<p>Good morning! A great day starts with making money.</p><h3>Overnight Morning Market</h3><p>The U.S. stock market showed mixed performance, with the Dow rising by 0.77%, the S&amp;P 500 falling by 0.25%, and the Nasdaq dropping by 0.79%, ending a seven-day streak of gains.</p><p>Analysts believe that driven by the AI craze and market hopes for an imminent Fed rate cut, the U.S. stock market is expected to continue its upward trend this week. However, recent gains have been concentrated in technology, semiconductor, and AI stocks, raising concerns about the lack of market breadth and irrational exuberance. In addition, the U.S. stock indices are in overbought territory, and Friday marked the &#34;Triple Witching Day&#34; when derivative contracts linked to stocks, index options, and futures expire, leading to a downturn in the indices.</p><p>Goldman Sachs estimates that the options expiration scale for U.S. stocks on Triple Witching Day will be the largest ever, with the nominal value of expiring options exceeding $5.1 trillion, setting a new historical record. Triple Witching Day refers to the simultaneous expiration of index futures, index options, and individual stock options. This scenario occurs once every quarter and often significantly increases the volatility of the U.S. stock market.</p><p>AMD rose by 7.8%, marking its largest intraday gain since February. NVIDIA fell by 3.5%, while the NVIDIA 2x Long ETF dropped by 7%. Broadcom fell by 3.8%, ARM by 7.7%, Qualcomm by over 5%, TSMC's U.S. stock and Lam Research by over 2%, and Micron Technology by 6%. Game Station rose by 3.6%.</p><p>NVIDIA, Microsoft, and Apple collectively reached a market value of up to $10 trillion during trading, a historical first, accounting for nearly 20% of the entire U.S. stock market's value.</p><p>Bilibili rose by 5.3%, marking a third consecutive trading day of gains this week with a cumulative increase of 15.7%. JPMorgan Chase upgraded its rating to overweight. JD.com fell by 1.3%, Baidu by 2.3%, Alibaba by 0.2%, Nio by over 2%, XPeng remained flat, and Li Auto fell by nearly 2%.</p><h3>Blue Chips and Hot Stocks</h3><p>NVIDIA CEO Jensen Huang applied to sell 120,000 shares of NVIDIA stock worth $16.3 million.</p><p>SenseTime: Plans to issue 1.2 Hong Kong dollars per share to sell 1.673 billion shares, at a discount of 9.1%, raising a total of approximately 2.008 billion Hong Kong dollars.</p><p>Gilead Sciences announced that its research on &#34;Lenacapavir&#34; has shown 100% effectiveness in preventing HIV.</p><h3>Semiconductors and Artificial Intelligence</h3><p>Reports indicate that Apple has been in talks with Chinese companies such as Baidu, Alibaba, and Baicells Intelligence for AI service localization.</p><p>Google: The newly released model Claude 3.5 Sonnet from Anthropic is now widely available on Vertex AI.</p><p>Nikkei News: TSMC is exploring new AI chip packaging technologies.</p><p>Oracle (ORCL.N): Plans to invest over $1 billion in artificial intelligence and cloud computing in Spain.</p><p>AMD responds to hacking attack: Limited information was stolen, and it will not have a significant impact on the business.</p><p>Intel's Intel 3 process announces entry into mass production phase for Xeon 6 series data center processors.</p><p>Accenture (ACN.N) generated AI sales of over $900 million in the third quarter, bringing significant performance growth to the company</p><h3>Cryptocurrency</h3><p>US Treasury Secretary Yellen: Cryptocurrency remains a small part of the financing of opioid smuggling.</p><h3>Startups and IPO Opportunities</h3><p>According to The Information: AI startup Cerebras secretly applies for IPO.</p><h3>Macro: A Global Perspective</h3><p>Richmond Fed President Barkin stated that the Fed needs to further clarify the path of inflation before considering a rate cut.</p><p>The US recorded a current account deficit of $237.6 billion in the first quarter, the largest deficit since the first quarter of 2022. The total number of building permits in the US in May was 1.386 million, the lowest since January 2023. The total number of new housing starts in the US in May was 1.277 million on an annualized basis, the lowest since June 2020.</p><p>SEC Chairman urges the stock market to speed up currency settlement. The US, Canada, and Mexico have completed the transition to a T+1 settlement system. The UK is discussing transitioning to a faster securities settlement system.</p><p>Goldman Sachs pointed out that the last time the S&amp;P 500 index fell by more than 2% in a single day was back in December 2022. Since then, the US stock market has been on an overall upward trend for 376 days. Furthermore, the US stock market is not currently in an 'overvalued' state, with the price-to-earnings ratio of the top ten market cap stocks in the S&amp;P 500 at around 30 times, compared to around 47 times during the peak of the 2000 internet bubble.</p><p>JPMorgan stated that the reduction in short selling combined with short covering is a factor driving the rise in the US stock market, forming a &#34;stable support flow&#34;. Over the past 12 months, short positions in SPDR S&amp;P 500 and Invesco QQQ have decreased. Since the second quarter of 2023, the weight of short positions has been steadily declining.</p><p>Russian President Putin concluded his state visit to Vietnam and left Hanoi on the evening of the 20th by special plane.</p><p>Market News: Car dealerships across the United States experienced a second major disruption within two days, as software provider CDK Global was once again hit by a cyber attack, affecting thousands of dealerships relying on CDK Global to operate their stores</p>

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<p>NVIDIA plunged 8% intraday. Bilibili rose for three consecutive days, up 15.7% this week. Today, the scale of options expiring in the US stock market will be the largest ever. JP Morgan believes that short covering will help boost US stocks. News has it that Apple is in talks with Chinese companies such as Baidu and Alibaba for AI service localization. TSMC is exploring new AI chip packaging technology. Intel's 3nm process has entered mass production phase</p>

1. The US stock market showed mixed performance with the Dow up 0.77%, S&P 500 down 0.25%, and Nasdaq down 0.79%, ending a seven-day winning streak.
2. Concerns are rising about the concentrated gains in the tech, semiconductor, and AI sectors, leading to worries about market breadth and irrational exuberance.
3. The market is in an overbought state, with the upcoming "Triple Witching Day" expected to see the largest ever expiration of options contracts, exceeding $5.1 trillion in nominal value.
4. Specific stock movements include AMD rising 7.8%, NVIDIA falling 3.5%, Broadcom falling 3.8%, Qualcomm falling over 5%, and Micron Technology falling 6%.
5. Bilibili rose 5.3% and received an upgrade to overweight by JPMorgan, while JD.com, Baidu, Alibaba, Nio, and XPeng experienced declines.
6. Notable news includes NVIDIA's CEO selling shares, Gilead Sciences' effective HIV prevention drug, and Apple's discussions with Chinese companies for AI localization services.
7. Other updates involve Google's new AI model, TSMC exploring AI chip packaging, Oracle's investment in AI and cloud computing in Spain, AMD's response to a hack, Intel's 3nm process for Xeon processors, and Accenture's strong AI sales performance.
8. Treasury Secretary Yellen mentioned that cryptocurrencies are still a small part of illicit financing, and there are reports of AI startup Cerebras secretly filing for an IPO.

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Breakfast | Today's "Triple Witching Day" may trigger massive volatility in US stocks, Huang Renxun once again reduces holdings in NVIDIA