彭博直播重复讨论SpaceX首份财报、AI资本开支和AMD指引，对AI供应链与美国运营商无新增可交易信息

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-05 11:00–11:30(Asia/Shanghai),共 139 段
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[11:00] Basically the fed was guiding the market, but now washsh wants the market to kind of give the signal to the fed.
[11:00] And in fact, he has been saying that the market should be playing the ball and not the referee.
[11:00] add a lot of noise. It is definitely going to. It is providing more volatility into the market. What happens sometimes is that.
[11:00] It results in bond yields, overshooting itself, which is possibly what we could be seeing here now.
[11:00] The market tends to sometimes run on its own, and the Fed eventually has to come into kind of rein in.
[11:00] The market, but I don't think that's what we are seeing as it is yet does Kevinsh kind of have a point though, because.
[11:00] rates have been so low for so long now have markets got used to this kind of commentary from the Fed and you know maybe that's what?
[11:00] Not what normal actually looks like Yes, indeed, that is true if you look at the yoca.
[11:01] While it has been steepening, it's not as steep, right, so you have a very good point, Paul, know, it could be that.😊
[11:01] The fat or wash wants the yield curve in fact to be steeper going forward, but at the same time, I think they are also quite cautious.
[11:01] Right about having 30 year yields they are too high, in fact, we are very near that kind of levels that we saw previously where.
[11:01] You know, the F, the treasury would start reacting because I don't think they really want much higher yields from here.
[11:01] Because it does add to the interest expense that the U.. is paying for if you look at the housing market.
[11:01] It has also been kind of on the weaker end because they are housing prices are interest rate sensitive.
[11:01] So at this moment, it is quite unclear as to how where wash really went.
[11:02] It's quite confusing actually to the market.
[11:02] Exing from the F for the rest of 2026, is there a possibility that we don't get tightening at this point?
[11:02] Well, I think going forward that so there are a couple of factors that are in play here, right?
[11:02] We need to take note that washsh did say that you know the market is tightening financial conditions for him.
[11:02] Already for the US. So that's the first that we need to take note of. So and then the second thing is that inflation.😊
[11:02] It is above 2% and has been stuck there for a long time, and that's why the market expected them to be hiking.
[11:02] Going forward, there are some signs that actually inflation is on a disinflationary path from here.
[11:02] The second thing as well, really the last thing is that washsh is still you know the five various committees.
[11:03] Are still re lookinging at how inflation should be measured, What is the best way that we should term what inflation is.
[11:03] Ccumstance there is a risk that you know the F would raise rates once or in fact twice, maybe.
[11:03] But I mean, they do sound that wash doesn't sound like he really wants to raise rates.
[11:03] Overall, and the market has already priced like two to three times in rate rises, so there really isn't a lot.😊
[11:03] Of reason for them to really be raising rates more aggressively here. I'd to get your on this.
[11:03] interventionvention that we saw as well between the U and Japan and supporting the Yen, which has kind of worked here we are at 157,39 way better than we were.
[11:03] A week ago in terms of yen's strength, President Trump says they were helping out Japan with a weak currency, but I'm wondering to what degree you feel the U.S.
[11:04] Was motivated by concerns that rising Japanese yields might have some undesirable spillover effects for US yields.
[11:04] I mean, that is true because at the end of the day, the U.
[11:04] more concerned about their Treasury yields, and there could be that spillover effect.
[11:04] via the weaker yen, especially if for example, we get very weak, the yen goes.😊
[11:04] Unchecked it goes on to weaken further. it results in rising inflation in.
[11:04] Japan, and then one day the Bj would be forced to kind of raise rates very rapidly, just like how we see what emerged.
[11:04] Mars, I'm not saying that Japan is emerging markets, but you know, that's typically how it works. And then that when the Boj has to.
[11:04] R very suddenly it does result in jb yields going up higher and then there is what we call a sudden stop.
[11:05] And it results in a change in capital flows globally, resulting in perhaps the Japanese having to sell there.
[11:05] Their Treasuries and then repatriating back into Japan. So I think the US is quite concerned that.😊
[11:05] That effect could come in, right if they don't put the yen in check now.
