Morning News

# Source: Wall Street见闻 (Wall Street CN)

## Market Overview

The situation in the Middle East remains tense, and markets are awaiting the Federal Reserve's interest rate decision. The three major U.S. stock indices closed slightly higher. The energy sector led the gains, while airline stocks surged sharply on expectations of a rush for flight bookings. lululemon fell more than 1% at one point after reporting earnings. Eli Lilly dropped 6.5% during the session, and HSBC turned bearish on the stock.

Long-dated U.S. Treasury prices outperformed short-dated ones, with the 10-year U.S. Treasury yield falling 2 basis points to 4.20%. Funds showed a certain risk-averse preference for shifting to high-quality assets.

The U.S. dollar fell for a second consecutive day, dropping more than 0.3% during the session. Bitcoin rose 0.38%, briefly falling below $74,000 intraday. Ethereum edged down 0.8%.

Spot gold held near $5,000, while silver futures fell 1.6%. Iran reportedly intensified attacks on energy facilities in the Middle East, triggering a rebound in crude oil. Brent crude closed at a more than three-year high of $103.42 per barrel.

During the Asian trading session, A-shares and H-shares declined in the afternoon. The ChiNext Index fell more than 2%, while large financial stocks bucked the trend and strengthened. Computing power hardware saw a broad correction, and Xunce, known as the "First Token Stock," surged more than 30%.

## Key News

### China

The State-owned Assets Supervision and Administration Commission (SASAC): Focus on "two priorities" and "two new areas," plan and implement a number of major projects and landmark projects in advance.

### Overseas

Trump stated that actions against Iran do not require assistance from NATO, Japan, South Korea, or Australia, and that the possibility of the U.S. withdrawing from NATO should be considered. U.S. media: A fire on the USS Gerald R. Ford aircraft carrier burned for more than 30 hours before being extinguished, destroying more than 600 beds. The fire started in a dryer in the laundry area. Iran's Supreme Leader rejected a proposal for peace talks with the U.S., insisting on defeating the U.S. and Israel and claiming compensation. Iran announced that its strikes have entered an "accelerated phase," and the president confirmed the death of Larijani. Iran is reportedly stepping up attacks on energy facilities in the Middle East.

The "New Fed News Agency": The focus has shifted from "when to cut rates" to "whether to cut rates." Watch three key signal windows—the wording of the policy statement, the dot plot forecast, and Powell's press conference.

EU-U.S. trade frictions are expected to ease, with the EU advancing final approval of a trade deal with the U.S..

Bank of America Fund Manager Survey: Stock market euphoria fades, and geopolitical conflicts replace the AI bubble as the top risk.

Jensen Huang stated that chip revenue forecasts have "strong visibility," and targets will continue to expand. Low-latency inference will become the next explosive engine of the AI economy, and the tight supply-demand balance of power chips will persist long-term.

OpenAI released GPT-5.4 mini and nano, approaching flagship model performance at a lower cost. OpenAI made an emergency pivot: cutting "side projects" and going all-in on coding and the enterprise market.

Samsung's union is planning the largest strike in history, threatening chip supplies.

Microsoft is overhauling its AI division, streamlining the Copilot product line in response to customer complaints.

Amazon CEO: AI could drive AWS sales to $600 billion by 2036, doubling the previous forecast.

## Market Closing Quotes

### U.S. & European Equities

- S&P 500: +0.25% to 6,716.09 points

- Dow Jones Industrial Average: +0.10% to 46,993.26 points

- Nasdaq Composite: +0.47% to 22,479.528 points

- Europe STOXX 600: +0.64% to 602.31 points

### A-Shares

- Shanghai Composite Index: -0.85% to 4,049.91 points

- Shenzhen Component Index: -1.87% to 14,039.73 points

- ChiNext Index: -2.29% to 3,280.06 points

### Bond Market

- U.S. 10-year benchmark Treasury yield: -1.75 bps to 4.2004%

- U.S. 2-year Treasury yield: flat at 3.6715%

### Commodities

- WTI April crude oil futures: +2.90% to $96.21 per barrel

- Brent May crude oil futures: +3.20% to $103.42 per barrel

- Spot gold: -0.02% to $5,005.01 per ounce

- Spot silver: -1.83% to $79.3090 per ounce

# Detailed News

## Global Highlights

### China

**SASAC**: Focus on the "Two Priorities" and "Two New Initiatives" to plan and launch a batch of major projects and landmark initiatives in advance. The meeting emphasized focusing on the "Two Priorities" (implementing major national strategies and enhancing security capacity in key areas) and "Two New Initiatives" (large-scale equipment upgrades and consumer goods trade-in programs) to plan and implement major projects and landmark initiatives proactively, and expand effective investment. It also called for central enterprises to foster new quality productive forces, strengthen breakthroughs in core and key technologies, deepen the reform of state-owned assets and SOEs, and optimize the layout of state-owned capital. Efforts should be made to strengthen original innovation and breakthroughs in core and key technologies, thoroughly implement the central enterprises' "AI+" special action, and accelerate the development of a number of emerging pillar industries.

