Bitget UEX Daily Report｜The U.S. imposes a 50% tariff on some products from Canada; Bitcoin spot ETF sees net inflows for five consecutive days; Google and Tesla will announce their earnings reports tomorrow (July 21, 2026)

# 1. Hot News

International Commodities

The United States announces a 50% tariff on certain Canadian goods

• Trump signed a proclamation imposing a new 50% tariff on certain Canadian goods under Section 338 of the Tariff Act of 1930, effective in 30 days; excluding energy, potash, and other goods already taxed.
• No exemptions for products under the North American trade agreement, and a large number of duty-free goods will be affected. Market Impact: Intensifies trade tensions in North America, potentially raising costs of related goods and transmitting to the supply chain, providing short-term benefits for some commodity safe-haven demand.

Macroeconomic Policy

Trump comments on the Iran conflict, geopolitical risks heat up

• Trump stated that Iran will pay a price for U.S. military casualties; Iranian officials responded to mediation ceasefire proposals.
• Brent crude oil briefly surged nearly 4% to break $90, then retreated slightly. Market Impact: Geopolitical tensions boost energy prices in the short term while increasing global risk appetite volatility.

# 2. Market Review

Commodity & Forex Performance (Real-time Update)

• Spot Gold: Approximately $4,023/ounce, +0.46%
• Spot Silver: Approximately $57/ounce, +1.23%
• WTI Crude Oil: Approximately $82/barrel, -0.45%
• Brent Crude Oil: $88.5, -0.77%
• Dollar Index (DXY): 100.96, +0.001%.

Driving Factors Analysis: Geopolitical tensions (Iran-related events) push oil prices higher in the short term, compounded by U.S. tariff measures on Canada reinforcing trade uncertainty. Gold and silver, as safe-haven assets, receive support, but the dollar's performance limits the gains. Institutional views suggest that a robust supply-demand fundamental combined with macro risk appetite volatility will keep commodities in a range-bound fluctuation in the short term, focusing on Fed signals and trade progress for interconnected impacts. Overall, risk events driven by safe-haven and inflation hedging logic dominate short-term performance.

Cryptocurrency Performance

• BTC: Approximately $65,500, +1.41%.
• ETH: Approximately $1,915, +2.33%.
• Total Cryptocurrency Market Cap: $2.31 trillion, +1.4%.
• Market Liquidation Situation: Total liquidation in 24h approximately $250 million, with short liquidations at $139 million.
• Bitget BTC/USDT Liquidation Map: Current price around $65,481, with a noticeable reduction in long liquidation zones below, while there is significant short liquidation pressure in the $66,000--$68,000 range. If the price breaks through this area, it may trigger a short squeeze. Market leverage is concentrated in the $63,000--$66,000 range, with intense short-term long-short battles; the current structure leans towards triggering short liquidations and testing higher price levels, but attention is needed for the risk of a rapid drop after a failed breakout.

• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net inflow of $132 million yesterday, with a current 24h dynamic net inflow of $110 million, marking 5 consecutive days of net inflow.

Driving Factors Analysis: The macro environment (geopolitical and trade policy) provides some support for risk appetite, and the continued net inflow of ETF funds reflects a warming interest from institutions. Leverage liquidation data shows that the market still has volatility, with BTC holding key ranges while ETH remains relatively strong. The overall trend leans towards oscillating upwards, but caution is needed for differentiation caused by earnings season and policy events. Institutional consensus points to cautious optimism, focusing on capital flow and macro interconnections.

U.S. Stock Index Performance

• Dow Jones: Closed at approximately 51,839 points, down 0.59%, close to recent lows.
• S&P 500: Closed at approximately 7,443 points, down 0.19%, opened high and closed low.
• Nasdaq: Closed at approximately 25,508 points, down 0.05%, relatively resilient.

Tech Giants Dynamics

• NVDA: $203.28 +0.47 (+0.23%)
• AAPL: $326.59 -7.15 (-2.14%)
• MSFT: $402.29 +8.47 (+2.15%)
• GOOGL: $351.99 +5.22 (+1.51%)
• AMZN: $249.99 +2.76 (+1.12%)
• META: $645.85 -0.16 (-0.02%)
• TSLA: $369.57 -11.27 (-2.96%)

Performance Summary and Driving Analysis: The tech sector shows overall differentiation, with some giants benefiting from AI-related advancements, while valuation pressures and specific events lead to individual stock pullbacks. High short positions intensify the competition, with this week's earnings reports (Google, Tesla, etc.) becoming key catalysts. AI infrastructure financing and chip development news provide support, but debt concerns weigh on some stocks, with the market focusing on earnings to validate growth narratives.

