(b) Bitget UEX daily reports increased short-line lifting fluctuations in crude oil; the nano-indicators were highly innovative; Tesla performance exceeded expectations (23/04/2000)

I. Hot spots

Federal Reserve Developments

Trump did not set an extended deadline for the Iranian ceasefire

• Trump stated that the earliest Friday or the resumption of the inter-American peace talks had not been set with a final extension; that Iran, by mediating the expiration of the 26-day ceasefire period, denied changing the non-negotiating plan but claimed to have received a “sign” from the United States to lift the maritime blockade; and that under Pakistan's good offices, the chances of resuming the talks in the next 36-72 hours increased。
• the trump support rate fell to 33 per cent (5pct down from march), 73 per cent of respondents rated the united states economy as bad and 72 per cent as moving in the wrong direction。
• Market impacts: The geo-smuggling of short-term boost risk preferences, the US stock rebounds with encrypted currencies, but the Middle East is a multi-line game, oil price volatility remains, and the Fed’s policy path is tested by both inflation and growth。

Macroeconomic policy

Goldman Sachs and Howard Marks warned that the easy money was over

• The Goldman Sachs trading counter, known as the “final stage” of the systematic buyout that drove the US stock to rebound, showed that the garbage stock was in disarray and that the market had moved from passive to active appreciation。
• HOWARD MARKS POINTED OUT THAT THE RATE OF PROFIT OF THE BP500 IS STILL ABOUT 22 TIMES HIGHER THAN THE HISTORICAL AVERAGE, “NOT CHEAP”, AND SUGGESTED THAT THE FOCUS BE ON “PRICES ARE NOT BOUGHT” RATHER THAN ON THE BOTTOM OF THE DEAL IN GEOPOLITICAL AND AI SHOCKS。
• Market impacts: DESPITE A STRONG BACKLASH FROM CORPORATE PROFITS, THE INSTITUTIONAL PERCEPTION UNDER MULTIPLE PRESSURES HAS BECOME MORE CAUTIOUS, THE SHORTAGE OF ELECTRICITY, WATER RESOURCES AND METALS SUCH AS COPPER ALUMINIUM (THE US BANK PREDICTS THAT THE DATA CENTRE WILL USE ELECTRICITY MORE THAN JAPAN BY 2030) AS A RESULT OF THE EXPANSION OF THE AI DATA CENTRE HAS NOT BEEN FULLY PRICED, AND THE MEDIUM- AND LONG-TERM BASE PRICING CAPACITY WILL DOMINATE。

Market revisiting

Foreign exchange performance for bulk commodities

• Cash gold: A slight increase of 0.13 per cent, which rebounded to $4745 after falling to $4694。
• Cash and silver: A slight increase of 0.56 per cent, with an exchange of $78, and a convergence of trends with gold。
• WTI CRUDE OIL: 0.6 per cent, $93.45。
• Brent crude oilIncrease of 0.68 per cent to $102.61。
• United States dollar index: Reactions for two consecutive days, US$ 98.55。

Encryption Currency Performance

• BTC: 24H RISES BY ABOUT 2.5 PER CENT, WITH AN ESTIMATED US$ 78,274, WHICH REPRESENTS A BREAKTHROUGH OF US$ 79,000 AT A NEW HIGH SINCE 2 FEBRUARY; GEO-DEFICIT + US STOCK TECHNOLOGY REBOUNDS。
• ETH24H ROSE BY APPROXIMATELY 1.77 PER CENT, REPORTING AN ESTIMATED $2,366, FOLLOWING A WAVE OF WARMTH AND REBOUNDING, AND IMPROVING THE MOOD OF THE YAMASHI CURRENCY。
• Total market value of encrypted currency24H UP BY ABOUT 1.9 PER CENT TO ABOUT $2.7 TRILLION。
• Market warehouse situation: 24H TOTAL BURSTING WAREHOUSE OF APPROXIMATELY $462 MILLION AND EMPTY SINGLE BURSTING WAREHOUSE OF APPROXIMATELY $352 MILLION (CLEARLY SQUEEZED EMPTY HEAD)。
• Bitget BTC/USDT liquidation map: The current price is about 78,200 and is on the verge of a multi-headed settlement-intensive zone, with a short-term vulnerability to sharp fluctuations in top-down and bottom-up bills. The cumulative size of empty liquidation above is larger and continues to rise, and once the zone is breached, the probability of triggering empty crowding is high and prices continue upward。

• NET INCOMING/OUTWARD SPOT ETF: BTC spot ETF received about $85 million in net inflows yesterday; ETH spot ETF received about $42.8 million in net inflows yesterday (BlackRock et al., main increments)。
• BTC SPOT INFLOW/EXIT: yesterday's inflow of $2,783 million and outflows of $2,568 million, and yesterday's net inflow of some $214 million are clear signs of continued institutional build-up。

United States equity index performance

• FingerThe increase of 0.69 per cent was reported as 49,490.03 points, a continuous but relatively moderate increase。
• Pistol 500: Increase of 1.05 per cent by 7,137.90 points, with a new high income stream and a combination of business profitability and geo-difficult。
• Nut fingerThe 1.64 per cent increase is reported as 24,657.57 points, and the income-generating pool is up and up, with the technology unit leading the current round。

Technology giant dynamics

• NVDA: AN INCREASE OF ABOUT 1.2 PER CENT IN REPORTING $200.50 AND CONTINUED STRONG DEMAND FOR AI。
• MICROSOFT: 1.5 PER CENT INCREASE。
• APPLE (AAPL): 0.8 per cent increase of $268.00 for service and hardware resilience support。
• AMAZONIncrease of 0.6 per cent $249.84, cloud computing growth。
• GOOGLE: 2.2 per cent increase in reporting $330.47 and Clauud Next Congress AI smart body and TPU new launch boost。
• Meta: 0.9 PER CENT INCREASE IN THE AMOUNT OF $668.53, WITH RETURNS ON ADVERTISING AND AI INPUT。
• TESLA: A ONE-TIME INCREASE OF OVER 4 PER CENT AND A DROP OF OVER 2 PER CENT WAS REPORTED AT APPROXIMATELY $386.42, WHILE Q1 PERFORMANCE WAS BRIGHT BUT HIGH-CAPITAL EXPENDITURE GUIDELINES TRIGGERED FLUCTUATIONS。

Summary of core causes(B) A STRONG DICHOTOMY BETWEEN AI AND SEMICONDUCTOR DEMAND, AN OVERALL RISE IN TECHNOLOGY, AND THE EIGHTH CONSECUTIVE TRADING DAY FOR SOFTWARE UNITS, NEARLY 20 PER CENT HIGHER THAN THE APRIL LOW。

Plank Instant Observation

Semiconductor plateIncrease of approximately 2.7 per cent

• REPRESENTATIVE UNITS: U.S.U. + 8.48 PER CENT, AMD + 6.67 PER CENT, AVGO + 5.09 PER CENT。
• DRIVERS: A HIGH-PERFORMANCE STORAGE AND COMPUTING DEMAND CONTINUE TO ERUPT, WITH THE PHILADELPHIA SEMICONDUCTOR INDEX INCREASING BY 16 TRADING DAYS TO RECORD LEVELS, AND THE LIGHT COMMUNICATION PLATE POET AND IPWR INCREASING BY 20 PER CENT A DAY。

SaaS and Software BoardPartial echo

• Representing a unit: ServiceNow fell by 13.55 per cent。
• DRIVERS: THE MIDDLE EAST CONFLICT HAS LED TO LARGE SINGLE DELIVERIES, M&AS HAVE BEEN SHORT-TERMLY REDUCED IN PROFITABILITY, AND WALL STREET HAS QUESTIONED THE FUTURE OF AI-ERA BUSINESS SOFTWARE。

III. Depth interpretation

TESLA - Q1 PERFORMANCE WAS AT ITS HIGHEST RATE OF GROWTH IN ALMOST THREE YEARS, WITH FLUCTUATIONS IN THE DIRECTION OF CAPITAL EXPENDITURE

Summary of events: total income from TeslaQ1 increased by 16 per cent in relation to the same year as income from automobile operations, and Europe rebounded in demand from North America; energy operations lost 12 per cent in relation to the same year; services revenue increased by 42 per cent, with the pay-for-Robotaxi circle nearly doubling; the Māori rate rose to 21 per cent at a three-year high; and capital expenditure fell short of expectations and invested $2 billion in SpaceX. The company stated that Cortex 2 was on line, Dojo 3 advanced, and Q2 initiated preparations for the Optimus plant (1 million units per year in phase I and 10 million units in phase II). After a 4 per cent jump on the post-fiscal stock, Mask stated that capital expenditure would increase significantly, and CFO confirmed that it would fall by 2 per cent after over $25 billion this year。Market interpretation: The agency considers car demand warming to be supported by long-term narrative valuations in Robotaxi/Optimus, but high capital expenditure and slowing energy operations have led to a closure of short-term gains; some analysts maintain “buy-in” but lower short-term target prices, focusing on Q2 deliveries and capacity climbs。Investment revelation: Short-term fluctuations are increasing, and it is recommended that attention be paid to the landing of Robotaxi and Optimus, and that long-term AI+ robotic track potential remain but must be controlled。

2. SK HERCULES - Q1 NET PROFIT INCREASE 500 PER CENT PER YEAR TO UPDATE HISTORICAL RECORD

Summary of events: SK HERCULES, Q1 COMPANY, 2026 FISCAL YEAR, RECEIVED 52.58 TRILLION WON (ROUNDED + 60 PER CENT, CORRESPONDING + 198 PER CENT), BUSINESS PROFITS OF 3,761 TRILLION WON (ROUNDED + 96 PER CENT, CORRESPONDING + 405 PER CENT), NET PROFITS OF 40.35 TRILLION WON, BUSINESS PROFITS OF 72 PER CENT AND NET PROFITS OF 77 PER CENT PEAKED IN A SINGLE SEASON. THE CORE DRIVER WAS A SHARP INCREASE IN DRAM AND NAND PRICES AND AN INCREASE IN THE SHARE OF HIGH VALUE ADDED PRODUCTS; THE COMPANY INDICATED THAT AI CALCULATIONS HIGHLIGHTED THE NEED FOR HIGH PERFORMANCE STORAGE, THAT SUPPLY REMAINED LIMITED AND THAT AN ENABLING PRICING ENVIRONMENT WOULD CONTINUE。Market interpretation: WALL STREET GENERALLY SEES THE CONTINUATION OF THE STORAGE CYCLE, THE EXPANSION OF THE AI DATA CENTRE BOOSTS THE DEMAND FOR HBMS AND HIGH PERFORMANCE DRAMS, AND THE INCREASED PRICING POWER OF SK HERCULES AS THE MAIN SUPPLIER; AND SOME AGENCIES INCREASE TARGET PRICES TO ASSUME THAT THE 2026 SUPPLY AND DEMAND STRESS PATTERN WILL SUSTAIN PROFITABILITY。Investment revelationCORE AI INFRASTRUCTURE BENEFICIARIES, CURRENT PERFORMANCE VALIDATION CYCLE UPWARDS, FIT FOR MEDIUM- AND LONG-TERM CONFIGURATION, FOCUS ON SUBSEQUENT PRICE AND INVENTORY DATA。

3. ServiceNow - Performance is in line with expectations, but a sharp fall of 13.55 per cent is being applied to the plate

Summary of events: The ServiceNow Q1 battalion received $3.77 billion (+22 per cent) in line with expectations and guided small expectations in the second quarter; however, the conflict in the Middle East has led to heavy bill delivery, short-term consolidation of profit margins for mergers and acquisitions, and Wall Street continues to question the future of AI-era enterprise software. The post-fiscal stock fell by 13.55 per cent, leading to a collective reversal of the SaaS block。Market interpretation: According to analysts, short-term implementation is compounded by geo-related factors and macro-uncertainty, and AI's subversive concerns about traditional SaaS are rising; although the guidelines are robust, high valuations lead to accelerated profitability, with some agencies downgraded or targeted prices。Investment revelation• High-Value Growth Unit needs to be alert to the risks of macro- and industry-based change and recommends an assessment of the basics after a return。

