Source: Sina US Stocks On the evening of the 20th Beijing time, the US stocks opened mixed on Thursday, and then the three major indexes rose slightly. Nvidia hit another new high and consolidated its position as the largest market cap company in the US stock market. Initial jobless claims in the United States last week were higher than expected, and real estate and manufacturing indexes were below expectations. Until the manuscript was submitted, the S&P 500 index rose 0.29% to break through 5500 points, the Nasdaq Composite Index rose 0.37%, and the Dow Jones Index rose 0.13%. The US stock market was closed on Wednesday due to the June holiday (Juneteenth). On Tuesday, the S&P 500 index and the Nasdaq both set new historical highs. The US stock market is expected to record gains this week. The S&P 500 index set its 31st new high this year on Tuesday. Due to the continued AI craze and the resilience of economic growth, it is expected to continue to support corporate profits, especially in the technology sector. Nvidia's stock price hit another new high. The AI darling and chip maker surpassed Microsoft last Tuesday and became the world's most valuable company. Against the background of the continued AI craze boosting the stock market, Nvidia's stock price has risen 174% from 2024 to date. As Nvidia consolidates its position as a thriving market leader in the AI theme market, its market value has surpassed that of Apple in early June. "Nvidia is still the most important stock in the world," said Chris Weston, head of Pepperstone research, in a report. However, Weston warned that the overall performance of the index market was poor, and the market participation was mediocre, suggesting that the rise was built on an unstable foundation. "The fact remains that the market is still very bullish on AI-related stocks and large tech stocks, and given the lack of clear immediate risks, the path of least resistance is for stock indices to rise." While consumer spending has shown signs of slowing and hints at potential economic weakness, investors continue to flock to the AI giant. The rise of Nvidia has also boosted its peers. Chip maker Broadcom has surged more than 60% from 2024 to date. Scott Chronert, Citigroup's US stock strategy director, wrote in a report on Tuesday: "We still believe that Wall Street (the S&P 500) is diverging from the corporate sector (the foundation of the US economy), is this strange? There is no doubt that generative AI is currently infiltrating the US stock market environment as a sustained driver of growth." Nevertheless, some commentators have noted that while this doldrums has not yet fully affected the US stock market, which repeatedly sets new highs, the rise lacks breadth beyond the largest tech companies, and this situation may continue to deteriorate. Thomas Fitzpatrick, managing director of R.J. O'Brien and Associates, said, "There's a feeling of AI theme that's very similar to the 2000-2001 US stock style, but as we know, markets stay irrational longer than you stay solvent. But for now, it's hard to stop the speeding train." Sam Stovall, chief investment strategist at CFRA Research, said that due to three major unfavorable factors that will suppress stock prices, the US stock market will see a correction. This Wall Street veteran pointed out that so far this year, the stock market has performed strongly, with the S&P 500 index up 15% from 2024. However, he predicted that the benchmark index would fall 5% due to unfavorable interest rates, inflation, and stock valuations. The inflation rate is declining but still above the Federal Reserve's target of 2%, leading Fed officials to expect only one interest rate cut by year-end. As for Thursday's economic data, the initial claims for unemployment benefits in the United States were almost unchanged last week, and the data for the previous week rose sharply. These data tend to fluctuate before and after holidays and school vacations. Data released by the US Department of Labor on Thursday showed that as of June 15, the number of initial claims for unemployment benefits decreased by 5,000 to 238,000. The number of continued claims for unemployment benefits as of June 8 rose to 1.82 million. In the past year, the number of people applying for unemployment benefits has remained low as the labor market has shown resilience in the face of high prices and high interest rates. The four-week moving average of initial jobless claims rose to 232,750, the highest level since September last year.

The first in the U.S. stock market turnover on Tuesday.$NVIDIA (NVDA.US)$Closing down 3.66%, with a trading volume of $35.43 billion. The three major U.S. stock indexes collectively closed down on Tuesday, with popular technology stocks like Nvidia experiencing a general decline.

Brokerage Wedbush Securities believes that Nvidia and Microsoft will continue to lead the artificial intelligence (AI) revolution, with new evidence suggesting that the artificial intelligence infrastructure market may grow tenfold from now until 2027.

The second.$Tesla (TSLA.US)$The stock fell by 1.38%, with a turnover of $22.256 billion. According to analysts' estimates, Tesla's global delivery volume in the third quarter is about 463,900 vehicles, an increase of about 7% compared to the same period last year. The sales of Tesla's latest product, the Cybertruck, have been increasing, but the company has never provided specific delivery numbers.

Brokerage firm Robert W. Baird analyst Ben Kallo estimates that Tesla's pickup truck sales volume in the previous quarter was 0.02 million units.

