Core Viewpoint - November was challenging for technology stocks, but the Nasdaq-100 is showing signs of recovery, with a potential new all-time high on the horizon [3][12]. Group 1: Nasdaq-100 Performance - The Nasdaq-100 index experienced a decline of up to 7% in November but has nearly recovered, needing less than a 2% gain to reach a new all-time high [3]. - The Invesco QQQ Trust, an ETF that tracks the Nasdaq-100, has historically provided a compound annual return of 10.5% since its inception in 1999, despite various market downturns [11][12]. Group 2: Major Holdings in Invesco QQQ - The top 10 holdings in the Invesco QQQ ETF account for 55.3% of its total portfolio value, indicating a high concentration in a few key companies [5]. - Nvidia, Apple, Microsoft, and Alphabet are among the top holdings, with Nvidia alone representing 9.36% of the portfolio [6]. Group 3: Industry Trends and Innovations - Companies like Nvidia and Broadcom are pivotal in supplying chips for data centers, essential for AI development, while Nvidia is also advancing in autonomous vehicle technology [7]. - Microsoft, Alphabet, and Amazon are leading in AI and cloud computing, providing services that facilitate AI software development [8]. - Tesla is focusing on futuristic products like the Cybercab and Optimus robot, which could significantly enhance its value beyond its current electric vehicle business [9]. Group 4: Broader Portfolio Composition - The Invesco QQQ ETF includes a diverse range of companies beyond technology, such as Costco Wholesale, PepsiCo, and Starbucks, highlighting its varied investment strategy [10]. Group 5: Future Outlook - The technology sector is expected to continue evolving, with emerging technologies like autonomous vehicles and robotics likely to drive future growth [15]. - Investors are encouraged to maintain a long-term perspective when investing in the Invesco QQQ ETF, as the Nasdaq-100 has a historical tendency to trend upward over time [12].

Equity Research 9 December 2025 | 9:05PM HKT Baidu.com Inc. (BIDU): Baidu assessing chip subsidiary Kunlunxin's potential spin-off and listing, a step toward unlocking value; Buy What happened: On Dec. 7, Baidu issued a voluntary announcement noting it is in the process of assessing Kunlunxin (Kunlun chip) for a 'Proposed Spin-off and Listing'. Per the release, if it proceeds, the proposed spin-off and listing would be subject to the relevant regulatory approval process. Separately, per a Reuters article, a ...

AI chipmakers are suddenly inseparable in investors’ minds. Companies that control the chips powering large language models can capture outsized growth, and sometimes that promise is best realized by spinning a unit out so the market can value it on its own. Big-cap tech spinoffs have a history of unlocking shareholder value, but they also carry execution and regulatory risk. That’s precisely what’s on the table at Baidu (BIDU). The company has confirmed it is assessing a spinoff and potential listing of ...

Core Insights - Autonomous driving is primarily associated with companies like Alphabet's Waymo and Tesla, which are competing to dominate the global robotaxi market [1] Company Analysis - Alphabet's Waymo and Tesla are the leading players in the autonomous driving sector, focusing on the robotaxi space [1] Investment Perspective - The analysis emphasizes a fundamentals-first approach to investment, despite the current market environment being influenced by sentiment and technical factors [1]

