AMD二季报和三季度指引略超预期但盘后下跌，亚洲AI半导体链读出偏混合

# 美股盘后催化 6/11: AMD盘后业绩和指引基本超预期但股价下跌，市场开始惩罚AI capex和毛利细节

- 美股会话: 2026-08-04
- 方向: MIXED；类型: 财报/指引；规划重大性: 8/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：AMD二季度收入约115亿美元高于预期，三季度收入指引127亿至133亿美元且低端高于市场均值，公司称下半年数据中心销售将加速；但盘后股价下跌约7%-9%，市场关注毛利率约56%略低于预期和capex显著高于预期。推断：AI芯片需求仍强，但投资者对二线GPU厂的利润兑现和资本开支纪律要求提高，可能影响亚洲半导体链的短期风险偏好。

## 本催化相关美股真实收盘行情

- 英伟达 (NVDA.US): 211.94 +2.56%
- AMD (AMD.US): 518.58 +7.00%
- 英特尔 (INTC.US): 100.86 +10.84%
- Marvell (MRVL.US): 218.59 +12.81%
- Dell (DELL.US): 467.27 +8.92%

## 亚太映射假设（仅候选，必须查证）

- 台积电 (2330.TW) [TW/供应商/mixed]: AMD数据中心加速利好先进制程需求，但盘后股价反应显示市场担忧盈利质量。；核验问题: 核实AMD MI系列和EPYC订单对应台积电制程、CoWoS需求和出货节奏。
- 日月光投控 (3711.TW) [TW/供应商/positive]: AI芯片和CPU放量可能增加先进封装及测试需求。；核验问题: 核实AMD相关封测订单占比和产能瓶颈。
- 三星电子 (005930.KS) [KR/供应商/mixed]: AI GPU/CPU扩产可能带动存储需求，但供应份额和毛利传导需确认。；核验问题: 确认AMD平台使用HBM、DDR或代工服务的具体供应商。

## 必答问题

- AMD电话会是否上调AI accelerator年度收入目标？
- 高capex是产能投资、研发支出还是一次性项目？
- 盘后下跌是否在亚洲盘前稳定或扩大？

## 原始证据全文（3 条）

### [E0014] Bloomberg TV+ | 2026-08-04 18:00 UTC | 盘中
「Bloomberg TV+」直播转录 01:30–02:00
URL: http://39.105.42.197:20307/event/live
【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 01:30–02:00(Asia/Shanghai),共 152 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[01:30] s the way I could see AI being banned or blocked.
[01:30] Is if something really went wrong and if something really went wrong then maybe it deserves to be So is it paradise ahead or Gatica?
[01:30] Maybe somewhere in the middle.
[01:30] 🎼
[01:30] 🎼morning good morning. This is. We back to the opening trade. What this is the Asia trade. this is.😊
[01:31] Street welcome to balance of power you're watching Bloberg welcome to Bberg this weekend this is Bloomberg television.
[01:31] Welcome to Bloomberg this week i'm da I'm lis mate and I'm christina Raffiti we're tracking breaking news today from Wall Street to washing.
[01:31] 🎼The is really propel this deal forward the hope is this to open up new markets and provide some additional liquidity. Of course, now they're going to have We got a big week coming up.
[01:31] politics season is underway we're going to get some key reports everything you need to know before the markets open on monday bloom this week.
[01:31] And bringingring a little bloomberg into your weekend routine bringing.
[01:31] Political news whenever and wherever it happens i'm tyler Kendall in Geneva, Switzerlanditzerland and this is bloomloberg.
[01:31] It's 140 on.
[01:32] 🎼Allall Street we do check markets all day long here at Bloberg. You don't see days like this that often we're looking at a major move higher for the US.
[01:32] 🎼now this on peace hopes oil is falling stocks are surging. We're looking at records on the Dow records on the and50.
[01:32] 🎼Index right to the numbers here we got fast moving markets to the upside S&P right now it 77,43 up142.
[01:32] Points up 1.9% downw industrial is up 1037 points now up by 2%.
[01:32] Dw industrials, as I mentioned up by 1.9% now, 54214.
[01:32] Question we're going to close above 54 k today Nasdaq up 676 points up 2.6%.
[01:32] The Nasdaq 100 index is up 950 points for that index an advance of 3.3%.
[01:32] The Bloomberg Mag7 index now up by almost 1%, the socks, the Philadelphia Stock Exchange semiconductor index up by 6.8%.
[01:33] AMD shares surging 8.8% advanced micro devicesicees after the bell today SpaceX will also reporting.
[01:33] 🎼after the close of trading Spacex up 8.2% the below 17 now we've got the two year yielding.
[01:33] 🎼4.19% the ten year,4.62% the 30 year5.19% gold.
[01:33] ounce% WTI crew 7567 of barrel down 5.8%.
[01:33] Cred 7920 down 5.4% falling back below $80 a barrel earnings.
[01:33] Ofant up 29.5% after last night's report this morning we heard from caterpillar Catpillar.
[01:33] Cing Wall street expectations shares of the heavy equipment maker up by 6.8% Du the chemical maker raising its.
[01:34] 🎼The outlook for the second time this year shares of, however, down by six tenths of1% and again bears.
[01:34] 🎼For the close of trading, advanced microcro devices, Space X were going to be all over those numbers as they break. Joe and Kelly, that's a bloomberg this.
[01:34] We will indeed Charlie Pellett, thank you very much, as Charlie noted, we are seeing SpaceX rallying ahead of its earn.
[01:34] Today up 8% that brings it to about $124 a share so sure that's better than yesterday's close, but we have to keep in mind.
[01:34] The IPO price was $135 a share after trading started at went as high as 225 so1.
[01:34] For on a relative basis is obviously significantly lower and we've seen about a trillion dollars worth of market value erased since this company.
[01:34] When public, I guess it raises the question, Joe of whether that means a lower bar for the earnings results or potentially a high bar.
[01:34] To try and get the rally going again, well, there's also something that's going to happen two days later, and that's the expiration of the first major lockup here that.
[01:35] Will dump something like 900 million shares on the market if my numbers are correct, Ed will let me know that makes one wonder.
[01:35] If this earnings report is useful at all, Ed Ludlow covers this for a living as the host of Bloomberg tech he joins.
[01:35] Right now, live from san fcico ahead of another busy night and I know we'll be talking a little bit later after the close, but what's your thought on this does this report matter?
[01:35] Knowing what's coming Thursday, you know, it's the the big event of the summer for financial markets is how it's.
