Wealth Daily
S&P 500 Breakout Thur Potentially Targets 8,100
Today’s Must-Know News
Overnight Markets
S&P 500 rose 0.65% Thursday to a record close 7,798.99 as softer US PPI cut September Fed-hike odds to 34.8% from 55% a week earlier, ahead of WMT -0.25% before-market 2Q earnings Aug 20. Big-cap tech gains, led by AAPL +1.0%; MU +4.23%; META +2.78%; TSLA +3.8%; MSFT +3.8%; NVDA +0.54% contributed to S&P 500’s breakout, while offsetting weakness in CSCO -8.4% and AMZN -0.8%, which fell for a second session. Reddit (RDDT +3.04%, aft-mkt: +11.5%) jumped on S&P 500 inclusion before trading on Aug 18, while Applied Materials (AMAT -2.48%; aft-mkt: -4.9%) fell despite beating 3QFY26 estimates & guiding 4QFY26 above consensus. Gold's (XAU -1.31%) weakness pressured NEM -3.1%; AEM -2.6%; KGC -2.29%; B -0.78%. Netflix (NFLX +5.43%), S&P Global (SPGI +3.07%), Intercontinental Exchange (ICE +2.58 %) & Visa (V +1.68%) rose after Pershing Square disclosed new investments, while MA +1.31%, ALC -0.08% moves were muted. Workday (WDAY +17.78%) rallied after reports said Silver Lake was in talks to acquire the HR and finance software provider. Sandisk (SNDK +13.67%) projected mid-to-high-teens revenue growth and roughly 80% gross margins for 2028-30, lifting memory peers MU +4.23%, WDC +7.31%, STX +4.91%. CXMT (688825.SZ -1.2%) reached about USD524bn in market value after its post-IPO surge, overtaking Tencent (0700.HK -4.46%) as investors favour China’s AI-memory & semiconductor self-sufficiency theme over internet platforms/gaming. YMTC passed Kioxia (285A JP +3.87%) and closed the gap with Samsung (005930.KS +1.94%) and SK Hynix (000660.KS +3.35%; SKHY +7.29%) to rank among the top three NAND suppliers by shipment volume. Alibaba (9988.HK -0.57%; BABA -2.44%) is scheduled to report 1QFY27 earnings Aug 20. JD.com (9618.HK flat; JD -7.31%) reported 2Q revenue down 2.9% to RMB346.4bn, its first quarterly decline since 2014, as weak demand and competition weighed on sentiment. META, MSFT, NVDA, AMZN, WMT, 0700.HK & 9988.HK are our Core Recommendations; MU & SKHY are our Trading Buys.
Americas
Trump imposes tiered tariffs on drone imports. President Trump imposed 100% tariffs on certain larger or security-sensitive drones, 25% on smaller drones, 15% on qualifying imports from the EU, Japan, South Korea, Taiwan, Switzerland and Liechtenstein, and 10% on UK products, with primary duties effective September 3 after a 21-day delay. Unusual Machines (UMAC +0.78%) jumped 7.3% after-market, while Red Cat (RCAT -0.87%) gained 2.8%, and Kratos Defense (KTOS -1.61%) rose 0.1%. (Reuters)
Trump wins de minimis ruling, reinforcing pressure on China e-commerce. The US Court of International Trade upheld Trump’s authority to end duty-free treatment for sub-USD800 imports from China, Mexico and Canada, increasing cost pressure on cross-border platforms such as PDD (PDD -5.46%, aft-mkt: +0.3%), Alibaba (9988.HK -0.57%; BABA -2.44%, aft-mkt: +0.4%) and JD.com (9618.HK flat; JD -7.31%, aft-mkt: +0.3%). (Reuters)
Ackman reshapes portfolio with six new holdings. Pershing Square disclosed new positions in Netflix (NFLX +5.43%), Visa (V +1.68%), Mastercard (MA +1.31%), Alcon (ALC -0.08%), Intercontinental Exchange (ICE +2.58%) and S&P Global (SPGI +3.07%), its biggest portfolio overhaul in years. Ackman said he expects strong earnings growth from the additions, with Netflix’s rally providing the clearest same-day market reaction to the disclosure. (Reuters)
Microsoft retreats in China but keeps strategic foothold. Microsoft (MSFT +0.9%) has closed at least 15 China offices and JVs over five years as local software policies and US export controls constrain growth, although it remains in the market to serve Chinese companies expanding overseas and access engineering talent. (Reuters) MSFT is our Core Recommendation.