Tesla will host a Robotaxi unveiling event on October 10th. It is worth noting that Tesla will introduce a brand new model specifically designed for autonomous driving, rather than deploying existing or modified Tesla vehicles for the taxi business. Musk temporarily named the Robotaxi model as "Cybercab".

The Cybercab is rumored to possibly not be equipped with a steering wheel and pedals, relying entirely on Tesla's Full Self-Driving (FSD) software. The manufacturing cost per vehicle will be very low, and the cost per ride may be similar to a bus ticket. It will be produced at the Texas Gigafactory and will adopt a new "boxless" manufacturing strategy (individually processing different parts of the car, only assembling them together in the final stage, aimed at reducing costs and factory footprint), with plans for mass production in 2024.

Ranked third, up 0.71%, trading at $8.267 billion. According to media reports, the Apple iPhone 16 series has entered full-scale production, and Foxconn's Zhengzhou factory is expanding its workforce to meet production targets. The expected sales target for iPhone 16 series this year is 90 million units, with a hope to achieve 95 million units. $Apple (AAPL.US)$ The stock fell by 2.91%, with a turnover of $14.29 billion. It is reported that Apple is preparing to launch a new iPhone SE and an upgraded version of the iPad Air, set to be released early next year. Apple also plans to produce a new iPad Air and a matching keyboard for the upcoming release.

Additionally, Barclays stated that demand for the Apple iPhone 16 is weak. The institution mentioned that there is data showing a major Taiwan supplier cut iPhone 16 orders for the December quarter. Barclays has maintained their "shareholding" rating on Apple, with a target price of $186, citing soft demand for the iPhone 16. They had previously discussed shortening the global delivery time for the iPhone 16, indicating the weak demand.

Ranked fourth.$Meta Platforms (META.US)$Closing up 0.7%, with a turnover of 8.794 billion US dollars. Meta Platforms said on Tuesday that it will expand its artificial intelligence innovation investment in Vietnam, including producing the latest virtual reality devices starting in 2025, marking the company's latest efforts to expand business in Vietnam. The president in charge of global affairs at Meta announced this news during a visit to Vietnam.

Ranked fifth, up 0.19%, trading at $6.813 billion. Wedbush Securities said that with the performance of companies like Microsoft and AMD, investors' concerns about the monetization of artificial intelligence by a few companies should be alleviated. He said that the performance of Microsoft and AMD 'further convinces us that the AI monetization era is here.' $Microsoft (MSFT.US)$ Closing down 2.23%, with a turnover of 8.042 billion US dollars. The German Federal Cartel Office announced on Monday that it has classified Microsoft as a 'company of extremely significant importance to market competition.' The institution stated that the new classification means Microsoft will face stricter scrutiny and may be subject to prohibitions due to anti-competitive behavior.

The German Federal Cartel Office is responsible for enforcing Germany's antitrust laws, regulating competition among companies, preventing monopolies and unfair competition, and ensuring the healthy operation of the market.

The eighth.$Alibaba (BABA.US)$Rising by 6.24%, with a turnover of 4.881 billion US dollars. The US stock market fell generally on Tuesday, but Chinese concept stocks continued their upward trend, with popular sectors such as Chinese concept e-commerce and new energy vehicles rising across the board. Goldman Sachs released a research report on Monday, stating $Alibaba (BABA.US)$N/A.$PDD Holdings (PDD.US)$and$JD.com (JD.US)$ The combined market capitalization is only$Amazon (AMZN.US)$One quarter of it, therefore, there is a huge revaluation space for the value of China's e-commerce.

Goldman Sachs report points out that the median P/E ratio of the Chinese internet industry in the next 12 months is 14.3 times, still more than 40% cheaper than the U.S. internet industry. The valuation of e-commerce companies such as Alibaba, PDD Holdings, and JD.com is only 9-12 times, still below the median of the Chinese internet industry, with huge potential for revaluation of value.

Rank 9. $Alphabet-A (GOOGL.US)$ Closing up 0.69%, with a turnover of $4.723 billion. Google announced on Tuesday that construction on a $2 billion datacenter and cloud region in Malaysia has begun. The company stated that it will support Malaysia's new sustainable development and skills program.

Ranked twelfth, down 0.84%, trading at $2.587 billion. Huafu Securities released a research report stating that according to the recently announced Google antitrust judgment, Google pays Apple to become the default search engine for Safari browsers. $PDD Holdings (PDD.US)$ Closing up 8.03%, with a turnover of 3.418 billion USD.

15th place.$Coinbase (COIN.US)$Closing down 7.39%, with a turnover of 2.524 billion USD. Influenced by the decline in bitcoin, US stocks related to cryptos generally fell on Tuesday. In the early hours of Tuesday, bitcoin fell by over 1.9%, to 62,555.6 USD per coin.

18th place $Humana (HUM.US)$ Closing down 11.77%, with a turnover of 2.053 billion USD.

Editor/Lambor