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Iran's foreign minister stated that the US has requested negotiations and Iran is considering it, while the US Secretary of State deemed Iran's proposal to reopen the Strait of Hormuz unacceptable.
Iranian Foreign Minister Araghchi stated on Monday, the 27th local time, that the U.S. has requested negotiations and Iran is currently considering this option. According to U.S. media reports, U.S. Secretary of State Rubio stated that Iran proposed a plan to reopen shipping through the Strait of Hormuz under strict conditions, which is unacceptable for the U.S. and other parties.
White House Press Secretary Leavitt stated that President Trump's national security team held a meeting on Monday to discuss Iran’s proposal to reopen the Strait of Hormuz. According to The New York Times, sources revealed that Trump has informed his advisors that he is dissatisfied with Iran’s latest proposal regarding reopening the Strait of Hormuz and ending the war.
The U.S. semiconductor index ended an 18-day consecutive rise, marking a historic divergence from the ISM manufacturing index.
Recently, the U.S. stock market performance has shifted from being actively driven to passively squeezed, which is particularly evident in Philadelphia Semiconductor Index (.SOX.US) . It is important to note the fragility of the right tail in the current market: once the index rises by another 2% to 4%, market makers will enter an aggressive Short Gamma zone. Barclays noted that renewed enthusiasm for AI demand has driven significant gains in memory and semiconductor stocks, contributing to the majority of recent gains in U.S. and Asian indices, while European markets, with lower tech exposure and greater sensitivity to energy, have lagged far behind. Bank of America strategist Michael Hartnett's team pointed out that the SOX index not only hit its most overbought level in over five years but also completely decoupled from ISM manufacturing; historically, such divergences tend to converge in some way.
Dalio Warns 'Stagflation Has Arrived': Cutting Interest Rates Now Would Damage the Fed's Credibility
Dalio stated on Monday: 'We are undoubtedly in a period of stagflation. The issue now is that inflation is more urgent and further off target.' Dalio mentioned that Warsh is now clearly expected to succeed Powell as the next Federal Reserve Chair in mid-May. If Warsh chooses to cut interest rates at that time, it could undermine market confidence in the Fed at a critical moment.
The Bank of Japan announced its interest rate decision today, with the market expecting no change.
The Bank of Japan will announce the results of its interest rate decision today, and Kazuo Ueda will hold a press conference on monetary policy at 14:30. Based on the pricing of interest rate derivatives, the market believes there is only a 7% probability that the Bank of Japan will raise interest rates this time. However, the real underestimated risk lies not in the meeting itself—according to BCA Research estimates, after the unwinding of carry trades in August 2024, related positions have quietly been rebuilt to three times their previous levels; with a spread of approximately 300 basis points between the Federal Reserve and the Bank of Japan unlikely to narrow in the short term, carry trades continue to accumulate.
Director of the U.S. Congressional Budget Office: Tariff rulings may increase federal deficits by $1.1 trillion over ten years.
According to Bloomberg, CBO Director Phillip Swagel stated on Monday that the Supreme Court ruling to strip Trump of the power to impose tariffs unilaterally under emergency economic powers would increase the deficit by $2 trillion over ten years. So far, Trump has offset tariff revenues with other trade measures amounting to only $800 billion to $900 billion, resulting in a net effect of increasing the deficit by about $1.1 trillion over the decade.
U.S. stock market recap
The S&P and Nasdaq hit new highs again, with 'Dual NVIDIA' and the three major memory stocks closing at record levels.
On Monday, the U.S. stock market's three major indices showed mixed performance, with the Dow Jones Industrial Average falling slightly towards the close, while the S&P 500 and Nasdaq Composite edged higher to reach new records. By the close, the S&P 500 Index gained 0.12%, the Nasdaq Composite rose 0.2%, both hitting new highs for two consecutive trading days, while the Dow Jones Industrial Average fell 0.13%.
$Star Tech Stocks (LIST2518.US)$ Stocks showed mixed results, with Google C up 1.81%, Apple down 1.27%, Microsoft gaining 0.05%, Amazon declining 1.09%, Broadcom dropping 1.08%, Meta rising 0.53%, and Tesla climbing 0.63%.
