Wallstreetcn Morning Brief FM-Radio | September 11, 2025

Wallstreetcn Morning Brief FM-Radio | September 11, 2025

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Market Overview

Technology stocks strongly supported the S&P 500 and Nasdaq continued to reach new highs; the S&P 500 and Nasdaq both rose for three consecutive days, while the Dow retreated and temporarily left record highs. Oracle soared 36%, the largest increase since 1992, driving AI chip stocks sharply higher; Broadcom rose nearly 10%, Nvidia up nearly 4%. Gun stock Smith & Wesson closed up 6.7%. China concept stocks fell nearly 1% against the market, NIO dropped nearly 9%.

US PPI reinforced interest rate cut expectations, US Treasury prices rebounded. After PPI was released, US Treasury yields fell faster. The 10-year Treasury auction was strong, and the 10-year yield hit a five-month low.

After PPI was announced, the Dollar Index fell, approaching a more than two-month low. The offshore yuan surged over 100 basis points during the session to break through 7.12, approaching a ten-month high.

Crude oil rose for three consecutive days, hitting a one-week high and rising more than 2% intraday for two straight days. Gold turned upward intraday, approaching record highs. London copper rebounded 1%, breaking above $10,000/ton for the first time in two months.

In the Asian session, the ChiNext Index rose over 1%, AI hardware stocks collectively rebounded, "trillion giant" Industrial Fulian hit the daily limit, the Hang Seng Index rose above 26,000 points for a fourth consecutive gain, tech internet stocks active.

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Top News

Wang Yi spoke on the phone with US Secretary of State Rubio.

NDRC's Zheng Shanjie: Strive to achieve the annual economic and social development goals, continuously tap domestic demand potential in the second half, and further promote deep integration of technological and industrial innovation.

Finance Minister Lan Fo'an: Emphasize strengthening the domestic economic cycle, sustain, and appropriately strengthen the implementation of more positive and proactive macro policies, fully support stable employment and stable foreign trade.

China's August CPI fell 0.4% year-on-year, core CPI growth rebounded to 0.9%, and PPI's YoY decline narrowed to 2.9%.

US inflation unexpectedly fell, August PPI MoM -0.1%, first time negative in four months, YoY growth 2.6% below expectations. After PPI was released, Trump: There is no inflation, Powell must slash interest rates immediately.

Fed Governor Cook may participate in next week's Fed meeting vote, judge blocks Trump's dismissal, US Justice Department quickly appeals. The nomination of Milan as Fed governor was approved by the Senate committee.

Trump ally who opposes strict gun control, US conservative political organization leader Kirk shot and killed, US gun stocks surged.

Oracle closed up nearly 36%, the largest daily increase since 1992, total market cap once surpassed $950 billion; Bloomberg Billionaire Index shows Oracle founder Ellison overtook Musk, becoming world's richest for the first time.

Reports: Oracle and OpenAI signed a $300 billion compute agreement, power demand 4.5 GW. Broadcom CEO: AI revenue will surpass all other revenue in two years, cloud giants to dominate ASIC chips, enterprises will continue to rely on GPUs. Google Cloud expects revenues to double in next two years, with orders up to $106 billion.

Musk: The hardest part of making robots is the hand, Tesla's new generation AI5 chip performance surges 40x.

Alibaba activates offline commerce, first step to store: Amap launches ranking list, redoing offline credit system.

Market Closing

US and European stocks: S&P 500 up 0.30% to 6532.04 pts. Dow down 0.48% to 45490.92 pts. Nasdaq up 0.03% to 21886.06 pts. STOXX 600 down 0.02% to 552.29 pts.

A-shares: Shanghai Composite closed up 0.13% to 3812.22pts; Shenzhen Component up 0.38% to 12557.68 pts; ChiNext up 1.27% to 2904.27 pts.

Bond market: By bond market close, US 10-year Treasury yield at about 4.05%, down about 4bps daily; 2-year yield at about 3.54%, down about 2bps.

Commodities: WTI October crude oil futures up 1.66% to $63.67/barrel. Brent November crude oil futures up 1.65% to $67.49/barrel. COMEX December gold futures slipped $0.2 to $3682/oz. LME copper up about 1% to $10,013/ton.

