Pre-market trading in US stocks | Baidu, XPeng, Nvidia rise! Alibaba's 1688 recently launched a comprehensive entry into Taobao

LB Select
2024.03.25 10:22
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Among the leading technology stocks, only NVIDIA rose nearly 1% in pre-market trading; the rest fell. Cryptocurrency-related stocks surged, with Microstrategy up nearly 6%, Marathon Digital and Coinbase up over 3%. MicroAlgo doubled at one point in pre-market trading, while industrial cannabis stock Canopy Growth Corp surged 25% in pre-market trading

U.S. Stock News

  1. Question: There are reports that U.S. Treasury Secretary Yellen will visit China soon. Can the spokesperson confirm this news?

Chinese Foreign Ministry Spokesperson Lin Jian: China and the U.S. have always maintained communication on economic and trade issues. Regarding the specific question you mentioned, it is recommended to inquire with the relevant authorities.

  1. 1688 has recently launched a comprehensive entry into Taobao, initially opening three stores. These stores will be integrated into a channel similar to Tmall Supermarket in the future, and 1688 will introduce the source factory goods of 1688 Strict Selection on Taobao.

  2. According to informed sources, Baidu will provide AI functions for the domestic iPhone 16, Mac system, and iOS 18 released by Apple this year. Apple is expected to charge through API interfaces. Baidu has not responded at the moment.

  3. Internal sources at JD.com revealed that in addition to complete vehicles, JD Auto and Xiaomi Auto will deepen their cooperation, including services such as integrated installation of Xiaomi charging piles, and supporting tire sales.

  4. It is reported that TSMC is accelerating the installation of equipment for the 2nm process, with mass production expected in 2025.

  5. Intel and Arm have signed a memorandum of understanding for a new enterprise support program to collaborate on developing Intel 18A process chips.

  6. Xiaomi Auto's SU7 will be officially launched at 7 p.m. on March 28th. The Xiaomi Auto App is now available on the Apple App Store. This app supports iPhones running iOS 13.0 or higher.

  7. Taobao China completed the sale of 33 million shares of XPeng Auto ADR on March 22.

  8. Ningde Times Chairman Zeng Yuqun stated in an interview that Ningde Times is collaborating with Tesla to develop faster-charging batteries.

Pre-market Movement

In pre-market trading, the three major stock index futures in the U.S. fell, while the fear index rose.

Bitcoin is currently trading at $66,926, up over 3% in the past 24 hours; Ethereum is trading at $3,451, up over 2% in the past 24 hours.

Tech stocks and Chinese concept stocks showed mixed movements in pre-market trading, with a surge in cryptocurrency-related stocks.

Among tech leaders, only NVIDIA rose nearly 1% in pre-market trading, while others declined. AMD fell over 2%, and Tesla dropped nearly 1%.

Among Chinese concept stocks, Baidu, XPeng, and Pinduoduo rose in pre-market trading, while Alibaba, JD.com, Li Auto, Bilibili, and NetEase fell.

Microstrategy rose nearly 6%, Marathon Digital and Coinbase rose over 3%.

On the individual stock front, MicroAlgo doubled in pre-market trading, with the company conducting a stock consolidation on March 22, 2024, at a ratio of 10 to 1.

Industrial cannabis stock Canopy Growth Corp surged 25% in pre-market trading, following a nearly 70% increase last Friday

Strategy Review

1. Why can NVIDIA rise again? This is the answer from the bulls

The next major catalyst for NVIDIA's stock price is the listing of B100 and the sales performance of H200. Sovereign AI may eventually become a major customer similar to the cloud giants in the United States! UBS has raised NVIDIA's target price from $800 to $1100, emphasizing that NVIDIA is the "only chip company that can create its own market".

2. Musk: The progress of FSD is no longer limited by AI training computing power

Musk pointed out that most people have no idea about the potential of Tesla's AI. He also stated, "Since we are no longer limited by artificial intelligence training computing power, the pace of improvement will be greatly accelerated."

3. "Antitrust" crisis is looming, will Google and Apple face "dismemberment"?

As antitrust regulators on both sides of the Atlantic Ocean crack down on anti-competitive practices, tech giants are facing their biggest challenge in decades, which could lead to Apple and Google under Alphabet being ordered to split up, a first in the industry

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