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FactSet: "More than 85% of major companies likely to surpass expectations" The Nasdaq Composite Index and S&P 500 index hit new all-time highs once again as optimism spread over the second-quarter earnings of companies. On the 21st (local time) at the New York Stock Exchange, the S&P 500 index finished trading at 6,305.60, up 0.14% from the previous session. The Nasdaq Composite Index also closed up 0.38% at 20,974.18, both setting new record highs. On the other hand, the Dow Jones Industrial Average, which gathers blue-chip stocks, fell 0.04% to close at 44,323.07. As the Q2 earnings season officially began, optimism surrounding Big Tech earnings scheduled from this week brought warmth to the market. According to FactSet, of the 62 S&P 500 index constituent companies that have reported Q2 earnings so far, more than 85% are estimated to have results exceeding analysts’ expectations. Last week, major US banks exceeded expectations, and on this day, Verizon—the largest mobile carrier—also announced better-than-expected results, causing its stock price to rise by 4.04%. Among major tech companies, Alphabet, which will be the first to announce its earnings on the 23rd, saw its stock price rise by 2.8%, while Tesla, reporting results on the same day, fell by 0.35%. Amazon was up 1.40%, and Meta rose by 1.23%. NVIDIA, which had repeatedly hit new highs, closed down 0.6% today. Trump Media, the parent company of Truth Social, in which US President Donald Trump is a major shareholder, showed a strong gain of 3.11% following an announcement of a 20 trillion dollar acquisition of Bitcoin. Key Trump administration officials reaffirmed August 1 as the deadline for tariff negotiations, but left room for additional talks. Howard Lutnick, the US Secretary of Commerce, said in a CBS interview the previous day, "New tariffs will take effect on August 1, but even after that, countries can still negotiate with us." Scott Besant, the US Treasury Secretary, stated in a CNBC interview, "What matters more than quickly reaching deals with each country by August 1 is achieving high-quality agreements." Reporter Jeongdong Noh, Hankyung.com dong2@hankyung.com

Funding for chatbot 'Grok' development and training to compete in the AI model race Reveals plan to install 'Grok' in Tesla vehicles Elon Musk stated that he does not support a merger between Tesla and his AI company xAI, and instead will hold a shareholder vote to determine whether Tesla should invest in xAI. According to CNBC on the 14th (local time), Tesla CEO Elon Musk responded 'No' on his social media platform X when a user asked if Tesla shareholders were considering a merger between Tesla and xAI. Musk hinted the previous night that there would be a shareholder vote on whether Tesla should invest in his company xAI, which develops the AI chatbot Grok. Last year, Musk even conducted a poll on X, asking if Tesla should invest $5 billion in xAI. Most participants responded 'Yes.' xAI is struggling to cover the tremendous costs of training Grok as it competes with both new startups and established rivals. Musk and xAI promote the latest version of Grok as 'the world's smartest AI.' After leaving the Trump Administration, Musk has been working to integrate the various companies he owns, with most activities centered around xAI. In March, when Musk was merging AI company xAI with X, xAI was valued at $80 billion, and the social media company X at $33 billion. Recently, Grok has faced criticism for praising Hitler and making anti-Semitic comments. On Saturday, xAI issued a lengthy apology and announced corrective measures, stating the behavior of Grok had caused "many people to experience terrible things." Last week, Musk revealed that Tesla vehicles will be equipped with xAI's chatbot Grok. Previously, according to The Wall Street Journal (WSJ), Musk's space company SpaceX agreed to invest $2 billion in xAI. WSJ reported that SpaceX's investment is part of efforts previously announced by Morgan Stanley to raise $10 billion in debt and equity investments. OpenAI and other startups in this field are securing new funding at unprecedented levels. However, their revenues significantly lag behind their expenditures, and funding sources may be limited. OpenAI has attracted tens of billions of dollars from SoftBank and Microsoft, while xAI has no major investors aside from Musk's own companies. According to Bloomberg, xAI spends $1 billion every month. Tesla's revenue has declined, but it still has abundant cash reserves. Tesla reported that, as of the end of March, it was holding $16 billion in cash. According to WSJ, in the US, deals where a CEO moves capital between companies in which they hold stakes are often subject to controversy. This applies to cases where Musk invests capital received from SpaceX shareholders into another of his AI-related companies. Previously, Musk also faced multiple legal challenges during the process of merging his solar company SolarCity with Tesla. Tesla's stock price, as of 8 a.m. Eastern Time on the 14th, was trading up 1.1% at $317 in pre-market trading on the New York Stock Exchange. Jung-A Kim, Guest Reporter kja@hankyung.com

Jensen Huang: "U.S. Approves Sale of NVIDIA H20 Chip in China" [CCTV China] Jihee Yoo, Hankyung.com Reporter keephee@hankyung.com

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