<h2>美国隔夜市场</h2>
<p>标准普尔 500 指数上涨 0.13%，创下 7609.78 的历史新高，首次收于 7600 点以上。纳斯达克微涨 0.03%，达到 27093.90，连续九个交易日上涨，而道琼斯指数上涨 0.45%，创下 51307.79 的历史新高。在表面之下，市场领导层较为狭窄且波动剧烈。费城半导体指数飙升 5.9%，受 Marvell 和 HPE 推动，但 “七大巨头” 表现不及大盘，微软下跌 4.2%，亚马逊下跌 3.9%。谷歌母公司 Alphabet 在宣布 800 亿美元的股权融资计划后股价下跌。软件 ETF 下跌 2.7%，三天的反弹暂停。加密货币相关股票遭受重创，Strategy 下跌 9.2%，Coinbase 下跌 4.7%。JOLTS 数据显示，四月份职位空缺增加 4.6%，达到 760 万，创近两年来新高，进一步印证劳动力市场对美联储降息仍然过于紧张。</p>
<h3>主要动向</h3>
<p><strong>Marvell (MRVL) +33%</strong> — 在 Nvidia 首席执行官黄仁勋在台北计算机展的主题演讲中称该公司为未来的万亿芯片制造商后，Marvell 股价飙升 32.52%。Nvidia 已向 Marvell 投资 20 亿美元，后者的网络和光互连解决方案对 AI 数据中心基础设施至关重要。数据中心收入现在占 Marvell 总收入的 75%，而两年前这一比例为 50%。该股今年迄今已上涨超过 130%。</p>
<p><strong>HPE (HPE) +20%</strong> — HPE 在周一发布的强劲第二季度财报后，首个完整交易日股价上涨 19.47%，该财报超出预期并上调了全年指引。该股在周一盘后交易中上涨 26% 后，开盘接近 56 美元，随后在当天交易中在 43 美元至 48 美元之间波动，早期的获利回吐让位于重新买入。结果确认企业 AI 服务器需求广泛。</p>
<p><strong>微软 (MSFT) -4%</strong> — 微软股价下跌 4.2%，拖累 “七大巨头” 下滑，亚马逊下跌 3.9%。此次抛售反映了从大型软件股向半导体和基础设施股的轮换，而非任何基本面催化因素。SOX 指数上涨 5.9% 与软件 ETF 下跌 2.7% 之间的差异突显出市场在当前 AI 周期中更青睐硬件而非软件。</p>
<h2>新加坡交易所前瞻</h2>
<p>STI 收于 5070.55，接近历史最高点。DBS 接近 62.18 新元，UOB 接近 37.91 新元。SOX 的 5.9% 上涨应提振 Venture Corp 和本地半导体公司。然而，强劲的 JOLTS 数据支持长期高利率的论点——这对银行净利差是积极的，但对利率敏感的行业则是逆风。今晚 Broadcom 的财报将是明天亚洲科技情绪的关键催化剂。</p>
<h2>亚洲盘前</h2>
<p>标准普尔 500 期货微跌（-0.1%），纳斯达克期货下跌 0.3%，市场在 Broadcom 发布前进行整固。WTI 原油价格为 93.51 美元。谨慎的市场情绪反映出轮换而非风险规避：芯片股上涨，而大型软件股回落，加密货币下跌，小盘股则保持稳定。Broadcom 今晚的财报将决定半导体的反弹是延续还是耗尽。</p>
<h2>今日美国财报及经济日历</h2>
<table>
<thead>
<tr>
<th>公司</th>
<th>时间</th>
</tr>
</thead>
<tbody>
<tr>
<td>Broadcom (AVGO)</td>
<td>市场收盘后</td>
</tr>
<tr>
<td>CrowdStrike (CRWD)</td>
<td>市场收盘后</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th>事件</th>
<th>时间（东部时间）</th>
<th>时间（新加坡时间）</th>
</tr>
</thead>
<tbody>
<tr>
<td>ADP 就业数据（5 月）</td>
<td>上午 8:15</td>
<td>晚上 8:15</td>
</tr>
<tr>
<td>ISM 服务业 PMI（5 月）</td>
<td>上午 10:00</td>
<td>晚上 10:00</td>
</tr>
</tbody>
</table>
<p>周五：非农就业数据。</p>
<p><strong>财报聚焦：Broadcom (AVGO)</strong> — 本季最后一份主要 AI 芯片报告。Broadcom 的定制加速器和网络业务与超大规模 AI 建设直接相关。在 Marvell 因黄仁勋的支持而上涨 33% 后，市场对 Broadcom 的预期高涨。若业绩超出预期，将验证 AI 硬件超级周期在 Nvidia 之外的持续性；若未达预期，可能引发自 5 月中旬以来首次显著的芯片修正。CrowdStrike 将在同晚发布财报，将检验网络安全与 AI 的交集是否转化为收入增长。</p>
<h2>还有一件事</h2>
<p>周二市场出现分化。半导体上涨 5.9%。软件下跌 2.7%。加密货币崩盘。“七大巨头” 表现不佳。然而，标准普尔 500 指数仍然创下历史新高。这一切都说明了当前市场结构：AI 硬件交易足够强大，即使在大多数其他行业下跌时也能支撑指数。JOLTS 数据显示职位空缺达到 760 万——创两年来新高——意味着劳动力市场没有给美联储降息的理由。Warsh 的首次利率决定在 6 月 17 日，市场目前预计加息的概率为 45%。今晚 Broadcom 将在一个年初至今已上涨 75% 的半导体行业中发布财报。如果 Broadcom 表现出色，芯片反弹将在 6 月继续；如果不然，75% 的涨幅将面临重压。</p>
<p><em>本简报仅供信息参考，不构成投资建议。</em></p>

<p>美国隔夜市场标准普尔 500 指数上涨 0.13%，创下 7609.78 的历史新高，首次收盘超过 7600 点。纳斯达克指数微涨 0.03%，达到 27093.90，延续了九个交易日的连胜纪录，而道琼斯指数上涨 0.45%，创下 51307.79 的历史新高。在市场表面之下，领导地位较为狭窄且波动剧烈。费城半导体指数飙升 5.9%，主要受 Marvell 和 HPE 的推动，但 “七大巨头” 表现不及大盘，微软下跌 4.2%，亚马逊下跌 3.9%</p>

<h2>US Overnight</h2>
<div class="lb-trans"><h2>美国隔夜市场</h2>
