Wallstreetcn Morning Brief FM-Radio | May 28, 2026

Wallstreetcn Morning Brief FM-Radio | May 28, 2026

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Huajian Morning Voice

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Market Overview

Signals of US-Iran agreement stir market nerves, US stocks limited in rally. After the White House denied Iranian media reports of a US-Iran framework agreement, S&P and Nasdaq briefly turned negative, then closed at new record highs again; Dow rebounded to a new high; chip index dropped over 1%, Qualcomm fell over 6%, Nvidia fell over 1%, and had four consecutive losses after earnings, but Micron rose 3.6%, reaching a record high again; Meta rose nearly 4%; crude oil plunge boosted travel stocks, United Airlines and Norwegian Cruise up over 6%. Snowflake surged over 30% after hours; Salesforce dropped over 3% after hours; China concept index up over 1%, but Pinduoduo fell 10% after earnings.

After Iranian media disclosed the US-Iran agreement framework, US 10-year treasury yield hit a more than one week low, US dollar index fell to a daily low; after White House denial, yield rebounded, dollar turned up.

Yen hit a new low since the Japanese intervention in late April, nearing 160; offshore RMB rebounded, breached 6.78 intraday, hit a three-year high; Bitcoin fell below $75,000 intraday, down nearly 2% from daily high.

Crude oil plunged, after Iranian media exposed US-Iran framework, WTI fell below $90, hitting daily low, down 6.5% on the day; after White House denial, oil narrowed half its losses; after Rubio said to give Iran every chance to succeed in negotiations, oil losses expanded again, WTI fell nearly 6%. Gold and silver both dropped, gold fell over 2% intraday to two-month low, spot silver fell over 4%. London aluminum fell nearly 1%, dropping from four-year highs.

During Asian hours, Shanghai index fell below 4100, STAR 50 down over 2%, new fiber-optic stock Changjin Photon soared over 1500%, Hang Seng down 1%, chip stocks active.

Headlines

China

Li Qiang: Accelerate construction of the bulk commodity resource allocation hub, providing reliable guarantees for coordinated development and security.

HKMA requires banks to back-check mainland individual investors' investment accounts in Hong Kong, stricter checks for new accounts.

China April profit growth of industrial enterprises above designated size hit 17-month high, up 18.2% year-on-year in first four months, high-tech manufacturing profits up 44.8% YoY.

CXST IPO approved, STAR Market will usher in second largest IPO.

Pinduoduo Q1 revenue up 11% YoY, operating profit up 22%, transaction service income surpassed advertising business for the first time; management "betting on the next decade"; Zhao Jiazheng: self-reform won’t be achieved overnight, continued internal self-criticism, resolutely remaking Pinduoduo, focus more on long-term value than short-term performance.

Kuaishou Q1 revenue up 3% YoY, Keling AI revenue up 300%, annualized ARR nearly $500 million.

Over 10 billion bought in a month, Duan Yongping takes stake in Pop Mart.

Nvidia announced $150 billion investment in Taiwan, boosting Taiwan chip stocks.

Report: TSMC will raise 3nm prices by 15% in the second half, may raise another 10% next year.

Overseas

Iranian media exposes Iran-US "ceasefire framework" draft: US lifts "maritime blockade" and withdraws troops partially, Iran resumes commercial traffic in Strait of Hormuz within a month; Iranians say US promises 60-day ceasefire on all fronts and release some frozen Iranian assets, chance of war restarting is "low". White House denies Iranian media draft exposure; Rubio says giving Iran "every chance" for negotiations; Trump: Hormuz does not belong to anyone, US will supervise, Iran will not be lifted from sanctions even if it abandons high-enriched uranium.

Meta to rely on subscriptions "to heal", launches paid AI chatbot service, shares surge over 4% intraday.

Snowflake signs $6 billion purchase agreement with AWS, increasing AI spending, shares rise over 30% after hours.

Salesforce guidance below expectations, AI disruption risk grows, shares fell over 3% after hours.

Korea's second historic case, Samsung union agrees new pay plan: $400,000 per capita bonus.