### Overseas

Trump says actions against Iran need no help from NATO, Japan, South Korea, or Australia; Iran declares strikes have entered an "accelerated phase" and president confirms Larijani's death. Trump stated that most NATO allies have informed the U.S. they are unwilling to get involved in U.S. military operations against Iran, and the U.S. "needs no one's help." Two senior Iranian officials, including a "top figure," have been "eliminated." The director of the U.S. National Counterterrorism Center, Christine Abizaid, has resigned, blaming Israel for pushing the U.S. and Iran toward war. The deployment of the USS Gerald R. Ford, a U.S. aircraft carrier participating in Middle East operations, may be extended to May. Israeli forces threaten to "hunt down" Iran's new supreme leader. Iran has reportedly named multiple replacements for key national positions; it says Larijani's son and deputy were also killed in airstrikes. On Tuesday, Iran launched its 59th wave of operations, targeting U.S. military bases in Qatar, Kuwait, the UAE, Bahrain, and Iraq. The area around the Bushehr Nuclear Power Plant was also attacked. French President Macron says France will not participate in opening the Strait of Hormuz under current circumstances; Canada, Greece, and the Netherlands say they will not take part in military operations. Iran's parliament speaker says the strait will not return to its pre-war state.

Trump says the U.S. should consider withdrawing from NATO, expressing disappointment with the alliance. Trump claims he can make the decision to withdraw from NATO without congressional approval. While he has no specific plan yet, he is dissatisfied with the current state of affairs. He added that it "won't be long" before the Strait of Hormuz is safe for passage. The U.S. is not yet ready to end the conflict with Iran but "will leave in the near future." Earlier, he criticized NATO allies for not assisting the U.S., saying America no longer needs or desires help from NATO countries.

U.S. media: Fire on USS Gerald R. Ford burns for over 30 hours before being extinguished, destroying more than 600 beds; blaze started in a dryer in the laundry area. The U.S. Navy confirmed on March 12 that a fire broke out in the main laundry facility of the USS Gerald R. Ford, injuring two people. The fire was not put out until more than 30 hours later, burning over 600 beds and forcing many sailors to sleep on the floor or be relocated.

Iran's supreme leader rejects peace proposal with U.S., insists on defeating U.S. and Israel and claiming compensation. Mojtaba Khamenei stated at a foreign affairs meeting that "now is not the time for peace," adding that the U.S. and Israel must be defeated and forced to pay compensation.

Iran reportedly intensifies attacks on Middle East energy facilities; crude oil rebounds, with Brent crude closing at a more than three-year high. According to the Saudi Ministry of Defense, Iran launched nearly 100 drones at Saudi Arabia on Monday, the largest single-day attack since the current conflict began. The UAE Ministry of Defense said it detected 55 projectiles from Iran on Tuesday, including 10 ballistic missiles and 45 drones—the highest number of drone attacks in over a week. U.S. crude oil rose more than 5% at one point on Tuesday, while Brent crude closed up over 3%, trading above $100 for the fourth consecutive day.

"New Fed News Agency": Focus shifts from "when to cut rates" to "whether to cut rates"; watch three key signal windows. Nick Timiraos, the "New Fed News Agency," noted that escalating tensions in the Middle East have strengthened the Fed's consensus to hold rates steady. Three key signal windows will determine whether this easing cycle ends: the wording of the policy statement, the dot plot forecast, and Powell's press conference. Any hawkish signals will directly impact rate expectations and risk asset pricing.

EU-U.S. trade frictions expected to ease; EU advances final approval of trade deal with U.S. The EU has restarted the ratification process for a trade agreement with the U.S., meaning the long-stalled deal is heading for final approval. The European Parliament's Committee on International Trade will vote on the agreement on Thursday, followed by a plenary vote later this month or in April. If parliament approves, the final text will be submitted to member states for a vote. The move signals a potential easing of a growing friction point in transatlantic relations.

