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Gold (XAU/USD) remains under pressure on Friday, slipping to $3,965 during Asian trading hours, its lowest level since July. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory. At the time of writing, XAU/USD trades around $3,979, down nearly 1% on the day.

Traders turn risk-averse as disappointing technology earnings renew concerns about heavy AI spending and whether those investments will generate sufficient returns. Investors move into government bonds, pushing US Treasury yields lower and dragging the US Dollar down.

The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, trades around 101.65, extending losses for a third consecutive day.

Analysts at ING argue that positioning rather than fundamentals may be the key near-term driver for the Dollar, warning that “the main risk for the dollar today is some precautionary unwinding of net-long positions ahead of Tuesday’s US midterm elections.” They note that “a Democratic sweep is trading around 68% in prediction markets,” a scenario they see as “slightly negative for the US dollar from a few angles, from higher risk of government shutdown and gridlock on debt ceiling negotiations to potential damage to already shaky AI-related sentiment.”

Adding to the cautious mood, reports of a major security breach at cryptocurrency exchange Binance weigh on digital assets and further unsettle investors. Gold has so far failed to benefit from the risk-averse mood, as traders focus on rising Oil prices amid Middle East tensions and their resulting impact on inflation and interest rates.

Oil prices climb to their highest levels since May amid concerns that the US could resume military strikes against Iran after next week’s US midterm elections. West Texas Intermediate (WTI) trades above $103 a barrel, keeping energy-driven inflation risks in focus.

Higher energy costs risk keeping inflation above the Fed’s 2% target for longer. Data released on Thursday showed that September headline Personal Consumption Expenditures (PCE) inflation rose 0.5% MoM and 3.6% YoY, while the core measure increased 0.3% MoM and 3.1% YoY.

Traders price in around a 75% chance of a December rate hike, according to the CME FedWatch Tool, after the Fed left rates unchanged in October. Higher borrowing costs tend to weigh on Gold, as it offers no interest income.

Technical analysis: XAU/USD eyes deeper losses below $4000

On the daily chart, XAU/USD has been making lower highs and lower lows since peaking near $4,700 in late August. The metal trades below the 50-day, 100-day and 200-day Simple Moving Averages (SMAs), keeping sellers in control. The Relative Strength Index (RSI) near 34 signals subdued buying interest, while the Moving Average Convergence Divergence (MACD) remains in negative territory, suggesting that downside pressure persists.

Initial resistance stands at $4,000, followed by $4,100, the 100-day SMA near $4,218 and the nearby 50-day SMA at $4,257. A stronger recovery could bring horizontal resistance at $4,400 into focus, followed by the 200-day SMA around $4,491.

With Gold already trading below $4,000, immediate support lies at $3,950, followed by the July low near $3,941. A decisive break below this area would open the door to further losses.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Fewer new apartments are hitting the market just as tenants stop moving out, but not every landlord enters 2027 with the same cushion between its rental cash flow and its dividend obligation.

Apartment landlords are heading into 2027 with fewer new buildings competing for tenants. Essex Property Trust (NYSE:ESS) projects total new supply across its markets at just 0.4% of stock in 2026E and 2027E. Tenants are also staying put. At Mid-America Apartment Communities (NYSE:MAA), only 10.1% of move-outs last quarter went to buying a single-family home.

This edition ranks four equity REITs, all of which own their properties, by how well rental cash flow covers the dividend. We measure that using FFO (earnings with real estate depreciation added back) and adjusted FFO (AFFO), which also deducts recurring capital spending. A GAAP earnings payout ratio is the wrong tool for a REIT. AvalonBay Communities no longer trades independently, and the last section explains why.

Rent Check Scorecard: Yield Versus Coverage REIT Annualized Dividend Recent Price Yield Dividend as % of FFO/AFFO Essex Property Trust $10.36 $263.15 3.94% 64.1% of 2026 Core FFO guidance midpoint American Homes 4 Rent $1.32 $31.28 4.22% 67.3% of Q2 Core FFO; 73.3% of Q2 AFFO UDR $1.74 $35.03 4.97% 68.0% of Q2 FFO as Adjusted Mid-America Apartment $6.12 $116.46 5.26% 72.1% of 2026 Core FFO midpoint; 82.0% of Core AFFO midpoint The pattern is clear. The REIT with the lowest yield has the largest margin, and the one with the highest yield has the smallest. None of the four reaches ultra-high-yield territory, which is a good sign for safety.

Essex Property Trust: Widest Cushion and a 32-Year Raise Streak Portfolio: Essex owns apartments exclusively in Southern California, Northern California, and the Seattle metro. Its Q3 2026 results showed Northern California pulling ahead, with revenue up 5.4% and NOI (net operating income) up 7.0%. San Francisco revenue rose 8.0%. Across the portfolio, same-property revenue grew 3.0%, NOI grew 3.1%, and financial occupancy was 96.3%.

Yield and coverage: The quarterly dividend is $2.59, which works out to a 3.94% yield. Q3 Core FFO was $4.00 per share, so the dividend used 64.75% of quarterly cash flow. Management raised full-year Core FFO guidance to $16.10 to $16.22. Against that midpoint, the payout is 64.1%, the lowest in this group. The 2026 increase was the 32nd consecutive annual dividend increase, though it was only 0.8%.

Bull case: San Francisco rents still look affordable. The city’s rent-to-median-income ratio is 25.7%, compared with a 20-year average of “just under 30%”. Management said Northern California rents could rise “over 20% with no wage growth” just to get back to pre-COVID affordability. Northern California blended rent growth reached 7.3% in the quarter.

Risk: Interest costs are rising. Swaps on Essex’s Wesco joint ventures reset from 2.7% to 5.3%, and management expects the swap changes to add 10 to 12 cents of interest expense next year. New lease rates also slipped 0.2%. The stock fell 4.63% over the week that included the earnings report, which suggests investors were already pricing in that drag.

American Homes 4 Rent: Single-Family Rent Rolls and the Fastest Dividend Growth Portfolio: American Homes 4 Rent (NYSE:AMH) is an equity REIT, but it owns houses rather than apartments: 60,482 single-family rental homes. Its tenants are typically families who want a yard but can’t afford to buy. In Q2 2026, same-home average occupied days were 96.0%, renewal rates rose 3.2%, and blended lease spreads were 2.7%. Average monthly realized rent reached $2,346.

Yield and coverage: The quarterly dividend is $0.33, for a 4.22% yield. Q2 Core FFO was $0.49 and Adjusted FFO was $0.45. That puts the payout at 67.3% of Core FFO and 73.3% of AFFO. After paying common dividends, AMH kept $50.1 million of cash flow in the quarter. This dividend has grown faster than any other on the list. It was $0.05 per share per quarter through 2020 and $0.30 per share per quarter through 2025.

The upside: AMH builds its own rental homes. Its development program has delivered more than 15,000 new homes, and management said new deals are “looking to yield into the sixes.” The chief executive also said the 21st Century ROAD to Housing Act “reinforces the importance of our integrated operating platform.”

Risk: Collections are slipping. Same-home bad debt rose 22.4% year over year, and turnover increased to 8.1% from 7.5%. Turning over a house costs more than turning over an apartment unit, so the next quarterly report should show whether these are one-off spikes or a trend.

