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Bloomberg Intelligence
ASML Guidance Cut, US Bank Earnings
Oct 15, 2024
Mandeep Singh, a Senior Tech Industry Analyst, reveals ASML's lowered guidance for 2025 amidst fluctuating demand for AI chips. Alison Williams offers insights on mixed U.S. bank earnings, highlighting surprising market reactions. George Ferguson discusses Boeing's strategic plan to raise $25 billion for improving liquidity during union negotiations. Dan Pickering analyzes the energy sector's dynamics while David Auerbach shares challenges facing REITs. Oliver Crook delves into the competition Western automakers face in the Chinese EV market, urging innovation.
44:56
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Quick takeaways
- ASML's lowered guidance for 2025 reflects vulnerabilities in the semiconductor industry and the impact of reduced foundry investments from key clients like TSMC and Samsung.
- The U.S. bank earnings report highlights the financial strain faced by major players, affecting their capital expenditure decisions and overall market confidence.
Deep dives
ASML's Volatility Signals AI Chip Demand Challenges
ASML, a major player in the semiconductor equipment market, has faced significant stock volatility following a drastic downgrade in its 2025 net sales and gross margin forecasts. This unexpected drop in estimates, along with third quarter bookings that fell below expectations, has sparked concerns regarding the demand for AI chips. Analysts note that the company's forecast relies heavily on foundry investments from key customers like TSMC and Samsung. The current geopolitical tensions and reduced capital expenditure from these clients are potential indicators of a cooling demand environment for AI semiconductor equipment.
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