Sandisk extends AI storage growth outlook. Sandisk (SNDK +13.67%) expects revenue to grow at a mid-to-high-teens rate in FY2028-30 with adjusted gross margins around 80%, supported by AI-driven storage demand and customer agreements covering about half of FY2027 output and two-thirds of FY2028 production. (Reuters)
AMD taps bond market for up to USD5bn. AMD (AMD +0.02%) launched a four-tranche senior unsecured bond offering targeting USD4bn-5bn across 2029, 2031, 2033 and 2036 maturities, with proceeds earmarked for general corporate purposes and potentially debt repayment. The financing comes as semiconductor companies raise capital for AI and data-centre investment, while AMD expects data-centre sales to more than double by 2027. (Reuters)
Nike subpoena case ends, DEI probe stays open. Nike (NKE +1.78%) complied with the EEOC subpoena, prompting the agency to drop its enforcement lawsuit, but the discrimination investigation remains active under the Trump administration’s broader scrutiny of corporate DEI policies. (Reuters)
Google launches lower-cost Gemini model. Alphabet (GOOGL +0.82%) released Gemini 3.7 Flash for coding and autonomous-agent workflows at introductory pricing of USD0.75 per mn input tokens and USD3.75 per mn output tokens through year-end, half Gemini 3.6 Flash’s original pricing. The rapid model cadence supports Google’s push to close the gap with OpenAI and Anthropic, although investors are still awaiting its delayed flagship Gemini 3.5 Pro. (Reuters) GOOGL is our Trading Buy.
Applied Materials beats, shares fall on high expectations. Applied Materials (AMAT -2.48%; aft-mkt: -4.9%) guided 4Q revenue to about USD10.25bn versus USD9.54bn consensus and EPS to USD4.02 versus USD3.69, but the stock fell as strong AI-equipment growth was already priced in. (Reuters)
Meta removes 756,000 Australian teen accounts. Meta (META +2.78%) deactivated about 462,000 Instagram and 294,000 Facebook accounts suspected of belonging to Australians under 16 following the country’s social-media age ban, as regulators consider tougher enforcement and penalties of up to AUD 99 mn. Meta, Alphabet and Snap are due to face a parliamentary inquiry as authorities assess whether platform age-verification controls are sufficiently effective. (Reuters) META is our Core Recommendation.
Anthropic weighs USD 6 bn Decart AI acquisition. Anthropic is in talks to acquire Nvidia (NVDA +0.54%)-backed Decart AI for about USD 6 bn, as the Claude maker seeks AI infrastructure and optimization technology to expand computing capacity and handle growing demand ahead of a potential IPO. (Reuters) NVDA is our Core Recommendation.
AI chip expectations weigh on Cerebras and Cisco. Cerebras (CBRS -11.85%) fell after missing revenue estimates as hardware sales declined despite cloud revenue nearly quadrupling, while Cisco (CSCO -8.4%) dropped as its AI outlook fell short of lofty expectations after a more than 60% share gain this year. (Reuters)
Databricks valuation jumps to USD190bn. Databricks raised USD5bn at a USD190bn valuation, up from about USD134bn six months earlier, after annualised revenue exceeded USD7bn and 2Q growth topped 80% YoY. The funding round, led by investors including Blackstone (BX +1.99%), provides additional capital for Lakebase, Genie and Unity AI Gateway as privately held Databricks competes with Snowflake (SNOW +1.54%). (Reuters) SNOW is our Trading Buy.
