英飞凌CFO重申AI数据中心电源芯片收入高增长，但核心数字此前已披露且股价未正向确认

【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 15:30–16:00(Asia/Shanghai),共 154 段
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[15:30] 🎼This is the opening trade 30 minutes into today's.😊
[15:30] 🎼This Wednesday and it' positive session we've got European earnings to layer on top of all the other dynamics in markets.😊
[15:30] 🎼substantial drop in oil prices over the last 24 hours or so that was certainly supporting risk appetite yesterday in session, pushing some of the.
[15:30] 🎼es new record highs we continue to see some of that this morning with early stories being layered on top and despite a.😊
[15:30] 🎼Disappointment around well AMD's revenue outlook within the tech space, that was one of the more negative dynamics Lizzie around the tech story, but broadly speaking.😊
[15:30] 🎼Are positive even if the cat go on under a little bit of pressure at the luxury end actually is underperforming just a little this morning under the Hodano.😊
[15:30] uch volume to speak of today as you might expect on an August Wednesday, but if you look at the balance of Euro stock 600 members to the book,😊
[15:31] 🎼It is firmly up to the upside 418 as things stand, reflecting that positive mood inequities, not just in Europe.😊
[15:31] 🎼But around the world as well, you mentioned that there are a lot of earnings stories we need to bring you this morning so let's take a look at the leaders at the moment we were speaking earlier.😊
[15:32] 🎼The part of this that's been disappointing has been the Wguvy Pe pill sales, so those shares down 3.8%.😊
[15:32] 🎼infineian revenue beating forecast or pull downgrades after that strong share price rally that we saw.😊
[15:32] 🎼What do need this on the tech first of all,s fell in.
[15:32] Compy disclosed higher than expected spend.
[15:33] 🎼While the US and Iran are closing in on an interim a good day, the negotiations were good.😊
[15:33] That's the very latest we can go to Bberg's Aey Abu Omar in Dubai, how is it looking?😊
[15:34] this because we know that President Trump wants the Strrat of Horms reopened, but Iran didn't want to ced control of it.
[15:34] So that seems to have been worked out here. That's a good question, Liie, good morning. So what we know is that a deal to reopen this.
[15:34] of her is imminent president trump there on the tarmac in LA in the early hours of our morning, speaking, saying that a deal could happen.
[15:34] In the next 48 hours, he did say that we'll see what happens, but when you ask what exactly will happen to the straight of heru is now we know that there's a lot.
[15:34] pt from the US side. we've heard from Marker Rubiio. We've heard from Scott Besson saying that a deal could be imminent about the reopening of the.
[15:34] Now, the mechanisms of that are happening in a separate negotiation that is between Aman and Iran and the mechanisms there.
[15:34] Reported by Axios earlier this morning and let me run you through some of the lines that we heard there one. what we know is that inbound vessels would use.
[15:35] Northern lane near Iran borders and then outbound traffic would travel through armmani waters in coordination with ir.
[15:35] He was also saying that no tolls or fees would be charged.
[15:35] Concerned about for the time being is getting a deal could happen as soon as later today.
[15:35] So that's the positive side of things. and it's that kind of narrative of a beer that's been weighing on oil prices and bringing them back down to below what we were down below.
[15:36] up with pressure on oil prices. What are the details there. Yeah, so this is the Hos spokesperson coming out at a moment.😊
[15:36] , as you have mentioned, saying that Anna, and this is a parallel fight, right, This is the fight between Saudi Arabia and the Iran backed.
[15:36] emen that is putting the Red Sea that is putting Bamin Man up another key water.
[15:36] Saudi a is seeking a path to deploy.
[15:36] a return to diplomacy reported Bloomberg reported citing sources that Saudi a is askingmanman is mediat.
[15:37] The Red Sea, but as you mentioned, and as we just saw moments ago, the ho is not biting and attack it or threatening.
[15:37] Attack ships in the other.
[15:37] Vital.
[15:37] That is prone to the risk of getting attacked by the hois backed by Iran, of course, and you're seeing oil again above 8.
[15:37] Dollar on the barrel when it was below that in the early hours of our morning, at least.
[15:37] A Abu Omar there well let's get more on how this translates to the energy price picture then we're joined by Emily.😊
[15:37] Aford head of Energy Strategy at Standard Charterered Bank Emily, good to have you on the program for making time.😊
[15:37] IHow much the Iran war premium embedded in Brent would unwind further if we get hopefully a crible.
[15:38] And how much lower Brent realistically could go if the Strait of Horms reopens Good morning Good morning.😊
[15:38] Yeah, we seem to have had diplomacy gaining momentum over the past 24 hours or so with this raft of positive headlines.
[15:38] suggesting that we have some tentative steps towards deescalation, At least while further negotiations on some of them more complex.
[15:38] Isues take place. But as your colleagues said, the key factor is obviously the opening of the straight up homers for transit once more. And that's still appears.
