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On Friday during Pre-Market Trading, the three major Equity Index futures fluctuated and rose.
Growth Tech stocks collectively rose before the market open. $Tesla (TSLA.US)$、 $Broadcom (AVGO.US)$、 $Meta Platforms (META.US)$ Increased by nearly 1%.
China Concept Stocks show mixed performance in Pre-Market Trading, $MINISO (MNSO.US)$ increased nearly 3%,$Alibaba (BABA.US)$ Increased by over 1%, $Kingsoft Cloud (KC.US)$ increased by 3%.
China Concept Stocks related to Cryptos in the USA show mixed rises and falls in Pre-Market Trading. $Strategy (MSTR.US)$ Increased by nearly 2%, $Coinbase (COIN.US)$ 、 $MARA Holdings (MARA.US)$ down over 1%.
To bypass the USA ban, NVIDIA intends to launch a "revised" H20 chip in the Chinese market.
According to Reuters, three informed sources revealed that after the US government implemented export restrictions on original chips,$NVIDIA (NVDA.US)$plans to launch a downgraded special version of the H20 AI Chip for the Chinese market within the next two months. Two of the sources stated that this US chip manufacturer has informed its major customers in China, including leading Cloud Computing Service providers, that the goal is to release the modified H20 Chip in July. In the face of the US government's continuously escalating semiconductor technology blockade against China, the release of the downgraded H20 Chip marks NVIDIA's ongoing efforts to maintain one of its most important markets. As of the time of writing, NVIDIA is up 0.11% in Pre-Market Trading.
The iPhone product line is rumored to undergo a major expansion: releasing new models twice a year, with a maximum of six new products.
There are reports that starting in 2026, $Apple (AAPL.US)$ the iPhone release strategy will change: basic models will be launched in the first half of the year, while Pro, ultra-thin models, and new foldable models will be updated in the second half. Analysts state that these changes are mainly influenced by competition in the Chinese market, as releasing a phone only once a year creates too long a marketing gap. As of the time of writing, Apple is up 0.33% in Pre-Market Trading.
Trump's tariffs triggered a wave of emergency Orders! Taiwan Semiconductor's revenue surged by 48% in April.
The world's largest chip foundry company $Taiwan Semiconductor (TSM.US)$ (TSMC) announced its April monthly report on Friday (May 9). The monthly report shows that TSMC's sales in April reached 349.57 billion New Taiwan dollars (about 11.6 billion US dollars), a year-on-year increase of 48.1%, and a month-on-month increase of 22.2%, setting a new historical high. In contrast, analysts' average expectations for TSMC's second-quarter revenue growth is 38%. Analyst Charles Shum pointed out, "The Trump administration's proposal to eliminate the artificial intelligence diffusion rules established during the Biden era provides a brief window for broader AI chip shipments, directly benefiting TSMC. However, the long-term outlook is full of uncertainties, with stricter new export control measures expected from the Trump administration soon."
Meta has appointed a former Google employee as the head of its AI laboratory.
$Meta Platforms (META.US)$ stated that Robert Fergus, who previously worked at Alphabet, has been appointed to lead its artificial intelligence research lab. Robert Fergus recently returned to Meta after working for nearly five years at Alphabet's artificial intelligence research lab, DeepMind. Since April, Fergus has served as a research scientist in Meta's generative AI department, responsible for helping to enhance the memory and personalization capabilities of Meta's open-source Llama model.
Marvell Technology rose over 3% in Pre-Market Trading, as Morgan Stanley confirmed the company still holds an L from Microsoft for AI chips.
Chip manufacturers $Marvell Technology (MRVL.US)$ Pre-Market Trading rises by over 3%. According to the news, Morgan Stanley confirmed that Marvell still holds a large Order from Microsoft's AI Chip, maintaining a Target Price of $90. Although Marvell Technology expresses optimism about the project's progress, expecting to generate its first revenue in the second half of 2026, Morgan Stanley remains cautious.
After review by the government efficiency department, Adobe offers Software to the government at a 70% discount.
Led by Musk, the efficiency department of the USA, focused on reducing expenses, conducted a review, $Adobe (ADBE.US)$ and will provide a range of software to the US government at 30% of the current price, including the Acrobat application for processing PDF files. The General Services Administration stated in a statement on Thursday that Adobe will offer discounts by November 30 this year to provide comprehensive paperless government solutions and lower software costs across the government. The efficiency department previously stated that the White House paid software costs to many agencies that exceeded actual usage costs, and specifically mentioned Acrobat costs from Adobe in March.
Having led Alibaba for 20 months, Wu Yongming mentioned the concept of 'restarting the business' again in an internal letter.
“ $Alibaba (BABA.US)$ It is necessary to let go of past achievements and return to the entrepreneurial spirit, starting a brand new journey with the mindset of an entrepreneur.” In an internal letter, Wu Yongming believes that for Alibaba to 'relaunch its entrepreneurship', AI will still be the direction of future transformation. Wu Yongming stated that the company has proactively transformed in the past two years, refocusing and reorganizing priorities around the strategic focus of 'user-first and AI-driven'. Moving forward, the group will employ a saturated investment approach, concentrating on several core battles. These key battles will involve multiple business units, leveraging their respective strengths and advantages.
