Market Snapshot
At 20:30 Beijing time, the United States released its August CPI data. The year-on-year growth in August CPI was 3.40%, matching both the forecast of 3.40% and the previous value of 3.40%. The U.S. core consumer price index rose by 2.4% year-on-year in August, in line with the estimate of 2.4%, down from the previous value of 2.5%. Traders now assign approximately a 90% probability to a Federal Reserve rate hike next week, up from around 70% before the inflation data release. Following the announcement, gains in the three major stock index futures widened slightly.
The following shows the market performance prior to the CPI release:
U.S. Treasury yields mostly declined.
Oil prices retreated.
Gold, silver, Bitcoin, Ethereum, other precious metals, and crypto assets fell.
$Star Tech Stocks (LIST2518.US)$Pre-market trading was mostly higher: Oracle rose nearly 6%; Micron Technology, Intel, and Meta gained over 1%; NVIDIA, SpaceX, and Google rose nearly 1%; while Tesla dropped by nearly 1%.
$Popular Chinese ADRs (LIST2517.US)$Pre-market trading saw modest gains: Nio and XPeng rose nearly 2%; Alibaba and Bilibili gained nearly 1%; Taiwan Semiconductor, JD.com, and PDD Holdings edged up slightly.
$Memory Concept Stocks (LIST23925.US)$Pre-market trading was uniformly higher: Western Digital, Seagate Technology, Micron, and SK Hynix rose over 1%; SanDisk gained nearly 1% in pre-market trading.
$Optical Communications (LIST23979.US)$The sector rebounded in tandem: AXT Inc. rose nearly 3%; Coherent gained nearly 2%; Credo, Marvell Technology, and Lumentum rose over 1%.
Individual Stock News
Micron Technology: Total compensation for direct labor employees in Taiwan, China, is equivalent to 35 to 68 months of salary for fiscal year 2026.
$Micron Technology (MU.US)$Employees in the Taiwan region of China who join before August 29, 2025, will receive a fiscal year 2026 appreciation cash bonus of NT$1 million (approximately RMB 212,000). For the Taiwan region of China, the annual performance bonus for fiscal year 2026 can reach up to 500% of the baseline target, with additional equity awards. Total compensation for direct labor employees in the Taiwan region of China for fiscal year 2026 is equivalent to 35 to 68 months of salary, with a minimum cash remuneration of NT$1.7 million.
NVIDIA Grace Blackwell shipments reportedly rose 27% month-on-month
According to reports,NVIDIA (NVDA.US)Shipments of the Grace Blackwell platform increased by 27% month-on-month recently, reflecting robust demand for high-end AI computing chips from cloud service providers and AI infrastructure enterprises. The Grace Blackwell platform combines NVIDIA’s Grace CPU with Blackwell GPU and can be used in liquid-cooled rack systems such as the GB200 NVL72. NVIDIA has previously stated that demand for Blackwell products exceeds supply capacity.
SpaceX reveals major positive news: A multi-billion-dollar computing power deal has been secured.
On September 10, Eastern Time,$SpaceX (SPCX.US)$Chief Financial Officer Bret Johnsen attended the 2026 Goldman Sachs Communacopia + Technology Conference to disclose the latest business developments. Johnsen revealed that SpaceX recently secured another large order for AI computing power hosting, with its computing business rapidly becoming a core growth engine.
He also announced timelines for multiple business lines, including ground-based computing expansion, orbital computing, Starship commercialization, and direct satellite-to-mobile connectivity. Johnsen outlined the company's ambitious expansion goals: SpaceX is confident in achieving an annualized recurring revenue (ARR) target of $100 billion by the end of 2026.
Oracle shares rose nearly 6% in pre-market trading as first-quarter cloud infrastructure revenue grew 121%, exceeding expectations, prompting the company to raise its full-year performance guidance.
$Oracle (ORCL.US)$Revenue from the cloud infrastructure segment jumped 121% year-over-year to $7.4 billion in the first fiscal quarter, surpassing the analyst consensus estimate of $7.19 billion. Remaining performance obligations (RPO) continued to grow significantly. As of the end of August, RPO reached $664 billion, up from $638 billion at the end of the previous quarter and higher than the analyst expectation of approximately $639.9 billion. The company's total first-quarter revenue increased 30% to $19.3 billion, beating the analyst forecast of $19.13 billion; adjusted earnings per share were $1.92, also exceeding the expected $1.75.
