UBS July 31 report reveals US sudden exemption of 50% import tariffs on major copper products triggered Comex copper price plunge over 20% and FCX stock crash 9.5%. Report highlights US accumulated 50-70K tons excess inventory, equivalent to 30-40% annual demand, posing persistent downward pressure on global copper prices. UBS downgrades FCX to neutral, warns 10-20% EBITDA downside risk. Tariff cancellation more negative for copper prices short-term, intensifying LME downside risks.

 Morgan Stanley's Aug 1 report reveals US tech sector P/E at 100th percentile historic high while MSI signals risk-off sentiment. Record $319B foreign inflow to US bonds but equity demand shifts to Europe. S&P 500 +2.3%, tech leads +5.1%, VIX at 16.7. Fed expected to cut 95bps, credit spreads tighten, commodities surge 8.1%.

 Citi Research's August 1st report reveals AI-related stocks comprise 48.4% of S&P 500 market cap. Despite 95th percentile P/E valuations, PEG ratios remain reasonable. The study introduces "Earnings Sharpe Ratio" - AI stocks score 0.74 vs non-AI tech's 0.38. Core thesis: current "bubble vs bull paradox" leans toward structural bull market. AI infrastructure build-out expected to continue 1-2 years, requiring eventual handoff to AI adopters. Investors should focus on valuation reasonableness, operational efficiency gains, and transition timing.

 US employment data revision shows 258K job losses in May-June, driving rate cut expectations from 38% to 70%. Nintendo Switch 2 hits 6M sales in 7 weeks as tech giants' AI investments reach record market caps. Palo Alto's $25B CyberArk acquisition sets cybersecurity M&A record. Luxury consumption shifts to "multi-location stocking" model while female work-life balance transcends political divides. 26 human students outperform AI in Math Olympiad, highlighting creativity's unique value. Tariff policies create divergent industry impacts - Apple faces $1.1B cost increase yet sees 13% sales growth.

Goldman Sachs' July 31 report reveals Q2 2025 China industrial robot sales hit 86K units (+20% YoY), with domestic brands capturing 54% market share. ESTUN maintains 11% market leadership with 44% sales growth, while Inovance dominates IA components (34% servo market share) and enters top-5 large PLC ranking. Cobots surge 52%, driven by lithium battery, semiconductor, and automotive demand. Despite strong performance, Goldman assigns ESTUN a "Sell" rating with 29% downside, highlighting profitability concerns amid market share gains.

 Goldman Sachs raised CoreWeave target price 97% to $120 while maintaining Neutral rating on July 29. FY25 revenue projected at $5.008B (+161%), backed by $15.9B OpenAI contract portfolio. Company faces customer concentration risk, 6x net debt/EBITDA leverage, and 50% depreciation pressure. Balancing $400B AI infrastructure opportunity against intensifying competition.

Goldman Sachs released first-take analysis on Amazon Q2 2025 earnings July 31st. Revenue hit $167.7B (+13% YoY) beating estimates, operating income reached $19.2B vs $16.8B expected. AWS revenue $30.9B (+17%) slightly below investor expectations elevated by competitor performance, with weaker-than-estimated profitability. Advertising revenue $15.7B (+23%) standout performer. Q3 guidance optimistic but Goldman expects muted stock reaction, maintains Buy rating with $220 target. Focus on supply chain tariff adaptation and AI investment outlook.

 Goldman Sachs' July 31 research reveals Apple's Q3 beat across metrics: EPS $1.57 vs est. $1.43, revenue $940B with iPhone at $446B significantly exceeding forecasts. Key inflection: Services growth accelerated to 13% with 75.6% gross margin, second-highest on record. Goldman maintains Buy rating, $251 target on 30x NTM PE. Core thesis: Services to drive majority of gross profit growth over next five years, "Apple-as-a-Service" model taking shape, ecosystem resilience offsetting hardware cyclical headwinds. Key risks: weakening consumer demand, supply chain disruption, intensified competition.

US Q2 GDP growth of 3% driven by trade distortions, real private demand up only 1.2% - lowest since late 2022. Historic Fed dissent as two governors openly oppose rate hold. Meta's $72B and Microsoft's $30B AI bets pay off, but traditional entry jobs vanish with 30% surge in application competition. Ford loses $800M to tariffs, Nissan faces fourth consecutive quarterly loss with $2B annual tariff bill. Data center power demand explodes to 40GW triggering cost crisis.

US Q2 GDP growth of 3% conceals structural issues with private demand rising only 1.2%, the lowest since 2022. Fed shows internal dissent as two officials vote for rate cuts. Meta and Microsoft convert AI investments into revenue growth while entry-level jobs face disruption. Tariffs hit Ford with $800M costs causing losses. Hermès defies luxury slowdown. Data centers demand 40GW power sparking infrastructure debates. Autonomous trucks achieve nighttime breakthrough with 11-second obstacle detection advantage.

Goldman Sachs' July 31 report shows CATL's Q2 net profit of RMB 16.5bn beat expectations by 34%, but battery unit gross profit pressured to RMB 135/kWh. Intensified domestic competition delays margin trough to 2026. Company increases capex to 24% for market share gains, solid-state battery production targeted for 2027. Goldman maintains A-share "Buy" at RMB 328, downgrades H-share to "Neutral" at HKD 436, forecasting 24% EPS CAGR 2024-2030.

