Macro News
Vance: The United States will not negotiate with Iran until it ceases attacks on commercial vessels.
U.S. Vice President Vance stated that the United States will not engage in negotiations with Iran until Tehran ceases its attacks on commercial vessels. In response to questions regarding how President Trump could declare an end to the war while U.S. military operations were still underway near the Strait of Hormuz, Vance clarified that "there are currently no major combat operations in progress."
Vance indicated that the U.S. presence in the region aims to ensure the uninterrupted flow of oil and natural gas through the Strait of Hormuz, thereby averting a "catastrophic global energy crisis." Regarding engagement with Iran, he noted that the United States is not currently in dialogue with Tehran and will not resume negotiations unless Iran halts its attacks on commercial shipping.
U.S. Media: Oman Rejects Iran's Proposal for Tolls in the Strait of Hormuz
According to the New York Post, Oman has quietly rejected Iran's proposal to impose service fees on commercial vessels transiting the Strait of Hormuz. Regional officials familiar with the matter stated that Oman refused to agree to the collection of environmental and security service fees, even on a voluntary basis, contradicting earlier claims by the Islamic Revolutionary Guard Corps (IRGC) that an agreement had been reached between the two sides.
Previously, following talks in Tehran between Iranian Foreign Minister Araghchi and Omani Foreign Minister Al-Busaidi, IRGC spokesman Hossein claimed that the two countries had reached an agreement on the delineation of waters in the Strait of Hormuz and the distribution of revenues.
Nick Timiraos: Waller Adopts a More Moderate Stance; September Rate Hike Depends on August CPI
Wall Street Journal reporter Nick Timiraos stated that Federal Reserve Governor Waller's overall stance has not fundamentally changed since July, but his policy inclination has shifted: from previous concerns and a tendency toward tightening monetary policy to current cautious optimism and a preference for holding interest rates steady. The final decision will hinge on August inflation data.
His reaction path for the policy meeting scheduled for September 15–16 is now clear: if inflation continues to move toward the 2% target, interest rates will remain unchanged; however, if August inflation data comes in higher than expected, a rate hike will be considered.
The probability of a Federal Reserve rate hike in September has declined to 50%.
According to the CME FedWatch Tool, the probability that the Federal Reserve will keep interest rates unchanged by September stands at 49.8%, while the probability of a cumulative 25-basis-point rate hike is 50.2%. By October, the probability of holding rates steady is 35.5%, the probability of a cumulative 25-basis-point hike is 50.1%, and the probability of a cumulative 50-basis-point hike is 14.5%.
South Korea States That Seoul and Washington Continue Consultations on Chip Tariffs
Citing remarks made by South Korean Minister of Trade, Industry and Energy Kim Jung-kwan to reporters in Washington, Yonhap News Agency reported that South Korea and the United States are continuing consultations on U.S. semiconductor tariffs. Both sides agree that South Korea will not be placed at a competitive disadvantage vis-à-vis its rivals as a result. Kim Jung-kwan noted that the United States had stated last October that it would not discriminate against South Korean chip manufacturers, adding that he believes "both countries are continuing consultations in this spirit."
When asked when the United States is expected to announce tariffs on chips, Kim Jung-kwan stated that the U.S. has not yet mentioned a specific timeline. Kim added that South Korea still plans to complete its investment projects in the U.S. by September, though some domestic procedures remain to be finalized.
Zuckerberg expressed opposition to Trump regarding the establishment of a national artificial intelligence regulatory agency.
According to Business Insider, Meta CEO Mark Zuckerberg opposed plans to establish a national artificial intelligence regulatory agency during a phone call with U.S. President Trump last month. Sources familiar with the matter stated that Trump initiated the call to Zuckerberg during the week of August 17, and the two discussed a proposal under consideration by the White House for a "FINRA-style" AI regulatory body.
The proposal, put forward by Demis Hassabis, CEO of Google DeepMind, envisages establishing an independent agency similar to the U.S. Financial Industry Regulatory Authority (FINRA) to conduct reviews and risk testing of advanced AI models. Zuckerberg argued that such an agency should reflect the Trump administration's relatively lenient approach to AI regulation, although he did not press Trump to change his stance.
The White House stated that the Trump administration seeks to strike a balance between promoting AI innovation and ensuring safety. The plan is currently under consideration, and the White House is also evaluating an alternative industry-led self-regulation model. Previously, Zuckerberg had warned that overly stringent regulations could slow the release of AI models and undermine U.S. competitiveness in the AI sector.