Silver Lake weighs major Workday buyout. Silver Lake is in talks to acquire Workday (WDAY +17.78%), a deal that could rank among the largest software buyouts, sending shares nearly 18% higher and valuing the firm at about USD 51.1 bn, though no deal is guaranteed. (Reuters)
Thoma Bravo to take Accelerant private. Accelerant (ARX +43.35%) said Thoma Bravo will acquire the insurance marketplace for more than USD 4 bn in cash, offering shareholders USD 20.25 per share, a 49% premium, just over a year after its New York listing. (Reuters)
Greater China
China stocks fall as metals offset AI gains. Chinese stocks fell on Thursday as losses in metal shares outweighed early gains in AI-linked optical communication stocks, with the CSI300 down 0.57% and HSI fell 0.17%, while Tencent (0700.HK -4.46%) dropped after raising AI spending and reporting negative free cash flow. (Reuters)
China Mobile 1H profit declines. China Mobile (0941.HK -0.61%) reported 1H26 net profit of RMB 78.93 bn versus RMB 84.24 bn a year earlier, while 2Q mobile ARPU was RMB 45.10 and telecom services revenue reached RMB 232.81 bn. (Bloomberg) 0941.HK is our Core Recommendation.
Tencent Cloud upgrades WorkBuddy AI office assistant. Tencent (0700.HK -4.46%) said its WorkBuddy AI office assistant released version 5.3.11 with upgraded database capabilities, linking AI generation, data storage, collaborative editing and webpage publishing while adding support for HTML, Markdown and CSV formats. (AAStocks) 0700.HK is our Core Recommendation.
CXMT overtakes Tencent as China’s most valuable firm. CXMT (688825.SZ -1.2%) reached a market capitalization of about USD 524 bn as investors increasingly favoured AI-linked semiconductor exposure and China’s chip self-sufficiency theme over traditional internet leaders such as Tencent (0700.HK -4.46%). (Bloomberg) 0700.HK is our Core Recommendation.
SMIC profit more than triples on AI demand. SMIC (0981.HK +0.22%) reported 2Q attributable profit of USD479.2mn, nearly twice consensus, while revenue rose 36% to above USD3bn versus USD2.8bn expected. SMIC expects AI demand to remain robust in 2H26 and plans to accelerate new production capacity to alleviate chip supply constraints. (Reuters)
Shein targets Aug 28 Hong Kong IPO. Shein plans to make its Hong Kong stock-market debut on Aug 28 after a long listing pursuit, with the IPO expected to value the fast-fashion retailer at USD 30 bn to USD 40 bn amid slowing growth, rising costs and a recent quarterly loss. (Reuters)
YMTC overtakes Kioxia in NAND shipments. Yangtze Memory Technologies surpassed Kioxia (285A JP +3.87%) in June-quarter flash-memory shipment volume and narrowed the gap with Samsung Electronics (005930.KS +1.94%) and SK Hynix (000660.KS +3.35%; SKHY +7.29%), though its mix remains more consumer-focused with less exposure to higher-priced data-centre products. (Bloomberg) SKHY is our Trading Buy.
Lenovo surges as AI infrastructure revenue accelerates. Lenovo (0992.HK +20.18%) reported 1QFY27 revenue of USD26.94bn, up 43% YoY and ahead of USD22.3bn consensus, while AI-related revenue rose 60% to USD9.3bn and its AI-server pipeline reached USD54bn. A USD1.7bn non-cash warrant revaluation drove a USD609mn reported net loss, but adjusted net income more than doubled to USD1.08bn. Shares of Dell (DELL +2.07%) & HP (HPQ +6.9%) rose later. (Reuters)
JD.com revenue falls for first time in decade. JD.com (9618.HK flat; JD -7.31%) reported a 2.9% drop in 2Q revenue, its first quarterly decline in more than a decade, though sales topped expectations, while CEO Sandy Xu said consumer electronics demand should improve meaningfully in the second half. (Reuters)
CK Hutchison profit rises despite Panama hit. CK Hutchison (0001.HK +1.47%) reported a 6.7% rise in 1H underlying profit to USD 1.61 bn, while its ports division saw throughput fall 1% but EBITDA rise 4% despite a USD 63 mn hit from halted Panama operations. (Reuters)
