Global Rally in Tech Stocks, Trump Says Hamas Will Disarm, More
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How is AI's next phase shaping the global tech agenda?
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 TechLondon.
News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, we end the week with a market rally around the world. U.S. futures are building on yesterday's tech-led gains on Wall Street. The stock's Europe 600s hit an all-time high, but the real action was in Asia, where the KOSPI index in South Korea rebounded from a three-day sell-off to surge 18%. We get more from Bloomberg Markets reporter Mark Cudmore in Singapore.
It's insane, isn't it? On Wednesday, it was down 21.3% for the week. Then it had a 26% rally between Wednesday's lows and Friday's highs. This is one of the world's largest stock markets. Through the GFC, we saw some wild moves. In the dot-com era, we saw some wild moves. This is pretty insane for one of the world's largest stock markets.
Bloomberg's Mark Cutmore notes SK Hynix and Samsung Electronics each rose more than 22%.
Well, Nathan, the gains in Korea follow a big rally for chip stocks here in the U.S. The Philadelphia Semiconductor Index, known as the SOX, climbed 8.2% yesterday, and Microsoft soared 16% for its best one-day performance in 18 years following strong earnings.
And the high-tech earnings continue, Karen, with Amazon. Those shares are up nearly 12% in the pre-market. The company reported cloud computing revenue accelerated for a fifth straight quarter. Amazon's e-commerce operation still generates the biggest share of its revenue, but online sales gained 15% to more than $70 billion. Poonam Goyal covers Amazon for Bloomberg Intelligence.
It looks like broad-based strength across the board. The retail numbers were particularly good and that was expected because we had the Prime Day shift moving in from 3Q to 2Q. So overall, really nice numbers here on the retail side. Consumers came to Amazon to shop Prime Day sales and the shift to online just continues to appear more and more apparent as we move through a tough consumer spending cycle.
Poonam Goyal of Bloomberg Intelligence says Amazon raised its projection for 2026 capital expenditures to $220 billion from a previous estimate of $200 billion. Most of that, Amazon says, is going to AI.
While Amazon is surging, Nathan, investors are taking a big bite out of Apple shares. This morning, that stock is down more than 7%. The iPhone maker delivered a disappointing sales forecast. Apple's been struggling with shortages of computer processors and fast-rising memory costs.
Why did global tech stocks surge and which markets led the rally?
As for the previous quarter, sales topped estimates climbing 16% to more than $109 billion. Mark Gurman covers Apple for Bloomberg.
My take is that the iPhone number looks great. My take is that the Mac number looks amazing. My take is that service is a little soft and the China number missed the estimate we have here on the Bloomberg terminal. But at the same time, that is, you know, pretty nice growth on an annual basis where they were sort of, I guess, in the toilet in China a couple of years ago and last year, but they've totally rebounded there.
Bloomberg's Mark Gurman says the quarter served as a swan song of sorts for Tim Cook, Apple's leader since 2011. He's handing the reins to hardware head John Ternes on September 1st.
And Karen, earnings continue today, but big oil is going to be the focus. Both ExxonMobil and Chevron report this morning. We get a preview from Bloomberg's Tom Busby.
No doubt the war in Iran has been a boost to both oil giants, with oil prices up sharply for the entire second quarter. Chevron has shown a willingness to use the money it's made to explore new growth areas, including projects in Venezuela and Argentina and a potential deal in Iraq.
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Chapters
4 chapters
1
How is AI's next phase shaping the global tech agenda?
0:00–2:53
2
Why did global tech stocks surge and which markets led the rally?
2:53–4:26
3
What drove the massive rebound in South Korea’s KOSPI and chip stocks?
4:26–6:34
4
How did big tech earnings — Microsoft and Amazon — influence market moves?
6:34–7:02
Speakers
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