ASX 200 Live Today - Wednesday, 7th October

Welcome to our live ASX coverage for Wednesday, October 7. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Let us know how we can make it even better.

AMD rises as Citi lifts target to $800 on CPU demand

[8:52 am] Citi believes agentic AI is turning CPUs into a bottleneck, with AMD the main beneficiary.

• Citi raised its price target to $800 from $575, implying 27% upside from Monday's close

• CPU market could reach $300bn by 2030 as computing demand from Meta's Muse AI agent grows, according to analyst Atif Malik

• Malik said "In Agentic AI, CPUs have become the new bottleneck"

• Meta exposure with Citi believing Meta is one of the largest customers of AMD's server business

• Shares closed up 2.8% at $649.42

Marvell jumps as long-term revenue targets smash ests

[8:51 am] Marvell Technology rallied after its Investor Day targets came in well above consensus, taking its year-to-date gain past 240%.

• FY28 revenue target of $20bn vs $18.17bn ests (10% beat)

• FY31 revenue target of $70bn to $90bn vs $47.04bn ests, with the $80bn midpoint 70% above ests

• Midpoint implies revenue quadrupling from FY28 to FY31, or roughly 59% annual growth

• Shares closed up 5.8% at $287.01

S&P 500 posts first close above 7,800 as chipmakers rally

[8:48 am] Wall Street pushed to fresh records overnight as chip stocks rallied and Treasury yields eased, with traders now looking to the Fed's September meeting minutes due Wednesday.

• S&P 500 rose 0.58% to a record close of 7,818.93, its first finish above 7,800, while the Nasdaq added 0.45% to a record 27,599.79 and the Dow gained 0.49% to 51,521.28

• Chipmakers led gains with Marvell up 5.8%, Broadcom up 3.7% and AMD up nearly 3%

• Memory stocks slumped at midday, with Seagate down 9.1% and Western Digital down 6.9% as investors reassessed demand and profits from the data centre boom

• Small caps lagged with the Russell 2000 down 0.59%

• US trade deficit widened to $105.6bn in August vs $102bn ests, the largest since March 2025

• Integrated Financial Partners' Stephen Kolano said investors are "looking through the inflation concerns right now, especially as it relates to oil, diesel, etc."

Good morning!

[8:28 am] ASX 200 futures are down 1 pts (-0.01%). Here's what happened overnight:

• Records keep coming as cooler Treasury yields and lower oil let the broader market catch a bid, while Nvidia closes in on a $6tn valuation

  • S&P 500 (+0.58%), Nasdaq (+0.45%), Dow (+0.49%), Russell 2000 (-0.59%)

• The US 10-year bond yield pulled back 2 bps from its highest since 2002, with traders still pricing about an 80% chance the Fed holds at its next meeting

• Nuclear and uranium names rallied after Google signed a 20-year power deal with Constellation Energy

• Biotech was the weak spot as vaccine stocks gave back their plague-scare gains and funds cut exposure