Morning Brief
Earnings deluge, AI capex shock, gold surge
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Show notes
U.S. futures tilt higher as earnings season accelerates, with investor focus squarely on AI spending and rate policy. Dow and S&P futures edge up while Nasdaq lags, and gold trades above $5,500 as geopolitical and fiscal concerns persist. Markets are parsing whether massive tech investment is translating into near-term growth, with the Fed’s next move still data-dependent.
Big Tech spending dominated results. Meta rallied after outlining sharply higher AI capex, reframing its push as an AI reset. Microsoft slipped despite beats, with cloud growth and capacity constraints tempering sentiment. Tesla lifted long-term stakes, betting on FSD and Optimus as it pivots away from legacy models.
Macro chatter centered on infrastructure. Investors are rotating toward power, chips, and materials that enable AI buildouts, as electricity costs climb and domestic chip supply gains urgency.
Trending tickers: Meta (META) strength on AI spend credibility, Microsoft (MSFT) pressured by cloud expectations, Tesla (TSLA) volatile on robotaxi and humanoid ambitions.
Takeaways:
Earnings hinge on AI spend translating to growth
Markets reward clarity over raw capex size
Infrastructure plays gain favor over hyperscalers
Fed path still tied to jobs data
Gold reflects persistent macro anxiety
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