Amazon Raises £4.25 Billion in Debut Sterling Bond Sale as Demand Trails Alphabet

Bualuang Securities assesses that the stock market still faces short-term volatility, based on the September pattern in which the market typically delivers weak returns, but it maintains a positive view on risk assets over the medium term because earnings growth and the AI investment cycle remain strong. This week, the outcome of the Fed meeting, along with signals on future interest rates and changes in the dot plot, will be key factors determining market direction. It recommends gradually accumulating stocks step by step, using market weakness as an entry point, focusing on growth and technology stocks with strong profit trends, alongside defensive stocks with specific positive factors and gold for diversification. For the ES-GTECH fund, it recommends waiting to assess and gradually buying on weakness, as Oracle reported cloud infrastructure revenue growth of 121% year on year and TSMC posted August sales growth of 53.3% year on year, supporting the view that AI demand remains strong. For the KKP TECH-H fund, it recommends waiting to assess and gradually buying on weakness, expecting the market to shift focus from AI capital expenditure to AI monetization, which favors cloud, software and platform stocks and companies with strong ecosystems. Meanwhile, global markets corrected on the US–Iran conflict, oil prices back above 100 dollars per barrel, and the 10-year US Treasury yield approaching 5%, while core CPI rose 0.3% month on month, above the 0.2% forecast, leading the market to price in roughly a 90% chance that the Fed will raise rates in September.

SpaceX is targeting an annual recurring revenue run rate of $100 billion by year-end as it heads into its third-quarter earnings report expected in November, according to commentary from Elon Musk and SpaceX CFO Bret Johnsen. Deutsche Bank analyst Edison Yu called that forecast likely very achievable. The company's AI-driven growth stems from integrating new services from the Cursor acquisition with Grok and signing cloud capacity agreements, including deals with Anthropic at $1.25 billion a month, Google Cloud at $920 million a month, a $6.7 billion six-month contract rumored to be with the Department of Defense, another $1.11 billion-a-month deal beginning in December from an unnamed customer, and $150 million a month from Reflection AI. In its first public quarterly report in early August, total revenue jumped 92% to $7.8 billion, Starlink reached 12 million subscribers, and AI revenue nearly tripled to $2.6 billion. SpaceX currently carries a market cap of around $2 trillion, and if it exits 2026 at a $100 billion ARR, the implied forward price-to-sales ratio would be about 20.