Fiona Harris

speaker

273 appearances 1 recordings 1 series first heard Aug 2026 last heard 6 Aug

Fiona Harris’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.

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On Point · ep 386 | Spotlight on the US equity market · 6 Aug 2026 podcast

It's very, very aggressive demand targets that have to be matched.

But they're seeing a burst forward in earnings because of that.

And remember, the last down cycle for me was 23.

These companies lost earnings.

So you're moving like a company like Micron, whose most earnings it's ever had in years, $12 to $100.

I mean, these are big, big moves.

And so you can see the market react this way to these earnings power.

But I would also say the market, to a certain extent, is being skeptical, right?

You know, when you see these hyperscalers and the big spend, and it's bigger than anybody anticipates, including them,

You know, if we looked at the spend for the hyperscalers in the end of June, so say 25, so 12 months ago, from where it was at the end of June 25 to where it was the end of June 26, the same spending for 26, it's up over 100%.

And we already thought the numbers were huge.

This is even more.

And so this is a spend to grow, to capture that revenue out there in the marketplace, that earnings potential for what's happening.

But the market hasn't liked that big spend.

Because for a majority of the period, it was coming from cash flows.

And where we are today, you're seeing it come from debt.

You can see it come from equity raises.

So it's beginning to worry.

And you can see that weigh on these names.

So the market's always a weighing machine.

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