Bitget UEX Daily | U.S. House Limits Trump’s Military Action Against Iran; Bitcoin Deeply Corrects to $63,000; AI Chip Supply Crisis Emerges (June 04, 2026)

I. Hot News

Federal Reserve Dynamics Federal Reserve Beige Book and Officials’ Remarks Highlight Policy Balancing Challenges

The Beige Book showed that 10 out of 12 districts experienced slight to moderate economic growth. Energy costs have become the main driver of inflation and are spilling over into multiple sectors. Consumer confidence has weakened, while the job market maintains a pattern of low hiring and low layoffs.

New York Fed President Williams emphasized that the current policy stance is appropriate, with no need for rate hikes or cuts, viewing the rise in energy prices as a one-time effect. Geopolitical tensions in the Middle East have pushed up energy prices, combined with service sector price pressures, which may delay the Fed’s easing pace, supporting the dollar in the short term and suppressing risk assets.

International Commodities Middle East Tensions Support Oil Prices; Energy Costs Transmit Inflation

Geopolitical risks have driven oil prices higher, with the potential reopening of the Strait of Hormuz becoming a key variable.

Trump stated that a U.S.-Iran agreement may be reached this weekend. If signed, Iran will commit to denuclearization. Rising energy prices exacerbate imported inflation risks while boosting energy sector performance. However, if an agreement is reached, supply concerns may ease quickly.

Macroeconomic Policy Services PMI Beats Expectations and Rebounds; Price Payments Index Hits Multi-Year High

The May ISM Services PMI rose to 54.5, exceeding expectations, with new orders and business activity indicators improving.

The prices paid sub-index surged to 71.3, the highest since 2022, reflecting pressure from energy and transportation costs. The resilience of the services sector supports the economy, but high prices paid may strengthen the Fed’s cautious stance on inflation and increase policy uncertainty.

II. Market Review

Commodities & Forex Performance

Spot Gold: Around $4,435 per ounce, down approximately 0.7%-1.1% in 24H.

Spot Silver: Around $73.1 per ounce, down approximately 1.25% in 24H.

WTI Crude: -0.98%, at approximately $95.4 per barrel.

Brent Crude: -1.18%, at approximately $97.1 per barrel.

U.S. Dollar Index: -0.08%, at approximately 99.45, supported by risk-off sentiment and inflation data.

Cryptocurrency Performance

BTC: -5.6%, at $63,100.

ETH: -4.5%, at $1,780.

Total Cryptocurrency Market Cap: -3.7% to $2.3 trillion.

Liquidation Situation: $1.16 billion liquidated in 24H, with long positions accounting for $991 million.

Spot ETF Net Flows: BTC Spot ETF recorded a net outflow of $519 million on June 2.

BTC Spot Flows: Net outflow of $158 million yesterday.

Institutional funds continued to withdraw, breaking the previous bull market’s main buying support. Meanwhile, MicroStrategy sold 32 BTC for the first time in nearly four years. Although the scale was extremely small, it triggered market panic over “believers selling,” further intensifying selling pressure. High-leverage long positions triggered a chain of liquidations, creating positive feedback that amplified the decline. At the macro level, geopolitical tensions, sticky inflation, and uncertainty over the Fed’s rate-cut expectations have heightened risk aversion, leading funds to flow out of risk assets. Overall, the market is in a cyclical adjustment phase after the 2025 high, with multiple factors resonating to cause the current correction. The market has now entered a deeper correction range. Short-term trends still require attention to ETF outflow trends and changes in macro risks.

U.S. Stock Index Performance

Dow Jones: Down about 1.2%, at 50,687 points, continuous profit-taking.

S&P 500: Down about 0.7%, around 7,554 points, pulling back from highs.

Nasdaq: Down about 0.9%, mainly driven by profit-taking in tech stocks.

Tech Giants Performance

Microsoft: -3.17%, at approximately $427.55, dragged by AI-related concerns.

Google-A: -0.79%, at approximately $355.68.

