Top News Highlights
U.S. stock index futures showed mixed performance before Friday’s opening bell, with Dow futures down 0.02%, Nasdaq futures up 0.44%, and S&P 500 futures rising 0.13%.
$Star Tech Stocks (LIST2518.US)$ Collective pre-market gains were observed, $Micron Technology (MU.US)$ rising over 5%, Advanced Micro Devices (AMD.US) Up more than 2%, $ASML Holding(ASML.US)$ rose nearly 2%.
$Popular Chinese Concept Stocks (LIST2517.US)$ There were mixed movements before the market opened, United Microelectronics Corporation (UMC.US) Up nearly 6%, $Nio (NIO.US)$ 、 PDD Holdings (PDD.US) Rose more than 1%, $Trip.Com (TCOM.US)$ Extended its decline, falling more than 2%.
$太空概念(LIST2556.US)$ Surged pre-market, $AST SpaceMobile(ASTS.US)$ Soared over 7%, as the company was selected as the prime contractor for the U.S. Missile Defense Agency’s ‘Shield’ program; $Redwire(RDW.US)$ rose more than 4%, $Rocket Lab(RKLB.US)$ 、 $Planet Labs PBC(PL.US)$ 、 $EchoStar Communications (SATS.US)$ with gains nearing 3%.
The market continues to react to Taiwan Semiconductor’s better-than-expected earnings report, $Semiconductor Equipment and Materials (LIST2016.US)$ Related stocks continued to rise, $Furunike(PLAB.US)$ rising over 5%, $Lam Research (LRCX.US)$ 、 $Applied Materials (AMAT.US)$ 、 $KLA Corp(KLAC.US)$ 、 $Amkor Technology (AMKR.US)$ Up more than 2%, $ASML Holding(ASML.US)$ rose nearly 2%.
U.S. stocks $光通信(LIST23979.US)$ Concept stocks continued to rise, $Coherent(COHR.US)$、 $Applied Optoelectronics(AAOI.US)$has risen more than 3%. $Credo Technology(CRDO.US)$ 、$Astera Labs(ALAB.US)$ 、 $POET Technologies(POET.US)$ Surged over 2%.
Divya Mathur, emerging markets equity fund manager at ClearBridge Investments, stated that in the next decade, with AI continuing to drive up chip demand, the storage chip sector will be the best investment choice; Mathur noted that the market still underestimates the enormous demand AI has for memory.
$Storage Concept Stocks (LIST23925.US)$ All rose before the market opened, $Micron Technology (MU.US)$ 、 $SanDisk Corp (SNDK.US)$ rising over 5%, $Western Digital (WDC.US)$ 、 $Seagate Technology (STX.US)$ up more than 4%.
$Intel (INTC.US)$ Shares rose nearly 1% in pre-market trading. On the news front, Citigroup upgraded Intel’s rating from ‘Sell’ to ‘Neutral’ on Thursday, setting a target price of $50. Citi analysts pointed out that Intel will benefit from the tight supply of TSMC’s advanced packaging capacity. Additionally, Intel “has a unique opportunity window to attract foundry customers under government support.” “We believe that as Intel improves the yield rates of its 18A-P/14A processes, it will be the first to reap the spillover effects from AI-specific integrated circuits (like TPUs), and this benefit will subsequently extend to front-end foundry customers.”
UBS also noted that Intel’s fourth-quarter performance is expected to rise due to strong demand for personal computers and servers, and considers market expectations for the company’s guidance for the current quarter ending March to be reasonable. The bank anticipates a mixed but gradually improving outlook for Intel this year, as the current quarter is likely the most challenging period for production capacity. Historical data suggests that rising memory prices may dampen some positive momentum in the short-term PC market. UBS raised its target price for Intel from $40 to $49, maintaining a ‘Neutral’ rating.
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Apple updates trade-in discount prices: Up to 5,800 yuan for iPhones, supporting Huawei and other Android models.
On January 16, $Apple(AAPL.US)$ Adjusted trade-in values for devices such as iPhones, iPads, and Macs; Android models from Huawei and Xiaomi are now included in the trade-in program. The iPhone 16 Pro Max can be credited up to ¥5,800 in China, while the Huawei Mate X5 can be credited up to ¥2,850.
