Breakfast | The Nasdaq closed above 20,000 points for the first time, with Tesla, Google, Meta, Amazon, and Netflix all hitting new highs

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Nasdaq breaks 20,000 points for the first time, Tesla leads a group of tech giants to new highs, Bitcoin rises above $100,000

U.S. inflation remains strong, with November CPI rising 2.7% year-on-year, higher than the previous value, and a month-on-month increase of 0.3%, reaching a seven-month high. Core CPI remained flat year-on-year and month-on-month compared to previous values and expectations. The probability of the Federal Reserve cutting interest rates by 25 basis points in December has almost been fully priced in. The Nasdaq rose 1.77%, breaking 20,000 points for the first time, with a cumulative increase of over 33% this year. The Dow fell 0.2%, while the S&P 500 index rose 0.8%. Bitcoin briefly rose to $101,000.

Investors are buying technology and chip stocks. Tesla rose about 6% to reach a historic high, marking six consecutive trading days of gains. Since the U.S. election day on November 5, it has accumulated a rise of 69%. Musk has become the world's first person with a net worth exceeding $400 billion, and several major Wall Street firms have raised their target prices, with Morgan Stanley increasing its target price by 29% and Goldman Sachs by 38%.

Google A rose over 5%, reaching a record closing high. Amazon rose 2.32%, and Meta rose 2.16%, both hitting new highs. Apple turned down after reaching a historic high. Broadcom's collaboration with Apple to develop AI chips closed up over 6.6%. Microsoft rose 1.28%. NVIDIA rose 3.14%. Netflix rose over 2%.

Most Chinese concept stocks fell. The Nasdaq Golden Dragon China Index fell 0.74%. The FTSE China 3x Long ETF (YINN) fell 3.25%, JD.com fell over 3.4%, XPeng fell 2.7%, Nio fell 2.1%, Bilibili and Pinduoduo fell over 1%, Alibaba, Tencent, and Li Auto fell at most over 0.9%, while Fangduoduo rose 11.17%.

Musk becomes the world's first person with a net worth exceeding $400 billion

According to the Bloomberg Billionaires Index, Musk's net worth increased by about $50 billion to $439.2 billion.

Bank of Canada cuts interest rates significantly by 50bp, concerned about future Trump tariff policies

The Bank of Canada lowered its key policy rate to 3.25% and stated that further rate cuts will be more gradual, which is a shift from previous messaging that indicated a need for continued easing to support economic growth. Bank of Canada Governor Macklem also stated for the first time that the newly elected President Trump’s government may impose tariffs on Canadian exports, which is "a new significant uncertainty."

U.S. inflation data meets expectations, overall CPI rebounds to 2.7%, core CPI remains at 3.3% for the third consecutive month

The probability of the Federal Reserve cutting rates by 25 basis points in December is 98.6%, with the market almost fully pricing in a 12bp rate cut by the Fed in December.

Goldman Sachs: CPI clears the way for the Fed to cut rates next week, and further gradual easing is expected

The CPI data has cleared the way for a rate cut next week. Following today’s data release, the Fed will enter a "quiet period," and they remain confident in the anti-inflation process, believing that in the new year, the Fed will further gradually ease monetary policy.

Analysts evaluate U.S. November CPI: meets expectations, four rate cuts may occur next year

Brian Jacobsen, Chief Economist at Annex Wealth Management, stated: "The CPI report was not surprising; everything was in line with expectations. Housing costs remain the main driver of inflation. With the employment report and inflation report, nothing can stop the Federal Reserve from cutting interest rates by 25 basis points next week. Inflation will eventually fall to target levels."

Google releases Gemini 2.0, its most powerful artificial intelligence model

Having just released a quantum chip, Google has now launched its latest large model, the Gemini 2.0 series, "designed for the era of intelligent agents," and introduced several AI Agent applications simultaneously. Gemini 2.0 is built on Google's custom hardware, the sixth-generation TPU Trillium, with key benchmark performance approximately twice that of 1.5 Pro. The TPU provides 100% computational support for the training and inference of Gemini 2.0.

According to The Information: Apple collaborates with Broadcom to develop artificial intelligence chips

Apple's chips may be ready for production by 2026. Additionally, Apple has launched a version of Siri that integrates ChatGPT.

Sunac China’s domestic debt restructuring enters a critical phase

"Sunac China's domestic creditors are numerous and structurally complex. Within seven working days, two domestic debt restructurings were approved, reflecting creditors' recognition of the plan," said a person close to Sunac China. "The biggest feature of this restructuring plan is the variety of restructuring options available for creditors, allowing them to choose the most suitable method based on their funding characteristics."

Kaisa Group discloses progress on overseas debt restructuring; Hong Kong plans hearing on December 19

Kaisa Group plans to hold a hearing at the High Court of the Hong Kong Special Administrative Region at 10:00 AM on December 19, 2024. Meanwhile, Kaisa's Cayman Islands plan is set for a hearing at the Grand Court of the Cayman Islands at 9:30 AM on January 15, 2025.

Interactive Brokers Chairman: I recommend holding some Bitcoin, but not too much.

According to Politico: Time magazine will select U.S. President-elect Trump as Person of the Year