WallstreetCN Morning Brief FM-Radio | May 25, 2026

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Huajian Morning Voice

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Market Overview

Last Friday:

Technology stocks pushed U.S. stocks to continue rising, Dow Jones set new highs for two consecutive days; S&P extended its gain for eight weeks, marking the longest rally in over two years; chip index was up 2% and outperformed the broad market for three days, Qualcomm soared over 11% after CEO estimated strong CPU demand would last, AMD gained 4%; however, Nvidia fell for two days post earnings release and was down over 4% for the week; Lenovo’s AI performance boosted, PC makers Dell and HP both climbed at least 15%; quantum computing concept stocks surged for two consecutive days, Rigetti rose about 20%.
China concept stocks fell against the market trend, China concept index dropped over 2%, Tiger Brokers and Futu Holdings, which face CSRC investigation and administrative penalties, each fell at least 25%.
Fed’s Waller reinforced rate hike expectations; after Waller’s speech, dollar and U.S. Treasury yields V-shaped reversal, two-year yield set a new high for over a year; dollar index approached a one-month high; offshore RMB, which set a weekly intraday high, narrowed gains and briefly tested below 6.80. Bitcoin, during trading, fell below $76,000 to a monthly low, down over 3% from the day’s high.
Crude oil reversed a three-day drop and left the nearly two-week low, but still declined for the week; Brent oil fell over 5% for the week. After Waller’s speech, gold accelerated its decline and breached 1% during trading, and silver has dropped for two weeks. LME and NY copper rebounded over 1% to more than one-week highs.
In the Asian session, ChiNext index rose over 2%, computing hardware surged collectively, PCB and optical modules soared together, Hang Seng Tech index rose over 2%, Lenovo skyrocketed 20%, Zhipu surged nearly 30%.

Early Monday Asia-Pacific session, progress in U.S.-Iran negotiations, U.S. stock index futures rose slightly, Brent oil fell over 4%, U.S. oil fell over 5%.

Headlines

China

CSRC and seven other departments: Fully ban illegal cross-border business activities by overseas securities, futures, and fund institutions; two-year concentrated rectification period established. CSRC proposes total fines of RMB 1.85 billion for Futu, Tiger Brokers fined and confiscated a total of about RMB 410 million.

Shenzhou-23 manned spacecraft launched successfully, astronauts entered "Tiangong" smoothly, China completed the eighth "space rendezvous"; China plans to achieve manned moon landing before 2030, Chang’e-7 scheduled for launch in the second half of the year.

Changzhi City, Shanxi: The enterprise involved in Liushenyu coal mine accident had major violations, a full-scale inspection of mines launched.

Overseas

Trump claimed Saturday that U.S.-Iran agreement is basically reached, including opening the Strait of Hormuz; told U.S. representatives not to rush the deal, said Sunday the deal is “not fully finalized.” U.S. media reports Iran agreed to give up highly enriched uranium stockpile, Hormuz will reopen during 60-day ceasefire extension; Iranian media says Strait will remain under Iranian management, not revert to pre-war state, no actions accepted on nuclear program, no commitments made yet on nuclear details; Iran’s president says ready to declare Iran does not seek nuclear weapons; Israeli media: concern U.S.-Iran deal is very unfavorable to Israel, Netanyahu held an emergency meeting, Trump assured Israel deal will end Iran’s nuclear program.

Wosh sworn in as Fed chairman, stated he will be like Greenspan. Trump called to “curb inflation, but not greatness.” "New Fed News Agency": Trump selected Wosh originally for rate cuts, but the market is already betting on rate hikes. Fed Governor Waller took a hawkish stance, said chances for rate hikes and cuts are “fifty-fifty,” market expects rate hike at year-end.

Report: Anthropic’s valuation may hit $900 billion and surpass OpenAI, may finish over $30 billion fundraising as soon as next week. OpenAI “earns one loses two,” Anthropic already profitable.

SpaceX successfully launched Starship. SpaceX IPO ignites Wall Street, U.S. space-themed ETFs see buying frenzy, absorbing $1.3 billion in a single month.

Microsoft reportedly canceled internal authorization for Claude Code due to excessive token billing costs.

