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Odaily reports that Phil Rosen, an analyst for the well-known US business magazine Inc., noted that Nvidia (NVDA.O) once again easily surpassed Wall Street's earnings expectations with its financial results, calming concerns about an AI bubble for at least another quarter. All debates and bearish forecasts about hyperscale firms’ capital expenditure, data center construction, and technology leadership have been dispelled by this impressive balance sheet. In the first quarter of fiscal year 2026, Nvidia's data center business alone contributed $75.2 billion, accounting for about 92% of total revenue. Hyperscale buyers contributed $38 billion; while the newly split AI cloud, industrial, and enterprise segments contributed $37.2 billion, a 31% quarter-over-quarter increase. By newly dividing its business into cloud, industrial, and enterprise, Nvidia is signaling to investors that its growth is no longer driven by just a handful of hyperscale companies. Meanwhile, Nvidia raised its quarterly dividend 25-fold to $0.25 per share and added a new $80 billion buyback plan. In summary, so far, the company has hardly given any cause for concern. And the data shows this situation is unlikely to change in the short term. (Golden Ten Data)

Golden Ten Data May 21 ｜ JPMorgan resumes coverage of Moderna, assigning an "Underweight" rating and a target price of $40. (Golden Ten Data)

(1) Asia purchases approximately 80% of the oil transported through the Strait of Hormuz. The closure of this strait triggers a shock to global energy supply, prompting Asian policymakers to adopt increasingly urgent unconventional measures to support their economies. Multiple national currencies have fallen to record lows, and the pressure has already forced interest rates higher.(2) India has urged its citizens to abandon overseas travel and refrain from purchasing gold to protect the rupee. The Prime Minister has even reduced his own motorcade to save fuel. Meanwhile, some banking officials believe the Reserve Bank of India is spending 1 billion US dollars daily to support the rupee at its historical low.(3) Indonesia unexpectedly raised interest rates by 50 basis points on Wednesday to support the rupiah at its record low, while also strengthening controls on commodity exports to ensure revenues remain in the country and are converted to local currency. The Philippine central bank has raised rates, and market discussions suggest that soaring inflation may prompt an interim rate hike before next month's meeting.(4) BlackRock’s Head of Asia-Pacific Global Fixed Income remarked that the number of rate increases needed to truly encourage capital inflows could be quite substantial, but these hikes could ultimately inflict significant damage on the domestic economy.(5) The rupiah slid again just a day after the rate hike, and the stock market also declined. S&P warned that Indonesia's plan to centrally control commodity exports could harm exports, squeeze government fiscal revenues, and weaken the balance of payments. Analysts point out that such state interventionism is unlikely to encourage people to invest.(6) The Reserve Bank of India's forward dollar commitments have surpassed 100 billion US dollars, eroding the buffer provided by the total 700 billion US dollars in reserves. Some analysts believe that once reserves become the focus of market attention, visual effects are crucial. India, Indonesia, and the Philippines still have room to raise rates and the ability to use reserves, but even if the strait reopens, investors are unlikely to return quickly.