Wallstreetcn Morning Brief FM-Radio | May 30, 2026

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Huajian Morning Voice

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Market Overview

Reports say the Trump administration believes the US and Iran are close to reaching an agreement, but some issues are still under negotiation. Trump has postponed the final decision regarding the Iran-related agreement. The three major US stock indexes closed slightly higher, with the Dow rising 0.72%. The S&P 500 has risen for nine consecutive weeks, marking the longest weekly gains since the end of 2023, with May's cumulative rise exceeding 5%.

After earnings, Dell surged nearly 33%, data storage company NetApp rose over 22%. Oracle increased more than 10%, Microsoft up more than 5%.

On Friday, the US 10-year Treasury yield fell by 1.4 basis points to 4.441%, declining for four consecutive trading days. US Treasuries showed divergence in May, with long-end yields remaining flat and short-end yields rising 15 basis points for the month.

The US dollar fell 0.1% during the day to 98.90. Bitcoin held steady near $73,500, down 3.6% for the month; Ethereum dropped over 11% in May.

Spot gold once rose by more than 2%, then narrowed its gains to $4,541 per ounce, cumulative weekly increase of 0.75%. WTI crude oil fell 1.73% on the day, closing at $87.36/barrel; Brent crude oil closed at $92.05/barrel, down 1.77% on the day. Oil prices saw their largest monthly decline since 2020.

In the Asian session, ChiNext Index fell over 2%, STAR 50 Index plunged more than 5%, power and consumption sectors rallied, chips and semiconductors collectively declined, Hang Seng Index rose nearly 1%, Lenovo Group surged over 20% again.

Top News

China

Ding Xiangqun, Chairman of PICC was appointed Party Secretary of the National Financial Regulatory Administration.

Lenovo's stock price doubled in May, soaring 109%, marking the best month since 1999.

Overseas

US media: Trump postponed the final decision on the Iran-related agreement. Trump stated he would make the final decision on Iran conflict, agreements outside Hormuz and Iran nuclear issues have been reached, Iranian media called his statements “half-true, half-false.”

Trump administration will appeal the ruling requiring broad tariff refunds.

Japan spent 11.7 trillion yen within one month to defend the currency, one of the largest forex interventions in recent years.

Musk refutes rumors: SpaceX lowering IPO valuation is “false” news. It was previously reported that SpaceX's valuation was cut from $2 trillion to $1.8 trillion. Danish Pension Fund blacklisted SpaceX: Overvalued, “catastrophic” governance.

Blue Origin rocket exploded during testing, Bezos’s “space dream” frustrated, Musk: Rockets are just that hard.

"Asia's largest AI tech expo" ComputeX opens next week, Jensen Huang leads AI giants in succession.

Samsung, SK Hynix soared, “bursting” position red lines: Funds forced to sell, Korean stocks saw record foreign outflows.

With the US-Iran ceasefire agreement catalyst, industrial metal prices rose 5.5% in one month, likely to be the best since January. Global aluminum market sounded the alarm, Japanese benchmark aluminum premium surged over $100 in a single quarter.

Market Closing

US/EU Stock Markets: S&P 500 rose 0.22%, at 7580.06 points, weekly cumulative rise 1.43%, cumulative for May 5.15%. Dow rose 0.72%, at 51032.46 points, weekly cumulative rise 0.90%, May cumulative rise 2.78%. Nasdaq rose 0.21%, at 26972.62 points, weekly cumulative rise 1.22%, May cumulative rise 8.36%. European STOXX 600 index closed up 0.14%, at 626.00 points, weekly cumulative rise 0.14%, May cumulative rise 2.41%.

A-shares: Shanghai Composite closed at 4068.57 points, down 0.73%. Shenzhen Component Index closed at 15575.13 points, down 1.81%. ChiNext Index closed at 4037.95 points, down 2.11%.

Bond Market: US 10-year benchmark Treasury yield fell 1.18 basis points, at 4.4355%, weekly cumulative decline 12.23 basis points, May cumulative increase 6.48 basis points. US 2-year Treasury yield fell 1.64 basis points, at 4.0041%, weekly cumulative fall 10.62 basis points, May cumulative rise 13.51 basis points.

Commodities: Spot gold rose 1.05%, at $4,542.39/oz, weekly cumulative rise 0.74%, May cumulative drop 1.62%. Spot silver fell 0.32%, at $75.3636/oz, weekly cumulative drop 0.18%, May cumulative rise 2.23%. WTI July crude oil futures closed down 1.73%, at $87.36/barrel, May cumulative drop 11.88%. Brent July crude oil futures closed down 1.77%, at $92.05/barrel, May cumulative drop 16.62%.

