US Stocks Close: Dow Jumps Over 700 Points, Nasdaq Rises for Third Day as Cloud Firms Lead; Amazon Market Cap Tops $3 Trillion, SpaceX Jumps 5% Late

Amazon (AMZN) rose 4.58% to close at $294.02, with its market capitalization surpassing $3 trillion.

Amazon Web Services (AWS) made significant progress, with quarterly AWS revenue growing by 37%. After excluding one-time factors, the company's revenue and operating profit beat market expectations by 2% and 11%, respectively. The market subsequently reacted positively to these results, with multiple institutions including Benchmark, UBS, and TD Cowen raising their price targets.

SpaceX (SPCX) surged in late trading, closing up 5.68% at $114.53.

In response to community user Gali's comment that, looking back at history, SpaceX's current trend "will be a once-in-a-lifetime buying opportunity," Musk retweeted and replied, "I think so too." In addition, SpaceX will release its first financial results since listing after the market close on August 4, Eastern Time.

Among mega-cap tech stocks, Meta Platforms (META) rose 6.02%, SpaceX (SPCX) rose 5.68%, Microsoft (MSFT) rose 4.93%, Google (GOOGL) rose 4.88%, Amazon (AMZN) rose 4.58%, Tesla (TSLA) rose 3.49%, Nvidia (NVDA) rose 2.93%, and Broadcom (AVGO) rose 0.76%; on the downside, Apple (AAPL) fell 1.78%.

[Source: FutuBull]

The Philadelphia Semiconductor Index rose 1.05% to 11,430.35 points. Among its 30 constituents, 20 advanced and 10 declined.

Memory stocks recovered losses, with SanDisk (SNDK) rising 6.03%, Micron Technology (MU) up 0.79%, and SK Hynix (SKHY) down 0.70%.

Visa to Acquire BioCatch for $2.4 Billion in Cash

Visa has signed a definitive agreement to acquire biometric security company BioCatch for $2.4 billion in cash from funds managed by Permira and other shareholders. The transaction is expected to close before the end of the second quarter of Visa's fiscal 2027, subject to regulatory approvals.

Alibaba Launches AI Model Qwen 3.8-Max

Alibaba's Qwen officially released Qwen 3.8-Max on August 3. With a total parameter count of 2.4 trillion and 95 billion active parameters, it is the largest and most capable model in the Qwen family to date. Benchmark tests show that Qwen 3.8-Max performs on par with Anthropic's Fable 5 on multiple metrics for coding agents and general-purpose agents, and surpasses the latter on certain indicators. For example, its PaperBench score is 93.0, higher than Fable 5's 88.8; its CoWorkBench score is 74.8, close to Fable 5's 75.9; and its WideSearch score is 81.9, on par with Fable 5's 81.2.

GameStop Plans Private Equity Exchange of $1.4 Billion in Convertible Senior Notes

GameStop announced that it has reached agreements with certain noteholders to exchange approximately $1.4 billion of outstanding convertible notes for Class A common stock, relieving the company of a massive long-term debt burden. This exchange involves approximately $400 million of 0% convertible notes due 2030 and approximately $1 billion of 0% convertible notes due 2032. The transaction does not involve any cash payments, as GameStop will issue Class A common stock directly to the relevant creditors in exchange for retiring and canceling the aforementioned notes. Upon completion of the transaction, GameStop's long-term debt is expected to decrease by approximately $1.4 billion. Specifically, the remaining balance of the 2030 convertible notes will fall to approximately $1.1 billion, and the remaining balance of the 2032 convertible notes will stand at approximately $1.7 billion. The company emphasized that this deleveraging did not utilize cash and will not bring in any new cash proceeds for the company.

BofA: If the Fed Fails to Provide a Credible Path for Managing Inflation, Treasury Yields Could Rise Further

BofA's latest analysis points out that this is a textbook "inflation credibility shock"—Warsh only reiterated the 2% inflation target at the press conference but never provided a clear path for policy implementation, directly shaking the bond market's confidence. In BofA's view, the window of opportunity to restore credibility is already very clear. Public speeches by several Fed officials this week represent the first window to fill in information gaps and stabilize expectations, but to truly regain control of the policy narrative, the Fed needs to implement a rate hike at the September meeting. If a credible path for managing inflation is not provided, the selling pressure on long-end Treasuries will be difficult to truly alleviate, and yields still have room to move further upward.

White House Plans to Host AI Company Meeting on Tuesday to Review AI Framework

According to a report by The Information, five people familiar with the matter revealed that the Trump administration has invited employees from several tech companies, including OpenAI, Google, and Anthropic, to the White House on Tuesday to jointly review a completed AI regulatory framework. The framework will establish a voluntary process for AI labs, requiring them to submit their models to the government for review before releasing them to partners and the public. The scheduled meeting comes a few days after the August 1 deadline for completing the framework set by an executive order in early June. According to one person familiar with the matter, the meeting will be hosted by the Office of the National Cyber Director, which is part of the executive branch. The person also noted that the invitation made it clear that the meeting will discuss next steps for the framework, as well as an unspecified related event. According to two people, the meeting is expected to include staff-level representatives from the companies rather than executives, as the meeting is not intended to serve as a public launch of the new framework.

Trump Calls Iranian Leadership 'Two-Faced,' Says Negotiations with Iran Have Begun

U.S. President Donald Trump posted on social media, saying, "The two-facedness of the Iranian leadership is unbelievable! They ask for meetings, and some would even say they are "begging" for talks. Negotiations have begun, and more talks are scheduled for the coming days. But at the same time, they publicly and proudly declare that they are not having any discussions, talking about nothing, and are only engaging with "Oman." Then, they resort to their usual rhetoric, claiming that the Strait of Hormuz will be under their powerful control. Yet in fact, the strait is currently completely under the control of the U.S. Navy and our "blocking action," or as some have called it—"America's Steel Wall!" Nothing gets into Iran unless we allow it, and nothing passes through unless an agreement is reached, or a "total surrender" is achieved. Whether Iran wants to admit it or not, the fact is we are discussing how to solve a problem they have caused for decades. It is very simple: Iran will never have nuclear weapons!"

This content was translated using AI and reviewed for clarity. It is for informational purposes only.