device models and design enablement resources for Genesis Mission-supported research teams.

Prototype fabrication through GF's multi-project wafer program, giving researchers a manufacturable route from design to silicon.

Support for the translation of research outputs into functional prototypes and pre-commercial designs.

Advancement of next-generation technologies, including silicon photonics for data centers and quantum computing for quantum-systems discovery.

About the Genesis Mission

The Genesis Mission is a U.S. Department of Energy initiative, led by the Under Secretary for Science, to accelerate scientific discovery through artificial intelligence and advanced computing. Industry partners contribute technical expertise, capabilities and infrastructure to advance the mission's objectives in partnership with the national laboratories and the academic research community.

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Should You Invest in the Invesco Semiconductors ETF (PSI)?

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Should You Invest in the Invesco Semiconductors ETF (PSI)?

Should You Invest in the Invesco Semiconductors ETF (PSI)? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

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Launched on June 23, 2005, the Invesco Semiconductors ETF (PSI) is a passively managed exchange traded fund designed to provide a broad exposure to the Technology - Semiconductors segment of the equity market.

While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.

Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 1, placing it in top 6%.

Index Details

The fund is sponsored by Invesco. It has amassed assets over $2.54 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.

Costs

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.05%.

Sector Exposure and Top Holdings

ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.

Looking at individual holdings, Kla Corp (KLAC) accounts for about 5.28% of total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.23% of total assets under management.

Performance and Risk

The ETF has added about 94.82% and is up about 201.85% so far this year and in the past one year (as of 06/02/2026), respectively. PSI has traded between $53.08 and $161.63 during this last 52-week period.

Story Continues

The ETF has a beta of 1.78 and standard deviation of 37.59% for the trailing three-year period, making it a high risk choice in the space. With about 32 holdings, it has more concentrated exposure than peers.

Alternatives

Invesco Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.

Bottom Line

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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?

Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? · Zacks

Zacks Equity Research

June 2, 2026 3 min read

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A smart beta exchange traded fund, the First Trust NASDAQ Semiconductor ETF (FTXL) debuted on 09/20/2016, and offers broad exposure to the Technology ETFs category of the market.

What Are Smart Beta ETFs?

For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.

A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.

There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.

Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.

While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.

Fund Sponsor & Index

FTXL is managed by First Trust Advisors, and this fund has amassed over $2.5 billion, which makes it one of the larger ETFs in the Technology ETFs. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.

The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.

Cost & Other Expenses

When considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.

Operating expenses on an annual basis are 0.60% for this ETF, which makes it on par with most peer products in the space.

FTXL's 12-month trailing dividend yield is 0.13%.

Sector Exposure and Top Holdings

ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.

When you look at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of the fund's total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).

Story Continues

Its top 10 holdings account for approximately 60.46% of FTXL's total assets under management.

Performance and Risk

Year-to-date, the First Trust NASDAQ Semiconductor ETF return is roughly 100.06% so far, and was up about 215.43% over the last 12 months (as of 06/02/2026). FTXL has traded between $86.19 $262.95 in this past 52-week period.

The ETF has a beta of 1.69 and standard deviation of 35.67% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers .

Alternatives

First Trust NASDAQ Semiconductor ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

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标的：`PSI`来源：24/7 Wall St.发布日期：2026-05-31重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1484

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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names

Austin Smith

June 1, 2026 8 min read

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Quick Read

Invesco Semiconductors ETF (PSI) gained 104.96% from Dec 31, 2025 to May 26, 2026, dramatically outperforming the S&P 500's 10.07% and iShares Semiconductor ETF's 89.42% due to its equal-weight structure holding 3.86% in Nvidia instead of the typical megacap concentration, with top holdings in Micron Technology (MU), Lam Research (LRCX), and Intel (INTC) that benefited from surging memory chip pricing and semiconductor capital equipment spending.

PSI's exceptional 2026 performance reflected the broadening of AI capital spending beyond megacap GPU designers to memory makers and equipment suppliers, a structural tailwind that is already largely priced in at current valuations, making future gains dependent on sustained memory pricing strength and hyperscaler capex momentum.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

A $10,000 position in Invesco Semiconductors ETF ( NASDAQ:PSI ) on the last trading day of 2025 was worth ~$20,496 by the close on May 26, 2026, and that is the kind of arithmetic that ruins dinner parties. Your brother-in-law at Goldman is up 10.07% in the S&P 500. Your friend who only buys the Nasdaq 100 through Invesco QQQ Trust ( NASDAQ:QQQ ) is up 18.88%. The hedge fund manager at the end of the table, the one who keeps mentioning his Sharpe ratio, is somewhere in between. And the cheapest, most boring sleeve of a semiconductor ETF that almost nobody at those tables holds is up 104.96% in not quite five months.

That is the headline. The mechanism is the more interesting part, and so is the question of whether a reader who shows up to the chart in late May 2026 is buying the same setup or a much more expensive version of it.

The Arithmetic, On A Specific Day, In Plain Dollars

PSI opened 2026 at an adjusted price of $78.86 on the December 31, 2025 close. It traded at $161.63 on the May 26, 2026 close, including a 5.13% single-session move on the way there. So $10,000 became ~$20,496, or roughly a double in ~100 trading days. That is total return on an adjusted basis. The figure does not require a cherry-picked entry inside the window, because the window starts on the calendar year boundary. It is the boring, defensible version of the headline.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

Stretch the lens out and the picture is louder. PSI is up 217.23% over the trailing year, 298.59% over five years, and 1,793.3% over ten. The Motley Fool ran the numbers in late 2025 and noted that $100 invested ten years ago was worth ~$920 today, an 820% total return versus the S&P 500's 233%. None of this is leverage. PSI is a plain, unlevered, fully invested basket.