Seagate CEO: The more expensive NAND gets, the more advantageous HDD becomes, gross margin still has considerable expansion space.

Market Close

US/European markets: S&P 500 up 0.02% at 7520.36 points; Dow up 0.36% at 50644.28; Nasdaq up 0.07% at 26674.735. European STOXX 600 up 0.03% at 628.18.

A-shares: Shanghai Composite fell 1.25% to 4093.73. Shenzhen Component fell 0.88% to 15736.47. Growth Enterprise Index up 0.07% to 4045.77.

Bond market: At close, US 10-year treasury yield approximately 4.48%, 2-year yield about 4.03%, both flat versus Tuesday.

Commodities: WTI July crude oil futures ended down 5.55%, at $88.68/barrel. Brent July crude oil closed down 5.31% at $94.29/barrel. COMEX May gold futures fell 1.18% to $4447.5/oz. COMEX May silver futures fell 2.24%, at $74.599/oz. COMEX May copper fell 0.88% to $6.305/lb. LME aluminum fell 0.98% to $3636/ton.

Headline Details

Global Highlights

China

Li Qiang: Accelerate construction of bulk commodity resource allocation hub, to provide reliable guarantees for coordinated development and security. Li Qiang noted that facing challenges from external environment changes, "grain in hand, no panic in heart". Managing bulk commodities and important material reserves is of major significance for stable economic and social operations. He stressed scientific layout planning, optimizing reserve structure, leveraging multiple entities, vigorously advancing all types of reserve facility construction, speeding up remedying weaknesses, and expanding capacity.

HKMA requires banks to back-check mainland individual investors' accounts, stricter checks for new accounts. For mainland individual investors, banks in Hong Kong must first examine account opening activities, identifying clients who used suspicious or forged documents since Jan 2023 or other periods specified by HKMA to open investment accounts. Banks must check all zero-balance inactive accounts, notify relevant clients in advance, and suspend/close accounts if re-verification procedures cannot be completed.

China's April profit growth for industrial enterprises hits 17-month high, up 18.2% YoY for first four months, high-tech manufacturing up 44.8%. National Bureau of Statistics said from Jan-April, industrial production grew rapidly, prices rebounded, driving profit growth; high-tech manufacturing and equipment manufacturing new momentum played a clear role, improving enterprise benefits.

  • Guolian Minsheng noted April industrial enterprise profits up 24.7% YoY, two consecutive months of high growth, mainly driven by prices. Industry divergence intensified: upstream profits up 62.2%, midstream slowed, downstream still negative but contraction reduced. Going forward, attention should focus on cost-squeezed, weak-demand mid-downstream sectors, especially if profit recovery materializes.

CXST STAR Market IPO approved! CXST plans to raise 29.5 billion, second largest IPO in STAR Market history, only behind SMIC's 53.2 billion.

Pinduoduo Q1 revenue up 11% to 106.2 billion, management "betting on the next decade"; Zhao Jiazheng: self-reform will not be quick, continued internal self-criticism, determined to remake Pinduoduo; Earnings call: Three years, one hundred billion, "remaking Pinduoduo", progress status?

  • Pinduoduo Q1 operating profit up 22% to 19.6 billion, main business profitability improving; net profit attributable fell 15% due to non-operating items. Revenue structure reached a critical change: transaction services surpassed advertising, up 20% YoY to 56.3 billion, now main growth driver. Management confirmed supply-chain investment as core strategy for next decade.
  • Zhao Jiazheng said heavy supply chain investment will be the company's next decade core strategy, focus more on long-term value than short-term performance. He argues branding isn’t simple traffic support but spans product design, standard setting, co-manufacturing, quality/storage, delivery/after-sales, a long-term project. For small/medium manufacturers stuck in low-price mass production and homogenized competition, platform takes more risk, manufacturing focuses on quality, direct volume certainty to the industrial chain.

