{"slug": "chips-up-meta-down-and-a-fed-on-hold-making-sense-of-a-week-that-went-in-every", "title": "Chips up, Meta down and a Fed on hold: making sense of a week that went in every direction", "summary": "Wall Street ended higher on the back of a strong chip stock rally after Microsoft's upbeat earnings reinforced confidence in the AI story, while Meta tumbled after reporting a major decline in free cash flow, spotlighting the growing cost of AI investment. In Asia, South Korea's Kospi jumped more than 14% at the open, even as record volatility took a heavy toll on leveraged retail investors, and Japanese authorities stepped in to support the yen after the Fed held rates. Martin Hennecke, head of Asia and Middle East Investment Advisory at St. James's Place, discussed the mixed signals and how investors should position heading into next week.", "body_md": "# Chips up, Meta down and a Fed on hold: making sense of a week that went in every direction\n\nDiverging corporate earnings, uncertainty over major central bank decisions, and Japan's yen intervention - Claressa Monteiro gets this week’s market signals from Martin Hennecke from St. James’s Plac...\n\nWall Street ended higher overnight on the back of a strong chip stock rally after Microsoft’s upbeat earnings reinforced confidence in the AI story. But it was not all good news. Meta tumbled after reporting a major decline in free cash flow, putting a spotlight on the growing cost of AI investment. In Asia, South Korea’s Kospi jumped more than 14 per cent at the open, even as the benchmark’s record volatility this week took a heavy toll on leveraged retail investors. And Japanese authorities stepped in to support the yen after the Fed held rates. It has been that kind of week.\n\nIn this episode of *Market Focus Weekly*, a podcast from *The Business Times*, we speak with Martin Hennecke, head of Asia and Middle East Investment Advisory at St. James’s Place, to make sense of a market sending genuinely mixed signals and work out how investors should be positioned heading into next week.\n\n**Why listen**\n\n**Why the AI investment boom is not a bubble but is not without risk either** Hennecke makes a careful distinction between short-term speculation and the underlying earnings story, and explains why the valuation picture is more nuanced than the headlines suggest.\n\n**Why Meta’s free cash flow decline matters more than the revenue beat** The cost of building AI infrastructure is now showing up in ways that investors cannot ignore. Hennecke explains what to watch for across the rest of Big Tech earnings season.\n\n**Why the Kospi’s 14 per cent surge is not a clean recovery signal** Record volatility and leveraged retail investor losses tell a more complicated story beneath the headline number.\n\n**Why the yen intervention and the Fed’s hold are pulling in opposite directions** Hennecke explains what that tension means for Asian portfolios with currency exposure.\n\nIt was a week of contradictions. The conversation leans into a reality check and provides clarity. Listen now.\n\nDiscover more episodes at [bt.sg/podcasts](https://bt.sg/podcasts). Got feedback? Email us at [btpodcasts@sph.com.sg](mailto:btpodcasts@sph.com.sg).\n\n---\n\nHosted by: Claressa Monteiro ([claremb@sph.com.sg](mailto:claremb@sph.com.sg))\n\nWritten by: Nicole Teo\n\nWith Martin Hennecke, head of Asia and Middle East Investment Advisory, St. James’s Place\n\nEdited by: Nicole Teo & Claressa Monteiro\n\nProduced by: Nicole Teo & Chai Pei Chieh\n\nA podcast by BT Podcasts, *The Business Times*, SPH Media\n\n---\n\nFollow Market Focus Weekly podcasts every Friday:\n\nChannel: [bt.sg/btmktfocus](https://bt.sg/btmktfocus/)\n\nAmazon: [bt.sg/mfam](https://bt.sg/mfam)\n\nApple Podcasts: [bt.sg/mfap](https://bt.sg/mfap/)\n\nSpotify: [bt.sg/mfsp](https://bt.sg/mfsp/)\n\nYouTube Music: [bt.sg/mfyt](https://bt.sg/mfyt)\n\nWebsite: [bt.sg/mktfocus](https://bt.sg/mktfocus/)\n\nDo note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.\n\nDiscover more BT podcast series:\n\nBT Money Hacks at: [bt.sg/btmoneyhacks](https://bt.sg/btmoneyhacks)\n\nBT Correspondents: [bt.sg/btcobt](https://bt.sg/btcobt)\n\nBT Podcasts: [bt.sg/pcOM](https://bt.sg/pcOM)\n\nBT Lens On: [bt.sg/btlenson](https://bt.sg/btlenson)\n\nDecoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.\n\nCopyright SPH Media. All rights reserved.\n\n## ABOUT THE PODCAST\n\nMarket Focus Weekly distils the week’s key market moves and economic drivers across Singapore and the region. Hosted by Emily Liu, it delivers expert analysis and forward-looking insights every Friday. It is perfect for investors who want an audio briefing on the week’s investment landscape and what could move markets next.", "url": "https://wpnews.pro/news/chips-up-meta-down-and-a-fed-on-hold-making-sense-of-a-week-that-went-in-every", "canonical_source": "https://www.businesstimes.com.sg/podcasts/chips-meta-down-and-fed-hold-making-sense-week-went-every-direction", "published_at": "2026-07-31 09:46:00+00:00", "updated_at": "2026-07-31 09:53:52.604758+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-infrastructure"], "entities": ["Microsoft", "Meta", "St. James's Place", "Martin Hennecke", "Kospi", "Federal Reserve", "Japan"], "alternates": {"html": "https://wpnews.pro/news/chips-up-meta-down-and-a-fed-on-hold-making-sense-of-a-week-that-went-in-every", "markdown": "https://wpnews.pro/news/chips-up-meta-down-and-a-fed-on-hold-making-sense-of-a-week-that-went-in-every.md", "text": "https://wpnews.pro/news/chips-up-meta-down-and-a-fed-on-hold-making-sense-of-a-week-that-went-in-every.txt", "jsonld": "https://wpnews.pro/news/chips-up-meta-down-and-a-fed-on-hold-making-sense-of-a-week-that-went-in-every.jsonld"}}