Core Viewpoint - U.S. stock futures are showing modest declines as investors await key economic data releases during a holiday-thinned trading week, following a strong performance in the previous session driven by optimism in the AI sector [1][2]. Premarket Activity and Futures Movements - S&P 500 futures are down approximately 0.08%, Nasdaq 100 futures have edged lower by about 0.09%, and Dow Jones Industrial Average futures are down around 0.06% [2]. - Current trading levels are S&P 500 futures near 6,920, Nasdaq 100 futures around 25,650, and Dow Jones futures near 48,650 [2]. - Gold and silver have reached new record highs, while the U.S. dollar has eased [2]. Major Indexes Performance - On Monday, the Dow Jones Industrial Average advanced 0.47%, closing at 48,362.68, while the S&P 500 climbed 0.64% to finish at 6,878.49, and the Nasdaq Composite rose 0.52% to close at 23,428.83 [3][4]. Sector Performance - The gains were broad-based, with technology companies and banks leading the charge, and the Russell 2000 index outperformed with a 1.2% gain [4]. Upcoming Economic Data - Key economic data releases include the final revision of U.S. GDP for Q3 2025, expected to show a growth rate of 3.2%, along with October Durable Goods Orders, November Industrial Production, and December Consumer Confidence Index [5]. Market Schedule and Trading Volume - U.S. stock markets will operate on a shortened schedule due to the Christmas holiday, closing early on December 24th and fully closed on December 25th [6]. Major Stock News - Nvidia shares advanced 1.5% on news of shipping H200 AI chips to China by mid-February [7]. - Oracle climbed 3.2% after news of a joint venture to acquire TikTok's U.S. operations [7]. - Micron Technology added 4% to its stock price, benefiting from positive sentiment surrounding AI stocks [7]. - Tesla shares rose 1.6% after the reinstatement of CEO Elon Musk's pay package [7]. Corporate Developments - Novo Nordisk surged over 7% following FDA approval of its oral Wegovy weight-loss pill [11]. - Paramount increased its hostile takeover bid for Warner Bros. Discovery, with shares rising 3.5% [11]. - Dominion Energy dropped 3.7% after a pause on offshore wind project leases [11]. - Clearwater Analytics Holdings Inc. shares surged 8.1% following an $8.4 billion acquisition announcement [11].

Market Overview - U.S. stock futures rose on Tuesday following a higher close on Monday, with major benchmark indices advancing [1] - Investors are awaiting economic data, including delayed reports on third-quarter GDP and durable goods, as well as updates on industrial production and consumer confidence [1][11] - Trading will be closed on Thursday, with an abbreviated session on Wednesday [1] Treasury Yields and Market Sentiment - The 10-year Treasury bond yielded 4.15%, while the two-year bond was at 3.50% [2] - The CME Group's FedWatch tool indicates an 80.1% likelihood of the Federal Reserve keeping interest rates unchanged [2] Stock Performance - Major indices showed slight gains: Dow Jones up 0.04%, S&P 500 up 0.07%, Nasdaq 100 up 0.11%, and Russell 2000 up 0.02% [2] - The SPDR S&P 500 ETF Trust (SPY) increased by 0.10% to $685.52, and the Invesco QQQ Trust ETF (QQQ) rose by 0.15% to $620.15 [2] Stocks in Focus - Parsons Corp. (PSN) jumped 6.16% after winning a contract under the Missile Defense Agency's SHIELD program [4] - XMax Inc. (XWIN) shares fell 4.45% after filing for a public offering of 1.1875 million shares at $4.21 each [4] - ZIM Integrated Shipping Services Ltd. (ZIM) rose 7.29% after receiving acquisition proposals and is evaluating offers [4] - Trump Media & Technology Group Corp. (DJT) increased by 1.80% after purchasing over $40 million in Bitcoin [4] Economic Insights - LPL Research anticipates a generally positive outlook for the U.S. economy and stock market in 2026, with a modest slowdown expected early in the year before a rebound [8] - The bull market is projected to extend, driven by AI investment and easing monetary policy, with a year-end S&P 500 target range of 7,300–7,400 [9] Strategic Recommendations - LPL's committee maintains a tactical neutral stance on equities, advising investors to prepare for volatility while favoring growth style over value [10]

