Wall Street Insights Breakfast FM-Radio | April 27, 2026

Wall Street Insights Breakfast FM-Radio | April 27, 2026

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Hua Jian Morning Voice

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Market Overview

On Friday, expectations for renewed US-Iran negotiations rose, Intel's stock price soared after earnings, and the US Department of Justice dropped its criminal investigation into Powell, driving the S&P to close up 0.8%, Nasdaq up 1.6%, both hitting all-time highs. However, market breadth was poor that day, with 62% of S&P components falling. The rally was highly concentrated in tech and semiconductor sectors, while defensive sectors like healthcare faced significant pressure.

The Philadelphia Semiconductor Index rose 4.32% Friday, marking a record 18-day winning streak and a weekly gain of 10.02%. Intel surged up to 28% intraday, AMD jumped 14%. The healthcare sector fell about 1%, Eli Lilly dropped around 4%, due to weak initial sales for its new weight loss drug.

US DOJ dropped its criminal investigation into Powell, lifting rate cut expectations, and the 2-year US Treasury yield fell 4.5 bps. The dollar fell 0.32%, narrowing its weekly gain to nearly 0.4%.

Spot gold rose 0.29%, but fell 2.52% for the week. Spot silver rose 0.36%, but fell 6.43% weekly. After Trump sent a special envoy, WTI crude fell over 3% at one point, but still gained 16% for the week.

Early Monday Asia trading, S&P 500 and Nasdaq 100 futures both fell 0.3%, international oil prices rose 1.5%, as weekend US-Iran talks hit a deadlock.

Headlines

China

Central/State Office: Urges internet platform companies and courier firms to reasonably determine new employment group wages.

Crackdown on financial fraud! CSRC: Promoting organic linkage between detection, punishment, delisting, investor protection, strengthening AI large-model application for financial fraud supervision.

MOFCOM spokesperson answered questions on the US House Foreign Affairs Committee passing MATCH and other bills.

Overseas

Shooting incident in the White House Correspondents' Dinner hall. Trump urgently evacuated, fell during withdrawal, gunman is a teacher and game developer. US Acting Attorney General: Dinner gunman's target may have included Trump.

Trump cancelled US representatives' trip to Pakistan, “call if you want to talk”, Iran says “if US eases stance, second round talks may happen soon”. Iran says "Comprehensive management plan for Hormuz Strait formulated", “fees required, priority to payment in Rial”; US military says will continue full blockade of ships entering/exiting Iranian ports. Iranian FM presents ceasefire conditions to Pakistan. Source: Iran takes a tougher stance than during first round of talks.

US Senator Tillis: Ready to advance Wash's Fed Chair nomination confirmation.

Indonesia Finance Minister: Considering following Iran and charging “tolls” in Malacca Strait! Singapore and Malaysia urgently opposed, Indonesia quickly denied.

Mythos totally changes "cybersecurity", trial companies call for “protecting critical infrastructure”.

Market Recap

US & European stocks: S&P 500 up 0.80% to 7165.08, a new closing record after one trading day, up 0.55% on the week. Dow down 0.16% to 49230.71, down 0.44% for the week. Nasdaq up 1.63% to 24836.599, new closing record after one day, up 1.50% for the week. Europe STOXX 600 down 0.58% to 610.65, down 2.54% for the week.

A-shares: Shanghai Composite closed at 4079.90, down 0.33%. Shenzhen Component closed at 14940.30, down 0.69%. ChiNext closed at 3667.79, down 1.41%.

Bond market: US 10-year benchmark yield down 2.37bps to 4.3007%, up 5.27bps on week. 2-year US Treasury yield down 5.54bps to 3.7783%, up 7.01bps on week.

Commodities: Spot gold up 0.29% to $4707.77/oz, down 2.52% for the week. Spot silver up 0.36% to $75.7085/oz, down 6.43% for the week. June WTI crude futures down 1.51% to $94.40/barrel, up 14.30% for the week. June Brent crude futures closed at $105.33/barrel.

Headlines Details

Major World Events

China

Central/State Office: Urges internet platform and courier companies to reasonably determine wages for new employment groups. The opinion promotes improvement of employment management systems in platform and courier companies, encourages labor contracts and reference texts that fit industry characteristics and meet new employment groups’ needs, and determines rights and obligations legally and reasonably based on actual work. Urges timely, full payments based on workload and intensity, and protects rest rights and labor in adverse weather.

