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On July 28, since the beginning of July, the market has experienced adjustments, but institutions remain optimistic about the future. Regarding the recent volatility in the technology sector, Wang Zijian, fund manager of the equity investment department at Penghua Fund, stated that since the beginning of 2023, investments in the AI sector have continuously faced various disturbances and doubts: the market believes that AI technology is immature and capital expenditures are experiencing pulsed growth. Since early 2026, the market has seen a series of doubts including technological route replacements, the Federal Reserve's interest rate hikes, tightening cash flows, peak commercialization, excess computing power supply, and crowded sector positions. 'However, looking at the market performance over the past three years, leading stocks in optical modules have increased nearly a hundredfold. Many doubts about the AI industry in recent years have essentially underestimated the transformative power of AI technology and the growth potential of the industry. The core premise of technology investment is to clearly understand the stage of the industry cycle: the current AI industry is still in its early development stage, and the market has not shown characteristics of a bubble, so each deep adjustment may be a quality investment window,' Wang said.

[Penghua Fund's Wang Zijian: AI Industry Still in Early Development, Each Deep Adjustment May Be a Quality Investment Opportunity]On July 28, since the beginning of July, the market has experienced adjustments, but institutions remain optimistic about the future. Regarding the recent volatility in the technology sector, Wang Zijian, fund manager of the equity investment department at Penghua Fund, stated that since the beginning of 2023, investments in the AI sector have continuously faced various disturbances and doubts: the market believes that AI technology is immature and capital expenditures are experiencing pulsed growth. Since early 2026, the market has seen a series of doubts including technological route replacements, the Federal Reserve's interest rate hikes, tightening cash flows, peak commercialization, excess computing power supply, and crowded sector positions. 'However, looking at the market performance over the past three years, leading stocks in optical modules have increased nearly a hundredfold. Many doubts about the AI industry in recent years have essentially underestimated the transformative power of AI technology and the growth potential of the industry. The core premise of technology investment is to clearly understand the stage of the industry cycle: the current AI industry is still in its early development stage, and the market has not shown characteristics of a bubble, so each deep adjustment may be a quality investment window,' Wang said.

Penghua Fund's Wang Zijian: AI Industry Still in Early Development, Each Deep Adjustment May Be a Quality Investment Opportunity

On July 28, the governor of Moscow Oblast, Vorobyov, reported that dozens of Ukrainian drones were destroyed over the region, including in Domodedovo, during the night. A residential building in Chekhov was hit by a drone, and casualties are still being verified. The drone crashes also caused two fires and damage to one house, but no injuries were reported. Moscow Mayor Sobyanin stated that from 8:30 PM on the 27th to 6:30 AM on the 28th, over 390 Ukrainian drones targeted the Moscow region, with most being suppressed at a distance, and 81 were destroyed as they approached the city. There has been no response from the Ukrainian side regarding these events. (CCTV News)

[Russia Reports Large-Scale Drone Attack in Moscow Region]On July 28, the governor of Moscow Oblast, Vorobyov, reported that dozens of Ukrainian drones were destroyed over the region, including in Domodedovo, during the night. A residential building in Chekhov was hit by a drone, and casualties are still being verified. The drone crashes also caused two fires and damage to one house, but no injuries were reported. Moscow Mayor Sobyanin stated that from 8:30 PM on the 27th to 6:30 AM on the 28th, over 390 Ukrainian drones targeted the Moscow region, with most being suppressed at a distance, and 81 were destroyed as they approached the city. There has been no response from the Ukrainian side regarding these events. (CCTV News)

Russia Reports Large-Scale Drone Attack in Moscow Region

On July 28, according to CCTV Finance, the AI open source community commonly known as 'BaoBaoFace' recently suffered an invasion by an OpenAI agent. On July 26 local time, the co-founder and CEO of 'BaoBaoFace' made two demands to OpenAI: first, to publicly disclose the complete trajectory of the agent, and second, to allocate $100 million in computing power to support the open source community. This incident has raised alarms regarding safety in the AI industry. On the 21st of this month, OpenAI acknowledged that one of its agents had 'gone out of control' during internal testing, breaching its isolated environment and autonomously invading the AI open source community 'BaoBaoFace'. The crisis was ultimately resolved by seeking assistance from Chinese open source models.

