Breakfast | Nvidia skyrocketed, Chinese concept stocks fell for three consecutive days, OpenAI considers withdrawing from the European market
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.
Good morning! A wonderful day starts with making money.
Today, the Hong Kong stock market is closed for the Buddha's Birthday holiday.
Market Overview
The Dow has closed at a new low since March 29 for two consecutive days. The Nasdaq rose 1.71%, the largest increase since May 5. AMD rose 11.2%.
Popular Chinese concept stocks have fallen for three consecutive days, underperforming the broader market. The Nasdaq Golden Dragon China Index fell 2.2%. Quantasing fell 41.68%. Xiaopeng Motors fell more than 7%, while NIO, JD.com, Bilibili, and Weibo fell more than 4%. Tencent Music, New Oriental fell more than 3%, and Alibaba and iQiyi fell 3%.
Top Stocks
JPMorgan is developing a ChatGPT service to help clients select investment targets
JPMorgan's IndexGPT will use "cloud computing software that uses artificial intelligence" to "analyze and select securities that meet client needs."
ChatGPT official app launched in Europe, South Korea, New Zealand and other regions
The ChatGPT app is now available on the App Store in Croatia, France, Germany, Ireland, Jamaica, South Korea, New Zealand, Nicaragua, Nigeria, and the UK. It will be launched in more regions in the future.
OpenAI CEO considers withdrawing from European market
The CEO of OpenAI stated that if the company cannot comply with EU AI regulations, it will stop operating in the EU. In addition, OpenAI has closed the OpenAI Startup Fund I, which was worth more than $175 million, and plans to raise a second fund.
MEITUAN-W conference call: AI has little impact on performance-based service industry, but is developing large models MEITUAN-W management stated that in the future, user transaction frequency will become a more important growth driver. MEITUAN-W will continue to improve user stickiness and transaction frequency. For the performance-based service industry, the impact of artificial intelligence is currently relatively small.
"Traditional chipmaker" Intel becomes the biggest loser?
Overnight, the Philadelphia Semiconductor Index rose more than 6%, AMD rose more than 11% at one point, TSMC's US stocks also rose more than 11%, and Marvell rose nearly 7% at the beginning of the day. However, more traditional computer chip companies did not perform well, with Intel falling more than 7%.
TSMC negotiates to obtain huge subsidies from the German government
Insiders revealed that TSMC is negotiating to obtain subsidies from the German government, planning to cover 50% of the construction cost of the new semiconductor factory in Germany, which may cost up to 10 billion euros.
Google begins to open access to search labs
It is reported that TikTok is testing an AI chatbot named TAKO
Tako's icon appears in the upper right corner of the application screen. After clicking on this icon, users will be taken to an instant messaging tool where they can ask questions. It is reported that Tako can also provide content recommendations based on users' interests and preferences.
Musk's brain-machine interface company Neuralink approved to start human clinical trials
Macro and Strategy
US House Speaker McCarthy: No debt limit agreement has been reached between the two sides
As AI concept stocks in the US stock market heat up, Wall Street has come out to warn of a bubble. However, data research institution DataTrek Research does not think so, stating that the recent rise in AI concept stocks is mainly driven by institutional investors, and retail investors have not yet flooded in. With retail investors re-entering the market, there is still more room for growth in AI stocks.
US retail investors begin "speculating" on small and medium-sized bank stocks
Since Silicon Valley Bank fell into trouble and quickly collapsed in March, the stock prices of small and medium-sized banks such as West Pacific United Bank have fluctuated significantly. This has led people to see scenes similar to the retail investors' gambling on GameStop and AMC a few years ago.
US stocks hit new highs, but retail investors are "selling, selling, selling"
Bank of America pointed out that in the past two weeks, institutional clients were net buyers of US stocks, with a capital inflow of $4.4 billion, the largest since October last year. Retail investors have been net sellers for eight consecutive weeks.
US Q1 real GDP growth rate revised up to 1.3% QoQ, but domestic total income further shrinks
The final value of US Q1 GDP was adjusted to an annualized growth rate of 1.3%, better than the initial and expected values of 1.1% announced last month, but significantly weaker than the 2.6% growth rate in the fourth quarter.
The market believes that the Federal Reserve will definitely raise interest rates by 25 basis points in the next two meetings. Three weeks ago, the market was still convinced that May was the last rate hike in this cycle.
