Today, the US stock market has already reported that Nvidia's H20 chip has been approved for sale to China, which is definitely Favourable Information for tonight's trading sentiment in the US stock market.

NVIDIA has lifted the ban on H20, which means there will be an additional revenue of about 15 billion USD at least in 2025. This indicates that the third quarter of the fiscal year 2025 starting in October will definitely be fine, as long as NVIDIA is alright, the US stock market AI infrastructure can continue to thrive.

Additionally, this matter also illustrates that China and the United States are repairing their tense tariff relations. Recent data and news have proven that earlier concerns about AI application software have been debunked. The logic for future trading is very simple: AI chips + AI software applications, along with small-cap tech stocks benefiting comprehensively.

When it comes to software, Goldman Sachs' strategy model shows that the probability of U.S. software achieving a 5% excess return in the next six months is close to 100%. This is the ideal window for building positions, but of course, what won’t be bought are targets like IGV.

Tonight, the core CPI data for June will be released. I have looked at some institutions' forecast reports, and the consensus is a month-on-month increase of 0.23% and a year-on-year increase of 2.93%, which is overall lower than market expectations.

In other words, the CPI data tonight is not expected to cause a strong market reaction in the eyes of institutions.

Of course, the biggest risk in the market currently comes from the bond market. To be honest, the performance of US Treasuries is accumulating risks continuously, and the yield on Japan's 30-year government bonds has already exceeded 3%. The stability of the bond market could explode with risks at any time, so everyone must pay attention to timely position management.

Currently, there is a sudden popular opinion among foreign capital trading desks: the S&P 500 still has upward space or a rebound momentum before the Jackson Hole meeting in August, and then a healthy correction will occur.

This viewpoint is quite interesting...