[AI Open Source Community 'BaoBaoFace' Claims $100 Million from OpenAI]On July 28, according to CCTV Finance, the AI open source community commonly known as 'BaoBaoFace' recently suffered an invasion by an OpenAI agent. On July 26 local time, the co-founder and CEO of 'BaoBaoFace' made two demands to OpenAI: first, to publicly disclose the complete trajectory of the agent, and second, to allocate $100 million in computing power to support the open source community. This incident has raised alarms regarding safety in the AI industry. On the 21st of this month, OpenAI acknowledged that one of its agents had 'gone out of control' during internal testing, breaching its isolated environment and autonomously invading the AI open source community 'BaoBaoFace'. The crisis was ultimately resolved by seeking assistance from Chinese open source models.

AI Open Source Community 'BaoBaoFace' Claims $100 Million from OpenAI

On July 28, according to the Seoul Economic Daily, as the sluggish trend in the Korean stock market continues, domestic investors in South Korea are once again turning to US stocks, with net purchases exceeding 5 trillion won this month. Data from Seibro, a securities information portal by the Korea Securities Depository, shows that from July 1 to 27, domestic investors net purchased a total of 3.58999 billion USD in US stocks, approximately 5.5 times the net purchase amount for the entire month of June. As of the 23rd, the net purchase amount was only 2.53026 billion USD, but it increased by 1.05973 billion USD over the next two trading days. Retail funds are primarily concentrated in the semiconductor and technology sectors. The product with the highest net purchases this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with a net purchase amount of 1.75919 billion USD. SK Hynix ADR has also continued to be popular, with the net purchase amount rising to 812.38 million USD as of the 27th.

[Korean Stock Market Slump Drives Retail Investors to US Stocks with Net Purchases Exceeding 5 Trillion Won This Month]On July 28, according to the Seoul Economic Daily, as the sluggish trend in the Korean stock market continues, domestic investors in South Korea are once again turning to US stocks, with net purchases exceeding 5 trillion won this month. Data from Seibro, a securities information portal by the Korea Securities Depository, shows that from July 1 to 27, domestic investors net purchased a total of 3.58999 billion USD in US stocks, approximately 5.5 times the net purchase amount for the entire month of June. As of the 23rd, the net purchase amount was only 2.53026 billion USD, but it increased by 1.05973 billion USD over the next two trading days. Retail funds are primarily concentrated in the semiconductor and technology sectors. The product with the highest net purchases this month is the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with a net purchase amount of 1.75919 billion USD. SK Hynix ADR has also continued to be popular, with the net purchase amount rising to 812.38 million USD as of the 27th.

Korean Stock Market Slump Drives Retail Investors to US Stocks with Net Purchases Exceeding 5 Trillion Won This Month

On July 28, ahead of the Federal Reserve's interest rate meeting, market uncertainty arises as monetary policy, AI capital expenditure, and geopolitical issues all enter a validation phase. While the market generally still expects the Fed to maintain its current stance, fluctuations in oil prices, ongoing tensions in the Middle East, and Waller's continued downplaying of forward guidance have led investors to gradually accept a new pricing model where "policy no longer provides answers, but data determines direction." Regardless of whether there is a rate hike this time, the market is more focused on how Waller will establish the Fed's policy credibility and whether it will accept higher market volatility in exchange for policy flexibility to control inflation. Another noteworthy change comes from the AI industry itself. Nvidia continues to expand its investments and financing in AI infrastructure, including OpenAI and SK Group, reflecting that AI competition is further evolving into a capital competition. However, as suppliers begin to offer guarantees, financing, and even directly assist clients in building data centers, the market starts to reassess whether the rapid growth of AI is accumulating higher financial leverage risks. The recent significant decline in semiconductor stocks in Japan and South Korea does not indicate a disappearance of AI demand, but rather that the market is beginning to evaluate whether high capital expenditures can sustainably translate into corporate cash flow and investment returns. This suggests that the AI narrative is gradually shifting from a "growth story" to a test of "capital efficiency." In the future, tech giants' earnings reports may see capital expenditure recovery efficiency, free cash flow, and AI investment returns becoming new valuation standards, in addition to revenue and profit. The situation in the Middle East maintains a typical pattern of "political cooling, unresolved energy risks." Trump has once again reserved a diplomatic window for Iran, reducing the risk of short-term comprehensive conflict, but Houthi forces continue to attack Saudi Arabian oil infrastructure, and uncertainties remain in the Strait of Hormuz and the Red Sea shipping routes, meaning energy supply risks have not truly disappeared. This indicates that even if oil prices temporarily decline, energy premiums may still repeatedly influence market expectations for inflation, giving the Fed more hawkish space in its policy choices. The core factors truly affecting the market this week will not be a single event itself, but rather the simultaneous validation of three aspects: whether the Fed is willing to accept higher volatility to maintain its anti-inflation credibility; whether the AI industry can prove that massive capital expenditures can ultimately translate into corporate profits; and whether the earnings reports of tech giants are sufficient to support the currently high market valuations. In the context of policy, liquidity, and corporate fundamentals all undergoing market scrutiny, the sources of asset price volatility will increasingly lean towards fundamentals and capital efficiency, rather than relying solely on policy expectations or AI narratives.

