A recent anecdote has left many speechless—titled "The Most Daring Individual Has Emerged." It tells the story of a friend juggling multiple financial burdens: paying off a mortgage, working full-time, renovating a home, borrowing to buy a car, getting married, and now expecting a child. But the climax? In October, he went all-in on CPO (coherent packaging optics) stocks. The punchline? "A brand-new nuclear-powered donkey is born."

The story hits close to home as Chinese markets continue their slump, with the three major indices closing nearly 1% lower. The global sell-off hasn’t spared anyone—U.S. stocks dipped at the close, dragging the Dow and S&P 500 down, while Asian markets, including Japan and South Korea, plunged over 3% before China’s markets even opened. Though the Shanghai Composite’s 0.81% drop seems mild globally, it’s little consolation for investors. Tech stocks have been retreating since early November, and even last hopes like solar and energy storage are faltering. Even defensive plays like banks and dividend stocks are taking hits.

All eyes are now on NVIDIA’s upcoming earnings report, which could dictate the short-term fate of global tech stocks. Amid widespread anxiety over AI valuation bubbles, institutional bearish bets and减持 (reductions) in NVIDIA shares have intensified. Meanwhile, Baidu reported Q3 2025 results post-market on the 18th, with total revenue hitting 31.2 billion yuan ($4.3 billion) and core revenue at 24.7 billion yuan. The standout? Its AI business revenue surged 50% YoY to 10 billion yuan. While Baidu’s U.S.-listed shares initially jumped 3% pre-market, gains faded as markets await NVIDIA’s report.

In China, sectors like software, semiconductors, and communication equipment have seen net inflows for two straight days, suggesting bets on a positive NVIDIA surprise. For instance, the创业板人工智能ETF (159363), with 80% exposure to AI computing, recorded a 23.5 million yuan net inflow from large orders. If you’ve held AI stocks this long, waiting for NVIDIA’s results might be wise—what if the tech rally reignites?

Elsewhere, the CME FedWatch Tool shows December rate-cut odds dropping to 42.4%, down from 43% yesterday. With U.S. government shutdowns delaying data, this trend may continue until jobs figures arrive. Gold has also slid as the dollar rebounds on fading Fed easing hopes. Société Générale noted hedge funds offloaded 100 tons of gold, likely fearing no 2024 cuts. Still, with decent unrealized gains and dry powder, I’m holding my gold positions.

Amid global and domestic turbulence, staying calm is key. Zooming out helps avoid knee-jerk decisions based on daily swings.

Disclaimer: This content isn’t investment advice. Short-term moves don’t predict future performance. Markets carry risks—invest cautiously.

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