Huanyao Fang

TradingKey — On Monday Eastern Time, U.S. President Trump announced the cancellation of a planned strike against Iran scheduled for Tuesday, after leaders from three regional powers in the Middle East requested that he “hold off on action.” As of press time, the Dow Jones Industrial Average fell 0.19%, the Nasdaq Composite declined 0.61%, and the S&P 500 dropped 0.37%.

TradingKey - During the Asian trading session on May 19, Standard Chartered PLC (02888.HK) rose more than 4% intraday to HKD 201.80, bringing its year-to-date cumulative gain to over 5%.

TradingKey - OpenAI plans to launch its IPO in the fourth quarter of 2026, with market valuation expectations near $8,520. Previously, OpenAI's valuation once crossed the trillion-dollar threshold. However, due to order uncertainty, internal governance controversies, Elon Musk's lawsuit, and regulatory investigations, its valuation has seen a significant drawdown following a capital market repricing. These events are casting substantial uncertainty over the upcoming IPO.

TradingKey - Micron Technology has become one of the biggest winners of AI in the semiconductor industry. Previously viewed mostly as a cyclical manufacturer of memory chips, Wall Street is now starting to see Micron as an important AI infrastructure company.

TradingKey - Since 2026, gold prices have undergone a sharp correction after hitting a record high of nearly $5,600/oz, falling to $4,100 in April before rebounding to above $4,700 in early May. The structural pricing logic for gold is experiencing a loosening, and investors are now focused on which signals will indicate the end of gold's long-term upward trend.

TradingKey - SpaceX has reportedly disclosed a target valuation of $1.75 trillion to $2 trillion to its underwriting team, with market consensus suggesting it will break the historical record for global IPO proceeds. Furthermore, the prospectus is expected to be publicly unveiled in late May, with final pricing to be completed around June 15.

TradingKey - Following a rally the previous day, Nvidia’s share price plunged during intraday trading on May 15, falling more than 4.6% at one point and wiping out a significant portion of its market value. Earlier, during pre-market trading, foreign media reported that sales of Nvidia's H200 chips to China are unlikely to achieve a substantial breakthrough in the short term. Nvidia's share price fell toward $230 at one point, a decline of over 3%, resulting in a market cap loss of approximately $170 billion (roughly RMB 1.1 trillion).

TradingKey - On May 15, ET, the 2-year Treasury yield broke above the 4% mark, the 10-year Treasury yield rose to 4.53%, and the 30-year Treasury yield held steady above 5%, reaching its highest level since May 2025.

TradingKey - On May 15, ET, the three major US stock index futures faced downward pressure in pre-market trading. Dow Jones futures fell 0.64%, Nasdaq 100 futures dropped 1.37%, and S&P 500 futures declined 0.97%. Stocks related to the Philadelphia Semiconductor Index continued to remain under pressure.

TradingKey - Figma (FIG.US) reported its first-quarter fiscal 2026 financial results after the market close on May 14, with core metrics beating Wall Street estimates across the board.

TradingKey - Amid recurring US-Iran conflicts and elevated valuations in tech stocks, selecting US equity ETFs is no longer simply a matter of "buying the index." The following list categorizes allocation strategies based on different investment objectives. Investors should select two to three directions to construct a portfolio based on their individual risk tolerance and existing portfolio structure.

TradingKey - On May 14, Eastern Time, the three major U.S. stock index futures fluctuated in pre-market trading. Dow Jones Industrial Average futures continued to climb, rising 0.64%, while Nasdaq 100 futures rose 0.19% and S&P 500 futures gained 0.24%. Most stocks related to the Philadelphia Semiconductor Index were under pressure.

TradingKey - During the U.S. stock overnight trading session on May 14 (Eastern Time), Nvidia (NVDA.US) shares surged, with gains briefly exceeding 3% and reaching a session high of $232.35.

TradingKey - On May 13, Eastern Time, AI cloud infrastructure company Nebius Group (NBIS.US) surged over 14% in pre-market trading. As of May 13, Nebius shares have gained approximately 114% year-to-date, with its market capitalization continuing to reach new record highs.

TradingKey - Latest earnings reports released on May 13 show that SoftBank Group's quarterly net profit far exceeded all analyst expectations. Driven by a $100 billion bet on OpenAI, SoftBank’s net profit for the fourth quarter of fiscal year 2025 soared to 1.83 trillion yen (approximately $11.6 billion), while the average estimate from seven analysts surveyed by Refinitiv was only 236 billion yen (approximately $1.5 billion).

TradingKey - On May 13, Eastern Time, U.S. President Trump departed for Beijing. At the invitation of Chinese President Xi Jinping, Donald Trump, President of the United States of America, is conducting a state visit to China from May 13 to 15.

TradingKey - On May 12, Eastern Time, Bloomberg reported that AI startup Anthropic is in preliminary discussions with investors to raise at least $30 billion in new capital at a pre-money valuation exceeding $900 billion. If the deal is finalized, it would mark the company's largest funding round to

TradingKey - AST SpaceMobile (ASTS.US) reported first-quarter results after the market close on May 11 ET. Despite reiterating its full-year revenue guidance, the company’s revenue significantly missed expectations, and losses were far wider than market forecasts. Driven by a surge in operating costs and lingering uncertainty regarding satellite launch risks, the stock plunged over 10% in after-hours trading before closing down approximately 9% at around $64.

TradingKey - As of press time, WTI crude oil futures rose over 4% at one point, while Brent crude climbed nearly 4% in tandem. Spot gold fell more than 1% under pressure, breaking below the $4,700 mark. Silver gained over 3% at one point. Upward pressure from oil prices spilled over into the bond market, sending U.S. Treasury yields higher again.

TradingKey — Recently, at a critical juncture in OpenAI’s push toward an IPO, two new "time bombs" have hit the market: CEO Sam Altman’s personal investments are under a formal Congressional investigation, and more than 600 employees cashed out $6.6 billion through the secondary market last October.