散户热捧宇树IPO，认购超5000倍

9:00 A.M. IN SHANGHAI, SHENZHEN, AND HONG KONG. I AM YVONNE MAN.

I AM AVRIL HONG IN SINGAPORE, COUNTING DOWN TO THE OPEN UP MARKETS IN GREATER CHINA. OIL HOLDS ONTO THE GAINS AND ASIAN STOCKS SLIPPED AFTER PRESIDENT TRUMP MADE NEW DEMANDS ON IRAN, DIMMING HOPES OF A QUICK DEAL TO REOPEN THE THREE. WE ARE WATCHING TECH STOCKS IN THE REGION AS NVIDIA TEAMS UP WITH WALL STREET INVESTMENT GIANTS TO THE HALF $1 TRILLION IN AI INFRASTRUCTURE FUNDING. ON THE PROGRAM, MAINLAND INVESTORS JUMP ON THE SHANGHAI IPO WITH THE RETAIL PORTION MORE THAN 5000 TIMES OVERSUBSCRIBED AND WE TAKE A LOOK AT THE HOSPITALITY SECTOR FROM A HEARING EXCLUSIVELY FROM THE CEO OF HONG KONG AND SHANGHAI OF HOTELS FOLLOWING FIRST-HALF RESULTS THAT SWUNG BACK TO PROFIT.

TAKE A LOOK AT THE MARKET REACTION FOR NOW FOLLOWING ON FROM THESE TRUMP DEMANDS ON IRAN. YOU KNOW, THAT IS MAKING THESE HOPES OF A QUICK DEAL DWINDLING IN THAT REGARD. WE ARE SEEING BRENT HOVERING NEAR THE 88 HANDLE. THOSE PARING SOME OF THE EARLIER GAINS AGAINST THE BACKDROP THAT IS COMING FOR TREASURIES, PARTICULARLY FOR NOW. TREASURY FUTURES ON THE 10 YEAR BIT OF THE CURB AND WE ARE TRACKING DOLLAR-YEN AND WE HAVE BEEN SEEING THE JAPANESE CURRENCY REVERSING A LOT OF THOSE INTERVENTION GAINS.

TAKE A LOOK AT WHAT WE ARE EXPECTING WHEN IT COMES TO U.S. STOCK MARKETS OF COURSE GIVEN HOW THEY HAVE BEEN A BIT OF CAUTION IN TERMS OF FUTURES. THIS IS A BIT OF A TURNAROUND FOLLOWING ON FROM THE PLANTS THAT HAVE BEEN UNVEILED FOR FINANCING FROM AI INFRASTRUCTURE SPENDING FROM THE LIKES OF INTEL. WE ARE GOING TO TALK MORE ABOUT THAT IN JUST A BIT. THAT CAUTION IS QUITE PRONOUNCED WHEN YOU LOOK AT THE KOSPI, MAYBE NOT AS MUCH AS WHAT YOU TYPICALLY SEE WITH THE BIG SWINGS ON THE KOREAN BENCHMARK.

INTERESTING THAT YOU ARE SEEING THE TAIEX DOWN. TAKE A LOOK AT SOME OF THE CHIPS IN FOCUS AGAINST THE BACKDROP OF COURSE OF THE TSMC MONTHLY SALES -- DID GET A RISE FOR THE MONTH OF JULY AND THAT IS ECHOING, I SUPPOSE, THAT STRONG AI HARDWARE SPENDING AND DEMAND THAT WE ARE SEEING OF COURSE THE LIKES OF THE CHIP STOCKS OVERALL. THEY ARE IN FOCUS FOLLOWING WHAT WE HAVE HEARD FROM NVIDIA. TAKE A LOOK AT THE SENATE FOR CHINA TODAY AS WELL.

WE SAW THE HANG SENG OUTPERFORMING MAINLAND STOCKS, WATCHING A COUPLE OF OTHER THINGS INCLUDING GET MORE VOICES TALKING ABOUT HOW THE PROPOSED U.S. BAN OR REPORTED U.S. BAN ON CHINESE DATA CENTER COMPONENTS INTO THE U.S. AND HOW THAT MIGHT NOT MATERIALIZE. WE HEAR FROM THE LIKES -- AFTER THE CALL FROM BLOOMBERG INTELLIGENCE ALREADY LAST WEEK WHEN THAT BIT OF INFORMATION CAME OUT, THIS WAS TO SET OUT COMING INTO THE SESSION TODAY, YOU'VE ON. -- YVONNE.

