[MARKET ANALYSIS]: NDX extends on recent gains amid bullish tech stories
The tech sector is demonstrating resilience and extending its recent gains, driven by strong performance in companies like Alphabet and Nvidia, bolstered by positive news from Asia.
Danaher (DHR) says management expects accelerating revenue and earnings growth in H2 and beyond, with productivity benefits supporting high-single digit earnings growth
US Treasury Secretary Bessent says the US can sanction any open-source AI Model if they do IP theft; going to be looking China models in the coming days
[MARKET ANALYSIS]: NDX extends on recent gains amid bullish tech stories
US Treasury Secretary Bessent on Iran and China, says have seen a substantial decrease in purchases of Iranian oil, Fox reports; Tracking Ayatollah properties, hope to show addresses; China has dropped purchases of Iran crude by around 40%
Japan Government considers raising gasoline subsidy threshold to JPY 175/ltr in September (currently JPY 170/ltr)
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Tech gains, and outperforms, continuing on from Monday's bid.
On Monday, Alphabet shares profited, leading the Nasdaq gains, amid reports it is developing a new server chip, however, shares have trimmed some gains in pre-market trade as Tae Kim said Google is a secular short.
Back to the tech outperformance on Tuesday, due to a couple of bullish factors, which is seeing a rally in semis and AI plays such as data center and infrastructure following a surge in Asian markets helped by more positive newsflow. Amongst others, there are numerous reasons contributing to the gains seen.
- 1) Taiwan export orders in June +59.4% Y/Y, surpassing Wall St. consensus of 49.5%
- 2) Nikkei reported that TSMC (TSM) is set to raise prices for both advanced and mature chip production services by up to 10% in 2027
- 3) Nvidia (NVDA) disclosed a 9.3% passive stake in Nebius (NBIS), and the stake includes Nvidia's earlier USD 2bln investment
- 4) Hut 8 (HUT) and Iren Limited (IREN) extend on gains after recent order news
In terms of the path ahead, Alphabet earnings on Wednesday AMC will be eagerly watched, with attention on capex updates.
Key factors behind this bullish sentiment include robust export orders from Taiwan and significant developments in semiconductor pricing. As we look to tomorrow's Alphabet earnings call, market participants will be keenly focused on capex updates, which could further influence tech stock trajectories.
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