Good afternoon and welcome to Markets Desk. Here is what is moving markets right now.
The dollar finished Wednesday in positive territory despite a softer than expected consumer price index report that initially pushed it lower. Traders had priced in reduced odds of a Federal Reserve rate hike, but Treasury yields held their ground after a weak ten-year note auction, giving the dollar enough support to recover and close up roughly two-tenths of a percent on the session.
Shifting to memory chips, a Chinese firm has overtaken both Micron and Kioxia in NAND flash shipments, according to new data from Counterpoint Research. The development underscores how aggressively Chinese manufacturers are scaling into the memory market, riding the same artificial intelligence driven demand wave that has lifted the broader semiconductor sector throughout this year.
And on the earnings front, Nebius delivered second quarter revenue of five hundred eighty-two million dollars, a four hundred fifty-four percent year over year surge, putting Michael Burry's short position firmly underwater. The AI infrastructure company's explosive growth is a sharp reminder that conviction shorts against secular technology tailwinds carry substantial timing risk, regardless of the thesis behind them.
That's the tape. Markets Desk, signing off the floor.