[01:35] Beingd, you know, it's the first earnings, right, just in really simple terms, it's the first earnings report, the first call since SpaceX' is IP.
[01:35] And the problem with all of the information that SpaceX gave in the documents just before it went public was.🤢
[01:35] It was either completely backward looking, so they told us how much money they'd spent, for example, last year, the year before the first re.
[01:36] Of this year, but gave us no indication of the future. So this is the first chance for people to ask about it. how much money are theyre going to have.
[01:36] Spend this year and next year to reach these sort of out of this world ambitions, how are there different businesses doing in the here and now?
[01:36] And take into account that everything that this IPO was based on were businesses that don't exist yet or are going to come far into the future.
[01:36] Well, and therein lies what a lot of people had questions about at the onset when they saw that prospectus and how.
[01:36] seem to be reliant on hopes and dreams, and it's a little bit more tangible for AMD, which is also reporting after the be what are we expecting there?
[01:36] Yeah look AMD is a really simple story, they are a distant number two player in the market for GPUs or.
[01:36] Chipps that either train AI models or run AI models, but they would tell you they have a technology advantage.
[01:36] their chips in the form of a server in aggregate really perform, particularly on running AI models, what we call it.
[01:37] And so each quarter that goes by, you measure the growth in AMD sales and the deployment of its technology around the world.
[01:37] And try and calculate if they're bridging the gap to Invidia, which, as we've said for a long time, has a near technical monopoly on the market for that computer.
[01:37] And AI okay, so dummy in Washington asking a question here at no, do Cs matter?
[01:37] More than GPUs at this point, and if you're looking at the market here in an Nvidia versus an AMD versus an intel?
[01:37] A better story. Yeah, so a CPU can just basically run a single process. and for a really long.
[01:37] We focused on GPUs because they are the brain that runs multiple computations at once to either train an AM.
[01:37] Or run it. But there are lots of processes involved in using AI that require CPUs. And AmD has a very good CPU product.
[01:38] Intel also has a very good CPU product. and basically, the markets caught up with it themselves. They're like, okay, if you're going to build lots of data centers that have lots of rows of.😊
[01:38] Aren't you also just going to need a proportionate number of CPUs. The answer is yes, yes, you do. And AMD will have a story around that for sure.
[01:38] It's a point of differentiation or has been withinvidia. The problem is in video are like, hey, shouldn't we do CPUs too?
[01:38] They do, and so they've continued to try and pull ahead in that respect as well right the host of Bberg.😊
[01:38] Tech ed Lublow will be checking back in withed as joe said later this afternoon to break down these results and thank you very much and of course the results from md.
[01:38] And SpaceX could very well send a signal to the wider market and determine the direction of travel in the trading day tomorrow in the trading day today, obviously that direction.
[01:38] by and large is up as we see stocks rallying in part because bond yields and oil prices are moving lower, it does seem like this is a market putting a lot.
[01:38] Faith into the notion that there could be a deal in the offing between the U.S and Iran is of course, President Trump in the Oval Office.
[01:39] suggested he wanted to give iran one last chance to negotiate before decapitation so how real is this.
[01:39] It's thinking about this the right way, that's what we pose now to suzanne Malone, vice president and director for foreignign policy at the Brookings Institution, who's joining us.
[01:39] Now on bloomloomberg t and radio, Suzanne, great to have you on the program, do you believe that this is really a Rons last chance?
[01:39] Should they, I think the Iranians want to deal because it will be good for their own economy because they're suffering.
[01:39] Under the weight of US.S strikes over the course of the past five months and as well as the embargo that the United States has.
[01:39] Pos a throughid blockade of the Persian Gulf so they wanted it into this, but they're not prepared to.
[01:39] Relinquish what they believe is the major strategic leverage they gained from this war and that is control of the Strait of Hse we are I think at this.
[01:40] Point close to an agreement that would echo some of the language in the Mu that was signed last month, but perhaps with a bit more.
[01:40] Psoificity and would perhaps provide a little bit more longevity to some kind of an end to the war.
[01:40] Shocking report, Suzanne, by Reuters this morning, the U.S Army has used up quote virtually.
[01:40] unoteIf itss long range missiles during the conflict with Iran, are we at the point now where our munition?
[01:40] Level dictating strategic decisions Yes, I believe that we are. And I actually think we've been at that point for quite some time.
[01:40] I think that it was the concern about both interceptors and precision strike missiles and attackoms that was one of the major factors.
[01:40] In driving the Trump administration to agree to the memorandum understanding with Iran last month and it is a major.
[01:40] I think point of hesitation for the administration, particularly from the Department of War, whose leaders have articulated.
[01:41] A real concern about returning to full scale war with Iran simply because of the readiness implications that it leaves for the United States military.
[01:41] Just with respect to families, but with respect to other theaters as well.
[01:41] And understands this if this is reported in media and they hear about it and assume that it is true, why would they?
[01:41] Be negotiating with the U right now, does it not signal that actually they could wait us out I think they could wait us out.
[01:41] But it would come at a high cost to their own economy, the blockade is having its impact, the Iranians would like to get back to trying to rebuild what was.
[01:41] Damaged and there was considerable damage to Iran civilian infrastructure, as well as his military infrastructure during the war.
[01:41] They have to consolidate a regime which already lost a significant number of players and.
[01:42] That their own people were seriously dissatisfied before the war began with the state of the economy. So there are some real pressure, but I think the Iranians.
[01:42] Are more resilient than we gave them credit for, and they are prepared to kind of deploy that resilience as leverage in the negotiations.
[01:42] Sounds as though they're getting most of what they wanted out of the terms that we're hearing about in the media at this point how many times?
[01:42] Will the president be taken seriously in his threats if he continues to pull them back either by request of Iran's neighbors?
[01:42] Or in hopes of a deal, the New York Post this morning writing that it is now 13 times the third.
[01:42] final ultimatum he has delivered, what do the Iranians think of that?
[01:42] Like a theatrical performance at this point, I think the Iranians have taken the measure of President Trump, they've assessed both the vulnerability of the.
[01:42] U economy and the wider global economies to a long term closure of the Str of Perse, as well as the political consequences for the.
[01:43] If there were to be a disruption that impacted oil prices and the wider economy in advance of the midterm election.
[01:43] This fall, so you know, they appreciate that his bluster is just that.
[01:43] I think there's always the chance that he does deliver and they've now experienced two wars, the June 12 day war in 2020.
[01:43] And this longer war and more ambitious war where the Iranians appear to have survived, but they've got a lot of work to do.
