Saxo Market Call

Today, a look at the intensifying sell-off in high momentum AI hardware names, led by a an ugly meltdown in the two Korean memory stocks overnight. Meanwhile, the broader market posted a very different and far more positive day, an intensification of recent patterns. Also, we looked at the recent Alphabet, Tesla and Intel earnings reports and the coming reports from Meta, Microsoft, Amazon.com and Apple with Saxo Equity Strategist Ruben Dalfovo. Finally, a preview of the FOMC meeting tomorrow in the macro and FX discussion and much more also on today's pod, which was hosted by Saxo Global Macro Strategist John J. Hardy.

Links

From what appears a credible source on X on the risks from the AI transformation to Alphabet's/Google's legacy "benevolent monopoly" business model.

Bloomberg weighs in on the circular financing concerns linked to Nvidia after a spate of recent stories.

Meta is fighting a mountain of social-media lawsuits, possibly worst legal challenge in its 22-year history.

Ford joins race to build the next US light duty vehicle for the US military.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we look at a few things that unfolded late last week in reaction to some of the first big earnings reports of this quarter and preview the week ahead, which is the biggest one for this quarterly earnings cycle. It's a big week ahead for macro as well, as the FOMC, Bank of England and Bank of Japan are all up later this week. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a conversation with special guest Peter Garnry, co-founder of Gesda Capital on choosing and valuing stocks for the long run, observations on the current state of play in AI as expressed in equity markets, the Meta and other news this week and its implications, whether AI can truly scale as hoped and so much more, even what Peter is reading these days. I'm sure listeners will enjoy this conversation.

Links

IBM IBM CEO interview we referenced on the podcast on the future of the AI rollout. There is also this newer one - probably a lot of overlap.

The Abraham Lincoln biography Peter Garnry referred by John Meacham.

and the John Kim book The Tao of Fund Raising.

The Gesda capital website.

John's latest FX Trader piece, including the impact of the US jobs data.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at global equity markets roiled by Meta's announcement that it will rent out use spare data center capacity for AI applications, raising concerns for AI-linked cap-ex and all stocks linked with the "AI picks and shovels" theme even as it was read as a boon for Meta's stock itself. Software as a service and consulting names also rallied on the news. Elsewhere, Japan is intervening against JPY weakness, sterling is breaking higher and we have a US June jobs report today ahead of a three-day weekend for US markets. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Ole's awesome article on the sub-7 kg technical marvels used by Tour de France cyclists, and the commodities they contain.

Michael McNair TLDR piece on SiriusXM holdings and, among other things, why it might have large suitors for a takeover.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

John's piece: Wall Street at 250 through a Wall Street lens: Where we've been and what comes next.

Today, a round-up of another session with AI hardware momentum names rocketing higher, while the broader market was largely sideways. Elsewhere, crypto and gold are both teetering near or beyond key support at critical technical levels, while we note an ugly turn in one part of the US Consumer Confidence picture. Finally, a look at Rocket Lab's acquisition of Iridium as it enters directly into the space-based communications fray with the big boys SpaceX and Amazon. And, with the USA set to turn 250 years old this Friday, we note today's link of the day on the USA through a Wall Street lens as it turns 250 years old this Saturday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.