According to Xinhua News Agency, Federal Reserve Chair Jerome Powell delivered a speech on August 22 at the annual economic symposium in Jackson Hole, Wyoming, hinting that although upside risks to inflation remain, the Fed may still cut interest rates in the coming months.

Stimulated by Powell’s remarks, U.S. stocks surged across the board on Friday, with the Dow Jones rising 1.89% to hit a new all-time high, the Nasdaq climbing 1.88%, and the S&P 500 gaining 1.52%.

Major tech stocks broadly advanced, with Tesla surging over 6%, Google Class A up 3.17%, Amazon rising 3.10%, Meta gaining 2.12%, Nvidia up 1.72%, Apple increasing 1.27%, and Microsoft edging up 0.59%.

Tesla closed up 6.22%. It is reported that Tesla and Volcano Engine recently reached a cooperation agreement, under which Volcano Engine will provide large model services for Tesla in China, enhancing the interactive experience of Tesla’s smart cockpit. According to the recently updated "Tesla Voice Assistant Terms of Use" on Tesla’s China website, the newly launched Tesla Model Y L will be equipped with the Doubao large model and the DeepSeek model, both accessed through Volcano Engine. The Doubao large model will handle voice command functions such as navigation settings, media playback control, and air conditioning temperature adjustment, along with an owner’s manual query feature. The DeepSeek model will provide AI voice chat services.

Intel rose 5.53%. According to Xinhua News Agency, U.S. chip manufacturer Intel announced on the 22nd that it had reached an agreement with the U.S. federal government, under which the latter will invest $8.9 billion in Intel common stock, purchasing 433.3 million shares at $20.47 per share, equivalent to a 9.9% stake in the company.

Chinese assets showed strong performance, with the Nasdaq Golden Dragon China Index closing up 2.73%. Miniso surged over 20%, Up Fintech gained over 13%, Kingsoft Cloud rose over 9%, while Alibaba, iQiyi, and XPeng Motors climbed over 4%. JD.com, Baidu, and Li Auto increased over 2%.

NIO surged over 14%. On the evening of August 21, NIO Chairman William Li announced the pre-sale price of the new ES8, starting at 416,800 yuan for the whole vehicle purchase and 308,800 yuan for battery rental. The new vehicle is set to officially launch and begin deliveries in late September 2025.

According to Securities Times, at the current juncture, foreign investors are becoming increasingly optimistic about Chinese assets. A Bank of America global fund manager survey in July showed that overseas institutions’ growth expectations for China have improved for four consecutive months since trade tensions eased, indicating that institutional investors’ confidence in China’s economic growth has strengthened again amid easing external concerns.

U.S. fund management company Franklin Templeton stated that Chinese stocks—particularly those in Hong Kong—remain favored due to highly attractive valuations, and as tariff uncertainties ease, the predictability of Hong Kong-listed companies’ profits has improved.

J.P. Morgan Asset Management pointed out: "From a valuation perspective, whether in the A-share or Hong Kong market, Chinese stocks are trading at a significant discount compared to developed markets."