Market Overview - Asian shares ended mixed as investors prepared for upcoming U.S. economic data and tensions between China and Japan [1] - The dollar strengthened while gold prices decreased as expectations for a December rate cut from the U.S. Federal Reserve diminished [2] - China's Shanghai Composite index fell 0.46% amid worsening diplomatic relations with Japan and news of a potential rare earths deal with the U.S. [3] - The Nikkei average decreased by 0.10% and the broader Topix index dropped 0.37%, with retail and tourism stocks suffering due to travel warnings from China [4] Company Performance - Fast Retailing's shares declined by 5.3% and Isetan Mitsukoshi Holdings saw an 11.3% plunge, while Sumitomo Mitsui Financial Group's stock rose by 5.5% after an upward revision of its profit forecast [5] - In South Korea, the Kospi index surged by 1.94%, driven by strong performances from semiconductor stocks ahead of Nvidia's earnings report [5] Regional Markets - Australian markets ended flat after recovering from an early decline, with financials losing ground while the energy sector gained [6] - New Zealand's S&P/NZX-50 index increased by 0.26% ahead of significant company results and trading updates expected later in the week [6] U.S. Market Sentiment - U.S. stocks closed mixed, with the tech-heavy Nasdaq Composite inching up 0.1% to break a three-day losing streak, while the S&P 500 and Dow experienced slight declines [7]

Core Insights - AI stocks are experiencing significant growth, driven by substantial investments in AI data centers projected to reach $4 trillion by 2030 [1] - Software companies are also benefiting from increased demand for AI services, enhancing productivity and cost savings [1] Company Analysis: SoundHound AI - SoundHound AI's share price has surged by 87% over the past year, attributed to its advanced conversational AI technology used by various industries, including Chipotle and Hyundai [2][3] - The company reported a 68% revenue increase in Q3, reaching $42 million, surpassing Wall Street's estimate of $40 million [4] - SoundHound narrowed its non-GAAP loss per share to $0.03, better than the expected loss of $0.04, contributing to its stock price surge [5] Company Analysis: Taiwan Semiconductor - Taiwan Semiconductor's share price increased by 44% over the past year, benefiting from tech giants' investments in AI data centers [2] - The company reported a 30% revenue increase in Q3, totaling $33.1 billion, with earnings rising 39% to $2.92 per ADR [7] - TSMC holds a dominant position, manufacturing about 90% of advanced processors, positioning it well to benefit from the projected $4 trillion in data center spending [8] Investment Comparison - SoundHound's stock is considered risky due to its unprofitability and a high price-to-sales ratio of 53, significantly above the software industry average of over 4 [10] - In contrast, Taiwan Semiconductor is profitable with a price-to-earnings ratio of 32, aligning closely with the S&P 500 average and lower than the tech industry average of about 48 [10] - The current profitability and reasonable valuation of Taiwan Semiconductor make it a more attractive investment compared to SoundHound [11]

Core Insights - U.S. stocks experienced a rally in Q3, supported by the Federal Reserve's interest rate cut and steady economic data, with the Russell Midcap® Growth Index increasing by 2.78% [3][17] - The Wasatch U.S. Select Fund underperformed, declining by -1.93%, primarily due to concentrated holdings in stocks that faced slower revenue growth [3][4][17] Fund Performance Analysis - The Fund's performance was negatively impacted by a few concentrated stock holdings that reported slower revenue growth, leading to significant declines in their stock prices [4][6] - The investment strategy focuses on high-quality, long-duration growth companies, which faced headwinds as low-quality stocks gained favor in the market [7] Key Detractors - BellRing Brands, Inc. (BRBR) was the largest detractor, with concerns over competition in the protein shake category; however, the long-term outlook remains positive due to category growth potential [8] - Shift4 Payments, Inc. (FOUR) faced stock price declines despite solid organic revenue growth, attributed to macroeconomic concerns and investor sentiment following its acquisition of Global Blue [9] - Inspire Medical Systems, Inc. (INSP) was sold during the quarter after management downgraded guidance due to delays in product rollout, raising execution concerns [10] Top Contributors - Medpace Holdings, Inc. (MEDP) was the top contributor, with strong revenue and earnings growth, raising full-year guidance despite a slowdown in biotech funding [11] - Fabrinet (FN) benefited from strong product adoption, particularly in data centers linked to AI, although the investment is not solely based on AI themes [12] - Nova Ltd. (NVMI) also contributed positively, with a strong track record in semiconductor manufacturing, benefiting from increasing complexity in the industry [13] Future Outlook - The Fund remains committed to its investment philosophy, focusing on high-quality growth companies despite recent underperformance [14] - The fundamentals of the companies within the Fund are encouraging, with strong earnings growth expected to drive return potential over a three- to five-year horizon [15]

