July 24 — UBS Securities' China internet analyst said Chinese cloud providers are pacing investment more prudently, prioritizing ROI and sustainability, and does not view the Chinese AI sector as a bubble. The analyst said that as model capabilities advance and inference demand rises, investment in China’s AI industry will gradually increase.

中国上证综指7月24日（周五）收盘下跌62.58点，跌幅：1.61%，报3814.2点； 中国深证成指7月24日（周五）收盘下跌348.63点，跌幅：2.47%，报13774.68点； 中国沪深300指数7月24日（周五）收盘下跌78.81点，跌幅：1.67%，报4649.19点； 中国创业板指数7月24日（周五）收盘下跌94.65点，跌幅：2.65%，报3480.87点； 中国科创50指数7月24日（周五）收盘下跌2.49点，跌幅：0.14%，报1787.20点。

US new home sales rose in June for the first time in three months as builders enacted large price cuts that offset high mortgage rates and weak consumer confidence. Annualized sales were 628,000 units, up 1.6% YoY and above the 607,000 consensus. The median sale price fell 2.7% YoY to $398,300, the fifth YoY decline in six months. The improvement likely reflects heavy discounting and promotional activity by developers to stimulate weak demand.