Saxo Market Call AI stocks on tilt, even if Micron isn't. JPY eyes BoJ.
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Dec 18, 2025 Join Ruben Dalfovo, Saxo Equity Strategist, as he delves into the unsettling drop in AI stocks, despite Micron's impressive earnings forecast. He shares insights on Tesla's competitive landscape and Oracle's struggle with its costly data-center investments. Dalfovo also analyzes the shifting trends in European fashion, highlighting the disparities between luxury brands and their mid-tier counterparts. Lastly, he looks ahead to the upcoming Bank of Japan meeting and its potential impact on currency and market volatility.
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AI Stocks Lose Momentum
- The AI stock group has turned slightly negative after a fresh wave of selling, dragging major US indices down.
- Weakness concentrated in AI names signals sentiment is cooling and selective leadership may matter more going forward.
Autonomy Is Optionality, Not Certainty
- Tesla leads on AI and vision-based autonomy but faces hardware, bandwidth and real-world safety limits.
- Multiple players (Baidu, Waymo, Uber) could win; Tesla's optionality is big but timing and scale remain uncertain.
Oracle's Buildout Faces Funding Tests
- Oracle's aggressive data-center expansion is raising balance-sheet and execution concerns among investors and partners.
- Blue Owl's refusal of a $10bn financing and huge lease obligations highlight funding risk for Oracle's AI push.