Sou Hu Cai Jing·2025-11-26 09:20Core Viewpoint - The U.S. stock market experienced a strong rally due to multiple positive factors, including increased likelihood of Federal Reserve interest rate cuts and significant progress in the Russia-Ukraine peace talks. The Dow Jones rose by 1.43%, while the Nasdaq increased by 0.67%. Nvidia faced volatility, initially dropping over 7% before closing down 2.59% [1]. Market Performance - Asian markets saw a broad increase, with notable gains in technology stocks in the A-share market, particularly in optical modules and PCB hardware. Zhongji Xuchuang's stock surged over 15%, reaching a market capitalization of over 600 billion [1]. - The Korean Composite Index rose by 2.67%, the Nikkei 225 increased by 1.85%, and the Taiwan Weighted Index also saw a rise of 1.85% [1]. Company-Specific Developments - Nvidia's stock was impacted by concerns over Google's TPU potentially capturing market share from its GPUs, leading to a significant drop in Nvidia's stock price. Nvidia responded by emphasizing its superior performance and versatility compared to ASIC chips designed for specific AI frameworks [2][5]. - OpenAI's reported weekly active users provided a boost to market sentiment, contrasting with the narrative that Google is stronger in the AI space while OpenAI is weaker [2]. Competitive Landscape - Analysts from Morgan Stanley indicated that while short-term demand for Nvidia remains strong due to AI, the long-term outlook is concerning as Google transitions from a customer to a competitor. This shift could particularly affect AMD, as Google's TPU may undermine AMD's previous role as an alternative to Nvidia [5]. - The performance comparison between Google's TPU and Nvidia's GPU suggests that if Nvidia loses market share, the optical module sector could see accelerated growth due to increased demand for ASICs [6]. Economic Indicators - Federal Reserve Governor Milan stated that the economy requires significant interest rate cuts, suggesting that current monetary policy is hindering economic growth. The dollar index fell below the 100 mark [2].