[15:38] This be highly contentious with no resolution at all, And the security situation remains fragile. Iran seems.
[15:38] Willing to open if it can collect transit fees and if it has guarantees against future attacks season end of the year.
[15:38] USNval blockade and relief from sanctions, whilst the Us and the Gulf states are demanding that the Strraait is open first, alongside.
[15:39] Guarantees for the safety of shipping and regional security. And so it's not quite clear yet if there's going to be an accord.
[15:39] At the moment, the path of lease resistance, at least since the start of August has been down. We've seen sideways trading, but.
[15:39] ctuauated by sharp corrections on these headlines, even if the true status on the negotiations remains muddy, but I think there is.
[15:39] Still some hope that even though the long term diplomatic resolution, including those complex topics such as Iran's nuclear program.
[15:39] Still remains distant, near term moves may in fact encourage some of the flow of products and some of the transit through the key.😊
[15:39] Maritime choke points. that will be safe, even if we only temporarily see maybe a standing down of some of it.
[15:39] Aros regional proxies and the comments from the Houthis today certainly goes against that narrative. But I think the market's hoping.
[15:40] Is still going to take a long time and some optimism, like we saw following the first MOU could be a little bit premature.
[15:40] Well, part of that, of course, is going to come down to demanding this.
[15:40] We that when previously Iran has been so against.😊
[15:40] involved with miningYeah, it's not yet clear who would be tackling.
[15:41] I want to ask about a different subject and to take our conversation a little wider because clearly we're going through a whole world for the energy.
[15:41] Wld if we do see difficulties with the Panama canal, reduce passage through that body of water.
[15:42] Panama not be complex supply chains.
[15:42] And what is it that worries you most in Europe then, Emily, we're looking at the Rhine, the Danube and water levels are reduced there. we're looking at nuclear power facilities.
[15:42] Particular in Eastern Europe, in some cases, having to be stood down as a result of a lack of water.
[15:42] Yeah, extraordinary heat and drought conditions across Europe.🤢
[15:42] the complex, it influences fuel demand, but increasingly extreme heat and drought.
[15:42] Refiners's ability to produce fuels efficiently. So we have simultaneous raising of demand and.
[15:43] Each individual effects is relatively small. but when you combine them, that amplifies pressure and.
[15:43] Particularly seen that on middle distillate cracks and boosting of refinery margins over the summer months, the ice gas Bren crack.
[15:43] It reflects European diesel pushed over $75 at the end of July a near 20 year high, and there is still further.
[15:43] Upside possible there, if conditions worsen and Europe is a particularly interesting case for this, because most European refineries would.
[15:43] Designed decades ago for significantly cooler climates and the limiting factor of isn't the distill column itself, but it's the.
[15:43] Cooling systems, as we see ambient temperatures increasing, Air coolers become less effective. cooling water sources like.
[15:43] mentionedion such as the rivers. they warm, so they remove less heat, and there's an increasing risk of refiners breaching water discharge temperature limits.
[15:43] And we have operational safety limits, which can reduce runs taking processing units offline water level.
[15:44] As I mentioned is particularly key that Danube has fallen to record low levels. The Rhine isn't far behind, as you mentioned in Hungary.
[15:44] We've had cuts to nuclear power generation, and in Romania just this week we saw these astonishing images of authorities blasting a rock outcrop.😊
[15:44] And building a temporary dam to divert some more of that Danubbe water to the nuclear complex, low water levels also affect in.
[15:44] land logistics, they cause navigational constraints barges are forced to carry smaller loads, cost rise.
[15:44] Liveries of crude become less efficient, So then physical distribution is constrained, even if we still see refinery productions intact.
[15:44] For this summer, weather is compounding an already extremely challenging market for refined products.😊
[15:44] The stagflation risk on the economic front as well Emily really great to get your insights this morning, thanks so much for joining us that's Emily Ashford Head.😊
[15:45] Of energy Research at Standard Charterered Bank coming up on the program highlights from my conversation with the Infinian CFO's Fn Schneider.
[15:45] ChhipMake profits from rising demand for its data centered chips and recovery in autos also being talked about, but where's the guidance up?
[15:45] 🎼If we'll get to that conversation next, it's sizzling bag.
[15:46] Domestic politics.
[15:47] I think that was the right thing to do still the big things that we are trying to do with changing the whole way that we.
[15:47] We are trying to reform the bureaucracy. these things don't get done instantly and it's very, very easy.
[15:47] To go off the rails, it is continuity we aspire for, otherwise we go back to doing business the old way.
[15:47] 🎼When news breaks in comes the car into.
[15:47] Bloomberg has covered Burnham for all the context and clarity you need.
[15:47] 🎼You prime minister here at first on bloomloberg the multi trillion dollar industry will show you what's happened.
[15:48] InETFs like no one elseTF IQ Mondays on Bberg.
[15:48] 🎼Welcome back to the opening trade 48 minutes.
[15:48] to today's session and it is green across the screen for European stocks, the stocks 600 up a quarter of 8%, despite the fact that in the past hour.
