On Friday, the US stock market had the highest trading volume. The stock fell by 0.09%, with a turnover of USD 49.5 billion. The stock has risen more than 10% this week. According to media reports, the US federal regulatory agency has reached an agreement to allow antitrust investigations into Microsoft, OpenAI, and Nvidia's dominant position in the AI industry.$NVIDIA (NVDA.US)$Fell 2.13%, with a trading volume of $32.833 billion. Industry experts expect Nvidia's B series GPU to complete wafer testing in October.

AI server experts stated that on September 24, 2024, Morgan Stanley raised its expectations for TSMC's COWOS production capacity expansion, increasing from 68k monthly capacity by the end of 2025 to 80k, reflecting strong demand for COWOS and holding a positive view on shipments of Nvidia's B series. It is expected that Nvidia's B series GPU will complete wafer testing in October and start small-scale shipments in November; an estimated shipment of around 2.5 million units in 2025; there were disruptions in its supply chain previously, but now after the core chip redesign and wafer testing, the expected outcome aligns with previous guidance.

Nvidia CEO Huang Renxun stated on Friday: "The demand for renewable energy in data centers is growing, and nuclear power is a good option."

The second.$Tesla (TSLA.US)$The closing price rose by 2.45%, with a trading volume of 18.333 billion US dollars. Tesla's high absenteeism rate at its only car factory in Europe has caught the attention of CEO Musk. He wrote on X platform that he is investigating the issue after a user on social media services shared an article from the German Business Daily.

Reportedly, the sick leave rate of employees at the Tesla factory in Grünheide, Brandenburg, rose to 17% in August, more than three times the average level of the German auto industry last year.

Additionally, Musk responded to a user's post on X platform on Friday regarding the post claiming that 'China's electricity generation in 2023 has far exceeded that of the United States.' Musk stated, 'Industrial capacity is first approximated by electricity generation, China's industrial capacity has far exceeded that of the United States.'

The user shared an image showing that according to the Energy Research Institute's 'Statistical Yearbook of World Energy' (2024 edition), shortly after 2005, China's electricity generation surpassed that of the United States, showing a linear upward trend, far exceeding that of the United States by 2023.

Ranked third, up 0.71%, trading at $8.267 billion. According to media reports, the Apple iPhone 16 series has entered full-scale production, and Foxconn's Zhengzhou factory is expanding its workforce to meet production targets. The expected sales target for iPhone 16 series this year is 90 million units, with a hope to achieve 95 million units. $Apple (AAPL.US)$ The closing price increased by 0.12%, with a trading volume of 7.762 billion US dollars. Morgan Stanley mentioned in a report to investors that despite the decent sales performance of the iPhone 16, it fell short of expectations. It is said that Apple sold 37 million units of the iPhone 16 series during the first weekend of the new phone's launch. Most of these were iPhone 16 Pro Max, while sales of iPhone 16 and iPhone 16 Plus also increased compared to previous years. Despite these seemingly impressive numbers, actual demand is lower than for previous iPhones.

To illustrate this point, Morgan Stanley mentioned the waiting time when purchasing the iPhone 16 series. The survey results show that the longest waiting time for the iPhone 16 Pro Max is 25.5 days. While this is indeed a wait, it is much shorter compared to last year's 43.5 days for the iPhone 15 Pro Max.

Compared to the release of other iPhones, the delivery time for the iPhone 16 series is the shortest since the iPhone 12 in 2020. Therefore, Morgan Stanley predicts that Apple may reduce the order volume of the iPhone 16 to deal with lower demand.

Ranked fourth.$Amazon (AMZN.US)$Declined by 1.67%, with a turnover of 6.791 billion US dollars. The UK antitrust regulator Competition and Markets Authority (CMA) announced on Friday, September 27, that it will not conduct further investigations into Amazon's $4 billion investment in the AI startup company Anthropic.

In September 2023, Amazon invested $1.25 billion in Anthropic. In March of this year, Amazon added another $2.75 billion to Anthropic, bringing the total investment to $4 billion. This is also the largest investment Amazon has made in a company in nearly 30 years since its founding.

In August of this year, the UK CMA announced an investigation into the cooperation between the two parties to assess whether the cooperation would significantly reduce competition in the UK market, especially in the AI field.

CMA announced on Friday that after careful analysis, it concluded that, under the terms of the 2002 Enterprise Act, the partnership did not meet the standards for a merger investigation.

The fifth.$Microsoft (MSFT.US)$Down 0.76%, trading $6.391 billion. Microsoft promised on September 26th local time to invest 14.7 billion reais (about $2.7 billion) in Brazil within three years to strengthen its cloud infrastructure and AI business in the country.

Microsoft stated that in the next three years, it will expand cloud computing and AI infrastructure in multiple data centers in Sao Paulo, Brazil, and provide AI-related training to about 5 million people.

The sixth.$Alibaba (BABA.US)$Up 2.15%, trading $5.4 billion. According to media reports, Taobao Tmall is about to officially join JD Logistics and is expected to go live in mid-October. At the same time, JD will also incorporate Cainiao Express and Cainiao Post Stations as sites for parcel collection, and will officially integrate Alipay payments on the eve of Singles' Day.

