Track market-moving stories before they get noisy

Processor and AI accelerator designer AMD (AMD) received a higher price target from Susquehanna as shares traded at $515.185, up approximately 1.42%, at 10:20 a

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BEAVERTON, Ore.--(BUSINESS WIRE)--NIKE, Inc. (NYSE: NKE) plans to host an Investor Day on November 16–17, 2026. Due to limited capacity, in-person attendance is by invitation only. The main stage presentations on Tuesday, November 17, 2026, will be webcast live beginning at approximately 8:30 a.m. PT and are expected to conclude at approximately 12:00 p.m. PT at https://investors.nike.com/. A replay of the webcast and related materials will be available at the same location following the event.

About NIKE, Inc.

NIKE, Inc., headquartered in Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com/. Individuals can also visit https://about.nike.com/ and follow NIKE on LinkedIn, Instagram and YouTube.

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Nvidia
NVDA -0.59% 96

faces mounting competitive pressure and potential financial risks from its growing investment commitments, according to Seaport Research, which maintained its Sell rating on the chipmaker and a $180 price target.

Analyst Jay Goldberg said Nvidia's financing arrangements may reflect rising pressure from rivals. He also questioned whether the company's efforts to support customers and secure supplies could create competing demands on its financial resources.

Nvidia added roughly $250 billion in commitments during its latest quarter, according to Goldberg. Those obligations include spending to secure components and support data center construction, tying the company more closely to the expansion of AI infrastructure.

Goldberg also highlighted a separate financing initiative involving Nvidia, six private equity firms and banks. The proposed platform could provide about $500 billion in funding, with the possibility of reaching $1 trillion. Nvidia would not bear the entire obligation, but the analyst views its role as central to the arrangement.

The concern is that financing structures built to accelerate growth could magnify losses if demand for computing capacity weakens. Goldberg warned that infrastructure providers reliant on Nvidia's support could face pressure during a downturn, potentially adding strain when the chipmaker's own sales and cash flow soften.

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A Q3 2026 earnings beat on October 20 hasn't repaired the damage at Netflix (NASDAQ:NFLX | NFLX Price Prediction), where softer advertising and revenue guidance overshadowed the headline numbers and sent the stock lower.

Procter & Gamble Co. (NYSE:PG) is showing signs of a stronger turnaround after delivering better-than-expected fiscal first-quarter results. However, TD Cowen remains cautious as rising commodity costs and limited pricing power threaten earnings growth.

On Friday, TD Cowen analyst Robert Moskow maintained a Hold rating on Procter & Gamble and raised his price forecast to $166 from $150.

The analyst also increased his earnings and sales estimates, citing stronger U.S. market share trends and improving execution. Still, Moskow questioned whether the recovery could last as inflationary pressures intensify.

Strong Earnings Signal Turnaround ProgressProcter & Gamble reported fiscal first-quarter organic sales growth of 4%, beating the consensus estimate of 2.2%.

Organic sales volume increased 2.4%, while adjusted earnings rose 1% to $2 per share, above the $1.89 estimate cited by TD Cowen.

U.S. sales growth improved to 3%. The company also held or gained market share among 70% of its largest U.S. customers.

TD Cowen’s retail tracking data showed further improvement. Procter & Gamble’s U.S. retail sales increased 4.5% during the calendar third quarter, outpacing category growth of 3%.

The improvement follows weaker market share trends earlier this year, when competitive pressures raised concerns about the company’s restructuring efforts.

Moskow believes faster execution and organizational changes could help Procter & Gamble return to its long-term organic sales growth range of 3% to 5%.

Rising Oil Prices Threaten Profit MarginsDespite improving demand, TD Cowen warned that higher commodity costs could limit earnings growth.

Procter & Gamble raised its fiscal 2027 forecast for after-tax commodity inflation to $1.4 billion from $1 billion.

Management also warned that cost pressures could increase further if oil prices remain near $113 per barrel.

The analyst expects higher input costs to weigh on profitability, particularly during the fiscal second quarter.

The company’s first-quarter gross margin fell 152 basis points, while its operating margin declined 75 basis points.

Management expects second-quarter gross margin to contract about 200 basis points as higher commodity costs flow through the business.

Pricing power remains another concern.

Procter & Gamble’s first-quarter pricing increased just 0.4%, reflecting intense promotional competition in the U.S. market.

TD Cowen believes those competitive conditions could make it difficult for the company to raise prices enough to offset inflation.

Analyst Raises Estimates but Remains CautiousMoskow raised his fiscal 2027 organic sales growth estimate by 70 basis points to 3%, above the 2.3% consensus estimate.

He also increased his fiscal 2027 core earnings forecast to $7.03 per share from $6.91, representing about 2% annual growth.

The revised $166 price forecast reflects a valuation of roughly 23 times TD Cowen’s estimated forward earnings of $7.28 per share.

However, Moskow said the company needs to demonstrate sustained improvement before earning a more bullish rating.

The analyst cited several periods of encouraging performance over the past two years that failed to translate into lasting momentum.

He also warned that persistently elevated oil prices could weigh on earnings into fiscal 2028.

For now, TD Cowen sees evidence that Procter & Gamble’s turnaround is progressing, but remains unconvinced that stronger sales can fully overcome rising costs.

Investors will get another opportunity to assess the company’s recovery strategy at its investor day on Nov. 19.

PG Price Action: Procter & Gamble shares were down 2.61% at $161.27 at the time of publication on Friday, according to Benzinga Pro data.

Image via Shutterstock

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In this episode of Motley Fool Hidden Gems Investing, Motley Fool contributors Travis Hoium, Lou Whiteman, and Dan Caplinger discuss:

SpaceX's wireless ambitions.Telecom's competitive threats.PepsiCo's pricing problems.Consumer spending pressures.Lessons from 2022.AI's uneven impact.To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.

A full transcript is below.

This podcast was recorded on Oct. 12, 2026.

Travis Hoium: Is Elon Musk going to disrupt wireless? Motley Fool Hidden Gems Investing starts now? Welcome to Motley Fool Hidden Gems Investing. I'm Travis Hoium. I'm joined today by Lou Whiteman and Dan Caplinger, new crew from Monday. We'll see how this goes. We're all getting up a little earlier than we normally do for the podcast, but guys, we have not had a chance to talk about the latest from SpaceX, disrupting at least the stock market in the telecom industry late last week. Stocks like Verizon down about 10% after Elon Musk announced that they had acquired some spectrum, or there's an agreement to acquire some spectrum, and now they're getting into wireless. Lou, the story for this for quite a while has been like, eventually, we're all just going to be signed up for SpaceX. Doesn't this seem like we're pushing this a little bit too far from a disruption perspective? Because I tested what my services here. It was about eight times faster than the offering for $55 from SpaceX. Not sure I'm willing to give up the slower speeds, the slower ping time, just to get my connection from a satellite.

Lou Whiteman: I don't think anybody is going to take slower for satellite. The idea is that one day it might be better. But I'm very skeptical here. There's a lot of physics that you have to solve for latency, distance, all of these things. What this is what this spectrum purchase signals, though, is that Starlink, to some extent or the other, is interested in at least trying this. I'll tell you why because this spectrum is very good for terrestrial cellular. It's not as great for satellites. This is spectrum that will go through walls, which we all like to use our cellphones inside. But look, this is SpaceX saying that they will build out a terrestrial network to go with the satellites. That's going to cost 10 billion or more. We are not going to be around the corner. This is not a today thing. This is not a cheap thing, but I think it does signal some intent. Whether it'll work, I don't know. Be careful what you wish for, Elon, because we know how to value mobile businesses. We value them at less than two times sales. I think we can get into it. I think there is more going on here than that. But on the surface, it's a weird place to go.

Travis Hoium: Dan, that's what struck me. I have been an investor in Verizon over a long period of time. The best thing that's really come out of that is you get a really nice dividend. But you don't necessarily get a lot of growth. You find out that you're fighting for customers based on price. You're subsidizing cellphones. These are all things that are huge headwinds for the telecom industry, which just has been a bad business. Is there a case to be made that somehow SpaceX can make this into a good business or is this just I don't know, one of those things where we get really excited, and then five years later, look back and go, it didn't work out as planned.

