Bitget UEX Daily Report | Trump Halts Strikes to Promote Negotiations; Goldman Sachs Expects Rate Cuts as AI Productivity Becomes Core of Stock Market; Waller Sworn In on Friday (May 19, 2026)

I. Hot News

Federal Reserve Dynamics Trump personally presides over Walsh's inauguration, highlighting control over Federal Reserve personnel

• Trump will host the swearing-in ceremony for new Federal Reserve Chair Walsh at the White House this Friday, breaking the recent tradition of internal ceremonies held by the Federal Reserve.
• Current Chair Powell's term ended last weekend, but he will continue to serve as a governor until January 2028.
• This move strengthens market attention on Trump's influence over Federal Reserve policy, which may increase policy uncertainty in the short term, but long-term personnel stability will help the market digest.

International Commodities Trump halts military strikes on Iran, easing Middle East tensions and lowering oil prices

• Trump announced on Monday that he would postpone the planned military strike on Iran scheduled for Tuesday at the request of Middle Eastern leaders, stating that "serious negotiations are underway," suggesting that the U.S. and Iran may return to the negotiating table.
• Previously, tensions in the Strait of Hormuz caused Brent crude oil to briefly exceed $110, but prices fell after the announcement.
• Market optimism is rising, with international oil prices dropping in early Asian trading, but geopolitical risks still pose upward pressure.

Macroeconomic Policy Goldman Sachs delays interest rate cut expectations, emphasizes AI productivity improvement as key to the stock market

• Goldman Sachs has pushed back its forecast for interest rate cuts, acknowledging macro pressures but pointing out that AI-driven productivity improvements are the core variable supporting the market in the long term.
• Despite rising long-term Treasury yields, the semiconductor and AI sectors have not yet entered irrational exuberance.
• This viewpoint shifts market focus from short-term interest rates to corporate earnings prospects, benefiting long-term allocations in tech growth stocks.

II. Market Review

Commodity & Forex Performance

• Spot Gold: +0.05%, currently at $4,570/ounce.
• Spot Silver: +0.48%, at $78/ounce.
• WTI Crude Oil: -1.94%, at $102/barrel.
• Brent Crude Oil: -2.53%, at $109/barrel.
• Dollar Index: +0.09%, at 999.071.

Cryptocurrency Performance

• BTC: +0.23%, around $77,200, with key support to watch in the short term.
• ETH: +0.53%, around $2,137.
• Total Cryptocurrency Market Cap: +0.2%, at $2.66 trillion.
• Market Liquidation Situation: Approximately $308 million in total liquidations over 24 hours, with long positions liquidated at $205 million.
• Bitget BTC/USDT Liquidation Map: BTC's current price is around 77,166, with a concentration of liquidations in the 77,800-78,500 range, indicating a large number of short stop-losses and high-leverage short positions above. If prices continue to rise, it may trigger a chain reaction of short liquidations. The 75,500-76,500 area has a significant accumulation of long liquidation chips, and if current support is breached, it could lead to a long squeeze, accelerating a pullback to around 76,000.

• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net outflow of $200 million yesterday; ETH spot ETF continued to see an outflow of $28.8 million.
• BTC Inflow/Outflow: BTC spot saw a net inflow of $285 million yesterday, with contract net inflow of $200 million.

U.S. Stock Index Performance

• Dow Jones: Up 0.32%, at 49,686.12 points, with relatively stable performance supported by the energy and financial sectors.
• S&P 500: Down 0.07%, at 7,403.05 points, with narrow fluctuations.
• Nasdaq: Down 0.51%, at 26,090.73 points, declining for two consecutive days, with tech stocks under pressure.

Tech Giants Dynamics

• NVIDIA (NVDA): Down 1.33% at $222.32, strong AI memory demand but the sector overall is weakening.
• Google (GOOGL): Up 0.04% at $396.94, relatively resilient.
• Apple (AAPL): Down 0.80% at $297.84, with iOS 27 AI features set to be released soon.
• Microsoft (MSFT): Up 0.38% at $421.92, showing stable performance.
• Amazon (AMZN): Up 0.27% at $264.86, with a slight increase.
• Broadcom (AVGO): Down about 1.05-3% at $425.19, dragged down by the chip sector.
• Meta (META): Down 0.49% at $611.21, adjusting with the market.
• Tesla (TSLA): Down 2.90% at $409.99, with SpaceX stock split news possibly diverting attention.