Bank of America Fund Manager Survey: Stock market euphoria fades; market's biggest "risk" changes! According to BofA's Global Fund Manager Survey, overall sentiment plummeted to a six-month low this month. Inflation concerns have intensified, and geopolitical conflicts have replaced the AI bubble as the top risk. The risk of a private credit meltdown has hit a record high, and cash positions have risen. Overweight positions in commodities hit a two-year high, as the market shifts from a "boom" to a "stagflation" defensive mode.

Nvidia bets big on AI's "trillion-dollar era": Huang says chip revenue outlook has "strong visibility," targets to keep expanding. Jensen Huang stated that the over $1 trillion revenue forecast only includes earnings from the Blackwell and Rubin core architecture product lines, excluding upcoming projects. Samsung's union plans an 18-day strike starting May 21, with voting ending March 19. The action could disrupt about half of chip production at the Pyeongtaek campus, exacerbating global supply chain tightness. Analysts warn that Samsung's inexperience in labor disputes, combined with external poaching, could hurt its profit momentum.

Microsoft overhauls AI division, streamlines Copilot product line in response to customer complaints. Microsoft has merged the development teams for its various Copilot AI assistants and appointed Jacob Andreou, who joined the company last year, as the new head of the organization. The move comes after users complained about the confusing array of Copilot assistants. Executives bet this will help Microsoft stand out in a competitive market.

Amazon CEO: AI could drive AWS sales to $600 billion by 2036, doubling previous forecast. Amazon CEO Andy Jassy told employees at an internal all-hands meeting that artificial intelligence will help the cloud computing division AWS achieve annual sales of $600 billion—twice his previous forecast. Explaining the massive capital expenditure, Jassy said AI presents a rare opportunity to build an extremely large-scale business. He added that the company has seen very clear and strong demand signals, and the $200 billion capital investment is not based on hope that AI will be big.

## Selected Research Reports

Dalio: The ultimate showdown! Everything hinges on who controls the Strait of Hormuz. Ray Dalio of Bridgewater Associates believes the Middle East's "ultimate showdown" depends on who controls the Strait of Hormuz. It is not only the lifeblood of global energy but also a litmus test for U.S. hegemony: losing control would repeat the decline of historical empires and shake the foundation of the U.S. dollar; breaking the deadlock would rebuild global capital confidence. The world order is facing a historic test.

Cathie Wood's major warning: Five innovation platforms are quietly resonating; a wealth reshaping comparable to the railroad era has begun. In her interpretation of the annual report *Big Ideas 2026*, Cathie Wood made a core judgment: five innovation platforms—AI, multi-omics, public blockchains, robotics, and reusable rockets—are simultaneously entering critical inflection points, jointly driving what she calls the "Great Acceleration" economic paradigm shift. Back in the 1870s, railroad stocks accounted for 75% of the U.S. stock market's total value. Now, at another crossroads of wealth reshaping—missing out on innovation could mean missing out on this decade's growth.

Cathie Wood: AI is already reshaping productivity, to generate $12 trillion in revenue over the next decade. ARK Invest founder Cathie Wood says AI is already driving productivity gains. U.S. nonfarm productivity has grown 2.8% year-over-year, and as AI tools are deployed more widely, growth could double to 6%. She forecasts the AI sector will generate $10–12 trillion in revenue over the next decade, providing a substantial boost to global GDP.

Goldman Sachs hedge fund chief: Market environment "almost unprecedented"; equities underestimate downside tail risks. Tony Pasquariello, head of Goldman Sachs' hedge fund business, warned that downside risks in U.S. equities are severely underestimated. Geopolitical conflicts persist while volatility indicators remain unusually calm—a divergence that warrants vigilance. He identified disrupted oil and gas supplies as an urgent threat. While Goldman Sachs maintains its year-end S&P 500 target of 7,600, Pasquariello still recommends a defensive stance: simplify portfolios and moderately increase cash holdings. Goldman Sachs macro strategist Bobby Molavi described the current market environment as "almost unprecedented," with asset managers facing unprecedented challenges.

Morgan Stanley: China's AI cloud market to grow at 72% CAGR over five years; Alibaba poised to be biggest winner. Morgan Stanley released a major report: China's AI cloud market will surge at a 72% compound annual growth rate, surpassing 218 billion yuan by 2029. Alibaba, with its full-stack layout, is listed as a "top pick," with cloud revenue growth forecast at 45%—the highest in the market. Critically, a cloud service price hike cycle unseen in two decades is underway, and a margin inflection point could be the most underappreciated variable.

