Macro News
U.S. Treasury buyback volume falls short of expectations; Bessent downplays market concerns
U.S. Treasury Secretary Bessent has downplayed market concerns over Thursday’s smaller-than-expected Treasury buyback operation, while also alleviating fears of a sharp rise in U.S. Treasury yields. Bessent stated that the U.S. Treasury market is currently in "very good shape." He highlighted the strong performance of two recent Treasury auctions. He further reiterated that the correlation between bond and energy prices has been unusually high recently. Previously, the yield on two-year U.S. Treasuries touched its highest level since 2024, and the 10-year yield rose to its highest point since 2023. Bessent noted, "We only buy back bonds when prices are low," but in this operation, bondholders appeared more willing to hold onto their long-term securities. He said, "Typically, we receive $20 billion in sell offers, but this time the Treasury received only about $10 billion."
WTI and Brent crude both surpass $100 mark; escalating Middle East conflicts spark supply concerns
Futures for both WTI and Brent crude oil rose above $100 per barrel, with both benchmark crude prices reaching their highest levels since May 19 and recording their largest single-day gain in nearly two months. Reports indicate that Houthi forces took control of Yemen's Al-Mokha port on Thursday, potentially further threatening shipping in the Red Sea. Meanwhile, shipping through the Strait of Hormuz remains constrained as attacks on tankers in the Gulf region have intensified in recent days. Massabouni, Head of Business Development at XS.com, stated that Houthi attacks on Saudi energy facilities have introduced new sources of risk to the market, expanding concerns beyond Iran and the Strait of Hormuz. He said the threat is no longer limited to a single critical shipping lane but could lead to cascading disruptions across regional export routes, oil production facilities, and other energy infrastructure.
Surge in oil prices and bond yields pressures gold and silver; market focuses on U.S. CPI report
Fxstreet reported that WTI crude prices breaking the $100-per-barrel threshold for the first time since mid-May, combined with rising U.S. Treasury yields, have put pressure on dollar-denominated gold prices. Analyst Michael Boutros stated that earlier U.S. PPI data intensified market expectations for further monetary tightening, with federal funds futures currently indicating approximately a 72% probability of a Federal Reserve rate hike next week. Market attention is now focused on the upcoming U.S. CPI report. If CPI data exceeds expectations, it could reinforce these expectations, thereby pushing up U.S. Treasury yields and the U.S. dollar exchange rate, and increasing downward pressure on gold. Conversely, if inflation data softens, it could challenge recent pricing mechanisms and help stabilize gold prices ahead of the Federal Reserve meeting.
Trump states Iran is in a difficult position, implying election factors may constrain full escalation of actions against Iran
Speaking on Fox News on Thursday night, former U.S. President Trump defended his decision despite questions about whether striking Iran's nuclear capabilities would affect the midterm elections, stating he would make the same choice again. He indicated that Iran's missile capabilities have been significantly weakened, making it more difficult to produce additional missiles. When asked about launching a full-scale strike against Iran, Trump responded, "Due to the elections, we might not do that." This remark suggests that the upcoming midterm elections may serve as a constraint on fully escalating military actions against Iran. The continuing escalation in the Middle East has pushed up oil prices and triggered a sell-off in U.S. Treasuries, putting pressure on global bond and equity markets, with Brent crude previously surpassing the $100 mark.
BIS warns: AI investment increasingly reliant on debt, accumulating financial stability risks
Claudio Borio, General Manager of the Bank for International Settlements (BIS), stated that AI investments by the world's five largest technology companies are expected to exceed $1 trillion between 2025 and 2026, a scale sufficient to impact the global economy. Borio pointed out that the AI boom is increasingly driven by debt financing and private credit, with some financing structures lacking transparency and exhibiting interconnectivity. If corporate profits fail to meet expectations, high valuations, market concentration, and financing structures could jointly create risks. He also noted that AI is transforming demand, supply, and financial markets, increasing the difficulty for central banks in assessing economic conditions and evaluating monetary policy transmission.
