China A-shares: ChiNext down 2.0%, Shenzhen Component down 1.4%, Shanghai Composite down 0.65%; precious metals and cinema chain stocks led declines.

Saxo Bank chief investment strategist Charu Chanana said in a note that uncertainty over NVIDIA’s leadership could accelerate shifts to alternative suppliers. AMD, Broadcom, Alphabet and Samsung Electronics may benefit, though meaningful market-share gains will take time. A larger risk is disruption to the broader AI ecosystem: higher debt financing, pressure on hyperscalers’ free cash flow and regulatory uncertainty are already testing the sustainability of AI spending. Chanana described this as a test for AI trades rather than their end and said investors should separate firms benefiting from ongoing infrastructure spend from those that can generate sustainable returns from AI adoption.

美聯儲古爾斯比：對於通脹數據以及美聯儲的應對措施，值得保持審慎、冷靜的判斷。