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Anthony Stevens
Bloomberg (markets reporter; surname per whisper, verify spelling)
First call on the ledger
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else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
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Yen above 163, weakest since 1986. He cites Japan's shift to reinvesting FDI income abroad and the oil-import bill, plus 'there is a window here of complete complacency on the market to pile in on yen shorts, especially if you're getting paid in carry, unless Japan does something on intervention' @29:05.
“So on a structural basis, Japan has a flow kind of problem going against it, versus this carry trade that is now building. Every other currency that exports oil is starting to trade a lot better than the yen.”
He cites foreigners no longer dumping Korean equities, a BOK 'a little bit more strident that they are going to be embarking on a rate hike cycle' @29:55, government messaging for a stronger won, and a cheap-export boom offsetting energy imports.
“And it really does set up for some Korean won strength here. Korean won versus yen cross has gone up to the top end of its range. And it looks like it might break up.”
On Moonshot's Kimi K3, trained memory-efficient under chip constraints ('proprietary innovations in there to also help with the usage of HBM and GPUs where China is obviously constrained' @0:40); he frames the live debate: does cheap Chinese AI grow the whole market 'or does the Chinese models resource optimization reduce the size of the GPU market?' @2:57. 'showers' = whisper garble of 'shovels'. Duplicate airing exists in the Jul 20 Asia Trade tape; claims filed once, under this clip.
“China has found a software workaround to its hardware constraints and that is what the market is pricing in here on the AI picks and showers trade and that is what will continue to play out.”
Nasdaq since this was said: ▲ +3.7% · 25,508 → 26,456 · as of 2026-08-05
He hedges the near term: 'they are very large models which require a lot of HBM upfront. So for the moment, the HBM market looks very stable' @3:15, but warns Chinese innovation is pushing demand 'towards the DDR5 or the DRAM market where China is more competitive and China can bring on more capacity to bear' @3:25, calling that capacity 'the new touch point for markets on the memory trade in the days to come'.
“On memory, the efficiency of memory is a clear negative to the kind of ongoing kind of bull market in memory”
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