NVIDIA 3rd Quarter FY25 Financial Results - November 20, 2024 2:00 PM PT
New York (ET): 5:00 PM
London (GMT): 10:00 PM
Paris (CET): 11:00 PM
Berlin (CET): 11:00 PM
New Delhi (IST): 3:30 AM (November 21)
Hong Kong (HKT): 6:00 AM (November 21)
Beijing (CST): 6:00 AM (November 21)
Seoul (KST): 7:00 AM (November 21)
Tokyo (JST): 7:00 AM (November 21)

• Xi’s Push for Stable World of Low Tariffs Undone by Trump, Putin

In APEC, Xi asked for the German Chancellor’s help to resolve EU tariff dispute and told French President that he doesn’t want escalation in Ukraine. China needs global commerce.

• SpaceX launches Starship on its sixth test flight

• Asian Stocks See Cautious Open Ahead of Nvidia: Markets Wrap

• SpaceX Starship Blasts Off, Splashes Down in Key Test

Donald Trump was there. No attempt to chopstick the Super Heavy.

• Dollar Rally Hits ‘Choppy Waters’ as Two-Way Trading Returns

Market sentiment shows division.

• Jensen Huang must answer 3 main questions when Nvidia reports earnings

Will AI investment continue? Blackwell overheating? Super Micro Computer’s data center business?

• Break Up Google? What’s at Stake in Antitrust Action

Justice Department alleges that Google monopolized the search engine by paying smartphone makers and web browsers.

• Google’s Chrome Worth Up to $20 Billion If Judge Orders Sale

• Super Micro Soars After Hiring New Auditor in Bid to Stay Listed

• Comcast to Spin Off Cable-TV Channels Like MSNBC, USA

$AAPL is offering investment in Indonesia for a lift in sales ban. I wonder why more countries don’t do this to big tech services. More importantly, Ukraine hit Russian territory with a US missile. Seems like landscape may be just ripe enough for a treaty when Trump comes. There’s a a self-fulfilling prophecy aspect that’s hard to ignore. Game theory wise.

• Ukraine Fires First Western-Made Missile on Russia, Report Says

• Stocks Fall as Russia-Ukraine War Rattles Traders: Markets Wrap

European equities slip. Yields fall as money flees to safer assets.

• Why US Will Let Ukraine Strike Inside Russia With American Missiles

ATACMS is an American made supersonic guided missile capable of reaching 300km. People say this is US response to North Korean troops in battlefields. Biden could also want to make progress before Trump administration begins.

• China’s Chip Advances Stall as US Curbs Hit Huawei AI Product

Huawei cannot get ASML’s latest UV lithography machines. TSMC is making 2nm chips for Apple and Nvidia, while SMIC is struggling with 7nm order from Huawei.

• Morgan Stanley, Goldman Call for Greater China Transparency

Solomon expressed difficulty in getting capital out of China in the past five years.

• Walmart Raises Outlook on Strong Spending From Value-Seekers

• HK Jails Benny Tai for 10 Years in Longest Security Law Sentence

• Jimmy Lai Must Not Be Forgotten. Say His Name

• Apple Offers $100 Million to Undo Indonesia iPhone 16 Ban

• Shoppers Are Ditching Classic Brands They Once Loved

• Ken Griffin Says He’s ‘Very Anxious’ About Trump’s Tariff Policy

Says it’ll be a slippery slope profitable in the short run but damaging in the long run.

• Nvidia to report Q3 earnings Wednesday as AI fever continues to power Wall Street

• Tesla Lifts Nasdaq Futures; Bitcoin Tops $90,000: Markets Wrap

• Morgan Stanley, Goldman Turn More Cautious on China Stocks

• Goldman Says ‘Go for Gold’ as Central Banks Buy, Fed Cuts in ‘25

• Novo Nordisk Launches Wegovy in China With Prices Well Below US

One month supply costs $193 in China, $1,349 in the US. The drug is not covered by China’s insurance program, making users having to pay out of pocket.

• Singapore Oil Tycoon OK Lim Sentenced to 17 1/2 Years Jail

The 82 year old oil trading legend made bets on China’s swift overcoming of Covid in 2020, took duplicate loans off a single collateral, and forgery.

