China leads the artificial intelligence race, particularly in consumer markets. Global semiconductor stocks face volatility, nearing 200-day moving averages. Alphabet and Meta reported significant free cash flow declines, impacting their shares. Microsoft maintained its capital expenditure guidance, seeing a stock increase. Computing power demand will continue expanding in the AI era.

China begins mass production of DUV chip tools, pressuring AI and semiconductor stocks. Apple at 79% YES to be largest company by market cap on July 31, 2026.

Chinese tech giants and frontier AI labs are locked in a parallel race, escalating capital expenditure to match US and domestic rivals.