Starting from the T-Account: Deconstructing the First Principles of USD Liquidity and Global Asset PricingLeadership Change in a Low-Interest Cycle: Wang Liang Retires from China Merchants Bank, Wang Xiaoqing Takes the Helm of the "King of Retail"Alphabet: Cloud Business "Surges" to Crush Rivals, but $190 Billion in CapEx Is the Real GambleAMZN (Trans): AI's once-in-a-lifetime investment opportunityThe Global Economy at a "Crossroads"—As Energy Shocks Approach a Tipping PointRetail steadies, AI breakout: Is AMZN back in the top tier?Meta is facing business vulnerability risks due to its comprehensive self-research and self-supplyHow OpenAI's "Stargate" Project Is Dragging Down Oracle"I Won't See You Next Time"! Powell's Curtain Call: An "Outsider" Steers the Fed Through Its Most Turbulent Eight YearsCainiao's International Expansion Continues: Securing Large Warehouses in EuropeNVIDIA makes its first move in legal AI, betting on a valuation of $5.6 billion for the startup Legora三星电话会：“目前传统 DRAM 比 HBM 更赚钱”，2027 年内存缺口将 “进一步扩大”Understanding the Market | Gold Stocks Decline Collectively, Spot Gold Plummets Below the Key Level of 4600, Gold Price Upside Potential Restricted by "Dual Expectations"Hong Kong Stocks Intraday | Three Major HK Indices Retreat Collectively; Chip and Insurance Sectors Strengthen; SMIC Leads in TurnoverUS Tech "Big Four" Set Record $725 Billion AI Spending This Year, but at a High Cost: Chip Price Hikes and Capacity ConstraintsTesla Semi trucks have begun mass production, Musk: Should we give Bill Gates one?Understanding the Market | Copper Stocks Fall Collectively, Discrepancies in Federal Reserve Rate Cuts Widen Again, Copper Prices May Face High-Level Volatility and Adjustment"Autocrats" won't work? Morgan Stanley strategists warn Walsh: Follow in the footsteps of giants, first learn to build consensusGOOGL (Trans): ROIC-Disciplined AI Investment to Stay AheadQCOM (Trans): Q3 marked the bottom for China Android; signed a new major client for its custom ASICs.Reminder: Key Focus for Intraday Trading (All times in Beijing Time)Hong Kong Stock Midday Review | The Hang Seng Index fluctuates lower with technology stocks broadly declining, while semiconductor stocks rise against the trendStrongest Quarterly Earnings in History! Samsung Q1 Profit Surges Eightfold, Surpassing Full-Year 2025 Total, with Memory Business as Core EngineUnderstanding the Market | Chip Stocks Strengthen in the Morning, Google Cloud Sees Explosive Growth in Q1, Strong Demand for TPU Chip MarketTech Giants' Earnings Showdown: Why Did Only Alphabet Win?硬核拆解：GPT-5、Claude 和 Gemini 是如何训练和推理的？New Highs on a High Base! NCI Nets RMB 6.5 Billion in Q1Tesla Semi trucks begin mass productionDongpeng Beverage: Under fire on all fronts — can the energy-drink leader rebound?'AI' GOOGL: No Scary Stories, Just a WindfallThe interest rate decision hides a power signal: Analysts say the FOMC's record divergence is meant to warn Waller that "he cannot fully control the situation."微软电话会：AI 收入同比翻倍，硬件涨价推高资本开支 250 亿美元，GPU 和存储短缺仍将贯穿全年Understanding the Market | Non-ferrous stocks lead the decline, inflation expectations rebound driven by energy prices, non-ferrous metals under overall pressure亚马逊电话会：订单积压 3640 亿，首次系统性披露自研芯片业务规模，CEO 高呼 AI 是 “一生一次的机遇”Meta Platforms Conference Call: Full-Year CapEx Raised by Another $10 Billion to Record High; AI Agent Commercialization Path Remains UnclearQCOM: Can the AI boost offset handset softness?SG Morning Brief | Cloud Earnings Crush It, Fed Splits 8-4, Macro Gauntlet AwaitsMeta's stock price falls due to concerns over artificial intelligence spending and legal scrutinyTrump Insists on "Blockade" as Brent Crude Rises for Eighth Straight Day, Surpasses $120; Iranian Parliament Speaker Mocks: "Next Stop $140"Azure cloud computing revenue surged by over 40% to $190 billion, boosting AI infrastructure! Microsoft's performance may not be explosive enough, but it's sufficient to sustain the AI super bull marketPowell "Stays On," Three Voting Members Oppose Rate Cut—This Is the "Succession Scenario" Facing New Fed Chair Warsh"Big Four" Tech Giants Release Earnings on Same Day in Rare Occurrence: Alphabet Surges, Meta Plummets; Rapid Cloud Growth for Alphabet, Microsoft, and Amazon; Alphabet and Meta Raise Capital ExpendituresCICC: The likelihood of the Federal Reserve raising interest rates this year is relatively low, and the next rate cut may be delayed until the fourth quarterThree Voting Members "Oppose Rate Cut," Short-Term Treasuries Plunge, Market Prices in Fed "Rate Hike" by 2027早餐 | 盘后绩后，Meta、谷歌、亚马逊涨跌不一！Alphabet Q1 delivers a stunning report card: revenue growth of 22%, Google Cloud explosive growth of 63% to $20 billion, $70 billion buyback plus a 5% dividend increase to reward shareholdersFirst batch of refunds for "Trump tariffs" to be issued around May 11智通港股早知道 | 美联储 8 比 4 投票维持利率不变 WTI 原油期货当月连续合约涨 8.57%Amazon's Q1 revenue and net profit both exceeded expectations! AI bets pay off: AWS surged 28%, reaching a three-year high, with AI budget aiming for $200 billion this year