GLOBAL MARKETS-Europe tips lower, yen friendless as bonds buckle

Global markets showed mixed trends with European shares dipping while Wall Street futures rose. The yen hit near all-time lows against the euro, pressured by higher interest rates affecting Japanese government debt. Despite a holiday-shortened week, momentum funds flowed into equities and commodities. The Bank of Japan raised rates, impacting the yen and government bonds. Analysts warned of extreme bullish sentiment, while gold and silver reached record highs. Oil prices increased following U.S. actions against Venezuelan oil tankers.

Pinned·Reuters·
Pinned·Reuters·

Tencent Taps Nvidia Blackwell AI Chips Through Japan Cloud Deal Despite Trump Warning They Won't Be Available To 'Other People:' Report

Tencent accesses Nvidia's Blackwell AI chips via Japanese data centers, circumventing U.S. export restrictions. The chips are housed in Datasection's Osaka-area data center, legally rented to Tencent. This highlights geopolitical tensions over AI tech and U.S. export controls. Datasection plans expansion with Nvidia processors, facing investor scrutiny. Trump administration reviews Nvidia H200 chip exports to China, amid potential Chinese regulatory restrictions. Nvidia's stock has surged significantly, ranking high in growth metrics.

Pinned·benzinga_article·
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Pinned·benzinga_article·
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Fiscal stimulus counterproductive? Former Bank of Japan official warns: interest rate hikes may exceed expectations, rates will reach 1.5%

A former member of the Bank of Japan expects that under Kazuo Ueda's tenure, there may be three more interest rate hikes to 1.5%, with the next rate hike window in June or July next year. Although the central bank is returning to a neutral interest rate (around 1.75%), the future pace is constrained by economic and political resistance between the U.S. and Japan. He warned that the government's aggressive fiscal expansion could exacerbate inflation and damage credibility, leading to yen depreciation and turmoil in the bond market, thereby disrupting the normalization process of policies

Wallstreetcn·
Wallstreetcn·

Sanhua: Expected net profit in 2025 is 3.874 billion to 4.649 billion yuan, a year-on-year increase of 25%-50%

Sanhua: It is expected that the net profit in 2025 will be between 3.874 billion and 4.649 billion yuan, a year-on-year increase of 25%-50%. Risk warning and disclaimer: The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

Wallstreetcn·
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002050
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02050
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Wallstreetcn·
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002050
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02050
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Moore, Mu Xi, BIREN TECH, and Tian Shu! The "Four Little Dragons of Domestic GPUs" gather for IPO

Although the four companies are in the same field, their differentiated paths are already very clear: from pursuing a platform strategy with a fully functional ecosystem, to focusing on engineering capabilities for single-quarter profitability, and then to a cluster route bound to national-level computing power hubs, each company is seizing market share in the chip market through different approaches

Wallstreetcn·
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06082
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Wallstreetcn·
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Cyclical tailwinds, inflation retreat, AI turbulence, volatility protection—these are Goldman Sachs' "Top 10 Core Theme Trades" for 2026

Goldman Sachs believes that the global market in 2026 will present a "Game of Thrones": on one hand, there is a favorable macro backdrop of steady growth, declining inflation, and interest rate cuts by the Federal Reserve; on the other hand, there are already "overheated" asset valuations—such as AI valuations significantly outpacing fundamentals. This tension suggests that volatility will increase. Goldman Sachs advises investors to pay attention to the valuation risks of the AI theme, the appreciation trend of the RMB, the weakening pressure on the USD, and to use tools such as interest rates, foreign exchange, and gold for hedging

Wallstreetcn·
US
GS
+1.96%
Wallstreetcn·
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GS
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Professor Fang Yue: If AI cannot be scaled and implemented, the market may repeat the internet bubble of 2000 | Alpha Summit

Fang Yue, director of the China-Europe AI and Management Innovation Research Center, believes that AI belongs to technology, but technology does not equate to value; the key is large-scale implementation. If AI technology can generate value from large-scale applications, it can bring about significant changes in productivity. Future competition will not be merely about efficiency, but rather about the degree of "human-machine integration."

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Robotaxi is entering the "China Moment"

Raging Storm

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XPEV
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HK
09868
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PONY
+11.78%
Wallstreetcn·
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XPEV
+6.77%
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09868
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PONY
+11.78%

Asset management giant Apollo has entered "risk-off mode": hoarding cash, deleveraging, waiting for "bad things to happen"?

Apollo Global CEO warns that asset prices are too high and geopolitical risks are increasing. The company has significantly hoarded cash, reduced leverage, and sold off high-risk assets such as AI loans and CLOs, with its insurance company reducing CLO exposure to $20 billion. Apollo also warned that offshore regulatory arbitrage could trigger systemic risks in the insurance market, preparing for potential market turmoil

Wallstreetcn·
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APO
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Wallstreetcn·
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APO
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GF SEC Liu Chenming: Rejecting traditional macroeconomics, looking at the 2026 layout window from debt resolution and changes in profit structure | Alpha Summit

Liu Chenming stated that the core logic of global asset pricing in 2026 is "debt resolution," and AI and resource products are essentially different manifestations of the same macro path. The current profit structure of A-shares has undergone a qualitative change, with the proportion of emerging industries and overseas markets rising to 40%, which has detached the stock market from the traditional macro "barometer" logic. He is optimistic about a "slow bull" market driven by the rebound in ROE in 2026 and pointed out that as the main sector pulls back to a suitable level, December to January of the following year is a key layout window

Wallstreetcn·
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01776
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Wallstreetcn·
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000776
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01776
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Why did the yen fall instead of rising after the interest rate hike?

