asml may not be signaling a downside?n see in the market nvidia dropped a little less than peers . they plunged 10 or 15 percent so you can hope but results sent stocks falling. tom: like the number on the back of these results. in amsterdam with the context, indeed. a web of u.s. restrictions curbs some conductor business with china in here are the regulations and the impact on chip companies. >> the highest of high tech chip firms are caught in geopolitical crosswinds between washington and beijing. steaks could hardly be greater with america fearful of chinese advances from design to equipntrom asml to materials to make the chips and manufacturing by tsmc, global supply chain winds through many countries. us attempts have not been successful, not just the parts themselves, the netherlands curved asml's ability in china. twine supply chains, slapping restrictions is harder than it looks and there is risk of chinese retaliation. >> ok. qualcomm will probably wait until after the election, they want later clarity because

the asml news is more about i think china. particularly the pull forward in china for some of that equipment ahead of increasingly severe regulations against a -- asml shipping there. 40% of their business comes out of china. the fact that asml did acknowledge that a.i. continues to be strong. but elsewhere things are weaker could reflect a number of things. starting with intel and its plans to delay some its -- and cancel some of its overseas projects for example. caroline: dig in to how sad as the c.e.o. of asml called it the rest of the market is without a.i. joanne: we have heard from plenty of the analog chip makers like texas instruments that it's weakening and they don't know. we don't know how soft this is going to become. hasn't gotten severe yet. the last time we heard from them. on the other hand, we also have heard that inventories have cleared in other markets for semiconductors like industrials. we are starting to see a pickup there. it's really hard to read asml's comments about orders into the broader sort of a

so you saw a drawdown in asml's share price. even today, asml going down. today, another 5% on the back of that as well. it's also cranked down a few of the european clipmhipmakers. on the other side of the atlantic, you had the u.s. chipmakers as well. those manage odd the find a bit of negative territory as well in some parts, but you've seen nvidia up. intel, 10% higher. the likes of qualcomm, broadcom, that's where a bit of the weakness was. i think it's interesting to get to this point here to unpack this a little bit. asml slashing its forecast for 2025, ultimately not giving the market what it wanted. let's remember asml is basically the chip supplier, for chipmakers like tmc, samsung. so it's not necessarily the ai trend we're talking about mainly. we're talking about the more household good items that are being made with regard to this. so during the pandemic, what you saw was the heavy investment in the likes of asml, as they needed to make the chips that kept on being bought during the pandemic, which means they invested in the giga factories as

asml holdings. another great day where the gal and nasdaq grew you're wondering why i'm talking about asml. what is asml? keeping people from making money in the market? i don't want to insult the people that work at this dutch equipment maker. the ability to make smaller, more energy-efficient transistors at the right price. smaller transition -- transistors translate into smaller less heated chips. which is why asml, when it gave a horrendous forecast yesterday that it did actually by mistake. they got the day wrong for the release. a lot of investors figured it must be gain over for the semi conductor stock. it has plummeted from $872-$683 over the last two days. it was natural to assume that it must be because of weakness across the board from all of its clients. while asml is relatively unknown versus the american semi conductor companies that is made it marks -- more mysterious and inscrutable he terrifying. i give you the long introduction because the world caved in for the semis. it happened

i should mention a tie up between asml and tsmc, because asml, its biggest customer is tsmc and our bloombergntelligence team is saying actually the plunge in bookings for asml could be a positive for tsmc in the midterm because it could remove some of the competitive pressures. it could be positive for tsmc. for taiwan's biggest company. haslinda: that's right, we saw the tie up between intel as well. thank you. speaking of amd, is offering a more upbeat outlook on the chip sector, here's what their executive vice president and chief technology officer told me in our exclusive interview. >> the demand for compute is so explosive so what you will see from a market standpoint is broad growth across all of the factors of computing. we are definitely double digit our data center growth. we are announcing soon, we just closed our quarter. if you look historically we've been growing quarter over quarter double-digit on an annual basis. haslinda: let's get back to jun from tribeca investment partners. we are seeing in a way conflicting views from asml as well as amd and am wondering where you sit o

shares of asml sinking. the move coming after the semiequipment maker said bookings came in well below expectations. we have a weak sales forecast for 2025. the news taking a toll on other chip stocks. kla dropping double digits, nvidia sinking. the etf seeing its worst day since early september. is this the signal that yesterday marked the top in the red hot chips trade? dan, you were sort of you know, saying be cautious about this trade yesterday. >> any of these companies that are buying these high-end gpus, building out these servers, training these models, they really want to ask for forgiveness rather than permission to spend what it relates to their investors. at some point, they're going to overbuild and the orders are go to slow down. asml who helps supply these machines, semiconduct or is a 28%. you would expect revenues down 10%, fine. to guide bookings down more than 50%, it has to tell you something about what their c customers are thinking about demand in the not so distance future. when you're