Market Closing

U.S./European Markets: S&P 500 up 0.37% to 7473.47, week up 0.88%; Dow up 0.58% to 50579.70, week up 2.13%; Nasdaq up 0.19% to 26343.97, week up 0.45%. Europe’s STOXX600 up 0.73% to 625.12, week up 3%.

A shares: Shanghai Composite up 0.87% to 4112.90. Shenzhen Component up 2.30% to 15597.30. ChiNext up 2.84% to 3938.50.

Bonds: At bond market close, 10-year U.S. Treasury yield about 4.56%, down 1 basis point on the day, down 3 bps for the week; 2-year U.S. yield about 4.12%, up 4 bps on the day, up 5 bps for the week.

Commodities: WTI July crude futures up 0.26% at $96.60/barrel, week down 4.38%. Brent July crude futures up 0.94% at $103.54/barrel, week down 5.24%. COMEX May gold down 0.41% at $4521.00/oz, week down 0.76%. COMEX May silver down 0.68% at $75.893/oz, week down 1.64%. COMEX May copper up 1.36% at $6.342/lb, week up 1.45%. LME copper up 1.12% at $13668/ton, week up 0.83%.

Headline Details

Global Highlights

China

CSRC and eight other departments: Fully ban illegal cross-border business activities by overseas securities, futures, and fund institutions, two-year concentrated rectification period. After two years, fully clear illegal cross-border operations by foreign institutions ("overseas institutions"), strictly investigate seriously illegal institutions, forming a high-pressure crackdown. Regarding clearing illegal existing business, two-year concentrated rectification period will clean up illegal existing business. During this period, overseas institutions are prohibited from providing buy orders, fund transfers, etc. for existing investors illegally in China; only one-way sell and fund transfer-out services are allowed.

CSRC: Intends to severely punish Tiger Brokers, Futu, and Long Bridge. CSRC announced, intends to confiscate all illegal gains and severely punish Tiger Brokers, Futu, and Long Bridge due to their illegal cross-border business activities. Investors’ legitimate rights remain unaffected and can use legal channels such as Stock Connect and QDII for overseas investment.
CSRC proposes total fines: RMB 1.85 billion for Futu; Tiger Brokers fined and confiscated a total of about RMB 410 million.
Farewell to illegal cross-border stock trading, existing investors can sell within two years. Transition period set for two years; during transition, existing investors can log in accounts but only sell, transfer funds out, buying and transferring funds in prohibited. After two years, overseas institutions will fully shut down China websites, trading software and related services; existing investors’ accounts in China will not be able to trade, but will not be forcibly closed or liquidated.

Shenzhou-23 manned spacecraft launched successfully late evening Beijing time on the 24th. At 5:13 am on the 25th, astronauts entered "Tiangong." This marks China’s eighth “space rendezvous.”

At the Shenzhou-23 press conference Saturday: China aims for manned moon landing before 2030; Chang’e-7 scheduled for launch in the second half of the year for lunar south pole environment and resource survey; future missions include Dreamboat manned spacecraft and Lan Yue lander’s first flight.

Changzhi City, Shanxi: The enterprise involved in Liushenyu coal mine accident had major violations; full-scale inspection of mines launched.

Overseas

May 22, Friday,

Trump says Iran eager for agreement, Iran said current talks do not involve nuclear issues, differences severe. U.S.-Iran tensions rising: Trump stayed in White House for son’s wedding, Iran warns if attacked again will launch battle 3.0, plans to seal Mandeb Strait with firepower.
UAE, Saudi Arabia, and Qatar urgently “mediate” with Trump: do not restart U.S.-Iran war. UAE’s shift is most notable—from tough on Iran to active mediation, due to paying high economic costs. The three nations differ on pressure approach to Iran, but agree to avoid a second round of military conflict.
Saudi media claims draft U.S.-Iran agreement includes ceasefire on all fronts. The draft reportedly includes immediate, comprehensive, unconditional ceasefire on all fronts. Within 7 days, negotiations on pending issues; gradual lifting of U.S. sanctions on Iran in exchange for compliance.
U.S.-Iran peace talks mired in “dead end”? Four core obstacles: control of Hormuz Strait, enriched uranium, Lebanese front, sanctions/assets unfreezing. Any progress or breakdown will impact global asset prices.

