Review of Key Insights from the TVB Program 'Niu Niu Talks U.S. Stocks' (November 10-14, 2025)

Fu Kai:Historically, from the initial development of transportation infrastructure such as railways to internet infrastructure like fiber optics, the depreciation cycle typically spanned 15 to 30 years before being phased out. In contrast, the depreciation cycle for AI infrastructure computational chips is approximately 4 to 6 years. This represents a significantly different investment cycle compared to previous eras; AI infrastructure behaves less like an asset and more like a consumable, requiring continuous investment. Additionally, in terms of commercial profitability prospects, investments in data centers generate strong cloud service revenues and profitability, positively contributing to revenue growth and cost reduction for businesses such as advertising, software, and e-commerce. Several companies among the Magnificent Seven have achieved year-on-year cloud service growth rates of 40%, validating their effectiveness. Within the AI industry, it’s important to differentiate between overall sector performance and individual stocks—some individual stock prices have indeed become overheated, showing signs of bubbles. However, some leading companies with forward price-to-earnings ratios just above 20 times are not yet considered overvalued. If one were to recommend companies that aren’t overly expensive, last week’s earnings reports highlighted $Uber Technologies (UBER.US)$ , which investors may wish to take note of.

Tan Zhile:The surge in AI inference demand has primarily been driven by $Meta Platforms (META.US)$ and OpenAI, two major clients, although this information was already priced into the stock earlier. The company's backlog of orders stands at $55.6 billion, surging 85% quarter-on-quarter. However, due to a downward revision in its revenue guidance, it reflects that despite securing substantial orders, the company still faces challenges in fully executing them in the short term, which is the primary reason for the pressure on its share price. Simply put, the market currently focuses more on upgrades to AI infrastructure rather than data centers. Moreover, data centers built specifically for AI applications may continue to show short-term weakness. From a technical perspective, $CoreWeave (CRWV.US)$ the stock price is consolidating around 0.618 of this year’s rally, with key support levels at $90–$92. Its short-term performance may outperform the broader market.

Chen Hongming: To recap, $Advanced Micro Devices (AMD.US)$ Q3 revenue performance exceeded expectations, further confirming the growth trajectory of CPUs. Numerous large clients are planning to significantly expand their CPU deployment scale over the coming quarters. Therefore, the robust momentum in the server business is expected to continue boosting performance expectations into the first half of 2026, creating additional room for long-term imagination. During yesterday’s inaugural Analyst Day event, CEO Lisa Su stated that AMD’s total annual revenue compound growth rate over the next 3 to 5 years is expected to reach 35%, surpassing analysts’ average projected growth of 32%. She emphasized the strong demand for AI as the primary driver of future growth. Unlike NVIDIA, AMD’s current operations involve a smaller proportion of AI-related business. If the entire company can achieve a 35% growth rate, it is likely that AI-related operations will experience explosive growth far exceeding 35% within the next one to two years—a change that the market particularly favors. Consequently, the stock surged nearly 5% after-hours. According to the BullBull app, analysts’ average target price for AMD is $279, with the most bullish outlook projecting up to $350, indicating significant upside potential.

Fiona Feng:The world's second-largest stablecoin issuer $USDCoin (USDC.CC)$ announced its financial results yesterday, with revenue reaching US$740 million, a year-on-year increase of 66%, significantly surpassing market expectations. Earnings per share reached an impressive US$0.64, far exceeding market forecasts. Benefiting from the ongoing advancement of stablecoin legislation, the market share of the USDC stablecoin has now risen to 29%, with a circulation volume of US$73.7 billion. Circle’s compliance advantage is expected to translate into a notable secondary market premium, fully reflecting its competitive moat in regulatory compliance. In my view, looking ahead three to five years, Circle’s value within the Web3 and decentralized finance (DeFi) ecosystem will continue to grow, as USDC has become one of the primary forms of collateral and sources of liquidity, effectively acting as the "universal currency" of the DeFi world. With increasing market activity, USDC should be able to offset potential risks associated with declining interest rates by driving higher transaction volumes. $Circle (CRCL.US)$

Huang Zizheng:The stock king $NVIDIA (NVDA.US)$ will announce its earnings on November 19. As a leader in the AI infrastructure market, NVIDIA's performance can be regarded as a bellwether for the AI industry. According to the NiuNiu APP earnings forecast, the market expects revenue of US$54.8 billion, representing a year-on-year increase of 56%. This implies that NVIDIA must achieve approximately US$20 billion in business this quarter, compared to last year's revenue of US$35 billion. From a technical chart perspective, the current stock price remains very strong, although it has pulled back recently along with the broader market. It is currently testing the horizontal trading range formed since August of this year, between US$168 and US$184. Significant support is expected around this level, with the 100-day moving average seen at US$178. NVIDIA is now retesting a major support zone, and investors may consider waiting until next week’s earnings release before making further moves.

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