Wallstreetcn Morning Brief FM-Radio | June 8, 2026

Wallstreetcn Morning Brief FM-Radio | June 8, 2026

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Huajian Morning Voice

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Market Overview

On Friday, the unexpectedly strong U.S. nonfarm payrolls data for May triggered market concerns about the Fed's possible rate hikes this year, causing a sharp sell-off in the highly crowded and overvalued AI and tech U.S. stocks. S&P fell 2.6%, Nasdaq plunged over 4%, semiconductor index slumped 10% in a single day, wiping out over one trillion USD in market value, marking the largest daily drop in six years. Nvidia dropped 6.2%, while Intel, Micron, AMD, and Broadcom lost between 7.9% and 13.3%. Meta dropped 5.5%; the company is considering a stock offering to raise funds for AI capex.

Following the nonfarm data, U.S. Treasuries were "slaughtered" on Friday, with yields surging broadly. The Fed policy-sensitive 2-year yield jumped as much as 15 basis points, 10-year yield rose 5 basis points to 4.52%, and 30-year yield briefly topped 5% again.

The dollar surged 0.6%, recording its best single-day performance in two months, with a weekly gain of over 1%.

On Friday, cryptocurrencies crashed due to high interest rates and a strong dollar. Bitcoin plummeted 7% intraday, falling below $60,000 for the first time since October 2024. Ethereum collapsed 11% in a day, down over 20% for the week.

Rate hike expectations plus a strong dollar crushed precious metals. Spot gold fell 3.6%, plunging far below its 200-day moving average, erasing all the year's gains. Silver plunged 8%, dropping nearly 10% for the week. WTI crude oil fell 2.9% in a day but still posted a weekly gain, remaining above $90.

In early Asian trading Monday, international oil prices rose 3% after Iran attacked Israel. U.S. stock futures fell: S&P 500 futures and Dow futures down 0.4%, Nasdaq 100 futures down 0.3%. US Dollar Index up 0.6%.

Top News

China

People's Bank of Chinaaccelerates gold purchases! 19 consecutive months of increase, up by 320,000 ounces in May from the previous month.

Wu Qing: Public mutual funds must resolutely curb betting on tracks, style drift, high-priced issuances, and other persistent ills.

Hong Kong Monetary Authority: Mainland customers continue to smoothly apply for account opening processes.

Overseas

U.S. May Nonfarm Payroll reached 172,000, nearly double expectations, unemployment rate remained at 4.3%. "New Fed News Agency": Fed hawks may restart rate hikes. Goldman Sachs no longer expects Fed rate cuts this year.

Waller debut imminent, Trump says Fed rate hikes would be a mistake.

Iranattacks Israel again after two months: IDF intercepting missiles, air raid sirens sound in multiple areas. Trumpsuggests Iran has fired enough missiles. Trump says unfreezing Iranian assets or lifting sanctions is not a precondition for a deal. U.S. military strikes Iranian targets, Bahrain and Kuwait sound air raid sirens. Trump insists U.S. will withdraw from the Iran conflict soon.

After impressive earnings reports but a stock plunge, Broadcom CEO: Never cares about stock price, focusing on technology so clients won’t leave, optimistic about the "Broadcom–Google–Anthropic golden triangle". Benchmark "chip financing": Apollo, Blackstone, and Broadcom join to raise $35 billion for Anthropic to lease TPUs from Google.

Jensen Huang: New Vera chip will use SK Hynix memory products. Reports: Nvidia and SK to announce partnership, Jensen Huang says chip shortage will last for years.

Total $70 billion, SpaceXsigns major deals with Anthropic and Google, with "computing power leasing" ARR as high as $26 billion. SpaceX IPO fundraising to build "space data center," yet rents out expensive computing power to Google and Anthropic! Hotly discussed by netizens: Why is this?

Market Closing Summary

US and European stocks: S&P 500 down 2.64% to 7,383.74, cumulatively down 2.59% for the week. Dow down 1.35% to 50,866.78, down 0.32% for the week. Nasdaq down 4.18% to 25,709.432, down 4.68% for the week. European STOXX 600 index closed down 0.29% to 622.66, down 0.53% for the week.

A-shares: Shanghai Composite closed at 4,027.74, down 0.74%. Shenzhen Component closed at 15,314.70, down 2.21%. ChiNext Index closed at 3,957.93, down 3.20%.

Bond market: US 10-year benchmark Treasury yield rose 5.74 basis points to 4.5303%, up 9.49 basis points for the week. Two-year Treasury yield up 10.39 basis points to 4.1470%, up 14.30 basis points for the week.

Commodities: Spot gold down 3.28% to $4,328.70/oz, down 4.62% for the week. Spot silver down 8.05% to $67.9295/oz, down 9.88% for the week. WTI July crude oil futures down 2.69% to $90.54/barrel. Brent August crude oil futures down 2.04% to $93.09/barrel.

