The main market story each week, and the Retail 100 stocks it moved. Moves are Friday close to Friday close.
This week so farWeek of Nov 2 · through Nov 3S&P 500 -0.2%
Marvell's $115B all-stock deal and Shopify's slump hit tech as AI-financing worries persist
The S&P 500 is down 0.2% through Tuesday. Marvell agreed Monday to buy Lumentum for $115 billion in its own stock, and its shares fell 12.7%. Shopify dropped 9.5% after volume and subscription sales missed estimates. Intel and Oracle also fell as investors worried about AI financing.
Marvell falls 12.7% on $115B all-stock deal for Lumentum
Marvell will pay for Lumentum, an optical-parts maker, with 4.5 of its own shares per Lumentum share. Lumentum holders will own about 33% of the combined company, so existing Marvell shareholders are diluted. The deal is not expected to close until the first half of 2028.2,1
The AI spending bet →Shopify drops 9.5% as sales volume and subscriptions miss
Shopify beat profit estimates ($0.49 vs $0.47 a share) but processed $119.15B of sales for merchants, below the $120.08B expected, and subscription revenue missed. Investors had paid about 87 times expected 2026 earnings, so any shortfall cost the stock.3
Chip and AI-infrastructure stocks slide on AI financing worries
Intel fell 7.9%, Oracle 8.8% and Micron 5.8% as the Nasdaq dropped more than 1% Monday, its fourth straight decline. Investors worried about how AI buildouts are paid for, including Oracle's stock and debt sales. AMD is down 4.1% for the week after reporting Tuesday evening.1
The AI spending bet →Apple and Palantir slip after reports; Apple warns on margins
After the close Monday, Apple fell about 2% on a weak margin forecast and iPad sales below estimates. Palantir fell about 2% despite results that beat estimates. Both stocks had already dropped in the regular session.1
The AI spending bet →The weekWeek of Oct 26S&P 500 -0.6%
Intel's worst day since 1974 ends a week of AI-spending scares
The S&P 500 fell 0.6% for the week. Alphabet dropped 12.6% Thursday and ServiceNow 26.9% on its slower growth forecast. Friday, a weak Intel forecast sent the S&P 500 down 1.8%, its worst day of the week, as chip stocks sold off.
Alphabet falls 12.6% in a day as investors question AI spending
Alphabet's third-quarter sales fell short of forecasts, and investors worried about its free cash flow, the cash left after building data centers. Cloud revenue grew 103%, but that did not offset it. Nearly $500 billion of market value vanished, the stock's worst day since its 2004 debut.9
The AI spending bet →Oracle jumps 10.7% Wednesday on a $225B fiscal 2030 revenue target
At its investor day Oracle targeted at least $225 billion of fiscal 2030 revenue and positive free cash flow in the second half of fiscal 2028. Customer prepayments and vendor financing should cut upfront cash needs. It gave back most of the jump, ending the week up 3.6%.8
Intel falls 28.6% on a forecast far below Wall Street's
Intel guided fourth-quarter revenue to $15 billion to $16 billion, against the $17.1 billion analysts expected, citing weak PC demand and rising memory prices. It was the stock's worst day since 1974 and dragged AMD down 10.9% and the chip index about 7.2%. The S&P 500 fell 1.8%.10,12
The AI spending bet →ServiceNow falls 26.9% as growth guide slows to 18.5%
ServiceNow beat on revenue ($4.107B) but missed adjusted earnings per share by two cents, and said growth in its contracted backlog will slow to 18.5% from 21%. Investors fear AI tools are eroding software makers' pricing. Peers fell 2.8% to 7.3%, so most of the drop was ServiceNow's own.11
AI eats software →The weekWeek of Oct 19S&P 500 -0.4%
Meta's spending and legal costs spark Thursday sell-off in AI-linked stocks
The S&P 500 fell 0.4% for the week. Meta fell 9.4% after a $9.9 billion legal charge and heavier spending plans, and chip stocks dropped on AI spending worries on Thursday. Cybersecurity stocks bucked the trend on Friday, with CrowdStrike up 8.2% that day.
