Pre-market trading in US stocks | Chinese internet companies are all rising, with 90% of TSMC's 3nm production capacity reserved by Apple, and Alibaba Cloud's overseas market is growing rapidly.
BIDU-SW rose nearly 3%, Alibaba, PDD, and BILIBILI-W rose over 2%, JD.com rose 1.7%, and iQiyi rose over 5%. XPENG-W and NIO-SW rose 1.5%, while LI AUTO-W fell over 1%. Athenex Pharmaceuticals fell 53%, Alphabet-C fell nearly 1%, and Meta rose over 1%.
US Stock News
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Nearly 90% of TSMC's 3nm (N3B) production capacity has been reserved by Apple for this year's new Apple and iPad models. (Taiwan Electronic Times)
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Cai Yinghua, Chief Commercial Officer of Alibaba Cloud Intelligence, said that in recent years, Alibaba Cloud has grown rapidly in overseas markets, with a market size that has increased more than 20 times in five years.
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The Apple 15 and Plus will be equipped with a 48 million pixel camera, but analyst reports show that the 3-layer stacked sensor used may have yield issues, which could lead to delays in production of the Apple 15 and Apple 15 Plus, and may also prevent the new products from being released in sync this fall. (appleinsider)
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Sohu's total revenue for the first quarter was $162 million, with brand advertising revenue of $23 million and online game revenue of $129 million. Total revenue decreased by 16% compared to the same period last year, but increased by 1% compared to the previous quarter. Sohu's net loss under US GAAP was $18 million.
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The Wall Street Journal reported that Apple is preparing to release its first MR headset at the June Worldwide Developers Conference (WWDC), with the new product expected to be mass-produced in September and delivered to most users as early as this fall.
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BeiGene: Q1 revenue increased by 57.4% year-on-year to RMB 3.066 billion, with a net loss of RMB 2.446 billion and a diluted loss per share of RMB 1.81.
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US President Biden: Believes the debt ceiling meeting will be held on Tuesday and remains optimistic about negotiations.
Pre-market Movement
In pre-market trading, Dow futures rose 0.4%, Nasdaq futures rose 0.27%, and S&P 500 futures rose 0.39%.
Athenex Pharmaceuticals fell 53% after filing for bankruptcy protection.
Alphabet-C fell nearly 1%, while Meta rose more than 1%.
Institutional Views
1. Daiwa: Raises Li Auto's target price to $41, rating buy
Daiwa's report stated that Li Auto's sales forecast for this year to next year has been raised by 7% to 28% to reflect the possibility of stronger-than-expected deliveries and a leading position in the home SUV market. The average selling price forecast for this year has been lowered by 3% to reflect possible price reductions in the first half of the year due to discounts on the Ideal One model and increased competition.
- Nomura: Lowers target price for JD.com, BIDU-SW, Alibaba
Nomura Bank analyst James Lee lowered the target prices for JD.com, BIDU-SW, and Alibaba to $70, $170, and $145, respectively, due to high unemployment and an unstable real estate market, which has led to cautious consumer sentiment overall. Looking ahead, it is expected that policy support will address these issues, but due to estimated adjustments and industry P/E compression, the target price of Chinese Internet stocks is expected to decline.