SummaryApple Inc. is expected to report strong Q4 earnings and revenue growth, with iPhone sales up 15.3% to $56.5 billion.Despite bullish options positioning, AAPL faces strong resistance at $355–$360, with limited support until $330, increasing downside risk post-earnings.Technical signals, including bearish RSI divergence and consolidation, suggest vulnerability; a break below the uptrend could target $328 or even $315.To sustain its rally, AAPL must deliver a beat-and-raise quarter; anything less likely triggers short-term selling pressure.Looking for more investing ideas like this one? Get them exclusively at Reading The Markets. Learn More » ozgurdonmaz/iStock Unreleased via Getty Images
Apple Inc. (AAPL) is forecast to report fiscal fourth-quarter earnings up 7.4% to $1.99 per share, with revenue up 10.7% to $113.4 billion and iPhone growth expected at 15.3% to $56.5 billion,
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of MSFT, GOOGL, AAPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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Apple stock AAPL gained 1.66% on Thursday, outperforming broader US markets as investors assessed the company's latest hardware announcements and analysts' views on its growth prospects. The Nasdaq Composite fell 1.24%, while the S&P 500 declined 0.29%, following disappointing quarterly results from Alphabet that renewed concerns about artificial intelligence spending.
Meta's ad pricing power keeps climbing even as a massive legal charge, ballooning capex, and a surprise stock offering sent shares tumbling. Whether those headwinds mask a rare buying window or signal deeper trouble depends on one force quietly reshaping…
Meta Platforms (NASDAQ:META | META Price Prediction) trades at $642.49. Our 24/7 Wall St. price target is $804.16 over the next 12 months, which means 25.14% upside. Our model rates the stock a buy with high confidence.
Metric
Value
Current Price
$642.49
Price Target from 24/7 Wall St.
$804.16
Upside/Downside
25.14%
Recommendation
BUY
Confidence Level
90%
The one big reason I like Meta through 2030 is simple: AI is already making its ad business more valuable.
In Q3, average price per ad rose 14% and ad impressions grew 10%. That pricing power funds everything else Meta is building. Right now, attention on spending, legal costs, and dilution has opened up a gap between price and value.
A Legal Charge and a Stock Offering Hide a Clean Revenue Beat
Shares fell 9.42% over the past week and 13.66% over the past month, leaving them down 2.43% year to date. The stock sits 17.6% below its 52-week high of $779.82.
Q3 revenue came in at $64.601 billion, up 26.07% and ahead of the $63.389 billion consensus. GAAP EPS of $3.83 missed expectations because of a $9.89 billion charge from the settlement with state attorneys general.
EPS would have been $7.40 without that charge. Free cash flow turned negative, which sent shares lower the next day as AI spending weighed on the stock. On Monday, Meta announced a large stock offering to fund its AI expansion.
Why Bulls See $850 and Beyond
The upside goes beyond ads. More than 10 million people in the U.S. and Canada set up the Muse personal agent within six weeks, and about 25% of them use it on any given day. Management plans to earn commerce fees, subscriptions, and enterprise revenue from Muse. It can also sell to the 500 million businesses that already use Meta’s products.
Reality Labs losses are expected to narrow to about $15 billion in 2027, and Q4 revenue guidance is $73 billion to $76 billion. Wall Street largely agrees: 8 analysts rate the stock a Strong Buy and 47 rate it a Buy. Our bull case hits $850.99.
What Could Derail the AI Payoff
Capex guidance for 2026 is $135 billion to $145 billion, and debt stands at $83.7 billion. Somebody has to power and cool that expansion, and we rounded up seven suppliers quietly benefiting from it in a free AI infrastructure report.
The new offering and the planned non-voting share class both raise the risk of dilution. More youth-related trials are also coming. Q3 operating margin fell to 20% from 40%, although operating income would have grown 11% without the legal charge. Our bear case is $703.14.
How Meta Compares to Alphabet and Pinterest
Alphabet (NASDAQ:GOOGL) is Meta’s main rival in digital advertising and is spending heavily on AI too. Its Q2 free cash flow was -$5.855 billion. Alphabet trades near 14x earnings, but its 32% operating margin trails Meta’s 41.44%, which helps justify Meta’s higher multiple.
Pinterest (NYSE:PINS) is a pure social-ad comparison. It posted a GAAP operating loss of $55.2 million in Q2 and grew more slowly than Meta, even though Meta is far larger.
Company
Trailing P/E
Latest Quarterly Revenue Growth
Meta
23
26.07%
Alphabet
14
24.23%
Pinterest
N/M (GAAP loss)
18.17%
Against these peers, our target looks reasonable and grounded in comparable valuations.
Meta’s AI Ad Engine Tips the Scale
The 24/7 Wall St. price target of $804.16 carries a buy rating and 90% confidence.
The bull case improves if ad pricing holds up and Muse cuts its computing costs on schedule. The bear case gains weight if dilution speeds up and free cash flow stays negative into 2027. At about 19x forward earnings, the valuation leaves room for upside if execution holds.
Year
Price Target from 24/7 Wall St.
2026
$682.52
2027
$816.32
2028
$934.53
2029
$1,073.74
2030
$1,144.99
Meta’s continued execution on its AI strategy supports these projections. Results could rise with Muse monetization, while litigation or capex overruns could drag them lower.
Contact [email protected] for any questions or corrections.
Meta just announced a stock split that doubles as a capital-raising machine, and buried inside the financing plan is a number that raises serious questions about what happens to your slice of future earnings.
Meta’s $60 Billion Number
$60 billion is the figure that changes how to read the Class C story at Meta Platforms (NASDAQ:META | META Price Prediction). That number is the size of a planned at-the-market stock-sale program, built on new nonvoting Class C shares, that Meta disclosed in its October 26 financing announcement. The program is the largest part of a plan worth approximately $95 billion. The rest is roughly $35 billion in underwritten public offerings: $22.5 billion in common stock and approximately $12.5 billion in securities representing mandatory convertible preferred stock. How the $60 billion is classified matters. The program has not yet been established or committed, so it is planned capacity that Meta has yet to use.
The Class C shares will be handed out as a stock dividend. On the third-quarter call, Meta said stockholders will get one nonvoting share for each share they hold, “effectively resulting in a 2-for-1 stock split,” with trading expected to start in late January 2027. Meta has no prior stock splits on record. That is the twist: the split creates the same stock the $60 billion program would sell.
What the $60 Billion Means for Shareholders
Meta needs outside money because its AI spending is running ahead of the cash its business brings in (the same expansion is raising a whole set of power and infrastructure suppliers we covered in a free report on seven AI infrastructure stocks that aren’t chipmakers). Management expects 2026 capital expenditures of $135 billion to $145 billion. Meta generated approximately $97 billion in operating cash flow in the first nine months of the year. It ended September with $82.4 billion in cash and marketable securities and $83.7 billion in debt. Third-quarter capex alone reached $34.91 billion, up 85.38% year over year, and free cash flow came in at negative $2.12 billion.
Shareholder returns have already changed. Meta reported zero share repurchase outflow in both the June and September 2026 quarters. In fiscal 2025, it spent $26.248 billion on repurchases. The dividend continues, with $1.36 billion paid in the third quarter. For years, Meta used its cash to buy back stock. Now it is getting ready to sell stock.
Control is the other issue. Chief financial officer Susan Li said the new class exists to create “a publicly traded nonvoting stock usable for capital raising, employee compensation, acquisitions, and other general corporate purposes, while preserving the voting power of existing Class A and B shareholders.” On the October 21 call, she also said, “We do not have any specific financing plans to announce at this time.” The financing plan came out five days later. Meta also said three chip companies had expressed nonbinding interest in buying up to $5 billion of its Class A shares.
Market Reaction So Far
Shares fell 2.87%, from $630.56 on October 26 to $612.49 at the October 28 close. Measured from the earnings report, the stock is down 12.19% over one week, from $697.52. Even so, Bloomberg reported that the underwritten stock sale ended oversubscribed. Institutions wanted the new shares, but the price existing holders own fell anyway.
Bear Case: Per-Share Earnings Get Harder to Grow
Sales are holding up. Third-quarter revenue reached $64.60 billion, up 26.1%, beating the $63.39 billion consensus. Profit per share fell short. GAAP diluted EPS of $3.83 missed the $5.70 consensus by 32.79%, weighed down by a $9.89 billion litigation charge. Without that charge, EPS would have been $7.40. Operating margin fell to 20% from 40% a year earlier, and total expenses rose 68% to $51.61 billion.
Owners of the stock should focus on per-share results. Every new common or Class C share, plus the mandatory convertible preferred when it converts, splits future profit across more shares. Meta’s total earnings must grow faster than its share count just for each holder’s earnings to stay level. Costs are still rising.
Li said that as Muse adds users, “we expect total serving costs to rise.” Mark Zuckerberg expects to improve Muse’s cost efficiency by more than 10x in the next year, and that goal supports much of the bull argument. Meanwhile, additional youth-related trials are scheduled for the coming months. At a P/E of 22, investors still value Meta as a steady earner, even as it takes on new dilution and legal risk.
Bottom Line for Long-Term Holders
Three things to track next: Class C trading in late January 2027, the upcoming youth-related trials, and whether Meta delivers its fourth-quarter revenue guidance of $73.00 billion to $76.00 billion. Above all, watch whether Meta turns on the available $60 billion program. Meta can keep growing total profit while each shareholder’s share of it gets smaller, and that $60 billion shows how much harder it could get to keep per-share earnings rising.
Contact [email protected] for any questions or corrections.
SummaryUS government debt-to-GDP exceeds 120%, while annual interest payments now surpass the budget for national defense.Our three best-performing stocks this quarter were Meta, IQVIA and Shell.Our three largest detractors this quarter were Danone, Heidelberg and Samsung Electronics.117 Followers
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The CryptoBilis Ledger drainer has continued moving stolen cryptocurrency, transferring USD 13.84 million over the past 48 hours after Arkham Intelligence traced USD 95.35 million in thefts involving 1,486 addresses.
Summary
Arkham traced USD 95.35 million stolen from 1,486 addresses between October 7 and 9. The attacker reportedly stole USD 80.60 million within just 51 minutes on October 9. At least USD 69.19 million passed through swaps and bridges across multiple blockchain networks. The attacker deposited 9,529 ETH, worth USD 23.27 million, into Tornado Cash through 559 transactions. Arkham identified USD 30.44 million in remaining holdings, including USD 10 million in frozen USDT. According to Arkham Intelligence, the thefts occurred between October 7 and 9, with most of the cryptocurrency taken during a 51-minute period on October 9. The blockchain analytics firm reported that USD 30.44 million remains in addresses linked to the attacker, including USD 10 million in USDT frozen by Tether.
