Wall Street Insights Breakfast FM-Radio | March 12, 2026

Good Morning Voice of Huajian

Please upgrade to the latest version of the Jianwen APP to successfully listen to the following audio.

Market Overview

U.S. key inflation data remains relatively mild; IEA announces record crude oil reserve releases but fails to boost market sentiment. Trump attempts to downplay the Strait of Hormuz mine threat, hints that the war will end soon, but markets remain concerned about Middle East tensions.

S&P 500 dips slightly by 0.08%, Dow drops 0.6%, Nasdaq recovers late to close up 0.08%. Large tech stocks outperform the market; Oracle surges over 9% after earnings, cyclical stocks drag down U.S. stocks.

U.S. Treasury yields rise across the board. Traders expect the Federal Reserve to cut interest rates only once this year. The 10-year Treasury yield rises 6.8 basis points, up over 30 basis points since Iran conflict began.

The dollar gains 0.44%, approaching 99, recouping losses this week. AUD/USD rises 0.5%, hitting the highest since June 2022.

Spot gold falls 0.3%, silver drops over 3%. Oil prices fluctuate within the day. WTI futures expand intraday gains to 6.25%, hitting a daily high of $91.45 per barrel in Asia-Pacific trading.

During Asian hours, the ChiNext index rises over 1%, “Lobster” sector declines, solar industry chain explodes, “Ning Wang” A/H shares surge, NIO jumps 13%.

Top News

China

Ministry of National Defense: All parties should immediately cease Middle East military actions; AI military applications should be human-led to prevent loss of control.

Lao Pu Gold forecasts over double revenue increase in 2025, net profit likely exceeds 4.8 billion yuan.

Forbes annual billionaire list: Elon Musk remains the world’s richest with $839 billion; Zhang Yiming is China’s richest.

Overseas

U.S. inflation continues to cool; February CPI up 2.4% YoY, core CPI up 2.5%, the smallest increase in nearly five years.

Trump claims military action against Iran “will end soon,” hints at more strikes; Iran warns U.S. risks prolonged conflict. Iranian president proposes three conditions to end the war, demands U.S. compensation. IEA approves record crude reserve release, over 400 million barrels, more than double 2022 levels. In past six days, Iran’s oil exports exceed pre-war levels.

Report: Trump administration to announce trade investigation paving the way for new tariffs.

U.S. DOJ may have a breakthrough in Powell investigation; chief prosecutor replaced.

NVIDIA advances AI with open-source model Nemotron 3 Super, 120 billion parameters, fivefold throughput increase. Jensen Huang rare statement: AI is a key infrastructure like electricity and the internet.

“Microsoft” challenges: Elon Musk announces Tesla and xAI joint project to simulate software companies with AI.

OpenAI’s e-commerce dream hit by reality: conversion rate below 1%, merchants indifferent, users hardly buy.

Meta expands self-developed chip line: four new products by 2027, strengthening autonomous computing power.

Market Close

US and European Stocks: S&P 500 down 0.08% at 6,775.80; Dow down 0.61% at 47,417.27; Nasdaq up 0.08% at 22,716.135. Europe STOXX 600 down 0.59% at 602.54.

A-shares: Shanghai Composite at 4,133.43 (+0.25%), Shenzhen Component at 14,465.41 (+0.78%), ChiNext at 3,349.53 (+1.31%).

Bond Market: 10-year U.S. Treasury yield up 5.25 bps at 4.2082%; 2-year yield up 4.60 bps at 3.6360%.

Commodities: Gold spot down 0.28% at $5,176.92/oz; silver down 2.87% at $85.79/oz. WTI futures intraday gains expand to 6.25%, hitting $91.45 in Asia-Pacific.

Top News Details

Global Highlights

China

Ministry of National Defense: All parties should immediately stop Middle East military actions; AI military applications should be human-led to prevent loss of control. On March 11, Deputy Director of the Ministry of National Defense News Bureau, Colonel Jiang Bin, stated: The serious violation of international law and basic norms of international relations by U.S.-Iran conflict, ongoing escalation offers no winners; military actions should cease immediately; AI military applications must be human-led; “Taiwan independence” activities and political manipulation are doomed to fail.

China’s “lobster farming” craze has stunned the world; Goldman Sachs sales team surprised: Chinese speed and enthusiasm! OpenClaw AI software sparks nationwide “lobster farming” fever. Goldman Sachs Asia sales Philip Sun praised China’s rapid embrace of AI. Nearly a thousand people queued outside Tencent headquarters in Shenzhen, from programmers to retirees and housewives, all participating. Posts received over a thousand likes; foreign netizens in comments are bewildered: “This scale, crazy!”

• The first victims of “lobster farming” appear, some paying to uninstall. After OpenClaw (“Lobster”) AI’s popularity, security issues emerge—emails deleted randomly, privacy leaks, API key theft—causing user concerns and uninstallations. Official warnings issued, highlighting four serious risks; experts advise cautious use and enhanced security measures.

