Lenovo GroupLenovo reported quarterly revenue up 43%, beating expectations on AI-related demand.
Europe is facing its fifth heatwave of this summer, expected to peak on Thursday, August 13, amid extreme weather that is straining public health systems and energy networks across the region, while the United Kingdom is on track for its hottest summer on record. The scorching conditions are driven by successive high-pressure systems, or heat domes, blanketing the region, and are also disrupting freight transport on some major rivers. In financial markets, global stocks climbed near record highs after US inflation data came in cooler than expected, easing concerns that the Federal Reserve would raise interest rates in the near term. The yen strengthened after the Japanese government signaled support for the Bank of Japan to raise rates sooner, with the next hike possibly coming in September or October. West Texas Intermediate crude traded around 83 dollars a barrel, snapping a six-day winning streak. On the geopolitical front, the administration of President Donald Trump is stepping up economic pressure on Iran, including successive rounds of additional economic sanctions and maritime interdiction measures aimed at curbing Iranian oil exports. The UK government is planning legislation to regulate the use of AI in gene synthesis, amid concerns that the absence of global oversight could allow malicious actors to use the technology to create synthetic DNA that might lead to the development of biological weapons. In tech stocks, Lenovo surged as much as 22 percent in Hong Kong to a record high after reporting quarterly revenue up 43 percent, beating market expectations on AI-related demand. In contrast, Cerebras fell in after-hours trading after hardware revenue declined, while Cisco slipped as analysts viewed the company's AI sales outlook as highly cautious. Another focus is US-Japan cooperation on developing rare earth deposits beneath the seabed near Minamitorishima Island, more than 1,000 miles southeast of Tokyo, with estimates suggesting the resources could meet industrial demand for centuries and help both countries build a complete rare earth supply chain, reducing reliance on China for strategically important minerals.
Lenovo GroupLenovo reported quarterly revenue up 43%, beating expectations on AI-related demand.
Cerebras Systems Inc. Class A Common StockCerebras fell after hardware revenue declined, indicating weak demand for its hardware.
Cisco Systems IncAnalysts view Cisco's AI sales outlook as highly cautious, indicating weak demand for its AI-related products.
Japanese government signals support for BOJ rate hikes, likely pushing yields up.