UDR: Monthly Checks Backed by Record Resident Retention Portfolio: UDR (NYSE:UDR) owns apartments in both coastal and Sunbelt markets. In Q2 2026, occupancy across comparable properties was 96.6%, blended lease rate growth was 2.1%, and annualized resident retention hit 60%. Results split by region. Same-store revenue rose 3.7% in the West and 3.0% in the Northeast, but fell 1.0% in both the Southeast and Southwest.

Yield and coverage: UDR began paying monthly in July 2026, at $0.145 per share. That’s $1.74 a year, for a 4.97% yield. Q2 FFO as Adjusted (FFOA, UDR’s version of the metric) was $0.64 per share. The last quarterly-equivalent dividend of $0.435 used 68.0% of that. Management described the record as “nearly $9 billion of dividends over 54 years.” Recent raises have been small, though: the quarterly rate went from $0.425 in 2024 to $0.43 in 2025.

Bull case: UDR’s coastal markets are carrying the company. They posted average blended lease rate growth of 3.8%, compared with-2% in the Sunbelt, and San Francisco blends ran about 13%. UDR has also bought back about 11.5 million shares for roughly $418.0 million since September 2025.

Risk: The debt is coming due sooner. Weighted average years to maturity fell to 3.9 years from 4.7 years, while net debt-to-EBITDA rose to 5.6x. Same-store expenses are up 3.5% year-to-date. UDR reports third-quarter results on November 2, 2026.

Mid-America Apartment Communities: Highest Yield, Thinnest Cushion Portfolio: MAA owns apartments across the Southeast, Southwest, and Mid-Atlantic, where several years of heavy construction have hurt rents. In Q3 2026, same-store revenue fell 0.4%, and NOI dropped 1.8%. Physical occupancy was 95.3%. Pricing split sharply: renewals rose 5.3% while new leases fell 6.0%.

Yield and coverage: The quarterly dividend is $1.53, for a 5.26% yield, the highest of the four. The margin is the smallest. Q3 Core FFO was $2.10, down from $2.16 a year earlier, so the dividend used 72.9% of it. Against full-year guidance midpoints, the payout is 72.1% of Core FFO ($8.49) and 82.0% of Core AFFO ($7.46). GAAP EPS of $0.72 missed expectations, but FFO and AFFO are the right measures of dividend safety. On that basis, the payout is still covered, just with less room than its peers. October’s check was MAA’s 131st consecutive quarterly dividend.

Bull case: October new-lease pricing improved from September, which normally doesn’t happen at that time of year. It also produced the “year’s first year-over-year improvement in new resident lease-over-lease pricing.” Blended pricing for the month rose more than 100 basis points. Management also said MAA’s markets have 50,000 fewer units available than at the start of the year. The stock is down 11.81% year to date, so the market has not priced in a recovery.

Risk: Leverage is rising. Net leverage against EBITDAre rose to 4.7x from 4.3x at year-end 2025. Floating-rate debt is 20.7% of the total, and the $750 million commercial paper program is fully drawn. In San Antonio, same-store NOI fell 14.2%.

AvalonBay Holders Now Own Vivmark Residential AvalonBay Communities and Equity Residential closed their merger of equals on Aug. 17, 2026. The combined company, Vivmark Residential (NYSE:VMRK), began trading on Aug. 18 with about 184,000 rental apartments. AvalonBay holders received 2.793 Equity Residential shares for each share. AvalonBay’s last standalone dividend was $1.78 per quarter, and its final Q2 Core FFO was $2.86 per share. Vivmark hasn’t yet published a combined dividend policy or FFO guidance, so we can’t score its coverage. The main risk until it does is integration, which Equity Residential noted before the deal closed.

Which Rent Check Holds Up Best On FFO coverage, Essex pays the most reliable dividend, with a 64.1% payout and 32 straight annual raises. American Homes 4 Rent has grown its dividend fastest. UDR adds monthly payments and a 4.97% yield with coverage close to Essex’s. MAA’s 5.26% yield has the smallest margin, and its safety depends on October’s leasing improvement carrying into 2027.

Contact [email protected] for any questions or corrections.

LONDON--(BUSINESS WIRE)--Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the second quarter of Fiscal 2027 ended September 26, 2026. Second Quarter Fiscal 2027 Highlights from Continuing Operations Revenue decreased 5.5% on a reported basis and 4.9% in constant currency Operating margin was 1.2%; adjusted operating margin was 3.8% Earnings per share were $0.25; adjusted earnings per share were $0.42 John D. Idol, the Company's Chairma.

World’s largest cryptocurrency exchange promised to make amends if any losses are discovered.

Binance reported late Thursday it suffered a “security incident” involving as much as $6.3 billion in cryptocurrency, and it has frozen affected assets and plans to cover any losses after a full investigation.

The world’s largest cryptocurrency exchange said the episode “may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.

“We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified,” the company said. “The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.

It promised to make amends if any losses are discovered.

“Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete,” it said.

Binance said it took several precautions, including:

temporarily suspending deposits and withdrawals while security checks are completed; revoking the impacted address authorization; engaging police and blockchain intelligence partners to trace and recover funds. Unlock unlimited access

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POET Technologies has a single analyst, no profitability, and a stock sitting near multi-year lows, yet Wall Street is pointing to a price that would demand a complete transformation of the business by 2027.

10.97K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of FTAI 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.

These 3 Little-Known Stocks Are Analyst FavoritesGFL Environmental NYSE: GFL raised its full-year 2026 outlook for the third time this year after reporting third-quarter results that management said exceeded expectations, supported by pricing, improving landfill volumes, cost controls and contributions from acquisitions.

Founder and CEO Patrick Dovigi said organic revenue growth accelerated by 100 basis points from the second quarter as core pricing outperformed expectations and volume and commodity pricing each improved by 50 basis points. Landfill volumes turned positive, including construction-and-demolition and special-waste streams, though management said construction activity, development and expansionary manufacturing investment remained muted.

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Third-quarter revenue increased 27% from a year earlier, CFO Luke Pelosi said. The growth included 5.7% pricing and nearly 19% from mergers and acquisitions, primarily the Frontier and SECURE acquisitions. GFL closed its acquisition of SECURE during the quarter, contributing one month of results.

Margins pressured by fuel, supported by cost discipline
GFL reported a third-quarter adjusted EBITDA margin of 31.5%, 30 basis points above its expectations and nearly flat with the prior-year period, which management said marked the company’s highest historical margin. Pelosi said the result reflected significant fuel-related and acquisition-related headwinds.

Average diesel costs rose more than 60% year over year and increased another 10% from the second quarter, according to Dovigi. The September spike in diesel prices created a $5 million headwind relative to GFL’s original third-quarter outlook. The company now expects elevated diesel prices to add roughly $125 million of costs for the full year compared with its original guidance.

Management said its fuel surcharge programs have recovered most direct fuel-cost inflation, though indirect effects have also emerged in transportation, spare parts and other categories. Pelosi said GFL expects to recover roughly $105 million to $110 million of the estimated $125 million in annual fuel-related costs during 2026, with the remaining exposure primarily reflecting timing effects from rapid price movements.

