Wallstreetcn Morning Brief FM-Radio | June 1, 2026

Wallstreetcn Morning Brief FM-Radio | June 1, 2026

Morning Voice of Huajian

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Market Overview

Last Friday,

  • Dell triggered an AI trading frenzy, supporting the three major US stock indexes to reach new highs, S&P rose for nine consecutive weeks, continuing to set the longest streak in over two years, while NASDAQ gained nearly 25% in two months; Dell soared over 30% amid skyrocketing AI server revenue, boosting computer hardware and service stocks, with IBM, HPE, and Supermicro rising over 10%; Strong results from Snowflake and Okta drove a rebound in software stocks, Snowflake surged nearly 46% in two days after earnings; Mixed performance in chip stocks, Micron rebounded over 5% to a new high, but Nvidia fell more than 1%; Blue Origin rocket explosion led to a general decline in aerospace stocks; partner AST SpaceMobile dropped nearly 15%.
  • Trump posted announcing he would make the final decision on the Iran situation, oil tumbled, US treasuries jumped, dollar reversed lower. After Trump's post, the 10-year US treasury yield and dollar index hit two-week lows.
  • Offshore RMB approached 6.76 intraday, setting a three-year high for three consecutive days; Bitcoin fell below $73,000 intraday to a one-and-a-half-month low, rebounding over 2% after Trump's post.
  • Oil fell nearly 20% in May, the first monthly decline of the year, Brent posted its largest monthly drop in six years since the early pandemic; Gold expanded gains, rising over 2% intraday to a two-week high, but fell for a third month in May. New copper fell from a two-week high, but still rose over 7% in May.
  • Asian session: ChiNext fell over 2%, STAR 50 tumbled over 5%, power and consumption rose, chips and semiconductors collectively fell, Hang Seng gained nearly 1%, Lenovo surged over 20% again.

Weekend reports showed uncertainty in US-Iran negotiations; early Monday Asia-Pacific session, international oil rebounded, Brent up 2.2%, WTI up 2.5%.

Major News

China

"Qiushi" magazine published an important article by the CPC General Secretary "Forward Looking Planning and Developing Future Industries", pointing out the need to pinpoint development directions and focus efforts in fields such as quantum technology, bio-manufacturing, with precise policies.

Li Qiang made an important instruction on ensuring production safety: Deepen the three-year offensive for fundamentally tackling production safety, and truly safeguard people's lives, property, and overall social stability.

China's May overall economic output maintained expansion: Official Manufacturing PMI slightly declined month-on-month to 50, affected by external demand cooling; Non-Manufacturing PMI rose to 50.1, business activities returned to expansion.

Ministry of Commerce responded to EU's discussion on China relations: If the EU insists on launching new trade tools and takes discriminatory restrictions, China will firmly counteract; CCTV Yuyuan Tantian: If the EU pushes the "overcapacity tool," China will definitely retaliate.

Overseas

Reports state Trump drastically revised the memorandum of understanding, proposing tougher terms to pressure Iran to speed up negotiations; US officials say Iran may need three days to respond; US Defense Secretary: Trump is patient on US-Iran talks, "any deal is worthwhile"; Trump: If US-Iran can't reach agreement, "Department of War" will intervene; Iranian sources: Iran may propose new revisions to the memorandum text; Iranian Parliament Speaker: Before verifying that Iranian people's rights are guaranteed, no agreement will be approved; Iranian FM: Everything is speculation until negotiation results are clear.

Trump administration will appeal ruling requiring broad refund of tariffs.

Japan spent 11.7 trillion yen in a month to defend the market, marking one of the largest currency interventions in recent years.

Reports say SpaceX’s value dropped from $2 trillion to $1.8 trillion; Musk refuted: SpaceX lowering IPO valuation target is "fake" news. Denmark pension fund blacklisted SpaceX: Overvalued, governance "catastrophic."

Blue Origin rocket exploded in test, Bezos’ "space dream" frustrated; Musk: Rockets are just that hard. US stock aerospace stocks fell Friday.

"Asia’s largest AI tech expo" ComputeX opens June 2, Jensen Huang leads AI giants to take the stage; Nvidia jointly posted with Microsoft & Arm ahead of ComputeX previewing “PC New Era,” reinforcing expectations of upcoming Windows PC chips.

