A.M. Edition for July 28. <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-07-28-2026/card/one-thing-weighing-on-chip-stocks-china-s-reported-strides-sjd41LjoRGWr3ivgwxXj?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Monday’s slump in chip stocks</a> spreads to Asian markets. Finance editor <a href="https://www.wsj.com/news/author/alex-frangos?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Alex Frangos</a> says new concerns that China is catching up in the technological arms race come just as investors brace for updates on how much hyperscalers are spending on the AI buildout. Plus, as Volodymyr Zelensky returns to the White House, WSJ’s <a href="https://www.wsj.com/news/author/marcus-walker?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Marcus Walker </a>says the Ukrainian president is hoping to turn <a href="https://www.wsj.com/world/impressed-by-ukraines-battlefield-gains-trump-warms-to-zelensky-bc138190?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">President Trump’s fresh optimism about the war</a> against Russia into a promise of more support. And Mercedes-Benz is the <a href="https://www.wsj.com/business/earnings/mercedes-benz-cuts-sales-guidance-amid-worsening-chinese-market-de9731e3" target="_self" rel="noopener noreferrer">latest automaker to warn of headwinds</a> in China, as the country’s appetite for foreign cars continues to decline. Luke Vargas hosts.

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