PILL said there may be a slower, more latent second‑round effect.

China’s Heilongjiang province upgraded its major meteorological disaster (heavy rain) emergency response from Level III to Level II at 11:00 on July 31. Heavy rain struck western Daxinganling, western Heihe, southern Yichun, northern Qiqihar, northern Suihua, northern Daqing, Harbin and Mudanjiang on July 30, with localized very heavy rain in parts of southern Yichun, northern Qiqihar, northern Suihua and southern Harbin. The provincial meteorological command warned precipitation area and intensity will expand July 31–Aug 2, with heavy to very heavy rain and locally exceptionally heavy downpours expected.

The Philadelphia Semiconductor Index (SOX) extended gains to 9%, outperforming the Nasdaq by 2.6%, signaling concentration in chip names rather than a broad tech rally. Micron, AMD and Intel each rose more than 14%; these stocks had steeper valuation-led declines earlier, giving them greater rebound elasticity. Prior selling reflected worries about AI capex returns, rich chip valuations and spillover from Korean semiconductor sell-offs that de-risked the AI hardware chain. The SOX bounce indicates flows are returning to the most elastic, previously oversold segments, but it does not prove the AI investment narrative has been fully repaired.