NVIDIA Corporation (NVDA.US) Founder and CEO Jensen Huang will visit South Korea today (5th) and meet with the heads of several major South Korean enterprises, Yonhap News Agency reported, citing NVIDIA and industry sources. This marks his first trip to South Korea in seven months since his last visit in late October last year.

Huang is purportedly expected to enter the country via Gimpo Airport at around 1 p.m. local time and attend a dinner this evening with leaders of major South Korean conglomerates.

Attendees are set to include SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Euisun Chung, LG Group Chairman Koo Kwang-mo, and NAVER Board Chairman Lee Hae-jin.
~

AASTOCKS Financial News
Website: www.aastocks.com

DENVER, June 4, 2026 /PRNewswire/ -- XPENG (NYSE: XPEV, HKEX: 9868), a leading China-based high-tech company, kicks off its key presence at CVPR 2026 (The IEEE/CVF Conference on Computer Vision and Pattern Recognition). Dr. Xianming Liu, Head of General Intelligence Center at XPENG, spoke at the inaugural Workshop on Deployment of Foundation Models for Embodied AI (WDFM-EAI), sharing insights with global counterparts including Tesla, NVIDIA and Waymo. This marks XPENG's third attendance at the prestigious conference.

From Technical Concept to Mass Production: VLA2.0 Achieves Key Technical Breakthrough

Dr. Xianming Liu systematically deconstructed the evolution of XPENG's physical AI technology system, from concept validation and technical refinement to full-scale mass production. First unveiled at CVPR 2025, XPENG's in-house foundation model has now achieved a critical leap: VLA2.0 has entered formal mass production, marking an industry-leading closed loop from pre-research to commercial deployment. Within its first month, VLA2.0 set an industry milestone with over 50% assisted driving mileage share, establishing a new benchmark in China's assisted driving sector.

First Technical Blueprint for World Model Unveiled, Advancing Physical-World Foundation Models

Dr. Xianming Liu introduced the world model as another core pillar of XPENG's foundation model system. XPENG is developing a world model capable of Deliberative Reasoning, Controllable Generation, and Long-Horizon Forecasting. Rather than competing, the world model and VLA2.0 complement each other: VLA2.0 learns "how to act" from human driving, while the world model learns "how the world changes after an action" by predicting future states and scene evolution. Together, they form XPENG's Physical-World Foundation Model, essentially pursuing the same goal: building a sufficiently powerful foundation model for the physical world.

XPENG specifies these three core capacities as essential for qualified world models and autonomous driving. Its R&D team has published three papers: X-World, X-Foresight, X-Cache, detailing corresponding R&D approaches.

Continuing Validation of Scaling Law: XPENG Accelerates Large-Scale Rollout of Physical AI

In the 12 months ending March this year, XPENG's cluster delivered a 1,010% uplift in per-GPU training efficiency and a 4,360% gain in single-job training efficiency, while GPU hardware utilization climbed from 40% to 90%, matching benchmarks set by top-tier global AI firms.

As VLA2.0's capabilities continue to expand, XPENG is accelerating the large-scale deployment of its core Physical AI applications: VLA2.0, Robotaxi, and Humanoid Robots. The IRON humanoid robot is progressing toward mass production by the end of 2026, with plans to enter XPENG's offline stores as a shopping guide in Q1 2027.

Appendix: XPENG World Model Related Academic Papers

X-World Paper: https://arxiv.org/pdf/2603.19979

X-World Official Site: https://x-world-1.github.io/

X-Cache Paper: https://arxiv.org/abs/2604.20289

X-Cache Official Site: https://x-cache-1.github.io/en/

X-Foresight Paper: https://arxiv.org/abs/2605.24892

X-Foresight Official Site: https://x-foresight-1.github.io/en/

About XPENG
Founded in 2014, XPENG is a leading Chinese AI-driven mobility company that designs, develops, manufactures, and markets Smart EVs, catering to a growing base of tech-savvy consumers. With the rapid advancement of AI, XPENG aspires to become a global leader in AI mobility, with a mission to drive the Smart EV revolution through cutting-edge technology, shaping the future of mobility.

To enhance the customer experience, XPENG develops its full-stack advanced driver-assistance system (ADAS) technology and intelligent in-car operating system in-house, along with core vehicle systems such as the powertrain and electrical/electronic architecture (EEA). Headquartered in Guangzhou, China, XPENG also operates key offices in Beijing, Shanghai, Silicon Valley, and Amsterdam. Its Smart EVs are primarily manufactured at its facilities in Zhaoqing and Guangzhou, Guangdong province.

