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Wednesday, November 12

Noteworthy macro moves today: Ethereum +4.9%. Bitcoin +2.1%. Oil (WTI) -1.4%. 

Global equity markets are trading higher amid optimism surrounding the potential resolution of the U.S. government shutdown and supportive economic data from Europe. European indices, including the DAX and Euro Stoxx 50, have seen notable gains as investors react positively to a decrease in Germany's consumer price inflation, which eased to 2.3% in October, aligning with expectations and suggesting a more favorable environment for monetary policy adjustments.

In the U.S., institutional investors are reportedly reducing trading activities due to concerns over liquidity and economic uncertainties, contributing to lower overall trading volumes. However, there is growing anticipation for a Federal Reserve interest rate cut next month, driven by deteriorating labor market conditions and recent economic indicators that suggest cooling inflation.

Additionally, Italy's industrial production rebounded significantly in September with a 2.8% month-on-month increase, surpassing forecasts and indicating resilience in manufacturing activity. This positive data point adds to the broader narrative of recovery across major economies as they navigate challenges related to supply chains and inflationary pressures.

Bitcoin (BTC/USD) [+2.0%]
Hyperscale Data Inc. has announced the deployment of over 4,000 new Bitmain Bitcoin miners at its Michigan data center, aiming to acquire $100 million in Bitcoin through mining and market purchases. This development aligns with a reported daily increase in Bitcoin's price. Circle Internet Group has also reported strong Q3 financial results, highlighting growth in USDC circulation and revenue. On social media, discussions have noted that U.S. spot Bitcoin ETFs experienced significant net inflows, marking their best day in a month. Additionally, Bitcoin has diverged from traditional equity markets, declining while gold and the S&P 500 have risen. Speculation surrounds a potential liquidation of approximately $10 billion in short positions at a price point near $116k for Bitcoin. Meanwhile, Ethereum has seen a notable increase, reflecting a strong correlation with Bitcoin's recent performance.

Ethereum (ETH/USD) [+4.8%]
Ethereum (ETH/USD) has increased by approximately 4% today, coinciding with a weakening U.S. dollar against major currencies. This shift follows the Senate's approval of a funding bill to end the government shutdown, expected to sustain operations until January. Institutional accumulation of Ethereum is reportedly rising, with significant purchases noted, including BitMine's acquisition of over 24,000 ETH for $82 million. The upcoming FUSAKA upgrade on December 3 is highlighted as a potential catalyst for growth, promising improvements in transaction speed and lower fees. Additionally, a former BlackRock executive emphasized Ethereum's role as "the infrastructure" for Wall Street, reinforcing its long-term potential. Meanwhile, Bitcoin (BTC/USD) has also seen an increase, reflecting broader market sentiment that often influences Ethereum's price movements.

AMD | +6.6% | +26.9B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices Inc (AMD) has seen a notable increase in its share price, rising approximately 6.6% in pre-market trading. At its recent Financial Analyst Day, AMD outlined ambitious long-term targets, projecting over 35% annual revenue growth for the next three to five years and non-GAAP earnings per share exceeding $20. The company anticipates a 60% compound annual growth rate in its data center business, with an even more aggressive 80% growth rate in data center AI revenue. CEO Lisa Su highlighted a revised total addressable market for AI data centers, now estimated at $1 trillion by 2030, up from $500 billion. Furthermore, AMD's gross margin guidance has been increased to a range of 55% to 58%, and several brokerages have raised their price targets significantly following these announcements.

GFS | +6.5% | +1.3B
Globalfoundries Inc | Semiconductors
Globalfoundries Inc reported its third-quarter 2025 financial results, achieving an earnings per share (EPS) of 0.44, exceeding the consensus estimate of 0.38. Revenue for the quarter was 1.688 billion, slightly above the expected 1.68 billion. The company experienced year-over-year revenue growth in both the Automotive and Communications Infrastructure sectors. Gross margin improved to 26.0%, reflecting a 130 basis point increase year-over-year and an 80 basis point rise sequentially. Wafer shipments rose by 10% year-over-year to 602,000 (300mm equivalent). For the fourth quarter, Globalfoundries anticipates revenue between 1.775 billion and 1.825 billion, with an adjusted EPS guidance of 0.42 to 0.52, compared to analyst expectations of 0.47.

ALC | +6.5% | +2.6B
Alcon AG | Health Care Supplies
Alcon AG's shares in Switzerland experienced a notable increase following the confirmation of its financial guidance. The company reported third-quarter 2025 results, revealing a core EPS of 0.79, slightly below the consensus estimate of 0.85, with revenue at 2.589 billion, marginally under the expected 2.6 billion. CEO David J. Endicott highlighted strong growth in equipment and ocular health, particularly noting the traction gained by the Unity VCS product. Alcon reaffirmed its full-year 2025 core EPS guidance between 3.05 and 3.15, with revenue expectations ranging from 10.3 billion to 10.4 billion, aligning closely with market forecasts. The third-quarter net income was reported at 237 million, a decline from 263 million the previous year, while net sales increased year-over-year from 2.43 billion to 2.59 billion.

ONON | +9.1% | +1.1B
On Holding AG | Footwear
On Holding AG reported strong third-quarter results, with net income rising significantly to CHF 118.9 million from CHF 30.5 million year-over-year. Sales reached CHF 794.4 million, exceeding analyst estimates of CHF 759.5 million and reflecting a year-over-year growth of 24.9%. Adjusted earnings per share (EPS) increased to CHF 0.43, surpassing the FactSet Consensus estimate of CHF 0.26 by CHF 0.17. The gross profit margin improved to 65.7%, aided by operational efficiencies. Following these results, the company raised its full-year revenue growth outlook to 34%, up from at least 31%, and adjusted EBITDA margin expectations to above 18%. In pre-market trading, On Holding's stock moved up over 10%, reflecting the positive earnings beat and revised guidance.

MU | +2.1% | +5.8B
Micron Technology Inc | Semiconductors
Micron Technology Inc is experiencing a price increase, aligning with the broader upward movement in the Semiconductors sector. Mizuho analyst Vijay Rakesh has maintained an Outperform rating on Micron, setting a price target of 265, following discussions with the company's senior leadership. Concurrently, a media report highlighted that rising DRAM memory chip prices will compel Asustek Computer (ASUS) to increase electronics prices, indicating challenges for PC manufacturers. Additionally, Advanced Micro Devices Inc (AMD) surged significantly after its 2025 Analyst Day, where it announced ambitious growth targets and projected revenue growth. This positive reception may be influencing market sentiment around Micron Technology Inc, given their historical correlation. Analysts have recently upgraded Micron’s ratings and price targets, with Wells Fargo raising its target to 300 and Itau BBA setting an outperform rating at 249.

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