Fed Rate Cut Expectations Heat Up, Hong Kong-Listed Tech Giants Report Strong Q3 Results

On November 21 local time, John Williams, the Federal Reserve's "third-in-command" and President of the New York Fed, delivered explicitly dovish remarks. He pointed out that downside risks in the labor market have increased, upward inflationary pressures have eased, and the Fed still has room for further interest rate cuts in the near term.

On the news front, Google released Gemini 3.0, a model that achieves significant breakthroughs in multimodal understanding, generative UI, and agent capabilities, demonstrating comprehensive performance surpassing GPT-5.1 and Claude Sonnet 4.5. It supports the integration of multimodal information such as text, images, and videos, can generate interactive front-end interfaces and 3D displays, and possesses long-range task planning and tool invocation capabilities. This is expected to accelerate the application of AI in fields such as e-commerce, advertising, and gaming. Pacific Securities believes that while large overseas models continue to evolve, domestic consumer-facing application ecosystems, represented by Alibaba's Qianwen App, are also rapidly developing. The enhanced capabilities of underlying AI models are supporting the integration of internet application ecosystems.

Last week, Nvidia's Q3 FY2026 financial report revealed a 62% year-on-year revenue increase to $57.01 billion, with data center business revenue reaching $51.2 billion, up 66% year-on-year, primarily driven by strong demand for accelerated computing, large AI models, and intelligent agent applications. Huajin Securities noted that Nvidia's consistently outperforming results reflect the high growth in global AI infrastructure investments. Computing demand is extending from training to inference and agent applications, providing long-term growth momentum for the entire AI industry chain.

Domestically, Alibaba's Qianwen App has entered the top 10 free apps on iOS, positioning itself as an all-in-one AI assistant. It integrates multimodal models like Qwen3-Max and Qwen-VL, supporting features such as conversational Q&A, intelligent writing, and an all-in-one camera. China Securities (CSC) pointed out that by collaborating with Alibaba ecosystem products like Taobao, Amap, and Alipay, the app is building a one-stop service portal covering scenarios such as work, daily life, and travel. It is expected to become a key traffic hub in the AI era, with commercialization paths including subscription fees, advertising, and closed-loop monetization within the ecosystem.