In today’s briefing:
- Hong Kong Single Stock Options Weekly (Nov 17 – 21): Breadth Collapses, Put Volumes Rise
- 4-Hour Contagion: NVIDIA Q3, Advantest, the AI Flow Footprint on the Global Synchronized Selloff
Hong Kong Single Stock Options Weekly (Nov 17 – 21): Breadth Collapses, Put Volumes Rise
- Broad declines set a cautious tone as only a handful of single stocks avoided losses last week amid rising option volumes.
- Market breadth deteriorated sharply, marking the weakest showing of the past year and highlighting the pressure across Hong Kong equities.
- We highlight companies reporting next week in what shapes up as a busy week ahead with Baba and Meituan both reporting.
4-Hour Contagion: NVIDIA Q3, Advantest, the AI Flow Footprint on the Global Synchronized Selloff
- Performance was in line with estimates, with total revenue of $57.01B and an expanding Non-GAAP Gross Margin of 73.6%. Management issued robust Q4 revenue guidance of $65B.
- Despite strong fundamentals, the stock’s muted reaction and subsequent slide highlight the risk of unusual, synchronized cross-asset market drops, signaling a need to examine, and hedge against potential systemic vulnerability.
- The synchronized cross-asset market drop on November 20, lacking a clear catalyst, suggests hidden systemic risk driven in part by algorithmic positioning.
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