Lao Pu Gold forecasts over 2x revenue increase in 2025, net profit over 4.8 billion yuan. The company projects 2025 revenue of approximately 27-28 billion yuan, up 217-229% from 2024; net profit around 4.8-4.9 billion yuan, up 226-233%. Driven by gold prices, brand expansion, product iteration, and store growth.

Forbes Billionaire List: Musk remains top with $839 billion; Zhang Yiming is China’s richest. The 40th Forbes global billionaire list reports 3,428 billionaires, a record high, with total wealth exceeding $20.1 trillion. Musk leads with $839 billion, first to surpass $800 billion, possibly heading toward $1 trillion. Zhang Yiming with $69.3 billion is China’s richest, ranked 26th globally. AI boom fuels daily creation of new billionaires.

Overseas

U.S. inflation continues to decline; February CPI up 2.4% YoY, core CPI up 2.5%, the smallest in five years. Despite easing, Middle East conflict pushes oil, gasoline, and fertilizer costs higher; Citibank expects energy prices to push inflation in March data. Markets expect Fed to hold rates steady next week.

Trump claims Iran military action “will end soon,” hints at more strikes; Iran warns of prolonged conflict. Trump plans slight reduction in strategic oil reserves to ease oil prices. Iran shifts from “tit-for-tat” to “series of strikes,” U.S. Navy “evacuates” Persian Gulf; confirms attacks on two ships in Strait of Hormuz, reaffirms U.S. and allies’ rights. UK reports three ships attacked near Iran; Macron says coordination on Strait escorting will take weeks; G7 to release oil reserves soon. Trump dismisses Iran’s mine-laying in the strait, claims U.S. nearly destroyed all Iranian mines; U.S. threats to attack Iran’s civilian ports.

Iranian president proposes three conditions to end war: recognition of Iran’s rights, compensation, and international guarantees against future aggression.

• Israeli Foreign Minister: No desire for endless war with Iran; will negotiate with U.S. on end date. Minister Sarel states goal is to eliminate Iran’s existential threat long-term, but regime change may occur post-military action.

IEA approves record crude oil reserve release, over 400 million barrels, more than double 2022 levels. U.S. to release 172 million barrels next week; Germany nearly 20 million; UK 13.5 million; France plans soon; Japan to start on Monday, releasing 8 million barrels to hedge supply risks. President Trump says U.S. is working to maintain oil flow. IEA’s release expected to lower prices; market expects continued decline, but U.S. Navy’s safe passage declaration is the real turning point.

Straits of Hormuz alternative routes: Amid Middle East conflict, global oil relies on two pipelines for “lifeline”—Saudi Arabia’s east-west pipeline and UAE’s Habshan-Fujairah pipeline, combined capacity about 8.8 million barrels/day, far less than pre-blockade levels (~20 million). Analysts warn potential attacks on pipelines and ports could cause secondary price shocks.

Domestic Macro

MIIT: Six “must-dos and don’ts” for OpenClaw security risks. The cybersecurity platform issued safety advice for “Lobster” applications, emphasizing use of official latest versions, limiting exposure, least privilege, cautious skill market use, attack prevention, and long-term protection. Prohibits third-party images, exposing instances, over-privileged deployment, high-risk skill packs, unsafe websites, and logging disabled.

Domestic Companies/Industries

CAAM: February new energy vehicle production and sales down 21.8% and 14.2% YoY. Due to holiday shifts and weak demand, NEV sales reached 694,000 units, down 21.8%; total NEV sales 796,000, down 14.2%. NEVs account for 42.4% of total new vehicle sales.

Overseas Macro

CBO: U.S. federal budget deficit forecast at $1.9 trillion for FY2026. By 2036, deficit could reach $3.1 trillion, 6.7% of GDP, above 50-year average of 3.8%. Rising interest costs mainly drive the increase.

Despite Middle East tensions, U.S. CEOs remain optimistic; confidence hits over a year high. A survey shows CEO optimism index rising 9 points to 89, the highest in over a year. Index above 50 indicates growth expectations in capital expenditure, sales, and hiring. Some CEOs plan layoffs in upcoming months.

ECB officials: If Middle East conflict raises inflation, ECB may preemptively hike rates. Hawkish signals from Slovak and German ECB governors; markets price in rate hikes, discussions of cuts fade. ECB remains cautious but aims to prevent wage and cost spirals, emphasizing decisive action to stabilize prices.

US media: After granting India temporary waiver to buy Russian oil, Indian refiners have purchased about 30 million barrels. Bloomberg reports that since last week’s approval, Indian state oil companies and Reliance have bought all available Russian crude in spot markets. Most ships are in Asian waters awaiting delivery.

Overseas Companies

Oracle earnings call: Secures $29 billion contracts, AI infrastructure “not draining own cash flow,” “we are SaaS disruptors.” Surprising Q3 results ease concerns over debt and SaaS apocalypse. AI infrastructure revenue up 243%; new contracts via prepayments and hardware models, decoupling capex from cash flow. Executives dismiss claims AI will kill traditional software, asserting Oracle as disruptor.

