Wall Street Morning News Breakfast FM-Radio | March 10, 2026

Wall Street Morning News Breakfast FM-Radio | March 10, 2026

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Market Overview

Trump hints that the US-Iran war may end soon, crude oil plunges, US stocks accelerate rebound, US Treasury prices hit daily highs, USD turns lower.

The three major US stock indices reversed two consecutive losses, Nasdaq closed up over 1%; chip stocks rose nearly 4%, outperforming the market, Sandisk rose over 10%, AMD over 5%, NVIDIA nearly 3%, leading the seven tech giants; reportedly, after signing a weight-loss drug sales agreement with Novo Nordisk, Hims & Hers jumped more than 40%.

Trump said the Iran war is basically over, crude oil, which approached $120 in Asia, fell during US market hours, US oil, which once surged over 30% intraday, then fell more than 10%. US Treasury yields hit new daily lows, the 10-year Treasury yield fell more than 10 basis points from its daily high; the US dollar index, which hit a three-month high intraday, turned lower and hit a daily low. Offshore RMB turned higher and once recovered 6.90, rising over 400 points from its daily low.

Metals were mixed. Gold pulled back, spot gold once dropped 3% before recovering most losses; silver turned up intraday, spot silver which fell nearly 6% ended up more than 2%. London tin rose over 1% for two days, London copper moved away from two-week lows, London aluminum fell nearly 3% and dropped from near four-year highs.

During the Asian session, A shares and Hong Kong stocks opened low and moved higher, “lobster” concept stocks exploded. Oil and gas stocks’ gains narrowed, HSTECH index approached positive territory, and large model stock MINIMAX soared over 23%.

Top News

China

China February CPI year-on-year growth expanded to 1.3%, the highest in nearly three years; PPI year-on-year decline continued to narrow to 0.9%.

Tech giants collectively joined in, after Alibaba and ByteDance, Tencent also launched its own "Little Lobster", pioneering "WeChat direct connection".

CATL Q4 revenue increased 36.6% year-on-year, net profit attributable to parent surged 57.1%, the largest increase in two and a half years; a total of 31.5 billion yuan planned for dividends for the full year.

Overseas

Trump said the US military action against Iran would end “soon”, but "not this week", will lift some sanctions to stabilize international oil prices.

G7 said after meeting it would not release oil reserves for now, but is "ready at any time" to take necessary measures to support global energy supply; US reportedly supports G7 releasing 300 to 400 million barrels of oil reserves.

Middle East "shutdown wave" data: production cuts reached 2 million barrels/day, to exceed 4 million barrels/day before Friday. Reports: storage space under pressure, Saudi Arabia started oil production cuts. Saudi Arabia rarely supplies crude oil in the spot market, listing 4.6 million barrels. Qatar LNG expansion plan delayed to 2027, global gas supply faces more uncertainty.

Iran warns oil prices may rise above $200, and may stay in triple digits for a long time. Reports: US and Israel “first major disagreement”: US dissatisfied with Israel's attacks on Iran's oil depots.

Asia energy security war escalates, releasing oil reserves, canceling fuel tariffs, setting oil price caps.

Jensen Huang calls on DRAM factories to expand production without worry: "I'll buy as much as you make"; Samsung and SK Hynix were selected as NVIDIA Rubin HBM4 suppliers, shipments expected to begin in March.

Lobster gets a new release: OpenClaw 3.8 arrives.

Market Close

US and European Stocks: S&P 500 closed up 0.83% at 6795.99, Dow up 0.50% at 47740.80, Nasdaq up 1.38% at 22695.946. Europe's STOXX 600 fell 0.63% to 594.92.

A-shares: Shanghai Composite fell 0.67% to 4096.60. Shenzhen Component fell 0.74% to 14067.50. ChiNext fell 0.64% to 3208.58.

Bond Market: At the bond market close, US 10Y Treasury yield was about 4.10%, down about 4bp on the day; 2Y yield about 3.54%, down about 2bp on the day.

