Market Snapshot
On Wednesday, according to Iran's Tasnim News Agency, Iran's Larak Island was struck by U.S. missiles. All three major U.S. stock index futures declined in pre-market trading. As of the time of writing, Dow Jones futures fell 0.24%, Nasdaq 100 futures dropped 0.90%, and S&P 500 futures declined 0.38%. WTI crude oil rose 3.63%, and gold increased by 1.30%.
Alphabet, Tesla, Texas Instruments, IBM, and ServiceNow will release their earnings reports after the U.S. market close.
$Star Tech Stocks (LIST2518.US)$Most stocks declined in pre-market trading: Micron Technology fell nearly 4%, Intel dropped over 3%, AMD declined more than 2%, NVIDIA fell over 1%, and Tesla decreased by almost 1%. Google, Microsoft, and Amazon edged slightly higher.
$Popular Chinese ADRs (LIST2517.US)$Pre-market trading saw broad declines: NetEase fell nearly 4%, XPeng dropped almost 3%, Taiwan Semiconductor declined over 2%, Alibaba, Baidu, and PDD Holdings each fell more than 1%, while United Microelectronics and JD.com decreased by nearly 1%.
$Storage Concept (LIST23925.US)$Stocks moved lower in pre-market trading: SK hynix fell over 6%, Micron Technology and Western Digital declined nearly 4%, and Seagate Technology and SanDisk dropped more than 3%.
$Semiconductor Equipment and Materials (LIST2016.US)$Semiconductor equipment stocks declined in pre-market trading: Teradyne fell over 4%, Lam Research and Applied Materials each dropped nearly 4%, Ametek declined more than 3%, and ASML Holding and Nova each fell nearly 2%.
$Space Concept (LIST2556.US)$Space-related stocks broadly rose, with Rocket Lab up nearly 3%, Sidus Space gaining over 1%, and Lockheed Martin and Kratos Defense & Security Solutions each rising close to 1%.
$Gold (LIST2110.US)$Gold mining stocks advanced in pre-market trading: Harmony Gold rose over 2%, Agnico Eagle Mines and Newmont each gained nearly 2%, and Gold Fields, Agnico Eagle Mines, and Pan American Silver all increased by more than 1%. On the news front, gold prices reclaimed the $4,140 per ounce level. Wells Fargo & Co believes downside risks for gold are limited and sees significant long-term upside potential. The bank’s strategist noted that expectations of rate hikes have largely been priced into gold, acknowledging a short-term possibility of prices falling to $3,500 per ounce, but forecasts gold to reach $5,300–$5,500 per ounce by end-2026 and $5,800–$6,000 per ounce by end-2027.
$Shale Oil (LIST2585.US)$Energy stocks rose across the board in pre-market trading: EQT Corporation gained nearly 2%, while Exxon Mobil, Chevron, Occidental Petroleum, Apache Corporation, and ConocoPhillips all rose over 1%.
Individual Stock News
Google reports earnings early Thursday, with market focus on whether it will significantly raise its AI capital expenditure guidance.
Google-A (GOOGL.US)The company will announce its second-quarter results after U.S. market hours on July 22 local time (early morning Beijing time on July 23). However, the market’s primary focus is not on quarterly profit performance but on whether management will further raise its guidance for AI-related capital expenditures (Capex).
Robert Castellano, President of The Information Network with over 40 years of experience in technology industry research, wrote that multiple signals from the supply chain indicate Alphabet’s previously stated Capex forecast of $180–190 billion for 2026 may already be conservative. With continued acceleration in AI data center construction and robust growth in cloud computing demand, Alphabet’s investment in AI infrastructure is likely to remain on an upward trajectory over the coming years.
Castellano expects Alphabet may raise its 2026 capital expenditure guidance to $190–200 billion in its earnings report while maintaining its previous statement that spending in 2027 could approach $300 billion.
Google launches a series of new models and begins pre-training work on Gemini 4.
Google-A (GOOGL.US)It introduced new models: Gemini 3.6 Flash, Gemini 3.5 Flash-Lite, and Gemini 3.5 Flash Cyber. Google also announced it is testing Gemini 3.5 Pro with partners and plans to roll it out gradually once ready. Additionally, it has already commenced development of its next-generation model and initiated pre-training for Gemini 4.
Google stated that the Flash models are specifically designed to balance efficiency and quality, supporting large-scale expansion of agent-based workflows. Built upon Gemini 3.5 Flash, they deliver improved performance in programming, knowledge work, and multimodal tasks. According to the Artificial Analysis index, token usage per output is reduced by up to 17% compared to 3.5 Flash; in certain benchmarks such as Datacurve's DeepSWE, token usage drops by as much as 65%, with lower cost per output token.
SK Hynix: Has not sought to acquire Intel's land and manufacturing facilities in Ohio
$SK Hynix (SKHY.US)$Stated it is not seeking any acquisition.$Intel (INTC.US)$Land and manufacturing facilities in Ohio, and has not made any decisions regarding this matter.
Apple iPhone 18 series has entered mass production.
