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📆 Notable Earnings Week: Oct 26–30th, 2026. $10.9T of Big Tech reports on the same 2 days as the Fed. The breakdown 👇 • $MSFT Wed AMC: Azure guided 45%, EPS est $4.71 • $GOOGL Wed AMC: Cloud +82% last Q, EPS est $2.94 • $AMZN Thu AMC: $197–202B sales guide, EPS est $2.01 Supporting cast: • $RMBS Mon AMC: kicks off the AI chip prints. • $HOOD Tue AMC: retail + crypto volumes, est $0.55. • $STX Tue AMC: HDD pricing, est $7.17 vs $2.51 YoY. • $VRT Wed BMO: AI data center power, est $1.82. • $SNDK Thu AMC: est $45.22 vs $0.90 a year ago. • $COIN Thu AMC: est -$0.18 vs $1.44 a year ago. Macro: Fed decision Wed 2pm ET, Q3 GDP Thu 8:30am ET. Also on deck: $LLY, $V, $XOM, $CVX. Why it matters: after this week's chip selloff, hyperscaler capex guides decide if the AI trade gets its footing back.

🏆 Stock of the Day: $MSFT Same AI spending fight as $GOOGL. Opposite report card. The breakdown 👇 •Azure: $33.17B, +48% YoY vs $32.32B est. •Adj. EPS: $4.89 vs $4.73 est •Revenue: $92.28B, +19% vs $90.69B est. •Guide: Azure +49–50% cc next qtr vs 45% est. •Capex: $45.2B, under the $50.67B est. Beat, raise, spent less, and $MSFT is still -1.2% at $524.80 while $GOOGL sinks 12%. Today the market is selling AI as a group, not grading the quarter. Is a red day on a beat and raise a gift for patient money?

🧠 Why I'm still holding $GOOGL On pace for its worst post earnings day ever. I didn't sell a share. The breakdown 👇 •Q3 EPS: $2.12 vs $3.02 est. A real miss. •Q3 revenue: +25% to $127.6B •Cloud revenue: +103% YoY •Cloud backlog: $514B (Q2), 5 yrs of Cloud rev. •Gemini Enterprise: client spend 4x YoY, 90%+ of Fortune 100 on it. The market sold the cash burn. I'm holding the moat: Search, YouTube, Cloud, TPUs and Gemini under one roof. Today the capex is a toll. In 5 years it's the tollbooth. Down 12% on a miss, or on sale for patient money? I Long $GOOGL | NFA

🎯 Bought the dip: $MRVL at $219 The Street sold Marvell on the Lumentum headline. I think it's buying the missing piece. The breakdown 👇 •Deal: In advanced talks to buy $LITE per Bloomberg; could be announced next week •Entry: $219, 24% below early Oct highs near $287 •Fit: MRVL already buys LITE lasers. Owning them puts chips + optics under one roof •Edge: Adds to Celestial AI photonics; sharper rival to $AVGO •Risk: $83B target vs $3.9B cash = likely stock funded, dilution. Why it matters: AI clusters are running into optics limits. I'd rather own the company that controls the link than one renting it. If this deal closes, would you rather hold MRVL or LITE? I Long $MRVL @ $219 | NFA 💼

💳 $MA Q3: Clean beat 7th straight beat at record highs. Cross border cooled to +11%. The breakdown 👇 •Adj. EPS: $5.31 vs $5.16 est. (+21%) •Revenue: $9.8B vs $9.65B est. (+14%) •Services: +19% y/y •Cross border: +11%, from 12% in Q2 •Stock: +2.57% premarket Why it matters: services keep outgrowing the network (+19% vs +11%), margin rose 70 bps to 60.5%, and $3.8B went back to shareholders. BVNK's new Global Money Platform gives $MA a real stablecoin angle.

☕ Morning Brief: NQ −1%, 10Y 5.05%, PCE at 8:30 Alphabet burned $9.1B of free cash in Q3 building AI. The market just sent the bill. The breakdown 👇 • Futures: NQ −1%, ES −0.3%, Dow flat • $GOOGL: −10% pre on EPS miss, capex $51.4B, FCF −$9.1B • $MSFT: +3.5% pre, AI spend still self funded • 10Y: 5.05%, Dec hike odds 82% • Oil: easing on Mideast diplomacy hopes • Crypto: $BTC $80K -1.4%, $ETH $2,322 -1.6% • Catalysts: Sept PCE + Q3 GDP 8:30 ET, $AMZN after close. • Risk: hot PCE backs the Fed's 2 hike dissents. $AMZN tonight tests whether AWS growth can carry a $220B capex bill. One cash burn quarter: AI spend reset, or noise? I Long $GOOGL $AMZN $ETH. NFA 💼