In fact, Wu Yongming has mentioned Alibaba's "start again" concept multiple times, and his "ALL in AI" strategy has turned Alibaba Cloud into the second growth curve after the e-commerce business, while also helping Alibaba regain favor in the Capital Markets.
Global macro.
Trump: Imposing an 80% tariff on China seems reasonable.
President Trump stated on Social Media that imposing an 80% tariff on China seems reasonable. The specific decision will be made by Treasury Secretary Mnuchin. In another post, he also mentioned, 'China should open its market to the USA—this would greatly benefit them!!! A closed market is no longer viable!!!' Mnuchin and U.S. Trade Representative Jamieson Greer will meet with Chinese Vice Premier He Lifeng in Switzerland this weekend, marking the first public negotiations between the world's two largest economies to ease the trade war.
The US and UK are enjoying themselves, while Trump's negotiations on tariffs with various countries are still progressing slowly.
Trump has reached a framework for a trade agreement with the United Kingdom. However, the more difficult part lies ahead: achieving more outcomes. Some foreign officials have pointed out that the agreement is limited in scope and addresses specific issues related to the UK, which means it fails to provide a clear action path for other countries. Other trade agreements appear less likely to be achieved so easily. According to data from the U.S. Census Bureau, unlike trade relations with the USA and China, there is a trade surplus in goods in trade between the USA and the UK, making bilateral agreements easier to reach.
On Wednesday evening Eastern Time, Trump called UK Prime Minister Keir Starmer to finalize the details of the agreement, indicating his eagerness to achieve victory in the trade conflict. The Prime Minister stated that at that time Starmer was watching a key European match of his favorite Arsenal football team and he did not originally plan to announce the trade agreement on Thursday.
The US Secretary of Commerce: The next country to sign a trade agreement may be India, while South Korea and Japan will not be so quick.
A few hours after President Trump announced a trade agreement with the United Kingdom, US Secretary of Commerce Howard Rutnik stated that compared to the framework agreement reached with the US and UK, the trade agreements with South Korea and Japan may take longer to complete. Rutnik said in an interview, "You have to spend a lot of time dealing with Japan and South Korea. These deals will not be reached quickly." Additionally, speaking about India, Rutnik added, "India has been working very hard to move forward, and the country certainly has the potential to be one of the next countries to reach an agreement. However, it requires a lot of work."
Federal Reserve's Kugler: The US labor market is stable and close to maximum employment.
On Friday, Federal Reserve Governor Cook stated that the labor market in the USA is stable, and given the current unemployment rate of 4.2% and a series of other Indicators, it is likely close to the Federal Reserve's goal of maximizing employment. Cook's speech to Iceland's central bank did not address economic outlook or MMF policy. Earlier this week, the Federal Reserve kept interest rates in the Range of 4.25% to 4.50%. Federal Reserve Chairman Powell stated that although President Trump's tariffs could raise unemployment and inflation rates, these trends are not evident in the data, so the Federal Reserve can wait to see how the economic situation develops before taking any action.
Bank of America Hartnett: Investors "buy the expectation, sell the fact," US stocks' current rebound may have ended.
On Friday, Bank of America's chief investment strategist Michael Hartnett warned that due to optimistic sentiment surrounding the tariff reductions in the second quarter, US stocks experienced a "reasonable" rise. However, as the situation progresses into the "buy the expectation, sell the fact" phase, US stocks may be unable to continue their upward movement. Hartnett's views are strongly supported by Capital Trend data, which shows that according to Bank of America citing EPFR Global, approximately 24.8 billion dollars have been withdrawn from the US stock market in the past four weeks, the highest redemption level in two years. In light of this outlook, Hartnett offers clear advice to investors: choose Bonds over Stocks in 2025. Regarding stock allocation, he prefers international stocks over US stocks.
European Central Bank board member: USA tariffs hinder economic growth and further interest rate cuts are needed.
European Central Bank board member Simkus stated that since the Eurozone economy has not yet felt the full impact of USA tariffs, inflation is expected to continue slowing down, but the European Central Bank must further lower interest rates. He noted that although economic activity started well, recent geopolitical trends, including USA President Trump's trade threats, are bad news. Meanwhile, he sees 'obvious anti-inflationary forces' at work. He remarked, 'For me, the decision in June is very clear; another rate cut is needed.' He mentioned that 'it is possible to cut rates again after June,' although the timing remains unclear. Since last June, the European Central Bank has cut rates seven times, and officials have indicated their readiness to take more measures as USA tariffs threaten economic growth.
Top 20 transactions in Pre-Market Trading.
Macro calendar reminders for the USA stock market.
(The following is in Beijing time)
At 22:00, FOMC voting member and Chicago Fed President Goolsbee delivered a welcome speech and opening remarks at a Federal Reserve event.
At 23:30, FOMC permanent voting member and New York Fed President Williams delivered a speech at the Hoover Monetary Policy Conference (via pre-recorded video).
At 1:00 the next day, the total number of oil drilling rigs in the USA as of the week of May 9 (units).
Editor/Rocky
