---
title: "Pre-market trading in US stocks | Meme stocks, Chinese concept stocks, and technology stocks all fell!"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/205086729.md"
description: "Faraday Future Intelligent Electric (FFIE) plunged by 58% in pre-market trading, now down over 40%; Crown ElectroKinetics (CRKN) dropped by over 5%, GameStop (GME) fell by 5%, AMC Entertainment (AMC) dropped by over 2%. Alibaba, JD.com, XPeng fell by over 2%, Pinduoduo dropped by nearly 2%, NIO, NetEase, Baidu fell by over 1%, Li Auto, Bilibili dropped by nearly 1%"
datetime: "2024-05-29T10:54:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/205086729.md)
  - [en](https://longbridge.com/en/news/205086729.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/205086729.md)
---

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# Pre-market trading in US stocks | Meme stocks, Chinese concept stocks, and technology stocks all fell!

### U.S. Stock News

1.  Chinese Foreign Ministry spokesperson Maoning stated that at the invitation of the United States, Deputy Minister of Foreign Affairs Ma Chaosu will visit the United States from May 30 to June 2 to hold consultations with U.S. Under Secretary of State Campbell and engage with representatives from various sectors in the United States.
    
2.  The Legislative Council of the Hong Kong Special Administrative Region passed the bill to increase tobacco tax on the third reading today (29th), in order to implement the proposal in this year's budget to raise the tobacco tax on each cigarette by 0.8 Hong Kong dollars and proportionally increase the tax rate on other tobacco products by 31.92%.
    
3.  According to sources from multiple channels as reported by China Daily, China may invest around 6 billion yuan in the research and development of solid-state batteries, with six enterprises including CATL, BYD, FAW, SAIC, WeLan New Energy, and Geely potentially receiving government support for basic research and development.
    
4.  Goldman Sachs' prime brokerage department released a report stating that after NVIDIA reported better-than-expected performance last week, hedge funds' risk exposure to U.S. tech giants reached a record high. The report shows that the "Big Seven" tech companies — NVIDIA, Apple, Amazon, Meta Platforms Inc., Alphabet Inc., Tesla, and Microsoft — currently account for approximately 20.7% of hedge funds' total net exposure to U.S. stocks.
    
5.  According to market intelligence company Sensor Tower, since its release on May 21st, the mobile game "Dungeon & Fighter" has generated $63 million in revenue on Apple's App Store in China. Game research company Niko Partners estimates that player spending on all mobile platforms, including the Android store, will exceed $140 million.
    
6.  On May 29th, Didi released its first quarter performance report for 2024 on its official website. In the first quarter, Didi achieved a total revenue of 49.1 billion yuan, a year-on-year increase of 14.9%. Adjusted EBITA (non-GAAP) profit was 900 million yuan. During the same period, the daily average orders for domestic and international businesses continued to grow, reaching 32.5 million and 8.7 million respectively.
    
7.  There are rumors today that Baidu may unveil the new generation of the Wenxin large model 5.0 during the Baidu World Conference in 2025. Baidu has not responded to this rumor yet.
    
8.  According to the Financial Times, ConocoPhillips is in advanced negotiations to acquire Marathon Oil.
    
9.  According to Bloomberg, BHP Group is looking to extend the bid deadline for its offer to acquire Anglo American, in order to engage in more negotiations.
    

### Pre-market Movement

Before the U.S. stock market opens, the futures of the three major stock indexes are down, while the fear index surges over 3%.

Bitcoin is currently trading at $67,916, slightly down in the past 24 hours; Ethereum is trading at $3,814, down nearly 2% in the past 24 hours.

 Meme stocks, cryptocurrency concept stocks, technology stocks, and Chinese concept stocks are generally experiencing a significant decline.

Faraday Future Intelligent Electric (FFIE) once dropped by 58%, now down over 40%; CRKN dropped by over 5%, GME by 5%, and AMC by over 2%.

Alibaba, JD.com, XPeng dropped by over 2%, PDD dropped by nearly 2%, NIO, NetEase, Baidu dropped by over 1%, Li Auto, Bilibili dropped by nearly 1%.

AMD dropped by over 1%, all seven US tech giants fell.

MSTR dropped by over 2%, COIN dropped by nearly 2%, MARA dropped by nearly 1%.

Cheche Technology surged by 26%, with the company set to announce its performance.