🚨 NYSE owner is building on Hyperliquid $ICE is teaming with Trade.xyz to bring Hyperliquid based perps to regulated US markets. The breakdown 👇 •Venue: New US perps market with its own clearing, KYC and AML. •Rails: Runs on Hyperliquid infrastructure. •Products: Perps on stocks, indices, commodities and FX. •Stake: ICE takes an equity stake in Trade.xyz, terms undisclosed. •$HYPE: Up 8%+ in an hour to $85.89. In May, ICE pushed regulators to rein in Hyperliquid. Now the NYSE owner wants a piece of it. I Long $HYPE | NFA

💊 $LLY smashes Q3, guide jumps $5B+ Revenue beat by $1.8B. EPS guide still got cut. The breakdown 👇 •Adj. EPS: $7.48 vs $6.67 est. •Rev: $24.4B vs $22.6B est. (+39%) •Mounjaro: $10.7B, +65% Y/Y •FY guide: $91–$92B rev (was $85–$87B) •Stock: +5.8% premarket The EPS trim is deal math: a $4.2B acquired IPR&D charge cost $4.57/share. Underneath, the engine is speeding up. The margin guide rose to 52–52.5% and ex-U.S. sales grew 47%. Note about $900M of one-time revenue benefits, including $410M in Jardiance milestones.

💊 $MRK Q3: Beat and raise Street braced for a pharmacy unwind. Merck beat by $0.41. The breakdown 👇 •EPS: $2.49 vs $2.08 est. •Rev: $18.1B vs $17.31B est. (+5%) •Keytruda: $8.6B (+6%), QLEX $830M •FY26 EPS: $2.77–$2.82 (was $2.66–$2.76) Why it matters: Winrevair jumped 93% to $694M, but gross margin fell 480 bps to 72.9% and EPS absorbed a $0.12 SciBrunch charge. The post ESMO pipeline is the bull case into Keytruda's patent cliff. Does the pipeline replace Keytruda fast enough, or is this a beat you sell?

$CTSH Q3: Beat, then a trim Q3 cleared the bar. The full year growth ceiling came down. The breakdown 👇 •EPS: $1.49 vs $1.46 est. (+7% y/y) •Rev: $5.66B vs $5.64B est. •Fin. Services: +12% y/y •FY26 cc growth: 4.0–4.4% (was 4.0–5.5%) Why it matters: adj. margin hit 16.3% and the EPS guide narrowed to $5.72–$5.79, but Q3 bookings fell 7% with only 3 large deals. Margins are working; growth is the debate.

🚜 $CAT beats on both lines, margins jump Margins up 310 bps on a record backlog, and power is now its biggest business. The breakdown 👇 •Adj. EPS: $7.20 vs $7.08 est. (+45% YoY) •Revenue: $20.7B vs $20.54B est. (+17% YoY) •Power & Energy: $8.8B, +18% YoY, largest segment •Adj. op. margin: 20.6%, +310 bps YoY •Capital return: $2.0B ($1.2B buybacks, $0.7B dividends) Why it matters: AI data centers need on site power, and that demand is pushing Power & Energy past Construction for $CAT.

🔥 $CARR beats, data center orders +300% Sales guide up $1B. EPS guide doesn't budge. The breakdown 👇 •Adj. EPS: $0.87 vs $0.77 est. •Rev: $6.26B vs $6.1B est. •Data center orders: +300% •FY guide: $23.8–$24B sales, $2.85–$2.90 EPS •Stock: +4.3% premarket Fine print: about $0.10 of EPS came from IEEPA tariff refunds, so the core quarter was closer to in line. A $3.1B Europe goodwill write down also pushed GAAP EPS to -$3.16. The real story is the record $8.5B+ backlog, up 60% Y/Y. Is the data center backlog enough to rerate HVAC, or are refunds flattering the beat?

🚀 $WST crushes Q3, raises again. Street wanted 3% growth. West delivered 12% organic. The breakdown 👇 •Adj. EPS: $2.66 vs $2.20 est. •Rev: $874.5M vs $827M est. •HVP Components: +20% organic •FY EPS guide: $9.38–$9.48 (was $8.85–$9.05) •Stock: $398 into print, near ATH Biologics grew 23% organic, and the richer HVP mix pushed adj. operating margin to 25.3% from 21.1%. The FY sales guide also rose to $3.41–$3.42B. At 43x forward earnings, the question is how much of this was already priced in.