Didi returns to quarterly profit. Didi Global posted 2Q net profit of RMB869mn versus a RMB2.48bn loss a year earlier as revenue rose 10.8% to RMB62.5bn and China mobility transactions reached a record 40.1mn per day. International adjusted losses widened to RMB2.89bn as Didi increased marketing and incentives while expanding in Brazil and Mexico. (Reuters)
DeepSeek releases V4 Pro as China AI competition intensifies. DeepSeek formally launched V4 Pro with improved agent capabilities and plans to raise API prices using peak and off-peak pricing, as it competes against Moonshot, Zhipu, MiniMax, Alibaba and ByteDance. The private Chinese AI developer is simultaneously expanding staffing, computing capacity and in-house chip engineering after reportedly preparing a funding round at roughly a USD74bn valuation. (Reuters)
Kiwimoore targets Hong Kong IPO at USD 2 bn valuation. Chinese chip designer Kiwimoore has confidentially filed for a Hong Kong IPO targeting a valuation of about USD 2 bn, with a listing planned for the first half of 2027 as it seeks to capitalize on China’s push for AI chip self-sufficiency. (Reuters)
Chinese autonomous driving firm WeRide eyes overseas expansion. WeRide (WRD +4.02%) is considering Australia, South Korea, Japan and Southeast Asia for expansion as overseas 2Q revenue jumped 164% yoy, with CEO Tony Han saying the firm is also in talks with European countries and Australian regulators. (Reuters)
Asia ex. China
Hong Leong Asia beats 1H26 forecasts. Hong Leong Asia (HLA SP +2.58%) reported 1H26 revenue of SGD 3.13 bn and PATMI of SGD 92 mn, reaching 52% and 65% of forecasts respectively, driven by double-digit growth across both business segments. Maintain BUY, with the lower target price of SGD 4.70 reflecting the enlarged share base. (UOB Kay Hian Institutional Research)
UltraGreen.ai earnings grow on broad-based volumes. UltraGreen.ai (UGAI SP -0.75%) posted 1H26 earnings of USD 39 mn, up 53% yoy and in line with expectations, with volume growth across all geographies and Verdye approvals rising to 43 countries. Management expects 2H26 revenue to improve hoh; maintain BUY, with the stock trading at 16x 2027F PE versus peers at 27x. (UOB Kay Hian Institutional Research)
EMEA and Others
European stocks hold steady ahead of inflation data. European shares fell slightly Thursday, with the Stoxx 600 down 0.04%. Germany’s DAX, France’s CAC, and UK’s FTSE lost 0.12%, 0.28%, and 0.56% respectively ahead of today’s euro zone inflation data, while weaker commodity prices weighed on energy and miners; Maersk (MAERSKB DC +9.37%) surged on stronger 2Q profit and guidance, Adyen (ADYEN NA +16.4%) jumped after raising its 2026 revenue outlook, while Swissquote (SQN SW -13.98%) fell after weak 1H results. (Reuters)
UBS rerates despite unresolved capital burden. UBS (UBSG SW -0.37%) has risen nearly 50% from its late-March low as stronger revenue, Credit Suisse synergies and improving US wealth profitability support the shares, though concerns persist over a proposed USD 20 bn capital increase and lawmakers remain divided on AT1 securities. (Reuters)
Novo argues obesity market can support multiple winners. Novo Nordisk (NVO +0.71%; NOVOB DC -0.42%) expects differentiated drugs and oral formulations to prevent obesity treatment from becoming a winner-take-all market, with its Wegovy pill holding about 90% of the oral GLP-1 segment and CagriSema targeted for launch in 2027. Novo is seeking to regain share from Eli Lilly (LLY -0.92%), whose Zepbound has delivered stronger trial weight loss. (Reuters) LLY is our Core Recommendation.
Traders’ corner
Our Technical View
Price printed a strong bullish impulse candle following a successful retest of its resistance-turned-support zone.
Momentum is fully aligned with this expansion, as the RSI maintains its footing above the neutral 50-midline and trends higher.
This points to a continuation of the primary uptrend, targeting higher overhead levels as long as this support floor holds.
Our Technical View
Price staged a rebound off its resistance-turned-support zone, confirming the validity of the new floor.
Technical momentum indicators fully support this upward expansion, as the RSI remains comfortably elevated above its neutral 50-midline and trends higher.
