This Week’s Macro ThemeNovember employment data showed the U.S. unemployment rate unexpectedly rising to 4.6%. While still low by historical standards, this marks the highest level since early 2021. Under the current macro pricing framework, a moderate softening in labor data is paradoxically viewed as positive by markets.The Bank of Japan raised its policy rate from 0.5% to 0.75% this week, in line with market expectations. This move lifts Japanese interest rates to their highest level in 30 years and marks the first rate hike in 11 months since January 2025, signaling continued progress toward policy normalization. While the pace remains gradual, the shift has created marginal disruptions to global capital flows and carry trades.U.S. stocks sold off sharply on Wednesday, but rebounded on

Global IT infrastructure giant $Dell Technologies Inc.(DELL)$ has released its financial results for the third quarter of fiscal year 2026. Overall, driven by surging demand for AI servers, the company delivered another record-breaking performance: revenue, EPS, and AI order volume all hit all-time highs. However, behind these impressive figures, uncertainties stemming from rising supply chain costs and overheated demand have begun to surface.Revenue hits record high, driven by AI but with deepening structural dependenceTotal revenue for the quarter reached $27 billion, marking an 11% year-over-year increase and setting a new Q3 record. Infrastructure Solutions Group (ISG) delivered particularly strong performance, with revenue hitting $14.1 billi

Week after week, the AI technology investment landscape is undergoing unprecedented rapid transformation, akin to the time dilation scenes in Interstellar—where one hour in tech investing equates to seven years in the $S&P 500 ETF (SPY)$ market. The launch of Gemini 3 has become a pivotal event recently shaking up the AI industry, not only reshaping the competitive landscape but also compelling investors to reassess market logic and strategic positioning.Gemini 3 Reshapes the AI Competitive LandscapeThe launch of Gemini 3 marks the AI industry's official departure from its previous phase of homogeneous competition, ushering in a new era of differentiated competition. This model delivered outstanding performance in benchmark tests, with exceptional

$Home Depot(HD)$ released its third-quarter fiscal 2025 earnings report on November 18, 2025, covering the period ending September 30, 2025. Overall, the company achieved total sales growth, but core comparable store sales remained nearly flat, and profitability declined slightly.From a macro perspective, the home improvement sector continues to be weighed down by a weak U.S. housing market, high interest rates, and weather-driven demand shortfalls. Specifically: The company's total sales for the quarter reached $41.4 billion, representing approximately 2.8% year-over-year growth; however, comparable store sales increased by only about 0.2%. Diluted earnings per share (EPS) reached $3.62, while adjusted EPS stood at $3.74, slightly below the $3.78 r

$Klarna Group plc(KLAR)$ s Q3 2025 earnings report, its first quarterly results since going public, delivered robust performance that exceeded expectations. Revenue reached $903 million (up 26% YoY), with GMV hitting $32.7 billion (up 23% YoY), both surpassing market consensus. This growth was primarily driven by accelerated expansion in the U.S. market, explosive growth in Fair Financing installment products, and rapid volume growth of the Klarna Card. However, impacted by accounting treatment for installment products (requiring full provisioning of expected credit losses upfront), the company recorded a net loss of $95 million and an operating loss of $83 million, indicating short-term pressure on profitability. Post-market trading saw the stock

$PDD Holdings Inc(PDD)$ released its financial report for the third quarter of 2025 before the market opened on November 18. Overall, this quarter's earnings report signals a positive trend of performance beginning to "bounce back from the trough." Key financial metrics show revenue growth rebounding from its low point, with profitability demonstrating significant year-over-year improvement. Notably, after several quarters of profit declines, adjusted operating profit significantly exceeded expectations, showcasing the company's operational resilience amid complex macroeconomic conditions and competitive dynamics.Specifically, while revenue growth rebounded to a high single-digit rate (9%), the more critical advertising revenue growth continued to

$Trip.com Group Limited(TCOM)$ released its unaudited financial results for the third quarter of fiscal year 2025, ending September 30, 2025, in the U.S. after-hours trading session on November 18.Overall, Ctrip delivered solid performance this quarter, with both revenue and profit slightly exceeding market expectations. The group's total net revenue grew 15.4% year-over-year (slightly decelerating quarter-over-quarter), reflecting stable domestic travel demand. Meanwhile, the sustained robust recovery of overseas operations and outbound travel served as key drivers. However, the financial report also hints at structural concerns, including narrowing gross margins and expanding expense investments, causing profit growth to continue underperforming

$Cisco(CSCO)$ a leading provider of networking infrastructure, released its first-quarter financial results for fiscal year 2026, ending October 25, 2025, after market hours on the 12th.Overall, this earnings report exceeded market expectations. Driven by robust demand for AI infrastructure, the company delivered record-breaking Q1 revenue and profits, while providing optimistic full-year guidance that propelled its stock price higher in after-hours trading. However, beneath the surface of strong growth lie underlying weaknesses in traditional businesses and an unexpected decline in operating cash flow.Specifically,Total revenue exceeded expectations, with AI-driven "network" business emerging as the dominant force.Total revenue for the quarter re

The "first plant-based meat stock," $Beyond Meat, Inc.(BYND)$ released its third-quarter financial results for the period ending September 2025. Overall, this report—marked more by concerns than positive developments—once again underscores the persistent weakness in the plant-based meat category. The company's revenue declined by 13.3% year-over-year, while its gross margin narrowed significantly.Despite management emphasizing "fundamental progress" in its balance sheet reset—particularly debt reduction—core operating metrics (declines in both volume and price) and weak Q4 guidance undoubtedly cast a shadow over the company's recovery path.Specifically,Both volume and price declined, with weak demand across categories being the primary cause.The c

Southeast Asian tech giant $Sea Ltd(SE)$ released its third-quarter financial results for the period ending September 30, 2025, on November 11 (pre-market) Eastern Time.Overall, this earnings report presents a stark sense of dichotomy: On one hand, all three major business segments are surging ahead, with total revenue significantly exceeding expectations and both core e-commerce GMV and game bookings achieving robust growth. On the other hand, GAAP earnings per share (EPS) unexpectedly fell well below market consensus, triggering an over 8% drop in the stock price.Sea's latest pivot between "growth" and "short-term profits" appears to leverage the robust recovery in gaming and financial services to fund larger investments in e-commerce—particularly