市场资讯及洞察
Artificial intelligence stocks have begun to waver slightly, experiencing a selloff period in the first week of this month. The Nasdaq has fallen approximately 2%, wiping out around $500 billion in market value from top technology companies.
Palantir Technologies dropped nearly 8% despite beating Wall Street estimates and issuing strong guidance, highlighting growing investor concerns about stretched valuations in the AI sector.
Nvidia shares also fell roughly 4%, while the broader selloff extended to Asian markets, which experienced some of their sharpest declines since April.
Wall Street executives, including Morgan Stanley CEO Ted Pick and Goldman Sachs CEO David Solomon, warned of potential 10-20% drawdowns in equity markets over the coming year.
And Michael Burry, famous for predicting the 2008 housing crisis, recently revealed his $1.1 billion bet against both Nvidia and Palantir, further pushing the narrative that the AI rally may be overextended.
As we near 2026, the sentiment around AI is seemingly starting to shift, with investors beginning to seek evidence of tangible returns on the massive investments flowing into AI, rather than simply betting on future potential.
However, despite the recent turbulence, many are simply characterising this pullback as "healthy" profit-taking rather than a fundamental reassessment of AI's value.
Supreme Court Raises Doubts About Trump’s Tariffs
The US Supreme Court heard arguments overnight on the legality of President Donald Trump's "liberation day" tariffs, with judges from both sides of the political spectrum expressing scepticism about the presidential authority being claimed.
Trump has relied on a 1970s-era emergency law, the International Emergency Economic Powers Act (IEEPA), to impose sweeping tariffs on goods imported into the US.
At the centre of the case are two core questions: whether the IEEPA authorises these sweeping tariffs, and if so, whether Trump’s implementation is constitutional.
Chief Justice John Roberts and Justice Amy Coney Barrett indicated they may be inclined to strike down or curb the majority of the tariffs, while Justice Brett Kavanaugh questioned why no president before Trump had used this authority.
Prediction markets saw the probability of the court upholding the tariffs drop from 40% to 25% after the hearing.
The US government has collected $151 billion from customs duties in the second half of 2025 alone, a nearly 300% increase over the same period in 2024.
Should the court rule against the tariffs, potential refunds could reach approximately $100 billion.
The court has not indicated a date on which it will issue its final ruling, though the Trump administration has requested an expedited decision.
Shutdown Becomes Longest in US History
The US government shutdown entered its 36th day today, officially becoming the longest in history. It surpasses the previous 35-day record set during Trump's first term from December 2018 to January 2019.
The Senate has failed 14 times to advance spending legislation, falling short of the 60-vote supermajority by five votes in the most recent vote.
So far, approximately 670,000 federal employees have been furloughed, and 730,000 are currently working without pay. Over 1.3 million active-duty military personnel and 750,000 National Guard and reserve personnel are also working unpaid.
SNAP food stamp benefits ran out of funding on November 1 — something 42 million Americans rely on weekly. However, the Trump administration has committed to partial payments to subsidise the benefits, though delivery could take several weeks.
Flight disruptions have affected 3.2 million passengers, with staffing shortages hitting more than half of the nation's 30 major airports. Nearly 80% of New York's air traffic controllers are absent.
From a market perspective, each week of shutdown reduces GDP by approximately 0.1%. The Congressional Budget Office estimates the total cost of the shutdown will be between $7 billion and $14 billion, with the higher figure assuming an eight-week duration.
Consumer spending could drop by $30 billion if the eight-week duration is reached, according to White House economists, with potential GDP impacts of up to 2 percentage points total.
