More Worries Over AI Cost, World Leaders Honor Senator Graham, More
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What is the main topic discussed in this episode?
Hi, I'm Carol Masser with a helpful tip to keep you plugged in throughout the market day. Subscribe to the Stock Movers Report from Bloomberg. These are short audio episodes, five minutes or less, delivered right to your podcast feed. Stock Movers fills you in on the day's winners and losers on Wall Street and tells you about the news and data that's driving those gains and losses. Why spend all day watching tickers scroll across your screen? Subscribe to Stock Movers today on Apple, Spotify, or anywhere else you listen.
News when you want it with Bloomberg News Now. I'm Amy Morris. A sell-off in semiconductor stocks deepened as signs of progress in China's advanced chipmaking compounded worries about the sustainability of the AI spending boom. Mandeep Singh is global head of tech research for Bloomberg Intelligence.
It's more of a recognition that all of these hyperscalers are going into negative free cash flow territory now, and it's going to happen for everyone.
Hear more from Mandeep Singh on the Bloomberg Intelligence podcast. The Nasdaq 100 index trading near a correction as the sell-off in semiconductor stocks turns ugly. Investors questioning the amount of money big tech is spending on AI. Nasdaq now six-tenths of a percent lower. SpaceX shares have erased one-fifth of their value since its record-setting debut, the company shedding more than $1.2 trillion in market value from its peak, with the stock sitting 47 percent below a June 16th closing high. Roughly 30 percent of the shares currently available for trading are being sold short. SpaceX now about 2% higher. Apple became just the second company ever to achieve a $5 trillion market valuation. It has since dipped back below that mark.
If the stock closes above $340.43, it will cross the threshold. Apple shares about 1% higher right now at $339 per share. A reversal for equities, which have been down all morning thanks to lower oil prices and strong profit growth. We check markets for you all day long here at Bloomberg. The S&P 500 up four-tenths of a percent. NASDAQ little changed on the upside. The Dow is up one and a quarter percent. The 10-year Treasury yield at 4.58 percent. The two-year yield at 4.25%. Oil prices now more than 5% lower, WTI at $78 a barrel and Brent crude at $83 a barrel. The Philadelphia Semiconductor Index about 3.5% lower, led by Micron, which has fallen more than 8%. Consumer confidence fell in July as Americans' views about current business conditions and the labor market deteriorated.
Why are investors worried about AI-driven spending and semiconductor sell-offs?
The conference board's gauge of confidence decreased 1.4 points. That's down to 90.8. That's after an upward revision the month before. Senior U.S. economist Yelena Shaliteva with the conference board says this is part of a downward trend.
Remember that the previous number was revised up slightly, but overall consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021.
Senior U.S. economist Yelena Sharlateva with the Conference Board on Bloomberg Intelligence. Washington today says goodbye to longtime South Carolina Senator Lindsey Graham. A ceremony is being held in the Capitol Hill Rotunda. A funeral service is set for this afternoon at the National Cathedral. President Trump is expected to give the eulogy. Ukrainian President Vladimir Zelensky and Israeli Prime Minister Benjamin Netanyahu are also expected to attend.
What does Bloomberg Intelligence say about hyperscalers and negative free cash flow?
Now, ahead of Senator Graham's funeral, a bipartisan group of senators announced an agreement to move forward on a highly anticipated Russia and Iran sanctions bill named in Graham's honor. The bill extends penalties on Iran and singles out Russian gas and oil exports. empowering the president to target the top five buyers of Russian crude. The Senate is expected to move forward with a procedural vote tonight after the funeral service. Zelensky is expected to be on Capitol Hill for the vote. Now, Zelensky also met today with President Trump, posting on X that the meeting was a good one. He says they discussed Patriot licenses and steps to intensify diplomacy.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–2:35
2
Why are investors worried about AI-driven spending and semiconductor sell-offs?
2:35–3:36
3
What does Bloomberg Intelligence say about hyperscalers and negative free cash flow?
3:36–4:53
4
How is the Nasdaq reacting and which large tech stocks are moving today?
4:53–6:36
Speakers
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