Its latest investigation traced the stolen cryptocurrency through several blockchain networks, identifying transfers involving USDT, Bitcoin, Ethereum and USDD. The findings come nearly three weeks after Ledger began investigating reports of missing funds from customers who purchased hardware wallets through Southeast Asian reseller CryptoBilis.
The CryptoBilis Ledger Drainer stole $95M, and is still moving funds.
The drainer stole $95.35M from 1,486 addresses on 7-9 October: it holds $30.44M in tagged addresses with $10M frozen.
The drainer is still moving funds, with $13.84M moved in the past 48 hours. pic.twitter.com/DLZRBAWGvU
— Arkham (@arkham) October 29, 2026 CryptoBilis Ledger Drainer Stole USD 80.6 Million in 51 Minutes Arkham’s analysis found that most of the theft occurred on October 9, beginning at 05:07:48 UTC. Within 51 minutes, the attacker collected USD 80.60 million, including USD 58.19 million in USDT through 335 transfers on the Tron blockchain.
During the same period, 112 Bitcoin addresses transferred 203.26 BTC, valued at USD 16.73 million, in a single block at 05:54 UTC. Another USD 14.14 million in USDT reached the attacker’s Tron wallets by 15:00 UTC.
Source: Arkham The investigation identified smaller transfers before the main theft. Between October 7 and 8, the attacker received 7.41 BTC, worth approximately USD 610,000, from 137 addresses.
Previous estimates of the losses have varied. Blockchain analytics firm Bitquery estimated USD 102 million stolen from 335 wallets across six networks in its October 16 investigation. Ledger has not independently confirmed the total amount stolen or the number of affected customers.
Stolen Funds Moved Through Ethereum Bridges and Exchanges After the theft, the attacker began converting the stolen assets and moving them between blockchain networks. Arkham traced at least USD 69.19 million through swaps and bridging transactions, including USD 20.37 million in USDT converted into USDD on Tron.
Another USD 20 million in USDT moved from Tron to Ethereum through USDT0. Other transfers converted USDT and USDC from Tron, BNB Chain and Polygon into ETH, including USD 8.95 million through Relay, USD 5.91 million through Chainflip and USD 13.96 million through smaller routes.
On October 9, Ethereum wallets associated with the attacker received 5,895 ETH, worth USD 14.72 million, from bridges including Relay, THORChain, NEAR Intents, Bridgers and Mayan. The attacker then converted USD 11.30 million in bridged USDT into approximately 4,530 ETH through Rizzolver.
Separate transfers sent 5,185 ETH, valued at USD 12.97 million, directly to newly created addresses. Of that amount, 3,600 ETH came from USD 9 million transferred through USDT0, while another 1,585 ETH moved through Chainflip to three new addresses.
Between October 9 and 11, the attacker sent USD 14.65 million in USDD to 20 Tron addresses. Nineteen subsequently converted the tokens into USDT through SUN.io and deposited USD 14.13 million into THORChain.
Tornado Cash Received USD 23.27 Million in Stolen ETH Arkham identified 9,529 ETH, valued at USD 23.27 million, deposited into Tornado Cash through 559 transactions.
The deposits included 63 transfers of 100 ETH, 307 transfers of 10 ETH, 156 transfers of 1 ETH and 33 transactions of 0.1 ETH. Before the deposits, 8,102.6 ETH had moved from wallets linked to the attacker into 26 new Ethereum addresses.
Bitcoin transfers continued separately. Arkham traced 102.15 BTC, worth USD 8.33 million, leaving the attacker’s wallets through four transactions. On October 27, a 17.97 BTC portion joined 52.51 BTC in an unspent output containing 70.47 BTC, worth USD 5.67 million.
The firm’s latest figures show 4,932 ETH worth USD 11.49 million and 111.28 BTC worth USD 8.96 million in tagged addresses. Another 10,000,010 USDT remains frozen on Tron following Tether’s October 9 intervention.
Ledger Confirmed Hardware Implant in CryptoBilis Wallet Investigation The findings follow Ledger’s investigation into compromised hardware wallets sold through CryptoBilis. As crypto.news previously reported, Ledger confirmed on October 13 that its security team had discovered an unauthorized hardware implant capable of capturing recovery phrases displayed during device setup.
Ledger said every confirmed theft it had investigated involved a device purchased through CryptoBilis, although it had not established how the components entered the affected hardware. The manufacturer subsequently tightened reseller security requirements and suspended authorized hardware wallet sales across several Southeast Asian markets.
In a related development, Singapore police reported two compromised wallet cases on October 28, involving approximately SGD 3.5 million in cryptocurrency losses. Preliminary investigations found that malicious components inside the affected devices could capture users’ recovery phrases or private keys.
Ledger said its investigation had not identified evidence that its internal systems or direct sales channels were compromised.
According to Arkham's monitoring, Chainlink repurchased approximately 92,800 LINK tokens in the past two hours, valued at around $1.07 million. The repurchase volume is over 4,500 tokens higher than that of last week.
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Kripto para piyasasında satış baskısı devam ederken PEPE, yatırımcıların dikkatini çeken bir yükselişe imza attı. Ethereum tabanlı popüler memecoin, yaklaşık yüzde 9,4 değer kazanarak birçok büyük kripto para biriminden daha güçlü bir performans sergiledi. Bitcoin’in 80.000 dolara gerilemesinin ardından piyasanın yeniden toparlanmaya çalıştığı dönemde yaşanan bu hareket, PEPE’ye yönelik ilgiyi artırdı. Arkham Intelligence’ın Tron kurucusu Justin Sun ile bağlantılı olduğunu belirttiği cüzdanlarda yaklaşık 51 milyon dolar değerinde PEPE bulunduğunu açıklaması da gündeme geldi. Ancak fiyat artışının doğrudan bu cüzdanlarla bağlantılı olduğu kesinleşmiş değil.
PEPE Fiyatı Piyasa Baskısına Rağmen Yükseldi
Kripto para piyasasında dalgalanmalar sürerken PEPE yaklaşık yüzde 9,4 yükselerek CoinDesk 100 Endeksi içerisindeki dikkat çekici performanslardan birini ortaya koydu. Aynı dönemde Ethereum yüzde 0,9 değer kazanırken CoinDesk Memecoin Endeksi yüzde 1,3 yükseldi. PEPE’nin bu endeksin üzerinde performans göstermesi, yatırımcıların memecoine yönelik ilgisinin arttığını gösteren gelişmeler arasında yer aldı. Bitcoin’in 80.000 doların altına gerilemesinin ardından yeniden 81.400 dolar seviyesine yükselmesi de piyasanın genel görünümünde etkili oldu. Bununla birlikte PEPE’deki yükseliş, yalnızca Bitcoin’deki toparlanmayla açıklanamayabilir. Memecoinlerde sosyal medya ilgisi, büyük cüzdan hareketleri ve kısa vadeli alım-satım faaliyetleri fiyatlarda daha sert değişimlere neden olabiliyor.
İlginizi Çekebilir: Bu Altcoin’de 6 Yılın Rekoru: Yükseliş Sürecek mi?
PEPE fiyatındaki yükselişle aynı dönemde Arkham Intelligence, Tron kurucusu Justin Sun ile bağlantılı olduğunu belirttiği cüzdanların yaklaşık 51 milyon dolar değerinde PEPE tuttuğunu açıkladı. Büyük yatırımcıların belirli kripto varlıklardaki pozisyonları, piyasa katılımcılarının ilgisini çekebilen önemli göstergeler arasında bulunuyor. Ancak bu verinin PEPE’deki yükselişin doğrudan nedeni olduğu söylenemez. Bir cüzdanda yüksek miktarda token bulunması, sahibinin yeni alım yaptığı veya elindeki varlıkları satmayacağı anlamına gelmiyor. Bu nedenle yatırımcıların cüzdan hareketlerini değerlendirirken işlem hacmini, fiyat değişimlerini ve diğer piyasa verilerini de dikkate alması gerekiyor.
PEPE Yükselişinde İşlem Hacmi ve Piyasa İlgisi Önemli
Kripto para piyasasında yükselişlerin devamlılığı açısından işlem hacmi ve yatırımcı ilgisi önemli rol oynuyor. PEPE’nin yüzde 9,4’lük yükselişinin kalıcı olabilmesi için alım talebinin önümüzdeki süreçte de güçlü kalması ve fiyat hareketinin yalnızca kısa vadeli işlemlerle sınırlı olmaması gerekiyor. Özellikle yükseliş sırasında işlem hacminin artması, piyasaya yeni alıcıların katıldığını gösterebilecek önemli sinyallerden biri olarak değerlendiriliyor. Buna karşılık alım hacminin zayıflaması, PEPE fiyatında yaşanan yükselişin kısa sürede ivme kaybetmesine neden olabilir.
Vadeli işlem piyasasında toplam hacim yüzde 7,5 artarak 163,2 milyar dolara yükselirken açık pozisyon miktarındaki artış yüzde 1,3 seviyesinde kaldı. Bu tablo, piyasadaki işlem faaliyetinin hızlandığını ancak açık pozisyonların aynı oranda büyümediğini gösteriyor. Bununla birlikte söz konusu veriler tüm kripto para piyasasını kapsadığı için PEPE’ye yönelik talebin doğrudan arttığını kanıtlamıyor. PEPE’deki yükselişin gücünü değerlendirmek için tokenın kendi işlem hacmi, büyük cüzdan hareketleri ve fiyatın olası geri çekilmelerde göstereceği direnç de yakından takip edilmeli.
PEPE Fiyatında Yükseliş Devam Edecek mi?
PEPE’nin genel piyasa koşullarına rağmen yükselmesi, memecoin piyasasındaki hareketliliği yeniden gündeme taşıdı. Bitcoin’in yönü, yatırımcıların risk iştahı ve PEPE’ye yönelik işlem talebi, tokenın kısa vadeli performansını etkileyebilecek başlıca faktörler arasında yer alıyor. Bununla birlikte yüzde 9,4’lük yükseliş, fiyatın aynı yönde hareket etmeye devam edeceğini garanti etmiyor. Memecoinler yüksek oynaklık gösterebildiğinden hızlı yükselişlerin ardından sert geri çekilmeler de yaşanabiliyor. Bu nedenle PEPE’deki yükselişin sürdürülebilirliği değerlendirilirken işlem hacmi ve piyasa koşullarının birlikte izlenmesi önem taşıyor.
