Bitget UEX Daily Report｜Coherent and Maiwei Technology continue to rise; cryptocurrency accelerates downward, Bitcoin plummets by 6%; Broadcom and CrowdStrike earnings reports are coming (June 3, 2026)

I. Hot News

Federal Reserve Dynamics Federal Reserve Chairman Kevin Warsh issued a memo to staff at the beginning of his four-year term, promising to uphold core traditions while advancing pragmatic reforms. Fed Governor Harker emphasized that if inflationary pressures persist, policies may need to shift quickly, including considering further interest rate hikes. April JOLTS job openings rose to 7.62 million, far exceeding expectations, indicating that the resilience of the labor market still supports tightening expectations. Market Impact: Strengthened anti-inflation policy path, short-term favorable for the dollar but increases stock market volatility risk.

International Commodities The European Central Bank report shows that by the end of 2025, gold will account for 27% of global central bank reserves, surpassing U.S. Treasuries (22%) for the first time. Gold prices have nearly doubled in the past two years, having broken through $5,500/ounce in January this year. Market Impact: Continued central bank accumulation provides structural support, traditional status of U.S. Treasuries is challenged, and the safe-haven attributes of precious metals are further highlighted, especially in a geopolitically tense environment.

Macroeconomic Policy Trump signed an executive order on artificial intelligence, promoting advanced AI innovation and safety, establishing confidential benchmarking procedures, with the government gaining access before the release of cutting-edge models, and strengthening cyber defenses. The Iranian Revolutionary Guard claimed to have attacked the U.S. Fifth Fleet headquarters, and the U.S. military responded by striking Iran's Qeshm Island, while Trump stated that dialogue is still ongoing. Market Impact: AI policy boosts tech confidence, while geopolitical conflicts raise energy costs and exacerbate risk aversion.

II. Market Review

Commodity & Forex Performance

• Spot Gold: -0.33%, currently about $4,471/ounce.
• Spot Silver: -0.78%, about $74.5/ounce.
• WTI Crude Oil: +1.1%, reported at about $94.76/barrel.
• Brent Crude Oil: +1.03%, reported at about $97.04/barrel.
• Dollar Index: +0.03%, slightly strengthened to 99.239.

Driving factors analysis: Escalating geopolitical conflicts in the Middle East have pushed up oil risk premiums, supporting rising oil prices; gold and silver have seen corrections due to some profit-taking and a slight strengthening of the dollar; the dollar index is supported by the Fed's hawkish statements and risk aversion, overall showing a cautious oscillating pattern.

Cryptocurrency Performance

• BTC: -6.18%, price around $66,930.
• ETH: -6.71%, price around $1,870.
• Total Cryptocurrency Market Cap: -4.9%, reported at about $2.4 trillion.
• Market Liquidation Situation: Total liquidation over 24 hours exceeded $1.78 billion, with long positions liquidated at 15.97%.
• Bitget BTC/USDT Liquidation Map: Current price around 66,841 has almost no long liquidation buffer, while above 69,300, 70,500, and 71,000 there is a large accumulation of high-leverage short liquidity, making it easier for a short squeeze to occur. The 70,500-71,500 range is the densest liquidation area; if BTC can stabilize above 68,500, there is potential for prices to accelerate towards 70,000+. Conversely, the liquidation scale for longs below is significantly smaller, making short-term declines relatively unattractive. The cumulative short liquidation leverage on the right side has exceeded $2.5 billion, far higher than the left side long liquidation area, indicating that market leaders are more inclined to first squeeze liquidity upwards, but after that, a quick pullback is also likely, representing a typical "squeeze first, then oscillate" structure.

• Spot ETF net inflow/outflow: BTC spot ETF has seen net outflows for 10 consecutive days, with a net outflow of $130 million yesterday.
• BTC spot inflow/outflow: Yesterday saw a continuous outflow of $422 million, with significant net outflow pressure.

U.S. Stock Index Performance

• Dow Jones: Up 0.45%, reported at 51,307.79 points, continuously reaching new highs.
• S&P 500: Up 0.13%, reported at 7,609.90 points, first closing above 7,600 points.
• Nasdaq: Up 0.03%, reported at 27,093.90 points, AI enthusiasm offsets geopolitical concerns.

