Wallstreetcn Morning News FM-Radio | October 22, 2025

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Market Overview

US stocks saw mixed performance, corporate earnings drove the Dow Jones to new highs, while uncertainty over trade prospects weighed on tech and small caps; Nasdaq closed lower, S&P 500 barely held flat.

Apple gained for a third day, hitting an intraday high before pulling back, finishing up 0.2%. After earnings, General Motors surged 14.8%; Coca-Cola rose 4%. Meme stock Beyond Meat soared 146%, three-day cumulative rise about 600%.

US Treasury yields broadly fell, the 10-year down nearly 2.5 basis points. The US Dollar Index rose for a third day, up about 0.4%. Bitcoin surged over 6% from daily lows.

Profit-taking and technical pullbacks drove precious metals to plummet. Gold fell over 5.7%, posting the largest single-day drop since 2013; silver fell nearly 8%. Boosted by the Trump administration’s promise to purchase 1 million barrels for strategic reserves, crude oil rose amid volatility, US oil up over 1.2%.

During the Asian session, the ChiNext index rose over 3%, AI computing hardware boomed, "Yi Zhongtian" surged, Hang Seng Tech Index up over 1%, Apple concept stocks strengthened, government bonds rose, commodities diverged.

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Headlines

Minister Wang Wentao held a video meeting with the EU Commissioner for Trade and Economic Security, Sefcovic. Minister Wang also spoke with Dutch Minister of Economic Affairs, Adriaansens.

London zinc sees another "short squeeze": available inventory less than one day's demand, spot premium soars to the highest since 1997!

Russia-Ukraine process faces twists and turns: Preparations for "Trump-Putin summit" hit obstacles; Europe responded to Trump for the first time, calling for "immediate ceasefire".

OpenAI launches AI browser ChatGPT Atlas, Google stock drops in response.

New DeepSeek model praised by Silicon Valley! Compresses one-dimensional text into two-dimensional visuals, can run on a single GPU, "Google's core secrets open sourced." Andrej Karpathy: I love it; Musk: In future 99% will be photons.

Reports: Samsung’s 2nm chip yields show positive progress, target 70% by year-end, mass production goal raised.

Pop Mart Q3 overall revenue rose 245%-250% year-on-year, overseas revenue up 365%-370%.

Brazil tax hit, Netflix Q3 profit far missed expectations, full-year guidance lowered, shares down as much as 7% after hours.

L’Oréal Q3 sales again missed expectations: luxury demand recovered in China but lagged in North America, shares plunged.

One of the key US regional banks involved in the "blow-up" scenario released earnings, beating most Wall Street analysts’ forecasts.

Market Close

US/Europe stocks: S&P 500 up slightly, closes at 6,735.35. Dow Jones up 0.47%, at 46,924.74. Nasdaq down 0.16%, at 22,953.666. European STOXX 600 up 0.21% at 573.30.

A Shares: Shanghai up 1.36% to 3,916.33; Shenzhen up 2.06% to 13,077.32; ChiNext up 3.02% to 3,083.72.

Bond market: US 10-year Treasury yield down 2.30bps at 3.9570%. 2-year down 0.45bps at 3.4509%.

Commodities: WTI November crude futures up 0.52% to $57.82/barrel. Brent December futures up 0.51% to $61.32/barrel. COMEX gold futures down 4.94% to $4,144.10/oz; COMEX silver down 6.37% to $48.110/oz.

Headline Details

Global Focus

Minister Wang Wentao holds video meeting with EU Commissioner for Trade and Economic Security Sefcovic. According to the Ministry of Commerce, Wang stated that on the issue of Nexperia semiconductors, China firmly opposes the broadening of "national security" concepts, hopes the EU side plays a constructive role, urges the Dutch side to adhere to contractual spirit and market principles, act for the stability and security of global supply chains, and promptly propose solutions.

Minister Wang Wentao spoke with Dutch Economic Minister Adriaansens. Wang emphasized China’s high regard for Sino-Dutch trade cooperation. Measures taken by the Dutch side regarding Nexperia semiconductors have severely impacted global supply chain stability. China urges the Netherlands to maintain stability and security of global supply chains, uphold contractual and market/legal principles, promptly solve issues, protect Chinese investors’ rights, and foster a fair, transparent, and predictable business environment. Adriaansens: The Netherlands values Sino-Dutch economic relations and wishes to cooperate closely to find constructive solutions for the Nexperia issue.

