Wall Street News Breakfast FM-Radio | September 18, 2026

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The Chinese President issued important instructions on developing advanced manufacturing, emphasizing the need to continuously expand and strengthen advanced manufacturing to provide strong support for advancing Chinese-style modernization.

Wang Yi spoke by phone with U.S. Secretary of State Marco Rubio.

China's Ministry of Commerce: The Sino-US trade teams are maintaining close communication on issues such as tariff reductions; the Ministry of Commerce responded to the European Commission's draft public procurement law which includes a "European priority" clause: We are closely monitoring the EU's legislative process and will assess the relevant impact in a timely manner.

Reports indicate that Saudi Arabia has proposed a two-week ceasefire to the Houthis; several major powers have asked Iran to help restrain the Houthis. Brent crude oil prices fell by more than 4% at one point.

Trump: I spoke with Warsh before raising interest rates and support his decision. Trump threatened the EU: If it accepts Canada as an "associate member state," be prepared to accept tariffs.

The number of Americans filing for unemployment benefits for the first time last week fell to 196,000, the lowest level since 1969, with the job market showing "low layoffs and low hiring".

The winning bid rate for the 10-year U.S. Treasury Inflation-Protected Securities (TIPS) auction hit its highest level since the 2008 crisis, drawing attention to the fiscal deficit and corporate debt expansion.

The Bank of England held rates steady but signaled a hawkish stance: if the energy shock continues, further rate hikes may be necessary, and inflation is expected to exceed 4% early next year.

Türkiye has taken multiple measures to urgently quell the fund crisis: nearly $20 billion in funds have been liquidated, executives have been arrested, and trading bans have been imposed.

Huawei Connect Conference: Ascend 960 supernode officially released, new AI chip to launch 9 months ahead of schedule. New progress in Huawei's "Tao Law": Ascend 960 completes "from 0 to 1" 9 months ahead of schedule.

Zhipu released its first RSI achievement, and 100,000 domestically produced cards use GLM to manufacture GLM.

Jensen Huang: Nvidia's chip sales next year will be double this year's. AI cannot be regulated like social media. AI security is of paramount importance.

SpaceX is reportedly considering purchasing data from bankrupt startups to expand training resources for its Grok AI model. "Sister Wood" predicts SpaceX's Starship launches will generate $10 trillion in revenue, to which Musk responded: "Not impossible."

The data center arms race extends to power infrastructure, with Amazon signing an $8 billion seven-year strategic deal with Generac. GPU cloud services are triggering price hikes: Nebius raises prices by another 20%, leading to a reversal of bargaining power for computing power suppliers.

Market Overview

Tech stocks rallied to support a rebound in U.S. stocks, reversing a three-day losing streak. The S&P 500 rose more than 1%, and the Nasdaq rose nearly 2%, both posting their biggest gains in more than six weeks. The chip index closed up more than 3%, marking its third consecutive day of gains. Among chip stocks, Arm rose nearly 9%, Intel rose nearly 8%, and AMD and SanDisk rose more than 6%. The "Big Seven" tech stocks all rose at least 1%, with Nvidia leading the gains at 2.5%. Most AI concept stocks rose, with AMD rising 9.5%, but CoreWeave fell more than 4%.

US Treasury prices rebounded, with the two-year Treasury yield moving away from its two-year high and the 10-year Treasury yield falling 9 basis points.

The US dollar index fell after hitting a one-and-a-half-month high, ending its six-day winning streak; the offshore yuan ended its three-day losing streak, recovering to 6.71 during the session and hitting a new high in more than three years; Bitcoin once broke through $77,000, rising nearly 2% from its daily low.

News from Saudi Arabia eased concerns about Middle East supply, causing crude oil prices to fall for several consecutive days. During trading, US crude briefly fell below the $100 mark, while Brent crude dropped by more than 4%. Spot gold rose nearly 3% at one point. New York copper rose more than 2%, marking its third consecutive day of gains and reaching a one-week high.

U.S. stocks : The S&P 500 rose 1.14% to 7,637.76 points, the Dow Jones Industrial Average rose 0.61% to 51,778.04 points, and the Nasdaq Composite rose 1.69% to 26,418.298 points.

European stocks : The Stoxx Europe 600 index closed up 0.86% at 642.60 points.

A-shares : The Shanghai Composite Index closed down 0.41% at 3875.60 points. The Shenzhen Component Index closed down 0.33% at 13409.91 points. The ChiNext Index closed down 0.40% at 3298.31 points.

Japan and South Korea : The Nikkei 225 closed up 0.33% at 64,136.25 points. The Korea Composite Stock Price Index (KOSPI) closed down 0.04% at 6,715.41 points.