Story Continues

The benchmark comparison is what gives the 2026 number its edge. iShares Semiconductor ETF ( NASDAQ:SOXX ), the cap-weighted competitor most institutions actually own, is up 89.42% year to date. That is an enormous number on its own. PSI still has ~15 percentage points on it. Against the S&P 500 the gap is closer to 95 percentage points. There are not many active equity funds in the world that are going to print that kind of relative number in 2026, which is the reason the title of the article uses the phrase it uses.

Why PSI And Not One Of The Famous Semi ETFs

The mechanism here is mostly one structural choice. PSI equal-weights ~30 semiconductor companies tracked through the Dynamic Semiconductor Intellidex Index. Cap-weighted funds like SOXX and the VanEck Semiconductor ETF lean hard on the largest two or three names, which in practice means a very large slug of the two biggest megacap chip designers does most of the work. PSI carries only 3.86% in NVIDIA, which sounds like a handicap until you notice what 2026 has actually rewarded.

Memory chips and semiconductor capital equipment. Those are the two pockets the equal weight forces you into, and they are the two pockets that PineBridge and others spent the late-2025 outlook season flagging. PineBridge's 2026 equity piece called out a rebound in memory and continued investments in advanced logic, with wafer fabrication equipment spending expected to rise on the back of those two threads. PSI's top weights have sat on Micron Technology, Lam Research, and Intel, which is to say, the memory cycle and the "pick and shovel" toolmakers. When those two pockets run, an equal-weight semis ETF outruns a cap-weighted one because the cap-weighted one is mostly concentrated in the single largest GPU designer.

The second piece of the mechanism is the AI capex story finally broadening out from the obvious winners. JPMorgan's 2026 outlook framed it directly, with tech sectors accounting for 36% of S&P 500 earnings and 56% of the index's capital spending growth over the last 12 months. That spending is not staying inside the megacap GPU designer. It is flowing to the people who build the memory, the etch tools, the deposition tools, the test equipment, and the specialty foundries. PSI's TradingView writeup in late April flagged a 182.6% surge from its 52-week low, attributing the run to the AI boom and the domestic chip production push. A Tower Semiconductor holding inside the basket was up 444% on a 12-month basis on the strength of defense radar and supply-chain reshoring work.

So the engine is identifiable. Equal weight plus a sector tailwind that rewards the second and third tier of names more than the megacap. The expense ratio is 0.56%, AUM is ~$1.29 billion, and the beta is 1.58. None of those numbers are unusual for the category. The performance came from holdings.

What A Reader Buying In Late May 2026 Is Actually Buying

This is the part the dinner-party victory lap leaves out. PSI rose 13% in the past week and 19.85% in the past month. SOXX rose 14.77% in the past week. Anything moving that fast is pricing in a lot of forward good news before the news lands. Morningstar's 2026 outlook tracks its Global Next Generation AI Index against fair value and notes the index sits above fair value, having ranged from 74% to 114% of fair value since 2023. An Intellectia AI valuation note from early April put PSI itself in the "fair" zone based on forward P/S ratio versus its 5-year average, with the caveat that the level "seems unsustainable despite strong revenue growth." That was 47 dollars ago on the chart.

The conditions that produced the run are mostly still in place. Wafer fab equipment spending is still expected to grow. Memory pricing has not rolled. The reshoring story still has years of capex behind it. PineBridge's view of ~25% annual growth in datacenter equipment for the next four to five years, anchored to electrical infrastructure constraints, is the kind of structural call that has held up across multiple outlook cycles. The setup is intact. It is also a lot more expensive than it was on January 2.

Three indicators are worth watching from here, all of them observable without a Bloomberg terminal. First, the memory pricing tape, because contract DRAM and NAND pricing from the largest US memory maker is what makes the largest single weight in PSI move. Second, the quarterly capex guidance from the hyperscalers and from TSMC, because that capex is the order book for the major wafer fab equipment toolmakers. Third, the Philadelphia Semiconductor Index, which is what SOXX is built around, because if SOXX rolls, PSI is going to roll harder given its higher beta. Vanguard's 2026 piece flagged that AI investment's outsized contribution to economic growth represents the key risk factor in 2026, which is a polite way of saying that if AI capex blinks, semis blink first.

The honest read is that PSI's 2026 was earned, and that the mechanism is identifiable and largely structural. The fund did exactly what it was built to do during a regime that happened to suit it. That is the durable part. The part that will not repeat on the same scale is the starting price. You can still own the mechanism. You cannot still own the entry. Watch memory pricing and watch hyperscaler capex, because that is where the next leg, up or down, is going to show up first.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .

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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

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标的：`FTXL`来源：24/7 Wall St.发布日期：2026-05-29重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1255

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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade

David Beren

May 29, 2026 6 min read

-3.70%

ASML.AS

+3.16%

LRCX

-4.31%

SOXX

-4.46%

FTXL

-4.80%

Quick Read

iShares Semiconductor ETF (SOXX) tracks 30 U.S.-listed chip stocks with a 0.34% expense ratio and returned 87% year-to-date by capturing broad supplier exposure to the AI capex cycle; VanEck Semiconductor ETF (SMH) concentrates on 25 names including Taiwan Semi (9%), ASML, and Lam Research with 4% Netherlands and 9% Taiwan exposure, returning 65% year-to-date; First Trust Nasdaq Semiconductor ETF (FTXL) uses factor-weighted screening to emphasize semicap equipment and memory stocks including Micron and Credo, returning 99% year-to-date at a 0.60% fee with $1.48B in assets.