Rare steep declines in gold and silver! Gold dropped over 6%, silver nearly 9%, Wall Street sounds retreat alarm. Gold and silver posted their biggest intraday drops in 12 years and over four years, respectively. Analysts warn speculation may have built up long positions, making gold/silver more vulnerable to corrections. End of India's seasonal buying added pressure. However, some believe fundamentals supporting precious metals remain, potential buying may limit the downturn.

London zinc sees another "short squeeze": available inventory less than one day's demand, spot premium soared to its highest since 1997! The London Metal Exchange zinc market faces its worst squeeze in decades. Reduced output at western smelters and ongoing inventory depletion means LME zinc available for less than a day’s demand. Spot zinc premium over three-month contracts soared to $323/ton (a 27-year high). Long traders hold massive positions, forcing shorts to cover or deliver physical goods, intensifying “spot premium” inflation.

Russia-Ukraine process faces twists: "Trump-Putin summit" faces obstacles, Europe responds to Trump, urging "immediate ceasefire". Leaders of several European countries signed a joint statement on the 21st, supporting an immediate ceasefire and talks based on the current battle lines. But Russia’s foreign minister said such calls ignore root causes and violate prior agreements between US/Russian leaders. This casts a shadow on the planned preparatory meeting for this week and creates uncertainty for Trump’s previous "within two weeks" summit.

OpenAI launches AI browser ChatGPT Atlas, Google shares slide. OpenAI launched its first AI-powered web browser, ChatGPT Atlas, on Tuesday, designed to offer a more personalized internet experience plus agent tasks like booking flights or editing documents. Media report this marks new competition with Google's Alphabet. Alphabet stock dropped as much as 4.8% Tuesday. Atlas is now available globally for macOS, and will "soon" expand to Windows, iOS, and Android.

DeepSeek’s new model is the talk of Silicon Valley! Compresses 1D text into 2D visuals, can run on single GPU, "Google core secrets open-sourced". DeepSeek launched a revolutionary OCR model that tackles AI's long-document crunch by turning text into images, boosting efficiency. Industry speculation abounds that Google Gemini’s technology secrets may have been leaked.

DeepSeek OCR paper goes viral! Andrej Karpathy: I love it; Musk: In future 99% are photons. AI expert Karpathy believes pixels may be better than text as LLM input, citing: higher info compression, universality, bidirectional attention, and security versus tokenizers. He envisions text rendered as images then fed to models. Capable of training on 200,000 pages/day on a single GPU—earning praise as the "JPEG moment" for AI. Musk commented that 99% of future inputs/outputs for AI will be photons, as photons dominate the universe.

Inside the “trillion-dollar closed loop” of AI: Altman, Jensen Huang, Nadella, Masayoshi Son and tech giants’ “ways of attack and defense”. Sam Altman builds a “too big to fail” AI business ecosystem out of scarcity of computing power and FOMO among tech giants; Microsoft is watching, keeping key influence while letting rivals take risks; Jensen Huang binds Nvidia’s fate to OpenAI with the largest ever compute project, and Masayoshi Son fires up his ambitions with a $500bn “stargate” fueling a global compute arms race.

Challenging TSMC? Reports: Samsung 2nm chip yield progresses well, target raised to 70%. In the advanced chip process race, Samsung is lifting its 2nm GAA process yield target from 50% to 70% for the year-end. The president expressed strong confidence and hinted at ambitions for global foundry leadership.

Pop Mart Q3 overall revenue up 245%-250%, overseas up 365%-370%. Pop Mart’s Q3 2025 revenue up 245%-250% year-on-year, overseas growth of 365%-370%; Americas up over 1265%. Despite remarkable growth, the rate slowed compared to H1, investors worry about sustainability, resulting in Pop Mart Hong Kong shares plunging over 8.1% on Tuesday.

Brazil tax hit, Netflix Q3 profit far below expectations, lowered full-year guidance, shares fell up to 7% after hours. Netflix Q3 revenue grew over 17%, beating consensus; ad revenue hit quarterly records; but net profit and EPS missed by at least 14%; operating margin fell to 28.2% due to a $619 million Brazil tax-related charge, a 5-point margin impact—without it, margin would surpass company’s 31.5% guidance. Netflix expects the tax dispute won’t impact future results, but cut 2023 margin guidance from 30% to 29%; expects ad revenue will more than double and free cash flow guidance up 9% for the year.