[11:05] Now we saw a somewhat weak10 year auction for JGBs this week as well, JP Morgan saying avoid JG.
[11:05] At the moment, because the Bank of Japan is so far behind the curve, is that a position you agree with?
[11:05] Yes, to some extent, the BJ as we all know, has been behind the curve.
[11:05] You know, real if you look at real real policy rates, they are so negative, so there's a lot more space for.
[11:06] The BOJ to catch up in terms of raising rates, the issue here is that obviously the BOJ wants to do it at.
[11:06] More controlled and measured pace and then eventually reducing that real interest rate.
[11:06] Gap that we are seeing. So in the meantime, while the boj is still not quickening their pace in terms of.
[11:06] rate rise, it's very difficult for the super long end, especially facing a lot of supply demand issues.😊
[11:06] quiteite difficult for super long end yields to come down, but eventually we'll probably get there.
[11:06] I think it's a matter of timing All right Carol, thanks so much for your analysis today that's Carolly portfolio manager at brandy We.
[11:06] Glo still to come SpaceX's AI spending throws cold water on its debut earnings after that blockbuster IPO.
[11:06] the details next, this is Bloomberg.
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[11:10] 🎼Welcome back here' watching Insights, SpaceX, shares closed lower and late trade.
[11:10] Exislosing higher than expected spending on its AI business now this is despite its revenue exceeding estimates in the company's first earnings report.
[11:10] It IPO in June, Bloomberg tech anchor Ed Ludlow has the stagger.
[11:11] $18.4 billion in the quarter, and the vast majority of that 86% was on AI infrastructure, but renting out compute.
[11:11] Capacity or computing power to companies like Google and Anthropic is becoming a major business. And they gave lots of evidence of that. Second, where is the.
[11:11] Grow SpaceX said they will hit $100 billion in annual revenue run rate by the end of this year, and Musk even went a step further.
[11:11] They have line of sight, like complete confidence that SpaceX will hit $1 trillion of real revenue in0.
[11:11] 3P forward a target that they set out in their IPO perspectiveus, third starship at the next test flight could happen.😊
[11:11] Later this month, the rocket's heat shield problem that they had in recent tests is essentially solved and SpaceX expects to begin launching.😊
[11:11] It's next generation Starlink V3 satellites and its first orbital AI data center satellites next year.
[11:12] In that case with NVIDdia, Comp architecture, finally, watch out AT&T, Verizon and T Mobile, SpaceX.😊
[11:12] It's building a hybrid satellite and terrestrial mobile network and believes it can win customers from those U.
[11:12] Carriers by eliminating dead zones and the stocks of those carriers reacted sharply during the course of SpaceX's first ever cord.😊
[11:12] Earnings call, the story is one about growth short, near medium term and long term, but a lot of.
[11:12] XThis is Edlow for Bloomberg New in San Francisco.
[11:12] SpaceX AMD shares also dropped in late trade after the chipmaker gave an underwhelming AI growth outlook, its third quarter revenue will come.
[11:12] about $13 billion missing some of the most embolish estimates, let's talk about the impact of these results on broader markets.
[11:12] Bloombergs Anthony Stevens, so Anthony, how are these results of bleeding into the market sentiment with the AI trade, you know we have both SpaceX.
[11:13] I am des suffering a bit after hourss. Well, let's talk about those companies individually. So SpaceX was actually up 9%.
[11:13] Going into results. So it's a bit of a retracment of that move, and the move is about half as much as the implied volatility of the stock going in.😊
[11:13] The earningsSo it's still a bit of a coin toss what the market thinks of Spacex earnings. But what it means for Asian Capex is unable.
[11:13] Like very strong, right, They have a huge beat on the AI Capex budget, about 20% higher than expectation. They're talking about N.😊
[11:13] A supplyly locked in. They have very strong metrics around renting out that compute. So across the board, it was a strong result for Asia.
[11:13] SersNow, if we move over to AMD, again, some of the stock price reaction has to be put into context with the year to date performance of that.