Sector Movement Observations

Semiconductor/Storage Concept Overall Rebound

• Representative Stocks: Credo Technology (CRDO) up over 4.6%, Marvell Technology up over 3%, Micron Technology (MU) up about 1.9%-2.1%, Western Digital and other storage stocks also strengthened.
• Driving Factors: Expectations for continued capital expenditures in AI servers and data centers are heating up, coupled with the upcoming earnings season for tech giants, prompting the market to position itself in related supply chain segments. After prior pullbacks, the semiconductor sector sees capital replenishment, with storage demand benefiting from dual drives of AI training and inference; institutions believe that if Intel and others disclose better-than-expected earnings, it will further catalyze upward space for the sector, but caution is needed regarding the sustainability of valuation recovery and the impact of the macro interest rate environment.

Optical Communication Concept Leads Gains

• Representative Stocks: Coherent and others lead in gains, with many stocks in the sector achieving significant positive returns.
• Driving Factors: Funds are flowing from previously oversold semiconductor sub-sectors, combined with long-term optimism for high-speed optical module demand driven by AI infrastructure. Optical communication, as a core technology for data center interconnectivity, has strong performance elasticity against the backdrop of AI computing power expansion; the sector shows clear rotation characteristics, driven in the short term by technical recovery and thematic capital, but in the medium term still relies on downstream giants' capital expenditures to validate. Overall, sector movements reflect the market's structural preference for AI themes ahead of earnings reports.

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

1. BlackRock (BLK) - Meta's Texas Data Center Financing

Event Overview: BlackRock plans to issue over $12 billion in bonds to support Meta's 1 GW data center project in Texas (Project Sopaipilla). 80% of the project's equity is held by its funds, with Meta holding the remaining 20%, expected to be operational by 2028 and create jobs. This move is the latest example of the AI infrastructure financing boom, which may further increase bond supply in the tech industry.

Market Interpretation: Institutions are closely monitoring the potential squeeze on tech stock valuation multiples from large-scale debt financing and changes in bond market pricing for the sustainability of AI capital expenditures. Some analysts believe this reflects a trend of infrastructure investment shifting from equity to debt, but it also increases sensitivity to interest rates.

Investment Insights: Long-term demand for AI infrastructure is clear, and investors should pay attention to the marginal impact of financing rhythms on sector liquidity and interest rate environments, prioritizing positions in infrastructure-related segments with pricing power.

2. Oracle (ORCL) - Significant Increase in Credit Risk

Event Overview: The company's five-year CDS annualized rate has risen to approximately 2.03%, a near 18-year high; spreads on multiple bonds have widened, and trading prices have softened. The market focus is on whether massive capital expenditures in the AI field can quickly translate into revenue and profits, compounded by existing debt burdens.

Market Interpretation: Wall Street analysts hold divergent views on the AI investment return cycle, with some institutions lowering optimistic expectations, believing that if data center expansions do not accompany accelerated revenue, credit metrics may further deteriorate.

Investment Insights: Short-term valuations are under significant pressure, and it is recommended to closely track the next quarter's AI cloud business revenue conversion data, waiting for clear return signals before further allocation.

3. Google (GOOGL/GOOG) - R&D on Frozen v2 AI Server Chips

Event Overview: Google is developing a custom chip codenamed "Frozen v2," which will hardware part of the Gemini model architecture to significantly reduce inference computing and data transmission costs. Deployment is planned for 2028, serving as a targeted supplement to existing TPU products, not a complete replacement for general solutions.

Market Interpretation: This move is seen as an important step for Google to strengthen vertical integration and cost control, helping to enhance efficiency advantages in the AI race, with institutions generally optimistic about its long-term positive contribution to cloud business gross margins.

Investment Insights: Long-term benefits for Alphabet's cloud and AI ecosystem competitiveness are expected, and investors should continuously monitor the chip rollout timeline and performance metrics as catalysts for valuation reassessment.

4. Microsoft (MSFT) - Azure Introduces AMD Helios Full-Stack Solution

Event Overview: Microsoft will deploy AMD Helios rack-level AI systems on the Azure platform for cutting-edge model inference, integrating EPYC CPUs and network components. This is AMD's most comprehensive cloud collaboration to date, with Helios priced about 40% higher than comparable Nvidia products.

