Nvidia (NVDA.US)'s latest demand guidance reflects that market forecasts are too low, according to UBS' research report. As a result, the broker raised its 2026/ 2027 EPS forecasts to US$7.72/ US$9.42 respectively.

UBS also estimated data center revenue to increase from US$190 billion this year to US$377 billion in 2027. The Group added that, if customers place orders in time to complete shipments by the end of 2026, there is still room for upward adjustments.

UBS believed that the Group's ability to maintain profit margins in the foreseeable future will depend on its leading advantage in the rack scale ecosystem and the pace of demand growth. Therefore, the broker elevated its target price from US$205 to US$235, with rating kept at Buy.
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In the first 26 days of October, the national retail sales of new energy passenger vehicles in Mainland China reached 901,000 units, remaining flat YoY but down 8% MoM, data released by the China Passenger Car Association (CPCA) showed.

The total retail sales year to date have reached 9.771 million units, marking a 22% YoY hike. The national retail sales of passenger vehicles totaled 1.613 million units, down 7% YoY and 4% MoM. The total retail sales year to date have numbered 18.621 million units, reflecting an 8% YoY growth.

During this period, the national wholesale of new energy passenger vehicles reached 1.034 million units, up 4% YoY but down 5% MoM, data also showed. The total wholesale so far this year have hit 11.48 million units, up 29% YoY. The national wholesale of passenger vehicles totaled 1.871 million units, down 1% YoY and 5% MoM. The total wholesale so far this year have reached 22.718 million units, up 12% YoY.
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Microsoft (MSFT.US) announced after the bell on Wednesday that its net profit for 1FQ ended September 2025 increased by 12% YoY to USD27.7 billion, with adjusted EPS at USD4.13, surpassing market expectations of USD3.67.

Specifically, Microsoft's Azure cloud business revenue beat market forecasts with a surge of 40%. Its share price, however, slipped by 3% in the after-hours session.
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Alphabet (GOOG.US) announced after the market closed on Wednesday that, benefiting from strong demand for AI, its 3Q25 revenue increased by 16% YoY to US$102.35 billion, surpassing the US$100 billion mark for the first time.

Net income rose by 33% to US$34.98 billion, with diluted EPS at US$2.87. The stock advanced 5% in after-hours trading session.

During the quarter, services revenue grew by 14% to US$87.1 billion. Of which, YouTube advertising revenue amounted to US$10.26 billion, beating market expectations of US$10.01 billion. Google Cloud revenue was US$15.15 billion, up 34% YoY.

With the growth across its business and demand from Cloud customers, the Company stated that it now expected 2025 capital expenditures to be in a range of US$91 billion to US$93 billion, further increasing from the earlier forecast of US$85 billion.
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The three major US stock indices showed varying trends on Wednesday. They reached record highs in early trading, but the rate cut of 0.25% by the Fed as expected and Fed Chairman Jerome Powell's refusal to clearly indicate whether rates would be adjusted in December led to a cooling of market expectations for further rate cuts, dragging down the DJIA and S&P 500.

During the session, the S&P 500 approached the 7,000 mark for the first time ever, but it ultimately closed basically flat at 6,890. The DJIA closed down 74 points or 0.2% at 47,632. The Nasdaq closed up 130 points or 0.6% at 23,958.

Achieving a five-day rising streak, Nvidia (NVDA.US) closed up 3.1%. It also became the first US company with a market cap surpassing USD5 trillion.
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Europe's new car registrations increased by 11% YoY to 1.24 million units in September, marking a three-month rising streak, the European Automobile Manufacturers' Association announced.

Among major automakers, Stellantis and Renault performed the best, lifting their delivery volumes by 11.5% and 15.2%, respectively. BYD COMPANY (01211.HK)'s deliveries also surged by nearly fivefold, pushing its market share to 2%.

In contrast, Tesla (TSLA.US)'s deliveries were still stuck in a downtrend. The carmaker delivered 10% fewer cars last month, bringing its market share to only 3.2%.
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NVIDIA (NVDA.US) and Deutsche Telekom are planning to build a EUR1 billion data center in Germany as part of their efforts to expand infrastructure in Europe to support the development of artificial intelligence systems, foreign media reported.

Both parties will jointly fund the project, whereas Europe's largest software company, SAP (SAP.US), will be a customer of the data center, report told.
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US and Chinese officials relieved tensions over the weekend, paving the way for a trade deal between US President Donald Trump and Chinese President Xi Jinping this week, which brought US stocks to new heights broadly on Monday.

The DJIA soared 337 points or 0.7% to close at 47,544. The S&P 500 settled above 6,800 for the first time, up 83 points or 1.2%, closing at 6,875. The Nasdaq finished up 432 points or 1.9% at 23,637. All three major indices hit record highs during the session, boosted by chip stocks such as NVIDIA (NVDA.US).

Chip manufacturers led the market rally, with NVIDIA and Broadcom (AVGO.US) both gaining over 2%, and Tesla (TSLA.US) surging 4.3%. Qualcomm (QCOM.US) announced the launch of a new AI chip, vying with NVIDIA and AMD (AMD.US). Qualcomm shot up 11%, setting a record high during the session.

The market also focused on upcoming results announcements from several tech giants, including Alphabet (GOOG.US), Amazon (AMZN.US), Apple (AAPL.US), Meta (META.US), and Microsoft (MSFT.US). Investors forecast the Federal Reserve to possibly announce a rate cut on Wednesday, as last week's inflation data slightly missed.
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Amazon (AMZN.US) plans to lay off up to 30,000 employees starting from Tuesday to reduce expenses and offset the losses caused by over-hiring during the peak of the pandemic, Reuters reported.

The number of employees to be dismissed represents only a small portion of Amazon's total workforce of 1.55 million, report said, but it accounts for nearly 10% of the company's approximately 350,000 corporate employees. This will be the largest layoff at Amazon since the company laid off about 27,000 employees at the end of 2022.
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CLSA conducted a survey on 302 AI startup companies, among which 192 companies had publicly available data, with their annual recurring revenue totaling US$55 billion. Besides, data released by enterprise IT service providers indicated that AI-related service revenue was approximately US$6 billion annually, and the actual figures might be higher as many companies have not disclosed their data.

Although the current revenue of the AI industry is not yet sufficient to cover the massive investments involved, the broker expected that AI industry revenue will grow by 160% YoY by 2026, reflecting that the industry is moving in the right direction. The broker remained optimistic about the industry, recommending TSMC's Taiwan shares and NVIDIA (NVDA.US), both rated as High-conviction Outperform, with target prices of NT$2,000 and US$270, respectively.
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