• China Will Send a Weaker Yuan to the Trump Front

A weak Yuan is to China’s advantage, to serve as tailwind amid Trump’s tariffs. China to let currency depreciate gradually, so that a capital flight does not occur.

• China Population Set for 51 Million Drop as Pro-Birth Moves Fail

China population hit its peak of 1.41b in 2021. It is expected to decline to 1.36b by 2035. The country only introduced the two-child policy in 2016.

• Asia’s Richest Man Joins Race for Human-Like Robots

Mukesh Ambani’s Reliance Group backed Adverb will make humanoids by 2025.

• Trump Team Is Seeking to Ease US Rules for Self-Driving Cars

It would massively benefit Tesla

• Rent Inflation Won’t Ebb Until 2026, Cleveland Fed Model Shows

New rent inflation has come down. But existing contracts are still holding the average inflation up.

• A big Wall Street winner from Trump’s bitcoin bump: BlackRock

$IBIT grew by $13b since election. Fink has been anti-crypto for 5 years, now he’s a proponent.

• Xi Says China Is Ready to Work With Trump to Boost Relations

“China is ready to work with the new US administration to maintain communication, expand cooperation and manage differences, so as to strive for a steady transition of the China-US relationship for the benefit of the two peoples,” Xi says in Peru.

• Xi Takes Spotlight in APEC Family Photo With Biden Off to Side

I’ve never seen POTUS further away from the center before.

• Milei’s Meeting With Xi Signals He’s Come Full Circle on China

Until last year Milei denounced China as an assassin and communist, now he is cozying up to the major buyer of Argentine commodities.

• Trump Ally Urges Duties on Goods Shipped Via China’s Peru Port

• Messy Fight for Trump’s Treasury Chief Spills Into Public

Musk roots for Howard Lutnick for Secretary of the Treasury instead of Scott Bessent. Trump contemplates.

• Inside Big Tech’s Bid to Sink the Online Kid Safety Bill

An unusual trajectory for the Kids Online Safety Act, as it unanimously passed Senate, but has stalled in the House.

• China’s Heavyweight Coast Guard Ships Bring Muscle to Sea Disputes

Haijing 5901 coast guard patrol ship is very big and looks strong.

• Massive Russian strikes across Ukraine trigger blackouts and kill at least five people

• Duterte returns as Philippines’ political clans wage ‘a fight to the death’

• India Says Long-Range Hypersonic Missile Test Was Successful

These missiles fly low and undetected, capable of adjusting trajectory.

• Betting on Tesla Helped Ron Baron Beat the Index. Now He’s Getting a Trump Bump

Interesting picks for head of Departments by Donald Trump: a Fox News host, a congressman under ethics probe, a Kennedy who got criticized by his family for endorsing Trump’s campaign, Musk …

• ‘Not Very Good News’: Trump’s First Mention at APEC Is a Warning

Participants in the Asia-Pacific Economic Cooperation express gloom outlook for the region’s wealth if US trade turns to protectionism.

• Trump Says No Room for Jamie Dimon in New Administration

Trump says he is not inviting Dimon. Dimon says he’d rather not have a boss, and that a M&A boom is coming.

• Stocks Get Hit as Powell’s Remarks Curb Fed Wagers: Markets Wrap

Powell is in no rush to cut rates now. Dollar ticks up while equities lose steam. $TSLA -5.8% as Trump plans to erase EV tax credit. $DIS +6.2% after reporting good earnings.

• US Initial Jobless Claims Dropped to Lowest Since May Last Week

Weekly initial jobless claims decreased by 4k to 217k last week.

• Yen’s Malaise Deepens as Capital Outflows Eclipse Record Surplus

The yen’s softening paused in mid-July after reaching 161 yen per dollar. After a 2-month strengthening to 140 in mid-September, it has since weakened back to 156. The wide interest rate gap is seen as the culprit.

• Buffett’s Berkshire Buys Stakes in Domino’s Pizza, Pool Corp.

• Trump’s Ally Lummis Pushes to Sell Some of the Fed’s Gold to Buy Bitcoin

• Trump Selects RFK Jr. for Health Secretary; Vaccine Stocks Fall

RFK Jr. is a skeptical on vaccines and pharmas. The Department of Health and Human Services oversees 100+ programs for medicine, public health and social services.

