Bitget UEX Daily｜Gold and Silver Turn Positive After Volatility; Huang Renxun Clarifies OpenAI Investment; SpaceX Applies for Million Satellites (February 2, 2026)

I. Hot News

Fed Dynamics

Trump Nominates Kevin Warsh as Fed Chair

• Trump officially nominates Kevin Warsh to lead the Fed, with his balance sheet reduction stance creating clear policy tension with Trump's desire to lower borrowing costs.
• Key Points: Warsh's mentor Druckenmiller defends him, emphasizing that his monetary policy stance has adjusted in both directions; coordination with the future Treasury Secretary is crucial; meanwhile, Trump also nominates Brett Matsumoto as Commissioner of the Bureau of Labor Statistics.
• Market Impact: Boosts the dollar's trend, heightens concerns over Fed independence, and may steepen the U.S. Treasury yield curve.

International Commodities

CME Raises Margin Requirements for Gold and Silver Futures

• The Chicago Mercantile Exchange, due to recent sharp volatility, raises margin requirements for gold, silver, and other precious metals futures contracts, effective after the close on February 2.
• Key Points: After experiencing a historic collapse last Friday, gold and silver opened lower on Monday but quickly turned higher; Bank of America's Hartnett believes the gold bull market will only end with a "bigger event."
• Market Impact: Short-term suppression of leveraged trading, long-term beneficial for market stability.

Macroeconomic Policy

U.S. Senate Passes $1.2 Trillion Spending Bill

• The Senate has passed a bill providing funding for most federal government departments, but with House members only returning to Washington on Monday, a brief government shutdown remains unavoidable.
• Key Points: Trump expresses hope to reach a nuclear deal with Iran, and Iran's Foreign Minister calls the talks "productive"; Trump's nomination of Brett Matsumoto to head the Bureau of Labor Statistics directly impacts the credibility of future non-farm payroll data.
• Market Impact: Short-term uncertainty rises, but if the shutdown ends quickly, the market impact will be limited.

II. Market Review

Commodities Forex Performance

• Spot Gold: Down 2.14% + Slight rebound after continuous heavy decline
• Spot Silver: Down 1.27% + Obvious historic collapse characteristics
• WTI Crude: Down 2.41% + Driven by geopolitical risks and supply surplus
• Dollar Index: Down 0.02% + Driven by Fed nomination and continued dollar trend

Cryptocurrency Performance

• BTC: Down 1.58% + Continuous heavy decline breaking below $75,000 mark
• ETH: Down 6.48% + Once slipped to a low of $2,221
• Total Cryptocurrency Market Cap: Up 1.9% to $2.69 trillion, but overall still in a downtrend, driven by liquidation selling and leverage unwinding
• Market Liquidation Situation: Long liquidations $358 million, total liquidations $493 million

U.S. Stock Index Performance

• Dow Jones: Down 0.36% + Continuous downward trend
• SP 500: Down 0.43% + Key feature of low open and low close
• Nasdaq: Down 0.94% + Driven by majority decline in tech sector

Tech Giants Dynamics

• Tesla: Up 3.32%
• NVIDIA: Down 0.72%
• Alphabet A: Down 0.07%
• Microsoft: Down 0.74%
• Amazon: Down 1.01%
• Meta Platforms: Down 2.95%
• Apple: Down 0.5% Summary of core reasons for gains and losses: Intensified market volatility and position clearing, with most tech stocks under pressure but Tesla bucking the trend due to potential merger expectations.

Sector Movement Observation

Storage Concept Mixed Performance

• Representative Stocks: SanDisk up 6.85%, Western Digital down 10.12%
• Driving Factors: SanDisk's quarterly revenue and EPS exceeding expectations drive stock differentiation, but the overall sector is affected by market pullback.

