美银将本轮AI投资与70年代石油、90年代科技及页岩油周期进行比较。图表显示，按当前资本开支计划，AI投资占GDP的增量仍将继续上升，尚未转入周期性回落。 美银认为，大规模投资热潮最终难免调整，但短期影响仍偏向增长 ：数据中心建设正在扩充产能、支撑经济活动与就业，并部分抵消高利率对美国经济的抑制。下一步需观察AI收入与生产率提升能否追上资本开支，以及数据中心利用率是否保持高位。

Pinduoduo (PDD.O) will report Q2 results on Monday. A FactSet survey of nine analysts projects net profit of 24.4 billion yuan vs 30.75 billion yuan a year earlier, and revenue of 115.41 billion yuan vs 103.99 billion yuan a year earlier. Citi expects adjusted net profit to decline about 28% YoY, flagging weak online marketing revenue and the risk that non-operating income could again affect revenue and profit. Deutsche Bank says fundamentals have not bottomed and sees no near-term catalysts, citing intensified competition from live-streaming and social commerce, regulatory pressure on Temu in Europe, a prolonged lack of stable shareholder returns and insufficient disclosure transparency.

Sources: QatarEnergy has opened a tender to sell crude oil to be loaded inside the Strait of Hormuz in September and October.