During the dot-com bubble in 2000, Cisco's revenue growth rate reached 59%, with a forward P/E ratio as high as 138 times. Nowadays, NVIDIA's P/E ratio is only 30 times, but its revenue growth rate has reached 90%.

Morgan Stanley: The AI infrastructure is just beginning, NVIDIA is not Cisco, far from 1999.

Morgan Stanley has observed that the innovation speed of generative AI tools is accelerating. According to Sam Altman from OpenAI, GPT-5 is expected to achieve a significant leap in functionality, similar to the transition from OpenAI to GPT-4.

Summary of Morgan Stanley TMT Conference: The Early Stage of the Big Opportunity in AI

黄金价格快速上涨并创历史新高，引发市场关注。传统解释不足以解释这一现象，因为美债利率和美元指数回落并不明显，且市场风险偏好较高。央行购金可能不是导致金价上涨的主要原因。黄金和比特币作为替代品受益于发达国家政府负债对货币信用的冲击。比特币涨幅更大，原因包括 ETF 上市和挖矿奖励减半预期。

传统指标无法解释的黄金新高

Facing concerns about slowing growth, intensifying competition, and the emerging "fear of heights" sentiment in the market, is NVIDIA's brilliance fading away?

Finally, NVIDIA has crashed!

美国 ETF 市场规模为 8.15 万亿美元，数量超过 3400 只。按投资策略来看，追踪指数型、指数增强型、主动管理型分别占比 74%、19% 和 7%。美股 ETF 的成交量占股市成交量比重达到 30% 左右，高于欧洲和亚太地区 13%-15% 左右的比例，市场流动性、透明度和定价效率较高。

国信证券：美国 ETF 市场规模大 流动性强 权益类 ETF 占据主导地位

比特币价格首次触及 7 万美元，尽管有所回落，但仍呈上升趋势。近期在期权市场上，押注比特币进一步升破 8 万美元乃至 10 万美元的看涨期权持续受热捧。根据数据，80000 美元和 100000 美元的比特币看涨期权的未平仓合约数量在过去 24 小时内大幅上升。

比特币史上首次触及 7 万美元：期权押注已看向 10 万

Three safety incidents involving Boeing aircraft this week have once again plunged Boeing into a reputation crisis.

Another Boeing aircraft incident this week! Engine caught fire, slid off the taxiway, and lost a tire.

比特币在美国早盘交易中一度突破 7 万美元，刷新了纪录。然而，随后出现抛售，价格下跌超过 3%。比特币看涨期权市场活跃，名义未平仓合约已超过 2000 万美元。由于华尔街对比特币 ETF 的青睐，比特币供需平衡增至 1:10。比特币今年上涨 59.7%。

比特币一度突破 7 万美元 投资者押注 20 万美元看涨期权

Daqo New Energy(DQ) rose 8.47%, with a trading turnover 77.1 Million USD, and a year-to-date rose 5.5%. Opera(OPRA) rose 7.95%, with a trading turnover 65.8 Million USD, and a year-to-date rose 21.7%. Jin Medical(ZJYL) fell 23.91%, with a trading turnover 6.1 Million USD, and a year-to-date fell 43.6%. JOYY(YY) fell 6.91%, with a trading turnover 55.5 Million USD, and a year-to-date fell 25.7%.

Top 5 CDRs Gainers/Losers (>100M) (3.8)

BigBear.ai(BBAI) fell 31.65%, with a trading turnover 106.2 Million USD, and a year-to-date rose 20.1%. Macrogenics(MGNX) fell 15.02%, with a trading turnover 80.7 Million USD, and a year-to-date rose 81.2%. Petroleo Brasileiro SA(PBR) fell 11.5%, with a trading turnover 1.5 Billion USD, and a year-to-date fell 7.5%.

Top 10 US Stock Losers (3.8)

Nextera Energy(NEE) rose 2.74%, with a trading turnover 725.6 Million USD, and a year-to-date fell 4%. Comcast(CMCSA) rose 2.01%, with a trading turnover 763.5 Million USD, and a year-to-date fell 2.2%. Costco Wholesale(COST) fell 7.64%, with a trading turnover 6.3 Billion USD, and a year-to-date rose 10.1%. Broadcom(AVGO) fell 6.99%, with a trading turnover 9.9 Billion USD, and a year-to-date rose 17.2%.

Top 5 US Stock Gainers/Losers (>100B) (3.8)

Smith &amp; Wesson Brands(SWBI) rose 29.39%, with a trading turnover 74.6 Million USD, and a year-to-date rose 28.2%. Samsara(IOT) rose 13.97%, with a trading turnover 677.8 Million USD, and a year-to-date rose 17.3%. HCI(HCI) rose 13.85%, with a trading turnover 79.2 Million USD, and a year-to-date rose 29.8%.

