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)

Feb 02, 2026 10:42:09

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# 1. Hot News

Federal Reserve Dynamics

Trump nominates Kevin Warsh as Fed Chair

Trump has officially nominated Kevin Warsh to lead the Federal Reserve, whose balance sheet reduction stance presents a 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; Trump also nominated Brett Matsumoto to head the Bureau of Labor Statistics.
Market impact: Boosts the dollar's performance, increasing 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 opened lower on Monday but quickly turned to gains; 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, but long-term benefits for market stability.

Macroeconomic Policy

U.S. Senate passes $1.2 trillion spending bill

The Senate has passed a bill to fund most federal government departments, 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, with the Iranian foreign minister stating that negotiations are "productive"; Trump nominated Brett Matsumoto to head 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

Bitget UEX Daily Report｜Gold and silver volatility turns to gains; Huang Renxun clarifies OpenAI investment; SpaceX applies for a million satellites (February 2, 2026) image 0

Spot Gold: down 2.14%, slightly turning to gains after consecutive sharp declines
Spot Silver: down 1.27%, showing clear signs 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 breaking the $75,000 mark
ETH: down 6.48% + briefly sliding 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 leveraged unwinding
Market Liquidation Situation: Long positions liquidated $358 million, total liquidation $493 million

U.S. Stock Index Performance

Dow Jones: down 0.36% + continuing to 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, with most tech stocks under pressure but Tesla rising against the trend due to potential merger expectations.

Sector Movement Observation

Storage Concepts 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 involves Musk's multi-company collaborative development, with causes including intensified AI competition and consequences that may reshape 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 the price target to $1,000, indicating an 85% upside from current levels, with a valuation of only 11 times the 2027 fiscal year PE. The background is a surge in storage demand, with causes including quarterly revenue and earnings per share exceeding expectations, and consequences of gross margins guiding 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 buying opportunities, 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 cloud infrastructure. The background is a surge in cloud demand, with causes including contracts to meet the needs of clients like AMD, Meta, NVIDIA, OpenAI, and xAI, and consequences that enhance 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 involves the development of autonomous ride-hailing services, with causes including intensified competition, and consequences that could be completed in February, increasing 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; potential returns are high but caution is needed.

5. ExxonMobil - Decline in 2025 Profit Total

Event Overview: ExxonMobil's adjusted earnings per share of $1.71 in the fourth quarter exceeded expectations, but the total profit for 2025 is projected at $28.8 billion, lower than $33.7 billion in 2024. Excluding impairments and other items, it is $30.1 billion. The background involves oil price fluctuations, with causes including changes in energy demand, and consequences that increase profit pressure. Market Interpretation: Institutional views indicate that the profit decline reflects industry challenges, but core business remains robust. Investment Insight: Profit declines warrant caution; diversification in energy investments is recommended.

# 4. Cryptocurrency Project Dynamics

Bitcoin briefly fell below $76,000;
Trend Research ETH lending liquidation price dropped to around $1,830, with losses of $562 million;
The founder of Equation sold yesterday's "bottom" ETH, fearing that declines in U.S. stocks would impact the crypto market;
Michael Saylor released Bitcoin Tracker information again, with data on increased holdings expected to be disclosed this week;
Data: Tokens such as HYPE, BERA, and XDC will see significant unlocking this week, with HYPE unlocking valued at approximately $305 million.

# 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 fluctuations in U.S. stocks reflect position cleaning, but core drivers remain unchanged. Goldman Sachs emphasizes that early-year gains need to be assessed to avoid overinterpreting sharp declines. Precious metals turned to gains after a historic crash, with Bank of America stating that the bull market needs a larger event to end, and UBS predicting gold prices to rise to $4,200, while Goldman Sachs expects $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, and 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 does not constitute any investment advice.