According to BlockBeats, on July 24th, US stocks retreated from their highs this week during earnings season, with AI deals entering a "testing the waters" phase. As of the US market close on July 23rd, the S&P 500 fell approximately 0.7% for the week, and the Nasdaq fell approximately 1.5%, with large-cap tech stocks being the main drag. While Google's earnings exceeded expectations, its full-year capital expenditure was revised upwards to $195 billion-$205 billion, raising concerns about the return on investment in AI. Meanwhile, Nvidia, SK Hynix ADRs, and the Chinese semiconductor supply chain continued to be supported by AI computing power demand, with funds shifting from large-cap tech leaders to specific segments such as HBM, memory, and domestic DRAM. SpaceX continued to be affected by the Starship test flight delays and valuation pressures, experiencing increased volatility after its IPO. Therefore, this week, investors focused on stocks related to AI capital expenditure, the memory supply chain, domestic semiconductors, and commercial aerospace valuations.

The STAR Market 50 Index (up approximately 4.13% this week): The STAR Market 50 Index surged 10.73% on July 21st, driven by a collective breakout in semiconductors, computing hardware, and the storage chain; subsequently, it fluctuated due to profit-taking and declining trading volume, falling 3.78% on July 23rd. The anticipated listing of Changxin Technology on July 27th continues to drive the domestic DRAM sector, with funds repeatedly pricing around AI chains and domestic substitution.

Google (down about 9.78% this week): Alphabet's second-quarter revenue was $119.8 billion and Google Cloud grew 82% year-over-year, exceeding expectations; however, the company raised its full-year capital expenditure guidance to $195 billion to $205 billion and reported negative free cash flow, raising market concerns about the return on investment in AI, causing the stock price to plummet by about 7% on July 23.

SK Hynix ADR (up approximately 12.13% this week): Google raised its AI infrastructure spending guidance, easing market concerns about cloud vendors cutting orders; SK Hynix ADR closed up 2.6% at $169.50 on July 23, driven by expectations of improved demand for HBM. Due to issuance and conversion restrictions, the ADR maintains a high premium relative to its Korean counterpart.

SpaceX (down approximately 2.98% this week): After rebounding during the week, SpaceX shares fell back to $116.28 in after-hours trading due to the delay in the 13th Starship test flight. High post-IPO valuation, small free float, and rising short positions amplified volatility. Starship commercialization remains the core variable for medium- to long-term valuation, but short-term sentiment continues to be driven by test flight progress.

Nvidia (up about 2.70% this week): Google's upward revision of capital expenditure should have benefited the demand for AI chips, but Nvidia's stock fell 1.6% on July 23 along with other large-cap tech stocks; short-term funds are shifting from tech leaders to more specialized storage beneficiaries such as Micron and SK Hynix. The AI chain remains strong, but trading is shifting from a broad-based rally to profit-taking in specific segments.

According to BlockBeats, on July 24th, Jiang Zhuoer, founder of B.TOP mining pool, stated that the probability of the "CLARITY Act" passing is very low, approximately 10% to 20%, with significant disagreements remaining regarding ethical provisions alone. The plan agreed to by Trump only restricts the president and his spouse from participating in the issuance of crypto assets, while Democrats are demanding that other family members and family entities be included in the restrictions.

The two sides also failed to reach an agreement on law enforcement authority. Trump supports the Department of Justice being responsible for prosecuting violations, but Democrats argue that the Attorney General is appointed by the president and demand that state attorneys general also be granted prosecutorial authority. Jiang Zhuoer believes that if Trump fully accepts the restrictions proposed by the Democrats, he will lack the motivation to sign the bill.

Aside from the ethics clauses, other parts of the bill also have numerous points of contention. With Congress set to adjourn on August 7th, only about 10 working days remain, making it extremely difficult to bridge the major differences before the recess.

He also stated that the congressional reconvening period from September 14 to October 5 is close to the midterm elections, and the congressional budget and appropriations agenda also need to be dealt with. There is even a risk of a government shutdown, and the Democratic Party lacks the political motivation to push for the passage of bills before the election.