To The Moon

Last Week's Recap

1. U.S. Market -Investor cautions and Tech Pullback

• Tech pullback: The $NASDAQ(.IXIC)$ finished the week down 2.7%, marking its third consecutive weekly decline, while the $S&P 500(.SPX)$ and the $Dow Jones(.DJI)$ posted smaller declines of about 2.0%.

• Fed cut uncertainty: Unemployment rose to 4.4%, the highest since October 2021. CME FedWatch data shows that the probability of an interest rate cut on December 10 increased to nearly 72%, up from about 30% earlier in the week.

• Volatility returns: Short-term expectations of U.S. stock market volatility surged, with the $Cboe Volatility Index(VIX)$ reaching as high as 28 in trading on Thursday, up from the prior week’s closing level just below 20.

• Bitcoin sell-off: Cryptocurrency prices fell further, with $Bitcoin(BTC.USD.CC)$ trading around $85,000 on Friday, its lowest level in seven months.

2. The US Sectors & Stocks - Tech Stocks Lead Market Volatility

Sectors:Technology sector experienced significant volatility this week, driven by earnings reports from major companies. However, concerns about AI investment sustainability led to mixed market reactions.

• $NVIDIA(NVDA)$ :reported robust fiscal third-quarter earnings that surpassed expectations and projected $65 billion in revenue for the next quarter. Despite this, the stock fell about 6% over the week due to investor concerns about the sustainability of AI demand.

• $Tesla Motors(TSLA)$ : declined around 3.3%, impacted by market fears of an AI investment bubble and ongoing product safety lawsuits.

• $Advanced Micro Devices(AMD)$: fell about 17.4% as broader market concerns about AI investments weighed on the stock.

• $Oracle(ORCL)$: dropped nearly 11% due to investor concerns over its aggressive AI investments and financial stability.

• $Meta Platforms, Inc.(META)$ : dropped around 2.5%, despite positive developments in its AI initiatives and strategic partnerships.

• $Alphabet(GOOGL)$: surged nearly 8.5% after launching its new AI model, Gemini 3, which significantly boosted investor confidence. The stock's strong performance was further supported by Berkshire Hathaway's substantial investment.

• $Wal-Mart(WMT)$: rose about 2.8% after raising its annual forecasts and announcing a move to Nasdaq, reflecting strong Q3 earnings and improved full-year outlook.

• $IREN Ltd(IREN)$: fell approximately 8.9%, despite a positive outlook in the crypto mining sector driven by Nvidia's earnings.

3. Hong Kong Market - HSI Dropped 5.1%

$HSI(HSI)$ : fell 5.1% last week, closing at 25,220.02, as technology and lithium sectors faced significant sell-offs.

$HSTECH(HSTECH)$: also declined 7.2%, reflecting broader market weakness and concerns over global economic conditions.

• $NTES-S(09999)$: declined 6.7% despite reporting a 26.7% increase in Q3 net profit, as broader tech sector weakness weighed on its stock.

• $BABA-W(09988)$: dropped 4.7% amid concerns over tech sector valuations, despite the launch of its AI-powered Qwen3 app, which marked a significant step in its AI strategy.

• $NIO-SW(09866)$: fell 12.97% as it faced its longest losing streak in two years, with investors cautious ahead of its Q3 earnings report.

• $PONY-W(02026)$: dropped 6.3% despite announcing strategic collaborations to develop autonomous trucks, reflecting investor caution amid broader market volatility.

• $XPENG-W(09868)$ :fell 20.5% after issuing a Q4 revenue and delivery outlook below market expectations, overshadowing its strong Q3 results with a 102% revenue growth.

4. Singapore Market - STI -1.7% on Mixed Corporate Developments

$Straits Times Index(STI.SI)$ : experienced a 1.69% decline of over the week, closing at 4469.14, influenced by mixed corporate developments and strategic business moves, including divestments and new partnerships.

• $SGX(S68.SI)$ : experienced a 1.24% drop weekly. The company announced the launch of Bitcoin and Ethereum perpetual futures. Additionally, SGX partnered with Nasdaq to introduce a Global Listing Board, enhancing capital market access.

• $YZJ Shipbldg SGD(BS6.SI)$: saw a 2.63% weekly decrease, analysts from CGS International highlighted the stock's undervaluation, trading at a 50% discount compared to peers. The company also reported a significant increase in orders, totaling US$2.17 billion for the nine months ending September 30, 2025.

• $SIA(C6L.SI)$: decreased by 0.6%. The company reported a 5.3% yoy increase in passenger traffic for October 2025, despite a decline in cargo demand. CEO Goh Choon Phong affirmed stable travel demand into 2026.

• $Keppel DC Reit(AJBU.SI)$: fell by 2.5%. The company secured two loan facilities totaling JPY18.5 billion and issued JPY44.0 billion in green bonds, highlighting its commitment to sustainable financing and strengthening its capital structure.

5. Australian Market - ASX 200 -2.5% on Mining Stocks Draggs

• $S&P/ASX 200(XJO.AU)$ : experienced a slight decline of 2.5% over the week, closing at 8416.5.

• Laggards: Global tech selloff spilled over, with Information Technology and Materials each sinking over 4% to lead declines.

• Mining stocks: Bloomberg reported Chinese state-run iron ore buyers were told to stop purchasing low-grade ore. $BHP GROUP LTD(BHP.AU)$ slid 5.57% weekly on China demand fears, pressuring $Rio Tinto Ltd(RIO.AU)$ Rio Tinto and peers.

• Financials: Major bank stocks softened after $COMMONWEALTH BANK AUST(CBAPI.AU)$ 's earnings.

• Rate-cut hopes fade: Strong Aussie jobs data and sticky inflation pushed back RBA easing bets; markets now see a higher chance the central bank holds its 3.60% cash rate for longer.

The Week Ahead

1. Macro Factors -Thanksgiving Week

• Two Key catalysts: This week, $Dell Technologies Inc.(DELL)$ l's earnings mid-week and the September data double-header (retail sales & PPI) on Tuesday—both poised to shape sentiment before year-end.

• Key Data Watch: On Tuesday, the Census Bureau releases September retail sales and the BLS drops PPI data, while the Conference Board issues November consumer confidence. The Fed's final Beige Book of 2024 follows Wednesday at 2 p.m., offering the year's last regional economic snapshot.

• Holiday trading: Strategists warn that Thanksgiving week could amplify volatility. US markets close Thursday for Thanksgiving and shut three hours early Friday—expect thinner liquidity and amplified moves.

• China/AI cross-currents: Alibaba and Nio earnings (Wed) test China demand, while Dell/HP's AI server commentary could sway the battered tech sector.

2. Earnings Focusing on CN EV ADRs

• Overview: DELL, HPE will reports Tuesday after the close, with BABA, NIO leading off Tuesday morning—offering read-outs on both the AI infrastructure buildout and China consumer/EV sentiment.

• Earnings season scorecard: With 90%+ of S&P 500 companies reported, companies in the S&P 500 reported an average third-quarter margin of 13.1%, above the previous record of 13.0% set in the second quarter of 2021. The margin has now increased for seven quarters in a row.

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