1. Fed meeting minutes: Most participants expressed concerns about "early interest rate cut"
2. It once rose by more than 10% after the market opened! Nvidia’s fourth-quarter revenue, profit, and first-quarter guidance all exceeded expectations
3. Rivian $RIVN's fiscal year 2024 auto production guidance is lower than expected, and the stock price fell 15% after the bell.
4. Lucid $LCID’s fourth-quarter revenue fell short of expectations, and its stock price fell more than 7% after the closing bell
5. Ctrip Group-S fourth quarter revenue increased 105% year-on-year to 10.3 billion yuan, with net profit of 1.3 billion yuan

Fed meeting minutes: Most participants expressed concerns about "early interest rate cut"

The minutes of the Federal Reserve meeting showed that most Fed officials expressed concerns about the option of "cutting interest rates earlier". They believed that the risk of this action was significantly higher than "continuing to maintain interest rates at high levels"; the minutes wrote that policymakers are still paying attention On the trajectory of inflation, some worry that progress toward a slowdown in U.S. inflation toward the central bank's 2% target may stall. Most officials believe borrowing costs will need to peak for some time, and the exact timing of the first rate cut remains unclear.

It once rose by more than 10% after the market opened! Nvidia’s fourth-quarter revenue, profit, and first-quarter guidance all exceeded expectations

Nvidia (NVDA.O) reported Wednesday Eastern Time that first-quarter revenue will be higher than expected, as it expects high demand for its industry-leading artificial intelligence chips and improved supply chain dynamics. The financial report shows that Nvidia’s fourth-quarter revenue surged 265% year-on-year, and earnings per share surged 765% year-on-year. The company’s revenue and profits have set records for three consecutive quarters. Specifically, Nvidia's Q4 net profit in fiscal year 2024 was US$12.285 billion, exceeding market expectations of US$10.34 billion and US$1.414 billion in the same period last year. Q4 revenue in fiscal year 2024 is US$22.1 billion, market expectations are US$20.18 billion, and US$6.051 billion in the same period last year. The company expects Q1 revenue in fiscal 2025 to be US$24 billion, plus or minus 2%, and analysts' average forecast is US$22.1 billion.

As both its fourth-quarter results and first-quarter performance guidance exceeded analysts' expectations, the company's stock price rose as much as 10% after the U.S. stock market closed.

Related opportunities: Boosted by NVIDIA's surge, U.S. chip stocks rose across the board after the market opened. Arm ( $ARM ) rose more than 6%, AMD ( $AMD ) rose more than 3%, and TSMC ( $TSM ) rose 3%.

The probability that the Fed will remain on hold in March is 93.5%

CME "Fed Watch": The probability that the Federal Reserve will keep interest rates unchanged in the range of 5.25%-5.50% in March is 93.5%, and the probability of cutting interest rates by 25 basis points is 6.5%. The probability of keeping interest rates unchanged by May is 72.9%, the probability of a cumulative 25 basis point interest rate cut is 25.6%, and the probability of a cumulative 50 basis point interest rate cut is 1.4%.

Central enterprises will make efforts to build AI computing power

The State-owned Assets Supervision and Administration Commission of the State Council held a special promotion meeting on artificial intelligence for central enterprises under the theme of "AI Empowering Industry Renewal". The meeting emphasized that central enterprises should put the development of artificial intelligence into overall planning and overall planning, deeply promote industrial renewal, and accelerate the layout and development of intelligent industries. It is necessary to consolidate the basic foundation for development, concentrate major resources on the areas of greatest need and advantage, accelerate the construction of a number of intelligent computing centers, further deepen open cooperation, and better play the role of a collaborative innovation platform across central enterprises.

Carry out AI+ special actions to strengthen demand traction, accelerate the empowerment of key industries, build a batch of industrial multi-modal high-quality data sets, and create a large-model empowered industrial ecosystem from infrastructure, algorithm tools, intelligent platforms to solutions.

Related targets: Baidu, SenseTime-W, Tencent Holdings

20-year U.S. Treasury auction "collapses", highlighting weak demand and tail spreads hitting record highs

The U.S. Treasury Department auctioned $16 billion of 20-year Treasury bonds. The auction results were dismal, causing U.S. bond yields to rise during the day. The winning interest rate this time was 4.595%, which was significantly higher than the 4.423% in the previous auction. The pre-issuance rate is 4.562%, which means that the "tail" reflecting weak demand is as high as 3.3 basis points. This is the largest tail spread for 20-year U.S. Treasury bonds since the launch of the auction in May 2020, highlighting weak demand.

