Breakfast | Hedge funds' holdings in seven technology stocks reach a record high, and the American AI Forum is about to convene.
US stocks rose across the board, with Chinese concept stocks performing strongly. Xpeng Motors saw a 5.6% increase. The Chinese and US commerce ministers held a meeting and established a working group. The trading volume in the Hong Kong stock market has significantly declined this year. ChatGPT has launched its enterprise version. Microsoft has introduced Bing Chat Enterprise Edition in Windows Copilot. Ant Group will disclose the progress of its large-scale model implementation. Alibaba has denied the acquisition rumors of a hydrogen and oxygen company. According to media reports, the iPhone 15 and Plus models may introduce a new green color, and Apple plans to release a major upgrade version of the iPad Pro next year. Google is considering selling its map data. Both Goldman Sachs and Standard Chartered are selling assets.
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Market: Overnight and this morning's market
The futures of the three major US stock indexes opened with gains of less than 0.1%.
The market is waiting for economic data from Europe and the United States this week, and also digesting the hawkish speech by Federal Reserve Chairman Powell last Friday. US stocks opened higher and continued to rise. The Dow rebounded from a six-week low to its highest level since August 16, while the S&P 500 and Nasdaq approached recovering from the decline since last Wednesday. The S&P 500 rose 0.63%, the Dow rose 0.62%, the Nasdaq rose 0.84%, and the Russell 2000 small-cap stocks rose 0.8%.
Leading technology stocks rose across the board. Meta rose 1.7%, Apple and Google A rose nearly 1%, Microsoft rose 0.2%, Netflix rose 0.5%, Tesla rose slightly, Intel rose over 1%, AMD rose 0.4%, and NVIDIA rose nearly 2%. "Vietnamese Tesla" surged 35% intraday and closed up 19%.
Popular Chinese concept stocks significantly outperformed the broader US market. JD.com and Baidu both rose 2.6%, Pinduoduo rose 1%. Alibaba rose nearly 3%, Tencent ADR rose over 2%, Bilibili rose 1.5%, NIO rose nearly 2%, Li Auto rose 1.4%, XPeng rose 5.6%, Dingdong Maicai rose 9%, Tencent Music rose over 6%, and NetEase rose nearly 5%.
What happened to blue-chip stocks and hot stocks
iPhone 15 and Plus may add green color
Insiders suggest that the upcoming iPhone 15 and iPhone 15 Plus from Apple next month may introduce a new green color option, with a design similar to the iPhone 12 series.
Media: Apple plans to release a major upgrade version of iPad Pro next year
The new upgrade includes a new Magic Keyboard, a new M3 chip, and an OLED display, among other features. Some analysts believe that the new iPad Pro may see a significant price increase, with a starting price increase of up to $700 and the top-of-the-line version potentially exceeding $3,000.
Media: Google considers selling map data, huge market potential
Google is considering selling new version map APIs data to allow companies to use energy and environmental data for photovoltaic product deployment. It is hoped that this business will generate $100 million in revenue in the first year. Microsoft Launches Bing Chat Enterprise Edition in Windows Copilot
Ant Group: Will Reveal Progress of Large-scale Model Implementation at the Bund Summit
Alibaba Responds to Acquisition Rumors of Hydrogen and Oxygen: "False, Speculative"
ChatGPT Enterprise Edition is Here
Enterprise customers can train and customize ChatGPT based on their own data. It offers four times the input capacity of regular ChatGPT and provides a management console with tools for administrators. Unlimited access to GPT-4 is available.
IBM Simulates Human Brain to Create Neural Network Chips with 14x Efficiency Boost
IBM has introduced a brand-new 14nm analog AI chip that is 14 times more efficient than the leading GPU, making H100 a cost-effective solution.
Goldman Sachs Sells Assets, Focuses on Super-Rich Clients
Goldman Sachs is selling its investment advisory business for mass-market high-end clients to wealth management firm Creative Planning LLC. The asset value is approximately $29 billion, with a cost of $750 million when acquired four years ago.