$LHX Q3: beat and raise Record $53.2B backlog. Now it has to become deliveries. The breakdown 👇 •EPS: $3.28 vs $2.94 est •Rev: $6.1B vs $5.91B est •Space & Mission: $3.1B, +10% YoY •FY26 EPS guide: $12.25–$12.35 vs $11.96 est •Book to bill: 3.2x; FCF $1.3B, +195% EPS +33% YoY, margin up 200 bps to 13%, orders $19.3B. $6.3B THAAD + $4.7B PAC-3 deals lock in seven years of missile work. Only soft spot: the revenue guide barely moved.

👟 $ADDYY just posted its best quarter ever Record $1.1B profit, but $220M was a one-time tariff refund. The breakdown 👇 •EPS: $2.26/ADR vs $1.72 est. •Rev: $8.08B vs $8.00B est. •Apparel: +19% cc, footwear flat •FY op profit guide: $2.8B (from $2.6B) •Stock: +2.6% in Frankfurt Why this matters: take out the tariff refund and the beat gets smaller. Footwear, Adidas' core business, has stalled under heavy discounting, so apparel is carrying the brand right now. Can apparel carry $ADDYY into 2027, or is the footwear stall the real story?

🚨 Samsung earns $80B in one quarter Record profit. Revenue light. AI memory did it. The breakdown 👇 •Op profit: $80.0B vs $79.5B est •Rev: $145.6B vs $149B+ est •Chips: $79.4B of $80.0B profit •Guide: chip shortage deepens 2027 •Stock: flat after +9% run Wed Net profit $56.0B. Memory sales +427% YoY to $104.9B on HBM4 + server SSDs. Plus a $22.4B dividend ($3.43/sh). Why it matters: when chips earn 99% of the profit, Samsung is a memory stock now. No Samsung position. Long $SKHY $NVDA | NFA.

$MRVL in advanced talks to buy $LITE Marvell wants to own the whole optical link, not just the chip inside it. The breakdown 👇 •Report: Bloomberg says talks are advanced, no deal announced yet. •Reaction: $MRVL down 8%+, $LITE up 14%. •Combo: Marvell's optical DSPs + Lumentum's lasers and transceivers •Context: $LITE says its optics are sold out into early 2029 Why it matters: Marvell would become a full stack optical supplier and capture more revenue from every AI data center connection. The selloff suggests investors are worried about the price tag.

🚗 $CVNA: record quarter, EPS miss Sales crushed it. Profit per share didn't. The breakdown 👇 •EPS: $0.39 vs $0.44 est •Rev: $8.04B vs $7.67B est (+42% YoY) •Units: record 217K (+39% YoY) •Guide: FY26 adj. EBITDA high end of $2.7–3.0B •Stock: +1.6% after hours Why it matters: record $800M adj. EBITDA and $483M net income, with Q4 units guided higher. But EBITDA margin slipped to 10.0% from 11.3%. Growth is winning; efficiency isn't yet.

🔔 Closing Bell: Fed holds, hawks dissent Yesterday priced a quiet hold. Two hike dissents and an Alphabet miss after the bell broke it. The breakdown 👇 •Fed: Holds 3.75–4% in 10–2 vote; Cook, Hammack wanted a hike. •Indexes: Nasdaq +0.27%, S&P +0.28%, Dow +0.19%. •Rates: Dec hike odds 86% (42% a month ago); 10Y 5.03%. •After hours: $MSFT +4% on beat, $GOOGL -8% on EPS miss. •Oil: WTI $102.78 (+2.9%), Brent $115.32. •Crypto: $BTC $81K, $ETH $2,355, slightly green. Why it matters: A pause, not a pivot. $100 oil and a 5% 10Y keep December live, so AI earnings must carry the tape. Does $GOOGL's miss drag AI names tomorrow, or does $MSFT's beat win?

🌯 $CMG: EPS miss, comps beat Margins squeezed, but traffic is up 3 quarters straight. The breakdown 👇 •EPS: $0.27 vs $0.29 est. •Rev: $3.29B vs $3.285B est. (+9.6%) •Comps: +2.1% vs 1.5% est. •Guide: FY26 outlook reiterated •Stock: +3.4% AH ( $29.70) Why it matters: traffic is back, and the Street is paying for it. But op margin slid to 13.7% from 15.9% as labor and G&A costs climbed, and FY26 comps are still guided to low single digits.

📦 $FDX beats and raises, stock drops. Big beat, higher guide, but US margin slipped. The breakdown 👇 •EPS: $3.74 vs $3.34 est. •Rev: $22.9B vs $22.73B est. •US Domestic margin: 6.6% vs 6.8% LY •CY26 guide: $18.00–$18.60 (was $16.90–$18.10) •Stock: down 4% after hours Why it matters: first clean quarter without Freight. Pricing and volume are working, but wage and transport costs ate the margin gain. A $2B buyback and a 5.9% rate hike in January back the bull case.