Bitget UEX Daily Report | US stocks rebound sharply with storage chips leading the way; precious metals and crude oil strengthen simultaneously; Alphabet, IBM, and Tesla earnings reports coming up (July 22, 2026)

# 1. Hot News

International Commodities

Precious metals and crude oil strengthen simultaneously, intertwining risk aversion and supply concerns

• Gold and silver have risen significantly, and crude oil has also recorded a noticeable increase.
• Geopolitical and supply-demand factors are driving prices. Market Impact: The upward movement of commodities reinforces the dual narrative of inflation and risk aversion, causing some disturbances to interest rate-sensitive assets.

Macroeconomic Policy

Market sentiment turns optimistic, with technology and storage themes leading the rebound

• U.S. stocks experienced a sharp rebound after consecutive pullbacks, with the storage chip sector becoming the core driving force.
• Funds are flowing back from defensive positions into growth and AI-related targets. Market Impact: Short-term risk appetite is rising, but caution is needed regarding subsequent earnings reports and the volatility of macro data.

# 2. Market Review

Commodity & Forex Performance

• Spot Gold: Approximately $4,115/ounce, +0.92%
• Spot Silver: Approximately $59/ounce, +1.65%
• WTI Crude Oil: Approximately $85.47/barrel, +1.32%
• Brent Crude Oil: Approximately $92.4/barrel, +1.15%
• Dollar Index (DXY): Approximately 101.16, -0.03%

Driving Factors Analysis: Precious metals and crude oil are strengthening simultaneously, reflecting a rise in geopolitical risk premium and risk aversion demand, while supply-side tightness and expectations for AI-related industrial demand provide additional support. The increase in silver is significantly greater than that of gold, indicating a strengthening of its industrial attributes. A slight strengthening of the dollar has exerted some pressure on precious metals but has not prevented prices from rising. Institutional views suggest that commodities remain dominated by macro uncertainty in the short term, with clear inter-asset linkages; if risk events ease, prices may experience a pullback, but the medium-term supply-demand pattern remains bullish.

Cryptocurrency Performance

• BTC: Approximately $66,666, +1.45%
• ETH: Approximately $1,940, +1.14%
• Total Cryptocurrency Market Cap: $2.34 trillion, +1.2%
• Market Liquidation Situation: Total liquidation in 24h is 2.05, with short liquidations at $159 million.
• Bitget BTC/USDT Liquidation Map: Current price is around $66,425, with a large concentration of high-leverage long liquidation points in the $65,500--$66,000 area. If the price falls below this area, it may trigger a chain reaction of long liquidations, accelerating the decline. There is a significant short liquidation liquidity pool in the $67,500--$69,000 range, and the market has short-term momentum to sweep liquidity upward; if it breaks through $67,000, there is a chance for a rapid rise above $68,000.

• Spot ETF Net Inflow/Outflow: BTC spot ETF had a net inflow of $227 million yesterday, with a current 24-hour dynamic net inflow of $39.3 million, marking six consecutive days of net inflow.

Driving Factors Analysis: The rebound in U.S. stock risk appetite and ETF fund inflows jointly support the recovery of the cryptocurrency market. BTC has maintained a key range and broken upward, with ETH following but with relatively weaker elasticity. Leverage liquidation data shows that market sentiment remains cautious; technical recovery and macro linkage are the main drivers. Institutional consensus points to a volatile upward trend but warns to pay attention to subsequent U.S. earnings reports and the potential impact of policy spillovers on risk assets.

U.S. Stock Index Performance

• Dow Jones: Closed at approximately 52,225 points, up about 0.74%, ending consecutive pullbacks.
• S&P 500: Closed up about 0.9%, showing a clear rebound.
• Nasdaq: Closed up about 1.3%, leading the three major indices, driven significantly by technology and semiconductors.

