decline

Qualcomm released its Q3 2026 fiscal year financial report, with revenue of $9.95 billion, a year-on-year decrease of 4%, slightly higher than the market expectation of $9.67 billion; adjusted earnings per share were $2.21, basically in line with expectations; net profit was $2 billion. The chip business (QCT) revenue was $8.5 billion, of which mobile-related business was $5.1 billion, a year-on-year decrease of 20%; automotive electronics business revenue reached a record $1.59 billion, a year-on-year increase of 61%, achieving double-digit year-on-year growth for 23 consecutive quarters; Internet of Things business revenue was $1.83 billion, a year-on-year increase of 9%.Qualcomm expects adjusted earnings per share for Q4 to be between $2.05 and $2.25, below analysts' expectations of $2.36. CEO Cristiano Amon stated that revenue from Apple will enter a phase of accelerated decline, and due to supply chain constraints, Qualcomm's component share in the next-generation iPhone is "far below the previously estimated 20%." To cope with the contraction of its Apple business, Qualcomm is accelerating its diversification transformation, expecting its data center business to achieve approximately $5 billion in revenue by fiscal year 2027, and has completed the acquisition of AI software company Modular. Qualcomm plans to adjust prices for some products starting September 1 to address rising costs across the entire supply chain.

According to Gate market data, Arm's decline in after-hours trading has expanded to 8%.

According to Gate market data, after the Federal Reserve's interest rate decision was announced, the declines of the three major U.S. stock indices narrowed, with the Dow Jones Industrial Average down 1.09%, the S&P 500 down 0.15%, and the Nasdaq Composite turning to an increase.

According to Gate market data, the Dow Jones Index opened down 398.29 points on July 29 (Wednesday), a decrease of 0.76%, reporting at 52,349.03 points; the S&P 500 Index opened down 10.87 points, a decrease of 0.15%, reporting at 7,418.35 points; the Nasdaq Composite Index opened down 47.14 points, a decrease of 0.19%, reporting at 24,829.77 points.

According to Jinshi reports, the Token expenditure price index further dropped to 1.4288, continuing the downward trend since the end of May and setting a new low since early March, indicating that the cash burn rate of AI companies continues to slow down. This indicator has now fallen 31% from its peak this year, but compared to the end of last year, it still retains an increase of about 15%.Note: The sale of Tokens is currently an important source of monetization for the AI industry, and its price is one of the signals measuring the current supply and demand situation for computing power. If the Token price remains high, cloud service providers will be motivated to purchase more GPUs, DRAM memory, and expand data centers; conversely, they need to be cautious of "consumption downgrade" by AI companies, which could become a leading indicator of the end of this hardware frenzy cycle. Token price data is sourced from top global AI models such as OpenAI, Anthropic, and DeepSeek.

According to Gate market data, the South Korean stock market weakened today, with the Southern Double Long Hynix (07709.HK) significantly dropping. As of the Hong Kong stock market's noon closing, this product has fallen by 25.72% today, and the decline since July has reached 81.05%. Data shows that the latest asset size of this product is HKD 31.92 billion, which has shrunk by 70% compared to its peak size.Another leveraged product under Southern Dongying linked to South Korean chip stocks, the Southern Double Long Samsung Electronics (07747.HK), has dropped by 16.56% today, with a decline of 69.55% this month.

According to Gate market data, the Nasdaq futures fell by 1%, the S&P 500 index futures dropped by 0.3%, and the Dow futures decreased by 0.2%.

According to Gate market data, SK Hynix fell over 17%, setting a record for the largest single-day drop.

According to monitoring by Lookonchain, as the price of SKHX continues to decline, profits from short positions are expanding. Among them, the whale address 0xEbE1 currently has unrealized profits of over 10 million dollars on its SKHX short position and has additionally earned about 1.23 million dollars in funding fee income.

According to Gate market data, the three major U.S. stock index futures have slightly declined in the short term, with Dow futures down 0.13%, S&P 500 futures down 0.08%, and Nasdaq futures down 0.02%.

According to Gate market data, the S&P 500 index has turned positive, and the decline of the Nasdaq 100 index has narrowed to 1.1%.

According to Gate market data, the Hong Kong Hang Seng Index turned negative during the session, having previously risen nearly 1%. The Hang Seng Tech Index's gains quickly narrowed to 0.1%. Lao Pu Gold (06181.HK) fell over 20%, Zhi Pu (02513.HK) fell over 18.5%, MiniMax (00100.HK) fell over 11.3%, and Hua Hong Semiconductor (01347.HK) fell nearly 7%.

The Korea Exchange triggered a circuit breaker due to an 8% drop in the KOSPI index, suspending trading for 20 minutes.

According to Gate market data, American Express (AXP.N) pre-market decline has widened to 5%.

In a 90-minute interview with The Economist, Elon Musk, the founder of Tesla and SpaceX, stated that artificial intelligence could surpass human intelligence levels within the next five years and predicted that in about ten years, AI and robotics might drive the world into a "highly affluent era." Musk believes that once AI systems and robots possess sufficiently powerful digital intelligence and production capabilities, the global economy could approach a state of "infinite supply," making human labor no longer a necessary condition for survival, and the importance of currency may gradually decline.He stated that in the future, if the number of robots is sufficient, society will have a "quasi-infinite economy," where artificial intelligence can produce goods and services that exceed human consumption capacity. He even predicted that by around 2036, the importance of the traditional currency system might significantly decrease. Regarding future economic operating models, Musk mentioned that governments might maintain social operations by directly distributing funds to the public and believes that the productivity improvements brought by AI could lead to deflation rather than inflation.However, regarding issues such as corporate profit models, government fiscal sources, and social transformation, Musk acknowledged that the economic structure in the age of artificial intelligence might differ greatly from traditional economic laws. Additionally, Musk discussed the integration of AI with space development. He indicated that in the future, data centers deployed in space might be used to support AI computing and reiterated the long-term plan for human exploration of Mars. In the interview, Musk also reflected on his previous involvement in the Trump administration's "Department of Government Efficiency" (DOGE). He admitted that he had invested too much energy in the political arena, "got a bit sidetracked," and stated that if he could choose again, he might spend more time on his own companies.