Breakfast | Dow Jones rises for three consecutive days, Tesla surges more than 10%, Apple delays full adoption of in-house products time
According to reports, officials at the Federal Reserve have lowered the urgency of raising interest rates this year. Technology stocks led a rebound in the US stock market, while Alibaba fell 1.5%. The ARM IPO in the US was highly sought after, with oversubscription exceeding 10 times. Apple has extended its chip supply agreement with Qualcomm until 2026. Paypal has introduced deposit and withdrawal channels for Web3 payments. TSMC's August revenue reached a 7-month high. Oracle's cloud revenue growth in the second quarter was lower than expected, causing a drop of over 8% after hours.
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Market: Overnight and this morning's market
Nasdaq rises over 1%, Tesla up 10%, offshore RMB jumps 670 points
According to reports, Fed officials have lowered the urgency of raising interest rates this year, and technology stocks have led the rebound in risk assets, with US stocks rising for two consecutive days. The S&P and Nasdaq closed near their daily highs. The Dow has risen for three consecutive days, recovering all the losses since last Tuesday. The Russell small-cap stocks, however, have fallen for four consecutive days.
Star technology stocks rise together. Meta is up over 3%, Microsoft is up over 1%, Amazon is up 3.5%, Apple is up 0.7%, Netflix is up 0.6%, Google A is up 0.4%, and Tesla is up 10%. AMD is down 0.7%, and Nvidia is down nearly 1%, falling for four consecutive days.
Chinese concept stocks have mixed performances. JD.com is down 1.5%, Baidu and Pinduoduo are up about 2%. Alibaba is down 1.5%, Tencent ADR is up over 2%, Bilibili is up 3.6%, NIO and Xpeng are up about 3%, and Xiaopeng Motors is up 6.6%.
What happened to blue-chip stocks and hot stocks
On September 13, 01:00 Singapore time, Apple will hold its autumn product launch event
Apple's full use of self-developed products will be delayed, and the agreement with Qualcomm for chip supply will be extended to 2026
Qualcomm announced that it has reached an agreement with Apple to provide Snapdragon 5G modems and RF systems for smartphones to be launched from 2024 to 2026. The delay in Apple's self-developed chip plan may be related to the overall environment.
PayPal introduces on-ramp and off-ramp channels for Web3 payments
Off-Ramp is now available for wallets, decentralized applications (DApps), and NFT markets, and is now live on MetaMask.
Shares of American Lithium Corporation rose more than 10%, and its subsidiary may own one of the world's largest lithium mines
According to media reports, a new study has found that the lithium deposit discovered at the McDermitt Caldera on the border of Nevada and Oregon in the United States may contain up to 40 million tons of lithium reserves, making it potentially the largest lithium deposit in the world. The project near the deposit is owned by a subsidiary of American Lithium Corporation (LAC).
TSMC's August revenue reaches 7-month high
AI hype ignites chip demand, "water seller" Nvidia makes big profits, and its supplier TSMC also benefits. Coupled with the strong demand for 3nm chips from the iPhone 15, TSMC's revenue in August reached the highest level in 7 months. Fengxiang Stock: Completes Placement of Approximately 183 Million New Shares
On September 11, 2023, approximately 183 million new shares were placed at an issue price of HKD 1.5132 per share.
Oracle's Q2 Cloud Revenue Growth Lower Than Expected, Drops Over 8% After Hours
Oracle's adjusted earnings per share for Q1 were $1.19, exceeding the expected $1.15. Adjusted revenue was $12.5 billion, slightly higher than the expected $12.47 billion. Operating profit was $5.06 billion, surpassing the expected $5.02 billion. Adjusted cloud services and license support revenue reached $9.55 billion, representing a YoY growth of 13%.
IPO Opportunities
Arm's US IPO will end one day early on September 12 due to strong demand. Reports suggest that it has received 10 times oversubscription and may ultimately achieve 15 times oversubscription. Arm is considering requesting investors to increase its valuation, potentially exceeding the valuation of $54.5 billion.
Macro: A Worldview
While US consumers' inflation expectations remain relatively stable, survey respondents are more concerned about their own financial situation and have a more pessimistic outlook on the job market. One-year inflation expectations for August in the US have slightly increased from 3.5% to 3.6%.
Jamie Dimon expressed concerns about issues such as central banks like the Federal Reserve controlling liquidity through "quantitative tightening," geopolitical tensions, and governments worldwide "spending like drunken sailors."
China's August Financial Data Exceeds Expectations Across the Board, New Loans Reach Historical High for the Same Period
RMB Exchange Rate Rebounds Significantly on Monday
Onshore and offshore RMB against the US dollar surged more than 700 basis points at one point.