U.S. 3-month Treasury auction bid-cover ratio as of Aug. 3: 2.61; prior 3.06.

China Merchants Securities, citing Microsoft and SK Hynix results, concludes the AI sector still faces genuine supply constraints and shows no clear signs of broad overcapacity. Large tech firms are increasing AI infrastructure investment and customer follow-on orders are rising; earnings do not yet provide solid evidence of an AI compute glut. Microsoft compute utilization and SK Hynix order flows indicate the current imbalance is shortages of high-performance compute, advanced storage and data-center support capacity rather than widespread equipment idling. Near-term investment opportunities are likely to center on segments that alleviate AI compute bottlenecks.

美国7月ISM制造业物价支付指数 71.1，预期71，前值73。