Market Interpretation: This marks an acceleration in the diversification of AI infrastructure suppliers, allowing AMD to achieve a full-stack breakthrough with GPU+CPU+network, challenging Nvidia's dominance; Microsoft's multi-supplier strategy helps control costs and enhance supply chain resilience.

Investment Insights: Continued investments in AI by cloud giants will benefit a diverse hardware ecosystem, and attention should be paid to AMD's execution impact on market share.

# 4. Market & Project Dynamics

1. Data released by a16z Crypto shows that the market value of tokenized stocks reached approximately $1.7 billion by the end of June, growing more than five times from $329 million a year ago, becoming one of the fastest-growing categories of tokenized assets.

2. Metaplanet subsidiary Bitcoin Japan announced plans to continue increasing its Bitcoin holdings during the market downturn. The company will launch a cryptocurrency treasury program aimed at enhancing its financial reserves through Bitcoin purchases.

3. Investment research firm Bernstein raised its target price for Robinhood, citing the broker's blockchain strategy, including tokenized stocks and the Arbitrum-based Robinhood Chain, which may reduce its reliance on traditional cryptocurrency trading.

4. Grayscale has submitted a registration statement for the Grayscale Worldcoin ETF to the U.S. Securities and Exchange Commission (SEC). The fund will hold the native token WLD of the World Network as a passive investment tool, aiming to reflect the value of held WLD shares minus fees and liabilities. If approved, the ETF will be listed on Nasdaq, with BNY Mellon acting as the transfer agent and BitGo Bank & Trust as the custodian.

5. Citrini analyst Jukan cited Morgan Stanley analyst Joseph Moore's view that the memory shortage issue in the data center sector continues to worsen, with no signs of relief in market supply pressure, and the tightness of memory supply remains higher than expected. Currently, prices for memory products of the same specifications have risen at least 25% in the third quarter compared to projections for the second quarter of 2026, exceeding previous forecasts from Morgan Stanley and third-party institutions.

6. According to The Information, stock prices of the three major memory chip companies, Samsung Electronics, SK Hynix, and Micron Technology, have all declined this month, providing an opportunity for investors to reposition in the rapidly growing storage chip industry. The market is concerned that the current memory chip boom driven by AI demand may slow down in the coming years, repeating the common "expansion---oversupply---downturn" trend seen in past cyclical industries.

Analysts point out that if investors choose to enter the memory chip sector at this stage, they need to believe that AI-driven storage demand growth can be sustained and withstand the risks brought by industry cyclical fluctuations. In terms of investment choices, one strategy is to focus on the companies with the lowest valuations. Samsung currently has a relatively low valuation among the three major memory chip companies, which may become a choice for some investors to capture growth opportunities in the storage industry.

# 5. Market Calendar

July 21 (Tuesday)

1. The U.S. will release the weekly change in ADP employment numbers for the week ending July 4; July 22 (Wednesday)
2. ★★★★★ Google (Alphabet) will release earnings after the market closes, with a focus on AI investment returns and cloud business growth;
3. ★★★★★ IBM will release earnings after the market closes, with investors assessing AI-related business performance;
4. ★★★★★ Tesla will release earnings after the market closes, focusing on delivery volumes, robotics, and AI progress; July 23 (Thursday)
5. American Airlines, Blackstone, Lockheed Martin, Nokia, and Raytheon Technologies will announce earnings before the U.S. market opens;
6. ★★★★★ Intel will release earnings after the market closes, focusing on chip demand and AI-related prospects; July 24 (Friday)
7. ★★★★ Trump will attend a White House press association dinner, and his speech may impact the market;
8. ★★★★ AMD will hold the Advancing AI conference, with CEO Lisa Su delivering a speech discussing AI agents, model optimization, etc.
   *This week's core themes in the U.S. stock market revolve around earnings reports from Google, Tesla, IBM, and Intel, validating AI investment returns and Trump's speech, with expected increased market volatility.

Institutional Views:

Well-known investment bank analysts believe that record-high short positions in the U.S. stock market and weakened options buffers, combined with the earnings season, may amplify market volatility. Trade tariffs and tensions with Iran are pushing up energy prices, benefiting commodities but increasing uncertainty. The cryptocurrency market benefits from ETF inflows and macro risk appetite, with BTC/ETH still having short-term oscillating upward potential, but caution is needed regarding leverage risks. Overall, institutions recommend focusing on earnings validation and policy progress, maintaining structural allocations to quality assets, and seeking opportunities amid volatility.

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