Core Viewpoint - The recent sell-off in the market, particularly affecting high-beta momentum trading strategies and AI-related stocks, is attributed to multiple pressure factors, including profit-taking ahead of Nvidia's earnings report, concerns over AI infrastructure investment returns, hawkish comments from the Federal Reserve, corporate layoffs, and year-end portfolio adjustments [1][7][9]. Group 1: Market Performance - The Nasdaq 100 index fell over 2% on Thursday, marking a decline in five out of the last six trading days, with market sentiment shifting towards a defensive stance [2][4]. - High-beta momentum trading (GSPRHIMO) experienced a 7% drop, the largest single-day decline since the DeepSeek event, indicating significant pressure on speculative sectors like AI and cryptocurrency-related stocks [1][4][5]. Group 2: Contributing Factors - Five key factors triggered the recent market downturn: profit-taking before Nvidia's earnings, concerns about inflated power demand in data centers related to AI, hawkish statements from Federal Reserve officials, corporate cost-cutting measures, and the seasonal pressure of year-end portfolio adjustments [9][10][11]. - The market is currently awaiting clearer signals, such as Nvidia's earnings performance and the Federal Reserve's monetary policy direction, to assess when the sell-off might stabilize [7][11]. Group 3: Investment Strategies - High-beta momentum strategies are currently showing a significant correlation with high short interest and high residual volatility, while their correlation with high-quality factors is notably lower than usual [12][14]. - Goldman Sachs' momentum strategy has shifted towards high-beta and cyclical sectors while shorting healthcare, making it particularly vulnerable during this sell-off [14][15]. - The skepticism surrounding AI is increasing, with notable events such as Oracle's credit default swaps widening and SoftBank selling Nvidia shares, impacting the AI thematic basket [15].

Core Viewpoint - America Movil has shown a positive trend in its stock performance, with shares increasing by approximately 3.2% since the last earnings report, outperforming the S&P 500 [1][2]. Financial Performance - For Q3 2025, America Movil reported a net income per ADR of 40 cents, significantly up from 11 cents in the same quarter last year, exceeding the Zacks Consensus Estimate of 36 cents [3]. - The net income for the quarter was Mex$22,700 million, compared to a net loss of Mex$6,427 million in the prior year, with comprehensive financing costs decreasing by 54.5% to Mex$12,899 million [4]. - Total quarterly revenues rose by 4.2% to Mex$232,919 million, driven by growth in both Service and Equipment segments [5]. Subscriber Growth - America Movil gained 235,000 wireless subscribers in Q3, including 98,000 postpaid and 136,000 prepaid subscribers, with significant contributions from Brazil and Colombia [6]. Regional Performance - Colombia experienced a revenue increase of 5.9%, with mobile service revenue growth at 7.8% due to the strong performance of its 5G network [8]. - Argentina's revenues grew by 7% year over year, supported by a recovering economy and strong mobile service revenue growth of 12% [9]. - Central America saw a revenue increase of 10.8%, while other regions like Brazil and Peru also reported positive growth [10]. Cost and Profitability - Total costs and expenses increased by 3.8% to Mex$139,096 million, while EBITDA rose by 5.2% to Mex$93,823 million, maintaining an EBITDA margin of 40.3% [11]. - The operating profit increased by 5.6% to Mex$50.1 billion [12]. Liquidity Position - As of September 30, 2025, America Movil had Mex$96,588 million in cash and short-term investments, against long-term debt of Mex$463,103 million [13]. Market Sentiment and Outlook - There has been a significant upward trend in earnings estimates, with a consensus estimate shift of 152.94% [14]. - America Movil holds a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [16].

