Good morning, ZuoZuo’s finished reviewing last night’s U.S. market for you ☕

Same AI party, two completely different endings
The U.S. market is still popping champagne:
Nasdaq +1.18% to close at 26,477, S&P 500 +0.60% to close at 7,722
Broadcom +4%; Bank of America, Citi, Morgan Stanley, and Blackstone announced $63 billion in financing specifically to help Anthropic buy Broadcom’s technology
AMD +5%, Micron up nearly 3%
The party in China is already over:
The Shanghai STAR 50 has fallen 40% from its July high, wiping out about $480 billion in less than four months
After that drop, its P/E is still around 100x, while the Nasdaq 100 is only around 30x
ZuoZuo thinks this is like Titanic: the orchestra is still playing up front while the stern is already taking on water 🎻
BTIG technical analyst Krinsky is also warning against chasing the chip rebound: similar setups have appeared only four times in 30 years, one of them at the dot-com bubble peak in March 2000
A few other things to watch:
Oil prices pulled back, with WTI closing at 99.90 and Brent at 113.88
BTC edged up to 80.8K
The Fed will announce its rate decision at 2 a.m. Taiwan time on Thursday
Is the STAR 50 a preview of U.S. AI stocks, or has it simply gotten way ahead of itself? 👇