YVONNE: SOME OF THE STOCKS, SOME OF THESE HAVE BEEN BEATEN UP BASED ON SOME OF THESE GEOPOLITICAL TENSIONS. MAYBE THINGS ARE SOFTENING ON THAT FRONT HERE WHICH COULD BE A GOOD BOOST HERE TODAY. BRING IT BACK TO THE TOP STORY WHICH IS OF COURSE THIS NVIDIA DEAL. WE ARE TALKING ABOUT A PRICE TAG OF HALF A TRILLION WHEN IT COMES TO THE FINANCING PACKAGE WITH SOME OF THE BIG BANKS. YOU GOT TO WONDER IS COMPUTE THE NEW ASSET CLASS?

AVRIL: YUP, MAKING IT AN INTEREST PRODUCT. THIS IS GOING TO BE THIRD-PARTY SO IT IS NOT GOING TO BE SITTING ON NVIDIA'S BALANCE SHEETS. ASIDE FROM THAT, LOOK AT THE NAMES IN THE MIX. ON THE BIG PRIVATE MARKET FIRMS, BLACKROCK, BLACKSTONE, KKR, EVEN GOLDMAN SACHS IN THE MIX AND AS WE HEARD FROM JENSEN HUANG, HE PRETTY MUCH WENT TO THEM WITH THE IDEA -- NOBODY SAID NO SO VERY INTERESTING IN TERMS OF WHAT THIS MEANS FOR THE AI INFRASTRUCTURE BUILD AND OF COURSE AS WE HIGHLIGHTED EARLIER, THIS IS COMING AS INTEL IS LOOKING AT A SHARE SALE AS WELL TO THE TUNE OF $15 BILLION BUT IT'S ALSO LOOKING AT SOMETHING TOWARDS $20 BILLION, SOURCES SAY.

THIS WOULD BE THE FIRST TIME THIS FIRST SHARE SALE SINCE THE EARLY 1970'S SO QUITE SOMETHING AS WELL AND OF COURSE NOT JUST NVIDIA, NOT JUST INTEL, WATCHING THE LIKES OF ANTHROPIC, $9 BILLION DEAL WITH THE LIKES OF MACQUARIE AS WELL AS GICS SO JUST THIS IDEA OF HOW MUCH FINANCING IS REQUIRED FOR THE AI INFRASTRUCTURE BUILDOUT, YVONNE. YVONNE: IT CONTINUES TO REALLY ADD ON WHEN YOU LOOK AT WHAT TSMC NUMBERS SUGGEST, TALKING ABOUT 45%, A RISE IN HOMES OF MONTHLY SALES DOES SIGNAL THIS AI DEMAND IS SUSTAINABLE IN SOME WAYS PAID YOU SQUARE THAT WITH OF COURSE THIS FINANCING ON ALL THE HEADLINES YOU HAVE BEEN SEEING ACROSS SOME OF THESE DEALS AND IT LEADS TO A LOT MORE FOCUS ON THE ATTENTION OF WHERE TO NEXT IN THIS WHOLE AI TRADE.

LET'S BRING IN THE MANAGING DIRECTOR OF GLOBAL TECHNOLOGY. FELIX, GREAT TO HAVE YOU BACK ON THE PROGRAM. LET'S START WITH THE NVIDIA NEWS HERE. 500 BILLION DOLLARS IS EYE POPPING. I AM WONDERING WHAT WENT THROUGH THAT -- WENT THROUGH YOUR MIND WHEN YOU SAW THAT HEADLINE.

IT IS A HUGE NUMBER. THANKS FOR HAVING ME BACK. THERE IS A REASON WHY HE WEARS A SHINY, EXPENSIVE LEATHER JACKET. HE IS ABLE TO SEE FAR AHEAD AND EXERT CONTROL OVER THE AI COMPETITION. RIGHT NOW, A NEW PART IS ABOUT FINANCING. LOWERING THE FINANCING CONSTRAINTS FOR THEIR CUSTOMERS COULD BE ANOTHER STRUCTURAL ADVANTAGE FOR NVIDIA SO THE WAY I AM THINKING ABOUT IS THIS. IF NVIDIA AND AMD BOTH HAVE SIMILAR COMPUTE AN TCO ECONOMICS BY NVIDIA'S CUSTOMER WANTS 10 BILLION OF COMPUTE AND THEY ONLY HAVE $1 BILLION OF EBITDA, THEY HAVE TO BORROW BILLIONS OF DOLLARS OF FINANCING AT AN ATTRACTIVE RATE AND NVIDIA CAN FACILITATE THAT LENDING SO TO ME, THAT IS AN ADVANTAGE.

