Market Snapshot
In pre-market trading on Wednesday, the three major U.S. stock index futures rose across the board. As of press time, Dow Jones futures were up 0.32%, Nasdaq 100 futures gained 0.58%, and S&P 500 futures rose 0.35%.
U.S. Treasury yields fell broadly.
Oil prices declined.
Precious metals, including gold and silver, rose.
Bitcoin and Ethereum advanced.
$Star Tech Stocks (LIST2518.US)$Most stocks rose in pre-market trading. Intel surged more than 3%, ASML Holding gained nearly 3%, AMD rose nearly 2%, Micron Technology increased by over 1%, while NVIDIA, SpaceX, Meta Platforms, and Broadcom each climbed nearly 1%.
$Popular Chinese ADRs (LIST2517.US)$Stocks generally rose in pre-market trading. Trip.com Group jumped nearly 4%, ASE Technology Holding rose more than 2%, and Taiwan Semiconductor gained over 1%, while Alibaba and Baidu edged slightly lower.
$Optical Communications (LIST23979.US)$Equities strengthened in pre-market trading. Nokia soared 6%, AXT Inc and Applied Optoelectronics rose more than 3%, Corning, Lumentum, and Ciena each gained nearly 3%, and Marvell Technology increased by over 2%.
$Gold (LIST2110.US)$、$Silver (LIST2093.US)$Stocks rose broadly in pre-market trading. Aya Gold & Silver and Harmony Gold each gained nearly 3%, Pan American Silver and Gold Fields rose more than 2%, and Newmont climbed nearly 2%.
$Memory Concept Stocks (LIST23925.US)$Stocks edged higher in pre-market trading. SK Hynix rose more than 3%, Western Digital gained nearly 2%, while Seagate Technology, SanDisk, and Micron Technology each increased by over 1%.
$Semiconductor (LIST2015.US)$Stocks rose in pre-market trading: Intel gained nearly 3%, Marvell Technology and Credo rose more than 2%, AMD climbed nearly 2%, while Micron Technology and Taiwan Semiconductor advanced more than 1%.
Individual Stock News
SK Hynix reaches agreement with labor union: profit-sharing bonuses to be split evenly between cash and stock.
$SK Hynix (SKHY.US)$A new wage and collective bargaining agreement has been reached with the labor union, increasing the cash portion of profit-sharing bonuses to 50%, with the remaining 50% paid in company stock. Approximately 57% of union members voted in favor of the new agreement, after previously rejecting the company's proposal for a 40:60 cash-to-stock ratio. This agreement concludes roughly two weeks of renegotiations. Last year, SK Hynix agreed to remove the cap on profit-sharing bonuses and committed to allocating 10% of its annual operating profit to employee bonuses for ten consecutive years.
SK Hynix responded to reports regarding its cooperation with Intel, stating that no specific plans have been finalized.
$SK Hynix (SKHY.US)$: No plans related to the reported negotiations between SK Hynix and Intel on memory chip production in the United States have been confirmed at this time. Various options are being explored to enhance global competitiveness, but no specific plans or arrangements have been determined.
Media outlets previously reported$SK Hynix (SKHY.US)$Currently with$Intel (INTC.US)$that the parties were discussing a cooperation agreement, which could lead to the first domestic production of memory chips in the United States. One option involves SK Hynix leasing part of Intel's facility in Ohio. An alternative scenario entails forming a joint venture among SK Hynix, Intel, and major cloud service providers.
Memory prices have surged five to seven times, and Intel's CEO warns that the memory shortage will continue to worsen.
$Intel (INTC.US)$CEO Lip-Bu Tan believes that the memory shortage will continue to deteriorate, and that power supply and cooling technology will become two major challenges facing the semiconductor industry in the near future. Mr. Tan stated that when he highlighted memory as a potential significant bottleneck early last year, few people likely realized the severity of the issue. The problem has indeed materialized, and conditions are expected to worsen further.
Production capacity is also severely constrained, forcing many projects to be delayed due to insufficient memory supplies, while memory prices have risen to five to seven times their original levels. Securing memory supply has become particularly difficult for mid- to low-end smartphones and laptops.
SpaceX plans to conduct its first Earth-orbit test flight on September 22.
$SpaceX (SPCX.US)$The 14th test flight of the Starship heavy-lift launch vehicle is scheduled for September 22, marking the first attempt to place Starship into Earth orbit. The mission also plans to deploy 26 next-generation Starlink V3 satellites.
Meta is ramping up its in-house AI chip development, with deployment in data centers scheduled for the first half of next year, aiming to reduce inference costs and energy consumption.
$Meta Platforms (META.US)$The company plans to deploy its next-generation proprietary AI chips in data centers in the first half of 2027, hoping to lower the energy consumption and costs required to run AI models through custom silicon. Meanwhile, the company has committed to a deployment scale of over 1 gigawatt for these chips and stated that if AI demand remains strong, subsequent deployment speeds will accelerate further.
Yee Jiun Song, Vice President of Engineering at Meta, stated that the company's third-generation proprietary AI processor, MTIA 450, codenamed "Arke," is currently in the testing phase. Arke has entered actual testing. On September 1, Taiwan Semiconductor delivered the first batch of 12 Arke chips to Meta, with actual performance deviating from previous simulation results by only 2% to 3%.
Dell Technologies rose more than 2% in pre-market trading, as the CEO stated that PC prices will continue to rise amid the AI boom.
Recently$Dell Technologies (DELL.US)$CEO Michael Dell told investors that amidst the artificial intelligence boom, prices for computing equipment and personal computers will continue to rise, and the "structural shortage" of hardware chips is likely to worsen further in 2027.
