Breakfast | US stocks hit new highs in both indices and individual stocks, Wall Street says NVIDIA can rise another 22%

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Overnight Morning Market

The "mini non-farm" data is lower than Wall Street's expectations, adding to the interest rate cut. The three major U.S. stock indexes closed higher, with the S&P 500 and Nasdaq hitting new all-time highs. The S&P 500 rose by 1.18% to 5354.03 points, the Nasdaq rose by 1.96% to 17187.91 points, and the Dow rose by 0.25%.

NVIDIA rose by 5.16%, hitting a new all-time high, with a total market value exceeding $3 trillion, becoming the first computer chip company in history to reach a market value of $3 trillion, surpassing Apple to become the world's second largest company by market value, second only to Microsoft, with a 145% increase this year.

Apple rose for the eighth consecutive day, with a total market value returning to $3 trillion, currently ranking second in the U.S. stock market, slightly below Microsoft. Taiwan Semiconductor rose by 6.8%, reaching a new high, with a market value of $840 billion. Tesla rose by 0.13%. Google rose for the fourth consecutive day, while Microsoft rose for the second consecutive day.

ASML in the European stock market became the second largest listed company in Europe, with a market value surpassing LVMH Group for the first time, second only to Novo Nordisk A/S.

Youzu Interactive rose by over 19%, AMC Theatres rose by 7.5%, both recovering more than half of the decline since May 15th, with a cumulative increase of 50% since the resumption of the upward trend last month.

Chinese concept stocks followed the rise of the U.S. stock market. JD.com rose by 1.7%, Baidu rose by 2.7%, Pinduoduo fell by 2%. Alibaba and Tencent ADRs rose by 1.8%, Bilibili rose by 2.6%, Nio rose by over 1%, Li Auto rose by 0.4%, XPeng rose by 3%. NetEase rose by over 6%.

Blue Chips and Hot Stocks

Wall Street believes NVIDIA can rise another 22%

Analysts at Bank of America once again raised NVIDIA's target price to $1500, the highest on Wall Street.

Ming-Chi Kuo: Apple's mixed reality headset Vision Pro will ship to non-U.S. markets later than previously expected

The latest survey by Tianfeng International analyst Ming-Chi Kuo on Apple's mixed reality headset Vision Pro shows that shipments to non-U.S. markets began gradually in mid-month, with the global shipment estimate for 2024 remaining unchanged, still maintaining at 400,000-450,000 units.

Boeing's "Starship" spacecraft carried out its first manned test flight mission.

Western Oil has formed a joint venture with Berkshire Hathaway's energy division to mine lithium.

As part of a $2 billion cost-cutting plan, Nike has now implemented layoffs at its European headquarters, according to sources.

JD.com has reached a strategic cooperation with Saudi Electricity Company, and the two sides will collaborate in areas such as intelligent warehousing logistics and digital supply chain. JD.com will automate and upgrade dozens of warehouses for the Saudi Electricity Company.

BYD's subsidiary, Fudi Battery, reached a supply agreement for the Shanghai energy storage factory with Tesla in March this year, and will supply energy storage cells to Tesla in the first quarter of next year.

NIO's third factory approved

NIO's co-founder and president, Qin Lihong, stated: NIO's third factory is located in the Xinqiao Intelligent Electric Vehicle Industrial Park in Hefei. Construction has started recently, with a single-shift capacity of 100,000 units, which will be used for the production of future NIO and Lixiang brand products. NIO does not have an overcapacity issueDouYu: The refund and payment involve historical illegal activities of third-party anchors, totaling over 100 million yuan. DouYu's revenue in the first quarter was 1.0397 billion yuan, a year-on-year decrease of 29.9%; a net loss of 88 million yuan, compared to a net profit of 14.5 million yuan in the same period last year; the average monthly active mobile users in the first quarter was 45.3 million, compared to 50.2 million in the same period last year.

Sunac seeks to extend the maturity of multiple bonds under its name, planning to adjust the principal and interest payments due in June and September to be paid in December.

Chips and Artificial Intelligence

According to Nikkei News: Intel and a Japanese company will use Sharp's factory for chip research.

Elon Musk's xAI project to build a "giant supercomputer"

The xAI project plans to build a factory in Memphis and install a giant supercomputer to enhance the company's competitiveness in manufacturing and providing chatbots and other artificial intelligence tools. This will be the "largest investment in the history of Memphis, worth billions of dollars."

NXP Semiconductors and VSMC, a wafer foundry company jointly owned by TSMC, announced plans to establish a manufacturing joint venture VSMC in Singapore and build a new 300mm semiconductor wafer manufacturing plant in Singapore.

Saudi Arabia has launched a fund of 1 billion riyals to invest in semiconductor startups.

Macro: Taking You Around the World

The U.S. non-manufacturing PMI recorded 53.8 in May, the highest since August 2023, with the business activity index showing the largest three-year increase.

ADP employment in the U.S. increased by 152,000 in May, the smallest increase since January this year.

Goldman Sachs: Expects a "huge flow of funds" to enter U.S. stocks in the third quarter

Funds from passive stock allocations will enter the market in early July, driving the current uptrend into early summer. Goldman Sachs also mentioned a strong seasonal trend from retail investors, historically, the first 15 days of July are the best two weeks for stock market trading performance in a year, and the rebound will fade after July 17.

The Bank of Canada cut interest rates for the first time in four years, becoming the first central bank among G7 countries to cut interest rates, and stated that there are reasons to expect further rate cuts.

After three months of "cooling measures" in the Hong Kong property market, the market is gradually returning to rationality, and transaction volume is starting to decline