Bitget UEX Daily Report | U.S. House limits Trump's military action against Iran; Bitcoin deeply corrects to $63,000; AI chip supply crisis highlighted (June 4, 2026)

I. Hot News

Federal Reserve Dynamics The Federal Reserve's Beige Book and Officials' Statements Highlight Policy Balance Challenges

• The Beige Book shows that 10 out of 12 districts are experiencing slight to moderate economic growth, with energy costs becoming the main driver of inflation and spilling over into multiple sectors. Consumer confidence is weakening, and the job market maintains a low hiring and low layoff pattern.
• New York Fed President Williams emphasizes that the current policy stance is appropriate, with no need for either rate hikes or cuts, viewing the rise in energy prices as a one-time effect. The situation in the Middle East is pushing up energy prices, combined with price pressures in the service sector, which may delay the Fed's easing pace, providing short-term support for the dollar and suppressing risk assets.

International Commodities Middle East Tensions Support Oil Prices, Energy Costs Transmit Inflation

• Geopolitical risks are driving oil prices higher, with the potential reopening of the Strait of Hormuz becoming a key variable.
• Trump stated that a U.S.-Iran agreement might be reached over the weekend, which, if signed, would commit Iran to denuclearization. Rising energy prices exacerbate input inflation risks while boosting the performance of the energy sector, but if an agreement is reached, supply concerns may quickly ease.

Macroeconomic Policy Service Sector PMI Surpasses Expectations, Price Payment Index Hits Multi-Year High

• The ISM Services PMI rose to 54.5 in May, exceeding expectations, with improvements in new orders and business activity indicators.
• The payment price sub-index rose to 71.3, the highest since 2022, reflecting pressures from energy and transportation costs. The resilience of the service sector supports the economy, but high payment prices may reinforce the Fed's cautious stance on inflation, increasing policy uncertainty.

II. Market Review

Commodity & Forex Performance

• Spot Gold: Approximately $4,435 per ounce, down about 0.7%-1.1% over 24 hours.
• Spot Silver: Approximately $73.1 per ounce, down about 1.25% over 24 hours.
• WTI Crude Oil: -0.98%, approximately $95.4 per barrel.
• Brent Crude Oil: -1.18%, approximately $97.1 per barrel.
• Dollar Index: -0.08%, approximately 99.45, benefiting from safe-haven sentiment and inflation data support.

Cryptocurrency Performance

• BTC: -5.6%, approximately $63,100.
• ETH: -4.5%, approximately $1,780.
• Total Cryptocurrency Market Cap: -3.7% to $2.3 trillion.
• Market Liquidation Situation: Total liquidation of $1.16 billion over 24 hours, with long positions liquidated at $991 million.
• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net outflow of $519 million on June 2.
• BTC Spot Inflow/Outflow: A net outflow of $158 million yesterday.

Institutional funds continue to withdraw, breaking the previous support for the bull market's main buying power. Meanwhile, MicroStrategy sold 32 BTC for the first time in nearly four years, albeit a small amount, triggering panic interpretations of "believers selling," further intensifying selling pressure. High-leverage long positions led to a chain reaction of liquidations, amplifying the decline. On a macro level, geopolitical tensions, sticky inflation, and uncertainties around Fed rate cuts are heightening risk aversion, with funds flowing out of risk assets. Overall, the market is in a cyclical adjustment phase after the 2025 peak, with multiple factors resonating to cause the current adjustment. The market has now entered a deeper correction range, and short-term trends still need to focus on ETF outflow trends and macro risk changes.

U.S. Stock Index Performance

• Dow Jones: Down about 1.2%, at 50,687 points, with continuous profit-taking.
• S&P 500: Down about 0.7%, around 7,554 points, retreating from highs.
• Nasdaq: Down about 0.9%, primarily due to profit-taking in tech stocks.

