Global news： OpenAI staged a high-level power struggle! Fed officials do not rule out the possibility of further interest rate hikes.

　　On November 20 th, because CPI, PPI and initial application data all supported the Fed’s expectation of raising interest rates, the major indexes of US stocks all recorded three consecutive weekly gains last Wednesday, and the Dow rose 1.94%. The Nasdaq rose by 2.37%; The S&P 500 index rose 2.24%.

　　However, it is worth noting that although the market seems to usher in a "sweet period", the Fed has been warning about risks, and some officials still stressed that the possibility of further interest rate hikes is not ruled out, which also suppressed the gains of US stocks to some extent.

　　Among them, Boston Fed President Collins said that the possibility of further interest rate hikes will not be ruled out; Chicago Fed President goolsbee believes that inflation has improved, but it is still too high, and will make every effort to beat inflation; San Francisco Fed President Daley continued to reiterate that the Fed is not sure whether inflation can reach the target of 2% and should be patient in the face of economic uncertainty; Federal Reserve Vice Chairman Barr reiterated the Fed’s concern about hedge fund basis trading.

　　As for the advice to the market, Michael Hartnett, chief investment strategist of Bank of America, said that after experiencing an "epic rebound", investors should sell these risky assets as technical and macroeconomic unfavorable factors are accumulating.

　　JackMcIntyre, portfolio manager of Brandywine Global, said that the recent increase in the stock market is amazing enough, and we need to find the next catalyst. The peak of the third quarter earnings report has passed, and the Federal Reserve will definitely stay put in December. The stock market needs to find new guidance, such as November inflation data.

　　For the past weekend, the global focus has undoubtedly focused on OpenAI, the initiator of this wave of AI. Last Friday, it was announced that CEO Altman had left, his ability was questioned, CTO took over temporarily, and the president subsequently resigned; Employees questioned whether to seize power, but the chief scientist denied it, saying it was to ensure the construction of AGI； for the benefit of all mankind; A big reversal in just 24 hours: It is said that the board of directors negotiated to restore Altman’s position, but the negotiations were blocked. He hoped to replace the existing directors and posted a message suggesting that he would return.

　　There is also news that Microsoft CEO Satya Nadella has been contacting Altman and promised to support him no matter what measures he takes next.

　　This wave of huge earthquakes at the top of OpenAI can be described as a realistic version of the "Gongdou" drama. However, from the perspective of influence, CEO Altman plays a vital role in OpenAI and even the entire AI industry. If Altman leaves, where will OpenAI go, and whether its major shareholder Microsoft will be affected, and if Altman joins other enterprises, whether the existing pattern in the AI field will change again, we will wait and see.

　　In other news, OPEC+ may cut production by up to 1 million barrels per day, and Saudi Arabia will at least extend its voluntary production reduction until next spring, and international oil prices will rise sharply.

　　Looking at this week, the minutes of the Federal Reserve’s monetary policy meeting in November can not be ignored. Although the market has priced the expectation of not raising interest rates, the minutes of the meeting may reveal the differences among members to some extent and how some members may vote next. And if the US economic data continues to weaken, it may overwhelm the contents revealed in the minutes of the meeting.

　　NVIDIA, the leader of AI, will announce its latest results, and its revenue in the third quarter is expected to reach 16 billion US dollars, up 170% year-on-year. Wall Street analysts believe that NVIDIA’s revenue in the third quarter will reach $16.1 billion, exceeding expectations. They also expect the company’s revenue in the fourth quarter to be around $17.7 billion (up 193% year-on-year). If the company’s performance or outlook falls short of expectations, the chill may strike again.

　　It is worth noting that the US stock market will usher in the Thanksgiving holiday this Thursday, so the market may enter a dull one.

　　[Market Review]

　　The three major indexes of US stocks all recorded three consecutive weekly gains. The Dow rose 1.94% last week; The Nasdaq rose by 2.37%; The S&P 500 index rose by 2.24%.

