with the Dow falling more than 550 points. Yu Finance's Jared Blickry joining us now with the trading day takeaways. Jared, >> thank you.We got to talk about the 50-day moving average. Continuation of the conversation we had late last week and today was a finally a fail for certain markets and let's take a look at the S&P 500 because as you might remember, it has been in play. This is the S&P 500 year to date.I'm going to plug our 50-day moving average over it. And you can see, hard to see here, but we just ...

Key Points The U.S. was way ahead of any other country or region in U.S. quantum computing patents awarded in 2024. IBM and Alphabet were light-years ahead of other companies in terms of 2024 U.S. quantum computing patents. Among the pure-play quantum computing companies, Rigetti had the most U.S. quantum patents obtained in 2024. 10 stocks we like better than Nvidia › Quantum computers promise to be able to solve problems that classical computers either cannot solve or would take many years to s ...

Core Insights - Nvidia's earnings report exceeded Wall Street expectations, leading to initial market relief but ultimately resulting in a sell-off, with the S&P 500 down 1.5% and Nvidia down over 3% on the day following the announcement [3][7]. Financial Performance - The blended net profit margin for the S&P 500 for Q3 2025 is reported at 13.1%, the highest in 15 years, surpassing both the previous quarter and year-ago margins [8]. Market Sentiment - Despite Nvidia's strong earnings, the market reaction was negative, indicating a disconnect between excellent earnings and market performance, suggesting that investors felt blindsided [7][8]. Investor Psychology - The market's violent reaction to Nvidia's earnings is attributed to a combination of factors, including increased scrutiny from short sellers and concerns over rising receivables outpacing sales growth [9][10]. AI Industry Outlook - Experts believe AI is entering a new growth phase, termed the Economic Singularity, where AI-driven output and innovation will reshape the economy [11]. Financing Dynamics - The shift from cash financing to debt financing among Big Tech companies introduces risks, as evidenced by Nvidia's rising accounts receivable and the complex financing dynamics within the AI sector [13][14]. Long-term Perspective - Despite current market volatility, maintaining a long-term investment perspective is emphasized, as stocks have historically provided substantial gains over time [20].

Core Insights - AMD is not a leader in the AI computing race, which is dominated by Nvidia, but the company is making strides to become a viable alternative [1] - CEO Lisa Su has made projections that are causing skepticism to reconsider investing in AMD [2] Business Overview - AMD's revenue is less concentrated in data centers compared to Nvidia, with 49% of its total revenue coming from data centers, 44% from client and gaming segments, and 9% from embedded processors [4] - Nvidia, in contrast, derives 88% of its revenue from data centers, making it more vulnerable to fluctuations in AI spending [4] Market Dynamics - A slowdown in AI spending would impact Nvidia more significantly than AMD, although AMD would still be affected due to its substantial revenue from data centers [5] - AMD does not anticipate a slowdown in data center spending in the near future [5] Growth Projections - AMD projects a 60% compound annual growth rate (CAGR) for its data center business over the next five years, indicating significant growth potential [7] - In Q3 2025, AMD's data center business experienced a 22% year-over-year increase, suggesting that recent product launches position AMD competitively against Nvidia [7] - The company believes the AI revolution will continue to drive growth, positioning AMD favorably in the market [8]

（来源：上林下夕） 表面繁荣的财报背后，客户集中度飙升、循环融资模式引发质疑、地缘政治风险加剧，这家 AI芯片巨头正面临前所未有的增长悖论。 英伟达2026财年第三财季营收达到创纪录的570亿美元，同比增长62%，净利润319亿美元， 同比增长65%。然而这份远超市场预期的财报背后，却隐藏着令人不安的信号——应收账款 周转天数延长至53天，库存环比暴涨32%至198亿美元，前四大客户销售占比持续攀升。更 值得关注的是，英伟达与OpenAI等企业建立的循环融资模式正引发市场严重担忧。这种通 过投资客户来维系业务增长的模式，在不同经济周期下的可持续性面临严峻考验。 来源：市场资讯 01 完美财报下的隐忧：53天DSO背后的信号 2025年11月19日，英伟达交出了一份令市场瞠目的财报成绩单。2026财年第三财季，这家 AI芯片巨头实现营收570.1亿美元，净利润达到319.1亿美元，同比分别增长62%和65%，均 超出市场预期。 然而，在这片繁荣景象之下，风险信号已经悄然浮现。财报中最不起眼却最关键的一个数字 是：应收账款周转天数（DSO）达到53天，较英伟达历史平均的46天延长了7天。以英伟达 日均收入6.26 ...

