Top News
On Tuesday before the market opened, the three major U.S. stock index futures collectively rose. As of press time, the Dow Jones futures were up by 0.57%, the Nasdaq futures increased by 0.46%, and the S&P futures gained 0.39%.
$Star Tech Companies (LIST2518.US)$Active performance in pre-market trading, $Amazon (AMZN.US)$ Increasing over 3%, $Intel (INTC.US)$Increased by over 2%,$Oracle (ORCL.US)$ rose more than 1%.
$China Concept Stocks (LIST2517.US)$ Most stocks fell before the market opened. $Bilibili (BILI.US)$Down nearly 3%, $XPeng (XPEV.US)$ Fell more than 1%.
$Optical Communication (LIST23979.US)$ Broad-based pre-market gains, $Astera Labs (ALAB.US)$ Surging over 8%, $POET Technologies (POET.US)$ with gains exceeding 6%. $Credo Technology (CRDO.US)$ Up over 5%, $Coherent (COHR.US)$ 、 $Applied Optoelectronics (AAOI.US)$ Rose more than 3%.
Individual Stock News
Apple announces leadership change as Ternus takes over as CEO and Cook transitions to executive chairman.
$Apple (AAPL.US)$ Announced a major leadership reshuffle, with current CEO Tim Cook stepping down from his role as CEO on September 1 and transitioning to the position of executive chairman. The new CEO will be John Ternus, Apple’s current senior vice president of hardware engineering. Ternus, aged 51, has been with Apple since 2001 and has long overseen hardware engineering as a core member of the company’s technical leadership. Analysts note that this mechanical engineer-turned-hardware leader will guide the world’s most valuable technology company in finding its next growth engine in the AI era. Whether Ternus can drive Apple to accelerate breakthroughs in the AI field will become the central strategic challenge of his tenure.
Amazon announces additional $5 billion investment as Anthropic commits to purchasing over $100 billion in computing power over the next decade.
$Amazon (AMZN.US)$ Shares rose over 3% in pre-market trading after the company announced an additional $5 billion investment in Anthropic. It also disclosed that total investment could reach up to $25 billion if specific commercial milestones are achieved. As part of the reciprocal agreement, Anthropic committed to purchasing more than $100 billion worth of computing resources from Amazon Web Services (AWS) over the next ten years and will utilize up to five gigawatts of Amazon's AI chip processing power for training and inference of the Claude model.
UnitedHealth's Q1 revenue reached USD 111.7 billion, with adjusted earnings per share at USD 7.23.
UnitedHealth shares surged 7% in pre-market trading. The company reported Q1 revenue of $111.7 billion and adjusted earnings per share of $7.23, both exceeding market expectations. It forecasts full-year adjusted earnings per share to exceed $18.25, compared to market expectations of $17.86. UnitedHealth expects to finalize the acquisition of Alegeus Technologies this quarter and plans to repurchase at least $20 billion in common stock by the end of the second quarter. As of March 31, 2026, UnitedHealth’s operating cash flow was $8.9 billion, approximately 1.4 times net income, with a debt-to-capital ratio of 42.9%.
With Cloud Next conference approaching, Google plans to unveil dedicated inference chips.
According to Bloomberg, $Alphabet-A (GOOGL.US)$ Google plans to introduce a new generation of Tensor Processing Units (TPUs) at the Google Cloud Next conference in Las Vegas this week. In an interview, Google Chief Scientist Jeff Dean stated, "Given the rising demand for rapid AI query processing, it is now reasonable to design chips more specifically tailored to training or inference workloads." Chirag Dekate, an analyst at market research firm Gartner, noted, "The battleground is shifting toward inference, and in this arena, Google holds an infrastructure advantage."
Avis Budget Group continues to rise in pre-market trading as Wall Street issues warnings: valuation significantly deviates from fundamentals.
American car rental and ride-sharing service provider $Avis Budget (CAR.US)$Shares rose over 9% in pre-market trading, following a fierce rally in recent weeks.Short squeezeThe cumulative increase over the past six weeks has exceeded 400%. The stock closed more than 23% higher on Monday, surging to an intraday high of $612.58 and setting a new historical peak. However, several major Wall Street firms have expressed cautious views on the future prospects of Avis Budget Group's stock. Barclays has downgraded Avis Budget Group to a 'Sell' rating, attributing the recent surge to a supply-demand mismatch — approximately 71% of the company’s direct shares are concentrated in the hands of two shareholders. Considering unsettled swap contracts, their economic interest exceeds even 100%. With short positions in Avis Budget Group approaching nearly 100% of the float,Short squeezethe rally was triggered. They anticipate that Avis Budget Group’s share price will eventually return to normal levels, especially if the company takes advantage of the rising stock price to issue new shares and raise funds.
AXT plummeted in pre-market trading as it announced plans to issue common stock.
$AXT Inc (AXTI.US)$ Shares fell over 12% pre-market after the company announced pricing for its public offering. The underwritten offering consists of 8,560,311 shares of common stock at a public offering price of $64.25 per share. Gross proceeds from the offering are expected to total approximately $550 million before deducting underwriting discounts, commissions, and other offering expenses. The company intends to use the funds primarily to financially support its subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., to boost production capacity for indium phosphide substrates exported globally.
Cybersecurity Stocks Mistakenly Hit by AI? Morgan Stanley Sees a $2.2 Trillion Opportunity
The cybersecurity sector has plummeted cumulatively by 25% due to concerns over AI disruptions. However, Morgan Stanley pointed out this is a structural misjudgment: incremental security demands driven by AI could reach $220 billion, several times the market share impacted by disruptive risks. In contrast, the net market size for cybersecurity software is projected to expand by approximately 10%. After the panic subsides, it may present a good opportunity for strategic investment.