Cost controls partly offset those pressures. Third-quarter cost of sales, excluding depreciation, amortization and integration costs, improved 70 basis points as a percentage of revenue excluding direct fuel costs. SG&A cost intensity also improved 70 basis points when excluding depreciation, amortization and transaction costs. Management cited lower labor and repair-and-maintenance cost intensity, improved labor retention, process optimization and corporate operating leverage.

Excluding fuel-related pressures and elevated landfill operating expenses, underlying adjusted EBITDA margin expanded 125 basis points year over year, according to the company. GFL said higher leachate transportation and disposal costs also weighed on margins, although Pelosi described much of the quarterly impact as timing-related rather than structural.

SECURE integration underway
GFL said the SECURE acquisition added approximately C$150 million in revenue, more than C$50 million in adjusted EBITDA and about C$25 million to C$30 million in adjusted free cash flow during its first month in the company’s results. Pelosi said SECURE is expected to generate about C$1.5 billion in annual revenue and C$550 million in EBITDA.

Dovigi said integration is underway and GFL remains confident it can achieve C$25 million in underwritten cost synergies in the near term. The company also sees a potential additional C$25 million to C$50 million in synergies from disposal and cross-selling opportunities.

Management said the outlook for SECURE’s western Canadian markets has improved since the transaction was announced. Dovigi said the company expects increased energy and infrastructure activity to create additional volume and organic investment opportunities, although he did not quantify the potential upside. GFL plans to evaluate high-return growth capital projects at SECURE alongside traditional acquisition opportunities.

Guidance raised again
Assuming current foreign-exchange, commodity and diesel prices, GFL increased its 2026 outlook to:

Revenue of C$8.055 billion to C$8.075 billion;
Adjusted EBITDA of C$2.49 billion to C$2.495 billion;
Adjusted free cash flow of C$1.02 billion, including C$455 million of cash interest and C$910 million of net capital expenditures.

The company’s updated adjusted EBITDA margin outlook is 30.9%, up 40 basis points from prior guidance. Pelosi said full-year margin would have exceeded 31.5% without the rise in diesel prices. The guidance does not include contributions from additional acquisitions completed during the year.

Management said the updated outlook implies annual growth of more than 20% in revenue, 25% in EBITDA and 35% in adjusted free cash flow. Looking to 2027, Pelosi said GFL sees a path to more than 20% revenue growth, adjusted EBITDA margin near 32%, EBITDA of roughly C$3.12 billion and adjusted free cash flow above C$1.3 billion, though formal 2027 guidance will be issued with fourth-quarter results.

Strategic review deadline set for Nov. 9
Dovigi said GFL’s special committee has set a Nov. 9 deadline for bidders to submit updated proposals as part of its ongoing strategic review. He said the committee and its advisers are evaluating the best path forward and expects a decision “very soon.”

The CEO said management believes the company can continue creating value either as a public or private company. He added that feedback from potential investors and advisers during the process identified further opportunities in pricing, contract management and technology tools.

“Whether that’s publicly or privately,” Dovigi said, “we want to keep winning and having fun.”

About GFL Environmental (NYSE:GFL)GFL Environmental Inc is a Canadian environmental services company that provides waste management and related infrastructure services to municipal, residential, commercial, industrial and institutional customers. The company's operations include the collection, transfer, processing, recycling and disposal of non-hazardous solid waste, as well as organics and other resource-recovery services.

GFL also provides infrastructure and soil remediation services, including the management of contaminated materials and related environmental projects.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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nVent

LONDON, Oct. 30, 2026 (GLOBE NEWSWIRE) -- nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, reported third quarter 2026 financial results today through an earnings release posted on the company’s Investor Relations website at http://investors.nvent.com. The earnings release will be furnished with the Securities and Exchange Commission on a Form 8-K and is available here. The company will also hold a conference call with analysts and investors at 9:00 a.m. ET.

Conference Call and Webcast Details

The call can be accessed via webcast at http://investors.nvent.com or by dialing 1-833-630-1071 or 1-412-317-1832. Once available, a replay of the conference call will be accessible through November 13, 2026, by dialing 1-855-669-9658 or 1-412-317-0088, along with the access code 6922418.

About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of systems protection and electrical connections solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF and TRACHTE. Learn more at www.nvent.com.

nVent, CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF and TRACHTE are trademarks owned or licensed by nVent Services GmbH or its affiliates.

Investor Contact
Tony Riter
Vice President, Investor Relations
nVent
763.204.7750
[email protected]

Media Contact
Kevin H. King
Vice President, Global Communications
nVent
763.291.0526
[email protected]

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Canadian Dollar Forecast: ING Sees Oil Risk Behind 1.42 USD/CAD Call ING sees limited Canadian Dollar gains against the US Dollar as its oil outlook challenges expectations of sustained Bank of Canada tightening. The US Dollar to Canadian Dollar exchange rate was trading at 1.3985 on Thursday, little changed on the day and below 1.40.

TORONTO, Oct. 30, 2026 (GLOBE NEWSWIRE) -- Celestica Inc. (NYSE: CLS) (TSX: CLS), a global leader in data center infrastructure and advanced technology solutions, today announced that the Toronto Stock Exchange (the “TSX”) has accepted the Company's notice to launch a Normal Course Issuer Bid (the “Bid”).

Under the Bid, the Company may repurchase on the open market, at its discretion during the period commencing on November 3, 2026 and ending on the earlier of November 2, 2027 and the completion of purchases under the Bid, up to 3,132,127 common shares, representing approximately 2.5% of the "public float" (within the meaning of the rules of the TSX) as at October 20, 2026, subject to the normal terms and limitations of such bids.

Under the TSX rules, the average daily trading volume of the common shares on the TSX during the six months ended September 30, 2026 was approximately 436,307 and, accordingly, daily purchases on the TSX pursuant to the Bid will be limited to 109,076 common shares, other than purchases made pursuant to the block purchase exception. The actual number of common shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of the Company, subject to applicable laws and the rules of the TSX. In accordance with the TSX rules, the maximum number of common shares which may be repurchased for cancellation under the Bid will be reduced by the number of common shares purchased by non-independent brokers for delivery pursuant to stock-based compensation plans.

Purchases are expected to be made through the facilities of the TSX, the New York Stock Exchange (the “NYSE”), other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian Securities Administrators, at prevailing market prices. The Bid will be funded using existing cash resources and draws on its credit facility or other forms of available indebtedness, and any common shares repurchased by the Company under the Bid will be cancelled.

The Company has also agreed to the form of an automatic share purchase plan (an “ASPP”) with a designated broker to allow for the purchase of common shares under the Bid at times when the Company would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed blackout periods. The ASPP has been cleared by the TSX and will be entered into in connection with the commencement of the Bid.

As of October 20, 2026, the Company had 126,111,808 issued and outstanding common shares and a "public float" (within the meaning of the rules of the TSX) of 125,285,094 common shares.

The Company believes that the purchases are in the best interest of the Company and constitute a desirable use of its funds.

The Company previously implemented a normal course issuer bid for its common shares which expires on November 2, 2026. Under its prior bid, the Company was authorized to purchase up to 5,722,527 common shares and repurchased (through the facilities of the NYSE) and cancelled 205,184 common shares (through October 20, 2026) at a weighted average price of US$271.75 per share.

