<h3>Market Overview</h3>
<p>U.S. stocks were hit hard by tariffs, starting March with a &#34;black opening&#34;! The three major U.S. stock indices collectively fell over 2% at one point in the afternoon, with the Nasdaq closing down over 2%, erasing gains since last year's election. The S&amp;P fell nearly 1.8%, marking the largest drop of the year; NVIDIA closed down nearly 9%, the largest drop since the DeepSeek impact.</p>
<p>Tech stocks fell broadly, with Amazon down 3.42%, Tesla down 2.84%, Microsoft down 2.14%, Meta down 1.97%, Google A down 1.92%, and Apple down 1.58%.</p>
<p>Cryptocurrency concept stocks surged and then retreated, with MicroStrategy initially soaring 15% before turning positive; the China concept index fell for three consecutive days, with Li Auto down 11%, Nio down over 8%, and XPeng down nearly 6%.</p>
<h3>The 2025 National Two Sessions of China Are About to Begin</h3>
<p>The third meeting of the 14th National Committee of the Chinese People's Political Consultative Conference will open at 3 PM on March 4 and close at 10 AM on March 10, lasting for six days. The third meeting of the 14th National People's Congress will open on March 5, with a press conference scheduled for 12 PM on March 4, where the conference spokesperson will answer questions from domestic and foreign reporters regarding the agenda and work of the National People's Congress.</p>
<h3>Trump's Tariff Stick Is About to Fall</h3>
<p>Trump reiterated that tariffs on Canada and Mexico will begin on March 4, with reciprocal tariffs to be imposed on April 2. The U.S. has stated that there is &#34;no remaining space&#34; for negotiations on tariffs with Canada and Mexico. Canada has responded that it is prepared for retaliatory measures, planning to impose tariffs on U.S. goods worth CAD 155 billion, with the first batch targeting U.S. goods worth CAD 30 billion.</p>
<h3>Global Times: Sources Say China Is Studying Countermeasures, Firmly Resisting U.S. Tax Increases Again</h3>
<p>According to the Global Times, citing reliable sources, China is studying relevant countermeasures, which may include tariffs and a series of non-tariff measures, to respond to the U.S. threatening to impose a 10% tariff on Chinese goods under the pretext of fentanyl. Among these, imposing tariffs on agricultural and food products originating from the U.S. is likely to be included in the countermeasures.</p>
<p>The sources also revealed that if the U.S. insists on unilaterally imposing tariffs again and formally announces relevant measures, China will firmly implement strong countermeasures.</p>
<h3>NVIDIA Plummets Nearly 9%! Market Value Evaporates by $265 Billion</h3>
<p>According to Xinhua News Agency, Trump's statements regarding tariff increases have heightened panic in the U.S. stock market, with NVIDIA's stock price falling nearly 9% on Monday, closing at $114.06, with intraday losses exceeding 10%.</p>
<p>Currently, NVIDIA's stock price has fallen back to the level of September last year, which was the price before the U.S. presidential election. The company's market value has shrunk to $2.79 trillion, with Monday's drop causing NVIDIA's market value to evaporate by $265 billion. According to Dow Jones market data, NVIDIA's current market value has decreased by about $900 billion from its peak of $3.66 trillion on January 6.</p>
<h3>Cryptocurrency Boom Is Short-lived! Trump Announces U.S. Crypto Reserves, Five Major Currencies Selected</h3>
<p>Trump announced that the U.S. cryptocurrency strategic reserves will focus on Bitcoin and Ethereum, while also including smaller and riskier tokens such as Solana, XRP, and Cardano. Following this news, Solana surged 24%, Cardano skyrocketed 70%, and XRP rose 34%
During the trading session, these cryptocurrencies all turned to decline, with Solana, Cardano, and XRP all dropping over 10%.</p>
<h3>Report: Broadcom &#34;tests the waters&#34; with NVIDIA's 18A process</h3>
<p>According to media reports citing sources, chip giants NVIDIA and Broadcom are testing chip manufacturing using Intel's 18A process, which has boosted market confidence in Intel. The 18A process is an advanced chip manufacturing technology developed by Intel in recent years, comparable to similar technologies from industry leader TSMC.</p>
<h3>TSMC's CoWoS faces &#34;order cuts,&#34; JP Morgan: Don't panic, AI demand remains strong</h3>
<p>JP Morgan stated that customers such as NVIDIA, Marvell, and Amazon have indeed lowered their CoWoS order expectations for 2025, with a reduction of about 8-10%. However, this is not a demand issue, but rather a return to rationality from previously overly optimistic expectations. The CoWoS capacity in 2025 will still be in short supply, and NVIDIA's Blackwell chip shipments are expected to reach 6 million units.</p>
<h3>Buffett's rare statement: Tariffs are &#34;acts of war&#34; that will harm consumer interests</h3>
<p>Buffett stated that punitive tariffs could trigger inflation and harm consumer interests. However, he still mentioned, &#34;Most of the funds I manage will continue to be invested in the United States.&#34;</p>
<h3>February Caixin China Manufacturing PMI rises to 50.8, the highest in nearly three months</h3>
<p>In February, China's manufacturing output and new order volumes both recorded their highest growth rates since November 2024, strongly supporting the overall index. However, employment levels remain in a contraction zone, indicating that companies still need to make efforts in cost reduction and efficiency improvement.</p>
<h3>U.S. data points to stagflation, ISM manufacturing index approaches stagnation, price index hits a two-and-a-half-year high</h3>
<p>The U.S. February ISM manufacturing PMI is 50.3, which, while still in the expansion zone above 50, has fallen unexpectedly from January and is approaching stagnation, with both new orders and employment shrinking. Meanwhile, the materials purchasing price index surged to its highest level since June 2022, highlighting inflationary pressures</p>

NVDA

<p>Panic sentiment in the US stock market has increased, with NVIDIA's intraday decline exceeding 10%, ultimately closing down nearly 9%, resulting in a market value evaporating by $265 billion overnight. Today's key focus: The opening of the 14th National Committee of the Chinese People's Political Consultative Conference; the United States begins imposing tariffs on Canada and Mexico, with reciprocal tariffs to be levied on April 2; Trump will address a joint session of the US Congress</p>

- U.S. stock markets faced significant declines due to tariff announcements, with major indices dropping over 2%, marking the largest losses of the year.  
- Nvidia's stock fell nearly 9%, resulting in a market value loss of $265 billion, while other tech stocks also experienced substantial declines.  
- The upcoming Chinese National People's Congress and the potential retaliatory measures against U.S. tariffs add to the market's volatility and uncertainty.

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NVIDIA

Microsoft

LI AUTO-W

Intel

NIO-SW

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Alphabet - C

JPMorgan Chase

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Apple

XPENG-W

Strategy

Alphabet

Taiwan Semiconductor

Broadcom

Amazon

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Breakfast | Trump's tariffs hit the market hard, U.S. stocks start March with a "black opening"! NVIDIA plummets 9%