$Popular Chinese Concept Stocks (LIST2517.US)$ Most stocks declined, with the Nasdaq China Golden Dragon Index falling 1.2%. Atour Lifestyle Holdings dropped 5.48%, TAL Education Group fell 4.72%, Alibaba slid 2.43%, JD.com lost 1.72%, Li Auto decreased 0.99%, and XPeng Inc. dropped 0.6%; Hesai Technology surged 4.79%, and New Oriental Education & Technology Group gained 1.16%.
Philadelphia Semiconductor Index (.SOX.US) The index fell 1%, ending an 18-day winning streak, with 24 of its 30 components declining. Rambus plunged 10.79%, Arm Holdings fell 8.06%; Intel rose 2.97% to a new high, while Qualcomm gained 0.95%.
$Storage Concept Stocks (LIST23925.US)$ Stock movements were divergent, with Western Digital Corp. rising 8.11%, Micron Technology climbing 5.6%, Seagate Technology gaining 1.64%, all reaching new highs; Western Digital fell 0.81%.
$Rare Earth Concept (LIST23700.US)$ Gains were seen across the board, with Critical Metals surging 25.54%, United States Antimony jumping 14.78%, Cleveland-Cliffs climbing 8.71%, and USA Rare Earth rising 7.55%.
Individual stock information
NVIDIA hits another record high, with market capitalization surpassing $5.2 trillion.
On Monday, NVIDIA shares surged 4% during the day, closing at an all-time high of $216.61, pushing its market capitalization to $5.26 trillion, surpassing Alphabet, the world’s second-largest company by market value, by more than $1 trillion. Over the past year, NVIDIA's stock has risen 93%, with revenue increasing 65% year-over-year. Bank of America maintained its "Buy" rating with a target price of $300. This week’s tech giants’ earnings reports will serve as a key validation window for AI commercialization progress.
Microsoft Corporation: Will no longer pay revenue-sharing to OpenAI, and OpenAI’s license will now transition to a non-exclusive arrangement.
Microsoft (MSFT.US) Microsoft and OpenAI announced the next phase of their collaboration, with Microsoft stating that it will no longer pay revenue-sharing to OpenAI. OpenAI’s revenue-sharing payments to Microsoft will continue until 2030, unrelated to OpenAI’s technological advancements, paid at the same rate but subject to a total cap. Microsoft will continue to hold OpenAI’s IP licensing rights for models and products until 2032. Microsoft's license will become non-exclusive. Microsoft remains OpenAI's primary cloud partner, with OpenAI products prioritized for release on Azure unless Microsoft is unable or chooses not to support necessary features. As a major shareholder, Microsoft continues to directly participate in OpenAI's growth.
More than 580 Google employees have signed a petition urging the CEO to reject classified AI contracts with the U.S. military.
Google-A (GOOGL.US) A new wave of employee protests has erupted internally. Hundreds of AI researchers have co-signed an open letter urging CEO Sundar Pichai to refuse the use of the company's AI systems for classified missions by the U.S. Department of Defense. According to Bloomberg, the organizers claim to have gathered over 580 signatures, including more than 20 directors, senior directors, and vice presidents, as well as several senior employees from DeepMind, Google's AI research unit. The organizers stated that the letter will be delivered to Pichai this Monday. The open letter explicitly requests that Google reject all classified workloads, arguing that once AI tools are deployed in classified systems physically isolated from the public internet, the company will have no way to monitor their actual usage.
Critical Metals plans to acquire European Lithium for $835 million, gaining full control of the Tanbreez rare earth assets in Greenland.
$Critical Metals(CRML.US)$ Shares closed up 25% after announcing an all-stock acquisition of European Lithium valued at approximately $835 million, which will grant full control over the Tanbreez rare earth deposit project in Greenland, paving the way for project financing and scaled development. European Lithium holds a 7.5% stake in the Tanbreez project, and upon completion of the transaction, Critical Metals will fully control the Tanbreez rare earth project.