Additionally, Royal Bank of Canada Capital Markets initiated coverage on Dell Technologies with an "Outperform" rating and a target price of $640. Analysts noted that there are no signs of slowing down, and Dell remains well-positioned to benefit from the multi-year AI infrastructure spending cycle.
Trip.com Group rose more than 5% in pre-market trading after its second-quarter earnings exceeded expectations, with international business being the standout highlight.
$Trip.com (TCOM.US)$In the second quarter of 2026, net operating revenue reached RMB 15.7 billion, a year-on-year increase of 6%. Due to antitrust penalties imposed by the State Administration for Market Regulation, the company recognized one-time expenses of approximately RMB 5.2 billion, recording a net loss of RMB 2.4 billion; excluding the impact of this penalty, net profit was RMB 2.7 billion.
International business remains the standout performer: revenue from international OTA platforms grew by over 50% year-on-year, while inbound tourism revenue continued to achieve high double-digit growth on a substantial base. Inbound tourism orders increased by 95% year-on-year in the first half of the year, with 118,000 hotels on the platform securing inbound tourism bookings.
Global Macro
Will the Federal Reserve pull the trigger on a rate hike at 2:00 AM tonight?
At 2:00 AM Beijing time on Thursday, the Federal Reserve will announce its interest rate decision, followed by a press conference hosted by Waller at 2:30 AM. Market pricing indicates a probability of over 90% for a 25-basis-point rate hike. Meanwhile, oil prices have risen above $100 per barrel, and the yield on the 10-year U.S. Treasury note has breached the key psychological threshold of 5%. The true focus of this meeting may not lie in whether rates are raised, but rather in whether the dot plot becomes more hawkish, how the future policy path is described, and what signals are conveyed during the press conference.
Related Reading:Citi signals a “tweak” while Goldman Sachs sees “no signal”; will the Fed deliver a dovish rate hike tonight?
Sources: U.S. officials met with Houthi representatives in Oman over the weekend
According to Reuters, five sources disclosed that U.S. officials held meetings with representatives of Yemen's Houthi rebels in Oman last weekend. This followed a major offensive by the militia group, which seized a strategic stretch of coastline along the Red Sea and defeated Saudi-backed forces. Three sources stated that the meeting took place at the U.S. Embassy in Muscat but was not publicly announced. Two of these sources indicated that the Omani government, a long-standing mediator in the region, helped organize the meeting.
According to two sources, during the meeting held on Sunday, the Houthis informed U.S. officials that they had no intention of attacking U.S. vessels and pledged to adhere to the 2025 ceasefire agreement reached with the United States. A Yemeni source added that the militia also stated it would not target Israeli vessels or any commercial ships, except for those belonging to Saudi Arabia. Two sources revealed that the U.S. side was represented by embassy personnel.
U.S. House Speaker: Major figures in the AI sector to attend important meeting at the White House
U.S. House Speaker Johnson stated that he spoke with Trump on Monday evening local time, and they are convening executives from artificial intelligence providers—“all the big names you know”—to attend a significant meeting at the White House in the coming week. Johnson emphasized that the approach to establishing guardrails for AI must be balanced and well-considered. “I believe independent auditing bodies are needed, and those developing this technology must maintain transparency. There are several crucial concepts that can serve as guardrails,” he said.
Bank of America raises its 2030 global semiconductor industry TAM forecast to $3.2 trillion
In a research report, Bank of America Securities reiterated its view that the AI industry is shifting from proving return on investment to addressing structural and physical constraints such as chip supply and power availability. Shortages and price increases in memory chips remain key levers driving industry growth, while the outlook for AI and servers has become clearer. The bank raised its forecast for the total addressable market (TAM) of the global semiconductor industry in 2030 from $2.7 trillion to $3.2 trillion, implying a compound annual growth rate of 18% between 2026 and 2030.
The bank noted that valuations for semiconductor stocks remain attractive, but maintained a cautious stance ahead of the midterm elections and until macroeconomic concerns ease. Computing stocks such as NVIDIA and AMD, networking stock Marvell Technology, and analog chip stocks Analog Devices and ON Semiconductor have demonstrated greater resilience.
Ends in a 50-50 Tie: CLARITY Act Stalled and Fails to Pass
The vote on the CLARITY Act in the Senate ended in a 50-50 tie (requiring at least 60 votes in favor to pass), resulting in its failure to pass. This outcome merely means that the CLARITY Act cannot currently proceed to formal deliberation in the Senate. It does not signify the permanent death of the bill, nor does it represent a final veto. Rather, it indicates that the Senate could not conclude the procedural debate on whether to move forward with consideration, temporarily preventing the bill from entering subsequent discussions on amendments.
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 US Import Price Index MoM (August)
20:30 US Retail Sales MoM (August)
22:00 US NAHB Housing Market Index (September)
22:00 US Business Inventories MoM (July)
22:30 US EIA Crude Oil Inventories (week ending Sep 11) (10k barrels)
22:30 US EIA Strategic Petroleum Reserve Inventories (week ending Sep 11) (10k barrels)
Early the following morning
02:00 US Federal Reserve Interest Rate Decision (Upper Bound) (Sep 16)
02:00 US Federal Reserve Interest Rate Decision (Lower Bound) (Sep 16)
02:00 Federal Reserve FOMC Releases Interest Rate Decision and Summary of Economic Projections
02:30 Governor Waller Hosts Monetary Policy Press Conference
After-Hours Earnings
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