</div><p>The S&amp;P 500 rose 0.13% to a record 7,609.78, closing above 7,600 for the first time. The Nasdaq edged up 0.03% to 27,093.90, extending its winning streak to nine sessions, while the Dow gained 0.45% to a record 51,307.79. Beneath the surface, leadership was narrow and volatile. The Philadelphia Semiconductor Index surged 5.9%, driven by Marvell and HPE, but the Magnificent Seven underperformed the broad market as Microsoft fell 4.2% and Amazon dropped 3.9%. Alphabet declined after announcing an $80 billion equity financing plan. The software ETF fell 2.7% as the three-day rally paused. Crypto names were hit hard, with Strategy dropping 9.2% and Coinbase falling 4.7%. JOLTS data showed job openings rose 4.6% to 7.6 million in April, the highest in nearly two years, reinforcing the view that the labor market remains too tight for the Fed to cut.</p>
<div class="lb-trans"><p>标准普尔 500 指数上涨 0.13%，创下 7609.78 的历史新高，首次收于 7600 点以上。纳斯达克微涨 0.03%，达到 27093.90，连续九个交易日上涨，而道琼斯指数上涨 0.45%，创下 51307.79 的历史新高。在表面之下，市场领导层较为狭窄且波动剧烈。费城半导体指数飙升 5.9%，受 Marvell 和 HPE 推动，但 “七大巨头” 表现不及大盘，微软下跌 4.2%，亚马逊下跌 3.9%。谷歌母公司 Alphabet 在宣布 800 亿美元的股权融资计划后股价下跌。软件 ETF 下跌 2.7%，三天的反弹暂停。加密货币相关股票遭受重创，Strategy 下跌 9.2%，Coinbase 下跌 4.7%。JOLTS 数据显示，四月份职位空缺增加 4.6%，达到 760 万，创近两年来新高，进一步印证劳动力市场对美联储降息仍然过于紧张。</p>
</div><h3>Key Movers</h3>
<div class="lb-trans"><h3>主要动向</h3>
</div><p><strong>Marvell (MRVL) +33%</strong> — Marvell surged 32.52% after Nvidia CEO Jensen Huang called the company a future trillion-dollar chipmaker during his Computex Taipei keynote. Nvidia has invested $2 billion in Marvell, whose networking and optical interconnect solutions are critical to AI data center infrastructure. Data center revenue now accounts for 75% of Marvell's total, up from 50% two years ago. The stock has rallied over 130% year-to-date.</p>
<div class="lb-trans"><p><strong>Marvell (MRVL) +33%</strong> — 在 Nvidia 首席执行官黄仁勋在台北计算机展的主题演讲中称该公司为未来的万亿芯片制造商后，Marvell 股价飙升 32.52%。Nvidia 已向 Marvell 投资 20 亿美元，后者的网络和光互连解决方案对 AI 数据中心基础设施至关重要。数据中心收入现在占 Marvell 总收入的 75%，而两年前这一比例为 50%。该股今年迄今已上涨超过 130%。</p>
</div><p><strong>HPE (HPE) +20%</strong> — HPE jumped 19.47% on its first full trading day after Monday's blockbuster Q2 earnings, which beat estimates and raised full-year guidance. The stock opened near $56 after surging 26% in Monday's after-hours session, then traded between $43 and $48 during the day as early profit-taking gave way to renewed buying. The result confirms enterprise AI server demand is broad-based.</p>
<div class="lb-trans"><p><strong>HPE (HPE) +20%</strong> — HPE 在周一发布的强劲第二季度财报后，首个完整交易日股价上涨 19.47%，该财报超出预期并上调了全年指引。该股在周一盘后交易中上涨 26% 后，开盘接近 56 美元，随后在当天交易中在 43 美元至 48 美元之间波动，早期的获利回吐让位于重新买入。结果确认企业 AI 服务器需求广泛。</p>
