Big-Tech’s Performance​​​This Week’s Macro Theme: A Sudden Appeal—Trump and the Courts in a Tug-of-War?​​The market rebounded so quickly due to the emergence of the "TACO" (Trump Always Chicken Out) narrative.On May 29, the U.S. Court of International Trade ruled that some of Trump’s tariffs and fentanyl sanctions exceeded the authority granted by the International Emergency Economic Powers Act (IEEPA) and ordered an immediate halt, briefly sparking market optimism (the index surged). However, Trump’s team swiftly appealed, and on May 30, the appeals court issued a "stay" order, temporarily reinstating the tariffs. The core dispute revolves around IEEPA’s applicability—the court argued that trade deficits don’t constitute a "national emergency," while Trump’s side claimed national security

$Okta Inc.(OKTA)$ reported solid Q1 FY2026 earnings after the bell on May 27th, but growth guidance was conservative and below expectations, leading to subdued market sentiment and a significant after-hours drop in the stock price.Okta has strengthened its market leadership position through new product innovations and public sector certifications, but needs to address the challenges of increased competition and slowing IT spending.Investors should monitor revenue growth, customer acquisition and changes in the macro environment in subsequent quarters to assess Okta's long-term investment value.Performance and Market FeedbackRevenue Performance: Q1 FY2026 total revenue was $688 million (+12% YoY), beating market expectations of $680 million.Subscri

$MEITUAN-W(03690)$ 25Q1 results showed strong growth and profitability, with core local commerce and membership programs as key drivers.Competitive pressures have not yet significantly impacted financial performance as Q1 did not start the takeout war, with overseas expansion and AI investments providing potential for long-term growth.More important though is the guidance from the earnings call.To summarize the market concerns:The impact of Q1 competition is not yet significant, and the reduction of subsidies eases the pressure on profits;However, Q2 takeaway competition intensifies, operating profit growth will decline significantly, and it is impossible to predict how long irrational competition will lastKeeta's initial success responds to inte

There was a significant pullback in the $S&P 500(.SPX)$ last week, with the bond market a key contributing factor.Long-term bond supply issues (U.S.-Japan auction chaos), deficit pressures from the U.S. budget proposal (locking in a $2 trillion deficit over the next several years), and intensifying pressures on the back end of the global interest rate curve, as well as debt sustainability concerns and tariff uncertainty (the "zero Sharpe ratio guessing game"), combined to lead to a highly volatile trading environment.Equity markets, on the other hand, have been heavily influenced by slowing demand strength (although companies are still buying), cooling risk appetite, and technicals suggesting a weakening of near-term demand trends.Key insights

1. Alphabet $Alphabet(GOOG)$ $Alphabet(GOOGL)$ Business Overview: Alphabet is a leading global technology giant with businesses covering search, advertising, cloud computing and artificial intelligence.Its core product, the Google search engine, dominates the global market, the Google Cloud Platform (GCP) is growing rapidly in cloud computing, and YouTube is the world's largest video platform.In addition, Alphabet's forward-thinking approach to self-driving cabs (via Waymo) and quantum computing offers plenty of scope for future growth.Recent concerns about its search business being eroded by AI and the market over-booking factors, however, in terms of actual revenue and user hours, are inconclusive for

Big-Tech’s PerformanceWeekly macro storyline: Triple Kill Across Equities, Bonds, and FX – Is Trump Quietly Backing Down?The week began with a series of "black swans": Moody's downgraded the U.S. credit outlook, Japan's government bond auctions saw weak demand, and the U.S. 20-year Treasury auction was poorly received. These were all ripple effects stemming from tariff tensions and hit the market just as the global bond market faces synchronized pressures:Persistent inflation (Japan’s core inflation has remained above the 2% target for two consecutive years),Declining ALM investor demand (as rising interest rates dampen appetite for long-dated bonds),Surging government financing needs (fiscal deficits and debt supply pressure).Rising JGB yields may push U.S. Treasury curves steeper, which

