Core Viewpoint - Semiconductor stocks in the US showed pre-market strength, with notable gains from AMD, Arm Holdings, Nvidia, and TSMC, indicating positive market sentiment in the sector [1] Group 1: Stock Performance - AMD increased by over 2.9% [1] - Arm Holdings rose by more than 2.7% [1] - Nvidia saw a gain of over 1% [1] - TSMC experienced an increase of more than 1.3% [1] Group 2: Company Developments - Nvidia's founder and CEO, Jensen Huang, visited China, starting with a new office in Shanghai [1] - During the visit, Huang engaged with employees, addressing their concerns and discussing key events for the company in 2025 [1]

Group 1 - Semiconductor stocks in the U.S. showed strength before the market opened on January 23, with AMD rising over 3% [1] - Nvidia experienced an increase of nearly 2% in pre-market trading [1] - Other notable performers included Arm Holdings and TSMC, both of which saw gains of over 1% [1]

摩根士丹利将Arm目标价从180美元下调至135美元。 ...

Key Points Susquehanna upgraded its rating on Arm to positive. A new Windows computer with Arm-based Nvidia chips could come out this year. While there are concerns about Arm's valuation, its competitive position remains strong. 10 stocks we like better than Arm Holdings › Shares of Arm Holdings (NASDAQ: ARM) were moving higher this week, mostly in response to positive analyst commentary on the chip stock after it slumped at the end of 2025, making its valuation more attractive. Jensen Huang, t ...

Core Insights - Coherent Corp. (COHR) and Arm Holdings plc (ARM) are key players in the high-growth tech infrastructure sector, with Coherent focusing on optical materials and semiconductors, while Arm specializes in semiconductor and software design [1] Group 1: Coherent Corp. (COHR) - Coherent reported a 17.3% year-over-year increase in revenues for the first quarter of fiscal 2026, driven by strong demand in the AI sector [2] - The company achieved a 1,081-basis-point year-over-year expansion in operating margin, indicating effective scalability essential for growth in the AI market [2] - Coherent's diverse product pipeline, including the rapid adoption of 800G transceivers, positions it well to meet the increasing demand for AI [3] - The company has a strong balance sheet with $875 million in cash reserves and only $48 million in debt, providing flexibility for investments [4] - Despite its growth trajectory, Coherent faces competitive pressure in the Silicon Carbide (SiC) market from companies like Wolfspeed and ON Semiconductor [5] - The Zacks Consensus Estimate for COHR indicates a 15.1% growth in sales and a 44.5% increase in EPS for fiscal 2026 [10] Group 2: Arm Holdings plc (ARM) - Arm Holdings benefits from a dual-sided network effect that connects software creators and hardware manufacturers, enhancing its position in mobile technology [6] - The company is recognized as a significant player in the AI and IoT sectors, with major clients like Apple, Qualcomm, and Samsung relying on its energy-efficient architecture [7] - However, ARM faces risks in China as local companies shift towards RISC-V, which could impact its growth in that market [8] - The Zacks Consensus Estimate for ARM shows a 21.5% growth in sales and a 5.5% increase in EPS for fiscal 2026 [11] - ARM is trading at a forward P/E ratio of 52.89, significantly higher than Coherent's 34.72, indicating a valuation gap [12] Group 3: Investment Recommendation - Coherent is recommended for portfolio addition due to its higher EPS growth outlook, attractive valuation, and robust liquidity position, despite ARM's dominance in mobile architecture [14]

Core Viewpoint - The article highlights a significant surge in semiconductor exports from South Korea, indicating strong global demand driven by the AI wave, which has positively impacted major semiconductor companies' stock prices [1][2]. Group 1: Semiconductor Export Data - In the first 20 days of January 2026, South Korea's semiconductor exports reached $10.73 billion, a year-on-year increase of 70.2%, accounting for 29.5% of total exports, up 9.6 percentage points from the previous year [2]. - For the entire year of 2025, South Korea's semiconductor exports amounted to $173.48 billion, marking a 22.1% year-on-year growth and achieving a historical high [4]. Group 2: Market Reactions and Stock Performance - Following the positive export data, semiconductor stocks surged, with the Philadelphia Semiconductor Index rising by 3.18%, reaching a historical high, and individual stocks like Intel and Micron Technology seeing significant gains [1]. - Citigroup raised the target price for SanDisk from $280 to $490 per share, a 75% increase, citing strong demand for data center memory and favorable supply conditions [5]. Group 3: Future Demand and Supply Dynamics - The demand for storage chips is expected to remain robust due to the increasing need for AI infrastructure, with major companies like SK Hynix reporting that their chip production capacity for 2026 is already sold out [6]. - Global capital expenditures from the top eight cloud providers are projected to increase by approximately 65% year-on-year, with AI servers becoming the fastest-growing segment in data center IT investments [7].

