Core Insights - Tiger Global significantly reduced its Meta holdings by approximately 4.7 million shares, dropping its position from the largest to the sixth largest in its portfolio [3][5][10] - Coatue Management increased its Meta holdings, making it the largest position in its portfolio, while also cutting its CoreWeave stake by 62% [3][11] - Viking Global doubled its holdings in PNC Financial Services, making it the largest position in its portfolio, reflecting a strategic shift towards financial stocks [11][12] Tiger Global's Adjustments - In Q3, Tiger Global sold about 4.7 million shares of Meta, reducing its holdings to approximately 2.8 million shares, which now represents 6.4% of its portfolio [5][6] - The fund increased its Amazon holdings to 11.04 million shares, elevating its rank to fourth [5][6] - Meta's stock price has declined nearly 18% since the end of June, contributing to Tiger's decision to reduce its stake [7][10] Coatue Management's Strategy - Coatue Management increased its Meta holdings by approximately 355,000 shares, elevating it from the second largest to the first position in its portfolio [8][9] - The firm also significantly reduced its CoreWeave holdings by 62%, now holding about 6.7 million shares, which has dropped to the 16th largest position [9][11] Viking Global's Focus on Financials - Viking Global's strategy diverged from its peers by significantly increasing its stake in financial stocks, particularly PNC Financial Services, which saw its holdings rise to nearly 8 million shares [11][12] - This shift indicates a positive outlook on the financial sector amidst pressures on technology stock valuations [13] Market Context - The adjustments made by these hedge funds reflect a broader trend of profit-taking and risk management in the face of high valuations in the technology sector [10][13] - The 13F filings provide a snapshot of institutional holdings but do not disclose specific trading times or short positions, limiting the insight into market strategies [13][14]

美联储鹰派官员包括堪萨斯城联储主席施密德、波士顿联储主席柯林斯、达拉斯联储主席洛根反对降息，担心通胀回升和美联储抗通胀公信力受损。鸽派 阵营中美联储理事米兰仍力挺降息。截至周五，12月美联储降息概率已跌至4成。 美联储官员们普遍认同劳动力市场已经降温，但对于放缓是否会进一步加剧看法不一。而且，尽管有一部分人对物价压力持乐观态度，另一些人则警告 称，目前的利率水平对经济的抑制作用微弱，进一步降息可能让通胀回到目标的进程面临风险。 市场预期急转，交易员押注政策暂停。在美联储10月29日宣布降息后，尽管鲍威尔鹰派发言，但市场依旧连续数周看好12月会继续降息。然而截至周 五，降息概率已跌至4成。 美联储内部一部分决策者近日加大了对通胀进展可能放缓甚至停滞的警告力度，使得12月再次降息的前景蒙上阴影，也暴露出美联储内部日益加深的分 歧。 鹰派官员齐发声，降息门槛被抬高 这些反对降息者强调两个观点。 媒体分析指出，美联储官员们的这种公开争论并不常见。它反映出当前美国经济形势难以判断，也凸显出美联储主席鲍威尔所面临的困境——如何就货 币政策方向凝聚共识。 在过去两次会议成功争取到降息支持后，鲍威尔也承认，再降一次息并非板上 ...

Core Viewpoint - The article highlights a significant rebound in the Nasdaq index driven by bottom-fishing in AI stocks like Nvidia and Oracle, with upcoming earnings reports and delayed economic data being crucial for future market direction [1][3][9]. Market Performance - The US stock market experienced a dramatic turnaround this week, with a notable technical rebound on Friday after a significant decline in the first four trading days. The Nasdaq index fell by 1.9% but ended the day up by 0.1%, marking the largest intraday reversal since April [3][10]. - The S&P 500 index saw a slight increase of less than 0.1%, while the Nasdaq declined by 0.5% and the Dow Jones rose by 0.3% [3]. Technical Indicators - The rebound in major indices like the Dow Jones, Nasdaq, and S&P 500 was supported by technical factors, as they bounced back after reaching their 50-day moving averages. Small-cap indices found support at their 100-day moving averages [7]. Investment Trends - There is a noticeable rotation of funds from AI stocks to more defensive sectors such as healthcare, materials, and energy. This shift indicates a potential concern regarding the sustainability of the AI stock rally [9][11]. - Companies related to OpenAI have faced significant declines, with Oracle dropping over 9% and CoreWeave plunging nearly 30% [12]. Upcoming Earnings and Economic Data - Nvidia's upcoming quarterly earnings report on November 19 is seen as a critical indicator for the future of AI trading. The implied volatility surrounding this report is at its highest level in a year, suggesting significant market expectations [9][14]. - A series of delayed economic reports, including the September employment data set to be released on November 20, will influence market expectations regarding the Federal Reserve's December meeting [14][15]. Analyst Insights - Analysts express that a true market recovery hinges on sustained economic growth without rising inflation. The upcoming economic data will be pivotal in shaping investor sentiment and expectations for potential interest rate cuts by the Federal Reserve [9][15].

