Wall Street Insights Breakfast FM-Radio | May 1, 2026

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Huajian Morning Voice

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Market Overview

Strong overall US corporate earnings and resilient economic data boosted US stocks to a strong finish for the last trading day of April. On Thursday, S&P 500 rose 1%, Nasdaq rose 0.89%, both closed at record highs. In April, S&P 500 surged 10%, its best month since November 2020, same for Nasdaq. Semiconductor index jumped 2.26%, approaching historical highs.

Google soared 10%, Meta plunged over 8%. Eli Lilly jumped 9.8%, demand for weight-loss drugs surged, prompting expectations to rise. Qualcomm surged over 15%. After Thursday's post-market earnings, Apple rebounded over 2% after volatility, SanDisk fell over 8%.

It is reported that the Bank of Japan carried out a record large-scale intervention in the foreign exchange market, causing the yen to soar 2.4%, its biggest daily gain since 2022. The dollar fell sharply, down 0.8%.

On Friday, oil prices surged then fell, easing inflation concerns, US Treasury yields dropped across the board, 10-year fell 5.8 basis points, 2-year down over 8 basis points.

Crude oil posted an inverted V-shaped day, Brent futures once rose to a four-year high of $124.67, amid reports the US might take military action against Iran. Brent then gave back the day's gains, WTI crude fell 1.4%, up over 12% for April.

In Asia's session, April closed, Shanghai Composite held above 4100, STAR 50 index surged 25%, chips and semiconductors exploded, Cambricon regained the throne as stock king.

Headlines

China

Wang Yi held a phone call with US Secretary Rubio.

He Lifeng held a video call with US Treasury Secretary Bessent and Trade Representative Greer.

At a symposium on strengthening basic research, Xi Jinping emphasized strengthening basic research with greater efforts and more solid measures to further consolidate the foundation for building a strong science and technology nation.

China's official Manufacturing PMI for April slipped slightly to 50.3, Non-Manufacturing PMI fell 0.7 percentage points from last month.

Wuliangye's 2026 Q1 revenue grew 34% year-on-year, net profit soared 83% to 8.1 billion yuan, retrospective adjustment to 2025 revenue criteria.

Overseas

US media reports Trump proposed a new maritime alliance plan to reopen the Strait of Hormuz. Trump claims Iran's nuclear capabilities have been destroyed, Israel said it may take action again "very soon", Iran says it does not fear maritime blockade and will never lose Hormuz. US Defense Secretary says the "60-day limit" for military action against Iran has been suspended due to a ceasefire.

Putin and Trump spoke for an hour and a half, covering Ukraine, Iran and many other topics.

US Q1 GDP annualized growth 2%, PCE price index at 4.3%, inflation pressures surged. March PCE price index rose 3.5% year-on-year, highest in four years, core PCE expanded to 3.2% YoY. Initial jobless claims last week fell to 189,000, lowest since 1969.

Hassett said Powell continuing as Fed governor may affect rate cuts, Trump said he only wants to ensure Waller becomes chair. US Department of Justice may appeal the Fed subpoena ruling, not restarting investigation into Powell.

ECB kept rates unchanged, warned Middle East conflict increases stagflation risks. ECB President Lagarde hinted at possible rate hike in June, traders expect three 25-bp hikes in Europe this year.

Bank of England kept rates at 3.75%, rarely released "three inflation scenarios", warning about rate hike pressure.

Reports: Japanese government and central bank have intervened in foreign exchange market, conducting Yen buy operations.

OPEC+ speaks for the first time after UAE exit: may symbolically increase production by 188,000 barrels/day in June.

Apple's revenue in China continued strong double-digit growth last quarter, iPhone revenue hit new high for the period, this quarter's revenue guidance unexpectedly strong. Stock price fell over 1% after market, later rebounded nearly 5% after guidance announced.

Strongest quarterly earnings ever! Samsung Q1 profit soared eightfold, surpassed 2025 full year, storage business core driver. Conference call: "Traditional DRAM more profitable than HBM for now", memory gap to "further widen" by 2027.

SanDisk, in AI storage frenzy, data center revenue increased 233% quarter-on-quarter, gross margin soared from 23% to 78%. Despite strong results, stock fell 8% after market.

Western Digital Q3 revenue grew 45%, gross margin broke 50% for the first time, AI storage demand continues to drive growth. Despite strong earnings, stock fell 6% after market.

