Macroeconomic Highlights
Trump urges Iran: Enough already—come back to the negotiating table.
Two months after the U.S.-brokered ceasefire between Israel and Iran on April 8, Iran has once again launched missiles at Israel. According to Xinhua News Agency, U.S. President Trump stated in an interview with American media on the 7th that Iran's missile strike against Israel earlier that day was 'unhelpful to negotiations.' He urged Iran to return to the negotiating table. Speaking to Fox News, Trump said, 'My advice to Iran is: you’ve fired your missiles—that’s enough. Come back to the negotiating table and reach an agreement.' Trump also said he would call Israeli Prime Minister Netanyahu to tell him 'not to retaliate.'
Trump says Israel must accept any U.S.-Iran deal
According to the UK’s Financial Times, U.S. President Trump stated in an interview that Israeli Prime Minister Netanyahu will 'have no choice but to accept any agreement reached between the United States and Iran,' because the U.S. president is 'the one who calls the shots.' In a phone interview, Trump said, 'He [Netanyahu] will have no choice—I call the shots; I’m the one who decides everything, not him.' Trump made these remarks shortly after Iran launched missiles at Israel.
He told the Financial Times: 'This won’t have any impact on the agreement—it won’t affect me at all. We’ll wait and see the final outcome. Those [missile] attacks against Israel didn’t cause any substantive consequences whatsoever.'
British media report a sharp decline in Strait passage fees charged by Iran
According to a recent report by Lloyd’s List, some vessels transiting the Strait of Hormuz are now required to pay over $100,000 per ship to obtain Iranian transit permits—a significant decrease from fees charged at the outset of hostilities.
Citing sources from maritime security operators, the report states that current one-time transit fees for bulk carriers can reach up to $120,000, and up to $160,000 for tankers. Rates vary depending on vessel type, cargo, and the nationality of the shipowner—marking a sharp decline from the $1 million to $2 million per vessel charged during the early stages of the conflict.
With his nominee for Federal Reserve Chair, Kevin Warsh, set to preside over his first monetary policy meeting (June 16–17), U.S. President Trump stated that a rate hike by the Fed would be a mistake.
As his nominee for Federal Reserve Chair, Kevin Warsh, prepares to lead his inaugural monetary policy meeting (June 16–17), U.S. President Trump stated that it would be a mistake for the Federal Reserve to raise interest rates.
“Right now, when you see strong economic reports, the market actually drops—because they think the Fed is going to raise rates. There’s absolutely no reason to hike rates,” Trump said. With Warsh about to chair the policy meeting, Trump’s remarks undoubtedly place the new chair under intensified pressure from both economic and political forces. Trump added that raising the benchmark interest rate “is the wrong move. We should actually be lowering rates.”
Goldman Sachs: No longer expects the Fed to cut rates this year due to a strong labor market
Goldman Sachs economists stated that, given the labor market’s strength exceeding expectations, they no longer anticipate the Federal Reserve will cut interest rates this year. The bank has pushed back its forecast for the Fed’s final two rate cuts from December 2026 and March 2027 to June 2027 and December 2027, respectively. However, Goldman Sachs’ chief U.S. economist, Mericle, noted that the likelihood of a rate hike remains low, as inflation 'appears unlikely to become self-sustaining.' U.S. job growth in May surpassed all expectations, demonstrating labor market resilience and intensifying market bets that the central bank could raise rates.
Goldman Sachs continues to view a rate hike as unlikely but has raised the probability of a modest increase from 10% to 20%. Its baseline forecast still anticipates two 25-basis-point rate cuts next year, though the probability for this scenario has been lowered from 40% to 30%. The bank also revised down its forecast for the U.S. unemployment rate this year from 4.6% to 4.4%.
OpenAI plans major ChatGPT upgrade to drive additional revenue
According to the Financial Times, OpenAI is preparing its largest upgrade to ChatGPT since launch. The $850 billion-valued company aims to identify new growth engines ahead of its planned IPO this year. It intends to transform the chatbot into a 'super app' by integrating programming tools and AI agents, adding several new products that executives believe will generate higher revenue. More than ten current and former employees revealed that these changes are part of OpenAI’s broader restructuring plan.
OpenAI is reallocating resources to aggressively pursue high-margin enterprise clients and intensify competition with rival Anthropic. This strategic shift elevates the status of OpenAI’s programming product Codex and increases resource allocation, reflecting a growing internal consensus that the future of artificial intelligence lies not in question-answering chatbots, but in AI agents capable of executing tasks for users.
U.S. government considers taking equity stakes in AI companies, with discussions focusing on encouraging firms to 'voluntarily transfer shares to the government'
According to U.S. sources on June 6, three informed individuals disclosed that senior U.S. government officials have held preliminary talks with major American artificial intelligence companies regarding the possibility of the government taking equity stakes in these firms. The discussions reportedly center on encouraging companies to 'voluntarily transfer shares to the government,' with investment returns subsequently directed toward public purposes.
