RecodeX

📡 On-the-hour Briefing | 11:00-12:00

1. The U.S. military has carried out strikes against Iran for the eighth consecutive night. In response, Iranian forces used drones to attack U.S. bases in Kuwait, with tensions in the Middle East continuing to escalate.

2. Former Deputy Party Secretary and former President of the China Development Bank, Ouyang Weimin, is under investigation for suspected serious violations of discipline and law.

3. South Korea’s Ministry of Economy and Finance announced plans to relax foreign exchange rules, allowing foreign investors to trade more won-denominated bonds and borrow Korean won to boost the internationalization of the won.

4. During the 2026 World Conference on Artificial Intelligence, Shanghai’s humanoid robot pilot service platform was unveiled, and companies such as Ant Group and China Ping An launched a matrix of AI products.

5. NVIDIA hired Nick Parker, a senior executive brought from Microsoft, as global head of sales to strengthen the company’s ability to commercialize AI on the ground.

6. Last Friday, U.S. spot Bitcoin ETFs saw net inflows of $132.3 million, continuing the rebound after the early-week plunge; Robinhood Chain reported DEX trading volumes exceeding $528 million over the past 24 hours.

7. China’s auto industry released its first unified rule for calculating full-vehicle costs, aiming to curb low-price and disorderly competition.

8. Astronomers confirmed the presence of a rocky, super-Earth with an estimated habitability in the red-dwarf star’s habitable zone 25 light-years from Earth: GJ3378b.

📡 On-the-Hour News | 10:00-11:00

1. The U.S.-Iran conflict has sharply escalated. The U.S. has deployed more F-16 and F-35 fighter jets to the Middle East and launched airstrikes on Iran. Iran’s military warns it will deliver a “devastating retaliation,” and claims it struck U.S. military bases in Kuwait.

2. The 2026 World Artificial Intelligence Conference (WAIC) will be held in Shanghai. Moore Threads has announced progress on its “AI factory.” Alibaba Cloud has launched the world model HappyOyster 1.0. Meanwhile, it won’t hold a quantum-related release; instead, it has plans for an atomic-quantum AI foundation platform.

3. The Ministry of Water Resources reported that nine rivers in Heilongjiang, Liaoning, Guizhou, and other areas have experienced flood levels above warning thresholds. In Baise, Guangxi, due to heavy rainfall, the flood-control emergency response has been raised to Level 3.

4. In Anhui, auto exports in the first half of the year reached 1,006,000 units, up 1.2 times year-on-year, exceeding one million units five months ahead of schedule. In the same period, nationwide auto exports saw their first-ever mid-year total surpass five million units.

5. Molybdenum prices have continued to strengthen. The price of ferromolybdenum rose by 1,500 yuan in a single day. The cumulative gain in the first half was close to 30%. Tight supply and demand from emerging sectors are the main drivers.

6. The U.S. State Department issued a global security advisory, urging U.S. citizens worldwide to remain vigilant due to the risk of unexpected escalation amid tensions in the Middle East.

7. The cost for short-term Bitcoin holders has fallen to $69,000. Analysts believe the bear market may be nearing its end. Over the past 62 days, the stablecoin market has seen net outflows totaling $12.4 billion.

8. Ongoing wildfire smoke from Canada has continued to affect more than a dozen U.S. states, raising concerns about air quality at the venue for the World Cup final. The U.S. and Canada have sparred over responsibility for the wildfires.

📡 Hourly News | 09:00-10:00

1. Multiple missiles hit Gashm Island in southern Iran. The situation in the Middle East continues to escalate. For the eighth consecutive night, U.S. forces attacked Iran, and freedom of navigation through the Strait of Hormuz has sparked games between multiple parties.

2. The 2026 World Artificial Intelligence Conference (WAIC) is held in Shanghai. Several AI safety and governance achievements are released in focus. Companies including Zhongke Wenge and Yuntian Lifei have unveiled AI decision-making product frameworks and compute-power roadmaps.

3. Market sentiment in cryptocurrencies has rebounded. The Fear Index has risen to 28, but the attackers behind the BONK treasury have continued to transfer tokens, causing the price to fall 41% over 12 days. Meanwhile, the weekly trading value on Korean exchanges hit a new low since May 2023.

4. Feitian Maotai surged by 35 yuan per bottle, marking the largest single-day gain in nearly a month. This lifted total prices of major liquor single products to a five-day high, but the low-range consolidation pattern has not been fully reversed.

5. Pingfang Investment (a quantitative private fund) announced it will use its own capital of 100 million yuan to subscribe to products under its umbrella. Earlier, several other private funds also announced their own purchases, showing confidence in the market over the long term.

6. The signing for the first city-level green token factory took place in Changzhou. Seven parties will jointly build a computing-and-power coordination ecosystem to advance the greening of AI infrastructure.

7. A Ukrainian drone attack on a Russian logistics hub resulted in 8 deaths and 62 injuries. The Russia-Ukraine conflict continues to escalate, with both sides striking each other’s infrastructure.

8. In the first half of the year, Tianjin’s total foreign trade import and export value reached 405.9 billion yuan, a record high for the same period. Exports grew 9.2% year over year.

📡 Hourly News Briefing | 08:00-09:00

1. Reports of explosions near Bandar Abbas in southern Iran and Geshm Island. The U.S. has launched airstrikes on Iran for the eighth consecutive night, while Brent crude in the gray market has broken through $88.