Top 10 US Stock Gainers (3.8)

Novo Nordisk's Wegovy has been approved by the U.S. Food and Drug Administration (FDA), and clinical trial results show that the drug has benefits for heart health.

Novo Nordisk AS announced that the clinical trial results of Wegovy show that the drug has benefits for heart health.

Some analysis points out that the final approval result of Lilly's drug donanemab by the FDA has become a key factor affecting Lilly's stock price.

Eli Lilly's new Alzheimer's drug Donanemab faces another setback! FDA once again delays its approval for market launch.

NVIDIA announced a 1-for-4 stock split back in May 2021 when its stock price was around $600, much lower than the current nearly $1000. The reason for NVIDIA's stock split in 2021 was to make it easier for investors and employees to own shares. Analysts suggest that if NVIDIA can continue its growth trajectory and stay on an upward trend, a stock split in the next one or two years would be reasonable.

After a market capitalization surge of over $1 trillion, analysts believe NVIDIA may consider another stock split in the future.

比特币回落至 67000 美元以下，较高位回落超 3000 美元。

ProShares 比特币策略 ETF 上涨 1.5%。

加密货币市场持续升温，比特币首次突破 7 万美元大关。投资者对新的美国现货 ETF 需求增加，全球利率下降的预期提振了比特币价格。过去几周，数十亿美元流入 ETF，加密货币行业获得额外支持。美国证交会批准了 11 只现货比特币 ETF，标志着该行业的重要里程碑。然而，一些人担忧这些资产仍存在投机性质。比特币价格经历剧烈波动，本周跌幅超过 10%。

加密狂热继续席卷市场 比特币首破 7 万大关

比特币短线回落约 1800 美元，现报 68300 美元/枚。以太坊此前一度接近 4000 美元/枚，现回落至 3936 美元/枚。

比特币突破 70000 美元/枚，日内涨 3.93%，创历史新高。

比特币站上 69000 美元/枚，日内涨 2.44%。

On Friday, stocks related to Bitcoin surged. As of the time of writing, MicroStrategy rose by over 4%, Coinbase by over 6%, Canaan by over 7%, and Marathon Digital by over 10%. Bitcoin reached $68,000 per coin, with a daily increase of 0.95%.

U.S. Stock Market Update: Bitcoin surpasses $68,000 per coin, driving up stocks related to the concept of Bitcoin.

比特币站上 68000 美元/枚，日内涨 0.95%。

In the context of the overall cooling of the electric vehicle market, Rivian Automotive has launched two affordable models.

Imitating Tesla? Rivian Automotive raises prices and launches affordable electric vehicles.

经过几年的调整，海外资金正在寻找相对低估的资产，对香港市场保持相对乐观态度。市场核心依然是防御性，但也有小型公司在流动性改善下出现反弹。区块链和钙钛矿是表现最强的板块，比特币热火朝天，预计比特币减半和美联储降息将推动比特币价格上涨。黄金和比特币都具备避险属性，未来避险仍是市场关注的重点。钙钛矿方面，协鑫光电等头部厂家计划实现 GW 级新产能落地。

智通港股解盘 | 防御性成核心 海外资金寻找相对低估资产

LONGFOR GROUP launches a strong counterattack against the short sellers.

On ByteDance, it's easier to achieve overnight fame, while on Instagram, it's easier to monetize your fan base.

Entering the short video market successfully? Instagram, owned by Meta Platforms, surpassed ByteDance in new downloads last year.

据 BitMEX Research 数据，美国现货比特币 ETF 的总净资产价值已逾 540 亿美元，占当前 BTC 供应量约 4%。

加密货币总市值突破 2.7 万亿美元，BTC 市值为 1,326,937,600,864 美元，ETH 市值为 475,196,028,690 美元。24 小时交易额为 217,452,172,792 美元。

加密货币总市值突破 2.7 万亿美元

JD.com's Liu Qiangdong makes a strong move.

JD surged by 40 billion overnight.

NVIDIA's core? Create technology before creating demand!

Greatness is always achieved through perseverance! The latest interview with Huang Renxun from Stanford University: entrepreneurial journey, overcoming challenges, and the future of AI.