[01:43] Suzanne, I wonder what you make of Bloomberg's reporting today that Iran is actively.
[01:43] Considering allowing European nations to come in and help with the de mininging effort in the Strraitt of Horz, is that surprising to you?
[01:43] Is it in keeping with what you're suggesting where Iran does want to see this a deal happen in some way because of the?
[01:44] that they are experiencing Well, it is a shift in the position that the Iranians have articulated over the course of recent weeks.
[01:44] In months, they have suggested that only they should be permitted to do the de mining because only they know where the mines might be.
[01:44] You know, the Iranians are probably looking toward the future and developing some kind of a not opening with the Europeans.
[01:44] I to their advantage, we'll see if they actually make good on this and whether they actually do let the European companies and countries.
[01:44] To come in and participate in this de mininging because the mines are just one of the many forms of control that Iran has been asserting over the strat.
[01:44] Once the entire st is free, it is more likely that the rest of the world will seek alternative routes.
[01:44] That are outside of Iran's control Suzanne, do you believe either side's version when it comes to the?
[01:44] Status of negotiations I think it's very hard to take seriously what we've been hearing because the.
[01:45] The president has his own incentives to sort of inflate what he's hearing from the Iranians, he is either very, very negative.
[01:45] overwhelmingly positive and neither one of those extremes sounds entirely persuasive to me, but the reporting at this point does seem to suggest.
[01:45] Of the public statements by Qry mediators and others that they feel that they're getting close to some kind of an arrangement I think.
[01:45] Inev that we be back in this position once again that there will be some breakdown in terms of the understanding or the implementation of any agreement between the.
[01:45] I this states and Iran, I think it's likely we're likely to see instability and occasional flares of violence in the.
[01:45] Gullf more widely and especially around the Straiit of Formmse for the weeks and months to come, this is not a one and done solution to anything.
[01:45] So potentially still status quo or at least volatility come midterm election day in November.
[01:46] I think that's absolutely to be expected, this volatility is just going to be a function of the Persian Gulf economy for the course.
[01:46] It will continue to drive investments in alternative routes that would avoid the stra of hormonemos and other types of.
[01:46] rangements that enable greater resilience on the part of the Gulf states, they have experienced a tremendous disruption.
[01:46] And over the course of the past five plus months, and they're in a position, I think to ensure that they don't see that happen again.
[01:46] She's the Vi President director for Foreign Policy at Brookings Institution, Suzanne Maloney, it's great to have you back, Suzanne, thank you for joining us on Bloomberg.
[01:46] TV and radio, it's remarkable, Kaylee, every time we have asked someone that question, will this still be underway on November 3.
[01:46] The same answer, that's yes, yes, which doesn't necessarily spellt good news for the incumbents in power in Washington and the Republican.
[01:46] And party specifically, although Republicansublicans may be hoping they get a little bit more good news in michigan tonight in the form of getting their preferred candidate to go up against mike ro.
[01:47] 🎼Adu say, of course, favored over Haley Stevens and will be discussing more on that on the late we, although Rick da is pointing to the energy.
[01:47] You'll see who is a more successful general election candidate, this is bloomloomberg.
[01:48] Bringing you up to the minute global news.
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[01:48] Everybody has a moment where they put into action all they've practiced, where they step up to a challenge and either succeed.
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[01:48] 🎼with and said starts now I'm Fran Laqua, an award winning for the last 25 years Ive interview.
[01:49] 🎼World leaders, bank bosses, even fashion icons I'm often asking about the news of the moment, but I've always been curious.
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[01:51] Bloomberg radio television and Bloomberg originals all right everybody the day has come space.
[01:51] Yes finally reporting after the close, I mean it only went public in june, right it's not such a long time ago and it's fallen.

### [E0019] Bloomberg TV+ | 2026-08-04 20:30 UTC | 收盘后
「Bloomberg TV+」直播转录 04:00–04:30
URL: http://39.105.42.197:20307/event/live
【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 04:00–04:30(Asia/Shanghai),共 158 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[04:00] ion dollars well above what the street was looking for on the space segment it does look like net sales came in at 962 million.
[04:00] Above what the street was looking for on average of 873.7 million on the ai segment, its third large business.
[04:00] As part of this company, 2.56 billion the street was looking for $2.0 billion dollars of course, this is still a money losing company.
[04:00] With the SpaceX segment reporting an adjusted ebit loss for the quarter but of course we have to get to that conference call to learn a little bit more.
[04:00] About what the future holds, a four starship and more importantly for how elon musk puts all these pieces together into one coherent company.
[04:00] Ross kber joins us right now, co founder president and ceo of kerber kawassaki wealth and investment managementss.
[04:00] I don't even know how much usefulness it is to even go through some of the numbers on a quarterly basis backwards looking.
[04:00] A lot of investors are looking to figure out kind of whether starship sort of fulfills that promise and whether what's going to be attached to these rocks.
[04:01] It's presumably whatever sort of servers and other sort of orbital data center type of equipment are going to be along for the ride sometime soon.
[04:01] Well, I think it's going to be sooner than what people think judging from the last Starship flight that we saw, which I would consider pretty.
[04:01] Successful and when you look at the size of this thing and the fact that they're now getting it in and out of space without.
[04:01] And landing pretty well into the water we're pretty close to having a reusable massive rocket ship.
[04:01] Other than many of the technology challenges that they still face to get this to work, let's say over and over again in scale.
[04:01] But just the fact that they've gotten this far is very encouraging, and I don't think people should doubt whether or not this is actually going to happen.
[04:01] Yeah and i think that seems to be the consensus and we've certainly seen some degree of a proof of life with regards to that ship though.
[04:02] In terms of monetizing this further beyond just being sort of a taxi service, if you will, into space.
[04:02] Of this gets monetized by SpaceX itself with regards to what it's able to put there and that flows back into the company for its own.
[04:02] For its own coffers, yeah, and I thought it was interesting because I thought the most important announcement from SpaceX was their deal with NviID.
[04:02] Build these, you know, they're calling star mindd data centers in space, so really they're putting the hard.
[04:02] Where pieces together to do something that's never been done before, which works because they have Starship and they have starlink.
[04:02] So by putting the data centers in space, it really adds a whole new element of what can be done through starling as far as not.
[04:02] Just connectivity and internet access, but also sending and receiving data, so it's a very exciting idea.
[04:02] Or premise to be able to do this, and only SpaceX can do it, and I think that's what makes this investment compelling.
[04:03] Isn't really what it's doing today, but what will this look like in five years and it could be pretty damn and impressive were you surprised that they would make that announcement on?