Technology Giants Dynamics

• NVDA: 207.29 (+1.97%)
• AAPL: 327.74 (+0.35%)
• MSFT: 397.75 (-1.13%)
• GOOGL: 347.15 (-1.38%)
• AMZN: 247.55 (-0.98%)
• META: 643.81 (-0.32%)
• TSLA: 378.93 (+2.53%)

Performance Summary and Driving Analysis: The technology sector overall benefits from the rebound in risk appetite, but the true leaders are the storage and semiconductor sub-sectors. Expectations for AI capital expenditures and supply chain tightness logic are strengthening, with significant differentiation among individual stocks—storage leaders are rising far more than traditional giants, indicating that funds are focusing more on performance elasticity and supply-demand tightness themes rather than simple valuation recovery.

Sector Movement Observation

Storage Chips/Semiconductors Lead Significantly

• Representative Stocks: Micron Technology (MU) rose over 12%, closing at approximately $970.82; AMD rose about 7.87%, Intel rose about 8.02%.
• Driving Factors: Strong and sustained demand for AI servers and high-bandwidth memory (HBM), renewed expectations of supply chain tightness, combined with funds flowing back after consecutive pullbacks. The market is preemptively trading on the upward logic of the storage cycle, with the sector's elasticity significantly higher than the broader market. Institutions believe that if subsequent earnings reports validate demand, there is still considerable upside potential, but caution is needed regarding profit-taking pressure in the short term.

Technology and Growth Sectors Rebound Simultaneously

• Representative Stocks: Microsoft (MSFT) steadily rises, Google (GOOGL) follows with a rebound, and cloud service and AI-related stocks like NVDA and AMZN generally close higher.
• Driving Factors: The rebound in risk appetite combined with the return of funds to AI themes has shifted sector rotation from defensive to growth, driven in the short term by technical recovery and thematic drivers. The narrative of cloud business and AI infrastructure investment provides support, with funds replenishing from previously oversold stocks, but the gains are significantly lagging behind the storage sub-sector, indicating differentiation characteristics.

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

1. Micron Technology (MU) - Driven by Storage Chip Demand Surge

Event Overview: Micron Technology's stock price surged over 12% in a single day, closing near $970, becoming a market focus. The company's HBM capacity has been fully sold out through fixed-price contracts until 2026, with ongoing strong demand for high-bandwidth memory from AI data centers. Previous discussions in the market regarding AI capital expenditures have heated up, with storage being a key bottleneck receiving funding attention, and data center business revenue now accounting for over half. Market Interpretation: Multiple institutions (including UBS, Citi, etc.) have raised their target prices to a range of $800-1,750, believing that the supply-demand gap may persist until 2027. Analysts point out that Micron's layout in HBM3E/HBM4 and long-term supply agreements provide rare revenue visibility, and the short-term increase reflects a repricing of funds towards performance elasticity and pricing power, while still reminding to pay attention to traditional memory cycle risks. Investment Insight: The resonance of the storage cycle and AI demand provides a medium-term logic, but close monitoring of subsequent earnings reports, capacity expansion progress, and free cash flow conversion is necessary to avoid volatility risks after chasing highs.

2. Tesla (TSLA) - Focus on Robotaxi and Deliveries in Today's After-Hours Earnings Report

Event Overview: Tesla will announce its second-quarter earnings report after the market closes on July 22, Eastern Time. The company’s Q2 delivery volume increased by about 25% year-on-year to the best historical level, producing approximately 452,000 vehicles. Wall Street expects a non-GAAP EPS of about $0.55 and revenue of about $27.5 billion, with market focus on gross margin, Robotaxi progress, energy storage business, and guidance. Market Interpretation: Institutions believe that the previously aggressive timelines (such as Robotaxi coverage) not being fully realized have partially weakened trust, and the short-term stock price rebound benefits more from the overall market risk appetite recovery. Analysts emphasize that execution on the ground and competitive landscape remain key variables; strong deliveries but the quality of earnings and the commercialization progress of AI/autonomous driving will determine the space for valuation reassessment. Investment Insight: Pay attention to updates on Robotaxi, contributions from the energy business, and full-year guidance in tonight's earnings report as core catalysts for assessing the realization of AI and robotics narratives.

