Market March 17 Closing: WTI crude oil fell below $95, while US stock markets closed higher across the board. Top 20 US stocks by turnover on March 17: Meta to spend $27 billion on Nebius computing power. Most popular US-listed Chinese stocks rose on March 17; Tencent Music gained 6.48%, while Century互联 dropped 9.32%. Oil prices declined as Trump pressured allies to assist in protecting oil tankers in the Strait of Hormuz. Brent crude settled above $100 per barrel for the third consecutive session. Spot gold fell 0.23% to $5,007.93 per ounce. European stock markets advanced as a key UAE oil hub resumed operations.
Macro Trump's proposed joint护航 plan for the Strait of Hormuz received limited support from allies. Trump stated that some nations were "not enthusiastic" about helping to secure the Strait of Hormuz. Trump commented that he was unaware of the health status of Iran's Supreme Leader. The US President receives daily proposals both to end and to escalate conflict with Iran. The London Metal Exchange resumed trading after a halt exceeding two hours for all contracts, including copper and aluminum. The UK Prime Minister stated that Britain and allies are developing a "viable" plan for the Strait of Hormuz, clarifying it would not be a NATO operation. The US Interior Secretary suggested that tensions with Iran have increased Asian interest in importing US energy. Court documents indicated that Fed Chair Powell would remain at the central bank beyond his term if a criminal investigation continues. Iran's Foreign Minister denied any recent contact with the United States. Oil loadings were suspended at Fujairah port following another attack. Iraq's oil ministry reported an attack on the Majnoon oil field.
Corporate NVIDIA unveiled its Rubin chip, claiming a fivefold increase in computing performance and targeting a market worth trillions of dollars. NVIDIA projected its AI chip revenue would reach at least $1 trillion by the end of 2027. NVIDIA launched a space computing service, aiming to deploy artificial intelligence into orbit. NVIDIA officially endorsed a simplified shrimp farming method. CEO Jensen Huang stated that orders for Blackwell and Rubin chips would total trillions of dollars this year and next. Huang declared, "We are the king of inference." NVIDIA introduced its new neural rendering technology, DLSS 5. Uber and NVIDIA plan to launch robotaxi services in 28 cities starting next year. Roche partnered with NVIDIA to significantly expand AI computing capacity, building what they term the industry's largest AI factory. Fertitta Entertainment is in talks to acquire Caesars Entertainment for $6.5 billion. Meta announced it will spend up to $27 billion to procure computing power from Nebius.
Commentary Soaring oil prices are impacting market expectations for interest rate cuts, though Morgan Stanley still anticipates a Fed rate reduction in June. March 17 international headlines: NVIDIA launched DLSS5 and a space computing service; Jensen Huang forecast chip orders exceeding trillions next year. US equities: The S&P 500 recorded its best single-day performance since February, buoyed by declining oil prices. Crude oil: Prices experienced volatile trading, with Brent closing above $100 for a third day. Research indicates that pure electric vehicles will capture a 23% market share in the EU and Norway by 2026. Bill Gurley commented on the AI bubble, suggesting a period of rapid wealth creation will be followed by an adjustment. FX: The US dollar extended losses as concerns over Hormuz shipping eased and oil prices retreated. US Treasuries: Bond prices strengthened, supported by falling oil prices and gains in European debt. JPMorgan argued that bearish views on gold appear logical but are ultimately unsustainable. UBS projected gold prices could still rise 20% from current levels by 2026. Trump threatened further attacks on Kharg Island, while allies showed little enthusiasm for his Hormuz护航 plan. Citadel Securities abandoned its bearish stance on US Treasuries, stating the market underestimates economic slowdown risks. European bonds: Debt prices rose across the board as traders scaled back bets on interest rate hikes. The historic inflow trend into emerging market ETFs reversed, with India experiencing the largest outflows. Trump stated that striking Iranian oil infrastructure on Kharg Island remains an option.
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