2. The First World Artificial Intelligence Conference·Academic opens in Shanghai. Tencent Cloud releases the overseas version of ADP 4.0, and Jietiao Chenzhen jointly establishes an AI agent frontier research institute with the Shanghai Qizhi Institute.

3. In the first half of the year, production of natural gas from the Southwest Oil and Gas Field exceeded 25 billion cubic meters. Oil-and-gas equivalent hits a historical high. Iraq and Syria sign an agreement to repair the crude oil export pipeline.

4. This week, net inflows into A-share ETF products exceeded RMB 210 billion. Net inflows into the CSI 300 reached RMB 40 billion. Brokerages view the adjustment in the technology sector as a phase of high-to-low rotation rather than the end of the trend.

5. Bitcoin prices fluctuate in the range of $63,000 to $64,734. MicroStrategy’s founder opposes the BIP-110 soft fork proposal, and the crypto fear index rises to 28.

6. England defeated France 6-4 to win third place at the World Cup. Mbappé scored two goals to become the World Cup all-time top scorer with 22 goals, and Deschamps ends his coaching tenure.

7. The State Administration for Market Regulation releases the national standard 《Guidelines for the Application of Credit Information of Individual Businesses and Sole Proprietors》, clarifying the content of credit information and application scenarios.

8. COMAC (China Commercial Aircraft Corporation) signs a purchase agreement and a strategic cooperation memorandum with Cambodia for 20 C909 aircraft, deepening cooperation on aviation safety and talent cultivation.

📡 Hourly News Report | 07:00-08:00

1. Escalating US-Iran conflict: The US military launches another round of airstrikes on Iran. Areas including Hajjiabad are hit. Two US service members are killed in an attack on a base in Jordan, further heightening tensions in the Middle East.

2. England beats France 6-4 to take third place at the 2026 World Cup for the United States, Canada and Mexico. Mbappé scores twice to lead the scoring charts and holds the No. 1 spot on the all-time World Cup scorers list.

3. The People’s Daily leads with coverage of President Xi Jinping attending the World Artificial Intelligence Conference, highlighting efforts to promote the development of global AI toward being beneficial and upwardly oriented, and reporting economic dynamics such as growth in high-tech manufacturing.

4. Kyiv, the capital of Ukraine, is hit by Russian ballistic missiles. Reports say there were frequent explosions and continued air-raid alerts that have drawn widespread attention.

5. Jietao Xingchen and the Shanghai Institute of Intelligence Science and Research co-build the “Frontiers Research Institute for Agents,” focusing on agent networks, AI security, and other directions, to help develop the industry ecosystem.

6. Dongguan Securities’ net profit surged by more than 70% in the first half of the year, delivering the most impressive results among securities firms waiting in the IPO queue, boosting market confidence.

7. Microsoft confirms that the Windows Server Update Services (WSUS) update service has experienced a severe performance slowdown, affecting the speed of enterprise client synchronizations. The company is urgently working on a fix.

8. In the US, 42 states hold 142 protest events against AI data center expansion, reflecting public concerns about the growth of AI infrastructure.

📡 8-hour recap | July 19, 00:00–08:00

Over the past 8 hours, the conflict between the US and Iran has sharply escalated. The U.S. launched multiple airstrikes on Iran, leading to disruptions to traffic in the Strait of Hormuz; oil prices surged and global markets’ risk-off sentiment intensified. Meanwhile, the cryptocurrency market rebounded amid volatility: Bitcoin returned to around $65,000, but regulatory and geopolitical risks are intertwined. In the AI sector, attention centers on Meta and Anthropic’s $10-billion-plus deal and the release of a new Nvidia tool.

Geopolitics

1. Full-scale escalation in the US-Iran conflict: The U.S. carried out airstrikes on Iran’s southern Hormozgan Province for seven consecutive nights, causing 116 communication towers to go down and destroying the Boney Sea water desalination plant, cutting off drinking-water supply for about 10,000 residents. Iran retaliated against U.S. bases in Kuwait, Jordan, and Bahrain. Two U.S. servicemembers were killed in Jordan, and one is missing.

2. Tense situation in the Strait of Hormuz: The U.S. carried out a naval blockade and rerouted five cargo ships. Brent crude returned above $88, and New York spot crude (off-exchange) broke above $83. The EU and Gulf countries issued a joint statement calling for Iran to permanently and unconditionally open the strait.

3. Khamenei’s statement: Iran’s Supreme Leader Ayatollah Khamenei said the U.S. has repeatedly violated the memorandum of understanding, called the Trump administration’s signed move “worthless,” and warned it would deliver to the U.S. “an unforgettable lesson,” urging unity at home.

4. Jordan becomes a new focal point: Iran carried out four attacks within five days that killed two U.S. servicemembers. A Kuwaiti firefighter was injured while responding to a fire sparked by an Iranian attack. The U.S. plans to deploy nearly 100 refueling aircraft to the Middle East to expand the scope of military operations.

5. Iraq and Syria sign a memorandum: They plan to rebuild the oil export pipeline from Kirkuk to Banias to address a sharp collapse in oil exports caused by disruptions in the Strait of Hormuz.