Market Performance - The Tel Aviv Stock Exchange experienced an overall increase, with the Tel Aviv 35 Index rising by 1.32% to 3,434.03 points, the Tel Aviv 125 Index increasing by 1.35% to 3,485.94 points, and the BlueTech Global Index up by 1.54% to 603.17 points [1] - The All Bond corporate bond index rose by 0.18% to 419.00 points, with total turnover reaching NIS 4.19 billion in equities and NIS 6.99 billion in bonds [1] Foreign Exchange Rates - The shekel-dollar rate decreased by 0.528% to NIS 3.20/$, while the shekel-euro rate fell by 0.572% to NIS 3.702/€ [2] Leading Companies - Bank Hapoalim led the market with a rise of 2.61%, followed by Bank Leumi with a 1.76% increase, Mizrahi Tefahot Bank rising by 1.94%, and Israel Discount Bank increasing by 1.90% [2] - Enlight Renewable Energy saw the largest increase on the Tel Aviv 35 Index, rising by 6.93%, while Teva Pharmaceutical Industries rose by 2.54% and Tower Semiconductor increased by 4.86% [3] Declining Companies - ICL experienced the largest decline on the Tel Aviv 35 Index, falling by 3.66%, with its parent company Israel Corp. dropping by 5.46% [4] - Other notable declines included Bezeq Israel Telecommunications Company falling by 4.01%, Camtek decreasing by 3.60%, and Nice dropping by 1.93% [4]

Market Overview - Major U.S. index futures indicate a sharply higher open on Monday, suggesting a recovery after last week's weakness [1] - The Senate's vote to advance legislation to end the government shutdown, which is the longest in U.S. history, is contributing to the positive market sentiment [1][20] - The Senate voted 60-40 in favor of a temporary funding bill, which also aims to reverse some recent mass federal layoffs [1][20] Legislative Impact - Several Democratic Senators supported the legislation, which includes a vote on extending enhanced Obamacare tax credits [2] - Final approval of the bill may be delayed by any single Senator, and it still requires approval from the Republican-controlled House of Representatives [2] Economic Data and Market Sentiment - The end of the government shutdown would allow the release of key U.S. economic data that has been withheld, potentially alleviating market uncertainty [3][4] - Concerns about the shutdown have led traders to consider buying stocks at reduced levels due to recent valuation worries [3] Stock Performance - The major averages ended the day mixed, with the Nasdaq down 49.46 points (0.2%) to 23,004.54, while the S&P 500 rose 8.48 points (0.1%) to 6,278.80 and the Dow increased 74.80 points (0.2%) to 46,987.10 [5] - For the week, the Nasdaq fell 3.0%, the S&P 500 dropped 1.7%, and the Dow decreased by 1.2% [5] Sector Movements - Significant strength was observed in gold stocks, with the NYSE Arca Gold Bugs Index rising by 2.3% as gold prices climbed above $4,000 per ounce [11] - The NYSE Arca Computer Hardware Index surged by 3.2% after a substantial turnaround during the trading session [10] - Natural gas, airline, and commercial real estate stocks also showed strong upward movements, while networking and semiconductor stocks remained weak [11] International Markets - Asian stocks advanced following the U.S. Senate's vote to end the government shutdown, with China's Shanghai Composite Index rising 0.5% [13] - Japan's Nikkei 226 Index increased by 1.3%, driven by gains in the technology sector [15] - South Korean stocks surged 3.0% on renewed optimism over AI and expectations of tax cuts, with Samsung Electronics and SK Hynix showing significant gains [17] Commodity and Currency Markets - Crude oil futures increased by $0.25 to $60 per barrel, while gold futures surged by $98.90 to $4,108.70 per ounce [12] - The U.S. dollar traded at 154.01 yen, up from 153.40 yen, and at $1.1569 against the euro, compared to $1.1565 previously [12]

