To The Moon

Last Week's Recap

1. Moderating Market -The S&P 500 and the NASDAQ recorded their sixth consecutive weekly gains

• Upward momentum — as stronger-than-expected quarterly earnings growth lifted, The $NASDAQ(.IXIC)$ finished up 4.51% for the week and the $S&P 500(.SPX)$ added 2.33%. The $Dow Jones(.DJI)$ lagged, posting a fractional gain.

• Earnings juggernaut — S&P 500 Q1 earnings growth surged to 27.7% from 13.1% at end-March, the strongest since Q4 2021, per FactSet.

• Jobs improvement — Back-to-back monthly gains: April added 115K jobs (above forecast) and March revised up to 185K; unemployment held at 4.3%.

• Style shift — Growth outpaced value for the 5th time in 6 weeks (+20% vs +11%), though value retains a solid YTD lead.

• Oil volatility — U.S. crude swung from $107 Monday to $89 Wednesday, settling near $95 Friday, down ~5% for the week.

• 30-year yield hits 5% — Briefly topped 5.00% for the first time in nearly 10 months on oil-driven inflation fears before retreating; finished at 4.95%.

• Negative sentiment — UMich consumer sentiment fell to a preliminary 48.2 in May from 49.8 in April, well below February’s 56.6 peak.

• CPI ahead — Tuesday’s CPI will test whether inflation extended into April; March showed 3.3% YoY with energy up 12.5%.

2. The US Sectors & Stocks -S&P 500 surges 2.33% to fresh record as AI semiconductor supercycle reignites

The $S&P 500(.SPX)$ jumped 2.33% to a fresh record close of 7,398.93, extending its winning streak to six consecutive weeks and marking its 15th record close of 2026.

Industry leaders: OLED Concept (+11.60%), Crypto (+11.50%), and Textiles (+11.21%) led, while Semiconductor Equipment (+11.05%) and IDC Concept (+10.98%) surged on AI data-center demand.

9 Popular Stocks:

• $NVIDIA(NVDA)$ +8.44% — Hyperscalers signaled ~$725B in 2026 capex (up 77% YoY); Nvidia controls ~81% of AI data-center chips with Blackwell/Vera Rubin demand running capacity-limited.

• $Tesla Motors(TSLA)$ +9.6% — Robotaxi fleet expansion and FSD approval in the Netherlands fueled the autonomous-driving narrative; "underpromise, overdeliver" setup into 2027 V15 deployment.

• $Micron Technology(MU)$ +37.73% — FQ2 revenue nearly tripled YoY to $23.9B with record 75% gross margin; CEO called memory "a defining strategic asset in the AI era" with no new HBM supply until late 2027.

• $Advanced Micro Devices(AMD)$ +26.25% — AI chip tailwinds and hyperscaler diversification drove gains ahead of next-gen MI400 series.

• $Intel(INTC)$ +25.4% — Q1 revenue $13.6B, EPS $0.29 vs. breakeven guide; AI businesses = 60% of revenue, growing 40% YoY; 18A roadmap and foundry separation gained confidence.

• $ASML Holding NV(ASML)$ +11.56% — Q4 EUV bookings jumped 150%; High-NA EUV shipments underpin double-digit 2026 growth.

• $Oracle(ORCL)$ +14.4% — Q3 AI infrastructure revenue +243% YoY; RPO hit $553B on hyperscaler demand.

• $Lam Research(LRCX)$ +14.54% — Q1 revenue $5.84B (up 23.7% YoY), EPS beat by 41%; CEO cited AI roadmap execution driving outperformance.

• $Applied Materials(AMAT)$ +11.92% — Q1 revenue $7.01B beat estimates; guided 20%+ semi equipment growth in 2026 and raised dividend 15% to $0.53.

3. Hong Kong Market - HSI surges 2.39% as tech rally meets energy profit-taking

$HSI(HSI)$ : The Hang Seng Index jumped 2.39% and closed at 26,393.71, as tech giants and consumer electronics names led a broad-based rally, while energy majors succumbed to profit-taking after oil prices retreated from recent highs.

The $HSTECH(HSTECH)$ surged 4.75% and closed at 5,102.79, with Southbound funds recording robust net inflows as mainland investors chased Hong Kong's undervalued tech exposure.

Industry leaders: Short Videos Media (+18.06%) and Cable & Satellite (+26.67%) dominated the leaderboard, driven by AI content-generation tailwinds and streaming demand. Cargo Ground Transportation (+12.44%) advanced on logistics re-rating, while Transaction & Payment Processing Services (+15.25%) and Diversified Metals & Mining (+14.44%) also rode the commodity and fintech momentum.

