On May 30, global markets continued to trade around US-Iran negotiations, US inflation, Federal Reserve policies, and the AI supply chain. Although the US and Iran are close to reaching a phased agreement, there are still significant differences on key issues such as nuclear matters, control of the Strait of Hormuz, and sanctions relief. After a war room meeting this week, Trump and the White House team have yet to make a final decision. In macroeconomic data, the US April PCE inflation rose to 3.8% year-on-year, marking a nearly three-year high, with core PCE rising to 3.3%. As inflation resurges, several Federal Reserve officials have begun discussing the possibility of interest rate hikes, leading to a further cooling of market expectations for rate cuts this year. In the capital markets, US stocks continued to hit historical highs, with the Dow Jones, S&P 500, and Nasdaq rising 0.9%, 1.43%, and 2.39% respectively this week. AI-related sectors remain the market's main focus, with Dell's stock price soaring nearly 40% post-earnings due to demand for AI servers. The market for storage chips driven by AI continues to heat up. Following Samsung Electronics, Micron Technology and SK Hynix both surpassed the $1 trillion market capitalization threshold this week, marking the entry of the world's three major storage chip manufacturers into the 'trillion-dollar club.' The market believes that the demand for AI training and inference is reshaping the memory industry cycle, with high-bandwidth memory (HBM) shortages becoming a core driving force. The embodied intelligence sector is also gaining attention. Yuzhu Technology's IPO on the Sci-Tech Innovation Board is set for June 1, with the company aiming to raise 4.2 billion yuan, striving to become the 'first A-share humanoid robot stock.' Meanwhile, Yuzhu has released its next-generation embodied intelligence model WVLA2.0 and demonstrated the G1 robot's ability to autonomously organize items. In the commodities market, influenced by expectations of a US-Iran ceasefire and the resumption of shipping in the Strait of Hormuz, international oil prices significantly retreated this week, with WTI crude oil briefly falling below $90 per barrel. Gold fluctuated between weakened safe-haven demand and high interest rate expectations, with a slight weekly increase of 0.73%. Overall, the market is currently trading around three main themes: 'AI supercycle,' 'Federal Reserve policy shift,' and 'geopolitical risk easing,' with storage chips, humanoid robots, and domestic semiconductors being the most prominent structural hotspots this week.