Report Industry Investment Rating - The report does not mention the industry investment rating. Core Viewpoints - High - growth trends are expected for Chinese stocks in the future, and a structural shift of Chinese capital towards stocks may have begun [2]. - The global economy is entering the top - end area due to the continuous wrong policies in the US [2]. Summary by Related Information Macroeconomic and Financial Information - US 9 - month CPI increased 3% year - on - year, below expectations; core inflation rose 0.2% month - on - month, the slowest in three months and lower than the expected 0.3%. Service inflation in September slowed to its weakest level since November 2021 [1]. - US October Markit manufacturing and service PMI climbed, better than expected. Business activities expanded at the second - fastest pace this year, driven by order growth, while companies were more restrained in pricing [1]. - JP Morgan and MUFG are leading multiple banks to launch a $38 billion debt issuance for an Oracle - related data center project, the largest AI infrastructure financing deal [1]. - US Energy Secretary Wright urged FERC to limit data center grid connection approval time to 60 days, which may cause concerns about rising electricity prices [1]. - NVIDIA will use Uber - collected driving data to post - train its Cosmos World base model [1]. - Amazon is launching a new AI tool "Help Me Decide" for US consumers [1]. - Data from US Bank, ADP, and Carlyle Group confirm rising unemployment. Goldman Sachs attributes the slowdown of about 100,000 in employment growth to three reasons [1]. - Japan's September core CPI rose 2.9% year - on - year, exceeding the central bank's 2% target for three years. Most analysts expect the next interest rate hike to be postponed to January next year [1]. - JP Morgan and US Bank strategists expect the Fed to stop shrinking its $6.6 trillion balance sheet at the October FOMC meeting [2]. Global Economic Logic - Goldman Sachs expects more sustained upward trends for Chinese stocks in the future, and a structural shift of Chinese capital towards stocks may have started [2]. - Traders are increasing bets on at least one 50 - basis - point Fed rate cut in the upcoming meetings [2]. - Goldman Sachs believes that although AI infrastructure investment has reached a new high in nominal terms, the current US AI investment accounts for less than 1% of GDP [2]. - Meta and Blue Owl are raising $27 billion through private bonds to build data centers [2]. - DeepSeek launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [2]. - An Apollo executive warns of a huge gap between AI's energy demand and global power supply [2].

Core Viewpoint - Nvidia is collaborating with Uber to utilize diverse driving scenario data collected by Uber to enhance the training of Nvidia's Cosmos World foundational model for autonomous driving technology [1][3][4]. Group 1: Collaboration Details - Nvidia Drive announced the partnership with Uber, focusing on leveraging Uber's extensive real-world driving data to accelerate advancements in autonomous driving [3][4]. - The collaboration aims to achieve three main technical objectives: higher precision in simulation, reduced iteration cycles for model training, and improved stability in rare or extreme scenarios [5][9]. Group 2: Data Advantage - Uber's global operational network provides unique data value for training autonomous driving models, with over 1 billion rides and deliveries conducted monthly [8]. - Uber vehicles operate more frequently in complex situations, such as adverse weather and crowded events, which are less common for private vehicles, thus enhancing the data collection for rare scenarios [8][10]. Group 3: Specific Use Cases - For instance, Uber's airport pickup and drop-off services operate under various weather and lighting conditions, making it challenging to sample these scenarios adequately in other contexts [13]. - The unique environment of airport pickups, characterized by dense traffic and unpredictable pedestrian movements, presents specific challenges that can be effectively captured through Uber's data, including driver performance metrics [14].

Market Overview - Major U.S. indices experienced gains, with the Dow Jones up 144.20 points (0.31%) closing at 46734.61, the Nasdaq rising 201.40 points (0.89%) to 22941.80, and the S&P 500 increasing by 39.03 points (0.58%) to 6738.43 [1] - Tesla, the first among the "Big Seven" tech stocks to report earnings, saw its stock rise by 2.28% despite initial declines of over 4% following mixed Q3 performance [1] Oil and Cryptocurrency - Crude oil prices increased significantly, with NYMEX light crude for December delivery rising by $3.29 to $61.79 per barrel (5.62% increase) and Brent crude up $3.40 to $65.99 per barrel (5.43% increase) [2] - Bitcoin rose over 1.8% to $109,616.4, briefly surpassing the $110,000 mark, while Ethereum increased by 0.62% to $3,830.16 [2] Currency and Precious Metals - The U.S. Dollar Index rose by 0.04% to 98.936, with mixed performance against major currencies [3] - Spot gold prices returned above $4,100, closing at $4,125.57, with JPMorgan analysts maintaining a bullish outlook predicting an average gold price of $5,055 per ounce by Q4 2026 [4] Macro News - U.S. bank reserves fell by approximately $59 billion to $2.93 trillion, the lowest level since January, indicating potential changes in the Federal Reserve's asset reduction strategy [5] - The U.S. mortgage rates dropped to a 13-month low at 6.19%, providing some relief to homebuyers, although demand remains constrained by affordability issues [6] Company-Specific News - Nvidia disclosed details of its collaboration with Uber to enhance autonomous driving technology using real-world driving data [7] - Intel provided an optimistic revenue forecast for Q4, expecting sales between $12.8 billion and $13.8 billion, indicating a recovery in demand [8] - Apple faced a ruling from a UK court regarding excessive commission charges, potentially leading to over £1.5 billion (approximately 14.24 billion) in compensation for affected users [9]