1.Live Review Introduction
Tiger Brokers livestream hosted by Vyann, featuring Selena Han, former $Cboe Global Markets, Inc(CBOE)$ economist and founder of Han Insights. With 8 years of experience at CBOE, the largest US equity options exchange, Selena served as the exchange’s first dedicated economist, translating raw market data into actionable insights for regulators and all tiers of market participants. Her research spans US equities, derivatives, volatility dynamics, macro trends and AI sector investment logic.
Big Tech's Q2 earnings looked strong across the board — yet tech stocks, including AI leaders, sold off sharply in late July. This session breaks down what actually moved the market over a turbulent six-week stretch.
Disclaimer: This broadcast has not been reviewed by the Monetary Authority of Singapore (MAS). The views expressed are the speaker's own and not those of Tiger Brokers. This session is strictly for educational purposes and is not financial advice. Investing involves risk, and past performance does not guarantee future results.
2.Six Weeks, Five Catalysts
Between late June and late August, the $S&P 500(.SPX)$ moved through a run of macro and earnings catalysts in quick succession: the July 29 FOMC decision (rates held steady, though three members favored a hike), stronger-than-expected U.S. payrolls on Aug 1 (easing urgency for rate cuts), a cooler-than-expected CPI print on Aug 12 (reviving rate-cut hopes), cautious FOMC minutes on Aug 19, and the approach of the Jackson Hole Symposium in late August. Layered on top of that macro calendar, all five Big Tech names — $Alphabet(GOOG)$, $Microsoft(MSFT)$, $Amazon.com(AMZN)$, $Meta Platforms, Inc.(META)$ and $Apple(AAPL)$ — reported Q2 earnings within roughly a two-week window, several alongside major AI CapEx updates. Over the full stretch, the $S&P 500(.SPX)$ still finished down 1.1%.
3.The One Big Question
Earnings across the five Big Tech names were broadly strong, yet share prices fell in late July regardless. Four candidate explanations were on the table: weaker underlying fundamentals, rising AI CapEx and the uncertainty around its payoff, market positioning that had gotten crowded, and shifting investor sentiment. As it turned out, all four played a role to different degrees — and a separate, non-fundamental event (a forced hedge-fund deleveraging, covered in Recap 3) amplified the move well beyond what earnings alone would explain.
4.Reading AI CapEx the Right Way
Unlike ordinary operating expenses, AI capital expenditure is a two-sided signal: heavy spending can seed future growth, but there's no guarantee it converts into revenue. The framework used throughout the session traces a straightforward chain — CapEx builds AI infrastructure, which enables AI services, which should drive revenue growth, cash flow, and ultimately shareholder value. The market's late-July reaction suggests investors were, in effect, testing each company against that chain and reacting to how convincing the next link looked.
Closing Takeaway
The pullback wasn't really a single story — it was FOMC positioning, a wall of Big Tech earnings, an AI CapEx reality check, and a separate liquidity shock all landing in the same six-week window. Fundamentals, on the whole, held up better than share prices did. Next up: a company-by-company scorecard on who's actually converting AI spending into results.
6.Risk Reminder
Technology and AI-related stocks can be highly volatile around earnings and macro catalysts. Market participants without sufficient foundational knowledge are advised to complete education modules before initiating live positions.
7.Post-Event Resources
Viewers can access further insights via Han Insights' official website, haninsights.com. You can also follow Selina Han on LinkedIn (search: Selina Han) or via Tothemoon as @Selina_Han_Insights. The full livestream replay is available on the Tiger Trade app.
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