Amazon: -2.53%, at approximately $250.09.

NVIDIA: -3.62%, at approximately $214.75, affected by chip supply tightness.

Apple: -1.57%, at approximately $310.26.

Tesla: -0.01%, at approximately $423.70.

Meta: +4.24%, at approximately $622.98, relatively strong.

Overall dragged by Middle East situation, inflation concerns, and profit-taking; storage concept stocks rose against the trend.

Sector Rotation Observation Storage Concept Stocks Up Over 5%

Representative stocks: SanDisk rose over 6% and closed above $1,800 for the first time; Western Digital rose over 5%; Marvell rose over 3%; Micron rose over 1%.

Driving factors: Nine major U.S. industry associations jointly wrote to the government warning that AI data center expansion has caused severe memory chip capacity shortages, with chip prices surging unprecedentedly and squeezing manufacturing and consumer supply chains. The market is concerned about short-term consumer price increases, prompting capital to flow into the storage sector to hedge AI infrastructure bottleneck risks. This sector shows clear differentiation from overall tech stocks, reflecting investors’ favor toward the long-term certainty of AI demand.

III. In-Depth Analysis of U.S. Stocks

1. SpaceX - IPO Progress Event Overview: SpaceX has set an IPO issue price of $135 and plans to officially list on June 12. The company has completed multiple rounds of financing with a high valuation. Starlink business continues to expand. 2025 revenue reached $18.7 billion but still recorded losses, mainly due to increased Starship R&D and AI computing investments. The company plans to raise approximately $75-80 billion through this IPO for expanding the Starlink network and AI infrastructure.

Market Interpretation: Multiple investment banks are optimistic about its monopoly position in aerospace and satellite communications and long-term growth potential, but high valuation (potentially over $1.75 trillion) and execution risks, along with Musk’s controlling ownership structure, have made some institutions cautious.

Investment Insight: Liquidity will significantly improve after listing, expected to attract broad institutional attention. Investors should focus on its technological barriers and Starlink commercialization progress rather than short-term valuation fluctuations.

2. Energy & Defense Related Stocks - Impact of Middle East Situation Event Overview: The U.S. House of Representatives passed a resolution (215-208) restricting Trump from taking military action against Iran. Trump indicated a U.S.-Iran agreement may be reached this weekend. If signed, the Strait of Hormuz will reopen immediately. The market is assessing the potential impact of geopolitical risks on energy supply chains, with oil prices remaining highly volatile.

Market Interpretation: Analysts believe short-term oil price fluctuations will directly benefit energy and defense stocks (e.g., XOM, CVX, LMT, RTX). However, rapid progress on the agreement may reverse the sector’s upward trend. Attention should be paid to Trump’s bottom line on the ceasefire agreement and subsequent sanction adjustments.

Investment Insight: Appropriately allocate defensive positions to hedge geopolitical uncertainty. After de-escalation, the sector’s sustainability will be tested. Focus on high-dividend energy giants and defense companies with strong order books.

3. SanDisk - AI Storage Demand Explosion Event Overview: As a key player in the storage chip sector, SanDisk’s stock price has risen strongly recently due to warnings from U.S. industry groups about severe memory chip shortages in AI data centers. As a pure-play NAND flash company, it benefits from AI infrastructure capacity bottlenecks, with sharply rising chip prices boosting performance expectations.

Market Interpretation: Institutions have generally raised target prices, believing global NAND capacity is essentially sold out. AI-driven demand will support a high-pricing environment, and SanDisk’s advantageous position in the supply chain is evident.

Investment Insight: AI memory shortages are unlikely to ease in the short term. This stock provides a diversification opportunity to hedge overall tech stock pullbacks, but caution is needed regarding pressure from increased secondary market supply.

4. Western Digital - Storage Supply Chain Beneficiary Event Overview: Western Digital is closely linked with SanDisk and has seen synchronized strength amid surging AI storage demand. The company is actively involved in calls to expand U.S. and allied production capacity and stands to benefit from potential support under the CHIPS Act.

