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AI Trade — Kospi −8.5%, Nikkei −4.7% after hot US inflation; TSMC beats, Nasdaq-100 on support Asia sold the AI hardware trade hard overnight. The Kospi fell 8.5% to about 5,500 and trading was halted for 20 minutes; SK Hynix lost about 11% and Samsung about 10%. The Nikkei dropped 4.7% and Taiwan 3.4%, as reported, after hotter US consumer prices on Wednesday revived the fear of another rate hike.
AI Trade — Kospi −8.5%, Nikkei −4.7% after hot US inflation; TSMC beats, Nasdaq-100 on support
1 Nasdaq-100 — QQQ −2.0% to 728.95 and sitting on a major support line2 Korea — Kospi −8.5% to about 5,500, trading halted; SK Hynix −11%, Samsung −10%3 Tokyo and Taiwan — Nikkei −4.7%, Taiex −3.4%; China −2%, India +1.4%4 TSMC — record profit NT$763 billion, +68.7%, the sixth record quarter in a row5 TSMC margins — gross 66.4%, operating 58.7%; the newest 2nm chips 8% of sales6 Wall Street — hot inflation: S&P 500 −1.1%, Nasdaq −1.9%, chip fund −4.5%7 AI servers — Barclays sees no enterprise AI wave: Dell −11.3%, HPE −8.3%, NetApp −7.0%8 AI indices — Rubin −9.9% on the week, Agentic Winners +0.9%9 US data — retail sales and producer prices at 12:30 UTC10 Anthropic — revenue $16.8 billion in the third quarter, +45% on the quarter, and profitable on an adjusted basis The full Morning 10 →
AI Trade — TSMC is ‘prudent’ on 2027: chip fund −2.0%, Dell −7.7%; software bought, Dow +0.9%
1 TSMC −2.2% to $420.68 after a record quarter: ‘prudent’ on 2027 even as 2026 growth is raised to about 44%2 The chip-machine makers fall hardest: Lam Research −4.4%, Applied Materials −4.0%, KLA −3.1%3 Servers and networks sold for a second day: Dell −7.7% to $468.62, HPE −5.5%, Arista −5.3% All ten lines →
Two clocks are running on the AI trade. The short one says sell: Kospi −8.5% with a trading halt, the chip fund 20% below its June high, and Barclays saying companies put only about 5% of their IT budgets into AI — the fear of 2000's empty fibre. The long one says intact: TSMC posted a sixth record quarter and ASML is sold out into 2028.
The full Pulse →
Print-record cards of the day TSLA — Tesla META — Meta INTC — Intel DDOG — Datadog NET — Cloudflare FROG — JFrog DT — Dynatrace DOCN — DigitalOcean