May 23, Saturday,

Trump says U.S.-Iran agreement is basically reached, includes opening Hormuz, Iranian media says Strait will remain “managed” by Iran, Israeli media calls deal “very unfavorable” to Israel, Netanyahu holds emergency meeting. Trump also said he had a telephone call with Netanyahu which went “very smoothly.” Iranian media says Trump’s assertion that Hormuz will open is “incomplete”; even if an agreement is reached, the Strait will still be managed by Iran.
Trump told U.S. reps: Don’t rush agreement. Trump said blockade measures on Iran will stay until agreement reached, certified and signed. Senior U.S. official said no Iran deal will be signed Saturday; a few days needed.
Before announcing the basic U.S.-Iran agreement, Trump told U.S. media the probability of reaching an agreement is “fifty-fifty,” may decide Sunday whether to resume military action.
Iran: U.S.-Iran at final stage of memorandum understanding, talks currently do not involve nuclear issue, Hormuz Strait is coastal states’ internal affairs, unrelated to U.S. Iranian parliament speaker warns if U.S. restarts war, heavier blows await.
Pakistani military: army chief’s mediation in Iran achieved positive progress. Pakistani officials say U.S. and Iran close to a temporary agreement to end fighting, laying foundation for further talks.
Saudi media: U.S.-Iran will soon reach preliminary agreement; next round of talks may be June 5. Preliminary agreement may be called “Islamabad Declaration,” a memorandum, followed by final agreement negotiations.
U.S. media reveals more details: ceasefire will be extended 60 days, Hormuz Strait reopened during this period, Iran can freely sell oil, parties to negotiate nuclear program. U.S. media says Iran agreed to give up highly enriched uranium stockpile.
Iran discloses memorandum content: end wars on all fronts including Lebanon, U.S. will lift oil sanctions, memorandum may set expiration for talks; Iranian media says Iran has not agreed to surrender enriched uranium, Hormuz Strait procedures set 30-day period, nuclear negotiations have a 60-day period; frozen Iranian funds to be released in first stage.
Iranian senior officials: nuclear issue not part of preliminary memorandum; Iran has not agreed to surrender enriched uranium stockpile. Iran’s president says ready to declare Iran doesn’t seek nuclear weapons.

May 24, Sunday:

Israeli media: Trump assured Israel during call that Iran deal will end its nuclear program. Netanyahu: Israel and U.S. are aligned on Iran nuclear issue, both agree any final deal must eliminate nuclear threat.
Trump: U.S.-Iran agreement “not fully finalized.” He criticized uninformed people for “reckless comments.”
Iranian official: Management of Hormuz Strait will not revert to pre-war state. Iran said no commitments yet on nuclear issue details; earlier Israeli reports about unfreezing funds only after uranium transfer are erroneous.

Wosh sworn in as Fed Chairman, vows to do as Greenspan did; Trump urges "curb inflation, not greatness." At the ceremony, Trump supported Fed independence then quickly explained his preferred economic philosophy—prosperity should not be restrained, strong growth does not cause inflation. Wosh referenced Greenspan as his model.

Trump: Told Wosh to boldly act, expects him to be a great independent Fed Chairman.
“New Fed News Agency”: Trump originally picked Wosh for rate cuts, but markets are now betting on rate hikes. With Iran conflict lifting energy prices, AI boom boosting demand, and persistent inflation, markets reversed quickly, expecting Fed to hike rates next, not cut. Bond yields keep climbing, reflecting reevaluation of “high-interest new normal.” Wosh’s major challenge is handling inflation pressure and credibility amid Trump’s political influence and Fed independence.

Fed Governor Waller turns hawkish, says next step—rate hike or cut—is “fifty-fifty,” market expects rate hike by year-end. If inflation doesn’t cool, he doesn’t rule out future hikes; supports removing “easing bias” from policy statement; warns if inflation expectations lose anchor, he will support hikes without hesitation. After his speech, rate swap markets fully priced in a Fed 25 bp hike before December.

Near the White House Saturday, dozens of gunshots heard; Trump was inside, Secret Service: shooter shot by law enforcement, died in hospital. Notably, less than a month ago, shots were fired at the Hilton during the White House Correspondents’ Dinner.

