Bitget UEX Daily Report｜Wosh: AI drives up prices but may not necessarily increase inflation; Anthropic to launch IPO as early as October; Jensen Huang promotes AI and robotics collaboration in Tokyo

# 1. Hot News

Federal Reserve Dynamics

Trump Pressures New York AI Infrastructure Policy, Federal Reserve Chair Reiterates Independence

• Trump harshly criticized New York Governor Kathy Hochul's executive order to suspend environmental permit approvals for large data centers on social media, calling it a "terrible decision," and emphasized that the tax revenue and jobs brought by data centers are a significant victory for states, demanding that New York immediately change its stance.
• The New York governor responded by stating that communities providing computing power for AI should share in the benefits and questioned if data centers are truly "liquid gold," why New Yorkers can only receive "leftovers." Previously, New York announced a suspension of environmental permits for new large data centers for up to a year to establish a regulatory framework to prevent rising electricity costs and impacts on water resources.
• Federal Reserve Chair Kevin Warsh reiterated the independence of the Federal Reserve during a Senate semiannual monetary policy hearing, denying Trump's attempts to interfere with the Fed, and clearly stated that price increases resulting from AI infrastructure construction do not necessarily constitute inflation and should be distinguished from supply shock-induced price increases.

Market Impact: The confirmation of policy independence helps stabilize market expectations for the coherence of Federal Reserve decisions, reduces concerns about political interference, and boosts confidence in risk assets; however, tightening AI infrastructure regulation may increase compliance costs and affect the investment pace of related industrial chains, necessitating short-term attention to the transmission effects of state policy games on electricity and data center supply chains.

International Commodities

Trump Expects Oil Prices to Fall to $55, Spot Gold and Silver Fluctuate at High Levels

• Trump stated in an interview that oil prices will fluctuate for a while and may fall to $55 per barrel once the situation in Iran stabilizes; currently, oil prices remain firm due to geopolitical tensions in the Middle East and a global refining capacity shortage.
• Spot gold briefly rose after the June CPI cooling data but then faced profit-taking pressure, trading around $4,050 per ounce; silver fluctuated in tandem with gold.
• Driving factors include a slight retreat in the dollar index, changes in real interest rates, and the long-term electricity demand from AI data centers supporting energy commodities, but New York's regulatory suspension highlights that policy uncertainty may suppress some infrastructure investments.

Market Impact: Oil prices have a significant short-term geopolitical premium, but Trump's long-term bearish view may limit sustained upward momentum; precious metals maintain high-level fluctuations against the backdrop of clearer Federal Reserve policies and improved risk appetite, with attention to the impact of inflation data and geopolitical events on safe-haven demand.

Macroeconomic Policy

Federal Reserve Beige Book Shows Moderate Economic Growth, Divergence in AI Regulation and Inflation Outlook

• The Federal Reserve's Beige Book indicated that U.S. economic activity achieved moderate to modest growth from late May to June, with 11 of the 12 Federal Reserve districts recording expansion; the labor market remains robust, with slight job growth, but a shortage of skilled workers is pushing up wages; overall inflation is moderate, but there are significant divergences in inflation outlook predictions across districts, with energy price uncertainty becoming the biggest variable.
• Federal Reserve Governor Cook warned that the AI investment boom, combined with tariffs and supply shocks from the Middle East conflict, is causing inflation risks to surpass employment risks; action will be taken if inflation does not cool down.
• Today's market focuses on the number of initial jobless claims in the U.S. for the week ending July 11, the month-on-month retail sales for June, the July Philadelphia Fed Manufacturing Index, and the Bank of Korea's policy rate decision (potentially the first rate hike since 2021).

Market Impact: Economic data is robust, but inflationary stickiness remains; tightening AI infrastructure regulation may increase compliance costs and affect investment pace; policy divergences heighten market vigilance regarding structural inflation, and data releases will further validate consumer and employment resilience, forming corrections to interest rate cut expectations.