Celestica's Q1 revenue reached $4.05 billion, a year-over-year increase of 53%.
Celestica (CLS.US) Shares fell more than 8% after hours. First-quarter revenue was $4.05 billion, up 53% from $2.65 billion in the same period in 2025; adjusted earnings per share (non-GAAP) were $2.16, compared to $1.20 in the same period in 2025, exceeding the high end of the company’s guidance range. Based on current momentum, the company raised its full-year 2026 outlook: revenue is projected at $19 billion, up from the previous forecast of $17 billion, and adjusted EPS is expected to be $10.15, up from the prior estimate of $8.75.
Apple has been criticized for lagging in AI, but Cook's "winning without fighting" strategy is being reassessed by Wall Street.
The capabilities of large AI models are now nearly evenly matched, and AI may ultimately become a highly fragmented industry where participants struggle to achieve excess profits. Cook has never participated in the 'internally competitive' AI race, opting instead to safeguard the iPhone as the most critical value entry point while using cash reserves to retain future optionality. $Apple(AAPL.US)$ This year, iPhone shipments reached a record 247 million units, capturing 43% of global smartphone market revenue. Meanwhile, the company has accumulated $145 billion in cash and marketable securities, an advantage that is likely to remain the most valuable asset until the competitive landscape of AI becomes clearer.
Strategy spent $255 million last week to purchase 3,273 Bitcoin, bringing its total holdings to 818,300 BTC.
According to the company’s disclosed filings, $Strategy(MSTR.US)$ The company purchased 3,273 Bitcoin for approximately $255 million at an average price of about $77,906; the return on BTC since the beginning of 2026 has reached 9.6%. As of April 26, 2026, the company holds a total of 818,334 BTC, with a total cost of approximately $61.81 billion and an average cost of about $75,537 per Bitcoin.
BP outperformed Exxon Mobil due to outstanding trading performance and minimal production disruptions.
$BP PLC (BP.US)$ It is disclosed that the transaction performance is expected to be "exceptionally outstanding," with its oil production being limitedly affected by Middle East conflicts. $Exxon Mobil(XOM.US)$ Approximately one-fifth of global production is constrained by the Strait of Hormuz. Since the outbreak of the U.S.-Iran conflict, BP's stock price has risen by about 20%, while Exxon Mobil has fallen by approximately 1%. BP will release its earnings report this Tuesday.
Top 20 by trading value
Hong Kong Market Outlook
Southbound capital reduced Hong Kong stock positions by nearly HKD 4.1 billion, net purchasing SMIC for nearly HKD 1 billion, and net selling Tracker Fund for over HKD 3.2 billion.
On Monday, April 27, southbound capital net sold HKD 4.092 billion worth of Hong Kong stocks.
SMIC (00981.HK)、$China Mobile(00941.HK)$、CNOOC Limited (00883.HK)Net purchases amounted to HKD 9.77 billion, HKD 9.28 billion, and HKD 6.68 billion respectively.
$Tracker Fund (02800.HK)$、Southern Hang Seng Technology (03033.HK)、$Hang Seng China Enterprises (02828.HK)$Net sales reached HKD 3.208 billion, HKD 1.1 billion, and HKD 820 million respectively.
CATL plans a Hong Kong share placement to raise approximately USD 5 billion for global capacity expansion and R&D.
$宁德时代(03750.HK)$ The company intends to raise approximately USD 5 billion through a Hong Kong share placement, which could become the largest equity financing in the Hong Kong market in 2026 to date. The placement pricing reflects a discount of 3.5% to 7% and introduces the 144A issuance mechanism for the first time to directly reach U.S. institutional investors and broaden the investor base. According to the latest Bloomberg report, CATL has set the Hong Kong share placement price at HKD 628.20 per share. This marks the company's second large-scale fundraising within less than a year; its 2025 Hong Kong IPO raised approximately USD 5.3 billion. The proceeds will be used for global capacity expansion and R&D investment.