XPENG is listed on the New York Stock Exchange (NYSE: XPEV) and Hong Kong Exchange (HKEX: 9868).
For more information, please visit https://www.XPENG.com/.

Contacts:
For Media Enquiries:
XPENG PR Department
Email: [email protected]

• 雲頂新耀將獲得倍捷欣®在亞太地區（東南亞、印度、韓國、澳大利亞、新西蘭、中國香港、中國澳門及中國台灣地區）的臨床開發及商業化權益。
• 根據相關協議，雲頂新耀將向天廣實支付人民幣2,300萬元的首付款，以及最高不超過人民幣1.86億元的銷售里程碑款。天廣實可獲得該產品在亞太地區的銷售毛利額分成款項。
• 此次合作將進一步強化雲頂新耀在腎科及自身免疫疾病等領域的亞太市場佈局，並與現有腎科管線形成協同效應。

上海2026年6月4日 /美通社/ -- 雲頂新耀（HKEX 1952.HK，以下簡稱「公司」），一家專注於創新藥研發、臨床開發、製造及商業化的生物製藥公司，今日宣佈與北京天廣實生物技術股份有限公司（以下簡稱「天廣實」）達成商業化授權許可合作協議，獲得倍捷欣^®（MIL62，通用名：奧妥珠單抗β注射液）在亞太地區（東南亞、印度、韓國、澳大利亞、新西蘭、中國香港、中國澳門及中國台灣地區）的臨床開發及商業化權益。

此次合作將進一步強化雲頂新耀在腎科及自身免疫疾病等領域的亞太市場佈局，並與現有腎科管線形成協同效應。公司將依托已獲驗證的臨床開發及商業化能力，加速推動倍捷欣®的市場准入與商業化進程，持續釋放亞太區域的增長潛力，並推進公司在全球創新藥市場的長期戰略發展。

根據相關協議，雲頂新耀將向天廣實支付人民幣2,300萬元的首付款，以及最高不超過人民幣1.86億元的銷售里程碑款。天廣實可獲得該產品在亞太地區的銷售毛利額分成款項。

倍捷欣^®是天廣實自主研發的創新型第三代CD20抗體藥物，已於2026年2月在中國獲批上市，用於治療視神經脊髓炎譜系疾病（NMOSD），成為全球首款治療該疾病的CD20抗體，也是中國在該領域的首款國產藥物。倍捷欣^®用於治療原發性膜性腎病（PMN）的新藥上市申請亦處於中國國家藥監局的「優先審評審批」階段，有望成為全球首款獲批的PMN特效藥物。此外，倍捷欣®正在進行的臨床III期試驗覆蓋系統性紅斑狼瘡（SLE）以及濾泡性淋巴瘤（FL）多個治療領域，並具備向其他自身免疫性疾病持續拓展的潛力。

雲頂新耀董事會主席吳以芳表示：「我們非常高興能與天廣實就倍捷欣^®達成此次合作。倍捷欣^®不僅是全球首款獲批治療NMOSD的CD20抗體，也是一款具有差異化優勢和廣闊市場前景的創新藥，在腎科及自身免疫疾病領域展現出顯著的臨床潛力。

此次合作將進一步豐富雲頂新耀在腎科及自身免疫領域的產品佈局，並與現有管線形成良好的協同效應。依托公司已建立並持續強化的臨床開發及商業化能力，我們有信心加速推進倍捷欣®在亞太地區的開發與商業化進程，推動其盡快惠及更多患者，讓創新療法更快轉化為臨床可及性，並進一步提升公司在亞太及全球創新藥市場的影響力。」

天廣實總裁陳魯寧表示：「我們非常欣喜與雲頂新耀達成倍捷欣®在亞太地區的合作。倍捷欣^®作為全球首款獲批治療NMOSD的CD20靶向藥物，也是潛在全球首款治療PMN的特效藥物，擁有非常出色的產品競爭力與市場潛力。自產品上市以來，倍捷欣^®在中國大陸地區已經取得了優異的商業化成績，此次合作將進一步強化倍捷欣^®在整個亞太市場的商業化網絡與品牌影響力，為中國大陸以外的更多腎科及自身免疫性疾病患者帶來「欣」希望。」

倍捷欣^®目前已在腎科及多個自身免疫疾病領域展現出顯著的臨床及治療價值，並具備廣闊的適應症拓展潛力。其在NMOSD、PMN及SLE等疾病領域的持續佈局與進展，有望為患者帶來更多創新治療選擇。

