Wallstreetcn Morning Brief FM-Radio | June 2, 2026

Wallstreetcn Morning Brief FM-Radio | June 2, 2026

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Market Overview

Trump eases tensions in the Middle East, the three major US stock indices turn positive intraday and continue to hit new highs in unison. S&P marks the longest streak of daily gains in more than a year, both it and Nasdaq have eight consecutive gains. Nvidia’s blockbuster release fuels the AI craze, stock price rises over 6%. Nvidia enters the PC chip market, Intel falls nearly 5%, Qualcomm drops nearly 9%. PC makers Dell and HP gain over 10% and 8.5% respectively, Arm climbs nearly 16%; IBM closes up 7.6%; Taylor Morrison, acquired by Berkshire, rises over 20%; software stocks surge for a third day, Snowflake closes up 9.6%; post earnings HPE surges nearly 40% after hours.

After reports that Iran will suspend communication with the US, US Treasury yields rise, US dollar index rebounds sharply. After the US ISM manufacturing index, treasury yields and dollar hit daily highs; offshore RMB loses 6.77, saying goodbye to a three-year high; Bitcoin falls below $71,000 intraday, diving nearly 5% from daily high.

After news of Iran halting talks with the US, oil rises sharply, US crude jumps over 8% intraday, Brent rises over 7%, marking the biggest daily gain in at least one month. After the US manufacturing report, gold hits a new daily low, falls over 2%, silver futures drop over 3% at one point.

In Asia, the A-share ChiNext index falls over 2%, AI PC and AI applications are lively against the trend, computing hardware falls across the board, Hang Seng Tech Index rises over 1%, China tech stocks broadly up.

Top News

China

China May RatingDog Manufacturing PMI is 51.8, expanding for the sixth consecutive month, inflation pressure eases.

Unitree Robotics IPOfast-tracked in only 73 days, A-share’s first embodied intelligence stock is emerging.

MeituanQ1 revenue beats expectations, up 5.6% year-on-year, quarterly losses cut by over RMB 10 billion. On earnings call: due to high base order growth may slow in H2, AI investments boost both online and offline.

MiniMaxlaunches flagship M3 model, independently reproduces award-winning paper in 12 hours, first to achieve top programming ability, 1M-long context, and native multimodal simultaneously.

China EVsshuffle accelerates in May, Leapmotor and NIO deliveries up over 80% year-on-year, Zeekr up over 60%, Li Auto deliveries down over 18%, BYD up just 0.26% year-on-year.

Overseas

Iran media: Iranwill suspend communications with the US via intermediaries to protest Israeli military expansion in Lebanon, plans total blockade of Hormuz Strait; Iran Supreme Leader’s military adviser: Iran’s patience is limited, will not allow the maritime blockade to continue; Iran Foreign Ministry: US bears direct responsibility for Israel violating Lebanon-Israel ceasefire agreement. Trump: all fighting between Israel and Lebanon’s Hezbollah will immediately stop, US-Iran talks are “progressing quickly”, no notice received from Iran on suspending negotiations, US and Iran may reach an agreement within a week, extend ceasefire and reopen Hormuz Strait. Lebanese President's office: Hezbollah promises to cease attacks on Israel. Israeli PM: Israeli military will continue operations in southern Lebanon as planned.

US May ISM Manufacturing Index beats expectations, rises to 54, hits four-year high, expands five months in a row.

South KoreaMay exports up over 50% year-on-year, fastest growth since 1984, chip exports at an all-time high $37.2B.

Nvidia Taipei GTC: Vera Rubin in mass production, releases RTX Spark enters PC chip market, partners with Microsoft reshaping Windows PC in personal AI era, collaborates with Unitree in robotics, launches first fully open-source all-modal large model Cosmos 3.

SK HynixKorean chip factory gas leak, 3,600 evacuated, 6 injured; company says production not disrupted, investigating cause.

Google parent company Alphabet announces $80B financing plan, Berkshireto invest $10B.

Anthropicsecretly files IPO prospectus, could list as soon as this autumn; OpenAI CEO denies IPO race, says employment anxiety "makes sense", AI will transition from "passive Q&A" to "background residency", not rushing to build space compute; OpenAIformally launches robotics team, publicly recruiting, advancing real-world AI.

Trump's “old endorsement video” circulates, Barclays covers IBM for the first time and rates overweight, IBM jumps 10% intraday, hits all-time high.

AI demand boosts, HPE last quarter revenue jumps 40%, profits far exceed expectations, guidance significantly raised for fiscal year, surges nearly 40% after hours. Optical communications giant Credo last quarter results and current quarter guidance beat expectations, stock fell nearly 20% after hours.