Anthropic discloses dangerous use cases of Claude, alleging Iranian accounts used to threaten U.S. military targets
According to U.S. media reports, American AI company Anthropic stated on Thursday that it had blocked some scientists from using its Claude artificial intelligence model for purposes that "could potentially support the development of biological weapons." This disclosure was made in a detailed report citing five cases, one of which involved research into enhancing the transmissibility of a mosquito-borne disease. Anthropic noted that while it is difficult to definitively determine whether these cases were linked to plans for manufacturing biological weapons, the company had halted the relevant activities. Anthropic also claimed to have identified and banned accounts utilizing Claude for "influence operations" aimed at shaping public opinion, including three accounts linked to Iran. The company revealed that one threat actor associated with Iran used Claude to generate target recommendations for attacks against U.S. naval forces in the region.
US Stock Market Overview
U.S. crude oil surpasses $100; three major indices fall for fourth consecutive session; chips, memory, and optical communications sectors decline collectively.
On Thursday (September 10), New York crude oil futures prices broke through the $100 mark, intensifying market concerns about U.S. inflation and dragging down the three major U.S. stock indices. At the close, the Dow Jones Industrial Average fell 0.6% to 52,064.10 points; the S&P 500 Index dropped 0.58% to 7,591.70 points; and the Nasdaq Composite Index declined 0.65% to 26,081.72 points, marking the fourth consecutive trading day of losses for all three.
$Star Tech Stocks (LIST2518.US)$ Mixed performance (sorted by market capitalization): NVIDIA fell 2.37%, Apple rose 3.56%, Google C rose 0.61%, Microsoft rose 0.16%, Amazon fell 0.2%, SpaceX rose 0.43%, Meta fell 1.42%, and Tesla fell 1.16%.
$Philadelphia Semiconductor Index (.SOX.US)$ Among the 30 component stocks, five rose and 25 fell. Lam Research dropped 5.65%, Intel fell 5.57%, ARM declined 3.8%, AMD dropped 3.36%, ASML Holding fell 2.43%, and Broadcom decreased 0.97%.
$Memory Concept Stocks (LIST23925.US)$ SK Hynix fell 5.2%, Micron Technology dropped 4.9%, Western Digital declined 4.43%, SanDisk fell 4.06%, and Seagate Technology dropped 2.66%. The Roundhill Memory ETF (DRAM) fell 4.9%.
$Optical Communications (LIST23979.US)$The sector also experienced a broad decline: Lumentum fell 5.39%, Astera Labs dropped 5.33%, CRDO declined 4.53%, AAOI fell 4.3%, Marvell Technology dropped 3.43%, Coherent declined 3.4%, and Corning fell 3.17%.
$Copper(LIST2510.US)$ $Aluminum(LIST2211.US)$ Concept stocks led the declines: Taseko Mines fell 10.19%, Ero Copper dropped 8.55%, Southern Copper declined 7.23%, and Freeport-McMoRan fell 6.59%; Century Aluminum dropped 6.98%, Kaiser Aluminum fell 5.37%, and Alcoa declined 4.79%.
$Popular Chinese ADRs (LIST2517.US)$ Most stocks declined, with Hesai down 4.92%, GDS Holdings down 4.11%, Nio down 3.24%, Li Auto down 2.18%, XPeng down 2.18%, and New Oriental down 1.64%.
Stock News
Oracle surged as much as 8% in after-hours trading, as cloud infrastructure revenue doubled and full-year earnings guidance was raised.
$Oracle (ORCL.US)$ Revenue for the first quarter of fiscal year 2027 was approximately $19.3 billion, a 30% year-over-year increase; adjusted earnings per share (EPS) were $1.92, exceeding the market expectation of $1.75. Cloud infrastructure revenue reached approximately $7.4 billion, up 121% year-over-year, while remaining performance obligations increased to $664 billion. The company raised its full-year adjusted EPS guidance from $8.05 to $8.10, projecting annual revenue of at least $90 billion, with second-quarter total revenue expected to grow by 30% to 34%. The Chief Financial Officer stated that new orders primarily adopt models involving customer prepayments or customer-provided hardware, and the company maintains its full-year capital expenditure plan of $70 billion.
Jensen Huang is bullish on the cybersecurity market: AI is creating new demand.