but the key piece of equipment is asml. if you want to make an advanced chip, you need the ev machine and they are not allowed to export those to china because washington does not want china to have that capability. ed: interesting in all of this, this is europe's most valuable company. they are a dutch company with a footprint in silicon valley. where are they doing business principally? where are their biggest customers? ian: basically 60% of their revenue comes from intel. where ever these factories are, these companies want to make the most advanced chips. ed: earlier today, the u.s. to partner justice deputy attorney general spoke on bloomberg and said this about the importance of competition. >> i think history has shown us the considered judgment of regulatory bodies and legislative bodies across the world has been that competition fuels entrepreneurship and innovation unlike anything else and that is why competition rather than consolidation in regulatory and enforcement schemes across the world. ed: those were the

because asml was not supposed to report nobody was ready so it was just a free fire. it is why nvidia got clobbered even though asml talked about a.i. as the one bright spot. more on that later. the mother -- the most this information comes from drug stocks. i saw the numbers and they look great for johnson & johnson. it turns out that things are better than expected with the pharma portfolio especially the cancer drugs. they have an amazing treatment for bladder cancer, something that used to just be fatal. this was all due to problems in asia and the excuse made total sense. moreover, the bravado franchise, the psychiatric ketamine drug that makes people feel like life is worth living if they don't, it is growing like mad. the company has created a subsidiary to handle the lawsuits accepted by a texas court. 83% of those who are suing want to settle. you get that overhang it will be measured over multiple times and multiple years, not just one big check. that could happen relatively soon. this morning i was looking for the stock and thinking, i don't know. it is dow

asml sale into china.ause of restriction, not just the slowdown in the economy but also restrictions being put in place by the netherlands at the behest of the u.s. of course. those restrictions, as we have been reporting on yesterday as well, continue to tighten around the shipment of this hardware and software into the chinese market. that's another risk. the fact that they get 47% of their sale stills from china. the other point around this is, nvidia fell on the back of this news. but it is really important to think about the segmentation of this chips market. it is no surprise, it should come as no surprise that the demand for auto chips given what we're seeing in the hollowing out of the european automarket, that that continues to slow. the industrial chip demand is also soft. we know the build out has been there and it's worth noting that customers like intel, like samsung and others are more cautious. intel scrapping a couple of plans around factories. so that's been an impact they have segmentatio

we listen to the interview, how do you think about asml? >> when we think about the overall semi conductor chip equipment industry, i think one of the key things the ceo focused on is the mainstream versus ai. we are seeing that growth on the ai side. we like names like etching tools. one area is growing more. i think the mainstream side is trying to normalize a little with everything going on in china and you have to find balance between the two as we look at with the chip industry is going to look like going forward. caroline: looking at it going forward, do you have any view that will change post november 5 we have a different outcome from an election and in january when we have a different administration in the u.s.? >> it is something we talk about in terms of potential regulatory issues and policies that might get put in place, whether it is tariffs and whatnot. it can change things going forward, but we have to wait and see what details will be once we know who is in office and what types of policies they will at past. >> what has be

i think any hit it took on the asml report was probably not really justified because while asml reported, as we know now, was not great, the one bright spot for it was a.i. demand. seems like a.i. demand is still off the charts. about the only thing that is. but it's still very strong and clearly like that, that benefits nvidia. i do wonder if some of yesterday was more around some of the export control stuff, and what's going on there is there are stories that suggest that the u.s. is considering i guess they suggested capping the licenses that nvidia and other a.i. chip vendors can use to sell parts to other countries, particularly i guess in this case the middle east. i'd say -- i'm not sure it's that big of a deal, i guess we'll see. caps in my opinion are not bans. they already have license, they're under licensing arrangements with the middle east. they have to get licenses to ship there anyways. and frankly, the other like outright bans that we've seen haven't slowed them down at all. so i'm not terribly worried about that. they seem to be more incremental than anything else. and

that bleak forecast on asml casting a block spot.he question is how dark a cloud was that actually. the two heavyweights in terms of chip fabrication and the home to the big chip heavyweight fabricators, tsmc and samsung, also aslm's biggest customers. the stocks really not falling off a cliff. most selling off by more than 2% by the close here this wednesday afternoon. really the big loser, you have to head to japan. one stock that took a hit harder than most is tokyo electron it's that bleak sales forecast. it will not be as roy bust as initially thought. that's going to hit tokyo electric harder than other chipmaker. you saw other losses dwarfing. softbank for instance. in the chinese markets you saw it hit hard. the indices falling. there's one bright spot. the housing ministry of china will be holding a house conference tomorrow. there might be stimulus for the battered housing properties. you have to make sure you treat this with caution. it's not the first time we've been disappointed by the lackluster stimulus. it could turn

look right here, asml, that'sly nothing my.his is what asml so to list ogg lithography, and they missed big, so people are wondering, because it affect the entire a.i. ecosystem? i want to bring in dan fitzpatrick. dan, let's talk about this because, you know, from time to time you get these headlines particularly when a sock is in the news like nvidia concern a stock is in the nude news and scuttlebutt. -- in the news. if you hear a a sml saying their numbers are going to be weak for the next couple of months, do you become more concerned overall? >> no. [laughter] not at all. i think if asml comes down about maybe 22.5 more -- 2.5%, think it's kind of the back up the truck trade. of@traded over 7 times -- it's the traded over 7 times added volume today. that is a total washout. that is the market toddies counting all of the news and then as far as future quarters as well. two quarters in an industry like a.i. and with a stock like nvidia, the biggest customer, they've got ruben coming out in 2026, two quarters on arse sml is

