The Hong Kong stock market is closed today. Overnight, the NASDAQ Composite Index saw its biggest gain in nearly three weeks, with NVIDIA's single-day market value increase being the largest in US stock history, rising nearly twice as much as Intel, which led the Dow Jones Industrial Average components in decline. The semiconductor index saw its biggest gain in six months. XPENG-W plummeted 7%. JPMorgan is developing an AI service similar to ChatGPT to help clients choose investment targets. The ChatGPT official app is now available on more App Stores in various regions. TSMC is in talks to receive huge subsidies from the German government. Alphabet-C has begun opening up access to its search lab.

Breakfast | Nvidia skyrocketed, Chinese concept stocks fell for three consecutive days, OpenAI considers withdrawing from the European market

好市多公布了 2023 财年第三财季业绩。

好市多 Q3 营收及每股收益均不及预期 同店销售额增长 0.3%

英伟达周四暴涨 24.37%，市值达到约 9393 亿美元，距加入万亿美元市值俱乐部近在咫尺。值得注意的是，以押注 “颠覆性创新” 著称的凯茜·伍德的旗舰基金 ARKK 在 1 月初就清仓了英伟达股份，“完美” 错过了人工智能热潮推动的这波涨势。在去年 10 月，当英伟达股价开始从 2020 年 8 月以来的最低位反弹时，ARKK 持有超过 75 万股，到去年 11 月底减持至略低于 3.9 万股，到今年 1 月中旬降至零。自 “木头姐” 清仓以来，英伟达市值增加了约 5600 亿美元，其中约 2000 亿美元是周四一夜之间暴涨的。

英伟达股价暴涨，“木头姐” 错失 5600 亿美元大反弹

金十数据 5 月 26 日讯，知情人士透露，全球最大芯片代工企业台积电正洽谈从德国政府获得补贴，以覆盖其德国新半导体工厂 50% 的建造成本。柏林当局正在与台积电及其项目合作伙伴博世、恩智浦半导体、英飞凌就此事谈判，目前尚未作出最终决定，补贴金额仍可能调整。任何国家级的援助还必须得到欧盟委员会签字批准。这家位于德累斯顿的工厂造价可能高达 100 亿欧元，此次谈判说明全球对半导体制造业产能的争夺正在变得更为激烈。如果最终商定的补贴金额位于谈判区间的高端，德国政府对该芯片厂的支持将不亚于日本对台积电在日本建厂的支持。德国经济部在一份声明中表示，正在与台积电进行 “密切交流”，“目的是讨论投资决策的先决条件”。

据悉台积电欲获得在德国的建厂补贴，至高可达 50 亿欧元

马斯克脑机接口公司 Neuralink 官宣：首次人体临床试验获得美国食品药品监督管理局（FDA）批准。

纳指创近三周最大涨幅，道指连创近两月新低。芯片股指数涨近 7%，英伟达市值逼近 1 万亿美元、一日涨几乎两个英特尔市值；英特尔跌 5.5%，领跌道指成份股。债务违约担忧加剧，6 月初到期的美国短债收益率盘中升破 6.2%。市场充分消化美联储未来两次会议加息 25 基点的预期，两年期美债收益率盘中升近 20 个基点。美元指数三日连创两月新高。俄罗斯打击 OPEC+ 减产预期，原油跌落三周高位，一度跌超 4%。

英伟达狂飙 24%，力挺纳指标普反弹，债务违约威胁压顶，道指五连跌

摩根大通向第一共和银行倒闭时仍在工作的近 7000 名员工中的近 85% 提供了全职或过渡性职位，而其余员工则被告知他们不会被继续聘用。获得过渡性职位的员工其临时工作的期限为 3 至 12 个月不等，具体取决于职位。

收购后就是大裁员！摩根大通 “砍掉” 第一共和千名员工

自 3 月硅谷银行陷入困境并火速倒闭以来，西太平洋合众银行等中小银行的股价大幅波动。这让人们看到了类似几年前散户豪赌 GameStop 和 AMC 的情景，但这一次，金融市场带给美国经济的伤害可能要大得多。

