LB Select
2023.11.30 10:13
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Pre-market trading in US stocks | PDD and Alibaba rise! Will the "market value battle" continue tonight? Blizzard's Chinese server may return.

It is reported that Blizzard has been in negotiations with CLOUD MUSIC, TENCENT, and others for the return of the mainland version of the national service, but the timing has not yet been determined. However, sources close to TENCENT have stated that the rumors of TENCENT acting as the agent for Blizzard's national service are inaccurate. NVIDIA is developing compliant chips for the Chinese market. TENCENT's major shareholder continues to reduce holdings, cashing out $5 billion since April.

Top News in US Stocks

  1. According to Securities China citing Bloomberg, informed sources revealed that US congressional negotiators are preparing to abandon plans to use the annual defense policy bill to strengthen US control over Chinese technology investments.

The sources said that Patrick McHenry, Chairman of the House Financial Services Committee, is actually blocking a measure that would require companies to notify the government of certain investments in China and other related countries.

  1. Huang Renxun stated at the DealBook Summit that if artificial general intelligence (AGI) is defined as a computer or software that is "competitively on par" with human intelligence in testing, then "AI can achieve these tests within the next five years."

Huang Renxun also publicly stated that China is the largest chip market and NVIDIA is developing products for China that will not be restricted: "We must produce new chips that comply with regulations, and once we comply, we will return to China."

  1. Recently, informed sources revealed that Blizzard has been in negotiations with several game developers, including CLOUD MUSIC and Tencent, regarding the return of mainland China's game service. However, there is currently no confirmed partner or specific return date, and Tencent has not responded to this matter. An insider close to Tencent stated that the rumors of Tencent representing Blizzard's game service in China are inaccurate.

  2. A major shareholder of Tencent disclosed the specific gains from reducing its holdings of Tencent: in the first half of the fiscal year (April to September of this year), approximately 1% of Tencent shares were sold, reducing the stake from 26.2% to about 25%, and gaining $4 billion. Prosus stated that the proceeds from the divestment will be used for share buybacks. From October to November 24, Prosus further sold approximately 26.22 million shares of Tencent, with a profit of $1 billion.

  3. Lei Jun, the founder, chairman, and CEO of Xiaomi Group, once again responded to issues such as "Xiaomi lacks core technology." He cited an example that even in the 5G standard patents, which are considered Xiaomi's weakest area, Xiaomi has achieved good results with a patent share of 4.1%, entering the global top ten.

  4. There are reports that due to the weak market conditions, Kuaishou is preparing to postpone its IPO in the US. In response, Kuaishou stated that the company has publicly submitted its prospectus to the US Securities and Exchange Commission, and all preparations are progressing in an orderly manner.

Pre-market Movement

In pre-market trading, the futures of the three major stock indexes in the US rose, while the fear index fell.

Among tech stocks, NVIDIA, Tesla, Microsoft, Amazon, and Apple rose in pre-market trading.

Among Chinese stocks, Pinduoduo and NIO rose by less than 1%, while Alibaba, Xiaopeng, and CLOUD MUSIC saw slight gains. Bilibili and Li Auto fell by more than 1%.

In terms of individual stocks, Snowflake surged by over 8%. The company's Q3 revenue for fiscal year 2024 was $734.2 million, a year-on-year growth of 32%, exceeding the market's expectation of $714 million. During the period, the company's product revenue reached USD 698.5 million, a YoY increase of 34%.

Sai Fu Shi once surged more than 10%. The company's Q3 revenue for the fiscal year 2024 was USD 8.72 billion, a YoY increase of 11.2%, slightly better than the market's expected USD 8.714 billion. Net profit was USD 1.224 billion, a nearly 5-fold YoY increase, exceeding the market's expected USD 1.037 billion. The company expects Q4 revenue to be between USD 9.18 billion and USD 9.23 billion, a YoY increase of approximately 10%.

News Review

  1. "Barclays Outlook on US Stocks: Year-end 'Sprint' Overshot the Rise, Next Year's Increase Will Only Be Single Digits"

  2. "Unveiling Pinduoduo: How Did It Surpass Alibaba in Market Value?"

  3. "The Most Pessimistic Wall Street Forecast is Out! Will US Stocks Fall Next Year?"

  4. "The Wave of Tech Stocks is Not Over Yet! 'The Big Seven' Expected to Continue Leading the Rise of US Stocks Next Year"