Three large AI financing deals landed within two days, and the stock market treated them as an answer to the question behind this month’s selloff. Meta sold $25 billion of stock to orders worth about five times that amount, banks and Blackstone lined up $63 billion to put Broadcom chips in Anthropic’s data centers, and SpaceX agreed to lease about $40 billion of AI hardware from an Apollo-managed vehicle.
Chipmakers rose for a third straight session and the Nasdaq Composite closed +1.18%. The rally was narrow, though. More than half of the S&P 500’s members fell, Boeing had its worst day since 2020, and refiners slid as Iran talks and Russian diesel shipments threatened the fat margins they have earned this year.
Index Performance
Cross-Asset Snapshot
A Rally Carried by Chipmakers
The S&P 500 closed at 7,722.60, +0.60%, or +45.83 points. The Nasdaq 100 finished +1.29% and the Russell 2000 +1.16%. The Dow ended almost exactly where it started, +0.03%, or +15.99 points, at 52,377.57.
Underneath the index, the average stock had a flat day. Of the index’s 503 stocks (500 companies, three of which have two share classes in the index), 245 rose and 257 fell, and the median stock ended at −0.06%. An equal-weighted average of the index’s members came to about +0.16%, roughly a quarter of the cap-weighted gain.
Splitting the day’s move by industry shows where the gain came from. Semiconductors and chip equipment together added about 40 basis points of the S&P 500’s 60. Every one of the 20 chip stocks in the index closed higher. Computer hardware and storage, led by Dell and Western Digital, added another 15 basis points, and Tesla alone added about 10. Excluding the chip industries, the rest of the S&P 500 rose about +0.24%.
Chipmakers supplied two-thirds of the gain
Contribution to the S&P 500's change on Oct 27 by industry, basis points (weight × price change)
Industries follow the GICS sub-industries in the daily map data; weights use each company's market value, so the total, about 60 bp, matches the index's 0.60% gain closely. 'All chip industries' adds semiconductors and chip equipment. Counts in parentheses are members that closed higher. The S&P 500 has 500 companies but 503 stocks, because Alphabet, Fox and News Corp each have two share classes in the index.
View the data table
| Contribution | |
|---|---|
| Semiconductors (15 of 15 up) | +37.1 bp |
| Computer hardware & storage (9 of 10) | +14.9 bp |
| Automakers (3 of 3) | +10.2 bp |
| Broadline retail (1 of 2) | +6.5 bp |
| Communications equipment (4 of 6) | +3.5 bp |
| Chip equipment (5 of 5) | +3.0 bp |
| Aerospace & defense (5 of 13) | −2.5 bp |
| Integrated oil & gas (0 of 2) | −4.0 bp |
| Interactive media (0 of 2) | −4.1 bp |
| Refiners (0 of 3) | −4.5 bp |
Technology was the strongest sector, with the Technology Select Sector SPDR (XLK) at +1.70% and the consumer discretionary fund at +1.04%. Energy was the weakest at −2.05%, followed by consumer staples at −0.92% and real estate at −0.84%.
The Dow's flat finish came down to a handful of high-priced stocks. The Dow is price-weighted, so each stock moves the index by its change in dollars, not in percent. Boeing ended at −10.69%, or −$20.13 a share. Caterpillar's +3.06% gain was worth +$21.18 on a $713 stock, enough to cancel Boeing almost exactly, and Goldman Sachs contributed +$18.49 on a +2.07% move. A move one-third the size in percentage terms carried the same weight in the Dow.
AI Financing Arrives on a Large Scale
For most of October, the worry hanging over AI stocks was financing: whether the companies building data centers could keep raising money at a price that made the spending pay off. The deals announced since Monday's open show that the money is there, though not on easy terms. Monday's recap covered the Anthropic filing that set off the rebound.