Tech Giants Dynamics

• Microsoft (MSFT): Down 4.17%, reported at $441.31, profit-taking after AI release at Build conference.
• Alphabet (Google, GOOGL): Down 3.86%, reported at $361.84.
• Amazon (AMZN): Down 1.81%, reported at $256.52.
• Meta (META): Down 0.47%, reported at $597.63.
• Nvidia (NVDA): Down 0.69%, reported at $222.82.
• Apple (AAPL): Up 2.90%, reported at $315.20.
• Tesla (TSLA): Up 1.89%, reported at $423.74. Core Reason: AI frenzy continues, but some leaders are experiencing profit-taking, overall still driven by policy and tech themes.

Sector Movement Observation Optical Communication Sector shows strong momentum

• Representative stocks: Marvell Technology (MRVL) up over 30%, Coherent (COHR) up over 17%.
• Driving Factors: Continued high demand for AI data center infrastructure, strong orders from hyperscalers for 800G/1.6T high-speed optical modules and optical interconnect components. Companies like Coherent benefit from the second wave of optical innovation brought by AI scaling, with a significant increase in data center communication revenue share, and market expectations for long-term upgrades of AI computing networks driving sector valuation reassessment. In the short term, the sector outperforms the broader market, reflecting investor confidence in the sustainability of AI capital expenditure.

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

1. Microsoft - AI Release at Build Conference Event Overview: At the Build 2026 developer conference on June 2, Microsoft launched Web IQ as the search infrastructure for the AI agent era, positioning it as "Bing for agent search." It also released the Microsoft IQ context layer (including Work IQ, Fabric IQ, Foundry IQ), the new AI assistant Scout, and the quantum chip Majorana 2 (aiming for practical quantum computing by 2029). These initiatives aim to help developers deploy autonomous agent systems on Windows PCs and strengthen enterprise-level AI governance and real-time network grounding. Market Interpretation: Institutions generally believe that this release further consolidates Microsoft's leading advantage in the enterprise AI ecosystem, especially the breakthroughs of Web IQ in speed and model independence, which can effectively reduce agent inference costs. The short-term stock price pullback is mainly due to profit-taking and market sensitivity to geopolitical risks, but analysts remain optimistic, viewing it as a key step in transitioning from chat tools to executable "asynchronous colleagues." Investment Insight: The long-term narrative of AI agents continues to strengthen, suggesting attention to the conversion rate of Microsoft's cloud and Copilot ecosystem, suitable for long-term allocation.

2. Broadcom - Upcoming Earnings Report Event Overview: Broadcom (AVGO) will announce its Q2 fiscal year 2026 results after U.S. market hours. Market focus is on AI semiconductor revenue performance, massive custom accelerator demand, and guidance for the second half of the year. The company previously raised its full-year AI revenue expectations and committed to providing significant financing support for companies like Anthropic. Market Interpretation: Wall Street analysts expect Q2 revenue of about $22 billion (up 47% year-on-year), with AI business expected to exceed 30%. Most institutions believe Broadcom, as a "second only to Nvidia in AI franchise," will benefit from its network chips and custom ASICs due to hyperscaler capital expenditures. If AI revenue exceeds $5 billion and guidance is strong, it is expected to boost confidence in the entire semiconductor sector; conversely, it may trigger a short-term pullback. Investment Insight: The earnings report will serve as a barometer for AI hardware demand, suggesting close observation of AI revenue growth rate and new customer progress, with better-than-expected performance potentially opening up further valuation space.

3. Marvell Technology - Nvidia CEO Supports AI Connectivity Event Overview: At the Computex conference on June 2, Nvidia CEO Jensen Huang publicly stated that Marvell Technology (MRVL) is a "potential next trillion-dollar company," emphasizing its key role in high-speed interconnects for AI data centers, photonics, and custom silicon solutions. On that day, MRVL's stock price soared over 32%, reported at $290.79. Recently, the company completed the acquisition of Celestial AI, strengthening its photonic fabric technology and benefiting from strong demand for 800G/1.6T optical modules in AI clusters at data centers. Market Interpretation: Analysts believe Marvell's unique positioning in solving AI network bottlenecks, along with its collaboration with Nvidia, further solidifies its leading position. Several investment banks have raised target prices, viewing it as a second-wave beneficiary of AI infrastructure, with data center business accounting for 76%, and strong growth in custom ASICs and optical products. After a short-term surge, attention should be paid to profit-taking pressure, but the long-term trend of AI capital expenditure supports an optimistic outlook. Investment Insight: Focus on the progress of optical interconnects and custom chips, suitable for investors optimistic about the long-term expansion of AI infrastructure, can be a diversified allocation choice in the semiconductor sector.

