TSMC just delivered a record quarter, but investors still punished the broader chip trade as expectations remain sky-high. Apple’s China AI rollout moved closer, Nvidia pushed deeper into robotics, and oil stayed volatile as Hormuz risk lingered.
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Futures at a Glance📈
Futures are edging lower as chip stocks extend their global pullback. Even a strong TSMC profit report has not been enough to steady semiconductors, with Nvidia, AMD, Micron, and Broadcom under pressure. Traders now turn to retail sales, jobless claims, and another busy earnings slate for the next read on growth.
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What to Watch
Earnings (Premarket):
• Taiwan Semiconductor Manufacturing Company Ltd. [TSM]
• UnitedHealth Group Incorporated [UNH]
• GE Aerospace [GE]
• Abbott Laboratories [ABT]
• Prologis, Inc. [PLD]
• U.S. Bancorp [USB]
• State Street Corporation [STT]
• Citizens Financial Group, Inc. [CFG]
• Wipro Limited [WIT]
Earnings (Aftermarket):
• Netflix, Inc. [NFLX]
Economic Reports & Fed Speakers:
• Retail Sales (Jun.): 8:30 am
• Philadelphia Fed Business Outlook Survey (Jul.): 8:30 am
• Weekly Jobless Claims (Jul. 11): 8:30 am
• Manufacturing & Trade: Inventories (May): 10:00 am
• NAHB Housing Market Index (Jul.): 10:00 am
• Pending Home Sales Idx, M/M% (Jun.): 10:00 am
• Federal Reserve Bank of Dallas President Lorie Logan speaks in Houston: 12:30 pm
• Federal Reserve Governor Philip Jefferson speaks at a Stanford Institute for Economic Policy Research event: 7:00 pm
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A President Bought $10 Million Into Weakness While A Co-Founder Sold $27.4 Million Near The High
You’re looking at one speculative stock after a sharp reversal and one cloud-infrastructure winner pressing into record territory. Elite Trade Club Insider readers are seeing the conviction split beneath those charts: one president just committed nearly $10 million of fresh capital above today’s price, while one co-founder converted low-cost options and sold $27.4 million into AI-fueled strength.
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Market Pulse
Chip Sell-Off Overpowers TSMC’s Blowout Quarter
Asian shares fell as heavy selling in semiconductor stocks overshadowed record results from TSMC, with South Korea’s Kospi dropping more than 6% and Japan’s Nikkei sliding roughly 3%. Cooler U.S. producer inflation helped bonds, but the equity reaction shows how demanding expectations have become across the AI hardware trade.
Europe’s Earnings Boom Still Has an AI Problem
European companies are heading into their strongest earnings season in more than three years, with second-quarter profits expected to rise 15.3% as higher oil prices lift energy producers. Strip out energy, however, and growth falls to about 6%—well behind the nearly 20% forecast for the S&P 500 and another reminder of Europe’s limited exposure to the AI profit boom.
AI & Semiconductors
TSMC’s Profit Jumps 77% to a Record
TSMC reported a 77% surge in second-quarter net profit, reaching roughly $22 billion as demand for advanced AI processors continued to exceed forecasts. The results strengthen the infrastructure bull case, but the broader chip sell-off suggests investors now want proof that customers can earn acceptable returns on all that AI spending.
Nvidia Takes Physical AI Deeper Into Japan
Nvidia partnered with Japanese robotics leaders including Fanuc and Yaskawa Electric to accelerate the development of smarter industrial robots. The partnership extends Nvidia’s opportunity beyond data centers, giving its chips and software a larger role in factory automation, manufacturing, and machines that can adapt to changing physical environments.
Industrial AI & Digital Sovereignty
Airbus Moves Sensitive AI Work Onto a European Cloud
Airbus selected Iliad-owned Scaleway to host sensitive industrial, aviation, and defense applications under a new multi-year cloud agreement. The company plans to migrate around 70 critical applications by 2028, highlighting how national security and data control are starting to influence where major companies run their AI workloads.
China Prepares Its Global AI Governance Pitch
President Xi Jinping is expected to outline China’s vision for global AI governance at a major Shanghai conference, where Huawei will showcase an advanced computing cluster built around domestic Ascend processors. Beijing is positioning low-cost models and homegrown infrastructure as alternatives to U.S. technology, turning AI standards and access into tools of economic diplomacy.
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China Tech & Consumer
Apple Intelligence Clears a Major China Hurdle
Apple’s generative AI service has been registered with China’s cyberspace regulator, clearing the way for a long-awaited rollout built with technology from Alibaba and Baidu. The approval could strengthen Apple’s position against Huawei and other local rivals after iPhone shipments in China rose more than 24% during the second quarter.
Record Defaults Undercut Beijing’s Spending Push
China’s consumer recovery is being threatened by record household loan defaults and tighter lending standards, even as Beijing encourages banks to make more credit available. The deeper problem appears to be weak income growth rather than limited access to loans, leaving households more likely to save, restructure debts, or cut spending than power a consumption rebound.
Energy & Geopolitics
Oil Retreats, but Hormuz Risk Is Hardly Gone
Oil prices eased as traders took profits following another round of U.S. strikes on Iran, although crude remained up sharply for the week. Vessel traffic through the Strait of Hormuz has fallen, U.S. inventories are near their lowest since 2022, and another disruption could quickly send the inflation premium higher again.
TotalEnergies Cashes In on the Energy Shock
TotalEnergies said higher oil and gas prices should lift its second-quarter profit after the Iran conflict disrupted regional supply and boosted energy trading conditions. The update shows the two-sided market impact of the crisis: rising fuel costs threaten consumers and rate-sensitive stocks while creating a powerful earnings tailwind for major producers.
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Movers and Shakers
Cytokinetics [CYTK]: Premarket Move: +6%
Cytokinetics moved higher after the stock was upgraded to a Zacks Rank #2, or Buy, reflecting improving earnings estimates and a stronger near-term outlook. Shares have already gained more than 110% over the past year and are trading close to their 52-week high as investor confidence builds around the company’s cardiovascular pipeline.
Definium Therapeutics [DFTX]: Premarket Move: +4%
Definium climbed as investors continued to assess the opportunity created by positive Phase 3 data for DT120, its LSD-based treatment for major depressive disorder. A single dose beat placebo by 8.1 points on a standard depression scale after six weeks, with no serious safety concerns reported, strengthening the case for an eventual FDA submission.
AST SpaceMobile [ASTS]: Premarket Move: −11%
AST SpaceMobile dropped after the company priced a $1 billion offering of convertible senior notes due in 2034, carrying a 1.625% interest rate and an initial conversion price of $79.57 per share. The company expects roughly $983.6 million in net proceeds to support growth and secure additional launch capacity, but investors are focused on the potential dilution and added financing risk.
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Everything Else
⚡ EV stocks are drawing renewed interest, as investors position for a market expected to surge in the years ahead and look for the companies best placed to benefit.
🧠 TSMC’s second-quarter profit put the strength of AI chip demand back in focus as investors assessed the semiconductor cycle.
🍎 Alibaba and Baidu shares jumped after reports of an Apple AI partnership, giving both companies fresh momentum in the China AI race.
⚡ Trump said Iranian power plants could become targets as tensions around strikes and the Strait of Hormuz raised the risk of further escalation.
🤖 Nvidia is partnering with Japanese robotics companies to accelerate AI development and expand its reach into industrial automation.
🛡️ Airbus selected Iliad’s Scaleway for AI defense work, reinforcing Europe’s push for greater digital sovereignty.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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