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Amazon's capex hit $77.3 billion last quarter, up 43% sequentially and $20 billion above LSEG-Reuters analyst expectations, pushing its stock lower. The quarter also saw a $7.6 billion cash burn, and Amazon forecasts $220 billion in capex this year. Microsoft lowered its full-year spending outlook to $170 billion from $175 billion, while Tesla cut its forecast to about $20 billion from $25 billion despite an 88% jump in quarterly capex to $4.7 billion. Tech and AI infrastructure stocks have fallen sharply over the past month, with SOXX down 9.6% and QQQ down 3.3%. CEO Andy Jassy said 2027 capex would be “meaningfully more” than this year, citing strong AWS demand and a “clear line of sight to attractive financial returns”; AWS sales rose 39% to $46 billion.
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KOS opened the 30/10 session at the floor price of 3,540 VND, its 30th consecutive session at the floor, with the stock down about 90%. Within 15 minutes, large buy orders absorbed all floor-price sell orders, lifting the price back to the ceiling of 4,060 VND, with buy orders of about 10 million shares left unfilled. Morning volume exceeded 74 million shares, equal to 34% of the company's capital, while market capitalization shrank by over 6,000 billion VND to under 900 billion VND. Management said selling pressure came from the forced disposal of collateral at several securities firms and from market-wide momentum selling, and that core real estate and renewable energy operations remain normal. As of 13/10, Chairman Nguyễn Việt Cường held over 71.8 million shares, or 33.17% of capital, and faces heavy margin-call pressure from several securities firms.
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Amazon shares fell about 7% in after-hours trading after its third-quarter report, as revenue rose 12% to $201.9 billion, slightly below the $202.3 billion estimate. Operating income climbed 61% to $28.1 billion, but free cash flow over the past four quarters showed a $42 billion loss, and the company kept its $220 billion capex forecast for the year. CEO Andy Jassy said the company could have two businesses with over $1 trillion in annual revenue within 5-10 years: e-commerce, which generated $638.3 billion over the last four quarters, and Amazon Web Services, which brought in $165.2 billion. The article notes the company expects at least 40% AWS growth in 2027 and 2028, after which 20% annual growth would illustratively reach $1 trillion, and argues the stock now trades at a lower price after the sell-off.
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Asian technology stocks fell sharply on Friday as fears over a slowing AI trade were amplified by weak earnings from major U.S. companies. Chipmakers were hit hardest: TSMC fell 1.8% in Taiwan, Foxconn dropped 3%, Samsung Electronics slid 5.9% after its third-quarter results missed lofty expectations, and SK Hynix fell 8.3%. In Japan, Murata Mfg slid 11% ahead of its September-quarter earnings and SoftBank Group dropped nearly 7%. Intel's drop of over 20% on Thursday evening, after its fourth-quarter guidance underwhelmed, weighed on the sector, while disappointing results from Amazon and Alphabet intensified doubts over returns on AI infrastructure spending. The Bank of Japan kept rates steady but said inflation had reached its 2% target and signaled a sharp increase in sales of its ETF holdings, adding pressure on Japanese equities.
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At 10:30, VN-Index stood at 1,736.85 points, down 18.76 points, after falling a further 9.26 points from the 9:30 level as selling pressure intensified. Matched liquidity across the market reached over 3,434 billion VND, three times the 9:30 level, while foreigners net sold about 236 billion VND, reversing net buying of over 2 billion VND at 9:30. Real estate led trading value with over 904 billion VND, while VIC fell 2.16% and was the largest index drag at 8.67 points. Banks declined, with TCB down 2.01%, while HPG rose 1.18% after reporting 23,746 billion VND in profit for nine months. On HOSE, 87 stocks advanced and 199 declined.
- Phạm Nhật Vượng adds nearly half a billion USD to VinFast Vietnam
Phạm Nhật Vượng has added 436 million USD (about 11,000 billion VND) to VinFast Vietnam by subscribing to non-convertible dividend preference shares, according to a filing with the SEC. The company said the capital injection supports its growth initiatives. Vietcap noted the funds could be used to acquire Ngọc Hồi Real Estate, a member of the joint venture behind the Olympic Ngọc Hồi project, which covers about 9,171 hectares with planned total investment of 925,700 billion VND. Holders of dividend preference shares may receive priority in higher dividends, in exchange for possibly restricted voting rights at shareholder meetings. By the end of the second quarter, Vượng had injected about 40,500 billion VND into VinFast, the parent company of VinFast Vietnam, and he is Vietnam's and Southeast Asia's richest person with assets over 37 billion USD.
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