Report | May 31, 2026

Today's market displays a classic dual-track pattern of "euphoria and caution." The historic surge in AI chip stocks contrasts sharply with funds voluntarily "closing their doors" to new investors, signaling that while the liquidity party continues, marginal tightening has begun. More profound changes lie in the qualitative shift of technology deployment: as Hong Kong mandates AI in public works standards and military-grade applications no longer remain taboo, AI is transitioning from an efficiency tool to infrastructure. The early clarity in European policy paths and SoftBank's €75 billion bet on Europe confirm that global capital is reshaping the AI geopolitical landscape—in the short term, vigilance is needed against overvaluation in chips; in the medium term, focus should shift from "speculating on concepts" to "building ecosystems."

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Growing US Dependence on Chinese Biotech Raises National Security Concerns

Event: The Financial Times reports that US reliance on Chinese enterprises in the biotechnology sector is deepening, particularly regarding critical pharmaceuticals and biopharmaceutical supply chains, sparking profound national security concerns.

Score 83 · Source Financial Times

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Congo Lists Lithium as Strategic Mineral, Subject to Higher Tax Rates

Event: The Democratic Republic of Congo government has officially added lithium to its strategic minerals list. Under national law, resources classified as strategic minerals face higher tax rates, potentially reaching up to 10%.

Score 74 · Source Bloomberg

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Rare "Super El Niño" Event Probability Increases

Event: Meteorological model predictions indicate rising odds of a rare "super" El Niño phenomenon. Such extreme weather events could trigger droughts, floods, and anomalous temperatures globally.

Score 64 · Source Bloomberg

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Israel Expands Offensive in Lebanon, US-Iran Talks Stall

Event: The Israeli military has expanded its military operations in southern Lebanon, while indirect negotiations between the US and Iran aimed at easing regional tensions have stalled, failing to reach effective agreements.

Score 61 · Source Bloomberg

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Hong Kong Construction Sector Mandates AI Integration in Public Works

Event: According to a technical circular issued by Hong Kong's Development Bureau, starting June 1, 2026, public works contracts valued over HK$30 million must embed AI technology throughout the entire process of design optimization, tender verification, and construction supervision.

Score 78 · Source Open Source China

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ECB Hints at Acting Sooner Rather Than Later

Event: ECB Governing Council member Mário Centeno told media that the European Central Bank would act "sooner rather than later," a remark interpreted by markets as a strong hint of imminent rate cuts.

Score 96 · Source Bloomberg

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SoftBank Plans €75 Billion Investment in French AI Hub

Event: SoftBank Group plans to invest up to €75 billion in France's artificial intelligence hub. The initiative aims to support the development of France's AI ecosystem, covering infrastructure construction, startup incubation, and technology R&D.

Score 86 · Source Bloomberg

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After Record Rally in Emerging Markets, Two Hedge Funds Pause New Investments

Event: Following a historic rally in emerging market assets, at least two hedge funds have decided to suspend acceptance of new investments due to excessive AUM making effective capital deployment difficult, in order to protect existing investors' returns.

Score 82 · Source Bloomberg

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Danish Pension Fund Blacklists SpaceX Over Governance and Valuation Concerns

Event: AkademikerPension, a Danish pension fund managing approximately $25 billion in assets, has added SpaceX to its investment exclusion list due to concerns over the company's governance and severely excessive valuation.

Why it matters: This demonstrates that ESG (Environmental, Social, and Governance) factors are becoming critical variables affecting large technology companies' financing capabilities, even for star companies as highly sought-after as SpaceX. Institutional investors' decision-making logic is evolving—beyond financial returns, corporate governance structures and valuation rationality are becoming hard constraints.

Score 77 · Source Readhub - Daily Brief

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Fed Governor Waller: Stablecoins Will Expand Dollar Policy Influence

Event: Federal Reserve Governor Christopher Waller stated in a speech that widespread use of dollar-pegged stablecoins would help extend the global reach and influence of US monetary policy.