Crackdown on financial fraud!CSRC: Promote detection, punishment, delisting, investor protection organic linkage, strengthen AI large-model application in fraud supervision. CSRC deployed special action against listed company financial fraud through 2026. Previous rounds dealt with 263 cases, fines over 3.3 billion yuan, and 18 companies forcibly delisted. The action focuses on "early detection, strong prevention, good mechanisms", strengthening AI supervision, strict penalties, intermediaries' responsibilities, and aims to create a market where fraud is not dared, possible, or wanted.

MOFCOM spokesperson addresses US House Foreign Affairs Committee passing MATCH bill. Q: April 22, US House Foreign Affairs Committee passed MATCH and multiple export control bills. China's comment? A: China notes the situation. China always opposes over-expansion of national security and abuse of export control. If enacted, these bills will severely disrupt the international trade order and global semiconductor supply chain stability. China will pay close attention, assess impact, and take necessary measures to firmly protect the legitimate rights and interests of Chinese companies.

Overseas

Trump urgently evacuated! Shooting incident at White House Correspondents' Dinner hall. At the White House Correspondents' Dinner on April 25, half an hour after Trump arrived, five gunshots rang out in the Washington Hilton hotel lobby. Over 2,000 guests fled under tables for safety as Secret Service rushed to evacuate the president. Trump later posted that the shooter was already apprehended.

  • “Had I known it was so dangerous, I wouldn't have been president”—Trump fell during evacuation, shooter was a teacher and game developer targeting US government officials. When asked if the shooting was related to US-Iran war, Trump said: “I don’t think so.” He called the suspect a “lone wolf” but said investigation is ongoing. Joked if Secretary Rubio had warned about violence, he might not have run for president. When asked "Why are you always being assassinated?" he replied, “I've studied assassinations; they target big names.”
  • US Acting Attorney General: Gunman's targets at dinner may have included Trump. Acting AG Blanche said they've searched the suspect's premises, with targets possibly including Trump. NBC reports he bought two guns, traveled by train from LA via Chicago to DC, stayed at the hotel, and acted alone. Media say suspect Cole Allen, 31, from California.

Trump cancels US delegation to Pakistan, “call if you want to talk”, Iran says second round of talks possible soon if US eases stance. Trump blamed internal chaos among Iranian leaders, saying the US “holds all the cards”, and if Iran wants discussions, “just call.” Iran maintained a hard position, insisting talks proceed only on its terms. Iranian officials added if the US softens, round two negotiations may happen in days. Iranian deputy speaker also says the Supreme Leader ordered Hormuz Strait not to return to prewar status, adding new complexity.

Iran: “Comprehensive management plan for Hormuz Strait formulated”, “fees required, priority to payment in Rial”, US military to continue full blockade of Iranian ports. Iran plans new rules for Hormuz to fully control the vital waterway, requiring passing ships to have permits and pay “tolls”, absolutely banning adversarial nations like Israel. Fees apply for security, environmental protection, shipping management, permits, with priority to payment in Rial.

Iranian FM presents ceasefire conditions to Pakistan. Iranian FM Araqchi visited Pakistan April 26 for talks. Besides bilateral talks, Araqchi handed Pakistan Iran's terms for ending the conflict, – including new legal regime for Hormuz, compensation, guarantees against future aggression, lifting maritime blockade. The conditions are unrelated to nuclear issues. Pakistani army chief also met Araqchi.

Source: Iran is tougher now than in first round of talks. Pakistani sources told Xinhua that Iran insists any war-end plan must follow Iranian terms, not US President Trump's terms.

Iranian Supreme Leader may meet Putin for first time! Reportedly “seriously injured”: one leg has undergone surgery three times, will get prosthesis, facial burns make speech difficult. Iran's Supreme Leader Mojtaba was seriously wounded and disabled in US-Israeli attack, now resorts to written communication, but his strong ties with the Revolutionary Guard still control Iran's core power and key decisions.

US Senator Tillis: Ready to advance Wash's Fed Chair nomination. Republican Senator Tom Tillis says he will allow the Senate to move forward with Kevin Wash's confirmation as Fed Chair. "I'm ready to continue moving forward," Tillis said on NBC's 'Meet the Press'. "I think he'll be an outstanding Fed Chair." This ends months of delay for Wash and clears obstacles for confirmation before Powell's term expires May 15.

Indonesia finance minister: Considering following Iran to charge “tolls” in Malacca Strait! Singapore and Malaysia urgently voiced opposition! The Malacca Strait handles about 40% of global trade. Singapore and Malaysia urgently opposed, Indonesia quickly denied. Meanwhile, interruptions led Panama Canal “queue fees” to skyrocket, putting global shipping under unprecedented test.