Zelenskyy reveals: U.S. representatives to travel separately to Moscow and Kyiv for mediation
Ukrainian President Volodymyr Zelenskyy stated on social media on Thursday that representatives of U.S. President Trump would travel to Kyiv in the coming days to meet with him, and would also visit Moscow, signaling U.S. efforts to revive the long-stalled Russia-Ukraine negotiations. The Ukrainian side expects the meeting in Kyiv to take place within the next few days.
Zelenskyy did not disclose the identities of the specific representatives, but he had previously spoken with White House envoys Steve Witkoff and Jared Kushner, indicating that both sides were finalizing dates for a visit to Ukraine. Reports indicate that the Trump administration had previously pushed for an end to the conflict between Russia and Ukraine that began in 2022, but U.S.-led peace talks have largely stalled since February.
Zelenskyy stated that Ukraine has made some progress in recent attacks on Russian energy facilities using long-range drones, but a shortage of air defense interceptors continues to leave Kyiv and surrounding areas vulnerable to Russian missile strikes.
US Stock Market Overview
The three major indices rose in unison, with cryptocurrency-related concepts and gold stocks showing strong performance.
Federal Reserve Governor Christopher Waller stated that if data over the next two weeks continue to show a trend of slowing inflation, he would be inclined to support maintaining the federal funds rate target in the current range of 3.50% to 3.75%. The three major indices rose in tandem. At the close, the Dow Jones Industrial Average gained 1.18% to 53,686.11 points; the Nasdaq Composite rose 1.40% to 26,584.06 points; and the S&P 500 Index increased 1.06% to 7,747.71 points.
$Star Tech Stocks (LIST2518.US)$Most stocks rose, with SpaceX up more than 6%, Tesla up more than 5%, Meta up more than 3%, Microsoft up nearly 3%, NVIDIA up nearly 2%, Apple up 1%, and Broadcom down nearly 3%.
$Popular Chinese ADRs (LIST2517.US)$Performance was mixed. The Nasdaq Golden Dragon China Index closed down 0.81% on Thursday. Baidu rose more than 1%, Alibaba closed flat, PDD Holdings fell nearly 1%, and Trip.com Group dropped more than 5%.
$Cryptocurrency-related stocks (LIST20010.US)$Broad-based gains were seen, with Strategy rising over 17%, Circle and Robinhood up more than 16%, Coinbase and MARA gaining over 10%, and IREN advancing more than 5%.
$AI Application Software Stocks (LIST23492.US)$、$Cybersecurity Concept (LIST2570.US)$Stocks surged collectively, with Snowflake jumping over 16% as AI-related products drove better-than-expected performance; ServiceNow rose more than 6%, CrowdStrike gained nearly 6%, while Salesforce and Datadog climbed close to 3%, and Adobe increased by over 2%.
$Gold (LIST2110.US)$、$Silver (LIST2093.US)$Mining stocks rose broadly, with Newmont up more than 7%, Endeavour Silver gaining over 4%, and Pan American Silver advancing more than 2%.
Stock News
NVIDIA announces acquisition of Hugging Face for $12.93 billion
NVIDIA (NVDA.US)CEO Jensen Huang announced that the company has agreed to acquire Hugging Face for $12.9303 billion. The two parties will jointly scale up the Hugging Face platform and strengthen its infrastructure, with Hugging Face continuing to operate as an open platform for the entire AI ecosystem. Developers will be free to choose their preferred models, frameworks, cloud services, inference providers, and computing platforms.
Development or deployment via Hugging Face does not require the use of NVIDIA's computing resources. NVIDIA stated that the equity retention plan for Hugging Face employees joining NVIDIA could reach up to $1 billion. The transaction is expected to close in the first half of 2027, subject to regulatory approval.
NVIDIA N1X device to launch in October
NVIDIA (NVDA.US)The company announced on Thursday that the NVIDIA RTX Spark device will begin shipping this October. The core selling point of this computer is NVIDIA's N1X chip. To support local AI execution, the chip supports up to 128GB of unified memory, and its integrated Blackwell GPU delivers up to one petaflop of floating-point performance per second.
Tesla rose more than 5% in the previous trading session as the Cybercab began operations in Austin, Texas.