L’Oréal Q3 sales again miss expectations: Chinese luxury recovers, North America lags, shares plunge. Q3 same-store sales up 4.2%, below analyst forecasts for a second quarter; North Asia reversed from Q2’s 9% drop to nearly 5% growth, mid-single-digit growth in mainland China thanks to luxury skincare recovery; North America growth fell from over 8% in Q2 to 1.4%, well below expected 4.4%. Post-report, L’Oréal US shares turned down, at one point down over 6%.

Key US regional bank "blow-up" player posts earnings beating most Wall Street analysts. Last Thursday, disclosures of loan fraud at Zions Bancorp and Western Alliance Bancorp triggered market jitters. After hours Tuesday, Western Alliance Bancorp in Phoenix posted Q3 profit up 27% year-on-year, beating most analysts, giving investors relief.

Market top signal? Meme stock boom returns, Beyond Meat up 6-fold in 3 days. On Monday Beyond Meat surged 127%, then exploded 146% Tuesday—biggest ever daily gain. Some analysts say Beyond Meat’s “resurrection” signals market froth. Catalysts include its addition to Roundhill’s meme ETF, which itself was shut down due to lack of interest but relaunched thanks to renewed retail flows.

Domestic Macro

Learning Times: Stabilizing stocks boosts consumer confidence. Although A shares rose overall recently, volatility sapped consumer confidence. Stock market influences spending through wealth, psychology, and expectations; to stabilize it, four aspects are needed: better info disclosure and systems, stable wealth expectations; optimize multi-layered capital market, promote job/income growth; strengthen investor protection, ease psychological burden; coordinate monetary, fiscal, and industrial policies, ensure virtuous cycle between stocks and consumption for true, willing spending by the public.

Learning Times: Wartime functions of digital currency. Digital currency is an emerging battleground in geopolitical rivalry, using blockchain for rapid, secure fund flows. In the Russia-Ukraine conflict and similar cases, three usage patterns have emerged: resource-producing states use asset tokenization to evade sanctions, smaller countries use decentralized crowdfunding for military aid, and developed countries track/freeze enemy digital assets.

Hubei: Push for SOE "three assets" management reform! Hubei Daily calls for deeper understanding and application of "all state resources assetized, state assets securitized, state funds leveraged" principles, apply "use if possible, sell if idle, rent if unsold, finance if feasible" tactics to further reform provincial SOE asset management with greater results.

Domestic Companies

CATL investor call: Capacity running full-out, price hikes aren't main driver, data centers bring strong storage demand. CATL said as new bases like Jining go online, capacity will be gradually released and supply constraints eased. Various models for data center energy storage, main power also increasing. Sodium batteries will ship next year and scale up.

Morgan Stanley: China's banking sector enters new era—"natural cyclical bottoming" without major stimulus, Q4 brings strong opportunity. MS expects Q4 dividend payout, rate stabilization, 500bn RMB targeted financial policy tools, and more sustainable policy path will support banking stock revaluation. Investors should focus on banks best positioned for strong, early rebound in this “natural clearance” setting.

China Telecom Q3 net profit up 3.6% year-on-year, revenue down 0.91%.

Overseas Macro

Leverage warning! US stocks’ “fever gauge” surpasses 1999 & 2007 levels. Deutsche Bank tracks NYSE margin debt: investors’ leverage grew 32.4% in five months from April to September, second fastest ever after dot-com peak (2000) and pandemic rally (2020). All these historic spikes marked poor entry points for risk assets. Worryingly, leverage is accelerating from historic highs—margin debt vs US nominal GDP is nearly at the 2021Q3 peak.

Sanae Takaichi elected Prime Minister, Japanese stocks hit fresh highs, Nomura: fate depends on her staying power. Takaichi is Japan’s first female leader. Japanese stocks hit new highs at open, gains faded midday. After initial excitement over stimulus, investors shift focus to government stability—key to sustaining the rally.

With Takaichi about to take office, Bank of Japan may delay rate hike. BOJ officials say there's no urgency to hike even if inflation targets are met. This stance matches Takaichi’s dovish policy. Many BOJ-watchers think the bank won't move quickly post-inauguration, avoiding past policy clashes with government. Odds of an Oct 30 hike are now only about 25%.

