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2024.05.20 00:17
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Breakfast | Buckle up, this week's Federal Reserve meeting minutes, financial reports from companies like NVIDIA, Pinduoduo, Xiaomi, etc

This week, Chinese concept stocks such as Li Auto, XPeng, Kuaishou, NetEase, etc., will release their financial results. Media reports that the Hong Kong Stock Exchange plans to postpone the implementation of new trading rules during typhoons. Amazon is set to become one of the three partners of the NBA. Jeff Bezos' space company Blue Origin's rocket carried astronauts into space. XPeng held an AI autonomous driving conference today. Didi's Qing Liu promoted to permanent partner. OpenAI responds to gagging departure clauses: never revoked any employee stock options

Good morning! A great day starts with making money.

Overnight Morning Market

In the early Asian market today, the futures of the three major US stock indexes opened slightly higher.

Important Events and Data Preview for the Week: FOMC Meeting Minutes, NVIDIA Earnings

Monday: China's Loan Prime Rate (LPR) as of May 20; Speeches by Fed Chair Powell, Fed Governor Brainard, and Atlanta Fed President Bostic; XPeng Motors AI Driving Conference; Li Auto, Zoom, and others to release earnings.

Tuesday: Speeches by Fed Governor Waller, Fed Governor Brainard; US Treasury Secretary Yellen to speak; Bank of Japan holds second policy review workshop; South Korea and the UK host AI summit; Microsoft Build conference to be held in Seattle. XPeng Motors and others to release earnings.

Wednesday: Fed officials Bostic, Mester, and Collins participate in a panel discussion; ECB President Lagarde speaks; Kuaishou, Pinduoduo, NVIDIA, and others to release earnings.

Thursday: Fed releases minutes of monetary policy meeting, G7 finance ministers and central bank governors hold meeting; Xiaomi Group, NetEase, Bilibili, Weibo, and others to release earnings.

Friday: Final reading of the University of Michigan Consumer Sentiment Index for May, one-year inflation rate expectations. Speeches by Atlanta Fed President Bostic, Fed Governor Waller.

Last week, the Dow rose by 1.24%, the S&P 500 rose by 1.54%, and the Nasdaq rose by 2.11%; among them, the Dow saw a five-week winning streak, while the S&P 500 and Nasdaq both recorded four-week winning streaks. The Hang Seng Index in Hong Kong rose by 3.11%, and the Hang Seng TECH Index rose by 3.79%.

Blue Chips and Hot Stocks

Media: HKEX Plans to Postpone Implementation of New Trading Rules During Typhoons

Reports indicate that during the consultation period for "market opening during typhoons," the feedback received by HKEX was mostly in support rather than opposition, with opposition mainly coming from small and medium-sized brokerages. Due to ongoing market concerns and to allow sufficient time for industry preparation, the authorities are inclined to postpone the implementation until the end of this year or early next year to avoid confusion during the typhoon season.

According to AXIOS website: Amazon is set to reach an agreement to become one of the three partners of the NBA.

Blue Origin, the space company owned by Bezos, successfully launched astronauts into space on the NS-25 mission, marking the first manned flight in nearly two years. The rocket and crew capsule have safely returned to Earth.

According to the Korea Central Daily: Tesla Korea offers voluntary retirement plan for employees.

According to the South China Morning Post: XPeng Motors will provide autonomous driving and electric vehicle technology to other car manufacturers.

The official opening of the East China headquarters of Xiaomi in Nanjing Science and Technology Park is expected to reach an office scale of 5,000 employees within three years, aiming to exceed 10,000 employees within five years.

Polestar failed to submit its annual report on time, receiving a violation notice from Nasdaq Ming-Chi Kuo releases iPhone 16 color predictions

Renowned Apple analyst Ming-Chi Kuo from TF International Securities predicts that for iPhone 16 Pro & Pro Max: black, white (or silver), gray, rose gold; for iPhone 16 & 16 Plus: black, green, pink, blue, white. Apple (AAPL.O) may have different names for the colors. Additionally, even if the color names are the same as existing models, they may look different.

Didi Chuxing's Cheng Wei has decided to promote Liu Qing to a permanent partner of the company. Liu Qing will no longer serve as a director or president of the company, and the position of president will no longer exist in the future. Liu Qing's department and responsibilities remain unchanged, and she will continue to serve as the Chief People Officer of the company, focusing on talent, organizational development, and social responsibility, reporting to Chairman and CEO Cheng Wei.

Chips and Artificial Intelligence

OpenAI has experienced consecutive high-level personnel changes, and the "Superintelligence Alignment Team" has been disbanded.

OpenAI CEO Sam Altman responded on social media to rumors about "gagging" departure clauses: the company has never revoked anyone's vested equity, even if individuals have not signed departure agreements (or disagreed with non-disparagement agreements), such actions will not be taken.

UK ministers are developing plans to increase transparency in tech companies training artificial intelligence models. Initially, the focus will be on ensuring what content AI developers use to train their models, which will allow the industry to see if their produced results are being plagiarized.


Market news: Indonesian ministers and Musk have officially launched the "Starlink" service in Indonesia. When asked about investing in electric vehicles in Indonesia, Musk stated that the focus should first be on "Starlink."

According to the Financial Times: European private equity group EQT is in advanced negotiations to acquire Irish video game services company Keywords Studios for £2.2 billion.

Macro: A Global Perspective

Analysts continue to be bullish on the Dow

The US stock market has set the longest weekly consecutive positive streak since February this year. Analyst Larry Tantarelli stated, "If this trend continues," it will lay the foundation for the Dow to reach 42,500 points by the end of the year.

The Federal Reserve plans to relax proposed capital requirements for large banks, with the previous plan requiring an average increase of nearly 20% in capital, the new plan may be around half of the original plan.

A media outlet quoting industry insiders stated that there will be a significant further decrease in future mortgage rates in China. There is a deeper understanding of the significant changes in the supply and demand relationship in the real estate market. Many local governments strongly desire to abolish the lower limit on local mortgage rates.

Guangzhou plans to construct 5 general airports in areas such as Panyu, Zengcheng, Nansha, Conghua, and Huangpu. At the same time, plans are being made for the layout and construction of high-speed maglev corridors between Guangzhou and other mega-cities.

Helicopter carrying Iranian President makes hard landing

The helicopter carrying Iranian President Raisi made a hard landing on the evening of the 19th local time (preliminarily judged to be due to heavy fog), and rescue operations are still ongoing. Iran's Supreme Leader Khamenei stated that the work of the country and government will not be affected Financial Supervisory Service of South Korea: South Korea will introduce a short selling ban plan by the end of June.

Continued high temperatures in Texas, USA, have pushed up electricity demand, with prices soaring by 1600% overnight to $688 per megawatt-hour at one point. Electricity suppliers expect next week's electricity demand to break the record set in May 2022.

According to Fortune magazine, there are now 15 members in the World's Super Rich Club (with individual wealth exceeding $100 billion), marking the highest number in history. Their total net assets have grown by 13% this year, reaching $2.2 trillion, surpassing both inflation and the overall stock market gains. Together, they own nearly a quarter of the total wealth of the world's richest 500 people