III. In-Depth Stock Analysis

1. Tesla - Potential Merger in Musk's Empire

Event Overview: Tesla's stock rose against the trend by 3.32%. Reports indicate that as AI investment costs rise, Musk is reviewing the capital structure of his companies, with discussions on SpaceX going public or merging with Tesla and xAI shifting from possibility to reality. The background involves synergies across Musk's multiple enterprises, driven by intensifying AI competition, potentially reshaping the electric vehicle and space industry landscape. Market Interpretation: Institutional views suggest this could optimize resource allocation and meet AI customer needs, but caution against insufficient business discipline and competitive pressures. Investment Insight: Potential merger could boost stock price; focus on AI and autonomous driving progress as long-term growth points.

2. SanDisk - Target Price Raised to $1,000

Event Overview: SanDisk's stock surged over 25% at one point, closing up 6.85%. Bernstein raised the target price to $1,000, implying 85% upside from current levels, with valuation at only 11x 2027 fiscal year PE. The background is exploding storage demand, driven by quarterly revenue and EPS exceeding expectations, leading to gross margin guidance from 52.1% to 65-67%, entering a super profit cycle. Market Interpretation: Analysts emphasize that gross margin expansion exceeds expectations, marking a leap in company profitability. Investment Insight: Profit cycle launch provides buying opportunities, but monitor storage market volatility.

3. Oracle - Raising $50 Billion for Cloud Investment

Event Overview: Oracle plans to raise $45-50 billion in 2026 through bonds and stock issuance for cloud infrastructure expansion. The background is surging cloud demand, driven by contracts with clients like AMD, Meta, NVIDIA, OpenAI, and xAI, enhancing cloud service competitiveness. Market Interpretation: Institutional views see this as a response to cloud market growth, but require assessment of financing costs on profitability. Investment Insight: Cloud business expansion benefits long-term value; suggest monitoring execution progress.

4. Google - Waymo Seeks Financing

Event Overview: Google's Waymo seeks about $16 billion in financing at a valuation near $110 billion, with Alphabet providing $13 billion and the rest from Sequoia Capital and others. The background is the development of autonomous ride-hailing, driven by intensifying competition, potentially completing in February and boosting Robotaxi market share. Market Interpretation: Analysts are optimistic about autonomous driving prospects but emphasize regulatory and technical risks. Investment Insight: Financing strengthens competitive edge, with high potential returns but requires caution.

5. ExxonMobil - 2025 Profit Total Declines

Event Overview: ExxonMobil's Q4 adjusted EPS of $1.71 exceeded expectations, but 2025 full-year profit total is $28.8 billion, below 2024's $33.7 billion. Excluding impairments and other items, it's $30.1 billion. The background is oil price volatility, driven by energy demand changes, leading to increased profit pressure. Market Interpretation: Institutional views note that profit decline reflects industry challenges, but core business remains solid. Investment Insight: Be cautious of profit decline; suggest diversifying energy investments.

IV. Cryptocurrency Project Dynamics

1. Bitcoin once fell below $76,000 mark.

2. Trend Research ETH lending liquidation price drops to around $1,830, with losses of $562 million.

3. Equation founder sells ETH "bottom-fished" yesterday, worried about U.S. stock decline impacting crypto market.

4. Michael Saylor releases Bitcoin Tracker info again, may disclose additional holdings this week.

5. Data: Tokens like HYPE, BERA, XDC to face large unlocks this week, with HYPE unlocking about $305 million.

V. Today's Market Calendar

Data Release Schedule

Important Event Preview

• OPEC-JMMC Meeting: All day - Focus on petroleum supply policy adjustments

Bitget Research Institute Views:

U.S. stocks' recent volatility reflects position clearing but core drivers unchanged; Goldman Sachs emphasizes incorporating early-year gains into assessments to avoid overinterpreting declines. Precious metals rebound after historic collapse; Bank of America says bull market needs bigger event to end, UBS predicts gold to $4,200, Goldman Sachs expects $4,900. Crude bear market persists, with supply growth three times demand; WTI average $59. Forex dollar strength continues, boosted by Fed nomination; overall market should watch leverage risks and geopolitical uncertainties.

Disclaimer: The above content is compiled by AI search and manually verified for publication only, not as any investment advice.