Valérie Noël on Big Tech Earnings, AI Demand, and Uranium Miners

Big Tech Earnings Analysis

• 💡 Microsoft's earnings were not massively disappointing, with potential long-term upside from OpenAI news.
• 📈 Alphabet's earnings were strong, particularly in its search business, with growth also seen in Gemini.
• ⚠️ Future CapEx for tech companies, especially concerning AI, remains a key factor to watch.

Market Sentiment: Digestion and Pause

• ⏸️ The current market sentiment is best described as digestion or a pause, following recent Fed statements and earnings reports.
• 📊 Investors are processing information from yesterday's earnings and Fed announcements, while awaiting further earnings and ECB news.

Uranium Miners: A Durable Commodity Story

• ⚡ Global power demand is exploding, driven by AI, EVs, and electrification.
• 📉 The uranium market is currently under-supplied, with rising demand from data centers and new reactors.
• 💰 Uranium miners are seen as a durable commodity story for the decade, with ETFs like URA being a recommended way to play the theme.

Gold Market Outlook

• ⚠️ Gold is currently in a consolidation phase, moving from highs back towards 4,000.
• 🤝 Clients holding gold are content, and institutional exposure is not yet significant, suggesting potential for a second wave.
• 📈 Despite the consolidation, the long-term outlook for gold remains bullish.