On the afternoon of September 3, Eastern Time,$Tesla (TSLA.US)$the first native autonomous taxi, the Cybercab, was unveiled in Austin, Texas. Designed from the ground up for full self-driving capability, this two-seater vehicle features a gold exterior and butterfly doors, with no steering wheel or pedals inside. It is equipped with a large interactive touchscreen for controlling entertainment and climate systems. The new model includes specialized designs for accessibility, in-car camera safety monitoring, USB-C ports, and app-based vehicle control.
Tesla has updated its official website with the "Cybercab Occupant Guide." According to the website, Cybercab's passenger service is currently available only in designated areas of Austin, Texas. In Tampa and Miami, Florida, as well as Dallas and Houston, Texas, the Robotaxi fleet is currently operated by modified Model Y vehicles.
Morgan Stanley analyst Andrew S. Percoco explicitly stated in a report that data from the Texas Department of Motor Vehicles (DMV) shows,$Tesla (TSLA.US)$approximately 45 Cybercabs have recently been registered for commercial operation, leading the firm to maintain a positive outlook on tonight's launch event.
If Tesla successfully deploys 25 to 50 Cybercabs for paid passenger services in Texas within days or weeks following the launch event, the stock price is expected to react positively. Conversely, if the event is limited to supervised retail demonstrations without substantial deployment of unsupervised fleets, the stock price is expected to face downward pressure afterward.
SpaceX shares rose more than 6% in the previous trading session after applying for permission
$SpaceX (SPCX.US)$from the U.S. Federal Communications Commission (FCC) to carry and operate Starlink terminals during the 14th flight test of Starship. According to the filed documents, this mission plans to conduct a true orbital flight, a feat never before attempted by the Starship program.
Blue Origin, SpaceX, and two other U.S. firms are reportedly set to miss the Paris Space Summit.
Blue Origin,$SpaceX (SPCX.US)$Stoke Space, and Starcloud, four U.S. companies, have canceled their participation in the Space Summit originally scheduled for September 9–10 in Paris. Reports indicate that French authorities expressed a desire to continue cooperating with U.S. partners.
Apple sued in the U.S. by a subsidiary of BASF SE over alleged patent infringement of Face ID technology
$BASF SE (ADR) (BASFY.US)$Its subsidiary, trinamiX, filed a lawsuit on September 3 local time in the U.S. District Court for the Western District of Texas, alleging$Apple (AAPL.US)$The Face ID technology used in products such as the iPhone 15 to 17 series and iPad Pro infringes on seven of its patents related to facial authentication.
The complaint states that the technology in question originated from BASF SE's 2010 research on organic solar cells and was subsequently further developed by Trinamix, established in 2014, with a focus on skin texture recognition to prevent spoofing via photos and 3D masks. Trinamix is seeking damages from Apple and an injunction against further infringement, but has not specified the amount of compensation sought.
Coinbase applies to launch single-stock perpetual futures
$Coinbase(COIN.US)$The move seeks regulatory approval to allow U.S. investors to engage in around-the-clock leveraged trading on individual stocks through perpetual futures without physically holding the underlying shares. If approved, this would introduce one of the most popular trading models from the cryptocurrency market into the regulated U.S. market, further blurring the lines between traditional securities and digital asset trading.
Lululemon Athletica shares drop over 18% in after-hours trading as full-year guidance is lowered again
$Lululemon Athletica (LULU.US)$The company further lowered its full-year performance outlook, projecting fiscal 2026 revenue to decline by 5%-7% year-over-year, compared to the previous forecast of flat to a 1% decline. Full-year earnings per share (EPS) are now expected to be $9.48-$9.73, down from the prior estimate of $10.95-$11.15. Second-quarter revenue fell 4% year-over-year to $2.42 billion, while comparable-store sales declined 9%.
Planet Labs PBC rises nearly 4% in after-hours trading; Q2 revenue up 58% year-over-year
$Planet Labs PBC (PL.US)$Revenue for the second quarter of fiscal 2027 reached $116 million, a 58% increase year-over-year; adjusted EPS was $0.02. The gross margin was 57%, and the non-GAAP gross margin was 59%.
Snowflake surges over 16% in the previous trading session as Q2 earnings beat expectations across the board
Cloud data platform companySnowflake (SNOW.US)Delivered a comprehensive performance report that exceeded expectations. In the second fiscal quarter ended July 31, 2026, the company's revenue increased by 35% year-over-year to $1.55 billion, with Non-GAAP earnings per share of $0.62, nearly 40% higher than the analysts' consensus estimate of $0.45.
