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[overnight news]

dow hits record high, nvidia drags nasdaq down

u.s. stocks closed mixed on thursday, with the dow jones industrial average hitting a record high of 41,577.97 points during the session, while nvidia dragged down the performance of the nasdaq and chip stocks. as of the close, the dow jones industrial average rose 0.59% to 41,335.05 points; the nasdaq fell 0.23% to 17,516.43 points; and the s&p 500 index was flat at 5,591.96 points.

on the market, most large technology stocks rose, with apple and netflix rising by more than 1%. bank, energy and airline stocks rose across the board, with goldman sachs up 1.42%, conocophillips up 2.04%, united airlines up 3.17%, and delta airlines up nearly 3%.

chip stocks were mixed, with intel up 2.65%, microchip technology up 1.99%, and globalfoundries up 1.48%; amd fell 0.59%, broadcom fell 0.79%, and qualcomm fell 1.37%. nvidia fell 6.38% after announcing its latest financial report, with its market value evaporating by nearly $200 billion in a single day.

chinese stocks outperformed the u.s. stock market, with the nasdaq golden dragon china index closing up 2.63%. among etfs, the china technology index etf (cqqq) closed up 2.98%, and the china internet index etf (kweb) closed up 2.51%.

ai server orders surge, dell earnings report exceeds expectations

dell technologies inc. reported revenue that beat expectations on aug. 29 as sales of its servers for artificial intelligence workloads increased. the stock rose about 3% after hours.

the company said in a statement on thursday that second-quarter earnings per share were $1.17, compared with an expected $1.19; revenue was $25.026 billion, compared with an expected $24.13 billion; net profit was $846 million, compared with an expected $715 million. ai-optimized server orders in the second quarter were $3.2 billion, exceeding $2.6 billion in the previous quarter. chief operating officer jeff clarke said the equipment has a backlog of $3.8 billion and potential deals are "several times" that figure.

reuters quoted analysts as saying that artificial intelligence is lucrative for corporate customers, and microsoft's upcoming end of support for windows 10 next year will trigger a strong upgrade cycle.

dell technologies said it expects full-year sales of $95.5 billion to $98.5 billion, compared with its previous forecast of $93.5 billion to $97.5 billion; it expects third-quarter sales of $24 billion to $25 billion; and it expects profit margins to improve in the second half of the year.

insider: nvidia in talks to invest in openai

according to foreign media reports, people familiar with the matter revealed that nvidia has negotiated to join openai's new round of financing, and the valuation of this artificial intelligence startup is expected to exceed $100 billion.

bloomberg reported earlier this week that thrive capital would lead the round, which would invest about $1 billion. people familiar with the matter also said apple and microsoft were in discussions to participate in the round, which, if the talks progress, would mean that the three largest tech companies by market value would all be behind the developer of the groundbreaking chatgpt chatbot.

microsoft is already openai’s largest investor, with a stake of about $13 billion, the wall street journal reported. the company declined to comment on the funding.

lululemon cuts annual forecast as u.s. demand weakens

lululemon on thursday cut its annual sales and profit forecasts as competition in the north american market intensified and consumers chose to consume its expensive leggings and vests. the company expects net revenue in fiscal 2024 to be between $10.38 billion and $10.48 billion, compared with the previous forecast of $10.7 billion to $10.8 billion; earnings per share are expected to be $13.95 to $14.15, compared with the previous forecast of $14.27 to $14.47.

in the secondary market, lululemon's stock price has fallen by nearly 50% since the beginning of this year.

after years of strong growth, the company's sales began to grow slowly in 2024 as persistent inflation led shoppers to spend selectively. according to reuters, emarketer analyst sky canaves said, "this is a rare misstep for lululemon, reflecting mistakes in product strategy and execution amid unstable u.s. consumer spending trends."

comparable sales rose 2%, hurt by a 3% drop in sales in the americas, but fell short of expectations for a 6.05% gain, lseg data showed.

california advances ai safety bill

the california state legislature approved a controversial artificial intelligence safety bill that would require companies to ensure their technology does not cause significant harm.

the bill, sb 1047, has been criticized and praised by a range of prominent americans. it now goes back to the state senate for a confirmation vote, possible amendments, and then to gov. gavin newsom. it has already passed the state house of representatives 41-9.

sb 1047 states that companies that develop powerful ai models must take "reasonable care" to ensure that their technology does not cause "serious harm," such as mass casualties or property damage exceeding $500 million. the bill requires companies to take precautions, such as introducing a "kill switch" that can shut down their technology at any time. the bill also requires models to be submitted to third-party testing to ensure that serious risks are minimized.

the bill was introduced by california senator scott wiener and passed the state senate in may.

typhoon shanshan hits japan hard, millions ordered to evacuate

typhoon shanshan slammed into southwestern japan on thursday with strong winds and heavy rains, causing power outages, disrupting air traffic and forcing major factories to close. at least three people have died and dozens have been injured so far, with japanese authorities warning that it could be one of the strongest storms ever to hit the region.

according to reuters, toyota has suspended operations at all nissan factories in the country due to the storm, while other automakers nissan and honda, semiconductor companies renesas, tokyo electron and rohm have also temporarily stopped production at some of their factories.

after lingering over kyushu for the next few days, the storm is expected to approach central and eastern regions, including the capital tokyo, around the weekend, japan's meteorological agency said. japanese authorities said evacuation notices have been issued for more than 5.2 million people across the country, mainly in kyushu but also in some areas of central japan where landslides hit on wednesday.

