To The Moon

This week, global markets plunged. The $HSI(HSI)$ fell 5.09%, approaching the 25,000 mark.

Fed Split Sparks Volatility

Market jitters were triggered by differing views within the Federal Reserve over a potential December rate cut.

• Fed Governor Waller favors another cut due to rising concerns about a sharp slowdown in the labor market and employment.

• Vice Chair Jefferson, however, urged caution, noting that with rates near neutral, policymakers need to be prudent.

As a result, the probability of a 25-basis-point rate cut in December dropped to 39.6%, while the chance of keeping rates steady rose to 60.4%.

Nvidia Steals the Spotlight

All eyes turned to $NVIDIA(NVDA)$ ’s earnings, given its $4.4 trillion market cap and outsized influence on tech stocks and global markets.

Nvidia smashed expectations in Q3, posting $57 billion in revenue—up 62.5% YoY and above the $55.2 billion analyst estimate.

Guidance for Q4 topped forecasts too, projecting $65 billion versus the $62 billion expected.

CEO Jensen Huang said, “Blackwell sales far exceeded expectations, and cloud GPUs are sold out. Compute demand is growing exponentially in both training and inference.”

The stock initially surged 5% on the earnings beat but reversed sharply, closing down 3.15%.

Tech Sell-Off Hits Markets

The earnings-driven volatility sparked a tech sell-off.

• $Oracle(ORCL)$ fell over 6.5%

• $ASML Holding NV(ASML)$ dropped 5.6%,

• $Advanced Micro Devices(AMD)$ slid 7.8%,

• $Micron Technology(MU)$ plunged 10.8%.

The $NASDAQ(.IXIC)$ sank more than 2.1% amid the tech rout.

Panic spread globally: the Nikkei fell 2.4%, KOSPI dropped 3.79%, TAIEX slid 3.6%, and China’s ChiNext lost over 4%.

Tech woes rattled market confidence, reigniting fears of an AI stock bubble. Every sector saw declines.

Southbound Flows Still Strong

Despite the turbulence, Southbound Funds remained active, with net purchases of HK$38.6 billion.

Major Events in Hong Kong Stocks This Week

1. $CATL(03750)$ Co-founder Huang Shilin plans to sell 45.63 million shares (~1% of total).

2. Fed Split: Governor Waller supports a December rate cut; Vice Chair Jefferson urges caution.

3. $XIAOMI-W(01810)$ Q3 revenue up 22.3% YoY, adjusted net profit +80.9%, automotive business profitable for the first time.

4. Bitcoin falls below US$90,000.

5. $BIDU-SW(09888)$ Q3 AI cloud revenue +33% YoY, total revenue -7% YoY.

6. Lithium prices surge as storage demand heats up, carbonate breaks HK$100,000 barrier.

7. $CICC(03908)$ plans acquisitions of Dongxing Securities and Cinda Securities.

8. $KUAISHOU-W(01024)$ Q3 revenue +14.2% YoY, net profit +37.3% YoY.

9. $NVIDIA(NVDA)$ Q3 results beat expectations, stock jumps 5% then falls.

10. Xiaomi bought back 13.5 million Class B shares for HK$507.8 million on Nov 20.

11. $NTES-S(09999)$ Q3 revenue +8.2% YoY.

Four Stocks Worth Attention Among Top Trading HK Stocks This Week

Top1: $XIAOMI-W(01810)$ . After Q3 earnings, smartphone sales fell 3% YoY and IoT growth slowed. Management warns 2026 automotive gross margins may drop. Stock fell below HK$37 but stabilized after the company announced a buyback.

Top3: $SMIC(00981)$ . Initially jumped on Nvidia’s strong results but fell to multi-week lows amid the tech sell-off and fading rate cut expectations.

Top6: $GANFENGLITHIUM(01772)$ . Lithium futures briefly topped HK$100,000 amid storage demand, but new trading fee hikes triggered a 12% drop in stock price.

Top7: $XPENG-W(09868)$ . Q3 results and Q4 guidance disappointed, leading to consecutive declines post-earnings.

Next Week's Hong Kong Stock Market Events

1. US Markets: Closed Thursday for Thanksgiving, early close Friday.

2. China Data: Year-to-date industrial enterprise profits to be released Thursday.

3. Earnings Calendar: $BABA-W(09988)$ $NIO-SW(09866)$ $LI AUTO-W(02015)$ $MEITUAN-W(03690)$ among companies reporting next week.