Andy Chen

TradingKey - According to Bloomberg, SpaceX's debut bond offering in the US investment-grade market has met with overwhelming demand. The five-tranche bond issuance attracted a total of $89 billion in orders, representing an oversubscription rate of more than four times, ranking it among the largest

TradingKey - SpaceX (SPCX) plummeted 16.43% yesterday following its bond issuance, and briefly dipped below its initial price of $150 in pre-market trading today. However, amid a widespread sell-off in tech stocks, SpaceX bucked the trend to rise over 3%. As of press time, it remained up 2.04% at $157.75. Following the short-term plunge triggered by bond issuance rumors, SpaceX's stock price has staged a recovery, essentially reflecting the market's perception of the financing shifting from "liquidity panic" back to rational pricing.

TradingKey - As geopolitical conflicts eased significantly, tech stocks suffered a sell-off, dragging down market sentiment. Under the traditional macroeconomic analysis framework, falling oil prices typically correspond to the easing of inflationary pressures and a recovery in market risk appetite, which theoretically should provide positive support to the stock market. However, the market failed to see the expected rebound. As of press time, the three major U.S. stock indexes declined across the board: the Dow Jones Industrial Average rose 0.01% to 51,717.81 points; the Nasdaq Composite Index fell 1.32% to 25,822.07 points; and the S&P 500 Index fell 0.88% to 74,070.05 points.

TradingKey - On June 22, Eastern Time, positive progress in US-Iran negotiations boosted market sentiment, but a sharp drop in SpaceX weighed on the market, leading to mixed performances among the three major US stock indexes. The Nasdaq Composite Index fell over 1%, while chip stocks bucked the trend to post gains. At the close, the Dow Jones Industrial Average rose 0.29% to 51,712.71 points; the Nasdaq Composite Index fell 1.32% to 26,166.60 points; and the S&P 500 Index declined 0.37% to 7,472.79 points.

TradingKey - Following SpaceX's (SPCX) announcement of its inaugural investment-grade bond offering, rumors of an imminent merger with Tesla have dragged the company's stock price down once again. As of press time, SpaceX fell 15.45% to $156.41, on the verge of dropping below its listing-day debut price of $150, with its latest market capitalization standing at $2.05 trillion.

TradingKey - Google (GOOGL) saw up to $320 billion in market value wiped out today as its share price plunged over 7% intraday, hitting its lowest level since late April. Latest reports indicate that Google's AI division has suffered another loss of core research staff, marking the second departure of a top AI talent within a week. As of press time, Google was down over 6% at $346.47, with its latest market capitalization standing at $4.2 trillion.

TradingKey - Shares of SanDisk (SNDK) continued to hit fresh all-time highs following the disclosure of its new patent. As of press time, the stock rose 5.65% to $2,308.24, bringing its market capitalization to $342.5 billion, representing an astonishing year-to-date surge of approximately 50-fold. SanDisk plans to directly bond computing units with NAND flash memory, downgrading the role of HBM from core memory to an auxiliary tier.

TradingKey - US-Iran peace talks in Switzerland are currently advancing, with US Vice President Vance disclosing that negotiations are progressing well. The two major crude oil futures have returned to their recent lows, nearing pre-war price levels. Vance revealed that Iran has officially agreed to allow inspectors from the International Atomic Energy Agency (IAEA) to re-enter the country to conduct their work. He characterized this resolution as a key milestone in the process: "This is an important milestone for the American people and the first step toward achieving the permanent denuclearization of Iran, or permanently ending Iran’s nuclear weapons program." Weighed down by the positive progress of the peace talks, the two major crude oil futures weakened. As of press time, WTI crude oil futures fell 2.79% to $73.73, while Brent crude oil futures dropped 2.15% to $78.12.

TradingKey - SpaceX's (SPCX) Gwynne Shotwell publicly stated in a recent interview that she has not ruled out the possibility of a future merger with Tesla (TSLA), while emphasizing that the strategic directions of both companies are highly aligned. Coincidentally, according to people familiar with the matter, Tesla CEO Elon Musk also recently discussed the feasibility of a merger between the two companies. These successive statements from executives on both sides have significantly heightened market investors' attention to this potential mega-merger.

TradingKey - Since late March, the US stock market has staged a strong rally. As of June 15, the Nasdaq Composite Index recorded a cumulative gain of 28%, the S&P 500 Index rose 18.8%, and the Dow Jones Industrial Average gained 14%. Entering June, the market experienced a notable correction during the release window for core macroeconomic data, with the technology sector leading the decline. Following the release of US non-farm payroll data on June 5, the Nasdaq Composite fell over 4% in a single day; after the CPI data was released on June 10, the Nasdaq recorded another single-day drop of over 2%. This long-awaited deep correction has once again reignited market discussions about the "AI valuation bubble," a hot topic from late last year. So, what exactly does the frequently mentioned AI bubble refer to?