US investment pledges send Australian rare earth miners soaring. After US-Australia key minerals pact, Aussie rare earth miners soared: Arafura US shares rose as much as 29%, Australia shares up over 8% Tuesday, VHM up 18%, gallium producer Alcoa up 9.6%. But most projects are still early-stage, some years from production.

Wall Street oracle Yardeni: Oil price falls will push 10-year Treasury yield to 3.75%. Ed Yardeni forecasts if oil keeps falling and the Fed cuts rates next week, the 10Y Treasury could drop to 3.75%, lowest in a year+. Rate cut bets and banking risks recently boosted Treasuries; currently around 3.96%. Stock/Treasury rally together as “Goldilocks” soft-landing bets return.

Bitcoin whales move back to Wall Street: Over $3bn flows into ETFs and the mainstream. Large investors swap actual BTC for ETF shares, keeping exposure but converting to finance-recognized format. Ironically, Bitcoin arose to rebel against mainstream finance but is now being absorbed by it.

Overseas Companies

Apple foldable iPad R&D faces setbacks, launch now pushed to 2029 or later. Apple is developing an 18" foldable iPad at a projected $3,000 price (triple a normal iPad Pro). Prototype currently weighs 1.59kg, as much as a MacBook Pro. Working with Samsung Display on OLED panels to eliminate folding crease, but technical and cost challenges remain high for large seamless foldables.

AI video is now the “traffic king”: Meta AI downloads soar. Meta’s new short-video function "Vibes" drove an explosion in users: daily actives jumped from 775k to 2.7m in four weeks, daily downloads hit 300k. This contrasts with ChatGPT’s flattening user curve; OpenAI’s invite-only strategy for Sora may be pushing users to Meta AI.

Barclays previews US AI supply chain earnings: beware “sell the news,” stick to Nvidia, Broadcom, AMD. Barclays says we remain early in AI cycle but some stocks are fully pricing AI gains, risk of “sell the news” in earnings season; suggest focusing on Nvidia, Broadcom, AMD, and downgrade Marvell, Astera Labs, Lumentum to neutral, upgrade KLA to overweight.

OCP conference focus: manufacturing/packaging rapidly expanded; AI chip bottleneck now downstream (memory, racks, power etc.). Morgan Stanley: chip manufacturing/packaging no longer bottleneck for AI after capacity expansion; real constraints now in data center power/cooling, HBM memory, racks, and optical modules. Investment opportunities are shifting downstream; data centers with power/space advantages will lead in AI compute race.

Dalio clones himself with AI: "80% as good as me on investing". Dalio launched his "Digital Ray" AI avatar, based on 40 years of thinking. For investing, it reaches 80% of Dalio’s abilities, 95% on life principles. Unlike general AI, it replicates his values and decision logic, intended as a "thinking partner" available anytime.

Surging demand, depleted inventories—storage now “seller’s market”, MS: don’t miss out just because prices are high. Morgan Stanley says the AI boom is driving a strong upcycle for storage chips. Demand spike plus lagged supply cut DRAM inventory below two weeks, turning the market into seller’s; factory offer prices up 25%. The current cycle is nowhere near the peak, prices could double, and "time in market beats timing"; investors shouldn’t bail just because valuations look high.

Center of crypto storm—Hyperliquid: no board, no investors, "leverage weapon" for traders. Hyperliquid, a decentralized exchange with just 11 staff, leverages anonymity and high leverage to reach $13bn in daily trading. No board, no VC, in recent crashes cleared $10bn/day. But this raises controversy—market turmoil and precise short trades on the platform have stoked insider trading suspicions.

Coca-Cola Q3 revenue up 5%, beats expectations but key market volume stalled. Coca-Cola Q3 net revenue rose 5% to $12.5bn, organic up 6% thanks to a 6% price/mix boost plus strong health drink growth. But bottle sales rose just 1%, and North America/Latin America showed zero growth, indicating high living costs are still suppressing demand. The company reaffirmed its full-year guidance.

Unexpected joy under tariff clouds: GM Q3 beats, price hikes transfer costs, raised full-year earnings guidance. GM’s Q3 adjusted EBIT was $3.4bn, down 18% but ahead of consensus $2.7bn; US tariffs are estimated to hit $4.5bn, less than previous $5bn forecast; full-year profit guidance raised to $12–13bn (previous $10–12.5bn). After earnings, GM rose more than 9% pre-market.

