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BlockBeats News, June 8th, Wells Fargo raised an exchange's price target from $550 to $1220 and maintained an "Overweight" rating. The bank stated that despite an exchange's stock price having risen significantly before, they remain optimistic about its further upside potential. The main reasons include the continued duration of the tight memory supply, progress in advanced packaging collaborations with customers, and the company's strong execution performance. Wells Fargo believes that with AI driving the continued growth in demand for High Bandwidth Memory (HBM) and other products, an exchange is expected to continue benefiting from the favorable storage industry cycle and maintain a strong profitability. At the time of publication, an exchange was temporarily trading at $925 in pre-market trading, up over 7%.

(1) Steel: The market is showing a decline in both supply and demand, with total inventory shifting from decrease to increase and supply-demand drivers weakening. On the capital side, the top twenty positions in Rebar October contract saw reductions in both long and short holdings, with a larger decrease in short positions; the top twenty positions in Hot-Rolled Coil October contract experienced a slight decrease in long positions and a slight increase in short positions, with a mildly bearish change in holdings. Technically, the Rebar October contract ended with a downward consolidation, with resistance at the 40-day moving average above and support at the previous low of 3,136 yuan/ton below. In terms of valuation, the Rebar October contract price is below the East China independent electric arc furnace valley power cost and long-process rebar production cost, with market valuation at a neutral to slightly low level. Overall, macro expectations have weakened, combined with weaker supply-demand drivers, leading steel prices downward; however, under a neutral to low valuation, further downside depends on whether the raw material side can open up more room.(2) Iron ore: On the supply side, iron ore shipments and arrivals remain high, with June marking the end of the Australian fiscal year, and mining shipment surges gradually being realized. On the demand side, hot metal production is marginally declining, and port inventories are shifting from decreasing to increasing, with weakened demand support. Technically, the September contract has fallen with reduced positions, with support at the 750 yuan/ton level below; on the capital side, both long and short positions among the top twenty holdings have been reduced, with a larger reduction in long positions. Overall, downstream steel demand is weakening, offering limited support to raw material prices; the high supply pressure in June is starting to be realized, short-term iron ore valuations are under pressure, and further downside mainly depends on the pace of decrease in hot metal production.(3) Coking coal: Though supply from production areas is recovering, the safety situation in Shanxi remains severe. Some mines restarting production and those currently operating are affected by safety checks and other factors, resulting in a significant decrease in output compared to pre-suspension levels, and supply is expected to remain at a low level in the short term. On the demand side, coal production is smooth and prices continue to rise. On the capital side, the top twenty positions are mainly reduced long holdings, with a decrease in aggressive capital inflow. Technically, the Coking Coal September contract surged and then retreated, with support at 1,390–1,410 yuan/ton below.(4) Coke: Sharp rises in raw material prices have pushed up immediate costs for coking enterprises, and some companies have been forced to cut production, resulting in marginal declines in coke output. Currently, hot metal production is marginally declining but remains at a high level overall, with strong rigid demand support; coupled with strong cost push, some steel mills in Hebei have already accepted the sixth round of coke price increases. In terms of valuation, the market now reflects seven rounds of spot price hikes (each round being 50 yuan/ton); considering that expectations for further spot increases persist, short-term valuation remains neutral with volatility risks to be noted.(5) Silico-manganese: Shipments of manganese ore have declined, port inventories have shifted from decreasing to increasing, and plant operations have continued to pick up slightly yet remain at low levels. The attitude toward pressing prices when purchasing manganese ore is evident, with overall supply and demand staying weak and stable.

BlockBeats news, June 8 — Possibly influenced by the news that NVIDIA and Hyundai Motor Group announced plans to expand cooperation in the fields of physical AI and robotics, the SKHYNIX perpetual contract briefly surpassed 1,370 US dollars before dropping to 1,349 US dollars. The 24-hour trading volume has reached 253 million US dollars, with a 24-hour increase of 5.02%. SKHX perpetual contract trading volume has surged, with a 24-hour volume temporarily at 148 million US dollars and open interest at 101 million US dollars. The SKHX perpetual contract is temporarily at 422 US dollars, reflecting a 24-hour gain of 1.26%. After holding talks in Seoul, NVIDIA and Hyundai Motor Group stated that they will leverage Hyundai Motor’s manufacturing capabilities to advance robotics technologies from the R&D stage toward large-scale factory deployment. Jensen Huang and Hyundai Motor Group Chairman Euisun Chung mainly discussed the Atlas humanoid robot project under Hyundai Motor, as well as the new Saemangeum development plan with a total investment of approximately 9 trillion Korean won. This project will cover AI data centers, the robotics industry, and hydrogen energy infrastructure construction. Jensen Huang referred to this plan as the “AI Valley,” and said that both parties hope to accelerate the commercial application of the robotics industry by combining NVIDIA’s AI technology with Hyundai Motor’s manufacturing strengths.