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As capital expenditures continue to rise and free cash flow begins to come under pressure, investors need to recalculate whether orders can be timely converted into revenue, whether revenue can cover depreciation, and ultimately how much cash is truly left for shareholders.

Whether this round of differentiation can continue depends on the two sets of numbers after tonight: Meta's capital expenditure and free cash flow, as well as whether oil prices can stay below $100.

When interest rate expectations shift and valuations of external tech stocks come under pressure, the financing and quantitative funds in these sectors concentrate on withdrawing. The rise of liquor and brokerage stocks against the trend indicates that funds are not withdrawing completely, but are making structural defensive switches.

Foreign capital has withdrawn approximately 131 billion USD this year, the buybacks of the two major chip giants have reached the end at about 55 trillion KRW, and the retail financing balance has dropped from the peak of 38.6 trillion KRW in June to about 33 trillion KRW. What has fallen is the price, and what is lacking is the counterpart to take on the trades.

The price changes in the credit market usually lead those in the stock market. Understanding the timeline of bonds provides an additional leading indicator for judging the direction of these types of stocks.

The structure of computing power consumption may be shifting from GPU-centric to a collaboration of CPU, memory, and GPU. The incremental demand on the hardware side is relatively more verifiable, while the impact on the software side depends on the pace of substitution by agents; both clues are driven by the same product cycle. To what extent this shift has already been factored into the market remains to be seen.

This Monday is Columbus Day, and the U.S. bond market is closed. Before the data-heavy week, the market gave two seemingly contradictory answers regarding the same Federal Reserve: no action in October, tightening as usual in December. This article breaks down this contradiction.

On the same day, a warning about capital came from the CEO of Broadcom in Singapore, and three days ago, news about the new structure progress of Changxin Storage came from Shanghai. One of these matters points to where the money on the demand side comes from, while the other indicates whether the pattern on the supply side will change. In the early trading session on Tuesday, KOSPI and Nikkei both declined, extending this round of adjustment to the Asia-Pacific region. This article will break down these two clues in the order of transmission.

A week before the earnings report, the Philadelphia Semiconductor Index had just experienced four consecutive declines, and Broadcom's CEO once again placed the warning that "capital is the biggest constraint" on the table, adding an extra layer to the interpretation of this response compared to previous years. This article breaks down the questions that need to be answered at the earnings call into three parts.