NMOSD是一種高復發率、高致殘率的中樞神經系統自身免疫性疾病，多發於青壯年女性。該病通常為急性或亞急性起病，可迅速進展，約90%的患者在三年內經歷復發，嚴重者可導致失明甚至癱瘓。倍捷欣^®在單藥治療中顯示出降低復發風險的顯著優勢，並在療效數據中展現出優異表現，凸顯其作為單藥療法的臨床價值與治療便利性。

PMN是成人腎病最常見的病理類型，約30%-40% 的患者在5-15年內可能進展為終末期腎病。目前全球範圍內尚無獲批的特效藥。臨床III期研究顯示，倍捷欣^®單藥治療在臨床完全緩解、免疫學完全緩解及臨床緩解等各項指標上均展現出顯著優勢。此外，倍捷欣®具有良好的安全性和耐受性，並且給藥週期便捷，患者初始治療後，每六個月僅需進行一次靜脈注射，可顯著降低治療負擔，同時有助於提升長期依從性。

SLE是一種慢性系統性自身免疫疾病，倍捷欣®目前處於臨床III期研究階段，具有24–28周的長給藥間隔優勢，可滿足患者對長效治療方案的臨床需求，有望為SLE患者提供更優治療選擇。

關於倍捷欣^®

倍捷欣^®（MIL62，通用名：奧妥珠單抗β注射液）是具有獨特市場競爭地位的第三代CD20抗體，已在中國獲批上市（藥品批准文號：國藥准字S20260011），用於治療視神經脊髓炎譜系疾病（NMOSD），為全球首款治療NMOSD的CD20靶向藥物，亦為中國首個獲批該適應症的國產藥物。

針對原發性膜性腎病（PMN）治療的倍捷欣^®已於2025年10月被中國國家藥品監督管理局納入「突破性治療」藥物品種，成為首款在腎病治療領域獲得該認定的國產藥物，其新藥上市申請正處於「優先審評審批」階段，有望成為全球首款獲批用於治療PMN的特效藥物。

關於雲頂新耀

雲頂新耀是一家專注於創新藥研發、臨床開發、製造和商業化的生物製藥公司，致力於滿足全球市場尚未滿足的醫療需求。雲頂新耀的管理團隊在中國及全球領先製藥企業擁有深厚的專長和豐富的經驗。公司在浙江嘉善擁有具備商業化規模的全球生產基地，並依據中國、美國及歐盟標準建立了完善的GMP生產質量管理體系。

公司聚焦自身免疫、眼科、急重症及CKM（心血管、腎臟及代謝）等疾病治療領域，已打造集全渠道商業化體系與藥品全生命週期商業化能力於一體的商業化平台，並以擁有全球權益的自研mRNA平台為基礎，持續推進mRNA in vivo CAR-T與mRNA腫瘤疫苗等現有管線，同時通過引進及生態孵化潛力平台，拓展研發能力，同時強化全球化佈局，加快國際化發展進程。更多信息，請訪問公司官網：www.everestmedicines.com。

關於天廣實

北京天廣實生物技術股份有限公司專注於創新型抗體靶向藥物研發及產業化，致力於為自身免疫性疾病及腫瘤患者帶來創新的治療方案。公司將免疫學及生物學的科學突破轉化為新型抗體靶向療法，針對存在大量醫療需求缺口和市場潛力的各種自身免疫性疾病和腫瘤市場進行產品開發和技術創新。公司是國家級高新技術企業、北京市專精特新中小企業、北京市重點實驗室、北京市工程實驗室，並設有企業博士後工作站和院士專家工作站。

前瞻性聲明

本新聞稿所發佈的信息中可能會包含某些前瞻性表述，乃基於本公司或管理層在做出表述時對公司業務運營情況及財務狀況的現有看法、相信、和現有預期，可能會使用「將」、「預期」、「預測」、「期望」、「打算」、「計劃」、「相信」、「預估」、「確信」及其他類似詞語進行表述。這些前瞻性表述並非對未來業績的保證，會受到風險、不確性及其他因素的影響，有些乃超出本公司的控制範圍，難以預計。因此，受我們的業務、競爭環境、政治、經濟、法律和社會情況的未來變化及發展等各種因素及假設的影響，實際結果可能會與前瞻性表述所含資料有較大差別。本公司及各附屬公司、各位董事、管理人員、顧問及代理未曾且概不承擔更新該稿件所載前瞻性表述以反映在本新聞稿發佈日後最新信息、未來項目或情形的任何義務，除非法律要求。

