Latest / MPC Markets Morning Call
Tech Stocks Whacked on OpenAI & Firmus Concerns
US semiconductor stocks were hammered after an FT report pegged OpenAI’s annualised revenue at ~$50 billion, roughly $20 billion below prior estimates. The SOX dropped 3.4%, Brent crude surged 4% past $104 on Strait of Hormuz attacks and Gulf Coast hurricane shut-ins, and Treasuries rallied with the 10-year yield falling 6 bp to 5.22%. ASX 200 futures point to a mildly positive open at 8,715 amid Firmus IPO uncertainty and weak Fortescue shipments.
Key Takeaways:
OpenAI revenue gap hammers chip stocks — SOX down 3.4%
Brent crude past $104 on Middle East tensions & hurricane supply disruption…
The skinny
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