About Celestica

Celestica is a technology leader dedicated to driving customer success and market advancements. With deep expertise in design, engineering, manufacturing, supply chain and platform solutions, Celestica enables critical data center infrastructure for AI, cloud, and hybrid cloud and advances technologies in high-growth markets. With a talented team and a strategic global network, Celestica helps its customers achieve competitive advantages. For more information on Celestica, visit www.celestica.com. Our securities filings can be accessed at www.sedarplus.ca and www.sec.gov.

The information contained on or accessible through www.celestica.com is not incorporated by reference into, and does not form part of, this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including, without limitation, statements related to: the Company's intention to commence the Bid, the timing, quantity and funding of any purchases of common shares under the Bid, and the expected facilities through which any such purchases may be made. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “continues,” “project,” "target," "outlook," "goal," "guidance," “potential,” “possible,” “contemplate,” “seek,” or similar expressions, or may employ such future or conditional verbs as “may,” “might,” “will,” “could,” “should,” or “would,” or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, where applicable, and for forward-looking information under applicable Canadian securities laws.

Forward-looking statements are provided to assist readers in understanding management’s current expectations and plans relating to the future. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management’s perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, including certain assumptions about: the Company’s view with respect to its financial condition and prospects; the availability of capital resources for, and the permissibility under our credit facility of, repurchases of outstanding common shares under our current normal course issuer bid, compliance with applicable laws and regulations pertaining to normal course issuer bids; the existence of potentially superior uses for the Company’s cash resources than common share repurchases; the impact of anticipated market conditions on our businesses; tax and interest rates; the economy; no material changes in business activities resulting from current macroeconomic trends and uncertainties, including evolving global tariff and trade negotiations; our ability to achieve our strategic goals; as well as other market, financial and operational assumptions. Readers are cautioned that such information may not be appropriate for other purposes. Readers should not place undue reliance on such forward-looking information.

Forward-looking statements are not guarantees of future performance and are subject to risks that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: reduction in customer revenue; the availability of capital resources for, and the permissibility under our credit facility of, repurchases of outstanding common shares under the Bid; compliance with applicable laws and regulations pertaining to normal course issuer bids; a reduction in the size of our "public float" as a result of repurchases made under the Bid; erosion in customer market competitiveness; changing revenue mix and margins; uncertain market, industry, political and economic conditions; changes to policies or legislation; cash flow, revenue, and operating results, and tax and interest variability; technology and IT disruption; increasing legal, tax and regulatory complexity and uncertainty (including in relation to our or our customers' businesses); and the potential adverse impacts of events outside of our control.

For more exhaustive information on the foregoing and other material risks, uncertainties and assumptions readers should refer to our public filings at www.sedarplus.ca and www.sec.gov, including in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed with, or furnished to, the U.S. Securities and Exchange Commission, and the Canadian Securities Administrators, as applicable.

Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

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Keith Fitz-Gerald of Fitz-Gerald Group says Anthropic could be "the greatest single investing opportunity in a generation." However, he expresses "tremendous" reservations about the company's IPO, citing "very real concerns for the safety of humanity" over the use of its technology.

Recent tech earnings have sent the AI trade into a tailspin.

Meta is raising more money to build out its AI computing capacity. Meta's results haven't been as good as some investors have hoped.

NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Alphabet Inc. (NASDAQ:GOOG, GOOGL) and certain of the company’s senior executives for securities fraud after a significant stock drop resulting from potential violations of the federal securities laws.

If you invested in Alphabet, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/alphabet-class-action-lawsuit.

Key Details of the Alphabet ($GOOG, $GOOGL) Class Action:

Lead Plaintiff Deadline: December 1, 2026Alleged Misconduct: Securities fraud alleging Alphabet misrepresented the progress of development of its Gemini 3.5 Pro AI model.Stock Drop: July 16, 2026 – 4.4% Stock DropCourt: U.S. District Court for the Northern District of CaliforniaAction: Contact BFA Law to discuss your rights Investors have until December 1, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Alphabet securities. The class action is pending in the U.S. District Court for the Northern District of California. It is captioned Stewart v. Alphabet Inc., et al., No. 26-cv-11290.

Why is Alphabet Being Sued for Securities Fraud?

Alphabet has been sued for securities fraud following a significant stock drop resulting from alleged violations of the federal securities laws. The decline in Alphabet’s stock price caused significant losses to investors.

Alphabet is a large technology company. Recently, Alphabet has made significant investments in its AI platform.

According to the complaint, on May 19, 2026, Alphabet announced that it would launch its highly anticipated new AI offering, Gemini 3.5 Pro, in June 2026.

As alleged, Defendants misrepresented the progress of development of Gemini 3.5 Pro.

Why did Alphabet’s Stock Drop?

On July 16, 2026, during market hours, Bloomberg reported that Google is “months behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model” due to the Company’s ongoing coding efforts. Specifically, “[l]ate last month, Google updated the data being used to train Gemini in an attempt to improve [its] skills, but the results were disappointing.”

On this news, the price of Alphabet’s Class A shares dropped $16.46 per share, or 4.4%, from a closing price of $370.92 per share on July 15, 2026, to $354.46 per share on July 16, 2026.

Click here for more information: https://www.bfalaw.com/cases/alphabet-class-action-lawsuit.

What Can You Do?

If you invested in Alphabet, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/alphabet-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.”  One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”

BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/alphabet-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

The tech megacaps are collectively placing a multitrillion-dollar bet that their infrastructure spending will result in many years of profitable growth. But that's all in the future.

For now, they're reliant on their legacy businesses — whether it's online advertising, business software or e-commerce — to fund their artificial intelligence ambitions.

Earnings this quarter revealed new levels of strain on those core businesses and offered an early test of whether these companies can sustain extended bouts of spending. Meta joined Alphabet and Amazon in reporting negative free cash flow, leaving Microsoft as the lone hyperscaler to remain positive in that realm.

Meta posted negative free cash flow of $2.12 billion, while Amazon's outflows swelled to $42.4 billion and Alphabet's reached $9.07 billion. Microsoft's cash generation declined dramatically for a second straight quarter, this time dropping 27% to $18.63 billion, and the company said it will now turn to the bond market as it continues to ramp up AI infrastructure spending.

Hyperscaler earnings over the past two weeks have coincided with intensifying concerns about the overall health and stability of the broader AI sector. Rising interest rates are making it costlier for companies to raise debt, putting pressure on cash-burning neoclouds that have become critical to the global buildout.

While the tech giants have a cushion not afforded to the neoclouds and other players, investors eventually need the historic rates of spending to convert into massive new revenue streams. Nerves are hitting the stocks this week, with Alphabet suffering its steepest drop ever on Thursday and Amazon sliding in extended trading after its report.

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Amazon said growth slowed in both its retail and ad business. Online sales gained 2% year over year, decelerating from 10% a year ago and falling short of analysts' estimates. The midpoint of Amazon's revenue guidance came in lower than the $244.5 billion that analysts were expecting, a particularly disappointing figure for the quarter that includes the holiday shopping season.

Meanwhile, Amazon expects capital expenditures this year to reach $220 billion, and analysts project that number will top $280 billion next year, according to FactSet, as the company continues to produce negative free cash flow.

At Meta, investors have responded favorably to the company's early success with its Muse AI agent app and related foundation models, which present potential new sources of revenue outside of advertising.

