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J.P. Morgan: AI capital spending downside scenario: How will equipment makers’ earnings and valuations diverge?
J.P. Morgan estimates that if data center investment declines in 2029–2030, the 2030 earnings per share of 11 equipment makers would average 38% below market expectations. Taking growth, valuation and fundamentals into account, the bank sees GE Vernova, nVent and Trane as relatively more attractive.
Goldman Sachs: Memory supply is difficult to expand quickly; TrendForce expects HBM prices to double in 2027
TrendForce expects server demand and limited additional supply to support DRAM price increases through the first half of 2028; average HBM prices are forecast to rise 122% year over year in 2027, but long-term agreements and weak consumer demand will affect the pace of increases.
HSBC: HSBC bullish on Intel server CPUs: offsetting client weakness, with foundry progress supporting valuation
HSBC expects Intel’s third-quarter revenue to exceed company guidance and continue growing in the fourth quarter. Server CPU capacity and shipments are key, while progress with advanced packaging customers affects the longer-term foundry valuation.
Citi: Unimicron’s ABF gross margin expands faster than expected, while BT capacity conversion slows near-term recovery
Overall gross margin rose quarter on quarter to 28.8% in the third quarter of 2026, exceeding Citi’s forecast and the market consensus but falling short of some investors’ expectations of around 30%. Citi is positive on ABF demand and margins and expects the adverse effects of BT capacity conversion to continue through the first half of 2027.
Morgan Stanley: Shuanghuan Driveline’s NEV gears accelerate in the third quarter as overseas expansion and robotics open growth opportunities
Third-quarter revenue rose 14% year on year and net profit grew 4%; Morgan Stanley sees NEV gears and overseas operations as the main drivers, while the robotics business is expanding.
HSBC: Broadcom’s 63 billion dollar compute financing: 43 billion dollar exposure and the next funding question
The new financing transaction will purchase Broadcom AI chips and networking equipment and lease them to Anthropic. Using the ratio from an earlier transaction, HSBC estimates that the new deal corresponds to 1.7 to 1.8 gigawatts of compute capacity, leaving room to reach the 2027 deployment target.
ValueEdge Chair Minow: Meta should not be used as a “piggy bank”; new stock structure faces a difficult path in court
Nell Minow, chair of ValueEdge Advisors, says that even though Meta is a company fully controlled by Zuckerberg, it still owes obligations to shareholders as a public company. The new stock arrangement, which treats the company as a “piggy bank,” will be difficult to approve as is in court.
UBS CEO Ermotti: Strong third-quarter net new assets in wealth management as Credit Suisse integration nears completion
UBS CEO Sergio Ermotti said third-quarter net new assets in wealth management were led by Asia Pacific and the Americas, the Credit Suisse integration was nearing completion, and the cost savings target had been raised by a further 200 million dollars.
Bloomberg’s The China Show interview: Morgan Stanley’s Wang says Chinese stocks have yet to bottom, with valuations potentially facing another 10% to 15% downside
Morgan Stanley chief China equity strategist Laura Wang says that, compared with valuations during the financial crisis and early in the pandemic, Chinese stocks could have another 10% to 15% downside, although value is starting to emerge in some sectors.
Prof G Markets interview: Big Short investor Eisman on what Anthropic isn't telling you
Eisman says Anthropic's S-1 only discloses figures through the second quarter, with future capital commitments totaling 800 billion to 900 billion dollars, while third-quarter data is key to assessing the company.
Morgan Stanley: CATL’s third-quarter revenue rises but profit falls; Morgan Stanley downgrades Hong Kong shares
Third-quarter revenue rose 59% year on year, but net profit per unit fell quarter on quarter. Morgan Stanley expects the drag from the product mix to ease in part, but sees the tax burden and price competition in energy storage continuing to squeeze profit, and has lowered its target prices for the A and H shares.
Morgan Stanley: CMOC: Copper and cobalt sales could improve in the fourth quarter, but costs remain high
A recovery in South African port logistics and the company’s plan to use its full cobalt export quota could accelerate fourth-quarter sales; however, copper production costs remain above first-half levels, while molybdenum and tungsten output has also been affected by declining ore grades.
Morgan Stanley: The focus of gold’s safe-haven role has shifted: Morgan Stanley values its buffer against Treasury sell-offs
Gold has held above 4000 dollars per ounce following a Federal Reserve rate hike and a rise in real interest rates, supported by central-bank purchases and ETF inflows. Morgan Stanley believes gold’s recent protection against stock-market declines has weakened, but it still offers a buffer during severe US Treasury sell-offs.
Morgan Stanley: Huaming Power Equipment’s core business grows steadily in the third quarter, with profit growth slightly below Morgan Stanley’s forecast
In the third quarter of 2026, Huaming Power Equipment’s core power equipment business and overseas revenue both grew faster than overall revenue, while margins continued to improve. Recurring net profit rose 11%, below Morgan Stanley’s forecast of 15%.
Morgan Stanley: Yageo’s third-quarter revenue exceeds guidance; Morgan Stanley expects margins above consensus
Sales volume and prices jointly lifted third-quarter revenue. Morgan Stanley expects server demand and pricing to support further growth in the fourth quarter, although weakening consumer electronics demand remains a constraint.
Morgan Stanley: Verizon mobile subscriber growth beats expectations, but Morgan Stanley cuts price target
The Simplicity plan drove third-quarter postpaid phone net additions above expectations, while acquisition costs also fell; broadband growth, account revenue and the durability of the transformation remain key considerations.
Morgan Stanley: Sun Communities beats third-quarter expectations; sale of UK business is key to lower full-year guidance
Core property revenue drove third-quarter core FFO per share above expectations, and North American same-property net operating income growth guidance was also raised. Following the sale of the UK business, however, full-year and fourth-quarter FFO guidance compare differently with expectations.
Morgan Stanley: Morgan Stanley downgrades Block as longer loan terms put pressure on growth and margins
Cash App loans are moving from four weeks to six. Higher fees help improve unit economics, but lending growth may slow and loss rates may rise; Square also faces intensifying competition and reinvestment needs.
Morgan Stanley: CITIC Securities’ third-quarter profit falls twenty percent: investment income under pressure, while investment banking and brokerage remain resilient
Morgan Stanley believes a sharp year-on-year decline in investment income was the main drag on profit. Brokerage, investment banking and asset management revenue remained in line with business development expectations, though brokerage revenue fell quarter on quarter alongside market turnover.