GMT EIGHT - OPPORTUNITIES IN CHINA

Investors' risk preference has cooled down, and the selling wave of technology stocks continues to ferment. The Nasdaq fell more than 1.9%.

On Tuesday, US stocks generally fell, with a continued sell-off in technology stocks dragging down the Nasdaq index.

US Stock Market Move | SpaceX (SPCX.US) defied the trend and rose 3%, with its market value surpassing $2 trillion again.

SpaceX (SPCX.US) reversed the trend and is now up 3%, trading at $159.36, with a total market value surpassing the $2 trillion mark.

US Stock Market Move | Tesla, Inc. (TSLA.US) falls over 4% as fatal Texas accident reignites FSD safety controversy.

On Tuesday, Tesla (TSLA.US) fell more than 4%, closing at $386.73.

Strong rebound in manufacturing demand, US June business activity expansion at the fastest rate in almost five months

The latest survey published by S&P Global on Tuesday showed that the expansion rate of commercial activities in the United States in June has increased to the fastest level in nearly five months, with significant recovery in manufacturing demand driving overall economic activity to continue to grow.

US Stock Market Move | Cloud computing concept stock opens low and rises high, NEBIUS (NBIS.US) up more than 2%.

NEBIUS rose more than 2%, but fell nearly 8% in early trading.

US Stock Market Move | Concept stocks of optoelectronics sector in general fell, Corning Inc. (GLW.US) dropped more than 8%.

On Tuesday, stocks in the optical communication sector fell overall, with Credo Technology (CRDO.US) dropping by more than 9% and Corning (GLW.US) falling by over 8%.

US Stock Market Move | Quantum computing concept stocks soar Infleqtion (INFQ.US) rises over 14%

On Tuesday, quantum computing concept stocks surged, with Infleqtion (INFQ.US) rising by more than 14%.

US Stock Market Move | Space concept stocks mostly rose, with SpaceX (SPCX.US) rising nearly 2%.

On Tuesday, most of the space concept stocks in the US rebounded after the opening, erasing the pre-market losses.

"Musk premium" significant shift: After SpaceX went public, the combined narrative becomes an important valuation support for Tesla, Inc.

The listing of SpaceX has brought a "narrative catalyst" to Tesla.

Amidst market panic of "AI stock market peak", Bank of America backs AI investment cycle to continue until 2028.

At a time when global technology stocks are experiencing a heavy setback, Bank of America has released a heavyweight research report against the trend, strongly supporting AI visibility to reach 2028.

In June, the initial value of the US June Markit Global Manufacturing PMI was 55.7, exceeding the expected value of 54.8 and the previous value of 55.1. The initial value of the US June Markit Global Composite PMI was 52.2, with a previous value of 51.5. The initial value of the US June Markit Global Services PMI was 51.3, exceeding the expected value of 51 and the previous value of 50.7.

US Stock Market Move | Chip stocks collectively fall, SanDisk (SNDK.US) drops over 12%

On Tuesday, chip stocks collectively plunged, with SanDisk (SNDK.US) falling more than 12% and Micron Technology (MU.US) dropping nearly 12%.

"AI bubble panic" triggers a "quick freeze" of technology stocks! Traders bet heavily on a major shake-up in US stocks, but Wedbush is calling it the time to buy low.

Investment bank Wedbush is bullish on AI technology stocks. Meanwhile, options traders are betting on severe volatility in the US stock market. This move echoes the warning from the Morgan Stanley strategy team led by star analyst Mike Wilson.

SpaceX's stock opened down nearly 3%, falling below a market value of 2 trillion US dollars.

The US stock market opened, with SpaceX's stock price falling by 2.88%, to $150.150 per share, with a total market value of $1.98 trillion.

AI boosts the local deployment of heating server market! Morgan Stanley raised the rating of CDW (CDW.US) and raised the target price of IBM (IBM.US), Dell Technologies, Inc. Class C (DELL.US).

Morgan Stanley released a report on Tuesday, raising CDW's rating from "neutral" to "buy" due to strong demand for enterprise servers; at the same time, the bank raised the target prices for IBM, Dell, and Nutanix.

