Group 1 - The Taipei International Computer Show will take place on the 20th, focusing on "AI Next" with nearly 1,400 exhibitors, approximately 4,800 booths, and a display area of 80,000 square meters, highlighting themes such as "Smart Computing & Robotics," "Next-Generation Technology," and "Future Mobility" [1] - Notable speakers include NVIDIA founder and CEO Jensen Huang, Qualcomm President and CEO Cristiano Amon, MediaTek CEO Rick Tsai, Foxconn Chairman Liu Yangwei, and NXP Semiconductors Executive Vice President Jens Hinrichsen [1] - Liu Yangwei will discuss AI themes related to Foxconn's smart manufacturing, smart electric vehicles, and smart cities, sharing the vision of transforming from manufacturing services to platform solutions [1] Group 2 - The COMPUTEX 2025 forum will be held on the 21st, focusing on the latest developments in the AI ecosystem and applications, covering topics such as AI robotics and edge computing applications, practical experiences in implementing generative AI, and energy-efficient data center strategies [2] - The InnoVEX exhibition, celebrating its 10th anniversary, will showcase forward-looking technology and innovation, focusing on AI, green technology, smart mobility, semiconductor applications, and next-generation communications, with participation from nearly 450 startups from 24 countries [2] - Countries such as Belgium, Brazil, France, Australia, Japan, Thailand, the Philippines, Israel, Poland, and the Czech Republic will set up national pavilions, with Thailand's pavilion being established for the first time [2]

Group 1 - The U.S. economy showed unexpected contraction with a GDP decline of 0.3% in Q1, marking the first quarterly negative growth since 2022, significantly below the expected growth of 0.4% [3][11] - The market reacted sharply to the GDP data, with the Dow Jones dropping nearly 800 points and the Nasdaq falling close to 3% during early trading [3][5] - Following news of potential trade negotiations and tariff adjustments, the market began to recover, reducing most of the earlier losses [5] Group 2 - Major companies like AMD saw significant stock declines, with Supermicro Computer dropping over 11% due to disappointing earnings forecasts [6] - Among the tech giants, Microsoft and Meta reported better-than-expected earnings, with Meta raising its capital expenditure guidance for the year, leading to stock price increases [8] - In contrast, Tesla and Amazon experienced stock declines, with Tesla down 3.4% and Amazon down 1.6% after initial larger drops [8] Group 3 - The U.S. Commerce Department indicated that the GDP decline was primarily due to a 36% surge in preemptive imports before the implementation of Trump's tariff policies, which expanded the trade deficit [11] - Consumer spending growth was weak at only 1.8%, the lowest since mid-2023, contributing to the economic slowdown [11] - Some economists warned that if current tariff policies remain unchanged, the U.S. economy could face stagnation, with a 90% probability of recession predicted by Apollo Global Management's chief economist [12] Group 4 - Trump quickly attributed the economic downturn to his predecessor, claiming it was "Biden's stock market" and asserting that the economy is merely in a transitional phase [14][15] - Criticism arose regarding Trump's economic policies, with some analysts noting that the stock market and dollar performance during his term has been the worst since 1980 [16] - Retail giants like Walmart and Target have begun to absorb tariff costs, indicating a shift in strategy due to supply chain disruptions caused by the tariff war [19][20]

Company News - Super Micro Computer (SMCI.O) experienced a pre-market drop of nearly 17% after reporting preliminary Q3 revenue of $4.5 to $4.6 billion, significantly below analyst expectations of $5.35 billion [1] - Microsoft (MSFT.O) plans to actively contest any government orders that may suspend or halt its cloud business in Europe, while expanding its data center operations in 16 European countries [2] - Alibaba (BABA.N) is set to announce its Q1 2025 results on May 15, 2025 [2] - Stellantis (STLA.N) reported Q1 revenue of €35.8 billion, a 14% year-over-year decline, falling short of analyst predictions of €35.4 billion, and has suspended its 2025 financial guidance due to tariff-related uncertainties [2] - Visa (V.N) reported Q2 revenue of $9.6 billion for fiscal year 2025, exceeding market expectations of $9.55 billion and up from $8.78 billion in the same period last year [2] - Vale (VALE.N) CEO stated that the company reversed the decline in iron ore production in April and is confident in meeting its annual production guidance [2] Economic Indicators - The initial estimate for the U.S. Q1 real GDP annualized rate recorded at -0.3%, marking the lowest level since Q2 2022 [3] - Kalshi, a financial trading and prediction market platform, currently estimates a 74% probability of a U.S. economic recession this year [3] - The ADP employment report for April showed an increase of 62,000 jobs, the smallest gain since July 2024, and significantly below expectations [3] - Starbucks (SBUX.O) reported Q2 earnings of $384 million, halving compared to the same period last year, with same-store sales declining for the fifth consecutive quarter [3] - Taiwan Semiconductor Manufacturing Company (TSM.N) has begun construction on its third wafer fab in Arizona, increasing its expansion efforts in the U.S. [3] - Western Digital (WDC.O) saw a pre-market increase of 11.5% due to its Q4 revenue and profit guidance exceeding expectations [3]

Market Overview - After six days of gains, the US stock market appears to be in a correction phase due to escalating trade tensions, weak US economic data, and a disappointing earnings forecast from Advanced Micro Devices (AMD) [1][2] - On Monday, US stock index futures fell, while European stocks opened higher, with the euro slightly rising against the dollar [1] Company Performance - Several companies, including General Motors Co. and JetBlue Airways Corp., have withdrawn their earnings guidance amid increasing trade friction, with United Parcel Service Inc. announcing a layoff of 20,000 employees this year [2] - Mercedes-Benz Group AG also retracted its earnings outlook for the year due to uncertainties related to trade barriers [2] - Advanced Micro Devices (AMD) saw its stock drop over 15% following an earnings forecast that significantly missed expectations [5][9] Commodity Prices - WTI crude oil experienced a decline of 2.0%, trading at $59.2 per barrel [4] - Spot silver fell by 2.00%, priced at $32.27 per ounce [2] - Spot gold dropped by 0.9%, briefly falling below $3,290 per ounce [7]