英伟达股价涨了 6-7 倍，但营收也涨了 6 倍。目前美股涨幅不算大，市盈率低于历次牛市平均水平。法兴银行认为，美股还需涨到 6250 点才能体现非理性繁荣水平。德银则认为目前可能是泡沫。此外，中国债市火爆，境外非居民资金流入中国股票市场达 96 亿美元，而债市流出 65 亿美元。这些是本周的财经要点。

激辩美股泡沫，英伟达为什么越涨越便宜？

UBS Group AG got a slap in the face as they previously lowered NVIDIA's target price from 850 to 800.

WSB Hot Topic | Investment Bank: NVIDIA, wait for me, I haven't had a chance to raise the target price yet.

亚马逊和谷歌在日本的联网电视市场占有率高达 60%-80%，可能导致其他视频服务商被挤出市场，违反反垄断法和竞争政策。此外，亚马逊还提出了要求应用程序开发者支付广告收入 30% 的新分成计划。科技巨头们面临反垄断调查，股价分化明显，英伟达表现优秀。互联网行业存在马太效应，巨头在关键分发渠道占据主导地位。谷歌在搜索市场，Meta 在社交媒体，亚马逊在云计算和在线零售，苹果在移动设备。这些集中度也意味着收入。

七姐妹最大的风险：赚钱太多！

At the close of trading on the Hong Kong Stock Exchange, the Hang Seng Index rose by 0.89%, with the photovoltaic sector leading the gains. The Hang Seng Index increased by 0.76% to 16,353.39 points, with a total daily turnover of 86.688 billion Hong Kong dollars. However, it recorded a weekly decline of 1.42%. The Hang Seng China Enterprises Index and the Hang Seng Tech Index both rose by 0.76% and 0.78% respectively. XINYI SOLAR was the top performer among blue-chip stocks, surging by 9.44% and contributing 3.98 points to the Hang Seng Index. China Hongqiao Group rose by 5.07%, while XINYI GLASS increased by 4.75%. Blue-chip stocks showed active performance.

Hong Kong stock market closed on March 8th with the Hang Seng Index up by 0.89%. The photovoltaic sector led the gains, with CRO rebounding. Paper and oil stocks showed active performance.

Popular Science | The Past, Present, and Future of Chips

PRADA(01913) rose 14.82%, with a trading turnover 502.9 Million HKD, and a year-to-date rose 43.1%. TME-SW(01698) rose 5.97%, with a trading turnover 4.3 Million HKD, and a year-to-date rose 20%. NEW ORIENTAL-S(09901) fell 3.48%, with a trading turnover 234.9 Million HKD, and a year-to-date rose 28.1%. CHINA COAL(01898) fell 2.72%, with a trading turnover 336.7 Million HKD, and a year-to-date rose 20.8%.

Top 5 HK Stock Gainers/Losers (>100B) (3.8)

MircroPort Medbot-B(02252) rose 16.01%, with a trading turnover 132.0 Million HKD, and a year-to-date fell 27%. PRADA(01913) rose 14.82%, with a trading turnover 502.9 Million HKD, and a year-to-date rose 43.1%. SITC(01308) rose 14.01%, with a trading turnover 264.2 Million HKD, and a year-to-date rose 3.9%.

Top 10 HK Stock Gainers (3.8)

蒙古焦炭(00975) fell 23.33%, with a trading turnover 283.8 Million HKD, and a year-to-date rose 43.5%. UBTECH ROBOTICS(09880) fell 12.79%, with a trading turnover 352.2 Million HKD, and a year-to-date rose 95.8%. REPT BATTERO(00666) fell 9.77%, with a trading turnover 11.0 Million HKD, and a year-to-date fell 38.2%.

Top 10 HK Stock Losers (3.8)

BOYAA's stock price surged over 20% to reach HKD 1.63, with a trading volume of HKD 35.43 million. The company announced last year its intention to seek shareholder authorization for potential cryptocurrency purchases, with a total investment not exceeding USD 100 million. Bitcoin hit a new all-time high of USD 69,000. The company also revealed a new dividend policy, committing to distribute the annual operating profit to shareholders and share the appreciation gains from investing in cryptocurrency assets.

Hong Kong Stock Market Update: BOYAA surged over 20% as Bitcoin hits a new all-time high. The company announced last year its intention to seek shareholder authorization for potential cryptocurrency purchases, with a total investment not exceeding 100 million US dollars.

NVIDIA continues to surge in after-hours trading, with a gain of over 3%, breaking through the $950 mark and approaching the $1000 milestone (equivalent to a market value of $2.5 trillion).

After-hours trading | Soaring! NVIDIA and Taiwan Semiconductor break new highs in after-hours trading.