• Applied Materials Forecast Spurs Concern About Chip Spending

The largest US chip-manufacturing equipment provider gives disappointing outlook.

• Gaetz Nomination Seen as Doomed by Some Senate Republicans

It is unclear if Gaetz nomination would get Senate approval as 4 votes of Republican opposition is all it needs in a 53-47 chamber.

• Powell Says Solid Economy Allows Fed to Consider Rate Cuts ‘Carefully’

“The economy is not sending any signals that we need to be in a hurry to lower rates, … The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.”

$ASML provides further positive outlook. AI seems very apparently real. With companies like $PLTR making real money. Buffett is not a tech guy, but he bet on $AAPL once he could link the tech to value of the consumer product. Perhaps he could bet big one day when AI becomes a thing thing.

• Trump Sends Shock Waves Through Washington With Gaetz Pick

The House ethics investigation of Matt Gaetz for sexual misconduct involving minors and illicit drug use to abruptly end.

• How China Capitalized on U.S. Indifference in Latin America

Xi is currently touring LATAM. China constructs infrastructure including ports in the area, and imports various commodities such as lithium, crude oil, iron ore and soybeans.

• How Beijing Took Control of Hong Kong’s Financial Hub—and Left the West Behind

Hong Kong has turned more Chinese, with head of HKEX presenting in Mandarin, foreign banks’ presence diminishing, banking service focused on servicing Chinese riches, Chinese customers replacing western customer in bars.

• New Starbucks CEO Scouted Cafes Before Taking Over: What He’s Tackling First

New CEO Brian Niccol to trim menu and drink customization, shrink discounts. Delivering good coffee faster, comfortable seats and handwritten names on cups will be the priority.

• Trump Wins Republican Trifecta as GOP Retains House Majority

• What Can Musk’s Department of Government Efficiency Actually Do?

DOGE is not a Department as it can only be created or dismantled by Congress. Musk’s SpaceX contracts with the government could complicate his position. Americans to stayed tuned to Musk’s posts online.

• How Bluesky, the Rival of Elon Musk’s X, Is Seizing the Moment

The Twitter founder Jack Dorsey created Bluesky, provides optional feeds based on one’s interest alongside the traditional follow-based feed. The platform gained attraction from people who moved away from X.

• Xi’s Key Players to Lead China in Another Trump Trade Fight

• Europe Seeks Last-Minute Support From Biden to Help Ukraine

Secretary of State Anthony Blinken rushes to Brussels on Wednesday to reassure EU allies of money, ammunition, weapons through a $61b package passed by US Congress in early 2024.

• Global Oil Market Faces a Million-Barrel Glut Next Year, the IEA Says

Oil demand in China continues to swindle after a six-month streak of oil demand contraction.

• Stocks and Dollar Rise Before Data, Powell Speech: Markets Wrap

European shares rose Thursday as ASML forecasts strong outlook, and October inflation meets expectation fueling hopes of further rate cut.

Trump’s tax cuts and tariff levies appear decisive. The US will earn less from taxes, but more from tariffs. It is doubtful that the US will be able to bring a major bulk of manufacturing onshore. Regardless, the $35t US debt isn’t going anywhere. Elon says he could cut $2t in annual spending - a considerable sum. But the displaced work force would need to go somewhere or the administration will be met with substantial pressure. My guess is this - a) Trump will cut costs. b) Trump will print money to finance debt at a steady rate and lean on continued US leadership on AI, space and robotics dealing with debt with continued exponential growth.

• Trump Says Musk, Ramaswamy to Lead Government Efficiency Effort

Must and Ramaswamy’s job is to dismantle bureaucracy, slash regulations, cut expenditures, and restructure Federal Agencies. Musk previously said that he could cut $2t in spending.

Q: Does Trump really believe that he can offset inflationary effects of tariff and lower taxes by cutting expenses? Seems like he’s going that way.

• Dollar Gains Before US CPI as Rate Bets Are Pared: Markets Wrap

Investors are wary that inflation would not come down, as a result of Trump’s tax reduction and tariffs, leaving rates at a higher level.