Hyperscaler AI capital spending projected near 25% annual growth through 2030 is distributing dollars across the semiconductor supply chain from chip designers to foundries to lithography equipment makers, and each ETF captures different layers of this structural shift.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .

After three years of hyperscaler capital spending feeding through to chip designers, foundry capacity, and lithography backlogs, the semiconductor ETF complex has separated into distinct buckets. iShares Semiconductor ETF ( NASDAQ:SOXX ), VanEck Semiconductor ETF ( NASDAQ:SMH ), and First Trust Nasdaq Semiconductor ETF ( NASDAQ:FTXL ) are the three broad U.S.-listed vehicles that capture the trade in clean, liquid form. They differ in construction, and that difference has produced a wide spread in performance during the current cycle.

Goldman Sachs Asset Management's 2026 outlook frames the backdrop bluntly: the AI capex boom is "driving business and investment activity" while the rest of the U.S. economy softens. PineBridge and MetLife describe datacenter equipment growth as "essentially locked in for the next four to five years" with annual growth near 25%. That is the structural setup behind the three funds below.

SOXX: The Largest, Broadest Way to Own the Cycle

SOXX tracks the NYSE Semiconductor Index, a modified market-cap weighted basket of 30 U.S.-listed chip names. The investment logic is straightforward: AI capex is a flow of dollars moving from a small group of hyperscalers to a wide set of suppliers, and SOXX owns enough of that supplier base to capture the cycle without making a single-name bet. The fund's expense ratio runs at 0.34%, with the fact sheet referenced as of March 2026.

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The modified weighting matters, as a pure cap weighting would allow NVIDIA to dominate to a degree that resembles holding a single stock. The cap on top names spreads exposure into equipment makers and analog franchises that benefit from the same capex wave through a different mechanism. On the positive side, SOXX is up roughly 87% year-to-date and 180% over the trailing year, mirroring the trajectory of hyperscaler order books since the deepseek-driven reset early last year.

The trade-off: SOXX is U.S.-listed only, so there is no direct exposure to ASML or TSMC. However, investors who view the lithography and foundry layers as the truest bottleneck in the AI buildout will find that exclusion meaningful.

SMH: Concentrated Exposure to the Choke Points

SMH tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index and holds 25 names. The fund carries $6.3 billion in net assets with an expense ratio of 0.35%. The point of owning SMH rather than SOXX is the willingness to let the largest, most capacity-constrained companies drive returns.

The top holdings as of May 27, 2026, are NVIDIA at 16%, Taiwan Semi at 9%, Intel at 8%, Advanced Micro Devices at 7%, and Broadcom at 7%. Micron sits at 6%. Equipment names, including ASML, Lam Research, and Applied Materials, make up around 12% of the fund. Geographically, about 4% sits in the Netherlands and 9% in Taiwan, reflecting exposure to the foundry and lithography links of the chain that SOXX skips.

As it stands, SMH returned 65% year-to-date and 152% over one year, lagging SOXX in 2026, but the lag tracks the way capital has rotated within the cycle. Memory and equipment names have outrun the largest cap-weighted incumbents over the past several months, and SMH's heavier top-5 concentration has worked against it during that rotation. As Eric Jhonsa put it on a recent podcast, "demand keeps staying ahead of supply" , which has favored capacity providers over the design layer.

The trade-off is concentration: a bad quarter from AMD or Broadcom moves SMH in a way it would not move SOXX, and international tickers add a second layer of geopolitical sensitivity around Taiwan and export controls.

FTXL: The Smart-Beta Outsider That Has Quietly Led the Group

FTXL represents our value play here. This fund tracks Nasdaq's unique AlphaDEX index, which ranks chip stocks by growth, value, and momentum metrics and then groups them into tier-weighted buckets. Its structural management fee sits right at 0.60%, marking it the costliest option among these choices. According to its latest official regulatory filing, the product managed roughly $1.48 billion in total investor assets as of the close of March.

That construction is what makes FTXL relevant to the AI capex theme rather than a generic diversified bet. The factor screen pulls in semicap equipment, memory, and connectivity names at weightings that the cap-weighted indexes underemphasize. As of March 31, 2026, top positions included NVIDIA at 8%, Intel at 8%, Broadcom at 8%, Qualcomm at 8%, and Micron at 7%. The portfolio extends to 34 holdings, including KLA, Marvell, ON Semiconductor, Astera Labs, and Credo, names that benefit from datacenter interconnect and advanced packaging spend.

The performance has been a surprise to the group. FTXL returned 99% year-to-date and 219% over the trailing 12 months. Memory rebound, semicap order strength, and recovery in second-tier analog names have all rewarded the factor tilt. That outperformance does not annualize cleanly into a thesis, and the fund's smaller AUM and 0.60% fee are real costs.

The tradeoff: factor methodologies rebalance on a schedule, which can mean trimming winners that the cap-weighted indexes keep riding. FTXL also concentrates on roughly the same names as SOXX and SMH at the top, so the diversification benefit is structural rather than dramatic.

Choosing Between the Three

The decision rests on which part of the AI capex chain an investor wants exposure to. SOXX is the default broad vehicle, leaning toward U.S.-listed designers and integrated manufacturers, and the largest pool of capital. SMH provides direct exposure to the foundry and lithography sectors through TSMC and ASML, with a concentration that cuts both ways. FTXL leans into semicap equipment, memory, and emerging interconnect names through a factor screen, with a higher fee and a smaller asset base, but a 2026 return profile that has run ahead of the two larger funds.

NVIDIA's own framing, that AI capex grows "3x to 4x" by the end of the decade, sets a long runway. Each of these three funds expresses a different view on which part of that spending compounds fastest.

