Jane Zhang

TradingKey — Boosted by easing tensions in the Middle East, the three major US stock indices closed higher across the board this week. With the official launch of the SpaceX IPO, the largest IPO window in US history has officially opened. In the coming week, the market will focus on progress regarding the US-Iran peace agreement, which may dictate the direction of US equities. Federal Reserve Chair Kevin Warsh will hold his first monetary policy press conference, with interest rates expected to remain unchanged. Additionally, OpenAI CEO Sam Altman is scheduled to visit South Korea.

TradingKey - On June 12 local time, The Wall Street Journal cited people familiar with the matter reporting that attorneys general from several U.S. states have launched a joint investigation into OpenAI. OpenAI received a subpoena on the same day, requesting business documents related to user interactions, advertising strategies, data usage, and the protection of minors. Meanwhile, OpenAI's competitor Anthropic also faced an administrative ban. According to Axios, U.S. Secretary of Commerce Lutnick sent a letter to Anthropic CEO Dario Amodei, placing its two most advanced AI models, Fable 5 and Mythos 5, under the scope of export controls.

TradingKey - On June 12, Eastern Time, SpaceX officially debuted on the Nasdaq Stock Market. The stock closed up 19% on its first day of trading, with its closing market capitalization reaching $2.11 trillion, ranking it 6th in the U.S. stock market by market value. This surge made Elon Musk the first individual in history to surpass a net worth of $1 trillion.

TradingKey - According to multiple sources, the U.S.-Iran peace agreement has entered its final sprint. Pakistan Prime Minister Shehbaz Sharif stated on the social media platform X on Friday that both sides have reached an agreement on the text of a final peace deal, noting that "peace has never been closer than it is today."

TradingKey - During the Asian session on Thursday, spot gold fell below $4,100, hitting a low of $4,023, marking its lowest level since November 2025. Gold futures dropped to as low as $4,046 during the session. Compared to the all-time high of nearly $5,600 reached in late January, spot gold prices have declined by more than 26% cumulatively, erasing all year-to-date gains. On the macro front, U.S. May CPI data released Wednesday rose 4.2% year-on-year, the largest increase since April 2023. Although May core CPI grew by only 0.2% month-on-month—below market expectations—options market data indicates that traders maintain expectations for Federal Reserve rate hikes this year. Spot gold closed down more than 4% on Wednesday.

TradingKey - Last week, the S&P 500 Index fell 2.6%, recording its largest weekly decline since May 2025. Meanwhile, capital is flowing out of U.S. equities. According to data from Bank of America strategist Jill Carey Hall, clients net sold a total of $14.4 billion in U.S. stocks last week (net of ETF inflows), with single-stock outflows reaching a record high of $14.2 billion.

TradingKey - The US-Iran conflict continues to escalate, driving a sharp surge in crude oil prices. On Wednesday, both Brent and WTI crude futures closed higher, surpassing $90 per barrel. During intraday trading on Thursday, oil prices rose further, with WTI futures gaining over 2% to break above $92, while Brent crude increased by 0.5% to stand above $95.

TradingKey — According to reports from Nikkei, the Bank of Japan (BoJ) plans to raise interest rates at its monetary policy meeting on June 15–16, increasing the policy rate from the current 0.75% to 1.0%. BoJ Governor Kazuo Ueda and other leadership members are expected to propose the rate hike at the June 16 meeting, with the resolution anticipated to pass by a majority vote of the nine policy board members. If approved, this will mark the first rate hike of the year, bringing the policy rate to 1%—its highest level in 30 years since 1995. As Japan enters an era of high interest rates, what will be the impact on Japanese equities?

TradingKey - NVIDIA (NVDA) CEO Jensen Huang recently engaged in a series of activities in Seoul, South Korea, including a BBQ gathering with SK Hynix Chairman Chey Tae-won, LG Chairman Koo Kwang-mo, and Naver Chairman Lee Hae-jin. During the visit, Huang established partnerships with several Korean firms and publicly recommended Qualcomm (QCOM) stock. While these actions have further expanded the list of "NVIDIA-concept stocks," Bloomberg criticized his remarks as being detached from market dynamics. Among these "NVIDIA-concept stocks," are there any truly worth buying?

TradingKey - On Monday local time, OpenAI announced that it has confidentially filed for an IPO. The move comes just one week after competitor Anthropic filed for an IPO, and as SpaceX is set to officially list on June 12.

TradingKey - During Monday's Asian session, both spot and futures gold prices broke below the $4,300/oz support level. Spot gold hit an intraday low of $4,268.42, its lowest level since March 23, erasing all year-to-date gains.

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TradingKey - According to the Wall Street Journal, citing people familiar with the matter, SpaceX will submit an updated prospectus as early as Wednesday, disclosing its target price range for the first time. SpaceX is negotiating with its IPO underwriters to lower the underwriting fee to below 0.75

TradingKey - Since investors are extremely interested in the coming SpaceX IPO on June 12th, the number of allocations will be very limited. Individual investors usually have trouble buying an IPO directly, and the trading can be quite volatile after the IPO. A less-congested, less-prominent alterna

TradingKey - Anthropic announced on Monday that it has confidentially filed for a U.S. IPO, taking the lead over rival OpenAI in the race to go public. According to Reuters, Anthropic’s listing could occur as early as this autumn. Following Anthropic’s filing announcement, the competition between the two has become increasingly concrete: whoever can go public first and seize a favorable market window will be more likely to win the race.

TradingKey - During the early Asian session on June 1, Samsung Electronics surged more than 8% to hit an all-time high, peaking at 344,000 KRW. The South Korean KOSPI index broke above 8,700 points, reaching a high of 8,792.86, an increase of nearly 4%. The Nikkei index surpassed 67,000 points for the first time, marking a new record high.

TradingKey - An article from financial blog ZeroHedge points out that Chinese semiconductor firms have begun flooding the market with domestic DRAM and NAND chips, which may drive down the prices of memory and storage devices. Is the chip market approaching a devastating moment? Could the impact of the Chinese chip price war become a "black swan" event for the three major industry giants: Samsung, SK Hynix, and Micron (MU)?

TradingKey - Over the past year, Nvidia (NVDA) has reported blockbuster results, but the Nvidia stock price has dipped on the day or week of every report. That’s led some to question whether Wall Street still buys the story. The broader reality is more nuanced: post-print volatility has been accompa

TradingKey - According to Bloomberg, Anthropic’s latest funding round has reached $65 billion, bringing its valuation to $965 billion and officially surpassing OpenAI as the world’s most valuable AI startup. Both companies are preparing for anticipated IPOs later this year. According to reports, OpenAI may have already confidentially filed for an IPO, targeting a listing as early as September, while Anthropic could also go public as early as this autumn. Currently, Anthropic has significantly outperformed OpenAI in valuation; its annualized revenue has reached $47 billion and is expected to exceed $50 billion by the end of next month, whereas OpenAI’s annualized revenue stood at approximately $25 billion in February. Given these conditions, what are OpenAI’s remaining prospects?