SAN FRANCISCO and SUZHOU, China, June 4, 2026 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, announces that the international multi-center Phase 3 clinical study (G-HOPE-001, NCT06238843) of arcotatug tavatecan (IBI343; Takeda R&D code: TAK-921, an innovative TOPO1i CLDN18.2 ADC) has completed the per-protocol first interim analysis and reached the primary endpoint. Arcotatug tavatecan demonstrated excellent efficacy and a tolerable safety profile in the treatment of advanced gastric cancer. Based on the positive clinical results, Innovent has submitted the new drug application (NDA) for arcotatug tavatecan to the National Medical Products Administration (NMPA) of China, for the treatment of previously treated locally advanced unresectable or metastatic CLDN18.2-positive gastric or gastroesophageal junction adenocarcinoma (G/GEJA) who have received at least two prior systemic therapies. This application has been accepted with priority review.

Arcotatug tavatecan is a biomarker-guided, CLDN18.2-targeted ADC developed as a precision medicine for the treatment of CLDN18.2-expressing cancers. It is designed to selectively deliver a high-potency exatecan payload (TOPO1i) to tumor cells via a cleavable linker, and incorporates Fc silencing to minimize off-tumor toxicities. It is the world's first CLDN18.2 ADC to be submitted for regulatory review.

The G-HOPE-001 study is an international, multicenter, randomized, open-label Phase 3 clinical trial conducted in China and Japan to evaluate the efficacy and safety of IBI343 monotherapy vs. investigator-selected therapy in subjects with previously treated, Claudin 18.2-positive, locally advanced unresectable or metastatic G/GEJA who have received at least two prior systemic therapies. The primary endpoints of the study are PFS and overall survival (OS). The clinical study data are planned to be published in future academic conferences or journals.

Professor Lin Shen, Director of Department of Gastrointestinal Oncology, Beijing Cancer Hospital, said: " We are delighted to see that the pivotal Phase 3 clinical trial of arcotatug tavatecan has been successfully conducted in China and Japan, and achieved its primary endpoint at the first interim analysis. This marks a major breakthrough in targeted precision therapy for gastrointestinal oncology. Meanwhile, the NDA for arcotatug tavatecan has been accepted by the NMPA. The excellent efficacy and manageable safety profile of this product will potentially bring new standardized treatment options and help the adoption of precision diagnosis and treatment for gastrointestinal tumors with targeted therapies."

"Arcotatug tavatecan is a next-generation ADC drug targeting CLDN18.2," said Professor Kohei Shitara, Director of the Department of Gastrointestinal Oncology, National Cancer Center Hospital East. "Clinical study data showed that Arcotatug tavatecan has good overall safety and tolerability, and a low incidence of gastrointestinal-related toxicity. At the same time, it has shown potential and encouraging anti-tumor therapeutic effects in patients with gastric cancer/gastroesophageal junction adenocarcinoma who have high expression of CLDN18.2. The G-HOPE-001 study completed the first interim analysis according to the established study protocol and successfully reached the preset primary endpoint of progression-free survival, which laid a solid foundation for subsequent clinical application."

Dr. Hui Zhou, Chief R&D Officer (oncology pipeline) of Innovent Biologics, said, " Patients with advanced gastric cancer generally have a poor prognosis after initial lines of treatment and are prone to rapid disease progression. There is a lack of effective subsequent treatment options, with median survival of only around six months, highlighting a significant and urgent unmet clinical need. We are excited that the international multicenter Phase 3 study of Arcotatug tavatecan has successfully met its primary endpoint of progression-free survival and that the marketing application in China has been accepted. We look forward to this innovative therapy offering a new and more effective treatment option for patients with advanced gastric cancer."

About gastric/gastroesophageal junction adenocarcinoma

Gastric cancer is one of the most common malignant tumors in the world and is one of the leading causes of death due to cancer worldwide. The 5-year survival rate of patients with metastatic gastric cancer is less than 5%¹. China and Japan are high-incidence areas for gastric cancer². Currently, chemotherapy and immune checkpoint inhibitor therapy combined with fluoropyrimidine and platinum are the standard treatment for patients with advanced metastatic gastric cancer. Systemic therapy has limited efficacy for advanced gastric cancer, especially for third-line and above gastric cancer, the prognosis is usually poor, with few treatment options and short expected survival. The median survival is about half a year³.

