Andy Chen

TradingKey - The S&P 500 Index rose for nine consecutive trading days on June 2, reaching a new all-time high and marking its longest winning streak in over a year. The performance of the S&P 500 serves as a direct indicator of the overall trend of the U.S. stock market. From the perspective of asset allocation, investing in the S&P 500 is equivalent to allocating capital to a portfolio that is deeply coupled with the overall performance of the U.S. macroeconomy. Therefore, investing in the S&P 500 is essentially a bet on the medium-to-long-term growth potential and earnings capacity of U.S. listed companies.

Tradingkey - On June 5, AI investment sentiment continued to recede, causing the three major US stock indices to fall sharply, with tech stocks leading the broader market decline. By the close, the Dow Jones Industrial Average fell 1.35% to 50,866.78 points; the S&P 500 Index dropped 2.64% to 7,383.74 points; and the Nasdaq Composite Index plummeted 4.18% to 25,709.43 points.

Tradingkey - On June 5, rumors of a memory downgrade for Nvidia's Rubin platform caused storage stocks to plummet. As of press time, SanDisk (SNDK) fell 11.16%, Micron Technology (MU) dropped 9.49%, Western Digital (WDC) fell 8.53%, and Seagate Technology (STX) declined 6.62%. Market reports indicate that Nvidia may reduce the standard SOCAMM memory configuration for the Rubin NVL72 platform, cutting the total capacity per rack from 55TB to 28TB. The projected decrease in memory allocation per computing machine under the new architecture has triggered widespread concerns regarding future memory demand.

Tradingkey - June 5: Bitcoin is approaching a break below the $60,000 threshold. As of press time, it is down 5.24% at $60,463.21, marking its lowest price since February 6. On the news front, the cryptocurrency market is currently experiencing a wave of concentrated selling triggered by a "collapse of faith." MicroStrategy (MSTR), the world's largest corporate holder of Bitcoin, reportedly broke its years-long "buy only, never sell" iron rule. The company recently sold 32 Bitcoins; although the transaction size was minuscule, it triggered panic in the market far exceeding its actual magnitude.

Tradingkey - On June 5, the U.S. Bureau of Labor Statistics released May non-farm payrolls data that significantly exceeded market expectations, indicating that the U.S. labor market remains resilient. Impacted by this, spot gold broke below the $4,400 mark. As of press time, gold was down 2.23% at $4,375.4, marking its lowest price since March 27.

TradingKey - On June 3, Eastern Time, a retreat in Broadcom’s share price sparked market concerns that AI investments have entered overbought territory. The Dow Jones Industrial Average hit a record high, leading gains among the three major U.S. indices as tech stocks saw a broad pullback. By the close, the Dow Jones rose 1.73% to 51,561.93; the S&P 500 rose 0.41% to 7,584.31; and the Nasdaq Composite fell 0.09% to 26,830.96.

Tradingkey - On June 4, a significant explosion involving Blue Origin failed to undermine its eligibility for core U.S. military launch bidding. The U.S. Space Force procurement arm stated that despite the "New Glenn" launch pad accident last week, Jeff Bezos's Blue Origin retains its certification for Phase 3 ("Lane 2") of the Pentagon’s National Security Space Launch (NSSL) program. The company will continue to compete against SpaceX and United Launch Alliance (ULA) for military launch contracts valued at tens of billions of dollars over the next five years.

Tradingkey - June 4: Israel and Lebanon officially reached a ceasefire agreement on Thursday. Coupled with positive signals from Trump regarding potential progress in U.S.-Iran negotiations this weekend, the geopolitical risk premium previously accumulated in the crude oil market was rapidly digested, leading to a significant pullback in oil prices. As a result, WTI crude futures fell 4% to $92.18, while Brent crude futures dropped 3.23% to $94.65.

Tradingkey - On June 4, Eastern Time, U.S. technology stocks experienced broad declines as Broadcom’s (AVGO) Q2 guidance was interpreted by the market as overly conservative. The three major indices diverged, with the Dow Jones Industrial Average rising over 1.7% to hit a new record high, while the tech-heavy Nasdaq Composite fell more than 0.4%. Broadcom’s share price plummeted over 15% today, reaching a low of $403.01, with its latest market capitalization reported at $1.96 trillion. The sharp sell-off in the leading custom chip company has sparked market skepticism regarding the outlook for the AI industry.

TradingKey - On June 3, Eastern Time, cybersecurity firm CrowdStrike (CRWD) released its first-quarter fiscal year 2027 earnings report after the market close. As of publication, the company's share price fell 11.09% to $664.71. During the period, CrowdStrike reported revenue of $1.39 billion, a 26% year-over-year increase, exceeding market expectations of $1.36 billion. Subscription revenue rose 26% year-over-year to $1.32 billion, representing the company's primary revenue source.

