Clear market notes built around the JSE, the rand, and what matters locally.

2026-10-08 08:30 • The Motley Fool Positive Axe Cap view: Selective

Ford has recovered from supplier fires at Novelis that disrupted F-Series truck production for over a year, costing the company billions. August marked the best Super Duty production month since 2006, with Ford resuming aluminum sourcing from Novelis' New York facility. However, the company's heavy dependence on the F-Series—valued at 135% of Ford's market cap—poses long-term risks as the industry transitions to electric vehicles with lower margins.

Axe note: Ford has finally overcome a costly supply chain disruption, but its heavy reliance on F-Series trucks and EV transition risks linger.

2026-10-08 08:25 • The Motley Fool Positive Axe Cap view: Selective

TSMC, the world's largest chip foundry with 73% global semiconductor manufacturing revenue share, is set to report third-quarter earnings on October 15. The company is investing $265 billion in its Arizona expansion and planning increased capital expenditures to meet growing AI chip demand. Management expects gross margin contraction in the near term but forecasts 2027 as a strong year, with potential positive updates on U.S. expansion or new deals potentially driving stock gains.

Axe note: TSMC’s ramp-up in AI chip production hints at global tech shifts that ripple through USD/ZAR and South African industrials.

2026-10-08 08:15 • The Motley Fool Mixed Axe Cap view: Selective

Nvidia, AMD, and Micron have delivered exceptional returns over the past decade. Nvidia and AMD are recommended as buys for the next decade due to their strong positions in AI infrastructure, inference, and emerging markets like agentic and physical AI. Micron should be avoided despite cheap valuations, as it relies on conventional memory price appreciation rather than next-generation technology leadership.

Axe note: Nvidia and AMD are set to benefit from AI’s next wave, while Micron’s old-school memory focus is a trap.