Markets began the week of July 13 with a familiar tension: Big Tech’s artificial intelligence capital expenditure continues to climb, yet the market is pressing for clearer evidence of revenue conversion.
Here at home, Australian consumer and business confidence readings will offer fresh clues on domestic economic resilience, while Asian technology and internet giants navigate their own growth narratives.
Here are some of the stocks we are watching this week.
ASX stocks to watch this week
BHP Group (ASX: BHP)
BHP remains a bellwether for global commodity demand and a proxy for China’s industrial activity. With iron ore prices sensitive to infrastructure spending signals and energy transition metals gaining strategic importance, the mining giant’s share price often reflects broader risk appetite.
BHP shares recovered intraday on Monday to close at A$58.34, up 6 cents on the day, having hit an intraday low of A$57.64. Bulls will be looking to recapture A$60, although may need a fundamental boost to get there.
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Commonwealth Bank of Australia (ASX: CBA)
Commonwealth Bank stands as Australia’s largest lender and a gauge of domestic economic health. This week’s consumer confidence and business sentiment data from Westpac and NAB will provide context for the bank’s operating environment. With consumer inflation expectations also due, markets will be assessing how household borrowing capacity and credit quality trends may shape earnings outlook.
The bank’s premium valuation means any shift in growth or margin assumptions tends to be closely scrutinized. CBA shares began the week with a close at A$170, up 0.68%
US stocks to watch this week
Nvidia (NVDA)
Nvidia remains at the center of the artificial intelligence investment debate. Recent commentary across the market highlights growing pressure on Big Tech to demonstrate tangible returns from billions in AI infrastructure spending. Nvidia’s data center chips are the picks and shovels of this buildout, but any signs of order timing shifts, inventory adjustments, or competitive dynamics could move the stock.
Micron Technology (MU)
Micron is positioned in the memory chip segment, where AI workloads are driving demand for high-bandwidth memory products. Industry forecasts point to a memory chip market potentially reaching 476 billion dollars by 2030, yet near-term results hinge on pricing power, inventory levels, and customer capital expenditure cycles.
With SK Hynix added to the Nasdaq, there is one more name to watch in the memory space, yet Micron could perhaps be the one to watch as markets battle around the $1,000 level.
What could shift sentiment
The week’s macro calendar includes Australian consumer and business confidence readings that may influence expectations for Reserve Bank policy and domestic equities. In the United States, speculative positioning data for the S&P 500 and Nasdaq 100 will offer a window into trader sentiment and potential for technical moves.
Any fresh commentary from technology executives on AI spending returns, or surprises in semiconductor supply chain data, could ripple across global markets. Markets will also be sensitive to commodity price action, particularly in iron ore and copper, as a barometer for China’s economic trajectory.