Eli Lilly Q1 revenue surged 56%, GLP-1 drug sales nearly doubled, full-year guidance raised, stock up nearly 10%.

Market Daily Report

US/EU stocks: S&P 500 rose 1.02% to 7209.01, first ever close above 7200. Dow Jones up 1.62% at 49652.14. Nasdaq up 0.89% at 24892.313. European STOXX 600 up 1.38% to 611.28, up 4.83% in April, largest monthly gain since Jan 2025.

A-shares: Shanghai Composite closed at 4112.16, up 0.11%. Shenzhen Component closed at 15107.55, down 0.09%. ChiNext closed at 3677.15, down 0.27%.

Bonds: US 10-year Treasury yield fell 6.11 bps to 4.3686%, up 5.41 bps in April. US 2-year yield down 8.20 bps to 3.8648%, up 7.59 bps in April.

Commodities: WTI June crude futures closed at $105.07/barrel, up 12.78% in April. Brent June crude futures closed at $114.01/barrel, up 9.56% in April. Spot gold up 1.54% at $4617.01/oz, down 1.05% in April. Spot silver up 3.36% at $73.6897/oz, down 1.67% in April.

Headline Details

Global Major News

China

Wang Yi holds phone call with US Secretary Rubio. Wang Yi said, head-of-state diplomacy has always been the "anchor" of China-US relations. Under the strategic guidance of President Xi and President Trump, China-US relations have remained generally stable. This is in the fundamental interests of both peoples, and meets general international expectations. Both sides should maintain this hard-won stability, prepare important high-level interaction agenda, expand cooperation, manage differences, explore building strategic, constructive, stable China-US relations, achieve mutual respect, peaceful coexistence, and win-win cooperation. Wang Yi emphasized Taiwan is China's core interest and is the greatest risk point in China-US relations. The US should keep its promises, make proper choices, open new space for cooperation, and work for world peace.

He Lifeng holds video call with US Treasury Secretary Bessent and Trade Rep. Greer. Both sides discussed implementation of major consensus from China-US leaders' Busan meeting and past calls, candid, deep, constructive exchanges on resolving trade concerns and expanding practical cooperation. China expressed serious concern over recent US trade restrictions on China. Both sides agreed to continue using China-US trade negotiation mechanisms, increase consensus, manage differences, strengthen cooperation, promote healthy, stable, sustainable development of China-US trade.

Xi Jinping at symposium on strengthening basic research stressed to consolidate foundation for building a strong tech nation. Xi stressed to strengthen overall planning and top-level design, optimize system layout of basic research. Promote education, tech, talent development in an integrated way, fully carry out talent cultivation, introduction, and use, expanding basic research talent pool. Strengthen support and guarantees for basic research. Actively integrate into the global innovation network, deepen international cooperation on basic research, jointly tackle major scientific questions like climate change, energy, environment, life and health, actively participate in global tech governance.

"Qiushi" magazine publishes Xi's important article "Speech at the seminar for provincial and ministerial leading cadres on studying and implementing the spirit of the 20th Fourth Plenary Session of the Party". According to Xinhua, the article points out all regions and industries should find their position, stick to smart, green, integrated direction, fully utilize comparative advantages, form lively situation of upstream/downstream industry coordination, each showing its strengths and working together. The article stresses, to build new development patterns must rely on domestic demand as main driver. Properly handle the relationship between consumption and investment, demand and supply, combine improving people's livelihood with promoting consumption, invest in things and people, strive to improve quality and efficiency of national economic circulation.

China's official Manufacturing PMI for April slipped slightly to 50.3, Non-Manufacturing PMI fell 0.7 points month-on-month. High-tech and equipment manufacturing PMI were 52.2% and 51.8%, up 0.1 and 0.3 points from last month, showing continued improvement. Oil, coal, and other fuel processing, chemical raw materials price indices remained high due to commodity price fluctuations. Service industry prosperity fell. Service business activity index was 49.6%, down 0.6 points from last month.

China April RatingDog Manufacturing PMI 52.2, new high since 2021. April RatingDog Manufacturing PMI 52.2, prior 50.8, stayed above expansion line for five consecutive months, output and new orders led gains, consumer goods manufacturing particularly strong. Both quantity and price rise boosted business confidence to two-year high. However, founder Yao Yu said this recovery saw employment sub-index return to contraction area, suggesting recovery mainly supply-side for now, full recovery needs downstream consumption support.