• Apple’s Next Device Is an AI Wall Tablet for Home Control, Siri and Video Calls

The command center for the home is Apple’s endeavor to become a leader in the smart home segment.

Q: Are they gonna compete with companies like Ring? Or are they just gonna build the system? If the former, seems like it would be a few too many product lines to cover with low margins - automated lighting, temperature sensors, smart doorbell, etc. If latter, is the market big enough for Apple’s size to become the next big thing? How is it different from doing it via iPhone?

• Trump to Nominate Fox News Host Pete Hegseth to Lead Pentagon

Secretary of Defense is the head of the US Department of Defense, who is second in line to the President in the control of the military. Usually the position is filled by high-ranking military leaders or corporate executives.

• The Wealthy Will Shield Asian Banks From Trump Tariffs

Banks will lose from reduced cross-country trade, but win by serving Asian riches

My Take: It’s not a very clear article.

• China Taps Global Bankers for Feedback to Lift Market Confidence

Recently Chinese regulators were tentative to the flows of foreign investment, and economic outlooks from global banks, as September optimism from stimulus efforts waned quickly.

• Activist’s Stake and Revamp Push Nissan Into New Era of Turmoil

Effissimo Capital, a Singaporean hedge fund, takes stake in Nissan. Nissan stalled compared to Toyota and Honda due to lack of hybrids, and their main strategy - the EVs - are lagging behind Tesla and China.

• Pictet Scours Globe for Assets Safe From Trump’s Policy Agenda

The Swiss-based asset management firm with an AUM of $288 eyes Turkey, Argentina and India.

• CEO of Saudi Arabia’s Futuristic City Project Leaves Abruptly

Neom project is met with delays and cost overruns. Officials say they don’t have the money to finance the project.

Tired of Trump, Musk, $BTC taking over headlines? Let me tell you something other than these from today’s headlines.

… … “ !”

Related article:

Post-Election Stock Rally Continues for a Fifth Day

• Post-Election Stock Rally Continues for a Fifth Day

Tesla, Bitcoin still got momentum, after a week of skyrocketing. Small-cap gains, while index is offset by losses in tech.

• China Plans to Slash Homebuying Taxes in Fiscal Stimulus Push

Major Chinese city’s property deed tax could be lowered 3% -> 1%, while ordinary and luxury home distinction could also be dissipated.

• Korea Zinc Silent on Share Sale As Quarterly Profit Drops

Largest producer of refined zinc, Korea Zinc Co., reports a drop in 3Q operating profit amid an ownership battle and a proposed sale of new shares at a steep discount.

• China’s Copper Production Boom Threatens to Crowd Out the Rest of The World

Copper smelting fees plunged this year from over supply of refining capacity in China, extinguishing margins over the globe.

• Bitcoin Nears $90,000 as Crypto Market Exceeds Pandemic-Era Peak

$BTC breaks record, reaching $89k. US crypto ETFs and Fed’s rate cuts have pushed up its demand throughout 2024.

• Tesla Fans Go All In Driving $300 Billion Rally on Trump Win

Musk’s bet on Trump fuels anticipation of an AI and self-driving policy tailwind.

• China Tech Stocks Need Earnings Boost Amid Trump, Macro Threats

Chinese tech returned some gains of last month’s rally. Investors look to Tencent and Alibaba’s earnings this week weighing signals for another rally.

• Williams CEO Optimistic That GOP Win Will Speed Pipeline Permits

The pipeline company Williams Cos anticipates a republican congress will be a boon for the oil & gas business.

• Chipotle Names Scott Boatwright as CEO

Scott Boatwright was previously COO, then became interim CEO as Brian Niccol left for Starbucks. He joined from Arby’s in 2017.

• Hershey Cuts Full-Year Sales Outlook as Consumers Cut Back

Price hike stemming from historical cocoa price levels dampened sales.

• Trump Expected to Nominate Rubio for Secretary of State and Selects Waltz as National Security Adviser

Secretary of State is the President’s chief foreign affairs adviser. The position is currently held by Anthony Blinken

• Does Warren Buffett Know Something That We Don’t?

Berkshire keeps $325b in cash and equivalents, mostly in short-term treasuries.

