Driven by rising expectations of a Fed rate cut, the three major U.S. stock indices rallied, and Chinese assets surged comprehensively.

On November 24 (Monday) local time, U.S. stocks continued to rebound, with the Dow Jones closing up 0.44%, the S&P 500 closing up 1.55%, and the Nasdaq closing up 2.69%; the Nasdaq Golden Dragon China Index surged 2.82%.

Major Tech Stocks Rose Collectively, Chinese Concept Stocks Erupted

On Monday local time, popular U.S. tech stocks generally rose: Tesla and Google (Class A) rose over 6%, Meta rose over 3%, Amazon rose over 2%, Apple rose over 1%, and Microsoft rose 0.35%. The AI "big infrastructure" push continues, with Amazon announcing it will invest up to $50 billion to expand the AI and supercomputing capabilities of Amazon Web Services for U.S. government clients. This investment will commence in 2026.

Nvidia rose over 2%. Well-known analyst Ming-Chi Kuo refuted the "short-selling theory" against Nvidia. Previously, short-sellers focused on the increase in Nvidia's Days Sales Outstanding (DSO) and rising inventory, questioning the company's financial quality.

Kuo stated that Nvidia's DSO for the third quarter of this fiscal year increased to 53 days from an average of 46 days over the past several years, which some critics viewed as a sign of "financial deterioration or even fraud." However, this view overlooks the key factor of a significant increase in accounts receivable concentration. In past fiscal years, the proportion of accounts receivable from major customers averaged only 23.8% for Nvidia, but this quarter it climbed to 65%. As receivables become more concentrated among a few large customers, an extended payment cycle is reasonable, especially since cloud service providers typically have longer payment terms. This is an industry practice, reflecting the stronger bargaining power of large customers rather than financial abnormalities.

Chinese concept stocks collectively surged: CNKC Five Metals rose over 40%, Hesai rose over 18%, WeRide rose over 14%, Pony.ai rose over 12%, Waterdrop and Qudian rose over 10%, Baidu rose over 7%, Bilibili rose over 6%, Alibaba rose over 5%, NetEase rose over 4%, iQiyi and NIO rose over 3%.