Report: Anthropic valuation may break $900 billion and surpass OpenAI, could finish $30+ billion fundraising this week, with Sequoia Capital, Dragoneer Investment Group, Altimeter Capital, and Greenoaks co-leading about $2 billion, Peter Thiel’s Founders Fund and General Catalyst also joining.

OpenAI “earns one, loses two,” Anthropic is already profitable. Difference is client structure: Anthropic gets ~85% of revenue from enterprise clients—healthier model; OpenAI, ~85% from consumer subscriptions, 900 million weekly active users but low conversion, resulting in structural losses.

SpaceX successfully launched Starship; Musk’s IPO empire faces a major test.

SpaceX IPO sets Wall Street ablaze; U.S. space-theme ETFs see buying frenzy, single month absorbs $1.3 billion. Anticipation of SpaceX IPO triggers space investment boom, U.S. ETFs swell to $3.3 billion, six new products launched. Rocket Lab and other concept stocks surged, but fund overlap is more than 50%, analysts warn of homogeneity and over-valuation risks in chasing SpaceX narrative.

Microsoft reportedly cancels internal authorization of Claude Code due to high token billing costs. Microsoft has invested heavily in OpenAI and provides cloud resources to Anthropic, but real cost per use leads to “letting go.” High AI costs and Claude Code eating into GitHub Copilot’s market share are the reasons.

Selected Research Reports

Guojin Securities: Whether this is a new round of HALO trades or the end of this cycle depends on the Hormuz Strait. If the Strait reopens, economic recovery and expansion drive strongest resonance among global cyclical and physical assets—new round of HALO trades; if closed longer and triggers monetary policy change, it’s the end of global risk asset rally.

Triggering sell signal! BofA: U.S. stocks show classic bubble-top signs. BofA points out the market shows strong prices, retail frenzy, low volatility—“bubble” characteristics. Market concentration led by AI’s top 10 stocks exceeds historic bubbles. Tech stocks attracted $9 billion single week inflow, BofA clients’ stock allocations at record high. Sell signal triggered indicates short-term correction pressure.

“Roaring Twenties” returns! BofA Hartnett warns SpaceX super IPO may trigger epic bubble. SpaceX and OpenAI super IPOs could take tech sector weighting over 48%, surpassing all historic bubble periods—Roaring ‘20s, Nifty 50s, Japan ‘80s, Dotcom ‘90s. Super IPOs not necessarily catalysts, may signal bubble peak.

UBS hundred-page deep report: China chemicals at the start of a new cycle. 2026 could mark new cycle for China chemicals. Capital expenditure slows, policy curbs new capacity, overseas high-cost capacity exits—all pushing industry from profit trough in 2025 into recovery. Middle East unrest lifts oil prices, strengthens low-cost coal-to-olefin and light feedstock advantage. Sector valuation and holdings still low, focus shifting to competitive leaders with scale and cost barriers—polyurethane, agrochemicals, refrigerants stand out.

Nomura heavy report: AI reshaping the entire semiconductor supply chain—from silicon to glass, from GPU to optical communications. AI computing forces overhaul, from transistor shrinking to 3D, backside power, and materials innovation. From 2027, advanced packaging, photolithography, photonic SOI, glass substrates ramp up, boosting supply chain value. TSMC expansion and domestic procurement drive order transmission; manufacturing faces simultaneous cycle of structure, packaging, and materials upgrades.

Domestic Macro

Minister Wang Wentao meets U.S. Deputy Trade Representative Switzer. Both sides exchanged views on China-U.S. trade. Wang said China wants to strengthen communication, expand cooperation, add positive results, contribute to strategic stability. Switzer said U.S. is willing to implement leaders’ consensus, use inter-government trade council, enhance dialogue, manage differences, sustain bilateral trade.

Regarding "six networks," AI, embodied intelligence, National Development and Reform Commission updates. At May press conference, NDRC said it will use macro policy to stabilize jobs, enterprises, markets, expectations. In the "15th Five-Year Plan" period, planned investment of over RMB 5 trillion in new power grids, about RMB 5 trillion in underground infrastructure upgrade, accelerate “six networks” construction. Also preparing AI+ supporting documents, AI legislation, advancing embodied intelligence high-quality development through key infrastructure.

