Market Snapshot
Ahead of Friday's open, the three major futures were mixed: as of press time, Dow Jones Industrial Average futures were down 0.09%, Nasdaq 100 futures were up 0.34%, and S&P 500 futures were slightly higher by 0.08%.
U.S. Treasury yields mostly rose.
Oil prices have fallen.
Gold, silver, Bitcoin, and Ethereum—precious metals and crypto assets—rose slightly.
$Star Technology Stocks (LIST2518.US)$Pre-market, most stocks rose, with Google up over 2%, Meta up over 1%, Micron Technology and Intel up nearly 1%, while NVIDIA, SpaceX, and Tesla edged higher.
$Popular Chinese Stocks (LIST2517.US)$Pre-market gains were widespread, with Alibaba up over 2%, Nio, XPeng, and KE Holdings each rising more than 1%, and JD.com and PDD Holdings gaining nearly 1%.
$Storage Concept (LIST23925.US)$Pre-market gains across the board, with SK Hynix and SanDisk up over 1%, Micron Technology up nearly 1%, and Western Digital and Seagate Technology edging higher.
$Semiconductors (LIST2015.US)$Pre-market trading continued its upward trend, with Intel, SK Hynix, and Arm rising more than 1%, while Marvell Technology, Broadcom, and Micron Technology gained nearly 1%.
$Optical Communications (LIST23979.US)$Pre-market, stocks rose across the board, with Corning, Applied Optoelectronics, AXT Inc., and Nokia up more than 2%, Coherent and Lumentum gaining nearly 2%, and Marvell Technology advancing close to 1%.
$Cryptocurrency Concept Stocks (LIST20010.US)$Pre-market gains were widespread, with Strive and Bitmine Immersion Technologies rising nearly 4%, Robinhood and Circle up over 2%, and Coinbase gaining more than 1%. On the news front, the U.S. Securities and Exchange Commission (SEC) issued a five-year "innovation exemption" with stringent conditions, establishing for the first time a dedicated federal exemption pathway for on-chain trading of tokenized NMS stocks under a licensed AMM model, thereby defining a compliance framework for on-chain trading of tokenized U.S. equities.
Individual Stock News
SpaceX's AI division is eyeing "bankruptcy data," planning to acquire customer and operational information from struggling startups to ramp up training for its Grok model.
According to insiders, under Musk's umbrella…$SpaceX(SPCX.US)$Internally, there has been discussion about acquiring customer and operational data from struggling or already‑failed startups, with the aim of obtaining higher‑quality data at a relatively low cost to enhance the performance of its AI models. While SpaceXAI is exploring additional external data sources, Musk's vast business empire remains a key reservoir of data for Grok, including information generated by SpaceX employees.
This statement suggests that SpaceX AI's future data strategy may adopt a parallel "internal-plus-external" approach: on the one hand, continuing to leverage data generated by Musk‑affiliated companies and platforms such as SpaceX and X; on the other, further expanding the breadth and expertise of its training datasets by acquiring external data sets.
SK Hynix's subsidiary, Solidigm, plans to build a NAND production facility in the eastern United States.
According to Yonhap News Agency,$SK Hynix (SKHY.US)$Its subsidiary, Solidigm, is considering establishing a NAND flash memory production base in the eastern United States. Solidigm is a U.S.-based subsidiary formed after SK Hynix acquired Intel's NAND business unit in 2021. According to industry sources on the 18th, Solidigm is currently evaluating potential sites and detailed conditions, with plans to build a large-scale NAND production line in the eastern U.S. If this large-scale production line is established in the U.S., it will become the company's first domestic manufacturing base.
Recently, reports have indicated that Solidigm is considering partnering with…$Intel (INTC.US)$They are collaborating on memory production, and rumors about its Nasdaq listing have been persistent. An SK Hynix official stated, "Solidigm is reviewing various measures to enhance its competitiveness, but no plans have been finalized yet."
Jensen Huang expects NVIDIA's chip sales to double over the next year.
$NVIDIA (NVDA.US)$CEO Jensen Huang expects that, as AI technology accelerates its penetration across various industries, the company's chip sales could double over the next year, indicating that global demand for AI infrastructure remains robust. Despite growing market concerns about the potential risks of AI's rapid development, Jensen Huang remains optimistic about the industry's outlook. NVIDIA's previously released earnings guidance also underscores the continued strong demand for AI.
Last month, the company projected that its sales for the next fiscal year would increase by approximately 70% year over year. NVIDIA also stated that, if it can secure sufficient chip supplies to meet the rapidly growing market demand, its revenue could even double.