Meta falls on legal charge and spending
Meta reported on Oct. 21 that revenue rose 26% to $64.6B but took a $9.9B charge for teen safety settlements. Free cash flow was about negative $2.1B, and 2026 capital spending is guided to $135B to $145B. Shares fell about 7% on Oct. 22.8
The AI spending bet →Chip stocks sink on AI spending worries
On Oct. 22 Yahoo Finance reported Nasdaq weakness led by semiconductors amid worries about AI spending, with CoreWeave down 10% on concerns about its debt. AMD fell 8.1% and TSMC 4.5% that day, after both had risen earlier in the week.7
The AI spending bet →SpaceX posts 161% revenue growth; Tesla rises
SpaceX said third-quarter revenue rose 161%, and Musk said SpaceX and Tesla set up special committees to consider a merger, with no deal agreed. SpaceX gave back over half of its Oct. 21 gain on Oct. 22. Tesla reported flat revenue of $28.05B and fell about 3% on Oct. 22.4,7,9
Cybersecurity stocks rally on Friday as market slips
On Oct. 23 CrowdStrike rose 8.2% with no earnings report, while the S&P 500 fell 0.5%. Trefis cited an Evercore ISI partner survey showing a stronger cybersecurity budget outlook and the CEO's warning of coming breaches from PHP flaws. Palo Alto rose 7.2%.10
The weekWeek of Oct 12S&P 500 -2.0%
AI spending doubts drive chip stocks to their longest losing streak since 2008
The S&P 500 fell 1.9% and the Nasdaq 4.5%, their worst week since June, as worries grew about debt-funded AI spending and another Fed hike after hot inflation. The chip index fell eight days straight. Meta, Bank of America and J&J had their own news.
AI spending doubts push chips down eight days straight
On Oct. 16 the Philadelphia chip index fell 3.8%, its eighth straight loss and longest run since 2008, as investors questioned debt-funded AI spending. Nasdaq fell 4.5% for the week. Hot inflation on Oct. 14 and a 5.1% 10-year yield added to hike fears.7,8,14,15,16
The Fed turns to hikes →Meta rallies on its new Muse Wonder AI models
On Oct. 12 Meta announced Muse Wonder AI models, with paid plans at $20 and $100 a month, and Pivotal Research raised its price target to $930 from $790. The stock still ended the week down 1.3% in the tech selloff. Meta reports results Oct. 21.4
TSMC beats and lifts outlook, but stock slips
On Oct. 15 TSMC reported third-quarter revenue of $46.72B, above the $45.41B expected, and raised its 2026 growth forecast to around 44%. Gross margin slipped to 66.4% from 67.7%. The U.S.-listed shares fell 1.8% that day and 9.0% for the week as chip stocks sold off.11,12,13
Bank of America and J&J slide after earnings
Bank of America closed down 4.8% on Oct. 14 after a $1.2 billion anti-money-laundering penalty cut profit to $0.91 a share ($1.08 without it) and deal fees fell 11%. J&J fell on Oct. 13 after weak device sales and a $5.5 billion talc charge.9,10,5,6
The weekWeek of Oct 5S&P 500 +1.2%
SpaceX's wireless spectrum deal knocks phone carriers while stocks end near a record
The S&P 500 rose 1.2% and ended just below its record, with the 10-year Treasury yield at 5.24%. SpaceX agreed on Thursday to buy nationwide wireless spectrum, and AT&T, Verizon and T-Mobile fell sharply on Friday on fears of a new competitor. A report that OpenAI's revenue is lower than rumored hit chip stocks.
SpaceX's spectrum deal hits AT&T and wireless carriers
On Oct. 8 SpaceX agreed to buy Grain Management's nationwide 800 MHz wireless spectrum, which could let its Starlink Mobile service operate as a full carrier. AT&T fell 10.8% on Friday, Verizon 8.8% and T-Mobile 13.3%, as investors weighed new price competition.4,5,6
Government offers Vistra a $4.2 billion nuclear loan
On Oct. 5 the Energy Department offered Vistra a conditional loan of up to $4.2 billion to upgrade nuclear plants in Pennsylvania and Ohio, adding 433 megawatts. Vistra must still meet conditions before it receives any money.7,8
The AI power crunch →Report on OpenAI's revenue hits chip stocks
Nvidia hit a record Monday. On Thursday the Financial Times reported OpenAI told investors its revenue is approaching $50 billion a year, below the $70 billion figure circulating. Nvidia fell 2.9% that day and Micron 4.8%. Intel fell 5.3% with no company news.1,2,9,10,11
The AI spending bet →IREN falls after report of outages at its data centers
Research firm SemiAnalysis said customers reported multi-day power outages at IREN's two British Columbia sites. IREN had not responded by Thursday afternoon. The shares fell 6.3% Wednesday and 7.7% Thursday.12,13
The weekWeek of Sep 28S&P 500 -0.2%
Weak September jobs report cools bets on another Fed rate hike
Employers added just 29,000 jobs in September, far below the 84,000 expected, and unemployment rose to 4.2%. Traders sharply cut the odds of an October Fed rate hike, which lifted stocks on Friday. The S&P 500 still ended the week down 0.2% after the 10-year Treasury yield reached its highest level in 24 years.