# 2. Market Review

Commodity & Forex Performance (Real-time Update)

• Spot Gold: $4,043 per ounce, -0.4%
• Spot Silver: $57.30 per ounce, -0.85%
• WTI Crude Oil: $79.80 per barrel, +0.8%
• Brent Crude Oil: $85.50 per barrel, +0.64%
• Dollar Index (DXY): 100.466, -0.05%

Driving Factors Analysis: The June CPI data cooling exceeded expectations (month-on-month decline for the first time in six years), alleviating concerns about runaway inflation, leading to a slight retreat in the dollar index, providing support for commodities. Trump's statement about oil prices falling to $55 reflects optimistic expectations for easing tensions in the Middle East, but current geopolitical tensions and refining capacity shortages (about 10% of global capacity offline) still push up short-term oil price premiums. Gold faces profit-taking pressure at high levels (down from January highs but still in a high range), while the long-term demand from AI data centers for electricity and energy benefits related commodities, but New York's regulatory suspension highlights that policy uncertainty may suppress some investments. Silver fluctuates alongside gold. Inter-asset correlations show that improved risk appetite pressures the dollar, while supply-side factors dominate oil prices. Institutional consensus suggests that the macro environment favors risk assets, but geopolitical and regulatory risks cannot be ignored; short-term precious metals may maintain range-bound fluctuations, and oil prices need to be cautious of volatility from expectation gaps.

Cryptocurrency Performance

• BTC: $64,637, -0.17%
• ETH: $1,917, +2.23%
• Total Cryptocurrency Market Cap: Approximately $2.31 trillion, -0.2%
• Market Liquidation Situation: $300 million total liquidation in 24h, $184 million in short liquidations
• Bitget BTC/USDT Liquidation Map: Current BTC price is approximately $64,606, with significant short liquidation pressure accumulating in the $65,700--$66,100 range; if this range is broken, it may trigger concentrated short covering and push prices further up. There is a noticeable long liquidation area around $63,800--$64,200, but the overall scale is lower than the upper short liquidity, indicating that the short-term market still leans towards testing the upper liquidation zone.

• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net inflow of $181 million yesterday, with a current 24h dynamic net inflow of $26.9 million.

Driving Factors Analysis: The significant cooling of June inflation data boosted market risk appetite, with BTC quickly rebounding and breaking through the key psychological level of $65,000 and the 200-week moving average, with leveraged long positions covering and ETF fund inflows working in tandem. ETH followed with a more moderate increase, indicating market differentiation under BTC dominance. Continuous net inflows into ETFs from institutions like BlackRock reflect a warming willingness of traditional funds to allocate to crypto assets. On a macro level, Federal Reserve Chair's reaffirmation of independence reduces concerns about political interference, and Trump's expectations for interest rate cuts further ease tightening pressures, benefiting risk assets. The leveraged market's $300 million liquidation in 24h indicates that volatility remains high, with a high proportion of short liquidations reflecting some profit-taking or reversal signals. Technically, BTC's short-term trend is bullish, but caution is needed regarding profit-taking and changes in inflation expectations due to geopolitical events. Institutional views generally believe that the rebound in the crypto market is based on a stable foundation under a soft data environment, but the high-leverage environment requires cautious position management.

U.S. Stock Index Performance

• Dow Jones: 52,658.64 (+0.29%), with consecutive slight gains as investor risk appetite rebounds
• S&P 500: 7,572.40 (+0.38%), stabilizing at key technical levels with moderate volume increase
• Nasdaq: 26,269.23 (+0.62%), driven by technology growth and AI-related sectors leading the gains

Tech Giants Dynamics

• NVDA: 212.50 (+0.33%)
• AAPL: 327.50 (+4.01%)
• MSFT: 395.63 (+2.78%)
• GOOGL: 370.92 (+3.17%)
• AMZN: 254.96 (+3.02%)
• META: 681.31 (+3.07%)
• TSLA: 394.46 (-0.43%)

Performance Summary and Driving Analysis: U.S. tech giants generally followed the Nasdaq's strength, boosted by the cooling of June inflation and a strong start to the second-quarter earnings season, enhancing risk appetite. Apple, Google, Meta, Amazon, and Microsoft all saw gains, primarily driven by AI integration progress, cloud business expectations, or a recovery in consumer electronics; Nvidia's slight increase indicates robust demand for AI chips but may face short-term profit-taking. Tesla's slight pullback may be influenced by specific news. Storage-related stocks (like MU) plummeted over 8%, highlighting sector differentiation—while long-term demand for AI data centers is strong, short-term supply chain adjustments, regulatory uncertainties (New York's suspension), or capacity concerns have led to rotational selling pressure. The overall trend is bullish, but stock differentiation is significant, necessitating a focus on fundamentals and capital flow differences.