Meta priced its $25 billion sale of Class A shares at $625 each, a 2.7% discount to Friday's close, after drawing orders for about five times the shares on offer, according to Bloomberg figures cited by TipRanks. The company had started marketing the deal at $22.5 billion. More than half of the shares went to long-term and existing holders. Nvidia is buying $3 billion of the stock and AMD $1 billion. Together with a $12.5 billion mandatory convertible preferred and a planned $60 billion at-the-market program for new non-voting Class C shares, Meta's equity plan now totals about $97.5 billion, according to The Motley Fool.
The structure matters as much as the size. Meta's prospectus supplement sets up the common stock sale as a forward sale. Morgan Stanley and Goldman Sachs borrow existing shares and sell them now, and Meta delivers new shares and collects the cash later, on dates of its choosing up to November 19, 2027. The preliminary filing also named Nvidia, AMD and Broadcom as "cornerstone investors" interested in buying up to $5 billion in total. Meta locks in the price today but can wait to dilute shareholders until it needs the money.
Investors who bought the stock at $625 did not get a first-day gain. Meta closed at $620.19, −1.64% on the day and below the offering price.
The second deal came from Broadcom. Bank of America, Citi, Morgan Stanley and Blackstone will provide $63 billion to a special purpose vehicle that buys Broadcom's AI accelerators and networking gear and leases them to Anthropic, Reuters reported. About $43.5 billion is first-lien debt arranged by the three banks, and Blackstone provides the second-lien layer. Broadcom gives the lenders "residual value support," a guarantee on what the hardware will be worth, and deliveries start in 2027. Chief Executive Hock Tan stepped into the final negotiations with the banks himself, according to a Journal report summarized by MT Newswires. Broadcom closed +4.00%.
The third was SpaceX, which agreed to lease data center hardware, including AI chips, from an entity managed by Apollo Global Management, with about $40 billion in principal payments, according to Reuters. Oracle added a fourth piece of news. It will expand its Nvidia deployment to "multi-gigawatt scale" with Vera Rubin servers, start offering Google's TPU chips for the first time, and add inference chips from Cerebras and SambaNova, Reuters reported. It did not say how it would pay for them. Oracle closed +3.55% a day before its investor day.
A pattern runs through all four deals. The chip suppliers are increasingly part of the financing. Nvidia and AMD are buying Meta's stock, and Broadcom is guaranteeing the value of the chips it sells to Anthropic. That kind of vendor support helps deals close, but it also ties the suppliers' fortunes more tightly to their customers' ability to keep paying. For now the market is rewarding the deals getting done. If AI revenue disappoints, those guarantees and equity stakes would pass part of the loss back to the suppliers.
Chip Stocks Extend the Rebound
The Philadelphia Semiconductor Index closed +3.6% at 11,482.51, with all 30 members higher, TradingKey reported. It was the third straight gain for chip stocks, according to Reuters. The index is now about 7.7% above its intraday low of 10,666 last Thursday, when it touched its 200-day moving average for the first time since June 2025.
AMD (+5.45%), Marvell (+4.19%), Broadcom (+4.00%) and Intel (+3.61%) led the large names. Micron closed +2.77%. Nvidia lagged at +0.90%.
The companies that rent out AI computing capacity, the group hit hardest by October's credit worries, rebounded more sharply. CoreWeave closed +7.94% and Nebius +11.22%. Server makers moved with them: Dell +7.47% and Hewlett Packard Enterprise +3.61%. Crusoe Chief Executive Chase Lochmiller said the selloff in these stocks was an overreaction, TradingKey reported.
Chip and AI Earnings After the Bell
The rebound met its first test after the close, and the market sold most of the good news. Seagate, Teradyne, NXP Semiconductors and BigBear.ai all beat estimates, and all four traded lower in extended trading. The one clear exception came later in the evening from Seoul. Seagate, Teradyne and NXP had each risen 3% to 5% during the regular session, so the reports landed on stocks that had already moved up into them.
Beats sold, memory bid after SK Hynix
Extended-trading change at 7:55 p.m. ET vs. the 4 p.m. close, Oct 27, %
Last five-minute bar of the extended session (7:55 p.m. ET) against the last regular-session bar. Extended-hours prices are thin and can move further before Wednesday's open. SK Hynix trades in the U.S. through an ADR (SKHY).
