A new week has begun, and it's going to be an eventful one! The U.S. and Iran are showing restraint and have agreed to a ceasefire, reigniting hopes for negotiations. Brent crude oil has dropped below $90 as a result, giving risk markets a bit of breathing room this week. Today, Hefei ChangXin Technology went public on the A-share market. ChangXin Technology is a leading domestic DRAM manufacturer and one of the largest IPOs in the history of the STAR Market, with an issue price of 8.66 yuan and a corresponding market valuation of about 580 billion yuan. On Wednesday, SK Hynix will release its Q2 earnings report. I believe this report is as significant as NVIDIA's and is one of the most critical indicators for the current AI market trend. On Thursday, the U.S. PCE data will be released. If the core PCE month-over-month rate exceeds expectations, the market may further bet on higher interest rates staying longer, which could strengthen U.S. Treasury yields and the dollar, putting pressure on tech stocks, $BTC, and gold. If the core PCE month-over-month rate falls below expectations, the market will likely shift back to trading on improved liquidity, which would be bullish for AI tech stocks and crypto assets. PCE tells the market how inflation is doing, while the Fed's FOMC interest rate decision on the same day will tell you what the Fed plans to do about it. Meta, Microsoft, Qualcomm, and ARM will all release their Q2 2026 earnings reports after the U.S. market closes on July 29, alongside SK Hynix. Together, they will determine the direction of global AI tech stocks and risk assets for the next quarter. By the end of this week, we’ll have more data to predict the likely trajectory of risk markets in Q3 and Q4. AI is the future, not a bubble—at least, it hasn’t become one yet!