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Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
PANews, October 29 — Gate US now supports USD balance trading and has officially launched USD Wire deposit and withdrawal services, according to official sources. Users no longer need to convert funds into stablecoins and can hold USD balances directly in their platform accounts, using them when they need to trade.
Through upgraded banking and payment infrastructure, Gate US users in eligible regions who have completed verification can use their own US bank accounts to make large USD transfers via USD Wire. The service supports higher transfer limits than regular bank cards or in-app transfers, and users can also withdraw USD balances to the same verified bank account, subject to applicable limits and processing requirements. Users can open the Gate US App, go to the Wallet page, select the USD option, and follow the on-page instructions to complete the process. When transferring, users must enter the dedicated reference code provided on the page so the system can identify and match the corresponding account.
Gate US continues to advance compliance efforts in the US market and currently holds 37 state-level Money Transmitter Licenses (MTLs), serving 47 US states and territories. By continuously upgrading banking and payment infrastructure and expanding its network of financial and technology partners, Gate US will continue to enrich its fiat currency services and fund transfer options, further connecting digital asset trading with traditional financial services. USD deposit and withdrawal services are available only in certain US jurisdictions; residents of Colorado, Hawaii, Missouri, New Jersey, Utah, or Wyoming cannot use the service.
PANews, October 29: According to Gate's latest institutional weekly report, BTC and ETH fell 2.42% and 3.37% respectively from October 19 to 25, yet U.S. spot BTC ETFs still recorded about US$301 million in net inflows; meanwhile, Gate TradFi's weekly trading volume rebounded to above US$110 billion. On-chain trading volume, stablecoin supply and lending volumes declined somewhat, while borrowing rates and volatility indicators remained relatively stable, reflecting that this round of risk contraction mainly stems from the market actively reducing exposure, with no obvious liquidity tightness yet.
Institutional demand for trading efficiency and cross-market execution is also growing in tandem. Gate CrossEx trading volume rose 200% period over period, hitting an all-time high; CrossEx added Lighter contracts and connected real stock and ETF trading, further expanding its asset coverage. Low-latency trading, liquidity support, funding services and cross-platform execution capabilities for institutional clients continue to be refined, with the related trading systems and real-time push functionality upgraded in step, optimizing market data transmission, order processing and multi-strategy execution, and providing a more stable operating environment for high-frequency and professional trading.
Facing diverging asset performance and rising hedging demand, Gate Institutional is linking spot, futures and TradFi services through more complete trading infrastructure, supporting professional clients in cross-platform trading, liquidity management and multi-asset allocation.
Elon Musk called a Tesla and SpaceX merger a good idea, then immediately explained why pulling it off could be nearly impossible. The math behind the shareholder vote reveals just how steep the climb really is.
Elon Musk says combining SpaceX (NASDAQ:SPCX | SPCX Price Prediction) and Tesla (NASDAQ:TSLA) would be a good idea. He also says Tesla’s side of the shareholder vote would be hard to win.
On SpaceX’s third-quarter earnings call on October 20, 2026, Deutsche Bank’s Edison Yu asked about a combination. Musk replied: “This is definitely the kind of question where I feel like I’m tap dancing through a minefield.” Then: “Do I think it would be a good idea? Yes.”
However, he said said that merger would face a “high threshold” due to the vote requirement. Elon Musk said Tesla would need a 50% vote: “Particularly on the Tesla side, we will need a 50% vote of all shares, not just those who vote, but of all shareholders. And that’s quite a high hurdle to try to achieve.”
How the 1.98 Billion Yes-Vote Figure Is Calculated Tesla’s 10-Q cover page lists 3,952,757,946 shares outstanding as of Oct. 15, 2026. Based on that 10-Q count, a majority of all shares is at least 1,976,378,974, or about 1.98 billion. That figure is our own calculation. Musk did not cite it. Because the threshold is measured against all shares, any share that goes unvoted works against a deal.
According to TIKR, turnout at Tesla’s 2025 annual meeting was about 74%. If a merger vote saw the same turnout, a deal would need 67.6% of the votes cast. Treat that as an illustration of the math, since turnout for a merger vote could be different. Tesla is a Texas corporation, according to its SEC filing. Musk’s description is the only public account of the threshold.
Why Low Retail Turnout Makes the Vote Harder Tesla’s Sept. 29, 2026 letter to the SEC cited Broadridge Financial Solutions data showing that retail investors voted only 28% of their shares in the 2025 proxy season, while institutions voted 76.6% of theirs. In the same letter, Tesla said it spent over $2 million on proxy solicitors alone to get retail holders to vote at its two most recent annual meetings. According to TIKR, a 2025 Tesla supermajority proposal drew about 54% of votes cast but only about 39.4% of all shares. Barclays puts broker non-votes at about 11% of outstanding votes, per TIKR.
The letter also describes a retail auto-vote program. Enrolled holders’ votes automatically follow the board’s recommendation. Each holder picks one of two options: all matters, or all matters except contested director elections and any acquisition, merger or sale that needs shareholder approval. Holders who choose the second option would get a reminder before a merger meeting. According to Tesla North, the SEC cleared the program on Sept. 29. No enrollment figures are public.
Where Merger Talks Stand Now Both companies have formed special committees of independent directors. Musk said “because I’m a conflicted party, I can’t actually be in the discussions of the special committees.” He added that “the special committees have not reached agreement on the terms of any transaction. And obviously there’s no guarantee that they will.” No terms or premium have been offered. According to the Khaleej Times, Musk holds about 20% of Tesla and more than 80% of SpaceX’s voting power.
The two companies’ latest results differ sharply. In Tesla’s third-quarter filing, operating income fell to $718M from $1.62B, while R&D spending rose to $2.76B. SpaceX reported revenue of $14.60B and net income of $4.40B.
What Tesla Shareholders Are Watching Before Any Vote According to investingLive, J.P. Morgan expects any deal to be SpaceX-led and all-stock, at a 30% to 35% premium. Using that range to a $373.71 close, TIKR calculated about $486 to $505 a share. Those numbers are TIKR’s own arithmetic.
J.P. Morgan has not set that as a target, and no offer exists. Barclays upgraded Tesla to Overweight and raised its price target to $450 from $370, per TIKR.
Tesla closed at $391.62 on Oct. 26, a gain of 5.21% per HeyGoTrade. It then closed at $407.46, up 4.04%. At 9:49 AM ET today, shares traded at $402.60, down 10.48% for the year. On Polymarket, traders price separate contracts for an official merger announcement at 19% by Dec. 31, 2026, 59% by June 30, 2027 and 70% by Dec. 31, 2027. Those are prediction-market prices and should not be read as a forecast.
The biggest open question is what the special committees decide. If they agree on terms, every Tesla share will count. Shares that are never voted will count the same as a no.
Contact [email protected] for any questions or corrections.
After the stock surged 31% so far in 2026, outperforming the rest of the market, investors might wonder whether it's too late to buy Coca-Cola (KO +0.53%). I don't think so. One reason it's not too late is that the beverage giant still has a long growth runway in developing markets.
CEO Henrique Braun recently noted that in developed markets, 75% of the drinks people consume are paid for, like bottled sodas, juices, and teas. In developing markets, where most of the world's population lives, only 25% are. That's an opportunity to sell more drinks.
Image source: Getty Images.
Coca-Cola is well-positioned to capitalize on this opportunity, as it already has a vast global distribution system that enables it to sell in over 200 countries. It owns popular brands overseas, such as Fanta, Del Valle juices, and Thums Up. In India, the company owns seven of the top 10 brands.
Coca-Cola has shown solid execution, driving strong sales volume while keeping its products affordable -- an advantage that can serve it well in winning over more consumers in developing markets. Its large portfolio of brands also allows Coca-Cola to quickly adapt to shifting consumer preferences.
$92.22+$0.49 (+0.53%)
NYSE · As of 11:12 AM ET 10/29/26
Unit case volume grew 5% year over year last quarter, led by India, China, Mexico, and Brazil. Volume has grown in each of the last five quarters, and management expects at least 5% organic revenue growth this year, excluding currency swings and acquisitions.
The main risk is that developing markets can be volatile, so a rough patch in a big market like India could weigh on volume for a quarter or two. Still, with a dividend yield of about 2.3% and 64 straight years of dividend increases, Coca-Cola stock remains a solid long-term buy.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Wall Street analysts have cut their price targets for Alphabet (NASDAQ: GOOGL) following disappointing third-quarter earnings that sent Google stock tumbling approximately 10% in extended trading.
Alphabet reported earnings per share of $2.12, below the roughly $3.02 analysts expected, while slowing Search advertising growth and a $9.1 billion quarterly free cash flow deficit raised concerns about its aggressive artificial intelligence (AI) spending.
However, the earnings shortfall was partly driven by an $8.7 billion loss on equity investments, which reduced earnings by approximately $0.55 per share. Meanwhile, Alphabet’s quarterly capital expenditure reached $51.4 billion as the company continued expanding its AI infrastructure.
Of the 21 analyst updates issued on October 29, 18 involved price target cuts. Scotiabank delivered the steepest reduction, lowering its target by 16.67%, from $450 to $375.
GOOGL stock ratings on Thursday. Source: AIStockSavvy Despite the widespread cuts, major Wall Street firms retained bullish ratings on Google stock. Bank of America lowered its price target from $430 to $380 while maintaining its Buy rating, and Morgan Stanley reduced its target from $400 to $375 while retaining an Overweight rating.
Barclays also cut its GOOGL price target from $425 to $405, maintaining its Overweight rating. Meanwhile, DA Davidson lowered its target from $350 to $300 while keeping its Neutral rating.
The institutions issued revised price targets for Google shares, driven mainly by mixed quarterly execution across its core operating segments. The main catalyst for the target cuts was a notable slowdown in Search advertising revenue growth, which expanded 12% year-over-year (YoY) versus the 15% consensus estimate.
Nonetheless, Wall Street analysts remain optimistic of a potential upside backed by strong momentum in Google Cloud, where revenue surged by 103% YoY to $30.7 billion, amid surging enterprise AI demand.
Is Google stock a buy after the Q3 earnings selloff? The latest round of Wall Street price target cuts suggests analysts are becoming more cautious about Alphabet’s near-term outlook, particularly as slowing Search advertising growth and rising AI infrastructure spending put pressure on the company’s financial performance.