Wuliangye 2026 Q1 revenue up 34% YoY, net profit soared 83% to 8.1 billion yuan, retrospective adjustment to 2025 revenue criteria. Q1 revenue 22.838 billion yuan, up 33.67%; net profit 8.063 billion yuan, up 82.57%, single quarter profit nearly matches 2025 full year. Company announced up to 10 billion yuan buyback plan. Based on business model review and prudence, revenue recognition for some business lines was adjusted. Due to this, Q1 data disclosed in annual report differs significantly from prior reports.

Overseas

US media: Trump proposes new maritime alliance plan to reopen Hormuz Strait. According to reports, under Trump's plan, US will continue to block Iranian ports, coordinate with allies, increase pressure on Iran. Iranian military says Persian Gulf security doesn't need outside forces. Iran's Supreme Leader said Iran will ensure security in the region. Iran's president said any attempt to blockade Iran at sea is doomed to fail.

Trump claims to have destroyed Iran's nuclear capabilities, Israel may take action again "very soon", Iran says it does not fear maritime blockade, will never lose Hormuz. Trump said talks with Iran are stalled, but Iran "really wants an agreement", not opposed to Iran participating in this year's World Cup. Israel's Defense Ministry said 6500 tons of military equipment arrived from the US in the past day, procurement to continue and strengthen in next weeks. The US is seeking to deploy hypersonic missiles to deal with possible Iran military action. Pakistan's Foreign Ministry said diplomacy with Iran and US continues, various negotiation options are being discussed internally. President of Iran says he has completely lost trust in the US.

Trump's war authorization to expire? US defense secretary says "60-day limit" for Iran action suspended for ceasefire. According to US War Powers Act, period to use military forces without Congressional approval is 60 days, so Trump's administration's Iran action limit would expire May 1. US Department of Defense says war spending in Iran has reached $25 billion.

Putin and Trump spoke for one and a half hours, covering Ukraine, Iran, and many other topics. According to Xinhua, Putin briefed Trump on Russia's special military operation, and said Russia is ready to announce a ceasefire during Victory Day. Trump expressed support for this. Trump said he suggested a short-term ceasefire in Russia-Ukraine. Putin said he hopes to help solve Iran's uranium enrichment issue to end the Iran conflict. "But I told him, I'd rather see you focus on ending the Ukraine conflict."

US Q1 GDP annualized growth 2%, PCE price index at 4.3%, inflation pressures surged. Q1 US GDP rebounded to 2%, AI infrastructure drove corporate investment up 10.4%, highest in three years. Q1 PCE price index annualized quarterly increase 4.3%. Consumer spending up 1.6%, better than expected. Government spending rebounded, but Middle East conflict caused oil prices to surge, worsening inflation.

US March PCE price index rose 3.5% YoY, highest in four years, core PCE expanded to 3.2% YoY. Energy price surge reignited inflation pressure, Fed internal hawk-dove divide widened, rate cut expectations under renewed pressure.

US initial jobless claims last week fell to 189,000, lowest since 1969. Recent corporate layoff announcements have not yet triggered a large-scale wave of unemployment. For the week ending April 25, initial claims fell by 26,000 to 189,000; continuing claims fell to 1.79 million, lowest in nearly two years.

Hassett says Powell staying as Fed governor may affect rate cuts, Trump says he only wants to ensure Waller becomes chair. White House adviser Hassett said if Powell stays as Fed governor after his chair term expires in May, it may affect Trump's push for rate cuts. Powell should leave the Fed. Trump said he doesn't care if Powell stays as a Fed governor, he only wants Kevin Waller to be Fed chair.

US Justice Department plans to appeal Fed subpoena ruling, not restarting Powell investigation. Chief federal district judge revoked two grand jury subpoenas to the Fed. Justice Dept believes the ruling challenges prosecutor powers, plans to appeal to maintain investigation authority. This does not restart investigation of Powell, Fed independence and Powell's position are not directly affected.

ECB holds fire, warns Middle East conflict increases stagflation risk. ECB President Lagarde hints at possible rate hike in June, traders expect three 25bp hikes this year in Europe.

