AI财报提振美股期货，CPI数据成焦点

VONNIE: IT'S 5:00 A.M. IN NEW YORK CITY, 10:00 A.M. IN LONDON. GOOD MORNING. I'M VONNIE QUINN WITH YOUR "BLOOMBERG BRIEF. LET'S GET YOU SET UP FOR THE DAY. COREWEAVE JUMPING ON STRONG FORECASTS IS THE AI BOOM BOLSTERS INFRASTRUCTURE DEMAND. RESULTS HELPING STOCK FUTURES HIGHER. AND THE INTERNATIONAL ENERGY AGENCY SAYS GLOBAL OIL INVENTORIES MAY TUMBLE FASTER THAN PREVIOUSLY THOUGHT AS THE IRAN WAR DRAGS ON. LET'S GET A CHECK ON MARKETS AROUND THE WORLD IN THE SESSION.

LET'S GET STRAIGHT TO WINNIE HSU IN HONG KONG. WINNIE: GOOD MORNING. A PRETTY POSITIVE SESSION IN ASIA TODAY IS SUPPORTED BY SOLID EARNINGS FROM THE LIKES OF COREWEAVE. KOREAN STOCKS A BIG STANDOUT OUT, UP ALMOST 4%. ALSO FOLLOWED BY A REPORT THAT THE SINGAPORE STATE FUND IS CONSIDERING INVESTING IN SAMSUNG ELECTRONICS AND SK HYNIX. TECH SHARES IN HONG KONG, AS IT KICKED OFF THE EARNINGS SEASON FOR INTERNET NAMES. WE HAVE TENCENT REPORTING TODAY AND WE ARE CLOSELY FOLLOWING EARNINGS THROUGHOUT THIS EVENING.

SO FAR, WE ARE HEARING OF REVENUE BEATING ESTIMATES WHILE NET INCOME COMING IN AT A MISS. THE THING TO FOCUS ON IS TO SEE IF THIS AI MONETIZATION IS REALLY ABLE TO OFFSET SPENDING. A VERY QUICK LOOK AT JAPANESE ASSETS AS JAPAN IS COMING BACK FROM HOLIDAY. BANCSHARES LEADING STOCKS HIGHER AS WELL AS JGB'S, UNDER PRESSURE TODAY GIVEN THE BETS THAT BANK OF JAPAN WILL HAVE TO MOVE EARLIER, WHILE WE CONTINUE TO SEE THE JAPANESE YEN HOVERING ABOVE THAT 160 LEVEL AGAINST THE DOLLAR.

VONNIE: THE TREPIDATIONS TIME. THAT IS WINNIE HSU IN HONG KONG. LET'S GET A LOOK AT THE EUROPEAN SESSION. FOR THAT WE GO TO LONDON AND JUSTINA LEE. JUSTINA: GOOD MORNING. I KEEP SAYING IT BUT IT REALLY DOES FEEL LIKE THIS IS THE TIME OF THE MONTH WHEN ALL OF EUROPE IS ON VACATION. IF WE LOOK AT EUROPEAN MARKETS TODAY, IT IS ESSENTIALLY FLAT BUT UNDERNEATH THE SURFACE WE ARE SEEING BIG LOSSES TODAY. A LOT OF THOSE HEALTH-CARE NAMES LIKE NOVO NORDISK, NOVARTIS, A PRETTY BIG FALL FOR THE HEALTH CARE INDEX HERE.

IN TERMS OF THE BOND YIELDS, THEY ARE PRETTY FLAT TODAY DESPITE THE GAINS IN OIL. BUT WHAT I FIND INTERESTING IS IF YOU FLIP THE BOARD HERE WE CAN SEE THE SPREAD BETWEEN THE LONG AND FRENCH BOND YIELD AND THE GERMAN BOND YIELD. THAT HAS RISEN TO THE HIGHEST SINCE THE END OF 2025. THAT IS BECAUSE INVESTORS ARE ALREADY LOOKING AHEAD TO THOSE BUDGET TALKS IN FRANCE COMING IN THE FALL AHEAD OF NEXT YEAR'S PRESIDENTIAL ELECTION.

IT IS EXPECTED TO BE A BIG FLAG CONSIDERING THAT FRANCE IS STRUGGLING TO MEET ITS DEFICIT GOALS. TRADERS ARE ALREADY LOOKING AHEAD. VONNIE: THE U.S. CPI DATA COMING OUT. A MAJOR CATALYST PARTICULARLY IN TERMS OF THE MACRO OUTLOOK. IN TERMS OF THE MICRO OUTLOOK, COREWEAVE AND SUPER MICRO CHEERING INVESTORS TOWARD THE AI TRADE. NASDAQ 100 FUTURES POINTED HIGHER. THE STOXX WAS UP 0.9%. THE RUSSELL 2000 ALSO JUMPING BACK TODAY.

