12/15

Fed Officials Spar Over Whether Rate Cuts Risk Credibility on Inflation

1. “If we can just get the dust out of the air, fundamentally, rates can go down a fair amount from where they are today"

-> 불확실성이 걷히다, 상황이 정리되다

 

Hope for More Rate Cuts Is Tempting Buyers Back to Bonds

1. Investors are warming to bonds again, underscoring how hopes for further interest-rate cuts have boosted Wall Street’s outlook.

-> 점점 호의적으로 보기 시작하다/ 분명히 보여주다, 강조하다->원인: 금리 인하 기대, 결과: 투자자들이 다시 채권 선호

2.many still saw indications that even modest further weakening in the labor market could spur the central bank to cut again within the next few months.

3.Yields on U.S. Treasurys, which fall when bond prices rise, slipped for the second straight session Thursday, eroding a two-week climb that had lifted them to their highest levels since September.

-> slip 소폭 하락 for the second straight session Thursday 목요일에 이틀연속

eroding a two-week climb 

4.But as he answered questions, Powell struck many investors as sounding more concerned about the employment situation than inflation, at one point saying that the jobs market faces “significant downside risks.”

-> 많은 투자자에게 고용상황을 더 우려하는 듯한 인상을 줌

 

-higher bar to additional cuts: 추가 인하에 더 까다로운 기준

-echoing a similar pivot: 유사한 기조 전환을 반복하며

-dovish (비둘기적) vs hawkish (매파적)

-> 통화정책을 완화적으로 보는 태도(금리인하에 더 우호적인 스탠스) vs 금리를 유지하거나 인상하려는 태도

 

Oracle Can’t Escape OpenAI’s Shadow

1.ChatGPT parent still accounts for most of revenue backlog, while capital spending surge shows no signs of slowing

->아직 인식되지 않았지만 이미 확보된 매출 잔고를 대부분 차지하고 있고, 카펙스 급증은 둔화조짐이 없음

->장기성장 확신하는 건가 

2.After five decades of selling enterprise software, Oracle ORCL  has amassed a lot of very large customers. But never before has the company’s fate hinged so closely on just one. 

-> 특정 한 고개(Open Ai)에 대한 의존-> 고객 집중도 리스크 증가

3. 구글때문에 Open AI 에 대한 걱정 상승, 회사 내부에도 code red선언

->As OpenAI is privately held, investors have responded by selling off other companieswith significant exposure to the startup. 비상장회사서 이 회사에 노출이 큰 다른기업(->오라클)들의 주식을 매도하는 방식으로 반응

-> 오픈에아이의 성장 전제가 경쟁 심화로 흔들리자, 그에 베팅했던 오라클이 시장에서 가장 큰 타격

4.The biggest surprise turned out to be the wrong kind.(가장 큰 놀라움은 부정적인 쪽)  Oracle spent a record $12 billion in capital expenditures in the November-ended quarter, which was far higher than the $8.4 billion Wall Street was expecting. But an annual capex bill of $50 billion that equates to 75% of Oracle’s projected revenue for the current fiscal year, a staggering(->충격적인) amount considering that capex has averaged about 17% of annual revenue over the past five years.

->심지어 메타도 36%인데 75%는 너무 했지. 투자자들이 오라클의 도박에 지쳐서 나가떨어진것

5. Oracle’s investment isn’t just to service OpenAI. (오픈에아이만을 위한 것은 아니다)

라고 하지만 사실상 매우 의존적이고 쉽게 바뀔수없

 

-downtrodden stock: 이미 크게 부진한 주가