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A $50 billion major contract: Apple has chosen Google’s Gemini, an old partner, over OpenAI, a potential future competitor.
According to a report by the Financial Times on Friday, this week $Apple(AAPL.US)$NVIDIA has partnered with Palantir, which will integrate NVIDIA’s GPU-accelerated data processing, route optimization libraries, open models, and accelerated computing capabilities into the core Ontology framework of Palantir’s AI platform.Google (GOOGL.US) reached its most significant AI collaboration to date, which will use the Gemini model to enhance functionalities for the iPhone and improve the Siri voice assistant. According to insiders, the agreement will take the form of a cloud computing contract, with Apple potentially paying Google billions of dollars.
This deal is a blow to OpenAI. Since 2024, OpenAI has been integrating ChatGPT with Apple’s “Apple Intelligence” features in hopes of reaching millions of iPhone users. Gene Munster of Deepwater Asset Management estimates that the Gemini contract could be worth up to $5 billion, and he believes that “the integration of ChatGPT will be stillborn, as it does not make much sense for Apple to maintain two large models given economies of scale.”
Elon Musk, the world’s richest person, has filed a lawsuit against Microsoft (MSFT.US) and OpenAI, with the case now entering the trial phase, meaning Microsoft and OpenAI will inevitably face Musk in court.
In March 2024, Musk filed a lawsuit for the first time in California against OpenAI and its CEO Sam Altman, among others, accusing them of violating contractual agreements established when he helped found the artificial intelligence (AI) research company in 2015.
In August of the same year, Musk escalated his lawsuit against OpenAI, alleging that OpenAI colluded with Microsoft to monopolize the generative AI market and squeeze out competitors through illegal means.
A California judge dismissed requests from OpenAI and Microsoft to dismiss Musk’s allegations on Thursday and ordered the case to proceed to a jury trial, which is expected to begin in late April. OpenAI underwent a restructuring in November last year to better attract investments, and the company is reportedly advancing toward an initial public offering (IPO).
The chip foundry giant Taiwan Semiconductor (TSM.US) is preparing to accelerate its expansion plans in Arizona, United States. Taiwan Semiconductor had previously committed to investing $165 billion in the U.S. to align with the U.S. government’s initiative to rebuild domestic chip manufacturing. However, the company’s executives recently hinted that investment in the U.S. will further increase as the company expands its production capacity to meet the demand for AI chips. In its earnings report released on Thursday, Taiwan Semiconductor stated that capital expenditures are expected to increase significantly from $40.9 billion in 2025 to $52-56 billion in 2026.
The company also stated that capital expenditure will increase significantly over the next three years. Meanwhile, Taiwan Semiconductor’s plan to accelerate its expansion in Arizona coincides with the signing of a trade agreement between the United States and Taiwan. Under the agreement, tariffs on goods exported from Taiwan to the U.S. will be reduced to 15%, and Taiwanese chip companies will invest at least $250 billion in the U.S. to expand chip production.
As Taiwan Semiconductor released its earnings report this week and reached a new market capitalization high, a story about major chip giants scrambling for Taiwan Semiconductor’s production capacity gained widespread attention. According to renowned technology analyst Ming-Chi Kuo, typically, tech giants only negotiate capacity supply with Taiwan Semiconductor. However, $NVIDIA(NVDA.US)$ CEO Jensen Huang stated during his visit to Taiwan Semiconductor in November last year that he was willing to spend money to help Taiwan Semiconductor pre-book land adjacent to Fab 18 for the construction of factories that have not even been planned yet. This incident highlights the ongoing tightness in advanced process and advanced packaging supply, forcing major customers to secure priority through higher cash investments. As NVIDIA is expected to surpass $Apple(AAPL.US)$ to become Taiwan Semiconductor’s largest customer, the iPhone manufacturer may need to make greater efforts to ensure access to advanced production capacity.
Morgan Stanley expressed optimism about the stock performance of Dutch semiconductor equipment manufacturer $ASML Holding(ASML.US)$ The bank’s analysts stated that in the most optimistic scenario, as chipmakers ramp up spending to meet surging artificial intelligence demand, the stock could rise by 70% with a price target as high as €2000. Following Taiwan Semiconductor’s earnings report, which indicated no slowdown in AI-related spending, Morgan Stanley became even more bullish on ASML. ASML’s shares have risen 25% year-to-date in 2026, with its market capitalization surpassing $500 billion this week, making it the third European company to reach this milestone.
