Precious metals soar, energy rises, and tech stocks lead the rally—Market scan for December 23: Alphabet makes a big move in AI energy infrastructure

Gold, Silver, and Copper Hit Record Highs as Market Sentiment Significantly Warms Up

Geopolitical tensions intensify, expectations of Fed rate cuts fermenting, coupled with dollar pressure, leading to a broad rally in precious metals and energy commodities. Gold rose 2.43%, breaking through the $4,400 mark to $4,443.9 per ounce; silver increased 2.82% approaching the $70 threshold, at $69.44; London copper futures climbed to $11,996.18 per ton, up 1.01%; spot palladium and platinum hit new highs, rising 4.86% and 6.07% respectively. Meanwhile, WTI crude oil increased 2.49% to $57.95 per barrel, with the lack of substantial progress in Ukraine-US peace negotiations being one of the factors pushing oil prices higher.

US Stocks Strong, Major Indices Continue Rally for Third Consecutive Day

Market Christmas rally expectations heat up, risk aversion sentiment significantly eases—the VIX fear index fell 5.5% to its lowest in over a year. US stocks continued their upward momentum, with the three major indices rising for the third straight day: Dow up 0.47%, S&P 500 up 0.64%, Nasdaq up 0.52%. China Gold Dragon Index increased 0.58%. In contrast, European markets all declined, with FTSE 100, CAC 40, and DAX 30 falling 0.32%, 0.37%, and 0.02% respectively.

Popular Tech Stocks Generally Positive, Alphabet Expands Energy Portfolio

Nvidia and Tesla shares rose 1.5% and 1.6%; Oracle rebounded 3.3%; Micron Technology gained 4%. Notably, Alphabet’s parent company announced a $4.75 billion cash acquisition of data center and energy infrastructure operator Intersect Power (assuming related debt), aiming to provide sufficient power support for Google AI operations. Intersect owns assets valued at $15 billion, with ongoing and under-construction capacity expected to reach 10.8 GW by 2028, more than 20 times the power output of Hoover Dam.

Foreign Exchange Market Calm, Exchange Rate Adjustments Progress in an Orderly Manner

The US dollar index fell 0.48% to 98.24, EUR/USD rose 0.45%, USD/JPY declined 0.44%. Japanese Finance Minister Shunichi Suzuki issued the most severe warning to date about speculative yen volatility, stating that bold actions will be taken based on the US-Japan joint statement to address excessive fluctuations. Meanwhile, the Malaysian ringgit’s movement against the yen reflects increased sensitivity in the Asia-Pacific region to Japanese monetary policy changes.

Cryptocurrency Market Slightly Adjusts, Bitcoin and Ethereum Diverge

Bitcoin fell 0.06% in 24 hours, latest quote at $87,710; Ethereum declined further by 0.56%, at $2,950. Hong Kong stock index futures continued to rise overnight, Hang Seng Index futures at 25,909 points, up 95 points; China Enterprises Index futures at 8,976 points.

Macro Focus: Dovish Fed Signals Strengthen, Global Reserve Composition Slightly Adjusts

Federal Reserve Governor Michelle Bowman stated that if the Fed does not continue rate cuts next year, it could risk triggering a recession, emphasizing that rising unemployment should keep officials dovish. The latest IMF data shows that in Q3, the share of US dollar reserves in global holdings decreased to 56.92%, while the euro’s share quietly increased to 20.33%. This reflects a gradual trend toward diversification of global reserves.

Geopolitical and Policy Risks: Ukraine-US Negotiations Stalled, US Pressure on Venezuela Escalates

Ukrainian President Zelensky confirmed that the negotiating team has returned to Kyiv; no breakthrough was achieved in this round of Ukraine-US peace talks. Although 20 key items of the “peace plan” draft were completed, fundamental disagreements remain over territorial issues. Meanwhile, the Trump administration has intensified pressure on Venezuela, seeking to seize a third oil tanker entering Venezuelan waters, attempting to further choke its oil exports. Industry insiders warn that if Venezuela’s oil exports are blocked, its state oil company may be forced to shut down wells.

Chip Supply Chain: Nvidia H200 May Ship to Huawei in February, Approval Still Pending

Reuters reports that Nvidia has notified Chinese clients of plans to start shipping H200 chips before the Chinese New Year in mid-February, with an initial batch of 50,000 to 100,000 modules (about 400,000 to 800,000 chips). However, Beijing has yet to approve any H200 procurement, and the overall plan depends on final government decisions. Previously, Trump indicated this month that such sales could be permitted but would incur a 25% fee.

Bond Market Slightly Adjusts, US 10-Year Treasury Yield Rises to 4.16%

The yield on the benchmark 10-year US Treasury note is approximately 4.16%, up 2 basis points from the previous trading day, reflecting a re-pricing of the Fed’s policy outlook.