Midday update: Nasdaq 100 just cracked 30,000 for the first time ever. Micron exploded +19% to break the $1 trillion market cap threshold — biggest single-day gain since 2011. PDD and Kuaishou both drop earnings today, giving us a live read on China's consumer and ad economy. SpaceX IPO clock is officially ticking.

💬 Today's 3 Big Questions

1. Micron surged +19% today — biggest daily gain since 2011 — pushing market cap past $1 trillion on AI/HBM demand. Is this the beginning of a full memory supercycle, or is the AI memory story already priced in at $1T?
2. PDD and Kuaishou both report earnings today. PDD faces Temu tariff headwinds internationally; Kuaishou is fighting Douyin at home. Which one do you think surprises to the upside tonight — and what's your reasoning?
3. SpaceX IPO is imminent and FTSE Russell just changed rules for fast-track large-cap index inclusion. RKLB is already +5%, ASTS +13%. Which space concept stock has the most runway once SpaceX officially prices?

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⏰ Deadline: May 27, 2026, 11:59 PM (SGT)

📊 Quick Market Recap

🌍 Global Macro & Markets

• Oil markets split sharply: WTI crude fell 2.81% to $93.89/bbl while Brent crude surged 3.58% to $99.58/bbl — the spread widened to ~$5.70, reflecting a rising Middle East risk premium embedded in international crude
• US 2/10-year Treasury yields both fell ~7 basis points, with bonds and equities rallying in tandem — an unusual risk-on session where everything went up together
• Spot gold +0.5% to $4,536.84/oz, holding near all-time highs amid ongoing geopolitical uncertainty

🇺🇸 US Markets: Memory Supercycle Ignites; Nasdaq 100 Cracks 30,000

• 📈 Nasdaq 100 breached 30,000 for the first time in history; S&P 500 and Dow Jones also closed higher
• Micron Technology (MU) — surged +19%, crossing $1 trillion market cap — the biggest single-day gain since 2011, fuelled by AI/HBM demand momentum
• AMD — +7%; SanDisk (SNDK) — +7%, riding the memory sector tailwind
• Qualcomm (QCOM) — +4% after reports of a major chip supply agreement with ByteDance
• Rocket Lab (RKLB) — +5%; AST SpaceMobile (ASTS) — +13% as SpaceX IPO imminent; FTSE Russell modified rules for fast-track large-cap index inclusion
• TSMC — 3nm foundry pricing expected +15% in H2 2026, with a further +10% in 2027, on sustained AI chip demand
• Marvell Technology (MRVL) — +6% as Wall Street collectively upgraded price targets ahead of earnings
• PDD Holdings (PDD) — Q1 2026 earnings out today; market focused on Temu international margins and domestic GMV trajectory

🇸🇬 Singapore Markets

• 🚨 Public Holiday — Hari Raya Haji. SGX is CLOSED today. Selamat Hari Raya Haji to all Muslim friends and family in the community 🌙✨
  Markets resume Thursday (May 28).
• 📈 STI at 5,070.55, +0.05% — near all-time highs, up 30.4% YTD
• Manulife Financial (MFC) — pricing SGD 500 million 2.880% subordinated notes due 2036; expected SGX listing June 4

🇭🇰 Hong Kong & China Markets

• Kuaishou Technology (1024.HK) — Q1 2026 earnings released today; key focus: MAU trajectory, advertising ARPU, live commerce GMV versus Douyin

📅 Key Events Tonight / This Week

• 🇺🇸 Fed Governor Logan speech — tonight, May 27 (SGT evening)
• 🇺🇸 FOMC April Meeting Minutes — tonight, May 27 (SGT evening)
• 🚀 SpaceX IPO — FTSE Russell modified fast-track large-cap inclusion rules today; RKLB +5%, ASTS +13%; watch for formal IPO timeline confirmation
• 🇰🇷 Korea Samsung / SK Hynix Leveraged ETF Launch — Thu May 28
• 🇺🇸 US GDP Q1 2nd Estimate (consensus +0.5%, prior Q4 +2.0%) + PCE MoM (Apr) + Initial Jobless Claims — Thu May 28, ~8:30 PM SGT
• 🇺🇸 Chicago PMI (May) — Fri May 299

Disclaimer: For reference only, not investment advice.