Late at night, gold, silver, and US stocks all plummeted! Chinese concept stocks defied the trend and rose!

On the evening of February 5th, the financial markets experienced a broad decline: the three major U.S. stock indices all opened lower, and gold and silver continued to see significant corrections. However, Chinese concept stocks defied the trend and rose.

As of press time, the Nasdaq and S&P 500 indices both fell more than 1%.

In precious metals, international spot gold dropped nearly 3%, currently at $4,831.254 per ounce; spot silver fell over 15%, at $74.867 per ounce.

Estée Lauder stock plunged over 20% intraday. According to news, due to increased marketing costs, Estée Lauder’s earnings guidance for this year is below expectations.

Qualcomm’s stock once fell over 9%. The earnings report showed that Qualcomm’s first fiscal quarter revenue was $12.25 billion, up 5% year-over-year; adjusted net profit was $3.781 billion, down 1% year-over-year. Market analysts believe that, affected by global storage supply shortages, the company’s earnings outlook fell short of market expectations.

Google declined more than 3% intraday. According to news, Google’s parent company Alphabet released its Q4 2025 fiscal year report. The report showed that Alphabet’s revenue for the fourth quarter was $113.8 billion, up 18% year-over-year. Looking ahead, CEO Sundar Pichai expects the company’s capital expenditure for 2026 to be between $175 billion and $185 billion. Compared to $91 billion in capital expenditure in 2025, this guidance nearly doubles.

Major Wall Street investment banks generally believe that Alphabet’s latest announced capital expenditure plan will significantly squeeze its short-term profit structure and free cash flow, shifting market focus from revenue growth to the sustainability of capital returns.

Microsoft fell nearly 3%. Microsoft announced the Visual Studio 2026 February development roadmap, with the main focus this month on improving AI functionality reliability. This means the development team will temporarily slow down aggressive new feature stacking, focusing on refining the stability and responsiveness of existing AI tools to address user pain points in real coding scenarios.

Amazon dropped over 3%. According to a statement released by the German Federal Cartel Office on February 5th, Amazon is prohibited from intervening in seller pricing on the German Amazon marketplace. “In the future, Amazon can only use relevant mechanisms to control seller prices in special cases, especially when prices are excessively high, according to the regulations of the German Federal Cartel Office.” The Federal Cartel Office also stated that it has decided to order Amazon to return the economic benefits obtained through anti-competitive behavior. “Since confirmed antitrust violations are still ongoing,” the agency set the first-phase refund amount at approximately €59 million.

In Chinese concept stocks, the NASDAQ China Golden Dragon Index once rose over 1%, with the latest increase of 0.67%.

NIO rose nearly 5%. On February 5th, NIO announced that it expects to achieve its first quarterly profit since its founding in Q4 2025. NIO’s adjusted operating profit under non-GAAP is expected to be between 700 million and 1.2 billion yuan. NIO stated that the profitability is due to sustained sales growth in Q4, optimization of high-margin product portfolios, and the implementation of cost reduction and efficiency measures, with new high-margin models like the ES8 and Leado L90 becoming core growth engines.

Li Auto rose over 3%. On February 5th, Li Auto Chairman Li Xiang posted on his social media platform that the upcoming all-new Li L9 will become an intelligent entity. “Eyes, brain, heart, nerves, limbs—the complete tech stack turns the car from a passive tool into an active partner. It will recognize you, understand you, and proactively serve you.” Li Xiang said that the all-new Li L9 is not only a good car but also the pioneering work of embodied intelligent robots.

Xpeng Motors rose over 2%. On February 5th, Xpeng Chairman He Xiaopeng announced that Xpeng will soon launch its first flagship six-seat SUV, named Xpeng GX, with the development code G01. He Xiaopeng explained that the “1” represents Xpeng’s starting from “first principles,” using a complete AI mindset to redesign a full-size family flagship SUV.

Additionally, Miniso rose nearly 5%, Zhongtong Express, GDS Services, Atour, and others rose over 3%, Yum China, Vipshop, Bilibili, Waterdrop, and others rose over 2%, Baidu Group and KE Holdings rose over 1%.