OpenAI最新融资估值目标下调1.5亿美元

FRANCINE: THAT TECH ROUT CAUSES AFTER NASDAQ'S WORST DAY SINCE JUNE AS INVESTORS FLOCK TO SAFETY. BLOOMBERG LEARNS OPENAI SLASHED ITS VALUATION TARGET BY $150 MILLION. ANOTHER SIGN OF CONCERN OVER AI SPENDING. KERING SLUMPED AFTER GUCCI SALES DISAPPOINT AS WEAKNESS IN CHINA DEALS ANOTHER BLOW TO ITS TURNAROUND. FIRST THINGS FIRST, WE CHECKED THE MARKETS AND THERE'S A LOT GOING ON. STOCKS A LITTLE MORE STEADY CERTAINLY AT THE START OF THE EUROPEAN SESSION.

MAY BE OFFERING SOME OF THE GLOBAL INVESTORS A BIT OF RESPITE AFTER THIS ROUT IN THE AI TRADE. NASDAQ GAINING .1%. OIL CONTINUES TO COMPLICATE THE INFLATION OUTLOOK. BRENT CRUDE TOUCHING THE HIGHEST SINCE EARLY MAY. ALSO LOOKING AT TREASURY YIELDS. THE 10 YEAR YIELD DOWN BY MORE THAN THE MOST IN A YEAR. LET'S ALSO LOOK AT THE EUROPEAN MARKETS MAP. THEY ARE FOLLOWING AND TRACKING WHAT'S HAPPENING IN THE U.S. THIS IS THE PICTURE ACROSS THE BOARD WITH THE CAC AND DAX.

SO, FOR THE CONVERSATIONS THAT MATTER AND INSIGHTS YOU NEED, LET'S GET STARTED. ♪

NEWSMAKERS AND MARKET MOVERS, THIS IS "THE PULSE WITH FRANCINE LACQUA." FRANCINE: GOOD MORNING AND WELCOME. NOW, LET'S START WITH TECH AND THE AI TRADE IS UNDER PRESSURE AFTER SOME PRETTY MIXED SIGNALS FROM THE U.S. MEGA CAP LEARNING STRIVING INVESTORS TO DEFENSIVE STOCKS AND OTHER HAVEN ASSETS. LET'S BRING IT OUR EQUITY STRATEGIST. I HAVE SO MANY QUESTIONS ABOUT THE TECH ROUT BUT WHY HAVE TECH STOCKS BEEN SO PUNISHED?

TWO REASONS YESTERDAY. FIRST, THERE WAS A SPIKE IN OIL AND THAT BROUGHT TO THE FOR THE GEOPOLITICAL TENSIONS WITH THE BIG THING WAS THE META AND TESLA EARNINGS. CAPEX HAS BEEN A BIG THEME THIS YEAR. WHAT THAT MEANS IS FOR THE FIRST TIME, THE CAPEX TO OPERATING CASH FLOW RATIO WILL EXCEED 100% WHICH MEANS THEY WILL HAVE TO INCREASE IN FINANCE THESE THINGS THROUGH OTHER DEBT. FRANCINE: OPENAI IS SAID TO HAVE LOWERED ITS VALUATION TARGET IN ITS LATEST FUNDING ROUND.

THIS FEELS REALLY SIGNIFICANT. RUHELL: IT DOES AND IT IS UNSURPRISING GIVEN THE SELLOFF WE ARE SEEING IN AI STOCKS. INVESTORS ARE RECALIBRATING THE MULTIPLES IN WHICH THEY ARE PAYING AND THAT WILL IMPACT THE COMPANY LIKE OPENAI ANTHROPIC. FRANCINE: THANK YOU SO MUCH WITH THE VERY LATEST. PRESIDENT TRUMP HAS LEARNED TO GO A LITTLE FURTHER ON IRAN AS TENSIONS IN THE MIDDLE EAST MATCH IT UP. ATTACKS ON SAUDI ARABIA HAVE BEEN INTENSIFIED WITH OIL SET FOR THE THIRD WEEK OF GAINS WITH GROWING RISK OF WIDER MIDDLE EAST SUPPLY DISRUPTIONS.