This dynamic suggests strong underlying demand and points toward an uninterrupted continuation of the primary uptrend.
S&P 500 rose 0.65% Thursday to a record close 7,798.99 as softer US PPI cut September Fed-hike odds to 34.8% from 55% a week earlier, ahead of WMT -0.25% before-market 2Q earnings Aug 20. Big-cap tech gains, led by AAPL +1.0%; MU +4.23%; META +2.78%; TSLA +3.8%; MSFT +3.8%; NVDA +0.54% contributed to S&P 500’s breakout, while offsetting weakness in CSCO -8.4% and AMZN -0.8%, which fell for a second session. Reddit (RDDT +3.04%, aft-mkt: +11.5%) jumped on S&P 500 inclusion before trading on Aug 18, while Applied Materials (AMAT -2.48%; aft-mkt: -4.9%) fell despite beating 3QFY26 estimates & guiding 4QFY26 above consensus. Gold's (XAU -1.31%) weakness pressured NEM -3.1%; AEM -2.6%; KGC -2.29%; B -0.78%. Netflix (NFLX +5.43%), S&P Global (SPGI +3.07%), Intercontinental Exchange (ICE +2.58 %) & Visa (V +1.68%) rose after Pershing Square disclosed new investments, while MA +1.31%, ALC -0.08% moves were muted. Workday (WDAY +17.78%) rallied after reports said Silver Lake was in talks to acquire the HR and finance software provider. Sandisk (SNDK +13.67%) projected mid-to-high-teens revenue growth and roughly 80% gross margins for 2028-30, lifting memory peers MU +4.23%, WDC +7.31%, STX +4.91%. CXMT (688825.SZ -1.2%) reached about USD524bn in market value after its post-IPO surge, overtaking Tencent (0700.HK -4.46%) as investors favour China’s AI-memory & semiconductor self-sufficiency theme over internet platforms/gaming. YMTC passed Kioxia (285A JP +3.87%) and closed the gap with Samsung (005930.KS +1.94%) and SK Hynix (000660.KS +3.35%; SKHY +7.29%) to rank among the top three NAND suppliers by shipment volume. Alibaba (9988.HK -0.57%; BABA -2.44%) is scheduled to report 1QFY27 earnings Aug 20. JD.com (9618.HK flat; JD -7.31%) reported 2Q revenue down 2.9% to RMB346.4bn, its first quarterly decline since 2014, as weak demand and competition weighed on sentiment. META, MSFT, NVDA, AMZN, WMT, 0700.HK & 9988.HK are our Core Recommendations; MU & SKHY are our Trading Buys.
Americas
Trump imposes tiered tariffs on drone imports. President Trump imposed 100% tariffs on certain larger or security-sensitive drones, 25% on smaller drones, 15% on qualifying imports from the EU, Japan, South Korea, Taiwan, Switzerland and Liechtenstein, and 10% on UK products, with primary duties effective September 3 after a 21-day delay. Unusual Machines (UMAC +0.78%) jumped 7.3% after-market, while Red Cat (RCAT -0.87%) gained 2.8%, and Kratos Defense (KTOS -1.61%) rose 0.1%. (Reuters)
Trump wins de minimis ruling, reinforcing pressure on China e-commerce. The US Court of International Trade upheld Trump’s authority to end duty-free treatment for sub-USD800 imports from China, Mexico and Canada, increasing cost pressure on cross-border platforms such as PDD (PDD -5.46%, aft-mkt: +0.3%), Alibaba (9988.HK -0.57%; BABA -2.44%, aft-mkt: +0.4%) and JD.com (9618.HK flat; JD -7.31%, aft-mkt: +0.3%). (Reuters)
Ackman reshapes portfolio with six new holdings. Pershing Square disclosed new positions in Netflix (NFLX +5.43%), Visa (V +1.68%), Mastercard (MA +1.31%), Alcon (ALC -0.08%), Intercontinental Exchange (ICE +2.58%) and S&P Global (SPGI +3.07%), its biggest portfolio overhaul in years. Ackman said he expects strong earnings growth from the additions, with Netflix’s rally providing the clearest same-day market reaction to the disclosure. (Reuters)
Microsoft retreats in China but keeps strategic foothold. Microsoft (MSFT +0.9%) has closed at least 15 China offices and JVs over five years as local software policies and US export controls constrain growth, although it remains in the market to serve Chinese companies expanding overseas and access engineering talent. (Reuters) MSFT is our Core Recommendation.
