Stocks higher across the board today. Big tech jumping and a drop in oil prices helping to clear the [music] way. The Dow gaining 700 points to close at a record close.S&P 500 up one and a half%. The Nasdaq, the big winner, [music] up more than 2%. The S&P 500 failing to hold on to that 7600 level.It was close to the close. The closing record, by the way, 7609 that was set on [music] June 2nd. Amazon and Microsoft continuing their post earnings rally.Both stocks up more [music] than 20% in just the past fiv ...

Our next guest is the so-called dean evaluation oswat the motor and NYU Stern School of Business professor of finance. Welcome back. It's nice to see you.>> Thank you for having me. >> You have multiple headline comments that I that I want to get to, but I want to I want to start with because the hyperscalers are having such a nice bump today on the on the back of their earnings. Uh the big question is how much the correction will continue.My bet is that we hit peak AI a few months ago and that there will b ...

Welcome back everyone. Today on the Jel Carlson show, sentiment is changing rapidly for the big hyperscaler stocks. The ones that are spending on all the capex, the companies I've invested into, these ones are going up and they're going up quickly.They're being led by Amazon and Amazon is the primary driver here. Amazon has now reached $285 per share. It's up 5% on the day and Amazon is racing upwards. In fact, in just the past five business days, it's up 23%.That makes up for almost all of its gains this y ...

If Amazon and Microsoft were to successfully make the case for continued capex's earnings season, does it make them also the best position to win the next leg of the AI race? Let's ask Gil Laura. He's head of technology research at DA Davidson. I I again I love looking back at the history of this Gil. Microsoft was first out of the gate. They were the golden child after Chat GPT. They had the Open AI collab. Uh they it was all about Microsoft until it wasn't, which was up until about last week. So, you thin ...

company's ownership stakes in anthropic or open AI, they could be distorting the S&P 500 earnings picture. Kate Rooney has some details for us. Kate, >> hey, David.So, Amazon, Microsoft, and Alphabet all saw massive earnings growth in the recent quarter, but if you look past some of the headline numbers, it was mostly due to their venture capital portfolios, not the underlying business. So, these companies have significant stakes in OpenAI and Anthropic. In the case of Alphabet, you've got SpaceX as well as ...

Yeah, Alphabet surging more than 5% this morning and eclipsing Apple in market value now behind only Nvidia. Yet, it is still trailing the renewed hyperscaler rally. Microsoft and Amazon have outpaced Alphabet by nearly 10 points in five sessions.Now, Google's problem is not AI demand. Cloud revenue and backlog both grew more than 80% while Google Cloud is converting each new dollar of revenue into additional operating profit at nearly the same rate as AWS despite growing more than twice as fast. Now, I've ...

Amazon is back to a record high for the first time in three months and topping three trillion in market cap for the first time. It's also coming off its best week in over a decade while Microsoft is coming off its best week since the turn of the century. Now, Alphabet, let's go back to how they kicked off earning season for these hyperscalers, so to speak.The shares sank 7% when they originally reported results, including that higher capex forecast for this year. So, why the divergence. Mackenzie Sagalos ha ...

Pharmaceuticals and Healthcare M&A - AstraZeneca experienced a 7% stock decline following early-stage merger talks with Bristol-Myers Squibb [1][2][48] - Bristol-Myers Squibb shares increased by 2.7%, with the potential combination projected to create the world's largest drug maker generating approximately $107 billion in annual revenue [2][48] - KKR agreed to acquire Integer in an all-cash deal valued at more than $5 billion [27][86] Commodities and Precious Metals - Brent crude dropped by 5% and 5.6% as geopolitical tensions eased regarding potential conflict with Iran [24][47][118] - Standard Chartered established a gold price target of $4,200, projecting a Q3 average of $4,300 and reaching $4,650 in Q4 [188][194] Financial Markets and Asset Management - Jefferies faced exposure issues through its Point Bonita fund, with peak exposure reaching $500 million and dropping to less than $300 million [32][33] - KKR raised a record $19.2 billion for its largest-ever infrastructure mega-fund [86][88] - Major tech companies achieved massive market capitalizations, with Amazon crossing the $3-trillion market cap threshold [57][68]

Market Trends and Investment Opportunities - Capital markets are experiencing a generational capital expenditure (Capex) wave driven by digital infrastructure and artificial intelligence, pushing fixed income yields higher across the board [24][25] - Diversified income strategies are currently yielding approximately 7.5% without taking undue credit risk [26] - Hyperscaler exposure currently accounts for around 5% of the investment grade corporate bond index, with expectations to grow to 10% or slightly higher [19] - Focused portfolios may allocate between 10% and 15% to these AI ecosystem and digital infrastructure risks [20] Digital Infrastructure Lending and Risks - Data center and chip financing deals require massive capital commitments, ranging from 10 billion to 25 billion US dollars in debt to build out individual data centers [5] - Lending opportunities in digital infrastructure offer high single-digit yields, specifically between 7% and 9% for strong investment grade quality [3] - Asset managers face AI concentration and disruption risks, requiring rigorous credit underwriting and detailed document scrutiny, such as verifying rapidly depreciating Nvidia chip assets [8][11][12][13] - Major hyperscalers like Google, Microsoft, and Meta maintain very low gross debt to enterprise value ratios, sitting in the low to mid single digits, providing a strong equity cushion [16] Below Investment Grade and Traded Leveraged Loans - Single B leveraged loans are currently offering yields between 8.12% and 9.12% (8.12% to 9.12%) on resilient and diversified liquid profiles [29] - Yields in below investment grade space are driven higher by direct lending volatility, software sector disruption concerns, and a general rise in yields [30][31][32]

Market Trends and Macroeconomic Indicators - Wall Street indices opened higher on the first day of August trading, with the Dow Jones Industrial Average rising 648 points or 1.25%, the S&P 500 index increasing by 45 points or 0.5%, and the Nasdaq gaining 133 points or 0.5% [1] - The Nasdaq concluded July coming off its worst performing month since March 2025, though major market averages remained higher for the year [2] - Crude oil prices fell by more than 6%, with US crude dropping below $80 per barrel amid optimism surrounding US-Iran talks and potential war de-escalation [1][2] - The national average price for a regular gallon of gasoline held steady at approximately $4.09, while inflation metrics showed shelter costs decreasing rapidly in regions like California due to population outflow [3][4] - The average interest rate on a 30-year fixed home loan hovered at 6.83%, approaching the 7% threshold and marking some of the highest mortgage rates seen in a year [4] - The United States government intervened to support the Japanese yen in the first currency intervention in 15 years, as the yen weakened to its lowest level against the dollar in nearly 40 years [5] Industry Dynamics and Corporate Performance - Technology giants experienced share price growth, with Microsoft and Amazon shares both soaring by more than 4% in morning trading [1] - Pharmaceutical companies AstraZeneca and Bristol Myers weighed a potential mega-merger valued at roughly $400 billion, which would rank among the largest pharma deals in history [6] - Canadian airline WestJet, the country's second-largest airline, reached a tentative pay deal allowing flight attendants to end a strike that had prompted the cancellation of hundreds of flights during a three-day holiday weekend [7][8] - Marriott International shares declined in early trading following mixed quarterly results, despite the company raising its outlook for room revenue growth [8] - Sony's Spider-Man movie generated an estimated $355 million during its opening weekend, drawing over 24 million viewers in the United States and Canada to mark the second-biggest domestic opening weekend record in history [9]