AI Infrastructure Investment - AI investment boom is still happening rapidly with no slowdown [2] - Google raised its CapEx from $75 billion to $85 billion for its cloud business [2] - Mark Zuckerberg plans to spend hundreds of billions of dollars in CapEx [4] - Demand for hyperscale infrastructure is accelerating [5] Market Dynamics and Consolidation - AI trade has not yet reached applications like Salesforce or Adobe [3] - Expectation of an M&A wave due to many companies claiming to be AI-first [6] - AI is consolidating power for many, not just a few, leading to capacity constraints [7][8] - Too many companies are chasing AI long term, necessitating cleanup and M&A [9] Company Performance and Outlook - Microsoft is on an acceleration path and capacity constrained [15] - Amazon's backlog grew by 20%, up from 14%, indicating future revenue growth [16] - Microsoft is guiding to an acceleration [16] - IBM's software business decelerated, and the stock's valuation was high [12] Economic Outlook - CEO upgraded the overall economy from cautiously optimistic to optimistic [13] - Optimism about consulting for 2026 [15] Key Metrics - Bookings, revenue growth, and CapEx are the key metrics to watch [17]

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $130 million, up from $107 million in Q2 2024, reflecting a strong performance [7] - Net income increased to $91 million in Q2 2025 from $71 million in Q2 2024 [8] - Total CapEx for the quarter was $107 million, with $82 million allocated to the San Gabriel project [9] - Cash position at the end of the quarter was $589 million, with total debt of $860 million, resulting in a leverage ratio of 0.56 times [9] Business Line Data and Key Metrics Changes - Silver production decreased by 11% year-over-year to 3.6 million ounces, primarily due to lower output at Jumpac, Tambomayo, and Huican [8] - Copper production increased by 28% year-over-year, attributed to halted operations at El Brocal in 2024 [8] - Gold production fell to 27,345 ounces from 33,119 ounces in the same quarter last year, mainly due to decreased output at Tambomayo and Orcopampa [8] Market Data and Key Metrics Changes - The company initiated the sale of part of the Cerro Verde copper concentrate, selling approximately 20,000 metric tons by the end of the quarter, with a total of 40,000 metric tons expected for the full year 2025 [8] - Cerro Verde announced a new dividend distribution of $59 million, corresponding to Buenaventura's equity share, to be distributed in August [9] Company Strategy and Development Direction - The company is committed to stable and continuous production of flagship assets and is focused on optimizing throughput [15] - Continuous exploration efforts are emphasized to extend the life of mining assets [15] - The San Gabriel project is on track with 88% overall completion, with expectations to produce the first gold bar in Q4 2025, subject to timely permit approvals [13][16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining necessary permits for the San Gabriel project, indicating no significant risks [19] - The company plans to maintain financial stability and has redeemed the remaining 2026 notes [16] - The ramp-up of production at San Gabriel is expected to take all of 2026, with stabilization anticipated thereafter [21] Other Important Information - The all-in sustaining costs for copper increased by 63% year-over-year, primarily due to lower byproduct credits [11] - The company received $49 million in dividends from Cerro Verde, which contributed to operating cash flow [12] Q&A Session Summary Question: Can you provide more details on the pending permits for San Gabriel? - Management indicated that they have invited authorities to visit the plant in September and do not foresee risks in obtaining the necessary permits [19] Question: What is the expected CapEx for the second half of 2025? - Total CapEx for San Gabriel is expected to remain between $720 million and $750 million, with approximately $130 million to $160 million disbursed in the second half of 2025 [20][22] Question: When do you expect to reach full production capacity at San Gabriel? - The ramp-up will take all of 2026, with expectations to stabilize production between 100,000 and 120,000 ounces [21] Question: How is Uchucchacua performing regarding silver grades and costs? - Management noted a decrease in silver grades due to a shift towards polymetallic stops, with expectations to stabilize in Q3 [32][35] Question: What is the strategy for El Brocal moving forward? - The company plans to prioritize mining blocks with higher gold and silver content while maintaining a target copper production of 1.45% [38] Question: Can you clarify the commercialization of Cerro Verde concentrate? - The company has sold 20,000 tons of copper concentrate in the first half and plans to sell another 20,000 tons in the second half, with margins expected around $1.2 million for each 10,000 tons [48][50] Question: What is the status of the Trepiche project? - The environmental impact study is on track for approval by the end of the year, with the feasibility study expected to be completed in Q3 2026 [55] Question: What is the definition of commercial production for San Gabriel? - Commercial production is defined as producing two gold bars over 20 continuous days at 65% capacity [64][68]