热门话题今年市场的主要话题和回顾可以集中在AI的概念上。我们见证了“生成式AI”的崛起，这超出了我们最初对AI的预期，它不仅能完成重复性劳动，还能进行创造性工作，甚至开始在某些方面取代人类。特别值得一提的是，英伟达成为AI领域首个万亿美元市值的公司，它不仅在行业中占据领先地位，还成为了全球AI技术的主要供应商。从历史角度看，近代的几项重大发明如蒸汽机、电话、内燃机、电视和电脑等，以及网络的全球化，都极大地推动了人类文明的进步。自智能手机时代以来，AI的发展速度越来越快，许多过去需要一个世纪才能实现的成就，现在可能只需几年。
（Source：UBS）AI芯片端红绿争霸继而联想到互联网时代诞生的新一代人类，他们对科技产品有着浓厚的兴趣。科技已经成为未来国家竞争力和货币价值的核心要素。展望明年，我们将重点关注苹果和特斯拉，以及AI芯片领域的英伟达和AMD。芯片科技已成为美国的核心竞争力之一，而AI的迅速发展加速了这一领域的竞争。在AI领域，英伟达和AMD之间的竞争愈发激烈，预示着一个即将到来的AI技术争霸战。英伟达和AMD在AI芯片市场的竞争非常值得关注，英伟达凭借其数据中心和H100芯片的强劲表现成为市场焦点，而AMD也在AI芯片领域取得了进展，MI300 的AI芯片也准备开始投放市场。对于目前英伟达在AI芯片市场上的垄断势必会出现一定的冲击。从股价来看，英伟达的股价在400至500美元之间波动，表现出一定的市场稳定性。
（Source：Tradingview）而AMD的股价同样保持在一个较高的水平，约137左右。
（Source：Tradingview）与此同时，英特尔的股价在今年呈现出震荡上行的趋势，其新架构的推出带来了市场对未来增长的期待，导致股价显著上升。在增长潜力方面，英特尔的表现可能超越英伟达和AMD，展示出较大的上升空间。
（Source：Tradingview）特斯拉VS 苹果在科技公司的比较中，苹果的产品更多是迭代而非革命性创新，而特斯拉则不断推出创新技术，包括电动汽车技术、驾驶技术和能源解决方案，以及最新的Optimus仿生机器人。特斯拉作为一家创新型公司，其前景看起来非常广阔，特别就股价而言，还有相对更大的上涨空间。而苹果则继续保持其稳健的市场表现。对于投资者来说，这些情况提供了不同的操作选择，可以根据市场动态和个人投资策略，适时进行买入或卖出，以期在波动的市场中把握利润机会。
（Source：Tradingview）领导人对于公司发展影响我们还讨论了这些公司的领导人对其发展的影响。AMD的CEO苏妈自2017年起担任CEO，带领公司实现了显著的市场反弹。英伟达的CEO黄仁勋（皮衣哥）凭借其远见和创新能力，使英伟达在AI和数据中心领域取得了显著成就。与此同时，英特尔在Patrick的领导下开始进行重大转变，以迎接新的挑战。我们还提到了中国公司的情况，特别是阿里巴巴，尽管股价创下历史新低，但仍然蕴藏巨大潜力。企业的成功离不开领导人的引导和影响力。一个出色的领导者能够带领公司取得显著成就。在讨论科技巨头的市场表现时，我们也关注了亚马逊和苹果这样的成功公司，它们同样面临着与英特尔类似的挑战。亚马逊的购物体验与中国的电商平台如淘宝、拼多多和京东相比存在差异，这可能影响其在特定市场的竞争力。而苹果，尽管在技术创新和市场份额方面稳居行业领先，但也需不断刷新其产品和服务以保持领先地位。此外，小米在智能手机市场的份额虽然不及一些竞争对手，但其在折叠手机、电动汽车和物联网领域的探索和尝试彰显了其创新精神和技术推进的能力。小米的这些努力可能为其在全球科技市场上开辟新的增长路径和商业机会。这些例子表明，即使是行业巨头，也需要不断创新和适应市场变化，以维持其市场地位和增长动力。同时，这也提示投资者在评估科技公司时，不仅要考虑其当前的市场表现，还要考虑其长期的创新能力和市场适应性。总而言之，对于这些科技公司及其领导者，我们需要更多的了解和关注，这将帮助我们深入分析和分享它们的故事和发展前景。最后就是对2024年全球经济状况的预测和见解，特别关注了各国的通胀和经济增长情况。以下是这些分析的要点：1. 全球经济预测：2024年，全球经济预计将比今年放缓，但与此同时，通胀也预计会有所降低。例如，美国的通胀预计将降至3%以下，这可能减轻加息的压力。但对于中国，尽管预计通胀状况会有所改善，但经济仍处于放缓状态，且整体信心尚未完全恢复。