Core Insights - Berkshire Hathaway has significantly reduced its stake in Apple, selling approximately 41.79 million shares in Q3, more than doubling the amount sold in Q2, resulting in a market value decrease of about $10.6 billion [5][6][7] - The company has also reduced its holdings in Bank of America by over $1.92 billion in Q3, marking a 45% reduction in shares over the past year [8][9] - Berkshire initiated a new position in Alphabet, acquiring approximately 17.85 million shares, making it the tenth largest holding [10][11] Summary by Sections Apple Holdings - In Q3, Berkshire sold about 41.79 million shares of Apple, a reduction of over 14.9% from the previous quarter, leading to a market value decrease of approximately $10.6 billion [5][6] - This marks the second consecutive quarter of selling Apple shares, with the Q3 sell-off being more than double that of Q2 [5][6] - Despite the reduction, Apple's stock price increased by about 24% in Q3, causing its proportion in Berkshire's total holdings to rise slightly from 22.31% to 22.69% [6][7] Bank of America Holdings - Berkshire reduced its stake in Bank of America by approximately 37.2 million shares in Q3, a decrease of 6.15%, resulting in a market value reduction of $1.92 billion [8][9] - Over the past year, the total shares held in Bank of America have decreased by nearly 45%, from 1.03 billion shares to 568 million shares [9] Alphabet Holdings - Berkshire initiated a new position in Alphabet, acquiring about 17.85 million shares valued at approximately $4.34 billion, representing 1.62% of its portfolio [10][11] - The acquisition of Alphabet is notable as it is the first time Berkshire has invested in the company, and it is speculated that the decision may have been made by investment managers Todd Combs or Ted Weschler [11] Other Holdings - Among the top ten holdings, Berkshire only increased its stake in Chubb (Swiss Re) by approximately 4.3 million shares, raising its market value by $1.21 billion [13] - The top ten holdings at the end of Q3 include Apple, American Express, Bank of America, Coca-Cola, Chevron, Occidental Petroleum, Moody's, Chubb, Kraft Heinz, and Alphabet [14]

Core Viewpoint - The depreciation period of GPUs is a critical issue affecting corporate profits and investment returns, especially as major tech companies plan to invest $1 trillion in AI data centers over the next five years [3][5]. Depreciation Challenges - The actual lifespan of GPUs is under scrutiny, with estimates ranging from two to six years, leading to concerns about inflated earnings by companies like Microsoft, Google, and Oracle [3][6]. - The lack of historical data on GPU usage complicates depreciation assessments, making it difficult for investors and lenders to gauge the value of these assets [5][6]. Market Reactions - Concerns about AI spending have already impacted stock prices, with CoreWeave's shares dropping 57% from their June peak and Oracle's stock falling 34% from its September high last year [3]. - CoreWeave has adopted a six-year depreciation cycle for its infrastructure, but its stock fell 16% following earnings reports due to delays from third-party data center developers [6][3]. Technological Impact - Rapid technological advancements are pressuring the depreciation of AI chips, with new models being released annually, which may render older models obsolete more quickly [7][8]. - Companies like Amazon have shortened the expected lifespan of some servers from six years to five years due to the accelerated pace of technological development in AI and machine learning [7]. Corporate Strategies - Microsoft is diversifying its AI chip procurement to avoid over-investment in any single generation of processors, acknowledging the rapid pace of innovation [8][9]. - Depreciation estimates are influenced by various factors, including technological obsolescence and maintenance, requiring companies to justify their assumptions to auditors [9].

