Bitget UEX Daily Report｜COMPUTEX is about to open; Jensen Huang's AI speech is highly anticipated; US-Iran negotiations enter a critical phase, Trump modifies multiple agreement terms (June 1, 2026)

I. Hot News

Federal Reserve Dynamics The Federal Reserve continues to maintain a cautious hawkish stance, and market expectations for short-term interest rate cuts have further cooled.

• The minutes from the April FOMC meeting show that most officials believe that if the Iran conflict continues to drive up inflation, further rate hikes may be necessary; the target range for the federal funds rate remains at 3.5%-3.75%.
• The probability of a rate cut at the FOMC meeting on June 16-17 has dropped to about 3-4%, with no significant policy shift signals. Market Impact: This robust stance supports the strength of the US dollar index while limiting the excessive upward space for risk assets, leading investors to focus on the evolution of inflation and geopolitical data.

International Commodities Precious metals and crude oil show divergent trends, with spot gold fluctuating under the influence of geopolitical factors, while silver adjusts accordingly.

• In terms of crude oil, the latest developments in US-Iran negotiations directly affect supply expectations, with the Trump administration proposing stricter conditions.
• Institutions continue to pay attention to AI-driven demand for industrial metals, such as MLCC and other material price upward momentum. Market Impact: Easing geopolitical risks tend to suppress the safe-haven premium of gold, while the expansion of AI infrastructure continues to support certain industrial metals.

Macroeconomic Policy The US manufacturing PMI remains flat at 52.7, while the non-manufacturing PMI has fallen to 53.6, still in the expansion range but with a slowing growth rate.

• The Trump administration has proposed amendments to the Iran nuclear agreement, with negotiations entering a more complex tug-of-war phase, focusing on the Strait of Hormuz and high-enriched uranium processing. Market Impact: Overall stable economic data provides positive signals for the supply chain, but ongoing geopolitical uncertainties continue to inject volatility into commodity prices.

II. Market Review

Commodity & Forex Performance

• Spot Gold: -0.4%, approximately $4542 per ounce.
• Spot Silver: +0.3%, approximately $75.5 per ounce.
• WTI Crude Oil: +2.37%, approximately $89.4 per barrel.
• Brent Crude Oil: +2.09%, approximately $92.9 per barrel.
• US Dollar Index: +0.13%, at 99.047, supported by Federal Reserve policy expectations.

Cryptocurrency Performance

• BTC: -0.51%, approximately $73,708.
• ETH: -0.85%, approximately $2,010.
• Total Cryptocurrency Market Cap: -0.3%, at $2.53 trillion.
• Market Liquidation Situation: Total liquidation in 24 hours is approximately $192 million, with short liquidations at $110 million.
• Bitget BTC/USDT Liquidation Map: Current BTC price is around 73550, with the nearest short liquidation concentration in the 74,500-75,000 range, very close to the current price, making it easier for the market to first sweep up short liquidity. There is thicker long liquidation accumulation in the 72,800-73,300 range below; if support around 73,000 is broken, it may trigger a chain reaction of long stop-losses, and the speed of the pullback will be noticeably faster than the rise.

• Spot ETF Net Inflow/Outflow: As of last Friday's close, BTC spot ETF saw a net outflow of $125 million, marking ten consecutive days of net outflow.

US Stock Index Performance

As of last Friday's close:

• Dow Jones: Up 0.72%, at 51,032.46 points, continuously hitting new highs.
• S&P 500: Up 0.22%, at 7,580.06 points, setting a new historical record.
• NASDAQ: Up 0.2%, at 26,972.62 points, driven significantly by the technology sector.

Tech Giants Dynamics

• NVIDIA (NVDA): Down about 1.45%, price around $211, strong AI demand but short-term profit-taking.
• Microsoft (MSFT): Up 5.45%, price around $450, strong performance in cloud and AI business.
• Apple (AAPL): Down 0.14%, price around $312, stable demand for consumer electronics.
• Alphabet (GOOG): Down 2.51%, price around $376, facing pressure in advertising business.
• Amazon (AMZN): Down 1.23%, price around $270, steady growth in AWS.
• Meta (META): Slight decline, balancing advertising and metaverse business.
• Tesla (TSLA): Down about 1.43%, attention on electric vehicles and autonomous driving progress. Core Reason: The AI theme continues to dominate, with some stocks experiencing profit-taking, but the overall tech sector remains favored by capital.