View the data table
| After-hours change | |
|---|---|
| Enphase (missed, weak guide) | −15.3% |
| Robinhood (profit miss) | −7.6% |
| NXP (beat, light revenue guide) | −7.6% |
| BigBear.ai (beat, guidance raised) | −5.7% |
| Seagate (beat and raise) | −5.6% |
| Teradyne (beat and raise) | −5.5% |
| Visa (beat) | −1.1% |
| Western Digital (no report) | −1.0% |
| Sandisk (no report) | +0.5% |
| Micron (no report) | +1.4% |
| SK Hynix ADR (results 7:45 p.m.) | +2.7% |
Seagate reported fiscal first-quarter revenue of $4.23 billion, up about 61% from a year earlier, a non-GAAP gross margin of 57.8%, up from 40.1%, and adjusted earnings of $7.68 a share, according to the company's release. Analysts had expected $7.39 a share on $4.13 billion of revenue. The company guided to $4.8 billion of revenue and $9.20 a share for the December quarter. On the call, management said data centers took about 90% of the capacity it shipped and that most of its nearline drive supply is already allocated under long-term agreements through 2028, with some cloud contracts running to 2030, according to the transcript. The stock closed the regular session at $667.85, +3.67% on the day, and traded about −5.6% at 7:55 p.m. ET.
Seagate: growth and margins are still rising
Revenue by fiscal quarter ($ billions, bars; dashed bar = guidance midpoint), year-over-year growth and GAAP gross margin (%, lines)
Seagate's fiscal quarters end about three days after each calendar quarter (the latest ended Oct 2). The June 2025 and June 2026 quarters are derived from annual minus nine-month totals.
View the data table
| Quarter | Revenue ($B) | Revenue growth vs. a year earlier | GAAP gross margin |
|---|---|---|---|
| Dec '26 (guide) | $4.80B | +69.9% | – |
| Sep '26 | $4.23B | +61.0% | 57.3% |
| Jun '26 | $3.63B | +48.5% | 52.3% |
| Mar '26 | $3.11B | +44.1% | 46.5% |
| Dec '25 | $2.83B | +21.5% | 41.6% |
| Sep '25 | $2.63B | +21.3% | 39.4% |
The numbers do not support the selloff. Year-over-year revenue growth has accelerated in every one of the last five quarters, from 21% to 61%, and the December guidance implies about 70%. Gross margin has risen five quarters in a row, from 39.4% to 57.3%, and most of the supply for the next two years is already under contract. The weak spot is the size of the beat: earnings came in about 4% above the estimate and revenue about 2% above, a modest margin for a stock that had rallied into the report. The drop looks like a positioning trade, not a change in the business.
Teradyne, which makes the equipment that tests chips before they ship, posted third-quarter revenue of $1.306 billion, up about 70% from a year earlier, and adjusted earnings of $2.29 a share, according to its results release. Its memory test business set a record on AI demand, and Chief Executive Greg Smith said demand reached across the AI supply chain, from memory and hard drive test to high-speed interconnects. Fourth-quarter guidance of $1.25 billion to $1.35 billion in revenue brackets the third quarter's level. The shares, up about 60% this year before the report, according to Investing.com, traded about −5.5%.
Teradyne: revenue stalled after doubling
Revenue by quarter ($ billions, bars; dashed bar = guidance midpoint), year-over-year growth and GAAP gross margin (%, lines)
Q4 2025 is derived from annual minus nine-month totals. Guidance midpoint of the $1.25 billion to $1.35 billion range.