Asia investors :/ as party not as fun as US. Investors seem unsatisfied with China’s boost plan stopping at relieving debt burdens of local banks. Some say, this is to provision some action leeway for when Trump Tariff actually takes place. $BTC holders get a big fat smile.

Related article:

Asian Stocks Set to Fall, Bitcoin Surges: Markets Wrap

• Asian Stocks Set to Fall, Bitcoin Surges: Markets Wrap

• Trump Advised Putin Against Escalation in Ukraine, Washington Post Says

• Wall Street Math Wizards Are Decoding Private-Market Returns

• Apple’s Future Hinges on Smaller Bets, Rather Than Next Big Thing

• Over $2.8 billion bet on bitcoin topping $90,000 as it hits all-time high

• What Trump mass deportation plan would mean for immigrant workers and economy

• Trump Demands Republicans Allow Some Nominees to Bypass Senate

• Inside the Audacious Plan to Reopen Three Mile Island’s Nuclear Plant

• Lululemon’s $150 Yoga Pants Become Surprise Hit in Slowing China

• How Swiggy Beat Amazon to 13-Minute Grocery Deliveries in India

$SPX casually hit a new record for the 50th time in 2024. The Trump rally has significantly boosted Musk and his followers’ wealth. This article highlights voices claiming they weren’t bullish enough. ‘Roaring-2020s’ was the phrase of choice. Meanwhile, Oracle Buffett holds record-level cash, which likely prevented him from fully riding the wave of the 2024 US market rally. Optimism or ungrounded delusion?

Related article:

America First: Here’s Who Trump May Tap for National Security

• Silicon Valley’s Trump Supporters Envision Ascendant Startups, Vance Run in 2028

• Biden, Trump to Meet at White House for Handover Discussion

• US Inflation Progress Gets Harder in Last Mile Down

• Coming M&A Wave Will Be a Boon For Debt Bankers: Credit Weekly

• FTX Sues Scaramucci to Recoup Money Put Into Showy Investments

• Donald Trump Says He Won’t Invite Nikki Haley, Mike Pompeo to Join Administration

• America First: Here’s Who Trump May Tap for National Security

• Fed’s Kashkari Says Stronger Economy Could Mean Fewer Rate Cuts

• UMG Says Bill Ackman Can’t Require It to Delist From Euronext

• Ukraine Says Plans Underway for a Zelenskiy-Trump Meeting

• How ChatGPT Brought Down an Online Education Giant

• A 14-Year-Old Boy Killed Himself to Get Closer to a Chatbot. He Thought They Were In Love.

$SPX casually hit a new record for the 50th time in 2024. The Trump rally has significantly boosted Musk and his followers’ wealth. This article highlights voices claiming they weren’t bullish enough. ‘Roaring-2020s’ was the phrase of choice. Meanwhile, Oracle Buffett holds record-level cash, which likely prevented him from fully riding the wave of the 2024 US market rally. Optimism or ungrounded delusion?

Related article:

Wall Street Bets on New Riches Ahead in Markets All-In on Trump

• S&P 500 Tops 6,000 as Trump Mania Sweeps the Street

• Trump’s Day 1 Agenda: Tariffs, Immigration, Taxes, Deregulation

• Wall Street Bets on New Riches Ahead in Markets All-In on Trump

• Elon Musk Made Appearance on Trump-Zelensky Call

• Trump’s Win Cemented It: New Media Is Leaving the Old Guard Behind

• Trump’s Win Means It Isn’t Iran’s Middle East Anymore

• Goldman Pitches a Personal CFO to the Ultrawealthy

• Asia Investors Chasing Trump Bets Zero In on Trade War Winners

• Dutch Leaders Unite to Decry Antisemitic Attacks on Israeli Fans

• Scholz Kept Rolling Over for German Finance Chief. Then He Cracked

• New York City to End Program Giving Migrants Vouchers for Food

• China Unveils $1.4 Trillion Debt Swap, Saves Stimulus for Trump

• Tesla hits $1 trillion market cap as stock rallies after Trump win

• Jack Dorsey dramatically scales back crypto ambitions for Block

• OpenAI blocked 250,000 image generations of presidential candidate

• Toyota warns California-led EV mandates ‘impossible’ regardless of election

• Universal Music Group will move to U.S. exchange in 2025, Ackman says

• How Samsung fell behind in the AI boom leading to a $126 billion wipeout

Cross-asset rally in the U.S. … for now. The world scrambles to place bets under the new order. $DJT just took a 23% nosedive during the session, and then another 7% after hours—wild. Yesterday, media was all hot about the president elect’s paper gains. $DJT reported negative earnings, but that was two days ago. Putin says he is ready to talk with Trump, while Macron states Europe must unite to promote the region’s interests.

