Elon Musk's market influence allows him to sell this business well above its fair value. *Stock prices used were the afternoon prices of June 5, 2026. The video was published on June 7, 2026. Continue reading

【期货早报】美国5月非农大超预期！年内加息预期重燃 伦敦银大跌超8%，金价失守4400美元/盎司。一文看懂详情>>>

格隆汇6月8日｜国家海洋环境预报中心：2026年06月08日07时37分，菲律宾棉兰老岛海域发生8.1级地震，震源深度为15千米。自然资源部海啸预警中心根据初步地震参数判断，地震可能会在震源周围引发大规模海啸，但不会对我国沿岸造成灾害性影响。自然资源部海啸预警中心将继续跟踪分析地震和海啸监测数据，并及时发布信息。

来源：华尔街情报圈 一些人担心这可能是大幅下跌的开始，即便这并非牛市的终结。 北京时间6:00，全球市场周一开盘，令人紧绷的一幕发生了： - 美元指数跳空高开，稳稳站在100美元上方，似有进一步向上一跳的冲动； - 油价跳涨近3%，受伊朗周末期间向以色列发射 导弹 影响； - 金价小幅高开后立刻走低，向下测试4300整数水平； - 美股 期货 开盘持平，之后小幅上涨，但没能实现令人深刻的反弹，那么随时可能出现加速下跌的一幕； - 与此同时，10年期美债收益率升至4.55%。 第一， 黄金 是今日最真实、最有代表性的市场，仍旧在消化上周五非农数据带来的加息恐慌。高盛已撤回对美联储今年的降息预期，并将小幅加息的可能性从10%上调至20%。 第二，市场走势背后是两条交易主线。一条是表达对加息的担忧，另一条则是对AI过热的质疑。 第三，从基本面情况看，美元、原油、美债收益率同步走高，并且美元、美债收益率均突破关键水平，本身已经演化成了危险。三者同步走高，对任何非美经济体和风险资产都是巨大的流动性绞杀。10年期美债收益率又成了最受关注的市场，因为其已经逼近特朗普的红线“4.67%”水平附近。今晚特朗普必然会想办法托举市场，看点是成功与否。 第四，今天韩国股市（三星与海力士）和美国股市（英伟达）表现将是投这种对AI信仰的一次投票，韩国股市看能不能止跌，美国股市看能不能反弹1%以上。今晚美股开盘后的第一个小时，如果科技股无法伴随高成交量收复失地，资金很可能会引发一轮向现金（美元）跑路的阶段性调仓。 简而言之，今晚是一场“特朗普政治意志（托举市场）” vs “市场经济规律（通胀加息、AI去泡沫）”的直接对撞。

格隆汇6月8日｜韩国交易所6月8日召开紧急市场评估会议，评估当前市场波动态势并研讨稳定市场运行的应对措施，会议重点审视了美国股市大幅下跌及隔夜期货市场走势，讨论了相应的市场管理措施。韩国交易所表示将强化全机构应急响应机制，密切跟踪全球市场动态、中东局势演变及外汇市场走势，同时加大对不公平交易行为的监察力度，并扩大对非法卖空活动的检查范围。

Uber (NYSE: UBER) is likely to grow sales while hiring fewer individuals. *Stock prices used were the afternoon prices of June 4, 2026. The video was published on June 6, 2026. Continue reading

The cybersecurity company is briskly growing its revenue. *Stock prices used were the afternoon prices of June 4, 2026. The video was published on June 6, 2026. Continue reading

Lululemon (NASDAQ: LULU) reported quarterly financial results that disappointed the stock market and investors. *Stock prices used were the afternoon prices of June 3, 2026. The video was published on June 5, 2026. Continue reading

Funtap/iStock via Getty Images Market Review The past three months, the financials sector returned -8.52%, as measured by the MSCI U.S. IMI Financials 5% Capped Linked Index, while the broad-based S&P 500® index returned -4.33%. Within the S&P 500®, financials ended the quarter with the weakest result among the 11 equity sectors. Overall, it was a "risk-off" quarter, as conflict in the Middle East took center stage in late February, sapping a stock market that entered 2026 with positive momentum. The Iran war sent a shockwave through oil markets, with the potential to dampen growth and stoke inflation. Against this backdrop, growth stocks widely lagged value in Q1, while small-caps bested large-caps. Likewise, regional banks (+0.78%) was one of the few industry groups within the sector index to gain the past three months, whereas diversified banks (-8%) declined, as investors favored smaller lending institutions with less exposure abroad. Financials' lagging performance also stemmed partly from weak results in the transaction & payment processing segment (-14%), especially payment giants Visa (-14%) and Mastercard (-12%), both sizable MSCI index components. These companies, long considered to have strong competitive moats, faced ongoing competition from cheaper payment alternatives. As a result, investors questioned whether their longstanding pricing power would persist. Consumer finance (-19%) was another segment that faced challenging conditions in Q1. As a result of the joint U.S.–Israeli strikes on Iran that began on February 28, the price of crude oil spiked to as high as $120 per barrel following the closing of the Strait of Hormuz, which accounts for roughly 35% of global crude exports. High oil prices meant soaring costs for gasoline at the pump, which pinched already-tight finances for many consumers. Insurance brokers (-11%) continued its weak performance from the previous quarter. A large part of brokers' business is property insurance, which tends to run...