THIS AS DIPLOMATIC CONFLICTING SIGNALS CONTINUE ABOUT THE IRAN WAR. LET'S TAKE A LOOK AT YIELDS BECAUSE WE ARE OFF OUR HIGHS BUT WE ARE STILL UP A BASIS POINT OR TWO. IN FACT, WE HAVE SWITCHED. WE ARE PRETTY MUCH UNCHANGED ON THE TWO-YEAR, ACTUALLY DOWN A BASIS POINT ON THE 10 YEAR. AND THAT 30 YEAR YIELD DOWN MORE THAN A BASIS POINT. ALL EYES WILL BE ON THE STRENGTH OR WEAKNESS OF THAT CPI REPORT. AND WHAT IT MIGHT MEAN FOR THE FOMC TRAJECTORY.

LET'S GET TO SOME INDIVIDUAL STOCK MOVERS. FOR THAT WE GO TO TOKYO AND ALEX FRENCH -- ALICE FRENCH. ALICE: IT IS ALL ABOUT AI RELATED EARNINGS IN THE PREMARKET. COREWEAVE UP MORE THAN 17% AT ONE POINT AFTER A STRONG 2Q. THAT IS A CLOUD COMPUTING SERVICE PROVIDER AND GETTING A BOOST FROM THAT AI SPENDING. SUPER MICRO POSTING A BETTER-THAN-EXPECTED FORECAST, SEEING A BOOST TOO. ELSEWHERE, WE SEE THE OPTICALS PROVIDER GETTING A BOOST FROM A STRONG FOURTH-QUARTER.

COHERENT IS ALSO SET TO REPORT EARNINGS LATER TODAY, HAVING A VERY STRONG PREMARKET. AWAY FROM THE AI SPACE, WE SEE CARVER, -THE RESTAURANT- - CAVA THE RESTAURANT OPEN WRITER. VONNIE: COMING UP THIS HOUR, COUNTDOWN TO THE DATA H WITH ANDREWOLL --M JOINING US NOW IS NEIL CAMPLING. NEIL, IF YOU LIKE EVERYONE STARTS TO LOSE FAITH IN THE AI TRADE BUT RESULTS KEEP ENDING UP OUT OF THE BALLPARK. IT IS VERY STRONG TRADE. NEIL: IT CERTAINLY IS.

WHAT WE ARE SEEING IS A HYPERSCALERS LAST MONTH WERE TELLING US THERE'S BIG CAPEX COMING THROUGH. NOW WE ARE SEEING IT IN THE NUMBERS. IF YOU LOOK AT THE STOXX REACTIONS AFTER HOURS, AND COREWEAVE TICKED EVERY SINGLE BOX IN TERMS OF REVENUE, IN TERMS OF LOSING LESS MONEY THAN WAS EXPECTED, IN TERMS OF THE BOOKINGS NUMBER, OVER 105 BILLION DOLLARS, TWICE THE SIZE OF THE MARKET CAP. 23 PERCENT OF THOSE COSTS ARE NVIDIA CHIPS. 65% OF THE REVENUES IS FROM MICROSOFT.

THIS IS PURE AI COMPUTER POWER DELIVERING ON ALL THOSE NUMBERS. IT IS CERTAINLY POSITIVE AS FAR AS THE AI CAPEX AND SPENDING TRADE. VONNIE: STILL WAY OFF ITS TRADE. SOMETIMES IT TRADES LIKE A MEME STOCK. I WANT TO ASK YOU ABOUT SUPER MICRO. ARE ALL OF ITS PROBLEMS BEHIND IT NOW? NEIL: OBVIOUSLY THEY HAD THE ACCOUNTING ISSUES PREVIOUSLY, SO I THINK THE POSITIVE FROM THEM IS THEY ARE ABLE TO FOCUS ON THE ACTUAL UNDERLYING BUSINESS AND THAT WAS VERY STRONG.

