$Bank of America(BAC)$ The latest Global Storage Technology Report indicates that starting in the second half of 2025, the storage industry will formally exit its previous adjustment cycle and enter a recovery phase characterized by structural differentiation. The NAND market will be the first to enter a mid-to-upward cycle, while DRAM will see robust growth driven by high-bandwidth memory (HBM), though average selling price (ASP) increases will be limited. Meanwhile, small-cap Korean semiconductor equipment and materials stocks face multiple growth pressures. Currently, the industry's core growth momentum has shifted from traditional storage to HBM. Coupled with the sustained recovery of downstream demand for servers, solid-state drives (SSDs), an

Last week, U.S. stocks once again experienced a rollercoaster ride—the $S&P 500(.SPX)$ fell 2% from its record high in late October, while AI-related stocks saw a sharp pullback (-8%), marking their largest correction since Q1 this year. Investors were on a rollercoaster ride, fixated on $NVIDIA(NVDA)$ (earnings on November 19) and a host of consumer giants ($Home Depot (HD)$, LOW, TJX, $Target (TGT)$, $Wal-Mart(WMT)$ , ROST, WSM), torn between worries over AI investment trajectories and concerns about the health of American consumers' wallets.This earnings season, discussions about A

Big-Tech’s PerformanceMacro Headlines This Week:The dominant U.S. macro theme remains the ongoing government shutdown (now in its third week), with impacts broadening further: from disruptions to public services and data releases, to interference in financial regulation and administrative functions, creating systemic shocks to economic expectations. Layoff data has deteriorated sharply—October's job cuts reached 153,074, the highest for any month since 2003, underscoring corporate caution on future demand.With data gaps widening, the Federal Reserve is adopting an even more cautious policy stance. Hawkish comments from officials have dampened rate-cut expectations, emphasizing that in an environment of incomplete data, policy must proceed "slower and more cautiously." Ahead of the December

On November 10, $CoreWeave, Inc.(CRWV)$ released its third-quarter earnings report, reporting revenue of approximately $1.36 billion, marking over 100% year-over-year growth and slightly exceeding market expectations (around $1.29 billion). However, its adjusted gross margin/ adjusted operating margin faced pressure, declining from about 21% in the same period last year to approximately 16%. Management reaffirmed robust demand for large-scale AI infrastructure while noting accelerated capital expenditures and expansion pace. Overall, the company maintains strong growth momentum, but volume significantly outpaces pricing, with lingering concerns over margins and cost structures.Specifically, let's examine the core information in the financial repor

$Nasdaq 100 Index (NDX)$ dropped sharply, marking its steepest pullback since Liberation Day. The market was filled with wails as investors questioned whether the AI rally was ending. Key themes for the second week of earnings season: confidence, crowding, and gear shifts.The Nasdaq 100 fell 300 points this week, marking a weekly decline of about 1.6% and its steepest correction since Liberation Day. But the problem isn't just the drop—it's the lack of resilience. Macro instability: Weak employment data, softening low-end consumption, and lingering government shutdown concerns. Micro squeezes: AI sector positions are fully loaded, valuations are stretched, and funding leverage structures are overly concentrated. Simply put, it's a perfect storm.Over t

Big-Tech’s PerformanceMacro Headlines This Week:Prolonged U.S. Government Shutdown Adds to Policy UncertaintyThe ongoing U.S. government shutdown has now become one of the longest on record. The policy backdrop remains characterized by a triple squeeze: loose expectations, weak macro data, and rising institutional risks. Although the Fed still has room to cut rates, the path forward remains unclear.U.S. Economy in a “Structural Caution” PhaseEmployment remains weak and layoffs are rising, though the service sector continues to show resilience. The government shutdown has created data blind spots, complicating policy assessment. Meanwhile, trade and tariff uncertainty remain key external risks. For both policymakers and investors, the medium-term environment suggests slower growth, inflatio

In the third quarter, two platform companies focused on visual social media and advertising— $Pinterest, Inc.(PINS)$ and $Snap Inc(SNAP)$ —both delivered results showcasing "growth plus transformation." Yet their secondary market stock price performances diverged significantly. The two companies exhibit distinct differences in growth trajectories, operational structures, investor expectations, and market reactions.Pinterest's revenue grew year-over-year and its user base hit a new record, presenting an overall picture of "steady progress and accelerated transformation." Meanwhile, while Snap also achieved growth and improved profitability metrics, investors remain cautious about the sustainability of its