Commodities: WTI April crude futures up 4.26% to $94.77/barrel. Brent May up 6.76% to $98.96/barrel. COMEX April gold futures fell 1.07% to $5103.7/oz. COMEX May silver futures up 0.25% to $84.523/oz. LME copper up about 0.7% to $12,954/ton. LME tin up about 1.2% to $50,685/ton. LME aluminum fell about 1.7% to $3,386/ton.

Headline Details

Global Highlights

China

China's February CPI year-on-year increase expanded to 1.3%, the highest in nearly three years; PPI year-on-year decline continued to narrow to 0.9%. The month-on-month increase in February CPI expanded to 1%, the highest in nearly two years, mainly due to the long Spring Festival holiday releasing concentrated consumer demand and a significant rise in service prices. PPI's month-on-month growth matched January; year-on-year decline narrowed, mainly due to rising international prices for non-ferrous metals and crude oil boosting domestic sector prices, and capacity as a result of computing power growth driving up prices in certain industries.

  • Guolian Minsheng Tao Chuan's team said, February CPI and PPI both recovered above expectations. CPI surge was mainly due to "the longest Spring Festival ever" causing a concentrated release of service consumption, together with stimulus policies and rising international oil and gold prices. Core CPI month-on-month growth hit a historical high. PPI's decline narrowed to -0.9%, thanks to international oil price transmission and the effectiveness of "anti-cut-throat competition" policies, boosting bargaining power for mid- and downstream sectors. As demand stabilizes and supply optimizes, PPI is expected to turn positive in Q2, and the GDP deflator already shows signs of recovery.

Tech giants collectively join in, after Alibaba and ByteDance, Tencent also launched its own "Little Lobster"! The war of AI Agents has shifted from technology competition to "who can put it into the hands of regular people".

  • Can you raise a lobster in WeChat? Tencent released three lobsters in one day, with the last one being a real trump card. Tencent launched the AI killer app QClaw, pioneering a WeChat direct link. Just by sending a message, you can remotely command an AI to operate your computer, generate reports, write code, or even tweet for you. Zero-barrier deployment with data stored locally. Not only a disruptive office tool, but this also signifies WeChat moving toward an all-encompassing "super interface".
  • Can a 20,000 salary “raise a lobster”? Behind OpenClaw’s popularity, costs are understated. Beyond hardware, API calls are the long-term largest expense, with a single mission possibly using tens of thousands of tokens; some users’ bills exceeded a thousand yuan in 6 hours. Plus, there are safety risks, configuration barriers, and cultivation input, making "lobster" far from a cheap, plug-and-play tool.

CATL Q4 revenue up 36.6% YoY, net profit up 57.1%, largest growth in two and a half years, 31.5 billion yuan in planned dividends for the year. Q4 net attributable profit 23.167 billion yuan, up 57.1% YoY, largest gain in two and a half years. Full-year revenue 423.7 billion yuan, net profit 72.2 billion yuan; profit growth far outperformed revenue growth. Q4 global EV battery market share rose to 43%, installations up 30%, energy storage battery sales ranked first worldwide. R&D investment of 22.1 billion yuan, second-generation SuperFast battery and other technologies lead the field. About 31.5 billion yuan total dividend for the year at a 44% payout ratio.

As the Middle East goes to war, China's wind power orders are surging. Fighting in the Middle East has heightened Europe's anxiety over energy security. As European supply chains falter under urgent demand, even seeing core suppliers’ contracts canceled, China's wind power manufacturing, with its cost, scale, and delivery certainty advantages, is becoming a key substitute in the energy reshuffling.

Overseas

Trump says that the war with Iran is "basically over", US oil prices fall back sharply from the day's highs. Trump said the war with Iran might soon end, progressing faster than his initial 4-5 week estimate. “I think this war is basically over. Iran has no navy, no communication systems, no air force.”

G7 said after its meeting it will not release oil reserves for now, but "ready at any time" to take necessary measures to support global energy supply. Japan’s Minister of Finance said G7 finance ministers will continue to monitor energy markets; IEA chief called for reserve releases. France's finance minister, chairing the G7, said both Europe and the US were not facing actual supply shortages, but releasing reserves is an option. The US is considering export restrictions and tax exemptions to calm oil prices; the Energy Secretary said the US government is discussing coordinated releases.