Core Viewpoint - The recent sell-off in the market, particularly affecting high-beta momentum trading strategies and AI-related stocks, is attributed to multiple pressure factors, including profit-taking ahead of Nvidia's earnings report, concerns over AI infrastructure investment returns, hawkish comments from the Federal Reserve, corporate layoffs, and year-end portfolio adjustments [1][7][9]. Group 1: Market Performance - The Nasdaq 100 index fell over 2% on Thursday, marking a decline in five out of the last six trading days, with market sentiment shifting towards a defensive stance [2][4]. - High-beta momentum trading (GSPRHIMO) experienced a 7% drop, the largest single-day decline since the DeepSeek event, indicating significant pressure on speculative sectors like AI and cryptocurrency-related stocks [1][4][5]. Group 2: Contributing Factors - Five key factors triggered the recent market downturn: profit-taking before Nvidia's earnings, concerns about inflated power demand in data centers related to AI, hawkish statements from Federal Reserve officials, corporate cost-cutting measures, and the seasonal pressure of year-end portfolio adjustments [9][10][11]. - The market is currently awaiting clearer signals, such as Nvidia's earnings performance and the Federal Reserve's monetary policy direction, to assess when the sell-off might stabilize [7][11]. Group 3: Investment Strategies - High-beta momentum strategies are currently showing a significant correlation with high short interest and high residual volatility, while their correlation with high-quality factors is notably lower than usual [12][14]. - Goldman Sachs' momentum strategy has shifted towards high-beta and cyclical sectors while shorting healthcare, making it particularly vulnerable during this sell-off [14][15]. - The skepticism surrounding AI is increasing, with notable events such as Oracle's credit default swaps widening and SoftBank selling Nvidia shares, impacting the AI thematic basket [15].

Core Insights - Bridgewater has significantly reduced its holdings in Nvidia by 65.3%, from 7.23 million shares to 2.51 million shares as of September 30, indicating a strategic shift towards risk management [1][3][5] - The fund has increased its investment in U.S. large-cap ETFs, with SPY holdings rising by 75.3% to 4.05 million shares, making it the largest position in the portfolio [1][9] - Bridgewater has also reduced its stakes in major tech companies like Google and Meta by 52.6% and 48.3% respectively, while also cutting back on Microsoft and Amazon [1][12] Summary by Category Nvidia Holdings - Bridgewater's holdings in Nvidia have dropped from 7.23 million shares to 2.51 million shares, a reduction of 65.3% [1][3] - This drastic cut follows a significant increase in the previous quarter, suggesting a shift from trend-following to risk management [3][5] U.S. Large-Cap ETFs - The fund has increased its position in SPDR S&P 500 ETF (SPY) by 75.3%, now holding 4.05 million shares, which constitutes 10.62% of the portfolio [1][9] - iShares Core S&P 500 ETF (IVV) has also seen an increase, now making up 6.69% of the portfolio [9][10] Reduction in Tech Holdings - Bridgewater has reduced its holdings in Google by 52.6%, Meta by 48.3%, and Microsoft by 36% [1][12] - The fund has also completely exited positions in 10 significant stocks, including Lyft and Spotify, indicating a broader strategy to divest from non-core assets [12][14] Risk Management Strategy - The adjustments reflect a clear intent to lower industry concentration and avoid overexposure to high-volatility sectors like AI and technology [10][11] - The fund aims to embrace stable cash flows from large-cap stocks during the economic late-cycle phase, which is seen as less risky compared to growth stocks [10][11] Emerging Markets and Other Investments - Bridgewater has continued to lower its exposure to emerging market ETFs, reflecting concerns over their vulnerability amid tightening global liquidity [14] - Despite the overall risk-reduction strategy, the fund has made significant increases in positions in companies like Netflix and MercadoLibre, focusing on firms with strong cash flows and stable earnings [15][16]

Core Viewpoint - Burberry has shown signs of recovery with a 2% year-on-year increase in comparable store sales in the second fiscal quarter, ending a seven-quarter decline, driven by a resurgence in demand from the Chinese market [1][3][6]. Financial Performance - The company reported an adjusted operating profit of £19 million (approximately $25 million) for the first half of the year, a significant turnaround from a loss of £41 million in the same period last year [3][6]. - Comparable store sales in regions including China grew by 3% in the last three months, reversing a previous decline of 5% [3][6]. Strategic Changes - Under CEO Joshua Schulman's leadership, Burberry has implemented a revival plan focusing on classic outerwear and cost-cutting measures, which has begun to yield positive results [3][7]. - The strategy emphasizes a return to the brand's roots, highlighting products like trench coats and scarves, contrasting with previous management's focus on expensive handbags [7]. Market Reaction - The positive financial results have boosted market confidence, reflected in a 28% increase in Burberry's stock price year-to-date and its return to the FTSE 100 index [3][6]. - Analysts view Burberry's strategic plan as robust, indicating that all performance indicators have been met and that the execution is on track [8].

