Daily Buzz: 20 November 2025

What AI Bubble? Nvidia Beats Forecasts on Earnings

Chipmaking giant Nvidia, the world's most valuable listed company, topped market expectations with third-quarter earnings showing a 62 percent increase in revenue to US$57 billion and net income surging 65 percent to US$31.9 billion. It forecast fourth-quarter earnings of US$65 billion, well above analysts' predictions. The widely watched results are expected to quell, at least for now, concerns about the stability of big tech's headlong dive into spending on artificial technology.

Nvidia chips are used by all the leading AI companies to develop new models and technologies. Sales to data centers surged two-thirds to US$51 billion, with the bulk of those sales in "compute" chips, the company's graphic processing units. Nvidia said its best-selling product is the new Blackwell Ultra chip. "Blackwell sales are off the charts, and cloud GPUs are sold out," said Chief Executive Officer Jensen Huang. "AI is going everywhere, doing everything, all at once." Nvidia shares have declined in recent trading amid concerns about an AI bubble that has sent stock valuations far ahead of short-term earnings potential. In off-hours trading in New York after the results were announced, Nvidia shares rose 3 percent, and other big tech stocks, including Oracle, Alphabet and AMD, also climbed.

China Suspends Japanese Seafood Imports

China has suspended all imports of Japanese seafood, claiming Japan failed to provide promised technical data regarding its management of Fukushima nuclear wastewater. The move reverses a partial lifting of the ban in June. China's Ministry of Foreign Affairs said even if exports resumed, strong public anger in China over Japanese Prime Minister Sanae Takaichi's "reckless" Taiwan remarks would eliminate any market demand. The escalating dispute is also impacting travel. Data from Flight Manager show a decline in tourists travelling from the Chinese mainland to Japan.

US Officials in Kiev for Peace Talks

Senior US military officials are in Kiev to discuss efforts to end the Ukraine war, amid reports that the US and Russia have prepared a new 28-point peace plan that would require Ukraine ceding territory to Russia and halving the size of its military. The Pentagon team arrived as Russian air strikes hit two apartment blocks in western Ukraine, killing at least 26 people.

Iran Willing to Resume Nuclear Talks, With Caveats

A senior Iranian official told CNN his nation is willing to resume nuclear talks with the US but Tehran hasn't altered its position since the US and Israel attacked its nuclear facilities in June. Kamal Kharrazi, senior foreign policy adviser to Iranian leader Ayatollah Ali Khamenei, said Iran will continue its uranium enrichment program because it needs fuel for power plants and medical purposes. Any talks, he added, would have to be conducted on an equal footing and with mutual respect. The US and Israel accuse Iran of trying to build nuclear weapons.

Top Business

Nexperia Intervention Suspended, Wingtech Cautious

The Dutch government has suspended its intervention in Chinese-owned chipmaker Nexperia, easing a dispute that crimped shipments of vital chips used in global automaking. Dutch Economy Minister Vincent Karremans called the step a "show of goodwill," noting China now appears to permit exports of Nexperia chips made on the mainland. However, Chinese parent company Wingtech Technology issued a statement warning investors of continued risk, noting that a separate court ruling remains effective and restricts its control over Nexperia. The EU said it welcomes the easing of tensions, which it said it hopes will stabilize vital supply chains.

Alibaba Upgrades AI Chatbot

Chinese tech giant Alibaba launched a major upgrade to its AI chatbot this week, pushing more aggressively into the consumer market for artificial intelligence, Reuters reported. The new free app is based on the company's most advanced version of its Qwen large language model. It's available free both on the mobile application and on the website in China, with a global version to come later. The Qwen app has entered public beta testing and is being billed by the company as "the best personal AI assistant with the most powerful model." Alibaba has somewhat lagged behind rivals in developing ChatGPT-style consumer apps and faces competition from rivals such as DeepSeek and ByteDance's Doubao and Tencent.

Weibo Profit Rises, Ad Sales Drop

Weibo, one of China's biggest social media platforms, often called "China's Twitter," reported third-quarter profit shot up 69 percent from a year earlier to US$221 million despite a 5 percent drop in revenue to US$442 million on a 6 percent decline in advertising revenue, Weibo's largest revenue stream. Year-earlier revenue was inflated by high ad sales during the Paris Olympic Games. The company said ad spending by Alibaba in the period doubled to US$45.5 million. Costs and expenses rose 1 percent. Weibo was launched by Sina Corp in 2009 but later spun off as a separate listing. Alibaba is a major shareholder.

Economy & Markets

China Calls US Patent Changes Discriminatory

China's commerce ministry said a recent US revision of patent rules discriminates against Chinese companies. The rebuke came after the US Patent and Trademark Office changed its rules on patent invalidation petitions, with a focus on challenges from foreign-related entities.

