Market
July 10, U.S. stocks opened on a cautiously optimistic note as the Dow Jones rose 0.21% to 52,599.53, the S&P 500 inched up 0.12% to 7,552.66 and the NASDAQ was nearly flat, up 0.03% at 26,215.53, with traders weighing tamer producer-price data against mixed semiconductor headlines ahead of the coming earnings season.
Intchains Group Ltd. leaps 13.92% after launching a next-generation blockchain processor, Jiuzi Holdings Inc. rockets 53.85% on an electric-scooter joint venture, Circle Internet Corp. climbs 12.27% following a regulatory breakthrough for its stablecoin, Kingsoft Cloud Holdings Ltd adds 6.24% on upbeat revenue guidance and Meta Platforms, Inc. advances 5.30% on new AI advertising tools. On the downside, Silicon Motion Technology falls 3.16% amid merger delays, SanDisk Corp. slips 2.99% on a flash-drive probe, Micron Technology declines 2.54% on a soft memory-price outlook and Western Digital eases 1.56% as chip peers lag.
Broader action favors Chinese consumer and EV names: Niu Technologies rallies 3.86%, JD.com gains 2.52%, Trip.com Group Limited rises 2.36%, Vipshop adds 2.31%, XPeng Inc. advances 2.16% and Li Auto improves 1.93% on renewed appetite for overseas growth plays, while leveraged chip ETF Direxion Daily Semiconductors Bull 3x Shares retreats 3.42% as investors rotate out of high-beta semis.
News
Intchains Group Ltd. soars on new blockchain chip launch. The Shanghai-based designer unveiled its MARS-II processor for industrial IoT security applications. Management said first shipments will begin this quarter, boosting revenue visibility.
Jiuzi Holdings Inc. rockets on battery-swap partnership. The EV retailer inked a deal with state-owned Anhui Energy to deploy 1,000 scooter swap stations across China. The collaboration is expected to accelerate Jiuzi Holdings Inc.’s expansion and revenue growth.
Meta Platforms, Inc. rallies after unveiling generative-AI ad tools. New automation features using proprietary Llama models promise higher ad conversion and lower customer-acquisition costs. Analysts raised revenue forecasts following the announcement.
Circle Internet Corp. jumps as SEC clears USDC exchange listings. The regulator’s decision removes a key hurdle ahead of Circle Internet Corp.’s anticipated public offering. Broader adoption of its dollar-pegged token could lift transaction volumes.
Kingsoft Cloud Holdings Ltd forecasts revenue beat. Preliminary second-quarter sales are tracking about 8% above consensus thanks to AI-driven demand. The company also signaled narrowing losses, lifting investor sentiment.
Silicon Motion Technology slides on extended FTC review of MaxLinear merger. The watchdog requested additional information, delaying the $3.8 billion deal. The setback raises uncertainty over closing timelines and terms.
Micron Technology dips on cautious memory pricing outlook. Executives flagged a potential plateau in DRAM price recovery due to elevated inventories. Several brokers trimmed earnings estimates, pressuring Micron Technology shares.
SanDisk Corp. under pressure amid portable SSD quality probe. Reports suggest the company is investigating failures in high-capacity drives that could lead to recalls. Investors worry about near-term margin headwinds.
Western Digital weakens as DOJ scrutinizes Kioxia merger talks. Antitrust officials have asked for more information on the proposed combination, extending the regulatory timeline. Analysts warn prolonged uncertainty could imperil the deal.
Softer U.S. producer-price index eases rate-hike concerns. June PPI rose less than economists expected, reinforcing bets that the Federal Reserve can pause tightening. The data helped support early gains in equities and bond prices.
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