Overnight US stocks | The three major indices showed mixed performance, with SanDisk (SNDK.US) rising 7.39%.

On Friday, the three major indices fell. This week, the S&P 500 index accumulated a rise of 0.4%. The Nasdaq index also recorded its third consecutive week of gains, with a slight increase of 0.1% this week. The Dow Jones index fell 0.6% this week. This week was a record-breaking week for the S&P 500 index, which on Thursday surpassed 7800 points for the first time and reached an intraday all-time high of 7816.70 points. The benchmark index closed at a record high on the previous trading day. As of the market close, the Dow Jones dropped 107.57 points, a decrease of 0.2%, closing at 53732.41 points; the S&P 500 index fell 13.23 points, a decline of 0.17%, closing at 7785.76 points; the Nasdaq dropped 73.86 points, a decrease of 0.28%, closing at 26729.16 points. Unusual Machines (UMAC.US), a drone technology company, surged by 24.83%. Storage sector stocks maintained their upward trend, with SanDisk (SNDK.US) rising 7.39% and Micron Technology, Inc. (MU.US) increasing by 2.3%. Semiconductor stocks exhibited mixed performances, with AMD (AMD.US) climbing 6.5%, while Broadcom Inc. (AVGO.US) dropped 5.94% and Applied Materials (AMAT.US) fell 5.12%. The Nasdaq Golden Dragon China Index rose by 0.6%. In European markets, shares closed mixed, with the UK's FTSE 100 index decreasing by 0.21%, France's CAC40 index down by 0.16%, Germany's DAX30 index rising by 0.51%, and the Italian FTSE MIB index falling by 0.13%. In Asian markets, the Nikkei 225 index gained 0.59%, and the South Korean composite index rose by 2.42%. The dollar index, which measures the dollar against six major currencies, fell by 0.3%, closing at 99.667 in the currency market. As of the New York market close, 1 euro traded at 1.1566 dollars, higher than the previous day's 1.1529 dollars; 1 pound exchanged for 1.3533 dollars, up from 1.3485 dollars the day before. The dollar traded at 159.38 yen, down from 159.51 yen; 1 dollar exchanged for 0.8131 Swiss francs, lower than the previous day's 0.8139 francs; 1 dollar traded at 1.3877 Canadian dollars, down from 1.3936 dollars; and 1 dollar exchanged for 9.5246 Swedish kronor, lower than the previous day's 9.5684 kronor. In the cryptocurrency market, Bitcoin fell over 1%, trading at 62876.97 dollars; Ethereum decreased by 0.53%, priced at 1879.4 dollars. In oil markets, light crude oil futures for September delivery on the New York Mercantile Exchange rose by 1.15 dollars, closing at 82.40 dollars per barrel, an increase of 1.42%; October delivery Brent crude oil futures rose by 1.45 dollars, closing at 88.52 dollars per barrel, an increase of 1.67%. In precious metals, spot gold rose by 0.58% to 4375.63 dollars; spot silver increased by 0.42% to 64.723 dollars. In macro news: Trump: Will soon announce the Strait of Hormuz as U.S. territory. U.S. President Trump stated that he will soon declare the Strait of Hormuz as U.S. territory after defeating Iran. Trump described the blockade against Iran as unstoppable and characterized it as a steel wall. He stated that the U.S. is fully prepared to respond to Iran and will not allow Iran to continue relevant actions or acquire nuclear weapons. Trump mentioned that American citizens will pay a very small price for rising gasoline costs. He also expressed indifference to damaging Iran's economy before the midterm elections and stated that the U.S. has earned a lot of money through tariffs. White House officials: No plans for extending the ceasefire have been heard. Reports indicate that the one-month ceasefire agreement between the U.S. and Iran will expire next Monday, and if it cannot be extended, the nearly six-month-long war may escalate again. White House officials stated that as of Friday afternoon, negotiations remain at a standstill, and no extension arrangements have been heard. Distance doesn't matter; the key is whether Iran is willing to come back to the negotiation table, and they have not yet. The difficulty in negotiations partly stems from internal power struggles in Iran, where the Revolutionary Guard, religious forces, and the government have differing stances, requiring approval from all factions for an agreement to take effect. Disputes focus on sanctions, frozen assets, and transit through the Strait of Hormuz, with the U.S. asserting that any form of fee or control is unacceptable. The Trump administration stated that if Iran rejects the agreement, the U.S. reserves all options, with sanctions and blockades already having severely impacted the Iranian economy, and Iran should return to the negotiation table. However, informed sources believe the U.S. may underestimate