Weak jobs report lifts tech stocks on Friday
With a slower job market making another rate hike less likely, the odds of an October increase fell from 64% a week earlier. The Nasdaq hit a record intraday high on October 2, and Nvidia led the gains with a record of $237.87.1,2
The Fed turns to hikes →Carnival posts record quarter and strong bookings
Carnival reported record third-quarter revenue of $8.44 billion on September 29, beat profit forecasts, and said 2027 is already half-booked at record prices. Shares rose 13% that day.3
Qualcomm falls as yields rise and Samsung talks stall
Qualcomm fell on September 28 as rising bond yields hit tech stocks and reports said its talks with Samsung on making 2-nanometer chips were stuck on price and production yields. The drop followed a 13.6% gain the week before.4
Bond yields highest since 2002 →Nike cuts its outlook after a sales miss
Nike reported on October 1 that quarterly sales fell 4% to $11.21 billion, short of forecasts. It expects revenue to fall by a high-single-digit percentage this fiscal year and profit per share to drop by nearly half. Shares fell 5.4%.5,2
The weekWeek of Sep 21S&P 500 +1.3%
Meta's Muse assistant and a chip rally push the Nasdaq to a record
Tech stocks led a winning week. Meta jumped after its new Muse AI assistant reached the top of Apple's App Store, and chipmakers rallied, lifting AMD's market value to $1 trillion. Oil fell below $100 a barrel on hopes of U.S.-Iran talks, though the 10-year Treasury yield rose to its highest since 2007.
Meta jumps as its Muse AI assistant catches on
Meta rose about 11% on September 21 after Wells Fargo raised its price target to $796 from $640, pointing to early traction for Muse, which reached No. 1 on Apple's U.S. App Store. Meta's Connect conference followed on September 23.2,1
Chip stocks rally and AMD reaches $1 trillion
The Philadelphia semiconductor index rose more than 3% on September 21. AMD hit a record above $610, giving it a $1 trillion market value. Intel jumped 12% on reports of a possible deal with SK Hynix, and Qualcomm and Marvell rose with the group.1
The AI spending bet →IonQ reports a quantum error-correction advance
IonQ said on September 22 it had demonstrated the industry's first end-to-end real-time quantum error decoder, a step toward computers that fix their own errors without pausing. It also said it will work with Nvidia on quantum research. Shares rose about 5% that morning.5
The quantum computing bet →Oracle seeks legal cover for a delayed data center
Oracle sent a force majeure notice to the developer of its Project Jupiter data center, a legal step that could let it delay lease payments if the site is not running by March 2028. Investors read it as a sign of strain from its AI building spree.4
Paying for the AI build-out →The weekWeek of Sep 14S&P 500 -0.3%
The Fed raises interest rates for the first time in three years
The Federal Reserve raised its benchmark rate by a quarter point to 3.75%-4% on September 16, saying inflation remains elevated while the economy grows at a solid pace. The S&P 500 slipped 0.3% for the week. Cybersecurity stocks rallied on AI safety warnings, while Bank of America and Netflix fell on company news.
Fed lifts rates a quarter point to fight inflation
The Fed's committee voted 12-0 on September 16 to raise its target range to 3.75%-4%, aiming for a faster return to 2% inflation. Higher rates raise borrowing costs across the economy. Bank of America fell another 2.7% on the day of the decision.1,2,3
The Fed turns to hikes →Cybersecurity stocks jump on AI safety warnings
Over the prior weekend, Anthropic CEO Dario Amodei published an essay calling for slower AI development, and OpenAI CEO Sam Altman agreed. Investors bet a riskier threat environment means more security spending. CrowdStrike rose about 14% on September 14, also helped by new products at its Falcon conference.4,5
AI eats software →Bank of America warns of lower dealmaking fees
CEO Brian Moynihan told a Barclays conference on September 14 that third-quarter investment banking fees would be $1.6 billion to $1.8 billion, down more than 10% from a year earlier. The stock fell more than 5% that day.3
Netflix falls after a Wells Fargo downgrade
Wells Fargo analyst Steven Cahall cut Netflix to underweight on September 18 and lowered his price target to $57 from $80, citing weak viewer engagement and a lack of hit original shows. The stock fell 4.7% that day.6
The weekWeek of Sep 7S&P 500 -0.8%
Oil tops $100 as Iran war drags on, pushing Fed toward a hike
The S&P 500 fell 0.8% in the holiday-shortened week as U.S. oil rose nearly 10% and passed $100 a barrel. The 10-year Treasury yield reached its highest since October 2023. August consumer prices rose 3.4% from a year earlier, and traders now see an 86% chance the Fed raises rates at next week's meeting.
