Nvidia(US:NVDA) Xin Lang Cai Jing·2025-11-20 10:41Market Overview - The market opened high but closed lower, with the Shanghai Composite Index down by 0.4% and the CSI 300 down by 0.51%. The total trading volume for the A-shares was approximately 1.72 trillion yuan, a decrease of 0.02 trillion yuan from the previous day [1]. Company Earnings - Nvidia's Q3 FY2026 earnings report showed revenue of $57.01 billion, exceeding Wall Street's expectation of $55.19 billion. The data center revenue was $51.2 billion, above the expected $49.34 billion, while gaming revenue was $4.3 billion, slightly below the expected $4.42 billion. Adjusted earnings per share were $1.30, surpassing the forecast of $1.25. Nvidia expects Q4 revenue to be around $65 billion, higher than the analyst expectation of $61.66 billion [3]. Semiconductor Industry - The Dutch Minister of Economic Affairs announced the suspension of an administrative order against Nexperia. The Chinese side welcomed this move but noted that it is only a first step towards resolving the underlying issues affecting the global semiconductor supply chain. The erroneous court ruling that stripped Wingtech of control over Nexperia remains a significant obstacle to a comprehensive solution [4]. Economic Indicators - The expectation for a Federal Reserve interest rate cut in December has decreased, with the dollar index surpassing the 100 mark. The U.S. Labor Department announced that it will no longer release the October non-farm payroll report, and the November data will be delayed until after the December FOMC meeting. This situation limits the Fed's access to key economic data that could influence its neutral stance [5]. Market Sentiment - Since November, a structural "rebalancing" has been observed in global stock markets, with funds rotating from previously leading technology sectors to lower-performing sectors such as resources, consumption, and pharmaceuticals. The lingering effects of the U.S. government shutdown continue to impact global liquidity and risk appetite. Despite the government reopening, negative impacts from the absence of economic data have not dissipated immediately. Additionally, pessimism regarding the "AI bubble" is affecting valuations of global tech stocks [6].