[04:03] With regards to NVIDA and using those Ruen GPUs, I wasn't surprised because they have a very close relationship with NVIDA, what I'm surprised about.
[04:03] How rapidly they're moving forward with the development of these satellite based data centers, which obviously has never been done.
[04:03] the challenge from a technology perspective is massive, so they're moving forward full speed ahead.
[04:03] I think it's a really exciting prospect and it's a high risk investment because obviously all these things can fail, but on the other side.
[04:03] It's a high reward investment if they succeed, and so I think investors need to weigh both of those cases when looking at the stock.
[04:03] Today, but considering it trading below the IPO price, individual investors who want to buy the stock certainly are getting it at a discount compared to every.
[04:04] Let's talk about the AI business obviously created after you emerge XAI with SpaceX, we should point out.
[04:04] Also saying in the release that they do plan to close the cursor merger sometime this quarter in the third quarter, this has been a bit of a drag and it.
[04:04] There were a lot of investors that would have liked to see SpaceX go public with just the launch business and the connectivity business.
[04:04] cessI, are you comfortable with maybe what his vision is for how XI fits in all of this?
[04:04] Well, I've been sort of XAI is a painful thing because I sort of think Tesla should have owned XAI and I know Ellon didn't want Tesla to own it.
[04:04] He didn't control Tesla, so well he does, but it was shareholder wise, and so XII is a part of SpaceX, but the way I,
[04:04] at it is Elon is really good at building factories in AI, and XAI is going to be successful, whether they use the compute or sell.
[04:04] Compute, and so the fact that SpaceX or XI is investing billions of dollars into building.
[04:05] These data centers, it's going to pay off one way or another because the demand for compute is so much larger than the supply of compute.
[04:05] I'm super good at this. So I think investors are so short term minded to be worried about Capex during this.
[04:05] Tology boom period we would need the Capex to be spent if we're going to be competitive and that's exactly what space.
[04:05] And I think if you take XI out of the business, yeah, it's more profitable, it's easier to sell on the short term, but on the long.
[04:05] You're missing one of the great opportunities to be able to provide compute from space, which is actually, you potentially.
[04:05] Massive as far as an opportunity, so you know I think it should be part of SpaceX and investors just have to be patient, let this stuff play out.
[04:05] Starlink coming in 12 million subscribers at the end of the second quarter it's only profitable business the company says it has rp for star.
[04:06] L of $66 for the most recent quarter, I mean, this is kind of the one part of the business that doesn't really have to prove itself.
[04:06] I am curious as to whether there is a growth story for starlink or has it already sort of matured no mean star just.
[04:06] In so many ways, Starlink is a critical system and pretty much everybody in America should have it as a backup.
[04:06] For their internet access as a fire survivor of the Paades fire, Starlink saved us, you know, like without Starlink, I can't even tell you.
[04:06] what would have happened during that fire, so it's literally a life or death critical system and you should have it as your backup internet so there's a massive mark.
[04:06] Even in America that doesn't have starlink, and then when you talk about globally, it's huge, but there's another element to starlink that people have to honor.
[04:06] S which is the military element to starling, which is one of the reasons Ukraine is having so much success with their drone attacks all throughout the country of Russia.
[04:06] Is because they now have Starlink satellite antennas on the drones and same with the US drones, and by doing that it gives us a guidance system.
[04:07] That's global that can be managed anywhere in the world, and it creates a weapon that is almost unstoppable and we're seeing this right now in real.
[04:07] And this is due to starling, so the military side of starling is only also just begun because we haven't even built that.
[04:07] Many drones yet, like if we're going to be prepared for the future of combat and war into the 21st century for real, Starlink is going to be.
[04:07] Just a critical element to our military and our success in this new autonomous military world.
[04:07] So Starlink is just at the beginning, whether it's internet service on a boat or a backup service at your house or putting it on a drone.
[04:07] To go blow up the wildberries factory in Russia, this stuff works incredibly well, and I just there's no competitor, Rus.
[04:07] Always appreciate it ros kber, co founder, president, ce of kber kawwasaki wealth and investment management Spacex year is now taking a lake lower down.
[04:08] About7% in the after hours trade meanwhile advanced micro devices the chip maker just reporting earnings its shares now down about 9%.
[04:08] The after hours trade providing third quarter revenue guidance for the current quarter of 12.7 to 13.3 billion.
[04:08] Now the low end of that range is above the average of street estimates let's drop back though here are the second quarter numbers for the second.
[04:08] The company did report a beat on revenue 11.5 billion the street was looking for 11.3 adjusted6.
[04:08] The street on average was looking for $162 operating margin did expand 27% versus a range at well 26.9.
[04:08] Was the estimate so pretty much on the nose, the capex number coming in at about $808 million the street was looking for 200.
[04:08] 99 million dollars there back to the third quarter on that forecast, so they are saying that they do see a.
[04:08] gross margin for the current quarter of about 56% the street was looking for 56.2 I don't know if people out there quibbling.
[04:09] With a two tenths of a percentage point on that, but the company does say that its data center sales will accelerate here in the second half.
[04:09] Of 2026 we're going to keep covering both of these big names as they both move lower and we await for the conference calls of both to start.
[04:09] Our next guest, well, he's got etTFs leverage etfs for both companies, including tracking SpaceX since the IPO.
[04:09] Ran, founder and ce over at granite shes joins us right now he oversees s and sK the two times long and short space.
[04:09] ETs and, let's start with SpaceX here and with regards to what we heard today and whether that moves the needle at all.
[04:09] In either direction to the long side in the short side in terms of opinion on where this stock might go, it's interesting.
[04:09] I mean, the stock had a very good day today, obviously coming into the earnings and probably the best day that we've seen for a while.
[04:10] Certainly from our business, I can tell you that the orders were almost exclusively skewed to the short side, meaning that.
[04:10] People were buying SNK, which is our two times short, so that tells you that expectations were bearish.
[04:10] Going in, at least from our perspective, that was to some degree backed up by the prediction markets, which actually last time I saw.
[04:10] hadd the earnings at a miss instead of a beat, but of course, it's just the first day, I think there's a bit of nerve still.
[04:10] Aro what's going to happen later in the week with the lockup expiring and certainly a lot of shares available to be sold for the first time.
[04:10] So I think it was less about the earnings today and more about what's coming in the next few days well i'm curious how do you think the lockup is going to affect?
[04:10] I talking about this a lot on the show, I mean, 600 million shares right now out there trading around 900 million more shares.
