[U.S. stocks before the market] Huida Capital continues to promote risk appetite, and the market waits and sees the path after interest rate cuts (2025.09.19)

Conclusion comes first, the dual main lines of technology and finance dominate pre-market sentiment

Early Friday morning in Taiwan time, the three major U.S. stock indexes closed higher, with the S & P 500 and the Russell 2000 hitting record highs, and risk appetite continued. The pre-market focus was on Nvidia's intensive capital allocation and the policy rhythm after the Federal Reserve launched interest rate cuts, with financial and semiconductor stocks becoming the core of funding attention. On the international front, there are signals that the Bank of Japan and the Bank of England have kept interest rates unchanged and Asian stock markets are weak. The overall sentiment is biased towards wait-and-see without losing optimism.

Huida expands its external layout, turning opponents into partners and strengthening ecological cohesion

Vitek announced an investment of US$5 billion in Intel(INTC), becoming the same shareholder as the U.S. government and Softbank, sending an industry signal that cooperation takes precedence over competition. Intel's share price closed up 22.8% early on Friday morning in Taiwan time, its best single-day performance since October 1987, indicating that the market interprets it as synergy and capacity guarantee in the AI supply chain. This move will help Fuida establish higher redundancy and negotiation power in GPU supply, packaging and back-end system integration, and consolidate its leading position in data center hardware.

Dual track of talent and technology, further extending the network and system landscape

In addition to equity cooperation, Fuida spent more than US$900 million to recruit Rochan Sankar, CEO of AI startup Enfabrica, and obtained its technical authorization, focusing on network architecture capabilities that can connect more than 100,000 GPUs. In conjunction with its recent plan to invest US$15 billion in the UK and deploy 120,000 Blackwell chips, it shows that Vitek will focus its capital on high-bandwidth Netcom, system software and hardware integration and regional computing power nodes, driving the visibility of medium-and long-term demand in the supply chain such as servers, heat dissipation, power supply and memory. In addition, the UK's new venture Nscale received nearly US$700 million in financial support from Vitek, highlighting its strategic layout of using a small team to enter the field of high-speed computing.

The index all hit highs, and the increase in breadth helped risk taking

Early Friday morning in Taiwan time, the three major U.S. stock indexes rose simultaneously, with the S & P 500 and the Russell 2000 hitting new highs, indicating that the rally has spread from ultra-large technology to small and medium-sized stocks. European stocks strengthened during the same period, with the Stoxx Europe 600 rising 0.8%. However, most Asian stocks weakened on Friday, with the Nikkei 225 closing back, reflecting the rebalancing of funds and consideration of exchange rate changes after the Bank of Japan remained inactive. Cross-market capital flows were still in a rotating pattern.

The Federal Reserve has launched interest rate cuts, and communication and rhythm form a left-right curve

The Federal Reserve cut interest rates by 1 yard this week and hinted that there was still room for follow-up. The market began to assess the speed of policy transmission and the resilience of the real economy from a longer perspective. Wells Fargo(WFC) pointed out that historically, bank stocks often fell first after the first interest rate cut, and then rose by about 20% on average from that point when conditions were met, highlighting the nonlinear impact of interest rate paths and credit environment on financial stocks. For groups with high interest rate sensitivity, whether the yield curve continues to steeper and financing costs changes will affect the direction of evaluation and profit correction.

Financial stocks are attracting attention, and spread cycles and capital market activity are key

The interest rate cut environment will help reduce deposit costs and boost transaction volumes, but loan growth, credit costs and regulatory requirements also need to be observed simultaneously. If corporate bond and equity financing activities recover and capital market fee income improves, the fundamentals of financial stocks can be supported; conversely, if the economy cools and increases deposits, the improvement in interest margins may be partially offset. The pre-market funds 'pricing of large banks and brokerage stocks will focus on these variables.

Policies and regulations are heating up, discussions on central bank independence draw attention

The U.S. Department of Justice filed a petition with the Supreme Court seeking to overturn a lower-court decision that restricted the Trump administration from replacing Federal Reserve Governor Lisa Cook, sparking market discussions on the independence of central banks and the stability of financial supervision. In the short term, this issue has limited impact on interest rate pricing, but the perception of the predictability of the system and the risk premium of US dollar assets have a potential impact, so investors remain vigilant.

The geo-risk signal is positive, but it still needs to be verified later

At a joint press conference with British Prime Minister Keith Starmer, Trump released an optimistic message about the ceasefire between Russia and Ukraine. If progress is implemented, it will help alleviate potential disturbances in the energy and transportation chain. However, geopolitics involves the complexity of negotiations and implementation. The market has adopted a cautious interpretation of positive signals. Demand for hedging has cooled in the short term but has not completely exited.

Major central banks are divided, and Asian policy space may expand

When the Federal Reserve released a path to cut interest rates, the Bank of England kept interest rates unchanged, while the Bank of Japan continued its normalization direction but did not adjust interest rates this time. Most Asian central banks have increased their policy space as external pressure eases, but Japan and China have adopted differentiated strategies due to structural and capital flow considerations. The rebalancing of exchange rates and capital flows has an impact on corporate evaluations of exports and dollar debt commitments that cannot be ignored.

Focus on pre-market observation, futures trend and volume can reveal the opening tone

Before evening trading, the direction and range of changes in Dow Jones, S & P 500 and Nasdaq 100 futures will reflect investors 'immediate pricing of the path and corporate news after interest rate cuts. The strength of funds and volume amplification of semiconductor and financial stocks have become key indicators of the opening rhythm. If there is any new news in economic data and Fed officials, the marginal impact on interest rate expectations and industry rotation will also need to be included simultaneously.

Industry level focuses on hardware, AI capital expenditure cycle is still on track

The market's popularity for generative AI applications has not subsided, but the core drivers have returned to hardware supply and system integration. Through multi-point efforts from rivals to partners, talent and technology authorization, and regional investment, Huida intends to ensure long-term supply chain resilience and ecological dominance. Under the dual support of macro trends and corporate capital expenditures, pre-market sentiment tends to price based on news and test trend continuity based on volume and energy.