Andy Chen

Tradingkey - In early US trading on May 26, optical communication stocks led the gains. As of press time, Amphenol (APH) rose 7.04%, Viavi Solutions (VIAV) rose 6.32%, Marvell Technology (MRVL) rose 5.67%, Broadcom (AVGO) rose 5.05%, Nokia (NOK) rose 4.43%, and Corning (GLW) rose 2.63%. According to media reports, a core researcher from a leading South Korean memory manufacturer revealed that global memory and advanced packaging companies are jointly exploring a breakthrough GPU-HBM heterogeneous integration solution. This approach aims to break the physical constraints of traditional 2.5D packaging, where HBM must be positioned adjacent to the GPU, by packaging computing and memory units independently and interconnecting them via high-speed optical fiber links.

Tradingkey - Since the outbreak of the conflict in Iran, international crude oil prices have climbed rapidly. Over the past several months, U.S. economic data has consistently confirmed that inflationary pressures triggered by rising oil prices are spreading across the entire supply chain. Against this backdrop, the market moved early to price in Federal Reserve rate hike expectations, driving U.S. Treasury yields to continuous new periodic highs. However, a major turning point has emerged in the geopolitical landscape, with prospects for a peaceful resolution to the U.S.-Iran conflict. Consequently, WTI crude oil futures fell below the $90 per barrel psychological mark today for the first time since May 7. This shift has introduced uncertainty to the previously "certain" rate hike expectations that had broadly formed within the market.

Tradingkey - Arab media reports that a draft agreement has been reached between the U.S. and Iran, causing the two major crude oil futures to plunge in the short term. WTI crude futures dropped by over 7% at one point to $89.65 per barrel, while Brent crude futures also fell by more than 7% to $93.2

Tradingkey - Since the outbreak of conflict involving Iran, copper price floor support has continued to solidify. The core drivers stem from the synergy of three major fundamentals: the energy transition, AI computing expansion, and military demand. These factors, coupled with tight global copper mine supply and smelting bottlenecks, have collectively established strong support for copper prices. Market analysis indicates that the opening of the Strait of Hormuz will alleviate the pressure high oil prices have placed on market risk appetite, benefiting the recovery of global economic expectations and opening upside potential for copper prices. Meanwhile, falling energy costs and improved demand expectations are conducive to the valuation recovery of long-duration copper equity assets.

Tradingkey - The three major U.S. stock index futures recorded significant gains, with Dow Jones futures up 0.91% at 51,121, S&P 500 futures up 0.91% at 7,559, and Nasdaq 100 futures jumping 1.32% to 29,949. In his latest post on Truth Social, Donald Trump stated that he is using negotiations with Iran as leverage to demand that multiple countries in the Middle East and surrounding regions sign the Abraham Accords, in an attempt to forge an unprecedented Middle East grand alliance that includes Iran.

Tradingkey - The U.S. Bureau of Economic Analysis (BEA) will release the April PCE inflation report on May 28, Eastern Time. Since May, multiple economic indicators have confirmed that inflation remains elevated, leading the market to even begin betting that the Federal Reserve may pivot to rate hikes within the year. Consequently, U.S. Treasury yields have strengthened, with the 30-year Treasury yield surging to 5.2% on May 20, reaching its highest level since 2007. It should be noted that while the CPI is a major inflation indicator monitored by the market, the Federal Reserve pays closer attention to PCE inflation data. This has been its official inflation anchor since its formal establishment in 2012, with a long-term policy goal of stabilizing YoY PCE growth at 2%. In its actual decision-making, the Fed places particular weight on Core PCE—which excludes food and energy prices—believing it to be less volatile and a more accurate reflection of underlying inflation trends in the economy.

