[Pre-market U.S. Stocks] Pre-market keywords of the day (2025.09.25)

Uncertainty about AI capital expenditures and tariffs is heating up, pre-market sentiment is cautious, and the pullback of technology stocks is the main line. The market is waiting to see data and policy trends.

U.S. stocks continued to see technology stocks retreat overnight. Funding doubts about the scale and payback period of AI investment increased. At the same time, the U.S. tariff risks on robots and medical equipment raised the defensive mentality. Although there are bright spots in the divergence of individual stocks 'performance, it is difficult to reverse index pressure; the pre-market focus is on the three axes of labor market data, AI supply chain capital flows and potential tariff shocks.

The reclining of technology stocks has become the main line, and individual gains have difficulty supporting the market.

The Nasdaq Composite Index fell slightly overnight, reflecting the retreat of AI-valued stocks such as Vitek and Cloud Software, and the market was experiencing profit-taking and noise about the "AI bubble." The feasibility and payback period of OpenAI's ultra-large infrastructure construction have been enlarged and reviewed, suppressing overall risk appetite. Even if some sub-groups are bucking the trend, the impact on the index is limited.

Intel's strong bomb has become the exception, and the market has digested potential cooperation information with Apple.

Intel(INTC) jumped more than 6% overnight after market rumors emerged that the company was seeking investment from Apple(AAPL). Outside interpretations may shape a "tripartite relationship" with Nvidia(NVDA) and U.S. government capital deployment. Although the news boosted sentiment, in the context of the simultaneous retreat of AI equity stocks, the strength of a single stock is difficult to change the tone of the broader market trend.

AI capital circulation and supply chain dependence have attracted attention, and Huida's investment return model has triggered discussions.

Foreign sources pointed out that OpenAI plans to use Viida's investment funds to lease Viida chips, and the US$100 billion commitment has triggered discussions about "returning funds to the same revenue source." At the supply chain level, AI data centers and supporting power facilities are highly dependent on overseas components. Traditional power plant equipment, from gas to nuclear energy, involves a number of specialized components with insufficient production capacity in the United States. Any further increase in import costs will increase the complexity of construction and Time risk.

Tariff risks are resurfaced, and robots and medical equipment may be named and imposed.

The national security investigation launched by the United States on September 2 is aimed at the import of robots and medical equipment. If conclusions are reached, it may be superimposed on existing national tariffs, increasing the cost pressure on manufacturing automated supply chains and medical equipment routes. Before the market, people related to medical equipment and industrial automation were more cautious, and institutional investors were concerned about the company's buffer ability in pricing and inventory management.

European stocks and military industries bucked the trend and strengthened, but the broad index weakened, and differences in cross-market funding preferences emerged.

U.S. President Trump's shift in stance on the war in Ukraine inspired European defense stocks to rise, and the aerospace and defense index rose. However, the overall European Stoxx600 still closed slightly lower, indicating that funding is biased towards thematic defense rather than comprehensive risk-taking. During the year, the comparative advantage of European stocks, which were previously supported by tariff themes, was converging, and the allocation of funds between the United States and Europe became more balanced.

Asian stocks are generally stable, with Hong Kong new shares and China car companies attracting attention.

Most Asia-Pacific stock markets were higher this morning. Chery Automobile's performance on its first day of listing in the Hong Kong market was outstanding, driving popularity in the vehicle and supply chain. In terms of mobile phones and electric vehicles, Xiaomi has launched new mobile phones in Europe and identified display locations. It plans to enter the local electric vehicle market in 2027 to add observation points for cross-regional supply chains and production capacity layout.

Labor market data came in late, and interest rate expectations were tested in the short term,

The number of initial jobless claims for the latest week was released at 8:30 tonight in Taiwan time. Attention has been paid to the marginal impact of the data on economic resilience and the path of inflation. In an environment of falling inflation and divergent economic momentum, investors use data as a basis to assess the tolerance of subsequent Fed policies. Short-term fluctuations may focus on the mutual verification of employment and inflation.

Large-scale technology and cloud software are under pressure, and Oracle's simultaneous decline has triggered software evaluation reviews.

Oracle(Oracle, ORCL) weakened overnight, echoing concerns about the slowing pace of AI infrastructure, the market re-evaluated the growth sustainability of cloud and database services. In contrast, application-oriented and corporate service stocks with cash flow and pricing power advantages are relatively resistant to declines, indicating that funds are more picky about high price-to-profit ratios.

Resource and policy themes are heating up, and the surge in the lithium industry in the Americas highlights the theme of supply security.

Lithium Americas(LAC) shares have doubled recently, due to news that the U.S. government is considering taking a stake in renegotiating loans with the Department of Energy, indicating that policy support for key mineral supply chains has increased. This trend brings the market perspective back to the two major themes of "supply security" and "localization", which has a amplifying effect on the volatility of new energy and upstream materials stocks.

Futures and pre-market momentum wait and see, and the theme rotation dominates the market in the short term.

Index futures were trading on a wait-and-see basis before the data was released. The market was mainly event-driven, with fast themes and large internal structures. After several days of retractions, investors are more concerned about the company's latest explanation of the pace of capital expenditure and cash flow discipline, and defensive health care and some high dividend targets have attracted increased attention.

Supply chain realities and policy variables are intertwined, and the key to the progress of AI implementation lies in cost and timeline.

From the power consumption of AI data centers to the high international dependence on upstream parts and components, any new tariffs, extended equipment delivery times, or infrastructure bottlenecks may slow down the pace of production expansion and affect evaluation. The core thread before the short-term U.S. stock market is to calibrate pricing between "AI investment scale, capital cycle and policy cost", and the index direction is waiting for labor market data and subsequent corporate communication to provide a clearer trajectory.