Market Snapshot
Pre-market trading on Tuesday saw declines across the three major stock index futures. As of press time, Dow Jones Industrial Average futures fell 0.26%, Nasdaq-100 futures dropped 0.10%, and S&P 500 futures declined 0.15%.
U.S. Treasury yields rose in most cases.
Oil prices rise.
Precious metals such as gold and silver edged lower.
Cryptocurrencies including Bitcoin and Ethereum all declined.
$Star Tech Stocks (LIST2518.US)$Most stocks traded lower in pre-market hours. Google fell nearly 1%, Tesla dipped slightly, ASML Holding rose more than 3%, Intel and Micron Technology gained over 1%, while NVIDIA, AMD, and SpaceX each advanced by nearly 1%.
$Popular Chinese ADRs (LIST2517.US)$Most stocks traded lower in pre-market hours. XPeng dropped nearly 3%, Li Auto fell more than 2%, Trip.com Group rose nearly 2%, while Taiwan Semiconductor and Alibaba each gained close to 1%.
$Memory Concept Stocks (LIST23925.US)$Stocks edged higher in pre-market trading. SanDisk and Micron Technology rose more than 1%, while Seagate Technology, Western Digital, and SK Hynix each gained nearly 1%.
$Optical Communications (LIST23979.US)$Stocks moved higher in tandem. Nokia surged more than 3%, AXT Inc. rose nearly 3%, Applied Optoelectronics, Lumentum, and Credo each gained close to 2%, while Astera Labs and Corning advanced by nearly 1%.
$Cryptocurrency-related stocks (LIST20010.US)$Pre-market trading was broadly negative. Circle dropped more than 5%, Coinbase and Strive fell over 4%, Strategy and Bitmine Immersion Technologies declined more than 3%, and Robinhood slipped over 2%. On the news front, the U.S. Senate is scheduled to hold a procedural vote on the CLARITY Act at 14:15 local time on September 15 (02:15 Beijing time on September 16). The bill requires 60 votes in support to proceed to formal deliberation. Senate Republicans released the final revised text on September 14, incorporating 126 amendments proposed by Democrats and most ethical provisions accepted by Trump.
Individual Stock News
Taiwan Semiconductor's advanced 3nm and 2nm process nodes and advanced packaging capacity remain in short supply.
According to market sources, as we enter the latter part of the third quarter,$Taiwan Semiconductor (TSM.US)$Capacity for advanced 3nm and 2nm process technologies and CoWoS advanced packaging remains in short supply. Supply chain insiders revealed that NVIDIA and Apple continue to secure TSMC's advanced process and packaging resources. Additionally, Amazon AWS has recently increased wafer starts for its self-developed AI chips, with its subsidiary Annapurna securing more 3nm capacity. Beyond mobile chips, MediaTek is also competing for 2nm/3nm process and CoWoS-S/L capacity due to large orders related to Google's TPUs.
NVIDIA's GeForce RTX 60 series, powered by the Rubin architecture, is expected to launch next year.
Powered by the Rubin architecture,NVIDIA (NVDA.US)The GeForce RTX 60 series is reportedly confirmed for launch in the first half of 2027. Given that the GeForce RTX 50 series already failed to meet market demand upon its release, it is expected that the next generation will face similar challenges. Consequently, the retail prices consumers ultimately pay for these graphics cards are likely to be significantly higher than NVIDIA's official suggested retail prices.
NVIDIA responds to interaction between Jensen Huang and Trump
According to NBC News, on the 14th local time,NVIDIA (NVDA.US)CEO Jensen Huang received a phone call from U.S. President Trump during the All-in Summit held in Los Angeles. Huang put the call on speakerphone, and the two discussed the development of artificial intelligence. "Robots will not take over the world. AI will not take over the rest of the world either," Trump told Huang. "It is all a hoax." U.S. media outlet Axios reported that this remark referred to recent warnings about the catastrophic risks posed by artificial intelligence.
Reports indicate that Trump also mentioned during the call that "the development of the AI industry must not slow down," to which Huang responded, "You are right. We will never let that happen." According to U.S. news outlet Axios, Huang also addressed concerns regarding AI safety at the summit. However, he rejected the prediction that "AI could end humanity," describing it as lacking scientific basis. He stated that if AI companies feel their R&D efforts are spiraling out of control, they should pause or slow down development. NVIDIA stated that it would not comment on the interaction between Jensen Huang and Trump, nor on whether they would meet soon to discuss these issues.