中信证券指出，AI算力指数级扩张的大背景下，北美单体数据中心电力与土地瓶颈日益突出，驱动算力布局从园区内的Scale Up/Out向跨园区、跨区域的Scale Across演进。Scale Across作为突破数据中心算力墙的核心方向，正加速从早期验证走向规模化部署，有望成为AI时代光互联新兴的高景气赛道。中信证券认为，DCI（数据中心互联）产业链正经历深刻的重构：AI时代对DCI提出高密度、高带宽、低延迟及高可靠性等严苛要求，催生了对高速率相干光模块和高密度光放大器的爆发式需求，产业价值正从传统DCI时代，高度集中于下游系统厂商，向中上游的光模块、光放大器及核心光电芯片环节加速转移。国内厂商凭借成熟的制造优势和供应链协同能力，有望深度参与全球DCI供应链。（人民财讯）

Japan’s economy grew at a still solid pace at the start of the year even after the turbulence in Iran prompted businesses to cut investment. Real gross domestic product expanded at an annualized pace of 1.8% in the first quarter, down from an initial reading of 2.1%, the Cabinet Office reported on Monday. Business investment was downgraded to minus 0.7% quarter on quarter from 0.3% growth previously. Economists were predicting a markdown to GDP after a report last week showed Japan’s biggest companies reduced capital spending in the January-March period. The conflict in Iran began to escalate toward the end of that period, with oil prices spiking in early March. The revised rate still points to a largely resilient economy supported by solid consumer spending and trade, with demand for artificial intelligence-related products providing a key boost for exports. Monday’s report showed that figures for private demand and exports were left unchanged, with consumption rising 0.3% from the previous quarter. Net exports added to growth. Overall, the report should keep the Bank of Japan on track to raise interest rates next week, as policymakers have expressed a desire to continue to normalize policy so long as growth stays intact. It remains to be seen how business investment fared deeper into the Iran war, which could still weigh on growth. “The impact of the Middle East situation didn’t materialize in the first quarter, but it is likely to become apparent going forward,” said Shinichiro Kobayashi , chief economist at Mitsubishi UFJ Research and Consulting. “Given the recent remarks from the BOJ, it appears it is focusing more on curbing inflation, so I expect it to raise interest rates this month.” Read More: BOJ Is Said to Mull June Rate Hike With Another Possible in 2026 What Bloomberg Economics Says... “Japan’s smaller-than-expected downward revision to first-quarter GDP left the economy still growing at a pace of above its potential. That means it won’t knock the Bank...

Broadcom (NASDAQ: AVGO) reported quarterly financial results that sent the shares crashing. *Stock prices used were the afternoon prices of June 3, 2026. The video was published on June 5, 2026. Continue reading

2026年，标普500指数接连刷新历史纪录，截止美东时间6月2日收盘市值总额突破69万亿美元，年初至今已累计上涨超10%。 然而，指数的韧性高度依赖少数几家AI龙头。剔除受益于AI 算力 需求的头部公司后，标普500自2月底以来实际呈小幅下跌态势，而同期整体指数涨幅约10%，AI受益板块涨幅超过45%。 科技板块已占标普500近44%的权重，前十大成分股权重合计高达约41%，十年前仅为19%。权重与预期盈利贡献之间的裂口已扩大至历史极值。 英伟达一家贡献了标普500今年近四分之一的涨幅，其市值已超过所有医药巨头市值的总和。部分成分股内部的分化更为悬殊，标普500有222只个股较历史高点跌幅超过20%，109只跌幅超过40%，而处于历史高位个股仅21只，与2000年科网泡沫顶点时的20只几乎一致。 预警信号同时出现 席勒市盈率（周期调整后市盈率）已攀升至42.32，接近互联网泡沫破灭前44.19的历史峰值。 【席勒市盈率已接近互联网历史峰值，来源：TradingKey】 历史中仅有两个时期达到过类似高位，1929年大萧条前夕和2000年科网泡沫时期（dot-com泡沫）。以此测算，未来10年年化回报率或仅约2%。 【巴菲特指标持续创下新高，来源：MarcoMicro】 与此同时，巴菲特指标已飙升至237%，远超前两次泡沫峰值（2000年约142%、2021年218%）。巴菲特曾称该指标为衡量估值的最佳单一指标并警告读数超过200%已接近投机过热。 此外，标普500中仅约4%个股处于历史高位，这一比例与2000年互联网泡沫顶点时几乎完全吻合，85%的个股年度涨幅跑输指数，上涨与下跌的脱节愈演愈烈。 盈利支撑与泡沫历史 多空分歧在于这轮由AI驱动的结构性行情是否终将演化为泡沫破裂，而多头认为AI已切实转化为盈利增长的确定性来源。 多头论据集中在盈利的可见性。2026年第一季度，AI相关盈利预计实现40.7%的增速，约是标普500其余成分股的3倍。2026年标普500全年盈利增速有望突破20%，其中大部分由科技巨头贡献。 此外，科技板块当前前瞻市盈率约35.6倍，而2000年科网泡沫时期科技板块前瞻市盈率高达50倍，盈利基础也迥然不同，当期AI龙头企业具有较强的现金流和盈利能力。 空头的担忧则指向 AI应用 渗透率的滞后与估值过高之间的脱节。截至2026年5月，美国企业AI...

