Pre-market of US stocks | NVIDIA soars 27%! Roblox executive reduces holdings of own stocks, Fitch may downgrade US sovereign credit rating.
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%.
US Stock News
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Weibo's Q1 revenue was $413.8 million, slightly lower than the market expectation of $415 million and down from $485 million in the same period last year. Net profit was $100.5 million, compared to a net loss of $67.52 million in the same period last year and market expectation of $77 million.
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Cloud Music's Q1 revenue was RMB 25 billion, up from RMB 23.6 billion in the same period last year and slightly higher than the market expectation of RMB 24.979 billion. Adjusted net profit was RMB 7.6 billion, exceeding market expectations.
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According to SEC filings, five executives of Roblox sold a total of 75,101 shares worth $2.977 million on the 22nd.
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From the 25th to the 26th, Wang Wentao, the Minister of Commerce of China, will attend the APEC Trade Ministers' Meeting and hold talks with US Secretary of Commerce Raimondo and Trade Representative Tai on issues of mutual concern and China-US economic and trade relations.
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OpenAI CEO said on Wednesday that if the company cannot comply with the upcoming AI regulations in the European Union, it may consider withdrawing from the European market.
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Fitch has placed the US "AAA" long-term foreign currency issuer default rating (IDR) on negative watch due to the approaching deadline (June 1) for raising the debt ceiling and their belief that the US governance is weaker than other AAA-rated countries. Although the likelihood of default is "very low," if it occurs, it will downgrade the US rating to AA-.
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Gong Yu, CEO of iQiyi, said that iQiyi is currently working on "technical details" for a secondary listing in Hong Kong, but did not disclose a detailed timetable.
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Nvidia's Q1 revenue was $7.19 billion, with a net profit of $2.04 billion. The company expects Q2 revenue to be $11 billion, while the market expectation is $7.18 billion.
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Snowflake's Q1 revenue was $624 million, with a net loss of $226 million.
Pre-market Movement
In pre-market trading, Dow futures fell 0.2%, Nasdaq futures rose 1.8%, and S&P 500 futures rose 0.6%.
Popular Chinese concept stocks fell in pre-market trading, with XPENG-W down 6%, JD.com down 1.4%, BILIBILI-W, Li Auto, NIO, and Alibaba down about 1%, while CLOUD MUSIC rose 1.6%.
Snowflake fell 15%, as the company's Q2 and full-year product revenue outlook fell short of expectations.
Nvidia surged 27%, AMD rose more than 9%, TSMC rose more than 6%, Lam Research rose more than 2%, and the Philadelphia Semiconductor Index rose nearly 5%.