$NEBIUS(NBIS)$ 25Q1 earnings were strong overall (both revenue and ARR) thanks to rapid expansion of core AI infrastructure business and deepening NVIDIA partnership, though losses due to high capex remain a near-term pressure.Strategic investment in Toloka and optimistic outlook for full-year ARR guidance provide catalysts for valuation re-pricing, but competitive pressuresand governance risks require close attention.The progress of data center go-live and improved profitability will be key variables in the coming quarters and could drive the market to reassess Nebius' positioning in the AI infrastructure space.Performance and market feedback1. Core financial metrics vs. market expectationsRevenue: Nebius Q1 2025 revenue came in at $55.3M, up 385

Key InformationIndustry Overview:China's online retail merchandise sales (GMV) grew 6% YoY in April 2025, in line with the first quarter and significantly higher than the overall social retail growth rate (+5.1%).The growth was mainly driven by a rebound in consumption of durable goods such as home appliances, telecommunication equipment and stationery, driven by the "trade-in" policy.GMV growth is expected to be higher in May, benefiting from the early start of the 618 promotion period, but may fall back in June, and the whole year needs to be observed by combining May and June.E-commerce platform performance:Alibaba: Core ad revenue CMR, Tmall gross profit beat expectations, AI-driven marketing tools boost penetration. $Alibaba(BABA)$

Q1 earnings report of $Trip.com Group Limited(TCOM)$ is characterized as "solid but mediocre": revenue is in line with expectation, profit slightly exceeded but growth rate is sluggish, and overseas business is slowing down at the margin.Current valuation has partially reflected overseas growth expectations, and we need to be wary of domestic consumption weakness and policy risks.Neutral rating, wait for clearer signals of profitability inflection point of sea business. $Trip.com Group Limited(TCOM)$ $TRIP.COM-S(09961)$ Performance and Market FeedbackQuick overview of core data:Revenue: net income of $13.83 billion, +16% yoy, in line with market expectations.Pro

Big-Tech’s PerformanceWeekly macro storyline: Trump’s adrenaline, Powell’s indifferenceThe week started off optimistically, as the "win-win" outcome of the Geneva talks between China and the U.S. exceeded expectations, boosting risk assets on both sides. However, Fed Chair Jerome Powell took a tough stance, stating that the Federal Reserve is re-evaluating its policy framework—modifying references to "average inflation targeting" and "underemployment"—shifting to stricter inflation control (targeting close to 2%) and remaining vigilant about an overheating labor market. This implies the Fed will insist on waiting for post-tariff-impact data before considering rate cuts, and the 2% inflation target is now interpreted as more immediate than long-term—essentially a direct challenge to Trump.C

Q4 overall: fundamentals stable, growth anxiety remains, AI strategy landing is key $Alibaba(BABA)$ announced its FY2025 Q1 earnings (for the year ending March 31, 2025) in the pre-market on the 15th, with shares down 5% at one point.The market reaction was predominantly negative, reflecting a strong expectation gap.The whole point is that, despite the Amoy days to support the core earnings, still reveals the lack of growth highlights, the lack of profitability elasticity of the problem, ali and tencent, facing the "old and new kinetic energy" transition strategy transition period. $BABA-W(09988)$ The market's short-term pullback reflects a revision of expectations, but of course, the medium- to long-ter

Overall, $Cisco(CSCO)$ Q3 2025 earnings report shows the company has achieved significant growth based on its traditional networking business, leveraging AI infrastructure and strategic innovation, and both earnings and guidance exceeded market expectations, with the stock reacting positively.Management's solid execution and effective response to macro risks have laid a solid foundation for the company's continued growth in the future.Results and Market FeedbackCisco Systems (NASDAQ: CSCO) reported strong results for the third quarter of fiscal year 2025, exceeding market expectations overall.The company reported total revenues of $14.1 billion, up 11% year-over-year (+11% yoy), beating the market's general estimate of approximately $14 billion.No