US Treasuries : By the close of trading, the yield on the benchmark 10-year US Treasury note was approximately 4.93%, down about 9 basis points for the day; the yield on the 2-year US Treasury note was approximately 4.66%, down about 8 basis points for the day.

Commodities : WTI October crude oil futures closed down 0.51% at $101.91 per barrel. Brent November crude oil futures closed down 0.95% at $104.82 per barrel. COMEX September gold futures closed up 0.32% at $4360.2 per ounce. COMEX September silver futures closed up 1.84% at $65.47 per ounce. COMEX September copper futures closed up 2.41% at $6.5865 per pound. LME copper futures closed up approximately 1.8% at $14492 per tonne.

News Details

China

Chinese President Xi Jinping issued important instructions on developing advanced manufacturing, emphasizing the need to continuously expand and strengthen advanced manufacturing to provide strong support for advancing Chinese-style modernization . The President stressed that on the new journey, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully and accurately implement the new development philosophy, coordinate high-quality development and high-level security, adhere to the directions of intelligentization, greening, and integration, continuously expand and strengthen advanced manufacturing, enhance the level of self-reliance and controllability of the industrial chain, accelerate the construction of a modern industrial system with advanced manufacturing as its backbone, consolidate and strengthen the foundation of the real economy, and provide strong support for advancing Chinese-style modernization.

Wang Yi spoke by phone with U.S. Secretary of State Marco Rubio . Wang Yi stated that for some time now, China-U.S. relations have generally progressed along the constructive, strategically stable track set by the two heads of state, which is conducive to meeting the expectations of the international community. The two sides also exchanged views on issues such as the situation in the Middle East.

Ministry of Commerce: China and the US trade teams are maintaining close communication on issues such as tariff reductions . According to Xinhua News Agency, in response to a question about the latest progress in consultations regarding a $30 billion tariff reduction arrangement between China and the US, Ministry of Commerce spokesperson He Yadong said that the China and US trade teams are currently maintaining close communication on relevant issues, and further updates will be released in due course.

The Ministry of Commerce responded to the European Commission's draft public procurement law which included "Europe First" clauses . He Yadong stated that China urges the EU to abide by WTO rules, maintain open markets, amend discriminatory clauses in the bill, and create a fair, transparent, and non-discriminatory business environment for companies investing and operating in Europe. China will closely monitor the EU's legislative process and promptly assess its impact.

Huawei Connect 2026: Ascend 960 Super Node Officially Released! New AI Chip to Launch 9 Months Ahead of Schedule . Huawei Rotating Chairman Wang Tao announced at Huawei Connect 2026 that the Ascend 960DT will be released three quarters ahead of schedule in Q1 2027, doubling its performance; the industry's first mass-produced NPO-form optical interconnect product, Hi-ONE, was unveiled, with a single-engine transmission capacity of 7.2T, replacing 48,000 optical modules and reducing power consumption by 550 kW; and the Ascend 950 super node has been commercially deployed in over 1,000 units.

Huawei's "Tao Law" Makes New Progress: Ascend 960 Completes "From 0 to 1" 9 Months Ahead of Schedule . Huawei announced the release of the Ascend 960DT 9 months ahead of schedule, in Q1 2027, doubling its performance; the Ascend 950 supernode has been commercially deployed on a large scale, with over 1,000 sets deployed. IDC data shows that in 2025, Huawei will rank first in the Chinese AI accelerator card market with 812,000 cards. Huawei has clarified its strategic boundaries: not betting on self-developed large models, but rather enabling hundreds of models to run efficiently on Ascend hardware, accelerating delivery through the "supernode + cluster" path.

Zhipu released its first RSI achievement, with 100,000 domestically produced cards using GLM to build GLM . Zhipu's GLM-5.3-Flash completed the deployment of over 100,000 domestically produced AI accelerator clusters in two weeks, increasing throughput by 3.2 times. The GLM-5.3-driven Infra Agent participates in inference optimization, using dense feedback to locate and fix multiple issues. Tang Jie stated that although recursive self-improvement is still far off, the minimum loop of "model optimizing the system, and the system serving the model" has emerged.

Will the Wenjie (问界) model withdraw from Huawei exclusive stores? An insider says the statement is inaccurate. Huawei exclusive stores will be divided into two types: those exclusively selling the Wenjie model and those selling a mix of the other four "Wuwei" (和界, 和界, 和界) models. The division will be officially completed on New Year's Day next year . Reports claim that the Wenjie model will officially withdraw from HarmonyOS and Huawei exclusive stores starting January 1st next year. However, an insider close to Seres (赛力斯, a Huawei brand) says this statement is inaccurate. It's not that the Wenjie model will withdraw on January 1st, 2027, but rather that starting January 1st next year, Huawei exclusive stores will be divided into two types: one exclusively selling the Wenjie model, and the other selling a mix of the other four "Wuwei" (和界, 和界, 和界) models.

