Big Week Ahead: Putin's Visit to China, NVIDIA Earnings, Google I/O Conference, China's Economic Data

Week of May 18 - May 24 Major Financial Events Overview, all times Beijing Time:

The core themes for next week are as follows:

The primary theme is the dual stress test of AI technology’s “financial report + conference.” Nvidia will release its earnings after the market closes on Wednesday, with market expectations of approximately $80 billion in Q1 revenue. The key focus is whether Blackwell/Rubin’s market opportunity scale and gross margin can hold at 75%. Meanwhile, the market anticipates Google I/O 2026 will unveil new models Gemini 3 and even 4.0, as well as AI glasses hardware. Financial reports from Baidu, Bilibili, NIO, and NetEase are also coming. AMD Developer Day and Meta’s first round of layoffs will occur simultaneously.

Next is macroeconomic data and diplomacy. Putin will visit China on May 19-20 for a state visit. APEC senior officials’ meeting will be held in Shanghai. Additionally, on Monday, China will release dense data on April industrial added value, retail sales, real estate, and other indicators. CICC expects retail growth to marginally slow to around 1.4%; the Fed’s FOMC minutes may reinforce expectations of a “long-term pause in rate cuts.” Japan’s CPI inflation is expected to remain firm, and global monetary policy divergence will continue.

Third is the industry sector. The Iran situation continues to ferment, with Samsung’s 18-day large-scale strike possibly starting on the 21st, raising supply chain risks; SpaceX’s Starship V3 aims for its first test flight as early as the 19th; Shenzhou 23’s launch is planned soon; Tmall’s 618 shopping festival officially begins. Multiple events intertwine, creating many variables for market sentiment.

Economic Indicators

• China April 70-city housing prices, real estate investment, industrial added value, retail sales, etc.

On May 18, Monday, China will release dense economic data for April, including housing prices in 70 cities, real estate investment, industrial added value, and retail sales. At 10:00 AM, the State Council Information Office will hold a press conference on the national economic operation.

CICC expects industrial resilience to still be supported by exports, with industrial added value growth possibly rising slightly to 5.8% year-over-year. Consumer durable goods spending growth may slow, with retail sales growth marginally falling from 1.7% in March to around 1.4%.

Additionally, on May 20, China’s latest LPR (Loan Prime Rate) quotes will be announced, likely remaining unchanged for the 12th consecutive month. The 1-year LPR is 3.0%, and the 5-year LPR is 3.5%.

• Japan April CPI and Q1 real GDP

Markets expect Japan’s April CPI, announced on May 22, to still show persistent inflation. Overall inflation may rise from 1.5% in March to 1.7% YoY. Core inflation (excluding fresh food) may stay flat at 1.8%. Companies are passing higher labor costs and import prices driven by yen depreciation. On May 19, Japan will also release Q1 real GDP data.

• Federal Reserve FOMC meeting minutes

On May 20, the Fed will release minutes from the April 28-29 FOMC meeting, which was the last meeting chaired by Powell.

Bloomberg expects the minutes may show a significant increase in Fed members supporting the abandonment of easing bias, from “some” in March to “many, most” in April. The committee views the dual risks from the Iran conflict as leaving the next rate move uncertain. The minutes may reinforce market expectations of a long pause in easing. Currently, market pricing indicates the Fed will hold steady through 2026.

Financial Events

• Russian President Putin to visit China for a state visit

According to CCTV News, the Foreign Ministry spokesperson announced: Russian President Putin will visit China for a state visit on May 19-20.

• Google Conference: Google I/O 2026 Developer Conference

Google I/O 2026 will be held in California, USA, on May 19-20. The key market expectations: Google will unveil more powerful Gemini 3 models and even Gemini 4.0, as well as hardware like AI glasses.

1. The Gemini 3 series, as the core of I/O, is expected to be a more capable model, marking Google’s AI “brain” evolution and competing directly with OpenAI and others.

2. Hardware such as AI glasses, equipped with Gemini models, are highly likely to be unveiled. This signals Google’s return to AR and explores new terminal forms combining AI and large models.

Citi states that another key focus is whether AI capabilities can translate into real revenue.

• AMD AI Developer Day 2026

AMD AI Developer Day 2026 will be held in Shanghai on May 19, with CEO Su Zifeng attending.

• Amazon 2026 Online Annual Shareholders Meeting

The virtual annual shareholders meeting will be held at 9:00 AM Pacific Time on May 20 (which is midnight on May 21 Beijing time).

• Shenzhou 23 launch planned soon (full-week event)

According to Xinhua News, Shenzhou 23’s launch is planned soon, with the spacecraft and rocket assembly transferred to the launch area.

• SpaceX Starship V3 test flight

SpaceX announced that the 12th flight test of Starship could launch as early as Tuesday, May 19, with a window opening at 5:30 PM Central Time (6:30 AM Beijing time on May 20). This is the first test flight of SpaceX’s next-generation, fully reusable super heavy-lift rocket — Starship V3.