Tesla has reportedly begun factory audits for mass production of robots, with several supply-chain companies responding.
According to Caixin, recent reports indicate that…$Tesla (TSLA.US)$The relevant team arrived in Ningbo on September 16 and, on September 17, initiated a new round of factory audits aimed at ramping up mass production for its robotics business. This round of Tesla's factory audits is squarely focused on the mass production of the Optimus robot, and the company has already placed corresponding orders with its supply-chain partners. Additionally, reports indicate that last September, Tesla launched a similar round of factory audits in China, involving traditional Tesla automotive suppliers such as Top Group, Sanhua, Zhejiang Rongtai, Xinquan Shares, and Joyson Electronics.
A staff member at Top Group replied that they have not yet received any notice regarding a factory audit by the Tesla team. "Tesla's R&D personnel are based at the Ningbo plant, which handles both automotive and robotics businesses," the staff member said. He added that the two sides have collaborated on linear and rotary actuators, as well as dexterous hand actuators, and that the robotics components base is already in place. A Sanhua spokesperson stated that they are unaware of Tesla's latest round of factory audits. He noted that the company is working with major customers to develop robotic joint actuators.
Warren Buffett steps down as Chairman of Berkshire Hathaway.
$Berkshire Hathaway-A(BRK.A.US)$/$Berkshire Hathaway-B(BRK.B.US)$On September 18, it was announced that Warren Buffett has been appointed Honorary Chairman, effective immediately, and he will continue to serve as a Director. The Berkshire Hathaway Board of Directors elected Howard Buffett (Warren Buffett's son) as Chairman. Susan Decker will remain the Lead Independent Director. In his letter to shareholders, Warren Buffett stated that now is the right time to complete the transition, adding that he is "fully confident in the company's future."
SoftBank has increased its margin loan facility for Arm to $25 billion, stepping up its bet on artificial intelligence.
$SoftBank Group (ADR) (SFTBY.US)$It has been spun off as a chip subsidiary.$Arm Holdings(ARM.US)$Margin loans collateralized by shares have increased by $5 billion, bringing the total to $25 billion. The loan was renegotiated and signed with creditors this month to support SoftBank's expansion of its artificial intelligence investments. SoftBank founder Masayoshi Son requires billions of dollars to fund his growing AI initiatives, including a nearly $65 billion commitment to OpenAI. This marks the third time SoftBank has expanded the size of its margin loan secured by Arm shares.
Lucid rises nearly 1% in pre-market trading, teaming up with Bolt to target 25,000 robotaxis in Europe.
$Lucid Group(LCID.US)$Yesterday, it was announced that the company will partner with ride-hailing platform Bolt to launch at least 25,000 robotaxis across Europe. The two companies will jointly develop and deploy autonomous mobility services.
iQIYI rose nearly 2% in pre-market trading, poised for a seventh consecutive gain, driven by the dual engines of AI and international expansion.
$iQIYI (IQ.US)$Previously, the stock had risen for six consecutive sessions, driven by the dual forces of AI‑driven commercialization and robust growth in overseas operations. AI is boosting efficiency and cutting costs: CEO Gong Yu stated that AI can reduce production expenses and timelines by 70%–90%, while the short‑form drama market share has doubled from 25% to 50%. Overseas membership revenue grew 40% year over year in the second quarter, with Brazil and Mexico posting growth rates of 215% and 150%, respectively. Cash flow also improved, with free cash flow reaching RMB 320 million in the second quarter, compared with a negative figure in the same period last year. Earlier, Orient Securities maintained a "Buy" rating with a target price of US$1.18 per ADS, citing the potential for AI adoption to spur a recovery in performance‑based advertising.
On Holding rose more than 6% in pre-market trading, while Nike edged lower, as French football superstar Kylian Mbappé signed with On Holding's football promotion program.
French football superstar Mbappé has signed a contract.$On Holding (ONON.US)$its football promotion program. On Holding also signed French footballer Thierry Henry, driving the expansion of its football business. For years, On Holding has focused on the high-end running-shoe segment and has since expanded into the tennis market. In 2019, Roger Federer signed with the brand and acquired an equity stake; athletes currently outfitted by On include U.S. Open runner-up Ben Shelton.
Anthropic has quietly established a biological laboratory, leveraging AI to advance pharmaceutical research.