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The Most-Compared ETFs Right Now — And What They Reveal

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标的：`FTXL`来源：etf.com发布日期：2026-05-28重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1127

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The Most-Compared ETFs Right Now — And What They Reveal

ETF.com Staff

May 29, 2026 6 min read

-1.64%

SOXL

-13.94%

balance Every month, tens of thousands of investors come to ETF.com not to read about ETFs—but to compare them head to head. The ETF Comparison Tool lets users stack any two (or three) funds side by side across costs, performance, holdings, and flows. Over the last 28 days, 96,861 users ran a pure ticker-vs-ticker comparison on our tool. What they searched tells a story about where investor attention—and anxiety—is right now.

Semiconductors Are the Runaway #1 Theme

Nothing comes close. The single most-searched matchup on the entire site is SMH vs. SOXX , with 2,478 active users—more than double the next most popular pair. Semiconductor ETFs dominate the top of the list in a way no other category does.

The matchup map is deep: SMH vs. QQQ (1,153 users), SMH vs. SOXQ (896), SOXQ vs. SOXX (708), QQQ vs. SOXX (367), SOXL vs. SOXX (367), SMH vs. CHPS (193), DRAM vs. SMH (151). When you add up every comparison that includes a semiconductor ETF, it's the most-trafficked category on the tool by a wide margin—likely north of 9,000 users in the period.

The debate isn't just VanEck vs. iShares. Investors are drilling down: broad semis vs. leveraged semis, pure-play chip designers vs. the full supply chain, large-cap leaders vs. smaller names in PSI and FTXL . The semiconductor trade is alive, contested, and highly researched.

The Growth ETF Wars

The second biggest storyline is a four-way fight between SCHG , VUG , QQQM , and QQQ . Investors are trying to figure out which growth ETF deserves the core slot in their portfolio—and they're not finding an obvious answer.

SCHG vs. QQQM drew 917 users. QQQM vs. VGT pulled 809. QQQ vs. VUG got 743. VUG vs. QQQM attracted 717. SCHG vs. VUG : 620. VUG vs. VGT : 587. QQQ vs. VGT : 581. The three-way matchup VUG vs. QQQM vs. SCHG added another 459.

What's notable is how often SCHG appears. Schwab's large-cap growth fund has quietly become a serious challenger to QQQ for cost-conscious investors, and the comparison traffic reflects that. SCHG 's 0.04% expense ratio versus QQQ 's 0.20% is a conversation that 2,000+ users a month are actively having.

Core Portfolio Fundamentals Still Drive Volume

Amid all the thematic excitement, the bread-and-butter comparisons remain extremely popular. QQQ vs. SPY (771 users), VTI vs. VOO (706), IVV vs. VOO (587), QQQ vs. VOO (583), SPY vs. IVV (566)—these are the "which foundational ETF should I own" questions that never go out of style.

The QQQ vs. QQQM comparison (629 users) deserves special mention. These are essentially the same index at different price points, but investors are clearly still working through whether the switch makes sense for their situation. At this volume, it's one of the most practically useful comparisons on the tool.

Story Continues

Nuclear Energy: The Sleeper Hit

One of the more surprising findings in the data is how actively investors are researching uranium and nuclear ETFs. URA vs. NLR drew 459 users—more than many mainstream equity matchups. NLR vs. URNM pulled 355. URA vs. URNM : 291. URNM vs. URA : 168. NLR vs. URA : 143. URNJ vs. URNM : 80.

That's a niche category generating well over 1,500 comparison sessions. For a theme most investors couldn't have named three years ago, nuclear is getting serious due diligence. The nuances matter to this crowd: physical uranium vs. uranium miners, pure-play vs. diversified nuclear, large producers vs. junior miners.

Momentum Has a Moment

SPMO —Invesco's S&P 500 Momentum ETF—appears in six different matchups across the top of the data. VOO vs. SPMO (570), QQQ vs. SPMO (569), QQQM vs. SPMO (538), VGT vs. SPMO (288), SPY vs. RSP (567). Investors are stress-testing momentum against their core holdings, asking whether chasing factor performance makes sense at this point in the cycle.

The RSP comparison is a related tell: equal-weight vs. cap-weight (567 users) is a question that resurfaces whenever concentration risk is on investors' minds. When the top 10 names in the S&P 500 account for a record share of the index, the equal-weight alternative starts looking interesting—at least interesting enough to compare.

AI and Robotics: Still Being Figured Out

The AI ETF category is generating real comparison traffic, but the matchups suggest investors are still sorting out which funds belong in which bucket. AIQ vs. BOTZ: 512 users. BOTZ vs. ARKQ: 330. BOTZ vs. ROBO: 253. BOTZ vs. AIQ: 185. AIQ vs. CHAT: 267. IRBO vs. BOTZ: 131.

BOTZ shows up as the reference point—the ETF everyone else gets compared to. But the high volume across multiple AI/robotics pairs suggests this is a category where investors haven't landed on a consensus pick. That's an opportunity for editorial clarity.

Defense Goes Mainstream

Defense ETF comparisons spiked in ways consistent with investors responding to geopolitical headlines. XAR vs. PPA: 253 users. XAR vs. ITA: 196. SHLD vs. ITA: 185. PPA vs. ITA: 133. These aren't abstract research queries—they read like investors actively deciding where to put new money in a sector they've recently decided to own.

Space ETFs show up nearby: UFO vs. ARKX (352), NASA vs. UFO (111), UFO vs. ROKT (68). The overlap with defense themes—several space ETFs hold significant aerospace and defense names—suggests some investors are treating the two categories as adjacent bets.

Cash and Short-Duration Bonds: Not Going Anywhere

Despite rate cut expectations, investors are still actively comparing their cash-parking options. TBIL vs. SGOV : 384 users. SGOV vs. BIL : 319. VBIL vs. SGOV : 296. BOXX vs. SGOV : 139. BIL vs. SGOV : 79.

