Hot news

• Well-known analyst: The recent pullback in US stocks is a good time to buy on dips!

Tom Lee, co-founder and head of research at the US investment agency Fundstrat Global Advisors, suggested in a newly released report that investors should buy US stocks on dips before releasing the May employment report this Friday. He said that the slight decline in the stock market in the past week has provided investors with an attractive opportunity to enter the market, especially after the release of core personal consumption expenditure data for April, and the employment report is about to be released.

• Goldman Sachs: Hedge funds continue to reduce their exposure to large technology stocks and increase their holdings of cyclical stocks

Goldman Sachs strategist Ben Snider and others said that hedge funds continued to reduce their exposure to large technology stocks and increased their allocation to cyclical stocks, including raising their allocation exposure to financial stocks to the highest level since 2012. As investment in the field of artificial intelligence deepened and expanded, hedge funds also switched to utility stocks and entered the second quarter, and net exposure to such stocks reached the highest level since 2008.

• In May, US stocks announced repurchases of more than 200 billion US dollars, a record high for the same period

According to Birinyi Associates data, US listed companies announced a $2010 billion share repurchase plan in May, up more than 41% year over year, setting a record high for that month in history, and the fifth highest since records began.

• Online donations skyrocketed on the day Trump was convicted, and bosses such as Musk and Ackman expressed their support

The Trump campaign issued a statement saying that after the former US president was found guilty in the “Star Seal Fee” case, the amount of small donations received by the donation website WinRed almost doubled the historical record within a few hours, reaching an astonishing 34.8 million US dollars. On the other hand, within a few hours after the verdict, Tesla CEO Musk, and Bill Ackman, founder and CEO of the well-known hedge fund Pershing Plaza, and others all expressed support for Trump online.

• Unrivaled! Japan announces scale of intervention in foreign exchange market: 9.8 trillion yen shakes the financial community

According to newly released data, the Japanese authorities have spent a record total of 9.8 trillion yen (about 62.2 billion US dollars) in the past month to support the yen exchange rate. This amount exceeds the total amount used to interfere with the foreign exchange market in 2022.

Resumption of US stock trading

• The three major US stock indices closed with mixed ups and downs, while Chinese securities generally fell

The US stock Dow closed up 1.51%, with a cumulative increase of 2.3% in May; the “V” shape of the NASDAQ basically closed down, with a cumulative increase of 6.88% in May; the S&P 500 index rose 0.8%, with a cumulative increase of 4.8% in May.

Star tech stocks had mixed ups and downs. Amazon fell more than 1%, Nvidia fell less than 1%, and Microsoft, Apple, and Google rose less than 1%.

The semiconductor sector had the highest decline, with Dell Technology falling nearly 18%, the biggest one-day decline since the US IPO in 2018. Maywell Technology fell more than 10%, ultra-micro computers fell more than 5%, HP fell nearly 5%, Sun Moon Light Semiconductors fell more than 3%, and Broadcom fell more than 2%.

Popular Chinese securities generally fell. The Nasdaq China Golden Dragon Index fell 1.56%, with a cumulative decline of 0.63% last week. Xiaopeng Motors fell more than 4%, Tencent Music fell more than 3%, Ideal Auto, iQiyi, and JD fell about 2%, and NetEase, Alibaba, Baidu, and Pinduoduo fell more than 1%.

• Accelerate everything! Huang Renxun: Blackwell is now in production, and the next-generation AI platform Rubin will be launched in 2026

June 2,$NVIDIA (NVDA.US)$Founder and CEO Hwang In-hoon announced that Nvidia Blackwell chips are now in production. In his speech, Hwang In-hoon announced that Nvidia will launch the Blackwell Ultra AI chip in 2025. The next AI platform is named Rubin, and the platform will use HBM4 memory. Rubin's next-generation platform is under development and will be released in 2026. The Rubin AI platform will use HBM4 memory chips.

• Google has made an emergency fix to the “AI Overview” feature

Last Friday,$Alphabet-A (GOOGL.US)$/$Alphabet-C (GOOG.US)$It was announced that “more than ten technical improvements and updates” have been made to its AI system after discovering a series of errors in the “AI Overview” function. Liz Reed, head of Google's search business, admits that some strange, inaccurate, or unhelpful AI search results did come up.

• After Dell's results, it fell nearly 18%, and Damo: This retracement is closer to a “reverse car pick up” opportunity

AI's new favorite on the racetrack$Dell Technologies (DELL.US)$The latest quarterly report was announced earlier. Although many core financial indicators exceeded expectations, the stock plummeted by nearly 18% by the close due to falling profits and a lack of surprises in the backlog of AI server orders. Morgan Stanley analyst Erik Woodring and others believe that Dell's stock price had previously reached a record high in May, and its performance far exceeded the market. This sharp drop was also due to some investors' feelings of a profit settlement. However, Erik believes that this retracement is closer to an opportunity to “reverse and pick up”, and Dell still has room to rise.

• The second fist product is here! US FDA approves Modena RSV vaccine

Last Friday EST, US vaccine manufacturers$Moderna (MRNA.US)$It was announced that the company's respiratory syncytial virus (RSV) vaccine has been approved by the US Food and Drug Administration (FDA), which will expand its commercial reach into a wider range of fields. Moderna rose nearly 4% during the intraday period, and by the close, the stock was down nearly 6%.

Top 20 US stock turnover

Hong Kong Market Outlook

• Beishui drastically increased Tencent's position by nearly HK$1.9 billion, and bought China Mobile over HK$1.4 billion

On May 31 (last Friday), Southbound made a net purchase of HK$9.05 billion in Hong Kong stocks.

$TENCENT (00700.HK)$,$CHINA MOBILE (00941.HK)$,$BANK OF CHINA (03988.HK)$Received net purchases of HK$1,865 million, HK$1,485 million and HK$826 million respectively;$CSOP Hang Seng TECH Index ETF (03033.HK)$,$ABC (01288.HK)$,$CHINA TELECOM (00728.HK)$Net sales were HK$300 million, HK$244 million and HK$27.02 million respectively.

• May tram delivery report card: BYD sold more than 330,000 vehicles, NIO delivered a record high, and Xiaomi SU7 delivered more than 8,600 units

$BYD COMPANY (01211.HK)$: In May, sales of new energy vehicles were about 331,800 units, an increase of 38.13% over the previous year;$NIO-SW (09866.HK)$: 20,544 new cars were delivered in May, a year-on-year increase of 233.8%, a record high;$XIAOMI-W (01810.HK)$: 8,646 Xiaomi SU7 series cars were delivered in May;$LI AUTO-W (02015.HK)$: The delivery of 35020 vehicles in May increased by 23.8% year-on-year;$GEELY AUTO (00175.HK)$: Total sales volume in May was 160,700 cars, an increase of about 38% over the previous year.$LEAPMOTOR (09863.HK)$: 18,165 cars were delivered in May, which is an increase in delivery compared with 1,5005 in April.

Today's attention

Keywords: Caixin manufacturing PMI, S&P global manufacturing PMI, Youbo Holdings listing

On Monday, in terms of economic data, the final value of the US S&P global manufacturing PMI for May, the monthly rate of US construction expenditure for April, and the US ISM manufacturing PMI for May will be announced on the same day.

In terms of new shares,$UBOT HOLDING (08529.HK)$It will be listed on the Hong Kong Stock Exchange.

Futubull Chen read:

Never split your losses; you must keep this principle in mind.

—Jesse Livermore

editor/tolk