[Before the market] Huida's data center is slightly pale, affecting emotions, and the three major futures are divided (2025.08.28)

Futures shocks, Huida's earnings report is more profitable than data center doubts

Before the opening of the market, the atmosphere was on the sidelines. Dow Jones futures rose slightly, while S & P 500 and Nasdaq 100 futures fell slightly. Investors digested the news that data center revenue was slightly lower than expected in Nvidia's latest earnings report. The previous trading day, the S & P 500 closed up 0.24% and hit a closing high of 6,481.40. The overall tone of risky assets was not bad, but pre-market funds clearly shifted to earnings stocks and specific themes. Bitcoin stood at US$113,000, the 10-year U.S. bond yield rate did not change much, oil prices fell and gold prices rose, reflecting the market's struggle between AI weight and defensive consumption.

Huida's earnings were better than expected, and the data center slightly failed to suppress stock prices

Viida announced second-quarter revenue of US$46.74 billion, a year-on-year increase of 56%, and adjusted earnings per share of US$1.05, both of which were better than the Visible Alpha Consensus, and released the outlook that this quarter's revenue growth will exceed 50% annually; However, key data center revenue was US$41.1 billion, slightly lower than some institutions 'expectations, becoming the main reason for the pre-market share price's correction of nearly 2%. According to FactSet, Huida exceeded expectations in 11 of the past 12 quarters, but there were still several times when its share price fell back after the earnings report, indicating that when valuations and expectations were high, the gap in details could easily amplify the market reaction. Investors are concerned about whether supply nodes, product portfolios and customer destocking rhythm affect the shipment rhythm in the second half of the year.

AI beneficiary stocks diverge, with cloud and data platforms leading the gains

Unlike the short-term digestion of the hardware chain, Snowflake surged more than 13% before the market. The company's second-quarter revenue was US$1.14 billion and adjusted earnings per share was US$0.35, which was better than Visible Alpha's expectations. It also revised its forecast for the annual growth rate of product revenue for the fiscal year 2026 from 25% to 27%. The CEO pointed out that AI brings "huge opportunities", and the market interpretation data platform's stickiness and unit price increase in the implementation of AI applications are more certain. This message has led to the strengthening of some cloud and data analysis themes, indicating that the trend of AI demand spilling over to the software and service layers continues.

Affordable retail performance is stable, and consumption is defensive and highlights before the market.

Dollar General(DG) rose approximately 6.5% before the market, relying on better operating data than expected and its revised full-year financial forecast. The company's second-quarter revenue was US$10.73 billion, a year-on-year increase of 5%, same-store sales grew by 2.8%, and earnings per share were US$1.86, both higher than the Visible Alpha Consensus, and simultaneously raised full-year revenue, same-store and EPS outlook. The stock price has risen by about 45% since the beginning of the year until Thursday. The market interpretation is that in an environment where price pressure still exists, the stability of passenger flow and ticket prices on low-cost channels is relatively resilient.

The focus of electric vehicles shifts to Europe, Tesla sales weaken for seven consecutive months

Tesla(TSLA)'s new car registrations in Europe fell by 40% to 8,837 units in July, including a 42% annual decline in the EU market. At the same time, the total number of pure electricity registrations in the region increased by 39% year-on-year. China's rival BYD increased by 225% year-on-year in Europe. Tesla's share price fell less than 1% before the market, reflecting multiple tests of European demand, product cycles and competitive combinations. The price difference strategy in Europe and the pace of new models will become important aspects for subsequent observation of brand market share and gross profit trends.

Cross-market linkage is moderate, and sentiment tends to be neutral after the S & P hit a high.

Asian stock markets were divided this morning, with Hong Kong leading the decline of more than 1%. In Europe, the pan-European Stoxx 600 rose slightly by about 0.1%. The external traction on U.S. stocks was neutral. The day before, U.S. stocks closed higher simultaneously on the eve of Huida's earnings report, and S & P revised its closing new high, which was conducive to supporting overall risk taking. However, after key value stocks announced their earnings reports, it was easier to return to repricing of fundamental details in the short term.

Interest rates and commodities are stable, and asset allocation signals are not changing sharply

The yield rate on the 10-year U.S. Treasury bond has limited movement. Oil prices have fallen and gold prices have risen, sending a message that inflation and growth expectations are relatively stable. As Bitcoin stands above $113,000, the wind direction of risky assets is positive, but the marginal thrust on the stock market is limited. There were no trend fluctuations in foreign exchange markets and bulk commodities, which helped the market return its focus to corporate financial forecasts and industry dynamics.

Policy attention is heating, and the independence of the Federal Reserve Commission is re-examined

On Thursday, Taiwan time, John Williams, President of the Federal Reserve Bank of New York, emphasized the need to maintain the independence of the central bank. The background was Trump's recent rhetoric on pressure on monetary policy, including criticism of Federal Reserve Bank Chairman Jerome Powell and personnel controversy against Governor Lisa Cook. Although the current interest rate path is still based on data, the rising political noise has made the interpretation of officials 'conversations and meeting minutes more eye-catching.

Trade and individual overseas stocks are mixed, with limited impact on U.S. stocks

Japan's top trade negotiator Ryoshi Akasawa is canceling his trip to the United States due to technical issues related to the US-Japan trade agreement, indicating that the tariff issue still needs to be coordinated; Qantas 'earnings were better than expected, and its share price hit a high in early trading and rose more than 13%. The above-mentioned international news has slight support for sentiment, but its impact on the pricing of U.S. stocks before the opening bell is relatively limited. The core market variables still return to U.S. corporate earnings and the pulse of U.S. internal policies.

Pre-market trading hotspots are concentrated, with technology and consumption competing against each other

Stocks with significant pre-market gains and losses were concentrated on both ends of AI and parity retail. Snowflake led the gains strongly, while Dalle followed suit. Huida and Tesla weakened slightly, indicating that funds are seeking a balance between growth and defense themes. Dow Jones futures benefited from the weight of consumption and industry and showed a trend of resistance; the technological impact of the authorized value of S & P and Nasdaq futures declined slightly. Trading activity is mainly based on individual stocks that have announced financial results or raised financial forecasts.

Focus of today's observation, AI capital expenditure rhythm and retail financial measurement extension are the most critical

The key after the opening day is to provide detailed guidance on data center order visibility, supply chain delivery dates and product conversions, and to pay attention to whether software end operators are simultaneously updating AI-related operating goals. Consumers are concerned about whether Dalle's tone on passenger flow, inventory and gross profit in the second half of the year is conservative or optimistic to measure the resilience of domestic demand. The small changes in interest rates and oil and gold provide a relatively clean verification scenario. If there is no unexpected information interference in the intraday session, the market's focus will be on the rebalancing of financial reports and prospects in the evaluation.