8 Popular Stocks:

• $PETROCHINA(00857)$ -11.97% — Crude oil prices fell sharply from recent Middle East supply-fear peaks as U.S.-Iran ceasefire talks progressed, dragging the upstream energy giant lower alongside the broader petroleum complex. The stock gave back a significant portion of its Q1 gains as investors rotated out of commodity plays and into tech.

• $CNOOC(00883)$ -10.01% — The offshore oil specialist tracked PetroChina lower as Brent crude retreated from the $95–$102/bbl range; the stock's high beta to oil prices amplified losses during the energy sector's worst weekly decline in months.

• $CATL(03750)$ +7.07% — The battery giant rebounded as EV sales data from NEV makers showed resilient demand, and the company's energy storage order book continued to expand globally. The stock recovered from recent placement-related weakness as investors refocused on its dominant market share in lithium-ion batteries.

• $BABA-W(09988)$ +10.32% — The Chinese tech conglomerate surged as AI data-center demand and cloud infrastructure partnerships reignited investor interest. The stock also benefited from anticipation around its upcoming quarterly earnings, with markets expecting continued AI capex investment and core e-commerce stabilization.

• $ZIJIN MINING(02899)$ +7.9% — The gold and copper mining giant advanced as gold prices stabilized near $4,700–$4,850/oz, with the company's aggressive 2026 production targets (105 tons gold, 1.2M tons copper) attracting institutional interest despite near-term price normalization concerns. Goldman Sachs maintains a Buy rating with a HK$52 target price.

• $CHINA LIFE(02628)$ +9.22% — The mainland insurance heavyweight climbed as investors priced in improving investment yields from its equity portfolio, alongside a resilient dividend policy (current yield ~2.5%). The stock trades at a deeply discounted P/E of ~5x, making it a beneficiary of the current value-to-growth rotation in Hong Kong.

• $XIAOMI-W(01810)$ +9.17% — The consumer electronics and EV player rallied as its SU7 electric vehicle delivery numbers beat monthly targets, and its AIoT ecosystem expansion gained traction across Southeast Asia. The stock has been a consistent outperformer in the HSTECH basket as it successfully pivots from smartphones to smart mobility.

• $SMIC(00981)$ +3.46% — The mainland semiconductor foundry advanced modestly ahead of its Q1 2026 earnings announcement scheduled for May 14, with investors cautiously optimistic about domestic AI chip demand and government support for semiconductor self-sufficiency. The company remains a key proxy for China's tech decoupling narrative.

4. Singapore Market - STI edges up 0.19% amid mixed sector rotation

$Straits Times Index(STI.SI)$ gained 0.19% and closed at 4,921.90, as strength in internet retail and aluminum sectors offset weakness in banks and REITs. The index traded within a tight range, reflecting cautious sentiment ahead of key global macro data.

Sectors: Internet & Direct Marketing Retail (+14.29%) and Aluminum (+10.08%) dominated the leaderboard, while Specialized Consumer Services (+7.14%) and Security & Alarm Services (+5.26%) also advanced on defensive positioning. Gas Utilities (+3.87%) rounded out the top performers as energy prices held firm.

8 Popular Stocks:

• $SS SPDR S&P500 USD(S27.SI)$ +3.37% — The Singapore-listed S&P 500 ETF tracked Wall Street higher as U.S. equities rallied on easing trade tensions and resilient corporate earnings; the ETF offers local investors convenient USD-denominated exposure to Mag 7 and broader U.S. large-caps.

• $BBCA ID SDR 1to2(IBKD.SI)$ +4.92% — The wealth management platform operator advanced on continued momentum in its digital advisory business and HK wealth connect flows; the stock has been a beneficiary of rising retail participation in cross-border investment products.

• $Alibaba HK SDR 5to1(HBBD.SI)$ +7.88% — The HK-listed Chinese tech giant's Singapore SDR surged on renewed optimism around China's AI capex cycle and e-commerce stabilization; investors also cheered the company's latest cloud infrastructure partnerships.

• $Xiaomi HK SDR 2to1(HXXD.SI)$ +6.67% — The consumer electronics and EV player's Singapore SDR climbed as the company's SU7 electric vehicle delivery numbers beat monthly targets and its AIoT ecosystem expansion gained traction in Southeast Asia.