peter: that's right, caroline, as you alluded to, all eyes were on tsmc after this asml. the dutch equipment company came out and said the bookings in the chip industry were only half of what analysts had been expecting. that startled the industry. nvidia stock was down and everyone was wondering who is the week player in the industry. which chip company is struggling. it is not tsmc. tsmc has done very well here. they beat earnings estimates and they reassured the market, really, that demand for ai in particular is strong at this point. the ceo got a lot of questions and the call after results about that and he said that the demand is real, he called it in san at one point. there is a reassurance play going on. ed: tsmc boosted its capital expenditures outlook for 2025. why is that important? peter: it's partly important because asml is the company that sells the chipmaking machines to all of these companies. tsmc is the most advanced producer of these chips, and so there is a question about who is going to buy these machines from asml and that others in the industry. we

thank you asml and thank you oil.at move in oil we have a big move back into this bond market. the 10 year treasury just about holding onto 4%. the tenure this morning down two basis points. lisa: it has to do with disinflation across the board and not necessarily pressure from the oil patch. people talk about the u.s. being truly exceptional. how much the u.s. is divorced from what is going on in the u.k. and the euro region where almost deflation is a renewed concern for the first time since pre-pandemic. jonathan: we talk about the u.k.. the pound against the u.s. dollar, 1.3027. weaker one third of 1%. inflation beneath the target of the bank of england and beneath estimates. core is a different picture but headline inflation is starting to improve, opening the door for interest rate reduction from the bank of england november 7 and may be from the ecb this week as well. lisa: the likelihood of a 25 basis point is very likely in markets. the key question is how does that diverge from what we are seeing in the u.s.

take a look at this with the audience ask asml and wall street thought they'd have bookings of almostnsequently wall street thought they'd make 39 billion in sales next year on the low end and now possibly 33 billion. >> people need to underthat asml plays on the side of the manufacturers and they're not really level to the data center cap x, they're level to the u cap x and likes of micron and more are spending. we're not at that inflection and seeing acceleration in the exam x of the money factor. they cited memories and logic and intel and they have lots. charles: ai. >> they said ai is strong and not a big part of their bookings. charles: i love your chart. inside the rack you break it down for everyone and then outside the rack, manufacturing equipment. this is asml and those stocks crosshead and absolutely hammered yesterday and today. >> yeah, stick inside the rack and sometimes gentle plays on the energy side and this is where processers are beginning and networking is a big area and those are areas where money is spent today. overtime if you look over the next ten years, we w

asml, taiwan semikicker became a trillion dollar -- semiconductor became a trillion dollar company. the investing dynamic is bigtime. everyone is saying i've got on in stocks and no one wants to be in bonds. look at this, your stock to bond sentiment, this is a top 1% reading since 91998, so everyone is jumping on the stock bandwagon or they're already there. what was really odd about it, they hate bonds right now. maybe that's a good thing, maybe it's not. meanwhile, what else is driving all of this? well, buybacks. buybacks are going strong. record amount of buybacks. but this is now where you get a little bit of doubt. corporations are taking shareholder money and buying back stock, okay, but what are they doing with their own money? they're in the buying stocks, right? these are the corporate inside earth. maybe the market's too high. listen, this is not the greatest tool had the in the world, but it is intriguing. now, of course, there are a few wall street holdouts till out there including my man barry banister at stifle. we're trying to get him back on the show, as you can im

asml is a have not today. i think we'll key a lot of volatility on both sides as companies announce earnings across sectors. >> how are you, aya, thinking about positioning within this market? we're sitting here, feel like we have this debate, conversation every day, where best position in the market. stay with the mega caps overweight, or do you believe in the broadening? do you go small? what's your thought? >> i think you've got to have a little bit in everything so i don't think you can, you know, not have some of those leaders, tech has been a leader, and it's likely to continue to be. but having that broader participation across markets is always really helpful. and you know, the economy is strong. so you want to have those forces that reflect that strength in the economy. >> the when you say the forces that reflect that, i mean, i think we hear from people that means stay large in the cap space. how would you address that? >> so i think when you look at the economy, you know, over 40% of the economy is

there are some view that maybe the misfortunes of asml is not necessarily a bad thing for tsmc. at the rate they would've spent, they are able to use what they already have to produce chips. talk about what you'll be listening for on the earnings call and how to think about some of these factors? >> there's a couple of different things we want to listen for. it's kicking off in about 25 minutes from now. first is what they signal around two nanometer reduction, the next generation of chips and we expect those to start being made toward the end of next year. we will watch for any sort of guidance around that. adjacent is packaging technology . suffice it to say advanced packaging technology is taken on an even greater prominence in semiconductor production because it integrates multiple components into compact designs, and that is really critical. tsmc has a proprietary technology and what they signal around the expansion of these facilities will be another critical thing to watch out for. guidance really important, with a lifted in 2024 and what will it say about 2025? price hik

