Overnight US stocks | The three major indexes closed up, the Philadelphia Semiconductor Index surged by over 5%. Super Micro Computer, Inc. (SMCI.US) rose by over 20% after hours.

On Tuesday, the three major indexes rose, with the S&P 500 rebounding after three consecutive days of decline. The Philadelphia Semiconductor Index surged by over 5%, with chip stocks broadly rising. [US Stocks] At the close, the Dow Jones Industrial Average rose by 385.56 points, or 0.74%, to 52,224.82 points; the Nasdaq rose by 329.13 points, or 1.29%, to 25,837.21 points; the S&P 500 rose by 65.92 points, or 0.89%, to 7,509.20 points. SK Hynix (SKHY.US) rose by 13.7%, Micron Technology, Inc. (MU.US) rose by 12%, SanDisk (SNDK.US) rose by 14%, NVIDIA Corporation (NVDA.US) rose by nearly 2%, and SpaceX (SPCX.US) rose by 3%. The Nasdaq Golden Dragon Index closed down by 0.69%. Super Micro Computer, Inc. (SMCI.US) is expected to report fourth-quarter revenue close to the bottom of the guidance range of $11-12.5 billion. The gross margin for the fourth quarter is expected to be between 15-17%, much higher than the previously guided 8.2% to 8.4%. The end of the fiscal year saw historically high levels of unfilled orders, with over $60 billion in new orders to be fulfilled. Super Micro Computer, Inc. surged by over 20% after hours. [European Stocks] The German DAX30 index rose by 152.88 points, or 0.61%, to 25,014.55 points; the UK's FTSE 100 index rose by 58.24 points, or 0.55%, to 10,583.00 points; the French CAC40 index rose by 23.03 points, or 0.28%, to 8,363.14 points; the Euro Stoxx 50 index rose by 55.75 points, or 0.90%, to 6,283.15 points; the Spanish IBEX35 index rose by 173.57 points, or 0.90%, to 19,380.47 points; the Italian FTSE MIB index rose by 439.21 points, or 0.85%, to 52,302.00. [Asian Stock Markets] The Nikkei 225 index rose by over 3%, and the Korean Composite Stock Price Index rose by over 3.5%. [US Dollar Index] The US Dollar Index, which measures the dollar against six major currencies, rose by 0.21% to close at 101.172 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1403 US dollars, lower than the previous trading day's 1.1415 US dollars; 1 pound exchanged for 1.3381 US dollars, lower than the previous trading day's 1.3436 US dollars. 1 US dollar exchanged for 163.18 Japanese yen, higher than the previous trading day's 162.50 Japanese yen; 1 US dollar exchanged for 0.8129 Swiss francs, higher than the previous trading day's 0.8100 Swiss francs; 1 US dollar exchanged for 1.4107 Canadian dollars, higher than the previous trading day's 1.4059 Canadian dollars; 1 US dollar exchanged for 9.7035 Swedish Krona, higher than the previous trading day's 9.6856 Swedish Krona. [Cryptocurrency] Bitcoin surpassed $66,000, closing at $66,352 at the time of writing; Ethereum rose by over 1.4% to $1,924. [Oil] The price of light crude oil futures for August delivery on the New York Mercantile Exchange rose by $1.68 to close at $84.91 per barrel, up by 2.02%; the price of Brent crude oil futures for September delivery rose by $1.79 to close at $91.01 per barrel, up by 2.01%. [Precious Metals] Spot gold rose by 1.7% to $4,077.89 per ounce; spot silver closed at $58.802 per ounce. [Macro News] US House Speaker Johnson: The US-Iran war needs to end to leave room for negotiations. US House Speaker Mike Johnson reportedly did not give a clear response when asked whether he would push for a vote on the Authorization for Use of Military Force, but stated that the US-Iran war needs to end and the US should seek support in other areas to bring the war to an end. Johnson stated that political leaders should "give the government space" to seek an end to the war through negotiations. He said, "I know that this administration is working around the clock to find a way to resolve this issue in a way that prevents more American military personnel from being killed." However, Johnson emphasized once again that the US must ensure that Iran does not have nuclear weapons. South Korean media: Wealthy investors are buying single stock leveraged ETFs of Samsung and SK Hynix recently. High net worth individuals with financial assets of over 100 billion won are also actively buying leverage ETFs linked to Samsung Electronics and SK Hynix. Among retail investors, the largest group buying single stock leverage ETFs of Samsung Electronics and SK Hynix are in their 40s. The Seoul Economic Daily commissioned a large brokerage firm to analyze the investment portfolios of 25,000 high net worth individuals between May 27 and July 10 this year. The analysis