US tech Big Four's earnings this Thursday, the soaring AI faces its “moment of truth”. The Big Four tech giants report earnings April 30: Google, Microsoft, Meta, Amazon with combined capital expenditures nearing $600 billion, pouring money into AI infrastructure. But investor patience is waning: this earnings call, they demand real answers on cloud revenue, order fulfillment, and profit margins—not just promises to keep spending. Whoever passes the test will secure their position.

Mythos totally changes “cybersecurity”, trial enterprises call to “protect critical infrastructure”. Companies with access to Mythos say its AI model is driving surges in software updates, which may expose national key infrastructure to cyber attacks. Trial companies warn that commercial entities alone are insufficient; “joint action across public and private sectors” is needed to protect hospitals, banks, utilities, and other critical infrastructure.

Google spends $40 billion to lock in Anthropic: AI duopoly is set, era of ‘Big Three’ is over, “Big Four” era ends. Google invests up to $40 billion in Anthropic, marking the end of the AI “Big Three” era and firmly establishing the OpenAI vs Anthropic duopoly. This also signifies the battle between ASIC and GPU architectures, and Anthropic—with all four tech giants’ support—pushes OpenAI to the edge. AI's next stage: cash, compute and ecosystem ultimate showdown!

Google Cloud CEO: In-house TPU builds competitive moat, Gen 8 chips coming, and external demand exceeds supply. Google Cloud CEO reveals Gen 8 TPU to split into training (v8T) and inference (v8i) lines, leveraging over ten years of chip R&D as structural moat. Amid global compute shortages, Google’s homegrown chips cut model training and inference unit costs sharply; demand far exceeds supply. Kurian warns that players without proprietary chips and whose inference can't cover training costs face financial risk.

Cursor “sells itself” to Space X—all because of Claude and compute pressure. $60 billion “sale” to SpaceX; AI rising star Cursor’s shine hides survival crisis from Claude’s attack and burning compute costs. This marriage lets Cursor break through by tapping SpaceX’s massive server resources, while SpaceX strengthens its enterprise AI portfolio. A bold gamble reshaping the AI battleground.

Research Report Highlights

A-shares see second-longest “grouping” since 2007! CITIC: Next step is “neither hot nor oppositional”. CITIC says after grouping ends, excess is found in non-hot but fundamentally sound sectors, not in sectors opposing popular ones. If an industry is heavily siphoned by AI hardware, it probably has flaws. Next, beware of return to fundamental pricing as commodity volatility drops and continuous price increases driven by supply-demand gaps; supply-side policies like “energy saving and carbon reduction” and “carbon peak evaluation” are key documents.

JP Morgan warns: Ultimate oil market clearance means a price surge far beyond expectations. Global oil market sees bizarre divergence: supply plunges, stocks depleted, but prices stay flat. JP Morgan warns the supply-demand calculation is “off”, idle capacity is lost. True clearance would trigger an extreme-price surge, forcing massive consumption cuts in US/Europe!

Iran war “murky”, global tech stocks “explosively rising”! Goldman hedge fund chief: This market is hard to trade. Goldman hedge chief Pasquariello notes S&P 500 high but systematic and active fund buying is cooling, risk structure cautious. Inflation may return; recommends equity longs hedge with TIPS and Brent. Stays with “spot up, volatility up” strategy overall.

Goldman: What does DeepSeek V4 mean for Chinese AI? Goldman says DeepSeek V4's hybrid attention architecture sharply cuts long-context reasoning cost; its core significance is supporting complex agents at lower cost. V4 bets on Huawei Ascend 950, expecting mass production and much lower API pricing from late 2026. Domestic AI rivalry intensifies, with coding and multi-modal capabilities as differentiation keys. Goldman maintains top rating for cloud and data center.

DeepSeek V4 “high hopes”! Domestic compute power “spear”—super nodes. DeepSeek backs Ascend 950 super node, domestic compute is moving from “usable” to “easy-to-use”, with super node tech as a major breakthrough. Huawei CloudMatrix 384 cluster beats Nvidia NVL72 by 1.7 times; proves “winning by volume”. Orient Securities call this the first mass produced year for domestic super nodes, benefiting chips, cooling, server ODMs, power systems, and whole industry chain.

“Self-driving and irreversible”! Global EV parc faces ‘critical point’. Research shows EVs are at a "tipping point" in China, SE Asia and Europe. In 2025, EVs will be a quarter of all new cars globally; UBS forecasting 58% by 2035. Battery cost, range, and charging efficiency soon match gas cars. Short-term swings aside, experts view EV transformation as self-sustaining and irreversible.