Strategy breaks “only buy, not sell” tradition first Bitcoin sale, cashes out $2.5 million.

Market Close

US and European markets: S&P 500 up 0.26% at 7599.96; Dow up 0.09% at 51078.88; Nasdaq up 0.42% at 27086.808. Europe STOXX 600 down 0.76% at 621.24.

A-shares: Shanghai Composite down 0.27% at 4057.74. Shenzhen Component down 1.51% at 15340.36. ChiNext down 2.15% at 3950.94.

Bonds: By late bond market, US 10-year Treasury yield about 4.45%, up about 1 bp; two-year US Treasury yield about 4.03%, up about 3 bp.

Commodities: WTI July crude futures up 5.49% at $92.16/barrel. Brent August crude futures up 4.24% at $94.98/barrel. COMEX June gold futures down 1.87% at $4475.2/oz. COMEX June silver down 0.81% at $75.007/oz. LME tin up about 2.2% at $56,649/ton. LME aluminum up nearly 1.4% at $3,716/ton. LME copper up over 1.4% at $13,832/ton.

Top News Details

Global Highlights

China

China May RatingDog Manufacturing PMI hits 51.8, expanding for the sixth consecutive month, inflation pressure eases. Key highlight: both input and output prices slow in growth, marginal alleviation in inflation and cost pressure for businesses. Firms increase stocks due to longer delivery periods; employment marginally declines, but outlook remains optimistic.

Unitree Robotics IPO fast-tracked in just 73 days, A-share’s first embodied intelligence stock imminent. With a minimum issue ratio of 10%, overall valuation at least RMB 42 billion, actual market cap expected much higher.

Meituan Q1 revenue up 5.6% YoY, beats expectations, loss sharply reduced by over RMB 10 billion. Q1 revenue RMB 91B, adjusted net loss RMB 4.97B, last Q4 RMB 15.1B loss. Fiercer competition leads core local commerce into loss, marketing spending up 51.1% to RMB 23B. New business revenue grows 21.3%, loss narrows. AI investment accelerated, strategy pivot to ecosystem value hedging subsidy war, signs of quarterly recovery.

MiniMax launches flagship M3 model, independently replicates award-winning paper in 12 hours, three tech trees fully activated. After Science & Technology Board IPO coaching, launches M3, first simultaneously achieves top programming, 1M context & native multimodal. Can independently replicate ICLR award-winning paper in 12 hours. With new sparse attention and interactive training, agent & code optimization significantly improved.

China EVs accelerate reshuffling in May, Leapmotor, NIO, Zeekr all surge, Li Auto slows, BYD faces pressure. Leapmotor deliveries reach 81,600, a historic high, +81% YoY; NIO & Zeekr +62.3% and +81.8% YoY; Aito up nearly 50% MoM, Xiaomi delivers over 30,000 for two consecutive months; Li Auto’s L-series replaced, Li Auto May deliveries down 18.4% YoY, one of few losers among new players; BYD up only 0.26% YoY.

Overseas

Protesting Israeli expansion in Lebanon, Iran reportedly to suspend communication with the US via intermediaries, plans full Hormuz Strait blockade.

US May ISM Manufacturing beats expectations, rises to 54, new four-year high. Marks five months of expansion; new orders fastest in four months, production up simultaneously, driven by AI investment and stocking rush. Iran conflict pushes up oil / materials price, Manufacturing Price Index at 82.1, down a touch but still near 2022 peak.

South Korea’s May exports hit fastest growth since 1984, chip exports reach record $37.2B. AI chip demand triggers export surge: May exports +53.2% YoY to $87.5B, chip exports top $37B for the first time, nearly triple YoY, three months steady over $30B. Samsung, SK Hynix fuelled by AI infrastructure boom; analysts expect momentum to continue all year.

Nvidia Taipei GTC: Vera Rubin full-scale production, enters PC chip market, collaborates with Unitree in robotics. CEO Jensen Huang says Nvidia will launch CPU “Vera” and new AI model Nemotron 3 Ultra for AI agents. OpenAI, Anthropic, and SpaceX confirmed as first Vera CPU clients.

  • Nvidia unveils new RTX Spark processor for Windows PCs, targeting Intel and aiming at next-gen AI PC market. Nvidia says it is teaming with Microsoft to reshape Windows PC in personal AI era; RTX Spark to power world’s first Windows PCs designed for personal AI agents.
  • Nvidia launches world’s first fully open-source all-modal large model Cosmos 3. It’s a hybrid Transformer-based foundational model for physics AI, natively understands & generates text, image, video, environment sound, actions with leading physical accuracy; shortens physics AI training cycle from months to days.