The BOXX comparison is notable—it signals that some investors are now aware of the more exotic cash-management structures and are doing genuine due diligence on them. The T-bill ETF category has matured from a novelty into a crowded, actively-researched space.

What the Data Tells Us

Taken together, the comparison traffic over the last 28 days paints a picture of an investor base that is engaged, specific, and often ahead of the mainstream narrative. Semiconductors are being researched at a depth that goes well beyond "I want chip exposure." Growth ETFs are being evaluated on cost and construction, not just performance. Nuclear energy has graduated from talking point to portfolio consideration.

The comparison tool is, in a sense, a live map of investor decision-making—not what people bought, but what they were thinking about buying. Right now, they're thinking hard about chips, growth factors, nuclear power, and momentum. We'll keep tracking it.

Find other ETF Comparisons using ETF.com's ETF Comparison Tool

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Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

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标的：`MRVL`来源：Marvell Technology, Inc.发布日期：2026-05-27重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：4404

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Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2027 Financial Results

May 27, 2026

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Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

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标的：`FTXL`来源：Zacks发布日期：2026-05-19重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：652

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Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?

Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? · Zacks

Zacks Equity Research

May 19, 2026 3 min read

FTXL

-4.80%

Looking for broad exposure to the Technology - Semiconductors segment of the equity market? You should consider the First Trust NASDAQ Semiconductor ETF (FTXL), a passively managed exchange traded fund launched on September 20, 2016.

Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.

Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.

Index Details

The fund is sponsored by First Trust Advisors. It has amassed assets over $2.19 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.

The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.

Costs

Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.

Annual operating expenses for this ETF are 0.6%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.15%.

Sector Exposure and Top Holdings

While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.

Looking at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).

The top 10 holdings account for about 60.46% of total assets under management.

Performance and Risk

The ETF return is roughly 77.34% so far this year and was up about 169.1% in the last one year (as of 05/19/2026). In that past 52-week period, it has traded between $81.51 and $248.97.

The ETF has a beta of 1.69 and standard deviation of 35.66% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers.

Story Continues

Alternatives

First Trust NASDAQ Semiconductor ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FTXL is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $32.51 billion in assets, VanEck Semiconductor ETF has $60.42 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.

Bottom Line

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First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports

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Data center server energy use grows across the commercial building stock - U.S. Energy Information Administration (EIA)

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来源：@EIAgov发布日期：2026-05-19重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：670

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Data center server energy use grows across the commercial building stock - U.S. Energy Information Administration (EIA)

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Data center server energy use grows across the commercial building stock

Data source: U.S. Energy Information Administration, Annual Energy Outlook 2026 (AEO2026) Counterfactual Baseline and High Electricity Demand cases

In the Annual Energy Outlook 2026 (AEO2026), our long-term outlook, we project electricity consumed by data center servers will increase across the commercial building stock, increasing more in standalone data centers than in all other data center rooms combined. By 2050, server consumption alone reaches between 446 billion kilowatthours (BkWh) and 818 billion BkWh. The highest end of the range reflects faster growth in server power draw and installed stock in our High Electricity Demand case. Standalone data centers are represented in the other buildings category, where we project servers will consume 581 BkWh of electricity in 2050 in our High Electricity Demand case. Across all cases, servers alone accounted for an estimated 7% of commercial sector electricity consumption in 2025. Data center server electricity use grows to 22%–33% of commercial building electricity use by 2050 across our cases.

Data source: U.S. Energy Information Administration, Commercial Buildings Energy Consumption Survey (CBECS) and Annual Energy Outlook 2026 (AEO2026) Counterfactual Baseline and High Electricity Demand cases

The commercial sector’s electricity intensity, measured in kilowatthours (kWh) of electricity consumed per square foot, exceeds the 2003 historical high of 14.9 kWh per square foot for the first time in 2031–2032. In the 2003 Commercial Buildings Energy Consumption Survey , electricity intensity for the newest buildings, constructed from 1990 onward, was as much as twice that of the oldest buildings, constructed prior to 1959. Data center servers and associated end uses that support server operation, including space cooling and ventilation , increase commercial energy intensity in our AEO2026 projections.

Data source: U.S. Energy Information Administration, Annual Energy Outlook 2026 (AEO2026) Counterfactual Baseline and High Electricity Demand cases

Data center servers require cooling to enable chips and related IT equipment to operate efficiently. We assume space cooling requirements in data center floorspace are as much as 2.9 times as energy intensive as non-data center floorspace, on average. Service demand for space cooling is sensitive to assumptions about population migration and the weather. Using the same population and weather assumptions, electricity consumption for space cooling in the High Electricity Demand case is 84 BkWh higher than the Counterfactual Baseline case in 2050 to support more intensive data center operations.

For AEO2026, we updated the Commercial Demand Model to report data center server electricity use separately from the broader category of commercial computing. Data center servers are assumed to have an end-use load shape that is essentially flat, meaning, in effect, that demand for electricity to power servers is consistent across all hours in a day.

In our Counterfactual Baseline case, we assume that after 2040, servers will become increasingly efficient, resulting in a 10% reduction in average annual operational power draw every three years, above and beyond historical efficiency trends. However, continued growth in server installations drives overall consumption growth. We make no such assumption about efficiency improvement in the High Electricity Demand case, where we also assume that AI servers will account for a larger share of the installed stock of servers over time, relative to the Counterfactual Baseline case.

Our AEO2026 was released April 8, 2026, and in most cases, only considers laws and regulations as of December 2025. Any legislation, regulations, executive actions, and court rulings after that date are not included.