Industry/Concepts

1. Robots | Economic Observer reports the latest 3D micro/nano robot developed by the Institute of Physical and Chemical Research, Chinese Academy of Sciences, makes the dream of a nanobot doctor curing diseases inside the body possible. This robot is essentially a pair of “mechanical hands”, capable of tasks like grabbing cells and releasing particles. It’s only about 40 microns—thinner than a hair.

Commentary: Analysts believe “nano doctors” show new possibilities for medical technology—in future, cancer cells can be precisely grabbed without surgery, medication can be targeted without needles. The dream of “swallowing nano doctors” is being realized by Chinese scientists! Growing demand for minimally invasive surgery and chronic illness drive expansion of nano robots in medicine. Market size for Chinese medical nano robots expected to grow from 4.5bn yuan in 2020 to 14.94bn in 2025, and surpass 80bn in 2030, CAGR over 25%.

2. Controlled Nuclear Fusion | ScienceNet.cn reports the helium refrigerator made by Henan Zhongke Qingneng Technology Co. Ltd. succeeded in its first run. By Oct 20, ran stably for over 120 hours, actual cooling capacity up to 3kW, meeting design specs. The equipment uses multi-user, fast variable working conditions and other advanced tech for efficient/stable operation, filling China's gap in ultra-low-temp fusion equipment. It’s currently the largest in China for fusion, supporting stable operation of the CRAFT facility (key fusion reactor system research platform).

Commentary: Analysts note fusion fuel is abundant on Earth and releases no pollution—seen as the key to “energy freedom”. The principle is the same as the sun’s, hence “artificial sun”; can provide endless, economical, planned, clean, and safe power, possibly pushing humanity into its next phase of development.

3. Digital Currency | Learning Times (Central Party School) latest article "Wartime Functions of Digital Currency" points out that digital currency, as a strategic tool in total war, hybrid war, and digital financial war, is a new form born of traditional financial war in modern info/intelligent warfare, reshaping wartime cross-border capital flows and resource mobilization, becoming a key tool in geopolitical struggles.

Commentary: Analysts say, faced with the US dollar’s unstable international currency system and rising geo-risk, China is advancing a dual-track system of "digital RMB + offshore finance", and through ongoing engagement in CBDC and multilateral central bank cooperation projects, is building a multi-polar global currency regime.

4. Computing Power | Oct 21: Ministry of Industry and IT issued a draft "Guide to Computing Power Standards System (2025)". It aims, by 2027, to set over 50 standards covering basic/general, equipment, infrastructure, network convergence, interconnection, platforms, applications, safety, and green low-carbon. Over 500 enterprises will promote and apply them, building typical case studies and boosting innovation. Will foster joint R&D mechanisms with research institutes, associations, and alliances, improving tech innovation, industrialization, infrastructure, talent, and supporting the national integrated computing power network.

Commentary: Founder Securities believes with Moore’s Law slowing and advanced process bottlenecks, advanced packaging is key to upgrading local compute chips. Firms like Huawei accelerating chip iteration, local suppliers moving fast for independence. Expansion in advanced packaging capacity is crucial; the supply chain is seeing great opportunities.

5. Industrial Internet | Oct 21: Guangdong Provincial Government issued the "AI Empowering Manufacturing High-Quality Development Plan (2025-2027)", encourages cities to create "model vouchers" to support purchase of industrial modeling services. Supports industrial, telecom, and device firms in building edge data centers and promotes intelligent upgrades of device terminals. Pushes key software R&D, implements technical tackling projects, promotes AI-enabled upgrades for industrial software. Promotes AI and industrial internet integration, supports cross-industry/professional industrial internet platforms, develops models-as-a-service, smart plugin supply and other innovations.

Commentary: Soochow Securities says China is accelerating localization of digital/industrial software, external factors may further speed up the process. With funding in place, industry is entering core system replacement phase. AI+ policy makes AI vice driver for new industrialization; expect more policies supporting localization of industrial software soon.

Today's News Preview

Tesla, SAP, IBM earnings.

China Solid State Battery Conference.

UK September CPI.

European Central Bank President Lagarde speech.

US EIA weekly crude oil inventory changes.

Risk DisclaimerThe market carries risk, investment should be cautious. This article does not constitute personal investment advice, nor does it consider individual users’ specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views or conclusions apply to their situation. Investing based on this article is at your own risk.