Company Performance - Nvidia reported fiscal third-quarter revenue of $57.01 billion, exceeding Wall Street estimates by nearly $2 billion [1][2] - The company achieved earnings per share of $1.30, surpassing the expected $1.26 [2] - The data center business, crucial for AI applications, generated $51.2 billion, showing significant growth compared to previous periods [2] Future Outlook - Nvidia's CEO Jensen Huang indicated strong ongoing demand for the Blackwell chip architecture and cloud GPUs, with products remaining sold out [3] - The company projected fiscal fourth-quarter revenue of $65 billion, exceeding analyst forecasts of $62 billion [3] Competitive Advantage - CFO Colette Kress highlighted that CUDA-powered accelerators are enhancing hardware lifespans and customer value, reinforcing Nvidia's competitive position in AI infrastructure [4] Market Position - Nvidia's market value has surpassed $5 trillion, solidifying its status as the world's most valuable company [5] - The stock has increased by 37% year-to-date and 25% over the last 12 months, with shares rising 5% following the earnings report [5] Cryptocurrency Market Reaction - Bitcoin rebounded above $91,000 after dipping below $89,000, indicating some investors view current prices as entry opportunities [6] - Major investors have shown caution towards AI stocks, with notable exits from Nvidia and SoftBank selling shares [6] Regulatory Concerns - Regulators have raised alarms about systemic risks associated with widespread AI use, with the Bank of England and IMF citing potential bubble risks [7] - A Bank of America survey revealed that 45% of fund managers consider an AI bubble the most significant market threat [7]

Core Insights - A recent trend of exits by prominent investors from NVIDIA Corp. has raised concerns about the stock potentially peaking [1][3] - Notable investors such as Michael Burry, Masayoshi Son of SoftBank, and Peter Thiel have all made significant moves to sell their positions in NVIDIA [1][4] Investor Actions - Michael Burry's firm, Scion Asset Management, disclosed substantial put options against NVIDIA, indicating a bearish outlook and a perceived disconnect between NVIDIA's valuation and reality [5] - SoftBank completely exited its $5.8 billion position in NVIDIA, reallocating capital towards "application layer" AI investments, suggesting a belief that the chip infrastructure market may be saturated [5] - Peter Thiel's hedge fund, Thiel Macro, also closed its entire stake in NVIDIA, drawing parallels between the current tech environment and the Dot-com bubble, suggesting that the AI hype cycle may be overextended [5] Market Sentiment - The consensus among these investors indicates that NVIDIA's stock may be overvalued in a potentially bubble-like market [4] - While the exits are alarming, they do not necessarily signal an imminent crash, as "smart money" often sells to lock in gains after significant price increases [3]

