This Week's Top Highlights: Fed Shifts to Hawkish Stance, SpaceX and OpenAI Racing for IPO, NVIDIA's Stellar Performance

BlockBeats News, May 23. This week, the global market experienced violent fluctuations around three main themes: "Escalation of the Middle East Situation, Return of the Fed's Hawkish Stance, and the AI Capital Craze." The US Dollar and Treasury yields surged, while Gold, Oil, and Tech stocks oscillated frequently. AI giants such as SpaceX, OpenAI, and Anthropic intensified their efforts towards IPOs, leading to a high volatility phase in the global risk assets.

On the macro level, Kevin Wash was officially sworn in as the Fed Chair, emphasizing a commitment to a "Reform-Oriented" Fed. Simultaneously, the Fed's April meeting minutes indicated that most officials believe inflation risks are resurfacing, and further rate hikes may be necessary. Market expectations of "prolonged high rates" quickly rose, with the 30-year Treasury yield reaching a new high not seen since 2007.

The Middle East situation continued to be a core variable for the market. While the US-Iran negotiations were nearing an agreement, both sides remained in a "talks under pressure" state. The ongoing navigational risks in the Strait of Hormuz continued to disrupt the global energy market, leading to some commercial ships being forced to change course, causing oil prices to fluctuate wildly. The market began to reassess energy inflation and geopolitical risks.

In the field of technology and AI, SpaceX formally submitted its IPO prospectus, planning to debut on the Nasdaq by the end of June with a fundraising target of $500 billion to $750 billion, valuing the company at approximately $1.25 trillion, potentially becoming one of the largest IPOs in history. The prospectus disclosed for the first time that the company is expected to reach $18.7 billion in revenue by 2025, a 33% year-on-year increase. However, due to the surge in AI and data center investments, the company is expected to incur a net loss of approximately $4.9 billion for the full year.

OpenAI was also reported to have secretly submitted its IPO application this week, aiming for a valuation exceeding $1 trillion; while Anthropic plans to go public in the second half of 2026. The capitalization wave of the AI industry is accelerating comprehensively.

NVIDIA continues to be a core engine of the AI bull market. The company's latest quarter revenue reached $81.6 billion, an 85% year-on-year growth, with its data center business revenue nearly doubling to $75.2 billion, and providing guidance for the next quarter well above market expectations. Jensen Huang stated that the Rubin AI system will begin mass production in the second half of the year, and expects the Blackwell and Rubin chips to generate around $1 trillion in revenue in the coming years.

At the same time, valuation risks in the US stock market are starting to raise concerns. The Shiller CAPE (Cyclically Adjusted Price-to-Earnings) ratio, a measure of long-term valuation levels, has risen to around 40 times, reaching a new high since the dot-com bubble. Currently, the leading AI stocks are highly concentrated, and the market is concerned that the tech stock market is replaying the "extreme concentration" trend of the 1999 dot-com bubble phase.

On the regulatory front, the China Securities Regulatory Commission, together with eight other departments, issued the "Comprehensive Rectification Implementation Plan for Illegal Cross-Border Securities and Futures Fund Operations," clearly stating that it will completely clean up illegal cross-border business conducted by overseas institutions within two years. Futu, Tiger Brokers, and Chongyang Investment were all heavily fined, with Futu facing a fine of 1.85 billion yuan. Following the announcement, the stocks of related Chinese concept stocks experienced a significant drop.

As for the crypto market, Nasdaq received approval from the U.S. SEC to launch Bitcoin index options products; Grayscale submitted the third version of the Hyperliquid ETF amendment filing, with the code GHYP; Michael Saylor, for the first time, hinted that the strategy "does not rule out selling some Bitcoin by 2026," attracting market attention.

Furthermore, the latest 13F holdings of funds under the control of Duane Park were revealed, showing significant increases in holdings of Tesla, NVIDIA, and Pinduoduo in the first quarter, while also establishing new positions in Circle and other cryptocurrency-related stocks. This demonstrates that AI and digital assets remain one of the core directions of global capital.