News

Summary of global markets and news

# Market Overview

Recently, reports that OpenAI failed to meet its internal performance targets have reignited widespread market doubts over the return on investment in the artificial intelligence sector. Coupled with surging global oil prices and renewed inflation concerns, U.S. stocks trended downward, and U.S. Treasury yields moved higher in tandem.

U.S. stocks retreated from record highs on Tuesday. The **Nasdaq Composite fell by 0.9%**, with the chip sector leading the decline and the semiconductor index slumping by 3.6%. Oracle and CoreWeave, deeply tied to OpenAI’s cloud computing strategy, saw their share prices drop by 4.1% and 5.8% respectively. Leading chipmakers including NVIDIA, AMD and Broadcom posted losses ranging from 1.6% to 4.4%.

Stock performance diverged sharply following earnings releases: Coca-Cola shares rose 3.9% and NXP Semiconductors surged 15%, while UPS fell 4% and Corning tumbled nearly 9%.

Energy prices remained elevated. Combined with weak demand for the 7-year U.S. Treasury note auction, the **2-year U.S. Treasury yield climbed by 5.6 basis points**, and the U.S. Dollar Index edged up by 0.2% amid fluctuations.

In the commodity market, gold plunged 1.8% and broke below the $4,600 threshold, while silver dropped by more than 3%. WTI crude oil futures closed 3.69% higher, hitting the highest level since April 13.

During the Asian trading session, China’s ChiNext Index declined over 1%, and the pharmaceutical sector rallied against the market trend, with WuXi AppTec hitting the daily limit. Hong Kong’s Hang Seng Technology Index fell more than 2%, and a stock known as the "world’s No.1 AI silicon photonics chip stock" skyrocketed by nearly 400%.

# Key News

## China

1. The Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation and economic work, presided over by Xi Jinping, General Secretary of the CPC Central Committee.

2. AI enterprise DeepSeek completed capital increase, markedly raising the direct shareholding ratio of founder Liang Wenfeng.

3. Xiaomi delivered three core messages at its Investor Day: AI Agents feature unique competitive advantages, the automotive business officially launches overseas expansion, and mobile phone price hikes have become an industry trend.

4. Driven by the explosive growth of AI computing power demand, Foxconn Industrial Internet’s Q1 revenue increased by 57% year-on-year, with net profit jumping 103% year-on-year.

5. BYD recorded Q1 revenue of 150.2 billion yuan, slightly exceeding market expectations. Dragged by exchange losses, its net profit dropped 55% year-on-year.

6. Shenghong Technology, a leading PCB manufacturer, notched over 5.5 billion yuan in Q1 revenue, with net profit rising nearly 40% year-on-year.

7. Luxshare Precision achieved a 24% year-on-year growth in both revenue and profit in 2025. Its automotive electronics revenue soared 185%, and data center business has become a new growth driver.

8. Northern Rare Earth posted nearly 12 billion yuan in Q1 revenue with net profit doubling year-on-year. Renowned investor Zhang Jianping newly joined its top ten tradable shareholders.

## Overseas

1. U.S. media reported that Iran may submit a revised proposal to Pakistan. Donald Trump stated that Iran hopes to reopen the Strait of Hormuz at an early date, while Iran emphasized its full control over the strait and demanded toll fees from foreign vessels. In addition, a Japanese oil tanker reportedly passed through the Strait of Hormuz for the first time since the outbreak of the Iran conflict.

2. Nick Timiraos, known as the "New Fed Correspondent", pointed out that the Federal Reserve is expected to keep interest rates unchanged this week. The core debate lies in whether the rate pause indicates a prolonged hold on rate cuts or merely a delay. Senior U.S. Senator Tillis stated that it is reasonable for Fed Chair Powell to stay on the board after his term expires, though an extended tenure is unlikely.

3. The Bank of Japan kept its benchmark interest rate steady at 0.75% by a 6-3 vote, significantly raising inflation forecasts and downgrading economic growth outlooks. The BOJ Governor struck a hawkish tone, vowing to continue raising interest rates based on economic conditions.

4. Reports showed that the UAE will formally withdraw from OPEC and OPEC+ starting May 1, and gradually ramp up crude oil production.

5. Multiple sources reported that OpenAI missed its internal user and revenue targets. Its CFO warned that the company is "not ready for an IPO" and may struggle to fulfill large-scale computing power procurement contracts. OpenAI subsequently issued an emergency statement, claiming steady business operations with growing enterprise and advertising revenues. CoreWeave also distanced itself from OpenAI, stating that it serves diversified clients including Meta, Microsoft and Google.

6. NVIDIA launched its new model Nemotron 3 Nano Omni, focusing on AI agent implementation. Integrating voice, vision and reasoning capabilities, the new model boosts operational efficiency by 9 times.

7. Corning’s Q1 revenue rose 18% year-on-year, yet high maintenance costs for solar facilities led to weaker-than-expected Q2 guidance.

8. NXP Semiconductors delivered better-than-expected Q1 revenue growth of 12% and raised its Q2 outlook, pushing its share price up by over 15%.

# Market Closing Quotes

### European & U.S. Stock Markets

- S&P 500: -0.49%, closing at 7,138.80

- Dow Jones Industrial Average: -0.05%, closing at 49,141.93

- Nasdaq Composite: -0.90%, closing at 24,663.799

- Europe STOXX 600: -0.37%, closing at 606.58

### A-Shares

- Shanghai Composite Index: 4,078.64, down 0.19%

- Shenzhen Component Index: 14,830.46, down 1.10%

- ChiNext Index: 3,596.71, down 1.43%