This Week in Review: US-Iran Agreement Faces Remaining Differences, Storage Chip Trio Join Trillion-Dollar Club

May 30 Global markets this week were anchored by four key narratives: U.S.-Iran nuclear talks, U.S. inflation, Federal Reserve policy, and the AI sector. While Washington and Tehran appear near a partial phased agreement, major disagreements remain over critical issues including Iran’s nuclear program, control of the Strait of Hormuz, and sanctions relief. A Situation Room meeting led by Trump and his White House team this week did not yield a final decision. On the macro front, U.S. April PCE inflation hit a nearly three-year high of 3.8% year-over-year, with core PCE climbing to 3.3%. The pickup in inflation has spurred several Federal Reserve officials to flag potential interest rate hikes, cooling market expectations for rate cuts this year. U.S. equities kept climbing to new all-time highs this week: The Dow added 0.9%, the S&P 500 rose 1.43%, and the Nasdaq advanced 2.39%. The AI sector remained the market’s central focus, with Dell’s stock surging nearly 40% after its earnings, driven by explosive demand for AI servers. The AI-powered memory chip market is booming. After Samsung Electronics, both Micron Technology and SK Hynix crossed the $1 trillion market cap threshold this week—making the world’s top three memory chip makers part of the exclusive "trillion-dollar market cap club." Investors say demand for AI training and inferencing is reshaping the memory industry cycle, with tight supplies of High Bandwidth Memory (HBM) emerging as a key driver. The embodied intelligence (humanoid robot) space is also drawing growing attention. Usortech’s IPO on the Sci-Tech Innovation Board will be reviewed on June 1; the firm is targeting a 4.2 billion yuan raise, with goals to become the first A-share-listed humanoid robot company. Separately, Usortech unveiled its next-gen embodied intelligence model WVLA2.0 and demonstrated its G1 robot’s autonomous sorting capabilities. In commodities: Global oil prices tumbled this week, hit by expectations of a U.S.-Iran ceasefire and plans for resumed shipping through the Strait of Hormuz. WTI crude even dipped below $90 per barrel at one point. Gold, meanwhile, traded mixed amid a pullback in safe-haven demand and elevated rate hike bets, notching a modest 0.73% weekly gain. All told, markets are now trading around three core themes: the "AI supercycle," shifts in Fed policy, and easing geopolitical risks. This week’s top structural hotspots are storage chips, humanoid robots, and domestic semiconductor plays.