LET'S BRING IN ABEER. IS THERE RISK OF FURTHER REGIONAL ESCALATION? ABEER: GOOD MORNING. VERY REAL RISK. THE NEW YORK TIMES REPORTED EARLIER THIS WEEK THAT BOTH ISRAEL AND THE U.S. WERE CONSIDERING PLANS THREE ESCALATE, HIT IRAN DIRECTLY AGAIN AFTER THE MIDTERM ELECTIONS. THE IRANIAN FOREIGN MINISTER IN AN OP-ED IN THE FINANCIAL TIMES SAID IF THAT WERE TO HAPPEN, IRAN WOULD RETALIATE AND CIVILIAN LIVES WOULD BE AS RITZ -- AT RISK.

THIS IS HAPPENING AS ATTACKS ON SAUDI ARABIA BY THE HOUTHIS AS ESCALATING. THREE CASUALTIES REPORTED THIS WEEK. THOSE CONTINUED TO HAPPEN, CREATING THE UPSIDE IN BRENT CRUDE PRICES WE ARE SEEING AROUND $114. THAT IS DESPITE THE PERCEIVED RISK THAT IT CAN GET MUCH HIGHER IF DISRUPTIONS WERE TO FOLLOW IN THIS STRAIT OF HORMUZ. THIS IS ALL HINGING ON THE NOVEMBER 3 MIDTERM ELECTIONS AND WHAT THE U.S. DECIDE TO DO WITH THE AFTERMATH.

FRANCINE: ABEER, THANK YOU SO MUCH WITH THE VERY LATEST. JOINING US IS THE SENIOR MARKET STRATEGIST AT BNY. THANK YOU FOR JOINING US FOR IT FEELS LIKE EVERY WEEK IS A BIG WEEK BUT I AM NOT REALLY SURE WHAT YOUR TAKE IS ON TECH RIGHT NOW. USUALLY THE SELLOFF IS A COUPLE DAYS AND THEN THEY REGROUP SOME OF THEIR LOSSES. JEFF: GO BACK TO FINANCIAL CONDITIONS AND WORK CONDITIONING IS. AS LONG AS WE HAVE THIS YIELD CURVE RESPONSE WITH SOVEREIGNS AND STEEPENING, GEOPOLITICS AND WHATNOT -- FINANCIAL CONDITIONS WILL TIGHTEN AND THAT WILL AFFECT THE HEAVY POSITION.

WHAT IS INTERESTING IS IF I LOOK AT OUR OWN DATA AND WHERE THE SHORT INTEREST IS, THERE IS SOME BELOW. ON THE ONE HAND, THAT MEANS THERE IS SOME CALL HIM BUT ON THE OTHER IF YOU WANT TO TAKE THE OPPOSITE SIDE OF THE COIN, PEOPLE WERE NOT PREPARED FOR THIS. THERE'S OTHER DATA POINTING OTHERWISE. FRANCINE: VERY SIMPLY, WHAT ARE PEOPLE WORRIED ABOUT? WE TALK ABOUT VALUATION AND HAVE BEEN WORRIED ABOUT VALUATION FOR QUITE SOME TIME.

JEFF: IT IS VALUATIONS BUT RELATIVE TO WHAT BOND YIELDS WILL GIVE YOU. REAL RATES AND U.S. CURVES AND EUROPEAN CURVES ARE THAT HIGH, THERE IS COMPETITION FOR CAPITAL SO YOU HAVE TO PROVE YOUR WORTH. ON A RELATIVE BASIS, VALUATIONS ARE NOT LOOKING AS ATTRACTIVE. IN THE PAST WHEN BOND YIELDS ARE NOT GIVING YOU AS MUCH, THEY LOOK MUCH MORE ATTRACTIVE. I THINK THAT RELATIVE STORY HAS CHANGED. FRANCINE: WE HAVE SEEN A NUMBER OF BIG TECH COMPANIES TAKING CREDIT OUT THERE BECAUSE THEY NEED THE FUNDING.

WILL THAT CHANGE? JEFF: RIGHT NOW, THERE IS RECALIBRATION NEEDED. IF DEMAND IS STILL WHERE THEY SAY IT IS GOING TO BE AND THERE'S EVERY REASON TO BELIEVE SO, I THINK DEMAND FOR FUNDING WILL BE THERE. INVESTORS WILL SUCH INTENT IS FINE BUT I NEED TO SEE A RETURN, I NEED TO SEE EXECUTION ON THE OTHERS OF THAT. YOU CAN TALK ABOUT HOW MUCH WE WILL SPEND BUT WHAT ABOUT THE IMPLICIT CONTINGENT COSTS? THAT IS WHERE THE MIDTERMS -- EUROPEAN GOVERNMENTS ARE LOOKING AT THIS AS WELL.