[04:10] Being unlocked this thursday and there's been a lot of discussion that this isn't there's a lot of optionality for some of these insiders.
[04:11] And given when they bought in and what they're sitting on, some of these folks have to sell I think that's right so I think sentiment.
[04:11] You have to say is skewed negative here, that being said, because we've known about this, you have to ask.
[04:11] self how much of this is already priced in to the stock movements, and therefore it might be a surprise to the.
[04:11] You just never know. but I think you'd have to say based on all the evidence that you have a lot of investors who bought into the.
[04:11] valuationu significantly lower than even today's, of course, and it would be an opportunity for them to sell, which you'd have to think would put pressure.
[04:11] On the price well i'm curious what is the price to even short this because I mean, I mean s and k the last time I checked correct i'm wrong, you're charging two.
[04:11] What is it like2 and a quarter percent on this and i mean i've seen we had bob sloan on the program on the network earlier today talking about the cost.
[04:12] That just straight hedging on the shares itself here is it going to become too expensive to even bet against this stock at this?
[04:12] I think there's always a price, you know, we've seen that for other stocks and certainly stocks that are way more volatile.
[04:12] SpaceX, even that typically the market finds a way to source supply, even if it is at a very high cost.
[04:12] Cost for something like this isn't that bad at the moment because it's a huge mega cap stock. So there's quite a lot of supply.
[04:12] AilableThat does obviously change with certain other names in the market and is very much supply and demand driven, of course.
[04:12] I do want to ask you about AMD, you also have a product there, the AMYY, and those shares also getting hit pretty hard here in the after.
[04:12] Give me a sense here kind of like what people wake up to tomorrow with regards to sort of, you know how they sort of trade in and out.
[04:12] This, whether it's through your es or through the stocks themselves well I think the first thing to point out is that.
[04:13] There's been a lot of volatility this earnings season in particular, and of course we've just come off the back of a very brutal month, which is.
[04:13] July from momentum stocks, particularly a lot of the semi stocks, of course, I think it was the worst July for the NasdaAq for 22 years.
[04:13] So in that environment, you, you've had earnings, the Google earnings, for example, spring to mind where you for all intent.
[04:13] The numbers were amazing, but with slightly higher capex than the market expected. The shares took a dive and subsequent.
[04:13] recovereded, and I think we've seen that playbook in past earnings and I think what we might be going through with AMD right now is similar.
[04:13] I haven't had time to digest the earnings of right now, but I suspect it's a little bit of an overreaction to perhaps a number.
[04:13] Was well the market of price of perfection, that maybe there was some detail off, but the one thing that we typically see in the business is we see.
[04:14] A lot of activity, people trading in these levered ETFs in the pre and post market, so we get activity coming out.
[04:14] Of Asia overnight, and that's the great thing about lot of ETFs, which not everybody knows, you can trade in the pre and post markets.
[04:14] Before the official session start, and when we see moves such as this, whether it's AMD, whether it's SpaceX, whether it's SK Hex.
[04:14] You typically see a lot of interest even before the official session opens, of course, when the market opens in the morning.
[04:14] will about some of the critiques of some of these leverage ETFs and you know I mean we saw the sell off that happened over in Asia a bit of an unwind.
[04:14] There's been criticisms of funds like yours and basically the way that you have to rebalance in a lot of ways you are actually moving the very stock.
[04:14] That you track and the sec has also put out warnings, Goldman schs has said this could potentially create systemic issues should.
[04:14] Conue apa How do you respond to that I think that leveraged ETFs, if we just talk about that specific.
[04:15] have been around for almost 20 years now, this is not a new phenomenon and of course, like anything.
[04:15] Supply and demand driven, we have a free economy where investors are free to decide whether they want to buy a leveraged ET.
[04:15] For an unleveraged ETF and there's clearly demand for trading vehicles, there's investors of all types.
[04:15] Investors that want to buy and hold and are conservative and want to execute strategies for the long run and then there are investment.
[04:15] who want to execute strategies for the short run, and to me, neither is right or wrong is very much about how you express yourself.
[04:15] Individually and one thing that is obvious is that there's demand for trading, there's demand for trading tools.
[04:15] That's where leveraged ETFs play their part, they're not for everybody, they're not for buy and hold investors, but for trading vehicles, they play the role very.
[04:16] Well, well always appreciate it will Warrenin founder, CEO over at Cranite shares as we continue to keep an eye on spaceX.
[04:16] With their conference call set to kick off in just about five minutes time, we're going to hear from elon musk' his first earnings call since SpaceX went.
[04:16] And analysts are certainly likely to press them on the AI business and the massive spending associated with us joining us right now to talk about.
[04:16] The leader of this company is steve wesley, a former tesla board member and the founder of the wesley group.
[04:16] Join us again, I am curious about sort of you what you think Elon is going to try to articulate on this conference call a money losing business.
[04:16] But obviously a ton of potential up ahead for what this business can be, there is a salesmanship job that.
[04:16] not just today, but probably over the next few months and quarters you think he's going to be able to do it a darn.
[04:16] With a pretty strong track record, but look, I think this is going to be high drama because the share price down 13% from the IPO but down.
[04:17] 50% from its peak. So they've got their work cut out for them. I think what they're going to argue here is, look, they're an incredible group.
[04:17] BothThe engine that SpaceX on track that doubled from 18.7 billion in 2025 this year lookslikere.
[04:17] hit 38 billion and I think he's going to say we're probably going to double again next year, he's going to focus on being a market leader space.
[04:17] launch 51% of all launches in the world are SpaceX craft, Starlink, very profitable growing 80%.
[04:17] You know he's got a good growth story, but I think investors is going to walk away three questions, how quickly can SpaceX and Starlink?
[04:17] Continue to grow, can SpaceX AI really break in with the big boys anthropic open AI?
[04:17] And Google, I think they can, but that's going to be heavy lifting and the third point that most people aren't talking about a lot, but this is a bit of a deal.
[04:18] For an IPO where shareholders can sell 20% of their holdings within 90 days tomorrow, and so one of the questions out here is,
[04:18] To beHow many people are going to hit the exits early want to unpack it's going to be interesting and it's the 20% obviously this.
[04:18] I think you get 28 to 30% more after theq3, so this is going to be something that's going to dog this.
[04:18] For a while, but give me a sense here, I mean, you sort of rattle off the businesses themselves and no one's doubting Starlink.
[04:18] I think starship, despite some of the hiccups, most people, the consensus is that this will sort of come through to.
[04:18] FionI think some of the concern has been about Ellon bolting on a lot of other things. So let's just take XI a 13.
