早餐 | 英伟达六连涨苹果七连跌 ，瑞穗称 AI 芯片股疯涨彷佛互联网泡沫

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Overnight Market Update

Nasdaq and S&P rose over 1% in midday trading, chip stocks outperformed the market for two consecutive days, hitting historical highs, and major Eurozone stock indices also reached record highs

Federal Reserve Chairman Powell reiterated the rate cut expectations revealed during his testimony to the House on Wednesday, stating that the Fed is not far from being confident in cutting rates.

US stocks rose for two consecutive days, with the S&P 500 up 1.03%, hitting a new closing high set last Friday, and poised to achieve the 17th weekly gain in the past 19 weeks, marking the best weekly performance since 1964. The Nasdaq rose by 1.51%, approaching the historical closing high set last Friday. The Dow rose by 0.34%.

The seven major tech stocks rose collectively, with only Apple falling. Tesla rose by 1.2% after three days of decline. Meta surged over 3.2%, hitting a new closing high set last Friday. Apple fell by less than 0.1%, marking a seven-day decline.

Chip stocks continued to rise for two days, outperforming the market. Intel rose by nearly 4.5%, hitting a new intraday high and setting a new closing high for six consecutive trading days; TSMC rose by 5.4%, hitting new intraday and closing highs for two consecutive days; AMD rose by nearly 0.4%, setting a new closing high for two consecutive days. Nvidia rose for the sixth consecutive day.

Popular Chinese concept stocks overall fell. Bilibili fell by nearly 2%, New Oriental fell by nearly 5%, Li Auto fell by nearly 4%, JD.com fell by over 3%, Alibaba, Baidu fell by over 1%, Tencent Music fell by 1%, XPeng fell by 0.8%, Nio remained flat, Pinduoduo rose by 0.4%.

Rivian surged by 13%, announcing the suspension of its Georgia factory construction plan and expanding production capacity at its Illinois factory. Novo Nordisk's oral weight-loss drug is expected to surge by over 8%, setting a new record high.

Blue Chips and Hot Stocks

Apple confirms developing iPhone-to-Android switch solution

In response to the EU DMA requirements, Apple has confirmed that they are developing a "user-friendly" solution to allow iPhone users to easily transfer data to "non-Apple phones," with a tentative target of autumn 2025.

Broadcom (AVGO.O) CEO: AI revenue doubled in the first quarter of the 2024 fiscal year, reaching $2.3 billion; revenue is expected to reach $50 billion in the 2024 fiscal year.

United Airlines Boeing plane forced to return due to engine fire

On the 4th, a United Airlines Boeing 737 plane flying from Houston, Texas to Myersburg, Florida was forced to return due to an engine fire. There were 167 passengers on board, and no injuries were reported. The cause of the fire is still unclear.

Low-cost electric vehicles priced at less than 60,000 yuan, Geely launches another pure electric small car

Reports suggest Panasonic is considering expanding production of 4680 batteries in the US, with Tesla as a potential major customer

Bilibili's fourth-quarter revenue was 6.3 billion yuan, a 3% year-on-year increase; net loss was 1.3 billion yuan, a 13% year-on-year narrowing; the ratio of daily active users to monthly active users saw a slight decline on a month-on-month basis.

Morgan Stanley raises TSMC's target price

Morgan Stanley raised the target price of the stock from 758 Taiwanese dollars to 850 Taiwanese dollars, confirming an overweight rating; TSMC is also the bank's top pick. "We are optimistic about the company's long-term growth and pricing power." Industry surveys show strong orders for AI semiconductors, and generative AI semiconductors are clearly the growth driver for TSMC.

Artificial Intelligence

The 2024 World Artificial Intelligence Conference will be held from July 4th to 6th.

Mizuho: The skyrocketing of AI chip stocks resembles the Internet bubble era

Semiconductor companies' stock prices have been soaring this year, especially stocks related to artificial intelligence. However, this trend is starting to feel dangerously excessive. "Investors are either purely chasing the rise or facing pressure because they are lagging behind the benchmark."

Cryptocurrency

In the early Asian market, Ethereum touched $3,900 per coin, hitting a new high since December 2021, with a 2.18% increase during the day.

The U.S. Securities and Exchange Commission (SEC) has postponed making a final decision on approving options trading for exchange-traded funds (ETFs) directly investing in Bitcoin.

The SEC has also delayed a decision on a Nasdaq filing. The proposal concerns the listing and trading of options for the BlackRock iShares Bitcoin Trust.

IPO Opportunities

Reddit sets IPO price this month, with a target range of $31 to $34

Reddit plans to price its IPO on March 20th and start trading the next day, with a target price of $31 to $34 per share, valuing the company at around $6.5 billion. This means that the post-listing market value will be significantly lower than the $10 billion valuation in the last private valuation in 2021. Reddit has also committed to authorize user data to AI companies wishing to train large language models.

Macro: A Global Perspective

Fed Chair Powell testifies before the Senate

Reiterating the expectation of interest rate cuts revealed during Wednesday's House testimony, stating that the Fed is not far from being confident in cutting rates, it is clear about the risks of cutting rates too late. If inflation trends as expected, rate cuts can and will begin this year; interest rates are highly restrictive and far from neutral.

Fed's Mester: Rate cuts will come later this year, with no urgency at the moment. The biggest mistake would be cutting rates too early. Inflation may be more persistent this year.

Media: Biden plans significant tax increases for the wealthy, raising the corporate tax from 15% to 21%.

The U.S. recorded its largest trade deficit since April 2023 in January; the number of job cuts by U.S. companies in February reached a new high since March 2023.

Goldman Sachs predicts a non-farm payroll increase higher than the general expectation, expecting an increase of 215,000, slightly higher than the general expectation of 200,000, but far lower than the 353,000 in January. Less year-end layoffs led to a temporary surge in last month's data. Employment growth is expected to return to a more normal pace.

The European Central Bank announced its latest interest rate decision, maintaining the three key rates unchanged for the fourth consecutive time, in line with market expectations.

Sweden officially joins NATO, ending over 200 years of neutrality.

Japanese unions are demanding the highest wage increase in 30 years, at 5.85%.

The latest forecast from the global information technology research and advisory company Gartner shows that as manufacturing methods continue to reduce production costs, by 2027, the average production cost of pure electric vehicles will be lower than that of similar internal combustion engine vehicles.