U.S. 10-year Treasury futures rose 13 ticks; 30-year Treasury futures rose 22 ticks.

China International Capital Co (CICC) says global AI-related chains have sold off sharply since mid‑late June, with Korea hardest hit where high leverage, crowding and retail exposure amplified the decline. Drivers include amplified positioning risk, macro shocks (re‑pricing of Fed rate hikes and renewed Strait of Hormuz disruption pushing oil), and renewed froth concerns (eg. cloud compute rentals, falling token spend). CICC notes the tech run-up before the 2000 crash saw at least four large, prolonged pullbacks triggered by similar factors—industry hiccups, macro headwinds and overheated sentiment—and only rebounded once those three pressures eased. By analogy, CICC says market stabilization or a fresh leg higher now requires: substantial digestion of crowding/leverage; relief or resolution of Fed tightening expectations (watch the July FOMC); and new earnings/industry catalysts during the July–August reporting season.

RIA reported Ukrainian drones struck multiple Russian regions in the early hours of Aug. 2, the largest such attack to date.