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Real-time News
October 30th - According to Reuters, concerns about the costs of the AI boom intensified after the US stock market closed on Thursday. Earnings reports from Amazon and Intel indicated that the race to build AI infrastructure is not only putting pressure on tech companies but is also beginning to drag down consumers. Amazons stock fell about 7% in after-hours trading, and Intels stock plunged about 18%. Furthermore, the sell-off quickly spread beyond these two companies. AI cloud service providers CoreWeave, Nebius, and Iren saw after-hours declines of about 6% to 7%. Large tech companies are undergoing a broader shift in how they finance their spending. Massive data center investments have turned previously less leveraged companies into major borrowers. Alphabet and Meta both reported net cash outflows in the September quarter. Microsoft is the only company in this camp that hasnt burned through cash, but it also launched a $25 billion bond issuance on Thursday. While tech giants can still maintain this level of spending, investors are becoming increasingly cautious about smaller AI cloud companies that are borrowing heavily to meet large backlogs of orders.The yield on Japans 5-year government bond fell 5.0 basis points to 2.220%.On Friday, October 30, the Hang Seng Index opened 52.64 points higher, or 0.23%, at 23,011.29; the Hang Seng Tech Index opened 23.65 points lower, or 0.63%, at 3,720.49; the H-share Index opened 23.85 points higher, or 0.31%, at 7,779.51; and the Red Chip Index opened 8.74 points higher, or 0.23%, at 3,861.85.Saudi Defense Minister: In a phone call with Canadian Defense Minister David McKinty, the two sides reviewed the prospects for cooperation in the defense field, discussed current regional developments and ways to strengthen joint efforts to support regional security and stability, and condemned the Houthi terrorist attacks on Saudi Arabia.Hang Seng Index futures opened 0.13% higher at 23,051 points, a premium of 108 points.
