October 7 Member Morning Brief: Nvidia Approaches $6 Trillion, EIA Continues to Raise Oil Price Forecasts

1. 【Nvidia Approaches $6 Trillion】Major U.S. stock indices have once again reached record highs. Boosted by renewed optimism around AI, the S&P 500 index rose as much as 0.8% in the latest trading session, hitting a new record high. The leaders remain AI-related blue chips. Nvidia, the world's most valuable company and chip manufacturer, saw its share price hit new highs, with its market capitalization nearing the $6 trillion mark. Nvidia became the world's first company to surpass a $5 trillion market cap in October 2025, but subsequently experienced a pullback.

2. 【EIA Continues to Raise Oil Price Forecasts】The U.S. Energy Information Administration (EIA), in its latest Short-Term Energy Outlook, once again raised its crude oil price expectations. The agency raised its forecast for Brent crude's 2026 average price to about $98 per barrel, 8% higher than last month; fourth-quarter average price expectations increased to about $105 per barrel, 15% higher; even the 2027 average price forecast was raised by 14% to $84 per barrel.

3. 【Marvell Soars on AI Infrastructure Bet】Chipmaker Marvell significantly raised its long-term performance targets at its Investor Day on October 6, and for the first time provided guidance for fiscal year 2031, outlining an aggressive growth trajectory based on continued expansion of artificial intelligence (AI) infrastructure. The company projects total revenue of about $20 billion for fiscal year 2028, above Wall Street’s previous consensus of around $18.2 billion. More notably, its initial guidance for fiscal year 2031: revenue is expected to reach $70 billion to $90 billion, well above prior market estimates. At the midpoint of about $80 billion, this target is nearly ten times Marvell’s fiscal 2026 revenue scale of $8.2 billion.

4. 【Goldman Sachs Again Raises TSMC CapEx Forecasts】Goldman Sachs, in its latest research report, sharply raised its capital expenditure forecasts for TSMC for the next two years: raising 2027 from $78 billion to $85 billion, and for 2028, increasing from $82 billion all the way up to $98 billion, approaching the $100 billion mark.

5. 【Crisis in the Strait of Hormuz and the Red Sea in One Night】On October 6 local time, according to CCTV citing the United Kingdom Maritime Trade Operations (UKMTO), an oil tanker in this globally busiest energy corridor was hit by an unidentified airborne object, with the exact time still to be confirmed. Oman later confirmed that a Panama-flagged commercial vessel in its northeastern waters was attacked and caught fire, with Oman carrying out medical evacuation for ten crew members. That same night, Saudi Arabia’s Jeddah and Najran airports along the Red Sea were also struck by drones from Yemeni territory.