Tech Giants Dynamics

• Microsoft: Down 3.17%, approximately $427.55, dragged down by AI-related concerns.
• Google-A: Down 0.79%, approximately $355.68.
• Amazon: Down 2.53%, approximately $250.09.
• Nvidia: Down 3.62%, approximately $214.75, affected by chip supply tightness.
• Apple: Down 1.57%, approximately $310.26.
• Tesla: Down 0.01%, approximately $423.70.
• Meta: Up 4.24%, approximately $622.98, relatively strong. Overall, affected by the Middle East situation, inflation concerns, and profit-taking, while storage concept stocks rose against the trend.

Sector Movement Observation Storage Concept Stocks Up Over 5%

• Representative stocks: SanDisk rose over 6% and closed above $1,800 for the first time, Western Digital rose over 5%, Micron Technology rose over 3%.
• Driving factors: Nine major U.S. industry associations jointly warned the government that the expansion of AI data centers is leading to severe shortages of memory chip capacity, causing chip prices to soar unprecedentedly and compressing manufacturing and consumer goods supply chains; the market is concerned about short-term consumer price increases, stimulating funds to flow into the storage sector to hedge against AI infrastructure bottleneck risks. This sector shows a clear divergence from overall tech stocks, reflecting investors' preference for the certainty of long-term AI demand.

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

1. SpaceX - IPO Progress Event Overview: SpaceX plans to set an IPO issue price of $135 and aims to officially list on June 12. It has completed multiple rounds of financing, with its valuation at a high level, and its Starlink business continues to expand, projecting revenues of $18.7 billion in 2025 but still recording losses, mainly due to increased investments in Starship R&D and AI computing. The company plans to raise approximately $75-80 billion through this IPO to expand the Starlink network and AI infrastructure. Market Interpretation: Several investment banks are optimistic about its monopoly position and long-term growth potential in the aerospace and satellite communication fields, but high valuations (potentially over $1.75 trillion) and execution risks, along with Musk's control structure, have made some institutions cautious. Investment Insight: After listing, liquidity is expected to significantly increase, likely attracting widespread institutional attention. Investors are advised to focus on its technological barriers and Starlink commercialization progress rather than short-term valuation fluctuations.

2. Energy and Defense-Related Stocks - Impact of Middle East Situation Event Overview: The U.S. House of Representatives passed a resolution limiting Trump's military action against Iran by a vote of 215-208. Trump stated that a U.S.-Iran agreement might be reached this weekend, which, if signed, would immediately reopen the Strait of Hormuz. The market is assessing the potential impact of geopolitical risks on the energy supply chain, with oil prices maintaining high volatility. Market Interpretation: Analysts believe that short-term oil price fluctuations will directly benefit energy and defense stocks (such as XOM, CVX, LMT, RTX), but rapid progress on the agreement could reverse the sector's upward momentum. Attention should be paid to Trump's bottom line on the ceasefire agreement and subsequent adjustments to sanctions. Investment Insight: It is advisable to appropriately allocate defensive positions to hedge against geopolitical uncertainties. After geopolitical easing, the sustainability of the sector will face tests, and it is recommended to focus on high-dividend energy giants and defense companies with ample orders.

3. SanDisk - Explosion in AI Storage Demand Event Overview: As a key player in the storage chip field, SanDisk's stock price has recently surged, influenced by warnings from U.S. industry groups about severe shortages of memory chips for AI data centers. The company, focused solely on NAND flash memory, benefits from the capacity bottlenecks in AI infrastructure, with chip prices soaring significantly, driving up performance expectations. Market Interpretation: Institutions are generally raising target prices, believing that global NAND capacity is essentially sold out, and AI-driven demand will support a high pricing environment, with SanDisk having a clear advantage in the supply chain. Investment Insight: The shortage of AI memory is unlikely to ease in the short term, and this stock provides a diversified opportunity to hedge against the overall tech stock correction, but caution is needed regarding pressure from increased supply in the secondary market.