German Economy & Sentiment - German economy sentiment is powered by expectations of a deal with the US and reduced uncertainty about tariffs [1] - German government's debt package, including an infrastructure fund and tax incentives, is expected to boost investment [2] - Investment goods producers are showing improved data, indicating a positive impact from domestic factors [2] Trade & Tariffs - A stable 15% tariff deal between Europe and the US would be something German exporters could live with, avoiding a massive negative impact [3][4] - While not ideal for Europe, a 15% tariff deal would be an improvement compared to recent months, given the threat of higher tariffs [5] - Exports will become more difficult compared to the pre-Trump era [4] Investment & CapEx - Changes in tax incentives, prospects of higher infrastructure investment, and increased defense spending are currently driving CapEx [7] - Uncertainty is causing companies to postpone projects; a trade resolution could unlock pent-up CapEx spending into 2026 [6][8] - The reliability of the US government in upholding trade deals remains a key concern for investment decisions [8]

the M&A chatter afoot for the rail industry. >> For sure. And now let's get another check on alphabet.Those shares falling down about a percent and a half despite reporting a top and bottom line beat for second quarter earnings. Joining us now is Angelo Zino from Cfra Angelo high expectations here. >> Yeah I mean listen it was the second best performing mag seven name over the last month.So yeah to your point maybe expectations were a little bit high I think also might be selling off a bit because of the, y ...

We're about 2 minutes away from the end of this trading day. Scarlet Fu and Vonnie Quinn here to help you take you through the closing bell. We've got a global simulcast, Carol Massar and Tim Stenovec in the radio studio.So we are bringing together the best of Bloomberg Television, Radio and our YouTube audiences worldwide as we check out what's happening here in the final minutes of the trade. And Carol, this is very much a market that is gaining steam. The rally picks up here as we head to the closing bel ...

What exactly about the job that Jay Powell has done is not up to measure. The labor market is holding up well. Inflation has not reared its ugly head.I mean, it's above the 2% target, but it hasn't blown up just yet. Where do you see the economy failing under his leadership. It's great to be with you.If you look at Jay Powell, his tenure, I mean, we do have to remember that it was under his watch that we saw a 40 year high inflation. They were way too late to recognizing the inherently inflationary impact o ...

What is it that you're most focused in on in zeroed in on this earnings period. Well, you know, what's interesting when I reflect back on it's been such a busy year, so much news. But one of the things that I think has been maybe appreciated by the market but not appreciated as much by the commentators is what a reinforcing narrative we've seen around.So of course, we're focused on tariffs, we're focused on on everything that's happening at the Fed. But if we roll the clock back to the start of the year and ...

Congratulations on another strong set of results. What were the key takeaways from you for you from the earnings. Well, we'll continue to see the strong demand for A.I. , and that's the reason that we're we revised up our whole year outlook to around 30%. The continued strong demand.These two continue strong demand for our leading edge technologies, underpinned by the whole the growth of the whole HPC platform. So that's one very important factor. You do have that that that raise on the full year growth for ...

electric utilities at Mizuho. Good morning. Good to see you.>> Hey good morning Frank. >> All right. So is a heat wave necessarily good for utilities.Does that increase profits. Does it increase revenue. What does it do.>> A little of everything. It's definitely really good for utilities because we're spending at record levels. Just to give you some numbers here five years ago I think the sector.So if I just use electric, gas and water utilities spending about $150 billion a year in CapEx. And in 2026, we'r ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that AI penetration is increasing, and capital expenditures (CapEx) remain strong across major North American tech companies. The financial results indicate that AI is becoming a significant driver of growth, with companies like Microsoft, Google, Meta, Amazon, and Apple showing robust performance and investment in AI-related initiatives [3][36]. Summary by Company Microsoft - Microsoft reported FY25Q3 revenue of $70.1 billion, a 13% year-over-year increase, exceeding Wall Street's expectations. The intelligent cloud business revenue reached $26.8 billion, growing 21% year-over-year, with Azure's contribution from AI rising to 16% [7][11]. Google - Google achieved Q1 2025 revenue of $90.2 billion, a 12% increase year-over-year, with cloud business revenue growing 28%. The company maintains its CapEx plan for 2025 at $75 billion, reflecting strong investment in AI and cloud infrastructure [13][17]. Meta - Meta's Q1 2025 revenue was $42.3 billion, up 16% year-over-year, driven by strong advertising performance. The company raised its full-year CapEx guidance to between $64 billion and $72 billion, indicating increased investment in AI and data center infrastructure [20][23]. Amazon - Amazon reported Q1 2025 revenue of $155.7 billion, a 9% increase year-over-year, with AWS revenue at $29.3 billion, growing 17%. The company noted that its AI business has achieved annualized revenue in the billions, with significant growth potential [26][27]. Apple - Apple reported FY25Q2 revenue of $95.4 billion, a 5% increase year-over-year. The company is focusing on AI hardware and software upgrades, with potential cost impacts from tariffs expected in the upcoming quarter [30][33]. Investment Recommendations - The report suggests focusing on companies within the AI supply chain, including those involved in cloud services and hardware, as they are expected to benefit from the ongoing AI investment trends. Specific companies to watch include Industrial Fulian, Huadian Technology, and various semiconductor firms [36][37].