Dan Caplinger: I wonder if SpaceX is really trying to diversify its business for one reason or another. You've got the satellite business. I did a lot of traveling this summer in Northern Canada and in Alaska, and the use case for Starlink up there is obvious. There's no land-based wireless. You go hundreds of miles without being able to get signal, and these folks with the SpaceX minis, they attach them to their camper or something like that, and they're in business. Because it's low density use up there, plenty of bandwidth to handle all of their needs. The challenge comes in when you get Starlink into more populated areas where the use of the bandwidth is going to be denser, and you have some of these issues. I think what Lou says about, does this mean a pivot to ground-based wireless, that's an answer to that.

Now, did SpaceX really have to do this yet? Maybe, maybe not. The late version satellites that SpaceX is putting up, estimates give each satellite enough bandwidth for about 40,000 users. It's roughly 11,000 satellites in orbit right now. That is not all the latest generation. Some of them are older ones that have lower bandwidth. But theoretically, a constellation that size, you're talking about hundreds of millions of users. SpaceX has plenty of growth room for startling under those capacity areas. But the question is speed and also the questions capital expenditure because these satellites, you can't just drive a repair truck up and fix the satellite like you can with a ground-based installation. Those satellites fail after 5-7 years. You got to spend another million bucks or so to launch another one, and so huge amounts of capex, but not necessarily that much huger than what you're talking about with land-based stuff. The big benefit of space is you don't have to pay anybody to put something into space the same way that you have to pay a landowner to get a tower up or to bring the trucks in to do the repairs and stuff like that.

Lou Whiteman: That's a funny thing here, Dan, is that if we were all starting from scratch today, you might be able to make an economic case for why satellite plus a little terrestrial SpaceX could do better. But the point is, as you say, we have already spent the billions we needed for towers for these incumbents. You know, you're fighting the entrenched base, not from scratch. The question for me is, then what is SpaceX doing? Because we know this, they must know this too. I think the answer is, AT&T, T-Mobile, Verizon combined to generate over $300 billion in revenue last year. As Travis says, they pay pretty good dividends. They are free cash flow positive. If I'm SpaceX and I have just massive capex needs down the line, I am looking at this as not as the business I want to be in, not as the end goal, but it sounds derogatory, and I don't mean it that way, but this is revenue hunting. This is positioning assets that you have in a way to generate as much cash as possible that you can then use to fund the business. In that way, it's not too dissimilar from the Rocket Lab deal for Iridium that is also, on some level, about gaining cash flow to invest in the business. I think that's what's going on here. They see mobile is not the end, but a means to fund a lot of their goals. I do think they're serious about pursuing.

Travis Hoium: It's going to be interesting to see how this plays out. The other company that I mentioned here is AST Space Mobile. They have deals with some of these other companies. I know that I think Verizon and AT&T both invested in them. Going to be using them as a service provider, using their spectrum. It'll be interesting to see how all this plays out, because as we find out in Telecom, having more than one competitor always brings a little bit of pricing and margin pressure. When we come back, we're going to talk about Pepsi's latest results. You're listening to Motley Fool Hidden Gems Investing.

Welcome back to the show. Pepsi reported earnings late last week and said that revenue grew about as expected, nothing earth-shattering from a company like Pepsi, but margins are going to be down. Their guidance was a little bit weaker on the bottom line than expected. We're seeing commodity prices rise across the board, and it doesn't seem like they're able to pass these on. What did we learn, Dan?

Dan Caplinger: Boy, I sure hope that they can't pass any more of them on because they've already done a great job of passing them on so far. I pulled up stats from the Federal Reserve's economic data database. The average one-pound bag of potato chips cost $4.50 in 2020. We're at 6:50 now, up almost 50%. Average price of a 12-ounce can of a soft drink up even greater $0.35 six years ago, now $0.60. The rates of inflation far, far higher than the 30% increase in the overall CPI, and they reflect the passing through of a whole bunch of costs, including everything from the actual ingredient costs of making the product to the distribution network costs of transporting it to stores and things like that. But you can tell even with those price increases that the companies are quibbling over every penny that they can.

There was a Federal Trade Commission lawsuit late last year that alleged collusion between PepsiCo and Walmart, which allegedly gave Walmart preferential supplier pricing over the smaller retailers that Pepsi serves. I think, regardless of the merits of the suit, which way it's going to end up, what settlement it might result in, it just highlights the pressure that PepsiCo and the retail community are seeing to keep those consumer price increases under control. You've seen a lot of consumers resort to store brands, but let's face it, some store brands are just perfectly fine. But others, it's just a real sacrifice to have to deal with that. Pepsi is trying to keep people in the premium brands without running too far afoul of this growing sense of an affordability crisis across the economy.

Travis Hoium: Lou, it seems like Pepsi is running into a number of different challenges we could peel apart and spend an entire show on, but you have the supply dynamics where suddenly these smaller brands are available. That gives you a little less pricing power. One of the things that I've noticed just shopping we saw this towards the end of the pandemic those price increases are really noticeable when you're going and buying something that you identify with what the price of the product is $0.50 for a can of soda when you went to the vending machine when I was a kid. That doesn't exist anymore.

Lou Whiteman: That's why we carried quarters.

Travis Hoium: That's why we carried quarters. But there's this price ingrained in you; Doritos was the thing that I always bought as a kid. The size of the family size of Doritos bag today is smaller than the normal Doritos bag when I was a kid. It is one of those things where it seems like even over decades, they just have a really hard time raising prices, unless the bags keep getting smaller.

Lou Whiteman: The bags apparently do keep getting smaller. This full disclosure, I am not the target audience for either soda or Doritos, I guess, because I don't really follow this to be the target, but as a consumer. I don't know. I'm just, I don't know. Eat your Sun Chips. They're at least a little better for you. But here's the deal, guys. I'm going to have to hold my nose and do this, and I'm not there yet. But Dan, I agree with everything you say about all of the issues they're facing and all of that. I also believe in these brands. We're down to about 15 times expected earnings. We got a dividend yield hovering near 4.7% and going up. I look, near term, I don't know what they do, but long term, if we're investors, this is beginning to look more appetizing than maybe a lot of their products to me because at some point, I think they are a survivor and long-term winner here, and a lot of the negativity seems to be priced in at this point. I guess I need to be interested in that even if I don't want to take a bite, I don't know. What am I doing here?

Travis Hoium: Too many puns here, Lou. It is going to be interesting to see how this plays out because they've had a lot of these companies that used to have massive brands in the 80s and 90s have had a struggle over the past 20 years. It doesn't seem like that pricing power is coming back anytime soon. When we come back, we're going to look back four years on the market bottom. We'll be back in a moment. Welcome back to the show. Four years ago was the market bottom from the pandemic highs to then the pandemic lows. What did we learn, guys, over the last four years? Because, Lou, it seems like that was 100 years ago while also being almost the blink of an eye, and everything has changed in that four years.

Lou Whiteman: What did we learn? That's such a fascinating question because we were talking about this offline. It's like I hardly recall the 2022 bottom, if I'm honest. If you talk about Lou recent crashes, I'm going to go to COVID, and I'm going to skip right over that, and part of it was the nature of it. It was just a slow, and it wasn't even really a song. It wasn't a slog. It wasn't down every day. We went down, went up a bit. But look at the lows in Oct. 22, we were basically where we were at in December 2021. I think what we learned, or my takeaway, and I hate to be half empty here or negative here, is I doubt we learned much. That wasn't really a market crash. It was just a market downdraft.

Travis Hoium: There was a lot of hype coming out of the market at that point. That was when PTO really crashed the related companies, the SPAC companies, completely fell apart.

