Macro News
The Federal Reserve is set to announce its interest rate decision this week. Hassett stated that there is no justification for a rate hike.
At 2:00 a.m. Beijing time on September 17, the Federal Reserve will release its interest rate decision and economic projections, followed by a press conference chaired by Powell. In August, the U.S. core CPI rose by 0.3% month-on-month, exceeding the market expectation of 0.2%. Following the release of the inflation data, interest rate markets further increased expectations for a September rate hike. On Sunday, Kevin Hassett, Director of the White House National Economic Council, stated that both he and Trump believe there is no reason to raise interest rates, emphasizing that it is important for the Federal Reserve to maintain the status quo before the election. He also stressed that Trump respects Powell's independence and that the administration will support any decision made by the Fed.
Musk and Altman support slowing down frontier AI development; Anthropic calls for enhanced safety assessments.
On Saturday, Dario Amodei, CEO of Anthropic, published an article calling for a slowdown in the development of frontier AI models to allow time for safety research and alignment efforts. Both Musk and OpenAI CEO Altman have publicly expressed their support. Anthropic announced that it would provide third-party evaluators with continuous, in-depth internal access, and OpenAI has committed to adopting similar arrangements. Amodei also called on the government to provide legal support for corporate coordination and to promote international cooperation, ensuring that improvements in model capabilities proceed in tandem with safety assessments.
Trump downplays concerns over AI risks, emphasizing the need to maintain U.S. leadership.
According to Bloomberg, Trump responded on Sunday to calls from AI company executives to slow down development, stating that the U.S. should maintain its leading position in AI. While acknowledging that safety guardrails can be implemented, he argued that some risk concerns would not materialize. "We are ahead of China in artificial intelligence. We are the most advanced country in the world, and frankly, I want to keep it that way, because whoever wins in AI wins the future," Trump told reporters on the sidelines of the Irish Open on Sunday. "We can put up guardrails. We can do this and that. But I think there are many negative forces talking about this who shouldn't be." Kevin Hassett, Director of the White House National Economic Council, stated that AI safety is a solvable problem and supported the introduction of independent evaluators. House Speaker Johnson called on the government and tech companies to jointly formulate safety measures and suggested convening discussions with companies at the White House.
Altman states that OpenAI will not go public this year, emphasizing the need to address AI safety issues first.
In an interview with Fortune, OpenAI CEO Altman stated that the company would not list in 2026, arguing that proceeding with an IPO is not wise given the current discussions on advanced AI safety. He emphasized the need to wait until both business and societal aspects are ready. He also mentioned that when models reach certain capability thresholds, further advancement could be paused to allow time for safety assessments and alignment research. Previously, OpenAI had secretly filed for an IPO in June, but has not yet announced an official timeline for the listing.
Anthropic has selected Nasdaq as the venue for its IPO.
Anthropic PBC has chosen Nasdaq as its listing venue, preparing for a potentially record-breaking initial public offering. The IPO, which could take place as early as October, aims to raise funds comparable to or even exceeding those of SpaceX. According to Bloomberg News, based on current performance, Anthropic's annualized revenue is projected to exceed $65 billion, representing more than a sevenfold increase in revenue velocity compared to the end of last year.
Oman postpones regional meeting; arrangements for consultations on navigation in the Strait of Hormuz change
Omani Foreign Minister Badr al-Busaidi announced on the 13th that the regional meeting originally scheduled for the 14th in Salalah has been postponed to seek consensus, and Oman will continue to promote dialogue. Previously, Iran and Oman had planned to brief Gulf states on the results of consultations regarding navigation in the Strait of Hormuz at the meeting. Iranian Foreign Minister Araghchi stated that the agreement between the two sides involves a new maritime corridor within the strait, but this does not mean the strait is being reopened. The precondition for Iran to reopen the strait is that the United States resumes fulfillment of its commitments under the "Islamabad Memorandum of Understanding."
State Council executive meeting discusses construction of computing power network; companies report release of demand for domestic AI infrastructure
The State Council's executive meeting reviewed work related to the construction of a computing power network, proposing a reasonable and orderly layout of computing facilities. With the continuous advancement of the national integrated computing power network and the self-controllability of key hardware and software, demand for domestic AI infrastructure from government-enterprise clients and state-owned assets clients is being released. Yanrong Technology stated that customer order intent is strong; Qingcheng Jizhi noted that customers have a high willingness to pay for computing power optimization. Corporate focus is gradually shifting from simple procurement of computing power to cluster operating efficiency, hardware-software compatibility, and usage costs.
US Stock Market Overview
Three major indices stop falling and rebound; chip stocks strengthen as Philadelphia Index rises nearly 2%
Last Friday (September 11), U.S. stocks broadly rebounded due to the decline in international oil prices, with all three major indices rising by nearly 1%. At the close, the Dow Jones Industrial Average rose 0.98% to 52,573.29 points; the S&P 500 Index rose 0.86% to 7,656.98 points; and the Nasdaq Composite Index rose 0.96% to 26,333.04 points, ending their four-day losing streak.