Alibaba establishes new "Token Business Group"; time for Qianwen revaluation? Alibaba announced the establishment of a "Token Business Group," with the "Wukong Division" making its debut. Morgan Stanley believes the group's Token-based revenue structure is highly similar to that of Minimax and Zhipu. Its establishment means Alibaba has room for further valuation upside, and the firm is regarded as a top pick among "China's AI winners." The current high-end SOTP valuation for Alibaba is $345 per share, with the Qianwen Division alone assigned a valuation of $19 per share.

## Domestic Macro

Decoding the 15th Five-Year Plan: How 109 major projects will underpin China's future. According to Yuyuantantian, the 15th Five-Year Plan specifically proposes establishing a mechanism to survey and address the impact of artificial intelligence on employment in its deployment to improve public employment services. Previously, the focus was on human "productivity"—how to transform people into labor and output. Now, the 15th Five-Year Plan aims to make capital, technology, and resources better serve human development.

# Domestic Companies

Ant Group’s acquisition has finally been approved; Bright Smart Securities surges as much as 80%.

Ant Group has received approval to acquire Bright Smart Securities & Financial Group, a long-established Hong Kong brokerage, with the transaction expected to close on March 30, when it will hold approximately 50.55% controlling ownership. The news triggered a more than 80% jump in Bright Smart’s share price after resuming trading. Founded in 1995, Bright Smart is known for its low-commission services. This acquisition gives Ant its first brokerage license from the Hong Kong Securities and Futures Commission, completing its financial service footprint, and is seen as a landmark case in accelerating its international expansion and the return of the internet platform to the financial licensing track.

Tencent QClaw to launch soon, with WeChat access fully upgraded.

Tencent QClaw will begin public beta testing in the near future, with a brand-new version to be released on March 18. Its WeChat entry will be fully upgraded to further improve connectivity and lower the barrier for use. QClaw is a local AI assistant developed by Tencent based on the OpenClaw open-source ecosystem, featuring industry-first direct WeChat integration, with a focus on zero门槛 and no deployment required. It has been in low-key closed beta since inception.

Fuyao Glass posts 24% net profit growth in 2025, hitting a record high; the wave of automotive intelligence brings growth opportunities.

# Overseas Macro

Goldman Sachs: Fuel prices soar in parts of Asia; refined products rally more sharply than crude oil.

Hit by the Middle East supply disruption crisis, Brent crude has surged more than 40% to above $100, but gains in refined products such as diesel and jet fuel are even more staggering, with fuel prices doubling in some Asian markets. About 60% of crude oil exports from the Persian Gulf are medium and heavy grades, which are the main feedstock for diesel, jet fuel, and fuel oil. Alternative production capacity outside the Middle East is quite limited.

The Reserve Bank of Australia hikes rates for a second consecutive time to 4.1%; Middle East conflict heightens inflation risks.

The RBA raised interest rates by 25 basis points to 4.1%, in a 5‑4 vote. The central bank warned that the Middle East conflict is pushing up oil prices and inflation expectations, and inflation may stay above target for some time. Markets have increased bets on another 25bp hike to 4.35% in May. The Australian dollar dropped sharply after the announcement, and Australia’s 3‑year government bond yield fell 9 basis points.

Congo’s export controls have created an 80,000‑ton supply gap; a global cobalt shortage may last until 2030, with cobalt prices surging 160%.

Commodity trading institutions note that global refined cobalt output fell about 20% in 2025, the first decline in five years, creating a supply shortfall of more than 82,000 tons. Darton expects the deficit to narrow slightly this year but persist annually through 2030.

# Overseas Companies

Lisa Su and her campaign to “de‑Nvidia‑fy” the AI chip market.

Under Lisa Su’s more than 10‑year leadership, AMD’s market value has surged nearly 100x from under $3 billion. Facing Nvidia’s dominance in AI chips, she has deeply tied major clients including OpenAI and Meta through “equity‑for‑orders” deals, placed early bets on the AI inference segment, and achieved major performance leaps with the MI series chips. She has also traveled to South Korea to lock in HBM capacity, building a full ecosystem from investment to supply chain, quietly advancing the “de‑Nvidia‑fication” of the AI data center market.

SK Group chairman warns memory chip shortage to “last until 2030”; SK Hynix considering US listing.