The company raised its full-year profit outlook. It now expects adjusted earnings per share of $8.10 for fiscal year 2027, up from the previously projected $8.05; it anticipates full-year cloud business revenue will grow by approximately 64% to 70%, with total annual revenue reaching at least $90 billion. Following the earnings release, Barclays raised Oracle's price target from $250 to $252.
Proxy purchase orders for the iPhone Duo have been completed, with transaction prices surging by 150%.
$Apple (AAPL.US)$Apple recently launched its first foldable smartphone, the iPhone Duo, at its autumn product launch event. Although more than a month remains before the official release, demand for proxy purchasing and pre-orders has already emerged, with some merchants offering high premiums. Data from the Dewu app shows that pre-sale orders for the iPhone Duo have already been transacted at prices reaching 39,999 yuan, a premium of 24,000 yuan over the official starting price of 15,999 yuan, representing an increase of approximately 150%. Meanwhile, bids from some merchants on the platform have reached 59,999 yuan, which is 44,000 yuan higher than the official starting price.
Qualcomm: Continuously advancing 6G for the AI era, preparing for commercial deployment in 2029
Qualcomm (QCOM.US)The company is continuously advancing 6G technology research and development tailored for the AI era. In Qualcomm's view, the evolution toward "AI-native 6G" will occur not only in connectivity but also extend further into computing and sensing. In terms of connectivity, Qualcomm is focusing on new frequency bands, wider bandwidths, and ultra-large-scale MIMO (Giga-MIMO) to significantly enhance network capacity and uplink capabilities. In computing, Qualcomm is collaborating with the industry to extend high-efficiency computing from the cloud to the network edge, enabling the network itself to participate more extensively in AI operations and intelligent coordination.
In sensing, Qualcomm leverages wide bandwidth to achieve RF sensing and integrates it with modalities such as cameras to build digital twins of the physical world, supporting scenarios like smart cities and autonomous driving. It is reported that for future connectivity, Qualcomm has reached a consensus on 6G development with nearly 60 leading global enterprises, one-third of which are Chinese companies, jointly promoting 6G technology R&D and industrial collaboration to prepare for commercial deployment in 2029.
Tesla China launches the new Model Y All-Wheel Drive Performance variant: 0-100 km/h acceleration in 3.5 seconds, starting at RMB 369,000.
$Tesla (TSLA.US)$China has officially launched the new Model Y All-Wheel Drive Performance variant, with a starting price of RMB 369,000. The new vehicle accelerates from 0 to 100 km/h in just 3.5 seconds and reaches a top speed of 250 km/h. This marks the first introduction of a Performance variant following the Model Y's refresh. The Model Y lineup now comprises five models: Rear-Wheel Drive (starting at RMB 263,500), Long Range Rear-Wheel Drive (starting at RMB 288,500), Long Range All-Wheel Drive (starting at RMB 313,500), the six-seater Model Y L (starting at RMB 339,000), and the All-Wheel Drive Performance variant (starting at RMB 369,000).
Adobe shares fell more than 4% in pre-market trading; while third-quarter revenue and profit exceeded expectations, Q4 guidance was slightly below market forecasts.
$Adobe (ADBE.US)$The company reported third-quarter revenue of USD 6.76 billion, a 13% year-on-year increase, and adjusted earnings per share (EPS) of USD 6.13, both surpassing market expectations. "AI-first" Annual Recurring Revenue (ARR) grew by over 150% year-on-year. Monthly active users for Creative Cloud and Document Cloud solutions exceeded 1 billion.
However, Adobe provided a conservative outlook for the fourth quarter, with revenue guidance ranging from USD 6.8 billion to USD 6.85 billion and adjusted EPS guidance between USD 6.30 and USD 6.35, compared to analyst expectations of USD 6.85 billion and USD 6.30, respectively.
GameStop shares rose more than 4% in pre-market trading after a company director increased their holdings by 1 million shares of common stock.
According to documents filed with the SEC,$GameStop (GME.US)$CEO Ryan Cohen purchased 1 million shares of Class A common stock in the open market on September 10 at an average price of approximately USD 20.38 per share, for a total amount of about USD 20.3759 million. This represents his largest single purchase since January of this year.
