Hot news

• Before Tuesday's pre-market trading, the three major futures indexes weakened slightly.

• Pre-market trading saw a collective decline in growth tech stocks.

• Nvidia continues to hit new highs, with Wall Street big shots still eagerly raising the target price.

on Monday, Waymo, a subsidiary of , released the technical details of its latest 'sixth-generation' autonomous taxi. The company has redesigned the hardware and software for its autonomous vehicles, providing clearer vision, stronger computing power, and more functionality without the need for more expensive cameras and sensors, resulting in significantly lower manufacturing costs. $NVIDIA (NVDA.US)$ The stock price rose by over 4%, hitting a new all-time high, and the market value surpassed $3.5 trillion for the first time. However, this did not affect Wall Street big shots' bullish stance on the stock. In recent weeks, major Wall Street banks like Bank of America and Goldman Sachs have raised their target prices: BoA analyst increased the target price from $165 to $190 per share; Goldman Sachs raised the target price to $150; CFRA research company raised the target price to $160; Bernstein also raised Nvidia's target stock price to $155 per share. At the time of writing, Nvidia rose another 0.18% in pre-market trading.

• SAP rose over 3% in pre-market trading, aiming for a new high as it exceeded Q3 earnings expectations and raised full-year guidance.

Europe's largest software company $SAP SE (SAP.US)$ Pre-market trading in the USA rose more than 3%, and stock prices are expected to reach new highs after the opening. On the news front, SAP's third-quarter revenue was 8.47 billion euros, a year-on-year increase of 9.4%, slightly higher than the market's expected 8.45 billion euros; adjusted earnings per share were 1.23 euros, also better than the market's expected 1.06 euros. The company raised its full-year performance guidance, with current estimates of annual adjusted operating profit ranging between 7.8 billion and 8 billion euros, up from the previous range of 7.6 billion to 7.9 billion euros, mainly reflecting the AI ​​boom driving growth in its cloud services and software services revenue.

• Qualcomm releases Snapdragon 8 Elite chip: equipped with Oryon core, performance increased by 45% compared to the previous generation.

$Qualcomm (QCOM.US)$ At the Snapdragon Tech Summit, a new generation flagship mobile processor - Snapdragon 8 Elite was released, which is said to bring laptop-level functionality to smartphones. According to Qualcomm, the latest version of the Snapdragon series will include its self-developed Oryon processor design, which will improve performance by 45% compared to previous models and consume less energy.

• Tech giants are competing in the field of autonomous driving! Bernstein: Tesla's Robotaxi is overvalued, while Google's Waymo is undervalued.

Bernstein stated, $Tesla (TSLA.US)$ goldman sachs's Robotaxi is overvalued, while $Alphabet-C (GOOG.US)$ Waymo by google is undervalued. Bernstein believes that, even if tesla becomes the first company to be approved for L5 fully autonomous driving technology, the improvement in AI computing power may allow other companies to quickly catch up, making it difficult for Tesla to achieve excess profits. The hidden assets value of Google's Waymo is largely covered, with its weekly travel volume of 0.1 million times making Waymo's annual revenue likely to exceed 0.1 billion USD, and the annual revenue is rapidly increasing. Bernstein set a target price of $120 per share for Tesla, about 45% lower than the current stock price.

• Institutions: Nvidia will rename the Blackwell Ultra product to the B300 series, expecting to drive CoWoS-L growth by 2025.

According to the latest survey by Cni Xiangmi Lake Fintech Index, $NVIDIA (NVDA.US)$ Nvidia recently renamed all its Blackwell Ultra products to the B300 series, and is expected to strategically promote B300 and GB300 GPU products using CoWoS-L next year. This will increase the demand for advanced packaging technology. Nvidia renamed the original B200 Ultra to B300, GB200 Ultra to GB300, and B200A Ultra and GB200A Ultra were respectively adjusted to B300A and GB300A. The B300 series products are planned to start shipping between the second and third quarters of 2025. As for B200 and GB200, they are expected to start shipping sequentially between the fourth quarter of 2024 and the first quarter of 2025.

• Tesla's earnings release is imminent! The options chain sees a tense battle between long and short positions.

$Tesla (TSLA.US)$Earnings will be announced on October 23rd. The stock price dipped slightly by 0.84% last night, with the percentage of put options rising to 41%. The total volume of options traded is 0.746 million contracts. On the options chain, there is a heated competition between long and short positions. The highest traded contract is a call option with a strike price of $220 expiring this Friday, with 0.042 million contracts traded, followed by a put option with the same strike price and expiry, trading at 0.028 million contracts.

It is noteworthy that a large investor spent $10.09 million to buy call options, specifically expiring on June 20, 2025 with a $175 strike price, and expiring on June 18, 2025 with a $300 strike price.

Global macro

• Bull market in US stocks is not over yet! UBS Group: S&P 500 index is expected to rise by another 13% by the end of next year.

Since the beginning of this year, the US stocks have repeatedly hit new highs, with the S&P 500 index soaring by over 23% year-to-date. The question of whether the bull market is coming to an end has become a hot topic in the market. According to UBS Group, the momentum of the US stock market rally is not over yet. It is expected that the S&P 500 index will reach 6,600 points by the end of next year. The driving force behind this rise is the prospect of the US economy not experiencing a slowdown, which means the S&P 500 index is expected to rise by nearly 13% from its current levels.

• Federal Reserve voting member Daley this year: no reason to stop cutting interest rates, neutral interest rate expected to be close to 3%.

As US inflation gradually returns to the Federal Reserve's 2% target, Federal Reserve voting member Daley spoke out this year, stating that the Fed needs to adjust its policies and is expected to continue cutting interest rates. She also mentioned that the reasonable expectations for the neutral interest rate are between 2.5% and 3%, with her personal belief being close to 3%. On the same day, several other Federal Reserve officials also voiced their opinions, indicating a preference for a more moderate pace of rate cuts than the 50 basis points in September.

• Gold "new bull market" coming? More and more Wall Street big shots are bullish up to $3000!

Due to the uncertainties surrounding the US presidential election, escalating conflicts in the Middle East leading to soaring safe-haven demand, and a loose monetary policy environment, people have been flocking to gold, the safest 'safe haven.' With the recent continuous highs in international gold prices, there is no sign of the upward trend stopping. More and more analysts are predicting that the price of gold can continue to rise to $3,000 per ounce, with some even expecting the price to surpass $2,800 within the next 3 months.

• Set aside the technology hegemony! The 'anti-seven giants' etf is leading a new trend of diversified investment.

In the backdrop dominated by the 'Magnificent Seven,' Defiance has launched a new ETF called XMAG. This fund includes all the stocks from the S&P 500 index except the 'Magnificent Seven,' totaling 495 stocks, weighted by market cap, with the code $Defiance Large Cap Ex-Magnificent Seven ETF (XMAG.US)$ (Interestingly, this name also implies its positioning as the "anti-Big Seven").

Bilibili rose more than 3% pre-market trading and was upgraded to "buy" by UBS, which raised its EPS estimate per share.

Reminder for US Macro Events

(All in Peking Time)

22:00 Richmond Fed Manufacturing Index for October in the USA

22:00 2026 FOMC Voting Member and Philadelphia Fed President Haq Speech at the 8th Fintech Annual Conference hosted by the Philadelphia Fed

22:30 US Treasury Secretary Yellen holds press conference at the Treasury Department

Editor/Somer