AI programming’s low-cost era ends, GitHub Copilot starts charging by token consumption from June 1.

SoftBank announced €75 billion investment in France, to build Europe’s largest data center, total size 5GW.

Market Closing Report

US & European stock markets: S&P 500 rose 0.22%, closing at 7,580.06; up 1.43% for the week, up 5.15% in May. Dow rose 0.72%, closing at 51,032.46; up 0.90% for the week, up 2.78% in May. NASDAQ rose 0.21%, closing at 26,972.62; up 1.22% for the week, up 8.36% in May. European STOXX 600 index rose 0.14%, closing at 626.00; up 0.14% for the week, up 2.41% in May.

A-shares: Shanghai Composite closed down 0.73%, at 4,068.57. Shenzhen Component closed down 1.81%, at 15,575.13. ChiNext closed down 2.11%, at 4,037.95.

Bond Market: By the end of the session, US 10-year treasury yield was about 4.44%, down about 1bp intraday, down about 12bp for the week, up about 7bp in May; US 2-year yield was about 4.0%, down about 2bp intraday, down 12bp for the week, up 13bp in May.

Commodities: WTI July crude futures closed down 1.73%, at $87.36/barrel, down 9.57% for the week, down 16.86% in May. Brent July crude futures closed down 1.77%, at $92.05/barrel, down 11.1% for the week, down 19.26% in May. CCOMEX June gold futures closed up 1.17%, at $4,560.5/oz, up 0.82% for the week, down 1.17% in May. COMEX June silver futures closed down 0.04%, at $75.616/oz, down 0.42% for the week, up 2.83% in May. COMEX June copper futures closed down 0.57%, at $6.3595/lb, up 0.17% for the week, up 7.32% in May.

 

Details of Major News

Global Heavyweights

China

"Qiushi" magazine publishes important article by CPC General Secretary "Forward Looking Planning and Developing Future Industries". The article emphasizes the need to strengthen overall planning. Future industries are characterized as forward-looking, strategic, and disruptive, requiring scientific planning and comprehensive coordination. The direction must be well targeted, focusing efforts in fields such as quantum technology, bio-manufacturing, with precise policies.

Li Qiang gave an important instruction on production safety: Deepen the three-year effort to fundamentally tackle production safety, firmly safeguard lives, property, and overall social stability. The instruction states the need to stay on full alert, always be cautious, strengthen full-chain, penetrating safety supervision and management in key sectors such as mining, fireworks, transport, construction, and solve deep-rooted safety issues, emphasize responsibility, and resolutely curb the momentum of major accidents.

China's May official Manufacturing PMI slightly declined to 50, Non-Manufacturing PMI rebounded to 50.1. May's PMI dropped 0.3 points month-on-month; Non-manufacturing business activity and composite PMI output indices rose 0.7 and 0.4 points respectively. Data shows China's overall economic output remains in expansion. PMI fell due to retreating external demand, but manufacturing remained stable; non-manufacturing is back in expansion.

EU to launch measures "to protect European industry," Ministry of Foreign Affairs: China is closely following developments. "We hope the EU takes a comprehensive, objective view of China-EU economic and trade relations, upholds free trade. China is closely watching and will take necessary measures to protect legitimate rights." Mao Ning said.

Ding Xiangqun, Chairman of China People’s Insurance, appointed Secretary of the Party Committee of National Financial Regulatory Administration. According to The Paper, Ding Xiangqun was born in June 1965, has a wide-ranging career history in both banking and insurance industries, has served several local governments, and returned to the insurance sector in December 2024.

Five-year urban renewal plan released—how will it affect real estate? The State Council issued its first special five-year urban renewal plan, incorporating new real estate models, "good house" construction, active use of existing assets into top-level design. Renovation goals for dangerous/old houses doubled to 500,000 units compared to the previous five years, urban village redevelopment stays high at 4,000 sites, expected to unleash housing demand. The plan strongly supports activating existing land and promoting use transformation, helping real estate shift from "incremental development" to "stock operation + quality service."

Lenovo stock doubled in May, up 109%, best month since 1999! Lenovo surged 31% intraday on Friday. Following Dell's optimistic guidance, the market expects AI server demand to spread to enterprise clients. Lenovo’s latest results show stable margins amid rising chip costs; Goldman Sachs raised its price target, making it the best performing tech stock in Hang Seng this year.