Alipay is undoubtedly one of Alibaba's most important 'moats', and JD Logistics is the core competitiveness of JD. This mutual opening of the core business areas of the two giants can be described as the largest cooperation since the establishment of both companies more than 20 years ago.

The interconnection between JD and Alibaba this time, just like the interconnection between Alibaba and WeChat some time ago, are measures to respond to and implement relevant national policy requirements.

The seventh.$Meta Platforms (META.US)$Declined by 0.08%, with a turnover of 5.335 billion US dollars. Tianfeng International Securities' well-known analyst, Ming-Chi Kuo, announced on social media that the product roadmap within meta platforms indicates that its highly anticipated augmented reality (AR) glasses Orion are expected to be mass-produced as early as 2027. However, this schedule is not set in stone, as the EMS (Electrical Components Services) and NPI (New Product Introduction) manufacturers have not been determined yet, while facing various technological challenges, the actual mass production time may be later than expected.

The eighth.$PDD Holdings (PDD.US)$Increased by 4.62%, with a turnover of 5.048 billion US dollars. The stock has surged by 35.5% this week.

Ranked ninth.$Super Micro Computer (SMCI.US)$Rose by 4.31%, with a turnover of $4.475 billion. This week, there were heavyweight media reports that Super Micro Computer Inc. is under investigation by the US Department of Justice due to a report from a short-selling institution. The investigation is still in the preliminary stage. The US prosecutor's office in San Francisco has recently contacted some individuals who may hold relevant information.

Prosecutors reportedly requested information, seemingly related to a former employee who accused the company of accounting violations and filed a whistleblower lawsuit against the company in April.

Super Micro Computer has not commented on the report.

Last month, the short-selling institution, Hindenburg Research, released a report stating that they "found obvious accounting alarm signals, undisclosed related party transaction evidence, as well as sanction and export control failures, and customer issues." Shortly after, Super Micro Computer announced a delay in submitting its 10-K form due by June 30.

Earlier this month, Super Micro Computer CEO Charles Liang responded to some stock price affecting issues, including what he referred to as a "misleading" short report.

The 12th.$Eli Lilly and Co (LLY.US)$Fell by 3.47%, with a turnover of $3.863 billion. Eli Lilly and Company announced on Tuesday that its Alzheimer's drug, donanemab, has been approved by the Japanese Ministry of Health, Labor and Welfare, providing a new treatment option for Japanese patients after the approval of Leqembi by Boai Materials and Baijian. Japan is the second major market where donanemab has been approved, with the drug previously marketed in the United States under the brand name Kisunla.

Ranked 14th $Alphabet-A (GOOGL.US)$ Closing up 0.75%, with a turnover of $3.465 billion. Google officially filed a lawsuit against microsoft at the European Commission this Wednesday (September 25th), accusing microsoft of anti-competitive behavior in the cloud computing market.

The core of Google's complaint is accusing microsoft of using unfair licensing terms to 'lock in' customers and control the cloud market. Google stated that microsoft, through its dominant Windows Server and Microsoft Office products, made it difficult for many customers to use any products other than Azure cloud infrastructure products. Google said that microsoft also bundled its collaboration application Teams with the cloud platform, restricting user choice.

Google urged the European Commission to intervene, claiming that regulatory action is needed to end microsoft's market dominance and restore competitive balance.

Ranked fifteenth, down 2.10%, trading at $2.035 billion. Wedbush Securities said that Palantir has signed an agreement with Microsoft to provide AI services to the national defense and intelligence community, which could 'change the rules of the game' and serve as a 'launchpad' for Palantir's AI platform (AIP). The institution maintained its 'shareholding' rating on Palantir with a target price of $38. $Taiwan Semiconductor (TSM.US)$ Closing down by 4.74%, with a turnover of $3.216 billion. JPMorgan Securities (JPMorgan) released a report stating that Taiwan Semiconductor is benefiting from strong demand for 3nm and CoWoS, with revenue expected to grow strongly in the third quarter, and estimated a 10% sequential growth in revenue in the fourth quarter, thus maintaining an 'outperform the market' rating for Taiwan Semiconductor.

Gokul Hariharan, head of Morgan Stanley's Research Department in China Taiwan Province, and others released a report stating that Taiwan Semiconductor's third-quarter revenue is expected to grow strongly, reaching $23.3 billion, slightly higher than Taiwan Semiconductor's own estimate of $22.4 billion to $23.2 billion; even with the appreciation of the New Taiwan Dollar, the gross margin can reach 54.8%, at the upper end of the company's estimated range (53.5-55.5%). As for Taiwan Semiconductor's fourth-quarter revenue, Morgan Stanley estimates a sequential growth of 10%, driven by the rapid growth of 3nm and 4nm.

Morgan Stanley believes that for Taiwan Semiconductor in 2025, it is expected to be another strong year, as the demand for AI accelerators continues, the 3nm business expands beyond Apple's customers, and the N3E yield and price increases help increase the gross margin. Currently, the demand for 3nm at Taiwan Semiconductor continues to exceed supply, and capacity utilization should have already reached 110%, with the expected trend of supply exceeding demand continuing until 2025.

Editor/Rocky