Good morning. QQQs -15bps. Big news this morning is China +6% after PBOC shifted to a more dovish stance (first time in 14 years) and gov’t hinted at more forceful fiscal support measures (Reminder - China’s Central Econ Work Conf kicks off in a couple days). Assad toppled over the weekend. Trump was on Meet the Press over the weekend. Key points: will extend tax cuts from first term, talked up value of tariffs, will let Powell serve out his term, and won’t touch entitlement programs while staying committed to his immigration policies.
BTC - 2%. Yields up 2-3bps across the curve. NVDA - 2%
We get MDB ORCL ADBE and AVGO EPS this week. I’ll have bogeys out a little later this morning…
Let’s get to it…
WDAY/APP: WDAY +9% gets added to Sp500 while APP -7% misses out
Jefferies projects 24M shares to buy for WDAY or 800% of ADV.
NVDA: China Targets Nvidia For Potential Breaches of Anti-Monopoly Law
China has opened a probe into Nvidia Corp. over suspicions that the US chipmaker has broken anti-monopoly laws.
The State Administration for Market Regulation opened an investigation looking into the company’s recent behavior, China Central Television said in a report on Monday.
Nvidia’s position as the leading provider of AI chips has put it in the crossfire of the US-China battle of tech supremacy. Washington has barred the company from selling its most advanced semiconductors to Chinese companies — undermining their ability to develop AI services — which has drawn sharp rebukes from Beijing.
TMTB: Don’t think is a big deal - most buysiders have genereally 0’d AI China revenue going fwd
Also FT had an article on Bytedance, noting they were China’s biggest buyer of NVDA chips so maybe some read-through from District ruling on Tiktok on Friday flowing through to stock px…
RDDT: Reddit upgraded to Overweight from Equal Weight at Morgan Stanley
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