Iran's capacity to endure, suggesting that the U.S. needs to act quickly to stabilize the situation ahead of the midterm elections. Feds Goolsbee: More evidence needed to confirm inflation decline. Chicago Fed President Goolsbee stated that the recent CPI data is encouraging, but inflation was still relatively high in May and June, and it will only be confirmed that prices are steadily returning to the 2% target if the momentum from June continues for the next three to four months. He supports keeping interest rates unchanged in July, stating that inflation remains the greatest concern, while the economy and employment remain stable. He warned that sustained declines in retail sales would raise concerns, as consumption is a key pillar of the U.S. economy. Additionally, he expressed concern about the recent slowdown in productivity growth, stating that if AI-driven growth cannot be sustained, the narrative around AI and monetary policy will need to be re-examined. Regarding the possibility of reducing the frequency of policy meetings, Goolsbee stated that he has no strong opinions and is willing to wait for recommendations from working groups. U.S. retail sales cooled in July, primarily due to online automotive purchases. The decline in U.S. retail sales for July marks the largest drop in over a year, as consumers cut back on purchases of cars and online stores. Data released on Friday shows that the unadjusted retail purchase value fell by 0.6%. Excluding automobiles and gasoline, sales decreased by 0.2%. The report indicates that consumers lost some momentum last month after a strong performance in the first half of 2026. Following a one-time boost from large-scale tax refunds earlier in 2026 and a drop in the personal savings rate to a four-year low in June, economists remain generally cautious about the outlook for consumer spending. U.S. consumer confidence declines for the first time in three months as inflation concerns rise. Due to household worries about worsening business conditions and rising inflation, U.S. consumer confidence declined for the first time in three months. According to a survey data released by the University of Michigan on Friday, the preliminary consumer confidence index for August fell to 51, down from the final value of 55.2 in July. The median expectation among economists was 55. Consumers expect prices to rise by 4.3% over the next year, a slight increase from the previous month and significantly higher than levels prior to the February Iran conflict. They also expect prices to rise at an annual rate of 3.3% over the next five to ten years. Following two consecutive months of improvements, consumer confidence in both short-term and long-term economic outlooks has deteriorated. Expectations about the labor market have changed little since the beginning of the year. The survey reveals increasing consumer worries about inflation, while concerns about unemployment have decreased. This survey includes responses collected from July 28 to August 10. During this period, the U.S. national average gasoline price has hovered above four dollars per gallon. Another report released on Friday showed that U.S. retail sales for July fell sharply, attributing the decline to reduced purchases of vehicles and online stores. In individual stock news: Broadcom Inc. (AVGO.US) AI client financing platform raises concerns, with stock prices falling nearly 7% during trading. Broadcom Inc. saw a nearly 7% drop in its stock price Friday during trading, as the market expressed concern about the financing model behind its AI infrastructure expansion. Analysts at Bank of America Corp estimate that Broadcom Inc.'s financing platform for AI chip clients could accumulate up to 370 billion dollars in senior debt by mid-2029, with new issuances reaching about 150 billion dollars by 2027, based on a data center scale of 20 gigawatts. The debt is assumed by the financing platform, not directly by Broadcom Inc., but Broadcom Inc. has guaranteed lease payments for some customers, with the first deal's guarantee amounting to about 29 billion dollars. This financing model began in June, led by Apollo Global Management Inc and Blackstone Inc., providing 35 billion dollars in funding for Broadcom Inc.'s AIXPV platform, with the first funds intended to support Anthropics construction of over 1 gigawatt of computing power, and the platform aims to provide over 20 gigawatts of computing power by 2028. As AI infrastructure expands, the future guarantee scale of Broadcom Inc. will be a focal point for the market. SK Hynix (SKHY.US) increases equipment investment by over 70% in the first half of the year, ramping up AI storage capacity. Reports indicate