Z.AI新模型对标Anthropic与OpenAI，亚洲股市受英伟达乐观指引提振

Not going to Shanghai. Shenzhen. Here in Hong Kong, you're watching the China show. I'm Yvonne Man with David Ingles. Good morning. We're coming down to the open up markets in Greater China. Let's get to a top story. Top stories today. Asian stocks across the region are rising after Nvidia's bullish forecast, and sales will continue to surge into next year. That's easing concerns. Eye spending could be losing momentum.

We're watching shares of Z. I after a confirm it's behind the chart topping new AI model that can compete with anthropic and OpenAI. Now China's AI earnings also in focus, with minimax reporting widening losses despite an almost 300% jump in revenue since times first half sales, also falling short of that, analysts estimate. Meanwhile, much more on China's earnings season. Speaking exclusively with the CFO of software maker DSG and the head of in silico medicine.

All right. We are starting the show with some breaking news. Not just how it comes to be, okay, but. Shia, just crossing your terminal here right now. We are learning a little bit more about what the pricing is going to be ahead of that September 1st listing here. So they're talking about pricing it at about $48 and 56 HKD per share. So that is sort of mid range from what people are expecting in terms of that IPO. So certainly uh, it is an interesting one just given the valuation and how it's really dwindled right from being a big growth company to now, something which has dealt with lots of geopolitical tensions and of course, the macro weakness in China.

So now a lot of talk about, you know, really where this valuation is going to go moving forward. And what does does mean for the whole appetite for this listing happening next week. You got a feel for those that got in at series D. Um, going into of course where we are right now in that down round if you are going into the IPO, but yes, mid-point of the range roughly. Going into next year's next week's listing. The other big story, of course.

And we'll get to Nvidia in a moment, I promise. South Korea also coming out to be okay. Back to back rate hikes. Bond faces are reacting to one is stronger. And we're also looking at a revised growth forecast here coming out of the be okay to the upside there. So in the next hour the briefing will begin. And we'll also get into the six month dot plot and how much higher rates could actually get there out of the Bank of Korea.

But certainly all things considered, including this, the stars are aligning for risk assets to rally today. So you obviously have a good macro take coming out of the bulk of the Nvidia earnings coming through. Asia is doing this. We are at 8/10 of 1% by the IT index within the Asia Pacific benchmark. Uh, the moves are seeing in US futures reflective of this 5% game we're seeing across uh Nvidia VIX futures also are pushing lower uh to about 17 point as we speak, right?

Some of the biggest suppliers of Nvidia trading across the region and the companies with the most exposure, some of them, of course, to the Nvidia story on your screens right now, Japan, of course, is pulling back a little bit. 9/10 of 1% that Japan listing specifically the dollar dollar yen gold is consolidating. And of course you have iron ore prices, which is the latest one we're tracking going into the commodity story has been rallying of late about one month high to give or take there for iron ore prices in 50 futures.

We'll get into the earnings story in a moment here. So there's an eye component in the U.S. with Nvidia a lot of reporting as well and some new models as well to tell you about in a moment here. And as you can see on your screens, we are called flat up big move yesterday on the ten year yield later on. And of course is still very much in focus given, of course, the strength we've seen in the Chinese currency of late.

Yeah. So Nvidia certainly is lifting the sentiment here this morning. They've given that bullish sales outlook when it comes to fiscal 2028. Right. When they're talking about expecting 70% in terms of top line growth for 2028. The estimate was for a 45% sort of growth. So certainly this is blowing it out of the water in some ways. And you're starting to see you know, it wasn't enough to really, I guess, tamp down the temperature and the concerns around circular deals when it comes to where this whole eye spending is that maybe we are not, in fact, losing momentum if they're seeing that sort of visibility in terms of the demand picture as well.

Um, but yes, I mean, take a look under the hood and look at the revenue breakdown, and you're still seeing some pretty, you know, explosive numbers here in some ways here. And yeah, it's almost like a given now. Yeah. It's I mean, we're double on the data center business, which is obviously the bulk of the business. And I think within that, of course, they, uh, they perhaps didn't do enough to address concerns over dependability on, you know, few customers.

But of course, the AI, cloud, uh, enterprises business is up 134%. So I guess in that way that they are seeing growth in other parts of the business now, I think to the point of line was making. Right. They're only growing as quickly as they can. They would have gone faster. They would have given us better guidance on that 70%, which, by the way, is rare that they look that far into the future with a number that big because of the constraints on the supply side of things.

But the CFO basically told analysts at a company does expect to have on point fiscal 2028 to grow by 77 0%. Have a listen. The surge in I demand is driving a global infrastructure buildout, supported by an expanding and diverse set of growth opportunities spanning hyperscalers, AI labs, AI natives, enterprises, and sovereign customers. We expect to grow revenue by approximately 70% in fiscal 2028. And our Bloomberg Tech co-anchor Ed Ludlow has more details on the results.

Nvidia never does this. They do not give full fiscal year outlooks. And so saying growth will be 70% for revenue in fiscal 28 was not just astonishing to take that step, but when you compare it to Wall Street estimates going into this earnings print, the street was seeing 45% growth in fiscal 28. Add to that the commentary from Jensen Wong and Collette Kress, who I spoke to on the phone, the CFO, that basically demand is running at 100%, or there are lots of parts of Nvidia's business where demand is doubling right now.

The reason they're guiding growth of 70% is that's what they can supply. The main constraint is still memory. And so what they can get their hands on that results in 70% top line growth. It's also impacting margins. And Nvidia is pretty transparent that margins will bottom out in the fiscal fourth quarter at around 71 to 72%, still astonishingly high for this industry. But the net result is Nvidia is also going to raise prices starting at the beginning of the next fiscal year.

That confirmed some recent Bloomberg reporting. There were questions about circular financing, which Nvidia pushed back against and said they are making investments on companies where they can see demand for that company's work, particularly the Frontier Labs. It's just that they're not investment grade companies. The final thing that gentleman said is that if he has one regret, it's that he did not invest more. And earlier in those frontier labs, two of which are about to IPO.

And when he was quizzed about them working on their own chips in the frontier domain custom silicon, he said, well, we're they're pretty confident in the economics of Nvidia systems and that in the future he feels that it's very likely that that AI will be run on Nvidia technology. This is Ed Ludlow for Bloomberg News in San Francisco. Yeah. So it's interesting that, you know, Jensen Huang says ride the AI for structure build out is at full steam.

Right. And, you know, even when it comes to you carve out the China business, you are starting to see that some sal