Philadelphia Semiconductor Index opens down 7%.

New Stock News | Dongheng New Energy Submits Application to Hong Kong Stock Exchange as One of the Main Suppliers in the Global New Energy Battery Supply Chain.

Dongheng New Energy's technology strength and service capability have made the company one of the major suppliers in the global new energy battery supply chain.

Questioning Musk's space data center concept, Son said that the outcome of the AI race depends on the computing power of the Earth.

SoftBank Group founder Masayoshi Son said on Tuesday that there is "almost no value" in building data centers in space, directly refuting Elon Musk's push for this idea.

"Subsidiary product's weekly net asset value drops more than 15%, Banxia Investment's Li Bei responds."

The significant pullback in the net asset value of the fund managed by Li Bei, founder of Banxia Investment, has attracted attention from the public, prompting a response from Li Bei herself. In a letter to investors, Li Bei explained that the main reason for the significant pullback in the net asset value of the fund last week was the sharp decline in equity holdings in the energy, real estate, consumer, and building materials sectors. Based on risk control requirements, positions had been moderately reduced last week, clearing out positions that lacked sufficient certainty, while retaining holdings that could potentially offer high absolute returns from a two-year perspective. It is worth noting that Li Bei specifically highlighted the risks in the AI sector in the letter, stating, "If investors have lost patience and do not want to see our analysis and outlook anymore, I completely understand. If investors want to redeem the fund to hold cash and wait for an opportunity to enter the market on the right side, I respect that. But if investors want to use this money to chase after AI, even if you curse me, I still want to advise you to be extremely cautious."

Proposed revision of the People's Bank of China Law to improve the framework of macro-prudential oversight.

The draft amendments to the Law of the People's Bank of China were submitted for the first review by the Standing Committee of the National People's Congress on June 23rd.

UBS: Stock investors are looking for alternatives to AI

UBS strategist Gerry Fowler said that stock investors are becoming increasingly worried about their positions in AI-related stocks and are looking for new trades. Concerns about over-concentration in the AI sector are prompting investors to reassess their holdings in tech stocks. Fowler said, "Investors are increasingly aware of the crowded and 'riding on the same bus' dynamics, and many are starting to question how much upside there is relative to the risks." He stated that hedge funds have already begun to withdraw from crowded sectors, and investors are seeking cyclical stocks - stocks that perform well during periods of economic growth.

New Stock News | Dongheng New Energy submits application to Hong Kong Stock Exchange

According to the disclosure by the Hong Kong Stock Exchange on June 23rd, Wuxi Dongheng New Energy Technology Co., Ltd. has submitted an application for listing on the main board of the Hong Kong Stock Exchange. China International Capital Corporation and Dongxing Securities (Hong Kong) are the joint sponsors for the company.

Bank of America raises revenue expectations for "GTA 6" and sets a target price of $368 for Take-Two Interactive (TTWO.US).

The Bank of America has raised its revenue expectations for Take-Two's "Grand Theft Auto 6".

The Nasdaq 100 index futures fell by 3%.

Selected A-share Announcements | STO Express Co., Ltd. (002468.SZ) plans to repurchase shares with 3.5-4.5 billion yuan. Yangtze Optical Fibre And Cable Joint Stock (601869.SH) issues investment risk warning.

Changfei Fiber Optics announced that the company's stock has shown abnormal fluctuations in trading for two consecutive days, with the closing price deviating by more than 20% from the previous day, which falls under abnormal stock trading volatility.

Robotaxi commercialization encounters regulatory obstacles: Tesla, Inc. (TSLA.US) deadly car accident in Texas renews FSD safety controversy, NHTSA launches new investigation.

After a Tesla Model 3 crashed into a residence in Texas, it is facing a new round of investigation by the National Highway Traffic Safety Administration (NHTSA) in the United States.

SpaceX (SPCX.US) conducts the "Starfall" return capsule's first flight demonstration, aiming at space manufacturing in orbit.