Oracle promotes “bring-your-own-chip” cloud strategy, passing AI infrastructure costs to clients. Some cloud customers must buy expensive AI chips or connect their own chips to Oracle data centers, enabling new orders and avoiding cash drain. Shares jump 10% pre-market, reflecting market confidence.

NVIDIA invests $2 billion in AI cloud firm Nebius, jointly building AI data centers. The move aims to strengthen supply chain position amid competition from Google, Amazon. Nebius plans to deploy over 5 GW of computing power by 2030; shares surge nearly 15% at open.

Meta acquires “Lobster Community” Moltbook, aiming to develop AI Agents. Integrates Moltbook into Meta Superintelligence Lab; founders join team. Focus on “persistent directory” model for continuous online AI Agent interaction, enhancing connectivity. Moltbook is a Reddit-like social network based on OpenClaw.

Report: Apple foldable iPhone expected later this year, unfolds with iPad-like interface. Leaked info suggests a foldable display roughly the size of iPad mini, with an external screen similar to small iPhone. Inner screen will have a wider aspect ratio, a key selling point.

Wall Street first movers: JPMorgan cuts private credit collateral valuations, tightens lending leverage. JPMorgan reduces collateral valuation for software loans, first major Wall Street bank to tighten private credit leverage. Concerns over AI disrupting software industry spread from public to private markets; other banks have yet to follow, signaling potential valuation reset.

Industry/Concepts

1. Computing Power | On March 11, National Supercomputing Internet announced free distribution of 10 million tokens to all OpenClaw platform users for two weeks. Also announced token renewal price: 0.1 yuan per million tokens, significantly below market average.

Comment: Industry believes free tokens lower entry barriers, accelerate ecosystem penetration, and lay groundwork for long-term monetization. The 0.1 yuan price is far below domestic AI model API market prices, offering a competitive advantage. For high-frequency, multi-step reasoning applications like OpenClaw, this further reduces renewal costs and boosts user engagement. Low token prices may increase token consumption and demand for hardware, benefiting related infrastructure vendors.

2. Power Grid Equipment | According to Sina Finance, on Tuesday, Google, Tesla, and five other power equipment and data center firms launched the “Utilize” alliance to improve U.S. grid utilization, reduce costs, and expand capacity. The alliance states U.S. grids are underutilized; optimizing efficiency could save over $100 billion in electricity costs over ten years.

Comment: Analysts note rising AI data center power demand, concentrated loads, and soaring electricity prices. From 2020-2025, wholesale prices in some states increased over 50%, with Virginia seeing doubled prices. U.S. data center power demand projected to reach 75.8 GW by 2026, rising to 134.4 GW by 2030. Improving grid utilization is a key, feasible solution to meet new load demands. Technologies like smart storage, virtual power plants, distributed energy, and flexible grid resources are critical for future energy upgrades. Domestic firms with strong channels, tech leadership, and capacity plans may benefit; overseas firms with high margins could see growth.

3. Carbon Fiber | According to Global Times, China’s T1200 ultra-high strength carbon fiber will debut globally on March 11. This fills a technical gap, marking a major leap in China’s high-strength carbon fiber production. Developed by China National Building Material Group, it is not just a lab sample but capable of mass production at hundreds of tons.

Comment: Experts believe that global aerospace-grade carbon fiber supply is highly concentrated in Japan and the U.S. Chinese leading firms are accelerating breakthroughs, with long-term premium potential due to technological and certification barriers.

4. AR Glasses | On March 11, TCL’s RayNeo partnered with Amap to launch the first local lifestyle app for smart glasses, RayNeo Smart Life. Amap’s popular “Street Sweeper” app also integrated into AR glasses. RayNeo states this collaboration combines AR spatial computing with Amap’s massive user base, transforming AR glasses from “geek toys” to “all-in-one lifestyle devices.”

Comment: Huaxi Securities sees potential for AR glasses to become a major consumer electronics segment, with evolving form factors, decreasing costs, display tech upgrades, and increased AI processing power, possibly reaching over 100 million units.

5. Space Computing Power | At AWE2026, Chiji Chuangtian announced the “Tianqiong” series space chips, now mass-produced and ready for deployment in Chiji’s robotics series. They also revealed progress on space computing: upcoming launch of “Yao Tai” space computing boxes, initiating the first step in near-Earth orbital supercomputing.

Comment: Analysts note that from large models to embodied intelligence, each leap consumes exponential computing power. Global AI compute gap is huge; space computing is a new frontier, overcoming ground limitations in energy and coverage, shifting from “sky sensing, ground computing” to “sky counting, sky computing” and beyond.

Upcoming Key Events

• U.S. initial weekly unemployment claims.
• U.S. January new home starts and permits.
• Japanese Prime Minister Sanae Takashi to meet Middle East envoy.
• Fed quarterly financial accounts.
• Earnings from Adobe, Futu, Li Auto.

Risk Warning and Disclaimer

Market risks are inherent; investments should be cautious. This article does not constitute personal investment advice and does not consider individual user’s specific investment goals, financial situation, or needs. Users should evaluate whether any opinions, views, or conclusions herein are suitable for their circumstances. Investment is at their own risk.