【today's focus (beijing time)】

7:30 japan's unemployment rate in july; tokyo's cpi in august

10:00 china council for the promotion of international trade holds its august regular press conference

10:00 the ministry of agriculture and rural affairs held a press conference on the overall arrangements and preparations for the 2024 china farmers' harvest festival

10:00 the state council information office held a press conference on the "opinions of the general office of the cpc central committee and the general office of the state council on improving the market access system"

15:00 the national health commission held a press conference on "promoting the experience of medical reform in sanming, fujian"

15:00 the state council information office held a press conference on the development of china's service trade and the progress of preparations for the 2024 china international fair for trade in services

16:30 eu unemployment rate in july; eurozone cpi in august

20:30 us july pce price index

22:00 u.s. university of michigan consumer expectations index for august (final value)

【new stock listing】

【financial hotspots】

"generative artificial intelligence industry self-discipline initiative" released

on august 29, the 2024 china internet civilization conference artificial intelligence forum was held in chengdu, and the "generative artificial intelligence industry self-discipline initiative" was officially released at the meeting. in recent years, the rapid progress of generative artificial intelligence technology has played a positive role in improving people's learning and life, but there are also potential risks, and it is urgent to strengthen regulatory governance. the "generative artificial intelligence industry self-discipline initiative" issues initiatives to the industry from the aspects of ensuring data security and privacy and promoting the positive construction of the content ecology, so as to promote consensus among all parties and jointly promote the healthy development of the generative artificial intelligence industry.

the issuance volume and quality of science and technology innovation bonds have increased

since the beginning of this year, under the influence of policy support and other factors, the science and technology innovation bond market has expanded rapidly, with a significant increase in the scale and number of issuances, a significant extension of the issuance period, and an optimization of the issuance structure, playing a positive role in supporting technological innovation and promoting industrial transformation and upgrading. wind data shows that as of august 27, the number of science and technology innovation bonds issued this year was nearly 300, with a scale of 360 billion yuan, a year-on-year increase of more than 110%. mingming, chief economist of citic securities, believes that the regulatory authorities have continuously introduced optimized support measures, established a green channel for issuance and filing, shortened the approval time, and improved the issuance efficiency, which has provided convenience for technological innovation companies to raise funds through the bond market.

listed wine companiesperformance differentiation is obvious

a total of 17 of the 20 liquor companies listed on the a-share market disclosed their 2024 semi-annual reports, of which 12 saw an increase in both revenue and net profit, accounting for about 71%; 4 saw a decline in both revenue and net profit; and 1 suffered a loss. amid industry adjustments and a shrinking competition landscape, the overall performance of listed liquor companies showed the characteristics of "slowing growth and intensified differentiation." contract liabilities serve as a "reservoir" for liquor companies. changes in the amount of contract liabilities can, to a certain extent, reflect the willingness of distributors to pay the company and reflect the distributors' market expectations. according to statistics, among the 17 liquor companies that disclosed their semi-annual reports, 12 saw a year-on-year decline in contract liabilities, and the decline in some companies was relatively large.

securities firms favor electronics and pharmaceutical industries in august survey

wind data shows that as of august 29, a total of 605 a-share listed companies have received brokerage surveys since august. from the perspective of industry distribution, the surveyed companies are mainly concentrated in the electronics and pharmaceutical and biological industries, among which semiconductors and medical devices have become the most concerned segments of brokerages. hu jian, chief analyst of the electronics industry at guosen securities, believes that the electronics industry has completed relatively sufficient destocking and supply-side clearance in the downward cycle of the past two years, and is ushering in an upward cycle with strong sustainability; hu boxin, chief analyst of the pharmaceutical industry at huaxin securities, believes that 2024 is a critical period for the pharmaceutical industry to rely on new technology applications and go overseas to develop new markets, and gradually get out of the supply-side involution, and medical devices going overseas are expected to continue to break through.

shuanghui development's 84-year-old chairman abdicates, son takes over

shuanghui development announced that wan hongwei was elected as the chairman of the company's ninth board of directors, with a term of office consistent with that of the company's ninth board of directors. wan long was elected as a non-independent director of the company's ninth board of directors; guo lijun was elected as a non-independent director of the company's ninth board of directors; and ma xiangjie was elected as a non-independent director of the company's ninth board of directors. as the founder of shuanghui, wan long, who was born in 1940, is now 84 years old. the person who took over the position of chairman this time is wan hongwei, wan long's son.

dia shares chairman voluntarily cut salary by 50%

dia shares announced that chairman zhang guotao and general manager (president) lu yiwen submitted a "letter on voluntary salary reduction". against the backdrop of cyclical adjustments in the industry, zhang guotao and lu yiwen voluntarily proposed to reduce their salaries by 50% each from august 2024. in the first half of the year, dia shares achieved operating income of approximately rmb 779 million, a year-on-year decrease of 37.31%; net profit attributable to shareholders of listed companies was approximately rmb 32.8143 million, a year-on-year decrease of 38.56%.

guangsheng nonferrous metals suffered a net loss of 300 million in the first half of the year

guangsheng nonferrous metals' interim report shows that in the first half of the year, the company achieved operating income of 5.131 billion yuan, a year-on-year decrease of 53.96%; the net profit attributable to shareholders of the listed company was a loss of 302 million yuan, a year-on-year loss, and a year-on-year decline of 395.41%. as for the net profit loss, the company said that it was mainly due to the impact of the decline in rare earth product prices during the reporting period, the company's sales gross profit decreased, and the provision for inventory impairment losses increased.