Oil passes $100 and bond yields hit multiyear highs
U.S. oil closed at $102.48 on Thursday, up 6.7% that day, as the U.S.-Iran war entered its seventh month. The 10-year yield rose above 4.95% even after the Treasury tripled its purchases of long-term bonds to $6 billion. Stocks fell four days in a row.1,2,3
The Iran war oil shock →Intel leads a chip rally on upgrade and Amazon deal
On Tuesday Intel jumped 8% after Northland upgraded the stock, citing a shortage of server processors. Qualcomm gained 4% after agreeing to develop AI data-center hardware with Amazon, and AMD climbed 6%. Intel gave back 5.6% on Thursday as oil and yields rose.4,2
The AI spending bet →GameStop rises on record second-quarter operating income
GameStop beat profit estimates as collectibles sales rose 57% to $356 million, giving it its best second-quarter operating income on record. A director bought $1 million of stock, and a Sept. 11 filing showed CEO Ryan Cohen bought 1 million shares for about $20.4 million.5,6
The weekWeek of Aug 31S&P 500 +0.1%
Hot jobs report and Iran strikes keep a September Fed hike in play
The S&P 500 ended the week up 0.1% after swinging with bets on interest rates. U.S. strikes on Iran pushed oil above $90 and the 10-year Treasury yield to its highest since November 2023. On Friday the government said employers added 162,000 jobs in August against 53,000 expected, lifting the odds of a Fed rate hike this month to 58%.
U.S. strikes on Iran lift oil and bond yields
On Tuesday U.S. forces struck Revolutionary Guard targets in Iran after attacks on shipping in the Strait of Hormuz. U.S. oil rose 5.2% to $90.22 a barrel, and the Dow fell 419 points as investors worried higher energy prices would keep inflation and interest rates high.1,2
The Iran war oil shock →Robinhood rallies on prediction markets and a bitcoin rebound
Robinhood jumped about 17% Thursday, its best day since Aug. 21, as Deutsche Bank analysts pointed to prediction markets, where customers trade contracts on future events, as a growing business. Bitcoin briefly topped $81,000 the same day, its highest since mid-May, and Coinbase rose about 10%.3
Crypto stocks follow bitcoin →NIO falls after second-quarter revenue misses estimates
NIO fell 4% on Tuesday after second-quarter revenue, up 69% from a year earlier, came in below analyst estimates and its profit margin on vehicles slipped from the first quarter. August deliveries rose 14.5% from a year earlier.4
The weekWeek of Aug 24S&P 500 +0.5%
Nvidia, Salesforce and CrowdStrike results lift tech before Warsh raises rate-hike odds
Strong results from Nvidia, Salesforce and CrowdStrike gave tech stocks their best day since Aug. 4 on Thursday, and the S&P 500 rose 0.5% for the week. On Friday Fed Chair Kevin Warsh said inflation is not yet clearly improving, and traders raised the odds of a September rate hike to 57.5% from 35.4%.
