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```htmlGelonghui July 6｜According to reports, Kawasaki Heavy Industries and Toyota are respectively advancing the development of hydrogen fuel generators and hydrogen-powered sports cars. Hydrogen internal combustion engines, as a low-cost alternative to fuel cells, are receiving more attention, adding new possibilities to Toyota's hydrogen energy strategy. Toyota's ongoing investment in the hydrogen energy sector, combined with Kawasaki Heavy Industries' breakthroughs in hydrogen fuel power devices, provides a positive narrative for the market regarding Toyota's medium- and long-term technological prospects.```

BlockBeats News, July 6: Morgan Stanley strategists believe that as investors withdraw from the technology stocks that performed best this year and shift to other sectors, the U.S. stock market may face resistance in reaching new historic highs. This rotation could weaken the previous market leadership dominated by AI and super large-cap tech stocks. The bank's analysis pointed out that most of the positive news in the economy and earnings has already been absorbed by the market, leading indexes to stagnate. Continued upward movement will require truly unexpected good news; the market prefers to see concrete evidence that massive AI capital expenditure can translate into sustained returns, rather than just ever-growing spending figures. This uncertainty is prompting more funds to move from super large-cap tech stocks to a broader range of equities. Morgan Stanley recommends that investors focus more on the achievability and quality of earnings, realize some gains in small-cap stocks, and increase allocations to AI application beneficiaries in certain sectors. Previous research by the bank also showed that although large-cap tech stocks performed strongly in Q3, their share price increases have significantly lagged, with valuations falling. This stands in sharp contrast to the continued rise in industrial and cyclical sectors fueled by expectations of rate cuts, and is seen as more evidence of an ongoing shift in market capital structure.

According to Golden Ten Data on July 6, ten years ago, Musk believed that SpaceX and Tesla had “weak connections” and insufficient reasons for a merger. Today, market discussions have shifted from “if they will merge” to “when they will merge,” and long-term investors believe the merger is already a foregone conclusion. Although Musk has not publicly confirmed this, he frequently refers to the “integration” of his businesses, and SpaceX has also hinted in documents that it may issue a large number of shares, sparking speculation over possible deals. In recent years, both companies have transformed toward AI: Tesla is betting on autonomous driving and humanoid robots, while SpaceX has acquired xAI and plans to deploy space data centers, with AI expected to become SpaceX’s largest source of revenue starting this year. The business ties between the two parties have become significantly stronger: SpaceX disclosed the procurement of batteries and Cybertrucks from Tesla, and Tesla also indirectly holds a stake in SpaceX due to the xAI acquisition. Although Musk denied the logic of a merger ten years ago, in 2025 he acknowledged synergies among the three in the fields of solar energy, AI, and satellites—which he sees as key technology for “harnessing massive amounts of solar energy.”