Top News Details

Global Highlights

China

PBOC accelerates gold purchases! 19 consecutive months of increase, up by 320,000 ounces in May MoM. Data shows the monthly net addition to gold reserves has increased from 30,000 ounces in February to 320,000 ounces in May. China's foreign reserves stand at $3.442238 trillion in May, with gold reserves valued at $340.752 billion.

Wu Qing: Public mutual funds must resolutely curb betting on tracks, style drift, high-priced issuances, and other persistent issues. CSRC Chair Wu Qing said that public mutual fund reforms are at a critical halfway stage; industry reputation is rebounding but must be further consolidated. Interests must be aligned, new regulations fully implemented in governance, product issuance, operation, and performance assessment. Must enhance contrarian thinking, curb persistent illnesses, and avoid reverting to the old "scale expansion, quick profit" approach.

Hong Kong Monetary Authority: Mainland customers continue to smoothly apply for account opening processes. According to Shanghai Securities News, concerning recent attention on mainland investors opening accounts in Hong Kong, HKMA’s spokesperson said they have been in close communication with mainland regulators. Securities brokers need to take extra steps per SFC rules, and banks must apply equally stringent standards. Account opening processes are compliant and orderly, and mainland residents may invest in eligible products through various legal cross-border channels.

Overseas

Blowout US May nonfarm job increase: 172,000, nearly double expectations, unemployment rate stays at 4.3%. Traders have priced in a Fed rate hike this year, possibly as early as October. "New Fed News": Hawks might restart rate hikes.

Waller debut imminent, Trump says Fed hikes would be a mistake. As Trump-nominated Fed chair Kevin Waller prepares for his first FOMC (June 16-17), Trump said rate hikes would be a mistake: "When you see a great economic report, the market drops because they think the Fed will hike. There’s no need to raise rates." Trump insists rates should go down, increasing pressure on the new chair.

Iran attacks Israel again after two months: IDF intercepting missiles, air-raid sirens in multiple areas. On the evening of the 7th, IDF intercepted missiles fired by Iran at northern Israel. Air raid sirens sounded across Haifa and the Galilee region; civilians were asked to shelter. Four missiles were fired; a new wave triggered another intercept.

Trump suggests Iran has fired enough missiles. After Iran fired multiple missiles at Israel (in response to IDF escalation in Lebanon), Trump told Fox News: "My advice to Iran—you’ve fired the missiles, that’s enough. Now go back to negotiations." He added, "U.S. forces are on alert."

Trump says unfreezing Iranian assets or lifting sanctions is not a precondition for a deal. According to Xinhua, Trump told U.S. media he would not make unfreezing Iranian assets or lifting sanctions a precondition for an agreement.

U.S. strikes Iranian targets; Bahrain, Kuwait sound air raid sirens. Trump insists on imminent withdrawal from Iran conflict. Tensions between the U.S. and Iran intensify—Bahrain and Kuwait sound national air raid sirens, the U.S. shoots down 4 Iranian drones and bombs coastal radar stations, Iran retaliates with missiles at U.S. bases in Kuwait and Bahrain. Trump says U.S. will "withdraw soon", Iran’s military "utterly destroyed", but ceasefire elusive.

After impressive earnings, Broadcom stock drops. CEO: Never cares about stock price, focusing on tech so clients won’t leave, bullish on "Broadcom–Google–Anthropic triangle". CEO confirms progress with OpenAI custom AI chip (mass production later this year), no Microsoft approval needed. Deep binding with Google TPU to challenge Nvidia; bets on Anthropic bring huge technical payback. AI computing demand could double revenue in next two years, adding $50+ billion. Focus is on organic growth, not M&A.

Benchmark chip financing: Apollo, Blackstone & Broadcom team up to raise $35B for Anthropic to lease Google TPU. Funding via special purpose vehicle (SPV), combining debt & equity. $35B debt in tranches, Broadcom guarantees A1 ($6B) & A2 ($24B), B-note ($4.5B) at 8.5% interest—the largest ever chip-related financing.

Jensen Huang: New Vera chip will use SK Hynix memory products. Nvidia CEO Jensen Huang says the new Vera CPU will use SK Hynix DRAM: "It's a revolutionary CPU, and will use SK Hynix DRAM."

Report: Nvidia and SK to announce partnership, Jensen Huang says chip shortage will last for years. According to Newsis, the two companies will announce partnership Monday. SK Hynix confirms this; top leaders to disclose details together.