The White House is expected to issue a directive on Friday to implement an emergency power auction plan, where tech companies will fund the construction of new power plants through bidding. According to sources familiar with the matter, under the directive, PJM Interconnection, the largest U.S. grid operator, will be instructed to hold special power auctions. Tech companies can bid for 15-year power purchase agreements to support the development of new power generation facilities.
U.S. President Trump stated earlier this week on social media: “I will never let Americans pay higher electricity bills due to data centers.” He revealed that the government is collaborating with several U.S. tech companies and that “major announcements will be made in the coming weeks.” Market analysts noted that if implemented, this policy would directly benefit power producers who have already profited from the growing demand within the PJM grid, including $Vistra Energy(VST.US)$ 、 $Constellation Energy(CEG.US)$ and $NRG Energy(NRG.US)$ and other listed companies.
The largest institutional holder of Ethereum, $Bitmine Immersion Technologies(BMNR.US)$ announced a $200 million investment in Beast Industries, owned by YouTube top influencer MrBeast. The transaction is expected to close on January 19. This is considered a landmark event in the integration of crypto capital with the creator economy. The investment may represent Bitmine’s efforts to seek diversified growth opportunities and explore blockchain technology applications in consumer markets.
According to reports, Ford Motor (F.US) is in advanced negotiations to purchase batteries from $BYD (01211.HK)$ for use in some of its hybrid models. The discussed plans include shipping the batteries to Ford’s factories outside the United States, though no final agreement has been reached. As Ford scales back its all-electric vehicle business and increases investment in hybrid models, the company urgently needs high-quality battery suppliers. BYD is recognized for its mature manufacturing capabilities in this field.
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In just one and a half months, 189 purchases were made, with Trump investing $51 million in bonds, including CoreWeave bonds.
The latest disclosed documents from the White House show that Trump’s asset purchases include $CoreWeave(CRWV.US)$ 、 $Netflix (NFLX.US)$ 、 $General Motors (GM.US)$ 、 Boeing (BA.US). corporate bonds and municipal bonds from various regions. Since returning to the White House in January 2025, his cumulative trading volume has reached $261 million. Several portfolio companies are under antitrust reviews or trade policy scrutiny, raising concerns about potential conflicts of interest. The White House stated that the transactions were executed by independent managers following an index strategy and not decided by the President himself.
Wall Street giant $JPMorgan(JPM.US)$ is seeking to expand its deal-making team in Europe, as the bank anticipates 2026 to be a ‘bumper year’ for mergers and acquisitions. Filippo Gori, Co-Head of Global Banking at JPMorgan, stated: ‘We are hiring in almost every country in Europe.’ Dorothy Blessing, Global Head of Investment Banking at the firm, added that the bank ‘has capital to deploy, and the question is simply where it will be most effectively allocated.’ These two executives noted that clients expressed optimism during meetings held across Europe in the first few weeks of the year. They anticipate that declining interest rates, stable credit conditions, and a backlog of delayed transactions will make this year one of the best ever for M&A activity.
$Netflix (NFLX.US)$Netflix has secured the global streaming rights for Sony Group Corporation’s films after their theatrical and pay-per-view windows conclude, thereby incorporating releases from one of Hollywood’s largest studios into its library. This newly announced multi-year agreement expands the partnership the two companies established in 2021. Both parties stated that Sony films will begin rolling out globally on Netflix platforms later this year as regional rights gradually become available, with full deployment expected by early 2029. As part of the deal, Netflix will also be able to license certain films and TV series from Sony’s catalog. According to informed sources, this transaction is valued at approximately $70 billion and remains valid until 2032.
According to sources familiar with the matter, $Coterra Energy(CTRA.US)$ Currently discussing with Devon Energy$Devon Energy (DVN.US)$This exploration involves the possibility of a merger between Coterra Energy and Devon Energy. If these two shale oil and gas explorers successfully join forces, it would constitute one of the largest oil and gas transactions in recent years. Both companies hold substantial assets in the Permian Basin, a region rich in oil and gas resources. Sources familiar with the matter noted that the two firms are still negotiating the terms and structure of the potential deal. It remains uncertain whether these discussions will culminate in a final agreement, and the possibility of other bidders emerging in the future cannot be ruled out. These negotiations highlight the growing urgency among industry giants to drive consolidation within the sector following a relatively quiet period for mergers and acquisitions in 2025.
