We do anticipate a market sell-off at the start of the week due to uncertainties, sector rotation, and investors' demand for 50bps cut next meeting. But the bearish sentiments and narratives wouldn't hold up long against the dip-buying momentum if such opportunities arise.

China is said to have given guidance to reduce the reliance of Nvidia chips. We don't anticipate any near-term sales impact so it would be too early to make any long-term predictions. It is important to understand China's stance here: Guidance is not equivalent to a ban or sanction as a ban of Nvidia chips will slow down the development of their AI startups, and they try to avoid starting a trade war.

They are already affected by the lack of access to the latest chips, further restriction would cause Chinese AI development to slow down even more. So we do not think that most of the companies will be following this guidance at all, and don't think the Chinese government is ready to hurt their economy further by imposing a ban.