>> well, let's step back to asml. okay? if you have a bookings number that was down 55%, okay, from just quarter over quarter, if you think about that, and they're just saying it's x-a.i., i can't be. you can't have that lack of visibility. so, something doesn't scquare with me on that. okay, so, at some point, maybe it will be this next quarter where nvidia talks about insane demand, but like, the lead times for those chips are going to be pushed out. it's like deceleration -- i don't know. i just think that, again, the capex for the biggest customers, 40% of nvidia's sales come from microsoft, google, amazon, and meta. at some point, i just think they're going to see a deceleration in their orders and i think there's some air that's going to come out of it. the highs in july to the lows, just recently, a month or so ago, nvidia sold off 35%. so, it's not going to take much. and that was just a market selloff. that was a sentiment thing. that was a vibe thing. at some point, there will be a fundamental reason for these sto

come out in the middle of the night and refute everything from asml.hat was a pathetic conference call from asml, and this was the exact opposite. there comments that are just extraordinary. i'm going right to the top. wai says, our customers' demand far exceeds our ability to supply. there it is. nvidia. so, you have nvidia, which is going to be the world's largest company soon, blowing out the numbers. obviously, they're all agreeing that a.i. is incredibly strong. the rest is not that strong. david, what i can tell you -- >> not enough to even increase capacity twofold, it said. >> they can't. what i can tell you is that given the fact that nvidia has become the bellwether, you're not going to be able to beat the verification away from jensen. unless you look at taiwan semi. so, i just think that you can get up, you can see the stuff, and then look at the reaction. when you have the semis going after yesterday's shortfall because of asml, and then i'm going to add -- i'm going to add blackstone. >> okay. >> finance? >> yeah. >> tech. >> yeah. >> tho

it's derivative of asml and lam was down huge and that's the better one right here.plied materials. and that, ladies and gentlemen, is the conclusion of the "the return of the king." "lightning round." >> announcer: the "lightning round" is sponsored by charles schwab. coming up, how do you spell taiwan semi? with an a and an i. cramer chips away at its post-earnings move higher. next. doors lead us to places we've never been. your dedicated fidelity advisor can help you open those doors. they can help you create a retirement-income plan designed to balance growth and guaranteed income. and provide access to specialists who help with estate planning to look out for future generations so you're not just growing and protecting your wealth. you're sharing it. because doors were meant to be opened. great job, everybody! >>> set the alarm for 2:30 a.m. last night. actually i was already up. that time difference with taiwan's a killer but if you didn't listen to taiwan semi's conference call last night you missed out on a performance that explained so much of what's going

that selling reaction to asml news sure looked hair triggering and what is that telling you? >> i think cli clients are very conscious that we're in a bubble for the economy and going really nice on monday and we're flirting with new all time highs today and minor change in expectations and trajectory on earning ands going for the global sector and going for finance and 16 trillion mentioned is a focus on diversification and advancement of the next crisis. and liz: where do you see the real chance and upside and like that right now and insurance. >> they were really beaten up and a lot of negative sentiment around that working in florida still making headli headlines ad there's about a 5% spread, and i think it'll be removed within four weeks as soon as they start reporting and it's like an easy 5% making over the next four weeks, but overall it's a great defensive. liz: except they're not as highly va valued and some of the banks trading around 9.9% and 4% for prudential and 3% for bright house and compare to some of the big ere bank names and financials and visa. it's at 28

and that was the takeaway last week from asml, everything other than a.i given that bookings decline,s really hard to believe that. when you see some of their comments about industrial exposure, that is not as strong as expected, but then china's better than expected, and again, i mean, we don't really have a great read on china, as it is, but china's also coming off of some very easy comps, so, this one, i don't think it's a pound the table and go chase this move >> you know, honestly, if it weren't for nvidia and its influence on the semiconductor benchmarks, the sector would look pretty bad. the momentum has been mostly to the downside, at least intermediate term. and now long-term as well, head and shoulders top. texas has been range-bound and underwhelming momentum and a lot of resistance still. >> i'm looking at the -- listen, fourth quarter guide is not good i mean, it's -- they are guiding lower on eps, guiding lower on revenue. in a meaningful way. the quarter was okay the stock is not cheap i guess the good news is, we traded down to 193 in september, traded back down there

asml has had a really rough two days.had a rough day yesterday on that the news but trying to rebound today. basically, asml came out with earnings early, tsm if c is origin to, saying that a.i. is saying a lot of demand, but all their chips in other sectors are struggling. you had nvidia yesterday really get concerned on that news. the only good thing for nvidia, they keep coming out and saying they're seeing huge demand for their a.i. chip, blackwell. so it looks like heir able to shrug off some concerns. stuart: nvidia's a couple of points away from the high, believe, come back a little. >> yeah. stuart: i'm fascinated by intel. it's barely able to make it over $20 the a share. it made it to 24, now it's come down to 3232 a share. have -- 222 a share. >> as you know, basically the seen or security association in china which is not a government entity, but they work closely with the government, saying that they want to do a review of intel chips. intel, basically, is harming china's national security, harming china's in