亚太股市普涨，台积电大涨助力台股突破 2 万点，日韩股市携手走强。美联储转向在即提振亚洲新兴市场风险偏好。韩国股市涨超 1.2%，日股收涨 0.23%。台积电开盘大涨，盘中突破 2 万点。鲍威尔在参院作证时重申降息预期，美股、欧股涨幅扩大。台积电目标价上调至 850 台币。台积电 2 月营收减少 15.8%，但累计营收增加 9.4%。台积电股价自去年 10 月低点以来涨超 70%。日本央行将于 3 月降息的押注持续升温，日股反弹但涨势疲软。以上是亚太股市和台积电的相关信息。

亚太股市普涨，台积电大涨助力台股突破 2 万点，日韩股市携手走强

据报道，区块链调查人员发现，埃隆·马斯克旗下公司特斯拉和 SpaceX 总计持有超过 10 亿美元的比特币。根据调查人员的分析，特斯拉的钱包中持有价值超过 7.71 亿美元的比特币，而 SpaceX 的钱包中约有 5.55 亿美元的比特币。

特斯拉和 SpaceX 总计持有价值 13 亿美元的比特币

On March 6th, the Financial Times seriously questioned Pinduoduo: Why do investors have such confidence in this opaque and financially inconsistent company?

Finance is a black box! Financial Times questions Pinduoduo, netizens respond.

New Fire Technology Holdings surged more than 20%, reaching 21.28% by the time of publication, at HKD 3.59, with a trading volume of HKD 18.49 million. On the news front, on March 5th, Bitcoin hit a historical high of $69,000, briefly touching $69,080. In addition to Bitcoin, Ethereum also broke through $3,800 in the short term, with a 24-hour increase of over 6%. Coinglass data shows that the total market value of cryptocurrencies has also surged, surpassing $2.65 trillion. Furthermore, at the New York closing on Thursday, the CME Bitcoin futures BTC main contract was at $68,025.00, up 1.24% from the Wednesday New York closing, trading in the range of $66,060.00 to $68,840.00, continuing to explore the top of $70,195.00 reached on March 5th. It is reported that New Fire Technology Holdings mainly provides virtual asset trading and technical solution services, including providing virtual asset lending asset management to customers and offering over-the-counter trading platforms, acting as an exchange. In the 2023 fiscal year, revenue generated from over-the-counter trading and lending management services amounted to HKD 2.811 billion, accounting for 99.19% of total revenue.

Hong Kong Stock Market Update: SINOHOPE TECH Holdings surged over 20% as Bitcoin hits a new all-time high. The company is a service provider for virtual asset trading and technical solutions.

中国出口复苏主要受到集成电路、船舶、劳密产品、家电和灯具以及通用机械设备的支撑。其中，集成电路受益于半导体周期复苏，船舶受到市场份额优势和全球需求端强劲的影响。根据 1-2 月的数据，中国出口同比增长 7.1%，超出预期。这表明中国出口的景气持续性较高。

撑起出口的 “新五样”

3 月非农报告即将发布，市场预期新增 20 万就业岗位，失业率预计维持在 3.7%，时薪同比增速可能降至 4.4%。数据表现强劲将打压降息预期，帮助美元指数止住颓势；反之，不及预期的数据或刺激降息预期回升，将推动黄金和美股继续上行。

3 月非农前瞻 — 黄金新高只是起点？

Alibaba's Lingxi Games will undergo a leadership transition to make room for younger executives, as part of Alibaba's strategy to maintain a startup mindset. Zhan Zhonghui, the current head of Lingxi Games, and two other executives will step down, with experienced game producer Zhou Bingshu taking over. The mobile game "Three Kingdom Tactics" generated over $1 billion in revenue in its first two years. Lingxi Games was acquired by Alibaba in 2017.

Alibaba's Lingxi Games says management to step down to make way for younger execs

诺和诺德表示，预计 Wegovy 将于今年获批在中国上市，并计划很快在亚洲最大的市场推出这款受欢迎的减肥药物。当地时间周四，诺和诺德大中国区总裁周霞萍在哥本哈根郊外的公司总部举行的投资者会议上表示，即将在中国推出的这款产品最初将专注于自费购买的患者。上个月，Wegovy 在其首个亚洲市场日本正式推出。

诺和诺德：预计减肥药 Wegovy 将于今年获准在中国上市

理想汽车计划在 2024 年上线 2000+ 座超级充电站，覆盖全国高速主线 70% 以上和三线以上城市核心区域 50% 以上。预计到 2025 年，超级充电站数量将达到 5000+ 座，覆盖国家高速主线 90% 和四线以上城市核心区域 90%。理想汽车将投资超过 60 亿元，建设超过 5000 座 5C 充电站，覆盖全国 95% 的高速公路和国道，实现对全国所有地级市核心城区的全覆盖。