Global stock markets rise as investors continue to bet on AI

Global stocks advanced as investors bet on AI-driven growth: the Nasdaq rose 1.18% and South Korea’s KOSPI gained 5.84%. SK Hynix reported third-quarter operating profit of 83.33 trillion won ($62.8bn), up about 630% year-on-year, and its shares rose more than 8%. AI investment and upcoming tech earnings are in focus, while Anthropic disclosed an $80.7bn first-half 2026 net loss and oil stood near $115 a barrel, up 59% since the US-Israel war on Iran began.

Analysis

The near-term setup is an earnings-and-positioning test, not proof that AI capex earns an adequate return. Results from Microsoft, Alphabet, Amazon and Apple can move the complex over the next several sessions; the more important 1–3 month signal is whether cloud growth, backlog conversion and AI monetization keep pace with depreciation and infrastructure spend. A capex increase without stronger revenue conversion would pressure multiples across chip suppliers as well as platform buyers. SK hynix’s result, if verified, supports memory pricing and improves the read-through for memory suppliers, but a single quarter does not establish a durable cycle peak or trough.

The unusual figures in the report require verification before trading: the stated SK hynix quarterly operating profit and Anthropic first-half loss are exceptionally large and could reflect a unit, translation or reporting-scope error. Nvidia’s reported investment in Meta’s equity offering also warrants scrutiny; if accurate, it could be interpreted as ecosystem financing that sustains demand, but also raises questions about circular capital flows rather than independent end-customer economics.

For the next few days, concentrated earnings risk can overwhelm the broad risk-on tape. Over 6–18 months, elevated oil adds an inflation and discount-rate headwind that can offset AI optimism, while also raising power and logistics costs for data-center buildouts. Contrarian view: the market may be underpricing the hurdle rate for AI returns, but one strong memory print is insufficient evidence of a broad bubble or imminent reversal.

Key Decisions for Investors

• Avoid chasing the index rally ahead of clustered mega-cap earnings. Treat guidance on cloud growth, AI-related revenue/backlog and capex as the catalyst; a capex acceleration without better conversion is a reason to reduce exposure to high-multiple AI infrastructure names.
• Watch a relative-value setup: prefer diversified memory exposure over a single-name momentum bet only if SK hynix’s reported figures and pricing commentary are confirmed. Reassess if subsequent memory pricing or supplier guidance weakens; do not trade the reported profit figure until units and scope are verified.
• Keep any tactical AI exposure sized for event risk. A downside trigger is disappointing AI monetization or rising capex intensity at Microsoft, Alphabet or Amazon; an upside confirmation is stronger cloud demand and disciplined investment economics across more than one company.
• Monitor Brent near the reported $115 area as a macro hedge/risk signal, not a standalone oil call. Further escalation could lift inflation expectations and yields, pressuring long-duration technology valuations; de-escalation and falling crude would weaken that offset.
• Verify the reported Anthropic loss and Nvidia–Meta equity transaction against primary filings. If the loss is accurate, it highlights the financing burden of frontier-model competition; if the transaction is accurate, distinguish customer demand from vendor-supported funding before treating it as evidence of incremental AI economics.