you could argue though that these asml issues, they're just one-off as. but it's the upcoming election and the angst ahead of it, is that a one-off? manufacturing in missouri state unexpectedly contracted -- in new york state -- which in and of it is not worrisome but when paired with potential geopolitical shocks becomes more so. joining me now, chief investment and portfolio strategist at blackrock's, america's -- blackrock americas. weapon sales will be at risk if the gaza humanitarian situation is not improved in 30 days. we are going to the take our viewers live to israel in just a few moments, but that's just one issue. election meddling here in the u.s., russia's war on ukraine continuing. how do you view these potential market disruptions. >> good afternoon, liz. it's great to be here. thank you for having me. to your point, there are so many various factors that are driving equity markets as well as bond markets these days. geopolitical risks are just one of them. and in our fall investment directions, our q4 outlook, one of the things that we ta

gains moving past asml as europe's most valuable tech company. >>> speaking of asml, it will furthertrictions to china. governments in europe are pushing if restrictions on the older tech going to china are working. >>> a busy line up of results lug including ge aerospace we are looking at futures hitting the lows of the morning with the dow in the red across the board. for more, let's bring from jay woods, chief global strategy and friend of the show. >> good morning to you, frank. >> futures hitting the lows of the morning. what is your word of the day >> we could be down two days in a row for the first time since september 6th. i want to go seasonal. my word of the day is batty. i'm talking about market action. historically when we get ahead of ourselves into the election, we see the market selloff. the last four elections, 2020, down 7.5% from the first week of october into election day. down 4% in 2016. 2012, down again what i'm looking for is this market to kind of pull back and hit the brakes for a little while as we head into the election cycle which will then set us up for t

asml down a lot more than that.hank you. >>> would point out as well, when we came into the session this morning, nvidia was creeping up and market cap towards apple's $3.5 trillion. that disparity has actually grown given nvidia's 4% loss. apple shares up some 2%, perhaps on data from idc we got this morning as well. you can take a look at nvidia. apple shares benefiting from a nice move higher this morning. up some 22.6% for the year. interestingly, right in line with the performance of the s&p, which though down a bit this morning, is also up 22.5%. our live market coverage continues afr isteth. with gold and copper prices pushing towards all time highs, us gold corp. offers investors leverage to both gold and copper at its project, and mining friendly wyoming. u.s. gold corp has a reserve of almost 1.5 million ounces of gold equivalents. permits to mine zero debt with only 10.73 million shares outstanding and a portfolio of world class american strategic metals assets. u.s. gold corp, join the golden age. your s

asml holdings, biggest tech company in all of europe, down 17% after its quarterly results disappointedpecially on the bookings side of things and they cut their full-year guidance for 2025, as well. so that's the big downside drag. that makes kla corps down 13%. applied materials down 10%. they're the two biggest laggards in the s&p. and nvidia is down 4%, as well. another thing to keep a close eye on is the record high we saw in the biggest publicly traded company in the world, that's apple, bucking the overall trend, up about 1.5%, a record high here. there goes the star. a new ipad mini with apple intelligence features built in announced today, as well. a lot of positive analyst commentary with regard to the new iphone and the potential sales it could have in the future. all of those things mixed together, drive a record high for apple. >> for those of us new to "the exchange," what is this blue star, the dominic chu seal of approval? >> sit a tfactual check on whether a stock has made a high. >> so a lot more ahead this hour, but we are going to kick it off with oil and energy. cru

you like asml, that makes the highest end equipment for building these really advanced chips.be people can get these names on sale. why do you like that particularly when there are these questions about the stability of demand going forward? >> well, we love the semiconductor equipment companies because they're picks and shovels to any end market. so you can be very agnostic. these are the companies that are benefiting. you're getting these companies at a little bit of discount, because people are worried about intel's cap ex coming down in the case of asml and worried about sanctions with china. but what matters is the end demand of ai and these are companies who have no com competitors. so we love this as a way to play the big mega trends. >> finally, lee, post halloween, we're about to get a lot of focus on retail as q4 turns towards the holidays. you like some ecommerce names, or at least one after ebay and etsy didn't wow a lot of folks. >> i'm kind of in the pick ax world when it comes to ecommerce. here's how i really like to play it. look at a company called manhattan

the nasdaq, the worst performer today, as chips are lower after asml earnings were released early ands orders were well short of expectations, saying there are strong developments in some areas of the market including a.i. other segments still weak. that stock down $150 per share. and obviously other chip stocks that like the ones you see there, down in many cases by double digits. nvidia getting hit as a result along with other chip names. trump media taking a sharp leg lower this afternoon after the former president's interview at the economic club of chicago. the stock was briefly halted for volatility which you could have characterized the interview as because it was pretty volatile. it has since reopened, but down about 5%. >>> and here shares of sphere entertainment. the coming up's entertainment venue in las vegas has caught a lot of attention, boosted business in las vegas. today the company announces the next sphere, number two, will be built in abu dhabi in partnership with the department of culture and tourism. lot of news around the uae. it's spectacular. >> so cool. great

nvidia, marvell, asml. so as we look at some of these names, it is the chip9 battle between arm and qualcomm. there's been a warning that arm is not interested in dealing with qualcomm right now because they say qualcomm's investing in this other thing called risk five, this rs -- riscv which is an open source chip architecture company. but that tends to bring down an entire market? >> well, it's part of it. i think the real part is what jon brought up already. when you look at the 1011-year, the kind of spike that we've made, this has been a monstrous move to the upside. and with that, they go after the a nasdaq names because those are the performers, especially when you look at the semiconductor world. the smh, i use that to try to dissect the semiconductors. you're just seeing that relationship they've got. as this is moving to the upside with the 10-year, every time we see that make that next move, or we are seeing the semiconductors just get pushed down and down and down. qualcomm definitely a daily st