[Bitunix Analyst: Fed and AI Face Stress Test Amid Market Uncertainty]On July 28, ahead of the Federal Reserve's interest rate meeting, market uncertainty arises as monetary policy, AI capital expenditure, and geopolitical issues all enter a validation phase. While the market generally still expects the Fed to maintain its current stance, fluctuations in oil prices, ongoing tensions in the Middle East, and Waller's continued downplaying of forward guidance have led investors to gradually accept a new pricing model where "policy no longer provides answers, but data determines direction." Regardless of whether there is a rate hike this time, the market is more focused on how Waller will establish the Fed's policy credibility and whether it will accept higher market volatility in exchange for policy flexibility to control inflation. Another noteworthy change comes from the AI industry itself. Nvidia continues to expand its investments and financing in AI infrastructure, including OpenAI and SK Group, reflecting that AI competition is further evolving into a capital competition. However, as suppliers begin to offer guarantees, financing, and even directly assist clients in building data centers, the market starts to reassess whether the rapid growth of AI is accumulating higher financial leverage risks. The recent significant decline in semiconductor stocks in Japan and South Korea does not indicate a disappearance of AI demand, but rather that the market is beginning to evaluate whether high capital expenditures can sustainably translate into corporate cash flow and investment returns. This suggests that the AI narrative is gradually shifting from a "growth story" to a test of "capital efficiency." In the future, tech giants' earnings reports may see capital expenditure recovery efficiency, free cash flow, and AI investment returns becoming new valuation standards, in addition to revenue and profit. The situation in the Middle East maintains a typical pattern of "political cooling, unresolved energy risks." Trump has once again reserved a diplomatic window for Iran, reducing the risk of short-term comprehensive conflict, but Houthi forces continue to attack Saudi Arabian oil infrastructure, and uncertainties remain in the Strait of Hormuz and the Red Sea shipping routes, meaning energy supply risks have not truly disappeared. This indicates that even if oil prices temporarily decline, energy premiums may still repeatedly influence market expectations for inflation, giving the Fed more hawkish space in its policy choices. The core factors truly affecting the market this week will not be a single event itself, but rather the simultaneous validation of three aspects: whether the Fed is willing to accept higher volatility to maintain its anti-inflation credibility; whether the AI industry can prove that massive capital expenditures can ultimately translate into corporate profits; and whether the earnings reports of tech giants are sufficient to support the currently high market valuations. In the context of policy, liquidity, and corporate fundamentals all undergoing market scrutiny, the sources of asset price volatility will increasingly lean towards fundamentals and capital efficiency, rather than relying solely on policy expectations or AI narratives.

Bitunix Analyst: Fed and AI Face Stress Test Amid Market Uncertainty

On July 28, ETH Zurich spin-off startup ZuriQ announced the completion of a $25.5 million seed round financing. The company is focused on developing a new type of quantum chip architecture, which is said to offer greater scalability compared to existing solutions, potentially accelerating the scaling process in the field of quantum computing.

[ZuriQ Completes $25.5 Million Seed Round Financing to Advance New Quantum Chip Architecture Development]On July 28, ETH Zurich spin-off startup ZuriQ announced the completion of a $25.5 million seed round financing. The company is focused on developing a new type of quantum chip architecture, which is said to offer greater scalability compared to existing solutions, potentially accelerating the scaling process in the field of quantum computing.

ZuriQ Completes $25.5 Million Seed Round Financing to Advance New Quantum Chip Architecture Development

On July 28, Solana Optimistic Network (SOON) announced that the investigation and recovery from the security incident discovered on July 12 has been completed. The incident did not involve vulnerabilities in the SOON protocol, sequencer, or user-facing smart contracts, and no user funds were found to be lost. SOON stated that the incident stemmed from security issues in the off-chain operational environment. According to an investigation by the third-party security firm BlockSec, external attackers gained unauthorized access through misconfigured services and further infiltrated some internal environments due to insufficient access controls. The scope of the incident was limited to certain operational infrastructure and related processes, and did not involve on-chain user assets, user smart contracts, or SOON network security. Following the incident, SOON paused the sequencer and some services, initiating a comprehensive security review. During this time, functions such as NFT minting, token claiming, and on-chain withdrawals were temporarily disabled. Currently, SOON has restored NFT minting and token claiming functions as of July 21, and the mainnet RPC service and block production were restored on July 27. The network is now operating normally.