（Source：UBS）2. 澳大利亚经济：预计澳大利亚明年的通胀将降至10%以下，并在2025年回落至3%。经济增长预计将保持在稳定水平（约1.9-2.0%），显示出相对稳定的经济状态。3. 股市预测：据高盛预测，2024年美国股市（以标普500为例）可能会有5%的EPS增长。股市预计平均值为4700点，强势情况下可能达到5000点，弱势情况下则可能回落至4150点。
4. 货币市场观察：根据UBS分析，澳元是2024年最看好的货币，由于澳大利亚是发达经济体中唯一财政盈余的国家。日元也表现出强劲趋势，但人民币预计将保持相对弱势。5. 长期资产趋势：从长期趋势图可以看出，自20世纪70年代信用货币实验以来，资产价格上涨证明了货币逐渐贬值的趋势。黄金和房地产等资产，作为通胀计价工具，长期表现稳健。6. 能源和地缘政治：我们正在进入可再生能源时代。从煤炭到石油、天然气，再到水力、核能和可再生能源，这是一个不可逆转的趋势，也是维持人类文明延续的必然方向。此外，地缘政治紧张局势可能持续，这也推动了黄金等避险资产的强势。
（Source：Energy institute）总结而言，今年的市场焦点集中在人工智能的概念和其在各个行业中的应用上。我们见证了生成式AI的崛起，这一技术不仅超越了最初的预期，还在重复性工作和创造性工作上展现了其潜能。在这个领域，英伟达以其卓越的技术和市场表现，成为首个市值达到万亿美元的AI公司，展示了其在全球AI技术供应链中的主导地位。历史上的几项重大发明和网络的全球化已大大推动了人类文明的发展。类似地，自智能手机时代以来，AI技术的发展速度加快，许多成就现在可能在短短几年内实现，而过去可能需要一个世纪。在科技领域，英伟达和AMD在AI芯片市场的竞争尤为值得关注，预示着即将到来的技术争霸。股市分析显示，英伟达和AMD的股价均保持在较高水平，而英特尔的新架构推出也带来了市场对未来增长的期待。在科技公司的比较中，特斯拉的创新技术与苹果的迭代创新形成鲜明对比。同时，AMD和英伟达的CEO以及中国的科技公司如阿里巴巴，在市场和技术方面的发展中发挥了重要作用。此外，我们还关注了长期资产趋势、全球经济预测、股市预测以及货币市场观察，这些分析提供了对2024年及未来经济状况的深入洞察。可再生能源时代的到来和地缘政治紧张局势的持续，也在为未来的市场和投资趋势定下基调。综上所述，对这些科技公司及其领导者的深入了解和关注，对于我们分析和分享它们的故事和发展前景至关重要。这也提示了投资者在评估科技公司时，应考虑其当前市场表现以及长期的创新能力和市场适应性。免责声明：GO Markets分析师或外部发言人提供的信息基于其独立分析或个人经验。所表达的观点或交易风格仅代表其个人；并不代表GO Markets的观点或立场。联系方式：墨尔本 03 8658 0603悉尼 02 9188 0418中国地区(中文） 400 120 8537中国地区(英文） +248 4 671 903作者：Austin Cheng | GO Markets 悉尼分部总经理Neo Yuan | GO Markets 助理分析师
Salesforce Inc. (NYSE: CRM) reported its latest financial results after the closing bell in the US on Wednesday. World’s leading customer relationship management company topped both revenue and earnings per share estimates (EPS) for the third quarter of fiscal 2024. Company overview Founded: February 3, 1999 Headquarters: Salesforce Tower, San Francisco, California, United States Number of employees: 79,390 (2023) Industry: Cloud computing, Enterprise software, Consulting Key people: Marc Benioff (Chairman & CEO) The results The company reported revenue of $8.72 billion vs. $8.715 billion expected.
