On October 11, the narrative around AI investment is quietly shifting—from a chip arms race to the 'economy of inference' and personal intelligent agents. Goldman Sachs believes the market, having honed its focus for four years, is now eagerly looking ahead. In a recent episode of the 'Macro Dialogue' podcast, Chief U.S. Equity Strategist Ben Schneider and TMT sector expert Pete Callahan pointed out that the current resilience of the stock market, in the context of high interest rates, is primarily supported by strong earnings from large tech stocks. Furthermore, the AI theme itself is undergoing a profound 'narrative shift.' In the outlook for Q3 earnings season, Callahan made a widely noted statement: 'The market is very eager for the next story. Programming AI is no longer a secret; it is already well-known as a significant AI application. So, how big and how fast can the story of personal intelligent agents become? The chain reaction it brings to the entire consumer-facing industry chain will be very worth watching.'
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Goldman Sachs: AI Trading Shifts from Hardware to Applications as Market Eagerly Awaits 'Next AI Narrative'
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Argentine Central Bank Indicates Cryptocurrencies May Open to Banks
On October 11, the Argentine Central Bank stated that during Milei's second term, cryptocurrencies may be opened to banks, lifting a ban that has been in place for four years. -
Trump: Russia and Ukraine Agree to 'Energy Ceasefire'
On October 11, U.S. President Trump announced that an 'energy ceasefire' has been reached in the Russia-Ukraine war, effective immediately. Both sides have agreed not to disrupt it. -
CITIC Securities: Hong Kong Stocks' Fundamentals Expected to Have Bottomed Out
On October 11, CITIC Securities' research report pointed out that for Hong Kong stocks, although the overseas interest rate hike cycle combined with the restart of AI-driven trading continues to pressure liquidity, the fundamental expectations have bottomed out, and the earnings growth expectations for major broad-based indices have begun to be revised upwards. There is a significant divergence in the adjustment of industry earnings expectations, with some specific sectors seeing upward revisions, while industries related to domestic demand still face downward pressure on earnings expectations. The upcoming third-quarter performance will be an important basis for assessing the progress of recovery. The report advises investors to maintain patience with Hong Kong stocks, expecting that short-term dividend strategies will continue to outperform. -
Five Major U.S. TV Networks Boycott White House Coverage; DOJ Launches Antitrust Investigation
On October 11, the U.S. Department of Justice announced it is investigating whether five television networks, including CNN, violated federal antitrust laws. This follows President Trump's ban on reporters from CNN and two other news organizations from entering the White House for coverage, prompting these five major media outlets to collectively boycott and refuse to report on White House activities in solidarity with the banned reporters. The antitrust division of the DOJ is examining CNN, NBC, CBS, Fox News, and ABC. These news organizations have formed a television broadcasting alliance to jointly cover presidential activities and share video footage. The DOJ stated that the members of this television press corps are boycotting White House coverage; such collective boycott actions among business competitors may violate the Sherman Antitrust Act. The antitrust division is investigating to determine if these news organizations have violated antitrust laws. Last month, Trump barred reporters from CNN, MS NOW, and Politico from entering the White House, citing that their coverage was unfavorable to him. Following this, major television networks suspended joint reporting. When CNN was removed from its scheduled coverage of Trump at the United Nations General Assembly, other networks refused to take its place. -
Zelensky: Will Organize Ukrainian Elections if Putin Agrees to 60-Day Ceasefire
On October 11, according to ABC News, Ukrainian President Zelensky responded to U.S. President Trump, stating that he would organize Ukrainian elections if Russian President Putin agrees to a 60-day ceasefire. -
CITIC Securities: Hong Kong Stocks' Fundamentals Expected to Have Reached Bottom
On October 11, CITIC Securities' research report indicated that for Hong Kong stocks, although the overseas interest rate hike cycle combined with the restart of AI-driven trading continues to pressure liquidity, the fundamental expectations have reached a bottom, and the earnings growth expectations for major broad-based indices have begun to be revised upward. There is a significant divergence in the adjustment of industry earnings expectations, with some specific sectors seeing upward revisions, while earnings expectations in domestic demand-related industries still face downward pressure. The upcoming third-quarter performance will be an important basis for assessing the progress of recovery. The report advises investors to maintain patience with Hong Kong stocks, expecting that short-term dividend strategies will still outperform. -
Key Economic Data from China and the US, ASML and TSMC Q3 Reports Next Week
On October 11, according to Jin10 data, next week will see a concentrated release of key economic data from both China and the US. On Wednesday, the year-on-year CPI and core CPI data for September will be revealed for both countries, along with China's September M2 money supply year-on-year and trade balance. On Thursday, US retail sales and PPI data will be announced, and with the domestic refined oil price adjustment window opening, market volatility may increase. In terms of corporate earnings, ASML and TSMC are both scheduled to release their third-quarter results on Wednesday, which will be closely watched during after-hours trading. Federal Reserve Chairman Waller will speak at the IMF annual meeting in Bangkok on Friday, and several Fed officials will also make public appearances this week; financial institutions such as JPMorgan, Goldman Sachs, Citigroup, and Morgan Stanley are also set to disclose their earnings this week. -
Houthi-Linked Media Reports Attack on Sanaa Airport
On October 11, according to Reuters, Houthi-linked media reported that Sanaa Airport was attacked. -
Morgan Stanley: Market Underestimates CATL's Resilience
On October 11, investors may be overly pessimistic about CATL's profit expectations. A report from Morgan Stanley on October 9 pointed out that the current market focus is overly concentrated on the Chinese passenger car market, which accounts for about one-third of CATL's total electric vehicle battery sales. However, the bank emphasized that the electrification of China's commercial vehicle fleet, the renewed acceleration of electric vehicle adoption in Europe, and the turning point in electric vehicle demand in other global markets outside the U.S. have created a substantial revenue opportunity that cannot be ignored. The market has underestimated CATL's cross-cycle resilience. Analysts Jack Lu and Kaylee Xu noted in the report that based on total cost of ownership (TCO) analysis, CATL's technological advantages can support a premium of up to 0.24 yuan per watt-hour, significantly higher than the current actual profit premium of 0.09 yuan per watt-hour, indicating a solid profit moat. In response to concerns from some investors that next year's battery net profit may drop to 0.08 yuan per watt-hour or lower, the analysts believe such a scenario would lead to an accelerated industry shakeout, as many second-tier battery manufacturers are already experiencing negative cash flow. Therefore, the firm views this as a 'bottom-fishing scenario' for CATL's stock, maintaining an 'overweight' rating on its A-shares with a target price set at 500 yuan. -
Zcash to Introduce Quantum-Resistant Signature Opcode in January, Vizor Wallet Launches Private Query Feature
On October 11, the Zcash full node development team, Zakura, announced that the network is expected to introduce a quantum-resistant signature opcode in January, enabling hash-based signatures for transparent payments. Zcash's transparent payments publicly display transaction information, while shielded payments conceal the sender, receiver, and amount. This solution combines address rotation with private information retrieval, allowing wallets to change to a new address after each transaction and reducing the risk of public key exposure through WOTS-based hash alternative signatures. The Vizor wallet launched a private query feature this week, which users can enable in the settings for testing. Zakura's solution currently only covers Zcash's transparent payments, and the network has yet to confirm the activation time for the opcode. Ethereum researcher Justin Drake has warned that AI-driven mathematical breakthroughs could potentially crack related signatures in months rather than years; Vitalik Buterin believes that there is a possibility of cryptographic technology being compromised within the next two years.
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