Top News Details

Major Global Events

Wang Yi spoke on the phone with US Secretary of State Rubio. According to Xinhua, Wang Yi stated that China and the US, as two giant vessels, must stay on course and not lose speed, and must adhere to the strategic leadership of their leaders and fully implement the leaders' important consensus. Recent negative words and actions by the US have undermined China's legitimate rights and interests, interfered in China's internal affairs, and are not conducive to improving and developing US-China relations. China strongly opposes them. Especially on issues related to Taiwan and other core interests, the US must act with caution.The US and China fought side by side to defeat militarism and fascism during WWII and should now cooperate for world peace and prosperity, dealing with global challenges and fulfilling the responsibilities of major powers.

Strive to achieve annual economic and social targets—Key points for China's economic work for the second half year shown in the execution report. According to Xinhua, the NDRC Director Zheng Shanjie's report points to accelerating stable employment, businesses, markets, and expectations; implementing more proactive fiscal and moderately loose monetary policy; continuously tapping domestic demand; further promoting deep integration of technological and industrial innovation; deepening reform and expanding opening up; preventing and resolving key risks; promoting coordinated regional and urban-rural development; low-carbon transformation; and improving people's livelihood and safety.

Finance Minister Lan Fo'an: Emphasize strengthening the domestic economic cycle, sustain and appropriately enhance proactive macro policy. Lan's report to the NPC Standing Committee clarifies the full use of proactive fiscal policy and highlights future tasks: fully support stable employment and foreign trade; develop new impetus; improve people's livelihood; prevent major risks; enhance financial governance and tightly control spending.

China's August CPI YoY drops 0.4%, core CPI up 0.9%, PPI YoY decline narrowed to 2.9%. Core CPI uptrend continues for the fourth month. Gold jewelry and platinum prices rose 36.7% and 29.8% YoY, contributing about 0.22 percentage points to CPI. The YoY drop mainly due to base effect and food prices below seasonal levels.

  • Minsheng Macro believes August inflation is "uneven," with divergence between CPI and PPI and within both indexes. Unlike overall CPI decline, core CPI remains resilient; PPI stabilizes in upstream sectors, showing effects from earlier state-enterprise production cuts. With continued fiscal support and consumer stimulus, core CPI should remain relatively resilient.
  • Guosheng Securities believes August CPI turned negative YoY and was weak MoM mainly due to weak food prices and a higher base; PPI's YoY decline narrowed and MoM returned positive, ending eight straight months of decline with prices showing some support.

US inflation unexpectedly fell, August PPI MoM-0.1%, first negative in four months, YoY growth 2.6% below expectations. Wall Street expected August PPI MoM +0.3%, July was revised down to +0.7%. Services cost declines offset goods price increases; rising intermediate demand prices hint at future pressure. Data led to increased bets on Fed rate cuts.

Fed GovernorCook may participate in next week's Fed decision vote, judge blocks Trump's dismissal, may go to US Supreme Court. Judge found that Cook’s side showed removal violated the Federal Reserve Act's "for cause" clause. Unless appeals court halts the decision, Cook can vote next week. After judge blocked Cook's removal, US Justice Department immediately appealed. Many observers believe final outcome may come down to the Supreme Court.

Milan's nomination as Fed governor approved by Senate committee. The Senate Banking Committee voted 13-11 on party lines in favor of Trump's nomination of Senior White House Economic Adviser Steven Milan as Fed governor for at least several months. Full Senate expected to confirm next Monday. Republicans are moving quickly, aiming to seat Milan before next week's FOMC meeting.

Trump ally shot dead, US gun stocks surge. US conservative political organization head Charlie Kirk, an opponent of stricter gun control, was shot dead Wednesday. After the incident, Smith & Wesson closed up 6.7%, American Outdoor up 5.3%, Sturm Ruger up 3%.

Huge orders shake the market! Oracle, Broadcom, and even Google, all "blown up" by OpenAI. Oracle signs massive cloud infrastructure contract; Broadcom is OpenAI's fourth custom AI chip client; and Google Cloud signed for compute power. OpenAI, as "the most capital-intensive startup ever," is pulling the entire tech supply chain into a high-speed "arms race."

Musk: Hardest in robotics is the hand; next-gen AI5 chip 40x performance leap. Musk says Optimus will be “the greatest product in human history,” V3 to solve hand dexterity, AI brain, mass production. Tesla AI5 chip is 40x AI4, with 8x compute, 9x memory. Fully outsmarting a human AI may come next year. SpaceX Starship reusability demo also next year.

After 3 months planning, Alibaba drops a bomb, activates offline commerce.

