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Last night it exploded! Chinese assets soar! Supermicro computers and Airbnb experienced a significant drop after the market closed

六月清晨搅
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On August 6th local time, after experiencing a sharp decline in the previous trading day, most European and American stock markets rose, and the FTSE 100 index in the UK rose slightly. The three major indexes in the US stock market have all risen, with the Nasdaq and S&P 500 indexes both rising by over 1%. Multiple technology stocks such as Microsoft, Nvidia, Amazon, and Meta have also risen, while Apple, Google-A, and others have fallen. Lumen Technologies rose over 90% due to receiving $5 billion in AI related product orders. After the release of their financial reports, both AMD and Airbnb experienced a significant drop in after hours trading.
Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index up 3.03%, New Oriental up over 13%, TAL Education Group up over 8%, Pinduoduo up over 5%, JD.com up 2%, and Alibaba up over 1%.
Xingye Securities stated that with the severe fluctuations in the global capital market, similar to April and May, Chinese assets may gradually receive an increase in overseas capital allocation. From a medium-term perspective, Chinese assets will face a more favorable liquidity environment in August and September.
European and American stock markets generally rebound
After experiencing a market decline on Monday, the European and American stock markets generally rebounded on August 6th local time. The FTSE 100 index in the UK rose 0.23%, the CAC40 index in France fell 0.27%, the DAX index in Germany rose 0.09%, and the STOXX50 index in Europe rose 0.08%.
The US stock market rebounded across the board, with most technology stocks rising and banking stocks collectively rising. As of the close, the Dow Jones Industrial Average, Nasdaq Index, and S&P 500 Index rose by 0.76%, 1.03%, and 1.04% respectively, with the Nasdaq Index and S&P 500 Index both rising by over 2% during trading.
Most technology stocks rose, with Microsoft, Nvidia, Amazon, META, Netflix, and Tesla rising 1.13%, 3.78%, 0.57%, 3.86%, 1.84%, and 0.88% respectively. Apple and Google-A fell by 0.97% and 0.60% respectively.
Bank stocks in the US stock market collectively rose, with JPMorgan Chase, Goldman Sachs, Citigroup, Morgan Stanley, Bank of America, and Wells Fargo rising 2.74%, 2.44%, 0.62%, 0.97%, 0.71%, and 0.38% respectively.
Most chip stocks rose, with TSMC up 4.94%, ASML up 2.76%, Broadcom up 1.30%, Qualcomm up 0.49%, Micron Technology and Intel down over 1%, and AMD down over 3%.
Uber has risen by over 10%, with a market value of $135.5 billion. On the news front, Uber's Q2 financial report showed a revenue of $10.7 billion, a year-on-year increase of 16%; The net profit attributable to the company's shareholders was 1.015 billion US dollars, a year-on-year increase of 158%, exceeding market expectations.
According to the latest brokerage data from Goldman Sachs, as the global market experienced "Black Monday" on Monday, global stock markets received moderate net buying of funds, with long buying exceeding short selling. As of last Friday, hedge funds have sold US stocks net for eight consecutive weeks, while index and ETF net selling has been driven by short selling.
For the US stock market, Quincy Krosby, Chief Global Strategist at LPL Financial, stated that after experiencing a strong rise since last autumn, US stock valuations, market sentiment, and investor positions have become excessive. The market is experiencing a pullback in bullish positions, which is particularly evident in the yen and so-called arbitrage trading.
Keith Lerner, Co Chief Investment Officer of Truist, believes that it is too early to say that the lowest point of the US stock market has arrived. The US stock market has suffered damage, and the repair process is likely to take some time. However, as market expectations for the outlook are reset to lower levels, the risk/return seems to be gradually improving.
Explosion of Chinese concept stocks
Popular Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index rising 3.034%. New Oriental rose more than 13%, Yum China rose more than 12%, Gaotu Group, TAL Education, etc. rose more than 8%, Pinduoduo, Tencent Music rose more than 5%, Weibo, Ctrip Group, etc. rose more than 4%, JD.com rose 2%, Alibaba, Sohu, etc. rose more than 1%. China's new energy vehicle stocks fluctuated, with NIO falling nearly 3%, Xiaopeng Motors falling more than 1%, Ideal Motors rising 0.42%, and Jike rising more than 8%.
For Chinese assets, Xingye Securities stated that under the impact of multiple macro factors, the previously overly consistent expectations and overcrowded trading in the peripheral market have experienced a phase reversal and "high-low cut". With the sharp fluctuations in the global capital market, similar to April and May, Chinese assets may gradually receive overseas capital allocation increases. From a medium-term perspective, Chinese assets will face a more favorable liquidity environment in August and September.
China International Capital Corporation (CICC) believes that in China, with the implementation of stable growth policies, investors' expectations for the implementation of reform dividends and the intensification of stable growth policies have increased. The next few months will be an important observation period for the effectiveness of policies and reforms. On the overseas front, although the Federal Reserve hinted at a rate cut in September, lower than expected economic and employment data raised concerns in the market about a US economic recession. The VIX index climbed, US stocks continued to decline, US bond rates fell sharply, and the Chinese yuan exchange rate strengthened to a new high in nearly six months. Against the backdrop of increased external market disruptions, the probability of global funds flowing back into Chinese assets has increased.
Lumen Technologies has surged by over 90%
Supermicro computers and Airbnb experienced a significant drop after the market closed
Lumen Technologies rose 93.01%, with its market value increasing to $5.1 billion and a surge of over 30% after hours.
Previously, network system provider Lumen Technologies announced that it has secured $5 billion in new business due to soaring demand for AI connectivity products. The company added that there is a huge demand for AI and is actively negotiating with customers, with the potential to secure an additional $7 billion in AI sales opportunities. Lumen Technologies explains that large companies in all industries are "seeking to quickly acquire fiber optic capacity because this resource is becoming increasingly valuable and may be limited due to the booming demand for artificial intelligence
Supermicro computers fell more than 14% after the market closed. On the news front, the financial report released by Supermicro after the disk showed adjusted earnings per share of $6.25 for the fourth quarter, with an expected earnings of $8.25. Net sales for the fourth fiscal quarter were $5.31 billion, with an expected $5.32 billion. The board of directors of the company authorizes a stock split of 10-1. Expected net sales for the full year range from $26 billion to $30 billion, with analysts expecting $23.64 billion. It is expected that the net sales for the first fiscal quarter will be between 6 billion and 7 billion US dollars, with analysts expecting 5.47 billion US dollars.
Airbnb fell more than 16% after trading. Airbnb's post market financial report shows a Q2 earnings per share of $0.86, with an expected $0.92; Revenue of 2.75 billion US dollars, expected to be 2.74 billion US dollars; Net profit of $555 million, expected to be $610 million. The adjusted EBITDA for the second quarter is $894 million, with an expected $862.3 million. The adjusted EBITDA profit margin for the second quarter is 33%, with an expected 31.4%. Expected revenue for the third quarter is between 3.67 billion and 3.73 billion US dollars, with analysts expecting 3.84 billion US dollars.
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