Sector Movement Observation Storage/Chip Sector down over 2-5%

• Representative stocks: Seagate (STX) down 6.87%, Micron (MU) down 5.95%.
• Driving factors: CEO's reluctance to build new factories raises capacity concerns, compounded by rising Treasury yields putting pressure on tech stocks.

III. In-Depth Analysis of U.S. Stocks

1. NVIDIA (NVDA) - Memory demand exceeds supply, Vera CPU delivery Event Overview: NVIDIA CEO Jensen Huang stated in an interview with Bloomberg during the Dell World event that AI-driven memory demand has surpassed existing capacity, and infrastructure development will face significant challenges in the next decade. Meanwhile, NVIDIA's self-developed CPU Vera has completed its first deliveries to Anthropic, OpenAI, SpaceX AI, and Oracle Cloud. Vera is designed specifically for Agentic AI needs and is positioned as the company's next multi-billion dollar business; Oracle plans to deploy hundreds of thousands of Vera CPUs starting in 2026. The Vera Rubin platform includes seven groundbreaking chips, achieving high performance under the liquid-cooled MGX architecture, significantly improving inference throughput compared to previous generations while reducing costs. Market Interpretation: Institutions are generally optimistic about Vera's potential in the Agentic AI era, believing it strengthens NVIDIA's advantage in transitioning from GPUs to full-stack AI infrastructure, with long-term order visibility further improving. Investment Insight: Long-term demand certainty for AI infrastructure is high; it is recommended to focus on pricing power and ecosystem expansion capabilities under capacity bottlenecks.

2. Seagate Technology (STX) - CEO's reluctance to expand production triggers stock price plunge Event Overview: Seagate's stock price fell over 8% in early trading, primarily triggered by CEO Dave Mosley's statement at a JPMorgan conference: building new factories takes too long and may lead to future overcapacity. The company's strategic focus is on improving existing capacity efficiency through technological upgrades (such as HAMR) rather than large-scale expansion. Previously, the market had strong expectations for an AI-driven storage supercycle, with nearline hard drive capacity sold out until 2027, but management's cautious signals on expansion raised supply concerns. Market Interpretation: Investors are worried about the company's ability to keep up with explosive demand for storage chips, despite the continuous generation of massive data from AI Agentic workflows, leading to noticeable short-term sentiment suppression. Investment Insight: Short-term valuation pressure provides a potential layout window, but long-term tracking of technological upgrades and demand realization is still necessary.

3. Intel (INTC) - Strengthening momentum in foundry business Event Overview: Intel CEO Lip-Bu Tan stated that the company's foundry business (Intel Foundry) has made substantial progress in its transformation, with growing customer interest. 14A process chips are expected to begin production in 2028 and enter mass production in 2029; at the same time, Intel has expressed interest in acquiring AI chip startup Tenstorrent, showing its ambition to expand in the AI hardware field. This move aligns with Intel's strategy to reshape itself as an engineering-driven, world-class foundry. Market Interpretation: Institutions are focusing on its diversification potential in the AI hardware supply chain, especially as the 18A/14A processes gradually roll out, which may attract more external customers. Investment Insight: The progress of the transformation is worth continuous tracking, as it may provide new growth catalysts and valuation re-evaluation opportunities for the company.

4. Apple (AAPL) - iOS 27 to be released at June WWDC Event Overview: Apple plans to release iOS 27 at the Worldwide Developers Conference (WWDC) in June, focusing on AI feature upgrades, including an AI-driven grammar checker, system-level shortcuts created through natural language, and custom wallpaper generation features. These features will first be integrated into the next generation of iPhone and iPad operating systems and will be officially pushed to the public in September. This move continues Apple's layout in consumer AI experiences. Market Interpretation: The market believes this will further strengthen Apple's hardware and software ecosystem's competitiveness in the AI era, especially in terms of differentiated advantages in privacy protection and edge computing. Investment Insight: The combination of hardware ecosystem and software innovation remains Apple's core moat; it is recommended to pay attention to the impact of ecosystem application realization on service revenue after WWDC.

IV. Cryptocurrency Project Dynamics

1. On-chain analyst Yu Jin monitored that in just the past two months, the Ondo project team's multi-signature wallet has transferred over 328 million ONDO (approximately $98.42 million) to exchanges like Coinbase.

2. According to Cointelegraph citing Reuters, Meta plans a major restructuring on May 20, cutting 20% of its global workforce and reallocating 7,000 employees to AI-related positions.

