On June 11, President Trump stated that the United States will take strong measures against Iran tonight. The U.S. will seize Khark Island and will have complete control over Iran's oil and gas market. (Jinshi)
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Trump: The U.S. Will Take Strong Measures Against Iran Tonight
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SBF Fails to Overturn Fraud Conviction and 25-Year Sentence
On June 12, according to market news, SBF has failed to successfully overturn his fraud conviction and 25-year prison sentence. -
Short Sellers Warn SpaceX is Overvalued, Not Worth Its Price
On June 12, according to China News Service, SpaceX went public on the evening of June 12 Beijing time. The company attracted over $100 billion (approximately 676.3 billion yuan) in subscriptions from retail investors, surpassing its $75 billion financing target. According to a previous report by Reuters, analysts at Morningstar estimated SpaceX's valuation at $780 billion, which is less than half of its initial public offering target. Morningstar stock analyst Nicholas Owens stated, 'We believe SpaceX is severely overvalued, and investors will have the opportunity to buy in at a more attractive price after the IPO.' Michael Burry, who successfully predicted the U.S. housing bubble, also recently remarked, 'There is nothing in the S-1 filing (SpaceX's prospectus) that indicates it is worth $1 trillion, let alone $2 trillion.' -
Optimism from SpaceX IPO and Middle East Situation Boosts US Stock Index Futures
On June 12, Friday, US stock index futures rose ahead of the market opening, primarily driven by optimism surrounding SpaceX's upcoming public listing. Additionally, expectations of a potential temporary peace agreement regarding the Iran conflict also lifted market sentiment. Nasdaq announced that SpaceX will list at 9:50 AM Eastern Time and begin trading at 10:00 AM. Pre-IPO derivatives trading indicates that, as retail investors flock to the stock, its price is expected to rise between 30% and 50%. Todd Sohn, Chief ETF Strategist at Strategas Securities, stated that stock index futures are increasing due to a 'mix of factors, including softening oil prices, the SpaceX hype, and the market still being built on strong earnings fundamentals.' Regarding SpaceX, he noted that 'demand has clearly surged to a peak.' -
Virgin Galactic Falls Over 10% in Pre-Market
On June 12, Virgin Galactic (SPCE.US) fell over 10% in pre-market trading, following a previous trading day where it had risen over 21%. -
Korean Brokerages Earn 4 Trillion Won in Q1; Banks Tighten Lending to Curb Stock Speculation
On June 12, the Financial Supervisory Service of Korea released the preliminary operating performance report for securities and futures companies for the first quarter of 2026. In the first quarter of this year, 61 securities firms in Korea achieved a net profit of 4.33 trillion won (approximately 19.268 billion RMB), marking a 77.1% increase compared to the same period last year and a 132.6% increase from the previous quarter. For the entire year of 2025, the net profit of Korean securities firms was 9.65 trillion won (approximately 42.943 billion RMB), and the net profit for the first quarter of 2026 has already reached 44.9% of last year's total net profit, nearing half. As Korean investors begin to 'borrow money to invest in stocks,' the balance of overdraft accounts at major commercial banks in the country has surged by over 600 billion won (approximately 2.67 billion RMB) amid significant adjustments in the KOSPI (Korea Composite Stock Price Index). To prevent a spike in stock speculation through borrowed funds, Korean banks are tightening credit loans. -
Morgan Stanley: AI Benefits May Be Boosting the UK Economy
On June 12, Morgan Stanley economist Bruna Skarica noted in a report that the UK's monthly GDP appears to be benefiting once again from the strong performance of the white-collar service sector, particularly in the information and communication technology (ICT) industry. She pointed out that the industry's output is currently growing by 6.7% year-on-year, and has increased by 45.4% since the fourth quarter of 2019, while the overall economy's value added has only grown by 6% during the same period. "The sectors most affected by the rapid proliferation of artificial intelligence are simultaneously driving GDP growth and productivity improvements, which seems far from coincidental," Skarica added. Given that the Bank of England indicated last year that the UK's structural productivity growth is negative, the bank should provide more commentary on this matter this year. -
AMD CEO Lisa Su Reiterates AI Limitations: Technology Cannot Replace Human Judgment and Responsibility
On June 12, AMD CEO Lisa Su delivered a speech at the Massachusetts Institute of Technology graduation ceremony, presenting a calm and rational perspective on the current wave of generative artificial intelligence (GenAI). She emphasized that while AI possesses powerful data processing capabilities, it cannot determine which problems are worth solving, cannot make difficult judgments in the absence of data, and cannot take responsibility for the outcomes. -
China Successfully Develops 3D Multilayer On-Chip Capacitors for High-End AI/GPU Chips
On June 12, Hubei Jiangcheng Laboratory announced a significant breakthrough in capacitor technology, successfully developing a 3D multilayer on-chip capacitor with a capacitance density exceeding 1000 nanofarads per square millimeter. This capacitor can be directly applied to high-end chips such as AI/GPU chips and high-performance processors, supporting the development of high computing power and low power consumption chips. Currently, related technologies are undergoing process flow testing and small batch pilot production, aiming for large-scale application in advanced packaging. In circuits, capacitors essentially act as ultra-miniature 'reservoirs': they can quickly charge and discharge to stabilize voltage when chip current fluctuates dramatically, ensuring that the chip receives 'pure and stable' current. In computing power systems, capacitors are also likened to 'electric RAM': HBM serves as data buffering for computing power, while capacitors act as energy buffers. To supply power instantly to GPUs at full capacity, a multi-level power caching system from nanoseconds to seconds is essential. -
Changxin Technology's IPO Approved by CSRC: Aiming to Raise 29.5 Billion Yuan, Second Largest in History
The China Securities Regulatory Commission (CSRC) has approved Changxin Technology Group Co., Ltd.'s application for initial public offering (IPO) on the STAR Market, officially disclosing the approval document No. 1344 [2026]. As a leading integrated circuit manufacturer in the mass production of general-purpose DRAM in China, Changxin Technology successfully completed the registration process after passing the review by the Shanghai Stock Exchange's listing committee on May 27, taking about half a month. The IPO aims to raise 29.5 billion yuan, making it the second largest fundraising project in the history of the STAR Market, following SMIC. The raised funds will primarily be used for upgrading manufacturing lines for memory wafer production, enhancing DRAM memory technology, and developing advanced technologies. According to the prospectus, Changxin Technology achieved an operating income of 50.8 billion yuan in the first quarter of 2026, a staggering year-on-year increase of 719.13%, with a net profit attributable to the parent company reaching 24.762 billion yuan. It is expected that the operating income for the first half of 2026 will be between 110 billion and 120 billion yuan, with a net profit attributable to the parent company estimated at 50 billion to 57 billion yuan. During the previous listing committee meeting, regulators inquired about potential performance volatility risks and the second phase of the employee stock incentive plan, in which Zhu Yiming voluntarily relinquished over 20 billion yuan worth of shares. -
SpaceX IPO to Be Eligible for Trading at 10:00 PM Beijing Time
On June 12, Nasdaq: The SpaceX IPO will begin quoting at 9:50 AM Eastern Time (9:50 PM Beijing Time). The SpaceX IPO will be eligible for trading starting at 10:00 AM Eastern Time (10:00 PM Beijing Time).
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