[15:48] I've seen Brent going positive, so we're at 1% nearly for oil at $8011 the barrel we're factoruring in the latest.😊
[15:48] theBut it seems like the geopolitical development of maybe a deal when it comes to the Iran.
[15:48] Is overshadowing that and boosting sentiment, but it's not all about the geopolitics Anna this morning, it's also about the earnings story.😊
[15:48] It is also about the earnings story, interesting that US futures are just coming off a little bit earlier at highs, but let's go to the earnings story here in Europe, we saw an upgrade to guidance from Infinion.
[15:48] For the full year. But that really just.
[15:49] And we expect on top then, as you said, brings us is the power chip segment to you and your growth.
[15:49] So how big can that become Yeah, and indeed, I think our CEO said it a couple of.
[15:50] Once ago, I think very well, it is the biggest growth driver in the history of Infinion the.
[15:50] Theitude of the business to put into perspective is give or take 10% of our group revenues this year in AI.
[15:50] Data center. So more than 1.6 billion doubling from last year on top of that, there is half a billion of.
[15:50] Non AI related data center business. So it's more than two If you add it together. And we expect a very.
[15:50] DeGrowth for us, it's powering AI from gridit to core, including the power infrastructure. and we.
[15:50] I've already given a guidance, which is pretty rare for the next year, which stands at 2.5 billion.
[15:50] Plus, as AI data center revenues. So this is a very strong growth driver. and I do not.
[15:51] Want to give now out a new number for 27. We will do that in the full year guidance in November. But I can tell you today.
[15:51] The plus behind the 2 will be material. So it is continuing to be a very, very strong.
[15:51] Growth driver, and it's not only growth driver. It's also the profitability driver. This business sits in our P division.
[15:51] Systems division, and there is an increased quarter over quarter of give or take 4 to 500 basis points.
[15:51] Most of that related to AI okay, and you mentioned the autos sex sets fan and the positivity there, you are you really see?
[15:51] A pickup in the auto space is this a sector at an inflection point, what does your business tell us about the auto sector?
[15:51] Yeah, Anna, that's an important question, so automotive for us is give or take close to 50% of our revenue.
[15:51] So it's very important and we get very often the question, how can you grow with the number of cars being?
[15:52] Produced globally is flatish or is even going down. And again, this year, we grow in automotive.
[15:52] Why is that possible, There are two or three important drivers. The first important drivers, even if you have what.
[15:52] Of a1 million cars globally, the content per car goes up and up. First driver was electrification.
[15:52] Now it's this trend to software defined vehicles where we did an important acquisition last year where we bought the Ethernet solution.
[15:52] Of Marvel to have an even better offering. And that drives the content growth. Number one, Number two is give their.
[15:52] ItWas a very, very low inventory level at the tier ones and automotive customers. We have raised that a couple of times in a friend.
[15:52] ay, but just to make our customers aware that there may be times of allocation, again, given that the AI customer demand.
[15:53] On power products is so strong. and we see now a kind of replenishment of the orders on top. And there are also some.
[15:53] Business areas where we see nice market share gains. for example, the microcontrollers. So all that leads up.
[15:53] To a good growth story in automotive, even in that overall, more challenging environment.
[15:53] That was the opinionian CFO Spence Schneider speaking to me earlier, I thought there was a hidden upgrade to guidance in there, but the market not seeming to listen in.😊
[15:53] share price then Li down by just over4% so let's take a look at the broader market show you can bring in Skyler Montgomery coning from the Bloomberg Market's live team.😊
[15:53] And Skyler, I'm looking at Nasdaq futures, pairing some of their earlier gains, flirting with going negative as things stunned.😊
[15:53] Still very much green for European equities and it was green in the Asian session how much does the geopolitics matter for equities compared?😊
[15:53] To earnings when you know, the question is, do we get a deal within this 48 hour window that Trump has set out Yeah, I mean, absolutely watching.
[15:54] For whether or not we get a deal and that can be a positive catalyst for equities, but I also think there's a higher bar for energy prices and commodities more broadly.
[15:54] To matter and that's because we've had earnings season it's a very positive fundamental backdrop in that it was very strong for both the us and Europe.
[15:54] And the bulk of it so far, you've had sales rise, growth rise, positive surprises, and the worry particularly for Europe heading into the season was commodity.
[15:54] Would be a drag on those margins and so the fact that it hasn't means that you need significantly higher commodity prices or higher yields to.
[15:54] To be worried about what I'll also say is we've had a positioning wash out in July the last week in July, Citadel reports that retail selling.
[15:54] the most negative or sorry most retail selling since 2022, so that's a big positioning washout.
[15:54] And that can
[15:56] More convincing way does the market because it's not that they.
[15:56] From a yield perspective, you could see them coming.
[15:56] 🎼And that would be very different just taking a bit of a leg down, we're watching our stack featuress in particular as we head to the pulse, this is Bloomberg.😊
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