  • Sudden 30% surge—Who "propelled" Lenovo? Boosted by Dell's "strongest ever" quarterly report, Hong Kong stocks' AI computing power sector exploded on May 29. Lenovo surged over 30%, broke historical highs, market cap exceeded HK$310 billion. Analysts say this surge was driven by the overflow effect from Dell's explosive AI results, Lenovo's own positive AI data, and concentrated target price upgrades.

Overseas

Friday, May 29:

Saturday, May 30:

Sunday, May 31:

Trump administration to appeal ruling requiring broad tariff refunds. The Trump administration said it will challenge a trade court judge’s jurisdiction; the judge had ordered a protocol for handling hundreds of billions in tariff refund claims.

Japan spent 11.7 trillion yen in a month defending the market!One of the largest currency interventions in recent years. From April 28 to May 27, Japan spent ~11.73 trillion yen intervening, second time since 2024. Previous estimates were about 10.08 trillion yen, actual figures were notably higher. Yen still hovers near 159; market believes unilateral intervention cannot reverse US-Japan yield-driven depreciation pressure.

US-Iran ceasefire catalyst drove industrial metals up over 5% in May, best since January. Tin led with 18% monthly gain, copper up 5.6% as supply risks dominate. Macquarie warned sulfur shortage threatens copper production, Congo’s output at risk, production cuts may be announced as early as July.

Musk publicly refuted: SpaceX lowering IPO valuation is "fake" news. Musk publicly denied reports of SpaceX lowering IPO target; Bloomberg’s sources said value dropped from over $2 trillion to at least $1.8 trillion. Despite valuation differences, the IPO may still be the largest ever globally.

Blue Origin rocket explosion in test, Bezos’ "space dream" hit, Musk: Rockets are just that hard. Blue Origin’s "New Glenn" exploded, severely damaging the only launch pad and ground equipment, causing serious setbacks for this year’s launches. Amazon’s $2.7 billion Kuiper constellation is now passive, may affect the NASA moon plan and push clients back to SpaceX. US aerospace concept stocks fell Friday.

"Asia's largest AI tech expo" ComputeX opens June 2, Jensen Huang leads big AI players. The global AI arms race will start at ComputeX 2026. Huang/Jensen from Nvidia takes the lead, Qualcomm, Intel, and Arm to follow; Memory chip revenue projected to double to $595 billion, supply bottleneck may persist until late 2027. A crucial showdown defining AI-era industry power is about to unfold.

Samsung, SK Hynix surge past holding limit: funds forced to sell, record capital outflows from Korean stocks. Samsung and SK Hynix shares soared 147% and 245% this year, forcing funds to sell after hitting 10% holding limit. Forced sales were massive, with global investors net selling $63.6 billion Korean stocks, the largest monthly outflow since 1999. Samsung and SK Hynix combined saw $58.6 billion outflow.

  • Memory chips now pricier than oil! The AI wave pushed Samsung, SK Hynix, and Micron market caps above $1 trillion each—combined value now exceeds top three global oil giants. Unlike past cycles, memory chip makers use long-term contracts to lock in future revenue, boosting predictability. Samsung and SK Hynix account for nearly half of Korea’s index, high concentration raising volatility risks.

AI programming’s low-cost era ends, GitHub Copilot will charge by token consumption from June 1. This caused widespread dissatisfaction among developers; some report bills may multiply tenfold. Not everyone is critical though—some believe the spike is due to users’ lack of restraint.

SoftBank announces €75 billion investment in France to build Europe’s largest data center, total size 5GW.

Selected Research Reports

TrendForce sharply raised memory market forecast: industry size expected to exceed $1.28 trillion in 2027. The report says AI focus is shifting towards Agentic AI, driving HBM, DRAM, and high-performance SSD demand to new levels. With ramping cloud spending and limited wafer capacity, memory supply gap is hard to fill short-term; price rise may last till 2027.

Goldman joins "AI bottleneck trade": MLCC is the new memory, now the "third-largest cost item" in AI servers. Goldman says the multi-layer ceramic capacitor (MLCC) supercycle has just started. MLCC is now AI servers’ third major cost after GPUs and memory, market size projected to grow 4.3x from FY2025–2030. High-end MLCC delivery times exceed 20 weeks, prices are surging, copying memory’s rally path.

