Eli Lilly found a goldmine in GLP-1s, while our Alphabet and Amazon shares decided free cash flow was optional

Morning brief: Powell brought the hawkish chill, yet our Amazon shares have to keep this scorching hardware party alive tonight

Published Oct 29, 2026, 8:03 AM EDT

Fed Holds Rates As Sentiment Lingers in Fear

The Federal Reserve held the federal funds rate steady at 3.75%–4.00% in a hawkish 10–2 vote, citing resilient domestic demand and persistent inflation pressures. With the CNN Fear & Greed Index muted at 36, traders are weighing whether the central bank will resume tightening in December against an increasingly divided committee.

Sources: www.federalreserve.gov · www.cnn.com

Vertiv Surges 16.5% on Blowout AI Guidance

Vertiv jumped 16.48% after reporting third-quarter net sales of $4.31 billion, up 61% year-over-year, alongside organic orders accelerating over 100% and a full-year guidance raise. The massive order acceleration confirms data center infrastructure demand is ramping aggressively, though sustaining these 25% adjusted operating margins remains the primary execution risk.

Sources: www.prnewswire.com · investors.vertiv.com

SK Hynix Jumps 13.3% on Record AI Memory

SK Hynix surged 13.30% after posting a record third-quarter operating profit of 83.33 trillion won, up 632% year-over-year, alongside a 34 trillion won dividend and buyback announcement. Surging HBM4 shipments validate persistent high-bandwidth memory shortages across hyperscalers, heavily reinforcing the hardware trade even as broader cyclical memory risks linger.

Sources: www.koreatimes.co.kr

Oracle Rallies 10.7% on New Cash Targets

Oracle climbed 10.73% following its Investor Day, forecasting fiscal 2030 revenue exceeding $225 billion, positive free cash flow by late fiscal 2028, and a $20 billion limit on new capital raises. The disciplined financing cap removed a critical balance-sheet overhang, reassuring investors that aggressive AI infrastructure expansion will not excessively dilute equity.

Sources: investor.oracle.com

Q3 GDP and Amazon Earnings on Deck Today

Markets face a pivotal session with the advance estimate of third-quarter U.S. GDP dropping this morning, followed by after-hours earnings results from Amazon, Intel, and Reddit. These reports will provide crucial evidence on whether hyperscaler cloud re-acceleration and enterprise software monetization can support current valuations in a jittery tape.

Sources: pro.thestreet.com

Market posture: Neutral / Selective: With Fear at 36 and hawkish Fed rate crosscurrents, we focus strictly on cash-generative AI infrastructure earnings winners.

Stocks in this edition: AMZN, VRT

Upcoming earnings

• AMZN — Thu, Oct 29, 2026, time not announced
• RDDT — Thu, Oct 29, 2026, time not announced
• APP — Wed, Nov 4, 2026, after the close
• AMAT — Thu, Nov 12, 2026, after the close
• NVDA — Tue, Nov 17, 2026, after the close
• DELL — Fri, Nov 27, 2026, time not announced

Evening brief: Eli Lilly found a goldmine in GLP-1s, while our Alphabet and Amazon shares decided free cash flow was optional

Published Oct 29, 2026, 8:08 PM EDT

Alphabet Capex Sparks Big Tech Sell-Off

Alphabet reported third-quarter revenue of $127.6 billion and diluted earnings of $2.12 per share, but capital expenditures surged to $51.4 billion, driving quarterly free cash flow to negative $9.1 billion. The escalating cash burn triggered a broader AI infrastructure hangover that pulled market sentiment into Fear, with CNN's index falling to 35.

Sources: s206.q4cdn.com · www.investing.com

ServiceNow Plunges 27% on Weak Outlook

ServiceNow cratered 26.95% after third-quarter adjusted earnings of $1.00 per share missed consensus and management forecast fourth-quarter contracted revenue growth slowing to 18.5%. The guidance reset compounded fears of software seat compression, signaling that enterprise workflow AI monetization is failing to outpace rising debt-servicing costs.

Sources: newsroom.servicenow.com

Eli Lilly Jumps 6.6% on Guidance Hike

Eli Lilly jumped 6.63% after posting third-quarter revenue of $24.4 billion and adjusted earnings per share of $7.48, raising its full-year revenue outlook to between $91.0 billion and $92.0 billion. Surging worldwide tirzepatide volume reaffirms insatiable GLP-1 demand, providing defensive, high-margin cash generation that decoupled entirely from tech volatility.

Sources: investor.lilly.com

DoorDash Rallies 5.6% on Instacart Deal

DoorDash rallied 5.61% after agreeing to acquire grocery delivery rival Instacart in a $17 billion cash-and-stock transaction valued at $65 per share. While the combination creates a dominant local delivery ecosystem, long-term synergy realization remains contingent on clearing intense antitrust scrutiny ahead of an expected close in late 2027 or 2028.

Sources: www.washingtonpost.com · www.theguardian.com

Amazon Slides Post-Bell on Cash Burn

Amazon dropped over 5% after hours following third-quarter net sales of $201.9 billion and diluted earnings of $1.89 per share, as trailing twelve-month free cash flow sank to negative $42.4 billion. Friday's session hinges on whether investors treat Amazon's persistent $220 billion capital expenditure plan as an AI growth driver or unsustainable balance-sheet strain.

Sources: www.aboutamazon.com · www.investing.com

Market posture: Defensive posture. With Fear at 35 and Big Tech capex straining FCF, we pivot to resilient cash-flow generators and proven earnings beats.

Stocks in this edition: GOOGL, AMZN

Upcoming earnings

• AMZN — Thu, Oct 29, 2026, time not announced
• RDDT — Thu, Oct 29, 2026, time not announced
• APP — Wed, Nov 4, 2026, after the close
• AMAT — Thu, Nov 12, 2026, after the close
• NVDA — Tue, Nov 17, 2026, after the close
• DELL — Tue, Nov 24, 2026, time not announced

The day's lineup changes

• Oct 29, 2026 · RDDT — Stage change Buy Zone → Holding @ $106
  Reddit moves from Buy Zone to Holding: revenue grew 53%, but its US daily users fell for a second straight quarter, so the desk stops adding until they recover.