Saxo Market Call As painfully contrarian as ever here on triple witching day.
Sep 19, 2025
Joining the discussion is Ruben Dalfovo, Saxo's Equity Strategist, known for his astute market analysis. He dives into the buzz surrounding Nvidia’s $4 billion investment in Intel, highlighting its ripple effects on ASML and CrowdStrike. The conversation veers into Micron's new prospects driven by AI demand and iPhone upgrades. Additionally, Ruben discusses macroeconomic threats, including the BoJ's evolving policies and the implications of rising yields in Europe, urging caution as markets show signs of frothiness.
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Nvidia-Intel Deal Is Geopolitical Diversification
- NVIDIA's $4 billion investment in Intel signals a geopolitical-driven move to diversify chip supply away from TSMC.
- Markets cheered because it reduces political concentration risk and supports Intel's fab demand thesis.
Market Priced In Optimism Beyond Technical Gains
- The market may be overenthusiastic buying both NVIDIA and Intel despite limited short-term technical gains from the partnership.
- Ruben and John noted investors often price political assurances and future optionality rather than immediate product synergies.
ASML Rally Validates End-Market CapEx For AI
- ASML benefits from sustained hyperscaler capex and guided strong growth, easing concerns about demand.
- The Nvidia-Intel narrative indirectly supports ASML by validating ongoing investment in complex chips and lithography.