Nvidia(US:NVDA) 证券时报·2025-11-25 00:18Core Viewpoint - The article highlights the significant impact of rising expectations for interest rate cuts by the Federal Reserve, leading to a broad rally in U.S. stock markets and a surge in Chinese assets [1]. Group 1: U.S. Stock Market Performance - On November 24, U.S. stock markets continued to rebound, with the Dow Jones up 0.44%, the S&P 500 up 1.55%, and the Nasdaq up 2.69%. The Nasdaq Golden Dragon China Index rose by 2.82% [2]. - Major technology stocks saw widespread gains, with Tesla and Google A rising over 6%, Meta up over 3%, Amazon up over 2%, Apple up over 1%, and Microsoft up 0.35% [4]. Group 2: Chinese Stocks Performance - Chinese concept stocks experienced a collective surge, with notable increases such as Zhongjin Kewang up over 40%, Hesai up over 18%, and Baidu up over 7% [5]. Group 3: SanDisk's Inclusion in S&P 500 - SanDisk was added to the S&P 500 index, resulting in a stock price increase of over 13%. The company has seen its stock price rise over five times this year due to strong demand from AI data centers [6][7]. - SanDisk announced a 50% increase in contract prices for its NAND flash memory chips, with expectations of continued demand exceeding supply [7]. Group 4: Federal Reserve Interest Rate Expectations - Federal Reserve Governor Christopher Waller expressed support for a rate cut in December, emphasizing concerns about the labor market [8]. - Goldman Sachs predicts that the most likely path for the Federal Reserve is to initiate rate cuts in December, with a potential reduction to a range of 3% to 3.25% by 2025 [8]. - CME's FedWatch tool indicates an 82.9% probability of a 25 basis point rate cut in December, significantly up from previous estimates [9]. Group 5: Gold Price Forecast - COMEX gold futures rose by 1.33% to $4,129.3 per ounce, with Bank of America projecting gold prices could reach $5,000 per ounce by 2026 due to tight supply and low inventory [10]. - The report anticipates that gold and silver prices will continue to rise, with projections of $4,500 per ounce for gold and $55 per ounce for silver by 2026 [10].