Group 1 - The core viewpoint of the article indicates that Supermicro's stock has dropped over 15% in pre-market trading due to a downward revision of its third-quarter revenue forecast to $4.5 billion to $4.6 billion, which is lower than the previous estimate of $5 billion to $6 billion [1]

Market Performance - The three major U.S. indices rose, with the Dow Jones and S&P 500 increasing for the sixth consecutive day, closing at 40,527.62 points (up 0.75%) and 5,560.83 points (up 0.58%) respectively [1] - European markets showed mixed results, with Germany's DAX30 up 0.72% and France's CAC40 down 0.24% [1] Economic Indicators - The U.S. consumer confidence index fell to 86.0, the lowest level since May 2020, reflecting growing concerns over tariffs and economic outlook [4] - Job vacancies in the U.S. dropped to the lowest level since September of the previous year, indicating weakened labor demand amid economic uncertainty [5] Corporate Developments - UPS announced a significant layoff of approximately 20,000 employees, marking it as the first major U.S. company to implement large-scale layoffs due to the impact of tariff-related trade slowdowns [9] - Adidas' CEO expressed that U.S. tariff policies are creating uncertainty, affecting the company's ability to adjust revenue and profit forecasts [10] - Walmart decided against disclosing tariff-related costs on product pricing to avoid aggravating the Trump administration, while striving to keep product prices low [10][11] Industry Investments - The U.S. battery industry plans to invest $100 billion over the next decade to establish a fully domestic supply chain, which is expected to create 350,000 jobs [6]

Core Viewpoint - The graphics card market in China is experiencing significant price increases, with the latest 50 series graphics cards, particularly the 5090 model, seeing prices soar to around 30,000 yuan, which is nearly double the manufacturer's suggested retail price [4][10][11]. Group 1: Price Trends - The price of the 5090 graphics card has surged to approximately 30,000 yuan, compared to the official suggested price of about 17,000 yuan [9][10]. - The 5080 and 5090 models, originally priced at 8,299 yuan and 16,499 yuan respectively, are now being sold for around 14,000 yuan and 30,000 yuan in the secondary market [10]. - The price fluctuations are attributed to market speculation and the presence of scalpers, with reports indicating that prices can change almost daily [9][12]. Group 2: Market Dynamics - The rise in graphics card prices is driven by a combination of high demand from gamers and the activities of scalpers who hoard stock to sell at inflated prices [5][14]. - Scalpers are exacerbating the situation by creating a sense of urgency among consumers, claiming that prices will continue to rise [5][18]. - Many retailers are engaging in bundling strategies, requiring customers to purchase entire computer systems to obtain a graphics card at a lower price, which still remains above market norms [14][15]. Group 3: Consumer Sentiment - Gamers are expressing frustration over the soaring prices, with many opting to delay purchases or resist buying from scalpers altogether [16][18]. - There is a growing divide among consumers, with some fearing further price increases and choosing to buy despite the high costs, while others advocate for a boycott of overpriced graphics cards [16][18]. - Social media platforms have become battlegrounds for discussions between gamers and scalpers, with many players calling for a rejection of the inflated prices [18][19]. Group 4: Market Risks - The current market environment poses risks for both consumers and scalpers, as the potential for price corrections exists if supply stabilizes [22][24]. - Historical data suggests that speculative buying can lead to significant financial losses, as seen in past market behaviors where prices eventually fell after initial spikes [23][24]. - The introduction of competitive products, such as AMD's 9070XT graphics card priced under 6,000 yuan, may provide alternatives for consumers and further pressure Nvidia's pricing strategy [21].

Group 1 - The China Securities Regulatory Commission (CSRC) aims to promote mergers and acquisitions among listed companies, focusing on high-quality leading firms as the "main force" [1] - The CSRC will implement a "green channel" for mergers and acquisitions of technology-driven companies to support national strategies for technological self-reliance and modernization [1] - The CSRC encourages the use of various financial instruments, including shares, cash, and convertible bonds, for mergers and acquisitions to inject quality assets into companies [1] Group 2 - A joint meeting was held by the People's Bank of China and other financial regulatory bodies to support the high-quality development of private enterprises [2] - The meeting emphasized the need for a moderately loose monetary policy and increased credit support for private and small enterprises [2][3] - Financial institutions are urged to enhance their service capabilities and diversify financing channels for private enterprises [3] Group 3 - The manufacturing Purchasing Managers' Index (PMI) for February is reported at 50.2%, indicating a significant recovery in manufacturing sentiment [4][5] - Large enterprises have a PMI of 52.5%, while medium and small enterprises have PMIs of 49.2% and 46.3%, respectively, indicating a disparity in performance [5] Group 4 - The CSRC approved the IPO registration of three companies, including Zhongce Rubber Group and Chengdu Changcheng Development Technology [12] - Two new stocks will be available for subscription in the upcoming week, both from the Growth Enterprise Market [12] Group 5 - A total of 28 companies will have their restricted shares unlocked in the upcoming week, with a total market value of approximately 301.05 billion yuan [13] - The companies with the highest unlock values include Longqi Technology, Liugong, and Huaqin Technology, with unlock values of 105.57 billion yuan, 63.64 billion yuan, and 60.31 billion yuan, respectively [13]