Kuaishou Q1 revenue up 3% YoY, Keling AI revenue up 300%, annualized ARR nearly $500M. Q1 2026 revenue of 33.72 billion slightly above estimates; adjusted net profit down 26.3% YoY to 3.37 billion but beats expectations. Keling AI single-season revenue broke 650M, ARR close to $500M, biggest highlight. Core commercial revenue up 10.7% YoY. Profit margin down due to AI investment and higher costs; gross margin fell to 51.2%. Monthly active users steady at 770 million.

Over 10 billion bought in a month, Duan Yongping takes stake in Pop Mart. Duan Yongping "walks the talk", heavily betting on Pop Mart, latest holding ratio is 5.69%, about HK$11.8 billion in value, triggering stake disclosure. He said earlier he sold China Shenhua to buy Pop Mart, highly praising Wang Ning, saying his product understanding rivals Steve Jobs.

Nvidia announces $150B investment in Taiwan, boosting chip stocks! Nvidia's annual spend in Taiwan will increase from current $100B to $150B, up from $10-15B just four or five years ago. Nvidia also plans to build a new office park in Taipei by year end, expected to accommodate 4,000 staff when completed in 2030.

Report: TSMC 3nm price to rise 15% second half, may rise another 10% next year. Core driver is AI era demand transformation—Nvidia, AMD, Google, AWS, etc. rapidly moving to 3nm, custom ASIC needs flood in, capacity remains fully loaded. Supply-side overseas fab costs up and 2nm yield climb support price logic.

Overseas

White House denies Iranian media draft, S&P reversed intraday, Rubio: giving Iran "every chance" in negotiations, WTI fell nearly 6%. White House said Iranian media’s US-Iran memo framework draft is fabricated. Draft said US would lift Iranian sea blockade and partially withdraw troops, Iran resumes commercial traffic in Hormuz within a month. Rubio said US prefers diplomatic solution, the result will be “good agreement” or US will use “another way”. After Rubio’s remarks, oil losses widened, WTI approached daily low.

Middle East risk cools, rate hike expectations rise, gold hits two-month low, silver drops over 4% at one point. Disclosed US-Iran agreement shows Iran resumes Hormuz commercial traffic in a month, gold prices fell to two-month lows. Iran war risks pushed oil prices, inflation worries, fueling rate hike expectations. CME shows market expects about 40% chance Fed raises rates by Dec this year.

Meta trying to recover through subscriptions? Launches paid AI chatbot service, shares surge intraday over 4%. Base version Meta AI subscription $7.99/month, advanced $19.99/month. Meta’s Instagram, Facebook, WhatsApp all promoting subscriptions. Two paid Meta One products launched for enterprises/content creators at $14.99 & $49.99/month; future plans to include AI agents in the paid system.

Snowflake signs $6B purchase agreement with AWS, boosts AI spending, shares soar 30% after hours. Snowflake announced strong Q1 results, revenue up 33% YoY beating expectations; Q2 guidance also better than market. Snowflake plans $6B spend on AWS over five years, including Graviton chips and GPU for AI.

Salesforce guidance misses expectations, AI disrupts software worries intensify. Salesforce Q1 FY27 revenue topped expectations at $11.13B, up 13% YoY. Agentforce annualized revenue hit $1.2B, up 205% YoY. Total remaining contract obligations $67.9B, below $68.9B expected. Q2 guidance $11.3B, annual mid-point $46.05B, both below expectations. Salesforce dropped more than 3% after hours.

Korea’s second historic case! Samsung union agrees new pay plan: $400,000 per person bonus! Samsung labor/management reached milestone salary deal, union approval rate 73.7%. Nearly 78,000 semiconductor staff will get 10.5% of annual operating profit as stock bonus plus 1.5% cash, term ten years. The landmark deal sparks similar demands from other companies; analysts say Samsung deal “ignites a new fire in other big Korean businesses, maybe just the start”.

Seagate CEO: The more expensive NAND gets, the more advantageous HDD is, gross margin has considerable room to expand. NAND price surge reshapes the storage market—Seagate’s TCO edge stands out, HAMR new Mozaic 4 passed customer certification, per TB price still has over 40% upside vs secondary market; incremental gross margin over 70%, free cash flow is expected to surge from $800M to $4.2B in three years. BofA maintains buy, target price raised to $900.

