Wall Street News Breakfast FM-Radio | September 8, 2026

Wall Street News Breakfast FM-Radio | September 8, 2026

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The People's Bank of China has increased its gold holdings for 22 consecutive months, with the pace of purchases accelerating further in August.

The Ministry of Industry and Information Technology (MIIT) announced that 6G commercial use will be launched in due course, and the scale of intelligent computing power will reach 9,800 EFLOPS by 2030.

Xiaomi launched its first "mid-folding" flagship phone, the Xiaomi 18 Fold, starting at 10,999 yuan, and disclosed a cumulative investment of 21 billion yuan in chip manufacturing. Huawei released its first "Tao Law" logic folding chip phone, the Mate XT 2 tri-folding phone, starting at 19,999 yuan. Changxin's LPDDR6 chip achieved mass production for the first time in a flagship phone, debuting in the Xiaomi 18 Fold.

Moore Threads shares hit the 20% daily limit down, with 25.77 million shares becoming tradable on Monday. The company urged investors to view the stock price changes rationally, noting that another 186 million shares will be released from lock-up in December.

WeChat is testing AI-powered social networking: AI can pre-chat for requests such as dining out.

Reports indicate that Saudi Aramco's Jizan oil facilities were attacked on Monday; traffic through the Strait of Hormuz was down to only ten vessels in ten days as of the 6th, the lowest level since May; Iran stated that negotiations with Oman on the Strait of Hormuz have entered the final stage, making safe navigation through the US passage through the strait impossible. Iran unveiled a new missile, stating it symbolizes a shift "from passive deterrence to active deterrence."

Canada plans to impose retaliatory tariffs of up to 50% on hundreds of U.S. goods on Tuesday, after Trump threatened to ban the sale of Canadian-made Bombardier aircraft.

The yen broke through 155 against the dollar, with reports suggesting that Japan sold off US Treasury bonds to finance its currency defense.

Eurozone political risk premium rises: Germany's Alternative for Germany (AfD) wins its first state election with 43.8% of the vote, bringing the far right close to power for the first time since World War II.

Jensen Huang: AGI has arrived. RSI is really here: OpenAI Chief Scientist: We have created an alien mind, and all of humanity needs to put on the brakes. OpenAI releases its first "internal RSI progress": "Automated research interns" have been achieved.

Report: Anthropic locked in $517 billion in computing power in 11 months, but still lags behind OpenAI.

Tesla Robotaxi set a 24-hour operation target for October: the V15 seven-track system only achieved 40% completion, and the night shift is a final exam purely based on visual performance.

Market Overview

US stock markets were closed, pan-European stock indices stabilized, with European oil and gas and technology sectors both rising more than 1%, chip stocks performing well, Infineon closing up nearly 7%, while economically sensitive stocks declined, with the healthcare sector falling 1% and Novartis of Switzerland falling more than 3%.

The US dollar retreated, the Japanese yen broke through 155 against the dollar, rebounded more than 1% during the session, and hit a six-month high. The offshore yuan rose above 6.71 for two consecutive days before turning down and temporarily leaving its three-year high. Bitcoin once fell below $79,000, down more than 2% from its daily high.

Reports indicate that Saudi oil facilities were attacked, causing crude oil prices to continue rising, with gains of nearly 2% during the session. Brent crude briefly surged to $98, marking a new high in over a month. Gold prices fell by more than 1% during the session. LME copper rose for the third consecutive day, reaching a new intraday record high after nearly eight months.

US stocks : US stock markets were closed for Labor Day. S&P 500 futures fell 0.19%, Dow futures fell 0.62%, and Nasdaq 100 futures rose 0.1%.

European stocks : The Stoxx Europe 600 index closed up less than 0.01% at 649.90 points.

A-shares : The Shanghai Composite Index closed up 0.07% at 3932.70 points. The Shenzhen Component Index closed up 1.91% at 13774.91 points. The ChiNext Index closed up 3.41% at 3398.68 points. Computing hardware saw a surge, with Zhongji Xuchuang rising over 10% and its market capitalization returning to over one trillion yuan. Moore Threads experienced a 20% daily limit down due to the lifting of its lock-up period.

Japan and South Korea : The Korea Composite Stock Price Index (KOSPI) surged 4.61% to 6995.39 points, with SK Hynix rising 8.26% and Samsung Electronics gaining 5.68%; the Nikkei 225 rose 2.12% to 66399.84 points, with SoftBank Group surging 11.22%.

