Key Events Next Week: Putin Visits China, NVIDIA Earnings, Google I/O Conference, Chinese Economic Data

Overview of Major Financial Events for the Week of May 18 - May 24 (All times in Beijing Time):

The core themes for next week are as follows:

The primary theme is the dual "earnings + conference" stress test for AI technology. NVIDIA will release its earnings after the market close on Wednesday. Market expectations point to Q1 revenue of approximately $80 billion, with the key focus being the market opportunity size for Blackwell/Rubin and whether the gross margin can hold at 75%. Meanwhile, the Google I/O 2026 conference is expected to unveil new models like Gemini 3 or even 4.0, along with AI glasses hardware. Earnings reports from Baidu, Bilibili, NIO, and NetEase will also be released. AMD's Developer Day will coincide with Meta's first round of layoffs.

The second theme covers macroeconomic data and diplomacy. Putin will pay a state visit to China from May 19 to 20. The APEC Senior Officials' Meeting will be held in Shanghai. Additionally, China's April data on industrial value-added, retail sales, and real estate will be densely released on Monday. CICC predicts that the growth rate of retail sales may marginally decline to 1.4%. The Federal Reserve's FOMC minutes may reinforce expectations of a "long-term pause in rate cuts," Japan's CPI inflation is expected to remain robust, and the divergence in global monetary policies will continue.

The third theme involves industry developments. The situation in Iran continues to escalate, and a massive 18-day strike by Samsung's union may begin on the 21st, warranting attention to supply chain risks. SpaceX's Starship V3 is aiming for its maiden flight as early as the 19th, and the Shenzhou-23 mission is planned for launch in the coming days. The Tmall 618 shopping festival officially kicks off. With multiple events intertwining, market sentiment faces numerous variables.

Economic Indicators

• China's April 70-City Housing Prices, Real Estate Development Investment, Industrial Value-Added, and Retail Sales

On Monday, May 18, China will densely release April economic data, including 70-city housing prices, real estate development investment, industrial value-added, and retail sales. At 10:00 AM, the State Council Information Office will hold a Press Conference on the operation of the national economy.

CICC expects that the resilience of industrial production will continue to be supported by exports, with the year-on-year growth rate of industrial value-added potentially rising slightly to 5.8%. It is predicted that the growth rate of durable goods consumption will slow down, and the retail sales growth rate may marginally decline from 1.7% in March to around 1.4%.

In addition, China's latest Loan Prime Rate (LPR) quotes will be announced on May 20, likely remaining unchanged for the twelfth consecutive month. The one-year LPR is 3.0%, and the five-year-plus LPR is 3.5%.

• Japan's April CPI and Q1 Real GDP

The market expects that Japan's April CPI, to be released on May 22, may show that inflation remains robust. The overall inflation rate may rise from 1.5% in March to 1.7% year-on-year. The core indicator (excluding fresh food) may remain flat compared to the previous month, staying at 1.8%. Companies are passing on higher labor costs and import price increases caused by the weak yen. On May 19, Japan will also release its Q1 real GDP.

• Federal Reserve Releases Monetary Policy Meeting Minutes

On May 20, the Federal Reserve will release the minutes of the FOMC meeting held on April 28-29, which was the last meeting chaired by Powell as Federal Reserve Chair.

Bloomberg expects the minutes to show a significant increase in Fed members supporting the abandonment of an easing bias, rising from "some" in March to "many, most" in April. The Committee believes that the direction of the next interest rate change remains uncertain amid the two-way risks brought by the war in Iran. The minutes may reinforce the market's view of a long-term pause in the easing cycle. Current market pricing indicates that the Federal Reserve will remain on hold throughout 2026.

Financial Events

• Russian President Putin to Pay State Visit to China

According to CCTV News, the Ministry of Foreign Affairs spokesperson announced that Russian President Putin will pay a state visit to China from May 19 to 20.

• Google Conference: Google I/O 2026 Developer Conference

The Google I/O 2026 Developer Conference will be held in California, USA, from May 19 to 20. Key market expectations for this conference include: Google will release more powerful Gemini 3 models or even Gemini 4.0, and launch hardware such as AI glasses.

1. Gemini 3 Series New Models: As the core of the I/O conference, a more powerful Gemini 3 model is expected to be released. This will be key for Google to showcase the evolution of its AI "brain" and compete directly with rivals like OpenAI.

2. Hardware such as AI Glasses: AI glasses equipped with the Gemini model are highly likely to make their official debut. This marks Google's return to the AR field and explores new terminal forms combining AI with large models.

Citigroup stated that another key highlight of the conference is whether AI capabilities can be translated into real revenue.

• AMD AI Developer Day 2026

AMD AI Developer Day 2026 will be held in Shanghai on May 19, with CEO Lisa Su in attendance.

• Amazon 2026 Online Annual General Meeting

The 2026 Virtual Annual General Meeting will be held at 9:00 AM Pacific Time on May 20 (00:00 AM Beijing Time on May 21).

• Shenzhou-23 Mission Planned for Launch in Coming Days (Week-long Event)

According to Xinhua News Agency, the Shenzhou-23 mission is planned for launch in the coming days, with the spacecraft-rocket combination already transferred to the launch area.

• SpaceX Starship V3 Aims for Maiden Flight

SpaceX announced that the twelfth flight test of Starship is scheduled for launch as early as Tuesday, May 19, with the launch window opening at 5:30 PM Central Time (06:30 AM Beijing Time on May 20). SpaceX's next-generation Starship, the fully reusable super heavy-lift launch vehicle—Starship V3—is aiming for its maiden flight.