But it will take time for these efforts to significantly impact the company's overall business while it continues spending on data center and computing gear. Capex will reach as high as $145 billion this year, the company says, and analysts see it passing $210 billion in 2027, alongside a deepening cash flow hole.

Investors sent Meta shares down 7% after the earnings report last week even though the company beat on revenue. Meta followed its report by announcing on Monday that it's planning to raise a total of $95 billion in stock to support its AI investments.

'Borrowing from the for-now'Alphabet's report concerned investors the most.

The company's core search business saw a third straight quarter of slowing growth and missed analysts' projections, underscoring the challenges it faces with the rise of ChatGPT, Claude and other AI-powered bots and agents. YouTube-related advertising revenue also came in light.

Mark Mahaney, an analyst at Evercore, told CNBC's "Closing Bell Overtime" on Wednesday that while Google's strong cloud revenue was "good news" for the company, its decelerating digital advertising business represented "the overwhelming bad news." 

Forrester analyst Tracy Woo said in an email that "Alphabet's massive capex investment in infrastructure buildout has been tolerated for now," but the company "is walking a fine line," due to the online ad sales misses.

"Weakness in Search and YouTube revenue performance relative to expectations surfaces growing concern about AI displacement of the company's largest revenue generators," Woo said. "The issue is less the current earnings miss and more the possibility that future AI spending grows faster than the cash generation of the franchises expected to support it."

But not everyone is concerned. Bullish investors say that the tech leaders have long histories of operations, and legacy businesses that are dominant enough to prop them up for the foreseeable future.

Christopher Ballard, a managing director at Check Capital Management, noted that Alphabet's negative free cash flow of $9 billion is tiny relative to the company's overall business. Its operating income topped $40 billion for the quarter.

Unlike AI model companies OpenAI and Anthropic, which are still unprofitable and spending billions of dollars a quarter on infrastructure, Alphabet has a strong balance sheet, Ballard said.

"They're borrowing from the for-now in order to invest in the future," Ballard said. "I think it's OK, and they're doing it in a responsible manner."

Although the hyperscalers didn't provide specific capex projections for next year, they all implied their data center spending spree will continue to grow, even if it means reporting some uncomfortable metrics.

"Would it be more convenient if this type of acceleration and opportunity happened over 25 years, and you can spread the capex over 25 years?" Amazon CEO Andy Jassy said on Thursday's earnings call. "Yeah, it might be more convenient, but that's not the world that we live in, and that's not the opportunity."

WATCH: This could end up being Google's worst earnings reaction as a public company.

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Amazon stock and Intel were leading drops across the technology sector amid shrinking cash flows.

The contrasting reaction to Microsoft MSFT and Alphabet’s latest earnings has offered Jim Cramer a fresh reason to favour one of the technology giants over the other, as investors increasingly scrutinise how companies are financing their artificial intelligence ambitions.

The CNBC “Mad Money” host believes Microsoft’s ability to manage spending while delivering strong cloud growth puts it in a stronger position, while Alphabet faces growing pressure from its AI infrastructure investments and slowing search business.

Cramer believes Wall Street is now trusting companies that show financial discipline and returns on their investments.

Alphabet shares plunged 12.65% on Thursday in their steepest single-day decline, while Microsoft was largely unchanged even as the Nasdaq Composite fell 1.38%.

“I think the stock of Microsoft, with all of its discipline, is now set to soar, while the stock of Alphabet won’t rally,” Cramer said on CNBC.

“Too much baggage for Alphabet. No discipline. No sense of what it’s supposed to be doing.”

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Microsoft’s disciplined AI spending and Azure momentum make it the clearer winner.

51% of retail investor accounts lose money when trading CFDs with this provider.

Cramer praised Microsoft for combining strong cloud performance with financial discipline and positive free cash flow.

He also pointed to growing traction for Copilot, the company’s AI assistant for businesses.

“Copilot started slow, but it is becoming a screaming success,” he said.

Microsoft reported fiscal first-quarter revenue of $92.28 billion, up 18.8% from a year earlier and above analysts’ expectations of $90.62 billion, according to FactSet.

Net income climbed to $36.63 billion from $27.75 billion, while diluted earnings per share reached $4.92.

Azure was a major contributor, with revenue growth accelerating to 48% in the September quarter, beating the company’s forecast of 44% to 45%. Microsoft Cloud revenue increased 30% to $63.9 billion.

Cramer credited CEO Satya Nadella and CFO Amy Hood for maintaining financial discipline while expanding the company’s AI and cloud businesses.

“They (Nadella and Hood) run it like a business, not a science project,” he said, adding that the combination of strong leadership and controlled spending could help Microsoft pull ahead of competitors.

Alphabet, meanwhile, reported revenue of $127.6 billion, missing analysts’ expectations of $128.2 billion. Its adjusted earnings per share came in at $2.67, below the $3.02 estimate.

Search and other revenue grew 12% year over year, slowing from 17% in the previous quarter.

The company also reported negative free cash flow of $9.07 billion, substantially worse than expectations, as heavy AI infrastructure spending continued.

Google Cloud was a bright spot, with revenue more than doubling to $30.71 billion.

However, that growth failed to offset concerns about rising investment costs and the outlook for search advertising.

“I don’t want to buy more Alphabet,” Cramer said, arguing that investors should wait for analysts to revise their estimates and reassess the stock’s valuation.

“Today was the worst day the stock ever had, but I have to wait a little bit. Let the analysts cut numbers, see where it trades, find out the right multiple.”

“Microsoft? It’s a buy right here,” he concluded.

Microsoft is down 0.69% in overnight trading while Alphabet has slumped 0.72% ahead of the opening bell.

AMD (AMD -2.08%) and Space Exploration Technologies (SPCX -0.92%) are two stocks that most people wouldn't commonly compare. AMD makes computing units and other components used in artificial intelligence (AI), while SpaceX builds and launches rockets.

While that argument may hold water on the surface, most people forget that SpaceX owns xAI, which has become a major part of its business. In fact, SpaceX's AI business, which it calls Super Intelligence (SI), now generates the majority of SpaceX's revenue.

So it actually makes a lot of sense to compare AMD and SpaceX from an AI investment perspective. But which is the better buy today? Let's take a look.

Image source: Getty Images.

AMD and SpaceX are two different kinds of AI investments
AMD and SpaceX aren't competitors; they're potential partners. AMD makes graphics processing units (GPUs) and other data center components for training and running AI models. SpaceX is more of an AI application play, as its clients can either subscribe to its Grok AI model or deploy AI agents such as Grok Bots.

SpaceX could be an AMD client, but it's choosing not to. Why? It doesn't think it has the best technology.

AMD Advanced Micro Devices$566.42-$12.02 (-2.08%)

NASDAQ · As of 4:00 PM ET 10/29/26

During SpaceX's Q2 earnings call, Chief Executive Officer Elon Musk had this to say about its relationship with AMD's rival, Nvidia: 

And going forward, we've decided to build exclusively on Nvidia because we think the Vera Rubin architecture is the best. We think it's the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia. So, we're exclusive to Nvidia.

That's pretty definitive and closes the door on a relationship with AMD. This should also raise flags for potential AMD investors, as most of the time, the company with the best technology wins. However, there's still an argument to be made for having cheaper products that may not be as powerful, and that's where AMD's products tend to land.