熟悉的味道？美国散户开始 “爆炒” 中小银行股

俄罗斯副总理诺瓦克表示，OPEC+ 的 6 月会议不太可能采取新的减产措施。WTI 原油期货一度跌超 4.5%，跌破 71 美元。俄罗斯方面的最新表态，与沙特本周传递的信息并不一致。不过此后诺瓦克又给了回旋余地，说 OPEC+ 必要时将针对行动步骤达成共识。

与沙特唱反调？俄副总理预计 6 月 OPEC+ 不减产，美油盘中跌 4.5%

英伟达无限逼近第五家市值跨越万亿美元的美国上市公司，盘中大涨 29% 创历史新高，带动同为 GPU 巨头的 AMD 一度涨超 11%，但传统 CPU 芯片厂商不佳，英特尔最深跌超 7% 创八个月最大跌幅。有分析称，股价分野的背后逻辑表明，CPU 的历史高光时刻结束了，GPU 才是 AI 心头好。

AI 盛宴将英伟达推向万亿美元市值，“传统芯片商” 英特尔成最大输家？

与 7 月份会议挂钩的掉期合约利率周四升至 5.37%，比当前有效联邦基金利率 5.08% 高出至少 25 个基点，这代表市场认为接下来两次会议中美联储肯定会加息 25 个基点。而三周前市场还笃定 5 月已是本轮周期中最后一次加息。

交易员重新押注美联储加息未完成，最早 6 月加息可能性超五成

数据中心对人工智能芯片的需求是英伟达本季度销售额达到 110 亿美元的重要原因，超过了分析师 71.5 亿美元的预期。由于英伟达为谷歌、微软和 OpenAI 等人工智能应用开发的图形处理器 (GPU) 需求激增，英伟达销售额出现激增。

AI 狂潮正将英伟达推向 “万亿美元俱乐部” 但对英特尔和 AMD 助力不大

美团管理层表示，未来，用户交易频率将成为更重要的增长动力。美团将持续在配送速度和便利性的基础上，为消费者提供物有所值的商品，满足消费者的多样性需求，提升用户粘性和交易频率，努力成为消费者寻找高性价比商户、商品以及服务的首选平台。

美团电话会：AI 对履约型服务业影响不大，但正在研发大模型

据悉，TikTok 正在测试一款名为 Tako 的聊天机器人，它可以回答用户的问题，并与用户进行对话。当被问及这一功能时，该公司的一名代表表示，正在尝试在特定市场以新的方式赋能 TikTok 的搜索和发现功能。目前，Tako 的图标出现在该应用屏幕的右上方。点击这个图标后，用户会被带到一个即时通讯工具，在那里他们可以提问。据悉，Tako 还可以根据用户的兴趣和偏好提供内容推荐。根据该功能的隐私条款，用户输入的任何信息都会被收集并与未具名的 “第三方服务提供商共享，以便为你提供问题的答案”。目前，Tako 只适用于 18 岁以上的 TikTok 用户。

TikTok 正在测试名为 Tako 的人工智能聊天机器人

互换市场完全定价美联储到七月会议前加息 25 个基点。

5 月 25 日，阿里巴巴集团官微宣布，2023 年六大业务集团总计需新招 15000 人，其中校招超过 3000 人。阿里巴巴官微表示，“近日，关于淘宝天猫、阿里云、菜鸟、本地生活各个业务裁员谣言传得很厉害，但谣言就是谣言。我们的招聘正在紧锣密鼓的进行。” 阿里巴巴官微表示，人才流动是所有企业一直都在进行的。“面对新形势、新机遇、新发展，阿里巴巴从未停止过对自我的革新与升级，从未停止对优秀人才的招募和培养，这是面向未来长期发展的活力之源。

阿里巴巴：网传裁员为谣言 今年预估新招 15000 人

美国共和党议员麦考尔：我们已经接近达成债务上限协议，现在只剩下细节了。

As of press time, Dow Jones futures fell 0.2%, Nasdaq futures surged 2.2%, and S&amp;P 500 futures rose 0.74%. For companies that have not caught up with the AI trend, the situation is difficult.

Is AI stock too expensive as the US stock market shows cracks?

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A Picture to Understand the Income Contribution of AI: NVIDIA is as High as 60%, but TSMC is Less Than 3%!

散户们还没入场，AI 概念股还有更多上涨空间。

AI 概念才没有泡沫化！知名机构与华尔街大行 “唱反调”

Despite the huge volatility, the advantage of technology stocks lies in being driven by many long-term themes, and many tech giants have provided more certainty.

