Chip makers leading market gains, new rounds of layoffs: Asking For A Trend

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Jerome Powell,Nasdaq Composite,Patrick Moorhead

US equities (^GSPC, ^DJI, ^IXIC) rose with the tech-heavy Nasdaq composite leading the charge after the Federal Reserve announced it will leave interest...

) rose with the tech-heavy Nasdaq composite leading the charge after the Federal Reserve announced it will leave interest rates unchanged for now. However, Chair Jerome Powell claimed that a cut in September was"on the table" if inflation continues to tick lower.) continue to pour billions into capex spending on AI development and infrastructure, concerning analysts.

Yeah, we got to start with that Tech revival today because that really was the highlight of the market. It is an interesting point and something that we're still gonna hear more about at the end of the month, right?We look at all these other chip earnings to learn something about this company, but we know based on the last couple of earnings reports, they're usually telling us something a little bit different in some way than what people have been expecting.But I want to flip back to our second take away.

The blue and red lines hadn't followed that, and the question was, we know eventually it's going to happen.

Maybe Microsoft and Alphabet was OK, we're continuing to spend on a I We're not seeing enough payback on that Spend for a I When you look at what Meta just told us after hours is, they're continuing to spend very aggressively on a I.And it seems like overall, at least in early after hours action that's helping the stock.

And the long and short of it was, uh, Amy Hood basically saying CFO, Look, this is for the next 15 plus years that we're pouring this money and it didn't really soothe any kind of nerves with Microsoft, So you saw them drop about 7% immediately following the report.On the flip side, we had a MD which did extremely well beat on the top and bottom line also beat on their data centre revenue.

Yeah, I, I think you know what's interesting with meta is they have open source A I so they can still licence that right, uh, out to to enterprises, uh, make money on that.Uh, as far as the the spending goes, you know, we just saw them say now, right, this is Q two of 24.So they really are telegraphing this way in advance.

And that's driven primarily by the downstream fomo or the fear of missing out from those enterprise sass providers. The challenge now is to get more people doing more, getting them beyond these, uh uh, PO CS or trials and rolling it out to the masses.You brought up apple, right? And even though garbage in garbage out and the data has always mattered, it matters even more with generative a I The upside is there for the productivity, but also the downside and risk from a security and complexity and privacy.

So Fetcher Powell today said that the labour market was coming back into, uh, the pre pandemic normal levels of activity. Yeah, and one of the other uh, charts that stood out to us from AD P was the differential between people who stayed a job to people who switched jobs in terms of the the wage boost that they get and that gap has really been closing.And so the labour market is slacker now than it was before the pandemic.

Analysts expect iPhone sales to finally start stabilising in China and for the company to meet third quarter expectations.A B in that shell and sign up and hes a Bush reporting the second quarter earnings before the bell tomorrow. We're also looking at shares of those shares little changed at the moment after the company second quarter revenue topped estimates of the number of active buyers came in lower than expected.

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