Bulls vs Bears EP92: Mega-cap stocks deliver earnings
Amazon crushed earnings on the back of AWS—but what does that mean for AI-led infrastructure and the rest of the MAG-7? In Episode 92, Jonathan and Kai dive into a mixed week for equities, Japan’s booming Nikkei, Australia’s CPI shock, the Fed’s “hawkish cut,” and a powerful…
Jonathan (MPC Markets) is joined by Kai while Mark takes the Golden Edition out on Sydney Harbour. We cover a big week across tech, commodities and Aussie macro. This week’s pulse Amazon leads: Profits powered by cloud. The AI/compute “picks & shovels” trade keeps delivering. Japan pops: Nikkei outperforms on prospects of looser policy and a weaker yen. Australia CPI surprise: 3.5% YoY vs 3.1% expected — local rate-cut hopes fade. Fed “hawkish cut”: -25 bps, but Powell cools talk of multiple near-term cuts. Mixed reaction across indices. Market internals: Mega-cap strength masks narrow breadth; it’s still a very stock-specific tape. Themes & names AI infrastructure > everything else: Cloud/data-center demand remains the safer end of the AI spectrum. Quantum computing: Fascinating, but still early for commercial impact. IBM bounce: A reminder that “old tech” can benefit from new compute narratives. Commodities & crypto Gold (AUD): Ran to ~4,400, retraced to ~3,900, now circling ~4,000. Expect chop in a 3,800–4,200 range as macro heat cools. Uranium: Standout strength. Watching producers and tech enablers; Silex’s enrichment progress is notable. Bitcoin: Losing some momentum short-term; “boredom risk” as institutions tame volatility. ASX focus CSL: Vaccine headwinds hurt, but plasma remains solid — debate now is whether the selloff overshot value. Trade of the Week — BM1 (Ballard Mining): Premium placement at 55c (~$20m to one party; chair also subscribed) funds an extensive drill program. Existing resource, goal to extend mine life. We like the risk/reward with smart money stepping in. https://www.mpcmarkets.com.au/wp-content/uploads/2025/10/Bulls-vs-Bears-31st-October-2025.pdf
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