• Fed Cuts Rates; Powell Says Wouldn’t Resign If Asked By Trump - Bloomberg

• Donald Trump’s Billion-Dollar Windfall After Election Is Just the Start- Bloomberg

• Airbnb, Expedia Are Latest to Signal Holiday-Season Uptick- Bloomberg

• Stocks, Bonds Rally as Federal Reserve Cuts Rates: Markets Wrap- Bloomberg

• Nissan Cuts Outlook, Announces Restructuring With 9,000 Job Cuts- Bloomberg

• Hong Kong Follows Fed With Rate Cut in Boost for Economy- Bloomberg

• Trump Built the Manosphere, Brick By Brick- Bloomberg

• Zelenskiy, Putin Vie for Edge With Trump Ahead of Ukraine Pivot- Bloomberg

• Millennium in Early Talks to Sell an Equity Stake to BlackRock- Bloomberg

• Germany’s normally stable government has collapsed. Here’s why - CNN

• Britain loves its ‘special relationship’ with the U.S. — but that doesn’t mean Trump will love it back - CNBC

• DJT stock sinks by double digits to reverse gains after Trump election win - CNBC

Trump won. Some posts on Chinese social media reflect the bittersweet reality of how the election of a global superpower impacts individuals and nations. Trump’s return to office after a four-year hiatus, surviving an attempted shooting, evokes a certain affinity for his character (if one can overlook his controversial actions and comments). Yet, the implications of a Trump presidency bring a sense of gloom for the prospects of their nation, hence subsequently, the individual. This sentiment, I believe, extends beyond China. This parallels the layer of complexity behind the straightforward popularity of Captain America. It’s a compelling story with impressive visuals. However, admiration comes with the implicit acceptance that the U.S. is the only nation that fights aliens and that Disney holds the most influential intellectual properties and graphics. This entails a slight compromise in national pride.

Related article:

Chinese Social Media Buzzes With Admiration for Trump’s Comeback

• ‘America First’ Sweeps Wall Street as Traders Bet on Domestic Growth

• Xi Is Better Prepared for Trump Even as 60% Tariffs Risk Chaos

• Jerome Powell Is Back in Trump’s World and About to Feel the Heat

• China Export Growth Jumps to 27-Month High as Tariff Risks Loom

• Oil Imports Into China Decline Again as Top Buyer Cuts Back

• Tepco Removes Nuclear Fuel Debris From Fukushima Disaster Site

• Chinese Social Media Buzzes With Admiration for Trump’s Comeback

• Bulgari CEO Sees China Luxury Market Recovering in Two Years

• Hong Kong’s Buy-Rent Gap Set to Narrow as Home Prices Bottom Out

• Australia to Ban Social Media for Children Under Age 16

• From Oil to EVs, Here’s How Trump’s Victory Affects Energy

• Qualcomm, Arm Results Show Phone Industry Making Uneven Comeback

• China extends visa-free policy to 9 more countries — including South Korea

• Trump’s victory spells doom for his criminal cases — but he’s not off the hook for $570 million in civil fines

• What Trump’s election to the White House could mean for EVs

Apple’s China Sales Remain Weak Spot in Mostly Solid Quarter

Amazon Projects Strong Holiday Season Revenue and Profit

Intel Surges After Results Spark Optimism Over Turnaround

Microsoft Shares Drop on Disappointing Cloud Growth Forecast

Meta Warns of Worsening AI Losses After Sales Narrowly Beat

Alphabet’s Pricey AI Bet Pays Off With Cloud, Search Growth

Oil Was Written Off. Now It’s the Most Productive US Industry