US stocks hit new highs; Apple nears $4 trillion market cap; Qualcomm surges 11%.

Wang Yi Talks with US Secretary of State Rubio: Preparing for High-Level Sino-US Interactions

On October 27, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Foreign Minister, spoke with US Secretary of State Marco Rubio. Wang emphasized that a healthy, stable, and sustainable bilateral relationship is in the long-term interests of both countries and is what the international community expects. Recent trade tensions were addressed during the Kuala Lumpur economic talks, where both sides clarified their positions and reached a consensus on resolving urgent trade issues.

Wang expressed hope for mutual efforts to prepare for high-level interactions and create favorable conditions for the development of Sino-US relations.

Trump May Replace Fed Chair by End of 2025

Former President Trump is considering replacing Federal Reserve Chair Jerome Powell by the end of 2025, despite Powell's term lasting until 2026. Powell's resistance to significant interest rate cuts contrasts sharply with Trump's economic goals, leading to increased market volatility.

UK Seeks to Form "Steel Club" with US and EU

UK Trade Minister Chris Bryant announced negotiations with the US and EU to form a "Steel Alliance" to address global overcapacity, primarily driven by China. This proposed agreement may resemble tariff arrangements from the 1950s aimed at protecting domestic industries.

Amazon Plans Major Layoffs

Amazon is set to cut up to 30,000 corporate jobs as part of its cost-cutting measures, following over-hiring during the pandemic. This would mark the largest job reduction since late 2022.

Nvidia Expands AI Infrastructure in Europe

Nvidia plans to invest €1 billion with Deutsche Telekom to build data centers in Munich, enhancing AI infrastructure in Europe. This facility will deploy around 10,000 GPUs.

Qualcomm Launches New AI Chips

Qualcomm has introduced new AI200 and AI250 inference acceleration chips, leading to a significant stock price increase. These chips are designed for AI inference rather than training, boasting superior memory capacity.

Apple iPhone 18 Pro to Feature Upgraded Camera

The upcoming iPhone 18 Pro is expected to include a 48-megapixel long-focus sensor with a larger aperture, enhancing low-light photography capabilities. Apple shares rose over 2% following this news.

Berkshire Hathaway Receives Rare "Sell" Rating

Berkshire Hathaway has been given a "sell" rating by analysts concerned about its earnings outlook and macroeconomic risks, particularly with Warren Buffett's impending retirement.

Semiconductor Stocks Surge

Chinese semiconductor stocks saw significant gains, with SMIC receiving over HK$11 billion in net purchases, while Alibaba faced substantial sell-offs.

Meituan Launches New Video Model

Meituan has unveiled a new open-source video generation model, LongCat-Video, which supports text-to-video capabilities. The company also plans to issue up to $2 billion in senior notes.

Upcoming Economic Data

On Tuesday, the US will release the Consumer Confidence Index for October, while companies like UnitedHealth and HSBC are set to announce their earnings.