3. The stablecoin payment blockchain Tempo, supported by Stripe and Paradigm, is integrating Morpho's $7.5 billion DeFi lending market to provide on-chain lending and yield products for fintech companies and enterprises built on it.

4. CoinDesk reported that the new USDC agreement reached by Hyperliquid with Coinbase and Circle allows the agreement to capture most of the reserve income generated from stablecoin deposits on the platform. Analysts say that as revenue shifts from trading activity to stablecoin balances, this agreement may create significant long-term buying pressure for the HYPE token.

5. According to The Block, two more researchers from the Ethereum Foundation have resigned. Carl Beek and Julian Ma announced their resignations on Monday. Beek is known for his contributions to the Ethereum Beacon Chain, which supported Ethereum's upgrade to proof-of-stake consensus in 2020. Ma contributed to Ethereum's mechanism design, cryptoeconomics, and protocol scaling, including co-authoring the FOCIL proposal to enhance censorship resistance.

6. White House officials revealed that Trump will preside over the swearing-in ceremony for incoming Federal Reserve Chair Kevin Walsh at the White House on Friday.

7. Sources indicate that the U.S. Securities and Exchange Commission (SEC) may issue "innovation exemption" rules for tokenized stocks as early as this week, establishing a new framework for trading crypto versions of publicly listed company stocks. The SEC is inclined to allow trading of third-party tokens that are not endorsed or approved by the listed companies, which can be traded on decentralized crypto platforms but may not necessarily have voting rights or dividends.

V. Today's Market Calendar

Data Release Schedule

|-------|----|----------|-----| | 20:15 | U.S. | ADP Employment Change | ⭐⭐⭐ | | 22:00 | U.S. | Existing Home Sales Index | ⭐⭐ |

Important Event Preview
May 19 (Tuesday)

1. U.S. ADP employment change for the week ending May 2 will be released;
2. Google I/O 2026 Developer Conference will be held from May 19-20; ★★★★★
3. Putin's visit to China: May 19-20, focus on geopolitical and energy cooperation impacts. ★★★★★

May 20 (Wednesday)

1. NVIDIA (NVDA) will announce Q1 earnings after the market closes (absolute core this week) ★★★★★
2. SpaceX may submit its IPO prospectus as early as this Wednesday, targeting a June 12 listing ★★★★★
3. U.S. EIA crude oil inventory data for the week ending May 15 will be released;
4. Other important U.S. stock earnings reports: Lowe's (LOW), Analog Devices (ADI), Target (TGT), Intuit (INTU), GDS Holdings (GDS), etc.

May 21 (Thursday)

1. The Federal Reserve will release the minutes from the FOMC meeting on April 28-29 (Powell's last term, signaling the start of the Walsh era) ★★★★★
2. U.S. initial jobless claims for the week ending May 16 will be released;
3. U.S. May preliminary S&P Global Manufacturing PMI and Services PMI will be released;
4. Important U.S. stock earnings reports: Walmart (WMT), Chinese concept stocks: NIO, NetEase (NTES), Vipshop (VIPS) will be released before the market opens;

May 22 (Friday)

1. U.S. final Michigan Consumer Sentiment Index for May will be released.

*This week's core focus for U.S. stocks: NVIDIA's significant earnings release (key test for AI market continuity), Federal Reserve meeting minutes (signal of Powell's term ending), Google I/O Developer Conference, potential IPO prospectus release from SpaceX, and important earnings reports from Walmart and other consumer tech + Chinese concept stocks, with macro data and corporate events highly concentrated, expected to significantly increase market volatility.

Institutional Views: Well-known investment bank analysts generally believe that Trump's postponement of military action against Iran injects short-term optimism into the market, but uncertainties in the Middle East remain; Goldman Sachs emphasizes that AI productivity improvements surpass interest rate paths, becoming a long-term pillar for the stock market. Although expectations for interest rate cuts have been pushed back, the logic of tech earnings reconstruction remains unchanged. Oil prices have temporarily retreated, but geopolitical risk premiums still exist, and precious metals face dual pressure from the dollar and yields. The crypto market is seeking support amid ETF outflows and macro volatility, with institutions recommending a focus on high-quality assets and risk management. Overall, the market is shifting from geopolitical events to corporate fundamentals, with the AI theme remaining the core storyline.

Disclaimer: The above content is organized by AI search, with human verification for publication, and should not be considered as any investment advice. The data in the text may inevitably contain deviations; please refer to real-time market data.