Chinese assets surged overnight, US tech stocks rallied broadly, semiconductor stocks collectively rose, international oil prices plummeted

Reporter | Jiang Peixia Intern Reporter | Lin Qianwei

On March 17, Beijing time, the three major U.S. stock indices closed higher collectively, with the Dow up 0.83%, the Nasdaq up 1.22%, and the S&P 500 up 1.01%. Major European stock indices also closed higher, with Germany’s DAX 30 up 0.5% and the UK’s FTSE 100 up 0.55%.

Large tech stocks all rose, with META up 2.33%, Amazon nearly 2%, Nvidia up 1.63%, reaching a high of 4.31% during the session, and Microsoft, Tesla, and Apple each up over 1%.

According to Caixin, Nvidia CEO Jensen Huang raised revenue forecasts to $1 trillion by 2027 during his keynote at the GTC conference. At the same event, Huang announced a new generation of chip architecture and launched a simplified shrimp farming project.

Storage chip stocks mostly rose, with the Philadelphia Semiconductor Index up 1.96%, SanDisk up over 6%, Western Digital up over 5%, Micron Technology up 3.68%, and ASML and NOVA up over 2%. Caixin reports that Micron produces HBM4 related to Nvidia’s Vera Rubin.

The Nasdaq Golden Dragon China Index rose 0.95%, after a surge of over 2% late on the 16th. Among popular Chinese concept stocks, BYD gained 8.2%, Xiaomi 5.4%, Li Auto 5.3%, NIO 3.1%, and Meituan, NetEase, Yum China, Tencent, Pinduoduo, and Alibaba each rose up to about 2.9%.

Gold and silver prices declined, with spot gold fluctuating around $5,000, and spot silver hovering near $80 per ounce.

International oil prices fell sharply on the 16th, with WTI crude futures closing at $93.50 per barrel, down 5.28%, and Brent crude futures at $100.21 per barrel, down 2.84%.

Cryptocurrencies strengthened, with Bitcoin surpassing $74,000, up 3.63% intraday, Ethereum rising over 9% to $2,361 per coin, and SOL and Dogecoin each up over 6%.

According to CCTV News, U.S. President Trump plans to announce the formation of the so-called “Hormuz Alliance,” aiming to control the Strait of Hormuz and pressure European, Asian, and Gulf countries to send warships. However, so far, many countries have responded cautiously or outright refused, with no country publicly supporting the U.S. call.

According to Xinhua News Agency, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on March 16 regarding Middle East conflicts, “This is not Europe’s war.” He also stated that EU member states have no intention of expanding the current maritime escort operation “Shield” to the Strait of Hormuz.

According to CCTV International, U.S. President Trump said on the afternoon of March 16 (Eastern Time), “The pipeline on Khark Island in Iran will eventually have problems”—implying that the U.S. military might attack Iran’s crucial oil export hub on Khark Island. Earlier, an Iranian military spokesperson warned that if the U.S. commits any aggression or attack on Khark Island and its oil facilities, Iran’s response will be decisive and forceful—under such circumstances, all countries initiating attacks on Khark Island will face strong retaliatory strikes on their oil and natural gas infrastructure.