Economic and Market Sentiment - Asian stocks advanced following the U.S. Senate's bipartisan vote to end the government shutdown, which lasted 40 days, with the legislation now moving to the House of Representatives for consideration [1] - China's producer price deflation eased in October, while consumer prices returned to positive territory, with the Shanghai Composite index rising 0.53 percent to 4,018.60 [2] - Consumer price inflation in China unexpectedly rose by 0.2 percent in October after a 0.3 percent decline in the previous month, contrary to analysts' expectations of no change [2][3] Stock Market Performance - Hong Kong's Hang Seng index increased by 1.55 percent to 26,649.06, rebounding from previous sell-offs [3] - The Nikkei average in Japan climbed 1.26 percent to 50,911.76, with significant gains in the technology sector, while the broader Topix index settled 0.56 percent higher at 3,317.42 [4] - Seoul's Kospi average surged 3.02 percent to 4,073.24, driven by renewed optimism over AI and expectations of tax cuts [4] Company-Specific Developments - SoftBank Group's stock rallied by 2.6 percent, while Tokyo Electron surged 4.3 percent and Advantest added 3.8 percent [4] - Samsung Electronics rose by 2.8 percent and SK Hynix surged 4.5 percent, following Nvidia CEO's comments on strong demand for their Blackwell chips [5] - Honda Motor's stock slumped by 4.7 percent after the company cut its annual earnings forecast [4] Commodity and Currency Movements - Australian markets ended higher, with the S&P/ASX 200 rising 0.75 percent to 8,835.90, supported by a rally in gold, energy, and bank stocks [6] - Gold prices increased nearly 2 percent to $4,080 an ounce, aided by a weaker dollar in Asian trade [7]

Core Viewpoint - Analysts forecast that GlobalFoundries Inc. (GFS) will report quarterly earnings of $0.38 per share, reflecting a year-over-year decline of 7.3%, with anticipated revenues of $1.68 billion, a decrease of 3.7% compared to the previous year [1] Earnings Estimates - Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter, indicating that analysts have not changed their initial forecasts during this period [2] - Changes in earnings estimates are crucial for predicting potential investor reactions, as empirical studies show a strong relationship between earnings estimate revisions and short-term stock price performance [3] Revenue Projections - Analysts project that 'Net revenue- Type of goods and services- Wafer fabrication' will reach $1.49 billion, indicating a year-over-year change of -4.6% [5] - The consensus for 'Net revenue- End Market- Smart Mobile Devices' is expected to be $669.73 million, reflecting a decline of 22.8% year-over-year [5] - The estimate for 'Net revenue- End Market- Non wafer revenue' stands at $199.97 million, showing a year-over-year increase of 14.9% [6] - Analysts expect 'Net revenue- End Market- Home and Industrial IoT' to be $274.00 million, indicating a year-over-year change of -11% [6] - 'Net revenue- End Market- Automotive' is projected at $367.06 million, suggesting a significant increase of 43.4% year-over-year [6] - The average prediction for 'Net revenue- End Market- Communications Infrastructure & Datacenter' is $181.79 million, reflecting a year-over-year increase of 36.7% [7] Shipment Volume - Analysts suggest that 'Wafer shipment volume' will likely reach 577, compared to 549 in the previous year [7] Stock Performance - Shares of GlobalFoundries have experienced a change of -2.6% in the past month, contrasting with the -0.2% move of the Zacks S&P 500 composite [7] - With a Zacks Rank 3 (Hold), GFS is expected to mirror the overall market performance in the near future [7]

