Pre-market US stocks | XPENG-W leads the decline in Chinese concept stocks, but PDD rises! Alibaba's DAMO Academy downsizes its quantum laboratory.

Top News in US Stocks

1. ByteDance's gaming business, which is under tremendous pressure, is undergoing a large-scale contraction. For games that have already been launched and performed well, the company will seek to divest while ensuring their continued operation. For projects that have not yet been launched, with the exception of a few innovative and related technology projects, they will be shut down.

According to insiders close to ByteDance, the decision to scale back the gaming business was extensively discussed by the business leader, Yan Shou, and ByteDance CEO, Zhang Yiming. Zhang Yiming believes that although the gaming business has achieved certain results, in the past few years, ByteDance Games pursued a "bigger is better" approach, with projects lacking focus and resources being dispersed. He believes that the company should instead focus its energy and resources on more fundamental, innovative, and imaginative projects.

1. Alibaba's DAMO Academy is dismantling its quantum laboratory and donating the laboratory and its equipment to Zhejiang University. The complete explanation given by DAMO Academy is that in order to further promote the collaborative development of quantum technology, DAMO Academy is partnering with Zhejiang University to develop quantum technology. DAMO Academy will donate the quantum laboratory and transferable quantum experimental equipment to Zhejiang University, and open it up to other universities and research institutions.

2. Tesla will hold the highly anticipated Cybertruck delivery event at its Gigafactory in Texas on November 30th at 1:00 PM Eastern Time (2:00 AM Beijing Time on Friday).

3. Bilibili and Huawei jointly announced comprehensive cooperation in the field of HarmonyOS and officially launched the development of native HarmonyOS applications.

4. Douyin e-commerce denies rumors: It is untrue that Simayi Media is operating Douyin Supermarket. Douyin Supermarket is operated by Douyin e-commerce itself.

5. According to the Financial Times, Novo Nordisk is negotiating pricing agreements for its weight loss drug, Wegovy.

6. Deutsche Bank expects the S&P 500 index to rise to a record 5,100 points by the end of next year, the highest target among major Wall Street banks. Strategists including Bankim Chadha wrote in a report that stock valuations are not high, with a fair value of 18 times and a range estimate of 16-20 times.

The market is closely watching the historical script of short-term sell-offs and rapid rebounds. If there is a mild and brief sell-off, it is generally expected to occur in the event of an economic slowdown or recession. As for the US presidential election, regardless of which party wins, the stock market usually rebounds after the election.

Pre-market Movement

In pre-market trading, US stock index futures are generally down, with the fear index rising nearly 2%.

Most Chinese concept stocks are down, with XPeng Motors falling over 2%, Li Auto, Bilibili, and NetEase falling over 1%, Alibaba and JD.com slightly down, and only Pinduoduo rising nearly 1%.

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