Domestic Companies

Lenovo annual revenue RMB 590 billion, all three businesses achieved double-digit growth, share price surged 13% to a 26-year high. Lenovo announced record results for FY2026: revenue up 20% to RMB 589.9 billion, adjusted net profit up 42%. AI revenue doubled to 33% of total. Smart device revenue up 17% to RMB 418.5 billion, infrastructure up 32% to RMB 136.2 billion (turned profitable), solutions/services up 19% to RMB 71 billion (new high).

Three engines ignited, Lenovo’s $83.1 billion annual revenue marks structural turning point. FY25/26 revenue at $83.1 billion, AI revenue doubled, infrastructure business profitable for the first time, fourth quarter beat expectations, HK stock up over 13%. Not just about numbers, but first time all three business units are simultaneously profitable.

Overseas Macro

Nearly $100 billion in sell pressure! Largest IPO in U.S. stock history coming, Mag7 at risk. SpaceX, OpenAI, Anthropic prepping IPOs plus Nasdaq’s “fast index inclusion” mechanism (allows SpaceX and others to enter index in 15 days), may trigger unprecedented portfolio reshuffling. JPM estimates passive funds will have to sell ~ $95 billion of existing top 8 tech stocks to make room—a deep overlap with "Mag7."

Japanese PM Sanna Takai urges BOJ: hopes for “appropriate policy.” BOJ Governor Ueda said during routine meeting PM Takai wants BOJ to coordinate with government price measures and take appropriate monetary actions, no specifics discussed. Analysts say meeting may boost two possible expectations: Ueda prepping for hikes, or Takai asks for delay. Raises uncertainty for June rate decision.

Excluding Samsung and SK Hynix, Korean stocks’ dynamic P/E is 12! UBS: valuation reasonable, bullish on Korea. UBS raised KOSPI target 26% to 9200. Ex-Samsung and SK Hynix, KOSPI P/E is 12, reasonable since non-tech earnings will grow 68% in 2026, index EPS growth forecast 258%, profit improvement breadth exceeds expectations. Foreigners net sold $58 billion YTD, but local retail/institutional investors keep buying.

Indonesian aggressive rate hike: Southeast Asian central banks collectively turn hawkish. Indonesia made a surprise 50 bp rate hike—biggest since 2022, way above economists’ forecasts. Rupiah is down 5.5% YTD, stocks plunge 29%, ratings outlook downgraded. Crisis forced central bank to reclaim independence. Rate hike storm sweeps Southeast Asia, Philippines, Singapore follow—regional currency defense underway.

Indonesian commodity controls cause panic, palm oil spot price plummets over 30% in two days. President Prabowo let state enterprises monopolize palm oil and coal exports, policy shock sent palm oil spot price down over 30% in two days; London-listed palm oil shares plunged 20% in one day. Buyers cautious, sellers panic, market chaos.

Overseas Companies

3711 trades in one quarter! High-frequency, buy then hype—this is “White House stock god” Trump’s trading strategy. Trump’s massive trading in Q1 stacked various strategies—index tracking, tax-loss harvesting, automation. 625 trades marked “non-manual order” closely coincide with times he publicly promoted those companies.

“White House stock god” pushed the “hottest memory” stocks! Trump praised Micron on Friday, before his rally, option “whales” moved first. Friday afternoon, traders bought deep OTM calls for Micron, strikes from $750 to $1400; at 1:19:09, four different strike calls traded simultaneously, combined premium over $7.3 million. All were buy-side, clear buying intent.

After igniting the AI revolution three years ago, OpenAI “forced” to go public. Altman brought ChatGPT to the world, started the revolution, but revolution won’t wait for one person. Now he rides a running tiger, chased by Anthropic, SpaceX, Google, and a bottomless compute bill.

After GPUs, Jensen Huang wants to build a “CPU empire.” Nvidia launches first self-developed CPU "Vera," expected to generate $20 billion revenue this year. Though system and memory values may be included, the scale is enough to challenge Intel and AMD dominance.

Nvidia Vera Rubin rack price is $7.8 million, double Blackwell! Not just memory—almost every component rising in price. Morgan Stanley estimates Vera Rubin rack is nearly 2x current GB300 Blackwell ($4m). Memory up 435%, PCB up 233%, MLCC up 182%, ABF substrate up 82%, nearly all components up. Ultra-scale cloud players buying memory direct can lower rack price to ~$6.7 million.