• Samsung National Union's 18-Day Massive Strike to Begin

The Samsung National Union (NSEU) has announced plans to launch an 18-day massive strike from May 21 to June 7. Core demands include: abolishing the 50% cap on performance bonuses, striving for a 7% increase in base salary, and requiring 15% of annual operating profits to be allocated to the employee bonus pool.

Reportedly, South Korean Prime Minister Kim Min-seok stated in a national address that if the Samsung Electronics strike causes significant losses to the national economy, the government "will have to initiate all available means, including emergency adjustment powers." He also pointed out that the labor-management renegotiations scheduled for the 18th are the "last chance to stop the strike," emphasizing that neither side should underestimate the weight of these negotiations.

In addition, it is reported that leveraged ETFs for Samsung and SK Hynix may be launched as early as May 22.

• APEC Second Senior Officials' Meeting to Open in Shanghai

According to Xinhua News Agency, the APEC Second Senior Officials' Meeting will be held in Shanghai from May 18 to 19. The Ministry of Foreign Affairs introduced that this meeting will conduct a mid-year review of APEC cooperation this year, gather early harvests, and lay the groundwork for outcomes in various activities and leaders' meetings in the second half of the year.

Furthermore, prior to this Senior Officials' Meeting, various APEC committees and working groups will hold nearly 40 meetings from May 11 to 17, covering areas such as trade and investment, economic and technical cooperation, women, telecommunications, and food security.

• G7 Finance Ministers and Central Bank Governors Meeting; Japanese Prime Minister Sanae Takaichi to Visit South Korea

The G7 Finance Ministers and Central Bank Governors Meeting will be held from May 18 to 19. In addition, Japanese Prime Minister Sanae Takaichi will visit South Korea from the 19th to the 20th.

• 79th World Health Assembly, 2026 World Drone Conference, 2026 Global Artificial Intelligence Technology Conference, and AI Computing Power & Digital Energy Forum Open

1. The 79th World Health Assembly will be held in Geneva, Switzerland, from May 18 to May 23, 2026.
2. The 2026 World Drone Conference will be held from May 21 to 23, 2026, at the Shenzhen Convention and Exhibition Center (Futian). Themed "Low-Altitude Economy Flying Towards the Future," the conference will gather over 1,200 drone companies from China and abroad.
3. The 2026 Global Artificial Intelligence Technology Conference (GAITC 2026) will open in Hangzhou, Zhejiang, from May 23 to 24, 2026.
4. The "4th China Energy Week – AI Computing Power & Digital Energy Forum," jointly organized by the China Energy Week Organizing Committee and the Energy Working Committee of the China Information Association, will be grandly held in Beijing on May 20, 2026.

• Tmall 618 to Kick Off on May 21

News on April 28 revealed the schedule for the Tmall 618 promotion. From May to June, the platform will increase investment in two S+ tier major promotions: the 520 Confession Season and 618. Tmall 618 is scheduled to start pre-sales on May 21. In terms of timing, the 520 Confession Season runs from May 13 to 20; the 618 promotion starts on May 21, with the first wave of pre-sale deposits from May 21 to 26, and final payments from May 27 to June 3. In terms of mechanics, both S+ promotions will adopt the official instant discount method. Throughout the cycle, Tmall will issue significant consumer vouchers, stacked with platform subsidy coupons, store limited-time red packets, and Tao Gold Coins.

• Alibaba Cloud: Adjusting Domestic SMS Service Product Prices Starting May 20

Alibaba Cloud announced that, against the backdrop of strengthened security and compliance supervision for domestic SMS services and significantly rising comprehensive costs, it will adjust prices for domestic SMS service products starting May 20 after prudent assessment. This includes pay-as-you-go domestic SMS and general domestic SMS package plans. The new prices will take effect on May 20. Existing package plan products are not affected by this price adjustment; the new prices will apply at the start of the next renewal cycle.

• Meta Plans to Start First Round of Layoffs on May 20

According to three insiders speaking to Reuters, Meta, under Zuckerberg, plans to carry out its first large-scale layoffs of the year on May 20, with more layoffs to follow. The owner of Facebook and Instagram will cut about 10% of its global workforce, nearly 8,000 employees, in the first round. The company plans further layoffs in the second half of the year, although details such as dates and scale have not yet been finalized. Executives may adjust plans based on the latest developments in artificial intelligence (AI) capabilities. News in March indicated that the company planned to cut 20% or more of its global workforce.

Earnings Reports

• NVIDIA, Baidu, Bilibili, NIO, NetEase, etc.

Next week, NVIDIA, Baidu, Bilibili, NIO, NetEase, and others will release earnings reports. The market expects NVIDIA's Q1 revenue to reach approximately $80 billion. Deutsche Bank's preview highlights include the market opportunity size for Blackwell/Rubin and whether the gross margin can stabilize around 75%.

• NVIDIA Earnings Call

NVIDIA will release its Q1 FY2027 earnings after the market close on Wednesday, May 20 (US Eastern Time), and hold a conference call at 2:00 PM (Pacific Time) that day, which is 5:00 AM on May 21 (Beijing Time). The market expects NVIDIA's Q1 revenue to reach approximately $80 billion. Deutsche Bank's preview highlights include the market opportunity size for Blackwell/Rubin and whether the gross margin can stabilize around 75%.

Below is the schedule for Q1 earnings disclosures for Hong Kong-listed stocks next week: