Fed Turns Hawkish, SpaceX and OpenAI Accelerate IPO Plans, NVIDIA Reports Record Earnings

Huoxing Finance reports: On May 23, this week, global markets experienced intense volatility driven by three key themes: escalating Middle East tensions, the Federal Reserve’s return to a hawkish stance, and the AI capital frenzy. The U.S. dollar and Treasury yields rose sharply, while gold, crude oil, and technology stocks swung frequently. Major AI leaders—including SpaceX, OpenAI, and Anthropic—rushed toward IPOs, pushing global risk assets into a phase of heightened volatility. On the macro front, Kevin Warsh was officially sworn in as Chair of the Federal Reserve, emphasizing his commitment to a “reform-oriented” Fed. Meanwhile, the Fed’s April meeting minutes revealed that most officials viewed inflation risks as resurging and indicated that further rate hikes could be warranted if necessary. Market expectations for “higher-for-longer” interest rates surged rapidly, with the 30-year Treasury yield reaching its highest level since 2007. The Middle East situation remains a central market variable. Although U.S.-Iran negotiations are nearing an agreement, both sides remain in a state of “negotiating while applying pressure.” Ongoing risks to navigation through the Strait of Hormuz continue to disrupt global energy markets, forcing some commercial vessels to reroute and causing repeated sharp swings in oil prices. Markets are now repricing energy inflation and geopolitical risk. In the tech and AI sector, SpaceX has officially filed its IPO prospectus, aiming to list on Nasdaq as early as late June, with projected fundraising of $50–75 billion and an estimated valuation of $1.25 trillion—potentially making it one of the largest IPOs in history. The prospectus disclosed for the first time that the company’s 2025 revenue reached $18.7 billion, up 33% year-over-year; however, due to surging investments in AI and data centers, it posted a net loss of approximately $4.9 billion for the year. OpenAI is also reportedly set to secretly file its IPO application as early as this week, targeting a valuation exceeding $1 trillion; Anthropic plans to go public in the second half of 2026. The capitalization wave across the AI value chain is accelerating rapidly. NVIDIA continues to serve as the core engine of the AI bull market. The company reported quarterly revenue of $81.6 billion, an 85% year-over-year increase, with data center revenue nearly doubling to $75.2 billion. It also issued guidance for next quarter that significantly surpassed market expectations. Jensen Huang stated that the Rubin AI system will begin mass production in the second half of this year and forecast that Blackwell and Rubin chips could generate $1 trillion in revenue over the coming years. Meanwhile, concerns over U.S. equity valuations are emerging. The Shiller CAPE ratio—a measure of long-term valuation—has risen to approximately 40x, the highest level since the dot-com bubble. With AI leader stocks heavily concentrated, investors fear that the tech rally is replicating the “extreme concentration” seen during the 1999 internet bubble. On the regulatory front, China’s Securities Regulatory Commission, in coordination with eight other agencies, released the “Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Activities,” pledging to fully eliminate illegal cross-border operations by foreign institutions within two years. Futu, Tiger Brokers, and Changqiao Securities all received heavy penalties; Futu is拟被罚 1.85 billion RMB. Following the announcement, related Chinese-listed brokerage stocks plunged. In the crypto market, Nasdaq received approval from the U.S. SEC to list Bitcoin index options products; Grayscale submitted its third revised filing for the Hyperliquid ETF under the ticker GHYP; and Michael Saylor for the first time indicated that his strategy “does not rule out selling a portion of Bitcoin by 2026,” drawing market attention. Additionally, Duan Yongping’s fund disclosed its latest 13F holdings, revealing significant increases in positions in Tesla, NVIDIA, and Pinduoduo during Q1, alongside new investments in crypto-related names such as Circle—demonstrating that AI and digital assets remain among the core directions of global capital.