Market Overview - US equity futures are up sharply, led by tech and small caps, with the S&P 500 on track for its best September since at least 2013, despite the month typically being difficult for stocks [1] - Gold prices have reached a record high of $3,820, pushing the market value of US gold reserves above $1 trillion [9] - A potential US government shutdown could complicate a heavy data week, impacting labor market data releases [1][3] Company-Specific Developments - Mag 7 stocks are mostly higher in premarket trading, with notable gains for Amazon (+1%), Alphabet (+0.8%), and Nvidia (+0.8%) [3] - Genmab's acquisition of Merus for $8 billion has led to a 37% surge in Merus shares [5] - Occidental Petroleum is in talks to sell its OxyChem petrochemical unit for at least $10 billion, resulting in a 1.5% gain in its shares [5] - MoonLake Immunotherapeutics shares plummeted 88% following disappointing clinical trial results [5] - Tilray shares rose 16% after President Trump promoted the medical benefits of hemp-derived CBD [5] Economic Indicators - The US economy is expected to add 50,000 jobs in September, with the unemployment rate projected to remain steady at 4.3% [4] - The JOLTS report is anticipated to show a decline in job openings, while company hiring data is likely to confirm a slowdown [4] - Fed policymakers are scheduled to speak throughout the week, influencing market expectations regarding interest rates [4][3] Global Market Trends - Global stocks are expected to continue their rally through year-end, supported by a resilient US economy and a dovish Fed stance [5][6] - European stocks are experiencing gains, with the Stoxx 600 climbing 0.4%, driven by optimism around economic growth and AI advancements [7] - Asian equities are mostly advancing, particularly Chinese tech stocks, with the Hang Seng index climbing for the first time in three sessions [8] Commodity Market Insights - WTI crude futures are trading around $65.30 amid expectations of OPEC+ output hikes, while precious metals continue their upward trend [1][13] - The Bloomberg Dollar Spot Index has fallen 0.2% as fears of a government shutdown emerge, impacting currency valuations [12]

Core Insights - Chinese automakers reported a total of 1.395 million new energy vehicle (NEV) sales in August 2025, marking a 27% increase year-on-year, although growth has slowed significantly in the domestic market recently [1][2] Industry Performance - The NEV segment, which includes plug-in hybrid vehicles and zero-emission vehicles, has experienced a slowdown in growth despite government incentives and discounts from manufacturers [2][7] - In 2024, global NEV sales surged over 35% to 12.9 million units, with exports rising by 7% to 1.28 million units, accounting for approximately 41% of total vehicle output in China [2][5] - NEV sales in the first eight months of 2025 increased by 37% year-on-year to 9.622 million units, representing over 45% of global deliveries from Chinese automakers [5] Key Players - Major players driving growth in the NEV market include BYD and Geely, along with numerous startups like Leapmotor, Li Auto, and Xpeng, which have established significant operations in the last decade [3] - BYD has seen a remarkable 41% increase in global sales to 4.3 million units in 2024, surpassing SAIC Motor as the largest vehicle manufacturer in China [4] - Geely's NEV sales nearly doubled to over 1 million units in the first eight months of 2025 [4] Domestic Market Trends - Domestic NEV sales, excluding exports, rose by 31% to 8.091 million units, but growth has sharply slowed in recent months, with August sales growing by only 18% to 1.171 million units [6] - Retail data indicates that passenger NEV sales increased by just 7.5% to 1.1 million units in August, with BEV sales up by 17% to 686,000 units, while passenger PHEV sales declined by nearly 7% to 414,000 units, suggesting market saturation [7]

Core Insights - 36Kr Holdings Inc. has made significant progress towards profitability, showcasing improvements in cost optimization, profitability, and strategic growth initiatives during the first half of 2025 [1][2]. Financial Performance - Total revenues for the first half of 2025 reached RMB93.2 million, with online advertising contributing RMB74.5 million [3]. - Advertising revenue from AI/large-model offerings increased by over 50% year-over-year, while revenue from sub-vertical media channels for younger audiences grew by 30% year-over-year [3]. - Gross profit margin improved to 54.4%, up 10 percentage points year-over-year [3]. - Operating expenses decreased by 52.3% to RMB55.86 million compared to the same period in 2024 [4]. - Net loss narrowed significantly by 95% year-over-year, amounting to RMB4.8 million, marking the strongest performance in recent years [4]. Content Ecosystem and User Engagement - 36Kr's content ecosystem saw a 9.9% year-over-year increase in followers, reaching over 36.57 million [4]. - WeChat Channels followers surged by 69% year-over-year, while the "Waves" official account followers expanded by 44% year-over-year [4]. - Major events like the "WAVES" and the 2025 AI Partner Summit achieved over 100 million views [4]. AI and Industrial Services - The company has launched multiple AI tools, generating 993 AI-driven reports and engaging 25,000 users [5]. - 36Kr's service model for global expansion has gained traction, hosting over 10 events focused on global expansion in the first half of the year [6]. - The company connected over 200 enterprises across key sectors, including low-altitude economy and advanced manufacturing [6]. Strategic Initiatives - In the second half of 2025, 36Kr plans to focus on three strategic initiatives: upgrading original content, commercializing AI products, and scaling industrial services to achieve break-even [7]. - The operational results validate the effectiveness of the company's "content + technology + industrial services" strategy [8].

