Coreweave与超微财报提振全球科技股，亚洲芯片股领涨

LIZZY: THIS IS BLOOMBERG DAYBREAK: EUROPE. CHIP STOCKS DRAG ASIA HIGHER AS BLOCKBUSTER EARNINGS FUEL THE AI TRADE WILL CLIMBS FOR A SIX-DAY, SET FOR ITS LONGEST WINNING STREAK SINCE APRIL AS TRADERS REMAIN UNCERTAIN ON PROSPECTS OF A DEAL ON THE STRAIT OF HORMUZ. PLUS, U.S. INFLATION IN FOCUS. TRADERS SAY 50-50 ON A SEPTEMBER FED HIKE. WE WILL PREVIEW THE CRUCIAL CPI PRINT. HERE IS THE PICTURE IN MARKETS THIS WEDNESDAY AS WE BUILD UP TO U.S.

INFLATION DATA. OIL GAINING FOR A SIXTH STRAIGHT DAY ON SKEPTICISM ABOUT PROSPECTS OF THE MIDDLE EAST DEAL DESPITE PRESIDENT TRUMP SAYING THE U.S. TOTALLY CONTROLS THE STRAIT OF HORMUZ. RENT TRADING AT 89.43. TREASURY PRETTY STEADY, THE 10 YEAR DOWN TO 4.68% BUT WE'VE SEEN IT GAINS ACROSS THE CURVE YESTERDAY AFTER THE WELL RECEIVED TREASURY OPTION. THE DOLLAR CONSOLIDATING SOMEWHAT, HAVING FALLEN TO THE LOWEST LEVEL SINCE MAY ON FRIDAY.

TRADERS FOCUSED ON THE CPI PRINT OUT OF THE U.S. LATER, JUST UNDER A 50-50 CHANCE OF A SEPTEMBER HIKE. FLIPPING OVER, THE MOOD IS BUOYANT AT LEAST FOR ATTACK. THE KOSPI INDEX UP 3.8%. BOOSTED BY RESORTS FROM COREWEAVE AND SUPER MICRO. NASDAQ FUTURES UP 3/10 OF A PERCENT. EUROPE FLAT TO THE DOWNSIDE AND WE HAVE LOWER EXPOSURE TO TECH IN EUROPE. THE BIGGEST SHOW IN TOWN IS THE U.S. INFLATION DATA FOR JULY, LANDS AT 1:40 P.M.

LONDON TIME. CPI COULD FALL TO THE LOWEST SINCE MARCH 2020 ONE SO POTENTIALLY CHALLENGING THE VIEW OF THE FED HAWKS THAT IMMEDIATE POLICY TIGHTENING IS NEEDED. THE ROOT OF THE INFLATION STORY RIGHT NOW IS THE OIL PRICE. WE WILL GET THE LATEST OIL MARKET REPORTS FROM THE IEA AND OPEC LATER ON. PLUS TECH EARNINGS FROM THREE COMPANIES, A READ ON AI DEMAND AND CAPEX. LET'S GET STARTED. WE BEGIN WITH ATTACK FEELING A REBOUND -- FEEDING A REBOUND IN ASIA.

LET'S GO TO WINNIE HSU. WINNIE: PRETTY POSITIVE IN ASIA SUPPORTED BY SOLID EARNINGS FROM THE LIKES OF COREWEAVE. YOU CAN SEE THE KOSPI LEADING DANES UP ALMOST 4% AND THAT'S AFTER SAMSUNG AND SK HYNIX DRIVING GAINS ABOUT 5%. WE'VE LEARNED INVESTORS ARE SHIFTING FOCUS AWAY FROM DEBATING WHERE WE ARE ON THE MEMORY CYCLE BUT ALSO FOCUSING ON CASH RETURNS FROM THESE COMPANIES. WE EXPECT MASSIVE SHAREHOLDER RETURN PLANS TO BE ANNOUNCED BY THE TWO COMPANIES AS EARLY AS LATER THIS MONTH.

THERE WAS A LOCAL REPORT POINTING TO A SINGAPORE STATE FUND TO INVEST IN THE TWO STOCKS AND OPTIMISM AROUND HOW LONG-TERM INVESTORS ARE SEEING SOME ATTRACTIVENESS IN THE KOREAN MARKET. FLIP THE BOARD AND LOOK AT THE OTHER SIDE, WEAKNESS IS COMING THROUGH IN TECH STOCKS AND HONG KONG. HSTECH AND HANG SENG BOTH DOWN MORE THAN 1%, DRAGGED BY INTERNET NAMES INCLUDING TENCENT, WHICH WILL REPORT EARNINGS LATER TODAY. WITH THE TENCENT EARNINGS LATER TODAY, WE ARE KICKING OFF THE REST OF THE EARNINGS FOR THE CHINESE INTERNET SECTOR AND THE FOCUS WILL BE ON THE CAPEX SPENDING AND THE CHINESE HYPERSCALERS, OFFSET BY SOME OF THE MONETIZATION PLANS THEY HAVE FOR AI PROGRESS.

