Macroeconomic Highlights
Trump: U.S. and Iran May Reach Agreement Within a Week to Extend Ceasefire and Reopen Strait of Hormuz
On June 1 local time, U.S. President Trump stated that he expects an agreement with Iran to be reached "within the next week" to extend the current ceasefire arrangement and reopen the Strait of Hormuz. Trump said negotiations are progressing smoothly and expressed optimism about reaching a deal.
From 'cyclical commodities' to 'strategic core assets,' JPMorgan: This storage supercycle will be 'higher and longer'
JPMorgan has significantly raised its global memory market outlook, forecasting the market size to reach $1.7 trillion by 2028. AI demand is expanding comprehensively from GPUs to CPUs, driving server memory demand to grow beyond expectations, with the HBM supply-demand gap likely to persist through 2028. As memory spending surpasses 50% of cloud providers' capital expenditures, the sector is transitioning from a cyclical commodity to a core asset of AI infrastructure.
Copper Prices Rise Ahead of U.S. Copper Tariff Review at End of June
On the first trading day of June, copper futures in New York and London rose in tandem, adding to market jitters ahead of a new round of U.S. copper tariff decisions due by month-end. The U.S. Department of Commerce must submit a fresh assessment of the copper market to Trump by June 30 and provide a recommendation on whether to impose import tariffs on refined copper. Beyond tariff-related sentiment, analysts at Goldman Sachs and Citi noted in their latest reports that weakening mine supply prospects, coupled with sustained demand from artificial intelligence and energy transition sectors, will continue to support copper prices. Citi raised its copper price forecast in a recent report, expecting prices to climb to $14,500 per tonne this month and reach $15,000 within the next year.
U.S. Stock Market Update
All Three Major Indices Hit Record Closing Highs, Led by NVIDIA Among Tech Stocks
On Monday, the three major U.S. equity indices closed slightly higher, all setting new record closing highs. At the close, the Dow Jones Industrial Average rose 0.09% to 51,078.88; the Nasdaq Composite gained 0.42% to 27,086.81; and the S&P 500 increased by 0.26% to 7,599.97.
$Star Tech Stocks (LIST2518.US)$ Stocks were mixed: Micron Technology rose 6.64%, NVIDIA climbed 6.26%, and Microsoft advanced 2.28%; Meta fell 5.07%, Tesla dropped 4.57%, Intel declined 4.67%, and Amazon slid 3.47%.
$Popular Chinese Concept Stocks (LIST2517.US)$ Most Chinese stocks listed in the U.S. rose, with the Nasdaq Golden Dragon China Index closing up 1.47%. Kingsoft Cloud surged over 8%, Pony AI rose more than 7%, Future Group gained over 6%, Bilibili climbed 6%, and Alibaba edged up nearly 1%; Baidu declined over 2%.
$AI Application Software Stock (LIST23492.US)$ Gains continued, with MongoDB rising over 10%, ServiceNow, Salesforce, and Snowflake each up over 9%, CrowdStrike advancing 7%, and Palantir gaining 2.6%.
Stock-specific news
Hewlett Packard Enterprise Reports 40% Revenue Surge and Earnings Well Above Expectations for Last Quarter, Significantly Raises Full-Year Guidance
After the U.S. market close on June 1, Hewlett Packard Enterprise (HPE.US) reported second-quarter results, with Q2 revenue reaching $10.7 billion, a 40% year-over-year increase, exceeding analyst expectations by approximately $900 million. Network revenue surged 148% year-over-year, while server revenue also beat expectations by nearly $1 billion. Adjusted earnings per share came in at $0.79, significantly surpassing the market consensus of $0.53—the largest positive earnings surprise since 2018. Boosted by these results, Hewlett Packard Enterprise’s after-hours share price jumped more than 36% at one point.
Alphabet announced an $80 billion financing plan, with Berkshire Hathaway investing $10 billion.
On June 1, Bloomberg reported that Alphabet, Google’s parent company, plans to raise $80 billion in equity capital. The financing consists of three components: a $30 billion concurrent underwritten public offering, a $40 billion at-the-market offering, and a $10 billion private investment from Berkshire Hathaway. Berkshire’s investment is split equally: $5 billion in Class A common stock at $351.81 per share and $5 billion in Class C capital stock at $348.20 per share. Alphabet intends to use the proceeds to expand its artificial intelligence computing infrastructure. Following the announcement, Google’s after-hours share price briefly declined by over 2%.