Tradingkey - SpaceX (SPCX), the largest-ever IPO, successfully debuted on the Nasdaq last Friday. The stock surged up to 30% intraday before ultimately closing up 19% at $160.95, pushing its total market capitalization past $2 trillion. On Monday, SpaceX officially disclosed that the IPO underwriters have fully exercised their over-allotment option, bringing the final fundraising size to $85.7 billion and further extending its record in global IPO history. The additional funds raised through the over-allotment option alone have already exceeded the total offering size of most tech IPOs.

TradingKey - On June 18, Eastern Time, the U.S. officially lifted its naval blockade on Iran, boosting market investment sentiment. The three major indices all closed higher, with technology stocks leading the gains. At the close, the Dow Jones Industrial Average rose 0.14% to 51,564.70 points; the Nasdaq Composite Index gained 1.91% to 26,517.93 points; and the S&P 500 Index rose 1.08% to 7,500.58 points.

TradingKey - Following TD Cowen's price target hike on Micron (MU) to $1,500, two more top investment banks have raised their price targets for the company. Among them, Deutsche Bank significantly raised Micron Technology's price target from $1,000 to $1,500 in its latest research report, while Citi sharply lifted its target from $840 to $1,200. Driven by the target upgrades from several top Wall Street investment banks, Micron hit an all-time intraday high of $1,133.24 today. As of press time, it was still up 8.12% at $1,127.94, with its latest market capitalization reaching $1.27 trillion, just a 15% gain away from Meta's $1.47 trillion market cap.

TradingKey - With the US and Iran announcing a memorandum of understanding, the two major crude oil futures fell further, nearing levels seen before the US-Iran conflict. Market focus has shifted to vessel transit through the Strait of Hormuz following the signing of the agreement. A US-led naval coalition issued an advisory to shipping companies stating that the threat level for vessels transiting the Strait of Hormuz has been downgraded, though shippers should still remain vigilant against the risk of attacks. As of press time, both crude oil benchmarks were under pressure, with WTI crude futures down about 4% at $72.99 and Brent crude futures down 3.54% at $76.73.

TradingKey - In early U.S. trading, SpaceX (SPCX) extended its losses from the previous session, dropping more than 7% intraday. As of press time, it was down 6.46% at $179.43, bringing its two-day decline to over 10%. With its latest market capitalization reaching 2.36 trillion yuan, it is the sixth-largest company in the U.S., trailing only Amazon. According to market sources, SpaceX and Tesla (TSLA) may merge to create a tech behemoth spanning rockets, artificial intelligence, satellites, electric vehicles, robotics, energy, and social media.

TradingKey - On June 17, Eastern Time, the Federal Reserve's dot plot sent a clear hawkish signal. Reignited rate hike expectations put the market under pressure, causing all three major indices to close lower. By the close, the Dow Jones Industrial Average fell 0.98% to 51,492.55 points; the Nasdaq Composite Index fell 1.34% to 26,021.66 points; and the S&P 500 Index fell 1.21% to 74,201.10 points.

TradingKey - The monetary policy meeting chaired by newly appointed Fed Chair Kevin Warsh has concluded, with the Federal Open Market Committee (FOMC) keeping the interest rate range unchanged at 3.5%-3.75%, as widely expected. The key focus of this meeting was not the interest rate decision itself, but rather Warsh's first round of systemic adjustments to the Fed's policy framework and communication style. The first FOMC policy statement underwent a radical overhaul, totaling only about 130 words—slashed by more than half from the previous conventional length of over 300 words—marking the first clear signal of a shift in the Fed's communication mechanism under Warsh's leadership.

TradingKey - On June 17, Eastern Time, the Federal Reserve's latest interest rate decision statement indicated that it chose to hold rates steady at this policy meeting, maintaining the federal funds rate in the 3.50%–3.75% range, while keeping the monetary policy framework of ample reserves in the banking system unchanged. The interest rate dot plot released alongside this Fed rate decision sent a clear hawkish signal. The median rate in the dot plot was recorded at 3.8%, a significant upward revision from the March projection of 3.4%.

TradingKey - The two major crude oil benchmarks spiked in short-term trading after US President Trump stated that military strikes against Iran could resume. According to media reports, Trump said on Wednesday that the current memorandum of understanding reached with Iran is not a final agreement, and the US may resume military strikes against Iran if he is dissatisfied with the progress of the agreement.

TradingKey - On June 16, during early US trading, SpaceX (SPCX) reversed its earlier gains. As of press time, it was down 3.85% at $194.03, bringing its latest market capitalization to $2.57 trillion, temporarily ranking as the sixth-largest company in the US. During yesterday's session, SpaceX's ma