Overnight US stocks | Nasdaq rose by over 2%, NVIDIA Corporation (NVDA.US) surged by over 8%.

On Wednesday, the three major indexes rose, with the Nasdaq up over 2%. The unexpected rebound in the US core CPI in August led to a decrease in market bets on the Federal Reserve cutting interest rates by 50 basis points. [US Stocks] As of press time, the Dow Jones rose 124.75 points, or 0.31%, to 40,861.71 points; the Nasdaq rose 369.65 points, or 2.17%, to 17,395.53 points; the S&P 500 rose 58.61 points, or 1.07%, to 5,554.13 points. Micron Technology, Inc. (MU.US) rose over 4%, NVIDIA Corporation (NVDA.US) rose over 8%, Apple Inc. (AAPL.US) rose 1%. The Nasdaq Golden Dragon Index rose 1%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose over 4%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 1%. [European Stocks] The German DAX30 index rose 74.87 points, or 0.41%, to 18,353.65; the UK FTSE 100 index fell 10.51 points, or 0.13%, to 8,195.47; the French CAC40 index fell 10.72 points, or 0.14%, to 7,396.83; the European Stoxx 50 index rose 15.45 points, or 0.33%, to 4,762.65 points; the Spanish IBEX35 index rose 71.50 points, or 0.64%, to 11,275.00 points; the Italian FTSE MIB index fell 49.29 points, or 0.15%, to 33,164.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell 1.49%, the Indonesian Jakarta Composite Index and the Vietnamese VN30 index were flat. [Gold] COMEX gold futures fell 0.09% to $2540.9 per ounce. COMEX silver futures rose 0.94% to $28.995 per ounce. [Cryptocurrency] Bitcoin fell slightly to $57,548.17, while Ethereum fell over 1.5% to $2351. [Crude Oil] NYMEX WTI crude oil futures for October delivery rose $1.56, or 2.4%, to $67.31 per barrel. ICE Brent crude oil futures for November delivery rose $1.42, or 2.1%, to $70.61 per barrel. [Metals] London metals rose, with nickel up 2.39%, zinc up over 3%, aluminum up 1.73%, and copper up 1.27%. [Macro News] US core CPI unexpectedly rebounded in August. The US Bureau of Labor Statistics released data showing that US CPI rose 2.5% year-on-year in August, falling for the fifth consecutive month, in line with market expectations and below the previous value of 2.9%. In August, the CPI rose 0.2% month-on-month, in line with market expectations and the previous value. The US Bureau of Labor Statistics stated that housing is a "major factor" in overall economic growth. Due to the rise in housing and travel prices, the basic inflation unexpectedly increased in August, weakening the possibility of a substantial rate cut by the Federal Reserve next week. It is noted in the market that the core CPI rose 0.3% month-on-month in August, higher than the estimated 0.2% and the previous value of 0.2%. Economists believe that core inflation can better reflect underlying inflation compared to the overall CPI. Core CPI rose 3.2% year-on-year in August, in line with expectations and the previous value. Citigroup lowers bet on Fed rate cut and expects a 25 basis point cut in September. Citigroup economists have abandoned their prediction of a 50 basis point rate cut by the Federal Reserve at next week's meeting and now expect a 25 basis point cut, while maintaining their expectation of a total of 125 basis points cut this year. Economist Andrew Hollenhorst wrote in a report that the August CPI data released on Wednesday "may only be enough to convince the FOMC to cut rates by 25 basis points at next week's meeting instead of 50 basis points". However, the labor market remains "the concern of decision-makers", and they still expect a total cut of 125 basis points this year, with cuts of 50 basis points in November and December. Citigroup previously predicted rate cuts of 50 basis points at the September and November meetings, and a 25 basis point cut in December. White House: Housing inflation continues, affordable housing policies will ease pressure on the housing market. The US White House stated that, as pointed out by the Bureau of Labor Statistics, housing inflation in August was a "major factor" in this month's inflation. While we are cautious not to overreact to any single month's data point, housing pressures on overall inflation have been persistent, apparently due to the extremely tight housing market and the shortage of affordable housing that has developed over the past decade. Price trends demonstrate a structural supply shortage in the US real estate market. This shortage has persisted for at least 10 years, and the Council of Economic Advisers has conducted a very detailed analysis of this issue, focusing on the factors behind the shortage. More importantly, we explain the policies proposed by the Biden/Harris administration to significantly improve this gap. We believe that these measures, which require congressional approval, can quickly begin to add 2-3 million units of affordable housing. This will greatly reduce the shortage of affordable housing and have a corresponding impact on prices. The earlier we implement this agenda, the better for American families. Morgan Stanley strategist: Investors are overly enthusiastic about AI themes. Mike Wilson from Morgan Stanley stated that the artificial intelligence craze that drove the S&P 500 to repeatedly hit new highs earlier this year is fading, and therefore the stock market will need new catalysts to regain momentum. The chief US equity strategist at the bank said in