Dovish signals from the Fed exploded! U.S. bonds and the dollar fell, cryptocurrencies surged, and NVIDIA/PDD earnings reports will determine the market this week.

At last night's Jackson Hole Symposium, Federal Reserve Chair Powell delivered a speech perceived as "dovish," hinting that the months-long rate hike cycle may be nearing its end and opening the door to rate cuts. He emphasized that future policy would depend on economic data, with noticeably softened rhetoric on inflation control. This speech triggered a swift market reaction, with a clear chain of effects: Powell's dovish stance led markets to expect the Fed to halt rate hikes or even cut rates, causing U.S. Treasury yields to drop immediately. As rate expectations declined, the appeal of dollar assets weakened, and the dollar index followed suit. Meanwhile, rate cut expectations suggested future market liquidity could become more abundant, significantly boosting investor risk appetite.

In this process, the crypto market (e.g., Bitcoin and Ethereum) reacted the fastest and most dramatically, far outpacing U.S. stocks. This is primarily because crypto assets are highly volatile, trade 24/7, and involve substantial leverage, making them extremely sensitive to interest rate and liquidity changes. When market sentiment turns optimistic, crypto assets often become the go-to for high-risk, high-reward investments, leading to rapid price surges. This phenomenon also clearly indicates that cryptocurrencies have become a leading indicator for global liquidity inflection points.

Key Focus Companies This Week

NVIDIA needs no introduction—watch whether it can maintain its 70% gross margin and Blackwell chip delivery guidance. If its data center business remains strong and capacity is clear, the AI computing chain will ignite; otherwise, the "AI narrative" may falter, leading to a pullback.

For hot Chinese ADRs, Pinduoduo's focus is whether Temu's overseas expansion is high-quality growth or "burning cash for scale," reflected in GMV and marketing expense ratios. Alibaba must prove its domestic e-commerce stabilization and whether its cloud business can recover profits with AI.

Trading-wise, I’m still prioritizing "waiting," keeping positions flexible until post-Wednesday earnings and data clarity. Investing requires patience—adjust positions after information clears, staying calm amid noise to seize September’s prelude opportunities and avoid risks.

Additionally, recent rallies in Hong Kong, U.S., and A-shares—like InnoLight and Cambricon hitting new highs—make A-shares tricky. I prefer taking profits gradually. Congrats to those who won the dual IPO lottery—it surged 30% at open.

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$Invesco QQQ Trust(QQQ.US) $NVIDIA(NVDA.US) $Cambricon(688256.SH) $Zhongji Innolight(300308.SZ) $PDD(PDD.US) $Alibaba(BABA.US) $MEITUAN(03690.HK)