Nvidia beats forecasts, but most chip stocks slip
Nvidia jumped 8.7% Thursday after beating estimates and forecasting strong revenue growth, though it ended the week up only about 1%. Other chipmakers lagged: Marvell fell more than 10% on Friday after a disappointing profit-margin forecast for the current quarter.1,2
The AI spending bet →Salesforce results and Anthropic deal lift software stocks
Salesforce rose 22% Thursday after beating estimates, raising its outlook and expanding its partnership with Anthropic. ServiceNow, which had no news of its own, rallied with it as the results eased fears that AI tools will replace business software.3,4
AI eats software →CrowdStrike posts its best day ever on AI security demand
CrowdStrike gained 20% Thursday after beating estimates and raising its forecast. CEO George Kurtz said AI is driving both more cyberattacks and more security spending. Okta rose nearly 29% on similar results, and other security stocks rallied.5,1
AI eats software →Stripe and Advent drop their bid for PayPal
PayPal fell 12.7% on Friday after Stripe and private equity firm Advent International walked away from their offer of $60.50 a share, about $53 billion, which PayPal's board had called too low. The stock had risen nearly 30% since the bid was first reported.6,7
The weekWeek of Aug 17S&P 500 -1.4%
Long-term Treasury yields near a 20-year high pull stocks down despite Treasury action
The S&P 500 fell 1.4% as the 30-year Treasury yield reached its highest level in nearly 20 years. On Wednesday the Treasury said it would at least double its purchases of older long-term bonds, but yields climbed back the next day. Chipmakers and Walmart led the losses, while a 22% jump in bitcoin lifted crypto stocks.
Rising bond yields drag down chipmakers
Chip stocks fell hardest on Tuesday, when the Philadelphia semiconductor index dropped as much as 5% and Intel lost 6%. Higher yields raise borrowing costs for companies spending heavily on AI data centers, and oil prices rose as U.S.-Iran tensions grew.1,2,3
Bond yields highest since 2002 →Walmart has its worst day in more than four years
Walmart fell about 9% on Thursday. Sales beat forecasts and it raised its full-year outlook, but U.S. same-store sales grew 2.6%, short of the 3.5% analysts expected, and its profit forecast missed estimates. Its finance chief said high gas prices are stretching shoppers.4,3
The Iran war oil shock →Merck and Moderna's cancer vaccine succeeds in large trial
On Wednesday Merck and Moderna said their personalized mRNA vaccine, given with Merck's Keytruda, kept high-risk melanoma from returning or spreading for longer in a late-stage trial. Merck rose 10.6% that morning, while Moderna more than doubled.5
Bitcoin jumps 22% in a week, lifting Coinbase and Robinhood
Bitcoin rose 22% for the week to about $76,900. The rally began when yields fell after the Treasury announcement, grew as traders betting on lower prices were forced to buy, and got another lift from a White House push to pass the Clarity Act, a bill setting rules for crypto.6,7
Crypto stocks follow bitcoin →The weekWeek of Aug 10S&P 500 +0.4%
Hormuz stalemate lifts oil and energy stocks as S&P 500 hits a record
Oil rose more than 5% as Iran and the U.S. showed no sign of agreeing to reopen the Strait of Hormuz, and energy led the market, with Chevron up 7.2%. July inflation matched forecasts, easing fears of a Fed rate increase, and the S&P 500 set a record Thursday and gained 0.4% for the week.
Stalled Hormuz talks push oil and energy stocks higher
Iran said the Strait of Hormuz would stay closed until its conditions were met, and the U.S. said its naval blockade of Iranian ports could continue indefinitely. Brent and U.S. crude each rose more than 5% for the week, and energy led the S&P 500's sectors.1,2,3
The Iran war oil shock →Steady inflation and strong AI results lift chip stocks
Consumer prices rose 0.1% in July, as economists expected, and wholesale prices were flat, lowering the odds of a Fed rate increase. CoreWeave and Super Micro results reassured investors about AI demand. Micron rose almost 5% Wednesday, gained again Thursday, and NewStreet Research upgraded it to buy Friday.4,8,5,6,3
The Fed turns to hikes →Trump Media posts $238 million quarterly loss
Trump Media reported a second-quarter loss of more than $238 million on $1.7 million of revenue, mostly from Truth Social ads. The company said most of the loss came from declines in its crypto and other investment holdings. The stock fell 8% on Monday.7
Bill Ackman's fund takes a new Netflix stake
Netflix shares rose more than 3% on Thursday after Bill Ackman's Pershing Square Capital Management disclosed a new position in the streaming company. Pershing Square had owned Netflix briefly in 2022 and sold after the company reported its first subscriber decline in more than 10 years.6
The weekWeek of Aug 3S&P 500 +3.5%
Palantir stock rises nearly 40% after its quarterly sales nearly double
Palantir led a strong week of earnings reports, rising 39.8% after sales grew 93% from a year earlier. Shopify, IonQ, SoundHound and Disney also gained after beating forecasts. On Friday, a report that the economy lost 23,000 jobs in July led traders to bet the Federal Reserve would not raise rates soon.