SK Group Chairman Chey Tae‑won warned that the global wafer shortage will extend to 2030, with a potential gap exceeding 20%. HBM consumes large amounts of wafers, and new capacity will take at least 4–5 years to come online. As Nvidia’s largest HBM supplier, SK Hynix is simultaneously evaluating a US ADR listing and planning new measures to stabilize DRAM prices, with moves affecting the entire AI supply chain.

Meta further scales back metaverse strategy; Quest headsets to lose access to Horizon Worlds.

Meta announced that Quest headset users will no longer be able to access Horizon Worlds, a virtual space where users gather and play as cartoon avatars. The move marks a further retreat from Mark Zuckerberg’s once‑core metaverse vision.

Morgan Stanley forecasts US private credit default rate to hit 8%; industry giant admits: all valuations are wrong.

Morgan Stanley warned that leverage ratios are highest and coverage ratios lowest in the software sector within the private credit market, with default rates potentially approaching peak levels since the pandemic. Apollo Co‑President Zito stated that software companies acquired between 2018 and 2022 had generally inflated valuations. He put the recession probability above 50% and criticized private equity for lacking valuation transparency.

Top hedge fund: Wall Street underestimates private credit risks; “deals from the past decade will soon fail.”

Top credit hedge fund Davidson Kempner warned that a private capital crisis is imminent, not a distant concern. A combination of high leverage, weak cash flow, and loose debt documents has created $768 billion in stressed US debt. The “vulture fund” that profited $3 billion from Lehman’s collapse has quietly entered the market: “We are only in the first inning.”

# Industries & Themes

## 1. Digital China | Huawei China Partners Conference countdown; focus on digital‑economic potential

On March 19–20, Huawei will hold **Huawei China Partners Conference 2026** in Shenzhen. The conference aims to fully integrate strategy, capabilities, and value through the “Partners + Huawei” model, collaborate for high‑quality customer digital upgrades, and create value upgrades across all industries. Amid the digital‑intelligent era, guidelines including the “AI+ Action,” new quality productive forces, industrial upgrading, and sci‑tech self‑reliance offer huge opportunities. AI agents are evolving into a core force driving industrial transformation, and industry intelligence has become a core engine for customers and partners accelerating into the intelligent world.

**Comment**:

Galaxy Securities believes building Digital China is a key engine for Chinese‑style modernization, representing China’s development direction in the new era and strong support for building new national competitive advantages. Over the next five years, China will shift focus to an efficient “computing power – algorithms – data” trinity supply system. The “AI+ Action” will deepen integration between the real and digital economies, pushing Digital China from infrastructure construction to productive forces restructuring. It recommends focusing on high‑performance computing, large model cost reduction and efficiency enhancement, intelligent terminals, and large‑scale application chains of industry agents.

## 2. Energy Storage | Narada Power signs 117MWh energy storage project in Australia’s Northern Territory

Narada Power has successfully signed a 117MWh energy storage project in the Northern Territory, Australia. Upon completion, the project will provide peak shaving, frequency regulation, emergency power supply, and load balancing for the local grid, helping absorb more renewable energy and stabilize power supply.

**Comment**:

CICC believes rising lithium carbonate costs have been partially passed through in utility‑scale and residential storage. Demand in energy‑scarce overseas markets remains resilient, and integrators are expected to see both volume and price increases. The industry is moving from self‑regulation to structural optimization. Module prices have stabilized above ¥0.85/W, fully absorbing raw material volatility and policy expectations. It suggests focusing on beta recovery in the PV main chain, profit resilience in storage integration, and demand elasticity amid rising energy costs.

## 3. Chemicals | Chinese scientists solve century‑old alkyne synthesis challenge; published in Nature

According to Xinhuanet, alkenes and alkynes are fundamental building blocks in modern synthetic chemistry. Chinese scientists, using a highly active reagent, have solved an international century‑old problem in preparing alkynes from alkenes, laying the foundation for rapid access to structurally diverse alkynes and new drug R&D. The成果 was published online in the prestigious international journal *Nature* in the early hours of March 17.

Professor Jiao Ning’s team from Peking University School of Pharmaceutical Sciences and the State Key Laboratory of Natural and Biomimetic Drugs abandoned traditional halogen‑based methods and discovered selenanthrene, a selenium‑containing heterocyclic molecule. The reaction using selenanthrene proceeds under mild conditions, tolerates multiple sensitive functional groups, and enables complex molecular modification. Selenanthrene is simple to prepare, stable, storable, and recyclable, providing a richer and more economical alkyne source for medicine, pesticides, and materials.