Sandisk extends AI storage growth outlook. Sandisk (SNDK +13.67%) expects revenue to grow at a mid-to-high-teens rate in FY2028-30 with adjusted gross margins around 80%, supported by AI-driven storage demand and customer agreements covering about half of FY2027 output and two-thirds of FY2028 production. (Reuters)
AMD taps bond market for up to USD5bn. AMD (AMD +0.02%) launched a four-tranche senior unsecured bond offering targeting USD4bn-5bn across 2029, 2031, 2033 and 2036 maturities, with proceeds earmarked for general corporate purposes and potentially debt repayment. The financing comes as semiconductor companies raise capital for AI and data-centre investment, while AMD expects data-centre sales to more than double by 2027. (Reuters)
Nike subpoena case ends, DEI probe stays open. Nike (NKE +1.78%) complied with the EEOC subpoena, prompting the agency to drop its enforcement lawsuit, but the discrimination investigation remains active under the Trump administration’s broader scrutiny of corporate DEI policies. (Reuters)
Google launches lower-cost Gemini model. Alphabet (GOOGL +0.82%) released Gemini 3.7 Flash for coding and autonomous-agent workflows at introductory pricing of USD0.75 per mn input tokens and USD3.75 per mn output tokens through year-end, half Gemini 3.6 Flash’s original pricing. The rapid model cadence supports Google’s push to close the gap with OpenAI and Anthropic, although investors are still awaiting its delayed flagship Gemini 3.5 Pro. (Reuters) GOOGL is our Trading Buy.
Applied Materials beats, shares fall on high expectations. Applied Materials (AMAT -2.48%; aft-mkt: -4.9%) guided 4Q revenue to about USD10.25bn versus USD9.54bn consensus and EPS to USD4.02 versus USD3.69, but the stock fell as strong AI-equipment growth was already priced in. (Reuters)
Meta removes 756,000 Australian teen accounts. Meta (META +2.78%) deactivated about 462,000 Instagram and 294,000 Facebook accounts suspected of belonging to Australians under 16 following the country’s social-media age ban, as regulators consider tougher enforcement and penalties of up to AUD 99 mn. Meta, Alphabet and Snap are due to face a parliamentary inquiry as authorities assess whether platform age-verification controls are sufficiently effective. (Reuters) META is our Core Recommendation.
Anthropic weighs USD 6 bn Decart AI acquisition. Anthropic is in talks to acquire Nvidia (NVDA +0.54%)-backed Decart AI for about USD 6 bn, as the Claude maker seeks AI infrastructure and optimization technology to expand computing capacity and handle growing demand ahead of a potential IPO. (Reuters) NVDA is our Core Recommendation.
AI chip expectations weigh on Cerebras and Cisco. Cerebras (CBRS -11.85%) fell after missing revenue estimates as hardware sales declined despite cloud revenue nearly quadrupling, while Cisco (CSCO -8.4%) dropped as its AI outlook fell short of lofty expectations after a more than 60% share gain this year. (Reuters)
Databricks valuation jumps to USD190bn. Databricks raised USD5bn at a USD190bn valuation, up from about USD134bn six months earlier, after annualised revenue exceeded USD7bn and 2Q growth topped 80% YoY. The funding round, led by investors including Blackstone (BX +1.99%), provides additional capital for Lakebase, Genie and Unity AI Gateway as privately held Databricks competes with Snowflake (SNOW +1.54%). (Reuters) SNOW is our Trading Buy.