Core Insights - Nvidia CEO Jensen Huang suggests that U.S. policies aimed at curbing China's AI advancements may have inadvertently boosted domestic competitors like Huawei [1][4] - Huang emphasizes that China's AI capabilities should not be underestimated, describing Chinese firms as innovative and competitive [2][3] Group 1: China's AI Landscape - Huang argues that assumptions about China lagging behind the U.S. in AI innovation are incorrect, stating that the gap is minimal [3] - He highlights China's strong manufacturing capabilities and intense work culture as factors contributing to its rapid technological advancements [3] - Nvidia previously held a 95% market share in China's AI chip market before U.S. export controls reduced its presence [4] Group 2: U.S. Competitive Strategy - Huang calls for the U.S. to empower its technology sector rather than impose restrictions, asserting that American innovation is at a critical juncture [5] - He stresses the importance of allowing U.S. technology to expand globally to ensure the industry's survival and leadership [6] Group 3: Nvidia's Performance - Despite challenges in China, Nvidia reported a second-quarter revenue of $46.74 billion, a 56% increase year-over-year, surpassing Wall Street estimates [8] - For the third quarter, Nvidia projects revenue between $52.92 billion and $55.08 billion, excluding shipments of specific chips to China [9]

Huawei aims to hike production of its most advanced AI chips by around 60% next year as part of its plan to unseat Nvidia in China https://t.co/vkYTe24hsc ...

Core Insights - Super Micro's shares have experienced significant volatility over the past two years, failing to reach their record peak from early 2024, while CoreWeave's stock has declined from its June peak following a surge in demand post-IPO [1] - The AI spending boom is drawing parallels to the telecom bubble of the late 1990s, raising concerns about potential bankruptcies and financial instability [3][7] - Major AI-related companies, including Nvidia, are facing scrutiny over their financial practices, particularly regarding circular financing and the sustainability of their spending [6][10] Company Performance - The Nasdaq Composite index was on track for a fourth consecutive day of declines, marking its longest losing streak since April, although it managed to finish the session positively [4] - Despite creeping doubts affecting major indexes, investor eagerness to buy on dips has limited losses in the market [5] - Nvidia's stock has remained stagnant for nearly two months, closing at $178.19, reflecting a lack of momentum in the AI trade [18] Market Dynamics - A report indicated that 41 stocks associated with AI have driven 75% of the S&P 500's advance since the launch of ChatGPT in November 2022, contributing to 80% of corporate earnings growth and 90% of capital spending growth [9] - Oracle's recent jumbo bond deal has shifted the financing landscape for AI spending, indicating a potential arms race among companies to borrow for data-center build-outs [10] - Analysts are increasingly questioning the sustainability of the AI boom, with concerns about power constraints and the risk of excess data-center capacity [13][14] Investor Sentiment - Some analysts are optimistic about AI but are also exploring risks, noting that service-provider revenues continue to grow and mentions of AI in earnings calls have increased [12] - The AI trade is showing signs of stalling, with technical indicators suggesting it may be overbought, as evidenced by the Global X Artificial Intelligence & Technology ETF reaching a high relative-strength index [19] - Concerns about the AI spending bubble have been echoed by notable figures in the hedge-fund world, with warnings about unchecked data-center spending potentially leading to significant capital losses [17][20]

Trump administration reportedly considering a plan to pressure chip companies to continue to boost their uh domestic manufacturing. Wall Street Journal reporting that the policy would impose a tariff on companies whose customers import more semiconductors than they make in the US. Joining us now is more insights and strategy CEO, chief analyst as well.You got a lot of jobs there, Patrick Moorehead. Uh Patrick, always good to have you. I guess let's start off on that.Again, it's not something that's going to ...

