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Business Insider·Nov 2, 202645 signal

Another Chip Stock Selloff Shows How the AI Trade Is Getting Pickier

By Huileng Tan You're currently following this author! Click to unsubscribe from email alerts. Kioxia's stock plunge in Japan highlights growing investor scrutiny of the AI trade. Kiyoshi Ota/Bloomberg/Getty Images The latest selloff in a high-flying chip stock shows just how demanding investors in the AI trade have be

Business
BigGo Finance·Nov 2, 202676 signal

Kioxia's Quarterly Revenue Surges a Record 453%, but Current-Quarter Profit Guidance Misses by 15% and Shares Tumble

Japanese NAND flash memory giant Kioxia reported July-September results: revenue of ¥2.48 trillion (approximately $15.7 billion), up 453.2% year over year, and adjusted operating profit of ¥1.9883 trillion (approximately $12.6 billion) at an 80.2% margin, both record highs. However, its October-December adjusted operating profit guidance of about ¥2 trillion (approximately $12.7 billion) is roughly 15% below market expectations, with only about 1% sequential growth, which the company attributed to shipment timing mismatches. Meanwhile, the average selling price increase for NAND flash narrowed from about 70% in the prior quarter to the "mid-20% range," and the chief financial officer acknowledged uncertainty over whether prices can keep rising in fiscal 2027. Shares fell as much as about 15% intraday. Kioxia still stressed that 2027 capacity is sold out and multiyear contracts cover more than 50% of 2028, and it paid an interim dividend of ¥30 (approximately $0.19) per share for the first time.

Business
FXStreet·Nov 2, 202645 signal

EUR/USD struggles to break free from its bearish spell

Looking at the 4-hour chart, the pair settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). It even revisited the 1.1110 zone. A low was formed at 1.1104, and the pair started a minor recovery wave.

Finance
RTTNews·Nov 2, 202645 signal

Asian Markets Trade Mixed

Asian markets are trading mixed on Monday, following the broadly negative cues from Wall Street on Friday, amid weakness in technology stock which mirrored their peers on tech-heavy Nasdaq on renewed concerns about the AI trade.

Business
FXStreet·Nov 2, 202655 signal

AUD/USD Forecast: Holds above 0.7000 as traders eye RBA decision

The AUD/USD pair shows minor downward movement at the start of a new week, trading near the 0.7020 region, down around 0.15% for the day during the Asian session. Traders, however, might refrain from placing fresh directional bets ahead of the Reserve Bank of Australia (RBA) decision on Tuesday.

FinanceRBA
BigGo Finance·Nov 2, 202645 signal

China's Central Bank to Run Overnight Reverse Repos Every Business Day; Injects ¥12.8 Trillion on First Day

China's People's Bank of China injected CNY 541 billion (approximately $81.3 billion) through overnight reverse repos on November 2, at an interest rate of 1.25%. The operation will be conducted every business day starting that day, with the rate formally taking on the role of the main policy rate. On the same day, CNY 1 trillion in overnight repos and CNY 56 billion in 7-day repos matured, resulting in a net withdrawal of CNY 515 billion. The overnight Shibor stood at 1.289%, while DR007 came in at 1.3898%.

Economy