Alibaba has received approval from the Hong Kong Stock Exchange for the proposed spin-off of an infrastructure REIT on the Shenzhen Stock Exchange.
$Alibaba-W (09988.HK)$ The Board is pleased to announce that on March 13, 2026, the Hong Kong Stock Exchange confirmed that the Company may proceed with the proposed spin-off of an infrastructure REIT on the Shenzhen Stock Exchange. The Hong Kong Stock Exchange has also granted the Company an exemption, waiving strict compliance with the requirement under Section 3(f) of the 15th Application Guideline of the Hong Kong Listing Rules to provide guaranteed quotas to shareholders.
Driven by the increased production of DDR5 products, Montage Technology reported a record-high net profit of 8.47 billion yuan in Q1, marking a 61% year-on-year increase.
Montage Technology (06809.HK) Revenue in the first quarter reached 1.461 billion yuan, a year-on-year increase of 19.51%; net profit attributable to shareholders was 847 million yuan, surging 61.30% year-on-year, setting a new record high for a single quarter; gross margin rose to 69.8%, driven primarily by the increased revenue contribution from high-margin DDR5 and interconnect new products. The company also completed an H-share issuance raising over 7.1 billion yuan, with a balance sheet ratio of only about 4.2%, reflecting a robust financial structure.
Cambridge Technology's Q1 net profit surged 276% year-on-year, driven by significant profitability gains from the expansion of its optical module business.
$Cambridge Technology (06166.HK)$ Revenue in Q1 reached 1.287 billion yuan, increasing 43.98% year-on-year; net profit attributable to shareholders of the listed company amounted to 118 million yuan, growing 276.44% year-on-year, significantly enhancing profitability. The company attributed the performance growth mainly to the continuous expansion in shipment volumes of its core business products.
Wuxi Apptec's Q1 revenue increased by 29% year-on-year, while non-GAAP net profit grew by 27%.
$Wuxi Apptec (02359.HK)$ Q1 revenue increased by 28.8% year-on-year to 12.44 billion yuan, with non-GAAP net profit soaring 83.6%. The key driver came from the chemical business, where small molecule D&M business grew over 80%, and TIDES business prompted the early launch of construction at the new Changzhou facility. Leveraging the CRDMO integrated model, the company’s gross margin significantly jumped to 50.4%, with an order backlog nearing 60 billion yuan.
Soaring lithium prices propelled performance, with Tianqi Lithium's Q1 revenue doubling and net profit skyrocketing by 1,699%.
Tianqi Lithium (09696.HK) Q1 revenue was approximately 5.128 billion yuan, a significant year-on-year increase of 98.44%; net profit attributable to shareholders reached approximately 1.876 billion yuan, surging 1,699.12% year-on-year. Against the backdrop of a low base in the same period last year, the average selling price of the company’s key lithium products rose notably, directly driving up revenue and gross profit, which explains the core performance leap.
Haitian's net profit attributable to shareholders in the first quarter was 2.444 billion yuan, increasing 10.97% year-on-year.
$Haitian (03288.HK)$ Revenue in the first quarter reached 9.029 billion yuan, growing 8.57% year-on-year; net profit attributable to shareholders of the listed company amounted to 2.444 billion yuan, increasing 10.97% year-on-year.
Today's Focus
Keywords: CNOOC, Ping An, BYD, Seagate Technology, Coca-Cola and other companies' earnings reports, Xizhi Technology-P, Maiwei Bio-B listing
In terms of financial events, Bank of Japan Governor Kazuo Ueda held a press conference on monetary policy.
In the IPO sector, Xizhi Technology-P and Maiwei Bio-B were listed, and Sunmi Electronics-W entered the grey market.
Earnings-wise,$Coca-Cola (KO.US)$ Companies such as released their earnings reports pre-market. a hard drive manufacturer, Companies released earnings reports after the market closed. $Shenghong Technology(02476.HK)$、 CNOOC Limited (00883.HK) 、$Ping An (601318.SH)$、 BYD (01211.HK) Companies such as will release earnings reports.
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