Cryptocurrencies

1. Bitcoin price rebounds to around $65,000. Spot Bitcoin ETFs saw net inflows of $132 million. Analysts found on-chain signals suggesting the worst of the bear market may already be over, but if it falls below $61,359, the liquidation intensity of long positions could reach $667 million.

2. A year after the U.S. GENIUS Act passed: It establishes the first federal regulatory framework for digital assets. The next step is to push the CLARITY Act. Senator Warren urged Trump to disclose his cryptocurrency income before the vote to address concerns about morality.

3. France bans Polymarket for violating gambling laws, determining that it carries risks of market manipulation and insider trading. Uniswap plans to enable protocol fee collection for some v4 liquidity pools for the first time.

4. Volatility is significant: XEC surged more than 55% after being listed for perpetual contracts. BONK fell 40% after funds were withdrawn from the treasury. Dogecoin shorts were liquidated to zero. Shiba Inu’s burn volume jumped 140%.

5. About $1.6 billion in crypto liquidity is sitting idle, losing $542 million in trading opportunities each week. Large traders are betting that Bitcoin will rise to $72,000 by the end of the month. Galaxy Digital CEO calls for bipartisan compromise to push regulatory rules.

AI and Technology

1. Reports say Meta is in talks with Anthropic on a $10-billion AI deal involving leased computing resources, highlighting that demand for AI compute power continues to surge. Nvidia released DeepStream 9.1, adding 13 agent skills and multi-view 3D tracking capabilities.

2. France and Germany announce joint R&D on European indigenous military software to replace U.S. Palantir products, aiming to reduce reliance on American defense technologies. A former White House AI policy official praised the Kimi K3 model for strong performance in agent programming scenarios.

3. Oracle redirected its new AI data center project in New Mexico from gas turbines to more expensive fuel cells due to licensing hurdles, increasing costs by billions of dollars. Samsung Electronics’ U.S. unit will cut 739 jobs in New Jersey.

4. Amazon’s Zoox voluntarily recalls 105 vehicles after its autonomous taxis failed to detect smoke and drove into it, to fix software issues. Billionaire investors warn that AI company valuations are too high and could face structural threats similar to a rupture of the dot-com bubble.

Macroeconomics and Commodities

1. The US-Iran conflict pushes up oil prices: Brent crude is back above $88, and New York crude (off-exchange) broke above $83. China’s central bank secretly bought 63 tons of gold via the London OTC market in May–June, marking at least the largest monthly purchase in more than two and a half years.

2. The ECB keeps a hawkish rate-hike stance, postpones this week’s hike but does not rule out September hikes. Inflation risks have returned to the baseline as the Middle East situation evolves. Italian research shows that extreme heat could cost the country €6 billion to €12 billion per year in economic losses.

3. The U.S. long-term unemployment rate is approaching the highest level since the end of 2021. Nearly 2 million Americans have been unemployed for at least half a year. The U.S. and Saudi Arabia plan to sign a civil nuclear cooperation agreement allowing Saudi Arabia to enrich uranium, but it does not require acceptance of the strictest inspections, raising concerns about nuclear proliferation.

Market sentiment summary: Geopolitical conflicts dominate the market. Risk-off sentiment lifts oil and gold, while crypto rebounds amid volatility but regulatory uncertainty remains. Capital continues flowing into AI, but concerns about an asset valuation bubble are intensifying.

📡 Hourly Broadcast | 06:00-07:00

1. At 06:00 Beijing time, the U.S. military launched a new round of airstrikes on Iran, aiming to weaken its ability to threaten shipping through the Strait of Hormuz and to punish Iran’s Islamic Revolutionary Guard Corps for attacks on U.S. forces in Jordan.

2. U.S. missile strikes hit the Sereek region in southern Iran. A water desalination plant in Hormozgan Province was destroyed, cutting off drinking-water supplies for about 10,000 residents.

3. Iran’s Supreme Leader issued a statement condemning the United States for violating a memorandum of understanding, calling on domestic unity to deal with the crisis. Meanwhile, Iran’s Ministry of Foreign Affairs stressed that if the U.S. fulfills its commitments, Iran will also honor its pledges.

4. Jordan has become the new focal point of the U.S.-Iran conflict. Within five days, Iran carried out four attacks, resulting in the deaths of two U.S. servicemembers and one missing. A Kuwaiti firefighter was injured while responding to fires caused by the Iranian strikes.

5. Iraq and Syria signed a memorandum to rebuild the crude-oil export pipeline from Kirkuk to Banias, in response to a sharp drop in crude-oil exports caused by disruptions in the Strait of Hormuz.

6. Bitcoin rebounded to around $65,000 amid the AI impact and concerns about the crypto bill. Galaxy Digital CEO called for bipartisan compromise to advance regulatory rules.

7. In the World Cup third-place match, England led France 4-0 at halftime. Mbappé, with 22 goals, became the top scorer in World Cup history.

8. Samsung Electronics’ U.S. unit will lay off 739 employees in New Jersey. At the same time, Galaxy Watch 9 has confirmed it will feature Qualcomm’s Snapdragon Wear Elite chip.

📡 Hourly News Update | 05:00-06:00

1. The U.S. says two U.S. service members were killed in an attack in Jordan. Trump responded, calling it “heartbreaking,” and emphasized that Iran cannot develop nuclear weapons. Iran later paused its implementation of the interim agreement.

2. Billionaire investor warns AI companies are overvalued and may face structural risks similar to the bursting of the internet bubble.