News Details

Global Highlights

China

Ding Xiangqun, Chairman of PICC, appointed as Party Secretary of National Financial Regulatory Administration. According to The Paper, Ding Xiangqun was born in June 1965, has a rich career background, served in both banking and insurance sectors, and held posts in several local governments for many years. Returned to the insurance industry in December 2024. Prior to this new appointment, she served as Party Secretary and Chairman of People's Insurance Group of China (“PICC”).

Five-year urban renewal plan implemented: How will it impact real estate? The State Council issued its first five-year urban renewal special plan, incorporating new real estate development models, “good housing” construction, and revitalizing existing property stock into top-level design. The goal for dilapidated housing transformation under the “15th Five-Year Plan” doubled to 500,000 units compared to the “14th Five-Year Plan”, with urban village refurbishments maintained at 4000 high-level projects, expected to unleash housing demand. The plan more vigorously supports revitalizing land stock, promoting usage conversion, and assisting real estate’s shift from “incremental development” to “stock operation + quality services”.

Lenovo’s stock price doubled in May, rising 109%, best month since 1999! During Friday trading, Lenovo Group surged 31%. Boosted by Dell's optimistic earnings outlook, the market is bullish on AI server demand spreading among enterprises. Lenovo’s latest earnings show its profit margin remained stable despite rising chip costs, with Goldman Sachs raising its target price, making it the best-performing tech stock in the Hang Seng Index this year.

Suddenly surging 30%: Who “launched” Lenovo? Driven by Dell’s “strongest ever” quarterly report, AI server stocks exploded on May 29 in Hong Kong. Lenovo surged over 30%, setting a historical high and market cap once exceeded HK$310 billion. Analysts believe the surge was caused by “spillover effects from Dell’s AI performance + Lenovo’s own strong AI data + concentrated upward revisions in target price.”

Overseas

US media: Trump postponed the final decision on the Iran-related agreement. Top US officials said the Trump administration believes the US-Iran agreement is near, but some issues, including unfreezing Iranian funds, are still under negotiation.

Trump said he will make the final decision on Iran conflict; agreements outside Hormuz and Iran nuclear issues have been reached. Iranian media said his words are “half-true, half-false”. Trump's conditions for ending hostilities: Iran must never acquire nuclear weapons, Hormuz must be opened immediately without transit fees, all sea mines must be cleared. He also mentioned destruction of Iran’s high-enrichment “nuclear dust,” and US will soon lift Iran maritime blockade. After Trump’s post, oil fell near 3%, US dollar and US Treasury yields hit two-week lows. Iranian Foreign Ministry: Iran-US communication continues, no final consensus yet. Iranian official: No intention to ship enriched uranium abroad; will force US to end maritime blockade. Iranian Parliament Speaker: Will force opponent to yield “by missiles, not by dialogue.”

Trump administration will appeal ruling requiring widespread tariff refunds. The Trump administration will challenge a US Trade Court judge's jurisdiction after the judge ruled officials must define how to handle hundreds of billions of dollars in tariff refund claims.

Japan spent 11.7 trillion yen within a month to defend the currency! One of the largest forex interventions in recent years. Between April 28 and May 27, Japan used about 11.73 trillion yen to intervene in the forex market, the second intervention after 2024. Previously, flow-based estimates put the spending at about 10.08 trillion yen, but actual spending is much higher. Yen still hovered near 159, and the market thinks unilateral intervention cannot reverse depreciation pressure driven by US-Japan interest rate spreads.

Musk publicly refutes rumors: SpaceX lowering IPO valuation target is “false”. Musk publicly denied the report about SpaceX lowering its IPO valuation. Bloomberg previously cited sources saying the company's target valuation was lowered from over $2 trillion to at least $1.8 trillion. Despite valuation disputes, this IPO will likely become the world’s largest public offering.

On the eve of IPO, SpaceX’s valuation dropped from $2 trillion to $1.8 trillion. SpaceX lowered its IPO target valuation from $2 trillion to $1.8 trillion, but it still may become the biggest IPO ever. The company plans to start the roadshow as early as June 4 local time, with pricing completed by June 11. The schedule may be delayed by several days, and discussions are ongoing, with further upward revisions not excluded according to investor feedback.
Danish pension fund blacklists SpaceX: Overvalued and "catastrophic" governance. The Chief Investment Officer of a Danish pension fund said SpaceX’s reasonable valuation should not exceed $1 trillion, but IPO target is at least $1.8 trillion, with its pricing more “narrative-driven” by Musk rather than fundamentals. SpaceX also has “catastrophic” governance, and Musk is expected to control about 80% of voting rights, serving as CEO, CTO, and Chairman.