[04:18] evaluation for a money losing company. What is an investor betting on if they have to take?
[04:18] In XAI with it, where does XAI fit equation into the total equation AI?
[04:19] The fastest growing sector of the global economy, no one has ever seen anything like anthropic and open AI before, Musk is saying.
[04:19] We can play with those guys and I think they're showing the initial steps to do that, but it's going to.
[04:19] Not be cheap and they're talking about losses of growing from 15 billion year to 30 billion a year, some analysts are saying they might burn through us.
[04:19] Muchch is 300 billion before the end of the decade. So he's going to have to show rapid growth in the number of users going to show.
[04:19] can sell into both the individual and the B to B market this is not going to be easy, I dare say I think it's a lot easier to.
[04:19] General Motors and Ford in the electric car sector, than it is to tackle anthropic, open AI and Google.
[04:19] We'll see if he could do it, you hate to bet against Ellon Musk I have to ask you about tesla itself because there's a lot of speculation that at some point.
[04:20] Eesla might ended up getting folded into SpaceX, you know, this company from its startup days, it's obviously struggled as of late a little bit but then.
[04:20] I think about rock, it's in tesla car, starlink, I think is part of the cyberca, there's a shared chip fab in Texasex.
[04:20] I mean, you add it all up, those are just three things, Steve, I mean, come on, is not far fetched to think that at some point Mus just wake up one day and say, hey, we're just going to do.
[04:20] This and I'll do it at 420 i'm sure somewhere on 420 there you go look I mean, he all said in the last.
[04:20] Annual meeting that there are quote many collaborations with SpaceX, with Tesla, especially Terra Fab.
[04:20] And look, the number of synergies here is huge, there's synergies on chips, memory, compute, especially on energy, now SPX coloss.
[04:20] He uses microgrids powered by Tesla mega packs for load smoothing, keep in mind, we're in the time of the greatest energy demand increase in history.
[04:20] And Tesla' is one of the biggest battery sellers in the world energy companies, so there are a lot of synergies it would make.

### [E0020] Bloomberg TV+ | 2026-08-04 21:00 UTC | 收盘后
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[04:30] So when you look at the demand for launch at the minute, most of SpaceX's launch is for its own service.
[04:30] So, you know, I guess the question is, is Elon going to be able to generate the demand downstream?
[04:30] To justify Starship launching as often and as much cargo as.
[04:30] So I think we lost shana's connection there, shanee, I do have one last question before.
[04:30] We let you go and this has to do with the idea of the singularity of what starship is and what it represents.
[04:30] You as a scientist, believe there could be any sort of meaningful competition to it right now falcon.
[04:30] for a while was the only game in town I assume assuming starship makes it on the timeline, it will be the only game on town.
[04:30] W, but there are a lot of other companies out there that think that they can actually be a player in this as well do you see the potential for real competition in this?
[04:31] It's really hard to say, I think, Elon Musk started really early and he got the full support of the US. government.
[04:31] And now he's been able to create essentially a monopoly in this space, it's going to be really, really hard.
[04:31] For a competitor to steal enough of that market share to make their own economics work. But again, let's not forget, Elon also.
[04:31] Created his own demand. So a competitor is not only going to have to steal market share from the Falcon or Starship.
[04:31] Vehicle, they're going to have to get really good at generating their own demand to make the economics work. And we still haven't.
[04:31] seen any of these actual economics from the launch services yet. If they were profitable, we probably would have heard this.
[04:31] Before, so we don't even know if this segment by itself is ever going to be profitable. And this will ultimately decide whether or not a competitor.
[04:32] W to compete for what is ultimately a loss exercise, really great to have you here, really insightful Sha osllivan.
[04:32] An economist and former senior researcher at the har Business Schools Institute for Strgy and competitiveness and worked at naSA the jet proppulsion.
[04:32] And other places there as we continue to watch our Spacex shares under pressure as the conference call gets off the downdraft in those shares in the after.
[04:32] trade dragging down some other names as well ad did come out with its earnings it did beat and it did actually guide slightly higher than estimates.
[04:32] There was a bit of concern about margins as well as the capex spend, those shares down about 8%, dell marvell, intel also moving lower.
[04:32] In sympathy as well, we do want to talk a little bit more about data centers and maybe data centers right here on Earth because that's still where we're building them.
[04:32] So we want to dive a little bit deeper into some of those capX figures that we just heard SpaceX, second quarter capex.
[04:32] actually below estimates while amds will above estimates john Mediina joins us right now senior vice president global project in.
[04:33] Finance over at Moy's rating All right, Johnhn, I mean, where do we stand right now because it seemed like if we spoke to you, I don't know a few months ago.
[04:33] And seems investors were pretty comfortable with all of the borrowing that was going on to build out these data centers, certainly in the last few weeks, there's been a bit of a rethink of that.
[04:33] We've started to see some spreads widening and I was just doing the math earlier today on the bloomloberg terminal, I mean, the majority, the vast majority.
[04:33] 75, 80% of the data center securities that have been issued since last year since the beginning of last year are now trading wider.
[04:33] Then at issuance, what does that tell you thanks remain that's a good question and part of it has to do I think with not.
[04:33] Just market changes, but also where we are in the timing of the year itself right so a lot of these new projects that came to market were in the first,
[04:33] the year, so a lot of new capital was deployed, a lot of new investors, and so that's hitting the secondary, that's hitting different markets, and so you're seeing that kind of work.
[04:34] way through the broader market and in the second half of the year, often those allocations are already allocated right so capital can become tighter.
[04:34] Rreads may widen just because people have already deployed what they were allowed to invest for the year in that one sector and so you'll see it kind of probably the same thing.
[04:34] And next year and the year after because we're looking at a multiple year build out cycle here, so I think the widening spreads and then tightening.
[04:34] Spread is probably going to continue for several years, just depending on the sentiment, but the trend moving forward in terms of the need for capital and the need for more.
[04:34] Capital will continue's what's that cost of capital, though look like going forward I think the cost of capital does.
[04:34] on the risk, you're seeing, I think, different names, you know associated with certain spreads, I think we are seeing a higher spread risk, you know, particularly there was oneD.
[04:34] They priced, I think it's seven and a half percent,7 and a half percent, you know, going out to 2045, a similar deal, you know was much an8.
[04:34] April also 7 and a half percent we've seen things in a 6% range recently a deal priced in over 9% right in terms of it's 10.
[04:35] Was it below investment grade tenant,, so those will price even wider, but usually data center ratings,, sorry data center spreads and credits.