SpaceX conducted a flight demonstration mission on June 23 (Tuesday) local time, sending a reusable capsule into space and completing the recovery work.

Preview of US Stock Market | Three major stock index futures fell together, the "AI bubble panic" resurged, storage chips and optical communication stocks plunged before the market.

Before the market opens on June 23 (Tuesday), futures for the three major stock indexes in the U.S. are all falling.

"Successor" faces tough challenge: Stalmier resigns, leaving "economic pit", PMI shrinks adding further gloom.

British Prime Minister Keir Starmer announced his resignation on Monday, and on Tuesday, the pound fell slightly against the strong US dollar. Meanwhile, the Composite Purchasing Managers' Index (PMI) showed a contraction in business activity in the UK this month.

Technology stock sell-off ignites risk aversion, Bitcoin "follows decline" to hit a two-week low.

Technology stock sell-off triggers risk aversion, causing Bitcoin to fall to a two-week low.

Trump: Iran has fully agreed to accept long-term nuclear inspections, which is a prerequisite for further negotiations.

President Trump of the United States stated: Despite Iran's protests and contrary false statements, along with the relentless efforts of the fake news media to downplay America's victory as insignificant, Iran has fully and completely agreed to long-term, highest-level nuclear inspections. This will ensure "nuclear integrity". If Iran does not agree to this, there will be no further negotiations! Based on this and other major concessions made by Iran, I have agreed to allow the Strait of Hormuz to remain open and no longer implement a naval blockade. However, all ships will remain on standby to re-implement the blockade if necessary, although it seems highly unlikely at present. Funds released by the U.S. Treasury and/or sanctions lifted will be placed in escrow accounts controlled by the United States, and used to purchase food and medical supplies, which must be fully sourced from the United States, including buying corn, wheat, and soybeans from our great American farmers. These are essential supplies that Iran urgently needs. This is a humanitarian crisis, and I believe it is necessary to provide aid immediately, before it is too late. Negotiations are progressing smoothly!

The Shanghai Stock Exchange issues a public call for the "Improved Quality, Increased Efficiency, and Greater Returns" 2.0 special action for Shanghai-listed companies.

According to the Wisdom Financial APP, on June 23, the Shanghai Stock Exchange issued an open initiative "Improving Quality, Increasing Efficiency, and Returning Benefits" 2.0 Special Action to all companies in the Shanghai market.

SoftBank and GIC support! Southeast Asian used car trading platform Carro is rumored to be heading to the U.S. for its earliest IPO this month, raising up to $500 million.

Carro is considering submitting its initial public offering (IPO) application secretly in the United States as early as this month.

Eurozone economy withstands impact of Middle East conflict! June PMI rebounds beyond expectations, recession warning temporarily lifted.

Despite the inflationary pressure and loss of confidence caused by the Middle East conflict, the contraction of commercial activities in the Eurozone in June was smaller than expected, which has strengthened market optimism about the region's ability to withstand the impact.

Optimistic signals appear! Multiple oil tankers begin to navigate through the Strait of Hormuz, boosting confidence in the shipping industry.

As the geopolitical tensions cool down, shipowners and traders' confidence in the continued navigation of this vital waterway is gradually rising.

Northbound funds | Northbound trading net bought 10.371 billion, northbound trading increased positions in hardware while selling technology and internet stocks, accumulating more than 4.1 billion Hong Kong dollars for Tracker Fund of Hong Kong (06869).

On June 23, the Hong Kong stock market saw a net purchase of 10.371 billion Hong Kong dollars by Northbound investors. Among them, the net purchase by Shanghai-Hong Kong Stock Connect was 7.085 billion Hong Kong dollars, and the net purchase by Shenzhen-Hong Kong Stock Connect was 3.286 billion Hong Kong dollars.

New Stock News | Over-subscribed 2115 times! Kesto Corporation Limited (02272) obtains top-level hotness in this round of new stocks.

The subsequent dark market trend is expected to become the key focus of all market investors.

Summary of Consultation on HKEX Trading of Derivative Products Market Investor Identification System by Hong Kong Securities and Futures Commission

The Securities and Futures Commission of Hong Kong plans to implement the relevant proposals, with a target date in the second quarter of 2028, but this will depend on the completion of system testing and market exercises.

