Midday update: AI rallied across every angle overnight — Cisco's +20% on a US$9bn AI order guide topped a tape where Alibaba, Micron and Nvidia all ripped. But the bond market is sending a different signal: April PPI hit 6% (a 3-year high), 30Y Treasury yields broke 5%, and Warsh was confirmed as Fed Chair. Locally, Singapore's Economic Strategy Review unveiled 32 final recommendations centred on AI hub status, energy security, and supply-chain resilience.

💬 Today's 3 Big Questions

1. AI is firing across geographies, asset classes and use cases: Cisco enterprise AI +20%, Alibaba AI revenue 11 consecutive quarters of triple-digit growth, VNET +25% with CATL as strategic investor, Micron above US$900B, NVDA fresh ATH. Pile in on the multi-vector confirmation, or take profits now that EVERYONE believes? Tell us your line.
2. April PPI +6% (3-year high) + 30Y Treasury yields breaching 5% + Warsh confirmed Fed Chair. The real-rate regime is shifting AGAINST long-duration tech. Do you rotate to SG banks / REITs (defending against the rate reset), stay long AI (demand visibility just expanded), or hold cash through the volatility?
3. Singapore's ESR Committee 32 recommendations + Indonesia US$30bn 3GW clean-power deal + life-insurance Q1 record S$5.08bn payouts + MAS AI Risk Guidelines + GLB framework — five structural pillars are aligning in the same week. Position SG-listed names directly, play through cross-listed beneficiaries, or sit on the sidelines until ESR translates into actual flows?

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⏰ Deadline: May 14, 2026, 11:59 PM (SGT)

📊 Quick Market Recap

🌍 Global Macro & Markets

• April US PPI +6% YoY — 3-year high; inflation stickiness reinforced.
• Senate confirmed Warsh as Fed Chair; 30Y Treasury yields broke 5%; USD +0.2%.
• WTI −1.14% to US$101.02 / Brent −1.99% — oil declined despite Iran submitting a Hormuz management proposal; tension fatigue.
• Trump-China summit Day 2 continues (with Musk in the delegation).

🇺🇸 US Markets: AI Multi-Vector Surge + Bond Market Pushback

• 📈 All three indices closed up; tech led; Nasdaq 100 fresh ATH.
• Cisco (CSCO) — +20% AH on US$9bn AI order guide plus AI-focused restructuring announcement.
• Nvidia (NVDA) — +2% to fresh ATH; Jensen Huang's foundation deployed US$108m for AI compute donated to research institutions.
• Micron (MU) — +5% to US$900B+ market cap on strong AI memory demand guide.
• Alphabet (GOOGL) — +4% on Gemini deep-integration into the Android ecosystem.
• Microsoft (MSFT) — reportedly exploring AI startup acquisition to position for post-OpenAI era.
• Cerebras — IPO pricing keeps getting revised higher; valuation reportedly approaching US$49bn.

🇸🇬 Singapore Markets

• 📈 STI near 5,000; OCBC Research target 5,250.
• Singapore ESR Committee — 32 final recommendations across 8 areas including a new economic resilience pillar covering energy + supply-chain security; AI solutions hub; emerging sectors investment; quality jobs.
• Life insurance Q1 record: industry paid out S$5.08bn in claims and maturity benefits (highest Q1 since 2021); total weighted new-business premiums +12.9% YoY to S$1.67bn.
• MAS opens public consultation on AI Risk Management Guidelines (covering governance, model risk, third-party AI dependencies).
• Keppel Infrastructure Trust (A7RU.SG) — Q1 DI S$53.7m (−17.3% headline); ex one-off 2025 divestment gain, DI actually +18.2%. Units −0.9% at S$0.53.
• ComfortDelGro (C52.SG) — Q1 net profit −16.1% to S$40.5m; revenue +5% to S$1.2bn (public transport S$814.5m); taxi/PHV drag. Shares −1.4% at S$1.42.
• AEM (AWX.SG) — Q1 net profit more than quadrupled to S$14.3m (from S$3.3m); semiconductor test names raised FY2026 revenue guidance +20% to S$550–600m. Shares +10.7% to S$8.35 before the print.
• Food Empire (F03.SG) — Q1 revenue +16.9% to US$159.7m (strongest Q1 ever); approved 1-for-5 bonus share issue. Shares +1% at S$3.08.
• Centurion (OU8.SG) — Q1 revenue +29.5% to S$89.4m; SG worker accommodation + AU student housing + UK high occupancy driving growth. Shares +0.6% at S$1.67.
• DBS dividend payment in 6 days (~May 20): 66c + 15c special = 81c total.

🇭🇰 Hong Kong & China Markets

• Alibaba (9988.HK) — +8% post-earnings; AI-related product revenue posted 11 consecutive quarters of triple-digit growth.
• VNET / 21Vianet (VNET.US) — +25% after announcing CATL as strategic investor; cross-AI/EV-infrastructure narrative.

📅 Key Events Tonight / This Week

• 🇨🇳 Trump-China summit Day 2 — Today
• 🇺🇸 Warsh Chair vote (final confirmation completed)
• 🇸🇬 HDB BTO HFE deadline — Tomorrow (May 15)
• 🇸🇬 DBS dividend payment — ~May 20
• 🇸🇬 Singapore Q1 GDP final release — May 26
• 🇸🇬 Valuetronics FY results — May 28

Disclaimer: For reference only, not investment advice.