  • Alibaba's first step: Amap creates ranking list, redoes offline credit system. After joining the food delivery wars, Alibaba invests heavily in in-store services. Amap announces “Street Ranking,” ranking stores by navigation visits, repurchase, special trips, and crowd width, covering food, hotels, and attractions, with transparent scoring—aims to make Amap an offline entry to match Taobao.
  • Spending 1bn RMB, why does Alibaba want Amap to canvas the streets? Facing Meituan’s lead and Douyin competition, Alibaba needs to breakthrough online bottlenecks. Amap has 120m DAUs and rich geodata, ideal for in-store business. The “Street Ranking” and “Vital Stores Support Plan” aim to leverage payment, e-commerce, map synergy for a closed commercial loop and seize more local-life services share.

AI demand remains strong, TSMC August sales up 33.8% YoY. TSMC’s August revenue NT$335.77bn, up 33.8% YoY, up 3.9% MoM; Jan-Aug NT$2.43tr up 37.1% YoY. Again confirms accelerated AI infrastructure buildout.

Nasdaq CEO explains "reform direction": tokenized trading, IPOs, all-hours trading. Adena Friedman: Nasdaq to go for stock tokenization, embedding blockchain directly in core trading, not just off-exchange. Will push direct listings with fundraising and gradually move to 5x24 and eventually 7x24 trading.

Domestic Macro

German Chancellor mentions China in rare speech: "Will seek cooperation in all possible fields". According to Global Times, Mertz affirmed pursue cooperation in fields like climate, crisis management, and more. Analysts said speech is rare; last similar speech was in 2000.

Korean Media: Lee Jae-myung calls for sanctions on anti-China rallies, criticizes participants for worsening bilateral relations. According to Global Times, Korean president Lee strongly condemned Seoul Myeong-dong anti-China protest, saying it's “disorder, not free speech,” demanding relevant departments work on sanctions. He criticized participation for insulting Chinese tourists and worsening ties, calling not for mere warning but punitive measures within legal frameworks.

Domestic Companies

Domestic Nano Banana arrives, Byte releases Seedream4.0, aims to retire PS early. Seedream 4.0 offers ultra-strong theme consistency, multi-image creation, 4K output, fast generation, can be benchmarked to Google’s nano banana model. Core breakthrough is integrating text-to-image (T2I) and image editing into unified DiT architecture, with high compression VAE and custom design, boosting train/infer speeds over 10x.

Overseas Macro

Annual non-farm payrolls sharply revised down, Bessent urges Fed to cut rates promptly. Bessent publicly urged the Fed to re-evaluate policies based on latest jobs data showing the economy Trump inherited was weaker than reported. Quoting Keynes: "When facts change, I change my mind."

Market just “doesn’t believe” high inflation? JPM: 5 years and still fooled! JPM warns developed market central banks have underestimated inflation persistence for 5 years, expect 2025 core inflation at 3%, the fifth consecutive year above the 2% target. Despite repeated incorrect forecasts, the market still rates central bank inflation control ability highly. Focus on the “5-year curse” risk—persistent deviation may hurt expectations after five years. Probability of sticky inflation put at 45%. Warns need to prepare for “higher for longer” rates.

Overseas Companies

Altman sketches a ten-year AI roadmap: "Intelligence is power", any software can be generated in seconds, a 10-person company can earn $1bn a year. Altman expects in a decade, AI cost will approximate electricity cost, compute and energy as value core. While AI will do almost all knowledge work, jobs demanding deep emotional connectivity—like teachers, nurses, elder care—will be ever more valuable. He advises investors: Don’t look for the next AI lab, instead invest “100% of your time” in new species enabled by AGI.

"Europe’s Huabei" Klarna surges over 40% on US debut, major VC Sequoia gains $3bn+. Klarna’s IPO was at least 8% above guidance, raised $1.37bn, opened up 30% at nearly $20bn valuation, closed up less than 15%. Before listing, media said Sequoia had invested $500m since 2010, now set for >6x return.

JPM comments on Apple launch: mixed, Air too expensive, Pro better "value"; base version “gets China subsidy”. JPM: iPhone Air is all-new but lacks features for $999, which may suppress sales. Pro’s comprehensive upgrades and pricing make it main growth driver. iPhone 17 base stays $799 but 256GB storage, qualifying for China subsidies, boosting recovery. Stock “overweight” rating maintained.

iPhone "makes small moves" to prop up, Apple’s AI blockbuster still not ready? The new iPhone’s main changes: Plus out, ultra-thin Air in, base model upgrades storage to 256GB at no extra cost, but all are minor upgrades with no big innovations. Amid rivals' surging AI investment, Apple’s AI narrative still lacking. To break valuation ceiling, must show more AI innovation.