　　[One-week preview]

　　[Weekend Highlights]

　　OpenAI high-rise earthquake!

　　Last Friday, it was announced that CEO Altman had left, his ability was questioned, CTO took over temporarily, and the president subsequently resigned; Employees questioned whether to seize power, but the chief scientist denied it, saying it was to ensure the construction of AGI； for the benefit of all mankind; A big reversal in just 24 hours: It is said that the board of directors negotiated to restore Altman’s position, but the negotiations were blocked. He hoped to replace the existing directors and posted a message suggesting that he would return.

　　The San Francisco Declaration of APEC Leaders in 2023 (Abstract) was released.

　　China Merchants Securities believes that the main consensus of the 2023 APEC Summit is: trade, numbers and tolerance. The summit also emphasized the opportunity of green market and the rapid growth of China’s "new three kinds" exports of new energy vehicles, lithium batteries and photovoltaic products. The advantages of China’s new energy industry chain can effectively reduce the green financial expenditure of various economies in the process of global low-carbon transformation and the supply-side price pressure in the process of transformation. During the summit, China and the United States reached a consensus on further substantially increasing international flights, expanding educational and cultural exchanges, setting up an anti-drug cooperation working group and establishing an intergovernmental dialogue on artificial intelligence, which will promote dialogue and cooperation between the two countries in more fields such as science and technology, economy and trade, humanities and education.

　　The Fed continues to warn of risks internally.

　　Boston Fed President Collins said that the possibility of further interest rate hikes will not be ruled out; Chicago Fed President goolsbee believes that inflation has improved, but it is still too high, and will make every effort to beat inflation; San Francisco Fed President Daley continued to reiterate that the Fed is not sure whether inflation can reach the target of 2% and should be patient in the face of economic uncertainty; Federal Reserve Vice Chairman Barr reiterated the Fed’s concern about hedge fund basis trading.

　　OPEC+ will cut production by up to 1 million barrels per day, and Saudi Arabia will at least extend its voluntary production reduction until next spring.

　　These motions may be put forward at this weekend’s OPEC+ meeting. On hearing the news, the international crude oil rose more than 4%, and the oil distribution reached the psychological integer of $80. However, the oil price plunged by nearly 5% on Thursday, hitting a four-month low. After Big bounce on Friday, the crude oil continued to fall for four weeks, mainly due to the surge in non-OPEC supply and the growing concern about global oil cooling.

　　Meta reorganizes RAI team to fully bet on generative AI.

　　A spokesperson for Meta recently revealed that Meta has dissolved its ResponsibleAI(RAI) department, which is committed to supervising the safety of artificial intelligence projects when they are developed and deployed. The spokesman said that most members of the RAI team have been reassigned to the company’s Generative AI product department, while others will now work in the AI infrastructure team.

　　Everything Network: MasterCard brand RMB bank card will be launched as soon as possible.

　　According to CCTV news, after obtaining the bank card clearing business license issued by the People’s Bank of China, Wanshiwanglian Information Technology (Beijing) Co., Ltd. said today (November 19) that the People’s Bank of China and the State Financial Supervision and Administration Bureau have reviewed and approved the application for opening a bank card clearing institution submitted by Wanshiwanglian. The company will introduce MasterCard brand RMB bank cards to the market as soon as possible, and lay an omni-channel acquiring network to support cardholders to spend money at more than 100 million merchants at home and abroad. Everything Network will actively build a safe, convenient and intelligent new payment ecology and become a new force on the road of high-quality development of China market.

　　Tesla FSD is about to enter China, and everything is ready.

　　According to TecbWeb, an overseas source said that Tesla FSD is about to enter China, and everything is ready. However, Tesla has not announced the public relations news. In October, many car bloggers in China broke the news that the new Model 3 will use FSD after many confirmations, and it is expected that the road test will be carried out in China soon.

　　[financial calendar]