JD.COM ALSO REPORTING TOMORROW. WE LOOK AT HOW JAPANESE ASSETS ARE DOING BECAUSE JAPAN COMING BACK FROM THE HOLIDAY WITH THE TOPIX INDEX GAINING AS WE CONTINUE TO BET THAT THE BANK OF JAPAN WILL HAVE TO RAISE RATES EARLIER GIVEN THE WEAKNESS IN THE JAPANESE YEN. THE AND SHARE TRADING JUST BELOW THE 160 LEVEL AGAINST THE DOLLAR. INVESTORS ARE SEEING WE MOST LIKELY WILL SEE HIGHER RISK OF INTERVENTION AGAIN IF WE CROSS THAT LEVEL AS WELL.

WHEN IT COMES TO YIELD SPACE, SEEING A BIT OF A TICK UP HIGHER DRIVEN BY CONCERNS AROUND HIGHER OIL PRICES, RAISING WORRIES AROUND INFLATIONARY CONCERNS. LIZZY: THANK YOU VERY MUCH. HE WILL BE DIVING INTO THOSE RESULTS LATER OUT OF ASIA LATER IN THE PROGRAM. FIRST, LET'S DIVE INTO TECH EARNINGS, PART OF THE SENTIMENT BOOST AFTER TWO COMPANIES DELIVERED STRONG RESULTS. LET'S GET MORE WITH OUR SENIOR STRATEGIST. WHY ARE THESE RESULTS SUCH A BELLWETHER FOR AI DEMAND?

COREWEAVE IS KNOWN AS A NEO-CLOUD. IT'S PROVIDING RAW COMPUTER POWER FOR AI SPECIFICALLY. WHEN THEY ANNOUNCED THEY'VE GOT 500 MEGAWATTS IN THE QUARTER, THAT'S MORE THAN ALL THE OTHER NEAR CLOUDS PUT TOGETHER. IT'S A SIGN THAT IT'S ALIVE AND WELL. THERE ARE OTHER HYPERSCALERS AND IT'S REFLECTIVE OF THAT. LIZZY: WHEN IT COMES TO CAPEX, NVIDIA SET TO RECEIVE FUNDING HELP FROM 6 WALL ST GUEST NAMES, WE TALKED ABOUT THIS YESTERDAY.

IT SEEMS TO HAVE SOOTHED THE CREDIT MARKET. IS IT BECAUSE IT UNDERSCORES THE MESSAGE THAT AI CAPEX IS ACCEPTABLE TO MARKETS AS LONG AS THIS NONCIRCULAR FUNDING OR SHOULD WE BE MORE WARY AND SEE THIS AS A SHIFT OF WHERE THE RISK GOES POTENTIALLY TWO DIFFERENT LOSERS IF THE BUBBLE BURSTS? NEIL: POTENTIALLY. THE CIRCULAR FINANCING QUESTIONS HAVE BEEN A LOT OF CONCERN, NVIDIA HAS BEEN BACKSTOPPING, THE INVESTMENT FROM A SOFTBANK DATA CENTER AND OPENAI AS WELL.

IT IS SPREADING THE RISK AS YOU SAY. THEY ARE BRINGING ON THIRD-PARTY CAPITAL AND INVESTORS. AT LEAST THAT WAY IT'S NOT ALL CONCENTRATED IN ONE OR TWO COMPANIES. ON THE OTHER SIDE, IT PROBABLY WON'T DAMPEN ALL OF THE CONCERNS BECAUSE WE ARE WAITING TO SEE WHEN THE RETURNS ACTUALLY COME THROUGH IN AIM AND THAT WILL TAKE TIME. IT'S A LONG TIME TO GO WITHOUT. LIZZY: IF ANYTHING YOU BRING MORE PLAYERS INTO THE WEB AND SOME OF THOSE ARE PENSION FUNDS.