However, several major firms, including Bank of America, Morgan Stanley, and Barclays, maintained bullish ratings despite lowering their targets. This suggests the selloff has not fundamentally changed their longer-term investment outlook.
Whether GOOGL stock can recover will largely depend on Alphabet’s ability to translate accelerating Google Cloud growth and AI investments into stronger earnings and cash flow.
Featured image via Shutterstock
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Finnish police said on Thursday they have launched a criminal investigation into suspected breaches of environmental law at the construction site of a planned Google data centre in northern Finland.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) has a list of explanations for why Google Search is losing momentum, and it includes everything from currency swings and European customs rules to even the World Cup advertising calendar. The bigger puzzle: Search queries grew at their fastest pace in five years, yet revenue growth slowed sharply, raising questions about whether Google can turn rising AI-driven engagement into advertising dollars.
Alphabet is executing a massive AI-driven capex cycle, with current earnings temporarily understating long-term profitability. GOOG's Q3 revenue grew 25% YoY to $127.6B, while Cloud revenue surged 103% and operating income tripled, signaling robust underlying business momentum. Negative free cash flow and EPS misses are artifacts of front-loaded depreciation and investment; returns on new capital are estimated at 20%, well above the cost of capital.
U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 400 points on Thursday.
Following the market opening Thursday, the Dow traded down 0.42% to 52,256.49 while the NASDAQ fell 1.65% to 26,112.17. The S&P 500 also fell, dropping, 0.48% to 7,707.13.
Leading and Lagging Sectors
Health care shares jumped by 2.7% on Thursday.
In trading on Thursday, communication services stocks fell by 6.8%.
Top Headline
Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) shares tumbled around 13% on Thursday after the company posted downbeat financial results for the third quarter.
Alphabet reported third-quarter revenue of approximately $127.58 billion, missing analyst estimates of $128.20 billion, according to Benzinga Pro. The Google parent company reported third-quarter earnings of $2.12 per share, which may not compare to estimates of $3.02 per share.
Equities Trading UP
Nuburu Inc (NYSE:BURU) shares shot up 45% to $0.26 fter the company announced it regained NYSE compliance. Shares of Netcapital Inc (NASDAQ:NCPL) got a boost, surging 38% to $1.52 after dipping 16% on Wednesday. Cemtrex Inc (NASDAQ:CETX) shares were also up, gaining 42% to $2.51 after the company reported preliminary fourth-quarter revenue of $22.7 million, up 23% from the third quarter. Equities Trading DOWN
Ocean Power Technologies Inc (NYSE:OPTT) shares dipped 43% to $0.38 after the company priced offering of up to 9,375,000 shares and warrants at $0.64/unit. Shares of Xerox Holdings Corp (NASDAQ:XRX) were down 41% to $1.64 following third-quarter results. Nexera Technologies Ltd (NASDAQ:NEXR) was down, falling 28% to $0.34 after the company announced a 1-for-5 reverse stock split scheduled to take effect Nov. 6. Commodities
In commodity news, oil traded down 2% to $100.71 while gold traded down 0.4% at $4,035.80.
Silver traded down 2.1% to $52.535 on Thursday, while copper fell 1.3% to $6.5875.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.9%, while Spain’s IBEX 35 Index fell 0.3%, London’s FTSE 100 gained 0.7%, Germany’s DAX gained 1.3%, while France’s CAC 40 surged 1.2%.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 surging 1.10%, Hong Kong’s Hang Seng index falling 0.59%, China’s SSE Composite Index declining 0.82% and India’s BSE Sensex gaining 1.24%.
Economics
U.S. initial jobless claims declined by 1,000 to 194,000 in the week ending Oct. 24, compared to market expectations of 199,000. The U.S. core Personal Consumption Expenditures price index, the Fed’s preferred gauge of underlying inflation, increased 0.3% month-over-month in September, in-line with August’s increase. The U.S. economy grew at an annualized rate of 3.4% in the third quarter, following a 2.2% gain in the second quarter and above market estimates of 3.2%. Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Kate Moore, Citi Wealth chief investment officer, says she's still bullish on tech and the US economy despite Alphabet reporting disappointing results for search and advertising sales. Moore also reacts to the Fed leaving rates unchanged and the importance of spending on cyber security.
Notice to Pension Funds, Asset Managers, and Fiduciaries: the securities action alleges Alphabet committed to a June 2026 launch of its flagship Gemini 3.5 Pro AI model while undisclosed training setbacks allegedly left the model months behind schedule.
, /PRNewswire/ -- SueWallSt notifies pension funds, ERISA plan fiduciaries, and asset managers that a securities class action has been filed against Alphabet Inc. (NASDAQ: GOOGL, GOOG). The action was filed on behalf of investors who purchased or acquired Alphabet securities between May 19, 2026 and July 16, 2026. Find out if you qualify to recover losses, or contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.
On July 16, 2026, Alphabet Class A shares fell $16.46, or 4.4%, on unusually heavy trading volume, and Class C shares fell $16.39, or a similar 4.4%. Funds holding both GOOGL and GOOG took that single-session decline in two positions at once. The window to apply for lead plaintiff closes on December 1, 2026.
Notice to Institutional Holders: What the Complaint Charges
The complaint charges that management publicly committed to a June 2026 release of Gemini 3.5 Pro, Alphabet's flagship artificial intelligence model. According to the complaint, management did not disclose that the model was delivering disappointing training results, and as averred, those undisclosed setbacks meant the launch would be significantly delayed. Bloomberg reported on July 16, 2026 that the model was months behind schedule, and Reuters reported on September 30, 2026 that Google no longer plans to release Gemini 3.5 Pro.
ERISA and Fiduciary Considerations in Institutional Investor Securities Recovery
Plan trustees and investment committees with monitoring duties often review whether portfolio losses tied to alleged securities violations call for a formal claims evaluation. Alphabet's two share classes are held across many pension, endowment, and index portfolios. As a result, the proposed class may include a substantial number of institutional purchasers.
Fiduciary Obligations and Recovery Options
Class scope: The proposed class covers purchasers of Alphabet securities, including Class A (GOOGL) and Class C (GOOG) shares, from May 19, 2026 through July 16, 2026.Lead plaintiff selection: Courts generally weigh the size of each applicant's financial interest, which often favors institutions with significant positions.Oversight role: A lead plaintiff selects class counsel, subject to court approval, and monitors the litigation on behalf of all class members.Absent class members: Institutions that do not seek appointment generally remain eligible to share in any recovery.Records to assemble: Trade-level data for both share classes, including purchase dates, quantities, prices, and any later sales."Institutional investors play a critical role in securities class actions, particularly when the issuer is as widely held as Alphabet. The complaint alleges that public commitments to a June 2026 launch were made while training setbacks went undisclosed, and fiduciaries holding either share class may wish to assess what that means for their portfolios." -- Joseph E. Levi, Esq.
Learn more about the case and your options or call (888) SueWallSt.
WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
Frequently Asked Questions About the Alphabet Lawsuit
Q: When did Alphabet Inc. allegedly mislead investors? A: The Class Period runs from May 19, 2026 to July 16, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.
Q: What court was the Alphabet class action filed in? A: The case was filed in the United States District Court for the Northern District of California, governed by the Private Securities Litigation Reform Act of 1995.
Q: Who are the defendants named in the Alphabet lawsuit? A: The complaint names Alphabet Inc. and individual defendants including senior executives Sundar Pichai and Anat Ashkenazi.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What do Alphabet investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.
Q: What if I already sold my Alphabet shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.
Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.
CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
[email protected]\
Tel: (888) SueWallSt\
Fax: (212) 363-7171
Attorney Advertising. Prior results do not guarantee similar outcomes.
Alphabet shares GOOGL plunged 13% on Thursday's open after the Google parent reported weaker-than-expected third-quarter revenue and earnings, intensifying investor concerns that artificial intelligence could undermine its core search advertising business.
If the losses hold through the regular session, the decline would mark Alphabet’s steepest one-day drop since March 2020, when the stock fell 11.6%.
It would also represent the company’s worst post-earnings reaction since going public in 2004.
Alphabet reported total third-quarter revenue of $127.6 billion, below analysts’ estimates of $128.2 billion, according to LSEG data.
Earnings per share came in at $2.12, compared with analysts' forecast of $3.02.
Search advertising, Alphabet’s largest revenue source, grew 12% to $63.35 billion in the September quarter, but fell short of analyst expectations.
The company also reported negative free cash flow of $9.07 billion, substantially worse than the $2.70 billion analysts had expected.
Although Google Cloud revenue more than doubled at $30.71 billion, the strong performance failed to reassure investors amid concerns over the cost of Alphabet’s artificial intelligence infrastructure expansion and slowing growth in its dominant search business.
The results have renewed questions about whether AI-powered services from competitors such as OpenAI’s ChatGPT and Meta’s Muse agent could disrupt the traditional search model.
BNP Paribas analyst Nick Jones wrote in a Wednesday note that the results likely revived fears that AI competitors were chipping away at Google’s search business.
Investors are also concerned that agentic shopping experiences could threaten advertising revenue if AI agents increasingly handle web browsing and purchasing decisions.
Alphabet’s search business remains central to investor concerns.
Search growth slowed to 12% year-on-year in the third quarter, down from 17% in the second quarter.
Bernstein analyst Mark Shmulik described the initial read on Alphabet’s results as offering far more negatives than positives.
He called the deceleration in search growth “material” and questioned why an increase in search queries was not translating into revenue growth to the same extent as in previous quarters.
Alphabet said currency fluctuations affected search revenue during the quarter.
The company also acknowledged that queries conducted through AI Mode were, on average, three times longer than traditional searches, but generated lower monetisation for the time being.
The challenge for Alphabet is to demonstrate that AI-powered search can generate sufficient advertising revenue to offset potential changes in how users discover information and shop online.
Raymond James lowered its price target on Alphabet to $350 from $400 while maintaining a Strong Buy rating.
The firm said the company delivered mixed results and failed to address concerns surrounding search.
It noted that AI Mode’s lower monetisation rate puts pressure on Alphabet to show that potential structural gaps in advertising load compared with traditional “10 blue links” can be offset by improved conversion rates resulting from richer context and a broader query universe.
Raymond James also highlighted the company’s spending plans, maintaining its capital expenditure outlook, including significant growth in 2027.
The firm estimates capital expenditure of $350 billion, compared with the broader market’s estimate of $320 billion.
It lowered its price target while seeking greater visibility into whether AI Mode and Gemini can become incremental growth drivers.