SlavkoSereda/iStock via Getty Images Crude oil futures jumped more than $2/bbl Sunday night after ⁠Iran fired at least four waves of missiles toward Israel in response to a deadly Israeli airstrike on Beirut that targeted Iran-backed Hezbollah militants. The attack marked the first time Iran has targeted Israel since its ceasefire with the U.S. went into effect in early April; Israel said it intercepted the Iranian missiles and that there were no reported injuries. President Trump appeared to be trying to de-escalate the situation, telling reporters that he was pressing Iran and Israeli Prime Minister Netanyahu not to retaliate further. Front-month Brent crude ( CO1:COM ) for August delivery is up 2.6% to $95.52/bbl after spiking as much as 3.5%, while front-month Nymex July crude ( CL1:COM ) jumped 2.4% to $92.75/bbl after rising as high as $94. ETFs: ( USO ), ( BNO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( DRIP ), ( GUSH ), ( USOI ) More on crude oil Oil Has Until July U.S. March Oil Production Flat Why May 2026 Might Still Have Red-Hot Inflation

欧洲天然气价格上涨，伊朗向以色列发射数枚导弹危及本就脆弱的停火，中东地区局势再度升级。近月期货涨2.4%至每兆瓦时49.675欧元（57.22美元）。交易量不到三个月平均水平的1%。以色列军方称已拦截所有导弹，紧急救援部门报告无人伤亡。 责任编辑：王永生

The meme stock reported increasing revenue as its collectibles business creates a reason for people to visit stores. *Stock prices used were the afternoon prices of June 3, 2026. The video was published on June 5, 2026. Continue reading

ASML (NASDAQ: ASML) stock is soaring along with the semiconductor industry overall. *Stock prices used were the afternoon prices of June 3, 2026. The video was published on June 5, 2026. Continue reading

自马斯克旗下太空公司SpaceX5月20日递表以来，市场对这家史上最大IPO项目充满期待，当前投资者普遍预期其估值在1.75万亿至2万亿美元之间。据媒体最新报道，SpaceX料于6月11日完成定价，并于2026年6月12日在美国纳斯达克挂牌上市，股票代号为SPCX。 综合最新市场消息，大家普遍对这家航天公司的争议点在于其高达万亿的估值。 市销率高达百倍：估值与基本面的矛盾 市场对这家火箭公司的估值热情已接近狂热程度，市传最高估值将达到2万亿美元，而投资者普遍也将万亿美元作为基准预测值，市场的一致看多除了带来天量的成交额，也同时带来了巨大的风险。 即当市场一致性强的时候，所有利好消息均被透支，乐观预期已提前计入股价，所有利好被市场充分定价。在这样的情况下，一旦情绪出现松动，极容易出现踩踏式出售。 估值与基本面是分裂是市场讨论的重点之一，若以2万亿美元计算，2025年该公司的整体营收仅为186.7亿美元，即当前市销率(P/S)高达107倍，大幅高于头部科技公司的估值中枢。 虽然投资常常是买入预期、卖出事实的过程。事实上，马斯克也擅长创造账面财富这一套打法（特斯拉即是最好的例子），但他旗下公司在真实盈利能力方面的记录并不出色。 这种 "未来叙事" 驱动的估值体系在流动性充裕的市场环境中能够顺畅运行，但一旦市场风格转向，投资者开始聚焦于企业的实际盈利能力、自由现金流与利润率水平时，其有效性便会迅速衰减。 耶鲁大学金融学荣休教授Roger Ibbotson表示，SpaceX的很多价值都在于故事和叙事，但问题是，这些故事最终很难兑现。 星链业务是SpaceX的基本盘 中期维度下，支撑SpaceX高估值的仍是其互联板块(Starlink与卫星网路服务)。其中，Starlink是公司现金流主要来源。 据招股书中数据显示，2026年第一季SpaceX总营收达46.9亿美元，仅互联板块就斩获32.6亿美元，占到公司总营收比重69%。 截至2026年3月底，Starlink订阅用户已达1030万户，较一年前翻倍成长。此外，公司测算其移动与宽带服务合计潜在市场规模达1.6万亿美元，相当于俄罗斯与中国以外全球现有移动宽带总支出水平。 2025年Starlink交出的亮眼业绩已充分验证其商业模式的可行性：全年实现营收113亿美元，同比增长50%；营业利润44亿美元，同比增长58%；营业利润率达...