3. Data shows that if Bitcoin falls below $61,359, the liquidation strength of long positions on major exchanges will reach $667 million.

4. Oracle, citing licensing barriers, has shifted its new New Mexico state AI data center project from gas turbines to more expensive fuel cell technology, increasing costs by several billion dollars.

5. Samsung Electronics’ U.S. subsidiary will lay off 739 employees in New Jersey.

6. French regulators, citing addiction-related mechanisms, ordered internet service providers to block the prediction market platform Polymarket.

7. A former AI policy official at the White House praised the Kimi K3 model, saying it performs exceptionally well in agentic programming scenarios and can rival the best open models in the first quarter of 2026.

8. Zoox, an Amazon subsidiary, voluntarily recalled 105 vehicles after an uncrewed taxi failed to detect smoke and drove into it, to fix a software issue.

📡 Hourly News Briefing | 04:00-05:00

1. Iran launches an attack on U.S. military bases in Jordan, damaging multiple helicopters and injuring dozens of U.S. service members. Tensions between Iran and the U.S. escalate, and the situation in the Strait of Hormuz remains tense.

2. British Prime Minister-elect Bearnam announces the cancellation of the digital ID program, redirecting resources to ease cost-of-living pressures. The program’s prior cost estimate was about £1.8 billion.

3. The European Central Bank maintains a readiness posture for further rate hikes, postponing this week’s hike but not ruling out a September rate increase. Inflation risks have returned to square one due to the Middle East situation.

4. The U.S. and Saudi Arabia plan to sign a cooperation agreement allowing Saudi Arabia to enrich uranium, but without requiring acceptance of the strictest safeguards. Critics warn it may help develop nuclear weapons.

5. Senator Warren urges Trump to disclose his cryptocurrency holdings by July 23, to assess potential conflicts of interest when legislation is considered by Congress.

6. China’s central bank secretly purchased 63 tons of gold through the London over-the-counter market during May–June, marking the largest monthly buying volume in at least two and a half years.

7. Nvidia releases DeepStream 9.1, adding 13 agent skills and multi-view 3D tracking, and supports building video analytics pipelines with natural language.

8. The EU and Gulf states issue a joint statement calling on Iran to permanently and unconditionally open the Strait of Hormuz, rejecting any claims of sovereignty or control.

📡 Hourly News | 03:00-04:00

1. The United States launches military strikes against Iran, causing disruption to traffic in the Strait of Hormuz. Oil and energy prices soar as the U.S. military strictly enforces a maritime blockade and diverts five merchant vessels.

2. An explosion occurs at the port city of Bandar Abbas in Iran. Initial reports suggest it may be related to the Revolutionary Guard issuing warnings to non-compliant ships, rather than a U.S. attack.

3. The European Union and Gulf states issue a joint statement urging Iran to permanently and unconditionally open the Strait of Hormuz for free, opposing claims of illegal sovereignty or control.

4. Bitcoin rises 1.02% to $64,086. Spot Bitcoin ETF net inflows reach $132 million, as the market watches the progress of the CLARITY Act.

5. Senator Warren urges Trump to disclose his cryptocurrency income before the CLARITY Act vote to address ethical concerns.

6. France blocks access to prediction market platform Polymarket, deeming it an unlicensed gambling site, sparking global regulatory attention.

7. The U.S. Department of State issues a worldwide security alert, saying the situation in the Middle East may experience unexpected escalation and advising U.S. citizens to remain vigilant.

8. Two U.S. service members die in Iranian ballistic missile and drone attacks on Jordan; another is missing.

📡 On-the-hour News Briefing | 02:00-03:00

1. Escalation of the U.S.–Iran conflict continues: The U.S. military has launched strikes on Iranian facilities for seven straight nights. Iran has retaliated against U.S. forces’ bases in Kuwait, Jordan, and Bahrain. Two U.S. soldiers were killed in Jordan, one is missing. Brent crude has returned above $88.

2. The U.S. plans to deploy about 100 tankers in the Middle East to expand the scope of military actions against Iran—either widening operations or further heightening regional tensions and affecting global energy markets.

3. Crypto services for ordinary users that JPMorgan and Coinbase announced nearly a year ago have still not launched.

4. New York crude oil’s off-book (OTC) market breaks above $83, up more than 1.5% on the day. After SpaceX fell below its issuance price, “Cathie Wood” bought the dip again, adding $18.3 million.

5. On-chain signals for Bitcoin suggest the worst period for the bear market may be behind us; historically, this signal has appeared near bottom levels.

6. One year since the U.S. GENIUS Act was passed: the first federal regulatory framework for digital assets has been established. The next step is to advance the CLARITY Act.

7. Google Cloud releases the Always-On Memory Agent, enabling continuous LLM memory integration without using a vector database, powered by Gemini 3.1 Flash-Lite.

8. Nearly 2 million Americans remain unemployed for at least half a year; the long-term unemployment rate is approaching its highest level since late 2021.

📡 Hourly Update | 01:00-02:00

1. The U.S. Central Command said two U.S. service members were killed in Jordan in an Iranian ballistic missile attack, and another is missing. The incident has sharply worsened U.S.-Iran relations.

2. Iran’s Supreme Leader Khamenei accused the United States of repeatedly breaching agreements, saying Trump’s signature is “worthless,” and warning that if attacks continue, they will face “an unforgettable lesson.”

