Saxo Market Call One deal closer in the AI capex endgame
12 snips
Oct 7, 2025 The discussion kicks off with the amusing implications of the OpenAI-AMD deal, igniting AI capex frenzy among market observers. It also dives into OpenAI's pivotal role in the AI ecosystem and the risks tied to its centrality. Speculation heats up with Tesla's rumored product announcements and geopolitical tensions in Europe and South America. The conversation explores extreme valuations in the AI space, questions if we are in a bubble, and analyzes the impact of a major Ford plant fire. Finally, insights into macro trends and currency dynamics round out the insights.
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OpenAI–AMD Deal Fuels Speculative Hype
- The OpenAI–AMD announcement ignited massive speculative enthusiasm driven by headline spending figures rather than clear commercial terms.
- John Hardy warns the deal smells of vendor financing and circular value creation that fuels hype more than fundamentals.
OpenAI As The AI Sector Linchpin
- OpenAI is becoming a central linchpin for AI sector valuations, meaning its fortunes could drag many large caps.
- Hardy notes the interconnectedness raises systemic risk if OpenAI's trajectory falters.
AI Basket Shows Bubble-Like Returns
- Saxo's 'AI bubble basket' climbed sharply, reflecting concentrated speculative flows into AI-linked names.
- Hardy highlights extreme annualized returns and stretched valuations as classic bubble signals.