Revenue was up by 11% vs. the same period last year. EPS reported at $2.11 per share (up by 50.71% year-over-year) vs. $2.055 per share estimate. CEO commentary "We had another strong quarter of executing on our profitable growth plan we set in motion last year, delivering $8.7 billion in revenue and again raising our operating margin guidance for this fiscal year," Marc Benioff, CEO of Salesforce commented on the latest results. "We're now the third largest enterprise software company by revenue, the number one AI CRM and the number one enterprise apps company.
Most importantly, we're bringing CRM, data, AI and trust together in a single, integrated platform, leading our customers into a new era of incredible productivity and growth," Benioff concluded. Stock reaction Shares of Salesforce ended Thursday’s session up by 2.41% at $230.35 a share. The stock was up by 8% in the after-hours trading.
Stock performance 1 month: +12.40% 3 months: +6.58% Year-to-date: +72.86% 1 year: +43.03% Salesforce stock price targets RBC Capital: $240 Piper Sandler: $232 Macquarie: $250 Truist Financial: $275 Goldman Sachs: $340 Citigroup: $230 Salesforce Inc. is the 41st largest company in the world with a market cap of $224.35 billion. You can trade Salesforce Inc. (NYSE: CRM) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD. GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time. Why trade during extended hours? Volatility never sleeps.
Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Salesforce Inc., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap, FactSet
PDD Holdings Inc. (NASDAQ: PDD) reported Q3 financial results before the market open in the US on Tuesday. The Chinese company beat both revenue and earnings per share (EPS) estimates, sending the stock higher. Company overview Founded: 2015 Headquarters: Shanghai, China Number of employees: 12,992 (2022) Industry: Internet, Agriculture Key people: Lei Chen The results PDD reported revenue of $7.207 billion for the quarter (up by 94% year-over-year), well above the $5.982 billion expected.
EPS reported at $1.28 per share vs. $1.007 per share estimate. CEO commentary "We are dedicated to generating value through innovations, which forms the foundation of our high-quality development," Lei Chen, CEO of PDD Holdings said in the Q3 earnings report press release. "We continued to invest decisively in areas such as agritech, supply chain technology, and core R&D capabilities. Through these efforts, we aim to create our unique value" Chen highlighted where the company is looking to improve moving forward.
Stock reaction The latest results had a huge impact on the stock. Shares were up by over 18% on Tuesday at $139.84 a share – the highest level since March 2021. Stock performance 1 month: +37.67% 3 months: +49.78% Year-to-date: +71.21% 1 year: +78.02% PDD stock price targets HSBC: $125 Bank of America: $112 Credit Suisse: $140 Barclays: $115 JP Morgan: $120 PDD Holdings is the 58 th largest company in the world with a market cap of $185.31 billion.
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One of the most anticipated earnings releases in the calendar is here. NVIDIA Corporation (NASDAQ: NVDA) announced the latest results after the closing bell on Tuesday. Let’s see how one of the companies from the ''trillion club'' performed.
Company overview Founded: 5/4/1993 Headquarters: Santa Clara, California, United States Number of employees: 26,196 (2023) Industry: Computer hardware, computer software, cloud computing, semiconductors, artificial intelligence, GPUs Graphics cards Consumer electronics Video games Key people: Jensen Huang (President and CEO) The results NVIDIA reported revenue that beat Wall Street estimates at $18.12 billion for the third quarter fiscal 2024 vs. $16.12 billion expected. Revenues were up by 205% year-over-year. Earnings per share also beat estimates at $4.02 per share (up by 48.88% year-over-year) vs. $3.367 per share expected.
The company expects revenue of around $20 billion for the fourth quarter. CEO commentary "Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI," Jensen Huang, CEO of NVIDIA said in a letter to investors. "Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world’s largest industries.
NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off," Huang highlighted how the world is adapting to and embracing AI. Stock reaction The stock was down by 0.92% at $499.44 a share before the results were announced.
