Morning Brief
Overnight: S&P 500 +0.8%, NASDAQ +1.2% on strong NVDA earnings beat ($0.89 vs $0.74 est). TSMC ADR +3.1% after Taiwan Aug exports beat +12% YoY. Hang Seng futures +0.4%.
Key today: US CPI at 8:30 PM HKT (consensus 2.8% YoY, prev 2.9%), FOMC minutes at 2:00 AM HKT. China PPI data at 9:30 AM.
Portfolio impact: HBM/semi names likely to outperform on NVDA momentum; TSMC data supports foundry thesis.
Key Events Today
8:30 PM HKT — US CPI (Aug)
Consensus: 2.8% YoY | Prev: 2.9% HIGH
Consensus: 2.8% YoY | Prev: 2.9% HIGH
2:00 AM HKT — FOMC Minutes (Jul 29-30)
HIGH
HIGH
9:30 AM HKT — China PPI/PI (Aug)
MEDIUM
MEDIUM
All Day — Apple iPhone 17 Launch Event
MEDIUM
MEDIUM
10:30 PM HKT — API Weekly Oil Inventory
LOW
LOW
Industry Digest
HBM: SK Hynix HBM3E qualification confirmed for AMD MI400 (3 sources). Samsung trailing by ~2 months on HBM3E良率.
NAND: Apple iPhone 17 orders drive 18% QoQ NAND demand surge; Kioxia/WDC benefiting from ASP uplift.
Foundry: TSMC N2 yield now at 70% (up from 60% in June). Intel 18A still at ~40%.
EDA: Synopsys AI-driven verification tools seeing strong pull from auto/defense sectors.
Macro Calendar
| Indicator | Date | Consensus | Prev | Impact |
|---|---|---|---|---|
| CPI (US) | Sep 10 | 2.8% | 2.9% | HIGH |
| Core CPI | Sep 10 | 3.2% | 3.1% | HIGH |
| FOMC Minutes | Sep 10 | — | — | HIGH |
| Retail Sales (US) | Sep 11 | 0.2% | 0.4% | MEDIUM |
| ECB Rate Decision | Sep 11 | 2.50% | 2.50% | HIGH |
| Initial Jobless | Sep 11 | 226K | 231K | LOW |
| China CPI | Sep 12 | 0.7% | 0.6% | MEDIUM |
| UMich Sentiment | Sep 12 | 58.0 | 58.2 | LOW |
Holdings Overview
| Ticker | Name | Weight | Price | Chg | 30d |
|---|---|---|---|---|---|
| NVDA | NVIDIA Corp | 12.3% | $142.30 | +3.42% | ▁▁▁▂▃▄▅▆▇██ |
| TSM | TSMC ADR | 10.8% | $203.50 | +2.87% | ▂▁▁▁▂▃▅▆▇▇█ |
| MU | Micron | 8.5% | $112.40 | +1.93% | ▁▂▁▁▁▂▄▅▆▇▆ |
| AVGO | Broadcom | 7.2% | $198.70 | +1.12% | ▃▃▂▁▁▂▃▄▅▆▆ |
| AMD | AMD | 6.8% | $168.90 | -0.58% | █▇▆▅▄▃▃▂▂▁▁ |
| MRVL | Marvell | 5.1% | $82.30 | +4.21% | ▁▁▂▃▃▅▅▆▇█▇ |
| AMAT | Applied Mat | 4.9% | $198.40 | +1.78% | ▂▃▃▂▁▁▂▃▅▆▆ |
| LRCX | Lam Research | 4.3% | $89.20 | +0.94% | ▃▃▃▃▂▁▂▃▃▅▅ |
| KLAC | KLA Corp | 3.8% | $728.50 | +2.15% | ▁▂▃▃▂▁▁▂▃▅▆ |
| ASML | ASML Hldg | 3.2% | €712.30 | +1.34% | ▃▃▃▂▁▁▁▂▃▃▅ |
| COHR | Coherent | 2.8% | $118.70 | +5.82% | ▁▁▁▁▁▂▃▅▆▇█ |
| ARM | ARM Holdings | 2.4% | $178.90 | -1.23% | █▇▆▅▅▅▄▃▂▂▁ |
Earnings Calendar
| Ticker | Date | Time | EPS Est | Status |
|---|---|---|---|---|
| NVDA | Sep 25 | After Close | $0.89 | Beat |
| MU | Sep 24 | After Close | $1.34 | Pending |
| AVGO | Sep 11 | After Close | $1.67 | Pending |
| ASML | Sep 17 | Pre-Market | €6.12 | Pending |
| MRVL | Dec 4 | After Close | $0.58 | Pending |
| AMD | Oct 28 | After Close | $0.84 | Pending |
Breaking News
NVDA: Q2 revenue $44.1B vs est $37.8B, data center revenue +54% YoY
TSMC: Aug revenue NT$286.8B (+33% YoY), 8-month total NT$2.08T
SK Hynix: HBM3E qualification for AMD MI400 confirmed
US CPI Aug: Core expected 3.2% vs 3.1% prior — sticky services inflation
Samsung: NAND Q3 contract prices up 18% QoQ
ASML: EUV backlog unchanged at €36B despite macro headwinds