Core Viewpoint - The market is experiencing significant sell-offs in technology stocks, particularly those related to AI, due to concerns over massive financing needs and a shift in investor sentiment towards a defensive stance [1][10]. Group 1: Market Performance - The Nasdaq 100 index fell over 2% on Thursday, marking five declines in the last six trading days, with the index only about 5% away from its historical high [1]. - High Beta Momentum Pair Trading (GSPRHIMO) dropped 7% on Thursday, the second-worst performance of the year, indicating a severe sell-off in speculative sectors like AI-related stocks and Bitcoin-sensitive stocks [4][9]. Group 2: Factors Behind the Sell-off - Goldman Sachs identified five key triggers for the recent market downturn: profit-taking ahead of Nvidia's earnings report, concerns over inflated power demand for AI infrastructure, hawkish comments from Federal Reserve officials, corporate cost-cutting announcements, and upcoming economic data releases [6][11]. - The market is currently facing a challenging macro backdrop, with deteriorating performance from internet companies and signs of fatigue in leading sectors like AI and large tech stocks [6]. Group 3: Momentum Trading Strategies - Momentum trading strategies are highly correlated with AI narratives, and the recent sell-off has raised concerns about a potential wave of position liquidations before year-end [7]. - The correlation between momentum factors and high short interest, high residual volatility, and high beta has significantly increased, while the correlation with high-quality factors remains low [7][9]. Group 4: AI Sector Sentiment - AI beneficiary stocks have declined by 9% relative to the S&P 500, excluding the "Magnificent Seven" tech giants, with previous similar pullbacks averaging around 20% [9]. - Skepticism towards AI is rising, influenced by factors such as Oracle's widening credit default swaps and SoftBank's sale of Nvidia shares, which are impacting the AI thematic basket [11].

Group 1 - KT Corporation is under investigation by the National Intelligence Service (NIS) of South Korea for allegedly concealing significant security vulnerabilities [1][3] - From March to July 2024, 43 servers belonging to KT were infected with malware such as BPFDoor, which was not reported to the government [1][3] - The large-scale hacking incident has compromised the security of calls and text messages, raising concerns about customer privacy and potential data leaks [1][3] Group 2 - A report from NIS confirmed a tip-off regarding security vulnerabilities in encrypted messages using KT's network, which could lead to end-to-end encryption failure and data theft during transmission [3] - All small mobile communication base stations operated by KT use the same authentication certificate, which poses a risk if duplicated, allowing unauthorized access to KT's internal network [3] - The investigation is focusing on the causal relationship between the encryption vulnerability and the hacking incident, as well as confirming whether substantial data leaks and damages have occurred [3]

Core Viewpoint - Verizon Communications plans to implement its largest workforce reduction in history, laying off approximately 15,000 employees to address increasing market competition and reduce costs [1] Group 1: Company Actions - The layoffs and the transition of some stores to a franchise model are key measures taken by new CEO Daniel Schulman to reverse the trend of customer loss and improve company efficiency and financial performance [1] Group 2: Market Analysis - Morgan Stanley analysts believe that achieving Schulman's goals will be challenging in the context of a mature U.S. telecommunications industry, but there is potential for Verizon to enhance its operational and financial performance in the long term [1]

Core Viewpoint - SoftBank Group has completely liquidated its holdings in NVIDIA, cashing out approximately $5.8 billion (around 41.5 billion RMB), leading to a significant drop in NVIDIA's stock price and market capitalization [4][10]. Group 1: SoftBank's Investment Journey - A year ago, Masayoshi Son expressed regret over selling NVIDIA shares, highlighting a missed opportunity [8]. - In 2016, SoftBank acquired ARM for $32 billion and attempted to buy NVIDIA, but the proposal was rejected by NVIDIA's CEO Jensen Huang [9]. - SoftBank initially bought NVIDIA shares in 2017 for $4 billion, becoming one of its largest shareholders, but sold them two years later for $7 billion due to the need to lock in returns [9]. Group 2: Recent Developments and Financial Performance - SoftBank's investment in NVIDIA surged to $3 billion by March 2023, capitalizing on NVIDIA's stock performance, which had increased over tenfold in a year [10][12]. - The decision to sell all NVIDIA shares in October 2023 surprised the market, as it was seen as a strategic exit at a high point [10]. - SoftBank's Vision Fund reported a significant profit, with a net profit of 2.5 trillion yen (approximately $16 billion) in Q2, driven by investments including OpenAI [12]. Group 3: AI Bubble Concerns - There are growing concerns about a potential AI bubble, with significant market corrections anticipated in the near future [5][16]. - Major financial figures, including Jamie Dimon, have warned about the risks associated with inflated asset prices in the AI sector [16]. - The AI investment landscape has seen a surge, with venture capital investments reaching $160 billion in the first three quarters of 2023, raising questions about sustainability [17][18].