Lou Whiteman: Here's my concern here: there are a lot of investors in the market who believe they have weathered a crash, and they know what to do, and they can take it. I hope so, because with the collective, we tend to make some of our worst decisions in the panic of a crash, but it scares me that I think that there is a good percentage of the people who are investors today who haven't been through 2008 or a more severe crash. I think all we can do is point that out and try and steer people towards be ready. It can get worse and make sure you don't make panic decisions then, because I don't think surviving 2022 really gives you your combat stripes.

Dan Caplinger: I share the same concerns, but at the same time, I do think that investors who managed to stay the course and not panic in the drop that we saw in late 2021 that just persisted and continued to slog downward in 2022, the folks who stuck around through that in the S&P 500 amply rewarded. Four-year average annual return 21.6%. That's more than a double in four years, which is really good even by recent standards for the stock market. Kudos, if you manage to survive that behavioral pressure and stay in the market. Now, that said, one thing that I paid attention to is participation. It's been a theme that we've seen over and over again in recent years, where it seems like so many of the gains in the stock market have come from an increasingly small number of stocks.

If you go back those 3-5 years, go back five years because, as Lou says, bottom at 2022 was basically where we were December 2021. Out of the current S&P 500, nearly 150 stocks are still down over the past five years, not just trailing the market, but actually down. That's 30% of the current S&P 500. That doesn't even include the stocks that were down that have gotten kicked out of the S&P 500 over that interim time. The question I'm looking at going forward is that we've seen AI-related stocks do really well. We've seen some stocks that aren't really directly tied to AI not do as well.

The question, how many of these sectors that have not yet benefited from AI? Are they going to benefit from AI-type innovation in the years to come? Is that going to help them catch up? Because that's one possible outcome is all these laggards catch up. If that doesn't happen as much as people expect, then it's a different story. But I think it highlights the importance of really looking at individual companies and particular industries and trying to figure out, OK, yeah, is this going to benefit from these favorable trends? Is this going to get left behind? Maybe it makes stock picking that much more important. For folks that have, up until now, really focused more on just index investing and trying to buy the market.

Travis Hoium: Well, and what disruption story is real and what's not? Because that's one of the things that I keep seeing over and over, some of the companies that I own, and I go, hey, wait a second. I look at the numbers. We're compounding year over year. Margins are getting better, but there's a story behind it that, well, AI is coming for this company or this industry, and you're going to be toast eventually. Sometimes that's going to be real, and sometimes it's not, and that's the values that we're ultimately looking for.

As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so it'll buy or sell stocks based solely on what you hear. All personal finance content follows The Motley Fool's editorial standards, and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our shows. For Lou Whiteman, Dan Caplinger, and Dan Boyd behind the glass, I'm Travis Hoium. Thanks for listening. We'll see you here tomorrow.

AMD and Intel stocks rose on Friday, rebounding after a sector-wide sell-off a day earlier as investors returned to select technology shares despite weakness across the broader market.

Advanced Micro Devices (AMD) gained 2%, while Intel was up 1.76%. Technology stocks advanced as investors assessed the outlook for artificial intelligence spending and semiconductor demand ahead of the upcoming earnings season.

The Nasdaq Composite fell 0.10%, while the S&P 500 fell 0.42% and the Dow Jones Industrial Average declined 1.09%.

Technology gained 0.43%, making it the second-best-performing S&P 500 sector behind energy, which advanced 2.50%.

Only two of the S&P 500's 11 sectors traded higher.

Intel was also in focus after Wedbush Securities highlighted the potential contribution of additional manufacturing capacity to the company's revenue growth.

Wedbush analyst Matt Bryson said the installation of equipment at Intel's Fab 62 facility in Arizona was consistent with expectations that production would begin in 2028.

However, he noted that it remained unclear whether the initial production lines would use Intel's 18A or 14A process technology.

Bryson said additional capacity was important because existing constraints were limiting Intel's ability to meet customer demand, particularly for Xeon server processors.

In his view, these constraints were also weighing on revenue growth and the company's ability to optimise its product mix.

Intel Foundry CTO and COO Naga Chandrasekaran said this week that construction and equipment installation were underway at Fab 62, the company's sixth high-volume manufacturing facility at its Ocotillo campus in Arizona.

Operations are expected to begin by the end of 2027, although Intel has not disclosed which manufacturing node the facility will use or its planned production capacity.

Intel has also reported progress at other US facilities.

Its plant in New Albany, Ohio, received its first major structural truss, while its Oregon development fab integrated a High-NA extreme ultraviolet lithography machine.

Susquehanna updated its price targets for several semiconductor companies ahead of earnings season, reflecting differing expectations across the sector.

The firm raised its AMD price target to $620 from $550 and increased its Qualcomm target to $185 from $160. However, it lowered Intel's target to $105 from $115.

Susquehanna analyst Christopher Rolland said artificial intelligence would likely drive much of the semiconductor sector's potential upside, while the broader industry upcycle continued.

Rolland noted that semiconductor lead times had expanded by approximately two weeks for a second consecutive quarter in the firm's SemiSIGnals data.

He also highlighted increasingly aggressive pricing, including a 12% quarter-on-quarter increase in the third quarter of 2025, with further price increases expected in the fourth quarter of 2026 and into 2027.

However, the PC market outlook has weakened.

Rolland said third-quarter original design manufacturer builds were tracking significantly below previous expectations, pointing to potentially below-seasonal second-half results for AMD and Intel's client businesses.

Both companies are shifting wafer capacity from PC processors towards server products to address demand associated with agentic AI.

Rolland said the scale of potential server growth would depend on how quickly additional capacity becomes available.

He also noted that Arm-based hyperscale CPUs were expected to gain share as host processors for custom AI accelerators, while memory supply constraints could weigh on smartphone demand.

Meanwhile, expanding hyperscaler capital expenditure plans continued to support data centre demand, although power and infrastructure constraints raised questions about how much planned capacity could be delivered.

American Express is trimming its headcount. AI is part of the reason.

SAN FRANCISCO--(BUSINESS WIRE)--Salesforce (NYSE: CRM), the #1 AI CRM, today announced it has granted equity awards under its 2014 Inducement Equity Incentive Plan (the "Plan") to new employees who joined Salesforce in connection with the acquisition of m3ter and Fin. The Plan was adopted by the Salesforce Board of Directors in July 2014, in accordance with New York Stock Exchange Rule 303A.08. Under the Plan, Salesforce granted a total of 278,068 restricted stock units ("RSUs") to 28 employees.

Dover (NYSE:DOV) reported upbeat earnings for the third quarter on Thursday.

There were some big moves in telecommunications stocks on Friday. On one hand, shares of cell tower owners Crown Castle (CCI +9.06%) and American Tower (AMT +4.08%) soared, with shares up by about 9% and 4%, respectively, as of midday. On the other hand, the three largest wireless carriers plunged, with Verizon (VZ -1.20%), AT&T (T -7.96%), and T-Mobile (TMUS -7.71%) all deep in the red.

Both moves are due to one company, SpaceX (SPCX +1.89%). On Thursday evening, Bloomberg reported that SpaceX is in talks to secure at least 80,000 cell sites across the United States as it aims to become the fourth nationwide wireless carrier. For context, 80,000 sites would represent about half of all the purpose-built cell towers in the U.S., so it would be a pretty big move.

Image source: Getty Images.

This is the second time in October that SpaceX has sent shockwaves through the telecom industry. First, on Oct. 9, SpaceX agreed to buy $8 billion in low-frequency wireless spectrum, and telecom stocks plunged. So, will SpaceX truly boost the tower companies and cost the telecom leaders money?

Why are the tower companies soaring?First, a little context on how the cell tower business works. The owner builds a tower and then rents space on it to wireless carriers, typically under long-term leases. Next time you drive by a cell tower, take a look at the top. You'll probably see several rings of transmission equipment, and each of those represents a tenant. Since the tower is already standing, adding tenants produces extra revenue with very little additional cost.

