Saxo Market Call Why Trump went with the "hawkish" Fed Chair option. Oh, and earnings!
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Jan 30, 2026 Ruben Dalfovo, equity strategist focused on tech, AI and earnings, breaks down major company reports. He discusses Microsoft’s AI spending and market shock, Meta’s monetization path, Tesla’s AI pivot and transparency concerns, and previews Apple, Amazon and Alphabet prints. He also reviews how the Kevin Warsh Fed chatter moved yields, commodities and FX.
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ETF Tracking Amplifies Big-Cap Volatility
- ETF and index tracking amplified volatility when Microsoft gapped down sharply after earnings.
- Large-cap moves cascade through ETFs, creating chaotic intraday price action.
Spending Without Clear Returns Hurt Microsoft
- Microsoft beat but investors worried about cloud spending and slow cloud growth.
- High AI spending (~$40bn per quarter run-rate) without clear returns spooked the market.
Circular Financing Raises Tesla Transparency Concerns
- Tesla's shift toward AI and a $2bn XAI investment worried shareholders about circular financing.
- Investors want clarity on how funds move between Musk-owned entities and Tesla operations.