Principal contributor: Courtney Sourmehi

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commercial , AEO (Annual Energy Outlook) , electricity , CBECS (Commercial Buildings Energy Consumption Survey) , consumption/demand

GlobalFoundries Outlines Long-Term Growth Roadmap and Announces First-Ever Dividend at 2026 Investor Day | GlobalFoundries Inc.

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来源：GlobalFoundries Inc.发布日期：2026-05-07重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：1187

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GlobalFoundries Outlines Long-Term Growth Roadmap and Announces First-Ever Dividend at 2026 Investor Day | GlobalFoundries Inc.

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GlobalFoundries Outlines Long-Term Growth Roadmap and Announces First-Ever Dividend at 2026 Investor Day

May 7, 2026

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MALTA, N.Y., May 07, 2026 (GLOBE NEWSWIRE) -- Today at its 2026 Investor Day, GlobalFoundries (NASDAQ: GFS) highlighted clear opportunities for durable growth in AI-centric markets, expanding profitability and long-term value creation, underpinned by its broadening technology roadmap for the scaling of AI data centers and the proliferation of AI into the physical world, served from its unique, resilient global manufacturing footprint.

During the event, GF announced that its Board of Directors approved its first-ever quarterly dividend, marking a significant milestone for the company. The quarterly dividend will be $0.12 per share, which will be payable on July 14, 2026 to shareholders of record as of June 24, 2026. GF also unveiled its new capital allocation framework, which targets returning up to 50% of trailing twelve-month Non-IFRS adjusted free cash flow, after investments, to shareholders through dividends and share repurchases.

"As we shared at today's Investor Day, GF is positioned at the center of multiple secular megatrends that are reshaping the semiconductor industry,” said Tim Breen, CEO of GlobalFoundries. “We are laser-focused on the areas where our customers need true differentiation and scale, and our more comprehensive business model is enabling us to partner more deeply and innovate together."

"The long-term financial framework we outlined at today's Investor Day underscores our belief in the robustness of the opportunities across our business,” said Sam Franklin, CFO of GlobalFoundries. “With multiple growth vectors across high-margin businesses, GF is on a path to propel durable growth, expanding profitability and long-term shareholder value creation through the end of the decade and supported by the company’s inaugural dividend."

Supporting Resources

A replay of the event, including leadership presentations will be made available here .

About GF

Forward-Looking Statements

This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” "outlook," "on track" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the continuation of conflicts in the Middle East and Ukraine; ongoing political developments in the United States, and in particular, any political and policy-related changes that may impact our industry and the market generally, such as the imposition of trade controls, tariffs and counter-tariffs between the United States and its trade partners and new legislation; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our strategic optimization efforts; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to rising inflation and any potential recession; the expected benefits of our announced partnerships may fail to materialize; and we may fail to achieve the anticipated results or benefits from funding received (including awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) and our expected results and planned or further expansions and operations may not proceed as planned if funding we expect to receive is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.

Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2025 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov .

For further information, please contact:

ir@gf.com

Search GF investor relations site

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Coherent Corp. Reports Third Quarter Fiscal 2026 Results

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

标的：`COHR`来源：web-enrichment发布日期：2026-05-06重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：272

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

Coherent Corp. Reports Third Quarter Fiscal 2026 Results

5/6/2026

For Immediate Release

COHERENT CORP. REPORTS THIRD QUARTER FISCAL 2026 RESULTS

Q3 REVENUE OF $1.81B, INCREASED 21% Y/Y AND 27% Y/Y ON A PRO FORMA BASIS

Q3 GAAP GROSS MARGIN OF 37.7%, INCREASED 243 bps Y/Y; Q3 NON-GAAP GROSS MARGIN OF 39.6%, INCREASED 105 bps Y/Y

Q3 GAAP EPS OF $0.97, INCREASED $1.08 Y/Y; Q3 NON-GAAP EPS OF $1.41, INCREASED $0.50 Y/Y

SAXONBURG, Pa., May 6, 2026 (GLOBE NEWSWIRE) – Coherent Corp. (NYSE: COHR) (“Coherent,” “We,” or the “Company”), a global leader in photonics, announced financial results today for its third quarter of fiscal year 2026 ended March 31, 2026.

Revenue for the third quarter of fiscal 2026 was $1.81 billion, with GAAP gross margin of 37.7% and GAAP net income of $0.97 per diluted share. On a non-GAAP basis, gross margin was 39.6% with net income per diluted share of $1.41.

“We delivered another quarter of strong financial performance, with accelerating revenue growth, expanding margins, and improving profitability, driven by exceptionally strong demand across our datacenter and communications businesses,” said Jim Anderson, CEO. “As AI datacenter infrastructure continues to scale, we are rapidly expanding capacity to meet demand. With the breadth of our photonic technology portfolio and our manufacturing scale, we believe Coherent is uniquely well positioned to capitalize on this multi-year growth opportunity.”

Sherri Luther, CFO, said, “Significant revenue growth together with gross margin expansion drove a year-over-year increase in our GAAP and non-GAAP EPS. We remain focused on ramping our capital investment to drive increased capacity given our strong visibility into ongoing robust demand.”

Webcast Click here for full release

Investor Presentation

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文章

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来源：web-enrichment:company_results发布日期：2026-04-22重要性：未评级

中文摘要

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英文原文

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Short Interest Reporting

重要性未评级

发布时间早于日报 5 天摘要窗口。

标签

来源：web-enrichment:regulator_calendar发布日期：2026-01-01重要性：未评级评级理由：发布时间早于日报 5 天摘要窗口。评级依据：stale原文字数：754

中文摘要

该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。

英文原文

Short Interest Reporting

Overview

Rules

Notices

Guidance

News Releases

Investor Education

FINRA requires firms to report short interest positions in all customer and proprietary accounts in all equity securities twice a month. All short interest positions must be reported by 6 p.m. Eastern Time on the second business day after the reporting settlement date designated by FINRA.

