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AI boom continues, UK stocks gain momentum (SEB Bank)

Dirbtinio intelekto bumas tęsiasi, o JK akcijos įgauna pagreitį (SEB bankas)

The growth saga of tech stocks continues. Yesterday, Taiwan's TSMC, which supplies cutting-edge chips to companies like Apple and NVIDIA, announced its fastest revenue growth since 2022. About 40 percent annual earnings growth has cheered markets that the AI euphoria may continue.

TSMC rose about 3 percent. and at one point even exceeded 1 billion. USD capitalization. The S&P 500 rose about 1 percent yesterday. and increased for the 7th trading session in a row. Fed head Jerome Powell's comments, which supported market expectations for the first interest rate cut in September, contributed to the new highs. Today's US inflation data could confirm current forecasts or delay rate cuts even further. Markets expect price growth to slow down from 3.3 percent. in May to 3.1 percent. in June. Core inflation (excluding increases in food and energy prices) should remain stable at 3.4 percent.

Optimism is visible for UK stocks. Yesterday, the FTSE 250 index (which reflects domestic economic prospects better than the FTSE 100 due to the smaller number of international companies) rose by around 1.4% yesterday, and has grown by 3.3% in the last month. and was one of the fastest growing indices in Europe. Solid growth in macroeconomic data and indicators and the arrival of a new government strengthened investor confidence. Although the country's stock market, which has stagnated since the Brexit process (compared to shares in the rest of the world), has hope that the attractiveness of companies will return to previous levels. Nevertheless, the new government has a whole bunch of problems to solve, the most difficult of which is how to save struggling public services. The country's health system faces the most criticism, but other areas will also require more funding and reforms, and the gaping budget hole will certainly not help the newly elected Labor government.

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