Market Snapshot
The seasonally adjusted U.S. CPI monthly rate for May came in at 0.5%, matching market expectations, compared to the previous reading of 0.6%.
As of the time of writing, futures for the three major U.S. stock indexes showed a narrowing of losses during pre-market trading. Dow Jones Industrial Average futures fell 0.56%, S&P 500 futures declined 0.48%, and Nasdaq 100 futures dropped 0.57%.
$Star Tech Companies (LIST2518.US)$ Broad-based declines in pre-market trading saw Micron and AMD each fall more than 3%.
$China Concept Stocks (LIST2517.US)$ Broad-based declines in pre-market trading saw United Microelectronics Corporation (UMC) drop over 8% and Advanced Semiconductor Engineering (ASE) fall more than 4%.
Individual Stock News
Sanofi suffers another R&D setback: Phase III trial failure for rare disease drug leads to study termination, increasing pressure on new CEO
The French pharmaceutical giant $Sanofi (SNY.US)$ announced on Wednesday that it would terminate early a late-stage clinical trial for an experimental drug targeting a rare autoimmune disease after the treatment failed to demonstrate efficacy. This latest setback has further intensified the operational pressures facing newly appointed Chief Executive Officer Belén Garijo.
Sanofi stated it will discontinue research into riliprubart for the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP), a rare autoimmune disorder characterized by progressive weakness and sensory disturbances in the limbs, severely impairing patients’ quality of life.
The company said it will evaluate whether to continue development of the drug for other indications. Riliprubart had previously been regarded as one of Sanofi’s core pipeline assets in rare diseases and a key candidate for which analysts anticipated pivotal data readouts this year. This failure has undoubtedly disrupted the company’s planned transition toward new product-driven growth.
Strong AI demand continues! Taiwan Semiconductor reports 30% year-over-year revenue growth in May
Global semiconductor foundry leader $Taiwan Semiconductor (TSM.US)$ Reported data shows that its May revenue rose 30% year-over-year to NT$416.98 billion (approximately USD 13.2 billion), reflecting sustained strong demand driven by global efforts to build artificial intelligence (AI) infrastructure. Revenue for April and May combined increased by approximately 24% year-over-year, while analysts expect the company’s second-quarter revenue to grow by about 35% year-over-year.
As Asia’s most valuable company, Taiwan Semiconductor has become an indispensable participant in the global AI supply chain by manufacturing advanced semiconductors for companies such as NVIDIA (NVDA.US) and AMD (AMD.US). Meanwhile, four major tech giants—Google, Amazon, Meta Platforms, and Microsoft—are preparing to invest a combined USD 725 billion in AI-related initiatives this year, significantly exceeding prior expectations. This means Taiwan Semiconductor, as a critical player in the global AI ecosystem, stands to benefit substantially from these massive investments.
SpaceX's landmark IPO benefits Microsoft? AI compute shortage propels Azure into a new growth window
BNP Paribas recently published a research report stating that a major AI cloud computing infrastructure deal recently reached between SpaceX and Google (GOOGL.US), Alphabet’s subsidiary—under which Google will pay SpaceX $920 million per month for AI computing infrastructure—could signal to global investors that Azure, Microsoft’s (MSFT.US) cloud computing division and another leading U.S. cloud provider, still has significant upside potential.
According to BNP Paribas (referred to as “BNP”), the “SpaceX–Google cloud computing deal” conveys a critically positive market signal: supply of AI computing infrastructure remains extremely tight, particularly with pricing power for cloud-based AI inference increasingly tilting toward cloud platforms that possess large-scale, dispatchable computing resources.
To Wall Street analysts who remain bullish on the broader trend of a global “AI super bull market” driven by the AI computing boom, the AI super bull market cycle is far from over. SpaceX appears more like a beneficiary and amplifier of this rally rather than the feared “capital-draining” terminator that some market participants worry about.
BNP Paribas AI Tracker: Gemini and Claude continue to erode ChatGPT's market share, which has declined from a peak of 90% to 60%.
According to AI tracking data from BNP Paribas, Google’s (GOOGL.US) Gemini and Anthropic’s Claude have recently been steadily eroding OpenAI’s ChatGPT market share, though OpenAI, led by Sam Altman, still maintains a dominant position.
In May, Gemini’s share of global AI chatbot traffic edged up slightly to 29.9%, from 29.4% in April; Claude’s rose to 9.8% from 8.8% the previous month. Meanwhile, ChatGPT remains the overall leader with over 60% market share, though its share of global web traffic has continuously declined from above 90% at the start of 2025.