View the data table
| Quarter | Revenue ($B) | Revenue growth vs. a year earlier | GAAP gross margin |
|---|---|---|---|
| Q4 '26 (guide) | $1.30B | +20.0% | – |
| Q3 '26 | $1.31B | +69.8% | 59.1% |
| Q2 '26 | $1.33B | +103.9% | 59.8% |
| Q1 '26 | $1.28B | +87.0% | 60.9% |
| Q4 '25 | $1.08B | +43.9% | 57.2% |
| Q3 '25 | $0.77B | +4.3% | 58.4% |
Here the selling has a clear basis. Year-over-year growth peaked at 104% in the second quarter, fell to 70% in the third, and the guidance midpoint implies about 20% in the fourth. Part of that slowdown is arithmetic, because revenue jumped 41% from the previous quarter at the end of last year and makes a hard comparison. The sequential figures carry no such distortion: revenue came in at −1.7% from the second quarter, guidance is flat again, and gross margin has eased from a peak of 60.9% to 59.1%. When a test-equipment maker's revenue stalls for two quarters after a big run in the stock, a lower price is a reasonable response.
NXP Semiconductors reported revenue of $3.79 billion, up 19%, with industrial and IoT sales up 39% and communications infrastructure up 54%, according to the company's release. Automotive, its largest business, grew 13% to $2.07 billion. The fourth-quarter revenue midpoint of $3.85 billion landed just under the $3.86 billion consensus, Investing.com reported, and the stock traded about −7.6%. NXP had closed +3.12% during the day with the rest of the chip group, so the guidance missed by a fraction of a percent against a stock priced for more.
NXP: growth leveled off near 19%
Revenue by quarter ($ billions, bars; dashed bar = guidance midpoint), year-over-year growth and GAAP gross margin (%, lines)
Q4 2025 is derived from annual minus nine-month totals. Guidance midpoint of the $3.75 billion to $3.95 billion range.
View the data table
| Quarter | Revenue ($B) | Revenue growth vs. a year earlier | GAAP gross margin |
|---|---|---|---|
| Q4 '26 (guide) | $3.85B | +15.4% | – |
| Q3 '26 | $3.79B | +19.3% | 57.8% |
| Q2 '26 | $3.50B | +19.5% | 57.3% |
| Q1 '26 | $3.18B | +12.2% | 56.2% |
| Q4 '25 | $3.33B | +7.2% | 54.2% |
| Q3 '25 | $3.17B | −2.4% | 56.3% |
The selling is partly justified. Year-over-year growth held near 19% for two quarters and the guidance midpoint implies about 15%, so growth is set to slow. Against that, gross margin has risen for three straight quarters to 57.8%, and the guide missed consensus by about $10 million, a rounding error on $3.85 billion. A −7.6% move on the heels of a +3.12% day prices in more slowdown than the guidance shows.
BigBear.ai, a small defense and government AI software company, grew revenue 31% to $43.6 million and raised its full-year revenue forecast to $150 million to $165 million, according to its results release. Its net loss widened to $91.9 million, mostly because of a $76.7 million non-cash goodwill impairment. Backlog rose 22% from the second quarter to about $330 million, but only about 23% of it is funded. The stock traded about −5.7% at $2.23. This drop is the easiest to justify. Revenue is growing, but the quarter's loss, a negative adjusted EBITDA and a backlog that is mostly unfunded leave little to support the stock after a beat on the top line. Its quarterly history is not charted here because a small, loss-making software company's figures do not compare cleanly with the chipmakers'.
The selling stayed with the companies that reported. Western Digital moved about −1.0% after hours, while Sandisk was +0.5% and Micron +1.4%. Taken together, the reaction looks like investors taking profits where a report gave them a reason, Teradyne most clearly, rather than a new verdict on memory and storage demand.
SK Hynix Posts an 80% Operating Margin
The strongest number of the night came from Korea. SK Hynix, Nvidia's main supplier of high-bandwidth memory, released its third-quarter results at about 7:45 p.m. ET. Revenue rose 32% from the second quarter to 104.6 trillion won, the first time it has topped 100 trillion won, and operating profit rose 38% to 83.3 trillion won, an operating margin of about 80%, according to the company's release. Operating profit is about $62.8 billion, The Korea Times reported. Analysts surveyed by FnGuide had expected about 96.7 trillion won of revenue and 76.0 trillion won of operating profit, so the company beat both by roughly 8% to 10%, according to the Seoul Economic Daily.