Domestic Macro

Silent DeepSeek and undefined Chinese AI large models. Jadequn Tantan says DeepSeek took 5 months on its new version, deeply adapted to Huawei's domestic chip, enabling high throughput and low latency inference. This is a tech exploration and a signal of Chinese AI progress in hardware-software synergy. Though China lags in process and card performance, through system design, cluster architecture, hardware-software collaboration, and power usage, new development solutions can be explored.

After AI rally, the market faces real variables: energy prices to rise. GF Securities says US-Iran conflict easing helped global stocks recover, AI hardware is the main trend for A-share certainty premium. But as negotiation probability fell from 74% to 35%, global oil stocks now only last ~37 days, desensitization window is closing. Higher energy prices are set, with new energy, chemicals, and renminbi internationalization at hand; next trading scenario is approaching.

Domestic Companies

Moore Threads: Q1 revenue up 155.35% YoY, turning profitable. Q1 2026 Moore Threads revenue was 738 million RMB, up 155.35% YoY. Net profit 29.36 million, vs. net loss of 112 million last year. Focused on full-feature GPU R&D and innovation, enabling large-scale product deployment and rapid revenue growth.

Overseas Macro

US GOP midterm prospects “tighten sharply”, advisors admit “will lose House control by November, focus on holding Senate”. Redistricting setbacks and Iran war-driven oil impacts sap GOP morale, with advisers admitting loss of House control and shifting strategy to senate. Strategists warn midsummer is critical window for US voter intentions; little time left for GOP correction.

US oil and semiconductor ETFs see “historic capital outflows”, some cash out after huge gains. AI boom and Iran war drive, but Wall Street’s most crowded trades loosen. Oil ETF USO lost almost $1bn this month, largest since 2009; semiconductor ETF SOXX, after soaring 50%, saw second largest weekly outflows ever. Investors take profits, market focus shifts from fundamentals to position correction.

Azerbaijan sovereign wealth fund reduced gold holdings for first time, sold over 22 tons in Q1. Azerbaijan’s oil fund, one of world's largest sovereign gold buyers, had 39% gold cap in allocation. By end-2025, gold surged to 38%. Reducing holdings was needed to stay compliant. Combined with Turkey and other emerging markets also cutting gold, sovereign buying lost its price support.

Overseas Companies

Involving Blackstone, Apollo etc. in loans of billions! Two defaults worsen US private credit woes. US private credit under heavy pressure. Blackstone, KKR, Apollo face $4.4bn risk due to Medallia (software) and dental company defaults. High leverage and AI shocks accelerate losses; Blackstone flagship fund bad loan rate hits record. Fears of ‘SaaS apocalypse’ spurring bigger default waves.

War still on, but US-European “defense stock bull market” is over. US-Iran conflict nearly two months, global defense stocks generally declining, following “buy expectation, sell reality”. Lockheed Martin, Northrop Grumman fell from highs, near $1bn left defense ETF; Europe defense index saw biggest monthly fall in five years in March. Analyst says core problem: capacity bottlenecks limit profit realization; doubts persist about Trump plans for big defense budget increases.

Industry/Concepts

1, CPU | Securities Times reports that on April 24, Intel released Q1 2026 results: revenue $13.6bn, up over 7% YoY; net profit up 156% YoY, beating estimates. Intel's stock closed up 23.6% Friday, driving sector up. Core driver: AI boom, especially inference and edge, renewed demand for CPUs. As AI shifts from training to inference and Agent AI deployment, CPUs’ role as central scheduler is reevaluated.

Comment: Analysts believe AI may rapidly boost CPU demand; supply constraints may push prices higher, and market underestimates sustainability of CPU price hikes. Domestic CPU makers will also benefit from the AI boom.

2, AI large models | Securities Times reports: after DeepSeek-V4 release, global top agent open-source project OpenClaw quickly updated versions to support DeepSeek-V4 Flash and Pro. As a global developer open-source standard, this major model switch means DeepSeek-V4 is now part of mainstream intelligent agent development.

Comment: DeepSeek-V4 made deep optimizations for key abilities of autonomous decision-making, tool use, and long-task execution in agents; greatly improved context capacity, reasoning, coding. Better for automated workflows and emergent applications. This will quickly expand DeepSeek in global open-source, cut overseas models’ edge, lower developers’ call/deployment costs. In the ongoing global model competition, domestic models’ voice in agent tracks is rising, changing the industry.