FAR TOO MANY MOVING PARTS. FRANCINE: WHAT IS YOUR TAKE ON INFLATION? THERE ARE MANY QUESTIONS ABOUT WHAT HAPPENS WITH THE ENERGY PRICE, THE OIL PRICE AND SAFETY IN THE MIDDLE EAST. JEFF: I'M A BIT MORE CAUTIOUSLY OPTIMISTIC ON INFLATION AND THE MAIN CHANGE OVER THE LAST TWO MONTHS IS GOVERNMENT YIELDS. IF YOU LOOK AT WHAT THE ECB IS SAYING NOW, BECAUSE THE STEEPNESS AND YIELD CURVES, THAT IS ACTING AS RESTRAINT. BANK OF ENGLAND HAS BEEN SAYING THIS FOR A WHILE.

IF PEOPLE ARE LOOKING AT -- LOOK AT THE CONSUMER EXPECTATION SURVEY TODAY IN THE U.K.. IF HOUSEHOLDS ARE GOING TO PULL BACK, THAT WILL BE A RESTRAINT ON INFLATION AS WELL. CENTRAL BANKS, FAR TOO AGGRESSIVE BID UP I AM CAUTIOUSLY OPTIMISTIC ON THAT. FRANCINE: I WANT TO GET TO FRANCE AND THEN WE WILL COME BACK TO TALK ABOUT EUROPEAN BOND YIELDS. FRENCH AUTHORITIES ARE BRACING FOR A NEW ROUND OF PROTESTS WITH REINFORCED POLICE PRESENCE AND MILITARY BACK OUT TO PREVENT A REPEAT OF LAST WEEKEND'S RIOTS.

LET'S GET MORE WITH ALAN KATZ. WHAT ARE WE EXPECTING THIS WEEKEND? WHAT STEPS IS THE GOVERNMENT TAKING?

IT PROBABLY WON'T BE AS VIOLENT AS LAST WEEK IT IN PART BECAUSE OF THOSE STEPS YOU MENTIONED. WITH THE GOVERNMENT IS DOING IS ADDING ABOUT 20% TO THE POLICE PRESENCE ON THE GROUND. ABOUT 70,000 POLICE ALL TOLD AROUND THE COUNTRY. IN ADDITION, THEY ARE BRINGING OUT THE MILITARY FORCES TO HELP PROTECT BUILDINGS AND STATIC POINTS THAT A HIGH PRIORITY FOR FRANCE AND THE POINT OF THAT WILL FREE UP POLICE RESOURCES. SO, THERE MIGHT BE SOME VIOLENCE PARTICULARLY LATE IN THE DAY AS THERE TRADITIONALLY IS IN FRENCH PROTESTS.

THERE ARE SOME PEOPLE THAT COME TO THESE PROTESTS WITH THE PURPOSE OF FIGHTING WITH POLICE. IT IS HARD TO PREDICT. IT SEEMS MUCH LESS LIKELY THERE WOULD BE THE KIND OF RIOTING AND LOOTING THAT THERE WAS LAST WEEKEND. YOU NEVER KNOW WITH THESE THINGS BUT WE WILL BE OUT THERE AND CHECKING IT ALL DAY TOMORROW. PEOPLE ARE PAYING ATTENTION. FRANCINE: WHY IS IT SO DIFFICULT TO EXPLAIN WHAT IS UNDERLYING THESE RIOTS? THEY START AS STUDENT PROTESTS AND THEN THEY TURN INTO'S SOMETHING ELSE.

THEY ARE DIFFICULT TO CONTAIN. GEOFFREY: THEY ARE DIFFICULT TO EXPLAIN IT BECAUSE A FEW DIFFERENT THINGS HAVE COME TOGETHER. THERE WERE THE STUDENT PROTESTS THAT WERE PRETTY SPECIFIC TO SCHOOL CONDITIONS. ABOUT DILAPIDATED CLASSROOMS, THE SYSTEM FOR ATTRIBUTING UNIVERSITY SLOTS. SEPARATELY YOU HAVE COST-OF-LIVING PROTESTS AND THOSE WERE ORIGINALLY PLANNED BEFORE THE STUDENT PROTESTS GOT GOING BUT PLANNED FOR SIX WEEKS OUT.

THEY SORT OF CAME TOGETHER LAST WEEKEND, ARE THEY GOING TO STAY TOGETHER? IT IS NOT REALLY CLEAR. DID THE THING THAT YOU HAVE -- THERE'S NO ONE TO REALLY TALK TO. ESPECIALLY FOR THE