Andy Chen

TradingKey - On June 24, Eastern Time, the resumption of shipping through the Strait of Hormuz accelerated, but a strong wait-and-see sentiment prevailed in the market as Micron was set to release its earnings report after the close. The three major U.S. stock indexes diverged, with only the Dow Jones Industrial Average rising, while memory and chip stocks extended yesterday's losses. TradingKey - On June 24, Eastern Time, the resumption of shipping through the Strait of Hormuz accelerated, but a strong wait-and-see sentiment prevailed in the market as Micron was set to release its earnings report after the close. The three major U.S. stock indexes diverged, with only the Dow Jones Industrial Average rising, while memory and chip stocks extended yesterday's losses. At the close, the Dow Jones Industrial Average rose 0.36% to 51,850.31 points; the Nasdaq Composite Index fell 0.43% to 25,476.64 points; the S&P 500 Index fell 0.10% to 7,358.33 points.

TradingKey - Following the recent departure of Google DeepMind Vice President John Jumper to Anthropic, Google's AI team has suffered another major blow to its core talent. According to media reports, two core Gemini researchers, Jonas Adler and Alexander Pritzel, are set to join Anthropic. Google's loss of top R&D talent in quick succession has triggered market concerns over its AI competitiveness. As of press time, Google (GOOGL) reversed its earlier gains to slide 1.16%, trading at $342.07.

TradingKey - On June 24, the two major crude oil futures plunged again after U.S. President Trump stated that no fees would be charged in the Strait of Hormuz. Trump claimed that Iran has not sought or collected any tolls, insurance fees, or any other form of fees for vessels transiting the Strait of Hormuz. If this information proves untrue, negotiations will terminate immediately! He also stated that the U.S. has not provided any funds to Iran, nor has it released any funds to them. We will release a portion of the funds under our complete control for our farmers and ranchers to purchase products such as corn, wheat, and soybeans.

TradingKey - US stocks suffered another sharp sell-off yesterday, with the Nasdaq Composite Index closing down 2.21%, the Nasdaq 100 ETF (QQQ) falling 3.29%, and the Philadelphia Semiconductor Index plunging 7.87% in a single day. This decline was dragged down by leading tech stocks; yesterday, Micron plummeted 13.18% to close at $1,051.77. The market views the memory chipmaker's upcoming earnings report as a "litmus test" for the AI industry chain, which will influence investors' judgments on the AI hardware chain, semiconductor industry prosperity, memory price hike cycles, and the valuations of high-flying tech stocks. There is widespread market concern over the risk of excessive upward revisions in earnings expectations. If valuations have already priced in the positive earnings outlook in advance, even outstanding financial results could trigger a "sell-the-news" sell-off once the earnings materialize. Broadcom's (AVGO) stock price movement on June 4 serves as a classic reference case under this logic.

TradingKey - On June 23, Eastern Time, with the core PCE inflation data and Micron's earnings report imminent, the market opted for a sell-off to wait and see, sending the three major indices lower. QQQ plunged over 3%, with memory and chip stocks leading the declines. At the close, the Dow Jones Industrial Average fell 0.09% to 51,666.84 points; the Nasdaq Composite Index slid 2.21% to 25,587.04 points; and the S&P 500 Index dropped 1.44% to 73,665.46 points.

TradingKey - Following the Trump administration's earlier plan to allocate $2 billion to nine quantum computing companies in exchange for equity stakes, the latest reports confirm that US President Trump has signed two major executive orders in the quantum computing sector. Driven by the policy news, quantum concept stocks bucked the broader market trend to rise today, with Arqit Quantum (ARQQ) surging 36.32% and Quantinuum (QNT) gaining 14.91%.

TradingKey - Anthropic officially launched its new AI agent product, Claude Tag, on Tuesday within Salesforce-owned office communication app Slack, deepening its expansion in the enterprise market—a segment that has now become a core competitive arena for AI startups. Anthropic previously offered its Claude service within Slack, but with relatively limited functionality.

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.