3. Research from Italy shows that extreme heat could cause the country economic losses of between €6 billion and €12 billion per year, affecting business, tourism, and labor productivity.

4. Indonesia’s Minister of Investment said he is confident about the future of investment cooperation between China and Indonesia, stressing that Indonesia will continue to implement policies to promote trade and investment.

5. The Trump administration plans to provide funding for Europe-friendly MAGA projects, redirecting U.S. foreign aid, including allocations for “countering scrutiny,” among other items.

6. After failing to break through the $88 resistance level, the Solana price fell to $75, but the ascending channel structure remains intact.

7. About $1.6 billion in crypto liquidity is idle; each week it loses $542 million in trading opportunities. Large traders are betting that Bitcoin will rise to $72,000 by the end of the month.

8. France has banned Polymarket for violating gambling laws, ruling that it poses risks of market manipulation and insider trading.

📡 Hourly Bulletin | 00:00-01:00

1. Iran’s Supreme Leader Mujtaba Khamenei issued a statement accusing the United States of repeatedly violating the memorandum of understanding. He said Trump’s signature was “of no value,” and warned that the U.S. would face an “unforgettable lesson.” Meanwhile, in Iran’s southern Hormozgan Province, U.S. airstrikes disrupted a communications tower and triggered a crisis of drinking water for tens of thousands.

2. Global investment and financing activity is concentrated in AI infrastructure, semiconductors, and defense technology. Etched raised funding at a valuation of about $20 billion, Blue Origin received $10 billion in investment, and CXMT Storage launched its STAR Market IPO with a valuation of RMB 66.6 billion.

3. France and Germany announced they will jointly develop European-made military software to replace U.S. Palantir products, aiming to reduce reliance on American defense technologies.

4. Reports say Meta is in talks with Anthropic over a $10 billion AI deal involving the leasing of computing resources, highlighting the continued surge in demand for AI computing power.

5. The cryptocurrency market has been highly volatile. XEC surged more than 55% after the launch of perpetual contracts; BONK fell 40% after assets were withdrawn from the treasury. Analysts found rare on-chain signals suggesting the bear market may be near its end.

6. Hungarian President Katalin Novák (Schimkó) signed a constitutional amendment, and her term is set to end soon. The National Assembly will elect a new president within 30 days.

7. A report from the United Kingdom maritime trade organization said that in Omani waters, there was an incident involving merchant vessels coming into contact with military forces. Tankers were affected by regional military activity.

📡 Daily News Roundup | July 18

Over the past 24 hours, global markets have been dominated by a sharp escalation in Middle East geopolitical tensions: Iran and the U.S. military engaged in direct clashes near the Strait of Hormuz, the strait was closed, international oil prices surged by more than 15% week over week, and risk-averse sentiment intensified across the board. Meanwhile, the 2026 World Artificial Intelligence Conference (WAIC) opened in Shanghai. China’s first 100,000-GPU AI supercluster, Sugon 8000, began full-capacity operations, the Moonshot AI (Mianzhong) company released Kimi K3, the world’s largest open-source model, and consensus around investment in the AI industry chain continued to strengthen. However, K3 performed poorly in some tests, triggering short-term market panic. In crypto markets, prices whipsawed amid fear and geopolitical risk: Bitcoin briefly fell below $60,000, but signals of an institutional “turning point” have emerged. ETF flows have remained net positive, and “whale” accumulation has fueled ongoing battles between bulls and bears. Overall, markets are showing a threefold pattern of “energy panic + AI divergence + crypto volatility,” and investors need to be wary of the dual pressure from geopolitical risk and valuation bubbles.

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📊 Global Macro

1. Sharp escalation of Middle East geopolitical conflict: Iran’s Revolutionary Guards announced that the Strait of Hormuz is completely closed due to an oil tanker explosion and minefields, and launched multiple rounds of attacks on U.S. military bases and facilities in countries including Kuwait and Bahrain. The U.S. has conducted airstrikes on Iran for the seventh consecutive night. International oil prices have risen by more than 15% this week: WTI crude reached $82.49 per barrel, and Brent crude broke above $88 per barrel.

2. The U.S. June housing market: new home starts reached 1.427 million, far above expectations. Building permits fell 3% month over month to 1.367 million, the lowest level since August 2025, indicating a cooling housing market under a high-interest-rate environment. June import prices rose 7.1% year over year, a two-year high, highlighting pressure from real inflation.

3. U.S. consumer sentiment: the University of Michigan’s consumer sentiment index for July came in at 54.4, above expectations. The initial 1-year inflation expectation was 4.2%, below expectations, easing concerns about inflation. Fed official Hammack said core inflation is 3.3%, the labor market is approaching full employment, and the Fed may remain cautious about rate cuts.

4. China’s stock market policy support: “national team” ETFs saw net inflows of RMB 29 billion from July 13–16, the largest four-day fund inflows in 15 months, reflecting policy backstopping intent. Since early July, net inflows into equity ETFs have exceeded RMB 320 billion, and broad-based ETFs saw net inflows of RMB 156.1 billion in a single week.

5. Bridgewater’s warning: founder Ray Dalio cautioned that key indicators of a bubble in U.S. stocks are nearing the peaks of 1929 and 2000, and that in the next 3–10 years there may be no richly rewarding returns. Bank of America’s “bull-bear” indicator rose to 9.6, sending a contrarian sell signal and suggesting investors reduce equity exposure.