SK Hynix Korean chip factory gas leak, 3,600 evacuated, 6 injured. SK Hynix says no production interruption, investigating exact cause. Global memory chip supply chain under close watch.

Google parent Alphabet launches $80B financing plan, Berkshire Hathaway to invest $10B. Alphabet to boost equity by $80B: $30B concurrent IPO, $40B at market price, $10B injection by Berkshire via private placement.

Anthropic files secret IPO, could list as early as autumn. Anthropic moves ahead of OpenAI in the listing race. Bankers say first to list gains priority in AI funding. OpenAI CEO Altman downplays IPO rivalry, “will list when timing is right.”

Trump’s old endorsement video circulates, IBM jumps 10% intraday hits all-time high. A video of Trump praising IBM CEO goes viral, plus Barclays new coverage with overweight rating, pushing IBM up 10.1%. Not just sentiment — IBM recently won $1B government quantum contract, announced $10B investment plan. Note: Trust accounts held IBM.

AI demand boosts, HPE last quarter revenue surges 40%, profits far exceed expectations, guidance sharply lifted for fiscal year, surges nearly 40% after hours.

Optical comms giant Credo last quarter results & current guidance beat expectations, stock still plunges nearly 20% after hours.

Breaking “only buy, not sell” custom! Strategy first Bitcoin sale, cashes out $2.5M. From May 26–31, sold 32 BTC at an average net price of $77,135 each, about 1.9% above cost, current profit margin narrows sharply.

Research Picks

SpaceX leads $4T IPO wave, can the market absorb? Goldman: yes. BofA: bubble close to historical extreme. BofA’s Hartnett warns SpaceX, OpenAI, Anthropic’s $4T concentrated listings will drain liquidity, AI sector’s concentration near 1880s railroad bubble peak. Goldman counters $1.3T corporate buybacks & index forced build are enough to absorb.

Goldman raises copper price target, US “hoarding wave” worsens global supply tightness. Goldman sharply lifts LME copper target to $13,735/ton by end-2026, 2027 average $13,800/ton. Driven by two sources: US copper imports exceeded expectations in H1, full year stock build up to 900,000 tons, “outside the US” copper market gap maybe 640,000 tons; Grasberg & Kamoa-Kakula copper mines’ restart delayed to 2028.

China Macro

People’s Daily commentary: Promote AI as new China-US cooperation domain. Article says as intelligent transformation speeds up, China-US exchanges matter for AI tech upgrades/application spread, and facing related risks. China willing to work with the US/international community to develop global AI governance framework and standards with broad consensus.

State Council’s foreign investment rules published, effective July 1, 2026. Regulations: Investors who fail to comply with overseas investment approval/filing, or submit fraudulent/hide info, will be ordered to rectify, illegal gains confiscated, fined 0.1%–0.5% of investment amount.

Li Lecheng in People’s Daily: Speed up layout and development of future industries. Li says quantum computers achieve “quantum advantage” validation; humanoid robots beat human half-marathon record; brain-machine interface accelerates out of medical setting—China’s future industries take lead in critical tracks. Amid global strategic competition heating up, 509K high-tech enterprises, 17K “little giants” poised, an industrial revolution boosting national competitiveness is accelerating.

China-US military maritime safety working group meeting held in Hawaii for 2026.

Beijing’s first space compute industry innovation center officially established.

Continuing spring trend! May Shanghai second-hand home deals exceed 28,000, highest for same period in six years. Analysts: second-hand market enters “stable price and volume” phase; new home market warms, exchange chains smoother, optimism on developer mid-year sales sprint.

China Companies

Huawei nova 16 series uses Kirin 9010S chip. Huawei phones finally to raise prices. Huawei MatePad Pro Max launches, starts at RMB 5,999. Huawei launches new FreeClip 2 ear clip earbuds.

Huawei says Huawei Developer Conference 2026 will be held June 12–14 in Dongguan Songshan Lake. Expect innovations from ecosystem partners, developer content, latest Harmony features & AI capabilities.

Global Macro

US bond traders bet on Fed rate hike; May non-farm payrolls as key test. May jobs report to be unveiled this Friday, market expects 90K non-farm additions, if data strong + PCE up to 3.8% YoY, market may price in more aggressive hikes. 10-year treasury hovers at 4.44%, views diverge, short-term bonds seen as safer haven.