Prior to this, two other directors had already increased their holdings: Director Lawrence Cheng purchased 55,000 shares on September 8, valued at approximately USD 1.03 million, and Director James Grube bought 10,255 shares on September 9, valued at around USD 196,000.
Nestlé announces price increases for select products.
According to CCTV Finance, the Swiss food giant$NESTLE S.A SPONS (ADR)(NSRGY.US)$Nestlé's Global CEO Laurent Freixe stated on the 9th that, in response to rising energy, freight, and raw material costs, Nestlé is restructuring its product portfolio, raising prices for certain products, and discontinuing items that consumers are unwilling to purchase at higher prices. Freixe noted that although the conflict in the Middle East has had little direct impact on Nestlé's sales, it has exacerbated inflationary pressures faced by Nestlé's suppliers, with these costs being passed on to Nestlé. Business in the Middle East accounts for approximately 2% to 3% of Nestlé's sales, with the primary impact being inflationary.
UBS Group repurchases $7.9 billion of legacy Credit Suisse debt, marking the largest reduction since the acquisition
$UBS Group (UBS.US)$The bank is repurchasing $7.9 billion of legacy Credit Suisse debt, representing its most significant move to reduce inherited debt burdens since taking over its local competitor. The Swiss bank completed purchases under its debt tender offer on Friday, marking the largest such repurchase to date.
Copart rises more than 7% in pre-market trading after announcing a $1.9 billion acquisition of ACV Auctions; Q4 revenue exceeds expectations
The largest salvage vehicle auction platform in the United States$Copart (CPRT.US)$The company agreed to acquire ACV Auctions in an all-cash transaction at $10.50 per share, with a total deal value of approximately $1.9 billion, representing a 45% premium over ACV's closing price on the previous day. In recent years, vehicle transaction volume growth has slowed, and the company hopes to enter the automotive insurance software and data services sector through the acquisition of ACV, thereby extending its industrial chain layout.
Fourth-quarter financial results showed revenue exceeding analysts' estimates. Although global unit sales declined by 2.9% year-on-year, international business performance remained strong—international sales grew by 10%, and international insurance units increased by 11.2%, partially offsetting weakness in the U.S. domestic market (where domestic insurance units fell by 7.5%).
WeRide rises more than 3% in pre-market trading after obtaining Spain's first L4 autonomous driving operating license
September 10,$WeRide (WRD.US)$and$Uber Technologies (UBER.US)$AVOMO jointly announced that it has officially received Spain's first L4-level autonomous passenger vehicle operating license issued by the General Directorate of Traffic (DGT), authorizing vehicle deployment on public roads in Madrid. This marks the first national-level autonomous driving license obtained by WeRide's Robotaxi GXR in the European Union, establishing a regulatory reference for its certification and commercial implementation in additional European markets.
Tencent Music completed the issuance of senior unsecured notes with a total principal amount of USD 1 billion.
$Tencent Music (TME.US)$The Company announced the completion of a public offering of senior unsecured notes with a total principal amount of USD 1 billion on September 10, 2026 (Eastern Time). The offering included USD 500 million in notes bearing an interest rate of 5.050% and maturing in 2031, as well as USD 500 million in notes bearing an interest rate of 5.65% and maturing in 2036.
The notes are registered under the U.S. Securities Act of 1933, as amended, and are expected to be listed on The Stock Exchange of Hong Kong Limited on September 11, 2026. After deducting underwriting discounts and commissions as well as estimated offering expenses, the Company received net proceeds of approximately USD 992 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.
Global Macro
U.S. August CPI data to be released tonight at 20:30
The European Central Bank raised interest rates by 25 basis points on Thursday. Coupled with U.S. August PPI data exceeding year-on-year expectations, the probability of a Federal Reserve rate hike in September surged to 71.3%. The U.S. Dollar Index climbed back above the 99 level, while spot gold fell sharply, dropping as much as USD 120 from its daily high before closing down 1.94%. Investors are now focusing on the week's key data release: CPI. At 20:30 Beijing time, the United States will publish its August CPI figures.
Contrary to investor sentiment, economists expect the Federal Reserve to hold steady
A survey indicates that most economists expect the Federal Reserve to keep interest rates unchanged at this month's meeting and maintain this stance until the end of 2027, despite growing market bets on a rate hike.