Equity Fund EQT Touts Asia Opportunities

Swedish-based EQT, one of the world's largest private equity firms, told CNBC it sees Asia as a global growth engine, offering some of the most compelling investment opportunities. Chief Executive Per Franzén said wealthy investors across the world are diversifying their portfolios by channeling more money into the region. Earlier this year, EQT raised US$10 billion in its ninth Asia private equity fund. The firm said it plans to invest around US$930 million in South Korean software provider Douzone Bizon.

China Sells Sovereign Bonds in Luxembourg

China raised 4 billion euros (US$4.6 billion) in a two-part sovereign bond offering in Luxembourg on Tuesday, marking its first euro-denominated issuance in the country and drawing strong demand from global investors. The Ministry of Finance said the deal attracted 100 billion euros in orders, 25 times the issuance size, underscoring international appetite for Chinese sovereign credit even as global rates remain elevated.

Corporate

IQiyi Swings to Q3 Loss

Chinese video streaming giant iQiyi posted a third-quarter loss as revenue fell for a third straight quarter, highlighting tough competition and high content costs in China's online-video market. The company reported revenue of 6.68 billion yuan (US$940 million), down 8 percent from a year earlier, and a net loss of 248.9 million yuan, turning from a profit of 229.4 million yuan a year earlier. IQiyi is betting on overseas expansion, micro-drama formats and offline businesses as its next growth segments. Overseas subscribers on iQiyi's international app hit a record high in the latest quarter, with membership revenue surging more than 40 percent.

Data Center Giant GDS Turns to Profit

GDS Holdings, a leading developer and operator of data centers in China, beat analysts' forecasts by swinging to profit of 728.6 million yuan (US$102.4 million) in the third quarter from a year-earlier loss of 231 million yuan. Revenue rose 10 percent to 2.9 billion yuan. The company said the area of its data centers in service at the end of the quarter was 653,762 square meters, up 9.8 percent, but construction of new space fell 40 percent from a year earlier.

Qfin Reports Soft Q3 Performance

Qfin Holdings, a credit tech platform, said third-quarter net profit dropped 17.3 percent from a year earlier to 1.5 billion yuan (US$211 million). Revenue in the quarter rose 19 percent to 5.21 billion yuan, but slipped 0.2 percent from the previous quarter. CEO Haisheng Wu said the firm adjusted operations in the second quarter to adhere to new rules governing partnerships amid online lenders.

Kingsoft Software Revenue Rises, Gaming Slumps

Kingsoft, a Chinese office software firm, reported a mixed third-quarter, with profit sharply declining but growth in its software business rising. Revenue dropped 17 percent from a year earlier to 2.42 billion yuan (US$340 million), and net profit falling 48 percent to 213 million yuan. Its core office software and services business WPS performed strongly, with revenue growing 26 percent to 1.52 billion yuan, fueled by government orders. However, online games and other businesses dragged down results with revenue plummeting 47 percent to 900 million yuan.

Geely, Renault Partner in Brazil Project

Chinese carmaker Geely and France's Renault announced a joint investment of US$714 million in Brazil to develop zero-emission vehicles, starting next year. The deal came after Geely acquitted a 26.4 percent stake in Renault's Brazilian subsidiary.

Pony.ai Partnership for Self-Driving Trucks

Pony.ai, a Chinese autonomous driving company, said it is teaming up with Sany Heavy Industry and Dongfeng Liuzhou Motor to develop a fourth generation of self-driving trucks, with the first two models expected next year.

Henshun Petroleum Expands Into Tech

Heshun Petroleum, a Chinese gas station operator, said it plans to spend up to 540 million yuan (US$76 million) to buy 51 percent of MSquare Technology, a niche semiconductor company.

Hunan-based Heshun owns and operates 35 gas stations, but profits have declined about 20 percent since peaking in 2020. In the first three quarters of this year, net income halved from a year earlier to 22 million yuan. MSquare, which has suffered losses in the last two years, does business in high-speed interface IP and "chiplet" integrated circuits.

Italy's Univer to Establish China HQ

Univer Group, an Italian industrial automation company, is investing 300 million yuan (US$42 million) to establish its China headquarters in the Jiangsu Province city of Taicang. The project will include a research and development center and the production of pneumatic components and clamping cylinders. Milan-based Univer's products are used in automobiles, engineering equipment and medical devices.

DJI Agriculture Shipments Expanding

DJI Agriculture, a Shenzhen-based world leader in agricultural drones, reported that 2025 shipments have surpassed 200,000 unit, 100 times more than 10 years ago. It said 320,000 of its drones are already deployed in China. The company unveiled three new models for use in large farm fields, orchards and agricultural transport. The company exports to more than 100 countries.

Desay SV Secures Global Auto Orders

Desay SV, a leading Chinese automotive electronics supplier, said it secured project orders from several globally renowned car manufacturers and is establishing new production bases in Europe. The company also said it is working with major robotics companies. Desay recently launched the AI Cube, an AI computing terminal for the robotics sector.