Optical interconnect giant Credo Technology beats expectations on revenue, profit, and next-quarter guidance—but shares plunge sharply
$Credo Technology (CRDO.US)$ For the fourth quarter of fiscal year 2026, revenue reached $437 million, up 157% year-over-year versus analyst expectations of $432.5 million; non-GAAP diluted net income per share was $1.16, ahead of the $1.00 forecast; and the company guided next-quarter revenue between $465 million and $475 million, above the consensus estimate of $460.5 million. Despite this, Credo’s after-hours share price still plummeted by nearly 19% at one point.
Old Trump video resurfaces praising IBM; shares surge 10% intraday to a record high
An old video of Trump lavishly praising $IBM Corp (IBM.US)$ the CEO has gone viral again on social media. Combined with Barclays initiating coverage with an Overweight rating, IBM shares rose as much as 10.1% during Monday’s trading session. However, the rally wasn’t driven solely by sentiment—IBM had previously secured a $1 billion government quantum computing contract and announced a multi-billion-dollar investment plan. Notably, Trump’s trust holds IBM shares.
Masayoshi Son bets $87 billion on European AI: 'This revolution is 50 times bigger than the internet era'
$SoftBank Group (ADR) (SFTBY.US)$ announced plans to build Europe’s largest AI infrastructure in France, with a planned data center capacity of 5 gigawatts. In an interview in Paris on Monday, Masayoshi Son stated, 'I believe this is ten times bigger than the internet era—and possibly even fifty times bigger.' Son also anticipated potential short-term market volatility in the AI sector, calling it 'inevitable' but 'the best investment opportunity.' He further revealed that SoftBank will primarily rely on project financing rather than its own capital to fund these investments and expressed optimism about OpenAI’s IPO prospects.
Strategy sells Bitcoin for the first time, cashing out USD 2.5 million
$Strategy(MSTR.US)$ Between May 26 and 31, Strategy sold 32 Bitcoins at an average net price of USD 77,135 per coin, totaling approximately USD 2.5 million. This marks Strategy’s first officially disclosed Bitcoin disposal transaction to date. The average sale price was about 1.9% above its holding cost, significantly narrowing the overall unrealized gain on its remaining Bitcoin holdings.
Anthropic confidentially files IPO prospectus, aiming for a listing as early as this autumn to gain an edge over OpenAI
Anthropic has formally and confidentially submitted its IPO prospectus to the U.S. Securities and Exchange Commission (SEC), taking a critical step toward going public and potentially executing the largest initial public offering in the AI sector to date. While Anthropic has not yet locked in a definitive listing timeline, it has moved ahead of rival OpenAI—which is also reportedly preparing a confidential filing—with market sources suggesting Anthropic could list as early as this autumn. Investment banks note that whichever company lists first will secure priority access to the substantial capital flows supporting AI enterprises.
Altman: AI will evolve from 'passive Q&A' to 'always-on background operation'; denies racing toward an IPO and expresses no urgency in building space-based computing capacity.
In an interview at the Stargate groundbreaking ceremony, Sam Altman noted that AI will shift from passively responding to becoming a persistent, always-on background application. He acknowledged that the industry has clearly fallen short in explaining AI governance to the public and stated that there is no race toward an IPO and that space-based computing infrastructure is not a near-term priority.
Dimon denounces Coinbase CEO as 'spouting nonsense,' vows opposition to U.S. cryptocurrency bill
$JPMorgan(JPM.US)$ JPMorgan CEO Jamie Dimon recently criticized the proposed cryptocurrency legislation known as the Clarity Act, stating that one of its supporters, Coinbase Coinbase CEO Brian Armstrong is 'spouting nonsense.' Dimon argued that if crypto platforms like Coinbase are allowed to accept deposits, they must adhere to the same capital, liquidity, anti-money laundering, and disclosure requirements as banks; otherwise, significant regulatory and consumer protection risks would arise. He reiterated his belief in the potential of blockchain and stablecoins, noting that financial technology innovation warrants attention and learning from traditional banks.