A total $70B! SpaceX inks monster deals with Anthropic and Google, annual recurring revenue of $26B from computing power leasing. SpaceX signs cloud compute leasing deals: $1.25B/mo with Anthropic, $920M/mo with Google. Will help IPO fundraising. However, xAI faces talent drain and R&D setbacks, raising doubts about its own AI capabilities.

SpaceX IPO to build "space data center", yet rents out expensive compute to Google and Anthropic! Netizens ask: why? SpaceX prepares for the biggest US IPO ever, with huge compute lease contracts. Critics say the pricing is above market and resembles "financial engineering", with speculation this is monetizing leftover resources after setbacks in xAI’s GPU and model training, creating contradictions in the space data center story.

Highlighted Research

What triggered "Black Friday"? SemiAnalysis report "crushes" Micron. SemiAnalysis released a report on Nvidia reducing memory capacity, interpreted as AI demand cooling, causing Micron shares to crash 13% on the same day it got Nvidia HBM4 certification. Though the firm denies a bearish stance, its frequent Micron-negative narratives and repeated fundamental misses have led to strong criticism of its research quality.

No matter what, don’t "ignore" Friday's big drop. Popular blog QTR's Fringe Finance warns: This decline should not be treated as another "buy the dip" opportunity. Current valuations, Fed stance and market fragility are very different from the rescue-prone environment of the past 15 years.

What's behind the US Black Friday correction? How does it affect A-shares? Industrial Securities Strategy says: This is a fund-driven, emotionally and structurally biased sell-off. Previous concentrated trading structure magnified volatility from negative news. After this crowding is digested, the July earnings season will again catalyze the AI rally. The same is true for A-shares—after a phase of overseas-driven rotation, tech may return in July earnings season.

The Iran war has lasted 100 days; why haven't oil prices soared, and will they? Shrinking demand and unexpectedly resilient supply have brought oil down from 140 to below 100. However, PIMCO's Greg Sharenow warns this buffer might run out in months—any disruption could trigger a sharp spike.

Goldman's commodities chief on "gold, silver, copper, aluminum": gold and silver pressured, copper risky, aluminum most solid. Tony Kim notes: institutions have dumped $40B+ yet gold stays at 4400, signaling gold's "mission is done" but surpassing 6000 is a huge challenge. Copper is hyped by AI and tariff talk, but inventories at five-year highs cast doubt on bull logic; aluminum sees the clearest supply gap after the Mideast destroys smelters, short-term may touch $4,000.

Domestic Companies/Industries

China achieves major breakthrough in clean, low-carbon hydrogen-coal co-firing technology. On the 7th, China Energy Group announced that it had, for the first time, realized 50% green hydrogen blending and 100% pure hydrogen combustion in its self-developed hydrogen-coal co-firing tech—a major milestone. This result suggests a viable technical path for drastic coal-fired plant emission cuts, boosting green transitions and integration with renewables.

Overseas Macro

Russian president’s advisor: US is trying to withdraw from Ukraine talks. According to China Central TV, Advisor Anton Kobyakov said the US is trying to withdraw from negotiations, realizing that Russia will benefit. He responded to US Secretary of State Rubio’s comments that prospects for peace were dismal.

Putin: Zelensky "rude and disrespectful", meeting is "meaningless". Putin called Zelensky’s letter "rude and disrespectful" and said meeting was pointless. He added that after a Ukrainian businessman relayed Zelensky’s "willingness to talk", the Ukrainian army immediately attacked a building that night.

Bond giants buying bonds, prepping for AI bubble burst. Credit bond giants DoubleLine and Oaktree are buying bonds with survival potential for a deep credit cycle, anticipating the AI bubble’s possible burst. As tech pours money into AI, bubbles are inevitable—look for companies with strong structures and balance sheets.

Korean bulls seeking "protection": not "don't invest", but "keep investing with hedges". Korea’s market is up 90% this year; funds load up on derivatives for downside protection. Money is migrating to downstream AI supply chain; EWY options shift from speculation to hedging.

OPEC+ statement: Seven countries will raise oil output by 188,000 barrels/day in July. OPEC+ says Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman will adjust quotas and affirm market stability. Next OPEC+ meeting: July 5.

Overseas Companies

Who's lying? Top VCs bring Altman and other bigwigs together for a "Mafia" reality show. Not about AI or funding, but top Silicon Valley billionaires play "Mafia" in this new show—under high pressure, the game acts as a "personality exposure experiment." Sam Altman analyzes everyone as if dissecting AI models, and the confrontations on the table reveal their competitive business DNA.

"Chat is dead"! Biggest ChatGPT revamp coming, OpenAI to build "super app". OpenAI plans the biggest ChatGPT upgrade since launch, transforming it from a chatbot to an integrated programming tool and AI agent "super app." This marks a strategic shift from consumer "dream-building" to enterprise monetization, aligning more with Anthropic’s route and becoming a major IPO narrative.

