Review of TVB Program 'Niu Niu Talks U.S. Stocks' Insights (November 17-21, 2025)

Li Guanhao:Warren Buffett has announced his retirement by the end of this year, with Greg Abel confirmed as his successor as CEO. Traditionally, Berkshire Hathaway $Berkshire Hathaway-B (BRK.B.US)$ has avoided investing in AI-related technology stocks because Buffett once frankly admitted he 'does not understand' the AI industry. However, this recent purchase $Alphabet-C (GOOG.US)$ indicates an openness to such investments, though I believe it reflects the new CEO's approach and signals a potential shift in the fund’s strategy. Overall, the company’s current total portfolio value stands at $267 billion, with over 86% of U.S. equities concentrated in traditional sectors like consumer goods, energy, and banking. Under Abel’s leadership, adjustments to certain positions are expected in response to slowing growth among these traditional holdings.

Huang Hongchang:Among the tech stocks reporting earnings in November, small- and mid-cap companies in the compute leasing sector, such as Neocloude, and some semiconductor firms saw their stock prices weaken after earnings announcements. For example, $CoreWeave (CRWV.US)$ 、 $NEBIUS (NBIS.US)$ 、 $Astera Labs (ALAB.US)$ 、 $Arm Holdings (ARM.US)$ Companies like Applied Materials. The entire software sector, particularly in enterprise cloud software, $ServiceNow (NOW.US)$ has rapidly fallen below previous lows after earnings reports, filling the gap from the April rally. In my view, the mismatch between earnings growth and valuation, coupled with doubts over the sustainability of AI investment narratives, weaker market liquidity in November, and Fed officials adopting a more hawkish stance towards the December interest rate decision, are the main reasons for the recent decline.

Huang Zizheng:Recent concerns about AI have led to some pullback in U.S. stocks, but certain sectors remain strong. After a period of downturn since the beginning of the year, these sectors have clearly strengthened over the past three months. For example, pharmaceutical giant $Eli Lilly and Co (LLY.US)$ Eli Lilly and Co hit a new high yesterday despite the broader market's retreat. The primary reason lies in the potential inclusion of Eli Lilly’s weight-loss drug in the U.S. medical insurance list. Another rationale is that pharmaceutical R&D could be among the first industries to benefit from the combination of artificial intelligence and quantum computing. $Quantum Computing (LIST2594.US)$ has recently gained further attention. One of its key application scenarios currently is in scientific research, particularly in chemistry-related fields. With the assistance of next-generation AI and the speed of quantum computing, chemical reactions and formula adjustments can be simulated more quickly, thereby accelerating drug development.

Yu Shilin:NVIDIA's earnings exceeded expectations, $NVIDIA (NVDA.US)$ with 3Q revenue reaching $57 billion (up 62% year-on-year and 22% quarter-on-quarter), surpassing the company’s previous guidance of $54 billion (±2%) and market expectations of $55 billion. This significantly alleviated market concerns about an AI bubble. According to the analyst rating feature on the BullBull APP, most analysts have assigned NVIDIA a 'Buy' rating. The highest target price stands at $350, with an average of $242. Combined with NVIDIA’s high growth trajectory and its leading position in AI chips, its valuation does not appear to carry a premium compared to others, though the latter two have yet to achieve scaled implementation. $Broadcom (AVGO.US)$ and $Advanced Micro Devices (AMD.US)$ which have not yet achieved scaled deployment.

Tang Haiwen: In September and October alone, large U.S. technology and AI companies collectively issued over $75 billion in investment-grade corporate bonds, primarily to support AI infrastructure and data center expansion. The financing was led by industry leaders such as $Meta Platforms (META.US)$ 、 $Alphabet-C (GOOG.US)$ 、 $Oracle (ORCL.US)$ . Recently, market concerns over the risk of default by Oracle and CoreWeave have surged, with Oracle’s five-year credit default swap (CDS) quote reaching 111, a three-year high, meaning that insuring $10 million in principal now costs approximately $111,000. As early as a week ago, Barclays downgraded Oracle’s debt rating, citing the potential exhaustion of cash reserves, warning it could ultimately be downgraded to 'junk' status.

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