Palantir sales nearly double and it raises its forecast
Palantir said second-quarter revenue rose 93% from a year earlier to $1.94 billion, above the $1.80 billion analysts expected, and sales to U.S. businesses rose 149%. It raised its 2026 revenue forecast to about $8.15 billion from about $7.19 billion.1,2
Shopify sales rise 34%, beating analyst forecasts
Shopify's second-quarter revenue rose nearly 34% to $3.6 billion, above the $3.4 billion analysts expected, and the value of goods sold on its platform rose 32%. The Globe and Mail tied the growth to AI tools that help shoppers and AI agents find and buy products.3
IonQ and SoundHound raise sales forecasts after record quarters
Quantum computer maker IonQ said revenue rose 287% from a year earlier to $80.1 million and raised its 2026 forecast to $280 million to $290 million. Voice AI company SoundHound reported revenue of $61.9 million, up 45% and above the roughly $52.5 million analysts expected.4,5,6
The quantum computing bet →Disney profit beats estimates and it expands stock buybacks
Disney earned $2.06 a share on an adjusted basis last quarter, above the $1.86 analysts expected, though revenue of $25.25 billion fell slightly short. Operating profit at its parks business rose 20%, and it raised planned buybacks for the fiscal year to at least $9 billion.7
The weekWeek of Jul 27S&P 500 +1.1%
Microsoft and Amazon soar as cloud growth eases worries about AI spending
Microsoft and Amazon reported faster cloud growth, and investors took it as a sign their heavy AI spending is paying off; Microsoft rose 21.8% and Amazon 17%. Meta, Apple and Qualcomm fell on weak forecasts, with Apple and Qualcomm pointing to a shortage of memory chips. The S&P 500 rose 1.1% as the Fed held rates steady.
Cloud results lift Microsoft, Amazon and Alphabet
Microsoft said Azure cloud sales grew 43% and forecast 45% next quarter. Amazon said AWS sales grew 37%, its fastest in 18 quarters, and raised its 2026 spending plan to $220 billion. CNBC said investors read the cloud growth as a sign AI spending is paying off, lifting Alphabet too.1,2,3,4,9
The AI spending bet →Meta falls on weak forecast and thin cash flow
Meta's revenue grew 28% to $60.8 billion, but its sales forecast for the current quarter fell short of analyst estimates and free cash flow (cash left after spending) dropped to $784 million. A Gabelli portfolio manager told CNBC investors are growing impatient.4,5,6
The AI spending bet →Apple slides as memory shortage limits its sales forecast
Apple beat estimates for the quarter but forecast sales growth of 9% to 11%, below the 12% analysts expected according to LSEG, citing supply constraints. CNBC reported that Apple faces a shortage of memory chips and has raised Mac and iPad prices.4
The memory chip shortage →Qualcomm profit forecast disappoints as memory costs rise
Qualcomm gave a lighter than expected profit forecast for the current quarter, blaming the shortage of memory and other parts. CEO Cristiano Amon told CNBC that higher memory prices are pushing phone buyers toward cheaper models, and that Qualcomm will raise its chip prices starting September 1.7
The memory chip shortage →The weekWeek of Jul 20S&P 500 -0.6%
Tesla falls 17.8% after a profit miss and plans for heavier spending
Tesla and Alphabet both reported results on July 22, and investors sold both stocks over plans to spend more. Tesla's profit fell short of analyst estimates, while Alphabet beat on sales but raised its 2026 spending forecast. AT&T rose after a profit beat, and the S&P 500 slipped 0.6% for the week.
Tesla misses profit estimates and plans heavier spending
Tesla reported second-quarter results on July 22. Revenue of $28.24 billion beat estimates, but adjusted earnings of $0.33 a share missed the $0.50 expected. Its finance chief said 2026 capital spending would top $25 billion. Shares fell 14.5% on July 23, Yahoo Finance reported.1
The AI spending bet →Alphabet raises its spending forecast as cloud sales jump
Alphabet's revenue rose 24% to $119.8 billion and Google Cloud sales grew 82%. But it raised its 2026 capital spending forecast to $195 billion to $205 billion, from $180 billion to $190 billion, and spent $5.9 billion more cash than its business brought in during the quarter.2,3,4
The AI spending bet →AT&T beats profit estimates and speeds up buybacks
AT&T reported adjusted earnings of $0.65 a share on July 22, above the $0.59 analysts expected, and added 432,000 phone customers on monthly plans. The company said it would speed up share repurchases to about $10 billion this year and kept its full-year forecast.5,6
The weekWeek of Jul 13S&P 500 -1.5%
Chip stocks enter a bear market on a Chinese AI model and TSMC spending
Chipmakers led the market lower as investors questioned whether heavy AI spending will pay off. TSMC said its spending would run higher than expected, and China's Moonshot released an AI model it says rivals the best U.S. systems at a lower price. Outside chips, a buyout offer lifted PayPal and Netflix fell on a weak forecast.