NVIDIA (NVDA.US) CEO Jensen Huang stated at the Goldman Sachs Technology Conference, $Cybersecurity Concept (LIST2570.US)$ could become the next major application scenario for AI. As models accelerate code generation, the speed at which code is exploited and attacked is also increasing, leading to a rise in vulnerabilities requiring remediation. Enterprises will need AI tools to handle the expanding workload in security. Regarding discussions of "circular financing" triggered by NVIDIA's investments in customers, Jensen Huang stated that the company mainly invests in businesses with existing operations that need to procure computing power. These customers are typically already queued for product delivery, and he described the related investments as "a sure thing."
NVIDIA CEO Jensen Huang denies that AI infrastructure investments constitute circular financing
According to The Wall Street Journal, NVIDIA (NVDA.US) CEO Jensen Huang responded to external skepticism regarding NVIDIA's participation in financing arrangements for data center and artificial intelligence infrastructure projects at the Goldman Sachs conference. When asked whether these investments constituted circular financing, Jensen Huang remarked, "I put in one dollar, and eventually one hundred dollars come back. Is that circular?" He described the relevant transactions as a "very smart strategy" that helps NVIDIA establish distribution channels for its technology architecture. Jensen Huang stated that NVIDIA's financial support for data center projects and AI infrastructure is not simple fund recycling, but rather aimed at promoting the adoption of its architecture in the market.
Microsoft reportedly plans to expand its data center capacity to over 38 gigawatts.
According to Bloomberg, $Microsoft (MSFT.US)$ The plan is to expand global data center capacity from the current approximately 12 gigawatts to over 38 gigawatts by 2032, covering both owned and leased facilities, excluding those provided to $CoreWeave (CRWV.US)$ Computing power leased by enterprises such as... Currently, approximately 2 gigawatts of capacity are dedicated to AI operations, a proportion expected to reach about one-third of total capacity by 2032. Microsoft has planned capital expenditures of $145 billion for the current fiscal year. Alistair Speirs, head of infrastructure, stated that AI tools not only require GPUs but also increase demand for CPUs; the East US 3 campus in Atlanta will add approximately 300 megawatts of capacity this year, primarily deploying Intel CPUs for general-purpose computing.
Will the iPhone Duo sell well? Institutions forecast shipments of 5 million units this year.
TrendForce estimates that $Apple (AAPL.US)$ shipments of the first foldable smartphone, the iPhone Duo, will reach approximately 5 million units this year, capturing about 24.8% of the global foldable phone market, comparable to Huawei, while Samsung is expected to lead with a 35.1% share. The agency forecasts global foldable phone shipments of around 20.2 million units this year, a 0.5% year-on-year increase; excluding Apple, combined shipments from Android brands will decline by over 20%, mainly due to rising component costs. TrendForce believes that combining large screens with multimodal AI and multitasking interfaces could expand application scenarios; however, Forrester analysts argue that high pricing may limit its contribution to Apple's business growth.
Blackstone reportedly plans to significantly increase purchases of Google TPUs
According to The Information, citing sources familiar with the matter, $Blackstone (BX.US)$ are discussing additional purchases of $Alphabet-C (GOOG.US)$ TPUs, with potential procurement volume possibly reaching several times the scale of their May partnership arrangement. The two parties previously announced the establishment of a joint venture for computing services, with an initial equity investment of approximately $5 billion, planning to provide about 500 megawatts of capacity by 2027; including debt financing, the total investment could reach $25 billion. The joint venture will build data centers and network facilities to offer TPU-based computing services to customers. Starting this year, Google began counting third-party TPU sales as part of its cloud business revenue. Blackstone did not disclose the specific quantity of the additional purchases.
Adobe raises full-year guidance; annual recurring revenue from AI products grows 150%
$Adobe (ADBE.US)$ Third-quarter revenue reached $6.76 billion, up 13% year-on-year; adjusted earnings per share were $6.13, exceeding the market expectation of $6.08. Annual recurring revenue from AI-first products grew 150% year-on-year, and monthly active users for creative and productivity products exceeded 1 billion. The company raised its full-year revenue forecast to a range of $26.576 billion to $26.626 billion, and increased its adjusted earnings per share forecast to $24.45–$24.50. Fourth-quarter revenue is projected at $6.8 billion to $6.85 billion, with the midpoint of the range below the market expectation of $6.85 billion; operating cash flow for the third quarter was $2.523 billion.
