Major global indices broadly declined as bond yields rose. Strength in semiconductor and AI-related indices and markets helped limit equity losses. Trump said he would not rule out stepping up attacks on Iran after the midterm elections, and U.S. officials indicated that another aircraft carrier and 10,000 troops may soon be sent to the Middle East. Renewed escalation in Middle East tensions supported energy stocks.
Bond markets this week focused on a sharp rise in long-end yields. The 10-year U.S. Treasury yield briefly climbed to its highest level in more than 20 years before giving back some of its gains.
Micron reported 4Q revenue of US$54.23bn (+31% QoQ, +379% YoY) and EPS of US$33.42, both above consensus. Guidance for next quarter also remained strong, with revenue projected at US$61.5bn and EPS at US$38.15, both above expectations.
Generics account for 70-80% of global pharmaceutical sales volume, but only 25-30% of sales value.
Taiwan is the physical integration hub for global AI computing. It leads in advanced process technology and CoWoS packaging, and handles more than 80% of server rack assembly. This advantage is architecture-neutral, so Taiwan benefits from both mainstream Nvidia GPUs and custom ASICs designed by cloud giants. That makes it an indispensable physical bottleneck in AI development.