Chipmakers sell off on AI spending doubts and Kimi K3
TSMC guided to higher than expected capital spending, partly because chipmaking tools cost more. Late in the week, Moonshot released Kimi K3, which it says competes with top U.S. models for far less. The Philadelphia chip index entered a bear market, down more than 20% from its high.1,2
China's cheap AI models →Stripe and Advent offer $60.50 a share for PayPal
Reuters reported that Stripe and private equity firm Advent International jointly offered to buy PayPal for more than $53 billion, a 28% premium to Tuesday's close, backed by about $50 billion in bank financing. PayPal had not responded. The shares jumped about 16% before the open Wednesday.3
Lucid rebounds after CEO denies bankruptcy reports
Lucid shares briefly fell by half on Tuesday on rumors of a bankruptcy or take-private deal. CEO Silvio Napoli said the reports were false and that Lucid has enough cash to run well into next year. The stock rose 29% on Wednesday.4
Netflix falls on a softer revenue forecast
Netflix's second quarter revenue of $12.56 billion came in just below analyst estimates. It forecast third quarter revenue of $12.86 billion, or 11% growth excluding currency swings, a slowdown that investors read as weak. Shares fell more than 8% after hours.5
The weekWeek of Jul 6S&P 500 +1.4%
Iran ceasefire breaks down and oil jumps, but tech stocks lift the S&P 500
Trump said the ceasefire with Iran was over after Iranian attacks on ships and U.S. strikes in response, and Brent crude jumped 5% on Wednesday. Oil fell back Thursday when Trump said Iran had called to make a deal. Gains in Meta, Nvidia and other large tech companies carried the S&P 500 higher for the week.
Trump declares the Iran ceasefire over
After the U.S. struck Iran in response to attacks on three commercial ships, Trump told a NATO summit on Wednesday that the ceasefire was over. Brent crude rose 5.4% to $78.19 that day, lifting oil producers and hurting companies sensitive to fuel costs.1,2,5
The Iran war oil shock →Meta has its best week since early 2024
Meta rose nearly 15% for the week, including about 6% on Friday. Bank of America kept its buy rating and pointed to an internal memo, reviewed by Reuters, suggesting Meta is lowering what it costs to run its AI.3
The AI spending bet →SpaceX falls as it joins the Nasdaq-100
SpaceX fell more than 6% on Tuesday, its first day in the Nasdaq-100 index, even as Morgan Stanley, Raymond James and other banks began covering the stock with positive ratings.2
Space stocks follow SpaceX →Alibaba jumps on reports of narrowing delivery losses
Alibaba's Hong Kong shares rose 12% after a Chinese media report said the company told analysts that losses in its fast-delivery business narrowed in the June quarter. UBS analysts said management was now focused on protecting profit margins.4
The weekWeek of Jun 29S&P 500 +2.2%
Stocks rebound as U.S.-Iran truce holds and the Dow hits records
Stocks recovered from the prior week's losses after the U.S. and Iran agreed on Sunday to stop trading attacks and let ships pass through the Strait of Hormuz. The Dow closed at records, helped by a weak June jobs report that eased fears of a Fed rate hike. Chipmakers fell as investors took profits after a strong first half.
Chipmakers fall as investors take profits
Semiconductor stocks dropped Wednesday and Thursday after rising more than 80% in the first half. Micron fell more than 10% Wednesday and another 5.5% Thursday, though it remained up more than 260% for the year. Investors moved money into older industrial and consumer companies.1,2
The memory chip shortage →Rocket Lab agrees to buy Iridium for $8 billion
Rocket Lab agreed on Monday to buy satellite phone and data operator Iridium for $54 a share in cash and stock. The deal adds Iridium's satellite network to Rocket Lab's rockets and satellite manufacturing, and is expected to close in 2027.3
Rivian raises its 2026 delivery forecast
Rivian delivered 12,194 vehicles in the second quarter, above its own target, and raised its full-year forecast to 65,000 to 70,000 vehicles from 62,000 to 67,000. It credited demand for its vans and R1 models and the start of deliveries of the cheaper R2.4
Robinhood reports record June trading
Robinhood's June figures through the 25th showed trading in event contracts up 60% from May, options up 38% and stocks up 27%, all well above analyst forecasts. The update followed its June 16 decision to cut about 10% of its staff.5,7
The prediction market boom →The weekWeek of Jun 22S&P 500 -2.4%
AI stocks slide as OpenAI reportedly weighs delaying its IPO
Investors pulled money out of chipmakers and other AI stocks, and the Nasdaq fell 4.6% for the week. A report that OpenAI may delay its IPO to next year raised doubts about how AI data centers will be paid for, and Oracle had its worst week since 2001. Money moved into drugmakers, several of which hit record highs.