US Beef Processing Giant Minerva to Acquire Competitor's Assets for $1.5 Billion
BYD's Net Profit Increases by 204.68% YoY in the First Half of the Year
BYD achieved a net profit of 10.954 billion yuan in the first half of the year, with a gross profit margin of over 20% for automobiles and related products. R&D expenses reached 13.835 billion yuan, and investment income turned positive at 597 million yuan.
During Evergrande's Over 500-day Trading Halt, Xu Jiayin's Wealth Has Shrunk by 80%
In March 2018, Xu Jiayin ranked 24th on the Forbes Global Billionaires List with a wealth of $30.3 billion, second only to Ma Huateng, Jack Ma, and Li Ka-shing. On August 28th this year, Xu Jiayin's latest wealth was $8.1 billion, ranking 263rd globally, a decrease of over 80% from its peak.
Standard Chartered Sells Global Aviation Financing Leasing Business for $700 Million in Cash
Standard Chartered announced the sale of its global aviation financing leasing business to AviLease, a subsidiary of the Public Investment Fund of Saudi Arabia. After the transaction is completed, Standard Chartered expects to gain approximately $300 million in proceeds, and its common equity Tier 1 capital ratio will increase by approximately 19 basis points.
Macro: Taking You Around the World
Goldman Sachs: Hedge Funds Expose Record Exposure to Seven Largest Tech Stocks Last week, hedge funds reached a record exposure to the seven largest technology stocks by market value, accounting for approximately 20% of the net market value of stocks held by hedge funds tracked by Goldman Sachs.
Citi: The Second Wave of "AI Technology Boom" Will Boost the Entire Market
The breakthrough of the first wave of artificial intelligence (AI) technology has boosted the stock prices of companies such as NVIDIA that are at the center of this trend. The second wave of the boom will lift the entire market, raising the year-end target for the S&P 500 index from 4,000 points to 4,600 points.
Upcoming US AI Forum
According to reports, CEOs of major US technology companies will participate in the first Artificial Intelligence Insight Forum hosted by Senate Majority Leader Schumer. This closed-door forum is scheduled to be held on September 13th, and Elon Musk, Meta's Mark Zuckerberg, Google's Sundar Pichai, OpenAI's Sam Altman, NVIDIA's Jensen Huang, and Microsoft co-founder Bill Gates are expected to attend.
US and Chinese Commerce Ministers Hold Talks, Establish a Working Group
Minister of Commerce Wang Wentao expressed serious concerns about US tariffs on China under Section 301, semiconductor policies, restrictions on bilateral investment, discriminatory subsidies, and sanctions against Chinese companies. The two sides announced the establishment of a new communication channel between the Ministry of Commerce of China and the US, and the formation of a working group composed of deputy ministerial and bureau-level government officials from both sides to seek solutions to specific business issues.
US media reported that Raimondo is the "finale" official sent by Biden to visit China, paving the way for a possible meeting between the leaders of the two countries in November.
China's Ministry of Finance and State Taxation Administration Announce Extension of a Batch of Individual Income Tax Preferential Policies
If a resident individual receives a one-time annual bonus that meets the requirements, it will not be included in the comprehensive income for the year. The applicable tax rate and quick deduction amount will be determined by dividing the one-time annual bonus income by 12 months and applying the tax rate table for monthly calculation of comprehensive income tax, and the tax will be calculated separately.
China's Ministry of Finance: Next Step is to Strengthen the Implementation of Active Fiscal Policies, Prevent and Resolve Local Government Debt Risks
Significant Decline in Trading Volume in the Hong Kong Stock Market this Year
As of August 28th, the average daily trading volume in the Hong Kong stock market this year was HKD 85.494 billion, a year-on-year decrease of 16%.
US Auto Union Declares "War" on the Big Three US Automakers
The United Auto Workers (UAW) has issued a "challenge" to the Detroit Big Three automakers, with contract workers making several demands, including a 46% pay increase, the restoration of traditional pensions, and the implementation of a 32-hour workweek.