Morgan Stanley believes the rise of open-weight models will expand enterprises’ choice of models and the scope of AI use. Microsoft can turn this demand into consumption revenue through Azure, Foundry, Fabric and M365; however, lower revenue per inference and pressure on gross margins also affect this path.
Deckers’ second-quarter revenue fell short of Bloomberg consensus expectations, and the company cut its full-year growth guidance for both HOKA and UGG; tariff refunds lifted its margin and earnings per share guidance. Nomura prefers Anta among the Chinese sportswear companies it covers.
Clients interviewed were generally bullish on US technology stocks and inclined to expect appreciation of the renminbi and Korean won. Nomura is more wary of the impact of a US equity pullback on USD/JPY and the won, and believes the renminbi could appreciate faster than implied by forward rates.
A recovery in customer traffic and faster same-store sales growth supported a rebound in revenue, while improvements in gross margin and the selling expense ratio pushed profit above Bloomberg consensus. Meanwhile, net store additions fell markedly from the previous quarter.
Gradual implementation of price increases and an improved product mix lifted the gross margin, but foreign exchange losses and administrative expenses left profit for the first three quarters slightly below Nomura Orient’s expectations. The bank cut its 2026 earnings forecast and upgraded its rating from Neutral to Buy.
Third-quarter revenue edged down year on year and fell short of the Bloomberg consensus; lower selling, other and interest expenses drove growth in profit attributable to shareholders. Nomura maintains its Buy rating.
BofA expects global data center spending to approach 1 trillion dollars in 2026, with servers, networking and storage accounting for the bulk; demand for grid connections, power distribution and cooling is flowing through to equipment and service providers.
J.P. Morgan sees machine-tool and semiconductor investment supporting automation in Taiwan, but has cut its earnings forecasts for Chinese automakers; company results also show that revenue growth and improvements in profit quality do not always move in step.
Newmont led off with better-than-expected results and a large buyback. Bank of America expects the North American precious metals companies it covers to generate approximately 6.1 billion dollars in free cash flow in the third quarter, but production and cost pressures are driving divergent performance across companies.
Talks on the Russia-Ukraine issue in November and Ukraine’s reconstruction needs are forward-looking themes; the national standard for industrial data registration will take effect in 2027, while there are also new developments in robot vision, electronic braking and selected companies’ third-quarter results.
On 27 October, the index opened higher and then declined, with short-term sentiment falling alongside it in the afternoon. Cailian Press expects divergence may intensify further the following day and is watching the timing of funds returning to the robotics sector, while tracking companies associated with physical AI and silicon photonics.
The collaboration between Pia Automation and AgiBot covers joint development of robot bodies, component supply, and assembly and testing services. Development of the first cycloidal-type reducer prototype has been completed, while industrial AI software has yet to generate revenue on a standalone basis.
Reik says gold has recently come under pressure, but the forces driving its long-term bull market are stronger, and the Fed’s next move could catalyze the next leg higher.
Brown and Batnick say Anthropic’s S-1 is good news, but Amazon’s earnings are the major test for the AI trade. The twelve charts reveal what is really happening beneath the market’s surface.
Peters says some investors are using the bond market to hedge concerns about AI, and the midterm election results could change the pace of AI buildout.
Kaplan says Meta’s 98 billion-dollar equity financing and SpaceX’s 40 billion-dollar debt agreement show that tech giants have decided to use equity to keep the AI buildout going. The key question is how long the window can remain open.
Miran says the Fed must guard against one way of making a mistake in its fight against inflation: overreacting to transitory inflation, rather than focusing solely on a single month’s data.
Galloway says Anthropic’s IPO carries tons of risk: regulation, the cost of computing power and threats from competitors could each change the outlook for the offering.
Altman and Magouyrk discuss expanding their partnership at Oracle AI World: bringing ChatGPT and Codex into enterprise applications and making databases more actionable.
Wilson says this meeting has seen the smallest change in expectations of the past three or four meetings. The real focus is on interpreting the tone of the post-meeting press conference, not the decision itself.