BNP Paribas noted that Google’s recent computing power supply agreement with SpaceX (SPCX.US) strongly underscores robust AI demand. Under the agreement, Google will secure up to 200 megawatts of computing capacity at a fixed monthly cost of USD 920 million, with a maximum term of three years.
Super Micro Computer raises $7 billion through equity issuance to fulfill $39 billion in orders, as Silicon Valley’s equity financing frenzy continues.
According to$Super Micro Computer (SMCI.US)$ According to the announcement, the transaction will include a $5 billion underwritten public offering and a $2 billion 'at-the-market' (ATM) offering. Of the underwritten offering, $1.25 billion will be raised through the sale of common stock, with the remaining $3.75 billion raised via depositary shares of mandatory convertible preferred stock. The offering is jointly led by JPMorgan, Goldman Sachs, and Citi.
It was disclosed that pricing for the public offering will be finalized on Wednesday evening, New York time. Sales under the ATM program will commence gradually starting in the third quarter of this year.
SpaceX IPO subscription demand exceeds $250 billion, with oversubscription reaching 3.5x to 4x
According to informed sources, as of this past Tuesday, SpaceX’s initial public offering (IPO) had already attracted over $250 billion in investor subscription demand, far surpassing the company’s planned fundraising target of $75 billion. Based on current figures, the IPO’s oversubscription multiple has reached 3.5x to 4x, further underscoring strong market enthusiasm for this aerospace and AI giant.
According to insiders, numerous long-term institutional investors have already submitted substantial subscription orders, with some placing bids amounting to several billion dollars. Meanwhile, Elon Musk himself briefly participated in video meetings with certain potential investors to present the company’s long-term strategic vision to institutional investors.
Global Macro
U.S. annual CPI inflation rises again, returning to the '4%' range.
The U.S. unadjusted CPI annual rate for May came in at 4.2%, in line with market expectations, marking the highest level since April 2023.
The seasonally adjusted core CPI in the U.S. rose 0.2% month-over-month in May, below the expected increase of 0.30% and the prior month's gain of 0.40%.
The U.S. unadjusted core CPI annual rate for May was 2.9%, matching the expectation of 2.90% and up from the previous reading of 2.80%.
U.S. media: Trump to order strikes on Iranian power plants and bridges
According to Xinhua News Agency, Fox News reported on the 10th that U.S. President Trump said he would soon order new strikes against Iranian power plants and bridges.
SpaceX's IPO could create 4,000 millionaires, with even cafeteria staff achieving financial independence.
SpaceX is on the verge of completing an unprecedented wealth distribution—the rocket company founded by Elon Musk is preparing for its initial public offering (IPO), which is expected to create approximately 4,000 new millionaires within the company, benefiting not only executives and engineers but even cafeteria staff who hold stock options.
According to currently disclosed information, SpaceX plans to list on Nasdaq at a target price of $135 per share, valuing the company at approximately $1.8 trillion and raising $75 billion in proceeds—potentially surpassing the record set by Saudi Aramco for the largest IPO in history. The company confidentially submitted its IPO application to the U.S. Securities and Exchange Commission (SEC) in April 2026, with pricing expected to be finalized in early June 2026.
The ripple effects of this wealth event have already begun to spread outward. According to Bloomberg, more than 1,000 current and former SpaceX employees have banded together to negotiate with wealth management firms for lower fees and preferential access to tax-optimization products. Meanwhile, real estate markets in and around Brownsville, Texas—the location of SpaceX’s headquarters—are gearing up in anticipation of an influx of newfound wealth.
Morgan Stanley responds to SemiAnalysis' informal report: agrees with CPO delay, disagrees with 800V postponement
On June 9, SemiAnalysis released a report stating that NVIDIA’s native 800V DC products will see large-scale shipments delayed until after 2028, while also revising downward its shipment forecasts for co-packaged optics (CPO)-related switches. This immediately triggered a sharp decline in the U.S. optical communications sector. NVIDIA has reportedly denied these claims.
Morgan Stanley’s Greater China hardware and semiconductor team promptly responded, largely agreeing with SemiAnalysis on CPO but holding a diametrically opposite view regarding the 800V timeline.
On CPO, Morgan Stanley estimates global optical engine shipments in 2027 will only reach 6–7 million units, significantly below the market consensus of 20–30 million units, suggesting continued near-term sentiment pressure. However, it maintains an Overweight rating on key CPO-related stocks, expecting explosive CPO growth to begin in 2028, with the long-term investment thesis unchanged.
Regarding 800V, Morgan Stanley explicitly stated that this report contradicts information gathered from its supply chain checks, affirming that mass production of 800V DC power cabinets remains on track and has not been interrupted.
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22:30 U.S. EIA Crude Oil Inventories (in 10,000 barrels) for the Week Ended June 5
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