BofA: Defensive posture, market shows late-stage bubble traits. Although BofA’s bull-bear indicator fell to 9.4, it remains "extremely bullish," showing bubble's late-stage traits. Funds are shifting from "AI-worship" assets like the tech 7 and bitcoin to "real economy recovery" sectors like silver, industrial metals, small-cap value stocks. BofA advises defensive strategies for 2026, and is optimistic on EMs for the next bull cycle.

"Wall Street Prophet" Yardeni: S&P and gold will both reach 10,000 by 2030. Yardeni’s bullish logic for gold is that S&P may hit 10,000 by 2030, and as it rises, investors will rebalance towards gold, pushing up gold prices. He forecasts gold may hit $5,500/oz by end-2026.

Legendary hedge fund manager Dan Loeb: "Hardcore value investors" who refuse to evolve are dead; not learning AI means extinction. Loeb says that in an AI/geopolitics-driven macro environment, traditional value investors must evolve into "tech investors." He is very bullish on AI infrastructure and semiconductors, calling the current correction a "high-expectation adjustment," not a bubble. He also highlights cross-asset allocation, and is bullish on Japanese reform and Middle East; cautious on heavily regulated Europe.

New round of large models incoming! With Blackwell, AI is stronger? Large models face a key inflection: first flagships trained on Nvidia's Blackwell architecture are about to debut. Citi calls it "the most important near-term tech catalyst." Recently, Anthropic pre-released Claude Opus 4.8; xAI and MiniMax teased new models. The arrival of Blackwell-trained models might mark a real leap in capabilities.

First thing upon waking? Check SK Hynix price! Goldman partner: The market is all leverage, no fear. Mark Wilson warns the market is "extremely greedy" now. Multiple signals may mark a turning point: new Fed chair’s tenure, EPS slowing after summer, early Iran ceasefire framework. If the deal is sealed, falling oil may impact "AI+energy" barbell trades, Europe and EMs could benefit most.

Goldman models: Spain most likely to win World Cup! World Cup as a high-beta asset—path more vital than fundamentals. Prediction: Spain has highest chance to win in 2026 at 26%, France 19%, Argentina 14%. Model uses nearly 20,000 matches, incorporates attack talent, recent momentum, psychology, geography. Historical correlation about 49%, draw path affects win rate greatly; Germany lucks out, Argentina best path.

Domestic Macro

Securities Times: "Plan for Deepening State-Owned Enterprise Reform (2026–2029)" issued.

Hongqing Technology satellite Internet test satellite successfully launched. On May 31 at 02:07 Beijing time, China launched a satellite Internet technology test satellite via Long March 2D from Xichang, in a one rocket, four satellites method. Satellite entered planned orbit, launch was a success. One satellite in this mission was developed by Beijing Blue Arrow Hongqing Technology Co.

Overseas Macro

EU considers new China restrictions, internal caution shows deep anxiety. EU plans new trade restrictions, China warns protectionism will backfire. But the EU’s tough stance caused internal discord: Germany seeks cooperation, Spain quickly withdrew support. The strategic anxiety in this trade standoff can't overcome deep dependence on Chinese markets.

European inflation heats up! France, Spain prices hit new highs for 2024, ECB likely to hike in June. Middle East war drives up energy costs, Eurozone inflation rises sharply in May; Italy, France, Spain CPI all above 2% target. Data reinforced ECB’s rate-hike stance; market almost certain ECB will lift deposit rate from 2% to 2.25% on June 11.

BoE turns dovish, allows inflation temporarily above target, hints at reduced likelihood of June hike. Governor Bailey said in weak real economy, temporary inflation above 2% is tolerable. He said scrapping the prior rate-cut path was a true tightening, and prefers to keep rates unchanged at the June 18 meeting. Swaps price in just one hike this year.

High leverage, high risk! US approves first "perpetual contracts," fully embraces "crypto trading model". On May 29, US CFTC approved bitcoin perpetual contracts; Kalshi and Coinbase got the go-ahead. Perpetuals have no expiry and leverage up to 40x—high risk. Iran war triggered volatility, exposing traditional market weaknesses; US users use VPNs to bypass regulation and flood into decentralized exchanges like Hyperliquid. This relaxation may spark a wave of risky speculation.