On December 19, 2025, the Bank of Japan raised interest rates to 0.75%, but the yen fell 1.45% against the US dollar. Reasons include market expectations being fully priced in, fiscal stimulus plans diluting the effects of the rate hike, and negative real interest rates limiting yen appreciation. In the medium term, fiscal easing will exacerbate inflationary pressures, and the yen may continue to depreciate. In the short term, attention should be paid to the risk of intervention by the Japanese Ministry of Finance

Wallstreetcn·
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YCS
+2.70%
Wallstreetcn·
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YCS
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"Interest rate cut expectations + geopolitical conflicts" drive gold to rise above 4400, silver continues to hit historical highs, and spot platinum breaks above 2000 USD for the first time since 2008

Precious metals surged again, with spot gold surpassing 4,400, silver hitting a new historical high, and platinum breaking the 2,000 USD mark for the first time in 16 years. The expectation of interest rate cuts by the Federal Reserve, combined with the blockade in Venezuela and the escalation of the Russia-Ukraine conflict, has led to a continued fermentation of risk aversion sentiment

Wallstreetcn·
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GLD
+0.11%
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SLV
+2.71%
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AGQ
+6.19%
Wallstreetcn·
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GLD
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SLV
+2.71%
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AGQ
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Clocktower Kevin Wang: The End of the Old Order and Global Asset Rebalancing Under the Dollar "Bear Market" | Alpha Summit

Wang Kaiwen pointed out that the new version of the U.S. National Security Strategy marks the end of the old order and will trigger a global asset reallocation. He believes that the U.S. dollar has entered the largest bear market in history, with a potential depreciation of nearly 40% over the next 5-8 years, forcing investors to withdraw from dollar-denominated assets. Against this backdrop, severely underweighted Chinese assets may present the biggest "short squeeze" opportunity, while the bull market for gold has not ended, and silver has even greater potential. In 2026, it is necessary to be wary of the risk of a shift in Federal Reserve policy due to recurring inflation, as U.S. stocks are already in the "final leg of the bull market."

Wallstreetcn·
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Wallstreetcn·
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What other thematic investment opportunities can be focused on after commercial aerospace and nuclear fusion?

Last week's market adjustment was mainly due to global liquidity pressure, anxiety over the overseas "AI bubble," and the A-share Q4 "settlement season" game. This week, the slowdown in U.S. inflation in November, a decrease in October non-farm payrolls, Japan's interest rate hike of 25bp, and the potential investment from the UAE sovereign wealth fund into OpenAI have alleviated global investor anxiety. The market welcomes a repair opportunity, with expanding domestic demand as the primary task. It is recommended to focus on two main lines: 1) Low-end applications in the AI direction, such as AI healthcare and intelligent driving; 2) Key industries involved in the "14th Five-Year Plan," such as commercial aerospace, 6G, nuclear power, and hydrogen energy

Wallstreetcn·
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002366
-0.81%
NA
OpenAI
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Wallstreetcn·
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002366
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OpenAI
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Trillions of dollars in investment, thousands of new players – AI data centers have become a "new gold rush" that concerns the fate of the global economy

The global construction frenzy of AI data centers is sweeping the world, with thousands of "new players"—energy companies, Bitcoin mining firms, and private equity funds—rushing into this multi-trillion-dollar gamble. Tech giants cleverly shift risks through leasing strategies, offloading debt pressure onto inexperienced developers. However, project delays and contract terminations are frequent, intensifying market concerns about the AI bubble. Once the AI bubble arrives, risks may sweep across the globe

Wallstreetcn·
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Wallstreetcn·
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BITB
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GBTC
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Report: Next year, NVIDIA's GB300 shipment volume is expected to reach 55,000 units, and the Vera Rubin 200 is expected to ship in the fourth quarter of next year

The latest market forecast shows that shipments of NVIDIA's GB300 AI server cabinets are expected to reach 55,000 units next year, a year-on-year increase of 129%, primarily driven by giants like Microsoft and Meta. More notably, the next-generation Vera Rubin 200 platform is expected to start shipping in the fourth quarter of next year, bringing sustained growth momentum to supply chain manufacturers such as Hon Hai and Quanta. Some manufacturers have order visibility extending as far as 2027

Wallstreetcn·
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07788
+6.34%
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NVDA
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NVDY
+3.02%
Wallstreetcn·
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07788
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NVDA
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Hong Kong stocks intraday | The three major indices opened higher, with the technology and AI sectors active. Baidu rose 1.52%, YOFC surged 11.4%, and chip stocks performed strongly

The three major indices of the Hong Kong stock market maintained narrow fluctuations during the trading session, with the Hang Seng Index slightly rising. The technology sector rebounded but did not reach new highs. There was a clear divergence in the retail, internet, and hardware sectors, with market hotspots rapidly switching. Stocks such as YOFC and Huiju Technology surged. On the macro level, retail sales data supported investment sentiment, with mainstream funds concentrated in core blue chips and high-elasticity strong stocks

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00700
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LB Select·
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