Market Overview - Stocks experienced a rebound on Friday, with the Dow Jones Industrial Average and the S&P 500 each gaining about 1%, while the Nasdaq Composite rose 0.9%. However, these gains were not sufficient to recover earlier losses for the week, with the S&P 500 and Dow both down approximately 2% and the Nasdaq down 2.7% [1] - New York Fed President John Williams indicated that a rate cut in December remains a possibility, citing labor-market weakness as a greater threat to the economy than inflation. Market expectations for a 25-basis-point rate cut next month surged to about 71%, a significant increase from 39% the previous day [1] Company Earnings - Nvidia reported strong quarterly earnings that exceeded Wall Street estimates, leading to a rally in tech stocks. The company raised its current-quarter sales guidance, prompting a price target increase from $225 to $230 [1] - Home Depot missed quarterly earnings expectations and lowered its full-year outlook, resulting in a decline in shares. The price target was adjusted down from $440 to $420 [1] - TJX Companies beat earnings estimates across all operating segments for the third consecutive quarter, although shares fell due to profit-taking. The price target was raised from $150 to $160 [1] - Palo Alto Networks delivered a strong quarter, exceeding estimates on key metrics and announcing the acquisition of Chronosphere for approximately $3.35 billion, which could enhance its growth prospects [1] Portfolio Adjustments - The investment club initiated a new position in Procter & Gamble, citing its strong growth track record and consistent organic sales growth over 40 consecutive quarters [1] - The club reduced its position in Disney by half following a disappointing earnings report, realizing a 3% gain on shares purchased between 2022 and 2023 [1] - Eli Lilly's stock reached an all-time high, surpassing $1 trillion in market capitalization, leading to a price target increase from $925 to $1,100, while the rating was downgraded to a hold-equivalent [1] - The club also increased its position in Corning amid market weakness, viewing it as an opportunity to acquire shares of a leader in fiber optic cables [2]

Core Viewpoint - The $3 trillion market cap club is expected to expand, with several companies potentially joining within the next three years, including Amazon, Broadcom, Meta Platforms, Taiwan Semiconductor, and Tesla [1][2]. Company Summaries - **Amazon**: Currently valued at $2.54 trillion, it requires an 18% increase to reach the $3 trillion mark, which is deemed achievable by 2026 [3][4]. - **Broadcom**: With a market cap of $1.62 trillion, it needs an 85% increase, translating to a compounded annual growth rate (CAGR) of 21%. Recent revenue growth of 22% and a significant 63% growth in its AI division suggest it could reach the target by 2028 [5][6][8]. - **Meta Platforms**: Currently valued at $1.54 trillion, it requires a 95% increase. Despite challenges related to high capital expenditures for AI, it achieved a 26% revenue growth in Q3, which is above the necessary CAGR of 23% to reach $3 trillion by 2028 [9][8]. - **Taiwan Semiconductor**: Valued at $1.48 trillion, it needs a 103% increase. It is the fastest-growing company on the list, with a remarkable 41% revenue growth in Q3, positioning it well to achieve the $3 trillion valuation [10]. - **Tesla**: Currently valued at $1.35 trillion, it requires a 122% increase. Its valuation is heavily influenced by market sentiment, making its future uncertain, but it could potentially reach the $3 trillion mark depending on developments like the rollout of robotaxis [12][13].

The S&P 500 (SP500) closed in the green on Friday, after investors during the week saw earnings report from Nvidia and consumer giants including Walmart and Target. For the week, Nasdaq (COMP:IND) and Dow (DJI) fell 2.7% AND ...

Core Insights - The U.S. stock market experienced its worst week in approximately a month, despite a strong quarterly report from Nvidia [2] - The Nasdaq Composite, which is tech-focused, started the week positively but ended with a decline of 3%, indicating a reversal in investor sentiment [2]

Core Viewpoint - AMD's Q3 report was solid, but the stock has faced a sell-off due to macroeconomic uncertainties and competitive pressures in the AI market [2][3][6]. Financial Performance - AMD's data center business generated $4.3 billion in revenue during Q3, reflecting a 22% year-over-year growth, although this growth is less impressive compared to Nvidia [6]. - The company's operating margin decreased by 400 basis points, raising concerns about profitability [6][7]. Market Context - The semiconductor industry has benefited from the AI revolution, with companies like Nvidia leading the market, while AMD is seen as lagging behind [1][2]. - The U.S. government shutdown created macroeconomic uncertainty, impacting investor sentiment towards AMD [3][4]. Competitive Landscape - Nvidia's CEO estimates the AI market in China to be worth $50 billion annually, presenting a significant opportunity, but geopolitical tensions complicate AMD's ability to penetrate this market [4][5]. - AMD has been able to build and scale its AI accelerator platform in a short time, which is notable given Nvidia's first-mover advantage [9]. Strategic Positioning - AMD is well-positioned to capture market share in AI infrastructure, with expected capital expenditures in this area reaching $3 trillion to $4 trillion in the coming years [10]. - The company has secured multi-year contracts with hyperscalers like Oracle, Meta Platforms, and Microsoft, which are expected to enhance revenue and profit margins over time [11]. Supply Chain Considerations - AMD's reliance on Taiwan Semiconductor for GPU manufacturing raises concerns about potential supply chain disruptions due to geopolitical tensions [12]. Valuation Perspective - AMD shares currently trade at a forward P/E ratio of 58, which may seem high, but the company's earnings profile is still in a growth phase, potentially leading to a more normalized valuation in the future [13][15]. - Despite recent sell-offs, AMD's stock has gained 91% in 2025, indicating strong market momentum prior to the earnings report [12]. Investment Outlook - Given AMD's progress in securing contracts and management's guidance for increased revenue and profitability, the stock is viewed as a compelling opportunity to buy and hold in the AI infrastructure era [16][17].