Silver Lake weighs major Workday buyout. Silver Lake is in talks to acquire Workday (WDAY +17.78%), a deal that could rank among the largest software buyouts, sending shares nearly 18% higher and valuing the firm at about USD 51.1 bn, though no deal is guaranteed. (Reuters)
Thoma Bravo to take Accelerant private. Accelerant (ARX +43.35%) said Thoma Bravo will acquire the insurance marketplace for more than USD 4 bn in cash, offering shareholders USD 20.25 per share, a 49% premium, just over a year after its New York listing. (Reuters)
Greater China
China stocks fall as metals offset AI gains. Chinese stocks fell on Thursday as losses in metal shares outweighed early gains in AI-linked optical communication stocks, with the CSI300 down 0.57% and HSI fell 0.17%, while Tencent (0700.HK -4.46%) dropped after raising AI spending and reporting negative free cash flow. (Reuters)
China Mobile 1H profit declines. China Mobile (0941.HK -0.61%) reported 1H26 net profit of RMB 78.93 bn versus RMB 84.24 bn a year earlier, while 2Q mobile ARPU was RMB 45.10 and telecom services revenue reached RMB 232.81 bn. (Bloomberg) 0941.HK is our Core Recommendation.
Tencent Cloud upgrades WorkBuddy AI office assistant. Tencent (0700.HK -4.46%) said its WorkBuddy AI office assistant released version 5.3.11 with upgraded database capabilities, linking AI generation, data storage, collaborative editing and webpage publishing while adding support for HTML, Markdown and CSV formats. (AAStocks) 0700.HK is our Core Recommendation.
CXMT overtakes Tencent as China’s most valuable firm. CXMT (688825.SZ -1.2%) reached a market capitalization of about USD 524 bn as investors increasingly favoured AI-linked semiconductor exposure and China’s chip self-sufficiency theme over traditional internet leaders such as Tencent (0700.HK -4.46%). (Bloomberg) 0700.HK is our Core Recommendation.
SMIC profit more than triples on AI demand. SMIC (0981.HK +0.22%) reported 2Q attributable profit of USD479.2mn, nearly twice consensus, while revenue rose 36% to above USD3bn versus USD2.8bn expected. SMIC expects AI demand to remain robust in 2H26 and plans to accelerate new production capacity to alleviate chip supply constraints. (Reuters)
Shein targets Aug 28 Hong Kong IPO. Shein plans to make its Hong Kong stock-market debut on Aug 28 after a long listing pursuit, with the IPO expected to value the fast-fashion retailer at USD 30 bn to USD 40 bn amid slowing growth, rising costs and a recent quarterly loss. (Reuters)
YMTC overtakes Kioxia in NAND shipments. Yangtze Memory Technologies surpassed Kioxia (285A JP +3.87%) in June-quarter flash-memory shipment volume and narrowed the gap with Samsung Electronics (005930.KS +1.94%) and SK Hynix (000660.KS +3.35%; SKHY +7.29%), though its mix remains more consumer-focused with less exposure to higher-priced data-centre products. (Bloomberg) SKHY is our Trading Buy.
Lenovo surges as AI infrastructure revenue accelerates. Lenovo (0992.HK +20.18%) reported 1QFY27 revenue of USD26.94bn, up 43% YoY and ahead of USD22.3bn consensus, while AI-related revenue rose 60% to USD9.3bn and its AI-server pipeline reached USD54bn. A USD1.7bn non-cash warrant revaluation drove a USD609mn reported net loss, but adjusted net income more than doubled to USD1.08bn. Shares of Dell (DELL +2.07%) & HP (HPQ +6.9%) rose later. (Reuters)
JD.com revenue falls for first time in decade. JD.com (9618.HK flat; JD -7.31%) reported a 2.9% drop in 2Q revenue, its first quarterly decline in more than a decade, though sales topped expectations, while CEO Sandy Xu said consumer electronics demand should improve meaningfully in the second half. (Reuters)
CK Hutchison profit rises despite Panama hit. CK Hutchison (0001.HK +1.47%) reported a 6.7% rise in 1H underlying profit to USD 1.61 bn, while its ports division saw throughput fall 1% but EBITDA rise 4% despite a USD 63 mn hit from halted Panama operations. (Reuters)
Didi returns to quarterly profit. Didi Global posted 2Q net profit of RMB869mn versus a RMB2.48bn loss a year earlier as revenue rose 10.8% to RMB62.5bn and China mobility transactions reached a record 40.1mn per day. International adjusted losses widened to RMB2.89bn as Didi increased marketing and incentives while expanding in Brazil and Mexico. (Reuters)