AMD Lisa Su: Global CPU supply falls short of demand, company expands production every quarter. CPU demand rises beyond all expectations; Su says supply is “tight.” AI agents shift demand from GPU to CPU; AMD locked in Taiwan capacity through 2029, spent billions on advanced packaging, already mass-producing TSMC 2nm Venice chips.

GitHub suffers outages and hacking! Eight years after Microsoft acquisition, GitHub is crumbling. Leadership vacuum, talent loss, frequent outages/security leaks, competing AI coding tools erode ecosystem trust, internal integration fails—GitHub is “nominal only.” If Microsoft CoreAI team fails to turn it around, GitHub may lose its status as key developer infrastructure.

Year-end bonus 100x! Samsung AI chip workers get $400k bonus—sparks internal discontent. Samsung’s temporary pay deal links bonus to profit contribution; memory unit staff can get up to 600m Won, smartphone/TV/appliance staff only about 6m Won—a 100x gap. Caused intense reaction, some wore black ribbons to protest. Samsung union began electronic vote on pay deal on the 22nd.

Industry/Concept

1, East-Data-West-Computing/Computing Power | On May 22, Shenzhen Stock Exchange website disclosed that Superfusion Digital Technology Co., Ltd.'s ChiNext IPO was accepted. From 2023-2025, Superfusion revenue was RMB 25.092 billion, RMB 44.267 billion, and RMB 58.246 billion; net profit jumped from RMB 507 million in 2023 to RMB 1.03 billion in 2025. Superfusion plans to raise RMB 8 billion, investing: RMB 4.08 billion in next-generation computing infrastructure R&D and industrialization; RMB 2.03 billion in smart manufacturing park and R&D center; RMB 0.89 billion in key technologies for smart computing, AI, power supply; RMB 1 billion for working capital.

2, Smart Grid | According to Shanghai Securities News, NDRC Deputy Director and Spokesperson Li Chao said on May 22 at press conference, urgent release of relevant plans and implementation, further coordinate "six networks" construction, clarify investment priorities, break down targets by year, clarify timing. During "15th Five-Year Plan," China will invest over RMB 5 trillion, develop a batch of transmission channels and inter-province power projects, optimize high-voltage AC networks, upgrade city distribution grids, weak rural grids, target frequent outages.

3, Token Economy | According to Shanghai Securities News, National Data Bureau Director Liu Liehong hosted a Token Economy conference on the 22nd. Representatives from AliCloud, Tencent, Moonshadow, CICC gave suggestions on "promoting healthy sustainable development of Token Economy, fully unleashing data value." Bureau will incorporate token economy into its work, continue research and absorb societal advice, focus on high-quality data set construction and nationwide computing network, deepen data market reforms, promote high-quality token economy.

4, Energy Storage | Securities News reports “15th Five-Year Plan” energy storage implementation plan completed, in internal consultation, to be released after consultation. National Energy Admin in January said it will scientifically prepare the plan, improve storage policy system, continue new tech innovation, vigorously promote high-quality development, support the new energy system.

5, Food Security | Securities News reports that at hybrid rice high-quality development academic workshop on May 22 in Hunan, China achieved major results in third-generation hybrid rice, salt-tolerant rice, low-cadmium rice. According to Hu Yuanyi, director of the National Center for Salt-Tolerant Rice Innovation, “In 2024, the Center bred ‘Qingliangyou 3261,’ a specialty salt-tolerant hybrid rice, raising yield bottom from 300 kg to 400 kg per mu. Over 20 salt-tolerant rice varieties now exist.”

6, Orthopedic Materials | Securities News reports that Finland’s Tampere University researchers used ceramic 3D printing to develop new implant material mimicking the chemical composition and structure of natural bone; very similar to real human bone. The result may aid personalized bone regeneration therapy, offer safer, more effective, affordable alternative for bone defect patients.

Today’s Preview

HK, Korea, and U.S. markets are closed for holidays.

Progress in U.S.-Iran negotiations.

Risk Warning & DisclaimerThe market has risks, investment needs caution. This article does not constitute individual investment advice, nor does it take into account special investment objectives, financial conditions, or needs of any user. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular situation. Invest accordingly, liability is your own. ```