CCI Crown Castle$85.97+$7.14 (+9.06%)

NYSE · As of 4:00 PM ET 10/23/26

Ever since Sprint was acquired by T-Mobile, the tower industry has essentially had three wireless customers. The majority of Crown Castle's rent comes from AT&T, Verizon, and T-Mobile. A well-capitalized fourth player would mean more tenants per tower.

This is also a notable expansion of SpaceX's plans. Although the company has made its telecom network ambitions known for some time, as recently as August, management described its network as small cells mounted on rooftops (not traditional towers). But without getting too technical, the low-band spectrum it bought makes large towers far more useful, so it makes sense to add them to the plan.

Of course, this isn't the first time a "fourth carrier" has emerged. Just a few years ago, Dish Network signed long-term tower leases to build its own 5G network. To make a long story short, Dish's parent company sold most of its spectrum in 2025 and began shutting down the network. Of course, SpaceX is a far more deep-pocketed tenant and could easily afford to build a nationwide network.

Should investors forget about the carriers?SpaceX is certainly a threat to the big three wireless carriers, but the recent sell-off appears a bit overdone. After all, SpaceX would be starting with no wireless customers at all, it holds less spectrum than any of the others, and its service isn't expected to launch commercially until late 2027. And building a competitive network would be a multiyear process at a minimum.

Let's be clear. SpaceX could certainly pressure the three major wireless carriers over time, but this isn't exactly a death sentence for them either. All have existed in the past with a fourth competitor (Sprint), and pricing power hasn't changed that much since the number dropped to three.

The bottom lineIf you're thinking about buying tower owners as a momentum play or telecoms at a discount, it might be a smart idea to be patient. For one thing, although Crown Castle was specifically mentioned as a company SpaceX was in talks with, there isn't a signed contract or any official management acknowledgment yet. And the telecom sell-off may be overdone, as all that is happening right now is that a potential competitor (who would be starting from scratch) is negotiating with landlords.

In a nutshell, the market is pricing in a deal that hasn't happened yet, and the reaction on both the tower owner and wireless carrier side may be a bit overdone. I'm keeping an eye on some of the stocks involved, but I'm waiting for further official developments before making any moves.

Enterprise-software provider Oracle
ORCL +0.49% 88

committed $1 billion over four years to strengthen its partner network, with shares trading at $125.95, up 0.33%, at 10:35 a.m. ET on Friday. The money will support training, technical resources, cloud migrations and sales efforts. The business logic is straightforward: help more partners get customers onto Oracle's platforms and keep them spending.

There is plenty of demand to serve. Oracle's fiscal first-quarter results showed revenue rising 30% to $19.3 billion, with cloud infrastructure revenue jumping 121% to $7.4 billion. Total cloud revenue reached $11.6 billion, up 62%, while remaining performance obligations stood at $664 billion. The challenge is execution: signed commitments still need to become delivered services and recognized revenue.

The financial profile shows that tension: Oracle's GF Score of 88/100 pairs strong growth and profitability readings with weaker financial strength and valuation readings. Partner support could expand implementation capacity without Oracle handling every deployment itself. But spending is the starting line. Investors should watch whether the incentives bring additional cloud usage, faster migrations and better conversion of contracted business into revenue.

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Now with a new route of induction administration, subcutaneous SKYRIZI supports early symptomatic and endoscopic control with an on-body injector (OBI) device throughout the course of treatment In the pivotal Phase 3 AFFIRM study, subcutaneous (SC) SKYRIZI® achieved superior clinical remissioni and endoscopic responseii at week 12 compared with placebo in patients with Crohn's disease; results were particularly strong in patients without prior advanced therapy failureiii The safety profile of subcutaneous induction was generally consistent with the established SKYRIZI profile in Crohn's disease, with no new safety risks identified FDA also approved an update to the U.S. Prescribing Information warning and precautions across all indications to allow healthcare providers to use clinical judgment when determining whether tuberculosis (TB) testing is needed , /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced the U.S. Food and Drug Administration has approved a subcutaneous (SC) induction regimen for SKYRIZI® (risankizumab-rzaa) for adults with moderately to severely active Crohn's disease (CD)iv. Patients now have the option to start SKYRIZI treatment at home, with induction doses delivered by an on-body injector (OBI) induction pack and then continue using an OBI once every eight weeks throughout the course of maintenance treatment.

"People living with Crohn's disease need treatments that can deliver meaningful disease control from the start," said Roopal Thakkar, M.D., executive vice president, research and development, chief scientific officer, AbbVie. "With the approval of subcutaneous induction, we are building on the strong efficacy of SKYRIZI while giving patients and physicians greater flexibility in how treatment is initiated. This is one more example of how AbbVie continues to advance treatment to better meet the needs of people living with Crohn's disease."

Subcutaneous SKYRIZI Shows High Rates of Clinical Remission and Endoscopic Response by Week 12iii 
This FDA approval is supported by positive results from the Phase 3 AFFIRM trial evaluating the efficacy and safety of SC SKYRIZI versus placebo in patients with moderately to severely active CD.iii SKYRIZI achieved superiority of the co-primary endpoints of clinical remission and endoscopic response at week 12.iii Although the study enrolled a primarily treatment-refractory population, these Phase 3 results were particularly strong within patients without prior advanced therapy failure (advanced therapy-naïve).iii By week 12, nearly three-quarters (74%) of advanced therapy (AT)-naïve patients were in clinical remission (vs. 27% placebo) and these AT-naïve patients achieved endoscopic response at four times the rate of placebo (60% vs. 15%, respectively).iii SC SKYRIZI also had a higher efficacy response in patients who had previously failed advanced therapy.iii

SC SKYRIZI also met secondary endpoints including endoscopic remission and FACIT fatigue scores at week 12 vs. placebo.iii The safety profile of SC SKYRIZI for induction was generally consistent with its known profile in CD, with no new safety risks observed.iii

Together, these results demonstrate market-leading clinical and endoscopic outcomes in advanced therapy-naïve patients that set a high bar in CD. Furthermore, the strength of these subcutaneous results provides a compelling foundation for future clinical trials.

AFFIRM Phase 3 Proportion of Patients Meeting Efficacy Endpoints at Week 12iii

Total Population

Prior Advanced Therapy
Failurea

Without Prior Advanced
Therapy Failureb 
(Advanced Therapy-Naïve)

Proportion of
Patients

Placebo

N=94

Skyrizi SCc

N=180

Placebo

N=61

Skyrizi SCc

N=115

Placebo

N=33

Skyrizi SCc

N=65

Clinical
Remissiond,e

30 %

56 %h

31 %

45 %

27 %

74 %

Endoscopic
Responsed,f

15 %

43 %h

15 %

33 %

15 %

60 %

Endoscopic
Remissiong

11 %

26 %h

11 %

17 %

9 %

43 %

a. Prior advanced therapy failure includes inadequate response, loss of response, or intolerance to one or more biologic or Janus Kinase inhibitor (JAKi) treatments for CD

b. Without prior advanced therapy failure includes patients who were naïve to biologics or JAKi, or patients who had never failed or demonstrated intolerance to biologics or JAKi

c. SKYRIZI 720 mg as a subcutaneous injection at Week 0, Week 2, Week 4, and Week 8

d. Co-primary endpoints

e. Defined as Crohn's disease activity index (CDAI) < 150

f.  Defined as a decrease in Simplified Endoscopic Activity Score for Crohn's disease (SES-CD) > 50% from baseline, or a decrease of at least 2 points for subjects with a baseline
    score of 4 and isolated ileal disease, based on central reading

g. SES-CD ≤ 4 and at least a 2-point reduction from baseline, with no individual subscore greater than 1, based on central reading
h. p <0.001 compared to placebo in total population.