Reuters, citing sources familiar with the matter, reported that Anthropic has quietly established a wet lab in the San Francisco Bay Area, further expanding its AI operations into hands-on fields such as biological research and drug discovery.
Global Macro
Goldman Sachs: Concerns about a "profit bubble" are exaggerated, and the S&P 500 is expected to rise to 8,700 points next year.
Goldman Sachs strategists said that U.S. companies' strong earnings performance is being supported by a solid economic outlook and the artificial intelligence (AI) boom, suggesting that concerns about an "earnings bubble" have been overstated. Data show that S&P 500 constituent companies saw their profits surge by roughly 30% in each of the first two quarters, placing them among the strongest performances on record. Full-year earnings expectations have also reached their highest level since the post‑COVID‑19 rebound in 2021.
Although this pace of growth suggests that companies are "over‑earning" as AI investment surges, Goldman Sachs' strategy team, led by Ben Snider, says it expects profit growth to slow in the coming years rather than collapse entirely. In a report, Snider wrote: "Market pricing reflects expectations of sustained earnings growth, but also reasonable skepticism about the sustainability of current profitability." Goldman Sachs forecasts corporate earnings will rise 11% next year and could propel the S&P 500 up 14% over the next year, to around 8,700 points.
The Three Wizards Day is upon us tonight—how will U.S. stocks perform?
Triple‑witching day refers to the trading day when stock options, index options, and index futures all expire simultaneously, typically occurring on the third Friday of March, June, September, and December. With a large number of contracts expiring at once, institutional investors must close out positions, roll them over, or re‑establish hedges before the market closes, leading to a significant spike in trading volume.
According to the latest data from Citadel Securities, as of September 16, approximately $7 trillion in U.S. equity options nominal exposure is set to expire on September 18, accounting for roughly 25% of the total U.S. options exposure—the second-largest expiration volume on record. This figure has risen further from the $6.2 trillion estimated on August 27.
Related Reading:The Three Wizards Day returns tonight, and the central bank has just announced a rate hike—can the AI sector's rebound hold?
Following the Bank of Japan's rate hike, the yen fell instead of appreciating, bringing intervention risks back into the spotlight.
The yen fell after the Bank of Japan raised interest rates by the expected 25 basis points. Earlier this week, the Federal Reserve's hawkish rate hike had already weakened the currency. Earlier this month, the yen had surged, boosted by expectations of a faster policy tightening by the Bank of Japan, the unwinding of yen‑funding carry trades, and speculation that Japanese pension funds might shift more capital into domestic assets. Strategists warn that if investors conclude the Bank of Japan's tightening path cannot keep pace with the Fed's, the dollar/yen could climb toward 160.
Given that a 25-basis-point rate hike has largely been priced in by the market, this risk becomes particularly pronounced if Friday's decision or subsequent communications are interpreted as dovish. The latest round of declines has also brought intervention risks back into focus. Officials have emphasized the pace and disorderliness of exchange-rate movements rather than any specific level, but if the yen once again approaches 160, it could test their tolerance. Traders will be watching Kazuo Ueda's post‑decision press conference for clues about the next steps and scope of further tightening.
JPMorgan points to new buying opportunities: Bitcoin's upside potential has already surpassed that of gold.
Due to concerns over the U.S. government's soaring debt and expectations of a continued depreciation of the U.S. dollar, Wall Street has been emphasizing that gold will maintain its bull market momentum over the long term. Although it may decline in the near term amid Federal Reserve rate hikes, its future outlook remains positive. Meanwhile, JPMorgan noted in its latest research report that Bitcoin currently has greater upside potential than gold, attributing this not so much to market enthusiasm for cryptocurrencies as to cold, structural market mechanisms.
Morgan Stanley's analyst team points out that Bitcoin's upside advantage is mainly reflected in two aspects. First, compared with gold ETFs, the total scale of recent inflows into Bitcoin ETFs is much smaller. More importantly, the large number of short positions on Bitcoin ETFs creates conditions for a potential squeeze in the future, whereas gold does not face this risk.
Trump and Warsh weathered the rate hike in good spirits, but their friendship may not withstand another one.
Nick Timiraos, a senior reporter on Federal Reserve monetary policy at The Wall Street Journal, wrote that Trump has long criticized the Fed for keeping interest rates too high, but after the Fed raised rates this week, he claimed to have endorsed the decision during a phone call with Fed Chair Janet Yellen just days before the move. According to people familiar with the matter, the call between Trump and Yellen came as a surprise to many of the president's close advisers. This "truce" clearly signals that Yellen has temporarily defused the White House's earlier tensions, which had portrayed the Fed as an adversary.
