A股市场遭遇大幅调整，科创50跌幅达5.38%，创业板指下跌3.97%[1]。半导体产业链全线承压，长电科技、通富微电、华天科技、东山精密等多只芯片类股票跌停[1]。两市共有83只股票跌停，3635只个股下跌[1]。其中中际旭创全天成交额达597亿元，创该公司上市以来单日最高纪录[1]。同日两市成交额达2.36万亿元，已连续第四个交易日突破两万亿大关[1]。
美股科技巨头财报表现分化，加剧了全球风险资产的波动压力。微软第四财季营收900亿美元，超出预期的876亿美元，其中Azure年收入突破1000亿美元，同比增长41%，盘后股价涨2%[1]。然而微软单季资本开支高达410亿美元，自由现金流仅196亿美元[1]，同时调整了服务器折旧年限，从原来的15年延长至25年[1]。相比之下，Meta第二季度营收608亿美元超预期，但每股收益6.18美元低于预期的7.18美元，净利润同比下降14%[1]。Meta经营现金流为319亿美元，自由现金流仅7.84亿美元[1]，且将全年资本开支指引上调至1300-1450亿美元[1]，其中Reality Labs单季亏损达46亿美元[1]。
外部冲击进一步扩大了市场压力。伊朗向美发射弹道导弹事件导致原油价格暴涨，WTI原油上涨6.56%至84.46美元，布伦特原油上涨7.91%至90.74美元[1]。美股散户在7月29日创下2020年3月以来最大单日净卖出[1]。另外，日本熊本7月28日发生地震，导致台积电熊本厂等十几家半导体企业停工排查，复产时间尚不明确[1]。芯片材料方面，三星电机从8月1日起全线上调MLCC芯片价格30%，太阳诱电也计划在9月跟进[1]。韩国股市同样未能幸免，尽管三星电子二季度营收171.5万亿韩元、营业利润89.5万亿韩元创历史新高[1]，但KOSPI指数仍下跌1.35%[1]。
China's A-share market experienced a sharp selloff, with the Sci-Tech 50 Index falling 5.38% and the ChiNext Index dropping 3.97%[1]. Semiconductor stocks were hit particularly hard, with companies including Changdian Technology, Unisoc Electronics, Huatian Technology, and Dongshan Precision hitting daily trading limits[1]. The broader market saw 83 stocks reach daily lows and 3,635 decline in value[1]. Amid this turmoil, ZTE Xingchuang (中际旭创) reached unprecedented trading volumes, with 59.7 billion yuan in single-day transactions marking the highest figure since its listing[1].
The market turbulence reflected broader concerns about technology spending trajectories. Microsoft reported fourth-quarter revenue of 90 billion US dollars, exceeding analyst expectations of 87.6 billion, with Azure revenue surpassing 100 billion annually and climbing 41% year-over-year[1]. However, the company's capital expenditure reached 41 billion dollars for the quarter, while free cash flow totaled 19.6 billion dollars[1]. The company also extended server depreciation schedules from 15 to 25 years[1]. Meta presented mixed results, generating 60.8 billion dollars in second-quarter revenue above projections, yet earnings per share fell to 6.18 dollars against expected 7.18 dollars—a roughly 14% shortfall—with net profits declining 14% year-over-year[1]. Most significantly, Meta raised its full-year capital expenditure guidance to 130–145 billion dollars, while Reality Labs recorded a quarterly loss of 4.6 billion dollars[1].
Geopolitical and supply-chain disruptions added additional pressure. Iran's launch of ballistic missiles toward the United States sent crude oil futures soaring, with West Texas Intermediate surging 6.56% to 84.46 dollars per barrel and Brent crude jumping 7.91% to 90.74 dollars[1]. A magnitude-7.4 earthquake struck Kumamoto, Japan on July 28, forcing approximately a dozen semiconductor facilities including Taiwan Semiconductor Manufacturing Company's Kumamoto plant to halt operations for inspection, with production resumption timelines remaining unclear[1]. Component manufacturers responded to supply concerns by announcing price increases, with Samsung Electro-Mechanics implementing a 30% rise across its MLCC chip lineup effective August 1, followed by Sunrex's planned increase in September[1].