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United Microelectronics Corporation (UMC) rose more than 6% in pre-market trading after reaching a cooperation agreement with Unimicron Technology Corporation, the global leader in substrate manufacturing.
United Microelectronics Corporation (UMC.US)UMC surged over 6% in pre-market trading. Reports indicate that Unimicron Technology Corporation, the global leader in substrate manufacturing, has partnered with UMC. UMC plans to invest NT$700 million in Unimicron’s cash capital increase, while Unimicron intends to issue unsecured ordinary corporate bonds worth up to NT$15 billion. Strategically, the collaboration focuses on high-end manufacturing demands in the AI era. By integrating Unimicron into its advanced semiconductor packaging supply chain, UMC strengthens its “wafer fabrication + PCB/substrate + packaging and testing” ecosystem integration, addressing capacity bottlenecks in TSMC’s CoWoS technology.
Danish pharmaceutical company$Novo-Nordisk A/S(NVO.US)$The Danish pharmaceutical company surged over 4% in pre-market trading. The UK Medicines and Healthcare products Regulatory Agency (MHRA) issued a statement approving an increase in the maximum weekly dose of Novo Nordisk’s semaglutide (Wegovy) to 7.2 milligrams. The regulatory body stated that this dosing regimen requires three separate 2.4-milligram injections and is exclusively intended for weight management in adult patients with obesity, alongside a low-calorie diet and exercise. The agency added that this regimen is not suitable for overweight patients with a Body Mass Index (BMI) below 30 kg/m² using Wegovy for weight management, nor for those utilizing Wegovy to reduce the risk of severe heart disease.
Global Macro
On January 15, Nick Timiraos, a well-known financial journalist often referred to as the ‘new Fedwire,’ wrote that the criminal investigation into current Federal Reserve Chair Powell is fundamentally reshaping what was already a tightly contested race in its final stages.
The criminal investigation into Powell has instead become the biggest obstacle to Trump’s nomination of his successor. Key Republican senators have issued an ultimatum: no conclusion to the investigation, no confirmation of the nominee. This development has turned Trump’s highly valued criterion of “loyalty” into a liability in the eyes of Congress. Front-runner Hassett lost favor due to his support for the investigation, while comparatively independent figures like Warsh or Waller have emerged as pivotal to resolving the impasse.
Federal Reserve Governor Michael Barr stated that the U.S. Department of Justice's criminal investigation into the Federal Reserve and the White House's allegations against Fed Governor Lisa Cook constitute an attack on the central bank’s independence. Barr emphasized that despite pressures, the Fed 'acts solely based on economic reasons' and stressedFederal Open Market Committeethe checks and balances mechanism will keep the Federal Reserve independent.
The sharp rise in industrial metal prices is becoming a new concern for U.S. inflation. Deutsche Bank noted that the LMEX index surged nearly 20% over several months, compounded by rebounding oil prices and tariff costs, creating multiple pressures that could push future CPI higher. With the Supreme Court ruling imminent, uncertainty around inflation trends has increased significantly, triggering market alarms.
The U.S. Internal Revenue Service plans to amend Section 892 of the tax code, significantly expanding the definition of ‘commercial activities,’ directly impacting global sovereign wealth funds and public pension funds. Once the new rules take effect, activities such as direct lending and co-investments in private equity by sovereign funds would lose tax exemptions and may even face retroactive taxation risks. This could force hundreds of billions of dollars in funds to abandon direct investment models, shifting toward passive strategies or exiting the U.S. market.
The Bank of Japan may raise interest rates earlier in April to address inflationary pressures caused by yen depreciation; the yen has sharply depreciated since October last year, exacerbating risks from rising fuel, food, and raw material import costs. The BOJ’s meeting next week may revise upward its forecasts for economic growth and inflation, signaling potential future rate hikes.
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Morgan Stanley 2026 Global Outlook: Strong U.S. economy delays rate cuts, BOJ remains on hold throughout the year, China continues export expansion.
