Business and finance news from the Asia-Pacific.

SpaceX stock fell after the company disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts. Shares of Elon Musk's rocket, satellite and AI conglomerate tumbled as much as 8.8% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. "We expect the cadence of AI development to improve dramatically," Musk told analysts on a conference call after the company reported results that beat forecasts for revenue, AI losses and Starlink subscriber growth. Bloomberg's Haidi Stroud-Watts spoke to Bob O'Donnell, President and Chief Analyst at TECHnalysis Research.

Plus -  HSBC Holdings Plc announced a fresh stock buyback and raised its cost-cutting target as it reported second-quarter earnings that beat estimates despite China's crackdown on cross-border wealth flows. The London-headquartered lender will repurchase as much as $1 billion in stock after pretax profit for the three months through June rose to $10.1 billion, beating estimates. Results were bolstered by notable items alongside gains in banking and wealth revenue. Bloomberg's Francine Lacqua spoke to HSBC Group CEO Georges Elhedery.

Business and finance news from the Asia-Pacific.
SpaceX stock fell after the company disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts. Shares of Elon Musk's rocket, satellite and AI conglomerate tumbled as much as 8.8% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. "We expect the cadence of AI development to improve dramatically," Musk told analysts on a conference call after the company reported results that beat forecasts for revenue, AI losses and Starlink subscriber growth. Bloomberg's Haidi Stroud-Watts spoke to Bob O'Donnell, President and Chief Analyst at TECHnalysis Research.
Plus - &nbsp;HSBC Holdings Plc announced a fresh stock buyback and raised its cost-cutting target as it reported second-quarter earnings that beat estimates despite China's crackdown on cross-border wealth flows. The London-headquartered lender will repurchase as much as $1 billion in stock after pretax profit for the three months through June rose to $10.1 billion, beating estimates. Results were bolstered by notable items alongside gains in banking and wealth revenue. Bloomberg's Francine Lacqua spoke to HSBC Group CEO Georges Elhedery.

Listen for business and finance news centered in the Asia-Pacific region. 

Host Doug Krizner brings you insight and analysis on the day's top stories from China, India, Japan, Korea, Hong Kong, Singapore, Australia and more.

Listen for business and finance news centered in the Asia-Pacific region. Host Doug Krizner brings you insight and analysis on the day's top stories from China, India, Japan, Korea, Hong Kong, Singapore, Australia and more.

Join Bloomberg Daybreak Asia for business and finance news centered in the Asia-Pacific region, along with insight and analysis on the day's top stories in global markets.

Bloomberg Daybreak: Asia Edition

SpaceX's AI Splurge Puts a Damper on Debut Earnings

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