Share price fell by around 1% in the after-hours trading as the market digested the latest results. Stock performance 1 month: +14.39% 3 months: +9.36% Year-to-date: +241.75% 1 year: +211.41% NVIDIA stock price targets Stifel: $600 Piper Sandler: $620 Wedbush: $600 Bernstein: $675 Keybanc: $650 Morgan Stanley: $600 Citigroup: $575 Truist Securities: $668 Jefferies: $610 TD Cowen: $600 NVIDIA Corporation is the 6th largest company in the world with a market cap of $1.233 trillion. You can trade NVIDIA Corporation (NASDAQ: NVDA) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
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Micron Technology Inc. (NASDAQ: MU) released first quarter of fiscal 2024 earnings results after the market close in the US on Wednesday. US semiconductor company reported revenue of $4.726 billion, which was above Wall Street analyst estimate of $4.581 billion. Earnings per share (EPS) reported loss per share of -$0.95 for the quarter vs. -$1.005 loss per share expected.
Company overview Founded: October 5, 1978 Headquarters: Boise, Idaho, United States Number of employees: Robert E. Switz (Chairman), Sanjay Mehrotra (President & CEO) Industry: Semiconductors Key people: 43,000 (2023) CEO commentary "Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results," Sanjay Mehrotra, CEO of the company said in a press release. "We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets," Mehrotra looked at what’s ahead for Micron.
Stock reaction The stock was down by 4.24% at the end of trading on Wednesday at $78.69 a share. Shares rose by around 4% after Micron topped analyst estimates for the quarter. Stock performance 1 month: +2.13% 3 months: +13% Year-to-date: +57.54% 1 year: +53.82% Micron Technology stock price targets Rosenblatt Securities: $100 BMO Capital Markets: $90 TD Cowen: $100 Susquehanna: $112 Stifel Nicolaus: $76 Bank of America: $95 UBS Group: $90 Mizuho: $86 Citigroup: $88 Barclays: $85 Morgan Stanley: $71.50 JP Morgan: $80 Micron Technology Inc. is the 168th largest company in the world with a market cap of $86.86 billion.
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One of the largest food retailers in the United States, Kroger Co. (NYSE: KR), announced Q3 earnings results before the opening bell in Wall Street on Thursday. Company overview Founded: 1883 Headquarters: Cincinnati, Ohio, United States Number of employees: 465,000 (2022) Industry: Retail Key people: Rodney McMullen (CEO & Chairman) The results Korger reported revenue of $33.957 billion for the quarter, narrowly beating analyst estimate of $33.903 billion. Earnings per share reported at $0.95 per share vs. $0.907 per share expected.
CEO commentary Rodney McMullen, CEO of the company had this to say in the letter to investors after the release of Q3 results: "Kroger's third quarter results highlight the strength and diversity of our business model in a challenged operating environment, as strong fuel performance and growth in our alternative profit businesses supported continued adjusted net earnings per diluted share growth. As consumer spending tightens, we are focused on providing customers with exceptional value. By maintaining our long-term commitment to lower prices, personalised promotions and rewards, we are growing households and increasing loyalty, positioning Kroger for sustainable future growth.
We appreciate our associates and continue to invest in wages, benefits and training, which is resulting in continued improvements in our customer experience. "Our model's strength allows us to navigate many economic environments. We remain committed to balancing investments in associates and greater value for our customers while continuing to generate attractive and sustainable returns for our shareholders," McMullen highlighted the importance of the companies strategy to continue deliver solid results in the future. Stock reaction The stock had a positive reaction following the Q3 results announcement.
Shares were up by just over 2% at $44.59 a share. Stock performance 1 month: -1.59% 3 months: -3.69% Year-to-date: +0.22% 1 year: -7.71% Kroger stock price targets Telsey Advisory Group: $44.88 Roth MKM: $48 Deutsche Bank: $50 Bernstein: $54 BMO Capital: $45 Northcoast Research: $60 Kroger Co. is the 549th largest company in the world with a market cap of $32.29 billion. You can trade Kroger Co. (NYSE: KR) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
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Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Kroger Co., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap, FactSet