<h3><strong>Market Overview</strong></h3>
<p>The Dow Jones Industrial Average rose over 400 points, Russell small-cap stocks surged 2.5% at one point, the S&amp;P reached a new intraday high before narrowing its gains, NVIDIA fell over 4% to a three-week low, Tesla dropped nearly 4%, Nio fell 3.6%, but Alibaba rose nearly 3%. The nomination of the new Treasury Secretary calmed the market, U.S. Treasury yields plummeted by double digits, the dollar briefly fell 1% from a two-year high, tensions in the Middle East eased, gold dropped over 3% ending a five-day rise, oil prices fell about 3%, and Bitcoin saw profit-taking, dropping below $93,000.</p>
<p>The Treasury Secretary nominee selected by Trump, Bentsen, stated that his policy focus will be on fulfilling tax cut promises, with tariffs and spending cuts also becoming priorities, and he will maintain the dollar's status as the world's reserve currency. He also plans to reduce the budget deficit to 3% of GDP by 2028. The easing of tensions in the Middle East combined with the Treasury Secretary nominee led to a sharp decline in the dollar, gold, and crude oil, while European and American stock markets rose, and U.S. Treasury bonds surged.</p>
<h3><strong>California Plans to Introduce Electric Vehicle Purchase Subsidies, Tesla Drops Nearly 4%, Will Be Excluded</strong></h3>
<p>The Governor of California plans to offer purchase incentives to consumers, but Tesla's electric vehicles will be excluded. This decision by state lawmakers aims to promote competition, which may anger Elon Musk. California Governor Gavin Newsom announced on Monday that if U.S. President-elect Donald Trump abolishes a federal subsidy next year, California plans to provide incentives to electric vehicle buyers. Newsom, a prominent Democrat who frequently criticizes Republican positions, stated that a program California is gradually phasing out in 2023 may be restarted to ease the burden on buyers, replacing the $7,500 tax credit policy that Trump intends to eliminate. The Governor's office indicated that the current proposal includes market share restrictions that would exclude Tesla's best-selling electric vehicle models. Details will be negotiated with the state legislature and may be adjusted.</p>
<p>Although Tesla's stock price has surged over 40% recently, UBS remains firmly bearish on Tesla, reiterating a &#34;sell&#34; rating, the most negative rating for the stock, with a target price of $226. The UBS analyst team also warned about policies that could potentially benefit the company.</p>
<h3><strong>MicroStrategy (MSTR) Accumulates Record $5.4 Billion in Bitcoin Purchases</strong></h3>
<p>The company purchased approximately 55,500 Bitcoins again between November 18 and 24, 2024, at a cost of about $5.4 billion. This move increased its Bitcoin holdings by approximately 17%. The company stated on Monday that it purchased 55,500 Bitcoins last week for cash, at an average price of $97,862 per Bitcoin (including fees and expenses). The company currently holds about 386,700 Bitcoins, valued at nearly $38 billion. Last week, the company sold $3 billion in convertible bonds to buy more Bitcoins and issued nearly $2.5 billion in stock.</p>
<h3><strong>Bitcoin Drops Over $5,000, Breaking Below $93,000</strong></h3>
<p>Cryptocurrency concept stocks had mixed results, with Kodak rising 18.6%, Beyond Inc. up over 9.4%, Ebang International ADR up over 8.6%, Applied Digital up over 8.4%, Ethereum ETF FETH up 6.65%, and the &#34;influencer broker&#34; Robinhood rising about 3.3%, as Morgan Stanley upgraded the company's rating, expecting a 50% increase in stock price during Trump's second term
The cryptocurrency exchange giant Coinbase rose about 2.5%, while TeraWulf fell 6.17%, and BTC Digital dropped 8.26%. The &#34;Bitcoin holder&#34; MicroStrategy, targeted by short-seller Citron, fell 4.37% (continuing to drop over 3% in after-hours trading). Institutional firm Bernstein raised the company's target price, expecting a further 40% upside.</p>
<h3><strong>Amazon is deploying 100,000 second-generation self-developed chips to challenge NVIDIA's monopoly</strong></h3>
<p>Reports indicate that Amazon is currently ramping up the development of a new AI chip, <strong>Trainium2</strong>, at its engineering lab in Austin, Texas. Compared to the previous generation, its performance has increased fourfold, memory capacity has tripled, and it has significant advantages in energy efficiency and cost.</p>
<p>Currently, <strong>Amazon's Trainium2 chips have begun deployment in data centers and are expected to be fully rolled out in several core data centers, including those in Ohio, soon. Amazon aims to cluster up to 100,000 Trainium2 chips together.</strong></p>
<p>Amazon hopes to reduce the procurement costs of AI chips and enhance overall efficiency in data processing through these optimizations. Analysts believe that if Amazon's Trainium2 can handle more internal AI work and occasional projects from large AWS clients, it is likely to be seen as a success.</p>
<h3><strong>Advanced Micro Devices rose 15.87%, with the stock price doubling in six trading days</strong></h3>
<p>In news, Advanced Micro Devices announced that it has submitted a compliance plan to NASDAQ. Analysts say that if Advanced Micro Devices can obtain approval from the NASDAQ exchange, the timeline for the company to submit its audited financial report for the previous fiscal year will be extended to February next year.</p>
<h3>After Trump's nomination of the FDA director, &#34;affordable weight loss drug&#34; supplier Hims &amp; Hers surged over 20% at one point</h3>
<p>On November 25th, Eastern Time, the stock price of &#34;affordable weight loss drug&#34; supplier Hims &amp; Hers Health soared over 20% during intraday trading, reaching an all-time high.</p>
<p>The reason is that institutional firm Hunterbrook Media released a report on Monday stating that Trump nominated Marty Makary as the director of the U.S. Food and Drug Administration (FDA), and Hims &amp; Hers could greatly benefit from this nomination, as Makary is an executive at Sesame Inc., which, like Hims &amp; Hers, is a startup selling combination GLP-1 weight loss drugs.</p>
<h3><strong>Hong Kong Stock IPO</strong></h3>
<p>SF Holding announced the lottery results.</p>
<p>Mengjinyuan is about to end its subscription</p>

NVDA

AMZN

MSTR

<p>The three major indices closed higher, with the Dow Jones and S&P 500 both reaching intraday all-time highs; Amazon is deploying 100,000 second-generation self-developed chips to challenge NVIDIA's monopoly; MSTR fell 4.37% (and continued to drop 3% in after-hours trading); Advanced Micro Devices rose another 15.8%, with the stock price doubling over 6 trading days</p>

- The Dow Jones Industrial Average rose over 400 points, while small-cap stocks surged 2.5%, and the S&P 500 reached a new intraday high before narrowing gains.  
- The nomination of a new Treasury Secretary calmed markets, leading to a significant drop in U.S. Treasury yields and a 1% decline in the dollar, while gold fell over 3% and oil prices dropped about 3%.  
- Amazon is developing a new AI chip, Trainium2, aiming to challenge Nvidia's dominance, with performance improvements and cost efficiency expected to enhance data processing capabilities.

Breakfast | NVIDIA plummets over 4%, Bitcoin falls below $93,000