★ Alphabet −12.64%, Nasdaq −1.38%. About $500 billion in market value gone. SOX −1.42%, Micron −4.98%. Worries that AI search could eat into Google's ad business added to the spending concerns. ★ But it wasn't a market-wide sell-off. Russell 2000 +1.01%, Dow −0.25%. Money leaving tech moved into small caps, healthcare and financials (sector rotation)….
★ The Fed held, but it was a "hawkish hold." Rate unchanged at 3.75–4.00%, vote 10–2 with both dissenters favoring a hike. December hike odds 85%. US 10-year 5.02% (+3bp). ★ AI spending got two different grades. Microsoft revenue $92.3B (est. $90.7B), Azure +48% → after hours +4–5%. Alphabet: Google Cloud +103%, but capex $51.4B…
★ Chips carried New York another day. Nasdaq +1.18%, S&P 500 +0.60%, Dow +0.03%. SOX about +3.6% (another tally +2.84%). Broadcom +4.0%, AMD +5.45%, Micron +2.77%. ★ The new story is the money to buy AI chips. Bank of America, Blackstone, Citi and Morgan Stanley are funding a $63 billion vehicle that buys Broadcom chips…
★ AI doubts got an answer in numbers. According to the S-1, Anthropic's first-half revenue was about $16.3B (versus $4.6B for all of 2025), with roughly $113B in cash and equivalents. Reports say it is targeting a valuation of up to $2T and a raise of about $100B, which would be the largest US IPO…
★ Friday on Wall Street wasn't an "AI comeback." Oil pushed the Dow down. Dow −1.23%, S&P 500 −0.52%, Nasdaq −0.21%. Only energy clearly rose (+2.5%); tech held up (+0.35%). ★ Chips took a breather. SOX about +0.4–1% (sources differ), Micron +2.4%, Nvidia −0.58%, SK hynix ADR +4.05% ($137.02), in line with SK hynix's Friday…
★ Wall Street dumped chips. SOX −6.72%, Micron −6.3%, Nvidia −4.40%, Western Digital −6.43%. Nasdaq −2.60% (worst since June), S&P 500 −1.21%. ★ But the Dow closed higher (+0.02%). Staples +3.31%, utilities +2.07%, health care +1.32%; tech −3.29%. Money rotated out of AI rather than leaving the market. ★ Oil hit a five-month high while…
★ New York rotated out of AI instead of dumping it. Dow +1.02%, Russell 2000 +1.65%, S&P 500 +0.28% (7,712.57), Nasdaq −0.02%, Nasdaq 100 −0.13%. Health care (Merck and Amgen each +3.3%) and old-economy names with strong earnings (3M +5.78%) did the lifting. ★ Chips held up, but memory was weak. SOX about −0.29%, Nvidia…
★ Chips came back, and yields took half of it. SOX +1.61% (the prior eight sessions cost 15.7%), Nasdaq +1.11%, S&P 500 +0.41%, Dow 51,966.03 (−0.07%). The Nasdaq 100 trimmed a 2%+ intraday gain to +1.17%. ★ The US 10-year is back at 5.14–5.15%. Up roughly 5bp from about 5.08% in the morning. The 2-year…
★ Friday in New York was about AI debt plus oil. Nasdaq −2.15%, SOX −3.83% (8 straight down days), CoreWeave −11.91%, Micron −5.63%, AMD −5.95%. S&P 500 7,659.44 (−1.09%), Dow −0.34%, Russell 2000 −1.66%. ★ Rates stayed quiet. 10-year 5.09% (+2–3bp), 2-year about 4.72%, dollar index 101.80 (−0.3%). CME October hike odds 28% → 17%….
Seoul took the hit a day late, and much harder. On Wednesday 10/14, a hotter-than-expected US September consumer price index (CPI) sent the Nasdaq down 1.88% and the Philadelphia Semiconductor Index (SOX) down 4.30%. A few hours later, Korea's KOSPI collapsed 7.57% to 5,554.22. It fell more than 9% intraday, triggering a circuit breaker (a…