TMTB Morning Wrap
Good morning. Futures up early (QQQs +1.4% / SPX +1% / RTY +1.2%) as better news out of Iran (US paused attacks and Iran halted retaliation) has Oil -7% and yields down 3-5bps across the curve.
Big week for Tech on the earnings front with META/MSFT/AAPL/AMZN among others on deck (we’ll have some bogeys out shortly). FOMC is on Wednesday. Going to be a fun one.
Asia generally up overnight: TPX +1.37%, NKY +0.5%, Hang Seng +0.98%, HSCEI +1.14%, SHCOMP +1.15%, Shenzhen +2.93%, Taiwan TAIEX -0.05%, Korea KOSPI +0.97%. SK Hynix +2.4%, Samsung +1% but Kioxia -2.6%…CXMT (Chinese DRAM maker) +466% overnight on debut in Shanghai, close to a $500B market cap.
In the U.S., Semis +2.2% leading the way higher with Internet/Software +1.3%
Good to be back. Let’s get right to do it…
Nvidia in Talks With OpenAI to Guarantee $250 Billion Financing for Data Center - WSJ
WSJ reports Nvidia is considering a roughly $250 billion guarantee to support OpenAI’s lease of a 10-gigawatt Ohio data-center campus being developed by SoftBank’s SB Energy, with the full project potentially exceeding $500 billion including chips. Nvidia may separately finance as much as $350 billion of GPU purchases, underscoring the increasingly circular funding structures supporting AI infrastructure. The project would give OpenAI more direct control over compute capacity, but also raises concerns about financial risk if AI growth or investor appetite weakens.