Core Insights - JD.com views food delivery as a long-term strategy, with significant improvements in unit economics and a double-digit growth in GMV, entering a phase of rational expansion [1][3][32] - The company reported a 15% year-on-year revenue growth in Q3, with a notable increase in new business revenue, which grew over twofold [3][5] - The annual active user count surpassed 700 million, with a 40% increase in daily active users during the "Double Eleven" shopping festival [1][6][40] Food Delivery Business - The food delivery segment achieved double-digit growth in GMV, with an increase in the proportion of regular meal orders and average order value [3][32] - Despite implementing a zero-commission policy for merchants, the company improved operational efficiency and subsidy strategies, leading to a significant enhancement in unit economics [3][33] - The food delivery business is expected to integrate deeply with JD's overall ecosystem, enhancing user acquisition costs and promoting sustainable growth [32][34] Retail Business Performance - The daily necessities category has seen double-digit growth for four consecutive quarters, indicating substantial growth potential in supermarkets and fashion [4][16][37] - The retail revenue for Q3 grew by 11% year-on-year, driven by strong performance in daily necessities and advertising revenue, which increased by 24% [6][14][16] - The company aims to strengthen its market position in the home appliance and 3C categories through product innovation, pricing advantages, and improved service experiences [4][16][25] AI Strategy - JD.com plans to invest in AI over the next three years to build a comprehensive ecosystem covering retail, logistics, and other sectors, targeting a trillion-level AI ecosystem [1][4][41] - The company has developed various AI products and applications, enhancing operational efficiency and user experience across multiple industries [41][42] - AI tools are being utilized to optimize advertising, supply chain management, and customer service, contributing to cost reduction and efficiency improvements [41][42] International Expansion - JD.com has initiated operations for its international retail business, Joybuy, in key European markets, positioning internationalization as a crucial long-term strategy [4][26][27] - The company emphasizes a localized approach to e-commerce, leveraging its supply chain capabilities to support Chinese brands entering global markets [26][27] - Investments in international operations will be controlled and aligned with strict financial discipline to ensure sustainable growth [30][31] Financial Performance - The company reported a Non-GAAP net profit of 5.8 billion RMB in Q3, with a slight decline in profit margins due to investments in new business segments [6][18][44] - The gross profit margin for JD's retail business has shown consistent improvement, reaching 19.3% in Q3, supported by scale effects and supply chain advantages [16][18][44] - The logistics and other services revenue grew by 35% year-on-year, driven by the incremental delivery income from the food delivery business [15][16]

营收4483亿日元，环比增长30.8% Non-GAAP营业利润872亿日元，利润率19.4%，环比提升6个百分点 连续第七个季度实现正自由现金流413亿日元 净负债权益比降至107% 铠侠2025财年第二财季营收环比增30.8%至4483亿日元，但同比下滑6.8%，净利润同比降62%，主因低毛利智能设备占比提升拖累。同时，第 三财季盈利指引亦低于预期，Non-GAAP营业利润指引为1000–1400亿日元，低于市场预期的1410亿日元及买方预期的1500亿日元以上。 受 业绩不达预期影响， 日股盘后大跌18cm ！ 11月13日，苹果iPhone主要存储供应商铠侠公布2025财年第二财季的财报。财报显示，公司在AI需求推动下实现营收4483亿日元，环比增长 30.8%，但同比下滑6.8%。 盈利方面表现承压，当季净利润为407亿日元，同比下降超60%，主要受低利润的智能设备业务占比提升影响。 财报亮点数据如下： 公司给出的指引亦低于市场预期。 具体来看，公司预计2025财年第三财季营收为5000–5500亿日元，创历史新高，市场预期为5300亿日元； 但是Non-GAAP营业利润指引为1000–1400亿日 ...