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Tuesday, December 2

Noteworthy macro moves today: Bitcoin +1.4%. 

Global equity markets are trading higher amid positive sentiment following the release of economic data indicating a slight uptick in Eurozone inflation and a narrowing budget deficit in France, which may influence central bank policies. Euro area consumer price inflation rose to 2.2% in November, slightly above expectations, while France's budget deficit narrowed to EUR 136.2 billion at the end of October, marking its smallest shortfall since June.

In Japan, the yield on the country's ten-year government bonds fell after a strong auction provided stability amid previous volatility driven by comments from Bank of Japan officials regarding potential interest rate hikes. The bond market is now pricing in an increased likelihood of rate adjustments during upcoming monetary policy meetings.

The Bank of England's Financial Stability Report highlighted risks associated with AI-related asset price corrections and stretched valuations in technology sectors, contributing to cautious market sentiment as investors await further economic indicators this week that could impact U.S. monetary policy decisions ahead of the Federal Reserve's meeting next week.

iShares MSCI South Korea ETF (EWY) [+1.9%]
U.S. Commerce Secretary Lutnick announced a reduction of tariffs on South Korean automobiles to 15%, effective November 1, alongside the removal of tariffs on South Korean airplane parts. This move aims to align U.S. tariffs with those imposed on Japan and the EU. Additionally, the U.S. confirmed a retroactive application of the 15% tariff reduction, potentially benefiting South Korea's automotive sector amid broader market fluctuations. Hyundai Motor shares have seen an increase due to the reduced tariffs, which may influence related investment vehicles such as the iShares MSCI South Korea ETF (EWY). Among the ETF's holdings, SHG was noted as a top contributor to its performance. The ETF has experienced a price increase of 1.9% since Monday.

Bitcoin (BTC/USD) [+1.4%]
Bitcoin prices are currently attempting a recovery, rising over 1% to approximately 87,460 amid a broader market context marked by significant sell-offs in cryptocurrencies. This volatility is linked to rising Japanese government bond yields and yen strength. Concurrently, the U.S. dollar faces pressure from weak manufacturing data, which bolsters expectations for potential Federal Reserve rate cuts next week. Social media discussions highlight Bank of America's encouragement for clients to add Bitcoin to their portfolios and a significant transfer of 2,156 BTC from a BlackRock-associated wallet to Coinbase Prime. Additionally, a dormant miner wallet recently transferred 50 BTC, valued around 4.33 million. Notably, there have been four consecutive days of positive inflows for the Bitcoin ETF, suggesting institutional interest despite recent price fluctuations. Economic commentary from Peter Schiff emphasizes ongoing debates about Bitcoin's value proposition amid these market dynamics.

MDB | +23.3% | +6.9B
MongoDB Inc | Internet Services & Infrastructure
MongoDB, Inc. reported strong third-quarter fiscal 2026 results, significantly exceeding analyst expectations. The company announced an adjusted net income of 114.5 million and adjusted earnings per share (EPS) of 1.32, surpassing estimates of 72 million and 0.79, respectively. Revenue for the quarter reached 628.3 million, reflecting a 19% year-over-year increase and exceeding the expected 595.6 million. MongoDB raised its fiscal 2026 revenue guidance to between 2.434 billion and 2.439 billion, along with an adjusted EPS forecast of 4.76 to 4.80, compared to previous estimates of 3.64 to 3.73. The growth was driven by a 30% increase in its Atlas service, which constitutes 75% of total revenue, and the addition of 2,600 new customers, bringing the total to over 62,500 as of October 31, 2025. The stock rose over 22% in pre-market trading following this announcement.

CRDO | +16.2% | +5.3B
Credo Technology Group Holding Ltd | Semiconductors
Credo Technology Group Holding Ltd reported strong financial results for the second quarter of fiscal year 2026, with revenue of $268 million, exceeding the consensus estimate of $235 million. The adjusted earnings per share were $0.67, surpassing expectations of $0.50. For the third quarter, the company anticipates revenue between $335 million and $345 million, well above the consensus of $247.6 million. The expected gross margin for Q3 is projected to be between 64% and 66%. This performance reflects a remarkable year-over-year revenue increase of 272%, driven by growth in AI training and inference clusters. Analysts responded positively, with Barclays raising its price target to $220 and Stifel increasing theirs to $225. Social media discussions highlighted the earnings as a "blowout," with significant optimism surrounding future guidance.

TER | +3.5% | +1.4B
Teradyne Inc | Semiconductor Materials & Equipment
Teradyne Inc has been upgraded to a "buy" rating from "hold" by Stifel, with the price target increased to 225 from 162. This announcement was made approximately 50 minutes ago and reflects a positive assessment of Teradyne's performance and future prospects. Concurrently, Credo Technology Group Holding Ltd (CRDO) experienced a significant surge following strong second-quarter fiscal results, which included revenue exceeding expectations and a favorable outlook for the third quarter. This robust performance in CRDO, driven by growth in AI training and inference clusters, has led analysts to raise their price targets significantly. Given the historical correlation between Teradyne and CRDO, this may provide context for Teradyne's recent increase of 3.6%.

MRVL | +2.5% | +29.8B
Marvell Technology Inc | Semiconductors
Marvell Technology Inc. is reportedly engaged in advanced discussions to acquire Celestial AI in a multibillion-dollar deal. This development, shared on social media, highlights Marvell's strategic expansion within the semiconductor sector, particularly in artificial intelligence technologies. The potential acquisition may significantly alter Marvell's operational landscape and enhance its competitive positioning. Additionally, POET Technologies has been identified as a preferred supplier for Celestial AI’s AI chipset needs, which targets a market projected to exceed $70 billion by 2025. Meanwhile, Credo Technology Group Holding Ltd has experienced a notable price increase, which may be influencing the recent performance of Marvell Technology Inc.

NET | +3.1% | +2.1B
Cloudflare Inc | Internet Services & Infrastructure
Barclays has initiated coverage of Cloudflare Inc with an 'overweight' rating and set a price target of 235. This announcement was made approximately four hours ago, following the stock's previous close at 197.20. In premarket trading, shares of Cloudflare increased by 2.7% in response to this news. Additionally, social media discussions have echoed this sentiment, highlighting the positive reception of the analyst's rating and price target. Meanwhile, MongoDB Inc has surged significantly, which may be contributing to Cloudflare's stock performance given their historical correlation.

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