Related targets: $TLT , $TMF

As of the close, the Dow Jones Index rose 0.13% to 38,612.24 points; the S&P 500 Index rose 0.13% to 4,981.80 points, both recovering from a loss of more than 0.5% during the session; the Nasdaq Composite Index fell 0.32% to 15,580.87 points. At one point it fell by more than 1%. NVIDIA's stock price closed down 2.85% during the day, dragging down the Nasdaq, which is dominated by technology stocks, to lead the decline of the three major indexes. However, after the beautiful results were announced, Nvidia's stock price strengthened rapidly, once rising by more than 10%. Most popular Chinese concept stocks rose. Li Auto rose 4.09%, Alibaba rose 3.34%, JD.com rose 2.41%, Tencent Music rose 2.22%, Baidu rose 1.59%, Xpeng Motors rose 0.89%, Weilai rose 0.17%, TAL It fell 0.58%, Pinduoduo fell 1.17%, and New Oriental fell 2.58%.

Rivian's fiscal year 2024 auto production guidance was lower than expected, and it announced that it would lay off 10% of its employees. The stock price fell 15% after the market closed.

Electric vehicle manufacturer Rivian's fourth-quarter revenue was US$1.32 billion, while analysts expected US$1.25 billion. The company expects to produce 57,000 vehicles in fiscal 2024, while analysts expected 80,000 vehicles. The company announced that it would lay off 10% of its employees. The stock price fell 15% after the bell.

Lucid's fourth-quarter revenue fell short of expectations, and its stock price fell more than 7% after hours

Electric vehicle company Lucid's fourth-quarter revenue was US$157.2 million, analysts expected US$178.4 million; fourth-quarter loss per share was US$0.29; fourth-quarter profit before interest and tax was US$604.6 million, analysts expected US$667.1 million; The company expects to produce 9,000 vehicles in 2024, and its stock price fell more than 7% after hours.

Google releases Gemma, a large open source AI model, saying its performance is the most advanced in its size

Technology giant Google has released a new generation of open source models "Gemma", which the company says is the "most advanced" open model series in the lightweight category, surpassing the originally strongest Mistral 7B. Currently, the Gemma series has two weight-scale models, namely "Gemma 2B" and "Gemma 7B", namely 2 billion parameters and 7 billion parameters, to meet the different needs of developers. Google wrote in a press release that Gemma 2B and 7B demonstrated state-of-the-art performance at the same parameter scale compared to other open models, even surpassing some larger models, thanks to the company's strongest AI Model Gemini shares technology and infrastructure.

Marathon Petroleum's fourth-quarter adjusted earnings per share beat expectations

Marathon Oil's adjusted earnings per share in the fourth fiscal quarter were US$0.69, analysts expected US$0.65; fourth-quarter oil production was 189 million barrels, a year-on-year increase of 14%.

Successfully won an order from Microsoft and Intel's chip foundry business achieved a major victory

Intel's success in attracting Microsoft as a customer for its chip foundry business marks a key victory for the company in turning around losses. Microsoft and Intel said at an event on Wednesday that Microsoft plans to use Intel's 18A manufacturing technology to produce its own chips. They did not disclose the specific products, but Microsoft recently announced two self-developed chip plans, one is a computer processor and the other is an artificial intelligence accelerator. Intel has been seeking to prove its competitiveness in the foundry market. The foundry chip business represents a major transformation for the semiconductor pioneer. Recently, Intel is working hard to catch up with industry leaders such as TSMC. At the same time, Microsoft is also looking to ensure a stable supply of semiconductors to power its own data center operations, especially as demand for artificial intelligence grows. Developing its own chips would also allow Microsoft to fine-tune products based on its specific needs.

Ford recalls more than 150,000 vehicles in U.S.

The U.S. National Highway Traffic Safety Administration disclosed on February 21 that Ford is recalling 77,584 2023-2024 Ford Transit vehicles. Insufficient rear axle lubricant may cause damage and seizure of the rear axle tail bearing. This can cause the wheels to lock or the drive shaft to separate. On the same day, Ford announced a recall of 77,574 2018-2020 Expedition and Lincoln Navigator vehicles. Seat belt pretensioners in the vehicle's driver and front passenger seats may inadvertently deploy and lock the seat belts, preventing the seat belts from retracting or deploying.