IN EFFECT, THEY MADE NVIDIA'S PRODUCT CHEAPER WITHOUT CUTTING GPU PRICES. IT IS ABOUT CONTROLLING OF THE GAIN BUT I ALSO SEE THIS FINANCING LAYER IF YOU WILL AS A DOUBLE EDGED SWORD FOR NVIDIA BECAUSE YES, IT CAN ABSOLUTELY EXTEND THE HYPERSCALER INVESTMENT RUNWAY BY ALLOWING THEM TO BORROW AT ATTRACTIVE RATES BUT IT ALSO MAKES FUTURE DEMAND KIND OF MORE SENSITIVE TO CREDIT CONDITIONS, CREDIT VOLATILITY AND RAISES A LOT OF QUESTIONS ON REAL DEMAND.

SO THIS IS WHY, YOU KNOW, NVIDIA, IF YOU LOOK AT THE FIVE YEAR CDS, IT JUMPED TO THE MOST IN TWO WEEKS. THEY CAN RAISE THE RISK OF OVERBUILDING SO IT IS A DOUBLE EDGED SWORD HERE. YVONNE: I WAS GOING TO ASK YOU THAT. IT SEEMS LIKE THESE FINANCING DEALS ARE BECOMING MORE OF A CREDIT STORY THAN A STOCK STORY GIVEN THE CDS HAVE WIDENED, THE SPREADS THERE. DO YOU THINK THE STOCK CAN CONTINUE TO RALLY IF WE CONTINUE TO SEE THE ANGST TO THE CREDIT MARKET?

YES. I THINK AGAIN, THIS FINANCING LAYER IS NOT REALLY NEW, RIGHT? FINANCING DEALS HAVE NOT BEEN UNIQUE. WE SAW SOMETHING VERY SIMILAR TO SPV FINANCING LAST YEAR. WITH THE SAME WALL STREET GIANTS. A DEAL WITH BROADCOM FOR ANTHROPIC TO PAY FOR TPU SO THIS IS NOT A UNIQUE DEAL BUT THE SCALE AS YOU MENTIONED EARLIER, 500 BILLION AND WHEN YOU GUYS MENTIONED NOBODY TURNING HIM DOWN. I CAN'T REMEMBER THE LAST TIME A COMPANY TURNED HIM DOWN.

IF THEY DID, THEY PROBABLY DON'T EXIST TODAY. TO ANSWER YOUR QUESTION MORE DIRECTLY, FINANCING IS NOW PART OF THE STORY. A LOT OF THESE AI WINNERS AND INFRASTRUCTURE WINNERS AND ADD BENEFICIARIES HAVE SEEN CDS POP BECAUSE PEOPLE ARE NOT SURE ABOUT THE WHOLE STORY OF AI GIANTS RAISING DEBT, BORROWING MONEY TO FUND MASSIVE AI INFRASTRUCTURE SPENDING SO THAT WILL BE A KEY QUESTION GOING FORWARD. AVRIL: I SUPPOSED TO YOUR POINT, IT MAKES MORE SENSE FOR NVIDIA IN TERMS OF THIS BEING TURNED INTO A CREDIT MARKET OR FINANCING STORY, SO TO SPEAK BUT TALK TO US ABOUT WHERE DO YOU THINK THIS LEAVES NVIDIA'S STOCK AND WHAT WILL BE THE NEXT CATALYST?

WE HAVE BEEN SEEING IT -- YOU KNOW, IT'S BECOMING A BIT OF PRESSURE. FELIX: IN PARTICULAR. WHEN THEY REPORT EARNINGS, YOU CAN'T JUST LOOK AT THE TYPICAL REVENUES, MARGINS, CAPEX ANYMORE. YOU REALLY NEED TO DIG DEEPER NOW INTO LOOKING AT ACCOUNTS RECEIVABLES MAY BE INTO THE INVESTMENTS, MAY BE LOOKING INTO THE FOOTNOTES WHEN THEY TALK ABOUT COMMITMENTS, CONTINGENCIES BECAUSE NOW, PEOPLE LOOKING AT NVIDIA AS A FINANCING LENDER, SO ALL OF THESE METRICS NOW MATTER IN UNDERSTANDING, YOU KNOW, WHAT ARE THEY GOING TO DO WITH THEIR FREE CASH FLOW?

HOW MUCH INVESTMENT THEY ARE GOING TO M

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