Overseas Companies

US software stocks reverse, software ETF postsbest single-month since 2001. Strong earnings from Snowflake and Okta changed sentiment; Snowflake’s $6 billion deal with Amazon and raised guidance pushed shares up 50% in four days; Okta’s agent AI security boost drove single-day surge of 30%. The sector was buoyed.

SpaceX, OpenAI IPOs coming, Asian investors "sell chips, buy bottlenecks," betting on "new capital spending round". The IPO plans are expected to drive $70 billion additional AI spending, plus hyperscalers' $750 billion CAPEX commitment, moving funds from overvalued chips to electronics, server assembly, power infrastructure. Analysts warn if AI demand underperforms, overbuilt risk can't be ignored.

Claude Opus 4.8 tested as legend! Unbelievably strong, but painfully expensive. In "Extra-High" mode, code scoring jumped 30, writing scored 79.6; can refactor code base, generate academic papers. But top performance relies on "Extra-High" mode, consumes vast resources, users frequently hit $200/month cap, desktop experience is messy.

Dell exploded: revenue beat super-optimistic forecasts by 21%, Wall Street reconsiders valuation. Dell Technologies’ latest earnings stunned Wall Street—revenue hit $43.8 billion, beating forecasts by 21%, AI server revenue soared 757% in one quarter, traditional CPU servers rose 92%. Market realized this "PC veteran" may be a core infrastructure provider in the AI era. Dell’s valuation framework—hardware company, slow growth, cyclical, low PE—must be completely redefined.

Dell's strong earnings—why traditional servers unexpectedly boomed? Bernstein says Dell's surprise server surge is driven by Agentic AI. These workloads depend on CPUs for task orchestration, greatly boosting memory and storage demand, making traditional servers the AI base compute layer rather than obsolete. Current growth is mainly from enterprise compute upgrades/expansion, still early with lasting potential.

Samsung delivers industry's first HBM4E samples, performance up over 20% from last generation. Samsung first to deliver HBM4E, with 3.6TB/s bandwidth and 48GB capacity—over 30% improvement. As general DRAM prices soar, Samsung’s bargaining power rises. Morgan Stanley forecasts a 464% surge in profit this year; Korean memory makers may see strongest earnings ever.

Industry/Concepts

1. East-data-West-compute/Computing Power | Shanghai government issued "Opinions on Expanding and Improving the Service Industry" on May 27. Among them: strengthen information service empowerment. Implement "AI+" actions, accelerate AI+ industrial software R&D via power building, deploying large models, and data governance to improve efficiency, push forward on core software technologies. Promote industry-tailored large models and general agents in industrial/financial scaled applications. Study incentives; encourage platform companies to accelerate transformation and build cross-industry comprehensive internet platforms.

2. Silicon Carbide | According to Shanghai Securities News, Zhejiang University’s Hangzhou International Sci-Tech Center and Professor Pi Xiaodong and Researcher Wang Rong's team succeeded in producing silicon carbide epitaxial films over 300 microns thick—a globally first, stable preparation at this thickness.

3. Commercial Space | According to Shanghai Securities News, NASA released a three-stage roadmap for lunar base construction, starting with three unmanned robotic missions, gradually advancing towards establishing long-term human facilities at the lunar south pole.

4. AI Healthcare | China Securities News: AI team led by Meng Xiangfei (National Supercomputing Tianjin Center) and Lan Yanyan (Tsinghua) launched GalaxyVS, an AI virtual screening platform for large-scale drug discovery. Based on Tianhe supercomputer, achieved world-first second-level screening for nearly 100 billion compounds, shrinking months/years-long drug screening to seconds.

5. 3D Printing | China Securities News: Swiss EPFL developed new holographic 3D printing tech, boosting efficiency 70x, enabling millimeter-scale structure printing in seconds, organ models in minutes. Based on "tomographic volumetric additive manufacturing" (TVAM); unlike layer-by-layer, uses laser on rotating resin to grow 3D structure at once inside the volume.

Today's News Preview

China May RatingDong Manufacturing PMI.

Regulations for cleaning up "ghost food delivery" take effect June 1 for online food service operators.

Unitree Robotics Science Innovation Board IPO scheduled for review on June 1.

Nvidia GTC Taipei 2026 conference opens, Jensen Huang delivers keynote.

Huawei nova 16 series and all-scenario chip launch event.

Meituan Q1 earnings report and conference call.

Korea May exports.

US May ISM manufacturing index.

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