AMD has landed several major contracts, including some with OpenAI and Meta Platforms, just to name a few. We'll see where this takes AMD in the future, but it's going to have to put up some serious growth to compete with SpaceX.

AI application plays are taking center stage
During the past few years, AI infrastructure was the best way to invest in AI, and it's still one of the best ways to gain exposure. However, AI applications (like SpaceX) are starting to take off as more businesses and people adopt AI technology. This is showing up in each company's growth rates.

Revenue at AMD's data center division rose 107% in Q2 to $6.7 billion. Normally, a growth rate like that would secure an easy win in a comparison; the only problem is that SpaceX's Super Intelligence division saw its revenue explode 830% to $7.6 billion.

SPCX Space Exploration Technologies$143.89-$1.34 (-0.92%)

NASDAQ · As of 4:00 PM ET 10/29/26

So after just one quarter of excellent growth, SpaceX's AI division is now larger than AMD's, which took years to build. That's a huge strike against AMD, and I think this outperformance could easily continue as the AI build-out moves into a deployment phase.

Still, this could be good for AMD. As more consumers start to use AI, it will require more computing capacity. Although it may not be supplying it to SpaceX, there will be other clients that need it. This will lead to strong future growth, but it may still seriously lag behind SpaceX.

In fact, Musk now expects SpaceX to generate between $500 billion and $1 trillion in revenue next year, mostly powered by AI. Musk's projections are known to be overoptimistic, but I think reaching that mark in a few years isn't outside the realm of possibility.

As a result, I think SpaceX is the better buy. It just has better growth and is already bigger than AMD's AI-focused division. It's time to start looking at AI application plays, and SpaceX is one of the best.

In August, Joby Aviation (JOBY +0.00%) said that it was on track to acquire defense specialist Resonant Sciences in a $500 million, all-cash deal. The electric vertical take-off and landing (eVTOL) aircraft specialist announced that it was poised to raise $750 million in funding by selling new common stock.

The announcement of Joby's defense acquisition came almost immediately after Archer Aviation (ACHR +0.92%) said that it was acquiring three subsidiaries from Boeing. In exchange for a roughly 16.5% stake in its business after accounting for new stock issuance to fund the deal, Archer is on track to acquire the autonomous eVTOL specialist Wisk Aero, the air-traffic-management software provider SkyGrid, and the drone specialist Insitu from Boeing.

Image source: Joby Aviation.

The big pushes into the defense industry look to represent meaningful shifts for both Joby and Archer. Which pivots make more sense and are more meaningful for investors?

Defense industry wins look more important for Archer right now While visibility into the evolution of the commercial eVTOL market remains limited, Archer appears to be further from achieving Federal Aviation Administration (FAA) certification. Archer maintains that it is actually ahead of Joby in receiving regulatory approval from the FAA, but Joby's completion of the type inspection authorization (TIA) for aircraft that could be ready to enter manufacturing complicates the picture.

Additionally, questions remain about when Archer will actually demonstrate piloted transition flight for its Midnight eVTOL aircraft. Although the company recently demonstrated a series of flights around San Francisco for its Midnight eVTOL aircraft, takeoff was achieved via a traditional runway lift rather than the vertical-lift-off-to-horizontal-flight capabilities central to the aircraft category's value proposition.

ACHR Archer Aviation$4.38+$0.04 (+0.92%)

NYSE · As of 4:00 PM ET 10/29/26

Although assessing each company's positioning involves a go0d deal of guesswork at this point, competitive dynamics in the commercial eVTOL market currently appear to favor Joby. As a result, broadening product offerings and capitalizing on opportunities in the defense sector look even more important for Archer's business. Along with the company's pending acquisition of three subsidiaries from Boeing, the Halo and Thunder hybrid VTOL aircraft that Archer developed through its partnership with Anduril represent important diversification initiatives.

Archer appears to be further away from launching commercially viable eVTOL aircraft for the consumer market. As a result, expanding its operations in the defense sector is even more important. On the other hand, that doesn't mean that the defense sector isn't important for Joby.

Joby also can't afford to ignore defense opportunities Archer currently appears to be behind in the race to bring eVTOL aircraft to the consumer market, but diversifying its product line and growth opportunities also looks important for Joby. Even though Joby may be ahead of Archer in FAA certification, securing the necessary regulatory approvals may take significantly longer than investors currently anticipate.

The commercial viability of eVTOL flights in the consumer market remains untested, and the category could face very challenging economics. While both Archer and Joby have entered into manufacturing partnerships with major automotive companies that should make production significantly more efficient, the monetization outlook for eVTOLs in the consumer market is unclear.

JOBY PS Ratio (Forward) data by YCharts

Although Joby's forward price-to-sales (P/S) ratio of roughly 38 is far below Archer's forward P/S value of about 200.5, both companies have effectively purchased their sales rather than increasing them through organic growth. Joby's revenue this year is largely driven by its purchase of the Blade helicopter business, which is still transitioning to eVTOL flights, and Archer's revenue is largely driven by its acquisition of Hawthorne Airport in the Los Angeles area.

Neither Archer nor Joby is currently generating much revenue from their core eVTOL businesses. Both companies look poised to get sales increases from their pending acquisitions of defense-industry businesses. Still, again, neither company is at the point where strong sales performance in the commercial eVTOL market within the next few years is anywhere close to guaranteed.

The artificial intelligence (AI) story has been the focus of investors in recent times, but in a different way than in earlier stages of this tech boom. In those initial quarters, investors piled into AI stocks, recognizing the potential of AI to transform businesses and drive earnings growth and share price performance. In many cases, they made the right bet, with hardware and services companies generating explosive growth. Nvidia (NVDA -0.80%) has been one of the biggest winners as it dominates the AI chip market.

But over the past year, investors have started to worry about the AI story, with the idea that tech giants building out infrastructure may be overspending. This has weighed on the performance of some of these stocks and prompted investors to pay particularly close attention to tech companies' spending plans.

Nvidia has continued to report double- and triple-digit growth, but its stock performance hasn't been as eye-popping as in the past. For example, Nvidia stock climbed more than 1,100% over the past three calendar years, but the stock is only up 15% this year.

This week, however, Microsoft (MSFT -0.16%) said something that may be seen as quite positive for Nvidia. In fact, the tech powerhouse just announced incredible news for Nvidia shareholders. Let's check it out.

Image source: Getty Images.

Nvidia's GPU leadershipWe'll start with a quick summary of the Nvidia story so far. As mentioned, Nvidia leads in the AI chip market, selling the fastest graphics processing units (GPUs) around. The GPU fuels key AI tasks, such as training models and inference -- that's the process of actually "thinking" to address a problem. Nvidia entered the market ahead of rivals and has maintained its position through strong customer relationships, its vast ecosystem of products, and constant innovation.

NVDA Nvidia$213.66-$1.72 (-0.80%)

NASDAQ · As of 4:00 PM ET 10/29/26

All of this has helped power earnings higher, with revenue and profit climbing in the triple digits in the latest quarter. But investors have worried that any potential slowdown in tech spending could significantly hurt Nvidia. After all, data center sales make up 92% of Nvidia's total sales.