[04:35] To be in the six and a half,7 and a half percent pretty consistently, they kind of go up and down and when you're outside of that range, there is a reason you a much lower risk.
[04:35] Or potentially higher risk Well with regards to some of the some of the debt deals, the collateralized debt deals, I mean, there has been a lot of talk about.
[04:35] The payments that you're making are relative to the repayments that you'll have to make on whatever revenue is generated from that.
[04:35] A lot of talk about the value of these GPUs declining and creating a mismatch with regards to what's being taken in.
[04:35] The value of what you have and the value of what you have to pay back so it's interesting in the GPU financings we are seeing an increase in.
[04:35] And you'll see some of those come to market soon as well, they are borrowing over a period of time that's within the lease that's coming with the hyperscalear.
[04:36] So five or six years, you're not seeing really an extension beyond that, but there is that risk of the data center that maybe has a 15 year lease.
[04:36] With that same tenant that only has a six year revenue lease, so they have to renew that or find another tenant, you know after that first five or six years.
[04:36] In order to continue to pay under their 15 year data center lease, that is that mismatch that you're talking about that we do see in some situations.
[04:36] What about the hidden risk a lot of people will say, okay, a lot of this is being done off balance sheet, you got SPVs, you got joint ventures.
[04:36] Track of how many circular deals are being made where nvidia sort of makes a quote unquote investment in this and then of course, obviously ends up collecting revenue.
[04:36] That company in return, how much of that can you accurately assess when trying to determine what the true?
[04:36] Credit value or credit or risk is when we're looking at these big companies, right while they do have these forwardly.
[04:36] unfulfilled liabilities, I think it's up to 1820 billion right now for the largest hyperscalers as of just about a few months.
[04:37] So a pretty large number, but that number also comes with revenue, so when we forecast forward, we forecast both the revenue and we look at that.
[04:37] Liability as well and a lot of the revenue growth we've also seen in recent earnings reports is increasing right because of this backlog of.
[04:37] For cloud services and other services are now being fulfilled so you're seeing even higher revenue growth that can cover that leverage that can cover that long term.
[04:37] those off balance sheet liabilities, and so I will say our analysts are all in touch with each other, are keeping track, are looking forward to what is yet to be,
[04:37] Reported because we are aware of what's under construction, but are also very conscious of the other side of that equation, it's not just a cost there.
[04:37] Revenue generation that is very much showing up now associated with these investments Johnhn always a pleasure John Mediina.
[04:37] You vice president of global project and infrastructure finance over at moody's ratings, keeping an eye on some of those debt financing deals to fund.
[04:38] Data centers, mean, our next guest is pushing headlong into data centers, a growing data center backlog of about $1.6 billion.
[04:38] On his book as his company expands to meet the power demand driven by aI ain yova is the chairman, president and ceo.
[04:38] Of Generac and he joins us right now, Aaronin, great to have you here on the program, anybody who thinks you're just you know the guy you go to when you need a generator.
[04:38] You know get yourself through a hurricane obviously hasn't been paying attention to your company, you've made a big pivot into the data center space you've gotten the certifications here.
[04:38] How much how big of a business do you think this can be for general thanks for having me on romaine.
[04:38] You're hitting the nail on the head here, a lot of people have thought of our company historically as kind of a consumer goods company in it, and we have been for 70 years selling generator.
[04:38] And backup power into that residential market primarily, but we've been growing a commercial and industrial business over the last 40 years.
[04:38] And in fact, over the last 10 years, we've pushed very hard into expanding that business, a number of acquisitions, and we just rolled out, as you indicated.
[04:39] product line that's geared directly towards a larger format backup for the data centers and it's going to be a big business, I mean, as you said, our backlogs.
[04:39] 1.6 billion already the last 90 days, we've recorded over a billion dollars in new business just in that know adding to that backlog.
[04:39] And we're working to triple our capacity there, we're trying to get close to $4 billion a year in capacity, and so I think when you step back what.
[04:39] We see in the future here is a company that's a lot better balanced, you know, between our residential business and our commercial and industrial business I mean you've talked about you and your executive.
[04:39] Its about a generational opportunity here that maybe you could even double your commercial business revenue in three to five years.
[04:39] But when I think about some of the large players, the large megawatt players, if you will, I think Catpillar, I think Cummins, I don't know, Roses Royce maybe.
[04:39] A few others here, are you able to compete with them now or is this sort of a ramp up to be able to be better more competitive?
[04:40] Yeah, those companies have been in this space for a lot longer than we have in terms of the high end of the product range that serves this end of the market.
[04:40] We're new to it,, but we've been in the commercial and industrial market backing up hospitals and backing up cold chain distribution centers and water treatment plants.
[04:40] for a long time, but this new product for us is going to compete head to head with those companies that you mentioned, and we're just bringing it online.
[04:40] This year we'll ship above $450 million worth of the product in that range, competing directly with those guys, and that's going to grow dramatic.
[04:40] In the years ahead, as you said, we had when we rolled out our investor day last in March, we said maybe we can double this side of our business.
[04:40] It's the commercial industrial side of our business, it actually looks and that was going to be a three to five year plan, it actually looks like we might do that next year so you know in terms,
[04:40] Just the uptake for this product line and the demand is incredible I mean, what are people using your generators for with regards to that?
[04:40] are they using it truly as backup or are we starting to see companies maybe run them kind of as bridge as a bridge until.
[04:41] Elect grid in those areas catches up with the actual buildout the products that we offer are specifically for emergency backup so grid.
[04:41] goes down or their prime source of power goes down, our generators start up and they take the place of that prime source of power and again.
[04:41] These are the same products that you would see on other types of commercial commercial applications, telecommunications, applications, hospitals and things like.
[04:41] So there are bridge power solutions that are needed, right, I mean, the grid interconnect queuees are growing at an incredible rate and so we've got a lot of.
[04:41] cent customers who are, you they're providing some other behind the meter power source initially, maybe turbines, maybe even reciprocating.
[04:41] you know, engine driven gen sets, but those are going to be temporary in nature, I think those ultimately these customers are going to want to be connected to the grid that's the you know,
[04:41] The lowest kind of cost way to get connected to the grid, most reliable source of power is going to be grid connected.
[04:42] You know backup power is an absolute must have in these applications, you've got to have five nines of uptime in you know any type of cloud compute or any type of.
[04:42] AI inference learning type of situation are you comfortable and I know right now you're so early kind of in this in this bill.
[04:42] Doub but I know you haven't named the customers, but it's still a small cohort of customers. Are you worried at all about some of the concentration risk with?