💰 Crypto Market

1. Bitcoin briefly dipped below $60,000 due to heightened geopolitical tensions, triggering $1 billion in liquidations. The Fear & Greed Index fell to 24 (extreme fear). It later rebounded and traded in the $62,500–$65,500 range. Retail investors continued selling while whales absorbed sell pressure. Over the past 24 hours, total liquidations across the entire network amounted to $217 million.

2. U.S. spot Bitcoin ETFs continued to record net inflows for four consecutive days. Yesterday’s net inflow was $132.3 million. However, Coinbase’s Bitcoin premium has been negative for 60 straight days, the longest such streak in history—suggesting bearish sentiment may be overstating the situation. Meanwhile, Ethereum ETFs saw a net outflow of 2,353 ETH, indicating a split in sentiment toward the two major cryptocurrencies.

3. Crypto industry reaches an institutional inflection point: Citadel Securities invested $400 million in Crypto.com. E*TRADE opened Bitcoin, Ethereum, and Solana trading to retail investors. Morgan Stanley deepened its digital asset positioning. Bank of America appointed a head for digital assets and AI, advancing tokenized deposits and stablecoin-related business.

4. Asia’s growing digital asset influence: Japan’s financial heavyweight SBI Holdings received regulatory approval to acquire a majority stake in Singapore’s crypto exchange Coinhako, strengthening Asia’s influence in digital assets. The U.K. government released a wholesale financial markets and digital assets strategy, projecting that tokenization could add value worth billions of pounds to the U.K. economy by 2035.

5. An Arbitrum-based perpetual DEX, Ostium, suffered an oracle-manipulation attack, losing about $18 million. FTX will begin its fifth round of repayments on July 31, distributing about $900 million; the market is watching how this may affect liquidity.

🤖 AI & Technology

1. WAIC 2026 opened in Shanghai. The number of embodied intelligence exhibitors surged from more than 80 to over 200 enterprises. 208 terminals and more than 300 real machines were on display. China’s first fully domestically produced 100,000-GPU AI supercluster, Sugon 8000, released operation data: full-capacity operation in the first week, with more than 150,000 jobs processed per day on average.

2. Moonshot AI released Kimi K3, the world’s largest open-source model, with a parameter scale of 2.8 trillion. It topped the Frontend Code Arena with 1,679 points, surpassing Claude Fable 5. However, K3 performed poorly in Three.js tests (taking 75.6 minutes and failing 2 items), triggering short-term market panic and being dubbed the “second DeepSeek incident.”

3. AI infrastructure continues to attract capital: Databricks completed a $3 billion financing round (valuation $188 billion), and Fireworks AI raised a $1.5 billion Series D round (annual revenue exceeding $1 billion). Meta is also in talks with AI startup Anthropic on a compute leasing agreement valued at up to $10 billion.

4. Milestones in AI commercialization in China: Z.ai is expected to achieve $1 billion in annual recurring revenue, while Zhipu’s annualized recurring revenue also reaches $1 billion. DeepSeek is preparing for an A-share listing, and several Sino-U.S. AI model companies are preparing IPOs. Data from China Academy of Information and Communications Technology shows that China’s daily Token call volume has grown by more than 1,000x over two years.

5. Alibaba Cloud launched its Agent Native Cloud full-stack product system; Tencent upgraded its full-stack embodied intelligence rollout; Ping Tou Ge (T-horse) open-sourced AI software

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📡 8-hour recap | July 18, 16:00-24:00

Over the past 8 hours, geopolitical tensions in the Middle East have sharply escalated. Iran launched multiple rounds of attacks on U.S. military bases as well as facilities in countries such as Kuwait and Bahrain. Brent crude broke through $87, and global risk-aversion sentiment has intensified. Meanwhile, the 2026 World Artificial Intelligence Conference (WAIC) is being held in Shanghai. China’s first 100,000-card AI supercluster, Sugon 8000, has released full-load operating data. Mankind’s Dark Side (Moonshot) released Kimi K3, the world’s largest open-source model. Consensus on investment across the AI industry chain continues to strengthen.

Geopolitics

1. Iran’s Islamic Revolutionary Guard Corps claims it carried out missile and drone strikes on the U.S. military base at Azraq, Jordan, destroying multiple aircraft; the U.S. military’s attacks on Iran’s Hormozgan Province have resulted in the deaths of 8 civilians.

2. Kuwait National Petroleum Company said an important oil facility was subjected to repeated intense attacks by Iran, causing casualties and significant property losses; Qatar condemned the attacks on Kuwait power stations and the seawater desalination plant for “crossing all red lines.”

3. Ukraine’s President Zelensky said Ukrainian long-range strikes hit two logistics facilities and an oil facility in the Russian regions of Moscow and Tambov; Russia’s foreign minister spoke by phone with the UAE foreign minister, emphasizing that the U.S. and Iran must halt hostilities immediately.

4. Germany’s Minister of the Interior disclosed that Germany will raise its security alert level to a “high threat level”; Turkey plans to sell S-400 air defense systems to the UAE in exchange for F-35 procurement eligibility.

AI Technology

1. During the 2026 World Artificial Intelligence Conference (WAIC), China’s first fully domestically produced 100,000-card AI supercluster, Sugon 8000, released operating data: full-load operations in the first week, with more than 150,000 jobs processed per day on average.