</div><p><strong>Microsoft (MSFT) -4%</strong> — Microsoft fell 4.2%, dragging the Mag 7 lower alongside Amazon's 3.9% decline. The selloff reflected rotation from mega-cap software into semiconductor and infrastructure names rather than any fundamental catalyst. The divergence between SOX (+5.9%) and the software ETF (-2.7%) underscores a market that is rewarding hardware over software in the current AI cycle.</p>
<div class="lb-trans"><p><strong>微软 (MSFT) -4%</strong> — 微软股价下跌 4.2%，拖累 “七大巨头” 下滑，亚马逊下跌 3.9%。此次抛售反映了从大型软件股向半导体和基础设施股的轮换，而非任何基本面催化因素。SOX 指数上涨 5.9% 与软件 ETF 下跌 2.7% 之间的差异突显出市场在当前 AI 周期中更青睐硬件而非软件。</p>
</div><h2>SGX Preview</h2>
<div class="lb-trans"><h2>新加坡交易所前瞻</h2>
</div><p>The STI closed at 5,070.55 near its all-time high. DBS is near S$62.18 and UOB near S$37.91. The SOX's 5.9% surge should lift Venture Corp and local semiconductor names. The strong JOLTS data, however, supports the higher-for-longer rate thesis — positive for bank net interest margins but a headwind for rate-sensitive sectors. Tonight's Broadcom earnings are the key catalyst for Asian tech sentiment tomorrow.</p>
<div class="lb-trans"><p>STI 收于 5070.55，接近历史最高点。DBS 接近 62.18 新元，UOB 接近 37.91 新元。SOX 的 5.9% 上涨应提振 Venture Corp 和本地半导体公司。然而，强劲的 JOLTS 数据支持长期高利率的论点——这对银行净利差是积极的，但对利率敏感的行业则是逆风。今晚 Broadcom 的财报将是明天亚洲科技情绪的关键催化剂。</p>
</div><h2>Asia Pre-Market</h2>
<div class="lb-trans"><h2>亚洲盘前</h2>
</div><p>S&amp;P 500 futures are edging lower (-0.1%), Nasdaq futures down 0.3%, as markets consolidate ahead of Broadcom. WTI crude is at $93.51. The cautious tone reflects rotation rather than risk-off: chips are surging while mega-cap software retreats, and crypto is selling off while small caps hold up. Broadcom's report tonight will determine whether the semiconductor rally extends or exhausts.</p>
<div class="lb-trans"><p>标准普尔 500 期货微跌（-0.1%），纳斯达克期货下跌 0.3%，市场在 Broadcom 发布前进行整固。WTI 原油价格为 93.51 美元。谨慎的市场情绪反映出轮换而非风险规避：芯片股上涨，而大型软件股回落，加密货币下跌，小盘股则保持稳定。Broadcom 今晚的财报将决定半导体的反弹是延续还是耗尽。</p>
</div><h2>Today's US Earnings and Economic Calendar</h2>
<div class="lb-trans"><h2>今日美国财报及经济日历</h2>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>Timing</th>
</tr>
</thead>
<tbody>
<tr>
<td>Broadcom (AVGO)</td>
<td>Post-mkt</td>
</tr>
<tr>
<td>CrowdStrike (CRWD)</td>
<td>Post-mkt</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>时间</th>
</tr>
</thead>
<tbody>
<tr>
<td>Broadcom (AVGO)</td>
<td>市场收盘后</td>
</tr>
<tr>
<td>CrowdStrike (CRWD)</td>
<td>市场收盘后</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th>Event</th>
<th>Time (ET)</th>
<th>Time (SGT)</th>
</tr>
</thead>
<tbody>
<tr>
<td>ADP Employment (May)</td>
<td>8:15 AM</td>
<td>8:15 PM</td>
</tr>
<tr>
<td>ISM Services PMI (May)</td>
<td>10:00 AM</td>
<td>10:00 PM</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>事件</th>
<th>时间（东部时间）</th>
<th>时间（新加坡时间）</th>
</tr>
</thead>
<tbody>
<tr>
<td>ADP 就业数据（5 月）</td>
