OpenAI指控Moonshot提取其模型数据

9AM in Shanghai, Shenzhen and here in Hong Kong. You're watching The China Show. I'm Yvonne Man with David Ingles. Good morning. Let's get to your top stories today. Asian stocks slipping to begin this new quarter after a late drop into the close in Wall Street, erasing gains sparked by this tepid inflation numbers. Yet bonds in Oz and New Zealand tracking the move lower in treasuries. OpenAI accuses Chinese rival moonshot of extracting data from its AI models, adding to Silicon Valley's claims of large scale Chinese distillation.

Also ahead, passengers averts disaster on a flydubai flights after a pilot stabs his colleague, reviving debate about the need for cockpit video recording. Plus will be live from Bloomberg Screen Time in Los Angeles, with the Netflix co-CEO Ted Sarandos joining us, along with some big names there as well. Yeah, it's not much of a try to show today. I got to tell you. Golden week is underway. So certainly we're seeing both how going China is shot.

So we've got to talk about other things right. We can also talk about coated O'Brien and Ben Affleck coming on to talk about that. It's a good chance to talk about that. But yes markets we're starting off the quarter not too golden at this point. No. Uh no. And I think what's interesting is obviously because of we are entering this new quarter, we were up against month and quarter and overnight, which I guess goes a long way to explain why, uh, the headline on markets today is really that massive closed lower, uh, in the U.S. session there's a micron earnings micron earnings that will unpack better.

Uh, you had some issues around the margin uh unimpressed as far as markets go. But I think, you know let's give it some time for markets to digest what had happened. Because the commentary from the scene is really, really good set of earnings. It's showing up across some, uh, big names here in the Asia Pacific. As far as data goes on, the I sorry South Korea exports word again another banner explosive I guess you could say.

Right. More than 100% gains for the month. So certainly does that add to this whole robustness when it comes to AI boom and demand picture there, what it means for the chip sector in particular. So certainly that could be adding in terms of beneficiary to of course the chip space here today, uh cost is slightly better, but we are seeing quite a bit of movement in Japan here. The Nikkei 225 up about 1.5%. Yes. The survey was decent right.

It was better than the last quarter's read. I think we went from 22 to 24 on the large manufacturers gauge. Slightly missed expectations there. I think what's interesting to is on the exchange rate where you do have corporates still expecting a weaker, uh, the Japanese yen to remain, uh, on the weaker side. I think that takes me into the just one last note here. The dollar is coming out of the best month. Uh, going back to March, we the last few days and then move into.

We managed to edge uh, the June uh, gain there so that 2% uh, and exchange rates on your screens. Uh, in a moment, we'll also talk about the fixed income space, which, by the way, the 30 year yield is again starting to exhibit some weakness against it. Uh, to the upside. But yeah, back to the, uh, the big earnings story from overnight micron earnings, adjusted sales and revenue, just over 54.25. Uh to the upside there.

Earnings also climbing in 33 four. Uh when you break things down Dram and NAND you have about 40 B on DRAM and NAND closer to about 14 B um rounding down as far as that's concerned, not much reaction in the after hours trade. But when you look at what the street is saying and what the CEO is saying, as far as some of the sort of, uh, more qualitative, uh, takeaways from the numbers themselves, uh, it does seem that the memory story continues to be a strong one through into 2028.

Yeah, that certainly seems to be. There's a bit more runway in this whole, uh, you know, memory chip cycle. In some ways, that's certainly what we heard from the micron CEO saying that, you know, they deliver record fiscal 2026 results. Expect an even stronger fiscal 2027. And memory, he says, enhances the intelligence and the competitiveness of our customers platforms. Uh, the call from the street is this Rise City was talking about.

Yes, these are better than expected results. The guidance was also good here amid the sort of robust AI demand. So that certainly should help the Korea side of this trade here this morning too. Yeah. Vital knowledge also coming in here the qualitative commentary on supply demand is bullish. Uh the backlog is growing. And again this underscores the the visibility through 2028. Uh let me just wrap things up with the comment coming through out of Zacks Investment Research.

Micron crushed earnings expectations across the board it stocks to reaction perhaps how Wall Street investors likely already expected a bit, but also the need to increase worker pay, right? Compensation. Yeah, that was really what could lead to maybe that margin outlook. Why not? The company is doing well. Yeah. You got to pay your workers. Right. Okay. Um, let's have a look at how this is playing out across markets today here in the Asia Pacific.

The markets that are are open of course. And Anthony's here, but it's uh, we look at the some names here Anthony. Yeah. What's been really interesting in the early going in Asia is how muted the reaction is in Korea. Was this kind of the joy in Japan? And one of the reasons for that is that Korea has gotten more muted over time. That is a kind of a short term shareholder revolt against the fact that there isn't it isn't a, uh, kind of a program of shareholder return that goes with the extraordinary profits that the memory space is having.

So you seeing that again play out, Samsung is flat on the day versus sharp almost full. And SoftBank is up three. So there's a huge divergence. And I flip the board. And you can kind of graphically see why that is the case. We see that career and earnings have just absolutely exploded to the upside, but dividends have not followed. So you've seen earnings explode here on the blue line. But the dividends are just pretty much where they're always been.

And that speaks to some of this Korean discount uh kind of concerns. And that's really correct. The picture for the positivity in Korea. The volatility has come right off after the boom times in July. Correct. And it has not recovered even though the index has recovered. You contrast that to Japan. You flip the board and you see every time there is a positive news that comes out of the tech space, the Japanese stocks react.

On the upside, that is what the kind of optimism in Japan is about. That's why the Nikkei is so strong and the gains are pretty much across the board. On the Japanese stocks today we see the advantage. It's almost up seven. We have big gains in laser tech which is a testing and kind of uh, chip making tool, uh provider. It's just across the ecosystem. The money is actually flowing through to shareholders in Japan, and that's driving this dispersion.

There is still about a 30% gap between Japan and Korea. And let's see how much of that it closes. Anthony. Thank you. Anthony Stephens there are Bloomberg Markets reporter joining us for the latest. And of course, let's bring in Mark Cranfield now from our live team for more on these markets. Their market it's a slow start of the quarter here. What's going to be some of that you're looking out for here for Q4. Yeah I think is exactly what Anthony was saying there.

People are going to be looking for the continue what the eye theme looks as though it's making a recovery. It's now just a question of who are the who are the winners going to be in this next phase. So microns kicked off a period here. What do you some Japanese names are doing very well off the back of that. And we're likely to see some some follow through as the Taiwanese markets get going today. And then as we look