[SOON Completes Security Incident Review, Confirms No Impact on Protocol or User Assets, Mainnet RPC Restored]On July 28, Solana Optimistic Network (SOON) announced that the investigation and recovery from the security incident discovered on July 12 has been completed. The incident did not involve vulnerabilities in the SOON protocol, sequencer, or user-facing smart contracts, and no user funds were found to be lost. SOON stated that the incident stemmed from security issues in the off-chain operational environment. According to an investigation by the third-party security firm BlockSec, external attackers gained unauthorized access through misconfigured services and further infiltrated some internal environments due to insufficient access controls. The scope of the incident was limited to certain operational infrastructure and related processes, and did not involve on-chain user assets, user smart contracts, or SOON network security. Following the incident, SOON paused the sequencer and some services, initiating a comprehensive security review. During this time, functions such as NFT minting, token claiming, and on-chain withdrawals were temporarily disabled. Currently, SOON has restored NFT minting and token claiming functions as of July 21, and the mainnet RPC service and block production were restored on July 27. The network is now operating normally.

SOON Completes Security Incident Review, Confirms No Impact on Protocol or User Assets, Mainnet RPC Restored

On July 28, Jefferies analysts stated in a research report that storage chip prices may be closer to their peak. While the market expects storage chip prices to rise by another 25%-30% quarter-on-quarter in the third quarter, Jefferies' latest industry verification suggests that the increase may be more moderate, between 15%-20%. Jefferies analysts believe that most of the price increase is driven by cloud service providers, while consumer electronics manufacturers show fatigue towards further price hikes. 'The visibility for further quarter-on-quarter increases in 2027 is low,' said Jefferies analysts, adding that the peak for storage chip prices may come sooner than expected.

[Agency: Storage Chip Prices May Be Approaching Peak]On July 28, Jefferies analysts stated in a research report that storage chip prices may be closer to their peak. While the market expects storage chip prices to rise by another 25%-30% quarter-on-quarter in the third quarter, Jefferies' latest industry verification suggests that the increase may be more moderate, between 15%-20%. Jefferies analysts believe that most of the price increase is driven by cloud service providers, while consumer electronics manufacturers show fatigue towards further price hikes. 'The visibility for further quarter-on-quarter increases in 2027 is low,' said Jefferies analysts, adding that the peak for storage chip prices may come sooner than expected.

Agency: Storage Chip Prices May Be Approaching Peak

On July 28, Swiss Pictet Wealth Management pointed out that the market reflects an unusually high probability of a Federal Reserve rate hike. 'While we cannot completely rule out the risk of an unexpected rate increase, the current market pricing seems too high,' said senior U.S. economist Xiao Cui in a report. Cui believes that the latest U.S. inflation data and statements from Fed officials have reinforced expectations that the Fed will keep rates unchanged at 3.5%-3.75% this week. However, she noted that officials continue to view inflation as a more significant policy risk, which opens the door for tightening as early as September. Cui also suggested that regional Federal Reserve Bank Presidents Logan and Harker may cast two votes in favor of a 25 basis point rate hike, while Kashkari may cast a third dissenting vote.

[Swiss Pictet: Market May Be Overestimating Fed Rate Hike Expectations]On July 28, Swiss Pictet Wealth Management pointed out that the market reflects an unusually high probability of a Federal Reserve rate hike. 'While we cannot completely rule out the risk of an unexpected rate increase, the current market pricing seems too high,' said senior U.S. economist Xiao Cui in a report. Cui believes that the latest U.S. inflation data and statements from Fed officials have reinforced expectations that the Fed will keep rates unchanged at 3.5%-3.75% this week. However, she noted that officials continue to view inflation as a more significant policy risk, which opens the door for tightening as early as September. Cui also suggested that regional Federal Reserve Bank Presidents Logan and Harker may cast two votes in favor of a 25 basis point rate hike, while Kashkari may cast a third dissenting vote.

Swiss Pictet: Market May Be Overestimating Fed Rate Hike Expectations

Криптовалютная биржа BitMart заявила о сворачивании деятельности своей торговой платформы после девяти лет работы. В воскресенье, 26 июля, биржа перестала регистрировать новых пользователей.

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Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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