格隆汇6月8日｜日本第一季度名义GDP季率终值0.6%，前值0.80%。日本第一季度GDP平减指数年率终值3.2%，预期3.40%，前值3.40%。

格隆汇6月8日｜日本4月贸易帐3957亿日元，前值8305亿日元。

近期，美国比特币 (BTC) 现货ETF资金持续流出，而瑞波币 (XRP) 的现货ETF并没有完全同步出逃，反而吸引资金大举流入，该异常现象不仅引起加密投资者好奇为什么会这样，甚至考虑抛弃比特币并押注瑞波币。然而，究竟哪一个更 值得买 呢？ 瑞波币大战比特币：逆势吸金16亿美元 5月20日以来，美国比特币现货ETF连续十个交易日净流出，疯狂失血超4万枚BTC，合计约30亿美元。虽然瑞波币现货ETF 6月3日出现400多万美元净流入，但是同期其余交易时间呈现净流入或为0，最终实现净流入高达16亿美元。 比特币现货ETF资金流动，来源：CoinGlass 在资金的支撑下，XRP价格虽然没有走出独立上涨行情，但是表现得比BTC更加坚挺。过去7天，瑞波币累计下跌10%，低于比特币15%的跌幅；过去30天，瑞波币累计跌15%，同样低于比特币下跌20%。 为什么会出现这种“逆势”？ 在同样的加密大环境下，瑞波币与比特币现货ETF出现两种不同的变动，因此可以排除外在的宏观因素，比如美伊冲突、美联储加息预期 等等， 意味着出现反常现象更多是受它们各自内在因素驱动。 在宏观不利的环境下，全球最大的DAT公司Strategy于6月1日被曝出首次卖出比特币，而且掌握3.5万枚BTC的倒闭交易所门头沟于6月2日出现转账活动，进一步激发许多比特币持仓者恐慌情绪，随后不计价抛售手中的BTC筹码。 对于瑞波币而言，主要受《Clarity法案》以及真实世界资产（ RWA ）影响。该法案从联邦法律层面彻底明确认定 XRP 为“数字商品”，而合规性有利于让XRP成为华尔街眼中的“政策避风港”。目前，该法案已经进入全体参议院表决日程。此外，Messari最新报告显示，XRP Ledger上的RWA市场环比暴增124%，表明该网络的落地应用取得重大进展。 比特币与瑞波币，哪一个更值得买入？ 从最近的价格表现、资金流动、潜在利好消息三个维度来看，瑞波币表现更优于比特币。在二选一的情况下，瑞波币更加适合风险偏好较高、渴望博弈短期政策利好爆发、喜欢波段操作的投资人。 然而，瑞波币跑赢比特币可能只是短暂、偶然性的现象。当时间周期拉长至一年甚至更长之后，比特币的价格表现往往优于瑞波币。此外，BTC是整个加密市场的流动性核心，具备不可篡改的总量上限，这种稀缺性使其具有最强的市场共识。因此，如果你是一位风险偏好中低、追...

Cockroach Janta party began as online joke but is growing into one of the most unexpected challenges to country’s rightwing government The call out to the youth of India was simple: “Get ready to swarm the streets of Delhi with peaceful and loving dissent.” They came in their thousands. The weekend marked the first public protest of the Cockroach Janta party (CJP), a movement that began as an online joke, but which has swiftly grown into one of the most unexpected challenges to the indomitable power of the country’s rightwing Narendra Modi government – driven by millions of discontented and disillusioned young people. Continue reading...

格隆汇6月8日｜日本4月未季调经常帐39078亿日元，预期31367亿日元，前值46815亿日元。

Source: Bloomberg, 6:20

格隆汇6月8日｜韩国KOSPI200指数期货下跌8%。

韩国KOSPI200指数期货下跌8%。日经225指数期货在早盘交易中下跌4.3%。

Earthquake of magnitude 7.8 strikes off southern Philippines Reuters

格隆汇6月8日｜现货黄金突破4340美元/盎司，日内涨0.29%。

格隆汇6月8日｜太平洋海啸预警中心：菲律宾地震可能引发海啸；对菲律宾、印度尼西亚、帕劳、雅浦和巴布亚新几内亚发布海啸警报。