The US-China meeting ends with market volatility; Google and Meta experience 'two different worlds' after hours | Today'…

1030 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1.On October 29th, Eastern Time, the Federal Reserve announced its second rate cut of the year by 25 basis points, lowering the interest rate range to 3.75%-4%, and scheduled to end the balance sheet reduction on December 1st. However, there was an unusual split in the decision, with one vote for a 50 basis point cut and one vote against any cut. Powell stated that a December rate cut is "far from certain." U.S. stocks rose initially but then fell, with increased uncertainty over December's policy, compounded by high valuations in U.S. stocks, potentially intensifying sector rotation. Close attention is needed on subsequent employment and inflation data.

2. The meeting between Chinese and U.S. leaders concluded at noon on the 30th, and after the Hong Kong and A-shares markets opened in the afternoon, there was some volatility. This meeting focused on key issues such as China-U.S. relations, which are of great significance. Both parties announced the cancellation of the 10% "fentanyl tariff" on Chinese goods; an agreement on rare earths has been reached for one year, with annual negotiations to follow; and consensus was reached on issues such as Nvidia's chip market access in China.

3.Market news indicates that the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission are expected to conduct a public consultation in 2025 on optimizing the listing rules for Weighted Voting Rights (WVR). The core directions include relaxing the listing thresholds for companies with WVR structures, simplifying the secondary listing process, and clarifying the mechanisms for the existence and adjustment of special voting rights, aiming to further reduce the institutional costs for U.S.-listed Chinese companies returning to Hong Kong stocks and provide more diversified financing options for new economy enterprises.

🐬 Individual Stocks

1.$Amazon(AMZN.US)

Amazon's $11 billion Rainier data center project was officially launched in Indiana this Wednesday. It primarily serves Amazon Web Services (AWS) for AI training, enterprise-level storage, and global cloud service node expansion needs. This project is a significant move by Amazon to enhance its AI computing power infrastructure, directly addressing the global cloud service market's surging demand for high computing power and low energy consumption data centers. In the long term, large-scale computing infrastructure investment will strengthen Amazon's voice in the upstream AI industry chain, but caution is needed regarding the potential pressure on profits from high subsequent capital expenditures.

2. Dolphin Research Focus on Financial Reports and Conference Calls

Google: "Google's Dramatic Reversal: From AI "Sacrifice" to AI "Trendsetter"", "Google (Minutes): We Are the Only Full-Stack AI Cloud Platform"

Meta: "Meta: AI Investment "Risking It All", Is the Financial Faith Going to Be Exhausted?", "Meta (Minutes): Computing Power Is Ready to Use, No Worries About Surplus"

Microsoft: "After "Superficial" Cooperation with OpenAI, Is Microsoft Still Attractive?", "Microsoft (Minutes): Data Centers to Double in Two Years, Not Serving as "Single Large Customer" Manager"

Wolfspeed: "Wolfspeed After Debt Relief: Cost Reduction and Layoffs Can Reduce Losses, Profitability Still Depends on Growth", "Wolfspeed (Minutes): Weak SiC Demand Will Persist Throughout Fiscal Year 2026"

Tonight, BYD, China Duty Free, Roblox, and BOE will release their financial reports, and Dolphin Research will track and provide analysis.