Goldman Sachs July 30 report reveals Meta's Q2 2025 revenue hit $47.52B, exceeding estimates with 22% YoY growth driven by resilient core advertising. Despite maintaining Buy rating with $775 target, Goldman warns of accelerating 2026 expense growth as massive AI and metaverse investments may pressure margins, amid intensifying competition and regulatory risks.

Goldman Sachs released Microsoft deep research on July 28, reiterating Buy rating with $550 target. Key findings: FY26 CapEx growth of 19% beats 11% consensus, Azure AI services to rise from 16% to 25% of Azure revenue, OpenAI partnership contributes 40-50% of Azure AI revenue, M365 price hikes of 30-43% generate $1B+ incremental revenue. Report analyzes four growth engines: AI CapEx intensity exceeds cloud cycle, Azure AI drives $300B+ cloud revenue target, OpenAI alliance reshapes ecosystem, M365 value re-rating via Copilot. Risks include slower cloud adoption, intensified competition, OpenAI dependence.

This WSJ edition analyzes Union Pacific’s unprecedented $71.5B Norfolk Southern acquisition, creating America’s first transcontinental single-carrier railroad network. Novo Nordisk plummeted amid generic drug competition and Eli Lilly rivalry, highlighting fierce pharmaceutical sector battles. JPMorgan poised to take over Apple’s credit card from Goldman Sachs due to high default rates. Trump administration seeks to overturn greenhouse gas ”endangerment finding” while Fed officials split three ways on rate cuts. Starbucks returns to ”human connection,” investing $500M in service improvements. IMF raises global growth forecast to 2.7%, geothermal energy gains tech giant backing despite talent shortages.

Goldman Sachs Week 30 2025 report shows NEV sales grew 10% to 236K units, yet penetration dropped from 55.2% to 53.6%. BYD maintains 25% market share leadership while NIO and XPeng achieved 28% and 25% week-over-week growth respectively. ICE vehicle surge of 17% drove penetration decline. Trade-in policy received 4.1M applications with 45K daily additions. Battery-grade lithium carbonate rose 8% to ¥73K/ton while battery cell prices remained stable.

Bernstein's July 2025 report reveals ten critical AI practices for asset management, exposing fundamental challenges facing industry leaders like BlackRock and Man Group in their AI transformation. The report warns that "garbage-in-garbage-out" problems spiral exponentially in AI environments, urging firms to prioritize high-quality data infrastructure, develop vertical AI champions, and build human-AI hybrid teams. Contrasting with BlackRock's Asimov platform launch and AllianceBernstein's first Chief AI Officer appointment, the report advocates for pragmatic implementation over technological showcase.

Goldman Sachs released "Quantifying the Risks of AI-Related Job Displacement" on July 25, predicting generative AI will boost US labor productivity by 15% but may increase unemployment by 0.5 percentage points short-term. The report shows 2.5% of US jobs currently face automation risk, with tech workers aged 20-30 seeing 3-point unemployment rise. Proofreaders and credit analysts face highest displacement risk, while dermatologists and preschool teachers face lowest. Amazon and JPMorgan executives have publicly announced AI-driven workforce reductions.

Tesla's $16.5B AI chip deal with Samsung reveals Musk's shift from traditional foundry relationships to deep manufacturing participation, while maintaining TSMC partnership for supplier diversification. Wise CEO secured 85% shareholder approval to extend super-voting rights until 2036, reflecting tech founder power concentration trends. Both cases highlight how core resource control becomes crucial in uncertain times, balancing efficiency gains against systemic risks.

Goldman Sachs released comprehensive China IP retailer research on July 28th, analyzing four key debates: IP cycles, sustainability, market scale, and stock catalysts. Report shows popular IP lifecycles typically 2-3 years, but comprehensive IP platforms can extend to decades. China's per capita IP spending only $17 vs North America's $293; IP toy market worth RMB76bn, potential 9%-14% CAGR if reaching 60%-80% of Japan levels by 2030. Pop Mart rated "Neutral" as valuation reflects strong expectations; "blue sky scenario" targets RMB129bn global GMV. Stock performance follows three stages: rapid growth sensitive to high-frequency data, mature stage focuses on earnings expectations, diversified companies show resilience. Miniso rated "Buy"; overseas expansion beyond expectations serves as key catalyst.

JPMorgan released Pop Mart in-depth research on July 27th, maintaining "Overweight" rating with HK$340 target. Report deeply analyzes Labubu's 5% search index decline, noting super IP lifecycles can span decades and search drops represent normal transition from emerging to mature IP stage. Labubu's search index remains 13x KAWS and 2.5x Hello Kitty, with monthly sales expected to exceed 10M units post-September, targeting RMB11.7bn annual revenue. China membership base grew 20x over 5 years to 46.1M, projected 70M by 2027. Facing OEM supply constraints, super IPs will gain stronger pricing power to transfer tariff costs. Six catalysts include earnings release, POPOP jewelry stores, animation debut, Uniqlo collaboration. Forecasts 52% and 66% CAGR for sales and earnings respectively during 2024-2027.