Subcutaneous Treatment With SKYRIZI Offers Fully Self-Administered Therapy From the Start 
The induction dosing regimen with SC SKYRIZI is 720 mg delivered by OBI induction pack at weeks 0, 2, 4 and 8.iii Patients also have the option to start treatment intravenously with 600 mg delivered at weeks 0, 4 and 8.iii Patients can then continue with maintenance dosing starting at week 12 administered by OBI every eight weeks.iii

"When patients and I discuss treatment, they want to know two things: will it work? And how will it fit into their lives?" said Millie D. Long, M.D., MPH, chief, division of gastroenterology and hepatology, University of North Carolina at Chapel Hill, and lead investigator of AFFIRM. "AFFIRM answered the first question, with superior rates of clinical remission and endoscopic response versus placebo during induction with subcutaneous SKYRIZI, particularly in patients new to advanced therapy. This approval answers the second. As a physician who has used the SKYRIZI OBI, I've seen firsthand the convenience it can offer patients. Now with this approval, patients can start treatment at home and continue the same way through maintenance."

Patients Report Satisfaction and Ease of Use in Real World Experience With SKYRIZI OBI
First introduced in 2022 for CD maintenance treatment, the SKYRIZI OBI has demonstrated strong user experience. In a real-world survey of 186 people living with CD, 88% reported AbbVie's OBI easy to use.v In evaluating alternative routes of administration, a patient-reported survey of 352 adults living with IBD found 87% were satisfied or highly satisfied with OBI compared to 71% with an autoinjectorvi, demonstrating patient preference for OBI.

FDA Also Approved Update to Tuberculosis (TB) Language in U.S. Prescribing Information
Additionally, the FDA approved an update to the SKYRIZI prescribing information's warning and precautions language across all approved indications.iii The revised label advises healthcare providers to consider TB evaluation prior to treatment initiation based on clinical judgment.iii This change gives healthcare providers greater flexibility in patient assessment before starting SKYRIZI treatment. There is no mandatory TB test prior to initiating SKYRIZI.

About Crohn's Disease 
Crohn's disease is a chronic, systemic disease that manifests as inflammation within the gastrointestinal tract, most commonly in the area between the small intestine (ileum) and the colon, causing persistent diarrhea and abdominal pain.vii,viii It is a progressive disease, meaning it gets worse over time and may lead to life-threatening complications or surgery.ix,x Because the signs and symptoms of Crohn's disease are unpredictable, it causes a significant burden on people living with the disease—not only physically but also emotionally and economically.xi

About the AFFIRM Studyxii
AFFIRM is a global, Phase 3, randomized, placebo-controlled, double-blind study to evaluate the efficacy and safety of risankizumab subcutaneous (SC) as an induction treatment in adult patients with moderately to severely active Crohn's disease. Co-primary endpoints were percentage of participants with CDAI Clinical Remission (CDAI < 150) and percentage of participants with endoscopic response at week 12. A total of 274 patients were randomized in a 2:1 ratio to risankizumab SC or placebo. Key demographics and baseline characteristics were generally balanced between the risankizumab SC and placebo groups; 65% had failed advanced therapies for the treatment of CD before. The study consists of three treatment periods: a placebo-controlled Period A (baseline to week 12) to evaluate the efficacy and safety of risankizumab SC induction treatment, an extended Period B (week 12 to 24) where patients receive blinded or open-label treatments based on their clinical response at week 12, and a 52-week open-label extension Period C where all patients receive the approved risankizumab maintenance treatment.xii More information on this trial can be found at www.clinicaltrials.gov (NCT06063967).xii

Patient Access and Support
AbbVie is committed to helping people access SKYRIZI and other medicines, including offering a patient support program and co-pay card that may reduce out-of-pocket costs to as little as $0 per month for eligible, commercially insured patients. For those with limited or no health insurance, AbbVie offers myAbbVie Assist, a patient assistance program that provides SKYRIZI at no charge to those who qualify. More information about this assistance program can be found at www.AbbVie.com/myAbbVieAssist.

About SKYRIZI® (risankizumab-rzaa)
SKYRIZI is an interleukin-23 (IL-23) inhibitor that blocks IL-23 by selectively binding to its p19 subunit. IL-23, a cytokine involved in inflammatory processes, is thought to be linked to a number of chronic immune-mediated diseases.iii SKYRIZI is approved by the U.S. Food and Drug Administration (FDA) for the treatment of moderately to severely active ulcerative colitis, plaque psoriasis, psoriatic arthritis and Crohn's disease.iii

SKYRIZI® (risankizumab-rzaa) U.S. Uses and Important Safety Informationiii
SKYRIZI is a prescription medicine used to treat:

moderate to severe plaque psoriasis in adults and children 6 years of age and older who may benefit from taking injections or pills (systemic therapy) or treatment using ultraviolet or UV light (phototherapy). active psoriatic arthritis in adults and children 6 years of age and older. moderately to severely active Crohn's disease in adults. moderately to severely active ulcerative colitis in adults. IMPORTANT SAFETY INFORMATION

What is the most important information I should know about SKYRIZI® (risankizumab-rzaa)?

SKYRIZI is a prescription medicine that may cause serious side effects, including:

Serious allergic reactions:

Stop using SKYRIZI and get emergency medical help right away if you get any of the following symptoms of a serious allergic reaction: fainting, dizziness, feeling lightheaded (low blood pressure) swelling of your face, eyelids, lips, mouth, tongue, or throat trouble breathing or throat tightness chest tightness skin rash, hives itching Infections:
SKYRIZI may lower the ability of your immune system to fight infections and may increase your risk of infections. Your healthcare provider may check you for infections and tuberculosis (TB) before starting treatment with SKYRIZI and may treat you for TB before you begin treatment with SKYRIZI if you have a history of TB or have active TB. Your healthcare provider should watch you closely for signs and symptoms of TB during and after treatment with SKYRIZI.

Tell your healthcare provider right away if you have an infection or have symptoms of an infection, including: fever, sweats, or chills cough shortness of breath blood in your mucus (phlegm) muscle aches warm, red, or painful skin or sores on your body different from your psoriasis weight loss diarrhea or stomach pain burning when you urinate or urinating more often than normal Do not use SKYRIZI if you are allergic to risankizumab-rzaa or any of the ingredients in SKYRIZI. See the Medication Guide or Consumer Brief Summary for a complete list of ingredients.

Before using SKYRIZI, tell your healthcare provider about all of your medical conditions, including if you:

have any of the conditions or symptoms listed in the section "What is the most important information I should know about SKYRIZI?" have an infection that does not go away or that keeps coming back. have TB or have been in close contact with someone with TB. have recently received or are scheduled to receive an immunization (vaccine). Medications that interact with the immune system may increase your risk of getting an infection after receiving live vaccines. You should avoid receiving live vaccines right before, during, or right after treatment with SKYRIZI. Tell your healthcare provider that you are taking SKYRIZI before receiving a vaccine. are pregnant or plan to become pregnant. It is not known if SKYRIZI can harm your unborn baby. are breastfeeding or plan to breastfeed. It is not known if SKYRIZI passes into your breast milk. become pregnant while taking SKYRIZI. You are encouraged to enroll in the Pregnancy Registry, which is used to collect information about the health of you and your baby. Talk to your healthcare provider or call 1-877-302-2161 or visit http://glowpregnancyregistry.com to enroll in this registry. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

What are the possible side effects of SKYRIZI?

SKYRIZI may cause serious side effects. See "What is the most important information I should know about SKYRIZI?"

Liver problems may happen while being treated for Crohn's disease or ulcerative colitis: A person with Crohn's disease who received SKYRIZI through a vein in the arm developed changes in liver blood tests with a rash that led to hospitalization. Your healthcare provider will do blood tests to check your liver before, during, and at least up to 12 weeks of treatment, and may stop treatment with SKYRIZI if you develop liver problems. Tell your healthcare provider right away if you notice any of the following symptoms: unexplained rash, nausea, vomiting, stomach (abdominal) pain, tiredness (fatigue), loss of appetite, yellowing of the skin and eyes (jaundice), and dark urine.

The most common side effects of SKYRIZI in people treated for Crohn's disease and ulcerative colitis include: upper respiratory infections, headache, joint pain, stomach (abdominal) pain, injection site reactions, low red blood cells (anemia), fever, back pain, urinary tract infection, and rash.