  • Media reports G7 plans coordinated oil reserve release. The US and two other G7 countries support a joint 300-400 million barrel release—about 25-30% of IEA members' 1.2 billion barrel reserves. G7 energy ministers may hold an online meeting. US position is that a 300-400 million barrel coordinated release is appropriate.

Middle East "production halt wave" data: production cuts have reached 2 million barrels/day, expected to exceed 4 million barrels/day by Friday. Reports: Storage space under strain, Saudi Arabia begins cutting oil output. Saudi Arabia surprisingly supplies 4.6 million barrels of crude in the spot market! Saudi Aramco broke its usual long-term contracts and is selling three grades of crude via spot auction, with a total volume of about 4.6 million barrels at a premium to March OSP.

Iran warns oil prices could rise above $200 and remain in triple digits for a long time. Macron said France might send troops to the Strait of Hormuz; Iran said as long as the US and Israel strike, Strait security cannot be assured, warning oil tankers to take special care. Wang Yi had phone talks with the foreign ministers of Kuwait and Bahrain. Saudi Arabia said one of its largest oil fields was attacked by drones and warned Iran could be the biggest loser if attacks continue. Putin said high commodity prices are temporary and urged Russian firms to use extra income to cut debt. Trump to hold first press conference since the Iran action, saying it's not yet time for US troops to "protect" Iran's nuclear materials.

Qatar delays LNG expansion to 2027, increasing global gas supply uncertainty. Due to an Iranian drone strike halting Ras Laffan plant output, Qatar Energy has postponed the North Gas Field expansion to after 2027. With a designed capacity of 32mn tons/yr, this project is key to global LNG supply growth. If the halt is less than a month, first exports may appear early next year; if the crisis drags on, full startup will be further delayed. Forecasted LNG oversupply will be pushed back, forcing markets to rebalance expectations.

Asia's energy security war escalates, releasing oil reserves, cutting fuel taxes, setting price caps. The Middle East conflict’s spike in oil prices has prompted Asian economies to launch emergency energy measures. Vietnam is relaxing taxes to ensure supply through market mechanisms; South Korea is invoking oil price controls, the first in 30 years; Japan plans to release strategic reserves; Bangladesh is reducing demand by closing universities and limiting fuel sales. Sustained high prices raise questions on whether governments can continue subsidies—the most critical risk factor in the cost-pass-through crisis.

Jensen Huang urges DRAM makers to expand as much as possible—NVIDIA will buy it all. Speaking at the Morgan Stanley Tech Conference, Huang said: any DRAM capacity expansion will be absorbed entirely by NVIDIA’s new Vera Rubin platform, which uses much more of the advanced HBM4 memory. Despite all three major DRAM firms expanding, shortages will remain.

  • Samsung and SK Hynix chosen as NVIDIA Rubin HBM4 suppliers, shipments begin in March. NVIDIA’s next-gen AI flagship Vera Rubin is already fueling a memory arms race—Samsung and SK Hynix have both been selected for HBM4 supplies, with volume production as soon as March. NVIDIA has set 25% above-industry transmission speed standards at 10Gb/s; Samsung has been first to pass dual certification, SK Hynix catching up.

Lobster gets new update: OpenClaw 3.8 is here. OpenClaw's update cycle is spectacular, releasing 3.8-beta.1 only a day after 3.7. This update focuses on five areas: new local backup and verification for data security, optimized Talk voice mode silent wait, expanded model compatibility to multi-million tokens and enhanced Brave search, size optimization on macOS and Android, and locked down scripting/SSRF defense for security.

Research Highlights

An entire "AI hardware" ecosystem is arising around OpenClaw. The OpenClaw boom is spawning hardware: Rokid glasses, Guangfan headphones/watches, Vitapower robot dogs and more are joining in. In this architecture, OpenClaw acts as the AI OS, doing reasoning and planning; hardware becomes the sensing and execution organs. Open-source community efforts are further driving the explosion, enabling developers to plant OpenClaw in low-cost devices, turning hardware into active teammates, not passive tools.