2. Moonshot released Kimi K3, the world’s largest open-source model. It topped the chart with 1679 points in the Frontend Code Arena, surpassing Claude Fable 5; the company plans to list in Hong Kong within the fastest possible timeline of 6 months.

3. Alibaba Cloud released the Agent Native Cloud end-to-end product suite; Tencent upgraded its end-to-end embodied intelligence strategy; Huptu (Haili Ge) open-sourced the SAIL AI software stack. Competition in the AI industry chain is shifting from training to inference.

4. Turing Quantum released QAgent, the world’s first photonic quantum-classical hybrid Agent platform. It connects natural language to quantum computing power through an end-to-end closed loop. China’s first-ever AI-enabled nuclear energy technology route was launched globally for the first time.

5. The State-owned Assets Supervision and Administration Commission requires state-owned central enterprises to tackle original technologies such as foundational algorithms, physical AI, and intelligent computing chips, and to deepen the “AI+” special action. UBS said China’s AI technology component orders are already scheduled through the end of 2027.

Crypto Market

1. Bitcoin fluctuates within the $62,500-$65,500 range. Retail investors continue to sell while big whales absorb the selling pressure. In the past 24 hours, liquidations across the entire network totaled $217 million, with over 80,000 traders liquidated.

2. Spot Bitcoin ETFs saw outflows of roughly $8 billion within two months, but Coinbase’s premium index has been negative for 60 consecutive days, setting a historic low; market pessimism may be excessively amplified.

3. Japanese financial giant SBI Holdings received regulatory approval to acquire a majority stake in Singapore’s crypto exchange Coinhako, strengthening Asia’s influence in digital assets.

4. The Xinxiang (ChangXin) Tech IPO on the STAR Market triggered overseas investors to heavily speculate on crypto contracts via the Hyperliquid platform. Contract prices briefly surged to 6.76 times the issue price, implying a market cap close to 4 trillion yuan.

Macroeconomics

1. In after-hours trading, Brent crude broke above $87, up more than 3.5% on the day, driven by heightened geopolitical tensions. The channel price of Feitian Moutai surpassed 1,700 yuan per bottle, and Guizhou Moutai raised the iMoutai retail price by 100-150 yuan.

2. Since July, net inflows into equity ETFs have exceeded 320 billion yuan. Net inflows for broad-based ETFs were 156.1 billion yuan in a single week, with the CSI 300 attracting the most. Apple’s share price closed above Nvidia, reaching a market value of about $4.88 trillion, becoming the most valuable listed company in the world.

3. Ray Dalio, founder of Bridgewater Fund, warned that current U.S. stock market bubble indicators are nearing the 1929 and 2000 peak levels, suggesting there may not be substantial returns over the next 3-10 years. The Federal Reserve’s July FOMC meeting is expected to hold rates steady, with the probability of further rate hikes estimated at around 10-15%.

4. Blackstone said that construction of precomputed computing power facilities will become a flagship investment theme. It is optimistic about the capital expenditure cycle for data centers and power generation driven by AI. Tofun Communications expects its net profit in the first half to grow year-on-year by 25%-45%.

Market sentiment summary: The escalation of the Middle East conflict has caused sharp volatility in energy and safe-haven assets. The industrial progress released at AI conferences strengthens long-term confidence, but in the short term the market faces dual pressure from geopolitical risks and valuation-bubble concerns. Investors should be alert to intensifying volatility.

📡 On-the-hour Report | 22:00-23:00

1. The Russian foreign minister spoke by phone with the UAE foreign minister, with both sides emphasizing that the U.S. and Iran must immediately cease fire and resume negotiations to ensure safe navigation in the Strait of Hormuz.

2. An Iranian official warned that if the U.S. attacks Iran’s civilian infrastructure, Dubai and Abu Dhabi airports and ports should be prepared for evacuation.

3. In its July updates, Microsoft patched 570 vulnerabilities. AI is reshaping the vulnerability discovery process; a complex social-engineering attack led to a data breach at the Pillsbury law firm.

4. The China Artificial Intelligence Summit called for equal AI access for countries in the Global South to prevent the digital divide from widening; WAIC released the “Huayu GeoAI” model.

5. Turkey plans to sell Russia’s S-400 air defense system to the UAE in a bid to purchase U.S. F-35 fighter jets.

6. Starry Tech expects its net profit in the first half of the year to increase year over year by 583.72%—650.42%, benefiting from the large-scale boom in edge-to-end AI applications.

7. Blackstone’s pre-compute power infrastructure buildout is expected to become a landmark investment theme, with a positive view on the capital expenditure cycle in AI-driven data centers and the power generation sector.

8. Wildfire smoke from Canada spread into the United States, prompting more than a dozen states to issue air quality alerts. Air quality for the World Cup final on Sunday may improve.

📡 Hourly News Update | 21:00-22:00

1. Turing Quantum releases the world’s first optical quantum-classical hybrid Agent platform, QAgent, bridging an end-to-end loop from natural language to quantum computing power.

2. China pioneers a globally launched AI-enabled nuclear energy technology pathway, addressing the core contradictions of AI’s “black-box uncontrollability” and the nuclear industry’s “zero tolerance for safety errors.”

