Mei Ri Jing Ji Xin Wen·2025-11-21 08:07Core Viewpoint - Recent global market volatility has increased significantly, with Nvidia reporting strong earnings but experiencing a high opening followed by a decline, with a maximum pullback of 7% [2][3] Group 1: Nvidia and AI Sector Performance - Nvidia's earnings report on November 20 was impressive, and Google's recent launch of the Gemini3 AI model also showed strong performance, indicating robust fundamentals in the AI sector [3] - Despite Nvidia's strong earnings, the tech sector in the US opened high but closed lower, suggesting either a misalignment in fundamentals or other influencing factors [3] Group 2: Market Reactions and Economic Indicators - Major reasons for the tech sector's pullback include profit-taking in the AI sector following Nvidia's earnings, a low probability of interest rate cuts by the Federal Reserve, and a significant decline in Bitcoin, which reflects reduced liquidity risk appetite in the market [3][4] - The probability of a rate cut in December has only slightly increased to 35%, as stable employment data does not support the need for immediate cuts [3] Group 3: Long-term Outlook and Investor Sentiment - Short-term liquidity risk preferences and sentiment changes are identified as core factors for the pullback in US and Hong Kong tech stocks, while the long-term fundamentals of the tech sector remain strong [4] - Historical patterns show that despite significant pullbacks in the past three years, markets have eventually recovered, with the Nasdaq and S&P 500 reaching all-time highs this year [4] Group 4: Investment Strategy and Opportunities - Investors are encouraged to view investment as a continuous process rather than a one-time achievement, suggesting that current market conditions may not differ significantly from past experiences [5] - For those interested in US and Hong Kong stock opportunities, various funds are available for investment, including those focused on the Nasdaq 100 and global new energy vehicles [8]