Morgan Stanley believes that the policy paths of major global economies will diverge significantly: strong consumption data in the United States and inflationary pressures transmitted through tariffs will force the Federal Reserve to delay interest rate cuts until mid-year, while the Bank of Japan may maintain interest rates unchanged throughout the year due to a decline in inflation and political uncertainties. The report also highlights that China’s share in global exports is expected to continue expanding, becoming a stable cornerstone for its economic growth.
After surging over 60% in 2025, marking the largest increase since 1979, international gold prices hit new highs in 2026. Investors continue to flock to this ‘traditional safe haven,’ treating gold as a store of value.
However, Howard Marks, the value investing guru of Wall Street, has recently warned that if you intend to store wealth using gold, you have chosen the wrong asset. He emphasized, ‘It is impossible to determine whether the pricing of precious metals is reasonable.’
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Data center copper demand may need to be reassessed! Copper prices fell below the $13,000 mark, with Goldman Sachs warning of a potential 15% decline within the year.
NVIDIA revised the data on copper demand for data centers in one of its technical papers, significantly reducing the amount of copper busbars used per gigawatt rack from ‘500,000 tons’ to 200 tons. Following the adjustment, market expectations for future copper demand may be revised downward. Goldman Sachs analysts stated that they expect the decline to intensify further and predicted that LME copper prices would fall to $11,000 per ton by the end of 2026, as ‘the fundamentals of the copper market have deteriorated in recent months, global inventories have continued to rise, scrap copper supply has increased, and demand performance has fallen short of expectations.’
Goldman Sachs stated: ‘We maintain that most of the increase in copper prices has already been realized, and current levels are increasingly vulnerable to pullbacks,’ and the recent trend ‘has been largely driven by speculative capital inflows.’
As the strong rally in silver prices from the fourth quarter of last year extended into the new year, the gold-to-silver ratio closely watched by precious metal traders briefly fell below the 50 mark this week for the first time in 14 years. As noted by Goldman Sachs precious metals trader Augustin Magnien, silver is currently at the core of trade tensions. Previously, the U.S. included silver on its list of critical minerals, while China imposed stricter export controls on silver. These geopolitical developments have spurred surging investor interest, driving silver prices to record levels amid expectations of Federal Reserve rate cuts and portfolio diversification trends.
However, Goldman Sachs also mentioned that as gold continues to benefit from central bank purchases and investor diversification strategies, silver bulls might question the sustainability of current price levels. Once the hype fades, supporting factors for silver prices will weaken. Goldman Sachs pointed out, ‘The sustained buying of gold in 2026, combined with unsustainable speculative behavior in silver exacerbated by tightness in the physical market, opens the door for us to reflect the relative value change between gold and silver through a long position in the gold-to-silver ratio.’
Goldman Sachs believes that Brent crude oil has risen nearly $6 this year to over $66 per barrel, implying that the market has already priced in an expected supply disruption of 700,000 barrels per day from Iran over the next 12 months. Options data shows that the probability of Brent reaching $70 has increased from less than 7% two weeks ago to 15%. Meanwhile, new developments have emerged on the supply side: the price spread between heavy and light crude oil has widened by approximately $2 per barrel, and the market has begun to factor in expectations of increased supply from Venezuela. Goldman Sachs forecasts that Venezuela’s production will rise by 300,000 barrels per day by the end of the year.
Venezuelan Acting President Delcy Rodriguez announced on Thursday that she is submitting a reform proposal for the Hydrocarbons Law. This move aims to respond to requests from U.S. investors and Washington by easing restrictions on access to the country’s oil sector.
Rodriguez stated that the reforms would allow investments to flow into ‘new oil fields that have never received investment and blocks lacking infrastructure.’ She pledged that oil revenues would primarily be used to improve worker benefits and public services.
Top 20 pre-market trading volume stocks in the U.S. stock market
U.S. Stock Macro Calendar Reminder
(The following times are in Beijing Time)
22:15 US December Industrial Production MoM
23:00 US January NAHB Housing Market Index
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00:00 Federal Reserve Governor Michelle Bowman delivers remarks on the economic outlook and monetary policy.
02:00 U.S. Total Number of Oil Rigs as of January 16 (Units)
04:30 Federal Reserve Vice Chair Jefferson delivers a speech on the economic outlook and monetary policy.
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