Sector Movement Observation

Software and AI-related sectors rose over 6%

• Representative stocks: Palantir (PLTR) rose 9.21% to $156.54, ServiceNow (NOW) rose about 12-14%.
• Driving Factors: Continued high demand for AI infrastructure and enterprise applications, Dell hardware stocks exceeded expectations, creating a strong spillover effect, and market optimism regarding AI full-stack innovation during COMPUTEX further boosts software stock valuations, reflecting increased investor confidence in AI's penetration from hardware to application layers.

Commercial Aerospace Sector corrected

• Representative stock: AST SpaceMobile (ASTS) fell 14.79% to $113.41.
• Driving Factors: An explosion occurred during the static fire test of Blue Origin's New Glenn rocket, damaging the launch pad and related facilities, raising market concerns that ASTS's satellite deployment plans may face short-term delays, leading to an overall decline in sector risk appetite; however, the company has filed multiple backup plans (including SpaceX Falcon 9, etc.), and long-term launch targets remain feasible, but short-term sentiment impact is quite significant.

III. In-depth Analysis of US Stocks

1. Dell Technologies - Surge in AI Server Demand Event Overview: Dell announced its Q1 FY2026 results on May 29, with revenue reaching $43.84 billion, an 88% year-on-year increase, far exceeding market expectations. AI server revenue reached $16.1 billion, a staggering 757% increase year-on-year, with AI orders recorded at $24.4 billion, and backlog expanded to $51.3 billion. The company also significantly raised its full-year guidance, increasing the FY2027 AI server revenue forecast from $50 billion to approximately $60 billion, and total revenue guidance to $165-169 billion. This strong performance is attributed to global hyperscalers and enterprises accelerating their AI infrastructure layout, with NVIDIA-driven server demand becoming the core growth engine. Market Interpretation: Multiple institutions believe Dell is accurately capturing the AI capital expenditure cycle, with AI server revenue surpassing traditional PC business, indicating that the data center expansion wave is accelerating its penetration from the cloud to the enterprise side. Investment banks like Goldman Sachs have raised target prices, emphasizing that Dell's competitive advantages in the supply chain and customized servers will continue to expand. Investment Insight: The long-term theme of AI hardware remains solid, but investors should closely monitor the progress of supply chain bottleneck alleviation and valuation expansion risks, and it is recommended to pay attention to subsequent order fulfillment as a verification signal.

2. Micron Technology - Storage Market Forecast Upgraded Event Overview: Institutions like TrendForce have recently significantly upgraded the global storage market size forecast for 2026-2027, primarily driven by explosive demand from AI for HBM, DRAM, and NAND. Micron, as a key supplier, directly benefits, with its HBM capacity nearly sold out, and AI-related memory demand expected to account for over 50% of the industry's TAM this year. The company has also increased capital expenditures, with FY2026 CapEx expected to exceed $25 billion for new plant expansions in the US and globally to address the ongoing supply-demand gap in 2027-2028. Market Interpretation: Institutions like Goldman Sachs point out that memory has become the third-largest cost component of AI servers, and the shipment pace of next-generation products like HBM4 will determine the tight balance in the supply chain. Analysts are generally optimistic about Micron's pricing power and revenue growth in 2026-2027, with some predicting its earnings per share may reach high levels. Investment Insight: The recovery of the storage cycle provides significant growth space for Micron, but the pace of capacity ramp-up and geopolitical supply chain risks remain key variables; it is recommended to monitor the supply recovery situation in 2027 to assess the cycle's peak.

3. NVIDIA - COMPUTEX Preview Event Overview: On June 1 (today), Jensen Huang will deliver a keynote at the Taipei Music Center for COMPUTEX, focusing on the next-generation AI architecture Vera Rubin, updates on the Grace Blackwell platform, and is expected to release the first Arm architecture notebook SoCs like N1/N1X. This chip is expected to integrate Blackwell GPU cores, with performance comparable to RTX 4070 levels, supporting local AI computing, and is likely to usher in a new era of "Windows on Arm," in deep collaboration with partners like Microsoft and MediaTek. Market Interpretation: Institutions are generally optimistic about NVIDIA's absolute leading position in the AI full-stack ecosystem, with a closed-loop layout from data centers to edge computing, from training to inference further solidifying its moat. Investment banks like Morgan Stanley believe this speech will become an important catalyst for the revaluation of AI hardware. Investment Insight: The short-term event-driven effect is significant, which may lead to fluctuations in the related industrial chain; long-term growth still relies on the actual implementation of AI capital expenditures and the evolution of the competitive landscape, suggesting investors balance their allocations and pay attention to the commercialization progress of new products.