DeepSeek releases V4 Pro as China AI competition intensifies. DeepSeek formally launched V4 Pro with improved agent capabilities and plans to raise API prices using peak and off-peak pricing, as it competes against Moonshot, Zhipu, MiniMax, Alibaba and ByteDance. The private Chinese AI developer is simultaneously expanding staffing, computing capacity and in-house chip engineering after reportedly preparing a funding round at roughly a USD74bn valuation. (Reuters)
Kiwimoore targets Hong Kong IPO at USD 2 bn valuation. Chinese chip designer Kiwimoore has confidentially filed for a Hong Kong IPO targeting a valuation of about USD 2 bn, with a listing planned for the first half of 2027 as it seeks to capitalize on China’s push for AI chip self-sufficiency. (Reuters)
Chinese autonomous driving firm WeRide eyes overseas expansion. WeRide (WRD +4.02%) is considering Australia, South Korea, Japan and Southeast Asia for expansion as overseas 2Q revenue jumped 164% yoy, with CEO Tony Han saying the firm is also in talks with European countries and Australian regulators. (Reuters)
Asia ex. China
Hong Leong Asia beats 1H26 forecasts. Hong Leong Asia (HLA SP +2.58%) reported 1H26 revenue of SGD 3.13 bn and PATMI of SGD 92 mn, reaching 52% and 65% of forecasts respectively, driven by double-digit growth across both business segments. Maintain BUY, with the lower target price of SGD 4.70 reflecting the enlarged share base. (UOB Kay Hian Institutional Research)
UltraGreen.ai earnings grow on broad-based volumes. UltraGreen.ai (UGAI SP -0.75%) posted 1H26 earnings of USD 39 mn, up 53% yoy and in line with expectations, with volume growth across all geographies and Verdye approvals rising to 43 countries. Management expects 2H26 revenue to improve hoh; maintain BUY, with the stock trading at 16x 2027F PE versus peers at 27x. (UOB Kay Hian Institutional Research)
EMEA and Others
European stocks hold steady ahead of inflation data. European shares fell slightly Thursday, with the Stoxx 600 down 0.04%. Germany’s DAX, France’s CAC, and UK’s FTSE lost 0.12%, 0.28%, and 0.56% respectively ahead of today’s euro zone inflation data, while weaker commodity prices weighed on energy and miners; Maersk (MAERSKB DC +9.37%) surged on stronger 2Q profit and guidance, Adyen (ADYEN NA +16.4%) jumped after raising its 2026 revenue outlook, while Swissquote (SQN SW -13.98%) fell after weak 1H results. (Reuters)
UBS rerates despite unresolved capital burden. UBS (UBSG SW -0.37%) has risen nearly 50% from its late-March low as stronger revenue, Credit Suisse synergies and improving US wealth profitability support the shares, though concerns persist over a proposed USD 20 bn capital increase and lawmakers remain divided on AT1 securities. (Reuters)
Novo argues obesity market can support multiple winners. Novo Nordisk (NVO +0.71%; NOVOB DC -0.42%) expects differentiated drugs and oral formulations to prevent obesity treatment from becoming a winner-take-all market, with its Wegovy pill holding about 90% of the oral GLP-1 segment and CagriSema targeted for launch in 2027. Novo is seeking to regain share from Eli Lilly (LLY -0.92%), whose Zepbound has delivered stronger trial weight loss. (Reuters) LLY is our Core Recommendation.
Traders’ corner
Our Technical View
Price printed a strong bullish impulse candle following a successful retest of its resistance-turned-support zone.
Momentum is fully aligned with this expansion, as the RSI maintains its footing above the neutral 50-midline and trends higher.
This points to a continuation of the primary uptrend, targeting higher overhead levels as long as this support floor holds.
Our Technical View
Price staged a rebound off its resistance-turned-support zone, confirming the validity of the new floor.
Technical momentum indicators fully support this upward expansion, as the RSI remains comfortably elevated above its neutral 50-midline and trends higher.
This dynamic suggests strong underlying demand and points toward an uninterrupted continuation of the primary uptrend.
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