Bitget UEX Daily Report | Gold and silver fluctuate sharply and turn to rise; Jensen Huang clarifies OpenAI investment; SpaceX applies for a million satellites (February 2, 2026)

# 1. Hot News

Federal Reserve Dynamics

Trump Nominates Kevin Warsh as Federal Reserve Chair

• Trump has officially nominated Kevin Warsh to lead the Federal Reserve, creating a clear policy tension between Warsh's stance on balance sheet reduction and 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; Trump also nominated Brett Matsumoto to head the Bureau of Labor Statistics.
• Market Impact: Boosted the dollar's performance, heightened concerns about the Fed's independence, and the U.S. Treasury yield curve may steepen.

International Commodities

CME Raises Margin Requirements for Gold and Silver Futures

• The Chicago Mercantile Exchange has raised margin requirements for gold, silver, and other precious metal futures contracts due to recent volatility, effective after the close on February 2.
• Key Points: After a historic crash last Friday, gold and silver quickly turned positive after opening lower on Monday; Bank of America’s Hartnett believes the gold bull market will only end with a "larger event."
• Market Impact: Short-term suppression of leveraged trading, beneficial for market stability in the long run.

Macroeconomic Policy

U.S. Senate Passes $1.2 Trillion Spending Bill

• The Senate has passed a bill to fund most departments of the federal government, but a brief government shutdown remains unavoidable as House members only returned to Washington on Monday.
• Key Points: Trump expressed hope for a nuclear deal with Iran, and the Iranian foreign minister described the negotiations as "productive"; Trump nominated Brett Matsumoto to lead the Bureau of Labor Statistics, directly affecting the credibility of future non-farm data.
• Market Impact: Short-term uncertainty rises, but if the shutdown ends quickly, the market impact will be limited.

# 2. Market Review

Commodity and Forex Performance

• Spot Gold: Down 2.14%, slightly turned positive after consecutive sharp declines.
• Spot Silver: Down 1.27%, showing clear characteristics of a historic crash.
• WIT Crude Oil: Down 2.41%, driven by geopolitical risks and oversupply.
• Dollar Index: Down 0.02%, driven by Fed nominations and continued dollar performance.

Cryptocurrency Performance

• BTC: Down 1.58% + consecutive sharp declines below $75,000.
• ETH: Down 6.48% + briefly slid to a low of $2,221.
• Total Cryptocurrency Market Cap: Up 1.9% to $2.69 trillion, but overall still in a downward trend, driven by liquidation selling and deleveraging.
• Market Liquidation Situation: Long positions liquidated $358 million, total liquidation $493 million.

U.S. Stock Index Performance

• Dow Jones: Down 0.36% + continued decline.
• S&P 500: Down 0.43% + key feature of opening low and closing low.
• Nasdaq: Down 0.94% + driven by declines in most tech sectors.

Tech Giants Dynamics

• Tesla: Up 3.32%
• Nvidia: Down 0.72%
• Google 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: Increased market volatility and position cleaning, most tech stocks under pressure, but Tesla's rise is attributed 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 earnings per share exceeded expectations, driving stock differentiation, but the overall sector is affected by market corrections.

# 3. In-Depth Stock Analysis

1. Tesla - Potential Merger of Musk's Empire

Event Overview: Tesla's stock price rose 3.32% against the trend. Reports indicate that as AI investment costs rise, Musk is reviewing the capital structure of his companies, with discussions of a SpaceX IPO or a merger with Tesla and xAI shifting from possibility to reality. The background includes Musk's multi-company collaborative development, driven by intensified AI competition, with potential consequences reshaping the electric vehicle and space industries. Market Interpretation: Institutional views suggest this move could optimize resource allocation to meet AI customer demands, but caution is needed regarding insufficient business discipline and competitive pressure. Investment Insight: Potential mergers may boost stock prices; focus on AI and autonomous driving progress as long-term growth points.

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

Event Overview: SanDisk's stock price rose over 25%, closing up 6.85%. Bernstein raised its price target to $1,000, offering an 85% upside from current levels, with a valuation of only 11 times the FY2027 PE. The background is a surge in storage demand, driven by quarterly revenue and earnings per share exceeding expectations, with gross margins guided 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 the company's profitability. Investment Insight: The initiation of a profit cycle provides a buying opportunity, but monitoring storage market volatility is necessary.

3. Oracle - Raising $50 Billion for Cloud Investment

Event Overview: Oracle plans to raise $45-50 billion through bond and stock issuance by 2026 to expand its cloud infrastructure. The background is a surge in cloud demand, driven by contracts with clients such as AMD, Meta, Nvidia, OpenAI, and xAI, enhancing cloud service competitiveness. Market Interpretation: Institutional views suggest this move responds to cloud market growth, but the impact of financing costs on profitability needs assessment. Investment Insight: Cloud business expansion is favorable for long-term value; execution progress should be monitored.

4. Google - Waymo Seeks Financing

Event Overview: Waymo, a subsidiary of Google, is seeking to raise about $16 billion at a valuation of nearly $110 billion, with Alphabet providing $13 billion and the rest from Sequoia Capital and others. The background is the development of autonomous ride-hailing services, driven by intensified competition, with potential completion in February to enhance Robotaxi market share. Market Interpretation: Analysts are optimistic about the prospects of autonomous driving but emphasize regulatory and technological risks. Investment Insight: Financing strengthens competitive advantages, with high potential returns but requires caution.

5. ExxonMobil - Decline in Total Earnings by 2025

Event Overview: ExxonMobil's adjusted earnings per share of $1.71 in the fourth quarter exceeded expectations, but total earnings for 2025 are projected at $28.8 billion, down from $33.7 billion in 2024. After excluding impairments and other items, the figure is $30.1 billion. The background is oil price volatility, driven by changes in energy demand, leading to increased profit pressure. Market Interpretation: Institutional views indicate that the decline in earnings reflects industry challenges, but core business remains robust. Investment Insight: Caution is advised regarding declining profits; diversifying energy investments is recommended.

# 4. Cryptocurrency Project Dynamics

1. Bitcoin briefly fell below $76,000;

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

3. The founder of Equation sold ETH bought at "the bottom" yesterday, concerned about the impact of U.S. stock declines on the crypto market;

4. Michael Saylor released Bitcoin Tracker information again, with potential disclosure of increased holdings this week;

5. Data: Tokens such as HYPE, BERA, and XDC will see significant unlocks this week, with HYPE unlocking approximately $305 million in value.

# 5. Today's Market Calendar

Data Release Schedule

Important Event Forecast

• OPEC-JMMC Meeting: All day - Focus on adjustments to oil supply policy.

Bitget Research Institute Views:

Recent volatility in U.S. stocks reflects position cleaning, but core drivers remain unchanged. Goldman Sachs emphasizes that the early-year gains need to be assessed to avoid overinterpreting sharp declines. Precious metals turned positive after a historic crash, with Bank of America stating that the bull market needs a larger event to end, UBS predicting gold prices to rise to $4,200, and Goldman Sachs expecting $4,900. The crude oil bear market continues, with supply growth exceeding demand by three times, averaging $59 for WTI. The dollar remains strong, boosted by Fed nominations, while the overall market needs to be cautious of leverage risks and geopolitical uncertainties.

Disclaimer: The above content is organized by AI search, with human verification for publication, and should not be considered as any investment advice.