Market Interpretation: Investment banks believe the differentiation in the storage sector will continue. Western Digital’s market share in enterprise SSDs is expected to expand, but overall valuation has already reflected much optimism.

Investment Insight: Suitable as a long-term AI theme allocation target. Suggest dynamically adjusting positions in line with overall market risk appetite.

IV. Cryptocurrency Project Updates

1. Bitcoin’s recent weakness is not due to fading institutional demand or Michael Saylor selling Bitcoin, but rather losing its dominant momentum trading status. It notes that crypto investors have historically chased momentum, but momentum has now left the crypto space. Funds are flowing into AI-related stocks and IPOs and other hot narratives. SpaceX’s IPO may reach a valuation of $1.8 trillion, with a batch of other IPOs potentially raising over $2 trillion in total, draining liquidity from the crypto market.
2. The Block reported that the number of crypto venture capital deals in May dropped to approximately 50, the lowest level since before 2021. The two historically most active categories—infrastructure and crypto financial services—are both near multi-year lows. Investors’ attention has structurally shifted to AI, while the crypto sector has failed to generate early-stage opportunities on the scale seen in the 2021 and 2024 cycles.
3. SpaceX, a company under Elon Musk, disclosed in a filing with the U.S. SEC on Wednesday that it plans to fix the offering price at $135 per share before officially launching the IPO roadshow (consistent with sources). SpaceX stated it plans to issue 555.6 million shares to raise $75 billion in funds.
4. Hyperliquid’s HYPE token surpassed Solana on Wednesday, with the latter falling to its lowest level since 2023. HYPE hit a record high of $74.67 on Tuesday and is currently trading at $74.47, above Solana’s $71.62. HYPE has risen about 24% in the past month, one of the few top 20 crypto assets to rise, while Solana fell nearly 14% over the same period.
5. According to QCP Capital’s latest market report, Bitcoin has fallen approximately 11.6% this week and remains under pressure. Market sentiment was affected by news of Strategy’s rare sale of 32 BTC. Although the sale was only about $2.5 million and had almost no material impact on its over 840,000 BTC holdings, it broke the market’s long-held expectation of Strategy’s “never sell” stance and weakened some investors’ confidence.

V. Today’s Market Calendar

June 4 (Thursday) SpaceX Launches IPO Roadshow: One of the most anticipated historic IPO events; market sentiment may be boosted. COMPUTEX continues, with focus on AI computing power, PCs, and supply chain developments. Earnings: Ciena (CIEN) pre-market, Planet Labs (PL) after-market. New Listing: Quantinuum (QNT) officially debuts on U.S. stocks (quantum computing concept).

June 5 (Friday) U.S. May Nonfarm Payrolls (NFP): Market expects an increase of approximately 115,000-130,000 jobs, unemployment rate around 4.2%. Average hourly earnings growth is a key inflation indicator. ★★★★★

Institutional Views: Well-known investment bank analysts generally believe the market is currently in a sensitive period intertwined with geopolitical risks and macro data. Middle East tensions have pushed up energy prices, combined with the services prices paid index hitting a high, reinforcing concerns over inflation stickiness and increasing the probability of the Fed maintaining a cautious stance. The pullback in U.S. stocks from highs reflects profit-taking and risk-off sentiment. Tech stocks show clear differentiation, with storage chip concepts benefiting against the trend from AI demand. The crypto market is dragged by continued ETF outflows and leverage liquidations, intensifying short-term volatility. Overall, if a U.S.-Iran agreement is reached, risk assets are expected to rebound; otherwise, oil prices and inflation pressures will test market resilience. Investors are advised to maintain flexible positions, focus on opportunities in supply chain and energy sectors, and remain vigilant about the impact of AI bubble discussions on tech valuations.

Disclaimer: The above content was compiled by AI search and manually verified before release. It is not intended as any investment advice. Data in the text inevitably contains deviations; please refer to real-time market data.