Score 70 · Source Bloomberg

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MiniMax Evaluates STAR Market Listing, Future Industries Become Focus

Event: According to Jinse Data compilations, domestic AI large model company MiniMax is evaluating a listing on the STAR Market. Meanwhile, an important article in Qiushi magazine emphasized the need to prospectively deploy and develop future industries.

Why it matters: MiniMax's listing evaluation provides a new observation point for the capitalization path of domestic AI companies, with the STAR Market becoming a key option. Combined with policy emphasis on future industries, this indicates that primary market valuation logic for AI and hard tech companies will align more closely with national strategy and domestic capital market exit channels.

Score 67 · Source Jinse Data

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MCU Giant STMicroelectronics Announces Second Price Increase This Year

Event: MCU and power semiconductor major STMicroelectronics notified customers of price adjustments effective June 28. This marks the company's second price increase announcement this year, following the March 24 announcement.

Why it matters: This confirms improving supply-demand dynamics in certain semiconductor sub-markets, with industry sentiment bottoming out and recovering. Price increases transmitting from upstream to downstream are altering cost structures in electronics manufacturing. For investors, this is direct evidence for assessing the strength of semiconductor cyclical recovery, requiring upward earnings revisions for relevant companies.

Score 62 · Source Wall Streetcn

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Securities Firm Maintains "Overweight" Rating on Overseas AI Industry Chain

Event: Guotai Haitong Securities maintains an "overweight" rating on the overseas AI industry chain. The research report believes that rapid growth at OpenAI and Anthropic is driving demand across the entire industry chain, recommending focus on three directions: GPU and other hardware supply chains, cloud vendors and infrastructure, and application companies with demonstrated landing capabilities.

Score 58 · Source Jinse Data

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China Signals Seeking Balance Between Platform Economy Growth and Regulation

Event: According to Bloomberg, China is signaling new directions regarding online platform policy, indicating regulators are attempting to strike a balance between promoting platform economy growth and implementing necessary oversight, rather than the heavy-handed rectification of previous years.

Score 77 · Source Bloomberg

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China's "Four Little Dragons": Cash Burn for Growth, Divergent Business Models

Event: A 36Kr article compared four Chinese AI companies: Zhipu AI, MiniMax, Moonshot AI, and DeepSeek. Zhipu has the largest revenue scale but severe losses; MiniMax achieved profitability earliest with dominant overseas revenue; Moonshot AI has the fastest ARR growth; DeepSeek relies on parent company funding to focus on fundamental research.

Why it matters: This reveals the reality of business model divergence in the domestic large-model track. Investors cannot apply uniform valuation anchors to AI companies, needing to distinguish between technology-driven, product-driven, and market-driven approaches. Profitability, growth velocity, and cost structure become critical variables for assessing different companies' long-term value; models relying purely on financing and cash burn face trials.

Score 61 · Source 36Kr - 24h Hot List

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Going forward, focus on three sets of variables: First, the combined effect of ECB policy pivot timing and rising capital barriers in Asian emerging markets—whether this triggers cross-regional liquidity rebalancing. Second, the scissors gap between AI chip order data and actual downstream inference demand, validating whether current valuations are overstretched. Third, real-world feedback on AI model capabilities in mandatory scenarios like military and infrastructure applications, which will determine the reliability boundaries of technology transitioning from labs to critical infrastructure. Additionally, continue monitoring the decoupling progress in US-China biotech supply chains.

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The following items entered the candidate pool but did not make today's main deep-dive section.

Investment & Finance

• [23:13] Official Lebanese data shows Israeli strikes on Lebanon have injured 10,269 people since March 2. | Jinse Data
• [22:42] Hongqing Technology's satellite internet technology test satellite successfully enters orbit | Wall Streetcn
• [22:19] Australian home prices flatline as rate hikes, tax changes weigh | Bloomberg

Social Media

• [15:49] Doubled then crashed! Is the AI story unsustainable? | 36Kr - 24h Hot List
• [15:44] Wall Street's Hottest Gen Z | 36Kr - 24h Hot List