The firm also flagged risks from agentic workflows that could significantly change shopping and browsing behaviour.
Several other analysts lowered their price targets following the results, although they maintained positive views on Alphabet’s longer-term prospects.
Susquehanna cut its price target on Alphabet to $400 from $460 while maintaining a Positive rating.
The firm raised its 2026 net revenue estimate by 2%, left GAAP operating income broadly unchanged and reduced its GAAP earnings-per-share estimate by 4%.
For 2027, Susquehanna increased its revenue estimate by 7%, its GAAP operating income estimate by 3% and its GAAP earnings-per-share forecast by 2%.
Cantor Fitzgerald analyst Deepak Mathivanan lowered his price target to $350 from $420 while retaining an Overweight rating.
He pointed to the earnings miss, operating income that came in 7% below estimates, and slowing search growth, which had driven a 10% decline in after-hours trading.
However, the analyst cited cloud growth above 100%, record search queries, strong demand for tensor processing units and continued Gemini innovation as supporting Alphabet’s AI positioning and long-term upside.
The firm recommended buying shares on weakness.
Rosenblatt analyst Barton Crockett reduced his price target to $380 from $410 but maintained a Buy rating.
The firm said strong cloud performance was overshadowed by disappointing search results.
Rosenblatt expects Google Cloud revenue to surpass the combined revenue of Search and YouTube by 2028.
It believes Alphabet’s value is gradually shifting from advertising towards cloud computing, although investors will need time to assess near-term trends and the durability of its search business.
Cloud growth remains a long-term opportunityJPMorgan analyst Doug Anmuth retained an Overweight rating and a $375 price target, arguing that the sharp share-price reaction highlighted the limited tolerance investors have for disappointing results from companies spending heavily on AI infrastructure.
"Alphabet’s 3Q results & the stock’s sharp move lower show us the margin for error when a hyperscaler spending hundreds of billions on the AI infrastructure buildout and flipping to negative FCF posts disappointing results in the core… We’re sticking with Overweight, as we believe Google’s Search headwinds are more navigable than permanently structural, and Google Cloud becomes an even more critical part of the business, driving overall Alphabet revenue growth of ~30% in both 2027 & 2028."
The outlook highlights the central tension facing Alphabet.
Its AI investments and rapidly expanding cloud business could support substantial future growth, but investors want evidence that these investments will generate adequate returns without undermining the advertising business that has historically financed the company’s expansion.
Alphabet NASDAQ: GOOGL reported third-quarter results after the close on Wednesday, Oct. 28, just a couple of hours after the Federal Reserve’s latest rate decision. The Fed raised rates in September to 3.75% to 4%, its first hike since 2023, and most policymakers have signaled another increase is likely before year-end. So the Fed holding steady on Wednesday, as markets widely expected, wasn’t the real news.
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What stood out was the 10–2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack both pushing for another hike, along with a statement noting that inflation “remains elevated.” That keeps a December hike very much in play.
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That backdrop arguably matters more for Alphabet than it might seem. The company has increasingly turned to debt to fund its AI buildout, issuing about $52 billion in senior notes in the first half of 2026 and returning to the bond market in August. Its long-term debt stood at roughly $98 billion as of June 30. Higher rates make borrowing more expensive and raise the return Alphabet’s AI spending ultimately needs to deliver.
Cloud Delivered, Earnings Didn’tRevenue climbed 25% to $127.6 billion, just shy of the roughly $128 billion analysts expected. Earnings of $2.12 per share fell well short of the $3.01 consensus. An $8.7 billion loss on equity investments cut earnings per share (EPS) by about 55 cents, though results would still have missed expectations without it.
Google Cloud told a very different story. Cloud revenue surged 103% to $30.7 billion, ahead of the $28.7 billion analysts expected, while Cloud operating income more than tripled to $11.1 billion. Backlog rose to $561 billion from $514 billion last quarter, and management now expects to recognize just over 55% of it as revenue over the next 24 months, up from just over 50%.
The spending side was just as striking. Capital expenditure (CapEx) reached $51.4 billion, more than double the year-ago level, while free cash flow was negative $9.1 billion. Beyond CapEx, TPU inventory builds, and a $5.2 billion European Commission fine payment also weighed on that figure.
In Wednesday’s regular session, which also absorbed the Fed decision, GOOGL shares closed up 1.3% at $324.89. Following the report, though, the stock was down about 10% in premarket trading.
Alphabet Sits on Both Sides of the AI TradeWhat sets Alphabet apart from most AI spenders is that it both buys and sells AI capacity. On the buying side, the company held its 2026 CapEx guidance at $195 billion to $205 billion. With roughly $132 billion already spent through the third quarter, that implies fourth-quarter CapEx of about $63 billion to $73 billion. Management also said spending will “increase significantly” in 2027, with more details coming on its fourth-quarter call.
On the selling side, TPU system sales contributed meaningfully to Cloud growth. Management said it now has more than 100 significant TPU customers and recently announced a partnership with Oracle NYSE: ORCL to deliver TPU systems. It expects TPU system sales to scale further in the fourth quarter, followed by a meaningful revenue ramp in 2027. For more on the chip suppliers behind those systems, see MarketBeat’s recent coverage of Broadcom NASDAQ: AVGO.
What Supports the Spending, and What Challenges ItThe supportive case is that returns are clearly starting to show. Cloud revenue more than doubled, its profit more than tripled, and backlog is not only growing but converting faster. Analysts have been bullish too, with a Buy consensus across 56 analysts and an average price target of $425.04, though that price target has dropped since the earnings report.
That said, costs are climbing fast. CapEx grew even more quickly than Cloud revenue, depreciation is rising as new infrastructure comes online, and management warned that third-party computing capacity coming online in the fourth quarter will pressure Cloud margins in the near term. With free cash flow negative for a second straight quarter and the Fed still leaning toward higher rates, each borrowed dollar arguably has a higher bar to clear.
The Return Is There, But So Is the CostAlphabet’s third quarter showed its AI investment is translating into real revenue and profit. The market’s reaction, though, suggests investors are now as focused on what that growth costs to achieve as on how much higher spending could climb in 2027.
Alphabet Inc. (GOOGL) Price Chart for Thursday, October, 29, 2026
Several upcoming markers should help answer that question. The Fed’s Dec. 8–9 meeting will show whether borrowing costs are heading higher still. Alphabet’s fourth-quarter call should bring the first real detail on 2027 spending plans. And the TPU ramp management expects next year will test whether selling AI capacity can help offset the cost of building it. Until then, the debate will likely center less on whether the AI investment is working and more on whether returns can keep pace with the bill.
Should You Invest $1,000 in Alphabet Right Now?Before you consider Alphabet, you'll want to hear this.
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Alphabet just posted its worst post-earnings drop on record, and if you own XLC or QQQ, you absorbed the hit without buying a single Google share. The reason comes down to a concentration risk buried in your fund that most…
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Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) shares are down about 13% this morning, trading near $283, after third-quarter results disappointed. CNBC reported the stock was on course for its biggest post-earnings drop on record. If you own the Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) or Invesco QQQ (NASDAQ:QQQ), you took part of that hit even if you never bought a Google share. XLC gets hit hardest, and the reason is a concentration risk most fund holders never check.
What Spooked Wall Street About Alphabet’s Quarter
Alphabet earned $2.12 per share, missing the $2.97 consensus and ending a 12-quarter streak of beats. Revenue of $127.58 billion came in just under the $127.83 billion estimate. Coverage from Reuters, the WSJ, the Financial Times and Fortune focused on slowing search growth, the revenue miss and heavy AI spending deepening cash burn.
Capital spending jumped 114% to $51.36 billion, and free cash flow turned negative at $9.07 billion. To pay for it, Alphabet issued $28.7 billion in notes and sold new shares into the market, which reduces every existing holder’s piece of the company.
Investors looked past Google Cloud, where revenue grew 103%. Part of the miss also came from an $8.70 billion loss on equity investments, which cut EPS by $0.55. Operating income still rose 30%.
How Much Alphabet Sits Inside Your Fund
Alphabet has two share classes: voting Class A (GOOGL) and nonvoting Class C. Most index funds hold both, which means the single line on your statement understates your real exposure.
In XLC’s June 30 filing, Class A was 10% of net assets and Class C was 13%. Each position on its own outweighs every XLC holding except Meta Platforms at 20%. The next largest, Take-Two, accounts for just 5%.
QQQ held about 3% in each class. The Vanguard Growth ETF (NYSEARCA:VUG) listed Alphabet at 10%, its third-largest holding behind NVIDIA and Apple. These are midyear snapshots. Alphabet has fallen 17% over the past month, so its current weights are lower.
Why XLC Holders Feel This Most
These funds weight by market cap: the bigger a company’s market value, the more of your dollar it gets. A sharp Alphabet drop flows straight into the fund’s net asset value in the same session, scaled by its weight. With your money spread across two large Alphabet positions, XLC takes a bigger hit than any diversified fund would.
Meta makes it worse. XLC’s three largest positions belong to two companies that both sell digital ads. A scare about AI spending or ad growth hits both at once. The fund looks like it holds a broad set of media and telecom names, but trades mostly on two stocks.
Index caps have limits. QQQ’s index limits any single issuer to 24% at its quarterly rebalancing in March, June, September and December. Caps only reduce a position after it grows too big. They can’t protect you from a one-day drop between rebalances.
Signals Worth Checking Before Next Quarter
Top-three weight. State Street posts XLC’s full holdings daily on its website. If the three largest positions together near half the fund, you effectively own a two-stock portfolio. Check it every quarter.
Overlap. Owning XLC, QQQ and VUG together means you hold Alphabet three times over. A free fund-overlap tool will show how much of your money lands on the same few megacaps. Run one each year.
Alphabet’s fourth-quarter free cash flow. Another negative quarter while capital spending keeps rising would back up the cash-burn worry. A swing back to positive would ease it.
Share sales. Alphabet still has $27.6 billion left in its share-sale program. Its quarterly filings show how much has been sold, and regular selling means more dilution for fund holders.
A Lower-Concentration Option
The Invesco S&P 500 Equal Weight ETF (NYSEARCA:RSP) resets every company to the same weight each quarter, so a single megacap miss just registers. The tradeoff: it charges a higher fee and trails when a few giants lead the market.
What This Means If You’re Near Retirement
If your core holding is a broad S&P 500 fund, the effect is more subtle. Alphabet is one large position among about 500. If a sector fund like XLC makes up a big share of your retirement money, concentration is the risk to deal with now. Two advertising companies drive most of its returns. Alphabet’s next cash-flow report will show whether today’s drop was a one-quarter shock or the start of a longer pressure.
