Treasury Yields Surge to 5.3%, Hitting Tech Stocks WEEX TradFi Daily | Aug 19

Opening Summary

1. Long-end U.S. Treasury yields rose to multi-year highs, pressuring technology, semiconductor, storage, and optical communication stocks.
2. Anthropic’s revenue came in below some bullish expectations, prompting a reassessment of the AI growth narrative.
3. Unitree Robotics officially listed on the STAR Market, while SpaceX and related commercial space names showed relative resilience.
4. Investors are now watching the Federal Reserve minutes for further guidance on the rate path.

1、Market Highlights

1）Anthropic Revenue Miss Cools the AI Growth Trade

Markets had previously expected Anthropic’s annualized revenue run rate to potentially exceed $80 billion. The latest disclosed figure of around $65 billion still points to strong growth, but fell short of some optimistic expectations. As a result, investors have begun reassessing the forward growth trajectory of AI companies, putting pressure on sentiment and valuation tolerance across high-multiple names.

Watchlist: ANTHROPIC
Futures: ANTHROPIC

2）Unitree Robotics Officially Lists, Reigniting Embodied AI Momentum

Unitree Robotics (688836) officially listed today on the Shanghai Stock Exchange STAR Market. The offering totaled approximately 40.4464 million shares, with an IPO price of RMB 150.80 per share. WEEX had already launched the name’s pre-IPO futures contract on July 31. The latest price action shows a strong opening, with the stock reaching as high as $135 intraday, underscoring continued market enthusiasm for robotics and embodied AI.

Watchlist: UNITREE
Futures: UNITREE

3）Treasury Yield Spike Pressures Tech and Chip Stocks Broadly

The 30-year U.S. Treasury yield briefly rose to around 5.3%, reaching its highest level in nearly 19 years, while the 10-year yield also moved higher. Rising financing costs placed direct pressure on high-valuation growth stocks. The Philadelphia Semiconductor Index retreated sharply, all three major U.S. equity indexes closed lower, and the Nasdaq led the decline, reflecting a visible cooling in market risk appetite.

Watchlist: SPY, QQQ, IEF, TLT
Spot: SPYB / QQQB / IEFON / TLTON
Futures: SPY / QQQ / IEF

4）Storage and Optical Names Pull Back as AI Hardware Volatility Builds

Previously strong storage and optical communication names saw a notable pullback, compounded by rate-sensitive selling pressure. SanDisk, Micron, and SK Hynix in storage, together with optical names such as Coherent, were among the biggest decliners. The move suggests that within the AI hardware chain, the market is shifting away from simply trading growth expectations and becoming more focused on valuation levels and the pace of earnings delivery.

Watchlist: SNDK, MU, COHR
Spot: SNDKB / MUB / COHRON
Futures: MU / SNDK

5）SpaceX Holds Up as the Commercial Space Theme Stays Resilient

Against the backdrop of a broader selloff in technology stocks, commercial space-related names such as SpaceX remained relatively steady. The price action suggests that the market continues to pay attention to the long-term growth thesis in commercial space. In a higher-volatility environment, assets with independent industrial narratives and long-duration upside still appear to retain relative resilience.

Watchlist: SPCX
Spot: SPCXB
Futures: SPCX

2、Today’s Preview

1）Fed Minutes Due Tonight, with the Rate Path in Focus

Key focus: Recent volatility across global bond markets and the sharp rise in U.S. Treasury yields have left market sentiment highly sensitive. With the Jackson Hole global central bank symposium set for later this week, the minutes will be treated as an important forward-looking signal. Investors will closely examine the discussion around the rate path, inflation assessment, and geopolitical risks.

Watchlist: SPY, QQQ, IEF
Spot: SPYB / QQQB
Futures: SPY / QQQ / IEF

2）Analog Devices (ADI) Pre-Market Earnings Put Industrial and AI Demand in Focus

Investors will closely watch the pace of recovery in industrial and communications end markets, contribution from AI data centers and automotive-related businesses, and whether management maintains or raises full-year guidance. As a leading analog chip company, ADI’s earnings will serve as an important reference point for margins, inventory trends, and next-quarter revenue expectations.

Watchlist: ADI
Spot: ADION
Futures: ADI

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