Board warns "risks of higher inflation and weaker growth have both increased" and reiterates decisions will be made meeting by meeting, data-dependent. Traders fully priced in three 25bp hikes this year.
Lagarde said ECB will consider a rate hike in June, although discussions at Thursday's meeting denied this option. She said the eurozone economy is clearly deviating from ECB's baseline, but won't call this stagflation, which is tied to 1970s context. Lagarde said inflation faces upside risks, though no second round effects seen so far.

Bank of England holds rate at 3.75%, unusually releases "three inflation scenarios", warns about rate hike pressure. BoE voted 8-1 to keep rate at 3.75%, but sent a clear turning signal. Governor Bailey says Middle East conflict "significantly affects" inflation, expects inflation slightly above 3.5% at year end. BoE unusually abandoned single forecast for three scenarios, all requiring further rate hikes. In worst scenario, if oil holds at $130, inflation could reach 6.2%, rates may need to rise 66-151 bps. Market pricing three hikes this year, earliest in June.

Reports: Japanese government and central bank have intervened in foreign exchange, conduct Yen buy operation. Trigger was Yen falling below 160 per dollar. Earlier, on April 30, Yen fell to 160.72, lowest since July 2024. After news, Yen shot up to 155.57, strongest since late February.

OPEC+ speaks after UAE exit: may symbolically hike output by 188,000 barrels/day in June. OPEC+ expected to approve June increase of 188,000 barrels/day at Sunday’s meeting, continuing prior recovery plan, though Hormuz blockade prevents realization. UAE's recent exit raises fears of unrestrained output expansion and potential price war. Russia's deputy PM Novak dismissed concerns, saying market remains undersupplied. Analysts warn once strait reopens, UAE's free expansion would put downward pressure on mid-term oil prices.

Apple's China revenue continued double-digit growth last quarter, iPhone revenue at record high, this quarter's guidance unexpectedly strong. As of March, Apple’s revenue and EPS both hit period highs, rising about 17% and 22% YoY; iPhone revenue up 22%, just above analysts' average; service revenue up 16%, set new single-quarter highs for three years; Greater China revenue up 28%, Western markets lagged. Apple raised dividend 4%, added $100B buyback authorization. Guidance for this quarter’s revenue up 14-17%, far above expectations, gross margin set at 48.5%. Stock fell over 1% after market, rebounded nearly 5% after guidance.

Strongest quarterly earnings ever! Samsung Q1 profit up eightfold, surpassed 2025 full-year, storage business is core driver. Call: "Traditional DRAM more profitable than HBM for now", memory gap will "widen further" by 2027.

Samsung Q1 revenue KRW 133.9 trillion, up 69% YoY; operating profit KRW 57.2 trillion, up 756%, single-quarter profit already matches 2025 annual total. AI wave is main driver – storage business sales up 292% YoY, DS division contributed 93.9% profit, operating margin 66%. Company expects memory gap to widen through 2027.
On call, biggest incremental info: Traditional DRAM uses quarterly pricing (in rapid price upswing), HBM uses annual lock-in, so currently traditional DRAM shows higher profit margin than HBM. From Q3, HBM4 sales expected to exceed 50% of total HBM sales. Looking forward, memory "super cycle" still far from peak, clients already pre-booked 2027 capacity, gap to widen further by 2027.

SanDisk outperformed expectations, Q3 revenue $5.95B. Q3 adj. EPS $23.41 vs analyst $14.51. Q4 revenue guidance $7.75B–$8.25B vs analyst $6.65B. Q4 adj. EPS guidance $30–33 vs analyst $24.6. SanDisk fell 8% post-market.

Western Digital Q3 revenue up 45%, gross margin broke 50% for first time, AI storage demand continues to drive growth. Revenue $3.337B, up 45% YoY; GAAP net profit $3.172B, up 320%; non-GAAP operating profit $1.287B, up 116%. CEO said almost all AI tasks generate data and provide lasting growth support. Q4 revenue guidance up 36%-44%. Despite strong results, investors took profits, stock fell 6.33% post earnings.

Eli Lilly Q1 revenue up 56%, GLP-1 drug sales nearly doubled, full-year guidance raised. Core driver from Mounjaro and Zepbound, sales nearly doubled, contributing about 65% revenues. Despite strong fundamentals, early prescription of Foundayo oral weight-loss drug was soft, raising concerns. Company accelerated M&A and pipeline progress to strengthen long-term growth. Stock up nearly 10%.

