▲Goldman Sachs: "Chinese AI Stocks Undervalued Versus US—Room for Gains"


• Goldman Sachs has assessed that Chinese artificial intelligence (AI) stocks are undervalued compared to their US counterparts, suggesting further upside potential. Kinger Lau, Chief China Equity Strategist at Goldman Sachs, told the South China Morning Post (SCMP) on the 24th that "the rally in Chinese AI-led stocks is by no means a bubble," adding, "Chinese tech firms still have room to expand valuations and earnings by focusing on applications." Lau noted, "Unlike the US, which focuses on computing power, China is channeling more capital into AI applications, giving investors confidence that Chinese AI monetization capabilities could improve, at least in the short term."


▲MicroStrategy's Bitcoin Holdings Near Breakeven as Price Drops—Rising Financial Pressure Concerns


• As Bitcoin prices plunged, concerns have emerged that MicroStrategy Inc. (NASDAQ: MSTR)'s Bitcoin holdings are approaching breakeven. According to CoinDesk on the 23rd (US local time), MicroStrategy's average purchase price for its Bitcoin holdings stands at $74,400 (approx. 10.968 million won). Bitcoin tumbled last week, briefly falling to $82,194, narrowing the gap with MicroStrategy's average cost to just $8,000. As of 10:11 AM, the price of Bitcoin on Coinbase was $86,885, according to Yonhap Infomax Crypto Dashboard (2550).


▲S&P 500 Futures Rise on Dovish Comments from Fed's No. 3


• US equity index futures advanced in Asian trading on the morning of the 24th, as risk appetite strengthened following dovish remarks from John Williams, President of the Federal Reserve Bank of New York. According to Yonhap Infomax Index Futures Dashboard (screen no. 6520), as of 10:18 AM KST, E-mini S&P 500 futures were up 0.42% at 6,648.25. The tech-heavy E-mini Nasdaq 100 futures rose 0.62% to 24,455.00.


▲Tom Lee: "Institutions Short MicroStrategy to Hedge Bitcoin Crash"


• Institutional investors are reportedly shorting shares of MicroStrategy Inc., the largest corporate holder of Bitcoin, to hedge against cryptocurrency losses. According to CoinDesk on the 23rd (US local time), Tom Lee, founder of Fundstrat and chairman of Bitmain Immersion Technologies (AMS: BMNR), told CNBC last week, "When institutional investors seek hedging options for losses in Bitcoin or Ethereum, there is a lack of liquid crypto derivatives," adding, "As a result, investors are shorting MicroStrategy shares to offset risks from long crypto positions in their portfolios." He emphasized, "MicroStrategy is the stock to watch most closely right now."


▲"Bitcoin's Recent Drop Not a Crash Compared to Past 80% Declines"


• US investment media outlet Motley Fool analyzed that while Bitcoin's recent performance has been weak, it does not constitute a crash when compared to the asset's historical drawdowns. On the 23rd (local time), Motley Fool noted, "As Bitcoin shows marked weakness compared to equities and commodities, economic media have begun to mention a 'major Bitcoin crash in 2025' as if the market has collapsed." The outlet added, "Investors who prioritized capital allocation to Bitcoin over alternatives like gold or index funds have missed significant growth opportunities," and explained, "Investors disappointed by poor performance may feel foolish, and this emotional gap makes the crash narrative seem plausible."


▲Loop Capital: "Best Buy, Five Below Poised as Holiday Shopping Season Winners"


• Loop Capital has named Best Buy Co. (NYSE: BBY) and Five Below Inc. (NASDAQ: FIVE) as its top retail stock picks for this year's holiday shopping season. According to CNBC on the 23rd (US local time), Loop Capital analyst Anthony Chukumba expects Best Buy to benefit from the PC replacement cycle driven by Windows 11, with smartphone sales also projected to grow in Q4. He also forecasts robust video game sales, supported by the launch of Nintendo Switch 2.


▲Oracle, Arista Enter 'Oversold' Territory—Near-Term Bounce Expected


• Oracle Corp. (NYSE: ORCL), Arista Networks Inc. (NYSE: ANET), and Uber Technologies Inc. (NYSE: UBER) have recently entered technically oversold territory due to heavy selling, positioning them for a potential near-term bounce. On the 22nd (US local time), CNBC screened S&P 500 constituents with a 14-day Relative Strength Index (RSI) below 30, a level that typically signals a high probability of a rebound.


▲"Bitcoin Crash Triggers Liquidity Concerns, Adds to Stock Sell-Off Pressure"


• The sharp decline in Bitcoin is intensifying selling pressure in the stock market, according to analysts. On the 23rd (local time), Ed Yardeni, president of Yardeni Research, said, "One of the reasons for the stock market sell-off is the plunge in Bitcoin prices," adding, "The Bitcoin crash may prompt some investors to sell their equity holdings."


▲Depreciation Emerges as New Controversy in AI Investment


• Depreciation of graphics processing units (GPUs) and chips acquired by tech firms for AI investment is emerging as a new concern, as it could weigh on their financial statements. Business Insider (BI) reported on the 23rd (local time), "Depreciation is the new worry in AI investment," explaining that expensive GPUs and semiconductor chips purchased by major tech companies may lose value faster than expected, increasing cost and profit pressures.


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