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<h3>Market: Overnight and this morning</h3>
The major stock indices in the US, which have been rising for several days, showed mixed performance: SPDR S&amp;P 500 continued to hit new historical highs, while both NASDAQ and Dow Jones experienced intraday declines, with the latter falling from its record high. The overall market was impacted by some companies' disappointing earnings reports. Dow Jones fell by 0.25%, while NASDAQ rose by 0.43%. SPDR S&amp;P 500 rose by 0.29% to 4864.6 points, marking three consecutive trading days of closing at a historical high, along with NASDAQ.
Some constituent stocks experienced significant declines. 3M fell by 11%, Verizon rose by nearly 7%, and Procter &amp; Gamble rose by over 4%. NVIDIA rose by nearly 0.4%, marking four consecutive trading days of closing at a historical high, but failed to hit an intraday high for four consecutive days. AMD rose by 0.1%, Intel rose by over 1%, and Micron Technology fell by nearly 2%. Tesla rose by nearly 0.2%, Meta and Microsoft rose by 0.9% and 0.6% respectively, both refreshing the closing record high set last Friday. Apple rose by nearly 0.7% for four consecutive trading days, and Netflix rose by 1.3%.
Several popular Chinese concept stocks experienced significant gains, outperforming the overall market and reversing the previous downward trend. The NASDAQ Golden Dragon China Index (HXC) ended its six-day decline. BABA-SWR rose by nearly 7.9%, marking the largest intraday and closing gain since July 7, 2023. Attesun Solar rose by 14%, Dada rose by over 9%, NetEase and DouYu rose by nearly 8%, Baidu and JD.com rose by over 7%, Kingsoft Cloud rose by nearly 7%, Tencent Music rose by over 5%, XPeng and Daqo New Energy rose by over 4%, Huya rose by 4%, NIO rose by nearly 4%, and Li Auto rose by over 3%.
After the US Securities and Exchange Commission approved a Bitcoin spot ETF, Bitcoin has fallen more than 20% from its three-year high of $49,000 reached on January 11.
<h3>What happened to blue-chip stocks and hot stocks</h3>
Apple: Apple Vision Pro demonstration experience to be held on Friday, January 26
Media person Gurman: Apple delays car launch to 2028, lowers level of autonomous driving features
Apple is developing a more limited-function electric vehicle, which is expected to be launched as early as 2028, two years later than the most recent prediction. It will use a Level 2+ system instead of the previously planned Level 4. This shift is seen as a crucial moment for Apple's car project: either deliver the product with lowered expectations, or seriously consider the existence of this project.
Bank of America includes Apple in its &#34;Top US Stocks&#34; list
Netflix: Growth to be achieved through new users and higher prices
Netflix executives stated in a conference call that growth will be achieved through new users and higher prices, with growth starting from strong program production. There are currently no plans to expand into the advertising business, and the performance of the gaming business is encouraging, although it still represents only a small portion of total consumption.
Netflix acquires WWE Raw rights, entering the live event broadcasting field for the first time
Netflix has obtained the exclusive broadcasting rights for World Wrestling Entertainment (WWE) Raw and other programs. Starting from January 2025, Raw will be available on Netflix in the United States, Canada, Latin America, and other international markets, as the domestic agreement between WWE and Comcast will expire at that time.
Raw is the most-watched program of WWE, attracting approximately 1.5 million viewers per episode. Netflix will also become the exclusive operator of all WWE programs and special events outside the United States, including Smackdown and NXT, as well as pay-per-view events such as Wrestlemania, SummerSlam, and Royal Rumble.
Boeing: Washington state factory to shut down on Thursday to address quality issues, all factories to hold quality meetings in the coming weeks
Alaska Airlines CEO: &#34;Many&#34; Boeing 737 Max 9 aircraft were found to have &#34;loose bolts&#34; during inspections. United Airlines CEO: Ongoing manufacturing issues at Boeing have resulted in dozens of United Airlines planes being grounded, expressing &#34;disappointment&#34; with Boeing and considering alternative options, such as using Airbus A350 aircraft.
Google: Experimental AI-generated features will be introduced in Chrome (M121) released today
Media: Microsoft's Bing and Edge, as well as Apple's iMessage, are reportedly exempt from the European Union's Digital Markets Act, as the EU temporarily believes that these services do not have sufficient dominance.
Morgan Stanley: Raises Microsoft's target price from $415 to $450
Media: More Google DeepMind employees to establish AI startups
Market News: Software provider SAP plans restructuring, affecting approximately 8,000 jobs
Tencent spends 6.42 billion yuan to win another land plot in Beijing's Haidian district
BABA-SWR Alibaba confirms: Jack Ma and Joseph Tsai significantly increase their holdings of BABA-SWR stocks
According to The New York Times, Joseph Tsai purchased approximately $151 million worth of BABA-SWR Alibaba stocks in the fourth quarter through his Blue Pool Management family investment vehicle. Jack Ma purchased $50 million worth of Hong Kong stocks in the fourth quarter.
Listed Companies' Performance
Netflix's fourth-quarter revenue was $8.83 billion, exceeding market expectations of $8.71 billion and up from $7.85 billion in the same period last year. The streaming service added a net of 13.12 million paid subscribers, surpassing the expected 8.91 million. The first-quarter EPS is expected to be $4.49, with market estimates at $4.09; first-quarter revenue is projected to be $9.24 billion, with market estimates at $9.28 billion; estimated free cash flow for 2024 is approximately $6 billion, with market estimates at $6.03 billion. Netflix rose over 6% after hours.
Texas Instruments' fourth-quarter revenue was $4.08 billion, slightly below market estimates of $4.13 billion. The company expects first-quarter revenue of $3.45 billion to $3.75 billion, compared to market estimates of $4.09 billion. Texas Instruments fell 3.6% after hours.
United Airlines' fourth-quarter performance exceeded expectations, but it is expected to incur losses in the first quarter due to the grounding of Boeing 737 MAX 9 aircraft.
General Electric expects adjusted earnings per share of $0.60 to $0.65 in the first quarter, lower than market expectations.
<h3>Macro: Taking you around the world</h3>
JPMorgan: Enthusiasm for Bitcoin spot ETF may cool down
Given the enthusiasm for spot ETFs and the new funds flowing into the cryptocurrency ecosystem, any disappointing performance could weaken the enthusiasm for a rebound.
Abu Dhabi Sovereign Wealth Fund: Intends to double exposure in Asia, seeking opportunities in the markets of China, India, Japan, and South Korea

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The Chinese concept stock index ended its six-day decline, with BABA-SWR achieving its largest increase in six months and Tencent's fan orders rising by over 5%. Alibaba confirmed that Jack Ma and Joseph Tsai significantly increased their holdings of BABA-SWR stocks. Netflix is expected to achieve growth through new users and higher prices. Google Chrome will introduce experimental AI generation features. Morgan Stanley raised its target price for Microsoft. Media reports suggest that Apple's release schedule will be delayed until 2028, with a downgrade in the level of autonomous driving features. The Boeing 737 team will halt production for one day to hold a quality meeting.

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Breakfast | S&P 500 continues to rise, Chinese concept stocks rebound strongly, Netflix makes a big move into the live streaming field.