Breakfast | Apple rose more than 10% in three days, Tesla shareholders' meeting approved Musk's $56 billion compensation

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Overnight Morning Market

The US May PPI data was lower than Wall Street expectations, adding to the interest rate cut optimism. The S&P 500 and Nasdaq hit new highs for four consecutive days. The Dow fell for the third consecutive day.

Apple closed up 0.55%, continuing to reach a new all-time high in market value at around $3.285 trillion, surpassing Microsoft once again. NVIDIA rose over 3.5% in pursuit of these two companies. In the past three trading days, Apple has risen by 10.94%, marking its best performance since 2020. Microsoft closed up 0.12% with a market value of $3.281 trillion, while Tesla rose by 2.92%. Meta fell by 0.93%, Google A fell by 1.48%, and Amazon fell by 1.64%. GME rose by over 14%.

Among popular stocks, JD.com fell by 0.5%, Baidu fell by 0.4%, Alibaba fell by nearly 1%, Bilibili rose by 7.7%, Nio fell by 0.9%, Li Auto rose by 2.5%, and XPeng fell by 1.5%.

Blue Chips and Hot Stocks

Tesla shareholders voted to approve CEO Elon Musk's $56 billion compensation plan.

Musk: Tesla will start producing the CyberTruck non-base version series next quarter. The cost of Tesla's 4680 battery is higher than that of suppliers, but it is expected to achieve "cost parity" by the end of this year. Special versions of the CyberTruck need to be manufactured for China and the EU.

Musk: Tesla plans to launch Autopilot Hardware 5.0 in approximately 18 months. The company is accelerating the production of the Semi truck and recently approved a large-scale production plan for electric semi-trucks. Currently shipping 1,300 Cybertrucks per week, setting a new record.

GameStop (GME.N) shareholders' meeting is scheduled for June 13, 2024, at 10 a.m. local time.

Adobe reported first-quarter revenue of $5.31 billion, compared to $4.82 billion in the same period last year, with market expectations at $5.29 billion. Adjusted earnings per share for the fiscal year are expected to be between $18.00 and $18.20, up from the previous estimate of $17.60 to $18.00.

Yu Minhong and Dong Yuhui reunite for live streaming: no response to hot topics, with GMV exceeding tens of millions on the same day.

Google faces privacy accusations in Austria for illegally tracking user data, with the accusation submitted to the Austrian Data Protection Authority.

Nokia announced the appointment of Lorna Gibb as Chief Talent Officer and a member of the Group Leadership Team, effective immediately.

Chips and Artificial Intelligence

Musk: Tesla leads in real-world artificial intelligence ahead of Meta, Google, and OpenAI.

Samsung Electronics President Lee Jae-yong met with executives from Meta, Qualcomm, and Amazon in the US this week to discuss cooperation on topics including artificial intelligence (AI), cloud services, and chips.

Cryptocurrency

US Securities and Exchange Commission (SEC): TerraForm and Kwon to pay $4.5 billion after fraud judgment.

Startups and IPO Opportunities

The Information: U.S. startup Tenstorrent is set to raise a new round of financing at a valuation of $2 billion, with Samsung contributing at least $300 million.

Macro: Taking You Around the World

G7 reaches an agreement to provide Ukraine with a $50 billion loan using frozen Russian assets' interest.

China and New Zealand initiate negotiations on the negative list of service trade under the China-New Zealand Free Trade Agreement. China will include New Zealand in the visa-free country list.

After the EU's preliminary ruling was announced, the Chinese industry expressed strong dissatisfaction and called on relevant departments to take countermeasures against the EU. Media reports that China is internally advancing the relevant procedures to increase the provisional import tariffs on large-displacement gasoline vehicles.

Media: Trump promises American business leaders to reduce the corporate tax rate to 20%