$Teradata(TDC)$ delivered earnings that exceeded expectations, significantly improved cash flow, and presented a monetizable roadmap for "Agentic AI" during its Q3 2025 earnings report and conference call— These signals swiftly transformed market concerns (revenue decline, cloud linearity) into a dual catalyst of "execution recovery + long-term growth narrative," triggering a rapid stock price surge.This sharp rally stems from the combined effect of four key drivers: earnings beat (EPS/FCF), upward guidance revisions, the monetizable AI narrative, and share buybacks/execution continuity. In the short term, the market has combined the downgrade of execution risks with future growth expectations, thereby driving valuation increases.Key Financial High

The software sector, particularly in areas such as SaaS, cloud computing, cybersecurity, and AI integration platforms, will see divergent performance by 2025. While some companies will experience robust growth fueled by AI adoption, others will face declining demand as AI replaces their services.The acceleration of corporate digital transformation, the widespread adoption of AI applications, and the robust demand for efficient tools—coupled with macroeconomic factors like government shutdowns and concerns over AI profitability—have intensified market volatility, causing stock prices to fluctuate wildly. Many stocks have become overly sensitive to AI news (which has also created favorable buying opportunities).According to industry research, high-growth software companies are projected to a

Palantir's Q3 2025 earnings report demonstrated robust growth momentum, with overall performance significantly exceeding market expectations. We rate this performance as "Outstanding." Revenue surged 63% year-over-year to $1.18 billion, while adjusted earnings per share reached $0.21, both substantially surpassing analyst consensus. A key highlight was the 121% jump in U.S. commercial revenue, driven by rapid adoption of its AI platform AIP and major deal signings. However, underlying concerns emerged despite robust fundamentals, as the stock experienced significant post-market volatility, swinging from a +7% gain to a -4% loss. This may reflect market apprehension over the company's elevated valuation (currently trading at over 138 times price-to-sales) and a "buy the rumor, sell the fact

Overall Market Flow and Sentiment OverviewFund outflows have become the dominant trend. According to GS trading desk statistics, both long-only (LO) and hedge fund (HF) investors were net sellers last week: LO saw net outflows of $3.5 billion, while HF recorded net outflows of $1.6 billion. The communications services sector faced the heaviest selling pressure, primarily driven by $Meta Platforms, Inc.(META)$'s earnings report. Heightened investor concerns over its cash flow situation triggered concentrated selling led by LO funds. Meta's soaring capital expenditures mirror the broader AI arms race, prompting investors to question whether the returns justify such massive investments.Consumer sentiment took a sharp turn for the worse. As more companie

Big-Tech’s PerformanceMacro Headlines This Week:October FOMC meeting left the door open to a rate cut but delivered a hawkish tone. Chair Jerome Powell noted that while employment-data flashes some weakness, inflation risks remain elevated — which left investors questioning the path ahead. The latest initial jobless claims (Oct 25) showed a modest softening in the labour market: the unemployment rate held at 4.3%, and non-farm payrolls added only 22 k jobs, far below expectations, further supporting the Fed’s “pre-emptive” easing stance.Trade developments were intense this week. On the 25th the U.S. announced a pause in negotiations with Canada and slapped a 10% tariff, stoking concerns about North American supply-chains. Meanwhile, U.S.–China talks showed movement. The Senate, however, re

$Amazon.com(AMZN)$ delivered an overall strong performance in its Q3 2025 earnings report, with both revenue and profits exceeding market expectations. The company generated $180.2 billion in revenue, marking a 12% year-over-year increase. AWS returned to a high growth trajectory (+20.2% to $33 billion), serving as the core engine driving the overall profit recovery. Operating profit temporarily dipped to $17.4 billion due to one-time charges, but reached $21.7 billion after adjustments. Management confirmed continued "aggressive" investment in AI and cloud infrastructure, with annual cash CapEx at approximately $125 billion, set to rise further in 2026 to support Trainium chip and Project Rainier cluster expansions. The advertising business maint

$Apple(AAPL)$ reported robust overall performance in its FY2025 Q4 earnings, with both revenue and profits hitting quarterly records. Driven particularly by iPhone and services, the company achieved 8% year-over-year growth, surpassing market expectations. While the wearables segment showed modest growth, the company benefited from a one-time tax impact in the prior-year period, resulting in a significant jump in net income for the quarter.Overall, Apple maintains its competitive edge in hardware innovation and ecosystem expansion, though geopolitical risks and supply chain volatility remain potential drawbacks.From a valuation perspective, based on the latest financial report data, the trailing P/E ratio has reached 37x. Excluding the one-time im