See the schedule of reporting dates below.

2025 Short Interest Reporting Dates

Settlement Date Due Date 1 Publication Date

November 14

(Friday) November 18 – 6:00 p.m.

(Tuesday) November 25

(Tuesday)

November 28

(Friday) December 2 – 6:00 p.m.

(Tuesday) December 9

(Tuesday)

December 15

(Monday) December 17 – 6:00 p.m.

(Wednesday) December 24

(Wednesday)

December 31

(Wednesday) January 5 – 6:00 p.m.

(Monday) January 12

(Monday)

2026 Short Interest Reporting Dates

Settlement Date Due Date 1 Publication Date

January 15

(Thursday) January 20 – 6:00 p.m.

(Tuesday) January 27

(Tuesday)

January 30

(Friday) February 3 – 6:00 p.m.

(Tuesday) February 10

(Tuesday)

February 13

(Friday) February 18 – 6:00 p.m.

(Wednesday) February 25

(Wednesday)

February 27

(Friday) March 3 – 6:00 p.m.

(Tuesday) March 10

(Tuesday)

March 13

(Friday) March 17 – 6:00 p.m.

(Tuesday) March 24

(Tuesday)

March 31

(Tuesday) April 2 – 6:00 p.m.

(Thursday) April 10

(Friday)

April 15

(Wednesday) April 17 – 6:00 p.m.

(Friday) April 24

(Friday)

April 30

(Thursday) May 4 – 6:00 p.m.

(Monday) May 11

(Monday)

May 15

(Friday) May 19 – 6:00 p.m.

(Tuesday) May 27

(Wednesday)

May 29

(Friday) June 2 – 6:00 p.m.

(Tuesday) June 9

(Tuesday)

June 15

(Monday) June 17 – 6:00 p.m.

(Wednesday) June 25

(Thursday)

June 30

(Tuesday) July 2 – 6:00 p.m.

(Thursday) July 10

(Friday)

July 15

(Wednesday) July 17 – 6:00 p.m.

(Friday) July 24

(Friday)

July 31

(Friday) August 4 – 6:00 p.m.

(Tuesday) August 11

(Tuesday)

August 14

(Friday) August 18 – 6:00 p.m.

(Tuesday) August 25

(Tuesday)

August 31

(Monday) September 2 – 6:00 p.m.

(Wednesday) September 10

(Thursday)

September 15

(Tuesday) September 17 – 6:00 p.m.

(Thursday) September 24

(Thursday)

September 30

(Wednesday) October 2 – 6:00 p.m.

(Friday) October 9

(Friday)

October 15

(Thursday) October 19 – 6:00 p.m.

(Monday) October 26

(Monday)

October 30

(Friday) November 3 – 6:00 p.m.

(Tuesday) November 10

(Tuesday)

November 13

(Friday) November 17 – 6:00 p.m.

(Tuesday) November 24

(Tuesday)

November 30

(Monday) December 2 – 6:00 p.m.

(Wednesday) December 9

(Wednesday)

December 15

(Tuesday) December 17 – 6:00 p.m.

(Thursday) December 24

(Thursday)

December 31

(Thursday) January 5 – 6:00 p.m.

(Monday) January 12

(Monday)

1. All referenced times are reflected as Eastern Time.

Questions

Questions regarding the information that firms need to file can be directed to the appropriate District Office.

Questions regarding system requirements, file uploads and related submission problems should be directed to FINRA Support Center at (800) 321-6273.

Business questions regarding the short interest reporting deadlines should be directed to Yvonne Huber at (240) 386-5034, Jocelyn Mello-Gibbon at (240) 386-5091 or Lauren Zito at (240) 386-5432.

Information Notice 5/10/19

Understanding Short Sale Volume Data on FINRA’s Website

05/10/2019

Regulatory Notice 17-43

Guidance on Reporting Short Interest Positions Held in Master/Sub-Accounts or Parent/Child Accounts

12/06/2017

Regulatory Notice 16-32

FINRA Announces New Web-based System for the Collection of Short Interest Positions

08/19/2016

Regulatory Notice 12-38

SEC Approves Amendments to FINRA's Short-Interest Reporting Rule

08/24/2012

Regulatory Notice 11-55

FINRA Collection of Short Interest Data for BATS Exchange-Listed Securities

12/08/2011

Regulatory Notice 08-13

FINRA Consolidates the Collection of Short Interest Data

03/27/2008

Notice to Members 07-24

New Requirement for the Reporting of Consolidated Short Interest Positions to the Intermarket Surveillance Group (ISG)

05/15/2007

Notice to Members 06-20

NASD Implements Changes to the Regulation Filing Applications System

04/28/2006

Notice to Members 06-14

SEC Approves Amendments to the Short Interest Reporting Requirements

04/04/2006

Notice to Members 03-08

NASD Clarifies the Application of Short Interest Reporting Rule

01/31/2003

Frequently Asked Questions (FAQ) about Short Interest Reporting

The guidance provided in these FAQs pertains to the reporting to FINRA of “short” positions pursuant to FINRA Rule 4560 (Short-Interest Reporting) in OTC Equity securities, as defined in Rule 6420, and securities listed on a national securities exchange.

October 27, 2022

Technical Documentation

Short Interest Reporting Video Demonstration

FINRA has developed a video demonstration of the new web-based interface through which firms will begin submitting short interest reports to FINRA effective January 17, 2017.