3. IBM - Today's After-Hours Earnings Report to Validate AI and Cloud Growth

Event Overview: IBM will release its complete second-quarter earnings report at 5 PM Eastern Time on July 22. The company previously forecasted Q2 revenue of about $17.2 billion (approximately 1% year-on-year growth) and adjusted EPS of about $2.93, both below market expectations, leading to a previous single-day stock price drop of about 25%. The market is focused on the actual performance of hybrid cloud, software, and consulting businesses under AI budget pressures. Market Interpretation: Institutions point out that the AI capital expenditure boom may squeeze enterprise software budgets, leading to slowed growth. Analysts believe that valuations have reflected some pessimistic expectations; if tonight's guidance shows a warming pipeline or accelerated contributions from AI solutions, it may trigger a recovery; otherwise, further validation of long-term growth logic will be needed. Investment Insight: Suitable for investors focused on stable AI exposure, with a key focus on hybrid cloud revenue growth and software profit margins, while being wary of short-term performance pressures on valuations.

4. Google (GOOGL) - Today's After-Hours Earnings Report Focused on Cloud and AI Returns

Event Overview: Alphabet will announce its second-quarter earnings report after the market closes on July 22. Wall Street expects revenue of about $100-117 billion (approximately 21% year-on-year growth) and EPS of about $2.87-2.93; Google Cloud's growth rate is expected to exceed 60%, while also focusing on TPU chip sales, Gemini model progress, and full-year capital expenditures (previous guidance of $180-190 billion). Market Interpretation: Institutions believe that vertical integration capabilities help with cost control and efficiency improvements, but the speed of revenue conversion from AI investments needs to be validated. Analysts are closely observing the resilience of search advertising, improvements in cloud business profitability, and the recovery of the "other bets" segment, believing that the earnings report may become an important litmus test for sentiment in the tech sector. Investment Insight: Long-term favorable for the cloud and AI ecosystem, focus on the proportion of AI-related revenue contributions and capital expenditure efficiency in the earnings report as key signals for assessing valuation sustainability.

5. AAOI - Optical Communication AI Demand Drives Volatility

Event Overview: Applied Optoelectronics (AAOI) has experienced significant volatility due to strong demand for AI optical networks, with the stock price rising over 15% in a single day. The company is expanding its manufacturing capacity in Texas to support high-end optical modules like 800G, benefiting from the strong demand for high-speed optical interconnects from hyperscale data centers. Market Interpretation: Institutions point out that AAOI, as a key player in the AI optical supply chain, is highly sensitive to data center optical module orders. Analysts are focused on the realization of capacity expansion, order backlog conversion, and competition with Coherent and Lumentum; short-term volatility amplifies thematic heat, but long-term growth relies on the pace of AI infrastructure construction. Investment Insight: Suitable for investors with higher risk tolerance, closely monitor Q2 earnings, capacity progress, and industry cycle signals to avoid risks of purely thematic speculation.

6. AXTI - Semiconductor Materials Subsector Benefits from AI

Event Overview: AXTI, as a supplier of compound semiconductor materials, indirectly benefits in the fields of AI optoelectronics and advanced packaging, with stock prices showing elasticity along with sector rotation. Material support drives growth in optical communication and power device demand. Market Interpretation: Institutions believe that materials stocks like AXTI are sensitive to the upstream of the AI supply chain; short-term price increases reflect thematic heat, but fundamentals depend on downstream order confirmations and technical validations. Volatility is significant, requiring attention to competitive landscape and supply chain stability. Investment Insight: As a high-beta allocation supplement, suitable for diversified investment, focus on tracking order data and industry cycles to avoid overly heavy independent positions.

# 4. Market & Project Dynamics

1. According to The Block, Bitcoin is approaching the key resistance level of $68,000 after rebounding about 15% from its July low. Analysts point out that this level is close to the average cost price of buyers over the past five months, and many previously loss-making investors may choose to sell when returning to the cost price for the first time, creating selling pressure. Additionally, the $68,000 area is also the previous high from mid-June, where the last rebound failed and fell below $58,000. Analysts expect that the first test of this resistance level will trigger a strong reaction.

Analysts believe that market conditions are gradually improving—U.S. spot Bitcoin ETFs have shifted from continuous outflows to moderate inflows, but demand has not fully recovered. The proportion of Bitcoin in spot trading volume has risen from about 50% a year ago to nearly 67%, indicating that investors still prefer Bitcoin over small-cap tokens, with market sentiment remaining defensive. K33 Research points out that CME Bitcoin futures open interest has fallen to its lowest level since 2023, with 30-day spot trading volume only at 62% of the annual average, and late July is traditionally the weakest period of the year. K33 describes the current situation as a "typical summer lull."