How to Bet on Artificial Intelligence: Invest in Nvidias, Not Teslas!

别克想要打破合资车企 “魔咒”

一季度美股盈利继续趋弱，但超预期公司数占比抬升

AI 顺风助力英伟达，英国通胀比欧美更严重，美联储决策更依赖数据——宏观脱水 0525

XPENG-W falls 6%, JD falls 1.4%, BILIBILI-W, Li Auto, NIO-SW, Alibaba fall about 1%, CLOUD MUSIC rises 1.6%. Snowflake falls 15%, NVIDIA soars 27%, AMD rises over 9%, TSMC rises over 6%, Lam Research rises over 2%, Philadelphia Semiconductor Index surges nearly 5%.

Pre-market of US stocks | NVIDIA soars 27%! Roblox executive reduces holdings of own stocks, Fitch may downgrade US sovereign credit rating.

网易一季度营收达 250 亿元，其中游戏及相关增值服务净收入达 201 亿元，同比环比双双增长，称已利用 AI 等自研技术，实现数字内容生产关键环节提效 90%。

游戏收入助力营收，网易 Q1 净利润同比涨超 53% 超预期｜财报见闻

Any agreement is better than no agreement.

What? Even reaching a debt ceiling agreement may not be good news for US stocks!

Jefferies has raised Microsoft's target price from $350 to $400, a 14% increase, on the grounds that although Amazon won the &quot;first round&quot; of the cloud computing war, Microsoft has the right tools for the booming AI industry and is expected to win the &quot;second round&quot; of the cloud computing war.

Big Move Alert | Nvidia's target price doubles to $500! Does JD.com's Hong Kong stock have room to double too?

长城给了比亚迪一记闷棍

研发为底、生态为径、AI 为翼。

英伟达是如何成长为 AI“算力之王” 的？

CLOUD MUSIC's net profit after adjustment in the first quarter was RMB 7.6 billion, greatly exceeding the market's expectation of RMB 5.697 billion. As for the AI trend that the market is most concerned about, CLOUD MUSIC stated that it is still continuing to research and develop key self-developed technologies such as AI large models in the first quarter, with a research and development investment of RMB 3.7 billion, accounting for 15% of revenue.

Financial Report is Out | CLOUD MUSIC's Q1 Net Profit Greatly Exceeds Expectations! Gaming Revenue Increases Both MoM and YoY

MEITUAN-W's Q1 revenue was RMB 58.62 billion, up from RMB 46.27 billion in the same period last year, and market expectations were RMB 56.481 billion. Adjusted net profit for the first quarter was RMB 5.5 billion, compared to a loss of nearly RMB 3.6 billion in the same period last year, reaching a historic high.

Earnings Report is Out | MEITUAN-W's Adjusted Net Profit in Q1 Reaches Record High, Revenue Significantly Exceeds Market Expectations

蔚来、小鹏 9% 跌幅居前，京东、携程、哔哩哔哩、腾讯跌超 3%，阿里跌 2.96%。

恒指跌近 2%，比亚迪、长城汽车股价双双跳水，传媒尾盘飘红

美团第一季度营收 586.2 亿元人民币，同比增长 26.7%，实现净利润 33.6 亿元人民币，市场预估亏损 2.104 亿元人民币，同比环比皆实现扭亏。

消费复苏显著！美团 Q1 营收大增 26.7%，净利润 33.6 亿同比环比皆扭亏 | 财报见闻

网易有道 2023 年 Q1 净亏损 2.04 亿元，上年同期净亏损 1.015 亿元，市场预期净亏损 2.27 亿元。

In the first quarter, the stocks that hedge funds bought the most were National Instruments (NATI), Walmart, GE Healthcare, Honeywell, Norfolk Southern, Estée Lauder, and Pfizer.

Increasing healthcare holdings, selling technology stocks! An article analyzing hedge funds' $2.2 trillion positions.

&quot;In Hong Kong, MEITUAN-W cannot rely solely on price.&quot; Price wars are a Pandora's box. Once opened, competition will become a simple cash flow game, and the scale of Foodpanda and Deliveroo is clearly incomparable to that of MEITUAN-W. MEITUAN-W's entry into the Hong Kong market may have another layer of meaning - a practical exercise in going global in Hong Kong.