The most common side effects of SKYRIZI in people treated for plaque psoriasis and psoriatic arthritis include: upper respiratory infections, headache, feeling tired, injection site reactions, and fungal skin infections.

These are not all the possible side effects of SKYRIZI. Call your doctor for medical advice about side effects.

Use SKYRIZI exactly as your healthcare provider tells you to use it.

SKYRIZI (risankizumab-rzaa) is available in a 150 mg/mL prefilled syringe and pen, a 55 mg/0.37 mL prefilled syringe, a 600 mg/10 mL vial for intravenous infusion, and a 180 mg/1.2 mL or 360 mg/2.4 mL single-dose prefilled cartridge with on-body injector.

You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.

If you are having difficulty paying for your medicine, AbbVie may be able to help.

Visit AbbVie.com/PatientAccessSupport to learn more.

Please click here for the Full Prescribing Information and Medication Guide.

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

About AbbVie in Immunology 
AbbVie is relentless in our pursuit to redefine the standard of care for patients living with immune-mediated conditions, with the goal of helping them live a life free from the limitations of their disease. For nearly 30 years, AbbVie has led and helped shape the field of immunology through groundbreaking science and trusted medicines. Building on deep expertise across gastroenterology, rheumatology, dermatology and other areas of high unmet need, we continue to invest in a broad and differentiated pipeline – spanning innovative modalities, novel mechanisms of action and next-generation approaches designed to conquer the complex biology underlying immune-mediated disease.

Today, more than 1 million patients worldwide are treated with AbbVie's immunology medicines, approved in more than 175 countries across 20+ immune-mediated diseases that impact adult and pediatric populations. As we work to strengthen our legacy and drive the next wave of innovation, we remain focused on delivering meaningful progress for patients and expanding access to our medicines. For more information, please visit www.abbvie.com/immunology.

Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. 

References: 
i. Co-primary endpoint defined as Crohn's Disease Activity Index (CDAI) score <150.
ii. Co-primary endpoint defined as decrease in SES-CD > 50% from baseline (or for patients with isolated ileal disease and a baseline SES-CD of 4, at least a 2-point reduction from baseline), as scored by a central reviewer.
iii. SKYRIZI [Package Insert]. North Chicago, IL: AbbVie Inc. 
iv. Defined as CDAI of 220 to 450 and SES-CD ≥ 6 (or ≥ 4 for isolated ileal disease).
v. Keefer L, Griffith JM, Yang M, et al. Treatment satisfaction and patients' experiences with risankizumab on-body injector among adults with Crohn's disease in clinical practice: initial results from the ASPIRE-CD study. Poster P5425. Presented at: American College of Gastroenterology Annual Scientific Meeting; October 24-29, 2025; Phoenix, AZ. 
vi. Data on file, AbbVie Inc. Source: ZS Associates; December 2024-February 2025.
vii. Crohn's & Colitis Foundation. The facts about inflammatory bowel diseases. Crohn's & Colitis Foundation. Published November 2014. Accessed October 13, 2026. https://www.crohnscolitisfoundation.org/sites/default/files/2019-02/Updated%20IBD%20Factbook.pdf.
viii. Mayo Clinic. Crohn's disease - Symptoms and causes. Mayo Clinic. Accessed February 23, 2026. https://www.mayoclinic.org/diseases-conditions/crohns-disease/symptoms-causes/syc-20353304.
ix. Mehta F. Report: economic implications of inflammatory bowel disease and its management. Am J Manag Care. 2016 Mar;22(3 Suppl):s51-60.
x. Kaplan G. The global burden of IBD: from 2015 to 2025. Nat Rev Gastroenterol Hepatol. 2015 Dec;12(12):720-7. doi: 10.1038/nrgastro.2015.150.
xi. Gajendran M, et al. A comprehensive review and update on Crohn's disease. Dis Mon. 2018 Feb;64(2):20-57. doi: 10.1016/j.disamonth.2017.07.001.
xii. ClinicalTrials.gov. A Study to Evaluate Efficacy and Safety of Risankizumab Subcutaneous Induction in Participants With Moderately to Severely Active Crohn's Disease (AFFIRM). NCT06063967. Available at: https://clinicaltrials.gov/study/NCT06063967. Accessed October 13, 2026.

SOURCE AbbVie

Defense-AI software provider Palantir PLTR told Reuters that neither the company nor the U.S. government can remotely disable customers' Maven systems, as shares traded at $195.25, down 0.48% at 10:35 a.m. ET Friday. The statement addresses a central concern for European military buyers: who controls the technology once it is deployed?

According to Reuters' reporting, NATO purchased Maven for its European military headquarters in 2025 and declared full technical operating capability in June 2026. The platform brings together battlefield information from sources including satellites and radar. Palantir's latest reported quarterly revenue reached $1.94 billion, up 93%, with U.S. revenue rising 115% to $1.57 billion. That puts European adoption alongside an already fast-growing American business.

The valuation leaves little room for complacency. A GF Score of 83/100 sits alongside a price-to-earnings ratio of 166.31, suggesting solid business metrics come with demanding earnings expectations. Customer control addresses one technical concern, but governments still have to weigh sovereignty, security and oversight. For investors, the next meaningful signals are additional deployments, renewals and disclosed contract values. Those would show whether NATO's adoption translates into a broader European business.

Micron Technology, Inc‘s (NASDAQ:MU) next memory architecture could help AI processors move data faster, but getting more memory closer to compute comes with a physical trade-off: heat.

Advanced-chip foundry TSMC (TSM) reported its sixth consecutive record quarterly profit, with U.S.-listed shares up 1.89% to $420.14 at 10:50 a.m. ET Friday. AI

Union Pacific Corp. (NYSE:UNP) on Thursday reported better-than-expected third-quarter earnings and revenue.

Nvidia (NVDA -0.59%) and Broadcom (AVGO -0.48%) are two of the leading semiconductor companies at the center of the ongoing artificial intelligence (AI) revolution. Both tech leaders have been handsomely rewarded for their troubles. Over the past five years, Nvidia's shares have climbed by about 904%, as of writing, while Broadcom has gained 563%.

Both could continue capitalizing on the AI industry's growth, but which one will perform better over the next five years? My money is on Nvidia, and here is why.

Image source: The Motley Fool.

Is Nvidia's momentum about to stop?Nvidia is best known for making GPUs (graphics processing units), the workhorse of AI training. Demand for the company's products has been the main driver behind outstanding revenue and earnings growth in recent years.

However, many worry that this tailwind may be coming to an end. There is increased demand for Application-Specific Integrated Circuits, custom AI chips designed to handle specific workloads. Broadcom is a leader in designing ASICs.

As companies increasingly seek to reduce their reliance on Nvidia's hardware for various reasons, including price-related ones, Broadcom may benefit. Even so, several things signal that demand for Nvidia's GPUs will remain high for the foreseeable future. For instance, even as some of the hyperscalers double down on AI chips, they remain loyal Nvidia customers.

NVDA Nvidia$210.96-$1.25 (-0.59%)

NASDAQ · As of 4:00 PM ET 10/23/26

Some of them have said so. Amazon's (AMZN -0.95%) CEO, Andy Jassy, predicted that the company would be an Nvidia partner for as long as he can foresee. Other companies, including Tesla (TSLA -0.63%) and Space Exploration Technologies (SPCX +1.89%), are spending fortunes on their AI-related ambitions. So, it appears that the predicted continued increase in AI infrastructure spending will benefit Nvidia over the medium term.

It should benefit Broadcom as well, but there are several reasons Nvidia is arguably in a better position. Let's consider three of them. First, Nvidia is the undisputed leader in the GPU market, holding a more than 90% market share.

The company's technological expertise is only part of the reason it has remained the top player in this industry. Its real competitive edge stems from its CUDA ecosystem, which creates high switching costs.

Broadcom is also a leader in the ASIC space, but its roughly 60% market share isn't nearly as impressive as Nvidia's dominance in GPUs. Besides, I'd argue that Broadcom's moat is narrower, while the company is increasingly facing tough competition. Second, even as Broadcom's AI semiconductor revenue continues to grow rapidly, this business has lower gross margins than the company's Infrastructure software segment.

