<p>Good morning! A great day starts with making money.</p>
<h3>Hong Kong Stock Market News</h3>
<p><strong>The Hong Kong Observatory expects Typhoon Signal No. 8 to be maintained until at least 12:00, Hong Kong Exchanges and Clearing Limited (HKEX): If it is still in effect at 9:00, trading will be suspended in the morning.</strong></p>
<p>The Hong Kong Observatory stated that it will assess the timing of issuing the Strong Wind Signal No. 3 in the afternoon based on the movement of Capricorn and local wind changes. However, heavy rain bands will bring strong winds and heavy rain to Hong Kong, so the Typhoon Signal No. 8 or above will be maintained until at least Friday noon at 12:00. HKEX announced that if Typhoon Signal No. 8 or above, Black Rainstorm Warning, or Extreme Conditions Warning are still in effect at 9:00 in the morning, trading will be suspended in the morning.</p>
<h3>Overnight and Morning Market Update</h3>
<p>After an initial rise in the U.S. stock market, it quickly turned lower. Although the Nasdaq halted its two-day decline, the closing gains were significantly weaker than the initial 1.2% rise, with the S&amp;P 500 and Russell small-cap indices falling for three consecutive days. Specifically, the Dow Jones fell by 0.54%, the S&amp;P 500 Index fell by 0.3%, and the Nasdaq rose by 0.25%.</p>
<p>Only Microsoft among the &#34;Tech Seven Sisters&#34; fell. Tesla closed up 4.9%, with the company expecting to provide Full Self-Driving (FSD) in China and Europe in the first quarter of 2025, pending regulatory approval.</p>
<p>NVIDIA closed up 0.94%, &#34;metaverse&#34; Meta closed up 0.8%, Amazon closed up 2.63%, Google Class A shares closed up 0.5%, Apple closed up 0.69%, Bank of America expects the upcoming iPhone launch event to boost Apple's stock price, while Microsoft closed down 0.12%.</p>
<p>Among popular Chinese concept stocks, NIO closed up 14.39%, with Q2 revenue growing by 99% year-on-year and Q3 delivery guidance exceeding market expectations; ZEEKR closed up 8.71%; XPeng closed up 4.74%, with Morgan Stanley upgrading XPeng ADR from Neutral to Overweight, raising the target price from $8 to $11.5. Li Auto closed up 0.48%, with Citigroup downgrading Li Auto to Neutral, citing risks of underperformance in next year's performance.</p>
<p>Applied Digital, which received $160 million in financing from NVIDIA, rose by about 66%, marking the largest single-day increase since May 2023.</p>
<p>Broadcom's Q3 AI product revenue fell short of expectations, with weak Q4 revenue guidance. The company raised its AI product sales expectations for the 2024 fiscal year again, initially rising more than 3% after hours, but later falling by more than 7%.</p>
<h3>NIO's Financial Report Exceeds Expectations</h3>
<p>NIO's Q2 revenue increased by 99% year-on-year, with both delivery volume and revenue reaching historical highs; the car gross margin increased by 6 percentage points year-on-year to 12.2%, and net loss decreased by 16.7% year-on-year; it is expected to deliver 61,000-63,000 vehicles in Q3, exceeding expectations; conference call: long-term goal is to sell 40,000 vehicles per month, with a gross margin of 25%, and the third factory will start production in September next year.</p>
<h3>Goldman Sachs Bullish on Tencent: One of the Most Promising Chinese Internet Giants, Confidence in Management</h3>
<p>Goldman Sachs stated that Tencent remains one of the most visible and sustainably profitable companies among Chinese internet giants, expressing confidence in Tencent's management's clear strategies across various business lines. Goldman Sachs has a 12-month target price of HKD 464 for Tencent, representing a 24.5% upside potential from the current stock price</p>
<h3>Tesla unveils FSD roadmap for entering China and Europe next year</h3>
<p>Tesla's AI team announced that the FSD system will be launched in China and Europe in the first quarter of next year, pending regulatory approval. Tesla China officials confirmed the news and are currently awaiting regulatory approval. Analysts believe that obtaining approval in China may be easier than in Europe due to Tesla's collaboration with Baidu.</p>
<h3>BofA: NVIDIA now has an attractive buying opportunity, with a target price of $165</h3>
<p>Bank of America stated that the key fundamental catalyst for NVIDIA's recovery may be the supply chain data in the coming weeks, confirming the readiness of Blackwell's new chip shipments. BofA's target price for NVIDIA implies a 55% increase in stock price from this Wednesday.</p>
<h3>US tech stocks in &#34;September gloom&#34;: Besides NVIDIA, there is also Google's &#34;antitrust&#34; lawsuit</h3>
<p>Morgan Stanley believes that in the face of Google's monopoly in internet search and advertising, the US Department of Justice is mainly focused on addressing 3 issues: competition intensity, data scale advantage, and anti-competitive pricing. Based on this, the Department of Justice may require users to make screen choices and limit Google's payment ability in distribution agreements.</p>
<h3>Buffett reduces stake in Bank of America, cashing out $760 million</h3>
<p>Regulatory filings submitted to the US Securities and Exchange Commission (SEC) show that Berkshire Hathaway, under Buffett, sold a total of 18,746,304 shares of Bank of America stock in three transactions on September 3-5, cashing out $760 million.</p>
<h3>US ISM services sector moderately expands for two consecutive months, while Markit services hit a near two-and-a-half-year high.</h3>
<p>The US ISM services index for August was 51.5, slightly higher than the expected 51.4, with July at 51.4. New orders grew slightly faster than in July, the price index was 57.3, reaching a three-month high, employment remained stagnant, backlogs of orders fell sharply, and service providers continued to believe that their inventories were too high. The final value of the US Markit services PMI for August was 55.7, the highest in nearly two and a half years, indicating that US GDP in the third quarter could reach 2-2.5%.</p>
<h3>US ADP job growth unexpectedly drops to 99,000 in August, hitting a three-and-a-half-year low</h3>
<p>Recession fears resurface, with a 45% chance of a 50 basis point rate cut by the Federal Reserve in September.</p>
<h3>US initial jobless claims drop to 227,000 last week, the lowest since early July</h3>
<p>Continuing jobless claims also fell to the lowest level in nearly three months.</p>
<h3>US Challenger job cuts in August reach the highest for that month in 15 years, while hiring since the beginning of the year hits a historical low</h3>
<p>In August, there were 75,891 job cuts, a 1% increase year-on-year, lower than the previous 9%. Companies have announced 536,421 job cuts so far this year, a 3.7% decrease compared to the same period last year</p>