• $Prudential USD(K6S.SI)$ +4.64% — The UK-listed insurer's Singapore SDR rose as the company announced a strategic review of its Asian operations, with markets pricing in potential value unlock; the stock also benefited from UK regulatory clarity on solvency rules.

• $TDCX Inc.(TDCX)$ +5.33% — The Singapore-based digital customer experience solutions provider advanced on strong Q1 earnings beat, driven by AI-enabled automation contracts with global tech clients; the company raised its FY2026 revenue guidance.

• $JMH USD(J36.SI)$ +4.99% — The Hong Kong conglomerate gained as its property and retail affiliates showed resilience; the stock also benefited from dividend capture ahead of its upcoming ex-date, with the group maintaining its progressive dividend policy.

• $HongkongLand USD(H78.SI)$ +4.56% — The prime commercial property landlord advanced as Hong Kong office leasing activity showed signs of bottoming; the company's final dividend of US$0.19 per share (payable May 13) also supported sentiment, though analysts remain divided on the sustainability of its Hong Kong portfolio recovery.

5. Australian Market - XJO +0.17% as mining and fintech earnings lift sentiment

$S&P/ASX 200(XJO.AU)$ edged up 0.17% to 8,744.4 over the week, as strong gains in iron ore miners, gold producers, and a blockbuster fintech earnings report offset softness in select defensive names..

Industry leaders: Motorcycle Manufacturers (+20.00%) led the charge on renewed consumer demand and export optimism; Data Center REITs (+17.23%) surged on AI infrastructure demand and accretive asset sales; Electrical Components & Equipment (+16.20%) advanced on global semiconductor and electrification tailwinds.

8 Popular Stocks:

• $BHP GROUP LTD(BHP.AU)$ +5.48% — The Big Australian rallied alongside iron ore and copper price strength. While Westpac continues to forecast a 20% drop in iron ore to US$83/t by end-2026 on rising supply and reduced Chinese steel output, near-term supply constraints and resilient Chinese port inventories provided a tailwind this week.

• $Rio Tinto Ltd(RIO.AU)$ +3.93% — The diversified miner advanced on solid operational momentum across its Pilbara iron ore and Oyu Tolgoi copper assets. Like BHP, it remains exposed to long-term iron ore headwinds, but near-term cash generation continues to underpin shareholder returns.

• $FORTESCUE LTD(FMG.AU)$ +6.3% — Fortescue outperformed its larger peers, buoyed by strong shipping volumes and ongoing progress in its green-energy pivot. The stock has historically traded at a discount to BHP and Rio, making it a leveraged play on any short-term iron ore price strength.

• $NEWMONT CORP-CDI(NEM.AU)$ +4.33% — The world's largest gold miner tracked the yellow metal higher, with gold futures pushing toward record levels on safe-haven demand and central-bank buying. Newmont's scale and global reserve base keep it a core holding for precious-metals exposure.

• $EVOLUTION MINING LTD(EVN.AU)$ +7.41% — The mid-tier gold producer was the standout in the sector, surging after releasing its annual Mineral Resources and Ore Reserves Statement, which highlighted reserve growth and operational consistency. The stock has now climbed firmly into positive territory for 2026.

• $Vault Minerals Ltd(VAU.AU)$ +3.98% — Vault Minerals rallied after announcing a merger of equals with Regis Resources, creating Australia's third-largest primary gold producer with combined output exceeding 700,000 oz/year and a pro forma market cap of roughly $10.7 billion.

• $ANZ GROUP HOLDINGS LTD(ANZ.AU)$ ) +3.31% — ANZ surged after delivering a blowout half-year result: cash profit jumped 70% to $3.78 billion, the interim dividend was held at 83 cents with franking lifted to 75%, and the cost-to-income ratio improved sharply to 49.4%. CEO Nuno Matos emphasised the bank's transformation is "running at pace."

• $Block Inc(XYZ.AU)$ ) +5.2% — The fintech giant (trading as Block CDI on ASX) soared after Q1 gross profit rose 27% YoY to US$2.91 billion and full-year guidance was lifted to US$12.33 billion in gross profit and adjusted EPS of US$3.85. Share buybacks accelerated to US$636 million in the quarter.

The Week Ahead

1. Macro Factors: May 11-15

Bottom line: Tuesday's CPI and Thursday's Retail Sales are the bookends that will define the week. If CPI runs hot and Retail Sales softens, markets face the worst-case "stagflationary" scare. If both cooperate, the S&P 500's push toward all-time highs likely continues. Keep cash ready for post-data volatility.

2.Earnings Spotlight: CRCL,HIMS, JD, SE, BABA