Nvidia’s “inference era”, new Rubin CPX GPU: "$100m input, $5bn inference revenue, 50x return"! Citi: Nvidia's new Rubin CPX GPU, designed for long context inference, promises customers 50x return—far more than 10x for GB200 NVL72. Also, attention mechanism triples performance over GB300. The GB300 NVL72 set new records in MLPerf inference benchmark. “Inference era” has truly arrived.

Cloud provider demand so strong, Goldman sharply lifts AI server market forecast. Goldman: Fueled by top and second-tier cloud players, forecast for 2029 AI server market jumps from $386bn to $581bn, CAGR 38%. Cloud AI arms race is shifting market: Dell’s share in mid-tier has soared to 46%—the biggest winner; meanwhile previous leader Supermicro’s share drops to 29%, facing tough challenge.

"Digital asset treasury company" model at a crossroads, leaders see sharp stock drops and new entrants flood in. DAT (digital asset treasury) model faces challenges. Among 15 tracked, average stock dropped 15% last week, some up to 80%. Over 100 have entered due to overcrowding and little differentiation. Only 14,800 bitcoins bought in August (much less than June). Complex financing tools raise risk, regulatory tightening now requires shareholder approval for new issuance, hitting core model.

Amazon reportedly developing AR glasses, codename "Jayhawk", to compete directly with Meta. Amazon is making consumer AR glasses, codename Jayhawk, challenging Meta. The glasses have mic, speaker, camera, monocular full-color display; launch expected end of 2026 or early 2027.

Weight-loss drug competition intense, Novo Nordisk cuts 9,000 jobs worldwide (11%), lowers profit forecast for third time this year. Company expects full-year operating profit to rise 4%-10%, far below previous 27% max.

Industry/Concepts

1.Ocean Economy: According to Securities Times, recently, several regions have held meetings to promote "AI+" empowered marine industry, some provinces have issued relevant development plans. On Sep 8, Qingdao Marine AI Large Model Alliance was launched, with Huawei and others as chairs, to further aggregate marine AI large model technical resources.

2.Wearable Band Devices: According to Jiemian, Canalys data show China's mainland shipped 33.9 million wearable bands in H1 2025, up 36% YoY, continuing high growth after 33% growth in H2 2024, hitting a record and marking a new stage.

3.AI Cloud: Data shows China’s AI cloud market in H1 2025 reached 22.3 billion yuan. Alibaba Cloud leads with a 35.8% share, exceeding the sum of no.2–4, and stays ahead in China’s AI cloud compute market. GenAI is sparking the boom; 2025 market seen up 148% to 51.8bn, 2030 forecast at 193bn.

4.Mass Consumption: Shaoxing, Zhejiang released new consumption stimulus: holding banquets in hotels with over a certain number of tables and amount gets tiered subsidies, max 5,000 yuan. Over five tables and 10,000 yuan gets a subsidy. This is called "reverse prohibition." As anti-drinking measures ease, some areas see relaxed consumption, and catering services are rebounding after excess decline.

5.3D Printing: Recently, the Jiangsu Medical Products Administration issued China’s first drug production license using 3D printing, marking a key step for drug development and industrialization. Licensee Nanjing Triastek’s plant can make 300 million 3D printed tablets per year—the world’s largest commercial 3D printing drug production capacity. Triastek has submitted six product trials to US and China regulators, marking a new era of large-scale 3D printed pharmaceuticals.

6.Platinum: WPIC (World Platinum Investment Council) 2025 Q2 report: market will see significant shortage for third year, shortage to hit 26 tons. Total supply in 2025 to drop 3% YoY to 219 tons, 5-year low. Mine supply down 6% to 169 tons; recycling supply up 6% to 50 tons, still below average; above-ground stocks seen down 22% to 93 tons.

Today's News Preview

US August CPI.

US initial jobless claims last week.

US August government budget.

ECB rate decision, President Lagarde holds monetary policy press conference.

OPEC releases monthly oil market report.

IEA releases monthly oil market report.

Adobe releases earnings.

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Risk Warning & DisclaimerMarkets have risks, investment needs caution. This article does not constitute personal investment advice, nor does it take into account users' special objectives, financial circumstances, or needs. Users should consider whether opinions, views, or conclusions herein match their own situation. You bear full responsibility for investing based on this content. ```