CLDN18.2, a tight junction protein specifically expressed in normal gastric mucosa and abnormally highly expressed in gastric cancer and gastroesophageal junction adenocarcinoma (positivity rate up to approx. 80% of cases), is a promising star target for precision treatment of gastric cancer.

About IBI343 (Arcotatug tavatecan)

IBI343 (Arcotatug tavatecan) is a recombinant human anti-CLDN18.2 monoclonal antibody-drug conjugate (ADC) developed by Innovent Biologics. It specifically binds to the tumor cells expressing CLDN18.2, triggering CLDN18.2-dependent internalization of the ADC. Once inside the cell, the cytotoxic payload is released, resulting in DNA damage and ultimately apoptosis of the tumor cells. The released drug can also diffuse across the plasma membrane to reach and kill neighboring cells, resulting in a "bystander killing effect".

Arcotatug tavatecan is currently under NMPA's review and being explored in solid tumor types such as gastric cancer and pancreatic cancer, including:

• Arcotatug tavatecan is under NMPA's priority review for previously treated locally advanced unresectable or metastatic CLDN18.2-positive gastric or gastroesophageal junction adenocarcinoma, based on the positive first interim analysis results from the international multi-center Phase 3 clinical study G-HOPE-001;
• Arcotatug tavatecan is under a Phase 3 clinical study in China for patients with CLDN18.2-positive advanced pancreatic cancer;
• Arcotatug tavatecan is also being explored in Phase 1 clinical studies such as the first-line treatment for patients with gastric cancer and patients with pancreatic cancer.

In October 2025, Innovent Biologics entered into a global strategic partnership with Takeda Pharmaceuticals, which includes granting Takeda exclusive rights for IBI343 (Takeda's R&D code: TAK-921) outside Greater China.

About Innovent Biologics

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 18 products in the market. It has 1 asset under NMPA review, 4 assets in phase 3 or pivotal clinical trials, and 14 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center.

Guided by the motto, "Start with Integrity, Succeed through Action," Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Forward-Looking Statements

The information in this press release may contain certain forward-looking statements. These statements carry considerable risk and uncertainty in nature. The use of the words "anticipate," "believe," "predict," "expect," "intend," and other similar expressions in connection with the Company is intended to identify forward-looking statements. The Company is under no obligation to update these forward-looking statements on a continuing basis.

These forward-looking statements are based on the Company's management's existing views, assumptions, expectations, estimates, forecasts, and understandings of the future affairs at the time of the statements. These statements are not guarantees for future development and are subject to risks, uncertainties, and other factors, some of which are beyond the control of the Company and are difficult to predict. As a result, actual results may differ materially from those contained in the forward-looking statements as a result of future changes and developments in our business, competitive environment, political, economic, legal, and social conditions.

References

1. Lasithiotakis K, Antoniou SA, Antoniou GA, Kaklamanos I, Zoras O. Gastrectomy for stage IV gastric cancer.  a systematic review and meta-analysis. Anticancer Res. May 2014;34(5):2079-85.
2. Xu B, Wang JM. Epidemiological study of gastric cancer[J]. Chin J Cancer Prev Treat, 2006,13(1): 81-87.
3. Chan WL, Lam KO, So TH, et al. Third-line systemic treatment in advanced/metastatic gastric cancer: a comprehensive review. Ther Adv Med Oncol. 2019;11:1758835919859990.

The Chinese Embassy in the United States announced that Chinese Ambassador to the US Xie Feng held a group discussion with senior executives of leading multinational corporations (MNCs) on Tuesday (2nd).

Senior representatives from Blackstone Inc. (BX.US), Google, Microsoft Corporation (MSFT.US), International Business Machines Corporation (IBM.US), Texas Instruments Incorporated (TXN.US), Honeywell International Inc. (HON.US), Bayer, Johnson & Johnson (JNJ.US), ConocoPhillips (COP.US), Chevron Corporation (CVX.US), Walt Disney Company (DIS.US) and Procter & Gamble Company (PG.US) attended the meeting.

Xie introduced the outcomes of the Beijing meeting between the Chinese and US presidents, noting that President Xi Jinping and US President Donald Trump agreed to position a "constructive and strategically stable China-US relationship" as the new framework for bilateral ties, providing strategic guidance for relations over the next three years and beyond.