The outlook carried more weight than the beat. SK Hynix said shipments of HBM4, the newest generation of AI memory, began in earnest and should pass HBM3E in both volume and revenue in the fourth quarter. It expects memory demand to exceed supply through 2030, and long-term agreements with 14 major customers already cover more than half of its 2027 and 2028 production capacity. The company plans to return about 100 trillion won to shareholders this year, including a third-quarter dividend of 20,000 won a share, and said investment will rise significantly next year as its Yongin plant starts full-scale operation.
SK Hynix: revenue quadrupled in a year at an 80% margin
Revenue by quarter (trillion won, bars), year-over-year growth and operating margin (%, lines)
K-IFRS, preliminary for 2026 quarters. Operating margin is shown because the company's release leads with operating profit; it gives no gross margin. Year-earlier quarters from the company's 2024 and 2025 releases.
View the data table
| Quarter | Revenue (₩ trillion) | Revenue growth vs. a year earlier | Operating margin |
|---|---|---|---|
| Q3 '26 | ₩104.6T | +327.9% | 79.7% |
| Q2 '26 | ₩79.3T | +256.8% | 76.3% |
| Q1 '26 | ₩52.6T | +198.1% | 71.5% |
| Q4 '25 | ₩32.8T | +66.1% | 58.4% |
| Q3 '25 | ₩24.4T | +39.1% | 46.6% |
The five-quarter view backs the rise. Revenue roughly quadrupled from a year earlier, year-over-year growth has accelerated every quarter, and the operating margin has climbed in each of the last five quarters, from 46.6% to 79.7%. Unlike Teradyne, there is no sign yet of growth stalling, and unlike Seagate, the beat was large.
Its U.S.-traded shares (SKHY) were about +2.7% at 7:55 p.m. ET. In Seoul, SK Hynix opened higher on Wednesday and traded about +3.4% in the first half hour, with Samsung Electronics about +5.4%, according to Google Finance.
Seagate and SK Hynix described the same conditions: record margins, supply committed for years under long-term contracts, and demand led by AI data centers. Investors sold one and bought the other. The size of the surprise is the clearest difference. Seagate beat the earnings estimate by about 4%, while SK Hynix beat on operating profit by close to 10%, and its contracts reach further out, which speaks to the question memory investors ask most often late in a cycle: how long prices can hold.
Boeing Sinks and Refiners Crack
Boeing closed −10.69% at $168.18, its biggest one-day drop since June 2020, according to the Journal. The company posted an adjusted loss of 34 cents a share, wider than the 21-cent loss analysts expected, and said it will miss its 737 production and delivery targets for this year. The step up to 47 jets a month is now expected in early 2027 rather than this summer, Boeing will fall short of 500 deliveries this year, and it expects free cash flow of $3 billion next year, well below the $5.5 billion analysts had forecast, Reuters reported. The shares fell harder after the investor call than at the open.
Refiners had a sharper selloff than the fuel they make. Valero closed −9.24%, Marathon Petroleum −7.36% and Phillips 66 −7.03%, while WTI and gasoline futures each lost about 2%. Two developments hit the trade that has made refiners among this year's best performers. Iran's supreme leader met his top security official after talks with Saudi Arabia, Turkey and Pakistan, and a tanker carrying Russian diesel is due in New York around November 7, the first U.S. import of a Russian petroleum product since 2022, Benzinga reported. For Valero, it was the steepest decline since April 2025.
Neither development adds much fuel supply yet. What changed was the time horizon. Refining margins this year have rested on two choke points staying shut at once — the Strait of Hormuz and Russia's diesel exports — and this week brought signs that both could start to open.
The Fed Meeting Opens With a Hike Off the Table
The Federal Reserve began its two-day meeting with markets expecting no change. Fed funds futures put the probability of a hike at the October 27-28 meeting at about 8%, down from about 12% on Monday, based on settlement prices and the New York Fed's effective rate. The probability of at least one hike by the December 9 meeting rose to about 87%. The decision comes at 2 p.m. ET on Wednesday, with Chair Kevin Warsh's press conference at 2:30.