AVGO Broadcom$321.68-$1.56 (-0.48%)

NASDAQ · As of 4:00 PM ET 10/23/26

So, as AI semiconductor revenue accounts for an increasingly large percentage of revenue, gross margins could drop. That won't mean lower profits. It will mean a lower gross profit per dollar of revenue.

Third, Nvidia is no longer just a GPU company. The company has expanded well beyond that and now offers a full-stack AI platform. The company's GPU business should remain the main growth driver, but other products, such as CPUs (central processing units), should contribute meaningfully over the medium term.

It is true that Broadcom is significantly diversified beyond its semiconductor solutions, notably thanks to its software segment. But Nvidia has also made an effort to diversify its business, and that could pay rich dividends down the road.

Do valuation considerations tip the scales in Broadcom's favor?Which one of these two companies appears more attractively valued right now? Some might say it is Broadcom. It is trading at 19.4x forward earnings, versus Nvidia's 24.9x, and an average of 19.3x for information technology stocks. I'd buy Broadcom's shares at current levels, but Nvidia looks more attractive given its position in the AI industry and therefore deserves a higher premium. So, even with a higher forward price-to-earnings ratio, Nvidia could outperform Broadcom over the next five years.

AGNC sends shareholders a check every single month and yields more than most investors see in a year, but last quarter book value fell faster than the dividends arrived. Here is what the math actually looks like.

AGNC Investment (NASDAQ:AGNC) yields 16.1% and pays $0.12 per share every month. The next ex-dividend date is October 30, 2026, and payment follows on November 10. Third-quarter results showed what that yield costs. Tangible net book value per share fell 16.9% to $7.13 in a single quarter.

How a Mortgage REIT Earns 16%
AGNC owns mortgage bonds. It buys Agency MBS, which Fannie Mae, Freddie Mac, and Ginnie Mae guarantee against credit losses. It funds those bonds with short-term repurchase agreements and keeps the gap between what the bonds pay and what the borrowing costs. Leverage of 7.9x tangible net book value makes that gap pay well, and it amplifies every move in interest rates. Rates moved against AGNC last quarter: the net interest spread narrowed to 1.86% from 2.00% as the cost of funds rose to 3.09%.

Book Value Is Shrinking Under the Payout
Tangible book stood at $8.88 at the end of 2025. It fell to $8.38 in Q1, recovered to $8.58 in Q2, then dropped to $7.13. The CFO, Bernice Bell, laid out the math on the earnings call:

“Our economic return on tangible common equity was -12.7% for the quarter, consisting of $0.36 of dividends declared per common share and a $1.45 decline in tangible net book value per share due to the underperformance of our mortgage assets relative to our interest rate hedges.”

Shareholders got paid, but they lost more in book value than they collected in dividends. The stock trades at $8.90, down 8.09% year to date. AGNC also issued 97.6 million shares through its at-the-market (ATM) share sales program for $992 million. Since quarter-end, management says book value has grown “a little over 2% net of our October dividend accrual.”

A Steady Dividend With a History of Cuts
AGNC has paid $0.12 every month since the April 29, 2020 ex-date, when it cut the dividend from $0.16. Before that, the monthly payout fell from $0.22 to $0.20, then to $0.18, then to $0.16. CEO Peter Federico says the current rate still holds up:

“Our existing portfolio generated $0.37 of net spread and dollar roll income on an ROE basis. That’s around a 20% return. Obviously, given the dividend, it’s consistent with the book value dividend yield of around 20%.”

Adjusted EPS of $0.37 covered the $0.36 quarterly dividend, a margin of a single cent.

What Would Shrink the Payout
A cut would likely take three things: Agency MBS spreads widening again, repo costs climbing faster than asset yields, or the stock slipping to a discount to book, which would shut off share issuance that adds to book value. Those are the same risks we highlighted in a free guide to dividend traps, worth a read before chasing any double-digit yield. Federico sees value in current spreads:

“The return profile of Agency MBS is really strong. We just have to get through all of this other macro uncertainty.”

Peers Show Both Paths
Annaly Capital Management (NYSE:NLY) earned $0.80 of earnings available for distribution (EAD) against a $0.75 dividend, a wider buffer. Its economic return was-7.6%, a smaller hit than AGNC’s. Orchid Island Capital (NYSE:ORC) shows the downside case. It cut its monthly dividend from $0.12 to $0.10 in 2026, posted a -12.47% total return, and ran leverage of 8.8x.

Who AGNC Suits
AGNC’s structure appeals to income-focused investors seeking large monthly checks, and it comes with sharp swings in principal. The 16.1% yield reflects compensation for real book-value risk. Two things to track next: tangible book value in the fourth quarter and whether earnings keep covering the $0.12 payout.

Contact [email protected] for any questions or corrections.

U.S. stocks traded lower toward the end of trading, with the Dow Jones falling more than 1% on Friday.

The Dow traded down 1.12% to 52,276.51 while the NASDAQ dipped 0.13% to 25,976.16. The S&P 500 also fell, dropping, 0.43% to 7,630.85.

Leading and Lagging Sectors

Energy shares jumped by 2.6% on Friday.

In trading on Friday, consumer staples stocks fell by 1.8%.

Top Headline

SLB (NYSE:SLB) shares gained around 7% after the company reported better-than-expected third-quarter financial results.

SLB reported quarterly earnings of 64 cents per share which beat the analyst consensus estimate of 61 cents per share. The company reported quarterly sales of $9.449 billion which beat the analyst consensus estimate of $9.280 billion.

Equities Trading UP
           

Robert Half Inc (NYSE:RHI) shares shot up 16% to $43.54 after the company reported better-than-expected third-quarter financial results. Shares of Crown Castle Inc (NYSE:CCI) got a boost, surging 11% to $87.67 following reports suggesting that SpaceX is trying to secure access to 80,000 cell cites across the U.S. and is discussing leases with the company. Quantum Corp (NASDAQ:QMCO) shares were also up, gaining 10% to $18.75. Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on Quantum with an Overweight rating and announced a price target of $29. Equities Trading DOWN

Lunai Bioworks Inc (NASDAQ:LNAI) shares dipped 40% to $0.28 after the company announced receipt of Nasdaq determination and intention to voluntarily delist and deregister. Shares of LKQ Corp (NASDAQ:LKQ) were down 20% to $18.06 after the company reported preliminary third-quarter financial results to reflect an underperformance in Europe. Also, the company withdrew its FY26 guidance. Tango Therapeutics Inc (NASDAQ:TNGX) was down, falling 18% to $23.01 after the company announced results from its Phase 1/2 study of vopimetostat. A median PFS was not reached. Commodities 

In commodity news, oil traded up 4% to $103.38 while gold traded down 1.5% at $4,001.30.

Silver traded down 2.8% to $53.480 on Friday, while copper rose 1.1% to $6.4690.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.9%, while Spain’s IBEX 35 Index fell 0.5%, London’s FTSE 100 fell 0.8%, Germany’s DAX fell 1.3%, while France’s CAC 40 dipped 1%.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 falling 0.34%, Hong Kong’s Hang Seng index gaining 0.69%, China’s SSE Composite Index gaining 0.89% and India’s BSE Sensex falling 0.17%.

Economics

The University of Michigan’s consumer sentiment index rose to 48.0 in October, versus a preliminary reading of 46.3.

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New York, New York--(Newsfile Corp. - October 23, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities FuelCell Energy, Inc. (NASDAQ: FCEL) between June 24, 2026 and September 1, 2026, inclusive (the "Class Period"), of the important November 10, 2026 lead plaintiff deadline.