### Strategy Review

**1\. This year, Tesla's shareholders' meeting will decide on two major issues**

It will be a "smoky" meeting, deciding whether Musk's $56 billion compensation plan will be approved and whether the company's place of registration will be moved from Delaware to Texas.

**2\. NVIDIA, not expensive?**

Analysis suggests that NVIDIA's PEG (price-earnings to growth ratio) is 1.1, much lower than Qualcomm, Broadcom, Salesforce, etc. The fundamental reason supporting NVIDIA's continuous stock price increase is that the company's EBIT margin has reached 69%, with performance being "extraordinary."

**3\. The booming "AI cooling," Vertiv up 7 times in two years!**

The booming development of AI has led to the emergence of a large number of data centers, with server cooling becoming a major issue. Vertiv has caught this "opportunity," with its stock price increasing sevenfold in two years, overwhelmed with orders

### Related Stocks

- [Faraday Future Intelligent Electric Inc. (FFIE.US)](https://longbridge.com/en/quote/FFIE.US.md)
- [Crown Electrokinetics Corp. (CRKN.US)](https://longbridge.com/en/quote/CRKN.US.md)
- [GameStop Corp. (GME.US)](https://longbridge.com/en/quote/GME.US.md)
- [AMC Entertainment Holdings, Inc. (AMC.US)](https://longbridge.com/en/quote/AMC.US.md)
- [Alibaba Group Holding Limited (BABA.US)](https://longbridge.com/en/quote/BABA.US.md)
- [JD.com, Inc. (JD.US)](https://longbridge.com/en/quote/JD.US.md)
- [XPeng Inc. (XPEV.US)](https://longbridge.com/en/quote/XPEV.US.md)
- [PDD Holdings Inc. (PDD.US)](https://longbridge.com/en/quote/PDD.US.md)
- [NIO Inc (NIO.US)](https://longbridge.com/en/quote/NIO.US.md)
- [NetEase, Inc. (NTES.US)](https://longbridge.com/en/quote/NTES.US.md)
- [Baidu, Inc. (BIDU.US)](https://longbridge.com/en/quote/BIDU.US.md)
- [Li Auto Inc. (LI.US)](https://longbridge.com/en/quote/LI.US.md)
- [Bilibili Inc. (BILI.US)](https://longbridge.com/en/quote/BILI.US.md)
- [Meta Platforms, Inc. (META.US)](https://longbridge.com/en/quote/META.US.md)
- [Alphabet Inc. (GOOGL.US)](https://longbridge.com/en/quote/GOOGL.US.md)
- [Alphabet Inc. (GOOG.US)](https://longbridge.com/en/quote/GOOG.US.md)
- [Microsoft Corporation (MSFT.US)](https://longbridge.com/en/quote/MSFT.US.md)
- [Amazon.com, Inc. (AMZN.US)](https://longbridge.com/en/quote/AMZN.US.md)
- [Apple Inc. (AAPL.US)](https://longbridge.com/en/quote/AAPL.US.md)
- [Tesla, Inc. (TSLA.US)](https://longbridge.com/en/quote/TSLA.US.md)
- [NVIDIA Corporation (NVDA.US)](https://longbridge.com/en/quote/NVDA.US.md)
- [Advanced Micro Devices, Inc. (AMD.US)](https://longbridge.com/en/quote/AMD.US.md)
- [Coinbase Global, Inc. (COIN.US)](https://longbridge.com/en/quote/COIN.US.md)
- [Strategy Inc (MSTR.US)](https://longbridge.com/en/quote/MSTR.US.md)
- [MARA Holdings, Inc. (MARA.US)](https://longbridge.com/en/quote/MARA.US.md)
- [Cheche Group Inc. (CCG.US)](https://longbridge.com/en/quote/CCG.US.md)
- [BIDU-SW (09888.HK)](https://longbridge.com/en/quote/09888.HK.md)
- [BIDU-SWR (89888.HK)](https://longbridge.com/en/quote/89888.HK.md)
- [BABA-WR (89988.HK)](https://longbridge.com/en/quote/89988.HK.md)
- [JD-SWR (89618.HK)](https://longbridge.com/en/quote/89618.HK.md)
- [BABA-W (09988.HK)](https://longbridge.com/en/quote/09988.HK.md)
- [JD-SW (09618.HK)](https://longbridge.com/en/quote/09618.HK.md)

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