Sectors/Concepts

1. RF chips | According to China Securities Journal, China Electronics Technology Group No. 55 Institute delivered over 5 million of the world’s first mass-produced silicon-based GaN RF chips for smart devices. This is the world’s first major commercialization of silicon-based GaN RF chips in devices, supporting ubiquitous, high-speed integrated network coverage.

Comment: Traditional high-end GaN chips rely on expensive SiC substrates, making them costly and unsuited to mass-adoption in small devices. The domestic team’s “silicon-based” (GaN-on-Si) approach keeps GaN’s high power, efficiency and bandwidth while using cheap silicon lines. This innovation cracks the “performance/cost contradiction,” lowers commercial barriers, and means China is leading, not just catching up, in third-generation semiconductors and future comms standards.

2. Green Hydrogen | According to China Securities Journal, China Energy Group’s self-developed hydrogen-coal co-firing tech achieved 50% green hydrogen blending and 100% pure hydrogen combustion for the first time, a major breakthrough. This tech—using a fully self-developed low-NOx hydrogen-coal combustor and all-round safety system—allows green hydrogen and coal to fully mix. The trial achieved 50% heat from hydrogen, meaning, with green hydrogen, coal savings and emission cuts could reach 50%, with effective NOx control.

Comment: Wide adoption will drive lower-carbon development in power, hydrogen generation-storage-transport, special combustors, control systems and enhance power plant flexibility. As China depends on imported oil/gas, this tech leverages domestic coal and renewables to cut that reliance and guarantees energy security as well as grid resilience.

3. Computing Power | According to China Securities Journal, the world’s first prefabricated computing center base was officially commissioned in Qingdao, Shandong. The “base” acts as the power hub or “heart” of a computing center, delivering reliable electricity supply. Compared to traditional bases, it saves over 30% of area, reduces cost by 20%, and can be built in as little as 5 months. Total civil construction costs drop by up to 80%. It’s already linked to company data centers and will serve national and regional clusters, offering efficient, low-carbon, rapidly replicable models.

Comment: Unlike conventional bases, this allows direct green energy, cutting token electricity costs by about 30%, and, with energy storage, forms a smart “power-compute synergy” system, synchronizing power and compute supply and lowering prices.

4. Brain-Machine Interface | According to Shanghai Securities News, on June 5th, Xiangya Hospital completed China’s first clinical trial of invasive brain-interface visual reconstruction. Prof. Xu Huizhuo’s team developed the IMIE intelligent retina system, enabling a blind female patient to recognize objects and walk independently. The fully China-developed system uses an implanted intraocular module and external imaging device. Glasses with a camera send images, processed externally and wirelessly sent to the implant, whose 256-channel electrode array delivers targeted electrical impulses to retina ganglion cells, reaching the visual cortex and creating bionic vision.

Comment: Brain-machine interfaces span upstream (signal acquisitions, chips, algorithms), midstream (systems/devices), and downstream (rehab, human-computer interaction, research). Downstream medical use is now the industry’s main value and commercialization driver. Worldwide, the field is at a turning point from lab to clinical/industrial adoption.

5. Power | According to Shanghai Securities News, Southern Power Grid Shenzhen reports that on June 5th at 12:24, grid load reached 25.25 million kW—the third record-breaking high in nine days. Zhejiang’s grid hit 110 million kW on June 3, the summer high. Peak load this summer is expected to hit 142 million kW, up 8.4% YoY.

Comment: According to Guosheng Securities, with summer peak approaching and inventories low, coal prices are "easy to rise, hard to fall". El Niño may bring droughts and wind/solar shortfalls by 2026, making a persistent rise in power prices likely. Integrated coal-power firms, with controllable costs and more stable cash flow, have less leverage risk than conventional power companies.

6. Shipping | According to Shanghai Securities News, the Shanghai Shipping Exchange’s weekly China container export market report (June 6) says the bullish trend is ongoing, with freight rates on major routes up; on June 5, the Shanghai Export Containerized Freight Index rose 6.0% to 2,726.48.

Comment: Hua Tai Securities says China’s export strength is persistent, global restocking continues, and main route rates are rebounding. As of June 2, global container orders are 37.8% of existing capacity, a high level. US retail inventories are low, restocking may further boost rates in H2.

Today’s Key Events Preview

Apple WWDC Developers Conference, upgraded Siri may be released.

Zhihu, Minimax likely to be included in the Hang Seng Tech Index.

Trip.com to release earnings.

Japan Q1 real GDP

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Risk warning and disclaimerThe market has risks, investment need caution. This article does not constitute individual investment advice, nor does it consider particular users’ investment objectives, financial situation, or needs. Users should consider if any views, opinions, or conclusions here fit their own situation. Invest based on this at your own risk. ```