U.S. Stock Market Preview | The three major stock index futures rise together, Meta(META.US) and AMD(AMD.US) reach a $60 billion strategic alliance

On February 24th (Tuesday) before the US stock market opens, the three major US stock index futures all rose. As of press time, Dow futures are up 0.23%, S&P 500 futures up 0.15%, and Nasdaq futures up 0.33%.

As of press time, Germany’s DAX index fell 0.08%, the UK FTSE 100 index declined 0.10%, France’s CAC40 index rose 0.03%, and the Euro Stoxx 50 index dropped 0.07%.

As of press time, WTI crude oil is up 0.23%, trading at $66.46 per barrel. Brent crude oil is up 0.13%, at $71.20 per barrel.

Citrini “Dystopian Research Report” Reimagines AI Investment: “AI Doomsday Narrative” in the US, Alpha in Asia’s Computing Power Chain. Citrini Research recently released the impactful “2028 AI Doomsday Prophecy” — a comprehensive vision of a dystopian AI future shaped by artificial intelligence. The report predicts that by 2028, despite AI productivity surpassing expectations globally, a complete upheaval of white-collar employment will cause a “global economic plague,” triggering panic in financial markets worldwide. Markets across software, wealth management, logistics, and other sectors are experiencing panic selling due to this “2028 AI Doomsday Report.” Investors are increasingly worried about the performance impact of AI agent tools like Claude Cowork and OpenClaw, adopting a “sell first, ask questions later” approach.

AI “Horror Story” Reshuffles US Stocks: A 2028 “Fictional” Scenario Sparks Panic, IBM Dives to 25-Year Low. On Monday, AI “panic trading” erupted again, with fears of AI disruptive power intensifying, dragging down stocks of delivery, payment, and software companies, and causing IBM (IBM.US) to record its largest single-day decline in 25 years. The sell-off was triggered by a pessimistic report released over the weekend by a small firm called Citrini Research. The report outlined potential risks AI could pose to various global economic sectors, setting a hypothetical scenario for June 2028. In this scenario, AI’s disruptive impact causes mass white-collar unemployment, reduced consumer spending, loan defaults supported by software, and economic contraction.

“AI Disrupts Everything” Sweeps Stock Markets: Where Is the Safe Haven? Goldman Sachs Highlights “HALO.” Goldman Sachs strategists note that companies with tangible, heavy assets are significantly outperforming the global stock market. As global investors, including hedge funds and retail traders, seek safe havens to escape the “AI disrupts everything” sell-off, they are turning their focus to heavy-asset, low-obsolescence stocks, termed HALO (Heavy Assets, Low Obsolescence). The “HALO effect” mentioned in the report refers not to the psychological “halo effect,” but to companies whose value mainly derives from high-cost, long-lived physical assets, core production capacity, manufacturing networks, and infrastructure.

Trump’s New 10% Global Tariff Takes Effect, US “Trade Wall” Enters Rebuilding Phase. President Trump’s new 10% global tariff officially took effect Tuesday. Previously, the Supreme Court rejected his original comprehensive tariff plan. The new tariffs mark a renewed effort by the White House to advance the president’s trade agenda. Hours after the Supreme Court’s ruling last Friday, Trump signed an executive order authorizing a 10% import tax. He previously threatened to raise this to 15%, but when the 10% tariff took effect early Tuesday, he had not issued an official order to increase the rate. A government official revealed that the White House is drafting a formal order to raise the global tariff rate to 15%, though the timeline for implementation has not been finalized.

Home Depot (HD.US) Q4 Revenue and Earnings Both Surpass Expectations. Driven by steady demand, Home Depot’s key sales metrics exceeded forecasts, though the retailer cautioned that macro challenges remain. The earnings report shows Q4 revenue of $38.2 billion, down 3.8% year-over-year but beating expectations by $1 billion; adjusted EPS was $2.72, beating estimates by $0.20. For the quarter ending February 1, same-store sales increased by 0.4%, outperforming the average forecast.

Meta (META.US) and AMD (AMD.US) Announce $60 Billion Strategic Partnership. Social media giant Meta announced a groundbreaking strategic alliance with semiconductor leader AMD. According to official plans, Meta commits to purchasing up to $60 billion worth of AI chips and data center hardware from AMD over the next five years, aiming to build a solid computing foundation for its expanding AI empire. This move signifies Meta’s shift from a mere hardware buyer to a deep strategic partner in the supply chain, marking the largest single order in AMD’s history and signaling a transition from a “monopoly” to a “duopoly” in the AI chip market.

Apple (AAPL.US) Shows More Confidence in Houston Mac Mini Plans Than Austin Mac Pro. Apple is expanding its factory in Houston to assemble Mac Mini desktops. Under pressure from the Trump administration, Apple pledged to invest $6 billion in the US over four years last year. Apple’s global procurement chief, David Tom, stated that this commitment also includes over 100 million chips Apple plans to purchase from TSMC’s Arizona plant this year.

Novo Nordisk (NVO.US) Midterm Trial of Weight Loss Drug in China Shows Near 20% Reduction. Novo Nordisk’s experimental drug, authorized last year, demonstrated significant weight loss in a midterm study in China, supporting the company’s efforts to find new products to sustain growth in the obesity market. The Chinese partner, United Laboratories International, reported that obese and overweight Chinese subjects taking the drug for 24 weeks lost up to 19.7% of their body weight. In contrast, placebo subjects lost an average of only 2%.

Amazon (AMZN.US) Invests $12 Billion in Louisiana Data Centers to Support Cloud Computing and AI. Amazon announced on Monday a $12 billion investment to build its first data center facilities in Louisiana, USA, to support its cloud computing and AI operations. Major cloud service providers in the US are competing for dominance, pouring trillions into data center infrastructure to boost computing capacity—crucial for AI development.

Important Economic Data and Event Schedule

23:00 Beijing Time: US February Conference Board Consumer Confidence Index.

Next day 05:30 Beijing Time: US API Crude Oil Inventory Change (thousand barrels) for the week ending February 20.

21:00 Beijing Time: Speech by FOMC voter and Chicago Fed President Goolsbee.

21:00 Beijing Time: Speech by FOMC voter and Atlanta Fed President Bostic at the 42nd Annual Economic Policy Conference of the National Association for Business Economics (NABE).

22:00 Beijing Time: Boston Fed President Collins delivers opening remarks at an event.

22:00 Beijing Time: Speech by FOMC voter and Atlanta Fed President Bostic.

22:10 Beijing Time: Fed Governor Waller speaks.

22:35 Beijing Time: Fed Governor Lisa Cook discusses AI.

Next day 00:00 Beijing Time: Apple holds its annual online shareholder meeting.

Next day 04:15 Beijing Time: Richmond Fed President Barkin and Boston Fed President Collins participate in a panel discussion.

TBD: US President Trump delivers the State of the Union address.

Wednesday morning: HP (HPQ.US), HSBC (HSBC.US)

Wednesday pre-market: Lowe’s (LOW.US)