Volkswagen plans to cut an additional 50,000 jobs and significantly streamline its product lineup.
$Volkswagen (ADR)(VWAGY.US)$In a statement on Thursday, the company announced that the Supervisory Board had approved the reform initiative, dubbed "Future Plan," at a meeting in Wolfsburg. The plan calls for the elimination of another 50,000 positions, bringing the total planned job cuts to 100,000. Volkswagen will streamline its business and asset portfolio while reducing its vehicle model range by approximately 50% by 2035.
Innovative drug companies$Summit Therapeutics (SMMT.US)$Shares surged more than 17% in the previous trading session after partner Akeso Biopharma reported positive results from the Phase III trial of ivonescimab.
Hutchison China MediTech shares rose more than 17% in the previous trading session after reaching an exclusive licensing agreement with global pharmaceutical giant GlaxoSmithKline.
$Hutchmed (HCM.US)$announced that it has reached an exclusive licensing agreement with global pharmaceutical giant$GlaxoSmithKline (GSK.US)$Hutchison China MediTech granted GlaxoSmithKline global development and commercialization rights (excluding mainland China, Hong Kong, Macau, and Taiwan) for HMPL-A830, its potential first-in-class anti-cancer drug targeting KRAS and EGFR.
Hewlett Packard Enterprise shares rose more than 5% in the previous trading session as quarterly earnings exceeded expectations, with revenue and profit surpassing market estimates, leading to an upward revision of full-year guidance for fiscal years 2026 and 2027.
AI server concept stock$HPE Inc. (HPE.US)$The company delivered record results in the third quarter of fiscal 2026, with revenue, gross margin, and EPS all exceeding expectations.
CEO Antonio Neri noted that AI demand is shifting comprehensively from pilot projects to enterprise production deployment, with Agentic AI and inference workloads becoming core drivers. Enterprise customers have reached an inflection point in demand. The networking business benefited from better-than-expected integration of Juniper Networks, with order growth outpacing revenue growth by 3.5 times. Cumulative AI networking orders reached $2.2 billion, prompting an increase in the full-year target.
Despite ongoing supply constraints, the company has secured capacity through multi-year agreements. Based on strong backlog and pipeline visibility, it significantly raised its guidance for fiscal years 2026 and 2027, projecting revenue growth of 13%-17% and EPS of $4.40-$4.60 in 2027. Management remains confident that the company is at the starting point of multi-engine structural growth.
Anthropic is reportedly close to finalizing a $15 billion pre-IPO credit facility.
According to market sources, individuals familiar with the matter revealed that Anthropic PBC is nearing the completion of expanding its revolving credit facility to $15 billion, removing a hurdle before the AI company publicly files for its highly anticipated IPO. These sources indicated that Morgan Stanley will lead the arrangement, with Goldman Sachs, JPMorgan, and Citi also playing significant roles in the credit facility.
The Pentagon states that the ban on Anthropic remains in effect, following earlier claims by Lutnick that a settlement had been reached with the government.
The U.S. Department of Defense stated that restrictions on the artificial intelligence company Anthropic remain in effect, contradicting earlier assertions by U.S. Secretary of Commerce Howard Lutnick that differences between the two parties had been resolved. Emil Michael, Under Secretary of Defense for Research and Engineering, posted on social media that Anthropic is still identified by the Department of Defense and the defense industrial base as a 'supply chain risk.'
Lutnick previously stated that Anthropic had resolved long-standing issues with the Trump administration and noted an improvement in relations between the company and the government. Anthropic had previously faced restrictions due to government concerns that its models could be misused for cyberattack capabilities and other issues.
OpenAI releases the GPT-6 Astra model and introduces enhanced cybersecurity protection mechanisms.
OpenAI has unveiled its next-generation technology, named GPT-6, positioning it as a key milestone in its decade-long research and development process for Artificial General Intelligence (AGI). Greg Brockman, President of OpenAI, stated that the new model marks 'a genuine shift in the types of work people can delegate to AI and how AI empowers them,' particularly excelling in operating computers on behalf of users.
Smart ring manufacturer Oura has filed for an IPO in the United States, aiming to list on Nasdaq.