4. Western Digital - Benefiting from Storage Supply Chain Event Overview: Western Digital is closely related to SanDisk, with stock prices rising in tandem against the backdrop of surging AI storage demand. The company actively participates in calls to expand capacity in the U.S. and among allies, benefiting from potential support from the CHIPS Act. Market Interpretation: Investment banks believe that the differentiation in the storage sector will continue, with Western Digital expected to expand its share in the enterprise SSD market, but overall valuations already reflect a lot of optimistic expectations. Investment Insight: It is suitable as a long-term allocation target for the AI theme, and it is recommended to dynamically adjust positions based on market risk preferences.

IV. Cryptocurrency Project Dynamics

1. Bitcoin's recent weakness is not due to a decline in institutional demand or Michael Saylor selling Bitcoin, but rather it is losing its position as a market leader in momentum trading. It is noted that crypto investors have historically followed momentum, and currently, that momentum has left the crypto space. Funds are flowing into AI-related stocks and IPOs, with SpaceX's IPO potentially valued at $1.8 trillion, and a batch of other IPOs could collectively raise over $200 billion, pulling liquidity from the crypto market.

2. The Block reported that the number of monthly crypto venture capital transactions in May dropped to about 50, the lowest level since before 2021. Both infrastructure and crypto financial services, traditionally the most active categories, are nearing multi-year lows. Investor attention has structurally shifted to AI, while the crypto space has failed to generate early opportunities on the scale seen in the 2021 and 2024 cycles.

3. SpaceX, under Musk, disclosed in a document submitted to the U.S. SEC on Wednesday that the company plans to set the issue price at $135 per share (consistent with insider reports) before officially launching the IPO roadshow. SpaceX stated that it plans to issue 555.6 million shares to raise $75 billion.

4. The price of Hyperliquid's HYPE token surpassed Solana on Wednesday, which fell to its lowest level since 2023. HYPE hit a historical high of $74.67 on Tuesday and is currently trading at $74.47, above Solana's $71.62. HYPE has risen about 24% over the past month, making it one of the few assets among the top 20 cryptocurrencies to increase, while Solana has dropped nearly 14% in the same period.

5. According to QCP Capital's latest market report, Bitcoin has cumulatively dropped about 11.6% this week, remaining under pressure. Market sentiment has been affected by the rare sale of 32 BTC by Strategy, although the sale size was only about $2.5 million and had little substantive impact on its holdings of over 840,000 coins, it broke the long-standing market expectation of Strategy's "never selling coins," weakening some investors' confidence.

V. Today's Market Calendar

June 4 (Thursday)

1. SpaceX Launches IPO Roadshow: One of the most anticipated historical IPO events, market sentiment may be boosted.
2. COMPUTEX Conference Continues, with a focus on AI computing power, PCs, and supply chain dynamics.
3. Earnings Reports: Ciena (CIEN) pre-market, Planet Labs (PL) post-market.
4. New Stock Quantinuum (QNT) officially lists on U.S. stock market (quantum computing concept).

June 5 (Friday)

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

Institutional Views: Well-known investment bank analysts generally believe that the current market is in a sensitive period intertwined with geopolitical risks and macro data. The tensions in the Middle East are pushing up energy prices, combined with the service sector price payment index hitting highs, reinforcing concerns about sticky inflation, and increasing the probability of the Fed maintaining a cautious stance. The U.S. stock market's retreat from highs reflects profit-taking and risk aversion, with a clear divergence in tech stocks, while storage chip concepts benefit from AI demand against the trend. The crypto market is dragged down by continuous ETF outflows and leveraged liquidations, with short-term volatility intensifying. Overall, if a U.S.-Iran agreement is reached, risk assets are likely to rebound; conversely, oil prices and inflation pressures will test market resilience. Investors are advised to maintain flexible positions, focus on opportunities in the supply chain and energy sectors, while being cautious of discussions around AI bubble effects on tech valuations.

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