However, the proposal remains in the planning stage, and specific details have yet to be finalized. Neither the U.S. government nor the companies involved have issued any comments on the matter.
U.S. Stock Market Update
All three major stock indexes declined, with the semiconductor index falling more than 10%
On Friday, all three major U.S. stock indices declined, as strong nonfarm payroll data fueled concerns over interest rate hikes and a cooling AI rally led the Nasdaq to plunge more than 4%. At the close, the Dow Jones Industrial Average fell 1.35% to 50,866.78 points; the Nasdaq Composite dropped 4.18% to 25,709.43 points; and the S&P 500 declined 2.64% to 7,383.74 points.
$Star Tech Stocks (LIST2518.US)$Most stocks fell, with Micron Technology down over 13%, Intel down over 11%, AMD down nearly 11%, Broadcom down nearly 8%, and NVIDIA and Tesla each down over 6%. Meta Platforms declined more than 5%.
$Popular Chinese Concept Stocks (LIST2517.US)$Broad-based declines occurred, with Baidu down nearly 10%, Taiwan Semiconductor down nearly 7%, Nio down nearly 6%, Alibaba down nearly 4%, NetEase down over 2%, JD.com down over 1%, and PDD Holdings down nearly 1%.
$Semiconductors (LIST2015.US)$Shares declined, with Marvell Technology down nearly 17%, Micron Technology down over 13%, Arm down nearly 13%, and Qualcomm down nearly 11%;$PHLX Semiconductor Index (.SOX.US)$Closed down more than 10%, posting a cumulative weekly loss of 4.74%, after having risen continuously from June 1–3.
$CAR-T Therapy (LIST2113.US)$Related stocks rose against the broader market trend, with Johnson & Johnson up over 2%, Vericel up nearly 2%, and Amgen, Pfizer, and Incyte each up over 1%.
Stock-specific news
NVIDIA CEO visits South Korea to deepen cooperation, meeting with executives from tech firms including SK Hynix and Samsung Electronics.
$NVIDIA(NVDA.US)$CEO Jensen Huang stated that the company’s new Vera central processing unit will use memory chips from SK Hynix, and the two companies expect to expand collaboration further over the next year. Huang told reporters outside a restaurant in Seoul on Sunday that he had dinner that day with Chey Tae-won, chairman of SK Group; Kwak Noh-jung, CEO of SK Hynix; and senior executives from SK Telecom.
announced a partnership withSK Hynix (000660.KR)A multi-year technical collaboration will be undertaken to jointly advance AI factory memory innovation, deepen HBM and custom memory development, and accelerate inference for trillion-parameter large models. SK hynix will co-develop memory solutions for NVIDIA's Vera Rubin, Vera CPU, RTX Spark, and Jetson Thor platforms.
Jensen Huang arrived in Korea on Friday to visit partners and suppliers and is scheduled to meet with$Samsung Electronics (005930.KR)$Vice Chairman Jeon Young-hyun, as well as senior executives from Hyundai Motor Group and LG Group. He also stated that discussions are underway with telecommunications companies, as future telecom networks will be utilized for artificial intelligence applications.
Elon Musk will attend ASML Holding’s closed-door technical workshop to discuss the Terafab wafer fabrication facility project.
$Tesla (TSLA.US)$CEO Elon Musk will participate virtually in a closed-door technical meeting hosted by ASML Holding to discuss his company's Terafab wafer fabrication facility project. During this internal ASML employee event, Musk will share his vision for advancements in artificial intelligence, robotics, aerospace, and semiconductor manufacturing. With the Terafab wafer fab project, Musk’s team has officially entered the global semiconductor industry ecosystem, and multiple companies including ASML will collaborate on the initiative.
Eli Lilly and Co announced trial results for its next-generation weight-loss drug, which alleviates multiple symptoms including sleep apnea.
Eli Lilly and Co (LLY.US) On Saturday, it disclosed trial results for its next-generation weight-loss drug retatrutide to medical experts, showing that the drug not only promotes weight loss and relieves knee pain but also reduces the severity of sleep apnea. In a Phase III clinical trial,
Eli Lilly and Co found that once-weekly retatrutide injections reduced moderate-to-severe obstructive sleep apnea symptoms by 60.6% in obese adult patients. In the same trial, the company also observed that the drug reduced knee osteoarthritis pain by up to 73.1%.
Google has signed an agreement with SpaceX to purchase computing power at a monthly cost of USD 920 million.