Commodities : Brent crude oil futures for November delivery rose 0.75% to $97 per barrel. LME copper futures rose 0.65% to $14,510 per tonne.

News Details

China

The People's Bank of China (PBOC) has increased its gold reserves for 22 consecutive months . As of the end of August 2026, the PBOC's gold reserves reached 76.73 million ounces, marking the 22nd consecutive month of increases. The monthly increases from June to August were 480,000, 640,000, and 650,000 ounces respectively, with the last two months exceeding 600,000 ounces each, indicating a significantly accelerated pace of gold purchases.

The Ministry of Industry and Information Technology (MIIT) released the "15th Five-Year Plan" for the information and communication industry, proposing to launch 6G commercial use at an appropriate time . The plan also lists 13 key indicators, including that by 2030, the revenue of the information and communication industry will reach 4.1 trillion yuan, the cumulative investment in information infrastructure will reach 3.8 trillion yuan, the average annual growth rate of total telecommunications business volume will be 7%, the number of 5G (including 5G-A) base stations per 10,000 people will be 50, the scale of intelligent computing power will reach 9800 EFLOPS (100 quadrillion floating-point operations per second), and the user penetration rate of 5G (including 5G-A) will reach 95%.

Xiaomi launched its first "mid-folding" flagship phone, starting at 10,999 yuan, and simultaneously disclosed a 21 billion yuan investment in chip manufacturing . One of the key highlights of the launch event was the official unveiling of the Xiaomi 18 Fold foldable phone, priced from 10,999 yuan, with a ceramic special edition priced at 15,999 yuan and limited to 1,500 units. Lei Jun positioned it as Xiaomi's "most high-end mobile phone product" to date, developed over 20 months. In the chip field, Lei Jun disclosed that Xiaomi's cumulative actual investment in chip manufacturing has reached 21 billion yuan, and confirmed that its Xuanjie O100 and D100 chips will be commercially available in the first half of next year, significantly accelerating the progress of its self-developed semiconductor route. At the same time, the Xiaomi Pengcheng N70 Pro extended-range SUV was priced at 209,900 yuan, further extending Xiaomi's product matrix in the automotive business.

Huawei's first "Tao Law" logic-based foldable chip phone is here! Huawei released the Mate XT 2 tri-foldable phone, powered by the latest Kirin 9050 Pro chip. This chip is the world's first flagship chip to implement "Tao Law" and adopt logic-based folding technology, achieving a leapfrog improvement in chip performance. This also marks Huawei's first launch of a new Kirin chip at a flagship launch event in six years, since the global launch of the Huawei Mate 40.

Changxin Memory has achieved mass production of its LPDDR6 chip for flagship smartphones . The chip, independently developed by Changxin Memory, has entered mass production and is first used in the Xiaomi 18 Fold foldable flagship smartphone, marking the world's first commercial application of LPDDR6 in a flagship device. This product features a 16GB chip with a maximum transmission rate of 12800Mbps, offering 60% higher bandwidth and 20% lower power consumption compared to LPDDR5X.

Moore Threads shares plunged 20% to the daily limit down! 25.77 million shares became tradable on Monday, with another 186 million shares set to become tradable in December . On September 7th, Moore Threads released 25.77 million restricted shares, causing a nearly 85% surge in its circulating shares, triggering a technical sell-off and hitting the 20% daily limit down. The company responded that the volatility was mainly due to the expansion of the circulating shares and urged investors to "handle and view" the stock price changes caused by this release rationally. The even larger release in December (approximately 39.55% of the total share capital) may still constitute a major short-term pressure on the market supply side.

WeChat is internally testing an AI-powered social networking feature: AI can initiate conversations for users with needs such as arranging meals . WeChat is currently testing the "Xiaowei AI Social Networking" function. Users simply tell "Xiaowei" their request, and "Xiaowei" will communicate with their friend's "Xiaowei." The two AIs interact first, with the user only intervening in the authorization and decision-making stages. "Xiaowei" uses WeLM, a large language model developed by Tencent's WeChat team, as its main model, and DeepSeek is used for processing some of the responses.

Huawei's Qiankun Intelligent Driving system has surpassed 2 million deployments, with a cumulative assisted driving mileage exceeding 14.9 billion kilometers . Recently, the number of Huawei Qiankun Intelligent Driving systems deployed, the number of HarmonyOS cockpit systems deployed, and the number of Huawei Qiankun APP users all simultaneously surpassed the 2 million mark. Based on real-world road data from 2 million mass-produced vehicles, the cumulative assisted driving mileage has exceeded 14.9 billion kilometers.

overseas

Reports indicate that Saudi Aramco's oil facilities in Jizan have been attacked again, causing a short-term jump in oil prices . This marks the second attack on Saudi Aramco's oil facilities in Jizan in less than a month, and international oil prices rose following the news. As the conflict between the Houthi rebels and Saudi Arabia continues to escalate, the fighting is spreading to energy facilities and shipping routes, putting pressure on Saudi oil exports. Kpler data shows that Jizan's petroleum product shipments fell to zero in August.

