Chinese assets have experienced a sudden surge! The China Dragon Index has climbed over 4%, and several Chinese stocks have risen by more than 10%.

Last night, Chinese assets had a significant surge.

Specifically, the Nasdaq China Dragon Index rose by 4.33%, and several stocks soared more than 10%, including Kingsoft Cloud, Zhongjin Medical, Shanda Technology, and iQIYI, which rose by more than 13%, 11%, and 10%, respectively. Additionally, iQIYI and Alibaba rose by more than 7% and 6%, respectively, and Baidu rose by more than 5%.

U.S. stocks rose

On the U.S. stock market, the three major indexes rose collectively, and IBM rose by more than 13%, setting a record single-day rise since 1999, while Microsoft fell by more than 6%. Chip stocks rose collectively, with the Philadelphia Semiconductor Index up 2.29%, Lam Research up more than 7%, Broadcom up more than 4%, Q Tech up more than 4%, Micron Technology up more than 3%, and ARM up more than 3%.

On the news front, the U.S. released its latest GDP data last night. The data fell short of expectations.

The U.S. actual GDP year-on-year growth rate in the fourth quarter was 2.30%, lower than the expected 2.60%, and lower than the previous 3.10%.

The number of initial jobless claims in the week ending January 25 was 207,000, lower than the expected 220,000, and lower than the previous 223,000.

Two big companies reported earnings

Today after the market closed, Apple and Intel, two big companies, released their latest earnings.

Apple's first fiscal quarter EPS was US$2.4, lower than the expected US$2.35; revenue was US$124.3 billion, lower than the expected US$124.1 billion. Revenue from Greater China was US$18.51 billion, lower than the expected US$21.6 billion. Revenue from products was US$97.96 billion, lower than the expected US$98.02 billion. Revenue from iPhone was US$69.14 billion, lower than the expected US$71.04 billion. Revenue from iPad was US$8.09 billion, lower than the expected US$7.35 billion. Revenue from Mac was US$8.99 billion, lower than the expected US$7.94 billion. Revenue from Wearables, Home, and Accessories was US$11.75 billion, lower than the expected US$11.95 billion. Revenue from services was US$26.34 billion, lower than the expected US$26.1 billion. Apple's U.S. shares fell slightly after the market closed.

Intel's Q4 revenue was US$14.3 billion, down 7% YoY; adjusted net profit was US$600 million, down 75% YoY. The company expects its revenue in Q1 2025 to be between US$11.7 billion and US$12.7 billion; it expects to ship more than 100 million AI PCs by the end of 2025. Intel's after-hours trading rose more than 3.7%.