Research Report Selection

"Never see you again"! Powell bows out: a "layman" steered the Fed through its most turbulent eight years. As his term ends, Powell leaves behind a mixed record: withstood unprecedented political pressure from Trump, maintained Fed independence; led "soft landing" miracle, average monthly unemployment rate 4.6% lower than predecessors; but misjudged "transitory" inflation, resulting in toughest price crisis in forty years. Spanning pandemic, inflation, and political storms, he summed up: "I have regrets, but not many."

Google: Cloud business "soars" over rivals, but $190B CapEx is the real gamble. The core highlight in Google’s Q1 is AI-driven Google Cloud (+63%, margin to 32.9%), but true focus is CapEx: quarterly $35.7B, doubled YoY. Key: Full-year CapEx guidance raised to $180–190B, with clear intent to "significantly increase" through 2027, showing AI computing investment has entered prolonged high-intensity phase.

Cloud's four giants all raised CapEx, why are they so bold in spending?Bank of America estimates global hyperscale cloud CapEx to hit $800B in 2026, up 67% YoY. This investment surge is fueled by rapid monetization of AI business and exploding customer demand. Each giant cites accelerating AI sales and sustained ROI as core logic for infrastructure investment.

Domestic Macro

Shenzhen and Guangzhou issued new real estate policies. On April 30, Guangzhou announced new policies, max housing fund loan increased to 3.6 million yuan, and "sell old buy new" subsidy up to 30,000 yuan per home. Policies encourage state-owned enterprises to buy second-hand homes as affordable housing, expand use of housing tickets, push cross-district applications. Insist on "supply by demand", avoid concentrated land auctions in the same planning unit in a single year.

Yi Huiman removed from officeInvestigation found, Yi Huiman lost ideals and beliefs, betrayed his mission, resisted central policies on capital markets, engaged in superstition; violated eight central regulations, took gifts, cash, accepted banquets and travel, violated organizational principles, lied to the organization, sought benefits for others in promotions and hiring, took bribes; lost integrity, allowed relatives to profit from his position, engaged in profit-seeking activities, had others pay his bills, engaged in power-for-sex and money-for-sex transactions; used position to benefit others in promotions, IPOs, financing, and took huge bribes.

Domestic Companies

DeepSeek Vision Mode is a new model? Real test here. DeepSeek's vision mode is being tested, the vision model is independent from V4 flash/pro. Tests show non-thinking mode is fast but prone to spatial reasoning mistakes, deep thinking mode answers correctly but slowly. Useful features: OCR, table recognition, and HTML web reconstruction performed well. Hallucinations still exist, but multimodal ability is stronger and faster than expected.

Unitree Technology launches new product, 26,900 yuan, rare focus on "working"! On April 30, Unitree Technology launched a dual-arm humanoid robot, starting at 26,900 yuan, with 15-31 degrees of freedom, much larger workspace. Unlike previous dance/punch models, this product emphasizes "working", targeting logistics sorting, loading/unloading and industrial scenarios.

Cambricon’s Q1 report blows up, key thing is commercial customers are now taking over, moat begins to show. Analysts say Cambricon's contract liabilities jumped nearly 400 million yuan, indicating big tech orders entering dense delivery period; prepayments surged 1.15 billion locking in scarce capacity. Thanks to "Day0-level" adaptation for mainstream models like DeepSeek V4 and mature software platform, company ecosystem moat is forming fast. Agencies are optimistic about agent-driven computing demand, reflecting rare AI chip leader status.

MediaTek Q1 net profit down 17% YoY, AI ASIC revenue target doubled to $2B. MediaTek accelerates pivot to data centers, raising 2026 AI ASIC revenue target from $1B to $2B, entering Google TPU supply chain, and potentially joining OpenAI projects, opening long-term growth space. Phone business dragged performance, overall revenue/profit down YoY, but AI chips may become new driver, market eyes ramp-up in H2.

Overseas Macro

Major British trade concession! Trump cancels some whisky tariffs, US stocks rally. US President Trump said after meeting UK King Charles III, he would cancel some whisky tariffs. Media says this marks a major trade concession to Britain.