Market Overview - Asian shares showed mostly positive movement, influenced by gains on Wall Street, indicating a relatively calm holiday trading week [1] - U.S. futures remained nearly unchanged, suggesting stability in the market outlook [1] Commodity Prices - Gold prices reached a new record, rising 1.1% to $4,519.50, while silver increased by 1.5%, reflecting ongoing gains throughout the year [1] Currency Exchange Rates - The dollar traded at 156.01 yen, down from 157.04 yen, while the euro rose to $1.1782 from $1.1762, indicating fluctuations in currency values [2] Regional Market Performance - Hong Kong's Hang Seng index fell 0.1% to 25,774.14, while the Shanghai Composite index edged up 0.1% to 3,919.98 [2] - South Korea's Kospi increased by 0.3% to 4,117.32, and Australia's S&P/ASX 200 jumped 1.1% to 8,795.70 [2] - Taiwan's Taiex advanced by 0.6%, while India's Sensex remained nearly unchanged [2] Economic Reports - Upcoming economic reports include the first estimate of U.S. GDP for Q3 and weekly jobless claims data, which are expected to provide insights into the U.S. economy [3][4] U.S. Market Performance - On Monday, the S&P 500 rose by 0.6%, the Dow Jones Industrial Average gained 0.5%, and the Nasdaq composite increased by 0.5% [5] - The Russell 2000 index outperformed other major indexes with a 1.2% gain, indicating strong performance among smaller companies [5] Technology Sector - Technology companies, particularly those focused on artificial intelligence, have been significant drivers of market fluctuations, with their performance likely influencing the overall market trend for December [6] - Uber and Lyft saw stock increases of 2.5% and 2.7%, respectively, following announcements of plans to introduce robotaxi services in London next year [6] Corporate Actions - Paramount Skydance's stock rose by 4.3% after enhancing its hostile takeover bid for Warner Bros. Discovery, supported by a substantial financial guarantee from Larry Ellison [7]

有记者问：近期有媒体报道称，安世东莞厂的晶圆库存目前处于较低水平，开始导致包括在中国的中外 汽车制造商出现芯片短缺。请问您对此有何评论？此外，上周闻泰科技（37.620， 0.41， 1.10%）（维 权）与安世荷兰进行了协商，请问协商进展如何？ 答：我注意到你提到的媒体报道。中国政府本着对全球半导体产供链负责任的态度，已采取切实措施， 对合规的、用于民用用途的芯片出口予以豁免，为半导体供应链稳定畅通创造了必要条件，同时督促企 业尽快通过协商解决内部纠纷。 不区分贷款机构、贷款类型 央行面向个人推出信用修复政策 专题：短期扰动近尾声 逢低布局成长风格 【头条要闻】 中方最新发声：荷政府应立即撤销行政令 商务部新闻发言人就安世半导体问题答记者问 2026年1月1日起，中国人民银行将实施一次性信用修复政策。对于部分已还清欠款的违约者，征信记 录"一朝逾期、展示五年"的情况将有所改变。 12月22日，中国人民银行发布一次性信用修复政策，明确对满足一定条件的个人信贷逾期信息，在金融 信用信息基础数据库（即"中国人民银行征信系统"）中不再展示。本次政策适用时间覆盖2020年年初至 2025年年底，适用范围覆盖所有已经还 ...

Core Viewpoint - Netflix enters 2026 with significant momentum and uncertainty, focusing on expanding its ad business, refining content strategy, and pursuing new growth avenues while facing a critical challenge in acquiring Warner Bros. Discovery's assets [1][17]. Group 1: Warner Bros. Acquisition - The acquisition of Warner Bros. is a crucial test for Netflix, involving regulatory approval and competition from Paramount Skydance, which has made a counteroffer of $108.4 billion, approximately $25 billion higher than Netflix's bid [4][6]. - Regulatory concerns from U.S. and European authorities regarding market power and consumer impact may complicate the acquisition process, potentially requiring divestitures or exclusivity limits [5]. - The outcome of this acquisition battle will significantly influence Netflix's cash flow, debt levels, and capital allocation priorities for the remainder of the decade [7][8]. Group 2: Advertising Business - Netflix's ad-supported tier has over 190 million monthly active viewers, positioning it competitively with major TV networks and digital platforms, but it must convert this scale into sustainable, high-margin revenue [9][10]. - Management aims to double ad revenue in 2025, but the lack of separate reporting for ad revenues makes it challenging for investors to assess performance [10]. - Key metrics to monitor include clearer disclosures, average revenue per user (ARPU) momentum, and the ability to grow advertising revenue through economic cycles in 2026 [12]. Group 3: Operational Discipline - Despite the focus on the Warner acquisition, Netflix must maintain operational discipline in its core business, having achieved strong margin expansion and rising free cash flow in 2025 [13][16]. - The company is also investing in live sports, gaming, and physical experiences, which adds operational complexity and requires careful management of resources [15]. - Investors should keep an eye on operating margin trends, cash flow generation, and content investment efficiency to gauge Netflix's operational discipline [16].