Contact [email protected] for any questions or corrections.
Alphabet generated significant growth in the quarter, but earnings fell short of analysts' estimates. The company's free cash flow is under pressure as it spends on the AI build-out.
Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) has agreed to spend up to $1.08 trillion in the years ahead. Meanwhile, Google Cloud has $561 billion in signed contracts not yet counted as revenue.
CFO Anat Ashkenazi gave both figures on the company’s third-quarter earnings call Wednesday evening, and Alphabet has not yet filed its quarterly report.
GOOGL stock is plunging after earnings. Get all the details here. Breaking Down the CommitmentsThe $1.08 trillion includes $924 billion in future purchase commitments, plus $152 billion in pre-commencement leases and other obligations. The agreements run for multiple years and cover technical infrastructure, inventory, leases and energy.
Actual spending could come in lower as Ashkenazi said the amounts reflect maximum contractual obligations, and many of the deals allow pricing and volumes to shift. The commitments also support all of Google, including Search, YouTube, Gemini and Cloud, and measuring them against the Cloud backlog alone makes the gap look wider.
The Cloud BacklogThe $561 billion counts signed Cloud customer contracts not yet booked as revenue and excludes cancellable deals. The backlog rose from $514 billion at the end of the second quarter. Alphabet expects to recognize more than 55% of it over the next 24 months, or about $310 billion.
Cloud had a blockbuster quarter. Revenue doubled from a year earlier to $30.71 billion, and segment operating income more than tripled to $11.12 billion.
Cloud CEO Thomas Kurian said 18 of the unit’s product lines now generate more than $1 billion each in revenue and the segment’s profit margin widened to 36.2%.
Read Next
Spending Weighs on the StockThe rest of the report drew a harsher reaction. Alphabet missed Wall Street’s profit and revenue estimates, and its shares fell more than 10% in extended trading. The company had not missed on both lines in nearly four years.
Capital expenditures hit $51.4 billion in the quarter, more than doubling $24 billion from a year earlier. Free cash flow was negative $9.07 billion, and next year will cost even more.
Ashkenazi kept the 2026 capex forecast at $195 billion to $205 billion and said spending would rise significantly in 2027, though executives gave no number. Ashkenazi also said building up inventory of Google’s TPU chips would put more strain on free cash flow.
Cash on HandAlphabet ended the quarter with $265.1 billion in cash and marketable securities and $125.1 billion in debt. The company raised $84.8 billion in equity in June to fund its AI buildout, with $10 billion from Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK).
The quarterly filing should add detail on the commitments once it is published. Ashkenazi said Alphabet will share more about 2027 capital spending on its fourth-quarter call.
GOOGL Stock Price Activity: Alphabet stock was down 12.67% at $283.74 at the time of publication Thursday, according to Benzinga Pro market data.
Read Next
Photo: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Google (NASDAQ: GOOGL) stock is on track for its worst single-day decline in history, with shares plunging roughly 12% following its third-quarter earnings report.
Not only that, but the sell-off is threatening to erase nearly $500 billion from the company’s market capitalization – potentially one of the largest losses ever recorded by a U.S. company.
As the price has dropped from $321 to $285, GOOGL shares are now trading at the lowest price-to-earnings (P/E) multiple in history, at 14.273.
Google stock price one-day chart. Source: Finbold Why is Google stock slipping? The market’s concerns about the results are understandable. Namely, search revenue grew 12% to approximately $63 billion, missing Wall Street’s $65 billion estimate, while rising artificial intelligence (AI) infrastructure spending pushed free cash flow to a deficit of roughly $9 billion.
However, the underlying growth story remains substantial in other respects. For instance, Google Cloud revenue more than doubled to approximately $31 billion, and the Gemini app surpassed 1 billion users.
Of course, investors are increasingly questioning when those investments will translate into sustainable cash flow and whether AI will ultimately strengthen or disrupt its core search business. As a result, 18 Wall Street analysts have slashed their Google stock price forecasts.
Google shares post record losses Overall, the scale of the sell-off is extraordinary. Alphabet’s estimated $496 billion loss would dwarf its previous worst single-day decline of approximately $275 billion. As such, it would be comparable to Nvidia’s (NASDAQ: NVDA) roughly $593 billion loss in January 2025.
As analysts note, the investment narrative now comes down to valuation versus execution risk. If AI sinks Google’s search dominance and expenses continue to put pressure on cash flow, things could indeed go south.
Conversely, though, if Alphabet maintains its search leadership, scales its cloud business, and eventually does monetize its AI efforts, the current valuation could offer substantial upside.
Therefore, several major firms, including Bank of America (BofA) and Morgan Stanley, still maintain bullish ratings despite lowering their targets.
Featured image via Shutterstock
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Amazon's third-quarter earnings report, due after market close today, is expected to draw attention to Amazon Web Services (AWS). Investors will assess whether accelerating cloud growth can justify the company's rising investment in artificial intelligence infrastructure.
COLUMBUS, Ohio--(BUSINESS WIRE)--McGraw Hill, Inc. (NYSE: MH), a leading global provider of education solutions for preK-12, higher education and professional learning, today announced that it will enable McGraw Hill's higher education and school district customers who have a Microsoft 365 Copilot license to access McGraw Hill's trusted content through Copilot to support teaching and learning in new and innovative ways. McGraw Hill is among the first major education companies to make its propri.
The Fed's interest rate meeting didn't offer the fireworks Kevin Green was expecting to see, and a mixed picture in the latest Mag 7 earnings continues to pressure the AI trade. He turns to Alphabet (GOOGL) as the leading example, where shares plunged 11% in the premarket as ad and search revenue see weakness despite cloud's strength.
Alphabet just posted its second straight quarter of negative free cash flow while Microsoft covered its AI expansion and had billions left over. The gap between how these two hyperscalers are funding the same buildout tells investors everything about who…
The AI buildout is now costing Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) real cash, and a rival’s quarter just showed it doesn’t have to. Alphabet stock is at $288 in morning trading, down 11%.
Among Alphabet’s peers, Microsoft (NASDAQ:MSFT) stock is at $540, up 2%. Meanwhile, Meta Platforms (NASDAQ:META) stock is at $618, up 1%.
Alphabet’s Cloud Boom Comes With a Cash Bill
Alphabet reported its Q3 2026 results after the close on October 28, with revenue of $127.58 billion, up 25% year over year.
The company’s earnings per share (EPS) of $2.12 fell well short of Wall Street analysts’ consensus estimate, ending Alphabet’s long streak of beats. Most of that miss traces to an $8.7 billion loss on Alphabet’s equity investment portfolio, which includes a large stake in SpaceX (NASDAQ:SPCX), along with heavier AI spending.
Capital spending at Alphabet reached $51.3 billion, up from $44.9 billion the prior quarter, and that pushed free cash flow to negative $9.1 billion. This marked Alphabet’s second straight quarter of negative free cash flow, a sharp reversal from the positive free cash flow it posted in Q1 2026.
To help fund the expansion, Alphabet disclosed that it issued $28.7 billion in senior unsecured debt and raised $12.4 billion through at-the-market stock sales during the quarter. Back in July, Alphabet indicated that full-year capital spending could reach up to $205 billion, and the company held its 2026 outlook unchanged while signaling a significant increase in 2027.
On the bright side, Alphabet’s Google Cloud revenue grew 103% to $30.71 billion. CEO Sundar Pichai said, “We had a strong quarter and are now on a half-trillion dollar revenue run rate.” Even so, Alphabet stock is now down 8% year to date.
Microsoft Proves AI Spending Can Still Throw Off Cash
Microsoft delivered the contrast in its Q1 FY2027 report, released the same evening. Revenue at Microsoft reached $92.3 billion, up 19%, while its adjusted EPS of $4.89 exceeded the $4.72 consensus estimate from Wall Street analysts.
Azure, Microsoft’s cloud platform, grew 48%, against the 44% consensus forecast from Wall Street analysts. Capital spending at Microsoft reached $45.2 billion, and the company expects more than $50 billion next quarter.
Free cash flow at Microsoft still came in at a positive $18.6 billion, and the company expects it to stay positive for the full fiscal year. Chief Financial Officer Amy Hood stated, “As we continue to improve the efficiencies of our infrastructure, each dollar of CapEx has the potential to support more revenue and higher returns over time.” Contracted demand backs that confidence, with Microsoft’s commercial remaining performance obligation, a backlog of signed future revenue, up 73% to $677 billion. That contrast matters to investors weighing AI payback, since Microsoft is covering its expansion with operating cash while Alphabet leans on debt and stock sales.
Unlike Meta, which funds its AI push mostly from advertising, Microsoft sells much of its new capacity to enterprise customers under contract. Meta, sharing Alphabet’s cash squeeze, edges higher after an October 21 report showing negative free cash flow of $2.12 billion. Amazon (NASDAQ:AMZN) stock is at $250, down 2%, with its own quarterly report shaping up as the next test of AI spending.
Hyperscaler AI Spending Faces Its Payback Test
The next test for Alphabet is whether Google Cloud growth can outrun capital spending enough to turn free cash flow positive again. For Microsoft, the open question is whether Azure keeps beating expectations as its spending rises. Meta faces a similar test after guiding 2026 capital spending to $135 billion to $145 billion. Investors will be watching Amazon’s report to see whether a third hyperscaler is generating cash from its AI expansion or burning through it. That capex has to be powered, cooled, and networked by somebody, and we covered seven of those AI infrastructure suppliers in a free report you can grab here.
Bulls can point to triple-digit cloud growth, a Gemini app with one billion users and Search query growth at a five-year high as evidence Alphabet’s spending is landing with customers. Rising interest costs, share dilution and swings in the equity portfolio form the bear case, since each could keep Alphabet’s reported earnings under pressure. A conservative approach could make sense while the debate over Alphabet’s AI payback plays out.
Contact [email protected] for any questions or corrections.
CoreWeave offers higher potential upside from AI infrastructure growth, while Microsoft's Azure momentum, diversified business and cash generation provide a lower-risk path to AI gains.
Azure just crossed $100 billion in annual revenue and Microsoft's AI seats are multiplying fast, but the stock has gained barely 2% over the past year. A projection model now puts five-year returns anywhere from modest to life-changing, and the…
A $1,000 stake in Microsoft (NASDAQ:MSFT | MSFT Price Prediction) buys a piece of the company running Azure, the cloud platform that passed $100 billion in annual revenue for the first time. Our forecast model priced the stock at $532.95 in its latest run, and the most recent delayed quote was $525.76.