Smart ring manufacturer Oura filed for an initial public offering (IPO) with U.S. regulators on Thursday, planning to list on the Nasdaq. Oura primarily monitors health metrics such as heart rate, sleep stages, and activity through its Oura Ring. The company reported net income of $60.8 million for the nine months ended June 30, compared to $1.6 million in the same period last year, while revenue surged 74% to $1.21 billion.
Top 20 by Trading Volume
Hong Kong Stock Market Preview
Southbound capital increased its holdings in Hong Kong stocks by nearly HK$3.4 billion; Yangtze Optical Fibre and Cable and MINIMAX both saw net buying exceeding HK$400 million, while Alibaba experienced net selling of over HK$700 million.
On September 3 (Thursday), southbound capital recorded a net purchase of HK$3.395 billion in Hong Kong stocks.
$CSOP Hang Seng TECH Index ETF (03033.HK)$、$Yangtze Optical Fibre and Cable (06869.HK)$、$MINIMAX-W(00100.HK)$Recorded net buying of HK$528 million, HK$464 million, and HK$411 million, respectively;
$Alibaba-W (09988.HK)$、$KBT Group (00148.HK)$、$SMIC (00981.HK)$Recorded net selling of HK$760 million, HK$183 million, and HK$148 million, respectively.
Tencent Music announces pricing of US$1 billion notes
$Tencent Music-SW (01698.HK)$The company announced the public offering of senior unsecured notes with an aggregate principal amount of US$1 billion. The offering includes US$500 million of notes due 2031 with a coupon rate of 5.050%, and US$500 million of notes due 2036 with a coupon rate of 5.650%.
The Company expects to complete the note offering on or around September 10, 2026 (Eastern Time), subject to customary closing conditions. After deducting underwriting discounts and commissions as well as estimated offering expenses, the Company expects to receive net proceeds of approximately US$991.9 million from the offering. The Company intends to use the net proceeds from the offering for general corporate purposes, including the refinancing of offshore debt and share repurchases.
Montage Technology: CXL 3.2 chips adopted by Samsung and SK Hynix; PCIe Switch to tape out within the year
$Montage Technology (06809.HK)$In its announcement of investor relations activities, the Company stated that it took the industry lead in trial production of CXL 3.2 MXC chips in July and successfully integrated them into the next-generation CXL products of Samsung and SK Hynix. The year 2027 is expected to mark the inaugural year of large-scale commercial adoption of CXL technology.
Engineering samples of the PCIe Switch chip are expected to tape out within the year. The mass-production version of the PCIe 6.x/CXL 3.x Retimer chip has already taped out and been listed in the PCI-SIG vendor list. The Company plans to complete the tape-out of engineering samples for the PCIe 7.0 Retimer and Ethernet PHY Retimer chips this year.
Samples of the sixth-generation DDR5 RCD chip have been delivered, supporting speeds of up to 9,200 MT/s. The fifth generation has begun volume shipments, while the combined shipment share of the third and fourth generations has exceeded 50%. The second-generation MRCD/MDB chips are in the stage of large-scale trial usage, with mass volume adoption awaiting the mass production of new-generation CPUs next year.
Mass production orders have been received for clock chips, and engineering samples of high-precision RTC chips are expected to tape out in the second half of the year. The increased configuration ratio of CPUs in AI servers will drive growth in demand for memory modules and interconnect chips.
Saudi Arabia's Humain leverages China's MiniMax to launch Arabic AI model
Saudi Arabian artificial intelligence company Humain has built a national-level AI platform based on open-source models from Chinese AI laboratories,$MINIMAX-W(00100.HK)$making it one of a growing number of countries seeking to strengthen their control over this increasingly critical technology.
The company, backed by Saudi Arabia's Public Investment Fund, released humain-m3 on Thursday, an Arabic-language model built on MiniMax M3. MiniMax M3 is available for free download and customization. Humain has previously invested in data centers and chips, aiming to enhance Saudi Arabia's competitiveness in the global AI race.
Today's Focus
Key Focus: August Non-Farm Payrolls
Regarding economic data, the U.S. seasonally adjusted non-farm payrolls for August (in ten thousands), the U.S. unemployment rate for August, and the U.S. Global Supply Chain Pressure Index for August will be released.
20:30 U.S. Seasonally Adjusted Non-Farm Payrolls for August (in ten thousands)
20:30 U.S. Unemployment Rate for August
22:00 U.S. Global Supply Chain Pressure Index for August
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