BlockBeats News, July 24th. This week, the U.S. stock market retreated from its highs during earnings season, and AI trading entered the "verification" stage. As of the U.S. Eastern Time closing on July 23rd, the S&P 500 fell by about 0.7% for the week, the Nasdaq fell by about 1.5%, with large-cap tech stocks being the main drag. Although Google's earnings report exceeded expectations, its full-year capital expenditure was raised to $195 billion-$205 billion, triggering market concerns about the return on AI investment. Meanwhile, NVIDIA, Micron ADR, and China's semiconductor innovation chain continued to be supported by AI computing power demand, and funds began to shift from the leading large-cap tech companies to HBM, storage, domestic DRAM, and other segmented areas. SpaceX continued to be affected by the delay in Starship test flights and valuation pressure, with post-IPO volatility increasing. Therefore, this week, investors' focus is mainly on AI capital expenditure, storage chain, domestic semiconductor industry, and commercial space valuation.

ChiNext Top 50 Index (up about 4.13% for the week): The ChiNext Top 50 Index surged by 10.73% on July 21st, led by a collective outbreak in the semiconductor, computing power hardware, and storage chain sectors. Subsequently, influenced by profit-taking and declining trading volume, it fell by 3.78% on July 23rd. The anticipation of Changxin Technology's listing on July 27th continues to drive the domestic DRAM theme, with funds repricing around the AI chain and domestic substitution.

Alphabet (down about 9.78% for the week): Alphabet reported second-quarter revenue of $119.8 billion, with Google Cloud growing by 82% year-on-year, exceeding performance expectations. However, the company raised its full-year capital expenditure guidance to $195 billion-$205 billion and experienced negative free cash flow, causing market concerns about the AI investment return cycle, leading to a roughly 7% drop in the stock price on July 23rd.

Micron ADR (up about 12.13% for the week): Google's upward revision of AI infrastructure spending guidance alleviated concerns in the market about cloud vendors' order cuts. SK Hynix ADR closed up 2.6% at $169.50 on July 23rd, as HBM demand expectations recovered. Due to issuance and conversion restrictions, the ADR maintained a relatively high premium compared to the Korean domestic stock.

SpaceX (down about 2.98% for the week): SpaceX rebounded during the week but was once again impacted by the 13th delay in the Starship test flight, falling to $116.28 after hours. The high post-IPO valuation, low float, and rising short interest amplified volatility. The commercialization of Starship remains a key variable for medium- to long-term valuation, but short-term sentiment continues to be influenced by test flight progress.

NVIDIA (up about 2.70% for the week): Google's upward revision of capital expenditure should have been positive for AI chip demand, but NVDA fell 1.6% on July 23rd following the retreat of large-cap tech stocks. Funds have shifted in the short term from tech giants to more specialized beneficiaries such as Micron, NVIDIA, and others. The AI chain remains strong, but trading has shifted from broad gains to profit-taking in segmented sectors.