Tradingkey - Since the beginning of this year, developments regarding SpaceX's IPO prospects have triggered significant volatility in capital markets. The potential listing of this aerospace giant founded by Elon Musk is no longer merely business news, but is increasingly viewed as a major event that could reshape the liquidity landscape of the U.S. stock market. According to Reuters, SpaceX's potential fundraising scale may surpass all previous IPOs in U.S. history, potentially becoming the largest-ever stock market debut for a U.S. company on Wall Street. The latest information indicates that its target valuation has surged to a staggering $1.75 trillion.

Tradingkey - With shares priced near $970, Lumentum Holdings (ticker: LITE) has a market cap of approximately $75 billion. LITE serves as the major infrastructural chokepoint for the impending AI boom expected to start in 2026. The principal contradiction defining LITE’s valuation is the divergence

Tradingkey - On May 22, Asian equity markets strengthened across the board, with Japanese and South Korean stocks approaching all-time highs. An overnight surge in U.S. quantum computing stocks drove significant gains in related Japanese shares. The U.S. government reportedly plans to provide approximately $2 billion in funding to nine quantum computing-related companies through equity investments. Additionally, market sentiment was further bolstered by easing geopolitical tensions as the U.S. and Iran move closer to an agreement. A senior Iranian official stated that negotiators are very close to reaching a deal and are currently drafting the text.

Tradingkey - Nearly three months since the outbreak of the Iran war, oil prices continue to fluctuate at high levels, with WTI crude futures hovering around $100 and Brent crude around $105. The primary reason for prices maintaining current levels is a market consensus: while the escalation in the Strait of Hormuz has disrupted global supply, it has also suppressed demand, with the two forces offsetting each other to create a delicate dynamic balance. A recent Morgan Stanley report noted that although net exports from major Middle Eastern producers have declined, other producers—led by the U.S.—have significantly increased export supplies. Simultaneously, major importers like China have reduced their import volumes, collectively sustaining the current supply-demand equilibrium in the crude oil market.

Tradingkey - On May 21, NVIDIA's stellar earnings results were released as expected, while OpenAI's plan to file for an IPO in the coming weeks further ignited market enthusiasm for the AI sector, driving a broad recovery in Asia-Pacific equity markets. Core NVIDIA supply chain plays, including Samsung Electronics, SK Hynix, TSMC, and Advantest, rose in response and strengthened across the board. Geopolitical tensions also showed signs of easing; according to AXIOS, the U.S. and Iran plan to initiate 30-day negotiations. U.S. sources stated that Trump told Netanyahu that mediators are drafting a "Letter of Intent" to be signed by the U.S. and Iran to formally end the conflict and launch a 30-day negotiation period regarding Iran’s nuclear program, the opening of the Strait of Hormuz, and other issues.

Tradingkey - As an unprecedented IPO project, SpaceX’s official listing is undoubtedly under the market spotlight. However, while positioning themselves, investors must maintain a clear perspective on various underlying risks. SpaceX’s prospectus reveals numerous risks beneath its surface; the materialization of any such risk would directly impact operating fundamentals and trigger significant volatility in the secondary market share price, warranting close attention from every investor.

Tradingkey - According to disclosures from the U.S. Securities and Exchange Commission (SEC) on May 20, SpaceX, Elon Musk’s largest-ever IPO project, has officially filed with the SEC. Reports indicate that SpaceX confidentially filed the document with the commission in April. Underwriters for the offering include Goldman Sachs, Morgan Stanley, BofA Securities, Citi, and J.P. Morgan Securities. SpaceX will issue two classes of common stock: Class A common stock (one vote per share) and Class B common stock (10 votes per share). The prospectus reveals that Musk holds a combined voting power of 85.1%, consisting of 12.3% of Class A shares and 93.6% of Class B shares. Regarding financials, for the fiscal years ended December 31 from 2023 to 2025, the company’s revenue was $10.387 billion, $14.015 billion, and 1...