Treasury yields barely moved. The 10-year yield ended near 4.99%, up 0.7 basis point, and the 30-year near 5.31%. The 2-year yield traded near 4.73% in the afternoon, about 2 basis points higher, according to TheStreet. The dollar index ended +0.29% at 102.30.
The economic data came in stronger than forecast. The Conference Board's consumer confidence index rose to 91.7 in October from 84.2, its first increase in four months, with the present situation index up 8.6 points and expectations up 6.9 points, according to the Conference Board. Durable goods orders came in at +1.8% for September against forecasts of +0.6%, according to FXStreet. New home sales ran at an annual pace of 676,000, ahead of the 650,000 expected but −0.6% from August and −5.3% from a year earlier, InvestingLive reported. Sturdy demand gives the Fed little reason to talk down the December hike that futures now price as likely.
Gold ended +0.91% at $4,075.20.
Oil eased for a second day. December Brent settled at $113.88, −1.7%, and December WTI at $99.90, −1.8%, back under $100, Rigzone reported. Iran said it is flexible on a proposal to reopen the Strait of Hormuz in exchange for lifting the U.S. blockade within seven days. Israel also voted in a parliamentary election that could shape the course of the war. Likud was the largest party in the main exit polls after the close, but the anti-Netanyahu bloc led in two of the three, and neither side had a clear path to a majority, The Times of Israel reported.
Natural gas closed +4.38% at $2.716. The VIX ended at 17.52 (−4.73%), and bitcoin was +1.04% at about $80,700.
My Take: An Iran Headline Turned the Futures
The turn came before the U.S. open. At about 6:36 a.m. ET, a FinancialJuice headline flashed that Iran's supreme leader had met his top security official after the Tehran talks and stressed the conditions for ending the war, citing Iranian state media. Reuters carried the full story about an hour and a half later. From there, futures turned higher almost right away, and as I read it, dip buying carried them to the close. In five-minute bars, Nasdaq 100 futures went from −0.12% against Monday's 4 p.m. price at 6:30 a.m. to +0.50% by 7 a.m., and S&P 500 futures from −0.06% to +0.32%. The pullback after the open bottomed around 10:15 a.m., just above where futures stood before the headline, and the buying from there took NQ to +1.32% by 4 p.m.
The turn came before dawn in New York
Nasdaq 100 and S&P 500 futures, change from Monday's 4 p.m. ET price, 4 a.m. to 4 p.m. ET Tuesday
Five-minute bars, front-month futures; each point is the close of a bar labeled by its start time. At about 6:36 a.m. ET, a FinancialJuice headline reported that Supreme Leader Mojtaba Khamenei had met security chief Mohsen Rezaei after Tehran's talks with Saudi Arabia, Turkey and Pakistan and stressed the conditions for ending the war, citing Iranian state media. Reuters published its report at 8:12 a.m. ET. The last point is the 4 p.m. futures price.
View the data table
| Time (ET) | Nasdaq 100 futures (NQ) | S&P 500 futures (ES) |
|---|---|---|
| 16:00 ET | +1.32% | +0.62% |
| 15:30 ET | +1.39% | +0.69% |
| 15:00 ET | +1.25% | +0.56% |
| 14:30 ET | +1.13% | +0.48% |
| 14:00 ET | +1.17% | +0.53% |
| 13:30 ET | +1.23% | +0.57% |
| 13:00 ET | +1.19% | +0.51% |
| 12:30 ET | +1.30% | +0.60% |
| 12:00 ET | +1.39% | +0.69% |
| 11:30 ET | +1.02% | +0.52% |
| 11:00 ET | +0.97% | +0.49% |
| 10:30 ET | +0.70% | +0.27% |
| 10:00 ET | +0.38% | +0.08% |
| 09:30 ET | +0.61% | +0.28% |
| 09:00 ET | +0.36% | +0.24% |
| 08:30 ET | +0.57% | +0.37% |
| 08:00 ET | +0.34% | +0.28% |
| 07:30 ET | +0.31% | +0.24% |
| 07:00 ET | +0.50% | +0.32% |
| 06:30 ET | −0.12% | −0.06% |
| 06:00 ET | +0.02% | +0.02% |
| 05:30 ET | +0.03% | +0.06% |
| 05:00 ET | −0.02% | +0.04% |
| 04:30 ET | −0.27% | −0.13% |
| 04:00 ET | −0.25% | −0.05% |
I day-trade ES and NQ, so I'm not carrying a position into Wednesday. With the Fed decision at 2 p.m. and Alphabet and Microsoft reporting after the close, I'll trade as conservatively as I can, and if I take a position at all, it will be a small one.
