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2023.11.28 23:41
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Breakfast | US stocks are just 5% away from their all-time high, and PDD's market value is approaching Alibaba's.

Buffett's partner, Charlie Munger, has passed away. Two Federal Reserve officials have unexpectedly hinted at a rate cut. Apple will terminate its credit card partnership with Goldman Sachs. PDD surged 18%. MEITUAN-W will repurchase $1 billion worth of shares, citing undervaluation. Amazon has launched an AI chatbot. NVIDIA is expanding its autonomous driving team in China. Zhao Changpeng has resigned as Chairman of Binance US Board of Directors.

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Market: Overnight and this morning

US stocks are only 5% away from their all-time high, PDD's market value is approaching Alibaba

Federal Reserve officials' overall dovish remarks have reignited market expectations that the Fed has completed its rate hikes. US house prices have risen for eight consecutive months to a new all-time high in September. Consumer confidence in November has fallen for three consecutive months. "Cyber Monday" boosted retail stocks with a nearly 10% increase in consumer spending, reaching a new high.

US stocks opened lower but ended higher. The S&P 500 index closed at 4,554.89 points, up 0.10%, and is about 5% away from its all-time high of 4,818 points. The Dow Jones Industrial Average rose 0.24%, and the Nasdaq Composite rose 0.29%. The Dow has risen by about 7.2% in November, making it the best monthly performance since October last year. The S&P 500 index has risen by about 8.6% in November.

Tech giants rose in the final trading session. Meta rose 1.3%, Google A rose 0.6%, Apple rose 0.3%, Amazon fell 0.5%, Microsoft rose 1% to a new all-time closing high, Netflix slightly declined, and Tesla rose 4.5%.

Chinese tech stocks had mixed performances. JD-SWR fell 0.6%, BIDU-SWR fell 3.5%, PDD rose 18% to a 31-month high, with a market value approaching Alibaba, only $10 billion behind. Alibaba fell 1%, Tencent ADR fell 0.3%, and Bilibili fell 2.6%. NIO rose 0.3%, XPENG-W rose nearly 1%, and Li Auto rose 1.5%.

What happened to blue-chip stocks and hot stocks

According to The Wall Street Journal: Apple will terminate its credit card partnership with Goldman Sachs

Apple plans to end the contract in approximately 12 to 15 months. The termination will apply to savings accounts, which reached billions of dollars in August.

Meituan: The current stock price is undervalued, and it will occasionally repurchase up to $1 billion worth of shares starting from December

Hong Kong Futures Exchange plans to start trading 10-year Chinese government bond futures in the first quarter of next year.

Charlie Munger passed away in California at the age of 99

Warren Buffett mourns: Without him, there would be no Berkshire Hathaway today.

Media: OpenAI is unlikely to offer board seats to investors, including Microsoft

Market news: Unity Software will close 14 office locations

NVIDIA expands its autonomous driving team in China with former Xiaopeng Motors executives

NVIDIA announced that it is expanding its autonomous driving team in China and is recruiting positions including planning and control, system integration, mapping, and testing. Led by Wu Xinzhou, who recently resigned as the Vice President in charge of autonomous driving at Xiaopeng Motors in August.

Coinbase: Dogecoin trading delay issue has been resolved

Cryptocurrency exchange Binance US: Changpeng Zhao resigns as Chairman of the BoardBinance.US, the cryptocurrency exchange, will continue its full operation as it is not part of the recent settlement agreement announced last week. Zhao Changpeng has decided to step down as Chairman of Binance.US's board and transfer voting rights through a proxy arrangement.

Amazon launches an AI chatbot

Adam Selipsky, CEO of Amazon Web Services (AWS), has unveiled a chatbot called "Q" that can be customized based on customers' business needs. Users can use Q to build applications, research best practices, troubleshoot errors, and get help with writing new features on AWS.

Amazon releases upgraded AI system processor Trainium2, expands partnership with NVIDIA

AWS, the cloud computing division of Amazon, has released an upgraded self-developed chip called Graviton4, which offers a 30% performance improvement compared to the previous generation. They have also introduced an upgraded processor called Trainium2 for AI systems, which will be deployed in 2024 to replace NVIDIA's AI accelerator products. Amazon is expanding its partnership with NVIDIA, and AWS will be the first major customer for the upgraded version of the Grace Hopper Superchip.

NVIDIA CFO: Hoping for a third foundry partner in addition to TSMC and Samsung.

SenseTime responds: Short-selling report has no basis, reserves the right to take appropriate action.

Experts: Didi's app crash may be caused by internal business adjustments.

Didi has not provided a specific explanation for the system crash. Industry insiders believe that the problem may lie with Didi's own internet data center (IDC), and this incident may accelerate Didi's migration to the cloud.

SpaceX acquires parachute manufacturer Pioneer Aerospace for $2.2 million.

Macro: Taking you around the world

Two Federal Reserve officials have made rare comments on interest rate cuts.

Federal Reserve Board member Bowman stated that if progress continues to be made in reducing inflation, interest rate cuts could begin in a few months. Chicago Fed President Evans hinted at the need for rate cuts, stating that keeping rates high for too long is a concern.

Federal Reserve officials start hinting at potential interest rate cuts.

Federal Reserve Board member Waller, who generally leans hawkish, expressed increasing confidence that the current set interest rates will prove sufficient to push inflation down to the 2% target. However, he acknowledged that if progress continues to be made in reducing inflation, rate cuts may be possible in a few months. "In a few months... three months, four months, five months... we can start lowering policy rates because inflation will have come down."

Software service provider Salesforce: Online sales during the U.S. "Cyber Week" reached $70.8 billion

Last year, it was $68 billion. Global online sales reached $298 billion, a 6% YoY increase.During the 10th collective study of the Political Bureau of the Communist Party of China Central Committee, President Xi Jinping emphasized the need to strengthen the construction of foreign-related legal systems and create a favorable legal environment and external conditions.

Chinese Premier Li Keqiang: China will integrate into the global industrial chain and supply chain system at a deeper level.

Currently, the global economic recovery is facing challenges, and maintaining the resilience and stability of the global industrial chain and supply chain is an important guarantee for promoting world economic development. Consolidating and strengthening global industrial chain and supply chain cooperation is in the interests and urgent expectations of all parties involved.