IV. Cryptocurrency Project Dynamics

1. NYDIG analysis indicates that last week’s $1.26 billion block trade by BlackRock's IBIT is more likely a large investor quickly exiting Bitcoin exposure rather than a common hedge fund basis trade liquidation. The trade was executed on May 26 at $43.16 per share, a 2.3% discount to the then-market price of $44.17, with an execution cost of about $29.5 million.

2. According to Jin10 reports, Federal Reserve Governor Waller stated during a panel discussion at the 32nd Dubrovnik Economic Conference that the global proliferation of stablecoins could amplify the impact of Federal Reserve policies. "For countries adopting stablecoins, it's like a fixed exchange rate system." "You will input the cost of US currency, thus, in more countries using stablecoins, it actually expands the reach of US monetary policy."

3. Yesterday, Michael Saylor, founder of Bitcoin treasury company Strategy, released information related to Bitcoin Tracker again, following previous patterns, Strategy always discloses information about increasing Bitcoin holdings the day after related news is released.

4. According to Cointelegraph, Bitcoin trading is undergoing structural changes. Starting from May 29, 2026, CME Bitcoin futures will implement 24/7 trading, ending the "CME Gap" phenomenon caused by weekend closures; this classic short-term technical indicator will no longer occur. The market has completed the recent week's Bitcoin CME gap filling, with the current price hovering between the remaining gap ranges, indicating that structural changes mean traditional short-term technical analysis references will be restructured. Currently, large traders' short positions continue to decline, short-term short pressure is weakening, but long positions have not yet formed a clear trend, suggesting that Bitcoin's short-term price may still fluctuate.

5. Token Unlocks data shows that tokens like SUI, EIGEN, and OPN will see significant unlocks this week, with SUI unlocking valued at approximately $13.1 million.

6. JPMorgan analysts, including Nikolaos Panigirtzoglou, stated that as signs of easing in the Middle East situation emerge, investors are gradually withdrawing from the Bitcoin and gold markets, and the "devaluation trade" that previously drove demand for both is losing momentum. Over the past two weeks, both Bitcoin and gold-related ETFs have seen significant capital outflows, and institutional positions in the CME futures market have also weakened, indicating that investors are exiting macro hedge trades that were popular due to inflation concerns and global instability, and it is not that Bitcoin funds are shifting to gold, but rather both asset classes are facing weakened demand; since the Iran conflict, Bitcoin has been the main manifestation of the "devaluation trade."

7. There is a clear divergence in views on the current cryptocurrency market trends; economist Timothy Peterson suggests that Bitcoin may slowly rise in the summer, expected to reach a peak by the end of July and show relatively flat performance. However, Michael van de Popper, founder of MN Trading Capital, believes that Bitcoin touched a low of $60,000 in February, but the market structure is different from the downturn period in February; whether the key support zone can hold will determine if a deeper correction can be avoided. Currently at a critical juncture, if it holds the $71,000 support level, Bitcoin may further break through to $76,000, potentially triggering a broader cryptocurrency market rally and a strong altcoin season; however, if it fails to hold the $70,000 support level, it may quickly drop to the $65,000 level.

V. Today's Market Calendar

Data Release Schedule

|----------------|----|--------|------| | Focus on the latest developments in US-Iran negotiations | Global | Geopolitical Events | ⭐⭐⭐⭐ | | Focus on COMPUTEX opening-related events | Global | Technology Summit | ⭐⭐⭐⭐ |

Important Event Forecasts

• COMPUTEX 2026 Opening: June 1-5 - Jensen Huang's speech and AI new product releases are the main focus.
• US-Iran Negotiations: Ongoing tracking - Progress on agreement modifications significantly impacts oil prices and risk assets.

Institutional Views: Well-known investment bank analysts generally believe that the current market is dominated by the AI theme, with the three major US stock indices continuing to hit new highs reflecting sustained capital confidence in technology growth. NVIDIA's COMPUTEX speech will serve as a short-term catalyst, potentially further boosting valuations in related sectors. Goldman Sachs emphasizes the upward momentum in AI server material supply chain prices, and TrendForce's upgrade of storage market forecasts also confirms this logic. In the cryptocurrency market, despite facing capital outflows and liquidation pressures, long-term institutions still view Bitcoin as a valuable digital asset allocation; in the short term, attention should be paid to the boost in risk appetite from easing geopolitical risks. Overall, under the backdrop of the Federal Reserve's robust policy, AI and technology growth stocks remain the core allocation direction, but investors should be wary of the pullback risks brought by rapid valuation expansion.

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