On July 22, sources within the industry revealed that, as July began,$Apple (AAPL.US)$The iPhone 18 series is already in mass production and is currently in the capacity ramp-up phase. It is reported that Foxconn, Apple's contract manufacturer for iPhone assembly, has entered its peak hiring period.
UBS Group: ASML Holding's demand visibility is exceptionally long-term
Following an online roadshow with ASML Holding CFO Roger Dassen, UBS Group analysts stated,$ASML Holding (ASML.US)$plans to increase production of its semiconductor manufacturing equipment in 2027 and 2028, indicating unusually long-term demand visibility.
ASML Holding is considering increasing production of its extreme ultraviolet (EUV) lithography systems by approximately 30% in 2027 and another 30% in 2028, as customers have already placed substantial orders. Analysts noted that this exceptionally long-term visibility reinforces the view that semiconductor demand could exceed supply for an extended period.
Rocket Lab shares rose nearly 3% in premarket trading after securing a $266 million government contract.
U.S. private space company$Rocket Lab (RKLB.US)$awarded a $266 million firm-fixed-price contract to conduct 12 suborbital launches for the U.S. government, with options for up to six additional launches. Launches will take place at the Pacific Spaceport Complex in Alaska, and related work is expected to be completed by December 31, 2028. Approximately $112 million in fiscal year 2025 research, development, test, and evaluation funds were obligated at the time of award.
Samsung plans to invest KRW 20 trillion in South Korea to build an HVAC factory.
According to media reports citing industry insiders,$Samsung Electronics (005930.KR)$plans to build a new HVAC (heating, ventilation, and air conditioning) manufacturing facility at its Gwangju, South Korea campus to accelerate expansion of its business-to-business central air conditioning operations. Sources indicate Samsung recently submitted an application to local authorities for construction permits for the new facility at its Gwangju campus. The project, with an estimated investment of approximately KRW 200 billion, aims to enhance HVAC system production capacity, including cooling equipment for AI data centers.
Short interest in SpaceX has risen to 32%; Musk responds: 'Long-term short sellers won’t survive.'
According to estimates by S3 Partners, there are currently approximately 206 million shares.$SpaceX (SPCX.US)$Shares have been shorted, representing approximately 32% of the company's publicly tradable float, with a notional short position of about $25 billion. This marks an increase from last week’s level of roughly 185 million shares, or 29% of the float, and a significant rise from the estimated 40 million shares, or about 5% to 7% of the float, reported roughly one month ago.
Matthew Unterman, Head of Research at S3, stated that short sellers continue to build positions ahead of several upcoming key catalysts, including the company’s first earnings release as a public entity and the subsequent expiration of the lock-up period. In response to the growing short interest, Musk posted on X: “The probability of survival for firms maintaining a significant short position against SpaceX over the long term is extremely low. I’ve said before that if we achieve our goals, SpaceX will be worth more than Earth—and that is clearly true.”
Super Micro Computer surged more than 14% in pre-market trading, with Q4 gross margin doubling the prior guidance and new orders exceeding $60 billion.
AI server manufacturer$Super Micro Computer(SMCI.US)$The company released preliminary results for its fiscal fourth quarter ended June 30, projecting GAAP and non-GAAP gross margins between 15% and 17%—nearly double the previously guided range of 8.2% to 8.4%. Management attributed this outperformance to a favorable customer mix and product portfolio. Meanwhile, total new orders for the quarter exceeded $60 billion, setting a new record high.
AT&T rose more than 4% in pre-market trading, with Q2 adjusted EPS of $0.65, beating expectations.
$AT&T(T.US)$Second-quarter revenue totaled $31.6 billion, up 2.6% year-over-year, versus a market estimate of $31.77 billion. Adjusted earnings per share (EPS) came in at $0.65, compared to $0.54 in the same period last year and an estimate of $0.59. Adjusted EBITDA reached $12.3 billion, up 5.1% year-over-year, surpassing the estimate of $12.1 billion. Free cash flow amounted to $4.7 billion.
AT&T continues to forecast full-year free cash flow of at least $18 billion, compared to an estimate of $18.17 billion, and maintains its full-year adjusted EPS guidance of $2.25 to $2.35, versus an estimate of $2.32. AT&T plans to sustain its current annual dividend of $1.11 per share and execute approximately $24 billion in share repurchases.
Equinor gained more than 4% in pre-market trading, supported by strong earnings and a share buyback announcement.
Equinor$Equinor (EQNR.US)$Reported second-quarter earnings, with adjusted earnings per share (EPS) of $1.33, exceeding analysts' prior expectation of $1.38; adjusted operating revenue reached $11.48 billion, primarily driven by higher global liquids prices and elevated European natural gas prices.
Additionally, the board has approved the third tranche of its 2026 share repurchase program, with a maximum value of $1.13 billion. This tranche will commence on July 23 and conclude no later than October 26. The company expects total share repurchases for the full year 2026 to reach $3 billion.
GE Vernova fell nearly 7% in pre-market trading; Q2 revenue rose 22% year-over-year, but adjusted EPS missed expectations.