IF YOU LOOK AT THE GUIDANCE, IT WAS 25% ABOVE EXPECTATIONS. VOLATILE IN NATURE AS BOTH OF THESE COMPANIES HAVE BEEN, AND IT IS A LARGE SHORT INTEREST IN BOTH OF THESE STOCKS, COREWEAVE AND SUPER MICRO. THAT IS GOING TO PUT SOME PRESSURE ON. THE FUNDAMENTALS ARE POSITIVE. VONNIE: WE WILL CONTINUE TO SEE HOW THEY TRADE. IF WE MOVE OVER TO OTHER PARTS OF THE WORLD, TENCENT SALES TOPPED ESTIMATES. ALSO, RESILIENT GAINS. WHAT CAN YOU TELL US ABOUT THE CHINESE CONGLOMERATES FROM TENCENT EARNINGS?

NEIL: TENCENT HAS UNDERPERFORMED MANY OF THE OTHER TECH BELLWETHER STOCKS. THE KEY BUSINESSES HERE DELIVERED ABOVE EXPECTATIONS. THAT IS IMPORTANT. ON THE EARNINGS CALL, THERE'S GOING TO BE A BIG FOCUS ON HOW THEY ARE PLAYING CATCH-UP ON THE AI BUILD OUT THEY HAD BEEN SEEN BEHIND SOME OF THE OTHER CHINESE COMPANIES. VONNIE: THE SHARES ARE DOWN 2%. COGNITION IS IN EARLY TALKS FOR A NEW FUNDING ROUND. IT WOULD BOOST THE STARTUPS VALUATION TO MAYBE $40 BILLION AT LEAST.

WHAT IS COGNITION AND WHY SHOULD WE CARE? NEIL: FOR ONE, THIS IS COMING AFTER RECENT FUNDRAISERS, AND IT IS AN AI COATING COMPANY. CODING IS THE MOST IMPORTANT PART OF THE AI ECOSYSTEM AFTER YOU'VE GOT THE CHIPS BEING BUILT OUT. CODING IS WHERE THERE'S A LOT OF ATTENTION. WE ARE LOOKING AT VALUATION THAT IS A 50% INCREASE FROM WHERE IT WAS THREE MONTHS AGO IN THE LAST ROUND OF FUNDING. ONE TO DEFINITELY WATCH FOR. VONNIE: IN TERMS OF SOVEREIGN INVESTMENT IN AI COMPANIES, WE HAVE SINGAPORE PLANNING TO INVEST IN SAMSUNG AND SK HYNIX.

IS IT A GOOD THING FOR BOTH OF THESE COMPANIES LONGER-TERM? NEIL: I THINK WE CAN TAKE THAT BECAUSE IT IS ONE OF THE HIGHEST REGARD AND SOVEREIGN WEALTH FUNDS IN THE WORLD. A VERY POSITIVE TRACK RECORD OVER DECADES INVESTING IN THE TEENSY COMPLEX. THAT WILL BE SEEN AS A POSITIVE, ESPECIALLY AS THESE STOCKS HAVE BEEN VERY VOLATILE RECENTLY. NOW WE ARE GETTING FOCUSED ON POTENTIAL SHALE. TO SEE THEM COMING IN HERE IS A POSITIVE SIGN FOR AI TRIP THE AI CHIP I THOUGHT THEY DID ROUGHLY THE SAME THING.

NEIL: THEY ARE BOTH IN THE MEMORY COMPLEX. AS X IS THE BIGGEST MEMORY COMPANY IN THE WORLD. BUT THEY ALSO HAVE THE LOGIC BUSINESS. MAKING THE ADVANCED AI CHIPS THEMSELVES, AND A LEADING EDGE FAB IN THE U.S. AS WELL. THEY HAVE SOMETHING THAT IS AN ADDITIONAL MEMORY SIDE OF THINGS WHICH HYNIX DON'T HAVE. SAMSUNG IS A LEADING EDGE COMPANY AS WE REGARD TSMC. THAT IS A DIFFERENT SITUATION FOR SAMSUNG. VONNIE: NEIL, THANK YOU SO MUCH.

ALL ACROSS THE TECH COMPLEX FOR US TODAY. MARKETS AWAITING THE CPI DATA COMING IN MORE THAN THREE HOURS. LET'S BRING IN VEN RAM FOR MORE. HOW MUCH DOES THIS HAVE THE POTENTIAL TO BE A MARKET CATALYST TODAY, AND A BIG ONE? VEN: IT WILL BE A BIG MARKET CATALYST, NO DOUBT ABOUT THAT. POSITIONING GOING INTO THIS DATA IS EXTREMELY SHORT LONG-DURATION TREASURIES, 10 YEAR AND A 30 YEAR. THE 10 YEAR IN PARTICULAR POSITIONING IS T

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