Nubia today launched the NaviX Ultra, an AI-agent smartphone powered by ByteDance’s Doubao mobile assistant, with a starting price of CNY5,499 (USD820). For now, the voice-controlled agent mainly supports ByteDance’s own products, along with a limited number of third-party apps such as Caocao Mobility.

HSBC Raises $NVDA PT to $325 from $295 - Buy; ER Preview Analyst comments: "At its upcoming 1QFY27 results announcement on May 20, we expect NVIDIA to report 1QFY27 revenue of USD81.1 billion, 4%/3% higher than management guidance and Visible Alpha consensus estimates of USD78.0 billion/USD78.6 billion. We also expect 2QFY27E revenue of USD91.1 billion versus consensus estimate of USD85.6 billion, implying another “beat and raise” quarter. We also raise our FY28E EPS by 27% to USD13.01, 16% above consensus of USD11.20, on higher FY28E data center revenue of USD528 billion versus consensus of USD465.3 billion, on the back of an upward revision to chip-on-wafer-on-substrate allocation from 900,000 to 1.1 million wafers. Over the past five years, all major NVIDIA stock price movements have been led by a combination of its evolving AI product roadmap — starting with significant ASP pricing power with first-generation AI GPUs, A100 and H100 — driving significant earnings upside along with consistent “beat and raise” financial results. However, since the buzz around sovereign AI and the opportunity from neoclouds, no new narrative has emerged, and NVIDIA shares have underperformed the SOX over the last six months despite having two GTC events and two sets of financial results that beat estimates and raised expectations. Hence, we believe AI GPU earnings momentum and its upcoming Vera Rubin and Rubin Ultra product roadmap have become less meaningful narratives for significant re-rating or share price upside potential. Despite the ever-increasing CAPEX trend by CSPs that shows no signs of abating, NVIDIA now has to share the CAPEX with memory makers, AI networking, and server CPU vendors. Hence, NVIDIA needs to show evidence of diversifying its non-CSP customer base to fuel its AI GPU momentum. New TAM opportunities via agentic AI server CPUs and its recent optics-related deals could also potentially be emerging narratives that could lead to more significant earnings revisions or re-rating." Analyst: Frank Lee

AMETEK OUTLOOK FY ADJUSTED EPS USD 8.53-8.57 VS. IBES ESTIMATE USD 8.37; NET INCOME USD 426.3 MILLION; SALES USD 2,220.306 MILLION VS. IBES ESTIMATE USD 2,125 MILLION; Q3 OPERATING INCOME USD 584.949 MILLION; Q3 PRETAX PROFIT USD 521.915 MILLION; Q3 EPS USD 1.85; Q3 BASIC EPS USD 1.86; Q3 ADJUSTED EPS USD 2.21 VS. IBES ESTIMATE USD 2.11

🚨 Yesterday, an attacker took USD 75 million from Tectonic, a lending protocol on Cronos. TONIC traded USD 18,316 on August 29. The attacker pushed its price roughly 100x in about 20 minutes, posted the inflated token as collateral, and borrowed against it. The borrow came to 245 times the prior week's trading volume. Cronos halted the chain at block 90907150. Roughly USD 6 million had already reached Ethereum through USDC, about 2,592 ETH. The remaining USD 68.7 million stayed on Cronos and was reversed in the rollback. Tectonic is the 32nd price manipulation exploit TRM Labs has tracked in 2026, more than any previous year. Drift Protocol lost USD 285 million in April. Moonwell on Base lost USD 8.7 million on August 27. Full in-depth analysis from TRM Labs here:

Top Overnight News The U.S. has told several Gulf Arab countries to be prepared for a short, intense military campaign after the U.S. midterm elections, people briefed on the conversations said. WSJ Qatari mediators presented Iran with a new draft deal on Sunday to end the war, which Tehran is considering and expected to send a response to by the end of the week, an official briefed on the negotiations says. RTRS A senior Iranian official later said Qatar has not presented a new proposal to end hostilities between Iran and the US and that Tehran's policy of showing no flexibility over the nuclear issue remains unchanged. RTRS The US told ships to avoid unnecessary transits through the Strait of Hormuz. BBG The United Nations nuclear watchdog said it hasn’t detected any efforts by Iran to rebuild nuclear facilities damaged in US and Israeli strikes over the past two years, even as Tehran continues to block inspectors’ access to most of its atomic sites. BBG Israeli PM Benjamin Netanyahu edged ahead of opposition leader Gadi Eisenkot with more than 70% of the votes counted in the country’s tight election. Neither currently has a clear path to forming a government. The shekel and Israeli equities dropped. BBG Nasdaq futures climbed after SK Hynix’s blowout earnings and plans to return about $45 billion more to shareholders reignited the AI trade. Alphabet and Microsoft results and the Fed are next in focus. BBG The Reserve Bank of New Zealand held interest rates steady Wednesday, surprising financial markets that had priced in a near-certain hike, but signaled that further increases were likely. WSJ Beijing is rushing to shore up its struggling stock markets as China’s AI trade goes into reverse amid slowing economic momentum and a lack of large-scale fiscal stimulus. The CSI 300 index of Shanghai- and Shenzhen-listed stocks has entered a technical bear market, down 10% year to date and about 20% from a June peak. FT TPG is in talks to acquire UK group Ark Data Centres from Elliott Management at a valuation of about $5bn, in what would be one of the sector’s biggest deals of the year. FT Argentina’s government said Flávio Bolsonaro entered the country on Tuesday evening and then flew to Ecuador, countering media reports he had reached Miami. The US said it will issue entry visas to him and his family. BBG Being a close partner of the US no longer means funding its deficit. Countries and regions most aligned with the US bought the lowest amount of Treasuries in the first eight months of the year since 2021, down more than 60% from 2025. BBG OpenAI intends to buy Google's AI chips, according to a person familiar with the matter; separately, Oracle said Google TPUs will be available through Oracle Cloud Infrastructure. BBG Anthropic has picked JPMorgan to run the US retail leg of its IPO. BBG GE Vernova agreed to acquire Trench Group for $9 billion. BBG The UK bank tax hike is said to be temporary, with the surcharge less than 8%, according to people familiar with Chancellor Healey's plans. BBG UBS CEO Sergio Ermotti issued a thinly-veiled threat to relocate the bank amid Switzerland's plans to make it hold billions of dollars in extra capital. BBG Australia's trimmed mean CPI rose 1.0% q/q in Q3, lifting annual core inflation to 3.7%; a hike is now more than 80% priced for next week's RBA meeting. DB US Senator Warren (D) reportedly raised concerns over risks disclosed in Anthropic's IPO filings and is demanding answers to a series of questions ahead of its planned listing: WSJ US Transportation Secretary Duffy is to announce approval of a licence application for a USD 8.2bln deepwater LNG export port at Port Houston during a visit to Texas on Wednesday: Punchbowl South Korea fined Google (GOOGL) and Apple (AAPL) KRW 63.7bln for requiring in-app payments Goldman expects the Fed to skip in October and hike in December, saying the tightening in financial conditions is "only a bit more than is usually associated with one rate hike." Goldman JPMorgan's Feroli expects a hold with two hawkish dissents from Hammack and Logan, and sees a risk that Kashkari also dissents. JPM