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GFZ (German Center for Geosciences): A 5.84-magnitude earthquake has struck the Flores region of Indonesia.

JPMorgan's market intelligence team believes that as AI computing power demand continues to expand, the shipment capacity of AI chips such as NVIDIA GPUs and Google TPUs may become increasingly constrained by HBM and memory supply in the coming years. The material cites a recent statement from Micron, stating that even at current memory prices, customer demand significantly exceeds supply, with manufacturers often only able to meet less than half of the demand. This constraint will also strengthen long-term procurement relationships with large AI companies. SK Hynix, Samsung, and Micron control limited HBM capacity allocations; if customers like NVIDIA and Google prematurely withdraw from long-term procurement agreements, they may face lower supply priority during the next round of capacity shortages. For AI chip manufacturers, the amount of HBM quota they receive is directly impacting the final delivery volume of GPUs and TPUs.

Goldman Sachs' trading desk points out that the internal structure of the US stock momentum factor is undergoing significant changes. The report states that the overlap between 12-month winners and 3-month winners has fallen to a multi-year low, while the overlap between 12-month winners and 3-month losers is nearing a high level, causing the 3-month momentum portfolio to begin deviating significantly from the 12-month momentum portfolio. This change is already reflected in sector weighting. Software currently has the largest weighting on the 3-month momentum bullish side and also the largest weighting on the 12-month momentum bearish side. On the same trading day, semiconductors fell by about 6.5%, while software rose by about 1%, indicating that market sentiment regarding "who the new winners are" within the technology sector is changing.

The European-Mediterranean Seismological Centre reports a 4.2-magnitude earthquake in Chiapas, Mexico.

According to Reuters, shipping data in the Strait of Hormuz shows that the geopolitical stalemate between the United States and Iran has not improved.

Hong Kong-listed new energy vehicle stocks rose, with NIO-SW (09866.HK) and Li Auto (02015.HK) up more than 5%, XPeng Group (09868.HK) up 3.7%, Xiaomi Group (01810.HK) up 3.6%, and Leapmotor (09863.HK) up 3.2%.