The UK continues to ramp up its investment in SpaceX satellite services, with related expenditures approaching $40 million.
The UK Ministry of Defence disclosed that the UK's $SpaceX (SPCX.US)$ expenditure on satellite services has approached $40 million, making it the first country outside the United States to publicly confirm its adoption of the "Starshield" service. The UK currently operates approximately 1,000 Starshield terminals and 500 Starlink terminals, with related expenditures amounting to roughly £13 million and £16.5 million, respectively. The UK Ministry of Defence stated that Starshield offers stronger encryption, terms of service for military use, and higher network priority, and is gradually taking over military communications traffic. SpaceX previously disclosed that the US government has awarded it a multi-year Starshield contract worth over $6 billion, primarily stemming from US Space Force projects.
Top 20 by Trading Volume
Hong Kong Stock Market Preview
Southbound capital recorded a net inflow into Hong Kong stocks exceeding HK$4.5 billion, with Tencent seeing net purchases of HK$700 million.
On Thursday, September 10, southbound capital registered net purchases of Hong Kong stocks totaling HK$4.551 billion.
$Tencent (00700.HK)$、$Yangtze Optical Fibre and Cable (06869.HK)$、$CNOOC (00883.HK)$recording net purchases of HK$722 million, HK$408 million, and HK$227 million, respectively;
$Zhipu AI (02513.HK)$、$SMIC (00981.HK)$、$Innovent Bio (01801.HK)$while facing net sales of HK$967 million, HK$807 million, and HK$472 million, respectively.
Kingsoft Cloud, Chinasoft International, and AsiaInfo Technologies join the Kimi Enterprise Partner Program.
Moonshot AI has officially launched the Kimi Enterprise Partner Program, with the first batch of signed companies including $Kingsoft Cloud (03896.HK)$ 、 $China Software International (00354.HK)$ and $AsiaInfo Technologies (01675.HK)$ A frontline deployment engineering team will be jointly established with IT service providers and system integrators to enter customer sites for model adaptation, system integration, and business deployment. AsiaInfo Technologies previously disclosed that Moonshot AI will provide complete model weights, technical documentation, and R&D support, with both parties sharing responsibilities for parameter tuning, localized deployment, and ongoing operations and maintenance. The initial phase of the cooperation between Chinasoft International and Moonshot AI focuses on the energy and power sector, with agreed-upon sharing of revenues from token consumption and other derivative income.
DeepSeek's low-cost model deals another blow to OpenAI and Zhipu AI
DeepSeek has launched an AI model, V4.1 Flash, with pricing as low as a fraction of a cent per million tokens, further intensifying pressure on competitors such as Anthropic PBC. $Zhipu AI (02513.HK)$ In benchmark tests, the new model outperformed V4-Pro in coding and agent tasks but still lagged behind the flagship models of Anthropic and OpenAI. DeepSeek stated that the latest model reduces so-called KV cache requirements, thereby lowering the need for high-bandwidth memory (HBM) and solid-state drive (SSD) storage capacity. Strong AI demand and a prolonged shortage of memory chips have boosted profits for companies such as Micron Technology and SK Hynix.
Today's Focus
Keywords: US CPI; University of Michigan Consumer Sentiment Index (preliminary)
On the economic data front, figures such as the US CPI for August and the preliminary one-year inflation expectations for September were released.
20:30 US unadjusted CPI and core CPI year-on-year rates for August; US seasonally adjusted CPI and core CPI month-on-month rates for August;
22:00 Preliminary one-year inflation expectations for the US in September; preliminary University of Michigan Consumer Sentiment Index for the US in September.
In major events, the Central Bank of Russia will announce its interest rate decision; the CME Group will extend $100/oz Silver Futures Main Contract (2612) (SICmain.US)$ trading to 24 hours a day.
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Editor / Rocky