Now this brings us to Microsoft, one of Nvidia's biggest customers. You may know this tech company best for its popular software like Word and Excel, but Microsoft is also a massive player in the AI world. Microsoft's cloud business serves a vast array of AI products and services to customers, and the company has been investing heavily in the infrastructure build-out to address growing demand.

Monitoring the pace of AI growthThis week, Microsoft reported fiscal 2027 first-quarter earnings, and as part of the report, it spoke of capital expenditures. Capex has been a major focus for investors, allowing us to monitor the pace of AI growth and better understand levels of demand.

Now, here's the good news for Nvidia shareholders. Microsoft said that in the first quarter, about 75% of its capex went toward "short-lived assets," mainly central processing units (CPUs) and GPUs. This suggests significant growth for Nvidia, as a provider of these products. (Central processing units are the main chips found in computers, and Nvidia recently launched its first stand-alone CPU. Prior to this, Nvidia wasn't largely present in the CPU market, but shifted into this area as the CPU emerged as a critical tool powering AI agents.)

The news for Nvidia gets even brighter if we look at Microsoft's capex forecasts: The company says that in the second half it expects capex to accelerate, again driven by spending on CPUs and GPUs. Microsoft forecasts $170 billion in capex for the calendar year. And all of this is based on ongoing high demand -- so Microsoft isn't building to serve what might unfold but instead to serve a trend that is already in place.

Microsoft, one of Nvidia's main customers, clearly sees high demand for the chip designer's key products and plans to continue spending heavily on them. And that means, even as some market participants worry about the AI spending environment, the actual situation continues to show strength. Nvidia's earnings could continue to roar higher throughout the coming year, and that's fantastic news for shareholders.

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Summary:

RBA hike odds near 90% after 4.3% CPI. Pivot 0.7033; support 0.6990, resistance 0.7066. Bull above 0.7066; bear below 0.6990. In few instances do currencies respond to unexpectedly high inflation reports as quickly as the Australian dollar does, and this past week provided a major shock. Australian CPI jumped to 4.3% in September, leaving the Reserve Bank’s 3 November meeting looking like a hike waiting to happen. Let us examine the chart below and identify where buyers and sellers will be fighting for control prior to the headline reporting starting to drive prices.

Figure 1: AUD/USD key-level map in Australia’s green and gold, built from published closes and levels (illustrative, not a live feed).

Reading the Chart Start on the left. AUD/USD traded at 0.7086 on 23 September, when weak PMI data met a hawkish Fed, as our AUD/USD forecast explained. The rate subsequently fell to 0.7021 on October 27th and closed around 0.7031 on October 28th, with a high of 0.7053. The yellow area represents the conflict zone: the 100-day simple moving average (SMA) of 0.7033 lies above, while the 200-day SMA of 0.6990 lies below. This zone is defended by buyers; however, buyers have yet to break through the 50% Fibonacci retracement level of 0.7066.

As well as being aware of the shape, notice how price action has created lower highs since the 0.7200 level in September, while the recent low point of the trading range at 0.7005 has remained intact. This is one of the main reasons that traders pay attention to this level. A “pivot” can only help if you understand what will occur above and below it; therefore, continue reading.

Why the RBA Matters Inflation is the story. After September’s hike in the cash rate (to 4.60%), the trimmed mean CPI rose to 3.7 percent annually. Deputy Governor Andrew Hauser called the outlook “materially worse” than expected and Governor Michele Bullock stated that inflation was “far too high.” as investingLive reported. Markets price roughly 90% odds of a November move, which CBA’s Belinda Allen called an “insurance hike”. The Fed’s hold, covered in our GBP/USD forecast, and December hike bets in our gold price update keep the dollar firm.

Levels That Decide the Move Technically, the picture is balanced. DailyForex noted a double bottom and a 50-period average crossing above the 200-period, a golden cross, which favours dip buyers. Yet RoboForex’s weekly view stays bearish below 0.7034, targeting 0.6940, 0.6893 and 0.6844. Above, the 61.8% Fibonacci level at 0.7106 and the 2026 high at 0.7277 are bigger prizes. Our guide to support and resistance shows how to trade such zones.

Three Scenarios to Plan Think in terms of probabilities, rather than making predictions. With approximately a 90% chance of a rate hike, most of the hawkishness expected from the RBA has already been reflected in prices. Therefore, the surprise would come in the form of cautious forward guidance. For investors, a stronger Australian Dollar will help lower imported inflation; conversely, a weaker Australian Dollar will increase imported inflation. As such, there is a connection between the RBA and this chart.

Bullish: a daily close above 0.7066 targets 0.7106, then 0.7277. 2. Bearish: a close below 0.6990 opens 0.6940 and 0.6893.

3. Neutral: chop between 0.7005 and 0.7055 until the RBA speaks.

In the short-term, watch out for price volatility related to events leading up to November 3rd. Keep an eye on the Monetary Policy Statement as a source of forward guidance. The Monetary Policy Statement is likely to have a greater impact on prices than the actual interest rate itself. For the long-term, the 0.6893 support level and the golden cross indicate that dips remain attractive buying opportunities as long as this support level holds.

See how Babypips frames the inflation shock too. So, will the RBA hike again, or is it priced in? And where would you stop sit if 0.6990 gives way?

Frequently Asked Questions Will the RBA raise rates in November 2026?

The markets currently estimate there’s about a 90% chance that the Fed will raise rates by 25 basis points at their next meeting on November 3rd, based on the fact that CPI reached 4.3% in August. There is no certainty of this occurring prior to the official announcement.

What is the key support for AUD/USD now?

The 200-day moving average near 0.6990 is a major area of support, with 0.6940 and 0.6893 further down. The 100-day moving average at 0.7033 is the current short-term pivot.

Is AUD/USD bullish or bearish?

The bias is neutral. Both a Golden Cross and Double Bottom are positive for those looking to buy currency; however, the exchange rate is still below 0.7066 and RoboForex continues to be bearish on the market as long as it is below 0.7034.

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Summary:

ECB held 2.5%; BoE decides 5 November.
Support 0.8360; resistance 0.8453 and 0.8611.
Bear below 0.8360; bull above 0.8453.

Few other currencies have been as much of a political and economic battleground as the Euro-Pound. The European Central Bank (ECB) kept their deposit rate at 2.5% this week, while the Eurozone had an inflation rate of 3.8%. Additionally, ECB President Christine Lagarde stated that she plans on stepping down from her role as President in February of 2027 to Euronews. With the Bank of England next, the chart below matters. Let’s read it together.

Figure 1: EUR/GBP key-level map in navy, red and EU blue, built from published levels (illustrative, not a live feed).

Following the Price Path
The navy line connects two points inverted from GBP/EUR quotes. On 7 October the pair sat near 0.8467, when our GBP/EUR report flagged sterling near one-year highs. By 23 October it had slipped to roughly 0.8373, as Cambridge Currencies noted the ECB reference rate for GBP/EUR at 1.1943, the highest since April 2025.

This matters because the move isn’t random. This pair has declined approximately 1.1% over sixteen days, during which time the pound appreciated, and every single rally was met with selling pressure, which is consistent with classic downtrend price action.

The Levels That Matter
The blue line identifies support at 0.8360 as well as the 100% projection at 0.8336. If it breaks through this area, there are two potential downside targets: 0.8231 and then the lowest point of 2024 (0.8221). To the upside, 0.8453 was former support that has now become resistance and 0.8611 is a significant overhead level.