Research Report Picks

US Treasuries face "worst bear market in a century", "Doctor Doom" Peter Schiff: The real crisis is just beginning. US Treasury bear market has lasted 69 months, longest on record, TLT down over 40% from peak. Pessimist economist Peter Schiff warned—this crisis is much worse than 2008, the protagonist is no longer private credit, but the systemic collapse of global sovereign credit. If dollar reserve status wobbles, the economy built on trillion deficits will collapse, gold may be the last safe haven.

Cheap phones "dead" due to AI. As AI demand surges, memory capacity is flowing massively from consumer electronics to AI fields, ending the golden age of cheap smartphones.

Goldman Sachs: Cutting-edge MLCC boom cycle may last longer than expected. GS says AI is driving MLCC into a supercycle that’s longer and larger than expected, may last till 2030 (previously predicted to 2028). As AI server platforms keep upgrading, MLCC achieves “hidden price increases” via product iteration, plus efficient capacity expansion & edge AI (autonomous driving, humanoid robots) opening new demand.

Domestic Macro

Aluminum prices soar, China export may hit record! Middle East war creates supply gap, LME aluminum price hits four-year high, price gap with Shanghai at a new high since March 2022. Analysts expect China aluminum exports may break 680,000 tons in coming months, setting a new record.

Household funds to stock market: how far along? Guosen Securities report says with low rates and gains in equities, household money is accelerating from deposits to A-shares. Compared to 2019-2021, direct household entry is near 80%, overall sentiment at 60-70% of cycle, late stage. But compared to 2013-15, household entry and sentiment only at 30-40%, so more room remains.

Domestic Companies

After the salary storm, TSMC CEO comes out to "soothe": promises staff bonus to rise more than 30% on average. AI boom pushes TSMC profits to new highs, but triggers disputes over bonus distribution. Amid rumors of shrinking bonuses and union formation calls, Wei Zhejia promised the average bonus will rise over 30% this year. However, with global expansion and capex pressures, the bonus gap with Samsung, SK Hynix peers is revealing new conflicts in AI era profit sharing.

Overseas Companies

Leverage Hynix and Samsung ETFs debut, Korea retail frenzy, pre-investment education site crashes. Double-leveraged Samsung Electronics and SK Hynix ETFs launch, eight asset managers crowd in on same day, retail enthusiasm overflows—sign-up count jumped from 100,000 to 210,000 in five days, crashing the mandatory pre-investment education site, some investors delayed entry.

SpaceX early investor: SpaceX & Tesla merger is "just a matter of time". SpaceX investor and XPrize founder Peter Diamandis said Musk has 85.1% voting power at SpaceX but is constrained by Tesla shareholder checks; merging the two would solve Tesla control; so "it's not if, it's when".

Google, Microsoft, Meta "offer money to build lines", Hynix says "don’t want money, want 5-year long contract, higher prepayment, and minimum price guarantee". Hynix believes taking specific customer money creates exclusive supply obligations, not worth it; instead uses tech giants’ urgent demand as bargaining chip, demanding five-year long-term supply deals, higher prepayment, and price guarantees, aiming to maximize benefits without relinquishing capacity control.

"Nanosecond-level" speed, "pricing everything", Jane Street’s "computing power game"—Wall Street’s top quant institution. Jane Street, Wall Street’s most mysterious quant giant, bet $6B on computing power, but refuses to copy Silicon Valley's "unified" path—between nanosecond HFT and giant GPU clusters, they've covertly built an unreplicable "time spectrum" method. The true bottleneck is not chips but generators and transformers; when market "phase transitions", human judgment is still the last moat.