Microsoft’s AI business is now growing quickly while the company spends record sums on infrastructure, so it is a good time to ask what $1,000 could turn into by 2030.
What $1,000 Could Become: Your Base-Case Answer
If Microsoft compounds at 10% a year for four years, $1,000 grows to $1,464.10 by 2030. That figure is illustrative only. It shows what steady 10% growth would do and is separate from the model’s output.
The model creates 1-year and 5-year targets. The closest one to 2030 is the 5-year horizon, which ends October 22, 2031. Under the central scenario, a $1,000 investment could be worth about $1,813.30 by that date, a total return of 81.33%.
It assumes a projected share price of $966.38 and an annualized return of 12.64%, above the 10% in the headline. Along the way, the central projection reaches $889.99 per share in October 2030. Treat that as an illustrative example, since it is not a projected target.
Bull, Base and Bear: The Full Range for Your Stake
Scenario (5-Year)
Target Price
Total Return
Annualized Return
Value of $1,000
Bull
$1,202.38
125.61%
17.67%
$2,256.10
Base
$966.38
81.33%
12.64%
$1,813.30
Bear
$641.43
20.35%
3.77%
$1,203.50
Over the next year, the central projection targets $649.29, a 21.83% return that would turn $1,000 into $1,218.30. Analysts are more conservative, with a consensus target of $600.88.
Even so, 14 rate the stock a strong buy, 39 a buy and 2 a hold, with no sells. Confidence in the model is graded at 0.9 on a scale of 0 to 1.
Three Growth Engines Behind the Target
Azure Demand Is Outrunning Supply
Azure revenue grew 43% in fiscal Q4 2026. Commercial remaining performance obligations, which measure signed future revenue, rose 84% to $678B. Excluding OpenAI, that backlog grew 25%. CFO Amy Hood said on the call, “Demand continues to exceed available supply.”
AI Is Turning Into Revenue
Microsoft 365 Copilot has passed 30 million paid seats, and net paid seat additions more than doubled sequentially. One quarter earlier, the AI business had reached a $37B annualized revenue run rate, up 123% YoY. CEO Satya Nadella said, “I’ve never been more confident in Microsoft’s opportunity to drive durable long-term growth.”
Steady Earnings Beats
Microsoft has beaten EPS estimates for 6 straight quarters. Its most recent result was $4.74, against a $4.24 estimate. Fiscal 2026 revenue reached $331.84B, and management expects “another fiscal year of double-digit revenue and operating income growth.”
The stock trades at about 27x forward earnings, so the projection depends on earnings growth more than on investors paying a higher multiple.
Risks That Could Shrink Your Stake
The biggest swing factor is spending. Capex for the full year reached $115.95B, up 79.62%, and management guided to more than $50 billion next quarter. If enterprise AI demand slows, those data centers could weigh on margins and free cash flow for years.
All of that expansion still has to be powered, cooled, and connected by someone, and we pulled together seven suppliers riding that same wave in a free AI infrastructure report. Microsoft’s gross margin has already slid as the business shifts toward Azure and AI infrastructure.
The consumer side is weaker. More Personal Computing revenue fell 4%, Xbox dropped 10%, and Windows OEM and Devices revenue is expected to fall in the high teens this fiscal year. The company’s filings also list intense competition, cyberattacks, capacity limits and changing regulation as risks.
The stock has been volatile, too. Over the past 52 weeks it has traded as low as $348.54, and its one-year gain is only 2.41%. Microsoft also has an earnings report coming up, which investors are watching closely, so it is worth keeping an eye on the stock as Azure growth guidance comes out.
Your $1,000 Range by the Five-Year Mark
Over the model’s 5-year horizon, a $1,000 stake in Microsoft runs from $1,203.50 in the bear case to $2,256.10 in the bull case, while the base case is $1,813.30.
The headline’s 10%-a-year path to $1,464.10 by 2030 falls between the bear and base outcomes. Every figure here is a scenario. None of them is guaranteed.
This article is a projection for research purposes only.
Contact [email protected] for any questions or corrections.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of MSFT, AMZN, META either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
DUBLIN & FRAMINGHAM, Mass.--(BUSINESS WIRE)--Workhuman®, the world's leading employee recognition provider, today announced that its Microsoft Teams and Outlook applications have achieved Microsoft 365 Certification, Microsoft's highest level of app compliance assurance. The certification confirms that Workhuman's applications have successfully completed Microsoft's rigorous certification process. Certified applications are vetted against controls derived from leading industry frameworks and de.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of MSFT, GOOG, AMZN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
AMD has surged over 150% this year and landed massive GPU deals with OpenAI and Anthropic, yet one metric keeps our rating stuck at hold. Here is the number that could finally change that.
The 24/7 Wall St. price target for AMD (NASDAQ:AMD | AMD Price Prediction) is $542.87 over the next 12 months. Shares trade at $549.58 this morning, so the target implies -1.2% downside. We rate AMD a hold with high confidence.
Metric
Value
Current Price
$549.58
Price Target from 24/7 Wall St.
$542.87
Upside/Downside
-1.2%
Recommendation
HOLD
Confidence Level
90%
The model ran against the close of $531.29, where it showed 2.18% upside. This morning’s 3.44% gain raised shares just past fair value.
Data Center revenue, the key driver, reached $6.72B last quarter, 58% of sales, with the division expected to “more than double year-over-year in 2027.”
Why We Could Be Wrong
AMD trades slightly above our target, and the upside drivers are real. Anthropic plans to deploy up to 2 gigawatts of MI450 GPUs in Helios racks, and Lisa Su said Helios demand is “tracking ahead of our initial forecast.” Our target is one point among many, and the bull case below shows how AMD could beat it.
A 156% Rally Meets an October Pullback
AMD is up 156.62% year to date, but shares fell 12.85% over the past month before rising 2.14% this week. The stock trades 16.5% below its 52-week high of $658.52 and well above its low of $188.22.
In Q2, revenue grew 50.1% to $11.54B, beating the $11.31B estimate. EPS came in at $1.66, ahead of the $1.61 consensus. Q3 guidance calls for roughly $13B.
The latest news is a large stock offering from Meta Platforms (NASDAQ:META) to fund AI expansion. MarketWatch reports that AMD, NVIDIA (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) could buy shares in it (MarketWatch).
Why Bulls See $688 Ahead
The bull case reaches $688.72. Management expects server revenue to grow more than 80% in the second half of 2026 and more than 70% in 2027. AMD also expects EPS to beat its $20 long-term target by a wide margin.
The OpenAI (6 GW) and Meta (up to 6 GW) deals give that plan real backing. Wall Street agrees: 5 Strong Buy ratings, 40 Buys, 11 Holds and no Sells, with a consensus target of $637.61.
What Could Pull AMD Toward $430
The bear case is $430.83. AMD trades at 200 times trailing earnings, and Gaming revenue fell 31%. Export controls previously forced an $800M MI308 inventory charge, and server CPU supply remains tight. Free cash flow dropped 9.89% to $1.56B.
Bulls would answer that inventory of about $8.5 billion is being built ahead of the Helios ramp. They would also point to the non-GAAP operating margin, which expanded to 27% from 12%.
AMD Trades at NVIDIA’s Multiple With Room to Catch Up
NVIDIA is AMD’s direct competition in AI GPUs. It trades at 43 times trailing earnings, roughly AMD’s 43 forward multiple, while earning a 60% operating margin against AMD’s 10.66%.
Broadcom competes for the same hyperscaler AI budgets with custom accelerators. Its AI semiconductor revenue rose 221% to $16.70 billion. Both peers are growing AI revenue faster on higher margins, which makes our target look reasonable.
Company
Trailing P/E
AI/Data Center Growth (Latest Quarter)
AMD
200
107%
NVIDIA
43
117%
Broadcom
N/A
221%
Data Center Proof Could Shift Our HOLD Rating
The 24/7 Wall St. price target of $542.87 supports a hold at 90% confidence. Valuation is the deciding factor: the stock already prices in much of the Helios ramp.
Our rating would turn more positive if Q3 Data Center results show Helios shipments speeding up into Q4. Our view would turn more cautious if supply limits or export rules slow that ramp. For now, AMD looks fairly valued.
Year
Price Target from 24/7 Wall St.
2026
$514.31
2027
$542.87
2028
$565.01
2029
$588.05
2030
$612.03
These projections assume AMD keeps executing on its current strategy. Hitting its $1.4 trillion AI accelerator market forecast could add significant upside, while a slowdown in hyperscaler spending could add significant downside.
Contact [email protected] for any questions or corrections.
Beyond analysts' top-and-bottom-line estimates for Advanced Micro (AMD), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2026.
Oct 29 (Reuters) - Alphabet (GOOGL.O), opens new tab is making billions of dollars selling homegrown AI chips it once reserved for internal use, but building inventory to meet surging demand is draining cash as the tech giant spends heavily on data centres.
Unlike its traditional search and cloud businesses, selling AI chips that compete with Nvidia's requires Alphabet to spend on hardware well before customers pay, putting pressure on cash flow.
Sign up here.
The trade-off, outlined by finance chief Anat Ashkenazi on Alphabet's post-earnings call on Wednesday, offers an early look at the costs of a business that has emerged as one of the company's biggest growth areas as investors fret over AI's threat to its lucrative search advertising business.
"Where previously inventory balances were primarily some of our hardware products, now those TPU (custom chip) systems that are not yet sold will be showing up. So you see cash going out ... it's not the traditional kind of capex but rather a different cycle of cash flow generation," Ashkenazi said.
That shift could pressure Alphabet just as investors grow more concerned about the mounting cost of AI. Its shares fell nearly 11% on Thursday after the company reported another quarter of cash burn and reiterated that spending on AI infrastructure would rise sharply next year.
Still, the processors are helping drive growth.
The Google logo is seen during Kering Innovation Day 2026 at the company’s headquarters in Paris, France, January 22, 2026. REUTERS/Gonzalo Fuentes Purchase Licensing Rights, opens new tab
Alphabet does not break out revenue or margins from the chips, called tensor processing units, but said their sales made a "meaningful" contribution as Google Cloud revenue more than doubled in the September quarter.
Sales of TPU systems, which bundle the chips with networking, storage and software, are expected to rise further in the current quarter and ramp up significantly in 2027, Google Cloud chief Thomas Kurian said.