Amid accelerating global data center construction and surging electricity demand driven by artificial intelligence, power equipment suppliers are entering a new upswing cycle.$GE Vernova (GEV.US)$Second-quarter revenue increased 22% year-over-year to $11.1 billion, while orders hit a record high of $24.2 billion, fueled by strong demand for gas turbines and grid infrastructure from AI-driven data center expansion.
The company raised its full-year revenue and free cash flow guidance, now expecting 2026 revenue of $45.5 billion to $46.5 billion. However, adjusted EPS for the second quarter came in at $2.47, below the market consensus of $3.01; meanwhile, continued losses in its wind energy segment remain a key drag on near-term profitability.
$Arrowhead Pharmaceuticals (ARWR.US)$Shares surged more than 18% in pre-market trading after top-line results from the global Phase III SHASTA-3 and SHASTA-4 clinical trials met both primary and secondary endpoints.
Global Macro
Trump targeted 'Fordow'; Iranian Foreign Ministry spokesperson stated that Iran’s Fordow facility hosts no nuclear activities.
On the 21st, Trump told reporters at the White House that U.S. forces would 'soon' strike 'Hao Mountain' with 'extreme force,' adding that Iran was 'powerless' to respond. Iran swiftly issued a strong rebuttal: the Khatam al-Anbia Central Headquarters warned that such an attack would mark 'the outbreak of regional war' and threatened to target 'all interests of the United States, its allies, and supporters.'
On the 22nd, Iranian Foreign Ministry spokesperson Baghaei stated that Iran’s Fordow facility hosts no nuclear activities, adding that 'the U.S. obsession with Fordow is merely a pretext fabricated to justify its aggression, destruction, and deliberate sabotage.'
'Hao Mountain,' known in Persian as 'Kuh-e Kolang Gaz La,' is located on Iran’s central plateau, approximately 225 kilometers south of Tehran, adjacent to the Natanz uranium enrichment facility. Construction began in 2020, initially intended to replace centrifuge assembly infrastructure damaged in an explosion that year.
Related Reading:Why Has Trump Suddenly Targeted Iran’s ‘Gao Shan’? Crude Oil Markets Are Closely Watching
Iranian military claims it has struck U.S. military assets in Jordan.
According to Iran’s Tasnim News Agency, the Islamic Revolutionary Guard Corps (IRGC) stated it had struck U.S. military assets in Jordan. The Iranian forces targeted U.S. assets located at Al-Fayez and Prince Hassan air bases in Jordan.
Rubio: Open to reaching a diplomatic solution with Iran.
U.S. Secretary of State Marco Rubio said on Wednesday that the United States remains willing to resolve the Iran issue through negotiations, but Tehran has shown a lack of sincerity toward dialogue. Meanwhile, escalating conflicts have disrupted two of the world’s most critical energy transit chokepoints.
Rubio made the remarks during a meeting of foreign ministers from Southeast Asian nations. The day before, three oil tankers carrying Saudi crude oil, originally destined for Asia, turned back in the Red Sea—a move widely seen as a response to recent threats from Yemen’s Houthi militants. The Houthis, who control coastal areas along the Red Sea’s exit route, announced on Monday a naval blockade against Saudi Arabia, potentially opening a new front in the conflict. Since the U.S. and Israel launched attacks on Iran on February 28, the conflict has already caused thousands of deaths across the Gulf region.
South Korean President to visit the U.S. this week; Samsung and SK executives to hold roundtable meeting with Jensen Huang in Silicon Valley.
According to Yonhap News Agency, Lee Jae-myung will arrive in San Francisco, United States, this Friday for a two-day visit and plans to meet with technology industry leaders including Sam Altman, CEO of OpenAI, and Jensen Huang, CEO of NVIDIA.
Citing unnamed industry sources, Yonhap News Agency reported that Samsung Electronics Vice Chairman Jay Y. Lee, SK Group Chairman Chey Tae-won, and Naver founder Lee Hae-jin will meet with NVIDIA CEO Jensen Huang in the U.S. this week. The roundtable meeting is scheduled to take place near Silicon Valley on July 24. OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei may also attend. The gathering will bring together leaders from companies at the forefront of AI memory, GPUs, and generative AI services.
World Bank Chief Economist Gill: The global economy is only 'months away' from the worst-case scenario.
World Bank Chief Economist Gill: The global economy is only 'months away' from the worst-case scenario, in which global growth would slow to 1.3% and inflation rise to 4.5%. Countries such as the United States and India are largely insulated from the impact of a potential war involving Iran, but highly indebted developing economies face significantly greater risks.
Debt vulnerabilities have been accumulating for years; some countries may require debt relief. An escalation of conflict in the Middle East and supply disruptions could drive up inflation and push interest rates higher. The upcoming development report provides the first comprehensive assessment of artificial intelligence readiness in developing countries. These nations stand to benefit from artificial intelligence and associated productivity gains.
Top 20 pre-market trading volume stocks in the U.S.
U.S. Equity Market Macro Calendar Reminder
(All times listed below are in Beijing Time)
22:30 EIA Crude Oil Inventories for the Week Ending July 17 (in 10,000 barrels)
22:30 EIA Strategic Petroleum Reserve Inventories for the Week Ending July 17 (in 10,000 barrels)
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