-- by the way, asml, on tuesday, nobody heard of.hen wednesday, they reported bad numbers and suddenly asml is the most important semiconductor company in the world. it's dutch. they don't know it's dutch. they could be belgian ffr. >> it's all based on u.s. technology, but yes, it is a dutch company, and that's why we have a lot of power in terms of not allowing them to sell their equipment to certain regions of the world. >> even royal dutch love dutch. >> it wasn't a.i.-related. it was other parts of the business. >> remember, he said that was -- that semiconductors were sad. he used the word sad. >> who used the word sad? >> the ceo. he used the term, "sad." i thought that was sad. he's sad. what kind of -- who's sad? sad is a mets loss. sad is not a way to view semiconductors. oh, i'm sorry. i'm going to take you out of the equation. >> it's okay. >> look at this. >> come on, guys. really? come on. >> saquon had 170. cue up saquon right now. >> is there a dodgers fan here? i don't think so. get that -- get it off. thank you. >>

was weaker at asml, but a.i.as strong, and yet, nvidia and amd, amongst others, were down sharply. >> it was just kind of wrong. i mean, things -- people got it wrong. now, i want to tell you just as they were blowing up -- and when i say blow up, i mean, not since, i don't know, like since they gave away manhattan for, like, 27 shekels. what was that? >> $22. >> yeah, right? >> peter stuyvesant. >> great man. holland tunnel. >> that was holland, actually. >> i know. he's related to my family. right when asmlf was going, putting nvidia in its place, jensen huang was speaking, right then, and his quote is, "we would like to achieve super human productivity." this is at a lenovo smarter a.i. enterprise conference and i thought it ironic. he's taking over the world but also being taken down by asmlf? i don't know. i don't know. how was -- how's samsung doing? >> stacy rasgon, who is -- asml is not necessarily the best read across given their expertise and lumpy revenue profile. goes on to say, "nvidia, broadcom, amd

earlier this week it was negative from asml.eally strong quarter, upgrading the forecast saying that there is extreme demand for ai chips. this morning, it means that tech can rally. nvidia up just under 3%. jonathan: we will touch base with dani again. striking weapons sites in yemen linked to houthi rebels. the defense secretary lloyd austin saying that the strikes hit five underground facilities. amarie: a statement yesterday said this is an ability to target facilities adversaries seek to keep him out of reach of matter how deeply they are buried. the question is, why did they wait so long? american intel officials say that the assault of vessels in the red sea led to a decline in the area. everyone who said that more needs to be done in terms of taming these individuals, especially with what is going on in the red sea, why are they waiting until now? lisa: they have been doing different attacks on haouthi military sites, but this is the first time they have used equipment that can get to underground facilities. just wonder

>> yes, one of their competitors asml released earnings a day early and stock was down big, 15% or soe chip. coming up. spending over $600 million on illegal migrants and crash from the hurricanes and the poll showing vast majority of them with fema spending going for this and new york city councilman going for them and joe borelli here to take that on. joe is next. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. stuart: we have red ink but not that much. dow is off 80 and nasdaq down 130 and there's the loss for you. that's 0.7% for the nasdaq and mike murphy is with us and he's

asml has a case. i can run down the litany. times the chief of staff, companies with ceos would come to me and say i'm getting killed in china, but i need -- i say, okay, let's file a case. no, no, no. they live in fear of that. you can't have two systems, one by rules, by laws, applied universally and principally across the board and the other one, we're breaking the rules and stealing is kind of the business practice. it just doesn't work. now, you want to participate in the international economic system? okay. that's great. it is how you lifted millions of people out of poverty. you did not do it on some other just investment level. you participated in a world-based system. you're one of the, if not the number one beneficiary of it. and you did not participate by the rules in which everybody else was playing. and my view is, we can have a singular global system where trade is promoted, but you're going to have to play by the rules and not steal and cheat from people and crush their own domestic economic manufacturing base or

if there say market correction, we saw what happened with asml. the stock got pummeled. if yyou broaden your exposure, you can review your portfolio. >> how important to you as an investor and how do you think the fed will review? it is not a labor report or an inflation report, but a report with a lot of importance. >> i think is an important report. the fed will review it. the fed is data dependent. when it comes to labor and inflation, we are in a sweet spot right now. the fed is data dependent and adjust the policy accordingly. >> does the fed cut in november or december, does that matter to you as an investor with the sectors you want to put money to work in or are we in a rate cutting cycle? >> i think the cut matters because that means the economy is getting stimulated. i think we are at a point where we rule out economic armageddon. we feel very constructive on businesses that are catering to the high-end consumer. those businesses are -- those consumers are not going to scale back. >> we are in a full circle moment going back to the bank. the banks told us the c