Core Viewpoint - The semiconductor foundry giant Huahong Semiconductor reported a significant decline in net profit for the third quarter of 2025, attributed to high fixed costs and increased R&D expenses during the ramp-up phase of new production lines [2][3]. Financial Performance - In Q3 2025, Huahong achieved revenue of 4.566 billion yuan, a year-on-year increase of 21.10%, while net profit attributable to shareholders was 177 million yuan, a year-on-year decrease of 43.47% [2]. - For the first three quarters of 2025, the company reported cumulative revenue of 12.583 billion yuan, up 19.82% year-on-year, with net profit of 251 million yuan, down 56.52% year-on-year [2]. Cost and Profitability - The decline in net profit is primarily due to the ramp-up phase of new production lines, which has led to high fixed costs including depreciation, power, and labor, along with increased R&D investments [3]. - The company expects Q4 sales revenue to be between 650 million to 660 million USD, with a projected gross margin of 12% to 14% [3]. Asset Impairment - Huahong announced a provision for asset impairment, including a credit impairment loss of 5.1052 million yuan and an asset impairment loss of 86.3949 million yuan, with a total impact of 58.5006 million yuan on profit for the first three quarters of 2025 [3]. Management Changes - Recent management changes include the resignation of Tang Junjun as executive director and chairman, with Bai Peng appointed as the new chairman and authorized representative [3]. Strategic Acquisition - The company plans to acquire shares of Shanghai Huahong Microelectronics through a combination of stock issuance and cash payment, which will make Huahong Micro a subsidiary upon completion of the transaction [3]. Market Position - Huahong Semiconductor specializes in specialty process pure wafer foundry services, focusing on innovative technologies in embedded/non-volatile memory, power devices, and analog/power management, supporting emerging fields such as new energy vehicles and green energy [4]. - As of the close on November 6, Huahong's stock rose by 5.20% to 127.26 yuan, with a market capitalization of 220.9 billion yuan [4].

Core Viewpoint - Toyota Motor and Texas Instruments are highlighted as top dividend stocks that investors should consider due to their strong fundamentals and attractive yields [2]. Group 1: Toyota Motor - Toyota Motor offers a dividend yield of 3.2% and has delivered 1.60 million cars to U.S. customers in the first three quarters of 2025, outperforming Ford and Tesla [3][8]. - The company adjusts its dividend payouts based on cash generation rather than maintaining a long-term streak of annual increases, which is common among American dividend payers [4][5]. - Despite the shift towards electric vehicles, Toyota is well-prepared with models like the bZ4X and Lexus RZ, indicating a strong position in the evolving automotive market [6][7]. Group 2: Texas Instruments - Texas Instruments has consistently increased its dividend annually since 2004, making it a reliable choice for dividend investors [8]. - Both Toyota and Texas Instruments provide dividend yields above 3%, supported by their operational excellence and strong fundamentals [8].

Core Viewpoint - MKS Inc. has announced a quarterly cash dividend of $0.22 per share, payable on December 5, 2025, to shareholders of record as of November 24, 2025, with future dividends subject to Board approval [1] Company Overview - MKS Inc. is a global provider of enabling technologies that transform various industries, particularly in semiconductor manufacturing, electronics, and specialty industrial applications [2] - The company delivers foundational technology solutions, including instruments, subsystems, systems, process control solutions, and specialty chemicals technology, aimed at improving process performance and optimizing productivity [2] - MKS's solutions address challenges in miniaturization and complexity in advanced device manufacturing, enhancing power, speed, feature enhancement, and connectivity [2]