3. Qatar’s Ministry of Foreign Affairs strongly condemns Iran’s repeated attacks on Jordan, Bahrain, and Kuwait, saying that attacks on Kuwait’s power station and seawater desalination plant have crossed all red lines.

4. Tianfu Communications expects net profit to grow 25%-45% year-on-year in the first half of 2026, benefiting from rising global demand for high-speed optical components driven by AI and data center construction.

5. Moomin Darkside releases the world’s largest open-source model, Kimi K3, topping the Frontend Code Arena with 1679 points, surpassing Claude Fable 5.

6. Ray Dalio, founder of Bridgewater Associates, warns that current indicators of a U.S. stock market bubble are approaching the highs of 1929 and 2000, with little prospect of substantial returns over the next 3 to 10 years.

7. Iran’s Hormozgan province communications department says U.S. airstrikes damaged and disabled 116 communication towers; Iran’s Ministry of Health says the attacks have killed at least 50 people.

8. Japanese financial conglomerate SBI Holdings has received regulatory approval to acquire a majority stake in Singapore’s cryptocurrency exchange Coinhako, strengthening Asia’s influence in digital assets.

📡 Top-of-the-hour news | 20:00-21:00

1. Shanghai will release its first batch of quantum-city civic-government intelligent agents and industry foundation models such as “Cloud-U-Starry Sky” at the 2026 World Artificial Intelligence Conference, along with five core achievements.

2. Moscow Region in Russia was hit by a drone attack from Ukraine, resulting in 1 death and 30 injuries, and damage to a logistics center.

3. Iran’s deputy foreign minister announced that it will stop fulfilling a de-escalation memorandum reached with the United States, with tensions in the Middle East escalating.

4. The State-owned Assets Supervision and Administration Commission (SASAC) under the State Council has instructed central state-owned enterprises to develop original technologies such as foundational algorithms, Physics AI, and intelligent-computing chips, and to deepen the “AI+” special campaign.

5. Moore Threads’ co-founder stated that there is no “universal chip” for the inference market, and that China’s base models have a clear cost advantage over those abroad.

6. GAC Aion has extended the warranty period for some vehicles equipped with the CALB 177Ah battery to 8 years or 300,000 kilometers.

7. Xunhui and Mastercard released at WAIC the first global AI agent white paper for B2B payment in the industry, proposing that cross-border payments have entered a stage of autonomous operation.

8. Scientists have, for the first time, confirmed that the habitable-zone rocky exoplanet LHS 1140b has an atmosphere, possessing three key characteristics for life.

📡 Hourly News Update | 19:00-20:00

1. The Kuwaiti Ministry of Defense said it detected enemy ballistic missile and drone attacks that affected oil and power facilities. Iran’s strikes have caused at least 50 deaths.

2. Apple’s stock closed above Nvidia, with a market value of about $4.88 trillion, becoming the world’s most valuable publicly listed company.

3. At WAIC, Kevin Kelly said that if token costs become critical in the future, China’s open-source models would have a significant advantage.

4. Brent crude oil off-exchange trading broke through $87, up more than 3.5% during the day, driven by heightened geopolitical tensions.

5. China Telecom announced it will build its computing infrastructure slightly ahead of schedule. It has already built more than 900 data centers, making it the largest AIDC service provider nationwide.

6. A massive data leak occurred at India’s largest nuclear power plant, Kudankulam, with nearly 19,000 documents leaked.

7. NetEase Youdao showcased AI earbuds OpenPods at WAIC. The device supports real-time simultaneous interpretation in a dozen-plus languages. It has entered mass production and is planned for release in August.

8. Iraq has formed a fleet of trucks to cross Syria to transport fuel, aiming to bypass the Strait of Hormuz and respond to disruptions to oil exports.

📡 On-the-hour Bulletin | 18:00-19:00

1. Kuwait National Petroleum Company said an important oil facility was subjected to repeated fierce attacks by Iran, resulting in casualties and major property losses. The Kuwaiti Ministry of Foreign Affairs condemned the act for violating international law and said it reserves the right to self-defense.

2. The UAE Ministry of Foreign Affairs strongly condemned Iran’s renewed aggressive attacks on Bahrain, Kuwait, and Jordan, reaffirming solidarity with the affected countries.

3. Chen Jining, secretary of the Shanghai Municipal Party Committee, met with Turing Award laureate Richard Sutton, emphasizing that Shanghai will strengthen basic research, nurture an innovation ecosystem, and build a hub for innovation in artificial intelligence development and governance.

4. Lens Technology’s subsidiary signed an agreement with Sunwin Advanced Materials to jointly establish a robot production line at the scale of 10,000 units in the first phase, focusing on precision component machining and final assembly of complete systems.

5. Spot Bitcoin ETFs saw outflows of about $8 billion within two months, but the world’s largest gold ETF recorded even higher outflows in a single month. Market pessimism toward Bitcoin may be overly pronounced.

6. Germany’s interior minister revealed that Germany will raise its security alert level to a “high threat level,” saying that attack plans targeting the country have become clearly identifiable.

7. The Ministry of Natural Resources and the China Meteorological Administration jointly issued an orange alert for geological disasters. Localized areas in the southeast of Chongqing face high risk, and multiple regions including Anhui, Hubei, and Guizhou need to guard against potential hazards.

8. Air China’s C919 will begin operating daily international flights from Beijing Capital to Ulaanbaatar starting August 12. This is the first regularized international route for this aircraft model.