Nvidia(US:NVDA) Ge Lin Qi Huo·2025-11-20 23:30Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The global economy is entering the top - region due to the continuous wrong policies in the United States [2] - Many Chinese stocks look "very attractive" as global valuations rise [2] - AI is a historical transformation of the computing architecture, and the investment is shifting from infrastructure to certain types of enterprises [1] Summary by Relevant Catalogs Global Economy - Nvidia's Q3 financial report shows revenue of $57.006 billion, a 62% year - on - year and 22% quarter - on - quarter increase; net profit is $31.91 billion, a 65% year - on - year and 21% quarter - on - quarter increase. Q4 revenue is expected to reach $65 billion, with a 2% margin [1] - At the last month's monetary policy meeting, Fed policymakers were divided on whether to cut interest rates in December, and those who thought no more cuts were needed outnumbered those in favor, while some centrists awaited data [1] - The US government plans to buy up to 10 large nuclear reactors, possibly funded by a $550 billion investment fund from Japan, with up to $80 billion for new nuclear reactor construction [1] - High - end technology giants' 2026 capital expenditure estimate has soared to $533 billion, and the investment focus is shifting to platform - type companies benefiting from AI revenue growth and productivity - enhancing enterprises [1][2] - AMD, Cisco and Saudi AI startup Humain will set up a joint - venture to build up to 1GW of AI data centers in the Middle East by 2030, with a 100MW project starting in 2026 [1] - Barclays believes cloud service providers will spend over $2.5 trillion in the next five years, boosting copper demand and bringing investment prosperity to mineral - exporting countries [1] - xAI plans to cooperate with Humain to build a 500MW data center in Saudi Arabia using Nvidia chips [1] AI and Technology - Huang Renxun says AI is a shift from CPU to GPU, and China may win the AI race due to favorable regulations and low energy costs [1][2] - Gemini 3 Pro has a 72.7% accuracy in screen - shot understanding, potentially reshaping AI - computer interaction [2] Stock Market - High - end technology giants' 2026 capital expenditure estimate has soared to $533 billion, and many Chinese stocks are "very attractive" according to Goldman Sachs [1][2] - US retail investors are the biggest net buyers in the US stock market this year, especially in the options market [2] Consumption and Employment - US household excess savings from the pandemic are mostly depleted, and consumer slowdown has spread to middle - income groups [2] - US corporate layoffs in October were 153,074, a 183% increase from September and nearly three times the same period last year, raising economic concerns [2]