Blue Origin’s rocket exploded during testing, Bezos’s “space dream” suffered setback, Musk: Rockets are just that hard. On Thursday night local time, Blue Origin’s “New Glenn” rocket exploded in a static fire test, severely damaging the only launch pad and ground equipment, severely impacting this year’s launch plan. Amazon’s $2.7 billion Kuiper satellite constellation contract construction is passively affected, and may impact NASA’s lunar plans. Market clients may turn to rival SpaceX. As a result, US space-related stocks fell on May 29.

"Asia’s largest AI tech expo" ComputeX opens next week, Jensen Huang leads the AI giants. The global AI arms race will be triggered at ComputeX 2026. Jensen Huang and Nvidia will preside, with Qualcomm, Intel, Arm as challengers; memory chip revenue expects to double to $595 billion, supply bottlenecks may last until end of 2027. A key showdown defining AI industry power is imminent.

Behind Nvidia’s MGX ecosystem expansion: a quiet efficiency revolution from 800V to GPU core. In the NVIDIA MGX ecosystem, Innoscience is advancing All-GaN power conversion technology, covering the entire link from 800V high-voltage distribution to GPU core power. The technology breaks rack power density limits, raises front-end conversion full-load efficiency to 98.2%, and will significantly reduce cooling needs and operating costs in AI factories via vertical power architecture.

Nvidia intensifies investment in photonics: over $6.5 billion in three months. Nvidia has invested $6.5 billion in three months, betting heavily on photonic technology—the revolutionary technology transmitting data via light instead of electrical signals, seen as the ultimate path to break AI’s power bottleneck. Analysts warn that mass-production yield remains a challenge, and large-scale deployment may need to wait until 2028.

Samsung, SK Hynix skyrocketed, “bursting” position limits: Funds forced to sell, Korean stocks saw record foreign outflows. Samsung Electronics and SK Hynix stock prices rose 147% and 245% respectively this year, forcing many funds to hit 10% position limits and forced to sell. Forced sell-off is huge, foreign outflows broke records. As of Thursday, global investors net sold $63.6 billion of Korean stocks this year, biggest monthly sell-off since 1999; Samsung and SK Hynix together saw net outflows of $58.6 billion.

Storage chips more expensive than oil! The AI wave pushed Samsung, SK Hynix, Micron—the three major memory chip makers’ market caps above $1 trillion, surpassing the global top three oil giants combined. Unlike previous cyclical fluctuations, memory makers use long-term supply contracts to lock in future revenue, increasing performance predictability. Samsung and SK Hynix together account for nearly half of Korea’s benchmark index, making high concentration a volatility risk.

US-Iran ceasefire deal drives industrial metals up 5.5% in one month, best since January. With the US-Iran ceasefire expectation, the LMEX industrial metals index is set for the largest monthly gain since January this year, up 5.5%. Tin was the brightest, up 18% monthly leading all. Copper prices steadily rose 5.6%, supply-side risks are key support: Macquarie warns of sulfur shortage threatening copper production, Congo faces up to 94,000 tons monthly copper output at risk, with production reduction announcements possibly as early as July.

Aluminum price rally far from over; real supply shortage will erupt in one to two months. Strait of Hormuz blockade caused a 35% drop in Gulf region April aluminum output, smelter raw material inventory faces depletion, analysts warn supply shortage will erupt over the next one to two months. LME aluminum prices near a four-year high, JP Morgan predicts the largest annual gap since 2000, aluminum price may hit $4,000 per ton in coming months.

Global aluminum market alarm! Japanese benchmark aluminum premium soared over $100 in a single quarter. Rio Tinto’s Q3 aluminum premium quoted to Japanese customers at $460/ton, South32 at $480/ton. If accepted, it'll be more than $100 above Q2 agreement price. Japanese aluminum premium is regarded as the benchmark for East Asian demand. About one third of Japan’s aluminum imports in 2025 will come from the Middle East.

Selected Research Reports

BofA: Be proactively defensive; market shows late bubble characteristics. Bank of America says its bull-bear indicator fell to 9.4 but remains in “extreme bullish” area, showing late-stage bubble traits. Funds are shifting from tech giants and Bitcoin, “AI-worship” assets, to silver, industrial metals, and small-cap value stocks in real economy recovery sectors. BofA recommends defensive strategies for 2026 and is bullish on emerging markets as the next major bull cycle.