<td>上午 8:15</td>
<td>晚上 8:15</td>
</tr>
<tr>
<td>ISM 服务业 PMI（5 月）</td>
<td>上午 10:00</td>
<td>晚上 10:00</td>
</tr>
</tbody>
</table>
</div><p>Friday: Nonfarm Payrolls.</p>
<div class="lb-trans"><p>周五：非农就业数据。</p>
</div><p><strong>Earnings Spotlight: Broadcom (AVGO)</strong> — The last major AI chip report of the season. Broadcom's custom accelerator and networking business is directly tied to hyperscaler AI buildout. After Marvell's 33% surge on Jensen Huang's endorsement, expectations for Broadcom are sky-high. A beat validates that the AI hardware supercycle has legs beyond Nvidia; a miss could trigger the first meaningful chip correction since mid-May. CrowdStrike reports the same evening and will test whether the cybersecurity-AI crossover is translating into revenue growth.</p>
<div class="lb-trans"><p><strong>财报聚焦：Broadcom (AVGO)</strong> — 本季最后一份主要 AI 芯片报告。Broadcom 的定制加速器和网络业务与超大规模 AI 建设直接相关。在 Marvell 因黄仁勋的支持而上涨 33% 后，市场对 Broadcom 的预期高涨。若业绩超出预期，将验证 AI 硬件超级周期在 Nvidia 之外的持续性；若未达预期，可能引发自 5 月中旬以来首次显著的芯片修正。CrowdStrike 将在同晚发布财报，将检验网络安全与 AI 的交集是否转化为收入增长。</p>
</div><h2>One More Thing</h2>
<div class="lb-trans"><h2>还有一件事</h2>
</div><p>The market split in two on Tuesday. Semiconductors surged 5.9%. Software fell 2.7%. Crypto crashed. Mag 7 underperformed. And yet the S&amp;P 500 still closed at a record. That tells you everything about market structure right now: the AI hardware trade is powerful enough to carry the index even when most other sectors are selling off. JOLTS at 7.6 million — the highest in two years — means the labor market is not giving the Fed any reason to cut. Warsh's first rate decision is June 17, and the market now prices a 45% chance of a hike. Tonight Broadcom reports into a semiconductor sector that has gained 75% year-to-date. Jensen Huang has endorsed Marvell, partnered with Corning, and launched a PC chip — but Broadcom is his most important supply chain partner. If Broadcom delivers, the chip rally survives June. If it doesn't, the 75% run faces gravity.</p>
<div class="lb-trans"><p>周二市场出现分化。半导体上涨 5.9%。软件下跌 2.7%。加密货币崩盘。“七大巨头” 表现不佳。然而，标准普尔 500 指数仍然创下历史新高。这一切都说明了当前市场结构：AI 硬件交易足够强大，即使在大多数其他行业下跌时也能支撑指数。JOLTS 数据显示职位空缺达到 760 万——创两年来新高——意味着劳动力市场没有给美联储降息的理由。Warsh 的首次利率决定在 6 月 17 日，市场目前预计加息的概率为 45%。今晚 Broadcom 将在一个年初至今已上涨 75% 的半导体行业中发布财报。如果 Broadcom 表现出色，芯片反弹将在 6 月继续；如果不然，75% 的涨幅将面临重压。</p>
</div><p><em>This briefing is for informational purposes only and does not constitute investment advice.</em></p>
<div class="lb-trans"><p><em>本简报仅供信息参考，不构成投资建议。</em></p>
</div>

SG Morning Brief | S&P Tops 7,600 as Marvell Surges 33%, SOX Jumps 6%; Broadcom Reports Tonight

- 标普 500 指数收涨 0.13% 创新高，纳指连涨九日。
- Marvell 股价激增 32.52%，HPE 翻涨近 20%。
- JOLTS 数据显示职位空缺升至 760 万，劳动市场依然紧张。

SG 晨报 | 标普指数突破 7600 点，Marvell 股价飙升 33%，SOX 指数上涨 6%；博通将在今晚发布财报