TradingKey - On June 3 (ET), Broadcom (AVGO) shares fell more than 8% in after-hours trading following the release of its fiscal 2026 second-quarter earnings report. As of publication, the stock remained down 5.33% at $453.70. During the period, Broadcom’s revenue rose 48% year-over-year to a record high of $22.187 billion, though it missed the market expectation of $22.27 billion.

TradingKey - On June 3, ET, all three major U.S. stock indices were under pressure due to a rebound in Treasury yields, with technology stocks retreating across the board. At the close, the Dow Jones Industrial Average fell 1.21% to 50,687.87 points; the S&P 500 Index dropped 0.73% to 7,553.86 points; and the Nasdaq Composite Index declined 0.89% to 26,853.98 points.

TradingKey - June 2: As market concerns that the Iran war will continue to drive up inflation coincided with an ADP report exceeding expectations, oil prices and U.S. Treasury yields rose in tandem while equity markets fell. The U.S. labor market has shown resilience beyond expectations; however, beneath this surface, persistent high inflation is continuously eroding real household income, driving the household savings rate to its lowest level in nearly four years. This seemingly contradictory economic landscape has left market traders attempting to bet on the Federal Reserve’s future interest rate trajectory in a dilemma.

TradingKey - On June 3, AI chip stocks led market gains. As of press time, Intel (INTC) rose 5.70%, Qualcomm (QCOM) 4.09%, AMD (AMD) 2.53%, and Broadcom (AVGO) 0.94%. The primary driver for AI chip stocks outperforming the broader market is the structural reconfiguration of the computing power industry chain in the AI Agent era. CPUs have evolved from traditional auxiliary roles to become the control hubs of agent systems, emerging as a new core bottleneck for large-scale AI deployment. This shift has fueled explosive growth in global CPU demand. Notably, the number of CPUs per AI server is increasing significantly; while the traditional GPU-to-CPU ratio was 8:1, Intel indicated that the ratio is expected to move toward 1:1 in the future.

TradingKey - On June 2 (ET), the COMPUTEX event in Taipei fueled market sentiment for artificial intelligence investments, as US tech stocks extended their recent rally and all three major US indices reached record closing highs. By the close, the Dow Jones Industrial Average rose 0.45% to 51,307.79 points; the S&P 500 Index edged up 0.13% to 7,609.78 points; and the Nasdaq Composite Index added 0.03% to 27,093.9 points.

TradingKey - SpaceX plans to list on Nasdaq on June 12, with less than two weeks remaining before the debut of what is set to be the largest IPO in history. According to recent media reports, SpaceX could be included in the Nasdaq 100 Index as early as July. With a fundraising cap of $75 billion, its market capitalization post-listing may surpass that of Tesla. Supported by the high-growth sectors of AI and aerospace, SpaceX was initially expected to achieve an ultra-high market valuation. However, valuation targets were lowered following the disclosure of its prospectus. When SpaceX filed for a confidential IPO in early April, market valuations reached as high as $2 trillion. Following the prospectus disclosure, latest reports indicate the company's current target valuation has been revised down to $1.8 trillion, a $200 billion reduction from the $2 trillion valuation previously reported by Bloomberg.

TradingKey - On June 2, Marvell Technology (MRVL) shares hit a high of $277.22, marking a new all-time high. As of press time, the stock was up 23.65% at $271.33. During a speech at Computex Taipei, Marvell Chairman and CEO Matt Murphy stated that the development of AI infrastructure is following a clear evolutionary path where "bottlenecks emerge and are resolved sequentially." The first stage was the computing power bottleneck, led by NVIDIA, which became the first company in the world to surpass a $5 trillion market capitalization. The second stage was the memory bottleneck, which recently saw the emergence of three new trillion-dollar market cap companies in the memory sector. The industry is currently in the third stage, where connectivity has become the core bottleneck restricting the further scaling of AI infrastructure.

TradingKey — Hewlett Packard Enterprise (HPE) shares surged over 38% in after-hours trading following the release of its second-quarter fiscal year 2026 earnings report, which showed growth in both revenue and profit. As of press time, the stock remains up 37.09% at $64.43. Following Dell Technologies' (DELL) release of robust financial results last week that significantly exceeded market expectations and drove a collective rally in the global technology hardware sector, market expectations for HPE's performance were exceptionally high.

Tradingkey - On June 1, SpaceX updated its S-1 filing with the U.S. Securities and Exchange Commission. In the latest IPO filing, SpaceX for the first time listed water scarcity as a core risk factor, warning investors that these critical resources could constrain the development of its AI business. SpaceX noted that the company’s ability to deliver AI products at scale is highly dependent on the stable operation of its integrated ground and orbital AI computing infrastructure. The continuous functioning of this infrastructure requires a stable supply of power, water, specialized AI processors, core components, and telecommunications services.

Tradingkey - The race for AI industry listings has reached a fever pitch. Latest reports indicate that Anthropic has confidentially submitted a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), aiming to go public as early as this autumn. Anthropic stated on its official blog that the number of shares to be offered and the price range for the proposed offering have not yet been determined.