Marks says AI is the most unpredictable thing he has seen. Creditors face only downside amid uncertainty, so he would rather buy stocks for the upside than lend.
Gallagher and Wright argue that understanding China’s economic slowdown requires looking beyond growth figures to changes in consumption rebalancing, local government financing, and state-society relations.
Aldenburg and Stratmann say tokenization is moving from concept to practice, and the convergence of traditional finance and digital assets will reshape market structure.
After reviewing earnings season, Brown and Batnick argue that the sell-off in the AI trade has been exaggerated into a declaration of its death; the real action is investors adjusting and hedging their exposure.
Ackman says index funds are absorbing the free float and short-term money is chasing only chip stocks, leaving good businesses overlooked. This is why Pershing Square has accelerated its investing this year.
Anthropic’s revised S-1 puts its computing bill in the range of 900 billion dollars. The key questions are whether revenue can cover it and whether it can secure an investment-grade rating.
Teng said the theft was an unprecedented, complex multi-stage attack. The platform assumes full responsibility, and 98% of the stolen assets have been replenished.
Michele says hyperscaler-related spreads have widened by 25 to 30 basis points, while spreads for other issuers have widened by only 2 to 4 basis points; the cracks remain localized for now.
Bianco says he has turned neutral on bonds after six bearish years and even launched a bond fund, because a 5% coupon is now fair value and the risk of losing principal from further price declines has diminished.
Marvell plans to acquire Lumentum at an enterprise value of approximately 115 billion dollars; Lumentum’s quarterly margins exceeded expectations and it secured a second purchase commitment worth more than 5 billion dollars, but the capacity ramp and transaction approvals will still determine subsequent progress.
IDEXX’s third-quarter revenue and earnings per share both exceeded market expectations, with consumables and reference laboratories the main highlights. The company raised its full-year organic growth and EPS guidance while lowering its operating margin expansion range.
Trading revenue trends in October fell short of expectations. Morgan Stanley sharply cut its earnings forecasts for Coinbase over the next two years and downgraded the stock from Equal-weight to Underweight. New products continue to grow, but retail trading remains a key variable for profits.
Morgan Stanley raised its third-quarter earnings per share forecast for Circle but lowered its 2027–2028 estimates and price target: slower growth in USDC circulation and higher revenue-sharing costs from the Hyperliquid partnership offset the benefit of higher reserve yields.
Morgan Stanley expects Arm’s results for the quarter ending September 2026 to be broadly in line with consensus. Investors are more focused on whether fiscal 2028 CPU revenue guidance can be raised from over $1 billion to around $2 billion.
Apple expects revenue to grow 7%–10% year over year in the December quarter, above Morgan Stanley’s and market expectations. However, services growth continues to slow, and rising memory costs are pressuring gross margin. Morgan Stanley maintains its Overweight rating and cuts its price target to $350.
The October survey shows that US consumers’ net outlook for the economy remains negative, while expectations for household finances and short-term spending continue to improve; Morgan Stanley expects benefit cuts to weigh on consumption growth in 2027.
Combined revenue growth at the three largest cloud providers rose from 48% year over year in the second quarter to 56% in the third. Morgan Stanley sees this as a favorable demand backdrop for infrastructure software earnings, although cloud providers are also intensifying competition in data analytics, databases and AI monitoring.
US credit spreads widened last week, while European spreads narrowed. Morgan Stanley favors US investment-grade bonds while monitoring the shift toward shorter-term AI financing and pressure on high-yield telecommunications and media debt.
Citi expects Xiaomi to report third-quarter 2026 revenue of 104 billion yuan and adjusted net profit of 4.8 billion yuan. Average smartphone prices and gross margin are improving, but the IoT, internet and electric vehicle businesses are under pressure, while AI research and development and automotive selling expenses are also weighing on earnings.