4. A 14 PER CENT INCREASE IN THE BACKLOG OF ORDERS AT BOEING-Q1 BATTALION IS AT A NEW HIGH OF $695 BILLION

Summary of eventsTHE BOEING Q1 BATTALION RECEIVED $22.2 BILLION (+14 PER CENT) MORE THAN EXPECTED, WITH NET LOSSES NARROWING TO $7 MILLION; COMMERCIAL AIRCRAFT DELIVERIES INCREASED BY 10 PER CENT, WITH THREE LARGE BLOCK BACKLOGS REACHING AN INNOVATIVE HIGH OF $695 BILLION; OPERATING CASH FLOWS REMAINED NEGATIVE BUT DEBT SERVICING WAS $7 BILLION PER QUARTER AND CAPITAL EXPENDITURES DOUBLED TO $1,275 MILLION。Market interpretationTHIS IS SEEN BY AGENCIES AS A SIGNAL OF AVIATION RECOVERY, WITH PRODUCTION CAPACITY CREEPING IN TANDEM WITH DELEVERAGING, AND BACKLOG ORDERS PROVIDING LONG-TERM VISIBILITY; ALTHOUGH CASH FLOW PRESSURES PERSIST, MACHINE DELIVERIES SUCH AS BOEING 787 AND 777X ACCELERATE OR RESTORE CONFIDENCE。Investment revelationBeneficiaries of long-term aviation cycles, appropriate for patience, focus on delivery progress and supply chain improvement。

5. IBM - Q1 PERFORMANCE EXCEEDED EXPECTATIONS BUT AI ' S CONCERNS ABOUT SUBVERSION REMAINED

Summary of events: IBM Q1 GROSS REVENUE GREW BY 9 TO $15.9 BILLION (EXCEEDING EXPECTATIONS) AND SOFTWARE REVENUE INCREASED BY 11 TO $7.05 BILLION; THE ADJUSTED EPS $1,91 EXCEEDED EXPECTATIONS; THE COMPANY MAINTAINED YEAR-ROUND GUIDELINES, BUT BOTH THE OVERALL AND THE SOFTWARE BASE GREW AT A SLOWER PACE, FAILING TO FULLY ADDRESS INVESTORS' CONCERNS ABOUT ARTIFICIAL INTELLIGENCE SHOCKS TO TRADITIONAL OPERATIONS。Market interpretation: WALL STREET CONSIDERS CLOUD AND AI TRANSITION TO BE ONGOING BUT LESS RAPID THAN EXPECTED, HYBRID CLOUD AND ADVISORY BUSINESS RESILIENCE SUPPORT VALUATION; SOME ANALYSTS MAINTAIN “NEUTRAL” AND ARGUE THAT THE INCREASE IN THE PREMIUM REQUIRES FURTHER VALIDATION OF AI CONTRIBUTIONS。Investment revelationVALUE-BASED TECHNOLOGY UNITS, WHICH ARE ATTRACTIVE DIVIDENDS AND SUITABLE FOR DEFENSIVE CONFIGURATIONS, BUT THE GROWTH OF THE CEILING STILL REQUIRES OBSERVATION OF THE IMPACT OF AI LANDINGS。

IV. Developments in encryption money projects

1 The 757,000 ETH (US$ 175 million) of KelpDAO hackers, monitored by chain analysts, have now largely been replaced by BTC. The main agreement used by hackers to convert ETH across the chain to BTC was THORchain, and hacker operations also brought $800 million in transaction volumes and $910,000 in Platform fees。

Data from Token Terminal show that the total stock of locks on the United States Treasury debt chain has reached an all-time high of $14 billion. The Benji Fund under the Franklin Templeton flag has grown by more than 381 per cent over the past month, becoming the fastest-growing issuer of tokenized debt。

