Big Selloff In Chip Stocks, Zelenskyy To Meet Trump, More
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What is the main topic discussed in this episode?
The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg. The most coveted cosmetic enhancement in Asia right now are elf ears. Elf ears. Yes. People are getting injections to enhance their ears. I really don't need anything else to learn to be self-conscious about. This is not something I needed to have on my radar. The Bloomberg This Weekend Podcast. Subscribe today on Apple, Spotify, or wherever you listen.
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A global sell-off in AI-related chip stocks is accelerating as investors question whether the industry's spending boom can deliver long-term returns. South Korea's SK Hynix has now shed around $570 billion in market value since peaking in June, while Samsung has fallen more than 13% in today's trading. Across Asia, a Bloomberg index of semiconductor shares is on course for its biggest one-day drop since March. Boca Capital Partners founder Kim Forrest sums up how many investors feel right now.
How much are these companies spending and will they ever get it back, right? Is the business model sufficient to drive revenues and earnings higher? And probably at this point, we're thinking more about margins and earnings in the future, right? We don't really care about what's happening today.
Kim Forrest says investors also fear the AI spending boom is becoming increasingly circular. Those concerns intensified after NVIDIA unveiled more than $750 billion in new AI deals, including financing for customers buying its own chips. Market fears are also mounting over China's rapid progress in advanced chipmaking after reports a state-backed company had begun mass-producing sophisticated lithography machines.
Now to earnings. Barclays has kicked off UK bank earnings season with better than expected second quarter results. The British lenders equities traders posted their strongest performance in four years, while investment banking fees also beat estimates, helping Barclays to raise its full year income outlook and to announce a fresh billion pound share buyback. CEO CS Venkat Kushnan has told Bloomberg that the bank is now performing incredibly well across a broad range of sectors.
I'm absolutely pleased with the set of numbers we've published today. You know, our top line income of 8.1 billion pounds is up over a billion pounds on the same number last year. Profits of 3.3 billion pounds are up 30% over the previous year. And the investment bank, as you say, has done extremely well, including my colleagues on the equity trading floor behind me. You know, equities are now 30% of Barclays. And remember, this was the house that fixed income built. And so the diversification we're seeing in the business, the strength we're seeing in our business is something that we are truly happy about.
Why are AI-related chip stocks facing a global sell-off right now?
Venkata Krishnan referring there to the lender's fixed income business which reported £1.47 billion behind estimates and broadly steady on a year ago. Barclays share price currently down 4.2% at the European market open. Barclays results follow a blowout second quarter for Wall Street peers with stock trading halls surpassing estimates to reach all-time highs.
Shares in Unilever have jumped almost 5% at the open after it raised its full-year outlook. After stronger-than-expected second-quarter sales, helped by solid demand for brands including Dove and CIF, underlying sales rose by 5.8%, comfortably ahead of estimates, with growth accelerating in key markets including the US and India. The consumer goods giant now expects annual sales growth within its 4% to 6% target range instead of at the lower end. The results mark another step forward in CEO Fernando Fernandez's plan to reshape Unilever around faster-growing home and personal care brands.
In other news, France and Spain are preparing emergency financial aid for communities devastated by the ongoing wildfires.
How much market value have South Korean chipmakers lost and why does it matter?
Spain is set to declare the worst hit areas as emergency zones, unlocking government support for families and businesses.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:51
2
Why are AI-related chip stocks facing a global sell-off right now?
2:51–4:02
3
How much market value have South Korean chipmakers lost and why does it matter?
4:02–8:20
4
Are investors worried that AI spending is becoming circular and what triggered the fears?
8:20–8:40
Speakers
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