Eurozone economy unexpectedly slowed, Q1 GDP initial YoY 0.8% below expectations, German-French divergence. Eurozone Q1 GDP up only 0.1%, below expectations, April inflation accelerated to 3%, stagflation risk nears. Divergent within: Germany accelerated to 0.3%, France stuck at zero growth. Middle East conflict-driven energy concerns weaken consumer and industrial rebound. Germany cut 2026 growth forecast to 0.5%, France’s consumer confidence at three-year low. ECB faces dilemma on growth vs inflation.

Eurozone April inflation jumps to 3%, ECB faces rate hike pressure. Eurozone Q1 GDP up just 0.1%, near stagnation, April inflation jumped to 3%, highest since Sep 2023, stagflation risk now real. Energy prices up 10.9% YoY drove gains. ECB holding rates as expected, but with inflation far above 2% target, June rate hike expectation is rising fast. Rate hike may further hurt growth, leaving ECB in a bind.

Overseas Companies

Tech giants Q1 earnings: why only Google won?Core reason is Google's cloud revenue up 63%, backlog orders nearly doubled to $46.2B, big orders provide clear return logic for AI CapEx. Other three lagged in cloud growth or lack clear monetization, raising concerns. Market logic: Only reward AI spending backed by orders, punish unmonetized burn.

US stock "Big Four" spending $725B on AI this year, record high, but costly: chip price hikes and capacity limits. US stock "Big Four" CapEx expected to hit $725B, up 77% YoY. Google leads with self-developed chips and cloud growth; Microsoft and Amazon's revenues hit records but face memory price hikes and capacity constraints. Meta shares fall due to spending increase and unclear model pipeline. Vertical integration is now the dividing line, while supply bottlenecks and expensive infrastructure cost are the weight of the AI bet.

GPT-5.6 revealed! GPT-5.5 obsessed with goblins, OpenAI rushed to ban overnight. "GPT-5.6" tracks found in OpenAI logs, likely in canary testing. GPT-5.5 developed odd quirk: obsessed with using "goblin", "imp" and similar words. Investigation found accidental reward signal spill from "Nerdy" personality training, infected 2.5% users but affected whole model. OpenAI banned these keywords in Codex overnight.

Claude pricing jumps up and down: first fatten you up, then "slice". Anthropic recently cut Claude Pro features, switched enterprise to metered billing, blocked third-party Agent frameworks. Previously, $20/month gave automation features; now moved to $100 Max plan or metered fees. Commentators say AI business is shifting from selling memberships to selling meters – once installed, price control is always with supplier.

Anthropic plans to expand Mythos model access, US government opposes. US government opposes Anthropic expanding Mythos model access, as it can find and exploit software vulnerabilities, potentially used for cyberattacks. Trump administration cites security concerns, some also worry about insufficient compute power for government use. Prior clashes over Pentagon AI tools, political and personnel disputes deepen conflict.

OpenAI "Stargate" project ruined Oracle?Analysis suggests "Stargate" project faces severe delays, core campus construction missed, and trillions in off-balance-sheet debts. Only tenant OpenAI is deeply loss-making and may not be able to pay. Oracle, with stagnating core business growth, gambled its future, faces tech risk as assets become outdated before delivery. If OpenAI fails, Oracle may face financial collapse.

AI guru Karpathy interview: from "ambient programming" to "agent engineering" 10x boost, human value returns to aesthetics. OpenAI co-founder Andrej Karpathy says December last year marked paradigm shift: "software 3.0" era focused on agents is here. He distinguishes "ambient programming" from "agent engineering", emphasizing the latter can deliver 10x productivity. Facing highly automated future, human core value will return to aesthetics, judgment, deep understanding: "You can outsource thinking, but not understanding."

Qualcomm enters AI data center, will supply custom chips to big customers, challenge Nvidia supremacy. Qualcomm collaborating with major cloud provider to develop custom chips, first shipments to start in December. Developing CPU, inference accelerator, and custom ASICs. With Apple and Samsung accelerating self-developed chips, consumer electronics business is pressured, data centers are now Qualcomm’s key growth direction.

Today's Key Previews

A-share market holiday, closed May 1–5 for Labor Day.

US, UK, Japan April Manufacturing PMI.

Japan April CPI.

Microsoft Agent 365 (international version) will be released.

Risk Disclosure and DisclaimerMarkets are risky, investment requires caution. This article does not constitute personal investment advice, nor does it consider the special investment goals, financial situation or needs of individual users. Users should consider whether any opinions, viewpoints or conclusions in this article fit their own circumstances. Invest accordingly, at your own risk. ```