3, Optics | China Securities Journal: To overcome technical bottlenecks in quantum wavelength measurement and achieve autonomy, China's market regulator organized domestic teams, successfully developed and received approval for new national quantum optical wavelength standard, solving narrow-range and low-accuracy pains of traditional single-point standards. China joins US and Germany as the third country to independently develop multi-wavelength synchronous locking, with overall technology at global advanced level.

Comment: The new standard marks China's quantum/systematic optical wavelength value transfer foundation. It is key for high-end manufacturing, BeiDou navigation, next-gen comms (6G), quantum sensors, etc.—critical for technology sovereignty and security. The measurement methods offer IC industry a complete optical wavelength traceability solution, enabling application in semiconductors for 5nm-and-below chips; also supports EUV lithography and high-end equipment with nanometer-level precision, breaking choke points and advancing domestic lithography tech and instruments.

4, Energy Storage | China Securities Journal: April 25, China’s first million-cubic-meter salt cavern hydrogen storage demonstration project was officially put into operation in Henan Province, marking industrialization for China’s “production-storage-transport-use” hydrogen. Yang Chunhe, an academician of the Chinese Academy of Engineering, said the project fills the gap in large-scale salt cavern hydrogen storage technology, a breakthrough from zero to one.

Comment: Compared to high-pressure gas and liquid hydrogen storage, salt cavern hydrogen is seen as the best path for large-scale, long-duration storage: huge scale, low cost, extremely safe. Unlike batteries for short-term, salt caverns, like “underground gas storage”, store hydrogen in wind/solar peak, use in dry/windless periods, balancing energy seasonally. It can be a “ballast” for national energy security; absorbs unstable western renewable energy, pipes hydrogen, even mixes with gas for deep decarbonization in industry/transport.

5, Chemicals | China Securities Journal: Chinese Academy of Sciences researchers achieved a breakthrough in high-value use of waste plastics, using latest photocatalytic tech to turn waste PET plastics and sulfur dioxide exhaust into widely used organic sulfur compounds, especially hydroxymethyl sulfonates (HMS). This is an important advance in photocatalysis, offering new synthesis strategies for organic sulfur compounds and new high-value avenues for waste plastic conversion.

Comment: Photocatalysis is green and gentle, activating redox species in situ at normal temperature/pressure, providing new paths for green chemical synthesis. This technology could link up with existing plastic recycling, forming a complete ecosystem (“raw material-catalyst-equipment-chemicals-energy”), offering innovative solutions to plastic pollution and industrial waste.

6, Marine Economy | Shanghai Securities News: April 24, State Council meeting said to boost marine management, efficient marine development, promote high-quality marine economy, accelerate marine power construction. Strengthen marine science/tech, drive digital/intelligent upgrades. Grow and strengthen marine industries, consolidate leading sectors, cultivate marine biotech, new materials, and orderly develop marine energy resources.

Comment: China's marine economy now has a significant scale. Ministry of Natural Resources’ "2025 China Marine Economy Statistical Bulletin" says marine GDP for 2025 estimated at 11.018 trillion RMB, up 5.5%, accounting for 7.9% of overall GDP, up 0.1%. Shipbuilding and offshore wind remain high-prosperity leading industries.

7, Compute Power | Shanghai Securities News: April 24, DeepSeek-V4 preview officially went online and open-sourced. This new attention-mechanism model enables global-leading long-context processing via architectural innovation. DeepSeek-V4 adapts preferentially to Huawei and Cambricon, aiming to shift the AI ecosystem from CUDA to Huawei CANN and other domestic compute. Domestic chip makers Huawei Ascend, Tianzhizhixin, Cambricon already support DeepSeek-V4.

Comment: Guosheng Securities says domestic models rising, adapting to domestic chips. As Token count grows non-linearly, inference chip demand surges, China is building a closed loop from model-system-chip. Domestic compute demand grows exponentially. 2026 will be a tight supply year, as domestic chips move from “usable” to “good”. Key bottleneck is supply. Design service firms, third-party chip makers, compute bases and related chain could benefit.

Today's Key Previews

China's March industrial enterprises above designated size profit.

Alibaba HappyHorse to open test.

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Risk Warnings and DisclaimerThe market carries risks, invest prudently. This article does not constitute personal investment advice nor considers any user's specific investment goals, financial situation, or needs. Users should consider whether the opinions, views, or conclusions herein apply to their circumstances. Investment based on this is at your own risk. ```