Overnight US stocks | The three major stock indexes closed higher, Bitcoin rose above $90,000, and Apple Inc. (AAPL.US) continued to hit historic highs.

On Tuesday, the three major indexes closed higher, with Bitcoin rebounding above $90,000, partially recovering from the previous day's losses. Market expectations for a December rate cut by the Federal Reserve were reignited. Traders are currently optimistic and expect the Fed to announce a rate cut at its next policy meeting ending on December 10. According to CME Group Inc. Class A's FedWatch Tool, the market predicts an 87.6% likelihood of a rate cut at the next meeting, much higher than the odds in mid-November. [US Stocks] At the close, the Dow rose 185.13 points, or 0.39%, to 47,474.46; the Nasdaq rose 137.75 points, or 0.59%, to 23,413.67; the S&P 500 rose 16.74 points, or 0.25%, to 6,829.37. Apple Inc. (AAPL.US) continued its upward trend, closing up 1.09% and hitting a historic high of 287.4 during trading. [European Stocks] The German DAX30 index rose 129.63 points, or 0.55%, to 23,727.07; the UK FTSE 100 index fell 1.38 points, or 0.01%, to 9,701.15; the French CAC40 index fell 22.39 points, or 0.28%, to 8,074.61; the Euro Stoxx 50 index rose 22.07 points, or 0.39%, to 5,689.55; the Spanish IBEX35 index rose 81.78 points, or 0.50%, to 16,470.78; the Italian FTSE MIB index rose 94.52 points, or 0.22%, to 43,354.00. [Crude Oil] Light crude oil futures for January delivery on the New York Mercantile Exchange fell 68 cents to $58.64 per barrel, a decline of 1.15%; London Brent crude futures for February delivery fell 72 cents to $62.45 per barrel, a decline of 1.14%. [Cryptocurrency] Bitcoin rose over 6% to $91,711.54, briefly surpassing the $92,000 mark; Ethereum rose over 7% to break through the $3,000 mark. [US Dollar Index] The US dollar index, which measures the dollar against six major currencies, fell 0.06% to 99.357 in the forex market. At the end of the New York forex market, 1 euro exchanged for 1.1622 dollars, up from the previous trading day's 1.1608 dollars; 1 pound exchanged for 1.3211 dollars, down from the previous trading day's 1.3213 dollars. 1 dollar exchanged for 155.88 yen, up from the previous trading day's 155.48 yen; 1 dollar exchanged for 0.8032 Swiss francs, down from the previous trading day's 0.8044 Swiss francs; 1 dollar exchanged for 1.3971 Canadian dollars, down from the previous trading day's 1.3997 Canadian dollars; 1 dollar exchanged for 9.4286 Swedish kronor, down from the previous trading day's 9.4589 Swedish kronor. [Precious Metals] Spot gold fell by 0.62% to $4205.81 per ounce. [Macro News] US money market fund assets have surpassed $8 trillion for the first time. Due to significant yields, money market funds are popular among investors, and their assets under management have reached a historic high. Data from the Crane Data information agency for money market and mutual funds shows that US money market fund assets have surpassed $8 trillion for the first time. In the week ending this Monday, the total assets increased by approximately $105 billion, setting a new record. Despite the Fed's rate cuts, investors continue to pour into money market funds, mainly due to their higher yields compared to other investment tools, especially bank deposits. According to Crane Data, as of December 1, the Crane 100 Money Fund Index, which tracks the top 100 money market funds, had a seven-day annualized yield of 3.80%. SEC plans to relax rules for small business listings to boost IPO market. The SEC is planning to cut mandatory disclosure requirements and reduce compliance standards based on the size of the company to facilitate listings for small businesses. SEC Chairman Paul Atkins said during a speech at an event at the New York Stock Exchange on Tuesday that this move could increase the IPO pipeline and revitalize the lineup of public companies. The revisions include providing companies with a "transition period" of at least two years (as opposed to just one year) to gradually meet listing rule requirements, such as disclosing information to investors and submitting other reports. The agency will also reevaluate the standards for defining small businesses to ease their burden. Atkins noted that the last major adjustment to the standards for defining company sizes was twenty years ago and lamented that the number of listed companies has decreased by about half compared to thirty years ago. "Our regulatory framework should provide IPO opportunities for companies at all stages of growth and in all industries," he said, adding that compliance costs "may have a disproportionate impact on some companies." Trump administration expected to expand travel ban to about 30 countries. The Trump administration is reportedly planning to expand the travel ban to about 30 countries. A Department of Homeland Security official stated that the list of countries to be included in the ban is expected to be announced soon. The Trump administration has implemented a full ban on travelers from 12 countries and partial restrictions on an additional 7 countries. Last week, two members of the US National Guard were shot in a drive-by shooting near the White House in Washington, DC, resulting in one guard member's death and another guard member sustaining serious injuries. Following the attack, Trump threatened to take a series of actions to restrict immigration to the US. Deutsche Bank: Dollar may face downward pressure if the next Fed chair fails to effectively address inflation risks. Analyst Antje Plavc from Deutsche Bank Aktiengesellschaft pointed out that if the next Federal Reserve chair responds to President Trump's calls for rate cuts despite high inflation, the dollar could face downward pressure. Plavc believes that the likelihood of a rate cut has increased with the expected nomination of White House National Economic Council Director Hassett, who is seen as a loyal supporter of Trump. Failure of the Fed to effectively control inflation risks will have a negative impact on the currency. Plavc stated that while this situation has not yet occurred, the market's expectation that the Fed may take a more accommodative stance on inflation is enough to pressure the dollar. [Stock News] Amazon.com, Inc. launches custom AI chip Trainium3 to combat fresh attack from NVIDIA Corporation. On Tuesday, Amazon.com, Inc.'s cloud computing service announced the public release of its custom artificial intelligence chip Trainium3, with the company saying the chip's processing speed is four times that of the previous generation AI chip. Compared to systems using equivalent GPUs, the Trainium3 produced by AWS subsidiary Annapurna Labs' custom chip design business can reduce the costs of training and operating AI models by up to 50%. These chips are designed to provide software developers like Dean Litesdorf, co-founder and CEO of AI video startup Decart, with more powerful computing power. Litesdorf said his company made a breakthrough on the Trainium3 after trying several competitors' chips, including NVIDIA Corporation processors. The launch of Trainium3 is the latest assault on the dominant GPU market by NVIDIA Corporation, as more AI companies seek to diversify suppliers by purchasing chips and other hardware from companies other than NVIDIA Corporation. AMD-backed cloud computing service provider to invest $1 billion in Ohio to build AI chip cluster. Cloud computing service provider Vultr is building a 50-megawatt chip cluster in Ohio data center composed of AMD (AMD.US) artificial intelligence processors, aiming to offer AI infrastructure at a lower cost. The AMD-supported company announced on Tuesday that it will invest over $1 billion in constructing the facility, with the aim of allowing future customers to train or run AI models, expected to be operational in the first quarter of 2026. Vultr is one of the cloud service providers trying to profit from the surge in AI demand with more budget-friendly options. The company states that its new chip cluster is much smaller in scale than the large facilities operated by giants like Microsoft Corporation, Meta, and Alphabet Inc. Class C, but will provide more competitively priced computing power. Vultr CEO JJ Cadwell said their cloud service prices are "usually about half" of what the largest data center operators charge. [Major Bank Rating] Barclays: Lowered target price for Li Auto, Inc. Sponsored ADR Class A (LI.US) from $24 to $18.