Core Insights - The Trump administration is reportedly considering a plan to pressure chip companies to increase domestic manufacturing by imposing tariffs on those that import more semiconductors than they produce in the US [1][2][3] - This initiative is seen as a response to the insufficient semiconductor capacity in the US, particularly in light of the growing demand from AI data centers [3][4] - TSMC is not prioritizing the deployment of its best technology in the US, which presents an opportunity for Intel to capitalize on this situation [4] Semiconductor Industry - The administration's potential policy could lead to significant changes in the semiconductor landscape, with chipmakers expressing reluctance to alter their current operations [2][3] - Nvidia's recent announcement of a $100 billion partnership with OpenAI raises questions about the sustainability of such large-scale vendor financing in the long term [5][6] - The competitive landscape is shifting, with a preference for American chips over competitors like Huawei, as highlighted by industry leaders [7][8][9] Investment Considerations - Nvidia's position is strong in the short term, but there are concerns about the long-term viability of its revenue targets, particularly with OpenAI aiming for a $125 billion revenue by 2029 [6][9] - The need for American technology to outpace Huawei is emphasized, as the latter has gained significant market share globally [11][12] - The investment thesis for American semiconductor companies remains robust, but there are risks associated with not participating in the growing Chinese market [12]

Core Viewpoint - Xiaomi is set to launch its self-developed smartphone SoC, XRING 01, in late May, aiming to enhance its position in the high-end smartphone market, but it will not follow a yearly release schedule like Apple [1][5]. Group 1: Chip Development Strategy - Xiaomi plans to invest at least 50 billion yuan ($7 billion) over the next decade to develop its own chips, indicating a long-term commitment to semiconductor development [5]. - The company aims to produce 1 million units of the XRING 01 initially, but needs to reach 10 million units per chip release to break even, suggesting a cautious approach to scaling production [7][8]. - Xiaomi's strategy includes learning and planning for future chip generations, acknowledging the need for patience in achieving profitability [5][8]. Group 2: Competitive Landscape - Xiaomi's move to develop its own chips aligns with similar strategies from major competitors like Apple, Samsung, and Huawei, as it seeks to capture a larger share of the premium smartphone market [2]. - The company currently relies on Qualcomm and MediaTek for its smartphone chips but intends to continue this partnership while gradually introducing its own semiconductors [12][13]. Group 3: Technological Integration - The XRING 01 is based on a 3-nanometer manufacturing process, one of the most advanced technologies available, which positions Xiaomi competitively in the semiconductor space [3]. - Developing its own SoC allows Xiaomi to better integrate its hardware with its Android-based operating system, HyperOS, and its AI applications, HyperAI, enhancing user experience [9][11].

Core Insights - The discussion emphasizes the transformative potential of AI, particularly in inference, which is expected to grow exponentially, potentially reaching a billion times increase in capability [1][2][3] - OpenAI is projected to become a multi-trillion dollar hyperscale company, presenting significant investment opportunities for those familiar with the AI space [3][4][5] - The integration of training and inference in AI systems is evolving, with a focus on post-training and reasoning, enhancing the quality of AI outputs [2][6] Company Developments - NVIDIA is actively partnering with OpenAI to build self-sufficient AI infrastructure, moving away from reliance on Microsoft for data center construction [4][5] - The company is experiencing exponential growth in customer demand and computational requirements, necessitating extensive project build-outs [4][5][6] - NVIDIA's revenue is closely tied to the power and performance of its AI infrastructure, with projections indicating a significant increase in data center power requirements [10][11] Market Trends - The shift from general-purpose computing to accelerated computing is highlighted as a critical trend, with AI applications becoming ubiquitous across various sectors [7][8] - The AI industry is expected to grow rapidly, with estimates suggesting AI revenue could reach $100 billion by 2026 and potentially $1 trillion by 2030 [12][13] - The demand for AI-driven solutions is leading to a transformation in traditional computing paradigms, with a focus on enhanced performance and efficiency [9][10] Competitive Landscape - NVIDIA's competitive advantage is attributed to its ability to deliver extreme co-design across hardware and software, enabling significant performance improvements [24][25][26] - The company is positioned to capitalize on the growing demand for AI infrastructure, with a robust supply chain ready to meet customer needs [15][16] - The discussion contrasts NVIDIA's comprehensive AI ecosystem with competitors focusing on ASICs, emphasizing the complexity and scale of AI infrastructure [29][30][31]