Big-Tech’s PerformanceWeekly macro storyline: Powell’s “Rate Cut” Mini-DramaTrump repeatedly pressured Powell with inflammatory comments and even threatened to replace him, triggering a market “panic” at the start of the week. As Treasury Secretary Bessent clarified in his speech on April 23: “America First” doesn’t mean “America Alone.” Trump later softened his tone (backed off?) and stated he had no intent to replace Powell. This easing of tension helped fuel the market’s sharp rebound in subsequent days. The core of Trump’s message was a call for rate cuts, which ironically aligns with current market sentiment.Why does the market also want rate cuts? Because the clear shift in trade policy is expected to impact the real economy in Q2 and beyond. Both corporate profits and consumer confi

In recent years, the endowment funds of top U.S. colleges and universities have frequently attracted attention due to their huge private equity exposure. 2024, Yale University announced that it would sell $6 billion in private assets (15% of its endowment fund) through the secondary market, and Harvard University is also facing liquidity pressures in the context of a crisis in its tax-exempt status.The sell-off storm not only exposes the inherent contradictions of the "Yale model", but may also become a trigger to burst the bubble of the private equity market, triggering a systemic risk comparable to the subprime mortgage crisis.Motivation for the sell-off: the flaws of the Yale model in the volatile gaming marketIvy League endowments have long played the role of "privileged players" in th

$Netflix(NFLX)$ Q1 earnings announcement, profitability continues to rise, confirming the fundamentals of the good stone, of which advertising and content investment is still the key, but also makes NFLX become the tariffs under the chaos of the few counter-trend "risk aversion" of the technology stocks.Performance and market feedback1. Core data performanceRevenue: $10.543bn ($10.5bn expected, +12.5% yoy); gross margin 50.08% (41.66% expected, +8.4pct beat), mainly benefiting from price hikes + higher share of advertising packages; operating margin 31.75% (28.2% higher than expected, exceeding 360pct yoy)Revenue among different regions: $4.62bn (+9.3% YoY) in the US & Canada, lower than the expected $4.68bn; $3.41bn (+15% yoy) in EMEA, higher

Big-Tech’s PerformanceWeekly macro storyline: Trump to fire Powell? Earnings season coming with tariff desensitization!Although the Trump administration is still in the tariffs from time to time "demon", but the market after last week's volatility has been desensitized, but now trading is more "recession expectations", or the extent of the blow to corporate profits, consumer confidence.In the face of the worsening economic outlook, the European Central Bank on April 17 to complete the seventh round of interest rate cuts, and warned that the escalation of international trade tensions is a serious drag on the eurozone recovery process.The Fed showed a very different rhythm, Powell reiterated the need to judge the policy path based on sufficient data, triggering a harsh rebuke from Trump.Prev

Over the past few weeks, the U.S. stock market as a whole has been extremely sensitive, and the market's reaction to surprises has been "amplified". The $S&P 500(.SPX)$ has swung more than 10% in a single day, and $NASDAQ(.IXIC)$ has rallied more than 12%.With expectations surrounding Trump's tariffs recurring, the week's action could be described as a "collection of risk events" from years past.Looking at the timeline of the overall U.S. stock market pullback in 2025.The initial decline was triggered by a rapid pullback in a group of 2024 overbought momentum stocks ( $AppLovin Corporation(APP)$

Big-Tech’s PerformanceWeekly macro storyline: Recession’s back?Market volatility due to tariffs in effect has been no less than the 2020 period, in addition to the stock market's Monday plunge, identified by Trump as a "short-term sacrifice", the volatility of U.S. debt may be more concerned about the market (elevated risk of recession)?At present, after the first three days of this week's fermentation and "withdrawal", the short-term risk of tariffs has basically been cleared, and how the end of the future, basically in the current market has been Price-in the range, so it will not be too sensitive.But overall, the risk of the medium-term still can not be ignored, even if the final landing is 10% tariffs, the economic growth rate may slow down from Q2, embodied in the corporate earnings r

Big tech companies as weight, naturally guides the main fluctuations of the $NASDAQ(.IXIC)$ April 7 opening by the "small essay" impact of the $NASDAQ 100(NDX)$ appearedBurst pull, but the second half of the transaction between the long and short sides are evenly matched, relatively "balanced", mainly because of the two days of tariff impact seems to be undecided.At present, both the long and short sides of the two main lines of logic in each other's influence:Downward pressure on performance (favorable).Mainly supply chain cost surge, profit compression (competitiveness decline), of which the supply chain transfer is not only costly, long cycle, but also face future policy changes again.May become an "ex

Big-Tech’s PerformanceWeekly macro storyline: Divergence on US stock marketQ1 of the US stock market experienced rain, so "whether it is a medium-term intervention point" has become a hot topic of discussion.Policies favor the real economy over capital markets, while "soft data" continues to weaken.The core differences and market focus on the direction of the market are: foreign capital flows (Goldman Sachs believes that foreign capital, especially European funds, will continue to inflow, UBS warned that the funds may return to the local market), sustainability of the rebound (Morgan based on the technical aspects of the short-term bullish, but medium-term by the impact of the policy, the Mo emphasized that the fundamentals of the rebound of the limitation of the space of the weak), positi