$Star Tech Stocks (LIST2518.US)$ Overall trend higher: NVIDIA fell 0.03%, Apple rose 1.75%, Google Class C rose 1.53%, Microsoft rose 0.65%, Amazon rose 1.94%, SpaceX rose 2.04%, Meta rose 0.57%, and Tesla rose 0.52% (listed by market capitalization).
$Philadelphia Semiconductor Index (.SOX.US)$ Rose 1.81%, with a cumulative gain of 0.76% last week. Of the 30 constituent stocks, 28 rose and 2 fell. ON Semiconductor rose 8.51%, Skyworks Solutions rose 5.14%, ARM rose 4.17%, Intel rose 2.61%, and AMD rose 2.49%.
$Memory Concept Stocks (LIST23925.US)$Most declined: Seagate Technology fell 3.73%, SanDisk fell 3.5%, Western Digital fell 2.98%, Micron Technology fell 0.22%, while SK Hynix rose 0.94%. The Roundhill Memory ETF (DRAM) rose 0.92%.
$Optical Communications (LIST23979.US)$Overall strength: Coherent rose 4.16%, Marvell Technology rose 4.03%, Astera Labs rose 2.35%, Corning rose 2.01%, AAOI rose 2%, CRDO rose 1.65%, and Lumentum fell 0.93%.
The computer equipment concept led the gains, $Dell Technologies (DELL.US)$ rising 11.98%, $HP Inc (HPQ.US)$ up 8.4%, $Super Micro Computer (SMCI.US)$ and gaining 7.28%.
$Popular Chinese ADRs (LIST2517.US)$ Performance was mixed: Nio rose 3.07%, TAL Education Group gained 2.7%, New Oriental Education & Technology Group increased 2.27%, XPeng rose 1.93%, Li Auto advanced 1.37%, and Tencent Music Entertainment climbed 1.01%. Legend Biotech fell 2.87%, and Atour Lifestyle declined 1.34%.
Stock News
Tesla to host a new event on October 1, unveiling the next-generation Roadster supercar
$Tesla (TSLA.US)$ Tesla updated its U.S. website, announcing that it will showcase the new generation of the Roadster electric sports car on October 1, with e-tickets already sent to reservation holders. The event is scheduled for 8:30 p.m. Eastern Time on that day in Waco, Texas, and invitees must confirm their attendance by September 16. Musk first unveiled the prototype of the second-generation Roadster in 2017, with mass production originally slated for 2020, but has been delayed multiple times since. Musk previously stated that the new vehicle would incorporate SpaceX technology, potentially enabling brief periods of flight.
SpaceX's weighting in the Nasdaq-100 Index is expected to rise to approximately 2.82%
According to simulated data released by Nasdaq late last Friday, $SpaceX (SPCX.US)$ its weighting in the Nasdaq-100 Index is projected to increase from about 1.28% to 2.82%, with adjustments planned for later this month. The change in weighting is related to more shares entering the free-float category, though the final proportion remains to be determined. Reports indicate that funds tracking this index may increase their holdings as a result, including Invesco QQQ, which manages approximately $481 billion in assets. Apart from Musk and certain designated individuals, the 180-day lock-up period for most insiders is expected to expire in early December.
NVIDIA reportedly in talks to invest up to $10 billion in Anthropic's IPO
NVIDIA (NVDA.US) The company is negotiating participation in Anthropic's initial public offering, with a potential investment size of up to $10 billion. Anthropic aims to raise up to $100 billion through the listing, which could value the company at approximately $2 trillion, and seeks to complete the transaction before the U.S. midterm elections in November. In May this year, the company raised $65 billion, reaching a valuation of $965 billion; by July, its annualized revenue run rate had exceeded $65 billion, surpassing the $9 billion recorded at the end of 2025. NVIDIA had previously announced plans to invest up to $10 billion in Anthropic.
Ellison cancels Oracle stock sale plan involving up to 50 million shares
$Oracle (ORCL.US)$ Co-founder Larry Ellison canceled a stock sale plan on Saturday that would have allowed him to sell up to 50 million shares by October 24, valued at approximately $7.5 billion based on relevant share prices. The plan was established on June 22 and disclosed last Friday. The company stated that Ellison has not sold any shares under the plan and currently has no other plans to sell Oracle stock. Ellison holds approximately 40% of the company's shares. Oracle also disclosed that it expects restructuring costs to be revised upward from the previous $2.1 billion to $2.8 billion.
Dell named core supplier by Oracle; AI server backlog reaches $95 billion
Oracle management stated during a previous earnings call that $90 billion to $95 billion in capital expenditures for fiscal year 2027 will be used for AI data center construction, specifically naming $Dell Technologies (DELL.US)$ and $HPE Inc. (HPE.US)$ as suppliers for server racks, liquid cooling systems, and networking equipment. Dell's AI server revenue in the second fiscal quarter reached $16.4 billion, a 100% year-over-year increase, with the backlog at the end of the quarter reaching $95 billion. Royal Bank of Canada initiated coverage of Dell with an "Outperform" rating and a target price of $640, citing its supply chain capabilities as advantageous in meeting customer demand during periods of tight supply.
