Market Snapshot
As of the time of writing, U.S. major stock index futures exhibited choppy trading during the pre-market session. Dow Jones Industrial Average futures fell 0.39%, S&P 500 futures rose 0.11%, and Nasdaq 100 futures declined 0.11%.
$Star Tech Companies (LIST2518.US)$ The pre-market session overall remained stable, with prices fluctuating in a narrow range. Intel gained more than 6%, AMD rose over 3%, and Broadcom climbed more than 2%.
$China Concept Stocks (LIST2517.US)$ Pre-market trading saw broad declines, with United Microelectronics Corporation (UMC) dropping over 6% and Legend Biotech falling more than 5%.
Individual Stock News
A single remark by Jensen Huang has driven Marvell's market valuation to surge continuously.
On June 2, at COMPUTEX 2026 (Taipei International Computer Exhibition), NVIDIA CEO Jensen Huang and Marvell CEO Matthew Murphy appeared together on stage for a dialogue. During the conversation, Huang lauded Marvell’s critical role in the AI infrastructure supply chain, stating that Marvell is destined to become ‘the next trillion-dollar company.’
Huang explained that Marvell’s high-speed optoelectronic interconnect technologies and networking chips are essential for data centers, where computational workloads are distributed across thousands of interconnected chips that must rapidly share data. He also noted that over the next five to ten years, the industry will continue to rely heavily on copper cabling while simultaneously deploying vast quantities of optical components.
USA Rare Earth has reached a final agreement with the U.S. Department of Commerce, securing up to $277 million in federal funding.
$USA Rare Earth (USAR.US)$ It has been approved for a secured loan facility of up to $1.3 billion.
IREN Signs 800 MW Power Transmission Agreement for Australian Data Center
$IREN Ltd (IREN.US)$ It has signed a grid connection agreement to support the planned 800-megawatt data center campus in Bundey, South Australia, which is expected to begin delivering power in 2028.
Is Alphabet's $80 billion stock sale a turning point? Tech giants shift AI financing from debt to equity issuance.
The financing logic behind the AI arms race may be undergoing a fundamental shift. $Alphabet-C (GOOG.US)$ Announcing an $80 billion equity issuance to fund AI-related capital expenditures over the next two years—a move widely viewed by the market as a signal of changing dynamics in the industry’s financing ecosystem: tech giants, facing massive investment shortfalls, are shifting from aggressive debt accumulation to equity sales, and Microsoft, Meta Platforms, Amazon, and Oracle may soon be compelled to follow suit.
Alphabet announced the aforementioned offering on Monday to finance capital expenditures for 2026 and 2027, including a $10 billion share sale to Berkshire Hathaway. The company also expects to price $15 billion in common stock and $15 billion in mandatory convertible preferred stock after market close on Tuesday. Divyaunsh Divatia, an analyst at Janus Henderson, stated: "This transaction is a watershed moment. We now genuinely expect more hyperscale cloud providers to evaluate equity issuances to meet their rapidly growing capital expenditure requirements."
Up over 10% overnight and surging 200% in two months! Is BlackBerry crafting a new 'physical AI' narrative—or is this just another meme-stock frenzy?
The once-dominant mobile phone giant, silent for years, $BlackBerry (BB.US)$ It is sparking an intense debate on Wall Street about its 'rebirth.' On Tuesday local time, BlackBerry shares closed up 6%, and surged nearly another 10% in after-hours trading, extending its dramatic rally since early April—with cumulative gains exceeding 200%.
Bulls attribute the latest surge in investor enthusiasm to BlackBerry’s complete transformation from a defunct handset maker into a high-margin “physical AI” software company. Its QNX operating system is expanding beyond automotive applications into new domains such as robotics, healthcare, and industrial automation. Combined with consecutive financial outperformance and a clear profitability inflection point, this shift has prompted the market to reprice the company.