Natural Gas Industry - Natural gas prices surged over +24% to a 6-week high, following a +26% increase the previous day, driven by an Arctic cold front expected to raise heating demand and disrupt US production [1][17] Gold Market - Gold prices increased by another 1%, reaching a new record high amid the Greenland crisis and concerns over Japan's fiscal policies leading to higher deficits, which are driving demand for gold as a safe-haven asset [2] Stock Market Performance - Stock indexes rebounded sharply, recovering over half of the previous day's losses after President Trump announced a framework for a deal regarding Greenland and refrained from imposing tariffs on European nations [4][5] - The S&P 500 Index closed up +1.16%, the Dow Jones up +1.21%, and the Nasdaq 100 up +1.36% [5] Mortgage Applications and Housing Market - US MBA mortgage applications rose by +14.1%, with the purchase mortgage sub-index up +5.1% and refinancing up +20.4% [6] - Pending home sales in December fell by -9.3% month-over-month, marking the largest decline in 5.5 years, while construction spending in October rose by +0.5% month-over-month [6] Earnings Season - The Q4 earnings season has been positive, with 81% of the 38 S&P 500 companies that reported beating expectations, and S&P earnings growth is projected to increase by +8.4% in Q4 [8] Interest Rates and Treasury Notes - The 10-year T-note yield fell by -4 bp to 4.25%, supported by lower bond yields and strong demand for a $13 billion auction of 20-year T-bonds [11] - Rising inflation expectations limited gains in T-notes, with the 10-year breakeven inflation rate reaching a 3.25-month high of 2.358% [12] Company-Specific Movements - Chip makers saw significant gains, with Intel closing up more than +11% and AMD up more than +7%, contributing to the overall market rally [16] - Progressive Software's stock rose over +10% after forecasting stronger-than-expected full-year adjusted EPS [18] - Citizens Financial Group's stock increased by more than +6% after reporting total deposits above consensus expectations [19]

Natural Gas Industry - Natural gas prices have surged over +21% today, reaching a 6-week high, following a +26% increase on Tuesday, which is benefiting natural gas producers [1][17] - An Arctic cold front is expected to increase heating demand in the eastern US, potentially causing freeze-offs in wells and disrupting natural gas production [1] Gold and Precious Metals - Gold prices have increased by another 1% today, reaching a new record high, driven by safe-haven buying amid the Greenland crisis and concerns over Japan's fiscal policies leading to higher deficits [2] Stock Market Performance - The S&P 500 Index is up +1.06%, the Dow Jones is up +0.97%, and the Nasdaq 100 is up +1.33%, indicating a recovery after a sharp sell-off on Tuesday [5] - Stocks are rebounding following President Trump's announcement of seeking negotiations to acquire Greenland, which has alleviated some market fears [4] Economic Indicators - US MBA mortgage applications rose by +14.1% in the week ended January 16, with the refinancing mortgage sub-index up +20.4% [6] - US pending home sales fell by -9.3% month-over-month in December, marking the largest decline in 5.5 years, while construction spending rose by +0.5% month-over-month in October [6] Earnings Reports - The Q4 earnings season has begun positively, with 88% of the 33 S&P 500 companies that reported beating expectations, and S&P earnings growth is projected to increase by +8.4% in Q4 [8] - Progressive Software's stock rose over +18% after forecasting full-year adjusted EPS of $5.82 to $5.96, exceeding consensus expectations [18]

【导读】特朗普改口，市场暴涨 中国基金报记者 泰勒 大家好，今晚好消息，涨跌全看特朗普，外围市场全线大涨了！ 一起看看发生了什么事情。 1月21日晚间，美股三大指数高开高走，道指涨约500点，纳斯达克指数涨超1%，标普500指数也涨超 1%。 尽管特朗普排除了军事行动，但他仍表示，他正在"寻求立即谈判，再次讨论由美国收购格陵兰的事 宜"。 特朗普还在达沃斯讲话中表示，他将要求国会落实其提出的10%信用卡利率上限方案。鉴于国会内部支 持不足，这一前景仍不确定。该表态推动美股银行股上涨。 此外，美国财长贝森特周三在达沃斯对记者表示，特朗普政府"并不担心"前一交易日的抛售。 分析师表示，关键不在于特朗普说了什么，而在于他没有说什么。"他没有重申对欧洲的关税威胁；他 没有说政府会动用武力夺取格陵兰；他也没有说要给信用卡利率设上限，而是让国会去做。这更像是在 降低实质内容的烈度，尽管风格仍然是典型的特朗普"。 摩根大通资产管理的Bob Michele表示，周二市场的抛售是在向特朗普政府传递信息：需要采取行动恢 复秩序，就像去年"解放日"关税扰动投资者之后，官员们所做的那样。 在特朗普对世界经济论坛表示他不会以武力收购格 ...

【导读】特朗普改口，市场暴涨 中国基金报记者 泰勒 大家好，今晚好消息，涨跌全看特朗普，外围市场全线大涨了！ 一起看看发生了什么事情。 1月21日晚间，美股三大指数高开高走，道指涨约500点，纳斯达克指数涨超1%，标普500指数也涨超1%。 在特朗普对世界经济论坛表示他不会以武力收购格陵兰之后，股市上涨，市场对这一问题的担忧缓解；此前该担忧曾扰动市场并引发资金 撤离美国资产。 特朗普在达沃斯的讲话中谈到，他认为美国在北约承担了财政和军事负担。以下这段话提振了股市： 特朗普还在达沃斯讲话中表示，他将要求国会落实其提出的10%信用卡利率上限方案。鉴于国会内部支持不足，这一前景仍不确定。该表 态推动美股银行股上涨。 此外，美国财长贝森特周三在达沃斯对记者表示，特朗普政府"并不担心"前一交易日的抛售。 分析师表示，关键不在于特朗普说了什么，而在于他没有说什么。"他没有重申对欧洲的关税威胁；他没有说政府会动用武力夺取格陵 兰；他也没有说要给信用卡利率设上限，而是让国会去做。这更像是在降低实质内容的烈度，尽管风格仍然是典型的特朗普" 。 摩根大通资产管理的Bob Michele表示，周二市场的抛售是在向特朗普政府传递信息 ...