Core Viewpoint - Klook Technology Limited, a travel booking company based in Hong Kong and Singapore, has filed for an IPO in the US, aiming to raise approximately $500 million, which would be the largest IPO by a Chinese company in the US this year if successful [1][2]. Group 1: Company Overview - Klook was founded in May 2014 by three founders, all under 40 years old, and is positioned as a mobile-first travel experience booking platform [4][12]. - The company offers over 500,000 products and services across more than 2,700 destinations globally, including popular attractions, day tours, and local transportation [4]. - As of September 30, 2025, Klook operates in 18 markets with 25 offices and employs 1,944 staff worldwide [4]. Group 2: Financial Performance - Klook's Gross Transaction Value (GTV) reached $2.5 billion in 2024, with a 30.9% year-on-year increase to $2.3 billion in the first nine months of 2025 [9]. - The company reported revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [10]. - Despite revenue growth, Klook has incurred significant losses, totaling over $500 million across the reporting period, with net losses of $123 million, $142 million, $99 million, and $141 million for the respective years [10][12]. Group 3: Market Position and Competition - Klook claims to be the largest regional experience platform in the Asia-Pacific by GTV, although it remains smaller compared to global competitors like Expedia Group and Booking Holdings, which reported revenues of $13.69 billion and $23.7 billion in 2024, respectively [12]. - The company has raised over $1 billion through eight funding rounds since 2015, with notable investors including Sequoia Capital, SoftBank Vision Fund, and major banks [12][13]. Group 4: Management and Strategy - The founders bring diverse backgrounds, with expertise in investment banking and technology, which has contributed to Klook's rapid growth [13]. - The company aims to use the net proceeds from the IPO for general corporate purposes, including working capital and capital expenditures [1].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The LGFV space remained stable, with higher-yielding issues tightening due to HF demand, and overall two-way flows skewed towards buying from RMs, especially for onshore AAA-guaranteed CNH issues [3] - BTSDF is on track to achieve its FY25 revised revenue target based on the 9M25 run-rate. The conviction level of BTSDF 9.125 07/24/28 is now lower, so the recommendation changes to neutral, and the switch is made to FOSUNI 8.5 05/19/28 for better carry [4] - Bangkok Bank's new BBLTB 30s and BBLTB 35s are expected to have FVs of T+80 - 85bps and T+95 - 100bps, respectively [4][8] - H&H's credit profile is improving, and it is on track to achieve its FY25 revised revenue target. Its near-term refinancing risk is manageable [16][17][21] Summary by Directory Trading Desk Comments - Yesterday, the MEITUA curve and TW lifer NSINTW/FUBON widened by 2 - 5bps. There were two-way flows on CCAMCL Perp and block two-way trading on CDBFLC 35. Chinese and global funds sold HK bank SHCMBK/DAHSIN/BNKEA/NANYAN T2s [2] - The NWDEVL complex rose 1.4 - 2.9pts. BTSDF 9.125 07/24/28 was 0.1pt lower. In Chinese properties, VNKRLE 27 - 29 were down by 0.4 - 1.0pt, and FUTLAN 28/FTLNHD 26 - 27 were 0.1pt lower [2] - Japanese/Korean IG spaces were up to 5bps wider on financial and corporate bonds, but flows were balanced on JP bank FRNs. SOFTBK and RAKUTN bonds were down by 0.9 - 1.3pts. Yankee AT1s and insurance subs dropped by 0.3 - 0.5pt. In SEA, OCBCSP/BBLTB T2s traded 3 - 5bps wider, and ACPM 5 1/8 Perp lowered by 1.3pts. There were two-way flows on BSFR 35 in the Middle Eastern space [2] Macro News Recap - On Tuesday, S&P (-0.83%), Dow (-1.07%), and Nasdaq (-1.21%) were lower. The latest initial jobless claims were +232k, higher than the market expectation of +223k. UST yield was lower, with 2/5/10/30 year yields at 3.58%/3.70%/4.12%/4.74% [7] Desk Analyst Comments - Bangkok Bank plans to issue 5yr and 10yr Reg S/144A senior unsecured USD bonds. The FV of the new BBLTB 30s and BBLTB 35s is expected to be T+80 - 85bps and T+95 - 100bps, respectively, considering its existing curve [8] BBLTB Analysis - Bangkok Bank is the largest bank in Thailand by total assets as of Sep'25, with a presence in 14 international markets. Its loan book is more diversified geographically than local peers, and it has the largest exposure to corporate and lowest to SME and retail [11] - In 9M25, Bangkok Bank showed resilient profitability, stable asset quality, and strong capital adequacy. NIM declined to 2.81% from 3.05% in 9M24, and the cost-to-income ratio fell to 44.7% from 46.3%. ROA/ROE increased to 1.12%/8.99% from 1.03%/8.54% in 9M24 [12] - In 3Q25, Bangkok Bank's asset quality stabilized, with credit costs down to c1.5% from c1.6% in 2Q25. The gross NPL ratio rose to 3.3% as of Sep'25 from 3.2% as of Jun'25, mainly due to a shrink in the loan book. NPL coverage ratio was 294% as of Sep'25 [13] - Bangkok Bank's capital buffers remain ample, with a standalone CET1 ratio of 19.6% as of Sep'25, well above the 8.0% regulatory minimum. The net reduction in CAR from redeeming USD750mn AT1 was mitigated by issuing USD1bn T2 bonds in Mar'25 [15] BTSDF Analysis - Based on the 9M25 run-rate, BTSDF is on track to achieve its FY25 revised revenue target. The conviction level of BTSDF 9.125 07/24/28 is now lower after moving up c5pts since the buy recommendation in Jan'25, so the switch is made to FOSUNI 8.5 05/19/28 [4][16] H&H Analysis - H&H's 9M25 revenue increased by 12.0% yoy to RMB10.8bn, with all business segments growing. Mainland China remained the largest market, contributing 71.0% of revenue in 9M25, up from 65.9% in 9M24 [17] - The ANC segment grew 5.2% yoy in 9M25, driven by Swisse's performance in mainland China, especially in cross-border e-commerce and Douyin channels [18] - The BNC segment grew 24.0% yoy in 9M25, mainly due to a 35.2% yoy increase in mainland China IMF sales, reaching a market share of 16.4% as of Sep'25. The decline in pediatric probiotic and nutritional supplements narrowed [19] - The PNC segment grew 8.2% yoy in 9M25, due to Zesty Paws' growth in North America, partially offset by Solid Gold's decline in North America [20] - As of Sep'25, H&H held RMB1.7bn of cash, up from RMB1.6bn as of Dec'24. It has been proactive in debt management, and its near-term refinancing risk is manageable, with no major debt maturities until 2027 [21] - H&H targets to reduce net debt/adj. EBITDA to 3.7x by Dec'25 from 3.9x as of Jun'25 and considers an 80% RMB share of total debt as an optimal currency mix [22] Offshore Asia New Issues - New issued: The Hong Kong Mortgage Corporation issued USD1000mn 5yr bonds with a 3.875% coupon at T+20 [25] - In the pipeline: Bangkok Bank plans to issue 5yr and 10yr bonds at T+115 and T+130; the Government of Indonesia plans 5yr and 10yr bonds at 4.8% and 5.3%; SMBC Aviation Capital Finance plans a 10yr bond at T+145 [26] News and Market Color - There were 161 credit bonds issued onshore yesterday with an amount of RMB193bn. Month-to-date, 1,188 credit bonds were issued with a total amount of RMB1,299bn, a 35.4% yoy increase [27] - S&P upgraded Marubeni Corp by one notch to A- from BBB+ with a stable outlook [27] Company News - NWD increased the cap on exchange offers to USD1.79bn from USD1.6bn, added an early tender date on 25 Nov'25 and an extra early payment date on 1 Dec'25 [33] - PDD Holdings 9M25 revenue was up 8.7% yoy to RMB307.9bn (cUSD43.4bn) [33] - POSCO's trading arm will acquire KRW1.3tn (cUSD860mn) worth of shares in Singapore's AGPA [33] - SoftBank's USD6.5bn bid for Ampere secured HSR early termination [33] - A former TSMC executive was probed by Taiwan over potential technology transfer and received TWD147bn (cUSD4.7bn) in government subsidies over 21 months [33] - Moody's placed West China Cement under review for upgrade following a bond deal and tender offer [33] - Xiaomi 3Q25 revenue was up 22.3% yoy to RMB113.1bn (cUSD16bn) [33]