Sector Movement Observation

Storage Chip Sector fell about 8%

• Representative Stocks: Micron Technology (MU) -8%, Western Digital (WDC) -8.7%, SanDisk-related stocks -8.12%, SK Hynix -9%
• Driving Factors: The market observed a sharp decline in storage concept stocks, potentially due to sector rotation and profit-taking, coinciding with discussions on AI infrastructure policies (New York's suspension of approvals), which may raise concerns about short-term electricity and infrastructure investment pace. Institutions generally believe that the pullback provides a potential buying window but continuous tracking of demand fundamentals is necessary to confirm support strength.

# 3. In-depth Analysis of U.S. Stocks

1. Nvidia (NVDA) - Jensen Huang Promotes AI and Robotics Collaboration in Tokyo

Event Overview: Nvidia CEO Jensen Huang recently appeared in Tokyo, actively promoting the deep integration of AI technology with the robotics industry. Japan, as a global leader in robotics and precision manufacturing, views this move as a key strategy for Nvidia to expand its AI ecosystem in Asia, aiming to extend its GPU computing power advantages to robotics control systems, autonomous driving, industrial intelligent manufacturing, and edge computing. The background is the ongoing global AI investment boom, with exponential growth in computing power demand, while the Japanese government and enterprises are accelerating the "Society 5.0" digital transformation, urgently requiring high-performance computing infrastructure support. Notably, this Tokyo visit coincides with New York State's announcement to suspend environmental permit approvals for large data centers, and Trump's public criticism of this decision as "terrible," emphasizing that data centers bring "liquid gold" in tax revenue and jobs, highlighting the importance of Nvidia's efforts to diversify regulatory risks and seek diversified collaborations globally.

Market Interpretation: Institutional analysts generally believe that Huang's Tokyo visit reinforces Nvidia's irreplaceable core position in the global AI supply chain, helping to solidify long-term demand expectations for its GPUs in robotics and intelligent manufacturing scenarios. Although the storage chip sector (MU, SK Hynix ADR, etc.) has shown a significant pullback due to New York's regulatory signals, indicating short-term differentiation pressures in the AI infrastructure supply chain, Nvidia's fundamentals as a key supplier of AI infrastructure remain resilient. The market interprets this trip as a dual signal of "ecosystem expansion + global hedging," rather than merely a earnings report-driven event. Combined with Trump's and Federal Reserve Chair Warsh's statements that AI price increases do not necessarily constitute inflation, institutions believe that the long-term AI capital expenditure cycle remains intact, and regulatory noise is more about state-level games, unlikely to hinder the overall trend.

Investment Insight: Nvidia's full-stack (chip + software + ecosystem) layout continues to deepen, and the Tokyo collaboration may become a new pivot for its global diversification strategy; it is recommended to closely track order fulfillment in robotics and edge AI fields as a long-term core asset, while short-term attention can be paid to the impact of data center policy evolution on valuation fluctuations.

2. Apple (AAPL) - Accelerating Self-Development of AI Server Chips

Event Overview: Market rumors suggest that Apple is actively seeking to acquire chip design or related semiconductor companies to accelerate the vertical layout of AI servers and self-developed chips in data centers and terminals. The core goal of this move is to reduce reliance on external suppliers and enhance the efficiency of AI capability integration and supply chain security, especially in the context of Apple's large-scale push for Apple Intelligence and the explosive demand for collaboration between terminals and the cloud. This background is highly related to New York State's suspension of large data center approvals—Trump criticized this decision as leading to investment and job losses, while Apple, as a tech giant heavily reliant on computing power, is internalizing chip capabilities to hedge against potential delays in infrastructure approvals and rising electricity costs.

Market Interpretation: Wall Street institutions generally hold a positive view, believing that Apple's move aligns with its long-term "hardware + services + AI" strategic loop, likely to significantly enhance ecological barriers, improve gross margin space, and pricing power. Yesterday, Apple's stock price surged over 4%, interpreted by the market as a signal of renewed confidence in the AI transformation story. Although the current valuation remains relatively high, growth expectations and vertical integration potential provide support. Institutions also point out that Apple's self-development aligns with Nvidia's global expansion, helping to reduce exposure to a single supply chain, especially in the context of increasing regulatory policy differentiation for AI data centers across states.

Investment Insight: Apple's progress in AI server and terminal collaboration is worth continuous tracking; if acquisitions materialize, they could serve as important catalysts; in the short term, attention should be paid to management's guidance on AI capital expenditures and server deployments during earnings season, as policy uncertainties may bring about phase fluctuations.

