SK Hynix Plans US Listing; Three Major Stock Index Futures Decline; Brent Crude Rises Over 2%, Spot Gold Returns to $4,400; Amazon's Bahrain Regional AWS Services Halted Again Due to Drone Attacks | US Stock Pre-Market

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① [Major Stock Index Futures Fall Together] Major stock index futures all declined. As of press time, Dow futures fell 0.31%, S&P 500 futures down 0.24%, Nasdaq futures down 0.23%.

② [OpenAI: Dependence on Microsoft Is a Major Risk] On March 23, local time, according to media reports, OpenAI included a lengthy “Risk Factors” section in documents distributed to potential investors in its latest funding round. In it, OpenAI emphasizes the risk of reliance on Microsoft, stating that Microsoft provides most of its funding and computing support. Other risks listed by OpenAI include massive capital expenditures, dependence on computing resources, ongoing lawsuits with Elon Musk’s xAI, and its unique nonprofit structure. An insider revealed that OpenAI announced raising $110 billion last month and is currently working with banking partners to raise an additional $10 billion from investors. As of press time, Microsoft declined 0.23%.

③ [Japan’s Sumitomo Mitsui Financial Group Considers Acquiring U.S. Investment Bank Jefferies] On March 23, local time, media reports indicated that Japan’s Sumitomo Mitsui Financial Group is preparing for a possible acquisition of U.S. investment bank Jefferies Financial Group. An insider said that SMFG has formed an internal team to monitor market conditions to act when Jefferies’ stock price presents an attractive entry point. As of press time, Jefferies rose 9.23%, SMFG increased 0.51%.

④ [JPMorgan Downgrades SAP to Neutral] On March 23, JPMorgan downgraded SAP from Overweight to Neutral, citing slowing growth in its cloud backlog and increased uncertainty due to strategic shifts, weakening the company’s near-term outlook. The target price was lowered from €260 to €175. JPMorgan noted that fierce competition at the AI agent level is expected to drive higher investment demand. Rapid expansion of large model providers and increased spending among peers could pressure profit margins and lead to more M&A activity. The analyst stated, “Change is rapidly approaching, and existing companies like SAP will need to invest and evolve to stay relevant during the AI cycle.” As of press time, SAP fell 3.51%.

⑤ [SK Hynix Plans to Raise $10 Billion via U.S. Listing] On March 24, media reports indicated that SK Hynix is seeking to raise approximately $10 billion through a U.S. listing. The plan involves issuing new shares representing about 2.4% of total equity to expand capital. Most funds will be used to increase capacity for high-bandwidth memory (HBM) to strengthen its position as NVIDIA’s key supplier. Additionally, the funds will support the construction of Korea’s Yongin semiconductor cluster, ensuring the company remains competitive in next-generation AI semiconductor infrastructure. Industry sources say SK Hynix plans to issue new shares and list in the U.S. via American Depositary Receipts (ADRs). In response, SK Hynix stated, “We are currently evaluating multiple initiatives to enhance shareholder value, including issuing ADRs, but no final decisions have been made.”

⑥ [Amazon’s Bahrain AWS Service Disrupted Again Due to Drone Attacks] On March 23, local time, Amazon announced that its Bahrain AWS region experienced service outages amid ongoing Middle East conflicts. An Amazon spokesperson said the disruption was caused by drone activity in the region. AWS is Amazon’s cloud computing division, vital for many websites and government operations, and a major profit source. As of press time, Amazon declined 0.39%.

⑦ [Barclays: TeraFab Chip Factory Could Significantly Boost Tesla’s Capital Expenditures] On March 23, Barclays analyst Dan Levy wrote in a client report, “Our previous optimistic capex target for TeraFab (over $50 billion) appears significantly conservative compared to Tesla’s ambitions; actual investments could be several times higher, possibly an order of magnitude.” He noted that Tesla plans to build in phases, gradually expanding toward a 1-terawatt capacity. Tesla, SpaceX, and xAI are expected to provide funding. Elon Musk previously announced the construction of one of the largest chip factories, TeraFab, aiming for over 1 terawatt (1000 gigawatts) of computing power annually. As of press time, Tesla declined 0.12%.

⑧ [Broadcom Executive Warns TSMC Capacity Is Maxed Out, Threatening Chip Supply Chain] On March 23, media reports quoted Broadcom’s product marketing director Natarajan Ramachandran saying, “We observe that TSMC’s capacity has reached its limit.” He added that just a few years ago, he would describe TSMC as having “unlimited capacity.” TSMC plans to expand capacity through 2027, but by 2026, capacity has become a bottleneck, even constraining the entire supply chain. As of press time, TSMC fell 0.75%.

⑨ [Brent Crude Rises Over 2%, Gold Rebounds to $4,400] As of press time, Brent crude futures increased 2.20% to $98.03 per barrel; spot gold rose 0.43% to $4,426 per ounce.

⑩ At 21:45 tonight Beijing time, the U.S. March Markit Manufacturing and Services PMI will be released.

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(Editors: Wang Zhiqiang HF013)