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Bank of America: Microsoft earnings preview: Azure expands capacity to meet demand, Copilot seeks more revenue, and cash flow comes under pressure

Bank of America expects Microsoft’s first-quarter results for fiscal 2027 to be broadly in line with market consensus. It raised its medium-term forecasts on the strength of Azure capacity expansion and Copilot monetization. But full-year capital expenditure including leases is expected to rise to 220.7 billion dollars, and free cash flow is set to contract significantly.

Bank of America: Data center spending forecast doubles as power supply, cooling and delivery methods are reshaped

BofA raised its forecast for global data center capital expenditure in 2028 by 122% from its previous estimate, to about 2.1 trillion dollars. Equipment suppliers have opportunities from both market expansion and high-voltage direct current, separate liquid-cooling loops and factory prefabrication; however, the technology transition will replace some legacy equipment, and liquid-cooling deployment is also lagging investor expectations.

J.P. Morgan: J.P. Morgan commodities weekly: Oil prices diverge from supply-demand model as mild winter lowers European gas demand expectations

Brent is trading nearly 20 dollars per barrel above J.P. Morgan’s supply-demand model; a mild European winter could ease natural gas consumption, but recent heating demand has already slowed storage injections. Chilean copper production has fallen, while growth in the value of commodity positions has been concentrated mainly in energy.

J.P. Morgan: Eli Lilly weight-loss drug tracker: Zepbound accounts for over half of incremental prescriptions as oral market expansion and uptake diverge

JPMorgan believes oral weight-loss drugs primarily attract new patients and have yet to materially displace Zepbound; Medicare coverage has also driven Kwikpen prescriptions sharply above their June level. However, Kwikpen prescriptions fell in the latest week, while the initial uptake of Lilly’s oral drug Foundayo remains weaker than that of oral Wegovy.

J.P. Morgan: Bloom Energy raises full-year guidance again: higher product volumes lift profit, while cash flow and valuation impose constraints

Third-quarter revenue and adjusted EBITDA both exceeded market consensus, and Bloom Energy raised its full-year guidance for the third time this year. JPMorgan is optimistic about orders and economies of scale, but free cash flow was an outflow of 181 million dollars in the quarter, while lower peer valuations also brought the price target down to 292 dollars.

J.P. Morgan: A phase three mRNA cancer vaccine success: how will it affect China’s development pipelines and CXOs?

JPMorgan believes Moderna’s phase three data strengthen the clinical credibility of mRNA cancer vaccines and could bolster confidence in related Chinese pipelines and demand for specialized research, development and manufacturing services. However, the distant metastasis benefit was weaker than in phase two, and indication and vaccine design remain decisive for individual programs.

J.P. Morgan: Chinese tech stocks pressured by redemptions as PCB earnings improvement spreads to smaller manufacturers and upstream suppliers

J.P. Morgan’s sales team believes policy-driven buying and ETF inflows have yet to offset local redemption pressure, leaving technology stocks more sensitive to positioning in the short term. Meanwhile, results from Shennan Circuits, Aoshikang and fiberglass cloth manufacturers show that earnings improvement is spreading across the PCB supply chain; back-end equipment is supported by higher packaging and testing capital expenditure.

J.P. Morgan: China Telecom third-quarter results: narrower profit decline, improved cash flow supports dividends

China Telecom’s third-quarter net profit fell 14.7% year on year, but the declines in both service revenue and operating profit narrowed from the second quarter. JPMorgan believes VAT adjustments masked underlying operational resilience and expects profit to return to growth in 2027. Improved cash flow and attractive dividends are the main supports for its Overweight rating.

J.P. Morgan: China’s fiscal revenue turns negative in September: how can 550 billion yuan in local bond quotas support growth?

General public budget revenue fell year on year for the first time this year in September, the decline in land-sale revenue widened, and fiscal spending remained behind the budget target. JPMorgan believes the additional local bond quotas can ease local funding pressures, but there is a lag between bond issuance and project execution, so some support for growth will continue into early 2027.

J.P. Morgan: AI shopping agents stick with bank cards: JPMorgan raises its outlook for card networks and traditional acquirers

Browsers and virtual cards are lowering the barrier for merchants to participate in AI shopping. JPMorgan believes the payments landscape will be closer to existing e-commerce than it expected six months ago: card networks will benefit, traditional acquirers will face less pressure, and express checkout services will face stronger competition. Near-term transaction volumes and consumer trust, however, still limit the impact on earnings.

Morgan Stanley: Cambricon’s third-quarter price increases lift profits; inventory expansion supports expectations of higher volume in 2027

Third-quarter revenue met Morgan Stanley’s expectations, while the profit beat came mainly from price increases for the MLU580 and MLU590. Inventory rose 41% quarter on quarter, which the bank sees as preparation for a subsequent ramp-up, though slower revenue recognition for the MLU690 and rising memory procurement costs also pose constraints.

Morgan Stanley: Nubank enters the US: Free remittances open the door, but profitability depends on converting users into deposit and credit customers

Nubank has launched savings, credit cards and cross-border transfers in the US. Morgan Stanley believes free remittances can attract Latino customers, but whether its low-cost advantage can cover US customer acquisition costs and losses on new credit will determine whether the business is worth expanding; the existing bullish thesis remains supported by its Latin American operations.