CrowdStrike CEO: Slowing AI development will not eliminate security risks
George Kurtz, CEO of the global cybersecurity leader$CrowdStrike (CRWD.US)$stated on Monday that slowing the development of increasingly powerful AI models cannot eliminate their security risks. "The Pandora's box has been opened," Kurtz said in an interview. "There are already numerous models in the market, whether frontier models or open-weight models, which are inherently dangerous."
Kurtz believes that regardless of whether frontier laboratories slow down development, the need for cybersecurity remains constant, as potentially risky models have already been deployed. "The security industry has a responsibility to help protect at least the models already in use, while the pace of development for frontier models is determined by the developers themselves," Kurtz pointed out. He noted that the challenge lies in AI agents potentially deviating from training objectives or bypassing built-in safety protections. Earlier this summer, an OpenAI model broke out of its testing environment and infiltrated the Hugging Face platform.
Apple accepts Samsung's memory chip price quotes for the first quarter of next year
According to Jiemian, Apple has acceptedSamsung Electronics (005930.KR)Q1 2027 memory chip quotes: DRAM (Dynamic Random Access Memory) approaches $2.0/Gb, and NAND flash memory approaches $0.33/Gb, representing a 30%-40% increase compared to quotes in Q3 of this year.
Bernstein expects CoreWeave to be one of the companies most affected by the "AI slowdown"
Investment bank Bernstein stated that the slowdown in artificial intelligence (AI) model training, as called for by industry giants, could negatively impact data center developers and new cloud service providers, among which$CoreWeave (CRWV.US)$CoreWeave may be one of the most significantly affected companies. Analysts noted: "We estimate that 25% of CoreWeave’s currently operational power capacity in the United States is located in Tier 3 and Tier 4 markets. Furthermore, approximately 74% of its contracted power capacity is also situated in these markets."
"Its backlog consists primarily of 'take-or-pay' contracts, so we do not expect this portion to be at risk. However, if the pace of training development slows, we may see a decline in demand for rural power capacity that has been contracted but not yet sold."
Bank of America: AI capacity continues to face strong multi-year demand; maintains "Buy" ratings for Amazon and Alphabet
BofA Securities stated in a research report that AI giants are calling for a slowdown in AI development and stronger regulation. The bank believes that although U.S. industry leaders are not advocating for a complete halt, safety concerns may slow the pace of frontier AI development, which could negatively impact investment sentiment in internet hyperscalers, including$Google-A (GOOGL.US)$and$Amazon (AMZN.US)$in the short term. However, the bank pointed out that AI capacity will continue to see strong demand for many years. Amazon and Alphabet enjoy favorable profit margin advantages due to their chip technologies, and both maintain "Buy" ratings.
JPMorgan says ASML plans to produce more than 110 EUV lithography machines by 2028, with Intel expected to be a key customer
JPMorgan analysts stated that due to strong AI demand,$ASML Holding (ASML.US)$it is studying the production of over 110 EUV units in 2028. JPMorgan added that ASML's low-NA EUV capacity in 2026 will be approximately 65 units, with plans to increase annually by 30% in the next two years. The current main bottleneck in production is assembly speed rather than supply chain issues.
The bank expects that$Intel (INTC.US)$Intel will once again become a key customer of ASML in 2027; meanwhile, Terafab, currently being established by Musk, is listed as a developing new customer. Regarding the next-generation High-NA EUV lithography machines, the bank expects customers to begin adoption in 2028, with larger-scale usage gradually increasing over the next decade. In the Chinese market, the bank expects ASML's sales to Chinese memory chip manufacturers to remain strong in 2027.
Broadcom CEO Hock Tan remains bullish on computing power demand, sticking to the $100 billion revenue target
Amid recent market concerns that the development of advanced AI models may slow down,$Broadcom (AVGO.US)$In an interview, Broadcom CEO Hock Tan explicitly stated that the ongoing dispute would not affect the company's long-term performance outlook, reaffirming its revenue targets for fiscal years 2027 and 2028. When announcing its earnings earlier this month, Broadcom projected that its AI chip business would generate $115 billion in revenue in fiscal 2027, doubling to $230 billion in fiscal 2028.
He further noted that demand would remain robust, both for computing power dedicated to advanced model development and for inference capabilities serving global markets. Tan also revealed that Anthropic is expected to surpass Google in 2027 to become Broadcom's largest customer for customized chips.
