Written by Michael A. Johnson, Lead Editor & Market Strategist
Key Developments in US-Iran Negotiations and Market Updates
US-Iran Nuclear Negotiations Stalemate
The negotiations regarding Iran's nuclear program have entered a critical phase, with President Trump requesting modifications to the agreement draft established by his negotiators. This has led to a new round of back-and-forth discussions, making the signing timeline uncertain. Trump's main concerns focus on the handling of Iran's nuclear materials. Analysts suggest that these changes may be tactical, aimed at pressuring Iran to accept the original framework already reviewed by Supreme Leader Mojtaba Khamenei. US officials indicate that Iran will need about three days to respond to the proposed changes, and the finalization of the agreement could take a week or longer.
Trump Administration Appeals Tariff Refund Ruling
The Trump administration plans to challenge a ruling by a US trade court judge regarding the handling of tariff refund requests amounting to hundreds of billions of dollars. This ruling could complicate the ongoing claims process, especially after the Supreme Court deemed these tariffs illegal. The Justice Department has filed a notice of appeal against the court's order, which mandates customs authorities to recalculate all import taxes collected under a 1970s emergency powers act.
China's Manufacturing and Non-Manufacturing PMI
In May, China's official manufacturing PMI stood at 50.0%, a slight decrease from the previous month, while the non-manufacturing PMI rose to 50.1%, indicating a recovery in business activity.
Goldman Sachs Highlights AI Supply Chain Bottlenecks
Goldman Sachs has identified multi-layer ceramic capacitors (MLCC) as a significant cost component for AI servers, ranking third after GPUs and memory. Companies like $村田制作所(6981.JP)$ and $太阳诱电(6976.JP)$ have raised prices for these components, which could lead to substantial profit increases for them by 2027.
TrendForce Upgrades Storage Market Forecast
TrendForce has significantly revised its global storage market forecast, projecting it to exceed $1.28 trillion by 2027, driven by AI infrastructure demands and limited wafer production capacity.
US Stock Market Hits New Highs
Last Friday, US stock indices closed at record highs, with the S&P 500 up 0.22%, the Nasdaq up 0.2%, and the Dow Jones up 0.72%. Notable tech stocks showed mixed results, with Nvidia down 1.45% and Microsoft up 5.45%.
SpaceX IPO Valuation Rumors Denied by Musk
Elon Musk has publicly refuted claims that SpaceX has lowered its IPO valuation target from over $2 trillion to at least $1.8 trillion, asserting that the IPO remains on track to be one of the largest in history.
Upcoming AI Technology Showcase at ComputeX
Nvidia CEO Jensen Huang will lead a lineup of AI industry leaders at ComputeX 2026, focusing on the rise of challengers in AI and the implications of supply chain bottlenecks.
US Approves Bitcoin Perpetual Contracts
The CFTC has approved the listing of Bitcoin perpetual contracts, allowing for high leverage trading, which may attract high-risk speculation in the crypto market.
SoftBank's Major AI Investment in France
SoftBank has committed to investing €75 billion in AI infrastructure in France, marking its largest single investment outside the US.
Notable Stock Movements in Hong Kong
On May 29, southbound funds net bought $泡泡玛特(09992.HK)$ and $腾讯控股(00700.HK)$, while net selling $阿里巴巴-W(09988.HK)$.
MiniMax Accelerates A+H Listing Plans
MiniMax has signed an agreement to expedite its A-share listing, following a significant increase in recurring revenue.
Kangfang Biologics Announces Clinical Research Results
Kangfang Biologics will present over 40 clinical research results at the 2026 ASCO, showcasing its innovative drug developments.
Foxconn's CPO Switch Production Goals
Foxconn aims to ship 10,000 CPO switches this year, with expectations for significant growth in the following year.
Economic Data Releases
Upcoming economic data includes China's manufacturing PMI, South Korea's trade balance, and the Eurozone's manufacturing PMI.