Traffic in the Strait of Hormuz has fallen to its lowest level since May . In the 10 days ending September 6, an average of only about 10 commercial vessels passed through the Strait of Hormuz per day, the lowest since May. The US military recently "destroyed" three Iranian oil tankers, while Iran retaliated by striking three US ships and three oil tankers. The escalating maritime exchanges between the US and Iran have used commercial oil tankers as a tool of pressure. Since July 6, there have been 27 attacks on ships in the vicinity of the strait. Iran has also announced a restricted area outside the Strait of Hormuz, and ships entering it will be sanctioned.

Iran says negotiations with Oman over the Strait of Hormuz have entered the final stage .

Under the shadow of the Strait of Hormuz, gasoline prices in the United States hit a record high for Labor Day . The average price of regular gasoline in the US rose to about $4.15 per gallon, nearly $1 higher than the same period last year, and exceeding the high of $3.82 in 2012. The situation in the Middle East disrupted crude oil transportation, and damage to Russian refineries further tightened the supply of refined petroleum products. Although the US refinery utilization rate rose to 98%, gasoline inventories remained about 6% lower than the five-year average for the same period. Supply increases have not yet significantly alleviated supply pressure in the short term, and high oil prices are beginning to be passed on to travel costs.

The US-Canada trade war escalates: Canada plans to impose retaliatory tariffs on the US on Tuesday, while Trump threatens to ban the sale of Bombardier aircraft . Canada plans to impose tariffs ranging from 15% to 50% on hundreds of US goods on Tuesday, with steel tariffs increasing from 25% to 50%. This will impact key midterm election states such as Michigan and Ohio. Trump, in turn, has threatened to ban the sale of Bombardier aircraft in the US, where more than half of the company's revenue comes from.

The yen has broken through the 155 mark! Previous reports indicated that Japan was selling US Treasury bonds to finance its currency intervention . The yen's rise accelerated significantly, with the USD/JPY pair quickly falling below 155, reaching its highest level since February. Reports suggest that Japan may have been financing large-scale foreign exchange market intervention by selling US Treasury bonds and other foreign securities, raising concerns about pressure on US Treasury supply. Simultaneously, rising expectations of a Bank of Japan interest rate hike and a surge in stop-loss orders amplified the yen's gains. Its future trajectory will depend on policy and capital flows.

  • Japan's record-breaking sale of US Treasury bonds is suspected to be a move to finance a massive yen intervention, causing its foreign exchange reserves to fall below $1 trillion. In August, Japan intervened in the foreign exchange market with a record $98.6 billion, seemingly through a large-scale sale of US Treasury bonds to raise funds, further exacerbating supply concerns in an already strained US Treasury market. Data shows that Japan's foreign exchange reserves plummeted by $94.6 billion, falling below the $1 trillion mark. US Treasury Secretary Bessenter subsequently announced a doubling of long-term bond buybacks to stabilize the market. Furthermore, Japanese officials have hinted at the potential use of the FIMA repurchase facility in the future, which can adjust liquidity up to $60 billion daily, allowing intervention without selling bonds.

The political risk premium in the Eurozone is rising. Germany's Alternative for Germany (AfD) won its first state election with 43.8% of the vote, bringing the far-right close to power for the first time since World War II . The AfD, with 43.8% of the vote, became the largest party in Saxony-Anhalt for the first time, ending the Christian Democratic Union's 24-year dominance. The AfD is only three seats short of an absolute majority, making the BSW, founded by Wagenknecht, crucial to forming a government. Analysts say the regional economy may be impacted, but the national impact will be limited; Merz is under pressure, and European political risk is rising.

Jensen Huang: AGI is here! NVIDIA is behind OpenAI Astra, with 400,000 GPUs about to be deployed. OpenAI's flagship model, Astra, was trained on over 100,000 NVIDIA chips. The significant announcement of "400,000 GPUs about to be deployed" strongly signals a surge in demand for computing power.

