MPC Markets Morning Call

Stocks head lower on honeypots and hiking. Nvidia takes another hit (now ~30% off the highs), a hot CPI print lifts yields and brings rate-hike talk back, and CoreWeave’s numbers give the NeoCloud names a small after-hours lift. Mark runs through the overnight action, why the current Nvidia noise looks more like a news-cycle event than a structural problem, and the usual commodities read. Remembra...

AI stocks rebound, Nvidia stumbles and the Santa rally case | MPC Markets Morning Call, Tue 10 Nov 2026 Jonathan Tacadena and Philip Deloughery from MPC Markets go through the overnight moves and what they're watching on the ASX today. The Nasdaq 100 bounced strongly, led by chip stocks like AMD, Broadcom and Applied Materials, while Nvidia fell on spy allegation headlines. Phil and Jonathan l...

Markets breathe a sigh of relief after a nervy Friday. A strong US payrolls beat (165,000 jobs, unemployment at 4.1%) and a bounce in chip stocks lifted sentiment. AMD jumped 11%, Lam Research gained 8%, and Micron and SK Hynix both rose about 5%. In this episode: Payrolls, Michigan sentiment (51 vs 47 expected) and the 80% chance of a Fed hike in December SOX valuations: about 35% off the highs a...

Chip and AI stocks were absolutely belted as the blue wave and data-centre NIMBYism hit the market. The SOX is back to April levels, NVIDIA and AMD gave back recent gains (and more), and the narrative flipped overnight from “AI forever” to “no one will ever build a data centre again.” We push back on the panic. Compute demand has not been cancelled, hyperscalers can (and will) build elsewhere, and...

A Democratic sweep that almost no one had priced in. The equal-weight S&P made a record high, oil was belted, and data-centre stocks got hosed as voters made cost of living and the war their top priorities. We run through the exit-poll numbers, the lame-duck session ahead, why prediction markets closed early, and what the blue wave actually means for AI spend, critical minerals, oil, and globa...

The AI trade bounced overnight as America votes in the midterms. Semis rose 2.6%, their first gain in five sessions, and AMD jumped about 9% after the bell on a beat across the board. Mark Gardner and Jonathan Tacadena break down what's driving the rotation in and out of AI, and why the market is stuck in a chop fest until the midterms are decided. In this episode: - Semis rebound after five s...

Night before the midterms. The AI trade has finally paused for breath. Chip names continue to drift — Microsoft, Micron, AMD, Intel. Rotation back into the broader market is visible and the leverage that was stacked into the semiconductor complex is starting to unwind. Energy took a hit on oil’s eight-percent drop after Trump’s latest peace announcement. Election noise, not a durable deal, and the...

Friday’s sell-off hit the biggest AI and chip names. Intel fell about 28.6%, its worst day since 1974 ⚠️, and AMD and Qualcomm each dropped around 11%. Nvidia fell 4.5%. The Nasdaq wiped out roughly $2.6 trillion in October, and the market’s focus has shifted to free cash flow. Mark and the team explain why a panic sell isn’t the answer and why selective buying makes more sense. They also cover th...

AI stocks were smashed overnight as the hyperscalers reported surging capex and weakening free cash flow. Amazon missed on EPS and revenue, Google posted its first negative free cash flow quarter since listing, Meta got hit, and Intel guided Q4 sales below expectations. Microsoft was the only big name to escape. Mark Gardner breaks down the price action, why the leveraged money rotating between ch...

Microsoft up, Google down, and a Fed that talked like it was hiking. Thursday 29 October. Microsoft’s Azure grew nearly 50% to $33 billion, with a $677 billion backlog, and the market called it the most responsible approach to AI spending. Google Cloud grew 103%, but free cash flow went negative and the stock fell around 11% after hours. Free cash burn, not growth, is what the market is pricing ri...

Chip stocks bounced again overnight, with the SOX up 3.6%, the Nasdaq up 1.2% and the S&P 500 up 0.6%, while Meta went looking for more funding for its AI build-out. Mark Gardner and Jonathan Tacadena cover the hyperscaler free cash flow divide, why CoreWeave and Firmus have faded from the headlines, SpaceX's compute ambitions, and where the ASX miners sit ahead of the Fed, Microsoft and G...

Anthropic has filed for IPO and chips are bouncing. Mark Gardner and Jonathan Tacadena break down what it means for markets on the MPC Markets Morning Call, 27 October 2026. In this episode: 0:00 Intro and general advice warning 0:39 Chip stocks bounce, Tesla jumps on a Barclays upgrade 1:45 Anthropic files for IPO: share classes, voting control, the lead brokers 4:04 Losses, compute costs and con...