Micron's Taiwan union threatens strike, raising alarms over HBM supply
Representative$Micron Technology (MU.US)$A union representing employees at Micron Technology's Taiwan facility warned on Tuesday that it may resort to a strike unless the U.S. memory chip manufacturer agrees to establish a permanent profit-sharing scheme, further escalating labor disputes at its largest manufacturing hub. The union stated that it is seeking a long-term, transparent, and verifiable profit-sharing mechanism rather than one-off bonuses, reiterating its demand to allocate 15% of Micron's operating profits to employees worldwide.
The Taiwan region is a key production center for Micron’s DRAM and high-bandwidth memory (HBM) chips, which are core components of AI servers. Although no strike has been announced and production remains unaffected, any labor action could exacerbate supply concerns in the already tight memory chip market.
Global Macro
Bessent to testify at 22:00 tonight; U.S. Treasury market watches closely for new signals
U.S. Treasury Secretary Bessent is scheduled to appear before the House Financial Services Committee at 10:00 PM tonight for a hearing titled "Annual Testimony of the Secretary of the Treasury on the State of the International Financial System." With the yield on the 10-year U.S. Treasury note having risen above 5%, market participants will closely monitor whether Bessent provides new signals regarding fiscal policy, Treasury issuance and buyback plans, debt management, as well as the outlook for the U.S. dollar and interest rates.
If his remarks lean toward deficit control and stabilizing the bond market, upward pressure on long-end U.S. Treasury yields may ease. However, if he signals further fiscal expansion or greater tolerance for high interest rates, investors should be wary of a further rise in Treasury yields and watch for correlated reactions in the U.S. dollar, gold, U.S. equities, and risk assets.
WTO: AI projected to drive 13.2% growth in global GDP by 2040
In a report released on the 15th, the World Trade Organization (WTO) stated that artificial intelligence (AI) is projected to boost global gross domestic product (GDP) by 13.2% by 2040. Meanwhile, AI is expected to increase global trade volume by 40% by 2040, with the largest growth occurring in services that can be delivered digitally.
Iranian Statistics: Trump Claimed “Victory” 68 Times, All Lies!
Iran's Tasnim News Agency reviewed and tallied statements made by U.S. President Trump from the outbreak of the Iran conflict to September 14, 2026, finding that he told a total of 68 lies. The media outlet noted that Trump frequently discussed U.S. "victory" and advantages in the war. From declaring victory in the early stages of the conflict to repeatedly asserting U.S. success in the following months, such remarks were commonplace. According to the statistics, these statements were recorded 68 times in total, with the highest number occurring in June at 15 instances, followed by March with 14 instances.
Pentagon admits ammunition shortages in war with Iran; officials confirm Trump administration downplayed the issue
Pentagon officials admitted to the Department of Defense's independent inspector general that the United States fired such a large volume of munitions at Iranian targets during the initial months of Operation Epic Fury that it "caused shortages in strategic stockpiles and exposed industrial base bottlenecks in ammunition replenishment." In a report released late Monday, the Pentagon Inspector General stated that procurement officials described their efforts to "streamline acquisition processes and production delivery cycles, and to stockpile critical materials, components, and selected munitions to enable rapid response to contingencies."
The inspector general's report covers U.S. military operations in the conflict with Iran through June 30, marking an official confirmation of issues repeatedly downplayed by the Trump administration. The report shows that the Department of Defense estimates the value of ammunition consumed in the war at approximately $22.3 billion by the end of June, with total costs for the period exceeding $33 billion.
Lavrov: Russia willing to reach compromise on Ukraine issue within established positions
According to CCTV, Russian Foreign Minister Lavrov stated on September 15 local time that Russia is willing to engage in a new round of negotiations on the Ukraine issue and is prepared to reach a compromise within its established positions and framework. Lavrov noted that Russia hopes to end the conflict and has never refused to negotiate on mediating the Ukraine issue.
He stated that Russia is not responsible for the suspension of negotiations and is willing to participate in bilateral or trilateral talks if relevant parties demonstrate a willingness to negotiate. Lavrov also emphasized that Russia has not changed its position on the Ukraine issue and that the objectives of the special military operation remain unchanged. He further stated that Russia will not suspend the special military operation during negotiations.
Top 20 U.S. Stocks by Premarket Trading Volume
U.S. Equity Market Macro Calendar Reminder
(All times listed below are in Beijing Time)
20:15 US ADP Non-Farm Employment Change for the Week Ending August 29 (10k)
20:30 US Empire State Manufacturing Index for September
22:00 US Treasury Secretary Bessent attends hearing before the House Committee on Financial Services
Early the following morning
04:30 US API Crude Oil Stockpiles for the Week Ending September 11 (10k barrels)
After-Hours Earnings
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