Carriages, CFLs and "slow living": every energy crisis in history has been a forced upgrade of human lifestyle. True technological breakthroughs usually come not from energy abundance, but scarcity.

a16z latest interview: reports of SaaS’s death are greatly exaggerated; AI’s biggest bottleneck is no longer intelligence. a16z interviewed Atlassian’s CEO: AI is not the death of SaaS but a catalyst of industry differentiation. Software that handles complex real-world processes won’t die; instead, AI drives their accelerated growth. Today, deployment’s core bottleneck is people’s trust in AI, not model IQ. Future software competition is as much about business logic and pricing psychology as model power.

Domestic Companies

Thanks to "Lobster hype", MiniMax's annualized recurring revenue (ARR) grew 50% in just 2 months; M2 model token volume up 6x. Morgan Stanley says, boosted by the OpenClaw ecosystem, MiniMax is surpassing commercialization expectations. ARR jumped from $100m to $150m in only 2 months (over 50%); M2 model token usage was up 6x from December to February, cost per token down by over 50%. Upcoming M3 model targets world-class capability with higher margins.

East Money's 2025 revenue jumped 44% to 6.029 billion yuan, net profit up 76%, with over 60% of profit from Q4. 2025 results beat expectations: full-year revenue was 6.029bn yuan, up 44% YoY; net profit to parent was 3.205bn yuan, up 75.79% YoY. As the A-share market warmed up, both institutional and personal clients drove growth; Q4 revenue was 2.768bn yuan (about 46% of the year), Q4 net profit 1.999bn yuan (about 62% of the year).

Overseas Macro

Inflation fears are back—markets now fully price in two ECB rate hikes in 2024! Surging energy prices rekindle inflation worries. Interest rate swaps now price in two 25bp ECB rate hikes (earliest in June); last week, only one hike was expected. For the Bank of England, the market now expects only 15bp of hikes for 2024—prior to the US-Iran conflict, two 25bp cuts were expected.

Overseas Companies

AI platform landscape quietly shifting: Claude’s monthly traffic jumped 63%, but Google’s moat stays deep. On web: Claude led with 63% MoM growth post-model upgrade, ChatGPT up 7%, Gemini up 17%. On mobile: Claude up 54%, ChatGPT up 4%, Gemini up 12%. BofA says AI is driving expansion in complex search demand; Alphabet remains in a strong position.

At JPMorgan Korea Conference, SK Hynix: memory upcycle to last longer than expected. JPMorgan maintains overweight on SK Hynix with a 1.25m KRW target, implying 35% upside. Management sent multiple strong signals: severe supply-demand gap, low channel inventories, parallel growth of shipments and volume, upcycle to last longer than expected. Multi-year long-term agreements (LTA) are becoming key to revenue security.

Apple raises its foldable iPhone stocking target by 20%, TSMC and Foxconn get extra orders. Apple increased inventory for its first foldable phone by about 20% over initial plans, with major components to begin shipping late Q2 or Q3; release is set before year-end. The phone uses a custom liquid metal hinge, targeting the $2000 premium market.

Optical comms firm Applied Optoelectronics announces first 1.6T transceiver order from a hyperscale client, shares soar 15%! AOI got the first mass order for 1.6T data center optical transceivers, totaling $200m, signaling the technology’s entry into wide commercial use. Shipping starts Q3 2026, completed Q4. AOI is also expanding production at Taiwan and Texas plants, aiming for combined 800G/1.6T monthly capacity of 500,000 units by year-end.

Industry/Concepts

1. Analog chips | Multiple industry sources report Texas Instruments (TI), global analog chip giant, will implement a second round of sweeping price hikes from April 1. Price increases reportedly range from 15%-85%, potentially covering all customers and many key products like digital isolators, drivers, power management ICs, etc. Previously, TI had introduced targeted price hikes for industrial and automotive electronics with 10%-30% increments.