THANK YOU, NEIL. TURNING TO MACRO, JULY'S CPI PRINT FROM THE U.S. EXPECTED TO SHOW ANNUALIZED INFLATION TICKING LOWER. ECONOMISTS EXPECTING A HEADLINE FIGURE OF 3.4% ON THE YEAR AND BLOOMBERG INTELLIGENCE SUGGESTING IT COULD BE THE SOFTEST CORE INFLATION PRINT SINCE MARCH 2021. MARKETS ARE SPLIT ALMOST EVENLY ON WHETHER THE FED WILL HIKE AT THE NEXT MEETING. LET'S BRING IN VEN FOR MORE. WHAT MARKET REACTION ARE YOU EXPECTING TODAY?

VEN: IT MAY BE ASYMMETRIC. MEANING IF THE DATA PRINT IS ON THE SOFTER SIDE, I THINK THERE'S INCENTIVE -- THERE ARE HUGE SHORT LEVERAGE POSITIONS BUILT INTO THE MARKET GOING INTO THIS AND THAT MEANS THE VERY BAD ISSUE INTO TREASURIES ESPECIALLY BEYOND THE DUE DATE, IF THE DATA PRINT IS ON THE SOFTER SIDE, THEY WILL TAKE SHORTS AND CUT PROFIT. THAT INFORMATION WILL BE ASYMMETRIC. IF THERE IS A BEAT TO THE HIGHER SIDE, BECAUSE THESE HAVE RUN UP 25 BASIS POINTS THIS QUARTER, THAT'S CONSIDERABLE.

INCREASINGLY IT'S LOOKING LIKE WE MAY GET TREASURIES, A SMALL, TACTICAL RALLY TREASURIES AFTER THE DATA. LIZZY: YOUR TEAM ARGUES THIS MORNING THAT FISCAL DISCIPLINE MATTERS MORE THAN CPI -- WHY? VEN: OBVIOUSLY, INVESTORS HAVE BEEN LONG CONCERNED ABOUT FISCAL PROFIT G -- PROFLIGACY. IN THE U.S. IN PARTICULAR IN THE U.S. HAVEN'T DONE ANYTHING TO ALLEVIATE THE CONCERNS. WE'VE SEEN THESE EPISODIC OUTBURSTS WHERE THE MARKETS COME TO PUSH YIELDS HIGHER TO SEE WHAT THE FED AND POLICYMAKERS HAVE TO SHOW IN TERMS OF CONTAINING INFLATION AND THE DEFICIT.

BUT WE HAVEN'T SEEN ACTION ON EITHER FRONT REALLY. IT BEGS THE QUESTION, HOW LONG IS THIS GOING TO CONTINUE? . BEYOND THE SHORT-TERM, YOU LOOK AT THE PICTURE OF DURATION, IT'S NOT VERY CONSUMPTIVE. I THINK YIELDS WILL BE KEPT STRETCHED TO MULTIYEAR HIGHS. WE ARE ALREADY THE HIGHEST SINCE 2008 ON THE 30 YEAR AND I THINK THAT WILL BE SYMPTOMATIC OF WHAT'S TO COME IN THE COMING MONTHS. LIZZY: IT'S ABOUT 50-50 WHEN IT COMES TO A SEPTEMBER FED HIKE RIGHT NOW -- WHERE DO YOU STAND?

VEN: I THINK IT IS MUCH LESS THAN 50% IF I'M HONEST. THEY WILL BE COMPELLED TO RAISE RATES AND ACCORDING TO THE JOBS DATA THAT WAS VERY SOFT AND SHOWING A CONTRACTION, I THINK THE FED IS GOING TO THINK, IS THERE A SOFT PATCH IN THE LABOR MARKET AND IF SO, HOW SIGNIFICANT IT IS AND THAT MEANS THEY WON'T BUY TIME AND THEY WON'T RAISE RATES IN SEPTEMBER. LIZZY: WE WILL SEE WHERE WE ARE AFTER THIS PRINT. STILL AHEAD, A FRESH TEST OF DIRECTION FOR U.S.

POLITICS AS VOTERS HEAD TO THE POLLS IN THE LATEST MIDTERM PRIMARIES. WE WILL HAVE MORE ON THOSE RESULTS. FIRST, OIL PRICES CONTINUE TO MARCH HIGHER AMID MIDDLE EASTERN UNCERTAINTY. WE WILL GET YOU THE LATEST. THIS IS BLOOMBERG. ♪ LIZZY: WELCOME BACK TO BLOOMBERG "DAYBREAK: EUROPE." OIL PRICES CLIMBING FOR THE SIX-DAY ON CONTINUE SKEPTICISM ABOUT PROSPECTS FOR DEAL TO RESTORE ENERGY F

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