He expressed hope that the business community would take proactive steps to implement the important consensus reached by the two heads of state, expand the list of cooperation areas, and achieve more practical results that benefit both countries and the world.
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Ray Dalio, founder of Bridgewater Associates, said the AI market is already showing signs of a bubble that will eventually burst.

All major technological revolutions create bubbles, as bubbles often burst when investments need to deliver returns, Dalio remarked.

He expressed concern about the profitability of AI companies, noting that when a bubble bursts, it is the moment when wealth is converted into cash.

Although AI is a very good technology, he said it is driving the market down a path toward a bubble collapse.
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Website: www.aastocks.com

SpaceX plans to offer about 555.6 million shares at USD135 per share, raising USD75 billion, a filing with the US Securities and Exchange Commission showed.

Underwriters have the option to purchase an additional 83.33 million shares at the IPO price, with a total value of USD11.2 billion.

Pricing at USD135 per share implies a company valuation of USD1.77 trillion, making it the seventh-largest company by market cap in the US and toppling Tesla, Inc. (TSLA.US), which has a market value of USD1.6 trillion.

After the IPO, SpaceX founder Elon Musk will hold more than 82% of the voting rights, as revealed by the filing. The company plans to officially list on June 12.
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Shares of Broadcom Inc. (AVGO.US) plunged nearly 14% in after-hours trading to USD413.45, as the market was disappointed by the company's AI chip revenue outlook. For its second fiscal quarter ended May 3, Broadcom reported revenue growing 48% YoY to USD22.187 billion, compared with analysts average estimate of USD22.1 billion. Non-GAAP diluted EPS increased to USD2.44, above the prior consensus of USD2.39.

In the previous quarter, Broadcom's AI semiconductor revenue ballooned 143% YoY to USD10.8 billion, ahead of the earlier average estimate of USD10.7 billion. The company said it expects AI semiconductor revenue of USD16 billion for the third fiscal quarter, below market expectations of USD17.2 billion. For the full year, AI semiconductor sales are projected to reach USD56 billion, lower than the previous average estimate of USD57.6 billion.

Broadcom has begun delivering chips to OpenAI and projected to commence production later this year. The company has signed a contract with OpenAI to deploy 1.3 gigawatts of capacity in 2027. In addition, it will deploy 3 gigawatts of computing capacity for Meta Platforms, Inc. (META.US) by the end of 2028, with the first 1 gigawatt scheduled for delivery starting in 2H27.
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Thanks to iterative upgrades in electrification technology by leading carmakers and the concentrated launch of several blockbuster new models, NEV wholesale volumes of multiple major carmakers in Mainland China hit record highs for the same period in May, highlighting the tangible results of domestic automakers' electrification transformation, the China Passenger Car Association (CPCA) said.

Carmakers including BYD COMPANY (01211.HK), CHERY AUTO (09973.HK), Tesla China, LEAPMOTOR (09863.HK), SAIC-GM-Wuling, NIO-SW (09866.HK), Arcfox, SAIC-GM, Dongfeng Nissan, GAC Toyota, and GAC Trumpchi, all recorded their best-ever NEV wholesale results for the month of May.

Among the top 10 passenger vehicle manufacturers in terms of NEV wholesale volume in mainland China in May, eight were listed carmakers. BYD COMPANY, GEELY AUTO (00175.HK), CHERY AUTO, Tesla and LEAPMOTOR ranked in the top five, with BYD COMPANY leading by a wide margin at 376,990 units, data showed.

Cui Dongshu, Secretary General of the CPCA, estimated that national passenger vehicle manufacturers NEV wholesale volume reached 1.36 million units in May, up 12% YoY and 11% MoM.
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Morgan Stanley published a report raising its revenue and earnings forecasts for Micron Technology, Inc. (MU.US) and Sandisk Corporation (SNDK.US), and sharply lifted their TPs. Micron's TP was raised from USD520 to USD1,050, while Sandisk's TP was increased from USD1,100 to USD1,750. Both are rated Overweight. Morgan Stanley said memory chip stocks performed strongly in 2025 and will continue to lead the market in 2026, yet it believes this strong run is not yet over.

Morgan Stanley noted, as highlighted in its global report today (3rd) and its Taiwan field study report earlier this week, that there is no quick fix to the memory shortage. This is expected to keep memory supply tight for 2-3 years (or longer). The shortage is most severe in DRAM, but NAND Flash is also affected. The market is beginning to recognize the implications for earnings sustainability, with Micron's consensus forward P/E expanding from 4x at end-March to 11x.
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