that SK Hynix significantly increased its equipment investment and R&D spending in the first half of this year to meet the growing demand for AI storage. Cash expenditure for tangible asset acquisitions exceeded 18 trillion won, an over 70% increase compared to the same period last year. According to SK Hynix's semi-annual report disclosed on the 14th, the companys cash expenditure for tangible asset acquisitions in the first half of this year was 18.3288 trillion won, a rise of 72.7% compared to 10.6157 trillion won in the same period last year. R&D spending also increased significantly, with total R&D expenditure in the first half of this year amounting to 6.0428 trillion won, up 98.4% from 3.0456 trillion won in the same period last year. Among this, 5.8163 trillion won was used for ongoing development costs. With the increasing demand for AI-specific high-bandwidth memory (HBM), server DRAM, and enterprise-level SSDs, SK Hynix is accelerating the expansion of its production facilities. Tiger Global built positions in SpaceX and AMD in Q2, reducing holdings in Alphabet Inc. Class C, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, NVIDIA Corporation, and others. Tiger Global Fund made significant adjustments in its positions in the second quarter. In terms of reductions: holdings in Broadcom Inc. (AVGO.US) were cut by 51.1% to 1.8 million shares, Alphabet Inc. Class A (GOOGL.US) was reduced by 45.4% to 5.8 million Class A shares, holdings in Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) were cut by 12.3% to 490 thousand ADS, Microsoft Corporation (MSFT.US) was reduced by 9.3% to 2.3 million shares, Meta Platforms (META.US) fell by 8.5% to 280 thousand Class A shares, NVIDIA Corporation (NVDA.US) was reduced by 6.8% to 11.2 million shares, and JD.com, Inc. Sponsored ADR Class A (JD.US) was cut by 41.5% to 201.5 thousand ADS. On the increase side, Intel Corporation (INTC.US) was increased to 4.3 million shares. New positions were established in AMD (AMD.US) with 674 thousand shares and SpaceX (SPCX.US) with 375 thousand shares. The position in Netflix (NFLX.US) was completely sold off. SpaceX (SPCX.US) spends 60 billion on the acquisition of Cursor, Musk further extends his AI territory. The space exploration technology company has completed a 60 billion dollar acquisition of AI coding startup Cursor, marking a significant step for Musk in the AI field to catch up with competitors Anthropic and OpenAI. According to regulatory filings, the deal became effective on August 14, two months after SpaceX announced it had reached an acquisition agreement. This acquisition represents one of the largest tech deals in history, aimed at helping Musk's company strengthen its efforts to create more advanced AI tools to streamline tasks, including codingone of the most lucrative markets in the AI field. Musk's AI venture is now named SpaceXAI, previously with limited applications in commerce and undergoing a series of layoffs and restructuring. Cursor's AI assistant launched in 2023 aims to help programmers write and debug code more efficiently. It has become one of the fastest-growing startups in history and plays a central role in the era of "ambient programming," when software developers experienced a surge in demand for tools capable of building based on chat cues from Siasun Robot & Automation. Anthropics second-quarter revenue exceeded 11.5 billion dollars, increasing at least 14 times year-on-year. Reports indicate that Anthropic's preliminary revenue for the second quarter exceeded 11.5 billion dollars, up at least 14 times from 787 million dollars in the same period last year, and also higher than 4.73 billion dollars in the first quarter of this year, with the company achieving positive adjusted operating profit for the quarter. Anthropic had previously been in a position of chasing in the AI competition, but with more professionals adopting its software to streamline workflows such as programming, the companys growth has shown a significant acceleration. In May, Anthropics annualized revenue had already surpassed 47 billion dollars. In contrast, OpenAI previously disclosed an annualized revenue exceeding 40 billion dollars, although the accounting methods of both might not be entirely aligned. Competition in the AI space is heating up, with IPO financing reaching 256.4 billion dollars thus far this year, the highest since 2021 (excluding SPACs and other financial instruments). In big bank ratings: Bernstein: Raised the target price of Applied Materials (AMAT.US) from 675 dollars to 700 dollars. HSBC: Lowered the target price of Cisco Systems, Inc. (CSCO.US) from 137 dollars to 120 dollars, downgrading its rating from Buy to Hold.