[04:42] to this new revenue that you're generating do you have confidence it will broaden we do, you know, as you mentioned, we've got two hyperscale.
[04:42] That we've inked deals with, those orders are going to be forthcoming and they're going to underpin a lot of our volume and our increase next year in 2.
[04:42] But we've also been adding colocators, so smaller data centers and when I say small, these are $100 million deals, $200 million,$300 million.
[04:42] DealSo in and of themselves, they're very sizable customers, but they pale in comparison, obviously to some of the hyperscale customers and in terms of what they.
[04:42] but obviously we want to broaden that out, you know, it's like the number one rule in anything in business is you don't want to have concentration of risk in anything inclusive of your customer.
[04:43] So there's going to be, you know there's a lot of developers out there, there's a lot of demand beyond the hyperscalers. We love the deals that we're putting together with these hyperscale customers, but the.
[04:43] are growing quite quickly as well you are by all intensive purposes, at least on Wall Street, pretty much valued now.
[04:43] Almost as an AI stock, but of course with that, and that's definitely benefited your stock, but of course with that comes a lot of volatility as you've seen.
[04:43] You're comfortable with that Well, I mean, I guess as comfortable as you can be with volatility in your stock I mean.
[04:43] up to 290 and then comes back down to 200 Today. It's up another $18 or whatever in one day. And you're right AI.
[04:43] Is choppy right I think there's a lot of things that are underpinning this in terms of the Capex spending you've been mentioning that on your program.
[04:43] And a lot of other programs haveve mentioned this as well, it 750 billion of Capex spending by hyperscalers in a single year, how sustainable is that?
[04:44] Over your skis, in terms of spending capex beyond your free cash flow generation, I mean, clearly, that's not sustainable, but does it go from $750 billion down to.
[04:44] 50 billion or is it something more like 400 billion on a go forward basis, I think there's a lot of things that that were pretty early innings here.
[04:44] In this build out story, but I can tell you that all the conversations we've had not only with the hyperscalealoid, but the developers themselves is that at least,
[04:44] The next five to seven years, what you're looking at here is a pretty massive build out, and I think that the AI trade while maybe choppy.
[04:44] The interim here I think over time, and you've seen this, you've seen what caterpiillars done, you've seen what Cs have done, you've seen what Generac's done, you've seen the returns here.
[04:44] I think that that's something you can look forward to for the near term Hey, Aaron really appreciate you joining us today, obviously fascinating.
[04:44] growthrow story here for genak we'll catch up with you soon i'm sureer yaf there the chairman president and CEO of a generaca.
[04:44] We continue to keep an eye on that conference call for SpaceX underway right now we are hearing from some of the executives on that call talking about.
[04:45] nearear term priorities in launching the mobile v2 satellites and of course, what goes on with starship joining us right now talk.
[04:45] bit more about this is Ed lud low, who i'm pretty sure has been listening in to that conference called I mean i've been saying this all hour.
[04:45] From last quarter are almost immaterial for a lot of folks out there, this is really about the long term story, of what are they articulating right now on the conference call?
[04:45] Yeah that all the business lines have momentum right there are some kind of operational updates, which is that you know right now SpaceX is,😊
[04:45] Benefiting a lot from the investment it made in its own data centers because it's renting out that capacity to third parties, namingly Anthropic and Google.
[04:45] And so the AI division, while the spending is concentrated there, it is allowed for some pretty positive numbers on the bottom line in isolation on that unit.😊
[04:45] And Musk is talking about that being the direction of travel, though end the year with two gigawatts of capacity installed and that they will continue to ramp up from that point.
[04:46] Orbital data centers, data centers in space are on track to launch next year, and they've gone with video as the exclusive compute provider.😊
[04:46] someth that broke just before the closing bell, but they basically explained they look at all the architectures and inous were the best so they went with it and that's a departure from their previous,😊
[04:46] Strategy where they said they'd look at all of the different compute platforms available, make reference designs and pick the best one, they picked the best one.
[04:46] Other than that, the thing we don't have, forward looking guidance, revenue, capital expenditures, but the CFOs talking Yeah, the CFO is talking.
[04:46] And hopefully we'll get some of those numbers on the capex side how much does that matter to investors i mean when i look at some of the plans that musk has laid.
[04:46] I mean, that sounds like that's going to cost a lot of money, but it doesn't seem like you have the same scrutiny over Capex that maybe we saw for the hyperscales.
[04:46] Some of the others, yeah, I mean, you know the liquidity position is they have $100 billion to play with right post IPO and what they did in the debt markets.😊
[04:46] The street thinks they'll say they'll spend $45 billion plus or minus this year. You know The compute side of it, what they're doing on earth.
[04:47] Well as what they hosted in space is expensive, you know AI is where the spending will be concentrated and it will impact supply chains right if they're going to be big.
[04:47] Spner on NviDdia compute, there is a Tesla exposure because of the joint direction with Terraab, that's their shed chip manufacturing.
[04:47] Initiative you know, the spending will matter, the level of it will matter all right there which point out that conference call.
[04:47] Still going on, you can type tiv on your bloomberg terminal to continue to see a live blog out that will continue with full coverage.
[04:47] On bloomberg television even into to balance of power, but as of right now you see the reaction in the shares in the post market here, SpaceX down.
[04:47] About7 percent this after reporting pretty much what we knew there is revenue growth, not necessarily profitability with the exception of the.
[04:47] OurLi business advanced micro devices they were also out with earnings, they did beat on several key metrics, their guidance relatively in line.
[04:48] But a few numbers came in light that conference call also underway those shares down about 7%, a lot of names in the broader AI space.
[04:48] Drag down we'll see if this flips into the cast session tomorrow morning at 930, but stick around right here on bloomberg television a lot more.
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[04:48] 🎼ver technology national securityre in thets.
[04:49] Kingdom this is a really interesting space to watch we're expecting more consolidation as this is Bloomberg deals at Bloomberg andInvest I want to talk.
[04:49] About the broader deal in M&A environment, this is a moment in time we'll see how long we're here it's far too early to call there an under.
[04:49] In what's going on in private markets, because everyone's looking for additional AI cloud capacity and it.
[04:49] Very tough to build everybody wants to get things going and the IPO market is just one symptom of it is an early indicator of what we're going to see in the.
[04:49] MarketLet's go to scarlet food who's taking a closer look at drone companies with ongoing conflicts in the Middle East and Ukraine. there's renewed investor appetite for.
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[04:50] continue at this rate what we see in our data as a consumer so spending to consumer spending in America, that means economy is okay, and that probably means the rest.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。