Comment: Industry analysts think the price rise is driven by cost and demand. On costs: 8-inch wafer foundries, packaging/testing, and raw materials are all rising; on demand: AI servers and NEVs are greatly boosting needs. On top of shrinking 8" supply and low inventories, a supply-demand imbalance is emerging. Rather than cooling, the semi price surge of 2026 is intensifying across the chain. From memory and MCU to foundry, packaging, and even passive and connectors, price signals are everywhere. After destocking, industrial recovery plus AI demand makes analog chip inflation a sector-wide trend, and TI’s action will likely set off chain reactions through partners and end-users.

2. Computing Power | According to OpenRouter monitoring, in the past week (March 2-8), China’s large models’ weekly token calls reached 4.19 trillion, up 34.9% WoW; the US models’ total was 3.63 trillion, down 8.5%. For the second week, China's call volume surpassed the US.

Comment: Analysts say the past four weeks saw China’s model call curve accelerating while the US declined, forming a major inflection. Among the top 5 by volume, Chinese models took four spots: MiniMaxM2.5, KimiK2.5, GLM-5, DeepSeekV3.2, totaling 85.72% of the top 5. Core drivers: China’s models have low inference costs/high cost performance. New-generation models (MiniMax M2.5, Kimi K2.5) now match top US/Europe for productivity scenarios and are triggering some replacement and spillover effects. The Agent/tool-call explosion (e.g. OpenClaw) is pushing token inflation further. Analysts see token demand inflation becoming a main AI investment theme, rapidly growing token calls fueling Chinese compute, infrastructure, chips, and cloud, boosting performance and pricing power globally.

3. Cybersecurity | According to Global Times, the Ministry of Industry and Information Technology’s threat sharing platform detected significant security risks in some default/improperly configured OpenClaw open-source AI agent instances, prone to attacks and leaks. Agencies/users should fully review OpenClaw’s public exposure, permissions, and credential status, and improve identity, access, encryption, and audit security to prevent cyber risks.

Comment: AI security is seen as essential for healthy AI development. The 2026 government work report called for a "new intelligent economy", requiring improved AI governance. AI security is a strategic part of national security alongside cyber, data, bio, and ecological verticals. China’s AI agent security market is forecast to reach 43.6bn yuan by 2026 and over 80bn by 2030; global AI security will surpass $100bn by 2030.

4. AI Programming | Sina Finance reports: within a week after Huawei Cloud CodeArts’ code AI agent public beta, user numbers doubled and daily actives tripled. Huawei Cloud is now stress-testing and further expanding Ascend computing. From this week, users can quickly deploy OpenClaw via CodeArts Skill. Huawei has also applied to register “Huawei Cloud CodeArts” as a trademark, signaling continued strategic investment in AI programming.

Comment: Analysts say CodeArts is an "engineering AI code agent" that integrates code LLMs, IDE, and autonomous dev modes. As a local innovation, it leverages Huawei’s decades of R&D and billion-line codebase, reshaping dev paradigms, and enabling a leap from "tool assistance" to "enterprise-level engineering". IDC predicts China’s AI coding tools market will reach 180bn yuan by 2026 (67% CAGR), with CodeArts set to secure a significant share.

5. Amino Acids | Evonik, the methionine giant, announced a global 10% price hike for feed-grade DL-methionine on Mar 5. Evonik Singapore’s plant relies on Middle East methanol/sulfur, covering 12% of world capacity, its European plants another 11%. Raised overseas pricing should drive up market prices.

Comment: Research institutes note vitamins and amino acids have long had low prices, companies kept low inventories to optimize cash/capital costs. Methionine and vitamin E now have the best supply-demand patterns. All new methionine and VE supply is delayed this year, so near-term oversupply isn’t a risk; the high concentration means oligopoly pricing is effective.

Today's Headlines Preview

China import/export data.

Japan and South Korea Q4 GDP.

US February existing home sales.

The US Department of Commerce will hold a robotics manufacturing event.

Oracle and Nio Auto earnings.

EIA releases the Short-Term Energy Outlook report.

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Risk DisclaimerMarket risk exists; investments should be prudent. This article does not constitute personalized investment advice and does not consider individual users’ special goals, finances, or requirements. Users should assess whether any opinions herein fit their situation. Investment is at your own risk. ```