Chip Stocks and Amazon Bolster Tech Rebound, Trump Says Hamas Will Disarm, More
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How is AI scaling, and why will safety and sovereignty determine winners in the next phase?
AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash Tech London.
News when you want it with Bloomberg News Now. I'm Karen Moscow. And a rebound in chipmakers and tech stocks continues around the world. The stock's Europe 600 has hit an all-time high, while in Asia, the KOSPI index in South Korea surged 18%. We get more with Bloomberg Markets reporter Mark Cudmore in Singapore.
This is pretty insane for one of the world's largest stock markets. So a couple of takeaways. I think, first of all, Korea's stock market, I think this is the long-term bottom. Look, this is high beat into the AI capex bubble. We've discussed for a while that we're in the volatile endgame of the AI capex bubble with the base case that we're not at the end yet. We think it's when the capex turns. And the earnings this week said capex is still going to increase. So you've now got to go probably to the next earnings season. And it might be the one after that. But it's always the next earnings season you look to.
Bloomberg's Mark Cudmore says SK Hynix and Samsung Electronics each rose more than 22 percent. Here in the U.S., futures are higher again following tech-driven gains on Wall Street. Yesterday, an index of chip stocks surged more than 8 percent, and Microsoft registered its biggest one-day gain in 18 years, surging more than 15 percent. This morning, shares of Amazon are higher, up 11 percent. The company reported cloud computing revenue accelerated for a fifth straight quarter. Gil Luria is head of tech research at DA Davidson.
The key to Amazon, just like the key to Google's growth last week, the key to Amazon is that Anthropic is such a big customer. Amazon is providing most of Anthropic's compute, and that huge ramp in Anthropic results this year is flowing through Amazon Web Services. That's why they have this accelerating growth, because they were wise enough to invest in Anthropic early on and secure that Anthropic used their compute.
NDA Davidson's Galluria says e-commerce still generates the biggest share of Amazon's revenue. Online sales gained 15% to more than $70 billion. On the flip side, shares of Apple, they're lower. They are down almost 8%. The iPhone maker delivered a disappointing sales forecast. Apple has been struggling with shortages of computer processors and fast-rising memory costs. We get more from Bloomberg Tech host Ed Ludlow.
As Apple explained that the September quarter, things are going to get more tough, not just because of higher memory prices, but tighter supply. They underestimated demand, which means that there is a shortage of leading edge processors.
Why are chipmakers and Asian markets surging—what’s behind the KOSPI and SK Hynix gains?
It is multifaceted. And that outlook where they see revenue growth of 9% to 11% in the September quarter below the streets estimate of above 12%, it really overshadowed what was a strong June quarter.
And that's Bloomberg Tech host Ed Ludlow, who notes that Apple was trading at an all-time high ahead of the earnings. We are watching shares of ExxonMobil. They're down about nine-tenths of a percent, a narrowly missed profit forecast despite soaring crude prices and widening fuel-making margins as the U.S. around conflict enters its sixth month, while shares of Chevron are higher, up more than one-and-a-half percent. The oil giant outperformed expectations as prices for crude gasoline and diesel surged amid war-driven supply disruptions. We turn to the economy now, and bond yields remain near multi-year highs as Fed uncertainty continues to cast a long shadow. Bloomberg's John Tucker joins us with more.
John, good morning.
And good morning, Karen. The yield on the 30-year Treasury bond, it's steady to bid after hitting the highest level since 2007.
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