Core Investment Thesis - Baidu (BIDU) presents an attractive investment opportunity in China's technology sector, trading at a forward price-to-earnings ratio of 20.37x, significantly lower than the Zacks Internet-Services industry's 29.57x and the Zacks Computer and Technology sector's 29.03x [1][2] Apollo Go Expansion - Baidu's Apollo Go has achieved early commercial viability, providing 3.1 million fully driverless rides in Q3 2025, a 212% increase year-over-year, with cumulative rides exceeding 17 million by November 2025 [5] - The platform's expansion into Switzerland and Abu Dhabi, along with broader testing in Hong Kong, indicates growing regulatory confidence in its technology [5] - Apollo Go operates in 22 cities with 100% fully driverless service in major Chinese markets, maintaining a competitive edge despite rising competition from Tesla and Alibaba-backed AutoX [5] AI Infrastructure and Long-Term Growth - Baidu's AI infrastructure strategy, centered around the ERNIE 5.0 model, is a key driver for long-term growth as enterprises transition to AI-native workflows [6] - The AI Cloud Infrastructure generated RMB 4.2 billion in Q3 2025, reflecting a 33% year-over-year increase, despite competition from Alibaba Cloud and Tencent [6] Advertising Business Challenges - Baidu's online marketing revenues fell 18% year-over-year in Q3 2025 to RMB 15.3 billion, impacted by a weak advertising market and competition from e-commerce and social media platforms [8] - The core advertising segment, historically a major revenue source, faces pressure from macroeconomic uncertainties and shifts in advertiser preferences [8] Share Price and Earnings Trends - Baidu shares increased by 45.8% over the past year, underperforming the Zacks industry's 67.7% growth and trailing Alibaba and Tencent's gains [9] - The Zacks Consensus Estimate for Q4 earnings per share is $1.50, indicating a 42.97% year-over-year decline, while the 2025 earnings estimate is $7.16 per share, reflecting a 32% annual decline [12] Conclusion - Baidu's investments in AI, cloud services, and autonomous driving position it well within China's technology transformation, but ongoing advertising weakness and uncertain AI monetization timelines limit near-term profitability [13] - The stock's valuation discount compared to industry peers suggests a cautious investor sentiment, with existing shareholders advised to hold and new investors potentially waiting for a clearer entry point [13]

Core Insights - Rivian Automotive, Inc. is focused on driving efficiencies to self-fund its unique technologies, particularly in autonomous driving training, while maintaining disciplined spending [1][4] Group 1: Company Strategy and Growth - Rivian is committed to seeking new efficiencies and streamlining expenses as it prepares for the R2 model launch next year, with a priority on scaling the business to support increased volume [2] - Research and development (R&D) spending is expected to rise leading up to the R2 launch, driven by ongoing prototype development and validation builds at its Normal, IL plant [3] - Rivian anticipates a tapering of external spending once the R2 enters production, with R&D levels normalizing by 2026 while continuing to invest in long-term autonomous training initiatives [4][8] Group 2: Competitive Landscape - Rivian's competitors, such as Lucid, are facing challenges with adjusted EBITDA losses and negative free cash flow due to high R&D and marketing expenditures [5] - Ford's Model e segment is struggling with significant losses, projected at $5.07 billion in 2024, exacerbated by pricing pressures and high costs associated with new EV development [6] Group 3: Financial Performance and Valuation - Rivian has outperformed the Zacks Automotive-Domestic industry year to date, with shares gaining 32.4% compared to the industry's 16.2% growth [7] - From a valuation perspective, Rivian appears overvalued with a forward sales multiple of 3.25, higher than the industry's 3.42 [10] - The Zacks Consensus Estimate for Rivian's loss per share has narrowed for 2025 and 2026, indicating slight improvements in expectations [11]

Tesla stock climbed 1.5% to $446.35 on Tuesday, outpacing broader US equity benchmarks. The S&P 500 and Dow Jones Industrial Average gained 0.1% and 0.2%, respectively, as the electric-vehicle maker benefited from new optimism around its progress toward fully autonomous driving. Copy link to section While autonomy gains boosted sentiment, global sales data painted a more varied picture. According to the firm, "Austin data imply 40k miles between crashes (7 NHTSA incidents in ~280k miles)… at 13k miles/year, ...

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A couple of months ago, Musk ignited a fresh rally. After securing a staggering compensation package potentially worth up to $1 trillion, he made his first personal share purchase in five years for roughly $1 billion. This insider buying spree stunned Wall Street and wiped out TSLA’s year-to-date (YTD) losses in a matter of days. Since then, momentum has quietly rebuilt. The stock is up 2.16% over the past five days, and although it is trading about 7.28% below November’s YTD high of $474.07, Tesla’s shares ...

Core Insights - Waymo has increased its weekly robotaxi rides to 450,000, nearly double the 250,000 rides reported six months ago [1][2] - The company is planning to expand its service to 12 additional cities by 2026, including Dallas, Denver, Houston, Nashville, and San Diego [3] Company Performance - Waymo's current weekly ride count reflects significant growth and operational scaling [2] - The increase in rides is part of an aggressive rollout strategy, indicating strong demand and operational capacity [3] Future Expansion - Waymo is set to expand its commercial robotaxi services from five cities to a total of 17 cities by 2026 [3] - The expansion plan highlights the company's commitment to increasing its market presence and service availability [3]