A chip comeback crowns one of the most dramatic stock market months in years and saves Wall Street into the plus by week's end – Amazon proves with its cloud offensive that the AI billions pay off, while Apple stumbles over memory shortages – The Fed under Kevin Warsh steers toward a hawkish September, dollar and long bonds come under pressure – After forced liquidations and a historic Kospi surge, DAX brushes against record highs, but the ice under the recovery remains thin

USA & MACRO-ENVIRONMENT The Wall Street finds its way back to calmer waters after one of the most dramatic trading months in years As the week closes, the US indices are slightly up with S&P 500 +0.07 % and Nasdaq 100 +0.25 %, cautiously extending their strong recovery. The backbone of this is a renewed buying frenzy in previously heavily battered semiconductors: A widely watched industry index revolving around NVIDIA and Broadcom jumps +4.3 %, mitigating the heaviest monthly loss in the chip sector since 2022. The positive mood...