$XPeng(XPEV.US)$ up up and away

$Bank of America(BAC.US)$ $JPMorgan(JPM.US)$ $Wells Fargo & Co(WFC.US)$
All the major bank stocks are down today, including Wells Fargo, Bank of America, and Chase. For the last month they've been down roughly 6-8%.
UBS Analyst raised targets for all three banks:
BAC: $37 raised to $64.
JPM: $149 raised to $210.
WFC: $47 raised to $65.
What's causing the drop in bank stock prices? Shouldn't rate hikes greatly benefit banks? Is this a sign that we're going into a recession? Would you invest in these banks right now?

$Apple(AAPL.US)$ A rumour has been spreading like wildfire that Apple is going to partner with the premium EV maker NIO $NIO Inc(NIO.US)$ to build the level 5 autonomy self-driving EV, Apple car, slated to be launched in 2025. I believe they are the perfect match in heaven, as they both complement each other to propel to the next growth story for the years to come.

$C3.ai(AI.US)$ see the earlier thread. I was right, all the gains were lost 😅

On the immediate macro front, $EVERG SERVICES(06666.HK)$ surprised market players with another last-minute debt payment ahead of a Friday deadline. It marked the second time in two weeks that the giant property developer had averted default.
Given that there are several upcoming payment deadlines and Evergrande potentially remaining in a cash-strapped position, we should be expecting déjà vu-like experiences when reading news on the topic over the next few months -- Evergrande's next bond deadline looms; Evergrande averts default again ('recycle' the headlines).
Beijing is cognizant of the market anxieties surrounding the debt debacle. The state planner, the National Development and Reform Commission [NDRC], and the State Administration of Foreign Exchange [SAFE] convened a meeting with several developers on Tuesday and emphasized the importance of them meeting debt obligations.
The two authorities also shared their intention to accelerate the approval process of cross-border fund transfers for the repayment of offshore debts. Perhaps Evergrande's eleventh-hour meeting of debt obligations was due to the delays in such approvals. If the government bodies have their way, Evergrande and its peers could create less drama with their interest payments in the future.
Despite the constructive developments, the $Invesco China Technology ETF(CQQQ.US)$ sank 5.1 percent last week even as its U.S. counterpart the $Invesco QQQ Trust(QQQ.US)$ rose 3.4 percent. The $iShares China Large-Cap ETF(FXI.US)$, which is also tech-heavy and counts $Alibaba(BABA.US)$ as its second-largest holding, fell 4.3 percent, while the $SPDR Dow Jones Industrial Average Trust(DIA.US)$ inched 0.5 percent higher.
The more diversified $Xtrackers Harvest CSI 300 China A-Shares ETF(ASHR.US)$ was relatively steadier, declining 1.4 percent. The comparable $SPDR S&P 500 ETF(SPY.US)$ headed the other direction with a similar magnitude.
The Chinese Internet sector representative ETF, the $KraneShares CSI China Internet ETF(KWEB.US)$, fared worse than the broader Chinese ETFs, plunging 9.5 percent for the week. All the top ten holdings of the KWEB ETF closed in the negative. Among them, the share price of $Full Truck Alliance(YMM.US)$ fell the most despite starting the week in the lead of the pack.
The early-week optimism came as the logistic-tech company announced it facilitated 35.3 million fulfilled orders with Gross Transaction Value (GTV) of RMB67.3 billion in the third quarter, representing 78.4 percent and 48.8 percent year-over-year growth, respectively. Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, expressed the management's confidence that "user growth will gradually resume if the pending cybersecurity review of our Yunmanman and Huochebang apps is completed favorably to us."
$Bilibili(BILI.US)$, the second-largest weekly loser, sank 10.7 percent. Incidentally, both YMM and BILI stocks were the top two gainers the previous week, epitomizing the saying 'every dog has its day' in reverse.

$Berkshire Hathaway-A(BRK.A.US)$ $Berkshire Hathaway-B(BRK.B.US)$ takes new positions in $Royalty Pharma(RPRX.US)$ with 13.1M shares and $Floor & Decor(FND.US)$ with 817K shares, according to its latest 13F filing.
Exits stakes in $Merck & Co(MRK.US)$ and $Liberty Global-C(LBTYK.US)$ .
Boosts holdings in $Chevron(CVX.US)$ to 28.7M shares from 23.1M shares.
Trims stakes in $AbbVie(ABBV.US)$ to 14.4M shares from 20.5M, $Bristol-Myers Squibb(BMY.US)$ to 22.0M shares from 26.3M shares, and $Marsh & McLennan(MMC.US)$ to 2.74M shares from 4.20M.
Previously, Warren Buffett's Berkshire Hathaway exits Axalta Coating, boosts Kroger stake

Credit Suisse dove headfirst into the software sector, Tuesday, as analyst Phil Winslow initiated or assumed coverage on 22 software companies, including giants such as $Microsoft(MSFT.US)$, $Oracle(ORCL.US)$ and $Adobe(ADBE.US)$.
Winslow started his new coverage by referring to Marc Andreessen's 2011 statement in which he said, "Software is eating the world," by saying that now, "Software is life."
"Much of the debate about the software industry, publicly traded or privately held, is still around valuation, as opposed to the long-duration value creation potential of the best companies," Winslow said.
Winslow started his coverage of $Oracle(ORCL.US)$, $ServiceNow(NOW.US)$, $Workday(WDAY.US)$, Splunk (ORCL), $Vmware(VMW.US)$, $Zscaler(ZS.US)$, $Snowflake(SNOW.US)$ , $Autodesk(ADSK.US)$ , $UiPath(PATH.US)$ , $MongoDB(MDB.US)$ and $Confluent(CFLT.US)$ with outperform ratings, and also assumed coverage of $Microsoft(MSFT.US)$ , $Salesforce(CRM.US)$ and $Palo Alto Networks(PANW.US)$ and their outperform ratings.
Winslow set neutral ratings on $Adobe(ADBE.US)$ , $Workday(WDAY.US)$ , $Zendesk(ZEN.US)$ , $Palantir(PLTR.US)$ , $Cloudflare(NET.US)$ and $Zeta Global(ZETA.US)$ , and started coverage of $Check Point Software(CHKP.US)$ and $Teradata Corp(TDC.US)$ at underperform.
Even with software having what he called an "outsized influence" on the stock market, and the strategic paths many companies have taken, Winslow said he believes the industry "is still in the early stages of disruptive and powerful technological advances."
With regards to some of the companies in his coverage, Winslow said that for at least the next five years, Microsoft should deliver "mid-to-high teens revenue growth" that will be driven by 20% growth in its Intelligent Cloud business.
Winslow said that he is impressed by Adobe's "successful transition to subscription[s], which increased the value of its large creative and document-centric installed bases," but that those positive items are already reflected in the company's current stock price valuation.
Winslow said $Splunk(SPLK.US)$'s stock price hasn't reflected the growth of company's core products, its shift to the cloud, or its expansion into data-streaming, which he said should grow the company's recurring revenue by 25% to 30% annually. On Monday, Splunk said Chief Executive Doug Merritt is stepping down after six years at the data-management software company.