technology stocks rolling over, but asml put our guidance going forward november 2022.enge to continue to -- >> there are some trump in indicators these doing. >> could i come back to inflation a second? i want to mention do a lot of drilling, increase energy capacity federally. the energy side is very important. >> good for price of it-ish did. >> joe, here 's the thing. the tariffs. energy concentration, economy versus import share of the economy, energy is bigger. having low energy costs is very central to keeping cost of living down. >> and get too low people stop drilling, right? >> the whole point, you're drilling to produce that commodity and if you onshore you have low taxes, low regulation. onshoring. all the pieces fit together. >> can you point to anything that makes you think either candidate -- >> let me be -- here's what i'll tell you. if i'm on the democrat side i'm worried, because the, back in 2020 we had about 155 million ballots cast. about 70% of the eligible population voted. highest since 1900. of that hughley 155 about 67 million were mail-in ball

asml is a gem. i've been to the world war ii museum in new orleans many times. to the aircraft. can it come back? of course. that's because there are only two major air companies on earth and the other being airbus. try to get some stock when this ne'er-do-well company, when it comes they will no longer be a ne'er-do-well. once the strike is settled it is strong demand and not enough supply. that is always a great place for business to be. there's always a bull market somewhere. i'm jim cramer, see you tomorrow. joins the tank. i always look for stuff that is breaking the mold of what's out there today. so we are a little more expensive. i'm gonna go out! it drives me bonkers. you want a participation trophy. what we have here is not yet a business. i have put my blood, sweat, and tears into this. i love these guys! oza: i'd like to give you an offer, but you may not like it. ♪♪ narrator: first into the tank is a product to help you survive the most crucial hours of an emergency.

asml ceo joins us on the stage. 4:00 eastern, 9:00 in london. this is bloomberg.d procurement software startup zip is changing the way companies obtain the supplies they need to operate in recently announced its latest funding. here with more is the zip founder and ceo. the back story is interesting and worth getting right to it. you used to work at airbnb and you had a specific job and you are basically like this is not working so you went with some friends and colleagues and design something better and were like let's start a company that does this. that is pretty fair? >> that is absolutely fair. my colleague and i were at airbnb and had to go through a confusing procurement process of where we had to buy something one or all of the approvals between budget and i.t. and security and all of the different teams and that is what we started zip to solve for by providing one front door for any employee in the business to request a purchase. caroline: i am interested that you are ai powered. is this generative ai or more broad ai? you are serving openai so you built

you see the european chipmakers are performing asml down 9%.he rest of the secretor gettina boost as you see today. elsewhere, the u.s. chipmakers in pre-market trade losing some steam. you ccan see the semiconductor index. philadelphia index was giving back a lot of territory this week from the high water level. this morning, nvidia looking to recover some territory. it's been quite a week at record level and quickly lost the record high and looking to recover 2.5%. qualcomm perched high and broadcom and advanced micro set up for daily gains today. >>> to the asian markets and it has been a big one on the macro, not just on the chip side, but macro as well as we watch the property conference in china today. it has moved the markets, but not on the upside. shanghai composite and the hong kong market. chinese stocks are fading. australia picking up on the wall street trade. you see the china story hasn't got the momentum as it has in the latest trade. the stocks off session highs among profit firms in hong kong trading lower after the briefing f

of the earnings story with the likes of goldman and citi fleshing out their details read in europe, asml later in the week you have economic data in terms of retail sales out of the u.s. we have that decision from the ecb on thursday expected by markets to come through with a third cut. let's check on the markets in terms of how futures are positioning. european futures down 0.1%. s&p e-mini's off by 1/10 of a percent, nasdaq futures down 2/10. cross asset, maybe we have got some technical issues but i will tell you what is happening in terms of euro-dollar, we lead up to that ecb decision, at 1.09, a 10th lower on the single currency, the pound at 1.30. the bloomberg dollar index is up a 10th of a percent. we are building up to this international investment summit in the u.k. and that conversation with keir starmer, the prime minister, will he give details in terms of the planning for the longer-term vision and will it attract the investment this economy desperately needs? worth mentioning in the commodities space, i will touch on this because it is important, brent is down 1.2% at 78 p

at the top of the list is asml. those shares down 3%. amazon down 2%. apple down 1.5%.similar story there. we're seeing mega cap tech under pressure. let's go back to friday. the jobs report showing employers added nearly 250,000. on the back of that, traders are slashing the expectation of the rate cut from the fed when it meets next month. take a look at bonds now. this is the real story. the ten-year yield back above 4%. about a 15-basis point move to the upside following the jobs report. bigger upside moves with the two-year treasury just about at 4% right now. moving 25 basis points following the stronger than expected jobs report. we also want to look at oil adding to the october gains up 10% since tuesday. you can see it is up again this morning. u.s. benchmark up 2.5%. here's the important part. well above $75 a barrel. $76 a barrel. brent crude close to $80 a barrel. also up just over 2%. that is the money set up now. let's look at the start of the fourth quarter and opportunities out there. it is proving to be a bumpy start. following the better than expected

