Goldman Sachs buy-side research feedback: AI will still be the main theme in 2026, but the focus has shifted to TPU and high-end packaging and testingOpening: U.S. stocks opened mixed on Wednesday as the market focused on NVIDIA's earnings reportThe Trump administration adjusts the release dates for multiple economic data, including retail sales and durable goodsReview of the three rounds of gold price increase cycle: How is gold priced?Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on KelingNVIDIA collaborates with Menlo Micro to accelerate the testing process of artificial intelligence chipsLearning from history, when will the capital expenditure boom turn into a bubble burst?Wall Street comments on Xiaomi's financial report: Q3 performance overall exceeded expectations, rising memory prices will suppress smartphone gross margins, and key variables lie in vehicle deliveries and progress of new modelsWall Street views PDD Q3 financial report: Operating profit returns to growth due to low base, Temu's profitability turning point establishedU.S. Stock Outlook | Three Major Index Futures Rise Together, NVIDIA's Earnings Report and Federal Reserve Meeting Minutes Arrive with ImpactCounterpoint Research: NVIDIA plans to adopt smartphone-style memory, which may cause server memory prices to double by the end of next yearDuan Yongping Q3 holdings: significantly increased holdings in Berkshire Hathaway, reduced NVIDIA holdings by 38%, decreased positions in Apple, Pinduoduo, and Alphabet, and established a position in ASMLThe European Court rejected Amazon's request, maintaining its designation as a "super-large platform."On the eve of NVIDIA's earnings report, market sentiment is cautious, U.S. stock index futures collectively turn positive, Japanese stocks and bonds suffer losses, while gold and silver both riseOn November 19th, Tencent spent HKD 636 million to repurchase 1.018 million sharesBank of America Securities: Upgrades XPENG-W target price to HKD 109, Q3 loss better than expectedThe main theme of innovative drugs, the market will become more concentratedSupply tight! NVIDIA chips are reported to switch to mobile-style memory, analysis: this move may lead to a doubling of server memory prices next yearKUAISHOU's Q3 revenue increased by 14% year-on-year, net profit increased by 37% year-on-year, AI revenue exceeded 300 million, and DAU reached a historical high for three consecutive quarters | Financial Report InsightsHashKey Research Institute: Bitcoin has not shown signs of stabilization, and a dollar liquidity crisis is emergingAI faith shaken drags down global stock markets, NVIDIA's pre-earnings debate among Wall Street institutions on future trendsHong Kong Stock Market Closing (11.19) | Hang Seng Index closed down 0.38%, gold stocks performed strongly, and oil stocks were active throughout the dayDebt Leverage in the AI Frenzy - The "Perfect Formula" for the Next Financial Storm?Nio's intelligent driving chip supplied externally for the first time; Nvidia's earnings report countdown｜Today's important news reviewThe U.S. deficit rate in 2026 may approach 6.2%, with a financing gap of $5.5 trillion over the next five years, is a wave of medium and short-term bond issuance approaching?On Thursday, the financial report that determines the fate of the global market is here!After the trillion-dollar sell-off, the divergence between bulls and bears has intensified: Goldman Sachs CEO remains bearish, while former Barclays CEO says "healthy adjustment, not a bear market."Bank of America Securities: Reiterates Tencent as the top pick in the industry with a target price of HKD 780The bull market for electrical equipment is "still in the early to mid-stage," JP Morgan: The upgrade of the U.S. power grid has not yet started, and Chinese companies have breakthroughs in the potential for the U.S. marketSamsung announces the performance data of its first batch of 2-nanometer chips, accelerating its pursuit of Taiwan SemiconductorUnderstanding the Market | Gold stocks continue to rise, while the U.S. job market remains relatively weak, and international gold prices stop falling and reboundGlobal private equity giant EQT increases investment in Asia: betting on early-stage innovation and domestic demand sectorsFormer U.S. Secretary of Commerce: It will be very difficult to remove tariffs after Trump imposes themNVIDIA's earnings report will be revealed tonight: Is it the "stimulant" for AI or the "final baton"?Super Micro Computer launches AI factory cluster solutions based on NVIDIA architecture to simplify large-scale deploymentStop focusing on demand; the powerful supply chain behind NVIDIA is the key!The first disclosure of 10 billion AI revenue, accelerating efforts in autonomous driving, is it time for Baidu's revaluation?The lowest valuation globally, is China's consumption about to reverse? UBS: Alpha is hidden in these tracksCanada's asset management giant raises $10 billion for AI infrastructure fund, receiving investments from NVIDIA and othersThe most important AI application after ChatGPT! The era of "Online Shopping Agents" is about to arrive. Who will be the winners and who will be the losers?Hong Kong Stock Market Mid-Review: Hang Seng Index Closed Down 0.45%, Oil, Gas, and Non-Ferrous Metal Stocks ReboundThe "Core Controversy" of the AI Bubble: Can GPUs Really "Last" for 6 Years?HSBC: XPeng is expected to achieve breakeven in the fourth quarter, benefiting from strong salesJiangyin International: Expects XPENG-W sales to maintain high growth and maintains a "Buy" ratingCan XPeng really become the "Chinese version of Tesla"?BOSS Zhipin (Minutes): Customer Renewal Rebounds, Growth Rate Bottoms Out and Recovers