Micron offers bonuses worth up to 68 months' salary; Taiwan union still demands higher profit sharing
$Micron Technology (MU.US)$ The company announced record-breaking fiscal year 2026 bonuses for over 60,000 employees globally, with total compensation for employees in Taiwan equivalent to 35 to 68 months' salary, including a minimum cash compensation of NT$1.7 million. Junior engineers received an average total bonus of approximately NT$3.4 million, comprising cash and equity. However, the Taoyuan Union, representing about two-thirds of local employees, stated that consensus has not yet been reached and demanded that 15% of operating profits be allocated to employee bonuses. The union warned that if its demands are not met, it will continue with strike procedures. Micron employs approximately 15,000 people in Taiwan and has cumulatively invested over NT$1.6 trillion.
Coherent showcases high-speed optical interconnect solutions; Corning expands fiber optic and connector production capacity
Reports from the weekend Optical Expo by Cailian Press show that $Coherent (COHR.US)$ the company showcased its 12.8T XPO and 6.4T pluggable CPO solutions. The supply of high-end EML optical chips still primarily comes from Coherent, $Lumentum(LITE.US)$ and other manufacturers. $Corning (GLW.US)$ The company stated that global fiber optic demand remains robust, particularly in the North American market. It is expanding production capacity from fiber preforms to drawing, while also increasing capabilities for connectors and complete connectivity solutions, and strengthening the training of local technical personnel.
Top 20 by Trading Volume
Hong Kong Stock Market Preview
Southbound capital increased its holdings in Hong Kong stocks by over HK$4.4 billion, with Zhongji Innolight and Alibaba seeing net inflows of over HK$600 million and HK$500 million, respectively.
On September 11 (Friday), southbound capital recorded net purchases of HK$4.431 billion in Hong Kong stocks.
$CSOP Hang Seng TECH Index ETF (03033.HK)$、$InnoLight Technology (03308.HK)$、$Alibaba-W (09988.HK)$respectively recording net inflows of HK$937 million, HK$648 million, and HK$515 million;
$SMIC (00981.HK)$、$MINIMAX-W(00100.HK)$、$CNOOC (00883.HK)$respectively experiencing net outflows of HK$171 million, HK$96.32 million, and HK$17.15 million.
Zhipu AI announced a financing arrangement of approximately $5 billion, with 60% of the funds allocated to model R&D and computing power.
$Zhipu AI (02513.HK)$ The company plans to raise approximately USD 5 billion through a share placement and the issuance of zero-coupon convertible bonds. This includes the placement of up to 21.965 million new H shares at HKD 714 per share, representing a discount of approximately 9.96% to the closing price last Friday, with net proceeds expected to reach HKD 15.664 billion. Additionally, it will issue zero-coupon convertible bonds with a principal amount of RMB 20.14 billion, maturing in 2027, and an initial conversion price of HKD 892.50. Approximately 60% of the net proceeds will be allocated to the research and development of next-generation GLM models and fully self-trained systems, as well as the deployment of training, inference, and computing power infrastructure.
Cambridge Technologies has begun small-batch shipments of its 1.6T optical modules and is participating in the formulation of XPO standards.
Cambridge Industries Group (06166.HK) At the Optical Expo, the company showcased its 1.6T OSFP optical modules. Previously, the company disclosed an annual production capacity of approximately 3.5 million optical modules, with small-batch shipments of its 1.6T products already completed. Staff at the booth stated that the company is participating in the formulation of XPO standards, noting that the industry is currently advancing standard-setting and product development in parallel. Regarding Near-Packaging Optics (NPO), company representatives indicated that packaging and connector solutions are not yet standardized, requiring customized integration with system vendors and end customers.
Moonshot AI reportedly surpassed USD 1 billion in Annual Recurring Revenue (ARR) in August, aiming for USD 2 billion in annual sales.
On September 11, Bloomberg cited sources stating that Moonshot AI, which is preparing for a listing in Hong Kong, saw its Annual Recurring Revenue (ARR) exceed USD 1 billion in August, a significant increase from USD 300 million in June, representing a growth rate of 233%. The company internally projects that its annualized revenue will reach USD 2 billion by the end of 2026. This milestone marks a critical transition for Moonshot AI from "technological leadership" to "commercial realization." The company's ARR grew from approximately USD 100 million in March to over USD 300 million by mid-June, and then surpassed USD 1 billion in August, achieving a three-order-of-magnitude leap in less than six months.
Today's Focus
Key topics: South Korean stocks launch after-hours trading; Iran to discuss Hormuz agreement with Gulf states
In major developments, the Korea Exchange will introduce after-hours stock trading;
Iran will hold meetings with Gulf countries in Salalah, Oman, to negotiate a temporary management agreement for shipping in the Strait of Hormuz;
At 15:00, a regular State Council policy briefing will be held, with participation from heads of the Ministry of Industry and Information Technology, the People's Bank of China, the State-owned Assets Supervision and Administration Commission, and the China Securities Regulatory Commission.
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Editor / Rocky