OpenAI reportedly considers pushing its IPO to next year
The New York Times reported that OpenAI may delay its IPO, citing SpaceX's weak trading since its debut and swings in AI stocks. Traders worried that less money from stock sales could slow spending on AI data centers. SpaceX fell 17% in its second week.1,2
Paying for the AI build-out →Oracle has its worst week in 25 years
Oracle fell 19%, dropping at least 2.6% every day, as investors worried about its debt of about $130 billion and plans to raise $40 billion more to build data centers, mostly for OpenAI. The stock is down about 55% from its September peak.3
Paying for the AI build-out →Investors move into drugmakers
Healthcare stocks rose as investors shifted toward steadier businesses, and Lilly, Johnson & Johnson and AbbVie hit new highs. On Monday AbbVie agreed to buy Apogee Therapeutics for about $10.9 billion in cash to add eczema and asthma drugs in development.1,4,5
Paying for the AI build-out →The weekWeek of Jun 15S&P 500 +0.7%
U.S.-Iran peace deal sinks oil as the Fed signals a possible rate hike
Stocks fell Wednesday after the Fed, at Kevin Warsh's first meeting as chair, held rates but showed nine officials expecting a hike this year. They recovered Thursday after the U.S. and Iran signed a deal toward ending the war, which pushed oil prices and energy stocks down. Chipmakers led the rebound in a holiday-shortened week.
U.S. and Iran sign framework to end the war
The two countries signed an interim agreement under which Iran would reopen the Strait of Hormuz and the U.S. would lift its naval blockade. Brent crude fell to about $78 a barrel, and oil producers' shares dropped with it.1
The Iran war oil shock →Chip stocks lead Thursday's rally
Marvell rose 7% on Thursday after KeyBanc raised its price target to $385, ahead of the stock joining the S&P 500. Broadcom and Qualcomm also climbed as stocks rallied on the Iran deal.2
The AI spending bet →Snap falls after pricing its AR glasses at $2,195
Snap fell nearly 10% on Tuesday after CEO Evan Spiegel unveiled Specs, its first augmented reality glasses for consumers, shipping this fall. Wells Fargo analysts said they did not expect the glasses to add meaningfully to revenue soon.3,4
The weekWeek of Jun 8S&P 500 +0.6%
SpaceX goes public in the largest IPO ever, valued above $2 trillion
SpaceX sold shares to the public at $135 on Friday, raising about $75 billion, and the stock closed its first day 19% higher. Chip stocks also rose after a report that Google ordered AI chips from Intel's factories. Oracle fell after saying it would raise $40 billion more in debt and new shares to pay for data centers.
SpaceX lists on Nasdaq in record $75 billion IPO
SpaceX sold more than 555 million shares at $135 and closed its first day at $160.95, valuing it above $2 trillion. Robinhood, one of the brokers offering the IPO to individual investors, reported record traffic that day.1,2,3
Space stocks follow SpaceX →Report says Google ordered over 3 million chips from Intel
Intel rose 11% on Monday after a report that Google ordered more than 3 million of its AI chips (TPUs) to be made in Intel's factories for 2028. Neither company had confirmed the order.4
The AI spending bet →Oracle plans to raise $40 billion for data centers
Oracle beat sales and profit estimates, but its spending on data centers rose 162% to $55.7 billion and it burned $23.7 billion more cash than it brought in. It plans to raise $40 billion through debt and new shares, which would shrink existing holders' stakes.5
Paying for the AI build-out →AMC climbs as moviegoing recovers
AMC rose 10% on Thursday after finishing a $150 million sale of new shares, money it can put toward $3.9 billion in long-term debt. CEO Adam Aron said investors' confidence in a box office recovery outweighed worries about the new shares.6