Global Companies

SoftBank overtakes Toyota as Japan’s most valuable company, ending 20-year reign. SoftBank surges over 13% intraday, market cap over 46T yen, up nearly 73% this year. Push factors: huge OpenAI exposure, €75B France AI cluster investment, eight weeks’ foreign net buys.

Largest IPO ever: SpaceX forces index rule rewrite, retail investors key for pricing. SpaceX eyes $1.8T valuation, $75B IPO, so huge Nasdaq & other indices rush to change rules, cut waiting periods. Passive funds may auto-buy for $20B demand, 30% open to retail investors.

Betting on Musk for as little as 600 yuan? Over 10,000 scramble for $180M “SpaceX tokens”—in essence just “IOUs”, investors may lose all. preSPAX is just a derivative tied to SpaceX valuation, with no dividends, voting or real equity. Faces triple risks: assets, clearance, platform credit. If issuer defaults or SpaceX delays IPO, investors may lose their entire investment.

Intel bets on glass substrates: $3.3B India factory, capacity 70,000/year. Intel, partnering with 3DGS, sets up glass substrate factory in Odisha, India. New Mexico mass production base also planned, two sites drive commercialization. TSMC, Samsung, SKC compete on glass substrates, which are moving from lab to mass manufacturing, accelerating material revolution for next-gen AI chip packaging.

Meituan leads Mindverse Series A $50M, developing agents that learn continuously. Mindverse specializes in post-training with RL + LoRA, letting agents learn from real tasks at low cost rather than just prompt engineering. Soon to open-source 750B-parameter agent model.

Industries/Concepts

1. Robotics | Shanghai Stock Exchange Listing Committee holds 31st review session of 2026, approves Unitree Robotics’ IPO. At this pace, Unitree will be A-share’s first “embodied intelligence stock”. Plans minimum 40.44M share issue, raising RMB 4.202B to focus on core tech and long-term layout, especially smart robotics large model R&D. In 2025 Unitree humanoid robots (excl. wheeled dual-arm) shipments exceeded 5,500 units, among the world leaders.

2. Energy Storage | Xinluo data shows global storage battery shipments reached 310 GWh Jan–Apr 2026, up 118% YoY. April shipments 93.6 GWh, up 112%. May–June production up 5–10%, some battery makers’ orders booked till Q4, institutions estimate full-year shipments at 1200 GWh, up 80%. Manufacturers remain optimistic on 2027 demand. Infolink says Q1 global storage cell shipments 206 GWh, up 99%; storage systems 126.4 GWh, installations 61 GWh, up 115%. Home storage exceeded expectations, Q1 home storage shipments 27.3 GWh, up 299%, and makers report stronger Q2 orders.

3. Physical AI | CNI reports Nvidia released Cosmos 3 June 1—a world model for physical AI based on breakthrough hybrid Transformer architecture. Cosmos 3 is the world’s first fully open-source omni-model (all-modal model). Natively understands & generates text, images, video, environment sound, and actions with cutting-edge accuracy; cuts training/assessment cycle from months to days. Nvidia estimates physical AI’s potential in manufacturing/logistics is $50T; Coatue Management estimates a baseline market size of $6T.

4. Glass Substrates | CNI says Optical Valley Lab at Hubei announces mass production of domestically developed glass hard disks by Huazhong Tech Zhang Jingyu’s team and Wuhan YiYao Tech. China becomes the world’s first to commercialize glass storage tech. Disks are round 12cm diameter, 2mm thick, pure fused silica; per-disk capacity 360TB (equivalent to 25,000 HD movies, density 10,000 times blu-ray). Advantages: ultra-long lifespan, high stability (data retention >100,000 years), much cheaper (1/10 traditional) for mass cold data archiving.

5. 3D Printing | Customs latest data: first four months, China exported 2.46M 3D printers, export value RMB 6.106B, up 100.3% and 110.4% YoY. Consumer-level devices, with high performance/cost ratio, expanding overseas sales, favored by consumers. Chinese consumer printers widely used abroad for home goods, culture/creative models, focus on lightweight, life applications. Easy to operate, fit ordinary users’ creative work, and some models, due to technical upgrade, printing quality close to industrial standard.

Today's News Preview

ComputeX 2026, Nvidia holds Nvidia GTC Taipei AI Conference until June 4.

Microsoft Annual Developer Conference Build 2026 is held June 2–3.

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Risk Warning and DisclaimerMarkets are risky; investments require caution. This article is not individual investment advice and does not take into account any individual user’s goals, financial situation or needs. Users should consider whether any opinions, views or conclusions here fit their own situation. Investing accordingly is at your own risk. ```