Good morning! A great day starts with making money.<h3>Overnight Morning Market</h3>The Fed's &#34;third in command&#34; Williams commented on the April CPI, stating that it is not enough to prompt a quick rate cut. The US stock market's rally faded, with the three major indices slightly down.Tech giants &#34;Seven Sisters&#34; had mixed performances, with only Alphabet not falling throughout the day, while Meta led the declines. Nvidia halted its four-day rally. WBS hot concept stocks continued to cool down, with GameStop (GME) falling by 30%, AMC by 15.3%, Koss by 4.6%, and BlackBerry (BB) by 6.2%. Faraday Future (FFIE.O) surged by 134%, accumulating a 3450% increase for the week.The Nasdaq Golden Dragon Index rose by 2.5%, Alibaba surged by over 7%, previously receiving a bullish outlook from Citron above $100. JD.com rose by 1.9%, Baidu and iQIYI rose by approximately 1.7% and 12.2% respectively. Li Auto fell by 2.7%, Nio by 1.1%, ZEEKR by 0.5%, XPeng rose by 3.5%, NetEase by 5.5%, Bilibili by nearly 2.8%, and Pinduoduo by almost 1.5%.<h3>Blue Chips and Hot Stocks</h3>&#34;Soros' comrade&#34; Stanley Druckenmiller's family office sold over 441,000 shares of Nvidia stock in the first quarter, reducing its holdings to only 176,000 shares, a reduction of over 70%, with the remaining Nvidia holdings valued at approximately $158 million.Goldman Sachs increased its holdings of Pinduoduo by over 5.54 million shares in the first quarter, a growth rate of 101%, increased its holdings of iQIYI by 8.1 million shares, and Manbang by 7.3 million shares, while reducing its holdings of Apple by 6.9 million shares.Meta's Threads begins testing a TweetDeck-like featureThreads is testing a real-time feedback interface similar to Twitter's TweetDeck, allowing users to see up to 100 threads on one screen, making it easy to switch between posts from people they follow, algorithm-recommended posts, or posts focusing on specific keywords or topics.TikTok tests 60-minute long videosTikTok now allows users to upload videos up to 60 minutes long. This feature is currently only available to a small number of users in certain regions, and TikTok has stated that there are no immediate plans for a full rollout.Tesla's Berlin factory expansion plan has won support from the German municipal council, including expanding by approximately 40 hectares, adding an employee train station and roads to reduce heavy truck traffic in the area.Ford asks suppliers to cut costs to achieve profitability in its electric vehicle business.Xiaomi Auto: On May 18th at 08:30, the Xiaomi SU7Pro will make its first public appearance, with Lei Jun hosting a live stream.XPeng Motors: Will hold an AI autonomous driving launch event on May 20th at 19:30.Nio plans to complete 100 direct stores this year, focusing on penetration in second and third-tier cities.Media reports indicate that Li Auto is planning to reduce its workforce by 18%.Baidu conference call: 11% of Baidu search results are generated by AI, Luobo Kuai Pao will achieve UE breakeven, and the advertising business growth may be weakJD's first-quarter revenue was 260.05 billion yuan, exceeding market expectations of 258.3 billion yuan. The number of active users grew by double digits.Walmart's first-quarter revenue was $161.51 billion, a 6% year-on-year increase, surpassing market expectations of $159.58 billion.Sources: Ping An of China is considering further selling its stake in HSBC Holdings, contemplating how to reduce its $13 billion holding in HSBC.Meituan aims to break through its growth ceiling by adopting Pinduoduo's approach to food deliveryMeituan's new business under its food delivery arm, &#34;Pinghao Fan,&#34; had an average daily order volume close to 5 million in the first quarter of this year, nearly 10% of Meituan's food delivery orders in the fourth quarter of 2023. Pinghao Fan's strategy involves platform intervention in the supply chain, negotiating prices with merchants, and reducing costs for users, merchants, and delivery riders through &#34;popular dish recommendations + group ordering + unified delivery.&#34;Market news: GlaxoSmithKline plans to sell approximately 385 million shares of consumer health company Haleon.According to Fox News: Fox, ESPN, and Warner Bros. Discovery's sports streaming joint venture will launch this fall under the name Venu Sports.In preparation for the $53 billion acquisition of HES.N, Chevron plans to sell its remaining North Sea oil and gas assets.Citibank China's personal business is counting down to closure, ending its personal credit card repayment service on July 3.<h3>Chips and Artificial Intelligence</h3>OpenAI will collaborate with Reddit to integrate its content into ChatGPT. Reddit's stock rose by 6% in after-hours trading.Snowflake is reportedly in talks to acquire startup Reka AI for over $1 billion. The company, founded in 2022, aims to develop large-scale language models.11% of Baidu search results are generated by AI, Li Yanhong: Search is most likely to become the Killer App of the AI eraSony Music warns AI companies to stop using its content to train models. Sony Music has sent letters to over 700 companies in an attempt to protect its intellectual property, including album covers, metadata, music works, and lyrics, from being used to train AI models.<h3>IPO Opportunities</h3>Shein: Has not decided on the listing location yet and is exploring all options.OneStream, invested by KKR, reportedly secretly submitted an IPO application in the United States, seeking a valuation of up to $6 billion in the IPO.Haidilao's overseas subsidiary, Haidilao International, expects its American depositary shares to begin trading on the Nasdaq Global Market on May 17, 2024 (Eastern Time). The company will issue 2,692,700 shares at a price of $19.56 per ADS, equivalent to approximately HK$15.28 per share.<h3>Macro: Taking You Around the World</h3>Federal Reserve's Williams: Sees no need for tightening policy at present, welcomes inflation slowdown, but it's not enough to prompt a rate cut in the near termFederal Reserve Boston: Inflation made progress in April, but no trend has formed. It may be appropriate to cut interest rates before the end of the year.Federal Reserve Barkin, Mester: It is necessary to keep interest rates high for a longer period of time to achieve the inflation target.Bank of America: April CPI provided some relief, still expects the Federal Reserve to cut interest rates for the first time in December.China and Russia issued a joint statement on deepening the comprehensive strategic partnership in the new era. China-Russia joint statement: Jointly promote the implementation of large-scale energy projects by Chinese and Russian enterprises.The State Council Information Office of China will hold a routine policy briefing at 4 p.m. on May 17, introducing relevant policies to effectively carry out the work of ensuring the delivery of houses and supporting policies. According to Caixin report, multiple ministries have set up a joint working group to brew &#34;major measures&#34; in the real estate sector.Hong Kong Securities and Futures Commission facilitates the expansion of ETF connectivity in Hong Kong

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US stocks surged and then fell back, with retail investors cooling off on group-held stocks, causing GME to drop by 30%. "Soros' comrade" reduced its holdings in Nvidia by at least 70%. TikTok is testing 60-minute long videos. OpenAI will incorporate Reddit content into ChatGPT. Goldman Sachs increased its holdings in Pinduoduo in the first quarter, while reducing its holdings in Apple. Meituan is challenging its growth ceiling by adopting Pinduoduo's approach to food delivery. Xiaomi SU7Pro will be released tomorrow. XPeng will hold an AI autonomous driving conference next week

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Breakfast | "Soros' comrade" aggressively cuts Nvidia holdings, Alibaba receives Citron's bullish view of over $100