Core Insights - Vista Equity Partners plans to cut one-third of its workforce over the next few years, leveraging AI to replace operational and junior analyst roles, amidst a significant rise in layoffs across the U.S. labor market [1][2][5] - The company currently employs about 700 people directly, while its portfolio companies employ around 10,000 [2][3] Group 1: AI's Impact on Employment - The layoffs at Vista are part of a broader trend where AI is seen as a key tool for reducing labor costs across various sectors, including technology and finance [2][5] - Goldman Sachs predicts that the unemployment rate may rise to 4.5% in the next six months, with AI being a major driver of this trend [2][6] Group 2: Industry-Wide AI Adoption - Other companies, such as Klarna, have also significantly reduced their workforce by utilizing AI to take over the roles of departing employees, demonstrating a structural shift in the job market [4] - British Telecom has announced plans to replace or manage 10,000 jobs with AI as part of a larger reduction of 55,000 positions [5] Group 3: Future Employment Landscape - Vista's CEO, Robert F. Smith, has warned that a significant portion of the workforce may face job loss due to AI, while also suggesting that new job opportunities may arise from this technological shift [3] - The rapid adoption of AI since the launch of ChatGPT in November 2022 has made it a central topic in discussions about workforce reductions in high AI adoption sectors like technology, finance, and real estate [5][6]

Market Overview - The Hang Seng Index (HSI) has support at 25,824 and resistance at 27,862, with a cumulative increase of 3.2% since November, driven by financial and technology stocks [1] - The Hang Seng China Enterprises Index (HSCE) has support at 9,187 and resistance at 9,891, benefiting from favorable policies for domestic real estate stocks and improved profitability in the energy sector [1] - The Hang Seng Tech Index (HSTECH) has support at 5,596 and resistance at 6,389, with a 5% increase in financing for technology stocks in November, indicating a rebound in AI chips and cloud computing sectors [1] Company Highlights - CK Hutchison (00001) plans to increase its stake in UK telecom assets, with its stock price rising 4.15% to HKD 55.25 following the announcement [1] - HSBC (00005) reported Q3 net profit exceeding expectations and plans to increase its dividend payout, boosting trading activity in the Hong Kong banking sector [1] - Tencent (00700) saw a 15% increase in Q3 gaming revenue, with its AI model being applied in financial scenarios, while shareholder Prosus announced a delay in share reduction [2] - SMIC (00981) received increased investment from the National Integrated Circuit Fund, achieving a 98% utilization rate for its 14nm production capacity, with a projected 30% net profit increase in H1 2025 [2] - Kuaishou (01024) reported a 22% increase in advertising revenue for H1 2025, with daily active users for short drama content exceeding 100 million and a 17.6% year-on-year increase in e-commerce GMV [2] - BYD (01211) sold over 300,000 new energy vehicles in October, with overseas factories commencing production and supply chain cost optimization enhancing profits [2] - Meituan (03690) experienced a 20% increase in instant retail order volume in Q3, securing exclusive partnerships with several supermarkets [2]

阿通社11月11日消息，阿联酋电信与数字政府监管局（TDRA）启动6G国家倡议，并成立"6G委员 会"。会议由TDRA副总干事穆罕默德·阿尔·拉姆西主持，参会方包括政府机构、电信运营商、高校及科 研中心。倡议体现阿联酋在全球通信与信息技术发展前沿的战略布局与前瞻性规划。 （原标题：阿联酋启动第六代移动通信（6G）国家倡议） ...

Core Insights - The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) has launched a national initiative for 6G and established a "6G Committee" [1] - The initiative reflects the UAE's strategic positioning and forward-looking planning in the global communications and information technology landscape [1] Group 1 - The meeting was chaired by TDRA Deputy Director General Mohammed Al Ramsi [1] - Participants included government agencies, telecom operators, universities, and research centers [1] - The initiative aims to place the UAE at the forefront of global communication technology development [1]