Interest Rates Edge Down Amidst Weak Employment Figures

The host noted the importance of the market remaining neither too hot nor too cold, assessing this week's market mission as quite challenging.

This reflects expectations for improved market conditions starting in October.

JPMorgan warned that a final shock could occur if 10-year interest rates reach 5%. In contrast, Goldman Sachs consistently recommended increasing equity exposure and reducing bond exposure. Alongside this, they proposed a strategy of diversifying investments into low-volatility stocks, high-dividend stocks, and real assets.

This suggests that the United States has secured clear dominance in the energy sector.

Broadcom's stock initially dropped by 5-6% during trading but ultimately succeeded in turning positive and rebounding. This is attributed to robust AI sector revenue. In particular, forecasts that AI semiconductor revenue will double in fiscal year 2026 are generating market anticipation.

This growth is attributed to a sharp rise in the number of users and active Codex users.

The Cyber version is a security-enhanced model, while the Flash version focuses on speed. Google emphasizes improved performance along with competitive pricing.

Market competition is intensifying among frontier AI labs such as OpenAI, Gemini, and Claude. They are pursuing a 'super-gap' strategy to widen the gap with free or low-cost AI models, aiming for growth. The monetization of premium models by charging fees is a key factor creating a virtuous cycle that leads to increased investment and infrastructure expansion.

This is seen as a move to establish a legal framework to protect artists and inventors. Currently, the government appears to be leaning towards supporting OpenAI's position in its copyright disputes.

The U.S. government has set a goal of securing up to 50% of domestic semiconductor production. Accordingly, it maintains the general principle that semiconductors produced within the U.S. will be exempt from tariffs.

Dell's stock initially fell after strong earnings but quickly rebounded. Guidance was significantly upgraded, and its order backlog reached an all-time high. Notably, its operating expense ratio hit a record low, demonstrating improved profitability. Demand is expanding across various sectors, including Neocloud, government, and enterprise clients, with a surge in enterprise AI inference demand confirmed.

Credo's stock price plummeted by 20% compared to the previous day. While the company achieved significant profits with its dominant market share in copper cables, it is now seeking to transition its business to optical products. Whether optical product sales expand will be a key determinant of future stock performance.

Broadcom's stock saw sell-offs after its guidance was announced to be lower than expected. Concerns about market share relative to competitors like Marvell Technology were also raised. However, the forecast for a doubling of AI revenue and plans for securing supply helped alleviate market anxieties.

HP has a business structure similar to Dell but on a smaller scale. Despite raising its guidance, it fell short of market expectations, disappointing investors. Additionally, the fulfillment of its data center contract with Oracle remains an uncertain variable.

Nvidia's stature has significantly increased, growing to the 7th largest among the 11 sectors in the S&P 500. JPMorgan positively evaluated Nvidia's 70% growth framework. Demand for loans from Nvidia's financial platform has doubled, and large-scale loan cases are emerging in Asia.

Eos Energy's stock significantly increased today after it signed a contract with Google for data center ESS (Energy Storage System).

This aligns with the recent trend where earnings reports from previously suppressed software companies like Salesforce continue to act as positive catalysts.

Morgan Stanley assessed that the foldable iPhone, set to be unveiled on September 9, would be a significant event since the iPhone X. They noted that market penetration would be key, given its high price. DA Davidson, on the other hand, argued that while the foldable iPhone is important, Apple's AI strategy is ultimately more crucial, and further announcements on this front should be watched.