[11:13] That stock is up triple digits, much shallower drawdowns than some of the other semiconductor names, so it's up around 140% year today.😊
[11:14] 8% rement when the earnings fail to clear the best estimates is kind of understandable. They also had very bullish.
[11:14] Guidance around compute. And that is helping its Asian suppliers and Asian peers. You saw Intel trade about 12% higher into the M.😊
[11:14] So there's a lot of bullishness in that space. The guidance confirms it. But how the individual stocks are trading seems to be this pattern.
[11:14] In the US of good results, not completely clearing the biggest expectations and the stocks coming off.
[11:14] Can we compare this to what's happening in Asia today because you we've got a broad based rally tech doing pretty well, take a look at the cost be up 4% although.
[11:14] is that just the cost being cost being Look, I think the leads from the overnight kind of.
[11:14] Earnings and the drop in oil is helping the tech trade. right The tech trade by nature is a long duration trade. It needs a lot.
[11:14] More calm in the treasury market, and we've started to see treasuries calm down as oils pulled back, EMFx has calmed down as oils pull back.😊
[11:15] And then you have these technology developments alongside a very strong earnings result, right so Samsung and Heinix both releasing new products, for example.😊
[11:15] you saw the guidance from MD on their new products. So Taiwan under the hood, there's a lot of8,9% up movess.😊
[11:15] In Japan under the hood, there's a lot of five to 7% up movess, so Japan is actually very healthy on the tech front underneath the hood, so it's across.😊
[11:15] The many markets. So, yes, Cospi is incredibly volatile, but it's also interesting to note on Cospi. You're seeing a spot up wall down dynamics, So maybe.😊
[11:15] A little bit more calm going forward in Korea, given the strength of the guidance from the US hyperscales.😊
[11:15] Anthony, just returning briefly to SpaceX and some of the big spending plans we've seen in the share price reaction, I mean, does the market have to remember that this is an E?
[11:15] I must company, you know, it's big talking, hard charging, big spending, sometimes loss making, is that just part of the ride?
[11:16] Yeah, look, you know, it was part of the ride yesterday as well, I mean, he was on X talking about earnings, the stock was up nine and now it's down eight.😊
[11:16] So volatility comes with the Ionma territory and so does this elevated capex, he has big dreams and hes not backing off from that number.😊
[11:16] And that is the kind of the dynamic that the US equity market has been shifting to whether incrementally more concerned about Capex.😊
[11:16] And they were, obviously the way through to Asia is just positive. But in terms of the investor tolerance for these Capex, is the first place that pain is going to show.😊
[11:16] Thiss probably in the cS market that will be very interesting to watch tonight all right Betts Anthony Stevens, thank you.
[11:16] Still to come, the RBI expected to hold rates steady with investors focused on the inflation outlook and any signals on future policy moves.
[11:16] 🎼Standard charters and a bootouty size going to give us her take next, this is Bloomberg.
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[11:18] Consumer so spending to consumer spend in America. that means economy is okay, and that probably means the rest of the markets and the construct and the final demand is there.
[11:18] What are the potential thresholds they could potentially sty me some of the pipeline people are borrowring because they see opportunity where it's equivalent of buying what is higher.
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[11:19] Blo is first to break the numbers blackstone reporting a larger than expected.
[11:19] All right, guys, I want to go to TObi, keep an eye on those earnings out of for whole Meta, Amazon, Microsoft, Google with the smartest insights.
[11:19] We have seen a consumer that has been and continues to be resilient there's a lot of reason to believe that there's still a huge, huge amount of growth here.
[11:20] Continuing coverage on Bloomberg.
[11:20] Welcome back here watching Insight, let's take a quick look at where markets stand, mainland Chinese markets heading out to lunch.
[11:20] Japan, meanwhile, coming back online, it is very much a risk on day across the region that Nikke better by it 3% at the moment.
[11:20] Costby also having a strong bay up by 4% of those big tech names, SK, Hyyix, Samsung Eronics performing well, a bit of a different story in China.
[11:20] The CSI 300 is still better by 1%, but some tech names like Zgji, Sllink having a bit of a rough ride this is after the U.S. decide.