• Samsung’s nationwide union plans an 18-day large-scale strike starting on May 21

Samsung’s National Union (NSEU) announced plans for an 18-day strike from May 21 to June 7, with core demands including: abolishing the 50% cap on performance bonuses, seeking a 7% base salary increase, and allocating 15% of annual operating profit to employee bonuses.

According to reports, South Korea’s Prime Minister Kim Mun-sik stated in a national address that, if Samsung Electronics’ strike causes significant economic damage, the government “will have to activate all available measures, including emergency adjustment powers.” He also noted that the labor-management negotiations scheduled for May 18 are the “last chance to prevent the strike,” and both sides should take the negotiations seriously.

Additionally, reports suggest that leverage ETFs for Samsung and SK Hynix may be launched as early as May 22.

• APEC second senior officials’ meeting to open in Shanghai

According to Xinhua News, the second APEC senior officials’ meeting will be held in Shanghai on May 18-19. The Foreign Ministry states that this meeting will review APEC cooperation mid-year, gather early harvests, and lay the groundwork for the second half’s activities and leaders’ meetings.

Before this meeting, nearly 40 meetings of APEC committees and working groups will be held from May 11-17, covering trade and investment, economic-technical cooperation, women, telecommunications, food security, and more.

• G7 finance ministers and central bank governors’ meeting, Japanese Prime Minister Sanae Takaichi to visit South Korea

The G7 finance ministers and central bank governors’ meeting will be held on May 18-19. Additionally, Japanese Prime Minister Sanae Takaichi will visit South Korea from May 19-20.

• 79th World Health Assembly, 2026 World Drone Conference, 2026 Global AI Technology Conference, AI Computing Power and Digital Energy Forum open

2. The 79th World Health Assembly will be held in Geneva, Switzerland, from May 18-23, 2026.
3. The 2026 World Drone Conference will take place at Shenzhen Convention and Exhibition Center (Futian) from May 21-23, themed “Low-altitude Economy Flying to the Future,” with over 1,200 drone companies from China and abroad participating.
4. The 2026 Global Artificial Intelligence Technology Conference (GAITC 2026) will be held in Hangzhou, Zhejiang, on May 23-24.
5. The “Fourth China Energy Week — AI Computing Power and Digital Energy Forum,” jointly organized by the China Energy Week Organizing Committee and the China Information Association Energy Working Committee, will be held in Beijing on May 20, 2026.

• Tmall 618 shopping festival begins on May 21

On April 28, news announced the schedule for Tmall’s 618 shopping festival. From May to June, the platform will increase investment in the 520 Confession Season and 618 mega sales. Tmall’s 618 pre-sale begins on May 21. The 520 Confession Season runs from May 13-20; the 618 sale starts on May 21, with the first deposit period from May 21-26, and final payments from May 27 to June 3. Both mega sales will feature official discounts. During the entire period, Tmall will distribute major consumer coupons, combined with platform top-up coupons, store limited-time red envelopes, and Taobao coins.

• Alibaba Cloud: domestic SMS service product prices to be adjusted from May 20

Alibaba Cloud announced that, amid strengthened domestic SMS security and compliance regulation, and significant increases in SMS service costs, prices will be adjusted starting May 20. This includes pay-as-you-go domestic SMS and general package plans. The new prices will take effect from May 20, with existing packages unaffected until renewal; the new prices will apply at the next renewal cycle.

• Meta plans to start its first round of layoffs on May 20

According to three insiders speaking to Reuters, Meta, owned by Zuckerberg, plans to conduct its first major layoffs of the year on May 20, with more cuts to follow. The company will cut about 10% of its global workforce, roughly 8,000 employees, in this initial round. Further layoffs are planned for the second half of the year, though details (dates and scale) are not finalized. Executives may adjust plans based on the latest AI capabilities. Reports from March indicated plans to cut 20% or more of its global workforce.

Financial Reports

• Nvidia, Baidu, Bilibili, NIO, NetEase, etc.

Next week, Nvidia, Baidu, Bilibili, NIO, and NetEase will release earnings reports. Market expectations are that Nvidia’s Q1 revenue will reach about $80 billion. Deutsche Bank’s preview highlights include the scale of Blackwell/Rubin market opportunities and whether gross margin can stay near 75%.

• Nvidia Earnings Call

Nvidia will release its FY2027 Q1 earnings after the US market closes on Wednesday, May 20, with a conference call at 2:00 PM PT (5:00 AM Beijing time on May 21). Market expectations are approximately $80 billion in revenue for the quarter. Deutsche Bank’s preview emphasizes the Blackwell/Rubin opportunity scale and whether gross margin can remain around 75%.

Next week, Hong Kong’s Q1 earnings release schedule is as follows:

Risk Warning and Disclaimer

Market risks exist; investments should be cautious. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions herein are suitable for their particular circumstances. Investment is at their own risk.