Breaking IPO conventions! SpaceX reportedly sets share price at $135 ahead of offering, aiming to raise $75 billion
According to informed sources, Elon Musk’s SpaceX plans to issue 555.6 million shares through its initial public offering (IPO) at $135 per share, aiming to raise $75 billion. Setting a specific target price at this stage is highly unusual, as companies typically establish a price range before commencing their roadshow.
Broadcom provided underwriting support for Anthropic’s $36 billion financing: the core tranche carried an interest rate of approximately 5.75%, significantly below typical risk-debt levels.
According to insiders, thanks to…$Broadcom (AVGO.US)$ Broadcom’s commitment to guarantee the largest portion of a record-breaking chip financing deal, Anthropic’s $36 billion transaction was able to maintain relatively low financing costs. Sources indicated that the deal arrangers—Apollo Global Management and Blackstone—are currently discussing a yield of approximately 5.75% with investors for the largest tranche of this debt, valued at around $25 billion. According to the sources, another higher-risk portion of the financing, which lacks Broadcom’s backing, could carry an interest rate between 8% and 9%.
Dispelling the 'SaaS Doomsday' narrative! Surging AI-driven cybersecurity demand propels Palo Alto Networks to beat Q3 earnings expectations and raise full-year guidance
Against the backdrop of escalating cybersecurity threats driven by artificial intelligence models, global cybersecurity giant Palo Alto Networks (PANW.US) reported third-quarter fiscal 2026 results that significantly exceeded Wall Street expectations and substantially raised its full-year guidance. Its after-hours share price surged more than 13% at one point before moderating. This robust performance has completely dismantled the market’s earlier panic narrative from the beginning of the year that 'AI would disrupt the cybersecurity industry.'
Sale of 32 Bitcoin shatters market confidence! Strategy’s减持 intensifies divergence between cryptocurrencies and tech stocks, as 'smart money' shifts en masse into AI infrastructure.
A recent landmark event in the market has acted as the pin pricking the bubble of cryptocurrency faith. A major crypto whale long adhering to a 'never sell' strategy$Strategy (MSTR.US)$sold just 32 Bitcoin—worth approximately USD 2.5 million—from its massive reserve exceeding USD 60 billion. Financially, this amounts to nothing more than a negligible 'rounding error,' yet its psychological impact on the crypto market has been devastating.
Rajiv Sony, Head of International Portfolio Management at Wave Digital Assets, stated that by almost any financial metric, the sale was insignificant—only 32 tokens out of its massive holding of 843,706—but it shattered the market’s firm belief in Chairman Michael Saylor’s longstanding 'never sell' stance.
Global Macro
U.S. ADP Employment Change for May Released
The U.S. ADP employment change for May came in at 122,000, surpassing the expected 117,000 and the previous reading of 109,000.
Trump: Working toward an agreement with Iran; Iran has agreed not to possess nuclear weapons.
In a podcast interview, U.S. President Trump stated that he is working toward reaching an agreement with Iran, and that Iran has agreed not to possess nuclear weapons. He noted that Iran’s Supreme Leader is engaged in negotiations with the United States and is granting approval for the talks. Trump added that he had never previously considered meeting with any Iranian leader but might meet with Iranian leadership in the future, depending on the outcome of the negotiations. He also indicated that the U.S. could lift sanctions on Iran before Labor Day (Monday, September 7).
80 Million Barrels of Crude Oil Stranded at Sea: Iran’s Near-Zero Exports Send Shockwaves Through Global Energy Markets
According to a U.S.-based nonprofit advisory organization, Iran attempted last month to bypass the U.S. naval blockade to export energy but failed, leaving approximately 80 million barrels of crude oil and petrochemical products stranded in waters behind the blockade line.
According to a report released by United Against Nuclear Iran (UANI), Iran was unable to export any crude oil through the U.S.-imposed maritime blockade in May. However, the report noted that Iran did successfully ship four cargoes of naphtha totaling 2 million barrels, along with a small volume of liquefied petroleum gas (LPG). By comparison, prior to the outbreak of the Russia-Ukraine conflict in February this year, Iran’s combined exports of crude oil and refined fuels exceeded 59 million barrels.