Tradingkey - Driven by rising energy prices amid tensions in Iran, market inflation expectations have heated up rapidly, with markets beginning to bet that the Federal Reserve may lead the way in initiating a rate hike cycle within the year. Fueled by this sentiment, government bond yields in multiple countries rose in tandem. Amid growing concerns that persistent inflation will force central banks to tighten monetary policy, long-end US Treasury yields strengthened accordingly. On May 20, the 30-year US Treasury yield surged once again, hitting its highest level since 2007.

Tradingkey - Since April 2026, the Philadelphia Semiconductor Index (SOX) has maintained a unilateral upward trend, reaching an intraday all-time high on May 14. As of that date, the index recorded a cumulative gain of 69.05%, approximately double the increase of the Nasdaq 100 Index ETF (QQQ) over the same period, significantly outperforming the broader technology sector. However, the index entered a rapid correction starting in mid-May. Yesterday, it fell as much as 3.6% intraday, touching a low of 10,895.75 points, a nearly two-week low. By the close, the SOX had declined 6.8% from its recent peak.

Tradingkey - May 19: Poor performance in U.S. tech stocks yesterday weighed on Asian markets today. Amid market concerns over the impact of the Samsung strike on the AI industry and the upcoming earnings report from AI giant Nvidia, stock markets in Japan, South Korea, and Taiwan all declined. Geopolitical tensions eased as Trump announced the postponement of a military strike against Iran originally scheduled for Tuesday, May 19. Today, Iran’s Deputy Foreign Minister announced a draft agreement proposal to the U.S., which includes the withdrawal of U.S. forces from the surrounding region.

Tradingkey - Amid heightened market concerns that escalating conflict in Iran could trigger crude oil supply disruptions, U.S. President Trump suddenly announced on May 18 (ET) the postponement of a military strike against Iran originally scheduled for Tuesday, May 19. Trump stated on social media that, following a joint request from the leaders of Qatar, Saudi Arabia, and the UAE, he has ordered the U.S. military not to proceed with the planned strike on the 19th. He noted that the U.S. and Iran are currently engaged in serious negotiations, and that the aforementioned Middle Eastern leaders believe the two sides will ultimately reach an agreement centered on the core provision that "Iran must not possess nuclear weapons."

Tradingkey - According to a White House official, incoming Federal Reserve Chair Kevin Warsh will be formally sworn in at the White House this Friday, succeeding Jerome Powell as the 17th Chair of the Federal Reserve. President Trump will make a rare personal appearance to preside over the ceremony, breaking a decades-long tradition of internal swearing-in ceremonies at the Federal Reserve. Historical data indicates that the last Chair to be sworn in at the White House was Alan Greenspan in 1987, and the last President to personally attend such a ceremony was George W. Bush in 2006 for Ben Bernanke’s inauguration. Contrasting with 2018, when Trump did not attend Powell’s internal ceremony, this high-profile White House event—alongside Warsh’s status as the "wealthiest Fed Chair in history"—signals a strong personal endorsement from the White House for the new Fed leadership. This rare

Tradingkey - Asian equity markets were mostly lower on Monday, with technology stocks leading the decline. Tensions between the U.S. and Iran escalated over the weekend, while rising safe-haven demand and surging oil prices weighed on market sentiment. Last Friday, U.S. Treasury yields climbed to historical highs, putting broad pressure on U.S. tech stocks; as of writing, U.S. stock index futures remain under pressure. Furthermore, the market is awaiting earnings from AI giant Nvidia (NVDA), scheduled for release this Wednesday (May 20). Investors are looking to the results to gauge whether the global stock market rally driven by artificial intelligence can be sustained.

Tradingkey - Geopolitical tensions escalated sharply over the weekend. Following the conclusion of Trump's visit to China, tensions between the U.S. and Iran flared up once again. Renewed expectations of a long-term blockade of the Strait of Hormuz pushed both major crude oil futures to nearly two-week highs. As of press time, Brent crude broke above the $110 mark, rising 1.80% to $111.45 per barrel, having touched its highest level since May 5 during intraday trading. WTI crude oil futures rose 2.39% to $103.41 per barrel.