3. Micron Technology (MU) - Significant Pullback in Storage Sector

Event Overview: Micron Technology and other storage chip stocks saw a significant drop of over 8% in the latest trading day, dragging down the entire storage concept sector. The background is directly related to New York Governor Kathy Hochul's announcement to suspend environmental permits for new large data centers for up to a year, Trump's public condemnation of this decision as "terrible," emphasizing that data centers are "liquid gold," and hedge fund billionaire Dan Loeb's sharp criticism of this move as "the dumbest decision since the Amazon HQ2 project failed." The strong demand for high-bandwidth memory (HBM) and DRAM from AI data centers is a long-term core driver for the storage sector, while the New York regulatory suspension signal may impact the short-term pace of data center construction and electricity supply expectations in the U.S., combined with the sector's previous large gains, triggering profit-taking and short-term emotional fluctuations.

Market Interpretation: Analysts point out that long-term storage demand remains driven by AI training and inference, and the fundamentals have not changed, but short-term volatility stems from supply chain dynamics, inventory cycles, and the transmission of policy uncertainties. Institutions generally believe that this pullback provides a potential buying window—if subsequent demand data remains strong (especially for HBM orders), it will support valuation recovery. Compared to Nvidia and Apple's global/AI server layouts, U.S. storage companies like Micron are more directly exposed to domestic regulatory policy risks, but therefore have greater elasticity after policy clarification. The market interprets this as "short-term noise, long-term logic unchanged."

Investment Insight: In a differentiated market, select storage stocks with solid fundamentals and leading HBM capacity layouts; pay attention to the actual implementation of AI infrastructure regulatory policies in New York and other states, as pullbacks may provide good entry points for medium to long-term allocations.

4. SPCX (SpaceX) - Stock Price Continues to Decline in Relation to AI Infrastructure

Event Overview: SpaceX (SPCX) stock price has fallen for the fourth consecutive trading day, briefly dropping below the $135 issue price, far below previous highs. The company's AI business segment operates a vertically integrated platform, covering cutting-edge large language models like Grok, AI solutions for consumer and enterprise clients, and AI computing infrastructure, deeply tied to the xAI ecosystem. This round of adjustments occurs during the same window as New York State's suspension of large data center approvals and discussions between Trump and the Federal Reserve regarding the nature of AI price increases, with the market focusing on SpaceX/AI computing demand's potential reliance on data centers and electricity infrastructure, as well as overall profit-taking pressure in the tech sector.

Market Interpretation: Institutions believe that the decline in SPCX stock price reflects more the digestion of valuations in the early stages of listing and market rotation, rather than a deterioration in fundamentals. Its AI computing infrastructure layout forms an industrial chain loop with Nvidia's GPU demand and storage HBM orders, benefiting long-term from the global expansion of AI computing power. Although New York's regulatory signals may delay some U.S. data center projects, SpaceX's global satellite + AI strategy has certain hedging attributes. Analysts interpret this as "growth tech stocks facing normal fluctuations at high levels," similar to the storage sector's pullback, representing a short-term emotional release rather than a trend reversal.

Investment Insight: As a dual-driven target of AI + aerospace, SPCX should focus on its AI computing infrastructure orders and Grok ecosystem progress; short-term fluctuations provide an observation window, while medium to long-term AI demand expansion remains the core logic, requiring caution against volatility risks under high valuations.

5. SK Hynix (SKHY ADR) - Global HBM Leader's Storage Sector Pullback

Event Overview: SK Hynix (via U.S. ADR SKHY), as a global leader in high-bandwidth memory (HBM) and a core supplier of Nvidia AI GPUs, saw a nearly 9% drop in the latest trading day alongside storage concept stocks. This round of adjustments coincides closely with New York State's suspension of environmental permit approvals for large data centers—Trump criticized this decision as leading to billions of dollars in investments and thousands of jobs being lost to other states, while data centers are the largest source of demand for HBM and advanced storage. SK Hynix previously entered the U.S. stock market through a large-scale ADR issuance, and its stock performance directly reflects the sensitivity of the global AI memory supply chain to changes in U.S. domestic infrastructure policies.

Market Interpretation: Institutional analysts emphasize that SK Hynix's HBM capacity and technological barriers are scarce in the AI era, with extremely high long-term demand certainty; short-term pullbacks mainly stem from market concerns that New York's regulatory suspension may delay the pace of U.S. data center construction, as well as profit-taking after significant prior gains. In contrast to Micron Technology, SK Hynix remains deeply tied to the large cycle of AI capital expenditures through its global supply chain (including U.S. clients). The market interprets this as "phase adjustment under policy noise," rather than a fundamental shift in demand, and the sharp criticism from institutional investors like Dan Loeb regarding New York's decision highlights the strategic value of data centers for economic growth.

