Philadelphia Semiconductor Index (SOX) up more than 5% in early trading.

MIIT and six other ministries issued an action plan directing Chinese platform enterprises to deploy patient capital into hard-tech, prioritizing early-stage, small-scale and long-term investments. The plan backs qualified regions to build SME incubators and establish a tiered cultivation system for high-quality platform-economy firms, aiming to nurture tech- and innovation-oriented SMEs, specialized 'little giant' manufacturers, manufacturing single-champion firms and high-tech enterprises. It calls for improved monitoring and services for gazelle and unicorn firms and accelerated cultivation of AI one-person companies (AIOPC). Platform firms are urged to channel funds via diversified venture capital, equity and M&A vehicles to invest early, small and long-term in hard technologies to enable market-driven restructuring of technology, industrial and supply chains.

Asked whether Fed officials had discussed rate cuts at the meeting through Wednesday, Fed Chair Kevin Warsh said "there was only one proposal on the table" and "no discussion of any other proposals." He said officials debated a single core issue vigorously and ultimately reached agreement. The Federal Reserve left the federal funds target range unchanged at 3.50%-3.75% in a unanimous vote.