The risk is that this situation may only last until the Federal Reserve raises interest rates again. A senior government official said that if the Fed decides to hike rates once more in October—just before the midterm elections—Warsh could find himself under closer scrutiny from Trump and his advisers. Trump's portrayal of a hostile Federal Reserve Board may leave investors wondering: Is Warsh really leading the Fed, or is he being led by it?
Foreign Ministry: China and the United States are maintaining communication on arrangements for high-level interactions within the year.
On September 18, Foreign Ministry Spokesperson Gao Feng chaired the regular press conference. A reporter asked about the upcoming meeting between the Chinese and U.S. presidents. In response, Gao Feng stated that China and the United States are maintaining communication regarding arrangements for presidential-level interactions within the year.
The European Union is seeking to impose restrictions on imports of Chinese hybrid vehicles, while the Ministry of Foreign Affairs stated that the essence of China–EU economic and trade relations is mutual benefit and win-win cooperation.
On September 18, Foreign Ministry Spokesperson Gao Feng chaired the regular press conference. A reporter asked: The European Union has called on the Chinese government to cap the share of hybrid vehicle exports to the European market at 15 percent. What is the Foreign Ministry's comment?
Guo Jia-kun stated that specific questions should be directed to the relevant Chinese authorities. We wish to emphasize that the essence of China–EU economic and trade relations is mutual benefit and win-win cooperation, not zero-sum competition in which one side wins at the other's expense. Upholding openness and cooperation and resolving economic and trade differences through equal-footed dialogue and consultation serves the common interests of both China and the EU. The development of China's electric‑vehicle industry has provided global consumers with high‑quality, cost‑effective products and has made a positive contribution to the worldwide transition toward green and low‑carbon development.
South Korean President Lee Jae-myung: A $350 billion investment in the United States keeps me up at night.
South Korean President Lee Jae-myung said that negotiations between South Korea and the United States on projects related to a $350 billion investment pledge have kept him "up at night." Earlier, he discovered unacceptable clauses in an agreement that was nearly finalized, prompting the talks to restart. At a press conference Friday, Lee stated, "I myself have been unable to sleep because this is of great importance." These remarks underscore the challenges Seoul faces in implementing the investment plan agreed upon last year with the Trump administration. Both sides are working to identify the first batch of projects under the deal.
Due to delays in related developments, the U.S. government expressed dissatisfaction, and President Trump abruptly scaled down the size of the U.S.-South Korea joint military exercises last month. Lee Jae-myung stated that South Korea will only move forward with projects deemed commercially viable. After "extremely difficult" negotiations with Washington, Seoul insisted on including this condition in the agreement.
The Pakistani military stated that it would support Saudi Arabia in countering the Houthi rebels "at all costs."
According to China Central Television, Saudi Arabia, a Gulf nation, is currently facing increasingly fierce attacks from Yemen's Houthi rebels. As an ally that has signed a joint defense agreement with Saudi Arabia, Pakistan's response has drawn close international attention. In an interview on the 17th, a Pakistani military spokesperson stated that Pakistan will support Saudi Arabia "at all costs," including assisting in the defense of the holy cities of Mecca and Medina within Saudi territory. This week, the Houthi rebels launched a new wave of strikes against Saudi Arabia; Riyadh accused them of attempting to target Mecca with drones, which were intercepted and destroyed by Saudi air defenses.
The Secretariat of the Organization of Islamic Cooperation subsequently issued a statement condemning the Houthi forces. The Houthis, for their part, denied attacking Mecca and accused Saudi Arabia of "lying." In an interview, Pakistani military spokesman Ahmad Sharif Chaudhry stated that Pakistan would support Saudi Arabia "both diplomatically and through concrete actions," adding that it would "go to any lengths to safeguard the holy sites and the security of the Kingdom of Saudi Arabia."
Top 20 Stocks by Pre-Market Trading Volume in the U.S. Market
U.S. Stock Market Macro Calendar Reminder
(The following is in Beijing Time)
21:15 U.S. August Industrial Production Month-on-Month Rate
21:30 Federal Reserve Board Governor Bowman participates in a discussion on stress testing.
22:00 U.S. August Conference Board Leading Index (MoM)
23:45 2028 FOMC voter and President of the Kansas City Fed, Esther George, delivers a speech.
The following day at dawn
01:00 U.S. Total Oil Rig Count for the Week Ending September 18 (rigs)
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Edited by melody