January 17, 2017

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来源：web-enrichment:company_event_page发布日期：2026-01-01重要性：未评级

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半导体基金页面缺少产品数据

重要性1/5 低

研究对象与半导体板块相关，但产品正文和关键数据均未被提取，证据不足。

标签

标的：`PSI`来源：Invesco发布日期：未提供发布时间重要性：1/5 低评级理由：研究对象与半导体板块相关，但产品正文和关键数据均未被提取，证据不足。评级依据：正文提取失败, 缺少持仓数据, 缺少基金指标, 仅能确认页面身份原文字数：472

中文摘要

核心结论

归档内容未成功提取Invesco Semiconductors ETF（景顺半导体交易所交易基金，代码：PSI）的产品资料，只保留景顺网站的地区、用户身份和登录导航。现有材料无法支持对基金策略、持仓、费用、规模或业绩的有效摘要。

重要性评级

评级：1/5（低）

PSI与半导体板块直接相关，但正文缺失使其无法提供可核验的产品或市场事实，当前不具备日报深读价值。

关键事实

页面标题指向景顺半导体交易所交易基金PSI。
归档正文主要包含投资者身份选择、地区切换、登录入口和外部链接提示。
材料没有基金跟踪指数、投资目标、持仓名单或权重。
材料没有管理费率、资产规模、成交数据、净值或历史回报。
页面未提供可识别的发布日期。
该页面于美东时间 07/16 22:42（UTC+8 07/17 10:42）被收录。

作者观点与证据

提取文本没有产品分析或发行方观点。页面标题只能确认研究对象，不能据此推断基金结构、行业暴露或风险收益特征。

与相关标的的关系

PSI提供半导体行业基金敞口，但当前归档没有成分股和权重，无法判断其对具体芯片公司、设备厂商或产业环节的实际暴露。

时效性与限制

页面抓取受到身份确认或动态内容加载影响，关键产品数据缺失。需要基金事实表、持仓文件或可正常渲染的产品页才能继续评估。

后续跟踪

PSI最新事实表、跟踪指数与投资目标。
前十大持仓、行业分布及集中度。
管理费率、资产规模、流动性和跟踪误差。
持仓数据的发布日期与更新频率。

英文原文

Invesco Semiconductors ETF

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日本央行七月底政策日程

重要性4/5 中高

日本银行官方日程为日元、日债和全球利率敏感资产提供明确事件窗口，但未包含政策结果，信息价值集中在时间安排。

标签

来源：Bank of Japan发布日期：未提供发布时间重要性：4/5 中高评级理由：日本银行官方日程为日元、日债和全球利率敏感资产提供明确事件窗口，但未包含政策结果，信息价值集中在时间安排。评级依据：timeliness, evidence_strength原文字数：433

中文摘要

核心结论

日本银行公布了截至07/10（未给出具体时刻）更新的发布日程。近期观察重点集中在07/30至07/31的货币政策会议、07/31发布的政策声明与经济物价展望，以及会前的贷款、通胀和进出口指标。

重要性评级

评级：4/5（中高）

日程来自日本银行官方渠道，能确定日本宏观数据和货币政策文件的发布时间，对日元、日债及跨资产事件跟踪具有较高价值；页面只提供日程，不包含政策结果或经济判断。

关键事实

日本银行原则上每周五更新日程，本页最后更新于07/10（未给出具体时刻），抓取时间为美东时间 07/16 22:43（UTC+8 07/17 10:43）。
07/17的高级信贷官意见调查安排在美东时间 07/16 19:50（UTC+8 07/17 07:50）发布。
07/23的实际出口与实际进口进展安排在约美东时间 07/23 03:00（UTC+8 07/23 15:00）发布。
07/27的6月服务生产者价格指数安排在美东时间 07/26 19:50（UTC+8 07/27 07:50）发布。
07/28的核心消费者价格指数指标安排在美东时间 07/28 01:00（UTC+8 07/28 13:00）发布。
货币政策会议定于07/30至07/31举行，07/31的货币政策声明和2026年7月经济活动与物价展望简版均未确定具体发布时间。
经济活动与物价展望全文安排在美东时间 08/03 01:00（UTC+8 08/03 13:00）发布；06/15至06/16政策会议纪要安排在美东时间 08/04 19:50（UTC+8 08/05 07:50）发布。

作者观点与证据

页面属于官方事件日历，没有表达政策立场。证据仅覆盖预定日期、时间和文件名称，无法据此判断日本银行会否调整利率、购债安排或经济预测。

与相关标的的关系

输入未指定股票代码。日程对日元汇率、日本国债收益率、日本金融股及全球利率敏感资产形成事件时间锚，其中07/31的政策声明和经济展望关联最直接。

时效性与限制

各发布日期可能未经通知而调整；07/31两份主要政策文件的具体时刻仍待确定，事件跟踪需以日本银行后续更新为准。

后续跟踪

07/17高级信贷官调查中的贷款需求与信贷条件变化。
07/28核心通胀指标及其分项。
07/31政策声明、经济与通胀预测修订。
08/05会议纪要披露的委员意见分布。

英文原文

Release Schedule : 日本銀行 Bank of Japan

Release Schedule

日本語

Release Schedule

Upcoming Monetary Policy Meeting Dates

Release Schedule of Statistical Data

List of Publications

Inquiries

Schedule of the Bank's releases including the dates of the upcoming Monetary Policy Meetings. In principle, schedules are updated every Friday (last update: July 10, 2026).

Release Schedule

Table : Release Schedule

Date

Time

Title

July 14

10:00

Bank of Japan Accounts (July 10)

around 17:00

Japanese Government Bonds Held by the Bank of Japan

around 17:00

T-Bills Purchased by the Bank of Japan