Novo Nordisk, Eli Lilly, and ByteDance have all entered the AI-driven pharmaceutical industry, sending A-share innovative drug and CRO sectors soaring . Novo Nordisk has partnered with Anthropic on AI collaboration, Genscript has joined forces with Eli Lilly's TuneLab platform to provide wet laboratory validation, and Anew Labs, spun off from ByteDance, has secured $290 million in funding. These multiple major collaborations and funding rounds demonstrate the booming trend of AI-driven pharmaceutical cooperation, driving a surge in A-share innovative drug and CRO stocks.

overseas

Saudi Arabia reportedly proposed a two-week ceasefire to the Houthi rebels, causing crude oil prices to plummet again. US crude fell below $100, and Brent crude dropped by more than 4% at one point . According to reports on Thursday, Saudi Arabia, through Oman, proposed a two-week ceasefire to the Houthis. The Houthis responded cautiously, demanding a "final and comprehensive" solution. Several major powers have asked Iran to help restrain the Houthis, to which Iran responded that regional peace and stability depend on the cessation of US and Israeli military operations. According to Xinhua News Agency, Wang Yi stated during his meeting with the Iranian Foreign Minister on Wednesday that China does not want regional tensions to spill over further towards Yemen and the Red Sea, and called for resolving the issues through dialogue and negotiation.

Trump threatened the EU: If you accept Canada as a "quasi-member state," be prepared to face tariffs . The EU extended an olive branch to Canada, but Trump immediately warned that if he deemed the move hostile, he would impose heavy tariffs or cut off all trade with the EU. Behind this transatlantic alliance lies a dual calculation: Canada's eagerness to escape the heavy burden of US tariffs, and the EU's attempt to reshape the geopolitical landscape. However, the concept of "quasi-member states" is unprecedented in EU treaties, and internal coordination is still incomplete.

Trump: I spoke with Warsh before raising interest rates and supported his decision . Trump disclosed, "I spoke with Kevin. I said, 'You'd better vote with the committee; the result won't make any difference anyway.'" He told Warsh to "do whatever he wants," adding, "I trust Warsh, but he's facing a very tough committee." However, Trump simultaneously publicly called for interest rates to drop to 1%.

US initial jobless claims fell to 196,000 last week, the lowest level since 1969, indicating a job market characterized by "low layoffs and low hiring." The US job market is showing a clear divergence: initial jobless claims fell to 196,000, and continuing claims also fell to their lowest level since January 2024, indicating that companies' pressure to lay off workers remains limited; however, consumer surveys show that the job-seeking environment continues to weaken. With both "low layoffs and low hiring" coexisting, the job market may exhibit characteristics of "stable existing jobs and weak new hires," and the true state of the labor market remains uncertain.

The yield on the 10-year TIPS auction in the United States hit its highest level since the 2008 crisis, drawing attention to the fiscal deficit and expanding corporate debt . The U.S. Treasury issued $19 billion in 10-year Treasury Inflation-Protected Securities (TIPS) on Thursday, with the winning real yield rising to 2.653%, the highest since 2008. The bid-to-cover ratio was 2.24, lower than the average of 2.43 in the previous three auctions, indicating that demand has cooled somewhat.

The Bank of England held rates steady but signaled a hawkish stance: further rate hikes may be needed if energy price volatility persists, and inflation is expected to exceed 4% early next year . The Bank of England kept interest rates unchanged at 3.75%, but shifted its policy tone to a more hawkish one. Governor Bailey warned that further rate hikes may be necessary if energy price volatility continues. The Bank expects inflation to rise to 3.75% by the end of 2026 and slightly above 4% by early 2027, noting that the indirect effects of the energy shock may be delayed.

Turkey has taken multiple emergency measures to extinguish the crisis: nearly $20 billion in funds have been liquidated, executives have been arrested, and trading bans have been imposed. The Turkish Finance Minister stated that the risks are "temporary and manageable"; regulators will liquidate over 100 funds managed by seven asset management companies, involving portfolios of over 350,000 investors, and have filed criminal charges against 38 people, imposing two-year trading bans on them; several financial institution executives have been arrested, detained, or barred from leaving the country; the central bank has increased the scale of repurchase financing, relaxed bank capital requirements, and raised the interbank money market borrowing limit to 10 times its previous level. The Turkish bank stock index rose more than 9% at one point on Thursday, while many small and mid-cap stocks still fell.

Jensen Huang: Nvidia's chip sales next year will be double this year's, and AI cannot be regulated like social media . Huang opposes copying social media regulations because social media is a product, while AI is the underlying technology supporting other technologies and products. Regulation should focus on the product, not the technology itself. He emphasized rigorous testing, stating that products that are not safe enough should be postponed, emphasizing that "AI safety is paramount."