The rise of intelligent agents has reshaped the distribution across the entire AI value chain.
Morgan Stanley Research analyst Shawn Kim wrote directly in the report, “Intelligent Agent AI marks a structural shift from computation to orchestration.” In intelligent agent workflows, CPU-side orchestration time can account for 50% to 90% of total latency. This implies an incremental CPU market opportunity ranging from $32.5 billion to $60 billion by 2030, pushing the total addressable market (TAM) for server CPUs to between $82.5 billion and $110 billion. By 2030, an additional 15 to 45 exabytes (EB) of DRAM demand will be created, equivalent to 26% to 77% of the industry’s total annual supply in 2027. Meanwhile, segments such as DRAM, ABF substrates, wafer foundries, storage, connectors, and passive components will transition from being secondary players to becoming new bottlenecks and profit pools.
U.S. 'White House basket' stocks significantly outperformed the S&P 500.
Athanasios Psarofagis, ETF analyst at Bloomberg Intelligence, stated that a basket of stocks related to Trump’s policy signals has surged 75% since the start of his second term, far exceeding the S&P 500’s approximate 20% gain during the same period. However, limited access to ETF listings has restricted retail participation. The basket includes about 16 stocks linked to government support and public endorsements by Trump, with Intel and USA Rare Earth leading the gains among the constituents.
Countdown to SpaceX IPO: Analyst Meeting Scheduled for This Week, $1.75 Trillion Valuation Awaits Validation
SpaceX plans to go public at the end of June, seeking to raise 75 billion USD at a valuation of 1.75 trillion USD. This week, the company held a three-day closed-door analyst meeting to present its business outlook that deeply integrates aerospace and artificial intelligence. Elon Musk has reserved 30% of the shares for retail investors worldwide, aiming to build a broad investor base. Faced with an unprecedented business conglomerate, Wall Street is moving away from traditional aerospace frameworks and instead adopting valuation models akin to AI infrastructure giants.
Global Macro
As the ceasefire deadline enters the countdown, Vance is set to arrive in Islamabad on Wednesday.
According to Al Jazeera, sources close to the US-Iran mediation have indicated that US Vice President Vance is expected to arrive in Islamabad on Wednesday. Trump's envoys Witkof and Kushner are also anticipated to visit Pakistan, maintaining the same delegation level as during the first round of talks. However, according to Iran’s Islamic Republic of Iran Broadcasting (IRIB), so far, Iran has not dispatched any diplomatic delegations to Islamabad, Pakistan, whether advance teams or follow-up groups, and whether for preliminary missions or follow-up envoys.
At 10 PM tonight, Warsh will attend the Senate Banking Committee confirmation hearing.
At 22:00 Beijing time today, Kevin Warsh, the nominee for Federal Reserve Chair, is scheduled to appear before the Senate Banking Committee for his confirmation hearing. According to Bloomberg’s advance access to the opening statement, Warsh’s prepared testimony spans nearly 2,000 words, far exceeding the approximately 850 to 900 words seen in Powell’s and former Chair Yellen’s initial hearings, yet it offers almost no clear direction on monetary policy. On the issue of independence, Warsh drew a conditional boundary: monetary policy independence ranks highest, but the Fed does not enjoy the same exemptions in areas such as public fund management, banking supervision, and international finance. Meanwhile, Warsh's previously public advocacy for rate cuts sharply contrasts with his earlier hawkish image, which is expected to become a focal point of questioning by Senators.
The US March retail sales month-over-month rate will be released tonight.
On April 21, Citi presented clear reasons for advocating rate cuts in its latest research report, arguing that oil supply disruptions are only a temporary disturbance, and while the path to rate cuts may be bumpy, the direction remains clear. In contrast, Deutsche Bank threw cold water on these expectations, warning that the Fed’s policy is already at a neutral stance and is expected to maintain current interest rates indefinitely. Amid this clash of views from the two major investment banks, the upcoming March retail sales data will serve as a key litmus test to break the deadlock. This data will not only reveal the real impact of high oil prices on core consumption but will also directly determine the Fed’s near-term policy trajectory.
Concerning coal, gas, oil, and electricity, Trump invokes 'wartime powers'.
On Monday local time, US President Trump invoked the Defense Production Act to provide federal funding for a wide range of energy projects. His administration is currently under pressure to curb rising costs of crude oil, gasoline, and electricity. On Monday, Trump signed five presidential memoranda under this 'wartime authority,' covering domestic coal power, liquefied natural gas, oil, power grids, and large-scale energy infrastructure.
As US stocks hit new highs, Jefferies warns: Five signals indicate a short-term peak has been reached.
Michael Toomey, Head of Equity Trading at Jefferies, stated that the upward trend in US stocks last week may be nearing an end, with various technical phenomena suggesting that the US stock market has essentially peaked in the short term and will struggle to rise further. He listed five technical signals: options trading volume reaching a five-year high, the S&P 500 Index, and the Nasdaq...Relative Strength Index（RSIThe RSI has surged significantly, with nearly a quarter of technology stocks in an overbought condition. The S&P 500 Index is currently experiencing a rare streak of consecutive gains, and its performance in April has notably outpaced its historical average.
Top 20 pre-market trading volume stocks in the U.S.
Reminder of the US stock market macroeconomic calendar
(The following times are in Beijing Time)
20:30 US Monthly Retail Sales for March
20:30 US President Trump participates in a financial program on CNBC
22:00 US Senate Banking Committee holds a hearing on Kevin Warsh's nomination as Federal Reserve Chair
In the early hours of the following morning,
02:30 Federal Reserve Governor Waller delivers a speech at the Brookings Institution
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Editor/KOKO