“Wall Street prophet” Yardeni: S&P and gold will simultaneously reach 10,000 by 2030. Yardeni’s bullish long-term gold view is: S&P 500 could hit 10,000 by 2030, so investors will keep rebalancing to gold, driving gold up in parallel. He believes gold will reach $5,500/oz by end 2026.

Legendary hedge fund manager Dan Loeb: Stubborn value investors who refuse to evolve are dead—those not learning AI are doomed to extinction. Loeb says, in a macro environment dominated by AI and geopolitics, traditional value investors must become “tech investors.” He’s bullish on AI infrastructure and semiconductors, sees current correction as due to “over-high expectations” not a bubble. Loeb stresses cross-asset allocation advantages. Globally, he’s optimistic about Japanese governance reforms and Middle East markets, but cautious on heavily regulated Europe.

A new wave of large models is coming! Blackwell support makes AI more powerful? Flagship models trained on Nvidia’s Blackwell architecture are about to debut, marking a key inflection point. Citi rates it as “the most important near-term technology catalyst” in the current competition landscape. Recently, Anthropic pre-released Claude Opus 4.8, xAI and MiniMax are also teasing new products. Blackwell-driven models may mark a true leap in capabilities.

Domestic Macroeconomics

Exclusive: If EU insists on “overcapacity tool,” China will counter. According to Yuanyuantian, behind the EU’s protectionist wave, the truth is alarming. Chemical capacity lost 37 million tons in four years, structural aluminum shortage reached 93%—Europe’s industrial troubles stem from high energy costs and industrial misalignment, unrelated to China. Yet, the EU refuses to “cut the poison out”, instead uses “overcapacity” as a pretext for heavy trade barriers, “drinking poison to quench thirst.” China’s official stance: will fight to the end.

Overseas Macro

European inflation heats up! France and Spain hit new highs for 2024, ECB looks set to hike in June. Middle East war pushed up energy costs, Eurozone inflation accelerated in May, CPI in Italy, France, Spain all above the 2% target. Data strengthens the ECB’s rate hike position, market almost certain it’ll raise deposit rate from 2% to 2.25% on June 11, first hike since 2023.

Bank of England “dovish”, allows inflation to temporarily exceed target, hints at lower rate hike probability in June. BOE Governor Bailey signaled a dovish stance, saying with a weak real economy, inflation can temporarily exceed 2% target. Removing the previous rate-cut path already created substantial tightening, so he’s inclined to keep rates unchanged at the June 18 meeting. Interest rate swap market prices in only one BOE hike by year-end.

Overseas Companies

Claude Opus 4.8 tested as a “god-level” product—too powerful, also painfully expensive. Claude Opus 4.8 scored 30 points higher for programming, 79.6 for writing in high-intensity mode; can refactor codebases, generate academic papers. But “god-like” performance depends heavily on its “Extra-High” mode, immense resource consumption, users frequently hit the $200/month cap, desktop experience is chaotic.

Dell explodes: revenue beats most optimistic estimate by 21%, Wall Street wants to revalue it. Dell Technologies’ latest earnings shocked Wall Street, with revenue at $43.8 billion, beating the most optimistic estimate by 21%; AI server quarterly increase 757%, even traditional CPU servers soared 92%. Market realized: this “PC old-timer” may be one of the core infrastructure suppliers in the AI era. Dell’s traditional valuation framework—hardware company, low growth, cyclical, low PE—is being totally rewritten.

Dell’s earnings surge: Why are traditional servers seeing an unexpected boom? Bernstein reports that Dell’s strong earnings and traditional servers’ surprising boom are from new demand driven by Agentic AI. This workload depends on CPUs for task orchestration, significantly raising memory and storage needs, so traditional servers become the core AI compute layer—not obsolete. Current growth mainly comes from large enterprise compute environment upgrades and expansion, still in the early phase, with continued potential.

Samsung starts delivering industry’s first HBM4E samples, performance up over 20% versus previous gen. Samsung first delivered HBM4E samples to major global clients, bandwidth 3.6TB/s, capacity 48GB, 30% higher than previous gen, becoming the first in the industry to ship this product. As generic DRAM prices soar, Samsung’s bargaining power increased. Morgan Stanley forecasts Samsung’s annual profit to surge 464%, and expects a historic profit boom for Korean memory makers.

Today's News Preview

Huawei’s enterprise-level agent development platform AgentArts open source enhanced version will be released on May 30.

JD.com 618, kicks off at 8pm on May 30.

Risk Warning and DisclaimerThe market has risks; caution in investment is required. This article does not constitute individual investment advice and does not take into account the specific investment objectives, financial situation, or needs of any individual user. Users should consider whether any opinions, views, or conclusions herein meet their specific situation. Invest accordingly, at your own risk. ```