<p>Good morning! A beautiful day starts with making money.</p>
<h3>Capital rotation into cyclical stocks, Nasdaq briefly down 1%, NVIDIA hits new high, Bitcoin tests $99,000 again for a new high</h3>
<p>Trump's trades are rising again, with Bitcoin, cyclical stocks closely related to the economy, and small-cap stocks leading the way, while tech stocks are being sold off. The Dow closed up 1%, the S&amp;P 500 rose 0.53%, and the Nasdaq increased by 0.03%.</p>
<p>NVIDIA's stock price hit an all-time high during trading, reaching a peak of $152.89, with a total market value of nearly $3.7 trillion, closing up 0.5%. Snowflake surged over 32%, marking its largest gain since going public. Investors are assessing the risks of a split for Google's Chrome browser, with Google briefly dropping nearly 7% and closing down 4.74%. Apple fell 0.21%, Microsoft dropped 0.43%, and Tesla declined 0.7%.</p>
<p>Most Chinese concept stocks fell. Baidu dropped nearly 6%, and PDD fell over 10%. DAQO New Energy fell 4.52%, XPeng fell 2.77%, ZEEKR fell 2.73%, Alibaba fell 1.37%, Beike fell 1.24%, Nio rose 1.08%, and New Oriental rose 1.75%.</p>
<p>Bitcoin briefly surpassed $98,000 per coin, accelerating its push towards the $100,000 mark. Youdao Interactive rose 78.57%, and Canaan Technology ADR rose 8.98%. MSTR surged nearly 14.6% to a new all-time high during trading but closed down over 16%. Coinbase fell 7.74%.</p>
<h3>PDD: Disadvantages relative to peers will significantly persist for a period, financial impact may further expand</h3>
<p>PDD executives stated that due to limitations in the platform's operating model and the historical experience and capabilities of the team, disadvantages relative to peers will significantly persist for a period, and the financial impact may further expand. PDD's third-quarter revenue grew 44% year-on-year to 99.4 billion yuan, with net profit attributable to shareholders increasing 61% year-on-year to 25 billion yuan, but down 22% quarter-on-quarter.</p>
<h3>MicroStrategy plunges 16%, Citron shorts the stock while going long on Bitcoin</h3>
<p>Andrew Left's short-selling firm Citron Research posted on X that it is shorting MicroStrategy, claiming the company has effectively turned itself into a Bitcoin investment fund. As of Wednesday's close, MicroStrategy has risen 650% this year. Citron stated that while it remains bullish on Bitcoin, it has hedged with a short position in MicroStrategy.</p>
<h3>Trump's company is considering developing a cryptocurrency payment service</h3>
<p>Trump Media &amp; Technology Group has submitted an application for a cryptocurrency payment service called Truth Fi, describing it as a platform for crypto payments, financial custody services, and digital asset trading. Any large-scale crypto project will likely require Trump Media &amp; Technology Group to acquire another company, as it has fewer than 36 employees.</p>
<h3>This year's &#34;Double 11&#34; iPhone sales in mainland China decline by double digits</h3>
<p>Counterpoint reports that this is mainly due to several competitors launching new phones ahead of &#34;Double 11.&#34; Apple's sales decline is attributed to the fact that, apart from Huawei, all of Apple's major competitors released flagship phones ahead of this year's &#34;Double 11.&#34;
Huawei's &#34;Double 11&#34; sales increased by 7% year-on-year, showing the most remarkable performance.</p>
<h3>Apple is preparing to launch a more conversational Siri to catch up with the artificial intelligence wave</h3>
<p>Details of the new Siri have not been disclosed; it uses more advanced large language models (LLMs) that allow for back-and-forth conversations, and the system can handle more complex requests in a faster manner. This new voice assistant will eventually be integrated into Apple's smart systems, and its developers have named it &#34;LLM Siri.&#34;</p>
<h3>The U.S. Department of Justice demands Google divest its Chrome browser and terminate its default search partnership with Apple</h3>
<p>Since 2003, Apple has earned billions of dollars annually by setting Google as its default search engine. Analysts estimate that if the DOJ's proposal is accepted, Apple could face revenue losses of up to $20 billion. As this change may take years to implement, Apple is actively seeking new revenue sources to offset potential losses.</p>
<h3>OpenAI plans to challenge Google's browser domain</h3>
<p>According to individuals who have seen product prototypes or designs, OpenAI is considering developing a web browser that integrates with a chatbot. The company has also discussed or reached agreements to provide search functionalities for travel, food, real estate, and retail websites.</p>
<h3>Li Yanhong: Baidu will release a new version of its large model in early 2025, with rapid growth in Q3 smart cloud revenue</h3>
<p>Baidu founder, chairman, and CEO Li Yanhong stated that in November, the daily invocation of the Wenxin large model reached 1.5 billion times, processing over 1.7 trillion tokens daily. This is approximately 30 times the 50 million daily invocation rate disclosed a year ago. In the third quarter, Baidu's smart cloud revenue was 4.9 billion yuan, a year-on-year increase of 11%.</p>
<h3>Xiaomi Automotive insider: Xiaomi's second model is planned to launch in February or March next year</h3>
<h3>SEC Chairman Gensler plans to resign in January next year</h3>
<p>The U.S. SEC announced that its chairman Gary Gensler will resign on January 20 after the Trump administration takes over. During his tenure, he targeted the cryptocurrency industry, suing companies like Coinbase, Kraken, and Binance for failing to register with the SEC in the U.S. His broad actions and uncompromising stance have sparked strong opposition from Wall Street, congressional Republicans, and even some Democrats.</p>
<h3>U.S. automakers urge Trump to retain electric vehicle tax incentives</h3>
<p>The American Automotive Innovation Alliance urged President-elect Trump to retain key tax incentives for purchasing electric vehicles and to accelerate the development of autonomous vehicles.</p>
<h3>Media: Alibaba integrates domestic and international e-commerce businesses, with Jiang Fan as the head</h3>
<p>In addition, Eddie Wu stated that Alibaba has released over 100 open-source models, with more than 300,000 enterprises accessing the Tongyi large model</p>

AAPL

OpenAI

NVDA

01810

BIDU

MSTR

GOOG

GOOGL

<p>PDD fell over 10%. MicroStrategy plummeted 16%, with Citron shorting the stock. The company under Trump is considering developing cryptocurrency payment services. This year's Double 11 sales of iPhones in mainland China saw a double-digit decline. Apple is preparing to launch a more conversational Siri. The U.S. Department of Justice is demanding that Google divest its Chrome browser and terminate its default search partnership with Apple. OpenAI plans to challenge Google's browser domain. PDD stated that its disadvantages compared to peers will significantly persist for a period of time, and the financial impact may further expand. Li Yanhong stated that Baidu will release a new version of its large model in early 2025. Xiaomi's second model is planned to be launched in February or March next year</p>

- Trump Media Technology Group is considering developing a cryptocurrency payment service called Truth Fi, which will offer crypto payments, financial custody, and digital asset trading.  
- Apple is preparing to launch a more conversational Siri, utilizing advanced large language models for improved interaction and faster processing of complex requests.  
- OpenAI is reportedly exploring the development of a web browser integrated with a chatbot, while also discussing search functionalities for various sectors.

LB Select

Apple

Trump Media & Tech

NVIDIA

XIAOMI-W

Baidu

Strategy

Alphabet - C

Alphabet

Breakfast | Capital rotation into cyclical stocks, NVIDIA hits a new intraday high, Google and MSTR experience significant intraday declines