RSI is really here! OpenAI's Chief Scientist: We've created an alien mind, and all of humanity needs to put on the brakes . OpenAI's Chief Scientist published a lengthy article, "An Alien Mind." The article argues that AI is nurtured, not created. Even those who create it don't fully understand it. The only window through which humanity can see what AI is thinking is its written thought processes. This window is closing. AI has already begun participating in training the next generation of AI, and this pace won't slow down. No lab is currently running at full speed, including OpenAI.

OpenAI has released its first internal RSI progress report, revealing the achievement of an "automated research intern" system . OpenAI announced that it has achieved its goal of creating an "automated research intern"—a system capable of independently completing research tasks on a multi-day scale under human guidance. As of mid-August, the workload of AI agents in the research department was 3.1 times that of human researchers. The flywheel of "AI training AI" is accelerating: AI produces more code and experimental results, research progresses faster, better models are trained, and in turn, the capabilities of AI agents are improved.

"First Wave of Reviews": OpenAI's GPT-6 Astra performs "remarkably well" in "almost all aspects" . OpenAI released the GPT-6 Astra, and a 48-hour stress test revealed its capabilities: developers used it to reconstruct an interactive city of Hangzhou in 24 minutes, create a 12-player online shooting game in one day, and achieve a zero-error score on the benchmark for Bach's four-part chorus. However, its writing ability has clearly declined compared to its predecessor, with the Elo score dropping by 80 points, while the price is 2.5 times that of the previous generation.

The more powerful the AI model, the more sought-after the storage becomes? OpenAI Astra reignites the "storage chip trade." The release of OpenAI's flagship model, Astra, has reignited market enthusiasm for AI computing infrastructure, with storage chips being the first to benefit, leading to a collective surge in US semiconductor stocks and leading Asian storage companies. Analysts believe that as the capabilities of cutting-edge models continue to improve, the demand for AI computing power and storage bottlenecks will further expand, making HBM, DRAM, and other technologies likely to become key drivers of AI infrastructure transactions.

An arms race before its IPO! Anthropic secures $517 billion in computing power in 11 months, but still lags behind OpenAI . Anthropic has signed a flurry of computing power agreements in the past 11 months, totaling $517 billion and securing at least 14.8 gigawatts of capacity. Partners include giants such as Google, Amazon, Microsoft, and SpaceX. Although its annualized revenue has exceeded $65 billion, surpassing OpenAI's $40 billion, its computing power reserves still fall short of OpenAI's planned 30 gigawatt target.

Tesla's Robotaxi aims for 24-hour operation next month: However, only 40% of the V15 seven-track system has been integrated, with the night shift representing a final exam for purely vision-based capabilities . Tesla's AI head, Eluswamy, revealed that Robotaxi is expected to achieve 24-hour operation around October, with the key depending on the next phase of V15 technology integration. This comes shortly after Tesla moved its operating window from 2 AM to 10 PM, indicating a bet on improving V15's nighttime autonomous driving capabilities. If this comes to fruition, cities like Austin may be among the first to offer 24/7 operation.

Selected Views

Societe Generale: If the 10-year US Treasury yield hits 5.5%, corporate earnings growth will not be enough to offset the impact of rising interest rates on valuations, and the stock market will face substantial pressure, which may be a valuation tipping point; however, it believes that the subsequent interest rate hikes by the Federal Reserve and the European Central Bank will be relatively limited and will not interrupt the current economic cycle.

Rockefeller International: The current US debt surplus stems from the government rather than corporations. The high fiscal deficit has pushed the 10-year US Treasury yield close to the 5% mark. Since the funding gap of hundreds of billions of dollars for AI infrastructure is extremely dependent on external financing, if the US Treasury yield exceeds 5%, it will severely squeeze the cost of bond and equity financing for AI companies, which may directly burst the AI bubble and impact stock market valuations.

Bond Market Observation: The 10-year US Treasury yield is approaching 5%, and the 30-year yield has risen to a near 20-year high of 5.24%. Sticky inflation, widening fiscal deficits, increased supply of Treasury bonds, and expectations of interest rate cuts are all pushing up long-term interest rates. If fiscal expansion and high debt continue, 5% may turn from a temporary resistance level into a new interest rate center.

Today's Focus

China

Jiangbolong was listed on the Hong Kong Stock Exchange.

overseas

South Korea released its preliminary Q2 GDP figures. Japan released its July current account and final Q2 GDP figures. Canada's retaliatory tariffs against the US took effect, imposing tariffs of 15%, 25%, or 50% on approximately 700 US products. The US released its August NFIB Small Business Optimism Index. Germany released its July import and export data.

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