Investment Insight: As a core target for AI memory, SK Hynix's pullback enhances its allocation value; closely track HBM order fulfillment and global data center capital expenditure data, as the clarification of policies in New York and other states may become important catalysts, suggesting a combined allocation strategy with Micron and other U.S. storage stocks.

# 4. Market & Project Dynamics

1. Cathie Wood's Ark Invest purchased approximately $16.6 million worth of SpaceX stock on Wednesday, with SPCX falling 0.60% to $135.27 that day. Ark also sold approximately $3.9 million worth of Robinhood stock, with HOOD rising 1.84% to $115.54 that day.

2. Arthur Hayes is suspected of accumulating ETH through over-the-counter trading. The first transaction sent 1.25 million USDC to Galaxy Digital, receiving 646.33 ETH (approximately $1.24 million); the second transaction was completed through FalconX, receiving 646.93 ETH (approximately $1.24 million). The two transactions totaled approximately 1,293 ETH, with a total value of about $2.48 million.

3. Strategy President and CEO Phong Le stated in a Bloomberg TV interview that the company will not stop buying Bitcoin, stating, "The goal is to become the largest Bitcoin buyer in the foreseeable future." He mentioned that only when Bitcoin falls to around $8,000-$10,000 should debt risks be considered, and he is currently "very comfortable" with the balance sheet.

4. Federal Reserve Governor Cook stated that there is reason to believe inflation will continue to cool, but tariffs, Middle East conflicts, and AI investments may lead to persistent price pressures; waiting for inflation to further slow down for a while is wise, and action will be prepared if inflation does not cool in the near term.

5. The Wall Street Journal reported that U.S. officials said President Trump is inclined to expand military actions against Iran after holding brief meetings with several senior aides over the past few days. Potential options include increasing airstrikes, sending ground troops to seize Iranian islands near the Strait of Hormuz, and bombing a site that may be used for secret nuclear work.

6. On July 15, news emerged that Anthropic plans to hold an IPO investor meeting in the coming weeks.

7. According to sources familiar with Apple's operations, Apple is looking to acquire chip companies to strengthen its efforts to build servers for running AI. In recent months, the iPhone manufacturer has been in discussions with bankers about potential deals. Sources say it has also reached out to semiconductor startups to see if they are interested in selling. Apple's pursuit of chip acquisitions comes amid performance issues with its internal AI servers.

# 5. Today's Market Calendar

Data Release Schedule

|-------|----|---------------|------| | 08:30 | U.S. | Initial Jobless Claims for the Week Ending July 11 | ⭐⭐⭐ | | 10:00 | U.S. | June Retail Sales Month-on-Month | ⭐⭐⭐⭐ | | 10:00 | U.S. | July Philadelphia Fed Manufacturing Index | ⭐⭐⭐ | | Afternoon | South Korea | Central Bank Policy Rate Decision | ⭐⭐⭐⭐ |

Important Event Forecast

• Event: South Korea Central Bank Rate Decision - Watch for the potential first rate hike since 2021, impacting Asian currencies and risk asset sentiment
• Event: U.S. Data Release - Retail sales and initial claims data will further validate labor market and consumer resilience

Institutional Views:

Based on the movements of U.S. stocks, precious metals, crude oil, forex, and cryptocurrencies over the past 24 hours, mainstream Wall Street analysts generally believe that the cooling of June inflation data provides greater flexibility for Federal Reserve policy, and Chair Warsh's reaffirmation of independence further stabilizes market expectations for policy coherence, benefiting risk assets including rebounds in U.S. tech stocks and cryptocurrencies. Gold faces some profit-taking at high levels but retains long-term safe-haven attributes; oil prices are supported by short-term geopolitical factors, but Trump's long-term bearish view may limit sustained upward momentum. The crypto market shows strong resilience driven by ETF inflows and leveraged long position covering, but high volatility and liquidation risks remind investors to be cautious with positions. Overall, institutional consensus leans towards "data-driven cautious optimism," recommending attention to subsequent retail sales and employment data's corrections to interest rate cut expectations, as well as the actual impact of AI infrastructure regulatory policy evolution on the industrial chain. In a differentiated market, selective stock and thematic allocations are more critical.

Disclaimer: The above content is compiled by AI search, with human verification for publication, and should not be considered as any investment advice. Data in the text may inevitably contain deviations; please refer to real-time market data.