UANI’s methodology defines successful exports based on whether vessels cross the U.S.-established blockade line—which extends from the easternmost tip of Oman to the Iran-Pakistan border—rather than merely passing through the Strait of Hormuz.
Soaring Inflation, Plummeting Currencies! Emerging Market Central Banks Lead the Charge on Rate Hikes Amid Middle East Tensions
Amid renewed inflationary pressures stemming from the Middle East conflict, central banks in emerging markets are spearheading a new wave of interest rate hikes—acting significantly faster than most of their developed-economy counterparts, who remain cautious as they assess the economic fallout.
Since the outbreak of hostilities in the Middle East in late February, at least ten central banks in emerging and frontier markets have raised interest rates. In just the past two weeks alone, Indonesia, Rwanda, South Africa, and Sri Lanka have all tightened monetary policy. In contrast, policymakers in the United States, the euro area, Japan, and Canada have held steady to evaluate the economic impact of the conflict, with Norway and Australia among the few advanced economies that have already hiked rates.
Lauren van Biljon, Senior Portfolio Manager at Allspring Global Investments, said these rate hikes reflect “policymakers’ desire to protect hard-won credibility.” She noted that emerging market central banks are drawing lessons from the previous global tightening cycle, during which many acted ahead of their developed-market peers to counter post-pandemic inflationary shocks—and subsequently adopted a more cautious stance on cutting rates once price pressures eased.
Circumventing Supreme Court Ruling! Trump Administration Rebuilds Tariff Defenses, Proposing Additional Duties of Up to 12.5% on 60 Economies
On Tuesday, the Trump administration proposed imposing additional tariffs of 10% or 12.5% on imports from 60 economies, following a U.S. federal determination that these economies have failed to curb trade in goods produced with forced labor—an action deemed unreasonable and restrictive to U.S. commerce.
This proposal by the Office of the U.S. Trade Representative (USTR) stems from the latest findings of its investigation into unfair trade practices under Section 301. The Trump administration is currently seeking to reinstate emergency tariffs that were struck down in February by a U.S. Supreme Court ruling.
The USTR stated that it has determined to impose a 10% tariff related to forced labor investigations on imports from Canada, Ecuador, the European Union, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia, Taiwan Province of China, and the United Kingdom.
The trade agency also indicated it would impose an additional 12.5% tariff on the remaining 45 countries and territories under investigation.
Kazuo Ueda: Interest rates will continue to rise depending on economic conditions, and the year-on-year CPI increase is expected to rise significantly in 2026.
Bank of Japan Governor Kazuo Ueda stated that the central bank will raise interest rates in a timely manner based on economic and price developments, and expects inflation to accelerate significantly in fiscal year 2026—an indication that further reinforces market expectations for the normalization path of Japan's monetary policy.
On Wednesday, the 3rd, Ueda noted that Japan’s year-on-year CPI increase is expected to rise substantially, particularly in fiscal year 2026. He also emphasized that there are currently no signs that previous rate hikes are suppressing corporate demand for financing, and that accommodative financial conditions continue to support economic activity. The economy is likely to sustain moderate growth, underpinned by high corporate profits, various government policy measures, and favorable financing conditions.
At the same time, Ueda remains vigilant about external risks. He stated that large-scale disruptions to supply chains cannot be ruled out, and the situation in the Middle East remains highly uncertain, with potential future developments posing significant implications for Japan’s economic and price outlook. He added that the Bank of Japan will continue raising interest rates depending on economic and inflation conditions, noting that rising oil prices are likely to broadly push up overall prices:
“Even if the situation in the Middle East remains unclear, if we judge that upside risks to prices outweigh downside risks to economic activity, it will be necessary to thoroughly discuss the pros and cons of raising the policy interest rate.”
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22:30 U.S. EIA Crude Oil Inventories for Week Ending May 29 (in 10,000 barrels)
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