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Overnight Morning Market

The U.S. April PPI monthly rate far exceeded expectations. Analysts believe this is due to the downward revision of March data, leading traders to reduce bets on a September rate cut by the Federal Reserve. Federal Reserve Chairman Powell described the PPI data as "mixed blessings" and reiterated the possibility of keeping interest rates high for a longer period. "I don't think the next move is likely to be a rate hike, but it is more likely that the policy rate will be maintained at the current level."

The three major U.S. stock indexes all closed higher. The Nasdaq rose for the second consecutive day, closing at 16,511.18 points, setting a new closing high since April 11.

Tesla rose by 3.3%, Apple by 0.6%, Alphabet by 0.3%, Microsoft by 0.7%, Meta by 0.8%, Amazon by nearly 0.3%, Netflix down by nearly 0.5%. BigBear.ai surged by 9.5%, Super Micro Computer (SMCI) by over 5%, Oracle (ORCL) by nearly 4%, NVIDIA by nearly 1.1% for the third consecutive day, and TSMC's U.S. stock rose by nearly 3.8%.

WSB concept stocks continued to soar. GameStop (GME) rose by 62%, following a 74% increase yesterday, while AMC Theatres rose by 32%, having previously surged 129%. Both stocks triggered multiple trading halts during the day. Sunpower surged by 60%, marking its largest single-day gain on record. Koss rose by 40.7%; BlackBerry (BB) by 11.9%; Reddit by 7.1%, Robinhood by 6.7%.

Popular Chinese concept stocks overall fell. Alibaba dropped by about 6%, Tencent rose by nearly 4.7%. Nio rose by 7%, XPeng by over 2%, Xiaomi rose by 0.4%, ZEEKR fell by nearly 4.9%, Li Auto dropped by over 2%. Baidu fell by over 2%, Pinduoduo, JD.com, Bilibili fell by over 1%, NetEase dropped by nearly 0.9%.

Blue Chips and Hot Stocks

The MSCI Global Index will add 42 constituents and remove 121, with Microsoft being the largest addition, effective after the close on May 31.

In the first quarter, JPMorgan increased its holdings in Microsoft, making it the largest position in its portfolio at 3.3%, with a total market value of $463.7 billion, an 11% increase from the previous quarter. JPMorgan's largest increase in holdings in the first quarter was in industrial stocks, while the largest decrease was in real estate stocks.

Hillhouse's HHLR's top holding in the first quarter remains Pinduoduo, initiating positions in AMD

HHLR Advisors increased its position in Pinduoduo by 16.62% in the first quarter, with a stable 25.28% market value share as the top holding. It initiated a position in AMD with 912,400 shares, accounting for 3.04% of its market value as the sixth largest holding, while reducing positions in its previous top ten holdings such as Shell, Microsoft, Salesforce, and DoorDash, with DoorDash dropping out of the top ten. It reduced positions in Baidu by 71.87%, Alibaba by 88.21%, and JD.com by 95.78%.

Bridgewater increased its position in Google Class A shares in the first quarter, initiating long positions in Amazon and AMD

Bridgewater increased its weighting in technology stocks the most in the first quarter, with the largest decrease in consumer stocks. Its largest holding, iShares Core S&P 500 ETF, accounted for 5.6% of disclosed assetsGoogle announced at the I/O conference that Android 15 has been integrated with the Google Gemini large model upgrade capabilities, supporting functions such as AI voice assistant anti-fraud, circle image search, understanding images to provide answers more in line with user needs, etc. Android 15 Beta 2 will be officially launched tomorrow.

Reports indicate that AWS CEO Adam Selipsky will resign.

AIA, an artificial intelligence startup under Musk, is close to reaching a $10 billion server rental agreement with Oracle, making AIA one of Oracle's largest customers. The scale of this deal is similar to deals reached by OpenAI and Anthropic with competitors larger than Oracle.

According to CNBC, the possibility of Sony and Apollo bidding for Paramount is becoming increasingly low. Paramount's global stock price closed down 5.23%.

The U.S. Department of Justice: Boeing has violated a deferred prosecution agreement. Boeing failed to design, implement, and enforce a compliance and ethics program to prevent and detect fraudulent behavior throughout its operations. We are still deciding how to handle Boeing's issues.

Boeing stated that the company has received a request from the U.S. Department of Justice to respond, believing that we have fulfilled the terms of the agreement and will cooperate with the U.S. Department of Justice in the most transparent manner.

Tesla's Cybertruck manufacturing director Zhu Renjie has resigned, and the company will lay off 601 more people in California.