IV. Cryptocurrency Project Dynamics

1. According to Decrypt, the New York Department of Financial Services (NYDFS) has reached a cooperation agreement with the European Banking Authority to jointly regulate stablecoins. In a 22-page memorandum of understanding, both parties detailed procedures aimed at promoting regulatory and confidential information exchange related to the $314 billion stablecoin industry. NYDFS stated that this move aims to enhance oversight, identify market trends and risks, and promote market integrity.

2. According to on-chain analyst Yu Jin's monitoring, cryptocurrency asset management firm Abraxas Capital sold 1,000 BTC ($67.49 million) during last night's decline, contributing to the drop in BTC. It transferred 1,000 BTC to Kraken seven hours ago and subsequently withdrew 52.72 million stablecoins (USDC+USDT) from Kraken.

3. According to CoinDesk, K33 Research's research director Vetle Lunde stated that as funds chase AI stocks, Bitcoin faces a "volatile summer." The weakness in Bitcoin reflects reduced institutional demand, massive ETF outflows, and increasing fragility in the derivatives market. The market generally believes that the opportunity cost of holding Bitcoin is too high against the backdrop of soaring AI-related assets. There are clear signs of fund diversion. Bitcoin failed to reclaim the 200-day moving average, while the Nasdaq and S&P 500 continue to set new highs. Investors are also paying attention to potential IPOs from companies like SpaceX and Anthropic, further diverting funds from the crypto market. K33 previously believed that Bitcoin's drop to around $60,000 in February could be the largest pullback of this cycle, but now warns that leveraged long positions are accumulating in a weakening market, posing potential selling pressure. Lunde stated that external capital is unwilling to enter, and existing holders are reducing exposure, indicating that the market may face a volatile summer.

4. Coinbase Ventures announced on Tuesday that it has invested in Ethena by purchasing ENA tokens on the open market. The two companies also announced a partnership to jointly develop on-chain financial and savings products.

5. Standard Chartered Bank's head of digital asset research, Geoffrey Kendrick, stated that Strategy's recent reduction of 32 BTC may mark the beginning of a new round of "outperformance" for Ethereum relative to Bitcoin. Kendrick pointed out that although the reduction scale is "very small," ETH/BTC has seen a significant upward movement rarely seen in recent years against the backdrop of BTC's decline, and he expects ETH/BTC to rise to about 0.040 by the end of this year, currently around 0.028.

V. Today's Market Calendar

Important Event Forecast
June 3 (Wednesday)

1. Important U.S. earnings reports: Broadcom (AVGO), CrowdStrike (CRWD) to be announced after market hours ★★★★★ (AI hardware and cybersecurity heavyweight).
2. COMPUTEX conference ongoing + Microsoft Build continues, AI themes continue to catalyze.

June 4 (Thursday)

1. SpaceX starts IPO roadshow: One of the most anticipated historical IPO events, market sentiment may be boosted.
2. COMPUTEX conference continues, AI computing power, PC, and supply chain dynamics are of great interest.
3. Earnings reports: Ciena (CIEN) before market opens, Planet Labs (PL) after market closes.
4. New stock Quantinuum (QNT) officially listed on U.S. stock market (quantum computing concept).

June 5 (Friday)

1. U.S. May Non-Farm Payroll Report (NFP): Market expects an increase of about 115,000-130,000 jobs, unemployment rate around 4.2%, average hourly wage growth is a key inflation indicator. ★★★★★

Institutional Views: Well-known investment bank analysts generally believe that the AI theme remains the core driver of U.S. stocks, with tech stock resilience helping indices reach new highs, but geopolitical conflicts and inflationary pressures pose dual risks. Gold's status as a reserve asset highlights safe-haven demand, while the crypto market is temporarily weighed down by ETF outflows and leveraged liquidations. Fed officials' hawkish statements strengthen the dollar, suggesting investors focus on quality asset allocation amidst volatility, balancing growth and defense. The overall market is in a period of intertwining policies, geopolitics, and tech narratives, cautious in the short term but with long-term structural trends unchanged.

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