an interview with Bloomberg TV on Wednesday that while artificial intelligence is likely to change productivity over time, investors are somewhat premature in pushing up stock prices based on its potential in the short term. He added that the labor market "remains the biggest concern for decision-makers," and the bank still expects a total of 125 basis points cuts this year, with cuts of 50 basis points each in November and December. Citigroup previously predicted rate cuts of 50 basis points at the September and November meetings, and a 25 basis point cut in December.In this scenario, the struggle of chip stocks is not only reflected in the recent fluctuations of NVIDIA Corporation. The Philadelphia Semiconductor Index has dropped 8.5% this month. "The glory of the dream of artificial intelligence is fading a bit," he said. "We just got carried away with the whole artificial intelligence theme. This doesn't mean it's over."Federal Reserve watchdog: No evidence of Atlanta Fed president trading on insider information. The internal watchdog of the Federal Reserve sharply criticized Atlanta Federal Reserve Bank President Bostic for previously disclosing violations of investment restrictions, but stated that there was no evidence that he traded using confidential information. The Inspector General of the Federal Reserve confirmed in a report released on Wednesday, dated September 4, that Bostic's money manager traded on his behalf during the Federal Open Market Committee blackout period, and he failed to disclose some of the trades. The Inspector General also stated that based on FOMC blackout rules, these trades "appear to have been taken based on FOMC confidential information" and that there "appears to be a conflict of interest." The Inspector General stated that the investigation had been concluded after nearly two years and that the matter had been referred to the Federal Reserve Board for "any further actions they deem appropriate." Stock News NVIDIA Corporation (NVDA.US) CEO: High demand for Blackwell chips causing tension in customer relationships. NVIDIA Corporation CEO Jensen Huang stated that limited supply of popular chip products has frustrated some customers and is causing tension in relationships. Speaking at a technology conference hosted by Goldman Sachs Group, Inc. in San Francisco, Huang said, "Demand is so great, everyone wants to be the first to get them, everyone wants to order the most, our customers are excited, it is very tense, we are trying our best." Huang told the audience that there is strong demand from customers for the latest generation Blackwell chips. NVIDIA Corporation has outsourced the physical production of hardware, and suppliers are working hard to catch up. IBM (IBM.US) quietly revitalizing and seen as a stable investment in the tech sector. IBM is quietly undergoing a revival, with its stock price reaching a record high for the first time in over 10 years. The company's stock price has risen 26% this year, outperforming tech giants like Apple Inc., Microsoft Corporation, Amazon.com, Inc., and Alphabet Inc. After years of not being favored by the market, this exceptional performance comes as IBM shifts its focus to the software sector and is poised to benefit from artificial intelligence. In early trading on Wednesday, IBM's stock price briefly rose 1.3% to reach a record intraday level, the first time since 2013, before giving up gains and falling 0.7%. "This is a 'slow and steady win the race' stock," said Tim Pagliara, Chairman and Chief Investment Officer of Capwealth Advisors. Although IBM is still somewhat overlooked in the tech sector, the recent price movement indicates that people are starting to wake up and realize its long-term success. Stellantis Group (STLA.US) to invest over $406 million to reconfigure three factories in Michigan. Automaker Stellantis Group announced that it will invest over $406 million in three factories in Michigan, including the Sterling Heights Assembly Plant, the Warren Truck Assembly Plant, and the Dundee Engine Plant. Stellantis confirmed that the Sterling Heights plant will become the company's first factory in the U.S. to produce fully electric vehicles, while the Warren Truck plant will produce future electrified Jeep Wagoneers. The Dundee plant will be reconfigured to assemble, weld, and test the battery trays of the STLA platform and process the front and rear beams of the STLA Large, with production scheduled to start in 2024 and 2026, respectively. OpenAI reportedly in discussions to raise funds at a valuation of $150 billion. According to sources, OpenAI is reportedly in discussions to raise funds at a valuation of $150 billion, compared to the valuation of $100 billion reported by the media at the end of August. The company hopes to raise approximately $6.5 billion from investors and is discussing financing $5 billion from bank debt. Sources indicated that negotiations are still ongoing and the specific numbers may change. Previously, it was reported that this round of financing would be led by Thrive Capital. The company's largest investor, Microsoft Corporation (MSFT.US), will also participate, while Apple Inc. (AAPL.US) and NVIDIA Corporation have also been in talks regarding investment. Major Bank Ratings Wells Fargo & Company: Initial rating of overweight for Blackstone (BX.US), target price of $163.