Top 20 by trading value
Hong Kong Market Outlook
Southbound capital increased its Hong Kong equity holdings by over HKD 4.6 billion, net buying Akeso Inc. by more than HKD 2.7 billion and Tencent by over HKD 1 billion, while net selling Lenovo Group by more than HKD 500 million
On Monday, June 1, southbound capital recorded net purchases of HKD 4.657 billion in Hong Kong-listed equities.
$Akeso (09926.HK)$、Tencent (00700.HK)、$Pop Mart (09992.HK)$with net purchases of HKD 2.707 billion, HKD 1.024 billion, and HKD 801 million, respectively;
Lenovo Group (00992.HK)、$Xiaomi Group-W(01810.HK)$、Jian滔 Laminates (01888.HK)were net sold by HK$548 million, HK$353 million, and HK$208 million, respectively.
Zhipu: Proposes A-share issuance and listing on the STAR Market
$Zhipu(02513.HK)$ In a filing with the Hong Kong Stock Exchange, the company announced that at its board meeting held on June 1, 2026, it proposed applying to relevant Chinese regulatory authorities for the issuance of A-shares and seeking approval from the Shanghai Stock Exchange for the listing and trading of such A-shares on the STAR Market. The proposed number of A-shares to be issued would represent between 2% and 8% (excluding any A-shares that may be issued upon exercise of the over-allotment option) of the company’s total share capital following the completion of the proposed A-share offering, amounting to no fewer than 9,098,838 and no more than 38,768,964 new A-shares. The board meeting also approved additional resolutions related to the proposed A-share offering, which will be submitted for shareholder approval at the annual general meeting.
Meituan Q1 revenue rose 5.6% year-over-year, exceeding expectations, with a sequential loss reduction of over RMB 10 billion
$Meituan-W(03690.HK)$ Total revenue for the first quarter reached RMB 91 billion, an increase of 5.6% year-over-year, surpassing the estimated RMB 90.79 billion, reflecting continued steady growth in revenue. Adjusted net loss for the period stood at RMB 4.97 billion, outperforming market expectations of a RMB 6.83 billion loss. Sequentially, this marks a significant narrowing from the RMB 15.1 billion loss reported in Q4 2025. Amid intensified competition, Core Local Commerce turned from profit to loss, with marketing expenses surging 51.1% to RMB 23 billion. Revenue from New Initiatives grew by 21.3%, and losses narrowed.
Meituan CEO Wang Xing reaffirmed the company’s core “Retail + Technology” strategy, stating that it will continue to significantly increase investments in online-offline AI integration. Regarding order trends, management expects year-over-year negative growth in the second half due to high base effects, but emphasized that order structure continues to improve, making Gross Transaction Value (GTV) growth more resilient. Enhancing user purchase frequency and retention rates remains the key driver for long-term growth.
SK Hynix: Production will not be interrupted; investigating the exact cause of the incident
Regarding SK Hynix ( Southern Two-Times Leveraged Hynix (07709.HK) )’s recent fire at its Fab 4 facility in South Korea, SK Hynix stated on June 1 that production equipment operations were unaffected and that production will not be interrupted; the company is currently investigating the exact cause of the incident.
Today's Focus
Keywords: Intel CEO Lip-Bu Tan’s keynote speech, Microsoft Build developer conference
On the economic data front, the Eurozone’s May month-over-month CPI, South Korea’s May CPI, and the U.S. April JOLTs job openings data will be released.
22:00 — U.S. April JOLTs Job Openings
Earnings reports: $Victoria's Secret (VSCO.US)$ released its earnings report before the US stock market opened, $Gitlab(GTLB.US)$ will release earnings after the U.S. stock market closes.
On major events, $Intel (INTC.US)$ CEO Lip-Bu Tan will deliver a keynote speech at COMPUTEX today from 13:30 to 14:30; Microsoft (MSFT.US) The Build 2026 developer conference will be held in San Francisco on June 2–3.
In terms of new stocks,$Shougang Bioferm (02553.HK)$ will commence grey market trading.
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Editor/KOKO