Company documents show thatGoogle-C (GOOG.US)It has agreed to pay SpaceX $920 million per month for computing capacity as part of a cloud services agreement that will run through mid-2029. In filings submitted on Friday, SpaceX stated that Google will pay monthly fees from October through June 2029 for computing resources comprising approximately 110,000 NVIDIA GPUs, CPUs, memory, and other related components. The computing capacity will be gradually scaled up before September, with corresponding reductions in fees.
The filings indicate that if SpaceX fails to deliver the contracted number of GPUs by September 30, 2026, Google has the right to terminate the contract, subject to a one-month grace period. Additionally, according to the agreement disclosed on Friday, either party may terminate the agreement with 90 days’ prior notice.
Meta Platforms fell more than 5% at Friday’s close and is discussing the possibility of issuing tens of billions of dollars in new shares.
According to reports,$Meta Platforms(META.US)$Executives are discussing the possibility of issuing tens of billions of dollars in new shares to fund AI-related capital expenditures that could reach as high as $145 billion this year and increase further by 2027. With SpaceX, Anthropic, and OpenAI simultaneously entering the market, the window for equity financing is narrowing. Internal discussions at Meta have accelerated following Alphabet’s recent equity offering. However, Meta has denied the reports.
C. C. Wei: Taiwan Semiconductor’s outlook is extremely strong; it’s a 'pipe dream' for rivals to catch up within 10 years.
Taiwan Semiconductor (TSM.US)At the shareholders’ meeting held on June 4, Chairman C. C. Wei stated that Taiwan Semiconductor has never lacked competitors over its 40-year history and that its approach to challenges has always been to 'keep winning against them.'
When asked about the potential threat posed by Intel’s advanced packaging technology, Wei responded confidently, saying he was “not afraid.” Regarding Samsung’s claim that it would surpass TSMC within 10 years, he bluntly remarked that Samsung has made similar statements three times over the past 20 years—each time promising to catch up with TSMC in 10 years—but has consistently failed to deliver. “My assessment of them is—they’re dreaming,” he said.
Qualcomm announced the Claw automotive AI ecosystem initiative.
At the 2026 Qualcomm Automotive Technology and Collaboration Summit,Qualcomm (QCOM.US)Qualcomm, together with ecosystem partners including Thundersoft, Chehe World, Banma Intelligence, Desay SV, MGI Tech, and Thundersoft Innovation, announced the Claw automotive AI ecosystem initiative.
According to the announcement, the initiative is based on a scalable modular architecture that integrates Snapdragon Digital Chassis solutions with Qualcomm’s Agentic AI runtime environment. It leverages partners’ capabilities in digital cockpits, in-vehicle operating systems, agentic middleware, AI applications, and mass production delivery to address fragmentation issues hindering the development of next-generation intelligent vehicles. Through this initiative, Qualcomm Technologies and its ecosystem partners aim to deploy AI agents and multimodal large models directly onto vehicles, driving their evolution into intelligent companions.
Sources: Multiple U.S. states considering legal action to block Paramount's acquisition of Warner Bros.
According to reports, chief legal officers from multiple U.S. states are drafting a legal filing against$Paramount Skydance (PSKY.US)$the company’s $110 billion acquisition of$Warner Bros Discovery(WBD.US)$to mount a legal challenge against the deal, laying the groundwork for antitrust litigation targeting this major Hollywood transaction. According to informed sources, senior officials from approximately 10 states have begun drafting complaint documents and discussing legal procedures for potentially filing suit later this month to block the merger. California, home to the entertainment industry, is leading the effort. No final decision has yet been made on whether to file suit or which states will join the litigation.
According to informed sources, most of the states considering legal action are led by Democratic attorneys general, but at least two Republican attorneys general are also participating in the investigation. Sources familiar with the matter said officials from California and other states have already met with Paramount and opponents of the deal, requesting sworn statements or testimony that could be used in litigation.
SpaceX's IPO has received subscription commitments amounting to twice its fundraising target.
Two informed sources revealed on Friday that SpaceX’s IPO has attracted approximately $150 billion in investor subscription commitments, double its planned fundraising target. As the largest IPO in history, this level of investor interest is already exceptionally strong. The sources cautioned that the offering is still in its early marketing phase; large institutional investors typically submit orders only toward the end of the IPO subscription period. Current figures reflect indicative demand rather than final allocations, with actual allotments to be determined during the pricing process.
Marvell Technology and Flex will be added to the S&P 500.
Chip manufacturer$Marvell Technology (MRVL.US)$alongside electronics manufacturer$Flex Ltd. (FLEX.US)$is set to join the S&P 500 Index, further increasing the weight of the information technology sector within this benchmark index. Index provider S&P Dow Jones Indices announced the change after market close last Friday. The adjustment will take effect at the open of U.S. markets on Monday, June 22, when Campbell's and Pool Corp will concurrently be removed from the index.