2. Cathie Wood's Ark Invest bought 16,665 shares of Securitize (SECZ) on Tuesday, worth about $125,654. SECZ rose 13.9% on the day, closing at $7.54.

3. Solana and Hyperliquid's ETFs have captured nearly 80% of non-Bitcoin and Ethereum ETF trading volume. Solana ETF's assets under management reached $904 million, and the Hyperliquid ETF, launched just two months ago, has attracted a net inflow of $350 million, with both accounting for about 2% of their respective token market caps. In contrast, Bitcoin ETFs account for about 9% of its market cap, indicating that altcoin ETFs still have room for growth.

4. Shareholders of Satsuma Technology, a UK-listed Bitcoin reserve company, approved the sale of all Bitcoin holdings, returning capital to investors and delisting from the London Stock Exchange with a 90% support rate. The company currently holds 668 BTC (approximately $43.5 million), making it the second-largest listed Bitcoin reserve company in the UK.

5. According to Businesswire, stablecoin issuer Circle Internet Group (NYSE: CRCL) announced that it will release its financial results for the second quarter of 2026 on August 5, 2026 (Wednesday).

Circle stated that it will hold an online video live stream at 8 AM Eastern Time to present quarterly financial performance and business progress, which will be open to the public via Circle's official YouTube and X (formerly Twitter) channels.

The market expects this earnings report to focus on the circulation scale of Circle's USD stablecoin USDC, reserve income, institutional cooperation progress, and changes in the stablecoin market competitive landscape.

6. Asset management giant BlackRock's iShares MSCI South Korea ETF (EWY) saw net inflows of over $2.8 billion last week, setting a new single-week historical high, far exceeding the previous record of $1.2 billion set in February of this year, with about 25% of the position allocated to SK Hynix.

7. South Korean President Lee Jae-myung stated at a state council meeting today regarding the market controversy caused by single-stock leveraged ETFs from Samsung Electronics and SK Hynix that financial regulatory authorities should quickly formulate and improve relevant supporting measures, and study further countermeasures if necessary. He mentioned that the market generally criticizes single-stock leveraged ETFs for "exacerbating market volatility," and called for relevant departments to "quickly and adequately improve related systems."

8. Morgan Stanley has once again "bought the dip" over the past week, increasing its holdings by about 115 BTC through its spot Bitcoin ETF MSBT. As of now, its total Bitcoin holdings have reached 5,876 BTC, valued at over $389 million.

# 5. Today's Market Calendar

Data Release Schedule

July 22 (Wednesday)

1. ★★★★★ Google (Alphabet) to release earnings report after hours, with market focus on AI investment returns and cloud business growth;
2. ★★★★★ IBM to release earnings report after hours, with investors assessing AI-related business performance;
3. ★★★★★ Tesla to release earnings report after hours, focusing on delivery volume, robots, and AI progress; July 23 (Thursday)
4. American Airlines, Blackstone, Lockheed Martin, Nokia, and Raytheon Technologies will announce earnings before the U.S. market opens.
5. ★★★★★ Intel to release earnings report after hours, focusing on chip demand and AI-related prospects; July 24 (Friday)
6. ★★★★ Trump to attend White House Correspondents' Association dinner, with speech content potentially impacting the market;
7. ★★★★ AMD to hold Advancing AI conference, with CEO Lisa Su delivering a speech discussing AI agents, model optimization, etc.

Institutional Views:

Investment bank analysts generally believe that the sharp rebound in U.S. stocks is driven by the supply-demand logic of storage chips and the recovery of risk appetite. The short-term technical recovery is evident, but sustainability still depends on the upcoming earnings report validations. The simultaneous strengthening of precious metals and crude oil reflects ongoing macro uncertainty, while the cryptocurrency market benefits from fund inflows. Overall strategy suggests maintaining flexibility during the rebound, prioritizing attention on AI supply chain segments with performance elasticity, while being wary of profit-taking and macro data disturbances after overheating.

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