Breakfast | S&P 500 sees 5 consecutive months of gains for the first time in 10 years, Xiaomi's US-listed ADR soars by 12%

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Overnight Morning Market

Spot gold once broke through $2222.7 per ounce, hitting a new historical high.

Tonight, Federal Reserve Chairman Powell will deliver a speech. The S&P rose by 0.11% to 5254.35 points, and the Dow rose by 0.12%, both setting new record highs for two consecutive days. The Nasdaq fell by 0.12%.

In March, U.S. stocks rose across the board, with the S&P 500 up by 3.1%, the Dow up by 2.08%, the Nasdaq up by 1.79%, and the Nasdaq 100 up by 1.17%, all rising for five consecutive months. The S&P 500 recorded five consecutive months of gains for the first time since 2013 and the second year since the beginning of the 21st century, while the Russell 2000 index rose by 3.39%, up for two consecutive months.

In the first quarter, growth stocks outperformed value stocks, with the Nasdaq up by 9.1%, the S&P 500 up by 10.2%, and the Dow up by 5.6%. Nvidia rose by 82%, increasing its market value by over $1 trillion; Apple fell by over 10%, and Tesla fell by 29%. Microsoft rose by 12%, maintaining its position as the world's most valuable company.

Overnight, Tesla fell by nearly 2.3%, Apple fell by nearly 1.1%; Meta fell by nearly 1.7% for the fourth consecutive day. Nvidia rose by 0.1%, Palantir fell by 6.1%, Astera Labs fell by over 7%, and BigBear.ai fell by over 4%. MicroStrategy fell by 11%, with short-selling institution Kerrisdale Capital stating that its premium is unreasonably high.

Overall, popular Chinese concept stocks rose. Xiaomi Group ADR rose by 12% in the pink sheet market. Nio fell by over 3%, XPeng fell by over 1%, and Li Auto rose by 0.3%. Bilibili and Alibaba rose by over 1%, while JD.com rose by 0.6%.

Blue Chips and Hot Stocks

Data from analysis firm Ortex shows that Reddit's listing has attracted a large number of bearish bets against the social media forum.

The standard version of Xiaomi SU7 is priced at 215,900 yuan; the new car has seen explosive pre-order demand, with over 50,000 units sold out within 27 minutes of going on sale. All 500 units of the Xiaomi SU7 Founder's Edition have been sold out, with a total deposit of 100 million yuan.

Market news: Apple will release a 12.9-inch iPad Air and an OLED version of the iPad Pro. Apple suppliers are ramping up production of the new iPad Pro ahead of its May release.

Media reports suggest that the first foldable screen iPhone will be delayed.

Tesla is set to release first-quarter car delivery data early next week, but the market expects the report to be lackluster. Deutsche Bank predicts Tesla's first-quarter deliveries to be 414,000 vehicles, lower than the previous forecast of 427,000 vehicles. Morgan Stanley forecasts Tesla's 2024 fiscal year deliveries to be 1.954 million vehicles, lower than the previous forecast of 1.998 million vehicles.

Nicholas Colas, co-founder of DataTrek Research, stated that even if Tesla's first-quarter data slightly exceeds expectations, it is difficult to interpret positively. Valuation often hinges on a company's weakest link, which for Tesla is its automotive businessCATL is currently in talks with General Motors to collaborate on the Licence Royalty Service (LRS) model, planning to jointly build a lithium iron phosphate power battery factory in North America.

ByteDance: "TikTok tightens US store opening policy" is false information.

Country Garden: The release of the full-year performance for 2023 will be delayed to collect more information. It is expected that trading of the company's shares on the Hong Kong Stock Exchange will be suspended from 9:00 am on April 2.

Chips and Artificial Intelligence

Microsoft develops tools to prevent AI chatbots from being taught incorrectly

Azure AI Studio is incorporating new security features that allow developers to build custom AI assistants using their own data. These tools include "Prompt Shields" designed to detect and prevent "prompt attacks" or "jailbreaks" that attempt to make AI models run unexpectedly.

Nikkei News: Japan will provide 1 billion yen to the Automotive System-on-Chip Research Association (ASRA) for automotive chip development.

ZTE: Will release its first flagship AI smartphone in the middle of this year.

Cryptocurrency

Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, has been sentenced to 25 years in prison and fined $11 billion, and he has stated that he will appeal.

Sources: The US and UK are investigating the transfer of $20 billion in cryptocurrency from Russia.

Macro: Taking You Around the World

Market rumors of a "Chinese version of QE" about to begin, Morgan Stanley issues a research report: it will not happen.

In response to China's WTO complaint against the US for obstructing electric vehicle manufacturers from purchasing battery materials from China, the Ministry of Commerce stated that China's lawsuit is justified and the US is seriously disrupting the global new energy vehicle industry chain and supply chain