MEITUAN-W enters "Hong Kong", no new story

中信证券表示，汽车消费淡季已过，期待上海车展亮相车型 5、6 月份发布、交付进一步刺激消费需求。

车企龙头 “撕破脸皮”，股价双双大跌，到底咋回事儿？

CICC is not pessimistic about the prospects of US stocks! In the short term, if there are issues with banks and debt ceiling upgrades, risk appetite will be under pressure; in the medium term, if monetary shift is to be achieved at the cost of profit decline, the NASDAQ Composite Index may have better returns.

CICC: US stocks temporarily avoid sharpness in the short term, and turn to growth stocks after the mid-term recession trade is realized!

Although Microsoft has been approved in various countries, it has not yet convinced the Competition and Markets Authority (CMA) in the UK and the Federal Trade Commission (FTC) in the United States.

More countries approve Microsoft's acquisition of Activision Blizzard! Wall Street should be more optimistic

英伟达 CFO Colette Kress 在财报电话会议上表示，渠道商库存调整应该已经结束。公司数据中心产品需求能见度拉长了几个季度，成长动力来自多个方面，云计算服务供应商、消费者网络公司以及企业客户都希望尽快将生成式 AI 套用到业务上。另外，公司 CEO 黄仁勋表示，大型数据中心运营商正重新调整运算基础设施，以迎接 AI 提供的机会。

英伟达：数据中心产品需求能见度已拉长几个季度

Zheshang Securities believes that MEITUAN-W's current strategy of &quot;prioritizing market share&quot; is very correct, and there are still two areas of super expectations in the future: 1. The growth space and profitability of takeaway and flash purchase are beyond expectations. We are optimistic about the competitiveness of MEITUAN-W flash purchase in the trillion-dollar instant retail market; 2. The recovery of in-store business and the easing of competitive margins.

Prospect | MEITUAN-W's first-quarter takeaway profits may exceed expectations! The "Douyin quick battle" is slowing down, and the recovery of in-store services is accelerating.

After the financial report was released, JPMorgan Chase raised its target price for Nvidia from $250 to $500.

NVIDIA leads the AI wave, with stock prices reaching historic highs!

比亚迪方称长城汽车送检流程不符合国标要求，不能作为依据，长城汽车则称 “以声明信息为准”，另比亚迪宋 Pro DM-i 冠军版原定于今日上市。

股价双双跳水！长城举报了比亚迪，车市又见” 激战 “

根据英国汽车制造商和交易商协会公布的新车注册数据，特斯拉今年 4 月份在英国的新车注册量同比增长 1436.4%，从去年同期的 118 辆增至 1813 辆。特斯拉在英国的市场份额也从去年的仅 0.1% 升至上个月的 1.36%。英国 4 月份新车注册总量为 132990 辆，同比增长 9.9%，其中纯电动汽车注册量飙升 59.1%，达到 20522 辆。

特斯拉 4 月英国销量同比飙升近 15 倍

On Wednesday, the overall US stock market fell, with Nvidia call transactions accounting for 54.4% of the total. Nu option trading increased by 9 times, with put transactions accounting for 97.5%. Alibaba option trading nearly doubled compared to the daily average; NIO-SW fell more than 9%, and Xiaopeng fell more than 5%, with option trading surging.

US Stock Options | Xiaopeng and NIO options trading volume increased by about three times, Apple and Amazon Call trading remained active.

芯片巨头英伟达给出的超预期的营收指引可能会令其创下美国上市公司市值单日涨幅的纪录。

Q2 营收指引大超预期 英伟达或创下美股市值单日涨幅纪录

投行杰富瑞表示，将英伟达目标价从 300 美元上调至 472 美元。

摩根大通：将富途控股目标价从 46 美元下调至 43 美元。

股息率是今年欧美股市表现最差的投资因子之一。“股息贵族股” 在过去一年的表现不佳，头部公司股票回报仅为大盘的一半。

衰退阴霾压顶，高分红的价值股也留不住欧美投资者

闲鱼不追求绝对的商业化利润，更希望通过提供增值服务来探索商业化路径。用户增长规模和活跃数，是闲鱼团队未来三年最重要的指标。