ActionForex says intraday bias “remains neutral first” but the bigger picture stays bearish while 0.8611 holds. DailyForex’s analyst agrees: “we are clearly in a downtrend”, with a sell zone near 0.85.

Fibonacci provides more detail. The previous decrease from 0.8728 down to 0.8453, as projected from 0.8611, was projected to land at 0.8336, so that’s why it appears on the chart. The 38.2% retracement of the whole decline from the 2025 peak of 0.9267 is much higher up, at 0.8867. This means that buyers will have to do a great deal to fix this structure.

Why Sterling Has the Edge
Our report stated that “this current trend is primarily a result of the weakening Euro, rather than a rapid increase in the strength of the Pound.” One factor driving French borrowing costs is their spread over German borrowing costs which is currently at approximately 155 basis points. After voting 6-3 in September, the Bank of England has kept Bank Rate at 3.75%. It appears as though the Bank of England may raise Bank Rate on November 5th. In addition, there is also fiscal risk added to the mix due to the UK Budget being released on October 28th.

Momentum traders can review our momentum trading guide, while GBP/USD and GBP/INR show wider pound strength.

Scenarios to Plan
Remember that all three possibilities do not have an equal chance of occurring. The system is designed to Favor sellers, however, a hawkish surprise by the Bank of England (BoE) on November 5th may cause some sellers to face short-term pressure. Bulls should wait until they see a reclaim of 0.8453 before starting to celebrate.

Bullish: reclaiming 0.8453 targets 0.8611.
Bearish: a close below 0.8360 targets 0.8336, then 0.8231.
Neutral: chop between 0.8360 and 0.8453 into the BoE.

The November 5th decision is the immediate trigger, and the longer-term bearish structural pattern continues to remain below the 0.8611 level.

DailyForex warns that 0.8350 is where the “bottom falls out”. In the longer term, pay attention to the European Central Bank (ECB) at the end of December and whether France makes any headway with its budget. If either of these things happen, it may cause the euro’s weakness to stop. Investors need to realize that when the EUR/GBP exchange rate falls, it increases the return on investments for those who hold sterling assets in euros, and decreases the return for those who hold euro assets in pounds. Does the Bank of England (BoE) raise interest rates, and will the British pound continue to be successful? Set your stop loss before doing anything else.

Frequently Asked Questions
Is EUR/GBP bearish right now?

While price remains under 0.8611 and 0.8453, the structure is bearish; however, the short-term bias is neutral as long as price stays above the support level of 0.8360.

When is the next Bank of England decision?

The next Bank of England announcement will take place on November 5, 2026, and will include a new Monetary Policy Report. The current Bank Rate is 3.75%.

What would break the EUR/GBP downtrend?

The first indication that things are changing will come if we get a daily close higher than 0.8453, but the major challenge to the current bearish trend is at 0.8611.

With just 30 components, the Dow Jones Industrial Average (^DJI -0.25%) effectively acts as a representation of the broader stock market. Each seat in the Dow Jones is reserved for an industry-leading company that reflects a portion of the U.S. economy. But 71% of the index's weight is allocated to its 15 largest components.

These companies aren't necessarily the most valuable, as the Dow is price-weighted -- meaning components are weighted by their stock prices regardless of their total market capitalization (market cap). Whereas indexes like the S&P 500 (^GSPC -0.30%) and Nasdaq Composite (^IXIC -1.38%) are weighted by market cap, where the most valuable companies like Nvidia and Apple carry the most weight.

Out of the 15 largest Dow components, my top pick to buy now is American Express (AXP +1.81%). Here's why.

Image source: Getty Images.

American Express is generating high-quality earnings growth American Express fell 3.7% on Oct. 23 in response to its third-quarter 2026 results. American Express is now down 15.3% year-to-date -- heavily underperforming Visa (V +2.48%) and Mastercard (MA +4.16%), which are both hovering around all-time highs. I think the sell-off is a no-brainer buying opportunity.

American Express raised its full-year earnings per share guidance to a new range of $18.30 to $18.60 or $17.60 to $17.90 on an adjusted basis. It's also on track to grow revenue by double digits for yet another year.

The advantages of American Express's closed-loop network were on full display in its latest quarter. Unlike Visa and Mastercard, which work with banks and financial institutions to issue cards and manage credit risk, American Express issues its own cards to consumers, businesses, and international clients. It also offers other banking services, like loans and savings accounts. This control makes American Express a hybrid between a payment processor and a financial services company.

While Visa and Mastercard make the vast majority of their revenue from transaction volume and frequency, American Express generates revenue from four primary sources -- discount revenue (swipe fees), net interest income (interest on card and loans balances minus the interest it pays), net card fees (membership fees on cards), and service fees and other revenue.

In its latest quarter, American Express's discount revenue grew 8% and made up roughly half of revenues net of interest expenses. But net interest income grew 10%, and net card fees grew a whopping 16% -- largely thanks to higher annual fees on the Platinum Card.

AXP American Express$323.71+$5.77 (+1.81%)

NYSE · As of 4:00 PM ET 10/29/26

Net write-offs are just 1.8% Since American Express is on the hook for its customers' credit risk, it's important to monitor the company's credit metrics. The two most important are the percentage of customers 30 days plus past due, which was 1.2% of card balances in Q3 2026 compared to 1.3% in Q3 2025, and the net write-off rate, which was 1.8% of average card balances in Q3 2026 compared to 1.9% in Q3 2025.

As the name implies, the net write-off rate is the amount of outstanding loans American Express writes off as uncollectible, minus the debt it recovers. A net write-off rate under 2% is extremely healthy. According to second-quarter 2026 data from the Federal Reserve Bank of St. Louis, the average charge-off rate (another term for the write-off rate) for all U.S. commercial banks was 3.9%.

Having a low net write-off rate means that American Express is issuing high-quality debt to customers who are paying it off rather than making bad loans. This is especially important, given that interest collected on debt is a significant revenue driver for the financial stock.

Aggressive buybacks make American Express an even better value American Express's loyal customer base, double-digit revenue and earnings growth, and quality loans give it one of the best business models in the financial services industry. Since American Express generates such steady cash flows, it can consistently grow its dividends and rapidly reduce its share count through buybacks.

American Express's diluted shares outstanding declined by 3% year-over-year, which is an incredibly rapid rate of stock buybacks. Accelerated buybacks are especially impactful given the decline in American Express's stock price.

American Express is a better buy than Visa and Mastercard American Express's falling stock price paired with dividends has pushed its yield up to 1.2%, which is above Visa's 0.7% yield and Mastercard's 0.6% yield. Based on the share price at the time of this writing, American Express is trading at just 17.6 times the midpoint of its adjusted 2026 earnings guidance of $17.75 per share.

For context, analyst consensus estimates have Visa producing $13.23 in 2026 earnings per share and Mastercard generating $19.56 per share -- meaning Visa is trading at 30.8 times that earnings forecast while Mastercard trades at 31.9 times.

Given their high margins and low operating costs, Visa and Mastercard tend to command premium valuations over American Express. But the disparity has reached an inflection point not seen for years, showcasing just how good a value American Express stock is right now.