Xiaopeng's second brand MONA's first car is being produced at Xiaopeng's Zhaoqing factory, the trial production car has been offline, and will soon enter the PT2 phase. Battery suppliers include BYD, with Jiang Wen as the general manager.

BYD will announce its Mexico factory plan by the end of the year. BYD detailed its new hybrid pickup truck at a press conference in Mexico, with the BYD SHARK pickup starting at 899,980 Mexican pesos, approximately $53,400.

BYD denies delaying the lithium project in Chile, stating that they are waiting for approval and "signals" from the Chilean government for a lithium cathode project. "The plan is ongoing, and BYD's investment plan in lithium in Chile remains unchanged."

As part of Nike's cost-cutting plan, Converse announced a layoff plan.

Tencent Holdings' first-quarter revenue was 159.5 billion yuan, market expectations were 158.81 billion yuan. First-quarter net profit was 41.9 billion yuan, market expectations were 34.5 billion yuan.

Alibaba's first-quarter revenue was 221.87 billion yuan, market expectations were 219.8 billion yuan, compared to 208.2 billion yuan in the same period last year. Eddie Wu stated that cloud business is expected to return to double-digit growth in the second half of the year. Alibaba Cloud's quarterly revenue increased by 3% to 25.595 billion yuan, with core public cloud product revenue achieving double-digit growth and AI-related cloud product revenue achieving triple-digit growth.

Chips and Artificial Intelligence

OpenAI co-founder and chief scientist Ilya Sutskever will leave the company.

Google announced the launch of the AI chip Trillium for its sixth-generation TPU chipGoogle officially launches the Germini 1.5 lightning model, which aims to balance speed and cost-effectiveness. The company is also developing a universal AI agent named Project Astra, which analyzes the world through smartphone cameras and engages in conversations with users.

Google releases the AI image generation model Imagen, which has higher detail adjustment capabilities, realistic lighting, and less interference compared to other similar products, allowing quick transformation from sketches to high-resolution images.

Google introduces a new version of its search engine, which will feature a search engine driven by generative artificial intelligence, including answers written by artificial intelligence.

Google also announces that its search engine now has generative AI capabilities, able to provide users with answers to complex questions from different aspects through reasoning, simplifying the search process.

Google launches the AI video generation model Veo, which competes with OpenAI's video generation model Sora.

TSMC plans to start construction of a European factory in the fourth quarter of this year.

Startups

Supporting GPT-4 and Claude 3, the startup Glue officially launches its services

David Sacks, a friend of Musk and a venture capitalist, known as a member of the "PayPal Mafia," has founded a business AI company Glue. The concept is to integrate AI services into specific conversations, supporting OpenAI's GPT-4 and Anthropic's Claude 3, and selecting the appropriate model based on the question.

IPO Opportunities

According to the Wall Street Journal: Medical financial services company Waystar plans to go public in June with a valuation exceeding $5 billion.

Macro: Insights into the World

Key points from Federal Reserve Chairman Powell's speech:

1. Interest rate outlook: Reiterates the possibility of maintaining interest rates at high levels for a longer period, does not see the next move as a rate hike, more likely to keep policy rates at current levels.

2. Inflation outlook: Confidence in inflation easing is lower than before, lack of further progress in inflation in the first quarter in the U.S. is noteworthy; expected inflation rate to return to normal.

3. Economic outlook: U.S. economy performing very well, with a strong labor market; GDP expected to continue growing at 2% or higher, benefiting from new labor force participation.

4. Market reaction: Since Powell's speech, gold has remained relatively stable, reaching a high of $2356.72; the three major U.S. stock indexes have shown a "V" shaped trend overall.

The market currently expects the Fed to cut rates by a total of 40 basis points this year; the probability of rate cuts in June and September remains stable at around 50%, consistent with before Powell's speech.

Fed's Mester: Maintaining interest rates unchanged is appropriate, I am not in a hurry to consider rate hikesChinese Ministry of Foreign Affairs: Russian President Putin will pay a state visit to China from May 16th to 17th.

Chinese Ministry of Commerce: The US's Section 301 tariffs violate WTO rules and should immediately correct their erroneous practices by canceling the additional tariffs imposed on China.

Biden will announce tariffs on Chinese goods such as electric cars. In response, the Chinese Ministry of Foreign Affairs stated that China will take all necessary measures to safeguard its legitimate rights and interests.

Shipping rates from China to the US surged by nearly 40% in a week, with freight costs exceeding tens of thousands of US dollars.

New requirements for building design in Shenzhen: reduce the shared area, with a height limit of 150 meters for residential buildings