Alphabet last year said it would supply Anthropic with TPUs worth tens of billions of dollars. Media reports have said the company is also in talks on a similar deal with OpenAI.
"We completely think these are short-term gyrations," said Jeremy Saltzberg, senior investment officer at Check Capital.
"We don't have reason to believe that the margins would be significantly different than what an Nvidia GPU (graphic processing unit) would sell for. And of course, Nvidia GPU margin is incredible."
Reporting by Akash Sriram, Deborah Sophia in Bengaluru; Editing by Aditya Soni and Anil D'Silva
Our Standards: The Thomson Reuters Trust Principles., opens new tab
For the first time in more than four decades, the Federal Reserve is shrinking its voting calendar, and the timing could not be more fraught with a December rate hike now seen as nearly certain and long bonds already sliding.
The Federal Reserve will still hold eight scheduled meetings in 2027. Starting next fall, though, one will become a strategy session with no rate vote and no policy statement. This is the first cut in scheduled rate-setting meetings since the eight-meeting cadence began in 1981.
Chair Kevin Warsh announced the change on October 28, 2026. The same day, the Fed held its target range at 3.75% to 4% in a 10-2 vote. Governor Lisa D. Cook and Cleveland Fed President Beth M. Hammack dissented, favoring a 25-basis-point hike. A basis point is one hundredth of a percentage point.
The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) closed at $772.31, then slipped to $768.87 after hours, down 0.45%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) fell 0.78% to $80.99. For holders of either fund, the key question is whether fewer votes during a hiking debate change the risk you carry.
What Warsh Committed To and What He Left Open His prepared remarks were specific: “We believe eight meetings per year is the right number for the FOMC. But in 2027, one meeting will focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated.” In 2028, the Fed will hold two strategy meetings and six policy meetings. The quotes come from a preliminary transcript.
Warsh did not say which 2027 meeting loses its vote. The Fed’s posted calendar still lists eight 2027 meetings and marks none of them as a strategy session. One independent economist estimated October, but that is only a guess. The rest of 2026 stays as scheduled, and the Fed can still act between meetings, as it did in early 2020.
Why Longer Gaps Matter in a Hiking Cycle Warsh called the schedule “more than some administrative detail.” With fewer votes, more data gathers between decisions, so each remaining vote can deliver a bigger surprise. With fewer policy statements, press conferences and projections will carry more weight.
This matters more because the Fed is considering hikes. Warsh said first-half growth was revised up to 2.4% from 1.8%, and that inflation had run above target for close to 6 years. As of about 1:43 a.m. ET on October 29, prediction markets put the chance of a December hike at 79%.
Political Pressure Around the Calendar On August 25, 2026, Sen. Ruben Gallego and six other Senate Democrats pressed Warsh to keep at least eight meetings. The law requires only four.
Warsh kept eight meetings on the calendar and still reduced the number of votes. People worried about the Fed’s independence will watch how the vacant vote slot gets used.
Long bonds fell the most after the news. The gap between 10-year and 2-year Treasury yields widened to 0.38% on October 28 from 0.29% a day earlier. TLT is down 3.83% year to date.
SPY is up 13.26% year to date even with the 10-year yield at 4.99%. The fund leans heavily on growth stocks: NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) alone made up 7.58% of assets at the last fact sheet.
What the Fed Shift Means for SPY and TLT Holders Strong growth supports corporate profits. Stocks also absorbed a hawkish hold calmly, with the VIX volatility index at 17.52 going into the decision.
TLT carries more rate risk than SPY. Rate hikes combined with longer gaps between votes leave long bonds most exposed to uncertainty about where rates are heading.
The test comes on December 9, when the Fed releases new projections. If they show hikes continuing into 2027, or if the Fed marks the strategy session on its calendar for an early 2027 meeting, SPY’s after-hours level of $768.87 will show whether stocks can absorb a tighter Fed.
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Key Takeaways NVIDIA expects fiscal Q3 2027 gross margin to decline to 74% from 75% in the preceding quarter.Fiscal Q2 revenues surged 106% to $96.2B, driven by a 117% jump in Data Center sales to $89B.NVDA's supplier ties, pricing power and Vera Rubin's efficiency gains could help offset rising memory costs. NVIDIA Corporation’s (NVDA - Free Report) gross margins could face pressure as rising memory costs and supply constraints challenge its ability to maintain strong profitability. However, the company’s pricing power, growing AI demand and shift toward advanced platforms could help offset some of these headwinds.
In the second quarter of fiscal 2027, NVIDIA reported a non-GAAP gross margin of 75% compared with 72.4% a year earlier and 75% in the previous quarter. Revenues jumped 106% year over year and 18% sequentially to $96.2 billion, while Data Center revenues surged 117% to $89 billion. These figures highlight the company’s strong position in the AI infrastructure market.
Still, NVIDIA expects gross margin to decline sequentially to 74% in the third quarter of fiscal 2027, plus or minus 50 basis points. Higher memory prices are a key concern because advanced AI systems require large amounts of high-performance memory. Tight supply could increase component costs and limit production flexibility.
NVIDIA has several ways to protect profitability. Its strong relationships with major memory suppliers could help secure supplies, while its advanced graphics processing units (GPUs) and integrated computing systems give it pricing power. The company is also increasing supply and capacity commitments to support future demand.
The Vera Rubin platform offers another potential boost. Its improved computing performance and efficiency could help customers justify higher spending on AI infrastructure, supporting NVIDIA’s ability to pass on some cost increases. Overall, NVIDIA’s margins may face near-term pressure, but strong demand and pricing power provide important support.
NVIDIA Rivals AMD & INTC Face Margin Pressure TooAdvanced Micro Devices, Inc. (AMD - Free Report) and Intel Corporation (INTC - Free Report) are expanding their AI businesses, but rising component costs and production challenges could affect their profitability.
Advanced Micro Devices reported second-quarter 2026 revenues of $11.54 billion, up 13% quarter over quarter, while its non-GAAP gross margin reached 56.2% compared with 55% in the first quarter. Its Data Center revenues climbed 16% sequentially to $6.7 billion, supported by demand for EPYC processors and Instinct GPUs.
However, Advanced Micro Devices’ third-quarter guidance indicates gross margin will remain flat sequentially. For the third quarter, it anticipates non-GAAP gross margin to be 56% in the third quarter. To continue improving margins, AMD must maintain cost control as it scales AI chip production.
Intel’s second-quarter revenues increased 25% to $16.1 billion, while its non-GAAP gross margin improved to 41.8% from 29.7% a year earlier. Still, Intel warned that shortages of memory, substrates and other components could persist into 2027, potentially limiting shipments and increasing costs.
Both companies face cost and supply challenges as AI infrastructure demand grows. NVIDIA has an advantage, with a 75% gross margin in fiscal second-quarter 2027, although its margin is expected to decline sequentially to 74% in the third quarter.
NVIDIA’s Price Performance, Valuation and EstimatesShares of NVIDIA have risen around 14.5% year to date, underperforming the Zacks Computer and Technology sector’s gain of 16.5%.
NVIDIA YTD Price Return Performance
Image Source: Zacks Investment Research
From a valuation standpoint, NVDA trades at a forward price-to-earnings ratio of 15.29, below the sector’s average of 19.25.
NVIDIA Forward 12-Month P/E Ratio
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The Zacks Consensus Estimate for NVIDIA’s fiscal 2027 and 2028 earnings implies a year-over-year increase of approximately 95% and 69.3%, respectively. Estimates for fiscal 2027 and 2028 have been revised upward in the past 30 days and seven days, respectively.
Image Source: Zacks Investment Research
NVIDIA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How many eyeball-grabbing headlines can we stuff into the next few weeks? For tech investors, AI concerns mount, with rising credit default swap prices among the hyperscalers and sagging neocloud equities.
Netflix (NFLX -0.08%) is the dominant streaming video and movie service in its sector, with over 325 million paid memberships as of the end of 2025.It's maintained its position over the years, despite a crowded space with competition from the likes of Walt Disney, which runs Disney+, Hulu, and ESPN+.
Competition in 2026 and beyond, however, is starting to look different, especially as concerns increase around Netflix's ability to keep subscribers engaged. With a new challenger emerging, how it handles the situation will determine the bear and the bull case for the video streaming giant in the years ahead.
Image source: The Motley Fool.
The engagement issue at Netflix
In July, The Wall Street Journal reported that Netflix's subscriber engagement was showing signs of decline and was becoming a more frequent topic of discussion within the company. When Netflix reported its 2026 second-quarter earnings results on July 16, it called engagement "healthy."Still, it also decided to cut back the frequency of its What We Watched report, which provides viewership details, from twice a year to once a year.
In its third-quarter earnings, released on Oct. 20, Netflix addressed engagement concerns again in its shareholder letter:
We know there's some investor concern about our view hours growth. Member response to our 2026 price increases is consistent with prior price changes and our expectations, an indicator that our engagement -- which encompasses quantity, quality and variety of viewing -- remains healthy and that we continue to deliver strong value to members. But we do seek to accelerate growth in view hours as well, and we're confident we'll do that by relentlessly focusing and executing against the aforementioned strategy.
Essentially, the streaming giant is acknowledging the engagement concern and suggesting it has room to do better. That's why, in the battle to win over and keep more people's attention, Netflix's competition is looking less like Disney and more like Alphabet's YouTube.
NFLX Netflix$61.94-$0.05 (-0.08%)
NASDAQ · As of 11:05 AM ET 10/29/26
The bear and bull outlook for Netflix
YouTube offers free videos as well as a premium subscription plan that provides endless hours of unique and niche content to stream. It can be years before new seasons of shows or movies are released on Netflix, but YouTube offers fresh content daily or even hourly from video creators. That's the attention Netflix is battling for now, more than against Disney or any other service.
With this dynamic, long-term, the bear case would be that Netflix doesn't figure out how to compete and keeps losing eyeballs to YouTube. During the 2026 FIFA World Cup, YouTube had over 1.7 billion unique viewers watch World Cup-related videos.The ad revenue it generates is also massive, sitting at $11 billion in just the second quarter of 2026. In comparison, for all of 2026, Netflix expects ad revenue of $2.7 billion.
The bull case is that Netflix is starting to figure out this new landscape, showing signs that it understands the importance of unique content. From football games to boxing events to concerts, it is adding more live-event programming. The only catch is that those types of events cost money to win the rights to, so there will be additional spending needed.
Ultimately, more and more of Netflix's success will be based on how it defends itself against YouTube's hold on attention.