Industry/Concepts

1. East Data West Compute/Computing Power | According to Shanghai Securities News, on May 27, Shanghai Municipality issued "Opinions on Promoting Expanding and Quality of Service Industry". It calls for strengthening information service enabling effect; implementing "AI+" action, accelerating AI+ industrial software R&D, improving efficiency via computing power construction, large model deployment, data governance; speeding up core software breakthroughs. Promote industry large models and general agents in industrial, financial and other scenarios. Research incentives—encourage platform enterprises to transform information services, build cross-sector integrated internet platforms.

Commentary: Huaxin Securities report says AI industry chain from upstream advanced process/sealing, to downstream ByteDance, Alibaba, Tencent model iteration, has broken through the whole chain, domestic AI computing power will accelerate breakthroughs.

2. Silicon Carbide | According to Shanghai Securities News, recently, Professor Pi Xiaodong and Researcher Wang Rong’s team at Zhejiang University Hangzhou International Innovation Center has successfully "grown" silicon carbide ultra-thick epitaxial films over 300 microns, first in the world for this thickness level stable preparation.

Commentary: Huaxi Securities report analyzes, with AI development, SiC demand in AI-related fields is obviously growing, expected total SiC substrate demand for power by 2030 could reach 70 billion yuan.

3. Commercial Aerospace | According to Shanghai Securities News, on 26th local time, NASA released a three-stage roadmap for lunar base construction, starting with three unmanned robotic missions, gradually advancing toward human long-term facility on lunar south pole.

Commentary: Ping An Securities says aerospace is one of the new productive forces, recent years see launch tasks accelerate with government support, tech progress, supply chain development. Dongxing Securities notes during "15th Five-Year Plan", commercial aerospace will be a key engine of new productivity and tech quality in China; in 2026, China constellation satellite launches are expected to accelerate.

4. AI Healthcare | According to Securities Daily, AI pharma team led by Tianjin Supercomputing Center chief scientist Meng Xiangfei and Tsinghua professor Lan Yanyan released GalaxyVS, an AI virtual screening platform for large-scale drug discovery. The platform leverages Tianhe supercomputing, achieving seconds-level screening among nearly 100 billion synthesizable compounds, shortening early drug screening from months/years to tens of seconds for the first time worldwide.

Commentary: This platform will solve "few active molecules, insufficient screening space, homogenous candidates" issues in traditional pharma, providing new path for lead discovery in cancer, neurodegenerative, emerging infectious, rare diseases, and greatly improving rapid response in public health emergencies. AI drug screening is reshaping pharma industry, employs machine/deep/generative models to rapidly identify promising candidates from massive virtual libraries, breaking the traditional "needle in haystack" limitations. Data shows global AI-enabled pharma R&D spending projected to reach $123.9B by 2035.

5. 3D Printing | According to Securities Daily, team at Switzerland’s EPFL developed new volumetric holographic 3D printing tech, boosting print efficiency by 70x over previous, completing millimeter structures in seconds, organ models in minutes. This tech is based on "tomographic volumetric additive manufacturing" (TVAM). Unlike traditional layer-by-layer stacking, it uses laser irradiation of a rotating resin container, forming entire 3D structures at once inside the volume.

Commentary: This year, with technical progress, export growth, and expanding scenarios, 3D printing is accelerating from lab to industrial production and consumer markets, entering a fast development phase. First four months, 3D printer output up 50.9% YoY. 3D printing heats up because it suits "complex, small batch, customized" needs. Some complex structures traditional craft can't make in one go, 3D can directly form. With improving efficiency, material performance, device stability, constant cost reduction, the sector is ready for scale production.

Today's News Preview

US Q1 real GDP, core personal consumption expenditures.

US April personal income, consumption spending, core PCE index.

US weekly initial jobless claims.

US April durable goods orders.

US April new home sales.

New York Fed President Williams, St. Louis Fed President Musalem remarks.

Costco, Dell financial results.

US weekly EIA crude oil inventory change.

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Risk Warning and DisclaimerThe market has risks, invest cautiously. This article does not constitute personal investment advice nor consider individual users’ specific investment objectives, financial condition, or needs. Users should consider whether any opinions, views, or conclusions herein are suitable for their situation. Investment based on this article is at your own risk. ```