Mergers and Acquisitions in Media and Entertainment - Paramount's Sky Dance amended its bid for Warner Bros Discovery, including a personal financial guarantee from Oracle Chairman Larry Ellison to ensure the $40 billion is available [1][5] - Netflix is also in the running to acquire Warner Bros Discovery, leading to a bidding war [5][49] - The value of cable networks is a key point of contention between potential acquirers like Netflix and Paramount, as Netflix would likely spin them off [8][9][14][16] - Potential regulatory concerns exist regarding who ends up owning CNN [13] - Warner Bros Discovery may make out nicely in the deal, as historically sellers in media deals tend to benefit more than buyers [22] AI and Technology - Chinese chipmakers are rushing to IPOs amid the country's push for technological self-reliance, with potential to rival NVIDIA [1][33][34] - China is investing heavily in domestic chip companies, with Bloomberg reporting up to $70 billion for semiconductors [34] - Google is buying Intersect Power for $4.7 billion in cash plus existing debt to develop clean energy for its data centers [27] - New York has signed a bill into law restricting the most advanced AI, making it the second state to pass AI curbs [1][65] Market Trends and Analysis - The NASDAQ 100 is up 4/10 of a percent, reflecting a spectacular year driven by Big Tech and AI [2] - Big Tech companies are increasingly investing in clean energy to power their data centers [3][28] - AI is rewriting how content is created and monetized, leading to legal ramifications regarding intellectual property [56][59][60] - The pace of innovation in AI is accelerating, with Gemini Three representing a significant step in performance [80]

Core Viewpoint - Warner Bros. Discovery has received an unsolicited amended tender offer from Paramount Skydance Corporation to acquire all outstanding shares of its common stock, following a previous offer that was unanimously rejected by the WBD Board due to inadequate value and significant risks [1][3]. Group 1: Tender Offer Details - The amended tender offer from Paramount Skydance is a follow-up to a previous offer made on December 8, 2025, which was rejected by the WBD Board [3]. - The WBD Board will review the amended tender offer in consultation with independent financial and legal advisors, while adhering to the terms of its existing agreement with Netflix [2][4]. - WBD stockholders are advised not to take any action regarding the amended tender offer until the Board completes its review and provides a recommendation [4]. Group 2: Board's Position and Advisors - The WBD Board has not changed its recommendation concerning the Netflix Merger Agreement despite the new tender offer from Paramount Skydance [4]. - Financial advisors for Warner Bros. Discovery include Allen & Company, J.P. Morgan, and Evercore, while legal counsel is provided by Wachtell Lipton, Rosen & Katz, and Debevoise & Plimpton LLP [5].

We start off with the latest chapter in [music] the battle for Warner Brothers Discovery. WBD shares popping three and a half% today after Paramount Skyance beefed up its bid for the media giant. While the $30 a share cash offer stays the same, Larry Ellison, the father of Peace Sky CEO David Ellison, is stepping in, personally guaranteeing over $40 billion in equity financing.It comes almost a week after Warner advised it shareholders to reject Paramount's hostile bid, setting concerns over the Ellison fam ...

Do you think that the deal has to be sweetened. It can't just be about more for a breakup fee or good for the money in terms of Larry Ellison. >> Yeah, you know, it's a very clear picture of who's got the leverage here.Clearly WBD has suitors and David Zastaslav can just sit and fold his arms and say, "Look, you're not talking in my good ear yet, Paramount." And it's a it's not a dumb way to try to drive their offer up even higher. And that wouldn't surprise me. >> What do you think could be the quibbling a ...

Do you think that the deal has to be sweetened. It can't just be about more for a breakup fee or good for the money in terms of Larry Ellison. >> Yeah, you know, it's a very clear picture of who's got the leverage here.Clearly WBD has suitors and David Zastaslav can just sit and fold his arms and say, "Look, you're not talking in my good ear yet, Paramount." And it's a it's not a dumb way to try to drive their offer up even higher. And that wouldn't surprise me. >> What do you think could be the quibbling a ...