SO WHAT: If you purchased FuelCell securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the FuelCell class action, go to https://rosenlegal.com/cases/fuelcell-energy-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) FuelCell's manufacturing capacity was inadequate to generate the production rate required under the capital equipment purchase agreement ("CEPA"); (2) as a result, FuelCell's annualized production rate for deliveries under the CEPA with Fit Energy was slower than expected; (3) as a result, FuelCell was incurring higher product costs and manufacturing overhead expenses; (4) as a result of the slower production rate, FuelCell was reasonably likely to incur charges in connection with the CEPA; (5) the foregoing was a known trend affecting FuelCell's profitability; and (6) as a result of the foregoing, defendants' positive statements about FuelCell's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the FuelCell class action, go to https://rosenlegal.com/cases/fuelcell-energy-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320614

Source: The Rosen Law Firm PA

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Tom Coughlin discusses the greater hard disk drive industry as companies like Micron (MU), Western Digital (WDC), SanDisk (SNDK) and other AI memory chips command price action. He predicts 80% of data center information will be stored via HDD, opening the door for these companies to command the space even more.

Western Digital (WDC) offers a "great window into the AI buildout," says Don Gentile. who believes the company's 50% revenue boost offers a strong bull case for the AI trade.

Robinhood Markets (HOOD -1.56%) started with a simple idea: Make it easier for ordinary people to invest.

That sounds like a single business. But it isn't anymore. By the second quarter of 2026, Robinhood had 13 business lines generating at least $100 million of annualized revenue. That's up from just one in 2019 and nine in 2024.

At first, this might look like another impressive growth statistic. But digging deeper, I think it tells us something more important -- that Robinhood is getting better at turning one customer relationship into multiple sources of revenue.

Image source: Getty Images.

From one business to many Robinhood originally built its business around stock trading. But it didn't stop there. It kept adding products. Options became an important revenue stream. Crypto followed. Robinhood added margin lending, cash products, Gold membership subscriptions, securities lending, prediction markets, credit cards, etc. Each product gave Robinhood another way to make money from its customers.

That's an important strategy. A traditional broker might make money when a customer trades. Robinhood increasingly has opportunities to make money, whether that customer is trading, holding cash, paying for a subscription, using a card, borrowing against securities, or participating in other financial products.

The company doesn't need every product to become enormous. It needs enough of them to become meaningful. So far, that's happening.

HOOD Robinhood Markets$95.07-$1.51 (-1.56%)

NASDAQ · As of 4:00 PM ET 10/23/26

The customer matters more than the product This is where Robinhood's strategy is particularly important.

Imagine someone opens a Robinhood account to buy a few stocks. That customer might initially generate very little revenue. But over time, Robinhood can offer more products. The customer could subscribe to its Gold membership. Move more cash onto the platform. Trade options. Use the Gold Card. Buy crypto. Participate in prediction markets, and more. The customer doesn't need to find another financial company for each activity.

As for Robinhood, it can continue to expand the relationship, generating more revenue over time. Better still, it doesn't have to spend on customer acquisition costs, making growth highly efficient over time.

A few numbers show how customers are becoming more valuable. Robinhood ended the second quarter with 28.4 million funded customers, up 7% from a year earlier. Gold subscribers reached 4.8 million, up 39%, while average revenue per user increased 24% to $187.

That's an interesting combination. More customers. More products. More revenue per customer. If Robinhood can keep all three growing, the business could compound in ways that a simple trading platform cannot.

Diversification matters Another benefit of this strategy is that it reduces the volatility of Robinhood's traditional trading products. The idea is simple. Trading activity can be unpredictable. When markets become active, customers tend to trade more. When markets become quiet, transaction activity can slow.

Robinhood has gradually built other revenue streams that don't depend entirely on customers buying and selling stocks. In the second quarter, transaction-based revenue rose 44% year over year to $776 million. But Robinhood also generated $389 million of net interest revenue and $143 million of other revenue.

That mix gives the company more than one engine. If one product slows, another can potentially offset some of the weakness. That's especially valuable for a company whose original business depends heavily on market activity.

There's a catch that investors should understand, though. When Robinhood says a business has more than $100 million in annualized revenue, it doesn't mean the business generated $100 million in the past year. Robinhood calculates the figure by taking the relevant quarter's revenue and multiplying it by four. So, investors shouldn't treat the 13 businesses as 13 mature $100 million companies.

But the milestone still matters. It shows that Robinhood has created multiple products capable of reaching meaningful scale. Besides, the speed at which the company is building these products is remarkable, considering that it only had one $100 million product (options trading) in 2019.

What does it mean for investors? Robinhood has been in an expansion mode over the last few years, thanks to its strategy of building products that customers want to use. If it can continue to build products that customers want, the company could create a powerful flywheel: More customers give Robinhood a larger audience. More products give it more ways to monetize that audience.

Higher revenue gives Robinhood more resources to invest in new products. Successful products, in turn, make the platform more valuable to customers. That's how it can gradually become something much bigger.

In other words, the 13-business milestone doesn't prove Robinhood will become a great long-term compounder. But it gives investors an important clue on how the company is evolving, and that its long-term growth strategy is already gaining traction.

Defensive Rotation Is Losing Support For much of the past two weeks, traders had been moving out of data-center and technology stocks and into defensive sectors. That may have been the right move as investors worried about the amount of debt and capital spending tied to the AI build-out.

Friday’s price action, however, suggests the defensive stock rotation may be losing support. Defensive sectors are lower, with the Dow taking the largest loss among the major indexes. What this does not mean is that investors have once again turned bullish on technology. What it likely means is that investors are becoming less willing to hold the groups that were supposed to cushion a technology selloff.

The S&P 500 is holding closer to unchanged because the broad market still has enough buyers to offset some of the Dow weakness. However, the pressure in defensive sectors is a warning that the selling could spread if the technology bid fails to hold.

Technology Buyers Are Being Selective The strength in selected chip stocks is helping the Nasdaq. However, it is not making the financing issue that hurt the group on Thursday go away. Traders remain concerned about the amount of money needed to build data centers. Furthermore, there are worries over whether companies can keep funding those projects without increasing pressure on the credit markets.

Dow Jones Price Forecast

Every new Dow Jones analysis as it publishes, today's technical signal and key levels, live price — on one page.

See all Dow Jones forecasts The current buying is concentrated in companies traders believe have visible demand. That is different from broad buying across the technology sector. Investors are being selective. They are separating the companies showing revenue opportunities from the companies carrying the largest financing questions.

Daily S&P 500 Index (SPX) Technical Analysis Daily Nasdaq Composite Index (IXIC) The Nasdaq Composite is lower late in the session on Friday. The main trend is down according to the daily swing chart and the index opened the session on the weak side of the 50-day moving average at 26599.51.

The downtrend resumed on Friday when sellers took out yesterday’s low at 25918.09. It will be reaffirmed on a trade through the September 16 main bottom at 25802.96. The main trend will change back to up if buyers can take out 27722.75.

The minor trend is also down. A trade through 26778.90 will change the minor trend to up and shift momentum to the upside.

Retracement zone resistance is 26536.32 to 26762.86. Inside this zone is the 50-day moving average at 26599.51. This is solidifying its importance as a key resistance area.

Retracement zone support at 26074.05 to 25684.95 is currently being tested. Inside this zone is the main swing bottom at 25802.96. Traders should watch this area for a technical bounce and the possible start of a counter-trend rally.

What to Watch For the S&P 500 Index, I have a bias to the downside because the main trend is down on the swing chart. It’s also being supported by the trade on the bearish side of the 50-day moving average. Conditions could change after a successful test of 7,579.22 to 7,516.61 that could alter my outlook. Furthermore, my outlook will weaken if the 50-day moving average is recaptured.

My bias for the Nasdaq Composite is also to the downside. Not only is the swing chart trending lower, but the index is also trading on the weak side of the 50-day moving average. The index is currently testing a critical retracement area that is likely to determine the near-term direction of the market.

A move over the 50% area at 26074.05 and we could see a counter-trend rally back to the 50-day moving average at 26599.51. Break sharply through the 61.8% retracement level at 25684.95 and the index could collapse into the 200-day moving average at 24992.15.

More Information in our Economic Calendar.