we will have a conversation with the asml ceo as part of the bloomberg tech conference at 9 a.m.. time. this -- the ceo speaking for the first time since that surprise cut to the outlook. coming up, europe's biggest software companies sees cloud sales job. we will speak to the s.a.p. ceo next. the is bloomberg. ♪ ♪ tom: good morning. i am tom mackenzie in london and these are the stories that set your agenda. bonds extending a global selloff as traders wait a slower pace of u.s. interest rate cuts. hsbc merges global businesses as the new ceo looks to rein in costs. we will bring you the details. clear skies for sap as cloud revenue jumps 25%. we will speak with the cfo of europe's biggest software company in a couple of minutes. let's check in on these markets. european futures pointing higher by .2% after modest losses yesterday. s&p futures lower by .2%. ftse 100 futures looking to lose about 19 points. nasdaq futures also lower by 55 points. the bond selloff is there. u.s. treasuries yesterday with 11 basis point move higher on the 10 year yield. currently at 4.03. the japane

then you have to think of this -- so asml, they talked about a negative outlook for net bookings.t's all of the semiconductor industry. for taiwan semi, where they're getting the most juice and the most momentum is the ai portion of it. so i do think that they have further to run, but they have run so far so fast that if you're look forg a little bit of a pullback in the overall market, this is probably the most susceptible for them. >> you mentioned earlier how much nvidia is up so far this year, and compared it with you much taiwan semi is up. not small amounts, 80 something percent. but how much of that difference between nvidia's gain and taiwan's gain is because taiwan is in taiwan, and taiwan is under pressure? >> yeah, well, if you look at it from a revenue base, taiwan semi's revenue, their portion of revenue they get from nvidia i think is roughly 11%. so there are other -- and if you go amd, that's probably around 5% of the percentage of their revenue they get from those two chip companies. 15% as a whole. so there's 85% noise from the other companies, but i do believe i

front is lam research and higher and beating the revenue and the overall lookout is not as high as asml shares up 4%. over at matell it was mixed, and they are up 3.68%, and whirlpool is up 13.18 as well. >> and now, metashares are higher half a percent, and wool for woolfort is out with the chips that would be hit with donald trump presidency, and those are estee lauder and deere and american eagle, and stanley black and decker. >> indeed. >> and now, we are a multi media after all, and so joining us is the nba commissioner adam silver, and behind the sports podcast, he asked the commissioner what is behind sports these days, and so could rush be replaced or aided by things like robots and artificial intelligence, and take a listen to this. >> we are hoping through hawkeye-type technology that we can automate the calls, and so it would be laker ball. quickly play on. and sure it is going to be some animation that is going to quickly show, so it is not a black box, and what the ai is demonstrating, because in hawkeye, sometimes the people watch it, and think it is a video replay, but it

after our show today, asml president and ceo will be speaking at a bloomberg tech event in london.ge on bloomberg tv or on bloomberg.com. here is a look at the guests joining us tomorrow. the ceo of the philippines' largest conglomerate ayala will be with us exclusively. we will ask about the investment landscape and the impact of monetary easing on his businesses. plus insights on the biggest market risks and opportunities with ubs global wealth management's min lan tan. horizons middle east & africa is next. this is bloomberg. ♪ i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green

tomorrow we will have a conversation with the asml ceo as part of the bloomberg tech conference.t after their shock cut to their outlook on dwindling demand for some of their lithography machines. concern about the slowing semis space. tune in for that occlusive interview tomorrow at 9:00 a.m. u.k. time. u.k. tax authorities are taking a tougher approach to calling back debt from collapsing businesses. sovereignty specialists say it is part of a government bid to squeeze an extra 5 billion pounds in revenue. corporate rescues are more difficult with the increased use of debt collectors ahead of the labour government's budget next week. bloomberg understands that cdn are is near a deal to take control of santa fe's -- sanofi's consumer health unit. sanofi and the u.s. buyout firm are set to announce exclusivity on the deal as early as today. striking boeing workers are to vote on a pay deal as the struggling planemaker releases results. we bring you the latest on that negotiation. this is bloomberg. ♪ ♪ ow! whoa! watch where you're going. yeah mom, pay attention. what if it's a co

just another signal because we seen it across earnings, even starting at couple weeks ago with asml. >> i just want to ask you, we may have a long supply chain, you talk to us about chips, but what about the services and how demand for ai services holding up? >> this is also a really big week for big tech when it comes to the cloud computing piece because we got earnings dropping from alphabet, from microsoft and amazon. they are the biggest suppliers of this. microsoft was just the latest overnight, and we saw it put out of forecast with cloud computing business that was weaker than what was expected. it's not a demand story, it's more of a supply side and the company just hasn't been able to build on it quick enough. the concern as it races to catch up to that is that it could end up putting a little bit of pressure on its margin, so we sell the stock lower. a has been a company invested in openai and we haven't seen r.o.i. on that just yet. meta is another one to watch and we saw that stock weaker and after hours trade. in the company will continue investing heavily into ai infras