Economists believe that cooling inflation, combined with the approaching U.S. midterm elections, may prompt policymakers to keep interest rates unchanged at the September 15–16 meeting and again in October. Among the 48 economists surveyed between September 4 and 9, only 13 anticipated a rate hike this month.
Yemeni government official: Houthi forces seize key island in the Bab el-Mandeb Strait
A Yemeni government official stated on the 11th that Houthi forces had seized Perim Island, a core strategic stronghold in the Bab el-Mandeb Strait, further strengthening their control over the waterway. Located within the strait, Perim Island divides the narrow channel into two shipping lanes. The official, who requested anonymity, said that government troops had evacuated the island on the night of the 10th, and Houthi fighters arrived by several boats in the early hours of the 11th, encountering no resistance upon landing.
The official stated that the Houthis have deployed significant troops and military equipment along the coast of the Bab el-Mandeb Strait, including heavy armored vehicles captured from retreating government forces. Currently, Houthi forces are also advancing toward the Zubair region near the coastal areas of the strait.
The Houthi rebels announced large-scale and high-quality military operations against Saudi Arabia at 21:00.
According to foreign media reports, a spokesperson for the Houthi armed forces in Yemen stated, "The Houthi armed forces in Yemen will announce major military operations." Previously, Agence France-Presse reported that the Houthis had completed their control over the Bab el-Mandeb Strait after seizing strategic locations in the Red Sea. The Bab el-Mandeb Strait connects the Red Sea with the Gulf of Aden and serves as a crucial maritime corridor linking the Indian Ocean, the Suez Canal, and Europe. Approximately 10% of global trade is transported through this waterway. At 21:00, the Houthi armed forces officially issued a statement announcing large-scale and high-intensity military operations against Saudi Arabia, while assuring that all shipping companies, except those operating Saudi vessels, can navigate safely.
IEA: Global oil supply-demand gap to widen more than previously expected this year
The International Energy Agency (IEA) monthly report stated that the global oil supply-demand gap this year will be larger than previously expected, as the lack of progress in ending the Iran conflict has delayed the normalization of Middle Eastern oil flows until 2027, leading to soaring fuel prices. The IEA projects that global oil demand in 2026 will decrease by 2.5 million barrels per day (previously forecasted at a decline of 1.6 million barrels per day); it also expects global oil supply in 2026 to fall short of demand by 1.74 million barrels per day (previously forecasted at a shortfall of 1.27 million barrels per day).
To date, inventories have played a key role in balancing the market. With buffers diminishing and the global refining system stretched to its limits, the necessity of resolving the Middle East conflict and the Russia-Ukraine war, now in its fifth year, is greater than ever to avoid further tightening of the market.
Survey: If the 10-year U.S. Treasury yield reaches 5%-5.25%, it could trigger a 10% correction in U.S. stocks
The latest Markets Pulse survey indicates that intensifying bond sell-offs are pushing U.S. Treasury yields toward levels that could significantly impact the stock market. Among the 122 respondents surveyed by institutions, approximately 30% stated that a 10-year yield hitting 5% to 5.25% would be sufficient to cause a 10% drop in stocks from their peak, meeting the definition of a correction; 22% believed the threshold is slightly higher, at 5.25% to 5.5%.
The benchmark 10-year yield rose above 4.96% on Thursday, reaching a three-year high, as conflicts involving Trump in the Middle East drove oil prices well above $100 per barrel, exacerbating concerns over worsening inflation shocks and the Federal Reserve's response. Joseph Brusuelas, Chief Economist at RSM, stated, 'People will consider us to be on the brink of a long-awaited stock market correction, as actual data and central bank policies provide a strong reality check for risk-preferring investors.'
Top 20 U.S. Stocks by Premarket Trading Volume
U.S. Equity Market Macro Calendar Reminder
(All times listed below are in Beijing Time)
20:30 U.S. August Seasonally Adjusted CPI Month-on-Month Rate
20:30 US August Core CPI (MoM, Seasonally Adjusted)
20:30 US August CPI (YoY, Not Seasonally Adjusted)
20:30 US August Core CPI (YoY, Not Seasonally Adjusted)
22:00 US September University of Michigan Consumer Sentiment Index (Preliminary)
22:00 US September One-Year Inflation Expectations (Preliminary)
Early the following morning
01:00 US Total Oil Rig Count for the Week Ending September 11
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Editor/melody