Core Viewpoint - The discussion centers around the potential overinvestment in AI infrastructure and the implications for companies like ABB, which is well-positioned to benefit from the ongoing spending in this area [2][4]. Group 1: Market Trends - There is strong activity in the data center segment, driven by AI buildout, particularly in the United States [3][4]. - A significant trend towards electrification and automation is observed globally, with electricity growing at more than double the pace of other energy sources [6][7]. - The future is expected to be electric across various sectors, including buildings, industries, and transportation, indicating a robust market for ABB [7][8]. Group 2: Company Positioning - ABB has a focused portfolio with three business areas: electrification, motion, and automation, which are aligned for long-term growth ambitions of 5% to 7% over a cycle [10][11]. - The company has updated its profitability targets, increasing operational EVA from a previous range of 16% to 19% to a new range of 18% to 22% [12]. - Despite the rapid growth of the data center market, it only constitutes 7% of ABB's overall business, allowing for diversification across other electrification markets [9].

Core Insights - Thiel Macro, the hedge fund founded by Peter Thiel, divested its entire stake in Nvidia during the third quarter, selling 537,742 shares valued at approximately $100 million at the end of September [2][6] - Other significant investors, including SoftBank, have also sold their entire Nvidia stakes, raising about $5.8 billion to invest in OpenAI, indicating a broader trend of divestment among major players in the AI sector [3][6] - Concerns about an AI bubble are growing, with investors pointing to high stock valuations and uncertainty regarding AI's revenue potential, leading some to short Nvidia shares valued at $186 million [4][6] Nvidia's Market Position - Nvidia has been a leader in the accelerated computing chip market and has significantly benefited from the AI investment boom, but recent bearish sentiments could impact speculative AI investments [3][4] - Despite a more than 10% decline in Nvidia shares since late October, Wall Street maintains high expectations for the company's upcoming earnings report, anticipating strong performance driven by substantial investments from major tech firms [9] Investor Sentiment - The sentiment surrounding AI stocks has deteriorated, with debates about inflated valuations and unconventional deals between suppliers and customers contributing to investor caution [6][7] - High-profile investors are increasingly liquidating their positions in AI-related stocks, reflecting a shift in market confidence as Nvidia's quarterly earnings report approaches [7][8]

