ING strategist Jan Frederik Slijkerman says tech investors are re-evaluating AI exposure despite AI remaining a positive long-term driver. He expects tech companies’ EBITDA to rise but notes persistent investor nervousness. Higher infrastructure spending will lift depreciation and reduce stock buybacks, which could slow EPS growth and compress valuation multiples. Revenue upside from AI may take time to materialize, keeping free cash flow below prior years and narrowing scope for large buybacks

BHP said Chile’s Antofagasta Environmental Assessment Commission approved the first major environmental permit for the Escondida expansion, enabling the roughly $14.7bn project to move forward. The permit covers early-stage sulfide leaching and power upgrades costing about $1.3bn; further major upgrades to the mine and processing facilities remain subject to later approvals. Escondida is the world’s largest copper mine; BHP holds 57.5%, Rio Tinto 30% and the remainder is held by a Japanese consortium. BHP aims to double annual copper production to over 2.0mt by the mid-2030s, a target heavily dependent on its Chile operations. The company expects to invest $10.7–14.7bn in Chile over coming years and has applied for permits for a $1.5bn restart of Cerro Colorado and a $5.9bn new concentrator.

新加坡6月外汇储备 4262亿美元，前值4301.4亿美元。