Stocks were weighed down Friday night by oil pushing toward 2026 highs (highest Brent/WTI settlement since late April), not by chips. Energy names rallied while the broader market stayed soft. Chips bounced and cybersecurity stocks lifted on the WordPress/PHP vulnerability. This week brings Australian CPI, hyperscaler earnings (Google, Microsoft, Apple, Amazon), US Q3 GDP and core PCE, Fed/ECB/BoJ...

Nasdaq had its worst day since June as the AI and chip trade was aggressively unwound. Equal-weight S&P rose while the headline index fell, highlighting how concentrated the damage was. Mark Gardner covers: The sharp sell-off in chip and AI names (Meta, Lam Research, NVIDIA and others) Trump’s midterm campaigning and the growing NIMBY backlash against data centres over power bills SOX sitting...

SpaceX lit up the AI trade overnight while Tesla and Meta both beat after the bell. Chips bounced hard (Supermicro +9.5%, Nvidia and the rest green), Tesla free cash flow came in positive $1.53bn against a cash-burn forecast, and Meta’s Q4 guide beat consensus. AT&T sold off despite beating because SpaceX is positioning to be the phone company. Lam Research and Netflix disappointed after hours...

Oil spiked then faded and the Dow pushed higher overnight as US earnings did the heavy lifting. Mark Gardner covers the overnight session and the ASX open. Brent topped US$110 intraday on fresh Hormuz tanker attacks before settling ~1% lower. US pending home sales fell 7.3% — the worst since 2001. On earnings: GE sold off on a soft outlook with money rotating into healthcare and financials; Netfli...

Chips snapped an eight-day slide overnight, with Amazon leading tech higher (+5%) after Morgan Stanley tagged it a top earnings-season pick and Intel bouncing on a JP Morgan upgrade. CoreWeave found defenders despite debt worries, the banks lagged, and Tesla rose as Elon pledged a SpaceX share to every child in America. Phil and Mark also cover the worst start to a US earnings season since 2024 (M...

Oil tops US$100 and Brent clears US$110 as the AI sell-off rolls on — chips have now fallen for eight straight days, their longest losing run since 2008, shedding more market cap than the entire ASX 200. Mark and Phil cover the AI unwind (Broadcom, Micron, AMD, Intel, Lam Research, Applied Materials, Oracle, and CoreWeave down ~12% Friday), why credit default swaps on AI debt are suddenly in focus...

The rally broadens as investors abandon chip stocks for a seventh straight session. Mark and Friday Phil cover a session that was green everywhere except semis — Nvidia -1.8%, Dell down ~22% in three days — while gold and silver miners, lithium, healthcare and software led the “great rotation” higher. Also in today’s call: a hot US PPI print (+1.3% m/m vs +0.6% expected, ~6.3% y/y, hottest since M...

Tech stocks took an absolute beating overnight — the SOX fell 4.3%, now 20% off its peak and down for a sixth straight day, with every data-centre name (Nvidia, Intel, AMD, Oracle, Dell) sold off. Mark Gardner covers a shaky start to US earnings season (Bank of America down ~6% on a surprise impairment, a soft JPMorgan, Morgan Stanley off 2.75%), the defensive rotation into healthcare, Chevron and...

Fed’s Williams signals one more hike then done — bond yields dropped 10bps but stocks still slid. We break down: Micron’s 3.6% drop on China’s CXMT chip news (and why it’s an overreaction), JP Morgan’s first earnings miss since 2023 while Goldman crushed it, the lithium bloodbath (PLS -8.6% in a day, -21% in three sessions), growing skepticism around the data center trade after AirTrunk and Firmus...

A quiet night with US bonds shut for Columbus Day. Mark Gardner runs through chip stocks sliding, Brent up about 2% on reports of a tanker hit in Hormuz, Meta's new Muse AI model, upgrades for Salesforce and eBay, and Starbucks ruling out Chipotle. Locally: Maas down 15% after Firmus pulled its listing, uranium, lithium and rare earths getting belted, plus RBA minutes, the NAB survey and the T...

Stocks Shrug off Oil and Bonds into 1st Week of Earnings Wall Street finished Friday within striking distance of all-time highs as investors brace for Q3 bank earnings this week. The S&P 500 rose 0.59%, the Dow gained 0.83% and the Nasdaq added 0.64% — all three logging weekly gains. Analysts expect roughly 31% year-on-year earnings growth with AI and energy driving two-thirds of the increase....

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...

Wall Street snapped a four-session win streak as 10-year and 30-year Treasury yields surged to their highest levels since 2002. Fed minutes revealed all 19 officials backed September's rate hike, with most signalling another by year-end. Brent crude settled near US$100 amid ongoing Hormuz tensions, France's bond crisis deepened with the Franco-German spread at 141bp, and the AI bubble deba...