Breakfast | Bitcoin spot ETF breaks through the 100 billion mark, State Council: Promote the development of the platform economy

Last Friday, the Dow Jones hit a new high, NVIDIA fell over 3%, and Tesla reached a new high since the first half of 2022; Bitcoin briefly approached $100,000. The Chinese State Council: Researching ways to promote the healthy development of the platform economy and better leverage its important role in promoting employment.

Trump nominated hedge fund manager Bessenet, who served for many years at Soros Fund, as the U.S. Treasury Secretary, a choice seen as a recognition of Wall Street. The Federal Reserve will begin a framework review next year, with the 2% inflation target not being the focus, and Powell welcomes new perspectives and critical feedback.

Crazy Cryptocurrency! MSTR Leads the Bitcoin Frenzy in U.S. Stocks!

On November 21, MSTR's trading volume exceeded the total of U.S. spot Bitcoin ETFs, with the total trading volume of the "Bitcoin Industrial Complex" (including U.S. spot Bitcoin ETFs, MSTR, Coinbase, and other stocks) reaching a record $70 billion. On the same day, the asset size of U.S. spot Bitcoin ETFs surpassed $100 billion.

Even the most intense week of GameStop (referring to the investment frenzy around the video game retailer's stock in early 2021) cannot compare to MSTR's trading volume of $136 billion last week!

Currently, Bitcoin is approaching the $100,000 mark:

Jensen Huang's Latest 10,000-Word Dialogue: NVIDIA Reduces Marginal Computing Costs by 1 Million Times Over the Past Decade

NVIDIA founder and CEO Jensen Huang was awarded an honorary doctorate in engineering at the Hong Kong University of Science and Technology and delivered a speech:

Over the past decade, we have increased computing performance by 1 million times. NVIDIA's contribution is that we have reduced the marginal cost of computing by the same magnitude. Imagine if there are things you rely on in life, such as electricity or any other choice, when its cost is reduced by 1 million times, your behavior will fundamentally change.

Our view of computing has also undergone a dramatic change, and this is one of NVIDIA's greatest achievements in history. We use machines to learn vast amounts of data, a task that researchers cannot accomplish alone, and this is the key to the success of machine learning.

Cloud Computing New Star CoreWeave Plans IPO in the U.S. Next Year with Valuation Over $35 Billion

According to reports, AI cloud platform CoreWeave plans to conduct an initial public offering (IPO) in the U.S. in the second quarter of next year, with a valuation potentially exceeding $35 billion. Sources say that CoreWeave, headquartered in Roseland, New Jersey, plans to raise over $3 billion in the IPO. The company, led by co-founder and CEO Michael Intrator, has attracted investors including NVIDIA, Magnetar Capital, Coatue Management, Jane Street, JP Morgan Asset Management, and Fidelity since its establishment as a cryptocurrency mining company in 2017CoreWeave is building data centers based on NVIDIA chips to meet the global demand for AI computing power. Last month, the company completed a $650 million credit financing, with a valuation of $23 billion.

Trump Nominates Hedge Fund Manager Scott Bessent as U.S. Treasury Secretary

Wall Street has a candidate it is satisfied with: Scott Bessent, a "favorite of investors" who worked for Soros Fund for over twenty years, is another Treasury Secretary candidate that the market hopes to see after former Federal Reserve Governor Kevin Warsh. Bessent recently proposed an economic policy initiative known as the "333 Plan," and he has long criticized the Federal Reserve, attempting to downplay Trump's trade threats regarding tariff policies. Commentators note that Bessent has rich experience in dealing with global financial systems and market issues, and his selection clearly indicates Trump's recognition of Wall Street. He is expected to ease concerns for bond and stock market investors on Monday.

Bessent stated he would support Trump's tariff plans and work to promote tax cuts, but he has not been overly rigid in adhering to any extreme positions in the past. This has led Wall Street to anticipate that he can prioritize macroeconomic and market stability rather than catering to political interests.

U.S. Business Activity Expansion in November at Fastest Pace Since April 2022

Last week, the preliminary value of the U.S. November Markit Manufacturing PMI was 48.8, the highest since July 2024; both the services and composite PMIs reached their highest levels since the first half of 2022. Strengthened protectionism has boosted confidence in the U.S. goods-producing sector, leading to an increase in factory employment rates; factories have ramped up purchases of imported inputs in an effort to buy before tariffs take effect, putting unprecedented pressure on supply chains not seen in over two years, with future inflation expected to be under pressure.

Goldman Sachs Outlook on U.S. Economy Under Trump 2.0: The Variable Lies in Tariffs

Despite Trump's sweeping policy adjustments, Goldman Sachs expects that this will not fundamentally impact the overall U.S. economy or monetary policy. It forecasts that by the end of 2025, the core PCE inflation rate, excluding tariff impacts, will drop to 2.1%, with an annual GDP growth rate of 2.5%, above market consensus expectations.

Hang Seng Index's "Big Change" in December: Kuaishou, Pop Mart, and Keji Pharmaceutical Expected to be Included

Currently, the Hong Kong Hang Seng Index includes 82 stocks, while the ultimate goal of the Hang Seng Index Company is to expand the number of constituent stocks to 100. Analysts believe that the healthcare sector remains the least represented industry in the index, while consumer staples, discretionary consumer goods, real estate, and construction may gain higher weight in this year's fourth quarter review.

Private Equity Giants Disclose Concentrated Overseas Holdings, Increasing Investment in Chinese Assets

Recently, the latest U.S. stock holdings of Gao Yi Asset, Jinglin Asset, and Hillhouse Capital have been disclosed, revealing their adjustment directions. From the increase in positions, it is evident that Chinese assets are favored by leading private equity firms. For instance, Gao Yi Asset significantly increased its holdings in Pinduoduo, Huazhu, NetEase, Yum China, and Beike in the third quarter, while Hillhouse Capital made substantial purchases of Alibaba, Vipshop, and NetEase. In terms of reductions, U.S. tech stocks that had previously seen significant gains have been abandoned by several leading private equity firms. Industry insiders believe that with the continuous release of positive signals in terms of policies and funds, the attractiveness of Chinese stocks is steadily increasing

State Council Meeting: Research to Promote Healthy Development of Platform Economy

The meeting pointed out that the development of the platform economy is related to expanding domestic demand, stabilizing employment, and benefiting people's livelihoods, as well as empowering the real economy and developing new quality productivity. It is necessary to further strengthen the overall guidance for the healthy development of the platform economy, increase policy support, and better play the important role of the platform economy in promoting employment.

Key Focus This Week

The minutes of the Federal Reserve's November monetary policy meeting may show discussions among decision-makers regarding the impact of the election, China's November PMI, October core PCE price index, the revised quarter-on-quarter GDP for the U.S. in the third quarter, the Eurozone's November harmonized CPI, and Japan's November CPI. In terms of financial reports, Meituan, Miniso, Zoom, and others will disclose their financial reports