found that out of the top five net buying targets, three were single stock leveraged ETFs linked to Samsung Electronics and SK Hynix. They net bought 178.1 billion won of "KODEX SK Hynix Single Stock Leveraged ETF" and 140.1 billion won of "TIGER SK Hynix Single Stock Leveraged ETF", and also bought 116.6 billion won of "KODEX Samsung Electronics Single Stock Leveraged ETF". Given that the other two top targets were also ordinary shares of Samsung Electronics and SK Hynix, this indicates that wealthy investors are taking a heavy bet on the "two giants" of the South Korean stock market. Canadian Imperial Bank of Commerce: Trump's new tariffs mark the beginning of difficult negotiations for the USMCA. Analysts at Canadian Imperial Bank of Commerce stated that US President Trump's latest tariff threat against Canada signals the start of difficult negotiations over the North American trade agreement. The White House announced on Monday that it would levy a 50% tariff on certain Canadian goods, citing unfair treatment of US alcohol, automobiles, and dairy products. The new tariffs will come into effect in 30 days, as discussions begin on the future arrangements of the United States-Mexico-Canada Agreement (USMCA). The agreement was signed during Trump's first presidential term. CIBC analysts stated that the selection of goods for this new tariff "largely carries political considerations". The US government is implementing measures under Section 338 of the 1930 Tariff Act, which allows the president to impose tariffs of up to 50% on countries deemed to discriminate against US commerce. [Stock-specific News] Alphabet Inc. Class C releases a series of lower-cost Gemini models. Alphabet Inc. Class C (GOOG.US, GOOGL.US) unveiled three new Gemini AI "Flash" models on Tuesday, all focused on improving efficiency. This release comes as the use of open source models that can operate at lower costs is increasing. The focus of AI competition has shifted from achieving top scores in benchmark tests to who can provide the best-performing models at the lowest cost. The new models include: 1) Gemini 3.6 Flash: an upgrade to the faster, lower-cost 3.5 Flash model, with Alphabet Inc. Class C stating that this model reduces up to 17% of output tokens while improving code writing, reasoning capabilities, and multimodal performance. 2) Gemini 3.5 Flash-Lite: a lower-cost model designed for high-frequency AI agents and document processing tasks. 3) Gemini 3.5 Flash Cyber: a model focused on cybersecurity for identifying and fixing software vulnerabilities. Currently, this model is only available to government agencies and some partners through Alphabet Inc. Class C's CodeMender platform. Apple Inc. to partner with Klarna to launch the "Upgraded" device leasing plan to boost sales. Apple Inc. (AAPL.US) is planning to launch a leasing plan called "Upgraded" (Apple Upgrade), which will be one of the largest changes to the company's device sales model ever. According to sources, the service is expected to launch on July 28, initially in the US market, and will support most iPhone, Mac, iPad, and Apple Watch models. Apple Inc. will partner with Klarna Group to provide funding for the project. This plan will first be launched in the US and will be available both in Apple Inc.'s physical retail stores and online platforms. The service will adopt a subscription-like model, where users can pay the device cost early during the leasing period, upgrade to a new model early, or continue to retain the device after the lease term ends. In some cases, there may be additional fees for early transactions. Similar to car leasing models, users can also return the device at the end of the term. The leasing period for iPhone and Apple Watch is 24 months, while Mac and iPad are 36 months. NVIDIA Corporation reports smooth progress in delivering new Vera Rubin architecture chips to customers. NVIDIA Corporation (NVDA.US) announced that its latest generation Vera Rubin chip architecture is being delivered to customers, helping to consolidate its leading position in the industry. Ian Buck, VP and GM of NVIDIA Corporation, stated that computing systems based on Vera Rubin technology have been delivered to major AI companies and are now entering the deployment phase. "We have entered full production, and all major customers are deploying related systems." [Major Bank Ratings] HSBC HOLDINGS: Raised Morgan Stanley's (MS.US) target price from $190 to $215; upgraded Goldman Sachs Group, Inc. (GS.US) from Underperform to Hold; raised target price from $834 to $995.