3. The Thailand Securities and Exchange Commission announced that it was revising the licensing rules for digital asset derivatives transactions to allow digital asset operators to provide derivative contractual services based on digital assets without the need to establish new companies, with the aim of promoting the recognition of digital assets as an asset class and providing investors with additional risk hedge tools。

4 The Investment Bank, TD Cowen, noted that, in addition to stabilizing currency gains, the adoption of the Clarity Act faced five additional obstacles. The first is that the United States Commodity Futures Trading Commission (CFTC) currently has only one member, and the process of nominating and confirming the expanded members may take months, while the deadline for bill action is late in July. The second is to predict market regulation, which, if incorporated into the bill, could lead to the abandonment of Democrats. Third, the World Liberty Financial encryption project, which is linked to the Trump family, continues to raise concerns and may make it difficult for Democrats to support the bill. Fourthly, Iran is reportedly discussing the requirement for ships to pay tolls in the Strait of Hormuz in encrypted currency, which could increase pressure on money-laundering provisions. Fifth is the possibility that the Credit Card Competition Act may attempt to be included in the encryption bill. Senator Tillis indicated that the Senate Banking Commission would not vote on the bill until early May, and that a compromise text for the stabilization of currency gains might be published before it was considered。

5 Tesla didn't do it in the first quarter of 2026BitcoinAny adjustment to the warehouse still holds 11,509 bitcoin, valued at approximately $880 million at current prices of approximately $78,000. As a result of the fall of Bitcoin from about $90,000 at the beginning of the year to about $68,000 at the end of March, Tesla reported a tax impairment deficit of $173 million on its digital assets。

Six, BlackRock, with its recent and sustained increase in bitcoin, has now grown to about 806,700 BTC warehouses, at a market value of about $63,733 million, a record high。

V. Today ' s market calendar

Data release schedules

The big news

Institutional perspective:

THE GOLDMAN SACHS TRADING COUNTER CLEARLY WARNS OF THE "LATE STAGE OF SYSTEMIC SUPPORT" ALREADY, MARKETS ARE SHIFTING TO FUNDAMENTAL PRICING AFTER EASY MONEY IS MADE, AND RISING ENERGY COSTS ARE ERODING PROFITABILITY AND CONSUMPTION; HOWARD MARKS HAS STATED THAT 22 TIMES THE MARKET RATE IS STILL NOT CHEAP, AND THE MOOD UNDER THE MULTIPLE PRESSURES OF GEOPOLITICS AND AI HAS TURNED TO PESSIMISM, AND INVESTORS SHOULD FORGET THE COST OF BUYING AND ASK “THE PRICE NOW IS STILL NOT BOUGHT”. AT THE SAME TIME, THE BANK NOTED THAT THE EXPANSION OF THE AI DATA CENTRE WOULD TRIGGER A FULL CHAIN CRISIS OF ELECTRICITY, WATER RESOURCES AND KEY METALS, WITH THE DATA CENTRE USING ELECTRICITY IN 2030 OR EXCEEDING JAPANESE SIZE, AND THAT THE REAL BOTTLENECK WAS “DELIVERYABILITY” RATHER THAN COST. ALTHOUGH BUSINESSES SUCH AS TESLA AND SK HERCULES ARE MORE PROFITABLE THAN EXPECTED TO VALIDATE AI DEMAND RESILIENCE, UNCERTAINTY AND HIGH VALUATION REALITIES IN THE MIDDLE EAST LIMIT SHORT-TERM ACCESS TO SPACE. ON THE WHOLE, SHORT-TERM RISK ASSETS ARE SUBJECT TO GEO-SCALING BOOSTS, AND IN THE MEDIUM TERM THE FED ' S POLICY SIGNALS NEED TO BE CLOSELY FOLLOWED UP WITH THE Q2 FINANCIAL QUARTERLY CONTINUITY, SUGGESTING A BALANCED ALLOCATION OF SCIENCE AND TECHNOLOGY GROWTH AND VALUE DEFENCE ASSETS。

DISCLAIMER: THE ABOVE IS COLLATED BY AI, MANUALLY ISSUED ONLY FOR VALIDATION AND IS NOT RECOMMENDED FOR INVESTMENT。