Inclusion in the S&P 500 Index means the shares of both companies will gain exposure to a broader investor base, including passive funds that track the index as well as actively managed funds subject to investment mandates restricting them to index constituents. This milestone carries significant implications for the liquidity and valuation of the respective companies’ stocks.
Top 20 by trading value
Hong Kong Market Outlook
Southbound capital reduced its holdings of Hong Kong-listed stocks by over HK$2.4 billion, recording net purchases of Tencent worth nearly HK$1.7 billion and net sales of SMIC amounting to nearly HK$2.8 billion.
On Friday, June 5, southbound capital recorded net sales of HK$2.426 billion in Hong Kong-listed stocks.
Tencent (00700.HK)、$Xiaomi Group-W(01810.HK)$、$Pop Mart (09992.HK)$received net purchases of HK$1.687 billion, HK$478 million, and HK$410 million, respectively;
$SMIC (00981.HK)$、Lenovo Group (00992.HK)、$Meituan-W(03690.HK)$faced net sales of HK$2.783 billion, HK$539 million, and HK$385 million, respectively.
Six stocks, including Biren Technology, Tianshu Zhixin, Mingming Hen Mang, and Jingfeng Medical, have been added to the Stock Connect eligible list.
According to an announcement by the Shanghai Stock Exchange, pursuant to the relevant provisions of the 'Shanghai-Hong Kong Stock Connect Implementation Rules of the Shanghai Stock Exchange,' the list of eligible securities under the Shanghai-Hong Kong Stock Connect (hereinafter referred to as Stock Connect) has been adjusted, with the following additions:Mingming is very busy (01768.HK)、$Zhipu(02513.HK)$、Jingfeng Medical-B (02675.HK)、$HaiTech Group (02706.HK)$、$Biren Technology (06082.HK)$、TianShu ZhiXin (09903.HK), effective from June 8.
Joinn Laboratories Signs Strategic Cooperation Framework Agreement with Kunming Institute of Zoology, Chinese Academy of Sciences
Recently,$JOINN Biologics (06127.HK)$held a strategic cooperation symposium and signing ceremony with the Kunming Institute of Zoology, Chinese Academy of Sciences, formally signing a strategic cooperation framework agreement to launch comprehensive, in-depth, and long-term collaboration in areas including high-value utilization of experimental animal resources, development of animal models for major diseases, digital biopharmaceuticals, and innovative drug research and commercialization.
Is Tencent AI falling behind? Yao Shunyu responds to Tang Daosheng: AI is a long-term game—the second half has just begun.
According to Beijing News, at the 2026 Tencent Cloud AI Industry Conference on June 5, Tang Daosheng, Senior Executive Vice President of Tencent Group and CEO of Cloud & Smart Industries Group, held a dialogue with Yao Shunyu, Tencent's Chief AI Scientist and Head of Tencent HunYuan Large Language Model and AI Infrastructure. During the discussion, Tang posed a particularly pointed question: “What do you thinkTencent (00700.HK)‘Has AI slowed down?’ In response, Yao Shunyu chuckled and said, ‘That’s a question I should be asking you,’ before offering his own answer.
Yao Shunyu believes that if one asks whether AI is a short-term or long-term game, his judgment is that it is a long-term game. ‘The second half has just begun. I don’t think ChatGPT and Anthropic will always remain in first place. Today’s stage is akin to the early days of personal computers in the 1970s.’
He stated that in the current phase of AI development, everyone is doing the same thing—AI coding—but the future will become more diversified. Programming agents will grow increasingly important, yet many other paths, such as multimodal AI and embodied intelligence, are still being actively explored. Therefore, in this long race of the second half, what matters most is being honest with oneself, staying patient, and staying real.
Today's Focus
Keywords: State Council, urban renewal, 15th Five-Year Plan, regular briefing
On the economic data front, Japan's trade balance for April and the New York Fed's one-year inflation expectations for May in the United States will be released.
23:00: U.S. New York Fed one-year inflation expectations for May
Regarding major events, the State Council Information Office will hold a regular policy briefing at 10:00 a.m. on Monday, June 8, 2026. Vice Minister Qin Haixiang of the Ministry of Housing and Urban-Rural Development, along with officials from the National Development and Reform Commission, the Ministry of Finance, and the Ministry of Natural Resources, will introduce the '15th Five-Year Plan for Urban Renewal' and answer questions from journalists.
At 1 a.m. the following day,$Apple(AAPL.US)$the Worldwide Developers Conference (WWDC26) will be held. Additionally, Monday marks$Zhipu(02513.HK)$、$MINIMAX-W(00100.HK)$the inclusion of $Hang Seng Tech Index (800700.HK)$the first trading day.
On the earnings front, U.S. stocks$FuelCell Energy (FCEL.US)$ 、$Campbell Soup Company (CPB.US)$will release their results before the market opens.
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