Core Viewpoint - Nvidia's upcoming earnings report is highly anticipated, with significant implications for the company and the broader tech sector, particularly regarding AI investments and GPU demand [1][3]. Company Performance - Nvidia's stock has increased by 37% year-to-date but has seen a 5% decline in the last five days [1]. - Wall Street analysts expect Nvidia to report approximately $55 billion in revenue and earnings per share (EPS) of $1.25 for the third quarter [4]. Analyst Insights - Bank of America maintains a buy rating, projecting Nvidia's EPS for the coming fiscal year to be $4.56, $7.02, and $9.15 [5]. - UBS predicts Nvidia's revenue will exceed estimates at $56 billion, with EPS reaching $7.75 in 2026 and potentially $9.50 in 2027 [8]. - DA Davidson believes AI demand will remain strong, despite market jitters, and sets a price target of $250 for Nvidia [12]. - CFRA Research anticipates Nvidia will achieve $61 billion in revenue and EPS of $1.42 for the January quarter, maintaining a strong buy rating with a price target of $270 [14]. Market Sentiment - There is a divide between Wall Street analysts, who are generally bullish, and some investors who are questioning the sustainability of Nvidia's premium valuations [2][3]. - Notable hedge funds, including SoftBank and Thiel Macro, have recently sold their Nvidia stakes, while some investors are betting against the stock [3]. Future Projections - Analysts are optimistic about Nvidia's product pipeline, including the Blackwell and Vera Rubin chips, which are expected to drive growth in 2026 [6][16]. - Jensen Huang, CEO of Nvidia, has indicated a strong demand outlook, with $500 billion in orders booked for 2025 and 2026, suggesting potential revenue growth beyond current forecasts [16][17].

Today in Bloomberg Deals: Akzo Nobel to buy Axalta, SoftBank wins FTC nod for Ampere and Credit Agricole CEO is open to Banco BPM deal. https://t.co/zaDEU6Pzpz ...

Core Insights - The U.S. Federal Trade Commission (FTC) has concluded its antitrust review of SoftBank Group Corp.'s acquisition of Ampere Computing LLC, removing regulatory hurdles for the $6.5 billion deal [1] - This acquisition, along with SoftBank's existing ownership of Arm Holdings, positions SoftBank to create a significant ARM architecture server CPU ecosystem, aligning with its ambitions in AI infrastructure [1][5] - Ampere specializes in designing high-performance, low-power server CPUs for cloud computing and data centers, which are essential for AI data center operations [3] Company Overview - SoftBank is a major shareholder of Arm Holdings, owning nearly 90% of the company, which is pivotal in the consumer electronics and server CPU markets [2] - Ampere is a key customer of Arm's technology, focusing on cloud-native processors and sustainable AI compute solutions [2][3] Market Dynamics - The ARM architecture is increasingly being adopted in AI data centers, with notable examples including NVIDIA's Grace CPU and Amazon's Graviton processors, showcasing its transition from mobile to AI cloud infrastructure [4] - ARM's architecture offers significant advantages in energy efficiency and performance for AI tasks compared to traditional x86 architectures, making it suitable for data center applications [4] Strategic Implications - The acquisition of Ampere enhances SoftBank's AI infrastructure capabilities, positioning its ARM architecture server CPUs as foundational elements in AI data centers [5] - With Ampere under its control, SoftBank aims to strengthen Arm's market share and influence in the AI data center sector, potentially capturing a significant portion of the x86 market [6] - SoftBank's strategy involves a vertical integration of its holdings in Arm, Ampere, and Graphcore to create a comprehensive AI hardware ecosystem [6] Vision and Future Outlook - SoftBank's founder, Masayoshi Son, envisions the company playing a central role in the global AI landscape, akin to NVIDIA, leveraging its investments in AI and data center technologies [7]

11月18日早盘，亚太股市大幅下跌。 截至9:35左右，日经225指数跌超1000点，日经225指数下跌2%，日本东证指数跌超1.5%。 个股方面，截至发稿，住友电气工业跌近7%，软银集团跌近5%。昨天大跌的日本旅游股有所回调，资生堂跌超3%，日本航空跌0.22%， 日本其他消费品/零售股方面，三丽鸥涨0.82%、亚瑟士跌1.81%、迅销跌0.39%。百货店经营商伊势丹三越控股公司股价下跌0.69%。 另外，30年期日本国债收益率上升2.5个基点至3.280%。 日元汇率继续走弱，欧元对日元盘中再次突破180关口。 韩国KOSPI指数也下跌2%，SK海力士、韩美半导体、三星电机跌超4%，LG新能源跌超3%。 港股三大指数低开，恒生科技指数跌约1.3%。大型科技股继续低迷行情，文旅部提醒中国游客近期避免前往日本旅游，旅游股继续下 跌，香港中旅大跌超16%。众安集团跌超8%，其曾持股的百保君日前被曝无法兑付（知名平台人去楼空，涉案金额或超亿元，CEO被带 走）。此外，小鹏汽车跌超8%，蔚来跌3%，理想汽车跌超2%。百度、快手、腾讯等跌超1%。 日本《社会新报》发表的社论指出，高市作为首相的存在本身才是日本的"存亡 ...