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 limits1. The broader market saw 83 stocks reach daily lows and 3,635 decline in value1. Amid this turmoil, Zhongjixuanchuang reached unprecedented trading volumes, with 59.7 billion yuan in single-day transactions marking the highest figure since its listing1.
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-year1. However, the company's capital expenditure reached 41 billion dollars for the quarter, while free cash flow totaled 19.6 billion dollars1. The company also extended server depreciation schedules from 15 to 25 years1. 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-year1. 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 dollars1.
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 dollars1. 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 unclear1. 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 September1.
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