SpaceX is considering purchasing data from failed startups to expand the training resources for its Grok AI model . According to media reports, SpaceXAI, SpaceX's AI division, has been discussing acquiring customer information and operational data from troubled startups to expand the training resources for its Grok model at a lower cost.

Cathie Wood, known as "Wood Sister," predicts that SpaceX's Starship launches will generate $10 trillion in revenue, to which Musk responds: "It's not impossible ." Wood predicts that a single Starship launch could generate approximately $1 billion in annual revenue. If we extrapolate from Musk's goal of 10,000 launches per year by 2030, the annual revenue could reach $10 trillion. Musk responded, "It's not impossible." This calculation is based on the bandwidth monetization potential of Starlink V3. Starship's 14th flight will carry a mass-produced version of V3 satellites and will be the first flight to generate revenue.

The mysterious model Union Alpha has launched! It lost 2 billion tokens on its first day of release, with some users reporting performance comparable to Astra . OpenRouter launched the anonymous model Union Alpha, targeting programming and agent tasks, supporting 256K context, and is freely available. Its "cutting-edge performance" lacks complete third-party testing, sparking speculation from OpenAI, GLM, and others. Anonymous blind testing is becoming a new pre-launch mechanism for large-scale models.

The data center arms race is extending to power infrastructure, with Amazon signing a seven-year strategic deal with Generac for up to $8 billion . Amazon and Generac have signed a generator supply agreement worth up to $8 billion over seven years, with the first $2.4 billion order to be delivered between 2027 and 2028, and further secured by warrants for long-term purchases. Analysts predict that this agreement will increase the certainty of Generac's future profitability and also shows that the expansion of AI data centers is driving demand from chips and servers to power infrastructure such as power generation equipment.

GPU cloud services are experiencing a price surge: Nebius raises prices by another 20%, reversing the bargaining power of the computing power supply side . Starting October 1st, Nebius raised prices across its GPU cloud services by approximately 20%, with multiple chips from H100 to B300 all seeing increases. This is the second round of price hikes in several months, with the B300 seeing a cumulative increase of up to 56%. Demand visibility exceeds 24 months, and customers are scrambling to purchase Blackwell computing power, even willing to bid at a premium. The imbalance between AI computing power supply and demand is reshaping the entire industry's negotiation landscape, with bargaining power quietly shifting towards the supply side.

Demand concerns have eased, leading to extended delivery times for the iPhone 18 series pre-orders . Five days after pre-orders opened, the global average delivery time for the iPhone 18 Pro and 18 Pro Max increased by 12 days and 7 days respectively, with the Pro Max delivery time now on par with last year's iPhone 17 cycle. JPMorgan believes the shorter first-week delivery time reflects an initial concentration of inventory on high-end models, rather than a sign of weak demand. The subsequent extension of delivery times aligns with the pace of inventory digestion.

Selected Views

The "New Bond King": A liquidation is inevitable; a defensive stance should be adopted for the next 6 to 9 months . Gundlach believes the market has entered a "difficult phase." The excessive expansion of AI capital expenditures and the ever-expanding private credit market are intertwined, inevitably leading to a liquidation. AI-related credit spreads have widened significantly, and the complex risk exposure between private credit and the insurance industry will have serious consequences in the next downturn. He has cleared his AI exposure to zero and shifted to equally weighted equities, high-quality bonds, local currency emerging market bonds, and gold commodities.

Can the "AI deal" continue? Tech stocks have risen 15% this year, but the driving force is narrowing. Brad Gerstner, founder of Altimeter Capital, warns that for the "AI deal" to be sustainable, Anthropic, OpenAI, and SpaceX's annualized revenue must increase from the current $100 billion to $180 billion by the end of the year. The monthly revenue of cutting-edge labs has become the absolute core factor determining the market's survival. He bluntly states: In 2026, follow the facts and refuse leveraged betting.

Goldman Sachs warns that AI's energy demand is equivalent to "recreating Japan," with turbines, transformers, and political resistance being the biggest bottlenecks . From early 2024 to the end of 2030, the additional electricity consumption for AI will be equivalent to "recreating Japan." Goldman Sachs' latest research significantly raised its forecast for US data center electricity demand from 83 gigawatts to 108 gigawatts, and its global demand growth forecast jumped from 117% to 170%. However, shortages of turbines, transformers, transmission lines, and skilled workers, coupled with political resistance from over 300 local bans across the US, are making "timely construction" a more intractable ultimate problem than "sufficient electricity."

Today's Focus

China

The consultation period for the expansion and reorganization of the Hang Seng Index has ended.

overseas

Japan’s August CPI.

Following the Bank of Japan's policy meeting, Governor Kazuo Ueda held a press conference on monetary policy.

The iPhone 18 Pro will be available on September 18.

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