Around the Market
Tesla led the Magnificent Seven at +4.04% as speculation about a merger with SpaceX kept building. Bearish analyst ratings on the stock have fallen to an 11-year low on merger hopes, according to Bloomberg. Amazon closed +1.61%, Alphabet +1.19%, Apple +0.93% and Nvidia +0.90%. Microsoft ended at −0.24% and Meta at −1.64% after its stock sale.
General Motors closed +5.54% after saying it will move its stock listing from the New York Stock Exchange to Nasdaq, with trading there starting November 17, Investing.com reported. The switch makes GM eligible for the Nasdaq-100, which would bring buying from the funds that track it, though inclusion is not guaranteed. The board authorized $20 billion of buybacks last week, according to the Journal.
UPS closed +5.75% after raising its full-year revenue forecast to about $92.6 billion and its adjusted earnings forecast to about $7.28 a share, Finchannel reported. Revenue per piece in its U.S. business rose 6.1%. Royal Caribbean finished +5.46% after strong bookings lifted its third-quarter profit. Coca-Cola raised its full-year forecast as unit case volume grew 5%, but the stock ended at −1.64%. TheStreet pointed to weak North American volume.
Among smaller names, JetBlue (+19%) rallied after reporting results a day early, and SoFi (+13%) after raising its full-year guidance, according to the Journal. Bloom Energy closed +7.15% after beating estimates and raising its 2026 revenue forecast. Cintas (−7.1%) slid on reports that the Federal Trade Commission plans to sue to block its $5.5 billion purchase of UniFirst, and Xylem (−8.9%) after cutting guidance, TheStreet reported.
After the close, Robinhood traded about −7.4% after its quarterly profit missed estimates as crypto transaction revenue dropped 55%, the Journal reported, and Visa about −1.0% despite beating forecasts. Enphase traded about −15% after missing estimates and guiding fourth-quarter revenue well below expectations, according to Investing.com.
What's Next
Wednesday is the heaviest day of the week for the AI trade. GE Vernova, Vertiv and Boston Scientific report before the open, and Oracle holds its investor day. The Fed announces its decision at 2 p.m. ET, and Warsh speaks at 2:30. After the close, Alphabet and Microsoft report, along with ServiceNow, KLA, T-Mobile and Equinix. Cloud growth against capital spending, and free cash flow after that spending, will show whether Tuesday's financing deals are funding profitable growth.
On Thursday, the government releases its first estimate of third-quarter GDP and September personal income and spending, including the PCE price index. Eli Lilly, Mastercard, Merck, Caterpillar and Linde report before the open, and Amazon, Intel, Sandisk, Starbucks and Coinbase after the close. Friday brings Exxon Mobil, Chevron, AbbVie and General Dynamics. The U.S. midterm elections follow on November 3.
Bottom Line
The funding question that weighed on AI stocks for most of October got a strong answer in a single day: about $140 billion of new stock, debt and leases across Meta, Broadcom's deal with Anthropic and SpaceX. Investors bid up the chipmakers that sell into that spending, and the semiconductor index now sits about 7.7% above last Thursday's low.
The gains were concentrated. More stocks fell than rose, and the after-hours selling in Seagate, Teradyne and NXP showed that a beat alone no longer lifts stocks that have already rallied. SK Hynix's results set a higher bar, and it cleared it.
Wednesday puts the next test in one afternoon. The Fed is expected to hold and lean toward December, and Alphabet and Microsoft will show whether the cash coming back from AI spending is keeping pace with the money going in.
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