The Ministry of Commerce seeks public opinions on the "Norms for Quality Management of Commodity Operation Services".

On June 23, the Ministry of Commerce publicly solicited opinions on the "Norms for Quality Management of Commodity Operation Services".

Italian software asset integration giant Bending Spoons (BSP.US) to go public in the United States: plans to raise $1.6 billion with a share price of $26-28.

Italian tech company Bending Spoons has confirmed the terms of its $1.6 billion US IPO.

May sales doubled! Tesla, Inc. (TSLA.US) continues to strengthen its momentum in Europe, breaking free from the trough and staging a "V-shaped rebound".

After experiencing a year-long sales downturn, Tesla's rebound in the European market is continuing to accelerate, a trend further confirmed by the data in May.

Tesla, Inc. (TSLA.US) wins $5 billion order! Partnering with NatPower for European battery energy storage project.

Independent energy company NatPower and Tesla announced on Tuesday that they have reached an agreement to build a total of 25 gigawatt-hours (GWh) of battery storage projects in Italy and the United Kingdom.

Hong Kong's May CPI increased by 2.0% year-on-year.

On June 23, the Census and Statistics Department of the Hong Kong Special Administrative Region government released the Consumer Price Index for May 2026.

9,000 Nio charging stations reached

On June 23, 2026, the 9000th NIO power exchange station was officially launched in Ankang, Shaanxi.

Melin: Hong Kong stock market volatility dragging down property market sentiment with weak trading of second-hand properties in the first half of June in Hong Kong's "Top Ten New Communities"

In the first half of June, the second-hand transaction volume of the "Top Ten New Communities" in Hong Kong recorded 125 cases, a decrease of approximately 37.2% compared to the 199 cases in the same period in May.

AI market faces a critical test! During the internet bubble period, star analysts recommend reducing holdings of cloud giants and focusing on the semiconductor sector.

Dan Niles warns investors that AI trading is about to hit a "speed bump." He believes that smart money should flow into areas where AI funds are actually being spent - namely the semiconductor industry, rather than the mega-scale cloud computing companies that are currently receiving massive investments.

Integrating AI with internet celebrity content, Ambitious Entertainment increases IPO size by 12%.

Ambitious Entertainment is a company that produces film and television content by collaborating with internet celebrities and integrating AI technology. The company announced an increase in the planned size of its upcoming initial public offering (IPO) on Monday.

Wall Street gold bulls collectively lowered expectations! Following Goldman Sachs, Deutsche Bank lowered its target price by a maximum of 32%.

Deutsche Bank, following Goldman Sachs, lowered its gold price expectations, another bullish adjustment to optimistic expectations.

"Light copper synergy" unlocks a billion-dollar market! Faba: Credo (CRDO.US) deeply benefits from the AI infrastructure wave, with a target price of $275.

Credo Technology (CRDO.US) is poised to continue to be a major beneficiary of the artificial intelligence (AI) infrastructure wave with its copper and optical cable interconnection technology.

New share news | SG Micro Corp (03661) ends subscription with a recorded oversubscription of 51.8 billion Hong Kong dollars, which is 111.6 times oversubscribed.

Domestic analog integrated circuit leader SB Microelectronics (03661) conducted its IPO from June 17, 2026 to June 23, 2026, and the latest IPO has now ended.

Latest

5 m ago

The Bloomberg Dollar Index hit a new intraday high since November 2025.

6 m ago

Carnival Cruise Line: Iran conflict impacts booking business, lowers performance expectations.

7 m ago

The yield on the two-year US Treasury bond remained steady after the auction, dropping by 4.45 basis points to 4.186%.

8 m ago

Anthropic Announcement: Anthropic is launching the Claude tagging feature in the Slack research preview channel for Claude Enterprise and Team Edition customers.

8 m ago

The U.S. Treasury Department auctions $690 billion of two-year Treasury notes.

Seeking Coverage

Being Writer

Exploring Cooperation