TSMC reduced its holdings of 850,000 ARM shares, cashed out US$100 million, and recorded a book profit of US$58 million.

ARM, a chip designer owned by Japan's SoftBank, was sold off 850,000 shares by TSMC Partners at a price of US$119.47 per share. TSMC cashed out US$100 million and recorded a book profit of US$58 million. Although TSMC stated that the sale is intended to recover costs and has no further plans to sell shares, Arm will usher in an IPO next month. Analysts believe that if SoftBank, which holds 90% of the shares, sells its shares, it may continue to put Arm's stock price under pressure.

Ctrip Group-S fourth quarter revenue increased 105% year-on-year to 10.3 billion yuan, with net profit of 1.3 billion yuan

Ctrip released unaudited financial results for the fourth quarter and full year of 2023. Data show that in the fourth quarter of 2023, revenue was 10.3 billion yuan, a year-on-year increase of 105%, and full-year revenue was 44.5 billion yuan, a year-on-year increase of 122%; fourth-quarter net profit was 1.3 billion yuan, and full-year net profit was 10 billion yuan, a year-on-year increase of 614.29. %.

R&F Properties was publicly condemned by the Shanghai Stock Exchange

Hong Kong R&F Properties said it had received a disciplinary decision from the Shanghai Stock Exchange. The announcement showed that Guangzhou R&F Real Estate was publicly condemned by the Shanghai Stock Exchange for failing to disclose the 2022 interim report on time. Four relevant persons responsible, including then-chairman Li Silian and then general manager Zhang Li, were publicly condemned because they failed to perform their duties diligently and were primarily responsible for the violations.

People's Insurance Company of China (01339.HK): Original insurance premium income from PICC Property & Casualty, PICC Life and PICC Health in January were 62.828 billion yuan, 32.004 billion yuan and 11.198 billion yuan respectively, a year-on-year increase of 2.7% and a decrease respectively. 18.5% and a decrease of 4.5%.

China Property & Casualty Insurance (02328.HK): Original insurance premium income in January was approximately 62.828 billion yuan, a year-on-year increase of 2.7%.

China Traditional Chinese Medicine (00570.HK): Received a privatization offer from Sinopharm Group and resumed trading on February 22. According to the plan, the offeror will cancel the cancellation price of each plan share (excluding plan shares held by the controlling shareholder) in cash at HK$4.6, which is a premium of approximately 34.11% to the closing price of HK$3.43 per share on February 21.

KWG Group (01813.HK): Contracted sales in January were NT$830 million, a year-on-year decrease of 76.7%.

Ronshine China (03301.HK): Total contract sales in January were approximately 448 million yuan.

Gangtong Holdings (00032.HK): Released a positive profit, with annual net profit expected to be approximately HK$450 million, turning a loss into a profit year-on-year.

Honghua Group (00196.HK): Issued a profit warning, expecting annual losses to fall by approximately 20%-45% year-on-year.

Yingda Real Estate (00432.HK): Released annual results with a net loss of HK$466 million, a year-on-year decrease of 22.07%.

Yangtze Life Science and Technology (00775.HK): Issued a profit warning and expected annual net profit to decrease significantly year-on-year.

China Chunlai (01969.HK): has been included in many Hang Seng Index constituent stocks.

COSCO Shipping Holdings (01919.HK): spent HK$11.5126 million to repurchase 1.35 million shares at a repurchase price of HK$8.33-8.56.

AIA (01299.HK): spent approximately HK$71.9944 million to repurchase 1.1122 million shares at a repurchase price of HK$63.2-HK$65.9.

Swire Holdings Company A (00019.HK): spent HK$14.263 million to repurchase 223,000 shares at a repurchase price of HK$63.05-64.6.

Hong Kong stock financial reports

Ctrip Group-S, Lenovo Group

US stock earnings report

Pre-market: Nikola $NKLA , Moderna $MRNA

After-hours: Intuit, Booking Holdings, Block

New U.S. stocks

NYIAX Inc. $NYX

The above is today’s Washington Morning Post. Welcome to leave a message for discussion. I wish you good luck with your investment!

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