<p>The Hong Kong Observatory expects the strong wind signal No. 8 to remain in force until at least 12 o'clock. The Hong Kong Stock Exchange stated that if it is still in effect at 9 o'clock, trading will be temporarily suspended in the morning. Buffett once again reduced his holdings of Bank of America stocks, cashing out $760 million. Bank of America stated that NVIDIA now has an attractive buying opportunity, with a target price of $165</p>

- Hong Kong Stock Exchange may suspend trading if Typhoon Signal No. 8 remains in effect by 9 a.m. due to expected strong winds. Overnight, US stocks initially rose but later declined, with Nasdaq lagging behind. Specific stock movements include Tesla rising 4.9% on plans for full self-driving in China and Europe by Q1 2025, while Nio surged 14.39% on Q2 revenue growth. 
- Tencent receives bullish outlook from Goldman Sachs, with a 24.5% upside potential in the next 12 months. Tesla announces FSD roadmap for China and Europe in 2022, pending regulatory approval. Bank of America sees Nvidia as an attractive buy opportunity with a $165 target price.
- Buffett reduces Bank of America holdings, cashing out $760 million. US ISM services sector moderately expands for two consecutive months, while ADP employment unexpectedly drops. Challenger job cuts in August hit a 15-year high, raising concerns of a potential economic slowdown and increasing Fed rate cut expectations to 45%.

LB Select

Direxion Semicon Bull 3X

NIO-SW

GraniteShares 2x Long NVDA Daily ETF

NVIDIA

Bank of America

NIO Inc. USD OV

VanEck Semiconductor ETF

TENCENT

Tencent

Tencent Holdings Limited

Breakfast | NIO soared 14% after earnings! Buffett sells Bank of America again, Wall Street bullish on Tencent, NVIDIA