**Comment**:

Research institutions believe Iran remains volatile, with very low Strait of Hormuz traffic. A US‑Iran deal remains unlikely. Continued Middle East conflict supports further oil price gains, providing strong support for chemicals. The main driver for polyolefins remains supply concerns from geopolitics, with expected supply tightening pushing olefin prices higher.

## 4. Photovoltaics | Nvidia unveils space computing platform at GTC, entering orbital AI data centers

On March 16 (local time), Nvidia announced the **VeraRubinSpace‑1** space computing platform at its GTC developer conference, officially entering orbital AI data centers and opening a new era of space computing. Nvidia has partnered with Axiom Space, Starcloud, Planet Labs, and other aerospace firms to advance on‑orbit AI deployment.

**Comment**:

Driven by global large models, data centers face a growing power shortage, spawning new forms of low‑/medium‑orbit “space computing.” Engineering challenges such as non‑convective heat dissipation and strong radiation in space remain, but near‑unlimited solar power offers a critical path to easing Earth‑based AI computing energy pressure. Google, SpaceX, and other tech giants are also entering space computing. With its chip advantages, Nvidia has secured a core position in orbital computing infrastructure, signaling intensified industry competition.

Analysts expect exponential growth in global satellite launches. China’s National Radio Innovation Institute has applied to the ITU for 200,000 low‑Earth orbit slots, and SpaceX is accelerating its 42,000‑satellite Starlink network, boosting gigawatt‑scale space PV demand. Traditional triple‑junction GaAs cells cannot support GW‑scale deployment; silicon‑based HJT is the near‑term optimal solution due to flexibility, light weight, low cost, and raw material freedom, with a long‑term shift to perovskite/HJT tandem cells. Chinese equipment makers lead globally in technology and market share and will benefit substantially.

## 5. MLCC | Murata issues official price hike of 15%–35% for AI server and automotive‑grade MLCCs

According to 21st Century Business Herald, Murata has officially issued a price increase notice for AI server and high‑end automotive‑grade MLCCs, with hikes of 15%–35% to take full effect at the end of March 2026. The increase covers high‑cap MLCCs for AI servers, automotive‑grade high‑voltage MLCCs, and RF microwave MLCCs. It is Murata’s first large‑scale price adjustment in three years and is seen as a landmark signaling a new long‑term upcycle for global passive components. As the global leader with about 40% market share, Murata’s move quickly triggered chain reactions.

**Comment**:

The price hike is driven by booming demand from AI servers and new energy vehicles. MLCC inquiries for AI servers have reached twice Murata’s capacity; production utilization is near 95%, lead times extended from 4 weeks to 20 weeks, with some high‑demand products in severe shortage. A single Nvidia GB300‑based server uses about 30,000 MLCCs, and one AI cabinet up to 440,000 — 30x that of a typical smartphone. Rising raw material costs, structural tight capacity, and high‑end product iteration further support the upward trend.

Murata President Narito Nakajima stated AI investment will remain strong over the next 3–5 years, with next‑gen AI chips driving dozens‑fold growth in high‑end MLCC demand. Supported by strong downstream AI computing demand, the price hike by the industry leader is expected to kick off a new upcycle for MLCCs.

## 6. Memory Chips | Samsung labor dispute threatens historic strike, worsening global chip shortage

Amid an intensifying global chip shortage, labor unrest at South Korea’s Samsung Electronics could worsen the crunch. Samsung’s largest union, the National Samsung Electronics Union (NSEU), is voting on its biggest strike in history. If approved this Wednesday, chip production could halt in May, potentially costing Samsung tens of billions of dollars. As the world’s largest memory chip maker, a strike would severely impact Samsung’s semiconductor business and worsen global semiconductor bottlenecks.

**Comment**:

Memory chips are in an AI‑driven supercycle. Supply tightness from supply‑demand imbalance is the core driver of the recent sharp price rally. The memory market is at an unprecedented turning point. Industry sources expect global memory capacity constraints to persist through 2026, with price increases lasting the full year.

# Today’s Forward Look

- US February PPI

- US January Factory Orders, Durable Goods Orders

- US January Long‑Term Capital Inflows

- Eurozone February CPI

- Fed interest rate decision; Powell press conference

- Bank of Canada interest rate decision

- Tencent, Micron earnings

- US EIA Crude Oil Inventories

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# Risk Warning & Disclaimer

Markets are risky and investments require caution.

This article does not constitute personalized investment advice and does not take into account any user’s specific investment objectives, financial situation, or needs. Users should consider whether any opinion, view, or conclusion in this article fits their particular circumstances. Any investment based on this material is at your own risk.